Lyft Inc (LYFT) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to the Lyft First Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 Lyft 2024 年第一季財報電話會議。 （操作說明）提醒您，本次電話會議正在錄音。

I would now like to turn the conference over to Sonya Banerjee, Head of Investor Relations. You may begin.

現在我將會議交給投資者關係主管索尼婭·班納吉女士。您可以開始了。

Thank you. Welcome to the Lyft earnings call for the first quarter of 2024. On the call today, we have our CEO, David Risher, and our CFO, Erin Brewer; our President, Kristin Sverchek, is here for the Q&A session.

謝謝。歡迎參加 Lyft 2024 年第一季財報電話會議。今天出席會議的有我們的執行長 David Risher 和財務長 Erin Brewer；總裁 Kristin Sverchek 將主持問答環節。

We'll make forward-looking statements on today's call relating to our business strategy and performance, future financial results and guidance. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from those projected or implied during this call. These factors and risks are described in our earnings materials and our recent SEC filings.

在今天的電話會議上，我們將就我們的業務策略和績效、未來財務結果及指引做出前瞻性陳述。這些陳述受風險和不確定性因素的影響，可能導致我們的實際業績與本次電話會議中預測或暗示的業績有重大差異。這些因素和風險已在我們的獲利報告和近期提交給美國證券交易委員會（SEC）的文件中進行了描述。

All of the forward-looking statements that we make on today's call are based on our beliefs as of today, and we disclaim any obligation to update any forward-looking statements, except as required by law.

我們在今天的電話會議上所作的所有前瞻性陳述均基於我們截至今日的信念，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

Our discussion today will also include non-GAAP financial measures, which are not a substitute for our GAAP results. Reconciliations of our historical GAAP to non-GAAP results can be found in our earnings materials, which are available on our IR website.

我們今天的討論也將涉及非公認會計準則（非GAAP）財務指標，這些指標不能取代我們公認的會計準則（GAAP）績效。您可以在我們投資人關係網站上查閱我們的獲利報告，其中包含我們歷史GAAP績效與非GAAP績效的調節表。

Additionally, today, we're going to discuss customers. For rideshare, there are 2 customers in every car. The driver is Lyft customer and the rider is the driver's customer. We care about both.

此外，今天我們還要討論客戶。對於叫車來說，每輛車裡都有兩位客戶。司機是 Lyft 的客戶，乘客則是司機的客戶。我們重視這兩位客戶。

And with that, I'll pass the call to David.

那麼，我就把電話轉給大衛了。

Thank you, Sonya, and good afternoon, everyone. Thank you for joining us. We had a great start to 2024 with very strong first quarter results. Rides and gross bookings both grew by more than 20% year-over-year, and we delivered another quarter of positive free cash flow. We are on track to deliver full year goals with a higher level of free cash flow that we initially shared. We're executing well, and we're demonstrating that customer obsession drives profitable growth. Since taking on the CEO role just a year ago -- over a year ago, I've really been amazed and proud of what we've accomplished.

謝謝索尼婭，大家下午好。感謝各位的參與。 2024 年伊始，我們取得了非常強勁的第一季業績，開局良好。乘車次數和總預訂量均年增超過 20%，我們連續第二季實現了正自由現金流。我們預計將實現全年目標，並有望獲得比最初預期更高的自由現金流。我們執行力強勁，並證明了以客戶為中心的理念能夠推動獲利成長。自從一年多前擔任執行長以來，我對我們所取得的成就感到無比自豪和欣慰。

On these calls, we talk a lot about progress in terms of Lyft's performance metrics. But today, I'd like to talk about that progress in terms of what customers experience and how that informs why they choose Lyft.

在這些電話會議上，我們經常討論 Lyft 在各項績效指標的進展。但今天，我想談談客戶體驗的進展，以及這些體驗如何影響他們選擇 Lyft 的原因。

Let's start with drivers. We are improving the ways we provide drivers with what they want, good earnings opportunities along with more transparency and more control over their time. The result, these drivers are earning more. In Q1, the median U.S. driver earned $31.10 including tips and bonuses for every hour of engaged time. And after taking into account the driver's estimated expenses like maintenance, gas and vehicle depreciation, that's around $24.25 per engaged hour. On both a gross and net basis, median driver earnings are higher than they were in the second half of 2023, as we discussed in our white paper on the topic issued a few months back.

我們先來說說司機。我們正在改進為司機提供服務的方式，以滿足他們的需求，提供良好的收入機會，同時提高透明度，並讓他們更好地掌控自己的時間。因此，這些司機的收入有所提高。第一季度，美國司機每小時收入中位數為 31.10 美元（含小費和獎金）。考慮到司機預估的各項支出，例如車輛維護、燃油和折舊，每小時收入約為 24.25 美元。無論從毛收入還是淨收入來看，司機收入中位數都高於 2023 年下半年的水平，正如我們在幾個月前發布的白皮書中所討論的那樣。

One reason is that Lyft drivers have more information than ever when choosing their rides. This is significantly reduced ride cancellations by nearly 50% versus a year ago, and that increases the time they spend earning. Drivers can also plan ahead more easily with scheduled rides. It can balance other obligations using our proprietary state within the area filter, they can tap into priority mode to stay busy during off-peak periods, and drivers now have access to a more streamlined process to appeal being deactivated, which addresses a long-standing pain point by getting them appeal results faster.

其中一個原因是，Lyft 司機在選擇訂單時掌握的資訊比以往任何時候都多。這使得訂單取消率較一年前顯著降低了近 50%，增加了他們的收入時間。司機也可以透過預約訂單更輕鬆地提前規劃行程。他們可以利用我們獨有的區域內狀態篩選器來平衡其他事務，還可以啟用優先模式在非高峰時段保持繁忙，並且現在司機還可以使用更簡化的申訴流程來處理帳戶被停用的情況，這解決了長期以來司機面臨的一個痛點，讓他們能夠更快地獲得申訴結果。

Our goal is to lead the industry on making it great to drive with rideshare and it's resulting in a great -- greater driver preference. For example, thanks to the new earnings commitment that we released, Lyft drivers now know they will always earn at least 70% of the riders fare each week after external fees.

我們的目標是引領業界，讓叫車司機擁有卓越的駕駛體驗，而這也帶來了顯著的成效——駕駛者對叫車平台的青睞度更高。例如，由於我們新推出的收入保障政策，Lyft 司機現在知道，扣除外部費用後，他們每周至少能獲得乘客車費的 70%。

Here's the punch line. Since the launch in February, drivers perception of pay fairness has improved significantly with 75% telling us they have a better understanding of their earnings. The data shows our commitment is helping us attract and retain drivers and increase driver hours.

重點來了。自二月推出以來，駕駛者對薪資公平性的認知顯著提升，75%的駕駛表示他們對自己的收入有了更清晰的了解。數據顯示，我們的努力正在幫助我們吸引和留住司機，並增加司機的工作時間。

Additionally, following our nationwide rollout of Women+ Connect in the first quarter, women and nonbinary driver activations increased by nearly 24% year-over-year. This has continued to be one of Lyft's highest-graded features and most drivers do tell us who use it tell us feel safer when driving, which is super important, one of our key objectives.

此外，繼我們在第一季在全國範圍內推廣 Women+ Connect 之後，女性和非二元性別司機的激活量同比增長近 24%。這仍然是 Lyft 最受歡迎的功能之一，而且大多數使用該功能的司機都告訴我們，他們感覺開車時更安全，這一點至關重要，也是我們的關鍵目標之一。

As a result of all of these moves, Lyft had more drivers use our platform in Q1 than we've had in about 4 years, and driver hours have returned to 2019 levels. And I can tell you, in addition, that over these past few weeks, driver hours have reached new all-time highs. That is the result of our customer obsession for drivers.

由於採取了這些措施，Lyft 第一季的司機數量達到了近四年來的最高水平，司機工作時長也恢復到了 2019 年的水平。此外，我可以告訴大家，在過去的幾周里，司機工作時長更是創下了歷史新高。這都歸功於我們對司機的極致關注。

Now let's talk about riders. Over the past few quarters, we focused on giving them far more reliable -- far more reliable rideshare experience with better -- with more and better products to choose from, for exemple, pickup times in Q1 were the fastest they have been in 4 years. By the way, if you're interested in more examples, please ask me about that during Q&A.

現在我們來聊聊乘客。在過去幾個季度，我們致力於為他們提供更可靠的出行體驗，並提供更多更好的產品選擇。例如，第一季的接送速度是四年來最快的。如果您想了解更多案例，歡迎在問答環節提問。

Meanwhile, thanks to a ton of behind scene work, riders are now experiencing far less of something they really don't care for Primetime, which many people know as surge pricing. This means prices for riders have become more stable and more predictable, and that leads to greater repeat use.

同時，由於大量的幕後工作，乘客現在很少再遇到他們真正不喜歡的高峰時段價格上漲問題，也就是許多人熟知的動態定價。這意味著乘客的乘車價格變得更加穩定和可預測，從而提高了乘客的重複乘車率。

A good example of where you can see our rider and driver obsession really working well and coming together is in Canada. Over the past year, we've brought our focus on customer obsession to this market, and it's already paying off. For context, Lyft operates in 5 of Canada's largest cities as well as in about 13 smaller ones. As we have begun to apply our customer obsession to those markets, we've doubled rides and more than doubled new rider activation and driver hours, Q1 year-on-year.

在加拿大，我們以乘客和司機為中心的理念得到了很好的體現，這是一個很好的例子。過去一年，我們將這種以客戶為中心的理念帶到了加拿大市場，並且已經取得了成效。 Lyft 在加拿大最大的五個城市以及約 13 個較小的城市中運作。自從我們將這種以客戶為中心的理念應用到這些市場以來，第一季我們的乘車次數翻了一番，新乘客註冊量和司機工作時長也同比增長了一倍以上。

These results tell us a couple of important things. One, drivers and riders are hungry for choice and our customer-obsessed approach. And two, there is opportunity for us outside the U.S. over the long term.

這些結果告訴我們兩件重要的事情。第一，司機和乘客都渴望更多選擇，也認同我們以顧客為中心的服務理念。第二，從長遠來看，我們在美國以外的市場也擁有發展機會。

Finally, I'd like to update you on Lyft Media, which offers a unique value proposition to brands as they look for new ways to connect with customers. Lyft Media had a great quarter, with revenue growing by about 250% year-over-year. And we really like the mix we're seeing with about half of our business coming from repeat customers like NBCUniversal. We've also added several new customers including Zillow and Mastercard.

最後，我想向大家報告 Lyft Media 的最新情況。 Lyft Media 為尋求與客戶建立新聯繫的品牌提供了獨特的價值主張。 Lyft Media 上個季度表現出色，營收年增約 250%。我們對目前的業務組合非常滿意，其中約一半的業務來自像 NBCUniversal 這樣的老客戶。此外，我們也新增了幾位客戶，包括 Zillow 和 Mastercard。

Here's why Lyft is one of the largest transportation networks in the country. We support over 700 million rides a year and millions of people rely on our platform every day. We have a captive audience engaging heavily with our app when they ride, and we can make use of our first-party data about where and when people are moving around.

這就是 Lyft 成為美國最大的出行網路之一的原因。我們每年支援超過 7 億次出行，每天都有數百萬人依賴我們的平台。我們擁有龐大的用戶群體，他們在乘車時會高度使用我們的應用程序，而且我們可以利用第一方數據來了解用戶的出行地點和時間。

So here are the results. According to our third-party brand measurement firm, Lyft Media ad campaigns have 7x the impact relative to the norm on brand perception and purchase intent. Video ads, which were new this quarter, also generate more than 10x the ad industry's typical click-through rate. And in Q1, we added new partners, including Nielsen and Oracle Advertising for their ad measurement and data enrichment solution for targeting, helping us deliver even more value for our customers.

以下是結果。根據我們第三方品牌測量公司的報告，Lyft Media 的廣告活動對品牌知名度和購買意願的影響是一般廣告的 7 倍。本季新增的影片廣告點擊率也超過廣告業平均的 10 倍。此外，在第一季度，我們新增了包括尼爾森和 Oracle Advertising 在內的合作夥伴，借助他們的廣告測量和資料增強解決方案，我們能夠為客戶創造更大的價值。

When it comes to building a successful media operation, it's all about scale, targeting and measurement. And when we look at the tools we've built and the results we're delivering, it's clear Lyft Media has a lot of headroom to grow with favorable economics in a way that leverages our customer obsession.

打造成功的媒體運營，關鍵在於規模、精準定位和效果衡量。當我們審視已開發的工具和所取得的成果時，很明顯，Lyft Media 擁有巨大的成長空間，能夠在保持獲利能力的同時，充分發揮我們對客戶的關注。

Now before I turn the call over to Erin, I want to share one closing observation. I get a lot of questions about how we've been able to accomplish so much in such a short period of time. It turns out that our culture of customer obsession and our focus on rideshare are huge assets. That's what gives us the ability to be nimble even as we drive meaningful leverage. We wake up every day ready to out-execute and out-innovate others in our sector. And with more -- and the more drivers and riders love us in what we do, the more they use us to earn and to get out and about the better we all do. Again, customer obsession drives profitable growth.

在把電話交給艾琳之前，我想分享一點總結。我經常被問到，我們是如何在如此短的時間內取得如此多成就的。事實證明，我們以客戶為中心的文化以及對共享出行的專注是我們巨大的優勢。正是這些優勢讓我們能夠在保持靈活應變的同時，實現顯著的成長。我們每天醒來都準備著在執行力和創新力方面超越同行業的其他公司。而且，隨著越來越多的司機和乘客認可我們的服務，他們越是使用我們的服務來賺錢和旅行，我們所有人的業績就越好。再次強調，以客戶為中心的理念驅動獲利成長。

So let me close with just a quick plug. We'll be holding our first ever Investor Day on June 6 in Manhattan, and I look forward to seeing you there in person or online. Not only will you get to hear about the next phase of our plan for a customer-obsessed profitable growth. You'll also get to meet our amazing team that's making it all happen. I am really looking forward to it. Over to you, Erin.

最後，我再簡單宣傳一下。我們將於6月6日在曼哈頓舉辦首屆投資者日，期待與您現場或線上見面。屆時，您不僅可以了解我們以客戶為中心、實現獲利成長的下一階段計劃，還能見到我們優秀的團隊，正是他們讓這一切成為可能。我非常期待這次活動。接下來，艾琳，請繼續。

Thanks, David. Good afternoon, everyone, and thanks for joining us today. I'll start with my usual reminder that unless otherwise indicated, all income statement measures are non-GAAP and excludes select items that are detailed in our earnings materials.

謝謝，大衛。大家下午好，感謝各位今天參加我們的節目。首先，我照例提醒大家，除非另有說明，所有損益表指標均為非公認會計準則（非GAAP）指標，且不包括我們在獲利報告中詳細列出的特定項目。

Before I dive into our results for Q1, I want to take a moment to reflect on how far Lyft has come over the past 4 quarters. We've established a strong foundation for profitable growth. Our cost structure is in the right place. We've delivered 4 quarters of positive adjusted EBITDA totaling nearly $260 million. We've better aligned our financial disclosures with our strategic priorities, and we've begun to generate positive free cash flow.

在深入探討第一季業績之前，我想先回顧一下 Lyft 在過去四個季度所取得的成就。我們為獲利成長奠定了堅實的基礎。我們的成本結構合理。我們連續四個季度實現了調整後 EBITDA 為正，總額接近 2.6 億美元。我們更好地將財務揭露與策略重點結合，並且開始產生正的自由現金流。

All of this progress and momentum tracks with the directional guidance we've provided for the full year 2024, including an improved outlook for free cash flow conversion for the full year and it sets the stage for our Investor Day next month.

所有這些進展和勢頭都與我們對 2024 年全年提供的方向性指導相符，包括對全年自由現金流轉換率的改善預期，並為我們下個月的投資者日奠定了基礎。

Q1 was another solid quarter, consistent with our expectations. We executed well and more drivers and riders chose Lyft. The result was more rides and better service levels. In particular, driver hours increased by more than 40% year-over-year and ride frequency, referring to the average number of rides per active rider was the strongest it's been in 4 years. We also saw continued sequential momentum from Q4 to Q1 in driver hours, ride intents and frequency demonstrating that we continue to improve execution quarter by quarter.

第一季業績穩健，符合預期。我們執行到位，更多司機和乘客選擇 Lyft。最終實現了更高的乘車量和更優質的服務。尤其值得一提的是，司機工作時長年增超過 40%，而每位活躍乘客的平均乘車次數（即乘車頻率）也達到了四年來的最高水準。此外，司機工作時長、乘車意願和乘車頻率均延續了第四季度至第一季的成長勢頭，顯示我們每季都在持續提升營運效率。

Now let's turn to our performance for the quarter. We supported 188 million rides and 21.9 million active riders. Total rides grew 23% year-over-year, reflecting strong demand across use cases. Growth in early morning commute and weekend evening trips was particularly strong, which is a continuation of the trends we saw in the back half of 2023. Active riders grew 12% year-over-year, reflecting an improvement in rider retention along with an increase in new riders. Gross bookings were approximately $3.7 billion, up 21% year-over-year. This reflects strong rides growth, partially offset by lower total prices year-over-year, reflecting lower levels of Primetime given the significant improvements in the health of our marketplace.

現在讓我們來看看本季的業績。我們共支援了 1.88 億次出行，活躍用戶達 2,190 萬人次。總出行量年增 23%，反映出各種使用情境的強勁需求。早高峰和週末晚間出遊量的成長尤其顯著，延續了我們在 2023 年下半年看到的成長趨勢。活躍用戶年增 12%，反映出用戶留存率的提高以及新用戶的增加。總預訂金額約 37 億美元，較去年同期成長 21%。這反映了出行量的強勁增長，但部分被同比下降的總價格所抵消，這反映了由於我們市場健康狀況的顯著改善，高峰時段的出行量有所減少。

Revenue grew to $1.3 billion, up 28% year-over-year, reflecting those same dynamics. As a percentage of gross bookings, revenue increased year-on-year and sequentially, reflecting lower incentives per ride.

營收成長至13億美元，年增28%，反映了同樣的成長趨勢。營收佔總預訂量的百分比也實現了同比增長和環比增長，這反映出每次乘車獎勵的減少。

So let me provide some additional color here. David talked about how Lyft is leading our industry in transparency and choice for drivers and how that is translating into greater driver preference for Lyft. We see that in the number of drivers choosing our platform and the growing number of hours they're spending engaging with our app.

讓我再補充一些細節。 David 談到 Lyft 如何在透明度和為駕駛員提供更多選擇方面引領行業，以及這如何轉化為駕駛員對 Lyft 更高的偏好。我們從選擇我們平台的司機數量以及他們使用我們應用程式的時長不斷增長就能看出這一點。

In Q1, the median U.S. driver hourly earnings, including tips and bonuses, increased sequentially on both a gross and net basis. And we talked a lot about our focus on operational excellence. Another great example of that is how we're helping drivers anticipate rider demand. So they can be at the right place at the right time to be able to optimize their earnings.

第一季度，美國叫車司機的平均時薪（包括小費和獎金）在毛收入和淨收入方面均較上季成長。我們重點強調了對卓越營運的重視。另一個很好的例子是，我們正在幫助司機預測乘客需求，以便他們能夠在合適的時間出現在合適的地點，從而最大化收入。

In our business, the combination of increasing driver preference and increasing drivers visibility into rider demand is incredibly valuable. It means we can be more targeted and efficient in how incentive dollars are spent, even as drivers earn more. The result is healthy profit growth while operating competitively with laser-like focus on customer experience.

在我們的業務中，提高司機偏好度和增強司機對乘客需求的了解至關重要。這意味著即使司機收入增加，我們也能更精準、更有效率地使用激勵資金。最終，我們能夠在保持競爭力的同時，實現利潤的健康成長，並始終專注於提升客戶體驗。

Now let's turn to our Q1 expense. Cost of revenue was $747 million, up nearly 40% year-over-year, driven by higher ride volumes along with higher per ride insurance costs, which reflect last year's third-party insurance renewals. Operating expenses were $500 million, up roughly 8% year-over-year. As a percentage of gross bookings, operating expenses were approximately 14%, an improvement of nearly 2 percentage points versus Q1 2023 driven by our lower fixed cost structure versus last year.

現在讓我們來看看第一季的費用狀況。收入成本為7.47億美元，年增近40%，主要原因是乘車量增加以及單次乘車保險成本上升，反映了去年第三方保險的續保費用。營運費用為5億美元，年增約8%。營運費用佔總預訂金額的比例約為14%，較2023年第一季下降近2個百分點，主要原因是我們的固定成本結構較去年降低。

Adjusted EBITDA was $59 million, which as a percentage of gross bookings was 1.6%. Relative to Q1 of last year, our adjusted EBITDA margin has more than doubled as we benefit from efficiencies in our marketplace and operating expense leverage. We ended Q1 of 2024 with a solid cash position with unrestricted cash, cash equivalents and short-term investments of approximately $1.7 billion.

調整後的 EBITDA 為 5,900 萬美元，佔總預訂額的 1.6%。與去年第一季相比，由於市場效率的提升和營運費用槓桿效應，我們的經調整 EBITDA 利潤率翻了一番以上。截至 2024 年第一季末，我們擁有穩健的現金狀況，非限制性現金、現金等價物和短期投資總額約為 17 億美元。

In the first quarter, we generated positive free cash flow of $127 million, and we continue to take a prudent approach to managing our balance sheet. In Q1, we took advantage of favorable convertible debt market conditions to raise approximately $460 million of new convertible notes that will come due in 2029. We used the majority of those proceeds to retire a portion of our bonds coming due in 2025.

第一季度，我們實現了1.27億美元的正自由現金流，並繼續採取審慎的資產負債表管理策略。第一季度，我們利用有利的可轉換債券市場環境，發行了約4.6億美元的新可轉換債券，這些債券將於2029年到期。我們將大部分募集資金用於償還部分將於2025年到期的債券。

Turning to Q2. We're off to a good start. We continue to see strong demand for rideshare from drivers and from riders. And as the weather has gotten better, we've seen more bike and scooter usage, which is additive to both rides and active riders on a sequential basis in Q2. As the quarter progresses, we'll continue to focus on great execution to connect customers with the experiences they love, from music festivals to pride celebrations and more.

展望第二季度，我們開局良好。駕駛和乘客對共享出行的需求依然強勁。隨著天氣變暖，自行車和電動滑板車的使用量也有所增加，這在第二季度環比增長了出行次數和活躍用戶數。隨著本季的推進，我們將繼續專注於高效執行，將客戶與他們喜愛的體驗連接起來，例如音樂節、驕傲節慶典等等。

Additionally, with graduation season and summer travel just around the corner, we're focused on enabling a great airport experience to capture more of these rides.

此外，隨著畢業季和夏季旅行即將到來，我們致力於打造卓越的機場體驗，以吸引更多旅客。

Now let me review our outlook. For the second quarter of 2024, we expect gross bookings of $4 billion to $4.1 billion, up 16% to 19% year-over-year. This assumes rides growth of approximately 15% year-over-year. We expect adjusted EBITDA of approximately $95 million to $100 million and an adjusted EBITDA margin as a percentage of gross bookings of approximately 2.4%.

現在讓我回顧一下我們的展望。我們預計2024年第二季總預訂金額將達到40億美元至41億美元，年增16%至19%。這項預測是基於乘車業務年增約15%的假設。我們預計調整後EBITDA約為9,500萬美元至1億美元，調整後EBITDA利潤率（佔總預訂額的百分比）約為2.4%。

Turning to what we expect for full year 2024, our first quarter results and our second quarter guidance inform our perspective on the year. We continue to expect total rides growth in the mid-teens year-over-year with gross bookings to grow slightly faster than rides also on a year-over-year basis. We expect an adjusted EBITDA margin as a percentage of gross bookings to be approximately 2.1%.

展望2024年全年，我們第一季的業績和第二季的業績指引將影響我們對全年的看法。我們仍預期總乘車量將年增15%左右，總預訂量也將略高於乘車量年增。我們預計調整後的EBITDA利潤率（佔總預訂量的百分比）約為2.1%。

Turning to free cash flow. We remain on track to generate positive free cash flow for the full year. Given our improved visibility into the first half of the year, we now expect at least 70% of adjusted EBITDA to convert to free cash flow for the full year 2024. As a reminder, you should expect our quarterly free cash flow conversion levels will vary, driven primarily by the timing of certain payments.

接下來談談自由現金流。我們仍有望實現全年正自由現金流。鑑於我們對上半年業績的預測更加清晰，我們現在預計2024年全年至少70%的調整後EBITDA將轉化為自由現金流。需要提醒的是，由於部分款項的支付時間不同，我們各季度的自由現金流轉換率可能會有所波動。

To give you some perspective on the cadence of our cash flows, based on what we see right now, we expect our free cash flow for the full year will be weighted more toward the first half of 2024, as in the second half of the year, particularly in Q4, we expect to incur cash outflows related to our third-party insurance renewals.

為了讓您對我們的現金流節奏有所了解，根據我們目前所看到的，我們預計全年自由現金流將更多地集中在 2024 年上半年，因為在下半年，特別是第四季度，我們預計將產生與第三方保險續保相關的現金流出。

With that, I'll bring our prepared remarks to a close. Over the past year, we have made significant progress building a customer-obsessed and financially healthy business. The team continues to execute against high standards, and we see a lot of runway to drive profitable growth. We look forward to seeing you all at our Investor Day.

至此，我的發言就結束了。過去一年，我們在打造以客戶為中心、財務穩健的企業方面取得了顯著進展。團隊始終保持高標準執行，我們看到了實現獲利成長的巨大潛力。期待在投資者日與各位相見。

And with that, operator, we're ready to take questions.

好了，接線員，我們準備開始回答問題了。

(Operator Instructions) Your first question comes from Nikhil Devnani with Bernstein.

（操作員說明）您的第一個問題來自 Bernstein 公司的 Nikhil Devnani。

I wanted to ask about growth in your investment cadence. You're probably growing bookings 19% to 20% in the first half of the year. So my question is whether there's any reason that should slow down in the second half, particularly if you're investing behind it?

我想問一下你們的投資節奏成長情況。你們上半年的預訂量可能成長了19%到20%。所以我的問題是，如果你們加大了投資力度，下半年成長速度是否有可能放緩？

And that's my follow-on as well. It looks like sales and marketing stepped up a bit in Q1. Was this just a one-off because you had the take rate capacity? Or is this our new normal on the investment intensity of the business going forward? Just trying to put your top line into context with your marketplace investments.

這也是我的後續問題。看起來第一季的銷售和行銷投入有所增加。這只是因為你們有足夠的產能而出現的一次性成長嗎​​？還是說這是我們未來業務投資強度的新常態？我只是想把你們的營收數據和市場投資放在一起比較一下。

Yes. Nikhil, I'll start with that. I'll probably start by just kind of going back and reframing our full year guidance for top line growth for 2024.

是的，Nikhil，我就從這方面開始吧。我可能會先回顧一下，重新調整我們對2024年全年營收成長的預期。

So starting with rides. We reaffirmed our guidance for mid-teens rides growth year-over-year versus 2023. And I'll just reiterate here that mid-teens is a range. For the second half of the year, we expect rides growth to be approximately 15%. And then again, on the gross bookings side, no change to our outlook for the full year. We expect gross bookings to grow slightly faster than rides. So hopefully, that gives you a little bit of a sense for the first half back half cadence.

首先說說遊樂設施。我們重申了先前對遊樂設施年增率的預期，預計到2023年將達到15%左右。我再次強調，15%只是一個區間。下半年，我們預計遊樂設施的成長率約為15%。此外，總預訂量方面，我們對全年的預期保持不變。我們預計總預訂量的成長速度將略高於遊樂設施的成長速度。希望這些資訊能讓您對上半年和下半年的發展節奏有所了解。

And then the second part of your question with respect to sales and marketing, I might just start by framing this. We've anchor on growing our gross bookings and then growing our adjusted EBITDA as a percentage of gross bookings. And within that, as it relates to the way that we deploy total incentives, as you know, the marketplace is dynamic. So we will make trade-offs between contra revenue and sales and marketing incentives in a given period of time. And in Q1, there's a continuation of us just seeing good opportunities to invest behind some of the areas of growth in the business. And so that does have an impact on our sales and marketing line in Q1 '24.

關於您問題的第二部分，也就是銷售和行銷方面，我先簡單介紹一下。我們一直致力於提升總預訂量，並提高調整後 EBITDA 佔總預訂量的百分比。同時，如您所知，市場瞬息萬變，因此在製定激勵措施時，我們會根據實際情況在收入抵扣和銷售及行銷激勵之間進行權衡。第一季度，我們繼續看到一些業務成長領域有良好的投資機會。因此，這確實會對我們 2024 年第一季的銷售和行銷預算產生影響。

Your next question comes from Eric Sheridan with Goldman Sachs.

下一個問題來自高盛的艾瑞克·謝裡丹。

I wanted to step back and ask maybe a bigger picture question of -- David, you've talked before about realigning brands and product innovation and away from price. Maybe can you frame up some of the key initiatives you're most focused on to move the needle inside the mobility business as you look out not only to the remainder of this year, but out towards a multiyear view about repositioning brand and product?

我想退一步，問一個更宏觀的問題——大衛，你之前談到要重新調整品牌和產品創新，不再只關注價格。你能否概述一下，在你展望未來多年品牌和產品重新定位的背景下，你最關注的、能夠推動出行業務發展的幾項關鍵舉措是什麼？

Sure. It was Eric, right? Yes. Great to hear from you, Eric. Yes, let me take a big picture approach and then I'll kind of zoom in on some of the particulars and reflect a little again on Q1 and the rest of this year to start. So it's so interesting to see what the growth drivers are of our business. One thing we should say is there is some -- there's still some secular growth going on, right? And we just -- and we see it every day, right? We see more bosses trying to get their employees to come back to work. We see concerts being super exciting to people.

當然。是埃里克吧？是的。很高興收到你的消息，艾瑞克。好的，我先從宏觀角度談談，然後再具體分析一些細節，回顧第一季以及今年剩餘時間的情況。了解我們業務的成長動力真的很有意思。有一點需要說明，那就是——目前仍然存在一些長期成長，對吧？而且我們每天都能看到這一點，對吧？我們看到越來越多的老闆努力讓員工重返工作崗位。我們看到音樂會仍然非常受人們歡迎。

It's really interesting when you look at some of the drivers of growth in Q1, we saw commute, obviously, strength there, but we also saw what we call internally party time which is basically after 5 on Friday and Saturday night. That was up 26% year-on-year. And so what that shows you is that people are getting out. And it's not just a post-COVID thing. It's a connecting -- I've got a whole thing I can talk about, but the importance of bringing people together and how important that is for sort of mental health and sort of societal well-being. So anyway, that's great to see.

觀察第一季的一些成長驅動因素，你會發現很有意思。通勤顯然是成長強勁的驅動因素，但我們也注意到，我們內部稱之為「派對時間」（基本上是指週五和週六晚上5點以後）的消費同比增長了26%。這表明人們正在走出家門。這不僅是後疫情時代的現象，更是人與人之間連結的體現——我有很多話想說，但總之，這種連結對於人們的心理健康和社會福祉至關重要。總之，看到這樣的成長令人欣喜。

And then when you look at what Lyft actually does, there are a couple of things, I think, that are super important before I even get to brand. I think first is around operational excellence. Now we gave -- we provide and sort of support about 2 million rides every single day, right? So that means that even small differences in how fast pickup happens, or exactly what pricing is or -- so on and so forth, has an enormous, enormous impact. And so that also drives growth, primarily by the way, in repeat, like we're actually seeing great indications around loyalty, people who are regular Lyft users using us more often, it's actually where we see quite a lot of growth.

然後，當你深入了解 Lyft 的實際營運情況時，我認為在談到品牌之前，有幾點至關重要。首先是卓越的營運。我們每天提供並支援約 200 萬次乘車服務，對吧？這意味著，即使是接送速度、定價等方面的細微差別，也會產生巨大的影響。而這也會推動成長，尤其是在用戶重複使用方面。我們看到用戶忠誠度顯著提升，經常使用 Lyft 的用戶更頻繁地使用我們的服務，這正是我們看到成長的主要來源。

So that shows -- and people -- that makes sense, right? Because if you've taken a Lyft ride and you've gotten picked up, our ETAs now are basically as fast as they've ever been. They're faster than they were about 4 years ago. And we're down to sort of like the -- anyway, very fast. I can tell you more about that if you interested. So -- so that operational excellence is a big, big deal because it pays dividends every single day, particularly for repeat use.

所以這說明——而且也說明大家——這很合理，對吧？因為如果你坐過 Lyft，而且已經成功上車，我們現在的預計到達時間基本上和以往一樣快。比四年前還要快。而且我們現在的速度非常快。如果你有興趣，我可以詳細說說。所以，這種卓越的營運效率非常重要，因為它每天都能帶來回報，尤其是在提高回頭客使用率方面。

And then on top of that, you can layer real innovation for new segments or new use cases. So these will be familiar because I've talked about them before, but Women+ Connect is incredibly important to us, incredibly important to us. We have -- one of the stories I heard recently was a woman saying, "I can now finally take a nap in the Lyft." A nap in a Lyft, something that men have enjoyed for years and women haven't so much. So -- and we can see what that does both on the rider side, but also at the driver side, something like 24% of our new -- I think we've got about 20,000 new Women+ Connect drivers just in the last couple of months. And it's some of 24%, maybe even 26% of a meaningful percentage of our new applicants to be drivers are women higher than we've seen in the past.

除此之外，你還可以針對新的細分市場或新的應用場景進行真正的創新。這些內容大家應該都很熟悉，因為我之前也提到過，但Women+ Connect對我們來說真的很重要。最近聽到一個故事，一位女士說：「我現在終於可以在Lyft車裡打個盹兒了。」在Lyft車裡打盹兒，這可是男士們多年來一直享受的特權，而女士們卻很少有機會體驗。我們可以看到，這不僅對乘客有益，對司機也同樣有益。在過去的幾個月裡，我們新增了大約2萬名Women+ Connect司機，其中女性司機佔比高達24%，甚至可能達到26%，這個比例比我們以往任何時候都要高。

So that's awesome. And then, of course, our 70% earnings guarantee, also incredibly important to drivers. So those sort of innovation levers really do drive incremental growth.

這太棒了。當然，我們還有70%的收入保障，這對駕駛者來說也至關重要。這些創新舉措確實能推動業務的穩定成長。

And then we have these partnerships, right? Partnerships is an incredibly important part of our strategy. It represents around 20% of our rides right now, and it's everyone from Chase, you can get Sapphire 10x points on if you're a Chase Sapphire member or Delta, we're one of only 2 partners that allow you to earn Delta SkyMiles on our platform. So that's also very important.

然後我們還有這些合作關係，對吧？合作夥伴關係是我們策略中極為重要的一部分。目前，它占我們總訂單量的約20%，其中包括Chase銀行（如果您是Chase Sapphire會員，即可獲得10倍Sapphire積分）和達美航空（我們是僅有的兩家允許您透過我們的平台賺取達美航空SkyMiles里程的合作夥伴之一）。所以，這一點也非常重要。

And then we come to brand, which is a start, which is we are very conscious that we're in a very, very nice position with our brand, people -- and I drive myself. And when I drive, I ask people why they use Lyft and a good percentage of them say, "Every single time, I just like you guys better. I like you guys better."

然後我們來談談品牌，這是個起點。我們非常清楚，我們的品牌和員工都處於非常非常好的地位——我自己也開車。開車的時候，我會問乘客為什麼選擇 Lyft，很大一部分人會說：“每次都是這樣，我只是更喜歡你們。我只是更喜歡你們。”

Now we have some work to do internally on how to crisp up the messaging around that, if I'm honest. So there's more work we can do there. But at the end of the day, we're going to have a very, very nice position there. And I'll end by saying I was in Canada a couple of weeks ago visiting our Toronto team and I visited with a number of different people, including some drivers there and political figures and so on and so forth. And they were so enthusiastic about our arrival because they kind of like us. They like what we stand for, they like our values, and they like the choice they're going to get.

坦白說，我們現在內部還需要做一些工作，來優化相關的宣傳訊息。所以，我們在這方面還有很多工作要做。但最終，我們會在那裡佔據非常有利的地位。最後我想說，幾週前我去了加拿大，拜訪了我們在多倫多的團隊，並與許多人進行了交流，包括一些司機、政界人士等等。他們對我們的到來非常熱情，因為他們很喜歡我們。他們認同我們的理念，認同我們的價值觀，也喜歡我們將為他們提供的選擇。

So it's a very long answer, but it really is exactly the way we think about it. Our strategy, we really see is working. Our strategy is working. Customer obsession drives profitable growth. And we see a lot of opportunities all across North America over the coming years. In some ways, I feel like we're really just getting started there.

所以答案很長，但這確實是我們思考的方式。我們的策略確實奏效了。以客戶為中心驅動獲利成長。我們看到未來幾年在北美各地都有很多機會。某種程度上，我覺得我們才剛起步。

Your next question comes from Mark Mahaney with Evercore.

下一個問題來自 Evercore 公司的 Mark Mahaney。

Two questions. David, there's been some controversy recently about the Tesla autonomous vehicles and the impact that could have on ridesharing companies like you and Uber. Just your latest thoughts on how investors should -- investors should think about the autonomous risk rideshare companies? And then I think you teased in your earlier prepared comments about providing more rideshare improvements in addition to the faster pickup times, any others you'd roll out in terms of how the experience has gotten better for either drivers or riders?

兩個問題。 David，最近關於特斯拉自動駕駛汽車及其可能對像你和Uber這樣的叫車公司造成的影響引發了一些爭議。你對投資人應該如何看待自動駕駛風險有什麼最新看法？另外，我記得你在先前的發言稿中提到，除了更快的接送速度之外，還會提供更多叫車方面的改進，你還有哪些措施可以提升司機或乘客的體驗？

Yes, sure. So on the first, I would actually characterize it a little differently. I wouldn't say -- okay, I understand why you asked the question the way you did around Tesla, but I wouldn't actually qualify it as more of an opportunity than a risk. And here's what I mean by that. So autonomous cars, let's step back (inaudible). Autonomous cars are definitely coming, right? And if you're in San Francisco, you know it, you see it every day. Sometimes you see good things. Sometimes you see things are a little bit strange. But at the end of the day, they're clearly on the scene.

是的，當然。關於第一點，我其實會用不同的方式來描述。我不會說——好吧，我理解你為什麼會那樣問關於特斯拉的問題，但我不會把它看作是機會而非風險。我的意思是，自動駕駛汽車，我們先退一步（聽不清楚）。自動駕駛汽車肯定會到來，對吧？如果你在舊金山，你一定知道，你每天都能看到。有時候你會看到一些好東西。有時候你會看到一些奇怪的東西。但歸根結底，它們顯然已經出現了。

But it's one thing, and I say a very expensive one thing to build a an autonomous vehicle, very, very expensive. It's expensive to build it, billions of dollars of R&D. It's expensive to operate it. These things are not free to operate. Absolutely not. They break down, they have repairs, they have shadow drivers in the back all sorts of things. So that's expense that somebody's got to bear.

但製造一輛自動駕駛汽車是一回事，而且我說的是極其昂貴的一件事，非常非常昂貴。製造成本高昂，研發費用高達數十億美元。營運成本也很高。這些車的營運成本可不是免費的。絕對不是。它們會發生故障，需要維修，後座還需要「影子駕駛員」等等。所以，這些費用最後都要有人負擔。

And then it's also very expensive to build a rideshare platform. And I think it's maybe tempting or maybe it's -- I don't know, easy, let's say, to hear someone say, "Oh, well, you just build an app. And you think, well, that's a rideshare network." Well, no, that's not a rideshare network. A rideshare network involves conversations with every airport in the United States to figure out how did you pick up and drop losses every municipality in the United States. It's pricing 2 million times a day. It's picking things up 24/7 even in bad weather, even when it's snowing. It's figure out how to do supply-demand management such that you get cars in the right place at the right time and so on and so on at quite a large scale. And this is obviously expensive. We spend a lot of money on it every single year, as you guys well know.

而且，搭建一個叫車平台成本非常高。有人可能會說：「哦，你只要開發一個App就行了，然後就覺得，這就是一個叫車網路了。」 不，那不是叫車網路。一個真正的叫車網路需要與美國所有機場溝通，弄清楚如何在美國各個城市接客和卸貨。它每天要進行200萬次定價，即使在惡劣天氣或下雪天也要24小時不間斷接客。它需要解決供需管理問題，確保車輛在適當的時間出現在適當的地點等等，而且規模相當龐大。這顯然成本很高。正如你們所知，我們每年都要為此投入大量資金。

So -- so when I look at it that way, and I look at -- and then here's where I'll kind of finish on that. If you think of autonomous, here's maybe the way I might break it down. Somebody has to build that technology, right? And they're companies that are just focused on that. Somebody then has to build the cars, either bring their own homegrown technology in the car or take somebody else's technology. That's the second thing.

所以——當我這樣看待這個問題時，我再總結一下——說到自動駕駛，我可能會這樣解釋。首先，必須有人開發這項技術，對吧？有一些公司專門從事這方面的研究。然後，必須有人製造汽車，要麼將自己研發的技術應用到汽車上，要麼採用其他人的技術。這是第二點。

Then somebody's got to own these cars, right? In the Lyft business model, of course, we don't typically own the car. That's -- drivers own their own car, which is great. I mean it's very capital efficient for us. We can put 2 million rides on the road every day and not effectively own a single car assets. That means we don't have to spend hundreds of million dollars in depreciating assets called cars.

那麼總得有人擁有這些車吧？當然，在 Lyft 的商業模式下，我們通常不會擁有車輛。也就是說，司機擁有自己的車輛，這很棒。我的意思是，這對我們來說非常節省金錢。我們每天可以完成 200 萬次行程，而無需實際擁有任何車輛資產。這意味著我們不必花費數億美元購買會貶值的車輛資產。

And then someone has to build the network and operate the network, and that's what we do. So if I look at it in that context, I get excited about autonomous cars because I think great, it's going to be another way for people to get around. You can sort of think of it as another car that we could run into our network. And personally, if I were sort of running the world, I would sort of think of companies specializing maybe in one of those areas. And the companies that try to do more than one of those areas might find it very expensive and maybe not such a great use of capital and resource focus. So that's sort of general thought there. And you definitely ask another question.

然後就需要有人來建立和運作網絡，而這正是我們所做的。所以，從這個角度來看，我對自動駕駛汽車感到興奮，因為我認為這很棒，它將為人們提供另一種出行方式。你可以把它想像成我們可以連接到網路的另一輛汽車。就我個人而言，如果我掌管世界，我會考慮讓一些公司專注於這些領域中的某一方面。而那些試圖涉足多個領域的公司可能會發現成本非常高昂，而且可能並非對資本和資源的最佳利用。這就是我的一些想法。你肯定又問了一個問題。

Oh, yes, yes, yes. I mean so this is where as the CEO. Man, I'd love to talk about stuff coming out, and I'm just completely unable to. But what I can tell you is this. So frustrating. Just keeps me up anyway, but what are you going to do? So -- but here's what I can tell you. So if you look at, for example, our on-time pickup promise, this is another innovation that I just think we're super proud of.

哦，是的，是的，是的。我是說，身為CEO，我真的很想談談即將推出的產品，但我現在完全沒辦法談。不過我可以告訴你的是，這太令人沮喪了。這件事一直讓我睡不著覺，但又怎麼辦？所以——但我可以告訴你的是，比如說，我們準時取貨的承諾，這是我們引以為傲的另一項創新。

So when we launched it last year, you remember the promise. The promise is if we're more than 10 minutes late to pick you up for an airport ride, we will pay you up to $100, no questions asked. Now we've done 2 things since then that are both pretty amazing. The first is it is now available in just about every major airport in the country. When we launched it, we were in the subset now or in just about every major airport.

所以，去年我們推出這項服務時，您還記得我們的承諾嗎？承諾是，如果我們接您去機場的時間晚了10分鐘以​​上，我們將無條件賠償您最高100美元。現在，我們又做了兩件非常棒的事。首先，這項服務現在幾乎涵蓋了全國所有主要機場。而我們剛推出時，服務範圍僅限於部分機場。

Second of all, we look very closely at that remediation rate, right? What percentage of rides end up not going well? When we last talked about it, that number was about 2%, now is sub-1.5%. And that shows you how operational excellence can drive so much value. And by the way, when we do end up paying this 1.5% of the time when we do end up paying, those riders end up taking another Lyft in the next couple of weeks more frequently than people that, that hasn't happened to.

其次，我們非常關注補救率，對吧？有多少比例的行程最終出了問題？上次我們討論這個問題時，這個數字大約是2%，現在已經低於1.5%。這充分說明了卓越的營運能夠創造多麼巨大的價值。順便一提，即使我們最終需要支付這1.5%的費用，這些乘客在接下來的幾週內再次乘坐Lyft的頻率也會高於那些沒有遇到這種情況的乘客。

So it's just, I think, a good example of how the innovation we're doing really does pay back for riders and drivers in this case, giving drivers more business and riders more reliability. So you can expect to see more of those. We mentioned in the earlier remarks, some -- as we go into the summer, some other interesting things with airports. Yes, this is why I just have to stop talking or else I'll get myself in trouble. But that I hope gives you a little flavor on what we're working on.

所以，我認為這是一個很好的例子，說明我們正在進行的創新確實能為乘客和司機帶來回報，例如為司機增加生意，為乘客提供更可靠的出行服務。因此，您可以期待看到更多這樣的案例。我們之前也提到過，隨著夏季的到來，機場方面還有一些其他有趣的項目。是的，所以我必須就此打住，否則我會惹上麻煩。但我希望這些能讓您對我們正在進行的工作有所了解。

Your next question comes from John Blackledge with TD Cowen.

下一個問題來自TD Cowen公司的John Blackledge。

Two questions. First, you specifically mentioned Canada's strong growth. Just curious, any other geos you would call out that drove the better-than-expected results? And then the second question, just coming back on the free cash flow conversion. Just any further color on what drove that uptick to 70% from initially 5%?

兩個問題。首先，您特別提到了加拿大強勁的成長。我很好奇，還有哪些地區推動了業績超乎預期？第二個問題，關於自由現金流轉換率。能否進一步解釋是什麼因素促成了轉換率從最初的5%飆升至70%？

Yes, let's tag team on this one. On the first, really nothing to report. We're still seeing the West Coast is still kind of growing nicely just because in a sense it was held back a little more than some of the rest of the country. But no, we're really actually seeing nice growth kind of across the board, nothing significant there.

是的，我們來合作討論一下。首先，沒什麼特別要報告的。我們看到西海岸仍然保持著不錯的成長，只是在某種程度上，它的發展速度比其他一些地區要慢一些。但實際上，我們看到整體成長勢頭良好，沒有特別突出的面向。

I'll talk out free cash flow and sort of what drove the update to our outlook. So fundamentally, as we went through Q1 and here at the start of Q2, we began to get better visibility into the expected payments that we'll make related to our legacy book of insurance and that coming in a little bit better than we had initially anticipated in our original plan when we talked about full year free cash flow conversion. So that's what's really behind the change in our improved outlook for the year, a little bit better visibility into Q1 and Q2.

我將談談自由現金流以及促使我們更新業績展望的原因。從根本上講，在第一季度以及第二季度初，我們對與傳統保險業務相關的預期付款有了更清晰的了解，實際情況比我們最初在全年自由現金流轉化計劃中預期的要好一些。這就是我們上調全年業績展望的真正原因，我們對第一季和第二季的業績有了更清晰的了解。

Your next question comes from Ken Gawrelski with Wells Fargo.

下一個問題來自富國銀行的肯‧加夫雷爾斯基。

I want to touch on pricing and industry pricing. First, could you reiterate your strategy with respect to overall pricing and how you view that. And David, maybe could you just talk about any changes there may have been in the pricing environment in 1Q into 2Q, there's been some speculation that one of your -- that your competitor may have raised prices in conjunction with the annual insurance renewal at the end of 1Q. And then maybe on that same point, more broadly, could you talk about the elasticity that you see -- as maybe you could see this in your various modalities? Investors often debate the elasticity in this industry. And we would love to hear your -- any highlights or key anecdotes that you could provide?

我想談談定價和行業定價。首先，您能否重申您的整體定價策略以及您對此的看法？ David，您能否談談第一季到第二季定價環境可能發生的任何變化？有傳言稱，您的競爭對手可能在第一季末的年度保險續保期間提高了價格。然後，就此而言，您能否更廣泛地談談您觀察到的價格彈性？您能否在各種業務模式中觀察到這一點？投資者經常討論這個行業的價格彈性。我們很想聽聽您的見解—您能否提供一些亮點或關鍵案例？

Thanks, Ken. I'll start off here and sort of talk about pricing and what we're seeing. So you asked -- you started your question just by wanting us to reiterate what our philosophy or approach is around pricing. And that's really that our goal is to operate in a healthy and competitive way. That's how we think about it, bottom line.

謝謝，肯。我先從這裡開始，談談定價以及我們目前觀察到的情況。你一開始就問，希望我們重申我們的定價理念或方法。我們的目標是以健康且具競爭力的方式運作。這就是我們思考定價的根本所在。

In Q1, we did see some higher pricing in the back half of the quarter. However, I think what's important to understand is that was partially offset by lower prime time David talked about it in his prepared remarks quite a bit, really driven by the health that we're seeing in the marketplace. So when you net the 2 of those together in Q1, the impact of pricing was really quite modest.

第一季後半段確實出現了一些價格上漲。然而，我認為需要理解的是，這部分上漲被黃金時段收視率的下降所抵消。大衛在事先準備好的演講稿中多次提到這一點，而黃金時段收視率的下降實際上是受市場整體健康狀況的影響。因此，綜合考慮第一季的這兩個因素，價格上漲的影響實際上相當有限。

It's important to remember that the price of rider experiences is the combination of many factors, right? It's mode, it's mix, it's distance. It can also include Primetime depending on the supply conditions in a certain geography at a certain time. And I think it's important to remember that prime time coming down is a good thing. It means that there's more stable, more predictable price to the rider and that translates into more rides.

需要記住的是，騎乘體驗的價格是由多種因素綜合決定的，對吧？例如騎乘方式、線路組合、騎乘距離等等。此外，根據特定地區特定時段的供應情況，尖峰時段的價格也會影響最終價格。我認為，尖峰時段價格下降是件好事。這意味著騎乘者可以享受更穩定、更可預測的價格，從而帶來更多的騎乘機會。

So on a full year basis, again, we talked about gross bookings growing slightly faster than rides, nothing has changed there. Nothing has changed in terms of the way that we contemplate, what informs that assumption. It's a number of variables, including ride type, ride mix, the growing mix of non rideshare businesses and then competitive pricing, which is the foundation of our philosophy. And David, I don't know if you want to add the second part?

所以，就全年而言，我們之前討論過總預訂量成長速度略高於乘車量，這一點沒有改變。我們思考這個問題的方式，以及支撐這個假設的依據，並沒有改變。這涉及到許多因素，包括乘車類型、乘車組合、非叫車業務佔比的不斷增長，以及具有競爭力的價格——這是我們理念的基石。大衛，我不知道你是否想補充第二部分？

Just a little bit. I mean that is for sure 90% of it right there. One, I would say, strategy we have is that any time a rider opens the app, they can find a ride that works for them, right? And so it could be a standard ride. Of course, that's the majority of the business. It could be a wait-and-save ride, which I think is just a -- I love it because it allows people who want to price shop to sort of price shop right within our app and to save a little bit of money by giving up a little bit of time.

就一點點。我的意思是，這肯定佔了90%。我們的一項策略是，乘客每次打開應用，都能找到適合自己的行程，對吧？可以是普通的行程。當然，這佔了我們業務的大部分。也可以是「等待優惠」的行程，我覺得這很棒——因為它允許想要比價的用戶直接在我們的應用程式內進行比價，花一點時間就能省點錢。

And that actually works really well for a lot of people. It's a lot of people -- some people are busy all the time. Some people have got a little bit more flexibility, and they trade that for a little extra money. So that's great. And then we have various other modes that are sort of higher value, Extra Comfort, which is actually a relatively new mode, and then we have what we call the high-value mode, kind of the black side of things.

這其實對很多人來說都非常適用。適用人群很多－有些人總是很忙，有些人時間比較靈活，他們願意用這種彈性換取一些額外的收入。所以這很棒。此外，我們還有其他一些價值更高的模式，例如「額外舒適」模式（這其實是一個相對較新的模式），以及我們稱之為「高價值」的模式，也就是我們所說的「黑色」模式。

Interesting, this is a little bit of a side point, but you might find it interesting. It's actually in our high-value modes that have grown slightly faster than the rest this quarter, which I think is just sort of an interesting commentary on, I don't know what, how people want to spend their money.

挺有趣的，這雖然有點離題，但你或許會感興趣。實際上，本季我們高價值商品的成長速度略高於其他商品，我認為這或許反映了人們的消費習慣，也說不出具體是什麼。

But the real point here is our price -- sort of strategy is just like any retailer, let's say, with multiple -- or maybe manufactured with sort of multiple product lines, we want to have something that kind of works for everybody. And so we work the whole mix.

但關鍵在於我們的定價策略——就像任何擁有多條產品線的零售商，或生產多條產品線的製造商一樣，我們希望提供適合所有人的產品。所以我們努力實現產品組合的多元化。

And then the end where Erin ended, in some cases, our job is to try to bring prices down, right, most notably around Primetime. Any time we have Primetime, it's a defect, right? It's a defect. It means that we didn't have exactly the right number of drivers where we needed them at exactly the right time. Some of them are unavoidable, right? It's very hard to predict a flash storm, for example, that's quite hard to predict. But there are other things that are not so hard to predict. And so as we improve our forecasting internally, which is actually an enormous effort. You don't talk too much about it externally, but enormous effort. We do it so that we can actually bring prices down in a funny way because what we want, of course, is riders and drivers to match at the highest volume they can and that clearing price tends to be sort of our standard price at every mode.

艾琳最後提到的部分，在某些情況下，我們的工作是努力降低價格，尤其是在高峰時段。任何時候出現高峰時段，都意味著有缺陷，對吧？就是缺陷。這意味著我們在需要的時候，沒有在需要的地方安排到足夠數量的司機。有些情況是無法避免的，對吧？例如，暴雨就很難預測，這非常困難。但有些情況比較容易預測。因此，我們正在內部改進預測，這實際上是一項巨大的工作。雖然你們對外很少提及，但這確實是一項巨大的工作。我們這樣做是為了以一種巧妙的方式降低價格，因為我們當然希望乘客和司機能夠盡可能地匹配客流量，而這個匹配價格往往就是我們所有出行方式的標準價格。

Your next question comes from Michael Morton with MoffettNathanson.

下一個問題來自 MoffettNathanson 公司的 Michael Morton。

Could you talk a little bit about the opportunities around take rate and then maybe a deeper dive into the drivers behind it? You've spoken in the past about the health and efficiency of the marketplace being one driver, but would love what you could potentially quantify or maybe impact the contribution of the advertising business currently or going forward? And then if I could sneak in one just like an accounting one. For G&A, it was just a tad higher than expected and would love to hear if there was any onetime in nature related, maybe legal contingencies or insurance accruals? Or is this a reasonable run rate for the year?

您能否談談廣告投放率方面的機遇，並深入探討背後的驅動因素？您之前提到市場健康狀況和效率是其中一個驅動因素，但我很想知道您能否量化一下，哪些因素可能對當前或未來的廣告業務貢獻產生影響？另外，我還可以問一個會計方面的問題。一般及行政費用略高於預期，我想知道這其中是否有一次性事件，例如法律或保險費用？或者說，這個水準是否屬於全年的合理水準？

Michael, this is Erin. I'll talk a little bit about revenue margin and then your question on G&A, and I'll ask David to join me and talk a little bit about the media business. So as it relates to revenue margin, again, this is really the healthy outcome of operating competitively with a focus on customer experience. So on the call, we talked about how we're working to increase drivers preference for Lyft and then help them maximize their earnings by helping them identify when and where rider demand is going to be. And this is why drivers are earning more.

麥可，我是艾琳。我先簡單談談收入利潤率，然後回答你關於一般及行政費用的問題，之後我會請大衛過來，和我們一起聊聊媒體業務。說到收入利潤率，這確實是注重客戶體驗並保持競爭力的良好結果。在電話會議上，我們討論瞭如何努力提高司機對Lyft的偏好，並透過幫助他們確定乘客需求的時間和地點來最大化他們的收入。這就是司機收入增加的原因。

And -- and that is really driving why we're able to be more efficient with rider -- with -- sorry, contra revenue incentives per ride even as drivers earn more. To give you a little flavor of how we see this playing out in Q2, we think that revenue margin will be reasonably similar as I talked a little bit about in my prepared remarks. We are entering the quarter continuing to be healthy marketplace trends. And then, of course, in the second quarter and into the third, we see an increase in bike and scooter usage building in Q2 and then really peaking in Q3. And that brings along with it a higher revenue in.

而這正是我們能夠提高乘客效率的關鍵所在——抱歉，應該說是降低每次行程的收入激勵，即使司機收入增加。為了讓大家更了解我們對第二季業績的預期，正如我在準備的發言稿中提到的，我們認為營收利潤率將與第一季基本持平。我們進入第二季時，市場趨勢依然良好。當然，在第二季度以及第三季度，我們預計自行車和電動滑板車的使用量將持續成長，並在第三季達到高峰。這將帶來更高的收入。

So hopefully, that reemphasizes a little bit of our prepared remarks and gives you some color for what we see here in Q2.

希望這能再次強調我們事先準備好的發言內容，並讓大家對我們在第二季度看到的情況有所了解。

As it relates to the G&A line, there's a good portion of that G&A line that's fixed. There is a portion where there are some corporate expenses and can be some accruals, for example, that can occasionally result in some lumpy behavior. And that's really what you're seeing between Q4 and Q1, the change in the tax accrual in particular is fundamentally what's driving that. And then I'll turn it over to David to address your -- the third part of your question around media.

關於一般及行政費用（G&A）這一項，其中很大一部分是固定的。還有一部分包含一些公司支出，例如一些應計項目，這些有時會造成一些波動。而這正是您在第四季和第一季之間看到的情況，特別是稅收應計項目的變化，是造成這種波動的根本原因。接下來，我將把問題交給David，讓他來回答您關於媒體的第三個問題。

Yes. And I'll take -- it's Michael, right? Yes. So let's talk about 2 things kind of as they intersect. One is media and then we'll go back to drivers because I think that's a great place to sort of settle on. So on the media side, it's -- so it's such an interesting business. And the reason is because there are only so many meta ads and Google AdWords and so forth that you can buy before you've sort of saturated that channel. And so brands who increase and TikTok appearances and so on. So your brands are so interested in trying to figure out new ways to connect with their consumers, their own customers in different ways, right? Because again, same old, same old, well, everyone starts to get a little tired of that.

是的。我來接——是邁克爾，對吧？是的。那我們來聊聊兩個相關的話題。一個是媒體，然後我們再回到司機這個話題，因為我覺得這是個很好的切入點。媒體方面，這真是一個很有趣的行業。原因在於，你能購買的元廣告、Google廣告等等數量是有限的，用不了多久，這個管道就飽和了。所以，品牌會增加在TikTok等平台上的曝光。品牌非常熱衷於尋找與消費者、與客戶建立聯繫的新方式，對吧？因為總是老一套，大家都會感到厭倦。

So what's so interesting to us is looking at the ways that the brands who have come to us are being results over fairly short periods of time, such that they are already returning even though this business is still relatively new. And I'll give you just a little bit of color, and then we'll tie back to the driver in a second, but a little bit of color. So you served -- there are multiple ways you could be served up an ad in a Lyft experience. It might be on a tablet, it's in the car, but most likely it's on the app. And typically, you -- a 15-minute ride. People actually check their app about 9x, right, sort of the -- I guess to say adult equivalent are we there yet kind of thing.

所以，我們最感興趣的是，那些與我們合作的品牌如何在相對較短的時間內取得成效，即使這項業務還相對較新，他們也已經開始回頭客了。我先簡單介紹一下，稍後我們會再談到司機，但先簡單說說。在 Lyft 的體驗中，廣告的投放方式有很多種。它可能出現在平板電腦上，也可能出現在車內，但最常見的是在應用程式上。通常情況下，在 15 分鐘的車程中，人們會查看應用程式大約 9 次，對吧？這有點像成人版的“我們到了嗎？”

So anyway, you're looking and then the question is, well, what are you doing? And the answer increasingly as well, if we can serve you an interesting relevant ad, and it has to be both of those things, then you'll actually tend to watch it, which is why -- and then often, you'll act as a result. So our click-through rate, I think I'm getting this right, it's about 10x the average.

總之，你在瀏覽廣告，然後問題就變成了：你在做什麼？答案也越來越明顯：如果我們能為你提供有趣且相關的廣告（廣告必須同時具備這兩個條件），你就會傾向於點擊觀看，這就是為什麼——而且通常情況下，你還會因此採取行動。所以我們的點擊率，我想我沒算錯的話，大約是平均的10倍。

We just introduced video ads, too, and those are particularly interesting to people because it's short-form video when well done, turns it to be incredibly engaging. So -- all that's a long way of saying, I think there's a lot of -- and then of course, we have first-party data, right? We know where you're going as a rider. And so you may have seen some of the tests we're doing now, a number of tests we're doing in the background that kind of know either where you're going or the type of place you might want to go and maybe it'll give you a coupon to go there.

我們也剛推出了影片廣告，這些廣告對人們來說特別有吸引力，因為製作精良的短影片能帶來極強的互動性。所以——說了這麼多，其實就是想說，我認為有很多——當然，我們還有第一方數據，對吧？我們知道您作為乘客的出行路線。您可能已經看到我們目前正在進行的一些測試，我們在後台進行了很多測試，這些測試能夠了解您的出行路線或您可能想去的地方類型，然後可能會給您優惠券。

So as I was saying, I think there's a lot of opportunity here. I think it's quite accretive. I think it's a good customer experience, a good partner experience for sure. They're getting good value. And then to the driver point, we pay our drivers when advertising happens, particularly when it's on a tablet, but more generally, it allows us to have more margin to sort of play back to drivers. And so -- and that's simply one of many ways an (inaudible) drivers and stop. We're so focused now.

正如我剛才所說，我認為這裡蘊藏著許多機會。我認為這會帶來相當可觀的收益。我認為這能帶來良好的客戶體驗，當然也能帶來良好的合作體驗。他們能從中獲得豐厚的回報。至於司機方面，我們會在廣告投放時向司機支付報酬，尤其是在平板電腦上投放廣告時。但更普遍的情況是，這讓我們有更多利潤空間回饋司機。所以——這只是我們回饋司機的眾多方式之一。我們現在非常專注於此。

And I think this really is sort of a manifestation of our customer-obsessed strategy of saying, how can drivers earn more? How can drivers earn more, right? There is a ceiling, right? The ceiling is called the fare, the rider pays, right? Well, I guess, plus media if you want to go crazy. But we have to take a little bit of money to operate the platform. We've got to pay insurance and so forth.

我認為這其實體現了我們以客戶為中心的策略，即如何讓司機賺更多錢？司機怎麼賺更多錢？當然，收入是有上限的，對吧？這個上限就是車費，乘客要付錢，對吧？當然，如果你想賺更多，可能還要加上媒體費用。但我們必須從中賺取一些錢來經營平台。我們需要支付保險等等費用。

So then the question is well, how can drivers earn more? And the answer is they can get more rides, those drives can be more profitable for them because maybe media or other sorts of things, they could be positioned closer to riders as opposed to long pickups because the pay tends to favor them a little bit that way.

那麼問題來了，司機怎麼賺更多錢呢？答案是他們可以接到更多單子，這些單子對他們來說可能更有利可圖，因為媒體或其他因素可能會讓他們更靠近乘客，而不是長途接送，因為這樣一來，報酬往往對他們更有利。

We can negotiate on their behalf for better gas prices. We actually do this. We've got a program that gives you $0.25 up to $0.30, I think, off a gallon of gas for certain things. So there are all sort of things we can do that increased drivers, both gross and net earnings and we are really taking a sort of a whole of company approach to make sure that we can do that because we know the more drivers we have and the happier they are, the better preference they have, the more they'll come back. So I know we covered a whole lot there, but I hope that gives you some insight.

我們可以代表他們協商更優惠的油價。我們確實在這樣做。我們有一個項目，針對特定情況，每加侖汽油可以優惠 0.25 美元到 0.30 美元。所以我們有很多方法可以提高司機的毛收入和淨收入，我們採取的是一種全公司範圍的策略來確保這一點，因為我們知道，司機越多，他們越滿意，他們的滿意度就越高，他們就越願意再次光顧。我知道我們剛才講了很多，但我希望這些資訊能對您有所幫助。

Your next question comes from Doug Anmuth with JPMorgan.

下一個問題來自摩根大通的道格·安穆斯。

Just given the strong supply in the marketplace, can you just talk about how you think about the efforts to drive the 40 million annual users higher versus increasing frequency among the quarterly active rider base that's roughly half that number? And then separately, you've often highlighted partnerships, and I know that remains a key priority for '24. We've seen some industry activity on that front. Just curious how you're thinking about opportunities in adjacent categories?

鑑於市場供應充足，您能否談談您如何看待提升4000萬年度用戶的活躍度，以及提高季度活躍用戶（數量約為其一半）的使用頻率？另外，您經常強調合作關係，我知道這仍然是2024年的重點工作。我們看到業內在這方面已經有一些進展。我很好奇您如何看待相鄰領域的機會？

Yes. Maybe I'll take that one, and then Erin and I can tag team on that if we want to. So -- okay, I remember the partners. Oh yes, yes. So a couple of data points. So on active riders, so you're absolutely right, Doug, of course, to sort of distinguish between a new rider and an existing rider and kind of what that looks like? And just to emphasize one quick point.

是的。也許我會接手那個，然後如果願意的話，我和艾琳可以合作完成。好的，我記得合作夥伴。哦，對，對。那麼，有幾個數據點。關於活躍騎手，道格，你說得完全正確，當然，要區分新騎手和現有騎手，以及他們的特徵是什麼？還有一點要強調一下。

We mentioned it briefly, our active riders -- total active riders are up about 12% year-on-year, which is the strongest growth rate we've had in 6 quarters. So -- so that's great news, right? Because that shows that we're an attractive proposition to people day in day out. That's awesome. Now where we have actually seen more -- so -- and both matter, right? So new and existing, they both matter. There's-- you don't get to choose just one out of 2.

我們剛才簡單提了一下，我們的活躍用戶總數年增了約 12%，這是我們六個季度以來最強勁的成長率。所以，這真是個好消息，對吧？因為這顯示我們每天都對用戶保持著吸引力。太棒了！現在，我們看到更多——而且兩者都很重要，對吧？新用戶和現有用戶，兩者都很重要。你不能只選擇其中一個。

Our focus strategically over the last year has actually been more on driving frequency. And the reason that is true is because this is something actually [Scott Cook] at (inaudible) said years ago. He said, "First, you have to -- first, you have to work on the -- do the right thing, and you have to do it right." So doing the right thing meant, getting driver pay, right, getting pricing right, getting ETAs down to a great point and so forth.

過去一年，我們的策略重點實際上更多地放在了提高發車頻率。原因在於，幾年前斯科特·庫克（Scott Cook）曾說過：“首先，你必須做正確的事，而且必須把事情做好。” 所謂做正確的事，就是指合理地支付司機薪酬，合理地制定價格，將預計到達時間縮短到理想水平等等。

Because if you don't get that right, then you're going to bring a bunch of new people on the platform and they're just going to churn out. So we've done exactly the right thing. We've really focused on that operational excellence to get to the point where we are providing a very, very good experience. I'd say, objectively significantly better if you look at ETA times and so forth than a year ago.

因為如果這一點沒做好，你就會吸引一大批新用戶上線，但他們很快就會流失。所以我們做得完全正確。我們真正專注於提升營運效率，最終實現了提供非常非常好的使用者體驗。客觀來說，如果你看看預計到達時間等等，你會發現現在的體驗比一年前有了顯著提升。

So -- and we've seen the results. Our frequency is increasing quite significantly, which is wonderful. It's a really good indicator, early indicator when your heaviest users are using even more than you're doing something right. And they're the ones that have the most exposure to what you're doing.

所以——我們已經看到了結果。我們的使用頻率顯著提高，真是太好了。這是一個很好的指標，一個早期指標，顯示你最重度的使用者使用頻率甚至超過了你的預期。而且他們也是最了解你產品和服務的使用者。

And so then over time, the focus can kind of broaden to how can we start to attract new people to the platform. And there are many ways to do that. Some of them are very familiar to all of us, the referral bonus and so on and so forth. Others are maybe a little more innovative and those are some things we're sort of cooking up in the background. But that leads me very naturally, I think to your second point around partnerships.

所以隨著時間的推移，我們的焦點可能會逐漸擴展到如何吸引新用戶加入平台。有很多方法可以做到這一點。有些方法我們都很熟悉，像是推薦獎勵等等。其他一些方法可能更具創新性，我們正在幕後醞釀這些方案。但這自然而然地引出了你關於合作關係的第二點。

I think here's another -- I guess I'm full of chestnuts today. So I used to spend a lot of time in Africa and Africa, a lot of the countries there have this sort of saying that says, "If you want to go fast, you go alone, but if you want to go far, you go together." And so order for us to go far in our customers' lives, riders' lives in particular, I would say, partnerships really matter, right, because people have complicated lives. They take airplanes, they all sorts of other things. And so we will continue to invest in our partnership strategy. It's been one that we've been working on for years, and you'll see a lot more. I don't have anything particular to announce there, but I would certainly say, again, just sort of almost schematically partnering with someone who is a values aligned and kind of customer-obsessed aligned partner can be really helpful because it can mean that we can get new riders that way.

我想再補充一點──我今天好像老生常談了。我以前常去非洲，那裡很多國家都有這樣一句諺語：「獨行快，眾行遠。」 所以，為了在客戶，特別是騎手的生活中走得更遠，我認為合作關係至關重要，因為人們的生活很複雜。他們會搭飛機，還會做各種各樣的事情。因此，我們將繼續投資於我們的合作策略。我們已經為此努力多年，未來你們將會看到更多進展。我目前沒有什麼特別的消息要宣布，但我再次強調，與價值觀一致、以客戶為中心的合作夥伴攜手合作真的很有幫助，因為這意味著我們可以獲得新的騎士。

Your next question comes from Benjamin Black with Deutsche Bank.

下一個問題來自德意志銀行的班傑明·布萊克。

Great. Obviously, there have been quite a few moving pieces related to sort of the regulatory backdrop. You have (inaudible) in Massachusetts, Minneapolis issue? And then obviously, the looming Supreme Court decision on Prop 22 in California. So I guess the question is, how do you feel positioned for these upcoming challenges? And sort of what's your strategy if potential reclassification is required? And then just one on mix and mode. I think you mentioned this as one of the potential drivers of improvement to your gross margin profile over time. Just can you dig into a little bit of the progress there? Can you give us some examples of some of the strategies that are showing sort of notable progress?

好的。顯然，監管環境方面有很多變數。例如馬薩諸塞州明尼阿波利斯的問題？還有加州22號提案即將由最高法院裁決。所以我想問的是，您如何看待即將到來的這些挑戰？如果需要重新分類，您的策略是什麼？另外，關於產品組合和模式，您提到這是提升毛利率的潛在驅動因素之一。可否詳細介紹一下這方面的進展？能否舉例說明哪些策略已經有顯著成效了？

Kristin, our President will start with the first, and then we'll tackle the second separately.

我們的主席克里斯汀將首先處理第一個問題，然後我們將單獨處理第二個問題。

Sure. Hey there, this is Kristin. Happy to answer your question, and I'll take each of those in turn, Massachusetts, Minnesota and then California because we really have a particular strategy designed specifically for each market. In Massachusetts, we will have a trial starting with the Massachusetts Attorney General in another week. But in parallel, we have 2 potential paths that we're driving a legislative proposal and a ballot initiative as well. And so we really think that we have multiple options to continue operating in that market because we both have the legislative path, and we have the ballot initiative.

當然可以。您好，我是克里斯汀。很高興回答您的問題，我會依次介紹馬薩諸塞州、明尼蘇達州和加利福尼亞州，因為我們針對每個市場都制定了專門的策略。在麻薩諸塞州，我們將在下週與麻薩諸塞州總檢察長進行初步溝通。同時，我們也正在推動兩項潛在的途徑：一項是立法提案，另一項是公民投票倡議。因此，我們認為我們有多種選擇來繼續在該市場開展業務，因為我們既有立法途徑，也有公民投票倡議。

And so -- in that market, we really want to focus on drivers voices being heard and supporting drivers voices who tell us that they prefer independence and flexibility to traditional employment. In Minnesota, we're working closely with city officials and state officials to find a solution. We're optimistic that we'll be able to do this. If we can't do this, we will be forced to stop offering rideshare services on July 1 but that would only be because we wouldn't be able to deliver the customer experience that drivers and writers want and expect with respect to the current rates proposed.

因此，在這個市場，我們非常重視傾聽駕駛者的聲音，並支持那些表示他們更喜歡獨立性和靈活性而不是傳統就業的駕駛者。在明尼蘇達州，我們正與市級和州級官員密切合作，尋求解決方案。我們對此充滿信心。如果最終無法達成解決方案，我們將被迫於7月1日停止提供叫車服務，但這僅僅是因為我們無法在目前提議的費率下，提供司機和司機期望的客戶體驗。

However, we will still keep looking to work toward a new rate structure. And then in California, just a reminder there in California, the California Supreme Court is hearing all argument in a couple of weeks on the very narrow issue of whether Proposition 22 is consistent with the California Constitution. So that initiative itself is not about reclassification. It's just about whether the ballot that was passed a few years ago, overwhelmingly is constitutional. And so in that case, we don't have any immediate change to drivers independent contractor status, and we will just continue again to listen to customer voices. We know that drivers value Prop 22 deeply. And we also heard from the California people in 2020 that they value driver independence with respect to passing Prop 22 by a wide majority.

然而，我們仍將繼續努力，爭取制定新的費率結構。另外，提醒一下加州，加州最高法院將在幾週後就22號提案是否符合加州憲法這一非常具體的議題進行辯論。該提案本身並非關於重新分類，而是關於幾年前以壓倒性多數通過的這項提案是否合憲。因此，在這種情況下，司機的獨立承包商身分不會立即發生任何變化，我們將繼續傾聽客戶的意見。我們知道司機們非常重視22號提案。我們也從2020年加州民眾的投票中了解到，他們重視司機的獨立性，並以壓倒性多數通過了22號提案。

Thanks, Kristin. And then on your second question, Benjamin, about mode mix. I guess what I would say -- because I think you're maybe looking for specific examples. I think one of the ones that -- I'll mention 2 very briefly. I wait and say, if I've mentioned before, nothing really new to add there, but it's a significant and important part of our business. And I -- as I said before, I like it because I think it gives people a way to save a little bit of money, which -- who doesn't like that.

謝謝，克里斯汀。關於你的第二個問題，本傑明，關於模式混合。我想說的是——因為我覺得你可能在尋找具體的例子。我想舉兩個例子──我先簡單提一下。如果我之前提到過，那就沒什麼新的要補充的了，但這確實是我們業務中非常重要的一部分。而且──就像我之前說的，我喜歡它，因為它能幫助人們省錢，誰不喜歡省錢呢？

On sort of the exact subside, we have actually a new mode that we launched a couple of months ago and there's still kind of fine-tuning called Extra Comfort. I think what's so interesting about Extra Comfort, it's a nicer -- slightly newer car, slightly nice for a car with a more experienced driver. And I think you can sort of, by analogy, you can think of it as a kind of [Comfort+] type kind of upgrade on an airplane in between the business class and the economy. And if you look at what airlines have done is actually quite successful for them. And it's because customers like it, right? They like the extra leg room in that case and priority boarding and these sort of things.

差不多就是這個意思，我們幾個月前推出了一種叫做「額外舒適」的新模式，目前還在進行一些微調。我覺得「額外舒適」的有趣之處在於，它就像一輛更舒適、更新、更適合經驗豐富的駕駛者的車。你可以把它比作飛機上介於商務艙和經濟艙之間的「舒適+」升級。看看航空公司是如何做到這一點的，你會發現他們做得非常成功。這是因為乘客喜歡這種模式，對吧？他們喜歡更寬敞的腿部空間、優先登機等等。

And so we're thinking along the same line, how can we create something that has that kind of value for our riders every day. And we've seen nice kind of early adoption of it. It's still -- it's a relatively small mode in the grand scheme of things. But I think it's one we can build out as a sort of affordable everyday luxury. I'll tell you, interestingly enough, one of the highest use cases is actually going to the airport because it's a time where you've already got a lot of stress in your life. And so you sort of want the kind of quiet or bigger ride, a little bit more space for luggage and so forth.

所以我們也在思考同樣的問題，如何創造出每天都能為乘客帶來這種價值的服務。目前我們已經看到它獲得了不錯的早期用戶認可。雖然從整體來看，它仍然是一種相對較小的出行方式，但我認為我們可以將其發展成為一種價格適中的日常享受。有趣的是，使用率最高的場景之一實際上是去機場，因為那時人們已經承受著很大的壓力。所以他們會想要更安靜、更寬敞的旅行體驗，以及更大的行李空間等等。

So I think it's an area again when I talk sometimes about, let's say, innovation being a little bit stale in this category. I'm not saying this is the most innovative things that we're working on. But I think it gives you a sense that there is -- there are new customer use cases that we can develop for and new modes and I think Extra Comfort is good example. So I recommend anyone on this call to download Lyft immediately and -- but Extra Comfort for your next ride.

所以我覺得，我有時會提到，在這個領域，創新似乎有點停滯不前。我並不是說我們正在做的這些就是最具創新性的事情。但我認為這能讓你感受到，我們可以開發新的客戶使用場景和新的出行模式，而「額外舒適」就是一個很好的例子。所以我建議所有參加這次電話會議的人立即下載 Lyft，並在下次乘車時選擇「額外舒適」。

Your next question comes from Stephen Ju with UBS.

下一個問題來自瑞銀集團的Stephen Ju。

Okay. So David, Erin, I wanted to tie your comments about use cases to your prior comments about frequency. So just doing a simple math of, I guess, rides divided by active users. It seems like folks took about 8.5 rides during the quarter. I think prior to the pandemic, I think it was probably 9.5 or so ballpark. So can we talk about the use cases like shared rides that are probably no longer in the picture and how much that impacted frequency?

好的。 David，Erin，我想把你們之前關於使用場景的評論和使用頻率的評論聯繫起來。我簡單算了一下，用乘車次數除以活躍用戶數。看起來大家在這個季度平均乘車次數大約是 8.5 次。我想在疫情之前，這個數字大概是 9.5 次左右。那我們能不能討論一下像拼車這種可能已經不再存在的使用場景，以及這對乘車頻率的影響有多大？

There might be some lingering regional considerations you may have to think about. But I guess, more importantly, looking forward, how some of the existing use cases can perhaps now grow faster? Or what new use cases you may be looking at? So I'm looking for reasons to why we should believe the frequency that we're seeing prior to pandemic? Should that be a ceiling? Or should we be thinking that it should be much higher than that?

可能還有一些遺留的區域因素需要考慮。但我想，更重要的是，展望未來，現有的一些用例現在或許可以更快成長？或者您正在研究哪些新的用例？所以我想知道，我們為什麼要相信疫情前看到的這種頻率？這是否應該成為一個上限？或者我們應該認為它應該遠高於此？

Oh, yes. No, it's no ceiling. And because it's -- no, no. The whole -- the thing about our -- I keep saying our strategy is working. And what I really mean by that is the more we understand what it is our riders and drivers want, the better we can -- every single day get them that even ahead of their own recognizing it.

哦，是的。不，這沒有上限。因為——不，不。關於我們—我一直說我們的策略是有效的。我的意思是，我們越了解乘客和司機想要什麼，我們就能越好——每一天都滿足他們的需求，甚至在他們自己意識到之前就滿足他們。

So let's take the data you were just using. So right now, you're right. Actually, a person who uses rideshare 10 times a month. That's actually quite a heavy user already, right? So let's just start from the fact that a lot of people -- because with any distribution, obviously, you've got tails on both sides, a lot of people who may be using it once a month. Maybe they only use it to go to the airport, for example. So gosh, there are a whole lot of other parts of their life that we can -- without really much creativity at all, simply by reminding them of our existence, we can grow into. And that will just increase frequency just mathematically.

所以我們來看看你剛才用的數據。沒錯，你說的對。一個人一個月用叫車10次，這其實已經算是重度用戶了，對吧？我們先從很多人——因為任何分佈都有兩端，顯然——開始，很多人可能一個月只用一次。例如，他們可能只用叫車去機場。所以，他們生活中還有很多其他方面，我們可以——其實不需要太多創意，只要讓他們知道我們的存在——就能拓展到這些方面。而這自然會提高使用頻率，從數學角度來說就是這樣。

And then if you look at the other end, right, if you look at people who are already heavy users, what's a typical heavy user, what might be someone who commutes to the office a couple of times a week.

然後，如果你看看另一端，對吧，如果你看看那些已經是重度用戶的人，什麼是典型的重度用戶，可能是每週通勤去辦公室幾次的人。

Well, today, maybe the switch between us and the other guys. So maybe there are things we can do to make it easier for them to take more rides on Lyft versus doing something else. As an example, right?

嗯，今天，也許我們和其他人的情況會有所不同。所以，也許我們可以做一些事情，讓他們更容易選擇搭乘 Lyft 而不是其他交通工具。舉個例子，對吧？

And of course, then there's a secular thing, right? As more and more offices, I think, come to realize that there's real value in having people in the office at least a couple of days a week. If you look at the distribution there, there's still quite a few people and maybe some people on this call fall in this category who are only going in the office once a week or maybe even less than that.

當然，還有個世俗因素，對吧？我認為，越來越多的公司開始意識到，員工每週至少來辦公室幾天確實很有價值。如果你看看目前的分佈情況，你會發現仍然有不少人，也許這次電話會議上的某些人就屬於這種情況，他們每週只來辦公室一次，甚至更少。

And I think there's a lot we can do both to work with companies to make it easier for them to partner with us as we do with LinkedIn, for example, or Starbucks, as an example, Delta Airlines example. These are all companies in various different ways, Amazon, that we work with part of their kind of commute strategy to help their employees come back to the office in a way that's more productive than sitting in traffic driving for 45 minutes.

我認為我們可以做很多事情，例如與企業合作，讓他們更容易與我們建立合作關係，就像我們與LinkedIn、星巴克、達美航空等公司合作一樣。這些公司，包括亞馬遜，都以不同的方式與我們合作，幫助他們制定通勤策略，幫助員工以更有效率的方式回到辦公室，而不是塞車45分鐘。

So that's just a very long way of saying, I think there are a lot of use cases that we're sort of just scratching the surface hub. And honestly, I would be very, very disappointed in us as a company, if we -- over the next weeks, months, years, can come up with other ways to get people using rideshare in new ways.

所以說了這麼多，其實就是想表達，我認為我們目前對共享出行服務的探索還只是冰山一角。說實話，如果未來幾週、幾個月甚至幾年內，我們公司都找不到其他方法讓人們以新的方式使用共享旅遊服務，我會非常非常失望。

Your next question comes from John Colantuoni with Jefferies.

下一個問題來自傑富瑞集團的約翰·科蘭圖奧尼。

I wanted to start with a strategic one. As autonomous and robotaxi initiatives continue to move forward. Talk about how Lyft is considering approaching balancing autonomous partnerships while maintaining its focus on maximizing driver satisfaction and earnings?

我想先從一個戰略角度切入。隨著自動駕駛和無人駕駛計程車計劃的不斷推進，請談談 Lyft 是如何考慮在平衡自動駕駛合作夥伴關係的同時，繼續專注於最大限度提高司機滿意度和收入的？

And second question, I believe Erin mentioned second quarter guidance assumes 15% rides growth during the prepared remarks, which is a few hundred basis points below the expectations for bookings growth. Can you talk about what's driving the gap between bookings and rides growth in the second quarter? And also walk through how that slowdown in trips growth versus the first quarter breaks down between market share verses broader industry trends?

第二個問題，我記得艾琳在事先準備好的發言稿中提到，第二季業績指引假設出行量增加15%，比預訂量成長預期低幾百個基點。您能否談談導致第二季預訂量和出行量成長差距的原因？另外，能否從市場佔有率和更廣泛的產業趨勢兩個方面，分析一下出行量成長較第一季放緩的具體情況？

John, it's David. I'll take the first part of your question and then Erin will tackle the second. So I think maybe the first thing to say is, again, as I mentioned before, autonomous vehicles are going to happen, right? So this is not one of these things where you can sort of decide whether or not they're going to be part of the future. They will. There are too many logistic forces going in that direction for them not to happen. So then the question for us becomes how do we incorporate them into our network. And the nice thing is that we are going to continue to grow as we've been talking about for a long, long time.

約翰，我是大衛。我先回答你問題的第一部分，然後艾琳會回答第二部分。我想首先要說的是，正如我之前提到的，自動駕駛汽車一定會成為現實，對吧？所以這不是你能決定它們是否會成為未來的一部分的事情。它們肯定會成為未來的一部分。有太多因素朝著這個方向發展，它們不可能不發生。所以對我們來說，問題就變成如何將它們融入我們的網路中。好消息是，正如我們長期以來一直在討論的那樣，我們將繼續發展壯大。

So there will be all -- and so it's, I think, 100% easy to predict that our network will turn in over time, and now we absolutely are talking about years into a hybrid network, right, where we'll have some driver driven cars and some autonomous cars. I think that's actually very stable for a long, long time, long, long, long time, far beyond the sort of (inaudible) horizon that we can easily see because there will be riders who only prefer one or the other. There will be parts of the country or even parts of cities that aren't well suited for autonomous, airport being sort of an obvious example or right after a concert, those are very difficult times. There may be seasons where autonomous works better or worse. Autonomous in the snow is quite improving and so forth and so on.

所以，我認為，我們的網路會隨著時間的推移而轉型，這一點完全可以預見。現在我們談論的絕對是幾年後才會出現的混合網絡，屆時我們將同時擁有一些司機駕駛的車輛和一些自動駕駛車輛。我認為這種模式實際上會非常穩定地持續很長時間，遠遠超出我們目前能夠輕易預見的（聽不清楚）未來，因為總會有乘客只偏愛其中一種。當然，某些地區甚至某些城市不適合自動駕駛，例如機場或音樂會結束後，這些都是非常困難的時段。自動駕駛在某些季節的表現可能會更好，而在其他季節則可能更差。自動駕駛在雪地中的表現正在不斷改進等等。

So I think there's every reason to believe that this will be sort of a coexistence. And then the question is, will it be a peaceful coexistence or sort of an angry coexistence. I think it will be a peaceful consistence. I think drivers will say, great, there's still a lot of demand for my services. I think there will be other -- and now I'll get a little bit weird to say like, who knows what happens in a couple of years. Maybe there are autonomous cars that in the front seat instead of a driver is -- I always like this example, a cartender, someone is literally making you a drink as you go to your party one night or whatever it is.

所以我認為完全有理由相信這會是一種共存局面。問題在於，這種共存是和平的，還是充滿衝突的？我認為會是和平的。我認為司機會說，太好了，我的服務仍然有很大的需求。我認為還會出現其他情況——現在我可能要說點兒奇怪的話了，誰知道幾年後會發生什麼事？也許會出現自動駕駛汽車，前排座位上不是司機，而是——我一直很喜歡這個例子，就像一個調酒師，在你晚上去參加派對或其他活動的時候，有人會為你調製一杯飲料。

So I think there are all kinds of interesting -- I think human beings are quite good at coming up with new fundings to employ themselves, keep themselves busy, entertain themselves and so forth. So I don't -- even when I talk to drivers today, I honestly don't feel a lot of anxiety of these robots are going to take my job. Part of them say, "Well, gosh, we've got pretty good sensors on them. So my eyes are 60 years old is (inaudible). And they're a pretty good driver. So by the time they're around, I'm going to be long gone and I'm glad someone's going to be driving me around."

所以我覺得這很有趣——我認為人類很擅長找到新的資金來源來維持生計、讓自己忙碌起來、自娛自樂等等。所以，即使現在我和司機們聊天，我也不覺得這些機器人會搶走我的工作。他們中的一些人會說：“哎呀，我們的機器人配備了非常先進的傳感器。我的眼睛都60歲了（聽不清）。而且它們的駕駛技術也相當不錯。所以等到它們出現的時候，我早就退休了，我很高興有人會開車送我。”

So I don't know. I think this is -- I think this is going to be fine. I really do. And we're going to continue to focus for drivers and making sure it's the best driving experience absolutely possible. Absolutely possible. How do you earn the most. How do you have the most satisfying experience. And I think that's a great strategy. It's going to be very durable for many, many years.

所以，我也不知道。我覺得——我覺得應該沒問題。真的。我們會繼續專注於為司機服務，確保他們擁有最佳的駕駛體驗。絕對的最佳體驗。如何才能獲得最高收入？如何才能擁有最滿意的體驗？我認為這是個很棒的策略。它將在未來很多年都非常有效。

John, this is Erin. It's hard to follow the visual of a cartender, but let me attempt to do that and just go over our Q2 guidance for rides in bookings. So starting with rides in Q2, we expect rides growth of approximately 15% year-over-year. That implies about 9% quarter-over-quarter. And then for bookings, our guidance is for $4 billion to $4.1 billion year-over-year. That implies growth of 16% to 19% on a year-over-year basis. And on a quarter-over-quarter basis, that's 8% to 11% growth. So hopefully, that sort of clarifies that dynamic both on a year-over-year basis and quarter-over-quarter for rides growth and gross bookings growth that we expect in the second quarter.

約翰，我是艾琳。雖然很難用圖示來解釋，但我還是試著解釋一下，並簡單介紹一下我們第二季的遊樂設施預訂預期。首先是遊樂設施，我們預期第二季遊樂設施年增約15%，季增約9%。然後是預訂量，我們預計將年增40億至41億美元，季增16%至19%，季增8%至11%。希望以上解釋能讓您更清楚了解我們預期第二季遊樂設施和預訂量將年增和季比成長的情況。

This will end our Q&A session. I will now turn the call back over to Lyft's CEO, David Risher for closing remarks.

問答環節到此結束。現在我將把電話轉回給Lyft執行長大衛·裡舍，請他作總結發言。

Yes, thank you so much. I really appreciate your questions and your support over the years. Look, this is just about my first year, you know this. Really just quite an extraordinary opportunity. And I just want to mostly end by saying thank you for your patience with us as we clarify and articulate strategy and a huge, huge, huge thanks to Lyft's team members. We have 3,000 people who wake up every single day, obsessing over drivers and riders and I just couldn't be proud of what we've accomplished. So thanks to all. And we hope to see everyone who can at Investor Day, either virtually or physically. Thank you all.

是的，非常感謝。我真的很感激你們提出的問題以及多年來的支持。你們也知道，這才是我上任的第一年，這真的是一個非常難得的機會。最後，我要再次感謝你們在我們闡明和完善策略的過程中所給予的耐心，也要特別、特別、特別地感謝Lyft的團隊成員。我們有3000名員工，他們每天醒來都全心投入為司機和乘客服務的事業中，我對我們所取得的成就感到無比自豪。所以，感謝大家。我們希望能在投資者日上見到所有能來的朋友，無論是線上或線下。謝謝大家。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。