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。 （操作員說明）謹此提醒，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.

我現在想將會議交給投資者關係主管 Sonya Banerjee。你可以開始了。

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。我們的總裁 Kristin Sverchek 出席問答環節。

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.

我們將在今天的電話會議上發表有關我們的業務策略和業績、未來財務業績和指導的前瞻性聲明。這些陳述存在風險和不確定性，可能導致我們的實際結果與本次電話會議期間預測或暗示的結果有重大差異。我們的收益資料和最近向 SEC 提交的文件中描述了這些因素和風險。

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做的所有前瞻性陳述均基於我們今天的信念，我們不承擔更新任何前瞻性陳述的義務，除非法律要求。

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.

我們今天的討論還將包括非公認會計原則財務指標，這些指標不能取代我們的公認會計原則結果。我們的歷史 GAAP 與非 GAAP 業績的調整可以在我們的收益資料中找到，這些資料可以在我們的 IR 網站上找到。

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，今天我們要討論客戶。對於共乘，每輛車有 2 名顧客。司機是 Lyft 客戶，乘客是司機的客戶。我們兩者都關心。

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

然後我會把電話轉給大衛。

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.

謝謝你，索尼婭，大家下午好。感謝您加入我們。我們的 2024 年開局良好，第一季業績非常強勁。乘車次數和總預訂量均年增超過 20%，我們又實現了一個季度的正自由現金流。我們預計將實現全年目標，並實現我們最初分享的更高水準的自由現金流。我們執行得很好，我們正在證明對客戶的痴迷可以推動利潤成長。自從一年前（一年多前）擔任執行長以來，我對我們所取得的成就感到非常驚訝和自豪。

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，我們談論了許多 Lyft 績效指標的進展。但今天，我想談談客戶體驗的進展，以及這如何影響他們選擇 Lyft。

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.

讓我們從驅動程式開始。我們正在改進為司機提供他們想要的東西、良好的收入機會以及更高的透明度和對他們的時間的更多控制的方式。結果，這些司機的收入增加了。第一季度，美國司機的平均收入為 31.10 美元，其中包括每小時工作時間的小費和獎金。考慮到司機的估計費用（如維護費、汽油費和車輛折舊費）後，每個工作小時約為 24.25 美元。正如我們在幾個月前發布的有關該主題的白皮書中所討論的那樣，從總收入和淨收入來看，司機收入中位數均高於 2023 年下半年。

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.

原因之一是 Lyft 司機在選擇乘車服務時擁有比以往更多的資訊。與一年前相比，取消行程顯著減少了近 50%，並增加了他們賺錢的時間。駕駛員還可以更輕鬆地提前規劃預定行程。它可以使用我們在區域過濾器內的專有狀態來平衡其他義務，他們可以利用優先模式在非高峰時段保持忙碌，並且司機現在可以使用更簡化的流程來上訴被停用，這解決了長期存在的問題透過讓他們更快獲得上訴結果來解決痛點。

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，讓共乘移動變得更加美好，進而提高駕駛者的偏好。例如，由於我們發布了新的收入承諾，Lyft 司機現在知道，扣除外部費用後，他們每周至少可以獲得乘客票價的 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.

這是妙語。自 2 月推出以來，駕駛者對薪資公平性的看法顯著改善，75% 的駕駛告訴我們，他們對自己的收入有了更好的了解。數據顯示，我們的承諾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，隨著我們第一季在全國範圍內推出 Women+ Connect，女性和非二元驅動程式的激活量同比增長了近 24%。這仍然是 Lyft 評價最高的功能之一，大多數司機確實告訴我們誰使用了它，告訴我們在駕駛時感覺更安全，這是非常重要的，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.

由於採取了所有這些舉措，Lyft 在第一季使用我們平台的司機數量比過去 4 年來的還要多，而且司機工作時間也恢復到了 2019 年的水平。此外，我可以告訴你，在過去的幾周里，司機的工作時間達到了歷史新高。這是我們客戶對司機著迷的結果。

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.

現在我們來談談騎手。在過去的幾個季度中，我們專注於為他們提供更可靠的乘車共享體驗以及更多更好的產品可供選擇，例如，第一季的接送時間是四年來最快的。順便說一句，如果您對更多範例感興趣，請在問答環節詢問我。

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，乘客現在體驗到的他們在黃金時段真正不關心的東西要少得多，很多人稱之為高峰時定價。這意味著乘客的價格變得更加穩定和可預測，從而導致更多的重複使用。

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.

加拿大就是一個很好的例子，您可以看到我們對騎手和司機的痴迷真正運作良好並融合在一起。在過去的一年裡，我們將對客戶至上的關注帶入了這個市場，並且已經獲得了回報。就背景而言，Lyft 在加拿大 5 個最大的城市以及約 13 個較小的城市開展業務。隨著我們開始將客戶至上的理念應用到這些市場，我們將第一季的乘車次數、新乘客啟動量和司機工作時間比去年同期增加了一倍多。

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.

這些結果告訴我們一些重要的事情。第一，司機和乘客渴望選擇和我們以客戶為中心的方法。第二，從長遠來看，我們在美國以外的地區也有機會。

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，我想向您介紹 Lyft Media 的最新情況，當品牌尋求與客戶建立聯繫的新方法時，它為品牌提供了獨特的價值主張。 Lyft Media 的季度業績表現出色，營收年增約 250%。我們非常喜歡我們所看到的這種組合，大約一半的業務來自 NBCUniversal 等回頭客。我們也增加了一些新客戶，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 成為美國最大的交通網絡之一的原因。我們每年支援超過 7 億次乘車，每天有數百萬人依賴我們的平台。我們有一群忠實的受眾，他們在騎行時會大量使用我們的應用程序，並且我們可以利用有關人們何時何地移動的第一方數據。

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.

結果如下。根據我們的第三方品牌評估公司的數據，Lyft Media 廣告活動對品牌認知和購買意願的影響是正常水平的 7 倍。本季新增的影片廣告產生的點擊率也是廣告業典型點擊率的 10 倍以上。在第一季度，我們增加了新的合作夥伴，包括尼爾森和甲骨文廣告公司，他們的廣告衡量和數據豐富解決方案用於定位，幫助我們為客戶提供更多價值。

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.

當談到建立成功的媒體運作時，最重要的是規模、目標和衡量。當我們審視我們建造的工具和我們正在交付的結果時，很明顯，Lyft Media 有很大的發展空間，可以利用我們對客戶的痴迷，在有利的經濟條件下實現成長。

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.

現在，在我把電話轉給艾琳之前，我想分享一個總結性的觀察。我收到了很多關於我們如何能夠在如此短的時間內取得如此多的成就的問題。事實證明，我們對客戶至上的文化和對共乘的關注是巨大的資產。這使我們能夠在發揮有意義的槓桿作用時保持敏捷。我們每天醒來都準備好在執行和創新方面超越我們行業的其他人。隨著越來越多的司機和乘客越喜歡我們所做的事情，他們就越多地利用我們來賺錢、出去，我們所有人都會做得更好。同樣，對客戶的執著推動了利潤成長。

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.

讓我用一個快速插頭來結束。我們將於 6 月 6 日在曼哈頓舉辦首屆投資者日活動，我期待與您見面或在線上見面。您不僅會了解我們下一階段的以客戶為中心的利潤成長計畫。您還將見到我們出色的團隊，而正是他們讓這一切得以實現。我真的很期待呢。交給你了，艾琳。

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，感謝您今天加入我們。我首先要提醒大家的是，除非另有說明，否則所有損益表指標均非公認會計準則，並且不包括我們收益資料中詳細說明的選定項目。

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.

在深入了解第一季的業績之前，我想花點時間回顧一下 Lyft 在過去 4 個季度中取得的進展。我們已經為獲利成長奠定了堅實的基礎。我們的成本結構處於正確的位置。我們已經實現了 4 個季度的正向調整 EBITDA，總計近 2.6 億美元。我們更好地使我們的財務揭露與我們的策略重點保持一致，並且我們已經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為 2024 年全年提供的方向性指導相一致，包括全年自由現金流轉換前景的改善，並為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.

第一季又是穩健的季度，符合我們的預期。我們執行得很好，更多的司機和乘客選擇了 Lyft。結果是更多的遊樂設施和更好的服務水平。特別是，司機工作時間比去年同期增加了 40% 以上，乘車頻率（即每位活躍乘客的平均乘車次數）達到了 4 年來的最高水平。我們也看到，從第四季度到第一季度，駕駛員工作時間、乘車意圖和頻率持續保持連續增長勢頭，這表明我們繼續逐季度提高執行力。

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。我們支持了 1.88 億次乘車和 2,190 萬名活躍乘客。總乘車次數較去年同期成長 23%，反映出各用例的強勁需求。清晨通勤和週末晚間出行的成長尤其強勁，這是我們在 2023 年下半年看到的趨勢的延續。總預訂量約 37 億美元，較去年同期成長 21%。這反映出遊樂設施的強勁增長，但總價格的同比下降部分抵消了這一增長，反映出鑑於我們市場健康狀況的顯著改善，黃金時段的水平較低。

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%，反映了同樣的動態。收入佔總預訂量的百分比與去年同期相比均有所增長，反映出每次出行的激勵措施有所下降。

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.

所以讓我在這裡提供一些額外的顏色。 David 談到了 Lyft 如何在駕駛者的透明度和選擇方面領先我們的行業，以及這如何轉化為駕駛者對 Lyft 的更大偏好。我們看到，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間不斷增加。

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，美國司機的時薪中位數（包括小費和獎金）在毛額和淨額上均連續成長。我們談論了很多關於我們對卓越營運的關注。另一個很好的例子是我們如何幫助駕駛者預測乘客需求。因此，他們可以在正確的時間出現在正確的地點，從而優化他們的收入。

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，提高駕駛員偏好和提高駕駛員對乘客需求的了解相結合是非常有價值的。這意味著我們可以更有針對性、更有效率地使用激勵資金，即使司機的收入更高。其結果是利潤健康成長，同時以高度關注客戶體驗的方式進行競爭。

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支出。收入成本為 7.47 億美元，年增近 40%，原因是乘車量增加以及每次乘車保險成本上升（這反映了去年第三方保險續保的情況）。營運費用為 5 億美元，年增約 8%。營運費用佔總預訂量的百分比約為 14%，與 2023 年第一季相比提高了近 2 個百分點，這是由於我們的固定成本結構較去年較低。

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 EBITDA 為 5,900 萬美元，佔預訂總額的百分比為 1.6%。與去年第一季相比，我們調整後的 EBITDA 利潤率增加了一倍多，因為我們受益於市場效率和營運費用槓桿。截至 2024 年第一季度，我們擁有穩健的現金狀況，擁有約 17 億美元的不受限制的現金、現金等價物和短期投資。

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，我們產生了 1.27 億美元的正自由現金流，並且我們繼續採取審慎的方法來管理我們的資產負債表。在第一季度，我們利用有利的可轉換債券市場條件籌集了約4.6 億美元的新可轉換票據，這些票據將於2029 年到期。 。

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.

轉向第二季。我們有了一個好的開始。我們繼續看到司機和乘客對共乘的強勁需求。隨著天氣好轉，我們看到自行車和踏板車的使用量增加，這在第二季度連續增加了騎乘次數和活躍騎士數量。隨著本季的進展，我們將繼續專注於出色的執行力，將客戶與他們喜愛的體驗聯繫起來，從音樂節到驕傲慶祝活動等等。

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，我們致力於打造出色的機場體驗，以捕捉更多此類旅程。

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前景。我們預計 2024 年第二季的總預訂量為 40 億至 41 億美元，年增 16% 至 19%。假設乘車量年增約 15%。我們預計調整後 EBITDA 約為 9,500 萬至 1 億美元，調整後 EBITDA 利潤率佔預訂總額的百分比約為 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%.

談到我們對 2024 年全年的預期，我們第一季的業績和第二季的指導告訴我們對這一年的看法。我們仍然預計，總出行量年增將達到十幾歲左右，總預訂量的年增率也將略快於出行量成長。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.

轉向自由現金流。我們仍有望在全年產生正的自由現金流。鑑於我們對上半年的了解有所提高，我們現在預計至少70% 的調整後EBITDA 將轉換為2024 年全年的自由現金流。不同，主要由某些付款的時間驅動。

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.

為了讓您對我們現金流的節奏有一些了解，根據我們目前所看到的情況，我們預計全年的自由現金流將更偏向 2024 年上半年，就像下半年一樣特別是在第四季度，我們預計將出現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，我準備好的發言就結束了。在過去的一年裡，我們在建立以客戶為中心且財務健康的業務方面取得了重大進展。團隊繼續按照高標準執行，我們看到了推動獲利成長的廣闊空間。我們期待在投資者日見到大家。

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

接線員，我們已經準備好回答問題了。

(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 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?

我想問一下你們投資節奏的成長情況。今年上半年您的預訂量可能會成長 19% 到 20%。所以我的問題是，是否有任何理由應該在下半年放慢腳步，特別是如果你在背後投資的話？

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.

這也是我的後續行動。第一季的銷售和行銷似乎有所加強。這是否只是一次性的，因為您有接受率能力？或者說這是我們未來業務投資強度的新常態？只是試圖將您的收入與您的市場投資結合。

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。尼基爾，我就從這個開始吧。首先，我可能會回顧並重新制定 2024 年營收成長的全年指引。

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.

所以從遊樂設施開始。我們重申了對 2023 年青少年遊樂設施同比增長的指導。今年下半年，我們預計乘車量成長約為 15%。話又說回來，在總預訂量方面，我們對全年的展望沒有改變。我們預計總預訂量的成長速度將略快於乘車次數的成長速度。希望這能讓您對上半場後半場節奏有一點了解。

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.

然後，關於銷售和行銷的問題的第二部分，我可能會從框架開始。我們的重點是增加總預訂量，然後增加調整後的 EBITDA 在總預訂量中所佔的百分比。其中，如您所知，這與我們部署整體激勵措施的方式有關，市場是動態的。因此，我們會在給定時間內的對沖收入與銷售和行銷激勵之間進行權衡。在第一季度，我們繼續看到投資某些業務成長領域的良好機會。因此，這確實對我們 24 年第一季的銷售和行銷線產生了影響。

Your next question comes from Eric Sheridan with Goldman Sachs.

您的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?

我想退後一步，問一個更大的問題——大衛，你之前談過重新調整品牌和產品創新，遠離價格。也許您可以製定一些您最關注的關鍵舉措，以推動移動出行業務的發展，因為您不僅著眼於今年剩餘時間，而且著眼於重新定位品牌和產品的多年觀點？

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。是艾瑞克，對吧？是的。很高興收到你的來信，艾瑞克。是的，讓我先看一個大局，然後我會放大一些細節，並再次反思第一季和今年剩餘的時間。因此，了解我們業務的成長動力是什麼非常有趣。我們應該說的一件事是，仍然存在一些長期成長，對吧？我們只是 - 我們每天都會看到它，對吧？我們看到越來越多的老闆試圖讓員工重返工作崗位。我們看到音樂會對人們來說非常令人興奮。

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.

當你觀察第一季的一些成長驅動因素時，這真的很有趣，我們顯然看到了通勤的力量，但我們也看到了我們所謂的內部聚會時間，基本上是在周五和周六晚上5點之後。較去年同期成長 26%。所以這表明人們正在撤離。這不只是新冠疫情之後的事。這是一種聯繫——我有很多事情可以談，但是將人們聚集在一起的重要性以及這對於心理健康和社會福祉的重要性。無論如何，很高興看到這一點。

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，當你看看 Lyft 實際做的事情時，我認為，在我開始品牌塑造之前，有幾件事是非常重要的。我認為首先是圍繞卓越運營。現在我們每天提供大約 200 萬次乘車服務並提供某種支持，對嗎？因此，這意味著即使取貨速度或定價等方面的微小差異，也會產生巨大的影響。因此，這也推動了成長，主要是順便說一句，重複一下，就像我們實際上看到了關於忠誠度的良好跡象，那些經常使用我們的Lyft 用戶，這實際上是我們看到相當多增長的地方。

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.

所以這表明——以及人們——這是有道理的，對嗎？因為如果您乘坐 Lyft 並被接載，我們的預計到達時間現在基本上與以往一樣快。他們比大約 4 年前更快。不管怎樣，我們的速度很快。如果您有興趣，我可以告訴您更多相關資訊。因此，卓越營運是一件非常非常重要的事情，因為它每天都會帶來紅利，特別是對於重複使用而言。

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，您還可以針對新細分市場或新用例進行真正的創新。所以這些會很熟悉，因為我之前已經討論過它們，但 Women+ Connect 對我們來說非常重要，非常重要。我最近聽到的一個故事是，一位女士說：“我現在終於可以在 Lyft 上小睡了。”在 Lyft 上小憩，這是男性多年來一直享受的事情，而女性卻不那麼享受。因此，我們可以看到這對騎手方面和駕駛員方面都有什麼作用，大約是我們新駕駛員的24%，我認為僅在過去的幾年裡，我們就有了大約20,000 名新的Women+ Connect駕駛員幾個月。在我們新申請的駕駛者中，女性比例高達 24%，甚至 26%，這一比例比我們過去看到的要高。

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.

所以這太棒了。當然，我們 70% 的收入保證對駕駛者來說也非常重要。因此，這些創新槓桿確實可以推動漸進式成長。

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.

然後我們就有了這些合作關係，對嗎？合作夥伴關係是我們策略中極為重要的一部分。它目前約占我們行程的20%，而且是大通銀行的​​每個人，如果您是大通藍寶石會員或達美航空，您可以獲得藍寶石10 倍積分，我們是僅有的2 個允許您賺取達美飛凡哩程常客計畫的合作夥伴之一在我們的平台上。所以這也非常重要。

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."

然後我們談到品牌，這是一個開始，我們非常意識到我們與我們的品牌、人員處於非常非常好的位置——我自己驅動。當我開車時，我問人們為什麼要使用 Lyft，其中很大一部分人說：“每一次，我都更喜歡你們。我更喜歡你們。”

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.

老實說，現在我們內部需要做一些工作，研究如何清晰地傳達圍繞這一點的訊息。所以我們可以在那裡做更多的工作。但最終，我們將在那裡擁有一個非常非常好的位置。最後我要說的是，幾週前我在加拿大拜訪了我們的多倫多車隊，我拜訪了許多不同的人，包括那裡的一些車手和政治人物等等。他們對我們的到來非常熱情，因為他們有點喜歡我們。他們喜歡我們所代表的東西，他們喜歡我們的價值觀，他們喜歡他們將得到的選擇。

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.

所以這是一個很長的答案，但這確實正是我們思考的方式。我們確實看到我們的策略正在發揮作用。我們的策略正在發揮作用。客戶至上推動利潤成長。未來幾年，我們在北美各地看到了很多機會。在某些方面，我覺得我們真的才剛開始。

Your next question comes from Mark Mahaney with Evercore.

您的下一個問題來自 Evercore 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。大衛，最近關於特斯拉自動駕駛汽車以及它可能對像你和優步這樣的乘車共享公司產生的影響存在一些爭議。您對投資者應該如何考慮自動駕駛風險乘車公司的最新想法？然後，我認為您在之前準備的評論中提到，除了更快的接載時間之外，還提供更多的乘車共享改進，您還會推出其他任何措施來改善駕駛員或乘客的體驗嗎？

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。因此，首先，我實際上會對它進行一些不同的描述。我不會說——好吧，我理解你為什麼像圍繞特斯拉那樣問這個問題，但我實際上不會將其視為機會而不是風險。這就是我的意思。那麼，對於自動駕駛汽車，讓我們退後一步（聽不清楚）。自動駕駛汽車肯定會到來，對吧？如果你在舊金山，你就會知道，你每天都會看到它。有時你會看到美好的事物。有時你看到的事情有點奇怪。但最終，他們顯然就在現場。

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.

但這是一回事，我說的是製造一輛自動駕駛汽車非常昂貴的一件事，非常非常昂貴。建造它的成本很高，需要數十億美元的研發費用。操作起來很貴。這些東西不是可以自由操作的。絕對不。他們拋錨了，他們需要修理，他們後面有影子司機，各種各樣的東西。所以這是某人必須承擔的費用。

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.

而且建立一個共享出行平台也非常昂貴。我認為這可能很誘人，也可能是——我不知道，很容易，比如說，聽到有人說，「哦，好吧，你只是建立一個應用程式。然後你會想，好吧，這是一個共乘網路。嗯，不，那不是共乘網絡。共乘網路需要與美國每個機場進行對話，以了解美國每個城市是如何承擔和減少損失的。它每天定價 200 萬次。即使天氣惡劣，甚至下雪，它也能 24/7 全天候工作。它弄清楚如何進行供需管理，以便您可以在正確的時間將汽車送到正確的地點，等等，等等。這顯然是昂貴的。正如你們所知，我們每年都會在這方面花費很多錢。

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——所以當我這樣看時，我看——然後我將在這裡結束這一點。如果你想到自治，這也許是我分解它的方式。必須有人開發這項技術，對嗎？他們是專注於此的公司。然後必須有人製造汽車，要麼將自己的本土技術引入汽車，要麼採用別人的技術。這是第二件事。

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，對嗎？當然，在 Lyft 的商業模式中，我們通常並不擁有汽車。那就是——司機擁有自己的汽車，這很棒。我的意思是這對我們來說非常具有資本效率。我們每天可以在路上行駛 200 萬次，但實際上並沒有擁有任何一輛車資產。這意味著我們不必花費數億美元購買汽車等貶值資產。

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.

然後必須有人建立網絡並運營網絡，這就是我們所做的。因此，如果我在這種背景下看待它，我會對自動駕駛汽車感到興奮，因為我認為這很好，這將成為人們出行的另一種方式。您可以將其視為我們可以在我們的網路中運行的另一輛車。就我個人而言，如果我在管理這個世界，我會想到專門從事這些領域之一的公司。嘗試在其中一個以上領域開展更多業務的公司可能會發現它非常昂貴，而且可能不是對資本和資源重點的充分利用。這就是普遍的想法。你肯定會問另一個問題。

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。我的意思是，這就是執行長的位置。夥計，我很想談論即將推出的東西，但我完全無法這樣做。但我能告訴你的是這個。太令人沮喪了。無論如何，只是讓我堅持下去，但你要做什麼？所以——但這就是我可以告訴你的。因此，如果你看看我們的準時取貨承諾，我認為這是另一個讓我們感到非常自豪的創新。

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.

因此，當我們去年推出它時，您還記得我們的承諾。我們承諾，如果我們接您遲到 10 分鐘以上，我們將無條件向您支付高達 100 美元。從那時起我們已經做了兩件事，這兩件事都非常了不起。首先，現在該國幾乎每個主要機場都可以使用它。當我們推出它時，我們現在屬於這個子集或幾乎每個主要機場。

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，我們非常密切地關注補救率，對吧？有多少比例的遊樂設施最終進展不順利？當我們上次談論這個問題時，這個數字約為 2%，現在已低於 1.5%。這向您展示了卓越營運如何能夠帶來如此大的價值。順便說一句，當我們最終支付了這 1.5% 的費用時，這些乘客最終會在接下來的幾週內比那些沒有發生這種情況的人更頻繁地乘坐另一輛 Lyft。

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.

因此，我認為，這只是一個很好的例子，說明我們所做的創新如何真正為乘客和司機帶來回報，為司機提供更多業務，為乘客提供更多可靠性。因此，您可以期待看到更多此類內容。我們在先前的評論中提到，當我們進入夏季時，機場還發生了一些其他有趣的事情。是的，這就是為什麼我必須停止說話，否則我會給自己惹上麻煩。但我希望能讓您對我們正在做的事情有所了解。

Your next question comes from John Blackledge with TD Cowen.

您的下一個問題來自 TD Cowen 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，你特別提到了加拿大的強勁成長。只是好奇，您認為還有其他地理因素帶來了好於預期的結果嗎？然後是第二個問題，回到自由現金流轉換。能否進一步說明是什麼推動了這一比例從最初的 5% 上升至 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，讓我們在這個上標記團隊。首先，確實沒有什麼好報告的。我們仍然看到西海岸仍然增長良好，只是因為從某種意義上說，它比該國其他一些地區受到了更多的阻礙。但不，我們實際上看到了全面的良好成長，但沒有什麼顯著的。

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.

我將討論自由現金流以及推動我們展望更新的因素。因此，從根本上講，當我們經歷第一季度和第二季度初時，我們開始更好地了解我們將支付的與我們的遺留保險賬簿相關的預期付款，並且比我們最初的情況要好一些當我們談論全年自由現金流轉換時，我們在最初的計劃中就預料到了這一點。這就是我們今年前景改善的真正原因，對第一季和第二季的了解有了更好的了解。

Your next question comes from Ken Gawrelski with Wells Fargo.

您的下一個問題來自富國銀行的 Ken Gawrelski。

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，您能否重申您在整體定價方面的策略以及您對此的看法。大衛，也許您可以談談第一季到第二季定價環境可能發生的任何變化，有人猜測您的競爭對手可能會在年度保險續保的同時提高價格。然後，也許在同一點上，更廣泛地說，您能否談談您所看到的彈性——也許您可以在各種方式中看到這一點？投資者經常爭論這個行業的彈性。我們很想聽聽您能提供的任何亮點或關鍵軼事嗎？

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。我將從這裡開始討論定價和我們所看到的情況。所以你問——你開始你的問題只是想讓我們重申我們關於定價的理念或方法。這確實是我們的目標是以健康和有競爭力的方式運作。這就是我們的想法，底線。

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.

在第一季度，我們確實看到該季度後半段的定價上升。然而，我認為重要的是要理解的是，這部分被黃金時段的減少所抵消，大衛在他準備好的講話中談到了這一點，這實際上是由我們在市場上看到的健康狀況推動的。因此，當你在第一季將其中的兩個因素加在一起時，定價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.

重要的是要記住，騎士體驗的價格是許多因素的結合，對嗎？它是模式，它是混合，它是距離。它還可以包括黃金時段，具體取決於特定地理區域特定時間的供應狀況。我認為重要的是要記住黃金時段的到來是一件好事。這意味著乘客可以獲得更穩定、更可預測的價格，從而帶來更多的乘車次數。

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?

因此，在全年的基礎上，我們再次談到總預訂量的成長略快於乘車量的成長，這方面沒有任何變化。我們思考的方式以及支持這個假設的方式沒有任何改變。它涉及許多變量，包括乘車類型、乘車組合、不斷增長的非乘車共享業務組合以及有競爭力的定價，這是我們理念的基礎。 David，我不知道你是否想加入第二部分？

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.

只是一點點。我的意思是，這肯定是 90%。我想說，我們的策略之一是，只要乘客打開應用程序，他們就可以找到適合自己的行程，對吧？所以這可能是個標準的旅程。當然，這是大部分業務。這可能是一次等待並節省的旅程，我認為這只是 - 我喜歡它，因為它允許想要定價的人在我們的應用程式中對商店進行排序，並通過給予節省一點錢有點時間了。

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.

這實際上對很多人來說都非常有效。人很多——有些人一直很忙。有些人獲得了更多的靈活性，他們用它來換取一點額外的錢。那太好了。然後我們有各種其他更高價值的模式，Extra Comfort，這實際上是一個相對較新的模式，然後我們有我們所說的高價值模式，一種事物的黑暗面。

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.

有趣的是，這有點旁白，但你可能會覺得很有趣。實際上，我們的高價值模式在本季度的成長速度比其他模式略快，我認為這只是對人們想要如何花錢的有趣的評論，我不知道是什麼。

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.

但這裡真正的重點是我們的價格——某種策略就像任何零售商一樣，比方說，擁有多種——或者可能是用多種產品線製造的，我們希望擁有適合每個人的東西。所以我們對整個組合進行工作。

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.

然後艾琳結束的結局，在某些情況下，我們的工作是努力降低價格，對吧，尤其是在黃金時段。任何時候我們有黃金時段，這都是一個缺陷，對嗎？這是一個缺陷。這意味著我們沒有在正確的時間提供正確數量的司機。其中一些是不可避免的，對嗎？預測閃電風暴是非常困難的，例如，就很難預測。但還有其他一些事情並不難預測。因此，當我們在內部改進我們的預測時，這實際上是一項巨大的努力。你不會對外談論太多，但會付出巨大的努力。我們這樣做是為了實際上能夠以有趣的方式降低價格，因為我們想要的當然是乘客和司機以最大的數量進行匹配，而清算價格往往是我們在每種模式下的標準價格。

Your next question comes from Michael Morton with MoffettNathanson.

您的下一個問題來自邁克爾·莫頓和莫菲特·內桑森。

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?

您能否談談轉換率的機會，然後更深入地探討其背後的驅動因素？您過去曾談到市場的健康和效率是其中的一個驅動因素，但您是否希望能夠量化或可能影響當前或未來廣告業務的貢獻？然後我是否可以像會計一樣偷偷地加入一個。對於一般行政費用，它只比預期高一點，很想聽聽是否有任何與自然相關的一次性事件，也許是法律意外事件或保險應計費用？或者說這是今年合理的運行率嗎？

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.

邁克爾，這是艾琳。我會談談收入利潤率，然後談談你關於一般管理費用的問題，我會請大衛和我一起談談媒體業務。因此，由於它與收入利潤率相關，這確實是注重客戶體驗的競爭性營運的健康結果。因此，在電話會議上，我們討論瞭如何努力提高司機對 Lyft 的偏好，然後透過幫助他們確定乘客需求的時間和地點來幫助他們最大化收入。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.

而且——這確實是我們能夠提高乘客效率的真正原因——抱歉，即使司機賺得更多，每次乘車也會獲得相反的收入誘因。為了讓您了解我們如何看待第二季的情況，我們認為營收利潤率將相當相似，正如我在準備好的發言中談到的那樣。進入本季度，市場趨勢繼續保持健康。當然，在第二季度和第三季度，我們看到自行車和踏板車的使用量在第二季度有所增加，然後在第三季度達到高峰。這也帶來了更高的收入。

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

因此，希望這再次強調了我們準備好的評論，並為我們在第二季度看到的內容提供了一些線索。

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.

由於它與 G&A 線相關，因此 G&A 線有很大一部分是固定的。例如，其中一部分會產生一些公司費用，並且可能會產生一些應計費用，有時會導致一些不穩定的行為。這確實是您在第四季度和第一季之間看到的情況，特別是應計稅款的變化從根本上推動了這一趨勢。然後我將把它交給大衛來解決你關於媒體的問題的第三部分。

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。我想——這是邁克爾，對嗎？是的。因此，讓我們來談談兩件事，因為它們是交叉的。一是媒體，然後我們將回到司機，因為我認為這是一個很好的選擇。所以在媒體方面，這是一個非常有趣的業務。原因是因為在該管道飽和之前，您可以購買的元廣告和 Google AdWords 等的數量有限。品牌的增加和 TikTok 的出現等等。所以你們的品牌非常有興趣嘗試找出新的方式來以不同的方式與他們的消費者、他們自己的客戶建立聯繫，對嗎？因為，同樣的舊事，同樣的舊事，好吧，每個人都開始對此感到有點厭倦。

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.

因此，對我們來說如此有趣的是，看看那些來到我們這裡的品牌在相當短的時間內取得成果的方式，使得他們已經回歸，即使這項業務仍然相對較新。我會給你一點點顏色，然後我們會在一秒鐘內聯繫到驅動程序，但一點點顏色。所以您可以透過多種方式在 Lyft 體驗中投放廣告。它可能在平板電腦上，也可能在車裡，但最有可能是在應用程式上。通常情況下，您需要 15 分鐘的車程。人們實際上檢查他們的應用程式大約有 9 次，對吧，有點像——我想是說，我們還沒有達到成人的同等程度。

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.

所以無論如何，你在尋找，然後問題是，你在做什麼？答案也越來越多，如果我們可以為您提供一個有趣的相關廣告，並且它必須是這兩件事，那麼您實際上會傾向於觀看它，這就是為什麼 - 然後經常，您會採取行動因此。所以我們的點擊率，我想我是對的，大約是平均值的 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.

我們剛剛也推出了視頻廣告，這些廣告對人們來說特別有趣，因為如果做得好的話，它是短視頻，會變得非常有吸引力。所以——所有這些都是很長的說法，我認為有很多——當然，我們有第一方數據，對嗎？作為騎手，我們知道您要去哪裡。所以你可能已經看到了我們現在正在做的一些測試，我們在後台做的一些測試，這些測試知道你要去哪里或你可能想去的地方類型，也許它會給你一張去那裡的優惠券。

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.

正如我所說，我認為這裡有很多機會。我認為這是相當有收穫的。我認為這是一次良好的客戶體驗，當然也是一次良好的合作夥伴體驗。他們正在獲得良好的價值。然後到了司機的角度，當廣告發生時，我們會向司機付費，特別是在平板電腦上，但更普遍的是，它讓我們有更多的利潤來向司機播放廣告。所以——這只是（聽不清楚）司機停車的多種方式之一。我們現在非常專注。

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.

我認為這確實是我們以客戶為中心的策略的體現，即司機如何賺更多錢？司機怎麼賺更多錢呢？有天花板，對吧？上限就叫票價，騎車人付錢吧？好吧，我想，如果你想發瘋的話，再加上媒體。但我們必須拿一點錢來經營這個平台。我們必須支付保險等等。

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？答案是他們可以獲得更多的乘車次數，這些駕駛可以為他們帶來更多的利潤，因為也許是媒體或其他種類的東西，他們可以定位更接近騎手而不是長途皮卡，因為薪酬往往對他們有利一點方式。

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.

我們可以代表他們談判以獲得更好的天然氣價格。我們實際上就是這樣做的。我們有一個計劃，我想，對於某些事情，每加侖汽油可以給你 0.25 美元到 0.30 美元。因此，我們可以做各種各樣的事情來增加司機，包括總收入和淨利潤，我們實際上正在採取一種整個公司的方法來確保我們能夠做到這一點，因為我們知道我們擁有的司機越多，他們越快樂，他們的偏好越好，他們就越會回來。所以我知道我們在那裡涵蓋了很多內容，但我希望這能給您一些見解。

Your next question comes from Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

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?

考慮到市場上的強勁供應，您能否談談您如何看待推動 4000 萬年度用戶增長的努力與增加大約該數字一半的季度活躍騎手基數的頻率之間的關係？另外，您經常強調合作夥伴關係，我知道這仍然是 '24 的關鍵優先事項。我們已經看到了這方面的一些行業活動。只是好奇您如何考慮相鄰類別的機會？

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。也許我會接受那個，然後如果我們願意的話，艾琳和我可以標記團隊。所以——好吧，我記得合作夥伴。哦，是的，是的。有幾個數據點。因此，對於活躍的騎手來說，道格，你當然是完全正確的，要區分新騎手和現有騎手以及是什麼樣的？只是為了強調一點。

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.

我們簡單地提到過，我們的活躍騎手總數同比增長了約 12%，這是我們 6 個季度以來最強勁的增長率。所以——所以這是個好消息，對吧？因為這顯示我們對人們日復一日地具有吸引力。棒極了。現在我們實際上看到了更多——所以——兩者都很重要，對嗎？如此新的和現有的，它們都很重要。你不能只從兩個中選擇一個。

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.

去年我們的戰略重點實際上更多地放在駕駛頻率上。之所以如此，是因為這實際上是[斯科特·庫克]多年前在（聽不清楚）說過的話。他說：“首先，你必須——首先，你必須努力——做正確的事情，而且你必須把它做對。”因此，做正確的事情意味著，讓司機得到正確的報酬，獲得正確的定價，將預計到達時間降低到一個很好的點等等。

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.

因為如果你做得不對，那麼你就會在這個平台上引入一群新人，而他們就會流失。所以我們做了完全正確的事。我們非常注重卓越運營，以達到提供非常非常好的體驗的程度。我想說，如果你看看預計到達時間等，客觀上比一年前好得多。

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。我們的頻率顯著增加，真是太棒了。這是一個非常好的指標，當您最常使用的用戶的使用量甚至超過您正在做的正確事情時，這是一個早期指標。他們是最了解您正在做的事情的人。

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.

因此，隨著時間的推移，焦點可能會擴大到我們如何開始吸引新人加入平台。有很多方法可以做到這一點。其中一些是我們大家都非常熟悉的，推薦獎金等等。其他的可能更具創新性，這些是我們在後台醞釀的一些東西。但這自然引導我思考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.

我想這是另一個——我想我今天充滿了栗子。所以我以前在非洲呆了很多時間，非洲很多國家都有這樣一句話，“如果你想走得快，你一個人走，但如果你想走得更遠，你就走”一起。因此，為了讓我們在客戶的生活，特別是騎手的生活中走得更遠，我想說，合作夥伴關係確實很重要，對吧，因為人們的生活很複雜。他們乘坐飛機，他們還有各種各樣的其他東西。因此，我們將繼續投資於我們的合作夥伴策略。這是我們多年來一直致力於的一項工作，您會看到更多。我沒有什麼特別要宣布的，但我肯定會再說一遍，與價值觀一致且以客戶為中心的一致合作夥伴進行幾乎示意性的合作可能非常有幫助，因為這可能意味著我們可以通過這種方式獲得新的車手。

Your next question comes from Benjamin Black with Deutsche Bank.

您的下一個問題來自德意志銀行的本傑明·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?

偉大的。顯然，有許多與監管背景相關的動人事件。您有（聽不清楚）馬薩諸塞州和明尼阿波利斯的問題嗎？顯然，最高法院即將對加州 22 號提案做出裁決。所以我想問題是，您對這些即將到來的挑戰有何看法？如果需要潛在的重新分類，您的策略是什麼？然後只是關於混音和模式的一件事。我認為您提到這是隨著時間的推移改善毛利率的潛在驅動因素之一。您能否深入了解一下那裡的進展？您能否舉例說明一些已取得顯著進展的策略？

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

克里斯汀，我們的總統將從第一個開始，然後我們將分別解決第二個。

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。嘿，這是克里斯汀。很高興回答您的問題，我將依次回答馬薩諸塞州、明尼蘇達州和加利福尼亞州的問題，因為我們確實有專門針對每個市場設計的特定策略。在麻薩諸塞州，我們將在下週由麻薩諸塞州總檢察長開始審判。但同時，我們有兩個潛在的途徑來推動立法提案和投票倡議。因此，我們確實認為我們有多種選擇來繼續在該市場運營，因為我們都有立法途徑，而且我們有投票倡議。

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，在這個市場上，我們確實希望關注司機的聲音，並支持那些告訴我們他們更喜歡獨立和靈活性而不是傳統就業的司機的聲音。在明尼蘇達州，我們正在與市政府官員和州官員密切合作，尋找解決方案。我們對能夠做到這一點感到樂觀。如果我們做不到這一點，我們將被迫在 7 月 1 日停止提供共乘服務，但這只是因為我們無法按照當前費率提供司機和作家想要和期望的客戶體驗建議的。

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，我們仍將繼續尋求新的費率結構。然後在加州，提醒一下加州，加州最高法院將在幾週內就第 22 號提案是否符合加州憲法這個非常狹隘的問題聽取所有爭論。因此，該舉措本身並不是關於重新分類。問題只是幾年前以壓倒性多數通過的投票是否符合憲法。因此，在這種情況下，我們不會立即改變司機獨立承包商的身份，我們將繼續再次傾聽客戶的聲音。我們知道司機非常重視 22 號提案。我們也從 2020 年加州人民得知，他們重視駕駛員的獨立性，希望以絕大多數票通過 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。然後關於你的第二個問題，本傑明，關於模式混合。我猜我會說什麼——因為我認為你可能正在尋找具體的例子。我認為其中之一——我將非常簡短地提到其中兩個。我等著說，如果我之前提到過，那裡沒有什麼真正新的東西可以添加，但它是我們業務的重要組成部分。正如我之前所說，我喜歡它，因為我認為它為人們提供了一種節省一點錢的方法，誰不喜歡呢。

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.

在某種程度上，我們實際上有一個幾個月前推出的新模式，並且仍然有一種稱為「額外舒適」的微調。我認為 Extra Comfort 的有趣之處在於，它是一輛更好的汽車——稍微更新一些，對於一輛擁有更有經驗的駕駛員的汽車來說稍微好一些。我認為，透過類比，你可以將其視為飛機上介於商務艙和經濟艙之間的一種[舒適+]類型的升級。如果你看看航空公司所做的事情，實際上對他們來說相當成功。這是因為客戶喜歡它，對嗎？他們喜歡在這種情況下額外的腿部空間和優先登機之類的東西。

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.

因此，我們沿著同樣的思路思考，如何為我們的騎士每天創造出具有這種價值的東西。我們已經看到了它的早期採用。在宏偉的計劃中，它仍然是一個相對較小的模式。但我認為我們可以將其打造為一種負擔得起的日常奢侈品。我會告訴你，有趣的是，最高的用例之一實際上是去機場，因為這是你生活中已經承受很大壓力的時候。所以你想要那種安靜或更大的乘坐體驗，更多的行李空間等等。

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.

因此，當我有時談到這一領域的創新有點陳舊時，我認為這又是一個領域。我並不是說這是我們正在做的最具創新性的事情。但我認為這給了你一種感覺——我們可以開發新的客戶用例和新的模式，我認為 Extra Comfort 就是一個很好的例子。因此，我建議參與本次通話的任何人立即下載 Lyft，並為您的下次行程提供額外的舒適度。

Your next question comes from Stephen Ju with UBS.

您的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。所以大衛，艾琳，我想將你們對用例的評論與你們之前對頻率的評論聯繫起來。我想，只需做一個簡單的數學計算，就是乘車次數除以活躍用戶。本季人們乘坐的次數約為 8.5 次。我認為在大流行之前，大概是 9.5 左右。那麼我們可以談談可能不再出現的共享乘車等用例以及它對頻率的影響有多大嗎？

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?

您可能需要考慮一些揮之不去的區域性考慮因素。但我想，更重要的是，展望未來，一些現有的用例現在可能會成長得更快嗎？或者您可能正在關注哪些新用例？所以我正在尋找理由來解釋為什麼我們應該相信大流行之前我們所看到的頻率？那應該是天花板嗎？或者我們應該認為它應該比這個高得多？

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，這不是天花板。因為它是——不，不。整個——關於我們的——我一直說我們的策略正在發揮作用。我真正的意思是，我們越了解乘客和司機想要什麼，我們就能做得越好——每一天都讓他們知道，甚至比他們自己意識到這一點還要早。

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.

因此，讓我們獲取您剛剛使用的數據。所以現在，你是對的。事實上，一個人每個月使用共乘 10 次。這其實已經是相當重的用戶了，對吧？因此，讓我們從許多人的事實開始——因為顯然，對於任何發行版，兩邊都有尾巴，很多人可能每月使用一次它。例如，也許他們只用它去機場。所以天哪，我們可以在他們的生活中做很多其他的事情——不需要太多的創造力，只需提醒他們我們的存在，我們就可以成長。這只會在數學上增加頻率。

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，如果你看看已經是重度用戶的人，什麼是典型的重度用戶，什麼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?

好吧，今天，也許是我們和其他人之間的切換。因此，也許我們可以做一些事情，讓他們更輕鬆地在 Lyft 上乘坐更多行程，而不是做其他事情。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，還有世俗的事情，對吧？我認為，隨著越來越多的辦公室開始意識到讓人們每周至少在辦公室待幾天是真正有價值的。如果你看看那裡的分佈情況，仍然有相當多的人，也許參加這次電話會議的一些人屬於這一類，他們每週只去辦公室一次，甚至可能更少。

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來與公司合作，讓他們更容易與我們合作，就像我們與 LinkedIn 或星巴克、達美航空合作一樣。這些公司都以不同的方式，亞馬遜，我們與他們的通勤策略的一部分合作，幫助他們的員工以比在交通堵塞中開車 45 分鐘更有效率的方式返回辦公室。

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.

所以這只是一個很長的說法，我認為有很多用例我們只是觸及了表面中心。老實說，如果我們在接下來的幾週、幾個月、幾年內能夠想出其他方法讓人們以新的方式使用共享出行，我會對我們作為一家公司感到非常非常失望。

Your next question comes from John Colantuoni with Jefferies.

您的下一個問題來自 Jefferies 的 John Colantuoni。

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?

我想從策略性的開始。隨著自動駕駛和機器人計程車計劃的不斷向前發展。談談 Lyft 如何考慮平衡自動駕駛夥伴關係，同時保持專注於最大化駕駛員滿意度和收入？

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，我相信艾琳在準備好的演講中提到第二季度指引假設乘車量增長 15%，這比預訂量增長的預期低了幾百個基點。您能否談談是什麼推動了第二季預訂量和乘車量成長之間的差距？並了解旅行成長相對於第一季的放緩是如何在市場份額與更廣泛的行業趨勢之間分解的？

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，是大衛。我將回答你問題的第一部分，然後艾琳將解決第二部分。所以我想也許首先要說的是，正如我之前提到的，自動駕駛汽車將會出現，對嗎？所以這不是你可以決定它們是否會成為未來的一部分的事情之一。他們會的。朝那個方向前進的後勤力量太多了，不可能不發生這種情況。那麼我們面臨的問題就是如何將它們整合到我們的網路中。令人高興的是，我們將繼續成長，正如我們長期以來一直在談論的那樣。

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.

因此，我認為，100％容易預測我們的網路將隨著時間的推移而轉變，現在我們絕對正在談論混合網路的多年發展，對吧，我們將擁有一些驅動程式駕駛汽車和一些自動駕駛汽車。我認為這實際上在很長很長一段時間內非常穩定，遠遠超出了我們可以輕鬆看到的那種（聽不清楚）地平線，因為會有騎手只喜歡其中之一。國家的某些地區甚至城市的某些地區不太適合自治，機場就是一個明顯的例子，或者在音樂會結束後，這些都是非常困難的時期。自主駕駛可能在某些季節表現得更好或更差。在雪地裡的自主性相當進步等等。

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.

所以我認為有充分的理由相信這將是一種共存。那麼問題是，這是和平共處還是憤怒共處。我認為這將是一種和平的一致性。我想司機會說，太好了，對我的服務的需求仍然很大。我認為還會有其他的——現在我會有點奇怪地說，誰知道幾年後會發生什麼。也許有一些自動駕駛汽車坐在前座而不是司機——我總是喜歡這個例子，一個車夫，當你有一天晚上去參加聚會或其他什麼活動時，有人真的會給你一杯飲料。

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."

所以我認為有各種各樣的有趣的事情——我認為人類非常善於想出新的資金來就業、讓自己忙碌、娛樂自己等等。所以我不——即使今天我和司機交談時，說實話，我也不覺得這些機器人會搶走我的工作有太多焦慮。他們中的一部分人說，「好吧，天哪，我們在他們身上安裝了非常好的感測器。所以我的眼睛已經60 歲了（聽不清楚）。而且他們是一個非常好的司機。所以當他們在附近時，我要離開很久了，我很高興有人會開車送我到處走走。

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.

所以我不知道。我認為這——我認為這會很好。我真的這麼做。我們將繼續關注駕駛員並確保這是絕對可能的最佳駕駛體驗。絕對有可能。怎麼賺最多。如何獲得最滿意的體驗。我認為這是一個很好的策略。它會非常耐用很多很多年。

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，這是艾琳。很難遵循車夫的視覺，但讓我嘗試這樣做，並回顧我們第二季的遊樂設施預訂指南。因此，從第二季的乘車量開始，我們預計乘車量將年增約 15%。這意味著環比增長約 9%。然後對於預訂量，我們的指導是比去年同期 40 億至 41 億美元。這意味著同比增長 16% 至 19%。按季度計算，成長率為 8% 至 11%。因此，希望這能澄清我們預計第二季度的乘車量增長和總預訂量增長的同比和環比動態。

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

我們的問答環節到此結束。現在，我將把電話轉回給 Lyft 執行長 David Risher，讓其致閉幕詞。

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。我非常感謝您多年來的提問和支持。聽著，這只是我的第一年，你知道這一點。確實是一個非常難得的機會。最後，我只想說，感謝您在我們澄清和闡明策略時給予我們的耐心，並向 Lyft 的團隊成員表示衷心的感謝。我們有 3,000 名每天醒來的人，他們都對司機和乘客著迷，而我對我們所取得的成就感到無比自豪。謝謝大家。我們希望能夠在投資者日見到所有人，無論是虛擬的還是現場的。謝謝你們。

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。您現在可以斷開連線。