Lyft Inc (LYFT) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Lyft second-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to Aurélien Nolf, VP, FP&A and investor relations. You may begin.

早安，歡迎參加 Lyft 2024 年第二季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。現在我想將會議交給 FP&A 和投資者關係副總裁 Aurélien Nolf。你可以開始了。

Thank you. Welcome to the Lyft earnings call for the second quarter of 2024. On the call today, we have our CEO, David Risher; and our CFO, Erin Brewer. We'll make forward-looking statements on today's call relating to our business strategy and performance, future financial results, and guidance.

謝謝。歡迎參加 Lyft 2024 年第二季財報電話會議。以及我們的財務長艾琳布魯爾 (Erin Brewer)。我們將在今天的電話會議上發表與我們的業務策略和業績、未來財務表現和指導相關的前瞻性聲明。

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.

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. Additionally, today, we are going to discuss customers.

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。此外，今天我們要討論客戶。

For rideshare, there are two customers in every call. The driver is Lyft customer and the rider is the driver's customer. We care about both. Our discussion today will also include non-GAAP financial measures, which are not a substitute for 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. And with that, I'll pass the call to David.

對於共乘服務，每次通話都有兩位客戶。司機是 Lyft 客戶，乘客是司機的客戶。我們兩者都關心。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。然後我會把電話轉給大衛。

Thank you, Aurelia. Good morning, everyone, and let's jump right into it. Lyft's strong results in the second quarter continue to validate our long-term strategy. Customer obsession drives profitable growth.

謝謝你，奧蕾莉亞。大家早安，讓我們直接進入正題。 Lyft 第二季的強勁業績持續驗證了我們的長期策略。客戶至上推動利潤成長。

To start, in Q2, Lyft reached GAAP profitability for the first time in our company's history. This is a testament to our team members and their hard work every day, obsessing over our riders and drivers and operating with discipline and excellence. It's an important milestone and another step along the path we laid out to you earlier this year. Erin will share our financial results in more detail shortl

首先，在第二季度，Lyft 在公司歷史上首次實現了 GAAP 利潤。這證明了我們的團隊成員及其每天的辛勤工作，對我們的騎手和車手的關注，以及紀律和卓越的運作。這是一個重要的里程碑，也是我們在今年早些時候為您規劃的道路上又邁出了一步。艾琳將在短期內更詳細地分享我們的財務業績

Turning now to our customers. Driver and rider engagement hit all-time highs in Q2. Q2 saw the most new drivers in any quarter since 2019 on the platform, including 34% more women and nonbinary drivers compared to Q2 last year, thanks to Women+ Connect.

現在轉向我們的客戶。第二季駕駛和騎士的參與度創下歷史新高。第二季度該平台上出現了自 2019 年以來任何季度以來最多的新司機，其中女性和非二元性別司機比去年第二季度增加了 34%，這要歸功於 Women+ Connect。

Our 70% driver earnings commitment launched nationwide, and in those launch regions, we saw a meaningful increase in driver perception of pay fairness from the prior quarter, a leading indicator of driver preference. This quarter, driver hours hit an all-time high showing our forward progress with a number of drivers and the time they choose to spend on Lyft.

我們在全國推出了 70% 的司機收入承諾，在這些推出地區，我們看到司機對薪酬公平性的看法較上一季度顯著提高，這是司機偏好的領先指標。本季度，司機工作時間創下歷史新高，這表明我們在眾多司機以及他們選擇在 Lyft 上花費的時間方面取得了進展。

In related news, two weeks ago, the California Supreme Court unanimously upheld Prop 22, protecting the independence that drivers value. Drivers also had huge wins in Minnesota and Massachusetts that secure their freedom to earn when, where and however they want. Drivers rely on Lyft for available and flexible earnings opportunities. Gig work like driving helps people live their lives on their terms, and that's why it's here to stay.

相關消息稱，兩週前，加州最高法院一致支持22號提案，保護司機所珍惜的獨立性。司機們還在明尼蘇達州和馬薩諸塞州取得了巨大的勝利，確保了他們可以隨時隨地以自己想要的方式賺錢。司機依靠 Lyft 獲得可用且靈活的收入機會。像開車這樣的零工工作可以幫助人們按照自己的方式生活，這就是它繼續存在的原因。

Now, when it comes to riders, in Q2, we had a record 23.7 million quarterly active riders, up over 10% year over year. At the same time, ride intense conversion increased and ride frequency kept growing. Thanks in part to the fastest pickup time we've had in four years.

現在，說到騎手，第二季度我們的季度活躍騎手數量達到創紀錄的 2,370 萬人，年增超過 10%。同時，乘車密集度提升，乘車頻率持續成長。部分歸功於我們四年來最快的取貨時間。

We also had record rides in Q2, including the most scheduled rides in the company's history, and we saw record bike and scooter rides, especially e-bike rides in our largest market, New York City. Rides on our best-in-class e-bikes now represent over half of all bike and scooter rides this year. So to state it simply, our focus on customer obsession and operational excellence have led to more riders choosing Lyft than ever, and they're riding more often.

我們在第二季度也創下了創紀錄的騎行次數，包括公司歷史上最多的預定騎行次數，並且我們看到了創紀錄的自行車和踏板車騎行次數，尤其是在我們最大的市場紐約市的電動自行車騎乘次數。目前，我們一流的電動自行車的騎行量佔今年所有自行車和踏板車騎行量的一半以上。簡而言之，我們對客戶至上和卓越營運的關注讓更多乘客選擇了 Lyft，而且他們的騎乘頻率也更高。

Before moving on, I want to give you a closer look at part of the rider experience and how we're working to radically improve it. It's what's known as primetime or surge pricing in the industry. Many of you have probably experienced it at one time or another, and I'm willing to bet you didn't care for it one bit. It's probably rideshares most hated feature.

在繼續之前，我想讓您仔細了解部分騎手體驗以及我們如何努力從根本上改善它。這就是業界所謂的黃金時段或高峰時定價。你們中的許多人可能曾經經歷過這種情況，我敢打賭你們一點也不關心它。這可能是共乘服務中最令人討厭的功能。

Well, thanks to an enormous effort on the part of our team, building on the great momentum we've seen with drivers, the number of rides impacted by primetime has decreased dramatically. In Q2, the average primetime amount included on each ride declined by 25% versus the first quarter, and that contributes to better conversion rates.

嗯，由於我們團隊付出了巨大的努力，在我們看到的司機的巨大勢頭的基礎上，受黃金時段影響的乘車數量急劇減少。第二季度，黃金時段每次乘車的平均金額比第一季下降了 25%，這有助於提高轉換率。

In fact, the markets where we saw the sharpest declines in primetime in Q2, like Phoenix, Baltimore, and Orlando are the markets where conversion rates are improving the most. So we are going to do something a little crazy. We are going to open up a can of wombats on primetime.

事實上，我們在第二季黃金時段看到的下降幅度最大的市場，如鳳凰城、巴爾的摩和奧蘭多，是轉換率提高最多的市場。所以我們要做一些有點瘋狂的事情。我們將在黃金時段打開一罐袋熊。

We are starting with innovations focused on those who uses everyday commuters. Reliable pricing is particularly important to them because they know what their ride should cost and hate it when prices change. For those riders, we are piloting a new feature called Price Lock, letting a rider purchase a monthly subscription that caps the price per specific route at a specific time.

我們先從針對日常通勤者的創新開始。可靠的定價對他們來說尤其重要，因為他們知道他們的乘車費用應該是多少，並且討厭價格變化。對於這些乘客，我們正在試行一項名為「價格鎖定」的新功能，讓乘客購買每月訂閱，以限制特定時間每條特定路線的價格。

primetime won’t ever completely go away. It's an important way to match supply and demand when demand spec quickly. But with innovations like Price Lock, we can chip away at how often it occurs and hopefully take what I'm willing to bet is, again, rideshares, least liked, most hated feature and turn it into a reason to choose Lyft.

黃金時段永遠不會完全消失。當需求快速調整時，這是配合供需的重要方式。但透過像價格鎖定這樣的創新，我們可以降低它發生的頻率，並希望將我願意打賭的最不喜歡、最討厭的功能，變成選擇 Lyft 的理由。

Next, I want to switch gears and touch on Lyft Media, which continues to perform well, with revenue up more than 70% compared to a year ago. In Q2, we signed deals with 44 new brands, including T-Mobile and Activision and resigned several more, including Amazon, Fidelity, and NBCUniversal. Our in-app video ads continue to drive interest from brands to power this growth. To case in point, our in-app media revenue grew more than 10 times year over year.

接下來，我想談談 Lyft Media，該公司繼續表現良好，營收比一年前成長了 70% 以上。第二季度，我們與 44 個新品牌簽署了協議，包括 T-Mobile 和 Activision，並與亞馬遜、Fidelity 和 NBCUniversal 等多個品牌退出。我們的應用程式內影片廣告持續激發品牌的興趣，推動這項成長。舉個例子，我們的應用程式內媒體收入年增了 10 倍以上。

For all our partners, measuring return on ad spend is critical when they sign and resign. And consistent with our road map, we're continuing to roll out these capabilities for our in-app video ads. This quarter, we've begun working with three major partners, including Google Campaign Manager, and next quarter, we'll integrate even more. We have a leading team and are building the right tools to scale this business.

對於我們所有的合作夥伴來說，在簽約和辭職時衡量廣告支出回報至關重要。根據我們的路線圖，我們將繼續為應用程式內影片廣告推出這些功能。本季度，我們已開始與包括 Google Campaign Manager 在內的三個主要合作夥伴合作，下季我們將進行更多合作。我們擁有一支領先的團隊，並且正在建立合適的工具來擴展這項業務。

Finally, given recent chatter about autonomous vehicles, I want to spend a few minutes outlining how we think of them. In short, AVs represent an enormous opportunity for Lyft. We believe that the best way for autonomous vehicles to commercialize at real scale and the best way to monetize this technology is through networks where the vehicles can be put to use. Lyft has that network today.

最後，考慮到最近有關自動駕駛汽車的討論，我想花幾分鐘概述我們對自動駕駛汽車的看法。簡而言之，自動駕駛汽車為 Lyft 帶來了巨大的機會。我們相信，自動駕駛汽車真正大規模商業化以及該技術貨幣化的最佳方法是透過可以使用車輛的網路。 Lyft 如今已擁有該網路。

To understand why we're so bullish on AVs, you have to remember that a rideshare network is far more than the app you see. On the demand side, Lyft platform gives access to 40 million riders each year in the US and Canada. And on the supply side, it includes a vast set of capabilities in onboarding individually owned vehicles to our platform, making sure every vehicle and ride are properly insured, and offering customer service when things go wrong at scale.

要理解為什麼我們如此看好自動駕駛汽車，您必須記住，共乘網路遠不只是您看到的應用程式。在需求方面，Lyft 平台每年為美國和加拿大的 4,000 萬名乘客提供服務。在供應方面，它包括將個人擁有的車輛加入我們的平台的大量功能，確保每輛車和乘車都得到適當的保險，並在出現大規模問題時提供客戶服務。

And when it comes to fleet management, our Flexdrive subsidiary has given us deep expertise in the easy onboarding, offboarding, and servicing of tens of thousands of fleet vehicles over the years. All of this is why in markets like Las Vegas, we've been able to facilitate over 130,000 AV rides so far, and we are just getting started. Bottom line, our aim is to be the easiest and best way for partners to commercialize AVs. Doing so will help us grow ever faster as AV come online in the years ahead.

在車隊管理方面，多年來，我們的 Flexdrive 子公司為我們提供了在輕鬆上車、下車和維修數萬輛車隊車輛方面的深厚專業知識。所有這一切就是為什麼在拉斯維加斯這樣的市場，我們迄今為止已經能夠提供超過 130,000 次自動駕駛乘車服務，而我們才剛剛開始。最重要的是，我們的目標是成為合作夥伴實現自動駕駛商業化的最簡單、最好的方式。隨著未來幾年 AV 的上線，這樣做將幫助我們更快成長。

Okay, back to 2024. We remain on track for the rest of the year as we continue working toward a long-term healthy business. Q3 is the heart of summer travel season and the start of back-to-school and back-to-work, which means good things for the Price Lock commute customers I just mentioned. Erin will share more on what we expect in the back half of the year in just a second.

好的，回到 2024 年。第三季是夏季旅遊旺季的核心，也是返校復工的開始，這對我剛才提到的價格鎖定通勤客戶來說意味著好事。艾琳將在稍後分享更多我們對下半年的期望。

At Investor Day, we said our next phase of growth is here, and the opportunity we see is great. We are thrilled to have achieved GAAP profitability this quarter, and so I want to close by reiterating our long-term foundational thesis. Customer obsession drives profitable growth. I'm pleased with the progress we've shown and confident in the road ahead. Over to you, Erin.

在投資者日，我們表示我們的下一階段成長已經到來，我們看到的機會是巨大的。我們很高興本季度實現了 GAAP 盈利能力，因此我想在結束時重申我們的長期基礎論點。客戶至上推動利潤成長。我對我們所取得的進展感到高興，並對未來的道路充滿信心。交給你了，艾琳。

Thanks, David. Good morning, everyone, and thanks for joining us today. As David mentioned, we saw strong results in the second quarter, including our first GAAP profitable quarter and we generated significant free cash flow.

謝謝，大衛。大家早安，感謝您今天加入我們。正如大衛所提到的，我們在第二季度看到了強勁的業績，包括我們的第一個 GAAP 盈利季度，並且我們產生了大量的自由現金流。

At our Investor Day, I highlighted how operational excellence drives growth through more driver hours, more riders on the platform, and riders choosing Lyft more frequently. In short, operational excellence underpins the health of our marketplace. And in Q2, we fired on all cylinders.

在我們的投資者日上，我強調了卓越營運如何透過增加司機工作時間、平台上更多乘客以及更頻繁地選擇 Lyft 的乘客來推動成長。簡而言之，卓越的營運支撐著我們市場的健康發展。在第二季度，我們全力以赴。

In the second quarter, we had more active riders than ever on our platform, and driver hours hit a new all-time high. Service levels in the second quarter kept improving. Average ETAs were more than 10% faster than a year ago and the fastest in four years. And the average primetime, as measured by the average surcharge added to a ride, declined by more than 25% quarter over quarter.

第二季度，我們平台上的活躍乘客比以往任何時候都多，司機的工作時間也創下了歷史新高。第二季服務水準持續提升。平均預計抵達時間比一年前快 10% 以上，是四年來最快的。以乘車的平均附加費衡量，平均黃金時段季減了 25% 以上。

Why is this important? It means we continue to perfect our ability to help drivers know when and where they can choose to drive. That's great for drivers and for riders and also for the long-term health of our platform.

為什麼這很重要？這意味著我們將繼續完善我們的能力，幫助駕駛員了解他們可以選擇何時何地駕駛。這對司機和乘客以及我們平台的長期健康發展都有好處。

Now, let's turn to our performance for the quarter, which is consistent with the outlook we provided on our Q1 earnings call on May 7. 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.

現在，讓我們來看看我們本季的業績，這與我們在5 月7 日的第一季財報電話會議上提供的前景一致。都是非GAAP 指標，並且不包括我們的收益資料中詳細說明的選定項目。

We supported 205 million rides and 23.7 million active riders. Total rides grew 15% year over year and active riders grew 10% year over year, driven by improved retention and higher frequency.

我們支援了 2.05 億次乘車和 2,370 萬名活躍乘客。由於保留率的提高和頻率的提高，乘客總數同比增長 15%，活躍乘客同比增長 10%。

Gross bookings exceeded $4 billion, up 17% year over year. This reflects strong rides growth, competitive prices, and lower levels of primetime, given the even faster than expected improvements of the health of our marketplace. Revenue exceeded $1.4 billion, up more than 40% year over year.

總預訂量超過 40 億美元，年增 17%。這反映了遊樂設施的強勁增長、有競爭力的價格和黃金時段的較低水平，因為我們的市場健康狀況的改善甚至比預期更快。營收超過14億美元，年增超過40%。

Cost of revenue was $812 million, up 37% year over year, driven by higher insurance costs as compared to the prior year and higher ride volume. Operating expenses were $556 million or 13.8% of gross bookings, which was slightly higher than in the first quarter of 2024, mainly driven by sales and marketing, specifically incentives tied to rider engagement.

收入成本為 8.12 億美元，年增 37%，原因是保險成本較前一年增加以及乘車量增加。營運費用為 5.56 億美元，佔總預訂量的 13.8%，略高於 2024 年第一季度，主要受到銷售和行銷的推動，特別是與乘客參與度相關的激勵措施。

Let me take a moment here to remind you about the way we think about investments in contra revenue and sales and marketing incentives. At our Investor Day on June 6, we shared how we are delivering seamless, dependable customer experiences, which means continually helping drivers, know the best time and places to drive to enable them to meet their goals. That, in turn, continues to drive preference, engagement and retention with our customers and unlocks more efficiencies in the marketplace.

讓我花一點時間提醒您我們對對沖收入以及銷售和行銷激勵方面的投資的看法。在 6 月 6 日的投資者日上，我們分享瞭如何提供無縫、可靠的客戶體驗，這意味著持續幫助駕駛者了解最佳的駕駛時間和地點，從而幫助他們實現目標。反過來，這將繼續提高客戶的偏好、參與度和保留率，並提高市場效率。

Part of running a dynamic marketplace means that we are constantly trading off between contra revenue and sales and marketing incentives to optimize the balance of the marketplace. Therefore, it's worth noting that on a combined basis, contra revenue and sales and marketing incentive expenses declined double digit on a per ride basis compared to Q2 of last year.

營運動態市場的一部分意味著我們不斷在對沖收入與銷售和行銷激勵之間進行權衡，以優化市場的平衡。因此，值得注意的是，與去年第二季度相比，以每次乘車計算的對比收入以及銷售和行銷激勵費用合計下降了兩位數。

Turning now to adjusted EBITDA. In the second quarter, adjusted EBITDA was $103 million, which as a percentage of gross bookings was 2.6%, up from 1.2% a year ago, driven by efficiencies in our marketplace and further operating expense leverage. GAAP net income in the second quarter was $5 million. This marked our first profitable quarter on a GAAP basis, reflecting our focus on operational excellence and cost discipline. This is a very important milestone for the company and consistent with our focus on long-term profitability and sustainability.

現在轉向調整後的 EBITDA。第二季度，調整後的 EBITDA 為 1.03 億美元，佔總預訂量的百分比為 2.6%，高於一年前的 1.2%，這主要是受到我們市場效率和進一步營運費用槓桿的推動。第二季 GAAP 淨利為 500 萬美元。這標誌著我們在 GAAP 基礎上第一個實現盈利的季度，反映出我們對卓越營運和成本控制的關注。這對公司來說是一個非常重要的里程碑，符合我們對長期獲利能力和永續性的關注。

On that note, as I discussed at our Investor Day in June, we are confident in our ability to achieve sustainable GAAP profit in the early phase of our long-term planning horizon of 2025 to 2027. Progress won't necessarily be linear, but the overall trajectory is moving to sustainable GAAP profit.

在這一點上，正如我在 6 月的投資者日上討論的那樣，我們對在 2025 年至 2027 年長期規劃的早期階段實現可持續 GAAP 利潤的能力充滿信心。總體軌跡正在轉向可持續的公認會計準則利潤。

We ended the second quarter with a solid cash position with unrestricted cash, cash equivalents, and short-term investments of approximately $1.8 billion. We generated $256 million of free cash flow in the second quarter and a total of $368 million of free cash flow over the last four quarters.

截至第二季末，我們擁有穩定的現金狀況，擁有約 18 億美元的不受限制的現金、現金等價物和短期投資。我們第二季產生了 2.56 億美元的自由現金流，過去四個季度總計產生了 3.68 億美元的自由現金流。

Turning now to Q3, we're off to a good start. The team is hard at work on supporting summer festivals and new back-to-school and continued activations and focusing on delivering a seamless experience to drivers and riders. For the third quarter of 2024, we expect gross bookings of approximately $4 billion to $4.1 billion, up 13% to 15% year over year, growing slightly faster than rides.

現在轉向第三季度，我們有了一個好的開始。該團隊正在努力支持夏季節日和新的返校活動以及持續的活動，並致力於為駕駛員和乘客提供無縫的體驗。 2024 年第三季度，我們預計總預訂量約為 40 億至 41 億美元，年增 13% 至 15%，成長速度略快於乘車服務。

We expect adjusted EBITDA of approximately $90 million to $95 million and an adjusted EBITDA margin as a percentage of gross bookings of approximately 2.3%. We are reiterating our expectations for the full year 2024 and continue to expect total rides growth in the mid-teens year over year, with gross bookings to grow slightly faster than rides on a year-over-year basis.

我們預計調整後的 EBITDA 約為 9,000 萬至 9,500 萬美元，調整後的 EBITDA 利潤率佔預訂總額的百分比約為 2.3%。我們重申對 2024 年全年的預期，並繼續預計總出行量同比增長將在 15%左右，總預訂量的同比增長將略快於出行量的增長。

We expect an adjusted EBITDA margin as a percentage of gross bookings to be approximately 2.1%. This outlook includes our current estimate of the impact of third-party insurance contract renewals, which will mostly take effect in the fourth quarter.

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%。這項展望包括我們目前對第三方保險合約續約影響的估計，該影響大部分將在第四季度生效。

Final stages of the negotiations are still underway, but at this point, we have good visibility into the outcome. Consistent with our expectations, we believe that the rate of premium increase year over year will be slower than the prior year, reflecting the ongoing work we've done to bend the insurance cost curve through product and safety initiatives aimed at reducing accident frequency and improving settlement outcomes, which our partners are recognizing in our renewal discussions.

談判的最後階段仍在進行中，但目前我們對結果有充分的了解。與我們的預期一致，我們認為保費同比增長率將慢於上一年，這反映出我們正在透過產品和安全措施來彎曲保險成本曲線，旨在減少事故頻率並改善保險成本。在我們的續約討論中認識到了和解結果。

Turning to free cash flow, we're on track to generate positive free cash flow for the full year, and given our strong progress in the first half of 2024 and our increased visibility, we now expect that more than 90% of adjusted EBITDA will convert to free cash flow for the full year 2024. This means we will reach our long-term conversion target of more than 90%, which we articulated at our Investor Day in June, well ahead of schedule.

談到自由現金流，我們預計在全年產生正的自由現金流，並且鑑於我們在 2024 年上半年取得的強勁進展以及我們可見性的提高，我們現在預計超過 90% 的調整後 EBITDA 將實現轉換為2024 年全年的自由現金流。

With that, I'll bring our prepared remarks to a close. We had a solid second quarter, and we have strong momentum going into the back half of the year and beyond. We remain focused on building a long-term healthy business.

至此，我準備好的發言就結束了。我們的第二季度表現強勁，並且我們在下半年及以後的發展勢頭強勁。我們仍然專注於建立長期健康的業務。

Our focus on operational excellence, product innovation and partnerships, and media will continue to grow preferencem engagement, and retention with drivers, riders, and our partners. Operator, we're ready to take questions.

我們對卓越營運、產品創新和合作夥伴關係以及媒體的關注將繼續提高駕駛員、乘客和我們合作夥伴的優先參與度和保留率。接線員，我們準備好回答問題了。

(Operator Instructions) Doug Anmuth, JPMorgan.

（操作員指令）Doug Anmuth，摩根大通。

Thanks so much for taking the questions. I have two. First, can you talk more about how the economics will work on Price Lock? What kind of use cases you anticipate? And generally, what what gives you the confidence in rolling this out? And does it play into the 3Q outlook if at all?

非常感謝您提出問題。我有兩個。首先，您能多談談價格鎖定的經濟學原理嗎？您預計會出現什麼樣的用例？一般來說，是什麼讓您有信心推出這項服務？如果有的話，它會影響第三季的前景嗎？

And then, also, if you could talk a little bit about just balance on the marketplace, record high supply, and driver hours. Can you talk more about the transition that you're making as you shift incentives from drivers to riders and the impact that you're seeing there? Thanks.

然後，您是否可以談談市場平衡、創紀錄的高供應量和司機工作時間。您能否多談談您在將激勵措施從司機轉向乘客時所做的轉變以及您所看到的影響？謝謝。

Doug, it's David. Why don't -- maybe Erin and I will tag team on this one. Erin, why don't you take the second part and then I'll talk a little bit about Price Lock. You take the second part.

道格，我是大衛。為什麼不呢——也許艾琳和我會在這個專案上標記團隊。艾琳，你為什麼不參加第二部分，然後我會談談價格鎖定。你拿第二部分。

Doug your question was around driver -- contra revenue versus marketing and so on and so on. Yes, I think, Erin, it yours.

道格，你的問題是關於司機——收入與行銷的對比等等。是的，我想，艾琳，它是你的。

Yeah, sure. Happy to take that. As we mentioned in our prepared remarks, we've been extremely pleased with the progress that we've made, and it's been a concerted effort over the last four quarters. If you think about the effort around driver earnings commitment, for example, along with many other initiatives that have helped really increased driver engagement on the platform.

好，當然。很高興接受。正如我們在準備好的發言中所提到的，我們對所取得的進展感到非常滿意，這是過去四個季度的共同努力。例如，如果您考慮圍繞駕駛員收入承諾所做的努力，以及許多其他真正有助於提高駕駛員在平台上的參與度的舉措。

And then, also, you've seen us continue to invest on the rider side and against specific activations for product launches. And we've seen great progress there. We've seen new riders increase; we've seen retention increase. And so, we've been really pleased with the outcome of those investments, which gives us confidence as we think about investments for the future.

然後，您也看到我們繼續在騎手方面以及針對產品發布的特定激活進行投資。我們在那裡看到了巨大的進步。我們看到新乘客的增加；我們看到保留率有所提高。因此，我們對這些投資的結果非常滿意，這讓我們在考慮未來投資時充滿信心。

And then on Price Lock, I'll get to the economics in a second, but first, what's the basic value to proposition? So as Erin just said, on drivers, we've got great supply, and they really like what they see, with transparency, with consistent earnings and so forth.

關於價格鎖定，我將立即討論經濟學，但首先，主張的基本價值是什麼？正如艾琳剛才所說，對於司機來說，我們有充足的供應，他們真的很喜歡他們所看到的，透明的，穩定的收入等等。

So then the question becomes on the rider side, what can we do to make the product even better and the service even better? And people just don't love the variability, right? They don't love the idea.

那麼問題就變成了騎士這邊，我們要怎麼做才能讓產品更好、服務更好呢？人們就是不喜歡這種變化，對吧？他們不喜歡這個主意。

In fact, actually, I'll tell you a very specific story super briefly. So there was a woman I picked up as a driver myself couple of months ago in Salt Slido. And she said, like every morning, she'll wake up early and see whether the commute from Salt Slido into San Francisco is $25, $30, $35 or even more? And if it's $20 to $25, she'll definitely take a Lyft. If it's more, sometimes she will, sometimes you won't. And if it's too much, she'll drive and so forth.

事實上，實際上，我會非常簡短地告訴你一個非常具體的故事。幾個月前，我在索爾特斯萊多認識了一位女士作為司機。她說，就像每天早上一樣，她會早起，看看從 Salt Slido 到舊金山的通勤費用是 25 美元、30 美元、35 美元還是更多？如果是 20 到 25 美元，她肯定會搭乘 Lyft。如果更多的話，有時她會，有時你不會。如果太多，她就會開車等等。

So people really don't care for it. So Price Lock, the idea is you pay a subscription fee. We're still trying to figure out the exact economics of it. It will definitely be under $5 segment for sure. And you lock in a price, and that price is meant to both save you money, but also maybe more importantly, give you predictability over time.

所以人們真的不關心它。所以價格鎖定，其想法是你支付訂閱費用。我們仍在試圖弄清楚它的確切經濟學原理。它肯定會低於 5 美元。你鎖定一個價格，這個價格不僅可以為你省錢，而且也許更重要的是，讓你隨著時間的推移具有可預測性。

And like anything else, it will be something that takes a couple of quarters to work it to through the system. It's definitely in our forecast, our outlook. Of course, because we're driving down PT, that has a little bit of an impact on bookings, right, because PT shows up in bookings, but that's okay because that's how you drive growth as you get your prices to a more consistent way.

和其他事情一樣，這需要幾個季度的時間才能透過系統完成。這絕對在我們的預測和展望中。當然，因為我們正在降低 PT，這對預訂量有一點影響，對吧，因為 PT 會出現在預訂量中，但這沒關係，因為這就是您推動增長的方式，因為您可以使價格更加一致。

And then, we like the economics of it medium to long term. And stay tuned. We're super excited about it. We've been in testing mode for about a month now, but it's available to everyone right now. If you open up your Lyft app, look at it, it's right in the menu -- hamburger menu and lock in your price. I think you'll like the experience.

然後，我們喜歡它的中長期經濟效益。請繼續關注。我們對此感到非常興奮。我們已經處於測試模式大約一個月了，但現在每個人都可以使用。如果您打開 Lyft 應用程序，請查看它，它就在菜單中 - 漢堡菜單並鎖定您的價格。我想你會喜歡這種體驗的。

Thank you.

謝謝。

Ken Koraleski, Wells Fargo.

肯‧科拉萊斯基，富國銀行。

Yes. Thank you so much. A couple for me, please. First, I appreciate the color on insurance. Although I think if the -- if I recall, the 17% increase per ride that you announced for the last renewal, could you just give us a little bit more color?

是的。太感謝了。請給我一對。首先，我欣賞保險上的顏色。不過我想，如果──如果我記得的話，你們宣布上次續約時每次乘車費用增加 17%，你們能給我們多一點色彩嗎？

You said it will moderate from there. Just-- and I know the negotiations are not complete, but maybe there's a lot of room there between 17% and kind of 1% or so. So if you could give us a sense of just the kind of magnitude of moderation there.

你說過它將從那裡緩和。只是——我知道談判尚未完成，但也許 17% 到 1% 左右之間還有很大的空間。所以你能否讓我們了解那裡的節製程度。

And then maybe just second, if you could just touch on what you're seeing on any cyclical elements, either through restaurants or that kind of entertainment side from a ride case or airport rides. If you could just talk about what any impacts you might be seeing there given that the plethora of weaker consumer datapoints? Thank you.

然後也許只是第二，如果你能談談你在任何週期性元素上看到的東西，無論是透過餐廳還是從乘車箱或機場乘車中獲得的那種娛樂方面。鑑於大量較弱的消費者數據點，您能否談談您可能會看到哪些影響？謝謝。

Hi, Ken, thanks so much for the question. I'll start off with the first one around insurance. And let me just start off by saying we have a great team, and they are doing a great job with respect to our insurance portfolio.

嗨，肯，非常感謝你的提問。我將從第一個關於保險的問題開始。首先我要說的是，我們擁有一支出色的團隊，他們在我們的保險產品組合方面做得非常出色。

I've been really impressed to see the progress that we've made. And you heard a little bit about our road map on product and safety initiatives aimed at reducing accident frequency, both what we achieved to date and what we expect to achieve going forward as we highlighted at our Investor Day.

看到我們所取得的進展，我真的印象深刻。您聽說了一些關於我們旨在減少事故頻率的產品和安全措施的路線圖，包括我們迄今為止所取得的成就以及我們在投資者日強調的未來預期取得的成就。

And we also talked about the importance of our partners and how critical our partners have been to us over the years, how closely we work with them and extremely pleased to see that recognition in that progress. And it's getting reflected in our renewal rates.

我們也談到了我們的合作夥伴的重要性，以及我們的合作夥伴多年來對我們的重要性，我們與他們的合作有多密切，並且非常高興看到在這一進展中得到認可。這也反映在我們的續訂率上。

So I'm not going to give you a specific number, Ken, because we are in the final stages here. But if you think about it in context of last year, so last year in the fourth quarter of 2023, we talked about insurance cost increases. We talked about it on a sequential basis. We said from Q3 to Q4 last year that it was about $100 million, which if you take it sort of straight over the ride, it was about 15%.

所以我不會給你一個具體的數字，肯，因為我們正處於最後階段。但如果你考慮去年的情況，那麼去年 2023 年第四季度，我們談到了保險成本的增加。我們按順序討論了它。我們去年說從第三季到第四季大約是 1 億美元，如果直接計算的話，大約是 15%。

And so, we fully expect that to be lower. It is embedded in the reiteration of our full-year guidance that we outlined today. So just bottom line, really pleased, and we're on a very good path, Kudos to the team here at Lyft.

因此，我們完全預期這一數字會更低。它包含在我們今天概述的全年指引的重申中。總而言之，我真的很高興，我們正走在一條非常好的道路上，感謝 Lyft 的團隊。

And then, Ken, on your question on consumer sentiment. So big picture, we're seeing strength across the board, right? That's the big picture. And it's interesting. We all read the same newspaper articles and so forth.

然後，肯，關於你關於消費者信心的問題。從大局來看，我們看到了全面的實力，對吧？這就是大局。這很有趣。我們都讀同樣的報紙文章等等。

I think maybe people are a little attuned to pick up bad news. But frankly, we see people go into concerts and events and so forth and so on. So there's things that people do when they're actually feeling pretty good about their prospects, revenue the other way around.

我想也許人們對壞消息有點適應。但坦白說，我們看到人們參加音樂會和活動等等。因此，當人們實際上對自己的前景感覺良好時，就會做一些事情，反之亦然。

I'll give you a little bit more data on a couple of subsegments. So for example, we call party rides, Friday, Saturday night rides late night after. I think, it's after 5:00 PM through midnight or maybe later depending on your definition of a party, anyway. And there we saw, I think, about 19% growth year over year, which obviously is a little faster than some of our other segments.

我將為您提供有關幾個子部分的更多數據。例如，我們將週五、週六晚上的騎行稱為「深夜騎行」。我認為，時間是下午 5:00 之後到午夜，或者可能更晚，這取決於您對聚會的定義。我認為，我們看到同比增長約 19%，這顯然比我們的其他一些細分市場要快一些。

Then when you go a little bit deeper, you start to see some regional differences. For example, on the West Coast, there's still actually a little bit more commute action and growth than in the rest of the country because, again, it's sort of growing off of a base. It was a little bit depressed post-pandemic. But these are, frankly, fairly minor variations. In the grand scheme of things, we're seeing growth across the board.

然後當你再深入一點時，你會開始看到一些地區差異。例如，在西海岸，實際上仍然比全國其他地區有更多的通勤活動和成長，因為它又是有基礎的成長。疫情過後，心情有點鬱悶。但坦白說，這些都是相當小的變化。從總體上看，我們看到了全面的成長。

I'll mention -- I will mention airports. And again, airports they're quite interesting now. They're always seasonally higher in Q2 than in Q1, just because travel is beginning. I will see that non-airport rides grew a little bit faster than airport rides this quarter. But again, it's really nothing significant. We're seeing pretty good strength across the board and a lot of people -- they rely on rideshare and it doesn't really change too much of these from what we can tell.

我會提到——我會提到機場。再說一次，機場現在很有趣。第二季度的季節性價格總是高於第一季度，只是因為旅行才剛開始。我會發現本季非機場乘車量的成長速度比機場乘車量快一些。但話又說回來，這確實沒什麼重要的。我們看到了整體上相當好的實力和很多人——他們依賴於共乘，但據我們所知，這並沒有真正改變太多。

And Ken, I might just jump in and add. I know your question is around use cases. But obviously, talking about our guidance for gross bookings, growth of 13% to 15% year over year for the third quarter. And as a reminder, we talked about gross bookings growing slightly faster than rides.

肯，我可能會插話補充。我知道您的問題是關於用例的。但顯然，談到我們對總預訂量的指導，第三季年增 13% 至 15%。提醒一下，我們討論了總預訂量的成長速度略快於乘車次數的成長速度。

I just want to highlight in our prepared remarks, we talked about prime time coming down significantly in the second quarter, even faster than our expectations. And we see that continuing into the third quarter. Remember, that's a really good sign of the health of our marketplace and consistent with our focused efforts over the past year to drive preference with drivers.

我只想在我們準備好的發言中強調，我們談到第二季黃金時段大幅下降，甚至比我們的預期還要快。我們看到這種情況持續到第三季。請記住，這是我們市場健康發展的一個非常好的跡象，並且與我們過去一年為推動司機偏好而做出的集中努力是一致的。

Prime time coming down will have an impact on gross bookings per ride. And so, again, consistent with what we said before, we expect gross bookings will grow slightly faster than rides, probably emphasis on the slightly given that dynamic of gross bookings per ride. But really, really pleased with the dynamics and the health of the marketplace. You heard us talk about some of the all-time highs in the second quarter, so we feel like we're in good shape there.

黃金時段的下降將對每次行程的總預訂量產生影響。因此，與我們之前所說的一致，我們預計總預訂量的增長將略快於乘車次數的增長，考慮到每次乘車總預訂量的動態，可能會稍微強調這一點。但對市場的動態和健康狀況真的非常非常滿意。您聽到我們談論第二季度的一些歷史新高，所以我們感覺我們的狀態很好。

Helpful color. Thank you so much.

有用的顏色。太感謝了。

Michael McGovern, Bank of America.

麥可·麥戈文，美國銀行。

Thanks for taking my question. I was curious for Price Lock. If there might be some effect of having kind of a headwind to Wait & Save mix because of that price cap, are those two products overlapping a little bit in that lower price point segment category? And to that end, just curious what Wait & Save mix looks like at this point and the unit economics of that lower price point offering and any impact that that's having?

感謝您提出我的問題。我對價格鎖定很好奇。如果由於價格上限而對等待和保存組合可能產生某種逆風，那麼這兩種產品在較低價格點細分類別中是否有一點重疊？為此，我只是好奇等待和保存組合在這一點上是什麼樣子，以及較低價位產品的單位經濟效益以及它所產生的任何影響？

Yeah, it's a good question. They don't really compete with each other. And it's -- yeah. So Wait & Save has been stable. And even during our tests and stuff, it's actually a great product. We continue to love it, and it's great when people want a deal.

是的，這是一個好問題。他們並不真正相互競爭。是的。所以等待並保存一直很穩定。即使在我們的測試過程中，它實際上也是一個很棒的產品。我們仍然喜歡它，當人們想要達成交易時，它就很棒。

It turns out for commute, the variability around waiting isn't so much what people want, right? They need to get to the office at a certain time. And so, I wouldn't say that to compete with each other per se. I really do believe Price Lock is an unlock of -- it just takes the frustration away.

事實證明，對於通勤來說，等待的變化並不是人們想要的，對嗎？他們需要在特定時間到達辦公室。因此，我不會這樣說來互相競爭。我確實相信價格鎖定是一種解鎖——它只是消除了挫折感。

And I think if you want to think about it maybe competitively, what a lot of people do in the morning is they'll check multiple apps. And we want to give them, frankly, less reason to check the other guy and more reason to say, you know what, I've made an investment.

我認為，如果你想考慮一下競爭性的話，很多人早上所做的就是檢查多個應用程式。坦白說，我們希望給他們更少的理由去檢查其他人，而有更多的理由說，你知道嗎，我已經進行了投資。

And it's relatively small as we say, a couple -- $3 to $5 or like that, and that's going to give me consistency. So I think Wait & Save is more about trading off time and money. This one is actually more about paying a little bit of money in subscription fee to get a very, very consistent experience day in and day out for 30 days.

正如我們所說，它相對較小，一對 - 3 美元到 5 美元或類似的價格，這將使我保持一致性。所以我認為「等待並保存」更多的是時間和金錢的權衡。這實際上更多的是支付一點點訂閱費，以獲得 30 天日復一日的非常非常一致的體驗。

And Michael, I'll just add on to that and emphasize that as you think about our overall mix if you will, of our modes that that has remained stable. We are not seeing changes there. And then, all of our modes contribute to the growth in our profitability.

邁克爾，我將補充這一點並強調，當你考慮我們的整體組合時，如果你願意的話，我們的模式一直保持穩定。我們沒有看到那裡的變化。然後，我們所有的模式都有助於我們獲利能力的成長。

Thank you.

謝謝。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

Great. Thanks for taking my questions. I have a couple. The first one, if you go back to the Analyst Day and the multiyear bookings guidance in the mid-teens, as you're thinking through primetime coming down and Price Lock, has anything changed about your visibility and the drivers of that mid-teens growth?

偉大的。感謝您回答我的問題。我有一對。第一個，如果你回到分析師日和十幾歲左右的多年預訂指南，當你考慮黃金時段的下降和價格鎖定時，你的知名度和十幾歲左右的驅動因素有什麼變化生長？

Then the second one, Erin, this is sort of a -- it's kind of a math question on the CAGR. As we're thinking about this '24 to '27 bookings CAGR in the mid-teens, a lot of times CAGR, they started a higher number and they go on to a lower number. But the way you guys built this out, is it more like you see a lot of drivers to just consistently stay in this mid-teens range each year as opposed to decelerate over the course of the year and end up at a multiyear CAGR in the mid-teens? Can you just help us on kind of the trajectory that you've drawn up on that CAGR?

然後是第二個問題，艾琳，這是一道關於複合年增長率的數學問題。當我們考慮 24 至 27 年的預訂複合年增長率在十幾歲左右時，很多時候複合年增長率，他們開始的數字更高，然後數字會更低。但是你們構建這個的方式，是否更像是您看到很多駕駛員每年都始終保持在這個十幾歲左右的範圍內，而不是在一年中減速並最終達到多年複合年增長率十幾歲左右？您能否幫助我們制定您所製定的複合年增長率軌跡？

Yeah. Sure, Brian. I'll start, and then I'll turn it over to David to chat more about some of the long-term growth drivers we articulated at Investor Day. So as it relates to the trajectory, I would say, overall, we thought about it as relatively steady.

是的。當然，布萊恩。我將開始，然後將其交給大衛，更多地討論我們在投資者日闡述的一些長期成長動力。因此，由於它與軌跡相關，我想說，總的來說，我們認為它相對穩定。

Now, you have to understand that given that, there will be points along the way. For example, you heard us really talk and dig deep into partnerships. And our strong ability to partner and the runway that we felt like we had to grow partnerships, that's just one example. And so, you can imagine along that trajectory of that multiyear plan that in any given period of time, maybe as a partnership ramps up that you could see a different cadence there.

現在，你必須明白，有鑑於此，一路上都會有一些要點。例如，您聽到我們真正談論並深入探討了合作夥伴關係。我們強大的合作能力以及我們認為必須發展合作夥伴關係的跑道，這只是一個例子。因此，您可以想像，沿著該多年計劃的軌跡，在任何給定的時間內，也許隨著合作夥伴關係的加強，您可能會看到不同的節奏。

So I'm just giving you a little bit of color to emphasize that it's not always an incredibly straight line. But no, we did not envision it with a particular slope at the front or the back end. So I would say, stepping back, you can think about it as relatively steady.

所以我只是給你一點顏色來強調它並不總是一條令人難以置信的直線。但不，我們並沒有設想它的前端或後端有特定的坡度。所以我想說，退一步來說，你可以認為它是相對穩定的。

Yeah. And I'll piggyback on Erin's comments and maybe even out a little bit. I t's so tempting to think about short-term things and so forth. But we're really thinking about this business in a long-term way. We really are, right?

是的。我會借鏡艾琳的評論，甚至可能會補充一點。我很容易想到短期的事情等等。但我們確實從長遠角度考慮這項業務。我們真的是，對吧？

Remember, one of the things we said at investor day is there were 160 billion rides every year that people take in private vehicles in North America alone. So we're very focused on what are the fundamental drivers that are going to get more people not using their personal vehicle because it's hard to park, because it's complicated in their lives. Why not let someone else drive in a good price, picking me up exactly on time, taking where we want to go and so forth. So that's really our focus.

請記住，我們在投資者日說過的一件事是，光是在北美，每年就有 1,600 億人乘坐私家車。因此，我們非常關注哪些根本驅動因素將使更多的人不使用自己的私家車，因為停車困難，因為這在他們的生活中很複雜。為什麼不讓別人以優惠的價格開車，準時接我，帶我們去我們想去的地方等等。這確實是我們的重點。

And that's why we're so excited to see our service metrics so great. Quickest pickup times we've had, a long time, great pricing, great service levels, and so forth. So given that context, as Erin just said, we're not really thinking of a deceleration over time or anything like that. We're thinking, gosh, this is a gigantic market, and we are super, super well positioned for it.

這就是為什麼我們如此興奮地看到我們的服務指標如此出色。我們擁有最快的取貨時間、很長的時間、優惠的價格、優質的服務水準等等。因此，鑑於這種情況，正如艾琳剛才所說，我們並沒有真正考慮隨著時間的推移而減速或類似的事情。我們在想，天哪，這是一個巨大的市場，我們已經為它做好了非常非常有利的準備。

Then zooming in or clicking on one level, if you think of Investor Day, again, we talked a lot about customer obsession and certainly around innovation, new products like Price Lock, which really take some of the pain away and make it an even better value proposition. We think about our partnership strategy, again, as Erin just mentioned, and we're seeing great, great momentum there, particularly on the media side. As a quick aside, we just signed -- resigned with Disney, which I think it's wonderful. We're the official rideshare provider of Walt Disney World Resort.

然後放大或點擊一個級別，如果您想到投資者日，我們再次談論了很多關於客戶的痴迷，當然也圍繞創新，價格鎖定等新產品，這確實消除了一些痛苦，並使其變得更好價值主張。正如艾琳剛才提到的，我們再次考慮我們的合作夥伴策略，我們看到了巨大的勢頭，特別是在媒體方面。順便說一句，我們剛剛與迪士尼簽約——辭職，我認為這很棒。我們是華特迪士尼世界度假區的官方共乘提供者。

And it's a great experience. And they just resigned for another bunch of years. It actually includes a media buy, which is fantastic. And there are a company that doesn't partner with companies that don't have a similar view around customer obsession and growth.

這是一次很棒的經驗。他們又辭職了好幾年。它實際上包括媒體購買，這太棒了。有些公司不會與那些在客戶痴迷和成長方面沒有類似觀點的公司合作。

So anyway, the whole kind of partnership piece is super, super important in our media business. So I expanded a little bit beyond what you said, but we feel really good about how we're positioned. And we just keep looking a couple of years out. As Erin just said, we've got -- we're very confident in our guidance, not just for the year, but frankly, for the next -- through 2027.

所以無論如何，整個合作關係對於我們的媒體業務來說非常非常重要。所以我擴展了一些超出你所說的內容，但我們對我們的定位感覺非常好。我們只是繼續展望幾年。正如艾琳剛才所說，我們對我們的指導非常有信心，不僅是今年的指導，坦白說，是明年的指導，直到 2027 年。

Thank you.

謝謝。

Brad Erickson, RBC Capital Markets.

Brad Erickson，加拿大皇家銀行資本市場部。

Thanks. I have two. First, can you just expand on that point with Primetime coming down? And I think you mentioned price lock too. But I think the implied guidance for Q4 aims to kind of improve off of what you just gave for Q3. Why would that be the case if that's the right inference or why wouldn't it? That's the first question.

謝謝。我有兩個。首先，您能在黃金時段結束時進一步闡述這一點嗎？我想你也提到了價格鎖定。但我認為第四季度的隱含指導旨在改善您剛剛為第三季提供的指導。如果這是正確的推論，為什麼會出現這種情況，或者為什麼不會呢？這是第一個問題。

And the second, on the topic of AVs. Can you just talk about the tech that you have in place to work with maybe different partners over time? Is there anything platform-wise need to be built for that? Or is it an easier lift if and as those players come to market and any partnerships we can kind of think about there?

第二個是關於自動駕駛汽車的主題。您能談談您隨著時間的推移與不同的合作夥伴合作所擁有的技術嗎？是否需要為此建構任何平台方面的東西？或者，如果這些參與者進入市場，我們可以考慮建立任何合作關係，這是否會更容易？

Why don't I start with the AV question a little bit. We'll just do this in reverse order just for fun. So I want to talk about AVs for just a minute because it's such a hot topic. So to answer your question directly, there is an enormous amount of tech that we already have built, that we've already used. And then, we'll continue to leverage in new ways.

我為什麼不從 AV 問題開始呢？我們只是為了好玩而以相反的順序執行此操作。所以我想談談自動駕駛汽車，因為它是一個熱門話題。因此，為了直接回答你的問題，我們已經建造並使用了大量的技術。然後，我們將繼續以新的方式發揮作用。

And let's break it down for a couple of seconds. So we have this very large platform. We do 2 million rides a day. In order to make those 2 million rides a day happen, of course, we have to bring drivers onto the platform all the time.

讓我們花幾秒鐘來分解一下。所以我們有這個非常大的平台。我們每天搭乘 200 萬次。當然，為了實現每天 200 萬次出行，我們必須始終將司機引入平台。

Every one of those drivers -- we have over 1 million active drivers over the course of the year, everyone of those drivers has a car. Everyone of those cars needs to be and drivers need to be onboarded in various different ways, different checks, and so on and so forth to make sure they qualify and then obviously, a whole bunch of support along the way.

這些司機中的每一位——一年中我們有超過 100 萬名活躍司機，每一位司機都擁有一輛車。這些汽車中的每一輛車和駕駛員都需要以各種不同的方式、不同的檢查等方式上車，以確保它們符合資格，然後顯然，一路上需要大量的支援。

They have to get paid. They have to get insured. They've got to make sure that they've got demand 24 hours a day, seven days a week. So these are all sort of the things that we built into the general Lyft platform.

他們必須得到報酬。他們必須投保。他們必須確保每週 7 天、每天 24 小時都能滿足需求。這些都是我們內建在 Lyft 通用平台中的所有內容。

And then, specifically, when it comes to AVs, and we've done, as we said, about 130 -- or actually over 130,000 rides in Las Vegas alone, it's all about API-level integration with autonomous vehicle vendors. That integration is quite technically difficult.

然後，具體來說，當涉及自動駕駛汽車時，正如我們所說，僅在拉斯維加斯，我們就完成了約130 次——或者實際上超過130,000 次乘車，這都是與自動駕駛汽車供應商進行API 級整合。這種整合在技術上相當困難。

It all looks simple on the app, but behind the scenes, all sort of back and forth are happening. But we have a lot of experience doing that. And as I said, we've got -- so anyway, we'll build on exactly that experience.

這一切在應用程式上看起來很簡單，但在幕後，各種來回正在發生。但我們在這方面有很多經驗。正如我所說，我們已經——所以無論如何，我們將以此為基礎。

And then, the last thing I'll say is, when you look at how AVs are likely to enter these sorts of platforms, some of them will be owned by individuals, maybe putting their car on the platform after hours when they're not being used, and some of them will come in the form of fleets, right? Entire companies that will buy up AVs can be just like a rental car company might do today, buy up a bunch of cars and then need to get them utilized. And by the way, they need to get them utilized a lot, probably I don't know, 18 hours a day or something like that to make sure these things actually pay off.

然後，我要說的最後一件事是，當你看看自動駕駛汽車如何進入此類平台時，其中一些將由個人擁有，也許在下班後當他們不工作時將他們的汽車放在平台上正在被使用，其中一些會以艦隊的形式出現，對嗎？購買自動駕駛汽車的整個公司可能會像今天的汽車租賃公司一樣，購買一堆汽車，然後需要使用它們。順便說一句，他們需要充分利用它們，也許我不知道，每天 18 小時或類似的時間，以確保這些事情真正得到回報。

So -- but anyway, fleet management is its own area of expertise and specialization. Again, you've got to figure out how to keep cars serviced when they go offline. You basically want your cars utilized all the time. But things break down, accidents happen. Even with AVs, which will probably be safer, people will bump into them all the time. So fleet management is the whole thing.

所以——但無論如何，車隊管理是它自己的專業知識和專業領域。同樣，您必須弄清楚如何在汽車離線時保持汽車的保養。您基本上希望您的汽車一直被使用。但事情會崩潰，事故會發生。即使使用了可能更安全的自動駕駛汽車，人們還是會隨時撞到它們。因此，車隊管理就是全部。

And we have this Flexdrive subsidiary that we've had for years and have onboarded and offboarded and serviced and worked with tens of thousands of vehicles over that course. I think we've got about 15,000 vehicles online right now.

我們擁有這家 Flexdrive 子公司，我們已經擁有多年了，在整個過程中已經對數以萬計的車輛進行了上車、下車、維修和合作。我想我們現在有大約 15,000 輛車在線上。

So if you put all these things together and you realize that we are very, very well positioned, and we're in very active conversations with all the partners you would expect, who are very interested in figuring out how can we take this tech. Everyone from the OEMs, so the ADAS guys, the people who are actually developing the tech and commercialize it, and we're their best bet.

因此，如果你把所有這些事情放在一起，你就會意識到我們處於非常非常有利的位置，並且我們正在與你所期望的所有合作夥伴進行非常積極的對話，他們對弄清楚我們如何利用這項技術非常感興趣。來自 OEM 的每個人，還有 ADAS 人員，以及實際開發技術並將其商業化的人，我們是他們的最佳選擇。

Thanks. And Brad, I'll take your question on Q4 and the full year. I'll start with the full year. Just as a reminder, our full year directional commentary, we talked about rides in the mid-teens. And obviously, that's a range.

謝謝。布拉德，我將回答你關於第四季和全年的問題。我將從全年開始。提醒一下，在我們的全年方向評論中，我們討論了青少年時期的遊樂設施。顯然，這是一個範圍。

And then, we talked about gross bookings to grow slightly faster than rides. And I provided some commentary on what that means for Q3, given the dynamics that we're seeing in Primetime. But also as a reminder, the third quarter is a big season for bike rides. And so, that has an impact as well.

然後，我們討論了總預訂量的成長速度略快於乘車量的成長速度。考慮到我們在黃金時段看到的動態，我對這對第三季意味著什麼提供了一些評論。但也要提醒一下，第三季是自行車騎行的旺季。因此，這也會產生影響。

As you think about the Q4, the dynamics, I think you asked specifically about rides, I think it's reasonable to expect a slight increase in rides in Q4 and because we also, again, have the dynamic of that being a lower seasonal period for bike rides given weather, and then that implies just a slight uptick on the rideshare side of things. So hopefully, that gives you some color to your question.

當您考慮第四季度的動態時，我認為您具體詢問了騎行情況，我認為預計第四季度的騎行次數略有增加是合理的，因為我們也再次感受到自行車淡季的動態天氣情況下的乘車次數，這意味著乘車共享方面的情況略有上升。希望這能為你的問題帶來一些色彩。

Yeah. That's great. Thanks

是的。那太棒了。謝謝

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the question. I guess we've talked a lot about the operations of the business. I want to ask a quick one on capital allocation. At investor day, we talked about trying to limit dilution from stock-based comp over time and then potentially maybe looking at your balance sheet as another tool for driving equity value.

非常感謝您提出問題。我想我們已經就業務運營討論了很多。我想快速詢問一下有關資本配置的問題。在投資者日，我們討論了隨著時間的推移，試圖限制基於股票的補償的稀釋，然後可能將資產負債表視為推動股權價值的另一個工具。

Would love to get any updated thoughts you have on either to make sure of finding the right balance between growth investments for the long term and potentially using assets on the balance sheet to be aimed more at equity creation. Thank you so much.

我很想了解您對這兩者的任何最新想法，以確保在長期增長投資和可能使用資產負債表上的資產更多地致力於股權創造之間找到適當的平衡。太感謝了。

Yes. Thanks for the question, Eric. You asked about stock-based comp. And so, we remain on track with our target for 2024 of $340 million related to that. So we feel good about that. No change there.

是的。謝謝你的提問，艾瑞克。您詢問了基於股票的補償。因此，我們仍有望實現 2024 年與此相關的 3.4 億美元的目標。所以我們對此感覺良好。那裡沒有變化。

And as it relates to overall capital deployment thoughts, we are investing in areas that drive profitable growth. And at the same time, we're very focused on taking a prudent approach to managing our balance sheet.

由於它與整體資本部署想法相關，我們正在投資於推動獲利成長的領域。同時，我們非常注重採取審慎的方法來管理我們的資產負債表。

Nothing specific to announce today, Eric. As we generate higher levels of free cash flow in future periods, it certainly gives us more optionality. So again, hopefully, that gives you some color on our thoughts, not a lot of updates from what we articulated at Investor Day.

艾瑞克，今天沒有什麼具體要宣布的。隨著我們在未來時期產生更高水準的自由現金流，它無疑為我們帶來了更多選擇。再次強調，希望這能讓您對我們的想法有所了解，而不是我們在投資者日所闡述的內容的太多更新。

Thank you.

謝謝。

Stephen Ju, UBS.

史蒂芬居，瑞銀集團。

Great. Thank you so much. David, frequency of usage and getting your customers to come back again and again is something that's been on your mind. So it looks like on the latest results and I think so far this year, we're looking at monthly rides, that's probably about 15% to 16% below where Lyft was in 2019. I know there's a lot that goes into this between day-to-day execution as well as new product rollouts.

偉大的。太感謝了。大衛，使用頻率和讓您的客戶一次又一次回來是您一直在考慮的事情。從最新的結果來看，我認為今年到目前為止，我們正在研究每月的乘車次數，這可能比 Lyft 2019 年的水平低 15% 到 16% 左右。執行以及新產品的推出。

So can you tell us where the majority of Lyft's engineering resources are being placed to drive that greater utilization? I mean, not that we need explicit disclosure on what products you may be making, but rather some perspective on we're planning these many releases in the first half of '25, second half of '25, so we get a better sense of the road map from here?

那麼您能否告訴我們，Lyft 的大部分工程資源都配置在哪裡，以提高使用率？我的意思是，並不是我們需要明確揭露您可能生產的產品，而是我們計劃在 25 年上半年和 25 年下半年發布這些產品的一些觀點，以便我們更好地了解從這裡出發的路線圖？

Yeah. Thanks, Stephen. I think, how best to answer that. Again, maybe I'll start sort of big picture for a second then zoom in. When we look at overall allocation of resources, we're always looking at quite specifically on the rider side -- well, okay, first on the driver side, how do we make sure we've got great driver supply.

是的。謝謝，史蒂芬。我想，如何最好地回答這個問題。再說一次，也許我會先看一下大局，然後再放大 當我們考慮資源的總體分配時，我們總是特別關注騎手方面——好吧，首先是司機方面，我們如何確保我們擁有充足的驅動程序供應。

And there's almost no such thing as too good drivers supply. So it's always something we're looking on because we want to make sure as many drivers are driving as possible for pass pickup times and so forth. And so, there, maybe I'll stick on that for a couple of seconds.

而且幾乎沒有什麼好的驅動程式供應。因此，這始終是我們關注的問題，因為我們希望確保盡可能多的司機在通行證接送時間等時間內開車。所以，也許我會堅持幾秒鐘。

If you look at our cadence, we did a very large release earlier this year, the 70% earnings guarantee, which, as we said before, has been very, very well received and really sets us apart. I actually literally had a Lyft driver last night who commented on how much he appreciated that.

如果你看看我們的節奏，我們在今年早些時候發布了一個非常大的版本，即70% 的收益保證，正如我們之前所說，它受到了非常非常好的歡迎，確實使我們與眾不同。事實上，昨晚我有一位 Lyft 司機評論說他對此非常感激。

So anyway -- and you can expect even now, we're actually rolling out some additional features around giving drivers additional visibility into how much they're going to make every time they accept a ride and so forth. So that's a rolling thing. But you can expect another release to come on the driver side to give drivers even better ways to earn and so forth.

所以無論如何 - 即使現在你也可以期待，我們實際上正在推出一些額外的功能，讓司機可以更好地了解他們每次接受乘車時會賺多少錢等等。所以這是一個滾動的事情。但你可以期待司機方面的另一個版本，為司機提供更好的賺錢方式等等。

We actually just launched as a quick aside in called Lyft Direct, a new version of a kind of a co-branded credit card -- debit card actually that allows drivers to have a high-yield savings account and get paid immediately and so forth. So that's kind of a continuous thing. We're always working on the driver side, but there are kind of a couple of chunky things that happen every year.

實際上，我們剛剛推出了名為 Lyft Direct 的快速旁白，這是一種聯合品牌信用卡的新版本——借記卡實際上允許司機擁有高收益儲蓄帳戶並立即獲得付款等等。所以這是一個持續的事情。我們一直致力於駕駛員方面的工作，但每年都會發生一些大問題。

On the rider side, we're coming into the -- coming through summer, of course. But then -- and things like on-time pickup promise for airports is quite important. That's very popular feature. But then you can expect again, something in the fall, really focused on commute. Now in this case, we've really already talked about that, but it's going to be Price Lock. And it's a huge focus for people who are commuting.

在騎手方面，我們即將進入——當然，即將到來的夏天。但是，諸如機場準時接機承諾之類的事情非常重要。這是非常受歡迎的功能。但你可以再次期待，秋天的一些事情，真正集中在通勤上。在這種情況下，我們確實已經討論過這一點，但它將是價格鎖定。對於通勤的人來說，這是一個巨大的焦點。

So I don't know. So I guess maybe zooming out then on the rider side, we're always looking at a combination of how do we get new riders on the platform and then how do we increase their frequency? And in both cases, we have all-time highs on the new rider side for sure.

所以我不知道。所以我想也許在騎手方面，我們總是在考慮如何在平台上吸引新騎手，然後如何增加他們的頻率？在這兩種情況下，我們的新車手肯定都創下了歷史新高。

The frequency, we've gone up Q-by-Q as well. So I don't know, I know it's maybe a little bit vague, but it's kind of a -- customer obsession sort of means having some big chunky things, but also just continuous improvements every day to make the service better. And we feel like we've got a pretty good -- we've got a good roadmap ahead and good balance between all that.

頻率也逐季度上升。所以我不知道，我知道這可能有點模糊，但它是一種——客戶痴迷意味著擁有一些大而粗的東西，但也只是每天不斷改進以使服務更好。我們覺得我們已經有了一個很好的——我們已經有了一個很好的未來路線圖，並且在所有這些之間取得了良好的平衡。

I might add on that a little bit, Stephen to give some context. Growth in active riders has been greater than 10% every quarter over the last quarter -- over the last four quarters, while frequency has also been growing sequentially every quarter and we touched on retention as well going up. And so I know your question was largely around engineering, but we continue to see opportunities to make really smart investments that drive rider preference, retention, and engagement. And I think some of that trajectory and the stuff that I just listed off gives us a lot of confidence in our framework for those investments going forward.

我可能會補充一點，史蒂芬提供一些背景資訊。過去四個季度，活躍乘客的成長速度比上個季度每季都超過 10%，而頻率也每季都在連續成長，我們也談到了留任率的上升。所以我知道你的問題主要是圍繞工程，但我們繼續看到機會進行真正明智的投資，以提高乘客的偏好、保留率和參與度。我認為我剛剛列出的一些軌跡和內容讓我們對未來投資的框架充滿信心。

For sure. Thank you.

一定。謝謝。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

Hi, this is Jim on for Tom. Thanks for taking the question. Just one on advertising. So we saw the 10x increase for the in-app revenue. Can you talk about what's driving that and how we can think about the scale of that revenue? I'd assume that's off a lower base. Thank you.

大家好，我是湯姆的吉姆。感謝您提出問題。只有一篇關於廣告的。因此，我們看到應用程式內收入成長了 10 倍。您能談談是什麼推動了這個趨勢，以及我們如何考慮該收入的規模嗎？我認為這是一個較低的基礎。謝謝。

Sorry, just to clarify, Jim, off a lower base, lower than what?

抱歉，只是為了澄清一下，吉姆，基礎較低，低於什麼？

Yeah. I mean, just explaining what's driving the 10x increase and how to think about the scale of that revenue?

是的。我的意思是，只是解釋一下是什麼推動了 10 倍的成長以及如何考慮該收入的規模？

Yeah, for sure. So, I won't give you too much specifics on the on the particulars there. What I can tell you is this, so we're super optimistic about this business. And here -- and that growth is kind of the reason why brands are always looking -- and this is like a forever statement, always looking for new ways to get to their customers, right? And the world changes, right? 100 years ago, maybe billboards on the road and then it was radio advertising and then TV advertising sort of click-type advertising early Internet days and now much more sophisticated.

耶，當然了。因此，我不會向您提供太多關於那裡的細節的細節。我可以告訴你的是，所以我們對這個業務非常樂觀。在這裡 - 成長是品牌總是尋找的原因 - 這就像一個永遠的聲明，總是尋找新的方式來接觸他們的客戶，對吧？世界發生了變化，對吧？ 100 年前，也許是路上的廣告牌，然後是廣播廣告，然後是電視廣告，早期網路時代的點擊式廣告，現在更加複雜。

So that's just a sort of for everything. But the most important thing for targeted advertising is the targeting and the data. You've got to figure out because everyone always knows, like John Wanamaker famously said, I know half my advertising works, I just never know which half. So increasingly, it's all about the data. And we have an enormous amount of data, right?

所以這只是一切的一種。但對於定向廣告來說，最重要的是定向和數據。你必須弄清楚，因為每個人都知道，就像約翰·沃納梅克（John Wanamaker）的名言一樣，我知道我的一半廣告作品，但我只是不知道哪一半。因此，一切都越來越取決於數據。我們擁有大量數據，對嗎？

Every time a rider gets in the car, they're literally telling us where they're going. Are they going to the drug store? Are they going in the supermarket they? Are they going to 7-Eleven, going to McDonald's? Are they going to an airport? What airline are they taking because we know where there getting dropped off?

每當乘客上車時，他們實際上是在告訴我們他們要去哪裡。他們要去藥局嗎？他們要去超市嗎？他們會去 7-11 便利商店、麥當勞嗎？他們要去機場嗎？他們搭乘哪家航空公司的航班，因為我們知道在哪裡下車？

So all of these things give us an enormous amount of first-party data that then we can then go and turn around and say to marketers, is this data of interest to you, either as a brand play or as a more almost kind of called action transactional play, right? When the person gets out at the drug store, maybe you prefer they buy Colgate over Crest or whatever it might be.

因此，所有這些事情都為我們提供了大量的第一方數據，然後我們可以轉身對行銷人員說，這些數據是您感興趣的嗎，無論是作為品牌遊戲還是作為一種更接近的所謂動作交易遊戲，對嗎？當這個人從藥局出來時，也許你更喜歡他們買高露潔而不是佳潔士或其他任何東西。

So anyway, long way of saying, if you've got a big audience, and we do, obviously, 40 million riders, if you've got a way to get data. And then if you've got a way to measure the effectiveness, and again, we do and we're signing up platforms every month now to give additional visibility into the effectiveness. And then if you have engagement, you're going to get growth.

所以無論如何，長話短說，如果你有大量的受眾，而我們顯然有 4000 萬乘客，如果你有辦法獲取數據。然後，如果您有辦法衡量有效性，那麼我們就會這樣做，並且我們現在每個月都會註冊平台，以提供對有效性的更多可見性。如果你有參與度，你就會獲得成長。

And our engagement scores are super high. I've seen there are different ways to measure engagement versus industry benchmarks. But we compare really, really well to a lot of others, and you can imagine why. You literally have maybe a 15-minute trip on average in a trip, you might check your app, 6 times or 7 times.

我們的參與度分數非常高。我發現有不同的方法來衡量參與度與產業基準的比較。但我們與許多其他公司相比確實非常好，你可以想像為什麼。從字面上看，您在一次旅行中平均可能有 15 分鐘的行程，您可能會檢查您的應用程式 6 次或 7 次。

So we have really -- and these new video ads that we've just sort of put on the platform and now getting to some of the things that are really driving growth, you have new partners, plus you have a new ad unit. In this case, the video ad unit and its performance, you start to see growth.

所以我們確實有——我們剛剛在平台上投放了這些新的影片廣告，現在我們開始做一些真正推動成長的事情，你有新的合作夥伴，再加上你有一個新的廣告單元。在這種情況下，您開始看到影片廣告單元及其效果的成長。

And we're seeing not only growth from existing partners, but even existing partners are signing on again. And I'm talking about ad partners, and the new ad partners are coming on as well. So it's kind of an all of the above thing.

我們不僅看到現有合作夥伴的成長，甚至現有合作夥伴也在重新簽約。我說的是廣告合作夥伴，新的廣告合作夥伴也即將出現。所以這有點像以上所有的事情。

We've talked about this as a very, very large business. As I forget the sometimes I say one number sometimes they differed numbers, we're not going to get myself and that will trap this time. But it -- we expect it to be a very, very large business, and we're investing behind it and really liking literally quarter by quarter what we're seeing.

我們已經將其視為一項非常非常大的業務來討論。因為我忘記了有時我說一個數字有時他們的數字不同，我們不會讓自己明白，這會陷入困境。但我們預計它將是一項非常非常大的業務，我們正在對其進行投資，並且真的很喜歡我們每季所看到的情況。

Great. Thanks, David.

偉大的。謝謝，大衛。

John Colantuoni, Jefferies.

約翰·科蘭托尼，杰弗里斯。

Great. Thanks for taking my questions. So Canada trips doubled. If we just make a simple assumption that Canada was, let's say, 5% of trips last year. That math would imply that US trips grew closer to 10% in the second quarter. So it looks like growth is decoupling from Uber a bit more in the second quarter than in the prior three quarters.

偉大的。感謝您回答我的問題。因此，加拿大旅行人數增加了一倍。如果我們簡單地假設加拿大佔去年出行量的 5%。這項計算意味著第二季度美國旅行成長了接近 10%。因此，與前三個季度相比，第二季度的成長與 Uber 的脫鉤程度似乎有所增加。

Any details you can provide on supply, pricing, or timing of the product road map that could help explain that moderation in market share? And maybe on the flip side, can you just talk to what drove the strong performance in Canada? And if there's any learnings that you can bring over to the US market? Thanks.

您能否提供有關產品路線圖的供應、定價或時間安排的任何詳細信息，以幫助解釋市場份額的放緩？也許另一方面，您能談談是什麼推動了加拿大的強勁表現嗎？您是否可以將任何經驗帶到美國市場？謝謝。

John, I'll take the first part of that question and then turn it over to David to chat more about our efforts in Canada. As a reminder, we don't break out the different geographies. So I wouldn't comment, but I think your estimates around Canada might be a little bit high. Maybe the broader point is we don't see any change in our share. So we feel good about where we are there.

約翰，我將回答這個問題的第一部分，然後將其交給大衛，並更多地討論我們在加拿大的努力。提醒一下，我們不會區分不同的地理位置。所以我不會發表評論，但我認為你對加拿大的估計可能有點高。也許更廣泛的一點是我們沒有看到我們的份額有任何變化。所以我們對自己所處的位置感覺良好。

Yeah, 100%. There's no -- I think the math isn't quite right there. But what I will say -- but we're definitely seeing growth in Canada. I think it's just maybe a bit smaller than what you're thinking in total.

是的，100%。不存在——我認為數學不太正確。但我要說的是，我們確實看到了加拿大的成長。我認為它可能比你想像的總和要小一點。

And what's driving that -- so I was actually just in Toronto a couple -- I guess it was a couple of months ago now. And what we're seeing is that riders and drivers are loving our customer-obsessed approach. Canada has really been kind of a one-player market there. And it's really great when a second player comes in and starts to innovate around all kinds of areas and frankly give people a choice in a new option.

是什麼推動了這一點——所以我實際上只是在多倫多呆了幾天——我想那是幾個月前的事了。我們看到乘客和司機都喜歡我們以客戶為中心的方式。加拿大確實是一個單人市場。當第二個玩家加入並開始圍繞各個領域進行創新並坦率地為人們提供新的選擇時，這真的很棒。

So seeing super good growth. I think we've mentioned this already, but if we haven't, Toronto, I think, is now our eighth-largest market. So that's great. It's only a single city, let's be clear. And there's a lot more to go in Canada. But the fact that we've gotten to such a strong position in a fairly short period of time gives us a lot of hope.

所以看到超級好的成長。我想我們已經提到過這一點，但如果我們還沒有提到的話，我認為多倫多現在是我們的第八大市場。那太好了。我們要明確的是，這只是一個城市。加拿大還有很多事情要做。但我們在相當短的時間內取得如此強勢的地位這一事實給了我們很大的希望。

But again, to be clear, there's not really sort of a -- you wouldn't see this in the big picture and certainly not in a way that would suggest that our domestic growth is growing any more slowly than what we've said.

但再次需要明確的是，實際上並沒有——你不會從大局中看到這一點，當然也不會以某種方式表明我們的國內增長速度比我們所說的更慢。

Thank you.

謝謝。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

Hi. Thanks for taking the question. I wanted to follow up on the Investor Day growth targets. Is there any incremental commentary you can provide on faster-growing modes or markets that might help you sustain the 15%? Whether it's smaller cities or suburbs, however you want to put it.

你好。感謝您提出問題。我想跟進投資者日的成長目標。您是否可以對快速成長的模式或市場提供任何增量評論，以幫助您維持 15%？無論是小城市還是郊區，無論你怎麼說。

But I think the challenge investors are having is that the bigger you get, the assumption is that it's harder to sustain the growth unless you have a product cycle or expansion markets to point to. And so, you've kind of alluded to this with Canada Wait & Save in the past as well.

但我認為投資人面臨的挑戰是，規模越大，就越難維持成長，除非有產品週期或擴張市場可供參考。因此，您過去也曾在加拿大等待和儲蓄項目中提到過這一點。

But could you maybe contextualize how big some of these faster-growing verticals or submarkets can be and are for you? And then my second question is around insurance. Erin, it looks like accruals have started to increase a bit. So, has there been a change in strategy to self-insure some more? Thank you.

但您能否了解這些快速成長的垂直市場或次市場對您來說有多大？我的第二個問題是關於保險的。艾琳，看起來應計費用開始增加。那麼，策略是否發生了變化，以增加更多的自我保險？謝謝。

I can start with the insurance question, and then I'll turn it over to David to lead the first part of your question. So Nikhil, in our most recent renewal cycle, I would say there was a slight mix shift as it relates to our mix of third party versus self-insurance. It wasn't significant, but a slight shift. And we are always looking at that mix to optimize our overall portfolio and making choices accordingly. So a slight shift.

我可以從保險問題開始，然後我將把它交給大衛來領導你問題的第一部分。因此，尼基爾，在我們最近的續保週期中，我想說存在輕微的混合變化，因為它與我們的第三方保險與自我保險的組合有關。這並不重要，只是一個輕微的轉變。我們一直在關注這種組合，以優化我們的整體投資組合併做出相應的選擇。所以有輕微的轉變。

And Nikhil, I'll say a couple of things about overall growth. So again, just remember, the 160 billion rides, like that's a real number. So there's a lot of up-space to grow even within that, even before we talk about expanding beyond the existing TAM. So maybe I think about it in a couple of ways.

尼基爾，我會說一些關於整體成長的事情。再說一次，請記住，1600 億次乘坐，就像這是一個真實的數字。因此，即使在我們談論超越現有 TAM 之前，也有很大的發展空間。所以也許我會從幾個方面來思考這個問題。

So there's certainly geographical expansion, as you say, and that's part of what we're seeing in Canada and why we're excited about it. And of course, that could potentially open up opportunities in the future. We won't comment on that, but it certainly gives us some interesting data, let's say, to use.

因此，正如您所說，肯定存在地理擴張，這就是我們在加拿大看到的情況的一部分，也是我們對此感到興奮的原因。當然，這可能會在未來帶來機會。我們不會對此發表評論，但它確實為我們提供了一些有趣的數據，可以說，可以使用。

Then there are new segments even within the existing markets. And some of these are going to take a while to really explore. I can even look back at what we launched last year, for example, Women+ Connect, which we talk about quite often.

即使在現有市場中也存在新的細分市場。其中一些需要一段時間才能真正探索。我甚至可以回顧我們去年推出的產品，例如我們經常談論的Women+ Connect。

When I look today at our driver supply, right -- so Women+ Connect is a product that allows women riders and drivers to choose each other. And when I look at our driver supply, our women driver supply is actually growing quite nicely, right? We're now up to about -- I think it's about 29% of new applicants are women. And remember, women drive about 23% of the platform. So that's obviously is growth.

當我今天查看我們的司機供應時，對吧——Women+ Connect 是一款允許女性騎手和司機相互選擇的產品。當我查看我們的司機供應時，我們的女司機供應實際上增長得相當不錯，對嗎？我們現在要做的事——我認為大約 29% 的新申請者是女性。請記住，女性佔據了該平台約 23% 的份額。這顯然就是成長。

So what that allows you to do over time is it allows you to unlock a very -- potentially very, very large market. People, women who feel maybe a little less comfortable driving with rideshare or riding with rideshare right now, driving or on either side. And this opens it up.

因此，隨著時間的推移，你可以做的是它可以讓你解鎖一個非常、潛在非常、非常大的市場。人們，女性，現在感覺在乘坐共享出行或乘坐共享出行時可能不太舒服，無論是駕駛還是在任何一側。這打開了它。

Now, consumer behavior takes a long time to change. This is not the sort of stuff that you flip a switch to you see gigantic numbers. But you're talking about half the population here. So that's optimal.

現在，消費者行為需要很長時間才能改變。這不是那種你按下開關就能看到巨大數字的東西。但你說的是這裡一半的人口。所以這是最佳的。

So we look segment by segment by segment and see a lot of opportunities. We talked about commuters as well today. Where commuters were really underpenetrated compared to the value prop, right? I mean people might take these 2 or 3 times a week, but the us there is sort of a real us. They might take rideshare 2 times or 3 times a week, and we want frankly a bigger share of that, and we think we've got a better product.

因此，我們逐一細分市場進行觀察，發現了許多機會。我們今天也討論了通勤者。與價值支柱相比，通勤者的滲透率確實很低，對吧？我的意思是，人們可能每週服用 2 到 3 次，但那裡的我們是真正的我們。他們可能每週乘坐 2 次或 3 次拼車，坦白說，我們希望獲得更大的份額，而且我們認為我們有更好的產品。

And then we think of our partnerships. And again, we talked about this at Investor Day. Partnership, it's just an incredible sort of DNA level expertise that we've developed over the years. And you've heard some of the same names over and over again, and that's not an accident. It's because the Disneys has put the world; the Delta Airlines of the world, the Chases of the world, the Hiltons of the world. These are some of the world's biggest and best brands. And but Delta is having a little bit of a tough day right now.

然後我們想到我們的合作關係。我們在投資者日再次討論了這一點。合作夥伴關係，這是我們多年來開發的令人難以置信的 DNA 級專業知識。你會一遍又一遍地聽到一些相同的名字，這並非偶然。這是因為迪士尼已經把世界；世界上的達美航空、世界上的大通、世界上的希爾頓。這些是一些世界上最大和最好的品牌。但達美航空現在的日子有點辛苦。

But at the end of the day, it's the US's biggest carrier, and we've got one of the very small number of relationships they have with their SkyMiles partnership, and that's something that, over time, will be growing even more.

但歸根結底，它是美國最大的航空公司，我們與他們的「飛凡哩程常客計畫」合作夥伴關係是極少數的之一，而且隨著時間的推移，這種關係將會進一步發展。

Same with Chase. Chase Sapphire, incredibly important part of Chase's portfolio are their credit card portfolio, and they're making huge investments there. And as they invest in that, that helps us as well because we get riders that get points on Chase.

與蔡斯相同。大通藍寶石，大通投資組合中極其重要的一部分是他們的信用卡投資組合，他們正在那裡進行巨額投資。當他們對此進行投資時，這也對我們有幫助，因為我們的乘客可以在大通銀行獲得積分。

So, I think each of these -- it might sound a little bit like more of the same, but what it's really meant to say is when we see something that's working, we double down on it, we go deeper, we try to go bigger, try to really figure out kind of where the growth is coming from. And we just don't see any particular limits to the sort of market size that we're kind of addressing. And so, we feel pretty confident about our targets.

所以，我認為每一個——聽起來可能有點相似，但它真正的意思是，當我們看到一些有效的東西時，我們會加倍努力，我們會更深入，我們會嘗試去做更大，嘗試著真正弄清楚成長來自哪裡。我們只是沒有看到我們正在解決的市場規模有任何特定的限制。因此，我們對我們的目標非常有信心。

Yes. I would say at Investor Day, David, one of the things that at least folks shared comments with me was a new appreciation for the depth of our partnerships. And we emphasized, obviously, our existing partnerships and just the opportunity to continue to penetrate those. And that's not even mentioning partnerships that may come in the future.

是的。大衛，我想說，在投資者日，至少人們與我分享的評論之一是對我們合作夥伴關係深度的新認識。顯然，我們強調了我們現有的合作夥伴關係以及繼續滲透這些合作關係的機會。這甚至還沒有提到未來可能出現的合作關係。

I think the only other area, Nikhil, that I would point to is health care, and our business there is a market leader in the nonemergency medical transportation space. We continue to see incredible growth there and unlocking new states and new partnerships and continue to remain bullish on the opportunity there.

尼基爾，我認為我要指出的唯一其他領域是醫療保健，我們的業務在非緊急醫療運輸領域處於市場領先地位。我們繼續看到那裡令人難以置信的成長並解鎖新的州和新的夥伴關係，並繼續看好那裡的機會。

Yeah. Super good partner, and we have a great leader. A buck is precious.

是的。超級好的合作夥伴，我們有一個很棒的領導者。一塊錢很珍貴。

Bernie McKernan with Needham & Co. Please go ahead.

Bernie McKernan 與 Needham & Co. 請續。

Great. Thanks for taking my question. David, solving for pricing has certainly been a focus for the company. Maybe first, the price cuts, now lower primetime. And so, if you look out over the next couple of years, do you think we're at the peak drag from pricing right now? Or is that still in the future?

偉大的。感謝您提出我的問題。大衛，解決定價問題無疑是公司關注的焦點。也許首先是降價，現在黃金時段更低。那麼，如果你展望未來幾年，你認為我們現在正處於定價拖累的頂峰嗎？或者說這仍然是未來的事嗎？

And then how to think about those positive offsets like things from higher conversion, how long does it take for higher volume to outweigh the pricing headwind? And maybe what you're seeing in your best markets right now like Baltimore, Phoenix and Orlando, is that seeing headwind being offset by volume already? Thank you.

然後如何考慮這些積極的抵銷作用，例如更高的轉換率，更高的銷售量需要多長時間才能抵銷定價阻力？也許您現在在巴爾的摩、鳳凰城和奧蘭多等最好的市場看到的情況是，逆風已經被銷售所抵消了嗎？謝謝。

Yes, it's a great question. I mean people are certainly price-sensitive. We all know that we see it every single day, literally millions of times, I think. And so, we put a lot of energy into figure out how to -- and it's two things. It's lowering pricing when we can, and it's reducing variability when we can. And those things are both very important in the pricing equation. The lower price, of course, everybody likes that. The lower variability, again, people really dislike variability.

是的，這是一個很好的問題。我的意思是人們肯定對價格敏感。我們都知道我們每天都會看到它，我想實際上是數百萬次。因此，我們投入了大量精力來弄清楚如何——這是兩件事。它會盡可能降低價格，並盡可能減少變動性。這些因素在定價方程式中都非常重要。價格低一點，當然大家都喜歡。同樣，較低的變異性，人們真的不喜歡變異性。

One of the best -- so we have a couple -- let me just talk about this for a second. I know it's our last question, but it's a really good and important one. We have a couple of strategies there. So, we have some products like Wait & Save, which give us some additional flexibility to match rider and driver in a way that improves -- even though it's a good discount for the rider, it also allows us to work the economics of it such that we can choose them on different drivers and who’s the costly to serve the rider and so forth.

其中最好的一個——所以我們有兩個——讓我談談這個。我知道這是我們的最後一個問題，但這是一個非常好的且重要的問題。我們有幾個策略。因此，我們有一些產品，例如“等待並保存”，它為我們提供了一些額外的靈活性，以改進的方式匹配騎手和司機- 儘管這對騎手來說是一個很好的折扣，但它也使我們能夠在財務上進行工作，例如我們可以選擇不同的司機以及誰為騎手提供服務的成本最高等等。

So, we ineed to make sure that as we -- as Erin said, every none of our modes needs to contribute to profitability here. So, we're very focused on that. Same with Price Lock, right? There's obviously an offset where you're going to pay a little upfront fee, you're going to pay a little bit less, and we have to make it up in volume, and that's exactly what we're seeing in our early markets, but there's a lot more to go there. We're super early.

因此，我們需要確保，正如艾琳所說，我們的每一種模式都需要為獲利做出貢獻。所以，我們非常關注這一點。與價格鎖定相同，對嗎？顯然存在一種抵消，你需要支付一點預付費用，你需要支付的費用少一點，我們必須透過數量來彌補，這正是我們在早期市場中看到的，但還有很多事情要做。我們來得太早了。

And then I'll come back to the partnership side. There are so many ways where I think our partners can help us offset costs such that the rider ends up paying less. And this happens today, we have a lot of various different offers from different partners that we kind of cycle through the platform. Maybe you'll have seen some of them. Sometimes it will be extra points on your credit card. But sometimes it will literally be a discount that the partner funds because it really helps drive traffic to their site.

然後我會回到夥伴方面。我認為我們的合作夥伴可以透過多種方式幫助我們抵消成本，從而使乘客最終支付更少的費用。今天就發生了這種情況，我們有來自不同合作夥伴的許多不同的報價，我們在平台上循環使用。也許你會見過其中的一些。有時它會為您的信用卡帶來額外積分。但有時，這確實是合作夥伴資助的折扣，因為這確實有助於增加其網站的流量。

And I think that last area is -- and again, to Erin's point, we have real expertise in partnerships. That's an area where I think you'll see us continue to invest. Lowering prices across -- we like where our pricing is. And frankly, our riders generally do too. It's giving us really good growth, all-time high, as we've said all that before.

我認為最後一個領域是——艾琳指出，我們在合作夥伴關係方面擁有真正的專業知識。我認為您會看到我們繼續在這個領域進行投資。全面降低價格—我們喜歡我們的定價。坦白說，我們的騎手通常也是這樣做的。正如我們之前所說，它為我們帶來了非常好的成長，創歷史新高。

So that's maybe not the biggest focus. The biggest focus now is, what are some other innovations we can do like with partners. Maybe partners pick up some of the cost to provide in a way that will reduce the price for a rider but keep the economics and not enter into some crazy unsustainable thing that sometimes businesses do that just doesn't work.

所以這可能不是最大的焦點。現在最大的焦點是，我們還可以與合作夥伴一起做哪些其他創新。也許合作夥伴會承擔一些成本，以某種方式提供服務，從而降低乘客的價格，但保持經濟性，而不是陷入一些瘋狂的、不可持續的事情，而企業有時會這樣做，但行不通。

And remember, Bernie, the price of rider experiences is a combination of many factors. mode, mix, distance, we talked about prime time and the impact here on Q2 and Q3. But remember, that's a great thing for the health of our marketplace over the long term. At the end of the day, market prices are dynamic just as David described and our goal and what we're doing, it's operating in a healthy and competitive way.

請記住，伯尼，騎手體驗的價格是許多因素的組合。模式、組合、距離，我們討論了黃金時段以及對第二季和第三季的影響。但請記住，從長遠來看，這對我們市場的健康發展是一件好事。歸根結底，市場價格是動態的，正如大衛所描述的那樣，我們的目標和我們正在做的事情，它正在以健康和有競爭力的方式運作。

This will conclude our question and answer session. I will now turn the call back to Mr. CYO. David Fischer for closing remarks.

我們的問答環節到此結束。我現在將電話轉回給 CYO 先生。大衛費雪致閉幕詞。

And I wanted to say thanks to two folks of the two groups. Thank you for being our investors over the long term. We've reached GAAP profitability and super excited about that. But we've got a lot more to come, and we're just as excited about that. And so for that, I think the team, the team just worked crazy hard to get us where we are, but also to set us up for the long term.

我想對兩個小組的兩個人表示感謝。感謝您成為我們的長期投資者。我們已經達到了 GAAP 獲利能力，對此感到非常興奮。但我們還有更多的事情要做，我們對此同樣感到興奮。因此，我認為團隊瘋狂地努力工作，讓我們達到現在的水平，同時也為我們的長期發展做好了準備。

we really love how strong our marketplaces. We love how riders and drivers are responding to our customer obsession and on that that so we should view I recommend checkout left open up your app center for price lock, let us know how it works for you. And we're super excited to see you all next time. Thanks for your interest and following us and our partners.

我們真的很喜歡我們強大的市場。我們喜歡乘客和司機對我們客戶痴迷的反應，因此我們應該查看我建議結帳時打開您的應用程式中心以鎖定價格，讓我們知道它如何為您服務。我們非常高興下次見到大家。感謝您的關注並關注我們和我們的合作夥伴。

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。