Lyft Inc (LYFT) 2024 Q3 法說會逐字稿

Good afternoon and welcome to the Lyft third-quarter 2024 earnings call. (Operator Instructions) And as a reminder, this conference call is being recorded. I would now like to turn the conference over to Aurelien Nolf, Vice President, FP&A and Investor Relations. You may begin.

下午好，歡迎參加 Lyft 2024 年第三季財報電話會議。 （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 Aurelien Nolf。你可以開始了。

Thank you. Welcome to the Lyft earnings call for the third 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, partnerships, 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.

謝謝。歡迎參加 Lyft 2024 年第三季財報電話會議。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有關我們的業務策略和業績、合作夥伴關係、未來財務表現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。

These factors and risks are described in our earnings materials and our recent SEC filings. 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。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，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

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

此外，今天我們要討論客戶。對於共乘來說，每輛車上有兩名顧客。司機是顧客，騎士是司機的顧客。我們兩者都關心。

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.

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, Aurelien. Good afternoon and thanks for joining us. Once again, our team executed on all parts of our strategic plan, resulting in a spectacular third quarter with progress on what matters most to riders and drivers more than 2 million times a day. Erin will get into the details about our performance this quarter but a driver from North Carolina put it well when they called Lyft superior to the other guys because of better transparency and overall better pay per ride.

謝謝你，奧雷利安。下午好，感謝您加入我們。我們的團隊再次執行了戰略計劃的所有部分，從而在第三季度取得了令人矚目的成績，在對騎手和司機最重要的問題上每天的進展超過 200 萬次。艾琳（Erin）將詳細介紹我們本季的表現，但來自北卡羅來納州的一位司機說得很好，他們稱Lyft 優於其他公司，因為它具有更好的透明度和總體上更好的每次乘車報酬。

As we outlined at our Investor Day, our customer obsession engine was fueled by several product innovations, progress with Lyft medium, and some big partnership announcements. First, we said we would differentiate with product innovation. Our strategy is simple but effective: obsess over our customers. That's what we did for commuters when we introduced price lock.

正如我們在投資者日所概述的那樣，我們的客戶痴迷引擎是由多項產品創新、Lyft 媒體的進展以及一些重大合作夥伴關係公告推動的。首先，我們說我們要透過產品創新來實現差異化。我們的策略簡單但有效：專注於我們的客戶。這就是我們引入價格鎖定時為通勤者所做的事情。

Commute rides make up nearly half of rides Monday to Friday, so it's no wonder price lock is performing beyond our expectations. By the end of September, we already had more than 200,000 active passes, and this number keeps growing. We see the price lock riders take on average four more rides per month than they previously did before purchasing the pass.

通勤行程佔週一至週五出行的近一半，因此價格鎖定的表現超出我們的預期也就不足為奇了。截至 9 月底，我們已經擁有超過 20 萬張活躍通行證，而且這個數字還在持續增加中。我們發現，價格鎖定乘客每月平均乘坐次數比購買通行證之前多了四次。

Not only is price lock helping computers, but also drivers by creating more predictability on when and where to drive. It's a win-win. We're pleased with how price lock is performing. And we're taking feedback from early users to further enhance the product.

價格鎖定不僅可以幫助計算機，還可以透過提高駕駛時間和地點的可預測性來幫助駕駛員。這是雙贏的。我們對價格鎖定的表現感到滿意。我們正在收集早期用戶的回饋，以進一步增強產品。

Related to this, we're always thinking about and providing more value to our riders. So here's an update on that can of whoop-ass I mentioned last time on prime time, which our team is -- which is our term for surge pricing. Prime time continues to decrease and is now down more than 40% year over year and 20% quarter on quarter on a per-ride basis. In the regions where prime time declines fast, conversion goes up, along with rides and market share.

與此相關的是，我們一直在思考並為我們的騎手提供更多價值。因此，這是我上次在黃金時段提到的那一罐胡言亂語的更新，我們的團隊就是——這是我們對高峰時定價的術語。黃金時段持續減少，目前以每次乘車次數計算，年減超過 40%，季減 20%。在黃金時段快速減少的地區，轉換率、乘車次數和市場份額都會上升。

Chicago is a great example where we saw prime time decline very fast in Q3, resulting in conversion improvements, drive growth acceleration, and share gains. I've said before that our strategy was to take rideshare's most hated feature and turn it into a reason to choose Lyft. And again, this quarter, we're seeing the proof that that's the right strategy.

芝加哥就是一個很好的例子，我們看到第三季黃金時段的下降速度非常快，從而提高了轉換率，推動了成長加速和份額成長。我之前說過，我們的策略是利用共乘服務最令人討厭的功能，並將其變成選擇 Lyft 的理由。本季度，我們再次看到了證明這是正確策略的證據。

More recently, we launched a new set of improvements for drivers to better ensure that every ride and every minute they spend on the road is worthwhile. Imagine driving with Lyft and you accept a ride for a given amount of pay, but you end up sitting in unexpected traffic. The ride takes longer and on an hourly basis, you earn less than you expected, not a great experience. So we addressed it. Now drivers can count on their earnings being increased anytime a ride takes five minutes longer than estimated.

最近，我們為駕駛員推出了一系列新的改進措施，以更好地確保他們在路上的每一次騎行和每一分鐘都是值得的。想像一下，使用 Lyft 開車，您接受了一定金額的乘車服務，但最終卻遇到了意想不到的交通擁堵。車程時間更長，而且按小時計算，你賺的錢比你預期的要少，這不是一次很好的體驗。所以我們解決了這個問題。現在，只要乘車時間比預計時間長五分鐘，司機就可以指望他們的收入會增加。

Drivers now also see the estimated dollar per hour rate for every ride on the accept screen to help them decide if the ride is worth their time. And if you drive an EV, you can choose to only match with rides fall within your battery range, a really important change that takes care of range anxiety.

司機現在還可以在接受螢幕上看到每次乘車的估計​​每小時美元費率，以幫助他們決定該乘車是否值得花時間。如果你駕駛電動車，你可以選擇只匹配在你的電池範圍內的遊樂設施，這是一個非常重要的變化，可以解決里程焦慮。

All told, just this year, we've launched 33 new products and features, a true testament to our team listening to drivers and riders and delivering on the innovation they want. As a result, we're seeing all-time highs across both driver and rider metrics.

總而言之，僅今年，我們就推出了 33 款新產品和功能，這真正證明了我們的團隊傾聽駕駛員和乘客的意見並提供他們想要的創新。因此，我們看到駕駛和騎士指標均創歷史新高。

Drivers are spending more time with Lyft than they ever have as driver hours in Q3 reached yet another all-time high. According to interviews, driver preference for Lyft is now 12 percentage points higher than our main competitor. At Investor Day back in June, we said we expect driver hour growth in line with business growth. And right now, we're ahead of that target.

隨著第三季的司機工作時間再創新高，司機在 Lyft 上花費的時間比以往任何時候都多。根據採訪，駕駛者對 Lyft 的偏好現在比我們的主要競爭對手高 12 個百分點。在 6 月的投資者日上，我們表示預計駕駛時間的成長將與業務成長保持一致。現在，我們已經領先於該目標。

On the rider side, we see the same. Active riders hit an all-time high, growing at a pace ahead of the long-term target we shared at our Investor Day. We had record rides again this quarter, with commute rides surpassing their all-time highs in 2019. Ride frequency, the average number of rides taken by each active rider, increased for the seventh consecutive quarter and is also in line with our long-term target.

在騎手方面，我們也看到了同樣的情況。活躍乘客創下歷史新高，其成長速度超過了我們在投資者日分享的長期目標。本季我們的乘車次數再次創下新紀錄，通勤乘車次數超過了2019 年的歷史最高水平。長期目標目標。

Riders are taking more bike and scooter rides, too. Our bikes and scooters mode had strong performance in Q3, breaking another record in quarterly rise. Bottom line, Lyft is still growing. Up next is more expansion in Canada. But right now, we're onboarding drivers in Winnipeg. At this point, roughly 12% of all Canadians have taken a ride with Lyft, and we look forward to riders in Winnipeg joining us soon.

騎手們也越來越多地騎自行車和踏板車。我們的自行車和滑板車模式在第三季表現強勁，打破了季度成長的紀錄。底線是，Lyft 仍在成長。接下來是在加拿大的進一步擴張。但現在，我們正在溫尼伯招募司機。目前，大約 12% 的加拿大人已經乘坐過 Lyft，我們期待溫尼伯的乘客很快就會加入我們。

So now on to Lyft Media, we've been building Lyft Media into a highly performant platform, and we continue to improve it for our ad partners. Last month, we expanded how we measure campaign performance. Brands like Foursquare are now helping us measure foot traffic to brick-and-mortar stores. NCSolutions provides insights on brand loyalty or consumer packaged goods companies. And [coachagum] is measuring digital outcomes like app installs and purchases. Overall, Lyft Media continues to gain great traction with in-app ads growing nearly 3x year over year in Q3.

現在談到 Lyft Media，我們一直在將 Lyft Media 打造成一個高效能平台，並繼續為我們的廣告合作夥伴改進它。上個月，我們擴展了衡量行銷活動績效的方式。像 Foursquare 這樣的品牌現在正在幫助我們測量實體店面的客流量。 NCSolutions 提供品牌忠誠度或消費品公司的見解。 [coachagum] 正在衡量數位結果，例如應用程式安裝和購買。總體而言，Lyft Media 繼續獲得巨大吸引力，第三季應用程式內廣告年增近 3 倍。

Now, I want to take a look at two partnership-focused initiatives that will help strengthen Lyft's position going forward. We are very proud (technical difficulty) the best of what we do in rideshare. We are the pure play in on-demand mobility. And that allows us to be 100% focused on getting it right for drivers and riders every time.

現在，我想看兩項以合作夥伴關係為重點的舉措，這些舉措將有助於鞏固 Lyft 的未來地位。我們對我們在共乘領域所做的最好的事情感到非常自豪（技術難度）。我們是按需行動領域的純粹參與者。這讓我們每次都能百分之百專注於為駕駛和乘客提供合適的服務。

As we said at Investor Day, that approach includes deeply partnering with other companies who are the best of what they do. For food delivery, that's DoorDash. DashPass has millions of subscribers and with last week's partnership announcement, we're giving every one of them a reason to prefer Lyft. So I encourage each and every one of you to link your accounts immediately, so you can save the next time you go out with friends and then on that late night snack when you get home.

正如我們在投資者日所說，這種方法包括與其他最擅長的公司深度合作。對於食品配送，那就是 DoorDash。 DashPass 擁有數百萬訂戶，隨著上週的合作夥伴關係公告，我們為每個人提供了選擇 Lyft 的理由。因此，我鼓勵你們每個人立即連結您的帳戶，這樣您就可以在下次與朋友外出時節省費用，然後在回家後節省夜宵費用。

Second, today we announced our next step in helping bring autonomous vehicles to millions of people. And again, we're doing that in partnership, beginning with Mobileye, Nexar, and May Mobility. Let me talk about each of these briefly.

其次，今天我們宣布了下一步計劃，幫助數百萬人使用自動駕駛汽車。我們再次與 Mobileye、Nexar 和 May Mobility 合作進行這項工作。讓我簡要地談談其中的每一個。

With Mobileye, our partnership makes our rideshare platform available to all vehicles with Mobileye Drive Level 4 self-driving technology. These vehicles will be Lyft-ready, giving small and large fleet operators seamless access to Lyft's platform and network of riders. With Nexar, our partnership combines Lyft's fast network with Nexar's intelligent video telematics with the goal of accelerating how AVs learn. And finally, we're very excited to partner with May Mobility to make their autonomous vehicles available to Lyft riders in Atlanta next year.

透過與 Mobileye 的合作，我們的共乘平台可用於所有採用 Mobileye Drive Level 4 自動駕駛技術的車輛。這些車輛將支援 Lyft，讓小型和大型車隊營運商無縫存取 Lyft 的平台和乘客網路。我們與 Nexar 的合作將 Lyft 的快速網路與 Nexar 的智慧視訊遠端資訊處理相結合，目標是加快自動駕駛汽車的學習速度。最後，我們非常高興能夠與 May Mobility 合作，明年為亞特蘭大的 Lyft 乘客提供他們的自動駕駛汽車。

Each of these partnerships plays a different role. But collectively, they help Lyft become the best option for AV stakeholders and asset holders to go to market. At Lyft, we envision a robust future that brings together human drivers and autonomous vehicles in an always-on transportation network. Adding AVs is a huge opportunity, and we look forward to partnering with even more leaders in the industry to shape this feature. Stay tuned because this is just the beginning.

這些夥伴關係中的每一個都發揮著不同的作用。但總的來說，它們幫助 Lyft 成為自動駕駛汽車利害關係人和資產持有者進入市場的最佳選擇。在 Lyft，我們設想了一個強大的未來，將人類駕駛員和自動駕駛汽車匯集在一個始終在線的交通網絡中。添加 AV 是一個巨大的機會，我們期待與更多行業領導者合作來塑造這項功能。請繼續關注，因為這只是一個開始。

Before I finish up, I want to share something with you that is foundational to the way we lead our company, and that's our purpose. The team at Lyft has always been passionate about having an impact. It's often cited as a reason people love our brand and why people choose us. It's one of the reasons I came here, too, and it's good for business in ways beyond brand love. Research shows that the purpose-driven organizations have returns that significantly outperformed the S&P 500.

在結束之前，我想與大家分享一些對我們領導公司方式至關重要的事情，這也是我們的目的。 Lyft 團隊始終熱衷於產生影響力。它經常被認為是人們喜愛我們品牌和選擇我們的原因。這也是我來到這裡的原因之一，除了品牌喜愛之外，這對商業也有好處。研究表明，目標驅動型組織的報酬率明顯優於標準普爾 500 指數。

Lyft's purpose is to serve and connect. And we say that again because it's new. Our purpose is to serve and connect. On service, we want to reset the bar, serving drivers and riders better than we have ever experienced before. And on connection, in an increasingly virtual, physically disconnected world, we're going to fight hard to keep bringing people together in person.

Lyft 的宗旨是服務和聯繫。我們再次這麼說是因為它是新的。我們的目的是服務和聯繫。在服務方面，我們希望重新設定標準，為司機和乘客提供比以往更好的服務。在連結方面，在一個日益虛擬、物理上斷開的世界中，我們將努力讓人們面對面地聚集在一起。

Lyft is moving ahead. Quarter after quarter, we're winning riders and drivers over with our service. As a result, people are choosing rideshare more. And when they choose Rideshare, they're increasingly choosing Lyft.

Lyft 正在向前邁進。每個季度，我們都透過我們的服務贏得乘客和司機的青睞。因此，人們更多地選擇共乘。當他們選擇共享出行時，他們越來越多地選擇 Lyft。

Sure, we're competing against the other guys that are more than holding our own, but increasingly, you'll find that we're playing a different game. We're competing with your car, even with your couch. Every day, over 2 million times, we serve and connect. And I hope you see how early we are in that journey and just how important that purpose is. Over to you, Erin.

當然，我們正在與其他不僅僅是堅守自己的人競爭，但越來越多地，你會發現我們正在玩不同的遊戲。我們正在與您的汽車競爭，甚至與您的沙發競爭。每天，我們提供超過 200 萬次服務和聯繫。我希望您能看到我們在這趟旅程中處於多麼早的階段，以及這個目標是多麼重要。交給你了，艾琳。

Thanks, David. Good afternoon, everyone, and thanks for joining us today. I'm excited to share an update on our results for the third quarter, as well as the outcome of our recent insurance renewals, the next steps regarding our capital allocation plans, and our increased outlook for the full-year 2024.

謝謝，大衛。大家下午好，感謝您今天加入我們。我很高興分享我們第三季業績的最新信息，以及我們最近續保的結果、有關我們資本配置計劃的後續步驟，以及我們對 2024 年全年的展望。

Now, let's get into the details of the quarter. 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. For the third quarter, gross bookings exceeded $4.1 billion, up 16% year over year, with double-digit rise growth in both rideshare, as well as our bikes and scooters mode.

現在，讓我們了解本季的詳細資訊。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原則，並且不包括我們的收益資料中詳細說明的選定項目。第三季度，總預訂量超過 41 億美元，年增 16%，共乘以及自行車和踏板車模式均達到兩位數成長。

Q3 saw strong demand with active riders' growth of 9% and frequency up 6%, driven by growth in Canada, our back-to-school activations, and the success of new products, all underpinned by our focus on operational excellence. While demand exceeded our expectations in the quarter, gross bookings per ride and the continued reduction in prime time were in line with our expectations. As we discussed last quarter, reducing the variability from prime time addresses a significant concern for our riders, ultimately drives preference for Lyft and makes our platform healthier.

第三季需求強勁，活躍乘客成長 9%，頻率上升 6%，這得益於加拿大的成長、我們的返校活動以及新產品的成功，所有這些都得益於我們對卓越營運的關注。雖然本季的需求超出了我們的預期，但每次行程的總預訂量和黃金時段的持續減少符合我們的預期。正如我們上季度討論的那樣，減少黃金時段的變化解決了乘客的一個重大問題，最終提高了對 Lyft 的偏好，並使我們的平台更加健康。

Revenue exceeded $1.5 billion, up 32% year over year. During the quarter, we delivered revenue margin expansion both year over year and sequentially, reflecting efficiency in the deployment of incentives. Consistent with the framework we outlined at our Investor Day in June, our focus is on generating efficiencies on a per ride basis across total incentive spend.

營收超過15億美元，年增32%。在本季度，我們實現了收入利潤率同比和環比增長，反映了激勵措施部署的效率。與我們在 6 月投資者日概述的框架一致，我們的重點是在總激勵支出中提高每次乘車的效率。

During the quarter, incentive expenses into contra revenue and sales and marketing combined declined 17% on a per ride basis year over year, well ahead of the annual multiyear target of 10% we outlined at Investor Day as we continue to improve the balance of our marketplace. Operating expenses were $602 million, or 14.7% of gross bookings, including planned investment in rider engagement and higher legal and insurance expenses, some of which are accrued on a per-ride basis.

本季度，對沖收入以及銷售和行銷的激勵費用合計按每次乘車次數同比下降 17%，遠高於我們在投資者日制定的 10% 的年度多年目標，因為我們繼續改善我們的平衡市場。營運費用為 6.02 億美元，佔總預訂量的 14.7%，其中包括計劃對乘客參與度的投資以及更高的法律和保險費用，其中一些費用是按每次騎行計算的。

In the third quarter, adjusted EBITDA was $107 million, which as a percentage of gross bookings was 2.6%. Third-quarter adjusted EBITDA included the benefit of a one-time $14 million tax accrual release. GAAP net loss in the third quarter was $12.4 million, which includes restructuring charges of $36 million related to the previously announced restructuring plans in our bikes and scooters division, now known as Lyft Urban Solutions.

第三季度，調整後 EBITDA 為 1.07 億美元，佔預訂總額的百分比為 2.6%。第三季調整後的 EBITDA 包括一次性釋放 1,400 萬美元應計稅款的收益。第三季 GAAP 淨虧損為 1,240 萬美元，其中包括與先前宣布的自行車和踏板車部門（現稱為 Lyft Urban Solutions）重組計劃相關的 3,600 萬美元重組費用。

We ended the third quarter with a strong cash position with unrestricted cash, cash equivalents, and short-term investments of approximately $1.9 billion, and we generated $243 million of free cash flow. As a reminder, our free cash flow trends will vary quarterly due to the timing of insurance payments. So I'd encourage you to focus on a 12-month view.

截至第三季末，我們的現金狀況強勁，擁有約 19 億美元的不受限制的現金、現金等價物和短期投資，並產生了 2.43 億美元的自由現金流。提醒一下，由於保險付款的時間，我們的自由現金流趨勢每季都會有所不同。因此，我鼓勵您專注於 12 個月的觀點。

At quarter end, for the trailing 12 months, we've delivered more than $641 million in free cash flow. This outpaced our previous target, driven primarily by higher insurance reserves directly related to higher ride volume, coupled with lower cash payments related to our legacy book.

截至季末，在過去 12 個月中，我們交付了超過 6.41 億美元的自由現金流。這超出了我們先前的目標，主要是由於與乘車量增加直接相關的保險準備金增加，以及與我們的遺留帳簿相關的現金支付減少。

Moving to capital allocation, I want to reiterate our current strategy, which focuses on three main areas. First, it's crucial for our scaled marketplace to maintain ample liquidity for operations and to comply with our existing covenants. Next, we're prioritizing investing in profitable growth. We have plans to invest in initiatives like building partnerships and enhancing our ad tech platform, which are important to our long-term growth strategy. And third, we're focused on shareholder returns, starting with dilution management.

談到資本配置，我想重申我們目前的策略，該策略專注於三個主要領域。首先，對於我們規模化的市場來說，保持充足的營運流動性並遵守我們現有的契約至關重要。接下來，我們將優先投資於獲利成長。我們計劃投資於建立合作夥伴關係和增強我們的廣告技術平台等舉措，這對我們的長期成長策略非常重要。第三，我們關注股東回報，從稀釋管理開始。

After restructuring last year, we've seen improvements in stock-based compensation dilution and remain on track to our commitment for 2024 stock-based compensation of approximately $340 million. Building on that progress, starting later this month, we will leverage our improving cash position to transition to net share settlement to address the tax withholding obligation for all employee restricted stock units. This will reduce the number of shares that would otherwise be issued into the market upon vesting.

去年重組後，我們看到股票薪酬稀釋有所改善，並繼續兌現我們對 2024 年約 3.4 億美元股票薪酬的承諾。在此基礎上，從本月稍後開始，我們將利用不斷改善的現金狀況過渡到淨股份結算，以解決所有員工限制性股票單位的預扣稅義務。這將減少歸屬時本應發行到市場的股票數量。

In 2025, we expect to use approximately $100 million of our cash balance, which will reduce dilution by approximately 2 percentage points compared to our prior tax withholding method. The use of cash will be reflected in the financing section of our statement of cash flows beginning in the fourth quarter of 2024.

到 2025 年，我們預計將使用約 1 億美元的現金餘額，與先前的預扣稅方法相比，這將減少約 2 個百分點的稀釋。從 2024 年第四季開始，現金的使用情況將反映在我們現金流量表的融資部分。

Now, on to guidance, our Q4 outlook includes both the impact of the DoorDash partnership as well as the renewal of our third-party insurance agreements. As we laid out at our Investor Day, partnerships are a key component of our profitable growth strategy and we're very excited about the opportunity to partner with another category leader.

現在，關於指導，我們的第四季度展望包括 DoorDash 合作夥伴關係的影響以及我們第三方保險協議的續約。正如我們在投資者日所闡述的那樣，合作夥伴關係是我們獲利成長策略的關鍵組成部分，我們對有機會與另一個類別領導者合作感到非常興奮。

In the fourth quarter, we're investing in the launch, and we're excited about bringing the benefits of Lyft and DoorDash to riders and DashPass members throughout the US. Our experience with large-scale partnerships tells us that achieving broad consumer adoption happens with time, and we look forward to sharing more updates in the coming months.

在第四季度，我們將投資推出產品，我們很高興能夠將 Lyft 和 DoorDash 的優勢帶給美國各地的乘客和 DashPass 會員。我們與大規模合作夥伴關係的經驗告訴我們，實現廣泛的消費者採用是隨著時間的推移而發生的，我們期待在未來幾個月分享更多更新。

Next, the renewal of our third-party insurance agreements reflects our success in continuing to bend the insurance cost curve through product and safety initiatives. We expect our fourth quarter cost of revenue will increase by approximately $50 million quarter over quarter, reflecting the impact of our [10-1] third-party renewals. That's significant progress versus last year's increase, driven by the multiyear strategy we outlined at Investor Day.

接下來，我們第三方保險協議的續約反映了我們透過產品和安全措施繼續彎曲保險成本曲線的成功。我們預計第四季度的收入成本將環比增加約 5000 萬美元，反映了我們的 [10-1] 第三方續約的影響。在我們在投資者日概述的多年策略的推動下，與去年的成長相比，這是顯著的進步。

Additionally, I'll remind you that last year, we moved some agreements to a biannual cycle, creating less disruptive impacts throughout the year. As such, we're comfortable that we can manage the insurance cost increase within our operating and financial plans.

此外，我要提醒您的是，去年，我們將一些協議改為半年週期，從而減少了全年的破壞性影響。因此，我們確信我們可以在我們的營運和財務計劃中管理保險成本的增加。

For the fourth quarter of 2024, we expect gross bookings growth of approximately 15% to 17% year over year or approximately $4.28 billion to $4.35 billion. We expect adjusted EBITDA of approximately $100 million to $105 million and an adjusted EBITDA margin as a percentage of gross bookings of approximately 2.3% to 2.4%. For the full-year 2024, we are raising our outlook and now expect rides growth in the mid-teens year over year; gross bookings to grow approximately 17% year over year; adjusted EBITDA margin as a percentage of gross bookings to be approximately 2.3%, up from the prior outlook of 2.1%; and free cash flow to exceed $650 million.

2024 年第四季度，我們預計總預訂量將年增約 15% 至 17%，約 42.8 億美元至 43.5 億美元。我們預計調整後 EBITDA 約為 1 億至 1.05 億美元，調整後 EBITDA 利潤率佔預訂總額的百分比約為 2.3% 至 2.4%。對於 2024 年全年，我們提高了預期，目前預計遊樂設施年增率將達到 15%左右；總預訂量較去年同期成長約 17%；調整後的 EBITDA 利潤率佔總預訂量的百分比約為 2.3%，高於先前預期的 2.1%；自由現金流超過 6.5 億美元。

2024 is the first year of our multiyear plan laid out at our Investor Day in June. Through customer obsession and operational excellence, we are delivering on all our commitments and are on pace to achieve our long-term targets. With that, I'll bring our prepared remarks to a close. Operator, we're ready to take questions.

2024 年是我們在 6 月的投資者日所製定的多年計畫的第一年。透過對客戶的關注和卓越的運營，我們正在兌現我們的所有承諾，並正在努力實現我們的長期目標。至此，我準備好的發言就結束了。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 for taking the questions. I have two: one for David, one for Erin. David, you just told me you could talk about the benefits that you're seeing of less prime time and surge on the platform and just how that's showing up in terms of ride volume via frequency and retention. I know you mentioned higher conversion, just wondering if there's any way you can quantify the benefits there. And then, Erin, can you talk about the $650 million in free cash flow in '24? I just want to make sure that we understand the drivers of the significantly higher outlook. Is that all a function of more shift to 1P and captive? And then how do we think about that trend in '25 sustainability? Thanks.

感謝您提出問題。我有兩件：一件給大衛，一件給艾琳。大衛，你剛剛告訴我，你可以談談你所看到的平台上黃金時間減少和激增的好處，以及透過頻率和保留率在乘車量方面如何體現出來的好處。我知道您提到了更高的轉換率，只是想知道是否有任何方法可以量化那裡的好處。然後，Erin，您能談談 24 年 6.5 億美元的自由現金流嗎？我只是想確保我們了解前景顯著提高的驅動因素。這都是更多轉向 1P 和圈養的結果嗎？那我們如何看待 25 世紀永續發展的趨勢？謝謝。

Sure. Doug, I'll start and then, I'll pass it over to Erin. So first, so prime time, yeah, prime time sucks. And so, we're really trying to focus on bringing it down. And as you heard, we're down 40% year on year, which is awesome.

當然。道格，我先開始，然後把它交給艾琳。首先，黃金時段，是的，黃金時段很糟糕。因此，我們確實正在努力集中精力降低這種情況。正如您所聽到的，我們比去年同期下降了 40%，這真是太棒了。

And so what we find when we look market by market is, the areas where we get it down the fastest is where we see incursion and ride growth -- conversion and ride growth increase nicely. So I think we mentioned Chicago in the prepared remarks. Boston is actually another city where we're seeing that work out super well.

因此，當我們逐個市場查看時，我們發現，我們下降最快的領域是我們看到入侵和乘車成長的地方——轉換率和乘車成長都有很好的成長。所以我認為我們在準備好的發言中提到了芝加哥。波士頓實際上是另一個我們看到效果非常好的城市。

So, it's great, it's great. And it's -- maybe I liken it a little bit to Starbucks' move last week of getting rid of the stupid surcharge on oat milk and stuff. It's just -- nobody likes that. Nobody likes that kind of variability, and particularly, when you're being charged for something that you didn't expect.

所以，這太棒了，太棒了。也許我把它比作星巴克上週取消燕麥奶和其他東西的愚蠢附加費的舉動。只是──沒有人喜歡這樣。沒有人喜歡這種變化，尤其是當你因意想不到的事情而被收取費用時。

I'd put it in a slightly broader frame too, to say, as we look at frequency, which continues to increase, frequency is driven primarily by great service, right? The better service you have, the more likely you are to take another ride. And that's just, I mean, tautological.

我也會把它放在一個稍微更廣泛的框架中，也就是說，當我們觀察不斷增加的頻率時，頻率主要是由優質服務驅動的，對吧？您獲得的服務越好，您就越有可能再次乘坐。我的意思是，這只是同義反覆。

But then, there are certain things we can do like price lock and some other things that will actually increase frequency even more than that. So -- and the prime time, it falls right in the middle of that, right? That's providing great service and also providing consistency.

但是，我們可以做一些事情，例如價格鎖定和其他一些實際上會增加頻率的事情。那麼——黃金時段就在中間，對吧？這就是提供優質的服務並提供一致性。

So sort of put it all together, really liking what we see. I think our conversions actually increased. Others gotten better by about one percentage point. So we're seeing good increase there. But of course, that averages all kinds of different things. So that's sort of the big picture on that. And then, Erin.

所以把它們放在一起，真的很喜歡我們所看到的。我認為我們的轉換率實際上有所增加。其他人的情況則好轉了大約一個百分點。所以我們看到那裡有良好的成長。但當然，這是對各種不同事物的平均。這就是總體情況。然後，艾琳。

Yeah, sure, Doug, on cash flow, I'll kind of start hovering up a little bit here. First of all, we're incredibly proud of the performance that this team has been able to drive across the business, obviously, strengthening our operating efficiency and improving our margins. And then, given that we're a relatively low kind of CapEx profile business, from a modeling perspective, you can assume that a significant portion of that adjusted EBITDA converts to cash. And that is, of course, before considering the impacts of insurance.

是的，當然，道格，在現金流方面，我會開始在這裡徘徊一點。首先，我們對這個團隊能夠在整個業務中取得的業績感到非常自豪，顯然，這提高了我們的營運效率並提高了我們的利潤率。然後，考慮到我們是一家資本支出相對較低的企業，從建模的角度來看，您可以假設調整後的 EBITDA 的很大一部分會轉換為現金。當然，這是在考慮保險的影響之前。

So let me kind of talk about the dynamics that we're seeing this year and some of the dynamics that I mentioned here in the third quarter. So first is the function of our insurance accruals, and those are a bit higher because our growth is a bit higher than expectations. So that's one part.

因此，讓我談談我們今年看到的動態以及我在第三季提到的一些動態。首先是我們的保險應計費用的功能，這些費用略高一些，因為我們的成長略高於預期。這就是一部分。

The second part is lower cash payout. So let me spend just a second here chatting through that. When we accrue for these expenses in period, we expect the total payout from any particular cohort to take approximately seven years to resolve, with the peak of that usually happening in year three and the majority of those claims paying out sort of year one through three, if you think about that overall horizon. So today, for example, it's fair to assume that the majority of claims that we're paying out are from the 2021 to 2023 time period where, of course, our rides volume were lower, therefore, fewer claims therefore, a reduction in those cash outflows.

第二部分是較低的現金支出。讓我花一點時間來討論這個問題。當我們按期間計提這些費用時，我們預計任何特定群體的總賠付需要大約七年的時間才能解決，高峰通常發生在第三年，其中大部分索賠在第一年到第三年支付，如果你考慮一下整體視野。例如，今天，可以公平地假設，我們支付的大部分索賠是在 2021 年至 2023 年期間發生的，當然，我們的乘車量較低，因此，索賠較少，因此這些索賠也減少了。流出。

You asked a little bit about what does that mean longer term. So looking further ahead, if you think about the near-term phase of our LRP, I think it's fair to assume that that conversion in that near term, say, 2025 part would be a bit higher than 90%, but likely not as high as we're seeing here in 2024. And then, as we move into the outer years of that LRP, we would expect that dynamic to normalize as insurance-related accruals and cash payments would be a little bit more balanced. So longer term, we believe that 90% plus adjusted EBITDA conversion target is appropriate.

您問了一些關於長期意味著什麼的問題。因此，展望未來，如果您考慮 LRP 的近期階段，我認為可以公平地假設近期（例如 2025 年）部分的轉換率將略高於 90%，但可能不會那麼高正如我們在2024 年看到的那樣。因此，從長遠來看，我們認為 90% 以上的調整後 EBITDA 轉換目標是合適的。

Great, thank you, both.

太好了，謝謝兩位。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the question, really just a two-parter. When you think about some of these new partnerships you're announcing with DoorDash and on the supply side with autonomous vehicle companies, I think, for DoorDash, how should we think about that driving demand on the rider and ride side in terms of an underlying assumption of what that might contribute to incremental growth? And in terms of autonomous, maybe just refresh us on your view about how adding autonomous supply and partnering across the autonomous vehicle industry landscape might alter some of what you see in terms of the growth prospects and the margin prospects going forward. Thanks so much.

非常感謝您提出這個問題，實際上只是兩個人。當你想到與 DoorDash 宣布的一些新合作夥伴關係以及與自動駕駛汽車公司的供應方合作夥伴關係時，我認為，對於 DoorDash 來說，我們應該如何從潛在的角度考慮騎手和乘車方的驅動需求假設什麼可能有助於增量成長？在自動駕駛方面，也許只是讓我們了解您的觀點，即在自動駕駛汽車行業領域增加自動駕駛供應和合作可能會如何改變您對未來成長前景和利潤前景的看法。非常感謝。

Sure. Let me take -- those are two chunky ones. And so, I will -- I'll talk to partnerships, and then AVs, and then maybe Erin can talk a little bit about the unit economics of AVs as well. We can kind of tag team a little bit on this. Yeah, maybe not. We'll see. We'll see what we cover.

當然。讓我想想——那是兩個粗的。所以，我會——我會談談合作夥伴，然後是自動駕駛汽車，然後也許艾琳也可以談談自動駕駛汽車的單位經濟效益。我們可以在這方面對團隊進行一些標記。是的，也許不是。我們拭目以待。我們將看看我們涵蓋的內容。

So on partnerships, So DoorDash, super interesting, right? So they've got about 18 million DashPass holders worldwide or 18 million customers worldwide. I think, DashPass -- right? Anyway, that's a big number. And some of them obviously are Lyft users, but maybe a smaller number than you might expect.

那麼關於合作夥伴關係，So DoorDash，超級有趣，對吧？因此，他們在全球擁有約 1800 萬 DashPass 持有者或全球 1800 萬客戶。我想，DashPass——對吧？無論如何，這是一個很大的數字。其中一些顯然是 Lyft 用戶，但數量可能比您預期的要少。

And so, I think you're absolutely right, Eric, to sort of target the top line on this. This is about effectively lighter acquisition, right? How can we acquire riders in a way that's super customer-friendly because we know that people like to take rides when they go out. And then when they come home, they'll get something delivered.

因此，我認為埃里克，你把重點放在這方面是完全正確的。這是關於有效地減輕採購量，對吧？我們如何以對客戶超級友好的方式吸引乘客，因為我們知道人們在外出時喜歡乘車。然後當他們回家時，他們會收到送貨的東西。

So it's off to a great start. I won't give you too many details. And I will say that all these partnerships tend to -- they sort of take time to build. So let's not get ahead of ourselves. But we certainly like what we see so far and we can see that riders are responding to it, signing up to link their accounts and then maybe ordering something, or maybe taking a ride that they wouldn't have taken otherwise. So yeah, right to think about it as the top-line driver and some of it's going to kind of unfold over time, but we like what we see so far for sure.

所以這是一個很好的開始。我不會給你太多細節。我想說的是，所有這些夥伴關係往往需要時間來建立。所以我們不要超前。但我們當然喜歡目前所看到的情況，我們可以看到乘客正在對此做出回應，註冊連結他們的帳戶，然後可能會訂購一些東西，或者可能會乘坐他們原本不會乘坐的行程。所以，是的，將其視為最重要的驅動因素是正確的，其中一些會隨著時間的推移而展開，但我們肯定喜歡目前所看到的情況。

On AVs, that one, if you don't mind, I'm going to sort of zoom out for a second. I mean, you asked specifically about additional supply, but actually, I want to give a little bit of context because this isn't something we've talked too much about so far.

關於自動駕駛汽車，如果你不介意的話，我會稍微縮小一下。我的意思是，您具體詢問了額外供應的問題，但實際上，我想提供一些背景信息，因為到目前為止我們對此還沒有討論太多。

So the first thing I should say about AVs is, these are great. They're great, right? It's a good experience. You can see them on the streets of San Francisco. I mean, to be clear, it's a very bespoke experience right now. It's a very expensive car. All kinds of things are going on behind the scenes to make sure that it works super well. And the scale is quite small in the great scheme of things.

因此，關於自動駕駛汽車，我首先要說的是，它們非常棒。他們很棒，對吧？這是一次很好的經驗。你可以在舊金山的街道上看到它們。我的意思是，需要明確的是，現在這是一種非常客製化的體驗。這是一輛非常昂貴的汽車。各種各樣的事情都在幕後進行，以確保它運作良好。在宏偉的計劃中，規模相當小。

But it's a really interesting experience. And so we absolutely see it as being a TAM expander for us, right? Because it will bring additional supply and it will bring a new experience for riders on that some riders will like, maybe others don't choose so much. And so the idea of having a hybrid between two of them, between human-driven cars and robot-driven cars, is super exciting to us.

但這是一次非常有趣的經驗。所以我們絕對認為它是我們的 TAM 擴展器，對吧？因為它會帶來額外的供應，會給騎手帶來新的體驗，有些騎手會喜歡，也許其他人不會選擇那麼多。因此，在人類駕駛的汽車和機器人驅動的汽車之間建立兩者之間的混合體的想法對我們來說非常令人興奮。

Our strategy is to become the partner of choice to any AV stakeholder. That might be an OEM, might be a equipment manufacturer, and a number of things. And for one basic reason, we want to be the best way to keep your AV-utilized and, therefore, making money. And that's sort of the thing. Like these are expensive assets. They're going to be expensive for a long time.

我們的策略是成為任何 AV 利害關係人的首選合作夥伴。這可能是 OEM，可能是設備製造商，還有很多。出於一個基本原因，我們希望成為保持 AV 利用率並因此賺錢的最佳方式。就是這樣。這些都是昂貴的資產。它們將在很長一段時間內變得昂貴。

And so they got to be moving around, right? Just like an airplane, or a restaurant has got to have people in the seats, or airplanes got to be in the sky. Like, these things have to be utilized. And so, I'm going to break that down a little bit. And again, sorry for the long answer, but it's kind of a chunky area.

所以他們必須四處走動，對嗎？就像飛機，或餐廳必須有人坐在座位上，或是飛機必須在天空中一樣。就像，這些東西必須被利用。因此，我將對此進行一些分解。再次，抱歉回答太長，但這是一個很笨重的區域。

So the first is demand generation. So three big pillars I want everyone to think about. First is demand gen, right? So you know this. I mean we're one of the two big-scale platforms North America, 40 million active riders, 2 million rides a day. So that, I think, sort of stands to reason.

所以首先是需求的產生。所以我希望每個人都思考三大支柱。首先是需求生成，對嗎？所以你知道這一點。我的意思是我們是北美兩大大型平台之一，有 4000 萬活躍騎手，每天 200 萬次騎乘。所以，我認為，這是有道理的。

The second place is marketplace management. So 1.4 million drivers today are on our platform every year. That's a lot of individuals. And what do they do? What do they rely on us today for? And then you can sort of fast forward and think what are AVs going to rely on us tomorrow for?

第二位是市場管理。現在每年有 140 萬名司機使用我們的平台。這是很多人。他們做什麼？他們今天依靠我們做什麼？然後你可以快轉思考明天自動駕駛汽車將依賴我們做什麼？

They've got to be onboarded. They got to be insured. They got to get paid. They get to get matched right, 24 hours a day, 7 days a week. Cars will match riders, which means that you have to estimate the ETA. That's pickup time, you got to price it right, you have to do customer care when things are left in your car. all of this market -- but you got to manage pickup and drop off, and that sounds easy, but it's not because such an address on Fifth Avenue is secretly around the corner, all these sorts of things. So this marketplace management is quite complicated, and it's something that we do at massive scale every single day. And the second piece, the second big pillar that any AV asset manager is going to want to plug into.

他們必須上船。他們必須投保。他們必須得到報酬。他們每週 7 天、每天 24 小時都能得到正確的配對。汽車會與騎士相匹配，這意味著您必須估計預計到達時間。那是取車時間，你必須正確定價，當東西落在你的車上時，你必須進行客戶服務。整個市場 - 但你必須管理接送服務，這聽起來很容易，但這並不是因為第五大道上的這樣一個地址就在拐角處秘密地存在，所有這些事情。因此，這個市場管理非常複雜，而且是我們每天都在大規模進行的事情。第二部分，任何 AV 資產管理者都想要插入的第二大支柱。

And then the third is fleet utilization. Okay, so this is actually a little bit subtle. And it sounds straightforward, right, but it's actually -- it's quite complex. Again, of course, it's onboarding, but then it's things like maintenance, right? Again, think of a car as an asset. Again, for some reason, at least I find it actually easy to think of airplanes. It's very expensive assets that you just have to make sure are flying around and not sitting in maintenance stocks and so forth.

第三是機隊利用率。好吧，這實際上有點微妙。這聽起來很簡單，對吧，但實際上非常複雜。當然，這又是入職，但接下來就是維護之類的事情，對吧？再一次，將汽車視為一種資產。同樣，出於某種原因，至少我發現實際上很容易想到飛機。這是非常昂貴的資產，您只需確保它們在四處飛行，而不是處於維護庫存等狀態。

And so, if you think about what a car needs and airline needs, it needs maintenance, they need to be recharged, they need to get paid for their time, may be insured, all these policy issues, all these customer care issues, all that sort of stuff. So we've been doing for about the past four years with our Flexdrive subsidiary, a ton of this, just a ton of this.

因此，如果你考慮汽車需要什麼，航空公司需要什麼，它需要維護，需要充電，需要按時間付費，可能有保險，所有這些保單問題，所有這些客戶服務問題，所有之類的東西。因此，在過去的四年裡，我們一直在與我們的 Flexdrive 子公司一起做很多這樣的事情，只是很多這樣的事情。

Flexdrive acquires, it leases, it manages, it maintains, it repairs, it resells, it does it this all for tens of thousands of cars every single year. And we are the only rideshare company that has this capability in-house. I will just say that again, we're the only rider company that has this capability in the house. And by the way, we're good at it. And I'm going to brag on behalf of the Flexdrive folks, we achieved about 90% utilization over the course of the year, which is industry-leading.

Flexdrive 每年收購、租賃、管理、維護、維修、轉售，為數以萬計的汽車提供這一切服務。我們是唯一一家內部擁有這種能力的共乘公司。我只想再說一遍，我們是國內唯一擁有這種能力的騎手公司。順便說一句，我們很擅長。我要代表 Flexdrive 人員吹噓一下，我們在這一年中實現了約 90% 的利用率，這是業界領先的。

Okay. So you put all that together, and I think you can see why AVs are so exciting for us. They're a new form of supply, you can say it's sort of tactical like that. They blend very nicely with driver-driven cars, right? You don't have to choose between one or the other, you can do both. And we have the capabilities to put them to use. And by putting to use, that makes all the stakeholders more money, which is great, and that's why they're going to choose this again and again and again. So I think it's more than just sort of any one of those pieces -- I think sort of the whole is greater than the sum of the parts, and that is probably more than enough for AVs right now. And, Erin, did you want to add anything to --?

好的。所以你把所有這些放在一起，我想你就能明白為什麼自動駕駛對我們來說如此令人興奮。它們是一種新的供應形式，你可以說這是一種戰術。它們與駕駛員駕駛的汽車完美融合，對吧？您不必在其中一個中進行選擇，您可以兩者都做。我們有能力利用它們。透過使用，所有利害關係人都會賺到更多的錢，這很好，這就是為什麼他們會一次又一次地選擇這個。所以我認為這不僅僅是其中任何一個部分——我認為整體大於部分總和，這對於目前的自動駕駛汽車來說可能已經足夠了。艾琳，你想添加什麼嗎——？

No, you've nailed it in terms of just -- I think there's a lot of great work being done out there about how this will fold over some period of time, the cost of the asset, how the regulatory and insurance environment, et cetera. But the bottom line, as you just said, is asset utilization is going to be incredibly important for unit economics.

不，你已經把它釘在了——我認為，關於在一段時間內將如何折疊、資產成本、監管和保險環境等方面，人們已經做了很多偉大的工作。但正如您剛才所說，最重要的是，資產利用率對於單位經濟效益將非常重要。

Thank you so much.

太感謝了。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

Thanks for taking my questions. I have two. The first one on price lock, it's a good early signal on adoption and frequency bump. I just wanted to ask you about -- can you walk us through sort of the go-to-market strategy you're using on this? Is it available across all markets? Are you rolling it market by market? Are you targeting sort of certain types of users and sort of rolling it that way? Just, how do we think about kind of the strategic rollout of that business across the corpus of users is the first one.

感謝您回答我的問題。我有兩個。第一個關於價格鎖定的，這是關於採用和頻率提升的良好早期訊號。我只是想問你——你能向我們介紹一下你在這方面使用的進入市場策略嗎？它適用於所有市場嗎？您正在逐個市場地滾動它嗎？您是否針對某些類型的用戶並以這種方式進行捲動？只是，我們如何考慮在用戶群中策略性地推出該業務是第一個。

And then the second one, just on autonomous, there's a decent amount of discussion about sort of San Francisco and Waymo, et cetera. So anything you can tell us about sort of San Francisco trends and sort of what you've seen on San Francisco volumes over the last, call it, twelve through six months. Thanks.

然後是第二個，只是關於自動駕駛，有大量關於舊金山和 Waymo 等的討論。因此，您可以告訴我們有關舊金山趨勢的任何內容，以及您在過去十二到六個月中在舊金山卷中看到的內容。謝謝。

Sure. Let me take them in order. So on price lock, it's rolled out nationally. It's rolled out nationally. Every single person in the country, as far as I know, has access to a price lock. It's targeted at commuters. And so when, we do our internal targeting -- so again, when we look at our daily volumes, about half of it, Monday to Friday, is commute volume, which is a huge, huge deal.

當然。讓我按順序排列它們。因此，在價格鎖定方面，它是在全國範圍內推出的。已在全國推廣。據我所知，這個國家的每個人都可以享受價格鎖定。它針對的是通勤者。因此，當我們進行內部目標時，同樣，當我們查看每日交易量時，週一至週五，大約一半是通勤量，這是一個巨大的交易。

And you can imagine how frustrating it is for people to sort of wake up in the morning -- and literally, people do this. I mean if you talk to folks -- in fact, as a driver, the people who got in my car a couple of months ago, someone from San Francisco, literally said every morning she wakes up, basically, if it cost $20, she'll take the Lyft. If it costs $30, she'll sort of think about it, but she'll still probably take a Lyft, or the other guys, if they're cheaper, which doesn't happen because guess what? Anyway. And then, if it's $40, she'll drive herself, which she hates. And it was actually on a Friday morning, and she had cupcakes, all these sort of things for her birthday, and she was kind of very happy that Lyft was priced well. So this was all before price lock came out.

你可以想像人們早上醒來是多麼令人沮喪——事實上，人們就是這麼做的。我的意思是，如果你和人們交談——事實上，作為一名司機，幾個月前上我車的人，一個來自舊金山的人，字面上說，她每天早上醒來，基本上，如果花費20 美元，她會搭乘Lyft。如果花費 30 美元，她會考慮一下，但她仍然可能會乘坐 Lyft 或其他人，如果他們更便宜的話，但這種情況不會發生，因為你猜怎麼著？反正。然後，如果是 40 美元，她就會自己開車，但她討厭這樣做。事實上，那是一個星期五的早上，她吃了紙杯蛋糕，所有這些生日禮物，她很高興 Lyft 的價格合理。所以這都是在價格鎖定之前發生的。

So anyway, so the product has really good product market fit because people don't like the variability. And again, it comes at a time, which is particularly obnoxious, particularly in the morning when you need to get to work. One of the things we like about it is, aside from the four incremental rides that we've talked about, is it also gives drivers some certainty because we can use that as kind of input on certain things we do in the background. And as a result, there's good marketplace management on this as well. And we know it's good because we can see that people who sign up for price lock tend to renew.

無論如何，該產品具有非常好的產品市場契合度，因為人們不喜歡變化性。再說一遍，它出現的時間特別令人討厭，尤其是在早上你需要去上班的時候。我們喜歡它的原因之一是，除了我們討論過的四種增量行程之外，它還為駕駛員提供了一定的確定性，因為我們可以將其用作我們在後台執行的某些操作的輸入。因此，這方面也有良好的市場管理。我們知道這很好，因為我們可以看到註冊價格鎖定的人往往會續訂。

So it's a low churn -- now again, it's still new, right? We're couple of months in. But we like the dynamics we're seeing, which brings us back to go to market. You can expect within sort of economic guide rails that we will continue to promote it more and more and more, because once people sign up, they don't tend to leave and they tend to take more rides, which is just obviously a great sign all around. So stay tuned for more, definitely early days in that. These features always take a time to kind of get to any significant scale, but we like what we see, and it will be certainly a nationwide product.

所以它的流失率很低——現在它仍然是新的，對吧？我們已經幾個月了。你可以預期，在某種經濟引導下，我們將繼續越來越多地推廣它，因為一旦人們註冊，他們就不會離開，而且他們往往會乘坐更多的車，這顯然是一個很好的跡象周圍。所以請繼續關注更多內容，絕對是早期的內容。這些功能總是需要一段時間才能達到顯著的規模，但我們喜歡我們所看到的，而且它肯定會成為一個全國性的產品。

On AVs in San Francisco, we're obviously looking at it quite closely. If you've been in San Francisco, you certainly see a lot of Waymos around. You see Zoox around a little bit as well. They just announced last week. Jesse, the CTO of Zoox, just announced that they'll be on the road soon in San Francisco.

對於舊金山的自動駕駛汽車，我們顯然正在密切關注。如果你去過舊金山，你肯定會在周圍看到很多 Waymos。您也會在周圍看到一些 Zoox。他們上週才剛宣布。 Zoox 的技術長 Jesse 剛剛宣布他們很快就會在舊金山上路。

So from a sort of density perspective, they're obviously -- they're working pretty hard. But when we look at companies like that, we really see them more as partners than as competitors. Of course, they're going to do some R&D. Of course, you're going to want to understand customers directly. It makes all the sense in the world.

因此，從某種密度的角度來看，他們顯然——他們工作得相當努力。但當我們審視這樣的公司時，我們確實更多地將它們視為合作夥伴而不是競爭對手。當然，他們會做一些研發。當然，您需要直接了解客戶。這在世界上都是有意義的。

But when we have discussions with all the partners that you would expect we're having with, it's really more around how can we partner to put these assets, which are quite complicated to not just build -- obviously, that's very complex -- but maintain on the road, keep repair, and keep char -- all these things. How can we play a role there?

但是，當我們與您期望的所有合作夥伴進行討論時，更多的是圍繞我們如何合作來放置這些資產，這些資產非常複雜，不僅僅是構建——顯然，這非常複雜——而且維護道路、保持維修、保持炭黑——所有這些事情。我們如何在那裡發揮作用？

See, one last little thing, which is, in San Francisco. It's interesting. You see them a lot. What's also interesting to see, I'll just point this out, it's a little bit on the side, is you also see big parking lots with them, right? They have to stay somewhere. This is quite expensive as well.

看，最後一件小事，就是在舊金山。這很有趣。你經常看到他們。還有什麼有趣的地方，我只是指出這一點，有點偏向，你是不是也看到有很大的停車場，對吧？他們必須待在某個地方。這也相當昂貴。

And it's also an interesting thing -- this is super -- just random, but I was just reading this thing about hail and how hail hits cars pretty hard, and cause repairs, and all these sorts of things. So it's really -- my only point there is just, the stuff that you're seeing at relatively small scale right now, which is super interesting, and it's a good experience, and the company is doing a good job, that they're also realizing that they scale up to beyond hundreds of thousands, tens of thousands, hundred thousands. Some of the problems are going to change and some of the issues you're going to confront are going to be quite different. And we're super excited about partnering super deeply with them to help them with that.

這也是一件有趣的事情——這太棒了——只是隨機的，但我只是在閱讀這篇關於冰雹的文章，以及冰雹如何嚴重撞擊汽車，並導致維修，以及所有這些事情。所以，我唯一想說的是，你現在看到的規模相對較小的東西，非常有趣，這是一次很好的體驗，而且公司做得很好，他們也意識到它們的規模擴大到超過數十萬、數萬、數十萬。有些問題將會改變，有些你將面臨的問題將會完全不同。我們非常高興能夠與他們進行深度合作，幫助他們實現這一目標。

Great, thank you.

太好了，謝謝。

Sure.

當然。

Ken Gawrelski, Wells Fargo.

肯‧加維爾斯基（Ken Gawrelski），富國銀行。

Thanks so much, two, if I may. First, one more detailed one on insurance, thank you for the guidance on the $50 million quarter over quarter on the cost of revenue side. I just want to get a sense, are there any other differences in the cost of revenue line that we should be thinking about 3Q to 4Q other than the routine stuff and the insurance? That's the first question.

非常感謝，兩位，如果可以的話。首先，關於保險的更詳細的內容，感謝您對收入成本方面季度環比 5000 萬美元的指導。我只是想了解一下，除了常規內容和保險之外，我們應該考慮第三季到第四季的營收線成本是否還有其他差異？這是第一個問題。

And the second one is more broad on -- as you think about next year in the domestic rideshare market, how do you think about pricing? And specifically, what I'm thinking about is, you've got prime time likely continue to come down, and you've talked about battling against the prime time surge pricing. And then, you also have rider incentives and think about things like price lock. How -- should we think about any or any upside you get from the decreases in kind of prime time be offset by other initiatives or how should we think about just overall your pricing strategy looking into next year? Thank you.

第二個更廣泛——當您考慮明年的國內共乘市場時，您如何看待定價？具體來說，我在想的是，黃金時段可能會繼續下降，並且您談到了與黃金時段激增定價作鬥爭。然後，您還需要激勵乘客並考慮價格鎖定等問題。我們應該如何考慮從黃金時段的減少中獲得的任何好處，並透過其他措施來抵消，或者我們應該如何考慮明年的整體定價策略？謝謝。

Hi, Ken. So on the cost of revenue side, the answer to your question is no. There's nothing other of significance or that you should be considering in that line in terms of the changes I outlined from Q3 to Q4. With respect to pricing, let me kind of start and I'll hover up just a little bit. Our goal is to operate in a healthy and competitive way. We've talked about that previously, right? Pricing competitive to the market, there's no change to that. No reason to think that there will be any change to that as you think about the future.

嗨，肯。因此，在收入成本方面，你的問題的答案是否定的。就我從第三季到第四季概述的變化而言，沒有任何其他重要意義或您應該考慮的內容。關於定價，讓我開始吧，我會稍微上調一點。我們的目標是以健康且有競爭力的方式運作。我們之前已經討論過，對吧？定價具有市場競爭力，這一點沒有改變。當你思考未來時，沒有理由認為這種情況會發生任何變化。

I think another level set is the price of rider experience is a combination of many, many factors. That includes mode mix, it includes a distance. It can also obviously include prime time depending on the supply conditions in a certain geography at a certain time. And so our job -- and I think our results speak for themselves, we've been doing this really well -- is to bring value to riders. And that means having a selection of modes that are going to meet use cases that are important. It means providing reliable pricing. We've talked a bit about price lock, and then obviously prime time coming down is really, really beneficial to that.

我認為另一個水平設定是騎士體驗的價格是很多很多因素的組合。這包括模式混合，包括距離。顯然，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。所以我們的工作——我認為我們的結果不言而喻，我們在這方面做得非常好——就是為騎手帶來價值。這意味著要選擇能夠滿足重要用例的模式。這意味著提供可靠的定價。我們已經討論了一些關於價格鎖定的問題，顯然黃金時段的下降對此確實非常有利。

So those are some of the, I think, foundational, if you will, thesis as I think we would ask you to think about pricing. I won't talk about 2025 because I think it's -- I don't have anything specific to say there. Maybe offering a little bit of color as you think about the third quarter, our gross bookings per ride was down QoQ compared to what we saw in the second quarter. And that is influenced by prime time continuing to come down, as we've mentioned.

因此，我認為這些是一些基礎性的論文，因為我認為我們會要求您考慮定價。我不會談論 2025 年，因為我認為——我沒有什麼具體要說的。也許會為您對第三季的看法提供一點色彩，與第二季相比，我們每次行程的總預訂量較上季下降。正如我們所提到的，這是受到黃金時段持續下降的影響。

But also seasonally, Q3 tends to be the highest quarter for bikes and scooters weather-related. So that's a pretty natural place for our gross bookings per ride to be lower. Q4, that seasonal mix shifts a bit. Q4 and Q1 in bikes and scooters, so all else being equal, it's fair to assume that that gross booking per ride would increase, primarily driven by the change of mix. But hopefully, that gives you some beneficial color on just how we think about pricing overall and some of the maybe more near-term dynamics.

但從季節性來看，第三季往往是自行車和踏板車與天氣相關的最高季度。因此，我們每次行程的總預訂量下降是很自然的。第四季度，季節性組合發生了一些變化。自行車和踏板車的第四季度和第一季度，因此在其他條件相同的情況下，可以公平地假設每次騎行的總預訂量將會增加，這主要是由組合的變化推動的。但希望這能讓您了解我們如何看待整體定價以及一些可能更近期的動態。

Thank you so much.

太感謝了。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great, so thank you for taking the question. So, Erin, I guess, contra revenue and consumer incentive, they were down 17% year on year. Can you just help us understand what the drivers of the outperformance were and how should those trend as we look ahead? And then, I guess it's either David or Erin, but could you just touch on the returns you are seeing on your consumer incentive investments? Are you generally seeing growing competition for active riders in the US and Canada? And how should we think about the durability of the current active rider growth? Thank you.

太好了，謝謝你提出這個問題。所以，艾琳，我猜，相對於收入和消費者激勵，他們比去年同期下降了 17%。您能否幫助我們了解業績優異的驅動因素是什麼以及我們展望未來時這些趨勢應該如何？然後，我想要么是大衛，要么是艾琳，但你能談談你在消費者激勵投資上看到的回報嗎？您是否普遍認為美國和加拿大的活躍騎士競爭日益激烈？我們應該如何考慮當前活躍騎士成長的持久性？謝謝。

Yeah, sure. Thanks for the question. So as a reminder, when we think about the deployment of incentives, it's really aligned with our broader strategy as a company. We make those investment trade-offs to keep the marketplace balanced, incredibly important.

是的，當然。謝謝你的提問。因此，提醒一下，當我們考慮激勵措施的部署時，它確實符合我們作為一家公司的更廣泛的策略。我們做出這些投資權衡以維持市場平衡，這非常重要。

I'll also remind you that in 2024, we're running ahead of our Investor Day targets for 10% efficiencies on a combined basis. And at the same time, we've made really, really strong progress, David mentioned this in his prepared remarks, focusing on drivers, innovations like earnings commitment or a recent fall release that was just full of features that drivers love and attract more drivers to our platform.

我還要提醒您，到 2024 年，我們將提前實現投資者日的目標，即綜合效率提高 10%。同時，我們已經取得了非常非常巨大的進展，大衛在他準備好的演講中提到了這一點，重點關注駕駛員、收入承諾等創新，或者最近發布的秋季版本，其中充滿了駕駛員喜愛的功能並吸引了更多駕駛員到我們的平台。

And this allows us to invest. So you mentioned, what are we seeing? I think if you look at our really strong progress, we've been talking about it now pretty much consistently each quarter in 2024, growing active riders, the growth in frequency, riders taking more rides on the Lyft platform, coming to the platform and having a really, really good experience.

這使我們能夠進行投資。所以你提到，我們看到了什麼？我認為，如果你看看我們真正取得的強勁進展，我們現在幾乎一致地在2024 年每個季度都在談論這一點：活躍乘客數量的增長、頻率的增長、乘客在Lyft 平台上乘坐更多行程、來到該平台以及擁有非常非常好的體驗。

So those are some of the results for the year and sort of foundations about how we think about it, just to give you the specific data because I know some of you get curious about this. That total incentive spend and contra revenue and sales and marketing was about $274 million in the third quarter. That's about 6.7% of gross bookings, and that's down sequentially from about 7% in the second quarter, and is also in the third quarter, really the lowest mark as a percentage of gross bookings in the last six quarters, so absolutely driving efficiency there.

這些是今年的一些結果以及我們如何看待它的基礎，只是為了給你們提供具體數據，因為我知道你們中的一些人對此感到好奇。第三季的激勵支出、對銷收入以及銷售和行銷總額約為 2.74 億美元。這大約佔總預訂量的6.7%，比第二季度的7% 左右有所下降，而且也是第三季度，實際上是過去六個季度佔總預訂量百分比的最低水平，因此絕對提高了那裡的效率。

And as we continue to build on the great momentum we've seen with drivers, it allows us to invest. So you asked a little bit about maybe how we think about investing, et cetera, and what we're seeing in terms of outcomes. I'll do the hows first because I think I've already talked about the outcomes in terms of growth in riders and frequency, et cetera. But if we monitor that impact as we make those investments, whether it's a particular initiative around incremental rides ,or new riders, or retention rates. It really depends on the nature of the incentive. But we monitor the efficiency of that incentive deployment and we've been really leaning in because we're seeing great efficiency and really good outcomes in the way that those are deployed. So, hopefully, that's helpful.

隨著我們繼續鞏固我們在司機方面看到的巨大勢頭，它使我們能夠進行投資。所以你問了一些關於我們如何看待投資等問題，以及我們在結果方面看到的情況。我將首先討論如何做，因為我想我已經討論了乘客成長和頻率等方面的結果。但是，如果我們在進行這些投資時監控這種影響，無論是圍繞增量乘車、新乘客還是保留率的特定舉措。這實際上取決於激勵的性質。但我們監控激勵部署的效率，我們一直在努力，因為我們看到這些激勵部署的效率很高，結果也非常好。所以，希望這會有所幫助。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

Thank you for taking my question. Could you please talk about consumer sentiment in the quarter? There have been some mixed data points, but anything on resiliency of consumer spend and what specifically are you seeing in terms of maybe some of the drivers? And then the second question is just thoughts on your take rate and revenue margin in the near to midterm as you think about its trajectory, at least especially getting -- going into next year? Thanks a ton.

感謝您回答我的問題。您能談談本季的消費者信心嗎？有一些混合的數據點，但是關於消費者支出彈性的任何資訊以及您在某些驅動因素方面具體看到了什麼？然後第二個問題只是對你在近中期的接受率和收入利潤率的思考，當你思考它的軌跡時，至少特別是進入明年？非常感謝。

Hey, Shweta. It's David. I'll take the first and Erin will take the second. So we like what we see with consumer center. We really do. And we look at this just like everybody does, and try to sort of discern if there are things that are unusual or what have you.

嘿，舒維塔。是大衛。我選第一個，艾琳選第二個。所以我們喜歡我們在消費者中心看到的東西。我們確實如此。我們像每個人一樣看待這個問題，並嘗試辨別是否有不尋常的事情或你有的事情。

But I'll tell you a couple of data points I think are interesting. First, we already mentioned, so our big use case is commute and that's going up. And you would sort of expect that because of return to office and obviously, price locking, that's what we're doing.

但我會告訴你一些我認為很有趣的數據點。首先，我們已經提到過，我們的主要用例是通勤，而且這個用例還在增加。你可能會期望，因為重返辦公室，顯然，價格鎖定，這就是我們正在做的事情。

The thing that you might not expect would be that party time is actually our second biggest sort of lift, so to speak, and party time, which we talk about, is sort of a Friday and Saturday night thing. And that's increased as well, nicely, quite nicely. And I can give you a very specific example, which is kind of fun. We've just been looking at Halloween data and our Halloween this year was just a monster, just a monster, And it was all-time high -- sorry about that of old joke, kind of, sort of -- but anyway, and then back a year ago, it was also a monster. So in other words, we're lapping a big increase year on year and super interesting to see.

你可能沒想到的是，派對時間實際上是我們第二大的提升，可以這麼說，而我們談論的派對時間是周五和周六晚上的事情。而且這個數字也增加了，非常非常好。我可以給你一個非常具體的例子，這很有趣。我們剛剛查看了萬聖節數據，今年的萬聖節只是一個怪物，只是一個怪物，它是歷史最高的——對那個老笑話感到抱歉，有點，有點——但無論如何，再回到一年前，它也是一個怪物。換句話說，我們的業績逐年大幅成長，而且非常有趣。

So that sort of suggests that that's discretionary, right? I mean, you don't have to go out on Halloween, and you certainly don't have to take a Lyft, but people are and people are. So that suggests to us that we're doing is working that the service we're providing is landing with people, we're priced well, and so on and so on.

所以這顯示這是酌情決定的，對嗎？我的意思是，你不必在萬聖節外出，當然也不必搭乘 Lyft，但人們確實如此。因此，這向我們表明，我們正在做的工作是讓我們提供的服務深入人心，我們的價格合理，等等。

And we -- as Erin just kind of mentioned in a different context around pricing, we're very aware that in order to be large-scale consumer brand, which we are, you have to have a value component. You just -- you have to, right? I mean, for all the people who are doing well, there are people who are struggling, are frustrated. This is very real. So we're quite -- so we look at wait and say, for example, our saving mode, we sort of look at it very carefully and try to continue to make that product great.

正如艾琳（Erin）在定價方面的不同背景下提到的那樣，我們非常清楚，為了成為大規模消費品牌（就像我們一樣），你必須擁有價值成分。你只是——你必須這樣做，對吧？我的意思是，對於所有做得好的人來說，也有人在掙扎，感到沮喪。這是非常真實的。所以我們非常仔細地考慮它，並嘗試繼續讓該產品變得更好。

I always give a shout out. I'm a little bit weird on this one, but to our bikes, well, just because for so many people, it's a part of their daily lives. We get 250,000 rides a day roughly. It peaks quite a large number, and the per ride cost is quite low. So we sort of look up and down the stack all the way from the bottom to the top and the top being the what we call, HVMs, high-value modes. And we really see strength across the wipe, not a huge -- nothing to worry about. So I know that's a long way of saying we're not seeing much, but maybe that gives you a little color on how we're looking at it.

我總是大聲喊出來。我對此有點奇怪，但對於我們的自行車來說，嗯，只是因為對很多人來說，這是他們日常生活的一部分。我們每天大約有 25 萬次乘車。高峰期的人數相當多，而且每次搭乘的費用也相當低。因此，我們從底部到頂部一直在堆疊中上下查找，頂部就是我們所說的 HVM、高價值模式。我們確實看到了整個範圍的力量，而不是巨大的——沒有什麼可擔心的。所以我知道，這只是說我們沒有看到太多，但這或許能讓你對我們如何看待它有一些了解。

Yeah, and, Shweta, on your question on revenue margins, so the revenue margin trends that we've seen in 2024, and absolutely true for Q3 as well, reflect the efficiency that I was mentioning a few questions ago in terms of overall incentive spend and the strong progress that we're seeing there. But also, I would remind you, in particular, in the third quarter, there is a mix impact on the revenue margin from our bikes and scooters business. So different from our rideshare business, the bikes and scooters flow through pretty much one to one from gross bookings to revenue. So in the quarters where we've got more volume, that's going to have a larger impact. And so for example, in the third quarter, that was about 2.5 points attributed to the mix of the bikes and scooters mode. So hopefully, that gives you some additional color.

是的，Shweta，關於你關於收入利潤率的問題，所以我們在2024 年看到的收入利潤率趨勢，對於第三季度也絕對如此，反映了我之前提到的幾個問題在整體激勵方面的效率支出以及我們在那裡看到的強勁進展。但我還要提醒您，特別是在第三季度，我們的自行車和踏板車業務的收入利潤率受到了混合影響。與我們的共乘業務不同，自行車和踏板車從總預訂量到收入幾乎是一對一的。因此，在我們擁有更多銷量的季度，這將產生更大的影響。例如，在第三季度，自行車和踏板車模式的混合貢獻了約 2.5 個百分點。希望這能給你一些額外的色彩。

Yes, thank you very much.

是的，非常感謝。

John Blackledge.

約翰·布萊克利奇.

Great, thanks, two questions. Any further color on how the Canada business performed in the third quarter and then discuss the continued expansion in Canada? And then secondly, on Lyft Media, if you can give maybe some color on the revenue run rate trend in 3Q? And I think Erin mentioned investing in ad tech. Any color there would be helpful. Thank you.

太好了，謝謝，有兩個問題。關於第三季加拿大業務的表現還有什麼進一步的看法，然後討論在加拿大的持續擴張？其次，在 Lyft Media 上，您是否可以對第三季的收入運行率趨勢進行一些說明？我認為艾琳提到了對廣告技術的投資。任何顏色都會有幫助。謝謝。

Sure, hey, John. We'll touch on both briefly. So Canada -- and I think we've probably said all these things publicly before, but I'll reiterate that we're very much on track. In Canada, our goal is to double ride volume year on year, and we're on track. And it's great. We literally -- our Canada team is just killing it. Super good to see how strong the product market fit is. It's something we're paying a lot of attention to.

當然，嘿，約翰。我們將簡要討論兩者。所以加拿大——我想我們之前可能已經公開說過所有這些事情，但我會重申，我們已經步入正軌。在加拿大，我們的目標是讓乘車量逐年翻一番，而且我們正在步入正軌。這很棒。從字面上看，我們的加拿大團隊正在殺死它。非常高興看到產品市場契合度有多強。這是我們非常關注的事情。

I mentioned that Toronto is now our sixth biggest market. That's the greater Toronto area, which is wonderful. I forget what it was a year ago, but I can tell you it wasn't in the top 10. That's for sure. So liking what we're seeing there, good momentum, good product market fit, more to come for sure.

我提到多倫多現在是我們的第六大市場。那是大多倫多地區，非常棒。我忘記一年前是什麼了，但我可以告訴你它不在前十名中。所以喜歡我們在那裡看到的，良好的勢頭，良好的產品市場契合度，肯定會有更多。

And then on Lyft Media, we were again on track. We've put out some goals. I think we've talked about run rate that we're very much on the path for this year. Really, I would say the focus now, just to sort of maybe one click deeper on that, is people -- and I -- some of this, again, a little bit big picture for a second, but like marketers, brands are always looking for new ways to get to their customers. They just always are. And sometimes, again, I look sort of very big picture of this. I think of bill pamphlets back in the late 1800s, billboards on the highways, interstates came up. And then radio, again, very car-focused, possibly home-focused, and TV and so forth.

然後在 Lyft Media 上，我們又回到了正軌。我們已經訂定了一些目標。我想我們已經討論了今年我們正在努力實現的運行率。真的，我想說，現在的焦點，只是為了稍微深入一點，是人們——還有我——其中的一些，再一次，有點大局，但就像營銷人員一樣，品牌總是尋找新的方式來接觸客戶。他們總是如此。有時，我會再一次看到這件事的大局。我想起 1800 年代末的法案小冊子、高速公路和州際公路上的廣告看板。然後是廣播，同樣，非常以汽車為中心，可能以家庭為中心，還有電視等等。

The thing that's different now, of course, is not just the onlineness of everyone, which is kind of obvious, but the people with first-party data really tend to do well. And we have first-party data, right? Every time you get in the car as a rider, you're telling us a lot about your stuff, right? You're saying, where are you coming from? Where are you going to? What's your intention? Are you going to a coffee shop, a bookstore, a drugstore pharmacy, any number of things? And it's first-party data.

當然，現在的不同之處不僅僅是每個人都在線，這是顯而易見的，而且擁有第一方數據的人確實往往做得很好。我們有第一方數據，對嗎？每次您作為騎手上車時，都會告訴我們很多關於您的事情，對吧？你說，你從哪裡來？你要去哪裡？你的意圖是什麼？您要去咖啡店、書店、藥局、藥局等等嗎？這是第一方數據。

And so -- and to the extent we can create tailored experiences for our riders, who, by the way, tend to spend about 17 minutes in the car or a little bit more. They tend to check their app out several times to see whether they're there yet. All this provides a real platform for a great media opportunity.

因此，我們可以在一定程度上為乘客打造量身定制的體驗，順便說一句，他們往往會在車上待大約 17 分鐘或更長時間。他們傾向於多次檢查他們的應用程序，看看是否已經實現。所有這些都為絕佳的媒體機會提供了一個真正的平台。

So we continue to be -- again, as we always say, it's still quite early days. I mentioned earlier that we're really in kind of a foundational mode now where we're in particular really focusing on measurability because of how important marketing efficiency is to every marketer out there. But we're very enthusiastic about what we see. And we like -- the video ad unit is still relatively new. See maybe yourself, maybe you'll see the ad or a movie trailer, if you open up the Lyft app. Anyway, long way of saying we just like what we see on track to the sort of statements we made about the exit run rate for this year, and stay tuned for more.

因此，正如我們常說的，我們仍然處於早期階段。我之前提到過，我們現在確實處於一種基礎模式，我們特別關注可衡量性，因為行銷效率對每個行銷人員來說都很重要。但我們對所看到的非常熱情。我們喜歡—視訊廣告單元仍然相對較新。如果您打開 Lyft 應用程序，也許您會看到廣告或電影預告片。無論如何，長話短說，我們只是喜歡我們所看到的關於今年退出運行率的聲明，並請繼續關注更多資訊。

Thank you.

謝謝。

Sure.

當然。

Mark Mahaney, Evercore ISI.

馬克·馬哈尼，Evercore ISI。

Hi, this is David on for Mark. Wanted to follow up with an AV question, you talked about AVs as a TAM expander. And I'm wondering, are there any specific use cases where you think riders might prefer an AV ride over regular ride? And any early signals from what you're seeing competitively in San Francisco that might inform that?

大家好，我是馬克的大衛。想跟進 AV 問題，您談到了 AV 作為 TAM 擴展器。我想知道，您認為乘客可能更喜歡 AV 乘坐而不是常規乘坐的特定用例嗎？您在舊金山的競爭中看到的任何早期信號可能會說明這一點？

Yeah. hey, David, I honestly would say it's probably too early for us to have real insight there. I mean, certainly, remember, we've given about 130,000 rides primarily in Las Vegas over the year. So we have a sense from that. But of course, Las Vegas is a very particular use case, and that's kind of its own world.

是的。嘿，大衛，老實說，我們要真正了解這一點可能還為時過早。我的意思是，當然，請記住，這一年我們主要在拉斯維加斯提供了約 130,000 次乘車服務。所以我們從中有所了解。但當然，拉斯維加斯是一個非常特殊的用例，這是它自己的世界。

And then we're looking, we're closely in monitoring what's happening here on the ground. And we see it in San Francisco. We see it obviously in Phoenix as well. We see it in Texas. So kind of looking at it, I wouldn't say there's anything dramatic that we've seen, maybe nothing worth talking about just yet.

然後我們正在密切監視當地發生的事情。我們在舊金山看到了這一點。我們在鳳凰城也明顯看到了這一點。我們在德克薩斯州看到了這一點。這麼看，我不會說我們看到了什麼戲劇性的東西，也許還沒有什麼值得談論的。

It's also a little bit of a funny thing right now because now it's a couple of things that's happening, right? So partially, there's this novelty thing. And tourism is a big driver, actually. If you see in San Francisco -- in fact, literally someone on our team just said they gave their parents a ride when they were here, so in an AV.

現在這也是一件有點有趣的事情，因為現在正在發生一些事情，對吧？部分來說，有這個新奇的東西。事實上，旅遊業是一個很大的推動力。如果你在舊金山看到的話——事實上，我們團隊中的某個人剛剛說，當他們的父母在這裡時，他們載了他們一程，所以是乘坐 AV。

So the sort of tourism effect and the novelty effect probably swamps other things. And then again, I'll just say it again, it's also a very, very curated experience right now. I mean, on the ground here in San Francisco, these are literally Jaguars. They're driving people around. So that's a nice experience. Tomorrow, the AV experience will be quite different as they show up on all sorts of different models and makes and so forth.

因此，旅遊效應和新奇效應可能會淹沒其他因素。話又說回來，我再說一遍，這也是一次非常非常精心策劃的體驗。我的意思是，在舊金山這裡，這些其實是美洲虎。他們載著人們四處走動。所以這是一次很好的經驗。明天，AV 體驗將會完全不同，因為它們會出現在各種不同的型號和品牌等上。

So anyway, maybe it gives you a sense that I think we're very much in monitoring, and we're super excited about our partnerships we just announced. I think, in particular, May Mobility will be very interesting. That will be at Atlanta, that's next year, Toyota Siennas. That will give us more insight. So we're all kind of in learning mode, but I don't think we can draw any strong conclusions right now in part because it's just so novel.

所以無論如何，也許這會讓你感覺到我們非常重視監控，並且我們對我們剛剛宣布的合作夥伴關係感到非常興奮。我認為，特別是五月移動將會非常有趣。那將是在亞特蘭大，明年，豐田西耶娜。這會給我們更多的見解。所以我們都處於學習模式，但我認為我們現在不能得出任何強有力的結論，部分原因是它太新穎了。

Thank you, David.

謝謝你，大衛。

Stephen Ju, UBS.

史蒂芬居，瑞銀集團。

Okay, great. Thank you so much. Soc David, I think the default thought process right now is that Lyft will be an asset-light partner for the fleet owners of AVs. But should we be thinking about you potentially taking more direct role either in fleet maintenance or management? Does that come up in discussions with potential new partners at all?

好的，太好了。太感謝了。 Soc David，我認為目前預設的思考過程是 Lyft 將成為 AV 車隊所有者的輕資產合作夥伴。但我們是否應該考慮您可能在車隊維護或管理方面發揮更直接的作用？在與潛在的新合作夥伴的討論中是否會提到這一點？

And second, as the active rider base gets larger, I mean, I would imagine that growth will decelerate given the law of large numbers. So in order to get to the longer-term booking targets, you need to drive frequency higher as an offset.

其次，隨著活躍騎士群的擴大，我的意思是，考慮到大數定律，我認為成長將會放緩。因此，為了實現長期預訂目標，您需要提高頻率作為補償。

So can you talk about what your latest data is telling you about cohort behavior? Maybe how is your riders age? The activity picks up meaningfully so that the average usage right now is about three per month, but the gap between the newer cohorts versus older cohorts, any sort of color you can provide there in terms of the overall level of activity as you customers become more used to using you? Thank you.

那麼您能談談您的最新數據告訴您關於群體行為的哪些資訊嗎？也許你的騎士年齡是多少？該活動有意義地增加，因此現在的平均使用量約為每月3 個，但是新群組與舊群組之間的差距，隨著客戶變得越來越多，您可以在總體活動水平方面提供任何類型的顏色習慣利用你？謝謝。

Yeah, I'll give a couple of thoughts there. And, Erin, of course, if you have things to add in as well. Let's go back and forth on this. So on the AV side, I think your premise is right. Asset light is -- that's how we run our business for sure. And it's really worth just remarking of that. I mean, again, 1.4 million drivers on the platform, but they own their own cars, which is quite a good thing. It certainly helps us a lot. There will be a lot of capital to have to deploy. So anyway, we certainly consider that to be very core to the model, for sure.

是的，我會在那裡提出一些想法。當然，艾琳，如果你還有東西要補充的話。讓我們來回顧一下這一點。所以在AV方面，我認為你的前提是正確的。輕資產－這就是我們經營業務的方式。確實值得一提。我的意思是，平台上有 140 萬名司機，但他們擁有自己的汽車，這是一件好事。這當然對我們有很大幫助。將需要部署大量資本。所以無論如何，我們當然認為這是模型的核心。

I think, when we talk about things like maintenance and service and so forth, that's not an area where we need to do that ourselves. And I'll maybe give you a tiny bit, again, more insight into that. Our Flexdrive subsidiary, which does own a relatively small number of cars, but that's through the subsidiary, it's kind of done day to allow people who maybe don't want to use their primary car for rideshare or you don't have a primary car. It's also good for us because it's kind of good R&D. We can kind of get direct exposure to (technical difficulty) for drivers through the subsidiary.

我認為，當我們談論維護和服務等事情時，這不是我們需要自己做的領域。我也許會再給你一點更多的見解。我們的 Flexdrive 子公司確實擁有相對較少數量的汽車，但透過子公司，這已經是一種成功的日子，可以讓那些可能不想使用主要汽車進行共乘或您沒有主要汽車的人。這對我們也有好處，因為它是一種很好的研發。我們可以透過子公司讓司機直接接觸（技術困難）。

But even when they do things like service and maintenance and so forth and so on, it's much more around service level agreements with other partners, with people who are expert at repairs and maintenance and what have you. And to go just peel back the onion one play or more, a lot of the software we have built allows us to make sure, for example, that those SLAs are being met.

但即使他們做服務和維護等工作，也更多地圍繞與其他合作夥伴、維修和維護方面的專家以及您所擁有的人員簽訂的服務等級協議。為了一次或多次剝開洋蔥，我們建立的許多軟體使我們能夠確保滿足這些 SLA 等要求。

So if you know you've got to change out a, I don't know, catalytic converter or whatever it might be, then you know that that cost a certain amount. And you know that that takes certain amount of time, and we have a lot of data on that, which we've developed over the years, and so as a result, we can track very carefully and make sure that that's being done to speck and being done within SLA and so on and so forth.

因此，如果您知道必須更換（我不知道）觸媒轉換器或其他任何東西，那麼您就知道這要花費一定的費用。你知道這需要一定的時間，而且我們有很多關於這方面的數據，這些數據是我們多年來開發的，因此，我們可以非常仔細地跟踪並確保這樣做是為了斑點並在 SLA 等範圍內完成。

So a lot of the work that we do is kind of on the management side. That's what we call fleet management rather than the operations side. So we're not going to be building or buying lifts. And I don't mean lifts that way, I mean, like a lift as you would find in a garage, like that. So no, asset-light for sure. But the network and the fleet management capacity that we've built is extraordinarily important. And then you asked another question, and unfortunately, I got so excited about that.

因此，我們所做的許多工作都是在管理方面。這就是我們所說的車隊管理而不是營運方面。所以我們不會建造或購買電梯。我指的不是那種電梯，我的意思是，就像你在車庫裡找到的電梯。所以不，肯定是輕資產。但我們建立的網路和車隊管理能力非常重要。然後你又問了另一個問題，不幸的是，我對此感到非常興奮。

User growth versus frequency growth.

用戶成長與頻率成長。

Yeah, for sure. Yeah, so when we -- we said this at Investor Day. Typically, we really look at it as kind of a 50/50 thing. New riders versus -- and also increasing frequency. I'll remind you that, as proud as we are and with, I think, legitimacy about our 800 million rides a year, roughly 2 million rides a day, obviously growing at a nice cliff, just as a reminder, that compares to 160 billion rides that people take in their private vehicles, personal vehicles every year just in the United States.

是的，當然。是的，所以當我們——我們在投資者日說了這一點。通常，我們確實將其視為一種 50/50 的事情。新騎士的對抗——而且頻率也不斷增加。我要提醒您的是，儘管我們感到自豪，但我認為，我們每年8 億次的乘車次數，每天大約200 萬次的乘車次數，顯然是在懸崖上增長，只是提醒一下，這與160次相比是合理的。

So I would say, in terms of our penetration of use cases and riders, we're still -- it's almost negligible, really, when you think of all the different times that people are driving around today versus number of times taking rideshare. Even if you add in our competitor, it's still, I mean now, okay, it's two times zero.

所以我想說，就我們對用例和乘客的滲透率而言，當你考慮到人們今天開車出行的所有不同時間與乘坐共享出行的次數時，我們實際上仍然幾乎可以忽略不計。即使你加上我們的競爭對手，我的意思是現在，它仍然是兩倍零。

So I think there's a lot more -- so I wouldn't say that we're anywhere close to penetrated on that side. I will absolutely say that we're certainly focused on increasing frequency among existing riders. But we want to do, first and foremost, by providing great service. That's the single best way, single best way. And I think if you -- we're not confused about that. So our customer obsession strategy is very focused on providing a lot of service that will encourage people to come back. There's a great Walt Disney quote that I can tell you about another time. But anyway, we're very focused on increasing (inaudible) that way.

所以我認為還有更多 - 所以我不會說我們在這方面已經接近滲透。我絕對會說，我們當然專注於增加現有騎士的頻率。但我們首先希望提供優質的服務。這是唯一最好的方法，唯一最好的方法。我想如果你——我們對此不會感到困惑。因此，我們的客戶至上策略非常注重提供大量服務來鼓勵人們回來。華特迪士尼有一句很棒的名言，我可以下次再告訴你。但無論如何，我們非常注重以這種方式增加（聽不清楚）。

Thank you.

謝謝。

Sure.

當然。

And that's all the time we have for questions today. And now, I would like to turn the call back to David Risher, CEO, for closing remarks.

這就是我們今天提問的全部時間。現在，我想將電話轉回給執行長 David Risher，讓其致閉幕詞。

Thank you very much, everyone. Look, I know everyone's busy, particularly today. There's a lot going on in the world. But we're super excited about what we've achieved, but also really what lies ahead, and are looking forward to connecting with our investor community.

非常感謝大家。聽著，我知道每個人都很忙，尤其是今天。世界上發生了很多事情。但我們對我們所取得的成就以及未來的發展感到非常興奮，並期待與我們的投資者社群建立聯繫。

I have a little bit of news here. We'll be out in LA, New York, London, San Francisco over the next few weeks, and we actually plan to further ramp up our outreach in 2025. So please do reach out if you'd like to connect with any of us. We look forward to talking to you. Thanks for your interest and your curiosity, everything you do to help us be as good as we possibly can. And we will connect with you another time. Thank you.

我這裡有一點消息。在接下來的幾週內，我們將在洛杉磯、紐約、倫敦、舊金山開展業務，實際上我們計劃在2025 年進一步擴大我們的外展範圍。聯繫我們。我們期待與您交談。感謝您的興趣和好奇心，感謝您為幫助我們盡可能做到最好而所做的一切。我們將在下次與您聯繫。謝謝。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。