Lyft Inc (LYFT) 2024 Q4 法說會逐字稿

Good afternoon and welcome to the Lyft fourth-quarter and full year 2024 earnings call.

下午好，歡迎參加 Lyft 2024 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指令）

As a reminder, this conference call is being recorded.

提醒一下，本次電話會議正在錄音。

I would now like to turn the call over to Aurelien Nolf, Vice President, FP&A, and Investor Relations.

現在，我想將電話轉給財務規劃與分析和投資者關係副總裁 Aurelien Nolf。

You may begin.

你可以開始了。

Thank you.

謝謝。

Welcome to the Lyft earnings call for the fourth quarter and full year of 2024.

歡迎參加 Lyft 2024 年第四季和全年財報電話會議。

On the call today, we have our CEO, David Risher; and our CFO, Erin Brewer.

今天參加電話會議的有我們的執行長 David Risher；以及我們的財務長 Erin Brewer。

We'll make forward-looking statements on today's call relating to our business strategy and performance, partnerships, future financial and operating results, trends in our marketplace, and guidance.

我們將在今天的電話會議上就我們的業務策略和業績、合作夥伴關係、未來財務和經營業績、市場趨勢和指導做出前瞻性陳述。

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.

這些聲明受風險和不確定性的影響，可能導致我們的實際結果與本次電話會議中預測或暗示的結果有重大差異。

These factors and risks are described in our earnings materials in our recent SEC filings.

我們最近提交給美國證券交易委員會的收益資料中描述了這些因素和風險。

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

我們在今天的電話會議上所做的所有前瞻性陳述均基於我們今天的信念，除非法律要求，否則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.

此外，今天我們將討論客戶。

For rideshare, there are two customers in every car.

對於共乘來說，每輛車有兩名乘客。

The driver is Lyft's customer and the rider is the driver's customer.

司機是 Lyft 的客戶，乘客是司機的客戶。

We care about both.

我們對兩者都關心。

Our discussion today will also include non-GAAP financial measures which are not a substitute for GAAP results.

我們今天的討論還將包括不能取代 GAAP 結果的非 GAAP 財務指標。

Reconciliations of our historical GAAP to non-GAAP results can be found in our earnings materials which are available on our IR website.

我們的歷史 GAAP 與非 GAAP 結果的對帳表可在我們 IR 網站上的收益資料中找到。

Lastly, the team will be in Boston, San Francisco, New York, and Toronto over the next few weeks.

最後，該團隊將在接下來的幾週內前往波士頓、舊金山、紐約和多倫多。

So please do reach out to me if you would like to connect with us.

因此，如果您想與我們聯繫，請聯繫我。

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

說完這些，我就把電話轉給大衛。

Think you, Aurelien.

想想你吧，Aurelien。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝大家的參與。

2024 was an incredible year of reinvention and industry leadership for Lyft.

2024 年對 Lyft 來說是重塑自我和產業領導地位的非凡一年。

We are executing spectacularly and we're in our strongest position ever.

我們的執行非常出色，我們正處於有史以來最強的地位。

I am super proud to share that we've reached all-time highs in rides, in riders, in driver hours, even made our service levels industry-leading.

我非常自豪地告訴大家，我們的載客量、乘客數量、司機工作時間都達到了歷史最高水平，甚至我們的服務水平也達到了行業領先。

As a consequence, our market share at the end of January this year was the highest it's been since 2022, and our financial results are the best ever.

因此，我們今年 1 月底的市佔率是自 2022 年以來最高的，我們的財務表現也是有史以來最好的。

It all goes to prove our thesis, customer obsession has driven profitable growth.

這一切都證明了我們的論點：客戶至上推動了利潤成長。

Drivers are choosing Lyft at record rates.

選擇 Lyft 的駕駛人數正在創下歷史新高。

In Q4, we had the highest number of driver hours than in any quarter in Lyft history.

在第四季度，我們的駕駛員工作時間比 Lyft 歷史上任何一個季度都要長。

This was thanks in part due to improved driver retention and improvements to their earnings.

這在一定程度上要歸功於司機留任率的提高和收入的增加。

Drivers collectively earned nearly $9 billion in 2024, the highest amount of combined driver earnings on our platform ever, and benefited from innovations like our 70% earnings commitment.

2024 年，司機的總收入接近 90 億美元，這是我們平台有史以來司機總收入的最高值，並且受益於我們 70% 的收益承諾等創新。

In Q4, we also had a record number of active riders.

在第四季度，我們的活躍騎士數量也創下了歷史新高。

In a huge win, a series of technical breakthroughs from our marketplace team meant that in Q4, on average, riders were picked up almost one minute faster than the year before, and our average ETAs became the fastest in the industry.

這是一個巨大的勝利，我們的市場團隊取得了一系列技術突破，這意味著在第四季度，平均而言，乘客的接送時間比去年同期快了近一分鐘，我們的平均預計到達時間也成為業內最快的。

I want to repeat that.

我想重複一遍。

From what we can see, Lyft's average ETA in Q4 were faster than both our big legacy competitor and newer entrants.

根據我們所看到的，Lyft 第四季的平均預計到達時間 (ETA) 比我們原來的大型競爭對手和新進者都要快。

That's a massive accomplishment and it underscores our commitment to offering the best service in the industry.

這是一個巨大的成就，它強調了我們致力於提供業內最佳服務的決心。

Another rider win we're super proud of is our continued improvement in price reliability, thanks to reductions in surge pricing, which we call prime time or PT.

讓我們感到非常自豪的另一個乘客勝利是我們的價格可靠性不斷提高，這要歸功於高峰定價的減少，我們稱之為黃金時段或 PT。

As I hope you know, we brought PT down significantly in 2024.

我希望您知道，我們在 2024 年大幅降低了 PT。

In fact, even faster than we'd planned, which is great for riders.

事實上，甚至比我們計劃的還要快，這對騎手來說非常好。

Aside from much greater price stability, that translates into real savings.

除了價格穩定性大大提高之外，這也意味著實際的節省。

In total, riders saved more than $400 million in 2024 as a result of lower prime time.

總體而言，由於黃金時段的減少，乘客在 2024 年節省了 4 億多美元。

And we're not done.

我們還沒完成。

We look at prime time as a bug in the rideshare system, so much so that last year, we introduced price lock, a feature where riders can pay a small fee to lock in the price of their regular rides.

我們認為黃金時段是共乘系統的缺陷，因此去年我們推出了價格鎖定功能，乘客可以支付少量費用來鎖定其常規乘車的價格。

Since launching last fall, we're seeing approximately 70% of price lock riders continue to purchase passes month after month.

自去年秋季推出以來，我們發現大約 70% 的價格鎖定乘客每月都在繼續購買通票。

Many of them are high frequency riders who are now loyal to Lyft, thanks to this feature.

由於這項功能，其中許多人都是高頻乘客，現在他們已經成為 Lyft 的忠實粉絲。

And last week, we announced price lock around the clock and allowed riders to pause it whenever they wanted.

上週，我們宣布全天 24 小時鎖定價格，讓乘客隨時暫停。

It just keeps betting getting better.

投注只會越來越好。

Between launching and improving products like price lock and our stress reducing on-time pickup promise, expanding our highly requested Women+ Connect feature, which by the way has now supported over 50 million rides, and launching our driver earnings commitment, 2024 was the year of innovation like never before.

透過推出和改善價格鎖定和減輕壓力的準時接送承諾等產品、擴展我們備受期待的 Women+ Connect 功能（順便說一下，該功能現已支持超過 5000 萬次乘車）、以及推出我們的司機收入承諾，2024 年是前所未有的創新之年。

This is customer obsession at work and it's paying dividends.

這就是顧客至上的理念在起作用，而且它正在產生回報。

Go ahead and ask your Lyft driver.

繼續詢問您的 Lyft 司機。

In a Q4 survey, driver preference for Lyft was 16 percentage points higher than our largest rideshare competitor, up from 12 percentage points the prior quarter.

在第四季的調查中，Lyft 的駕駛偏好度比我們最大的共乘競爭對手高出 16 個百分點，高於上一季的 12 個百分點。

Or look at rider frequency.

或者看看騎士頻率。

The average number of rides someone takes with Lyft, and the gold standard for rider satisfaction.

乘客使用 Lyft 的平均乘車次數，以及乘客滿意度的黃金標準。

It's grown on a year on year basis every quarter in 2024.

到 2024 年，每個季度都會年增。

Exiting the year, we have the most high frequency riders in five years.

今年是我們五年來高頻率乘客最多的一年。

Looking at our financial performance, Erin will get into the details, but our work in 2024 resulted in extraordinary milestones, including the first ever year of GAAP profitability and the first full year of positive free cash flow, all of this just in the initial year of our multi-year plan.

回顧我們的財務業績，艾琳會詳細介紹，但我們在 2024 年的工作取得了非凡的里程碑，包括有史以來第一年實現 GAAP 盈利以及第一個全年實現正自由現金流，而這一切都發生在我們多年期計劃的第一年。

When we obsess over customers, Lyft grows profitably.

當我們全心全意關注客戶時，Lyft 的獲利就會成長。

Simple as that.

就這麼簡單。

Now on to 2025.

現在到了 2025 年。

You've heard me say that our purpose is to serve and connect, and I want to talk more about what that will look like this year.

你們已經聽我說過，我們的宗旨是服務和溝通，我想多談談今年我們的宗旨將會是怎樣的。

Our goal is quite simply to set a new standard of service for the industry.

我們的目標很簡單，就是為業界設立新的服務標準。

For drivers, we're turning our attention to recognizing and rewarding the amazing service they provide riders.

對於司機，我們將注意力轉向表彰和獎勵他們為乘客提供的優質服務。

We'll have more to share on this soon, but it's going to be a further differentiator for us.

我們很快就會分享更多相關信息，但這對我們來說將是一個進一步的差異化因素。

And for riders, we want them to expect more from every journey, whether it's by feeling special in their extra comfort or black SUV ride or by being rewarded in small but meaningful ways for their loyalty.

對於乘客來說，我們希望他們對每一次旅程都有所期待，無論是享受額外的舒適或黑色 SUV 帶來的特別感受，還是以細小但有意義的方式獲得忠誠的獎勵。

And we'll continue to rely on great partnerships as a way to introduce and retain riders and unlock more value for them.

我們將繼續依靠良好的合作關係來引進和留住乘客，並為他們創造更多價值。

Our DoorDash partnership is an example.

我們的 DoorDash 合作夥伴關係就是一個例子。

As of Q4, we supported nearly 8 million DoorDash rides.

截至第四季度，我們支援了近 800 萬次 DoorDash 乘車。

This partnership also helped us reach a quarterly all-time record number of scheduled rides, which tend to be longer and higher margin.

此次合作也幫助我們創下了季度預定行程數量的歷史新高，而且行程時間更長、利潤更高。

So far, we are very pleased with the results we're seeing and are confident the impact of the partnership will keep growing in the quarters to come.

到目前為止，我們對所看到的結果非常滿意，並相信合作的影響力將在未來幾季繼續成長。

At the same time, in 2025, we plan to continue to expand our margin in customer-obsessed ways.

同時，2025年，我們計劃繼續以客戶為中心的方式擴大我們的利潤。

You'll see Lyft Media continue to grow, thanks to the success we've had with our in-app ads.

您將看到 Lyft Media 繼續發展，這要歸功於我們應用程式內廣告所取得的成功。

We've just made map takeovers a regular ad product.

我們剛剛將地圖接管作為常規廣告產品。

I hope you saw the latest one that's ran this past weekend with Samsung to promote their new Galaxy phones.

我希望你看到了上週末三星為推廣其新款 Galaxy 手機而推出的最新廣告。

Also, Lyft Media will soon have full screen vertical video ad capabilities.

此外，Lyft Media 很快就會推出全螢幕垂直影片廣告功能。

It's a mouthful.

這是一個滿口的。

Riders open the Lyft app millions of times each day, and we're making sure marketers can connect with them in authentic, valuable ways.

乘客每天打開 Lyft 應用程式數百萬次，我們確保行銷人員能夠以真實、有價值的方式與他們建立聯繫。

Another customer-obsessed way we're expanding margins in 2025 is by improving our higher end offerings.

我們在 2025 年擴大利潤的另一種以客戶為中心的方式是改進我們的高端產品。

Lyft Black and Lyft SUV rides grew 41% year on year in 2024.

2024 年，Lyft Black 和 Lyft SUV 乘車量年增 41%。

This was the result of three deliberate actions aimed at changing our ride mix.

這是為改變我們的乘車組合而採取的三項深思熟慮的行動的結果。

First, we fine-tuned vehicle eligibility to ensure a consistent and more exclusive black car experience for riders.

首先，我們對車輛資格進行了微調，以確保乘客獲得一致且更獨特的黑色轎車體驗。

Second, we significantly increased supply by adding more black car drivers onto our platform.

第二，我們透過增加更多黑車司機加入我們的平台，大幅增加了供給量。

And finally, we launched this mode to many new markets across the US and Canada, making Lyft Black now available in 64 total markets with more on the way.

最後，我們在美國和加拿大的許多新市場推出了這種模式，使得 Lyft Black 現已在 64 個市場推出，並且還將在更多市場推出。

We are thrilled to see how enthusiastically Lyft riders have responded to these improved offerings, which carry higher prices and margins.

我們很高興看到 Lyft 乘客對這些改進的服務反應如此熱烈，這些服務具有更高的價格和利潤。

It's a win, win, win.

這是一場勝利，勝利，勝利。

You'll hear more later this year, but your action item right now, listen up, is schedule your Lyft Black SUV for Valentine's Day.

今年稍後您會聽到更多消息，但現在您的行動項目是，聽著，安排您的 Lyft 黑色 SUV 來慶祝情人節。

Finally, in 2025, you'll see the Lyft platform expand to include autonomous vehicles.

最後，在 2025 年，您將看到 Lyft 平台擴展到包括自動駕駛汽車。

This will come to life with our partner May Mobility in Atlanta, which is one of the only two players providing AV rides to the public today.

這一目標將與我們位於亞特蘭大的合作夥伴 May Mobility 一起實現，該公司是目前僅有的兩家向公眾提供 AV 服務的公司之一。

Beyond that, yesterday, we announced a partnership with Marubeni.

除此之外，昨天我們宣布與丸紅建立合作關係。

They'll be the first to use Mobileye, others partners, Lyft Ready AV Technology with the goal of deploying their fleet with thousands of vehicles on the Lyft platform over time, starting in Dallas as early as 2026 with other cities to follow.

他們將率先使用 Mobileye、其他合作夥伴和 Lyft Ready AV 技術，目標是隨著時間的推移在 Lyft 平台上部署數千輛汽車，最早於 2026 年從達拉斯開始，隨後推廣到其他城市。

We're in advanced discussion with a number of other partners.

我們正在與其他一些合作夥伴進行深入討論。

The AV future will have many players across the value chain, including several emerging from behind the scenes.

未來的 AV 價值鏈中將有許多參與者，包括一些幕後新興參與者。

They're coming to Lyft for our unique combination of fleet management expertise derived through our Flexdrive subsidiary and access to our network of more than 44 million active riders -- annual riders.

他們選擇 Lyft，是因為我們擁有透過其子公司 Flexdrive 獲得的獨特車隊管理專業知識，以及我們每年超過 4,400 萬活躍乘客的網路。

I'll share more with you soon.

我很快會與你們分享更多。

As I've said before, AVs will be a transformational addition to the marketplace.

正如我之前所說，AV 將為市場帶來改變。

The more AVs, the more rideshare market expands, and the better Lyft does.

自動駕駛汽車越多，共享乘車市場就越擴大，Lyft 的表現就越好。

Now a closing message to all you Lyft team members who are out there and listening in.

現在，我要向所有在場聆聽的 Lyft 團隊成員致以最後一句話。

You have crushed it.

你已經把它粉碎了。

In the past 12 months, you've dramatically improved service to riders and drivers to industry-leading levels.

在過去的 12 個月中，您顯著提升了乘客和司機的服務質量，使其達到了行業領先水平。

You introduced a crazy number of customer-obsessed products, and you've helped us reach all-time highs in riders, rides, and driver hours.

您推出了大量以客戶為中心的產品，並幫助我們在乘客數量、乘車次數和駕駛時間方面達到歷史最高水平。

And beyond that, when the devastating fires broke out in LA, you stepped up to provide over 20,000 ride codes for those in need, the highest ever for this kind of disaster.

除此之外，當洛杉磯發生毀滅性的火災時，你們挺身而出，為有需要的人們提供了超過 20,000 個乘車代碼，這是此類災難中提供的最高金額。

I appreciate every second and every ounce of energy you put into Lyft.

我感謝您為 Lyft 投入的每一分每一秒和每一分精力。

We have never been in a stronger position, thanks to you, and we've got so much opportunity ahead.

感謝您的幫助，我們從未處於如此強大的地位，並且我們擁有無限的機會。

I can't wait for all we accomplish together in 2025.

我迫不及待地想看到我們在 2025 年共同取得的所有成就。

Over to you, Erin.

交給你了，艾琳。

Thanks, David.

謝謝，大衛。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝大家的參與。

2024 was a remarkable year for Lyft.

2024 年對 Lyft 來說是非凡的一年。

It was the first year in our multi-year plan, and we overdelivered on every target we provided at our Investor Day, from active riders and frequency to cost efficiencies and progress against our dilution targets.

這是我們多年期計畫的第一年，我們超額完成了投資者日提出的每一項目標，從活躍乘客和頻率到成本效率以及稀釋目標的進展。

As David discussed in detail, we significantly enhanced our service, making it more reliable for drivers and riders, which directly resulted in our record financial performance for the full year.

正如大衛詳細討論的那樣，我們大大增強了我們的服務，使司機和乘客更加可靠，這直接導致我們全年的財務表現創下了紀錄。

The bottom line is we are now more than ever operating from a position of strength.

底線是，我們現在比以往任何時候都更有實力。

Our improved financial health lays the foundation for years to come.

我們改善的財務狀況為未來幾年奠定了基礎。

So now let's walk through some of the key financial highlights from 2024.

現在讓我們來看看 2024 年的一些關鍵財務亮點。

Gross bookings for the year was $16.1 billion, up 17% year over year, roughly matching our rides growth year over year.

全年總預訂量為 161 億美元，年增 17%，與我們的乘車量同比增長大致相同。

Gross bookings is a function of three interconnected inputs: overall market pricing, engagement with riders, and engagement with drivers.

總預訂量由三個相互關聯的輸入因素決定：整體市場定價、與乘客的互動、與駕駛者的互動。

Driven by the substantial progress in the health of our marketplace, notably with drivers, prime time continued to decrease, driving real savings and more reliable pricing to our riders.

受市場健康（尤其是司機健康）大幅改善的推動，黃金時段的費用持續減少，為乘客帶來了真正的節省和更可靠的定價。

To help you put that in a bit of perspective, if prime time occurrences happened at the same rate and frequency in 2024 as in the prior year, gross booking's growth would have been 20% year over year.

為了幫助您更清楚地理解這一點，如果 2024 年黃金時段的發生率和頻率與前一年相同，那麼總預訂量的成長率將達到 20%。

As you can see from our record results, prime time decreasing did not have an impact on our margin growth given it's reinvested in the health of the marketplace.

從我們的記錄結果可以看出，黃金時段的減少並沒有對我們的利潤率成長產生影響，因為它被重新投資於市場的健康。

In 2024, we also made substantial progress on efficiency and cost discipline.

2024年，我們在效率和成本紀律方面也取得了實質進展。

We delivered 17% efficiency in the deployment of our customer incentives on a per ride basis year over year, significantly outpacing our goal of 10%.

與去年同期相比，我們每次行程的客戶激勵措施部署效率提高了 17%，大大超過了我們 10% 的目標。

In addition, our focus on cost discipline delivered more than 100 basis points of fixed cost leverage for the full year.

此外，我們注重成本控制，全年固定成本槓桿率超過 100 個基點。

This led to our unit economics continuing to improve even when considering the cost of insurance increasing.

即使考慮到保險成本的增加，這也使得我們的單位經濟效益持續改善。

And finally, we exceeded our original profit outlook with adjusted EBITDA margin as a percentage of gross bookings of 2.4%.

最後，我們超越了最初的利潤預期，調整後的 EBITDA 利潤率佔總預訂量的 2.4%。

This was our first full year of GAAP profitability, and we achieved free cash flow of $766 million.

這是我們實現 GAAP 盈利的第一個全年年度，我們實現了 7.66 億美元的自由現金流。

All right.

好的。

Now let's get into the more recent trends in the business.

現在讓我們來了解一下該行業的最新趨勢。

We've had a record breaking year with a very healthy Lyft marketplace and strong rides growth.

我們度過了破紀錄的一年，Lyft 市場非常健康，乘車量增長強勁。

At the same time, we've also seen new dynamics resulting in overall lower prices in the US market, which started late in the fourth quarter.

同時，我們也看到了新的動態，導緻美國市場整體價格下跌，這一趨勢始於第四季末。

With that backdrop, I'll go over our fourth quarter results.

在此背景下，我將回顧我們第四季的業績。

We delivered 15% rides growth and 10% growth in active riders, both leading indicators that underscore the durability of demand on our platform.

我們的出行量增加了 15%，活躍乘客數量增加了 10%，這兩個領先指標凸顯了我們平台需求的持久性。

We delivered these strong operating results on the foundation of our exceptionally healthy marketplace.

我們在異常健康的市場基礎上取得了這些強勁的經營業績。

In the fourth quarter, gross bookings were $4.28 billion, up 15% year over year.

第四季度，總預訂額為42.8億美元，年增15%。

Adjusted EBITDA grew nearly 70% year over year, and we expanded our adjusted EBITDA margin as a percentage of gross bookings from 1.8% in Q4 of the prior year to 2.6% in Q4 2024.

調整後的 EBITDA 年成長近 70%，我們將調整後的 EBITDA 利潤率佔總預訂量的百分比從去年第四季的 1.8% 擴大到 2024 年第四季的 2.6%。

We did this through the quality of our execution, our cost discipline, and our continued progress to bend the insurance cost curve through product and technology innovations, safety initiatives, and deep partnerships.

我們透過高品質的執行、嚴格的成本控制以及透過產品和技術創新、安全措施和深度合作不斷降低保險成本曲線來實現這一目標。

We also delivered another quarter of GAAP profitability and strong free cash flow of $140 million.

我們也再次實現了季度 GAAP 盈利，並實現了 1.4 億美元的強勁自由現金流。

Now looking ahead to Q1 guidance.

現在展望第一季的指引。

We're expecting the following trends and factors to inform our Q1 outlook.

我們預計以下趨勢和因素將影響我們的第一季展望。

First, our healthy marketplace and market-leading service levels will support year over year rides growth driven by strong, durable demand, growth in active riders, and growth in frequency.

首先，我們健康的市場和市場領先的服務水準將支持乘車量逐年增長，而這種增長主要得益於強勁、持久的需求、活躍乘客數量的增長以及頻率的增長。

We will continue to price competitively and reliably while balancing this with other seasonal dynamics.

我們將繼續提供具有競爭力且可靠的價格，同時平衡其他季節性因素。

The strength in rides growth and the health of our marketplace is balanced against some seasonal and other factors, including the Q1 is traditionally our slowest quarter as everyone is recovering from the holidays and weather across many parts of North America encourages staying in, or at the very least discourages taking a bike ride.

騎行成長的強勁勢頭和我們市場的健康狀況與一些季節性和其他因素相平衡，其中包括第一季度傳統上是我們最慢的季度，因為每個人都在從假期中恢復過來，而且北美許多地區的天氣鼓勵人們呆在家裡，或者至少不鼓勵騎自行車。

And rides in general tend to be shorter in duration and more local.

並且，乘車時間通常較短，且更傾向於本地化。

Further, Q1 in 2025 will have one less day due to the 2024 leap year, which is a headwind of approximately 1 percentage point year over year to our gross bookings growth.

此外，由於 2024 年是閏年，2025 年第一季將少一天，這對我們的總預訂量成長造成約 1 個百分點的阻力。

And lastly, as I mentioned earlier, lower pricing dynamics that started late in the fourth quarter have persisted quarter to date.

最後，正如我之前提到的，從第四季末開始的較低價格態勢一直持續到本季末。

Given that, for the first quarter, we expect rides growth in the mid-teens year over year, driven by industry-leading service levels and strong rider and driver engagement, gross bookings growth of approximately 10% to 14% year over year, or approximately $4.05 billion to $4.2 billion and adjusted EBITDA of approximately $90 million to $95 million with an adjusted EBITDA margin as a percentage of gross bookings of approximately 2.2% to 2.3%.

有鑑於此，對於第一季度，我們預計乘車量將同比增長約 15% 左右，這得益於行業領先的服務水平以及強大的乘客和司機參與度，總預訂量將同比增長約 10% 至 14%，或約為 40.5 億美元至 42 億美元，調整後的 EBITDA 約為 9000 萬美元，9000 萬至.3%。

Separately, given the recent announcement that our partnership with Delta will end on April 7, I want to give you further color to help put that in perspective for what that means for Lyft.

另外，鑑於我們最近宣布與達美航空的合作關係將於 4 月 7 日結束，我想向您提供進一步的信息，以幫助您了解這對 Lyft 意味著什麼。

We expect this will impact our rides and gross bookings year over year growth by approximately 1 percentage points and 2 percentage points respectively starting in Q2 2025.

我們預計，從 2025 年第二季開始，這將對我們的乘車量和總預訂量的同比增長分別產生約 1 個百分點和 2 個百分點的影響。

Our long range plan assumes continued growth driven by our partnership strategy, and this announcement does not change that.

我們的長期計劃是，在合作夥伴策略的推動下繼續實現成長，而這項聲明不會改變這一點。

More to come, we remain confident in our plans to offset the impact in the mid and long term by further penetrating our existing partnerships and adding new ones.

未來，我們仍然有信心透過進一步加強現有的合作夥伴關係和增加新的合作夥伴關係來抵消中長期的影響。

We believe in the strength of our market, the durability of our growth, and our ability to run the business efficiently.

我們相信我們的市場實力、我們成長的持久性以及我們高效經營業務的能力。

We've never been better positioned to take advantage of the massive opportunity ahead.

我們從未擁有過比現在更好的優勢來抓住未來的巨大機會。

Given our outstanding 2024 performance, our conviction in the business to continue to deliver robust free cash flow, and our commitment to maximize shareholder value, I have two updates to share.

鑑於我們 2024 年的出色表現、我們對繼續提供強勁自由現金流的業務的信心以及我們致力於最大化股東價值的承諾，我有兩條更新資訊要分享。

First, our Board has authorized a $500 million share buyback program.

首先，我們的董事會已批准一項 5 億美元的股票回購計畫。

Our objective combined with the previously announced net share settlement is to offset dilution from our stock-based compensation.

我們的目標結合之前宣布的淨股份結算是為了抵消股票薪酬的稀釋。

The pacing of the buyback will be systematic and thoughtful in consideration with our capital allocation priorities and aligned with our long-term growth strategy.

回購的節奏將系統而周到地考慮我們的資本配置重點並與我們的長期成長策略保持一致。

Second, we plan to reduce our overall leverage by repaying our convertible notes due in May 2025 with cash on the balance sheet.

其次，我們計劃透過使用資產負債表上的現金償還 2025 年 5 月到期的可轉換票據來降低我們的整體槓桿率。

In combination, these actions highlight the strength and flexibility of our balance sheet, providing a solid foundation to support our growth.

這些措施共同凸顯了我們資產負債表的實力和靈活性，為支持我們的成長奠定了堅實的基礎。

We're confident in our future and excited about what's in store for this next year and beyond.

我們對未來充滿信心，並對明年及以後的發展充滿期待。

And with that, I'll conclude our prepared remarks and operator, we're now ready to take questions.

至此，我將結束我們準備好的發言，現在我們可以回答問題了。

(Operator Instructions)

（操作員指令）

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

It's Bryan Smilek on for Doug.

布萊恩·斯邁利克 (Bryan Smilek) 代替 Doug 上場。

I guess just digging a bit deeper into the recent pricing environment, can you just provide more factors and color just on what's weighing on the 1Q gross bookings outlook?

我想，只要深入研究一下最近的定價環境，您能否提供更多因素並詳細說明哪些因素影響了第一季的總預訂量前景？

Is it framed more as downward pressure or just more broadly moderating and increases versus recent years?

它是否更多地被視為下行壓力，還是與近年來相比，更廣泛地緩和和增加？

Hey, Bryan.

嘿，布萊恩。

It's David.

是大衛。

I will maybe start with that and give you just a little perspective on pricing in general, and then Erin can talk more specifically about the impact.

我可能會從這個開始，給你一些關於定價的總體看法，然後艾琳可以更具體地談談其影響。

So just so everyone knows, we have a super simple pricing strategy, and it is to price competitively and reliably.

所以為了讓大家知道，我們有一個非常簡單的定價策略，那就是具有競爭力和可靠的定價。

So competitive means exactly what it sounds like, and it's quite important.

所以競爭力的意義就如同其字面意思一樣，而且它非常重要。

It's something we adopted a couple of years ago and it's worked very well, and we're well built for it.

這是我們幾年前採用的技術，效果非常好，我們也為此做好了充分的準備。

We now have a couple of years of doing it very well, and we're quite responsive and good at sort of adjusting and kind of rallying with that.

我們現在已經做得很好幾年了，而且我們反應敏捷，善於調整和應對。

And then reliable is also super interesting, because that's something we've also worked on a lot.

然後可靠性也非常有趣，因為這也是我們做了很多工作的事情。

You've heard us talk a lot about prime time coming down.

你們已經聽到我們多次談論黃金時段即將結束的話題。

And again, of course, I know this wasn't the center of your question, but just to give you a little context, these dramatic decreases in prime time are huge.

當然，我知道這不是你問題的核心，但我只是想給你一點背景信息，黃金時段的急劇減少是巨大的。

They're tailwinds for rides, right, because that's what riders like is reliable pricing.

對乘客來說，它們就是順風，因為乘客喜歡的是可靠的定價。

And then we've introduced products like price lock, which we can talk about a little bit separately.

然後我們推出了價格鎖定之類的產品，我們可以單獨討論一下。

So that's sort of the context.

這就是背景。

So when you look at that, that suggests that we're in a dynamic marketplace.

所以當你看到這一點時，就會明白我們處在一個充滿活力的市場。

You would expect sometimes prices go up a little bit, sometimes they pop down a little bit, and we're sort of dealing with that.

你可能會想到，有時價格會上漲一點，有時則會下降一點，我們正在應對這種情況。

Again, we're kind of well built for that.

再次強調，我們在這方面已經做好了充分準備。

And so now I'll kind of turn it over to Erin and she can talk a little bit about the more recent things we've seen.

現在我將把時間交給艾琳，她可以談論我們看到的最近發生的事情。

Yeah.

是的。

Thanks, Bryan.

謝謝，布萊恩。

There was a lot in your questions.

你的問題很多。

So bear with me for just a minute because I'm going to provide some details and some context that I think are important in getting at some of your points.

所以請您稍等片刻，因為我將提供一些細節和背景，我認為這些細節和背景對於理解您的某些觀點很重要。

So let me first start with some context overall.

因此，首先讓我先介紹一下整體背景。

So generally speaking, pricing in the Lyft marketplace, I think about, for example, 2024 has been relatively stable.

因此總體而言，我認為 Lyft 市場中的定價（例如到 2024 年）一直相對穩定。

We've seen steady gradual price increases that happen over time.

我們看到價格隨著時間的推移逐漸穩定上漲。

Those are generally the result of underlying sort of structural increases in our insurance, but it's been stable.

這些通常是我們保險基礎結構性成長的結果，但一直保持穩定。

It's been pretty steady.

一切一直很穩定。

So that's what we've seen in the recent history.

這就是我們在近代歷史中所看到的。

I know one of the metrics that's obviously more visible is gross bookings per ride, but I think it's also important context to remind everyone that that is a result of mix, right?

我知道一個顯然更明顯的指標是每次行程的總預訂量，但我認為提醒大家這是混合的結果也是重要的，對嗎？

We have different modes not only in rideshare, but it's inclusive of our bikes and scooters business.

我們不僅有多種共乘模式，還包括自行車和摩托車業務。

So that mix will impact gross bookings per ride over time.

因此，這種組合將會隨著時間的推移影響每次行程的總預訂量。

So circling then into the core question really around rideshare is what we're talking about.

因此，我們正在討論的實際上是有關共乘的核心問題。

When we talk about base pricing and let me define that because I'll reference it in just a moment.

當我們談論基本定價時，讓我來定義一下，因為我馬上就會引用它。

So base pricing is what we use when we make competitive comparisons, and what that means is we look at the price we charge on a -- prices charged on a per mile basis.

因此，我們在進行競爭性比較時使用的是基本定價，這意味著我們要以每英里收取價格。

And this would exclude coupons which, as you know, fall into our sales and marketing line.

這將排除優惠券，因為如您所知，優惠券屬於我們的銷售和行銷線。

And then we observe competitive pricing all the time across all of our markets on a daily basis.

我們每天都會觀察所有市場的競爭性定價。

We leverage multiple sources and our goal, as David mentioned, on average, is to price competitively in any given market.

我們利用多種來源，我們的目標是，正如大衛所提到的，在任何特定的市場中都具有競爭力的價格。

So I think that context is important.

所以我認為背景很重要。

So now let me kind of move to what we've been seeing here recently.

現在讓我來談談我們最近在這裡看到的情況。

I talked about in my prepared remarks that late in the fourth quarter, we saw some new pricing dynamics, generally lower prices across the US.

我在準備好的發言中提到，在第四季末，我們看到了一些新的定價動態，美國各地的價格普遍下降。

As you know, our strategy is always to price competitively.

如您所知，我們的策略始終是保持價格競爭力。

So we lowered base prices.

因此我們降低了基本價格。

We did some additional couponing in the last few weeks of the year to keep our marketplace balance and prices competitive.

為了保持市場平衡和價格競爭力，我們在今年最後幾週做了一些額外的優惠券。

At the same time, we're proud of our results.

同時，我們對我們的成績感到自豪。

We delivered really good rides growth and obviously profitability that was at or above our expectations.

我們實現了非常好的乘車成長，而且獲利能力顯然達到或超出了我們的預期。

So flash forward to today and around what we're communicating around Q1, let me just give you a little real-time context on January.

所以快進到今天以及圍繞我們在第一季溝通的內容，讓我給你一些一月份的即時背景資訊。

So we continue to see really strong foundational fundamental growth in the business and how does that play out?

因此，我們繼續看到業務真正強勁的基礎成長，它將如何發揮作用？

So in January, for example, we've seen rides growth in the high teens, and the backbone of that is continued strength, growth in active riders, continued growth in frequency.

例如，在一月份，我們看到騎乘次數呈現高位成長，其支柱是持續的強勁成長、活躍騎乘者數量的成長和頻率的持續成長。

So those foundations are really, really strong.

所以這些基礎確實非常牢固。

At the same time, what I'll share with you is at the end of January, our price on a per mile basis to remain competitive was at the lowest point it's been in the last five quarters.

同時，我要告訴大家的是，截至 1 月底，我們為保持競爭力而製定的每英里價格處於過去五個季度以來的最低點。

So that gives you some sense for a comparison point of the trends.

這可以讓您對趨勢的比較點有所了解。

So long answer to your question, but I think the context and details are important, but I think the takeaway, and I'll reiterate what David started with is, the foundation is incredibly strong and sitting here today operationally, financially, we're in the strongest position that we've ever been in.

那麼，對於您的問題，我要回答得比較長，但我認為背景和細節很重要，但我認為要點，我想重申戴維一開始所說的，就是基礎非常牢固，而且今天，無論是運營上還是財務上，我們都處於有史以來最強大的地位。

Michael McGovern, Bank of America.

美國銀行的麥可‧麥戈文。

I think your largest competitor in the US kind of talked about their volume or bookings growth in areas that had new entrants in the market, Waymo in particular.

我認為您在美國最大的競爭對手談到了他們在市場新進入者的地區的銷售或預訂量增長情況，尤其是 Waymo。

So I was curious if you would give us anything along those lines, just what you're seeing like in San Francisco, for example.

所以我很好奇您是否能告訴我們一些類似的訊息，例如您在舊金山看到的情況。

And then just going from here with the recent change in the pricing environment with lower prices, how confident are you in the trajectory of take rates and gross margins, which seem to still be trending positively in the fourth quarter at least?

然後從最近定價環境的變化和價格下降來看，您對接受率和毛利率的走勢有多大信心？

How confident are you in the trend for 2025 to be able to continue to deliver improvement despite lower pricing?

您對 2025 年的趨勢有多大信心，儘管價格較低，仍能繼續實現改善？

Sure.

當然。

Hey, Michael, it's David.

嘿，邁克爾，我是大衛。

Let me -- I'll take the first question first and maybe touch just super briefly on the second and then Erin can kind of pick up from there.

讓我——我先回答第一個問題，然後可能只是非常簡短地談第二個問題，然後艾琳可以從那裡繼續。

So on market entrance, yeah, it's quite interesting.

因此，就市場進入而言，是的，這非常有趣。

If you've been in San Francisco, Phoenix as well, LA, to a little lesser extent, San Diego, to a little lesser extent, you'll see a lot of Waymos driving around.

如果你去過舊金山、鳳凰城、洛杉磯（稍微好一點）和聖地牙哥（稍微好一點），你會看到很多 Waymo 在路上行駛。

And so -- and Waymo is pretty amazing tech.

所以 —— Waymo 是一項相當令人驚嘆的技術。

It really is.

確實如此。

No -- you can't deny that.

不——你不能否認這一點。

Seeing a car driving with no driver is pretty remarkable.

看到一輛無人駕駛的汽車行駛是相當了不起的。

Now when you look at what it's done to our business is quite interesting.

現在，當你看看它對我們的業務的影響時，你會發現非常有趣。

So in San Francisco, our share, and I said this before, it remains true, our share is roughly flat.

因此在舊金山，我們的份額，我之前就說過，仍然是這樣的，我們的份額基本上持平。

And so what that suggests, but of course, they're delivering ride.

這意味著什麼呢，當然，他們正在提供交通服務。

So what does that suggest?

那麼這意味著什麼？

That suggests that either the market is increasing or they're taking share from somebody else, but they're not taking it from us.

這表明要么市場在成長，要么他們正在從別人手中奪取市場份額，但他們沒有從我們手中奪走。

So that's great because what that suggests, which we've been saying for a while, is on average, we would expect as self-driving cars enter the marketplace, they'll actually expand the market.

這非常好，因為這意味著，正如我們一直在說的，平均而言，我們預計隨著自動駕駛汽車進入市場，它們實際上會擴大市場。

Now Waymo is a little bit of a premium price product here in San Francisco.

現在，Waymo 在舊金山屬於高價產品。

Actually it's quite premium.

事實上它相當優質。

I mean it could be maybe 20% higher.

我的意思是它可能還會高出 20%。

In Phoenix, we're seeing a little bit of a different dynamic.

在菲尼克斯，我們看到了稍微不同的動態。

So in Phoenix, which is another market that's quite aggressively sort of patrolled by AV cars, what you're seeing is our share -- well, our growth is actually faster in Phoenix.

因此，在鳳凰城，這是另一個被 AV 汽車積極佔領的市場，您看到的是我們的份額——嗯，我們在鳳凰城的成長實際上更快。

So this is very interesting.

這非常有趣。

Our growth is faster in Phoenix than it is across the country.

我們在鳳凰城的成長速度比全國都要快。

So across the country, we have mid teens growth.

因此，在全國範圍內，我們的成長率達到了十幾歲的水平。

In Phoenix, we're actually seeing it faster there.

在鳳凰城，我們實際上看到它的速度更快。

So that's also very interesting, right?

這也很有趣，對吧？

And again, so that -- I mean our shares is fine there.

再說一遍，這樣 — — 我的意思是我們的股票在那裡很好。

So again, what that suggests is that you've got these new Waymo cars coming in.

所以，這再次表明，新的 Waymo 汽車即將面世。

Again, maybe they're unlocking some new demand, maybe they're taking share from somebody else.

再說一次，也許他們正在釋放一些新的需求，也許他們正在從別人手中奪取份額。

So we kind of like what we see there.

所以我們很喜歡那裡所看到的東西。

And these are relatively small.

而且這些都相對較小。

Here, we're talking about just what we're called ODDs.

這裡我們討論的就是所謂的 ODD。

So the operating sort of districts that are so relatively small part of even of those cities geographies.

因此，這些營運區域甚至只佔這些城市地理分佈的一小部分。

And you remember, Waymos don't go on highways and so forth and so on.

你記住，Waymo 不會在高速公路上行駛等等。

So it's a little bit of a smallish thing, but at the same time, the trends are very interesting because again, it sort of suggests that people are taking them and liking them but then continuing to take a lot of rideshare.

所以，這雖然是一件小事，但同時，這種趨勢非常有趣，因為它再次表明，人們正在乘坐這些交通工具並且喜歡它們，然後繼續大量乘坐共乘。

I will say that our churn rate is actually better than, in other words, people come back more regularly on a five day basis after they've taken a Lyft than after they've taken Waymo.

我想說的是，我們的客戶流失率實際上比乘坐 Lyft 後要好，與乘坐 Waymo 後相比，人們在五天內回來的頻率更高。

So that's kind of interesting.

這很有趣。

It's suggesting and maybe there are a lot of people who are checking it out and then doing something else.

它只是建議而已，也許有很多人正在檢查它，然後做其他事情。

Okay.

好的。

That was a very long answer.

這是一個很長的答案。

I'm sure we'll talk more about AVs separately, but that's what we're seeing there.

我確信我們會分別討論更多有關 AV 的問題，但這就是我們所看到的。

On margins, I'll just say briefly, the answer is yes.

關於利潤，我只想簡單地說一下，答案是肯定的。

We're confident there.

我們對此充滿信心。

And there are a lot of tools that we have.

我們有很多工具。

And I talked about mix briefly early.

我早些時候簡單談了混合。

We can talk about some of our different lines of business or different segments that give us a lot of flexibility when it comes to mix, but maybe Erin will kind of jump in here and then we can kind of tag team a little more if we need to.

我們可以談論一些不同的業務線或不同的部門，這些部門在組合方面給了我們很大的靈活性，但也許艾琳會加入進來，然後我們可以在需要的時候進行更多的合作。

Yeah.

是的。

Sure.

當然。

Happy to.

很開心。

What I would say the bottom line is, our platform has never been healthier both from an execution standpoint and a financial standpoint.

我想說的是，無論從執行角度或財務角度來看，我們的平台從未如此健康。

And our long range plan which we detailed at our Investor Day in June remains the North Star.

我們在六月投資者日上詳述的長期計劃仍然是北極星。

Hands down.

毫無疑問。

That's our North Star.

那就是我們的北極星。

Why is that?

這是為什麼？

The foundations of that plan, nothing has changed and if in fact '24 is any indication, give us even more confidence on the growth drivers and the levers.

該計劃的基礎沒有任何改變，事實上，如果 24 年有任何跡象的話，那就讓我們對成長動力和槓桿更加有信心。

First and foremost, we're in a great growing market that has a lot of opportunity ahead of it, and so that's a fantastic position to be in.

首先，我們處在一個快速發展的市場，未來充滿機遇，因此，這是一個非常好的位置。

And the foundations and some core underpinnings of that long range plan are stronger today than they were when we talked about them in June.

而且，這項長期計劃的基礎和一些核心支柱今天比我們六月談論時更加堅實。

And that's around just the progress that we have made in growing our active rider base, in growing frequency ahead of expectations in our framework in 2024.

這只是我們在擴大活躍騎士基礎方面取得的進展，其成長頻率超出了我們 2024 年框架中的預期。

And then of course the pillars of behind that around operational excellence, sort of the day to day execution, the way that we've innovated in the market.

當然，背後的支柱是卓越運營，日常執行，以及我們在市場上的創新方式。

And David mentioned a couple of those areas in his prepared remarks.

大衛在他的準備好的發言中提到了其中幾個領域。

Our partnership strategy, our media strategy, all of those areas we feel great about.

我們的合作夥伴策略、我們的媒體策略，所有這些領域都讓我們感到非常滿意。

And so our LRP really does remain our North Star.

因此我們的 LRP 確實仍然是我們的北極星。

You asked a little bit about 2025.

您問了一些有關 2025 年的問題。

I gave some color in my prepared remarks around Delta, right?

我在準備好的有關達美航空的發言中給了一些說明，對嗎？

That's a known change that is going to transition at the beginning of the second quarter.

這是一個已知的變化，將在第二季初開始轉變。

So wanted to give you some framing for what that might look like.

因此我想給你一些框架來讓你了解它看起來是什麼樣子。

We'll see how the year progresses if price environment stays sustainably lower.

如果價格環境持續保持較低水平，我們將看到今年的進展如何。

That could be a low single digit percentage point impact to our gross bookings.

這可能會對我們的總預訂量產生低個位數百分點的影響。

We also would probably see higher rides growth.

我們也可能會看到更高的乘車量成長。

So at the end of the day, we'll see how that plays out.

因此到最後我們看看事情會如何發展。

But as David mentioned, as we think about our business model and all of the levers of profitability, we feel really, really well-positioned.

但正如大衛所提到的，當我們思考我們的商業模式和所有的獲利槓桿時，我們感覺我們處於非常非常有利的位置。

We are focused on continuing to expand our adjusted EBITDA margins.

我們專注於持續擴大調整後的 EBITDA 利潤率。

We will continue to achieve efficiencies in customer incentives.

我們將持續提高客戶激勵方面的效率。

We'll continue to get fixed cost leverage.

我們將繼續獲得固定成本槓桿。

David highlighted some of our higher margin and mode expansion.

大衛強調了我們的一些更高的利潤和模式擴展。

We will continue to grow our partnership base.

我們將繼續擴大我們的合作夥伴基礎。

And don't forget, we'll continue to grow our media business.

別忘了，我們將繼續發展我們的媒體業務。

We exited 2024 right on track with that $50 million annualized run rate that we talked about at our Investor Day.

我們在 2024 年結束時就達到了投資者日上談到的 5,000 萬美元的年化運行率。

And we expect to exit 2025 in the fourth quarter at an annualized run rate of around $100 million.

我們預計 2025 年第四季的年化營運成本約為 1 億美元。

So we feel good about our delivery across all of those areas.

因此，我們對我們在所有這些領域的交付感到滿意。

And that's a lot of detail, but I think it's important to understand our conviction in our LRP as our North Star.

這有很多細節，但我認為重要的是了解我們對 LRP 作為北極星的信念。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克‧謝裡丹 (Eric Sheridan)。

I'd love to come back to, I think in the prepared remarks, you talked about the state of driver supply and preferences for Lyft as a platform.

我很想回到這個問題，我想在準備好的演講中，您談到了 Lyft 作為一個平台的司機供應狀況和偏好。

I know this has been an issue you've worked on over the last 12 to 8 years to improve the relationship with drivers and sort of increase your supply density.

我知道這是你們在過去 12 到 8 年裡一直致力於解決的問題，以改善與司機的關係並提高你們的供應密度。

Can you maybe in two parts talk a little bit about what you felt you accomplished in 2024 and how you're thinking about investments in driver supply and how the product can continue to evolve as you look for strategic priorities into 2025?

您能否分兩部分談談您認為您在 2024 年取得的成就，以及您對駕駛員供應的投資想法，以及在展望 2025 年的戰略重點時產品將如何繼續發展？

Sure.

當然。

I'll take that one to start.

我要從這個開始。

So yeah, I mean let's maybe take a tiny victory lap on that one because it's so foundational.

是的，我的意思是讓我們為此慶祝勝利，因為它是如此基礎。

I mentioned this as you said in my prepared remarks brief, but I'll say it again.

正如您所說，我在我準備好的簡短發言中提到了這一點，但我還想再說一次。

We now have a 16 point preference gap between us and our biggest competitor.

現在我們與最大競爭對手之間的差距為16個百分點。

And the question is a very simple question.

這個問題非常簡單。

Basically, who do you prefer driving for or driving with?

基本上，您喜歡為誰開車或和誰一起開車？

So that's great, right?

這很棒，對吧？

So how did that happen and then what does it mean?

那麼這是怎麼發生的呢？

Well, so how it happened is, man, did we make a lot of investments in really showing the world that we have two customers in every car, a rider and a driver, and they both matter.

好吧，事情是這樣的，我們投入了大量的資金來向世界展示，我們每輛車都有兩個客戶，一個乘客和一個司機，他們都很重要。

So what do we do?

那我們該怎麼辦？

We did things like the 70% earnings guarantee.

我們做了諸如 70% 收益保證之類的事情。

We've talked quite a lot about that.

我們已經討論了很多有關這個問題。

We've, I would say, fixed some problems.

我想說，我們已經解決了一些問題。

There's a technical thing called a breakout which basically means the driver gets promised one price, but then -- one earnings.

有一個技術上的東西叫做“突破”，基本上意味著司機被承諾一個價格，但隨後——獲得一個收入。

We commit to earnings up front, but then something strange happens, traffic gets in the way or different things.

我們承諾預先獲利，但隨後發生了一些奇怪的事情，例如交通堵塞或其他事情。

And so the ride takes longer than it was forecast to, but we now make up for that if it's more than a couple of minutes, and on and on.

因此，騎行所需的時間比預計的要長，但現在如果它超過幾分鐘，我們就會彌補它，等等。

We pay, as soon as -- for scheduled rides, as soon as you arrive, the wait time, all these different things.

我們會在您到達後立即支付預定的乘車費用、等待時間費用以及所有這些不同費用。

Some of them are quite small, some of them are quite big.

有些相當小，有些相當大。

Some of them actually have very little to do with the day to day driving.

其中一些實際上與日常駕駛關係不大。

We've put a lot of investment into a partnership with Merit America which allows drivers to earn.

我們投入了大量資金與 Merit America 合作，讓司機賺錢。

It kind of take classes effectively and sort of do some skill building.

它可以有效地進行授課並進行一些技能培養。

So that they can go on to take other jobs.

這樣他們就可以繼續從事其他工作。

Gosh, there's something else I wanted to mention sort of along the same lines.

天哪，我還想提一些類似的事情。

Anyway, yeah, even when a driver has -- there's a cool thing.

不管怎樣，是的，即使司機有——也有一件很酷的事情。

So we've been testing now a lot of AI on how to respond to drivers' problems.

因此，我們現在一直在測試大量人工智慧，以解決司機的問題。

Remember when a driver has a problem, that's time they have to spend resolving that problem.

請記住，當司機遇到問題時，他們必須花時間解決問題。

That time's money, right?

那時候的錢吧？

That time they're not spending in the middle of driving.

他們並沒有把時間浪費在開車上。

And so we're working on a bunch of AI features and we just did the analysis the other day, just based on one test that we did in January, which we'll roll out more broadly, we estimate the drivers saved about 28,000 hours support time because of some AI we're using now to handle some of their questions.

因此，我們正在研究一系列人工智慧功能，前幾天我們剛剛做了分析，僅基於我們在一月份進行的一項測試，我們將更廣泛地推廣這項測試，我們估計，由於我們現在使用一些人工智慧來處理他們的一些問題，司機節省了大約 28,000 小時的支援時間。

So anyway, it's a whole bunch of things.

無論如何，這是很多事情。

But it comes down to a very simple thing, which is we want drivers to succeed.

但歸根究底很簡單，那就是我們希望車手能夠成功。

When drivers succeed, our platform succeeds.

當司機成功時，我們的平台就成功了。

And we want drivers to understand that we're behind them.

我們希望司機們明白，我們會支持他們。

Okay.

好的。

Now so what does that mean?

那麼這是什麼意思呢？

What it means is two things, and some of this is, you can never exactly predict the future, but here's what we can expect.

這意味著兩件事，其中之一是，你永遠無法準確預測未來，但我們可以期待以下事情。

We can expect to maybe have to spend a little less money on driver acquisition.

我們可能需要少花一點錢來獲取司機。

We can expect to spend maybe a little bit less money on driver retention.

我們預計在司機保留方面花費的錢可能會少一點。

We are putting in place a driver kind of a rewards program.

我們正在實施一種司機獎勵計劃。

I kind of alluded to that to reward them for being great drivers on the platform.

我這樣說是為了獎勵他們成為該平台上的優秀司機。

So the financial impact of this over time will be very large.

因此，隨著時間的推移，其財務影響將非常大。

I mean we spend an enormous amount of money.

我的意思是我們花了大量的錢。

Drivers make a lot of money on the platform, billions of dollars.

司機在這個平台上賺了很多錢，有數十億美元。

And so even small improvements there have huge impact.

因此，即使是很小的改進也會產生巨大的影響。

And I'll finish up just by saying the thing that everyone knows, but you just have to say it again, which is, it's much less expensive to retain and to acquire and while drivers are not our employees, they are independent contractors.

最後，我想說一件大家都知道的事情，但你必須再說一遍，那就是留住和招募司機的成本要低得多，雖然司機不是我們的僱員，但他們是獨立承包商。

We can put a lot of energy and we do into making sure they've got such a good experience that they like driving for a Lyft.

我們可以投入大量精力，而且我們也確實這樣做了，以確保他們擁有良好的體驗，從而喜歡為 Lyft 開車。

They provide great service.

他們提供優質的服務。

They keep coming back and that's our strategy.

他們不斷回來，這就是我們的策略。

Benjamin Black, Deutsche Bank.

德意志銀行的班傑明·布萊克。

David, could you just dig in a little bit deeper into your rubeni (sic-Marubeni) and Mobileye partnership?

David，您能否更深入地介紹一下您與丸紅 (Rubeni) 和 Mobileye 之間的合作關係？

How does it come together?

它是如何組合在一起的？

Is it exclusive?

它是獨家的嗎？

What type of economic models are you thinking about?

您正在考慮什麼類型的經濟模型？

And how should we think about your expansion plans beyond Dallas in terms of timing effectively?

那麼，從時間安排的有效角度來看，我們應該如何考慮您在達拉斯以外的擴張計劃？

And then just quickly, you also mentioned the technical breakthrough that drove your ETAs to industry highs.

然後很快，您還提到了推動您的 ETA 達到行業最高水平的技術突破。

Can you talk about what you did there and where else you see the potential for other technical breakthroughs?

您能談談您在那裡做了什麼以及您還認為在哪些方面還有可能實現其他技術突破嗎？

Sure.

當然。

Yeah, two cool questions, Benjamin.

是的，有兩個很酷的問題，本傑明。

Thanks for the question.

謝謝你的提問。

So yeah, let's do AVs first, and forgive me, like Erin, I'm going to go on a little bit expansively on this.

是的，讓我們先做 AV，請原諒我，就像 Erin 一樣，我將就這一點進行更詳細的說明。

Erin thinks I'm casting shade, but no, that was a compliment.

艾琳認為我是在貶低她，但事實並非如此，那是一種讚美。

But anyway, I'm going to on a little bit because I think the framework matters.

但無論如何，我會繼續講下去，因為我認為框架很重要。

So AV is -- gosh, it's so easy, I think and sort of maybe a little bit -- you did not do this, by the way, but I'm responding the other way, a little narrowly on the thing.

所以 AV 是 — — 天哪，我認為這太簡單了，也許有一點 — — 順便說一句，你沒有這樣做，但我以另一種方式回應，對這件事有點狹隘。

They kind of say, look at the AV tech of Company A, and look how amazing it is.

他們說，看看 A 公司的 AV 技術，看看它有多神奇。

And the AV tech of -- there's a whole bunch of really interesting AV tech out there, right?

還有 AV 技術——現在有很多非常有趣的 AV 技術，對吧？

There's what Waymo does.

這就是 Waymo 所做的事情。

They have a certain approach.

他們有一定的方法。

They're very successful, obviously.

顯然，他們非常成功。

Yeah, expensive.

是啊，很貴。

I mean it's got its own things to it, but it's working super well, very safe, very reliable, and so forth.

我的意思是，它有它自己的東西，但它運行得非常好，非常安全，非常可靠等等。

You have Mobileye.

您有 Mobileye。

Mobileye is, as you know and maybe we mentioned this last time around, one of the world's leaders in sort of driver assist technology.

如您所知（也許我們上次提到過），Mobileye 是駕駛輔助科技領域的全球領導者之一。

And they've been an early innovator in AV tech, and they're trying to get to level three, four, and ultimately five.

他們是 AV 技術的早期創新者，並正在努力達到三級、四級，最終達到五級。

And as you know, we signed a deal with them last year to start using their technology in a number of different ways.

如你所知，我們去年與他們簽署了一項協議，開始以多種不同方式使用他們的技術。

Under an umbrella, we're calling Lyft ready, to make as many cars Lyft ready autonomously as possible.

總的來說，我們稱之為 Lyft ready，也就是讓盡可能多的汽車實現 Lyft ready 自動駕駛。

Okay.

好的。

So that that's sort of the background.

這就是背景。

Now what happened yesterday?

那麼昨天發生了什麼事？

What happened yesterday is we made an announcement that sort of puts another sort of support structure into this kind of house we're we're building, right?

昨天發生的事情是，我們宣佈在我們正在建造的這種房子中添加另一種支撐結構，對嗎？

And that's financing and to a certain extent, fleet operations.

這就是融資，某種程度上也包括船隊營運。

So again, stepping back for a second, you've got AV tech.

所以，再說一遍，你擁有 AV 技術。

At one end of the value spectrum, very important, you've got the OEMs, right, the different company, the car manufacturers of the world.

在價值範圍的一端，非常重要的一點是，你有 OEM，對吧，不同的公司，世界各地的汽車製造商。

We're using, for example, Toyota's in Atlanta with May Mobility.

例如，我們與 May Mobility 合作，在亞特蘭大使用豐田汽車。

So that's nothing.

所以這不算什麼。

And then you've got financing.

然後你就獲得融資了。

Someone's going to buy these things and own them, and they're expensive assets and they have certain value characteristics.

有人會購買這些東西並擁有它們，它們是昂貴的資產，具有一定的價值特徵。

Most cars get less valuable over time.

大多數汽車的價值會隨著時間的推移而降低。

And so you've got to be very expert in the financing of these things.

所以你必須對這些事物的融資非常熟悉。

And Marubeni, which is a very, very large, it's about a $50 billion Japanese trading company, has been in the business for some number of years.

丸紅株式會社是一家非常大的日本貿易公司，資產約 500 億美元，已經從事該行業多年。

They're a conglomerate.

他們是一個企業集團。

I mean they do many things, but one of the things they've been investing in recently is leasing, auto leasing, and in particular, they do that in a couple of countries around the world, and they're looking at AVs as a potential huge new market for them.

我的意思是他們做很多事情，但他們最近投資的事情之一是租賃，汽車租賃，特別是他們在全球幾個國家開展這項業務，他們將 AV 視為一個潛在的巨大新市場。

And so the way this deal came together is we have been looking for partners who are willing to take on the financial commitment of owning these cars.

這筆交易的達成方式是，我們一直在尋找願意承擔擁有這些汽車的財務承諾的合作夥伴。

A company like Marubeni, of course Japan, I think their interest rate is 0.5%.

像日本丸紅這樣的公司，我認為他們的利率是 0.5%。

They're, as I say, a trading company.

正如我所說，他們是一家貿易公司。

They have different lines of business they can use to sort of move money around.

他們有不同的業務線可以用來轉移資金。

So anyway, this is what they do and they do it at a very big scale.

不管怎樣，這就是他們所做的，而且他們的規模非常大。

So with their commitment -- and then just finishing up the value chain and then I'll come back.

因此，有了他們的承諾——然後只需完成價值鏈，我就會回來。

Then you have the whole fleet management side of things.

這樣你就擁有了整個車隊管理的一切。

Again, incredibly important and so underappreciated.

再次強調，這一點極為重要，但卻被低估了。

You've got to onboard these things.

你必須接受這些事。

You've got to insure these vehicles.

你必須為這些車輛投保。

You've got to make sure they get maintained and repaired and cleaned and charged and offboarded when they're done and all these different things.

你必須確保它們得到保養、維修、清潔、充電並在使用完後卸下，以及做所有這些不同的事情。

It's quite complex.

這相當複雜。

We do a very, very good job of that with our Flexdrive subsidiary, well over 10,000 cars under management at any one point.

我們的 Flexdrive 子公司在這方面做得非常出色，任何時候管理的汽車都超過 10,000 輛。

It's been tens of thousands over the years.

這些年來已經有數萬個了。

Anyway, that's a separate thing.

無論如何，那是另一回事。

And then the whole marketplace piece, obviously, pricing and ETA and all the different customer facing stuff, marketing obviously and all the things you do 24 hours a day, 7 days a week.

然後是整個市場部分，顯然包括定價、預計到達時間 (ETA) 和所有面向不同客戶的東西，顯然還包括行銷，以及您每週 7 天、每天 24 小時所做的所有事情。

Okay.

好的。

So that's the whole value chain.

這就是整個價值鏈。

Now back to Marubeni for just one more second.

現在再把話題回到丸紅上。

They are part of the mix now.

他們現在是混合體的一部分了。

It's wonderful.

太棒了。

We announced that we're going to start with them in Dallas at kind of the 1,000 car ish type level.

我們宣布我們將在達拉斯啟動 1,000 輛左右的汽車採購項目。

That's great.

那太棒了。

They have the financial capacity to do that and Mobileye has the technology.

他們有財力做到這一點，而 Mobileye 也有技術。

We'll separately talk about which OEM will be part of that.

我們將分別討論哪個 OEM 將參與其中。

That'll be for another day.

那將是另一天的事了。

And then we do expect to scale that up to other markets.

然後我們確實希望將其擴展到其他市場。

This is the part where I probably get a little less satisfying for you because we're not going to talk about what those other markets are or the timeline just yet.

這部分我可能不會讓您太滿意，因為我們現在還不會討論其他市場是什麼或時間表。

But certainly, the goal as we sign these partnerships is that these are long term relationships.

但可以肯定的是，我們簽署這些合作協議的目標是建立長期合作關係。

It's not sort of a speed dating thing.

這可不是什麼快速約會之類的事情。

So that's that.

就是這樣。

I think maybe you had another question, but I completely forgot what it was.

我想你可能還有其他問題，但我完全忘記了是什麼。

It was around industry ETA highs and breakthroughs there.

當時正值產業預計到達時間 (ETA) 的高點和突破。

Yeah, for sure, thanks.

是的，當然，謝謝。

So yeah, this is an amazing accomplishment.

是的，這是一個了不起的成就。

We're -- look, our market share is less than the other guys.

我們——你看，我們的市佔率比其他人小。

So if you have a smaller market share, that you would sort of as a starting point expect that you would have a difficulty providing service that is faster.

因此，如果您的市場份額較小，那麼您從一開始就會預料到在提供更快的服務方面會遇到困難。

But that's what we accomplished.

但這就是我們所取得的成就。

So I'll break it down for just a couple of seconds.

所以我只用幾秒鐘來解釋一下。

If you look down on a year on year basis, basically, we'll pick you up about a minute faster than a year ago, and that's not one thing.

如果按年來看，基本上，我們會比一年前快一分鐘左右，這不是一件事。

That's so many things.

那太多事情了。

That's so many things.

那太多事情了。

That's being smart.

這很聰明。

That's obviously having -- it helps to have a lot of drivers.

顯然，擁有很多司機是有幫助的。

And to, Eric's question before, obviously, if you've got a good relationship with your drivers, they show up for you and that's why we have the highest driver hours we've ever had.

至於艾瑞克之前提出的問題，顯然，如果你與你的司機關係良好，他們就會為你服務，這就是為什麼我們的司機工作時間一直最高。

But it's not just that, right?

但事情不僅如此，對吧？

The drivers have to be in the right place, there has to be the right incentive system for them to move around, for them to pre position, we do all kinds of interesting bonus zones and all kinds of different things that we've gotten very good at.

司機必須在正確的位置，必須有正確的激勵制度讓他們四處移動，讓他們預先定位，我們做各種有趣的獎勵區和各種我們已經非常擅長的不同的事情。

And a lot of that comes down to very, very smart demand prediction.

這很大程度取決於非常非常聰明的需求預測。

And quick aside, things like price lock also help us there.

除此之外，價格鎖定等措施也能幫助我們。

Obviously, the scale of that.

顯然，其規模如此。

I think we've done maybe 1.6 million price lock ride so far.

我認為，到目前為止，我們可能已經完成了 160 萬美元的鎖定價格。

So that's not gigantic in the grand scheme of things, but it's up from zero a couple of months ago.

從整體來看，這並不是什麼大事，但幾個月前就已經從零上升了。

And every time a person does that, that also gives us some more predictability.

每當一個人這樣做的時候，我們也會獲得更多的可預測性。

So that's super cool.

這太酷了。

And then you just sort of build on top of that more and more and more, right?

然後你就可以在那個基礎上不斷進行構建，對嗎？

So for example, and I promise I'll stop, sometimes you might have seen in the past that you'll open up your app and you'll get assigned a match, a driver will be matched to you and then maybe that driver will cancel and another driver will get matched to you.

舉個例子，我保證我會停下來，有時你可能在過去看到過，你打開你的應用程序，你就會被分配一個匹配，一個司機會與你匹配，然後也許那個司機會取消，另一個司機會與你匹配。

Well, so that's infuriating as a rider, but it's not just infuriating, it also increases the ETAs because when that happens typically, the new driver is farther away.

嗯，作為一名乘客，這確實很令人憤怒，但這不僅令人憤怒，而且還會增加預計到達時間，因為通常當這種情況發生時，新司機會離得更遠。

Rarely is that is that new driver is closer.

罕見的是，新司機距離我們更近。

So okay, what have we done?

好吧，我們做了什麼？

We have done many things to reduce driver cancellations.

我們已採取多種措施來減少司機取消訂單。

I won't give you the exact number, but I can tell you over the two years I've been here, we used to be in the double digits, and now we are much, much, much, much more.

我不會告訴你確切的數字，但我可以告訴你，在我來這裡的兩年裡，我們的數字曾經是兩位數，而現在我們的數字要高得多。

So it's not one thing with these marketplaces that we do 800 million rides a year, 2 million plus rides a day, there's, -- you got to do a lot of small things to make these things really kind of meaningful.

因此，對於這些市場來說，我們每年完成 8 億次乘車，每天完成 200 多萬次乘車，這並不是一回事，你必須做很多小事才能讓這些事情真正有意義。

But you do all these small things and then you've got an amazing team.

但只要你做好所有這些小事，你就會擁有一支出色的團隊。

And really I think the best team and the best tech in the industry and that's what allows us to say with some confidence from what we can see we're actually picking up faster than the bigger guys.

我真的認為我們擁有業內最好的團隊和最好的技術，這讓我們可以有信心地說，從目前的情況來看，我們實際上比大公司發展得更快。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Let me try two, please.

請讓我試兩次。

Any commentary in terms of the magnitude of contribution you would expect from price lock this year?

您預計今年價格鎖定的貢獻幅度是多少？

And then second is on advertising revenue.

第二是廣告收入。

If you could please help us quantify the impact in 2024 and how you're thinking about 2025.

如果您能幫助我們量化 2024 年的影響以及您對 2025 年的看法，請告訴我們。

Sure.

當然。

I'll take that.

我接受。

Let's see.

讓我們來看看。

I'll start with the second first and then we'll go from there.

我將先從第二個開始，然後我們從那裡繼續。

So for the media business, I mentioned just a few moments ago that in Q4 of 2024, we exited the year consistent with our goal, which is on an annualized basis to be at approximately $50 million in gross bookings.

因此，對於媒體業務，我剛才提到，在 2024 年第四季度，我們實現了我們的目標，即按年率計算，總預訂量約為 5000 萬美元。

And that our expectation for the media business in 2025, again thinking about a Q4 exit rate would be an annualized bookings run rate of approximately $100 million.

我們對 2025 年媒體業務的預期是，再次考慮第四季的退出率，年化預訂量運行率約為 1 億美元。

So hopefully, that's helpful as it relates to media overall.

所以希望這對整個媒體來說是有幫助的。

The price lock, we probably won't give you much financial data here, but I'll just give you a tiny bit more color.

關於價格鎖定，我們可能不會在這裡給你太多的財務數據，但我只會給你一點點更多的資訊。

So we launched the product, what was it, three or four months ago now, something like that.

所以我們推出了這個產品，它是什麼，三、四個月前，類似這樣的產品。

And the thing we'd like the most about -- well, the thing we like the most about it is the customers like it.

我們最喜歡的是——嗯，我們最喜歡的是顧客喜歡它。

I mean it's that simple.

我的意思是就這麼簡單。

And so as I've said many times before, customers really dislike the sort of fluctuating prices of that rideshares kind of carried along almost as an assumption that it just has to be that way for years.

正如我之前多次說過的，顧客真的不喜歡共乘價格的波動，幾乎覺得這種波動會持續很多年。

And so I think we came in and maybe showed it a different way.

因此我認為我們也許可以用不同的方式來展示它。

We've given, as I mentioned -- very briefly, we've given up about 1.6 million rides so far, which is a great number.

正如我剛才提到的那樣，到目前為止，我們已經提供了大約 160 萬次乘車服務，這是一個很大的數字。

We have just expanded it last week to now cover 24 hours a day, 7 days a week, which is great.

我們上週剛將其擴展到每週 7 天、每天 24 小時，這真是太好了。

That's actually still in testing.

這實際上仍在測試中。

It's rolling it over the next couple of weeks, but it's great.

它將在接下來的幾週內推出，但它很棒。

What it means is that it can help people who are going on the night shift.

這意味著它可以幫助那些上夜班的人。

It's really interesting.

這真的很有趣。

You tend to think quickly, people work from 9:00 to 5:00 or 8:00 to 6:00 or something, but that's not right.

你可能很快就會想到，人們的工作時間是從 9 點到 5 點，或 8 點到 6 點左右，但事實並非如此。

We have people actually as extraordinary number of people go to healthcare in the middle of the night or the early morning.

事實上，有大量的人在半夜或清晨去就醫。

And so -- and by the way, I should say that these 1.6 million rides, we think they are largely incremental, right, largely incremental, that those are rides that people would not have taken otherwise were it not for this feature.

所以 — — 順便說一句，我應該說，我們認為這 160 萬次乘車基本上是增量，對，基本上是增量，如果沒有這個功能，人們就不會乘坐這些車。

So when you look at the sort of totality of that, you can understand why we'd want to expand it.

因此，當你看一下這一切的整體情況時，你就能理解為什麼我們想要擴大它。

By the way, we also now give you the ability to pause it when you're maybe on a couple of week vacation or something.

順便說一句，我們現在還允許您在幾週的假期或類似的情況下暫停它。

So really trying to lean into this to give riders as many ways to choose as possible and maybe someday, we'll give some financials on it, but not just yet.

因此，我們確實試圖利用這一點，為乘客提供盡可能多的選擇方式，也許有一天，我們會提供一些財務方面的支持，但現在還不是。

Stephen Ju, UBS.

瑞銀（UBS）的 Stephen Ju。

So David, I think this might be from the time when you first became CEO, and I think you were hoping that over time, with product development and innovation, you will start opening up a wedge relative to your competitor in terms of what Lyft will mean to riders.

所以大衛，我認為這可能從你第一次擔任執行長的時候開始，我想你就希望隨著時間的推移，透過產品開發和創新，你將開始在 Lyft 對乘客的意義方面與你的競爭對手拉開差距。

So where do you think you are in terms of helping consumers no longer view Lyft versus Uber as being a commoditized service and a coin flip, but hopefully driving and creating greater preference over time?

那麼，您認為您在幫助消費者不再將 Lyft 與 Uber 視為商品化服務和拋硬幣決定性因素，而是希望隨著時間的推移推動並創造更多偏好方面處於什麼位置？

I do understand that you'll take a coin flip every day of the week, but you get the point.

我確實知道您每週都會每天拋硬幣，但您明白我的意思。

Yeah.

是的。

For sure.

一定。

Yeah, I love that question.

是的，我喜歡這個問題。

Thanks.

謝謝。

Is that Steve?

那是史蒂夫嗎？

I missed their name.

我錯過了他們的名字。

Okay.

好的。

I'll take that as a yes.

我會將此視為同意。

How cool, I'm getting a thumbs up around the room.

太酷了，房間裡的所有人都對我豎起了大拇指。

So I don't know.

所以我不知道。

I'm not quite sure how to quantify it, but I can maybe a touch more.

我不太清楚如何量化它，但或許可以再多一點。

So your memory is good, and I would say that we -- maybe say it this way, I think there was a fair amount at the beginning of kind of getting some basics right, pricing right, paying right, and so forth and so on.

所以你的記憶力很好，我想說我們 - 也許可以這樣說，我認為在開始的時候有相當多的事情需要解決，比如一些基本的問題，正確的定價，正確的支付等等。

And that's, for sure it's job one.

這肯定是首要任務。

You don't have permission to do jobs two and three until you get job one done.

在完成第一項工作之前，您無權執行第二項和第三項工作。

Then you move into sort of job two, which is you start to really innovate on top of the platform, and we've done a fair amount of that.

然後你進入第二項工作，即開始在平台上進行真正的創新，我們已經做了很多這方面的工作。

I've mentioned Women+ Connect, very proud of that, price lock, and so forth and so on.

我提到過 Women+ Connect，我對此感到非常自豪，還有價格鎖定等等。

So that's super good.

這非常好。

But customers are inertia.

但顧客是有惰性的。

I'm starting to really understand something now, which is our biggest competitor right now is not another company.

我現在開始真正明白一件事，那就是我們現在最大的競爭對手不是其他公司。

It's not another company.

這不是另一家公司。

It's inertia.

這是慣性。

It's inertia.

這是慣性。

It's waking up in the morning and saying I'm going to do the same thing I did yesterday.

就像早上醒來時我說我要做和昨天一樣的事。

And that is hard to get into people's brains that there's -- they actually have a better choice right now.

人們很難相信，他們現在實際上有更好的選擇。

They have a better choice.

他們有更好的選擇。

A faster choice, a choice that's more innovative.

更快的選擇，更具創新的選擇。

If they're a woman, for example, and they want a woman driver, there's only one choice, but that takes a while for people to see.

例如，如果他們是女性，想要一名女司機，那麼只有一個選擇，但人們需要一段時間才能理解。

I would say that we have been, I'd say very -- I'm very pleased with the success we've had there so far.

我想說的是，我們對迄今為止所取得的成功感到非常高興。

I think the next thing you're going to start to see is we start to be a little bit more vocal about it in different ways because this is the thing.

我想你接下來會看到我們開始以不同的方式更加直言不諱地談論這個問題，因為這就是事實。

People have to be reminded of these things and so we've got to show up in some new ways.

人們必須記住這些事情，所以我們必須以一些新的方式來表現。

And so you'll see us doing a little of that as well.

所以你會看到我們也做了一些這樣的事。

But I don't quite know how to quantify it.

但我不太清楚如何量化它。

I think we're still I don't know, relatively early in that journey.

我認為我們還處於這個旅程的早期階段。

I think a lot of people -- I drive for Lyft.

我想很多人——我是 Lyft 司機。

You can see some of what I say on LinkedIn sometimes.

有時您可以在 LinkedIn 上看到我所說的一些內容。

After I drive, I post these things.

我開車之後就發這些東西。

And one of the things that's interesting is to talk to riders and ask them why they chose Lyft.

有趣的事情之一是與乘客交談並詢問他們為什麼選擇 Lyft。

And they have all sorts of different reasons, including and I'm very pleased to say this, often, I like you guys better.

他們有各種各樣的理由，包括──我很高興地說，我常常更喜歡你們。

I think you treat your drivers better.

我認為你們對待司機更好。

I think that we have better experience in your cars and so forth.

我認為我們對你們的汽車等方面有更好的體驗。

But it's not as often as I want to, and it's not as often -- I don't hear that as often as I want, and I don't hear as often a clear message about why they chose us.

但這並不像我希望的那麼頻繁，也沒有那麼頻繁——我沒有像我希望的那樣經常聽到這些，也沒有像我希望的那樣經常聽到他們關於為什麼選擇我們的明確信息。

So you'll expect more on that coming soon.

因此，您很快就會發現更多相關內容。

But again, I like where we are and I like the fact that when we do things like brand surveys and so forth, people, they use the other guys, but they like us.

但是，我喜歡我們現在的狀況，也喜歡這樣的事實：當我們進行品牌調查等工作時，人們會利用其他人，但他們喜歡我們。

So we're going to build on that, really and the people know they've got a real choice.

因此，我們將在此基礎上進一步努力，讓人們知道他們有一個真正的選擇。

Michael Morrison,

麥可·莫里森，

[Market Nathanson].

[馬克特·納桑森]。

Just two, I think for Erin.

我認為對艾琳來說只有兩個。

Would love to hear what drove the outperformance, and cost of revenue relative to your guide.

很想聽聽是什麼推動了業績優異，以及相對於您的指南的收入成本。

And then any details you can provide on the decrease in G&A quarter over quarter would be great as well.

如果您能提供關於 G&A 費用逐季下降的詳細信息，那就太好了。

Yeah.

是的。

Thanks, Michael, for the question.

謝謝邁克爾提出這個問題。

Cost to revenue, you're right, we give a very specific sort of sequential guide on that when we renewed our third party insurance agreements sort of Q3 to Q4.

成本與收入，您說得對，當我們在第三季至第四季續簽第三方保險協議時，我們給出了非常具體的順序指南。

And it came in a bit better.

而且效果還好一些。

I don't know that there's a big headline there, trip distance, impacts.

我不知道那裡有一個大標題，行程距離，影響。

That cost to revenue.

該成本與收入成正比。

So it was -- on average, trips were a little bit shorter.

所以，平均而言，行程稍微短一點。

That's going to impact that.

這會產生影響。

So that's really primarily the delta there on cost to revenue.

所以這其實主要是成本與收入之間的差異。

And then in G&A, don't forget we've talked about this a couple of times, G&A can be a little bit lumpy.

然後在 G&A 中，不要忘記我們已經談過幾次了，G&A 可能會有點不穩定。

There's things in there like tax accruals and releases, legal accruals and releases.

其中有諸如稅收應計和釋放、法律應計和釋放等內容。

Our excess insurance, not our primary auto, but insurance beyond that flows through G&A.

我們的超額保險（不是主要汽車保險）但超出此範圍的保險都透過 G&A 流動。

So really less than half of that line is fixed.

因此實際上該線路的固定部分還不到一半。

So from time to time, there will be changes there.

因此那裡時不時就會改變。

Not a specific one or two items that I would call out for the quarter overall, but hopefully, that gives you a little bit of context.

我不會特別指出整個季度的某一項或兩項具體內容，但希望能為您提供一些背景資訊。

Rohit Kulkarni, Roth Capital.

羅希特·庫爾卡尼（Rohit Kulkarni），羅斯資本（Roth Capital）。

Just a big picture three year outlook question given '24 and first half '25 trends that we're seeing.

鑑於我們看到的 24 年和 25 年上半年的趨勢，這只是一個三年展望的大局問題。

Perhaps, what's your latest thinking with regards to the three year outlook of 15% booking growth that you felt you would achieve or exceed?

或許，對於您認為可以實現或超過的三年 15% 預訂量成長前景，您最近有什麼想法？

And then just a quick one on market share.

然後我們再簡單談談市場佔有率。

Higher since '22.

自 22 年以來更高。

That's very encouraging.

這非常令人鼓舞。

Perhaps, you could comment on how does that compare to pre-pandemic if you were to ask where is your market share versus the 2019 levels.

或許，如果您要問您的市場份額與 2019 年的水平相比如何，您可以評論一下與疫情前相比如何。

Yeah.

是的。

Let me see if I can address.

讓我看看我是否可以解決。

I think actually Erin and I will address maybe both of those in different ways.

我認為實際上艾琳和我可能會用不同的方式來解決這兩個問題。

On the -- so 2027, so we're laser focused on that and very confident.

關於—2027年，我們將會全神貫注於此，並且充滿信心。

And it's -- look, I know I'll just speak maybe a little more personally for a second.

而且 — — 瞧，我知道我可能只想談個人話題。

Like I know people are going to be a little bit worried.

就像我知道人們會有點擔心一樣。

They're like, gosh, look at this booking thing and what's going on there?

他們就像，天哪，看看這個預訂東西，那裡發生了什麼？

Here's the reality.

這就是現實。

The reality is, price goes up, rides go down, price goes down, rides go up.

現實情況是，價格上漲，乘坐次數減少，價格下降，乘坐次數上漲。

This is sort of a little bit of a seesaw thing that happens.

這就像是發生了一些蹺蹺板事件。

And quarter by quarter, like that's going to happen.

並且每季都會發生這樣的事情。

Like it's a very dynamic marketplace.

就像這是一個非常活躍的市場。

There's all sorts of different trends.

有各種不同的趨勢。

We're seeing great demand.

我們看到了巨大的需求。

The fundamentals are great.

基本面非常好。

We're seeing great service.

我們看到了優質的服務。

So that's why I don't -- it's hard for me to stress too much about this sort of thing.

所以這就是為什麼我不會——我很難對這種事情感到過度緊張。

It's sort of what comes with the territory.

這有點像是與領土有關的事。

It's what again what we're built for.

這又是我們存在的目的。

It would be a strange business to try.

這將會是一個值得嘗試的奇怪生意。

Anyway, so we're built for this.

不管怎樣，我們都是為此而生的。

Now you have to watch the margins, right?

現在你必須要注意利潤，對嗎？

But again, as Erin said and as I've said, we have everything from the black and kind of higher margin products that we're really getting behind that our customers are really liking.

但是，正如艾琳和我所說的，我們擁有各種黑色產品和利潤率較高的產品，我們真正支持這些產品，我們的客戶也非常喜歡。

Media business.

媒體業務。

Erin just mentioned a $100 million run rate that we're confident of at the end of this year.

艾琳剛才提到了 1 億美元的營運金額，我們有信心在今年年底實現這一目標。

And some other things we haven't even talked that much about.

還有一些事情我們還沒有談論太多。

Our healthcare business where we're an industry leader with non-emergency medical transportation.

在我們的醫療保健業務中，我們是非緊急醫療運輸行業的領導者。

That's a higher margin business.

這是一個利潤更高的業務。

And that's a business that's grown 40% year on year as an example.

舉個例子，這個業務的年增率為 40%。

And then some other things maybe we haven't talked as much about and won't just yet.

還有一些其他的事情我們可能還沒有談論太多，而且現在也不會談論。

But when you look at all those things together, that gives us a lot of confidence in both the top line and the bottom line.

但當你把所有這些因素放在一起看時，我們就會對營收和淨利充滿信心。

And allows us maybe, I hope, and maybe you, I hope, to look a little bit beyond what happens quarter by quarter in any one of those and look at the results we have and look at what we've been able to produce.

我希望，也許你們能夠超越每季發生的事情，看看我們所取得的成果，看看我們能夠創造什麼。

So that's sort of our view.

這就是我們的觀點。

Maybe Erin, on the '27 or the long term plan, and then we can talk a bit about market share.

也許是艾琳，關於27年或長期計劃，然後我們可以談市場份額。

Yeah.

是的。

I guess the only thing that I would add to that is, as we said about the framework for our long range plan, as I mentioned a little bit previously, the foundation of that plan is grounded in really at the end of the day a few very simple things.

我想我唯一要補充的是，正如我們所說的關於我們的長期計劃的框架，正如我之前提到的，該計劃的基礎實際上最終建立在一些非常簡單的事情上。

One, that we're in a growth market and there's tons of opportunity and runway ahead of us.

一是我們處在一個成長型市場，面前有無數的機會與發展空間。

And that we are laser focused on rideshare.

我們專注於共乘業務。

We believe we can act quickly.

我們相信我們能夠迅速採取行動。

We can innovate against this very large market opportunity.

我們可以針對這個巨大的市場機會進行創新。

Nothing has changed there.

那裡什麼都沒有改變。

Nothing has changed.

什麼都沒有改變。

And then the other kind of key piece of the foundation is our belief that through continuing to operate the platform in an exceptionally excellent way, continuing to innovate, continuing to expand our partnership base, that we would be able to drive active rider growth, frequency growth consistently.

然後，基礎的另一個關鍵部分是我們相信透過繼續以出色的方式運作平台，繼續創新，繼續擴大我們的合作夥伴基礎，我們將能夠持續推動活躍騎士的成長和頻率的成長。

And we've seen that in 2024 and that muscle -- David, you often sometimes say, the muscle that we built, that muscle that we built as we look at 2025 and even beyond, we feel great about.

我們已經在 2024 年看到了這一點，而那塊肌肉——大衛，你經常會說，我們打造的那塊肌肉，當我們展望 2025 年甚至更遠的未來時，我們感覺很棒。

And then I've mentioned a couple of times about the trajectory of our media growth and how we're right on track.

然後我多次提到我們的媒體成長軌跡以及我們如何走在正確的軌道上。

So those foundations again, nothing has changed.

所以那些基礎仍然沒有任何改變。

Obviously, you said about any longer range planners, we said about it, we'll speak for us, and maybe stepping back 10,000 feet, it's reasonable to assume sort of a stable overall steady pricing environment.

顯然，您談到任何長期規劃，我們也談到了這一點，我們會為我們發言，也許退後 10,000 英尺，可以合理地假設存在一個穩定的整體穩定定價環境。

And I still think as you look on a multi-year basis, that's probably a reasonable assumption overall.

我仍然認為，從多年期來看，這總體上可能是一個合理的假設。

So that's what I'd add to that.

這就是我要補充的內容。

Yeah, wonderful.

是的，太棒了。

And then on share, I don't know.

關於分享，我不知道。

First just a bit of context for everyone.

首先向大家介紹一下背景。

Typically, share is something we see as a very sort of trailing indicator.

通常，我們認為份額是一種落後指標。

It's kind of the thing that you look at, at the end to kind of see that all these things you worked on, what was the overall impact.

這是你在最後要看的事情，看看你所做的所有這些事情，其整體影響是什麼。

And again, we like our position right now.

再次強調，我們喜歡我們現在的立場。

In fact, Erin mentioned I think earlier that we're seeing rides up sort of in mid-teens.

事實上，艾琳之前提到過，我認為我們看到的乘車人數正在以十幾歲的幅度增長。

I think last week, we saw rides up 18% year on year.

我認為上週我們的乘車量同比增長了 18%。

So that's a good feeling, right, because that suggests that the work that we're doing -- I don't know how the other guys are doing, so it's hard for me to know that means to share, but I know it means that what we're doing is working.

所以這是一種很好的感覺，對吧，因為這表明我們正在做的工作——我不知道其他人做得怎麼樣，所以我很難知道這意味著分享，但我知道這意味著我們正在做的事情是有效的。

I don't know how to compare.

我不知道如何比較。

To be honest, we haven't looked at the data back from 2019.

老實說，我們還沒有查看過 2019 年的數據。

So I'm not so sure about that, but certainly, it's the highest share we've seen certainly since I've joined probably since COVID.

所以我對此不太確定，但可以肯定的是，這肯定是我加入以來，可能是自 COVID 以來我們所見的最高份額。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼、伯恩斯坦。

Apologies if this is a bit repetitive.

如果這有點重複，請原諒。

A few prints tonight.

今晚有幾張印刷品。

But could you just elaborate a bit more on the pricing decisions you're taking into Q1?

但您能否詳細說明一下您在第一季採取的定價決策？

Is the priority here to retain some market share?

這裡的首要任務是保留一些市場佔有率嗎？

Just trying to get a sense of how front footed you want to be versus letting some of these rides go in favor of better margins.

只是想了解您想要多大的主動權，而不是為了獲得更好的利潤而放棄一些騎行。

And it seems like right now, there's some flexibility in the model because supply side incentives have been improving.

現在看來，由於供應方的激勵措施一直在改善，該模型具有一定的靈活性。

But if that changes or moderates, does your decision making around consumer incentives change at all, or do you see it as most important here to retain share and drive volume growth?

但如果這種情況發生變化或緩和，您在消費者激勵方面的決策是否會發生變化，或者您認為最重要的是保持份額並推動銷售成長？

Hey, Nikhil.

嘿，尼基爾。

Let me -- again, Erin and I'll tag team on this one.

讓我 — — 再說一次，艾琳和我將在這件事上合作。

I think, let's see, I wouldn't put our -- okay, so first to kind of maybe start almost in the middle, it is absolutely true that with the driver supply we're seeing, that gives us a little bit of flexibility for sure.

我想，讓我們看看，我不會把我們的——好的，所以首先可能從中間開始，絕對正確的是，我們看到的驅動器供應肯定會給我們一點靈活性。

That is true.

確實如此。

I wouldn't say the frame we look at it is share retention versus not.

我不會說我們所觀察的框架是份額保留與否。

That's not kind of how we make decisions.

這並不是我們做決定的方式。

Look, this is a scale business, and scale businesses tend to do very well.

你看，這是一項規模化業務，而規模化業務往往會做得很好。

And as Erin said, I mean remember, 160 -- well, we shouldn't use the number, but let's just frame it again, 161 billion rides a year in total across -- rideshare's tiny.

正如艾琳所說，我的意思是記住，160——好吧，我們不應該使用這個數字，但我們再次表述一下，每年總共有 1610 億次乘車——拼車的數量很少。

I mean rideshare's 3 billion maybe out of 161 billion in North America private car rides.

我的意思是，在北美 1,610 億次私家車出行中，共乘可能佔了 30 億次。

So it's a scale business.

所以這是一項規模業務。

And the scale is so gigantic that our first order -- so we say customer obsession drives profitable growth.

而且規模如此巨大，我們的第一筆訂單——所以我們說客戶至上推動了利潤成長。

We have to be profitable, of course, and we will be and we'll do that.

當然，我們必須獲利，我們也會獲利，而且我們會做到這一點。

But gosh, is it a good thing for us to get more rides?

但是天哪，獲得更多的乘車機會對我們來說是件好事嗎？

It just is.

事實就是如此。

Everything's better.

一切都好起來了。

You get picked up faster, the more rides, drivers are happier because they've got more to do, and they tend to make more money in high utilization time.

您上車的速度越快，載客量就越多，司機就越高興，因為他們有更多的事情要做，而且他們往往在高利用率的時間內賺更多的錢。

So all of those things, I think -- again, I don't so much think of it as a kind of share thing.

所以我認為，所有這些事情——我再說一次，我並不認為這是一種分享的事情。

I think of it as a we've got the best service platform we've ever had.

我認為我們擁有迄今為止最好的服務平台。

We're picking up people faster.

我們正在以更快的速度接載乘客。

We're delivering great in-car experience because drivers like driving on the Lyft platform and so on and so forth.

我們提供出色的車載體驗，因為駕駛者喜歡在 Lyft 平台上駕駛等等。

So it's in our best interest within the sort of envelope that we can operate to frankly get as many rides as we want.

因此，在我們能力範圍之內，坦白說，獲得盡可能多的乘車機會符合我們的最大利益。

Let me turn it over to Erin.

讓我把它交給艾琳。

Yeah, Nikhil.

是的，尼基爾。

I guess the only thing that I would add to that is I think it's important to understand we run this business for the long term, right, and fundamentally maintaining over the long term the health of that marketplace balance is incredibly important.

我想我唯一要補充的是，我認為重要的是要明白我們是為了長期經營這項業務，對吧，從根本上來說，長期維持市場平衡的健康是非常重要的。

We talked on the call about our strategy of pricing competitively, reliably.

我們在電話中討論了具有競爭力且可靠的定價策略。

Nothing has changed there.

那裡什麼都沒有改變。

And in terms of incentives, as you know, we will trade those off to balance the marketplace.

至於激勵措施方面，如你所知，我們會進行權衡，以平衡市場。

And we do those in thoughtful ways, in consideration of what's happening in real time, but also to maintain that balance over time.

我們會以深思熟慮的方式進行這些工作，考慮到即時發生的情況，同時也會隨著時間的推移保持這種平衡。

And if you look at the guide we provided in Q1, that's about 40% margin growth year over year.

如果你看看我們在第一季提供的指南，你會發現利潤率比去年同期成長了約 40%。

So doing that in the context of still having our eye on our margin expansion goals.

因此，我們這樣做的前提是仍然關注我們的利潤率擴大目標。

Thank you, both.

謝謝你們兩位。

Sure, thank you.

當然，謝謝。

And good note on HP.

並且 HP 上有很好的說明。

I liked it.

我很喜歡它。

There are no further questions at this time.

目前沒有其他問題。

With that, I will now turn the call back over to David Risher, Chief Executive Officer, for final closing remarks.

說完這些，我現在將電話轉回給執行長 David Risher，請他做最後的總結發言。

Sir, please go ahead.

先生，請說。

For sure.

一定。

Yeah.

是的。

So thank you all.

謝謝大家。

2024, I think you hear it.

2024，我想你聽到了。

It was a pretty amazing year for us.

對我們來說這是相當精彩的一年。

And as a result, we've never been in a stronger position.

因此，我們的實力從未如此強大。

I'm super excited about what lies ahead, and I sure hope you are too.

我對未來感到非常興奮，當然我希望你也是。

The whole team does as we continue serving, connecting -- serving and connecting millions of drivers and riders every single day.

整個團隊都在繼續提供服務和聯繫——每天為數百萬司機和乘客提供服務和聯繫。

Thanks to you guys.

謝謝你們。

Thanks, everyone for being on this ride with us, and we will connect with you very soon again.

感謝大家與我們一起踏上這段旅程，我們很快就會再次與你們聯繫。

Thank you.

謝謝。

And gentlemen, that concludes your conference call.

先生們，你們的電話會議到此結束。

We thank you for participating and ask that you please disconnect your lines.

感謝您的參與，並請您斷開線路。