Lyft Inc (LYFT) 2025 Q1 法說會逐字稿

Good afternoon and welcome to the Lyft first quarter 2025 earnings call.

下午好，歡迎參加 Lyft 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference call is being recorded. I would now like to turn the conference over to Aurelien Nolf, Investor Relations. Please go ahead.

提醒一下，本次電話會議正在錄音。現在我想將會議交給投資者關係部門的 Aurelien Nolf。請繼續。

Thank you. Welcome to the Lyft earnings call for the first quarter 2025. On the call today, we have our CEO, David Risher, and our CFO, Erin Brewer.

謝謝。歡迎參加 Lyft 2025 年第一季財報電話會議。參加今天電話會議的有我們的執行長 David Risher 和財務長 Erin Brewer。

Starting with this call and going forward, our full prepared remarks will be available on the IR website before the call, and we will use this time to answer more of your questions. 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.

從本次電話會議開始，我們準備好的完整發言稿將在電話會議之前發佈在 IR 網站上，我們將利用這段時間回答您的更多問題。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 the actual results to differ materially from those projected or implied during this call. These factors and risks are described in our earnings materials and 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.

這些聲明受風險和不確定性的影響，可能導致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。這些因素和風險在我們的收益資料和最近的美國證券交易委員會文件中有所描述。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. For rideshare, there are two customers in every car. The driver is Lyft's customer, and the rider is the driver's customer. We care about both.

此外，今天我們將討論客戶。對於共乘來說，每輛車都有兩名乘客。司機是 Lyft 的客戶，乘客是司機的客戶。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. Reconciliation of our historical GAAP to non-GAAP results can be found in our earnings materials which are available on our IR website.

我們今天的討論還將包括非 GAAP 財務指標，這些指標不能取代 GAAP 結果。我們的歷史 GAAP 與非 GAAP 結果的對帳可以在我們的 IR 網站上的收益資料中找到。

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

說完，我將把電話轉給大衛。

Thank you. Aurelien.

謝謝。奧雷利安。

Hi, everyone, and thank you as always for joining. Q1 2025 was our strongest Q1 ever. We're innovating for drivers and riders. We're expanding outside the US in a meaningful way, and our partnership strategy continues to fuel our momentum. Lyft had year-on-year growth across regions, across modes, and across use cases, resulting in a record Q1 for active riders, rides, and driver hours.

大家好，一如既往地感謝大家的加入。2025 年第一季是我們有史以來最強勁的第一季。我們正在為司機和乘客進行創新。我們正在以有意義的方式向美國以外擴張，我們的合作夥伴策略繼續推動我們的發展勢頭。Lyft 在各個地區、各種模式和各種用例上都實現了同比增長，第一季活躍乘客數量、乘車次數和駕駛小時數均創下歷史新高。

Looking at our financials, we delivered Q1 records in gross bookings, adjusted EBITDA, and free cash flow. A note on gross bookings. This was Lyft's 16th consecutive quarter of double-digit year-on-your growth, demonstrating the resilience and momentum of our customer obsessed strategy.

從我們的財務狀況來看，我們在第一季的總預訂量、調整後的 EBITDA 和自由現金流方面均創下了紀錄。關於總預訂量的說明。這是 Lyft 連續第 16 季實現兩位數年成長，彰顯了我們以客戶為中心的策略的韌性和發展動能。

And we approached nearly $1 billion in cash generation over the last 12 months that demonstrates our winning formula of growth with discipline. It's this financial strength that has enabled us to increase our share repurchase program to $750 million while maintaining the ability to invest in our most promising growth initiatives.

過去 12 個月，我們的現金流接近 10 億美元，證明了我們以紀律性實現成長的成功秘訣。正是這種財務實力使我們能夠將股票回購計畫增加到 7.5 億美元，同時保持投資於最有前景的成長計畫的能力。

With our expansion into new demographic via Lyft Silver, and into Europe with our FREENOW acquisition, we are positioning ourselves for sustained growth to build on our incredible momentum. I am so impressed and proud of the work our team has done over the last two years to build a strong foundation fueled by customer obsession and operational excellence. I am very confident we are well positioned for 2025 and beyond.

透過 Lyft Silver 向新的人口群體擴張，以及透過收購 FREENOW 進入歐洲，我們正在為持續成長做好準備，以鞏固我們驚人的發展勢頭。我對我們的團隊在過去兩年中所做的工作感到非常印象深刻和自豪，他們以客戶至上和卓越營運為基礎，建立了堅實的基礎。我非常有信心，我們已經為2025年及以後做好了準備。

And now, with that, let's get to your questions.

現在，讓我們來回答您的問題。

(Operator Instructions)

（操作員指示）

Brad Erickson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的布拉德‧艾瑞克森 (Brad Erickson)。

Hey, thanks for taking my questions. First, just talk about the pricing environment. What are you seeing, and maybe just the puts and takes between sort of things within your control versus things out of your control? And then second, just on insurance, I know it's a little early to talk about this. But maybe any update, you can give on how you're thinking about that adding into the pricing formula through the year? Thanks.

嘿，謝謝你回答我的問題。首先，只談論定價環境。您看到了什麼？也許只是您控制範圍內的事情和您無法控制範圍內的事情之間的對比？其次，僅就保險而言，我知道現在談論這件事還為時過早。但也許有任何更新，您可以說明您如何考慮將其添加到全年的定價公式中？謝謝。

Hi Brad, it's Erin. Why don't we start with pricing? I'll start there and turn it over to David, and then we can come back, and I'll chat about insurance. So let me just start with some facts around pricing. Obviously, we talked about it last quarter about some dynamics in the market generally resulting in lower prices in the US, which we started to see late in the fourth quarter. And as of our last earnings call, were persistent at that time. So here we are today, average prices in Q1 were still lower than average prices in the fourth quarter, although they were up modestly year over year. David?

嗨，布拉德，我是艾琳。我們為什麼不從定價開始呢？我將從那裡開始並將其交給大衛，然後我們可以回來，我將討論保險問題。那麼，讓我先從一些有關定價的事實開始。顯然，我們在上個季度討論了市場上的一些動態，這些動態普遍導緻美國價格下降，我們在第四季末開始看到這種情況。截至我們上次的收益電話會議，當時的情況一直如此。因此，今天我們看到，第一季的平均價格仍然低於第四季的平均價格，儘管比去年同期略有上漲。戴維？

Yeah, I'll just say, to remind everyone on the call, that our pricing strategy remains the same. It's always to be competitive for sure, and then to be reliable. And of course, we've talked in the past about how we're trying to sort of get prime time out of the system, introduce features like Price Lock and so forth to sort of even further increase that reliability. But really no change and as Erin has said, modest differences for what we've seen in the past, but we feel good about where things are.

是的，我只是想提醒電話中的每個人，我們的定價策略保持不變。它始終是要具有競爭力，然後才是可靠性。當然，我們過去曾討論過如何嘗試從系統中獲得黃金時段，引入價格鎖定等功能，以進一步提高可靠性。但實際上沒有變化，正如艾琳所說，與我們過去所見的情況相比，差別不大，但我們對現狀感到滿意。

And then Brad, back to your second question around insurance. We continue to move forward with our programs, everything that we work on across our risk team here at Lyft. We highlighted a whole bunch of that at investor day and have talked about it since, but it's just continuing that momentum. We have unique industry leading capabilities. We are continuously innovating to make our platform safer through technology, products, partnerships.

然後布拉德，回到你關於保險的第二個問題。我們將繼續推進我們的計劃，以及 Lyft 風險團隊所進行的所有工作。我們在投資者日上強調了這一點，並且從那時起一直在討論它，但它只是延續了這種勢頭。我們擁有獨特的產業領先能力。我們透過技術、產品和合作夥伴關係不斷創新，使我們的平台更加安全。

We innovated things like the Smooth Cruiser Score, which gives drivers feedback on how they're doing and how to provide better rides. We will continue that. We are recognized by our partners, our long-standing partners for all of those advancements, and so we feel really good about our program.

我們創新了諸如「平穩巡洋艦評分」之類的功能，它可以為駕駛員提供有關其駕駛體驗以及如何提供更好的乘車體驗的反饋。我們將繼續這樣做。我們的合作夥伴、我們的長期合作夥伴對我們的進步給予了認可，因此我們對我們的計劃感到非常滿意。

You heard us talk about our renewal, our 10-1 renewal, as we've got a six month cycle, no new updates there, it's reflected in how you see our guide in the second quarter. So I don't have anything specific to to call out there. We continue to make great progress. We've got a great team, and we've got great long-term partnerships.

您聽到我們談論我們的續約，我們的 10-1 續約，因為我們有一個六個月的周期，沒有新的更新，這反映在您如何看待我們第二季度的指南中。所以我沒有什麼特別要說的。我們不斷取得巨大進步。我們擁有一支優秀的團隊，並且擁有良好的長期合作關係。

Thanks.

謝謝。

I think we'll take the next question.

我想我們會回答下一個問題。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Hi, thank for taking the question. I really appreciate it. I'm curious, just a couple of things. One is you -- the other guys, I think as you refer to them, has talked a lot about affordability initiatives in the US. I'm just curious just as you think about the go forward and and the many innovations you've rolled out on the product side, how you're thinking about just the go-forward there in your positioning in the market?

你好，謝謝你回答這個問題。我真的很感激。我很好奇，只有幾件事。其中一位就是您——我想您提到的其他人已經談了很多關於美國可負擔性舉措的問題。我只是很好奇，當您考慮前進的方向以及您在產品方面推出的眾多創新時，您如何看待您在市場中的定位？

And kind of from a pricing standpoint, how you -- what the pricing outlook is for the remainder of the year? And then in the second, if I may, please, you made an announcement to enter Europe. Could you just talk to us a little bit more -- and you're expanding in Canada. Could you just talk a little bit about your broader international ambitions? Should we think of this as the extent of it for the next select period of time or could we see more? Thank you.

從定價的角度來看，您對今年剩餘時間的定價前景如何？然後，第二，如果可以的話，您宣布進入歐洲。您能否再多跟我們聊聊—貴公司正在加拿大擴張業務。您能否簡單談談您更廣泛的國際抱負？我們是否應該將此視為下一個選定時間段的範圍，或者我們是否可以看到更多？謝謝。

Sure, yeah, good questions, both. So on pricing, I don't have much more to say than what Erin said, but maybe zooming out just a little bit. I mean, look, you in a marketplace like this, you all -- let me actually step way back. You always want to be able to provide the best price you possibly can. I mean, let's be clear, that's always important.

當然，是的，兩個問題都問得很好。因此，關於定價，除了艾琳所說的以外，我沒有太多可說的，但也許可以稍微擴大一點。我的意思是，你看，你們在這樣的市場中，你們所有人——讓我實際上退一步。您總是希望能夠提供盡可能最優惠的價格。我的意思是，讓我們明確一點，這始終很重要。

But I feel, good about where our pricing is, and I don't see it being a major sort of area of focus or competition. And really all I mean by that is, like our -- as you mentioned, innovation is kind of a big thing, right? And at a certain level, there's only so much you can do with pricing. The market sets a clearing price, millions of times a day, and we sort of follow the markets lead on that as they say we're competitive and reliable.

但我對我們的定價感到滿意，我並不認為這是一個主要的關注領域或競爭領域。我真正想表達的是，就像你提到的那樣，創新是一件大事，對吧？在某種程度上，定價方面你能做的事情是有限的。市場每天設定數百萬次清算價格，我們在某種程度上遵循市場的引導，因為他們說我們具有競爭力和可靠性。

So once you sort of have that and you kind of take that a little bit off the table, then it becomes much more interesting to think about things like the silver or Price Lock or the earnings guarantee for drivers or whatever you can do to really drive preference for your for your platform. And I think it's really because we've been so focused on that customer obsession and the operational excellence required to continue to execute on that we've seen our growth be powered, sort of independent of pricing sort of bouncing around a little bit.

因此，一旦你有了這個，並且你稍微擺脫了這個困境，那麼考慮諸如銀牌或價格鎖定或司機收入保障之類的事情就會變得更有趣，或者你可以做任何可以真正推動人們對你的平台的偏好的事情。我認為，正是因為我們如此專注於客戶至上和持續執行所需的卓越運營，我們才看到我們的成長得到了推動，而不受價格波動的影響。

So maybe not much more to say about that. On international, you're right to point out that we've seen great growth in Canada, roughly doubled year on year and now up I think another 50%. In fact, I think literally just today, we opened up the funnel for a driver on boarding in Quebec, the province of Quebec, which just gave us authorization to expand there later this year. So super excited about that.

因此關於這一點也許沒什麼好說的。關於國際市場，您說得對，我們看到加拿大市場取得了巨大成長，年成長約一倍，現在我認為又成長了 50%。事實上，我想就在今天，我們為魁北克省的司機開放了上車頻道，這剛剛授權我們在今年稍後在那裡擴張業務。我對此感到非常興奮。

And then you know looking at that, which obviously gave us a certain amount of confidence that our customer obsessed formula can work outside the United States. We acquired FREENOW, and I can talk more about that if you're interested. But I don't think I'm going to be able to say much beyond that just now. Obviously, that deal hasn't even closed. It won't until the second half of the year. So a bit premature to think about further international expansion.

然後你知道，看看這個，這顯然給了我們一定的信心，我們相信我們的客戶至上的模式可以在美國以外發揮作用。我們收購了 FREENOW，如果您有興趣，我可以進一步談論此事。但我認為我現在不能再多說了。顯然，這筆交易尚未完成。直到下半年才會出現。因此，現在考慮進一步的國際擴張還為時過早。

I will say more likely than not, the near term focus will be kind of infill in the nine countries where FREENOW is operating rather than think about further expansion. But that's not a never say never. It's simply the focus right now is on making sure FREENOW acquisition exceeds it's already great potential.

我想說的是，近期的重點很可能是填補 FREENOW 營運所在的九個國家的空白，而不是考慮進一步擴張。但這並不是永不言敗。目前的重點只是確保 FREENOW 的收購能夠超越其已經巨大的潛力。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thank you so much for taking the question. Maybe I'll just ask one. You obviously made the announcement with May Mobility, and we're seeing a lot of different announcements in the broader AV landscape. We'd love to continue to sort of click down on how your views are evolving in terms of going to market with partners and what you think that might do in terms of the supply and demand dynamic in these cities where you bring that type of supply into your ecosystem? Thanks so much.

非常感謝您回答這個問題。也許我只會問一個。您顯然與 May Mobility 一起發布了這項公告，我們在更廣泛的 AV 領域也看到了許多不同的公告。我們很樂意繼續了解您對與合作夥伴一起進入市場的看法是如何演變的，以及您認為這會對這些城市的供需動態產生什麼影響，在這些城市，您將這種類型的供應帶入了您的生態系統？非常感謝。

Yeah, sure, I'll take this one there. Good to hear from you. So, yeah, let's go -- let's start exactly where you start with May mobility. So we're super excited about that partnership. It's scheduled and on track to launch this summer in Atlanta, which is wonderful.

是的，當然，我會把這個帶到那裡。很高興收到你的來信。那麼，是的，讓我們開始吧——讓我們從五月流動性開始的地方開始。因此，我們對這段合作關係感到非常興奮。它計劃於今年夏天在亞特蘭大推出，這真是太棒了。

And I think it's going to be very interesting and very instructive for us, of course, because it'll help us get feedback on what happens in markets when we do this. And then next up, of course, is the partnerships that we've announced in Texas coming next year. And that'll also involve a financing partner, Marubeni, which sort of maybe allows me to talk a little bit about the whole value chain for just a second and then get back specifically to your question.

當然，我認為這對我們來說會非常有趣且非常有啟發性，因為它可以幫助我們獲得有關我們這樣做時市場發生的情況的反饋。接下來當然是我們宣布的明年將在德克薩斯州建立的合作關係。這也將涉及融資合作夥伴丸紅株式會社，這也許可以讓我稍微談一下整個價值鏈，然後再具體回答您的問題。

I feel maybe -- I'll just start by saying again, AVs are an absolute extraordinary opportunity for us, absolutely extraordinary opportunity. And it's because it brings a whole new supply, as you're mentioning, and frankly broadens the portfolio, right? You now have use cases that maybe people aren't excited about before on rideshare that now they get very excited about whatever those might look like. And it's a good product and it's a safe product, and so on and so forth. So super excited about how we can expand the market and open us up to new opportunities.

我覺得也許——我再說一遍，AV 對我們來說絕對是一個非凡的機會，絕對非凡的機會。這是因為它帶來了全新的供應，正如您所說，並且坦率地擴大了產品組合，對嗎？現在，人們可能對以前在共乘方面並不感興趣的用例感到非常興奮，但無論這些用例是什麼樣子。它是一種好產品，也是一種安全的產品，等等。我們非常高興能夠擴大市場並開拓新的機會。

There's a whole set of activities that has to happen all the way from the equipment manufacturers have to be on board, the OEMs have to be on board. Financing has to be lined up again. I'll mention Marubeni, our partner who's in the business of fleet financing and fleet ownership. That ownership piece is quite important. Someone's got to own these things, and hopefully, it's someone with a good capital structure and so on and so on. So that's where they come in.

需要進行一系列活動，從設備製造商到原始設備製造商都必須參與。必須重新安排融資。我要提到丸紅，我們的合作夥伴，從​​事車隊融資和車隊所有權業務。所有權部分非常重要。總得有人來擁有這些東西，希望這個人有好的資本結構等等。這就是他們進來的地方。

Then there's the whole fleet management piece which we've talked about several times. And again, since we're on the topic, I would encourage anyone who hasn't read about the post we published a couple of weeks ago on Flexdriver subsidiary. That does fleet management, I'd highly recommend you read it because it gives you a strong sense of why fleet management matters so much. I mean, anyone can have a couple of cars, maybe even 50 cars and sort of keep them utilized.

然後是整個車隊管理部分，我們已經討論過很多次了。既然我們再次討論這個主題，我鼓勵那些還沒有讀過我們幾週前在 Flexdriver 子公司上發表的帖子的人閱讀一下。這確實涉及車隊管理，我強烈建議您閱讀它，因為它可以讓您深刻地感受到車隊管理為何如此重要。我的意思是，任何人都可以擁有幾輛汽車，甚至 50 輛汽車，並保持它們的利用率。

But then, you start talking about thousands of cars, and you're talking about a lot of maintenance, a lot of repair, a lot of uptime, monitoring, a lot of cost control, and so on and so forth, and that's what FlexDrive provides us. We do that to the tune of 10,000 to 20,000 cars every year on a platform already. And we're super excited about welcoming AVs to that.

但是，當你開始談論成千上萬輛汽車時，你會談論大量的維護、大量的維修、大量的正常運行時間、監控、大量的成本控制等等，而這正是 FlexDrive 為我們提供的。我們每年在一個平台上銷售的汽車數量已達到 10,000 到 20,000 輛。我們非常高興地歡迎 AV 的加入。

And then, of course, you have the marketplace piece that's supply demand management, ETA estimation, and so on and so forth, and then pricing and all the outbound marketing to generate demand. Okay, so that's the whole value chain. Again, we've written about this. I recommend you read that paper as well just for education.

然後，當然，你有市場部分，即供應需求管理、預計到達時間估計等等，然後是定價和所有外向行銷來產生需求。好的，這就是整個價值鏈。再次，我們已經寫過有關此的文章。我建議您也閱讀該論文，以了解相關知識。

Then back to the end of your question. I mean, our general view is the more supply the better, right? We think it'll come from a lot of different partners, May is an early one. Mobily, of course, is another tech provider. They're the ones that are providing the tech in Texas for us. There are companies that frankly we've never even heard of yet, that'll be providing this technology over the coming years. And then you have the current market leaders as well. And our strategy through all of this is the same, which is we want to be the absolute best way for an AV supplier of any type to monetize those assets on the platform. And that's what we're setting up for and we feel very confident in our position.

然後回到你問題的結尾。我的意思是，我們的普遍觀點是供應越多越好，對嗎？我們認為它將來自許多不同的合作夥伴，五月是早期的一個。當然，Mobily 是另一家技術提供者。他們就是在德州為我們提供技術的人。坦白說，有些我們從未聽說過的公司將在未來幾年提供這項技術。然後你也會看到目前的市場領導者。我們在整個過程中採取的策略是相同的，那就是我們希望成為任何類型的 AV 供應商在平台上將這些資產貨幣化的絕對最佳方式。這就是我們所設定的目標，我們對自己的地位非常有信心。

[Anne Black] Deutsche Bank.

[安妮布萊克] 德意志銀行。

Hi, thanks. This is Jeff on for Anne. Thanks for taking our questions. This is a follow up to that on AV Kind of looking beyond getting the supply on the platform, what do you think the impact will be to pricing and frequency membership, as AV scale longer term? And also it would be great to hear your thoughts on the Waymo Toyota partnership for personally owned vehicles. It would be great to get your perspective if this could, impact list, and I guess the transportation market more broadly. Thank you.

你好，謝謝。我是傑夫，代替安妮。感謝您回答我們的問題。這是 AV 的後續除了在平台上獲取供應之外，您認為隨著 AV 規模的長期擴大，這會對定價和頻率會員產生什麼影響？另外，我也非常樂意聽聽您對 Waymo 與豐田在私人汽車領域的合作的看法。如果這能夠影響名單，並且我想能夠影響更廣泛的運輸市場，那麼聽聽您的觀點就太好了。謝謝。

Yeah, great questions both. I'm sorry, the second one I'm very clear on, the first one, again, say that one more time.

是的，這兩個問題都很好。對不起，第二個我很清楚，第一個，我再說一次。

It just kind of beyond (multiple speakers) frequency membership.

它只是有點超出（多個發言者）頻率成員資格。

Of course, yeah, of course so. I mean, we can give you our views, but I will tell you that probably the dominant thing to take away on that is a little too early to tell. And the reason I say that is because if you look at the markets where AVs are operational right now, you see a San Francisco, you see a Phoenix, you see in LA, you see in Austin as an example. And the dynamics in each of these is slightly different.

當然，是的，當然如此。我的意思是，我們可以給你我們的觀點，但我要告訴你，可能現在談論這個主要問題還為時過早。我之所以這麼說，是因為如果你看看目前 AV 正在經營的市場，你會看到舊金山、鳳凰城、洛杉磯、奧斯汀等。並且其中每個的動態都略有不同。

In some markets, AVs are actually priced as a premium product, in some markets are priced at a little bit of a discount. In most markets, the service levels are actually not as good as traditional rideshare, which you can understand why that might be that the ODDs are somewhat limited. And even when there's dense supply, those companies don't necessarily or it's really that company. Doesn't necessarily have the same sophistication with supply demand balancing and so forth. So it's very hard to know over the long term, what what's going to happen.

在某些市場，AV 實際上被定價為高端產品，而在某些市場則以略微折扣定價。在大多數市場中，服務水準實際上不如傳統的共乘，你可以理解為什麼這可能是因為 ODD 有些有限。即使供應充足，這些公司也不一定或真的是那家公司。不一定具有與供需平衡等相同的複雜性。因此，很難知道從長遠來看會發生什麼。

Obviously, the bet that generally people are making is that over time this will increase supply overall and decrease costs to operating a network like this. And that seems like a reasonable assumption for obvious reasons. But that could be quite a long ways away. It really could, for example, insurance, people think a lot about insurance. Gosh, are safe, that's true. But on the other hand, they're very expensive to repair. That's also true. They still do get in accidents because other people cause accidents sometimes.

顯然，人們普遍認為，隨著時間的推移，這將增加整體供應量，並降低營運此類網路的成本。出於顯而易見的原因，這似乎是一個合理的假設。但這可能還很遙遠。它確實可以，例如保險，人們對保險考慮很多。天哪，很安全，這是真的。但另一方面，修復它們的費用非常昂貴。這也是事實。他們仍然會發生事故，因為有時事故是由其他人造成的。

The utilization rates are very unknown, the profitability of these on a unit basis per car basis. We will have a lot to do with whether they're utilized, 14 hours a day or 18 hours a day. So and then -- sorry, back to insurance, I neglected to mention insurance companies tend to be quite conservative when it comes to pricing insurance. Particularly early on, they say they like to have five to seven years of data, which means and sort of I'd say their incentive is maybe even to overprice at the beginning so they don't get caught upside down.

利用率非常未知，其獲利能力是以每輛車為基礎的。我們將在很大程度上決定它們是否被利用，每天 14 小時還是 18 小時。那麼——抱歉，回到保險話題，我忘了提到保險公司在定價保險時往往相當保守。特別是在早期，他們說他們喜歡擁有五到七年的數據，這意味著，我想說他們的動機甚至可能在開始時就定價過高，這樣他們就不會陷入困境。

So, I might not be a very satisfying answer, but I think that's kind of the truth. The long term, I would expect again that it'll be very sort of expansionary and maybe bring prices down. But I don't bet on that in the super short term. I think more interesting in the short term is just how differentiated, they are from the existing offering and therefore market expanding.

所以，我的答案可能不是一個令人滿意的答案，但我認為這是事實。從長遠來看，我再次預計它將具有擴張性，並可能降低價格。但在極短期內我不會押注這一點。我認為短期內更有趣的是它們與現有產品有何不同，從而擴大市場。

On the issue of individual ownership and the particular Waymo Toyota thing, I won't probably mention or talk about too much. But I think what it does is it validates that there are going to be a couple of phases of a adoption. The first, of course, is very pilot and trial, and that's obviously where we are now.

關於個人所有權問題以及 Waymo Toyota 的具體情況，我可能不會提及或談論太多。但我認為它的作用是證實收養過程將經歷幾個階段。當然，第一階段還處於試點和試驗階段，這顯然就是我們現在所處的階段。

Over time, there will be owners of fleets, right? And today, those owners typically are the people who are designing and building the tech, we all being, obviously, of the day, they design the tech, they buy the cars from the Jaguar and then they own them themselves.

隨著時間的推移，就會有艦隊的主人，對嗎？如今，這些車主通常都是設計和製造技術的人，顯然，他們都是當時的人，他們設計技術，從捷豹購買汽車，然後自己擁有它們。

But over time, you wouldn't expect that necessarily. You would expect new companies like Marubeni and others, and even companies like Lyft at a small scale, to actually want to own the assets and manage the assets and so forth. But then I think in the medium and long term, you get to a very different and next level where individuals or maybe very small fleet owners of small groups of cars own cars. And we're already planning for that. It's very directly.

但隨著時間的推移，你不一定會期望這一點。你可能會認為丸紅等新公司，甚至像 Lyft 這樣規模較小的公司，實際上都希望擁有資產並管理資產等等。但我認為，從中期和長期來看，汽車的擁有者將達到一個非常不同的水平，即個人或小團體的車隊所有者將擁有汽車。我們已經在為此做計劃了。非常直接。

So this is why I think our Mobily partnership is so important. Again, Mobily, they're the driver assistance technology that's in 800 different car models right now. So they have very good relationships with the OEMs, but it's level 2 kind of lane assist and so forth. But they have a very clear strategy and a very clear roadmap, and again, we're dependent on that roadmap as we roll out in Texas with them to get to level 4 and level 5.

所以這就是我認為我們與 Mobily 的合作如此重要的原因。再說一次，Mobily 是目前應用於 800 種不同車款的駕駛輔助技術。因此，他們與 OEM 的關係非常好，但這是 2 級車道輔助等等。但是他們有一個非常清晰的策略和非常清晰的路線圖，而且，我們依賴該路線圖，在德克薩斯州與他們一起推出達到 4 級和 5 級的計劃。

The idea there is that that technology won't just be in bespoke cars, one or two OEMs or even one or two platforms within one or two OEMs, but rather ultimately universally available. And as I've said before, I think there will come a time, you'll call it the next 10 years, probably not much sooner than that, but 10 years, where buying a car without AV will be like buying a car without a radio. It'd be -- or actually I think a better analogy is buying a stick shift car. I think that's a better analogy.

他們的想法是，這項技術不僅應用於定制汽車、一兩家 OEM 或一兩家 OEM 內的一兩個平台，而是最終將普及。正如我之前所說，我認為會有那麼一個時刻，你會稱之為未來 10 年，可能不會比這更早，但 10 年後，購買沒有 AV 的汽車就像購買沒有收音機的汽車一樣。或者實際上我認為更好的比喻是購買手排車。我認為這是一個更好的比喻。

You could buy a stick shift today. I happen to have one, they're awesome, and they're super fun to drive, but they're definitely the thing that you drive because you like to, not because you not -- it may not be your best commuter option, every single day.

您今天就可以購買手排汽車。我碰巧有一輛，它們很棒，而且駕駛起來非常有趣，但它們絕對是你因為喜歡而駕駛的車，而不是因為你不喜歡——它可能不是你每天最好的通勤選擇。

So I think it'll be kind of like that. There will be manual cars just as there are today, but increasingly AV will be everywhere. And in that world, this idea of Lyft ready, every car being Lyft ready, so that when you buy it, you can put it on the Lyft platform and have it generates revenue have it sort of self-monetized, you might say, becomes very appealing. So that's the world we're already building to. We know it's a long way away, but we also -- we have a very long-term view. So I think you have to, again, for all the sort of short term buzzers and the flurry of press releases and so forth, that's one thing. But I think sort of -- you have to have your eyes on the long term on this.

所以我認為它會有點像那樣。就像現在一樣，手排車仍將存在，但自動駕駛汽車將越來越普及。在那個世界裡，Lyft 就緒的想法，每輛車都為 Lyft 做好準備，這樣當你購買它時，你可以將它放在 Lyft 平台上並讓它產生收入，讓它實現自我貨幣化，你可能會說，這變得非常有吸引力。這就是我們正在建構的世界。我們知道這還有很長的路要走，但我們也有非常長遠的眼光。因此，我認為你必須再次關注所有類型的短期新聞報導和大量新聞稿等，這是一回事。但我認為——你必須著眼於長遠問題。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特納桑森。

Hey, good evening. Thank you for the question. To the extent you can talk about it. I know it's just announced, but I wanted to hear your thoughts on the ability to invest behind FREENOW, and then maybe how you're thinking about the business mix between taxis and rideshare for FREENOW going forward versus where that mixture stands today?

嘿，晚上好。謝謝你的提問。在你能談論的範圍內。我知道這剛剛宣布，但我想聽聽您對投資 FREENOW 的能力的看法，然後也許您如何看待 FREENOW 未來的出租車和共乘業務組合以及目前的業務組合情況？

And just quickly, David, as pricing increases subside, I'd love to hear about any changes you're seeing in consumer behavior that might lead them to spend more per month, just because there's less sticker shop, right, if you open, you look at your morning commute, wow, it's too much. But then you start opening, it's not going up as much and they actually end up using it more than they would have in their prior budget. So if you're maybe seeing more shopping engagement at this point, maybe they haven't like transitioned into actual conversion yet, but anything there would be very helpful? Thank you.

大衛，隨著價格上漲的放緩，我很想聽聽您觀察到的消費者行為的任何變化，這些變化可能會導致他們每月花費更多，只是因為貼紙店少了，對吧，如果你開門，看看你早上的通勤，哇，太多了。但當你開始營業時，它並沒有上漲那麼多，而且他們實際上最終使用它的次數比他們之前的預算要多。因此，如果您現在可能看到更多的購物參與度，也許他們還沒有轉變為實際的轉化，但是那裡有什麼會很有幫助嗎？謝謝。

Super perceptive questions, Michael. So why don't I do this? Maybe I'll talk just super briefly about kind of how we see FREENOW and sort of that mixed question you talked about. Maybe I can pass it to Erin to talk about investing behind it to the extent we can say anything, which to be honest, won't be much. She's smiling at me right now, which is fair. And then I'll come back to talk to about that communication and what we're seeing there.

非常敏銳的問題，麥可。那我為什麼不這麼做呢？也許我會非常簡短地談談我們如何看待 FREENOW 以及您談論的混合問題。也許我可以把它交給艾琳，討論背後的投資，我們可以說點什麼，但說實話，不會說太多。她現在正對我微笑，這很公平。然後我會回來談論那次交流以及我們在那裡看到的情況。

So briefly, with FREENOW, maybe a thing to remember is that it's -- so it is a taxi-first marketplace. And actually, I want to talk about this for a second because, I think people's intuition can be a little bit sort of overweighted by maybe what you see in the New York City when you think of taxis, for example. So in Europe, just to be super clear, the taxi tends to be a sort of a premium product in most parts of Europe. You might think of the London Black cab, you might think of taking a Mercedes from the airport in Frankfurt.

簡而言之，對於 FREENOW，也許需要記住的一件事是——它是一個以計程車為優先的市場。實際上，我想稍微談論一下這個問題，因為我認為人們的直覺可能會有點被你在紐約市看到的東西所左右，例如當你想到出租車的時候。因此，在歐洲，需要特別明確的是，計程車在歐洲大部分地區往往是一種高端產品。您可能會想到倫敦黑色計程車，您可能會想到從法蘭克福機場乘坐一輛賓士車。

The drivers oftentimes are long term drivers. Some of you might know, I lived in Barcelona for many years. Many of the taxi drivers I had, had been doing it for years and years. And so it's a very sort of stable, very important part of the landscape there.

這些司機通常都是長期司機。你們中的一些人可能知道，我在巴塞隆納住了很多年。我遇到的許多計程車司機都已經做這個工作很多年了。所以它是那裡非常穩定、非常重要的景觀的一部分。

And an enormous part of the ride-hailing industry in Europe, ride-hailing data broadly, including taxis and personal vehicles and everything else on the street, raise your hand, all the things. It's roughly I think a EUR40 billion market. But roughly half of that is still offline and it's quite traditional. It really is -- it's people picking up the phone and calling a taxi and literally just like secret personal experience here. This is exactly what I did when I lived in Europe. As much as I like the tech, there's their habits that are sort of hard to break.

歐洲叫車產業的很大一部分，叫車數據非常廣泛，包括計程車、私家車和街上的其他一切，舉手，所有的東西。我認為這個市場規模大約是 400 億歐元。但其中約一半仍處於線下狀態，而且相當傳統。確實如此——人們拿起電話叫出租車，就像這裡的秘密個人經歷一樣。這正是我住在歐洲時所做的。儘管我很喜歡這項技術，但他們的習慣卻很難改變。

But part of that -- and the reason for that sort of stasis is there just hasn't been a lot of innovation on the sort of taxi side, in particular, in part because there's so many different individual fleet operators that don't really have the scale or the capital to expand what they're doing. So we FREENOW brings that, and it's why they've been so successful. It's why they really are the dominant player in that space.

但部分原因——以及造成這種停滯的原因——是出租車方面沒有太多的創新，特別是因為有太多不同的個體車隊營運商，他們實際上沒有足夠的規模或資本來擴大他們的業務。所以我們 FREENOW 實現了這一點，這就是他們如此成功的原因。這就是為什麼他們真正成為該領域的主導者。

And we continue to believe that that's going to be the interesting point, as I say. It's sort of a higher -- when you ask people, maybe ask a friend in Paris at some point, how they feel about rideshare versus taxies, and often they'll talk about how rideshare feels a little bit like a sort of a a less than experience because taxis feels like a more than experience, and we really want to lean into that.

正如我所說，我們仍然相信這將是一個有趣的點。這有點像是更高層次的問題——當你問別人，比如問巴黎的朋友，他們對拼車和出租車的感受如何，他們通常會說拼車感覺有點像一種不太好的體驗，而出租車感覺更像是一種更好的體驗，我們真的想傾向於這一點。

Now, country by country, things differ. There are some countries where personal vehicle kind of rideshare as we think of in the United States is not legal. There's somewhere anyway -- so country by country, FREENOW in 9 countries, each country has slightly different dynamics. But I wouldn't expect the overall approach really to change very much. They've got a very good model. And we can bring a lot to that model, a lot, there's a lot we know about the way pricing works and market dynamics and so forth that, because of our scale and our history we've got. And vice versa, they'll bring up a lot of fleet management expertise stuff because of course, every one of these taxi operations typically needs another fleet manager to work.

現在，各國的情況有所不同。在某些國家，像我們在美國那樣的私人車輛共乘是不合法的。無論如何，總是有一個地方——所以，每個國家都有 FREENOW，9 個國家都有，每個國家的動態略有不同。但我並不期望整體方法真的會發生很大變化。他們有一個非常好的模型。我們可以為該模型帶來很多東西，很多，由於我們的規模和歷史，我們對定價方式和市場動態等了解很多。反之亦然，他們會提出很多車隊管理專業知識，因為當然，每個計程車營運通常都需要另一個車隊經理來工作。

The last thing I'll say there, I kind of alluded to earlier, is I think to the extent that there's, work to do and investments and stuff, and I'm not going to speak much about this. But there may be some infill opportunities within the markets we're already working in. I think, maybe I can turn it over to Erin at this point.

我要說的最後一件事，我之前提到過，我認為就要做的工作和投資等等而言，我不會對此發表太多評論。但在我們已經開展業務的市場中可能存在一些填補機會。我想，也許現在我可以把它交給艾琳。

Yeah, so you know what I'd say, look, in FREENOW, we found a partner to -- we see opportunities to immediately fuel growth, unlock potential for partners, level up the experience for drivers and riders alike. So we're excited about it. It obviously doubles our addressable market overall. So the strategic purpose of this acquisition is fully aligned with the strategy that we outlined at Investor Day. Very specifically we said we would -- as part of our capital strategy, responsible investment and attractive growth and margin expansion opportunities was important to us. This fits that bill.

是的，所以你知道我想說什麼，看，在 FREENOW，我們找到了一個合作夥伴——我們看到了立即推動成長、釋放合作夥伴潛力、提升司機和乘客體驗的機會。所以我們對此感到很興奮。顯然，它使我們的整體目標市場規模翻了一番。因此，此次收購的策略目的與我們在投資者日概述的策略完全一致。我們非常明確地表示——作為我們資本策略的一部分，負責任的投資和有吸引力的成長和利潤擴張機會對我們來說非常重要。這符合這個要求。

The first step, however, is to close the deal. So we expect that to happen sometime in the second half of the year, and then, we'll start some foundational integration. And we'll continue to evaluate opportunities for growth over time. So that's what I would add there. Maybe I'll start with the second part of the question, which is around affordability.

然而，第一步是完成交易。因此，我們預計這將在今年下半年的某個時候發生，然後我們將開始一些基礎整合。我們將繼續評估未來成長的機會。這就是我要補充的內容。也許我應該從問題的第二部分開始，即關於可負擔性。

And you know what I would say, Michael, is, affordability is not something that's new to Lyft. If you look at our overall product portfolio, this is something that we've emphasized in terms of a mode for every mood, so to speak, for a period of time. And so you think about things like Wait and Save, obviously, which has been a great feature overall for the company. And that's certainly not a monolith if you think about the ridership, right?

邁克爾，你知道我想說什麼嗎？可負擔性對 Lyft 來說並不是什麼新鮮事。如果你看一下我們的整體產品組合，你會發現在一段時間內，我們一直強調針對每種心情提供不同的模式。因此，您會考慮“等待”和“保存”之類的功能，顯然，這對公司來說是一項很棒的功能。如果你考慮一下乘客人數，那肯定不是一個巨石，對吧？

Wait and save riders, use the mode about a third of the time. They tend to take about two extra rides. So again, affordability is not new, and I think that the breadth of our portfolio and even the growth that we highlighted in some of our prepared remarks at the higher end of our portfolio is a strength, and that's where you're seeing more than 16% rides growth in the quarter, really proud of that. David mentioned some of the stats in his opening remarks.

等待並拯救乘客，大約三分之一的時間使用該模式。他們通常會多搭兩次。所以，再說一次，可負擔性並不是什麼新鮮事，我認為我們投資組合的廣度，甚至我們在一些準備好的評論中強調的投資組合高端的增長都是一個優勢，這就是你看到本季度乘車量增長超過 16% 的原因，對此我感到非常自豪。大衛在開場白中提到了一些統計數據。

So I don't know, David, do you want to add anything to the affordability question?

所以我不知道，大衛，你想對可負擔性問題補充什麼嗎？

I'll add in sort of -- and maybe exactly where kind of Michael was also going. I think what's so interesting about this idea of affordability -- and you actually, you touched on this, Michael, is people think of it, I think, sort of, in a maybe small way as, oh well, lower prices. Well, it's -- sure, I mean, obviously, again, you want a great cost position, you'll remember we took $330 million out of our cost position a couple of years ago to be able to afford to give great prices and great earnings to to drivers and so forth.

我會補充一點——也許正是麥可要去的地方。我認為這個可負擔性的想法之所以有趣——邁克爾，你實際上也提到了這一點，是因為人們認為，在某種程度上，它可能等同於更低的價格。嗯，這是——當然，我的意思是，顯然，你想要一個很好的成本地位，你會記得幾年前我們從我們的成本地位中拿出了 3.3 億美元，以便能夠為司機提供優惠的價格和豐厚的收益等等。

But at a certain point, that becomes a little bit kind of just baseline, and then you have to start to innovate on top of that. And I do think Price Lock is such a good example, and I'll tell you why. So commute is now our largest use case. And what that -- remember 10 years ago, commute was 0% of 0% of 0% rideshare.

但到了某個程度，這就變成了一種基線，然後你就必須在此基礎上開始創新。我確實認為價格鎖定是一個很好的例子，我會告訴你原因。因此，通勤現在是我們最大的用例。還記得嗎——10 年前，通勤中共乘的比例是 0%。

I mean, it didn't make sense, right? And now, it's a third of our rides. So we're talking about an enormous part of people's daily lives. And then you think, well, why isn't everybody doing it? Remember 150 billion rides a year, of which some gigantic number of commuter rides and a fraction of a fraction of a fraction are still on rideshare. And so much of it is all the irritating things that rides are sort of introduced over the years or didn't quite get right, like surge pricing being the single biggest one, so annoying, right? You're doing the same thing every day. Why should you pay something different every day? No one wants that. That's irritating.

我的意思是，這沒有意義，對吧？現在，它佔據了我們三分之一的出行量。所以我們談論的是人們日常生活的很大一部分。然後你會想，為什麼不是每個人都這樣做呢？請記住，每年有 1500 億次乘車，其中很大一部分是通勤乘車，還有一小部分是共乘。其中許多都是這些年來引入的乘車機制中令人惱火的地方，或者沒有完全解決的問題，比如峰時定價就是最大的問題，這很煩人，對吧？你每天都在做同樣的事情。為什麼你每天要付不同的東西？沒人願意這樣。這真是讓人惱火。

On the other hand, gosh, is it great to sit in the back seat and be able to text or start your work or make a phone call or, whatever, say goodbye to your spouse, after you left because you didn't get a chance to say goodbye. Well, whatever it is you want to do. So it's a great service, but you got to take away some of the funny stuff.

另一方面，天哪，坐在後座上，能夠發短信、開始工作、打電話，或者無論如何，在你離開後與你的配偶說再見，這真是太好了，因為你沒有機會說再見。好吧，無論你想做什麼。所以這是一項很棒的服務，但你必須去掉一些有趣的東西。

I thought does that. And I can tell you that we're the price like membership, we introduced it a couple of quarters ago. It's now up 21% compared to Q4. And very interestingly, the retention rate is super high. It's up greater than 70%. I think we've said 70% in the past. It's up to about 75% right now, which means that once people sign on, they do it again. And that's a form of affordability, right? It's sort of a normalization. It's kind of like, okay, the price is not going to bounce around. I kind of understand what it is.

我以為是這樣的。我可以告訴你，我們的價格就像會員費一樣，我們在幾個季度前就推出了它。與第四季相比，目前已上漲 21%。而且非常有趣的是，留存率非常高。漲幅超過70%。我想我們過去說過 70%。目前已達到約 75%，這意味著一旦人們簽約，他們就會再次簽約。這是一種負擔得起的形式，對吧？這是一種正常化。有點像，好吧，價格不會波動。我有點明白那是什麼了。

Maybe it's a little higher than I want it to be. I don't know, whatever, but at least I can understand what it is every day, and I begin to understand the value, and little by little by little by little, it becomes part of more and more people's lives. So that's very much the way we think about these things, and we like when we see a product like this have such product market fit, because it shows that we've discovered something pretty important.

也許它比我想要的要高一點。我不知道，不管怎樣，但至少我每天都能明白它是什麼，我開始明白它的價值，一點一點地，它成為越來越多人生活的一部分。這就是我們對這些事情的看法，當我們看到這樣的產品有這樣的產品市場契合度時，我們會很高興，因為這表明我們發現了一些非常重要的東西。

Thank you.

謝謝。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

Hi, thank you for taking my questions. I had two, please. First, on the taxi initiative you're rolling out in the US, do you think this can accelerate your growth in '25 and '26? Just trying to get a sense for the scale of it. And is there a long process to bring more taxis online and more markets or do you think this is something where you can move fairly quickly with new cities beyond St. Louis?

你好，謝謝你回答我的問題。我有兩份。首先，關於你們在美國推出的計程車計劃，你們認為這能加速你們在 2025 年和 2026 年的成長嗎？只是想了解它的規模。讓更多的計程車上網並擴大市場是否需要一個漫長的過程？或者您認為，在聖路易斯以外的新城市，您可以相當快速地推進這一進程？

And then my second question is around AV partnerships. Do the deals that Uber is striking, do they actually accelerate your ability to onboard partners because there's a playbook for these AV providers to rinse and repeat, so to speak? Or do you feel like you need to be the first one in the door because fleets are still really small and experimental, so there aren't enough cars to go around just yet? Thank you.

我的第二個問題是關於 AV 合作夥伴關係。Uber 達成的交易是否真的能加速你們吸收合作夥伴的能力，因為這些 AV 提供者有一套可以重複使用的劇本？或者您覺得自己需要成為第一個進門的人，因為車隊規模仍然很小並且處於試驗階段，所以目前還沒有足夠的車輛可供使用？謝謝。

Yeah, hey, Nikhil, two good questions. Let me -- I'll touch on both. I think. Well -- and I'm sorry, I took -- I know I'm thinking about your last question so much that I've already forgotten your first. It's the second time we've done today. Say the first one more time.

是的，嘿，尼基爾，有兩個好問題。讓我——我將談及兩者。我認為。嗯——很抱歉，我剛才問了——我知道我一直在想你的最後一個問題，以至於我已經忘記你的第一個問題了。這是我們今天第二次這樣做。再說一次第一個。

Just on the taxi initiative in the US and the roll out of more cities.

僅就美國的計程車計劃及其在更多城市的推廣而言。

Yeah, of course, sorry about that. The two part question is always tricky. So on that, look -- as you said, so just to sort of level set with everyone. Yeah, we started in St. Louis, and it's great. I know you asked specifically about is it going to accelerate your growth. I'm not going to comment on that particularly.

是的，當然，對此我深感抱歉。這兩個部分的問題總是很棘手。所以，就這一點而言，正如你所說，只是為了與每個人保持一致。是的，我們從聖路易斯開始，這很棒。我知道您特別詢問它是否會加速您的成長。我不會對此發表特別評論。

But what I will say is when we look at our strategic initiatives of the course of the year, and we set these at the end of last. Expanding our sort of access to fleets was quite important. And it's important for a couple of reasons.

但我想說的是，當我們回顧今年的策略措施時，我們在去年年底就制定了這些措施。擴大我們對艦隊的使用權非常重要。這很重要，原因如下。

Effectively diversity of supply really matters. It matters at the sort of one end, the taxes. We're doing it also when it comes to what we call the high margin modes, particularly the black cars, which also tend to be fleet cars. They have good economics, typically they insure in a different way from normal insurance with us, so that's all good.

實際上，供應的多樣性確實很重要。一方面，稅收很重要。對於所謂的高利潤模式，我們也這麼做，特別是黑色轎車，它們往往也是車隊車輛。他們的經濟狀況良好，通常他們的保險方式與我們的正常保險不同，所以這一切都很好。

I'm not going to -- we've only talked about St. Louis so far, so I won't speculate beyond that. But I will say it is an important part of what we're doing in the US. And again, when you hear the FREENOW acquisition, you understand that that, obviously their expertise is going to come in handy for us.

我不會——到目前為止我們只談論了聖路易斯，所以我不會對此進行進一步的猜測。但我要說的是，這是我們在美國所做工作的重要部分。再說一次，當你聽到 FREENOW 收購案時，你就會明白，顯然他們的專業知識對我們來說會很有用。

On the AV side, it absolutely is not the case that you have to be first, it just isn't. And the reason I say that is because even if fleets are limited, which is sort of maybe the premise behind the question. Well, I guess you sort of put it both ways, right? You said either there's a playbook or there's a limitation. I would say, first of all, every AV provider has a very strong incentive to have multiple partners. I mean, it's just clear. No one wants to be beholden, right? So that's why you don't see anything that looks really exclusive, because that would just be sort of self-defeating.

在 AV 方面，絕對不是說你必須是第一，事實並非如此。我這樣說的原因是，即使船隊數量有限，這也許就是這個問題背後的前提。嗯，我想你是從兩個角度來表達的，對嗎？你說要嘛有一個劇本，要嘛有一個限制。我想說，首先，每個 AV 提供者都有很強的動機去擁有多個合作夥伴。我的意思是，這很清楚。沒人願意受人恩惠，對吧？這就是為什麼你看不到任何真正獨特的東西，因為那隻是一種弄巧成拙的行為。

There'll be supply constraints from time to time, of course. And so, maybe one person will get a little ahead of the other for a certain period of time in a certain city, but I think that's very temporary. I think much more interesting if I'm an AV supplier of equipment or what have you is who is the partner who can better monetize, and frankly, that I can sort of work with better. Who brings more to the table maybe, it could be any number of things.

當然，有時也會出現供應受限的情況。因此，也許一個人在某個城市的某個時期會比另一個人稍微領先一點，但我認為這只是暫時的。如果我是 AV 設備供應商或其他什麼供應商，我認為更有趣的是誰是可以更好地貨幣化的合作夥伴，坦白說，我可以更好地與誰合作。誰能為談判帶來更多貢獻，可能是很多事情。

I won't characterize it too much. But obviously, we're very excited about the unique asset we have. We have the only sort of integrated fleet management solution to rideshare that's out there, so that's obviously a huge advantage we have. So I think that that's probably more important at this point, simply because -- but I think really at the end, just to be super honest, I think most suppliers have an incentive to bring on, at least two partners, right, so that they can differentiate -- excuse me, so that they can sort of diversify and also not be beholden to anyone.

我不會對其做太多的描述。但顯然，我們對所擁有的獨特資產感到非常興奮。我們擁有目前唯一適用於共乘的綜合車隊管理解決方案，這顯然是我們的一大優勢。所以我認為這在目前可能更為重要，僅僅是因為——但我認為最終，說實話，我認為大多數供應商都有動力引入至少兩個合作夥伴，這樣他們就可以有所區分——對不起，這樣他們就可以實現多元化，並且不受任何人的支配。

Thanks, David.

謝謝，大衛。

Stephen Ju, UBS.

瑞銀集團 Stephen Ju。

Okay, thank you so much. So David, I think, when you offered Lyft media targets back at the investor day, I think there was some amount of skepticism in the market as to whether you can actually hit those goals over the next few years. So but there was a very interesting angle, I thought, where to offer retailers and merchants, traffic based on the user's destination. Especially if they're headed to your store, right? So that sets you up to potentially on board performance ad budget. So can you talk about how this is progressing, and how the outreach efforts to these performance advertisers and undoubtedly also, to the awareness and brand upper funnel advertisers, how that's been progressing? Thanks.

好的，非常感謝。所以大衛，我認為，當你在投資者日提出 Lyft 媒體目標時，市場上存在一些懷疑，懷疑你是否能在未來幾年內真正實現這些目標。所以，我認為有一個非常有趣的角度，就是根據用戶的目的地為零售商和商家提供流量。尤其是當他們要去你的商店時，對嗎？這樣你就有可能獲得績效廣告預算。那麼，您能談談這項工作的進展嗎？以及針對這些效果廣告商以及毫無疑問的知名度和品牌上層漏斗廣告商的推廣工作進展如何？謝謝。

Sure, yeah, a great question and a good memory. So let's start big picture first and then we'll kind of dive in. So at the time, yeah -- I remembered the skepticism that that was not lost on me. We're on track, as we said before, to reach a $100 million run rate at the end of the year, and very much on track and and feel quite good about that. And I will also say, by the way, quite good about the leader who's getting us there, [Suzie]. I've mentioned her in the past. She really helped build YouTube's ad platform and then wave later.

當然，是的，這是一個很好的問題，也是一個美好的回憶。因此，我們先從整體來看，然後再深入探討。所以當時，是的——我記得我對此抱持懷疑態度。正如我們之前所說，我們預計在年底達到 1 億美元的運行率，而且進展非常順利，我們對此感覺非常滿意。順便說一句，我還要說，帶領我們實現這一目標的領導人非常出色，[蘇西]。我以前曾提到過她。她確實幫助建立了 YouTube 的廣告平台，並隨後掀起了一股浪潮。

So anyway, I can't -- I'm actually as long as I'm bragging on people, I'll brag on the whole team there. It's an extraordinary team and we're actually adding new folks. In fact, we just got a new person on yesterday, so super excited about how we're building that out.

所以無論如何，我不能——實際上，只要我吹噓別人，我就會吹噓整個團隊。這是一支非凡的團隊，而且我們實際上還在增加新成員。事實上，我們昨天剛招募了一位新人，因此對於我們的發展感到非常興奮。

The results we've seen so far have been really strong, as I say, we're on track for $100 million. But I think part of it is because, particularly -- I'll come back to your point in a second -- but particularly when we look at some of the big brand partnerships we have, we continue to see, and again this is third-party data, but we continue to see the third-party measurement platforms telling us that we have their numbers, not ours, 7 times the impact relative to the norm on brand perception and we still have about 10 times the standard click through rate. So super good there.

到目前為止，我們看到的結果非常強勁，正如我所說，我們有望實現 1 億美元的目標。但我認為部分原因是，特別是——我馬上回到你的觀點——但特別是當我們看看我們與一些大品牌的合作關係時，我們繼續看到，這又是第三方數據，但我們繼續看到第三方測量平台告訴我們，我們有他們的數據，而不是我們的數據，相對於品牌認知的常態，我們的影響力是他們的 7 倍，而我們的點擊率仍然是標準的 7 倍。那裡非常好。

We're also expanding our formats. So Erin mentioned Wait and Save a little while ago as a nice product for from the consumers so that they can, choose to wait a little longer and save some money. It's also nice for us because it gives us a little bit more time to engage with riders, and we now have a new ad unit which is sort of a vertical takeover, a video unit that takes over while you're waiting, right? So you've got time on your hands while you're waiting and saving, might as well use it, checking out a movie trailer or a kind of a brand activation or whatever.

我們也在擴展我們的格式。因此，Erin 剛剛提到「等待並節省」對於消費者來說是一款不錯的產品，這樣他們就可以選擇等待更長時間並節省一些錢。這對我們來說也很好，因為它讓我們有更多的時間與乘客互動，我們現在有一個新的廣告單元，這是一種垂直接管，一個在你等待時接管的視頻單元，對嗎？因此，您在等待和存錢的同時還有空閒時間，不妨利用它來看看電影預告片或某種品牌激活活動等等。

So seeing a -- very excited about it, still early days, of course, in a lot of ways, but I feel very good about the platform we're building and the opportunity there is. When it comes to what we internally called sponsored rides, yeah, we're still super excited about that. It's very much an experimentation mode. I think, I don't actually have, I just don't know whether we can mention the partners, live now. I'm not sure that we can, but we have a couple of partners that we're working with to try that out, and encouraging results.

所以看到它——我對此感到非常興奮，當然，在很多方面還處於早期階段，但我對我們正在建立的平台和其中的機會感到非常滿意。當談到我們內部所說的贊助騎行時，是的，我們對此仍然感到非常興奮。這在很大程度上是一種實驗模式。我想，我實際上沒有，我只是不知道我們現在是否可以提及合作夥伴，現場直播。我不確定我們是否可以做到，但我們正在與幾個合作夥伴一起嘗試，並取得了令人鼓舞的結果。

But there's certain things you try at small scale and then you just don't know yet. But I still have a lot of conviction around it. I know that any -- look, any store, any retailer, any restaurant, anyone who depends on that marginal person to walk in the door to make the week or make the night, they become very interested when they start talking to partners who can literally deliver effectively foot traffic to their door. So anyway, good memory, nothing to share on it right now, but definitely an area where we've still got a real conviction based on what we see.

但有些事情你在小規模上嘗試後還不知道結果。但我對此仍抱持堅定的信念。我知道，任何——你看，任何商店、任何零售商、任何餐館，任何依靠邊緣人走進門來度過一周或一晚的人，當他們開始與能夠有效地將人流量帶到他們家門口的合作夥伴交談時，他們會變得非常感興趣。所以無論如何，這是美好的回憶，現在沒有什麼可以分享的，但根據我們所看到的，我們絕對對這個領域有真正的信心。

Thank you.

謝謝。

Doug Anmuth, JP Morgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Thanks for taking questions. I have two. Just as you continue to see strength in rides with the 200 basis points of acceleration, but pricing is down 3% year per year, can you just talk about, what's driving the lower gross bookings per ride, particularly as you, continue to grow luxury modes? And are we seeing more discounts and promotions or just industry-wide pricing dynamics tied to insurance easing? And then maybe on to and just thinking about Delta, is there any shift or change from kind of how you were thinking about the 100 basis point impact to rides and 200 basis point impact from from gross bookings? Thanks.

感謝您的提問。我有兩個。正如您看到乘車量繼續保持強勁增長勢頭，增速達到 200 個基點，但價格卻每年下降 3% 一樣，您能否談談，是什麼原因導致了每次乘車的總預訂量下降，尤其是在您繼續增加豪華模式的情況下？我們是否會看到更多的折扣和促銷，還是只是看到與保險放寬相關的全行業定價動態？然後也許繼續思考達美航空，您對 100 個基點對乘車量的影響以及 200 個基點對總預訂量的影響的看法有什麼轉變或變化嗎？謝謝。

Thanks, Doug. This is Erin. I'll take the question starting with gross bookings overall. So I'd start with framing that we remain very focused on penetrating that $161 billion private vehicle [TAM] that we've talked about that we highlighted it at our investor day.

謝謝，道格。這是艾琳。我先從總體預訂量開始回答這個問題。因此，我首先要說明的是，我們仍然非常專注於滲透我們在投資者日強調的 1,610 億美元的私人投資工具 [TAM]。

We continue to grow in our top markets. But one of the -- and commute, David mentioned earlier, commute 10 is particularly strong, which we're really proud of. And then one of the biggest opportunities for us is to really penetrate and grow in what have been historically underrepresented markets. So you've heard us talk about Canada now for a while and our progress there, right? We grew that market 100% in 2024. We grew rides 55% in Q1.

我們在主要市場持續成長。但其中一個——通勤，正如 David 之前提到的，通勤 10 特別強勁，我們對此感到非常自豪。那麼，對我們來說，最大的機會之一就是真正滲透到歷史上代表性不足的市場並實現成長。您已經聽我們談論過加拿大以及我們在那裡的進展，對嗎？到 2024 年，該市場將成長 100%。第一季我們的乘車量增加了 55%。

We're about to launch in Quebec and a few cities, so we'll continue our growth path there in that market. Overall, gross bookings per ride is lower than the average in the US. And then another area that we highlighted in our prepared remarks is under penetrated markets in the US. So we -- this is not new. We've been kind of taking our formula for operational excellence and customer obsession more broadly in the US. And we've seen fantastic results out of that.

我們即將在魁北克和一些城市推出產品，因此我們將繼續在該市場的發展。整體而言，每次出行的總預訂量低於美國的平均值。我們在準備好的發言中強調的另一個領域是美國的滲透率較低的市場。所以我們——這並不是什麼新鮮事。我們在美國更廣泛地推行卓越營運和客戶至上的理念。我們已經看到了非常好的成果。

We highlighted, for example, in a prepared remarks we talked about growth in Indianapolis, but it's, cities like Indianapolis, Charlotte, where we grew in both cases more than 30% year over year in Q1. And so that's fantastic because we are continuing that really strong growth in active riders and frequency. And rideshare really is a great option across now multiple markets in addition to the growth of our top markets. But there is a mixed impact, and that's the way you should think about that as you see some of that gross bookings per ride dynamic overall.

例如，我們在準備好的發言中強調了印第安納波利斯的成長，但實際上，在印第安納波利斯、夏洛特等城市，我們在第一季的同比成長率都超過了 30%。這太棒了，因為我們的活躍乘客數量和頻率繼續保持強勁增長。除了我們主要市場的成長之外，共乘現在確實是多個市場的絕佳選擇。但影響是複雜的，當你看到每次乘車的總預訂量整體動態時，你應該這樣考慮。

And then your second question as it relates to Delta, so maybe just starting with the fact that the Delta partnership ended on April 7, so still pretty early days. And I think the right way to think about this is, whether you're entering or exiting a partnership like this, it tends to have an impact over time. So in this case, that curves going to depend on the offer that they're getting, also frankly, our efforts around retention and and competitiveness and we have amazing service levels, etc.

然後您的第二個問題與達美航空有關，也許只是從達美航空的合作關係於 4 月 7 日結束這一事實開始，所以現在還為時過早。我認為正確的思考方式是，無論你是建立還是退出這樣的合作關係，它都會隨著時間的推移而產生影響。因此，在這種情況下，曲線將取決於他們獲得的報價，坦白說，我們在保留和競爭力方面的努力以及我們擁有驚人的服務水平等。

So prices and benefits are really just one part of the process the decision making process on behalf of the rider. The other thing is that our partnership, our past partnership with Delta, offered more benefits than the one that there's today with the other guys. So there's a couple of different decision criteria I think that any that any rider is going to go through. So still relatively early days. We do still believe that over time, this will have an impact of about 1% to our rides, about 2 percentage points to our gross bookings, so that's how I would highlight those.

因此，價格和福利實際上只是代表乘客做出決策的過程的一部分。另一件事是，我們與達美航空的合作關係，以及我們過去與達美航空的合作關係，比現在與其他公司的合作關係提供了更多的好處。所以我認為任何騎手都會經歷幾個不同的決策標準。因此目前仍處於相對早期階段。我們仍然相信，隨著時間的推移，這將對我們的乘車量產生約 1% 的影響，對我們的總預訂量產生約 2 個百分點的影響，這就是我要強調的。

Thank you, Erin.

謝謝你，艾琳。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. Just one question, just following up on that last one. If we think more deeply about the Q2 guidance in terms of ride growth and monetizing per ride basis, like what would be the sort of how you would directionally talk about it. Is there any consideration for any consumer spending risks and then where would be some of the things you've highlighted on this call about growth on different platforms, what would be the major drivers? Would it still be commute leading the way or something else? Thanks.

嗨，下午好。只有一個問題，只是跟進最後一個問題。如果我們更深入地思考第二季度的乘車成長和每次乘車貨幣化方面的指導，您會如何定向地談論它。是否考慮過消費者支出風險？在這次電話會議上您強調了哪些關於不同平台成長的主要動力？還是仍以通勤為主導，還是其他什麼？謝謝。

Yeah, sure. So, again, starting at a high level, we provide a range overall for our guide. Our intention is for that range to bracket, of course, for a number of different scenarios overall. We expect commute to continue to be strong. We think this mix of the results of our efforts in some of these under penetrated markets, we continue to see great momentum there. So we think that will have an impact in the second quarter as well as growth in our top markets.

是的，當然。因此，再次從高層次開始，我們為指南提供了一個總體範圍。當然，我們的目的是將這個範圍限定為適用於多種不同場景的範圍。我們預計通勤將持續保持強勁。我們認為，憑藉我們在這些滲透率較低的市場中付出的努力，我們將繼續看到這些市場的巨大發展勢頭。因此我們認為這將對第二季以及我們主要市場的成長產生影響。

Some of those similar dynamics that I just talked about for Q1, I would expect to, consider for Q2, and maybe I'll start with the consumer sentiment side, David, if you want to add anything. I think the headline here is we're just not seeing anything in our data, as we don't have a lot of leading indicators, but we are not seeing in our data signs of weakening. We see continued growth across modes, across different use cases overall. So David, do you want to add anything to that?

我剛才談到的第一季的一些類似動態，我預計也會考慮第二季的情況，也許我會從消費者情緒方面開始，大衛，如果你想補充什麼的話。我認為這裡的標題是我們在數據中沒有看到任何東西，因為我們沒有很多領先指標，但我們在數據中沒有看到疲軟的跡象。我們看到，各種模式、各種用例都呈現持續成長的動能。那麼大衛，你還有什麼要補充的嗎？

I mean, you just said it's so interesting, we can all probably talk openly about this. We all read the same headlines, but at the same time when we look at the data. We had our strongest ride week, I think the last week of March ever. And then Even as recently as this past week when we look at Cinco de Mayo, which is another area where people tend to take rideshare, it is super strong. So again, everyone understands the uncertainty in the future and of course we're -- we have a business that's sort of resilient to that. We can talk about that separately if you're interested. But in terms of sentiment so far, things look strong.

我的意思是，你剛才說這很有趣，我們都可以公開談論這個問題。我們都讀過相同的標題，但同時我們查看數據時也是如此。我們經歷了最強勁的騎乘週，我想這是三月的最後一周。然後，即使就在上週，當我們看五月五日節時，這是人們傾向於乘坐共乘的另一個地區，它的表現也非常強勁。所以，每個人都明白未來的不確定性，當然，我們的業務對此有一定的抵禦能力。如果您有興趣，我們可以單獨討論這個問題。但就目前的情緒而言，情況看起來很強勁。

Yeah, thank you. If you did want to follow up, I'd love to understand just the key headlines on how resilient the business could be and in the downturn. Thanks.

是的，謝謝。如果您確實想跟進，我很想了解有關該業務在經濟低迷時期的恢復能力的關鍵新聞。謝謝。

Sure. I mean, I think -- let's talk about the sector first before before Lyft. I do think this sector has a certain amount of resilience built into it. If you look at demand -- well, let's start with the basics, right? Is there demand there? There's definitely a demand there, and we see it week on week. It's again, we've made this point in different ways now. This is part of people's daily lives, and we've talked about commute a lot.

當然。我的意思是，我認為——在談論 Lyft 之前，我們先來談談這個行業。我確實認為這個行業具有一定的韌性。如果你看一下需求——好吧，讓我們從基礎開始，對嗎？那裡有需求嗎？那裡肯定有需求，而且我們每週都能看到這種情況。我們現在再次以不同的方式表達了這一點。這是人們日常生活的一部分，我們已經討論過很多次通勤問題。

You might talk about a much different part of the sort of spectrum on healthcare. I think our healthcare rides, it's called non-emergency medical transportation, have grown something like 30% year on year. This is literally people going to doctors and medical appointments and stuff often paid for by somebody else. But the point being that it's, rides have become very foundational for a lot of people. So the demand is there.

您可能會談論醫療保健領域中非常不同的部分。我認為我們的醫療保健出行，即非緊急醫療運輸，年增了約 30%。這實際上就是人們去看醫生、預約醫療以及通常由別人支付費用。但重點是，騎車對很多人來說已經成為了非常基礎的事情。所以需求是存在的。

Then when you sort of look at the supply side -- well, actually, hold on, let's talk more about demand. You could imagine a world where, let's say, tariffs increase the price of cars. You can imagine a world where if that's the case, that people become even more interested in rideshare because it's a lot more approachable to think of a, $10 or $15 ride and it is a $30,000 car that just got more expensive. So, that's kind of interesting.

然後，當你看一下供應方面時——好吧，實際上，等等，讓我們多談談需求。你可以想像這樣一個世界：關稅提高了汽車的價格。你可以想像這樣一個世界，如果真是這樣，人們就會對拼車更感興趣，因為 10 美元或 15 美元的車費更容易讓人接受，而一輛價值 30,000 美元的汽車卻變得更貴了。所以，這很有趣。

And I'll point to sort of broad data that says in general, and of course, every economic downturn, if there is such a thing is a little different, but in general, services tend to be more reliant or reliable than durable goods. Durable goods flux a little bit, but services tend to be somewhat more reliable. So within that context, obviously rideshare falls.

我會指出一些廣泛的數據，這些數據總體上表明，當然，每次經濟衰退（如果有的話）都會有所不同，但總的來說，服務業往往比耐用品更依賴或更可靠。耐久財的波動性略有增加，但服務業的可靠性更高。因此，在這種背景下，共乘顯然會失敗。

And then when you look on the supply side, again, this is not any new data. But remember, we have 1.4 million people who drive on the platform. And and they like it, come back to that in a second. But that's also quite an important part of a lot of people's lives. And remember, again, almost a macroeconomic level, it's actually quite stabilizing for the US economy because what it sort of means is that if a person loses their job, which can happen, of course, in economic downturn times, 48 hours later, literally 48 hours later, they could be driving and earning again.

然後，當你從供應方面來看時，你會發現這並不是什麼新數據。但請記住，我們有 140 萬人在該平台上駕駛。而且他們很喜歡它，請稍後再回來。但這也是很多人生活中相當重要的一部分。請記住，幾乎在宏觀經濟層面上，它實際上對美國經濟來說是相當穩定的，因為它意味著，如果一個人失業了，這當然可能發生在經濟低迷時期，48 小時後，確切地說是 48 小時後，他們就可以再次開車和賺錢。

So just big picture again, it feels like a very stable place. You never say never, you don't know exactly what the future holds, but certainly we believe that we're very well positioned, going to come what may.

所以從整體來看，這裡感覺是一個非常穩定的地方。你永遠不能說永遠，你不知道未來會發生什麼，但我們確信，無論發生什麼，我們都處於非常有利的位置。

-- further questions at this time. With that, I will now turn the call to David Risher, Chief Executive Officer for closing remarks. Please go ahead.

——現在還有更多問題。現在，我將請執行長 David Risher 致閉幕詞。請繼續。

Yeah, thank you, everyone. Thank you, Erin. Thank you, everyone, on the team who's worked so hard to do all of the work we've done to put together a great quarter. So really appreciate everyone on the call as always and your support and Lyft. We've never been in a stronger position as we continue to deliver on our mission to serve and connect. Thank you all very much and we will see you next time.

是啊，謝謝大家。謝謝你，艾琳。感謝團隊中的每個人，你們如此努力地完成了我們所有的工作，讓我們取得了一個出色的季度。所以一如既往地感謝電話中的每個人以及你們對 Lyft 的支持。我們從未處於如此強大的地位，我們將繼續履行服務和連結的使命。非常感謝大家，我們下次再見。

Ladies and gentlemen, this concludes this conference call. We thank you for participating and asking you to please disconnect your lines.

女士們、先生們，本次電話會議到此結束。感謝您的參與，並請您斷開線路。