Lyft Inc (LYFT) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the Lyft second quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 Lyft 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the conference over to Aurelien Nolf, VP, FP&A, and Investor Relations. You may begin.

現在，我想將會議交給財務規劃與分析和投資者關係副總裁 Aurelien Nolf。你可以開始了。

Thank you. Welcome to the Lyft earnings call for the second quarter 2025. On the call today, we have our CEO, David Risher; and our CFO, Erin Brewer. As a reminder, our full prepared remarks are available on the IR website, and we will use this time to answer your questions.

謝謝。歡迎參加 Lyft 2025 年第二季財報電話會議。參加今天電話會議的有我們的執行長 David Risher 和財務長 Erin Brewer。提醒一下，我們準備好的完整發言稿可在 IR 網站上查閱，我們將利用這段時間回答您的問題。

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

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。這些因素和風險在我們最近提交給美國證券交易委員會的收益資料中有描述。

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

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。

Thanks, Aurelien. Okay, everyone listened up. Q2 was a record-breaking quarter for Lyft. We delivered all-time highs across gross bookings, adjusted EBITDA and free cash flows for the first time in company history. We reduced our share count -- excuse me, and for the first time in company history, we reduced our share count by repurchasing $200 million worth of stock.

謝謝，Aurelien。好的，大家都聽好了。第二季是 Lyft 創紀錄的一個季度。我們首次在總預訂量、調整後 EBITDA 和自由現金流方面創下公司歷史上的新高。我們減少了股票數量——對不起，這是公司歷史上第一次透過回購價值 2 億美元的股票來減少股票數量。

This strong performance positions us for an accelerated growth in Q3, and we remain on track to achieve our long-term targets. Our marketplace is thriving, setting us up for an even stronger second half of the year. Over 1 million drivers, spent a record amount of hours with Lyft. That's the same number of drivers that Lyft had pre-COVID, but now on average, they're driving 40% more each.

這一強勁表現使我們在第三季度實現加速成長，並且我們仍有望實現我們的長期目標。我們的市場正在蓬勃發展，為我們今年下半年更強勁的發展奠定了基礎。超過 100 萬名司機在 Lyft 上花費的時間創下了紀錄。這一數量與新冠疫情爆發前的 Lyft 司機數量相同，但現在平均每人的駕駛量增加了 40%。

We had a record number of Active Riders in Q2 with new riders increasing double digits year-on-year for the second consecutive quarter. As a result, rides reached an all-time high of almost $235 million, marking our ninth consecutive quarter of double-digit growth year-over-year.

我們第二季的活躍騎士數量創下了歷史新高，新騎士數量連續第二季同比增長兩位數。結果，乘車額達到了近 2.35 億美元的歷史最高水平，標誌著我們連續第九個季度實現同比兩位數增長。

A new Lyft is emerging. Not only are we consistently delivering for riders and drivers that, that customer obsession is producing record results quarter after quarter, and our momentum is building. We are now a global, more diversified company, but double the TAM.

一輛新的 Lyft 正在崛起。我們不僅始終如一地為乘客和司機提供服務，這種對客戶的至上態度也使我們每個季度都創造了創紀錄的業績，我們的發展勢頭也正在增強。我們現在是一家全球性的、更多元化的公司，但 TAM 卻增加了一倍。

We are significantly broadening options for riders from market-expanding innovations like Lyft Silver for nearly 60 million older Americans to a greater emphasis on margin expanding luxury offerings like our improved black and black SUV options and we are uniquely positioned to benefit from the coming addition of autonomous vehicles to our platform across North America and Europe.

我們正在大幅拓寬乘客的選擇範圍，從擴大市場的創新（如為近 6000 萬美國老年人提供的 Lyft Silver）到更加註重提高利潤率的豪華產品（如改進的黑色和黑色 SUV 選項），而且我們處於獨特的優勢地位，可以從即將在北美和歐洲的平台上增加的自動駕駛汽車中受益。

This will be transformational for Lyft. Look, -- if you are getting tired of our customer obsession and operating excellence delivering quarter after quarter of record-breaking performance, Well, we aren't. We are just getting started, and we're going to do it over and over again. So there's a whole lot to talk about. It's go time, bring your questions. Over to you.

這對 Lyft 來說將是一個變革。瞧，如果您對我們的客戶至上和卓越營運感到厭倦，我們每季都創下破紀錄的業績，那麼，我們並沒有厭倦。我們才剛開始，我們將會一遍又一遍地這樣做。所以有很多事情要談。是時候了，帶上你的問題。交給你了。

(Operator Instructions)

（操作員指示）

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the question. Maybe a two-parter. When you think about the scaling of some of your broadening out of the array of products you bring to market with a specific focus on affordability. Can you talk a little bit about what you're seeing in terms of maybe two factors.

非常感謝您回答這個問題。也許是兩個部分。當您考慮擴大您推向市場的產品系列時，請特別注重產品的可負擔性。您能否從兩個因素的角度稍微談談您所看到的情況。

One, as a stimulant of both rider growth and rider frequency? And how you think the broader competitive landscape continues to evolve. When do you think about affordability becoming more a key theme across the industry looking out over the next 6 to 12 months? Thanks so much.

一、作為騎手成長和騎手頻率的刺激物？您認為更廣泛的競爭格局將如何繼續演變。您認為在未來 6 到 12 個月內，可負擔性何時會成為整個產業的關鍵主題？非常感謝。

I will take it and maybe, Erin, you might want to add in a little bit about the context as well. So as you've seen, our growth has never been greater. It continues to be strong. And you point to affordability. I might zoom out a little bit and put it in even a little bit broader context.

我會接受它，也許，艾琳，你可能也想添加一些有關背景的資訊。如您所見，我們的成長從未如此迅速。它繼續保持強勁。您也指出了可負擔性。我可能會稍微縮小一點，並將其放在更廣泛的背景中。

So when we think about what drives our growth, we think of the fundamentals, it actually the fundamentals we outlined at our Investor Day years -- about a year ago. The first thing we actually think about is operational excellence, right? The better you do, the better you do, the better you do. And this is why frequency is up, this is why I'll give you a specific stat. I know it's different. You're far away from where you asked, but just to build all this in.

因此，當我們思考推動我們成長的因素時，我們會想到基本面，實際上它是我們在大約一年前的投資者日上概述的基本面。我們實際上首先考慮的是卓越運營，對嗎？你做得越好，你做得越好，你做得越好。這就是頻率上升的原因，這就是我要給你一個具體統計數據的原因。我知道這不一樣。你離你所問的地方還很遠，但只是為了把這一切都建立起來。

When I started about 2.5 years ago, our driver cancellation rate was about 15%. Now it's sub 5%. It's about 4.7%. So dramatic increases, improvements in ETA improvements in driver cancellations. That's the first thing. The second thing is innovation. And here, again, you hear an innovation, talking about affordability -- affordability requires innovation, right? So let's look at price lock as an example.

大約兩年半前，當我開始工作時，我們的司機取消率約為 15%。現在已低於5%。大約是4.7%。因此，預計到達時間 (ETA) 的改善和司機取消訂單的情況都有了顯著的改善。這是第一件事。第二件事是創新。在這裡，你再次聽到一種創新，談論可負擔性——可負擔性需要創新，對嗎？讓我們以價格鎖定為例。

Price lock has a way for you to lock in a price, as you know, commute is our single biggest use case, as you know, and it has got incredible retention rates price like that. So I look at it not just in terms of pricing and affordability, but also in terms of reliability and like that.

價格鎖定可以讓你鎖定價格，如你所知，通勤是我們最大的用例，它具有令人難以置信的保留率價格。因此，我不僅從價格和可負擔性的角度來考慮，還從可靠性等方面來考慮。

The third is partnerships. Now partnerships in thing to talk about in affordability, but let me say why. First of all, it's a big growth mechanism for us, right? It expands our TAM. It allows us to talk to Chase customers to now United customers, to DoorDash customers and so forth and so on.

第三是合作關係。現在要討論的是合作關係的可負擔性，但讓我說一下原因。首先，這對我們來說是一個巨大的成長機制，對嗎？它擴大了我們的TAM。它使我們能夠與大通客戶、現在的聯合客戶、DoorDash 客戶等等進行交流。

But what's interesting about each one of these agreements is they tend to come with great economics, not just for both businesses, but for our riders. So if you look at Chase, for example, Chase now you get $10 off a month, that's a new offer, $120 a year, purchase a for reserve customers and you get 5x (inaudible)

但每項協議的有趣之處在於，它們往往能帶來巨大的經濟效益，不僅對雙方企業如此，對我們的乘客也是如此。以 Chase 為例，Chase 現在每月可優惠 10 美元，這是一個新優惠，每年 120 美元，為預留客戶購買，可獲得 5 倍（聽不清楚）

With DoorDash, you get great parts. With United, you'll get points on every single ride. So when you look at affordability, again, you have to think of more than just pricing, you have to think of value to customers, and that's been important.

透過 DoorDash，您可以獲得優質的零件。搭乘美聯航，您每次乘車都會獲得積分。因此，當你考慮可負擔性時，你必須考慮的不僅僅是價格，還必須考慮對客戶的價值，這一點很重要。

And then we can talk about media and global and ABs separately as part of the growth plan. But -- but that's sort of how I think about it as more of a value to customer thing rather than just a pricing. Now having said that, our prices remain competitive. Our price strategy is always to remain competitive and reliable. Pricing is a little different from what we expected a year ago.

然後，我們可以分別討論媒體、全球和 AB 作為成長計畫的一部分。但是——但我認為這更多的是對客戶的價值，而不僅僅是定價。話雖如此，我們的價格仍然具有競爭力。我們的價格策略始終保持競爭力和可靠性。定價與我們一年前的預期略有不同。

And again, it's sort of a nod to your point that pricing is actually not -- hasn't grown as much as we expected. We're very focused on making sure that we deliver great values to riders through that.

再說一次，這在某種程度上證實了你的觀點，即價格實際上並沒有像我們預期的那樣增長。我們非常注重確保透過這種方式為乘客提供巨大的價值。

So I'll turn it over to Aaron to talk a little bit more about that, but that gives you some context.

因此我將把這個問題交給 Aaron 來進一步討論，但這會為您提供一些背景資訊。

Yeah. Happy to add on. Eric, I guess the few things that I would add is, as you think about affordability, and I think I've said this on the previous earnings call, -- this is not new to Lyft, right? We've got a wide array of products to offer the consumer overall. And so affordability and having that be part of our portfolio is not new to Lyft.

是的。很高興補充。艾瑞克，我想補充幾點，當你考慮可負擔性時，我想我在之前的財報電話會議上已經說過了——這對 Lyft 來說並不新鮮，對吧？我們擁有豐富的產品可供消費者選擇。因此，將可負擔性納入我們的投資組合對 Lyft 來說並不是什麼新鮮事。

Our growth algorithm is really centered, as David mentioned, on Active Riders and frequency. In Q2, we saw active riders up 10%. -- frequency increased mid-single digits. This has been a pretty consistent trend now for 18 months. So we're super proud of that.

正如大衛所提到的，我們的成長演算法確實以活躍騎士和頻率為中心。在第二季度，我們發現活躍乘客數量增加了 10%。 ——頻率增加了中等個位數。18 個月以來，這種趨勢一直相當穩定。所以我們對此感到非常自豪。

And then David talked a bit about pricing. What I would say is there's not much to highlight there, right? So in Q2, I would say prices were roughly flat quarter-over-quarter, up a little bit year-over-year as we think about Q3 and what's embedded in our guidance, kind of the same, assuming roughly flat sequentially and up year-over-year.

然後大衛談了一點關於定價的問題。我想說的是，那裡沒有什麼值得強調的，對吧？因此，在第二季度，我認為價格與上一季度基本持平，與去年同期相比略有上漲，而我們考慮第三季度以及我們指導中所包含的內容，情況大致相同，假設與上一季度基本持平，與去年同期相比有所上漲。

And yet, we've continued to drive great profitability, right? Record in Q2, our adjusted EBITDA was up 26%, so I think we're positioned well. And again, I just end with this concept of affordability and having that as part of our toolkit, I guess, if you will say, is not new to Lyft. So we feel like we're positioned well.

然而，我們仍然繼續保持著巨大的獲利能力，對嗎？根據第二季的記錄，我們的調整後 EBITDA 成長了 26%，所以我認為我們處於有利地位。最後，我再次強調可負擔性的概念，並將其作為我們工具包的一部分，我想，如果你願意說，這對 Lyft 來說並不新鮮。因此我們感覺我們的定位很好。

Great, appreciate it. thank you.

太好了，非常感謝。謝謝。

John Blackledge, TD Cowen.

約翰·布萊克利奇（John Blackledge），TD Cowen。

Oh great. Two questions. First on the third quarter gross bookings guide, -- the range is 13% to 17%. Just curious if you can talk about the expected contribution from FREENOW or maybe frame the gross bookings guide range, excluding FREENOW?

哦，太好了。兩個問題。首先是第三季總預訂量指南——範圍是 13% 到 17%。我只是好奇您是否可以談談 FREENOW 的預期貢獻，或者是否可以製定不包括 FREENOW 的總預訂指南範圍？

And then second question, kind of a follow-up on the partnership deals. Could you provide an update on some of the more impactful partnership deals that are driving the business. And as we think looking into the second half in 2026, what are some of the key existing deals that could be growth drivers?

第二個問題是關於合作協議的後續問題。您能否介紹一些推動業務發展的更具影響力的合作協議的最新情況？展望 2026 年下半年，哪些關鍵現有交易可能成為成長動力？

Thank you.

謝謝。

Hey John, I'll start, and then I'll turn it over to David. So I'll start a little bit with where I left off on the last question. It really centers around our algorithm around continuing to grow active riders and frequency, right? So I mentioned our performance in Q2. That has been a very consistent drumbeat over a long period of time, and we expect that to continue.

嘿，約翰，我先開始，然後我會把它交給大衛。因此，我將從上一個問題開始稍微討論一下。它確實圍繞著我們的演算法來繼續增加活躍騎士和頻率，對嗎？我提到了我們在第二季的表現。長期以來，這一直是一種非常一致的鼓點，我們預計這種趨勢將會持續下去。

And that's what really leads into our expectation in Q3 around ride growth in the mid-teens. We expect that continued strong rider and driver engagement, continued industry-leading service levels. We're going to continue to grow exceptionally well across our markets. And in particular, last quarter, we highlighted some of the outsized growth we see in places like underserved markets or in Canada, et cetera.

這確實促使我們預期第三季的乘車量將成長 15% 左右。我們期望乘客和司機的參與度持續增強，服務水準持續保持業界領先。我們將繼續在各個市場取得優異的成長。特別是在上個季度，我們強調了在服務不足的市場或加拿大等地看到的一些超額成長。

Now the thing to highlight with FREENOW, remember, we closed one week ago. I think it's really important to note a couple of things. Our Q3 guidance includes two months of FREENOW in it. Another, I think, important thing to think about as you think about that business, which is a taxi business across nine European markets.

現在要強調的是 FREENOW，請記住，我們一週前就關閉了。我認為注意以下幾點非常重要。我們的第三季指引包括兩個月的 FREENOW。我認為，在考慮這項業務時，還有一件重要的事情需要考慮，那就是橫跨九個歐洲市場的計程車業務。

Taxi tends to be a little bit more of an elevated experience. They have a heavy business travel population. So this is all getting to that Q3 is generally a seasonally lower quarter for them and in our guide, it only includes two months of activity. So hopefully, that color is helpful. David.

搭乘計程車往往是一種更高級的體驗。他們有大量的商務旅行人口。因此，這一切都表明，第三季度通常是他們的季節性低迷季度，在我們的指南中，它只包括兩個月的活動。所以希望這種顏色是有幫助的。大衛。

Sure. So partnerships. Yeah, a lot to talk about there. And let's sort of go maybe sort of new to older, that might be helpful. So -- on the new side, of course, United is the big news today.

當然。所以是合作關係。是的，有很多事情要談。讓我們從新到舊，這可能會有所幫助。所以——當然，從新的角度來說，美聯航是今天的大新聞。

United, as we all know, first or second largest global airline depending on how you count it. Super excited about that partnership. We'll talk more about the specific later this year when we launch it to consumers. But the headline there is we expect it to be industry-leading. You'll get points on every single ride, not just drive to the airport, -- and that's super exciting.

眾所周知，美聯航是全球第一或第二大航空公司，取決於您如何計算。對於這次合作我感到非常興奮。我們將在今年稍後向消費者推出產品時討論更多具體細節。但標題是我們預計它將成為行業領導者。每次乘車您都會獲得積分，而不僅僅是開車去機場——這非常令人興奮。

And we think it's -- we're super flattered to be chosen by United. They've never had a rideshare partner before. This will be their first and they're taking it very seriously. So that will provide a lot of growth. [Mylos], of course, this is an enormous program.

我們認為—我們非常榮幸能夠被聯合航空選中。他們之前從未有過共乘夥伴。這是他們的第一次，他們對此非常認真。所以這將帶來很大的成長。 [Mylos]，當然，這是一個龐大的項目。

Then on sort of the newer side, let's go back to Chase. So Chase, of course, we've had as a partner for many years, Chase Sapphire Reserve and the JPMorgan card. But the refresh has been extraordinary in driving growth, particularly among kind of higher-value riders. So we're seeing -- there are over 1 million connected accounts. So let's just sort of start with the baseline there.

然後，就較新的方面而言，讓我們回到 Chase。當然，我們與大通銀行、大通藍寶石儲備卡和摩根大通卡已經合作多年。但此次更新在推動成長方面發揮了非凡作用，尤其是對於高價值乘客而言。所以我們看到——有超過 100 萬個已連接帳戶。因此，我們就從基線開始吧。

And what we're seeing is that because of the new offer, which is now $10 a month and 5x points we're seeing a real acceleration of adoption of that program or the use, I would say, of that program. So that drives growth, no question. It's also now a global program for us. So Arcosa just talking about FREENOW. You can now acquire Chase points on the FREENOW app.

我們看到的是，由於新的優惠，即現在每月 10 美元和 5 倍積分，我們看到該計劃的採用率或使用率正在真正加速。毫無疑問，這會推動成長。對我們來說，它現在也是一個全球性的項目。因此 Arcosa 只是在談論 FREENOW。現在您可以在 FREENOW 應用程式上取得 Chase 積分。

So all of a sudden, we become a more interesting partner, of course, but also the value becomes more valuable to more people they offer us.

因此，我們突然成為了一個更有趣的合作夥伴，當然，他們為我們提供的價值對更多人來說也變得更有價值。

Okay. Now let's talk about say, DoorDash. Okay. DoorDash, we launched at the end of last October, a great launch, far exceeded our expectations right in the first couple of months and it's continuing to grow. I think in the prepared remarks, you saw that there was summer of DashPass, produced unbelievable results. It was the highest one-day spike, something that 300% more account making on that one day than we've typically seen.

好的。現在我們來談談 DoorDash。好的。DoorDash 於去年 10 月底推出，這是一個偉大的舉措，在頭幾個月就遠遠超出了我們的預期，並且還在繼續增長。我想在準備好的發言中，您已經看到了 DashPass 的夏天，產生了令人難以置信的成果。這是單日最高增幅，當天的帳戶創建量比我們通常看到的多出 300%。

So again, that sort of shows you remember, DashPass is an 18 million member program globally. And again, we're now more relevant on the global side than we were before. So that can produce real growth.

再次強調，您還記得，DashPass 是一個在全球擁有 1800 萬會員的計畫。而且，我們現在在全球範圍內的影響力比以前更大了。這樣才能實現真正的成長。

Now let's talk about Alaska. Alaska, I think it's the fifth largest airline in the United States. We just refreshed that they're now, of course, Alaska and Hawaii are linked. We just refreshed our offer with them, again, a better offer for consumers than it was before and one that we're seeing growth. Now let's talk about built.

現在我們來談談阿拉斯加。阿拉斯加航空，我認為它是美國第五大航空公司。我們剛剛更新了消息，現在阿拉斯加和夏威夷當然已經連接起來了。我們剛剛更新了對他們的報價，再次為消費者提供了比以前更好的報價，而且我們看到了成長。現在我們來談談建造。

So build -- relatively small in the grand scheme of things, but hugely important for a particular audience. And the -- there, we have a variance partnership people can gain points picking us burn points. In other words, use their build points to take Lyft. They've been something like 360 million points redeemed already in the last four months or so.

因此，建構－從整體上看相對較小，但對於特定的受眾來說卻非常重要。而且——在那裡，我們有一個差異夥伴關係，人們可以透過選擇我們來獲得積分。換句話說，使用他們的積分來乘坐 Lyft。在過去四個月左右的時間裡，他們已經兌換了大約 3.6 億積分。

So -- and again, just getting started. Let's talk about Business rewards. So we just launched a business rewards program. The program itself is maybe I think it officially sort of launched yesterday in terms of actually customers being able to use it. It's a free program, which is differentiated.

所以 — — 再說一遍，這才剛開始。讓我們來談談商業獎勵。因此我們剛剛推出了一項商業獎勵計劃。就客戶實際使用而言，我認為該計劃本身可能昨天就正式啟動了。它是一個免費的程序，具有差異化。

It allows you to get cash back, which is wonderful back to the affordability question the Aircast but it also allows you to get double points on some of our partners, including the Hilton and others. So that's absolutely wonderful. And again, that just literally started yesterday in the market.

它可以讓您獲得現金返還，這對於解決 Aircast 的可負擔性問題非常有用，但它還可以讓您在我們的一些合作夥伴（包括希爾頓等）上獲得雙倍積分。這真是太棒了。再說一次，這實際上是昨天在市場上開始的。

So when you zoom out now, -- remember that when we talked about this as part of our Investor Day, we said that roughly 20% of our rides are associated with partnerships. That number is now up 25% and -- we have more than 50 million rides that are linked to partnership.

所以當你現在縮小視野時——請記住，當我們在投資者日談論這個問題時，我們說過大約 20% 的出行與合作夥伴關係有關。現在這個數字已經成長了 25%，我們與合作夥伴的合作次數已超過 5,000 萬次。

And again, when we look at the penetration of our existing partnerships and of course, of our new partnerships is zero, but even existing partnerships, huge growth. So sorry for going on to length of that, but it's such a big story. It's worth it sort of really going deeply.

再說一次，當我們查看我們現有合作夥伴關係和新合作夥伴關係的滲透率時，發現其滲透率為零，但即使是現有的合作夥伴關係也實現了巨大的成長。很抱歉說了這麼多，但這確實是一個很長的故事。這確實值得深入研究。

Thank you.

謝謝。

Douglas Anmuth, JPMorgan.

摩根大通的道格拉斯·安穆斯。

Thanks for taking the questions. David, can you talk more about how Lyft is looking to build the AV use case and when you think about some of the stuff that you're doing in Europe, for example, and the recent partnership that you announced with Baidu, what are the key capabilities that Lyft and FREENOW bring for AV Tech providers?

感謝您回答這些問題。大衛，您能否詳細談談 Lyft 如何建立 AV 用例？例如，當您想到您在歐洲所做的一些事情，以及您最近與百度宣布的合作關係時，Lyft 和 FREENOW 為 AV 技術提供者帶來的關鍵功能是什麼？

Sure. So yeah, great question, and obviously, sort of a very rich area. The first thing to say, whenever you think about AV is you have to think about them as a massive TAM expander for rideshare. And the reason I'm so confident in this is we see the data. We see the data.

當然。是的，這是個很好的問題，而且顯然這是一個非常富裕的地區。首先要說的是，每當您想到 AV 時，您必須將其視為共乘的龐大 TAM 擴展器。我對此如此有信心的原因是我們看到了數據。我們看到了數據。

So for example, in the markets where [Adesis] in the United States, in the markets where AVs are operational, and these are the San Franciscos and Les and Phoenixes of the United States. We are seeing growth -- industry growth I'm talking about, that is 5 times larger 5 times larger than what you're seeing in other top markets, 5 times larger.

例如，在美國 [Adesis] 所在的市場，在 AV 運營的市場，這些是美國的舊金山、萊斯和菲尼克斯。我們正在看到成長——我所說的產業成長，比你在其他頂級市場看到的成長大 5 倍，5 倍。

Okay. Why might that be? Well, you put a new product in the market, if it's a good product, it tends to get traction, right? So these are safe -- it's great. They not only know the rules, they follow the rules. They're private. It's great. They're reliable.

好的。為什麼會這樣呢？好吧，當你把一個新產品投放到市場上時，如果它是個好產品，它往往會受到歡迎，對嗎？所以這些都是安全的——這很好。他們不僅了解規則，而且遵守規則。它們是私人的。這很棒。他們很可靠。

The cars tend to be very new for obvious reasons. So there's some really good reasons. Some of that growth might tail off over time, of course, it becomes a less novel product, but still this is a step change. Okay. So that's the -- that's in okay.

出於顯而易見的原因，這些車往往都很新。所以確實有一些很好的理由。當然，隨著時間的推移，這種增長可能會逐漸減弱，它會成為不再新穎的產品，但這仍然是一個進步的變化。好的。所以這就是——沒問題。

So what do you need to commercialize an AV of this very expensive technology that's put in an expensive car and made even more expensive by all the extra maintenance and so on and so forth, you have to do to it. Well, you have to have a couple of things. Of course, you have to have demand. We've got lots of demand. So that's great.

那麼，你需要做什麼才能將這種非常昂貴的技術的 AV 商業化呢？這種技術被安裝在一輛昂貴的汽車上，並且由於所有額外的維護等原因變得更加昂貴，你必須對它做些什麼呢？嗯，你必須有幾樣東西。當然，你必須有需求。我們有很多需求。這太棒了。

And now we've got demand not just in the United States, but we've got in Europe. You've got to have a marketplace that works that manages supply and demand. It says prices, you need to have customer care. If you don't have customer care when someone leaves their staying in the [AB] or when the AV does something unexpected, any number of things you got -- someone's got to answer the phone effectively.

現在，我們不只在美國有需求，在歐洲也有需求。你必須擁有一個能夠管理供需的市場。它說的是價格，你需要有客戶服務。如果當有人離開 [AB] 或 AV 發生意外情況時您沒有提供客戶服務，那麼您將遇到很多問題 — — 必須有人有效地接聽電話。

So then as you move through this sort of value chain, I'm sure it's talking on the right of the value chain, let's say, and then moving towards the left, you need fleet management. You need fleet management. Now fleet management is so on s***. As soon as I say it, people say, okay, I don't even know what that is. Well, let me tell you what that is.

因此，當您在這種價值鏈中移動時，我確信它是在價值鏈的右側進行討論，然後向左移動，您需要車隊管理。您需要車隊管理。現在的車隊管理太糟糕了。當我這麼說的時候，人們就說，好吧，我甚至不知道那是什麼。好吧，讓我告訴你那是什麼。

What that is, is that on board that's buying a car, it's on bar in the car, -- it's maintaining the car, it's cleaning the car, it's charging the car. It's making sure that, that car is available, utilizable as close to 24 hours a day, 7 days a week it possibly can be. We have, as you well know, a very, very well-established operation, a subsidiary called FlexPod. It's been in business for about 10 years. It manages tens of thousands.

那就是，在購買汽車、在車內停車、保養汽車、清潔汽車、為汽車充電時。確保車輛盡可能每週 7 天、每天 24 小時可用且可用。眾所周知，我們擁有一家非常完善的業務，即名為 FlexPod 的子公司。該公司已經營業約 10 年了。它管理著數以萬計的人。

I mean, over the course of the years, there's been many tens of thousands of cars. We currently have some 10 to 15,000 cars on that platform. And it's a very distinct set of capabilities. It's distinct from what rental car groups might have. I think plat if you're interested. Anyway, it's very tailored to rideshare. It's very, very tailored to ride charts.

我的意思是，這些年來，已經有數以萬計的汽車了。目前，該平台上有大約 10,000 到 15,000 輛汽車。這是一組非常獨特的功能。這與租車集團可能擁有的服務不同。如果你有興趣的話，我認為是白金。無論如何，它非常適合共乘。它非常適合騎乘圖表。

And it's very, very sophisticated, right? It sort of knows when a car is going to mean maintenance before the driver knows. It knows what the tire pressure as it knows. But when to deploy cars versus not because demand is going to be low, when demand is high, you deploy a lot of cars. I mean it's low, that's when you put them in for maintenance and cleaning.

而且它非常非常複雜，對吧？它可以比駕駛員更早知道汽車何時需要維修。它知道輪胎壓力是多少。但是何時部署汽車，而不是因為需求低，當需求高時，你才會部署很多汽車。我的意思是它很低，那就是當你把它們放進去進行維護和清潔時。

It's a very sophisticated operation. We've got about 28 of them across the United States, depots across the United States. And now we come to Europe. So Europe, has FREENOW has a very, very good relationship with the taxi fleets, right?

這是一項非常複雜的操作。我們在全美各地設有約 28 個倉庫。現在我們來到歐洲。那麼歐洲，FREENOW 與計程車隊的關係非常非常好，對嗎？

The tax equates to our fleet. So they know how to do fleet management as well been does and the taxi fleets. And then I would say adjacent to that, and this is sort of a little bit of an aside, but -- when you talk to CEOs of AV tech companies or just industry folks and you asked them, what will be the rate limiter? What will be the rate limiter on AVs?

該稅額相當於我們的車隊。因此，他們知道如何進行車隊管理，就像計程車車隊一樣。然後我想說與此相鄰的是，這有點題外話，但是 - 當你與 AV 技術公司的首席執行官或只是業內人士交談並問他們時，速率限制器是什麼？AV 上的速率限制器是什麼？

Many different things could be -- of course, the technology could be, adoption could be, people's interest in it could be, a different parts of the country, snow could be, ice could be, rain, all these different things. But the fundamental thing that's going to slow AVs down over time, let's say, regulate their adoption is going to be regulators.

可能有很多不同的事情——當然，技術可能不同，採用情況可能不同，人們對它的興趣可能不同，國家的不同地區，可能是雪，可能是冰，可能是雨，所有這些不同的事情。但隨著時間的推移，減緩 AV 發展速度的根本因素，也就是監管其採用的因素，就是監管機構。

In the United States, if you can say it files municipalities in Europe, we now operate [nine] countries. Now what do we have going forward in Europe, in particular, we have a very good relationship with regulators through FREENOW. We now has had to work very closely with regulators because tax is a regulated business. and it's a real differentiator for us versus other approaches who've been not as regulatorily friendly so that.

在美國，如果你可以說它在歐洲提交市政申請，那麼我們現在在 [9] 個國家開展業務。現在我們在歐洲的進展如何，特別是我們透過 FREENOW 與監管機構建立了非常良好的關係。我們現在必須與監管機構密切合作，因為稅收是一項受監管的業務。對我們來說，與其他監管不那麼友善的方法相比，這是一個真正的區別。

And then, of course, there's financing. We bring our bane the table. We talked a bit about that and a bunch of other things I can talk about. But I think that broadly speaking, when you look at us, first, again, and just sort of summarize, it is definitely going to be wind at the back of rideshare. It's going to introduce a lot of people to AVs.

當然，還有融資。我們把我們的禍害帶到了桌面上。我們談論了這一點以及我可以談論的許多其他事情。但我認為，從廣義上講，當你首先、再次、總結我們的情況時，這肯定會成為共乘背後的推動力。它將向許多人介紹 AV。

Most people's first AV experience will be through a rideshare. -- that's valuable to us, but it's also value to AV company. A second they need demand. We've got that Canadian marketplace. We've got that. You're going to need 7x24 operational once we got it.

大多數人的第一次 AV 體驗都是透過共乘——這對我們來說很有價值，但對 AV 公司來說也很有價值。其次，他們需要需求。我們有加拿大市場。我們已經做到了。一旦我們得到它，您將需要 7x24 的運行。

And then you got to have great fleet management somehow and the fact that ours is integrated with rideshare is awesome. And you got to have good relationships with regulators, and regulators need to understand that you're on their side, not trying to them over.

然後你必須以某種方式擁有出色的車隊管理，而我們的車隊與共乘服務相結合這一事實非常棒。你必須與監管機構建立良好的關係，監管機構需要明白你是站在他們這邊的，而不是試圖欺騙他們。

Great, thank you, David.

太好了，謝謝你，大衛。

Sure.

當然。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great, thank you for taking my questions. I just wanted to dig a little bit deeper into the Baidu partnership. -- sort of any sense on the economic model? And any way to sort of think about the vehicle ramp? And -- can you maybe talk about the regulatory process in Germany and the UK, do you have a clear site there?

太好了，謝謝你回答我的問題。我只是想更深入地了解一下與百度的合作關係。 ——對經濟模式有什麼看法？還有什麼方法可以考慮車輛坡道嗎？您能否談談德國和英國的監管流程，您對那裡的情況有明確的了解嗎？

And then on FREENOW, now that the acquisition has closed, can you just talk about the incremental investment you may need to deploy to sort of ramp and scale that business? What are some of the key focus areas that you're looking at now that you're fully consolidated? Thank you.

然後關於 FREENOW，現在收購已經完成，您能否談談您可能需要部署的增量投資，以擴大和擴展該業務？現在您已經完全整合了，正在關注哪些重點領域？謝謝。

Yeah, sure. So let me start, Benjamin, and I'll start -- so I'll start with the process around Baidu -- and maybe I would say I'll answer 1.5 of the question, and then Erin will answer the last point 5, something like that. We'll break it down like that. So on Baidu, okay, super, super excited about this partnership, right? And just to level set, I think everyone on the call knows this.

是的，當然。那麼，本傑明，讓我開始吧——我將從百度的流程開始——也許我會說我會回答問題的 1.5 點，然後艾琳會回答最後一點 5，諸如此類。我們將這樣分解它。那麼對於百度來說，好吧，對於這次合作你是不是非常非常興奮呢？就水平而言，我想電話裡的每個人都知道這一點。

But Baidu is the largest provider of AV Tech in the world. They've delivered over 11 million rides right now, driver outrights, -- to be clear, and they're a market leader, where they operate, which, of course, is China. So if you're bad, you're looking for access to other parts of the world and they chose us. We're very proud of that to be their European -- at least the first European expansion kind of partner. Okay.

但百度是全球最大的 AV 技術供應商。目前，他們已經完成了超過 1,100 萬次的載客服務，包括司機在內，而且，在他們運營的市場中，也就是中國，他們是市場的領導者。所以，如果你表現不好，你就會尋求進入世界其他地方的途徑，而他們選擇了我們。我們非常自豪能夠成為他們的歐洲合作夥伴——至少是第一個歐洲擴張合作夥伴。好的。

So what does the deal look like? Well, -- we're not going to get super specific. What I can tell you is that there's an initial deployment, think of that as hundreds and then that goes to thousands of cars. We will effectively be the sort of the sort of face, let's say, both to regulators because Baidu understand that we've got a stronger relationship with regulators in Europe than they do as well as actually the day-to-day operator of these cars.

那麼這筆交易是什麼樣的呢？嗯，——我們不會講得太具體。我可以告訴你的是，最初的部署是數百輛汽車，然後逐漸增加到數千輛。我們將有效地面對監管機構，因為百度知道我們與歐洲監管機構的關係比他們更牢固，而且實際上我們是這些汽車的日常運營商。

There's sort of, let's say, the pieces to the whole process. One is there's a what's called a homologation process. So the cars have to be certified to be road ready in Europe, specifically in Germany and the UK. That's a process that's well understood. These cars are -- it's called the (inaudible) and it's a car that they've designed themselves. -- he's been on the road for many years.

可以說，這就是整個過程的各個部分。一是有一個所謂的認證過程。因此，這些汽車必須經過歐洲（特別是德國和英國）的認證才能上路。這是一個很好理解的過程。這些汽車－被稱為（聽不清楚），是他們自己設計的汽車。 ——已經在路上行駛了很多年。

They're going to their process already in Switzerland and various other countries. So anyway, that's part of the process. Then the tech has to be tried on the road. Of course, first with the driver a safety driver, then taking riders and not charging and then finally, charging for riders. And that whole process will take some time.

他們已經在瑞士和其他多個國家開展了這項流程。無論如何，這是過程的一部分。然後必須在道路上試用該技術。當然，首先司機是安全駕駛員，然後載客但不收費，最後向乘客收費。整個過程需要一些時間。

We getting started immediately, but it takes time. however long it takes the first time for the second time takes 80% as long and the 10% to 80% as long as that and so on and so forth, it will be a bit country by country because countries have very specific interest here. And of course, the UK drive on one side of the street Germany and the other.

我們立即開始，但這需要時間。無論第一次需要多長時間，第二次需要 80% 的時間，10% 到 80% 的時間等等，這將是逐個國家進行的，因為各國在這裡都有非常具體的興趣。當然，英國和德國在街道的一側行駛。

So there are a whole bunch of different things we have to go through, but you can expect that, that process is -- we understand it already. They understand it already. We're going to go step by step through that process.

因此，我們必須經歷很多不同的事情，但你可以預料到，這個過程是——我們已經了解了。他們已經明白了。我們將逐步完成這項過程。

And the results would be that in 2026, we're operating in two markets, a number of the cars. Those cars we will own ourselves, so that we were going to purchase those cars ourselves as we will do strategically when that makes sense. We can talk more about the long-term economics of AVs in a couple of minutes. So that's where I think sort of stand with Baidu super excited about that partnership. And stay tuned, obviously for more to come on that.

結果是，到 2026 年，我們將在兩個市場運營多款汽車。這些汽車將歸我們自己所有，因此，當情況合理時，我們將從戰略上自己購買這些汽車。我們可以在幾分鐘內進一步討論 AV 的長期經濟效益。所以我認為百度對這段合作關係感到非常興奮。請繼續關注，我們將發布更多相關內容。

If I say in Europe, we shift over to FREENOW, again, maybe just sort of step back for a second. I mean the European rideshare, ride-hailing market. Of course, it's a gigantic market. It's roughly the size of the United States. It taxes continue to play in a gigantic role there. And remember that half of those taxes are still effectively off-line. These are either held on the street or people doing old-fashioned phone calls.

如果我說在歐洲，我們轉向 FREENOW，那麼也許只是稍微退後一步。我指的是歐洲共乘、叫車市場。當然，這是一個巨大的市場。它的面積大約和美國一樣大。稅收在那裡繼續發揮著巨大的作用。請記住，其中一半的稅款實際上仍處於離線狀態。這些活動要么在街上舉行，要么在人們進行老式電話通話時舉行。

So there's huge growth opportunity built right into the system effectively because there are -- there's a lot of rideshare going on within big quotes -- that's being done in a way that is more 20th century than 21st century.

因此，該系統有效地內建了巨大的成長機會，因為在大型公司中存在大量共乘現象，這種現象的發生方式更具有 20 世紀而非 21 世紀的特色。

So there's immediate work that we can do there. There's also immediate work we can do to bring first Lyft's current customers on to the Baidu platform. I think we talked about how 4.6 million times over the last two years, people have open Lyft in Europe, expecting to other [Lyft]. Now we can direct them to buy new. So FREENOW.

所以我們可以立即開展工作。我們也可以立即開展工作，將 Lyft 的現有客戶率先引入百度平台。我想我們討論過過去兩年裡，歐洲有 460 萬次用戶打開 Lyft，期待其他[來福車]。現在我們可以指導他們購買新產品。所以現在免費。

So all of these things are relatively straightforward and not particularly costly. This is not a gigantic investment. Then we can start to apply our own technology and help we now incorporate that technology onto their platform.

所以所有這些事情都相對簡單，而且成本也不是特別高。這並不是一項巨大的投資。然後我們可以開始應用我們自己的技術，並幫助我們將該技術整合到他們的平台上。

And this will give you more stable pricing, for example, or to give you faster pickups, for example. And the teams, even though, of course, the deal just closed last week, but the teams have already been in kind of brainstorming early mode and are now really getting to work rolling up their steps.

例如，這將為您提供更穩定的定價，或為您提供更快的提貨速度。當然，儘管交易上週才剛結束，但各團隊已經進入了早期集思廣益的模式，現在正真正開始努力邁出步伐。

So all of those things is all that say, this is a growth partnership, a growth acquisition. Erin will talk a little bit about the economics in a couple of seconds. But really, the whole premise of this is this is about growth. The last thing I'll say is back to the taxi market. Remember that the taxi market in Europe is a much higher end market, much more luxury product than it is in the United States.

所以所有這些都表明，這是一次成長型夥伴關係，一次成長型收購。艾琳將在幾秒鐘內談一點經濟問題。但實際上，這一切的前提都是關於成長。我要說的最後一件事是回到計程車市場。請記住，歐洲的計程車市場比美國高端得多，產品也更豪華。

That comes with some nice unit economics and nice bookings as well. So anyway, a lot to get excited about there. I was just in Barcelona a couple of weeks ago with our technical team, Hamburg, their office a month before. Teams have already been talking. They're going to be here next week.

這也帶來了一些不錯的單位經濟效益和不錯的預訂量。無論如何，那裡有很多令人興奮的事情。幾週前我剛和我們的技術團隊去過巴塞隆納，一個月前我去過漢堡他們的辦公室。各團隊已經開始討論。他們下週會來這裡。

So we're just especially in the early days, but we've got whole lot of immediate-term opportunities to drive growth and maybe Erin can talk a little bit more about the cost side if that doesn't answer the question.

因此，我們只是處於早期階段，但我們有很多短期機會來推動成長，如果這不能回答問題，也許 Erin 可以多談談成本方面的問題。

Yeah, I don't know that I have a lot more to add to the cost side, but I'll add a little bit more to some of the near-term color. Clearly, after kind of a deal process and a month-long regulatory review process, as you might imagine, pretty typical in this type of a situation, right, that takes focus. So you're kind of splitting your focus between running the business and making sure that the deal gets done.

是的，我不知道在成本方面我還有很多要添加的內容，但我會在一些近期的顏色上添加更多內容。顯然，經過某種交易流程和長達一個月的監管審查流程之後，正如您可能想像的那樣，在這種情況下，這很典型，對吧，這需要關注。因此，你需要將注意力集中在經營業務和確保交易完成之間。

So I'll just read -- as David said, the teams are super excited to get going, right? We're just here in the first few days. And so we have really ambitious plans as David just articulated going forward. I'd say very near term, and as I think maybe about the balance of 2025, we had articulated when we announced the deal about EUR1 billion run rate on an annualized basis for the business.

所以我只是讀一讀——正如大衛所說，團隊都非常興奮能夠開始行動，對吧？我們才剛到這裡幾天。正如大衛剛才所說，我們制定了非常雄心勃勃的未來計畫。我想說的是近期，我想可能是在 2025 年左右，我們在宣布這筆交易時就已經明確表示，該業務的年化運行率約為 10 億歐元。

I'll just emphasize again our third quarter guidance that includes two months not three, but as we think broadly about those five months or the balance of the five months throughout the year, I would say that run rate is a little bit lighter.

我只想再次強調，我們的第三季指引包括兩個月而不是三個月，但當我們廣泛考慮這五個月或全年五個月的餘額時，我會說運行率會稍微低一些。

Nothing dramatic, and it does nothing to change our long-term plans. And then we're also assuming that at least again, in this near term, this sort of five months, a few -- five months for the balance on 2025 on an EBITDA dollar basis for it to be relatively neutral, right? So we're going in her eyes wide open, really focused on driving that growth on the top line side and energizing some of those growth opportunities that we see.

沒有什麼戲劇性的事情，也不會改變我們的長期計畫。然後，我們也假設，至少在短期內，大約五個月，幾個月——五個月的時間，以 EBITDA 美元為基礎的餘額在 2025 年會相對中性，對嗎？因此，我們會睜大眼睛，真正專注於推動營收成長，並激發我們看到的一些成長機會。

Ken Gawrelski, Wells Fargo. And perhaps your line is on mute.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。也許您的線路處於靜音狀態。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. Erin, I was wondering if you could break down free cash flows a little bit more. It was a very strong number. Is there anything unusual onetime in nature in that number? And outside of that, can you talk about the organic progress you made in cash flows? Thanks very much.

嗨，下午好。艾琳，我想知道您是否可以進一步細分一下自由現金流。這是一個非常強勁的數字。這個數字在自然界中是否存在不尋常之處？除此之外，您能談談您在現金流方面取得的有機進展嗎？非常感謝。

Yeah. Thanks for the question, Stephen. I wouldn't highlight anything in particular. We specifically focus on a trailing twelve month number, right, because there can be some quarter-to-quarter variation, but nothing new in terms of the dynamics. So just to refresh everyone, as we think about free cash flow, right, this is going to be influenced by a few things.

是的。謝謝你的提問，史蒂芬。我不會特別強調任何事。我們特別關注過去十二個月的數字，因為每季之間可能會有一些變化，但從動態角度來看並沒有什麼新變化。因此，為了讓大家重新認識一下，當我們考慮自由現金流時，它會受到一些因素的影響。

Of course, the growth of the base business, but also timing around our ride growth and the way that we accrue for insurance and then the actual cash out the door payments for insurance, which tend to be on rides that were delivered anywhere between one and seven years ago, but the bulk between the last one and three.

當然，基礎業務的成長，也與我們的乘車成長、保險累積方式以及保險的實際現金支付有關，這些成長往往發生在一到七年前，但大部分發生在最後一到三年之間。

So those similar dynamics, which we've walked through and articulated remain the same. So nothing in particular to highlight, but we are incredibly proud of the progress. We continue to make $993 million over a trailing twelve month period. So we feel great about where that's positioned. Our balance sheet continues to be extremely strong.

因此，我們所經歷和表達的那些類似的動態保持不變。所以沒有什麼特別值得強調的，但我們對所取得的進展感到無比自豪。在過去十二個月中，我們繼續獲利 9.93 億美元。因此，我們對它的定位感到非常滿意。我們的資產負債表持續保持強勁。

And so hopefully, that is helpful, Steven.

希望這對你有幫助，史蒂文。

Yeah, that's great perspective. Thank you.

是的，這是非常好的觀點。謝謝。

Stephen Ju, UBS.

瑞銀集團 Stephen Ju。

Great. Thank you. So David, I think one of the things you talked about before in terms of a product development direction for Lyft is to hopefully start opening up a differentiated innovation wedge versus your competitor and you start diverging in different directions over time and Lyft will be known for various things and innovation, et cetera.

偉大的。謝謝。所以大衛，我認為你之前談到的關於 Lyft 產品開發方向的事情之一是希望開始與你的競爭對手開闢一個差異化的創新楔子，隨著時間的推移，你們開始向不同的方向發展，Lyft 將因各種事物和創新等而聞名。

But it seems like whatever innovation gap from either yourself or from Uber, gets closed fairly quickly. So -- has your thinking evolved here in terms of how Lyft competes, how Lyft resources, product development, et cetera? Thank you.

但似乎您自己或 Uber 的創新差距都會很快縮小。那麼——您對 Lyft 如何競爭、Lyft 如何利用資源、產品開發等問題的想法是否有所轉變？謝謝。

Yeah. Stephen, I like this question a lot. And I'm going to spend a minute on it. So the first thing I'll say is, no, our approach hasn't changed. And the reason I say that is because in the technology world, you must continue to innovate.

是的。史蒂芬，我非常喜歡這個問題。我將花一點時間來討論這個問題。所以我首先要說的是，我們的方法沒有改變。我之所以這麼說，是因為在科技世界中，你必須不斷創新。

It is an imperative. Now -- and you can see that sort of by looking at history. And look at what happens when companies start to outsource their innovation to competitors or just stop entirely. That's death.

這是必須的。現在——你可以透過回顧歷史來看到這一點。看看當公司開始將創新外包給競爭對手或完全停止時會發生什麼。這就是死亡。

And I mean books get written about this. You can read those books. If you start to read those books, I encourage you to look at Chapter 11 because that's where you'll find a lot of those companies who decided to stop innovating.

我的意思是有很多書都寫過這個。你可以讀那些書。如果你開始讀這些書，我鼓勵你看第 11 章，因為在那裡你會發現很多決定停止創新的公司。

Now if you look at the gap between us and our competitor I would say their strategy does appear to be a bit of a photocopy strategy. Now this I would characterize again is it's an interesting territory to try to mine. But what's my evidence that, well, looks like a won plus Connect, we hope we did about two years ago. They just sort of came up with their kind of lightweight version a couple of weeks ago in a couple of markets like a price lot price of we launched maybe months ago like this now they've come up with something sort of similar. It's like the silver same story.

現在，如果你看看我們和競爭對手之間的差距，我會說他們的策略確實有點像影印策略。現在我想再次強調，這是一個值得探索的有趣領域。但是我的證據是什麼，嗯，看起來像是一個 win 加上 Connect，我們希望我們大約兩年前就做到了。幾週前，他們剛剛在幾個市場上推出了自己的輕量級版本，價格與我們幾個月前推出的版本差不多，現在他們又推出了類似的產品。這就像是白銀一樣的故事。

So okay, so you say yourself, well, that's an interesting pattern and we detect it. Again, when you see a company looking to its other companies, it's competition, so the market for innovation, I don't think it tends to work out super well -- but you might ask yourself, well, what's been the results? Well, the results are, we're continuing to grow quite nicely.

好吧，你自己說，嗯，這是一個有趣的模式，我們發現了它。再說一次，當你看到一家公司關注其他公司時，這就是競爭，所以創新市場，我認為它往往不會有太好的結果——但你可能會問自己，那麼，結果如何？嗯，結果是，我們正在繼續良好地發展。

And I don't tend to talk a lot about market share, but I will just take a moment to note that when I start -- well, I'll just say it this way, our market share is at the highest point it has been in the last 2.5 years, highest point it's been in the last 2.5 years.

我通常不會過多談論市場份額，但我只想花一點時間來指出，當我開始時——好吧，我只想這樣說，我們的市場份額處於過去 2.5 年來的最高點，過去 2.5 年來的最高點。

So -- so that's nice, right? That's -- and we're now -- by the way, when we started, we were not making any money, we were consuming cash. We're doing a bunch of different things. Now as Erin just pointed out, three -- excuse me, $993 million of cash, highest profits in the company's history, of course, highest growth rates or excel highest active riders in the company's history.

那麼——這很好，對吧？那是——我們現在——順便說一下，當我們開始的時候，我們沒有賺到任何錢，我們在消耗現金。我們正在做很多不同的事情。正如艾琳剛才指出的那樣，有三個——對不起，9.93 億美元現金，公司歷史上最高的利潤，當然還有最高的增長率，或者說是公司歷史上最高的活躍騎手。

Oh, driver advantage of 29 points -- 29 points over the other guys in terms of preference for drive apps 29-points hugely important if you're in the service industry to have the people on the front line prefer driving on your platform versus the other guys. Okay. So you can you can hear I feel strongly about this. The customer session drives profitable growth, and it's working quite well. And I'd rather be the leader than the follower in the tech space.

哦，司機在駕駛應用程式偏好方面比其他人有 29 分的優勢——29 分，如果你從事服務業，那麼 29 分就非常重要，讓一線人員更喜歡在你的平台上駕駛，而不是其他人的平台上。好的。所以你可以聽出我對此有強烈的感受。客戶會議推動了利潤成長，並且效果很好。我寧願成為科技領域的領導者而不是追隨者。

Here's the last thing I'll say, and this is maybe the most surprising thing you're going to hear me say. For all of that, it's still small stuff. What I mean because if you look at this industry, this is an industry, there's a multi-billion dollar industry. It is growing at mid-teens growth quarter after quarter after quarter. And it is ridiculously underpenetrated, ridiculously underpenetrated it with the gigantic TAM, a gigantic to 151 billion rides and between the two of us, we do maybe 3 billion, okay?

這是我要說的最後一件事，這也許是你聽到的最令人驚訝的事情。儘管如此，這仍然是小事。我的意思是，如果你看看這個產業，你會發現這是一個價值數十億美元的產業。它每季都以十五六成的速度成長。而且它的滲透率還很低，TAM 非常高，高達 1510 億次乘車，而我們兩個人加起來可能才 30 億次，好嗎？

So you just look at all that and you're like, I don't care, copy. -- fine. Go ahead, knock yourself out. What I really care about is are riders and drivers getting a better experience on rideshare. If they are, the market is going to grow.

所以你只要看看這些，然後就會想，我不在乎，複製就好。 ——好吧。來吧，盡情發揮。我真正關心的是乘客和司機是否能在共乘過程中獲得更好的體驗。如果是這樣，市場就會成長。

And if we're doing better than the other guys, faster than the other guys, leading more than the other guys, well, guess what? History tells you pretty clearly how that's going to end up.

如果我們比其他人做得更好、更快、領先更多，那麼，猜猜會發生什麼事？歷史很清楚地告訴你事情將會如何結束。

Thank you.

謝謝。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼、伯恩斯坦。

Hi there, thanks for taking the question. Apologies if this is a little bit repetitive, been bouncing around. But now that you've closed the three now transaction, can you maybe talk about how you're thinking about investment into Europe as a region for you next year and thereafter? Is this going to be a significant area of investment or not so much? And I guess, how much investment is required to get that business to grow a bit quicker and add to the overall platform?

您好，感謝您提出這個問題。如果這有點重複，請原諒，一直重複。但是現在您已經完成了三筆交易，您能否談談您明年及以後如何考慮對歐洲地區進行投資？這是否會成為一個重要的投資領域？我想，需要多少投資才能使該業務更快發展並擴大整個平台？

Okay, it's definitely good to hear from you, and I promise I'm not at all going to make front of you for asking the facing question that was asked 2 times ago. So just to be really brief. We bought FREENOW for all the growth opportunities it has. Its economics are great. It's service great, it's relation with regulators is great.

好的，很高興收到您的來信，我保證我不會因為問了兩次之前被問到的問題而當著您的面提出問題。我只是簡短地說一下。我們購買 FREENOW 是因為它擁有豐富的成長機會。它的經濟狀況非常好。它的服務很棒，與監管機構的關係也很好。

All these different things. And we have a lot of ideas as we were saying a couple of minutes ago of ways we can leverage it. And it's not going to be very costly and let Erin speak much more directly and briefly, I think.

所有這些不同的東西。正如我們幾分鐘前所說的那樣，我們有很多可以利用它的想法。我認為這不會花費太多，而且可以讓艾琳更直接、更簡短地發言。

Yeah. I'll just sort of reemphasize again, the case that we talked about here is you got to remember that more than half of this market is off-line, right? So just the opportunity to more creatively and innovatively capture more of that to come online. Just refocusing, frankly, the team after a month's long deal and regulatory process is going to bring some improvements the tech teams in some of the initial at least thinking and brainstorming have ideas about dispatch other areas where efficiencies can be driven across the platform, taking expertise and experience that's already there.

是的。我只是想再次強調，我們在這裡討論的情況是，你必須記住，這個市場有一半以上是線下的，對吧？因此，這只是一個以更具創造性和創新性的方式捕捉更多線上內容的機會。坦白說，經過一個月的長期交易和監管流程後，團隊只需重新調整重點，就能帶來一些改進，技術團隊在最初的一些思考和集思廣益中，對調度其他可以提高整個平台效率的領域有自己的想法，並利用已經存在的專業知識和經驗。

And then, of course, over the long term, we see a lot of value around our partnership strategy and expanding that in a much more global way, media, autonomous vehicles, et cetera. So that's really how we think about the growth there.

當然，從長遠來看，我們看到了合作夥伴策略的巨大價值，並將其以更全球化的方式擴展到媒體、自動駕駛汽車等。這就是我們對那裡的成長的看法。

Appreciate it. Thank you. And if I could follow up with a separate question. Overall, it seems like the DashPass program has been helpful for you. Is there any reason that Lyft should not be a bigger part of other larger subscription bundles out there?

非常感謝。謝謝。我是否可以跟進一個單獨的問題。總體而言，DashPass 程式似乎對您有所幫助。有什麼理由不讓 Lyft 成為其他更大訂閱方案中更重要的一部分嗎？

Is that a viable way to acquire new customers when you think about your partnership strategy at large -- or is some of the constraints there, just making sure the economics make sense. And obviously, there's between Prime, Walmart, Netflix and Starkart, there's a lot of bundles out there that are pretty large. Are those addressable at some point as well via partnership, do you think?

當您考慮整個合作夥伴策略時，這是獲取新客戶的可行方法嗎？或是否存在一些限制，只是確保經濟上合理。顯然，Prime、沃爾瑪、Netflix 和 Starkart 之間有很多相當大的捆綁服務。您認為，這些問題是否也可以透過合作來解決？

Yeah. I love that question. I mean I think the answer is yes. I mean rideshare plays a super, super important role in a lot of people's lives, right? I mean it's 800 million rides a year just that we give. We're talking about 2 million rides plus a day.

是的。我喜歡這個問題。我認為答案是肯定的。我的意思是拼車在很多人的生活中扮演著非常非常重要的角色，對吧？我的意思是，我們每年提供的乘車服務就有 8 億次。我們談論的是每天 200 多萬次乘車。

So therefore, we're a very, very embedded part of people's lives. And if you look -- you mentioned [Sapa], I think it's an interesting example and then we can kind of zoom back out. So Sephora, we actually had a partnership with very specific. It was more targeted. It was over the summer. It was a three-day partnership.

因此，我們是人們生活中不可或缺的一部分。如果你看一下——你提到了[Sapa]，我認為這是一個有趣的例子，然後我們可以縮小範圍。因此，我們實際上與絲芙蘭建立了非常具體的合作關係。它更具針對性。那是在夏天。這是為期三天的合作。

And literally we increase Sephora has something over 1,700 to 2,000 stores in the United States. Some are (inaudible) pop-up. And we delivered something like 4 times the average daily volume when we did this partnership with Sephora over a short period of time to their stores. So that's foot traffic because right at the store.

實際上，我們增加的絲芙蘭在美國有 1,700 到 2,000 多家門市。有些是（聽不清楚）彈出的。當我們與絲芙蘭建立合作關係時，在短時間內我們向其商店交付的商品數量是平均每日銷量的 4 倍。這就是人流量，因為就在商店裡。

You can imagine if you're Sephora why you might want to do something like that. If you're competing with online-only competition, gosh, which is very convenient of course, gosh, it's very helpful to have someone literally be driven to your front door, who's ready to buy.

你可以想像一下，如果你是絲芙蘭，為什麼你會想做這樣的事情。如果您正在與純線上競爭對手競爭，天哪，這當然非常方便，天哪，讓準備購買的人直接開車送到您家門口是非常有幫助的。

So I think what that suggests is that so far it's not a subscription program, of course, they've got a great points program and so forth, it's a subscription program, but that's a point-in-time program, but it gives you a sense of the type of opportunities that we can unlock.

所以我認為這表明到目前為止它還不是一個訂閱計劃，當然，他們有一個很棒的積分計劃等等，它是一個訂閱計劃，但這是一個時間點計劃，但它讓你了解我們可以解鎖的機會類型。

I think to your broader point, we very much see ourselves as part of an ecosystem that surrounds individual riders and drivers. Talking about drivers in the second, actually, through our loyalty program there, we've actually already given out something like 1.2 billion points to them to spend in their own way that they can actually then spend in places like Walmart or Starbucks or other (inaudible) other things like that.

我認為從更廣泛的角度來說，我們非常把自己視為圍繞個人乘客和司機的生態系統的一部分。說到第二個司機，實際上，透過我們的忠誠度計劃，我們已經向他們提供了大約 12 億積分，他們可以按照自己的方式消費，然後可以在沃爾瑪或星巴克或其他（聽不清楚）類似的地方消費。

So a little bit roundabout way of saying, I think if you think of yourself not as the king of the world, but rather a part of a person's life and ecosystem opportunity that riders and drivers are part of. Thank you very much, you say, Gosh, if DoorDash is working very well, and it is, then why not others as well, we'll definitely exploring it.

所以，稍微拐彎抹角地說，我認為如果你不認為自己是世界之王，而是認為自己是乘客和司機所屬的個人生活和生態系統機會的一部分。非常感謝，你說，天哪，如果 DoorDash 運行得很好，而且確實如此，那麼為什麼其他人的運行不好呢，我們肯定會探索它。

And I'll just end here by saying the thing that I feel the most strongly about is any partnership has to satisfy a couple of questions. It's got to be really interesting for riders or drivers. Otherwise, it's just kind of noise. And it's got to work really well for both companies, which means they take a while to negotiate because they've got to have economics to go in two directions, positively. And hopefully, they can be really durable and great for both.

最後，我想說的是，我最強烈感受到的是，任何合作關係都必須滿足幾個問題。對於乘客或司機來說，這一定非常有趣。否則，它就只是一種噪音。而且這對兩家公司來說都必須非常有利，這意味著他們需要一段時間來談判，因為他們必須具備經濟實力才能在兩個方向上取得積極的進展。希望它們能夠真正耐用，並且對兩者都有好處。

So any more to come, nothing specific to talk about there, but definitely, I like the overall question and approach.

所以接下來就沒有什麼特別要談的了，但毫無疑問，我喜歡這個整體問題和方法。

Thank you.

謝謝。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Thanks so much. And sorry about the technical difficulties last time. I just want to touch upon David, you're talking about the penetration levels in the domestic rideshare market and how there's so much room still to go. Can you talk a little bit about pricing? And if I go back way back to kind of the IPO days, the talk was around getting cost per mile down low enough where you'd replace car ownership or at least partial car ownership, especially outside the cities.

非常感謝。對於上次出現的技術問題，我們深感抱歉。我只想談談大衛，你談到了國內共乘市場的滲透程度以及還有多大的發展空間。能談談定價問題嗎？如果我回顧 IPO 時期，當時討論的重點是將每英里的成本降低到足夠低的水平，以取代汽車所有權或至少部分所有權，尤其是在城市以外。

Could you talk a little bit about how you're -- how you can address some of those lower price or lower cost use cases and the unlocks there? It's been a struggle in domestically. Other markets have figured it out, let's say, Brazil or India, et cetera. But US has been a real struggle. Could you please address that?

您能否稍微談談您如何解決一些較低價格或較低成本的用例以及如何解鎖？國內一直存在著鬥爭。其他市場已經意識到了這一點，例如巴西或印度等等。但美國確實經歷了一場鬥爭。您能解決這個問題嗎？

Yeah, sure. I think a couple of things. I mean, first, I think the basic thesis -- no, I tell something, I know it. It's like the sun coming up tomorrow. Like there will be fewer cars over time that are individually owned. There's just no waste. -- because there are just other opportunities.

是的，當然。我想到幾件事。我的意思是，首先，我認為基本論點是——不，我說了一些話，我知道它。就像明天太陽升起一樣。就像隨著時間的推移，個人擁有的汽車數量將會減少一樣。不存在浪費——因為還有其他機會。

I mean sort of demand kind of follows supply. So if you only have one opportunity buy a car, you do it, okay? Then car manufacturers got clarity so how do you lease a car, okay, cool, that unlocks all sorts of interesting opportunities. That's a financing strategy.

我的意思是需求會跟著供應走。所以，如果你只有一次買車的機會，那就買吧，好嗎？然後汽車製造商就清楚瞭如何租賃汽車，好的，很酷，這開啟了各種有趣的機會。這是一種融資策略。

Now you've got various different car share networks, those are still quite small, but you have rideshare. And that's the fundamental reason why so many kids today, I mean, (inaudible) sort (inaudible) demographic comment.

現在，您擁有各種不同的汽車共享網絡，儘管這些網絡仍然很小，但您擁有共乘服務。這就是為什麼今天有這麼多孩子，我的意思是，（聽不清楚）排序（聽不清楚）人口統計評論的根本原因。

But the sort of the big moment of getting your driver's license just is not that big anymore -- the reason is not because people don't want the freedom is because they can get it another way and then get it in an on-demand way, and the car literally comes to them and then they don't have to maintain all those sources.

但是，獲得駕照這種重要時刻已經不再那麼重要了——原因並不是因為人們不想要這種自由，而是因為他們可以通過其他方式獲得它，然後以按需的方式獲得它，汽車會自動來到他們身邊，這樣他們就不必維護所有這些來源。

So all those things are part of the big picture. Now -- when you get down to pricing, it is -- there's no question that price elasticity is a thing. The lower you can get the price, the more demand you can tap into. It is not the only way you can see what's happened with AVs, which are not priced low, but is still expanding market.

所以所有這些都是整體的一部分。現在——當你談到定價時——毫無疑問價格彈性是一個問題。價格越低，你能滿足的需求就越多。這並不是了解 AV 現狀的唯一方式，AV 的價格並不低，但市場仍在不斷擴大。

So that suggests that you can do it in multiple ways. But clearly, you can lower price to sort of stoke demand, unlock more demand. So what's the floor there? Well, obviously, driver earnings are a huge part of it, right? You've got a two-sided marketplace, which makes things quite complex.

這表明您可以透過多種方式來實現這一點。但顯然，你可以透過降低價格來刺激需求，釋放更多需求。那麼那裡的底線是怎麼樣的呢？嗯，顯然，司機的收入佔了很大一部分，對吧？你們有一個雙邊市場，這使得事情變得相當複雜。

Riders and drivers, they kind of want the same thing, but they kind of want a different thing, which is drivers want to be paid more riders want to pay less. Well, what's going to be the big unlock there? I mean no surprise, AVs are going to be a big unlock there because now you don't have a two-sided marketplace in the same way and you've got a fixed cost, but you can price in a different way.

乘客和司機想要的東西大致相同，但又有所不同，即司機希望獲得更多報酬，而乘客希望支付更少報酬。那麼，那裡最大的解鎖是什麼呢？我的意思是，毫不奇怪，AV 將成為一個巨大的解鎖，因為現在你沒有以同樣的方式擁有雙邊市場，而且你有固定成本，但你可以以不同的方式定價。

So that will absolutely have some pricing impact over time. Over time, there'll be other things that push in the other direction, but that's the way to think about. What's another floor for us, insurance in terms of the cost. We've done an incredibly good job managing insurance, incredibly good. It has gone to -- it's hard to science, and we've got -- we've really got a (inaudible)

因此，隨著時間的推移，這肯定會對價格產生一定的影響。隨著時間的推移，會有其他事情朝著另一個方向發展，但這就是思考的方式。就成本而言，另一層樓對我們來說意味著什麼？我們在管理保險方面做得非常好，非常好。它已經……這很難用科學來解釋，我們已經……我們真的有一個（聽不清楚）

But there are floors. Those for typically are as much regulatory as anything else. We're working super, super closely with regulators across the country and state governments because it's a state industry. Erin can talk a little bit about the general trends that we're seeing there. I wouldn't be surprised to find step change things happen over time in certain states where the minimums are just out of hand.

但有地板。這些通常與其他任何事情一樣具有監管作用。我們正在與全國各地的監管機構和州政府進行非常密切的合作，因為這是一個州立產業。艾琳可以稍微談談我們在那裡看到的整體趨勢。如果發現在某些州，事情隨著時間的推移而發生階躍變化，而最低標準已經失控，我不會感到驚訝。

They're just too high, and that causes higher prices and it caused lower earnings for drivers. A lot of people who don't really like that. You might have seen, for example, there's some come state of Washington around Seattle, rideshare prices are too high.

這些費用實在太高了，導致價格上漲，司機收入下降。很多人其實不喜歡這樣。例如，您可能已經看到，在華盛頓州西雅圖附近，共乘價格太高了。

It's not because we're pricing too high because the state regulations -- it's combination of state regulations and insurance the cost out prices. So anyway, long way of saying real estate relations in Washington to be clear. But in other states like California insurance is a bigger issue. So those are some things. And then there's just some cool innovation, things like Price Lock and other you might say bundles or almost cross subsidies can continue to drive the effective price down.

這並不是因為我們的定價太高，而是因為國家法規——這是國家法規和保險成本價格的結合。無論如何，要清楚說明華盛頓的房地產關係還有很長的路要走。但在加州等其他州，保險是一個更大的問題。這就是一些事情。然後還有一些很酷的創新，例如價格鎖定和其他你可能會說的捆綁或幾乎交叉補貼可以繼續降低有效價格。

If you look at our media business, our media business, which continues to be on track for $100 million run rate coming out of the fourth quarter. That is a business that over time can help subsidize rides. And Sephora again, I've already used the example, but it's a good example, right? Those were free rides or discounted rides to Sephora stores -- so there are times, I think, where you can find third parties to offset the price of the ride.

如果你看一下我們的媒體業務，我們的媒體業務在第四季度繼續保持 1 億美元的營運率。隨著時間的推移，這項業務可以幫助補貼乘車費用。再次以絲芙蘭為例，我已經用過這個例子了，但這是一個很好的例子，對吧？這些都是前往絲芙蘭商店的免費乘車或折扣乘車——所以我認為有時你可以找到第三方來抵消乘車費用。

So the driver still makes what the driver needs to make, but the rider pays less. So -- there's a lot more innovation here. There are some sort of semi hard floors, but we'll kick through them. It will just take time, things like insurance. And then again, AVs, I think, will also could slightly reset the table there. I want to overset expectations there because there's cost to running AVs as well. but it certainly changes economics, I think, favorably over time.

因此，司機仍然可以賺取其應得的收入，但乘客支付的費用卻減少了。所以——這裡有更多的創新。有一些半硬的地板，但我們會踢穿它們。這只需要時間，以及保險之類的事情。再說了，我認為 AV 也可能會稍微重置一下表格。我希望超出預期，因為運行 AV 也需要成本。但我認為，隨著時間的推移，它肯定會對經濟產生正面的影響。

Thank you, David.

謝謝你，大衛。

That is all the time we have for questions. I will turn the call to CEO, David Risher for closing remarks.

我們回答問題的時間就這麼多了。我將請執行長 David Risher 致閉幕詞。

Listen, I just want to thank you all very much for being part of this call. I'm going to go off script for about 30 seconds and say, I think it's a new Lyft you're looking at now. It's a much more global Lyft, a much more diversified Lyft, a Lyft has got a lot of good irons in the sort of growth fire and also margin as well. So we're a stronger company we've been ever before. And I'm super excited to have you guys along on the journey.

聽著，我只想非常感謝你們參加這場電話會議。我將暫時脫離腳本，說一下，我認為您現在看到的是一輛新的 Lyft。這是一個更全球化、更加多元化的 Lyft，Lyft 在成長動力和利潤率方面都擁有許多優勢。因此，我們公司比以往任何時候都更加強大。我非常高興你們能和我一起踏上這段旅程。

Look forward to talking to you all either in person or next quarter when we all get back together again. Thank you so much.

期待與大家面對面交談或下個季度我們再次聚在一起時進行交談。太感謝了。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。