Lyft Inc (LYFT) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to Lyft third quarter 2025 earnings call. As a reminder, this conference call is being recorded. I'm Aurelien Nolf, VP of FP&A and Investor Relations. 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.

下午好，歡迎參加 Lyft 2025 年第三季財報電話會議。再次提醒，本次電話會議正在錄音。我是 Aurelien Nolf，財務規劃與分析及投資者關係副總裁。今天參加電話會議的有我們的執行長大衛·裡舍爾和財務長艾琳·布魯爾。再次提醒各位，我們完整的發言稿已發佈在投資者關係網站上，我們將利用這段時間回答各位的問題。

We will 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. 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.

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、未來的財務和營運業績、市場趨勢和指導方針發表前瞻性聲明。這些聲明存在風險和不確定性，可能導致我們的實際結果與本次電話會議中預測或暗示的結果有重大差異。

These factors and risks are described in our earnings materials and in our recent SEC filings. All of the forward-looking statements that we make on today's call are based on our beliefs as of today, and we disclaim any obligation to update any forward-looking statements, except as required by law.

這些因素和風險已在我們的獲利報告和最近提交給美國證券交易委員會的文件中進行了描述。我們在今天的電話會議上所作的所有前瞻性陳述均基於我們截至今日的信念，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

Additionally, today, we are going to discuss customers or rideshare, there are two customers in every car. The driver is (technical difficulty) customer and the rider is the driver customer. We care about both. Our discussion today will also include non-GAAP financial measures, which are not a substitute for GAAP results. Reconciliations of our historical GAAP to non-GAAP results can be found in our earnings materials, which are available on our IR website.

此外，今天我們要討論的是共乘乘客，每輛車裡有兩名乘客。司機是（技術難題）顧客，乘客是司機的顧客。我們兩者都關心。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。您可以在我們的獲利資料中找到我們歷史GAAP與非GAAP績效的調節表，這些資料可在我們的投資者關係網站上找到。

And with that, I will pass the call on to David.

接下來，我將把電話轉接給大衛。

Thank you, Aurelien. Wow, Q3 was another record quarter across driver hours, active riders and gross bookings. Adjusted EBITDA grew 29% year-over-year and our free cash flow generation for the trailing 12 months was over $1 billion for the first time in Lyft's history.

謝謝你，奧雷利安。哇，第三季在司機工時、活躍乘客和總訂單量方面又創下了新紀錄。經調整的 EBITDA 年成長 29%，過去 12 個月的自由現金流首次超過 10 億美元，這在 Lyft 的歷史上尚屬首次。

As you saw this morning, our partnership with United Airlines is now live. You can now all link your accounts to earn miles on all eligible rides you take anywhere, not just to the airport. And even better rides taken through your company business profile earn even more. Now that's big stuff.

正如您今天早上所看到的，我們與美國聯合航空的合作關係已經正式啟動。現在您可以將您的帳戶關聯起來，在乘坐任何符合條件的車輛（不僅僅是前往機場）時賺取里程。透過公司企業帳號預訂的行程，收入還會更高。這可是件大事。

Don't worry, I'm going to give all of you about 20 seconds right now, to link your account. I'm not kidding. Would you be opening up your Lyft app, go to that profile on the lower right-hand side, click that profile button, look for rewards, get managed rewards, add United MileagePlus, every single one. That's going to be your ticket to ask a question today. So have you done that give you a couple of seconds to get that done.

別擔心，我現在給你們每個人大約 20 秒鐘的時間來關聯你們的帳戶。我沒開玩笑。你會開啟 Lyft 應用程式，進入右下角的個人資料頁面，點擊個人資料按鈕，找出獎勵，獲取管理獎勵，加入 United MileagePlus，把所有獎勵都加進去嗎？這是你今天提問的入場券。你做完了嗎？給你幾秒鐘完成。

Okay. Additionally, we focused on continuing to create AV partnerships that are differentiated and purposeful. With each bringing unique learnings and dynamics to Lyft. We further built upon our AV framework this quarter with the announcement of Waymo as well as Tensor powered by NVIDIA. And we're demonstrating how we're positioning ourselves across the entire AV value chain.

好的。此外，我們也專注於持續建立差異化且有意義的視聽夥伴關係。他們各自為 Lyft 帶來了獨特的經驗和活力。本季度，我們透過發布 Waymo 和 NVIDIA 支援的 Tensor，進一步完善了我們的 AV 框架。我們正在展示我們如何在整個自動駕駛汽車價值鏈中定位自己。

Looking ahead to 2026, we are well positioned with multiple growth catalysts converging to accelerate our momentum. I am very excited for this comeback story.

展望 2026 年，我們已做好充分準備，多種成長催化劑匯聚一堂，加速我們的發展動能。我非常期待這個回歸故事。

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

那麼，接下來就讓我們來回答您的問題。

(Event Instructions) Doug Anmuth, JPMorgan.

（活動說明）道格·安穆斯，摩根大通。

Great, thanks so much, David, maybe I'll just ask first about your very last comment there, just about the multiple converging catalysts in 2026 and what makes you so excited there. And then if you could also just comment on insurance. You had talked about the savings from SB 371. And just curious if that is still the plan to kind of benefit from all of those savings or if there's some component that gets reinvested into the business? Thanks.

太好了，非常感謝，David，也許我只想先問一下你最後那條評論，就是關於 2026 年多種趨同的催化劑，以及是什麼讓你如此興奮。如果您還能談談保險方面的話，那就太好了。你曾談到SB 371法案帶來的節省。我只是好奇，目前的計劃是否仍然是充分利用這些節省下來的資金，還是其中一部分會重新投資到企業中？謝謝。

Sure, Doug, two great questions. I'm going to speak very briefly here, and then Erin is going to take both of those. But I'll say very, very briefly on the catalyst side. I've been in the stop two and half years now, and all man that we have more opportunity ahead of us than we've had since the first day.

當然，道格，兩個好問題。我在這裡簡單說幾句，然後艾琳會接手這兩個話題。但關於催化劑方面，我只會非常非常簡短地談談。我在這裡待了兩年半了，所有人都認為，我們面前的機會比第一天以來多得多。

And again, we'll talk about each of the different pieces there in just a couple of seconds, but I can give you some very live data, since that was just in our weekly business review. We were just looking at what happened last week. Last week was Halloween, of course, and Halloween was not only our biggest day was actually our biggest hour by hour.

我們稍後會詳細介紹其中的各個部分，但我可以先提供一些即時數據，因為這些內容剛剛在我們每週的業務回顧中提到過。我們剛才在回顧上週發生的事情。上週當然是萬聖節，萬聖節不僅是我們最繁忙的一天，實際上也是我們每小時最繁忙的一天。

We've never had as many rides that ever been able to fulfill as many rides as we have. It's our biggest day. It was our biggest week and not by a little bit. Just extraordinary momentum going on here that's allowing us to continue to grow.

我們從未有過像現在這樣多的車輛能夠滿足如此多的乘客需求。這是我們最重要的一天。這是我們迄今為止最輝煌的一周，而且差距相當大。這裡的發展勢頭非常強勁，使我們能夠繼續成長。

And I should say, just to sort of say the very obvious there, that's just in the United States. That's not even the -- and Europe opportunity and the TBR opportunity. So we're coming into the quarter operationally so strong, so customer test and with so many opportunities next year. It's really a pretty extraordinary time. So I'll turn it over to Erin just help both about the catalyst and then the insurance question or the California question.

我還要補充一點，這其實很明顯，這種情況只發生在美國。那甚至還不是——以及歐洲的機會和TBR的機會。因此，我們本季的營運狀況非常強勁，客戶測試也進展順利，明年還有很多機會。這真是一個非同尋常的時代。於是我把麥克風交給艾琳，請她幫忙解答關於催化劑、保險問題或加州相關問題。

Yeah, great, thanks, Doug. I might go on a little longer than David because I'm kind of excited about this subject. But you see our Q3 results, Active Rider growth at 18% year-over-year, all-time high. Gross bookings up 16% year-over-year, another all-time high. Adjusted EBITDA, as David mentioned, up 29%, another all-time high. So that's our consolidated business but take any of those metrics just for North America, same, all-time highs.

好的，太好了，謝謝你，道格。我可能會比大衛多說一會兒，因為我對這個主題很感興趣。但您可以看看我們第三季的業績，活躍騎士年增 18%，創歷史新高。總預訂量較去年同期成長 16%，再創新高。正如大衛所提到的，調整後的 EBITDA 成長了 29%，再次創下歷史新高。以上是我們整體業務狀況，但僅就北美地區而言，任何一項指標都創歷史新高。

So we've got a lot of momentum. Our guide for the fourth quarter is for rides to be up mid- to high teens, gross bookings up 17% to 20%. So we see accelerating growth into the fourth quarter. And as we sort of sat and reflected on where we'll end up for 2025, it was important for us to talk about how we see 2026.

所以我們勢頭很強。我們對第四季的預測是，遊樂設施使用量將成長15%至10%，總預訂量將成長17%至20%。因此，我們預計第四季度成長速度將加快。當我們坐下來思考 2025 年我們將走向何方時，對我們來說，討論一下我們對 2026 年的看法就顯得尤為重要。

So it really starts with our marketplace is stronger than ever, right? We've got record levels of active riders. We've got record driver hours, as David mentioned, record rides. And so multiple catalysts coming together to keep driving this momentum forward. And I'll just mention a few.

所以，一切都始於我們的市場比以往任何時候都更強大，對吧？我們擁有創紀錄的活躍騎乘者數量。正如大衛所提到的，我們的司機工作時間和乘車次數都創下了紀錄。因此，多種因素共同作用，推動這股勢頭繼續向前發展。我僅舉幾例。

First, David led off with the United partnership, Doug, you were first, so maybe you connected your accounts first. That's great. Congratulations. But we're excited about that. We think that's going to be a great program. Obviously, great value for Lyft, great value with our partner, united we will see full year contributions from free now, and we expect that business to grow year-over-year.

首先，David 首先提到了與 United 的合作，Doug，你是第一個，所以也許你先關聯了你的帳戶。那太棒了。恭喜。但我們對此感到興奮。我們認為這將是一個很棒的項目。顯然，這對 Lyft 來說價值巨大，對我們的合作夥伴來說也價值巨大，我們攜手合作，將會看到全年的貢獻，從現在的免費服務開始，我們預計這項業務將逐年增長。

We're also going to see a full year of impact from TBR Global show furring the acquisition that we announced recently. That's only going to show up for a pretty small portion of Q4 in 2025. Underpenetrated markets remain a fantastic area for us.

我們也將看到 TBR Global 展會對我們近期宣布的收購產生一整年的影響。這種情況只會在 2025 年第四季的一小部分時間內出現。滲透率較低的市場對我們來說仍然是一個絕佳的領域。

We had previously talked about those markets in the US, representing about two third of that $161 billion personal vehicle trips annually that we see as our market opportunity. And in Q3 alone, about 70% of our rides growth came out of those areas in North America, and we see strong continued catalyst for growth there.

我們之前討論過美國的這些市場，它們約佔每年 1,610 億美元個人車輛出行量的三分之二，我們認為這是我們的市場機會。僅在第三季度，我們約 70% 的乘車量成長就來自北美這些地區，我們看到這些地區將繼續保持強勁的成長勢頭。

I'll get to California insurance reform in a moment, but that's another area that we think has great upside in terms of continuing -- driving new demand on the platform as a result of that. And we've just got strength across our core platform. As you know, we've been driving many programs over a long period of time now to drive driver preference. We've got a great driver rewards program. That's going to underpin our platform health.

我稍後會談到加州保險改革，但我們認為這是另一個具有巨大發展潛力的領域，可以繼續推動平台的新需求。我們的核心平台實力雄厚。如您所知，我們長期以來一直在推行許多項目，以提升駕駛員的偏好。我們有很棒的司機獎勵計劃。這將為我們平台的健康發展奠定基礎。

We've got a fantastic business rewards program that we're continuing to promote and get out there. The acquisition of TBR is a natural catalyst. A lot of those people are business travelers. So yeah, there's a lot to be excited about as we think about how we're ending 2025, and then what the setup is for 2026. So thank you for indulging me. Hopefully, you could hear the excitement in my voice.

我們有一個非常棒的企業獎勵計劃，我們將繼續推廣並宣傳該計劃。收購TBR是一個天然的催化劑。這些人中有很多是商務旅客。所以，是的，當我們思考如何結束 2025 年，以及 2026 年的安排時，有很多值得興奮的事情。謝謝你們的耐心聽我說。希望你能聽出我語氣中的興奮之情。

As it relates to California, just to kind of bring everyone on the same page, some people talk about this as the California insurance reform. It's also formerly known as SB 371. The headline here is -- the passage of the bill, which is going to go into effect in 2026 is a true win, win, win. Riders win, drivers win. And the great thing is when both of those constituents win, so does Lyft.

就加州而言，為了讓大家理解一致，有些人稱之為加州保險改革。它以前也被稱為 SB 371。重點是——這項將於 2026 年生效的法案的通過，是一個真正的三贏局面。騎士贏了，司機也贏了。最棒的是，當這兩個選民群體都獲勝時，Lyft 也會獲勝。

So what does it mean? Rideshare is going to become more accessible to riders with a reduction in insurance it does away with outdated $1 million required coverage for uninsured -- underinsured motorist requirements. It's been in place for a while. And it's 16 times higher than the typical auto coverage where a vast majority of claims are settled for under $100,000.

那這意味著什麼呢？隨著保險費用的降低，叫車將變得更加容易被乘客接受，它取消了對無保險或保險不足的駕駛員要求的過時的 100 萬美元的強制性保險額度。它已經實施了一段時間。而且，它的保額是普通汽車保險的 16 倍，普通汽車保險中絕大多數理賠金額都在 10 萬美元以下。

And over time, this has increased the cost of Lyft rides in 2025 in California riders have been paying an average of over $6 per ride just in insurance costs alone. And then in certain areas like LA, it's even higher, it's almost double than that. it's just not.

隨著時間的推移，這增加了 Lyft 的乘車成本。到 2025 年，加州的乘客僅保險費用一項，平均每次乘車就要支付超過 6 美元。而在洛杉磯等某些地區，這個數字甚至更高，幾乎是這個數字的兩倍。事實並非如此。

So this bill modernizes those regulations. We see passing along the vast majority of those savings to riders in the form of price reduction, that's going to stimulate demand. That's going to be great for drivers, more earnings opportunities and then great growth opportunities for Lyft overall.

所以這項法案是對這些法規進行現代化改造的。我們將把節省下來的大部分資金以降價的形式讓利給乘客，這將刺激需求。這對駕駛者來說將是件好事，能帶來更多收入機會，對 Lyft 整體而言也將帶來巨大的成長機會。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the question. [Dave], I think there's a debate going on among investors right now in the sector on how to think about the engines of growth, when measured against incremental margins in the sector beyond just the end of this year, but out over the next couple of years.

非常感謝您回答這個問題。 [Dave]，我認為目前該行業的投資者正在就如何看待成長引擎展開辯論，他們討論的重點是該行業未來幾年（不僅僅是今年年底）的增量利潤率。

Can you just hit refresh on your philosophical view on how to think about the balance between incenting growth, driving innovation, but also delivering on continued margin trajectory over the next couple of years. Thanks so much.

您能否重新審視您對如何平衡激勵成長、推動創新以及在未來幾年內保持利潤率持續增長的哲學觀點？非常感謝。

Yeah, sure, here, good to hear from you. I mean, I think -- gosh, when you hear that perspective, I think it almost immediately should make you think the people ask that question sort of thinking a little bit small. They're thinking kind of zero-sum because again, just to sort of state the obvious, but as you say, kind of reground, we're now doing 2.5 million rides a day. That's a big number.

好的，沒問題，很高興收到你的來信。我的意思是，我覺得──哎呀，當你聽到這種觀點時，我覺得你幾乎立刻就會覺得問這個問題的人有點短視。他們的想法有點像零和博弈，因為，再說一遍，雖然這顯而易見，但正如你所說，重新審視一下，我們現在每天的出行量是 250 萬次。那可真是個大數字。

And by the way, when I started this job at an Investor Day, you heard us say 2 million rides a day. Now it's 2.5 million rides a day. But we are more profitable now, than when I started by a lot. And we're delivering better service. Here's a fun fact.

順便一提，當我在投資者日上開始這份工作時，你們也聽到我們說過，每天的出行量將達到 200 萬次。現在每天的乘車次數是 250 萬次。但我們現在的獲利能力比我剛開始創業時強得多。我們正在提供更好的服務。這裡有個有趣的事實。

Remember, there's Halloween set I was just sort of putting out. We actually put people up faster this year than we did last year even though we were doing more rides by a lot. So what that tells you is there is an enormous amount of service upside that we've unlocked over the last couple of years that did not come at the expense of our economics.

別忘了，我剛剛發布了一套萬聖節主題的商品。儘管我們今年的遊樂設施數量比去年多了很多，但實際上我們安排遊客上山的速度比去年更快。這說明，在過去的幾年裡，我們釋放了巨大的服務潛力，而這並沒有損害我們的經濟效益。

In fact, it was exactly the opposite. Why might that be? Well, that might be because those 2.5 million rides, which then translates to 900 million rides a year, let's call it. Plus, the other guys, 1.5 billion rides a year, let's call it, so [two-point-some] billion rides per year is a tiny fraction of the 161 billion rides just in North America. And then remember, with our free acquisition, our acquisition, we now have a TAM that's twice as big.

事實上，情況恰恰相反。為什麼會這樣呢？嗯，這可能是因為這 250 萬次乘車，換算過來就是每年 9 億次乘車，我們姑且這麼稱呼吧。此外，其他地區的乘車量，我們姑且稱之為每年 15 億次，那麼每年 20 多億次的乘車量只是北美 1610 億次乘車量的一小部分。記住，透過我們的免費收購，我們現在的潛在市場規模翻了一番。

So I sort of -- I mean like I get this kind of conceptual trade-off, but I think that conceptual trade-off is sort of a scarcity mindset sort of [zero] binary, kind of like we win, the other guys lose or whatever, whatever. I think there's so much innovation left. I'll give you a little tightening story there. We launched Lyft silver, whenever that was maybe six months ago. And now we've increased ridership just in silver.

所以，我有點——我的意思是，我理解這種概念上的權衡，但我認為這種概念上的權衡是一種稀缺心態，一種非此即彼的二元思維，就像我們贏了，別人輸了之類的。我認為還有很多創新空間。我給你講個小故事，關於那裡的收緊情況。我們推出了 Lyft Silver 服務，大概是六個月前吧。現在，僅銀級會員的乘客數量就增加了。

So this is for older Americans, it's only available in the United States right now. For older Americans, those rides have increased 50% just in the last six months, it's well over 1 million rides in total. And that's just the beginning of that program, and that's not like a low-cost program or sort of a margin dilutive program, whatever.

所以這是為美國老年人準備的，目前僅在美國提供。對於美國老年人來說，光是過去六個月裡，這類行程次數就增加了 50%，總出行次數已超過 100 萬次。而這只是該計劃的開始，而且這並非低成本計劃，也不是那種會稀釋利潤率的計劃，等等。

So anyway, I'd go on this for a long time, but I think that the customer obsession drives profitable growth. That continues to be our mantra. Innovation is what is -- that's how you get from tiny to small to medium to large, extra-large, and it's a great product, and it's only going to get a better product.

總之，關於這一點我可以說很久，但我認為以客戶為中心的理念是實現獲利成長的驅動力。這仍然是我們的宗旨。創新才是關鍵──它能讓你從小到小到中到大，再到特大，最終打造出優秀的產品，而且它只會變得越來越好。

And I sort of -- I don't worry a whole heck of a lot about having to buy back growth or anything like that. I think there are much better ways to get that growth and it's through innovation.

而且我——我並不太擔心需要回購成長點之類的事情。我認為實現成長還有更好的方法，那就是創新。

Justin (inaudible), Bank of America.

賈斯汀（聽不清楚），美國銀行。

Great, thank you. I ask a couple on AVs. I'd love to hear your thoughts on how nice job on the Waymo deal, but how you think about AV economics and if that changes anything on margins? And then second, what you're seeing in markets, where Waymo is currently operating. Thank you.

太好了，謝謝。我問了幾個關於AV的人。我很想聽聽你對收購 Waymo 的看法，你覺得這筆交易很棒，但你如何看待自動駕駛汽車的經濟效益，以及這是否會對利潤率產生任何影響？其次，看看你在 Waymo 目前營運的市場中看到了什麼。謝謝。

Yeah, let me take -- it was Justin, right? Yeah. Let me -- I'll take the last part first. I'll kind of back into a little bit and then maybe hand it over to Erin to talk a little bit about the economics of what we're seeing. So the first -- okay, the answer to the first question is, in markets where AVs operate, rideshare is growing faster than -- and I'm talking about comparable apples-to-apples markets, then rideshare -- is markets where AVs are not operating.

對，讓我來——是賈斯汀，對吧？是的。讓我先說最後一部分。我先稍微回顧一下，然後也許會把麥克風交給艾琳，讓她談談我們目前所看到的經濟狀況。所以第一個問題——好的，第一個問題的答案是，在自動駕駛汽車營運的市場中，叫車的成長速度比——我指的是可比的同類市場，叫車的成長速度比自動駕駛汽車尚未營運的市場更快。

So that tells you right there that the first thing that happens as AVs come on as they expand the market. And this is what we -- because these are new markets, right? I mean, let's be clear. So that's very exciting for us. As an industry, we should be very excited about [AVs], it's a good product. It works well, people like it, and they take that, and then they take traditional driver driven ride share as well. So that's wonderful.

所以這直接告訴你，隨著自動駕駛汽車的出現和市場擴張，首先發生的事情是什麼。這就是我們——因為這些都是新市場，對吧？我的意思是，咱們把話說清楚。這對我們來說非常令人興奮。作為汽車行業的一員，我們應該對[自動駕駛汽車]感到非常興奮，它是一款很棒的產品。它效果很好，人們喜歡它，他們接受了它，然後他們也接受了傳統的司機駕駛的共享出行服務。那真是太好了。

So then -- so the economics. So in the medium term -- okay, first, like any new thing requires investment. You know that, right? So for example, in Nashville, where we're hooking up with Waymo, we're going to build a depot. Erin will talk to you about that in a couple of seconds.

那麼——那麼經濟學方面。所以從中長期來看——好吧，首先，任何新事物都需要投資。你知道的，對吧？例如，在納許維爾，我們將與 Waymo 合作，在那裡建造一個站點。艾琳稍後會跟你談這件事。

But the relationship -- the reason I'm going to go into a little bit of depth on this. We spent quite a lot of time with the Waymo team, really trying to work out an arrangement that was built to scale. And built to scale means, it's good for us and it's good for Waymo and it's good for riders. Okay. So what does that look like that's go down one click.

但是，關於這段關係──這也是我要深入探討的原因。我們花了很多時間和 Waymo 團隊一起，努力尋找能夠規模化的合作方案。規模化生產意味著，這對我們、對 Waymo 以及對乘客都有好處。好的。那麼，點擊一下會是什麼樣子呢？

When you put AVs, we're talking about now in Nashville, a couple of hundred AVs that will be on the ground over the next year, and that will grow over time. When you put AVs on the ground, the first thing you want to make sure is, are you set up for them to be highly available, doesn't do any good to have an AV sitting there that's not charged, it's not clean, it's not repaired, it's not properly maintained, not ready to go.

當我們談到視聽設備時，我們現在在納許維爾談論的是未來一年內將投入使用的幾百台視聽設備，而且隨著時間的推移，這個數字還會增長。當你把AV設備部署到位時，首先要確保的是，你是否已經做好了充分的準備，使其隨時可用。如果AV設備沒有充電、不乾淨、沒有維修、沒有妥善維護、無法投入使用，那就沒有任何意義。

If you don't have that, you've got nothing. So -- why are we good at that. We're good at that because our Flex Drive subsidiary has been doing it for many, many years. We have a 90% availability rate. Talk to the rental car guys and they'll tell you that, that is an [haborable, andreagle] number. So we're good at that, and we're only going to get better. So that's number one. And we get paid for that.

如果你沒有那個，你就什麼都沒有了。那麼——為什麼我們擅長這個？我們之所以擅長這個，是因為我們的子公司 Flex Drive 多年來一直從事這項工作。我們的可用率達到90%。跟租車公司的人聊聊，他們會告訴你，那是一個[可憐的，可憐的]數字。我們在這方面做得很好，而且只會越來越好。這是第一點。我們因此獲得報酬。

Erin will talk about that in a couple of seconds. And the second thing is you have to talk about utilization. The utilization means, okay, the car is available, but is there a rider in it because that's how revenue is generated.

艾琳稍後會談到這件事。第二點是，你必須談談利用率。利用率意味著，好的，汽車可用，但車上是否有乘客，因為這就是收入的來源。

And the answer there is we've worked very, very closely, very deeply, very technically with Waymo to set up an arrangement, where regardless of whether the car is ordered on Waymo or on Lyft we're going to be maximizing utilization. It's an integrated supply management system. It's quite technical, but -- and will be hard to implement, but once we've got it right, we'll be able to scale it up because both companies have ambitions to scale up both within Nashville and beyond over time.

答案是，我們與 Waymo 進行了非常、非常深入、非常技術性的合作，建立了一種安排，無論車輛是透過 Waymo 還是 Lyft 訂購，我們都會最大限度地利用車輛資源。這是一個整合化的供應鏈管理系統。這相當技術性，而且實施起來會很困難，但一旦我們做對了，我們就能擴大規模，因為兩家公司都有雄心壯志，希望隨著時間的推移，在納許維爾內外擴大規模。

So that's sort of the structure of this thing. You got to have high availability. You've got to have high utilization. You got to have systems that are super tightly integrated to make sure that the physical world and the digital world all come together seamlessly. And it's a beautiful experience for riders, which is how you drive growth.

這就是它的結構大致如此。你必須保證高可用性。必須保證高利用率。你必須擁有高度整合化的系統，以確保實體世界和數位世界無縫銜接。而且這對騎士來說也是一種美好的體驗，而這正是推動成長的方式。

And now we can talk about the economics, broadly speaking, of course, you've got to invest in some physical infrastructure, but we like the unit economics there a lot, and I'll turn it over to Erin to talk about that.

現在我們可以談談經濟效益了，當然，總的來說，你必須投資一些實體基礎設施，但我們非常看好它的單位經濟效益，接下來我將把發言權交給艾琳。

Yeah, sure. A couple of things to think about here. David just sort of described what we call an integrated supply management partnership, right? So that's number one on the fleet side, driving availability. And number two, as we think about the sort of integrated supply piece of it, it's about driving utilization, two critical things.

當然可以。這裡有幾點要考慮。David剛才描述的就是我們所說的整合供應鏈管理夥伴關係，對吧？所以，車隊方面的第一要務是提高車輛可用性。第二，當我們考慮這種一體化的供應鏈環節時，關鍵在於提高利用率，這是兩件至關重要的事情。

The good thing is about this construct that we have going in with Waymo is that Lyft earns regardless of platform, right? So regardless of where the car is deployed, we're responsible for it being available. Obviously, when a ride is deployed on Lyft and there's economics there. So that's the piece of the arrangement. David mentioned, we're building a depot.

我們與 Waymo 合作的這種模式的好處在於，無論使用哪個平台，Lyft 都能獲得收益，對吧？因此，無論車輛部署在哪裡，我們都有責任確保其可用。顯然，當用戶透過 Lyft 平台下訂單時，就會產生經濟效益。這就是安排的一部分。大衛提到，我們正在建造一個倉庫。

We had previously disclosed -- we thought it would be about $10 million to $15 million investment. We signed a lease, teams are raring to go. So we're excited about that for 2026.

我們之前已經透露過——我們認為投資金額大約在 1000 萬美元到 1500 萬美元之間。我們已經簽訂了租賃協議，各隊都摩拳擦掌，準備就緒。所以我們對2026年充滿期待。

John Blackledge, TD Cowen.

John Blackledge，TD Cowen。

Great. Thank you. Two questions. First, can you talk about the opportunity in the low scale markets as a driver of growth over the next couple of years? And then second, I think you maybe just got through the annual insurance renewal. Just curious what we should expect to see in terms of impact to cost of revenue. Thank you.

偉大的。謝謝。兩個問題。首先，您能否談談未來幾年小規模市場帶來的成長機會？其次，我想你可能剛完成了年度保險續約。我只是好奇，就收入成本而言，我們應該預期會看到什麼樣的影響。謝謝。

Sure. John, I'll start with that, and then I'll turn it over to David to talk about what we're seeing in those scale markets. So yes, we just completed our [10/1] renewals. What we're seeing is we expect a mid-single-digit increase on a per ride basis great outcome, very competitive. Our team continues to make really strong progress in bending that insurance cost curve.

當然。約翰，我先從這方面說起，然後我把麥克風交給大衛，讓他談談我們在這些規模化市場中看到的情況。是的，我們剛剛完成了[10/1]的續約。我們預計每次乘車費用將有中等個位數的成長，這是一個非常好的結果，極具競爭力。我們的團隊在控制保險成本成長方面持續取得顯著進展。

All the pillars that we talked about at our Investor Day are the same things. Continuing on technology and approaches to make our platform to reduce accidents, reduce accident frequency on our platform. Critical pillar.

我們在投資者日上談到的所有支柱都是相同的。我們將繼續改進技術和方法，使我們的平台能夠減少事故，並降低我們平台上的事故發生頻率。關鍵支柱。

We continue to make strong advancements there. We've continued to build -- to continue to deepen our relationship with our third-party insurance partners, which has a number of benefits, including the way that we share data and can quickly and efficiently resolve claims.

我們在該領域持續取得顯著進展。我們一直在不斷深化與第三方保險合作夥伴的關係，這帶來了許多好處，包括我們共享數據的方式以及能夠快速有效地解決索賠。

And then, of course, on the policy front, we talked -- I talked a little bit about California a little a minute ago, but we continue to push forward with what we think are common sense reforms on the policy front. So really, really proud of our team for the outcome on our 10/1 renewals.

當然，在政策方面，我們也談到了——我剛才稍微談到了加州的情況，但我們將繼續推進我們認為在政策方面是常識性的改革。我真的非常為我們團隊在 10 月 1 日續約中所取得的成果感到驕傲。

And I'll turn it over to David.

然後我把它交給大衛。

Sounds good, and we can even tact team on this. I mean so for the last -- I'll give you just a little color. Maybe it's been 18 months or so since we've really started to focus on underpenetrated markets. And the reason is -- I mean, aside from just sort of diversification, let's say you don't really want to at your eggs in the sort of biggest city basket. But two third, we look at -- I just mentioned that 161 billion rides in North America.

聽起來不錯，我們甚至可以為此組成一個戰術團隊。我的意思是，最後──我再添點色彩。或許從我們真正開始關注滲透率較低的市場到現在已經過去大約18個月了。原因在於——我的意思是，除了分散投資之外，假設你不想把雞蛋都放在最大的城市籃子裡。但三分之二，我們來看看——我剛才提到了北美地區的 1,610 億次乘車。

About two third of those are in underpenetrated markets. And we saw in Q3 about 70% of our growth came again from those markets. So there -- it's a large part of the country. It's a large part of the TAM. And then there's -- we're seeing great opportunity there by doing some very clever and careful market management in those markets.

其中約三分之二位於滲透率較低的市場。第三季度，我們看到約 70% 的成長再次來自這些市場。所以，那裡——是這個國家很大一部分地區。這是TAM（總潛在市場）的很大一部分。然後，我們看到了透過在這些市場進行非常巧妙和謹慎的市場管理而獲得的巨大機會。

I'll give you some examples so you can kind of visualize. You might think of -- back-to-school is just kind of come and gone. And so when you think back to school, you might think high school. But if you think college, you're talking about very significant communities, [Blount, New Lancing] and State College and so forth and so on. And in each one of these, we deployed a specific program to really tap into that back-to-school market.

我舉幾個例子，方便你懂。你可能會覺得──開學季好像已經過去了。所以，當你回想起學校生活時，你可能會想到高中。但如果你想到大學，你會想到非常重要的社區，像是布朗特學院、新蘭辛學院、州立學院等等。在這些項目中，我們都部署了專門的計劃，以真正開拓返校季市場。

And we saw incredible results actually outsized results compared to the growth we've seen elsewhere. So this is one of the -- and I will also say without sort of tipping our hat too much, I think AI can play an interesting role here as well as we look to manage those markets more carefully than maybe we have in the past.

我們看到了驚人的成果，其規模甚至超過了我們在其他地方看到的成長。所以這是其中之一——而且我還要說，雖然這麼說有點自誇，但我認為人工智慧在這裡也能發揮有趣的作用，因為我們需要比過去更加謹慎地管理這些市場。

So a lot of opportunity there, more to come. But for sure, you should expect to see quite a bit of our growth come from there in the future.

所以那裡有很多機會，未來還會有更多機會。但可以肯定的是，未來我們很大一部分的成長將來自那裡。

Michael Morton, MoffettNathanson.

Michael Morton，MoffettNathanson。

Hi, good evening. Thank you for the question. Just one for David. David, with the free now acquisition complete and then the TBR deal, your global vision for list is starting to come into view. And you love to talk about two customers in the car. So what I would love to learn -- what is the opportunity that you see outside of the US for where those two consumers are being underserved by the competition.

您好，晚上好。謝謝你的提問。給大衛一個。David，隨著 Free Now 收購完成以及 TBR 交易的達成，你對全球書單的願景開始逐漸清晰起來。你很喜歡談論車上的兩位顧客。所以我很想了解的是──您認為在美國以外，競爭對手未能充分服務這兩類消費者，這其中蘊藏著哪些機會？

And how Lyft can offer a better product for both of those consumers? And then maybe a very quick one for Erin, we've had a couple of questions on this so far. But the number one question we got from investors this last 90 days and after the Waymo announcement was, how can Lyft deal be accretive when the other guys talk about that they're losing money on AVs.

Lyft 如何為這兩類消費者提供更好的產品？然後，也許可以問艾琳一個簡短的問題，到目前為止我們已經收到幾個關於這個問題的問題。但在過去 90 天裡，以及 Waymo 宣布收購 Lyft 之後，我們從投資者那裡收到的首要問題是：當其他公司都在說他們在自動駕駛汽車上賠錢時，Lyft 的交易如何能帶來收益？

So I don't know if maybe you could talk a little bit about is the take rate different because it's a hybrid network or anything around there, I think, would be really helpful for some of the investors asking those questions. Thank you so much to both of you.

所以，我不知道您是否可以談談混合網路是否會導致交易費率有所不同，或者其他相關問題，我認為這對一些提出這些問題的投資者來說會非常有幫助。非常感謝你們兩位。

For sure. So Michael, I feel -- permit me, I'm going to zoom out just a click from your question and then zoom back yet. So the premise was, you've acquired free now and you've acquired TBR. What are you going to learn, particularly about service and sort of maybe like underserved markets maybe for riders and drivers. I'll come back to the second part in a second.

一定。所以邁克爾，我覺得——請允許我，我先縮小一下你的問題，然後再放大回來。所以前提是，你現在獲得了免費書籍，並且獲得了待讀清單。你將學到什麼，特別是關於服務方面的內容，以及可能服務不足的市場，例如乘客和司機市場。我稍後再談第二部分。

But let's just talk about those acquisitions for just 30 seconds each. So for now, you'll remember the theory of the case is fairly simple, right? It sets us up great in the short term to become a much, much more global company. It doubles our TAM. It works with the leader in Europe across the taxi segment in particular, which is an incredibly important part of the sort of European ecosystem kind of ethos.

但我們只用 30 秒鐘的時間來談談這些收購案。所以現在，你應該還記得這個案件的理論相當簡單，對吧？它為我們短期內成為更俱全球化視野的公司奠定了良好的基礎。它使我們的潛在市場規模翻了一番。它與歐洲計程車領域的領導者合作，這對歐洲生態系統精神至關重要。

And it sets us up very, very nicely for autonomous in the future because fleet management and government relations turned out to be really turned out to be really important in the world of autonomous. TV more recent, and we haven't talked about that publicly, of course, this happened during the quiet period. This is a global software network, very, very global.

這為我們未來的自動駕駛奠定了非常非常好的基礎，因為事實證明，車隊管理和政府關係在自動駕駛領域真的非常重要。最近的電視節目，當然我們沒有公開談論過，這件事發生在靜默期。這是一個全球性的軟體網絡，非常非常全球化。

I'd say that in the sense that it operates in some 3,000 cities around the world. And we're talking about Paris and London and Frankfurt and Manchester and Zurich and Hong Kong and Singapore and Dubai. So world Capital is why? Because it focuses on Executive people doing, for example, non-deal road shows, many of the bankers on the call are very familiar with big events like the Super Bowl or F1, those sorts of things.

從它在全球約 3000 個城市開展業務的角度來看，確實如此。我們說的可是巴黎、倫敦、法蘭克福、曼徹斯特、蘇黎世、香港、新加坡和杜拜。所以，世界資本的來源是什麼？因為它主要關注高階主管進行非交易路演等活動，所以參加電話會議的許多銀行家都非常熟悉超級盃或F1等大型賽事。

And so and it offers a very, very high level of service. It's part of a $54 billion market. This is a different market from the on-demand sort of even the on-demand high-value mode like Lyft black, for example, this is a thing way up above that, a much, much higher service level. Okay.

因此，它提供了非常非常高水準的服務。它是價值 540 億美元市場的一部分。這與按需服務市場，甚至是像 Lyft Black 這樣的按需高價值服務模式，都截然不同。這種服務模式遠高於後者，服務水準也高得多。好的。

So if you then look at those assets that we now have, then the question becomes, right, how can you deploy them best? And also how can you take what you've learned in the United States and bring it on globally? And just maybe a little bit of editorialization here.

所以，如果我們檢視一下我們現在擁有的這些資產，那麼問題就變成了，如何才能最好地部署它們？還有，你如何才能將你在美國學到的東西運用到全球？這裡可能稍微加一點個人評論。

I think taking a North American company and making a global company is no small thing. But we're going to do it. We're going to do it because the great companies are truly global. They're the ones that are not just thinking of the US -- incentive of the universe, and everywhere else is kind of being less than they are the ones that learn from what you see overseas and bring it back to the United States and then take it all around the world.

我認為將一家北美公司發展成為全球性公司絕非易事。但我們會做到。我們之所以要這樣做，是因為偉大的公司都是真正全球化的。他們不只是考慮美國──宇宙的激勵機制，其他地方比不上他們；他們會從海外看到的東西學習，然後帶回美國，再帶到世界各地。

And so for example, if you look at TBR, their service excellence is unmatched. They're very much a global company. They're actually headquartered in Glasgow. They have their global operations center, Center of Excellence in Dubai, extraordinary, extraordinary skill set there to level up the service that Lyft can provide all up and down the stack.

例如，如果你看看 TBR，他們的服務卓越性是無與倫比的。他們是一家名副其實的全球性公司。他們的總部實際上設在格拉斯哥。他們在杜拜設有全球營運中心和卓越中心，擁有非凡的技能，可全面提升 Lyft 的服務水準。

And then free now, of course, has been a high service group forever. Okay. So what are then the opportunities? I think the opportunities are. I'd say that ride-hailing in Europe, in particular, has been a little bit of a degraded experience.

當然，現在免費的，一直以來都是一個服務水準很高的群體。好的。那麼，機會有哪些呢？我認為機會就在那裡。我認為，尤其是在歐洲，叫車體驗已經有所下降。

If you spend time overseas, it's maybe not even to the quality here in the United States, and I'm not sense with where we are in the United States either. So I don't want to my hand too much, but I would say a lot of the value we're going to add from Lyft is bringing some of our marketplace, the skills like priority pickup and wait and save and some other modes to Europe, bringing our driver obsession.

如果你在國外待一段時間，那裡的品質可能都比不上美國，而且我對美國目前的狀況也不太了解。所以我不想過多幹預，但我認為 Lyft 為我們帶來的許多價值在於，將我們的一些市場優勢、優先接送、等待省錢等技能以及其他一些模式帶到歐洲，並將我們對司機的執著帶到歐洲。

I think, in particular, at Europe. And then from Europe, bringing some of the service excellence that we're seeing, particularly at TBR, but also now and bringing that all around the world. So a bit of a long answer, but I don't think it's a list of flavor of how we're thinking about it.

我認為，尤其是在歐洲。然後，我們從歐洲引進一些卓越的服務，尤其是在TBR，現在也將其帶到世界各地。所以答案有點長，但我認為這不是我們對這個問題的思考方式的清單。

Yeah, a couple of things maybe that I would add to that, and then I'll come back to your question, Michael, on the Waymo deal, is also, as you think about free now, think about the skill set that we have around the way that we drive value and volume through partnerships and our partnerships, the partners that we are aligned with are global, right? There's a great opportunity there.

是的，我可能還要補充幾點，然後我會回到你的問題上來，邁克爾，關於 Waymo 的交易，當你現在考慮免費的時候，想想我們通過合作夥伴關係推動價值和規模的技能，以及我們的合作夥伴關係，我們合作的合作夥伴都是全球性的，對吧？那裡蘊藏著巨大的機會。

We talked about -- David talked about AVs just a minute ago, another great opportunity there. I think I mentioned earlier, TBR. Obviously, David has highlighted that a lot of those are business rides, we've been investing across our high-value modes now for some time. And just organically seeing some very strong success in Q3 alone, our high-value modes were -- grew 50% year-over-year. And so TBR is a great addition to that overall strategy.

我們剛才談到了——大衛剛才還談到了AV（視聽設備），那又是一個絕佳的機會。我想我之前有提到過，待讀清單。顯然，David 強調其中許多都是商務出行，我們已經在高價值出行模式方面進行了一段時間的投資。僅在第三季度，我們的高價值模式就實現了非常強勁的自然成長，比去年同期成長了 50%。因此，TBR 是對該整體策略的一個很好的補充。

Sort of back to your Waymo question, I'd talk about a couple of things. I articulated this as being about driving availability and driving utilization. So the availability side leverages Flexdrive, and I think the unique thing here and maybe a bit of the advantage we have is -- this is something we know.

回到你關於 Waymo 的問題，我想談幾點。我將其表述為與車輛可用性和車輛利用率有關。因此，可用性方面利用了 Flexdrive，我認為這裡獨特的一點，也許也是我們擁有的優勢之一，是——這是我們了解的。

We know how to keep a car available with very high quality, very high uptime, so to speak. And so we feel great about our ability to drive value to the partnership through that in-house expertise where, again, we're bringing skill and experience to the table.

我們知道如何保證車輛的高品質和高出勤率。因此，我們對透過內部專業知識為合作夥伴關係創造價值的能力感到非常自豪，因為我們再次將技能和經驗帶到了合作中。

The second piece of this is all about utilization, right? And these two words are kind of the -- I think, the magic ingredients here, high availability and then high utilization. And if you think about this fairly differentiated way that this integrated supply management partnership is constructed, it's really designed for high utilization, whether the car is deployed across Waymo, dispatched across Lyft, you're going to get maximum utilization.

第二點是關於利用率的，對吧？我認為，這兩個詞就是——高可用性和高利用率——是關鍵所在。如果你仔細想想這種相當獨特的整合供應鏈管理合作夥伴關係的建構方式，你會發現它實際上是為了實現高利用率而設計的，無論這輛車是部署在 Waymo 還是 Lyft 上，你都能獲得最大的利用率。

It's really sort of our vision of a hybrid network over time. So that's the framework with which I would leave you to think about this.

這其實是我們對未來混合網路的一種設想。這就是我想留給大家思考的框架。

If you don't mind, I want to underscore exactly what Erin said and pointed out that in the Flexdrive side, not only are we best of breed in terms of availability -- but as Erin said, it's an owned asset of ours. That means we don't have to pay someone else for that. So you can partner with other fleet management, but that's going to cost you money, right?

如果您不介意的話，我想強調一下艾琳所說的，並指出在 Flexdrive 方面，我們不僅在可用性方面是最好的——而且正如艾琳所說，它是我們自己的資產。這意味著我們不必為此付錢給別人。所以你可以與其他車隊管理公司合作，但這會花你錢，對吧？

So we've got a very, very nice cost both high expertise and a very nice cost position on that side. And then on the utilization side, yeah, we think we've worked out a scheme that allows whether you get the car from Waymo or the car from Lyft, that's going to be the same pool dynamically sort of dispatched, depending on this kind of algorithmic work we do, and that will lead to high utilization, which then improves the economics for both of us.

所以，我們在這方面擁有非常非常有利的成本優勢，既有高水準的專業技術，又有非常優惠的成本標準。至於利用率方面，是的，我們認為我們已經制定了一個方案，無論你從 Waymo 還是 Lyft 租車，都將使用同一個車隊，並根據我們所做的演算法工作進行動態調度，這將帶來高利用率，從而改善我們雙方的經濟效益。

Brad Erickson, RBC.

布拉德·埃里克森，RBC。

Hi, thanks, two for me. So first, I think last quarter, Erin, you've given us some nice insight on how free now might layer into the model both on bookings and then on the margins. I see the 42,000 rides in the letter, but just curious if you can update us on anything there, what you wound up seeing in Q3 and then what you're embedding into the Q4 outlook.

你好，謝謝，我要兩個。首先，我認為上個季度，艾琳，你給我們提供了一些很好的見解，說明現在的免費模式可能會如何影響預訂量和利潤率。我在信中看到了 42,000 次乘車，但只是好奇您能否更新一下這方面的信息，例如您在第三季度最終看到了什麼，以及您將在第四季度展望中納入了哪些內容。

And then secondarily, when you're calling for the bookings acceleration next year, I guess, in both North America and globally. Just curious if you're embedding anything additional partnerships wise that you have in the pipeline or if that's just based on everything you've announced as of today. thanks.

其次，當你呼籲明年加速預訂量成長時，我想，無論是在北美還是在全球。我只是好奇，你們是否還有其他正在籌備中的合作項目，還是說以上內容僅限於今天公佈的那些？謝謝。

Yeah, I'll work my way backwards. The 2026 sort of building blocks that I articulated right out at the center, if you'll notice is just all of the things that you know about today, announced partnerships, announced acquisitions, et cetera. So that's what's embedded overall in that outlook. And then as it relates to free now, I don't have a big update for you here for the back half of the year.

是的，我會從後往前推。如果你仔細觀察就會發現，我在文章開頭就闡述的 2026 年發展基石，其實就是你今天所了解的一切，例如已宣布的合作關係、已宣布的收購等等。這就是這種觀點中蘊含的整體內容。至於免費內容方面，今年下半年我沒有什麼重大更新要告訴大家。

We sort of talked about the incoming run rate. We expect free now to accelerate in 2026. We're expecting about EUR1 billion on the top line overall. So hopefully, that's helpful. We gave some additional guidance about the dynamics of how free now flows into our P&L. Talked about the impact on revenue margin, et cetera, but happy to go into any more detail, Brad, if you have anything else.

我們大致聊了聊即將到來的運行率。我們預計到 2026 年，免費模式將會加速發展。我們預計總營收約10億歐元。希望這能有所幫助。我們也為自由資金如何流入我們的損益表提供了一些額外的指引。我們已經討論過對營收利潤率的影響等等，但如果你還有其他問題，我很樂意進一步討論，布拉德。

Yeah, you had talked about those gross margin effects last quarter. Just curious if those are playing out as expected. It sounds like they are.

是的，你上個季度也談到了毛利率的影響。只是好奇這些事情是否如預期發展。聽起來他們確實是。

Yeah, they are, yes.

是的，沒錯。

Great, thanks. Brad, I might add just because we're now talking about the international world outside of the US. Canada also turns out to be a nice growth driver for us. We've talked about the growth there in the past. I think we delivered about 11.5 million rides in the quarter there as well. So again, I know your customer is about free now, but just to sort of fill out the international story just a bit more.

太好了，謝謝。布拉德，我還要補充一點，因為我們現在談論的是美國以外的國際世界。事實證明，加拿大也是我們不錯的成長動力。我們之前討論過那裡的發展。我認為我們當季也完成了大約 1150 萬次旅遊服務。所以，我知道您的客戶現在基本上已經免費了，但為了更詳細地介紹一下國際市場的情況，我還是想再補充一點。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

Hi there, thanks for taking the question. If I could please follow up on the Waymo partnership, how does the algorithm kind of balance demand between your funnel and their funnel? Presumably, you're going to have a lot more demand on day 1 than they are. So what does that balance look like? And do you fully expect to be facilitating rides during peak times of day as well? Or is there a platform the first kind of choice when ride requests come in.

您好，感謝您回答這個問題。請問關於與 Waymo 的合作，演算法是如何平衡你們雙方通路的需求的？可以預見的是，你們第一天的需求量會比他們大得多。那麼這種平衡狀態是怎麼樣的呢？您是否也完全打算在尖峰時段提供乘車服務？或者說，當收到乘車請求時，是否存在一個首選平台？

It would be helpful to understand that. And then maybe a follow-up for Erin on insurance. following California, are you expecting any movement in any other major markets, as you think about 2026 and 2027. Thank you.

理解這一點會很有幫助。接下來或許可以問艾琳關於保險業的後續問題。繼加州之後，您在展望2026年和2027年時，是否預期其他主要市場會有任何動向？謝謝。

Nikhil, I'll start with that and then turn it over to David. So as I mentioned when I talked about our 101 renewal, working toward common sense, what we view as common sense policy and insurance reform has long been a pillar. I think in the past, we've talked about changes to our reform in Florida, changes in Georgia. So this is something that's not new. We will continue to work on it.

尼基爾，我先來，然後交給大衛。正如我在談到我們的 101 續約時提到的那樣，朝著常識的方向努力，我們認為的常識性政策和保險改革長期以來一直是支柱。我認為過去我們討論過佛羅裡達州的改革方案，以及喬治亞州的改革方案。所以這並不是什麼新鮮事。我們會繼續努力。

Progress is difficult to predict. There's nothing inherently in any of the remarks that we've talked about for 2026 necessarily assumed. I mean, these things are difficult overall to forecast. But I would say that we are certainly optimistic that as perhaps other states see how some of the reforms in California, we believe, will lead to much better ride accessibility better earnings opportunities for drivers that they'll think that's pretty interesting.

發展進程難以預測。我們討論過的關於 2026 年的任何言論中，都沒有任何必然的假設。我的意思是，這些事情總體上很難預測。但我認為，我們當然樂觀地認為，當其他州看到加州的一些改革措施（我們相信）將帶來更好的乘車便利性和更好的司機收入機會時，他們會覺得這很有意思。

Well -- and then, Nikhil, I'm not going to give you too much detail, but I'll say a little bit, I think maybe so that everyone kind of understands the complexity that you're referring to. So, yeah. So imagine the world as will be the world we exist in next year, where there are hundreds of AVs in a market. But there's no way that all of those AVs can satisfy all the ride requests, not even close.

嗯——然後，尼基爾，我不會透露太多細節，但我會稍微說一下，我想這樣大家或許就能理解你所說的複雜性了。是的。想像我們明年將要生活的世界，屆時市場上將有數百輛自動駕駛汽車。但所有這些自動駕駛汽車都不可能滿足所有的乘車需求，遠遠不夠。

So okay, and then imagine -- and again, you have to use your imagination, this is the future where those ride requests for AVs are -- well, those are requests in general, but specifically various courses were coming in from two different platforms. They're coming in from the Waymo platform and the company the Lyft platform.

好的，然後想像一下——再次強調，你需要發揮你的想像力，在未來，自動駕駛汽車的乘車請求——嗯，這些是總體上的請求，但具體來說，各種路線的請求來自兩個不同的平台。它們分別來自 Waymo 平台和 Lyft 平台。

So you get quite a complex situation there that you have to manage, if you want not to do goofy things like saying, okay, well, you Waymo get the hundreds of those and Lyft, you get 300, which is never a good idea because it means inevitably, there will be some stranded on one side, they don't get to the other and get trained on so stuff like that.

所以你會遇到一個相當複雜的情況需要處理，如果你不想做些愚蠢的事情，比如說，好吧，Waymo 得到幾百輛，Lyft 得到 300 輛，這從來都不是一個好主意，因為這意味著不可避免地，會有一些人被困在一邊，他們無法到達另一邊接受培訓等等。

So anyway, to your point, so then your first thought is well, maybe you're just going to come up with some other very basic heuristics. But it turns out those heuristics are not the way the real world is very, very head of marketplace to cast, it changes very quickly, very dynamic. You have some peak times, you've got some load times. Neither one of us wants to be stuck with. Anyway, so going to diesel, but this maybe not the time.

總之，回到你的觀點，那麼你的第一個反應可能是，你或許會提出一些其他非常基本的啟發式方法。但事實證明，這些啟發式方法並不是現實世界的運作方式，現實世界瞬息萬變，市場瞬息萬變。尖峰時段和載入時間都會有所不同。我們倆都不想被困住。總之，我們最終會轉向柴油動力，但現在可能還不是時候。

But the point is, it's not going to be straight formed. It's not going to be like, okay, someone so gets the first ten and then you get the next ten or whatever it is. Literally every single time a ride request comes in, the work that we have done and will continue to do will be to figure out what is the absolute best way to fulfill that ride. And there will be many, many dimensions to that. Some of it is ETA and so forth, ETA, meaning how fast it is pick you up.

但關鍵是，它不會是筆直的形狀。不會是這樣的：好吧，某人先拿十塊，然後你再拿接下來的十塊之類的。每一次接到乘車請求，我們已經做並將繼續做的工作就是找出完成該行程的最佳方法。而且這其中涉及很多方面。其中一些是預計到達時間等等，預計到達時間指的是接你有多快。

So it might be time of day. If I make all the sense in the world to start picking people up so times of day using only AVs certain reasons. So anyway, it's sort of a nonanswer, I grant that. But this is the reason why this partnership frankly took quite a while for us to work out. But we're very confident, both companies are very confident having run a [vigilant] models across this thing that we have something that is going to be effectively accretive for both and keep these assets best utilized.

所以也可能是時間問題。如果我完全有理由在一天中的某些時段只使用自動駕駛汽車接送乘客。總之，這不算是個答案，我承認。但正因如此，我們才花了相當長的時間才最終達成合作。但我們非常有信心，兩家公司都非常有信心，在對此事進行了（嚴密的）模型分析後，我們認為這將有效地為雙方帶來收益，並使這些資產得到最佳利用。

The last thing I'll say is I think in a sense, this is really the argument for the big thing, which is a hybrid network. It's really, really hard to satisfy demand just with AVs, anytime in the near future. There's just not enough supply in the world.

最後我想說的是，我認為從某種意義上來說，這正是支持混合網路這一大方向的真正論點。在不久的將來，僅靠自動駕駛汽車很難滿足市場需求。世界上的供應量根本不夠。

And so the drivers, they own their own cars for that size. There's no asset ownership you have to -- and they come on and off quite dynamically again, depending on pricing. So that's the third dimension, put it all together, and we think we're going to create something like the holes credit some of the parts. Maybe someday down the road will say a little bit more about how we do that, but that's the big picture.

所以這些司機，他們自己也擁有一輛適合這種尺寸的汽車。您無需擁有任何資產所有權——而且它們會根據定價情況動態地增減。所以這就是第三個維度，把所有東西放在一起，我們認為我們將創造出類似孔洞的東西，感謝某些部件。或許將來有一天我們會更詳細地說明我們是如何做到這一點的，但這就是大局。

Ben Black, Deutsche Bank.

本·布萊克，德意志銀行。

Alright, thanks for taking the question. This is [Kunal] for Ben. A couple of follow-ups on the AV and the Waymo opportunity. One would be in terms of building out the centers -- the service centers in each market, -- is that something that you're going to do ahead of time like planning for the next few markets? Or is that going to be on a market-by-market basis based on partnerships that you have already entered into?

好的，謝謝你回答這個問題。這是[庫納爾]給本的。關於自動駕駛汽車和 Waymo 機遇，還有幾點後續問題。其中一個問題是，關於建造中心——每個市場的服務中心——這是你們會提前做好的事情嗎，例如為接下來的幾個市場做規劃？或者，這會根據您已經建立的合作關係，逐一市場決定？

And then second, what level of availability and utilization, do you need to be breakeven or contribution profit neutral for the network to kind of pay off. So like in a 24-hour day, how many hours do you need the vehicle to be available? And how many hours of usage does it need to have?

其次，要達到損益平衡或利潤中性，網路需要達到怎樣的可用性和利用率水準才能獲利。例如一天24小時，你需要車輛有多少小時處於可用狀態？需要多少小時的使用時間？

So, Kunal, I'll start there and then maybe, David, do you want to talk about how we think about over a much longer period of time, how you scale AVs across a broader set of partners. Short answer here, Kunal, is I'm not going to go into the details, obviously. As we ramp up this partnership, as we gain experience together, we have a lot of optimism, obviously, both the teams have more to say down the road, but I'm going to stop it at that.

庫納爾，我就從這裡開始。然後，大衛，你想談談我們如何從更長的時間跨度來考慮，如何將AV擴展到更廣泛的合作夥伴群體嗎？簡而言之，庫納爾，顯然我不會詳細說明。隨著我們不斷深化合作，共同累積經驗，我們充滿樂觀。顯然，雙方團隊未來還有更多計劃，但我今天就說到這裡。

This is going to be an area where we're going to have to be a little vague. The -- so -- yeah. Let me talk about utilization for one more second and then -- so you might think to yourself, well, it's not that hard to keep an AV utilized, because you don't have that many of them. You've got a lot of demand.

在這方面，我們只能說得比較含糊。所以——是的。讓我再花一秒鐘談談使用率，然後——你可能會想，嗯，保持AV的使用率並不難，因為你沒有那麼多AV。你的需求量很大。

Well, it turns out that's not the way riders think about things, right? I just think about things? Is this close enough? So I need to get some place? And is this car close enough to pick me up on time? And if it is, then I'll take it if it's priced right and if it's not that I won't.

事實證明，騎士們並不是這樣想的，對吧？我只是在想一些事情？這樣夠接近嗎？所以，我需要去某個地方？這輛車離我夠近，能準時來接我嗎？如果價格合適，我就買；如果價格不合適，我就不買。

And so this is where our history comes in, right? I mean we've been operating in Nashville for a decade now. So we have an enormous amount of data about what time you would expect supply to be needed, where the demand is going to be specifically. I mean down to the block-by-block level.

所以，這就是我們歷史發揮作用的地方，對吧？我的意思是，我們已經在納許維爾經營了十年了。因此，我們掌握了大量數據，可以預測何時需要供應，以及具體需求會出現在哪裡。我的意思是要細化到每一塊磚瓦的程度。

So it is this sort of -- the inputs here are everything from geography to history to weather, to special events, is a big event we can and so on and so forth. And that's something we've been doing for many, many years, and that's expertise that we can bring even in a relative -- in a new city, like it's a new city for Waymo, not new city for us.

所以，這裡的輸入內容包羅萬象，從地理到歷史到天氣，再到特殊事件，例如我們可以舉辦的大型活動等等。這是我們多年來一直在做的事情，即使是在一個親戚朋友所在的城市，我們也能運用我們的專業知識——對於 Waymo 來說，這是一個新城市，但對我們來說卻不是新城市。

So that's how we go. And then you've got to make sure that the car is available to drive and then it's priced right and so forth and so on. Again, I'm not going to talk about exactly those breakeven points. But I will say that we look at the economics of this, and we don't -- we're not scared by effect of the opposite.

事情就是這樣。然後你還得確保這輛車可以開，價格也合適等等。再次聲明，我不會討論具體的損益平衡點。但我要說的是，我們從經濟角度來看這個問題，我們並不——我們不害怕相反的結果。

The unit economics you would expect would favor AVs over time, you would expect because the variable cost, obviously, the running in AV is relatively low, not zero, to be clear. There are cloud costs, their electricity costs and maintenance costs and so forth. But it's -- there's certain costs you don't have to pay. And then you would expect insurance to be lower as well.

從單位經濟效益來看，隨著時間的推移，自動駕駛汽車應該會更有利。這是因為自動駕駛汽車的變動成本（顯然，其運行成本）相對較低，但並非為零。雲端運算會產生費用，例如電力成本、維護成本等等。但是——有些費用是你不必支付的。那麼保險費用自然也會降低。

So those are sort of some of the inputs that we put in our model, when we try to model these things out. But we like the economics of AVs a lot and I think that we've set up something that from the stars is going to be accretive, and then we'll get better from there.

所以，這些就是我們在嘗試對這些事物進行建模時，輸入到模型中的一些參數。但我們非常看好自動駕駛汽車的經濟效益，我認為我們已經建立了一些從一開始就會帶來收益的東西，然後我們會越來越好。

[Walt Pic, Lifeshare].

[沃爾特·皮克，Lifeshare]

Thanks, yeah, it's nice. David, I just want to go back to the earlier question in terms of Nashville. And I think you said expand beyond Nashville. I think you meant maybe downtown Nashville. But can you just update us on how you see that relationship going over time, if you execute with this kind of shared inventory that you have with Waymo, that obviously is different than how Uber has structured it in Phoenix.

謝謝，是啊，挺好的。大衛，我只想回到之前關於納許維爾的問題。我想你說過要將業務拓展到納許維爾以外的地方。我想你指的是納許維爾市中心吧。但是，您能否向我們介紹一下，如果您採用與 Waymo 共享庫存的方式進行合作，隨著時間的推移，您如何看待這種合作關係的發展？這顯然與 Uber 在鳳凰城的模式有所不同。

Is there opportunity to get additional markets? And what timeline do you think would have to occur before that relationship could expand not just beyond downtown Nashville but into new markets?

是否有機會開拓更多市場？你認為需要經歷怎樣的時間節點，這種合作關係才能從納許維爾市中心擴展到新的市場？

Yeah, good question and good clarification. Walt. So we have structured this partnership -- I would say it this way, both companies have ambitions to scale beyond just Nashville. And we built this partnership with the belief that that's the goal.

是的，問得好，解釋得也很清楚。沃爾特。因此，我們建構了這種合作關係——我會這樣說，兩家公司都有志於將業務拓展到納許維爾以外的地區。我們正是秉持著這樣的信念建立了這種合作關係，因為這就是我們的目標。

Talking about timelines is premature. But I would say that certainly, the constructs we're using here are contracts that both companies believe can be the basis for something that expands to other markets. And I'll just sort of leave it at that.

現在談論時間表還為時過早。但我認為，我們在這裡使用的這些結構，兩家公司都認為可以作為擴展到其他市場的基礎。我就說到這兒吧。

And do you think -- just a quick follow-up. Do you think the structure of how you've done this deal with Waymo, because it obviously is different when you're sharing that fleet, right, as opposed to separate fleets. And Flexdrive make it a stickier relationship. Obviously, if you execute on both, it becomes maybe harder for Waymo to -- at least in those markets that you launched to try and execute on something different?

你覺得——再補充一點。你認為你與 Waymo 達成的這項交易的結構是否合理？因為很明顯，共享車隊與各自獨立的車隊是不同的，對吧？而 Flexdrive 則讓這種關係更加牢固。顯然，如果你同時執行這兩項任務，那麼 Waymo 想要嘗試執行不同的任務可能會變得更加困難——至少在你推出的那些市場中是如此？

I mean, I don't want to comment exactly on how they view it, but I would certainly say that our goal -- and I'm speaking just from a Lyft perspective here is to provide such a great level of service, that no one has any reason to look anywhere else. But yeah, and I think it's also fair to say that the deeper partnership, the more likely it is that neither one wants to do too many other things beyond that. But here, I'm just speaking sort of generically.

我的意思是，我不想評論他們對此的看法，但我可以肯定地說，我們的目標——我在這裡僅從 Lyft 的角度來看——是提供如此優質的服務，以至於沒有人有理由去別的地方尋找服務。但是，是的，我認為也可以這樣說，合作關係越深入，雙方就越有可能不想在合作關係之外做太多其他事情。但在這裡，我只是泛泛而談。

Stephen Ju, UBS.

Stephen Ju，瑞銀集團。

Okay, great, thank you. Hi David and Erin, I don't think I've seen you guys talk about the university programs in a while. And I suppose the opportunity is as attractive as it's ever been as you get to onboard these users who get hopefully very accustomed to using Lyft on other people's money. But I also recall there were all kinds of other directions for these partnerships between getting folks to doctors' appointments, et cetera.

好的，太好了，謝謝。嗨，David 和 Erin，我好像很久沒看到你們談論大學課程了。我認為，這個機會和以往一樣具有吸引力，因為你可以獲得這些用戶，希望他們能夠非常習慣用別人的錢使用 Lyft。但我記得，這些合作關係還有各種其他的方向，像是幫助人們去看醫生等等。

So can we talk about the resources that you might be putting together to maybe accelerate the signing of as opposed to enterprise customers? Because it seems like such a win-win development for everybody involved. Thanks.

那麼，我們能否討論您可能正在整合哪些資源，以加快與非企業客戶的簽約速度？因為這看起來對所有相關人員來說都是雙贏的局面。謝謝。

Yeah Steve, I appreciate the question. I guess maybe as -- I don't know if I have it today, I'll zoom out to touch before kind of zooming in. So your business-to-business opportunity, and there are different types, right? You mentioned universities as a particular area of interest, and we have specific relationships with certain universities to provide transportation on campus. Very interesting.

是的，史蒂夫，感謝你的提問。我想也許可以──我不知道我今天有沒有，我會先縮小畫面，然後再放大。所以，你們的B2B業務機會有很多種，對吧？您提到大學是您特別感興趣的領域，我們與某些大學有特定的合作關係，可以提供校園交通服務。很有意思。

We have health care; Lyft healthcare remains a leader in the field. It's called non-emergency medical transportation. And it's getting quite a lot of additional focus now versus the past. We've got a new buck, who continues to leave that is the same, but then [overham]. Suzie now brings kind of new perspective and new energy to that.

我們有醫療保健服務；Lyft 醫療保健服務在該領域仍然處於領先地位。這叫做非緊急醫療運輸。與過去相比，現在它受到了更多的關注。我們新來了一個雄鹿，它繼續離開，情況還是一樣，但後來[奧弗漢姆]蘇西現在為這項工作帶來了新的視角和新的活力。

And then B2B, when you're thinking about kind of corporate transportation of various different types. Of course, TBR is a very high-end thing. We talked about that already, but many companies preferred travel partners and so forth. So I think each of these areas is getting renewed focus.

然後是 B2B，也就是你考慮各種不同類型的企業運輸時的情況。當然，TBR 是一款非常高階的產品。我們之前已經討論過這個問題了，但很多公司都喜歡旅行夥伴等等。所以我認為這些領域都重新受到了關注。

One of the nice things about really focusing on rideshare is there are a lot of -- like we're not distracted by food delivery and all kinds of things, like we can really, really focus on rideshare and look at all the different segments and how we're treating each one of them in the highest quality way.

專注於叫車的好處之一是，我們不會受到外帶和其他各種事情的干擾，我們可以真正專注於叫車，關注所有不同的細分市場，以及我們如何以最高品質的方式對待每個細分市場。

So maybe what I'll do, if you don't mind, is I'll pivot just a tiny bit towards the business rewards or the business side of things rather than just the university and the health care side. We, for a number of years, if I'm honest, we haven't had a great offering for business travel managers, who want to get their companies -- excuse me, their employees a reason to choose Lyft.

所以，如果您不介意的話，我或許可以稍微調整一下思路，把重點從大學和醫療保健方面轉移到商業回報或商業方面。坦白說，多年來，我們一直沒有為商務旅行經理提供令人滿意的服務，讓他們能夠說服公司——抱歉，是員工——選擇 Lyft。

Now we have one. We rolled out at the beginning of September. You get 6% back. You just mentioned this idea of other people's money. So yeah, so often as a company. It's a company that's paying. We're giving you 6% back. You can then use that on your personal rides as well.

現在我們有了。我們在九月初正式推出。返現6%。你剛才提到了別人的錢這個概念。是的，作為一家公司，這種情況經常發生。這是一家付費公司。我們將返還您 6% 的佣金。然後你也可以將它用於你的私人交通工具。

That's the Lyft cash back, you can use in personal rides. We've seen great uptake there. And by the way, how much does it cost? zero, cost zero, which is different from the other guys that cost not zero. So -- that's an area where we -- so I would say just generally, again, business-to-business has become an increased area of focus for us.

這是 Lyft 返現，可用於個人乘車。我們看到那裡的反應非常好。順便問一下，它多少錢？零成本，與其他成本不為零的產品不同。所以——在這個領域——所以我想說，總的來說，企業對企業業務已經成為我們越來越關注的領域。

We're seeing really good traction in some of these early programs we've put out Health care has been a strength of ours for a long, long time. And then university as I'm glad you bring it up, maybe stay tuned for more on that one.

我們看到，我們推出的一些早期專案取得了非常好的進展。醫療保健一直是我們的優勢領域，而且已經持續了很長時間。至於大學，很高興你提到了這一點，敬請期待更多相關內容。

All right. Thank you, Stephen. Thank you, David. David, any closing remarks?

好的。謝謝你，史蒂芬。謝謝你，大衛。大衛，還有什麼要補充的嗎？

I think if that's it, my main casing market is you than will better be hooking up your United [MileagePlus], it's a Lyft because that's a great program and up to 4 miles back for every dollar spend. Look, we've had a great quarter. And the reason we've had a great quarter is not just because of what we've done in the last three months. It's because we've been doing over the last at least two and half years, since I've been here, obsessing over customers, that's what drives profitable growth.

我認為如果是這樣的話，我的主要目標客戶群就是你，你最好把你的聯合航空里程獎勵計劃（MileagePlus）綁定到 Lyft 上，因為這是一個很棒的計劃，每消費一美元最多可以返還 4 英里里程。你看，我們這個季度業績很棒。我們本季業績出色，不僅僅是因為我們在過去三個月所做的工作。這是因為自從我來到這裡以來，至少在過去的兩年半時間裡，我們一直專注於客戶，這才是獲利成長的驅動力。

I think when Erin and I started, I think the first quarter, I think we had consumed $329 million of cash, if I'm not mistaken. Now we're producing $1 billion of cash, it's a $1.3 billion swing. And the reason that's happened is because we've been obsessed with customers, and we have an incredible team every single day that wakes up and just crushes it.

我記得沒錯的話，我和艾琳剛開始的時候，大概是第一季度，我們已經消耗了 3.29 億美元的現金。現在我們能產生 10 億美元的現金流，這可是 13 億美元的轉變。而這一切發生的原因是我們一直以客戶為中心，我們擁有一支每天醒來全力以赴、出色完成工作的優秀團隊。

And they're the ones that get all the credit. So we get to talk about it. They are the ones that do the work. And thank you all very much investors for traveling along with us and looking forward to keeping you up to date.

而所有的功勞都歸於他們。所以我們有機會來談談這件事。他們才是真正工作的人。非常感謝各位投資人一路以來的支持，期待繼續為大家帶來最新進展。

Great. Thank you, David. Thank you, Erin. This concludes today's conference. Thank you for joining, and you may now disconnect.

偉大的。謝謝你，大衛。謝謝你，艾琳。今天的會議到此結束。感謝您的參與，您現在可以斷開連接了。