Lyft Inc (LYFT) 2021 Q4 法說會逐字稿

Good afternoon, and welcome to the Lyft Fourth Quarter 2021 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to Sonya Banerjee, Head of Investor Relations. You may begin.

下午好，歡迎參加 Lyft 2021 年第四季度財報電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。我現在想將會議轉交給投資者關係主管 Sonya Banerjee。你可以開始了。

Thank you. Welcome to the Lyft earnings call for the quarter ended December 31, 2021. Joining me today to discuss Lyft's results and key business initiatives are our Co-Founder and CEO, Logan Green; Co-Founder and President, John Zimmer; and Chief Financial Officer, Elaine Paul. A recording of this conference call will be available on our Investor Relations website at investor.lyft.com shortly after this call is ended.

謝謝你。歡迎參加截至 2021 年 12 月 31 日的季度 Lyft 收益電話會議。今天與我一起討論 Lyft 業績和關鍵業務計劃的是我們的聯合創始人兼首席執行官 Logan Green；聯合創始人兼總裁約翰·齊默；和首席財務官伊萊恩·保羅。本次電話會議結束後不久，將在我們的投資者關係網站investor.lyft.com 上提供本次電話會議的錄音。

I'd like to take this opportunity to remind you that during the call, we will be making forward-looking statements. This includes statements relating to the expected impact of the continuing COVID-19 pandemic, the performance of our business, future financial results and guidance, strategy, long-term growth and overall future prospects.

我想藉此機會提醒您，在電話會議期間，我們將做出前瞻性陳述。這包括與持續的 COVID-19 大流行的預期影響、我們的業務表現、未來財務業績和指導、戰略、長期增長和整體未來前景有關的聲明。

We may also make statements regarding regulatory matters. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call, in particular those described in our risk factors included in our Form 10-Q for the third quarter of 2021 filed on November 4, 2021, and our Form 10-K for the full year 2021 that will be filed by March 1, 2022, as well as the current uncertainty and unpredictability in our business, the markets and economy.

我們也可能就監管事項發表聲明。這些陳述受已知和未知風險和不確定性的影響，可能導致實際結果與本次電話會議期間預計或暗示的結果存在重大差異，特別是我們提交的 2021 年第三季度表格 10-Q 中包含的風險因素中描述的那些2021 年 11 月 4 日，以及我們將於 2022 年 3 月 1 日之前提交的 2021 年全年 10-K 表格，以及我們業務、市場和經濟中當前的不確定性和不可預測性。

You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of the date hereof, and Lyft disclaims any obligation to update any forward-looking statements except as required by law.

您不應依賴我們的前瞻性陳述作為對未來事件的預測。我們在本次電話會議上所做的所有前瞻性陳述均基於截至本通知日期的假設和信念，除法律要求外，Lyft 不承擔更新任何前瞻性陳述的任何義務。

Our discussion today will include non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Information regarding our non-GAAP financial results, including a reconciliation of our historical GAAP to non-GAAP results may be found in our earnings release, which was furnished with our Form 8-K filed today with the SEC and may also be found on our Investor Relations website.

我們今天的討論將包括非公認會計準則財務指標。這些非公認會計原則措施應作為我們公認會計原則結果的補充而不是替代或孤立考慮。有關我們的非 GAAP 財務業績的信息，包括我們的歷史 GAAP 與非 GAAP 業績的對賬，可以在我們今天向 SEC 提交的表格 8-K 中提供，也可以在我們的投資者關係網站。

I would now like to turn the conference call over to Lyft's Co-Founder and Chief Executive Officer, Logan Green. Logan?

我現在想將電話會議轉交給 Lyft 的聯合創始人兼首席執行官 Logan Green。洛根？

Thanks, Sonya. Good afternoon, everyone, and thank you for joining our call. 2021 was a big year for Lyft. The operating environment improved as people got vaccinated and communities reopened. As a business, we've strengthened our financial position and continued investing in growth initiatives.

謝謝，索尼婭。大家下午好，感謝您加入我們的電話會議。 2021 年對 Lyft 來說是重要的一年。隨著人們接種疫苗和社區重新開放，運營環境得到改善。作為一家企業，我們加強了財務狀況並繼續投資於增長計劃。

We also expanded our industry-leading autonomous vehicle partnerships and set ourselves up to win that long-term transition. I'm proud of the team for what we've accomplished together, and I'm excited to build on our momentum.

我們還擴大了我們行業領先的自動駕駛汽車合作夥伴關係，並為贏得這一長期過渡做好了準備。我為團隊共同取得的成就感到自豪，我很高興能夠繼續發展我們的勢頭。

Let me take a moment to welcome our new CFO, Elaine Paul. We're thrilled that Elaine has joined our leadership team. Her expertise building best-in-class disruptive businesses is essential as we enter our next phase of growth. Elaine has already had a big impact in her first month. She brought incredible energy to the team. She's diving deep on the details, and she's identifying opportunities to build more scalable systems and processes.

讓我花點時間歡迎我們的新首席財務官 Elaine Paul。我們很高興 Elaine 加入了我們的領導團隊。隨著我們進入下一階段的增長，她建立一流顛覆性業務的專業知識至關重要。伊萊恩在她的第一個月就已經產生了很大的影響。她為球隊帶來了不可思議的能量。她正在深入研究細節，她正在尋找構建更具可擴展性的系統和流程的機會。

Elaine will review our financial results and share our outlook shortly. Brian Roberts remains an adviser to Lyft until June. Brian's contributions over 7 years here have been exceptional. He helped build our business and the industry. We're grateful to Brian for his leadership and wish him continued success.

伊萊恩將很快審查我們的財務業績並分享我們的展望。布賴恩·羅伯茨 (Brian Roberts) 一直是 Lyft 的顧問，直到 6 月。布賴恩在這裡 7 年的貢獻是非凡的。他幫助建立了我們的業務和行業。我們感謝布賴恩的領導，並祝愿他繼續取得成功。

Turning to Q4. We had a solid quarter and ended 2021 in a stronger position. Rideshare rides in the fourth quarter reached a new COVID record, and we achieved revenue growth of 70% year-over-year. Revenue per active rider contribution margin and adjusted EBITDA reached new highs, supported by supply improvements and ride growth. For the full year, we grew revenues by 36% versus 2020, and we were adjusted EBITDA profitable on an annual basis for the first time, another key milestone for our business.

轉向第四季度。我們有一個穩健的季度，並在 2021 年結束時處於更有利的位置。第四季度的拼車服務創下了新的 COVID 記錄，我們實現了 70% 的收入同比增長。在供應改善和乘車增長的支持下，每位活躍騎手的收入貢獻率和調整後的 EBITDA 達到新高。全年，我們的收入與 2020 年相比增長了 36%，並且我們首次實現了年度調整後的 EBITDA 盈利，這是我們業務的另一個重要里程碑。

Supply growth led to better service levels in our marketplace. Total active drivers in the fourth quarter grew by 34% versus Q4 last year, and drivers continued giving more rides on average than they did in 2019. New driver activations were also strong, up nearly 50% year-over-year. And between Q2 and Q4 of 2021, ride ETAs improved by roughly 30% across all of the markets we operate in. We'll continue working hard to deliver the best possible experience for riders and drivers.

供應增長為我們的市場帶來了更好的服務水平。與去年第四季度相比，第四季度的活躍司機總數增長了 34%，司機的平均乘車次數繼續高於 2019 年。新司機的激活也很強勁，同比增長近 50%。在 2021 年第二季度至第四季度期間，我們運營的所有市場的預計到達時間都提高了大約 30%。我們將繼續努力為乘客和司機提供最佳體驗。

Let me talk about Q1. In January, the Omicron variant had a significant impact on ride volumes. The rapid surge in infections was correlated with reduced demand for rideshare. However, since the spike in the U.S. has now peaked, we expect demand will begin to recover. In fact, in the last week of January, we saw a pickup in rideshare rides that we see as a positive signal. Ultimately, given the expected impact of Omicron on Q1 and the unknown shape of the recovery, which could carry into Q2, our near-term revenue growth acceleration will likely be affected.

讓我談談Q1。 1 月份，Omicron 變體對乘車量產生了重大影響。感染人數的迅速增加與拼車需求的減少有關。然而，由於美國的峰值現已達到頂峰，我們預計需求將開始復蘇。事實上，在 1 月的最後一周，我們看到拼車服務有所回升，我們認為這是一個積極信號。最終，鑑於 Omicron 對第一季度的預期影響以及可能持續到第二季度的未知復甦形式，我們的近期收入增長加速可能會受到影響。

On our last earnings call, we said that we expected revenue growth for full year 2022 to accelerate versus 2021. We're cautiously optimistic that this will continue to be the case. The demand rebound is a matter of when, not if. We are getting better and better at managing these temporary COVID-related spikes, and this time around, driver supply has remained healthy. So when we come out of this period, we expect to be very well positioned. Now let me turn the call over to Elaine.

在我們上次的財報電話會議上，我們表示我們預計 2022 年全年的收入增長將比 2021 年加速。我們對這種情況將繼續保持謹慎樂觀。需求反彈只是時間問題，而不是是否。我們在管理這些與 COVID 相關的臨時高峰方面做得越來越好，這一次，司機供應保持健康。因此，當我們走出這段時期時，我們希望能夠處於非常有利的位置。現在讓我把電話轉給伊萊恩。

Thanks, Logan, and good afternoon, everyone. Let me start by saying, my first month at Lyft has been incredible. I spent a lot of time diving into the details of our business and engaging with the leadership team on key growth initiatives. I joined Lyft because of the people, the mission and the significant potential that I saw. 1 month in, I'm even more exhilarated by this company and our opportunity.

謝謝，洛根，大家下午好。首先讓我說，我在 Lyft 的第一個月是不可思議的。我花了很多時間深入了解我們的業務細節，並與領導團隊就關鍵的增長計劃進行交流。我加入 Lyft 是因為我看到的人才、使命和巨大潛力。 1 個月後，我對這家公司和我們的機會更加興奮。

There's a lot of exciting and important work to do, but a few things are already very clear. The business fundamentals are strong, and there is a lot of runway ahead. We will build a much larger company as we attack the massive addressable market in front of us. I'm looking forward to having a transparent relationship with our investors, analysts and other key stakeholders.

有很多令人興奮和重要的工作要做，但有些事情已經很清楚了。業務基礎強勁，未來有很多發展空間。我們將建立一家更大的公司，因為我們要攻擊我們面前龐大的潛在市場。我期待與我們的投資者、分析師和其他主要利益相關者建立透明的關係。

Now let's talk about Q4. Rideshare rides in the fourth quarter reached a new COVID high. October with Halloween was the strongest month. As expected, November and December ticked down from October, but rideshare rides in both months increased by more than 30% versus last year.

現在讓我們談談Q4。第四季度的拼車服務達到了新的 COVID 高點。十月的萬聖節是最強勁的月份。正如預期的那樣，11 月和 12 月比 10 月有所下降，但兩個月的拼車乘車量比去年增加了 30% 以上。

On the supply side, we were pleased to see the continued impact of our investments and signs of organic tailwinds. Active drivers reached a COVID high in the fourth quarter, and new driver activations remained robust, up nearly 50% in Q4 versus last year. By growing supply, we were able to support an improving marketplace balance and a higher volume of rides.

在供應方面，我們很高興看到我們投資的持續影響和有機順風的跡象。活躍的司機在第四季度達到了新冠病毒的高位，新司機的激活仍然強勁，第四季度與去年相比增長了近 50%。通過增加供應，我們能夠支持不斷改善的市場平衡和更多的遊樂設施。

As a result, we reported Q4 revenue of $970 million, up 70% year-over-year, and exceeded our guidance range of $930 million to $940 million. For the full fiscal year, we achieved revenue of $3.2 billion, an increase of 36% versus 2020. The number of active riders in Q4 increased by 49% year-over-year to 18.7 million. New rider activations increased by 42% over the same period.

因此，我們報告第四季度收入為 9.7 億美元，同比增長 70%，超出了我們 9.3 億美元至 9.4 億美元的指導範圍。整個財年，我們實現了 32 億美元的收入，比 2020 年增長了 36%。第四季度的活躍騎手人數同比增長 49%，達到 1870 萬。同期，新騎手的激活量增加了 42%。

On a sequential basis, active riders declined by 1 percentage point. Keep in mind, bike rides reached an all-time high in Q3, and there are some riders who only use bikes and scooters that we lose in colder weather. Revenue per active rider in Q4 reached a new all-time high of $51.79. This is an increase of 14% versus Q4 '20, reflecting a large mix of longer, higher revenue rides and improving service levels. The airport use case continued to recover, with airport rides in Q4 '21 more than doubling year-over-year.

在連續的基礎上，活躍的車手下降了 1 個百分點。請記住，自行車騎行在第三季度達到了歷史最高水平，有些騎手只使用我們在寒冷天氣中失去的自行車和踏板車。第四季度每位活躍騎手的收入達到了 51.79 美元的歷史新高。與 20 年第四季度相比，這增加了 14%，這反映了更長、更高收入的行程和提高服務水平的大量組合。機場用例繼續恢復，21 年第四季度的機場乘車量同比增長了一倍多。

Before I move on, I want to note that unless otherwise indicated, all income statement measures are non-GAAP and exclude stock-based compensation and other select items are detailed in our earnings release. A reconciliation of historical GAAP to non-GAAP results is available on our Investor Relation website and may be found in our earnings, which was furnished with our Form 8-K filed today with the SEC.

在我繼續之前，我想指出，除非另有說明，否則所有損益表指標都是非公認會計原則，不包括基於股票的薪酬，其他選定項目在我們的收益發布中有詳細說明。歷史 GAAP 與非 GAAP 結果的對賬可在我們的投資者關係網站上找到，並且可以在我們的收益中找到，該收益與我們今天向美國證券交易委員會提交的 8-K 表格一起提供。

Contribution margin in the fourth quarter was 59.7%, which represents a 4.2 percentage point increase from Q4 of 2020 and exceeded our outlook of 59%. The outperformance on revenue and contribution margin relative to our guidance helped drive strong Q4 contribution of $579 million. As a reminder, contribution excludes changes to the liabilities for insurance required by regulatory agencies attributable to historical periods.

第四季度的貢獻率為 59.7%，比 2020 年第四季度增加了 4.2 個百分點，超過了我們預期的 59%。相對於我們的指導，收入和邊際貢獻的出色表現幫助推動了強勁的第四季度貢獻 5.79 億美元。提醒一下，供款不包括監管機構要求的可歸因於歷史期間的保險負債變化。

In the fourth quarter, there was adverse development of $122 million net of reinsurance, which we attribute to the continued impact of COVID on legacy insurance claims, specifically higher health care and vehicle repair costs. Inflationary pressures being seen across the economy are also broadly affecting the auto insurance industry.

在第四季度，再保險淨額出現 1.22 億美元的不利發展，我們將其歸因於 COVID 對遺留保險索賠的持續影響，特別是更高的醫療保健和車輛維修成本。整個經濟中的通脹壓力也廣泛影響著汽車保險業。

To be clear, virtually all of our Q4 adverse development is associated with the legacy third-party claims administrator. The related claims, which date back to 2018, also predate the risk transfer structure that now exists. It's also worth noting that this amount of adverse development is net of our reinsurance coverage, which offsets claims in excess of the deductible.

需要明確的是，我們第四季度的幾乎所有不利發展都與傳統的第三方索賠管理員有關。可追溯到 2018 年的相關索賠也早於現在存在的風險轉移結構。還值得注意的是，這一不利發展量是我們的再保險覆蓋範圍的淨值，它抵消了超過免賠額的索賠。

As a reminder, for the current insurance policy year, we've transferred a significant majority of our auto insurance risk to best-in-class carriers, so we retain less surface area if inflationary pressures persist.

提醒一下，對於當前的保險單年度，我們已將大部分汽車保險風險轉移給一流的承運人，因此如果通脹壓力持續存在，我們保留的表面積會減少。

Let's move to operating expenses. Operations and support expense for Q4 was $104 million. That represents 10.7% of revenue and is down from 16.4% last year, a 570 basis point reduction year-over-year. The improvement is a reflection of operational efficiencies and leverage against top line growth.

讓我們轉向運營費用。第四季度的運營和支持費用為 1.04 億美元。這佔收入的 10.7%，低於去年的 16.4%，同比下降 570 個基點。這種改進反映了運營效率和對頂線增長的影響。

R&D expense in Q4 was $100 million, down approximately $30 million year-over-year, reflecting a full quarter impact of the sale of our Level 5 self-driving division, which closed in Q3. As a percentage of revenue, R&D expense declined to 10% in Q4 from 23% in the year ago period.

第四季度的研發費用為 1 億美元，同比下降約 3000 萬美元，這反映了我們在第三季度關閉的 5 級自動駕駛部門的銷售對整個季度的影響。第四季度，研發費用佔收入的比例從去年同期的 23% 下降至 10%。

Q4 sales and marketing was $113 million, 12% of revenue, down from 14% last year and roughly flat with Q3. Within sales and marketing, incentives were just 3% of revenue. G&A expense in Q4 was $217 million. That represents 22% of revenue and is down 11 percentage points versus Q4 of last year, with the leverage largely driven by top line growth.

第四季度的銷售和營銷為 1.13 億美元，佔收入的 12%，低於去年的 14%，與第三季度大致持平。在銷售和市場營銷中，激勵措施僅佔收入的 3%。第四季度的 G&A 費用為 2.17 億美元。這佔收入的 22%，比去年第四季度下降了 11 個百分點，槓桿率主要受收入增長的推動。

In terms of the bottom line, our Q4 adjusted EBITDA profit of $75 million was in line with the top end of guidance, which was between $70 million and $75 million and an 11% improvement versus Q3. We ended 2021 with unrestricted cash, cash equivalents and short-term investments of $2.3 billion.

就底線而言，我們第四季度調整後的 EBITDA 利潤為 7500 萬美元，符合指導的上限，介於 7000 萬美元至 7500 萬美元之間，與第三季度相比提高了 11%。到 2021 年底，我們擁有 23 億美元的非限制性現金、現金等價物和短期投資。

Before I move to our outlook, it's important to note that COVID trends are impossible to predict with any certainty. Future conditions can change rapidly and may affect our guidance. With that, let me share our current outlook.

在我開始展望我們的前景之前，重要的是要注意 COVID 趨勢無法確定地預測。未來的情況可能會迅速變化，並可能影響我們的指導。有了這個，讓我分享我們目前的前景。

As Logan mentioned, Q1 is being impacted by Omicron. For context, prior to Omicron, we were anticipating strong sequential rideshare ride growth in Q1. This was based on the demand trends we saw in Q4. However, given the impact that Omicron has had on rideshare volumes, we now anticipate rideshare rides will be down slightly in Q1 versus Q4. In addition, the first quarter of every year always has rideshare ride mix headwinds with shorter rides and less use of bikes and scooters.

正如洛根所說，第一季度受到 Omicron 的影響。就背景而言，在 Omicron 之前，我們預計第一季度的拼車服務將出現強勁的連續增長。這是基於我們在第四季度看到的需求趨勢。然而，鑑於 Omicron 對拼車數量的影響，我們現在預計第一季度的拼車數量將比第四季度略有下降。此外，每年的第一季度總是會遇到拼車乘車混合逆風，乘車時間更短，自行車和踏板車的使用更少。

Given these factors, we expect revenue in Q1 of between $800 million and $850 million. This implies year-over-year growth of 31% to 40%. On a sequential basis, this outlook suggests a decline of $120 million to $170 million in revenue versus Q4 or 12% to 18% quarter-over-quarter.

考慮到這些因素，我們預計第一季度的收入在 8 億美元至 8.5 億美元之間。這意味著同比增長 31% 至 40%。在連續的基礎上，這一前景表明收入與第四季度相比下降 1.2 億美元至 1.7 億美元，或環比下降 12% 至 18%。

In terms of profitability, we expect Q1 contribution margin to be approximately 56.5%. We expect Q1 adjusted EBITDA will be between $5 million and $15 million versus the $75 million in Q4. This assumes a sequential headwind of approximately $65 million to adjusted EBITDA versus Q4 that is driven by the quarter-over-quarter revenue decline.

在盈利能力方面，我們預計第一季度的貢獻率約為 56.5%。我們預計第一季度調整後的 EBITDA 將在 500 萬美元至 1500 萬美元之間，而第四季度為 7500 萬美元。這假設調整後的 EBITDA 與第四季度相比連續逆風約為 6500 萬美元，這是由季度收入下降推動的。

Let me take a moment to address driver supply. We are pleased with the improvements we've seen over recent quarters, and we continue to believe the most severe period of dislocation is behind us. Driver supply so far in Q1 has been resilient and the marketplace has reached an improved balance, partially due to softened demand. We remain confident in our ability to manage this issue as we progress through the year.

讓我花一點時間來解決驅動程序供應問題。我們對最近幾個季度的進步感到高興，我們仍然相信最嚴重的混亂時期已經過去。到目前為止，第一季度的驅動程序供應具有彈性，市場達到了改善的平衡，部分原因是需求疲軟。隨著這一年的進展，我們仍然對我們處理這個問題的能力充滿信心。

Turning to the full year. We expect the impact of Omicron on Q1 and the unknown pace of the recovery, which can weigh on Q2, will affect our near-term revenue growth acceleration to some extent. For full year 2022, we are cautiously optimistic that we will grow revenues faster than the 36% achieved in 2021. We expect this growth for a few reasons. First, rideshare volumes in Q4 '21 were the highest they've been since COVID started, but were still more than 30% below the Q4 '19 level.

轉向全年。我們預計 Omicron 對 Q1 的影響以及可能對 Q2 造成壓力的未知復甦步伐將在一定程度上影響我們近期的收入增長加速。對於 2022 年全年，我們謹慎樂觀地認為，我們的收入增長速度將超過 2021 年實現的 36%。我們預計這種增長有幾個原因。首先，21 年第四季度的拼車量是自 COVID 開始以來的最高水平，但仍比 19 年第四季度的水平低 30% 以上。

Second, the other side of the Omicron wave will likely create more opportunity for demand across our network. Throughout the pandemic, we have seen pent-up demand for mobility that gets released when people have the chance to get moving. As people can go out safely and have more places to go, whether to bars, restaurants, sporting events or concerts, that's exactly what they do.

其次，Omicron 浪潮的另一面可能會在我們的網絡中為需求創造更多機會。在整個大流行期間，我們看到被壓抑的出行需求在人們有機會出行時得到釋放。因為人們可以安全地出門，有更多的地方去，無論是去酒吧、餐館、體育賽事還是音樂會，這正是他們所做的。

To sum things up. First, we had a solid fourth quarter and ended 2021 in a much stronger position relative to where we were at the start of the year. Second, we are confident in our ability to navigate near-term headwinds and position ourselves for a recovery in demand.

總結一下。首先，我們第四季度表現穩健，到 2021 年結束時，相對於年初的情況而言，我們的地位要強得多。其次，我們有信心駕馭近期逆風並為需求復蘇做好準備。

Third and most importantly, we are going to build a much larger company by attacking the market opportunity in front of us. We continue to see exciting opportunities to lean into growth, to deliver solutions that serve and expand our addressable market. We are also committed to disciplined capital allocation and to improving our profitability over time. Our investment decisions will continue to be guided by our financial North Star, which is to maximize long-term free cash flow growth per share.

第三，也是最重要的一點，我們將通過攻擊我們面前的市場機會來建立一家更大的公司。我們繼續看到令人興奮的機會來促進增長，提供服務和擴大我們潛在市場的解決方案。我們還致力於有紀律的資本分配，並隨著時間的推移提高我們的盈利能力。我們的投資決策將繼續以我們的財務北極星為指導，即最大化每股的長期自由現金流增長。

With that, let me turn it over to John to provide key updates on the business and our strategy.

有了這個，讓我把它交給約翰，以提供有關業務和我們戰略的關鍵更新。

Thanks, Elaine. I'm excited for the new year and ready to execute on our broader business opportunities. In 2022, we have 3 key areas of focus: first, accelerate our core; second, expand emerging and new products; and third, invest in our innovation stack. I'm going to address each and explain how they matter.

謝謝，伊萊恩。我為新的一年感到興奮，並準備好抓住我們更廣泛的商業機會。 2022年，我們有3個重點領域：一是加速核心；二是拓展新興產品；第三，投資於我們的創新堆棧。我將解決每個問題並解釋它們的重要性。

First, we will accelerate our core by continuing to introduce solutions that allow us to grow riders and increase ride frequency. The airport use case is a great example. We are working hard to improve the entire day of travel experience to deliver the most value to Lyft riders. To that end, we recently launched our expanded Delta partnership with an exclusive set of features.

首先，我們將通過繼續引入使我們能夠增加騎手和增加乘車頻率的解決方案來加速我們的核心。機場用例就是一個很好的例子。我們正在努力改善一整天的旅行體驗，為 Lyft 乘客提供最大的價值。為此，我們最近推出了擴展的達美合作夥伴關係，並提供了一系列獨家功能。

Since 2017, Lyft riders who have chosen to link their SkyMiles account have earned more than 2 billion SkyMiles while riding with Lyft. Now Lyft riders can also access real-time Delta flight information in their app. This means riders can stay up to date on their flight status with access to terminal and gate information directly in the Lyft app.

自 2017 年以來，選擇關聯“飛凡里程常客計劃”賬戶的 Lyft 乘客在搭乘 Lyft 時已賺取超過 20 億飛凡里程常客計劃。現在，Lyft 乘客還可以在他們的應用程序中訪問實時達美航班信息。這意味著乘客可以直接在 Lyft 應用程序中訪問航站樓和登機口信息，了解他們的航班狀態。

This is a first-of-its-kind experience only available through Lyft to simplify our riders' journey and give them access to information they can use to make decisions about their travel. The partnership has already been impactful, and early consumer feedback has been very positive.

這是僅通過 Lyft 提供的首創體驗，旨在簡化乘客的旅程，並讓他們能夠訪問可用於做出旅行決策的信息。這種夥伴關係已經產生了影響，早期的消費者反饋非常積極。

Second, we are working hard to expand emerging and new products, including our bikes, scooters, rental cars and vehicle services. These products are valuable on a stand-alone basis that as part of our network, they deliver compounding value, serving as additional entry points to our network, facilitating cross-platform usage and making our network more sticky.

其次，我們正在努力拓展新興產品和新產品，包括我們的自行車、踏板車、租賃汽車和車輛服務。這些產品在獨立的基礎上是有價值的，作為我們網絡的一部分，它們提供複合價值，作為我們網絡的額外入口點，促進跨平台使用並使我們的網絡更具粘性。

Consider that in each quarter of 2021, the number of riders using our bikes and scooters in addition to rideshare consistently grew faster than rideshare-only riders. For bikes in particular, 2021 was a record year for rides, with volumes up more than 40% versus 2020. In fact, in 2021, Citi Bike in New York was the 25th most ridden transit network in the United States.

考慮到在 2021 年的每個季度，除了拼車服務之外，使用我們的自行車和踏板車的騎手人數持續增長快於僅拼車的騎手。特別是對於自行車而言，2021 年是騎行量創紀錄的一年，與 2020 年相比，銷量增長了 40% 以上。事實上，在 2021 年，紐約的 Citi Bike 是美國第 25 大騎行量的交通網絡。

To put this in context, last year, more people took rides on Citi Bikes than on BART, the Bay Area's regional transit system. And as a reminder, in most of our markets, we have agreements with the city to be the exclusive bikeshare provider. We will continue to invest in these systems, expanding our physical footprint and upgrading the infrastructure as well as adding charging capabilities to our docking stations, which can improve both uptime and costs.

為了說明這一點，去年，乘坐花旗自行車的人比乘坐灣區區域交通系統 BART 的人多。提醒一下，在我們的大多數市場中，我們都與城市達成協議，成為獨家共享單車供應商。我們將繼續投資於這些系統，擴大我們的物理足跡併升級基礎設施，並為我們的擴展塢增加充電功能，這可以提高正常運行時間和成本。

Our corporate bikeshare sponsorships, which includes Citibank in New York, Nike in Portland and Mastercard in the Bay Area, among others, generate revenue and demonstrate these systems' significant inherent value.

我們的企業共享單車贊助包括紐約的花旗銀行、波特蘭的耐克和灣區的萬事達卡等，它們創造了收入並展示了這些系統的重要內在價值。

Let me spend a moment on Lyft Rentals, which is simplifying the rental car experience for consumers. There are 2 parts to our strategy. One is our first-party rentals, where we own the full stack experience. And second is our third-party nationwide integration with SIXT, which makes finding, reserving and getting to and from a fixed rental lot easier than ever. Reservations for our first-party rentals doubled in Q4 '21 versus the prior year. This is a reflection of the focus we've put on building out our offerings and making them more discoverable by our riders.

讓我花點時間了解一下 Lyft Rentals，它正在為消費者簡化租車體驗。我們的策略有兩個部分。一個是我們的第一方租賃，我們擁有完整的堆棧體驗。其次是我們在全國范圍內與 SIXT 的第三方集成，這使得查找、預訂和往返固定租賃變得比以往更容易。 21 年第 4 季度，我們的第一方租金預訂量比上一年翻了一番。這反映了我們專注於構建我們的產品並讓我們的騎手更容易發現它們。

Our third-party integration has also been very successful, driving nearly half of all rental reservations booked through our system. Looking ahead, we expect to continue to grow Lyft Rentals by optimizing our first-party footprint and evaluating new partnership opportunities to add more national coverage.

我們的第三方集成也非常成功，通過我們的系統預訂了近一半的租賃預訂。展望未來，我們希望通過優化我們的第一方足跡和評估新的合作機會以增加更多的全國覆蓋範圍，繼續發展 Lyft Rentals。

Our third focus in 2022 is investing in our innovation stack. This refers to the R&D investments we're making and all of the work we're doing to advance the technology that underpins our entire network. One great example is Lyft Map, our in-house mapping platform specifically built for our transportation network. We're building Lyft Map to be able to optimize the entire Lyft experience.

我們在 2022 年的第三個重點是投資我們的創新堆棧。這是指我們正在進行的研發投資以及我們為推進支撐我們整個網絡的技術所做的所有工作。一個很好的例子是 Lyft Map，這是我們專門為我們的交通網絡構建的內部地圖平台。我們正在構建 Lyft 地圖，以便能夠優化整個 Lyft 體驗。

This includes tapping into data collected from Lyft rides to detect street closures and traffic delays and using that information to improve our overall routing capability. We can also optimize pickups and drop-offs to save drivers' time, help position them for the next ride and avoid unnecessary tolls. We began rolling out Lyft Maps last year in select markets, and it has already powered more than 3 million rides.

這包括利用從 Lyft 打車服務收集的數據來檢測街道封閉和交通延誤，並使用這些信息來提高我們的整體路由能力。我們還可以優化接送服務，以節省司機的時間，幫助他們為下次騎行定位並避免不必要的過路費。我們去年開始在特定市場推出 Lyft Maps，它已經為超過 300 萬次乘車提供了動力。

We are also partnering with Google to make the Lyft app and our proprietary mapping platform available on car displays that have Android Auto. This integration has been highly anticipated by our driver community and a frequent top request. If you take enough rideshare rides, it's easy to see why this is so helpful.

我們還與 Google 合作，讓 Lyft 應用程序和我們專有的地圖平台在搭載 Android Auto 的汽車顯示屏上可用。我們的驅動程序社區和頻繁的最高請求對這種集成寄予厚望。如果您乘坐了足夠多的拼車，就很容易理解為什麼這會很有幫助。

Many drivers end up with multiple phones on their dashboards or other complicated setups to try to achieve the same outcome. Launching this summer, we expect the integration to make it easier for drivers to accept rides and to improve the overall rider and driver experience. And we'll continue working to accommodate other platforms to alleviate this pain point more broadly.

許多司機最終在他們的儀表板上使用多部手機或其他復雜的設置來試圖達到相同的結果。今年夏天推出，我們預計該集成將使駕駛員更容易接受乘車並改善整體騎手和駕駛員體驗。我們將繼續努力適應其他平台，以更廣泛地緩解這一痛點。

Our investments in our network's innovation stack with advancements like Lyft Maps add value today and help us build critical infrastructure and capabilities for the future. This becomes clear as you look at the work we're doing with autonomous vehicle partners. The Lyft network is a continuously improving product, stemming from a decade of engineering investment and billions of real-world rides.

我們對網絡創新堆棧的投資以及 Lyft Maps 等先進技術在今天增加了價值，並幫助我們為未來構建關鍵基礎設施和能力。當您查看我們與自動駕駛汽車合作夥伴所做的工作時，這一點就會變得清晰。 Lyft 網絡是一個不斷改進的產品，源於十年的工程投資和數十億真實世界的遊樂設施。

As a result, AV providers are increasingly working with us to help advance and commercialize their technology. The latest proof point is the launch of our autonomous ride share service along with Ford and Argo AI in Miami. Ford's AVs are powered by the Argo self-driving system and can be dispatched, matched and routed to Lyft riders. This is the first time AVs are available for ridesharing in Miami. Ultimately, we expect this partnership to scale to 1,000 vehicles across multiple markets by 2026. For every additional component we add to our network, we continue to see more and more compounding benefits.

因此，AV 供應商越來越多地與我們合作，以幫助推進他們的技術並將其商業化。最新的證明點是我們與福特和 Argo AI 在邁阿密推出的自動駕駛共享服務。福特的 AV 由 Argo 自動駕駛系統提供動力，可以調度、匹配和路由給 Lyft 乘客。這是 AV 首次在邁阿密用於拼車。最終，我們預計到 2026 年，這種合作夥伴關係將在多個市場擴大到 1,000 輛汽車。對於我們添加到網絡中的每一個額外組件，我們將繼續看到越來越多的複合收益。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Your first question comes from the line of Doug Anmuth with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Doug Anmuth。

Just when you think about potentially accelerating growth above 36% in '22, how are you thinking about the mix of active riders and the revenue per active rider? And then just on driver supply, I know you said it's more stable through Omicron. How are you feeling about the overall driver supply levels just relative to increasing demand as you go through the year?

就在您考慮到 22 年可能加速增長超過 36% 時，您如何看待活躍騎手的組合和每位活躍騎手的收入？然後就驅動器供應而言，我知道你說它通過 Omicron 更穩定。相對於一年中需求的增加，您對整體驅動程序供應水平有何看法？

Yes. So this is Logan. I'll jump in on. We are -- our core focus is taking care of our customers. So we are most focused on providing the best possible customer experience and ensuring great customer experiences lead to great retention, lead to more rides. So that's our core focus. We are additionally always looking at and investing in planting new seeds to expand the number of use cases for using Lyft.

是的。這就是洛根。我會跳進去的。我們是——我們的核心重點是照顧我們的客戶。因此，我們最專注於提供最佳的客戶體驗，並確保出色的客戶體驗能夠帶來出色的留存率和更多的乘車體驗。所以這是我們的核心焦點。我們還一直在尋找和投資種植新種子，以擴大使用 Lyft 的用例數量。

And you've seen us expand -- we launched a really innovative product last year called Priority Pickup. So when somebody is in a rush and we have the ability to dispatch a closer driver, we're providing a really magical experience with our Priority Pickup product. Now it comes out at a premium. So it's perfect for the moment where those few minutes really matter, but it's a really special experience and it works.

您已經看到我們的擴張——我們去年推出了一款非常創新的產品，名為 Priority Pickup。因此，當有人趕時間並且我們有能力派出更近的司機時，我們將通過我們的 Priority Pickup 產品提供真正神奇的體驗。現在它以溢價出售。所以它非常適合那幾分鐘真正重要的時刻，但它是一種非常特別的體驗，而且很有效。

And we're expanding outwards into different use cases such as what John was talking about with Rentals so that Lyft can be top of mind for any kind of transportation trip that somebody is planning. So we additionally are always focused on activating new riders.

我們正在向外擴展到不同的用例，例如 John 與 Rentals 談論的內容，以便 Lyft 可以成為有人計劃的任何類型的交通旅行的首要考慮因素。因此，我們也始終專注於激活新車手。

So every year, 4 million people in the U.S. turn 18. And so we have a lot of investment and energy always on in terms of providing a reason for somebody to use Lyft for the first time. So we're both focused on kind of expansion of the active rider pool and driving more revenue per active rider. In terms of the second part of the question on supply, Elaine, you want to jump in?

因此，每年美國有 400 萬人年滿 18 歲。因此，我們始終投入大量投資和精力，為人們首次使用 Lyft 提供理由。因此，我們都專注於擴大活躍騎手群體，並為每位活躍騎手帶來更多收入。關於供應問題的第二部分，伊萊恩，你想加入嗎？

Absolutely. Thank you, Logan. This is Elaine. In terms of driver supply, the supply-demand dynamics in our marketplace have certainly been improving. Total active drivers reached a COVID high in Q4, and new drivers grew nearly 50% year-over-year in Q4. Even in Q1, despite softened demand, driver supply has been resilient. We've seen early signs of organic driver supply growth.

絕對地。謝謝你，洛根。這是伊萊恩。在驅動器供應方面，我們市場的供需動態肯定在改善。活躍司機總數在第四季度達到新高，新司機在第四季度同比增長近 50%。即使在第一季度，儘管需求疲軟，但驅動力供應一直保持彈性。我們已經看到了有機驅動供應增長的早期跡象。

Add some context, don't forget, the enhanced federal unemployment benefits sunset in September and the child tax credit rolled off at year-end. So there are folks who want to get back out and earning money. As rideshare demand rebounds, we may see people shift from delivery to rideshare where the earnings tend to be higher based on historical studies, although exact comparisons are difficult. We're confident in our ability to manage supply, and we feel very well positioned for the recovery in demand.

加上一些背景信息，不要忘記，9 月份增強的聯邦失業救濟金到期，而兒童稅收抵免在年底推出。因此，有些人想退出並賺錢。隨著拼車需求反彈，我們可能會看到人們從送貨轉向拼車，根據歷史研究，儘管很難進行精確比較，但根據歷史研究，這種情況的收益往往更高。我們對我們管理供應的能力充滿信心，我們為需求的複蘇做好了準備。

Your next question comes from the line of Stephen Ju with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Stephen Ju。

Logan or John, I think there's a perception among investors that Lyft is perhaps ceding market share. But there's probably perhaps an underlying dynamic that is more due to your regional exposure. So can you talk about what you may be seeing in terms of relative share shifts back and forth with your competitor or lack thereof? And I guess, John, a clarification question on your maps commentary earlier.

洛根或約翰，我認為投資者認為 Lyft 可能正在放棄市場份額。但可能有一個潛在的動態，更多的是由於您的區域曝光。那麼，您能否談談您可能看到的與競爭對手的相對份額變化或缺乏變化？我想，約翰，你之前的地圖評論有一個澄清問題。

Is what you're looking to do primarily routing software based on traffic data that Lyft is collecting as opposed to spending to create your own version of maps? Because it seems like both of the iOS owners and particularly Google have already invested a significant amount of money to have the best maps apps out there.

您是否希望主要根據 Lyft 收集的交通數據來做路由軟件，而不是花錢創建自己的地圖版本？因為似乎 iOS 所有者，尤其是谷歌已經投入了大量資金來擁有最好的地圖應用程序。

Yes. So on -- in terms of the competitive position based on third-party data, our market share is relatively consistent with where it was pre-COVID; and our service levels, which we track closely, key service levels being pickup times and price, have been competitive. So in 2021, we made significant investments in driver supply, as we've talked about on some of the prior calls, and we're seeing those investments continue to pay off.

是的。以此類推——就基於第三方數據的競爭地位而言，我們的市場份額與新冠疫情之前的情況相對一致；我們密切跟踪的服務水平，關鍵服務水平是取貨時間和價格，一直具有競爭力。因此，在 2021 年，我們在驅動程序供應方面進行了大量投資，正如我們在之前的一些電話會議中談到的那樣，我們看到這些投資繼續獲得回報。

So there is -- as you mentioned, there is sort of a regional difference where we over-index on share relatively on the West Coast. And I'm sure you follow on the data. The West Coast has been sort of more cautious about COVID and was a little slower to reopen. So there's definitely kind of an element there. But when you look at the share kind of pre-COVID to now, it is effectively flat.

因此，正如您所提到的，存在某種區域差異，我們在西海岸的份額相對較高。我相信你會關注數據。西海岸對 COVID 更加謹慎，重新開放的速度也稍慢一些。所以那里肯定有某種元素。但是，當您查看 COVID 之前的份額類型時，它實際上是持平的。

And then on maps, you're asking kind of what's the primary use of the software we're creating and kind of whether we use our own traffic data and then kind of maybe how that compares to the fact that Apple and Google have great products already out in the market. We're -- I'd say we're incredibly excited about this work. The team has been heads down for several years.

然後在地圖上，您會問我們正在創建的軟件的主要用途是什麼，我們是否使用自己的交通數據，然後可能與蘋果和谷歌擁有出色產品的事實相比已經上市了。我們——我想說我們對這項工作感到非常興奮。該團隊已經低頭數年。

We have very specific use cases. When you build a product like Google Maps, you build it for many -- different types of usage cases, people walking, people driving, people not earning income driving primarily. So the fact that we're building kind of Lyft Maps for Lyft, we're seeing our ability to add value for drivers be realized. So one exciting stat we've seen already is that for -- we've brought it to -- we started rolling it out to our drivers as a navigation product. And 50% of drivers prefer using Lyft Maps to Google Maps or to what they were using before.

我們有非常具體的用例。當你構建像谷歌地圖這樣的產品時，你會為許多不同類型的用例構建它，人們步行，人們開車，主要是沒有收入的人開車。因此，我們正在為 Lyft 構建某種 Lyft 地圖這一事實，我們看到我們為司機增加價值的能力正在實現。所以我們已經看到的一個令人興奮的統計數據是——我們已經把它帶到了——我們開始將它作為導航產品推廣給我們的司機。 50% 的司機更喜歡使用 Lyft 地圖而不是谷歌地圖或他們以前使用的地圖。

Given what you said that they've spent incredible amounts of money in years building great products, we are extremely happy to see that 50% already prefer this product. And we feel like it's like the true battleground for building a great map product is the people using your maps are earning money on it. They're only going to use it if it helps them. And so quite optimistic about the work there.

鑑於您所說的，他們多年來花費了大量的資金來打造出色的產品，我們非常高興地看到 50% 的人已經更喜歡這個產品。而且我們覺得這就像構建出色地圖產品的真正戰場是使用您的地圖的人在上面賺錢。他們只會在對他們有幫助的情況下使用它。對那裡的工作非常樂觀。

It does incorporate our own traffic information. There's also data around which doors and street corners people exit venues from that we can be much more specific about, what side of the street the passenger is on. So there's lots of specific use cases that we believe we can do better than the alternative.

它確實包含我們自己的交通信息。還有關於人們從哪些門和街角離開場地的數據，我們可以更具體地了解乘客在街道的哪一側。所以有很多特定的用例，我們相信我們可以做得比替代方案更好。

Yes. And just to weigh in on a couple of other specifics, it's different for us, like John was saying, where people are earning money. And there's a lot of money on the line for Lyft on every ride. So we are able to route drivers along safer routes. That is not something (inaudible), obviously, you see the number is a serious overhead for our insurance costs. And we're able to make Lyft rides significantly safer by routing drivers along the safest routes.

是的。只是為了權衡其他幾個細節，這對我們來說是不同的，就像約翰所說的那樣，人們在哪裡賺錢。每次乘坐 Lyft 都有很多錢。因此，我們能夠將司機安排在更安全的路線上。這不是什麼（聽不清），顯然，您看到這個數字對我們的保險費用來說是一筆嚴重的開銷。我們能夠通過將司機安排在最安全的路線上，讓 Lyft 的行程更加安全。

Additionally, because we have so many drivers on the road and they're able to send us back higher fidelity data, there have been sort of a growing number of times we were able to detect things like road closures sooner. And it is incredibly valuable for us to understand when and where a road closure shows up, just as a small example. Because if we route the wrong driver, we waste valuable time and money for Lyft. We deliver a bad rider experience, et cetera.

此外，因為我們有很多司機在路上，他們能夠向我們發送回更高保真度的數據，所以我們能夠更快地檢測到諸如道路封閉之類的事情的次數越來越多。作為一個小例子，了解封路出現的時間和地點對我們來說非常有價值。因為如果我們選錯了司機，我們就會浪費 Lyft 寶貴的時間和金錢。我們提供糟糕的騎手體驗，等等。

And I think the broader kind of consumer-focused mapping companies don't have the same sort of dollars on the line and don't necessarily kind of optimize for the same things that we are in our business. So not only has the team just built an incredible product and unlocked a lot of value from it, but there are just, I think, a ton of sort of specific areas where we can tailor to, to our business to unlock great experiences and great value.

而且我認為更廣泛的以消費者為中心的地圖公司沒有相同的資金投入，也不一定會針對我們業務中的相同事物進行優化。因此，該團隊不僅構建了一款令人難以置信的產品並從中釋放了很多價值，而且我認為，我們可以針對我們的業務定制大量特定領域，以釋放出色的體驗和出色的價值。

One last thing is that as you think about the future with autonomous vehicles, this is a really important building block. And what I love about what we're doing with the business is that we can build phenomenal products for drivers, whether that's the mapping software, whether that's vehicle services or fleet management.

最後一件事是，當您考慮自動駕駛汽車的未來時，這是一個非常重要的組成部分。我喜歡我們正在做的業務是我們可以為司機打造非凡的產品，無論是地圖軟件，無論是車輛服務還是車隊管理。

And then we could position those for the consumer, the rider and then ultimately the autonomous vehicle to make sure we optimize for cost of operations as well as revenue per mile. So it all adds up to both helping in the near term and for the long term.

然後我們可以為消費者、騎手以及最終的自動駕駛汽車定位這些產品，以確保我們優化運營成本和每英里收入。因此，這一切都有助於在短期和長期內提供幫助。

Your next question comes from the line of Alex Potter with Piper Sandler.

您的下一個問題來自 Alex Potter 和 Piper Sandler 的台詞。

I have 2 here. So the first one, obviously, the revenue per active rider was up pretty materially versus last quarter. You mentioned longer distance rides. I'm curious if you have a guess regarding why that might be and the degree to which you think that can be sustained?

我這裡有2個。因此，顯然，第一個活躍騎手的收入與上一季度相比大幅增長。你提到了長途騎行。我很好奇您是否猜到為什麼會這樣以及您認為可以持續的程度？

And then the second question is just on delivery. You had historically toyed with potentially doing a delivery pilot. Haven't gotten much of an update on that front. I'm just curious to the extent to which that ranks anywhere on your priority list?

然後第二個問題只是交貨。過去，您曾玩弄過可能進行交付試點。在這方面沒有得到太多更新。我只是好奇它在你的優先級列表中的排名是多少？

Great. Elaine will take the first one, and then this is John, I'll take the delivery question.

偉大的。伊萊恩會接第一個，然後這是約翰，我會接聽送貨問題。

Thank you. We were very pleased that revenue per active rider reached a new all-time high in Q4 of $51.79. This record revenue per active rider was supported by 2 things, an increase in rideshare revenue per ride and a pickup in ride frequency versus Q3. So it's really a factor of both price and quantity. The higher rideshare revenue per ride is a reflection of ride mix. And you mentioned longer trips. This includes longer trips and more use of high-value modes like Lux, which is typical in the fourth quarter of the year.

謝謝你。我們很高興每位活躍騎手的收入在第四季度創下 51.79 美元的歷史新高。每個活躍騎手的創紀錄收入受到兩件事的支持，即每次乘車的拼車收入增加以及乘車頻率與第三季度相比有所增加。所以這真的是價格和數量的一個因素。每次乘車的拼車收入較高反映了乘車組合。你提到了長途旅行。這包括長途旅行和更多使用像 Lux 這樣的高價值模式，這在今年第四季度很常見。

The longer trips, a good example of that is airport, the airport use case. Airport rides are longer, higher revenue per ride and in the fourth quarter reached 9% of ride volume, which compares really nicely and favorably to 9.4% in Q4 of 2019. All of those dynamics in terms of the rideshare mix impacted the revenue per ride. And then as we said, a pickup in ride frequency also drove the new all-time high.

長途旅行，一個很好的例子就是機場，機場用例。機場乘車時間更長，每次乘車收入更高，在第四季度達到乘車量的 9%，與 2019 年第四季度的 9.4% 相比非常好和有利。就拼車組合而言，所有這些動態都影響了每次乘車收入.然後正如我們所說，乘車頻率的增加也推動了歷史新高。

And then I'll take the question about our delivery update. So we remain excited by the traction we're getting. The delivery team has done a phenomenal job building and focusing on quality, making sure that the merchants that we work with have delivery success. I just want to make sure it's clear, our focus is on a B2B product offering, not a consumer-facing marketplace. As we've said for many years, we're a transportation-focused company. We want to have one main consumer that we're building for. And again, we will not build a consumer-facing marketplace for groceries or food.

然後我會回答有關我們交付更新的問題。所以我們仍然對我們獲得的牽引力感到興奮。交付團隊在建設和注重質量方面做得非常出色，確保與我們合作的商家交付成功。我只是想確保清楚，我們的重點是提供 B2B 產品，而不是面向消費者的市場。正如我們多年來所說，我們是一家專注於運輸的公司。我們希望擁有一個我們正在構建的主要消費者。同樣，我們不會建立面向消費者的雜貨或食品市場。

We are live in a number of pilot markets. For competitive reasons, it doesn't make a lot of sense for us to say too much. Other than that, we're happy with the progress. We're quite excited about nonperishables, like supporting auto part delivery for companies like NAPA Auto Parts. We're also excited about a partnership we announced with Olo, which enables local delivery for merchants. We have a product called Olo Dispatch.

我們生活在許多試點市場。出於競爭原因，我們說太多沒有多大意義。除此之外，我們對進展感到滿意。我們對不易腐爛的產品感到非常興奮，例如支持 NAPA Auto Parts 等公司的汽車零件交付。我們也很高興我們宣布與 Olo 建立合作夥伴關係，該合作夥伴可以為商家提供本地配送服務。我們有一個名為 Olo Dispatch 的產品。

We really feel strongly that because we are one of, call it, 3-or-so national networks of driver communities that have national coverage, but we're the only one not competing with the retailer for that end consumer. So still remain excited by the opportunity there. We're being methodical about how we come to market and don't want to share too much for competitive reasons.

我們真的很強烈地感覺到，因為我們是覆蓋全國的 3 個左右的全國性司機社區網絡之一，但我們是唯一一個不與零售商競爭最終消費者的人。所以仍然對那裡的機會感到興奮。我們對如何進入市場有條不紊，並且出於競爭原因不想分享太多。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

Maybe if I can do 2. And congrats, Elaine, on the new role with the company. On the 2 questions, both shorter term in nature. But in terms of Q1 on the demand side, can you help us better understand how much of an improvement versus what you saw in January is sort of informing the view in terms of how Q1 evolves? Or are you keeping a fairly conservative view on variant and how it impacts demand all the way through Q1, and that's what informs the broader top line guide?

也許如果我能做到 2。恭喜 Elaine，在公司擔任新職務。關於 2 個問題，都是短期性質的。但就需求方面的第一季度而言，您能否幫助我們更好地了解與您在 1 月份看到的相比，有多少改進在某種程度上為第一季度的發展提供了信息？或者您是否對變體以及它如何影響整個第一季度的需求保持相當保守的看法，這就是更廣泛的頂線指南的信息？

And then going further down the P&L, the incremental EBITDA margin that seems to be implied in terms of Q4 over Q1 seems weaker than some of the incremental margin we've seen as you build momentum in the business from Q2 to Q4 in 2021. Can you unpack a little bit of some of the drivers of the incremental margin as well in Q1 versus Q4?

然後進一步降低損益表，似乎在 Q4 與 Q1 之間隱含的增量 EBITDA 利潤率似乎低於我們在 2021 年 Q2 至 Q4 業務發展勢頭時看到的一些增量利潤率。可以您在 Q1 和 Q4 中也了解了一些增量利潤率的驅動因素嗎？

Yes, absolutely. So let me be clear, Omicron has had a significant impact on our business in Q1. And were it not for Omicron, we would be projecting strong sequential quarter-over-quarter ride growth and revenue growth. What you see reflected in our Q1 guidance is reflective of Omicron having us predict that rides will be down slightly quarter-over-quarter.

是的，一點沒錯。所以讓我明確一點，Omicron 在第一季度對我們的業務產生了重大影響。如果不是 Omicron，我們將預測強勁的環比環比增長和收入增長。您在我們的第一季度指南中看到的反映了 Omicron 讓我們預測遊樂設施將比上一季度略有下降。

That being said, we are seeing some positive signals. There's news in the marketplace that mask mandates are being rolled back. And in our own business, in the last week of January, we saw an uptick in rides that we see as a positive signal. Nevertheless, the impact of Omicron on Q1 is leading us to our guidance of $800 million to $850 million in revenue in Q1 and adjusted EBITDA of $5 million to $15 million.

話雖如此，我們看到了一些積極的信號。市場上有消息稱，口罩規定正在被取消。在我們自己的業務中，在 1 月的最後一周，我們看到了遊樂設施的增加，我們認為這是一個積極的信號。儘管如此，Omicron 對第一季度的影響使我們將第一季度的收入指引為 8 億至 8.5 億美元，調整後的 EBITDA 為 500 萬至 1500 萬美元。

Omicron and the pace and shape of recovery, while we're seeing the positive signals, the pace of recovery is uncertain, and that's why we express some caution entering into Q2. However, for the full year, we remain confident and cautiously optimistic that we can drive increased year-over-year revenue growth. We achieved 36% year-on-year revenue growth in 2021, and we're cautiously optimistic that we can exceed that in 2022.

Omicron 和復甦的步伐和形狀，雖然我們看到了積極的信號，但復甦的步伐是不確定的，這就是我們在進入第二季度時表示謹慎的原因。然而，就全年而言，我們對能夠推動收入同比增長保持信心和謹慎樂觀。我們在 2021 年實現了 36% 的收入同比增長，我們謹慎樂觀地認為我們可以在 2022 年超過這一數字。

Moving to your question about the incrementals. In Q1, we are forecasting adjusted EBITDA of between $5 million and $15 million, and that compares with $75 million in Q4. You asked about the sort of incremental margins and what we're seeing. That decline quarter-on-quarter at the midpoint, $65 million, is off of a projected decline in revenue of $120 million to $170 million. So you see that flowing through to EBITDA and an incremental margin of $0.45, in line with what we've seen in the past.

轉到您關於增量的問題。在第一季度，我們預測調整後的 EBITDA 在 500 萬美元至 1500 萬美元之間，而第四季度為 7500 萬美元。您詢問了增量利潤的種類以及我們所看到的情況。中點的季度環比下降為 6500 萬美元，與預計的收入下降 1.2 億美元至 1.7 億美元不同。因此，您會看到這流向 EBITDA 和 0.45 美元的增量利潤，這與我們過去看到的一致。

Your next question comes from the line of Ed Yruma with KeyBanc Capital.

您的下一個問題來自 KeyBanc Capital 的 Ed Yruma。

I guess as driver supply continues to normalize, demand picks up. As you think about the medium term, you guys have been very successful at kind of keeping a lid on promotions. Do you think that there's some build back that will have to occur as the driver and rider supply gets to a greater equilibrium? Or do you think that the industry has finally found a more rational promotional level and that you and your other competitor can kind of maintain pricing discipline?

我想隨著司機供應繼續正常化，需求回升。就中期而言，你們在限制促銷方面非常成功。您是否認為隨著駕駛員和騎手的供應達到更大的平衡，必須進行一些重建？或者你認為這個行業終於找到了一個更合理的促銷水平，你和你的其他競爭對手可以保持定價紀律？

Yes. This is Logan. I think on the rider side, we certainly hope to and plan to maintain a much lower promotional level. I think that was kind of a sign of the early days as we were building scale correlated to hitting critical mass in a market where you could sustain competitive pickup times. And we feel like we are well past that point. We've made a lot of marketplace improvements to where we're able to operate effectively and maintain those lower ETAs in really all conditions.

是的。這是洛根。我認為在騎手方面，我們當然希望併計劃保持低得多的促銷水平。我認為這是早期的一種跡象，因為我們正在建立與在一個可以維持有競爭力的提貨時間的市場中達到臨界質量相關的規模。我們覺得我們已經過了那個階段。我們已經對市場進行了很多改進，以使我們能夠在所有條件下有效運營並維持那些較低的 ETA。

Yes. One thing I would just put on that is that all of the back and forth of COVID, so whether it was spikes of demand, spikes of supplier imbalances forced us to build even better, sharper tools throughout all those periods, which are more affordable to run in a more stable environment.

是的。我只想說的一件事是 COVID 的所有來回，所以無論是需求高峰，供應商失衡的高峰都迫使我們在所有這些時期構建更好、更鋒利的工具，這些工具更實惠在更穩定的環境中運行。

And so just to piggyback on what Logan is saying, not only is the market and are the players way more rational after that early period of building, we have better tools within the marketplace to manage the demand and supply changes.

因此，僅僅依靠洛根所說的話，不僅市場和參與者在早期建設之後更加理性，我們在市場上擁有更好的工具來管理需求和供應變化。

Yes. And then on the driver side, I would just call out that, that is really a product of supply and demand balance. So driver incentives are really very dynamically driven based on the current balance in the marketplace, and we try as best as possible to stay ahead of it. But COVID sort of creates conditions that are prone to spikes and demand can turn on a dime and supply can't.

是的。然後在司機方面，我只想說，這真的是供需平衡的產物。因此，駕駛員激勵措施實際上是根據市場當前的平衡非常動態地驅動的，我們盡最大努力保持領先地位。但是 COVID 創造了容易出現峰值的條件，需求可能會增加，而供應則不能。

And so as you get a demand spike in the market, you're going to see sort of -- automatically, you're going to see higher prime time for riders, and that money is going to be turned around and recycled and given right back to drivers to incentivize them to drive more and drive in the right times and places. So that is really kind of impossible to give guidance on that side. But the rider side is much more kind of an element that we control.

因此，當市場需求激增時，您會看到——自動地，您會看到乘客的黃金時間更長，而這筆錢將被周轉、回收並給予正確的回到司機身上，以激勵他們更多地開車，並在正確的時間和地點開車。因此，在這方面提供指導確實是不可能的。但是騎手方面更像是我們控制的一種元素。

Your next question comes from the line of Brian Fitzgerald with Wells Fargo.

您的下一個問題來自富國銀行的 Brian Fitzgerald。

A couple of questions. Can you talk about the elasticities you're seeing with programs like Wait & Save? I'm trying to gauge the rider sensitivities to time and cost there. Perhaps we're not as busy to get to some place in such a [prestigious] amount of time. And then for John, follow-up to Stephen's question on maps. Can you tell us where it's deployed and what the rollout cadence looks like for 2022? Or are you keeping that under wraps?

幾個問題。您能談談您在 Wait & Save 等程序中看到的彈性嗎？我正在嘗試評估騎手對時間和成本的敏感度。也許我們並沒有那麼忙於在如此 [著名的] 時間內到達某個地方。然後約翰，跟進斯蒂芬關於地圖的問題。您能告訴我們它的部署地點以及 2022 年的推出節奏嗎？還是你把它保密？

All right. Yes, we've seen -- we've rolled out, sort of scaled up Wait & Save early on in the pandemic. It took the place of shared rides in most markets as the sort of predominant lower-cost mode. We've seen it's really resonated with customers. It's -- but by far, the sort of primary classic product still makes up the vast majority of our volume.

好的。是的，我們已經看到了——我們已經在大流行的早期推出並擴大了 Wait & Save 的規模。它在大多數市場中取代了共享遊樂設施，成為一種主要的低成本模式。我們已經看到它確實引起了客戶的共鳴。它是——但到目前為止，這種主要的經典產品仍然占我們銷量的絕大部分。

But there's a really important segment of riders and riders at certain times, right, there are plenty of times where a rider who cares about the fastest ride at one moment in their day, is very happy to wait an extra few minutes during a different sort of moment in their day. And so it's also unlocked a more effective way for us to utilize drivers.

但是在某些時候有一個非常重要的騎手和騎手，對，很多時候，一個關心他們一天中某個時刻最快騎行的騎手，很樂意在不同的時間多等幾分鐘在他們的一天的時刻。因此，它也為我們提供了一種更有效的方式來利用驅動程序。

So Wait & Save helps us sort of net-net keep drivers busier because we can wait until we have a driver closer buy to send them to a particular pickup. So we've been really pleased with how the Wait & Save product has performed and the response we've seen from riders. And we're continuing to look at ways to innovate on that and to improve on the product.

因此，Wait & Save 幫助我們通過某種網絡網絡讓司機更加忙碌，因為我們可以等到司機更近購買時，才能將他們送到特定的取貨處。因此，我們對 Wait & Save 產品的表現以及我們從車手那裡看到的反應感到非常滿意。我們正在繼續尋找創新和改進產品的方法。

For maps, yes, we're not going to share specifics on where it will be and when. But obviously, we're incentivized with the savings we see when we do roll it out to go as fast as we can while providing a great experience for drivers and riders.

對於地圖，是的，我們不會分享它的具體位置和時間。但很明顯，當我們推出它以盡可能快地行駛，同時為司機和騎手提供出色的體驗時，我們看到了節省的成本。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2 maybe somewhat bigger picture. First, I want to be curious to hear about philosophically how you think about subscription offerings or loyalty programs or any mechanisms that you think are going to be important to driving higher lifetime value and more stickiness among your riders.

我有 2 幅更大的圖景。首先，我想從哲學上了解您如何看待訂閱產品或忠誠度計劃或任何您認為對於推動更高的終身價值和在您的騎手中增加粘性很重要的機制。

Then the second one, maybe you can help us understand about the number of new riders to the platform throughout 2020, 2021 who were never with you before. How is their behavior different from your older cohorts [you hope to age] into the previous cohort behavior?

然後是第二個，也許您可以幫助我們了解 2020 年、2021 年整個平台上從未與您在一起的新騎手的數量。他們的行為與您的較年長的同齡人（您希望變老）到以前的同齡人行為有何不同？

Yes. So this is Logan. On the first question, we think a lot about kind of the role that a membership program can play. And I think when you look at how other companies have adopted them and great lessons to learn, they are -- in a sense, I see there's like a hack to become a more customer-centric company. And as you build a membership program, it really gives you -- I think you start to look at the whole business through a different lens. You start to look at member acquisition, member retention.

是的。這就是洛根。關於第一個問題，我們對會員計劃可以發揮的作用進行了很多思考。而且我認為，當您查看其他公司如何採用它們以及要學習的重要課程時，它們是-從某種意義上說，我認為要成為一家更加以客戶為中心的公司就像是一種技巧。當你建立會員計劃時，它真的給了你——我認為你開始從不同的角度看待整個業務。您開始關注會員獲取、會員保留。

You start to look at not just sort of the customer experience on a transaction-by-transaction basis, did we win that transaction, lose that transaction. But you start to look at sort of the cumulative sum of experiences that members have and all of the touch points they have with the company over a prolonged period and really focus on making sure that every one of those touch points is a positive experience that keeps them coming back as a member.

你開始不僅僅關注每筆交易的客戶體驗，我們是否贏得了那筆交易，輸掉了那筆交易。但是你開始考慮成員擁有的經驗的累積總和以及他們在很長一段時間內與公司的所有接觸點，並真正專注於確保每個接觸點都是積極的體驗他們作為成員回來了。

So from a philosophical perspective, I think they can be great tools. And we launched our membership program, Lyft Pink, just about 2 years ago. And obviously, during the pandemic, we have not leaned into promoting the program very heavily. We've continued investing in it, continue building it. But sort of at moments where the market is predominantly supply constrained, we have not leaned as heavily into the program. But it's still something, long term, we're very committed to and optimistic about, right?

所以從哲學的角度來看，我認為它們可以成為很好的工具。大約 2 年前，我們推出了會員計劃 Lyft Pink。顯然，在大流行期間，我們並沒有大力推廣該計劃。我們一直在繼續投資，繼續建設它。但是，在市場主要受到供應限制的時候，我們並沒有那麼強烈地傾向於該計劃。但這仍然是長期的，我們非常致力於和樂觀，對吧？

And as we think about kind of the framing for Lyft Pink, we look at it as an opportunity to bring together all of the best experiences that Lyft has to offer across our entire transportation network. So from our rideshare benefits to free bike and scooter unlocks, to upgrades for car rental, to even our partnership -- one of our sort of larger partnerships with Grubhub, providing free food delivery through the Grubhub network. So it's something we are excited about, and we'll continue to invest in.

當我們考慮 Lyft Pink 的框架時，我們將其視為一個機會，將 Lyft 必須在我們整個交通網絡中提供的所有最佳體驗匯集在一起。因此，從我們的拼車福利到免費自行車和踏板車解鎖，到汽車租賃升級，甚至我們的合作夥伴關係——我們與 Grubhub 的更大合作夥伴關係之一，通過 Grubhub 網絡提供免費送餐服務。所以這是我們感到興奮的事情，我們將繼續投資。

Right. To address your question about riders, total active riders grew 49% year-over-year, reaching 18.7 million in the fourth quarter. And we've seen strong new rider growth in 2021. In Q4, new riders were up 42% year-over-year. It may be helpful to provide a little context on use cases across riders. Off-peak and early morning weekday use have been resilient since the start of COVID. And through 2021, we saw an improvement in nights out and weekend use, and we believe there's more to come.

對。為了解決您關於騎手的問題，活躍騎手總數同比增長 49%，在第四季度達到 1870 萬。我們已經看到 2021 年新騎手的強勁增長。第四季度，新騎手同比增長 42%。提供有關騎手用例的一些背景信息可能會有所幫助。自 COVID 開始以來，非高峰和工作日清晨的使用一直具有彈性。到 2021 年，我們看到夜間外出和周末使用有所改善，我們相信還會有更多。

One of the other kind of like thoughts around these cohorts and where people and how people change their transportation behaviors is that one thing we see at times and we would like to see more of is that the peaks get smoother. So there's more off-peak times. Peak periods of rides are less profitable rides for us because we have to manage a marketplace that at 9:00 am, everyone wants to ride at the same time.

圍繞這些人群以及人們在哪里以及人們如何改變他們的交通行為的另一種類似的想法是，我們有時會看到並且我們希望看到更多的一件事是高峰變得更加平滑。所以有更多的非高峰時間。乘車高峰期對我們來說利潤較低，因為我們必須管理一個在上午 9:00 時每個人都想同時乘車的市場。

So with kind of the spreading out of commute behavior, with the change in kind of when people are willing to go, not only will the products like Wait & Save help us, but also just having more of that off-peak time allows us to better manage the overall marketplace.

因此，隨著通勤行為的擴散，隨著人們願意去的時間的變化，Wait & Save 等產品不僅會幫助我們，而且只要有更多的非高峰時間，我們就可以更好地管理整個市場。

Your next question comes from the line of Mark Mahaney with Evercore ISI.

您的下一個問題來自與 Evercore ISI 的 Mark Mahaney。

If I could ask 2 questions. Do you see a drag from Omicron on active riders in the December quarter? I think you talked about different use cases, but did that cause -- was that one of the factors why active riders declined sequentially in the December quarter? Could you tell that there's a real falloff in that last 8 days of the quarter when it seemed like Omicron really sort of took over?

如果我能問2個問題。您是否看到 Omicron 在 12 月季度對活躍騎手造成了拖累？我認為您談到了不同的用例，但這是否是導致活躍騎手在 12 月季度連續下降的因素之一？你能說在本季度的最後 8 天裡，當 Omicron 似乎真的有點接管時，真的出現了下降嗎？

And then secondly. If rides are 30% below pre-COVID levels still, where do you think driver supply is versus where you were pre-COVID? Is it more or less than that?

其次。如果遊樂設施仍然比 COVID 之前的水平低 30%，那麼您認為司機供應與 COVID 之前相比在哪裡？比這多還是少？

Thanks for that. I'll take the first question. On active riders, we were down 1% in the fourth quarter versus the third quarter from $18.9 million to $18.7 million. Last year, we saw a similar trend. As a reminder, some of that comes from bikes and scooters. Bikes and scooters is seasonal, and we see dips in Q4 and in Q1, largely related to weather.

感謝那。我會回答第一個問題。在活躍的車手方面，我們在第四季度與第三季度相比下降了 1%，從 1890 萬美元降至 1870 萬美元。去年，我們看到了類似的趨勢。提醒一下，其中一些來自自行車和踏板車。自行車和踏板車是季節性的，我們看到第四季度和第一季度的下降主要與天氣有關。

The active rider stat of 18.7 million is up 49% year-over-year. And again, I'd point everyone to the revenue per rider is an all-time high of $51.79. So in terms of active riders, it's quite consistent with what we've seen in prior years, Q3 to Q4. And some of that is due to the seasonality of our bikes and scooters riders.

活躍騎手人數為 1870 萬，同比增長 49%。再一次，我要指出每個人的收入是 51.79 美元的歷史新高。因此，就活躍的車手而言，這與我們在前幾年（第三季度到第四季度）看到的情況非常一致。其中一些是由於我們的自行車和踏板車騎手的季節性。

With respect to your question on Omicron, as we all know, Omicron started hitting in the latter part of December. And so we do think that, that had some impact on demand, and then we saw that really impacting our business starting in January.

關於您對 Omicron 的問題，眾所周知，Omicron 是在 12 月下旬開始出現的。所以我們確實認為，這對需求產生了一些影響，然後我們從 1 月份開始看到這確實影響了我們的業務。

All right. And on the driver side, in the fourth quarter, active drivers grew by 34% versus Q4 last year. The key thing with drivers that sort of makes an apples-to-apples comparison not as interesting is just how much marketplace efficiency we've unlocked. And as COVID hit over the last couple of years, there's just been a top priority for us to focus on optimizing every second of every driver's time.

好的。在司機方面，第四季度，活躍司機比去年第四季度增長了 34%。與驅動程序進行蘋果對蘋果比較的關鍵在於我們解鎖了多少市場效率。隨著過去幾年 COVID 的爆發，我們的首要任務是專注於優化每位駕駛員的每一秒時間。

So that includes things like the new products we've launched, Wait & Save on the sort of economy and Priority Pickup on the premium end and the mapping investments and the sort of algorithmic work that we've done on dispatch and pricing to collectively help drivers be as fully utilized as possible and put every second of their time that they give us on the platform to the best use possible.

這包括我們推出的新產品、經濟型的 Wait & Save 和高端端的 Priority Pickup 以及映射投資以及我們在調度和定價方面所做的算法工作，以共同提供幫助盡可能充分地利用司機，並將他們在平台上給我們的每一秒時間都盡可能地利用起來。

So in total, drivers are being much more highly utilized now, and that is kind of a fundamental value unlock that will scale. So we can scale our supply side of the market much more efficiently as we go forward.

所以總的來說，司機現在的利用率更高，這是一種可以擴展的基本價值解鎖。因此，隨著我們的前進，我們可以更有效地擴展我們的市場供應方。

Another stat just to highlight, I'm not sure we've said it on the call, is that ETAs from Q2 to Q4 improved by 30%. And so that also demonstrates a great improvement in the service levels.

另一個要強調的統計數據，我不確定我們是否在電話會議上說過，從第二季度到第四季度的預計到達時間提高了 30%。這也表明服務水平有了很大的提高。

Your next question comes from the line of Ygal Arounian with Wedbush. Your next question comes from the line of Deepak Mathivanan with Wolfe Research.

您的下一個問題來自韋德布什的 Ygal Arounian。您的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

So just a couple of ones. Just to follow up on Eric's question on incremental margins, is the right way to think about incremental margin as volumes rebound, say, in 2Q, 3Q and 4Q to be in the kind of 40% to 45% range in terms of flow-through into EBITDA? Any color that you can provide in terms of levels we can expect through the year would be great.

所以只有幾個。只是跟進埃里克關於增量利潤率的問題，是考慮隨著銷量反彈而增加利潤率的正確方法，例如，在第二季度、第三季度和第四季度，就流通量而言，在 40% 到 45% 的範圍內進入 EBITDA？就我們全年可以預期的水平而言，您可以提供的任何顏色都很棒。

And then second question, just apologies if I missed it. Any reason why G&A was up in 4Q pretty significantly quarter-on-quarter? How should we think about it going forward? Is this sort of like the new run rate? Anything you can share would be great.

然後是第二個問題，如果我錯過了，請道歉。為什麼 G&A 在第 4 季度環比大幅增長？我們應該如何看待它的未來？這有點像新的運行速度嗎？你可以分享的任何東西都會很棒。

Absolutely. Yes, in Q4, G&A was up. It was largely driven by incremental G&A expenses unique to the fourth quarter. One was incremental spend around policy of $20 million, and that policy was against flexibility and independence for drivers as well as California Clean Air. And two, there were some incremental professional service fees that we have incurred in Q4. We anticipate that G&A expense will come down 15% in the first quarter. So in answer to your question, we don't expect that to be a new high, and in fact, it will be adjusting down.

絕對地。是的，在第四季度，G&A 上升了。這主要是由第四季度獨有的增加的 G&A 費用推動的。其中之一是 2000 萬美元的增量支出，該政策違背了司機以及加州清潔空氣的靈活性和獨立性。第二，我們在第四季度產生了一些增量專業服務費。我們預計第一季度的 G&A 費用將下降 15%。所以在回答你的問題時，我們不認為這是一個新的高點，事實上，它會向下調整。

In terms of the go-forward profitability and incrementality, we are not giving outlook beyond Q1 at this time on adjusted EBITDA. And that's largely because of the uncertainty around the shape and pace of recovery of Omicron and how that will impact top line and bottom line in the near term.

就未來的盈利能力和增量而言，我們目前沒有對調整後的 EBITDA 給出超過第一季度的展望。這主要是因為圍繞 Omicron 復甦的形式和步伐以及這將如何影響短期內的頂線和底線的不確定性。

That being said, we are committed and we remain committed to being adjusted EBITDA profitable and to improving our overall profitability over time. It's also important to note, we are guided primarily by our financial North Star, maximizing long-term free cash flow growth per share where that's defined as operating cash flow less CapEx.

話雖如此，我們承諾並將繼續致力於調整後的 EBITDA 盈利，並隨著時間的推移提高我們的整體盈利能力。同樣重要的是要注意，我們主要以我們的財務北極星為指導，最大限度地提高每股的長期自由現金流增長，這被定義為運營現金流減去資本支出。

Your next question comes from the line of Nikhil Devnani with Bernstein.

您的下一個問題來自 Nikhil Devnani 和 Bernstein 的觀點。

Just sticking with the incremental margin theme. The Q1 EBITDA outlook implies some margin compression from about 8% to 1%. The trips are expected to only be down a little. So how much of this is pricing deleverage here as supply and demand normalizes? And just can you remind us how important pricing is to the margin improvement story in 2022?

只是堅持增量保證金主題。第一季度 EBITDA 前景意味著利潤率從約 8% 壓縮至 1%。預計旅行只會減少一點。那麼隨著供需正常化，這有多少是定價去槓桿化呢？您能否提醒我們，定價對於 2022 年的利潤率改善故事有多麼重要？

Yes. Thanks for that. Yes, in terms of our margin in Q1, we're projecting revenues of $800 million to $850 million in Q1 revenue. That's up 31% to 40% versus Q1 of 2021. Relative to Q4, that implies a revenue decline of $120 million to $170 million, and that is down 12% to 18%. At the same time, we've noted that rides will be down slightly. The disproportionate -- the relative disproportionate decline in revenue quarter-over-quarter is driven by the revenue per ride.

是的。感謝那。是的，就我們第一季度的利潤率而言，我們預計第一季度的收入將在 8 億美元到 8.5 億美元之間。與 2021 年第一季度相比，這一數字增長了 31% 至 40%。相對於第四季度，這意味著收入下降了 1.2 億美元至 1.7 億美元，下降了 12% 至 18%。同時，我們注意到遊樂設施將略有下降。不成比例的——收入環比下降的相對不成比例是由每次乘車的收入驅動的。

In terms of the impact on EBITDA, we've given guidance of $5 million to $15 million. So at that midpoint of $10 million, it implies decrements to EBITDA of $65 million. And as I mentioned, that's largely flowing through at about $0.45 per dollar of revenue. And in terms of why we see that decrease in revenue per ride, it's largely due to seasonality.

就對 EBITDA 的影響而言，我們給出了 500 萬至 1500 萬美元的指導。因此，在 1000 萬美元的中點，這意味著 EBITDA 減少 6500 萬美元。正如我所提到的，這主要以每美元收入約 0.45 美元的速度流過。至於為什麼我們看到每次乘車收入下降，這主要是由於季節性。

The first quarter of the year tends to have more short rideshare trips, including a step down in airport rides as a percent of total, to seasonal low and less use of our high-value modes like Lux. And this has an impact per ride, which is disproportionately impacting revenue and is flowing through to the bottom line. In terms of pricing and revenue pricing per ride and revenue per ride and its impact on profitability, we still see significant leverage in our model.

今年第一季度往往會有更多的短途拼車旅行，包括機場乘車佔總數的百分比下降，到季節性低點，以及更少使用我們的高價值模式（如 Lux）。這對每次騎行都有影響，這對收入的影響不成比例，並且正在流向底線。就每次騎行的定價和收入定價以及每次騎行的收入及其對盈利能力的影響而言，我們仍然看到我們的模型具有很大的影響力。

And with top line growth and with rideshare growth, we see the ability to continue to achieve leverage. And the bottom line is when supply-demand dynamics are more in balance, this can lead to better service levels, normalized prices. And that's good for our business and good for volume.

隨著收入的增長和拼車的增長，我們看到了繼續實現槓桿的能力。最重要的是，當供需動態更加平衡時，這可以帶來更好的服務水平和正常化的價格。這對我們的業務和銷量都有好處。

All right. And with that, we'll call it a wrap. And I really want to thank everybody for joining our call today and look forward to talking with everybody soon.

好的。有了這個，我們稱之為包裝。我真的要感謝大家今天加入我們的電話會議，並期待很快與大家交談。

Thank you.

謝謝你。

Thank you.

謝謝你。

And this concludes today's conference call. Thank you for participating.

今天的電話會議到此結束。感謝您的參與。