Lyft Inc (LYFT) 2022 Q1 法說會逐字稿

Good afternoon and welcome to the Lyft First Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 Lyft 2022 年第一季度財報電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to turn the conference over to Sonya Banerjee, Head of Investor Relations. You may begin.

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 March 31, 2022. 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 has ended.

謝謝你。歡迎參加截至 2022 年 3 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. 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-K/A for full year 2021 filed on April 29, 2022, and in our Form 10-Q for the first quarter of 2022 that will be filed by May 10, 2022, as well as the current uncertainty and unpredictability in our business, the markets and economy.

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。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 年全年 10-K/A 表格中包含的風險因素中描述的那些2022 年 4 月 29 日，以及我們將於 2022 年 5 月 10 日提交的 2022 年第一季度的 10-Q 表格，以及我們業務、市場和經濟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. It 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 8-K 表格中提供的收益發布中找到。它也可以在我們的投資者關係網站上找到。

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.

謝謝，索尼婭。大家下午好，感謝您加入我們的電話會議。

I'm incredibly proud that Lyft will celebrate our 10th anniversary this month. Looking back, the first decade can be divided into 2 chapters. In Chapter 1, we overcame the odds and pioneered the industry, being the first to launch and scale peer-to-peer rideshare, create a new regulatory category and establish shared rides. In Chapter 2, we made our business profitable on an adjusted EBITDA basis during a global pandemic. We were the first in our industry to achieve this important milestone, and we did it earlier than we initially anticipated.

Lyft 將在本月慶祝公司成立 10 週年，對此我感到無比自豪。回首過去，第一個十年可以分為兩章。在第 1 章中，我們克服了困難，開創了行業先河，率先推出並擴展了點對點拼車服務，創建了新的監管類別並建立了拼車服務。在第 2 章中，我們在全球大流行期間根據調整後的 EBITDA 使我們的業務盈利。我們是業內第一個實現這一重要里程碑的公司，而且比我們最初預期的要早。

Now we're turning the page to our most exciting chapter yet. In Chapter 3, we plan to scale Lyft into the most impactful modern transportation network, which John will talk about more. Our mission continues to serve as our North Star. We want to improve people's lives with the world's best transportation. We have a lot of work in front of us, and I'm incredibly excited about our road map to build Lyft into a much larger company.

現在我們正在翻頁，這是我們迄今為止最激動人心的一章。在第 3 章中，我們計劃將 Lyft 擴展到最具影響力的現代交通網絡，John 將對此進行更多討論。我們的使命繼續作為我們的北極星。我們希望通過世界上最好的交通工具改善人們的生活。我們面前有很多工作要做，我對我們將 Lyft 打造成一家更大的公司的路線圖感到非常興奮。

Turning to Q1. Our results exceeded our outlook. January ride volumes were soft due to Omicron, but demand rebounded sharply in February and March. Average daily rideshare rides were up 20% in February versus January and grew further in March. Given the strong recovery, rideshare rides for the first quarter reached a new COVID high.

轉向第一季度。我們的結果超出了我們的預期。由於 Omicron，1 月份的乘車量疲軟，但 2 月和 3 月需求急劇反彈。與 1 月份相比，2 月份的平均每日拼車行程增加了 20%，並在 3 月份進一步增長。鑑於強勁的複蘇，第一季度的拼車服務達到了新的 COVID 高點。

And our marketplace has been getting healthier. Total active drivers in Q1 were up by more than 40% year-over-year, and new driver activations were up 70% versus Q1 last year. Consistent with what we saw last year, drivers in Q1 gave more rides on average than they did in 2019, and average ride ETAs in Q1 were 30% better on average than in the first quarter of last year.

我們的市場變得越來越健康。第一季度的活躍司機總數同比增長了 40% 以上，新司機的活躍度比去年第一季度增長了 70%。與我們去年看到的情況一致，第一季度司機的平均乘車次數比 2019 年多，第一季度的平均乘車預計到達時間平均比去年第一季度高 30%。

Even as gas prices increased in March, average driver earnings were up year-over-year. Our analysis shows that in March, drivers nationally spent an average of $0.61 more on gas per hour than they did in March of last year. Net of this increase, drivers using Lyft earned more than $24 per hour on average, including tips and bonuses. To be clear, this is for all online time, which includes time drivers may have been doing other things, including earning on other app-based platforms. And we ended March with more active drivers than we had at the end of January.

即使 3 月份汽油價格上漲，司機的平均收入仍同比增長。我們的分析顯示，3 月份全國司機平均每小時在汽油上的花費比去年 3 月份多 0.61 美元。扣除這一增長後，使用 Lyft 的司機平均每小時收入超過 24 美元，包括小費和獎金。需要明確的是，這適用於所有在線時間，其中包括司機可能一直在做其他事情的時間，包括在其他基於應用程序的平台上賺錢。與 1 月底相比，我們在 3 月底擁有更多活躍的司機。

We're continuing to keep a close eye on gas prices and have taken steps to help offset these costs. We instituted a $0.55 per ride fuel surcharge in most markets at the end of Q1. I want to be clear, the average hourly earnings figure I just discussed excludes any benefit from this fuel surcharge, which didn't go into effect until March 21. In addition, drivers who use the Lyft Direct debit card are able to get up to 5% cash back on gas through the end of June. And our partnership with Upside gives driver discounts on gas with the highest savings available to top Lyft drivers.

我們將繼續密切關注天然氣價格，並已採取措施幫助抵消這些成本。第一季度末，我們在大多數市場製定了每趟 0.55 美元的燃油附加費。我想澄清一下，我剛才討論的平均小時收入數字不包括這項燃油附加費的任何好處，該燃油附加費直到 3 月 21 日才生效。此外，使用 Lyft Direct 借記卡的司機最多可以到 6 月底，汽油返現 5%。我們與 Upside 的合作夥伴關係為 Lyft 頂級司機提供最高的汽油折扣。

Now let me talk about Q2. Even as our marketplace has been getting healthier, we want to continue improving service levels in preparation for further growth. So we expect to invest strategically in order to deliver the best possible experience for Lyft users. We believe more demand is ahead of us, particularly in the second half of this year. Keep in mind our Q1 rideshare ride volumes, which hit a new COVID high, were still only around 70% recovered versus the Q4 2019 level. And we see significant runway in key markets like San Francisco, which was less than 50% recovered in Q1 versus Q4 of 2019. The continued return of shared rides and more use cases as we progress through the year is also expected to help drive demand. We remain cautiously optimistic that revenue growth for full year 2022 will accelerate versus 2021.

現在讓我談談Q2。即使我們的市場越來越健康，我們也希望繼續提高服務水平，為進一步增長做準備。因此，我們希望進行戰略投資，以便為 Lyft 用戶提供最佳體驗。我們相信更多的需求擺在我們面前，尤其是在今年下半年。請記住，與 2019 年第四季度的水平相比，我們的第一季度拼車乘車量達到了新的 COVID 高點，但仍僅恢復了約 70%。我們看到舊金山等主要市場的跑道很長，與 2019 年第四季度相比，第一季度恢復了不到 50%。隨著我們全年的進展，共享遊樂設施的持續回歸和更多用例預計也將有助於推動需求。我們對 2022 年全年的收入增長將比 2021 年加速保持謹慎樂觀。

Now let me turn the call over to Elaine.

現在讓我把電話轉給伊萊恩。

Thanks, Logan, and good afternoon, everybody.

謝謝，洛根，大家下午好。

Big congratulations to the team on reaching Lyft's 10th anniversary. I'm very excited to be part of this company as Lyft enters its third chapter. I'd echo what Logan said, we are focused on building our business for the long term. This includes investing in a healthy marketplace, which will in turn drive scale and operating leverage.

熱烈祝賀團隊迎來 Lyft 成立 10 週年。隨著 Lyft 進入第三章，我很高興能成為這家公司的一員。我會回應洛根所說的話，我們專注於建立我們的長期業務。這包括投資於一個健康的市場，這將反過來推動規模和經營槓桿。

Before I turn to our financial results, you may have seen that we filed an 8-K and an amended 10-K on Friday. We restated our 2021 financial statements to correct a technical accounting issue in Q3 and Q4 related to how our reinsurance coverage was reflected in those periods. This restatement caused our full year 2021 GAAP net loss to increase by 5% or $52.8 million. To be clear, this adjustment did not impact our revenue, cash balances or non-GAAP results in any period. It also does not reflect any change in the underlying performance of our business. Please refer to our SEC filings for more detail.

在我談到我們的財務業績之前，您可能已經看到我們在周五提交了 8-K 和修訂的 10-K。我們重述了 2021 年的財務報表，以更正第三季度和第四季度的技術會計問題，該問題與我們的再保險覆蓋率在這些期間的反映方式有關。這一重述導致我們 2021 年全年 GAAP 淨虧損增加 5% 或 5280 萬美元。需要明確的是，這一調整併未影響我們在任何時期的收入、現金餘額或非公認會計原則的結果。它也不反映我們業務的基本表現的任何變化。有關更多詳細信息，請參閱我們的 SEC 文件。

Now let's talk about Q1. Rideshare rides were stronger than we anticipated. Given the impact that Omicron had on demand in January, we anticipated that ride volumes would be down slightly in Q1 versus Q4. And even though January was soft, demand rebounded meaningfully in February and March. As a result, total rideshare rides in Q1 were up quarter-over-quarter and reached a new COVID high.

現在讓我們談談Q1。拼車遊樂設施比我們預期的要強。鑑於 1 月份 Omicron 對需求的影響，我們預計第一季度的乘車量將比第四季度略有下降。儘管 1 月份疲軟，但需求在 2 月和 3 月顯著反彈。因此，第一季度的拼車總人數環比增長，並達到了新的 COVID 高點。

On the supply side, we ended Q1 with more active drivers than we had at the end of Q4. Relative to last year, as Logan mentioned, total active drivers were up by more than 40% and new drivers were up 70%. Accordingly, we reported Q1 revenue of $876 million, up 44% year-over-year, exceeding our guidance range of $800 million to $850 million. On a sequential basis, our Q1 revenues were down 10%. This reflects the impact of Omicron on the first month of the quarter and seasonality headwinds with shorter rides and less use of bikes and scooters.

在供應方面，我們在第一季度末的活躍驅動因素比第四季度末要多。正如洛根所說，與去年相比，活躍司機總數增加了 40% 以上，新司機增加了 70%。因此，我們報告第一季度收入為 8.76 億美元，同比增長 44%，超出了我們 8 億至 8.5 億美元的指導範圍。在連續的基礎上，我們的第一季度收入下降了 10%。這反映了 Omicron 對本季度第一個月的影響以及季節性逆風，騎行時間較短，自行車和踏板車的使用較少。

We had 17.8 million active riders in Q1, which includes rideshare as well as bike and scooter rides. This represents an increase of more than 4.3 million people or up 32% versus last year and reflects a mix of both new and returning riders. Active riders declined by 5% in Q1 versus Q4, reflecting the impact of Omicron and reduced bikes and scooter usage.

我們在第一季度有 1780 萬活躍騎手，其中包括拼車以及騎自行車和踏板車。這比去年增加了超過 430 萬人或 32%，反映了新騎手和老騎手的混合。與第四季度相比，第一季度的活躍騎手下降了 5%，這反映了 Omicron 的影響以及自行車和踏板車使用量的減少。

In terms of the recovery, it's worth noting that active riders increased 9% month-over-month in February and another 12% in March. New rider activations were up 22% month-over-month in March. Remember that rider activations near the end of the quarter are typically dilutive to revenue per active rider since there is less time for those riders to take rides.

就復甦而言，值得注意的是，2 月份活躍的騎手環比增長了 9%，3 月份又增長了 12%。 3 月份新騎手激活量環比增長 22%。請記住，接近季度末的車手激活通常會稀釋每位活躍車手的收入，因為這些車手乘坐的時間更少。

Even so, revenue per active rider in Q1 was the second highest it's ever been at $49.18, up 9% or roughly $4 versus Q1 '21 and just 5% short of the peak set in Q4 '21. Even while revenue per active rider benefited from a sequential increase in ride frequency, this was more than offset by lower revenue per ride in line with the seasonal trends I mentioned earlier.

即便如此，第一季度每位活躍騎手的收入是有史以來第二高的 49.18 美元，與 21 年第一季度相比增長 9% 或大約 4 美元，僅比 21 年第四季度設定的峰值低 5%。儘管每位活躍騎手的收入受益於乘車頻率的連續增加，但與我之前提到的季節性趨勢一致，這遠遠被每次乘車收入的下降所抵消。

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 as detailed in our earnings release. A reconciliation of historical GAAP to non-GAAP results is available on our Investor Relations website and may be found in our earnings release, 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，並且不包括我們的收益發布中詳述的基於股票的薪酬和其他精選項目。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發布中找到，該發布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 first quarter was 57.4%, exceeding our guidance of 56.5%. On a sequential basis, contribution margin declined by approximately 230 basis points, reflecting a shift in our revenue mix versus Q4. The outperformance on revenue and contribution margin relative to our guidance helped drive strong Q1 contribution of $503 million.

第一季度的貢獻率為 57.4%，超過了我們 56.5% 的預期。在連續的基礎上，邊際貢獻下降了大約 230 個基點，反映出我們的收入組合與第四季度相比發生了變化。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第一季度 5.03 億美元的強勁貢獻。

Let's move to operating expenses. Operations and support expense for Q1 was $92 million, up 11% year-over-year. That represents roughly 11% of revenue, flat with Q4 but down more than 300 basis points versus Q1 last year, reflecting leverage against top line growth. R&D expense in Q1 was $103 million, down approximately $29 million year-over-year, reflecting the sale of our Level 5 self-driving division in Q3 of 2021. As a percentage of revenue, R&D expense was 12% in Q1, down from 22% in the year ago period.

讓我們轉向運營費用。第一季度的運營和支持費用為 9200 萬美元，同比增長 11%。這約佔收入的 11%，與第四季度持平，但與去年第一季度相比下降了 300 多個基點，反映出對收入增長的影響。第一季度的研發費用為 1.03 億美元，同比下降約 2900 萬美元，這反映了我們在 2021 年第三季度出售的 5 級自動駕駛部門。第一季度的研發費用佔收入的百分比為 12%，低於去年同期為 22%。

Q1 sales and marketing was $115 million, up just 2% sequentially. As a percentage of revenue, sales and marketing was 13%. Within sales and marketing, incentives were 3% of revenue, which is a mix of driver referrals in addition to incremental rider incentive. G&A expense in Q1 was $167 million, up 7% versus Q1 '21. G&A expense as a percentage of revenue was 19%, down roughly 650 basis points from 26% in Q1 of '21. The decline versus last year is a reflection of better leverage on a higher top line. Relative to Q4 of '21, G&A expense declined 23% and reflects reduced policy and professional services spend.

第一季度的銷售和營銷為 1.15 億美元，環比僅增長 2%。銷售和營銷佔收入的百分比為 13%。在銷售和營銷中，激勵措施佔收入的 3%，這是除了增加的乘客激勵之外，還包括司機推薦。第一季度的 G&A 費用為 1.67 億美元，比 21 年第一季度增長 7%。 G&A 費用佔收入的百分比為 19%，比 21 年第一季度的 26% 下降了大約 650 個基點。與去年相比的下降反映了更高收入的更好槓桿率。相對於 21 年第四季度，G&A 費用下降了 23%，反映了政策和專業服務支出的減少。

In terms of the bottom line, our Q1 adjusted EBITDA profit of $54.8 million was better than our outlook of between $5 million and $15 million. This outperformance was driven by top line strength and expense savings. We ended Q1 of '22 with unrestricted cash, cash equivalents and short-term investments of $2.2 billion.

就利潤而言，我們第一季度調整後的 EBITDA 利潤為 5480 萬美元，好於我們預期的 500 萬美元至 1500 萬美元。這種優異表現是由頂線實力和費用節省推動的。我們以 22 億美元的無限制現金、現金等價物和短期投資結束了 22 年第一季度。

Before I move to our outlook, it's important to note that COVID and other macro factors like geopolitical dynamics and inflation are impossible for us to predict with any certainty. Future conditions can change rapidly and affect our results.

在我轉向我們的前景之前，重要的是要注意，我們無法確定地預測 COVID 和其他宏觀因素，如地緣政治動態和通貨膨脹。未來的情況可能會迅速變化並影響我們的結果。

With that, let me start by providing some important context. We are encouraged by the recovery in demand since January. Even if our marketplace has been getting healthier, we want to continue improving service levels in preparation for further growth. Over the past 2 years, evolving COVID conditions have made near-term demand trends highly variable. Federal stimulus and other pandemic-related dynamics have served as headwinds to driver supply. Together, these factors create rapid shifts in demand and in supply that make it more difficult to achieve a healthy balance when compared to a more typical environment.

有了這個，讓我首先提供一些重要的背景。一月份以來需求的複蘇令我們感到鼓舞。即使我們的市場變得更加健康，我們也希望繼續提高服務水平，為進一步增長做準備。在過去 2 年中，不斷變化的 COVID 條件使近期需求趨勢變化很大。聯邦刺激措施和其他與大流行相關的動態已成為驅動供應的逆風。與更典型的環境相比，這些因素共同導致需求和供應的快速變化，使得實現健康平衡變得更加困難。

Coming out of Omicron, we want to invest more in driver supply in Q2 to move our marketplace further into balance. This will set us up for the long term and ensure we're doing everything we can to take care of drivers and riders with the best possible experience. We also expect to invest in key business initiatives to support the continued growth of our company. These investments will have an impact on the leverage we are able to show in Q2. Over time, as our marketplace health continues to improve, this will allow us to support more ride volumes with better service levels. This will in turn allow us to achieve significant operating leverage.

從 Omicron 出來後，我們希望在第二季度對驅動器供應進行更多投資，以使我們的市場進一步平衡。從長遠來看，這將為我們奠定基礎，並確保我們盡一切努力以最佳體驗照顧司機和騎手。我們還期望投資於關鍵業務計劃，以支持我們公司的持續發展。這些投資將對我們能夠在第二季度展示的槓桿產生影響。隨著時間的推移，隨著我們的市場健康狀況不斷改善，這將使我們能夠以更好的服務水平支持更多的乘車量。反過來，這將使我們能夠實現顯著的經營槓桿。

Now let me provide our Q2 outlook. We expect revenue of between $950 million to $1 billion, which would represent quarter-over-quarter growth of 9% to 14%. In terms of profitability, we expect Q2 contribution margin will be approximately 56%, which reflects the impact of growth investments on our leverage. Post-Omicron, we feel the worst is behind us, and this coming quarter is an opportunity to invest in kickstarting the next year of growth. We will do so with a focus on drivers, the overall marketplace and some additional brand marketing.

現在讓我提供我們的第二季度展望。我們預計收入在 9.5 億美元至 10 億美元之間，環比增長 9% 至 14%。在盈利能力方面，我們預計第二季度的邊際貢獻將約為 56%，這反映了增長投資對我們槓桿的影響。在 Omicron 之後，我們覺得最糟糕的時期已經過去，下一個季度是投資啟動明年增長的機會。我們將重點關注驅動因素、整體市場和一些額外的品牌營銷。

As a result, we expect adjusted EBITDA of between $10 million to $20 million for Q2. For full year 2022, we remain cautiously optimistic that we will grow revenues faster than the 36% achieved in 2021. On a go-forward basis, even as we invest in our business, we remain committed to being adjusted EBITDA profitable.

因此，我們預計第二季度調整後的 EBITDA 將在 1000 萬美元至 2000 萬美元之間。對於 2022 年全年，我們仍然謹慎樂觀地認為，我們的收入增長速度將超過 2021 年實現的 36%。展望未來，即使我們投資於我們的業務，我們仍致力於實現調整後的 EBITDA 盈利。

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 our next chapter and ready to scale Lyft into the most impactful modern transportation network. Let me talk about what this means and how we are going to get there.

謝謝，伊萊恩。我對我們的下一章感到興奮，並準備將 Lyft 擴展到最具影響力的現代交通網絡。讓我談談這意味著什麼以及我們將如何到達那裡。

First, a modern transportation network brings today's fragmented set of transportation services together into one unified customer experience. Today, people have to deal with 10 different companies and go through 10 different channels to stitch together all of their ground transportation needs. In much the same way you can't use a mobile phone without attaching it to one of the big wireless networks, in the not-too-distant future, it will become impossible to imagine using a car and other modes of transportation without connecting to a network.

首先，現代交通網絡將當今分散的交通服務集整合到一個統一的客戶體驗中。今天，人們必須與 10 家不同的公司打交道，並通過 10 種不同的渠道來將他們所有的地面交通需求拼接在一起。就像你不能使用手機而不將其連接到一個大型無線網絡一樣，在不久的將來，你將無法想像在不連接網絡的情況下使用汽車和其他交通工具一個網絡。

Lyft's third chapter will be about completing the Lyft network, connecting rideshare, bikes, scooters, rentals, transit and even personal vehicles to maximize value for our customers. Our singular focus on transportation is a big competitive advantage. It enables us to go deeper within the transportation ecosystem to build experiences that go beyond today's status quo in every mode. These elevated yet simple experiences strengthen the network today and help us prepare to commercialize autonomous vehicles into the future.

Lyft 的第三章將是關於完善 Lyft 網絡，連接拼車、自行車、踏板車、租賃、公交甚至個人車輛，從而為我們的客戶實現價值最大化。我們對運輸的獨特關注是一個巨大的競爭優勢。它使我們能夠更深入地了解交通生態系統，從而在各種模式下建立超越當今現狀的體驗。這些提升而簡單的體驗加強了今天的網絡，並幫助我們為未來的自動駕駛汽車商業化做好準備。

Take our rental car programs. As a reminder, we have Lyft Rentals, which is consumer-facing; and Express Drive, which is a driver-facing rental program. Both contribute to our marketplace efficiency and allow us to support more of our customers' use cases. They also give us the foundation of data and hands-on experience we need to keep building our fleet management technology and capabilities that maximize vehicle uptime and lower overall fleet operating costs. These exact platforms and skill sets are critical into the future as we drive maximum returns for our AV partners.

參加我們的租車計劃。提醒一下，我們有面向消費者的 Lyft Rentals；和 Express Drive，這是一個面向司機的租賃計劃。兩者都有助於提高我們的市場效率，並使我們能夠支持更多客戶的用例。它們還為我們提供了數據和實踐經驗的基礎，我們需要繼續構建我們的車隊管理技術和能力，從而最大限度地延長車輛正常運行時間並降低整體車隊運營成本。這些確切的平台和技能組合對未來至關重要，因為我們為 AV 合作夥伴爭取最大回報。

Now let me provide an update on our 3 key strategic areas of focus for this year. These include: one, accelerate our core; two, expand emerging and new products, including our bike, scooter, rental cars and vehicle services; and three, invest in our innovation stack. Let me start with accelerating our core.

現在讓我介紹一下我們今年重點關注的 3 個關鍵戰略領域的最新情況。其中包括：一、加速我們的核心；二、拓展新興和新產品，包括我們的自行車、踏板車、租車和車輛服務；第三，投資於我們的創新堆棧。讓我從加速我們的核心開始。

Even as we continue to improve our service levels, we will also deliver innovations and partnerships that allow us to grow riders and use cases. One great example is Priority Pickup, which is our rideshare mode that gives riders access to an even faster pickup. We began rolling it out last year, and we've seen high repeat usage. This mode delivers meaningful value to riders while also making our network more efficient by better understanding rider preference. We are working to scale Priority Pickup to more markets and use cases as we progress through this year.

即使我們繼續提高我們的服務水平，我們也將提供創新和合作夥伴關係，使我們能夠增加騎手和用例。一個很好的例子是 Priority Pickup，這是我們的拼車模式，可以讓乘客獲得更快的接送服務。我們從去年開始推出它，並且我們已經看到了很高的重複使用率。這種模式為乘客提供了有意義的價值，同時通過更好地了解乘客的偏好，使我們的網絡更加高效。隨著今年的進展，我們正在努力將優先取貨擴展到更多市場和用例。

In terms of partnerships, we recently renewed our relationship with Chase, the largest credit card issuer in the United States. Chase card members who ride with Lyft will continue to receive preferred points on those rides for the next 3 years. This partnership gives the millions of Chase card members even more reason to use Lyft. The initial program produced great results, allowing us to meaningfully increase card members' transportation spend with Lyft.

在合作夥伴關係方面，我們最近與美國最大的信用卡發卡機構 Chase 續簽了合作關係。在未來 3 年內，使用 Lyft 出行的 Chase 卡會員將繼續在這些出行中獲得首選積分。這種合作關係讓數百萬 Chase 卡會員更有理由使用 Lyft。最初的計劃產生了很好的效果，使我們能夠有意義地增加卡會員在 Lyft 的交通費用。

Next, I'm going to talk about how we've been expanding our emerging and new products. In Q1, we grew the number of electric vehicles available to drivers through our Express Drive program in California. This work is part of our commitment to achieve 100% electric vehicles on our network by 2030. We've also been working to expand Lyft Rentals to new markets, including Chicago and San Diego, bringing our best-in-class consumer rental experience to more customers. In Q1, we saw more first-party rental activity than ever before with growth of more than 55% versus Q4. And by building on our existing real estate footprint, we can optimize our investments in these regions.

接下來，我將談談我們如何擴展我們的新興產品和新產品。在第一季度，我們通過我們在加利福尼亞的 Express Drive 計劃增加了可供駕駛員使用的電動汽車數量。這項工作是我們承諾到 2030 年在我們的網絡上實現 100% 電動汽車的一部分。我們還一直在努力將 Lyft 租賃擴展到包括芝加哥和聖地亞哥在內的新市場，將我們一流的消費者租賃體驗帶到更多的客戶。在第一季度，我們看到比以往任何時候都更多的第一方租賃活動，與第四季度相比增長超過 55%。通過建立我們現有的房地產足跡，我們可以優化我們在這些地區的投資。

Let me spend a moment on what we've been doing to expand and diversify our micromobility operations. These systems deliver compounding value as an additional entry point to our network. We've partnered with Spin to make their scooters available through the Lyft app. Through this partnership, we can make more micromobility options available to Lyft riders nationwide. This integration is available in select U.S. cities today and will ultimately scale to 60 markets.

讓我花點時間談談我們為擴大和多樣化我們的微移動業務所做的工作。這些系統提供複合價值作為我們網絡的額外入口點。我們與 Spin 合作，通過 Lyft 應用程序提供他們的滑板車。通過這種合作關係，我們可以為全國的 Lyft 乘客提供更多的微型出行選擇。目前，該集成已在美國部分城市推出，最終將擴展到 60 個市場。

Turning to our bikeshare systems. In April, we entered into an agreement to acquire PBSC Urban Solutions, a leading global supplier of bikeshare equipment and software. We're excited about this acquisition because it complements and expands our own bikeshare model. PBSC has a significant hardware footprint and will bring an incremental 70,000 bikes in 39 markets to our business. We are excited to build on the strong relationships PBSC has established with cities and operators around the world to support and expand these systems. The transaction is expected to close in Q2, subject to customary closing conditions.

轉向我們的共享單車系統。 4 月，我們簽訂了收購全球領先的共享單車設備和軟件供應商 PBSC Urban Solutions 的協議。我們對此次收購感到興奮，因為它補充並擴展了我們自己的共享單車模式。 PBSC 擁有龐大的硬件資源，將為我們的業務帶來 39 個市場的 70,000 輛自行車。我們很高興能在 PBSC 與世界各地的城市和運營商建立的牢固關係的基礎上進一步支持和擴展這些系統。該交易預計將在第二季度完成，但須符合慣例成交條件。

Finally, let me highlight some of the investments we are making in our innovation stack. This refers to the R&D we're doing to advance the technology that underpins our network. We continue to advance our pricing technology, specifically the feedback mechanism that enables our systems to adjust to sudden changes in demand. This has significant value across our network and for particular use cases like airport rides. Demand for airport pickups can be highly variable depending on the volume of arrivals and departures at a given time. And by enabling our systems to detect and adapt to these sudden shifts as quickly as possible, we can optimize our service levels at airports and capture more rides. We are applying a similar approach to address supply/demand shifts that result from events and other unique traffic patterns. Innovations like these can enable us to address more rides, deliver a better rider experience, increase driver earnings and improve our top line.

最後，讓我強調一下我們在創新堆棧中所做的一些投資。這是指我們為推進支撐我們網絡的技術而進行的研發。我們繼續推進我們的定價技術，特別是使我們的系統能夠適應需求突然變化的反饋機制。這在我們的網絡中以及對於機場遊樂設施等特定用例具有重要價值。根據給定時間的到達和離開量，對機場接機的需求可能會發生很大變化。通過使我們的系統能夠盡快檢測並適應這些突然的變化，我們可以優化我們在機場的服務水平並捕獲更多的乘車機會。我們正在採用類似的方法來解決由事件和其他獨特交通模式導致的供需變化。像這樣的創新可以讓我們解決更多的騎行問題，提供更好的騎手體驗，增加司機收入並提高我們的收入。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

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

（操作員說明）我們的第一個問題來自摩根大通的 Doug Anmuth。

I just wanted to follow up on some of the comments around the investments in driver supply. You talked about drivers being up 40% year-over-year and then up sequentially from year-end '21. Just hoping you can help us understand what's going on with drivers around higher gas prices and why you feel the need to invest that much more in driver supply now. And then can you help us just in terms of quantifying how much spend there might be in upcoming quarters?

我只是想跟進有關驅動程序供應投資的一些評論。你談到司機同比增長 40%，然後從 21 年底開始連續增長。只是希望你能幫助我們了解司機在油價上漲的情況下發生了什麼，以及為什麼你覺得現在有必要在司機供應上投入更多。然後你能幫助我們量化未來幾個季度可能會有多少支出嗎？

Yes. This is John, Doug. Just for context, obviously, we're reporting on Q1, and it was the largest spike in COVID cases of the pandemic. And one thing to think about, like typically, when we're managing the marketplace, there's much more organic growth or change. And when you come out of a large spike or a large change to the marketplace, and actually, we went through multiple of these large spikes, the importance of quickly getting service levels back but in a less organic way is part of what's happening here.

是的。這是約翰，道格。就上下文而言，顯然，我們報告的是第一季度，這是大流行的 COVID 病例中最大的峰值。還有一件事要考慮，就像通常情況下，當我們管理市場時，會有更多的有機增長或變化。當你從市場的大高峰或大變化中走出來時，實際上，我們經歷了多次這樣的大高峰，快速恢復服務水平但以不那麼有機的方式的重要性是這裡發生的事情的一部分。

So I would just tie those comments to the fact that Q1, there was Omicron. This quarter, Q2, which we're talking about with that guidance, is about kickstarting the rest of the year's growth. And we feel that it's the right investment to make. There's no underlying fundamental foundational concerns. In fact, driver earnings compared to last year are up, average about $24, and that was before we put in the $0.55 gas surcharge.

所以我會把這些評論與第一季度有 Omicron 的事實聯繫起來。本季度，我們正在討論的第二季度，是關於啟動今年剩餘時間的增長。我們認為這是正確的投資。沒有潛在的基本基本問題。事實上，與去年相比，司機的收入有所增加，平均約為 24 美元，而這還沒有計入 0.55 美元的汽油附加費。

Yes. So one thing that I think is important to understand about the marketplace is that supply adjustments are like moving the Titanic. It's very, very slow, whereas demand can change on a dime. And what we saw, most of the marketplace moves organically, right? So there are only kind of modest things that we can do to impact that. And what we saw coming out of Omicron was, obviously, as demand went down, more drivers signed off. And then demand turned on a dime and shot back up, and drivers continued to rejoin the platform.

是的。因此，我認為了解市場很重要的一件事是，供應調整就像移動泰坦尼克號。它非常非常緩慢，而需求可能會發生變化。而我們所看到的，大部分市場都是有機的，對吧？因此，我們只能做一些適度的事情來影響這一點。顯然，我們從 Omicron 看到的情況是，隨著需求下降，越來越多的司機簽了名。然後需求突然增加並回升，司機繼續重新加入平台。

So when we look at our role and it is, again, most of it is happening organically in the marketplace. But when we look at our role, we look for what are the positive ROI opportunities where we can invest to accelerate the trend we're confident in. And we're confident that we have turned an important page in the pandemic. The policies across the U.S., across much of the world are adjusting. And people are getting very comfortable living with COVID. And we feel very confident that this is the right time to put a little extra investment behind ensuring we're ready to handle that demand and that we're there providing the best service levels we can. So we are making ROI-positive investments where we have high confidence that they will pay off in the long term for the business and for shareholders.

因此，當我們審視自己的角色時，同樣，大部分都是在市場上有機發生的。但是，當我們審視自己的角色時，我們會尋找可以投資的積極投資回報機會，以加速我們有信心的趨勢。而且我們相信我們已經在大流行中翻開了重要的一頁。美國和世界大部分地區的政策都在調整。人們越來越適應與 COVID 一起生活。我們非常有信心，現在是進行額外投資的合適時機，以確保我們準備好應對這種需求，並且我們可以提供最好的服務水平。因此，我們正在進行投資回報率正的投資，我們高度相信它們將為企業和股東帶來長期回報。

And any more you can add just around quantification?

您還可以在量化方面添加更多內容嗎？

It's Elaine. I can add a little more context on our investments. So in addition to investing in drivers, we're really focused on investing in drivers, the marketplace and a bit of marketing as well as we anticipate this continued comeback in demand.

是伊萊恩。我可以為我們的投資添加更多背景信息。因此，除了投資司機外，我們還真正專注於投資司機、市場和一些營銷，我們預計需求將持續回升。

In terms of our cost categories below cost of revenue, we're projecting that R&D, sales and marketing and G&A increase about 1 percentage point as a percent of revenue this quarter versus last quarter, Q2 versus Q1. And that's what you see impacting our margin this quarter. We believe that these investments in drivers and in other initiatives that are supporting our growth ultimately are going to pay off in the healthier marketplace, which drives more rides, more top line, and that drives the flywheel of leverage. And we feel really good about what we're seeing in terms of demand for Q2 and in the back half.

就低於收入成本的成本類別而言，我們預計本季度與上一季度、第二季度與第一季度相比，研發、銷售和營銷以及 G&A 佔收入的百分比將增加約 1 個百分點。這就是您所看到的影響本季度利潤率的因素。我們相信，這些對驅動程序和支持我們增長的其他舉措的投資最終將在更健康的市場中獲得回報，這將推動更多的遊樂設施、更多的收入，並推動槓桿的飛輪。我們對第二季度和下半年的需求感到非常滿意。

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

下一個問題來自高盛的 Eric Sheridan。

In prior calls, you've talked about some pockets of market concentration that are still well below pre-pandemic levels. Can you give us a sense of sort of geographic skew where you're seeing still room for a fair bit of pre-pandemic recovery in the business broadly? And then within the business itself from a product or a type of ride standpoint, anything that can help us to understand in terms of either long or short-duration rides, return to work, airports, elements of SKUs that are driving the business versus where there could still be recovery over the next couple of quarters.

在之前的電話會議中，您談到了一些仍遠低於大流行前水平的市場集中度。您能否給我們一種地理偏斜的感覺，您認為該業務在大流行前仍有相當大的恢復空間？然後從產品或乘車類型的角度來看，在業務本身內部，任何可以幫助我們了解長期或短期乘車、重返工作崗位、機場、推動業務的 SKU 元素與何處未來幾個季度仍有可能複蘇。

Yes. Yes. A couple of things. We see a ton of headroom for growth on the West Coast particularly. And Lyft has always over-indexed our share on West Coast markets. So I think that provides some real upside for us as the business recovers. Cities like San Francisco are still just about 50% recovered, whereas nationally, the average is 70% recovered. So we feel like there's a lot of great headroom there.

是的。是的。有幾件事。我們特別看到西海岸有很大的增長空間。 Lyft 一直高估我們在西海岸市場的份額。因此，我認為隨著業務的複蘇，這為我們提供了一些真正的好處。像舊金山這樣的城市仍然只有大約 50% 的恢復率，而在全國范圍內，平均恢復率為 70%。所以我們覺得那裡有很多很棒的空間。

The other area where I think there's a lot of headroom in the business is on Shared rides. And we have Shared rides live in 2 markets today. They're live in Philly and Miami. But we are quite excited about the opportunity to launch Shared rides. And for those of you who remember, but back in 2019, they were a very meaningful part of the business, and again, an area where Lyft was known. We were very known for our Shared rides product. And so we're excited to light that up again and imagine that, that will make up a meaningful part of the business by the end of the year.

我認為業務中有很大空間的另一個領域是共享遊樂設施。我們今天在 2 個市場提供共享遊樂設施。他們住在費城和邁阿密。但我們對有機會推出共享遊樂設施感到非常興奮。對於那些記得但早在 2019 年的人來說，它們是業務中非常有意義的一部分，並且再次成為 Lyft 知名的領域。我們以共享遊樂設施產品而聞名。所以我們很高興再次點亮它，並想像到今年年底這將成為業務的重要組成部分。

Yes. Thanks for the question. And in terms of airport rides, we mentioned that in Q4, airport rides were 9%. We were pleased that in Q1, it stayed relatively flat at 8% of rides, and we feel bullish about this going forward with the rebound in travel.

是的。謝謝你的問題。在機場乘車方面，我們提到在第四季度，機場乘車率為 9%。我們很高興在第一季度，它在 8% 的遊樂設施中保持相對平穩，隨著旅行的反彈，我們看好這一趨勢。

In addition, beyond the airport use cases increasing throughout the rest of the year, we also see headroom for nights out. That's still as a percent of total rides below where it was pre-pandemic. And we think that all the tailwinds are with us on that one. In addition, we think there's more headroom with return to work. And within travel and related to return to work, we also see headroom with business travel. I mean, that's a big opportunity for us.

此外，除了機場用例在今年餘下時間不斷增加之外，我們還看到了夜間外出的空間。這仍佔總行程的百分比，低於大流行前的水平。我們認為所有的順風都與我們同在。此外，我們認為重返工作崗位還有更多空間。在旅行和與重返工作崗位相關的情況下，我們也看到了商務旅行的空間。我的意思是，這對我們來說是一個很大的機會。

Next question comes from the line of Stephen Ju of Credit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

So can you talk about the benefits to either retention rates or frequency of usage you may see in those cities where you have that expanded transportation offering with micromobility so we can perhaps think about how PBSC can help transform the business in those markets where you don't yet have a bike footprint? And also last quarter, I think you talked about the desire to invest into a more, I guess, purpose design maps product that's appropriate for Lyft's usage versus the general use case. So can you share what your progress has been there and when we can start seeing you guys start to ship some products?

那麼，您能否談談您可能會在那些擁有通過微移動提供擴展交通服務的城市中看到的保留率或使用頻率的好處，以便我們可以考慮 PBSC 如何幫助您在這些市場中改變業務？還沒有自行車足跡？同樣在上個季度，我認為您談到了投資於更適合 Lyft 使用而不是一般用例的目的設計地圖產品的願望。那麼你能分享一下你的進展嗎？我們什麼時候可以開始看到你們開始出貨一些產品？

Sure. This is John. I'll talk to the bikes and Logan can talk to the maps. So as you mentioned, we're working towards acquiring PBSC, excited about the acquisition. We're seeing in 2021 more than 2.4 million first-time riders across the U.S. try Lyft-operated bikes and scooters. There's some other stats around kind of how big our current presence got, and then I can talk to what we get with PBSC. In New York City, greater than 40% of commute rides on our platform were by Citi Bike. In 2021, Citi Bike, if you consider the transit system, is the 25th largest in the United States. So we're seeing positive success with this more dock-based kind of city partnership model where we have exclusive relationship with the city.

當然。這是約翰。我會和自行車對話，Logan 可以和地圖對話。正如你所提到的，我們正在努力收購 PBSC，對此次收購感到興奮。到 2021 年，我們將看到美國有超過 240 萬的首次騎行者嘗試使用 Lyft 運營的自行車和踏板車。還有一些關於我們目前的存在有多大的其他統計數據，然後我可以談談我們通過 PBSC 得到的結果。在紐約市，我們平台上超過 40% 的通勤騎行是由 Citi Bike 提供的。 2021 年，如果考慮公交系統，Citi Bike 將在美國排名第 25 位。因此，我們看到這種以碼頭為基礎的城市合作模式取得了積極的成功，我們與城市建立了獨家合作關係。

PBSC had done this as well and had done this globally. And by doing that acquisition, we more than double the number of bikes on the ground. And it really helps when we have R&D that's going into building a better fleet. Ebike, which we just launched, which is doing really well, has lowered our cost of operations to be able to spread that R&D cost across many more geographies. Double the footprint is great.

PBSC 也這樣做了，並且在全球範圍內都這樣做了。通過進行此次收購，我們將地面上的自行車數量增加了一倍以上。當我們進行研發以建立更好的機隊時，這真的很有幫助。我們剛剛推出的 Ebike 表現非常好，它降低了我們的運營成本，以便能夠將研發成本分散到更多的地區。雙倍的足跡很棒。

On the revenue side, we can sell that hardware into a much larger base of cities. And so excited about that acquisition, excited about the transit and bike business as a way for people in very dense urban environments to get affordable rides and to become loyal Lyft users.

在收入方面，我們可以將硬件銷售到更大的城市群。對這次收購感到非常興奮，對交通和自行車業務感到興奮，因為它是非常密集的城市環境中人們獲得負擔得起的乘車服務並成為 Lyft 忠實用戶的一種方式。

And then on the mapping front, a couple of things. One to just to give a little more color on how we're approaching our mapping investment or mapping work. First is, we're building on top of OpenStreetMap, which is a long-standing open-source project. And you have a lot of major companies, Amazon and Meta being a couple of the larger ones, who are heavily invested in that and making it a success. So the project has accelerated a lot over the last number of years and has gotten quite good. So that's the foundation of the Lyft Map. And we have been putting a lot of energy into capturing the unique data that we have as a company. We have tens of thousands of cars, hundreds of thousands of cars on the road at all times capturing data and sending that back to us about traffic speeds. We capture safety data. We capture road closures, et cetera. And we're able to feed all of that back to create kind of unique value-add layers to the map and in some cases, edits and improvements to the map.

然後在映射方面，有幾件事。一個只是為了給我們如何處理我們的地圖投資或地圖工作提供更多的色彩。首先，我們建立在 OpenStreetMap 之上，這是一個長期存在的開源項目。你有很多大公司，亞馬遜和 Meta 是一些較大的公司，他們在這方面投入了大量資金並取得了成功。因此，該項目在過去幾年中加速了很多，並且取得了相當不錯的成績。這就是 Lyft Map 的基礎。我們一直在投入大量精力來捕捉我們作為一家公司所擁有的獨特數據。我們有數以萬計的汽車，數十萬輛汽車在路上一直在捕獲數據並將有關交通速度的數據發回給我們。我們捕獲安全數據。我們捕捉道路封閉等情況。我們能夠將所有這些反饋給地圖，為地圖創建一種獨特的增值層，在某些情況下，還可以對地圖進行編輯和改進。

And you see a lot of that work is already evident in the product today. So a lot of those breakthroughs mean that a driver gets there a few seconds faster because we've navigated them around a street closure or we more accurately sort of identified that a driver who's physically closer to you may actually get stuck in traffic for longer than a driver that's physically a little further away but has a straight shot on a street without traffic. So those are some of the more fundamental improvements that show up in dispatch.

你會看到很多這樣的工作在今天的產品中已經很明顯了。因此，許多這些突破意味著駕駛員可以更快到達那裡，因為我們已經在街道封閉處導航了他們，或者我們更準確地確定了距離您更近的駕駛員實際上可能會在交通中停留更長時間物理距離稍遠但在沒有交通的街道上直射的司機。因此，這些是調度中出現的一些更基本的改進。

With the navigation product, we just had a really exciting milestone where we have completed our 10 millionth ride on the Lyft nav stack. So this is something where we're still scaling this up and iterating on it to make sure that we hit the sort of experience levels we're targeting, but it's starting to get really, really good. And you should see that scale up in a much larger way over the course of the year.

有了導航產品，我們剛剛完成了一個非常激動人心的里程碑，我們在 Lyft 導航堆棧上完成了第 1000 萬次騎行。所以這是我們仍在擴大規模並對其進行迭代的地方，以確保我們達到我們所針對的體驗水平，但它開始變得非常非常好。你應該會看到這一年的規模擴大了很多。

The next question comes from the line of Mark Mahaney of Evercore.

下一個問題來自 Evercore 的 Mark Mahaney。

A couple of questions, please. When do you think rides will recover to post-COVID levels? Is that assumed in your guidance for kind of accelerating revenue growth this year versus last year? And then you provided some color on rider incentives as a percentage of revenue. I think it was 3%, which looks like it's pretty consistent. What about driver incentives? How did that look as a percentage of revenue with what you had in the past? And then you gave guidance for the next quarter on some of the OpEx lines. What should we assume is going to happen with driver incentives as a percent?

有幾個問題，請。您認為遊樂設施何時會恢復到 COVID 後的水平？你的指導是否假設今年與去年相比會加速收入增長？然後你提供了一些關於騎手獎勵佔收入百分比的顏色。我認為是 3%，這看起來非常一致。司機獎勵怎麼樣？與您過去的收入相比，這與收入的百分比如何？然後你就一些運營支出線給出了下一季度的指導。我們應該假設司機激勵百分比會發生什麼？

Sure. Let's talk about incentives and incentives classified as contra. In Q1, they were $350 million, and that was up 3% quarter-on-quarter. And they are an important lever to achieve balance in our marketplace. All that being said, while we are continuing to invest in driver incentives, contra incentives per ride peaked in Q2 '21. And we still believe that, that's a peak. And I'm working backwards in your questions. I think your question before that was around, do you mind repeating the other 2 parts to your question?

當然。讓我們談談被歸類為對立的激勵和激勵。第一季度，它們為 3.5 億美元，環比增長 3%。它們是在我們的市場中實現平衡的重要槓桿。話雖如此，儘管我們繼續投資於駕駛員激勵措施，但每次乘車的反向激勵措施在 21 年第二季度達到頂峰。我們仍然相信，那是一個高峰。我在你的問題中倒退。我認為您之前的問題已經存在，您介意重複您的問題的其他兩個部分嗎？

Well, any particular guidance you want to give us on that contra item for the June quarter? And then when should we expect rides to be back to pre-COVID levels, not just COVID high but higher than where you were pre-COVID? And is that assumed in the guidance for the year?

好吧，您想就 6 月季度的那個相反項目給我們任何特別的指導嗎？然後，我們應該什麼時候期望遊樂設施恢復到 COVID 之前的水平，不僅是 COVID 高，而且高於 COVID 之前的水平？這是在今年的指導中假設的嗎？

Yes. In terms of our optimism about full year revenue, and we do believe the full year revenue will be up faster than the growth we saw last year, so higher than 36% year-on-year growth. The exact means by which we get there between quantity of rides and the average revenue per ride, I don't want to comment on. And so therefore, I don't want to talk about like when we think that will hit pre-COVID rides. But as we said, we think that there's a ton of headroom and that we're still at 70% there now. So lots of headroom on the quantity side to get there.

是的。就我們對全年收入的樂觀而言，我們確實相信全年收入的增長速度將快於我們去年看到的增長，因此高於 36% 的同比增長。我們在乘車數量和每次乘車的平均收入之間達到的確切方法，我不想評論。因此，我不想談論我們認為這會影響到 COVID 之前的遊樂設施。但正如我們所說，我們認為有很大的空間，我們現在仍然保持在 70%。所以在數量方面有很多空間可以到達那裡。

Next question we have from the line of Deepak Mathivanan of Wolfe Research.

下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Actually, I just want to kind of expand a little bit on the last question. Previously, when you've had the need to build driver side or the supply side, large part of it was tied to consumer prices and largely kind of paid out higher earnings and incentives to drivers. It sounds like this time around these investments are somewhat coming from your P&L. Is that the right characterization or is it still going to be funded by higher prices? How should we think about kind of like what type of these incentives are in order to kind of build on driver supply?

實際上，我只是想稍微擴展一下最後一個問題。以前，當您需要建立司機端或供應端時，其中很大一部分與消費者價格掛鉤，並且在很大程度上向司機支付了更高的收入和激勵措施。聽起來這次這些投資在某種程度上來自您的損益表。這是正確的表徵還是仍將由更高的價格提供資金？我們應該如何考慮這些激勵措施的類型，以便建立在司機供應的基礎上？

Yes. So in terms of funding the investments in drivers, some of that does come straight from pricing. And the premiums that we see in prime time can fund the investments in drivers. Some of our second order investments in R&D and what we're doing to invest in the marketplace, and that's what you see in this quarter impacting our outlook on overall EBITDA margin. Those investments, which ultimately invest in a healthy marketplace benefiting both drivers and riders, that's what's impacting our Q2 margin guide.

是的。因此，在為驅動程序投資提供資金方面，其中一些確實直接來自定價。我們在黃金時段看到的保費可以為司機的投資提供資金。我們在研發方面的一些二階投資以及我們在市場上所做的投資，這就是您在本季度看到的影響我們對整體 EBITDA 利潤率的展望。這些投資最終投資於一個有益於司機和乘客的健康市場，這就是影響我們第二季度利潤率指南的原因。

Okay. Maybe if I can ask one more. You're guiding for contribution margin to be down quarter-to-quarter. Was there any onetime things that we should be aware of in the 2Q guide or is there anything that we should be aware of?

好的。也許我可以再問一個。您正在指導邊際貢獻按季度下降。在 2Q 指南中是否有任何我們應該注意的一次性事項，或者有什麼我們應該注意的事項？

Sorry, say that again, any onetime?

抱歉，再說一遍，有時間嗎？

In the contribution margin outlook for 2Q?

在第二季度的邊際貢獻前景？

There's nothing onetime impacting our contribution margin in Q2.

沒有什麼會影響我們在第二季度的邊際貢獻。

The next question comes from the line of Ygal Arounian of Wedbush.

下一個問題來自 Wedbush 的 Ygal Arounian。

Just on the 2Q guidance and the revenue guidance. As you talked about the February-March trends and how they were doing and improving, can you talk a little bit about what's built into your expectations for 2Q, if there's any color that you can give on April? Are you seeing any factors from kind of inflation or the macro or perhaps people not going out as much or is the reopening kind of going on pace? Just what's built into your expectations around that number?

只是關於第二季度的指導和收入指導。當您談到 2 月至 3 月的趨勢以及它們的表現和改進時，您能否談談您對 2Q 的期望中包含的內容，如果您可以在 4 月給出任何顏色嗎？您是否看到任何來自通貨膨脹或宏觀因素的因素，或者人們可能沒有那麼多外出，或者重新開放的步伐正在加快？您對這個數字的期望是什麼？

Yes. Absolutely. So obviously, January took a big dip as we saw the impact of Omicron. And then as Logan alluded to in his comments, we saw demand rebound in February and in March. Our Q2 guidance is informed by our exit rate in terms of rides per week at the end of the first quarter, and we're projecting low single-digit growth in the average weekly rides that's informing our second quarter guidance. That low single-digit growth rides is consistent with seasonality that we typically see Q2 versus Q1. And so we feel like that's a prudent sort of outlook for Q2.

是的。絕對地。很明顯，當我們看到 Omicron 的影響時，1 月份大幅下滑。然後正如洛根在他的評論中提到的那樣，我們看到 2 月和 3 月的需求反彈。我們的第二季度指導是根據我們在第一季度末每週乘坐次數的退出率得出的，我們預計每周平均乘坐次數的低個位數增長會為我們的第二季度指導提供信息。這種低個位數的增長與我們通常看到的第二季度與第一季度的季節性一致。因此，我們認為這是對第二季度的審慎展望。

In terms of inflation or something like that, that's not impacting our revenue guidance. Our revenue guidance is driven by our outlook on rides, and that's really what's driving the $950 million to $1 billion.

就通貨膨脹或類似情況而言，這不會影響我們的收入指導。我們的收入指導是由我們對遊樂設施的展望驅動的，而這正是推動 9.5 億美元至 10 億美元的真正原因。

And then maybe a little bit more detail on just, when you talk about getting service levels back, sort of investing in that, rides come back and continue to normalize, can you just give a little bit more detail on what that means? What it is about the service levels that you're not happy with? Are there specific metrics that you're looking for, a rider to driver ratio? Or just any more color around that, that could help us understand where we are now and where we want to get by the end of the year?

然後可能會更詳細一點，當您談到恢復服務水平時，有點投資，遊樂設施回來並繼續正常化，您能否詳細說明這意味著什麼？您不滿意的服務水平是什麼？是否有您正在尋找的特定指標，即騎手與駕駛員的比例？或者只是圍繞它的更多顏色，這可以幫助我們了解我們現在的位置以及我們希望在今年年底前達到的位置？

One of the metrics that we like to look at is average ride ETAs. The good news is in Q1, they improved by 30% year-over-year. But again, like we expect demand to keep increasing, and we need to get the supply side ready for that. And so that's one of the main metrics we look at, along with price and quantity of driver hours and sessions on the demand side.

我們喜歡查看的指標之一是平均騎行預計到達時間。好消息是在第一季度，它們同比增長了 30%。但同樣，就像我們預計需求會繼續增加一樣，我們需要讓供應方為此做好準備。因此，這是我們關注的主要指標之一，以及需求方面的司機小時數和會話的價格和數量。

The next question comes from the line of John Blackledge of Cowen.

下一個問題來自 Cowen 的 John Blackledge 的話。

Two questions. First on Shared rides, how did they perform in Philly and Miami in 1Q '22? And kind of what's the cadence for opening up Shared rides in other markets the rest of the year? And then second, a little bit of a longer-term question. If you could discuss investments in EV infrastructure for drivers as Lyft points to the 2030 goal.

兩個問題。首先是共享遊樂設施，他們在 22 年 1 季度在費城和邁阿密的表現如何？今年剩餘時間在其他市場開放共享遊樂設施的節奏是什麼？然後第二個問題是一個長期的問題。如果您可以像 Lyft 指出的 2030 年目標一樣討論對駕駛員電動汽車基礎設施的投資。

Great. Yes. So in April, Shared rides were roughly 9% of total rideshare rides in Philly, Pennsylvania and Miami. The cadence for reopening new markets will sort of be based on how we see initial launches go and kind of early success of that. So we expect it to be over the course of the year, but probably expect to be fairly fully ramped by the end of this year. And then the second question on electric vehicles. Can you ask that question again, tell us what you're looking for?

偉大的。是的。因此，在 4 月份，拼車服務約佔費城、賓夕法尼亞州和邁阿密的拼車服務總量的 9%。重新開放新市場的節奏將取決於我們如何看待最初的發布以及早期的成功。因此，我們預計它將在今年內完成，但可能預計到今年年底會相當全面。然後是關於電動汽車的第二個問題。你能再問一次這個問題，告訴我們你在找什麼嗎？

The investments that you're making in charging stations across the country for the drivers, any kind of update there that might differentiate you from competitors?

您在全國各地為司機充電站的投資，那裡有任何可能使您與競爭對手區分開來的更新嗎？

I'd say the biggest differentiation is that we have the Flexdrive program. So today, drivers can rent EVs from Flexdrive, which is our independent managed subsidiary, which includes free charging. Actually, EVs have been available through our Express Drive, which is the external name we call it for drivers. For years, they've had EVs. And so the structural advantage is that we have these fleet management capabilities at scale, and we're able to distribute these EVs along with partnerships we've made on the charging side directly to our drivers. Yes. One of the other exciting things we saw for the first time with EVs, that the financial equation for a driver made EVs as good or, in some cases, better financial decision than combustion engines.

我想說最大的區別是我們有 Flexdrive 計劃。所以今天，司機可以從我們獨立管理的子公司 Flexdrive 租用電動汽車，其中包括免費充電。實際上，電動汽車已經可以通過我們的 Express Drive 獲得，這是我們對司機的外部名稱。多年來，他們一直擁有電動汽車。因此，結構優勢是我們擁有大規模的車隊管理能力，我們能夠將這些電動汽車與我們在充電方面建立的合作夥伴關係直接分發給我們的司機。是的。我們第一次在電動汽車上看到的其他令人興奮的事情之一是，駕駛員的財務等式使電動汽車與內燃機一樣好，或者在某些情況下，財務決策更好。

Yes. One kind of interesting fact is that as we saw gas prices shoot up, a number of drivers have both the gas-powered car and an EV, not a large quantity but a number do. And we saw the sort of every driver who had access to an EV basically jumped in that EV and started giving rides in that EV as gas prices shot up. So whereas historically, they have been at a premium, we see in the next couple of years there being a turning point where EVs can provide much more kind of consistent cost structure for our drivers.

是的。一個有趣的事實是，當我們看到汽油價格上漲時，許多司機同時擁有汽油動力汽車和電動汽車，數量不多，但數量很多。我們看到每個可以使用電動汽車的司機基本上都跳進了那輛電動汽車，並隨著汽油價格飆升而開始乘坐那輛電動汽車。因此，儘管從歷史上看，它們一直處於溢價狀態，但我們看到未來幾年將出現一個轉折點，電動汽車可以為我們的司機提供更多一致的成本結構。

And right now, when you layer in all the incentives, it is roughly breakeven, but we think that sort of is going to tip over time. And so we're really interested in doing what we can to remove those barriers for our drivers so they can untap that. And I think, obviously, it's going to become the majority of our business in the next several years.

而現在，當你將所有激勵措施分層時，它大致是收支平衡的，但我們認為這種情況會隨著時間的推移而傾斜。所以我們真的很想盡我們所能為我們的司機消除這些障礙，這樣他們就可以解開這些障礙。而且我認為，很明顯，它將在未來幾年成為我們業務的主要部分。

The next question comes from the line of Brad Erickson of RBC.

下一個問題來自 RBC 的 Brad Erickson。

Just a couple of follow-ups here. Elaine, the contra portion on the incentives baked into the guide, assuming it's higher quarter-over-quarter, any magnitude you might be able to give there? And then secondarily on the contribution margin, in the past I think you've talked about 45% being the goal. I think you dropped it this quarter at about 48%. Is that something you look to get back to as we look beyond some of these near-term driver incentives? And any sense if that's maybe now a '23 thing versus a '22 thing or the intensity of these incentive investments is maybe going to be a little shorter-lived?

這裡只是一些後續行動。伊萊恩（Elaine），指南中包含的激勵措施的對立部分，假設季度環比較高，您可以提供什麼幅度？其次是邊際貢獻，在過去我認為你曾談到 45% 是目標。我認為你本季度將其降至 48% 左右。當我們超越這些近期的司機激勵措施時，您是否希望回到這一點？如果現在這可能是 23 年的事情而不是 22 年的事情，或者這些激勵投資的強度可能會有點短命，有什麼意義嗎？

On the driver incentives, look, we think, sort of to reiterate something that John said earlier, we're coming out of Omicron. And reiterating something that Logan said, it's hard to move the ocean liner of supply, but demand is very, very quickly. And we're seeing great signs on demand. This is an investment quarter to get drivers in line with that. When the marketplace reaches much healthier balance would be hard to predict. But I think it's important to reiterate that we're bullish on full year top line performance and remain committed to adjusted EBITDA profitability, reaching GAAP profitable over time. And all of our investment decisions are made through a ROI-positive lens with the goal of delivering and maximizing free cash flow growth per share.

在司機激勵方面，我們認為，有點重申約翰之前說過的一些話，我們是從 Omicron 出來的。並重申洛根所說的話，很難移動供應的遠洋班輪，但需求非常非常快。而且我們看到了需求的巨大跡象。這是一個投資季度，讓司機與此保持一致。市場何時達到更健康的平衡將很難預測。但我認為重要的是要重申，我們看好全年營收表現，並繼續致力於調整後的 EBITDA 盈利能力，隨著時間的推移達到 GAAP 盈利。我們所有的投資決策都是通過積極的投資回報率來做出的，目標是實現每股自由現金流增長並使其最大化。

So we're still super committed to that in the long term. And we just wanted to be very clear that in Q2, it's a kickstart quarter in terms of our investment across not only drivers but other things that we're doing to invest in growth initiatives for the future, the health of the marketplace and our brand.

因此，從長遠來看，我們仍然非常致力於這一點。我們只是想非常清楚，在第二季度，就我們對驅動因素的投資而言，這是一個啟動季度，我們正在做的其他事情是投資於未來的增長計劃、市場的健康和我們的品牌.

The next question comes from the line of Benjamin Black of Deutsche Bank.

下一個問題來自德意志銀行的本傑明·布萊克。

I have a follow-up on supply. Uber struck deals with taxis in New York and also San Francisco. Just curious if you're in similar conversations. And sort of beyond incentives, what's your strategy to grow supply organically longer term? And then one on regulation, we saw the Washington State ruling. Can you sort of help us understand the incremental costs associated with the new independent contractor model in the state? And could you give us an update sort of on the regulatory environment more broadly as it pertains to work classification?

我有一個跟進供應。優步與紐約和舊金山的出租車達成交易。只是好奇你是否在類似的對話中。除了激勵之外，你有什麼長期有機地增加供應的策略？然後在監管方面，我們看到了華盛頓州的裁決。您能否幫助我們了解與該州新的獨立承包商模式相關的增量成本？您能否向我們提供更廣泛的監管環境的更新，因為它與工作分類有關？

Logan is going to take the taxis and thoughts on supply, organic supply. And then, this is John, I'll talk about the regulatory environment.

洛根將乘坐出租車並考慮供應，有機供應。然後，我是約翰，我將談談監管環境。

Yes. On taxis, we are not planning anything similar to what Uber is working on there. But I think it's important to note that none of the deals are exclusive. So we do plan to track it and monitor the work. I think there are a couple of really big structural challenges to making taxis successful on the platform, and we've studied this closely over the years. But what's unique about a taxi is that traditionally, they get most of their business from street hails. And when you try to combine an e-hailing platform with a primarily sort of street hail-based business, it's in the driver's best interest to cancel on the e-hail ride most of the time any time they get a street hail that is sort of, by definition, closer and more of a bird in the hand.

是的。在出租車上，我們沒有計劃任何類似於 Uber 在那裡所做的事情。但我認為重要的是要注意這些交易都不是排他性的。所以我們確實計劃跟踪它並監控工作。我認為要讓出租車在平台上取得成功存在一些非常大的結構性挑戰，我們多年來對此進行了密切研究。但出租車的獨特之處在於，傳統上，他們的大部分業務來自街頭冰雹。而且，當您嘗試將電子召車平台與主要基於街道冰雹的業務相結合時，司機的最佳利益是在大多數時間取消電子召車服務，只要他們遇到類似的街道冰雹的，根據定義，更接近和更多的手中的鳥。

And so you see traditionally very sort of poor levels of reliability. You also see a different regulatory structure around pricing that makes it extremely hard, I think, to incorporate taxis in a way that really adds value for any of the parties involved. So we think it's definitely a challenge to take on. So we will continue to watch it, but we do not have any plans at the moment. You had another question...

所以你會看到傳統上非常糟糕的可靠性水平。您還看到圍繞定價的不同監管結構，我認為，以一種真正為任何相關方增加價值的方式整合出租車非常困難。所以我們認為這絕對是一個挑戰。所以我們會繼續關注它，但我們目前沒有任何計劃。你還有一個問題...

He had about like organic supply, ways that we can grow that. We're constantly investing in the referral channel that we have, which in some ways is organic, some ways there is an incentive on that. But generally, the biggest thing that's going to be helpful, like we do not have concerns based on what we're seeing on the ground around the growth in organic drivers. The challenge has been managing the pandemic and the quarter after the largest spike in COVID cases, wanting to ensure that we provide great service levels to all these potential new users and all these people that we have a chance to win over from other services. So organically, we continue to see positive trends. It is our main channel on the supply side. And I think the biggest change is going to be getting distance from the pandemic.

他有類似的有機供應，我們可以種植它的方法。我們不斷投資於我們擁有的推薦渠道，這在某些方面是有機的，在某些方面有激勵作用。但總的來說，最有幫助的事情是，我們不會根據我們在實地看到的圍繞有機驅動因素的增長而擔憂。挑戰一直是管理大流行和 COVID 病例最大高峰後的季度，希望確保我們為所有這些潛在的新用戶以及我們有機會從其他服務中贏得的所有這些人提供出色的服務水平。因此，有機地，我們繼續看到積極的趨勢。這是我們在供應方面的主要渠道。我認為最大的變化將是遠離大流行。

On regulatory, you asked a few different questions. Let me start at the highest level. The latest Washington milestone at the end of March, having a new law signed that you mentioned, it protects the independent contractor model, which is preferred by drivers. The landmark piece of that specific law is that labor organizations or a labor organization, the Teamsters there was involved and interested in pushing forward the IC model.

在監管方面，您提出了幾個不同的問題。讓我從最高級別開始。 3 月底華盛頓的最新里程碑，簽署了您提到的新法律，它保護了獨立承包商模式，這是司機的首選。該特定法律的標誌性部分是勞工組織或勞工組織，那裡的卡車司機參與並有興趣推動 IC 模型。

So great progress coming out of Prop 22 the prior year going into a law that had labor support protecting the IC model. Not going to comment, you asked about the cost. We want to see the model in action just like we did in California, but nothing concerning from a cost perspective. And overall, as we stated a couple of years ago, I've been talking about the independent contractor model is what drivers want, is popular amongst the voters as we saw in California. And it's great progress to see a state like Washington moving forward with legislation to protect that and even getting the support of labor.

前一年的 22 號提案取得瞭如此巨大的進展，進入了一項有勞工支持保護 IC 模型的法律。你不打算發表評論，你問的是成本。我們希望像在加利福尼亞一樣看到該模型的實際效果，但從成本的角度來看沒有任何問題。總的來說，正如我們幾年前所說，我一直在談論獨立承包商模式是司機想要的，正如我們在加利福尼亞看到的那樣，在選民中很受歡迎。看到像華盛頓這樣的州通過立法來保護這一點，甚至得到勞工的支持，這是一個巨大的進步。

The next question comes from the line of Steven Fox of Fox Advisors.

下一個問題來自 Fox Advisors 的 Steven Fox。

Two questions, if I could. First of all, just again on the incremental trends around the margins and the revenues for this quarter. Why shouldn't we be thinking more broadly about Q2 being always a seasonal investment period for the company around drivers given that you always have sort of the difference between volatility of rides and drivers in Q1? And then secondly, is there any more you can provide on the PBSC acquisition in terms of just scale and closing and how quickly it could add to the EBITDA and revenues?

兩個問題，如果可以的話。首先，再次談談本季度利潤率和收入的增量趨勢。為什麼我們不應該更廣泛地考慮第二季度始終是公司圍繞司機的季節性投資期，因為您在第一季度的遊樂設施和司機的波動性之間總是存在某種差異？其次，您能否就收購 PBSC 提供更多信息，包括規模和收盤，以及它能夠以多快的速度增加 EBITDA 和收入？

Yes. I think in terms of seasonality, the last 2 years is really COVID-driven. So we certainly don't expect that to sort of continue to have the type of impact it's had. But if you think back to the last 2 Januaries, there were huge COVID spikes that threw off the market and required a little bit of additional investment in Q2.

是的。我認為就季節性而言，過去 2 年確實是由 COVID 驅動的。因此，我們當然不希望這會繼續產生它所產生的影響。但是，如果您回想一下去年 1 月 2 日的情況，COVID 的大幅飆升導致市場崩潰，需要在第二季度進行一些額外投資。

So I think there has been a pattern there the last couple of years. We do not expect that to be the case going forward. I think the way that we're seeing sort of demand trends shift even in the face of another variant sort of making the round, I think people are very much adopting a live-with-it sort of approach to where I don't expect sort of future seasonal spikes to have the same sort of impact on the market. So I would not read that as a sort of permanent seasonal trend even though it has shown up for the last 2 years.

所以我認為過去幾年有一種模式。我們預計未來不會如此。我認為我們看到某種需求趨勢的方式會發生變化，即使面對另一種變體的融資方式，我認為人們在很大程度上採用一種與它共存的方法來實現我沒想到的地方未來的季節性高峰會對市場產生同樣的影響。因此，即使它在過去 2 年中已經出現，我也不會將其視為一種永久性的季節性趨勢。

And your second question, maybe you could repeat was specific to PBSC acquisition?

你的第二個問題，也許你可以重複的是特定於 PBSC 的收購？

Can you give us a little bit more color on sort of the financial impact or how you expect it to help the business on the top and bottom line after it closes?

您能否就財務影響或您期望它在關閉後如何幫助業務的頂線和底線向我們提供更多顏色？

Yes. Thanks for that. We are not providing any guidance specifically related to the acquisition. So unfortunately, we're not commenting on that at this time.

是的。感謝那。我們沒有提供任何與收購具體相關的指導。所以不幸的是，我們目前不對此發表評論。

Yes. Strategically, as has been stated, there are great revenue opportunities and leverage against our R&D investments that we're already making by doubling the number of bikes, more than doubling. And it diversifies that for that specific product, bikes and scooters. It diversifies the geographic concentration and customer mix. And overall, we think we can drive real cost savings by streamlining their supply chain.

是的。如前所述，從戰略上講，我們已經通過將自行車數量增加一倍，超過一倍以上的方式，對我們的研發投資進行了巨大的收入機會和槓桿作用。它使特定產品、自行車和踏板車的多樣化。它使地理集中度和客戶組合多樣化。總的來說，我們認為我們可以通過簡化他們的供應鏈來真正節省成本。

The next question comes from the line of Lloyd Walmsley of UBS.

下一個問題來自瑞銀的 Lloyd Walmsley。

Two, if I can. First, just on your market share. How do you feel about your market share overall? And then maybe on a geographic mix basis, are you seeing any trends, positive or negative, you would call out on market share? And then kind of related to that, how do you feel about Lyft Pink subscriber trends and kind of how that offering compares to other subscription offerings in the market? Any big changes aside from renewing the deal with Chase that we should think about?

二，如果可以的話。首先，就你的市場份額而言。您如何看待您的整體市場份額？然後也許在地理組合的基礎上，你是否看到任何趨勢，積極或消極，你會呼籲市場份額？然後與此相關，您如何看待 Lyft Pink 訂戶趨勢以及該產品與市場上其他訂閱產品相比如何？除了與大通續簽交易外，我們還應該考慮哪些重大變化？

Yes. Great. So first on market share. And broadly, we see the competitive environment has remained stable. And based on all the third-party data that we track, and I'm sure you're tracking as well, our market share is roughly consistent with where it was pre-COVID. And our service levels, both price and pickup time, are competitive as well.

是的。偉大的。所以首先是市場份額。從廣義上講，我們看到競爭環境保持穩定。根據我們跟踪的所有第三方數據，我相信您也在跟踪，我們的市場份額與 COVID 之前的市場份額大致一致。我們的服務水平，無論是價格還是取貨時間，都具有競爭力。

So I think as we kind of look forward to the recovery, we see 2 big areas of upside. One is that our share over-indexes on the West Coast, which is less recovered broadly versus the rest of the country. So I think there's a lot of great upside there and on Shared rides, which we were talking about earlier. So those are the 2 big kind of upside factors we see in the remainder of the year as the West Coast recovers and if Shared rides relaunch and become a larger part of the business. So bottom line, we feel very confident in our competitive position in the market.

所以我認為，在我們期待復甦的同時，我們看到了兩大上行空間。一是我們在西海岸的股票指數超過了指數，與全國其他地區相比，西海岸的恢復幅度較小。所以我認為那里和共享遊樂設施有很多好處，我們之前討論過。因此，隨著西海岸的複蘇以及共享遊樂設施重新啟動並成為業務的更大組成部分，這些是我們在今年餘下時間看到的兩大上行因素。所以底線是，我們對我們在市場上的競爭地位充滿信心。

In terms of membership, Lyft Pink, we are very committed to our membership program, Pink, and see it as a long-term growth driver for the business. In terms of Uber's product, Uber One is clearly very focused on food and food delivery. Ridesharing is a smaller component of that. So we don't have any kind of broader stats to share on Lyft Pink other than we're very committed to it and excited to see it become a larger part of the business over time.

在會員資格方面，Lyft Pink 非常致力於我們的會員計劃 Pink，並將其視為業務的長期增長動力。在優步的產品方面，優步一號顯然非常專注於食品和食品配送。拼車是其中一個較小的組成部分。因此，我們在 Lyft Pink 上沒有任何更廣泛的統計數據可以分享，只是我們非常致力於它並且很高興看到它隨著時間的推移成為業務的更大組成部分。

And that will be the last question. Presenters, do you have any closing remarks?

這將是最後一個問題。主持人，您有什麼結束語嗎？

That's everything. Thank you all for joining the call today, and we look forward to talking with everybody next quarter.

這就是一切。感謝大家今天加入電話會議，我們期待在下個季度與大家交談。

Thank you.

謝謝你。

Thank you.

謝謝你。

Thank you. Ladies and gentlemen, that concludes today's conference call. Thank you all for participating. You may now disconnect.

謝謝你。女士們，先生們，今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。