Lyft Inc at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ross Sandler - Barclays Capital Inc. - Analyst : And I should clarify that those two have the scale from what it looks like, but there are many other players in the space, one of which May Mobility, you guys are starting a trial with in Atlanta. Uber has announced that they're partnering with Waymo in Atlanta. So could you just talk about what you're doing with May and then how what you're doing might differ or compete with what the Uber-Waymo partnership?

Question: Ross Sandler - Barclays Capital Inc. - Analyst : And you mentioned the 27 markets where you have kind of the boots on the ground, the facilities. So fair to assume that Lyft is assessing partnership opportunities that could land in these 27 markets with some of the folks that we were talking about previously. Is there any reason to believe that this market just kind of goes nonexclusive and that you're going to be talking to Waymo about some of these opportunities as well?

Question: Ross Sandler - Barclays Capital Inc. - Analyst : Understood. Okay. And then to that second issue, I think folks in the investment community are hung up on insurance. So we've seen deleverage from that line in your cost structure and your competitors' cost structure. When might that level out? And then what macro factors would play the role in having that go from deleverage to leverage? And is -- talk to us about the strategy of splitting the renewal from once a year to now more than once a year?

Question: Ross Sandler - Barclays Capital Inc. - Analyst : At the Analyst Day, you just touched on this, but you guys did a good job of laying out kind of the growth algorithm for Lyft over the next few years, and you talked about we're at $800 million-plus rides this year out of, I think, $160 billion TAM. So how should we think about rider growth, frequency growth and new products coming on as the algorithm by which you're going to achieve those CAGRs that you laid out?

Question: Ross Sandler - Barclays Capital Inc. - Analyst : On the product front, you mentioned Price Lock, I think one of the other things, people are always kind of concerned about in the back of their mind is just overall pricing in this industry and how you and your competitors are trying to bring down the cost per ride. So you talked about on the last call, I think Primetime is down 40%. You've got some new products like Price Lock. So how much runway is there ahead of you to bring down price? And how much of a role does rolling out new products play in that?

Question: Ross Sandler - Barclays Capital Inc. - Analyst : On Price Lock, you mentioned that I think you're now above pre-COVID levels on the commute corridor and that use case and it's a testament to Price Lock. And I guess when you guys look at measuring factors that drive growth, how much of that is macro return to office, these types of things versus you put out a new product and you see commensurate share gain. Can you talk a little bit about that?

Question: Ross Sandler - Barclays Capital Inc. - Analyst : Another thing that's helping drive some growth is international. So you guys are expanding into a couple of new markets in Canada. But I think like if we go back to when you started talking about this maybe a year ago, a little bit more than that, there seemed to be a hint that there was more than just Canada going on here. So I guess it didn't feature widely at the Investor Day. How should we think like long term about other markets besides Canada?

Question: Ross Sandler - Barclays Capital Inc. - Analyst : Okay. No breaking news today. Going back to partnerships. So the DoorDash1 is obviously the big recent news. Any initial learnings from that? There's elements where you're funding some of it, DoorDash is funding some. Could you talk about that? And are you seeing at least a path towards possibly gaining share in some of those markets that they have high overlap versus maybe the Uber Rides business like the suburbs?

Question: Ross Sandler - Barclays Capital Inc. - Analyst : And on beyond DoorDash, you have some partnerships that are several years old, some that are kind of in between. I guess, just how meaningful a growth driver is just your overall partnership model? How many new segments out there are you looking at that could provide additional growth? And just any update on Chase, Delta, some of the bigger ones that are existing?

Question: Ross Sandler - Barclays Capital Inc. - Analyst : Shifting gears a little bit to another hot topic around driver supply and incentives. So incentives have been coming down. I think you're ahead of your efficiency goal there. One thing more recently that we've heard from the investment community is just kind of concerns around you've got this changing of the administration and is the driver pool broadly going to change related to that? And what does that mean for propensity to invest more in incentives. So could you just talk about where we're at with supply and then where we're at with your goals around efficiency with incentives? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 11, 2024 / 7:35PM, LYFT.OQ - Lyft Inc at Barclays Global Technology Conference

Question: Ross Sandler - Barclays Capital Inc. - Analyst : Last topic I want to hit on is the advertising business, Lyft Media. So featured very well at the Investor Day, I think, surprised us in terms of how big you guys expect that to be over the next few years. I think we're in the stage of like kind of onboarding advertisers adding measurement partners, kind of proving out the [ROAS]. What are the constraints that you're seeing in terms of that onboarding process? And as we look ahead, towards that, I think it was just under 2 points of penetration of your gross bookings. What are the constraints around like impressions versus other things that might kind of hold that back?

Question: Ross Sandler - Barclays Capital Inc. - Analyst : Great. So we're out of time. So Erin, just want to say thank you.