Lyft Inc at Morgan Stanley Technology, Media & Telecom Conference Transcript

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

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : So it's great to see you. So you've been in the role now since 2023. It's a very dynamic industry with a lot of changes going on both in the core business -- growth in the core, AV discussion, the international expansion with Canada, et cetera. So maybe now you're a couple of years in, walk us through how your prioritization -- how you're spending most of your time on key priorities in 2025 to ensure you're sort of checking the right boxes for the company to drive durable growth. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 9:50PM, LYFT.OQ - Lyft Inc at Morgan Stanley Technology, Media & Telecom Conference

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : Great. Okay. Well, now move onto to the obligatory section on AV. So a couple of weeks ago, you put out an interesting blog post about Lyft's competitive positioning within AV and how you think about the AV industry evolving. So let's sort of start there. How do you think about the largest value adds that Lyft brings to the AV industry in the next 3, 5, 10, 20 years?

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : Great. Well, let me drill into a couple of those aspects a little more in detail. Maybe if we start on the left-hand side that you talked about in sort of the autos and the fleet and sort of the financing side, how do you think about the need to deploy some of your own balance sheet over time to finance some of the cars in fleet? Or are you only focused on partnerships? Like how do we think about capital allocation toward the AV importance in strategy.

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : Maybe let's stand the partnerships a little bit. I think you have one partnership with Mobileye that's actually set to deploy some AVs, I think, in Dallas. So as you think through either that partnership or even I think there's even one to come in May this year, what are the KPIs that you and your team are most focused on to sort of ensure that the strategy is going as you hoped it would to put you in the right position for the next 10 years?

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : Maybe let's talk about Atlanta then since that's the summer, we now know. If we sort of think about how long it might take for that partnership to have an impact on your Atlanta business, how do you think about how long it would take for, say, example, you could perhaps manage the driver fleet more efficiently? Or if you put in more supply, but there are the humans, who are the only ones that can drive to airports, could you actually get airport wait times down or pricing down? How long does the dynamic of that take to play out?

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : Got it. On that Phoenix acceleration, is there anything you could share about the way in which the use cases you've seen have changed? Like anything you'd call out as more of these types of routes or what are driving the acceleration?

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : Okay. Let me ask you -- I want to throw sort of one of the autonomous bear cases that you and sort of hear your reaction to it, your response to it. So some investors who are more concerned about the rideshare industry and the two leading rideshare players right now because of autonomous will say, well, marketplaces thrive, because you're bringing together fragmented supplier bases of millions of drivers.

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : If we get to a world 5 to 10 years from now, where there are 2, 3, maybe 5 software systems that run all these autonomous vehicles, how is it not the case that either, A, Uber and Lyft can both be disrupted; or B, the unit economics for both the companies are going to be much more inferior because there's a much more supply concentration in the new world as opposed to the current world?

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : All right. Now let's turn to the core. So at your Analyst Day, you laid out some targets for mid-teens forward core growth in the bookings business. I want to sort of start and sort of ask now that you've had some time in post mortem after the Analyst Day now, can you walk us through some areas of where you've actually been ahead of where you planned at Analyst Day and which of those will continue into '25?

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : Maybe I'll drill into the US and Canada separately. And we start with the US. We do our swag math. We think the US is sort of growing in the low- to mid-teens. We'd love your reaction to that right or wrong. Either way, it's always helpful. And then as you sort of think about that growth potential this year, what are the strategies to sort of maintain, accelerate that? Is there a way you mentioned? Are there suburbs? Are there cities? What's with the US?

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : Both.

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : Got it. (Conference Instructions) Agree with you on college towns. In Arbor, Michigan, the wait times are much lower with you guys than the other guys. So I'm a regular Lyft user in Arbor. Maybe I'll talk about Canada. So what's the Canada growth story? How should we think about cities, products? What are you focused on in Canada?

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : And in the front. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 9:50PM, LYFT.OQ - Lyft Inc at Morgan Stanley Technology, Media & Telecom Conference Unidentified Participant Thanks very much. Super helpful. Obviously, Waymo taking a different approach in different markets. Can you talk about, is there the potential for you guys to work with them? Or is that something that you don't see in the cars?

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : All right. We're up against the clock, David. Thank you very much for all the questions. We appreciate it. We're anxious to see the next 12 months and how it plays out.