00:00There is a very specific data point, actually, that I'd like to start on, and that is that in markets,
00:05specifically San Francisco, where you have Lyft rides and Waymo rides, you said San Francisco grew 20% year on
00:14year.
00:14That's right.
00:15Explain the causal or casual relationship within that data point.
00:20Yeah. So, you know, our industry is going through a big transformation, and it is the sort of bringing on
00:26of these self-driving vehicles.
00:28Waymo, of course, is the market leader in that.
00:30Anytime you see a transformation like this, one of two things can happen.
00:33You can either see sort of a substitution or you can see a market expansion.
00:37And in this case, we're seeing a market expansion.
00:38And it's not that surprising.
00:39When people take self-driving cars, they tend to like them a lot.
00:42They're a very reliable product.
00:44They're a nice private product, so you feel like you could have a private conversation.
00:47But at the same time, it doesn't seem to take away from people's interest in being driven by humans who
00:52can help with luggage or have a good conversation.
00:54So it really is accretive.
00:55This is a micro case study.
00:57It's one market, San Francisco.
00:59But, you know, the questions are, is Lyft gaining market share from Waymo in this city?
01:05Or is it that this is an issue of supply?
01:07So because somebody cannot get into a Waymo within a reasonable time frame, they go to the Lyft app.
01:13Yeah.
01:14Which is happening.
01:15Probably both, honestly.
01:16Probably both.
01:16So interesting.
01:17Yeah.
01:18And I think this is such an interesting thing that's going to play out.
01:21My expectation over time is what will dominate will be the market expansion.
01:24And, again, the reason is sort of simple.
01:26You have a cool new product coming onto an existing platform.
01:29And what we believe the hybrid network, which is, you know, human driven cars plus AVs, really kind of creates
01:34the best possible outcome for everyone.
01:36But, you know, we'll all have to see how that works.
01:38I think that you and I have discussed on several occasions the idea that the introduction of the robo-taxiing
01:44and maturity of the market expands the overall TAM for ride hailing.
01:48Yeah.
01:48Just recap that argument.
01:51I think that's exactly it.
01:52So, I mean, look, people take just in the United States about 160 billion rides a year in their private
01:56cars.
01:57Okay.
01:57Today we deliver a billion.
01:59Maybe the other guys deliver two billion.
02:01So let's call that three billion out of 160 billion.
02:03And it's a good experience.
02:04You're sitting in the back seat.
02:05You're able to text.
02:06You're able to have your own space.
02:07What holds it back?
02:08Well, for whatever reason, some people might not want to be driven by another driver or someone else in the
02:12car.
02:13This takes that away.
02:14I'll tell you a very specific story.
02:15So I was just with an old friend of mine.
02:17I just ran and drew into the airport.
02:18Her son had a tragic, tragic accident a couple of years ago.
02:21Absolutely devastating physical accident.
02:23He's in rehabilitation.
02:24For him, the idea of getting in a self-driving car where the doors open wide.
02:29Maybe there's not even a driver there.
02:30Not that there's anything wrong with that, but it just gives him more space to sort of be in his
02:33own zone.
02:34It's a technology and an engineering story, a design story.
02:38It's a design story.
02:39Exactly.
02:40And so anyway, I'm very optimistic about this.
02:42And then when I look at our capabilities around fleet management and kind of matching supply and demand, I get
02:47really excited about the future.
02:49Lyft is, let's go back to the core business and earnings, but Lyft is pushing outside of the United States.
02:55You know, every time you've been on the show over the last year, there's been a development on that front.
03:00But what did we actually learn through your earnings about how you're growing ex-USA?
03:05So here's what's really cool.
03:06So Lyft was primarily a domestic company up until about a year ago, maybe call it 18 months ago.
03:10Then we started to expand in Canada.
03:12That's gone very well.
03:13Now we acquired a company called FreeNow and a couple of other smaller companies overseas.
03:16Okay, what's happened since then?
03:18We're in the process of transforming ourselves to a truly global company.
03:21Some of that is internal stuff, back of the house, multi-currency, GDPR, all these sorts of things.
03:26But we're also beginning to introduce new functionality to customers.
03:29So I was just in Barcelona a couple of weeks ago.
03:31I was very lucky to be there.
03:32I got a chance to check out on our beta app the ability to use the Lyft app, not a
03:36new app, but the Lyft app, to hail local supply, local taxi cab in Barcelona.
03:41I did it four times, worked flawlessly.
03:43So good, because I don't have to do a different app.
03:45I already know the user interface and so forth and so on.
03:47FreeNow, the company we acquired, they're also growing now too,
03:50because of some of the innovation and the technology we've been able to add to their stack.
03:53So it's, look, our service levels are really good.
03:56And I love that about our product.
03:58And now we can take that to a more global audience and hopefully continue to grow as a result.
04:01How, you know, it could be Europe, Spain specifically, but how are those markets different to the United States?
04:06How does the consumer behave differently?
04:09You know, there are subtle differences.
04:11I mean, a very significant, I guess, difference, not subtle, is the role of the taxi cab in a lot
04:16of Europe is very significant.
04:17You know, this...
04:18They're culturally entrenched in many economies in Europe, as an example.
04:21Very much so.
04:22And unlike maybe in a New York where people almost begrudgingly take a cab, for example,
04:27but in a place like Spain and certainly London...
04:29You're going to have New Yorkers phoning into this program now.
04:31And I get that.
04:31And I understand.
04:32Well, and New Yorkers have opinions about their taxi cabs, right?
04:35But in Spain, it tends to be almost a career.
04:38You know, you get in the car and it's probably someone who's been doing it for many years.
04:41Maybe his father did it as well.
04:42Certainly in London, everyone knows that knowledge.
04:44I mean, it's an all sort of incredible thing.
04:46So that's a really significant difference.
04:48And for us, it favors us because FreeNow is strong in taxis.
04:52And the sort of double click there is because taxis seem to be quite regulated,
04:56the relationship that that company and our company has with governments tends to be quite strong,
05:01which, back to the AV question, really matters a lot.
05:05AV is new technology.
05:06And for a lot of governments, it feels maybe a little bit intimidating and we can help there.
05:10So it's a really nice sort of set of circumstances that tends to sort of favor our business.
05:15In markets outside of the United States, Uber is already there in some cases, Bolt, etc.
05:21How are you going to make Lyft different from a technology perspective or just a product perspective?
05:26Yeah.
05:26So stay tuned on this.
05:27This is actually a very, very live conversation we're having internally.
05:30I can use some of the examples of the U.S. maybe and give you a little sense.
05:34Please.
05:34So in the U.S., we've really redoubled our innovation.
05:37And you know some of these products, Women Plus Connect.
05:39I've just heard that we've given over 175 million rides between women and women in the U.S. over the
05:44last couple of years.
05:45Lyft Teens, Lyft Silver.
05:46This is real innovation.
05:48We're hoping to bring some of that innovation to the European space for sure.
05:51And then there's also a lot of conversation around, you know, let's say the reputation of those guys in Europe
05:57isn't necessarily super – people don't necessarily love the company.
06:01I'll just say it that way.
06:01And we hope we bring some joy to the conversation as well.
06:05So internally, where is your biggest focus on the technology side?
06:08What are the types of people you're trying to bring in and things you're building, rebuilding, code migration, literally anything
06:14on the tech side?
06:15For sure.
06:15So many interesting things.
06:16So I'll give you a couple of examples.
06:18Some of it's basic.
06:19Some of it's more far-reaching.
06:20Here's the basic thing.
06:21We now pick people up on average.
06:24So 75% of the time, we will pick you up either the same or faster than our big competitor.
06:30Okay, why is that kind of a big deal?
06:32Because our market share is smaller.
06:34So doing that reliably 24 hours a day, seven days a week, because people are busy.
06:37They want to get to where they are.
06:38That's an awesome accomplishment.
06:39I'm hugely proud of our Marketplace team for accomplishing that.
06:43And then bigger picture, I'm really excited about Lifting, one of our newest products that allows teens to get in
06:47and get constant messaging back to their parents to make sure the parents know that they're safe and sound.
06:53It's just a good – I look at this as almost a generational thing.
06:56A new car now costs like $800.
06:58It looks going to be $800 a month, $50,000.
07:00On a lease basis, yeah.
07:01On a lease basis.
07:02Plus maintenance, plus gas, all these sorts of things.
07:04Lyft is just a better answer for a lot of people.
07:07And so I'm sort of excited when I look two, three, four, five years out at some of the kind
07:11of teen innovation now because I think that will help change a whole generation.
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