The Information's TITV
00:12:45 · David Risher, Akash Pasricha
[00:12:45] S3: Well, no, rides are accelerating quarter after quarter and bookings are accelerating quarter after quarter. I don't actually think so, no. I think we've got acceleration on the top and bottom line. But anyway, the real point is that like we've had all time active high riders, all time active rides high. So quarter by quarter stuff kind of bounces around, and there was a big one time settlement that we had this last quarter, which showed up in revenue to your point. But if you look at kind of the trend of our business, particularly where it was a couple of years ago, it is a completely different company, which is kind of an exciting place to be. [00:13:15] S0: Okay. So look, I want to talk about some of the strategic initiatives that you announced. So the most interesting was the Lyft Go subscription. And this is $10, You get DashPass, 8% cashback kind of interest. I mean, look, I think the broader question... We can dig into sort of the economics of this, but I was sort of thinking about how many subscriptions people already pay for. Why do you think they're going to pay for another one for Lyft here?
00:13:46 · David Risher
[00:13:46] S3: Yeah. So we designed... The thing that our kind of focus has been over the last three and a half years or so since I've been here is customer obsession drives profitable growth. And you can see it in, again, how fast we're growing, you can see it in all time high active, driver hours and so forth and so on. So for riders and drivers, really trying to focus on what they need. Okay. So one of the things we've heard over the years is there's really only one subscription service out there for, food delivery and rideshare, and it's by the other guys. And DoorDash is, and DashPass is a great product and Lyft is a great product. So we decided, I was thinking, oh, this is before your time, but there was an old commercial, two great tastes that go great together. Reese's peanut butter cups, super old school, be clear, look it up, the ad's still around. But we decided to sort of bring these two companies together, even though we're two separate companies, DoorDash and Lyft, and try to create something that we think is better than what's out there. And you're right, people have a lot of subscriptions already. My hope, I think we've had about 500,000 people sign up just in the first twenty four hours, which is pretty cool. So what I hope is that people drop their other subscription to the other guys and pick this one up instead and get better value for
00:14:54 · Akash Pasricha
[00:14:54] S0: Tell me, what gives you confidence that in this $10 and there's a cheaper one, know, but let's stick to the $10 one for a second here. What sort of math have you done with respect to how much they are going to use your offering and your service compared to DoorDash's? And how does the incremental revenue from the membership then split between the two of you?
00:15:21 · David Risher
[00:15:21] S3: Yeah, I probably won't go into the business behind the scenes, who splits what revenue, but what I'll say is, so Lyft, if you look at our kind of, what's powered our growth over the last three years, a lot of it has been partnerships, right? We have a partnership with United Airlines, where you can earn miles on Lyft and burn miles on Lyft. We have a partnership with Alaska Airlines. We have a partnership with DoorDash that preexisted this, which gave you discounts on both platforms, and now this kind of evolves it to, you can earn on Lyft and then spend on DoorDash or Lyft. 30% of our rides are tagged to partnership rides. So we've gotten really good over the years at partnering with other, in some cases, very, very large companies, much larger than we are in the case of say United Airlines, to create things that benefit both companies and benefit riders or drivers depending. And I think that's a really sort of interesting, almost an ethos, that is going to work really well for us, for example, in the world of AVs, where again, we're going be partnered with other companies, much larger than we are in some cases, but still trying to create economic benefit for both. And so far we've been pretty successful at that.
00:16:27 · Akash Pasricha, David Risher
[00:16:27] S0: You talked about partnerships. So let's talk about Waymo, which I saw, it looks like you guys are leaning into your partnership with Waymo in Nashville. This comes at a time where Uber... I mean, was an interview with the CEO of Waymo. Looks like Waymo is sort of winding down their relationship with Uber. And so this is an interesting tale of two ride sharing companies here in I terms of mean, the issues around it being a bit of a scrappy or messy experience, not knowing what vehicle you're going to get. That was something that they highlighted with the Uber Why or Waymo are you confident that you are not going to have those same issues? [00:17:14] S3: We're better partners. It's just, and I do think this is [00:17:19] S0: kind Why of though, why are you better partners?
00:17:21 · David Risher
[00:17:21] S3: Sure, so I think a couple things. I think first of all, we're very focused on the customer experience. I don't want to comment on those other guys, but my general view, so for example, I'll give you some stats and then kind of go back to the core of your question. Right now, are markets where we pick you up four to even six minutes faster than the other guys. We price very competitively against the other guys. We have we have a almost a 50 preference. It's like 28% versus 56% driver preference. People who drive on both platforms, they prefer driving on us. Okay. Why would that be the case? It's because we start over and over again with what does the customer want and work backwards from that. Now, so for example, you talk about the relationship and some of the reasons that Waymo has given for that breakup, and part of it is they couldn't figure out a customer experience that really worked well. It was a little bit unpredictable and so forth. We've been in very, very deep conversations with Waymo for a long time on exactly these same issues, We think we've got a great path forward with them. Let me give you the evidence there. We run a big 80,000 square foot depot in Nashville, where we're actually servicing Waymo's cars and doing a really good job there. But we're also providing demand to them, and it's working. The reason I can say it's working is we're expanding the fleet by multiples. It's kind of one of those things where I think companies just have different ways of doing business, and ours is collaborative and generative.