1 00:00:00,080 --> 00:00:01,960 Speaker 1: A place to welcome to the show now lift CEO 2 00:00:02,279 --> 00:00:04,240 Speaker 1: David Risher. Great to have you here, and David just 3 00:00:04,280 --> 00:00:06,760 Speaker 1: spell out whether or not some of the growth that 4 00:00:06,840 --> 00:00:09,440 Speaker 1: you saw, particularly Halloween being a bit of a blowout, 5 00:00:09,640 --> 00:00:12,200 Speaker 1: if you can continue that and why not at the 6 00:00:12,240 --> 00:00:14,440 Speaker 1: same sort of pace going into the final quarter. 7 00:00:15,800 --> 00:00:17,520 Speaker 2: You know, hey, Carol, it's good to see you. I 8 00:00:17,520 --> 00:00:20,279 Speaker 2: actually think it's going to accelerate. And you never really know, 9 00:00:20,400 --> 00:00:22,160 Speaker 2: but I can tell you for a couple of weeks 10 00:00:22,200 --> 00:00:25,000 Speaker 2: leading up to Halloween this year, we actually saw record 11 00:00:25,000 --> 00:00:28,360 Speaker 2: bookings in our company's history. And what that tells us 12 00:00:28,480 --> 00:00:30,639 Speaker 2: is that people are getting out, people want to be 13 00:00:30,680 --> 00:00:33,479 Speaker 2: connected with each other. So we actually just introduced a 14 00:00:33,520 --> 00:00:36,559 Speaker 2: feature today that for a scheduled ride to the airport, 15 00:00:36,880 --> 00:00:39,959 Speaker 2: if we're not there within ten minutes, we'll actually pay 16 00:00:40,000 --> 00:00:41,600 Speaker 2: you up to one hundred bucks. We'll even pay you 17 00:00:41,640 --> 00:00:43,280 Speaker 2: to take an uber to the airport. We really want 18 00:00:43,320 --> 00:00:45,640 Speaker 2: to reduce stress for the holidays so that people can 19 00:00:45,680 --> 00:00:46,919 Speaker 2: get out and enjoy themselves. 20 00:00:47,200 --> 00:00:50,920 Speaker 1: One hundred dollars if you don't get your car on time, 21 00:00:51,760 --> 00:00:54,360 Speaker 1: even if you then take a taxi or an uber. 22 00:00:54,440 --> 00:00:57,240 Speaker 1: I mean, how much can you really pay on incentives? 23 00:00:57,400 --> 00:00:59,800 Speaker 1: To make sure that people become addicted to your product 24 00:01:00,040 --> 00:01:01,160 Speaker 1: other than the key competition. 25 00:01:02,240 --> 00:01:03,960 Speaker 2: Well, I mean, the truth is, we don't want to 26 00:01:03,960 --> 00:01:06,200 Speaker 2: pay a dime, right because we want to have a 27 00:01:06,200 --> 00:01:09,119 Speaker 2: reliable product, and we do. We focus so much energy 28 00:01:09,160 --> 00:01:11,760 Speaker 2: on making sure that if you try to get a 29 00:01:11,800 --> 00:01:14,480 Speaker 2: scheduled ride to the airport, it's going to show up 30 00:01:14,480 --> 00:01:16,720 Speaker 2: a couple of minutes early, it's going to wait for you, 31 00:01:17,200 --> 00:01:19,039 Speaker 2: It'll help you with your luggage if you need to. 32 00:01:19,200 --> 00:01:21,080 Speaker 2: You know, that's what our drivers do so well. So 33 00:01:21,520 --> 00:01:23,440 Speaker 2: you know, our goal isn't to pay out incentives. Our 34 00:01:23,440 --> 00:01:25,039 Speaker 2: goal is to get you to the airport. But if 35 00:01:25,040 --> 00:01:28,440 Speaker 2: for whatever reason, traffic jam or whatever things get backed up, 36 00:01:28,640 --> 00:01:30,240 Speaker 2: you know we'll get you there anyway, even if you 37 00:01:30,240 --> 00:01:30,959 Speaker 2: have to take an uber. 38 00:01:31,360 --> 00:01:33,360 Speaker 3: David, I think we kind of learned quite a lot 39 00:01:33,360 --> 00:01:36,160 Speaker 3: about Lyft last night, the new data on gross bookings 40 00:01:36,200 --> 00:01:39,279 Speaker 3: and on ridership. But that really got me thinking about 41 00:01:39,319 --> 00:01:42,240 Speaker 3: your cost base and the take rate. And I know 42 00:01:42,319 --> 00:01:45,800 Speaker 3: that's kind of old fashioned finance speak, but you have 43 00:01:45,959 --> 00:01:50,200 Speaker 3: had to incentivize heavily and supply hasn't grown, So I 44 00:01:50,360 --> 00:01:53,080 Speaker 3: just interested on how long that dynamic can continue. 45 00:01:54,040 --> 00:01:56,760 Speaker 2: Yeah, so you know, when we think about, you know, 46 00:01:56,840 --> 00:01:59,240 Speaker 2: supply that really means how many drivers we have on 47 00:01:59,280 --> 00:02:02,520 Speaker 2: the platform. Our drivers are actually up forty five percent 48 00:02:02,600 --> 00:02:05,040 Speaker 2: year on year, And the truth is it's actually not 49 00:02:05,160 --> 00:02:07,960 Speaker 2: been a very expensive proposition for us. The incentives that 50 00:02:08,000 --> 00:02:11,000 Speaker 2: you're referring to were really important during COVID. Of course, 51 00:02:11,040 --> 00:02:14,880 Speaker 2: people really didn't want to drive, as you know, during COVID, 52 00:02:14,960 --> 00:02:17,600 Speaker 2: But now we actually find so many drivers are coming 53 00:02:17,639 --> 00:02:20,080 Speaker 2: back because it's a flexible job they can do on 54 00:02:20,120 --> 00:02:22,160 Speaker 2: their own terms. They can drive when they want to, 55 00:02:22,240 --> 00:02:24,040 Speaker 2: and then they can stop anytime they want to. So, 56 00:02:24,440 --> 00:02:27,200 Speaker 2: you know, it hasn't actually been a big problem for us. 57 00:02:27,200 --> 00:02:28,920 Speaker 2: And something that we think over time is going to 58 00:02:28,960 --> 00:02:31,440 Speaker 2: be even easier to do is attract more drivers. 59 00:02:32,080 --> 00:02:35,119 Speaker 3: So if it's twenty twenty four calendar year, what's your 60 00:02:35,240 --> 00:02:37,520 Speaker 3: kind of reset goal for your company? You know, you're 61 00:02:37,520 --> 00:02:41,239 Speaker 3: a relatively new CEO. You've galvanized the workforce. You know, 62 00:02:41,240 --> 00:02:42,959 Speaker 3: I hear from a lot of sources that there is 63 00:02:43,000 --> 00:02:45,639 Speaker 3: a good energy within the company, but you kind of 64 00:02:45,680 --> 00:02:46,840 Speaker 3: have a lot of work still to do. 65 00:02:48,639 --> 00:02:52,120 Speaker 2: Customer obsession. Customer obsession, you know, Customer obsession is what 66 00:02:52,320 --> 00:02:56,760 Speaker 2: drives profitable growth. That's our whole thesis. And the better 67 00:02:56,800 --> 00:02:58,919 Speaker 2: we can focus on our rids, the better we can 68 00:02:58,919 --> 00:03:01,360 Speaker 2: focus on our drivers, you know, the more will grow. 69 00:03:01,480 --> 00:03:04,120 Speaker 2: And we've seen this with for example, women plus Connect, 70 00:03:04,160 --> 00:03:07,160 Speaker 2: which we've just launched in September, that allows women drivers 71 00:03:07,160 --> 00:03:09,919 Speaker 2: and riders to request a ride with each other. People 72 00:03:10,000 --> 00:03:12,480 Speaker 2: love that feature. Drivers love it because they can drive 73 00:03:12,480 --> 00:03:15,359 Speaker 2: and feel comfortable women drivers and riders for exactly the 74 00:03:15,400 --> 00:03:17,919 Speaker 2: same reason. So these are the sorts of initiatives that 75 00:03:17,960 --> 00:03:21,040 Speaker 2: are so customer focused, you know, focusing on of course 76 00:03:21,040 --> 00:03:24,240 Speaker 2: fifty percent of the population, the women population that can 77 00:03:24,320 --> 00:03:28,119 Speaker 2: really continue to drive, you know, satisfaction and therefore use 78 00:03:28,240 --> 00:03:30,440 Speaker 2: of driving with lyft and riding with left. 79 00:03:31,040 --> 00:03:34,000 Speaker 1: David, I'm an obsessed customer when it comes to my bike, 80 00:03:34,720 --> 00:03:39,280 Speaker 1: and I could send daily messages about docs not quite working, 81 00:03:39,320 --> 00:03:42,520 Speaker 1: and I can imagine that it's a really hard infrastructure 82 00:03:42,560 --> 00:03:45,119 Speaker 1: to try and create a perfect scenario for every rider 83 00:03:45,200 --> 00:03:47,160 Speaker 1: at the moment, particularly in New York City for example. 84 00:03:47,480 --> 00:03:50,040 Speaker 1: Are you thinking of partnerships when it comes to the bikes, 85 00:03:50,080 --> 00:03:52,160 Speaker 1: Are you thinking of divesting in that particular part of 86 00:03:52,160 --> 00:03:52,880 Speaker 1: the business. 87 00:03:53,640 --> 00:03:55,400 Speaker 2: Yeah, So, I mean I love the fact that you're 88 00:03:55,400 --> 00:03:57,600 Speaker 2: a big cyclist. I know, that you are, and by 89 00:03:57,600 --> 00:03:59,440 Speaker 2: the way, you're not alone. In New York City. We 90 00:03:59,480 --> 00:04:03,640 Speaker 2: typically provide about one hundred and sixty thousand rides a day, right, 91 00:04:03,680 --> 00:04:05,520 Speaker 2: I mean, that's as big as a lot of public 92 00:04:05,520 --> 00:04:08,720 Speaker 2: transit systems are. So it's a really significant thing for 93 00:04:08,760 --> 00:04:11,440 Speaker 2: a lot of our riders. But as you say, it is, 94 00:04:12,080 --> 00:04:14,600 Speaker 2: you know, sort of a complicated business. We're actually putting 95 00:04:14,600 --> 00:04:16,000 Speaker 2: in new docks in New York. I don't know if 96 00:04:16,000 --> 00:04:18,719 Speaker 2: you've seen them yet. They're easier to dock. They actually 97 00:04:18,800 --> 00:04:20,640 Speaker 2: charge up the electric bikes, which are a huge source 98 00:04:20,680 --> 00:04:22,880 Speaker 2: of growth. But anyway to your question of are we 99 00:04:22,920 --> 00:04:25,200 Speaker 2: looking to partner, we are. We're looking to partner with 100 00:04:25,279 --> 00:04:28,560 Speaker 2: organizations that can really continue to invest in the infrastructure 101 00:04:28,600 --> 00:04:30,920 Speaker 2: that's needed so that e bikes can be even more 102 00:04:30,960 --> 00:04:32,360 Speaker 2: popular or tomorrow than they are today. 103 00:04:33,880 --> 00:04:35,880 Speaker 3: David, I'm sorry. I want to go back to the 104 00:04:35,920 --> 00:04:39,159 Speaker 3: supply issue because I'm reading the cell side reaction and 105 00:04:39,200 --> 00:04:41,680 Speaker 3: even women plus Connect. You know, I see that as 106 00:04:41,720 --> 00:04:44,520 Speaker 3: kind of a driver for rider shit. But I wonder 107 00:04:44,520 --> 00:04:48,159 Speaker 3: if that initiative has also brought more women drivers to 108 00:04:48,200 --> 00:04:50,839 Speaker 3: your platform and made you more competitive on the supply 109 00:04:50,920 --> 00:04:51,360 Speaker 3: side too. 110 00:04:52,320 --> 00:04:54,720 Speaker 2: It sure has, and it's such a good point because look, 111 00:04:54,920 --> 00:04:57,599 Speaker 2: only twenty three percent of our drivers are women today, 112 00:04:57,800 --> 00:05:00,960 Speaker 2: and by the way, they only drive fifteen percent of hours. 113 00:05:01,279 --> 00:05:02,760 Speaker 2: So what does that tell you? Even though it's a 114 00:05:02,800 --> 00:05:05,120 Speaker 2: great job, right, because it's flexible, you can log in 115 00:05:05,120 --> 00:05:06,520 Speaker 2: when you want to, you can log off, you can 116 00:05:06,560 --> 00:05:08,080 Speaker 2: pick your kids up from school, you can go to 117 00:05:08,120 --> 00:05:09,599 Speaker 2: your other job, whatever it is you want to do. 118 00:05:10,240 --> 00:05:13,000 Speaker 2: So what that tells us is we need to continue 119 00:05:13,040 --> 00:05:16,480 Speaker 2: to invest in bringing more women drivers onto our platform, 120 00:05:16,600 --> 00:05:19,680 Speaker 2: which increases the overall driver's supply. To your point, and 121 00:05:19,720 --> 00:05:22,480 Speaker 2: that's what we see happening. We're now available in fifty 122 00:05:22,520 --> 00:05:25,440 Speaker 2: markets across the United States, excuse me, fifty five across 123 00:05:25,440 --> 00:05:28,640 Speaker 2: the United States, and it's super successful. So it's a 124 00:05:28,680 --> 00:05:32,599 Speaker 2: great example of a customer obsessed initiative that benefits both 125 00:05:32,680 --> 00:05:36,479 Speaker 2: drivers and riders and ultimately makes it more appealing for everybody, 126 00:05:36,520 --> 00:05:39,520 Speaker 2: which then, of course drives growth, which drives profitability. That's 127 00:05:39,520 --> 00:05:40,600 Speaker 2: how you build a great business. 128 00:05:40,880 --> 00:05:42,919 Speaker 3: David, we ask you once again, I think now for 129 00:05:42,960 --> 00:05:46,200 Speaker 3: the third time, are you opened still at this point 130 00:05:46,240 --> 00:05:47,839 Speaker 3: to a sale while being acquired? 131 00:05:49,839 --> 00:05:51,680 Speaker 2: I love the consistency of the question. I'll give you 132 00:05:51,720 --> 00:05:55,080 Speaker 2: a consistent answer. You know, we will always answer the phone. 133 00:05:55,120 --> 00:05:56,760 Speaker 2: You know, that's part of the job, but it's not 134 00:05:56,800 --> 00:05:59,039 Speaker 2: our focus. Our focus is on customers and are just 135 00:05:59,080 --> 00:06:01,800 Speaker 2: obsessing over them so that they can get home for 136 00:06:01,839 --> 00:06:04,120 Speaker 2: the holidays, they can get to Thanksgiving stress free. That's 137 00:06:04,120 --> 00:06:04,839 Speaker 2: really the focus. 138 00:06:05,040 --> 00:06:07,200 Speaker 3: Lift CEO David Rish a great catch up. Thank you 139 00:06:07,240 --> 00:06:09,480 Speaker 3: for joining us from San Francisco. We appreciate it.