1 00:00:02,520 --> 00:00:08,879 Speaker 1: Bloomberg Audio Studios, podcasts, radio news shares of Lyft. 2 00:00:09,200 --> 00:00:11,720 Speaker 2: Let's check in on them because the company reported earnings 3 00:00:11,840 --> 00:00:16,360 Speaker 2: after the bell yesterday, including record number of rides completed. 4 00:00:16,800 --> 00:00:19,040 Speaker 2: We're currently up three and a half percent. Lift CEO 5 00:00:19,120 --> 00:00:21,760 Speaker 2: David Richard joins us to talk us through the results. 6 00:00:21,760 --> 00:00:24,400 Speaker 2: That for some there was a bit of something for everyone. 7 00:00:24,840 --> 00:00:27,960 Speaker 2: The revenue number behave perhaps a little bit shy of expectations. 8 00:00:28,040 --> 00:00:30,200 Speaker 2: But the sheer number of people riding with you at 9 00:00:30,240 --> 00:00:31,680 Speaker 2: a record what's driving that? 10 00:00:31,800 --> 00:00:35,720 Speaker 1: David, Yeah, I mean I love that fact, the number 11 00:00:35,760 --> 00:00:38,640 Speaker 1: of the sheer number of people riding with us, because 12 00:00:38,640 --> 00:00:40,080 Speaker 1: it shows that we're doing something right. 13 00:00:40,240 --> 00:00:40,400 Speaker 2: Right. 14 00:00:40,440 --> 00:00:43,600 Speaker 1: So I've been saying for a long time customer obsession 15 00:00:43,720 --> 00:00:47,720 Speaker 1: drives profitable growth. We're now profitable. We're growing, you know, 16 00:00:47,800 --> 00:00:50,360 Speaker 1: as is our ninth consecutive quarter of double digit growth. 17 00:00:50,880 --> 00:00:53,160 Speaker 1: And in terms of customer adoption, you know, we've we've 18 00:00:53,159 --> 00:00:55,400 Speaker 1: never had more riders and drivers on the platform. So 19 00:00:55,760 --> 00:00:58,160 Speaker 1: you know what's driving it. It's innovations like Lift Silver, 20 00:00:58,640 --> 00:01:01,520 Speaker 1: It's partnerships like our Door Down partnership. We just announced 21 00:01:01,560 --> 00:01:03,720 Speaker 1: a new partnership with the United A lot of the 22 00:01:03,760 --> 00:01:06,080 Speaker 1: sort of ecosystem work we're doing is really helping us 23 00:01:06,440 --> 00:01:08,000 Speaker 1: grow faster than ever. 24 00:01:08,319 --> 00:01:10,560 Speaker 2: And let's talk about partnerships when it comes to autonomous 25 00:01:10,600 --> 00:01:12,840 Speaker 2: because that's where the future that the puck is moving. 26 00:01:13,280 --> 00:01:15,039 Speaker 2: How are you ensuring that you're moving with it and 27 00:01:15,080 --> 00:01:17,960 Speaker 2: taking on what seems to be future competition coming from 28 00:01:18,040 --> 00:01:20,399 Speaker 2: I don't know, the likes of Weymo, but also even 29 00:01:20,400 --> 00:01:20,880 Speaker 2: a Tesla. 30 00:01:21,760 --> 00:01:23,280 Speaker 1: Yeah, you know what, I don't think of it as 31 00:01:23,400 --> 00:01:26,240 Speaker 1: future competition. I mean, of course there'll be competitive skirmishes, 32 00:01:26,280 --> 00:01:30,080 Speaker 1: but big picture, as self driving cars come onto our platform, 33 00:01:30,280 --> 00:01:32,559 Speaker 1: it's going to expand the marketplace. And we can see 34 00:01:32,560 --> 00:01:34,800 Speaker 1: that already even in the cities where self driving cars 35 00:01:34,800 --> 00:01:37,360 Speaker 1: are operating in the US right now, we're seeing something 36 00:01:37,400 --> 00:01:40,039 Speaker 1: like five x the growth of cities where they're not operating. 37 00:01:40,080 --> 00:01:43,319 Speaker 1: So because what they're safe, they're interesting, they're kind of 38 00:01:43,319 --> 00:01:46,640 Speaker 1: you know, they're novel, they're reliable. In terms of partnerships, 39 00:01:46,640 --> 00:01:48,280 Speaker 1: we have a couple of great partnerships. We have one 40 00:01:48,320 --> 00:01:51,320 Speaker 1: with main Mobility, which launches officially this summer in Atlanta, 41 00:01:51,480 --> 00:01:53,360 Speaker 1: so you can take a self driving car if you 42 00:01:53,520 --> 00:01:55,600 Speaker 1: live in Atlanta starting in a little over a month, 43 00:01:55,720 --> 00:01:57,920 Speaker 1: we hope, and then big picture. We just signed a 44 00:01:57,920 --> 00:01:59,800 Speaker 1: big agreement with Baidu, who is one of the world's 45 00:01:59,840 --> 00:02:03,160 Speaker 1: large just probably the world's largest self driving car company, 46 00:02:03,640 --> 00:02:06,240 Speaker 1: to expand into Europe, into couple countries in Europe. So 47 00:02:06,440 --> 00:02:08,280 Speaker 1: a lot of action going on the self driving world. 48 00:02:08,320 --> 00:02:10,920 Speaker 1: Obviously still very early, but we see, you know, huge 49 00:02:10,919 --> 00:02:12,200 Speaker 1: opportunity for us in the future. 50 00:02:12,280 --> 00:02:16,320 Speaker 2: Yeah, Plan Germany UK twenty twenty six, David, with regulatory approvals. 51 00:02:16,880 --> 00:02:19,960 Speaker 2: Speak to that international growth that you've really brought to 52 00:02:20,000 --> 00:02:22,080 Speaker 2: bear of late. How much is that a winning formula 53 00:02:22,120 --> 00:02:23,320 Speaker 2: for revenue for profitability? 54 00:02:24,320 --> 00:02:27,119 Speaker 1: Yeah, for both, I think, and actually for resilience too. 55 00:02:27,240 --> 00:02:29,040 Speaker 1: You know, one of the things that I've seen over 56 00:02:29,040 --> 00:02:30,520 Speaker 1: the last two and a half year since I've been 57 00:02:30,520 --> 00:02:33,639 Speaker 1: in this job is being so focused on North America 58 00:02:33,680 --> 00:02:36,440 Speaker 1: has been great because it's allowed us to really innovate 59 00:02:36,480 --> 00:02:39,640 Speaker 1: and drive the industry forward. But now that we're in 60 00:02:39,639 --> 00:02:42,880 Speaker 1: a very strong position, we can afford to and frankly, 61 00:02:43,440 --> 00:02:45,280 Speaker 1: you know, sort of our customers want us to be 62 00:02:45,320 --> 00:02:48,040 Speaker 1: a more global company. So we just acquired a company 63 00:02:48,040 --> 00:02:51,440 Speaker 1: called free Now in Europe. It's a taxi focused aggregator. 64 00:02:51,480 --> 00:02:53,080 Speaker 1: You know, the taxis in Europe, of course, you know 65 00:02:53,120 --> 00:02:55,040 Speaker 1: this well, are sort of a high end product than 66 00:02:55,080 --> 00:02:56,919 Speaker 1: people might think in the United States, and so it 67 00:02:56,919 --> 00:02:59,160 Speaker 1: will allow us to have a footprint across Europe. Then, 68 00:02:59,200 --> 00:03:01,440 Speaker 1: when we tie up back to your earlier question about 69 00:03:01,440 --> 00:03:04,640 Speaker 1: self driving, as self driving comes to Europe and Europe 70 00:03:04,720 --> 00:03:07,520 Speaker 1: is a little bit behind the United States, the relationship 71 00:03:07,560 --> 00:03:09,600 Speaker 1: that we now have with regulators and of course with 72 00:03:09,680 --> 00:03:11,960 Speaker 1: millions of customers is really going to help us form 73 00:03:12,000 --> 00:03:14,080 Speaker 1: a platform that we can build on to bring self 74 00:03:14,120 --> 00:03:17,040 Speaker 1: driving cars to the UK and Germany and hopefully beyond. 75 00:03:17,600 --> 00:03:20,640 Speaker 2: Okay, So when you're leaning into some of these expansions 76 00:03:20,680 --> 00:03:23,440 Speaker 2: more broadly, will there be more m and A to 77 00:03:23,480 --> 00:03:25,200 Speaker 2: play here? You've already done it in Europe. I know 78 00:03:25,280 --> 00:03:27,600 Speaker 2: you've got to integrate, but would you look further afield too. 79 00:03:28,720 --> 00:03:32,040 Speaker 1: Maybe, you know, you never say never about this sort 80 00:03:32,080 --> 00:03:34,399 Speaker 1: of thing, you know, I think we're in a very 81 00:03:34,400 --> 00:03:37,560 Speaker 1: strong position now to do this kind of work. But 82 00:03:37,600 --> 00:03:39,760 Speaker 1: as you say, the first order business for us is 83 00:03:39,800 --> 00:03:42,520 Speaker 1: that integration work. And we just closed the free Now 84 00:03:42,560 --> 00:03:45,080 Speaker 1: deal last week. I was actually in Barcelona the week 85 00:03:45,080 --> 00:03:47,240 Speaker 1: before with a team there. They're so excited to get 86 00:03:47,280 --> 00:03:50,040 Speaker 1: started and already now, if you open the free now 87 00:03:50,080 --> 00:03:53,120 Speaker 1: app in Europe, you'll get a prompt that says, you know, 88 00:03:53,160 --> 00:03:56,200 Speaker 1: we're a partnership with Lyft and and vice versa. If 89 00:03:56,240 --> 00:03:58,040 Speaker 1: you open the lift app in Europe, maybe more importantly, 90 00:03:58,240 --> 00:04:00,400 Speaker 1: you'll be directed to go over to free. Now we're 91 00:04:00,520 --> 00:04:02,960 Speaker 1: just beginning that integration. I think there's a lot more 92 00:04:03,280 --> 00:04:06,400 Speaker 1: work to do there before we really think about additional acquisitions. 93 00:04:06,600 --> 00:04:08,960 Speaker 2: And David, you've got such sort of a bird's eye 94 00:04:08,960 --> 00:04:12,080 Speaker 2: perspective on the consumer. Really at this moment, how resilient 95 00:04:12,160 --> 00:04:14,320 Speaker 2: is that consumer, particularly here in the US people trying 96 00:04:14,320 --> 00:04:14,960 Speaker 2: to read the tea. 97 00:04:14,840 --> 00:04:18,560 Speaker 1: Least I understand. You know, every single day people sort 98 00:04:18,600 --> 00:04:20,120 Speaker 1: of look deep in the teacup and try to figure 99 00:04:20,120 --> 00:04:22,120 Speaker 1: out what's going on. All I can say is, if 100 00:04:22,160 --> 00:04:24,680 Speaker 1: you're looking for weakness, look elsewhere. We're not seeing it. 101 00:04:24,720 --> 00:04:29,200 Speaker 1: We're seeing record rides, you know, double digit growth, even airports, 102 00:04:29,200 --> 00:04:31,520 Speaker 1: which people often look at as sort of a leading indicator. 103 00:04:31,560 --> 00:04:34,040 Speaker 1: Now it's true, I think TSA volumes are moderating a 104 00:04:34,080 --> 00:04:36,760 Speaker 1: little bit, but we're growing faster than TSA volumes are 105 00:04:37,080 --> 00:04:39,640 Speaker 1: and we've grown airports now quarter over quarter and year 106 00:04:39,680 --> 00:04:41,640 Speaker 1: over years. So it's such an interesting thing. I know 107 00:04:41,680 --> 00:04:43,600 Speaker 1: people are sort of desperate to find, you know, sort 108 00:04:43,640 --> 00:04:45,160 Speaker 1: of the cloud and the silver lining, but at least 109 00:04:45,160 --> 00:04:46,719 Speaker 1: from our perspective, we're not seeing it. 110 00:04:47,080 --> 00:04:49,400 Speaker 2: If CEO David Risher, great to have you back on 111 00:04:49,440 --> 00:04:51,159 Speaker 2: the show, Stay well, Thank you.