WEBVTT - Lyft Chief Executive Officer David Risher Talks Earnings

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<v Speaker 1>Ride sharing company Lift reported first got a results and guidance.

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<v Speaker 1>The beat investors expectations really send you the shares of

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<v Speaker 1>the company higher. Joining us now is the Lift CEO

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<v Speaker 1>David Rische on set in San Francisco. There was something

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<v Speaker 1>interesting you said, which is you'd made improvement in both

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<v Speaker 1>rider retention and new riders, and you've made some progress

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<v Speaker 1>in Canada. But actually I wanted more specifics on what

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<v Speaker 1>you did to achieve that.

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<v Speaker 2>Yeah, so I break it down like this. First of all,

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<v Speaker 2>it's good to be here. Second of all, I break

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<v Speaker 2>it down like this. First, you got to get the

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<v Speaker 2>basics right. We call it ride share perfection. That's all

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<v Speaker 2>about pricing, rate, paying drivers, right. Picking you up fast

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<v Speaker 2>our ETA is that's what we call them. How fast

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<v Speaker 2>we pick you up are faster they've been in four years.

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<v Speaker 2>So those are the basics. Once you do that, then

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<v Speaker 2>you can build on top of that. Then you can

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<v Speaker 2>do things like innovations around how fast can we pick

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<v Speaker 2>you up for the airport, for example. One of my

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<v Speaker 2>favorite example. I think last time you and I talked,

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<v Speaker 2>we had just rolled out this on time pickup promise,

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<v Speaker 2>and now less than one point five percent of people

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<v Speaker 2>are being picked up so late that we have to

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<v Speaker 2>give them one hundred bucks. So after the basics, then

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<v Speaker 2>you innovate and then you partner with other people. We've

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<v Speaker 2>got great partnerships with Chase, with Delta and others. You

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<v Speaker 2>put all those things together and it's a great combinations

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<v Speaker 2>work really well.

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<v Speaker 3>Oh, let's go in on the B to B partnerships, David,

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<v Speaker 3>because I know that you are mobility first. But you

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<v Speaker 3>look at Uber and Instacart yesterday. What other partnerships do

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<v Speaker 3>you have in mind?

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<v Speaker 2>So I probably won't be able to speculate on new partnerships,

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<v Speaker 2>but I can tell you this. You know, I spent

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<v Speaker 2>in my prior career a lot of time in Africa.

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<v Speaker 2>And you're asking where is this going? But the answer

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<v Speaker 2>is in a lot of countries in Africa. There's this

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<v Speaker 2>great expression, if you want to go fast, you go alone,

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<v Speaker 2>but if you want to go far, you go together.

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<v Speaker 2>So you know, as I say, Delta Amazon as a partner,

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<v Speaker 2>we pick up some of the folks at distribution centers.

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<v Speaker 2>LinkedIn as a partner, we actually they overran their parking

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<v Speaker 2>lot when people came back to work, and so we

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<v Speaker 2>help people get back to work. Delta sky miles. Of

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<v Speaker 2>course you can get sky miles, but also we helped

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<v Speaker 2>move their flight crews around, particularly in early morning hours.

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<v Speaker 2>The Eastern partnerships that they're chase with Sapphire, they're real

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<v Speaker 2>deep partnerships. And when you really go deep with someone,

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<v Speaker 2>you know, it's almost like a relationship. You can find

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<v Speaker 2>all sorts of amazing things to do.

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<v Speaker 1>Those are the groups of people you're moving. And as

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<v Speaker 1>you know, I spend a lot of time thinking about

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<v Speaker 1>how people move from A to B. I want to

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<v Speaker 1>go back to ROBOTAXI. Tesla will show us a robotax

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<v Speaker 1>in August. And your competitor Uber has this relationship with Weimo.

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<v Speaker 1>I don't think you have a formal relationship, but if

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<v Speaker 1>Tesla comes to market, you must be thinking about that

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<v Speaker 1>long term.

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<v Speaker 2>Yes, But so first, robotaxes or let's just say, autonomous

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<v Speaker 2>vehicles are going to happen. There's no question here in

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<v Speaker 2>San Francisco. We know they're happening. You see them on

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<v Speaker 2>the street. But we have to think about it this way. First,

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<v Speaker 2>someone's got to make the tech. Then someone's got to

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<v Speaker 2>build the car. Then someone's got to own the car,

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<v Speaker 2>and someone's got to run the network. Right, these are

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<v Speaker 2>four different pieces of business that people have to do.

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<v Speaker 2>We run the network, and it's a very expensive, very

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<v Speaker 2>expansive network that we run every single day, two million

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<v Speaker 2>rides a day. Now, if we need to incorporate, and

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<v Speaker 2>of course we will autonomous vehicles into that, that's great,

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<v Speaker 2>that's fantast it'll increase supply and increase the number of

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<v Speaker 2>different ways. But I don't really look at an initiative

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<v Speaker 2>like theirs and think it worries me. I think that's

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<v Speaker 2>really interesting. It's going to maybe help expand the market.

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<v Speaker 2>And I would say for them, gosh, that's a lot

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<v Speaker 2>to take on at once. And so you know, we'll see,

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<v Speaker 2>we'll see how that goes.

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<v Speaker 3>David, innovation was what you're just talking about. Would you

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<v Speaker 3>ever reconsider innovation in taking more than just people but food,

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<v Speaker 3>but groceries.

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<v Speaker 2>You know, our real focus is on moving people around

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<v Speaker 2>and in specific getting them out of their house. And

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<v Speaker 2>this is where I get a little philosophical. If you

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<v Speaker 2>read any of the sort of articles about kind of

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<v Speaker 2>the health of our nation, we talk a lot about

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<v Speaker 2>sort of political divide, but there's also just a tremendous

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<v Speaker 2>amount of loneliness and people staying at home too much

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<v Speaker 2>and being disconnected from their friends and their family and

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<v Speaker 2>so forth. So I'd say that really is going to

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<v Speaker 2>be our focus. Doesn't mean that, of course, we also

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<v Speaker 2>get people out on bikes. You and I were just talking.

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<v Speaker 2>You've got a great bike system in New York among

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<v Speaker 2>other places, so that's important as well. But I really

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<v Speaker 2>think getting people out and about is really our focus,

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<v Speaker 2>and then we can partner for other things to the

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<v Speaker 2>extent that is important to customers.

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<v Speaker 1>David Our Bloomberg Intelligence and this man Deep Sing and

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<v Speaker 1>I were going through your numbers and trying to see

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<v Speaker 1>if it proved you'd taken market share from Uber Dara Koshtrashah.

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<v Speaker 1>He is coming up next after we've gone off on

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<v Speaker 1>the next program with Bloomberg's Emily Chang. What's your message

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<v Speaker 1>for Dara in terms of whether he should be looking

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<v Speaker 1>over his shoulder in the progress you're making.

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<v Speaker 2>You know, it's so funny. People love, of course, to

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<v Speaker 2>talk about the sort of head to head thing. I

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<v Speaker 2>think our competition is people staying at home. That's our competition.

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<v Speaker 2>I want more people out, I want them connecting with

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<v Speaker 2>other folks. I think it's just a much more interesting

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<v Speaker 2>way to run a business than to sort of always

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<v Speaker 2>focus on your competitor.

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<v Speaker 1>You know.

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<v Speaker 2>Look, they'll go through their ups and downs in their quarters.

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<v Speaker 2>So he's got alarm in his mind.

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<v Speaker 1>It's fine.

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<v Speaker 2>Ask him about all the different things he's got in

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<v Speaker 2>his mind, and we're just going to focus on our riders.

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<v Speaker 3>And drivers on your mind, gen Z, women, corporate travelers,

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<v Speaker 3>who's getting in your cars, who's riding your bikes?

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<v Speaker 2>David, Well, so a lot of women are. I'm glad

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<v Speaker 2>you brought that up. Of course, we have women plus Connect,

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<v Speaker 2>which I'm so so proud of. One of the great

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<v Speaker 2>quotes I heard from a friend recently is when he

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<v Speaker 2>said he was actually talking to his girlfriend and he said,

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<v Speaker 2>why do you like this woman plus connect rider driver

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<v Speaker 2>connection on Lift? And she said, look, I can finally

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<v Speaker 2>take a nap and ride share. I can finally take

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<v Speaker 2>a nap, which I think is so profound. We've had

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<v Speaker 2>something like twenty thousand new women join the platform on

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<v Speaker 2>the driver side just since we've started the program, so

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<v Speaker 2>super important. I'll tell you another thing that's really interesting.

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<v Speaker 2>We're seeing. Of course, commute is happening, but also party time.

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<v Speaker 2>People really are getting out it's after nine or after

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<v Speaker 2>five o'clock and it's going great.

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<v Speaker 3>I am here for party time. David Richer Lift CEO,

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<v Speaker 3>thank you so much for your time today