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Speaker 1: Let's get back to earnings and Lift the right Chair

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Speaker 1: company reported before the bell this morning. CEO David Risher

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Speaker 1: joins us live from New York City to discuss and

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Speaker 1: the basics of it are that bookings, the outlook, missed

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Speaker 1: estimates or street expectations, that the stock is down significantly.

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Speaker 1: What is happening right now with Lift, the environment that

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Speaker 1: Lift finds itself in.

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Speaker 2: Yeah, so, hey, it's good to see you again. I mean, look,

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Speaker 2: it's to me, it's a little curious, right, And this

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Speaker 2: is sort of the way the world works sometimes. So

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Speaker 2: we just had our first profitable quarter ever, which is

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Speaker 2: an enormous accomplishment thanks to a lot of work for

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Speaker 2: the team. Revenue grow forty percent year on year, Bookings

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Speaker 2: and rides around midteen, seventeen percent, two hundred and fifty

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Speaker 2: six million dollars of free cash so just and service

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Speaker 2: levels that are fantastic, fastest pickups we've had in a long time,

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Speaker 2: Fastest are more drivers than we've ever had. So all

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Speaker 2: those things are incredibly strong and they indicate a strong marketplace.

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Speaker 2: And we reiterated our full year guidance and our multi

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Speaker 2: year guidance as well. Yes, mid team growth, so all

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Speaker 2: those things were good. I think what people are looking

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Speaker 2: at is they're seeing what I would consider to be,

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Speaker 2: you know, incredibly small, you know, sort of kind of

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Speaker 2: adjustment around what we've said about the future the next

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Speaker 2: next quarter, in the next couple of quarters. And this

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Speaker 2: to me sort of signifies, you know, sort of the

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Speaker 2: world we live in. Like the things that we think

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Speaker 2: about are one hundred and sixty billion rides in the

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Speaker 2: US in total private cars, and we are little by little,

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Speaker 2: you know, in a very very disciplined and customer obsessed

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Speaker 2: way growing our business. You know, I think Wall Street

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Speaker 2: sometimes looks at short term things and gets a little

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Speaker 2: bit overly focused on that. I'm thinking about the long

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Speaker 2: term and super excited about the prospects.

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Speaker 1: David. There's some David Risher's strategy and plans that I

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Speaker 1: see playing out, like price lock. Yeah, a paid feature

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Speaker 1: that's going to have an impact maybe on the top

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Speaker 1: and bottom line. But why, why is that the plan

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Speaker 1: for you?

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Speaker 2: Yeah? So price lock is a way for riders to

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Speaker 2: lock in a price just like it sounds like, on

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Speaker 2: the same route and same time every day. It's really

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Speaker 2: in first met for commuters, and it's available today by

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Speaker 2: the way. I encourage everyone to check it out. It's

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Speaker 2: kind of in soft launch, and the idea is it

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Speaker 2: takes away that what I think is one of the

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Speaker 2: most hated features of all ride share, which is which

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Speaker 2: is surge pricing, right and trying to get rid of it.

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Speaker 2: You can never get rid of it completely, but we

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Speaker 2: can certainly give writers a way to basically pay some

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Speaker 2: all subscription fee and lock themselves into a consistent price.

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Speaker 2: I think it's great and I think it's the sort

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Speaker 2: of thing that's going to grow the business in the

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Speaker 2: long term. Of course, it's an investment, right, and you always,

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Speaker 2: you know, invest in new features that you have a

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Speaker 2: lot of conviction around. But this again is our customer

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Speaker 2: obsession is what drives profitable growth. Again, we're profitable now

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Speaker 2: and we think there's going to be a great growth

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Speaker 2: driver for us.

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Speaker 1: Advertising is a battleground as well. You know, I am

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Speaker 1: so familiar with the lift ap but why is advertising

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Speaker 1: the way to go? And what with who with?

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Speaker 2: What?

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Speaker 1: Right you think about parallel industries?

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Speaker 2: Yeah, so, you know, think about you know, of course,

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Speaker 2: let's let's zoom wig out for a second. Since the

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Speaker 2: history of advertising, you know, brands have tried to come

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Speaker 2: up with new ways to talk to their consumers, right,

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Speaker 2: and one hundred years ago, maybe it was billboards, then

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Speaker 2: maybe it was radio ads, then maybe TV ads. Obviously

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Speaker 2: more recently internet advertising. We see this kind of mobile

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Speaker 2: advertising literally advertising that comes to you in the car

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Speaker 2: where you're going, as an incredibly important effectually a sector

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Speaker 2: that we're really going to help build out because if

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Speaker 2: you think about it and reflecting on some of the

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Speaker 2: earlier conversations you were having around Reddit, for example, we

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Speaker 2: have an enormous amount of first party data, right, two

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Speaker 2: million rides a day, every one of them going to

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Speaker 2: a seven to eleven or a Starbucks or whatever it

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Speaker 2: might be, and that's first party data that's very indicative

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Speaker 2: of what it is that riders want to do. And

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Speaker 2: so our media business has grown significantly. We're up significantly

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Speaker 2: year on year, and we're really optimistic that it's going

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Speaker 2: to be a whole new form of advertising and media

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Speaker 2: that'll go super great.

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Speaker 1: David, when I reported that Tesla was delaying its Robotaxi

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Speaker 1: event to October, the shares of your company jumped in

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Speaker 1: that session. The vision is a proprietary app from Tesla

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Speaker 1: for ride hailing, but a fleet of cars that drive themselves. Tesla's.

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Speaker 1: Your stock went up on the basis that everyone was like, Okay,

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Speaker 1: the competition from Tesla's not yet coming. Just your latest

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Speaker 1: thinking on that, please.

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Speaker 2: Yeah. Look, I think avs are going to be great

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Speaker 2: for LIFT, I really do. And I think it's because

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Speaker 2: we're going to be the best way to commercialize what

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Speaker 2: is a very very expensive asset. Different companies will try

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Speaker 2: different things, but I think largely you'll have a lot

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Speaker 2: of OEMs doing a lot in the av space and

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Speaker 2: wanting them on our platform because of you know, millions

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Speaker 2: of rides, all the technology we have to incorporate cars

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Speaker 2: in our platforms and so forth. I don't want to

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Speaker 2: comment on Tesla. I don't know. You know, we'll see

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Speaker 2: kind of how that goes. But I do think that

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Speaker 2: creating your own thing a kind of closed network is

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Speaker 2: it's a front strategy, and maybe a different strategy would

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Speaker 2: be to figure out a way to get your cars

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Speaker 2: that you've built and your technology, you know, as broadly

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Speaker 2: available to as many as possible.

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Speaker 1: David Richard, the CEO of Lyft, thank you so much

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Speaker 1: for joining us.