WEBVTT - Lyft CEO John Risher Talks Earnings

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>We have the Lyft CEO, David Risher, standing by with

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<v Speaker 2>Bloomberg Technologies Ed Ludlow out in San Francisco.

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<v Speaker 3>It was kind of astonishing, right is The stock as

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<v Speaker 3>of yesterday's close was down four percent year to day

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<v Speaker 3>and now we're up thirty percent in the session.

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<v Speaker 1>How things change? David Richard, good morning, Good morning. Let's see.

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<v Speaker 3>You know what I'm like. I don't want to get

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<v Speaker 3>into numbers that have already been discussed on the call.

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<v Speaker 3>You know, great outlook for the quarter, the full year,

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<v Speaker 3>the future. What is different about Lyft now?

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<v Speaker 4>Well, so I've been in the job about eighteen months

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<v Speaker 4>and I've been I think, laser focused since day one.

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<v Speaker 1>Customer obsession, customer obsession every time I come up, I mean, David,

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<v Speaker 1>come on, yeah, so fair.

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<v Speaker 4>It means we want to provide a level of service

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<v Speaker 4>that is above and beyond anything you have any reason

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<v Speaker 4>to expect. And right now we're picking riders up faster

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<v Speaker 4>than we've ever before. We have more drivers on the

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<v Speaker 4>platform we've ever had before. Drivers prefer us twelve points

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<v Speaker 4>over the other guy, which is fantastic.

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<v Speaker 1>So yeah, the guy's name come, I'm.

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<v Speaker 4>Not going to talk about those guys. I don't even

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<v Speaker 4>know who you're talking about. Really, I got a little

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<v Speaker 4>confused there. But anyway, the point being that the better

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<v Speaker 4>you do for your riders, the better you for your drivers,

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<v Speaker 4>the more people respond. And that's where we've got all

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<v Speaker 4>the records that you're seeing.

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<v Speaker 1>Just very quick.

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<v Speaker 3>Detail matters when it comes to consumer behaviors psychology. My

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<v Speaker 3>research and understanding is that LIFT is very much the

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<v Speaker 3>commuter space right now. Urban area San Francisco is one

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<v Speaker 3>example where we are. Tell me more about that.

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<v Speaker 4>Sure, so about you're right Monday to Friday, about half

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<v Speaker 4>our rides.

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<v Speaker 1>Or commute rides, which is enormous.

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<v Speaker 4>Just think of the time people are saving not having

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<v Speaker 4>to drive themselves and so forth. We introduce something called

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<v Speaker 4>price lock a while back, which allows people to lock

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<v Speaker 4>in a price get rid of surge pricing, which you know,

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<v Speaker 4>I'm no fan of, neither is anybody else.

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<v Speaker 1>And that's had a.

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<v Speaker 4>Great effect on commute because commute people take the same

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<v Speaker 4>ride every day, but they don't like to see the

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<v Speaker 4>price bounce around.

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<v Speaker 1>So it's been a huge success.

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<v Speaker 4>We've got about two hundred thousan people who've got a

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<v Speaker 4>price lock pass right now keeps.

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<v Speaker 1>Growing autonomous vehicles.

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<v Speaker 3>Yeah, okay, I want to have a really honest conversation

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<v Speaker 3>about this. As you know, it's something that I work

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<v Speaker 3>on every single day. Our colleagues at Bloomberg Intelligence, our

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<v Speaker 3>research arms say that you face disintermediation risk because you're small.

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<v Speaker 3>You announce the partnership with Mobili, which is a maker

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<v Speaker 3>of sensors and system under chap. Don't see it. I

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<v Speaker 3>don't understand how that gets you to market with offering

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<v Speaker 3>autonomous rides on your platform.

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<v Speaker 1>Yeah, sure, love the question.

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<v Speaker 4>So first, I think avis are going to be a

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<v Speaker 4>huge accelerant. Actually say a tam expander address them or

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<v Speaker 4>an expander for a lift, because I think.

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<v Speaker 1>What it's going to do is it's going.

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<v Speaker 4>To bring new product onto the platform. If people are

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<v Speaker 4>going to like some people are going to like being

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<v Speaker 4>driven by human, some people are going to think being

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<v Speaker 4>driven by.

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<v Speaker 1>Robot is pretty cool. Some use cases favor one or

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<v Speaker 1>the other.

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<v Speaker 4>So anyway, I think the hybrid future is what we're

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<v Speaker 4>looking at over time. Now, Mobili, they make the sensors,

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<v Speaker 4>they made the tech. You probably have them in your.

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<v Speaker 1>Car right now.

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<v Speaker 4>Laying assist smart cruise control, all that stuff that's level two.

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<v Speaker 4>Level four is full self driving. So imagine a world

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<v Speaker 4>where mobile ie tech, which might drow up in a

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<v Speaker 4>Honda or a GM or a Ford or a Stilantis

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<v Speaker 4>or a Volvo or whatever.

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<v Speaker 1>Imagine that you could push a button saying, you.

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<v Speaker 4>Know what, push this button, and your car is now

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<v Speaker 4>available on the lift platform to pick people up and

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<v Speaker 4>pick them up.

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<v Speaker 1>Wherever they are whatever.

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<v Speaker 4>So it's a way to sort of, you know, today,

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<v Speaker 4>if you want to drive for a lift, that means

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<v Speaker 4>you're using your time and your car.

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<v Speaker 1>Tomorrow, maybe you just use your car. You're getting somewhere now.

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<v Speaker 3>Because what you're describing is very similar to Elon Musk's

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<v Speaker 3>vision for the.

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<v Speaker 1>Tesla Proprietary Act.

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<v Speaker 3>If you're a Tesla owner, you can submit your vehicle

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<v Speaker 3>to the fleet and when you're not using it works

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<v Speaker 3>more like Airbnb, that's right, than any other platform. But

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<v Speaker 3>again it's very hard for people to see the jump there.

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<v Speaker 3>I'll let you answer, But you know Uber and Weimo

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<v Speaker 3>for example, it's very tangible. You can summon a waim

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<v Speaker 3>in those future markets next year Austin in Atlanta.

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<v Speaker 1>Yeah, where are we right?

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<v Speaker 4>I gottah well, so look, so we're doing both, right,

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<v Speaker 4>So we just signed an agreement with me Mobility, which

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<v Speaker 4>is also does full self driving in it Atlanta and

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<v Speaker 4>that'll be available next year.

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<v Speaker 1>So that's fantastic.

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<v Speaker 4>So that means if you want to have that EXPERI

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<v Speaker 4>and by the way, we've given one hundred and thirty

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<v Speaker 4>thousand rides in Las Vegas with a prior partner as well,

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<v Speaker 4>so we've got some on the ground stuff going on,

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<v Speaker 4>which is great and I think it's really important. But

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<v Speaker 4>I also think the future where a lot of us individuals,

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<v Speaker 4>people who drive today people anyway, anyone who has a car,

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<v Speaker 4>if it's a self driving car, should also be able

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<v Speaker 4>to be put on the lift platform. By the way,

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<v Speaker 4>I would extend that to Tesla as well. I don't

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<v Speaker 4>you use the word proprietor. I think that's right. There's

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<v Speaker 4>no particular reason why as a Tesla owner you wouldn't

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<v Speaker 4>want to necessarily participate on the lift platform too. So

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<v Speaker 4>that's kind of the future we're trying to build towards.

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<v Speaker 3>I mean, it looks to up twenty nine percent, and

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<v Speaker 3>so I guess the market leaves this vision of the future. Yeah,

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<v Speaker 3>any evidence that weimo in San Francisco is taking market

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<v Speaker 3>share from yourselves and Uber.

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<v Speaker 4>So we look at Waymou much more as a potential

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<v Speaker 4>partner than a competitor. Look, if you're a Waymo, you

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<v Speaker 4>want to be and it's it's not.

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<v Speaker 1>Your partner that Uber's partner.

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<v Speaker 4>Oh, but they'll be both over time. I'm not making

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<v Speaker 4>a prediction exactly. I'm simply saying if you're in the

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<v Speaker 4>business of creating very expensive assets like self driving cars,

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<v Speaker 4>you want them utilized. You want them on the road,

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<v Speaker 4>and the way you put them on the road.

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<v Speaker 1>Is you don't just do it yourself.

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<v Speaker 4>You end up partnering with a couple of other people

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<v Speaker 4>who've got that demand built in, which we we do

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<v Speaker 4>two million rides a day as it is. So I

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<v Speaker 4>think if you're one of those companies, your whole job

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<v Speaker 4>is get the tech, reliable, safe, inexpensive, and then commercialize

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<v Speaker 4>it in a bunch of different ways. And we want

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<v Speaker 4>to be one of the best partners for them we

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<v Speaker 4>can be.

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<v Speaker 1>David, I have a.

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<v Speaker 2>Question about New York City since I'm here. I saw

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<v Speaker 2>ad somewhere online yesterday that said Uber drivers make thirty

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<v Speaker 2>five dollars an hour per online hour, which I thought

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<v Speaker 2>was kind of cheap because I know that Uber and

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<v Speaker 2>Lyft are locking drivers out of the platform for some

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<v Speaker 2>part of the day that they can't possibly calculate or know,

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<v Speaker 2>so they end up spending hours at their job in

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<v Speaker 2>which they don't make money. How much longer are you

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<v Speaker 2>going to be doing that to drivers and why?

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<v Speaker 1>Yeah?

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<v Speaker 4>So it's frustrating as hell. We do not want to

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<v Speaker 4>do this. Drivers don't like it.

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<v Speaker 1>We don't like it. What's going on?

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<v Speaker 4>First, I don't know about that thirty five dollars an hour. Actually,

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<v Speaker 4>I think the number that I know for New York

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<v Speaker 4>is more like forty an hour engaged. But anyway, they've

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<v Speaker 4>got their numbers, we've got ours.

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<v Speaker 2>But the drivers we followed around are making more like

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<v Speaker 2>fifteen dollars an hour, right, because they end up being

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<v Speaker 2>in their car and locked out of the platform for

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<v Speaker 2>a considerable portion of the day.

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<v Speaker 1>Totally.

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<v Speaker 4>Yeah, super super frustrating. It's not something that we want

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<v Speaker 4>to do. It's something we feel like we're forced to

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<v Speaker 4>do because of a particular regulatory framework that only exists

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<v Speaker 4>in New York City, doesn't exist in New York State,

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<v Speaker 4>doesn't exist in the rest of the country, and in

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<v Speaker 4>the rest of the country, even in New York State.

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<v Speaker 4>We've done all sorts of work to make sure that

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<v Speaker 4>drivers never get locked out of the platform. But there's

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<v Speaker 4>this peculiarity around New York and how the regulations are

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<v Speaker 4>written that are putting, you know, both the other guys

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<v Speaker 4>and us in this terrible position of having to sometimes

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<v Speaker 4>turn drivers supply down just to meet what's called utilization requirement.

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<v Speaker 4>So believe me, we're talking to the regulators. We don't

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<v Speaker 4>like it, and I don't think it so it's good

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<v Speaker 4>for anyone. I think it's an unintended consequence of a

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<v Speaker 4>well intentioned idea of let's make drivers make more.

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<v Speaker 1>And I think it's just having the opposite effect. Lift's

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<v Speaker 1>doing more.

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<v Speaker 3>I think about some of the partnerships we had the

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<v Speaker 3>Doors CFO on the show this this past week.

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<v Speaker 1>It's an example.

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<v Speaker 3>But again, you and I have had this conversation, let's say,

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<v Speaker 3>what a dozen times now, what's the next thing for LIFT?

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<v Speaker 3>The new business lines, for example, Like some people find

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<v Speaker 3>it really interesting whether you sell more of your data

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<v Speaker 3>to the OEMs. It's a really interesting case study.

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<v Speaker 1>Well, I mean, let me talk about partnerships in general.

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<v Speaker 4>So you know, we're Our focus is ride share, right,

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<v Speaker 4>That's what we focus on. So when you focus, you

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<v Speaker 4>can do great work, which means you can have more riders,

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<v Speaker 4>more drivers, better experience, better service. But it also means

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<v Speaker 4>if you want to really meet your customers where they are,

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<v Speaker 4>you need to partner, right, So we just as a

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<v Speaker 4>partnership with Door Dash. As you say, I think if

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<v Speaker 4>it is two great tastes to go great together, I

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<v Speaker 4>think it's an old resents peanut butter thing.

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<v Speaker 1>Maybe it doesn't land.

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<v Speaker 4>In the UK, but anyway, in the US we talk

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<v Speaker 4>about been long enough. You be here long it o

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<v Speaker 4>you kind of know you've you've drunk the col you've eaten,

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<v Speaker 4>you've eaten the cup. But anyway, the point is you

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<v Speaker 4>can save up both as a dash pass user. You

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<v Speaker 4>can save on lift is Lyft, you can save on

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<v Speaker 4>dash Pass. So that's a great you know, type of partnership.

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<v Speaker 4>We've already announced and I encourage you to link your accounsel.

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<v Speaker 4>So but anyway, we'll do more and more of that.

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<v Speaker 4>So as we provide incredible transportation service, get you out

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<v Speaker 4>to the world, connect with other people. We want to

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<v Speaker 4>work with other partners who can make the experience even.

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<v Speaker 3>Bigger David president electrom what's Lift's plan for the next

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<v Speaker 3>administration and what the world looks like?

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<v Speaker 4>Well, I don't know exactly what the world looks like,

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<v Speaker 4>but I can tell you this.

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<v Speaker 1>Look.

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<v Speaker 4>We work at the federal level with you know, with

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<v Speaker 4>all of the administrations over the last ten years, right,

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<v Speaker 4>And our big focus at the federal level actually gets

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<v Speaker 4>back to an asked question, how can we have sort

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<v Speaker 4>of federal level legislation that actually helps us recognize that

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<v Speaker 4>drivers are they're not full time employees. Frankly, it doesn't

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<v Speaker 4>exactly feel like independent contractor either.

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<v Speaker 1>Fully, it feels like a blend of both.

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<v Speaker 4>And how can we find a national strategy that kind

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<v Speaker 4>of gives them better fits and so forth. That's what

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<v Speaker 4>we're focused on the national level. We also do a

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<v Speaker 4>ton of work at the state level and the local level.

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<v Speaker 4>Here in San Francisco. We met with the mayor a

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<v Speaker 4>couple of months ago. We don't know if she'll be

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<v Speaker 4>the mayor of the future or future person, but anyway

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<v Speaker 4>about how can we bring more life to San Francisco.

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<v Speaker 1>Just really quick.

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<v Speaker 3>HeLa Musk, on Tesla's last segning Schools, said that in

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<v Speaker 3>the scenario of its Department of Government Efficiency. He'd use

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<v Speaker 3>that platform to work towards federal level regulation of autonomous

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<v Speaker 3>cause do you support that idea and what do you

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<v Speaker 3>want to see happen?

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<v Speaker 1>I absolutely support it.

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<v Speaker 4>Of course, you know a lot of work has to

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<v Speaker 4>be done to come up with smart regulation there.

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<v Speaker 1>But the reason we support it is simple.

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<v Speaker 4>It's not super fun to have fifty different states to

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<v Speaker 4>work with with fifty different regulations.

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<v Speaker 1>Nobody likes it. You've got to test the things and

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<v Speaker 1>so forth. A certain point.

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<v Speaker 4>Though, you need to take a stance, you know, at

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<v Speaker 4>the country level.

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<v Speaker 1>You know, I don't know.

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<v Speaker 4>Look, I think autonomous vehicles are going to be safer.

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<v Speaker 4>They know the laws, they follow the laws that you know,

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<v Speaker 4>they've got eight eyes to our two, so you know they're.

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<v Speaker 1>Going to be safer.

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<v Speaker 4>But it's going to be one of the things we're

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<v Speaker 4>gonna have to step in its step by step so

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<v Speaker 4>that you know, Frank, it works for all of humanity.

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<v Speaker 1>Not just for the robots.

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<v Speaker 3>David Richard LIPSI thank you very much for being here.