Lyft, Inc. (NASDAQ:LYFT) Q1 2024 Earnings Call Transcript

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Where we’ll have some driver-driven cars and some autonomous cars. I think that’s actually very stable for a long, long-time. Long, long, long time. Far beyond the sort of event horizon that we can easily see because there will be riders who only prefer one or the other. There will be parts of the country or even parts of cities that aren’t well-suited for autonomous. You know, airport being sort of an obvious example or right after a concert, those are very difficult times. There may be seasons where autonomous works better, worse autonomous in the snow is quite improvement and so forth and so on. So, I think there’s every reason to believe that this will be sort of a coexistence. And then, the question is, will it be a peaceful coexistence or sort of an angry coexistence?

I think it will be a peaceful coexistence. I think drivers will say, great, there’s still a lot of demand for my services. I think there will be other — and now, I’ll get a little bit weird to say, like who knows what happens in a couple of years. Maybe there are autonomous cars that in the front seat instead of a driver is, I always like this example, a cartender, someone literally making you a drink as you go to your party one night or whatever it is. So, I think there are all kinds of interesting — I think human beings are quite good at coming up with new fun things to do to employ themselves, keep themselves busy, entertain themselves and so forth. So, I don’t — even when I talk to drivers today, I honestly don’t feel a lot of anxiety of, these robots are going to take my job.

Part of them say, well, gosh, they’ve got pretty good sensors on them. So my eyes are 60-years-old, as a quote, and they’re pretty good drivers. So by the time they’re around, I’m going to be long gone and I’m glad someone is going to be driving me around. So I don’t know. I think this is — I think it’s going to be fine. I really do. And we’re going to continue to focus for drivers in making sure it’s the best driving experience absolute possible, absolute possible. How do you earn the most, how do you have the most satisfying experience. And I think that’s a great strategy. It’s going to be very durable for many, many years.

Erin Brewer: And John, this is Erin. It’s hard to follow the visual of a cartender, but let me attempt to do that and just go over our Q2 guidance for rides and bookings. So, starting with rides, in Q2, we expect rides growth of approximately 15% year-over-year. That implies about 9% quarter-over-quarter. And then for bookings, our guidance is for $4 billion to $4.1 billion year-over-year. That implies growth of 16% to 19% on a year-over-year basis. And on a quarter-over-quarter basis, that’s 8% to 11% growth. So hopefully, that sort of clarifies that dynamic both on a year-over-year basis and quarter-over-quarter for rides growth and gross bookings growth that we expect in the second-quarter.

John Colantuoni: Thank you.

Operator: This will end our Q&A session. I will now turn the call back over to Lyft’s CEO, David Risher, for closing remarks.

David Risher: You all, thank you so much. Really appreciate your questions, your — and your support over the years. Look, this is just about my first year. You know this. Really just quite an extraordinary opportunity. And I just want to mostly end by saying thank you for your patience with us as we clarify and articulate our strategy and a huge, huge, huge thanks to Lyft’s team members. We have 3,000 people who wake-up every single day obsessing over drivers and riders, and I just couldn’t be prouder of all we’ve accomplished. So, thanks to all. And we hope to see everyone who can at Investor Day, either virtually or physically. Thank you all.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.

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