David Risher: Yeah. Sure. So sort of great points both. So, on pricing, we — pricing has been fairly stable right now. No major changes. It sounds as around a little bit, as you would expect, but it’s not a significant, we don’t expect a significant change there. We kind of like what we are seeing, and frankly, our riders do too. It’s one the reasons why we have seen such great ride growth quarter-on-quarter and year-on-year. On Wait & Save, I am actually really glad you brought it up, because I think it’s a great reminder. People do not price rises in a vacuum. And as a rider, you don’t — you are not — your choice is not binary. And so if you are more price sensitive as a rider or if you are at a more price sensitive time in your life or if you are at a time where you frankly have a little of time, you don’t mind burning because you want to go get a coffee at Starbucks or whatever, Wait & Save is a great option.
And we see it still no major changes from where it was before. I will tell you that Wait & Save riders take about double the rides of non-Wait & Save riders. So that really suggests that there’s a segment that you can really speak directly to. And we can optimize it over time, we can improve the economics and so on and so forth, but it’s a really important part of the mix. And just to answer the question that you didn’t ask, but I will answer it anyway, which is that Uber has got a mode for price-conscious folks, too. It’s called shared rides. And we innovated there, it’s an area where we started. We largely have turned it off, except for some very specific use cases because we don’t find our riders or our drivers like it very much.
So we think just on a head-to-head basis, we have got a better, more customer access strategy there.
Doug Anmuth: Great. Thank you, David.
David Risher: Sure.
Operator: Our next question comes from Brian Nowak from Morgan Stanley. Your line is now open.
Brian Nowak: Okay. Thanks for taking my questions. I have one on the implied take rate. I appreciate the bookings disclosure. So I know take rate can be somewhat crude. But if we sort of take the revenue and divide it by your bookings, it looks like your effective take rate is sort of somewhere in the low 30s somewhat higher, I think, than your competitive peer in the U.S. How do you think about that take rate over the next year or so to try to sort of load balance, supply and demand and sort of more supply into the overall ecosystem? Thanks.
Erin Brewer: Yeah. I will start with that one. As a reminder, of course, we report as a single segment and that includes both our Rideshare business, but also a mix of bikes and scooters, fleet, media, et cetera. So as you think about that total revenue as a percentage of gross bookings, there’s more than rides here there. What I will say about that, though, as you think about TBS fleet and Media. That will drive revenue as a percentage of gross bookings up about 2 percentage points to 3 percentage points, if you will, depending on seasonality and depending overall in the quarter. But what I would really say bottomline is we, of course, track in a very methodical way how we are competing in the market, both in terms of price and as it relates to driver earnings, we feel confident that since Q2, we have been operating in pricing competitively and in line with the market.
And if I can steal a phrase from David, people are voting with their feet, right? More drivers and riders are choosing Lyft, and that’s, again, just another data point that gives us a sense of where we are competitively.
David Risher: Yeah. I will just underscore the last thing that Erin said. Our driver — our strategy with drivers is to pay them fairly for sure and to continue to make sure it’s a great way to earn. And so we expect to pay in line with the competition, just the same way we price. And yeah, I mean, we have seen 45% historic highs and driver hours. So really no material difference there. I think it’s more of a math issue around how we present versus how Uber does.
Brian Nowak: Great. Thank you.
Operator: Our next question comes from Ken Gawrelski from Wells Fargo. Your line is now open.
Ken Gawrelski: Thank you. I appreciate it. I appreciate the question. Could you please help me think about medium-term insurance inflation? How should we just think about the various dynamics that might play into that first? And then second, again, a kind of more medium-term question, which is if you look out beyond the next several quarters, how do you think about the various factors driving overall ride growth, both from an industry level and from a less level specifically? Thank you.
Erin Brewer: Thanks, Ken. I will start with the insurance question and then hand it over to David. So as a reminder, we renewed our most recent set of third-party insurance contracts effective October 1st. We renewed those very consistently with how we communicated on our previous earnings call. So that gives us substantial visibility over the next 12 months. So nothing has changed there from what we have previously communicated. Rising auto — that being said, rising auto insurance costs are a reality of our industry overall. The rate increases we saw in this most recent round were lower rate increases than in the previous year. So certainly some signs that, I think, some of the COVID impact on these rates is abating. But that being said, a core part of how we think about managing our overall cost strategy is thinking about managing our strategy around insurance over a multiyear period and it really encompasses not only thinking multiyear, but working across the company in a really cross-functional way.
