Lyft, Inc. (NASDAQ:LYFT) Q4 2022 Earnings Call Transcript

John Zimmer: And then since you asked a little bit about kind of company spend and how that affects us, I just want to comment on our enterprise business. We call Lyft business. We have a few different segments enterprise universities and healthcare. On enterprise, we’re continuing to see that actually pick up. We’re seeing the return of large events and conferences and Lyft, what we call Lyft business managed bookings grew by more than 60% year-over-year. We have some new offerings like Lyft Pass and Concierge. And then we’re going to keep leaning in. We think that’s a really nice margin opportunity and growth opportunity. We also, as I mentioned, have health care in our enterprise business. We’re seeing great traction. Healthcare bookings in Q4 were 92% higher than the level of Q4 2019.

And so that business is scaling nicely and there’s actually more markets being authorized from a regulatory perspective to use our services, which expands the addressable market for healthcare. And then last I mentioned universities. We have over 200 partnerships with universities and colleges that give students access to all our products and we’re seeing them back to school fully in October. And that Q4 was our university partnership’s biggest quarter of the year, with bookings up nearly 50% year-over-year.

Operator: Your next question comes from the line of Brian Nowak with Morgan Stanley.

Brian Nowak: Thanks for taking my questions. I have a couple, one just of a historical look back. I was just wondering, so we can sort of better understand the competitive dynamics, can you help us better understand a little bit how quickly trips or bookings growth in the core ride share business, how did that progress throughout the course of €˜22 or even a full year number just so we can sort of compare that to the overall industry trips or bookings? And the second one, I know in the past you’ve talked about sort of growing in line with the industry, et cetera. I know you’re making some price adjustments now. Logan, how do you think about other sort of big picture adjustments you might have to make to the platform just to ensure that you can grow at those previous rates you spoke about called six, nine months ago. Thanks.

John Zimmer: So on the first question, we saw mid-20s growth for the year on the kind of overall bookings. Can you repeat the second part of your question or Logan, did you get that?

Logan Green: Yes. I think you were asking what are the other investments we’re making in the platform? The foundational investment is on service levels. We have a very loyal group of riders and drivers who prefer Lyft, and we need to make sure that we show up for them with competitive price and ETA for our riders and competitive pay for our drivers. That’s kind of first and foremost. The second big area of investment that John mentioned is Lyft Pink. So we’re very happy with the growth that we’ve seen. That program doubling just in Q4 alone. The great Chase partnership and the increasing suite of benefits that we’ve put behind Lyft Pink, I think make it hands down the best transportation membership program out there, and we’re going to keep pushing to make sure that it remains in that position.

Operator: Your next question comes from the line of Alex Potter with Piper Sandler.