All right, we're gonna go ahead and get started. My name's Doug Anmuth, I'm the internet analyst at J.P. Morgan . First, safe harbor. David might make forward-looking statements about Lyft, which are subject to risks described in Lyft's SEC filings. He may also discuss certain non-GAAP financial measures and historical reconciliations are available on their IR website. It's our pleasure to have with us Lyft's new CEO, David Risher, in his first conference appearance. David became CEO just last month, but he's been on the board for nearly two years. David co-founded Worldreader, a nonprofit organization where he's served as CEO since 2009. Prior to Worldreader, David served as SVP of U.S. Retail at Amazon, prior to that was a general manager at Microsoft. Welcome, David.
Thank you, Doug. It's good to be here.
All right.
Thanks for having us.
Let's see. Starting off, you've been on Lyft's board for almost two years.
Yeah.
What made you want to become CEO, and how will you leverage your background and your skill set to strengthen the business?
Sure. Yeah, good questions. You're right, I have been on the board for two years. Look, being a board member is very different from being a CEO, right? The, the thing they say about boards is kind of noses in, hands off, right? I'm an operator. I love to build things. You know, I built Microsoft Access from 0% share to 80% share, built Amazon from a $15.6 million bookstore to a $4 billion everything store by the time I left, built Worldreader to get 21 million kids reading. I really like building, and I particularly like building things that have a huge impact on customers. Lyft has double the customers.
What I mean by that is we have riders and we have drivers, and so figuring out how to make that ecosystem strong and figuring out how to make this marketplace a strong two-player market, just super appealing to me. here I am.
Okay, great. Where have you been focusing your time over the past six weeks or so? What, what are your top priorities for Lyft?
Yeah. A couple of things, I'll sort of take them in a certain order. The first thing. Again, this is a two-player marketplace, right? Here I'm talking about Uber and Lyft. Drivers want that, riders want that. In fact, riders really want it. Like, I sometimes say, "Don't call me David Risher, call me David two apps. David two apps. I want two apps on every single phone," right? Because that's a good starting point for us at least. In order to get to sort of two apps, you gotta do some basics well. The first order of business was making sure we were priced competitively. For a time, we had gotten a little bit, I think, off strategy, if I'm honest, about pricing, but now we're on strategy. We're pricing in line with the market.
What that starts to do is it starts to move, certainly among people who compare both apps, it starts to move share in our direction, right? 'Cause we've been a little bit uncompetitive, now we're fully competitive. You can see the data. When we started this. We actually started it when I was on the board, and then I accelerated it as CEO, moving to price parity, which means basically we've picked up anywhere from 3 to 5 to 10 to 15 points a share, depending on the market. Let's just broadly say we went from the high 20s to the low 30s. That's step one, good execution. Step two is make sure that you can pay for it, right? And you sort of have to do these at the same time.
You saw we took about $330 million of cost out.
Mm-hmm.
That was obviously a big emotional as well as physical, you know, act to get that done. We're now at a point where our cost structure is right size, which means we can afford, you know, these investments in pricing and driver pay. The third piece, after you do that, after we did that, is we have to start some awareness, because what's happened to a certain extent is we've fallen off of people's consideration set a little bit. We've been a little too quiet for too long. So that's step three. Now, the good news about awareness in 2023 is you don't have to do Super Bowl ads, right? You don't have to do jumbotrons at Times Square. You just have to get out there.
We're getting out there on TikTok and doing some other things that are very low cost, but they remind people that we exist. The result of all those things so far has been not only share shift in the aggregate of some points, but significantly in some markets, 50%. We're about 50/50 in Portland, Oregon. We're about 50/50 in Phoenix, Arizona, fifth largest city in the United States. Anyway, kind of getting there. That's number three. Fourth thing, and in a sense, I should have started with this, but anyway, you can only say so many things, is right people on the bus. Has anyone here read Jim Collins' book, Good to Great? You remember that? It's sort of a classic at this point. I mean, his whole point is leadership matters, and he has a whole framework around it.
If you don't have the right people on the bus, you can't get anything done. You saw we've made some changes. We'll have some others that were, that are kind of coming. I can speak actually openly. We haven't had a chief marketing officer for a long time.
Mm-hmm.
In a product category where you know, you've got something that looks, to some customers at least, like kind of a commodity, you better have great marketing around that. Again, I'm not talking about Super Bowl ads, but someone who's really smart, particularly about loyalty marketing. That's kind of the fourth thing is execute well, get your costs in order, start to drive a little awareness, right people on the bus. Then it's all about differentiation. Continued strong execution, but then differentiation, and that's kinda what's next.
All right. good segue. It's literally my next question. This has been a space where it feels like historically the attempts to differentiate get copied very quickly.
Mm-hmm.
How do you actually differentiate in this two-player market?
Yeah. A couple things there. I mean, first, I think you're right to point that out. This is going to be a competitive marketplace, right? There's going to be, you know, one guy goes, and the other guy goes. There'll be some of that, no question. At the same time, it's a big market, there are areas where people can grow strength. Here I'm not just talking geographically, I actually don't think that's a very interesting dimension. For example, you can look at something we've already done as an example of what we might do in the future. Something we've already done is we've differentiated ourself for price comparers. Some percentage of people every day... Well, let me move this a little way because I'm getting a little bounce back.
Some people every day, you know, they check both apps, and they're looking for a good deal, right? Everybody likes a deal. Some people like them more than others. We have to have a product that's aimed at them. We have a product called Wait & Save. Uber has a product called Shared or Pooled, actually. It's actually kind of a copy of what we did. Speaking of copying, they kind of copied us on that one. I'm okay with that in this case, because I think they copied the wrong thing. In other words, they copied a feature that asks you basically... Here, we'll do a little experiment. Okay, I haven't done this before. Give me feedback on whether it works. Danger.
Danger.
Danger. I remember doing this thing with Bill Gates once, the demo on the stage. It went very poorly. We're gonna try it anyway. Okay, everyone, close your eyes for a second. Literally, close your eyes. Imagine you're getting into a rideshare. Imagine getting into an Uber. It's painful, but let's just do that. You're getting into an Uber, and you know where you wanna go, and you start that direction. Now all of a sudden, your car takes a weird left, and then another weird left, and then a right, and you're like, "Gosh, this doesn't feel right to me. What's going on?" The answer is, what's going on, you can open your eyes now, is shared rides. Feel your anxiety rising at that moment, right? That's what happens with customers and drivers.
We've taken a very simple product, Wait & Save, and really are starting to get behind it. It represents about 30% of our volume, whereas Shared never got anywhere close to that. We'll see who wins this one. I like our chances. At the end of the day, I think you'll start to see more of that. More areas where we look at the same segment, and we just come up with different approaches, and we'll kind of see which works.
When you think about market share, you talked about kind of over the last 10 weeks and potentially moving kind of high 20s to low 30s.
Yep.
-which you believe has happened.
Yep.
How do you think about where share can go over time, and how much is, let's say, catch-up, low-hanging fruit?
Mm-hmm.
-which seems like the variety that you're, you've talked about already.
Yes. Yep.
versus the product improvement and real execution?
Yeah. A couple things to say there. I think you're right to characterize what we're doing now is kind of picking that low-hanging fruit and then telling more people about it, 'cause right now, we're in kind of a funny situation, and I sometimes say this, first, you have to do the right thing, then you do it right. The right thing was for us to match on price. What does doing it right look like? It starts to look like, okay, can we, you know, optimize that a little bit? Can we start to market a little bit? Right now, everybody's getting the benefit of lower price, every customer, but not everybody even knows it yet. They don't even know to check us anymore. In fact, as I say, you know, two apps. Like, I want two apps on every phone.
A lot of people don't have that. That's kind of the next stage is how do you start to drive some awareness among people. The nice thing here is people learn what they already kind of know, right? They kinda know that Lyft is a good company. If you ask drivers in particular, often they'll say they have a preference for Lyft because our values are better aligned, we treat them better and so on and so forth. We've gotta do some things to reinforce all that for drivers and riders. That's kind of the next step. Over time, I wouldn't just think of it as taking share one or the other. I think of share as a lagging indicator because it just shows that you're doing the right thing for your riders and drivers.
The way I think about it next is, okay, now we've rebalanced share a little bit. Can we actually start to really grow this category? I really do think we can. If you think about the number of times people take rideshare a month, you're talking about four, five, six times. That's a small number compared to the number of times you exit and enter your house every day. Go to work, come back. Go for a drink, come back. Go to a restaurant, come back. Go to kid's soccer game, come back. Have your parents take a Lyft because we don't want them to do driving anymore, come back. I think there's a lot of frequency work we can do in the future beyond just the share shift side.
Okay. How do you think about the percentage of riders that have brand loyalty today?
Mm-hmm.
versus those that are, you know, using the two apps and literally doing price comparison for every ride? How do you kinda size that opportunity?
Yeah. A couple questions there. The first thing I'll say is, and this might sound like a strange thing to say, I actually don't think either company, Uber or Lyft, has super deep brand loyalty. I don't find a lot of people when I ask them about Uber, in particular, and I'm not just casting shade, but, like, when they say, "Oh, I take Ubers," I'm like, "Oh, cool. Like, do you like that?" They're like, "Eh. You know, it's what I use. It's what I'm kinda used to." Eh, is not really a very strong consumer bond. I would say again, and our data shows this, that just on a brand basis, more people tend to have positive things to say about Lyft. Doesn't mean they always like us.
Long pickup, maybe a high price in the past, whatever, but on a brand level. The short answer to your question, I think, is it's kind of open. It's kind of open. While the price shopping back and forth right now happens a lot, a lot meaning call it a third to 40%. I'm making that number up, but it's sort of like that. You know, those are people who are always doing... That tends to go down over time as your prices equalize because it's a waste of your time. Why do it if you know you're pretty much... The only time you do it is when you think, "This is weird. Why does this $50 ride all of a sudden $100 to go to the airport?" The answer is, "Oh, it's Boston Marathon." You know what I mean? Like...
Once you take price off the table, then you get to compete on all sorts of other things, and that's really where we're trying to shift the conversation.
Okay. Let's go back to Wait & Save.
Sure.
The closed eyes example.
Yeah. Yeah.
You quickly made the decision to exit shared rides, focus on Wait & Save.
Yeah.
You talked already a little bit about the thought process there, but just help us understand more how it's better. We kinda got the rider side, how it's better for drivers.
Mm-hmm.
How do we think about the economics of that business relative to more traditional rides?
Yeah. It's a great question. I think it's important, as you say, Doug, to consider any change you make, what's the impact on riders but also on drivers. Drivers love it. Why do drivers love it? Because it keeps them moving. Wait & Save is particularly interesting when we have oversupply of drivers, right? Because then it's all about capacity utilization. You know, it's just like an airplane. Like, a plane sitting on the ground is making no money. A driver sitting in his car waiting for a fare is making no money. Wait & Save gives us a tool that helps us do some load balancing because we can tune up the volume, you know, when we, when we need it, and we can turn it down a little bit when we don't.
Now, yeah, sort of full stop there. Where does it go from here on an economics basis? We've got room. Let's just put it that way. Right now, we're not making a lot of money on Wait & Save, to be honest, but we can. We've just gotten started on trying to Again, do the right thing first and then optimize it. We can do a lot there to drive margin.
Okay. Maybe let's go to the other end, high end. You also pretty quickly decided to exit, Lux and actually focus on Preferred and Black.
Yep.
Maybe it doesn't get discussed quite as much, maybe just less volume. What's the difference really there, and why is that better for you?
Yeah. Yeah. Again, a really good question. I think it speaks to a general principle, which is, like, having a good, better, best strategy is a great strategy. From a retailer's perspective. I mean, I'm a retailer from my Amazon days for many, many years. It's really nice to have a low, medium, and high. Sometimes it's nice to have a high. This is a little bit of an aside, but just since you've asked the question. To make the medium look even more valuable. This is true. Anytime, go buy an appliance someday. Go to whatever, an actual physical store and try to buy yourself a dishwasher, and you'll be surprised at the $1,500 dishwasher and how extraordinary that is, which does all kinds of crazy things, lights inside, the door that opens automatically.
You'll see the $9.99 dishwasher, you'll be like, "This is an awesome deal." That's the point. That's the point. Anyway, I'm not saying that's our point with Lux, I'm just kinda making a separate side point. The point at the top is we had too many options, just full stop. We had Lux, we have XL, we got Black, we got Preferred, we got Black XL, we got, you know, I don't know, Extra Lux. Like, even I don't even know the difference of these things, it's my job to know the difference. Part of the point there is to reduce the number of options. You've all read, I'm sure, Barry Schwartz's The Paradox of Choice. Too little choice, not good. Too much choice, not good.
If you can focus, you can really drive in a strong way. We're going to be super strong at that kind of high end, but we're going to do it with, you know, let's say two choices instead of four, and we'll be better for it, and so will customers.
You hosted summer travel release recently.
Yep.
You announced the new airport pickup experience.
Mm-hmm.
You've kind of, I think you've used the word magic to describe it a little bit. Can you just talk about that and, how that's going to work, what your expectations are there?
Yeah. It's, I think, a really nice example of a customer-focused innovation that can drive differentiation and just joy, you know? The feature works like this: we just launched it two weeks ago in New York, where I saw you last, Doug and I now get to see each other every couple weeks. It's a little bonus.
Hold you to it.
Yeah. Well, we'll see. Anyway. Here's how it works. If you, if your plane lands in, today, three airports, Midway, O'Hare, LAX. The day after tomorrow, actually today we're actually ramping this up more, Seattle, Austin, and JFK. Austin, Texas, and JFK, those six. As soon as your plane touches down and you hear that magical, like, moment where the flight attendant says, you know, "You can use your phone if it's, you know, within arm's range," and every single person turns their phone on. Now, at that point, if you open the Lyft app in one of these six markets, and you answer one question: Do you have luggage or not? We do the rest.
What that means is, as you're walking through the airport, we're able to follow that movement, and we're able to see where cars are, such that the goal is, as you get to the curb, your car is pulling up. That's the experience, and that's the magic. It does feel like magic. It's like, oh my God, like, boom, look at that. Three minutes is our goal, so you might have to wait up to three minutes. Anything more than that is unacceptable. Why did we do it? We did it because think about those moments from the time your plane touches down. Until it's like, it's almost like a quantum leap. Until that, you're like, "Okay, when are we gonna get there? Whatever. I'm gonna, like, finish up my TV watching," whatever it is.
As soon as that plane touches down, you're all about, "Get me out of the airport. Get me out of the airport. Get me off the plane." Right? "People are standing in front of me. It's annoying. Get me down the jetway. It's annoying. Get me to baggage claim. Has my bags arrived?" Like, it's high stress, all I wanna do is get out of there. Our focus is on making that experience magical. Uber did something, too. They launched a couple months ago airport maps. To me, great service. By the way, we have airport maps too. Great. That's not really the point. The point is get you out of the airport. That's the thing. I will point out, I don't know if any of you guys saw the same sign I did yesterday.
It made me light up with a fiery rage in Logan Airport. There was a blue Uber sticker. Did anyone see this thing?
Yes.
You did. Okay. I hope nobody else did. Anyway, but some people have probably walked over it without even looking down.
I took a taxi, actually.
Okay.
fair disclosure.
Fair enough. We'll work on it. Anyway, that's cool. Here's the thing. By the time you see that sign or don't see it, which I prefer, you've already made the decision is sort of the thing. From a business perspective, it's good. From a customer's perspective, it's good. From a driver's perspective, it's good. They don't wanna sit for five minutes waiting for you to pick up your baggage. Good, good, and good. That's an example, I think, of how we're gonna continue to innovate.
We've talked about a lot of product changes, a little more focused on riders. Maybe you can shift a little more to the driver side.
Mm-hmm. Mm-hmm.
you know, clearly two customer bases, both very important.
Yep.
You need to have that balance between the two.
Mm-hmm.
What are some of the improvements that you have made or that you're thinking more about on the driver side?
Yeah. Again, I really like the question because the premise I think is so important, and I think it's so easy to overlook. Every single ride has two people in that car, and that means they both matter equally. Equally. Not like this, but this. Drivers have to feel... Okay, step back for just 30 seconds. Why do drivers like driving for rideshare? Number one, it gives them control over their time and their money, and that's not to be taken for granted. Let's think about what that means. On the time side, I got, you know, my brother-in-law's birthday party is coming up in two weeks. I could either, A, ask my boss for time off or B, just not turn the app on. Which do you like better? You like just not turning the app on. My daughter's graduating in one year.
I wanna get a little extra money so that I can pay for a nicer graduation party. What do I do? I just drive a little bit more. In fact, one of my Lyft drivers not so long ago said, "One of the things I love about driving for Lyft is I know I will never go broke." I start there. Let's zoom out just a touch. If you think about drivers almost like you might think of a small franchise owner. Think about this for a second as a mental model. Not just a guy driving a car, but a person who's driving like, you know, a little subway franchise around, who has certain requirements, signage, this, that, and the other thing, and certain flexibility. You know, how long do I wanna drive? Forth and so on.
We need to support that driver so that he or she can be successful. Otherwise, we don't have. You know, we get nothing. What are we gonna do? Well, you will see later in this. I'll give you an example of something we've already done and something we're going to do. What we've already done is introduced upfront pay. Up until the end of last year, 2022, if you accepted a fare, you had no idea whether it was gonna be for $5 or for $50. Now you do. Now you do. You get a prediction. We've for a long time, we've said you can expect, on average, let's say, in San Francisco on weekends to make $26 an hour. Great. Solid. Good to know.
Second of all, if you now, down to the fare level, if you accept this fare, you'll make, you know, $12 or $8 or $15 or whatever it is. We show you exactly how much you're gonna make. It's a game changer. I will tell you, it comes with its challenges, right? Because now some people reject certain types of rides that they might have accepted in the past. You have to operationalize it and get smart about it, which is what we're doing. It gives drivers more control, which they absolutely love. We'll be doing more of that in the future.
Over the summer, we're putting together, I won't say the finishing touches, I'll say the medium touches, let's say, as we get close to the finish line, about what the big next driver release is gonna be, that give drivers, in particular, more visibility and control into their earnings.
Okay, great. We've seen programs like DashPass.
Yep.
Uber One.
Yep.
They've had success in the market.
Mm-hmm.
Lyft Pink, you know, appears further behind.
Mm-hmm.
What's your view on subscription programs overall? How material is Pink to Lyft?
Here's what I'll say about that. First of all, Pink riders, people who subscribe to Pink right now massively over-index on use of Lyft. Massively. I mean, I'll just put a promotion out there for it. If you are, if you like faster pickup, we call it Priority Pickup, get Pink right now. Just sign up for it. It's amazing because instead of, you know, whatever, $28 versus $37 or $42 for a pickup, it's like $1. It's so small, I don't even. You barely even notice it. I'm kinda like, "Are these two different things or not?" It's confusing a little bit. We'll work on it. The point is, it's a great value for faster pickup.
Just another little promotion, if you are a bike rider and Lyft runs the bike network in your city, get Pink. Why? Electric bikes are basically almost free. Standard bikes are totally free. Electric bikes are almost free. It costs you a couple bucks. Great product. We have a lot to do there. We have a lot to do because as though I think we're off to a good start, and I like the trajectory of the curve, I don't think the value is strong enough for enough customers. Let me say it a little bit more precisely. There's a difference between a membership program, where typically you pay up front. Everyone knows Amazon Prime. That's an obvious example. There are loyalty programs. Many people like Sephora's loyalty program, for example, or Starbucks's loyalty program, for example.
You know, and [Flip and Firehouse] obviously, you know, paved the way for it. Personally, I'm a little more interested in the loyalty side than the membership side because I think it drives behaviors in the right way. After a person takes Lyft once, I want them to take it again and again and again and again. That's what loyalty programs do and loyalty more broadly. Membership programs, they do that, but kind of in a way that charges you for it, obviously. I'm not sure I like that as much.
Okay. You're taking out... You've already made a lot of cost cuts.
Yeah.
clearly. Really, since you've been in, you've announced an additional $330 million.
Yeah.
in costs
Yeah.
Coming out to help really offset the move to market level pricing and some other investments. How do you get confidence that that's enough to be truly competitive, but also allow you to invest in growth going forward?
Yeah. Yeah. I think it's... Here's what I look at. I look at are riders and drivers choosing us more than they were? Market share is kind of almost a lagging view of that. We can see things like ride intents and conversion and so forth internally. The answer is yes. We feel good about where we are there. We can pay for it, right? We've taken out enough cost to be able to pay for that and have still enough dry powder to do more innovation. This was not...
I mean, look, layoffs and cost cuts are hard, and they take a toll on an organization, and it's inevitable that an organization is gonna have to go through a bit of a period as it kind of gets to the other side of it. We're on that or maybe at the end of it, let's see. In terms of preserving dry powder for growth, we did that. We did that. We didn't cut, we didn't sell, you know, like, start to burn the furniture and stuff like that, which is crazy.
Does that dry powder also apply, to the extent that if market pricing were to come down further?
It would, but I honestly don't expect that to happen. All I mean by that is, again, I think this is a two-player marketplace, and I think both players are, let's say, acting rationally. You know, nobody wants 90/10 or 100/0. Nobody, literally. I mean, regulators obviously don't, but Uber doesn't, Lyft doesn't, customers don't, drivers don't, da. As long as we continue to price rationally, I think that's not gonna be where the real action is. I think the action is gonna be more on innovation, differentiation, and so forth.
Okay. How should we think about profitability in rideshare overall and then across different types of rides?
Mm-hmm.
I guess put differently, what are the biggest profitability improvements?
Mm-hmm.
You know, you framed kind of recent performances, you know, profit as unacceptable levels.
Yeah.
What are the big drivers that you would point to?
Yeah.
Improving that?
Sure. A couple things. I mean, let me give you a mental model that at least I use, which is let's take it from the customer's perspective. Every time you get in a Lyft, you pay a certain amount, and some of that money goes to the driver, and then some of that money goes to other costs, and then what's left over goes to us. We can choose to drop it all the way to the bottom line or reinvest it before it gets there. That's just marginal economics, and we, and we kinda know what that looks like. We have a fixed cost base. It's of a certain size.
Maybe it was $1 billion before, maybe it's $700 million now, something like that, after we took the $330 out. $700 million. That sort of tells you right there that, you know, whatever our margin is, I'm not gonna talk about that, we have to have enough rides just to cover the fixed cost base. Full stop. You can drive volume up, which we're doing by stealing share or expanding the market, and we're gonna do that. It's a good thing to do for everything. You can also improve the margin characteristics on that unit, on the drive unit. How do you do that? Some of it comes along almost for free as you grow scale, right?
Some of it does, because the closer on average your drivers are to your riders, the more money gets put to good use. Anyway, I think you kind of understand that. Let's call that relatively small. What's big, to your question, Doug, is now when you have literally, no exaggeration, hundreds of millions of rides every year, hundreds of millions, approaching, you know, billion-plus rides across the sector, multi-billion rides, you can do all kinds of things with that volume to build margin. You can create higher value, higher service products, you know, maybe for back to work, right? We're here at J.P. Morgan conference. Jamie Dimon has quite famously said he wants his employees to come back to work. Some people like that, some people don't. Nobody likes commutes, right? Nobody likes commutes because it's non-productive/frustrating time.
Imagine if we helped you out with that, if Lyft helps you out with that, right? We have a transportation network. It's quite big. By the way, this is not exactly a new idea. We're doing it with Cisco. We're doing it with Netflix. You know, we'll do it with other companies. Maybe, maybe we'll do it with Chase, J.P. Morgan Chase. Anyway, that could be a higher margin product, right? Often when one person pays and the other person uses, you can have some margin flex there. Whatever, we don't wanna overcharge businesses. Certainly, at the very least, we can get some predictability and some volume there that's really, sort of interesting. Now let's take a totally different idea, a totally different idea, advertising, right?
You know, and you've been in a New York City cab, you know what this looks like. Well, you know the terrible version of it. The New York City cab version is I don't know how many times I need to see, like, Jimmy Kimmel do, like, the same 15-second frigging thing. It's unbelievable. It's like my average ride is, like, nine and a half minutes. Why do I have to see that four different times? Okay, that's a bad version of it, but we can do a good version of it. We can do a version where actually people leave saying, "You know what? I actually learned something there," or, "I got something out of that experience." That can be a very large business.
I mean, advertising is a big business, and there are platforms that do it very well and da, da. That would be a way to improve the per unit economics, in the way you're talking about.
You mentioned earlier, the importance of just having the right people on the bus for this journey.
Yeah.
You announced last week that Erin Brewer would become CFO. Can you just talk about the skill set that she brings to Lyft?
Yeah, for sure. Yeah, I'm super excited about this. Really, really excited about it. Three things I was looking for. Number one, someone who really understood the business at a very detailed level. I mean, this is true of any senior executive, right? You've gotta have this helicopter mode of like, I understand the big picture, and I get the model, and I can go down to the weeds if I need to. If I get stuck there, I'm in trouble, but if I don't get them, I can't run the business. With Erin, I've got someone who really, really understands business very well, and at the detail as well as the big level. For sure. No, no question in my mind. Number two, someone's got to help us and communicate our long-term business model.
I shouldn't say form. We of course have a business model internally, but she will bring a fresh perspective there, and she will be able, I think, as importantly as anything else, help us shape it and communicate it consistently. I've heard from our investors, I don't know if any of you fall in this category, that they found our guidance, I'm not talking about the specific word guidance, you know, generic word, to be inconsistent and sometimes confusing. We're gonna stop with that because that's not helpful to anybody. Number two. Number three, has to be a great team leader. We have an amazing finance team. We have a representative of our finance team right here, Sonya Banerjee. She heads our IR. She is fantastic, and I'm being very serious about that. I get that feedback all the time.
It's great to have a great boss, and Erin's gonna be a great boss. Those are the big three.
Okay, great. You also mentioned, I believe it, at 1Q earnings and then also kind of reiterated last week in that same press release about Erin, that you plan to release long-term targets-
Yeah.
this year.
Yeah.
which, you know, it's kinda quick
Mm.
-in some respects.
Mm.
I guess what gives you the confidence that you'll gain that kind of visibility over the next several months?
Yeah. I actually appreciate that and because it allows me to say something that I think is to reflect back to you, kind of what you're saying. If I have to choose, and I wanna be clear about this, I would rather be too slow than too quick on providing that guidance for exactly the reason you're saying. I would rather be too slow than too quick. I am under a lot of pressure to release guidance soon, and that's a normal dynamic. The natural thing to do, let's say, or maybe the path of least resistance would be to say, "Okay, you asked for it, here you go." Huge mistake, and you guys all know why that could be a huge mistake. We're gonna be thoughtful about it. I think, you know, we're in May.
End of year gives us, you know, that's still seven months away. Look, I don't like to break promises. I do not like to break promises. In fact, it's off the table for me. When we say we're gonna do something, we do it. We're gonna do it, but we're gonna give ourselves the time to do it right.
Okay, great. We're gonna wrap with real quick word association. First thing that comes to mind. Customers.
Awesome.
Market share.
Growing.
West Coast markets.
Slower, but growing fast.
Wait and Save.
Love it.
Lyft Pink.
Tuning it up.
Airport rides.
Super important.
Pricing.
Parity.
Bikes and scooters.
Takes more than a word. Love it as a customer, working on it as a business.
I think your sound there said enough maybe to start with.
Yeah.
Cost cuts.
Done. I hope. Never say never.
And-
Done.
brand loyalty.
important and favors us.
All right. Great. Thank you, David.
Yeah, for sure. Thank you, Doug. Super, super fun. Thanks, you guys. Thanks for coming.