Lyft (LYFT) 2024 RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference summary

Autonomous vehicles and regulatory landscape

• Emphasized ongoing collaboration with states, cities, and municipalities regarding AV adoption and regulatory frameworks, expecting all stakeholders to have a voice as federal oversight discussions progress.

• Views a hybrid network of human-driven and autonomous vehicles as the future, with AV adoption seen as beneficial.

• Noted that current AV deployments, such as Waymo in San Francisco, have limited scale and incremental impact, with novelty and premium pricing affecting adoption.

• Highlighted active partnerships in AV, including Mobileye, Nexar, and May Mobility, with real-world deployments planned for Atlanta in 2025.

• Stressed that the AV industry is still early in its cycle, with evolving business models and value chain roles.

Product innovation and pricing strategy

• Marketplace remains dynamic, with a focus on healthy competition and expanding rideshare's share of the 160+ billion personal vehicle trips.

• Gross bookings per ride declined in Q3 due to lower surge pricing and a higher mix of bikes and scooters, which have lower booking values but good margins.

• Price Lock, launched nationally in September, saw over 200,000 passes by month-end, driving strong adoption and retention among commuters.

• Wait & Save product offers discounts for riders willing to wait, supporting affordability and increased ride frequency.

• Shared rides are not currently offered, but strong linkages exist with public transit through bikes and scooters in major cities.

Geographic expansion and partnerships

• Canadian operations have seen strong growth in 2024, especially in Toronto, attributed to focused strategy and operational improvements transferred from the U.S.

• Recent partnership with DoorDash aims to cross-promote services and expand ridership, with initial account linking and engagement on track.

• Partnership strategies are ongoing, with continuous learning and enhancement expected into 2025.

• There is significant opportunity to re-engage lapsed riders and expand the customer base through these collaborations.