May 9, 2025 • 5 mins
Lyft CEO David Risher talks about the markets where the company is investing. Risher spoke with Bloomberg’s Caroline Hyde and Ed Ludlow.
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Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio.
Speaker 2 (00:06):
News lifcio Dave Risha joins us for more. Good morning, David,
there's something really interesting in your kind of forward looking
strategy commentary on the cool Uber talks about something the same.
There are parts of this country, America where ride share
is less pervasive, people don't use as much, probably they
drive their own car.
Speaker 1 (00:25):
You want to go.
Speaker 2 (00:26):
After that market? Why and how so?
Speaker 3 (00:30):
The answer is we've gotten really good at obsessing over
our customers and we want to take it bigger and
go bigger. I mean, look, this is our sixteenth consecutive
quarter of growth. You know, we're a profitable company. We're
generating nine hundred million dollars of cash, and yet yet
the rideshare market is still tiny. One hundred and sixty
billion rides in the United States every year and we
(00:52):
only do a couple three billion between the two of us.
So there's so much opportunity. It really is better to
be in the back of the car having someone else
drive you, and we want to do it in places
like Indianapolis and others where you know, the opportunities even
bigger cash.
Speaker 2 (01:04):
When last year on which was just a few weeks ago,
we were talking about M and A in Europe, and
with respect it was a modest deal. The buy back
is clearly well received by your investors. Yeah, but that
would indicate that you have some ability to do M
and A going forward, you know, do you see that
in your capital plans? And if you did buy something,
(01:26):
what would it be.
Speaker 3 (01:27):
So, so, first, thanks for acknowledging it's true.
Speaker 1 (01:30):
I mean, this is a business that is now.
Speaker 3 (01:32):
Generating nearly a billion of dollars of cash in the
trailing twelve months.
Speaker 1 (01:36):
So that's a wonderful place to be.
Speaker 3 (01:38):
Again, huge thanks to the incredible team that has been
working so dang hard to make this business not only
great for customers, but great for shareholders as well.
Speaker 1 (01:46):
So now the question is, right, what are other opportunities?
Speaker 3 (01:48):
I would say our near term focus is making the
cash that we've got, you know, putting it to work.
As you say, we just acquired free now, which will
allow us to expand internationally.
Speaker 1 (01:57):
You know, nothing more.
Speaker 3 (01:58):
Obviously to announce right now, aside from the the buyback,
of course, but it's created me in a strong position.
We've got a strong bound sheet and a strong income statement.
So it feels that's a good place to be.
Speaker 4 (02:06):
And it's a strong position that you managed to fend
off Engine Capital David in terms of they were a
pushy investor wanting changes potentially at a board level, but they've
withdrawn that because of what you've given to the investor
base in terms of buybacks, David.
Speaker 1 (02:20):
Is that a cyber relief?
Speaker 3 (02:23):
I mean, you know, we talk to investors all the time.
I would say maybe not so much the cyber relief
as much as just it absolutely allows us to continue
to focus on our writers and our drivers.
Speaker 1 (02:34):
That's sort of the big thing.
Speaker 3 (02:36):
But it's great that investors are responding so well to
what it is that we're doing.
Speaker 1 (02:39):
Again, share buy back is great.
Speaker 3 (02:41):
You know, profitable growth, you know, quarter after quarter, that's great.
And this is what I've always said, it's customer obsession
that drives profitable growth and we're sort of seeing that
play out now, and.
Speaker 4 (02:50):
That customer possession drives innovation, drives autonomous vehicles. I know
you're looking at Atlanta, You've got a partnership there. How
much are you going to see driverless vehiclesmatically you're going
to have safety drivers in the car. What is that
going to look like as a pilot?
Speaker 3 (03:05):
Yeah, so this is a pilot that we're doing with
main mobility.
Speaker 1 (03:08):
First, let's set back.
Speaker 3 (03:08):
Autonomous vehicles are going to come, right they're here in
San Francisco, you see them everywhere. They're obviously in La
and Austin and other places as well.
Speaker 1 (03:16):
They'll come. It'll be many, many years before they're a
big deal.
Speaker 3 (03:18):
But as they come, it's such a great opportunity for
ride share and for a lyft because it allows us
to provide better service.
Speaker 1 (03:25):
Using different technologies.
Speaker 3 (03:26):
As you say, we'll be starting in Lantam in a
couple of months middle of the summer. We will start
with a sort of a confidence driver, someone else in
the car to kind of help make sure that people
feel comfortable with what's going on there. It'll be a
fairly small scale pilot, but this is something it'll grow
into Texas next year with a partnership with mobil I
and others, and then we'll just keep building and building
and building to the point where drivers are driving millions
(03:48):
of people and autonomous vehicles are driving millions of people
as well.
Speaker 2 (03:50):
David, you're a technology CEO, and as such you must
field questions on economics and the state of trade and travel.
Speaker 1 (03:59):
It's our favorite thing to.
Speaker 2 (04:00):
Du Uber reflected on the idea of cross border travel
Canada into the US, the inbound travel into the US
being soft business travel. People arrive at airports, are they
or are they not doing ride share? What are you
seeing through the consumer about the state of this economy.
Speaker 1 (04:16):
I don't see. We're seeing strength.
Speaker 3 (04:18):
And I know a lot of people are trying to
look ranular where why So.
Speaker 1 (04:21):
I'll give you a couple of examples.
Speaker 3 (04:23):
Let's actually go back literally to earlier this week Sincle Demya, right,
that's not a holiday, that's necessarily a huge thing. But
at the same time we saw one of our biggest
sink of demayos. Ever, it's a very very strong day.
Let's go back to the end of March. Last week
in March was actually our strongest week ever in terms
of ride volume. I think what we're seeing here is
ridehare has become a very sort of base staple part
(04:43):
of so many people's lives that I don't really expect
a sort of consumer sentiment fluctuates around to see that
much difference. I'll talk about airports for just a second,
because you asked airports basically quarter to quarter are flat.
Speaker 1 (04:55):
It is true.
Speaker 3 (04:55):
Consumer Excuse me, the commute is going up faster. So
if you look at it that way, consumers growing a
little bit faster.
Speaker 1 (05:01):
Ecte me commute. I keep saying that.
Speaker 3 (05:03):
But you know, again, even when you look at airports, gosh,
it's only one in five people who use right here
to get to airports in the first place. That means
eighty percent is still out there for sort of the
you know, the picking. So I think our big focus
is trying to expand the market. I don't think that
the macro stuff is a big deal right.
Speaker 1 (05:17):
Now for us.
Speaker 4 (05:18):
You're growing in Canada, David. And it's interesting. I've asked
this time and time again a start of ibm asked
a voubask of a view. Is there any impact from
being an American brand going into a country such as
Canada right now? Because we are hearing of pushback thirty
seconds you know, it's.
Speaker 1 (05:33):
So interesting, No is the real answer.
Speaker 3 (05:36):
In fact, we've just got authorization to open in Quebec,
in the province of Quebec, which which we might have
wondered whether it was going to happen given everything going on.
So no, we've actually seen acceptance. Actually, Toronto's a big
city for us, going super.
Speaker 4 (05:48):
Well, David Richard, so great to catch up with you
about some of the numbers. We appreciate it lift to
see it is a pleasure
Bloomberg Audio Studios, podcasts, radio.
Speaker 2 (00:06):
News lifcio Dave Risha joins us for more. Good morning, David,
there's something really interesting in your kind of forward looking
strategy commentary on the cool Uber talks about something the same.
There are parts of this country, America where ride share
is less pervasive, people don't use as much, probably they
drive their own car.
Speaker 1 (00:25):
You want to go.
Speaker 2 (00:26):
After that market? Why and how so?
Speaker 3 (00:30):
The answer is we've gotten really good at obsessing over
our customers and we want to take it bigger and
go bigger. I mean, look, this is our sixteenth consecutive
quarter of growth. You know, we're a profitable company. We're
generating nine hundred million dollars of cash, and yet yet
the rideshare market is still tiny. One hundred and sixty
billion rides in the United States every year and we
(00:52):
only do a couple three billion between the two of us.
So there's so much opportunity. It really is better to
be in the back of the car having someone else
drive you, and we want to do it in places
like Indianapolis and others where you know, the opportunities even
bigger cash.
Speaker 2 (01:04):
When last year on which was just a few weeks ago,
we were talking about M and A in Europe, and
with respect it was a modest deal. The buy back
is clearly well received by your investors. Yeah, but that
would indicate that you have some ability to do M
and A going forward, you know, do you see that
in your capital plans? And if you did buy something,
(01:26):
what would it be.
Speaker 3 (01:27):
So, so, first, thanks for acknowledging it's true.
Speaker 1 (01:30):
I mean, this is a business that is now.
Speaker 3 (01:32):
Generating nearly a billion of dollars of cash in the
trailing twelve months.
Speaker 1 (01:36):
So that's a wonderful place to be.
Speaker 3 (01:38):
Again, huge thanks to the incredible team that has been
working so dang hard to make this business not only
great for customers, but great for shareholders as well.
Speaker 1 (01:46):
So now the question is, right, what are other opportunities?
Speaker 3 (01:48):
I would say our near term focus is making the
cash that we've got, you know, putting it to work.
As you say, we just acquired free now, which will
allow us to expand internationally.
Speaker 1 (01:57):
You know, nothing more.
Speaker 3 (01:58):
Obviously to announce right now, aside from the the buyback,
of course, but it's created me in a strong position.
We've got a strong bound sheet and a strong income statement.
So it feels that's a good place to be.
Speaker 4 (02:06):
And it's a strong position that you managed to fend
off Engine Capital David in terms of they were a
pushy investor wanting changes potentially at a board level, but they've
withdrawn that because of what you've given to the investor
base in terms of buybacks, David.
Speaker 1 (02:20):
Is that a cyber relief?
Speaker 3 (02:23):
I mean, you know, we talk to investors all the time.
I would say maybe not so much the cyber relief
as much as just it absolutely allows us to continue
to focus on our writers and our drivers.
Speaker 1 (02:34):
That's sort of the big thing.
Speaker 3 (02:36):
But it's great that investors are responding so well to
what it is that we're doing.
Speaker 1 (02:39):
Again, share buy back is great.
Speaker 3 (02:41):
You know, profitable growth, you know, quarter after quarter, that's great.
And this is what I've always said, it's customer obsession
that drives profitable growth and we're sort of seeing that
play out now, and.
Speaker 4 (02:50):
That customer possession drives innovation, drives autonomous vehicles. I know
you're looking at Atlanta, You've got a partnership there. How
much are you going to see driverless vehiclesmatically you're going
to have safety drivers in the car. What is that
going to look like as a pilot?
Speaker 3 (03:05):
Yeah, so this is a pilot that we're doing with
main mobility.
Speaker 1 (03:08):
First, let's set back.
Speaker 3 (03:08):
Autonomous vehicles are going to come, right they're here in
San Francisco, you see them everywhere. They're obviously in La
and Austin and other places as well.
Speaker 1 (03:16):
They'll come. It'll be many, many years before they're a
big deal.
Speaker 3 (03:18):
But as they come, it's such a great opportunity for
ride share and for a lyft because it allows us
to provide better service.
Speaker 1 (03:25):
Using different technologies.
Speaker 3 (03:26):
As you say, we'll be starting in Lantam in a
couple of months middle of the summer. We will start
with a sort of a confidence driver, someone else in
the car to kind of help make sure that people
feel comfortable with what's going on there. It'll be a
fairly small scale pilot, but this is something it'll grow
into Texas next year with a partnership with mobil I
and others, and then we'll just keep building and building
and building to the point where drivers are driving millions
(03:48):
of people and autonomous vehicles are driving millions of people
as well.
Speaker 2 (03:50):
David, you're a technology CEO, and as such you must
field questions on economics and the state of trade and travel.
Speaker 1 (03:59):
It's our favorite thing to.
Speaker 2 (04:00):
Du Uber reflected on the idea of cross border travel
Canada into the US, the inbound travel into the US
being soft business travel. People arrive at airports, are they
or are they not doing ride share? What are you
seeing through the consumer about the state of this economy.
Speaker 1 (04:16):
I don't see. We're seeing strength.
Speaker 3 (04:18):
And I know a lot of people are trying to
look ranular where why So.
Speaker 1 (04:21):
I'll give you a couple of examples.
Speaker 3 (04:23):
Let's actually go back literally to earlier this week Sincle Demya, right,
that's not a holiday, that's necessarily a huge thing. But
at the same time we saw one of our biggest
sink of demayos. Ever, it's a very very strong day.
Let's go back to the end of March. Last week
in March was actually our strongest week ever in terms
of ride volume. I think what we're seeing here is
ridehare has become a very sort of base staple part
(04:43):
of so many people's lives that I don't really expect
a sort of consumer sentiment fluctuates around to see that
much difference. I'll talk about airports for just a second,
because you asked airports basically quarter to quarter are flat.
Speaker 1 (04:55):
It is true.
Speaker 3 (04:55):
Consumer Excuse me, the commute is going up faster. So
if you look at it that way, consumers growing a
little bit faster.
Speaker 1 (05:01):
Ecte me commute. I keep saying that.
Speaker 3 (05:03):
But you know, again, even when you look at airports, gosh,
it's only one in five people who use right here
to get to airports in the first place. That means
eighty percent is still out there for sort of the
you know, the picking. So I think our big focus
is trying to expand the market. I don't think that
the macro stuff is a big deal right.
Speaker 1 (05:17):
Now for us.
Speaker 4 (05:18):
You're growing in Canada, David. And it's interesting. I've asked
this time and time again a start of ibm asked
a voubask of a view. Is there any impact from
being an American brand going into a country such as
Canada right now? Because we are hearing of pushback thirty
seconds you know, it's.
Speaker 1 (05:33):
So interesting, No is the real answer.
Speaker 3 (05:36):
In fact, we've just got authorization to open in Quebec,
in the province of Quebec, which which we might have
wondered whether it was going to happen given everything going on.
So no, we've actually seen acceptance. Actually, Toronto's a big
city for us, going super.
Speaker 4 (05:48):
Well, David Richard, so great to catch up with you
about some of the numbers. We appreciate it lift to
see it is a pleasure
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