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优步,Lyft另辟蹊径寻求盈利

2020-2-10 11:16

 

美国两家领先的叫车服务公司优步科技(Uber Technologies)和Lyft正走在不同的道路上。优步将资金投入亏损的副业,而规模较小的Lyft则专注于人员流动。


周五,优步股价飙升9%,此前一天该公司表示,它可能在2020年第四季度实现一定程度的全公司盈利,比之前的目标提前一年。这一指标不包括基于股票的薪酬和其他项目的支出。优步仍然预计在2020年全年亏损超过10亿美元。


总部位于旧金山的优步和Lyft是叫车服务的奇怪组合。Uber的规模要大得多,2019年前9个月的营收为38亿美元,而Lyft的营收为9.56亿美元。


优步在全球更多市场开展业务,尽管它与伦敦和德国的监管机构发生冲突,在一些亚洲市场举步维艰。Lyft专注于北美市场。


Lyft去年10月推出了单一订阅模式,以更快地开发出在整个运营过程中留住高收入回头客的方法。优步(Uber)周四对投资者表示,2020年将是“订购年”,该公司计划将跨出行和送餐服务的忠诚计划合并为一个计划。


优步目前提供跨平台积分奖励计划,并于2018年推出了月度订阅服务,以保护乘客免受交通或天气原因导致的峰时价格上涨的影响,该服务在美国40个城市提供。


优步约四分之三的收入来自叫车业务,该业务目前是盈利的。优步的其他业务正在拉低公司的底线。过去五年里,优步发展了自己的送餐业务,开发了自动驾驶汽车,从事长途卡车运输业务,甚至还开发了商用客运无人机。


所有这些企业都是赔钱的。Uber Eats在2019年最后两个季度(该公司打破该指标的两个季度)的调整后EBITDA亏损为7.77亿美元。


大多数主要分析师仍倾向于优步的股票。中国联邦铁路局(CFRA)分析师安杰洛•齐诺(Angelo Zino)表示,优酷的规模、其叫车服务部门的盈利能力、以及它承受地区经济低迷或单一市场监管压力的能力,使优酷成为更安全的长期投资。


但一些分析师表示,Lyft的风险较小。


"我们更青睐Lyft,因为它专注于北美最赚钱的业务,也是最大的拼车市场," Cascend Securities分析师Eric Ross表示。


Lyft将于2月11日公布第四季度收益。去年10月,该公司告诉投资者,将在2021年底前调整EBITDA,实现盈利。分析师表示,他们预计Lyft不会调整利润目标。


Lyft已将美国7个城市的公共交通信息整合到其应用程序中,希望将其应用程序转变为一个单一的交通平台。优步整合了美国8个城市的交通信息,允许拉斯维加斯和丹佛的客户通过其应用购买公共交通车票。


Synovus Trust的投资组合经理丹•摩根(Dan Morgan)表示,优步应该专注于自己最擅长的事情——通过其应用程序连接客户——放弃开发自己的自动驾驶汽车或客运无人机技术。


摩根说:“如果你损失的钱和优步一样多,那么把这些业务留给其他有能力的公司是有道理的。”

 

Uber Technologies and Lyft, the two leading US ride-hailing companies, are on divergent paths as Uber pours money into money-losing side businesses while smaller rival Lyft focuses on moving people around.

Uber shares shot up 9 percent on Friday after the company said the previous day that it could achieve a measure of company-wide profitability in the fourth quarter of 2020, a year ahead of a previous target. That measure excludes expenses for stock-based compensation and other items. Uber still expects to lose more than US$1 billion for all of 2020.

Uber and Lyft, both based in San Francisco, are ride hailing’s odd couple. Uber is much larger, with US$3.8 billion in revenues for the first nine months of 2019 compared to US$956 million for Lyft. 

Uber operates in more markets around the world, although it has clashed with regulators in London and Germany and struggled in some Asian markets. Lyft focuses on North America.

Lyft has more quickly developed ways to retain high-paying repeat riders across its entire operation via a single subscription model it launched in October. Uber on Thursday told investors 2020 would be the “year of subscriptions” when it plans to combine its loyalty programs across rides and food delivery into a single plan.

Uber currently offers a cross-platform points rewards program and in 2018 launched a monthly subscription that protects riders against surge pricing because of traffic or weather, available in 40 US cities.

Uber’s ride-hailing business, which generates around three quarters of its revenue, is profitable right now. Uber’s other operations are dragging down the company’s bottom line. Over the past five years, Uber has built out its food-delivery business Eats, developed self-driving cars, worked on long-haul trucking operations and even on commercial passenger drone shuttles.

All of those businesses are money losers. Uber Eats recorded an adjusted EBITDA loss of US$777 million in the last two quarters of 2019, the two quarters for which it broke out that metric.

Most major analysts still prefer shares of Uber. Its size, the profitability of its ride-hailing segment and its ability to withstand regional downturns or regulatory pressure in a single market made it a safer long-term investment, said Angelo Zino, analyst at CFRA.

But some analysts said Lyft is a less-risky bet.

“We prefer Lyft because it focuses on the most profitable business in North America, the largest rides market,” Cascend Securities analyst Eric Ross said.

Lyft is reporting fourth-quarter earnings on Feb. 11. In October it told investors it would be adjusted EBITDA profitable by the end of 2021. Analysts said they did not expect Lyft to move its profit target.

Lyft has integrated public transit information into its app for seven US cities in the hopes of turning its app into a single transportation platform. Uber has integrated transit information of eight US cities and allows customers in Las Vegas and Denver to purchase public transit tickets through its app.

Dan Morgan, portfolio manager at Synovus Trust, said Uber should focus on what it does best – connecting customers through its app – and ditch efforts to develop its own self-driving cars or passenger drone technology.

“If you’re losing as much money as Uber, it makes sense to leave those businesses to other companies who have the competency,” Morgan said.

 

来自: ejinsight