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today we want to talk more about lyft's earnings again the stock here moving a bit higher after ours up just around one percent we want to bring in our co-worker here colleague brian sauzi and brian i understand you were able to speak with lyft's co-founder john zimmer about these results what did he have to say yeah i caught up uh with john zimmer earlier on uh sean and adam uh he still he told me that he still views lyft uh as one of the ultimate recovery stocks ultimate coven 19 recovery stocks in fact he said quote we are like a coiled spring uh and i think what you're seeing in this quarter and why the stock initially went down i really want to point to two things one they did miss on active riders they perhaps a little a little bit more than some people were looking for and then on the press release too you had brian roberts who three months ago on the earnings release noted that uh he expected adjusted operating profits by the fourth quarter uh of this year on the earnings release now he did not reiterate that message he did call out a second half recovery but he didn't mention that profitability measure uh so i think all eyes now turns this conference call to see if he brings that measure back up but again at least as far as john zimmer concerned he's staying upbeat he still sees a recovery late this year as more people get vaccinated all right brian sassy thanks so much for more on this we want to bring in dan hyde of what bush securities and dan we went over all these results you just have heard what brian saasi had to say that miss on activizers riders the fact that we didn't hear adjusted operating profits mentioned in this earnings release what what are your initial thoughts on the numbers that we just got yeah step in the right direction this continues to be core recovery play for other side of the dark valley especially with the vaccine being deployed in a more profitable model and i think this is really when investors you know are really going to look past this quarter go into the rest of the year and if i look at just the profitability profile combined with what we're seeing on a rebound and ride sharing this continues to be a one-two punch in terms of recovery names along with uber and that's what the street's going to continue to focus on ultimately bullish sun dan in fact the the street right now i mean the shares in the aftermarket are trading just a little bit higher they're up about uh i believe uh almost two percent let me ask you this though um because they were such a darling before the pandemic this this metric that they threw at us that they eliminated 360 million dollars in fixed costs on an annualized basis um and that's over the original 2020 plan i know we all look at the ridership and the revenue number that's a pretty big number that they just through there that a lot of investors might miss well that's the huge part right now is that they're going to be entering the recovery with a much more profitable model as they cut out so many of these fixed costs as well as prop 22 in the rear view mirror that's sort of the combination why right now lyft and uber these stocks continue to move higher in my opinion on the ride train more and more looking for recovery plays and their back was against the wall and they've done everything step by step but also communicated it to the street i think lyft and uber have done great jobs there and that's why i continue to view this it's a feather in the cap for the bulls dan you know it's funny you mentioned uh the cost component because they did know in the earns release that they have cut more than about 300 million dollars in annualized fixed costs in the fourth quarter that's 20 ahead of their budget you know zimmer did tell me they have more room to cut my question is where are they cutting these costs and these costs come back in the business as more people ride and things get back to normal yeah brian i also think there's a lot of leverage in the model and you know i think in terms of the cost cutting a lot of it is really you know they had some other initiatives around autonomous and other areas that they've cut and i think if you look at it they've had to rationalize the cost structure and that's the key and that's why you know many as us you know others have talked about why these stocks doubled from from the bottom and i think it continues to be they've cut costs they've navigate of course uber has food delivery that continues to be a huge growth area but when you look at lyft and uber these recovery names and that's the key well then speaking of uber after we just got these results from lyft what do you think we can expect from uber after the bell tomorrow it's going to be the same story and then darry you got to give him the team all the credit they've doubled down on food delivery and you look with everything we're seeing with postmates drizzly and others i think that's worth fifteen twenty dollars per share of the stock and food delivery was the anchor on the ship now it's a major asset they've doubled down cost focused on profitability it's been a huge you know i think uh achievement for dara and the team everything they did with their back against the wall coming out of the ipo the haters were out there pandemic hits and now look what's happened i think they're on the other side of this all right dan knives of web bush always great to speak with you thanks so much for jumping on with us here today and of course our thanks to brian sauzi as well
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