另一只可能有点被忽视的股票是 Lyft。Uber 是我拥有的一只股票，但 Lyft 是当今拼车领域真正的价值投资。市值 64 亿美元，但看看这个，企业价值仅为 58 亿美元，因为他们的资产负债表上有净现金。
这意味着他们可以回购股票，如果他们愿意，他们可以偿还债务，他们可以出去进行收购，就像他们在过去一年左右对 FreeNow 这样的公司所做的那样，而且估值绝对疯狂。企业价值与销售额之比为 0.9，你的市价与自由现金流之比在滚动基础上低于 6。在远期基础上，也大约为 5.5。
Another stock that may be a little bit overlooked is Lyft. Uber is a stock that I own, but Lyft is the real value play in ride sharing today. $6.4 billion market cap, but look at this, the enterprise value just $5.8 billion because they have net cash on the balance sheet. That means they can buy back stock if they want, they can pay down their debt, they can go out and make and make acquisitions, which they've done with companies like FreeNow over the past year or so, and the valuation is absolutely crazy. 0.9 enterprise value to sales, and your price to free cash flow on a trailing basis is under six. On a forward basis, also about 5.5.
Uber是我持有的股票，但Lyft才是当今拼车领域真正的价值投资标的。现在，令人印象深刻的是，尽管是该领域的第二大玩家，Lyft 正在复合他们的预订量和骑手数量。这些是我首先要看的关键绩效指标。
自 2022 年底以来，预订量以 16% 的复合年增长率增长。骑手数量增长约 12%。你可以看到最近略有上升，现在超过 3000 万活跃骑手，他们的过去 12 个月总预订量约为 200 亿美元。
这基本上将是进入系统的资金。这不会全部是他们确认为收入的部分，因为收入只是他们最终保留的部分。但是，让我们看看收入，然后也看看自由现金流。这段时间的收入增长，复合年增长率为 18%。
自由现金流在 2024 年实际上是负的，现在为 11 亿美元。所以，再次，对于一家企业价值低于 60 亿美元、产生 11 亿美元自由现金流的公司来说，这是一项盈利的业务。
Uber is a stock that I own, but Lyft is the real value play in ride sharing today. Now, the impressive thing is, despite being the number two player in the space, Lyft is compounding their bookings and the number of riders that they have. These are the key performance indicators I'm going to look at first. The bookings grown at a compound annual growth rate of 16% since the end of 2022. Number of riders grown about 12%. And you can see that's ticked up a little bit recently, now over 30 million active riders, and their gross bookings over the trailing 12 months about $20 billion. That's going to be basically the money that's coming into the system. That's not all going to be what they're recognizing as revenue, cuz the revenue is just going to be the portion that they ultimately keep. But, let's look at revenue and then also look at free cash flow. Revenue growth over this time, 18% compound annual growth rate. Free cash flow was actually negative in 2024, has now $1.1 billion. So, again, for a company with a enterprise value of under $6 billion generating $1.1 billion worth of free cash flow, this is a profitable business.
Lyft 有很多可选性。他们正在进入自动驾驶汽车领域。他们与 Waymo 有合作关系。他们正在建设他们的 depot，这基本上是他们将运营那些自动驾驶汽车的地方。那是在他们的 Flexdrive 子公司下。
所以，这是一项他们已经运营的业务。我认为他们将来能够扩展这一点。而且他们将成为连接骑手和出行的需求聚合者。管理层的另一个选择就是简单地出售公司。这最终可能是 Lyft 投资者的终局。
当每个人都在试图弄清楚他们在自动驾驶汽车中的商业模式会是什么时，有一家公司已经有 3000 万人定期与之互动。那就是 Lyft。所以，如果你是 Waymo，如果你是 Zoox，如果你是 DoorDash，这可能是一个非常有吸引力的资产，以非常非常有吸引力的倍数交易。
所以，不要低估这作为 Lyft 长期潜在机会的可能性，但我认为这有增长。它有扩大的利润率。倍数扩张的机会绝对巨大。而且你有机会可能回购股票，甚至被寻求扩大拼车业务的大玩家收购。
我认为所有这些对 Lyft 来说都是很好的选择。
There's a lot of optionality for Lyft. They're getting into autonomous vehicles. They have a partnership with Waymo. They're building their depots, which is where they're you're basically going to be operating those autonomous vehicles. That's under their Flexdrive subsidiary. So, that's an operation that they already have running. I think they're going to be able to expand that in the future. And they're just going to be that demand aggregator connecting riders with rides. And the other option for management is just to simply sell the company. This could could ultimately be the end game for Lyft's investors. As everybody tries to figure out what's their business model going to be in autonomous vehicles, there's one company that has 30 million people already interacting with them on a regular basis. That's Lyft. So, if you are Waymo, if you're Zoox, if you're DoorDash, this could be a really attractive asset trading for a really, really attractive multiple. So, don't discount that as a potential opportunity for Lyft long-term, but I think this has got growth. It has expanding margins. The opportunity for multiple expansion is absolutely tremendous. And you have that opportunity to potentially buy back shares or even just get acquired by a bigger player looking to expand in ride-sharing. I think all these are great options for Lyft.
所以，我今天在这里谈到的四只股票是：Hims & Hers、Zeta Global、Lyft和Owlet。请告诉我你认为其中哪一只潜力最大。这四只股票都是我持有的。
So, the stock four stocks that I talked about here today, Hims & Hers, Zeta Global, Lyft, and Owlet. Let me know which one of those you think has the highest potential. These four are all stocks that I own.