YouSaid · the spoken record

Wayne Ting

lines on the record: 80
first: 2025-01-30
most recent: 2025-01-30
sittings or episodes: 1
sources: podcast

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“We do, in the sense that all of the battery swapping operations is controlled by our software, which we build in-house. Some of our competitors franchise the whole thing and really leave it up to the mom-pops kind of logistics partners to do what they need. But we have great software that dictates how it operator moves around a city, where they go next. All of our tasks within the software is automatically created. So I'll give an example, which is We also do a lot of move tasks in a city. So we have a machine learning demand algorithm that predicts where we think trips are going to come from in all the cities we're in by the block, by the half block. So in the next six hours, we can say we think this block will do this many trips or the next 12 hours will have this much demand. And if there is a position of our scooter or bike where we believe by moving it to a higher”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“We work with logistic partners in the cities we're in and they have employees as part of their small mom and pop business. And we pay the logistics partners on a per swap basis.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“Swapping costs were cut by half. It remains our biggest cost. And so we're constantly thinking about how do we continue to improve swapping costs. Imagine, Harry, you're working for alignment and we're asking you to pick up the scooters, drive it home, charge it, drive it back the next day. You're going to want us to pay you for all of that time and effort versus swapping a battery that takes 15 seconds, 20 seconds.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“To the PNO. So we made it so that an operator can always swap a battery regardless of any, they don't have to make any incremental changes to the seat. And we started to share parts between our Gen 4 scooters and our Gen 4 e-bikes. One major breakthrough is that we moved from fixed batteries to swappable batteries. So before at the end of each day, we need to pick up every scooter and bike in a city, drive it back to the warehouse, charge it overnight, and the next day drive back thousands of bikes and scooters to the city, deploy it again. But now with swappable batteries, you can come in with a cargo bike. You can have hundreds of battery packs just in that cargo bike. And you can swap all the bikes and scooters in a region. And because they share the same battery packs, it now increases the density of the work, which then improves productivity and then drives down the cost per swap.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“So we were talking about we designed our hardware. Part of it is on kind of writer preference. But the other part is we track everything our mechanics do and we're trying to figure out how do we reduce the time it takes for our mechanics to do everything so that by doing that we can then improve productivity and then drive down costs. And it is a game of interest. A lot of these things are tiny, imperceptible things. We have a downtube in the scooters and we like increase the length of the connector so it takes less time to connect the connector with the CCU. That saves, let's say, 30 seconds, 40 seconds. When you do that thousands of times and our latest bike, for example, the battery pack sits behind the chair. An operator, when they swap the swappable battery, sometimes would have to move the chair up and down an inch or two to get the battery out. Again, that's maybe 20 seconds, 30 seconds. But when you multiply that by millions of times, that becomes real dollars for the real cost.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“We've been historically upgrading our fleet more frequently because I think that each upgrade was a big jump and improvement. It's only our Gen 4 scooters and bikes, which is what we have in London, was a big improvement over our Gen 3. And it was actually allowed us to have a breakthrough in our P&L. But today, I think the quality of our Gen 4 is good enough where I believe we can operate the Gen 4s for much longer than we've done the Gen 3 and Gen 2.5 in the past. My expectation is we're not going to have to upgrade our hardware at the same frequency as we've done in the past. And because they're pretty high quality riders,”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great question, Harry. So when I started, the payback was never because the scooters didn't last long enough to pay back the scooter or the bike. By building, investing in our own hardware, focusing in on these game of inches, micro improvements. We want to be one person better at everything we do. And when you do a thousand things, one percent better, you now have a very different business than all your competitors. When we deploy, and this is pretty consistent in big cities, small cities all around the world. When we deploy our hardware, we can pay back within the first year. And it lasts for more than five years from the 30 days I was describing before. So you have four more years of cash flow generation after you've paid back your hardware.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“To launch a city probably doesn't cost that much. You need to get a warehouse. There's some costs up front. You need to buy the scooters and bikes. You need to hire an operations team. You have to keep paying them if there's no revenue. You have to pay them. So probably tens of millions of dollars to launch a city. But then scaling the fleet over time, there's incremental investments. Maybe you need to get a second warehouse over time. That's when it becomes more expensive.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“The competitor that I spend most of my time thinking about is the car. The car is our biggest competitor. The majority of car trips are under five miles in cities. The most common number of people in a car is one person. If we can convince all the people driving for three miles, four miles by themselves to give up that car and use a bike and scooter instead. That is the biggest opportunity for growth. And that is our biggest competitor.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think it starts with talking to local regulators and governments. And I think we started by talking about what I learned in government. And it starts with, we want to be there to solve a problem for the city. And transportation, the biggest challenges in transportation are affordability, congestion, and carbon emissions. And you convince the city to launch a pilot and there's a competitive RFP process through that pilot where you maybe do a one-year pilot or two-year pilot and they invite multiple players to come and compete in that competitive RFP. And we actually like the competitive RFP process for two main reasons. One is that it actually naturally reduces the number of competitors you have in a city because the city is not going to pick 20 different players. They're going to pick between one and three. And the second thing that we like about it is Lime is really, really good at winning competitive RFPs. We have a greater than 90% win rate of competitive RFPs on a global basis.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“Intellectually, I assume there's an asymptote. So far in markets, we see incremental supply drives more demand for the entire network.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“Per vehicle per day go up, our utilization goes up. It's counterintuitive. When you grow your supply in most businesses, the utilization per unit goes down because the demand usually doesn't go up faster than your supply. But our industry, we see the opposite. As we grow our supply, our utilization on a unit basis goes up because more people now can reliably choose lime as their transportation default.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“I think both are super important, but I think the incremental operational improvements that allowed us to generate profits over the last five years is probably more important than the incremental rider experience. But I do think profits then allow us to invest more in more capital expenditure to build a bigger fleet, to invest more in our software and our hardware. And this matters because reliability is the most important thing in transportation. You're going to pick the platform that is more reliable. Harry, you mentioned when you walk out of your apartment, your flat, you can always get a line. That allows you to give up your car and transition, hopefully your transportation into micromobility. But if you walk out of your apartment, when you need transportation, you can't get it. It's very, very hard for you to give up your car and to ride bikes mostly. So reliability is crucial. This is why when we increase our fleet in a market, we actually see our trend.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's absolutely not a commoditized industry if you just look at the result. And the result is that Lime five, six years ago, lime was one of many, many, many operators. Today, Lime is the clear global leader and we are the market leader in almost every market where we operate. Last year, we did over $600 million in gross bookings. Our four-year top line career is 30%. In each of those four years, we expanded our profit margins. And last year, we did over $90 million in company-wide EBITDA. The same year, our biggest competitor went to Chapter 11. So if it was commoditized, then we would have the same financial results as everybody else. But we've been growing in a differentiated rate and delivering a differentiated bottom line. The proof is in the results.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“Because the experience is differentiated. And so, for example, our scooters have air filled tires versus like a solid tire. That means that you can have air can run out. It could be ruptured, but it's a much better ride experience. We also have a lower step on step-off height. So it's easier for somebody and safer for people to stop a scooter or bike. We also work, so if you look at our scooters, it has a swept handlebar. It looks like a bike handlebar versus kind of a straight across. That means that your elbows can sit on your side. It's more comfortable, especially if you're going long distances.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“One major thing was an investment in proprietary hardware. Every other operator in our industry buys off-the-shelf hardware, but every scooter and bike you see on Lyme's platform, we design, we engineer it, we produce, and we operate.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So we care a lot about downtime. Downtime is when a scooter is not out in the field generating revenue. It could be down because the battery is dead. It could be down because it's in the warehouse and broken. But downtime is costly to the business because you have an upfront capital expenditure and you want to be generating as much profits as possible, as quickly as possible to pay back for that hardware. So you can now generate incremental profits on top. And so downtime is very, very costly for sure.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“Either not fixing any scooters, we're fixing it poorly. And so by replicating what I saw and observed in the field into the software, we were then able to take the learnings from one market and bring it across the world.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“A good manager is doing into software. So everything that a mechanic would do, we would track in the app. So if Harry took out a scooter, we would be like, how long did it take Harry to fix that scooter? How many spare parts did he use? And then what was this productivity for the day? But then also of the three scooters that he fixed, when was the next time it broke? How many days did it take before it broke as a substitute for quality? And then through that, we created a point system to rank the best mechanic to the worst mechanic. When you created visibility in the work people did and created this point system, now you can hold folks accountable. So Harry is the best mechanic. If you're doing a good job, you want to be recognized and celebrated, like all of us do. And so when you create visibility in the software that we're using, it made people want to work harder because they want to be recognized for their good work. It also created accountability for the folks who are underperforming.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“The best warehouse that I visited on that trip, I thought, was the DC warehouse. And we had a gentleman who was the general manager at the time who was a military veteran. And he just had a way of thinking about running the warehouse in the same way that you would think about a military team. Everybody had a role and the expectations were clear and people are held accountable for results. And that made all the difference. How many scooters you fix in a day was clear? We write it on the piece on board. So it's visible to everybody. There is celebration when you did well. And there's accountability when you did not. That visibility is super important. And so when I went back to HQ, my biggest question was if the insight is that the quality of the general manager, the visibility and accountability was the difference between a good and a bad warehouse. How do we build that into our software? It's not rocket science. We can replicate a lot of the things that”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“You haven't walked up to him and asked why he's spending so much time on a single scooter. He's just screwing that one screw and unscrewing that same screw. Great operations requires a hands-on approach. You got to know what's happening to know what is going well, what is going poorly. And the quality of the leader was the biggest differentiator between a good warehouse and a bad warehouse.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“From an operations perspective, the thing that I think was the biggest difference was the leader of the team, the general manager. We copied Uber's kind of general manager model. We had a distributed decision-making process where each GM in the markets were the CEOs of their market. They could make decisions about where to invest, how to control their costs. And the biggest difference was the GM, the best markets, the GM knew all the mechanics by name. They were walking the floors. I remember I went to the worst market and I sat there for eight hours. I was doing my email sitting in the middle of the warehouse and I was just watching what everyone was doing. And eight hours later, I walked out. I was like, I figured it out. And I went to the GM of that market. It was in southern France. I was like, in the eight hours, I sat there. And you know I'm here. You never came in one time. You never walked around the floor. And then that guy over there has been fixing the same scooter for eight hours. He doesn't know what he's doing at all. He is just wasting time. And the fact that...”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“I remember two thoughts. One thought was did I make a terrible mistake because I don't think I fully understood how upside down the economics of the industry were. The second was I need to get out there to really understand what was happening. So I then spent the next three months traveling to warehouse after warehouse. I probably visited 100 warehouses and I would just sit in the warehouse and watch what people were doing. I went to the best warehouse and I went to the worst warehouse. And I spent the most amount of time sitting in the worst warehouses and just watching people try and understand why is it that we couldn't make money? Like what are we doing incorrectly?”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“Ultimately, you want to be generating more revenue than your costs. And so we were looking at the economics also on a trip basis. So if I think about total revenue, it's the number of fleet multiplied by revenue per fleet multiplied by trips per vehicle per day gives me the total trips multiplied by revenue per trip gets me total revenue. And so what you had was a lot of short trips. So low RPT, low revenue per trip trip. And that was insufficient to generate a profit. And that's not a good business. And you want to make sure you have the right cost metrics. And the biggest cost metrics at the time was simply how long our scooters lasted. So we were very kingly focused on daily decay rate. Now we look at decay on an analyzed basis, but at the time we were focused on how many scooters that we lose today because we were losing so many scooters.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think, like any business, you care about demand. So, what's the trips per vehicle per day? What was your revenue per vehicle per day? How many riders do you have? What was the retention of that rider? Then you care about your bottom line metrics.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“The biggest challenge was that the business was upside down at that point. I remember digging into the P&L of the business. I think we were losing $3 for every dollar of revenue. And the biggest thing was the hardware. The industry had taken personally use scooters and put it into a commercial space. And so these were not designed for commercial use at the time. This is six years ago. And I think the average scooter only lasted 30 days. The daily decay rate was 3%. So in the course of 30 days, your entire fleet was gone. And you can't run a business that is a hardware CapEx intensive business if every 30 days you need to buy a whole new fleet. So the business was completely upside down.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“So Line that started as an e bike business, and then sometime in, I think, early 2018, I made a transition to go hard into scooter. So it was at that point, majority scooters. And I just made a decision to go global. So it was expanding rapidly in Europe at this time.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“It's really important not to make business decisions, moral decisions. I would actually take pricing out of a moral context. Companies throughout the world raise prices, lower prices, millions of times a day. Amazon probably does it a million times in one day just on their own platform. Raising prices, lowering prices is not a moral decision. It's a business judgment call. And I think when we bring moral dimensions through business judgment calls, we actually shut down debate prematurely. Because if I'm saying I'm not going to raise prices because I'm doing the right thing, then that assumes the person arguing for raising prices, doing the wrong thing. So it's very dangerous, I think, to put in moral consequences into a regular business decision. And so I think there are good arguments for why companies may need to raise prices.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“Dara came into Uber at a very difficult transition, and I think what was really amazing was how quickly he reset the tone at the top. I remember one of the first things he did was he wanted to put out new values for Uber. There was a lot of criticisms about kind of the way Uber was acting or the way Uber was competing. And I remember the one value that he put out that resonated the most was do the right thing. It sounds cliche and shallow, but I can't tell you how much it resonated with people all throughout the company. Winning is not enough. We win while doing the right thing. We win while doing the ethical thing. We win while treating each other with respect. When I saw was that there was different paths to success. And Dara brought a very unique set of leadership traits that in many ways challenged Uber to think about how can we be a better company and a better team.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source
“When I first trained line, I think we were losing $3 for every dollar of revenue. The daily decay rate was 3%. So in the course of 30 days, your entire fleet was gone. So the business was completely upside down. I would say my first four years as CEO, I was constantly worried about line going out of business. Lynn wouldn't have survived if we did not do that deal.”
2025-01-30 · The Twenty Minute VC · 20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting · IDENTIFIED FROM THE TRANSCRIPT · source