Thank you, Erin. Hello, everyone.

Listen, Q1 represented another strong quarter for Lyft. We again delivered on our financial commitments, and again had double-digit growth in active riders, gross bookings, and adjusted EBITDA year over year, further setting ourselves up for a global hybrid AV future.

Rideshare demand remained healthy. We saw double-digit rides growth around peak events like Valentine's Day, Super Bowl Sunday, and St.

Patrick's Day. Stepping back, our share of the US rideshare market has grown from the three years ago when I joined, and has held above that point ever since, with an increase in Q1 over last quarter.

In March, we delivered our highest ever number of rides in a week. Taken together with our financial results, this continues to validate our thesis: the customer obsession drives profitable growth.

Looking globally, we're now operating in over 120 countries around the world, and have further deepened our presence in London with our acquisition of Gett's UK business, which we just officially closed this week. Finally, we took significant steps forward with our partner Waymo in Nashville, with the construction of a state-of-the-art AV depot.

We continue to be extremely bullish about AV's ability to expand our market, and about our own capacity to operate them at industry-leading utilization levels, the ultimate driver of profitability. With that, let me turn it over to Erin to take you through a few financial highlights.

Thanks, David. The consistent execution David just described translated directly to strong financial results.

In the first quarter, gross bookings were up 19%, and adjusted EBITDA up 25% year over year. Over the last 12 months, we've generated a record $1.12 billion in free cash flow, and during Q1, we executed our largest quarterly share repurchase ever, totaling $300 million in the quarter.

Looking forward, our guidance reflects continued momentum across the business. At the midpoint of our range, we expect gross bookings to accelerate to approximately 20%, and adjusted EBITDA to expand by more than 30% year over year.

With that, we'll take your questions.

Great. Hopefully you can hear me okay.

Wanted to dive into the partnerships and how they continue to evolve. What are the key learnings as these partnerships continue to build in their momentum and build in their duration, in terms of them as stimulants of increased frequency on your platform or stimulants of increased new rider growth on the platform more broadly?

Would love to get a better sense of color there. Appreciate it.

Sure. Hey Eric, it's David.

I'll take it, maybe Erin will tag team with me a little bit here as well. Super good question, and I think I'm just going to maybe reset the table for one second, because I think the role of partnerships continues to be incredibly important to our current business, and will be incredibly important in our AV business.

How we perform as a partner, I think is actually a good predictor, and how our partners perform is a good predictor of the future. Okay.

To your question, we got a record number of rides this quarter from partnership-tagged rides, rider requests, about 27%, I think. That's a big deal.

I think when we first started talking about this, we were at 20%, then 22, then 25, then 27. Why?

Two reasons. Number one, we partner with great organizations that have huge TAMs, right?

If you look at some of our most recent ones, of course DoorDash is still only about a year and a half old, United is more recent, even Southwest Airlines through their credit card program, these are enormous programs. They represent a huge opportunity for us to acquire new customers.

Now, those I want to come back to frequency in a second. Those customers are different, right?

For example, DoorDash customers tend to be very heavy users, and you can understand this, right? People eat three times a day, and they tend to take rides relatively more often than others.

You saw us obviously complete, double down on that partnership by expanding that to Canada. Okay.

You look at United Airlines, United Airlines is kind of a different vibe, right? They tend to be more business customers.

We, we overindex in some of United's big hubs, Chicago being a good example where we had great growth this past year. They tend to be airport rides, not surprisingly, which means higher bookings per ride, which tends to mean higher profits.

That's wonderful. How do we reward United customers?

We give them miles, which they've done for years now. I think we've got we're over 350 million rides right around, excuse me, 350 million miles awarded, 350 million miles awarded right around there, so that's a big deal.

Then a couple of weeks ago, we announced Pay with Miles, which is amazing. That's literally, I don't know how many billions of miles or hundreds of millions maybe United has banked, but this allows United MileagePlus customers to to pay with with their miles on Lyft.

That's wonderful. It's an industry first, and it deepens that relationship.

You put all these things together, and you get sort of a portfolio. Some tend to drive frequency and new customer acquisition a little bit more, some tend to drive other behaviors that we kind of like, like airport rides and so forth.

Super, super important. Maybe I'll talk about AV partners another time, I don't think that was the sort of core of your question, but that's we remain very committed to the to the concept of sort of really developing the ecosystem and going deeper and deeper in the in in the TAM, which is which is quite large.

Great. Thank you.

Sure.

Hi, this is Neeraj on for Doug. Couple of questions.

One is on the SF commentary, I think you guys mentioned that you have continued to gain share and also saw rides increase by 20% in the ODD. Just curious given, Uber has said their CP has gained they have gained CP in the last six months as well.

Just trying to understand the share dynamics there, are you gaining share from Waymo or how does the share dynamics work there? The next one was are you have you started seeing any elasticity from the California insurance mandate?

Thank you.

Sure. Why don't I take the first half and then Erin, you can take the second half.

Broadly speaking, as we've said before, we think AVs are an incredible positive for rideshare. Really it's because it's a great product, and therefore you would expect over time that's going to bring new people, on to the sort of into the rideshare ecosystem.

When we look across sort of in aggregate all of the regions where AVs are in the marketplace, we've effectively held share pretty steady. That's kind of a good scene because a good indication because it means that as new riders are coming on, still the whole, the whole pie is growing.

San Francisco, we're doing great. As we said, we actually had an increase we've had nice growth in San Francisco.

these things are always multivariable. We're also doing some marketing in San Francisco, so that, is sort of maybe a confounding factor.

We like what we see in San Francisco. I will say, when I look at what the other guys say, they maybe pick six months for a particular reason, I'm not sure.

Broadly speaking, I feel pretty good about our position in SF.

Happy to comment on California. On our previous earnings conference call, we talked about obviously the insurance reform in California that we expected to deliver great value to riders and to drivers.

We further talked about how we expected that to translate into increasing demand over time and gaining momentum in the back half of the year. I can sit here today and tell you that as we got into February, March, and even in here to the second quarter, we are seeing that growth begin in California.

That growth in the first quarter outpaced other top regions. We're starting to see those effects.

We obviously look forward to that momentum continuing for the balance of the year.

Got it. Thank you both.

Thank you.

Sure.

Hey, thank you for taking the question. I wanted to ask about the rides growth and appreciate the call out in the letter.

That's helpful, thank you. The mid-single-digit North America volume, if I'm reading it right, it looks like Canada is growing much faster, almost 50%.

It'd be helpful if you could maybe just outline what you saw in the US business on a ride volume basis. I guess the big picture factors that maybe weighed on that in the quarter.

It seems like it's decelerated over the last few quarters, just your perspective on what's happening there would be really helpful. Thank you.

For sure. Hey, Nikhil.

A couple things. The first thing to think, well, okay, let's just sort of maybe level set on the data and then talk about what we're seeing.

On the data, we grew both in the United States and in Canada, to be super clear. No question, Canada outgrew the US.

I don't think it was quite to the degree you're talking about, but it was a very significant growth. We did grow something like 50% year on year in Canada, if I get that a little bit wrong.

Anyway, okay. Look, North America, let's think about that and then the US.

North America, huge region, of course, super diverse, a lot of geographies, and a lot of segments within those geographies. What we have seen is in Canada, for sure, but also low-scale markets that we've been talking about for now, I don't know, six or seven quarters, that's where we are seeing our sort of outsized growth, for sure.

Low-scale markets, again, you can sort of imagine those as maybe the Milwaukees of the world, or maybe the Pittsburghs, whatever it might be, but sometimes second and third tier cities, or even more rural areas where there's a huge amount of TAM, left, and is sort of underpenetrated. Then obviously in some of the cities, particularly the largest cities where rideshare has been active the longest, I would say the industry on average is seeing slightly lower great rates of growth, or at least did see this past quarter.

I think that's an industry thing, and it has a lot to do just with, kind of S-curves and, being in markets for a long, long time. Okay.

Once you look at that, then you say, well, okay, how are you going to reaccelerate growth in some of those markets? That's where some of the segments, I think, become so interesting.

You've heard us talk of course about, Lyft Silver, which addresses older people, who by the way take a lot of rides. Even on our platform, once they become Silver members, they take a lot more rides.

Lyft Teen, still a very, very new product, huge opportunity there, one that obviously is sort of infinitely replenishing, you sort of might say. You look at the partnerships that we have in some major cities.

DoorDash is a great, obviously, they've got both urban and suburban footprint. Anyway, they've got a nationwide footprint.

You look at United Airlines, they've got real hubs, and some of those hubs are where we're seeing really good growth. We saw, for example, double-digit growth in both New York and in San Francisco.

Part of that of course is also some marketing, right? We're now really leaning into this idea of check Lyft.

What we find, and of course national studies show, is that when people check both apps, they tend to save money. That's a very powerful message, and frankly one that favors us, both because of our pricing strategy and also, if you're not even looking at our app, then how can you be saving money?

There's a lot of room left there to grow. When I kind of look across all those, I see a lot of vectors for growth.

It's why we're seeing, our rides are going to overall we're seeing, acceleration in Q2 and beyond. Maybe I'll turn it over to Erin to talk a little bit about that and then maybe some other things as well.

Sure. I'll offer a little bit of color, Nikhil.

In our prepared remarks, we quantified the impact that we saw that weather in the first quarter had on our overall rides, roughly about 3 million rides. You can think about that as a little bit more than half of that being bikes, bike rides overall, obviously given the severity of the weather in the Northeast.

Beyond that, I think it's important to highlight a couple of seasonal factors, right? We always have a deceleration naturally in the bikes business Q4 to Q1, same with FREE NOW.

Those both seasonally accelerate into the second quarter. That in addition to a number of the areas that David just mentioned, I talked about California, we've got a very healthy marketplace right now as well.

Those are some of the underlying factors as we think about acceleration into Q2. Then maybe zooming out a little bit more broadly, really nothing has changed as we think about our trajectory here in 2026, and our overall objective to deliver north of a billion rides for the full year.

Thank you very much.

Great. Thank you for taking my questions.

A theme this quarter has been AI productivity and sort of the investments companies are making into tokens, for instance. I'm wondering how you think philosophically about balancing the need to maintain your improving margin trajectory today versus growing talent and also investing in these tools to support productivity.

Then secondly, I'd be curious to hear what you're seeing in the market this quarter that required you to increase incentives per ride by 17%. Could you maybe touch on that as well, please?

Sure. Again, we'll sort of tag team this.

Maybe just state the obvious. AI is amazing.

It's just it is rolling through our org just like every other org, at a lightning pace. I was looking at AI adoption recently just among the developers, our engineers, and just with a new tool, we have a strategic relationship with Claude, and a new tool has gotten to 80-some percent adoption over the course of whatever, 35 days, 45 days, the AI code generation tool there.

Anyway, amazing. Now, how we think about it, I know you asked specifically about the cost of tokens and so forth, but just zooming out for a second, how we really think about it is AI builds capacity.

It actually does two things: it builds capacity and it increases speed. Capacity and velocity, that's the way we think about it.

We see examples of this all across the organization. We've talked a couple different times about becoming a more global org.

Gosh, when you become a more global org, you have to do all kinds of things around data, and privacy, and security, and systems integration, and so forth. Truthfully, a lot of that is not particularly customer value-app, but you just have to do it.

Our team has just been crushing it. A lot of the reasons they've been crushing it without having to hire a bunch of new people is we're relying on new AI tools that we've written internally or developed, co-developed with others and so forth, that allows us to get things done.

Same with customer-facing things, we'll talk about that maybe another time as kind of a whole separate topic. Broadly speaking, I'd say we run a pretty clean ship, and what AI is allowing us to do is to move faster and to build capacity among our staff so that they can either be more productive or work on more things simultaneously or what have you.

Sure, I'll take the question on incentives and start with our usual line about, incentives in this business, which fall in two places in our P&L, the contra revenue line and sales and marketing line, are used dynamically in the marketplace to balance and optimize overall. Stepping back, that's why we always say that we are optimizing our P&L as we think about gross bookings, as we think about adjusted EBITDA.

I think that's important context. Let's kind of get into the details on the incentive line.

If you think about contra revenue incentives overall, on a year-over-year basis, that's actually been a source of leverage. In the first quarter, we had our highest driver hours ever in the first quarter, very strong engagement overall.

We talked a little bit in the prepared remarks about our most recent driver preference survey. Again, super strong results.

You see some leverage there in the contra revenue line. Then as I think about sales and marketing incentives, I think it's really important to chat about this from a P&L perspective.

If you look at our performance in the quarter, you see strong revenue growth, you see gross margins expanding year over year, I mentioned insurance being a point of leverage, so that's aided by that. We of course continue with our very disciplined fixed cost base.

Why is all of that important to incentive? Because those are the things that can continue to allow us to invest when we see great return opportunities to invest in that rider incentive line.

We do it very deliberately, we do it very focused on what the ROI is over the long term. Some of that strong performance at our P&L gave us the opportunity to take advantage of some of those strong investment opportunities, especially at a time when the marketplace is performing so well.

We delivered across all of our financial commitments. Hopefully that gives you a little bit of color about how we manage that piece in the quarter.

Great. Yes, thank you.

Can you hear me?

Sorry. First time Zoom.

First time call, second time fan?

Yeah. Two questions.

Could you talk about the strength in the high-value modes and how much runway there is for further penetration of total rides? Then second question, would you expect this kind of divergence between GB growth and rides volume growth to extend in into the second half, or will the gap close a bit as we get through the second half?

Thank you.

Let's tag team on that one again. A lot of runway there, a lot of headroom maybe is a better way to say it.

It's just, this is an area where I would say Lyft maybe underinvested for some period of time, and now has completely made up for lost time, let's say. We're really focusing on improving the quality of the cars, the types of drivers, some drivers who drive for Black and high-value modes, we call those Black, XL, even XXL, actually a new product for big families.

Anyway, the types of drivers, we're sort of let's say shifting towards a more professional set of drivers there. Of course TBR also, operates in the very high-end kind of chauffeur service as well.

Lots of growth there and lots of runway ahead, I would say. It's, yeah, been an area that over the last couple of quarters, you've heard us talk about the acceleration, and we have, big ambitions there because there's a lot of demand after all with a high-quality product.

I'll take the one on gross bookings and rides growth rates. If you think about the dynamic there in the first quarter, there's a couple of different components.

Obviously part of what you're seeing is this continuation of a very active shift toward higher-value modes. We've been talking about that for a few quarters.

In the first quarter, that growth is up over 35% year over year. Obviously adding in the FREE NOW business, which carries a higher average gross bookings per ride, is helpful.

Then separately, but correspondingly, we continue to diversify the things that add to our gross bookings where there may not be a ride attached, things like ads and luxury, for example. Those are some of the dynamics driving that.

If you think about expectations for the second quarter, I do expect that delta between gross bookings growth and rides growth to narrow somewhat. You've got the significant seasonal expansion of the bikes business, I think is probably one of the main underlying drivers.

It will narrow somewhat as you think about those trends from Q1 to Q2.

Thank you. Thanks.

Awesome, thank you. It was nice knowing that it was coming.

Two if I can. I had time to prepare, but those were going to be the same questions anyways.

Can we talk about pricing in the US market? All interquarter, we get questions from clients about what the third-party data shows for industry pricing, kind of head-scratching kind of ramp.

Then when we see this reported number, I know that there's some FREE NOW aspect on it. Can we maybe just simplify it, point-blank, what year-over-year pricing is for a Lyft standard ride?

I know there's the premiumization aspect, but just to level set that, and any nuance around that would be really helpful. Then another question, I'd love to hear how you're feeling about your ads business, maybe some updates on the run rate there, and if anything's changed on your outlook for the future, if you're more optimistic or anything along those lines would be really great.

Thank you so much.

David, do you want to start with the ads business,

and I'll

talk about pricing? Okay.

Erin and I are chuckling here in the background. That sounds good.

On ads, ads as we said, we've talked about ads for a while, I think, and talked about how we were super pleased with sort of the run rate, the exit rate from last year. I think the sort of big picture that we have on this is, gosh, there's a lot of opportunity.

The reason for it is, advertisers are always looking for new ways to connect with customers. In an increasingly virtualized world where people are spending more and more time on their phones, the big open question is not how do I do more virtual or digital ads, that is a fairly well-solved problem in a sense.

What's really interesting is how do you actually connect that to the physical world? If you look at some of the campaigns we've done, we talked about Sephora last time, we talked about a Charles Schwab ad campaign this time that I think in our in the prepared remarks, actually I think just today we're doing something with McDonald's, you start to see some really interesting trends where people are literally changing behavior as a result of being in cars when they're seeing ads kind of in real time.

Oh, also bikes here in San Francisco, Gemini is all over the bike system here, same sort of deal, Citi across all of New York City. A lot of opportunities there.

Then when you start to look at the audience we have, which is a fairly large audience, talking about 15 million people plus, then the question is, well, how can you take that audience and extend that? We're doing something called Audience Extension, which allows us to sort of extend beyond, sort of our four walls.

How can you take some of that same data and extend that beyond just the in-car experience to, off-platform, through Trade Desk and through other, ad brokers. There's just a lot of opportunity here.

The person, I call her out from time to time, the person who runs our ad group, Suzie Reider, joined us from YouTube a couple of years ago, where she had run their ad business for many years, really started it and then kind of grew it to something quite big. We've got the same kind of conviction here.

I, it may not be quite the same size as YouTube, that would be impressive, but certainly we've got a lot of conviction that there's a lot of headroom ahead.

Mike, and to talk about pricing, I appreciate the simplicity of your question, and I may somewhat frustrate you because, as you know in following our business, it tends to be fairly complex, right? There are changes year over year as you think about the mix of our business in top markets or certain geographies which are going to carry higher average pricing.

We've obviously been growing very significantly in low-scale markets, you've got some of that mix effect which makes it probably not straightforward to give you the best answer. I would offer a couple of perspectives, though.

I think if you look over a number of years, this industry generally does see some amount of price increases if you think about longer-term trends over years. Maybe over the near term, what I can tell you is sequentially from Q4 to Q1, pretty stable overall.

A couple of questions ago, one of the things I was trying to highlight as you think about our overall gross bookings and kind of the mix of that, it has evolved. It has evolved over time.

We've talked about the significant growth of higher-value modes in that mix, the addition of FREE NOW. We further talked about things like ads or our chauffeuring business, which contribute to gross bookings, have been growing obviously nicely, but don't carry the same rides component.

Those are some of the areas, sequentially I would say overall pricing pretty stable as we think about Q4 to Q1. Hopefully that's some helpful color.

Thank you.

Thank you. Can you hear me okay?

All right, thank you. Can you maybe help me a little bit strategically understand, you've made several acquisitions, some in the kind of some are geographic diversification, but others, just you're it's not strictly in the rideshare business.

Could you talk a little bit about how you see them all coming together strategically? What are, what are the key points of synergy?

What beyond geographic expansion to those assets why are they better together? Maybe I would just put it that way simply.

Let let me take a stab at that. Maybe a little bit of history, I guess.

We were not a particularly acquisitive company for a period of time, and I think there's a pretty obvious reason for why, it's because we were kind of just getting our base business, going strong. Last year, we made our first significant acquisition, at least as long as I've been here, with FREE NOW.

That was definitely a rideshare acquisition. Of course it's a taxi-focused, kind of core, rather than, what's called PHV in Europe.

It expanded our footprint, which is nice for geographic diversity and into nine new countries, and allowed us in that case in particular strategically also to build upon the government relations that a company that's been in the taxi business has had to have for a long time, which is going to be so important for AVs. I would look at much of our acquisition activity in Europe as important for geographic type of diversity, but also for an AV future.

You can see that with Gett as well, which just closed last this week, actually. Gett is a, well-respected, largely B2B taxi service in London.

as we mentioned kind of in the prepared remarks, between that and the FREE NOW presence in London, we're on something north of 70%, maybe 80%, something like this, of the taxis that have apps in their cars now have a Lyft app in the car. That's amazing because that allows us obviously access to a very, very important market.

Europe's biggest rideshare market, arguably one of the most interesting and important in the world. Again, if you think of our activity in London, there's a short-term issue there of kind of wanting to build volume, in part because that's part of what we bring to the AV category, as well as government relations.

Again, Gett actually directly works with governments, and then we've got good relations through FREE NOW. I would say those are sort of the things.

Now, TBR is the other acquisition that we've announced recently, also in the rideshare space, but quite different. That's really a chauffeur space, very, very high end.

I think that speaks to so we talk about this as up and out, right? Out is kind of the overseas piece, and up is how can we strengthen our position in kind of higher-end offerings.

It's wonderful to have a very, very top-tier you perhaps you may know TBR is often the kind of service non-deal roadshows in the United States and abroad, 120 countries. Once you have a service level that is sort of marked at, a 10 out of 10, that frankly brings your whole company up, and so many companies of course are now making, good money in the high end.

I think that's maybe the that touches on the significant ones.

Thank you.

Great. This is a good follow on from that last answer.

Can we just get an update on whether the FREE NOW kind of for like is growing? I think it was flattish when you guys made that acquisition.

I know we have an anniversary yet, but is the business growing, and are there any early proof points of US Lyft enthusiasts going to Europe and, kind of whatever, adding to the FREE NOW business that way? Any color there?

Thank you.

I'll start with the performance, and then David, do you want to talk about what we've got coming up on the rider side? Ross, to answer your question directly, yes, the business is growing.

We talked about when we bought the business having about a billion-dollar overall annual run rate, that we talked about that being on track. As we closed last year, we anticipate growth as we look into 2026.

On the second part, there we've just begun, but maybe I can give you kind of the arc of the project. Today what happens, if you're a Lyft user and you open up the FREE NOW app in London, you'll get a notification saying if you open up the Lyft app, you'll get a notification saying, our partner FREE NOW is delivering rides here in Europe.

It's a fairly kind of basic integration, just like that. We do some other small things as well with Chase and some other things.

Our vision, for sure, and we can say now really by 2027, is that anywhere as a rider on the Lyft app, the sort of Lyft ecosystem, anywhere you are with that app and that we do business through FREE NOW or others, you'll be able to open that app and be able to get a ride anywhere you want. It'll be a much, much more tightly integrated experience that's happening over in 2027.

That's always been kind of the plan when we started, is step-by-step integration such that by 2027, we're able to debut that. Once that happens, of course, then you would expect the growth in the business to be much more significant as a result of that work.

Hi, thanks. Could you maybe talk about the margin benefits of some of these higher-value rides as they become a larger share of overall rides, and as well as taxi expansion into more cities?

Thank you.

Sure, I'll take the margin profile. David, do you want to talk about taxi expansion overall?

Absolutely, as you think about the higher-value mode mix of rides, all the way up to and including TBR and chauffeuring that David was just describing, they absolutely bring a higher overall margin profile to the business. The mix is not only helpful financially, but also gives riders a lot greater choice.

What we're seeing is when those are offered up, we're definitely seeing behavior where that trade-up will happen. It's both satisfying rider needs and desires at that point in time, but also obviously increasing that mix is bringing in a healthier margin profile.

I'm going to give a shout out to our Lyft Black in particular, and then zoom back out. It's actually our highest-rated ride mode, highest-rated ride mode.

It is a great product. It's been a little bit undermarketed over the years, but as I say, we've both improved the quality of it, and you're starting to see maybe a little bit more uptake.

If you're on the call and you haven't taken it, I highly recommend, and go ahead and pay with your United miles. Okay.

Then the taxis, one of our strategic priorities this year, when we talk about our internal framework for it, is expanding the platform. You've seen some experiments we've done in small scale in St.

Louis, then I would say a much more significant scale in LA. There will be other cities beyond that.

It's great because taxis carry their own insurance, so that's got sort of an interesting, slightly different financial profile than the typical rideshare. That's wonderful.

Then of course, taxis in Europe are a whole different thing, right? It's a much higher-end product, a very predictable product in many countries, and has also higher bookings per ride, typically, just because of, again, the combination of regulation and it's seen as a little bit more of a luxury product than here in the US.

When you look across our whole platform, it's I feel really good about our kind of building out a very strong foundation, that then ultimately of course will embrace AVs as well, and that's next to come.

Great, thank you. This is Miles on for Justin.

I wanted to ask about loyalty. I was wondering if you could just provide an update.

I know it's pretty early on Lyft Cash rewards. Then maybe just a broader view, you mentioned wanting to do more on loyalty, how that fits in with the strategy, and then, along with Lyft Pink and your existing offering there.

Then maybe just, continuing on international expansion, been pretty active in M&A in new geographies, obviously. Do you think, this puts you in a position where you can start organically entering new markets now that you have more of a portfolio and in places like Europe to bolster that expansion?

Thank you.

Sure, Miles, why don't I start with that one, and then we'll see if Erin has anything to add or maybe not on this one. Wait, I just totally spaced on your question.

My apologies.

Loyalty.

Loyalty. Of course.

Right. Loyalty.

We've made some real inroads in loyalty. This is an area again of the company where maybe we've been a little bit kind of silent because we've been getting some things together behind the scenes.

Here's what's happened. In the last, I think it was last August, we really started to lean into loyalty for our business riders.

This is a really interesting program. We have not really had a good business product for some period of time when it came to a loyalty product.

This was causing us some pain in the marketplace. What we did is we said, well, let's come out with the best program that there is for rideshare, full stop.

Here it is, super clear: it's free, okay, that's very important, and it's 6% back, up to 8% back, depending on your mode, and then you also get points multipliers for United and Hilton and Alaska, if I'm not mistaken. That's great.

I'm going to say the free part one more time, because it's quite important. We have a competitor out there that sells something else, and we internally, we sometimes talk about it as selling a time bomb.

Hate to say it that way, but you sell something for free, and then a couple months later, it starts to charge you. We don't have that.

We have a product that's a free product that gives you immediate rewards back for what we call our managed business rewards program. We've learned a ton there.

It's been, quite successful. I'm going to forget the exact statistics, but it's significant.

Maybe I can kind of find it as I'm talking here, but it's been significant. It's grown very significantly and has some kind of interesting characteristics about how many more rides people take once they start to sign up.

That's kind of been the basis of it. Then you also mentioned Lyft Cash rewards.

That's something we're experimenting with on the consumer side. Super cool, still relatively small because it's definitely in experimentation mode.

What I think you can see is we're starting to put some energy in this area, and this is a bit of a stay-tuned story, but something that we've got some good stuff to talk about in the future.

Maybe I can add in some of the stats on business rewards overall. If we think about first-time rides on rewards-eligible business profiles, that grew 59% year over year, and those rewards-eligible riders are taking 25% more Lyft rides per month.

We're super excited about what we're seeing in these early phases, that tells us a lot about that we've got a great product overall, that people are finding value in it, they're taking more airport trips. A little bit more on the stats.

Awesome.

I think you had a question, I know, about organic expansion maybe into new markets internationally. I think that's probably one we're not going to talk too much about.

Thank you for taking my question. Two quick ones for me, please.

First, I'm if I missed it, but did you quantify the impact of the fuel program on your P&L? If not, could we please get a sense of the impact?

Then the second is how should we think about the partnership rides growth? The 27% data point is great.

Any sense on how that cohort of 27% of the rides what that growth is versus the non-partnership rides? How does that compare?

Thank you.

Shweta, I'll take the fuel question and then turn it over to David. We talked in our prepared remarks and on this call, we're really proud just generally all the time about the way that we engage with our drivers, about the continued preference that they demonstrate for our platform.

I think that's important because we're super proud to have been really first out there with a relief program. I think it says a lot about who we are as a company overall.

What we did in this overall program is really take the approach of leaning in with our partners. We've got a great driver rewards program overall.

It offers all kinds of benefits to partners, and so leaning in with our partners to provide relief here in terms of drivers can get almost a dollar in savings across all the programs, that's really co-funded overall if you think about the way that those benefits accrue. While all of this is meaningful to drivers, certainly and material to them, it's not material to our overall financial profile, nor do we expect it to be in the second quarter.

Then

on the partnership side, there's not too much more I can say, but maybe just give a little bit of color. Maybe two ways to think about.

One is different partners do provide different types of benefits to us as a business. On average, partners tend to be quite strong at bringing higher sort of higher-bookings-type rides on average.

United, you can absolutely probably imagine why that would be true, same with Alaska, same with Hilton, same with Chase. Sometimes it's quite significant.

It's a sort of a new set of rider or a set of riders who are taking, typically higher-priced rides, which tend to have higher margins, and people tend to be quite loyal to those programs, and therefore they take, rides, quite regularly. Then you have maybe more of a sort of volume strategy with DoorDash.

DoorDash is kind of the you might sort of think of it as the volume anchor, because it's got such a large program, but it also DashPass, but also, as I mentioned, people eat, quite a lot, and so therefore, that's an important piece of the puzzle. In overall, as a portfolio tends to be, quite a healthy part of our of our kind of ride a rider portfolio.

That just kind of gives you a sense of how we think about it, different have different characteristics, but on average really quite nice, typically on the booking side and frequency side.

Okay. Thank you both.

Sure.

Hey, can you hear me now? It said unmute.

I hope you can hear me.

We're good.

Okay. I had two questions, one on pricing and one on AVs.

You talk about this check Lyft messaging campaign. Are you seeing any kind of measurable changes in rider behavior since you launched it, perhaps improved conversion from price-sensitive shoppers?

If you think it and becomes a normalized consumer behavior, is there a scenario that could lead to more structural pressure on industry pricing over time, or perhaps there is more pricing power that both companies have? That's just first question.

Second on AVs, it feels like the three cities closer to launch, Nashville, Hamburg, London. Can you just level set how are you operating in or offering your services, be the orchestration layer, fleet operations, depot management?

Perhaps talk through your capabilities across those three places.

Sure, Rohit. I'll take this and these are big last questions, but let's do it.

Okay.

No problem at all. On pricing, let's talk about that for a second.

Here's so okay, you asked about results and then maybe implications on the future. The results right now are great, promising, but it's still very early.

These are quite it's quite an early campaign. You'll see us turn up the volume there, which is probably good indication that we like what we see so far.

This is a very, very price-competitive already very, very competitive marketplace. I don't think either company, truthfully, has a lot of room on the price side, because if we did, we would have done it, you know.

We do it every day, another way to say it, 3 million times a day. We try to offer the best price we possibly can, as Erin says, reliable, competitive pricing is our strategy.

That is maybe not something I worry so much about. What I do think is true is customers who check both apps tend to do better, and there's that study out there that says, in New York, they'd save 170 bucks.

It's just true. The more people who check both, I think the healthier the marketplace gets, keeps us both on our toes.

That's the way we think about it. We obviously our position is kind of a nice one to be in because we offer a very competitive product, fast ETAs, in many cases faster than the competition, good pricing, in many cases less expensive, although good not always, the competition.

If more people check us out, then we can, start to impress them with the quality of our service, and so forth and so on. Now I can talk all about driver cancellation, how we've done a great job there, and pick-up times, and so forth.

It kind of tends to be very nice reinforcement once people get into our place. I'm going to turn it over to Erin, and then we'll come back on AVs.

Maybe before you dive into AVs, Rohit, I think something interesting to point out, David mentioned early days, this campaign has been live in San Francisco, New York. These are two cities that also have a pretty heavy mix of premium modes.

In your question was the implication of price-sensitive riders, and hopefully what you gathered from David's answer, but I think it's really important in our observation in these early cities is that's not really the thing, right? The thing is just, hey, check, as opposed to doing something maybe out of habit, just check.

I just wanted to clarify that.

Absolutely right, super appreciate it. By the way, everybody likes a deal.

Everybody likes a deal, yeah, and we see that up and down. On AVs, okay, you mentioned a couple of areas where we're a couple of cities that we've talked specifically about.

Let's give you a quick update on each. Maybe start with Nashville, then go to London, then go to Hamburg.

In Nashville, it's actually quite exciting. You see Waymo's on the road right now.

Later this summer, we start to take over operations of that. Then we open up our whole, kind of new center, this 80,000 square-foot center, and then you'll be able to actually order a Waymo on the Lyft app, in our hybrid marketplace there, which is really something we're very, very excited about.

It's gone great. It how can I characterize it?

I guess what I would say there is, we've been in a very nice position for the last 10 years. We've got about 50,000 cars that we've had to manage through our Flexdrive subsidiary.

Those 50,000 cars have driven, literally billions of miles, billions of miles. That has required an enormous amount of expertise, or that has delivered to us an enormous amount of expertise on maintenance and availability, and so forth.

We think we're, industry leading on the operation side. When you look at the partner we have in this case, Waymo, probably the world's no, not probably, arguably, the world's leader in AV tech, and then you marry that with what we believe is the world's leader in fleet operations, and efficient fleet operations, low-cost fleet operations, we really are very excited about what we see there.

That's kind of where Nashville is, and over the summer, you'll see that grow pretty quickly. Okay.

In London, it's a different situation. In London, our partner is Baidu.

Baidu, arguably the second, sort of most advanced technology out there, certainly in terms of driver out miles driven, and so forth and so on. I was actually just in China a couple weeks ago meeting with them, incredible company.

There, RT6 cars have just rolled off literally the docks, the same ones I was, riding in Beijing are now in London. They're beginning mapping streets.

It'll take a while there. It takes a while when you add a new technology to city streets, there are regulators that you have to work with, and we're spending a lot of energy working with regulators on issues like data privacy, for example.

Very, very important, but I'm super proud of our team, and they've made incredible progress there. Then there's just the physics of the thing.

Just as a quick story, in London, a lot of small streets that are two-way, and sort of how do you navigate, a two-way street with AVs, where you can't, signal to each other, you go first, you go first? These things take time, but we've got an ODD that's beginning to get mapped out, and we're sort of beginning there.

A little bit earlier in the process just because it's a yeah, but at the same time very much on track. Then Hamburg, that's a different thing.

Now Hamburg is really just we've established a partnership with the city level, saying that we're going to be the AV provider there. We haven't given too much more detail on it, I won't do so today, but it just gives you a sense that, things are going to roll out both in the US and Europe, in number of different ways.

That's kind of where things stand. Okay.

Thank

you so much. You're so welcome.

Thank you, Rohit. Thank you all.

Really appreciate you're joining the call today, of course. Looking ahead, super excited about another strong year coming up as we continue to track towards our 2027 targets.

Thanks for coming along on the ride with us. You take care, and we'll see you next time.