Lyft, Inc.

GDP, FP&A, and investor relations.

Please go ahead. Thank you. Welcome to the LEFT earnings call for the first quarter 2025. On the call today, we have our CEO, David Reischer, and our CFO, Erin Brewer. Starting with this call and going forward, our full prepared remarks will be available on the IR website before the call, and we will use this time to answer more of your questions. We make forward-looking statements on today's call relating to our business strategy and performance, partnerships, future financial and operating results, trends in our marketplace and guidance. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from those projected or implied during this call. These factors and risks are described in our earnings materials and our recent SEC filings. All of the forward-looking statements that we make on today's call are based on our beliefs as of today, and we disclaim any obligation to update any forward-looking statements except as required by law. Additionally, today we are going to discuss customers. For ride share, there are two customers in every car. The driver is Lyft's customer, and the rider is the driver's customer. We care about both. Our discussion today will also include non-GAAP financial measures, which are not a substitute for GAAP results. Reconciliations of our historical GAAP to non-GAAP results can be found in our earnings materials, which are available on our IR website. And with that, I'll pass the call to David.

Thank you, Aurélien. Well, hi, everyone, and thank you, as always, for joining. Q1 2025 was our strongest Q1 ever. We're innovating for drivers and riders, we're expanding outside the US in a meaningful way, and our partnership strategy continues to fuel our momentum. Lyft had year-on-year growth across regions, across modes, and across use cases, resulting in a record Q1 for active riders, rides, and driver hours. Looking at our financials, we delivered Q1 records in gross bookings, adjusted EBITDA, and free cash flow. A note on gross bookings, this was Lyft's 16th consecutive quarter of double digit year on year growth, demonstrating the resilience and momentum of our customer obsessed strategy. And we approached nearly $1 billion in cash generation over the last 12 months. That demonstrates our winning formula of growth with discipline. It's this financial strength that has enabled us to increase our share repurchase program to $750 million while maintaining the ability to invest in our most promising growth initiatives. With our expansion into new demographics by Lyft Silver and into Europe with our Freenow acquisition, we are positioning ourselves for sustained growth to build on our incredible momentum. I am so impressed and proud of the work our team has done over the last two years to build a strong foundation, fueled by customer obsession and operational excellence. I am very confident we are well positioned for 2025 and beyond, And now, with that, let's get to your questions.