Lyft, Inc.

I would now like to turn the conference over to Aurélie Nauv, VP, FP&A, and Investor Relations. You may begin.

Thank you. Welcome to the Least Earnings Call for the second quarter 2025. On the call today, we have our CEO, David Risher, and our CFO, Erin Brewer. As a reminder, our full prepared remarks are available on the IR website, and we will use this time to answer your questions. We'll 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 filing. 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 the 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. Reconciliation 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.

Thanks, Aurelian. Okay, everyone, listen up. Q2 was a record breaking quarter for Lyft. We delivered all time highs across gross bookings, adjusted EBITDA and free cash flows for the first time in company history. We reduced our share count, oh, excuse me, and for the first time in company history, we reduced our share count by repurchasing $200 million worth of stock. This strong performance positions us for an accelerated growth in Q3, and we remain on track to achieve our long-term targets. Our marketplace is thriving, setting us up for an even stronger second half of the year. Over 1 million drivers spent a record amount of hours with Lyft. That's the same number of drivers that Lyft had pre-COVID, but now on average, they're driving 40% more each. We had a record number of active riders in Q2, with new riders increasing double digits year on year for the second consecutive quarter. As a result, rides reached an all-time high of almost 235 million, marking our ninth consecutive quarter of double digit growth year over year. A new Lyft is emerging. Not only are we consistently delivering for riders and drivers, but that customer obsession is producing record results quarter after quarter, and our momentum is building. We are now a global, more diversified company, but double the TAM. We are significantly broadening options for riders, from market expanding innovations like Lyft Silver for nearly 60 million older Americans, to a greater emphasis on margin expanding luxury offerings, like our improved black and black SUV options. And we are uniquely positioned to benefit from the coming edition of autonomous vehicles to our platform across North America and Europe. This will be transformational for Lyft. Look, if you are getting tired of our customer obsession and operating excellence delivering quarter after quarter of record breaking performance, well, we aren't. We are just getting started. I'm gonna do it over and over again. So there's a whole lot to talk about. It's go time. Bring your questions over to you.