Lyft, Inc.

Good afternoon, and welcome to Lyft's third quarter 2025 earnings call. As a reminder, this conference call is being recorded. I'm Aurélien North, VP of P&A and Investor Relations. On the call today, we have our CEO, David Reicher, 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 will 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 in 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 rideshare, there are two customers in every car. The driver is the lift customer, and the rider is the driver customer. We care about both. Our discussion today will also include non-GAAP financial measures which are not a substitute for gap results. Reconciliations of our historical gap to non-gap results can be found in our earnings materials, which are available on our IR website. And with that, I will pass the call on to David.

Thank you, Aurelien. Wow. Q3 was another record quarter across driver hours, active riders, and gross bookings. Adjusted EBITDA grew 29% year over year, and our free cash flow generation for the trailing 12 months was over $1 billion for the first time in Lyft's history. As you saw this morning, our partnership with United Airlines is now live. You can now all link your accounts to earn miles on all eligible rides you take anywhere, not just to the airport. And even better, rides taken through your company business profile earn even more. Now, that's big stuff. Don't worry. I'm going to give all you about 20 seconds right now to link your account. I'm not kidding. I want you to be opening up your Lyft app. Go to that profile on the lower right-hand side. Click that profile button. Look for rewards. Hit manage rewards. Add United Mileage Plus. Every single one of you. That's going to be your ticket to ask a question today. I'll give you a couple seconds to get that done. Okay, additionally, we focused on continuing to create AV partnerships that are differentiated and purposeful with each bringing unique learnings and dynamics to Lyft. We further build upon our AV framework this quarter with the announcements of Waymo as well as Tensor powered by NVIDIA. And we're demonstrating how we're positioning ourselves across the entire AV value chain. Looking ahead to 2026, we are well positioned with multiple growth catalysts converging to accelerate our momentum I am very excited for this comeback story. And with that, let's get to your questions.

Great. Thank you, David. We will now open the call to questions. So if you would like to ask one, please just press star 1. And if you want to redraw your question, just do the same another time. So I think our first question is coming from Doug and not from JP Morgan.