Lyft, Inc.

Good afternoon, everyone. This is Erin Brewer. Welcome to LIFT's fourth quarter and full year 2025 earnings call. As a reminder, this conference call is being recorded. Before we start, I'd like to take a moment to share an update. Aurelien Knopf has accepted a new role and will be leaving LIFT. On behalf of David and myself, we are incredibly grateful for his contributions, and we wish him every success in his next chapter. I'm also pleased to welcome Erin Rome to the call today. Erin joined us in September 2024 as a senior director on our investor relations team, bringing a wealth of professional experience in investor relations. She's played an instrumental role in shaping our program since she joined, I'm delighted that she'll be stepping in as Lyft's new head of investor relations. You're all in great hands. Turning it over to you, Erin.

Thanks, Erin. I just want to take a moment to echo the same thoughts. We are so proud of our friend and our colleague, and we'll be rooting for him and his new role. Now let's dive in. 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'll use this time to answer your questions. We'll make forward-looking statements on today's call, including statements relating to our business strategy and performance. Partnerships, financial and operating results, trends in our marketplace, and guidance. These statements are subject to risk 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 our forward-looking statements that we make today are based on belief as of today, and we disclaim any obligation to update any forward-looking statements except as required by law. Additionally, today we're going to discuss customers. For Rideshare in North America, there are generally two customers in every car. The driver is the customer, and the rider is the driver's customer. We care about both. Thank you, Erin. And thank you, Erin. Aurelian, I'll get back to you later.

Q4 delivered accelerated gross bookings growth and record profitability, closing out another incredible year with 51.3 million riders taking 946 million rides. In fact, in the time it took me to say that sentence, almost 400 rides started on the road or in the bike lane. Wow, that's 30 rides a second. That's a ton. As I reflect on this year, I am extraordinarily proud of what Lyft's team around the world has accomplished. We launched best-in-class, customer-obsessed products and partnerships. We expanded into Europe and into the world of chauffeuring. And we have positioned ourselves in the center of the trillion-dollar autonomous vehicle revolution. We did all this and more while tracking relentlessly towards our 2027 goals we outlined at our Investor Day back in 2024 – That's $25 billion in gross bookings, 4% adjusted EBITDA margin, and free cash flow of over $1 billion. Before we jump into our results, because I know many of you are financially minded on this call, here are two life hacks I highly recommend, both involving Lyft. First, yesterday we launched Lyft Teen, a reliable, affordable way for the U.S.'s 40 million teens to get what they all want, which is independence, with safety prioritized at every step of the way. Compare a $20 Lyft ride to thousands of dollars of annual cost of insurance, gas, and wear and tear in your car, and you'll understand why it's such a great way for your teen to get around. And second, a recent independent study highlighted that riders can save about $177 a year just by checking both ride drafts before booking. Now more than ever, there are more reasons to check Lyft. All right, with that, let's get to your questions.