Lyft, Inc.

Good afternoon and welcome to LIFT's second quarter 2026 earnings call. As a reminder, this conference call is being recorded. On the call today, we have our CEO, David Risher, and our CFO, Erin Brewer. Our 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, future 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 the forward-looking statements that we made today, this call, are based on our beliefs as of today, and we disclaim any obligation to update any forward-looking statements except required by law. Additionally, today we're going to discuss customers. For Rideshare, there are generally 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 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, Erin. Good afternoon, everyone. And thank you for joining us. Q2 26 was a quarter of record-breaking performance for Lyft, demonstrating the durable strength of our marketplace. We achieved an all-time high of over 30 million active riders, proving that rideshare is embedded in people's everyday lives. are guided by a simple, powerful strategy built on our relentless focus on customer obsession, operational excellence, and being a world-class partner. This leads to more riders, more rides, and more ways to ride. With 262 million rides in the second quarter alone, we are well on our way to hitting over 1 billion rides in 2026. Our UP strategy continues to gain momentum with premium modes growing double digits year on year for the 12th consecutive quarter, supported by record performance in our TBR chauffeuring business. and John David Risher. highlighting the scalable impact of our collaborations with leaders like DoorDash and United Airlines. And with our out part of our strategy, our global integration efforts are on track as we move toward one unified Lyft app worldwide, with beta testing now live in over a dozen European cities, while our AV roadmap advances with smooth fleet operations in Nashville and strong testing results in London, ensuring we are well positioned for a hybrid AV future. With that, let me turn it over to Erin to take you through a few of our financial highlights.

Thanks, David. From a financial perspective, we delivered accelerating top line growth with gross bookings up 23% year over year to $5.5 billion. Adjusted EBITDA grew 37% year over year, reflecting continued cost leverage, driving margin expansion and our fourth consecutive quarter of over $1 billion in free cash flow for the trailing 12 months. Our team continues to build a business that is both high growth and highly disciplined. And with that let's take your questions.