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Lyft (NASDAQ: LYFT)
Q4 2024 Earnings Call
Feb 11, 2025, 5:00 p.m. ET
Lyft Achieves Record Milestones in Q4 2024 Earnings Call
Overview of Earnings Call Agenda
- Prepared Remarks
- Questions and Answers
- Call Participants
Opening Remarks from Leadership
Operator
Good afternoon, and welcome to the Lyft fourth quarter and full year 2024 earnings call. [Operator instructions]. This conference call is being recorded. Now, I’ll turn the call over to Aurelien Nolf, Vice President of Financial Planning and Analysis and Investor Relations.
Aurelien Nolf — Vice President, Financial Planning and Analysis and Investor Relations
Thank you for joining us for Lyft’s earnings call for the fourth quarter and the full year of 2024. Today, we are joined by our CEO, David Risher, and our CFO, Erin Brewer. We will share forward-looking statements about our business strategies, performance highlights, partnerships, and future financial results. Please note that these statements are subject to risks that could lead to actual results differing from projections. Detailed risks are described in our earnings materials and SEC filings. We advise caution regarding forward-looking statements and will focus on the needs of our customers today.
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Understanding Lyft’s Dual Customer Base
In rideshare, every car has two customers. The driver is Lyft’s customer, while the rider is the customer’s customer. We prioritize the needs of both. In today’s discussion, we will also cover non-GAAP financial measures, which complement our GAAP results. You can find reconciliations of our historical GAAP to non-GAAP results in our earnings materials on our IR website.
Highlights from Lyft’s CEO
David Risher — Chief Executive Officer
Thank you, Aurelien. Good afternoon, and thank you all for joining us. 2024 was transformative for Lyft. We are truly excelling, and our position is the strongest it’s ever been.
I’m excited to report record highs in rides, available riders, and driver hours. Our service levels have reached industry-leading standards. As a result, our market share, as of January, has peaked since 2022 alongside our best-ever financial performance. This outcome confirms our belief that focusing on customer satisfaction drives profitable growth.
More drivers are choosing Lyft than ever before. In Q4, we recorded the highest driver hours in Lyft’s history, aided by better driver retention and enhanced earnings. In total, drivers earned nearly $9 billion in 2024, marking a record for our platform, benefiting greatly from initiatives like our 70% earnings commitment.
Q4 also saw us reach a new peak in active riders. Significant technical advances facilitated quicker pickup times, with riders getting picked up almost one minute faster compared to the previous year, leading to the fastest average ETAs in the industry.
This achievement underscores our commitment to providing top-notch service. Also noteworthy is our improved pricing reliability, primarily from reduced surge pricing, colloquially referred to as prime time (PT). In 2024, we reduced PT faster than anticipated, benefitting riders significantly.
As a result, riders collectively saved over $400 million in 2024 due to lowered prime time prices. We’re not stopping there. We’ve introduced Price Lock, allowing riders to secure ride prices for a small fee. Since its launch last fall, approximately 70% of Price Lock users continue purchasing it monthly, reflecting a growing loyalty among high-frequency riders.
Continuing our innovative approach, we launched the Women+ Connect feature, which has supported over 50 million rides. Coupled with our driver earnings commitment and other features, 2024 marked a year of unprecedented innovation at Lyft. This dedication to customer satisfaction is fruitfully reflected in our results, with a notable 16 percentage point preference for Lyft among drivers compared to our largest competitor, a rise from 12 points in the previous quarter.
As for rider frequency, we saw consistent year-over-year growth each quarter in 2024, culminating in the highest number of high-frequency riders in five years by year’s end. Financial performance bore impressive milestones as well; we achieved our first year of GAAP profitability and the first complete year of positive free cash flow, all in the initial phase of our multi-year plan. Focusing on customer satisfaction allows Lyft to grow profitably—that’s our straightforward formula. Now, let’s discuss plans for 2025.
Our vision this year is to establish a new standard for…
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Lyft Reports Record Performance as Company Pursues Strategic Growth
Performance Optimized Through Partnerships and Customer-Centric Innovations
Lyft continues to enhance service quality and reward drivers who provide exceptional experiences to riders. Leaders at the company hint at forthcoming strategies aimed at strengthening this differentiation. Riders can look forward to special perks in their Extra Comfort or black SUV rides, fostering a sense of loyalty through meaningful rewards.
Strategic partnerships play a crucial role in expanding Lyft’s reach and improving rider value. A key example is the collaboration with DoorDash, which contributed to nearly 8 million rides by the end of Q4. This partnership has propelled Lyft to achieve its highest ever number of scheduled rides, which are often longer in duration and yield higher profits.
Excited by these results, Lyft anticipates even more benefits from the DoorDash collaboration in the upcoming quarters. Looking to 2025, Lyft aims to further enhance margins through a deep focus on customer satisfaction. The Lyft Media division is expected to flourish, with successful in-app advertisements leading the way. A recent campaign with Samsung to promote new Galaxy phones is a testament to this growth. Lyft Media will soon feature full-screen vertical video ads, creating fresh opportunities for advertisers to engage millions of daily app users.
The company is also improving its premium ride options. Lyft Black and Lyft SUV rides experienced a 41% growth year-over-year in 2024, thanks to three targeted initiatives that improved the ride mix. These included refining vehicle eligibility for a consistent luxury experience, increasing the supply of black car drivers on the platform, and expanding availability to 64 markets in the U.S. and Canada, with more on the horizon. The enthusiastic response from Lyft riders highlights the success of these enhanced offerings, which command higher prices and margins.
Additionally, Lyft plans to introduce autonomous vehicles (AV) by 2025. Collaborations with partners like May Mobility in Atlanta, which currently provides public AV rides, mark the beginning of this initiative. Recently, a partnership with Marubeni was announced, aimed at deploying thousands of Mobileye’s Lyft-ready AV technology starting in Dallas as early as 2026, with plans to expand to other cities. Lyft’s unique capabilities in fleet management position it well to be a key player in this emerging market.
To all Lyft team members tuning in, your efforts have been remarkable. Over the past year, the improvements made to service for both riders and drivers have set industry-leading standards. Notably, during the recent fires in L.A., the team provided over 20,000 ride codes for those in need, the highest response of its kind for a disaster.
I am genuinely grateful for your dedication. Lyft is currently in a robust position due to your hard work, paving the way for significant future opportunities. Exciting developments are on the way for 2025. Now, I’ll turn it over to Erin Brewer, Chief Financial Officer.
Erin Brewer — Chief Financial Officer
Good afternoon, everyone, and thank you for being here. The year 2024 was extraordinary for Lyft. It marked the first year of our multi-year plan, and we exceeded all targets set at our investor day, including active riders, ride frequency, cost efficiencies, and dilution progress.
As David indicated, our significant service enhancements have made our platform more reliable for both drivers and riders, leading to record financial performance. We are now operating from a strong position. Our financial health in 2024 sets a solid foundation for years to come. Let’s review some key financial highlights.
Gross bookings reached $16.1 billion, marking a 17% increase compared to the previous year, aligning with growth in rides during that time. Gross bookings depend on three interconnected factors: market pricing, rider engagement, and driver engagement. Our improved marketplace dynamics—particularly with our drivers—have led to a reduction in prime time, which has resulted in real savings for our riders. If prime time had remained at the previous year’s rates, our 2024 gross bookings growth would have been 20% year-on-year.
Despite the drop in prime time occurrences, it did not negatively impact our margin growth, as those savings were reinvested back into our marketplace. We made significant advances in efficiency and cost discipline, achieving a 17% improvement in customer incentives deployed on a per-ride basis and surpassing our goal of 10%. Our focus on cost control has provided over 100 basis points of fixed cost leverage throughout the year.
Consequently, our unit economics have continued to improve despite rising insurance costs. We surpassed our profit expectations with an adjusted EBITDA margin of 2.4% as a percentage of gross bookings. This marked our first full year of profitability according to GAAP, alongside free cash flow of $766 million.
Looking at recent trends, we experienced robust results while maintaining a healthy Lyft marketplace balanced with strong growth. Despite this, we noticed new factors leading to lower prices in the U.S. market, a trend starting in late Q4.
In that context, let’s dive into our fourth quarter results, where we achieved 15% ride growth and 10% growth in active riders—both indicators of stable demand on our platform. Our fourth quarter gross bookings ranked at $4.28 billion, reflecting a 15% year-over-year increase.
Adjusted EBITDA grew nearly 70% year-over-year, and we increased our adjusted EBITDA margin from 1.8% in Q4 of the previous year to 2.6% for Q4 2024. This growth stemmed from our execution quality, cost discipline, and progress in managing insurance costs through product innovations and strategic partnerships. We maintained our fourth quarter of GAAP profitability alongside strong free cash flow of $140 million. Now, let’s discuss our expectations and guiding factors for Q1.
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Strong Rides Demand Amid Seasonal Slower Trends
Lyft is on track for growth in rides, with strong demand and an expanding base of active riders. The company anticipates an increase in ride frequency, as it remains committed to competitive pricing. However, the first quarter typically sees slower activity as people recover from holidays, and weather conditions across North America often discourage outdoor activities like biking. Additionally, rides during this period tend to be shorter and more local.
Effects of Leap Year and Competitive Pricing on Revenue
The upcoming first quarter and 2025 will be impacted by one less day due to the 2024 leap year, which may reduce gross bookings growth by about 1 percentage point year over year. The pricing environment remains challenging, following lower price dynamics that began late last year. Consequently, Lyft anticipates year-over-year rides growth in the mid-teens, a gross bookings increase of approximately 10% to 14%, ranging from $4.05 billion to $4.2 billion, and an adjusted EBITDA between $90 million and $95 million. The adjusted EBITDA margin is projected to be between 2.2% and 2.3% of gross bookings. Additionally, the conclusion of the partnership with Delta on April 7 could temporarily hinder gross bookings growth by 1 to 2 percentage points starting in Q2 2025, though Lyft remains confident in its partnership strategies and future growth potential.
Lyft’s board has authorized a $500 million share buyback program, aimed at offsetting stock-based compensation dilution. The implementation will be systematic, considering capital allocation priorities to align with long-term growth goals. Alongside this, Lyft plans to reduce its overall leverage by repaying convertible notes due in May 2025 using cash reserves. These moves demonstrate the firm’s strong financial position and commitment to supporting ongoing growth.
Questions & Answers:
Operator
[Operator instructions] Your first question comes from Doug Anmuth of J.P. Morgan.
Brian Smilek — Analyst
Thanks for taking the questions. It’s Bryan Smilek here on behalf of Doug. Can you provide more insight into the current pricing environment and what factors might affect the Q1 gross bookings outlook? Is there downward pressure on prices, or is it more about moderating increases compared to previous years? Thanks.
David Risher — Chief Executive Officer
Hi Bryan, I’ll start by explaining our pricing strategy, then I’ll hand it over to Erin for more detail. Our approach is simple: we price competitively and reliably, which has been effective for us over the past couple of years. We adjust prices responsively based on market dynamics. Reliability is essential—reducing prime time rates has been well-received by riders, as they appreciate predictable pricing. Efforts such as our Price Lock feature further strengthen our commitment to this reliable pricing strategy. We’re well-prepared to navigate these price fluctuations.
Erin Brewer — Chief Financial Officer
Thanks, Bryan. Your question encompasses multiple areas. Generally, Lyft’s pricing has been steady, featuring gradual increases mostly due to structural changes like rising insurance costs. The gross bookings per ride metric is affected by the mix of services we offer, including ridesharing, bikes, and scooters. Base pricing, which excludes coupons, is our key metric for competitive pricing evaluations. Recently, we lowered base prices and provided more coupons to maintain a balanced marketplace. We are pleased with our substantial rides growth and profitability, reflecting our effective strategies.
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Strong Growth and Market Insights: Lyft’s Q1 Outlook
Performance Indicators Paint a Positive Picture
As we wrap up January, Lyft is experiencing robust growth across its business. For instance, rides are growing in the high teens, supported by an increase in active riders and more frequent usage. These foundational elements of our business remain solid.
Interestingly, by the end of January, our price per mile was the lowest it has been in the past five quarters, creating a context for comparison in trends. Ultimately, the key takeaway is that our operational and financial standing has never been stronger.
Market Competitor Dynamics and Pricing Challenges
Next, we turn to a question from Michael McGovern from Bank of America. He queried about the impact of new competitors like Waymo on Lyft’s performance, especially in markets such as San Francisco.
Addressing this, CEO David Risher noted that while Waymo represents advanced technology—offering rides without drivers—our market share in San Francisco remains flat. This suggests that either the overall market is growing or Waymo is attracting customers from other services, but not from Lyft. Remarkably, this indicates that the introduction of autonomous vehicles (AVs) could potentially expand the rideshare market rather than shrink it.
In Phoenix, the dynamics differ slightly. Here, Lyft’s growth exceeds the national average, even amidst competition from Waymo. Risher explained that while Waymo customers may enjoy their rides, many users continue to prefer Lyft for regular trips. Our data shows that people who use Lyft return more frequently than those who choose Waymo.
Confidence in Future Margins and Business Opportunities
Addressing confidence in profit margins amid pricing pressures, Risher reiterated confidence in maintaining positive trends for 2025. Erin Brewer, Chief Financial Officer, elaborated on the company’s long-range plan introduced last June, which continues to guide Lyft’s strategic direction.
Brewer highlighted that Lyft operates in a growing market filled with opportunities. The plan’s core components, including expanding our active rider base and enhancing operational efficiency, are showing promise. As we move forward, the ongoing decline in prices may affect gross bookings by a small percentage, but we also anticipate higher ride growth, which could offset this impact.
To build on this foundation, Lyft aims to improve adjusted EBITDA margins, enhance customer incentive efficiency, and expand partnerships. The media business is also on track, with expectations to double its annualized run rate to around $100 million by the end of 2025. Overall, Lyft’s business model remains resilient, ready to adapt to new challenges and opportunities ahead.
Lyft’s CEO Discusses Drivers, Partnerships, and Future Investments in Earnings Call
Understanding Driver Supply Trends and Strategic Investments
Michael McGovern, an analyst, emphasizes the importance of maintaining focus on Lyft’s long-term strategic plan, referring to it as their “North Star.”
Eric Sheridan from Goldman Sachs Asks About Driver Preferences
Eric Sheridan inquires about Lyft’s driver supply and how it has evolved over the past years. He highlights that improving relationships with drivers has been a key focus for the company.
CEO David Risher Reflects on Lyft’s Progress in Driver Satisfaction
David Risher, Lyft’s CEO, shares that the company has made significant strides, achieving a 16-point preference advantage over its top competitor. This improvement results from various investments aimed at enhancing the driver experience.
One substantial change was the introduction of a 70% earnings guarantee for drivers, preventing financial discrepancies caused by unexpected delays during rides. Additionally, Lyft has revamped its payment structure to ensure drivers earn for their wait times upon arrival for scheduled rides.
Beyond monetary changes, Lyft has invested in educational partnerships, like one with Merit America, allowing drivers to gain new skills and prepare for other job opportunities. When drivers encounter issues, the company increasingly employs AI technologies to provide faster assistance, saving drivers approximately 28,000 hours of support time by streamlining their inquiries.
Risher emphasizes that supporting drivers isn’t solely beneficial for them; a high level of driver satisfaction significantly boosts Lyft’s success as well. With these initiatives in place, Lyft anticipates reduced expenses related to acquiring and retaining drivers in the future.
Buy-in from the Analyst Community
Eric Sheridan acknowledges the insights shared by Risher, thanking him for the detailed explanation of Lyft’s strategies.
Benjamin Black from Deutsche Bank Asks About New Partnerships and Technical Innovations
Benjamin Black invites discussion on Lyft’s partnership with Marubeni and Mobileye. He seeks clarity on the nature of this collaboration and its financial implications. He also prompts details on how Lyft plans to expand services beyond Dallas and what technical breakthroughs have improved estimated arrival times.
Understanding Lyft’s Investment in Autonomous Vehicle Technology
David Risher responds, highlighting the significance of autonomous vehicles (AVs) in Lyft’s future. He points out that the autonomous vehicle landscape is diverse, with players like Waymo succeeding with their own strategic approaches. Mobileye, known for driver assistance technology, continues to innovate, aiming to reach higher levels of autonomy.
Risher elaborates on Lyft’s agreement with Mobileye to enhance its vehicle readiness for autonomous operations. He also notes that funding and fleet management form essential components of this initiative, ensuring Lyft effectively utilizes both technology and vehicle assets to drive its growth.
Overall, Lyft’s focus on improving driver relations, forming valuable partnerships, and utilizing innovative technologies sets the groundwork for its future success and market competitiveness.
Marubeni Partners with Flexdrive to Expand Auto Leasing Market
The Japanese trading giant Marubeni, with a valuation of approximately $50 billion, is making strides in the auto leasing sector alongside Flexdrive. Their recent collaboration reflects a growing interest in autonomous vehicles (AVs), set to be a game-changer in the industry.
Engagement in the Auto Leasing Business
Marubeni has a long history as a diverse conglomerate. Recently, the company has focused on leasing, particularly auto leasing, in various countries. Their commitment to the AV sector indicates a forward-thinking approach towards investment opportunities.
Strategic Partnership Details
Flexdrive, a subsidiary known for managing a fleet of over 10,000 vehicles, aims to streamline operations through this partnership. Marubeni brings significant financial muscle, notably supported by Japan’s low interest rate of 0.5%. This financial backing is crucial for managing costs related to car ownership and operation.
The Importance of Fleet Management
Managing a fleet is a complex endeavor. It includes vehicle insurance, maintenance, cleaning, and charging. Flexdrive excels in these areas, ensuring smooth operations and high service levels. Efficient fleet management is essential for maintaining customer satisfaction in the ride-hailing sector.
Future Expansion Plans
The partnership will initially roll out in Dallas with around 1,000 vehicles. Both companies aim to expand into additional markets, fostering a long-term relationship rather than a brief engagement.
Enhancing Customer Service
Flexdrive is not only working on vehicle management but also on customer service improvements, including reduced estimated time of arrival (ETA) for rides. Over the past year, Flexdrive has managed to speed up pick-up times, making the service more efficient and reliable.
Market Share and Competitive Edge
With a smaller market share compared to competitors, Flexdrive’s recent gains in service speed demonstrate its potential to compete robustly in the ride-hailing market. Strategies implemented to enhance driver reliability have notably decreased cancellations over the last two years.
Innovations with Price Lock
Flexdrive launched the Price Lock product recently, which has proven popular among customers. This service provides predictable pricing for rides, mitigating the traditional issue of fluctuating fares. With 1.6 million rides already booked, the feature has extended its availability to 24/7 service.
Outlook on Advertising Revenue
In 2024, Flexdrive projects its media business to reach around $50 million in gross bookings, with expectations of doubling this figure to approximately $100 million by 2025. This growth depicts a strategic push into advertising as a key revenue source.
Flexdrive’s partnership with Marubeni not only taps into the auto leasing market but also positions the companies favorably in the evolving landscape of vehicle services and autonomous travel.
Lyft Expands Features to Support Night Shift Workers Amid Growing Market Competition
Lyft’s latest feature rollout promises to enhance options for riders, particularly night shift workers. Over the next few weeks, the company will begin to implement changes that aim to offer more convenient rides during unconventional hours.
This initiative is important as many people, particularly those in healthcare, rely on rides at times not typically associated with work hours. Lyft estimates that the 1.6 million rides generated from this feature represent largely incremental usage, meaning these are new rides that would not have occurred without this enhancement. The company is committed to creating options for riders that suit various lifestyles, including the ability for users to pause services during vacations.
Shweta Khajuria — Analyst
Thank you for the details, David. Thanks, Erin.
David Risher — Chief Executive Officer
Sure.
Operator
Your next question comes from Stephen Ju of UBS. Please proceed.
Stephen Ju — UBS — Analyst
Thanks. David, reflecting on your tenure as CEO, you’ve previously expressed the hope that Lyft can differentiate itself from competitors like Uber. What steps are being taken to move away from the perception that ridesharing is simply a toss-up between Lyft and Uber? It seems the goal is to cultivate stronger preferences over time.
David Risher — Chief Executive Officer
Great question, thanks. I appreciate that. Your observation is spot on. Initially, we concentrated on fundamental aspects like setting competitive pricing and ensuring proper payments. Now that we’ve established that, we’re able to innovate further.
One of the challenges we’re facing is consumer inertia—people often stick to their previous habits. Educating them about Lyft’s unique advantages, such as specialized services for women riders, is critical. We understand that building awareness is an ongoing process, and although we are pleased with current progress, much work remains.
When I drive for Lyft, I frequently ask riders why they chose our service. Many express a preference based on better treatment of drivers and overall experience. However, we need to amplify this messaging so that potential riders recognize the distinct benefits of choosing Lyft.
Stephen Ju — UBS — Analyst
Thank you.
Operator
Your next question comes from Michael Morton of MoffettNathanson. Please go ahead.
Michael Morton — Analyst
Good evening, and thanks for taking my question. Erin, can you elaborate on the recent positive trends in the cost of revenue compared to your expectations?
Also, could you share insights on the reduction in General and Administrative (G&A) expenses from quarter to quarter? Thank you.
Erin Brewer — Chief Financial Officer
Thanks, Michael. Regarding the cost of revenue, we provided specific guidance on that with our recent insurance agreement renewals for Q3 to Q4. The results exceeded expectations. Generally, shorter trip distances played a significant role in the overall cost of revenue.
As for G&A, it’s important to note that this line can be variable. Factors like tax and legal accruals and insurance costs contribute to fluctuations. Since less than half of G&A is fixed, changes can occur from time to time without any major specific event driving them.
Michael Morton — Analyst
Thank you.
Operator
Your next question comes from Rohit Kulkarni of ROTH Capital. Please proceed.
Rohit Kulkarni — ROTH Capital — Analyst
Thank you. Looking at the broader picture, with trends for ’24 and the first half of ’25, how do you assess the outlook regarding your expected 15% booking growth over the next three years? Additionally, how does your current market share compare to levels before the pandemic, particularly in 2019?
David Risher — Chief Executive Officer
I appreciate the question. Erin and I will share insights regarding these points. As we focus on maintaining our trajectory up to 2027, I am confident in our goals.
However, there may be some unease regarding recent booking patterns. It’s essential to understand that pricing fluctuations directly influence ride volumes. As prices rise, rides tend to decrease, and vice versa. This dynamic is crucial as we continue to navigate the market.
Lyft Leaders Confident Amid Market Shifts: Focus on Growth and Margins
Understanding Market Dynamics
In the current marketplace, fluctuations are expected, yet leadership remains optimistic. The demand for rideshare services is strong, and company fundamentals appear robust. “We are built for these changes,” commented David Risher, CEO of Lyft, emphasizing that the company’s focus is on long-term stability.
Revenue Streams and Promising Growth
Lyft’s financial outlook includes several key components. Risher discussed their venture into higher-margin products, which customers appreciate, including a media business projected to reach a $100 million run rate by year-end. Moreover, Lyft’s healthcare segment, particularly in non-emergency medical transportation, has demonstrated impressive growth at 40% year over year. Together, these facets provide confidence in both revenue and profitability moving forward.
Strategic Long-Term Planning
Erin Brewer, CFO, stated that Lyft’s long-term plan emphasizes growth in the rideshare market. A stable pricing environment over several years is a reasonable expectation. The company remains committed to enhancing the rideshare platform, aiming to grow the active user base and ride frequency. “We’ve built the muscle needed to navigate the upcoming years,” Brewer added.
Current Performance Metrics
As Risher pointed out, their current rides are up significantly. “Last week, we observed an 18% increase year over year,” he noted, underlining that such growth signifies progress, regardless of how competitors are performing. This marks the highest market share seen since Risher joined, reflecting a potential rebound since the pandemic.
Pricing Decisions and Market Share
Analyst Nikhil Devnani raised questions about Lyft’s pricing strategies for Q1. Risher responded by clarifying that the company approaches decisions with flexibility, considering current driver supply. “While maintaining a balance between market share and profitability is essential, our aim is to provide excellent service and maximize ride volume,” he stated.
Long-Term Health of the Marketplace
Brewer reiterated that Lyft’s strategy is designed for sustainable growth. Maintaining the balance of the marketplace is vital for long-term success. She mentioned that Lyft will continue to competitive pricing while being mindful of real-time market conditions to optimize service. The company is targeting a 40% growth in margins year over year for Q1, aligning with its goals of expansion and profitability.
Conclusion
With no further questions remaining, the leadership team underscored their commitment to navigating the dynamic rideshare landscape. Lyft is focused on solidifying its market position while continuing to innovate and expand its offerings in the evolving transportation sector.
Summary of Closing Remarks by CEO David Risher
David Risher, CEO of Lyft, wrapped up the earnings call with an optimistic outlook for 2024. He emphasized the company’s robust position and excitement about future growth opportunities.
David Risher — Chief Executive Officer
Absolutely. Thank you all for joining us today. It’s clear that 2024 is shaping up to be an exceptional year for Lyft.
Because of our achievements, we find ourselves in a stronger position than ever before. Our team is thrilled about what the future holds, and I hope you share that excitement with us. Each day, we remain committed to connecting millions of drivers and riders smoothly. Thanks again for riding alongside us, and we look forward to our next conversation.
Thank you.
Operator
[Operator signoff]
Duration: 0 minutes
Call Participants:
Aurelien Nolf — Vice President, Financial Planning and Analysis and Investor Relations
David Risher — Chief Executive Officer
Erin Brewer — Chief Financial Officer
Brian Smilek — Analyst
Bryan Smilek — Analyst
Michael McGovern — Analyst
Eric Sheridan — Analyst
Benjamin Black — Analyst
Shweta Khajuria — Analyst
Stephen Ju — UBS — Analyst
Michael Morton — Analyst
Rohit Kulkarni — ROTH Capital — Analyst
Nikhil Devnani — Analyst
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