LYFT Nasdaq Investor 2025

All right. Good morning, everyone. Welcome to our next fireside chat this time with Erin Brewer, the CFO of Lyft. Good to see you.

Good to see you. Thank you for having us.

Thanks for joining us. Let's do the disclosures first to get that out of the way. Please note that all important disclosures, including personal holdings disclosures and Morgan Stanley disclosures appear on the Morgan Stanley public website at www.morganstanley.com/researchdisclosures. They are also available at the registration desk.

Some of the statements made today by Lyft may be considered forward- looking. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Any forward-looking statements made today by the company are based on assumptions as of today, and Lyft undertakes no obligation to update them. Please refer to Lyft's Form 10-K for a discussion of the risk factors that may impact actual results.

That's a good way to kind of get everything through. We're very compliant.

Okay. So there is a lot going on in the rideshare industry, Lyft specifically, the autonomous debate. So I'm really happy to have you here today. Maybe let's start with the strength in North America.

I think one of the parts that has surprised a lot of investors throughout this year has been the way in which you've seen acceleration in the core business. The oldest business has accelerated over the course of the year pretty healthy. Can you sort of walk us through some of the drivers of that acceleration in North America throughout 2025?

Yes. So look, I'll start out by saying 2025 by all measures, I think, in the company's history has just been record breaking. And really, the foundation of that is, of course, our marketplace and the efficiencies that we drive there, that's enabled us to drive quarter after quarter of record growth in active riders, record growth in driver hours, record rides. So it's just been a strong year across the board.

Then you've got the strength of our partnership portfolio and in particular, just about a year ago, we launched Door Dash. So it's in its real first cycle. That's been an extremely strong contributor overall and very excited about that. We still have a lot of runway ahead of us as well.

So that's been fantastic. And then the financial health of the company overall