2024-05-07 20:55:17 ET
Lyft, Inc. (LYFT)
Q1 2024 Earnings Conference Call
May 7, 2024 5:00 PM ET
Company Participants
Sonya Banerjee - Head of Investor Relations
David Risher - Chief Executive Officer
Erin Brewer - Chief Financial Officer
Kristin Sverchek - President
Conference Call Participants
Nikhil Devnani - Bernstein
Eric Sheridan - Goldman Sachs
Mark Mahaney - Evercore
John Blackledge with - TD Cowen
Ken Gawrelski - Wells Fargo
Michael Morton - MoffettNathanson
Doug Anmuth - JPMorgan
Benjamin Black - Deutsche Bank
Steven Choi - UBS
John Colantuoni - Jefferies
Presentation
Operator
Good afternoon, and welcome to the Lyft First Quarter 2024 Earnings Call. At this time, all participants are in listen-only mode to prevent any background noise. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, this conference call is being recorded.
I would now like to turn the conference over to Sonya Banerjee, Head of Investor Relations. You may begin.
Sonya Banerjee
Thank you. Welcome to the Lyft earnings call for the first quarter of 2024. On the call today, we have our CEO, David Risher; and our CFO, Erin Brewer. Our President, Kristin Sverchek, is here for the Q&A session.
We'll make forward-looking statements on today's call relating to our business strategy and performance, future financial results 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 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. Our discussion today will also include non-GAAP financial measures, which are not a substitute for our 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. Additionally, today we're going to discuss customers. For Rideshare, there are two customers in every car. The driver is Lyft's customer and the rider is the driver's customer. We care about both.
And with that, I'll pass the call to David.
David Risher
Thank you, Sonya. And good afternoon, everyone. Thank you for joining us. We had a great start to 2024 with very strong first-quarter results. Rides in gross bookings both grew by more than 20% year-over-year and we delivered another quarter of positive free cash flow. We are on-track to deliver full-year goals with a higher-level of free cash flow than we initially shared. We're executing well and we're demonstrating that customer obsession drives profitable growth....
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Lyft, Inc. (LYFT) Q1 2024 Earnings Call Transcript