Lyft (NASDAQ:LYFT) Q4 2023 Q4 2023 Earnings Conference Call February 13, 2024 4:30 PM ET
Company Participants
Sonya Banerjee - Head of Investor Relations
David Risher - Chief Executive Officer and Director
Erin Brewer - Chief Financial Officer
Conference Call Participants
Mark Mahaney - Evercore ISI
Nikhil Devnani - Bernstein
John Blackledge - TD Cowen Research
Alec Brondolo - Wells Fargo
Deepak Mathivanan - Wolfe Research
Benjamin Black - Deutsche Bank
Michael Morton - MoffettNathanson
Steven Choi - UBS
Yusuf Squali - Truist Securities
Operator
Good afternoon, and welcome to the Lyft Fourth Quarter and Full Year 2023 Earnings Call. At this time, all participants are in listen mode only 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'd now like to turn the conference over to Sonya Banerjee, Head of Investor Relations. Sonya, you may begin.
Sonya Banerjee
Thank you. Welcome to the Lyft earnings call for the fourth quarter and full year 2023. On the call today, we have our CEO, David Risher; and our CFO, Erin Brewer. In addition, 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 will 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.
And with that, I'll pass the call to David. David?
David Risher
Thanks Sonya. And good afternoon, everyone. Thank you for joining us. I am really proud of what Lyft accomplished in 2023. We supported more than 700 million rides and gross bookings reached an all-time high. Ride growth accelerated every quarter, ending the year up 26% in Q4 versus last year. More than 1 million drivers collectively earned over $8 billion using Lyft. We also had the highest annual ridership in our company's history, and ride frequency growth was the strongest it's been since 2018 prior to our IPO. Our team came together with a vision for how customer obsession can drive profitable growth. We set clear goals, and then we achieved them. So we're entering the year with a lot of momentum. We're competing and executing really well, and we're giving drivers and riders great reasons to choose Lyft every day.