Lyft, Inc. (NASDAQ:LYFT) Q2 2024 Results Conference Call August 7, 2024 8:15 AM ET

Company Participants

Aurelien NOLF - VP, FP&A and Investor Relations
David Risher - Chief Executive Officer
Erin Brewer - Chief Financial Officer

Conference Call Participants

Doug Anmuth - JPMorgan
Ken Gawrelski - Wells Fargo
Michael McGovern - Bank of America
Brian Nowak - Morgan Stanley
Brad Erickson - RBC Capital Markets
Eric Sheridan - Goldman Sachs
Stephen Ju - UBS
John Colantuoni - Jefferies
Nikhil Devnani - Bernstein
Bernie McTernan - Needham & Company

Operator

Good morning, and welcome to the Lyft Second Quarter 2024 Earnings Call. [Operator Instructions]. As a reminder, this conference call is being recorded.

I would now like to turn the conference over to Aurelien NOLF, VP, FP&A and Investor Relations. You may begin.

Aurelien NOLF

Thank you. Welcome to the Lyft earnings call for the second quarter of 2024. On the call today, we have our CEO, David Risher; and our CFO, Erin Brewer. 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.

Additionally, today, we are going to discuss customers. For rideshare, there are two customers in every call. The driver is Lyft customer and the rider is the driver's customer. We care about both. Our discussion today will also 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.

David Risher

Thank you, Aurelien. Good morning, everyone, and let's jump right into it. Lyft's strong results in the second quarter continue to validate our long-term strategy. Customer obsession drives profitable growth. To start, in Q2, Lyft reached GAAP profitability for the first time in our company's history. This is a testament to our team members and their hard work every day, obsessing over our riders and drivers and operating with discipline and excellence. It's an important milestone and another step along the path we laid out to you earlier this year. Erin will share our financial results in more detail shortly.