Company Performance - Lyft reported quarterly earnings of $0.19 per share, missing the Zacks Consensus Estimate of $0.20 per share, but showing an increase from $0.15 per share a year ago, representing an earnings surprise of -5% [1] - The company posted revenues of $1.45 billion for the quarter ended March 2025, missing the Zacks Consensus Estimate by 0.96%, and up from $1.28 billion year-over-year [2] - Over the last four quarters, Lyft has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Outlook - The immediate price movement of Lyft's stock will depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - Lyft shares have declined approximately 2.4% since the beginning of the year, compared to a decline of 4.3% for the S&P 500 [3] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $0.26 on revenues of $1.62 billion, and for the current fiscal year, it is $1.02 on revenues of $6.51 billion [7] - The estimate revisions trend for Lyft is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Internet - Services industry, to which Lyft belongs, is currently in the bottom 40% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that investors should monitor these revisions closely [5]

Financial Data and Key Metrics Changes - Q1 2025 was Lyft's strongest Q1 ever, with records in gross bookings, adjusted EBITDA, and free cash flow [7][9] - Lyft achieved nearly $1 billion in cash generation over the last twelve months, indicating a strong growth with discipline [8] - The share repurchase program was increased to $750 million while still allowing for investments in growth initiatives [9] Business Line Data and Key Metrics Changes - Lyft experienced year-on-year growth across regions, modes, and use cases, resulting in record active riders, rides, and driver hours [7] - The pricing environment showed average prices in Q1 were lower than in Q4 but up modestly year-over-year [14][15] - The introduction of the Price Lock membership has seen a 21% increase compared to Q4, with retention rates rising to about 75% [82] Market Data and Key Metrics Changes - Lyft's Canadian market grew by 55% in Q1 2025, with plans to expand into Quebec [115] - Underpenetrated markets in the U.S. also showed strong growth, with cities like Indianapolis and Charlotte growing over 30% year-on-year in Q1 [116] Company Strategy and Development Direction - Lyft is focusing on expanding its demographic reach and international presence, particularly through the FreeNow acquisition [9][30] - The company is innovating in the autonomous vehicle (AV) space, partnering with May Mobility to launch AV services in Atlanta [34] - Lyft aims to enhance its marketplace by integrating AVs, which could broaden its service offerings and improve supply-demand dynamics [35][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Lyft's positioning for 2025 and beyond, emphasizing a customer-obsessed strategy and operational excellence [9][10] - The management acknowledged the challenges in the pricing environment but maintained a focus on reliability and competitiveness [14][15] - Future growth is expected to be driven by innovations in pricing strategies and the introduction of new features like Price Lock [82] Other Important Information - The FreeNow acquisition is expected to double Lyft's addressable market and align with its strategic growth initiatives [74] - Lyft's media strategy is on track to reach a $100 million run rate by the end of the year, with strong performance metrics reported [103] Q&A Session Summary Question: Pricing environment and insurance updates - Management noted that average prices in Q1 were lower than in Q4 but showed modest year-over-year increases, with ongoing innovations in insurance programs [12][16] Question: Affordability initiatives and international expansion - Management discussed the importance of pricing strategies and highlighted the growth in Canada, indicating a focus on expanding into new markets [24][30] Question: AV partnerships and market dynamics - Management emphasized the potential of AVs to expand market opportunities and the importance of partnerships in monetizing AV assets [34][40] Question: FreeNow acquisition and taxi initiatives - Management explained that FreeNow is a taxi-first marketplace and discussed the potential for growth in the U.S. through taxi initiatives [67][74] Question: Consumer behavior and spending patterns - Management observed that as pricing increases subside, there may be changes in consumer behavior leading to increased spending on rideshare services [63][78] Question: Q2 guidance and growth drivers - Management provided insights into expected growth in rides and gross bookings, emphasizing the strength of the commute segment as a major driver [124][125]

Financial Data and Key Metrics Changes - Q1 2025 was Lyft's strongest Q1 ever, with records in gross bookings, adjusted EBITDA, and free cash flow [6][7] - Lyft achieved nearly $1 billion in cash generation over the last twelve months, indicating a strong growth with discipline [7] - The company increased its share repurchase program to $750 million while still investing in growth initiatives [7] Business Line Data and Key Metrics Changes - Lyft reported year-on-year growth across regions, modes, and use cases, resulting in record active riders, rides, and driver hours [6] - The company highlighted strong growth in its commute segment, which is now the largest use case, accounting for about one-third of rides [75] Market Data and Key Metrics Changes - Lyft's Canadian market grew rides by 55% in Q1 2025, with plans to expand into Quebec [110] - The company noted that gross bookings per ride in Canada are lower than the average in the U.S., impacting overall gross bookings [110] Company Strategy and Development Direction - Lyft is focusing on expanding its presence in Europe through the acquisition of FreeNow and targeting new demographics with LiftSilver [7] - The company aims to enhance its operational excellence and customer obsession to drive growth in underrepresented markets [110] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in being well-positioned for 2025 and beyond, emphasizing the importance of customer obsession and operational excellence [7] - The management acknowledged the challenges in the pricing environment, noting that average prices in Q1 were lower than in the previous quarter but up modestly year-over-year [12][13] Other Important Information - Lyft's pricing strategy remains competitive and reliable, with ongoing innovations to improve the rider experience [12][13] - The company is actively working on insurance programs to enhance safety and reliability for drivers and riders [14][15] Q&A Session Summary Question: Pricing environment and insurance impact - Management noted that average prices in Q1 were lower than in Q4 but showed modest year-over-year increases, with a focus on maintaining competitive pricing [12][13] - On insurance, the company is innovating to enhance safety and has a strong risk management team in place [14][15] Question: Affordability initiatives and international ambitions - Management highlighted the importance of affordability and the success of features like "wait and save," which has increased ridership [71][72] - The company is focusing on growth in Canada and Europe, with plans for further international expansion contingent on the success of the FreeNow acquisition [26][27] Question: AV partnerships and market dynamics - Management expressed excitement about partnerships in the AV space, emphasizing the potential for new supply and market expansion [31][32] - They noted that the dynamics of AV pricing and service levels vary by market, making it difficult to predict long-term impacts [45][46] Question: FreeNow acquisition and taxi initiatives - The acquisition of FreeNow is expected to double Lyft's addressable market and enhance growth opportunities [70] - Management indicated that the taxi initiative in the U.S. is important for diversifying supply but did not speculate on its immediate impact on growth [90][91] Question: Consumer behavior and spending - Management observed that as pricing increases subside, consumers may be more willing to spend on rides, particularly with the introduction of features that enhance predictability [73][74] - They noted that the commute segment continues to show strong growth, contributing to overall ride increases [118]

Q1 2025 Performance Highlights - Lyft achieved a Q1 record of 2184 million rides, a 16% year-over-year increase[8, 25] - The company reached a Q1 record of 242 million active riders, representing an 11% year-over-year growth[8, 28] - Gross bookings hit a Q1 record of $42 billion, up 13% year-over-year[8, 22] - Adjusted EBITDA reached a Q1 record of $106 million, with a 26% margin of gross bookings[8, 31] Strategic Initiatives - Lyft is introducing Earnings Assistant for drivers, an AI-powered tool to maximize their time on the road[12, 14] - The company is launching Lyft Silver, a new service designed for older adults, targeting a demographic where only approximately 5% of Lyft riders are currently 65 years or older[15, 18] - Lyft's trailing twelve months free cash flow reached $920 million[34] Guidance - For Q2 2025, Lyft projects gross bookings between $441 billion and $457 billion, indicating a 10% to 14% year-over-year increase[36] - The company anticipates an adjusted EBITDA between $115 million and $130 million for Q2 2025[36] - Lyft expects an adjusted EBITDA margin of approximately 26% to 28% of gross bookings for Q2 2025[36] - Lyft increased the authorization of its share repurchase program to $750 million, planning to deploy $500 million within the next twelve months[36]

Core Insights - Lyft's shares increased by 5% following the announcement of a $750 million share buyback plan in its first quarter earnings report, with shares peaking at a 10% rise post-earnings [1][2] Financial Performance - Revenues for Lyft grew by 14% year-over-year, reaching $1.45 billion, although this was slightly below the $1.47 billion estimate from LSEG [4] - The company reported a net income of $2.57 million, equating to 1 cent per share, a significant improvement from a net loss of $31.54 million, or 8 cents per share, in the previous year [1][4] Operational Metrics - The number of rides increased by 16% during the period, totaling 218.4 million rides, while active riders grew by 11% to 24.2 million [2] - Gross bookings surged by 13% to $4.16 billion, slightly exceeding the $4.15 billion estimate from StreetAccount, marking the 16th consecutive period of double-digit year-over-year gross booking growth [2] Strategic Initiatives - CEO David Risher highlighted the company's expansion into new demographics through Lyft Silver and plans for a FREENOW acquisition in Europe, aiming for sustained market-leading performance [2]

Exhibit 99.1 Lyft Reports Strong Q1 2025 Financial Results Strongest start to the year ever with record Q1 Gross Bookings and Active Riders growth accelerating Cash flow generation approaching $1 billion for the trailing twelve months Increasing share repurchase program to $750 million SAN FRANCISCO, CA, May 8, 2025 - Lyft, Inc. (Nasdaq:LYFT) today announced strong financial results for the first quarter ended March 31, 2025. "Q1 marked Lyft's 16th consecutive quarter of double-digit year on year Gross Book ...

Core Viewpoint - Kodiak Robotics is preparing to become a publicly-listed company through a business combination with Ares Acquisition Corporation II, enhancing its board with experienced members to support this transition [1][3]. Company Overview - Kodiak Robotics, founded in 2018, specializes in AI-powered autonomous vehicle technology, particularly for commercial trucking and public sector applications [4]. - The company has been delivering freight using its autonomous technology across the southern United States and was the first to publicly announce the delivery of a driverless semi-truck to a customer in 2024 [4]. Board Appointments - Ken Goldman and Kristin Sverchek have been appointed to Kodiak's board of directors, bringing extensive experience in public company financial and technology leadership [1][3]. - Goldman has over four decades of experience, having served as CFO for notable companies like Yahoo! and Fortinet, and has helped multiple companies go public [5]. - Sverchek, former President of Lyft, played a key role in guiding Lyft through its IPO and has significant expertise in corporate governance and technology-enabled transportation [5]. Business Combination Details - Kodiak announced a definitive business combination agreement with Ares Acquisition Corporation II, expected to close in the second half of 2025, pending approvals [3]. - Upon completion, the combined entity will be named Kodiak AI, Inc., with its common stock and public warrants anticipated to be listed on a national stock exchange under the ticker symbols KDK and KDK WS [3].

Mergers and Acquisitions - OpenAI plans to acquire Windsurf for approximately $3 billion, marking its largest acquisition to date aimed at enhancing its technological capabilities in the AI sector [2] - Intel is selling 51% of its stake in Altera to Silver Lake for an estimated valuation of $8.75 billion, as part of its strategy to improve its balance sheet [3] - Harman International is acquiring Masimo's audio business for $350 million, with the deal expected to close by the end of the year [4] - Infosys has reached a final agreement to acquire The Missing Link, an Australian cybersecurity firm, to strengthen its cybersecurity capabilities [5] - DoorDash is set to acquire UK-based food delivery company Deliveroo for approximately $3.9 billion, expanding its international footprint [6] - Uber plans to acquire 85% of Turkish food delivery platform Trendyol GO for about $700 million, pending regulatory approval [7] - Lyft is acquiring European ride-hailing app FreeNow for approximately €175 million ($197 million), with the deal expected to close in the second half of 2025 [8] - Hugging Face is entering the robotics field by acquiring Pollen Robotics, although the financial terms of the deal were not disclosed [9] - WPP is acquiring data collaboration platform InfoSum to enhance its AI-driven data services [10] - CleverTap is acquiring rehool.ai to strengthen its customer retention services [11] - Focus Media plans to acquire New潮传媒 for an estimated valuation of 8.3 billion yuan [13] - China Mobile intends to acquire approximately 15.46% of Hong Kong Broadband for about HKD 1.2 billion [14] - IBM has completed the acquisition of Hakkoda to expand its data transformation services [15] - FuboTV is under investigation by the U.S. Department of Justice regarding its acquisition by Disney, focusing on potential market concentration issues [19] - Universal Music's acquisition of Downtown Music is facing an EU investigation due to potential competitive impacts [20] - Onsemi has withdrawn its acquisition offer for Allegro Microsystems, citing reluctance from Allegro's board [21]

Core Insights - Uber and Lyft are set to report their first-quarter 2025 earnings, with Lyft generating nearly all its revenue from ridesharing and holding about 25% of the U.S. market, while Uber dominates with approximately 75% market share [1][9] Earnings Expectations - Analysts predict Lyft will report flat EPS with gross bookings growth between 10-14%, while Uber is expected to report earnings of $0.51 per share, recovering from a loss last quarter, with gross bookings growth between 17-21% [2] Market Reactions - The options market indicates an expected post-earnings move of ±7.8% for Uber and ±15.6% for Lyft, reflecting traders' anticipation of volatility [3] Competitive Landscape - Uber has shown significant price performance, with shares up 43% year-to-date, compared to Lyft's 0.5% gain, highlighting Uber's relative strength in the market [4] - Uber's diverse business model, including its successful Uber Eats delivery service, contrasts with Lyft's more singular focus on ridesharing [5] - Uber has established partnerships for autonomous ride-sharing with companies like Nvidia and Volkswagen, positioning itself strongly in the robotaxi sector [6] Robotaxi Developments - The growth of robotaxi services, exemplified by Waymo's 250,000 paid rides per week, raises questions about Uber and Lyft's adaptation to this trend [10][11] - Lyft has made some moves in the robotaxi space, including a partnership with Mobileye, but is perceived to be lagging behind Uber in this area [11] Profitability and Growth - Both companies have reached profitability in 2023 after years of losses, indicating a significant shift in their financial health [12] - Historically, Lyft and Uber have exceeded Wall Street expectations, with Lyft beating estimates for eight consecutive quarters and achieving an average surprise of 42.11% over the past four quarters [14] Technical Analysis - Uber's stock has shown strong relative price strength and is emerging from a bullish pattern, while Lyft's stock is approaching a pivotal technical zone, indicating potential for change depending on upcoming earnings [16][18] Conclusion - As Uber and Lyft prepare to release their earnings, key areas of focus will include future growth prospects, robotaxi strategies, and overall performance in the evolving ride-sharing industry, with Uber currently positioned as the market leader [20]

Company Performance - Lyft's stock closed at $12.40, reflecting a -1.12% change from the previous day's closing price, underperforming the S&P 500's gain of 0.15% [1] - Over the past month, Lyft's stock has increased by 2.53%, outperforming the Computer and Technology sector's gain of 1.15% and the S&P 500's loss of 0.21% [1] Upcoming Earnings - Lyft is set to release its earnings report on May 8, 2025, with analysts expecting earnings of $0.20 per share, representing a year-over-year growth of 33.33% [2] - The consensus estimate for revenue is $1.46 billion, indicating a 14.65% increase from the same quarter last year [2] Fiscal Year Estimates - For the entire fiscal year, Zacks Consensus Estimates predict earnings of $1.02 per share and revenue of $6.51 billion, reflecting changes of +7.37% and +12.57% respectively from the previous year [3] - Recent changes to analyst estimates for Lyft are important as they reflect near-term business trends, with positive revisions indicating analysts' confidence in the company's performance [3] Valuation Metrics - Lyft is currently trading at a Forward P/E ratio of 12.25, which is lower than the industry average Forward P/E of 18.51 [6] - The PEG ratio for Lyft is 0.58, compared to the average PEG ratio of 1.33 for the Internet - Services industry [6] Industry Context - The Internet - Services industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 168, placing it in the bottom 33% of over 250 industries [7] - The Zacks Industry Rank assesses the strength of industry groups, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [7]