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Good afternoon, and welcome to Lyft Third Quarter 2025 Earnings Call. As a reminder, this conference call is being recorded. I'm Aurelien Nolf, VP, FP&A and Investor Relations. On the call today, we have our CEO, David Risher; and our CFO, Erin Brewer. As a reminder, our full prepared remarks are available on the IR website, and we will use this time to answer your questions. We will make forward-looking statements on today's call relating to our business strategy and performance, partnerships, future financial and operating results, trends in our marketplace 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 in 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 2 customers in every car. The driver is a Lyft customer and the rider is the driver 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 will pass the call on to David.
Thank you, Aurelien. Wow, Q3 was another record quarter across driver hours, Active Riders and gross bookings. Adjusted EBITDA grew 29% year-over-year, and our free cash flow generation for the trailing 12 months was over $1 billion for the first time in Lyft's history. As you saw this morning, our partnership with United Airlines is now live. You can now link your accounts to earn miles on all eligible rides you take anywhere, not just to the airport. And even better, rides taken through your company business profile earn even more. Now that's big stuff. Don't worry. I'm going to give all of you about 20 seconds right now to link your account. I'm not kidding. I want you to be opening up your Lyft app. Go to that profile on the lower right-hand side, click that profile button, look for rewards, manage rewards, add United MileagePlus. Every single one of you. That's going to be your ticket to asking a question today.
So that gives you a couple of seconds to get that done. Okay. Additionally, we focused on continuing to create AV partnerships that are differentiated and purposeful, with each bringing unique learnings and dynamics to Lyft. We further built upon our AV framework this quarter with the announcements of Waymo as well as Tensor powered by NVIDIA, and we're demonstrating how we're positioning ourselves across the entire AV value chain. Looking ahead to 2026, we are well positioned with multiple growth catalysts converging to accelerate our momentum. I am very excited for this comeback story. And with that, let's get to your questions.
Great. Thank you, David. We will now open the call to questions. I think our first question is coming from Doug Anmuth from JPMorgan.
分析師問答
David, maybe I'll just ask first about your very last comment there, just about the multiple converging catalysts in 2026 and what makes you so excited there. And then if you could also just comment on insurance. You had talked about the savings from SB 371. I'm just curious if that is still the plan to kind of benefit from all of those savings or if there's some component that gets reinvested into the business?
Sure. Doug, two great questions. I'm going to speak very briefly here, and then Erin is going to take both of those. But I'll say very briefly on the catalyst side. I've been in this job 2.5 years now. And oh man, we have more opportunity ahead of us than we've had since the first day. And again, we'll talk about each of the different pieces there in just a couple of seconds, but I can give you some very live data since I was just in our weekly business review. We were just looking at what happened last week. Last week was Halloween, of course, and Halloween was not only our biggest day, it was actually our biggest hour by hour. We've never had as many rides, never been able to fulfill as many rides as we have. It's our biggest day. It was our biggest week and not by a little bit. Just extraordinary momentum going on here that's allowing us to continue to grow. And I should say, just to sort of state the obvious there, that's just in the United States. That's not even the FREENOW and Europe opportunity and the TBR opportunity. So we're coming into the quarter operationally so strong, so customer-focused and with so many opportunities next year, it's really a pretty extraordinary time. So I'll turn it over to Erin to talk both about the catalyst and then the insurance question.
Yes. Great. Thanks, Doug. I might go on a little longer than David because I'm kind of excited about this subject. But you see our Q3 results, Active Riders growth at 18% year-over-year, all-time high. Gross bookings up 16% year-over-year, another all-time high. Adjusted EBITDA, as David mentioned, up 29%, another all-time high. So that's our consolidated business, but take any of those metrics just for North America, same, all-time highs. So we've got a lot of momentum. Our guide for the fourth quarter is for rides to be up mid- to high teens, gross bookings up 17% to 20%. So we see accelerating growth into the fourth quarter. And as we sort of sat and reflected on where we'll end up for 2025, it was important for us to talk about how we see 2026. So it really starts with our marketplace being stronger than ever, right? We've got record levels of Active Riders, record driver hours, as David mentioned, record rides.
And so multiple catalysts coming together to keep driving this momentum forward. And I'll just mention a few. First, David led off with the United partnership. Doug, you were first, so maybe you connected your accounts first. That's great. Congratulations. But we're excited about that. We think that's going to be a great program. Obviously, great value for Lyft, great value with our partner, United. We will see full-year contributions from FREENOW, and we expect that business to grow year-over-year. We're also going to see a full-year impact from TBR Global Chauffeuring, the acquisition that we announced recently. That's only going to show up for a pretty small portion of Q4 in 2025. Underpenetrated markets remain a fantastic area for us. We had previously talked about those markets in the U.S. representing about 2/3 of that 161 billion personal vehicle trips annually that we see as our market opportunity.
And in Q3 alone, about 70% of our rides growth came out of those areas in North America, and we see strong continued catalysts for growth there. I'll get to California insurance reform in a moment, but that's another area that we think has great upside in terms of continuing to drive new demand on the platform as a result of that. And we've just got strength across our core platform. As you know, we've been driving many programs over a long period of time now to drive driver preference. We've got a great driver rewards program. That's going to underpin our platform health. We've got a fantastic business rewards program that we're continuing to promote and get out there. The acquisition of TBR is a natural catalyst. A lot of those people are business travelers. So yes, there's a lot to be excited about as we think about how we're ending 2025 and then what the setup is for 2026. So thank you for indulging me.
Hopefully, you could hear the excitement in my voice. As it relates to California, just to kind of bring everyone on the same page, some people talk about this as the California insurance reform. It's also formerly known as SB 371. The headline here is the passage of this bill, which is going to go into effect in 2026 is a true win-win-win. Riders win, drivers win. And the great thing is when both of those constituents win, so does Lyft. So what does it mean? Rideshare is going to become more accessible to riders with a reduction in insurance. It does away with outdated $1 million required coverage for uninsured-underinsured motorist requirements. It's been in place for a while. And it's 16 times higher than the typical auto coverage, where a vast majority of claims are settled for under $100,000. And over time, this has increased the cost of Lyft rides. In 2025 in California, riders have been paying an average of over $6 per ride just in insurance costs alone.
And then in certain areas like L.A., it's even higher. It's almost double that. It's just nuts. So this bill modernizes those regulations. We see passing along the vast majority of those savings to riders in the form of price reduction. That's going to stimulate demand. That's going to be great for drivers, more earnings opportunities and then great growth opportunities for Lyft overall.
Our next question comes from Eric Sheridan with Goldman Sachs.
David, I think there's a debate going on among investors right now in the sector on how to think about the engines of growth when measured against incremental margins in the sector beyond just the end of this year, but out over the next couple of years. Can you just hit refresh on your philosophical view on how to think about the balance between incentivizing growth, driving innovation, but also delivering on continued margin trajectory over the next couple of years?
Yes, it's great to hear from you. I think, when considering that perspective, it suggests that those who asked the question may have a limited view. It's a zero-sum mindset. To highlight the obvious, we're currently achieving 2.5 million rides a day, which is significant. When I first began this role, we reported 2 million rides a day. Now, it's grown to 2.5 million, and our profitability has increased substantially since then. Our service has improved as well. A noteworthy point is that we've been able to pick up riders faster this year compared to last year, despite the increase in the number of rides. This indicates that we've unlocked considerable service improvements without harming our financials; in fact, it’s the opposite. The reason behind this growth is that those 2.5 million rides equate to about 900 million annually, while our competitors handle around 1.5 billion rides a year, totaling roughly 2 billion rides annually, which is just a small part of the 161 billion rides available in North America.
Furthermore, with our recent acquisitions, our total addressable market has doubled. While I understand the conceptual trade-off being discussed, it seems to stem from a mindset of scarcity and a win-lose philosophy. There’s still plenty of room for innovation. For example, we recently launched Lyft Silver about six months ago, aimed at older Americans. We've seen a 50% increase in ridership for this program, now reaching over 1 million rides, and this is just the beginning. This isn’t a low-cost initiative and doesn’t dilute margins. Overall, I believe that our customer focus leads to profitable growth, which remains our guiding principle. Innovation is the key to scaling, and our product will continue to improve. I’m not overly concerned about having to buy growth; innovation offers a much better path to achieving that.
All right. Our next question is coming from Justin Post with Bank of America.
I'd like to ask a few questions about autonomous vehicles. First, congratulations on the Waymo deal. What are your thoughts on the economics of autonomous vehicles and how they might impact margins? Additionally, what insights do you have about the markets where Waymo is currently active?
Yes. It was Justin, right? I'll address the last part first. In markets where autonomous vehicles (AVs) are operating, rideshare is experiencing faster growth compared to markets without AVs. This indicates that the introduction of AVs expands the market, which is exciting for us. As an industry, we should be enthusiastic about AVs; they are a good product that users appreciate, alongside traditional driver-driven rideshare. Now, regarding the economics: any new initiative requires investment. For instance, in Nashville, where we're partnering with Waymo, we'll be establishing a depot. We invested significant time with the Waymo team to create a scalable arrangement that benefits all parties, including us, Waymo, and riders. This includes deploying a couple of hundred AVs over the next year in Nashville, with more to come. It's crucial to ensure these AVs are highly available; they need to be charged, clean, repaired, and properly maintained.
Our Flexdrive subsidiary has experience in this area, boasting a 90% availability rate, which is impressive in the industry. We aim to improve this further. The second aspect is utilization; the vehicle needs to have a rider to generate revenue. We've collaborated closely with Waymo to ensure that whether the ride is booked through Waymo or Lyft, we are maximizing utilization. It involves a technical, integrated supply management system that will require effort to implement, but once operational, we can scale effectively as both companies seek to grow in Nashville and beyond. The key components are high availability and utilization, as well as tightly integrated systems that harmonize the physical and digital aspects for a seamless rider experience, which drives growth. Now, regarding the economics, while some physical infrastructure investment is necessary, we are optimistic about the unit economics, and I'll hand it over to Erin to elaborate on that.
Yes, sure. A couple of things to think about here. David just sort of described what we call an integrated supply management partnership, right? So that's number one, on the fleet side, driving availability. And number two, as we think about the sort of integrated supply piece of it, it's about driving utilization, 2 critical things. The good thing is about this construct that we have going in with Waymo is that Lyft earns regardless of platform, right? So regardless of where the car is deployed, we're responsible for it being available. Obviously, when a ride is deployed on Lyft, then there's economics there. So that's the piece of the arrangement. David mentioned we're building a depot. We had previously disclosed we thought it would be about $10 million to $15 million investment. We signed the lease. Teams are raring to go. So we're excited about that for 2026.
And our next question is coming from John Blackledge with TD Cowen.
Great. Two questions. First, can you discuss the potential growth in the low-scale markets over the next couple of years? Secondly, I believe you may have just completed your annual insurance renewal. What should we anticipate regarding its impact on the cost of revenue?
Sure. I'll begin by addressing that, and then I'll let David share insights on what we're observing in those scale markets. We just finished our 10/1 renewals, and we're anticipating a mid-single-digit increase on a per ride basis, which is a very positive outcome and remains competitive. Our team is making significant progress in managing our insurance costs. We're focusing on technology and strategies that help reduce accidents and their frequency on our platform, which is a key priority. We've also been strengthening our relationships with our third-party insurance partners, leading to benefits such as improved data sharing and more efficient claims resolution. Regarding policy issues, as I mentioned earlier about California, we're actively pursuing what we believe are sensible reforms. I'm really proud of our team's efforts regarding the results of our 10/1 renewals. Now, I'll pass it over to David.
We can collaborate on this. It's been about 18 months since we began concentrating on underpenetrated markets. The reason for this shift, apart from diversification, is that we don't want to rely solely on major cities. Approximately two-thirds of the 161 billion rides in North America occur in these underpenetrated areas. In the third quarter, nearly 70% of our growth came from these markets, indicating their significance in the overall landscape. We're identifying great opportunities through effective market management in these regions. For instance, while the back-to-school season often makes one think of high schools, it's essential to consider college communities like Bloomington, East Lansing, and State College. We've implemented targeted programs in these areas, leading to outstanding results that surpass our growth in other regions. Additionally, I believe AI can play a beneficial role as we look to manage these markets more efficiently than we have previously. There’s significant potential here, and we anticipate much of our future growth will originate from these markets.
And our next question is coming from Michael Morton from MoffettNathanson.
This one is for David. David, with the FREENOW acquisition complete and then the TBR deal, your global vision for Lyft is starting to come into view, and you love to talk about 2 customers in the car. So what I would love to learn what is the opportunity that you see outside of the U.S. for where those 2 consumers are being underserved by the competition and how Lyft can offer a better product for both of those consumers? And then maybe a very quick one. For Erin, we've had a couple of questions on this so far. But the #1 question we got from investors this last 90 days and after the Waymo announcement was, how can Lyft deal be accretive when the other guys talk about that they're losing money on AVs? So I don't know if maybe you could talk a little bit about is the take rate different because it's a hybrid network or anything around there, I think, would be really helpful for some of the investors asking those questions.
Sure, Michael. If you don’t mind, I’d like to step back momentarily from your question and then return to it. You mentioned our acquisitions of FREENOW and TBR. What insights can we gain from these, especially regarding service and possibly underserved markets for both riders and drivers? Let’s first briefly discuss these acquisitions. FREENOW significantly enhances our position in the short term, setting us up to evolve into a more global entity. It effectively doubles our total addressable market and partners us with a leading player in the European taxi segment, which is crucial within the European transportation landscape. Additionally, it positions us well for future autonomous initiatives, as fleet management and relations with authorities will be vital. Regarding TBR, which is newer and hasn’t been publicly discussed yet due to the quiet period, it is a global chauffeur service that operates in approximately 3,000 cities worldwide, including major cities like Paris, London, and Hong Kong.
Its focus is on providing high-quality service primarily for executives during events such as non-deal roadshows, and it operates within a $54 billion market, which is distinct from the on-demand services like Lyft Black that cater to a different audience altogether. Considering these assets, the next question is how to utilize them effectively and apply our learnings from the U.S. on a global scale. Transitioning from a North American company to a global one is challenging, but we are committed to doing so. Successful companies operate with a global mindset, recognizing that the U.S. is not the center of the universe. They learn from global markets and incorporate those insights back in the U.S. and vice-versa. For instance, TBR offers unmatched service excellence and operates globally with its headquarters in Glasgow and a operations center of excellence in Dubai, which will enhance the overall service that Lyft can offer.
FREENOW has a long-standing reputation for high-quality service. As for opportunities, the ride-hailing experience in Europe has not been as robust as it could be, lacking in quality compared to the U.S., where I am also looking for improvements. While I don't want to reveal too much, I can say that Lyft plans to enhance the experience in Europe by introducing our marketplace strategies, such as priority pickup and wait and save features, as well as our commitment to driver satisfaction. Conversely, we will bring service excellence from TBR and FREENOW back to other markets. I hope this provides a clearer insight into our approach.
Sure. I’d like to add a few things and then return to your question about the Waymo deal. When considering FREENOW, keep in mind our expertise in generating value and volume through partnerships with our global partners. There is significant opportunity here. David just mentioned autonomous vehicles, which is another promising area. I previously mentioned TBR, and David highlighted that many of the rides there are business-related. We have been investing in our high-value offerings for some time and are beginning to see strong results. In Q3 alone, our high-value modes grew by 50% year-over-year, making TBR a valuable part of our overall strategy. Now, regarding your Waymo question, my focus is on driving availability and utilization. The availability aspect leverages Flexdrive, which is an area where we excel. We know how to ensure that a car remains available with high quality and uptime.
We are confident in our ability to add value to the partnership through this in-house expertise. The second aspect focuses on utilization. These two factors—high availability and high utilization—are essential. This integrated supply management partnership is structured to facilitate high utilization, whether the vehicle is used in Waymo One or dispatched through Lyft, ensuring maximum usage. This reflects our vision for a hybrid network over time. That’s the context I would like you to consider.
I want to emphasize what Erin mentioned and highlight that in the Flexdrive area, we are not only leading in availability, but as Erin stated, it is an asset we own. This means we do not incur costs by relying on others. While you can collaborate with different fleet management companies, that comes at a price. We have a strong competitive advantage with both our expertise and cost structure. Additionally, we believe we have developed a system that allows cars sourced from either Waymo or Lyft to be part of the same pool. This will be dynamically dispatched based on our algorithmic strategies, resulting in increased utilization, which will ultimately enhance the economic benefits for both parties.
Our next question is coming from Brad Erickson with RBC.
Two for me. So first, I think last quarter, Erin, you've given us some nice insight on how FREENOW might layer into the model, both on bookings and then on the margins. I see the 42,000 rides in the letter, but just curious if you can update us on anything there, what you wound up seeing in Q3 and then what you're embedding into the Q4 outlook? And then secondarily, when you're calling for the bookings acceleration next year, I guess, in both North America and globally, just curious if you're embedding anything additional partnerships-wise that you have in the pipeline or if that's just based on everything you've announced as of today?
Yes, I'll work my way backwards. The 2026 sort of building blocks that I articulated right out at the set, if you'll notice, it's just all of the things that you know about today, announced partnerships, announced acquisitions, et cetera. So that's what's embedded overall in that outlook. And then as it relates to FREENOW, I don't have a big update for you here for the back half of the year. We sort of talked about the incoming run rate. We expect FREENOW to accelerate in 2026. We're expecting about EUR 1 billion on the top line overall. So hopefully, that's helpful. We gave some additional guidance about the dynamics of how FREENOW flows into our P&L, talked about the impact on revenue margin, et cetera, but happy to go into any more detail, Brad, if you have anything else.
I was wondering if the gross margin effects you mentioned last quarter are turning out as anticipated. It seems they are.
Yes, they are. Yes.
Brad, I might add just because we're now talking about the international world outside of the U.S. Canada also turns out to be a nice growth driver for us. We've talked about the growth there in the past. I think we delivered about 11.5 million rides in the quarter there as well. So again, I know your question was about FREENOW, but just to sort of fill up the international story just a bit more.
Our next question is coming from Nikhil Devnani with Bernstein.
I would like to follow up on the Waymo partnership. How does the algorithm balance demand between your funnel and theirs? It seems likely that you'll have significantly more demand on the first day compared to them. What does that balance look like? Additionally, do you anticipate facilitating rides during peak times, or is their platform the preferred choice for ride requests? It would be helpful to understand this. Also, a follow-up for Erin regarding insurance: Following California, do you expect any developments in other major markets as you look ahead to 2026 and 2027?
Nikhil, I'll start with that and then turn it over to David. So as I mentioned when I talked about our 10/1 renewal, working toward common sense, what we view as common sense policy and insurance reform has long been a pillar. I think in the past, we've talked about changes to reform in Florida, changes in Georgia. So this is something that's not new. We will continue to work on it. Progress is difficult to predict. There's nothing inherently in any of the remarks that we've talked about for 2026 necessarily assumed. I mean these things are difficult overall to forecast. But I would say that we are certainly optimistic that as perhaps other states see how some of the reforms in California, we believe will lead to much better ride accessibility, better earnings opportunities for drivers that they'll think that's pretty interesting.
Well put. Nikhil, I won’t go into too much detail, but I want to help everyone understand the complexity you're referring to. Picture a future where there are numerous autonomous vehicles on the market, but they can't satisfy all ride requests. Imagine these ride requests coming from two platforms: Waymo and Lyft. This creates a complex scenario to manage, rather than just splitting the requests between the two companies, which could lead to inefficiencies. Your initial thought might be to establish basic rules for distribution, but the real world is much more dynamic and changes rapidly. There are peak and low times, and neither company wants to be left with excess demand. I could explain the details another time, but the key point is that fulfilling each ride request won’t be a simple task; it will require a nuanced approach. Our work will focus on finding the best way to fulfill each request considering various factors like estimated time of arrival and the time of day.
This partnership took time to establish, but both companies have ran models and are confident it will benefit both sides. Ultimately, it emphasizes the need for a hybrid network, as relying solely on autonomous vehicles to meet demand is challenging due to supply limitations. Drivers having their own vehicles adds flexibility, which could improve overall service. We believe that when combined, the benefits will be greater than the individual parts. We may share more details in the future, but that's the overarching vision.
All right. Our next question is coming from Ben Black with Deutsche Bank.
This is Kunal for Ben. A couple of follow-ups on the AV and the Waymo opportunity. One would be in terms of building out the service centers in each market. Is that something that you're going to do ahead of time like planning for the next few markets? Or is that going to be on a market-by-market basis based on partnerships that you have already entered into? And then second, what level of availability and utilization do you need to be breakeven or contribution profit neutral for the network to kind of pay off? So like in a 24-hour day, how many hours do you need the vehicle to be available? And how many hours of usage does it need to have?
So Kunal, I'll start there. And then maybe, David, do you want to talk about how we think about over a much longer period of time, how you scale AVs across a broader set of partners? Short answer here, Kunal, is I'm not going to go into the details, obviously. As we ramp up this partnership, as we gain experience together, we have a lot of optimism. Obviously, both the teams will have more to say down the road, but I'm going to stop it at that.
Yes. This will be an area where we need to be somewhat vague. Let me discuss utilization briefly and then broaden the perspective. You might think that keeping an autonomous vehicle used is straightforward because there aren't many of them and demand is high. However, that's not how riders perceive the situation. Riders consider if the vehicle is nearby enough for timely pickup. If it meets that criterion and the price is right, they'll choose it; otherwise, they won't. Our experience comes into play here. We've been operating in Nashville for a decade, giving us extensive data on when supply is needed and where demand will be, even at a very localized level. The factors involved include geography, historical data, weather, and special events. This expertise is something we can leverage, even in a new city for Waymo, though it’s not new to us. That’s a positive aspect. Moreover, we must ensure that the vehicle is available and that pricing is appropriate.
I won’t go into specific breakeven points, but we are encouraged by the economic outlook. We believe that over time, the unit economics will favor autonomous vehicles due to their relatively low variable costs, despite there being some expenses such as cloud, electricity, and maintenance. Additionally, insurance costs are likely to decrease. These are some of the variables we incorporate into our economic models. Overall, we are optimistic about the economics of autonomous vehicles and believe we've built a foundation that will be beneficial from the outset and will improve over time.
Great. So our next question is coming from Walt.
Can you hear me now? David, I just want to go back to the earlier question in terms of Nashville, and I think you said expand beyond Nashville. I think you meant maybe downtown Nashville, but can you just update us on how you see that relationship going over time if you execute with this kind of shared inventory that you have with Waymo that obviously is different than how Uber has structured it in Phoenix. Is there an opportunity to get additional markets? And what time line do you think would have to occur before that relationship could expand not just beyond downtown Nashville, but into new markets?
Yes. Good question and good clarification, Walt. So we have structured this partnership. I would say it this way. Both companies have ambitions to scale beyond just Nashville. And we built this partnership with the belief that that's the goal. Talking about timelines is premature. But I would say that certainly, the constructs we're using here are constructs that both companies believe can be the basis of something that expands to other markets, and I'll just sort of leave it at that.
Do you think the way you've structured this deal with Waymo, considering you're sharing a fleet rather than having separate fleets, creates a stronger relationship? If you can successfully execute this on both sides, might it be more challenging for Waymo to consider different execution strategies in the markets where you've launched?
I mean I don't want to comment exactly on how they view it, but I would certainly say that our goal, and I'm speaking just from a Lyft perspective here, is to provide such a great level of service that no one has any reason to look anywhere else. But yes, and I think it's also fair to say that the deeper a partnership, the more likely it is that neither one wants to do too many other things beyond that. But here, I'm just speaking sort of generically.
And our next question is coming from Stephen Ju with UBS.
David, I don't think I've seen you guys talk about the university programs in a while. And I suppose the opportunity is as attractive as it's ever been as you get to onboard these users who get hopefully very accustomed to using Lyft on other people's money. But I also recall there were all kinds of other directions for these partnerships between getting folks to doctors' appointments, et cetera. So can we talk about the resources that you might be putting together to maybe accelerate the signing of the, I suppose, the enterprise customers because it seems like such a win-win development for everybody involved.
Thank you for the question, Stephen. I'll start by providing a broader perspective before diving into details. The business-to-business opportunity varies, and you mentioned universities as a key focus area for us. We have established relationships with specific universities to provide transportation on campus, which is quite interesting. In health care, Lyft Healthcare continues to lead in non-emergency medical transportation, an area that is receiving increased attention now compared to previous times. Buck is still in charge, but Suzie has joined to bring fresh ideas and energy. In B2B, when considering various forms of corporate transportation, TBR represents a high-end service. We've mentioned that already, but many companies have preferred travel partners as well. Each of these sectors is being prioritized more than before. Focusing on rideshare allows us to concentrate without distractions from food delivery or other services, enabling us to enhance the quality of our offerings across different segments.
If you don't mind, I would like to shift slightly towards the business rewards or business side instead of just universities and health care. For several years, we didn't have a compelling option for business travel managers looking to incentivize their employees to choose Lyft. However, we launched a new program at the start of September that offers 6% back, which aligns with your mention of other people's money. Often, the company pays for rides, but now they're receiving 6% back, which can be applied to personal rides as well—this is essentially Lyft cash back usable for personal trips. We've seen great engagement with this program, and it costs nothing, unlike other services that have fees. Overall, business-to-business has become a significant focus for us, and early traction on these new initiatives has been promising. Health care has always been a strong area for us, and I'm pleased you brought up universities; stay tuned for more updates on that front.
All right. Thank you, Stephen. Thank you, David. David, any closing remarks?
I think if that's it, my main closing remark is you better be hooking up your United MileagePlus to Lyft because that's a great program and up to 4 miles back for every dollar you spend. Look, we've had a great quarter. And the reason we've had a great quarter is not just because of what we've done in the last 3 months. It's because we've been doing over the last at least 2.5 years since I've been here, obsessing over our customers. That's what drives profitable growth. I think when Erin and I started, I think the first quarter, I think we had consumed $329 million of cash, if I'm not mistaken. Now we're producing $1 billion of cash. It's a $1.3 billion swing. And the reason that's happened is because we've been obsessed with our customers, and we have an incredible team every single day that wakes up and just crushes it, and they're the ones that get all the credit. So we get to talk about it. They're the ones that do the work. And thank you all very much to investors for traveling along with us, and we're looking forward to keeping up to date.
Great. Thank you, David. Thank you, Erin. This concludes today's conference. Thank you for joining, and you may now disconnect.