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Tuesday, April 20, 2021

Lyft Inc. (LYFT) Q4 2020 Earnings Call Transcript

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Lyft Inc. (NASDAQ: LYFT) Q4 2020 earnings call dated Feb. 09, 2021

Presentation:

Operator

Good afternoon and welcome to the Lyft Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference over to Shawn Woodhull, Head of Investor Relations. You may begin.

Shawn Woodhull — Head of Investor Relations

Thank you. Good afternoon and welcome to the Lyft earnings call for the quarter ended December 32st, 2020. Joining me today to discuss Lyft’s results and key business initiatives are our Co-Founder and CEO, Logan Green; Co-Founder and President, John Zimmer; and Chief Financial Officer, Brian Roberts. A recording of this conference call will be available on our Investor Relations website at investor.lyft.com shortly after this call has ended.

I’d like to take this opportunity to remind you that during the call, we will be making forward-looking statements, including statements relating to the expected impact of the continuing COVID-19 pandemic, the expected performance of our business, future financial results and guidance, strategy, long-term growth and overall future prospects as well as statements regarding regulatory matters.

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call. In particular, those described in our risk factors, including in our Form 10-Q for the third quarter of 2020 filed on November 12, 2020, and in our Form 10-Q for the third quarter of 2020 that will be filed by March 1st, 2021, as well as the current uncertainty and unpredictability in our business, the markets and economy.

You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of the date hereof and Lyft disclaims any obligation to update any forward-looking statements except as required by law.

Our discussion today will include non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Information regarding our non-GAAP financial results, including a reconciliation of our historical GAAP to non-GAAP results may be found in our earnings release, which was furnished with our Form 8-K filed today with the SEC and may also be found on our Investor Relations website at investor.lyft.com.

I would now like to turn the conference call over to Lyft’s Co-Founder and Chief Executive Officer, Logan Green. Logan?

Logan Green — Chief Executive Officer, Co-Founder and Director

Thanks, Shawn. Good afternoon, everyone. And thank you for joining our call today. Despite the difficult backdrop in 2020, we focused on improving our business for the long-term. The progress we’ve made has been significant. And I believe we are now in a stronger position than at any time in our past. Given the improvements we’ve made to our unit economics and our overall cost structure, we’re like a tightly coiled spring positioned to drive strong organic growth and margin expansion as the recovery takes hold.

Turning to our Q4 results. Ridesharing continued to rebound, but the monthly trends were uneven. Rideshare rides were down 47% year-over-year in October and 50% in November. In December, rideshare rides were down 52% year-over-year as COVID-19 cases surged and state and local governments implemented restrictions limiting people’s

Mobility.

Given the effect on demand, we were able to reduce driver acquisition and incentive spend, which had a positive impact on our financial results. So, despite the pandemic headwinds, revenue for our fourth quarter grew 14% sequentially and was towards the top end of our outlook range. Recall that in early December, we said that Q4 revenue may come in at the lower end of the range.

Now, as we’ve discussed on prior calls, recovery trends vary locally across North America, reflecting differences in COVID-19 case counts and responses. The West Coast generally remains the weakest region, while we’ve seen further rebounding in Florida and Texas as examples. Separately, in Q4, there was a mix shift towards higher frequency riders, which led to record revenue per active rider. In fact, revenue per active rider grew 14% quarter-over-quarter and showed positive growth year-on-year despite the pandemic overhang.

Let me now shift to January. While rideshare rides were down 51% year-over-year, the trend still reflects positive week-on-week growth throughout the month, excluding the MLK holiday week. The operating environment does remain uncertain, but we currently anticipate an improvement in average daily ride growth in the months of February and March. Brian will share more details, but based on current COVID-19 recovery expectations, in Q1, we plan to invest in driver supply to improve service levels and prepare for stronger demand beginning in Q2.

On the other side of the pandemic, when people are able to resume a fuller range of activities and safely come together, we anticipate a strong rebound in demand across our fully integrated transportation network. As individuals return to activities like leisure travel and entertainment in the second half of the year, we are taking steps today to ensure that we’re ready to support this anticipated demand when the time comes. While we can’t predict the timing or efficacy of vaccine rollouts with certainty, based on current trends, we believe the US could reach critical immunity levels earlier than many international destinations.

As a result, the pop in leisure travel that I mentioned may primarily occur within the US, which we’re well positioned to capture. I think people are eager to get back to normal. There is pent-up demand to see friends, go to restaurants and bars and attend sporting events and concerts. And by taking Lyft, these venues can all be accessed responsibly without drinking and driving.

I want to take a few minutes to discuss our long-term vision. We believe the future of transportation is as a service and we are the only company in North America that has a seamless multimodal transportation platform that can replace car ownership. We expect autonomous vehicles to accelerate this transition. They will transform the ridesharing industry and their business.

Here’s how we’re thinking about this. We believe the first generation of AVs will be deployed on rideshare networks. Given the expected vehicle cost, one key issue will be getting first wave vehicles to breakeven, which will depend on utilization. This will be tricky because these vehicles will only be able to serve a subset of trips due to likely domain and weather restrictions. It will take time for AV technology to advance to the point where AVs are able to accommodate every ride under every condition. There can be regulatory speed bumps too.

Our rideshare network will help maximize AV utilization because we can dynamically dispatch AVs from the trip type and route are suitable, this is critical. Because of the nature of our multimodal platform and because we aggregate demand, we’re able to match riders with a ride, whether or not it’s fulfilled by an AV. This type of hybrid deployment model is well-established in other industries.

As wireless carriers have introduced 5G, they’ve rolled it out on top of existing networks for redundancy. That way, if the new 5G tower is too far away, subscribers could still be supported by 4G or 3G service. This model works because it allows the carriers to capture value as they scale. Early AVs that deploy on our rideshare network will be able to benefit from a similar dynamic.

Keep in mind that daily travel patterns typically don’t resemble a static horizontal line. They’re closer to a heartbeat with large spikes around morning and evening commutes and a mix of peaks and valleys during other parts of the day. Providing consistent service levels requires having infrastructure that can scale on demand. Extending the carrier analogy, imagine what would happen to the carrier subscriber base if people were unable to access the network, not just 5G but any network at critical points during the day. It would be a major problem. For AVs deployed on hybrid rideshare networks, the advantage is that as demand spikes, the network can supplement a fixed pool of AVs with traditional vehicles to seamlessly serve rider demand.

Also for the same reason that nationwide roaming was critical to increase mobile penetration let’s broad national footprint ensures consistent service virtually everywhere we operate. We’ll also be able to introduce AVs to millions of potential riders, expanding the reach of AVs to a wide audience. We’ve spent nine years building a business that is uniquely capable of supporting and scaling AVs. Our Level 5 data-driven autonomy program taps into our greatest asset, our rideshare network, to help tackle some of the hardest problems in self-driving. And our open platform partners will be able to leverage our rideshare technology stack, including our dispatching and routing algorithms, our shared rides platform and our pricing capabilities.

Since we aggregate demand, these partners will have access to a scaled network of riders and drivers. Our fleet management expertise will drive additional operating efficiencies, as John will discuss. We are already leading the way in our industry. We facilitated more than 100,000 paid AV rides on our platform since 2018 with Motional. In Q4, we announced our plans to deploy fully autonomous Motional vehicles on our network in multiple cities in 2023. This is a landmark deal and the first agreement of its kind in our industry.

Through the investments we’ve made in our network, we’ve continued to build on our core competencies to be the partner of choice among autonomous programs. We are excited about the transformative impact AVs will ultimately have on our industry and on transportation broadly.

Finally, we remain confident in our ability to address the significant market opportunity in front of us. And our focus on revenue growth and cost discipline continues to strengthen our financial position.

Before John provides a few updates on the business, I’ll turn the call over to Brian to review our financial performance and provide details on our path to profitability.

Brian Roberts — Chief Financial Officer

Thanks, Logan. And good afternoon, everyone. The COVID-19 pandemic and its far-reaching effects remain unparalleled as case counts surged in the fourth quarter, cities and states reinstituted shelter-in-place orders, curfews and other measures to help slow the spread. Now, while our recovery advanced in the fourth quarter, as rideshare rides improved to a year-over-year decline of 49.6% versus 51.8% in the third quarter, monthly trends worsened, with December down 52% versus 50% in November.

Given the uncertainty and decline in demand, Lyft cut expenses and significantly reduced driver acquisition and engagement programs in the month of December. The reductions in incentives classified as contra revenue helped drive upside of revenue. In fact, fourth quarter revenue of $570 million approached the top end of our initial range of $555 million to $575 million. This compares with our updated outlook provided in early December that revenue may be at the lower end of the range. Given the uncertain operating environment in Q4, we further reduced expenses. The cost reductions combined with the revenue outperformance drove a significant improvement in our adjusted EBITDA loss.

So let’s dive into the details of the fourth quarter. I’ll start with the top-line metrics. In the fourth quarter, the number of active riders increased by roughly 30 basis points from the third quarter to $12.6 million. As stronger restrictive measures to control the accelerating spread of COVID-19 were reintroduced, rider growth was impacted by a decline in rider activations as well as the absence of lower frequency riders from prior quarters. However, these dynamics led to record revenue per active rider.

Remember, additions to our rider count near the end of any quarter are normally dilutive to revenue per active rider since there’s only limited time for these new riders to help generate revenue. As Logan shared, this led to a mix shift towards higher frequency riders. So in Q4, revenue per active rider reached $45.40, which is over $5 above the $39.94 achieved in the third quarter, representing an increase of 14%.

In terms of the year-over-year comparison, despite the pandemic, revenue per active rider increased by exactly $1 in the fourth quarter versus the prior year. The combination of these trends led to a 14% increase in fourth quarter revenue to $570 million, up from $500 million in the third quarter.

Now before I move on, I want to note that unless otherwise indicated, all income statement measures that follow are non-GAAP and exclude stock-based compensation and other select items. A reconciliation of historical GAAP to non-GAAP results is available on our Investor Relations website and may be found in our earnings release, which was furnished with our Form 8-K filed today with the SEC. This includes contribution, which is defined as revenue, less cost of revenue, adjusted to exclude amortization of intangible assets, stock-based compensation-related expenses and changes to liabilities for insurance required by regulatory agencies attributable to historical periods.

Q4 contribution increased 27% sequentially to $316 million from $249 million in Q3. For each $1 of incremental revenue growth between Q3 and Q4, contribution increased by $0.96. Contribution margin was 55.5%, up over 500 basis points from 49.8% in Q3 and well above our outlook of 51.5% to 52.5%. Contribution margin even increased on a year-over-year basis despite the significant difference in absolute revenue. Contribution margin benefited from two unique windfalls in Q4. As demand declined, we reduced driver acquisition and engagement spend by $15 million in December versus the average level in October and November.

Second, we took advantage of the strong used car market in Q4 to remarket older Flexdrive vehicles, which generated a $6.7 million net benefit to contribution. Together, these items created a one-time benefit to our Q4 contribution margin. Without these benefits, Q4 contribution margin would have been 53%, still above our outlook of between 51.5% to 52.5%. I will provide more detail shortly, but we plan to invest in driver supply in Q1, which will reverse this Q4 benefit and create a slight headwind to first quarter revenue and contribution margin.

As a reminder, contribution excludes changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. In the fourth quarter, there was $128 million of adverse development, which we attribute to the impact of COVID on legacy liabilities. After the onset of COVID-19, plaintiff law firms mined and reconsidered older matters for legal representation as new potential auto cases shrink given the drop in rides. The share of bodily injury claims with attorney representation is approximately 20% higher for the impacted periods versus prior experience.

That said, while COVID-19 created the conditions that increased the cost trends of historical claims, we are pleased that we did not experience any adverse development associated with our primary auto book related to the second or third quarters of last year after the onset of COVID-19. 84% of the adverse development is associated with accident liabilities from the end of 2018 and 2019. We remain confident in our insurance risk management strategy. For the insurance policy year ending September 2021, we have transferred more than 50% of the risk to strategic insurance partners with competitive advantages and deep experience handling rideshare claims to help reduce future volatility.

In the fourth quarter, primary insurance cost as a percentage of revenue was lower than Q3. Finally, as of December 31st, even after the adverse development charge, we remain approximately 8% over-collateralized in our restricted cash and investment accounts held against our primary insurance liabilities associated with the period Q4 of 2018 through Q3 of 2020.

Let’s move to operating expenses. Operations and support expense for Q4 was $93 million, down 33% year-over-year. Operations and support expense as a percentage of revenue declined to 16.4% in Q4, down from 23.5% in Q3. Q4 R&D expense was $130 million, roughly flat with Q3. As a percentage of revenue, R&D expense declined to 22.8% in Q4, down from 26.2% in Q3.

Sales and marketing in Q4 as a percentage of revenue was 14.3%. In terms of absolutes, sales and marketing was only $82 million in Q4, down over $100 million or 56% from $187 million in Q4 of 2019. Incentives classified as sales and marketing declined 80% in Q4 on a year-over-year basis from $99 million to $20 million or 3.5% of revenue. G&A expense in Q4 was $192 million, down 16% from the year ago period. Relative to Q3, G&A expense declined by $12 million.

In summary, total operating expenses below cost of revenue declined by over $25 million between Q3 and Q4, representing a 5% quarter-on-quarter reduction. On a year-over-year basis, operating expenses decreased by $200 million in the fourth quarter. This is not an annualized figure. Operating expenses decreased from roughly $700 million in Q4 of 2019 to $497 million in Q4 of 2020 as we reduced expenses.

In terms of the bottom line, our adjusted EBITDA loss of $150 million was 19% better than our $185 million loss outlook. On a sequential basis, our adjusted EBITDA loss improved by nearly $90 million, meaning for each $1 of incremental revenue growth between Q3 and Q4, our adjusted EBITDA loss improved by $0.128.

We ended the quarter with $2.3 billion of unrestricted cash, cash equivalents and short-term investments. We again were disciplined on capex, which came in at $23 million. Total 2020 capex was approximately $94 million.

Now looking forward, the near-term outlook still remains uncertain. We are pleased that widespread vaccinations have begun in the United States and Canada and are confident that we will benefit from a significant rebound when communities fully reopen, but we don’t know when that will be. In the near-term though, given the current fluidity associated with government orders and health care recommendations as well as variability in reopenings among cities, it is impossible for us to predict with any certainty, our results for the first quarter.

But let me share what I can about the first quarter. Weather in Q1 is highly unpredictable and severe storms can shut down cities and impact rides. We’ve recently seen an impact from storms in Chicago and across the East Coast. Also, keep in mind that Q1 has two fewer days than Q4, 90 versus 92. And for year-over-year comparisons, remember, we are comping a year that included a leap day.

In terms of trends, January rideshare rides were down 51% on a year-over-year basis, which is a slight improvement from December. Rideshare rides in January grew 4% month-over-month, but were 7% below the level reached in October before case count spiked.

On an intra-month basis, as Logan mentioned, we experienced consistent positive week-on-week ride growth throughout January, except for MLK week. While we expect to see a generally improving trend line in Q1, it is extremely difficult for us to forecast the number of Q1 rides with any confidence. If we apply January’s average daily ride volume to the 90 days in Q1, rideshare rides will be down 4% quarter-on-quarter. But assuming an improving trend line, we expect average daily rideshare ride volume will grow further in February and March.

So based on a modest Q1 recovery, given the significant remaining overhang of COVID-19, we estimate that Q1 rideshare rides could be flat or slightly down relative to Q4. This implies a year-over-year decline in Q1 rideshare rides of 45% to 46%, an improvement versus 49.6% in Q4.

Keep in mind that the pandemic began to impact our results in March of last year. If you isolate just the month of March, we expect rides will decline at less than half of the quarterly figure. Then fast forward to Q2 and we hit a major inflection point, with rides expected to increase both on a quarter-over-quarter and year-over-year basis for the first time since the pandemic began.

Let me now address revenue. As I’ve described, we realized a Q4 benefit when we reduced driver acquisition and engagement spend in December. In Q1, to prepare for the recovery, we will do the reverse and accelerate investments. It is important for us to invest in driver supply to improve service levels and prepare for stronger demand in Q2 and beyond. This will create a headwind to reported revenue of $10 million to $20 million in Q1.

In addition, we faced a sequential headwind on bikes and scooters. Their first quarter is the weakest for bikes and scooters, given weather. So while we cannot provide formal guidance, we expect Q1 reported revenue to be down at least by $15 million to $25 million relative to Q4, despite growing ride momentum throughout the quarter. This outlook translates to a year-over-year decline in Q1 revenue of 42% to 43% versus the 44% decline in Q4.

We believe investing in supply is the right strategic decision to position Lyft for a stronger rebound. We anticipate that Q1 should be the last quarter with negative revenue growth in 2021. We expect to generate exceptional year-over-year revenue growth in Q2 as we begin to comp the first full quarter impacted by COVID-19. We expect significant organic growth to continue in Q3 and Q4 as well.

Given the operating environment, we continue to focus on driving expense leverage, while w+e invest for a strong recovery. We expect that we can manage our Q1 adjusted EBITDA loss to between $145 million to $150 million, barring a significant change in the pandemic, and this range is inclusive of three headwinds.

First, this loss includes the $10 million to $20 million investment in driver supply. Second, we expect to realize a $5 million incremental loss related to bikes and scooters given fixed cost and lower Q1 demand. Finally, this outlook also includes the sequential impact of the payroll tax headwind always faced in the first quarter, which this year we estimate at nearly $10 million. So, our adjusted EBITDA loss range of $145 million to $150 million includes between $25 million to $35 million of headwinds relative to Q4.

We expect Q1 contribution margin will be approximately 51% to 51.5%. Q1 contribution margin will be reduced by an investment of up to $20 million in driver supply. Additionally, Q1 will be impacted by a decline in remarketing profits as well as bike and scooter seasonality. From this Q1 base, we expect we can drive contribution margin improvements and achieve an all-time record contribution margin later this year.

So let’s move to expense leverage. Last year, we had a goal to remove $300 million in annualized fixed contribution costs relative to our original Q4 outlook. We are pleased to report that we beat this target by 20% and achieved a $360 million reduction, and our Q4 results demonstrate this impact. And as we look forward, we’re not done. In Q1, we expect to further reduce expenses below cost of revenue by approximately $35 million relative to Q4, even as we increased R&D investments. We plan to deliver the savings to a significant reduction in first quarter G&A expense relative to Q4. So despite headwinds from our driver supply investments, we are confident we can maintain or slightly improve our adjusted EBITDA loss on a sequential basis through this additional expense leverage.

Let me provide an update on our path to profitability. The fourth quarter and our plans for Q1 serve as visible proof points of the extent to which we’ve reduced our expense base. Given the impact of new efficiencies and our lower cost structure, we’re even more confident that we’ll be able to achieve adjusted EBITDA profitability by Q4. In fact, based on the improvements we’ve made, there is a chance we can achieve profitability in Q3. Obviously, pulling in profitability would require a strong summer rebound. However, the fact that this is now even a possibility in the Q3 time frame should increase investor confidence.

Finally, while profitability is an important milestone, we also want to be super clear that despite being disciplined in our budgeting process, we are continuing to fund strategic investments in new initiatives like B2B delivery to expand our TAM over time and drive long-term growth.

As Logan and John shared in their original investor letter, we will thoughtfully balance investments in growth versus profitability, while deliberately leaning more towards growth, especially in these early days. So while we are intent on achieving adjusted EBITDA profitability this year, we are not losing sight of growth opportunities that create shareholder value.

So, in closing, I want to emphasize two key points. First, we expect to generate significant operating leverage. Our success driving efficiencies and cost reductions in the fourth quarter and our expectation that we achieve further expense leverage in Q1 should increase investor confidence that we are on the right path to achieve adjusted EBITDA profitability in 2021. We’ve been investing in and executing initiatives to increase our unit economics and we expect to demonstrate strong operating leverage as ride volume returns. So we remain confident that Lyft will emerge on the other side of the pandemic structurally more profitable more profitable per ride than it was going in. And expect to lead the industry in terms of long-term margins.

Second, we have a TAM in excess of $1 trillion, which provides a long growth runway. In 2021, Lyft is well-positioned to generate strong organic revenue growth as a pure-play in the expected rebound, given our transportation focus. We also expect to drive solid growth in 2022 and beyond, fueled by the continued recovery in the long-term secular and structural trends that have underpinned our growth from day one.

So with that, let me turn it over to John to provide a few key updates on the business.

John Zimmer — President, Co-Founder and Vice Chair

Thanks, Brian. I’m proud of the team’s resilience and of the significant progress we’ve made over the past year. Even as we continue to navigate the pandemic, I am very confident that we are extremely well-positioned to deliver strong organic growth as the recovery takes hold.

To start, I’d like to build on Logan’s comments about why we’ll be the partner of choice among AV programs, which will fuel long-term growth. There are three key elements: first, our hybrid AV network that includes human drivers; number two, our efficiency engine powered by our marketplace technology; and number three, our highly efficient fleet management capabilities. Each of these elements creates a competitive moat that reflects the fundamental value of all the work we do across our business.

I’d like to talk about our fleet management capabilities. Today, we already manage thousands of vehicles, multiple service centers and field operations across North America. These services are an integral part of our platform, enabling us to drive more efficient operations and improved long-term economics in a reinforcing cycle. And as self-driving cars begin to scale, they’ll need to be efficiently managed and maintained. This means serviced, repaired, stored and monitored. By offering a comprehensive set of technology-enabled fleet management services, we expect to be able to add even more critical value to our customers and partners.

Our strategy works incredibly well today and tomorrow. Our fleet management offerings can deliver strong cash flows in advance of AVs. And with AVs, our competitive advantages will become even more clear. For partners, we expect our hybrid AV network will support the highest revenue per mile, while our fleet operations will drive the lowest cost per mile.

As Logan mentioned, the future of transportation is as a service. We are best positioned to deliver on this vision because of the strength of our platform today and because of the long-term focused investments we are making. All of this is powered by our engineering and data science expertise, which we’ve been using to drive increasing efficiencies.

We are also continuing to invest strategically in new initiatives like B2B delivery that build on our core competencies. The bottom line is, we will continue to lean into our platform that delivers more value to drivers, riders and partners while lowering the cost of operating. We believe this focus will serve as a key point of differentiation over the long run.

On the public policy front, let me provide a brief update on initiatives that are a result of the Proposition 22 win in California. As of December 16, drivers began receiving a minimum earnings guarantee, while also retaining the flexibility to drive whenever, wherever and as often as they want. In addition, California drivers now have the ability to earn a health care contribution based on the average number of hours they drive passengers during the quarter.

Every driver also now has an additional insurance policy that covers their medical bills and loss earnings in the event of an accident. To help offset the cost of these Prop 22 initiatives and to provide transparency to drivers and riders, we recently introduced a Lyft California Driver Benefits Fee that applies to each ride taken in the state.

We continue to view the outcome in California as a turning point in the conversation around the future of work in America, a future with the benefits drivers want along with the independence they desire. We continue to engage in productive conversations with state and federal policymakers on this topic.

I’d now like to highlight some of the new work we’re doing to provide further support to drivers and riders. We’ve doubled down on our health safety initiatives. This includes implementing mask recognition technology to ensure face coverings are being used by drivers and riders. And we’ve strengthened our enforcement policies. In December, we began reaching out to governors and local policymakers to advocate for drivers to receive high priority status for vaccines as frontline essential transportation workers. And we’ve now achieved priority tiering for drivers in multiple markets.

In addition, we’ve continued to introduce product innovation that delivers more and more value to drivers and riders. We’ve been building our own mapping and dispatching technology. This drives experience improvements for our customers and cost savings for Lyft. For example, we’re now better able to help riders and drivers meet on the same side of the street, which shortens trip times, improves ETA accuracy and reduces the cost of certain rides.

Another innovation the team is driving forward is around creating more leverage on payment processing, by transitioning a majority of riders to daily billing over the course of 2021. These are just a couple of examples that collectively have a meaningful impact on both the user experience and our bottom line.

Quick update on the enterprise space. In Q4, we continued to see strong adoption of our business solutions to facilitate employee commutes. Corporations and government agencies are increasingly engaging with us about our bikes and scooters in addition to rideshare to help employees get to and from work. This interest continues to validate our multimodal approach. The pandemic opened the door to new use cases and we will use these inroads to win the corporate rebound.

I’d like to close by addressing the ways we are helping communities through the recovery. In December, we announced a universal vaccine access program with a goal to provide 60 million rides to and from vaccination sites, with a strong focus on supporting low income, uninsured and at-risk communities. We are working with JPMorgan Chase, Anthem Inc. and United Way to lead this effort, along with the coalition of other organizations.

COVID-19 has amplified transportation and security, especially for seniors and vulnerable communities. We are committed to ensuring that transportation access is not a barrier to beating this virus.

With that, we’re now ready to take questions.

We are still processing the Q&A portion of the conference call. We will be updating it as soon as we analyze and process the con call. Stay tuned here for more updates.

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