Q3 2019 Earnings Call

Putting statements relating to the expected performance of our business future financial results strategy long term growth in overall prospects.

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 the call.

In particular those described in our risk factors included in our final prospectus for our initial public offering filed with the FCC on March 29, 2019, and the risk factors included in our Form 10-Q for the second quarter of 2019 filed on August 13th 2019, and our Form 10-Q for the third quarter of 2019 that we'll be fine.

By November 14th 2019.

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 heroes and lift 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 measures, 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 Dot lift dotcom.

I'd now like to turn the conference call over to lift co founder and Chief Executive Officer Logan Green.

Logan.

Scott.

Good afternoon, everyone and thank you for joining our call today.

Q3 marks the third quarter in a row outstanding performance since becoming a publicly traded company revenue grew 63% year over year.

Active writers grew 20%.

Revenue through proactive rider grew 27%.

Contribution margin.

Ken was at a record high over 50% our top line.

Momentum and our success.

Strategic initiatives in our core offering.

Great actions led to a 32 percentage point improvement in adjusted EBIT.

For the margin year over year.

As we said just last week, we expect to be adjusted EBITDA positive in Q4 2021. We believe this is a year earlier than consensus expectations.

Clearly, we are focused on achieving profitable growth and our results this quarter demonstrate that.

As we approach. This milestone there are three key themes that we focused on.

First is product innovation second is profitable growth and third is operating leverage.

John Brian and I will go through our initiatives in each of these three areas.

Our north star is to make lift the fastest safest and most accurate way for people to compare time and money across all relevant modes of transportation and allow users to frictionlessly complete their transaction on our platform.

By delivering on that vision will be well positioned to shift a trillion dollar personal car ownership market to transportation as a service model.

The starting point for building the world's best Transportation network is product innovation. This is what powers our ability to deliver the right product to the right customer the right.

Solving that formula scale drives higher user engagement and improves utilization within our marketplace and by doing this we best serve our users and maximize revenue per active brighter.

A few weeks ago, we launched a redesign of our app with the goal of better surfacing all of the transportation modes available on our platform.

Caustic rides shared rides bikes scooters and transit.

By showcasing all of these modes, we can better match or riders with a REIT option for their specific trip.

Since its rollout we've conducted rigorous testing and we've seen increased engagement across rideshare bikes scooters and transit.

This underscores our ability to drive higher engagement across our platform through the breadth of our multi modal transportation network.

We believe this engagement will translate to increased revenue proctor brighter overtime.

We've also been introducing new products within core ride sharing like shared saver since launch earlier this year lift writers have already taken over 10 million shared saver trips as a reminder, our shared saver product.

Lets rioters get a better price on a shared ride awaiting a few minutes or walking a few blocks.