detailed afternoon, earnings David. statement with Thanks, thanks our are usual Good joining unless us items otherwise that are reminder my excludes that in for all and and indicated, I'll materials. today. non-GAAP income select measures everyone, start
far I profitable established a dive growth. results for X I quarters. a past our reflect into the to Before to has over on QX, foundation strong We've Lyft want take how for moment come
is place. totaling million. structure with of positive our priorities, strategic X we've positive $XXX adjusted generate better free delivered the cost nearly EBITDA quarters We've and financial to disclosures Our begun in our right We've flow. cash aligned
particular, momentum free cash In quarter, rider for XX% of tracks full the it's improved and ride our chose the riders to conversion expectations. number another All for X more and progress more sets and service We this the was Lyft. month.
QX was driver full for by year stage levels. Investor for it provided rides outlook better referring we've consistent Day was year including our The executed and the guidance next in year-over-year solid rides result XXXX, hours with active the per years. been well the and of than more flow frequency, and with an average strongest increased drivers directional
driver saw quarter. execution sequential QX ride also continued improve to We frequency continue that intents demonstrating by momentum from quarter hours, in QX and we to
up This retention improvements increase grew we performance in million a total reflecting grew in same was reflecting and approximately rides strong significant evening our $X.X demand $X.X is strong, given billion, prices of the year-over-year. trips year-over-year, saw dynamics. year-over-year, XX% Gross improvement supported the early let's growth, half XX.X of XX% by bookings use of commute which cases. rides Now the XX% million XX% reflecting the of reflects morning lower billion, offset XXX in levels with quarter. riders We lower marketplace.
Revenue along rider trends XXXX. in partially health the Growth Total those to up strong rides active year-over-year, grew across for riders. Primetime our turn were an continuation to reflecting weekend riders. and an back in new Active particularly year-over-year,
incentives As gross increased year-on-year lower bookings, a and of revenue sequentially, per reflecting ride. percentage
industry So for here. drivers and hours and how platform David We leading spending our let growing number additional about app. drivers with is and the transparency preference into number for driver engaging me Lyft. that of choosing in is the provide Lyft they're our in greater how talked some of our see translating that choice color
lot excellence. median about tips a net In increased including we on earnings, hourly talked And U.S. driver on bonuses, both gross a our QX, and operational sequentially focus basis. and the
Another great rider is helping of drivers example demand. how that anticipate we're
means the are competitively operating be while drivers able So preference demand with incredibly It drivers our be combination earnings.
In the dollars The visibility they right the to more can and experience. efficient we spent, more. focus profit in laser-like how incentive earn even customer growth healthy as result targeted valuable. be and is time on their optimize rider driver business, of increasing place is at can into at to right increasing
let's were to ride XX% Now up renewals. Cost $XXX reflect nearly revenue last per higher million, insurance which QX third-party year-over-year, expense. $XXX turn insurance was Operating with by expenses our driven of year's costs, X% ride roughly year-over-year. along up million, higher volumes
nearly EBITDA bookings, X.X%. XXXX Relative with driven XXXX investments last a of QX QX versus and as As approximately cash to equivalents with adjusted EBITDA gross percentage We were our of we position and year.
Adjusted by of operating cash doubled our our versus margin $XX $X.X has of cost an operating a approximately of as X structure billion. QX percentage in efficiencies cash, gross solid more million, short-term last percentage points XX%, was fixed which was expense improvement expenses of benefit lower than leverage. marketplace bookings from a unrestricted year, ended
coming quarter, of positive sheet. balance advantage our we generated XXXX. approximately favorable raise flow a the continue free prudent that XXXX. take due our to million, $XXX bonds will used $XXX of we majority of to new debt of proceeds in and approach notes conditions portion we to cash the market took convertible In We a come In those QX, convertible of million managing in first retire to due
a We're QX. to to Turning start. good off
to active gotten We bike usage, riders. riders both as basis seen has additive rides rideshare which sequential continue a And from more QX. to see strong in better, for drivers scooter and the from we've weather and and demand on is
progresses, celebrations customers focus the with to experiences quarter the to more. to As pride we'll on great they continue love, execution from and connect festivals music
to a Additionally, around corner, graduation more travel enabling season and capture airport we're on summer these with of experience just rides. focused great the
outlook. let our review Now me
XX% quarter year-over-year. second expect bookings billion, rides gross For growth year-over-year. the to up $X.X of $X to billion assumes XXXX, XX% approximately XX% of we This of
an X.X%. expect EBITDA approximately of million We to of as million approximately of margin a adjusted $XX gross $XXX bookings adjusted and percentage EBITDA
our and for year. quarter perspective second year expect quarter on first we our what to Turning XXXX, full guidance results inform the our
year-over-year slightly growth continue year-over-year mid-teens gross We than a to total to basis. also expect bookings on the rides faster grow with rides in
expect to as bookings margin We of approximately gross an a X.X%. EBITDA adjusted be percentage
free cash remain free for flow. year. to on track to We cash full Turning generate flow the positive
visibility Given cash the the flow our year XX% into XXXX. now of to we adjusted EBITDA first expect of least to year, full improved free for half the at convert
our conversion will of by As a levels expect timing vary, free reminder, the you cash should certain driven primarily flow quarterly payments.
renewals. outflows year, the you give our To flows, to weighted cadence the of year XXXX, the in free particularly in see toward be full cash QX, what right related expect based the insurance perspective more some second we the to as half cash we third-party expect our we will on of now, on cash incur of flow for our half first
prepared that, I'll our bring close. to a With remarks
year, made we to building continues against high look significant we progress growth. drive execute Day. healthy at our customer-obsessed profitable you business. Over runway a team lot to Investor the standards, and seeing a all have The We financially to past of and see forward
And ready operator, questions. with that, to take we're
