1Q26：它是一款大型的游戏

Price Target Change Nikhil Devnani, CFA+1 917 344 8425nikhil.devnani@bernsteinsg.com US Emerging InternetLyft Inc Rating Market-Perform Ajeya Patil, CFA+1 917 344 8467ajeya.patil@bernsteinsg.com Price Target LYFT 16.00 USD(18.00OLD) LYFT 1Q26: It's a volume game LYFT offered a modest beat on Gross Bookings and an EBITDA guide that was above ourlowered expectations for Q2 (driver fuel program not impacting). That almost made it a cleanprint. However, Rides growth will be primary debate coming out of earnings (MSD NorthAmerica growth Y/Y) even adding back the impact of the storms. That makes yet anotherRideshare/Delivery name with volume softness in Q1, though LYFT’s is more pronouncedover the last two quarters combined.2026 estimates are likely to hold between the GB print Close Date7 May 2026LYFT Close Price (USD)14.16Price Target (USD)16.00Upside/(Downside)13%52-Week Range25.54/12.31SPX7,337.11FYEDecDiv YieldNAMarket Cap (USD) (M)5,532EV (USD) (M)4,921 Gross Bookings beat, but Rides soft.Gross Bookings (“GB”) of $4.95B near theupper-end of the guidance range, growing 19% Y/Y. The guide for Q2 was also a beat at$5.3-5.43B (18-21% Y/Y growth). While there is modest help from the Gett acquisition(closed intra-quarter), management clarified that it is financially immaterial. Unfortunately,Rides growth came in light at 8.5%. This can partially be explained by weather (-3M headwind to Rides, with bikes & scooters down Y/Y). But North America rideshare volumesgrowing MSD (with much stronger growth in Canada) runs counter to UBER’s expectationsfor accelerating US growth. Adding back ~1ppt for the weather helps, but doesn’t quite get EBITDA a positive.The Q1 print of $133M was in-line, and the Q2 guide of $160-180Mbetter than we feared. We nudge Q2 up to $170M. Gross Margin was the big beat withinsurance/trip down as LYFT sees the benefit of CA insurance reform, though there wereoffsets at the OpEx level. We lower CoR but increase S&M on higher customer incentives. Investment Implications 2026 moves higher on guidance, but the Rides miss brings our out-year GB forecast down.EBITDA follows, lower by LSD% (offset in EPS with buybacks). This flows through our DCFtaking our PT to $16 (-$2). No change to our multiples approach at 8x 2027 Adj. EBITDA. DETAILS Includes rideshare and micro-mobility, and ~250bps, ~400bps, ~400bpsestimated contribution from FREEENOW for 3Q25, 4Q25, and 1Q26.Source: Company reports (since 1Q22), Bernstein analysis APPENDIX - FINANCIAL FORECASTS EXHIBIT 11:Our Lyft earnings model. DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Lyft Inc We value Lyft using a 50/50 combination of NTM EV/EBITDA multiple of 8x and a DCF using a WACC of 13% and a terminalgrowth rate of 2%. Our Price Target of $16 is set on a fully diluted basis. We treat SBC as a cash expense for the purposes of DCF.We consider Lyft a real-life services platform and benchmark valuation to comparable peers in this industry set, as well as history. Uber Technologies Inc We value Uber using a 50/50 combination of NTM P/FCF multiple of 18x and a DCF using a WACC of 12% and a terminal growthrate of 3%. Our Price Target of $110 is set on a fully diluted basis. We treat SBC as a cash expense for the purposes of DCF, andwe consider Uber’s equity stakes. We consider Uber a real-life services platform and benchmark valuation to comparable peers RISKS Lyft Inc Upside Risks •Gross bookings growth accelerates beyond consensus expectations on durable demand, supported by new feature roll-outs EBITDA inflects as driver incentives prove temporary and/or demand proves to be more inelastic than expected. The ability to •Active Rider growth gets back on track and Lyft sees market share stabilize/improve. •Regulatory wins (more markets reach third-way outcomes). •Autonomous robo-taxis create go to market via the existing rideshare networks and reduce the cost of the offering over time, Downside Risks •Gross bookings could miss our expect