Okay. All right. I think with that, in the interest of time, we're going to start with our next fireside chat. It's my pleasure to welcome the team from Lime to their first Communacopia + Technology Conference after their IPO earlier this year. Wayne, Ann, thanks for agreeing to come and have a conversation with me, and welcome to the conference. Thank you for having us. This is great, yeah. Okay, so before we get in, I'm going to dust off my legal degree and read the safe harbor. Before we begin, I'd like to remind everyone that today's discussion may contain forward-looking statements, and I refer you to the company's most recent 10-Q and other SEC filings for more information about risk factors that may cause actual results to differ materially from those statements. Okay. Wayne, let me start with you. To level set for investors who are newer to the story, because you did just go public recently, why don't you walk through what the Lime story is today and the evolution that the company has been on over the last couple of years? Sure. Lime is the world's leading micromobility operator. So think about e-bikes, e-scooter. We're the only globally scaled player in our industry. We operate in 230 + cities, 29 countries on five continents. And what differentiates our business versus other operators, and if you're following our industry a little bit, you'll know that there's been a lot of bankrupt competitors, is that we're the only vertically integrated operator in our industry. We're vertically integrated in hardware and software and operations and government relations. And we're at least three times bigger than our nearest competitor, and that matters because we are in a network effects business, similar to rideshare and food delivery, where scale begets scale. The reason why all these industries are scale beget scale is that reliability matters across all three. If you think about food delivery, people want to be on the platform with the most number of restaurants, and restaurants want to be on the platform with the most number of eaters. In rideshare, drivers want to be on the platform where the riders are, and riders want to be on the platform where the drivers are. If you are the most reliable operator, you end up winning a disproportionate share of the revenue. The great thing is, Lime is the reliability leader in almost every market where we operate. We win a disproportionate share, and that is what's sustaining our leadership position to date. When I think about the future, we're only in the beginning innings of this industry. In fact, Lime's been around for eight years. We've largely created the micromobility industry. What I'm excited about is that there's still so much growth ahead of us simply executing our core strategy. Frankly, there's nobody else even close. At this point, given the importance of scale, I can't imagine how they're going to catch up in a world where scale matters and proprietary investments in technology really matters. That was really helpful. Thanks, Wayne. Maybe just taking a half step back, frame for us the market opportunity you see. You've got your geographies, you've got your products. Just for those who are less familiar, talk a little bit about what you see as the framing of the market opportunity in the years ahead. I can take that. Okay. Yeah, no, that's all right. We've spent a large part as we are prepping for the IPO, a long amount of time really thinking about the market opportunity, and we built it up city by city based on where we know the unit economics can be. We have a very thoughtful approach. We also looked at our addressable population. About 80% of our revenue comes from adults that are between the ages of 18 to 45, so we skew younger, that make at least $55,000 a year. With that framing, we built our SAM up, our serviceable addressable market up, bottoms up, and we see a market opportunity of $20 billion based on the markets we plan to operate in just the next five years. The great thing about our market is it's continuing to grow because adoption is increasing every year. What's really driving the micromobility market, there's a ton of tailwinds at our back. Think about congestion, which is getting worse every year. Oftentimes, the fastest lane is the bike lane. We skew younger, as we mentioned, the ages 18 to 45. That demographic is choosing not to get their driver's license or waiting longer and doesn't want to own a car. Then, of course, there's the carbon reduction mandates that are out there for many cities. If you look at the cities that we operate into today and you look at our addressable population and the adoption rate, on average, the adoption rate of our addressable population using micromobility is only about 15%. But in our most mature cities, we see adoption rates of closer to 30% to 40%. We can double the size of our business in our existing cities in the 230 plus markets we're in today just by driving adoption rate up. We see adoption rate improving even in our largest, most mature cities. For example, London, which is our largest market, we continued to see adoption grow last year. That is because of the reliability factor that Wayne talked about, but also just time in market with a new technology drives adoption. In addition to growth in our existing markets, the other big piece of our SAM is new cities, and we can double the number of cities that we're in today. We have line of sight, as I mentioned, of those cities. We built them bottoms up based on where we know the unit economics can work. All that to say, I am very bullish and have a ton of confidence in our outlook, and you don't need to believe anything heroic to believe that we can deliver durable growth. We just have to keep replicating the playbook that we've developed in the 230 cities that we're already in. Maybe sticking with that and going down to the product level. Obviously, you guys play in both the bikes and the scooters landscape. Talk a little bit about the distribution and SKU of those products, and how they resonate with consumers, and how they build towards the growth algorithm for the company. Yeah. So in terms of the distribution, about 2/3 of our global fleet is scooters and 1/3 is bikes, but the bikes have been growing faster over the last few years. So over time, I think you may see that become more 50/50. What's great about Lime is that because we have proprietary hardware, every bike and scooter you see on the platform, we have engineered and designed in-house. This also means that we can constantly innovate on new form factors. So an example of this, last year, we introduced a product called the LimeGlider. You can see that here in San Francisco. It's a seated vehicle. It's kind of a lightweight moped, and for people who want to go longer distances, it's oftentimes more comfortable to sit down than stand up. What's been incredible with the Glider is that in San Francisco, as an example, once we introduced it, the last three quarters, we've seen growth rates in San Francisco, which is one of our oldest markets, reignite. In fact, we've been growing in excess of 100% year-over-year for the last three quarters, and we think it's because lots of riders who haven't thought about Lime in a while see the Glider, try it, and now they can think about other ways they may want to use the platform. So you're going to see us continue to innovate on form factors. This is going to be hard for our competitors because they buy off-the-shelf hardware. Because they don't control their own R&D roadmap. But we can constantly try new things. If it works, we'll put more CapEx behind it. If it doesn't work, we won't scale it. I think that's been a big driver of our new rider acquisition. Okay. Building on that, when you think about the levers of growth in this business, and I had a lot of conversations around our work on the company with this, how do you think about unpacking the elements of new user growth on the platform, user frequency on the platform, and possibly the elements of introducing more nuanced pricing on the platform? In terms of solving for how you think about the growth algorithm. Yep. When I look at our growth algorithm, what makes me really excited is that there's a lot of different levers that we can pull. At the heart of our growth algorithm is growing fleet, so the number of bikes and scooters we have all around the world. in Q2 of this year, we grew our global fleet by 22%. What maybe not intuitive is that when we grow our fleet, we increase density of deployment. Density drives reliability, and reliability is what drives adoption and engagement. The second most important lever in our growth algorithm is the utilization of our bikes and scooters. The primary utilization metric we use is RVD, revenue per vehicle per day. The more we deploy in cities, what we've seen is that it actually contributes to a higher RVD. We also see higher RVDs through things like the data that we have, which then allows us to position our vehicles at the right place at the right time. Supply positioning is difficult for our smaller competitors to copy because they don't have the data, they don't have the margins, they don't have the scale to build proprietary supply positioning software. In addition to fleet utilization, we also grow our business by growing our monthly active users. What is quite unique about Lime as a consumer business is that we have a very efficient customer acquisition channel. Q2, we grew our overall MAU by 22%, and then we spent less than 2% of our revenues on marketing. The main reason why we're able to do that is because the primary way we acquire customers is that people see our bikes and scooters on the side of the road, and you may see us here in San Francisco. There's a QR code, basic instructions of how you take that first trip. When we grow our fleet, not only do we grow utilization, we also grow our monthly active users. Finally, the last lever is the engagement on a per-user basis, the revenue and the profits we generate per monthly active user. Here, the biggest lever, the biggest driver of greater engagement, has been the introduction of our subscription membership products. Similar to rideshare and food delivery, we know when customers buy one of these memberships, they're far more likely to single app and engage with the platforms. We have two products here. One is called LimePass, which is a prepaid bundle minutes. You can buy a package of minutes for a discount. We have a second product called LimePrime. It is typically $6 monthly subscription. For that, riders always get a flat rate, roughly $2 for any trip under 20 minutes. At $2 a trip, we are cheaper than the bus, we are cheaper than the subway, which is also why we believe it will drive a lot of incrementality. In fact, for LimePass users in 2025, what we saw is that the average LimePass user did six times more trips. Because of the discounts we provide, the average revenue per trip and the margin we get is lower. What we want to see, what we are seeing is that there is a ton of elasticity of demand that the incremental volume makes up for the lower margin percentage, so that the overall dollar profit per user is rising, even though there is a discount provided through membership. We are in the early innings of driving our business into a membership recurring revenue stream, and I think that is the primary driver of user engagement. But if I look across these four levers, and if you look at our most recent quarter, we are executing across all four, and all of them are driving the business forward in a very positive way. Okay, super clear. Coming back to fleet, can you talk to us a little bit about when you want to expand a fleet in a given city, how investors should be thinking about what levels of capacity utilization you reach To make that investment decision and a little bit about the regulatory process you need to follow to expand fleet. Yeah, I can take that and start, and Wayne, you can fill in. Sure. When we look at fleet expansion, which Wayne talked about in the opening, is a key growth driver for us because reliability really matters. It is the number one thing when somebody is going to decide to take micromobility. It is not price, it is how far is a vehicle from me. So having that vehicle availability is incredibly important. When we think about how we allocate capital, we are very focused on driving and maximizing free cash flow over the long term. We take a very disciplined approach to investing in fleet and allocating fleet. The thing that might be counterintuitive is you might think if we add fleet, it is going to dilute the revenue per vehicle per day and utilization is going to go down. What we see is actually the opposite because of this reliability factor. What we see is when we add fleet, the utilization not only goes up for the fleet that we put in service, but for the surrounding fleet because of the improvement in reliability. If you look at the second quarter, for example, our fleet grew 22%, but at the same time, our revenue per vehicle per day on a same-store basis or a same-market basis was up mid-single digits. When you look at how we expand fleet, we cannot just expand fleet wherever we want. We have to win permits and win the right to operate in markets. This is where our vertically integrated platform really comes into play from a competitive advantage standpoint. No one is better at both winning permits, but also retaining permits and getting fleet increases than us, and it is because of our proprietary hardware, software, operations, and government relations expertise. Cities want compliance with their rules and regulations. Think tidy parking, think safe riders. This is where our proprietary technology really comes in and our tech-enabled operations. Cities award fleet to the best operators, and so we win a disproportionate amount of fleet relative to our competitors. You might look at that as a limiter to growth, but we actually see it as an accelerator to growth and as a barrier to entry for others. Because as we are getting scale and increasing our reliability with those disproportionate fleet increases, it is having the opposite effect on our competitors. It is really hard to make the unit economics work here when you are subscale. Oh, go ahead. Did you have a question? Yeah. Along that city stuff and doing extremely well, you are working with global satellite location stuff, right? What is that benefit you have GPS bikes? Does that help your business? Well, one, it allows us to know where the vehicles are, and allows our riders to know where the vehicles are because if you open an app, you need to know how to find a bike and a scooter. Having GPS show, similar to like RideShare, it shows a map and it tells you where are the nearest vehicles. It also helps in terms of compliance. As Ann mentioned, cities care about tidy parking, so we use GPS also to ensure we can replicate things like digital parking corrals. You can only park in specific areas that the cities designate as a parking spot. We can make sure that riders are not doing things like riding on the pedestrian right of way, which creates an unsafe environment. GPS is critical for tracking assets, for enabling riders to access the product, and for compliance and safety. The only other thing I will add is it also allows us to capture a lot of trip data, which allows us to generate demand because we know where the hotspots are, both from missed app opens, but also where people are wanting to ride. You can imagine where you place the vehicle, I mentioned, is the most important thing. It needs to be nearby. Nobody has more data in a city than we do. We are operating in 230 cities around the world, so in terms of positioning the vehicles to generate demand. Do you move them during the day so that? We do. You can, for London, let's say, you can put them in the city for those home evening commutes, in the morning the opposite. You are exactly right. In fact, because we have more data than anybody else, we use that data to build a demand forecasting map in every city we are in. So block by block, how much revenue do we expect to generate on this corner? When we know that, we can then compare that with our current supply positioning to see are we optimizing revenue generation. In fact, we can say for every single bike and scooter, is there a better place to put this bike and scooter? If the incremental revenue is greater than the cost of hiring somebody to move it, that is an ROI positive move task. We do over 25 million operational tasks globally every single year. Every single task is algorithmically created, and because we have data, it constantly improves that algorithm. As you pointed out, what that allows us to do is we are constantly moving our bikes and scooters to capture incremental demand and to ensure they are at the right place at the right time, so we are always the most reliable operator to the rider. Let me just put a fine point on how important this vertically integrated stack is between the hardware, software, and data. Our average revenue per vehicle per day is about $8.20 in the second quarter, and we make a 50% cash gross margin on that. That is because we are able to make the unit economics work because of the data, not just in the supply positioning, but also in the labor, which is the hardest thing to do, and battery swapping. All of that is being informed by algorithms and machine learning. It allows us not only to be efficient in an individual market, but to be efficient across 230 markets. We are profitable across all our markets, and it is because we are not having humans decide how to operate the business. We are letting the machine algorithms provide that consistency. So it is not like you are Uber if I could just, we could save questions to the end. We will come back to you if we can, if we have time. Did you finish your point on fleet expansion? I did. Okay. I just want to make sure we had dotted that I. Wayne, maybe bringing you back into the conversation. Just, you introduced the concept of how you've pivoted towards subscriptions as something that's moving people towards more frequent behavior as well. Can you talk a little bit about the casual user of the platform versus the routine user of the platform, and the role that subscriptions can play in moving people, for lack of a better term, up the stack from a frequency standpoint? Sure. I would say our most important riders are people who use us for their daily commute. But by and large, most riders still have other forms of transportation. They could use a rideshare, they could use the public transit, they could drive themselves. Or they could use a competitor. There aren't that many competitors left, but when there are competitors, they can use a competitor. But when you buy a membership subscription, it makes us the top of mind when you're thinking about going from point A to point B, especially because our LimePrime product is a flat rate. You know it's always going to be two bucks. That's a price point that is quite affordable and attractive. And so what we see is that we end up winning a disproportionate share of their wallet. And riders don't want to buy six different memberships. In fact, people are sick and tired of buying recurring memberships. If you're going to buy one, you're going to buy it from the market leader. And once you buy the membership, you're far more likely to single app. And what we see, and this is what we see in the data, is that this is why there is a pretty significant incrementality in terms of the volume increases. Okay, understood. We talked about the solution side and what you're trying to put in the marketplace. Talk to us a little bit about the go-to-market strategy. Obviously, some of the partnerships you have as a company are important to not only your own and operating go-to-market strategy, but some of the partnership approaches you go to market. Talk about the ways in which you reach the consumer and the role partnerships play in that. Sure. So maybe I'll say the majority of Lime's trips happen on the Lime app through our own device. What you may know is that we have a global integration partnership with Uber. They are our biggest investor. They sit on the board, they anchor the IPO, and that is a partnership that drives a ton of value, especially in new market launches. As you can imagine, when a consumer business goes to a new city, it's oftentimes expensive to get people to learn about your product, to download the app, to trust you enough to give you a credit card. This is why I think consumer businesses spend a ton on marketing. When we launch a new market, day one, millions of users will be able to access Lime directly in the Uber app. This is also why Lime is a very marketing efficient platform, and I think we also bring a ton of value to Uber. It's a two way contractually exclusive partnership, and the fact that they invested more into the IPO shows that they see this partnership as a very strategic partnership for them as well. We think we'll continue to grow and expand with Uber over time. Okay, understood. Then, we talked a little bit earlier about fleet growth and capacity utilization. Can you talk to us a little bit about the maintenance side of CapEx versus the growth side of CapEx, and how you think as a team generally about striking the right balance in any given fiscal year in terms of both maintenance CapEx versus growth CapEx? Yeah, I can start. I think the vast majority of our CapEx is growth CapEx. Just to be clear on what we mean by growth CapEx, as we talked about it earlier, it has incremental revenue, and cash flow tied to it, not just for the fleet that we're adding, but also the benefit of the network that we talked about. Historically, that's around 2/3 of our investment and there's more fleet opportunities than CapEx because we're balancing growth and free cash flow in a very measured way. We're allocating the fleet to the most accretive high ROI opportunities. Our fleet on average costs about $1,500 and it pays back in 12 months, and we're depreciating it over five years, but it has a practical useful life longer than five years. Think about 100% ROI in year one, so very good return on invested capital. As it relates to maintenance CapEx, which what I consider to be maintenance CapEx is what do we need to replace fleet in existing markets. I do want to point out, people sometimes think like the repair and maintenance of the vehicles is CapEx. That is not. That is actually in our unit economics and cost of goods sold. When we are talking about maintenance CapEx, it is really the replacement of fleet in existing markets. That has been about 1/3 of our total CapEx spend or about 5% of revenue. This is where, again, the vertically integrated platform is really important because we are using all of the data that we are getting operationally to figure out how do we make our vehicles more durable? How do we make our vehicles more efficient to repair? We are not focused necessarily on the lowest landed cost. We are focused on how do we maximize the total cost of ownership and return over time. As a result of that, one of the things that we have done is we are pivoting to an upgrade strategy. Before, when we would go to a new platform of vehicle, we would completely remake the entire vehicle. When you think about what we have, we really have a computer on wheels, and the wheels last a really long time, the actual physical hardware. The thing that gets outdated is the tech. We have moved to a modular upgrade strategy where we can upgrade our existing vehicles. Think about we can either replace the footboard, or we can replace just the stem with new software or technology that allows us to extend the life of the vehicle. Anything you would add on the upgrade strategy? Yep. I would say this is a big competitive advantage because we have alignment of interest between our own business and our CapEx schedule. We have this continuous feedback loop. If something breaks, we can learn about it immediately, and we can make an improvement in even the next batch we manufacture. Our competitors buy off-the-shelf hardware. Imagine if my business is to sell you more parts, more scooters, more bikes, I am not incentivized to make them last longer, to break less frequently, to use less spare parts. This is where vertical integration really makes a big difference, including this kind of modular upgrade strategy. If you think about historically, it is like Gen 4 to the Gen 5, Gen 3 to the Gen 4. The next generation of vehicles is going to be, let's say, three modular kits that will be backwards compatible with our existing fleet, which will allow us to extend the life of our vehicles even longer, keep them more competitive. This will hopefully, over time, continue to reduce the maintenance CapEx we have in the business. Can you bridge that to the conversation about unit economics? Ann, you talked a little bit about it in your answer, but when you look at the e-scooter side and the e-bike side, how are you thinking about the different unit economics and how they might evolve for your product set? The payback for our e-scooters and bikes are actually quite similar. We are agnostic in terms of deploying one or the other. It is pretty remarkable because I think, as Ann pointed out, in 2025, we generated $7.50. in Q2, just over $8 of revenue per vehicle per day. Because we run a 50% cash margin, that is, let's say, $4 of cash profits per day. In the course of a year, that is around about $1,500, which is the cost, the CapEx of the vehicles. We are able to generate the similar payback on an e-scooter or a bike. What we are constantly thinking about is how do we make game of inches improvements, which is how we got to profitability. Can we make the bike last a little bit longer? I will give you an example was in our latest LimeBike, the battery pack sits right below the seat, which for some of these battery swaps, our operators have to move the seat up two inches to get the battery pack out. It is, let's say, a second, two seconds. But two seconds millions of times a year is real dollars to the bottom line. We saw this and we said, "What if we shifted the seat up a little bit so you can always take the battery out without having to adjust the seat?" That is a game of inches improvement that we are making to our vehicles to ensure that we get a 1% improvement to our margins. By doing that, this is how we have been able to get most of our formats in our cities to the same payback and the same unit economics. Maybe I might add on the unit economics, there are two ways to look at unit economics, and when we define unit economics, it is what are all the costs that go into providing a ride. You can look at it from a vehicle standpoint, which is what you were asking about, Eric, but we also look at it on a city basis. Yeah. I think that is one of the things that is a big misconception at Lime. I think the use case, in a mega city like London, which is our largest market, or even here in San Francisco, is obvious. What might surprise you is we have similar unit economics in Minneapolis, where I am from, or Nebraska, where Wayne is from, or Milton Keynes in the U.K. We are measuring unit economics on both a vehicle level and a city level, and the same thing that allows us to drive the unit economics at a vehicle level, which is this vertically integrated competitive advantage, also allows us to be profitable on a city-by-city basis. Okay, we got a few minutes left. I am going to go rapid-fire here. Maybe a two parter for you, Ann. Obviously, you just had your IPO. You just had your first earnings call. What are the broader messages you want to leave investors about the way in which the company is thinking about both margins going forward as well as capital allocation broadly as a strategy? Sure. Well, hopefully, you are seeing my excitement for the business. I think there is a ton of long-term durable growth and free cash flow generation, and what I am most excited about post-IPO is that we have a really strong balance sheet. We have no debt. We have around $300 million- $400 million of cash on hand, so plenty of ammunition to continue to build on our competitive advantage. You will see us continue to take a very disciplined approach. We are not a growth at all cost. We are balancing growth and profitability. We are a rule of 40 company between our top-line growth and our EBITDA margin rate, and we plan to continue to deliver that in the future. Okay, very clear. Wayne, let's end with you. You've spoken to a lot of investors in the last couple of months, and you've got your vision for where the company's going over the long term. Two-parter to end with. Number one, what are you most excited about for this business over the next couple of years, and what's one of the biggest misconceptions with investors that you'd love to close out in the next couple of years and show people where the platform's going to go? Yeah, maybe I'll start with the second. I would say oftentimes, especially if you're an investor listening, like in New York or Boston, maybe you don't use micromobility in your personal life. So sometimes I feel like investors can't imagine themselves on an e-bike, so they can't imagine how do you sustain growth over the long run. But if you look at the macro trends driving our adoption, congestion is getting worse, transportation cost is going up, global warming is still a global crisis that is not going away, and Lime is a solution to all of these things. People use our product because we are cheaper, we are faster, we are more green, and we're helping cities solve fundamental transportation challenges. This is also what I'm most excited about, is that we are in the early innings of this industry, and we've already cleared out almost all the competitors. Lime is the winner. We are the Uber of this industry. We have a differentiated mousetrap because of that vertical integration. If you look at our competitors, the margins, the payback we're talking about, this is not industry payback. This is not industry margin. These are Lime-specific margins that we're able to achieve because we build our own hardware, we build our own software. If I look at the future, there's so much more opportunities to scale this product to new cities, to reach new riders, and to help solve fundamental challenges that cities face all over the world. Wayne, Ann, thanks so much for being here. Please join me in thanking Lime for being part of the conference. Thank you. Thanks, Eric. Really appreciate it. Of course.