Q1 Rides and Gross Bookings Growth Exceed 20% Year-Over-Year
Expects Higher Cash Generation for Full-Year 2024
“Lyft is off to a strong start in 2024. We are executing well and bringing much-needed innovation to the market. That’s why drivers and riders are choosing
“We continue to see demand for our platform increase and our Q1 results reflect this: we delivered strong top-line growth and had our second consecutive quarter of positive free cash flow,” said CFO
First Quarter 2024 Financial Highlights:
-
Gross Bookings of
$3.7 billion was up 21% year-over-year. -
Revenue of
$1.3 billion was up 28% year-over-year. -
Net loss of
$31.5 million compares with$187.6 million in Q1’23. Net loss includes$87.5 million of stock-based compensation and related payroll tax expenses. Net loss as a percentage of Gross Bookings was (0.9)% and compares with (6.2)% in Q1’23. -
Adjusted EBITDA of
$59.4 million compares with$22.7 million in Q1’23. Adjusted EBITDA margin as a percentage of Gross Bookings was 1.6% and compares with 0.7% in Q1’23.
First Quarter 2024 Operational Highlights:
- Rides of 188 million: were up 23% year-over-year, reflecting strong demand across use cases. Growth in early morning, commute and weekend evening trips was particularly strong, which is a continuation of the trends we saw in the back half of 2023.
- Active Riders of 21.9 million: were up 12% year-over-year, reflecting an improvement in rider retention along with an increase in new riders.
-
Driver Earnings Commitmen
t:
Lyft drivers know they’ll always earn at least 70% of the rider fare each week after external fees. Since the launch in February, drivers’ perceptions of pay fairness have improved significantly, with 75% telling us they have a better understanding of their earnings. The data shows our commitment is helping us attract and retain drivers, and increase driver hours. -
Women+ Connect rolled out nationwide: with extremely positive feedback. Women and non-binary driver activations increased by nearly 24% year-over-year in Q1. This has continued to be one of Lyft’s highest-rated features, and most drivers who use it tell us they feel safer while driving with
Lyft . -
Bringing people together: is core to
Lyft's purpose and exactly what our platform does. On St. Paddy’s Day, we focused on helping people connect and the impact was nearly 20% more rides than the average Sunday in the quarter. And onApril 8th for the eclipse,Lyft saw a pop in Scheduled Rides as people headed towards the path of totality. -
Strong growth in
Canada : Over the past year we’ve brought our focus on customer obsession to this market and it’s already producing results.Lyft operates in five of Canada’s largest cities, as well as in about 13 smaller cities. As we’ve begun to apply our customer obsession to those markets, we’ve doubled rides and more than doubled new rider activations and driver hours in Q1 year-on-year. -
Lyft Media: Revenue grew by about 250% year-over-year with about half of our business coming from repeat customers, like NBCUniversal. We’ve also added several new customers including Zillow and Mastercard. And in Q1 we added new partners, including Nielsen and
Oracle Advertising – for their ads measurement and data enrichment solution to expand targeting – helping us deliver even more value to our customers.
Second Quarter 2024 Outlook:
-
Gross Bookings of approximately
$4.0 billion to$4.1 billion . -
Adjusted EBITDA of
$95 million to$100 million and an Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.4%.
FY’24 Directional Commentary: Free Cash Flow Conversion Updated
- Rides growth in the mid-teens year-over-year.
- Gross Bookings growth that is slightly faster than Rides growth year-over-year.
- Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.1%.
- We remain on track to generate positive free cash flow for the full year. Given our improved visibility into the first half of the year, we now expect at least 70% of Adjusted EBITDA to convert to free cash flow for the full-year 2024.
We have not provided the forward-looking GAAP equivalent to our non-GAAP outlook or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of reconciling items such as stock-based compensation and income tax. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalent is not available without unreasonable effort. However, it is important to note that the reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP metrics in tables at the end of this release. For more information regarding the non-GAAP financial measures discussed in this earnings release, please see "GAAP to non-GAAP Reconciliations" below.
Financial and Operational Results through the First Quarter of 2023
|
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
|
||||||
|
|
(in millions, except for percentages) |
||||||||||
Active Riders |
|
|
21.9 |
|
|
|
22.4 |
|
|
|
19.6 |
|
Rides |
|
|
187.7 |
|
|
|
190.8 |
|
|
|
153.0 |
|
Gross Bookings |
|
$ |
3,693.2 |
|
|
$ |
3,724.3 |
|
|
$ |
3,050.7 |
|
Revenue |
|
$ |
1,277.2 |
|
|
$ |
1,224.6 |
|
|
$ |
1,000.5 |
|
Net loss |
|
$ |
(31.5 |
) |
|
$ |
(26.3 |
) |
|
$ |
(187.6 |
) |
Net loss as a percentage of Gross Bookings |
|
|
(0.9 |
)% |
|
|
(0.7 |
)% |
|
|
(6.2 |
)% |
Adjusted EBITDA |
|
$ |
59.4 |
|
|
$ |
66.6 |
|
|
$ |
22.7 |
|
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) |
|
|
1.6 |
% |
|
|
1.8 |
% |
|
|
0.7 |
% |
Adjusted Net Income (Loss) |
|
$ |
60.0 |
|
|
$ |
71.1 |
|
|
$ |
27.7 |
|
Free cash flow |
|
$ |
127.1 |
|
|
$ |
14.9 |
|
|
$ |
(120.8 |
) |
Note: Information on our key metrics and non-GAAP financial measures is also available on our Investor Relations page.
Definitions of Key Metrics
Gross Bookings
Gross Bookings is a key indicator of the scale and impact of our overall platform.
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) is calculated by dividing Adjusted EBITDA for a period by Gross Bookings for the same period. For the definition of Adjusted EBITDA, refer to “Non-GAAP Financial Measures”.
Rides
Rides represent the level of usage of our multimodal platform.
Active Riders
The number of Active Riders is a key indicator of the scale of our user community.
Webcast
About
Available Information
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or
Non-GAAP Financial Measures
To supplement
In
Lyft’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
Condensed Consolidated Balance Sheets (in thousands, except for share and per share data) (unaudited) |
|||||||
|
2 024 |
|
2 023 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
507,918 |
|
|
$ |
558,636 |
|
Short-term investments |
|
1,157,729 |
|
|
|
1,126,548 |
|
Prepaid expenses and other current assets |
|
883,133 |
|
|
|
892,235 |
|
Total current assets |
|
2,548,780 |
|
|
|
2,577,419 |
|
Restricted cash and cash equivalents |
|
144,698 |
|
|
|
211,786 |
|
Restricted investments |
|
1,062,318 |
|
|
|
837,291 |
|
Other investments |
|
39,290 |
|
|
|
39,870 |
|
Property and equipment, net |
|
544,454 |
|
|
|
465,844 |
|
Operating lease right of use assets |
|
95,074 |
|
|
|
98,202 |
|
Intangible assets, net |
|
55,591 |
|
|
|
59,515 |
|
|
|
256,228 |
|
|
|
257,791 |
|
Other assets |
|
15,992 |
|
|
|
16,749 |
|
Total assets |
$ |
4,762,425 |
|
|
$ |
4,564,467 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
104,470 |
|
|
$ |
72,282 |
|
Insurance reserves |
|
1,390,952 |
|
|
|
1,337,868 |
|
Accrued and other current liabilities |
|
1,580,509 |
|
|
|
1,508,855 |
|
Operating lease liabilities — current |
|
43,267 |
|
|
|
42,556 |
|
Total current liabilities |
|
3,119,198 |
|
|
|
2,961,561 |
|
Operating lease liabilities |
|
124,796 |
|
|
|
134,102 |
|
Long-term debt, net of current portion |
|
942,174 |
|
|
|
839,362 |
|
Other liabilities |
|
84,925 |
|
|
|
87,924 |
|
Total liabilities |
|
4,271,093 |
|
|
|
4,022,949 |
|
Stockholders’ equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
10,810,051 |
|
|
|
10,827,378 |
|
Accumulated other comprehensive income (loss) |
|
(6,273 |
) |
|
|
(4,949 |
) |
Accumulated deficit |
|
(10,312,450 |
) |
|
|
(10,280,915 |
) |
Total stockholders’ equity |
|
491,332 |
|
|
|
541,518 |
|
Total liabilities and stockholders’ equity |
$ |
4,762,425 |
|
|
$ |
4,564,467 |
|
Condensed Consolidated Statements of Operations (in thousands, except for per share data) (unaudited) |
|||||||
|
Three Months Ended |
||||||
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
1,277,201 |
|
|
$ |
1,000,548 |
|
Costs and expenses |
|
|
|
||||
Cost of revenue |
|
755,362 |
|
|
|
548,992 |
|
Operations and support |
|
103,042 |
|
|
|
98,926 |
|
Research and development |
|
100,023 |
|
|
|
196,904 |
|
Sales and marketing |
|
145,472 |
|
|
|
115,941 |
|
General and administrative |
|
236,253 |
|
|
|
256,540 |
|
Total costs and expenses |
|
1,340,152 |
|
|
|
1,217,303 |
|
Loss from operations |
|
(62,951 |
) |
|
|
(216,755 |
) |
Interest expense |
|
(7,048 |
) |
|
|
(5,433 |
) |
Other income (expense), net |
|
41,057 |
|
|
|
37,215 |
|
Loss before income taxes |
|
(28,942 |
) |
|
|
(184,973 |
) |
Provision for (benefit from) income taxes |
|
2,593 |
|
|
|
2,676 |
|
Net loss |
$ |
(31,535 |
) |
|
$ |
(187,649 |
) |
Net loss per share, basic and diluted |
$ |
(0.08 |
) |
|
$ |
(0.50 |
) |
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted |
|
401,553 |
|
|
|
373,727 |
|
Stock-based compensation included in costs and expenses: |
|
|
|
||||
Cost of revenue |
$ |
6,016 |
|
|
$ |
10,769 |
|
Operations and support |
|
2,094 |
|
|
|
5,928 |
|
Research and development |
|
29,832 |
|
|
|
93,505 |
|
Sales and marketing |
|
4,204 |
|
|
|
11,684 |
|
General and administrative |
|
37,952 |
|
|
|
58,497 |
|
Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||
|
Three Months Ended |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(31,535 |
) |
|
$ |
(187,649 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
||||
Depreciation and amortization |
|
32,408 |
|
|
|
27,230 |
|
Stock-based compensation |
|
80,098 |
|
|
|
180,383 |
|
Amortization of premium on marketable securities |
|
64 |
|
|
|
80 |
|
Accretion of discount on marketable securities |
|
(20,872 |
) |
|
|
(13,624 |
) |
Amortization of debt discount and issuance costs |
|
804 |
|
|
|
666 |
|
(Gain) loss on sale and disposal of assets, net |
|
(4,336 |
) |
|
|
(7,575 |
) |
Other |
|
2,114 |
|
|
|
3,489 |
|
Changes in operating assets and liabilities, net effects of acquisition |
|
|
|
||||
Prepaid expenses and other assets |
|
9,760 |
|
|
|
(1,115 |
) |
Operating lease right-of-use assets |
|
7,055 |
|
|
|
18,978 |
|
Accounts payable |
|
31,819 |
|
|
|
(4,295 |
) |
Insurance reserves |
|
53,084 |
|
|
|
(63,647 |
) |
Accrued and other liabilities |
|
8,486 |
|
|
|
(15,306 |
) |
Lease liabilities |
|
(12,772 |
) |
|
|
(11,655 |
) |
Net cash provided by (used in) operating activities |
|
156,177 |
|
|
|
(74,040 |
) |
Cash flows from investing activities |
|
|
|
||||
Purchases of marketable securities |
|
(1,124,149 |
) |
|
|
(598,640 |
) |
Purchases of term deposits |
|
(2,194 |
) |
|
|
— |
|
Proceeds from sales of marketable securities |
|
43,973 |
|
|
|
223,114 |
|
Proceeds from maturities of marketable securities |
|
841,665 |
|
|
|
846,440 |
|
Proceeds from maturities of term deposits |
|
3,539 |
|
|
|
5,000 |
|
Purchases of property and equipment and scooter fleet |
|
(29,106 |
) |
|
|
(46,799 |
) |
Sales of property and equipment |
|
24,181 |
|
|
|
20,256 |
|
Net cash (used in) provided by investing activities |
|
(242,091 |
) |
|
|
449,371 |
|
Cash flows from financing activities |
|
|
|
||||
Repayment of loans |
|
(20,572 |
) |
|
|
(21,145 |
) |
Proceeds from issuance of convertible senior notes |
|
460,000 |
|
|
|
— |
|
Payment of debt issuance costs |
|
(11,888 |
) |
|
|
— |
|
Purchase of capped call |
|
(47,886 |
) |
|
|
— |
|
Repurchase of Class A Common Stock |
|
(50,000 |
) |
|
|
— |
|
Payment for settlement of convertible senior notes due 2025 |
|
(350,000 |
) |
|
|
— |
|
Proceeds from exercise of stock options and other common stock issuances |
|
1,924 |
|
|
|
297 |
|
Taxes paid related to net share settlement of equity awards |
|
(1,462 |
) |
|
|
(1,165 |
) |
Principal payments on finance lease obligations |
|
(11,479 |
) |
|
|
(5,730 |
) |
Net cash used in financing activities |
|
(31,363 |
) |
|
|
(27,743 |
) |
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents |
|
(528 |
) |
|
|
17 |
|
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents |
|
(117,805 |
) |
|
|
347,605 |
|
Cash, cash equivalents and restricted cash and cash equivalents |
|
|
|
||||
Beginning of period |
|
771,786 |
|
|
|
391,822 |
|
End of period |
$ |
653,981 |
|
|
$ |
739,427 |
|
Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||
|
Three Months Ended |
||||||
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets |
|
|
|
||||
Cash and cash equivalents |
$ |
507,918 |
|
|
$ |
509,576 |
|
Restricted cash and cash equivalents |
|
144,698 |
|
|
|
228,487 |
|
Restricted cash, included in prepaid expenses and other current assets |
|
1,365 |
|
|
|
1,364 |
|
Total cash, cash equivalents and restricted cash and cash equivalents |
$ |
653,981 |
|
|
$ |
739,427 |
|
Non-cash investing and financing activities |
|
|
|
||||
Financed vehicles acquired |
$ |
88,350 |
|
|
$ |
98,373 |
|
Purchases of property and equipment and scooter fleet not yet settled |
|
8,496 |
|
|
|
7,547 |
|
Right-of-use assets acquired under finance leases |
|
11,956 |
|
|
|
5,367 |
|
Right-of-use assets acquired under operating leases |
|
3,328 |
|
|
|
672 |
|
Remeasurement of finance and operating lease right of use assets |
|
(3,659 |
) |
|
|
(8,105 |
) |
GAAP to Non-GAAP Reconciliations (in millions) (unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
Adjusted EBITDA(1) |
|
|
|
|
|
||||||
Net loss |
$ |
(31.5 |
) |
|
$ |
(26.3 |
) |
|
$ |
(187.6 |
) |
Adjusted to exclude the following: |
|
|
|
|
|
||||||
Interest expense(1) |
|
8.5 |
|
|
|
9.7 |
|
|
|
5.9 |
|
Other (income) expense, net |
|
(41.1 |
) |
|
|
(45.4 |
) |
|
|
(37.2 |
) |
Provision for (benefit from) income taxes |
|
2.6 |
|
|
|
3.2 |
|
|
|
2.7 |
|
Depreciation and amortization |
|
32.4 |
|
|
|
31.2 |
|
|
|
27.2 |
|
Stock-based compensation |
|
80.1 |
|
|
|
91.7 |
|
|
|
180.4 |
|
Payroll tax expense related to stock-based compensation |
|
7.4 |
|
|
|
1.6 |
|
|
|
6.2 |
|
Sublease income |
|
1.1 |
|
|
|
1.1 |
|
|
|
1.3 |
|
Restructuring charges(2) |
|
— |
|
|
|
— |
|
|
|
23.9 |
|
Adjusted EBITDA |
$ |
59.4 |
|
|
$ |
66.6 |
|
|
$ |
22.7 |
|
Gross Bookings |
$ |
3,693.2 |
|
|
$ |
3,724.3 |
|
|
$ |
3,050.7 |
|
Net loss as a percentage of Gross Bookings |
|
(0.9 |
)% |
|
|
(0.7 |
)% |
|
|
(6.2 |
)% |
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) |
|
1.6 |
% |
|
|
1.8 |
% |
|
|
0.7 |
% |
(1) Includes
(2) In the first quarter of 2023, we incurred restructuring charges of
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
Adjusted Net Income (Loss) |
|
|
|
|
|
||||||
Net loss |
$ |
(31.5 |
) |
|
$ |
(26.3 |
) |
|
$ |
(187.6 |
) |
Adjusted to exclude the following: |
|
|
|
|
|
||||||
Amortization of intangible assets |
|
4.1 |
|
|
|
4.1 |
|
|
|
4.5 |
|
Stock-based compensation expense |
|
80.1 |
|
|
|
91.7 |
|
|
|
180.4 |
|
Payroll tax expense related to stock-based compensation |
|
7.4 |
|
|
|
1.6 |
|
|
|
6.2 |
|
Restructuring charges(1) |
|
— |
|
|
|
— |
|
|
|
24.2 |
|
Adjusted Net Income (Loss) |
$ |
60.0 |
|
|
$ |
71.1 |
|
|
$ |
27.7 |
|
(1) In the first quarter of 2023, we incurred restructuring charges of
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
Free cash flow |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Net cash provided by (used in) operating activities |
$ |
156.2 |
|
|
$ |
43.5 |
|
|
$ |
(74.0 |
) |
Less: purchases of property and equipment and scooter fleet |
|
(29.1 |
) |
|
|
(28.6 |
) |
|
|
(46.8 |
) |
Free cash flow |
$ |
127.1 |
|
|
$ |
14.9 |
|
|
$ |
(120.8 |
) |
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240506951337/en/
investor@lyft.com
Media
press@lyft.com
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