CORRECTING and REPLACING Lyft Announces Fourth Quarter and Full-Year 2023 Results
Full-year Gross Bookings, riders reach all-time highs
The updated release reads:
LYFT ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2023 RESULTS
Full-year Gross Bookings, riders reach all-time highs
“In 2023, the
“Lyft’s outstanding Q4 performance demonstrates our team’s incredible work to build a solid foundation for profitable growth,” said CFO
Fourth Quarter 2023 Financial Highlights
-
Gross Bookings of
$3.7 billion grew 17% year-over-year. -
Revenue of
$1.2 billion grew 4% year-over-year. -
Net loss of
$26.3 million compares with a net loss$588.1 million in Q4’22. Net loss includes$93.3 million of stock-based compensation and related payroll tax expenses. Net loss as a percentage of Gross Bookings was (0.7%) and compares with (18.4%) in Q4’22. -
Adjusted EBITDA of
$66.6 million compares with$(248.3) million in Q4’22. Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) was 1.8% and compares with (7.8%) in Q4’22.
Full-Year 2023 Financial Highlights
-
Gross Bookings of
$13.8 billion grew 14% year-over-year. -
Revenue of
$4.4 billion grew 8% year-over-year. -
Net loss of
$340.3 million compares with$1.6 billion in full-year 2022 and includes$497.0 million of stock-based compensation and related payroll tax expenses. Net loss as a percentage of Gross Bookings was (2.5%) and compares with (13.1%) in full-year 2022. -
Adjusted EBITDA of
$222.4 million compares with$(416.5) million in full-year 2022. Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) was 1.6% and compares with (3.5%) in full-year 2022.
Operational Highlights
- Rides of 191 million in Q4: Grew 26% year-over-year, our fourth consecutive quarter of accelerating growth driven by strong rideshare demand. For full-year 2023, Rides were 709 million, up 18% year-over-year.
- Active Riders of 22.4 million in Q4: Grew 10% year-over-year. For full-year 2023, with more than 40 million riders, we had the highest annual ridership in company history.
-
On-time pickup promise: Scheduled rides to the airport were covered by our on-time pickup promise in many major markets starting in November. Either your driver would be there within 10 minutes of your scheduled pick-up time, or you’d be compensated up to
$100 inLyft credits. 98% of rides covered by this promise were on-time and scheduled airport drop-offs in Q4 reached an all-time high. - Women+ Connect: Highly-requested feature that prioritizes matching women and non-binary drivers and riders. The response since the initial launch in September has been outstanding, with 67% of eligible drivers opting in and keeping the feature on 99% of the time. Women+ Connect is one of our highest-rated driver features, with nearly 7 million rides completed to date.
- Lyft Media: Launched in-app video ads in Q4 with strong results in terms of views and click-throughs. Lyft Media revenue in Q4 2023 surpassed the level achieved in all of 2022. We are working closely with partners to create great experiences for customers, tapping into our lifestyle and destination targeting capabilities.
-
Helping People Connect: Getting people out of their homes and connecting in-person continues to be core to Lyft’s purpose. Last year, fans flocked to stadiums, with these rides growing by more than 35% year-over-year, driven by high-attendance stadium events including
Taylor Swift andBeyoncé concerts, theUS Open , and football games.
Q1’24 Outlook:
-
Gross Bookings of approximately
$3.5 billion to$3.6 billion -
Adjusted EBITDA of
$50 million to$55 million and an Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 1.4% to 1.5%.
FY’24 Directional Commentary:
- 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 expansion (calculated as a percentage of Gross Bookings) of approximately 50 basis points year-over-year.
-
Given these factors, along with our plans for slightly lower capital expenditures for 2024 relative to 2023, we anticipate that
Lyft will generate positive Free Cash Flow for the full-year for the first time. In terms of the magnitude, we expect that roughly half of Adjusted EBITDA will convert to Free Cash Flow for full-year 2024.
We have not provided the forward-looking GAAP equivalent to our Adjusted EBITDA 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 this non-GAAP guidance metric to its 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 Fourth Quarter of 2023 |
||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
2023 |
|
2022 |
||||||||||
|
|
(in millions, except for percentages) |
||||||||||||||||||
Active Riders |
|
|
22.4 |
|
|
|
22.4 |
|
|
|
20.4 |
|
|
|
|
|
||||
Rides |
|
|
190.8 |
|
|
|
187.4 |
|
|
|
151.1 |
|
|
|
709.0 |
|
|
|
598.5 |
|
Gross Bookings |
|
$ |
3,724.3 |
|
|
$ |
3,554.1 |
|
|
$ |
3,191.0 |
|
|
$ |
13,775.2 |
|
|
$ |
12,057.3 |
|
Revenue |
|
$ |
1,224.6 |
|
|
$ |
1,157.6 |
|
|
$ |
1,175.0 |
|
|
$ |
4,403.6 |
|
|
$ |
4,095.1 |
|
Net loss |
|
$ |
(26.3 |
) |
|
$ |
(12.1 |
) |
|
$ |
(588.1 |
) |
|
$ |
(340.3 |
) |
|
$ |
(1,584.5 |
) |
Net loss as a percentage of Gross Bookings |
|
|
(0.7 |
)% |
|
|
(0.3 |
)% |
|
|
(18.4 |
)% |
|
|
(2.5 |
)% |
|
|
(13.1 |
)% |
Adjusted EBITDA |
|
$ |
66.6 |
|
|
$ |
92.0 |
|
|
$ |
(248.3 |
) |
|
$ |
222.4 |
|
|
$ |
(416.5 |
) |
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) |
|
|
1.8 |
% |
|
|
2.6 |
% |
|
|
(7.8 |
)% |
|
|
1.6 |
% |
|
|
(3.5 |
)% |
Adjusted Net Income (Loss) |
|
$ |
71.1 |
|
|
$ |
92.3 |
|
|
$ |
(270.8 |
) |
|
$ |
250.7 |
|
|
$ |
(531.4 |
) |
Free cash flow |
|
$ |
14.9 |
|
|
$ |
(30.0 |
) |
|
$ |
(66.2 |
) |
|
$ |
(248.1 |
) |
|
$ |
(352.3 |
) |
Note: Information on our key metrics and non-GAAP financial measures are also available on our Investor Relations page. |
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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
During the second quarter of 2021,
Losses ceded under the Reinsurance Agreement that exceed the combined funds withheld liability balance and collateralized amount established by
During the second quarter of 2022, we completed a transaction which effectively commuted and settled the Reinsurance Agreement. The commutation transaction resulted in a
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.
Consolidated Balance Sheets (in thousands, except for share and per share data) (unaudited) |
|||||||
|
|
||||||
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
558,636 |
|
|
$ |
281,090 |
|
Short-term investments |
|
1,126,548 |
|
|
|
1,515,702 |
|
Prepaid expenses and other current assets |
|
892,235 |
|
|
|
786,067 |
|
Total current assets |
|
2,577,419 |
|
|
|
2,582,859 |
|
Restricted cash and cash equivalents |
|
211,786 |
|
|
|
109,368 |
|
Restricted investments |
|
837,291 |
|
|
|
1,027,506 |
|
Other investments |
|
39,870 |
|
|
|
26,390 |
|
Property and equipment, net |
|
465,844 |
|
|
|
313,402 |
|
Operating lease right of use assets |
|
98,202 |
|
|
|
135,213 |
|
Intangible assets, net |
|
59,515 |
|
|
|
76,208 |
|
|
|
257,791 |
|
|
|
261,582 |
|
Other assets |
|
16,749 |
|
|
|
23,903 |
|
Total assets |
$ |
4,564,467 |
|
|
$ |
4,556,431 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
72,282 |
|
|
$ |
107,801 |
|
Insurance reserves |
|
1,337,868 |
|
|
|
1,417,350 |
|
Accrued and other current liabilities |
|
1,508,855 |
|
|
|
1,561,609 |
|
Operating lease liabilities — current |
|
42,556 |
|
|
|
45,803 |
|
Total current liabilities |
|
2,961,561 |
|
|
|
3,132,563 |
|
Operating lease liabilities |
|
134,102 |
|
|
|
176,356 |
|
Long-term debt, net of current portion |
|
839,362 |
|
|
|
803,207 |
|
Other liabilities |
|
87,924 |
|
|
|
55,637 |
|
Total liabilities |
|
4,022,949 |
|
|
|
4,167,763 |
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
10,827,378 |
|
|
|
10,335,013 |
|
Accumulated other comprehensive income (loss) |
|
(4,949 |
) |
|
|
(5,754 |
) |
Accumulated deficit |
|
(10,280,915 |
) |
|
|
(9,940,595 |
) |
Total stockholders’ equity |
|
541,518 |
|
|
|
388,668 |
|
Total liabilities and stockholders’ equity |
$ |
4,564,467 |
|
|
$ |
4,556,431 |
|
Consolidated Statements of Operations (in thousands, except for per share data) (unaudited) |
|||||||||||
|
Year Ended |
||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
$ |
4,403,589 |
|
|
$ |
4,095,135 |
|
|
$ |
3,208,323 |
|
Costs and expenses |
|
|
|
|
|
||||||
Cost of revenue |
|
2,543,954 |
|
|
|
2,435,736 |
|
|
|
1,702,317 |
|
Operations and support |
|
427,239 |
|
|
|
443,846 |
|
|
|
402,233 |
|
Research and development |
|
555,916 |
|
|
|
856,777 |
|
|
|
911,946 |
|
Sales and marketing |
|
481,004 |
|
|
|
531,512 |
|
|
|
411,406 |
|
General and administrative |
|
871,080 |
|
|
|
1,286,180 |
|
|
|
915,638 |
|
Total costs and expenses |
|
4,879,193 |
|
|
|
5,554,051 |
|
|
|
4,343,540 |
|
Loss from operations |
|
(475,604 |
) |
|
|
(1,458,916 |
) |
|
|
(1,135,217 |
) |
Interest expense |
|
(26,223 |
) |
|
|
(19,735 |
) |
|
|
(51,635 |
) |
Other income (expense), net |
|
170,123 |
|
|
|
(99,988 |
) |
|
|
135,933 |
|
Loss before income taxes |
|
(331,704 |
) |
|
|
(1,578,639 |
) |
|
|
(1,050,919 |
) |
Provision for (benefit from) income taxes |
|
8,616 |
|
|
|
5,872 |
|
|
|
11,225 |
|
Net loss |
$ |
(340,320 |
) |
|
$ |
(1,584,511 |
) |
|
$ |
(1,062,144 |
) |
Net loss per share, basic and diluted |
$ |
(0.88 |
) |
|
$ |
(4.47 |
) |
|
$ |
(3.17 |
) |
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted |
|
385,335 |
|
|
|
354,731 |
|
|
|
334,724 |
|
Stock-based compensation included in costs and expenses: |
|
|
|
|
|
||||||
Cost of revenue |
$ |
30,170 |
|
|
$ |
44,132 |
|
|
$ |
39,491 |
|
Operations and support |
|
15,468 |
|
|
|
25,442 |
|
|
|
24,083 |
|
Research and development |
|
214,160 |
|
|
|
391,983 |
|
|
|
414,324 |
|
Sales and marketing |
|
29,682 |
|
|
|
49,867 |
|
|
|
38,243 |
|
General and administrative |
|
195,053 |
|
|
|
239,343 |
|
|
|
208,419 |
|
Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||||||
|
Year Ended |
||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
|
||||||
Net loss |
$ |
(340,320 |
) |
|
$ |
(1,584,511 |
) |
|
$ |
(1,062,144 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
||||||
Depreciation and amortization |
|
116,513 |
|
|
|
154,798 |
|
|
|
139,347 |
|
Stock-based compensation |
|
484,533 |
|
|
|
750,767 |
|
|
|
724,560 |
|
Amortization of premium on marketable securities |
|
117 |
|
|
|
2,955 |
|
|
|
4,100 |
|
Accretion of discount on marketable securities |
|
(68,125 |
) |
|
|
(23,245 |
) |
|
|
(1,513 |
) |
Amortization of debt discount and issuance costs |
|
2,877 |
|
|
|
2,823 |
|
|
|
35,575 |
|
(Gain) loss on sale and disposal of assets, net |
|
(11,278 |
) |
|
|
(60,655 |
) |
|
|
5,538 |
|
Gain on divestiture |
|
— |
|
|
|
— |
|
|
|
(119,284 |
) |
Impairment of non-marketable equity security |
|
— |
|
|
|
135,714 |
|
|
|
— |
|
Other |
|
(4,261 |
) |
|
|
23,592 |
|
|
|
3,321 |
|
Changes in operating assets and liabilities, net effects of acquisition |
|
|
|
|
|
||||||
Prepaid expenses and other assets |
|
(86,922 |
) |
|
|
(275,945 |
) |
|
|
(207,046 |
) |
Operating lease right-of-use assets |
|
20,046 |
|
|
|
96,317 |
|
|
|
61,301 |
|
Accounts payable |
|
(41,079 |
) |
|
|
(27,215 |
) |
|
|
47,080 |
|
Insurance reserves |
|
(79,482 |
) |
|
|
348,721 |
|
|
|
81,564 |
|
Accrued and other liabilities |
|
(75,571 |
) |
|
|
262,358 |
|
|
|
234,212 |
|
Lease liabilities |
|
(15,292 |
) |
|
|
(43,759 |
) |
|
|
(48,332 |
) |
Net cash used in operating activities |
|
(98,244 |
) |
|
|
(237,285 |
) |
|
|
(101,721 |
) |
Cash flows from investing activities |
|
|
|
|
|
||||||
Purchases of marketable securities |
|
(3,288,659 |
) |
|
|
(4,049,515 |
) |
|
|
(3,801,736 |
) |
Purchase of non-marketable security |
|
— |
|
|
|
— |
|
|
|
(5,000 |
) |
Purchases of term deposits |
|
(3,539 |
) |
|
|
(13,586 |
) |
|
|
(458,021 |
) |
Proceeds from sales of marketable securities |
|
452,465 |
|
|
|
676,854 |
|
|
|
513,009 |
|
Proceeds from maturities of marketable securities |
|
3,481,042 |
|
|
|
3,308,664 |
|
|
|
3,259,221 |
|
Proceeds from maturities of term deposits |
|
8,539 |
|
|
|
395,092 |
|
|
|
675,481 |
|
Purchases of property and equipment and scooter fleet |
|
(149,819 |
) |
|
|
(114,970 |
) |
|
|
(79,176 |
) |
Cash paid for acquisitions, net of cash acquired |
|
1,630 |
|
|
|
(146,334 |
) |
|
|
3 |
|
Sales of property and equipment |
|
92,594 |
|
|
|
129,840 |
|
|
|
42,543 |
|
Proceeds from divestiture |
|
— |
|
|
|
— |
|
|
|
122,688 |
|
Other |
|
5,500 |
|
|
|
— |
|
|
|
(2,000 |
) |
Net cash provided by investing activities |
|
599,753 |
|
|
|
186,045 |
|
|
|
267,012 |
|
Cash flows from financing activities |
|
|
|
|
|
||||||
Repayment of loans |
|
(72,484 |
) |
|
|
(67,639 |
) |
|
|
(44,446 |
) |
Proceeds from exercise of stock options and other common stock issuances |
|
10,993 |
|
|
|
21,655 |
|
|
|
33,822 |
|
Taxes paid related to net share settlement of equity awards |
|
(3,021 |
) |
|
|
(6,733 |
) |
|
|
(26,297 |
) |
Principal payments on finance lease obligations |
|
(43,466 |
) |
|
|
(34,783 |
) |
|
|
(35,547 |
) |
Contingent consideration paid |
|
(14,100 |
) |
|
|
— |
|
|
|
— |
|
Other |
|
— |
|
|
|
— |
|
|
|
(2 |
) |
Net cash used in financing activities |
|
(122,078 |
) |
|
|
(87,500 |
) |
|
|
(72,470 |
) |
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents |
|
533 |
|
|
|
(631 |
) |
|
|
(113 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents |
|
379,964 |
|
|
|
(139,371 |
) |
|
|
92,708 |
|
Cash, cash equivalents and restricted cash and cash equivalents |
|
|
|
|
|
||||||
Beginning of period |
|
391,822 |
|
|
|
531,193 |
|
|
|
438,485 |
|
End of period |
$ |
771,786 |
|
|
$ |
391,822 |
|
|
$ |
531,193 |
|
Consolidated Statements of Cash Flows (in thousands) (unaudited) |
||||||||||
|
Year Ended |
|||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets |
|
|
|
|
|
|||||
Cash and cash equivalents |
$ |
558,636 |
|
|
$ |
281,090 |
|
|
$ |
457,325 |
Restricted cash and cash equivalents |
|
211,786 |
|
|
|
109,368 |
|
|
|
73,205 |
Restricted cash, included in prepaid expenses and other current assets |
|
1,364 |
|
|
|
1,364 |
|
|
|
663 |
Total cash, cash equivalents and restricted cash and cash equivalents |
$ |
771,786 |
|
|
$ |
391,822 |
|
|
$ |
531,193 |
|
|
|
|
|
|
|||||
Supplemental disclosures of cash flow information |
|
|
|
|
|
|||||
Cash paid for income taxes |
|
9,425 |
|
|
|
10,723 |
|
|
|
5,865 |
Cash paid for interest |
|
20,176 |
|
|
|
16,752 |
|
|
|
16,521 |
|
|
|
|
|
|
|||||
Non-cash investing and financing activities |
|
|
|
|
|
|||||
Financed vehicles acquired |
$ |
127,095 |
|
|
$ |
48,104 |
|
|
$ |
56,830 |
Purchases of property and equipment, and scooter fleet not yet settled |
|
4,505 |
|
|
|
31,534 |
|
|
|
12,214 |
Contingent consideration |
|
— |
|
|
|
15,000 |
|
|
|
— |
Right-of-use assets acquired under finance leases |
|
79,102 |
|
|
|
11,428 |
|
|
|
26,640 |
Right-of-use assets acquired under operating leases |
|
3,795 |
|
|
|
498 |
|
|
|
7,148 |
Remeasurement of finance and operating lease right of use assets |
|
(10,582 |
) |
|
|
(321 |
) |
|
|
58 |
Purchase of non-marketable securities |
|
— |
|
|
|
— |
|
|
|
64,756 |
GAAP to Non-GAAP Reconciliations (in millions) (unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
2023 |
|
2022 |
||||||||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loss |
$ |
(26.3 |
) |
|
$ |
(12.1 |
) |
|
$ |
(588.1 |
) |
|
$ |
(340.3 |
) |
|
$ |
(1,584.5 |
) |
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense(1) |
|
9.7 |
|
|
|
7.3 |
|
|
|
5.6 |
|
|
|
29.7 |
|
|
|
20.8 |
|
Other income, net(2) |
|
(45.4 |
) |
|
|
(34.4 |
) |
|
|
(15.5 |
) |
|
|
(170.1 |
) |
|
|
100.0 |
|
Provision for (benefit from) income taxes |
|
3.2 |
|
|
|
0.1 |
|
|
|
2.4 |
|
|
|
8.6 |
|
|
|
5.9 |
|
Depreciation and amortization |
|
31.2 |
|
|
|
29.5 |
|
|
|
58.0 |
|
|
|
116.5 |
|
|
|
154.8 |
|
Stock-based compensation |
|
91.7 |
|
|
|
98.5 |
|
|
|
199.4 |
|
|
|
484.5 |
|
|
|
750.8 |
|
Payroll tax expense related to stock-based compensation |
|
1.6 |
|
|
|
1.9 |
|
|
|
1.9 |
|
|
|
12.5 |
|
|
|
17.0 |
|
Net amount from claims ceded under the Reinsurance Agreement(3)(4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.5 |
|
Sublease income |
|
1.1 |
|
|
|
1.2 |
|
|
|
1.5 |
|
|
|
4.8 |
|
|
|
11.6 |
|
Costs related to acquisitions and divestitures(5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.3 |
|
Restructuring charges(6)(7)(8) |
|
— |
|
|
|
— |
|
|
|
86.6 |
|
|
|
76.2 |
|
|
|
86.6 |
|
Adjusted EBITDA |
$ |
66.6 |
|
|
$ |
92.0 |
|
|
$ |
(248.3 |
) |
|
$ |
222.4 |
|
|
$ |
(416.5 |
) |
Gross Bookings |
$ |
3,724.3 |
|
|
$ |
3,554.1 |
|
|
$ |
3,191.0 |
|
|
$ |
13,775.2 |
|
|
$ |
12,057.3 |
|
Net loss as a percentage of Gross Bookings |
|
(0.7 |
%) |
|
|
(0.3 |
%) |
|
|
(18.4 |
%) |
|
|
(2.5 |
%) |
|
|
(13.1 |
%) |
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) |
|
1.8 |
% |
|
|
2.6 |
% |
|
|
(7.8 |
%) |
|
|
1.6 |
% |
|
|
(3.5 |
%) |
_______________
(1) Includes interest expense for Flexdrive vehicles and the 2025 Notes and
(2) Includes a
(3) In the second quarter of 2022, we recorded a
(4) Reflects
(5) Includes third-party costs incurred related to our acquisition of PBSC Urban Solutions (“PBSC”), which closed on
(6) In the second quarter of 2023, we incurred restructuring charges of
(7) In the first quarter of 2023, we incurred restructuring charges of
(8) In the fourth quarter of 2022, we incurred restructuring charges of
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
||||||
Adjusted Net Income |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loss |
$ |
(26.3 |
) |
|
$ |
(12.1 |
) |
|
$ |
(588.1 |
) |
|
$ |
(340.3 |
) |
|
$ |
(1,584.5 |
) |
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of intangible assets |
|
4.1 |
|
|
|
4.0 |
|
|
|
5.5 |
|
|
|
16.8 |
|
|
|
18.4 |
|
Stock-based compensation expense |
|
91.7 |
|
|
|
98.5 |
|
|
|
199.4 |
|
|
|
484.5 |
|
|
|
750.8 |
|
Payroll tax expense related to stock-based compensation |
|
1.6 |
|
|
|
1.9 |
|
|
|
1.9 |
|
|
|
12.5 |
|
|
|
17.0 |
|
Net amount from claims ceded under the Reinsurance Agreement(1)(2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.5 |
|
Costs related to acquisitions and divestitures(3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.3 |
|
Restructuring charges(4)(5)(6) |
|
— |
|
|
|
— |
|
|
|
110.5 |
|
|
|
77.2 |
|
|
|
110.5 |
|
Impairment of non-marketable equity security(7) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
135.7 |
|
Adjusted Net Income (Loss) |
$ |
71.1 |
|
|
$ |
92.3 |
|
|
$ |
(270.8 |
) |
|
$ |
250.7 |
|
|
$ |
(531.4 |
) |
_______________
(1) In the second quarter of 2022, we recorded a
(2) Reflects
(3) Includes third-party costs incurred related to our acquisition of PBSC, which closed on
(4) In the second quarter of 2023, we incurred restructuring charges of
(5) In the first quarter of 2023, we incurred restructuring charges of
(6) In the fourth quarter of 2022, we incurred restructuring charges of
(7) In the third quarter of 2022, we recorded
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.
|
Year Ended |
||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
Free cash flow |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Net cash provided by (used in) operating activities |
$ |
(98.2 |
) |
|
$ |
(237.3 |
) |
|
$ |
(101.7 |
) |
Less: purchases of property and equipment and scooter fleet |
|
(149.8 |
) |
|
|
(115.0 |
) |
|
|
(79.2 |
) |
Free cash flow |
$ |
(248.1 |
) |
|
$ |
(352.3 |
) |
|
$ |
(180.9 |
) |
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/20240213430107/en/
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