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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Lyft Inc | NASDAQ:LYFT | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.515 | -3.69% | 13.445 | 13.44 | 13.45 | 13.92 | 13.22 | 13.92 | 11,105,243 | 20:25:52 |
From Oct 2024 to Jan 2025
Active Riders and Rides reached new all-time highs Gross Bookings grew 16% year-over-year
Lyft, Inc. (Nasdaq:LYFT) today announced financial results for the third quarter ended September 30, 2024.
“Our team delivered one of the strongest quarters in Lyft history, following the many new innovations we’ve brought to drivers and riders so far this year,” said CEO David Risher. “Going forward, our work with best-of-breed partners and the autonomous future we’re building will give people even more reasons to choose Lyft every time.”
“Operational excellence underpins the health of our marketplace and remains a long-term driver of our business,” said CFO Erin Brewer. “In Q3, we delivered across the board with both driver hours and Active Riders reaching all-time highs, surpassing the prior quarter records.”
Third Quarter 2024 Financial Highlights
Third Quarter 2024 Operational Highlights
Fourth Quarter 2024 Outlook
Updated FY’24 Outlook
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 Third Quarter of 2024
Three Months Ended
Sept. 30, 2024
Jun. 30, 2024
Sept. 30, 2023
(in millions, except for percentages)
Active Riders
24.4
23.7
22.4
Rides
216.7
205.3
187.4
Gross Bookings
$
4,108.4
$
4,018.9
$
3,554.1
Revenue
$
1,522.7
$
1,435.8
$
1,157.6
Net income (loss)
$
(12.4
)
$
5.0
$
(12.1
)
Net income (loss) as a percentage of Gross Bookings
(0.3
)%
0.1
%
(0.3
)%
Net cash provided by (used in) operating activities
$
264.0
$
276.2
$
2.3
Adjusted EBITDA
$
107.3
$
102.9
$
92.0
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)
2.6
%
2.6
%
2.6
%
Adjusted Net Income (Loss)
$
118.1
$
98.9
$
92.3
Free cash flow
$
242.8
$
256.4
$
(30.0
)
Note: Information on our key metrics and non-GAAP financial measures is also available on our Investor Relations page.
Definitions of Key Metrics
Active Riders
The number of Active Riders is a key indicator of the scale of our user community. Lyft defines Active Riders as all riders who take at least one ride during a quarter where the Lyft Platform processes the transaction. An Active Rider is identified by a unique phone number. If a rider has two mobile phone numbers or changed their phone number and that rider took rides using both phone numbers during the quarter, that person would count as two Active Riders. If a rider has a personal and business profile tied to the same mobile phone number, that person would be considered a single Active Rider. If a ride has been requested by an organization using our Concierge offering for the benefit of a rider, we exclude this rider in the calculation of Active Riders, unless the ride is accessible in that rider’s Lyft App.
Rides
Rides represent the level of usage of our multimodal platform. Lyft defines Rides as the total number of rides including rideshare and bike and scooter rides completed using our multimodal platform that contribute to our revenue. These include any Rides taken through our Lyft App. If multiple riders take a private rideshare ride, including situations where one party picks up another party on the way to a destination, or splits the bill, we count this as a single rideshare ride. Each unique segment of a Shared Ride is considered a single Ride. For example, if two riders successfully match in Shared Ride mode and both complete their Rides, we count this as two Rides. We have largely shifted away from Shared Rides, and now only offer Shared Rides in limited markets. Lyft includes all Rides taken by riders via our Concierge offering, even though such riders may be excluded from the definition of Active Riders unless the ride is accessible in that rider’s Lyft App.
Gross Bookings
Gross Bookings is a key indicator of the scale and impact of our overall platform. Lyft defines Gross Bookings as the total dollar value of transactions invoiced to rideshare riders including any applicable taxes, tolls and fees excluding tips to drivers. It also includes amounts invoiced for other offerings, including but not limited to: Express Drive vehicle rentals, bike and scooter rentals, and amounts recognized for subscriptions, bike and bike station hardware and software sales, media, sponsorships, partnerships, and licensing and data access agreements.
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”.
Webcast
Lyft will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results and business highlights. To listen to a live audio webcast, please visit our Investor Relations page at https://investor.lyft.com/. The archived webcast will be available on our Investor Relations page shortly after the call.
About Lyft
Whether it’s an everyday commute or a journey that changes everything, Lyft is driven by our purpose: to serve and connect. In 2012, Lyft was founded as one of the first ridesharing communities in the United States. Now, millions of drivers have chosen to earn on billions of rides. Lyft offers rideshare, bikes, and scooters all in one app — for a more connected world, with transportation for everyone.
Available Information
Lyft announces material information to the public about Lyft, its products and services and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investor.lyft.com), its X accounts (@lyft and @davidrisher), its Chief Executive Officer’s LinkedIn account (linkedin.com/in/jdavidrisher) and its blogs (including: lyft.com/blog, lyft.com/hub, and eng.lyft.com) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.
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 Lyft’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Lyft's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, Lyft’s guidance and outlook, including for the fourth quarter and full fiscal year 2024, and the trends and assumptions underlying such guidance and outlook, and Lyft’s plans and expectations, including statements about autonomous partnerships and our strategic partnership with DoorDash and the benefits such partnerships will provide. Lyft’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding our ability to forecast our performance due to our limited operating history and the macroeconomic environment and the risk that our partnerships may not materialize as expected. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Lyft’s filings with the Securities and Exchange Commission (“SEC”), including in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 that was filed with the SEC on August 7, 2024 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 that will be filed with the SEC by November 12, 2024. The forward-looking statements in this release are based on information available to Lyft as of the date hereof, and Lyft disclaims any obligation to update any forward-looking statements, except as required by law. This press release discusses “customers.” For rideshare, there are two customers in every car - the driver is Lyft’s customer, and the rider is the driver’s customer. We care about both.
Non-GAAP Financial Measures
To supplement Lyft’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Lyft considers certain financial measures that are not prepared in accordance with GAAP, including Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) and free cash flow. Lyft defines Adjusted EBITDA as net income (loss) adjusted for interest expense, other income (expense), net, provision for (benefit from) income taxes, depreciation and amortization, stock-based compensation expense, payroll tax expense related to stock-based compensation and sublease income, as well as, if applicable, restructuring charges, costs related to acquisitions and divestitures and costs from transactions related to certain legacy auto insurance liabilities. 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 and is considered a key metric. Lyft defines Adjusted Net Income (Loss) as net income (loss) adjusted for amortization of intangible assets, stock-based compensation expense (net of any benefit), and payroll tax expense related to stock-based compensation, as well as, if applicable, restructuring charges and transaction costs related to certain legacy auto insurance liabilities and cost related to acquisitions and divestitures. Lyft defines free cash flow as GAAP net cash provided by (used in) operating activities less purchases of property and equipment and scooter fleet.
Lyft subleases certain office space and earns sublease income. Sublease income is included within other income, net on the condensed consolidated statement of operations, while the related lease expense is included within operating expenses and loss from operations. Lyft believes the adjustment to include sublease income in Adjusted EBITDA is useful to investors by enabling them to better assess Lyft’s operating performance, including the benefits of recent transactions, by presenting sublease income as a contra-expense to the related lease charges that are part of operating expenses.
In November 2022, April 2023 and September 2024, Lyft committed to plans of termination as part of efforts to reduce operating expenses. Lyft believes the costs associated with these restructuring efforts do not reflect performance of Lyft’s ongoing operations. Lyft believes the adjustment to exclude the costs related to restructuring from Adjusted EBITDA and Adjusted Net Income (Loss) is useful to investors by enabling them to better assess Lyft’s ongoing operating performance and provide for better comparability with Lyft’s historically disclosed Adjusted EBITDA and Adjusted Net Income (Loss) amounts.
Lyft uses its non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. Free cash flow is a measure used by our management to understand and evaluate our operating performance and trends. We believe free cash flow is a useful indicator of liquidity that provides our management with information about our ability to generate or use cash to enhance the strength of our balance sheet, further invest in our business and pursue potential strategic initiatives. Free cash flow has certain limitations, including that it does not reflect our future contractual commitments and it does not represent the total increase or decrease in our cash balance for a given period. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs.
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.
Lyft, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except for share and per share data)
(unaudited)
September 30, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
770,298
$
558,636
Short-term investments
1,156,735
1,126,548
Prepaid expenses and other current assets
940,335
892,235
Total current assets
2,867,368
2,577,419
Restricted cash and cash equivalents
270,248
211,786
Restricted investments
1,196,837
837,291
Other investments
42,982
39,870
Property and equipment, net
483,861
465,844
Operating lease right of use assets
83,866
98,202
Intangible assets, net
48,242
59,515
Goodwill
256,393
257,791
Other assets
13,358
16,749
Total assets
$
5,263,155
$
4,564,467
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$
109,336
$
72,282
Insurance reserves
1,592,564
1,337,868
Accrued and other current liabilities
1,715,181
1,508,855
Operating lease liabilities — current
41,752
42,556
Convertible senior notes, current
389,773
—
Total current liabilities
3,848,606
2,961,561
Operating lease liabilities
103,779
134,102
Long-term debt, net of current portion
574,475
839,362
Other liabilities
80,516
87,924
Total liabilities
4,607,376
4,022,949
Stockholders’ equity
Preferred stock, $0.00001 par value; 1,000,000,000 shares authorized as of September 30, 2024 and December 31, 2023; no shares issued and outstanding as of September 30, 2024 and December 31, 2023
—
—
Common stock, $0.00001 par value; 18,000,000,000 Class A shares authorized as of September 30, 2024 and December 31, 2023; 406,280,530 and 391,239,046 Class A shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively; 100,000,000 Class B shares authorized as of September 30, 2024 and December 31, 2023; 8,530,629 and 8,566,629 Class B shares issued and outstanding as of September 30, 2024 and December 31, 2023.
4
4
Additional paid-in capital
10,978,966
10,827,378
Accumulated other comprehensive loss
(3,329
)
(4,949
)
Accumulated deficit
(10,319,862
)
(10,280,915
)
Total stockholders’ equity
655,779
541,518
Total liabilities and stockholders’ equity
$
5,263,155
$
4,564,467
Lyft, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except for per share data)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenue
$
1,522,692
$
1,157,550
$
4,235,739
$
3,179,004
Costs and expenses
Cost of revenue
888,255
644,500
2,463,135
1,800,091
Operations and support
117,462
118,763
336,238
325,338
Research and development
104,447
109,229
303,277
460,745
Sales and marketing
215,779
129,947
537,621
355,055
General and administrative
253,436
195,290
742,332
653,228
Total costs and expenses
1,579,379
1,197,729
4,382,603
3,594,457
Loss from operations
(56,687
)
(40,179
)
(146,864
)
(415,453
)
Interest expense
(7,362
)
(6,209
)
(22,262
)
(17,793
)
Other income (expense), net
50,941
34,399
133,941
124,689
Loss before income taxes
(13,108
)
(11,989
)
(35,185
)
(308,557
)
Provision for (benefit from) income taxes
(682
)
111
3,762
5,454
Net loss
$
(12,426
)
$
(12,100
)
$
(38,947
)
$
(314,011
)
Net loss per share
Basic
$
(0.03
)
$
(0.03
)
$
(0.10
)
$
(0.82
)
Diluted
$
(0.03
)
$
(0.03
)
$
(0.10
)
$
(0.82
)
Weighted-average number of shares outstanding used to compute net loss per share
Basic
412,229
389,307
406,785
381,697
Diluted
412,229
389,307
406,785
381,697
Stock-based compensation included in costs and expenses:
Cost of revenue
$
6,789
$
5,553
$
18,564
$
23,825
Operations and support
2,310
2,818
6,299
12,727
Research and development
32,036
40,699
89,208
183,555
Sales and marketing
4,822
5,723
13,257
25,360
General and administrative
42,999
43,750
127,464
147,385
Lyft, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September 30,
2024
2023
Cash flows from operating activities
Net loss
$
(38,947
)
$
(314,011
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization
115,189
85,350
Stock-based compensation
254,793
392,852
Amortization of premium on marketable securities
236
93
Accretion of discount on marketable securities
(66,220
)
(46,581
)
Amortization of debt discount and issuance costs
2,744
2,124
(Gain) loss on sale and disposal of assets, net
8,180
(9,471
)
Other
(2,556
)
2,173
Changes in operating assets and liabilities, net effects of acquisition
Prepaid expenses and other assets
(39,631
)
(35,354
)
Operating lease right-of-use assets
19,971
21,769
Accounts payable
34,711
(52,988
)
Insurance reserves
254,696
(94,580
)
Accrued and other liabilities
189,903
(77,919
)
Lease liabilities
(36,698
)
(15,209
)
Net cash (used in) provided by operating activities
696,371
(141,752
)
Cash flows from investing activities
Purchases of marketable securities
(2,976,674
)
(2,354,598
)
Purchases of term deposits
(2,194
)
—
Proceeds from sales of marketable securities
155,181
345,422
Proceeds from maturities of marketable securities
2,497,355
2,751,529
Proceeds from maturities of term deposits
3,539
5,000
Purchases of property and equipment and scooter fleet
(70,055
)
(121,250
)
Cash paid for acquisitions, net of cash acquired
—
1,630
Sales of property and equipment
67,856
79,033
Other
1,113
—
Net cash (used in) provided by investing activities
(323,879
)
706,766
Cash flows from financing activities
Repayment of loans
(61,807
)
(60,519
)
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
7,173
6,697
Taxes paid related to net share settlement of equity awards
(12,490
)
(2,208
)
Principal payments on finance lease obligations
(35,403
)
(35,935
)
Contingent consideration paid
—
(14,100
)
Net cash used in financing activities
(102,301
)
(106,065
)
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents
(67
)
(68
)
Net increase in cash, cash equivalents and restricted cash and cash equivalents
270,124
458,881
Cash, cash equivalents and restricted cash and cash equivalents
Beginning of period
771,786
391,822
End of period
$
1,041,910
$
850,703
Lyft, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September 30,
2024
2023
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets
Cash and cash equivalents
$
770,298
$
590,541
Restricted cash and cash equivalents
270,248
258,798
Restricted cash, included in prepaid expenses and other current assets
1,364
1,364
Total cash, cash equivalents and restricted cash and cash equivalents
$
1,041,910
$
850,703
Non-cash investing and financing activities
Financed vehicles acquired
$
90,918
$
130,891
Purchases of property and equipment and scooter fleet not yet settled
7,144
10,998
Right-of-use assets acquired under finance leases
39,845
63,706
Right-of-use assets acquired under operating leases
4,336
3,760
Remeasurement of finance and operating lease right of use assets
(9,505
)
(12,729
)
Lyft, Inc.
GAAP to Non-GAAP Reconciliations
(in millions)
(unaudited)
Three Months Ended
Sept. 30, 2024
Jun. 30, 2024
Sept. 30, 2023
Adjusted EBITDA
Net income (loss)
$
(12.4
)
$
5.0
$
(12.1
)
Adjusted to exclude the following:
Interest expense(1)
8.9
9.4
7.3
Other (income) expense, net
(50.9
)
(41.9
)
(34.4
)
Provision for (benefit from) income taxes
(0.7
)
1.9
0.1
Depreciation and amortization
45.1
37.7
29.5
Stock-based compensation
89.0
85.7
98.5
Payroll tax expense related to stock-based compensation
1.7
4.2
1.9
Sublease income
0.9
1.0
1.2
Restructuring charges(2)
25.8
—
—
Adjusted EBITDA
$
107.3
$
102.9
$
92.0
Gross Bookings
$
4,108.4
$
4,018.9
$
3,554.1
Net income (loss) as a percentage of Gross Bookings
(0.3
)%
0.1
%
(0.3
)%
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)
2.6
%
2.6
%
2.6
%
_______________
(1) Includes $1.5 million, $1.5 million and $1.1 million related to the interest component of vehicle related finance leases in the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
(2) In the third quarter of 2024, we incurred restructuring charges of $13.4 million of fixed asset disposals, $10.8 million of other current assets disposals and other costs and $1.5 million of severance and other employee costs. Restructuring related charges for accelerated depreciation of fixed assets of $10.6 million are included on its respective line item. These charges were related to the restructuring plan announced in September 2024.
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.
Three Months Ended
Sept. 30, 2024
Jun. 30, 2024
Sept. 30, 2023
Adjusted Net Income (Loss)
Net income (loss)
$
(12.4
)
$
5.0
$
(12.1
)
Adjusted to exclude the following:
Amortization of intangible assets
3.5
4.0
4.0
Stock-based compensation expense
89.0
85.7
98.5
Payroll tax expense related to stock-based compensation
1.7
4.2
1.9
Restructuring charges(1)
36.4
—
—
Adjusted Net Income (Loss)
$
118.1
$
98.9
$
92.3
_______________
(1) In the third quarter of 2024, we incurred restructuring charges of $13.4 million of fixed asset disposals, $10.8 million of other current assets disposals and other costs, $10.6 million of accelerated depreciation of fixed assets and $1.5 million of severance and other employee costs. These charges were related to the restructuring plan announced in September 2024. Note: Due to rounding, numbers presented may not add up precisely to the totals provided.
Trailing Twelve Months Ended
Three Months Ended
Sep. 30, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Free cash flow
Net cash provided by (used in) operating activities
$
739.9
$
264.0
$
276.2
$
156.2
$
43.5
$
2.3
Less: purchases of property and equipment and scooter fleet
(98.7
)
(21.2
)
(19.8
)
(29.1
)
(28.6
)
(32.3
)
Free cash flow
$
641.2
$
242.8
$
256.4
$
127.1
$
14.9
$
(30.0
)
_______________
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/20241106680853/en/
Aurélien Nolf, Investor Relations investor@lyft.com
Stephanie Rice, Media press@lyft.com
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