LYFT Lyft Inc

Q1 Rides and Gross Bookings Growth Exceed 20% Year-Over-Year Expects Higher Cash Generation for Full-Year 2024

Lyft, Inc. (Nasdaq:LYFT) today announced financial results for the first quarter ended March 31, 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 Lyft more often,” said CEO David Risher. “After a year in the driver’s seat at Lyft I’m thrilled to see all the ways that our customer obsession drives profitable growth.”

“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 Erin Brewer. “We've had a solid start to the year and we’re on track to deliver on our full-year financial goals with an improved outlook for our full-year free cash flow.”

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 Commitment: 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 on April 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.

Lyft to Host First Investor Day

Lyft will host an Investor Day on June 6, 2024 in New York City. The event will begin at 9:00 a.m. Eastern Time and will include a Q&A session following presentations. A live audio webcast and presentation slides will be posted on the day of the event to the Company’s Investor Relations page at https://investor.lyft.com/.

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

 

 

Mar. 31, 2024

 

Dec. 31, 2023

 

Mar. 31, 2023

 

 

(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. 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”.

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.

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.

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

Lyft is one of the largest transportation networks in North America, bringing together rideshare, bikes, and scooters all in one app. We are customer-obsessed and driven by our purpose: getting riders out into the world so they can live their lives together, and providing drivers a way to work that gives them control over their time and money.

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), 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 second quarter and full fiscal year 2024, and the trends and assumptions underlying such guidance and outlook, and Lyft’s plans and expectations for fiscal year 2024, including statements about profitable growth. 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. 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2023 that was filed with the SEC on February 20, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 that will be filed with the SEC by May 10, 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 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 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 and April 2023, 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)

 

 

March 31,

2024

 

December 31,

2023

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

 

Goodwill

 

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, $0.00001 par value; 1,000,000,000 shares authorized as of March 31, 2024 and December 31, 2023; no shares issued and outstanding as of March 31, 2024 and December 31, 2023

 

—

 

 

 

—

 

Common stock, $0.00001 par value; 18,000,000,000 Class A shares authorized as of March 31, 2024 and December 31, 2023; 394,588,223 and 391,239,046 Class A shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively; 100,000,000 Class B shares authorized as of March 31, 2024 and December 31, 2023; 8,530,629 and 8,566,629 Class B shares issued and outstanding as of March 31, 2024 and December 31, 2023.

 

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

 

 

Lyft, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except for per share data)

(unaudited)

 

 

Three Months Ended March 31,

 

 

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

 

 

Lyft, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Three Months Ended March 31,

 

 

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

 

 

Lyft, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Three Months Ended March 31,

 

 

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

)

 

Lyft, Inc.

GAAP to Non-GAAP Reconciliations

(in millions)

(unaudited)

 

 

Three Months Ended

 

Mar. 31, 2024

 

Dec. 31, 2023

 

Mar. 31, 2023

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 $1.4 million, $1.2 million and $0.4 million related to the interest component of vehicle related finance leases in the three months ended March 31, 2024, December 31, 2023 and March 31, 2023, respectively. (2) In the first quarter of 2023, we incurred restructuring charges of $4.3 million of severance and other employee costs and $19.6 million related to right-of-use-asset impairments and other costs due to ongoing transformational initiatives. Restructuring related charges for stock-based compensation of $0.2 million and accelerated depreciation of $0.3 million are included on their respective line items. These charges were related to the restructuring plan announced in November 2022.

Note: Due to rounding, numbers presented may not add up precisely to the totals provided.

 

Three Months Ended

 

Mar. 31, 2024

 

Dec. 31, 2023

 

Mar. 31, 2023

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 $4.3 million of severance and other employee costs, $19.6 million related to right-of-use asset impairments and other costs and $0.3 million related to accelerated depreciation of certain fixed assets due to ongoing transformational initiatives. In addition, restructuring related charges for the stock-based compensation of $0.2 million are included on its respective line item. These charges were related to the restructuring plan announced in November 2022.

Note: Due to rounding, numbers presented may not add up precisely to the totals provided.

 

Three Months Ended

 

Mar. 31, 2024

 

Dec. 31, 2023

 

Mar. 31, 2023

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/

Sonya Banerjee investor@lyft.com

Media press@lyft.com