Lyft Announces Strong Q3 2024 Financial Results and Raises Full-Year Outlook
Active Riders and Rides reached new all-time highs
Gross Bookings grew 16% year-over-year
“Our team delivered one of the strongest quarters in
“Operational excellence underpins the health of our marketplace and remains a long-term driver of our business,” said CFO
Third Quarter 2024 Financial Highlights
-
Gross Bookings of
$4.1 billion was up 16% year-over-year. -
Revenue of
$1.5 billion was up 32% year-over-year. -
Net loss of
$(12.4) million , which includes a restructuring charge of$36.4 million taken during the quarter, compared to$(12.1) million in Q3’23. - Net loss as a percentage of Gross Bookings was (0.3)%, which was flat year-over-year.
-
Adjusted EBITDA of
$107.3 million compared to$92.0 million in Q3’23.- Adjusted EBITDA margin as a percentage of Gross Bookings was 2.6%, which was flat year-over-year.
-
Net cash provided by operating activities of
$264.0 million compared to$2.3 million in Q3’23.-
For the trailing twelve months, net cash provided by operating activities was
$739.9 million .
-
For the trailing twelve months, net cash provided by operating activities was
-
Free cash flow of
$242.8 million compared to$(30.0) million in Q3’23.-
For the trailing twelve months, free cash flow was
$641.2 million .
-
For the trailing twelve months, free cash flow was
Third Quarter 2024 Operational Highlights
- Record Active Riders of 24.4 million: up 9% year-over-year.
- Record Rides of 217 million: up 16% year-over-year.
-
Autonomous partnerships:
Lyft to join forces with Mobileye, May Mobility, and Nexar to connect riders to autonomous vehicles. Starting in 2025, riders inAtlanta will have the opportunity to be matched with an AV when hailing a ride onLyft . -
DoorDash x
Lyft : signed a strategic partnership with the local delivery leader in theU.S. , offering exclusive benefits to riders that link their DashPass accounts. Millions of DashPass members in theU.S. now have another reason to chooseLyft every time. - Further driver earnings improvements: drivers can count on their earnings being increased any time a ride takes 5 minutes longer than estimated, or for dropping off a rider that takes them out of their way without a ride back. Drivers also now see the estimated dollar per hour rate upfront for each ride.
Fourth Quarter 2024 Outlook
-
Gross Bookings of approximately
$4.28 billion to$4.35 billion , up 15% to 17% year-over-year -
Adjusted EBITDA of
$100 million to$105 million and an Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.3% to 2.4%.
Updated FY’24 Outlook
- Rides growth in the mid-teens year-over-year.
- Gross Bookings to grow approximately 17% year-over-year.
- Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.3%, up from the prior outlook of 2.1%.
-
Free cash flow to exceed
$650 million .
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 |
||||||||||
|
|
|
|
|
|
|
||||||
|
|
(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.
Rides
Rides represent the level of usage of our multimodal platform.
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”.
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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 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
Non-GAAP Financial Measures
To supplement Lyft’s financial information presented in accordance with generally accepted accounting principles in
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) |
||||||||
|
|
|
|
|||||
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 |
|
|
|
|
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, |
|
— |
|
|
|
— |
|
|
Common stock, |
|
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 |
|
|
|
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
(in thousands, except for per share data) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
Three Months Ended |
Nine Months Ended |
||||||||||||||
|
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 |
|
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
Nine Months Ended |
|||||||
|
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 |
|
|
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
Nine Months Ended |
|||||||
|
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 |
) |
|
|
||||||||||||
GAAP to Non-GAAP Reconciliations |
||||||||||||
(in millions) |
||||||||||||
(unaudited) |
||||||||||||
|
Three Months Ended |
|||||||||||
|
|
|
|
|
|
|||||||
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 |
||||||||||||
(2) In the third quarter of 2024, 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 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 |
|||||||||||
Note: Due to rounding, numbers presented may not add up precisely to the totals provided. | |||||||||||
|
Trailing Twelve
|
Three Months Ended |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
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/
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