Lyft Announces Fourth Quarter and Full-Year 2023 Results
- Record Gross Bookings and riders in 2023 for Lyft Inc. (LYFT)
- Positive financial results with revenue growth and positive Adjusted EBITDA
- Focus on customer satisfaction and operational excellence
- Introduction of on-time pickup promise and Women+ Connect feature
- Anticipation of positive Free Cash Flow in 2024
- Upcoming Investor Day in June 2024 for Lyft
- None.
Insights
Lyft's recent financial results indicate a significant turnaround from the previous year, with a remarkable reduction in net loss and a positive Adjusted EBITDA. The growth in Gross Bookings and Active Riders suggests a recovery in the demand for ridesharing services post-pandemic, which is a positive signal for the industry. The company's focus on operational excellence and margin expansion is crucial for sustaining profitability, especially in a competitive market where customer acquisition costs can be high. The increase in rides to stadiums and events also highlights the potential for targeted marketing strategies to drive demand during high-attendance events.
Investors should note the growth in Lyft Media revenue, indicating a diversification of income streams, which could reduce reliance on core ride-sharing operations. However, the lack of a GAAP reconciliation for Adjusted EBITDA guidance suggests that investors should be cautious about potential non-operational expenses that may impact future profitability. The anticipated positive Free Cash Flow is significant as it suggests a move towards a more sustainable business model. The mid-teens year-over-year rides growth and Gross Bookings growth slightly faster than Rides growth could signal a strong market position and operational efficiency.
Lyft's impressive reduction in net loss as a percentage of Gross Bookings from (13.1%) to (2.5%) year-over-year reflects a tighter control over expenses and improved operational efficiency. The expansion of Adjusted EBITDA margin by approximately 500 basis points is a strong indicator of Lyft's enhanced profitability and cost management. The company's strategic investments in features like Women+ Connect and their on-time pickup promise could enhance customer loyalty and driver satisfaction, potentially reducing churn rates and supporting long-term revenue growth.
Investors should consider the implications of stock-based compensation, which remains a substantial part of Lyft's expenses. While this is common in tech companies to attract and retain talent, it can dilute shareholder value over time. The shift towards positive Free Cash Flow is a critical milestone, as it reflects the company's ability to self-finance its operations without additional capital infusions. This move is likely to be well-received by the market, as it reduces financial risk and could lead to improved credit ratings and reduced capital costs.
From a legal and regulatory standpoint, Lyft's financial results do not raise any immediate concerns. However, the absence of a GAAP reconciliation for their Adjusted EBITDA outlook could attract scrutiny from regulators, as it may affect the transparency of financial reporting. It is important for the company to ensure that their non-GAAP metrics do not mislead investors regarding the company's financial health. Lyft's proactive approach to addressing rider and driver safety through initiatives like Women+ Connect could also mitigate legal risks associated with ridesharing services and potentially reduce liability claims.
The legal landscape for ridesharing companies is continually evolving, with various jurisdictions considering regulations that affect contractor status, benefits and wages for drivers. Lyft's commitment to a new pay standard for drivers may be a strategic move to navigate these regulatory challenges and foster a more stable workforce, which could have long-term benefits for the company's operational stability and brand reputation.
Full-year Gross Bookings, riders reach all-time highs
Lyft to host first Investor Day in June 2024
“In 2023, the Lyft team set ambitious goals and the results speak for themselves. We reached the highest level of annual riders in our history, delivered over 700 million rides, and helped drivers take home over
“Lyft’s outstanding Q4 performance demonstrates our team’s incredible work to build a solid foundation for profitable growth,” said CFO Erin Brewer. “We’ve entered 2024 with a lot of momentum and a clear focus on operational excellence, which positions the company to drive meaningful margin expansion and our first full-year of positive free cash flow.”
Fourth Quarter 2023 Financial Highlights
-
Gross Bookings of
$3.7 billion 17% year-over-year. -
Revenue of
$1.2 billion 4% year-over-year. -
Net loss of
$26.3 million $588.1 million $93.3 million 0.7% ) and compares with (18.4% ) in Q4’22. -
Adjusted EBITDA of
$66.6 million $(248.3) million 1.8% and compares with (7.8% ) in Q4’22.
Full-Year 2023 Financial Highlights
-
Gross Bookings of
$13.8 billion 14% year-over-year. -
Revenue of
$4.4 billion 8% year-over-year. -
Net loss of
$340.3 million $1.6 billion $497.0 million 2.5% ) and compares with (13.1% ) in full-year 2022. -
Adjusted EBITDA of
$222.4 million $(416.5) million 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, up18% 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 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 on99% 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 and Beyoncé concerts, the US Open, and football games.
Q1’24 Outlook:
-
Gross Bookings of approximately
$3.5 billion $3.6 billion -
Adjusted EBITDA of
$50 million $55 million 1.4% to1.5% .
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 500 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.
Lyft to Host First Investor Day
Lyft will host an Investor Day on June 6, 2024 in
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 December 31, |
||||||||||||||||
|
|
Dec. 31, 2023 |
|
Sept. 30, 2023 |
|
Dec. 31, 2022 |
|
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. |
||||||||||||||||||||
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 1:30 p.m. Pacific Time (4:30 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
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 first quarter and full fiscal year 2024, and the trends and assumptions underlying such guidance and outlook, Lyft’s plans and expectations for fiscal year 2024, including statements about new products and features, growth, Lyft’s expectations regarding rideshare market growth and Lyft’s beliefs regarding its future goals. 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 impact of the COVID-19 pandemic 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 Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023, and in our Annual Report on Form 10-K for the full year 2023 that will be filed with the SEC by February 29, 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.
Non-GAAP Financial Measures
To supplement Lyft's financial information presented in accordance with generally accepted accounting principles in
During the second quarter of 2021, Lyft entered into a Quota Share Reinsurance Agreement (the “Reinsurance Agreement”) for the reinsurance of legacy auto insurance liabilities between October 1, 2018 to October 1, 2020, based on the reserves in place as of March 31, 2021. During the first quarter of 2020, Lyft entered into a Novation Agreement for the transfer of certain legacy auto insurance liabilities between October 1, 2015 and September 30, 2018.
Losses ceded under the Reinsurance Agreement that exceed the combined funds withheld liability balance and collateralized amount established by DARAG for the benefit of PVIC, which was
During the second quarter of 2022, we completed a transaction which effectively commuted and settled the Reinsurance Agreement. The commutation transaction resulted in a
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. Consolidated Balance Sheets (in thousands, except for share and per share data) (unaudited) |
|||||||
|
December 31, |
||||||
|
|
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 |
|
Goodwill |
|
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 |
|
Lyft, Inc. Consolidated Statements of Operations (in thousands, except for per share data) (unaudited) |
|||||||||||
|
Year Ended December 31, |
||||||||||
|
|
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 |
|
Lyft, Inc. Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||||||
|
Year Ended December 31, |
||||||||||
|
|
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 |
|
Lyft, Inc. Consolidated Statements of Cash Flows (in thousands) (unaudited) |
||||||||||
|
Year Ended December 31, |
|||||||||
|
|
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 |
Lyft, Inc. GAAP to Non-GAAP Reconciliations (in millions) (unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended December 31, |
||||||||||||||||
|
Dec. 31, 2023 |
|
Sept. 30, 2023 |
|
Dec. 31, 2022 |
|
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 May 17, 2022 as well as adjustments to the contingent consideration related to our acquisition of PBSC.
(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 December 31, |
||||||||||||||||
|
Dec. 31, 2023 |
|
Sept. 30, 2023 |
|
Dec. 31, 2022 |
|
|
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 May 17, 2022 as well as adjustments to the contingent consideration related to our acquisition of PBSC.
(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 December 31, |
||||||||||
|
|
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/
Sonya Banerjee
investor@lyft.com
Media
press@lyft.com
Source: Lyft, Inc.
FAQ
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