LYFT Lyft Inc

Achieved All-time High Active Riders and Rides

Lyft, Inc. (Nasdaq:LYFT) today announced financial results for the second quarter ended June 30, 2024.

“For over a year you've heard us say that customer obsession drives profitable growth," said CEO David Risher. “In Q2 we delivered, and drivers and riders are choosing Lyft in record numbers.”

“Our platform is growing in a very healthy way as evidenced by the strength of our financial results, including strong cash flow generation and GAAP Net income,” said CFO Erin Brewer. “We had a strong second quarter with more than a hundred million dollars in Adjusted EBITDA, and we have solid momentum entering the second half of the year.”

Second Quarter 2024 Financial Highlights

• Gross Bookings of $4.0 billion was up 17% year-over-year.
• Revenue of $1.4 billion was up 41% year-over-year.
• Net income of $5.0 million compared to $(114.3) million net loss in Q2’23. Net income includes $89.9 million of stock-based compensation and related payroll tax expenses. Net income as a percentage of Gross Bookings was 0.1% and compared to net loss as a percentage of Gross Bookings of (3.3)% in Q2’23.
• Adjusted EBITDA of $102.9 million compared to $41.0 million in Q2’23. Adjusted EBITDA margin as a percentage of Gross Bookings was 2.6% and compared to 1.2% in Q2’23.
• Net cash flow provided by (used in) operating activities of $276.2 million compared to $(70.0) million in Q2’23. For the last twelve months, net cash flow provided by operating activities was $478.2 million.
• Free cash flow of $256.4 million compared to ($112.2) million in Q2’23. For the last twelve months, free cash flow was $368.4 million.

Second Quarter 2024 Operational Highlights

• All-time high Active Riders of 23.7 million: up 10% year-over-year.
• Rides of 205 million: were a company record, up 15% year-over-year.
• Driver hours hit an all-time high: and we welcomed the most new drivers in any quarter since 2019. Our Driver Earnings Commitment also launched nationwide.
• The Pride effect: Pride was a major celebration for Lyft riders in Q2. In cities with Pride celebrations throughout June, Lyft saw a 17% increase in rides compared to an average weekend in the quarter; riders in San Francisco, Denver, and Seattle took roughly 50% more rides than usual.
• Congrats grads: Riders in top college towns took 23% more rides during spring graduation weekends compared to average weekends in Q2 - especially at schools like the University of Florida, which has a partnership with Lyft to help transport 60,000 students throughout Gainesville and across campus.
• Canada rides doubled: in the second quarter compared to the same period last year, and Toronto grew to become our 8th largest market.

Third Quarter 2024 Outlook

• Gross Bookings of approximately $4.0 billion to $4.1 billion.
• Adjusted EBITDA of $90 million to $95 million and an Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.3%.

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 strong progress in the first half of the year and our increased visibility, we now expect we’ll reach our more than 90% long-term conversion target for the full-year 2024, well ahead of schedule.

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 Second Quarter of 2024

 

 

 

Three Months Ended

 

 

Jun. 30, 2024

 

Mar. 31, 2024

 

Jun. 30, 2023

 

 

(in millions, except for percentages)

Active Riders

 

 

23.7

 

 

 

21.9

 

 

 

21.5

 

Rides

 

 

205.3

 

 

 

187.7

 

 

 

177.9

 

Gross Bookings

 

$

4,018.9

 

 

$

3,693.2

 

 

$

3,446.0

 

Revenue

 

$

1,435.8

 

 

$

1,277.2

 

 

$

1,020.9

 

Net income (loss)

 

$

5.0

 

 

$

(31.5

)

 

$

(114.3

)

Net income (loss) as a percentage of Gross Bookings

 

 

0.1

%

 

 

(0.9

)%

 

 

(3.3

)%

Net cash flow provided by (used in) operating activities

 

$

276.2

 

 

$

156.2

 

 

$

(70.0

)

Adjusted EBITDA

 

$

102.9

 

 

$

59.4

 

 

$

41.0

 

Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)

 

 

2.6

%

 

 

1.6

%

 

 

1.2

%

Adjusted Net Income (Loss)

 

$

98.9

 

 

$

60.0

 

 

$

59.5

 

Free cash flow

 

$

256.4

 

 

$

127.1

 

 

$

(112.2

)

_______________

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 5:15 a.m. Pacific Time (8:15 a.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 third 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 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 that was filed with the SEC on May 9, 2024 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 that will be filed with the SEC by August 9, 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 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)

   

 

 

June 30, 2024

 

December 31, 2023

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

604,357

 

 

$

558,636

 

Short-term investments

 

 

1,195,970

 

 

 

1,126,548

 

Prepaid expenses and other current assets

 

 

879,606

 

 

 

892,235

 

Total current assets

 

 

2,679,933

 

 

 

2,577,419

 

Restricted cash and cash equivalents

 

 

213,903

 

 

 

211,786

 

Restricted investments

 

 

1,125,027

 

 

 

837,291

 

Other investments

 

 

39,704

 

 

 

39,870

 

Property and equipment, net

 

 

528,233

 

 

 

465,844

 

Operating lease right of use assets

 

 

88,959

 

 

 

98,202

 

Intangible assets, net

 

 

51,299

 

 

 

59,515

 

Goodwill

 

 

255,391

 

 

 

257,791

 

Other assets

 

 

14,635

 

 

 

16,749

 

Total assets

 

$

4,997,084

 

 

$

4,564,467

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

116,070

 

 

$

72,282

 

Insurance reserves

 

 

1,489,577

 

 

 

1,337,868

 

Accrued and other current liabilities

 

 

1,602,588

 

 

 

1,508,855

 

Operating lease liabilities — current

 

 

43,229

 

 

 

42,556

 

Convertible senior notes, current

 

 

389,374

 

 

 

—

 

Total current liabilities

 

 

3,640,838

 

 

 

2,961,561

 

Operating lease liabilities

 

 

113,102

 

 

 

134,102

 

Long-term debt, net of current portion

 

 

578,334

 

 

 

839,362

 

Other liabilities

 

 

87,182

 

 

 

87,924

 

Total liabilities

 

 

4,419,456

 

 

 

4,022,949

 

Stockholders’ equity

 

 

 

 

Preferred stock, $0.00001 par value; 1,000,000,000 shares authorized as of June 30, 2024 and December 31, 2023; no shares issued and outstanding as of June 30, 2024 and December 31, 2023

 

 

—

 

 

 

—

 

Common stock, $0.00001 par value; 18,000,000,000 Class A shares authorized as of June 30, 2024 and December 31, 2023; 401,620,478 and 391,239,046 Class A shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; 100,000,000 Class B shares authorized as of June 30, 2024 and December 31, 2023; 8,530,629 and 8,566,629 Class B shares issued and outstanding as of June 30, 2024 and December 31, 2023.

 

 

4

 

 

 

4

 

Additional paid-in capital

 

 

10,892,833

 

 

 

10,827,378

 

Accumulated other comprehensive income (loss)

 

 

(7,773

)

 

 

(4,949

)

Accumulated deficit

 

 

(10,307,436

)

 

 

(10,280,915

)

Total stockholders’ equity

 

 

577,628

 

 

 

541,518

 

Total liabilities and stockholders’ equity

 

$

4,997,084

 

 

$

4,564,467

 

Lyft, Inc. Condensed Consolidated Statements of Operations (in thousands, except for per share data) (unaudited)

       

 

 

Three Months Ended June 30,

   

Six Months Ended June 30,

 

 

2024

 

2023

   

2024

 

2023

Revenue

 

$

1,435,846

 

 

$

1,020,906

 

   

$

2,713,047

 

 

$

2,021,454

 

Costs and expenses

 

 

 

 

   

 

 

 

Cost of revenue

 

 

819,518

 

 

 

606,599

 

   

 

1,574,880

 

 

 

1,155,591

 

Operations and support

 

 

115,734

 

 

 

107,649

 

   

 

218,776

 

 

 

206,575

 

Research and development

 

 

98,807

 

 

 

154,612

 

   

 

198,830

 

 

 

351,516

 

Sales and marketing

 

 

176,370

 

 

 

109,167

 

   

 

321,842

 

 

 

225,108

 

General and administrative

 

 

252,643

 

 

 

201,398

 

   

 

488,896

 

 

 

457,938

 

Total costs and expenses

 

 

1,463,072

 

 

 

1,179,425

 

   

 

2,803,224

 

 

 

2,396,728

 

Loss from operations

 

 

(27,226

)

 

 

(158,519

)

   

 

(90,177

)

 

 

(375,274

)

Interest expense

 

 

(7,852

)

 

 

(6,151

)

   

 

(14,900

)

 

 

(11,584

)

Other income (expense), net

 

 

41,943

 

 

 

53,075

 

   

 

83,000

 

 

 

90,290

 

Income (loss) before income taxes

 

 

6,865

 

 

 

(111,595

)

   

 

(22,077

)

 

 

(296,568

)

Provision for (benefit from) income taxes

 

 

1,851

 

 

 

2,667

 

   

 

4,444

 

 

 

5,343

 

Net income (loss)

 

$

5,014

 

 

$

(114,262

)

   

$

(26,521

)

 

$

(301,911

)

Net income (loss) per share

 

 

 

 

   

 

 

 

Basic

 

$

0.01

 

 

$

(0.30

)

   

$

(0.07

)

 

$

(0.80

)

Diluted

 

$

0.01

 

 

$

(0.30

)

   

$

(0.07

)

 

$

(0.80

)

Weighted-average number of shares outstanding used to compute net income (loss) per share

 

 

 

 

   

 

 

 

Basic

 

 

406,512

 

 

 

381,884

 

   

 

404,033

 

 

 

377,828

 

Diluted

 

 

411,969

 

 

 

381,884

 

   

 

404,033

 

 

 

377,828

 

Stock-based compensation included in costs and expenses:

 

 

 

 

   

 

 

 

Cost of revenue

 

$

5,759

 

 

$

7,503

 

   

$

11,775

 

 

$

18,272

 

Operations and support

 

 

1,895

 

 

 

3,981

 

   

 

3,989

 

 

 

9,909

 

Research and development

 

 

27,340

 

 

 

49,351

 

   

 

57,172

 

 

 

142,856

 

Sales and marketing

 

 

4,231

 

 

 

7,953

 

   

 

8,435

 

 

 

19,637

 

General and administrative

 

 

46,513

 

 

 

45,138

 

   

 

84,465

 

 

 

103,635

 

Lyft, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)

   

 

 

Six Months Ended June 30,

 

 

2024

 

2023

Cash flows from operating activities

 

 

 

 

Net income (loss)

 

$

(26,521

)

 

$

(301,911

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

 

 

 

 

Depreciation and amortization

 

 

70,071

 

 

 

55,841

 

Stock-based compensation

 

 

165,837

 

 

 

294,309

 

Amortization of premium on marketable securities

 

 

157

 

 

 

87

 

Accretion of discount on marketable securities

 

 

(43,319

)

 

 

(28,386

)

Amortization of debt discount and issuance costs

 

 

1,755

 

 

 

1,374

 

Gain on sale and disposal of assets, net

 

 

(4,514

)

 

 

(8,902

)

Other

 

 

1,185

 

 

 

(8,391

)

Changes in operating assets and liabilities, net effects of acquisition

 

 

 

 

Prepaid expenses and other assets

 

 

12,146

 

 

 

18,978

 

Operating lease right-of-use assets

 

 

13,124

 

 

 

17,646

 

Accounts payable

 

 

39,854

 

 

 

(49,404

)

Insurance reserves

 

 

151,709

 

 

 

(107,833

)

Accrued and other liabilities

 

 

75,047

 

 

 

(19,091

)

Lease liabilities

 

 

(24,152

)

 

 

(8,330

)

Net cash provided by (used in) operating activities

 

 

432,379

 

 

 

(144,013

)

Cash flows from investing activities

 

 

 

 

Purchases of marketable securities

 

 

(2,102,390

)

 

 

(1,192,689

)

Purchases of term deposits

 

 

(2,194

)

 

 

—

 

Proceeds from sales of marketable securities

 

 

91,712

 

 

 

294,115

 

Proceeds from maturities of marketable securities

 

 

1,693,080

 

 

 

1,772,926

 

Proceeds from maturities of term deposits

 

 

3,539

 

 

 

5,000

 

Purchases of property and equipment and scooter fleet

 

 

(48,905

)

 

 

(88,975

)

Cash paid for acquisitions, net of cash acquired

 

 

—

 

 

 

1,630

 

Sales of property and equipment

 

 

46,888

 

 

 

48,843

 

Other

 

 

1,113

 

 

 

—

 

Net cash (used in) provided by investing activities

 

 

(317,157

)

 

 

840,850

 

Cash flows from financing activities

 

 

 

 

Repayment of loans

 

 

(40,985

)

 

 

(48,451

)

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

 

 

6,403

 

 

 

5,873

 

Taxes paid related to net share settlement of equity awards

 

 

(8,898

)

 

 

(1,827

)

Principal payments on finance lease obligations

 

 

(23,629

)

 

 

(24,852

)

Contingent consideration paid

 

 

—

 

 

 

(14,100

)

Net cash used in financing activities

 

 

(66,883

)

 

 

(83,357

)

Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents

 

 

(501

)

 

 

345

 

Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents

 

 

47,838

 

 

 

613,825

 

Cash, cash equivalents and restricted cash and cash equivalents

 

 

 

 

Beginning of period

 

 

771,786

 

 

 

391,822

 

End of period

 

$

819,624

 

 

$

1,005,647

 

Lyft, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)

   

 

 

Six Months Ended June 30,

 

 

2024

 

2023

Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets

 

 

 

 

Cash and cash equivalents

 

$

604,357

 

 

$

638,434

 

Restricted cash and cash equivalents

 

 

213,903

 

 

 

365,849

 

Restricted cash, included in prepaid expenses and other current assets

 

 

1,364

 

 

 

1,364

 

Total cash, cash equivalents and restricted cash and cash equivalents

 

$

819,624

 

 

$

1,005,647

 

Non-cash investing and financing activities

 

 

 

 

Financed vehicles acquired

 

$

84,418

 

 

$

119,645

 

Purchases of property and equipment and scooter fleet not yet settled

 

 

12,195

 

 

 

13,362

 

Right-of-use assets acquired under finance leases

 

 

32,775

 

 

 

34,729

 

Right-of-use assets acquired under operating leases

 

 

3,407

 

 

 

3,100

 

Remeasurement of finance and operating lease right of use assets

 

 

(7,600

)

 

 

(2,242

)

Lyft, Inc. GAAP to Non-GAAP Reconciliations (in millions) (unaudited)

 

 

 

Three Months Ended

 

 

Jun. 30, 2024

 

Mar. 31, 2024

 

Jun. 30, 2023

Adjusted EBITDA

 

 

 

 

 

 

Net income (loss)

 

$

5.0

 

 

$

(31.5

)

 

$

(114.3

)

Adjusted to exclude the following:

 

 

 

 

 

 

Interest expense(1)

 

 

9.4

 

 

 

8.5

 

 

 

6.9

 

Other (income) expense, net

 

 

(41.9

)

 

 

(41.1

)

 

 

(53.1

)

Provision for (benefit from) income taxes

 

 

1.9

 

 

 

2.6

 

 

 

2.7

 

Depreciation and amortization

 

 

37.7

 

 

 

32.4

 

 

 

28.6

 

Stock-based compensation

 

 

85.7

 

 

 

80.1

 

 

 

113.9

 

Payroll tax expense related to stock-based compensation

 

 

4.2

 

 

 

7.4

 

 

 

2.7

 

Sublease income

 

 

1.0

 

 

 

1.1

 

 

 

1.3

 

Restructuring charges(2)

 

 

—

 

 

 

—

 

 

 

52.3

 

Adjusted EBITDA

 

$

102.9

 

 

$

59.4

 

 

$

41.0

 

Gross Bookings

 

$

4,018.9

 

 

$

3,693.2

 

 

$

3,446.0

 

Net income (loss) as a percentage of Gross Bookings

 

 

0.1

%

 

 

(0.9

)%

 

 

(3.3

)%

Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)

 

 

2.6

%

 

 

1.6

%

 

 

1.2

%

_______________

(1)

 

Includes $1.5 million, $1.4 million and $0.7 million related to the interest component of vehicle related finance leases in the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively.

(2)

 

In the second quarter of 2023, we incurred restructuring charges of $46.6 million of severance and other employee costs and $5.7 million in impairment charges, fixed asset write-offs and other costs. Restructuring related charges for stock-based compensation of $9.7 million, accelerated depreciation of $0.7 million and payroll tax expense related to stock-based compensation of $0.6 million are included on their respective line items. These charges were related to the restructuring plan announced in April 2023.

 

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

 

 

Three Months Ended

 

 

Jun. 30, 2024

 

Mar. 31, 2024

 

Jun. 30, 2023

Adjusted Net Income (Loss)

 

 

 

 

 

 

Net income (loss)

 

$

5.0

 

$

(31.5

)

 

$

(114.3

)

Adjusted to exclude the following:

 

 

 

 

 

 

Amortization of intangible assets

 

 

4.0

 

 

4.1

 

 

 

4.2

 

Stock-based compensation expense

 

 

85.7

 

 

80.1

 

 

 

113.9

 

Payroll tax expense related to stock-based compensation

 

 

4.2

 

 

7.4

 

 

 

2.7

 

Restructuring charges(1)

 

 

—

 

 

—

 

 

 

52.9

 

Adjusted Net Income (Loss)

 

$

98.9

 

$

60.0

 

 

$

59.5

 

_______________

(1)

 

In the second quarter of 2023, we incurred restructuring charges of $46.6 million of severance and other employee costs, $5.7 million in impairment charges, fixed asset write-offs and other costs and $0.7 million of accelerated depreciation. Restructuring related charges for stock-based compensation of $9.7 million and payroll tax expense related to stock-based compensation of $0.6 million are included on their respective line items. These charges were related to the restructuring plan announced in April 2023.

 

 

 

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

 

 

Twelve Months Ended

 

Three Months Ended

 

 

Jun. 30, 2024

 

Jun. 30, 2024

 

Mar. 31, 2024

 

Dec. 31, 2023

 

Sep. 30, 2023

 

Jun. 30, 2023

Free cash flow

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

478.2

 

 

$

276.2

 

 

$

156.2

 

 

$

43.5

 

 

$

2.3

 

 

$

(70.0

)

Less: purchases of property and equipment and scooter fleet

 

 

(109.8

)

 

 

(19.8

)

 

 

(29.1

)

 

 

(28.6

)

 

 

(32.3

)

 

 

(42.2

)

Free cash flow

 

$

368.4

 

 

$

256.4

 

 

$

127.1

 

 

$

14.9

 

 

$

(30.0

)

 

$

(112.2

)

_______________

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/20240807707940/en/

Aurélien Nolf, Investor Relations investor@lyft.com

Stephanie Rice, Media press@lyft.com