Full-year Gross Bookings, riders reach all-time
highs
Lyft to host first Investor Day in June
2024
Fifth bulleted list, third bullet of release should read:
Adjusted EBITDA margin expansion (calculated as a percentage of
Gross Bookings) of approximately 50 basis points year-over-year.
[instead of Adjusted EBITDA margin expansion (calculated as a
percentage of Gross Bookings) of approximately 500 basis points
year-over-year.].
The updated release reads:
LYFT ANNOUNCES FOURTH QUARTER AND FULL-YEAR
2023 RESULTS
Full-year Gross Bookings, riders reach all-time
highs
Lyft to host first Investor Day in June
2024
Lyft, Inc. (Nasdaq:LYFT) today announced financial results for
the fourth quarter and full-year ended December 31, 2023.
“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 $8 billion,” said CEO David Risher.
“This year we’ve already launched a new pay standard for drivers
and expanded Women+ Connect to over 240 markets – and it’s only
February 13th. In 2024, we’ll prove that Lyft’s customer obsession
will drive profitable growth.”
“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 grew 17% year-over-year.
- Revenue of $1.2 billion grew 4% year-over-year.
- Net loss of $26.3 million compares with a net loss $588.1
million in Q4’22. Net loss includes $93.3 million of stock-based
compensation and related payroll tax expenses. Net loss as a
percentage of Gross Bookings was (0.7%) and compares with (18.4%)
in Q4’22.
- Adjusted EBITDA of $66.6 million compares with $(248.3) million
in Q4’22. Adjusted EBITDA margin (calculated as a percentage of
Gross Bookings) was 1.8% and compares with (7.8%) in Q4’22.
Full-Year 2023 Financial Highlights
- Gross Bookings of $13.8 billion grew 14% year-over-year.
- Revenue of $4.4 billion grew 8% year-over-year.
- Net loss of $340.3 million compares with $1.6 billion in
full-year 2022 and includes $497.0 million of stock-based
compensation and related payroll tax expenses. Net loss as a
percentage of Gross Bookings was (2.5%) and compares with (13.1%)
in full-year 2022.
- Adjusted EBITDA of $222.4 million compares with $(416.5)
million in full-year 2022. Adjusted EBITDA margin (calculated as a
percentage of Gross Bookings) was 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, up
18% 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 in Lyft credits. 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 on 99% 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 to $3.6
billion
- Adjusted EBITDA of $50 million to $55 million and an Adjusted
EBITDA margin (calculated as a percentage of Gross Bookings) of
approximately 1.4% to 1.5%.
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 50 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 New York City.
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
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 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 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 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.
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 $346.5
million at the execution of the Reinsurance Agreement, but are
below the aggregate limit of $434.5 million may result in the
recognition of a deferred gain liability. The deferred gain
liability is amortized and recognized as a benefit to the statement
of operations over the settlement period of the ceded reserves. The
settlement period of the ceded reserves is based on the
life-to-date cumulative losses collected and likely extends over
periods longer than a quarter. The amount of the deferral is
recalculated each period based on loss payments and updated
estimates of the portfolio’s total losses. Consequently, cumulative
reserve adjustments for claims ceded under the Reinsurance
Agreement in subsequent periods may result in significant losses to
the statement of operations unless a deferred gain is also
recognized in the same period to offset said losses. Lyft believes
that the net amount recognized on the statement of operations
associated with claims ceded under the Reinsurance Agreement,
including any reserve adjustments and any benefit recognized for
the related deferred gains, should be excluded to show the ultimate
economic benefit of the Reinsurance Agreement. This adjustment will
help investors understand the economic benefit of our Reinsurance
Agreement on future trends in our operations, as they improve over
the settlement period of any deferred gains. Therefore, in the
event that the net amount of any reserve adjustments and any
benefits from deferred gains related to claims ceded under the
Reinsurance Agreement is recognized on the statement of operations
in a subsequent period, those amounts will be excluded from the
calculation of Adjusted EBITDA and Adjusted Net Income (Loss)
through the exclusion of “Net amount from claims ceded under the
Reinsurance Agreement”. As of December 31, 2023, there were no
deferred gain related to losses ceded under the Reinsurance
Agreement. As of December 31, 2022, we had $2.4 million of deferred
gain related to losses ceded under the Reinsurance Agreement which
was included within accrued and other current liabilities on the
consolidated balance sheets.
During the second quarter of 2022, we completed a transaction
which effectively commuted and settled the Reinsurance Agreement.
The commutation transaction resulted in a $36.8 million gain
recorded to cost of revenue on the condensed consolidated statement
of operations. We believe the adjustment to exclude this gain
associated with the commutation of the Reinsurance Agreement from
Adjusted EBITDA and Adjusted Net Income (Loss) is useful to
investors by enabling them to better assess our operating
performance in the context of current period results and provide
for better comparability with our historically disclosed Adjusted
EBITDA and Adjusted Net Income (Loss) amounts. The gain associated
with this commutation transaction, which commuted and settled the
Reinsurance Agreement, will be excluded from the calculation of
Adjusted EBITDA and Adjusted Net Income (Loss) through the
exclusion of the "Net amount from claims ceded under the
Reinsurance Agreement."
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, $0.00001 par value;
1,000,000,000 shares authorized as of December 31, 2023 and
December 31, 2022; no shares issued and outstanding as of December
31, 2023 and December 31, 2022
—
—
Common stock, $0.00001 par value;
18,000,000,000 Class A shares authorized as of December 31, 2023
and December 31, 2022; 391,239,046 and 361,552,359 Class A shares
issued and outstanding as of December 31, 2023 and December 31,
2022, respectively; 100,000,000 Class B shares authorized as of
December 31, 2023 and December 31, 2022; 8,566,629 and 8,602,629
Class B shares issued and outstanding, as of December 31, 2023 and
December 31, 2022
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 $1.2 million, $1.1 million and $0.4 million related
to the interest component of vehicle related finance leases in the
three months ended December 31, 2023, September 30, 2023 and
December 31, 2022, respectively, and $3.4 million and $1.1 million
related to the interest component of vehicle related finance leases
in the years ended December 31, 2023 and 2022, respectively.
(2) Includes a $135.7 million impairment charge related to a
non-marketable equity investment and other assets in the third
quarter of 2022.
(3) In the second quarter of 2022, we recorded a $36.8 million
gain recognized in cost of revenue on the condensed consolidated
statement of operations related to a transaction which effectively
commuted and settled the Reinsurance Agreement.
(4) Reflects $55.3 million on the statement of operations in
2022 associated with claims ceded under the Reinsurance Agreement,
including any losses related to the deferral gains on the statement
of operations and any benefit from the amortization of the deferred
gain in the same period.
(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 $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.
(7) 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. In addition,
restructuring related charges for accelerated depreciation of $0.3
million and stock-based compensation of $0.2 million are included
on their respective line items. These charges were related to the
restructuring plan announced in November 2022.
(8) In the fourth quarter of 2022, we incurred restructuring
charges of $29.2 million of severance and other employee costs and
$57.4 million related to lease impairments and other restructuring
costs. In addition, restructuring-related charges for accelerated
depreciation of $23.9 million, stock-based compensation of $9.5
million and payroll taxes related to stock-based compensation 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
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 $36.8 million
gain recognized in cost of revenue on the condensed consolidated
statement of operations related to a transaction which effectively
commuted and settled the Reinsurance Agreement.
(2) Reflects $55.3 million on the statement of operations in
2022 associated with claims ceded under the Reinsurance Agreement,
including any losses related to the deferral gains on the statement
of operations and any benefit from the amortization of the deferred
gain in the same period.
(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 $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.
(5) 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 their respective line
items. These charges were related to the restructuring plan
announced in November 2022.
(6) In the fourth quarter of 2022, we incurred restructuring
charges of $29.2 million of severance and other employee costs and
$57.4 million related to lease impairments and other restructuring
costs and $23.9 million related to accelerated depreciation of
certain fixed assets. In addition, restructuring-related charges
for stock-based compensation of $9.5 million and payroll taxes
related to stock-based compensation of $0.3 million are included on
their respective line items. These charges were related to the
restructuring plan announced in November 2022.
(7) In the third quarter of 2022, we recorded $135.7 million in
impairment charges related to a non-marketable equity investment
and other assets in the third quarter of 2022.
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
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