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Lyft Inc | 8-K: Lyft Announces Results for First Quarter 2024

SEC announcement ·  May 8 04:10
Summary by Futu AI
On May 7, 2024, Lyft Inc. released its financial results for the first quarter ending March 31, 2024. The company reported a net loss of $31.5 million, a significant improvement from the $187.6 million loss in the same quarter of the previous year. Gross bookings increased by 21% year-over-year to $3.7 billion, while revenue saw a 28% increase to $1.3 billion. Adjusted EBITDA was $59.4 million, up from $22.7 million in Q1 2023, with a margin of 1.6% of gross bookings. Operational highlights included a 23% increase in rides and a 12% increase in active riders. Lyft also highlighted the successful nationwide rollout of Women+ Connect and strong growth in the Canadian market. The company expects gross bookings of approximately $4.0 to $4.1 billion and an adjusted EBITDA of $95 million to $100 million for the second quarter of 2024. Lyft remains on track to generate positive free cash flow for the full year, with at least 70% of adjusted EBITDA expected to convert to free cash flow. Additionally, Lyft announced it will host its first Investor Day on June 6, 2024.
On May 7, 2024, Lyft Inc. released its financial results for the first quarter ending March 31, 2024. The company reported a net loss of $31.5 million, a significant improvement from the $187.6 million loss in the same quarter of the previous year. Gross bookings increased by 21% year-over-year to $3.7 billion, while revenue saw a 28% increase to $1.3 billion. Adjusted EBITDA was $59.4 million, up from $22.7 million in Q1 2023, with a margin of 1.6% of gross bookings. Operational highlights included a 23% increase in rides and a 12% increase in active riders. Lyft also highlighted the successful nationwide rollout of Women+ Connect and strong growth in the Canadian market. The company expects gross bookings of approximately $4.0 to $4.1 billion and an adjusted EBITDA of $95 million to $100 million for the second quarter of 2024. Lyft remains on track to generate positive free cash flow for the full year, with at least 70% of adjusted EBITDA expected to convert to free cash flow. Additionally, Lyft announced it will host its first Investor Day on June 6, 2024.
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