Lyft Inc. reported an 8% increase in annual revenue to $4.4 billion for the fiscal year ended December 31, 2023, compared to $4.1 billion in the previous year. Despite this growth, the company experienced a net loss of $340.3 million, which is a significant improvement from the $1.6 billion net loss in the prior year, marking a 79% reduction. The net loss as a percentage of revenue also improved dramatically from 38.7% to 7.7%. The company's operational efficiency is highlighted by a 67% decrease in loss from operations and a 59% reduction in net cash used in operating activities. Lyft's active riders for the fourth quarter increased by 10% year-on-year, and rides grew by 18%, contributing to a 14% rise in gross bookings. Adjusted EBITDA turned positive at $222.4 million, a significant...Show More

Lyft Inc. reported an 8% increase in annual revenue to $4.4 billion for the fiscal year ended December 31, 2023, compared to $4.1 billion in the previous year. Despite this growth, the company experienced a net loss of $340.3 million, which is a significant improvement from the $1.6 billion net loss in the prior year, marking a 79% reduction. The net loss as a percentage of revenue also improved dramatically from 38.7% to 7.7%. The company's operational efficiency is highlighted by a 67% decrease in loss from operations and a 59% reduction in net cash used in operating activities. Lyft's active riders for the fourth quarter increased by 10% year-on-year, and rides grew by 18%, contributing to a 14% rise in gross bookings. Adjusted EBITDA turned positive at $222.4 million, a significant shift from the previous year's negative $416.5 million. The company's cash flow from investing activities surged by 222%, primarily due to sales and maturities of marketable securities. Lyft also made strategic moves, including an amendment to its Revolving Credit Facility and leadership changes, with David Risher becoming CEO and President. The company undertook restructuring activities, including workforce reductions, to align with anticipated operating needs. Lyft's future plans include investments in electric vehicles to comply with various regional environmental standards.