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Lyft Reports Record Q4 and Full-Year 2024 Results

Lyft Reports Record Q4 and Full-Year 2024 Results

Announces Inaugural Share Repurchase Program of $500 million

Achieved annual all-time high Rides and riders

SAN FRANCISCO–(BUSINESS WIRE)–
Lyft, Inc. (Nasdaq:LYFT) today announced financial results for the fourth quarter and full year ended December 31, 2024.

“2024 was a record-smashing year for Lyft. Thanks to our industry-leading service levels, we helped 44 million people across the U.S. and Canada get off their tuchuses,” said CEO David Risher. “But we’ve got more to do. Our biggest competition is inertia. 2025 will be the year we show millions of riders and drivers: You’ve now got a better rideshare choice.”

“We achieved record Gross Bookings, significant margin expansion, our first full year of GAAP profitability, and record cash flow generation,” said CFO Erin Brewer. “We surpassed every target we provided at investor day and the best part is that 2024 was only the beginning of our multi-year plan.”

Record Fourth Quarter 2024 Financial Highlights

  • Gross Bookings of $4.3 billion, up 15% year over year.

  • Revenue of $1.6 billion, up 27% year over year.

  • Net income of $61.7 million compared to net loss $(26.3) million in Q4’23.

  • Net income as a percentage of Gross Bookings was 1.4% compared to net loss as a percentage of Gross Bookings of (0.7)% in Q4’23.

  • Adjusted EBITDA of $112.8 million compared to $66.6 million in Q4’23.

    • Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) was 2.6% compared to 1.8% in Q4’23.

Record Full-Year 2024 Financial Highlights

  • Gross Bookings of $16.1 billion was up 17% year over year.

  • Revenue of $5.8 billion was up 31% year over year.

  • Net income of $22.8 million compared to a net loss of $(340.3) million in 2023.

    • Net income as a percentage of Gross Bookings was 0.1% compared to net loss as a percentage of Gross Bookings of (2.5)% in 2023.

  • Adjusted EBITDA of $382.4 million compared to $222.4 million in 2023.

    • Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) was 2.4%, compared to 1.6% in 2023.

  • Net cash provided by (used in) operating activities of $849.7 million compared to $(98.2) million in 2023.

  • Free cash flow of $766.3 million compared to $(248.1) million in 2023.

Operational Highlights

  • Record Rides: In Q4, Rides grew 15% year over year to 219 million. In 2024, Rides grew 17% year over year to 828 million.
  • Growth in Active Riders: In Q4, Active Riders grew 10% year over year to an all-time high of 24.7 million. In 2024, the company reached an all-time high of 44 million annual riders.
  • Improving Driver Preference: In both Q4 and 2024, preference for Lyft surged, resulting in the highest number of driver hours in our company’s history. According to Q4 survey results, Lyft has a 16 percentage point advantage in preference vs. the other rideshare app.
  • Best-in-Class Service Levels: During Q4, Lyft’s average ETAs became the fastest in the industry.

Inaugural Share Repurchase Program

Lyft’s Board of Directors has authorized the repurchase of up to $500 million of the Company’s Class A common stock. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company’s discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.

Q1’25 Outlook

  • Rides growth in the mid-teens year over year driven by industry-leading service levels and strong rider and driver growth and engagement.

  • Gross Bookings growth of approximately 10% to 14% year over year, or approximately $4.05 billion to $4.20 billion, amidst the recent pricing environment in the U.S. market.

  • Adjusted EBITDA of approximately $90 million to $95 million and an Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.2% to 2.3%.

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 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 2024

 

 

Three Months Ended

Year Ended December 31,

 

Dec. 31, 2024

Sept. 30, 2024

Dec. 31, 2023

2024

2023

 

(in millions, except for percentages)

Active Riders

 

24.7

 

 

24.4

 

 

22.4

 

 

 

Rides

 

218.5

 

 

216.7

 

 

190.8

 

 

828.3

 

 

709.0

 

Gross Bookings

$

4,278.9

 

$

4,108.4

 

$

3,724.3

 

$

16,099.4

 

$

13,775.2

 

Revenue

$

1,550.3

 

$

1,522.7

 

$

1,224.6

 

$

5,786.0

 

$

4,403.6

 

Net income (loss)

$

61.7

 

$

(12.4

)

$

(26.3

)

$

22.8

 

$

(340.3

)

Net income (loss) as a percentage of Gross Bookings

 

1.4

%

 

(0.3

)%

 

(0.7

)%

 

0.1

%

 

(2.5

)%

Net cash provided by (used in) operating activities

$

153.4

 

$

264.0

 

$

43.5

 

$

849.7

 

$

(98.2

)

Adjusted EBITDA

$

112.8

 

$

107.3

 

$

66.6

 

$

382.4

 

$

222.4

 

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

 

2.6

%

 

2.6

%

 

1.8

%

 

2.4

%

 

1.6

%

Adjusted Net Income

$

114.5

 

$

118.1

 

$

71.1

 

$

391.5

 

$

250.7

 

Free cash flow

$

140.0

 

$

242.8

 

$

14.9

 

$

766.3

 

$

(248.1

)

Note: Information on our key metrics and non-GAAP financial measures are also available on our Investor Relations page.

Definitions of Key Metrics

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.

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.

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”.

Webcast

Lyft will host a webcast today at 2:00 p.m. Pacific Time (5:00 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

Whether it’s an everyday commute or a journey that changes everything, Lyft is driven by our purpose: to serve and connect. In 2012, Lyft was founded as one of the first ridesharing communities in the United States. Now, millions of drivers have chosen to earn on billions of rides. Lyft offers rideshare, bikes, and scooters all in one app — for a more connected world, with transportation for everyone.

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), its Chief Executive Officer’s LinkedIn account (linkedin.com/in/jdavidrisher) 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 of 2025, and the trends and assumptions underlying such guidance and outlook, and Lyft’s plans and expectations, including statements about autonomous partnerships and the timing of the availability of autonomous vehicles pursuant to such partnerships. 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 and the risk that our partnerships may not materialize as expected. 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, 2024, and in our Annual Report on Form 10-K for the full fiscal year 2024 that will be filed with the SEC by March 3, 2025. 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, sublease income and gain from lease termination, as well as, if applicable, restructuring charges and costs related to acquisitions and divestitures. 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), payroll tax expense related to stock-based compensation and gain from lease termination, as well as, if applicable, restructuring charges 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.

Beginning in the first quarter of 2025, we will no longer present Adjusted Net Income (Loss) as our management no longer uses this metric for purposes of understanding and evaluating our operating performance.

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 the fourth quarter of 2024, we terminated a portion of the lease for the Company’s San Francisco headquarters. The right-of-use asset associated with the portion of this lease was previously impaired as part of our restructuring plans in the fourth quarter of 2022 and second quarter of 2023, and the extinguishment of the remaining lease liability resulted in the recorded gain within operating lease costs. We believe this does not reflect the current period performance of our ongoing operations and that the adjustment to exclude this gain from lease termination 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.

In November 2022, April 2023 and September 2024, 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 per share data)

(unaudited)

 

 

December 31,

 

2024

2023

Assets

 

 

Current assets

 

 

Cash and cash equivalents

$

759,319

 

$

558,636

 

Short-term investments

 

1,225,124

 

 

1,126,548

 

Prepaid expenses and other current assets

 

966,090

 

 

892,235

 

Total current assets

 

2,950,533

 

 

2,577,419

 

Restricted cash and cash equivalents

 

186,721

 

 

211,786

 

Restricted investments

 

1,355,451

 

 

837,291

 

Other investments

 

42,516

 

 

39,870

 

Property and equipment, net

 

444,864

 

 

465,844

 

Operating lease right of use assets

 

148,397

 

 

98,202

 

Intangible assets, net

 

42,776

 

 

59,515

 

Goodwill

 

251,376

 

 

257,791

 

Other assets

 

12,435

 

 

16,749

 

Total assets

$

5,435,069

 

$

4,564,467

 

Liabilities and Stockholders’ Equity

 

 

Current liabilities

 

 

Accounts payable

$

97,704

 

$

72,282

 

Insurance reserves

 

1,701,393

 

 

1,337,868

 

Accrued and other current liabilities

 

1,666,278

 

 

1,508,855

 

Operating lease liabilities — current

 

25,192

 

 

42,556

 

Convertible senior notes, current

 

390,175

 

 

—

 

Total current liabilities

 

3,880,742

 

 

2,961,561

 

Operating lease liabilities

 

152,074

 

 

134,102

 

Long-term debt, net of current portion

 

565,968

 

 

839,362

 

Other liabilities

 

69,269

 

 

87,924

 

Total liabilities

 

4,668,053

 

 

4,022,949

 

 

 

 

Stockholders’ equity

 

 

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

 

—

 

 

—

 

Common stock, $0.00001 par value; 18,000,000 Class A shares authorized as of December 31, 2024 and 2023; 409,474 and 391,239 Class A shares issued and outstanding as of December 31, 2024 and 2023, respectively; 100,000 Class B shares authorized as of December 31, 2024 and 2023; 8,531 and 8,567 Class B shares issued and outstanding, as of December 31, 2024 and 2023, respectively

 

4

 

 

4

 

Additional paid-in capital

 

11,035,246

 

 

10,827,378

 

Accumulated other comprehensive income (loss)

 

(10,103

)

 

(4,949

)

Accumulated deficit

 

(10,258,131

)

 

(10,280,915

)

Total stockholders’ equity

 

767,016

 

 

541,518

 

Total liabilities and stockholders’ equity

$

5,435,069

 

$

4,564,467

 

Lyft, Inc.

Consolidated Statements of Operations

(in thousands, except for per share data)

(unaudited)

 

 

Year Ended December 31,

 

2024

2023

2022

Revenue

$

5,786,016

 

$

4,403,589

 

$

4,095,135

 

Costs and expenses

 

 

 

Cost of revenue

 

3,337,714

 

 

2,543,954

 

 

2,435,736

 

Operations and support

 

443,821

 

 

427,239

 

 

443,846

 

Research and development

 

397,073

 

 

555,916

 

 

856,777

 

Sales and marketing

 

788,972

 

 

481,004

 

 

531,512

 

General and administrative

 

937,348

 

 

871,080

 

 

1,286,180

 

Total costs and expenses

 

5,904,928

 

 

4,879,193

 

 

5,554,051

 

Loss from operations

 

(118,912

)

 

(475,604

)

 

(1,458,916

)

Interest expense

 

(28,921

)

 

(26,223

)

 

(19,735

)

Other income (expense), net

 

173,183

 

 

170,123

 

 

(99,988

)

Income (loss) before income taxes

 

25,350

 

 

(331,704

)

 

(1,578,639

)

Provision for (benefit from) income taxes

 

2,566

 

 

8,616

 

 

5,872

 

Net income (loss)

$

22,784

 

$

(340,320

)

$

(1,584,511

)

Net income (loss) per share attributable to common stockholders

 

 

 

Basic

$

0.06

 

$

(0.88

)

$

(4.47

)

Diluted

$

0.06

 

$

(0.88

)

$

(4.47

)

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

 

 

 

Basic

 

409,181

 

 

385,335

 

 

354,731

 

Diluted

 

413,651

 

 

385,335

 

 

354,731

 

Stock-based compensation included in costs and expenses:

 

 

 

Cost of revenue

$

24,895

 

$

30,170

 

$

44,132

 

Operations and support

 

8,397

 

 

15,468

 

 

25,442

 

Research and development

 

117,833

 

 

214,160

 

 

391,983

 

Sales and marketing

 

17,286

 

 

29,682

 

 

49,867

 

General and administrative

 

162,510

 

 

195,053

 

 

239,343

 

Lyft, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Year Ended December 31,

 

2024

2023

2022

Cash flows from operating activities

 

 

 

Net income (loss)

$

22,784

 

$

(340,320

)

$

(1,584,511

)

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

 

 

 

Depreciation and amortization

 

148,892

 

 

116,513

 

 

154,798

 

Stock-based compensation

 

330,921

 

 

484,533

 

 

750,767

 

Amortization of premium on marketable securities

 

284

 

 

117

 

 

2,955

 

Accretion of discount on marketable securities

 

(89,425

)

 

(68,125

)

 

(23,245

)

Amortization of debt discount and issuance costs

 

3,737

 

 

2,877

 

 

2,823

 

(Gain) loss on sale and disposal of assets, net

 

7,831

 

 

(11,278

)

 

(60,655

)

Gain on lease termination

 

(29,610

)

 

—

 

 

—

 

Impairment of non-marketable equity security

 

—

 

 

—

 

 

135,714

 

Other

 

2,469

 

 

(4,261

)

 

23,592

 

Changes in operating assets and liabilities, net effects of acquisition

 

 

 

Prepaid expenses and other assets

 

(76,359

)

 

(86,922

)

 

(275,945

)

Operating lease right-of-use assets

 

26,276

 

 

20,046

 

 

96,317

 

Accounts payable

 

21,712

 

 

(41,079

)

 

(27,215

)

Insurance reserves

 

363,524

 

 

(79,482

)

 

348,721

 

Accrued and other liabilities

 

164,057

 

 

(75,571

)

 

262,358

 

Lease liabilities

 

(47,356

)

 

(15,292

)

 

(43,759

)

Net cash provided by (used in) operating activities

 

849,737

 

 

(98,244

)

 

(237,285

)

Cash flows from investing activities

 

 

 

Purchases of marketable securities

 

(4,177,429

)

 

(3,288,659

)

 

(4,049,515

)

Purchases of term deposits

 

(4,388

)

 

(3,539

)

 

(13,586

)

Proceeds from sales of marketable securities

 

232,910

 

 

452,465

 

 

676,854

 

Proceeds from maturities of marketable securities

 

3,415,318

 

 

3,481,042

 

 

3,308,664

 

Proceeds from maturities of term deposits

 

5,733

 

 

8,539

 

 

395,092

 

Purchases of property and equipment and scooter fleet

 

(83,470

)

 

(149,819

)

 

(114,970

)

Cash paid for acquisitions, net of cash acquired

 

—

 

 

1,630

 

 

(146,334

)

Sales of property and equipment

 

92,045

 

 

92,594

 

 

129,840

 

Other

 

1,303

 

 

5,500

 

 

—

 

Net cash (used in) provided by investing activities

 

(517,978

)

 

599,753

 

 

186,045

 

Cash flows from financing activities

 

 

 

Repayment of loans

 

(84,070

)

 

(72,484

)

 

(67,639

)

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

 

15,051

 

 

10,993

 

 

21,655

 

Taxes paid related to net share settlement of equity awards

 

(40,328

)

 

(3,021

)

 

(6,733

)

Principal payments on finance lease obligations

 

(46,748

)

 

(43,466

)

 

(34,783

)

Contingent consideration paid

 

—

 

 

(14,100

)

 

—

 

Net cash used in financing activities

 

(155,869

)

 

(122,078

)

 

(87,500

)

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

 

(1,636

)

 

533

 

 

(631

)

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

 

174,254

 

 

379,964

 

 

(139,371

)

Cash, cash equivalents and restricted cash and cash equivalents

 

 

 

Beginning of period

 

771,786

 

 

391,822

 

 

531,193

 

End of period

$

946,040

 

$

771,786

 

$

391,822

 

Lyft, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Year Ended December 31,

 

2024

 

2023

 

2022

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

 

 

 

 

 

Cash and cash equivalents

$

759,319

 

$

558,636

 

 

$

281,090

 

Restricted cash and cash equivalents

 

186,721

 

 

211,786

 

 

 

109,368

 

Restricted cash, included in prepaid expenses and other current assets

 

—

 

 

1,364

 

 

 

1,364

 

Total cash, cash equivalents and restricted cash and cash equivalents

$

946,040

 

$

771,786

 

 

$

391,822

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

 

 

Cash paid for income taxes

 

11,207

 

 

9,425

 

 

 

10,723

 

Cash paid for interest

 

28,304

 

 

20,176

 

 

 

16,752

 

 

 

 

 

 

 

Non-cash investing and financing activities

 

 

 

 

 

Financed vehicles acquired

$

83,600

 

$

127,095

 

 

$

48,104

 

Purchases of property and equipment and scooter fleet not yet settled

 

10,599

 

 

4,505

 

 

 

31,534

 

Contingent consideration

 

—

 

 

—

 

 

 

15,000

 

Right-of-use assets acquired under finance leases

 

45,207

 

 

79,102

 

 

 

11,428

 

Right-of-use assets acquired under operating leases

 

7,710

 

 

3,795

 

 

 

498

 

Remeasurement of finance and operating lease right of use assets

 

54,689

 

 

(10,582

)

 

 

(321

)

Lyft, Inc.

GAAP to Non-GAAP Reconciliations

(in millions)

(unaudited)

 

 

Three Months Ended

Year Ended December 31,

 

Dec. 31, 2024

Sept. 30, 2024

Dec. 31, 2023

2024

2023

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

61.7

 

$

(12.4

)

$

(26.3

)

$

22.8

 

$

(340.3

)

Adjusted to exclude the following:

 

 

 

 

 

Interest expense(1)

 

8.1

 

 

8.9

 

 

9.7

 

 

34.7

 

 

29.7

 

Other income, net

 

(39.2

)

 

(50.9

)

 

(45.4

)

 

(173.2

)

 

(170.1

)

Provision for (benefit from) income taxes

 

(1.2

)

 

(0.7

)

 

3.2

 

 

2.6

 

 

8.6

 

Depreciation and amortization

 

33.7

 

 

45.1

 

 

31.2

 

 

148.9

 

 

116.5

 

Stock-based compensation

 

76.1

 

 

89.0

 

 

91.7

 

 

330.9

 

 

484.5

 

Payroll tax expense related to stock-based compensation

 

1.5

 

 

1.7

 

 

1.6

 

 

14.8

 

 

12.5

 

Sublease income

 

0.5

 

 

0.9

 

 

1.1

 

 

3.5

 

 

4.8

 

Gain from lease termination(2)

 

(29.6

)

 

—

 

 

—

 

 

(29.6

)

 

—

 

Restructuring charges(3)(4)(5)

 

1.2

 

 

25.8

 

 

—

 

 

26.9

 

 

76.2

 

Adjusted EBITDA

$

112.8

 

$

107.3

 

$

66.6

 

$

382.4

 

$

222.4

 

Gross Bookings

$

4,278.9

 

$

4,108.4

 

$

3,724.3

 

$

16,099.4

 

$

13,775.2

 

Net income (loss) as a percentage of Gross Bookings

 

1.4

%

 

(0.3

%)

 

(0.7

%)

 

0.1

%

 

(2.5

%)

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

 

2.6

%

 

2.6

%

 

1.8

%

 

2.4

%

 

1.6

%

_______________

(1) Includes $1.4 million, $1.5 million and $1.2 million related to the interest component of vehicle related finance leases in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $5.8 million and $3.4 million related to the interest component of vehicle related finance leases in the years ended December 31, 2024 and 2023, respectively.

(2) In the fourth quarter of 2024, we recorded a $29.6 million gain as a result of a lease termination.

(3) In the third and fourth quarters of 2024, we incurred restructuring charges of $14.1 million of fixed asset disposals, $11.1 million of other current assets disposals and other costs and $1.8 million of severance and other employee costs. Restructuring related charges for accelerated depreciation of fixed assets of $10.6 million are included on its respective line item. These charges were related to the restructuring plan announced in September 2024.

(4) 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.

(5) 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.

 

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

 

Three Months Ended

Year Ended December 31,

 

Dec. 31, 2024

Sept. 30, 2024

Dec. 31, 2023

2024

2023

Adjusted Net Income(1)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

61.7

 

$

(12.4

)

$

(26.3

)

$

22.8

 

$

(340.3

)

Adjusted to exclude the following:

 

 

 

 

 

Amortization of intangible assets

 

3.5

 

 

3.5

 

 

4.1

 

 

15.0

 

 

16.8

 

Stock-based compensation expense

 

76.1

 

 

89.0

 

 

91.7

 

 

330.9

 

 

484.5

 

Payroll tax expense related to stock-based compensation

 

1.5

 

 

1.7

 

 

1.6

 

 

14.8

 

 

12.5

 

Gain from lease termination(2)

 

(29.6

)

 

—

 

 

—

 

 

(29.6

)

 

—

 

Restructuring charges(3)(4)(5)

 

1.2

 

 

36.4

 

 

—

 

 

37.6

 

 

77.2

 

Adjusted Net Income(1)

$

114.5

 

$

118.1

 

$

71.1

 

$

391.5

 

$

250.7

 

_______________

(1) Beginning in the first quarter of 2025, we will no longer present Adjusted Net Income (Loss) as a non-GAAP financial measure.

(2) In the fourth quarter of 2024, we recorded a $29.6 million gain as a result of a lease termination.

(3) In the third and fourth quarters of 2024, we incurred restructuring charges of $14.1 million of fixed asset disposals, $11.1 million of other current assets disposals and other costs, $10.6 million of accelerated depreciation of fixed assets and $1.8 million of severance and other employee costs. These charges were related to the restructuring plan announced in September 2024.

(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.

 

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

 

Year Ended December 31,

 

2024

2023

2022

Free cash flow

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

$

849.7

 

$

(98.2

)

$

(237.3

)

Less: purchases of property and equipment and scooter fleet

 

(83.5

)

 

(149.8

)

 

(115.0

)

Free cash flow

$

766.3

 

$

(248.1

)

$

(352.3

)

 

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

 

Aurélien Nolf, Investor Relations

[email protected]

Stephanie Rice, Media

[email protected]

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