[Table_Title] 研究报告 Research Report 7 Nov 2024 美国互联网 US Internet Lyft 3Q24 业绩点评：全年指引上调，公司宣布新一轮自驾领域合作 Lyft 3Q24 Earnings: Full-year outlook raised with new round of autonomous partnerships announced 白玉 Jasmine Bai 王晴 Rachel Wang 陈昊飞 Haofei Chen, PhD y.bai@htisec.com rachel.q.wang@htisec.com haofei.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 Lyft（LYFT.US）于 2024 年 11 月 6 日美股盘后发布了 2024 年第 3 季度业绩，其中总流水符合预期、经调整后 EBITDA 超预期，下季度指引超预期，全年 EBITDA 指引上 ...

Revenue Growth - Revenue for Q3 2024 increased by 32% to $1.52 billion compared to $1.16 billion in Q3 2023[131] - Revenue increased by 32% to $1.522 billion in Q3 2024 compared to Q3 2023, driven by a 16% increase in Rides and 9% growth in Active Riders[150] - Revenue for the nine months ended September 30, 2024, increased by 33% to $4.236 billion compared to the same period in 2023[150] - Revenue increased by 32% to $1,522.7 million in the three months ended September 30, 2024[164] User and Ride Metrics - Active Riders grew by 9% to 24.4 million in Q3 2024 from 22.4 million in Q3 2023[131] - Rides increased by 16% to 216.7 million in Q3 2024 from 187.4 million in Q3 2023[131] - Gross Bookings rose by 16% to $4.11 billion in Q3 2024 from $3.55 billion in Q3 2023[131] - Gross Bookings for Q3 2024 reached $4,108.4 million, a 15.6% increase from $3,554.1 million in Q3 2023[170] Profitability and Financial Performance - Adjusted EBITDA grew by 17% to $107.3 million in Q3 2024 from $92.0 million in Q3 2023[131] - Free cash flow surged by 909% to $242.8 million in Q3 2024 from -$30.0 million in Q3 2023[131] - Net loss improved to $12.4 million in Q3 2024, down from $12.1 million in Q3 2023[147] - Adjusted EBITDA increased by 17% to $107.3 million in the three months ended September 30, 2024[164] - Net loss for Q3 2024 was $12.4 million, compared to $12.1 million in Q3 2023[170] - Adjusted EBITDA for Q3 2024 was $107.3 million, up from $92.0 million in Q3 2023[170] - Adjusted Net Income for Q3 2024 was $118.1 million, compared to $92.3 million in Q3 2023[172] - Free cash flow for Q3 2024 was $242.8 million, a significant improvement from $(30.0) million in Q3 2023[173] - Net cash provided by operating activities for the nine months ended September 30, 2024 was $696.4 million, compared to $(141.8) million in the same period of 2023[174] - Company reported a fourth consecutive quarter of positive free cash flow in the quarter ended September 30, 2024[181] - Company achieved net income for the first time in its operating history in the quarter ended June 30, 2024[181] Expenses and Costs - Cost of revenue rose by 38% to $888.3 million in Q3 2024, primarily due to a $187 million increase in insurance costs[151] - Research and development expenses decreased by 4% to $104.4 million in Q3 2024, mainly due to an $8.7 million reduction in stock-based compensation[155] - Operations and support expenses remained flat at $117.5 million in Q3 2024, with a $5.2 million decrease in facilities costs offset by a $3.4 million increase in Flexdrive related costs[154] - Sales and marketing expenses increased to $215.8 million in Q3 2024, up from $129.9 million in Q3 2023[147] - General and administrative expenses rose to $253.4 million in Q3 2024, compared to $195.3 million in Q3 2023[147] - Cost of revenue for the nine months ended September 30, 2024, increased by 37% to $2.463 billion, driven by a $571.4 million rise in insurance costs[153] - Research and development expenses for the nine months ended September 30, 2024, decreased by 34% to $303.3 million compared to the same period in 2023[155] - Research and development expenses decreased by $157.5 million (34%) in the nine months ended September 30, 2024, primarily due to reductions in stock-based compensation and personnel-related costs[156] - Sales and marketing expenses increased by $85.8 million (66%) in the three months ended September 30, 2024, driven by investments in rider engagement and advertising[157] - Sales and marketing expenses increased by $182.6 million (51%) in the nine months ended September 30, 2024, primarily due to rider and driver incentive programs and advertising expenses[159] - General and administrative expenses increased by $58.1 million (30%) in the three months ended September 30, 2024, due to legal and tax accruals and consulting costs[160] - General and administrative expenses increased by $89.1 million (14%) in the nine months ended September 30, 2024, driven by loss contingencies and business liabilities[160] - Interest expense increased by $1.2 million (19%) in the three months ended September 30, 2024[161] - Interest expense increased by $4.5 million (25%) in the nine months ended September 30, 2024[162] - Stock-based compensation expense for Q3 2024 was $89.0 million, down from $98.5 million in Q3 2023[170] - Restructuring charges for Q3 2024 totaled $25.8 million, primarily from fixed asset disposals and severance costs[170] Cash and Investments - Cash used in investing activities for the nine months ended September 30, 2024 was $323.9 million, primarily due to purchases of marketable securities[177] - Cash used in financing activities for the nine months ended September 30, 2024 was $102.3 million, mainly from loan repayments and finance lease obligations[178] - Company's cash and cash equivalents as of September 30, 2024, were approximately $770.3 million[179] - Short-term investments as of September 30, 2024, were approximately $1.2 billion[179] - Restricted cash, cash equivalents, and investments as of September 30, 2024, were $1.5 billion[179] - Revolving Credit Facility provides for a $420 million senior secured revolving credit facility[179] - Unrestricted cash and cash equivalents and short-term investments as of September 30, 2024, were $1.9 billion[181] - Long-term debt as of September 30, 2024, was $1.0 billion, with 39% being fixed-rate 2025 Notes and 45% being fixed-rate 2029 Notes[185] - Restricted reinsurance trust investments as of September 30, 2024, were $1.2 billion, up from $837.3 million as of December 31, 2023[181] Strategic Initiatives and Investments - The company incurred restructuring charges of $36.4 million in Q3 2024 related to bikes and scooters[129] - In February 2024, the company issued $460 million aggregate principal amount of the 2029 Notes[129] - The company launched price lock in July 2024, a new subscription offering that caps ride prices[127] - Women+ Connect was extended nationwide in 2024, allowing women and nonbinary drivers to prioritize matches with similar riders[127] - Company plans to invest further in EVs to comply with various state and city regulations targeting 90% to 100% EV adoption by 2030[181] Other Income and Expenses - Other income (expense), net increased by $16.5 million (48%) in the three months ended September 30, 2024, due to higher returns on investments and foreign currency exchange[162]

Key TakeawaysLyft shares surged over 20% Thursday as analysts raised their price targets following better-than-expected third quarter results.The rideshare company posted a smaller net loss than expected and lifted its projection for full-year bookings above estimates.Analysts said Lyft's agreements with multiple autonomous vehicle software makers could help Lyft compete with Uber and Tesla in the race to get AVs in more markets. Lyft (LYFT) shares jumped 23% Thursday as several analysts lifted their price ...

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Lyft posted strong growth in the third quarter.Shares of Lyft (LYFT 22.07%), the No. 2 ride-sharing company, were moving higher today after the company reported strong results in its third-quarter earnings report, including record trips.As of 1:39 p.m. ET, the stock was up 22.9%. Lyft is acceleratingLyft continues to deliver solid growth, with gross bookings up 16% in the quarter, driving revenue up 32% to $1.52 billion. This beat estimates at $1.44 billion, as the company deployed incentives to riders and ...

Lyft (LYFT) stock is racing up the price charts Thursday after the ride-sharing company beat top- and bottom-line expectations for its third quarter and raised its full-year outlook.In the three months ended September 30, Lyft's revenue increased 31.5% year over year to $1.5 billion, boosted by a 15.6% jump in gross bookings to $4.1 billion. Its earnings per share (EPS) improved 20.8% from the year-ago period to 29 cents."Our team delivered one of the strongest quarters in Lyft history, following the many n ...

Rideshare concern Lyft Inc (NASDAQ:LYFT) is seeing high options activity today, after the company reported strong third-quarter earnings and revenue and issued an upbeat current-quarter gross bookings outlook. The security attracted no fewer than 10 price-target hikes in response, including one from RBC to $24 from $10.So far today, 134,000 calls and 50,000 puts have been traded, which is seven times the volume typically seen at this point. Most active is the December 20 call, followed by the weekly 11/8 20 ...

Shares of Lyft Inc LYFT were climbing in early trading on Thursday, after the company reported upbeat third-quarter results.The company reported its results amid an exciting earnings season. Here are some key analyst takeaways. Check out other analyst stock ratings.Cantor Fitzgerald: Lyft’s third-quarter bookings and EBITDA beat estimates by 1% and 14%, respectively, Mathivanan said in a note. The quarterly results should "re-inspire confidence" in the company's medium-term guidance, he added.The company ma ...

Amid investors' excitement for Donald Trump's reelection as the 47th president of the U.S. and the possibility of favorable tax policies that may follow, plus the specter of continued interest rate cuts by the Fed, it's almost difficult toWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular con ...

Lyft, Inc. (NASDAQ:LYFT) Q3 2024 Earnings Call Transcript November 6, 2024 5:00 PM ET Company Participants Aurelien Nolf - VP, FP&A and IR David Risher - CEO Erin Brewer - CFO Conference Call Participants Doug Anmuth - JPMorgan Eric Sheridan - Goldman Sachs Brian Nowak - Morgan Stanley Ken Gawrelski - Wells Fargo Benjamin Black - Deutsche Bank Shweta Khajuria - Wolfe Research John Blackledge - TD Cowen Steven Choi - UBS Operator Good afternoon and welcome to the Lyft Third Quarter 2024 Earnings Call. At thi ...