Lyft(LYFT)2024-08-07 20:09Revenue Growth - Revenue for Q2 2024 increased by 41% to $1.4358 billion compared to $1.0209 billion in Q2 2023[134] - Revenue increased by 41% to $1,435.8 million in Q2 2024 compared to Q2 2023, driven by a 15% increase in Rides and 10% growth in Active Riders[155] - Revenue for the first six months of 2024 increased by 34% to $2,713.0 million compared to the same period in 2023[155] - Revenue increased by $414.9 million, or 41%, in the three months ended June 30, 2024 compared to the same period in 2023[166] Net Income and Profitability - Net income for Q2 2024 was $5.0 million, a significant improvement from a net loss of $114.3 million in Q2 2023[134] - The company achieved net income for the first time in its operating history in Q2 2024[130] - Net income improved to $5.0 million in Q2 2024 from a net loss of $114.3 million in Q2 2023[152] - Net loss for the first six months of 2024 narrowed to $26.5 million from a net loss of $301.9 million in the same period in 2023[152] - Net income for Q2 2024 was $5.0 million, compared to a net loss of $114.3 million in Q2 2023[173] - Company achieved net income for the first time in its operating history and reported a third consecutive quarter of positive free cash flow in the quarter ended June 30, 2024[184] User and Ride Growth - Active Riders grew by 10% to 23.7 million in Q2 2024 from 21.5 million in Q2 2023[134] - Rides increased by 15% to 205.3 million in Q2 2024 from 177.9 million in Q2 2023[134] Gross Bookings - Gross Bookings rose by 17% to $4.0189 billion in Q2 2024 from $3.4460 billion in Q2 2023[134] - Gross Bookings increased by $572.9 million, or 17%, in the three months ended June 30, 2024 compared to the same period in 2023[166] - Gross Bookings for Q2 2024 reached $4,018.9 million, a 16.6% increase from $3,446.0 million in Q2 2023[173] Adjusted EBITDA - Adjusted EBITDA surged by 151% to $102.9 million in Q2 2024 from $41.0 million in Q2 2023[134] - Adjusted EBITDA increased by $61.9 million, or 151%, in the three months ended June 30, 2024 compared to the same period in 2023[166] - Adjusted EBITDA for Q2 2024 was $102.9 million, up from $41.0 million in Q2 2023[173] Free Cash Flow - Free cash flow improved to $256.4 million in Q2 2024 from a negative $112.2 million in Q2 2023[134] - Free cash flow increased by $368.6 million, or 329%, in the three months ended June 30, 2024 compared to the same period in 2023[166] - Free cash flow for Q2 2024 was $256.4 million, compared to negative $112.2 million in Q2 2023[176] Cost of Revenue - Cost of revenue rose by 35% to $819.5 million in Q2 2024, primarily due to a $189.9 million increase in insurance costs[156] - Cost of revenue for the first six months of 2024 increased by 36% to $1,574.9 million, primarily due to a $384.4 million rise in insurance costs[157] Operations and Support Expenses - Operations and support expenses increased by 8% to $115.7 million in Q2 2024, mainly due to higher Light Vehicle fleet operations and driver onboarding costs[157] - Operations and support expenses for the first six months of 2024 increased by 6% to $218.8 million, driven by higher Light Vehicle fleet operations and driver onboarding costs[157] Research and Development Expenses - Research and development expenses decreased by 36% to $98.8 million in Q2 2024, driven by reduced personnel-related costs and stock-based compensation[158] - Research and development expenses for the first six months of 2024 decreased by 43% to $198.8 million, primarily due to reduced personnel-related costs and stock-based compensation[158] - Research and development expenses decreased by $152.7 million, or 43%, in the six months ended June 30, 2024 compared to the same period in 2023[159] Sales and Marketing Expenses - Sales and marketing expenses increased by $67.2 million, or 62%, in the three months ended June 30, 2024 compared to the same period in 2023[159] - Sales and marketing expenses increased by $96.7 million, or 43%, in the six months ended June 30, 2024 compared to the same period in 2023[161] General and Administrative Expenses - General and administrative expenses increased by $51.2 million, or 25%, in the three months ended June 30, 2024 compared to the same period in 2023[162] Interest Expense - Interest expense increased by $1.7 million, or 28%, in the three months ended June 30, 2024 compared to the same period in 2023[163] Other Income (Expense) - Other income (expense), net decreased by $11.1 million, or 21%, in the three months ended June 30, 2024 compared to the same period in 2023[164] Cash Flow and Liquidity - Net cash provided by operating activities for H1 2024 was $432.4 million, a significant improvement from negative $144.0 million in H1 2023[177] - Cash used in investing activities for H1 2024 was $317.2 million, primarily due to $2.1 billion in purchases of marketable securities[180] - Cash used in financing activities for H1 2024 was $66.9 million, including $41.0 million in loan repayments[181] - Company's principal sources of liquidity as of June 30, 2024 include cash and cash equivalents of $604.4 million and short-term investments of $1.2 billion, excluding restricted cash, cash equivalents, and investments of $1.3 billion[182] - Company has a revolving credit facility with an aggregate principal amount of $420 million, with a sublimit of $168 million for the issuance of letters of credit[182] - Restricted reinsurance trust investments as of June 30, 2024 were $1.1 billion, compared to $837.3 million as of December 31, 2023[184] - Company has $1.8 billion in unrestricted cash and cash equivalents and short-term investments as of June 30, 2024[184] Stock-Based Compensation and Depreciation - Stock-based compensation expense for H1 2024 was $165.8 million, down from $294.3 million in H1 2023[179] - Depreciation and amortization expense for H1 2024 was $70.1 million, up from $55.8 million in H1 2023[179] Restructuring Charges - Restructuring charges in Q2 2023 totaled $52.3 million, including $46.6 million in severance and other employee costs[173] Long-Term Debt and Interest Rate Sensitivity - Company had long-term debt of $1.0 billion as of June 30, 2024, with 39% consisting of fixed-rate 2025 Notes and 45% consisting of fixed-rate 2029 Notes[187] - A hypothetical 100 basis points change in interest rates would not have a material impact on the company's financial condition or results of operations[187] Strategic Initiatives - The company launched Women+ Connect in September 2023, offering women and nonbinary drivers the option to prioritize matches with nearby women and nonbinary riders[130] - The company committed to ensuring drivers receive 70% or more of rider payments after external fees are subtracted, starting February 2024[130] - Company plans to invest further in EVs to comply with various state and city regulations, including California's target of 90% of rideshare miles in EVs by 2030[184]