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Lyft(LYFT) - 2024 Q3 - Quarterly Report
LYFTLyft(LYFT)2024-11-07 21:06
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Revenue Growth - Revenue for Q3 2024 increased by 32% to 1.52billioncomparedto1.52 billion compared to 1.16 billion in Q3 2023[131] - Revenue increased by 32% to 1.522billioninQ32024comparedtoQ32023,drivenbya161.522 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 1,522.7millioninthethreemonthsendedSeptember30,2024[164]UserandRideMetrics−ActiveRidersgrewby91,522.7 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 3.55billioninQ32023[131]−GrossBookingsforQ32024reached3.55 billion in Q3 2023[131] - Gross Bookings for Q3 2024 reached 4,108.4 million, a 15.6% increase from 3,554.1millioninQ32023[170]ProfitabilityandFinancialPerformance−AdjustedEBITDAgrewby173,554.1 million in Q3 2023[170] Profitability and Financial Performance - Adjusted EBITDA grew by 17% to 107.3 million in Q3 2024 from 92.0millioninQ32023[131]−Freecashflowsurgedby90992.0 million in Q3 2023[131] - Free cash flow surged by 909% to 242.8 million in Q3 2024 from -30.0millioninQ32023[131]−Netlossimprovedto30.0 million in Q3 2023[131] - Net loss improved to 12.4 million in Q3 2024, down from 12.1millioninQ32023[147]−AdjustedEBITDAincreasedby1712.1 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 12.4million,comparedto12.4 million, compared to 12.1 million in Q3 2023[170] - Adjusted EBITDA for Q3 2024 was 107.3million,upfrom107.3 million, up from 92.0 million in Q3 2023[170] - Adjusted Net Income for Q3 2024 was 118.1million,comparedto118.1 million, compared to 92.3 million in Q3 2023[172] - Free cash flow for Q3 2024 was 242.8million,asignificantimprovementfrom242.8 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 696.4million,comparedto696.4 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 888.3millioninQ32024,primarilyduetoa888.3 million in Q3 2024, primarily due to a 187 million increase in insurance costs[151] - Research and development expenses decreased by 4% to 104.4millioninQ32024,mainlyduetoan104.4 million in Q3 2024, mainly due to an 8.7 million reduction in stock-based compensation[155] - Operations and support expenses remained flat at 117.5millioninQ32024,witha117.5 million in Q3 2024, with a 5.2 million decrease in facilities costs offset by a 3.4millionincreaseinFlexdriverelatedcosts[154]−Salesandmarketingexpensesincreasedto3.4 million increase in Flexdrive related costs[154] - Sales and marketing expenses increased to 215.8 million in Q3 2024, up from 129.9millioninQ32023[147]−Generalandadministrativeexpensesroseto129.9 million in Q3 2023[147] - General and administrative expenses rose to 253.4 million in Q3 2024, compared to 195.3millioninQ32023[147]−CostofrevenuefortheninemonthsendedSeptember30,2024,increasedby37195.3 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 571.4millionriseininsurancecosts[153]−ResearchanddevelopmentexpensesfortheninemonthsendedSeptember30,2024,decreasedby34571.4 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 157.5million(34157.5 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 182.6million(51182.6 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 89.1million(1489.1 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 4.5million(254.5 million (25%) in the nine months ended September 30, 2024[162] - Stock-based compensation expense for Q3 2024 was 89.0 million, down from 98.5millioninQ32023[170]−RestructuringchargesforQ32024totaled98.5 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 323.9million,primarilyduetopurchasesofmarketablesecurities[177]−CashusedinfinancingactivitiesfortheninemonthsendedSeptember30,2024was323.9 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 770.3million[179]−Short−terminvestmentsasofSeptember30,2024,wereapproximately770.3 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 1.5billion[179]−RevolvingCreditFacilityprovidesfora1.5 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 1.9billion[181]−Long−termdebtasofSeptember30,2024,was1.9 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 1.2billion,upfrom1.2 billion, up from 837.3 million as of December 31, 2023[181] Strategic Initiatives and Investments - The company incurred restructuring charges of 36.4millioninQ32024relatedtobikesandscooters[129]−InFebruary2024,thecompanyissued36.4 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]