Lyft(LYFT)2024-11-07 21:06Revenue 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]