Lyft(LYFT) - 2024 Q4 - Annual Results

Financial Performance - Gross Bookings reached $4.3 billion in Q4 2024, up 15% year over year, and$ 16.1 billion for the full year, up 17% year over year[6] - Revenue for Q4 2024 was $1.6 billion, a 27% increase year over year, and$ 5.8 billion for the full year, up 31% year over year[6] - Net income for Q4 2024 was $61.7 million, compared to a net loss of$ (26.3) million in Q4 2023, with a net income margin of 1.4%[6] - Adjusted EBITDA for Q4 2024 was $112.8 million, up from$ 66.6 million in Q4 2023, with an adjusted EBITDA margin of 2.6%[6] - Lyft reported a net income of $22,784 for 2024, a significant improvement from a net loss of$ 340,320 in 2023[31] - Adjusted EBITDA for the year ended December 31, 2024, was $382.4 million, up 72.0% from$ 222.4 million in 2023[37] - Net income for the year ended December 31, 2024, was $22.8 million, a turnaround from a net loss of$ 340.3 million in 2023[37] - The adjusted net income for 2024 was $391.5 million, compared to$ 250.7 million in 2023, reflecting a 56.3% increase[43] Operational Metrics - Active Riders reached an all-time high of 24.7 million in Q4 2024, growing 10% year over year, and 44 million for the full year[6] - Total Rides in Q4 2024 grew 15% year over year to 219 million, with 828 million rides for the full year, a 17% increase[6] - Lyft's average ETAs became the fastest in the industry during Q4 2024, reflecting best-in-class service levels[6] Cash Flow and Assets - Free cash flow for 2024 was $849,737, a turnaround from a cash used in operating activities of$ (98,244) in 2023[33] - Free cash flow improved significantly to $766.3 million in 2024, compared to a negative$ 248.1 million in 2023[48] - Total cash, cash equivalents, and restricted cash increased to $946.0 million in 2024 from$ 771.8 million in 2023, representing a 22.6% increase[35] - Cash and cash equivalents rose to $759,319 in 2024 from$ 558,636 in 2023, reflecting a growth of 36%[29] - The total current assets increased to $2,950,533 in 2024 from$ 2,577,419 in 2023, reflecting a growth of 14.5%[29] - Lyft's total assets increased to $5,435,069 in 2024, up from$ 4,564,467 in 2023, marking a growth of 19.1%[29] Costs and Expenses - The company incurred total costs and expenses of $5,904,928 in 2024, compared to$ 4,879,193 in 2023, representing an increase of 20.9%[31] - Lyft's stock-based compensation included in costs and expenses was $330,921 in 2024, down from$ 484,533 in 2023, indicating a reduction of 31.7%[33] - Restructuring charges incurred in 2024 totaled $26.9 million, down from$ 76.2 million in 2023, indicating a reduction in restructuring costs[39] Future Projections - For Q1 2025, Lyft expects Gross Bookings growth of approximately 10% to 14%, or about $4.05 billion to$ 4.20 billion[9] - Adjusted EBITDA for Q1 2025 is projected to be approximately $90 million to$ 95 million, with an adjusted EBITDA margin of about 2.2% to 2.3%[9] Shareholder Actions - Lyft announced a $500 million share repurchase program authorized by its Board of Directors[7] Tax and Interest - Cash paid for interest increased to$ 28.3 million in 2024 from $20.2 million in 2023, a 40.0% rise[35] - Cash paid for income taxes increased to$ 11.2 million in 2024 from $9.4 million in 2023, a 18.5% increase[35] Margins and Efficiency - The adjusted EBITDA margin for 2024 was 2.4%, up from 1.6% in 2023, showing improved operational efficiency[37]