Lyft(US:LYFT)2025-05-08 22:28Financial Performance - Revenue for the three months ended March 31, 2025, was $1,450.2 million, representing a 14% increase from $1,277.2 million in the same period of 2024[177]. - Net income for the quarter was $2.6 million, a turnaround from a net loss of $31.5 million in the same quarter of 2024, marking a 108% improvement[177]. - Adjusted EBITDA for the quarter was $106.5 million, a significant increase of 79% from $59.4 million in the previous year[177]. - Free cash flow improved to $280.7 million, a 121% increase from $127.1 million year-over-year[177]. - Net cash provided by operating activities increased to $287.2 million for the three months ended March 31, 2025, compared to $156.2 million in the same period of 2024, reflecting improved net income and working capital changes[231][233]. - Net income improved from a loss of $31.5 million in Q1 2024 to a profit of $2.6 million in Q1 2025, driven by increased revenue and cost discipline[232]. Growth Metrics - Active Riders increased to 24.2 million, an 11% growth compared to 21.9 million in the prior year[177]. - Gross Bookings reached $4,162.4 million, up 13% from $3,693.2 million year-over-year[177]. - The increase in rides to 218.4 million, a 16% growth from 187.7 million, was attributed to improved marketplace health and increased rider engagement[177]. Cost and Expenses - Total costs and expenses increased to $1,479.0 million, a 10% rise from $1,340.2 million in the prior year[177]. - Cost of revenue increased by $107.5 million, or 14%, to $862.9 million in Q1 2025, primarily due to a $99.6 million rise in insurance costs[206]. - Research and development expenses rose by $12.5 million, or 12%, to $112.5 million in Q1 2025, driven by an increase in stock-based compensation and consulting costs[209]. - Sales and marketing expenses increased by $36.5 million, or 25%, to $182.0 million in Q1 2025, largely due to higher rider and driver incentive programs[210]. - General and administrative expenses decreased by $21.0 million, or 9%, to $215.3 million in Q1 2025, mainly due to a reduction in certain loss contingencies[211]. Future Outlook - The company expects revenue fluctuations based on ride volume, driver supply, pricing, incentives, and seasonality related to its network of Light Vehicles[205]. - Cost of revenue is anticipated to increase in the near term due to higher insurance costs driven by recent economic factors[207]. - Future capital requirements will depend on growth, expense alignment, and market acceptance, with plans to invest in electric vehicles to comply with environmental standards[245]. Liquidity and Capital Structure - As of March 31, 2025, the company had approximately $2.2 billion in unrestricted cash and cash equivalents and short-term investments, providing sufficient liquidity for upcoming capital expenditures[243]. - The company announced a share repurchase program of up to $500 million in February 2025, with an increase to $750 million authorized in May 2025[244]. - The company has a revolving credit facility of $420 million, none of which has been drawn as of March 31, 2025[243]. - Long-term debt as of March 31, 2025, was $1.0 billion, with 40% in fixed-rate 2025 Notes and 46% in fixed-rate 2029 Notes[252]. Market Risks - The company is exposed to market risks related to interest rates and foreign currency exchange, but fluctuations have not significantly impacted financial results[251][253].