Lyft(US:LYFT)2025-11-05 22:20Financial Performance - Revenue for the three months ended September 30, 2025, was $1,685.2 million, an increase of 11% compared to $1,522.7 million in 2024[194] - Net income for the same period was $46.1 million, a significant increase of 471% from a net loss of $12.4 million in 2024[194] - Active Riders increased to 28.7 million, representing an 18% growth from 24.4 million in the prior year[194] - Gross Bookings reached $4,780.4 million, up 16% from $4,108.4 million in the previous year[194] - Adjusted EBITDA for the three months ended September 30, 2025, was $138.9 million, a 29% increase from $107.3 million in 2024[194] - Revenue for Q3 2025 was $1,685.2 million, an increase of 11% from $1,522.7 million in Q3 2024[241] - Net income for Q3 2025 was $46.1 million, a significant increase of 471% compared to a loss of $12.4 million in Q3 2024[241] - Free cash flow for Q3 2025 was $277.8 million, up 14% from $242.8 million in Q3 2024[256] - Adjusted EBITDA for Q3 2025 was $138.9 million, representing a 29% increase from $107.3 million in Q3 2024[241] - Gross bookings for Q3 2025 reached $4,780.4 million, a 16% increase from $4,108.4 million in Q3 2024[241] Cost and Expenses - Cost of revenue for the three months ended September 30, 2025, increased by $39.0 million, or 4%, to $927,221, mainly due to a $65.9 million rise in insurance costs[224] - For the nine months ended September 30, 2025, cost of revenue increased by $262.7 million, or 11%, totaling $2,725,829, primarily driven by a $273.3 million increase in insurance costs[225] - Operations and support expenses increased by $14.0 million, or 12%, in the three months ended September 30, 2025, totaling $131,424, due to higher fleet operations support costs[227] - Research and development expenses rose by $5.2 million, or 5%, in the three months ended September 30, 2025, totaling $109,615, primarily due to increased personnel-related costs[229] - Sales and marketing expenses increased by $27.5 million, or 13%, in the three months ended September 30, 2025, totaling $243,317, driven by higher costs related to incentive programs[231] - General and administrative expenses were relatively flat in the three months ended September 30, 2025, totaling $250,565, with a net decrease in certain loss contingencies[233] Cash Flow and Liquidity - Net cash provided by operating activities was $291.3 million, a 10% increase from $264.0 million in the previous year[194] - Net cash provided by operating activities increased to $922.2 million for the nine months ended September 30, 2025, up from $696.4 million in the same period of 2024, reflecting improved net income from $(38.9) million to $89.0 million[259][260] - Cash provided by investing activities was $316.5 million for the nine months ended September 30, 2025, primarily from sales and maturities of marketable securities totaling $3.0 billion[261] - Cash used in financing activities was $511.4 million for the nine months ended September 30, 2025, mainly due to repayment of 2025 Notes of $390.7 million and repurchase of Class A common stock of $400.0 million[263] - As of September 30, 2025, the company had approximately $1.3 billion in cash and cash equivalents and $686.6 million in short-term investments, providing sufficient liquidity for at least the next 12 months[265][271] - As of September 30, 2025, the company had unrestricted cash, cash equivalents, and short-term investments totaling approximately $2.0 billion[279] Acquisitions and Investments - The acquisition of Intelligent Apps GmbH (Freenow) was completed for approximately €204.1 million ($234.8 million) on July 31, 2025[192] - The acquisition of TheBookingRoomGroup Limited (TBR Global Chauffeuring) was completed for approximately £83.0 million, with up to £17.3 million in contingent consideration[193] - The company completed the acquisition of TBR Global Chauffeuring for approximately £83.0 million in cash on October 14, 2025[271] - The company issued $500 million in 2030 Notes in September 2025, using proceeds for capped calls and repurchasing Class A common stock[268] Debt and Financing - The company reported long-term debt of $1.1 billion, primarily consisting of fixed-rate 2029 Notes and 2030 Notes with a 0% interest rate[279] - A share repurchase program was authorized for up to $750.0 million, with $400.0 million repurchased during the nine months ended September 30, 2025[272] - The company has not drawn on its $420 million Revolving Credit Facility as of September 30, 2025, which remains available for liquidity needs[271] Tax and Other Income - Provision for income taxes increased by $1.3 million, or 187%, in Q3 2025 compared to Q3 2024[239] - Other income, net decreased by $25.1 million, or 49%, in Q3 2025 compared to Q3 2024, primarily due to an $11.0 million decrease in interest income and an $8.3 million decrease from foreign currency exchange[237] Market and Economic Factors - The company expects revenue to fluctuate based on factors such as ride volume, driver supply, pricing, incentives, and seasonality related to shared bikes and scooters[223] - The company is exposed to foreign currency exchange risk due to international revenue and expenses denominated in foreign currencies[280] - Fluctuations in foreign currency exchange rates have affected the company's net income, but a hypothetical 10% change would not materially impact the condensed consolidated financial statements[280] - A hypothetical 100 basis points change in interest rates would not materially impact the company's financial condition or results of operations[279]