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Mar 31, 2024
Lyft Q1 2024 Earnings Report
Lyft had a strong start in 2024 with growth in rides and gross bookings, and higher cash generation expected for the full year.
Key Takeaways
Lyft reported strong Q1 2024 results, with revenue up 28% year-over-year to $1.3 billion and gross bookings up 21% year-over-year to $3.7 billion. The company saw growth in rides and active riders, and expects higher cash generation for the full year. Net loss was $31.5 million, an improvement from $187.6 million in Q1 2023.
Gross Bookings increased by 21% year-over-year, reaching $3.7 billion.
Revenue increased by 28% year-over-year, reaching $1.3 billion.
Rides increased by 23% year-over-year, totaling 188 million.
Active Riders increased by 12% year-over-year, totaling 21.9 million.
Forward Guidance
Lyft anticipates Gross Bookings of approximately $4.0 billion to $4.1 billion and Adjusted EBITDA of $95 million to $100 million for the second quarter of 2024. They expect Rides growth in the mid-teens year-over-year, Gross Bookings growth that is slightly faster than Rides growth year-over-year, and Adjusted EBITDA margin of approximately 2.1% for the full year 2024. They also expect at least 70% of Adjusted EBITDA to convert to free cash flow for the full-year 2024.
Positive Outlook
- Gross Bookings of approximately $4.0 billion to $4.1 billion.
- Adjusted EBITDA of $95 million to $100 million.
- Rides growth in the mid-teens year-over-year.
- Gross Bookings growth that is slightly faster than Rides growth year-over-year.
- At least 70% of Adjusted EBITDA to convert to free cash flow for the full-year 2024.
Historical Earnings Impact
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