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Jun 30, 2024
Lyft Q2 2024 Earnings Report
Lyft achieved its first-ever quarter of GAAP profitability, accompanied by all-time high active riders and rides.
Key Takeaways
Lyft announced strong Q2 2024 financial results, marked by the company's first-ever quarter of GAAP profitability. The company saw record numbers in active riders and rides, driven by customer obsession and platform growth.
Gross Bookings increased by 17% year-over-year, reaching $4.0 billion.
Revenue grew by 41% year-over-year to $1.4 billion.
Lyft reported a net income of $5.0 million, a significant improvement from the $(114.3) million net loss in Q2 2023.
Active Riders reached an all-time high of 23.7 million, up 10% year-over-year, and Rides hit a company record of 205 million, up 15% year-over-year.
Lyft
Lyft
Forward Guidance
Lyft anticipates Gross Bookings of approximately $4.0 billion to $4.1 billion and Adjusted EBITDA between $90 million to $95 million for Q3 2024.
Positive Outlook
- Gross Bookings of approximately $4.0 billion to $4.1 billion.
- Adjusted EBITDA of $90 million to $95 million.
- Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.3%.
- Rides growth in the mid-teens year-over-year.
- We remain on track to generate positive free cash flow for the full year.
Challenges Ahead
- We have not provided the forward-looking GAAP equivalent to our non-GAAP outlook or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of reconciling items such as stock-based compensation and income tax.
- Reconciling items could have a significant effect on future GAAP results.
- Forward-looking statements are subject to risks and uncertainties, including those more fully described in Lyft's filings with the Securities and Exchange Commission.
- Lyft disclaims any obligation to update any forward-looking statements, except as required by law.
- Macroeconomic environment