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Sep 30, 2023
Lyft Q3 2023 Earnings Report
Lyft's Q3 2023 financial results were announced, highlighting growth in gross bookings, revenue, and active riders, along with a reduced net loss and improved Adjusted EBITDA.
Key Takeaways
Lyft reported a 15% year-over-year increase in Gross Bookings to $3.554 billion and a 10% increase in revenue to $1.158 billion. The company's net loss significantly decreased to $12.1 million, and Adjusted EBITDA improved to $92.0 million.
Gross Bookings increased by 15% year-over-year to $3.554 billion.
Revenue grew by 10% year-over-year to $1.158 billion.
Net loss improved to $12.1 million compared to $422.2 million in Q3 2022.
Adjusted EBITDA was $92.0 million, a significant increase from $(26.7) million in Q3 2022.
Lyft
Lyft
Forward Guidance
Lyft anticipates Gross Bookings of approximately $3.6 billion to $3.7 billion and Adjusted EBITDA of $50 million to $60 million for Q4 2023.
Positive Outlook
- Expects fourth quarter revenue will grow mid-single-digits quarter-over-quarter.
- Projects Adjusted EBITDA of $50 million to $60 million.
- Anticipates Gross Bookings of approximately $3.6 billion to $3.7 billion.
- Expects Adjusted EBITDA margin to be approximately 1.4% to 1.6% of Gross Bookings.
- Fourth quarter Adjusted EBITDA margin will be roughly in-line with the 4% achieved in Q2 of 2023.
Challenges Ahead
- Guidance excludes reconciling items such as stock-based compensation and income taxes.
- Reconciling items could have a significant effect on future GAAP results.
- Outlook is subject to risks and uncertainties, including the macroeconomic environment and the impact of the COVID-19 pandemic.
- Ability to forecast performance is subject to risks due to limited operating history and the macroeconomic environment.
- Future results are subject to risks and uncertainties that could cause actual results to differ materially from those projected.