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Dec 31, 2023
Lyft Q4 2023 Earnings Report
Lyft's Q4 2023 performance demonstrated strong growth in gross bookings and rides, with a significant reduction in net loss and a positive adjusted EBITDA.
Key Takeaways
Lyft reported a 4% increase in revenue to $1.2 billion and a 17% increase in Gross Bookings to $3.7 billion. The company reduced its net loss to $26.3 million and achieved an adjusted EBITDA of $66.6 million. Rides grew 26% year-over-year to 191 million, and active riders increased by 10% to 22.4 million.
Gross Bookings grew 17% year-over-year to $3.7 billion.
Revenue increased 4% year-over-year to $1.2 billion.
Net loss significantly reduced to $26.3 million compared to $588.1 million in Q4 2022.
Rides grew 26% year-over-year to 191 million, driven by strong rideshare demand.
Forward Guidance
Lyft anticipates Q1 2024 Gross Bookings of approximately $3.5 billion to $3.6 billion and Adjusted EBITDA of $50 million to $55 million. For FY 2024, Lyft expects rides growth in the mid-teens year-over-year, gross bookings growth slightly faster than rides growth, and adjusted EBITDA margin expansion of approximately 500 basis points year-over-year. Lyft anticipates generating positive Free Cash Flow for the full-year for the first time, with roughly half of Adjusted EBITDA converting to Free Cash Flow.
Positive Outlook
- Expects rides growth in the mid-teens year-over-year.
- Projects gross bookings growth slightly faster than rides growth year-over-year.
- Anticipates adjusted EBITDA margin expansion of approximately 500 basis points year-over-year.
- Expects to generate positive Free Cash Flow for the full-year for the first time.
- Roughly half of Adjusted EBITDA will convert to Free Cash Flow for full-year 2024.
Historical Earnings Impact
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