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Lyft Announces Q2 2024 Results, Including First-Ever Quarter of GAAP Profitability
Achieved All-time High Active Riders and Rides SAN FRANCISCO--(BUSINESS WIRE)-- Lyft, Inc. (Nasdaq:LYFT) today announced financial results for the second
About this update from Lyft, Inc.
[{"type":"text","content":"\nAchieved All-time High Active Riders and Rides\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nLyft, Inc. (Nasdaq:LYFT) today announced financial results for the second quarter ended June 30, 2024.\n\n\n“For over a year you've heard us say that customer obsession drives profitable growth,\" said CEO David Risher. “In Q2 we delivered, and drivers and riders are choosing Lyft in record numbers.”\n\n\n“Our platform is growing in a very healthy way as evidenced by the strength of our financial results, including strong cash flow generation and GAAP Net income,” said CFO Erin Brewer. “We had a strong second quarter with more than a hundred million dollars in Adjusted EBITDA, and we have solid momentum entering the second half of the year.”\n\n\nSecond Quarter 2024 Financial Highlights\n\n\n\nGross Bookings of $4.0 billion was up 17% year-over-year.\n\n\n\nRevenue of $1.4 billion was up 41% year-over-year.\n\n\n\nNet income of $5.0 million compared to $(114.3) million net loss in Q2’23. Net income includes $89.9 million of stock-based compensation and related payroll tax expenses. Net income as a percentage of Gross Bookings was 0.1% and compared to net loss as a percentage of Gross Bookings of (3.3)% in Q2’23.\n\n\n\nAdjusted EBITDA of $102.9 million compared to $41.0 million in Q2’23. Adjusted EBITDA margin as a percentage of Gross Bookings was 2.6% and compared to 1.2% in Q2’23.\n\n\n\nNet cash flow provided by (used in) operating activities of $276.2 million compared to $(70.0) million in Q2’23. For the last twelve months, net cash flow provided by operating activities was $478.2 million.\n\n\n\nFree cash flow of $256.4 million compared to ($112.2) million in Q2’23. For the last twelve months, free cash flow was $368.4 million.\n\n\n\nSecond Quarter 2024 Operational Highlights\n\n\n\nAll-time high Active Riders of 23.7 million: up 10% year-over-year.\n\n\n\nRides of 205 million: were a company record, up 15% year-over-year.\n\n\n\nDriver hours hit an all-time high: and we welcomed the most new drivers in any quarter since 2019. Our Driver Earnings Commitment also launched nationwide.\n\n\n\nThe Pride effect: Pride was a major celebration for Lyft riders in Q2. In cities with Pride celebrations throughout June, Lyft saw a 17% increase in rides compared to an average weekend in the quarter; riders in San Francisco, Denver, and Seattle too...