Lyft Announces Q4’22 and Fiscal 2022 Results

About this update from Lyft, Inc.

[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nLyft, Inc. (Nasdaq:LYFT) today announced financial results for the fourth quarter and fiscal year ended December 31, 2022.\n\n“In 2022 we took important steps to strengthen our business and delivered significant value to our customers,” said Logan Green, co-founder and chief executive officer of Lyft. “The better marketplace balance we see today creates significant opportunities for long-term profitable growth. To take advantage of this opportunity we must ensure competitive service levels. Reinforcing our competitive position, servicing more demand and reducing our fixed and variable costs will put us in the best position to deliver strong shareholder returns.”\n\n“In Q4 we achieved the highest revenues in our company’s history and we outperformed guidance on Adjusted EBITDA excluding the action we took to strengthen our insurance reserves,” said Elaine Paul, chief financial officer of Lyft. “Our Q1 guidance is the result of seasonality and lower prices, including less Prime Time. Additionally, our different insurance renewal timing puts differently timed pressure on our P&L. We are not waiting for that to normalize to achieve competitive service levels. We are focused on driving greater growth and profitability.”\n\nDisclosure Update\n\n\nWe have revised the calculations of our non-GAAP financial measures to include insurance reserve adjustments for prior periods1. In December, the SEC updated its guidance related to non-GAAP financial measures, which applies to all public companies. Subsequent to this change and following consultation with the SEC, we have updated our disclosures for the fourth quarter of 2022 and we have presented past periods on a comparable basis.\n\n\nFourth Quarter 2022 Highlights\n\n\nRevenue of $1.2 billion grew 21 percent from $969.9 million in Q4 2021. Relative to revenue of $1.1 billion in the third quarter of 2022, revenue grew 12 percent.\n\n\nWe strengthened our insurance reserves and accrued and other current liabilities by $375 million, with $225 million reflected in cost of revenue and $150 million in general and administrative expenses.\n\n\nNet loss of $588.1 million compares with a net loss of $283.2 million in the fourth quarter of 2021 and includes $201.3 million of stock-based compensation and related payroll tax expenses.\n\n\nUnder our updated non-GAA...

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