Lyft Announces Results for First Quarter 2023

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[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nLyft, Inc. (Nasdaq:LYFT) today announced financial results for its first quarter ended March 31, 2023.\n\n\n“We’re improving our rideshare service and are thrilled with the early results. Riders are taking more rides and drivers have the power to earn more,” said David Risher, chief executive officer of Lyft. “Our focus on riders and drivers will be our strength as we build a large-scale, healthy, and profitable business.”\n\n\n“David has hit the ground running. His customer obsession is vital in positioning Lyft to capture long-term opportunities,” said Logan Green, chair of Lyft’s board. “John and I, along with the full board, are looking forward to supporting David and to seeing what the team accomplishes in the quarters and years to come.”\n\n\n“Our Q1 performance was better than we anticipated as rideshare ride growth accelerated year-over-year for the first time in nearly two years,” said Elaine Paul, chief financial officer of Lyft. “In Q2 we will continue focusing on delivering service levels that riders and drivers expect. We’ve moved decisively to cut our operating costs and will use the savings to pay for continued service level improvements near-term.”\n\n\nFirst Quarter 2023 Financial Highlights\n\n\n\nRevenue of $1.0 billion, up 14% year-over-year, and $26 million better than our guidance of $975 million1, with the outperformance reflecting rideshare strength.\n\n\n\nNet loss of $187.6 million compares with $196.9 million in Q1’22 and $588.1 million in Q4’22. Net loss includes $186.6 million of stock-based compensation and related payroll tax expenses.\n\n\n\nAdjusted EBITDA2 was $22.7 million and exceeded the top-end of the guidance range of $5 to $15 million1. This compares with $54.8 million in Q1’22 and $(248.3) million in Q4’22.\n\n\n\n1 Company outlook for Q1’23 was reported during the Q4’22 Earnings Call on February 9, 2023.\n2 Beginning in the fourth quarter of 2022, Lyft’s non-GAAP financial measures have been updated to no longer adjust for “Changes to the liabilities for insurance required by regulatory agencies attributable to historical periods” and prior period information has been revised to conform to the current period presentation.\n\n\nOutlook\n\n\nFor Q2’23, we anticipate:\n\n\n\nRevenue of approximately $1.0 billion and $1.02 billion\n\n\n\nAdjusted EBITDA bet...

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