Lyft Announces Results for Second Quarter 2023

About this update from Lyft, Inc.

[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nLyft, Inc. (Nasdaq:LYFT) today announced financial results for its second quarter ended June 30, 2023.\n\n\n“Our customer obsession is paying off for riders, drivers, and our business,” said CEO David Risher. “Between summer travel and return-to-office commuting, folks are getting out more every day and loving the Lyft rideshare experience. Standard rides have reached their second-highest level ever. Our advice: download Lyft now and give us a try. We think you’ll like what you see.”\n\n\n“The rideshare market is growing. We had a solid second quarter and we have strong ride momentum going into Q3 and the back half of the year,” said Erin Brewer, chief financial officer of Lyft. “The team is unified and focused on delivering great experiences for drivers and riders. We’ve got lots more to do to build on our progress.”\n\n\nSecond Quarter 2023 Financial Highlights\n\n\n\nRevenue of $1.021 billion was up 3% year-over-year, reflecting strong growth in rideshare rides, up 18% year-over-year.\n\n\n\nNet loss of $114.3 million compares with $187.6 million in Q1’23 and $377.2 million in Q2’22. Net loss includes $116.6 million of stock-based compensation and related payroll tax expenses. Net loss margin of 11.2% compares with 18.8% in Q1’23 and 38.1% in Q2’22.\n\n\n\nAdjusted EBITDA1 was $41.0 million. This compares with $22.7 million in Q1’23 and $(196.3) million in Q2’22. Adjusted EBITDA Margin1 was 4.0%. This compares with 2.3% in Q1’23 and (19.8)% in Q2’22.\n\n\n\nOutlook\n\n\nFor Q3’23, we anticipate:\n\n\n\nRevenue of approximately $1.130 billion to $1.150 billion\n\n\n\nAdjusted EBITDA between $75 million and $85 million, with an Adjusted EBITDA Margin of approximately 7%\n\n\n\nWe have not provided the forward-looking GAAP equivalent to our Adjusted EBITDA outlook or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation and income tax. Accordingly, a reconciliation of this non-GAAP guidance metric to its corresponding GAAP equivalent is not available without unreasonable effort. However, it is important to note that the reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP metrics in tables at the end of this release. ...

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