Business
Lyft Announces Strong Third Quarter Results
Q3 revenue of $864.4 million grew 73% year-over-year Q3 net loss significantly narrowed Adjusted EBITDA profitable for the second quarter in a row SAN
About this update from Lyft, Inc.
[{"type":"text","content":"\nQ3 revenue of $864.4 million grew 73% year-over-year\nQ3 net loss significantly narrowed\nAdjusted EBITDA profitable for the second quarter in a row\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nLyft, Inc. (Nasdaq:LYFT) today announced financial results for its third quarter ended September 30, 2021.\n\n“We had a great quarter. Driver supply materially improved in Q3, up nearly 45% versus last year, reflecting strong new driver trends,” said Logan Green, co-founder and chief executive officer of Lyft. “We are well positioned for a continued recovery and I’m excited to build on the momentum in our business.”\n\n“In Q3 we achieved record Revenue Per Active Rider as ride frequency increased. We also hit a new all-time high Contribution Margin and posted our second consecutive quarter of Adjusted EBITDA profitability, which is a demonstration of the strong leverage in our operating model,” said Brian Roberts, chief financial officer of Lyft. “Given our success onboarding new drivers and expected supply tailwinds, we anticipate our service levels will naturally improve in Q4 and lead to lower prices.”\n\nThird Quarter 2021 Financial Highlights\n\n\nLyft reported Q3 revenue of $864.4 million versus $499.7 million in the third quarter of 2020, an increase of 73 percent year-over-year, and versus $765.0 million in the second quarter of 2021, an increase of 13 percent quarter-over-quarter.\n\n\nNet loss for Q3 2021 was $71.5 million versus a net loss of $459.5 million in the same period of 2020 and a net loss of $251.9 million in second quarter of 2021. Net loss for Q3 includes $203.3 million of stock-based compensation and related payroll tax expenses. Net loss margin for Q3 was 8.3 percent compared to 92.0 percent in the third quarter of 2020 and 32.9 percent in second quarter of 2021.\n\n\nAdjusted net income for Q3 2021 was $17.8 million versus an Adjusted net loss of $280.4 million in the third quarter of 2020 and an Adjusted net loss of $18.0 million in the second quarter of 2021.\n\n\nLyft reported Contribution for Q3 2021 of $513.6 million versus $248.8 million in the third quarter of 2020, up 106 percent year-over-year and up 14 percent from $452.0 million in Q2 2021. We achieved a new record Contribution Margin of 59.4 percent during the quarter, which was up nearly 10 percentage points year-over-year. Contribution Margin for Q3 2021...