Upgrade to SI Premium - Free Trial

Lyft Reports Record Q4 and Full-Year 2024 Results

February 11, 2025 4:05 PM

Announces Inaugural Share Repurchase Program of $500 million

Achieved annual all-time high Rides and riders

SAN FRANCISCO--(BUSINESS WIRE)-- Lyft, Inc. (Nasdaq: LYFT) today announced financial results for the fourth quarter and full year ended December 31, 2024.

“2024 was a record-smashing year for Lyft. Thanks to our industry-leading service levels, we helped 44 million people across the U.S. and Canada get off their tuchuses,” said CEO David Risher. "But we've got more to do. Our biggest competition is inertia. 2025 will be the year we show millions of riders and drivers: You've now got a better rideshare choice.”

“We achieved record Gross Bookings, significant margin expansion, our first full year of GAAP profitability, and record cash flow generation,” said CFO Erin Brewer. “We surpassed every target we provided at investor day and the best part is that 2024 was only the beginning of our multi-year plan.”

Record Fourth Quarter 2024 Financial Highlights

Record Full-Year 2024 Financial Highlights

Operational Highlights

Inaugural Share Repurchase Program

Lyft’s Board of Directors has authorized the repurchase of up to $500 million of the Company’s Class A common stock. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company’s discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.

Q1’25 Outlook

We have not provided the forward-looking GAAP equivalent to our non-GAAP 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. For more information regarding the non-GAAP financial measures discussed in this earnings release, please see "GAAP to non-GAAP Reconciliations" below.

Financial and Operational Results through the Fourth Quarter of 2024

Three Months Ended

Year Ended December 31,

Dec. 31, 2024

Sept. 30, 2024

Dec. 31, 2023

2024

2023

(in millions, except for percentages)

Active Riders

24.7

24.4

22.4

Rides

218.5

216.7

190.8

828.3

709.0

Gross Bookings

$

4,278.9

$

4,108.4

$

3,724.3

$

16,099.4

$

13,775.2

Revenue

$

1,550.3

$

1,522.7

$

1,224.6

$

5,786.0

$

4,403.6

Net income (loss)

$

61.7

$

(12.4

)

$

(26.3

)

$

22.8

$

(340.3

)

Net income (loss) as a percentage of Gross Bookings

1.4

%

(0.3

)%

(0.7

)%

0.1

%

(2.5

)%

Net cash provided by (used in) operating activities

$

153.4

$

264.0

$

43.5

$

849.7

$

(98.2

)

Adjusted EBITDA

$

112.8

$

107.3

$

66.6

$

382.4

$

222.4

Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)

2.6

%

2.6

%

1.8

%

2.4

%

1.6

%

Adjusted Net Income

$

114.5

$

118.1

$

71.1

$

391.5

$

250.7

Free cash flow

$

140.0

$

242.8

$

14.9

$

766.3

$

(248.1

)

Note: Information on our key metrics and non-GAAP financial measures are also available on our Investor Relations page.

Definitions of Key Metrics

Active Riders

The number of Active Riders is a key indicator of the scale of our user community. Lyft defines Active Riders as all riders who take at least one ride during a quarter where the Lyft Platform processes the transaction. An Active Rider is identified by a unique phone number. If a rider has two mobile phone numbers or changed their phone number and that rider took rides using both phone numbers during the quarter, that person would count as two Active Riders. If a rider has a personal and business profile tied to the same mobile phone number, that person would be considered a single Active Rider. If a ride has been requested by an organization using our Concierge offering for the benefit of a rider, we exclude this rider in the calculation of Active Riders, unless the ride is accessible in that rider’s Lyft App.

Rides

Rides represent the level of usage of our multimodal platform. Lyft defines Rides as the total number of rides including rideshare and bike and scooter rides completed using our multimodal platform that contribute to our revenue. These include any Rides taken through our Lyft App. If multiple riders take a private rideshare ride, including situations where one party picks up another party on the way to a destination, or splits the bill, we count this as a single rideshare ride. Each unique segment of a Shared Ride is considered a single Ride. For example, if two riders successfully match in Shared Ride mode and both complete their Rides, we count this as two Rides. We have largely shifted away from Shared Rides, and now only offer Shared Rides in limited markets. Lyft includes all Rides taken by riders via our Concierge offering, even though such riders may be excluded from the definition of Active Riders unless the ride is accessible in that rider’s Lyft App.

Gross Bookings

Gross Bookings is a key indicator of the scale and impact of our overall platform. Lyft defines Gross Bookings as the total dollar value of transactions invoiced to rideshare riders including any applicable taxes, tolls and fees excluding tips to drivers. It also includes amounts invoiced for other offerings, including but not limited to: Express Drive vehicle rentals, bike and scooter rentals, and amounts recognized for subscriptions, bike and bike station hardware and software sales, media, sponsorships, partnerships, and licensing and data access agreements.

Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)

Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) is calculated by dividing Adjusted EBITDA for a period by Gross Bookings for the same period. For the definition of Adjusted EBITDA, refer to “Non-GAAP Financial Measures”.

Webcast

Lyft will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results and business highlights. To listen to a live audio webcast, please visit our Investor Relations page at https://investor.lyft.com/. The archived webcast will be available on our Investor Relations page shortly after the call.

About Lyft

Whether it’s an everyday commute or a journey that changes everything, Lyft is driven by our purpose: to serve and connect. In 2012, Lyft was founded as one of the first ridesharing communities in the United States. Now, millions of drivers have chosen to earn on billions of rides. Lyft offers rideshare, bikes, and scooters all in one app — for a more connected world, with transportation for everyone.

Available Information

Lyft announces material information to the public about Lyft, its products and services and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investor.lyft.com), its X accounts (@lyft and @davidrisher), its Chief Executive Officer’s LinkedIn account (linkedin.com/in/jdavidrisher) and its blogs (including: lyft.com/blog, lyft.com/hub, and eng.lyft.com) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Lyft's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Lyft's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, Lyft’s guidance and outlook, including for the first quarter of 2025, and the trends and assumptions underlying such guidance and outlook, and Lyft’s plans and expectations, including statements about autonomous partnerships and the timing of the availability of autonomous vehicles pursuant to such partnerships. Lyft’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding our ability to forecast our performance due to our limited operating history and the macroeconomic environment and the risk that our partnerships may not materialize as expected. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Lyft's filings with the Securities and Exchange Commission (“SEC”), including in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024, and in our Annual Report on Form 10-K for the full fiscal year 2024 that will be filed with the SEC by March 3, 2025. The forward-looking statements in this release are based on information available to Lyft as of the date hereof, and Lyft disclaims any obligation to update any forward-looking statements, except as required by law. This press release discusses “customers”. For rideshare, there are two customers in every car - the driver is Lyft’s customer, and the rider is the driver’s customer. We care about both.

Non-GAAP Financial Measures

To supplement Lyft's financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Lyft considers certain financial measures that are not prepared in accordance with GAAP, including Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) and free cash flow. Lyft defines Adjusted EBITDA as net income (loss) adjusted for interest expense, other income (expense), net, provision for (benefit from) income taxes, depreciation and amortization, stock-based compensation expense, payroll tax expense related to stock-based compensation, sublease income and gain from lease termination, as well as, if applicable, restructuring charges and costs related to acquisitions and divestitures. Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) is calculated by dividing Adjusted EBITDA for a period by Gross Bookings for the same period and is considered a key metric. Lyft defines Adjusted Net Income (Loss) as net income (loss) adjusted for amortization of intangible assets, stock-based compensation expense (net of any benefit), payroll tax expense related to stock-based compensation and gain from lease termination, as well as, if applicable, restructuring charges and cost related to acquisitions and divestitures. Lyft defines free cash flow as GAAP net cash provided by (used in) operating activities less purchases of property and equipment and scooter fleet.

Beginning in the first quarter of 2025, we will no longer present Adjusted Net Income (Loss) as our management no longer uses this metric for purposes of understanding and evaluating our operating performance.

Lyft subleases certain office space and earns sublease income. Sublease income is included within other income, net on the condensed consolidated statement of operations, while the related lease expense is included within operating expenses and loss from operations. Lyft believes the adjustment to include sublease income in Adjusted EBITDA is useful to investors by enabling them to better assess Lyft’s operating performance, including the benefits of recent transactions, by presenting sublease income as a contra-expense to the related lease charges that are part of operating expenses.

In the fourth quarter of 2024, we terminated a portion of the lease for the Company’s San Francisco headquarters. The right-of-use asset associated with the portion of this lease was previously impaired as part of our restructuring plans in the fourth quarter of 2022 and second quarter of 2023, and the extinguishment of the remaining lease liability resulted in the recorded gain within operating lease costs. We believe this does not reflect the current period performance of our ongoing operations and that the adjustment to exclude this gain from lease termination from Adjusted EBITDA and Adjusted Net Income (Loss) is useful to investors by enabling them to better assess Lyft’s ongoing operating performance and provide for better comparability with Lyft’s historically disclosed Adjusted EBITDA and Adjusted Net Income (Loss) amounts.

In November 2022, April 2023 and September 2024, Lyft committed to plans of termination as part of efforts to reduce operating expenses. Lyft believes the costs associated with these restructuring efforts do not reflect performance of Lyft’s ongoing operations. Lyft believes the adjustment to exclude the costs related to restructuring from Adjusted EBITDA and Adjusted Net Income (Loss) is useful to investors by enabling them to better assess Lyft’s ongoing operating performance and provide for better comparability with Lyft’s historically disclosed Adjusted EBITDA and Adjusted Net Income (Loss) amounts.

Lyft uses its non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. Free cash flow is a measure used by our management to understand and evaluate our operating performance and trends. We believe free cash flow is a useful indicator of liquidity that provides our management with information about our ability to generate or use cash to enhance the strength of our balance sheet, further invest in our business and pursue potential strategic initiatives. Free cash flow has certain limitations, including that it does not reflect our future contractual commitments and it does not represent the total increase or decrease in our cash balance for a given period. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs.

Lyft’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

Lyft, Inc.

Consolidated Balance Sheets

(in thousands, except for per share data)

(unaudited)

December 31,

2024

2023

Assets

Current assets

Cash and cash equivalents

$

759,319

$

558,636

Short-term investments

1,225,124

1,126,548

Prepaid expenses and other current assets

966,090

892,235

Total current assets

2,950,533

2,577,419

Restricted cash and cash equivalents

186,721

211,786

Restricted investments

1,355,451

837,291

Other investments

42,516

39,870

Property and equipment, net

444,864

465,844

Operating lease right of use assets

148,397

98,202

Intangible assets, net

42,776

59,515

Goodwill

251,376

257,791

Other assets

12,435

16,749

Total assets

$

5,435,069

$

4,564,467

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$

97,704

$

72,282

Insurance reserves

1,701,393

1,337,868

Accrued and other current liabilities

1,666,278

1,508,855

Operating lease liabilities — current

25,192

42,556

Convertible senior notes, current

390,175

—

Total current liabilities

3,880,742

2,961,561

Operating lease liabilities

152,074

134,102

Long-term debt, net of current portion

565,968

839,362

Other liabilities

69,269

87,924

Total liabilities

4,668,053

4,022,949

Stockholders’ equity

Preferred stock, $0.00001 par value; 1,000,000 shares authorized as of December 31, 2024 and 2023; no shares issued and outstanding as of December 31, 2024 and 2023

—

—

Common stock, $0.00001 par value; 18,000,000 Class A shares authorized as of December 31, 2024 and 2023; 409,474 and 391,239 Class A shares issued and outstanding as of December 31, 2024 and 2023, respectively; 100,000 Class B shares authorized as of December 31, 2024 and 2023; 8,531 and 8,567 Class B shares issued and outstanding, as of December 31, 2024 and 2023, respectively

4

4

Additional paid-in capital

11,035,246

10,827,378

Accumulated other comprehensive income (loss)

(10,103

)

(4,949

)

Accumulated deficit

(10,258,131

)

(10,280,915

)

Total stockholders’ equity

767,016

541,518

Total liabilities and stockholders’ equity

$

5,435,069

$

4,564,467

Lyft, Inc.

Consolidated Statements of Operations

(in thousands, except for per share data)

(unaudited)

Year Ended December 31,

2024

2023

2022

Revenue

$

5,786,016

$

4,403,589

$

4,095,135

Costs and expenses

Cost of revenue

3,337,714

2,543,954

2,435,736

Operations and support

443,821

427,239

443,846

Research and development

397,073

555,916

856,777

Sales and marketing

788,972

481,004

531,512

General and administrative

937,348

871,080

1,286,180

Total costs and expenses

5,904,928

4,879,193

5,554,051

Loss from operations

(118,912

)

(475,604

)

(1,458,916

)

Interest expense

(28,921

)

(26,223

)

(19,735

)

Other income (expense), net

173,183

170,123

(99,988

)

Income (loss) before income taxes

25,350

(331,704

)

(1,578,639

)

Provision for (benefit from) income taxes

2,566

8,616

5,872

Net income (loss)

$

22,784

$

(340,320

)

$

(1,584,511

)

Net income (loss) per share attributable to common stockholders

Basic

$

0.06

$

(0.88

)

$

(4.47

)

Diluted

$

0.06

$

(0.88

)

$

(4.47

)

Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders

Basic

409,181

385,335

354,731

Diluted

413,651

385,335

354,731

Stock-based compensation included in costs and expenses:

Cost of revenue

$

24,895

$

30,170

$

44,132

Operations and support

8,397

15,468

25,442

Research and development

117,833

214,160

391,983

Sales and marketing

17,286

29,682

49,867

General and administrative

162,510

195,053

239,343

Lyft, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Year Ended December 31,

2024

2023

2022

Cash flows from operating activities

Net income (loss)

$

22,784

$

(340,320

)

$

(1,584,511

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Depreciation and amortization

148,892

116,513

154,798

Stock-based compensation

330,921

484,533

750,767

Amortization of premium on marketable securities

284

117

2,955

Accretion of discount on marketable securities

(89,425

)

(68,125

)

(23,245

)

Amortization of debt discount and issuance costs

3,737

2,877

2,823

(Gain) loss on sale and disposal of assets, net

7,831

(11,278

)

(60,655

)

Gain on lease termination

(29,610

)

—

—

Impairment of non-marketable equity security

—

—

135,714

Other

2,469

(4,261

)

23,592

Changes in operating assets and liabilities, net effects of acquisition

Prepaid expenses and other assets

(76,359

)

(86,922

)

(275,945

)

Operating lease right-of-use assets

26,276

20,046

96,317

Accounts payable

21,712

(41,079

)

(27,215

)

Insurance reserves

363,524

(79,482

)

348,721

Accrued and other liabilities

164,057

(75,571

)

262,358

Lease liabilities

(47,356

)

(15,292

)

(43,759

)

Net cash provided by (used in) operating activities

849,737

(98,244

)

(237,285

)

Cash flows from investing activities

Purchases of marketable securities

(4,177,429

)

(3,288,659

)

(4,049,515

)

Purchases of term deposits

(4,388

)

(3,539

)

(13,586

)

Proceeds from sales of marketable securities

232,910

452,465

676,854

Proceeds from maturities of marketable securities

3,415,318

3,481,042

3,308,664

Proceeds from maturities of term deposits

5,733

8,539

395,092

Purchases of property and equipment and scooter fleet

(83,470

)

(149,819

)

(114,970

)

Cash paid for acquisitions, net of cash acquired

—

1,630

(146,334

)

Sales of property and equipment

92,045

92,594

129,840

Other

1,303

5,500

—

Net cash (used in) provided by investing activities

(517,978

)

599,753

186,045

Cash flows from financing activities

Repayment of loans

(84,070

)

(72,484

)

(67,639

)

Proceeds from issuance of convertible senior notes

460,000

—

—

Payment of debt issuance costs

(11,888

)

—

—

Purchase of capped call

(47,886

)

—

—

Repurchase of Class A common stock

(50,000

)

—

—

Payment for settlement of convertible senior notes due 2025

(350,000

)

—

—

Proceeds from exercise of stock options and other common stock issuances

15,051

10,993

21,655

Taxes paid related to net share settlement of equity awards

(40,328

)

(3,021

)

(6,733

)

Principal payments on finance lease obligations

(46,748

)

(43,466

)

(34,783

)

Contingent consideration paid

—

(14,100

)

—

Net cash used in financing activities

(155,869

)

(122,078

)

(87,500

)

Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents

(1,636

)

533

(631

)

Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents

174,254

379,964

(139,371

)

Cash, cash equivalents and restricted cash and cash equivalents

Beginning of period

771,786

391,822

531,193

End of period

$

946,040

$

771,786

$

391,822

Lyft, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Year Ended December 31,

2024

2023

2022

Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets

Cash and cash equivalents

$

759,319

$

558,636

$

281,090

Restricted cash and cash equivalents

186,721

211,786

109,368

Restricted cash, included in prepaid expenses and other current assets

—

1,364

1,364

Total cash, cash equivalents and restricted cash and cash equivalents

$

946,040

$

771,786

$

391,822

Supplemental disclosures of cash flow information

Cash paid for income taxes

11,207

9,425

10,723

Cash paid for interest

28,304

20,176

16,752

Non-cash investing and financing activities

Financed vehicles acquired

$

83,600

$

127,095

$

48,104

Purchases of property and equipment and scooter fleet not yet settled

10,599

4,505

31,534

Contingent consideration

—

—

15,000

Right-of-use assets acquired under finance leases

45,207

79,102

11,428

Right-of-use assets acquired under operating leases

7,710

3,795

498

Remeasurement of finance and operating lease right of use assets

54,689

(10,582

)

(321

)

Lyft, Inc.

GAAP to Non-GAAP Reconciliations

(in millions)

(unaudited)

Three Months Ended

Year Ended December 31,

Dec. 31, 2024

Sept. 30, 2024

Dec. 31, 2023

2024

2023

Adjusted EBITDA

Net income (loss)

$

61.7

$

(12.4

)

$

(26.3

)

$

22.8

$

(340.3

)

Adjusted to exclude the following:

Interest expense(1)

8.1

8.9

9.7

34.7

29.7

Other income, net

(39.2

)

(50.9

)

(45.4

)

(173.2

)

(170.1

)

Provision for (benefit from) income taxes

(1.2

)

(0.7

)

3.2

2.6

8.6

Depreciation and amortization

33.7

45.1

31.2

148.9

116.5

Stock-based compensation

76.1

89.0

91.7

330.9

484.5

Payroll tax expense related to stock-based compensation

1.5

1.7

1.6

14.8

12.5

Sublease income

0.5

0.9

1.1

3.5

4.8

Gain from lease termination(2)

(29.6

)

—

—

(29.6

)

—

Restructuring charges(3)(4)(5)

1.2

25.8

—

26.9

76.2

Adjusted EBITDA

$

112.8

$

107.3

$

66.6

$

382.4

$

222.4

Gross Bookings

$

4,278.9

$

4,108.4

$

3,724.3

$

16,099.4

$

13,775.2

Net income (loss) as a percentage of Gross Bookings

1.4

%

(0.3

%)

(0.7

%)

0.1

%

(2.5

%)

Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)

2.6

%

2.6

%

1.8

%

2.4

%

1.6

%

_______________

(1) Includes $1.4 million, $1.5 million and $1.2 million related to the interest component of vehicle related finance leases in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $5.8 million and $3.4 million related to the interest component of vehicle related finance leases in the years ended December 31, 2024 and 2023, respectively.

(2) In the fourth quarter of 2024, we recorded a $29.6 million gain as a result of a lease termination.

(3) In the third and fourth quarters of 2024, we incurred restructuring charges of $14.1 million of fixed asset disposals, $11.1 million of other current assets disposals and other costs and $1.8 million of severance and other employee costs. Restructuring related charges for accelerated depreciation of fixed assets of $10.6 million are included on its respective line item. These charges were related to the restructuring plan announced in September 2024.

(4) In the second quarter of 2023, we incurred restructuring charges of $46.6 million of severance and other employee costs and $5.7 million in impairment charges, fixed asset write-offs and other costs. Restructuring related charges for stock-based compensation of $9.7 million, accelerated depreciation of $0.7 million and payroll tax expense related to stock-based compensation of $0.6 million are included on their respective line items. These charges were related to the restructuring plan announced in April 2023.

(5) In the first quarter of 2023, we incurred restructuring charges of $4.3 million of severance and other employee costs and $19.6 million related to right-of-use asset impairments and other costs due to ongoing transformational initiatives. In addition, restructuring related charges for accelerated depreciation of $0.3 million and stock-based compensation of $0.2 million are included on their respective line items. These charges were related to the restructuring plan announced in November 2022.

Note: Due to rounding, numbers presented may not add up precisely to the totals provided.

Three Months Ended

Year Ended December 31,

Dec. 31, 2024

Sept. 30, 2024

Dec. 31, 2023

2024

2023

Adjusted Net Income(1)

Net income (loss)

$

61.7

$

(12.4

)

$

(26.3

)

$

22.8

$

(340.3

)

Adjusted to exclude the following:

Amortization of intangible assets

3.5

3.5

4.1

15.0

16.8

Stock-based compensation expense

76.1

89.0

91.7

330.9

484.5

Payroll tax expense related to stock-based compensation

1.5

1.7

1.6

14.8

12.5

Gain from lease termination(2)

(29.6

)

—

—

(29.6

)

—

Restructuring charges(3)(4)(5)

1.2

36.4

—

37.6

77.2

Adjusted Net Income(1)

$

114.5

$

118.1

$

71.1

$

391.5

$

250.7

_______________

(1) Beginning in the first quarter of 2025, we will no longer present Adjusted Net Income (Loss) as a non-GAAP financial measure.

(2) In the fourth quarter of 2024, we recorded a $29.6 million gain as a result of a lease termination.

(3) In the third and fourth quarters of 2024, we incurred restructuring charges of $14.1 million of fixed asset disposals, $11.1 million of other current assets disposals and other costs, $10.6 million of accelerated depreciation of fixed assets and $1.8 million of severance and other employee costs. These charges were related to the restructuring plan announced in September 2024.

(4) In the second quarter of 2023, we incurred restructuring charges of $46.6 million of severance and other employee costs, $5.7 million in impairment charges, fixed asset write-offs and other costs and $0.7 million of accelerated depreciation. Restructuring related charges for stock-based compensation of $9.7 million and payroll tax expense related to stock-based compensation of $0.6 million are included on their respective line items. These charges were related to the restructuring plan announced in April 2023.

(5) In the first quarter of 2023, we incurred restructuring charges of $4.3 million of severance and other employee costs, $19.6 million related to right-of-use asset impairments and other costs and $0.3 million related to accelerated depreciation of certain fixed assets due to ongoing transformational initiatives. In addition, restructuring related charges for the stock-based compensation of $0.2 million are included on their respective line items. These charges were related to the restructuring plan announced in November 2022.

Note: Due to rounding, numbers presented may not add up precisely to the totals provided.

Year Ended December 31,

2024

2023

2022

Free cash flow

Net cash provided by (used in) operating activities

$

849.7

$

(98.2

)

$

(237.3

)

Less: purchases of property and equipment and scooter fleet

(83.5

)

(149.8

)

(115.0

)

Free cash flow

$

766.3

$

(248.1

)

$

(352.3

)

Note: Due to rounding, numbers presented may not add up precisely to the totals provided.

Aurélien Nolf, Investor Relations

[email protected]

Stephanie Rice, Media

[email protected]

Source: Lyft, Inc.

Categories

Business Wire Press Releases

Next Articles