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Lyft Inc | 8-K: Lyft Announces Fourth Quarter and Full-Year 2023 Results

SEC announcement ·  Feb 13 16:45
Summary by Moomoo AI
On February 13, 2024, Lyft Inc., a Delaware-incorporated company listed on the Nasdaq Global Select Market under the symbol LYFT, filed a Form 8-K report with the U.S. Securities and Exchange Commission. The report announced Lyft's financial results for the fourth quarter and the fiscal year ended December 31, 2023. The company reported a net loss of $26.3 million for Q4 2023, a significant improvement from a net loss of $588.1 million in Q4 2022. The net loss included $93.3 million of stock-based compensation and related payroll tax expenses. Adjusted EBITDA for Q4 was $66.6 million, compared to a negative $248.3 million in the same quarter the previous year. For the full year, Lyft's net loss was $340.3 million, down from $1.6 billion in 2022, with adjusted EBITDA at $222.4 million, a positive...Show More
On February 13, 2024, Lyft Inc., a Delaware-incorporated company listed on the Nasdaq Global Select Market under the symbol LYFT, filed a Form 8-K report with the U.S. Securities and Exchange Commission. The report announced Lyft's financial results for the fourth quarter and the fiscal year ended December 31, 2023. The company reported a net loss of $26.3 million for Q4 2023, a significant improvement from a net loss of $588.1 million in Q4 2022. The net loss included $93.3 million of stock-based compensation and related payroll tax expenses. Adjusted EBITDA for Q4 was $66.6 million, compared to a negative $248.3 million in the same quarter the previous year. For the full year, Lyft's net loss was $340.3 million, down from $1.6 billion in 2022, with adjusted EBITDA at $222.4 million, a positive swing from a negative $416.5 million in the prior year. Gross Bookings grew by 14% year-over-year to $13.8 billion, and revenue increased by 8% to $4.4 billion. Operational highlights included a record number of annual riders, over 700 million rides given, and drivers earning over $8 billion. Lyft also launched new initiatives such as a new pay standard for drivers and expanded Women+ Connect to over 240 markets. The company provided guidance for Q1 2024, expecting Gross Bookings of approximately $3.5 billion to $3.6 billion and an Adjusted EBITDA of $50 million to $55 million. Lyft also anticipates positive Free Cash Flow for the full year for the first time. Additionally, Lyft announced it will host its first Investor Day on June 6, 2024.

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