Lyft Inc., a leading transportation network company, reported financial results for the fiscal year ended December 31, 2023. The company saw an 8% increase in revenue to $4.4 billion compared to the previous year, while net loss improved by 79%, reducing from $1.6 billion in 2022 to $340.3 million in 2023. Key performance metrics such as Gross Bookings and Active Riders also saw growth, with Gross Bookings rising 14% to $13.8 billion and Active Riders increasing by 10% in the fourth quarter. Despite these gains, Lyft incurred a net loss, which represented 7.7% of revenue. The company's cash flow from operations was negative at $98.2 million, but cash provided by investing activities was positive at $599.8 million, largely due to proceeds from sales and maturities of marketable securities. Lyft also focused on reducing operating...Show More

Lyft Inc., a leading transportation network company, reported financial results for the fiscal year ended December 31, 2023. The company saw an 8% increase in revenue to $4.4 billion compared to the previous year, while net loss improved by 79%, reducing from $1.6 billion in 2022 to $340.3 million in 2023. Key performance metrics such as Gross Bookings and Active Riders also saw growth, with Gross Bookings rising 14% to $13.8 billion and Active Riders increasing by 10% in the fourth quarter. Despite these gains, Lyft incurred a net loss, which represented 7.7% of revenue. The company's cash flow from operations was negative at $98.2 million, but cash provided by investing activities was positive at $599.8 million, largely due to proceeds from sales and maturities of marketable securities. Lyft also focused on reducing operating expenses, as evidenced by restructuring plans announced in November 2022 and April 2023, which included employee terminations and real estate lease exits. The company's liquidity position remains strong with $1.7 billion in unrestricted cash and cash equivalents and short-term investments, along with a $420 million revolving credit facility. Lyft's financial statements have been audited by PricewaterhouseCoopers LLP, confirming the effectiveness of internal control over financial reporting as of December 31, 2023.