Lyft Reports Record Q2 2025 Financial Results
Partnering with United Airlines
Accelerating growth in Q3
On track to deliver long-term targets
SAN FRANCISCO–(BUSINESS WIRE)–
Lyft, Inc. (Nasdaq: LYFT) today announced record financial results for the second quarter ended June 30, 2025.
“We delivered off-the-charts performance, resulting in our strongest quarter ever,” said Lyft CEO David Risher. “Our marketplace is thriving, our TAM is expanding with the close of Freenow, and we are building meaningful partnerships, including with Baidu and United Airlines. We’re proving that Lyft isn’t just another rideshare option – it’s the better choice.”
“Q2 was another quarter of strong execution with all-time record Rides, Gross Bookings, and cash flow generation. These results showcase our commitment to operational excellence and customer obsession,” said CFO Erin Brewer. “With market expansion and our strategic partnerships, we’re ready to accelerate growth and deliver on our long-term targets.”
Second Quarter 2025 Financial Highlights
- Record Gross Bookings of $4.5 billion, up 12% year over year.
- Revenue of $1.6 billion, up 11% year over year.
-
Net income of $40.3 million compared to $5.0 million in Q2’24.
- Net income as a percentage of Gross Bookings was 0.9% compared to 0.1% in Q2’24.
-
Record Adjusted EBITDA of $129.4 million up 26% year over year compared to $102.9 million in Q2’24.
- Adjusted EBITDA margin as a percentage of Gross Bookings was 2.9% compared to 2.6% in Q2’24.
-
Net cash provided by operating activities of $343.7 million compared to $276.2 million in Q2’24.
- For the trailing twelve months, net cash provided by operating activities was $1.0 billion.
-
Record free cash flow of $329.4 million compared to $256.4 million in Q2’24.
- For the trailing twelve months, free cash flow was $993.0 million.
- Repurchased 12.8 million shares for $200 million in Q2’25 via our share repurchase program.
Second Quarter 2025 Operational Highlights
- Announced upcoming partnerships with Baidu, BENTELER Mobility, and United Airlines while strengthening our existing partnerships with Alaska Airlines, Chase, and DoorDash.
- Rides grew 14% year over year to 234.8 million, an all-time high and the ninth consecutive quarter of double-digit growth year over year.
- Active Riders grew 10% year over year to 26.1 million, an all-time high.
- Dual-app driver preference for Lyft continues to increase, now 29 percentage points, up from 6 percentage points a year ago.
- Lyft Silver is exceeding expectations, with nearly 1 in 5 activations coming from new users and a strong retention rate of nearly 80%.
- We strengthened our offer to business travelers. Riders with linked business accounts now automatically earn Lyft Cash and travel partner points on eligible rides. This high-value cohort is approximately four times more likely to choose premium ride modes.
Third Quarter 2025 Outlook
Our acquisition of Freenow closed on July 31, so Q3 will include two months of combined company results.
- Rides growth in the mid-teens year over year driven by industry-leading service levels and strong rider and driver engagement.
- Gross Bookings of approximately $4.65 billion to $4.80 billion, up approximately 13% to 17% year over year.
- Adjusted EBITDA of approximately $125 million to $145 million and an Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.7% to 3.0%.
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 these non-GAAP guidance metrics to their 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
|
|
|
Three Months Ended |
||||||||||
|
|
|
June 30, 2025 |
|
March 31, 2025 |
|
June 30, 2024 |
||||||
|
|
|
(in millions, except for percentages) |
||||||||||
|
Active Riders |
|
|
26.1 |
|
|
|
24.2 |
|
|
|
23.7 |
|
|
Rides |
|
|
234.8 |
|
|
|
218.4 |
|
|
|
205.3 |
|
|
Gross Bookings |
|
$ |
4,490.1 |
|
|
$ |
4,162.4 |
|
|
$ |
4,018.9 |
|
|
Revenue |
|
$ |
1,588.2 |
|
|
$ |
1,450.2 |
|
|
$ |
1,435.8 |
|
|
Net income |
|
$ |
40.3 |
|
|
$ |
2.6 |
|
|
$ |
5.0 |
|
|
Net income as a percentage of Gross Bookings |
|
|
0.9 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
Net cash provided by operating activities |
|
$ |
343.7 |
|
|
$ |
287.2 |
|
|
$ |
276.2 |
|
|
Adjusted EBITDA |
|
$ |
129.4 |
|
|
$ |
106.5 |
|
|
$ |
102.9 |
|
|
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) |
|
|
2.9 |
% |
|
|
2.6 |
% |
|
|
2.6 |
% |
|
Free cash flow |
|
$ |
329.4 |
|
|
$ |
280.7 |
|
|
$ |
256.4 |
|
|
Note: Information on our key metrics and non-GAAP financial measures is also available on our Investor Relations page. |
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Definitions of Key Metrics
Active Riders
The number of Active Riders is a key indicator of the scale of Lyft’s user community. Lyft defines Active Riders as all unique riders who have taken at least one ride during the quarter. If a ride is requested by another organization or person for the benefit of a rider, that rider is only included in the calculation of Active Riders if the ride is accessible in the rider’s Lyft app.
In the first quarter of 2025, Lyft updated the definition of Active Riders to simplify the definition and better align the metric with future scaling of the business. Additionally, unique riders were previously identified by phone number and are now identified through a unique internal identifier. The change was adopted prospectively and periods prior to the first quarter of 2025 were not changed as the impact was not material.
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. Supplemental materials, including management’s prepared remarks, will be available on the Company’s Investor Relations page in advance of the call. 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. Founded in 2012, Lyft has grown into a global mobility platform offering a mix of rideshare, taxis, private hire vehicles, car sharing, bikes, and scooters across 4 continents and nearly 1,000 cities. Millions of drivers have chosen to earn on billions of rides – helping to create a more connected world, with transportation options 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 expectations for the third quarter of 2025, and the trends and assumptions underlying such guidance and outlook, Lyft’s expectations regarding its share repurchase program, including the timing of repurchases thereunder, Lyft’s plans and expectations regarding its new and existing strategic partnerships and the benefits such partnerships will provide, and Lyft’s expectations regarding its acquisition of Freenow and its anticipated impact on Lyft’s total addressable market, international operations and financial results, and risks related to the integration and operation of Freenow. 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 Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC. 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 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, as well as, if applicable, sublease income and gain from lease termination, restructuring charges and costs related to acquisitions, divestitures and other corporate matters. 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 free cash flow as GAAP net cash provided by (used in) operating activities less purchases of property and equipment and scooter fleet.
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.
Lyft excludes certain costs related to acquisitions including due diligence costs, professional fees in connection with an acquisition, certain financing costs, and certain integration-related expenses. These expenses are unpredictable, and depend on factors that may be outside of our control and are not reflective of our ongoing core operations. In addition, the size and complexity of an acquisition, which often drives the magnitude of costs related to acquisitions, may not be indicative of such future costs. We believe excluding costs related to acquisitions, divestitures and other corporate matters facilitates the comparison of our financial results to our historical operating results and to other companies in our industry.
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. Condensed Consolidated Balance Sheets (in thousands, except for per share data) (unaudited) |
|||||||
|
|
June 30, 2025 |
|
December 31, 2024 |
||||
|
Assets |
|
|
|
||||
|
Current assets |
|
|
|
||||
|
Cash and cash equivalents |
$ |
913,845 |
|
|
$ |
759,319 |
|
|
Short-term investments |
|
878,319 |
|
|
|
1,225,124 |
|
|
Prepaid expenses and other current assets |
|
965,418 |
|
|
|
966,090 |
|
|
Total current assets |
|
2,757,582 |
|
|
|
2,950,533 |
|
|
Restricted cash and cash equivalents |
|
461,267 |
|
|
|
186,721 |
|
|
Restricted investments |
|
1,253,399 |
|
|
|
1,355,451 |
|
|
Other investments |
|
43,343 |
|
|
|
42,516 |
|
|
Property and equipment, net |
|
401,204 |
|
|
|
444,864 |
|
|
Operating lease right of use assets |
|
142,788 |
|
|
|
148,397 |
|
|
Intangible assets, net |
|
37,986 |
|
|
|
42,776 |
|
|
Goodwill |
|
255,548 |
|
|
|
251,376 |
|
|
Other assets |
|
16,250 |
|
|
|
12,435 |
|
|
Total assets |
$ |
5,369,367 |
|
|
$ |
5,435,069 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
|
Current liabilities |
|
|
|
||||
|
Accounts payable |
$ |
104,450 |
|
|
$ |
97,704 |
|
|
Insurance reserves |
|
1,947,865 |
|
|
|
1,701,393 |
|
|
Accrued and other current liabilities |
|
1,839,940 |
|
|
|
1,666,278 |
|
|
Operating lease liabilities, current |
|
24,482 |
|
|
|
25,192 |
|
|
Convertible senior notes, current |
|
— |
|
|
|
390,175 |
|
|
Total current liabilities |
|
3,916,737 |
|
|
|
3,880,742 |
|
|
Operating lease liabilities |
|
142,854 |
|
|
|
152,074 |
|
|
Long-term debt, net of current portion |
|
526,532 |
|
|
|
565,968 |
|
|
Other liabilities |
|
50,568 |
|
|
|
69,269 |
|
|
Total liabilities |
|
4,636,691 |
|
|
|
4,668,053 |
|
|
Stockholders’ equity |
|
|
|
||||
|
Preferred stock, $0.00001 par value; 1,000,000 shares authorized as of June 30, 2025 and December 31, 2024; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 |
|
— |
|
|
|
— |
|
|
Common stock, $0.00001 par value; 18,000,000 Class A shares authorized as of June 30, 2025 and December 31, 2024; 402,575 and 409,474 Class A shares issued and outstanding, as of June 30, 2025 and December 31, 2024, respectively; 100,000 Class B shares authorized as of June 30, 2025 and December 31, 2024; 8,531 and 8,531 Class B shares issued and outstanding, as of June 30, 2025 and December 31, 2024 |
|
4 |
|
|
|
4 |
|
|
Additional paid-in capital |
|
10,954,946 |
|
|
|
11,035,246 |
|
|
Accumulated other comprehensive loss |
|
(7,024 |
) |
|
|
(10,103 |
) |
|
Accumulated deficit |
|
(10,215,250 |
) |
|
|
(10,258,131 |
) |
|
Total stockholders’ equity |
|
732,676 |
|
|
|
767,016 |
|
|
Total liabilities and stockholders’ equity |
$ |
5,369,367 |
|
|
$ |
5,435,069 |
|
|
Lyft, Inc. Condensed Consolidated Statements of Operations (in thousands, except for per share data) (unaudited) |
|||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Revenue |
$ |
1,588,183 |
|
|
$ |
1,435,846 |
|
|
$ |
3,038,355 |
|
|
$ |
2,713,047 |
|
|
Costs and expenses |
|
|
|
|
|
|
|
||||||||
|
Cost of revenue |
|
935,734 |
|
|
|
819,518 |
|
|
|
1,798,608 |
|
|
|
1,574,880 |
|
|
Operations and support |
|
117,433 |
|
|
|
115,734 |
|
|
|
223,768 |
|
|
|
218,776 |
|
|
Research and development |
|
109,325 |
|
|
|
98,807 |
|
|
|
221,820 |
|
|
|
198,830 |
|
|
Sales and marketing |
|
190,922 |
|
|
|
176,370 |
|
|
|
372,939 |
|
|
|
321,842 |
|
|
General and administrative |
|
232,339 |
|
|
|
252,643 |
|
|
|
447,639 |
|
|
|
488,896 |
|
|
Total costs and expenses |
|
1,585,753 |
|
|
|
1,463,072 |
|
|
|
3,064,774 |
|
|
|
2,803,224 |
|
|
Income (loss) from operations |
|
2,430 |
|
|
|
(27,226 |
) |
|
|
(26,419 |
) |
|
|
(90,177 |
) |
|
Interest expense |
|
(5,032 |
) |
|
|
(7,852 |
) |
|
|
(11,182 |
) |
|
|
(14,900 |
) |
|
Other income, net |
|
46,989 |
|
|
|
41,943 |
|
|
|
87,906 |
|
|
|
83,000 |
|
|
Income (loss) before income taxes |
|
44,387 |
|
|
|
6,865 |
|
|
|
50,305 |
|
|
|
(22,077 |
) |
|
Provision for income taxes |
|
4,073 |
|
|
|
1,851 |
|
|
|
7,424 |
|
|
|
4,444 |
|
|
Net income (loss) |
$ |
40,314 |
|
|
$ |
5,014 |
|
|
$ |
42,881 |
|
|
$ |
(26,521 |
) |
|
Net income (loss) per share attributable to common stockholders |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.10 |
|
|
$ |
0.01 |
|
|
$ |
0.10 |
|
|
$ |
(0.07 |
) |
|
Diluted |
$ |
0.10 |
|
|
$ |
0.01 |
|
|
$ |
0.10 |
|
|
$ |
(0.07 |
) |
|
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
417,242 |
|
|
|
406,512 |
|
|
|
418,793 |
|
|
|
404,033 |
|
|
Diluted |
|
422,953 |
|
|
|
411,969 |
|
|
|
424,137 |
|
|
|
404,033 |
|
|
Stock-based compensation included in costs and expenses: |
|
|
|
|
|
|
|
||||||||
|
Cost of revenue |
$ |
5,484 |
|
|
$ |
5,759 |
|
|
$ |
12,939 |
|
|
$ |
11,775 |
|
|
Operations and support |
|
2,471 |
|
|
|
1,895 |
|
|
|
5,123 |
|
|
|
3,989 |
|
|
Research and development |
|
33,894 |
|
|
|
27,340 |
|
|
|
72,157 |
|
|
|
57,172 |
|
|
Sales and marketing |
|
4,254 |
|
|
|
4,231 |
|
|
|
9,329 |
|
|
|
8,435 |
|
|
General and administrative |
|
35,999 |
|
|
|
46,513 |
|
|
|
75,712 |
|
|
|
84,465 |
|
|
Lyft, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||
|
|
Six Months Ended June 30, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Cash flows from operating activities |
|
|
|
||||
|
Net income (loss) |
$ |
42,881 |
|
|
$ |
(26,521 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|
|
|
||||
|
Depreciation and amortization |
|
64,202 |
|
|
|
70,071 |
|
|
Stock-based compensation |
|
175,260 |
|
|
|
165,837 |
|
|
Amortization of premium on marketable securities |
|
61 |
|
|
|
157 |
|
|
Accretion of discount on marketable securities |
|
(37,673 |
) |
|
|
(43,319 |
) |
|
Amortization of debt discount and issuance costs |
|
1,689 |
|
|
|
1,755 |
|
|
Loss (gain) on sale and disposal of assets, net |
|
2,372 |
|
|
|
(4,514 |
) |
|
Other |
|
(6,504 |
) |
|
|
1,185 |
|
|
Changes in operating assets and liabilities, net effects of acquisition |
|
|
|
||||
|
Prepaid expenses and other assets |
|
195 |
|
|
|
12,146 |
|
|
Operating lease right-of-use assets |
|
11,253 |
|
|
|
13,124 |
|
|
Accounts payable |
|
7,173 |
|
|
|
39,854 |
|
|
Insurance reserves |
|
246,472 |
|
|
|
151,709 |
|
|
Accrued and other liabilities |
|
139,140 |
|
|
|
75,047 |
|
|
Lease liabilities |
|
(15,559 |
) |
|
|
(24,152 |
) |
|
Net cash provided by operating activities |
|
630,962 |
|
|
|
432,379 |
|
|
Cash flows from investing activities |
|
|
|
||||
|
Purchases of marketable securities |
|
(1,594,199 |
) |
|
|
(2,102,390 |
) |
|
Purchases of term deposits |
|
— |
|
|
|
(2,194 |
) |
|
Proceeds from sales of marketable securities |
|
209,395 |
|
|
|
91,712 |
|
|
Proceeds from maturities of marketable securities |
|
1,868,470 |
|
|
|
1,693,080 |
|
|
Proceeds from maturities of term deposits |
|
2,194 |
|
|
|
3,539 |
|
|
Purchases of property and equipment and scooter fleet |
|
(20,786 |
) |
|
|
(48,905 |
) |
|
Sales of property and equipment |
|
31,188 |
|
|
|
46,888 |
|
|
Other investing activities |
|
— |
|
|
|
1,113 |
|
|
Net cash provided by (used in) investing activities |
|
496,262 |
|
|
|
(317,157 |
) |
|
Cash flows from financing activities |
|
|
|
||||
|
Repayment of loans |
|
(33,174 |
) |
|
|
(40,985 |
) |
|
Payment for settlement of convertible senior notes due 2025 |
|
(390,719 |
) |
|
|
(350,000 |
) |
|
Proceeds from issuance of convertible senior notes due 2029 |
|
— |
|
|
|
460,000 |
|
|
Payment of debt issuance costs |
|
— |
|
|
|
(11,888 |
) |
|
Purchase of capped call |
|
— |
|
|
|
(47,886 |
) |
|
Repurchase of Class A common stock |
|
(200,000 |
) |
|
|
(50,000 |
) |
|
Proceeds from exercise of stock options and other common stock issuances |
|
7,304 |
|
|
|
6,403 |
|
|
Taxes paid related to net share settlement of equity awards |
|
(61,495 |
) |
|
|
(8,898 |
) |
|
Principal payments on finance lease obligations |
|
(20,933 |
) |
|
|
(23,629 |
) |
|
Other financing activities |
|
(255 |
) |
|
|
— |
|
|
Net cash used in financing activities |
|
(699,272 |
) |
|
|
(66,883 |
) |
|
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents |
|
1,120 |
|
|
|
(501 |
) |
|
Net increase in cash, cash equivalents and restricted cash and cash equivalents |
|
429,072 |
|
|
|
47,838 |
|
|
Cash, cash equivalents and restricted cash and cash equivalents |
|
|
|
||||
|
Beginning of period |
|
946,040 |
|
|
|
771,786 |
|
|
End of period |
$ |
1,375,112 |
|
|
$ |
819,624 |
|
|
Lyft, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||
|
|
Six Months Ended June 30, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the condensed consolidated balance sheets |
|
|
|
||||
|
Cash and cash equivalents |
$ |
913,845 |
|
|
$ |
604,357 |
|
|
Restricted cash and cash equivalents |
|
461,267 |
|
|
|
213,903 |
|
|
Restricted cash, included in prepaid expenses and other current assets |
|
— |
|
|
|
1,364 |
|
|
Total cash, cash equivalents and restricted cash and cash equivalents |
$ |
1,375,112 |
|
|
$ |
819,624 |
|
|
Non-cash investing and financing activities |
|
|
|
||||
|
Financed vehicles acquired |
$ |
21,962 |
|
|
$ |
84,418 |
|
|
Purchases of property and equipment and scooter fleet not yet settled |
|
10,178 |
|
|
|
12,195 |
|
|
Right-of-use assets acquired under finance leases |
|
3,655 |
|
|
|
32,775 |
|
|
Right-of-use assets acquired under operating leases |
|
2,754 |
|
|
|
3,407 |
|
|
Remeasurement of finance and operating lease right of use assets |
|
(2,593 |
) |
|
|
(7,600 |
) |
|
Repurchase of Class A common stock, including excise tax, accrued and not yet paid |
|
1,113 |
|
|
|
— |
|
|
Lyft, Inc. GAAP to Non-GAAP Reconciliations (in millions, except for percentages) (unaudited) |
|||||||||||
|
|
Three Months Ended |
||||||||||
|
|
June 30, 2025 |
|
March 31, 2025 |
|
June 30, 2024 |
||||||
|
Adjusted EBITDA |
|
|
|
|
|
||||||
|
Net income |
$ |
40.3 |
|
|
$ |
2.6 |
|
|
$ |
5.0 |
|
|
Adjusted to exclude the following: |
|
|
|
|
|
||||||
|
Interest expense(1) |
|
6.2 |
|
|
|
7.5 |
|
|
|
9.4 |
|
|
Other income, net |
|
(47.0 |
) |
|
|
(40.9 |
) |
|
|
(41.9 |
) |
|
Provision for income taxes |
|
4.1 |
|
|
|
3.4 |
|
|
|
1.9 |
|
|
Depreciation and amortization |
|
30.6 |
|
|
|
33.6 |
|
|
|
37.7 |
|
|
Stock-based compensation |
|
82.1 |
|
|
|
93.2 |
|
|
|
85.7 |
|
|
Payroll tax expense related to stock-based compensation |
|
3.9 |
|
|
|
4.0 |
|
|
|
4.2 |
|
|
Sublease income |
|
0.1 |
|
|
|
0.1 |
|
|
|
1.0 |
|
|
Costs related to acquisitions, divestitures and other corporate matters(2) |
|
9.1 |
|
|
|
3.2 |
|
|
|
— |
|
|
Adjusted EBITDA |
$ |
129.4 |
|
|
$ |
106.5 |
|
|
$ |
102.9 |
|
|
Gross Bookings |
$ |
4,490.1 |
|
|
$ |
4,162.4 |
|
|
$ |
4,018.9 |
|
|
Net income as a percentage of Gross Bookings |
|
0.9 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) |
|
2.9 |
% |
|
|
2.6 |
% |
|
|
2.6 |
% |
|
(1) Includes $1.2 million, $1.3 million and $1.5 million related to the interest component of vehicle related finance leases in the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. |
|
(2) Includes certain acquisition-related costs which consist of due diligence costs, professional fees, certain financing costs, as well as certain integration-related expenses. These expenses are unpredictable, and depend on factors that may be outside of our control and are not reflective of our ongoing core operations. We believe excluding costs related to acquisitions, divestitures and other corporate matters facilitates the comparison of our financial results to our historical operating results and to other companies in our industry. |
|
|
|
Note: Due to rounding, numbers presented may not add up precisely to the totals provided. |
|
|
Trailing Twelve Months Ended |
|
Three Months Ended |
||||||||||||||||||||
|
|
June 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
|
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
||||||||||||
|
Free cash flow |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net cash provided by operating activities |
$ |
1,048.3 |
|
|
$ |
343.7 |
|
|
$ |
287.2 |
|
|
$ |
153.4 |
|
|
$ |
264.0 |
|
|
$ |
276.2 |
|
|
Less: purchases of property and equipment and scooter fleet |
|
(55.4 |
) |
|
|
(14.3 |
) |
|
|
(6.5 |
) |
|
|
(13.4 |
) |
|
|
(21.2 |
) |
|
|
(19.8 |
) |
|
Free cash flow |
$ |
993.0 |
|
|
$ |
329.4 |
|
|
$ |
280.7 |
|
|
$ |
140.0 |
|
|
$ |
242.8 |
|
|
$ |
256.4 |
|
|
Note: Due to rounding, numbers presented may not add up precisely to the totals provided. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250805355296/en/
Aurélien Nolf, Investor Relations
[email protected]
Stephanie Rice, Media
[email protected]
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Other Transport Apps/Applications Technology Transport Software Delivery Services Transportation Retail Travel
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