Lyft Q1 2021 Results | FR24 News France – fr

Lyft Q1 2021 Results | FR24 News France – fr

The Lyft company showed continued signs of a pandemic recovery in its first quarter earnings report on Tuesday. The company has beaten on the upper and lower lines and topped the expectations of Wall Street runners for the quarter.
Lyft shares rose nearly 7% in after-hours trading after the report.

Here are the key figures reported by Lyft:

  • Loss per share: 35 cents vs. 53 cents per share expected in Refinitiv analyst survey
  • Returned: $ 609 million vs. $ 558.7 million expected by Refinitiv
  • Active runners: 13.49 million against 12.8 million expected in a FactSet survey
  • Income per active runner: $ 45.13 vs. $ 44.50 expected by FactSet

It’s difficult for investors to compare the company’s year-to-year numbers as the Covid-19 pandemic began to set in a year ago and has severely restricted travel. For example, revenue is down 36% year over year, but increased 7% from the fourth quarter.

Transportation companies are starting to bounce back from their pandemic lows with the rollout of Covid vaccines and the lifting of state restrictions, causing people to feel more comfortable returning to work or traveling. The company said in mid-March that it expected to post positive weekly cycling growth on an annual basis and every following week until the end of the year, unless conditions significantly worsen. coronavirus.

“We continue to believe that there is still a strong pent-up demand for mobility that will take time to materialize,” CEO Logan Green said on a call with investors.

The company reaffirmed its hope to achieve profitability on an adjusted EBITDA basis by the third quarter of the year. Lyft initially set a goal of reaching the benchmark by the end of the year.

Lyft reported a net loss of $ 427.3 million for the quarter, up from a net loss of $ 398.1 million in the same quarter a year ago. The company said its net loss includes $ 180.7 million in stock-based compensation and related payroll taxes. Lyft said its net loss margin was 70.2% compared to 41.7% a year ago.

Its adjusted EBITDA loss was $ 73 million, about $ 62 million better than the company’s most recent outlook. Adjusted EBITDA loss margin for the quarter was 12%, compared to 8.9% in the first quarter of 2020 and 26.3% in the fourth quarter of 2020. EBITDA refers to earnings before interest, taxes, depreciation and amortization.

Lyft also released a forecast for its second quarter, telling investors it expects revenue of between $ 680 million and $ 700 million. This represents an increase of 12% to 15% quarter over quarter and would represent growth of 100% to 106% year over year. It also plans to limit the loss in Adjusted EBITDA to between $ 35 million and $ 45 million during the quarter.

With an upsurge in users, the company faces a growing need for more drivers.

Executives said on the company’s earnings call that they expected supply and demand issues to continue in the second quarter and ease into the third. Lyft will use its reduction in high prices to fund investments to bring back more engines. Competitor Uber, for example, said last month it would spend $ 250 million on a one-time stimulus to get drivers back on the road.

Lyft reported $ 2.2 billion in unallocated cash, cash equivalents and short-term investments, down slightly from the prior quarter.

Lyft last week sold its self-driving car unit to Woven Planet, a subsidiary of Toyota, for $ 550 million in cash, in another way to boost profitability. The company expects the deal to remove $ 100 million in annualized non-GAAP operating expenses on a net basis, the statement said.

“With the imminent sale of our Level 5 Autonomous Driving Division, Lyft is poised to successfully transition to self-reliance through our hybrid network of human and VA operators, advanced market technology and fleet management capabilities. prominent, ”John Zimmer, Lyft co-Founder and President, said in the earnings release.

Green added that the sale was “strategically the right decision at the right time”.

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