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Lyft Q1 earnings 2021



Ride-hailing company Lyft showed signs of a steady recovery in the epidemic in its first-quarter earnings report Tuesday.The company beat the top and bottom ranks and exceeded Wall Street drivers’ expectations this quarter.

Lyft’s shares were up 7 percent in after-hours trading, according to the report.

Here are the key figures Lyft reports:

  • Loss per share: 35 cents, compared with 53 cents per share expected in the Refinitiv analyst survey.
  • Income: $ 609 million compared to the $ 558.7 million expected by Refinitiv.
  • Active riders: It is estimated that 1
    3.49 million, compared with 12.8 million in the FactSet survey.
  • Income per active driver: $ 45.13 compared to the $ 44.50 expected per FactSet.

It is difficult for investors to compare year-to-year figures from companies since the COVID-19 outbreak began last year and travel restrictions were severely limited. For example, revenue is down 36% year over year but is up 7% from the fourth quarter.

Public transport companies began recovering from a low epidemic when the COVID vaccine was released and state restrictions were lifted, pushing people to feel more comfortable returning to work or traveling, the company said in mid-March it expected. That said, there will be positive bus growth every week, each year, and every other week until the end of the year, which will prevent significantly worsening the coronavirus.

“We continue to believe there is still a very much-needed need for a time-to-play move,” CEO Logan Green told investors.

The company once again reaffirmed expectations of achieving adjusted EBITDA profitability by the third quarter of this year.Lyft originally set a goal to meet 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 last year.The company said a total net loss of $ 180.7 million in stock-based compensation and related payroll tax expenses. Lyft said its net profit margin was 70.2 percent, compared with 41.7 percent a year ago.

Adjusted EBITDA loss was $ 73 million, roughly $ 62 million better than the company’s latest outlook. Adjusted EBITDA profit margin for the quarter was 12%, compared with 8.9% in the first quarter of 2020 and 26.3% in the quarter. The fourth quarter of 2020, EBITDA is defined as earnings before interest, taxes, depreciation and amortization.

Lyft also released guidance for the second quarter, telling investors that it expects revenues of between $ 680 million and $ 700 million.That’s a 12% to 15% increase in quarter to quarter and will represent growth between 100% and 106. % Year-on-year It is also expected to limit adjusted EBITDA losses to between $ 35 million and $ 45 million this quarter.

With the resurgence in users, the company is facing an increasingly demanding demand for drivers.

Management said in the company’s earnings call that it expects supply and demand problems to continue in the second quarter and relax in the third quarter. Pulls back more riders For example, rival Uber said last month it would spend $ 250 million on a single stimulus to get drivers back on the road.

Lyft reported $ 2.2 billion in unrestricted cash, cash equivalents and short-term investments, slightly lower than the previous quarter.

Lyft last week sold its self-driving car unit to Toyota’s subsidiary Woven Planet for $ 550 million in cash, in another way to increase profitability. Remove $ 100 million of annual non-GAAP operating expenses, according to the disclosure.

“With awaiting the sale of our Level 5 self-driving division, Lyft was set up to win the transition to automation through a hybrid driver and AV network, advanced marketing technology and capabilities. In top fleet management, “said John Zimmer, Lyft co-founder and chairman, in a earnings release.

Green added that the sale was “The right strategy at the right time”

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