Shulou(Shulou.com)11/24 Report--

On the morning of November 8, Beijing time, Lyft, an American ride-hailing company, today announced its results for the third quarter of fiscal year 2022. According to the report, Lyft's third-quarter revenue was $1.0538 billion, up 22% from $864.4 million in the same period last year and 6% from $990.7 million in the previous quarter. The net loss was $422.2 million, which was larger than the net loss of $99.7 million in the same period last year and $3.772 in the previous quarter. Without GAAP, Lyft's adjusted net profit was $36.7 million in the third quarter, compared with $17.8 million in the same period last year and $46.4 million in the previous quarter.

Lyft's third-quarter adjusted earnings per share beat Wall Street analysts' expectations, but revenue was slightly lower than expected. At the same time, Lyft's shares fell more than 13 per cent in after-hours trading as the number of active passengers in the third quarter fell short of expectations and its fourth-quarter revenue outlook fell less than expected.

Performance Summary:

For the quarter ended September 30, Lyft posted a net loss of $422.2 million (including $224.1 million in equity incentive expenses and related payroll tax expenses, as well as $135.7 million in impairment expenses related to a non-tradable equity investment and other assets), which was larger than the net loss of $99.7 million in the same period last year and $377.2 million in the previous quarter. The diluted loss per share was $1.18, compared with a diluted loss of $0.30 in the same period last year. Lyft's net loss rate was 40.1% in the third quarter, compared with 11.5% in the same period last year, and 38.1% in the previous quarter.

Excluding certain one-time items (not in accordance with GAAP), Lyft's adjusted net income for the third quarter was $36.7 million, compared with adjusted net income of $17.8 million in the same period last year, compared with adjusted net income of $46.4 million in the previous quarter, and adjusted earnings per share of $0.10, which beat analysts' expectations. On average, 17 analysts had expected Lyft to earn seven cents a share in the third quarter, according to data provided by Yahoo Finance.

Lyft's third-quarter revenue was $1.0538 billion, up 22% from $864.4 million in the same period last year and 6% from $990.7 million in the previous quarter, slightly below analysts' expectations. On average, 34 analysts had expected Lyft's third-quarter revenue to reach $1.06 billion, according to Yahoo Finance.

Lyft's total costs and expenses were $1.344 billion in the third quarter, compared with $1.069 billion in the same period last year. Of this total, revenue costs were $571 million, compared with $392 million in the same period last year; operating and support expenses were $119 million, compared with $110 million in the same period last year; R & D expenditure was $228 million, compared with $227 million in the same period last year; sales and marketing expenditure was $134 million, compared with $109 million in the same period last year General and administrative expenses amounted to $293 million, compared with $232 million for the same period last year.

Lyft's second-quarter gross profit (defined as revenue minus revenue costs) was $483.1 million, up 2 per cent from $472.2 million in the same period last year and 42 per cent from $340.4 million in the previous quarter. Lyft's gross profit margin was 45.8% in the second quarter, compared with 54.6% in the same period last year and 34.4% in the previous quarter.

Lyft posted an operating loss of $290 million in the third quarter, compared with an operating loss of $205 million in the same period last year.

Lyft's "Contribution" in the third quarter was $590.4 million, up 15 per cent from $513.6 million in the same period last year and roughly the same as $590.5 million in the previous quarter, while its "Contribution Margin" was 56.0 per cent, exceeding the company's previous expectations of 55.0 per cent.

Lyft's adjusted EBITDA (net income before interest, tax, depreciation and amortization) was $66.2 million in the third quarter, compared with $67.3 million in the same period last year and $79.1 million in the previous quarter, beating the company's previous expectations of a range of $55 million to $65 million. Lyft's adjusted EBITDA margin was 6.3 per cent in the third quarter, compared with 7.8 per cent in the same period last year and 8.0 per cent in the previous quarter.

As of the end of the third quarter of 2022, Lyft had $1.8 billion in unrestricted cash, cash equivalents and short-term investments.

Operational indicators:

Lyft's total number of active passengers in the third quarter was 20.312 million, up 7.2% from 18.942 million in the same period last year, but failed to meet analysts' expectations. According to data provided by financial information provider FactSet, analysts had on average expected the total number of active passengers of Lyft to reach 21.2 million in the third quarter.

Lyft's average revenue per active passenger in the third quarter was $51.88, up 13.7% from $45.63 in the same period last year and exceeding analysts' expectations. Analysts had expected Lyft to earn an average of $49.40 per active passenger in the third quarter, according to data provided by FactSet.

Performance outlook:

For the fourth quarter of fiscal year 2022, Lyft's performance outlook is as follows:

-revenue is expected to be between $1.145 billion and $1.165 billion, up 18% to 20% compared with the same period last year and 9% to 11% compared with the previous quarter. This performance outlook fell short of analysts' expectations. On average, 33 analysts expect Lyft's fourth-quarter revenue to reach $1.17 billion, according to Yahoo Finance.

-the adjusted EBITDA is expected to be between $80 million and $100m, and the adjusted EBITDA profit margin is expected to be between 7 and 9 per cent.

Stock price response:

Lyft shares rose 40 cents, or 2.91 percent, to close at $14.14 in regular Nasdaq trading. Lyft shares fell 13.65 per cent, or $1.93, to $12.21 in after-hours trading as of 05:03 EDT on Monday (06:03 Beijing time on Wednesday). In the past 52 weeks, the highest price for Lyft is $57.68 and the lowest price is $10.82.

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