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

On the morning of February 10, Beijing time, Lyft, an American ride-hailing company, today released its results for the fourth quarter and full year of fiscal 2022. According to the report, Lyft's fourth-quarter revenue was $1.175 billion (currently about 7.978 billion yuan), up 21 percent from $969.9 million in the same period last year and 12 percent compared with $1.054 billion in the previous quarter. The net loss was $588.1 million (currently about 3.993 billion yuan), up from a net loss of $2.832 in the same period last year. Excluding certain one-time items (not in accordance with GAAP), Lyft posted an adjusted net loss of $270.8 million (currently about RMB 1.839 billion) in the fourth quarter, compared with an adjusted net loss of $90.2 million a year earlier.

Lyft's fourth-quarter net loss included $201.3 million in equity incentive expenses and related payroll tax expenses.

Lyft's fourth-quarter revenue beat Wall Street analysts' expectations, but its adjusted net loss was lower than expected, and the company's outlook for revenue for the first quarter of fiscal 2023 fell short of analysts' expectations, causing its shares to fall more than 30 per cent in after-hours trading.

Summary of fourth quarter results: Lyft posted a net loss of $588.1 million for the quarter ended December 31, compared with a net loss of $283.2 million in the same period last year. Lyft's fourth-quarter net loss included $201.3 million in equity incentive expenses and related payroll tax expenses. Lyft posted a diluted loss of $1.61 per share in the fourth quarter.

Excluding certain one-time items (not in accordance with GAAP), Lyft posted an adjusted net loss of $270.8 million in the fourth quarter, compared with an adjusted net loss of $90.2 million in the same period a year earlier, compared with an adjusted net loss of $56.1 million in the previous quarter, and an adjusted loss of 74 cents per share, which fell short of analysts' expectations. On average, 21 analysts had expected Lyft's adjusted earnings per share to reach 13 cents a share in the fourth quarter, according to Yahoo Finance.

Lyft's fourth-quarter revenue was $1.175 billion, up 21% from $969.9 million a year earlier, up 12% from $1.054 billion in the previous quarter, and exceeding analysts' expectations. On average, 33 analysts had expected Lyft's fourth-quarter revenue to reach $1.16 billion, according to Yahoo Finance.

Lyft's fourth-quarter gross profit was $400.6 million, compared with $418.7 million a year earlier and $483.1 million in the previous quarter. Lyft's fourth-quarter gross margin was 34.1%, compared with 43.2% in the same period last year and 45.8% in the previous quarter.

Lyft's fourth-quarter "Contribution" (defined as revenue minus revenue costs and adjusted to exclude other items) was $414.7 million, compared with $456.5 million in the same period last year and $497.5 million in the previous quarter; the "contribution" (Contribution Margin) was 35.3%, compared with 47.1% in the same period last year and 47.2% in the previous quarter.

Lyft's adjusted EBITDA (net income before interest, tax, depreciation and amortization) was-$248.3 million in the fourth quarter, compared with-$47.6 million in the same period last year and-$26.7 million in the previous quarter. Lyft's adjusted EBITDA margin was-21.1 per cent in the fourth quarter, compared with-4.9 per cent in the same period last year and-2.5 per cent in the previous quarter.

As of December 31, 2022, Lyft held unrestricted cash, cash equivalents and short-term investments totaling $1.8 billion.

Operational indicators: the number of active passengers in Lyft in the fourth quarter was 20.358 million, up 8.7% from 18.728 million in the same period last year, but still lower than the level before novel coronavirus's pandemic. In the fourth quarter of 2019, Lyft had 22.9 million active passengers.

Lyft's fourth-quarter revenue per active passenger was $57.72, up 11.5% from $51.79 a year earlier.

Summary of full-year results for fiscal 2022: Lyft's full-year revenue was $4.1 billion, up 28% from $3.2 billion in fiscal 2021 and exceeding analysts' expectations. On average, 42 analysts had expected Lyft's fourth-quarter revenue to reach $4.07 billion, according to Yahoo Finance.

Lyft posted a full-year net loss of $1.6 billion, compared with a net loss of $1.1 billion in fiscal 2021. Lyft's full-year net loss included $767.8 million in equity incentive expenses and related payroll tax expenses. Lyft posted a diluted loss of $4.47 per share for the full year, compared with $3.17 in fiscal 2021.

Excluding certain one-time items (not in accordance with GAAP), Lyft made an adjusted net loss of $531.4 million for the full year, compared with an adjusted net loss of $332.6 million for fiscal 2021.

Lyft's full-year "contribution" was $1.7298 billion, compared with $1.6313 billion in fiscal year 2021, and its "contribution" rate was 42.2%, compared with 50.8% in fiscal year 2021.

Lyft's full-year adjusted EBITDA was-$416.5 million, compared with-$157.5 million a year earlier. Lyft's full-year adjusted EBITDA margin was-10.2 per cent, compared with-4.9 per cent a year earlier.

Lyft's total annual costs and expenses were $5.554 billion, compared with $4.344 billion in fiscal year 2021. Of this total, revenue costs were $2.436 billion, compared with $1.702 billion in fiscal year 2021; operating and support expenses were $444 million, compared with $402 million in fiscal year 2021; R & D expenditure was $857 million, compared with $912 million in fiscal year 2021; sales and marketing expenses were $532 million, compared with $411 million in fiscal year 2021 General and administrative expenses were $1.286 billion, compared with $916 million in fiscal year 2021.

Lyft posted a full-year operating loss of $1.459 billion, compared with an operating loss of $1.135 billion in fiscal 2021.

Performance outlook: for the first quarter of fiscal 2023, Lyft expects revenue of about $975 million, which falls short of analysts' expectations. On average, 25 analysts expect Lyft's first-quarter revenue to reach $1.09 billion, according to Yahoo Finance.

In addition, Lyft expects the company's adjusted EBITDA to reach between $5 million and $15 million in the first quarter of fiscal 2023.

Share price reaction: Lyft shares fell 53 cents, or 3.16 percent, to close at $16.22 in regular Nasdaq trading. In after-hours trading as of 05:31 EDT on the 9th (06:31 Beijing time on the 10th), Lyft shares fell sharply again, or 30.70%, to $11.24. In the past 52 weeks, the highest price for Lyft is $45.65 and the lowest price is $9.66.

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