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

On the morning of May 5, Beijing time, Lyft, an American ride-hailing company, today announced its results for the first quarter of fiscal year 2023. According to the report, Lyft's revenue in the first quarter was $1 billion, up 14% from $875.6 million in the same period last year, but down from $1.175 billion in the previous quarter. The net loss was $187.6 million, narrowing compared with the net loss of $196.9 million in the same period last year and $588.1 million in the previous quarter. Adjusted net profit, not in accordance with GAAP, was $27 million, compared with $246 billion in the same period last year and an adjusted net loss of $270.8 million in the previous quarter.

Lyft's first-quarter results beat Wall Street analysts' expectations, but its second-quarter revenue and adjusted EBITDA outlook fell short of expectations, causing its shares to tumble nearly 15 per cent in after-hours trading.

Performance Summary:

For the quarter ended March 31, Lyft posted a net loss of $187.6 million, down from a net loss of $196.9 million in the same period last year and a net loss of $588.1 million in the previous quarter; diluted loss per share was $0.50, compared with a diluted loss of $0.57 per share in the same period last year. Lyft's first-quarter net loss included $186.6 million in equity incentive expenses and related income tax expenses.

Excluding certain one-time items (not in accordance with GAAP), Lyft's adjusted net profit was $27 million in the first quarter, compared with an adjusted net profit of $246 billion in the same period last year and an adjusted net loss of $270.8 million in the previous quarter.

Lyft's adjusted EBITDA, net income before interest, tax, depreciation and amortization, was $22.7 million in the first quarter, down from $54.8 million in the same period last year, but up sharply from-$248.3 million in the previous quarter, exceeding the upper limit of the company's expected range of $5 million to $15 million and exceeding Wall Street analysts' expectations. Lyft's adjusted EBITDA margin was 2.3% in the first quarter, compared with 6.3% in the same period last year and-21.1% in the previous quarter.

Analysts had on average expected Lyft's adjusted EBITDA profit to reach $12 million in the first quarter, according to Refinitiv, a provider of financial market data and infrastructure.

Lyft's first-quarter revenue was $1 billion, up 14% from $875.6 million in the same period last year, but down from $1.175 billion in the previous quarter, which also beat analysts' expectations. On average, 32 analysts had expected Lyft's first-quarter revenue to reach $981.42 million, according to data provided by Yahoo Finance.

Lyft's total costs and expenses were $1.217 billion in the first quarter, compared with $1.075 billion in the same period last year. Of this total, revenue costs were $549 million, compared with $440 million in the same period last year; operating and support expenses were $98.9 million, compared with $98.6 million in the same period last year; R & D expenditure was $197 million, compared with $193 million in the same period last year; sales and marketing expenditure was $116 million, compared with $126 million in the same period last year General and administrative expenses amounted to $257 million, compared with $217 million for the same period last year.

Lyft posted an operating loss of $217 million in the first quarter, compared with an operating loss of $199 million in the same period last year.

Lyft's first-quarter "Contribution" (Contribution) was $465.1 million, down from $502.5 million in the same period last year, but up from $414.7 million in the previous quarter; "contribution" (Contribution Margin) was 46.5%, down from 57.4% in the same period last year and up from 35.3% in the previous quarter.

Total cash and cash equivalents and unrestricted cash and cash equivalents held by Lyft at the end of the first quarter of 2023 were $739 million, compared with $283 million at the end of the first quarter of fiscal 2022.

Operational indicators:

The number of active passengers in Lyft in the first quarter was 19.552 million, an increase of 9.8 per cent compared with 17.804 million in the same period last year.

Lyft's revenue per active passenger was $51.17 in the first quarter, up 4.0% from $49.18 in the same period last year.

Performance outlook:

Lyft expects revenue of between $1 billion and $1.02 billion in the second quarter of fiscal 2023, a performance outlook that falls short of analysts' expectations. On average, 30 analysts had expected Lyft's second-quarter revenue to reach $1.08 billion, according to Yahoo Finance.

In addition, Lyft expects the company's adjusted EBITDA to reach between $20 million and $30 million in the second quarter of fiscal 2023, and adjusted EBITDA margins of between 2 and 3 per cent, a performance outlook that falls short of analysts' expectations. Analysts on average expect Lyft's adjusted EBITDA profit to reach $49.3 million in the second quarter, according to Refinitiv, a provider of financial market data and infrastructure.

Stock price response:

Lyft shares fell 20 cents, or 1.84 percent, to close at $10.69 in regular Nasdaq trading. In after-hours trading as of 05:42 EDT on the 4th (05:42 Beijing time on the 5th), Lyft shares fell another $1.60, or 14.97 per cent, to $9.09. In the past 52 weeks, the highest price for Lyft is $22.82 and the lowest price is $8.19.

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