Lyft Q4 2022 Earnings

lyft Shares fell more than 30% during after-hours trading after it issued weak guidance in its earnings report on Thursday.

Here are the key numbers Lyft reported for fiscal fourth quarter of 2022,

• Adjusted loss per share: 74 cents
• Income: $1.18 billion, versus $1.16 billion of analysts polled by Refinitiv

Lyft said it expects to generate $975 million in revenue in the first fiscal quarter of 2023, falling short of analysts’ estimates of $1.09 billion, according to StreetAccount. Lyft also expects to generate adjusted EBITDA of between $5 million and $15 million in the first quarter.

“Our Q1 guidance is a result of seasonality and lower prices, including lower prime time,” CFO Elaine Paul said in a statement in the earnings release. , “Additionally, our different insurance renewal timings place different timing pressures on our P&L. We are not waiting for normalcy to return to achieve competitive service levels. Focusing on profitability.”

The rideshare company recorded 20.3 million active riders in the third quarter, which were effectively flat from the third quarter but grew 8.7% year over year. This figure also remains below the level before the epidemic. In 4th quarter of 2019For example, Lyft had 22.9 million active riders.

Revenue of $1.18 billion was up 21% from the $969.9 million posted in the year-ago quarter.

In accordance with SEC guidance issued to all public companies in December, Lyft said it is modifying its non-GAAP financial measures to include insurance reserve adjustments for prior periods affecting its adjusted EBITDA. How does it calculate. It provided recap for those results supplementary income document.

“Under our updated non-GAAP calculation, adjusted EBITDA was negative $248.3 million versus negative $47.6 million in the fourth quarter of 2021 and negative $26.7 million in the third quarter of 2022,” Lyft said.

The company reported a net loss of $588.1 million, or $1.61 per share, for the quarter, which was more than double the loss it posted in the year-ago quarter. It also attributed $201.3 million to stock-based compensation and related payroll tax expense.

Lyft began its restructuring in November in an effort to reduce operating expenses as it continues to face macroeconomic challenges. It said the costs associated with the restructuring efforts, however, do not reflect the performance of Lyft’s ongoing operations.

opposite of this, Uber reported earnings It beat analysts’ estimates on Wednesday. Uber posted its strongest quarter ever, with revenue up 49% year over year. It added that the number of active drivers on the road reached an all-time high during the quarter and crossed 2 billion trips in a single quarter for the first time.