Lyft Q1 2021 results

Confetti drops as Lyft CEO Logan Green (C) and Chairman John Zimmer (LEFT C) ring the Nasdaq opening bell to celebrate the company’s IPO on March 29, 2019 in Los Angeles, California. The company’s stock in the racing app was initially priced at $ 72.

Mario Tama / Getty Images

Cycle touring company Lyft has shown continued signs of a pandemic recovery in its first quarter results report Tuesday. The company has beaten on the upper and lower lines and topped the expectations of Wall Street runners for the quarter.

Lyft shares rose more than 4% in after-hours trading after the report.

Here are the key figures reported by Lyft:

  • Loss per share: 35 cents vs. 53 cents per share expected in Refinitiv analyst survey
  • Returned: $ 609 million vs. $ 558.7 million expected by Refinitiv
  • Active runners: 13.49 million against 12.8 million expected in a FactSet survey
  • Income per active runner: $ 45.13 vs. $ 44.50 expected by FactSet

It’s difficult for investors to compare the company’s year-to-year numbers as the Covid-19 pandemic began to set in a year ago and has severely restricted travel. For example, revenue is down 36% year over year, but increased 7% from the fourth quarter.

Transportation companies are starting to bounce back from their pandemic lows with the rollout of Covid vaccines and the lifting of state restrictions, causing people to feel more comfortable returning to work or traveling.

The company said in mid-March that it expected to post positive weekly cycling growth on an annual basis and every following week until the end of the year, unless conditions significantly worsen. coronavirus.

READ  Ulta shares fall as quarterly sales, profits fall, retailer chooses Dave Kimbell as CEO

Investors will also seek updates on the company’s results regarding its move towards profitability-adjusted EBITDA basis, a benchmark it expects to reach by the end of 2021.

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 a year ago. The company said its net loss includes $ 180.7 million in stock-based compensation and related payroll taxes. Lyft said its net loss margin was 70.2% compared to 41.7% a year ago.

Its adjusted EBITDA loss was $ 73 million, about $ 62 million better than the company’s most recent outlook. Adjusted EBITDA loss margin for the quarter was 12%, compared to 8.9% in the first quarter of 2020 and 26.3% in the fourth quarter of 2020. EBITDA refers to earnings before interest, taxes, depreciation and amortization.

Lyft also reported $ 2.2 billion in unallocated cash, cash equivalents and short-term investments, down slightly from the previous quarter.

The company last week sold its self-driving car unit to Woven Planet, a subsidiary of Toyota, for $ 550 million in cash, in another way to boost profitability. The company expects the deal to remove $ 100 million in annualized non-GAAP operating expenses on a net basis, the statement said.

“With the imminent sale of our Level 5 autonomous driving division, Lyft is poised to successfully transition to self-reliance through our hybrid network of human and VA operators, advanced market technology and fleet management capabilities. prominent, ”John Zimmer, Lyft co-Founder and President, said in the earnings release.

This story is developing. Please refresh for updates.

Subscribe to CNBC on YouTube.

READ  Congress to hold debate on police reform legislation as George Floyd law shuts down

Leave a Reply

Your email address will not be published. Required fields are marked *