Lyft (LYFT) Q2 2024 earnings summary

Executive summary

• Achieved first-ever GAAP profitability in Q2 2024, with net income of $5.0 million versus a $114.3 million loss in Q2 2023, marking a major milestone in the company's history.

• Revenue reached $1.44 billion, up 41% year-over-year, with gross bookings at $4.02 billion, up 17% year-over-year.

• All-time highs in active riders (23.7 million, +10% YoY) and rides (205 million, +15% YoY), with record driver and rider engagement.

• Launched Price Lock subscription to cap ride prices for commuters and nationwide Driver Earnings Commitment, improving pay fairness.

• Free cash flow for Q2 was $256.4 million, with $368 million generated over the last twelve months.

Financial highlights

• Net income for Q2 2024 was $5.0 million, compared to a net loss of $114.3 million in Q2 2023.

• Adjusted EBITDA was $102.9 million (2.6% of gross bookings), up from 1.2% a year ago.

• Adjusted net income was $98.9 million, up from $59.5 million in Q2 2023.

• Free cash flow for the last twelve months totaled $368 million.

• Ended Q2 with $604.4 million in cash and cash equivalents, and $1.8 billion in unrestricted cash, cash equivalents, and short-term investments.

Outlook and guidance

• Q3 2024 gross bookings expected at $4.0–$4.1 billion, up 13–15% year-over-year.

• Q3 Adjusted EBITDA expected at $90–$95 million, with margin at 2.3% of gross bookings.

• Full-year 2024 rides growth expected in the mid-teens, with gross bookings growing slightly faster than rides.

• Adjusted EBITDA margin for 2024 expected at approximately 2.1%, with free cash flow conversion expected to exceed 90%.

• Sufficient liquidity for at least the next 12 months, with ongoing investments in EVs and compliance with environmental regulations.