Lyft Q1 profit of $55M exceeds outlook by $40M

Like Lyft Set to mark 10 years since its founding, the company’s first-quarter 2022 financial results are significantly better than expectations shared in its last earnings report in February.

At the time, the company was forecasting first-quarter adjusted EBITDA of $5 million to $15 million, but instead it came in at $55 million. That’s an improvement of nearly $128 million from the first quarter of 2021.

First-quarter revenue of $876 million also topped the company’s high guidance of about $26 million and was up 44% year-over-year.

“Our first quarter results significantly exceeded our outlook. This outperformance was driven by increased demand and resilient rider levels,” said Elaine Paul, Lyft’s chief financial officer.

“We will continue to improve service levels to benefit our business in the near term and put ourselves in the best position to meet growing demand over the long term. We also plan to invest strategically in key business initiatives to support our continued growth.

Lyft’s Q1 active passengers for rideshares, bikes and scooters were 17.8 million, up from more than 4.3 million people, which the company says reflects a mix of new and former passengers.

Revenue per active passenger was $49.18, the second highest on record and only 5% of the peak revenue reached in the fourth quarter of 2021.

Lyft also increased its driver pool in the first quarter, with 40% year-over-year growth.

In a call with analysts to discuss the results, Lyft co-founder and CEO Logan Green said the company’s first decade consisted of two chapters – “being the first to launch and grow ridesharing between peers”, and then to achieve profitability on an adjusted EBITDA basis. .

“Now we turn the page to our most exciting chapter yet. In Chapter Three, we plan to evolve Lyft into the most impactful modern transportation network,” says Green.

And according to co-founder and president John Zimmer, this network will bring together all types of transportation services into one unified customer experience.

“This third chapter will focus on the Lyft network — connecting ridesharing, bikes, scooters, rentals, transit, and even personal vehicles to maximize value for our customers,” he says.

“Our unique focus on transportation is a big competitive advantage. This allows us to deepen the transportation ecosystem to create experiences that go beyond the current status quo across all modes. These elevated yet simple experiences strengthen the network today and help prepare us to bring self-driving vehicles to market in the future. »