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Lyft was worthwhile on an adjusted foundation for the primary full yr in 2021.
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Lyft
posted better-than-expected fourth-quarter outcomes, reporting each enhancing trip volumes and elevated income per passenger amid indicators the financial system regularly is rising from the Covid-19 pandemic.
For the quarter, Lyft (ticker: LYFT) posted income of $969.9 million, up 70% from a yr earlier and 12% greater than within the third quarter. The quantity was forward of each the vary of $930 million to $940 million that administration had predicted and the Wall Street consensus name of $939 million. Adjusted Ebitda, or earnings earlier than curiosity, taxes, depreciation and amortization, was $74.7 million, on the excessive finish of the corporate’s steerage vary of $70 million to $75 million.
“We feel great about ending ’21 in a much stronger position than we were in a year ago,” Lyft president and co-founder John Zimmer stated in an interview with Barron’s. In 2021, the corporate was worthwhile on an adjusted foundation for the primary full yr ever, he famous.
Adjusted internet revenue for the yr was $822 million, in contrast with an adjusted lack of $828.9 million in 2020. For the total yr, Lyft had income of $3.2 billion, up 36% from 2020.
Lyft had a loss for the quarter of $258.6 million, together with $164.2 million of stock-based compensation and associated payroll-tax expense and $122.3 million in expense for insurance coverage required by regulatory businesses attributable to earlier durations. On an adjusted foundation, the corporate had internet revenue of $32.1 million, or 9 cents a share, in keeping with Street estimates.
Active riders have been 18.7 million, up 49% from a yr in the past, however down barely from the third quarter. The variety of energetic drivers was up 34% from a yr in the past, and the variety of individuals signing on to supply rides for the primary time elevated 50%. Revenue per energetic rider was $51.79, up 14% from a yr in the past, and 13% greater sequentially. Zimmer stated that one indication that the availability of drivers has improved is that estimated arrival occasions for rides have declined by 30% over the previous two quarters.
In a press release, CFO Elaine Paul famous that income per energetic trip, contribution margin and adjusted Ebitda reached new highs within the quarter, “driven by improving service levels and higher ride volume.” She stated the corporate stays optimistic concerning the full yr regardless of the short-term problem of Omicron.
The firm’s customized is to supply particular monetary steerage on the quarterly name with analysts, which is scheduled for later this afternoon. Zimmer wouldn’t touch upon how the corporate is doing within the first quarter, aside from to say that Covid case counts are a great proxy for serious about each Lyft’s platform and the mobility section extra usually. He famous that case counts appeared to peak in January.
Late in Tuesday’s common session, Lyft inventory was up 3.5%, to $40.47.
Write to Eric J. Savitz at eric.savitz@barrons.com