EX-99.1 2 lyft-20250331xpressrelease.htm EX-99.1 Document
Exhibit 99.1
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Lyft Reports Strong Q1 2025 Financial Results

Strongest start to the year ever with record Q1 Gross Bookings and Active Riders growth accelerating
Cash flow generation approaching $1 billion for the trailing twelve months
Increasing share repurchase program to $750 million


SAN FRANCISCO, CA, May 8, 2025 - Lyft, Inc. (Nasdaq:LYFT) today announced strong financial results for the first quarter ended March 31, 2025.
"Q1 marked Lyft's 16th consecutive quarter of double-digit year on year Gross Bookings growth demonstrating the resilience and momentum of our customer-obsessed strategy," said Lyft CEO David Risher. "In the last week of March, rides reached the highest weekly levels in our history and dual-app drivers reported a 23 percentage point preference for Lyft. With our expansion into new demographics via Lyft Silver and into Europe with our planned FREENOW acquisition, we're putting all the pieces in place for sustained, market-leading performance."
"Lyft’s exceptional Q1 performance – 16% Rides growth, strong profit expansion, and nearly $1 billion in cash from operations over the past 12 months – demonstrates our winning formula of growth with discipline,” said CFO Erin Brewer. “This financial strength enables us to increase the authorization of our share repurchase program to $750 million while maintaining the ability to invest in our most promising growth initiatives."
First Quarter 2025 Financial Highlights
•Gross Bookings of $4.2 billion, up 13% year over year.
•Revenue of $1.5 billion, up 14% year over year.
•Net income (loss) of $2.6 million compared to $(31.5) million in Q1'24.
◦Net income (loss) as a percentage of Gross Bookings was 0.1% compared to net income (loss) as a percentage of Gross Bookings of (0.9)% in Q1'24.
•Adjusted EBITDA of $106.5 million compared to $59.4 million in Q1'24.
◦Adjusted EBITDA margin as a percentage of Gross Bookings was 2.6% compared to 1.6% in Q1'24.
•Net cash provided by operating activities of $287.2 million compared to $156.2 million in Q1'24.
◦For the trailing twelve months, net cash provided by operating activities was $980.8 million.
•Free cash flow of $280.7 million compared to $127.1 million in Q1'24.
◦For the trailing twelve months, free cash flow was $919.9 million.
First Quarter 2025 Operational Highlights
•Rides grew 16% year over year to 218.4 million, a record Q1.
•Active Riders growth accelerated to 11% year over year to 24.2 million, a record Q1.
•Driver product innovation: Last week we began piloting Earnings Assistant, an industry-first tool powered by AI that helps drivers maximize their time on the road.
•Rider product innovation: This week we launched Lyft Silver, a new service thoughtfully designed for older adults to further serve and connect an important and growing demographic. By 2030, over 70 million Americans are expected to be 65 years old or older. Today, only approximately 5% of Lyft riders are 65 years old or older.

Share Repurchase Program
Our board of directors has authorized an increase to our share repurchase program to a new total of $750 million. We intend to utilize $500 million of this authorization within the next 12 months, $200 million of which will be used within the next 3 months. We intend to enter into one or more Rule 10b5-1 trading plans to facilitate the repurchase of shares under the authorization.




Second Quarter 2025 Outlook
•Rides growth in the mid-teens year over year driven by industry-leading service levels and strong rider and driver engagement.
•Gross Bookings of approximately $4.41 billion to $4.57 billion, up 10% to 14% year over year.
•Adjusted EBITDA of approximately $115 million to $130 million and an Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.6% to 2.8%.
We have not provided the forward-looking GAAP equivalent to our non-GAAP outlook or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation and income tax. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalent is not available without unreasonable effort. However, it is important to note that the reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP metrics in tables at the end of this release. For more information regarding the non-GAAP financial measures discussed in this earnings release, please see "GAAP to non-GAAP Reconciliations" below.
Financial and Operational Results
Three Months Ended
March 31,
2025		December 31,
2024		March 31,
2024
(in millions, except for percentages)
Active Riders24.224.721.9
Rides218.4218.5187.7
Gross Bookings$4,162.4$4,278.9$3,693.2
Revenue$1,450.2$1,550.3$1,277.2
Net income (loss)$2.6$61.7$(31.5)
Net income (loss) as a percentage of Gross Bookings0.1 %1.4 %(0.9)%
Net cash provided by operating activities$287.2$153.4$156.2
Adjusted EBITDA$106.5$112.8$59.4
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)2.6 %2.6 %1.6 %
Free cash flow$280.7$140.0$127.1
Note: Information on our key metrics and non-GAAP financial measures is also available on our Investor Relations page.

Definitions of Key Metrics
Active Riders
The number of Active Riders is a key indicator of the scale of Lyft’s user community. Lyft defines Active Riders as all unique riders who have taken at least one ride during the quarter. If a ride is requested by another organization or person for the benefit of a rider, that rider is only included in the calculation of Active Riders if the ride is accessible in the rider’s Lyft app.
In the first quarter of 2025, Lyft updated the definition of Active Riders to simplify the definition and better align the metric with future scaling of the business. Additionally, unique riders were previously identified by phone number and are currently identified through a unique internal identifier. The change was adopted prospectively and periods prior to the first quarter of 2025 were not changed as the impact was not material.
Rides
Rides represent the level of usage of our multimodal platform. Lyft defines Rides as the total number of rides including rideshare and bike and scooter rides completed using our multimodal platform that contribute to our revenue. These include any Rides taken through our Lyft App. If multiple riders take a private rideshare ride, including situations where one party picks up another party on the way to a destination, or splits the bill, we count this as a single rideshare ride. Each unique segment of a Shared Ride is considered a single Ride. For example, if two riders successfully match in Shared Ride mode and both complete their Rides, we count this as two Rides. We have largely shifted away from Shared Rides, and now only offer Shared Rides in limited markets. Lyft includes all Rides taken by riders via our Concierge offering, even though such riders may be excluded from the definition of Active Riders unless the ride is accessible in that rider’s Lyft App.



Gross Bookings
Gross Bookings is a key indicator of the scale and impact of our overall platform. Lyft defines Gross Bookings as the total dollar value of transactions invoiced to rideshare riders including any applicable taxes, tolls and fees excluding tips to drivers. It also includes amounts invoiced for other offerings, including but not limited to: Express Drive vehicle rentals, bike and scooter rentals, and amounts recognized for subscriptions, bike and bike station hardware and software sales, media, sponsorships, partnerships, and licensing and data access agreements.
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) is calculated by dividing Adjusted EBITDA for a period by Gross Bookings for the same period. For the definition of Adjusted EBITDA, refer to “Non-GAAP Financial Measures”.
Webcast
Lyft will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results and business highlights. Supplemental materials, including management’s prepared remarks, will be available on the Company’s Investor Relations page in advance of the call. To listen to a live audio webcast, please visit our Investor Relations page at https://investor.lyft.com/. The archived webcast will be available on our Investor Relations page shortly after the call.
About Lyft
Whether it’s an everyday commute or a journey that changes everything, Lyft is driven by our purpose: to serve and connect. In 2012, Lyft was founded as one of the first ridesharing communities in the United States. Now, millions of drivers have chosen to earn on billions of rides. Lyft offers rideshare, bikes, and scooters all in one app — for a more connected world, with transportation for everyone.
Available Information
Lyft announces material information to the public about Lyft, its products and services and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investor.lyft.com), its X accounts (@lyft and @davidrisher), its Chief Executive Officer’s LinkedIn account (linkedin.com/in/jdavidrisher) and its blogs (including: lyft.com/blog, lyft.com/hub, and eng.lyft.com) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Lyft's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Lyft's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, Lyft’s guidance and outlook, including expectations for the second quarter of 2025, and the trends and assumptions underlying such guidance and outlook, Lyft's expectations regarding its share repurchase program, including the timing of repurchases thereunder, and Lyft's expectations regarding its proposed acquisition of FREENOW and its anticipated impact on Lyft's total addressable market and international operations. Lyft’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding our ability to forecast our performance due to our limited operating history and the macroeconomic environment and the risk that our partnerships may not materialize as expected. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Lyft's filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the full fiscal year 2024 that was filed with the SEC on February 14, 2025 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 that will be filed with the SEC by May 12, 2025. The forward-looking statements in this release are based on information available to Lyft as of the date hereof, and Lyft disclaims any obligation to update any forward-looking statements, except as required by law. This press release discusses "customers." For rideshare, there are two customers in every car - the driver is Lyft's customer, and the rider is the driver's customer. We care about both.




Non-GAAP Financial Measures
To supplement Lyft's financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Lyft considers certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) and free cash flow. Lyft defines Adjusted EBITDA as net income (loss) adjusted for interest expense, other income (expense), net, provision for (benefit from) income taxes, depreciation and amortization, stock-based compensation expense, payroll tax expense related to stock-based compensation, sublease income and gain from lease termination, as well as, if applicable, restructuring charges and costs related to acquisitions, divestitures and other corporate matters. Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) is calculated by dividing Adjusted EBITDA for a period by Gross Bookings for the same period and is considered a key metric. Lyft defines free cash flow as GAAP net cash provided by (used in) operating activities less purchases of property and equipment and scooter fleet.
Lyft subleases certain office space and earns sublease income. Sublease income is included within other income, net on the condensed consolidated statement of operations, while the related lease expense is included within operating expenses and loss from operations. Lyft believes the adjustment to include sublease income in Adjusted EBITDA is useful to investors by enabling them to better assess Lyft’s operating performance, including the benefits of recent transactions, by presenting sublease income as a contra-expense to the related lease charges that are part of operating expenses.
In the fourth quarter of 2024, we terminated a portion of the lease for the Company’s San Francisco headquarters. The right-of-use asset associated with the portion of this lease was previously impaired as part of our restructuring plans in the fourth quarter of 2022 and second quarter of 2023, and the extinguishment of the remaining lease liability resulted in the recorded gain within operating lease costs. We believe this does not reflect the performance of our ongoing operations and that the adjustment to exclude this gain from lease termination from Adjusted EBITDA is useful to investors by enabling them to better assess Lyft’s ongoing operating performance and provide for better comparability with Lyft’s historically disclosed Adjusted EBITDA amounts.
In September 2024, Lyft committed to plans of termination as part of efforts to reduce operating expenses. Lyft believes the costs associated with these restructuring efforts do not reflect performance of Lyft’s ongoing operations. Lyft believes the adjustment to exclude the costs related to restructuring from Adjusted EBITDA is useful to investors by enabling them to better assess Lyft’s ongoing operating performance and provide for better comparability with Lyft’s historically disclosed Adjusted EBITDA amounts.
Lyft uses its non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. Free cash flow is a measure used by our management to understand and evaluate our operating performance and trends. We believe free cash flow is a useful indicator of liquidity that provides our management with information about our ability to generate or use cash to enhance the strength of our balance sheet, further invest in our business and pursue potential strategic initiatives. Free cash flow has certain limitations, including that it does not reflect our future contractual commitments and it does not represent the total increase or decrease in our cash balance for a given period. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs.
Lyft’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

Contacts
Aurélien Nolf, Investor RelationsStephanie Rice, Media
investor@lyft.compress@lyft.com



Lyft, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except for per share data)
(unaudited)
March 31,
2025		December 31,
2024
Assets
Current assets
Cash and cash equivalents$985,494 $759,319 
Short-term investments1,168,501 1,225,124 
Prepaid expenses and other current assets969,915 966,090 
Total current assets3,123,910 2,950,533 
Restricted cash and cash equivalents261,400 186,721 
Restricted investments1,374,522 1,355,451 
Other investments42,118 42,516 
Property and equipment, net415,099 444,864 
Operating lease right of use assets146,272 148,397 
Intangible assets, net39,342 42,776 
Goodwill251,476 251,376 
Other assets13,859 12,435 
Total assets$5,667,998 $5,435,069 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable$98,633 $97,704 
Insurance reserves1,823,535 1,701,393 
Accrued and other current liabilities1,735,315 1,666,278 
Operating lease liabilities, current24,920 25,192 
Convertible senior notes, current390,537 390,175 
Total current liabilities4,072,940 3,880,742 
Operating lease liabilities147,972 152,074 
Long-term debt, net of current portion549,878 565,968 
Other liabilities59,093 69,269 
Total liabilities4,829,883 4,668,053 
Stockholders’ equity
Preferred stock, $0.00001 par value; 1,000,000 shares authorized as of March 31, 2025 and December 31, 2024; no shares issued and outstanding as of March 31, 2025 and December 31, 2024— — 
Common stock, $0.00001 par value; 18,000,000 Class A shares authorized as of March 31, 2025 and December 31, 2024; 411,817 and 409,474 Class A shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively; 100,000 Class B shares authorized as of March 31, 2025 and December 31, 2024; 8,531 and 8,531 Class B shares issued and outstanding as of March 31, 2025 and December 31, 2024.4 4 
Additional paid-in capital11,104,110 11,035,246 
Accumulated other comprehensive loss(10,435)(10,103)
Accumulated deficit(10,255,564)(10,258,131)
Total stockholders’ equity838,115 767,016 
Total liabilities and stockholders’ equity$5,667,998 $5,435,069 




Lyft, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except for per share data)
(unaudited)
Three Months Ended March 31,
20252024
Revenue$1,450,172 $1,277,201 
Costs and expenses
Cost of revenue862,874 755,362 
Operations and support106,335 103,042 
Research and development112,495 100,023 
Sales and marketing182,017 145,472 
General and administrative215,300 236,253 
Total costs and expenses1,479,021 1,340,152 
Loss from operations(28,849)(62,951)
Interest expense(6,150)(7,048)
Other income (expense), net40,917 41,057 
Income (loss) before income taxes5,918 (28,942)
Provision for (benefit from) income taxes3,351 2,593 
Net income (loss)$2,567 $(31,535)
Net income (loss) per share attributable to common stockholders
Basic$0.01 $(0.08)
Diluted$0.01 $(0.08)
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders
Basic419,047 401,553 
Diluted424,024 401,553 
Stock-based compensation included in costs and expenses:
Cost of revenue$7,455 $6,016 
Operations and support2,652 2,094 
Research and development38,263 29,832 
Sales and marketing5,075 4,204 
General and administrative39,713 37,952 




Lyft, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended March 31,
20252024
Cash flows from operating activities
Net income (loss)$2,567 $(31,535)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization33,572 32,408 
Stock-based compensation93,158 80,098 
Amortization of premium on marketable securities33 64 
Accretion of discount on marketable securities(21,482)(20,872)
Amortization of debt discount and issuance costs927 804 
Gain on sale and disposal of assets, net(371)(4,336)
Other(332)2,114 
Changes in operating assets and liabilities, net effects of acquisition
Prepaid expenses and other assets(9,027)9,760 
Operating lease right-of-use assets5,497 7,055 
Accounts payable800 31,819 
Insurance reserves122,142 53,084 
Accrued and other liabilities67,496 8,486 
Lease liabilities(7,746)(12,772)
Net cash provided by operating activities287,234 156,177 
Cash flows from investing activities
Purchases of marketable securities(1,028,810)(1,124,149)
Purchases of term deposits— (2,194)
Proceeds from sales of marketable securities71,204 43,973 
Proceeds from maturities of marketable securities1,014,047 841,665 
Proceeds from maturities of term deposits2,194 3,539 
Purchases of property and equipment and scooter fleet(6,500)(29,106)
Sales of property and equipment13,523 24,181 
Net cash provided by (used in) investing activities65,658 (242,091)
Cash flows from financing activities
Repayment of loans(16,492)(20,572)
Proceeds from issuance of convertible senior notes— 460,000 
Payment of debt issuance costs — (11,888)
Purchase of capped call— (47,886)
Repurchase of Class A common stock— (50,000)
Payment for settlement of convertible senior notes due 2025— (350,000)
Proceeds from exercise of stock options and other common stock issuances— 1,924 
Taxes paid related to net share settlement of equity awards(24,294)(1,462)
Principal payments on finance lease obligations (10,903)(11,479)
Net cash used in financing activities(51,689)(31,363)
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents(349)(528)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents300,854 (117,805)
Cash, cash equivalents and restricted cash and cash equivalents
Beginning of period946,040 771,786 
End of period$1,246,894 $653,981 




Lyft, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended March 31,
20252024
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets
Cash and cash equivalents$985,494 $507,918 
Restricted cash and cash equivalents261,400 144,698 
Restricted cash, included in prepaid expenses and other current assets— 1,365 
Total cash, cash equivalents and restricted cash and cash equivalents$1,246,894 $653,981 
Non-cash investing and financing activities
Financed vehicles acquired$725 $88,350 
Purchases of property and equipment and scooter fleet not yet settled10,419 8,496 
Right-of-use assets acquired under finance leases1,336 11,956 
Right-of-use assets acquired under operating leases942 3,328 
Remeasurement of finance and operating lease right of use assets(509)(3,659)




Lyft, Inc.
GAAP to Non-GAAP Reconciliations
(in millions)
(unaudited)
Three Months Ended
March 31,
2025		December 31,
2024		March 31,
2024
Adjusted EBITDA
Net income (loss)$2.6 $61.7 $(31.5)
Adjusted to exclude the following:
Interest expense(1)
7.5 8.1 8.5 
Other (income) expense, net(40.9)(39.2)(41.1)
Provision for (benefit from) income taxes3.4 (1.2)2.6 
Depreciation and amortization33.6 33.7 32.4 
Stock-based compensation93.2 76.1 80.1 
Payroll tax expense related to stock-based compensation4.0 1.5 7.4 
Sublease income0.1 0.5 1.1 
Costs related to acquisitions, divestitures and other corporate matters3.2 — — 
Gain from lease termination(2)
— (29.6)— 
Restructuring charges(3)
— 1.2 — 
Adjusted EBITDA$106.5 $112.8 $59.4 
Gross Bookings$4,162.4 $4,278.9 $3,693.2 
Net income (loss) as a percentage of Gross Bookings0.1 %1.4 %(0.9)%
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)2.6 %2.6 %1.6 %
_______________
(1) Includes $1.3 million, $1.4 million and $1.4 million related to the interest component of vehicle related finance leases in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(2) In the fourth quarter of 2024, we recorded a $29.6 million gain as a result of a lease termination.
(3) In the fourth quarter of 2024, we incurred restructuring charges of $0.7 million of fixed asset disposals, $0.2 million of other current assets disposals and other costs and $0.3 million of severance and other employee costs. These charges were related to the restructuring plan announced in September 2024.
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.


Trailing Twelve Months EndedThree Months Ended
March 31,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Free cash flow
Net cash provided by (used in) operating activities$980.8 $287.2 $153.4 $264.0 $276.2 $156.2 
Less: purchases of property and equipment and scooter fleet(60.9)(6.5)(13.4)(21.2)(19.8)(29.1)
Free cash flow$919.9 $280.7 $140.0 $242.8 $256.4 $127.1 
_______________
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.