February 9, 2023 – Lyft, Inc.(NASDAQ:LYFT) announced financial results for the fourth quarter and fiscal year ended December 31, 2022.
The company said it projects Q1 revenue of $975 million. Analysts polled by Capital IQ are looking for $1.10 billion.
Revenue for the quarter ended Dec. 31 was $1.18 billion , Analysts polled by Capital IQ expected $1.15 billion.
Q4 revenue per active rider was $57.72, up 11.5% year-over-year. Analysts polled by Visible Alpha expected $56.61.
Fourth Quarter 2022 Highlights
Revenue of $1.2 billion grew 21 percent from $969.9 million in Q4 2021. Relative to revenue of $1.1 billion in the third quarter of 2022, revenue grew 12 percent.
We strengthened our insurance reserves and accrued and other current liabilities by $375 million, with $225 million reflected in cost of revenue and $150 million in general and administrative expenses.
Net loss of $588.1 million compares with a net loss of $283.2 million in the fourth quarter of 2021 and includes $201.3 million of stock-based compensation and related payroll tax expenses.
Under our updated non-GAAP calculation, Adjusted EBITDA was a negative $248.3 million versus a negative $47.6 million in the fourth quarter of 2021 and a negative $26.7 million in the third quarter of 2022.
Relative to guidance, Adjusted EBITDA was a positive $126.7 million, exceeding the high end of outlook of $80 to $100 million.
