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Lyft (NASDAQ: LYFT)
Q4 2024 Earnings Call
Feb 11, 2025, 5:00 p.m. ET

Lyft’s 2024 Earnings: A Year of Growth and Record Achievements

Call Overview

• Prepared Remarks
• Questions and Answers
• Call Participants

Opening Remarks

Operator

Good afternoon, and welcome to the Lyft fourth quarter and full year 2024 earnings call. [Operator instructions] This conference call is being recorded. I will now turn the call over to Aurelien Nolf, Vice President of Financial Planning and Analysis and Investor Relations.

Aurelien Nolf — Vice President, Financial Planning and Analysis and Investor Relations

Thank you for joining us for Lyft’s earnings call for Q4 and the full year of 2024. We have our CEO, David Risher, and CFO, Erin Brewer, with us today to discuss our performance and strategy moving forward. Please note that we will make forward-looking statements during this call about the company’s plans and results which are subject to risks that could lead to actual outcomes differing from our expectations. A detailed discussion of these risks is available in our earnings materials and SEC filings.

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In the rideshare space, both drivers and riders are our customers. Our conversation today will also include non-GAAP financial measures, which are useful but do not replace GAAP results. You can find reconciliations of historical GAAP to non-GAAP results in our earnings materials available on our investor relations website. As the team will soon be in Boston, San Francisco, New York, and Toronto, feel free to reach out to connect with us. Now I’ll pass the call over to David.

CEO’s Update: A Transformative Year

David Risher — Chief Executive Officer

Thank you, Aurelien. Good afternoon, everyone. I’m glad you could join us. The year 2024 was monumental in driving innovation and establishing Lyft as a leader in the rideshare industry. We have achieved new levels of success this year.

I’m proud to report that Lyft hit all-time highs in rides, active riders, and driver hours. Our service levels have reached new industry standards. As of January this year, our market share has grown to its highest level since 2022, contributing to our best financial outcomes yet. This success validates our focus on being obsessed with customers, leading to profitable growth.

Record numbers of drivers chose Lyft in Q4, resulting in the highest driver hours logged in the company’s history. Collectively, our drivers earned nearly $9 billion in 2024, the largest total ever for our platform, supported by innovative measures like our 70% earnings commitment.

Additionally, we achieved a record number of active riders in Q4. Thanks to advancements from our marketplace team, riders experienced pick-up times almost a minute faster than the previous year, boasting the fastest average ETAs in the industry. This is a significant milestone that highlights our commitment to delivering exceptional service.

Moreover, we have improved price reliability by reducing surge pricing—referred to as prime time. In total, riders saved over $400 million in 2024 due to lower prime time rates, helping to make our services more accessible. We also introduced Price Lock, enabling riders to secure prices for regular rides by paying a small fee, enhancing their loyalty to our brand.

Throughout the year, we launched various innovative products, including the on-time pickup promise and enhancements to our Women+ Connect feature, which has facilitated over 50 million rides. These efforts exemplify our dedication to customer obsession, which is evident in our driver preference numbers, showing a marked increase over our top competitor.

As we review our financial performance, our achievements led to key milestones, including our first year of GAAP profitability and positive free cash flow, all while starting a multi-year growth plan. Our focus on the customer experience drives our profitable growth.

Looking ahead to 2025, we aim to set new industry standards. We’ve established a strong foundation, and I am excited to share our vision and plans with you all.

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Lyft Reports Impressive Financial Growth and Strategic Innovations for 2025

Lyft is focusing on enhancing services for both riders and drivers. The company aims to recognize drivers’ exceptional service and create a loyalty program for riders, which will improve their overall experience. More details are expected soon, but this strategy will help Lyft stand out in the competitive market.

The partnership with DoorDash is yielding positive outcomes, with Lyft reporting nearly 8 million rides supported through this collaboration as of Q4. This alliance contributed to the highest number of scheduled rides in the company’s history, showcasing the success of longer, margin-rich journeys.

Looking forward, Lyft plans to keep expanding profit margins in 2025. The success of Lyft Media and its in-app advertisements, including a recent promotion with Samsung for their Galaxy phones, will play a significant role in generating revenue. New enhancements will allow full-screen vertical video ads, creating fresh opportunities for marketers to engage with millions of Lyft app users daily.

Further, the premium service options like Lyft Black and Lyft SUV rides grew by an impressive 41% year-over-year in 2024. This success stems from a strategic focus on providing a more exclusive experience through vehicle eligibility and an expanded driver base. Lyft Black is now accessible in 64 markets across the U.S. and Canada, with plans for even broader availability.

In 2025, Lyft will also introduce autonomous vehicles (AVs) to its platform, starting with a partnership with May Mobility in Atlanta. This collaboration aims to deploy fleets across multiple cities, beginning in Dallas as early as 2026. The integration of AVs aligns with Lyft’s commitment to expand the rideshare market by partnering with various stakeholders, leveraging its expertise in fleet management and the extensive network of over 44 million annual riders.

Transitioning to a message for Lyft employees, CEO David Risher commended the team for their hard work over the past year. Significant improvements in service quality for both riders and drivers helped achieve record operational metrics and unprecedented community support during emergencies, such as providing over 20,000 ride codes for wildfire victims in Los Angeles.

Erin Brewer — Chief Financial Officer

Thank you, David. It’s gratifying to see and share the results of a remarkable 2024 for Lyft. We exceeded expectations in our multi-year plan, achieving our targets for active riders, ride frequency, cost efficiency, and reducing stock dilution. Enhanced reliability for our services is a key contributor to our strong financial performance.

We witnessed gross bookings rise to $16.1 billion, a 17% increase compared to the previous year, coinciding with our growth in rides. This growth reflects successful market dynamics, particularly improved driver engagement and pricing strategies like reducing prime time occurrences. As a result, although prime time decreased, we maintained robust margins reinvested back into the marketplace.

Cost efficiency was also a highlight, with a 17% improvement in customer incentives per ride, exceeding our goal of 10%. Notably, despite rising insurance costs, we still saw progress in unit economics, ending the year with an adjusted EBITDA margin of 2.4%—marking our first full year of GAAP profitability and free cash flow reaching $766 million.

Looking at the fourth quarter, we achieved 15% growth in rides and 10% in active riders, indicating a strong demand for our services. With gross bookings of $4.28 billion, up 15% year-over-year, we also recorded nearly 70% growth in adjusted EBITDA. This success can largely be attributed to our disciplined approach to cost management and effective risk mitigation strategies.

As we look ahead to Q1 guidance, several trends and factors will be assessed to shape our expectations. We are poised for a positive outlook as we build on the strengths of our marketplace and enhance our offerings further.

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Lyft’s Q1 Outlook: Navigating Growth Amid Seasonal Challenges

Market Strength Supports Long-term Rides Growth

Lyft’s marketplace shows resilience, with a year-over-year increase in rides expected due to strong demand. Factors such as an increase in active riders and more frequent usage are driving this growth. Although competitive pricing will be maintained, seasonal dynamics are at play. Q1 typically sees lower activity as people recover from the holidays and winter weather discourages bike rides, resulting in shorter, localized trips.

Financial Forecast for Q1 2025

Additionally, Q1 in 2025 will have one fewer day than usual due to the upcoming leap year, potentially impacting gross bookings growth by about 1 percentage point year-over-year. Lower pricing trends that began in the last quarter of 2024 are also persisting into this year. Despite these challenges, Lyft anticipates mid-teens rides growth, with gross bookings growth projected between 10% to 14%, translating to approximately $4.05 billion to $4.2 billion in bookings. Adjusted EBITDA is estimated at around $90 million to $95 million, with a margin of about 2.2% to 2.3% of gross bookings.

Partnership Changes and Future Plans

The partnership with Delta, set to conclude on April 7th, is expected to modestly hinder the year-over-year growth in gross bookings by approximately 1 to 2 percentage points starting in Q2 2025. However, Lyft remains confident in its growth trajectory, emphasizing that its strategy to increase partnerships remains unchanged. The company believes that expanding existing collaborations and bringing in new partnerships will mitigate any negative impact.

Strong Financial Position with Shareholder Value in Focus

With the impressive performance in 2024, Lyft is committed to enhancing shareholder value. The board has approved a $500 million share buyback program, aimed at countering dilution from stock-based compensations. This buyback will be executed systematically in line with long-term growth strategies. Furthermore, Lyft plans to repay its convertible notes due in May 2025 using available cash, reflecting the strength and flexibility of its balance sheet and paving the way for future growth.

Questions & Answers:

Operator

[Operator instructions] Your first question comes from Doug Anmuth of J.P. Morgan. Please go ahead.

Brian Smilek — Analyst

Thanks for the opportunity. This is Bryan Smilek filling in for Doug. I’d like to delve deeper into the pricing trends affecting Q1’s gross bookings outlook. Are these trends more about downward pressure or just moderating comparisons to growth from previous years? Thank you.

David Risher — Chief Executive Officer

Hi, Bryan. I’ll begin by providing some perspective on our pricing. We have a straightforward pricing strategy focused on competitiveness and reliability. Competitive pricing means we adjust to market conditions, which has been effective for us over the past few years. Our approach allows us to react adeptly to changing market dynamics.

Reliable pricing is similarly crucial, as we’ve improved variations in our pricing structures. For example, recent drops in prime time rates benefit rides, as riders appreciate stability. Tools like Price Lock have been introduced to further enhance pricing reliability, reflecting our successful navigation of the marketplace.

Erin Brewer — Chief Financial Officer

Thanks, Bryan. To clarify, while pricing stability characterized 2024, we did see some recent changes. Throughout the last quarter of 2024, we noted a shift toward lower pricing across the U.S. This decision was made to keep our marketplace balanced and was accompanied by increased coupon usage to maintain competitiveness. Despite these modifications, our performance indicators—such as rides growth and profitability—exceeded expectations.

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Strong Q1 Performance Drives Confidence for Future Growth

January Shows Promising Rides Growth

In January, the company experienced robust growth in its rides, with increases in the high teens. This positive trend is supported by a steady rise in active riders and an increase in ride frequency. Despite facing competitive pressures, the price per mile has dropped to its lowest point in five quarters, illustrating the current market dynamics.

Continuous Strength in Business Foundations

The ongoing growth in active riders and ride frequency underscores the company’s solid foundation. Reflecting on this strong position, David Risher, CEO, emphasizes that operationally and financially, the company is stronger than ever.

Market Dynamics and Competitor Analysis

Michael McGovern from Bank of America raised questions regarding the impact of market entrants, specifically Waymo, on the business. David Risher provided insights into the competitive landscape. In regions like San Francisco and Phoenix, the presence of Waymo has been notable, with many autonomous vehicles on the roads. However, Lyft’s market share has remained stable in San Francisco, suggesting that either the overall market is expanding or Waymo’s growth is coming at the expense of other competitors.

Interestingly, in Phoenix, Lyft’s growth outpaces that in other areas, despite the presence of new autonomous vehicles. Data indicates that riders continue to choose Lyft frequently, returning more often than those using Waymo. This implies that while riders may be trying out the competition, Lyft’s appeal remains strong.

Confident Outlook on Gross Margins and Pricing

When addressing concerns about pricing impacts on gross margins, Risher expressed confidence in the company’s ability to sustain favorable margins amidst a changing pricing environment. CFO Erin Brewer echoed this sentiment, noting that the company’s platform is operating at peak performance. She reassured investors that their long-range plan remains unchanged and acts as a guiding principle for growth.

Long-Term Strategy and Earnings Growth

The long-term growth strategy supports the belief that the market has considerable room for expansion. With strong active rider growth and advancements in operational execution, the company is on track to achieve long-term goals. Looking ahead, despite potential price reductions impacting gross bookings, projections suggest that rides growth may offset these factors.

The company aims to enhance adjusted EBITDA margins through efficiencies in customer incentives and fixed cost leverage. Furthermore, revenue from media partnerships is expected to increase significantly, raising the annualized run rate from $50 million in 2024 to around $100 million by the end of 2025.

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Lyft’s Strategic Focus on Driver Relationships Drives Future Growth

David Risher — Chief Executive Officer

So we feel good about our delivery across all of those areas. It’s a lot to unpack, but it’s essential to understand our commitment to maintaining our Long Range Plan (LRP) as our guiding vision.

Michael McGovern — Analyst

Very helpful. Thank you.

Operator

Your next question comes from the line of Eric Sheridan of Goldman Sachs. Please go ahead.

Eric Sheridan — Analyst

Thanks for taking my question. In your prepared remarks, you mentioned the state of driver supply and preferences for Lyft. This has been a long-term focus for you to enhance relationships with drivers and increase supply density. Could you discuss what you accomplished in 2024 and your future investments in driver supply as you plan for 2025? Thank you.

David Risher — Chief Executive Officer

Sure, Eric. Great to hear from you! Let’s highlight our achievements because they are fundamental to our strategy. We now hold a 16-point preference gap over our biggest competitor in terms of driver satisfaction. This insight is based on simple questions like who drivers prefer to work for or ride with.

So, how did we achieve this? We’ve invested significantly in our drivers, treating both riders and drivers as vital customers. For instance, we implemented a 70% earnings guarantee. We’ve resolved technical issues known as “breakouts,” where promised earnings didn’t align due to delays like traffic. Now, if a ride takes longer than expected, we compensate drivers accordingly.

In addition, we pay drivers for scheduled rides as soon as they arrive. We’ve also partnered with Merit America, offering drivers skill-building classes for better job opportunities. These investments have shown remarkable results.

Another key development is our testing of AI features to help resolve drivers’ issues more efficiently. Recent analyses indicated our AI tools saved drivers around 28,000 hours in support time since their introduction. This means that every moment drivers save in resolving problems can be spent earning money on the road.

Our commitment is clear: we want our drivers to thrive because when they succeed, our platform flourishes. Looking ahead, we can anticipate a reduced need to spend heavily on driver acquisition and retention. We’re also implementing a rewards program to recognize our best drivers, which will have significant financial implications over time.

Drivers earn substantial money on our platform — billions annually — so even minor improvements can translate into major impacts. It’s worth noting that retaining drivers generally costs less than acquiring new ones. Even though our drivers are independent contractors, we focus our efforts on ensuring they enjoy their experience with Lyft so that they continue providing great service.

Eric Sheridan — Analyst

Great. Thank you.

David Risher — Chief Executive Officer

Sure.

Operator

Your next question comes from the line of Benjamin Black from Deutsche Bank. Please go ahead.

Benjamin Black — Analyst

Wonderful. Thank you for taking my question. Can you elaborate on your partnership with Marubeni and Mobileye? How did it come together? Is it exclusive? What financial models are you exploring, and how do you plan to expand beyond Dallas? Also, please discuss your technical advancements that improved your estimated time of arrivals (ETAs) in the industry. Where do you see potential for further technical breakthroughs? Thank you.

David Risher — Chief Executive Officer

Sure. Great questions, Benjamin. Let’s tackle the autonomous vehicles (AVs) first. It’s crucial to understand the broader context here. There’s a lot of exciting AV technology out there, but each firm has its unique approach. For instance, Waymo focuses on its vision of AV tech, while Mobileye leads in driver assistance technology and is making strides toward Levels 3, 4, and 5 automation.

Last year, we signed a deal with Mobileye to integrate their technology under our initiative called Lyft-ready, aiming to make as many vehicles as possible autonomous-ready.

Recently, we made another announcement to strengthen our structure around AVs, focusing on aspects like financing and fleet operations. Integrating AV technology is only part of the equation; we also need reliable car manufacturers. For example, we currently use Toyotas in Atlanta with May Mobility for this purpose. Additionally, someone must finance these vehicles as they are significant investments with various value characteristics.

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Marubeni and Innovative Strategies Propel Electric Vehicle Leasing Forward

A Look at Marubeni’s $50 Billion Commitment to Auto Leasing

Marubeni Corporation, a prominent Japanese trading company with a market value of around $50 billion, has a rich history in diverse sectors. Recently, they have made significant strides in auto leasing, focusing particularly on the leasing of electric vehicles (EVs). As a conglomerate, Marubeni operates in various industries, but their expansion into the EV market signals a strategic shift towards a burgeoning sector likely to reshape transportation.

The collaboration between Marubeni and our company arose from our search for partners capable of shouldering the financial aspects of owning these vehicles. Japan currently benefits from an interest rate of just 0.5%, which gives Marubeni a financial edge. Their trading capabilities allow them to maneuver funds across different business lines effectively, making them a strong ally in this venture.

Comprehensive Fleet Management: A Key Component in EV Leasing

Managing a fleet of vehicles entails more than merely acquiring them. Our subsidiary, Flexdrive, expertly oversees all aspects of fleet management, including onboarding, insurance, maintenance, and recharging of vehicles. At peak times, we manage over 10,000 cars, ensuring they remain ready and operational. This critical infrastructure is essential for maintaining the efficiency and availability of our services.

In addition to vehicle management, the marketplace component is crucial. This includes pricing, estimated time of arrival (ETA), and all marketing efforts, which are conducted tirelessly around the clock.

Dallas as a Starting Point for Expansion

Recently, we announced our plans to initiate services in Dallas with approximately 1,000 vehicles in collaboration with Marubeni. Their financial capabilities and technological resources position them as a key partner in this endeavor. While we cannot disclose which original equipment manufacturer (OEM) will be involved at this moment, we foresee scaling operations to other markets in due course. It is important to note that these partnerships are intended for the long run, rather than short-term engagements.

Improving Service Speed and Customer Experience

Turning our attention to service efficiency, we recently celebrated a notable achievement: increasing the speed of our service offerings. While our market share currently lags behind competitors, we managed to improve pickup times by an average of one minute compared to last year. This improvement stems from a variety of strategies, including enhancing driver relationships and employing advanced demand prediction techniques.

A robust network of drivers plays an integral role here. We prioritize creating positive experiences for our drivers, leading to high engagement levels. Additionally, we have successfully implemented systems to reduce driver cancellations, which historically contributed to longer ETAs.

Future Revenue Streams: Price Lock and Advertising

Looking ahead, questions regarding revenue contributions from our Price Lock initiative have emerged. Launched a few months ago, Price Lock addresses the common customer frustration of fluctuating prices—a long-standing issue in the rideshare industry. Early results show promise, with around 1.6 million rides completed using this feature, which we have recently expanded to operate 24/7.

Media Business Projections for 2024 and Beyond

Regarding our media business, we aim to achieve approximately $50 million in gross bookings by Q4 2024. The goal for 2025 is to increase this to an annualized run rate of approximately $100 million. Our projections highlight a clear trajectory of growth and development in this area.

Conclusion

As we establish long-term partnerships and refine our operations, we are poised to capitalize on the evolving landscape of the auto leasing industry, especially in the electric vehicle sector. The involvement of major players like Marubeni further strengthens our position and opens doors for future growth and expansion.

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Lyft’s New Night Shift Feature Aims to Enhance Ridesharing Experience

Increased Accessibility for Night Shift Workers

Lyft is currently testing a new feature that will help accommodate individuals working night shifts. This rollout, scheduled over the next few weeks, is significant as it recognizes the diverse working hours beyond the typical 9-to-5 job. In fact, Lyft has reported that 1.6 million rides are likely new journeys made possible by this feature, suggesting it encourages users to consider Lyft when they otherwise might not.

David Risher Discusses Competitive Edge Against Inertia

CEO David Risher addressed the challenge of changing consumer perceptions about ridesharing as a commoditized service. Rather than merely comparing Lyft and Uber, Risher hopes to establish Lyft as a distinct choice in the market. The current hurdle involves overcoming consumer inertia—many riders tend to stick with what they know. Lyft endeavors to communicate effectively the unique benefits it offers, such as features like Women+ Connect, which addresses specific rider needs.

Building Consumer Preference and Brand Loyalty

Risher expressed confidence in recent efforts to innovate on top of Lyft’s existing platform. The competition centers not just on the companies themselves but also on breaking the cycle of default choices riders make daily. Many Lyft users have cited reasons for their loyalty, such as perceived better treatment and overall experience. Risher acknowledged the need for continued emphasis on these advantages to remind riders of their choices.

Financial Performance and Cost Insights

Erin Brewer — Chief Financial Officer

CFO Erin Brewer detailed the stronger-than-expected performance regarding cost of revenue. The positive results stem primarily from trip distance; shorter trips generally lead to lower costs. Additionally, Brewer noted the variability in general and administrative expenses, which can fluctuate due to factors like tax and legal accruals.

Market Growth Projections and Share Insights

Rohit Kulkarni — ROTH Capital — Analyst

Looking ahead, both Risher and Brewer are optimistic regarding Lyft’s growth trajectory and booking targets. Risher noted the fluctuating relationship between pricing and ride numbers, suggesting that while bookings might vary, long-term growth remains a focused goal. Lyft’s market share has rebounded to its highest levels since 2022, raising hopes of continued improvement as compared to pre-pandemic figures from 2019.

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Lyft’s Leadership Discusses Growth Strategies Amid Market Dynamics

The executives at Lyft recently shared insights on the company’s approach to navigating a rapidly changing marketplace and maintaining growth in both rider numbers and margins.

Market Trends and Long-Term Confidence

In an environment characterized by various trends, Lyft’s leadership remains optimistic about demand. “The fundamentals are great,” said CEO David Risher. He emphasized the company’s readiness to adapt to market fluctuations, stating, “It’s what comes with the territory.” Risher underlined that Lyft is well-prepared to manage its profit margins while focusing on higher-margin products and successful areas within the business. For instance, their media business is projected to hit a run rate of $100 million by year-end. Similarly, the healthcare division has experienced a notable 40% growth year over year in the nonemergency medical transportation sector.

Focus on Rideshare Innovation

Chief Financial Officer Erin Brewer detailed the company’s long-range planning framework. She highlighted the growth potential within the rideshare market, noting, “We are laser-focused on this opportunity.” Brewer reassured stakeholders of their ongoing strategy to enhance rider growth through effective platform management and innovation.

Looking ahead, Brewer sees a stable pricing environment over multiple years and believes in their ability to drive consistent growth in active riders and ride frequency. “The muscle we built during these times feels very strong,” she stated, calling attention to the positive contributions of 2024’s growth trajectory.

Understanding Market Share Movements

Risher provided context regarding the current status of Lyft’s market share, mentioning that share typically reflects the company’s past performance. Recently, Lyft has experienced an increase in rides, with a year-on-year rise of 18%. Risher noted, “This success suggests that the work we’re doing is effective,” signaling optimism about Lyft’s competitive position against other players in the industry.

Pricing Decisions and Market Balance

Analyst Nikhil Devnani inquired about Lyft’s pricing strategy heading into Q1. Risher responded that the current driver supply allows flexibility in decision-making regarding pricing and incentives. He explained that the focus is not purely on retaining market share but rather ensuring a high level of service that ultimately attracts more riders. Risher believes Lyft’s strong service platform enhances rider experiences, benefiting both drivers and customers alike.

Brewer added that the company operates with a long-term perspective, balancing marketplace health with competitive pricing. Their Q1 guide anticipates a 40% increase in margins year over year, reflecting their commitment to growth while meeting expansion goals.

With no further inquiries, the session concluded, leaving stakeholders with a confident outlook for Lyft’s future in the rideshare market.

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David Risher Closes Out a Successful Year at Lyft

David Risher — Chief Executive Officer

Thank you, everyone. Looking ahead to 2024, the results have been remarkable for us.

We find ourselves in a strong position, and I am genuinely excited about our future. I hope you share this enthusiasm. Our entire team is committed to connecting and serving millions of drivers and riders daily. We appreciate your partnership, and we look forward to connecting with you again soon.

Thank you.

Operator

[Operator signoff]

Duration: 0 minutes

Call Participants:

Aurelien Nolf — Vice President, Financial Planning and Analysis and Investor Relations

David Risher — Chief Executive Officer

Erin Brewer — Chief Financial Officer

Brian Smilek — Analyst

Bryan Smilek — Analyst

Michael McGovern — Analyst

Eric Sheridan — Analyst

Benjamin Black — Analyst

Shweta Khajuria — Analyst

Stephen Ju — UBS — Analyst

Michael Morton — Analyst

Rohit Kulkarni — ROTH Capital — Analyst

Nikhil Devnani — Analyst

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