Lyft has reported Q1 revenue of $609.0 million versus $955.7 million in the first quarter of 2020, a decrease of 36 percent year-over-year, but an increase of 7 percent from $569.9 million in the fourth quarter of 2020. Ride-hail firms are emerging as big losers under the Covid-19 pandemic which has dramatically reduced city centre ‘last mile’ journeys and made travelling in shared vehicles less attractive to many.
Nevertheless, Lyft put a positive spin on its results and says it is seeing a return of business as economies – and travel requirements – open up again.
“The improvements we’ve made over the last year are paying off – we’ve built a much stronger business. As the recovery continues, we are confident that we will be able to deliver strong financial results” said Logan Green, co-founder and chief executive officer of Lyft. “We expect to build a significantly larger company by attacking the trillion dollar plus market opportunity in front of us.”
“We had an exceptionally strong Q1 as more people started moving again. Our results meaningfully exceeded our outlook driven by elevated demand across our network,” said Brian Roberts, chief financial officer of Lyft.
“With the pending sale of our Level 5 self-driving division [to Toyota], Lyft is set up to win the transition to autonomous through our hybrid network of human drivers and AVs, advanced marketplace tech, and leading fleet management capabilities,” said John Zimmer, co-founder and president of Lyft.
First Quarter 2021 Financial Highlights
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Lyft reported Q1 revenue of $609.0 million versus $955.7 million in the first quarter of 2020, a decrease of 36 percent year-over-year, but an increase of 7 percent from $569.9 million in the fourth quarter of 2020.
Net loss for Q1 2021 was $427.3 million versus a net loss of $398.1 million in the same period of 2020. Net loss for Q1 includes $180.7 million of stock-based compensation and related payroll tax expenses and $128.0 million related to changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. Net loss margin for Q1 was 70.2 percent compared to 41.7 percent in the first quarter of 2020.
Adjusted net loss for Q1 2021 was $114.1 million versus an adjusted net loss of $97.4 million in the first quarter of 2020.
Lyft reported Contribution for Q1 2021 of $337.3 million versus $547.4 million in the first quarter of 2020, down 38 percent year-over-year but up 7 percent from $316.0 million in Q4 2020. Contribution Margin for Q1 2021 was 55.4 percent, which was down by 1.9 percentage points year-over-year but down by just 10 basis points quarter-over-quarter. Contribution Margin for Q1 2021 exceeded the Company’s outlook of 51 to 51.5 percent1.
Adjusted EBITDA loss for Q1 2021 was $73.0 million, an improvement of $12.2 million compared to the first quarter of 2020 and an improvement of $77.0 million compared to the fourth quarter of 2020. The Adjusted EBITDA loss for Q1 2021 was approximately $62 million better than the Company’s most recent outlook for its Adjusted EBITDA loss2. Adjusted EBITDA loss margin for Q1 2021 was 12.0 percent versus 8.9 percent in the first quarter of 2020 and versus 26.3 percent in the fourth quarter of 2020.
Lyft reported $2.2 billion of unrestricted cash, cash equivalents and short-term investments at the end of the first quarter of 2021.