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Lyft Announces Record Second Quarter Results
Second quarter revenue grew to $867 million, up 72% year-over-year
Based on execution and improving market environment, raising outlook for fiscal 2019
SAN FRANCISCO, CA, August 7, 2019Lyft, Inc. (Nasdaq:LYFT) today announced financial results for its second quarter ended June 30, 2019.
Lyfts second quarter was marked by strong execution and important advances in our product and platform. This translated to record revenue driven by better than expected Active Rider growth and Revenue per Active Rider monetization, said Logan Green, co-founder and chief executive officer of Lyft. We remain focused on reshaping transportation and we are pleased with the continued improvement in market conditions. This environment along with our execution is translating to strong revenue growth and sales and marketing efficiencies. As a result of this positive momentum, we anticipate 2019 losses to be better than previously expected and we are pleased to have updated our outlook.
Second Quarter 2019 Highlights
Lyft reported Q2 revenue of $867.3 million versus $504.9 million in the second quarter of 2018, an increase of 72 percent year-over-year.
Net loss for Q2 2019 was $644.2 million versus a net loss of $178.9 million in the same period of 2018. Net loss for Q2 includes $296.6 million of stock-based compensation and related payroll tax expenses, primarily due to RSU expense recognition, as well as $141.1 million related to changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. Net loss margin was (74.3%) in the quarter and (35.4%) in the second quarter of 2018.
Adjusted net loss was $197.3 million versus an adjusted net loss of $176.5 million in the second quarter of 2018. Adjusted net loss is adjusted for amortization of intangible assets, stock-based compensation expense, payroll tax expense related to stock-based compensation, changes to the liabilities for insurance required by regulatory agencies attributable to historical periods, and expenses related to acquisitions.
Lyft reported Contribution of $398.9 million versus $212.5 million in the second quarter of 2018, up 88% year-over-year. Contribution Margin increased to 46.0% from 42.1% versus the second quarter of 2018.
Adjusted EBITDA was ($204.1) million versus ($190.5) million in the second quarter of 2018. Adjusted EBITDA Margin was (23.5%) versus (37.7%) in the second quarter of 2018.
Active Riders (in thousands)
Revenue per Active Rider
Revenue (in millions)
The following information was filed by Lyft, Inc. (LYFT) on Wednesday, August 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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