Revenue Analysis
Total and Operating Revenue: LYFT’s total and operating revenues have shown fluctuations over the examined periods. For the most recent quarter (2023-12-31), total revenue stood at $1,224,585,000, which is a slight increase compared to $1,157,550,000 on 2023-09-30 but a significant rise from $1,020,906,000 on 2023-06-30 and $1,000,548,000 on 2023-03-31.
Gross Profit Margins: Gross profit has also varied, with $480,722,000 recorded in the latest quarter, reflecting a decrease from $513,050,000 in the preceding quarter but still higher than earlier quarters of the year at $414,307,000 and $451,556,000 respectively.
Cost Management
Cost of Revenue: The cost of revenue was $743,863,000 in the latest data, showing a rise from earlier quarters ($644,500,000, $606,599,000, $548,992,000 respectively).
Operating Expense: Operating expenses have varied, peaking at the start of the fiscal year ($668,311,000 on 2023-03-31) and reducing progressively to $540,873,000 by the end of the year.
Total Expenses: Total expenses paralleled this trend, being highest at $1,273,030,000 in March and declining to $1,284,736,000 by December.
Profitability Analysis
EBITDA: EBITDA stood at $16,446,000 at year’s end, showing improvement from negative figures earlier in the year, notably -$76,833,000 in June and -$152,310,000 in March.
Operating Income: Operating income was negative across all quarters, reflecting continued operational challenges, with the most recent at -$60,151,000.
Pretax Income: Pretax income has been consistently negative, though showing some recovery at -$23,147,000 by year-end compared to more significant losses previously.
Net Income: Net income has mirrored this negative trend, with substantial losses such as -$26,309,000 in the latest quarter.
Cash Flow Indicators
Reconciled Depreciation: Depreciation stood at $31,163,000 in the most recent quarter, demonstrating a slight increase compared to previous periods.
Interest Expense: Interest expense increased slightly to $8,430,000 by the end of the year, up from $5,433,000 at the start of the year.
Taxation
Tax Rate: The tax rate consistently applied was 0.21 across all quarters.
Tax Provision: Tax provision was $3,162,000 in the latest quarter, showing a considerable increase from earlier in the year ($2,676,000 in June).
Tax Effect of Unusual Items: The tax effect of unusual items varied, with a significant positive effect in December ($697,410), contrasting with a negative effect in September (-$522,900).
Shareholder Metrics
Diluted and Basic EPS: Both diluted and basic earnings per share (EPS) were recorded as negative figures in all periods, reflecting the ongoing losses, with the most recent figures being unavailable due to NaN (not a number).
Average Shares: Diluted average shares were recorded until September, with a slight reduction observed over the periods.
Net Income Available to Common Stockholders: Consistently negative, aligning with the overall net income losses.
Conclusion
LYFT’s financials reveal a challenging landscape with significant operational losses, although there is a modest improvement in some areas such as EBITDA and pretax income towards the end of 2023. Cost management and revenue growth remain critical areas for improvement to shift towards profitability.