Lyft misses by $0.89, beats on revs, Active Riders up 8.7%; guides Q1 revs below consensus, says guidance reflects seasonality and lower prices, and "different insurance renewal timing"
- Reports Q4 (Dec) loss of $0.76 per share, $0.89 worse than the S&P Capital IQ Consensus of $0.13; revenues rose 23.7% year/year to $1.2 bln vs the $1.15 bln S&P Capital IQ Consensus.
- 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.
- Disclosure Update: "We have revised the calculations of our non-GAAP financial measures to include insurance reserve adjustments for prior periods. In December, the SEC updated its guidance related to non-GAAP financial measures, which applies to all public companies. Subsequent to this change and following consultation with the SEC, we have updated our disclosures for the fourth quarter of 2022 and we have presented past periods on a comparable basis."
- Active Riders increased 8.7% to 20.36 mln.
- Co issues downside guidance for Q1, sees Q1 revs of $975 mln vs. $1.1 bln S&P Capital IQ Consensus. Sees adjusted EBITDA of $5-$15 mln.
- "In Q4 we achieved the highest revenues in our company's history and we outperformed guidance on Adjusted EBITDA excluding the action we took to strengthen our insurance reserves," said Elaine Paul, chief financial officer of Lyft. "Our Q1 guidance is the result of seasonality and lower prices, including less Prime Time. Additionally, our different insurance renewal timing puts differently timed pressure on our P&L. We are not waiting for that to normalize to achieve competitive service levels. We are focused on driving greater growth and profitability."
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