$LYFT (+0.96%) Q2'24 Earnings Highlights:

EPS: $0.01 (Est. - $0.03)

Revenue: $1.44B (Est. $1.39B)

; UP +41% YoY

Gross Bookings: $4.02B (Est. $4.07B)

; UP +17% YoY

Active Riders: 23.7M (Est. 23.68M)

; UP +10% YoY

Rides: 205M (Est. 206.74M)

; UP +15% YoY

Q3'24 Guidance:

Gross Bookings: $4.0B-$4.1B (Est. $4.14B)

Adjusted EBITDA: $90M-$95M (Est. $104M)

Adjusted EBITDA Margin: ~2.3%

FY 2024 Directional Commentary:

Rides Growth: Mid-teens YoY

Gross Bookings Growth: Slightly faster than rides growth YoY

Adjusted EBITDA Margin: ~2.1%

Positive Free Cash Flow expected for the full year

Free Cash Flow Conversion: Expected to reach >90% long-term conversion target for FY 2024

Operational Highlights:

All-time high Active Riders: 23.7M, up 10% YoY

Record Rides: 205M, up 15% YoY

Gross Bookings: $4.0B, up 17% YoY

Net Cash Flow from Operating Activities: $276.2M (Improved from $(70.0)M YoY)

Free Cash Flow: $256.4M (Improved from $(112.2)M YoY)

Other Metrics:

Adj EBITDA: $102.9M (Est. $99.1M)

Adj Net Income: $98.9M (Est. $67.3M)

Net Income: $5.0M (Improved from $(114.3)M YoY)

CEO David Risher's Commentary:

"For over a year you've heard us say that customer obsession drives profitable growth. In Q2 we delivered, and drivers and riders are choosing Lyft in record numbers."

CFO Erin Brewer's Insight:

"Our platform is growing in a very healthy way as evidenced by the strength of our financial results, including strong cash flow generation and GAAP Net income. We had a strong second quarter with more than a hundred million dollars in Adjusted EBITDA, and we have solid momentum entering the second half of the year."

Additional Operational Insights:

All-time high driver hours and most new drivers welcomed since 2019.

Pride celebrations led to a 17% increase in rides in cities with Pride events.

College town rides surged 23% during spring graduation weekends.

Canadian rides doubled YoY, with Toronto becoming the 8th largest market.

Financial Metrics:

Adjusted EBITDA Margin: 2.6% (vs. 1.2% in Q2'23)

Net Income as a percentage of Gross Bookings: 0.1% (vs. (3.3)% in Q2'23)

Adjusted Net Income: $98.9M (vs. $59.5M in Q2'23)

Strategic Focus:

Maintain strong growth trajectory while enhancing platform efficiency.

Continue investments in driver and rider experience to sustain high engagement and satisfaction levels.