Lyft, Inc. reported its financial performance for the year ended December 31, 2024, showing a significant improvement compared to 2023. Revenue increased by 31% to $5,786.0 million, while total costs and expenses rose by 21% to $5,904.9 million. The company achieved net income of $22.8 million in 2024, a stark contrast to the net loss of $340.3 million in 2023. Net cash provided by operating activities also saw a dramatic increase, reaching $849.7 million compared to a loss of $98.2 million in the previous year.
Key operational developments contributed to this turnaround. Active riders in the fourth quarter of 2024 reached 24.7 million, a 10% increase compared to the same period in 2023. The total number of rides increased by 17% to 828.3 million, and Gross Bookings rose by 17% to $16,099.4 million. These increases were attributed to improved marketplace health and increased ride frequency. The company also noted that pricing pressure towards the end of the fourth quarter moderately impacted Gross Bookings. As of December 31, 2024, Lyft employed 2,934 people.
Several strategic developments were highlighted in the filing. In 2024, Lyft launched Price Lock, a subscription offering capping ride prices, and expanded its driver earnings commitment to all U.S. markets, guaranteeing drivers at least 70% of weekly passenger payments after external fees. The company also extended its Women+ Connect feature nationwide, allowing riders and drivers to prioritize matches with women and non-binary individuals. Furthermore, Lyft announced plans for multiple autonomous vehicle (AV) partnerships to integrate AV rides into its app. The company also emphasized its commitment to environmental sustainability, reporting over 13 million EV rides in 2024 and an investment commitment of $80 million by the end of 2025 to support EV drivers.
The filing also detailed Lyft's competitive landscape, noting intense competition from Uber and other ridesharing companies, as well as companies in the bike and scooter sharing market and those developing autonomous vehicle technology. The company acknowledged the risks associated with its evolving business model, including the unpredictability of its results of operations, the need to attract and retain drivers and riders, and the challenges of managing its growth and expanding into new markets. The company's financial performance in recent periods was noted as not necessarily indicative of future performance.
Lyft's outlook included forward-looking statements regarding future financial performance, including expectations for revenue, costs, and profitability. The company cautioned that its future results could be materially affected by various risks and uncertainties, including those related to competition, regulation, macroeconomic conditions, and the success of its new offerings and strategic initiatives. The company also highlighted the risks associated with its debt obligations and its ability to service its debt.
About Lyft, Inc.
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