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Lyft Inc. (LYFT - Free Report) reported second-quarter 2024 earnings of 24 cents per share, which beat the Zacks Consensus Estimate of 19 cents and improved year over year.
Revenues of $1.435 billion also outpaced the Zacks Consensus Estimate of $1.386 billion and improved 40.6% year over year, reflecting growth in the rideshare market. Active riders increased 10.2% year over year to 23.7 million.
Gross bookings reported for the quarter were $4.018 billion, marking a year-over-year increase of 17%.
Lyft’s adjusted EBITDA in the second quarter was $102.9 million, up more than 100% from the year-ago reported figure. The adjusted EBITDA margin (calculated as the percentage of gross bookings) was 2.6%, up 140 basis points.
Lyft exited the second quarter with cash and cash equivalents of $604.35 million compared with $507.91 million at the first-quarter end. Long-term debt, net of the current portion at the end of the reported quarter, was $578.33 million compared with $942.17 million at the prior-quarter end.
Guidance
For the third quarter of 2024, LYFT expects gross bookings of $4.0-$4.1 billion. The adjusted EBITDA is estimated to be $90-95million, and the adjusted EBITDA margin (calculated as a percentage of gross bookings) is expected to be around 2.3%.
For 2024, Lyft continues to anticipate rides growth in the mid-teens year over year. Adjusted EBITDA margin (calculated as a percentage of gross bookings) is expected to be around 2.1%.
Lyft remains on track to achieve positive free cash flow for the full year. Given its improved visibility into the first half of the year, Lyft now anticipates achieving more than 90% long-term conversion target of adjusted EBITDA to free cash flow for 2024, well ahead of schedule. This marks an improvement over the previous expectation of converting at least 70% of adjusted EBITDA to free cash flow for 2024. This improved outlook for 2024 free cash flow not only looks encouraging but also raises optimism about the stock.
Q2 Performances of Other Computer and Technology Companies
Uber Technologies(UBER - Free Report) reported second-quarter 2024 earnings of 47 cents per share, which outpaced the Zacks Consensus Estimate of 31 cents and improved more than 100% on a year-over-year basis. Total revenues of $10.700 billion beat the Zacks Consensus Estimate of $10.558 billion. The top line jumped 16% year over year on a reported basis and 17% on a constant currency basis.
Alphabet’s (GOOGL - Free Report) second-quarter 2024 earnings of $1.89 per share beat the Zacks Consensus Estimate by 2.2%. The figure rose 31.3% year over year.
Revenues of $84.74 billion increased 14% year over year (15% at constant currency). Net revenues, excluding total traffic acquisition costs (the portion of revenues shared with Google’s partners and the amount paid to distribution partners and others who direct traffic to Google’s website) were $71.35 billion, which surpassed the consensus mark by 1.1%. The figure rose 15% from the year-ago quarter.
Amphenol’s (APH - Free Report) second-quarter 2024 adjusted earnings of 43 cents per share beat the Zacks Consensus Estimate by 4.88%. The earnings figure increased 19.4% year over year.
Net sales increased 18.2% year over year to $3.61 billion and beat the consensus mark by 7.02%. Organically, net sales increased 11%. The top line benefited from higher revenues across the IT datacom, defense, commercial air, mobile devices, mobile networks and automotive end-markets.
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LYFT Q2 Earnings & Revenues Beat, Gross Bookings Rise Y/Y
Lyft Inc. (LYFT - Free Report) reported second-quarter 2024 earnings of 24 cents per share, which beat the Zacks Consensus Estimate of 19 cents and improved year over year.
Revenues of $1.435 billion also outpaced the Zacks Consensus Estimate of $1.386 billion and improved 40.6% year over year, reflecting growth in the rideshare market. Active riders increased 10.2% year over year to 23.7 million.
Lyft, Inc. Price, Consensus and EPS Surprise
Lyft, Inc. price-consensus-eps-surprise-chart | Lyft, Inc. Quote
Gross bookings reported for the quarter were $4.018 billion, marking a year-over-year increase of 17%.
Lyft’s adjusted EBITDA in the second quarter was $102.9 million, up more than 100% from the year-ago reported figure. The adjusted EBITDA margin (calculated as the percentage of gross bookings) was 2.6%, up 140 basis points.
Lyft exited the second quarter with cash and cash equivalents of $604.35 million compared with $507.91 million at the first-quarter end. Long-term debt, net of the current portion at the end of the reported quarter, was $578.33 million compared with $942.17 million at the prior-quarter end.
Guidance
For the third quarter of 2024, LYFT expects gross bookings of $4.0-$4.1 billion. The adjusted EBITDA is estimated to be $90-95million, and the adjusted EBITDA margin (calculated as a percentage of gross bookings) is expected to be around 2.3%.
For 2024, Lyft continues to anticipate rides growth in the mid-teens year over year. Adjusted EBITDA margin (calculated as a percentage of gross bookings) is expected to be around 2.1%.
Lyft remains on track to achieve positive free cash flow for the full year. Given its improved visibility into the first half of the year, Lyft now anticipates achieving more than 90% long-term conversion target of adjusted EBITDA to free cash flow for 2024, well ahead of schedule. This marks an improvement over the previous expectation of converting at least 70% of adjusted EBITDA to free cash flow for 2024. This improved outlook for 2024 free cash flow not only looks encouraging but also raises optimism about the stock.
Lyft currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q2 Performances of Other Computer and Technology Companies
Uber Technologies(UBER - Free Report) reported second-quarter 2024 earnings of 47 cents per share, which outpaced the Zacks Consensus Estimate of 31 cents and improved more than 100% on a year-over-year basis. Total revenues of $10.700 billion beat the Zacks Consensus Estimate of $10.558 billion. The top line jumped 16% year over year on a reported basis and 17% on a constant currency basis.
Alphabet’s (GOOGL - Free Report) second-quarter 2024 earnings of $1.89 per share beat the Zacks Consensus Estimate by 2.2%. The figure rose 31.3% year over year.
Revenues of $84.74 billion increased 14% year over year (15% at constant currency). Net revenues, excluding total traffic acquisition costs (the portion of revenues shared with Google’s partners and the amount paid to distribution partners and others who direct traffic to Google’s website) were $71.35 billion, which surpassed the consensus mark by 1.1%. The figure rose 15% from the year-ago quarter.
Amphenol’s (APH - Free Report) second-quarter 2024 adjusted earnings of 43 cents per share beat the Zacks Consensus Estimate by 4.88%. The earnings figure increased 19.4% year over year.
Net sales increased 18.2% year over year to $3.61 billion and beat the consensus mark by 7.02%. Organically, net sales increased 11%. The top line benefited from higher revenues across the IT datacom, defense, commercial air, mobile devices, mobile networks and automotive end-markets.