Lyft Q3s reveal ‘uptick in business travel’


Ridesharing
company Lyft says it sees signs of a return to business travel.

Speaking
on the company’s Q3 earnings call, chief financial officer Brian Roberts said, “I’d
say we’re beginning to see an uptick in business travel, but it’s early. And we
expect that this will become more pronounced as more companies return to the
office.”

His
optimism about a return came, in part, from its airport ride statistics. Roberts
said “airport rides reached 8.5 per cent of total rideshare rides in Q3. And if
you go back two years ago, airport rides were 9.1 per cent of total rides in Q3
of 2019. So while leisure has been strong, we believe some of these airport
rides [are] actually the beginning of corporate travel.”

Roberts said that many companies had postponed
the return to the office until Q1 2022 following the summer rise in Covid cases
in the US.

“This is pronounced in a city like
San Francisco…San Francisco is only 40 per cent recovered,” he added. “I’m willing to
bet San Francisco will regain its former glory.”

Lyft’s Q3 revenues reached US$864.4 million against US$499.7
million in the third quarter of 2020, an increase of 73 per cent year-over-year.
This compares to pre-Covid Q3 revenues of US$955.6 million in 2019.

Despite the challenges of Covid, the company has
trimmed net losses to US$71.5 million versus US$459.5 million in 2020 and $463.5
million in 2019.

Increasing ride frequency by users drove the
company’s revenue per active rider figure to a record US$45.13, helping it
achieve a second consecutive profitable quarter on an adjusted EBITDA basis. The
number of active riders increased to 18.9 million, up from a low of 8.7 million
at the start of the pandemic.

Lyft’s co-founder and CEO Logan Green said, “We had
a great quarter. Driver supply materially improved in Q3, up nearly 45 per cent
versus last year, reflecting strong new driver trends. We are well positioned
for a continued recovery and I’m excited to build on the momentum in our
business.”



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Quick Points: Unlock a year of free Lyft Pink and Grubhub+ with the Chase Sapphire Reserve






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Uber, Lyft and car rentals are jammed up. Here's how you can get around this summer instead. – Washington Post



Uber, Lyft and car rentals are jammed up. Here’s how you can get around this summer instead.  Washington Post



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Lyft: Q1 Revenue Amounted to $609 Million


Lyft reported first quarter revenue of $609 million, a 36 percent
year over year drop, but a 7 percent increase from $569.9 million in the fourth
quarter of 2020, the ride-hail company announced in its earning call Tuesday.

The number of active riders in Q1 amounted to 13.5 million, down
36.4 percent from the same period last year, but still higher than 12.6 million
in Q4 2020. Revenue per active rider was $45.13, up from $45.06 in the first
quarter of 2020.

“We had an exceptionally strong Q1 as more people started moving
again,” said Lyft CFO Brian Roberts. “Our results meaningfully
exceeded our outlook driven by elevated demand across our network.” 

Net Q1 loss amounted to $427.3 million, up from $398.1 million in
the same period last year. Adjusted EBITDA loss for Q1 2021 was $73 million, an
improvement of $12.2 million compared to the first quarter of 2020 and an
improvement of $77 million compared to the fourth quarter of 2020. 

Lyft expects driver
supply
to ramp up in the months ahead, especially in Q3. Lyft CEO Logan
Green cited multiple trends increasing driver supply: dropping Covid-19 cases,
more vaccinated drivers, federal unemployment sunsetting in the third quarter
and reduced food delivery demand as the economy opens back up. 

RELATED:Lyft
Q4 & Full-Year Earnings



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Lyft Projects Q2 Start to Leisure-Led Recovery


Fourth-quarter revenue and ridership for Lyft improved from third-quarter levels, as the ride-hailing company prepares for a recovery led by leisure travelers and high-frequency users, the company reported Tuesday. 

Lyft expects demand, driven primarily by leisure, to jump-start in Q2. “Based on Covid recovery expectations, in Q1 we plan to invest in driver supply to improve service levels and prepare for stronger demand beginning in Q2,” said Lyft co-founder and CEO Logan Green. “As individuals return to activities like leisure and entertainment in the second half of the year, we are taking steps today to ensure we are ready to support this anticipated demand when the time comes.” 

“We anticipate Q1 should be the last quarter of negative revenue growth in 2021,” said Lyft CFO Brian Roberts. With Covid-19’s impact on Lyft’s earnings starting in March of Q1 2020, Roberts said, “We expect to generate exceptional year-over-year growth in Q2 as we begin to come to the first full quarter impacted by Covid-19. We expect significant organic growth to continue in Q3 and Q4 as well.”


We expect to generate exceptional year-over-year growth in Q2 as we begin to come to the first full quarter impacted by Covid-19. We expect significant organic growth to continue in Q3 and Q4 as well.”

Lyft’s Brian Roberts


Lyft reported fourth-quarter revenue of $569.9 million, down 44 percent year over year. Compared to Q3 2020, revenue rose 14 percent quarter over quarter, Lyft reported. Much of the revenue improvement came from more usage by high frequency riders, said Lyft co-founder and CEO Logan Green.

In the latter part of Q4 2020, demand slowed due to the surge in Covid-19 cases and the reintroduction of restrictive measures intended to curb the spread. In response, Lyft reduced driver acquisition and incentive spend, helping shore up its financial results. Lyft reported net loss for the quarter was $458.2 million, compared to a net loss of $356 million in Q4 2019. 

“In the fourth quarter, we successfully eliminated $360 million in fixed costs on an annualized basis versus our original 2020 plan, exceeding our target cost reduction by 20 percent,” said Roberts. “Our Q4 results also outperformed our most recent outlook.”

Lyft reported full-year 2020 revenue of $2.4 billion in revenue, down 35 percent year over year drop from $3.6 billion in 2019. The company posted full-year net loss of $1.8 billion, an improvement from 2019, which saw a net loss of $2.6 billion.

RELATED: Lyft Q3 earnings



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COVID-19 holiday travel: Uber, Lyft, and taxi safety tips


This story is part of a package on holiday travel.

Drivers for taxi companies and rideshare businesses such as Uber and Lyft are allowed to operate during the pandemic. But experts urge travelers to avoid them.

  • The city of Los Angeles says: “You should avoid being in a vehicle with many other people, especially those who live outside of your household.”
  • If you do use a rideshare service or taxi, experts say to make sure the driver is masked. Passengers should sit in the backseat and, if weather permits, open at least one window.
  • The CDC advises passengers to avoid touching “the door frame and handles, windows, and other vehicle parts. When you must touch these surfaces, use a hand sanitizer containing at least 60% alcohol as soon as possible afterwards.” The CDC says passengers should not accept offers of free water bottles, should use touchless payment when possible and wash hands upon arrival.
  • Lyft has offered its drivers partitions to place between drivers and passengers; Uber is stocking vehicles with wipes. Passengers should use them to wipe down seat belt buckles, door handles, window buttons and other high-touch areas.
  • Uber, which has a “No mask. No ride.” policy for drivers and passengers, has more pandemic safety on its website. Lyft has the same and forbids drivers from letting passengers sit in front.





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