Like other ground suppliers, the lift’s January ride volume was soft due to the Covid-19 Omicron variant, but demand rose sharply in February and March, company executives said in a first-quarter earnings call on Tuesday.
“First-quarter drivers averaged more rides than in 2019, and first-quarter average ETAs averaged 30 percent better than in the first quarter of last year,” said Logan Green, co-founder and CEO of Lift. “We believe more demand is ahead of us, especially in the second half of this year. Remember that our Q1 Rideshare Ride volume, which hit a new coveted height, is still recovering by almost 70 percent compared to the Q4 2019 level.”
Lyft reported revenue of 75 875.6 million in the first quarter of 2022, up 44 percent year-over-year from $ 609 million reported in 2021, but 10 percent lower than in the quarter. This figure represents an increase of about 13 percent from $ 776 million reported for the same period in 2019.
The net loss for the first quarter was $ 196.9 million, compared to $ 427.3 million a year earlier and $ 283.2 million for the fourth quarter of 2021. This is also an improvement from the $ 1.1 billion first-quarter loss reported by Lift in 2019.
For the 2021 quarter, the company’s active riders rose about 32 percent to 17,800 vs. 13,500 in 2021. But it also represents a decline from the 18,700 riders reported for the fourth quarter of 2021.
Eleanor Paul, CFO of Lift, said “earnings per active rider in the first Q1 were দ্বিতীয় 49.18, the second highest, which is 9 percent or roughly 5 4 vs. 5 percent lower than the maximum set in Q1 2021 and Q4 2021.” But that number is lower than the ত্র 51.79 reported in the previous quarter.
Airport rides in the first quarter were flat at 9 percent of the previous quarter compared to 8 percent in the previous quarter, Paul said, “and we feel bullish about this going forward with the travel rebound.… In addition, we think it has more headrooms to go back to work. In between and returning to work, we also see the headroom with the business trip. This is a great opportunity for us. “
Paul said the lift’s second-quarter revenue would be $ 950 million to $ 1 billion, representing a quarter-over-quarter increase of 9 percent to 14 percent. The adjusted income before taxes, depreciation and payments is expected to be between $ 10 million and $ 20 million.
For the whole of 2022, Lift remains “cautiously optimistic” that it will grow revenue faster than the 36 percent it achieved in 2021, Paul said.
Lyft Q4 2021 earnings