Lyft bookings rebound after winter storms cut Q1 rides

• Winter storms reduced Q1 rides by approximately 3 million, with over half the impact hitting Lyft's bikes and scooters business
• Gross bookings rose 19% to $4.95 billion and revenue climbed 14% to $1.65 billion, both exceeding analyst estimates
• Partnerships drove a record 27% of North American rides, while international expansion via acquisitions of Gett UK and FreeNow supported growth despite lower ride volumes

Lyft Q1 Summary: Bookings Rebound Despite Storm Impact

Key Financial Results:

Lyft reported Q1 gross bookings of $4.95 billion (up 19% YoY), exceeding estimates of $4.92 billion. Revenue climbed 14% to $1.65 billion, topping projections of $1.63 billion. Adjusted EBITDA rose 25% to $132.8 million, while net income reached $14.2 million ($0.04 per share).

Q1 Challenges:

First-quarter rides totaled 236.9 million, missing estimates of 242 million. Severe winter storms in the U.S. Northeast reduced demand by approximately 3 million rides, with over half the impact affecting Lyft's bikes and scooters business, according to CFO Erin Brewer.

Growth Drivers:

Despite volume shortfalls, bookings exceeded expectations due to:

• Growing mix of "higher value rides" and premium offerings
• Partnerships driving a record 27% of North American rides
• International expansion through acquisitions of Gett UK and FreeNow
• Contributions from European operations and TBR Global Chauffeuring

Forward Outlook:

Lyft forecast Q2 gross bookings of $5.30-$5.43 billion (vs. estimates of $5.32 billion) and adjusted EBITDA of $160-$180 million (vs. estimates of $167 million), signaling resilient demand despite elevated fuel costs from geopolitical tensions.

Strategic Initiatives:

The company is expanding autonomous vehicle operations with partners including Baidu and Waymo, with a Flexdrive autonomous depot opening in Nashville this fall.

Market Context:

Larger rival Uber also reported strong Q2 guidance, indicating broader ride-hailing demand resilience despite macroeconomic headwinds and Middle East tensions.