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Lyft's (LYFT) Q1 Loss Narrower Than Expected, Revenues Beat
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Lyft (LYFT - Free Report) incurred a loss of 32 cents per share (excluding 99 cents from non-recurring items), narrower than the Zacks Consensus Estimate of a loss of 56 cents. Results were aided by solid revenue growth of 23% on a year-over-year basis to $955.7 million, courtesy of a rise in Active Riders and Revenue per Active Rider. The top line also surpassed the Zacks Consensus Estimate of $864.4 million.
Active Riders (riders who take at least one ride during a quarter on Lyft’s multimodal platform through its app) increased 3% year over year to 21.21 million in the quarter under review. This San Francisco-based company’s Revenue per Active Rider climbed 19% to $45.06 million. Given the substantial impact of the coronavirus outbreak, the numbers are quite impressive. After a 75% decline in ride-share trips in April, the company is starting to see signs of recovery with relaxation in social distancing norms in the United States. Notably, ride volumes rose 21% in the first week of May.
Coming back to the earnings performance, adjusted EBITDA loss for the first quarter was $85.2 million compared with $216-million loss incurred a year ago. The adjusted EBITDA margin came in at 8.9% compared with -27.8% in the first quarter of 2019.Total costs and expenses contracted 29.1% year over year to $1.37 billion in the quarter.
Contribution improved 42.2% year over year to $547.4 million. Contribution margin expanded to 57.3% from 49.6% a year ago. Lyft exited the first quarter with unrestricted cash (cash and cash equivalents +short-term investments) of $2.67 billion compared with $2.85 at the end of 2019.
AMETEK’s first-quarter 2020 adjusted earnings of $1.02 per share beat the Zacks Consensus Estimate by 6.3%. The figure improved 2% from the year-ago quarter and 1.9% sequentially. Net sales declined 6.6% on a year-over-year basis and 7.9% sequentially to $1.20 billion. Further, the top line missed the Zacks Consensus Estimate of $1.23 billion.
Fitbit’s first-quarter 2020 adjusted loss of 24 cents per share was wider than the Zacks Consensus Estimate of a loss of 22 cents. Total revenues came in at $188 million, down 30.8% year over year. The figure also missed the consensus estimate of $270 million.
ANSYS’ first-quarter 2020 earnings of 83 cents per share beat the Zacks Consensus Estimate by 6.4%. The bottom line declined 35.7% year over year. Total revenues of $308.9 million surpassed the Zacks Consensus Estimate of $307 million. The figure declined 3.4% from the year-ago quarter, partly because of a decline in multi-year lease contracts.
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Lyft's (LYFT) Q1 Loss Narrower Than Expected, Revenues Beat
Lyft (LYFT - Free Report) incurred a loss of 32 cents per share (excluding 99 cents from non-recurring items), narrower than the Zacks Consensus Estimate of a loss of 56 cents. Results were aided by solid revenue growth of 23% on a year-over-year basis to $955.7 million, courtesy of a rise in Active Riders and Revenue per Active Rider. The top line also surpassed the Zacks Consensus Estimate of $864.4 million.
Active Riders (riders who take at least one ride during a quarter on Lyft’s multimodal platform through its app) increased 3% year over year to 21.21 million in the quarter under review. This San Francisco-based company’s Revenue per Active Rider climbed 19% to $45.06 million. Given the substantial impact of the coronavirus outbreak, the numbers are quite impressive. After a 75% decline in ride-share trips in April, the company is starting to see signs of recovery with relaxation in social distancing norms in the United States. Notably, ride volumes rose 21% in the first week of May.
Coming back to the earnings performance, adjusted EBITDA loss for the first quarter was $85.2 million compared with $216-million loss incurred a year ago. The adjusted EBITDA margin came in at 8.9% compared with -27.8% in the first quarter of 2019.Total costs and expenses contracted 29.1% year over year to $1.37 billion in the quarter.
Contribution improved 42.2% year over year to $547.4 million. Contribution margin expanded to 57.3% from 49.6% a year ago. Lyft exited the first quarter with unrestricted cash (cash and cash equivalents +short-term investments) of $2.67 billion compared with $2.85 at the end of 2019.
Zacks Rank
Lyft carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Computer & Technology Stocks
Within the broader Computer and Technology sector, AMETEK, Inc. (AME - Free Report) , Fitbit, Inc. and ANSYS Inc (ANSS - Free Report) recently reported earnings numbers.
AMETEK’s first-quarter 2020 adjusted earnings of $1.02 per share beat the Zacks Consensus Estimate by 6.3%. The figure improved 2% from the year-ago quarter and 1.9% sequentially. Net sales declined 6.6% on a year-over-year basis and 7.9% sequentially to $1.20 billion. Further, the top line missed the Zacks Consensus Estimate of $1.23 billion.
Fitbit’s first-quarter 2020 adjusted loss of 24 cents per share was wider than the Zacks Consensus Estimate of a loss of 22 cents. Total revenues came in at $188 million, down 30.8% year over year. The figure also missed the consensus estimate of $270 million.
ANSYS’ first-quarter 2020 earnings of 83 cents per share beat the Zacks Consensus Estimate by 6.4%. The bottom line declined 35.7% year over year. Total revenues of $308.9 million surpassed the Zacks Consensus Estimate of $307 million. The figure declined 3.4% from the year-ago quarter, partly because of a decline in multi-year lease contracts.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>