Lyft Inc Stock Price, News & Analysis

Lyft and Mobilitas Insurance Companies have renewed their commercial insurance partnership for ridesharing coverage in 23 states, effective October 1, 2024. This multi-year collaboration, which began in 2020, continues to support the mobility sector. Mobilitas, known for its expertise in the sharing economy and mobility sector, will provide customizable digital solutions and claims expertise to manage Lyft's business risks related to rideshare.

The partnership has steadily expanded since its inception, growing from 11 states in 2020 to 23 states in 2022. Mobilitas offers coverage for various mobility services, including vehicle sharing, rentals, subscription services, non-emergency medical transport, and last-mile delivery. Both companies expressed enthusiasm about the continued collaboration, emphasizing its role in enhancing safety and reliability in transportation.

Lyft and Smartcar have partnered to address range anxiety, the top concern for EV drivers on the Lyft platform. The new 'Rides in Range' feature ensures EV drivers only receive ride requests within their current battery range, with a 20-mile buffer. Smartcar's API retrieves EV battery level data, allowing Lyft to alert drivers to charge after completing a trip if their battery level is expected to fall below 20 percent.

The feature aims to build an efficient and convenient experience for EV drivers and passengers, eliminating the need for drivers to constantly evaluate battery range for each request. This partnership supports Lyft's goal of reaching 100 million EV rides on the platform by the end of 2025, while addressing a major deterrent to EV adoption in the rideshare industry.

Lyft (Nasdaq: LYFT) has announced that CEO David Risher and CFO Erin Brewer will participate in a fireside chat at the Goldman Sachs Communacopia & Technology Conference. The event is scheduled for Tuesday, September 10, 2024, at 10:50 a.m. Pacific Time in San Francisco, CA.

Investors and interested parties can access a live webcast of the fireside chat through the investor relations section of the Lyft website at http://investor.Lyft.com. This event provides an opportunity for Lyft's leadership to discuss the company's strategies, performance, and future outlook with industry analysts and investors.

Lyft and Payfare have announced new features for the Lyft Direct debit card and banking app, designed to enhance financial well-being for Lyft drivers. Key additions include:

• Lyft Direct Savings: A high-yield savings account with competitive interest rates
• Balance Protection: Access to up to $200 for unexpected expenses
• Enhanced Cashback Rewards: Up to 12% cashback on EV charging, 10% on gas, and 5% on dining for elite drivers
• Wellness Perks: Health and financial wellness tools through Avibra
• Spend Insights: Detailed analysis of spending habits
• Cash ATM Deposits: Ability to deposit cash at participating ATM locations

These features aim to provide Lyft drivers with better financial management tools and support their overall financial health.

Lyft (NASDAQ:LYFT) reported strong Q2 2024 results, marking its first-ever quarter of GAAP profitability. Key highlights include:

- Gross Bookings up 17% YoY to $4.0 billion
- Revenue up 41% YoY to $1.4 billion
- Net income of $5.0 million, compared to $(114.3) million loss in Q2'23
- Adjusted EBITDA of $102.9 million, up from $41.0 million in Q2'23
- Free cash flow of $256.4 million, compared to $(112.2) million in Q2'23

Operationally, Lyft achieved all-time highs in Active Riders (23.7 million) and Rides (205 million). The company also saw significant growth in Canada and during events like Pride and college graduations.

Lyft and Everlance have announced a strategic partnership aimed at providing tax savings to rideshare drivers. Everlance, a leader in mobile worker tools, will offer exclusive discounts on its Premium products to Lyft drivers through the Lyft driver rewards program. All Lyft drivers will receive a 20% discount on Everlance Premium, with potential for deeper discounts based on their driver tier.

This integration gives drivers access to Everlance's top-rated mileage tracking and expense logging features, enabling them to maximize earnings and tax deductions. Everlance has already helped over 3 million drivers, including more than 175,000 Lyft drivers, track their miles and expenses automatically. Using Everlance, the typical Lyft driver can increase their take-home pay by 8-15% through maximized tax deductions.

Lyft (NASDAQ: LYFT) and Payfare (TSX: PAY, OTCQX: PYFRF) have announced a long-term extension of their Lyft Direct program partnership. This collaboration offers drivers on the Lyft platform a mobile banking solution with key benefits:

1. Free instant access to earnings after every ride
2. A feature-rich digital banking platform
3. A robust cashback rewards program for everyday spending
4. Exclusive discounts and offers

The extension aims to support drivers' financial well-being, allowing them to better manage their finances and cash flow. Both companies expressed enthusiasm for the continued partnership, emphasizing their commitment to empowering gig economy workers with tailored financial tools.

Lyft (Nasdaq: LYFT) has announced it will release its second quarter 2024 financial results before the market opens on Wednesday, August 7, 2024. The company will host a conference call at 5:15 a.m. Pacific Time (8:15 a.m. Eastern Time) on the same day to discuss the results and business highlights.

Investors and interested parties can access the live audio webcast of the call on Lyft's Investor Relations page. An archived version of the webcast will be available shortly after the call concludes. Lyft uses various channels to disclose material information, including SEC filings, press releases, public conference calls, webcasts, its investor relations website, X accounts, and company blogs.

Lyft held its first Investor Day to announce its financial targets for 2027. The company expects a 15% compound annual growth rate in Gross Bookings from 2024 to 2027, a 4% Adjusted EBITDA margin by 2027, and over 90% free cash flow conversion annually from 2025 to 2027. Presentations were made by CEO David Risher and CFO Erin Brewer, emphasizing Lyft's focus on customer satisfaction and innovation. The company reaffirmed its 2024 financial outlook, without changes to its Q2 2024 guidance or full-year 2024 directional commentary.