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Q2 Earnings: Is It a Net Positive if Lyft Is Getting Lean from the Pandemic?
By: 24/7 Wall St. | August 12, 2020
Lyft, Inc. (NASDAQ: LYFT) released second-quarter financial results after markets closed Wednesday. The ride-share firm said that it had a net loss of $0.86 per share and $339.3 million in revenue, which compared with consensus estimates that called for a net loss of $0.99 per share and $336.77 million in revenue. The same period from last year had a net loss of $2.23 per share and $867.26 million in revenue.
During the quarter, active riders decreased 60% year over year to 8.69 million, down from 21.81 million in the same period last year. Revenue per active rider is down 2% to $39.06, a decrease from $39.77.
Lyft reported $2.78 billion of unrestricted cash, cash equivalents and short-term investments at the end of the second quarter, versus $358.32 million at the end of the previous fiscal year. In May, Lyft issued $747.5 million aggregate principal amount of 1.50% convertible senior notes due 2025. The net proceeds from this offering were roughly $733.2 million.
In April 2020, Lyft announced a restructuring effort to reduce operating expenses and adjust cash flows. The restructuring charges in the second quarter included $32.1 million of severance and related employee benefit costs and $3.1 million of lease terminations and other costs. Lyft also incurred a stock-based compensation benefit primarily related to the reversal of previously recognized stock-based compensation expenses for unvested awards of $49.8 million, resulting in a net restructuring benefit of $14.5 million.
The company did not offer any guidance for the third quarter. However, consensus estimates are calling for a net loss of $0.61 per share and $610.37 million in revenue for the coming quarter.
Shares of Lyft closed Wednesday at $30.52, with a 52-week range of $14.56 to $57.23. The consensus analyst price target is $42.01. Following the announcement, the stock was up 2.5% to $31.27 in the after-hours session.
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Judge Orders Uber, Lyft to Stop Classifying Drivers as Independent Contractors
By: TheStreet | August 10, 2020
•Ruling finds that drivers are "central" to Uber and Lyft ridehailing business.
A California judge issued a preliminary injunction on Monday requiring Uber and Lyft to stop classifying their drivers as independent contractors, and potentially setting the stage for a major shift in their business models.
Judge Ethan Schulman of San Francisco Superior Court granted a 10-day stay before the preliminary order takes effect. If the order is upheld, Uber and Lyft could be required to reclassify drivers as employees eligible for certain benefits and protections, rather than as contractors who work for themselves.
Uber (UBER) shares fell 1.6% and Lyft (LYFT) shares fell 1.9% on the news.
Judge Schulman opined that Uber and Lyft use "circular" reasoning in arguing that their tech developers are employees, while their drivers are not.
"Were this reasoning to be accepted, the rapidly expanding majority of industries that rely heavily on technology could with impunity deprive legions of workers of the basic protections afforded to employees by state labor and employment laws," Schulman wrote in the order. "To state the obvious, drivers are central, not tangential, to Uber and Lyft’s entire ride-hailing business."
Uber and Lyft are very likely to appeal the order.
Demand for ridehailing has taken a major hit in the COVID-19 pandemic, with Uber reporting a 75% drop in ridehail gross bookings in the second quarter. Schulman suggested that the companies could use the time to conform to California worker classification laws with as little impact as possible on their driver base.
For Uber, Lyft and potentially other gig marketplaces, the stakes in the worker classification debate are high. Analysts at Wedbush Securities estimated last year that AB5, a California law that reclassified drivers as employees, could translate into 30% higher labor costs for Uber and Lyft -- an expense they can ill afford at a time when rides are down considerably.
Uber and Lyft are jointly challenging AB5 with a California ballot measure, up for a vote in November, that would establish new, more favorable rules for ridehail and delivery drivers.
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Uber and Lyft drivers in US face temporary suspension as Covid-19 delays legal checks
By: Financial Times | August 4, 2020
US drivers for Uber and Lyft are being suspended for weeks because the coronavirus crisis has stalled the court system needed for background checks.
As well as criminal checks when a person first signs up, large gig economy companies typically carry out an annual check on their workers, as well as monitor local arrest records.
But this year, the third party company used by Uber and Lyft said the closure of courthouses because of the pandemic had led to “unavoidable delays in processing some background checks”.
On its website, Checkr lists more than 800 local courthouses across the US that have suffered shutdowns of varying severity since the start of the pandemic.
“Checkr has been continuously monitoring court closures and reopenings, so pending background checks can be completed as courts reopen,” the company added.
Lyft driver Daniel Mirea has not been able to work since last month when he was locked out of his account
Lyft driver Daniel Mirea has not been able to work since last month when he was locked out of his account
Daniel Mirea, who has driven for Lyft in Chicago for two years, said he was locked out of his account a month ago and did not know when he would be able to restart work.
In the meantime, he said he felt taunted by notifications from the Lyft app of special bonuses for drivers who were willing to work through the crisis. “It’s unbelievable,” he said. “It’s like they’re making fun of me for what’s happening.”
Gig economy companies are wary of allowing workers without valid background checks to operate, fearing repercussions over accidents or other incidents.
Lyft said it had suspended access for drivers awaiting the renewal of their background checks. “Wherever possible, we are working with state regulators and Checkr to address these issues, so that annual background checks can be completed and drivers can get back on the road,” said Lyft.
“Our priorities are the health and safety of our platform and ensuring drivers have flexible earnings opportunities — and both have never been more important than right now,” it added.
Uber said: “We’ve worked with state and local governments and our third-party background check provider to minimise disruptions for drivers and delivery people during this challenging time.”
Neither company gave an estimate as to how many workers may have been affected.
“For months these companies have made it difficult for drivers to access unemployment insurance,” said Lauren Casey, of Gig Workers Rising, an advocacy group calling for employment benefits for gig workers. “And now at a time when many are left with no choice but to get back on the road, this roadblock is another kick in the teeth for frontline workers.”
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Lyft settles with Justice Department over disability lawsuit
By: Engadget | June 25, 2020
• The rideshare company will pay a $40K civil penalty, educate drivers.
Lyft has settled with the Justice Department in a lawsuit alleging the company discriminated against customers with disabilities. Now, drivers will be required to help fold and stow wheelchairs and walkers for customers. The rideshare company has also been ordered to educate its drivers as well as pay complainants and a $40,000 civil penalty.
The Justice Department began an investigation after a complainant identified as J.H. who uses a collapsible wheelchair reported discrimination from Los Angeles-area Lyft drivers, according to a Justice Department statement. J.H. filed 12 complaints with Lyft between 2015 and 2017 after drivers refused him rides, saying they either could not or would not accommodate his wheelchair. Three other complainants listed in the settlement reported similar experiences.
Lyft will pay various amounts in damages to the complainants, including $30,000 to J.H. It’s been ordered to modify its wheelchair policy to specify that “drivers are required to assist with the stowing of foldable or collapsible mobility devices used by individuals with disabilities, such as wheelchairs, scooters, and walkers.” The company will make a few changes to better educate drivers on the wheelchair policy, like sending quarterly reminders of the policy to drivers and creating a new educational video about the policy. For the next three years, Lyft will give the Justice Department biannual written reports on what it’s doing to comply with the Americans with Disabilities Act.
Accessibility of rideshares has been an ongoing concern and the subject of many legal battles. Uber has been sued multiple times for failing to accommodate passengers with disabilities. A 2018 study conducted by the New York Lawyers for Public Interest found that 70 percent of the time, Uber and Lyft failed to provide wheelchair accessible vehicles in New York City.
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Lyft commits to all electric vehicles by 2030
By: Engadget | June 17, 2020
• They want to make EVs make economic sense.
Lyft has announced the rideshare company will transition to 100 percent electric vehicles (EV) by 2030. The change will affect drivers’ personal cars and vehicles in every other Lyft program. Lyft acknowledges the switch will not be easy, but should reduce up to 16 million metric tons of greenhouse gas emissions while also being easier on drivers’ wallets.
Lyft has outlined a three-step plan to meet this goal. First, the company will focus on policies to accelerate electric vehicle cost parity; second, it will provide electric vehicle rentals to drivers as part of its Express Drive program; finally, Lyft plans to build demand for electric vehicles among all Lyft users.
“We’re going to be working with the Environmental Defense Fund, policy makers and auto makers to … make electric vehicles make sense,” Lyft President John Zimmer said in a Wednesday media briefing. “It’s all about making it work for the drivers.”
The shift to EVs in the Express Drive program, which provides rental vehicles to drivers who don’t wish to use their own cars, will take place over the next five years, Lyft said. The company has already launched EVs for Express Drive programs in Atlanta, Denver and Seattle. The goal is to only acquire EVs for the program by 2026, and for all Express Drive vehicles to be electric by 2028.
To encourage drivers to use EVs as a personal vehicle, Lyft said it’s working with lawmakers and auto industry officials to make EVs more accessible. Lyft officials said “conversations are underway” with unspecified automakers, and that the company sees opportunities to “tweak some [EV] models to make them ideal [for rideshare].” Lyft didn’t directly answer whether, come 2030, drivers of internal combustion vehicles will be prohibited from driving for Lyft. Zimmer instead stated that Lyft will push “extremely hard” on incentives for electric vehicles.
A Union of Concerned Scientists study published earlier this year estimated that services like Uber and Lyft actually generate about 69 percent more CO2 emissions than the transportation options they displace. Lyft challenged the study, telling Engadget earlier this year that it made "misleading claims about rideshare." However, Lyft officials now seem more ready to admit rideshare’s environmental impact -- it said in a Wednesday statement that ridesharing has increased greenhouse gas emissions.
The electric vehicle switch is Lyft’s latest step toward making the business more sustainable. In 2017 Lyft hired environmentalist Paul Hawken to act as the company’s environmental advisor. In 2018, the company promised to make all rides carbon neutral by spending millions on carbon offsets.
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Adjusted Financial Guidance Lifts Lyft Stock
By: 24/7 Wall St. | June 4, 2020
In a sign of recovery, Lyft (NASDAQ: LYFT) stock jumped this week after it revised the expected loss for the next quarter. The San Francisco-based company said the improved outlook is a result of increased ridership in May.
Shares of Lyft closed at $34.44 on Wednesday, up 8.71%. The stock is down nearly 20% year to date, but is up nearly 32% in the last month.
KeyCorp and DA Davidson reiterated their Buy ratings for Lyft this week, and Wedbush boosted its price target from $36 to $38. Overall, the stock has 29 Buy ratings, 12 Holds and one Sell. The average price target is $49.18
Riders Are Slowly Returning
In a regulatory filing, Lyft said May rides increased 26% over April. While May looked better, Lyft’s business is still way off the norm. The May 2020 ride numbers are 70% down from the year-ago period.
But observers are no doubt happy to see any increase in business as enterprises emerge from the pandemic lockdowns. “Rides have increased week-over-week for 7 consecutive weeks since the week ended April 12,” the company said.
The increase in rides varied widely by city. They were up 73% in Austin, Texas, 64% in Nashville, Tenn., and 59% in Miami. But ridership increased only 40% in Seattle — one of the earliest epicenters of COVID-19 in the U.S. Lyft saw a bump of 40% in Phoenix and 42% in New York City.
Lyft noted other changes in consumer behavior. “Riders are taking relatively more rides on weekdays versus weekends, including commute trips by essential workers as well as trips to stores selling essential goods,” it said. But the company has also seen an uptick in weekend usage during the past few weeks, as more states lifted lockdown restrictions.
Returning riders will find a different experience in Lyft cars. Before booking a ride, customers must accept a Health Safety Commitment. In doing so, riders certify that they don’t have COVID-19 and commit to wearing a face mask.
Lyft drivers must make a similar commitment and vow to keep their vehicles clean. Lyft would like to see front seats left empty, and windows left open whenever possible.
Competitor Uber Technologies Inc. (NYSE: UBER) also requires everyone to wear a mask. It further requires drivers to submit a selfie before accepting a ride to prove that they’re wearing a mask. Drivers or riders are allowed to cancel a trip without penalty if the other party doesn’t comply with the mask rule.
Next Quarter’s Outlook
If June ridership is similar, Lyft said it expects its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) loss for the second quarter will not exceed $325 million. The company had previously said its adjusted EBITDA loss for the quarter ending in June wouldn’t exceed $360 million.
It’s still a big loss, but who doesn’t like improvement? Second-quarter results are expected in early August.
For the first quarter, the ride-hailing company reported a net loss of $1.31 per share and $955.7 million in revenue, which compared with consensus estimates that called for a net loss of $0.64 per share and $897.86 million in revenue. The same period last year had a net loss of $48.53 per share and $776.0 million in revenue.
Lyft said this week that it’s taking additional steps to improve its financial outlook. Last month, the firm completed a convertible debt offering that resulted in an effective conversion price of $73.83 for the senior unsecured notes. “On a pro forma basis for these transactions, Lyft held approximately $3.3 billion of unrestricted cash, cash equivalents and short-term investments as of March 31,” the company said.
Coming Challenges
While recovering from the coronavirus pandemic, Lyft is also contending with several lawsuits and regulatory challenges. In the latest, a class-action lawsuit has been filed by a former driver in Washington, D.C., alleging that the company is violating a local law on paid sick days.
A bigger concern is the California attorney general’s suit against Uber and Lyft, contending that they improperly classify their drivers as independent contractors and evade workplace protections. The cities of Los Angeles, San Francisco and San Diego also joined in the suit, which was brought under a new state law intended to protect workers in the “gig economy.”
Similar efforts are underway in other states and cities. State and local governments want the ride hailers to classify their drivers as full-time employees, which has huge financial implications. The companies would need to offer health insurance and other worker benefits. And crucially, they would need to pay taxes to support state unemployment coffers.
If the ride-sharing companies had been forced to classify drivers as employees instead of independent contractors, they would have owed the state of California $413 million between 2014 and 2019. That’s according to an analysis from the UC Berkeley Labor Center. That money would have been due to California’s Unemployment Insurance Fund.
Both Lyft and Uber are fighting the moves, insisting that their drivers are independent contractors. The companies recently succeeded in getting an initiative on the November ballot in California that would enshrine their point of view into law. It’s not clear if voters will support the measure. But Uber, Lyft and Doordash committed $30 million each to push the ballot initiative.
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Yet Another Legal Challenge Threatens Lyft Stock
By: 24/7 wall st. | June 2, 2020
A class-action lawsuit has been filed against Lyft Inc. (NASDAQ: LYFT) by a former driver in Washington, D.C., contending that the company is violating a local law on paid sick days.
The driver, Cassandra Osvatics of Bowie, Maryland, says the company is contributing to the spread of COVID-19 by its failure to provide paid time off for drivers who are ill.
“Given the current COVID-19 pandemic, which some experts predict could last for years, the need for paid sick leave is vitally important,” the complaint says. “Lyft forces its drivers into a Hobbesian choice: risk their lives (and the lives of their passengers) or risk their livelihoods.” The suit was filed Friday in U.S. District Court for the District of Columbia.
This is the latest legal challenge to Lyft’s designation of drivers as independent contractors instead of employees. If successful, the suits could upend a vital part of the business models of Lyft and other ride-hailing services, like Uber Technologies Inc. (NYSE: UBER).
Osvatics’ lawsuit cites the D.C. Accrued Sick and Safe Leave Act, which went into effect in 2008 and has been updated since then. The law entitles workers in the District of Columbia to about seven paid sick days a year if they work 2,000 hours.
Controlled by the App
The complaint lists dozens of specifics related to how Lyft oversees and controls the actions of the ride-sharing drivers. It points out that drivers are required to use the Lyft app and that the company can deny access to the app if the driver violates any of a number of policies.
Lyft says that it has taken significant steps to help drivers during the coronavirus pandemic and that changing their status could put that assistance at risk. Ride-sharing by its nature makes it difficult to employ social-distancing steps.
“Lyft is committed to helping drivers during the pandemic, which is why we’re providing funds to those who are diagnosed with Covid-19 and helping drivers access federal relief that includes paid sick leave,” Lyft said in an emailed statement. “Forced reclassification would jeopardize access to thousands of dollars in federal funds at the worst possible time.”
Friday’s lawsuit calls what Lyft is offering drivers because of the pandemic a “vague and limited” measure that is not enough to comply with the requirements of the District of Columbia law.
Multiple Legal Challenges
Ride-sharing services have encountered a number of legal challenges to their classification of drivers as independent contractors.
Last month a federal judge in Boston declined to order Lyft to give its drivers in Massachusetts 14 days paid sick leave while a lawsuit challenging the classification of drivers is pending. U.S. District Judge Indira Talwani noted that the drivers are entitled to COVID-19 benefits authorized by Congress. She said they will not be irreparably harmed if they are deprived of the paid sick leave under Massachusetts law.
On May 5, California’s attorney general filed suit against Uber and Lyft, contending that they improperly classify their drivers as independent contractors and evade workplace protections.
The cities of Los Angeles, San Francisco and San Diego also joined in the suit that was brought under a new state law that is intended to protect workers in the “gig economy.”
“No business model should hang its success on mistreating workers and violating the law,” California Attorney General Xavier Becerra said in a live-streamed news conference after the suit was filed.
Lyft said in a statement last month that it would work with the attorney general and the three cities “to bring all the benefits of California’s innovation economy to as many workers as possible.” But it did not say whether it was pursuing a settlement or would fight the lawsuit in court.
A Matter of Interstate Commerce?
Many employment cases brought against ride-sharing companies have been sent to arbitration. But last year, the U.S. Supreme Court ruled that a federal law for transportation workers engaged in interstate commerce allowed a trucker to refuse arbitration for his claims.
In the District of Columbia suit, the Lyft driver’s lawyer contends that drivers in D.C. qualify for the exception because they routinely cross state lines, especially when taking passengers to the airports in the area.
Lyft shares rose on Monday, closing at $32.80. That is about 100% higher than the price the stock hit in mid-March when the S&P 500 plunged because of the pandemic. The 52-week range is $14.56 to $68.33.
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Could Amazon Move Threaten Lyft Stock?
By: 24/7 Wall St. | May 28, 2020
Struggling to survive, ride-sharing companies face a potential new threat: Amazon.com Inc. (NASDAQ: AMZN). The Wall Street Journal reported Monday that Amazon is in advanced talks to buy Zoox Inc., a self-driving car company.
“Zoox, founded in 2014, has been working to develop the hardware and software needed to create electric-powered, robot taxis that would be summoned by smartphone app starting this year,” the Journal reported.
Amazon has long been interested in the potential of driverless vehicles, which could revolutionize its delivery services. The company previously invested in Aurora Innovation Inc., a Silicon Valley autonomous car startup.
But what if Amazon entered the ride-sharing space currently dominated by Uber Technologies Inc. (NYSE: UBER) and Lyft Inc. (NASDAQ: LYFT)? It would clearly be a game changer.
Zoox Deal
The proposed deal could value the company at less than the $3.2 billion Zoox was valued at in a 2018 funding round. Zoox has struggled to raise cash as the driverless car industry has developed more slowly than expected. It’s not clear how far along the Amazon-Zoox talks have proceeded.
Morgan Stanley analyst Brian Nowak said the Zoox deal would allow Amazon to “compete in the ride sharing and food-delivery industries,” according to Barron’s. Lyft doesn’t currently offer food delivery, but Uber does through its growing Uber Eats service. It’s been one bright spot for Uber during the pandemic.
Nowak said an Amazon ride-sharing service would tie in nicely with its Prime memberships. Prime customers could be offered discounts and other perks when using the company’s cars. All of this should scare companies like Lyft.
Ride-sharing companies are also watching Alphabet Inc.’s (NASDAQ: GOOG) Waymo, formerly Google’s self-driving car project. Using robotic cars, the Waymo One ride-hailing app is already live in the Phoenix area.
And Waymo Via is Alphabet’s move into the delivery business. The company is currently testing driverless trucks in Arizona and California.
“Investors over the past seven months have pumped at least $6 billion into more than two dozen companies involved in autonomous delivery of goods and food, from drones to heavy trucks,” Reuters reported.
Pandemic is a Heavy Lift
Lyft executives already have plenty to worry about. The coronavirus crisis has been devastating, as most of the country went into stay-at-home mode.
Faced with a huge drop in ridership, Lyft cut 17% of its workforce by laying off 982 employees permanently, as well as instituting double-digit pay cuts, and furloughs, and exiting from some of its facilities.
Lyft expects to take a $28 million to $36 million restructuring charge in the second quarter as a result of cuts. Competitor Uber has made similar cuts, slashing 3,700 full-time jobs from its corporate team.
Both Lyft and Uber continue to battle states and cities over the employee classification of drivers. They scored a victory recently when an initiative they favor secured a spot on the November ballot in California.
The ride-sharing ballot initiative was proposed in response to Assembly Bill 5, which passed the California legislature last September. The bill, which took effect Jan. 1, requires companies to reclassify so-called gig workers as employees, which would cover them under laws regarding minimum wage, overtime pay and unemployment insurance.
Uber and Lyft haven’t complied with the law, so California Attorney General Xavier Becerra filed suit against them this month. The cities of Los Angeles, San Francisco and San Diego joined the legal action.
If voters approve the initiative, the ride-sharing companies can continue to classify drivers as independent contractors.
Lyft’s stock rebounded a bit this week, but is down almost 25% year to date. Uber stock is up about 17% for the same period.
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California Employee Ruling Could Hit Lyft Stock Hard
By: 24/7 Wall St. | May 22, 2020
As Lyft (NASDAQ: LYFT) and Uber Technologies Inc. (NYSE: UBER) battle the state of California over how workers are classified, a new study highlights what’s at stake.
If the ride-sharing companies had been forced to classify drivers as employees instead of independent contractors, they would have owed the state of California $413 million between 2014 and 2019. That’s according to a new analysis from the UC Berkeley Labor Center.
That money would have been due to California’s Unemployment Insurance Fund. “In California, the tax rate for new employers is 3.4 percent of pay, up to the taxable wage limit of $7,000 a year per employee,” the UC Berkeley report said.
The university pulled its data from a number of sources. For 2018, it found that Lyft and Uber (both headquartered in San Francisco) would have owed taxes for 768,000 drivers in California. This factors in that many drivers work for both apps.
Researchers then estimated the earnings for those drivers based on various data sets. “The drivers’ 2018 aggregate taxable base earnings totaled $3.38 billion and the associated (unemployment insurance) payments would have totaled $114.8 million,” researchers said.
For the earlier years, UC Berkeley looked at the number of drivers, their estimated earnings, and growth of the two companies. Eventually the researchers came up with the $413 million figure.
Lyft argues that it is a supplemental, not primary, means of income for many of its drivers. “For starters, in this hypothetical reality, everyone who has chosen to drive for Lyft would have been hired by Lyft as an employee,” a spokesperson told Gizmodo after the UC Berkeley study came out. “As we’ve repeatedly said, that wouldn’t happen in the real world—instead, many, many Californians would lose the opportunity to earn by driving with Lyft.”
What Do Drivers Want?
What do drivers want? A November survey of 1,000 Uber and Lyft drivers nationwide found that 66% preferred to remain independent contractors. The poll was conducted by The Rideshare Guy, a blog covering the industry.
“Turning drivers into employees could adversely impact older drivers,” wrote Harry Campbell in a post. He said 43% of drivers they surveyed are older than 61 and 10% are over 71. “If Uber and Lyft drivers are required to drive certain shifts, it could hurt older drivers who need flexibility.”
But the same survey today might find different results. The pandemic has made clear that there’s no safety net when there’s no work for drivers. Normally, freelancers don’t qualify for state unemployment. But the federal Pandemic Unemployment Assistance program offers them benefits for the first time.
Many drivers have reported difficulty in actually getting these benefits. State unemployment offices are overwhelmed by the high number of applicants. And there’s much confusion over the new federal program.
California Has Company
California isn’t the only state going after the rideshare giants. In November, New Jersey handed Uber a $649 million fine. The state says Uber owes $530 million in unpaid unemployment insurance taxes for the 2014-2018 period. For good measure, New Jersey added $119 million for interest on those unpaid taxes.
Uber is, of course, fighting the fine. “We are challenging this preliminary but incorrect determination, because drivers are independent contractors in New Jersey and elsewhere,” a spokesperson said at the time. New York, Oregon and Washington are also considering legislation that would require drivers to be classified as employees.
In California, Uber and Lyft are pushing the Protect App-Based Drivers and Services Act as a November ballot initiative. The proposal would carve out specific labor and wage policies that apply only to app-based drivers and companies. Needless to say, it would make clear the companies don’t pay unemployment insurance. Uber, Lyft and Doordash committed $30 million each to push the ballot initiative.
What the Analysts Say
While the worker classification issue is unresolved, Wall Street analysts remain supportive of Lyft. Taking a long term view, there are 29 Buy ratings, 12 Holds and one Sell. The consensus price target is $48.82. On Thursday, Loop Capital lowered its price target from $62 to $41.
Lyft stock closed at $30.39 Thursday, down 1.4%, while the S&P 500 dropped 0.78%. Lyft is down 29.36% year to date.
After the company’s recent earnings report, Eric Sheridan of UBS cut his price target to $37, though he still rates it a Buy.
Alex Potter of Piper Sandler recently downgraded Lyft to Neutral from Overweight. He noted that while Lyft was seeing ridership increase slowly in recent weeks, the company still faces a slow recovery. “Sequential gains are encouraging, but since ride-hailing involves sharing indoor air with strangers, we expect riders may remain wary for some time,” he said.
Rohit Kulkarni of MKM Partners also gives Lyft a Neutral rating, with a price target of $33. Kulkarni notes that over 25% of Lyft’s rides in the second half of 2019 were shared rides and airport rides. Neither of those categories will recover much in this environment.
But Brad Erickson of Needham is more bullish. “Ultimately, we are unwavering in our view that the secular story of ride-hailing adoption is intact if and as we move through COVID,” he said. Erickson says Lyft is a Buy with a price target of $41.
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How a California Ballot Initiative Affects Lyft Stock
By: 24/7 Wall St. | May 19, 2020
Last week, Lyft Inc. (NASDAQ: LYFT) priced a private offering of $650 million in convertible debt due in 2025. Existing shareholders who weren’t in on the convertible debt offering were not happy. From a price of just over $32, Lyft shares dropped to a low of around $28 just two days later.
Since then, however, Lyft has covered more than $2 of that loss. Investors continue to see the San Francisco-based ride-hailing firm as a good stock to own as the U.S. economy begins to reopen and recover from the lockdowns caused by the COVID-19 pandemic.
In late April, Lyft announced plans to cut 17% of its workforce by laying off 982 employees permanently. The company also announced double-digit pay cuts, furloughs and the closing of some facilities.
The company still faces one major overhang, however. A spate of lawsuits filed in California seek to have Lyft and Uber Technologies Inc. (NYSE: UBER), among others, pay hundreds of millions of dollars in unpaid wages to drivers. The lawsuits also seek civil penalties and an injunction that would permanently force Uber and Lyft to employ drivers as regular employees, not contractors.
The California Law That Has Gig Companies Worried
Last September, the California legislature passed Assembly Bill 5 (commonly referred to as AB5) that set out a three-pronged test of whether an employee should be classified as an independent contractor. The three-factor test requires that a worker:
• Be free from the hiring company’s control and direction in the performance of work
• Is doing work that is outside the company’s usual business
• Is engaged in an established trade, occupation or business of the same nature as the work performed
Uber and Lyft, along with similar privately held firms such as DoorDash, Instacart and Postmates, claim that their apps-based workers are independent contractors. The companies claim that the “vast majority” of drivers value the flexibility of the driving jobs and prefer not to be classified as permanent employees. The companies say they plan to continue to operate as they do now and to fight AB5 in court.
A Ballot Initiative Coming in November
Even before AB5 became effective on January 1, a group comprising Uber and Lyft, among others, had filed proposed legislation to carve out specific labor and wage policies that apply only to app-based drivers and companies. In late March, the group began filing nearly a million signatures supporting an initiative to the November ballot.
Among the provisions of the Protect App-Based Drivers and Services Act are provisions to include a net earnings floor based on 120% of the prevailing minimum wage plus 30 cents per mile. Work hours would be limited during a given 24-hour period and health care “subsidies,” along with occupational accident and accidental death insurance, would be offered. Companies also would have to develop antidiscrimination and sexual harassment policies.
What’s at Stake for the Companies and Their Drivers
Lyft, Uber, Doordash, Postmates and Instacart have committed $110 million to fight AB5. Not having to pay a minimum wage, overtime, unemployment insurance or paid sick leave is a huge benefit for these firms. Drivers also paid their own expenses, including maintenance and fuel. Treating drivers like employees could add 20% to 30% to a company’s expenses.
In order to get on the November ballot, supporters of the measure need to file 623,212 valid signatures by June 30. Of the nearly 1 million signatures submitted, if a random sample projects that more than 110% of the 623,212 are declared valid, then the measure automatically goes on the ballot. If the random sample yields a projection that between 95% and 110% are valid, all the signatures will be checked for validity.
A competing group, the Coalition to Protect Riders and Drivers, opposes the ballot initiative and raised $70,000 to fight the companies’ proposed law. The Transport Workers Union of America has contributed $50,000, and the group has spent $127,011, so far, according to Ballotpedia.
The $110 million that the companies have raised to beat back AB5 is only about two-thirds of the amount that was raised to pass an initiative allowing Native Americans to operate casinos on tribal lands in the state. But it’s not far behind a $122 million failed effort to limit prescription drug prices for low-income families.
Lyft stock remains down about 27% for the year to date, more than three times worse than the drop in the S&P 500 for the same period. AB5 is an enormous threat to the cost structure of Lyft and all the other ride-hailing and delivery services. Unless the companies can persuade voters, Lyft and the rest will have to choose between withdrawing from California altogether or trying to make up the loss somewhere else. Not a happy place to be this year.
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Lyft Shares Off as Stifel Mulls Unclear Path to Recovery for Ride Hailing
By: TheStreet | May 11, 2020
• Lyft shares were cut to hold at Stifel on what the investment firm says is likely to be a "slow and uncertain path to recovery" for ride hailing.
Lyft (LYFT) shares fell on Monday after Stifel downgraded the stock days after the ride-hailing company's results topped analysts' first-quarter estimates.
Stifel analysts cut the stock to hold from buy and lowered their price target on the San Francisco company to $35 a share from $38.
The new target indicates less than 7% upside from the stock's Friday closing price of $32.73.
The San Francisco ride-hailing company's shares at last check were off 6% at $30.76.
"In reviewing our investment case for Lyft, we are challenged to continue to recommend shares at this time given the likely slow and uncertain path to recovery for the domestic ride-hailing market," said analyst Scott Devitt.
While Lyft was able to top analyst estimates last week, the company did say that rides were down 75% year over year for the month of April, including a 70% decline in the last week of the month.
While Lyft still expects stabilization and improvement from April levels, the company still forecasts revenue declines of 62% for the second quarter and 28% for the third quarter, both from a year earlier.
Stifel says it is cautious on the company's rate of recovery and will be monitoring ride-hailing trends to see whether consumer demand is changing.
"We continue to support the company given secular growth trends, profit generation potential, and an innovation-focused team," Devitt said. But the shares "are more fairly balanced on a risk/reward basis given significant near-term headwinds."
Despite the April slowdown, Lyft was still able to report revenue grew in the first quarter.
Lyft reported $955.7 million in total revenue, an increase of 23% year over year and higher than analyst consensus estimates calling for $882 million.
Lyft posted a loss of $1.32 a share for Q1, versus a consensus estimate of a loss of $1.31.
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Will Cost-Cutting Measures Keep Lyft Stock Afloat?
By: 24/7 Wall St. | May 8, 2020
Lyft Inc. (NASDAQ: LYFT) stock is gaining momentum after a relatively strong earnings report, all things considered. While the coronavirus pandemic has slowed most businesses, the optimism on Wall Street surrounding Lyft and rival Uber Technologies Inc. (NYSE: UBER) is growing.
These ride-hailing companies were on the path to profitability, but the pandemic has made the journey difficult, to say the least. Ramping up business, improving cost efficiencies and generally going on the offensive are not necessarily easy, but they are far more difficult considering the current market climate. The COVID-19 crisis actually has pushed both of these companies to play a more defensive game, circling the wagons and instituting cost-cutting measures.
Earnings
The San Francisco ride-hailing company reported its most recent quarterly results earlier this week, prompting an incredible reaction by investors. While the bottom line lagged expectations, the top line was shocking. Shares of Lyft jumped over 21% in response.
The ride-hailing company said that it had a net loss of $1.31 per share and $955.7 million in revenue. That compared with consensus estimates that called for a net loss of $0.64 per share and $897.86 million in revenue. The same period of last year reportedly had a net loss of $48.53 per share and $776.0 million in revenue.
During the most recent quarter, active riders increased 3% year over year to 21.21 million. Revenue per active rider was up 19% to $45.06, an increase from $37.86.
Lyft reported $2.7 billion of unrestricted cash, cash equivalents and short-term investments at the end of the first quarter of 2020.
View From the Top
One job of the executive team of any company is to allocate resources in line with the company’s overall goal. The best chief executive officers to do this by driving growth and innovation for a company within its industry. In a bear market, the game changes.
The task that Lyft’s executive team confronts is playing a defensive allocation game. Essentially, their job is to allocate Lyft’s resources in such a way that the company will lose less money during this time. Here’s what a couple of the executives had to say about this strategy.
Logan Green, co-founder and CEO of Lyft, commented in the earnings report:
While the COVID-19 pandemic poses a formidable challenge to our business, we are prepared to weather this crisis. We are responding to the pandemic with an aggressive cost reduction plan that will give us an even leaner expense structure and allow us to emerge stronger. Our competitive resilience and commitment to our culture and values will put Lyft in the best position to deliver on our mission of improving people’s lives with the world’s best transportation.
Brian Roberts, chief financial officer, added:
Our first quarter results underscore the remarkable progress we have made since our IPO, particularly on our path to profitability as we reduced our Adjusted EBITDA loss to $85 million from $216 million in the year ago period and $131 million in the fourth quarter of 2019. In these uncertain times, we are building on that progress by taking decisive action to reduce costs and further improve our operating efficiency. We expect to remove approximately $300 million from our annual expense run-rate by the fourth quarter of 2020 relative to our original expectations for 2020.
Cost-Cutting Measures
Uber has led the way in reducing its expenses and changing its cost structure. In fact, Uber recently announced that it would be conducting layoffs, cutting 3,700 full-time jobs from its corporate team. Moreover, Uber’s CEO Dara Khosrowshahi has agreed to waive his base salary for the remainder of the year.
Like Uber, Lyft is conducting its own cost-cutting measures. Late in April, Lyft detailed plans to cut 17% of its workforce by laying off 982 employees permanently, as well as instituting double-digit pay cuts, furloughs and the exit of some of its facilities. Again, these are plans to save the company money in the long term.
As CFO Roberts detailed, the company plans to reduce its operating expenses and adjust its cash flow. Overall, Lyft expects to take a $28 million to $36 million restructuring charge as a result of layoffs, severance packages and the shutdown of certain facilities in the second quarter.
In terms of the furloughs, management said that it would let go of 288 employees. These employees will retain benefits but will go without pay.
Lyft also will institute pay cuts on the base salary for its exempt employees for a 12-week period. Executives in the leadership team will see a 30% reduction in pay, vice presidents will take a 20% cut and all other exempt employees will receive a 10% pay cut. Also, Lyft’s directors will forgo 30% of their cash compensation.
The question is whether all these cost reductions will be enough to keep Lyft afloat in these trying economic times.
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Lyft makes face masks mandatory for drivers and riders
By: Engadget | May 8, 2020
• Rule-breakers could have their accounts suspended.
Lyft is introducing a new set of safety rules meant to protect its riders and drivers during the coronavirus pandemic. As part of its new “health safety program,” the ride sharing app will require riders and drivers to wear face masks while in the car, and ask both drivers and passengers to pledge they won’t use the service if they might be sick. The company will also provide drivers with face masks and cleaning supplies.
The new rules come as Lyft struggles to contain the coronavirus’ impact on its business. Rides have declined as much as 75 percent and the company recently laid off almost 1,000 employees.
Over the next two weeks, Lyft’s app will be updated with the new “personal health certification,” which requires passengers and drivers to promise to adhere to CDC and local health regulations before using the service. In addition to face coverings and the promise not to ride or drive while sick, the app reminds drivers to frequently wash their hands and sanitize their cars. Passengers are also instructed to keep the front seat empty to respect social distancing guidelines, and “open your window when possible.”
As with the rest of the company’s safety policies, drivers and passengers can contact the company to report safety violations. If a Lyft user — passenger or driver — repeatedly breaks the new healthy safety rules, then they could have their account suspended.
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Notable Stock to Watch »» Lyft, Inc., (NASDAQ: LYFT)
By: NyseStockAlerts | May 7, 2020
On Wednesday Shares of Lyft, Inc., (NASDAQ: LYFT) generated a change of -1.29% and closed at $26.68
EPS growth is a significant number as it suggests the performance of a company. It is generally exposed as a percentage and is then referred to as the E-P-S growth rate. Growth in E-P-S is an essential measure of administration performance because it shows how much money the company is making for its investors or stakeholders, just not changes in profit but also after-effects of issuance of new shares (this is especially important when the growth comes as a result of acquisition).
Lyft, Inc., NASDAQ: LYFT):
Lyft, Inc., belongs to the Technology sector and Software – Application industry. The company’s Market capitalization is 8.82B with the total Outstanding Shares of «Outstanding». LYFT stock construct a change of -1.29 in a total of its share price and finished its trading at 26.68.
Lyft, Inc. institutional ownership is held at 61.20% while insider ownership was 1.70%. As of now, LYFT has a P/S, P/E and P/B values of 2.44, 0.00 and 2.81 respectively. Its P/Cash is valued at 3.09.
The stock has observed its SMA50, which is now -10.13%. In looking at the SMA 200, we see that the stock has seen a -38.11%..
Profitability ratios:
Looking into the profitability ratios of LYFT stock, an investor will find its ROE, ROA, ROI standing at -200.60%, -51.10% and -94.80%, respectively.
Earnings per Share Details of Lyft, Inc.:
The E-P-S of LYFT is strolling at -8.97, counting Earning per Share growth this year at -258.80%. As a result, the company has an earning per share growth of 61.30% for the next year.
Given the importance of recognizing companies that will make sure earnings per share at a high value, we later obsession to umpire how to recognize which companies will get high amassing standards. One major show off to recognize high annual net index count combined of all companies, which are to mention the companies that have demonstrated such build up beyond the p.s. 5 to 10 years.
We can’t have too much stability the once will always reflect the difficulty, but practically United State stock exchange which has grown earnings per allowance sharply in the after are an excellent results makes a continuing effect is a finding of continues struggle.
Analyst’s mean target price(TP) for the company is 49.19 while analysts mean suggestion is 2.10.
A beta(B) factor is used to measure the volatility of the stock. The stock remained 7.43% volatile for the week and 7.66% for the month.
Historical Performance Of LYFT In The News:
Taking a look at the performance of Lyft, Inc. stock, a stockholder knows that the weekly performance for this stock is valued at -18.51%, resulting in a performance for the month at 21.27%.
Therefore, the stated figure shows a four-month performance of -46.64%, bringing the 6-month working result to -37.92% and YTD performance of -37.98%. As of now, Lyft, Inc. has a P/S, P/E and P/B values of 2.44, and 2.81 respectively. Its P/Cash is valued at 3.09.
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Lyft Reports Earnings on Wednesday-3 Things to Watch For
By: TheStreet | May 5, 2020
• Lyft and Uber both report their March quarter results this week, and the coronavirus pandemic is expected to have impacted both significantly.
This week, investors will get a closer look at just how badly the coronavirus pandemic is impacting the ridehailing industry.
Lyft (LYFT) reports its March quarter results on Wednesday, followed by Uber (UBER) on Thursday. And investors are expecting rides for both to be greatly diminished as U.S. and global consumers sheltered at home.
Shares of Lyft slid 10% on Monday to $26.53, and are down close to 40% year to date.
1. Coronavirus Impact
For investors, the first order of business is to get a sense of just how much the pandemic has reduced overall rides. A dramatic drop in airport trips, the closures of restaurants and other destinations and stay-at-home mandates led Lyft to revoke its guidance for 2020. Uncertainty over the duration of the crisis will make it difficult for the company to make projections, but results and commentary around the second half of March -- when U.S. shutdown orders took effect -- will give a picture of the overall impact to Lyft's business.
2. Strategic Moves
Lyft has told investors it's taking a number of actions to mitigate the impact of the pandemic and to "strengthen its financial position, improve its cost structure, and support drivers and riders on the Lyft platform," according to a press release. On Wednesday, investors can expect a detailed update on what those actions are, and what the implications are for Lyft's balance sheet. Layoffs are likely a big part of the equation: The company laid off 982 employees, equivalent to 17% of its workforce, according to an SEC filing last week.
3. Profitability Timeline
Prior to the pandemic, Lyft was targeting the end of 2021 to turn a profit but now that timeline seems to have been thrown into disarray. Both Lyft and its larger rival, Uber, were already walking a fine line between increasing capital efficiency and growing top-line results. Given uncertainty in the near term, Lyft may not announce a revision to their profitability target on Wednesday -- but in the weeks and months ahead, investors will have a chance to suss out the pandemic's impact on Lyft's profitability prospects, with both Uber and Lyft under pressure to deliver profits sooner rather than later.
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Why Lyft Stock Has a Bumpy Road to Recovery
By: 24/7 Wall St. | April 28, 2020
While the broader U.S. economy has taken a backseat due to the coronavirus pandemic, there are questions about how the recovery will take shape. The gig economy could play a crucial role in helping those who lost their jobs. Lyft Inc. (NASDAQ: LYFT) and Uber Technologies Inc. (NYSE: UBER
) are at the very heart of the gig economy, and these North American ride-sharing firms could be a good barometer of recovery.
The Dow Jones industrial average, S&P 500 and Nasdaq are still all below their highs in February, but overall sentiment is starting to shift. The question is moving from how to deal with the coronavirus pandemic to when should we reopen the economy. The markets have responded in kind and are handily off their lows.
A tally of weekly jobless claims over the past month would suggest that more than 26 million Americans are out of work, many having been furloughed, and the US employment situation does not look good. The gig economy represents opportunity to these jobless. Ride-hailing rivals Uber and Lyft offer a vehicle for these people to make ends meet.
Obviously, there will be near-term pain for these companies as COVID-19 is not completely sorted out, and these ride-hailing services have seen the worst of it. Once a recovery is in the cards, though, the potential to bounce back is huge.
Lyft stock already has seen a significant bounce, with the stock price more than doubling since its mid-March low. While Lyft shares are signaling a recovery, it could be a bumpy ride back to normalcy.
Existential Crisis
It’s no secret that the global economy collapsed in March and many companies fell to the wayside. Uber and Lyft may have gotten some of the worst of this, as they primarily operate in major metropolitan areas. With more people staying in, there are fewer customers. Also, these companies were having a problem with their respective bottom lines going into this, so the pandemic only made things that much worse.
These companies are facing a tough question about how they will stay afloat when most people are now staying home. Again, this is a question posed to the drivers as well.
Earlier this month, Uber reportedly told financial analysts that it couldn’t forecast how much revenue it would generate this year because of the coronavirus crisis. The company had said in February that it expected to post between $16 billion and $17 billion in revenue. Lyft has yet to make an announcement about its current forecasts.
Some analysts have speculated that Uber’s rides dropped about 83% in March, while others are suggesting that major metropolitan areas are down in the range of 70% to 80%.
As a result, analysts expect these companies to cut back on marketing and incentives for drivers. If shelter-in-place orders continue past this summer, analysts believe that there could be layoffs or furloughs for the companies’ thousands of office workers.
The good news in all this is that Uber and Lyft rely practically entirely on human capital, meaning that their expenses are largely variable instead of fixed. Fewer drivers and fewer rides mean less expense, but less revenue as well. The upshot here is that once the economy is back on track and people are leaving their homes, a quick rebound is possible because these companies are not weighed down by inventory or other expenses. However, the question of profitability remains.
Delivering the Goods
Uber has transitioned heavily from its ride-hailing service to its Uber Eats delivery service. Although this business is losing money, it is expanding incredibly. Lyft took a page from Uber’s book, having never offered a delivery service, and created a temporary one in mid-March. This service delivered food and groceries to students and the elderly.
Now Lyft has announced that it is expanding this program to 11 major cities, including Houston, San Francisco, Atlanta and Seattle. As Lyft develops more partnerships, the program will expand to more drivers and more cities across the country. In the coming weeks, management has plans to expand this service throughout the country through partnerships with additional organizations.
JMP Securities analyst Ron Josey had this to say:
Delivery is the bright spot in this. Times like these do usher in a fundamental shift in how we, as consumers, act. While the fundamental shift might not be to ride share during this time, it is toward doing more things at home.
Shifting business models for Uber and Lyft will be huge going forward. At the same time, offering meaningful employment to drivers will help spur more recovery. Currently, the revival looks to be slow, but as the discussion about the coronavirus shifts from mitigation to treatment, a clearer picture of the economy reopening presents itself.
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Lyft extends free scooter rides for critical workers through May
By: Engadget | April 24, 2020
• Emergency, healthcare and transit workers won't need to pay.
Lyft isn’t waiting until the end of April to decide on the fate of its free scooter rides for critical workers during the COVID-19 pandemic. The ridesharing firm has extended its LyftUp Scooter Program through May, giving free rides to healthcare, emergency and transit workers in six cities another month. Employers will still have to enroll staff, but registered workers will continue get as many no-cost 30-minute rides as they need to commute without having to get close to others on public transportation or in rideshare cars.
The program is currently available in Austin, Denver, Los Angeles, San Diego, Santa Monica and the metro DC area. Lyft has also promised stricter cleaning protocols to make sure the scooters themselves are cleaner.
This isn’t the only scooter program available to vital workers. Uber, for instance, pledged 10 million free rides and deliveries for people on the front line of the COVID-19 fight. Lyft’s extension could still be important in the cities where it’s offered, though, and it suggests these programs will continue for as long as nurses, bus drivers and other key staff need to get to work safely.
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Shocking change - Lyft, Inc., (NASDAQ: LYFT)
By: NyseStockAlerts | April 17, 2020
On Thursday Shares of Lyft, Inc., (NASDAQ: LYFT) generated a change of -4.40% and closed at $27.14
EPS growth is a significant number as it suggests the performance of a company. It is generally exposed as a percentage and is then referred to as the E-P-S growth rate. Growth in E-P-S is an essential measure of administration performance because it shows how much money the company is making for its investors or stakeholders, just not changes in profit but also after-effects of issuance of new shares (this is especially important when the growth comes as a result of acquisition).
Lyft, Inc., NASDAQ: LYFT):
Lyft, Inc., belongs to the Technology sector and Application Software industry. The company’s Market capitalization is 8.13B with the total Outstanding Shares of «Outstanding». LYFT stock construct a change of -4.40 in a total of its share price and finished its trading at 27.14.
Lyft, Inc. institutional ownership is held at 61.20% while insider ownership was 1.30%. As of now, LYFT has a P/S, P/E and P/B values of 2.25, 0.00 and 2.86 respectively. Its P/Cash is valued at 2.85.
The stock has observed its SMA50, which is now -20.66%. In looking at the SMA 200, we see that the stock has seen a -39.93%..
Profitability ratios:
Looking into the profitability ratios of LYFT stock, an investor will find its ROE, ROA, ROI standing at -200.60%, -51.10% and -94.80%, respectively.
Earnings per Share Details of Lyft, Inc.:
The E-P-S of LYFT is strolling at -8.97, counting Earning per Share growth this year at -258.80%. As a result, the company has an earning per share growth of 63.20% for the next year.
Given the importance of recognizing companies that will make sure earnings per share at a high value, we later obsession to umpire how to recognize which companies will get high amassing standards. One major show off to recognize high annual net index count combined of all companies, which are to mention the companies that have demonstrated such build up beyond the p.s. 5 to 10 years.
We can’t have too much stability the once will always reflect the difficulty, but practically United State stock exchange which has grown earnings per allowance sharply in the after are an excellent results makes a continuing effect is a finding of continues struggle.
Analyst’s mean target price(TP) for the company is 53.64 while analysts mean suggestion is 2.20.
A beta(B) factor is used to measure the volatility of the stock. The stock remained 6.88% volatile for the week and 13.17% for the month.
Historical Performance Of LYFT In The News:
Taking a look at the performance of Lyft, Inc. stock, a stockholder knows that the weekly performance for this stock is valued at -8.43%, resulting in a performance for the month at 45.44%.
Therefore, the stated figure shows a four-month performance of -42.35%, bringing the 6-month working result to -33.93% and YTD performance of -36.91%. As of now, Lyft, Inc. has a P/S, P/E and P/B values of 2.25, and 2.86 respectively. Its P/Cash is valued at 2.85.
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Lyft will deliver essential items for governments and businesses
By: Engadget | April 15, 2020
• Its drivers will transport meals, groceries, medical supplies and other necessities.
To help meet an increased need for deliveries and provide its drivers with work, Lyft is launching a pilot program in which government agencies, nonprofits, businesses and healthcare organizations can request on-demand deliveries via Lyft drivers. The program, called Essential Deliveries, is meant to transport things like meals, groceries, medical supplies, hygiene products and other necessities.
According to Lyft, drivers will be paid similarly to Standard rides, and all deliveries will be contact-free. For now, the Essential Deliveries pilot is available in Atlanta, Austin, Dallas, Houston, Indianapolis, Orlando, Phoenix, San Francisco, San Diego, San Antonio and Seattle. In the coming weeks, Lyft plans to expand the program to more drivers and cities across the US.
So far, partners include organizations like Dole Packaged Foods, which is having food delivered from its warehouses to senior facilities, and Army of Angels, which is having school lunches delivered to low-income families. Lyft is in talks with groups in North Carolina and Atlanta, which plan to deliver food from food banks to low-income communities.
Lyft began planning Essential Deliveries last month, when it announced that its drivers would ferry food and medical supplies during the COVID-19 crisis. It piloted the food deliveries first in San Francisco. It has also promised drivers who contract COVID-19 or are required to quarantine with two weeks of paid sick time, and it’s offering free bike-share and scooter rides to critical workers.
Lyft isn’t the only rideshare company expanding its offerings. Yesterday, Postmates announced that it will deliver products from Walgreens/Duane Reade and 7-Eleven, and DoorDash drivers are also picking up items from convenience stores. These additional services could help drivers who have seen the demand for rides drop off drastically. Hopefully, the programs won’t expose them to the virus.
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Options Are Looking Quite Attractive - Lyft, Inc., (NASDAQ: LYFT)
By: NyseStockAlerts | April 14, 2020
On Monday Shares of Lyft, Inc., (NASDAQ: LYFT) generated a change of 1.09% and closed at $30.66
EPS growth is a significant number as it suggests the performance of a company. It is generally exposed as a percentage and is then referred to as the E-P-S growth rate. Growth in E-P-S is an essential measure of administration performance because it shows how much money the company is making for its investors or stakeholders, just not changes in profit but also after-effects of issuance of new shares (this is especially important when the growth comes as a result of acquisition).
Lyft, Inc., NASDAQ: LYFT):
Lyft, Inc., belongs to the Technology sector and Application Software industry. The company’s Market capitalization is 9.19B with the total Outstanding Shares of «Outstanding». LYFT stock construct a change of 1.09 in a total of its share price and finished its trading at 30.66.
Lyft, Inc. institutional ownership is held at 61.20% while insider ownership was 1.30%. As of now, LYFT has a P/S, P/E and P/B values of 2.54, 0.00 and 3.23 respectively. Its P/Cash is valued at 3.22.
The stock has observed its SMA50, which is now -13.09%. In looking at the SMA 200, we see that the stock has seen a -32.91%..
Profitability ratios:
Looking into the profitability ratios of LYFT stock, an investor will find its ROE, ROA, ROI standing at -200.60%, -51.10% and -94.80%, respectively.
Earnings per Share Details of Lyft, Inc.:
The E-P-S of LYFT is strolling at -8.97, counting Earning per Share growth this year at -258.80%. As a result, the company has an earning per share growth of 63.20% for the next year.
Given the importance of recognizing companies that will make sure earnings per share at a high value, we later obsession to umpire how to recognize which companies will get high amassing standards. One major show off to recognize high annual net index count combined of all companies, which are to mention the companies that have demonstrated such build up beyond the p.s. 5 to 10 years.
We can’t have too much stability the once will always reflect the difficulty, but practically United State stock exchange which has grown earnings per allowance sharply in the after are an excellent results makes a continuing effect is a finding of continues struggle.
Analyst’s mean target price(TP) for the company is 53.64 while analysts mean suggestion is 2.20.
A beta(B) factor is used to measure the volatility of the stock. The stock remained 9.80% volatile for the week and 14.73% for the month.
Historical Performance Of LYFT In The News:
Taking a look at the performance of Lyft, Inc. stock, a stockholder knows that the weekly performance for this stock is valued at 39.36%, resulting in a performance for the month at 28.39%.
Therefore, the stated figure shows a four-month performance of -33.43%, bringing the 6-month working result to -18.67% and YTD performance of -28.73%. As of now, Lyft, Inc. has a P/S, P/E and P/B values of 2.54, and 3.23 respectively. Its P/Cash is valued at 3.22.
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Lyft will provide free scooter rides to critical workers
By: Engadget | April 3, 2020
• Unlimited 30-minute rides are available in six major cities.
Last week, Lyft announced that it would provide free bike rides for healthcare workers in New York City, Chicago, the Bay Area and Boston who are helping to keep the public safe during the coronavirus pandemic. The company is expanding its efforts to help front-line employees get to and from work by providing unlimited 30-minute scooter rides, free of charge. First-responder, healthcare, and transit workers in Austin, Denver, Los Angeles, D.C., San Diego and Santa Monica all qualify, and Lyft will be providing extra scooters near hospitals to ensure that enough are available. The company has also increased its cleaning protocols so that there is less of a chance of germs spreading via contact with the scooters.
Employers can sign up by reaching out to Lyft via email. Once enrolled, employees will have access to the scooters until April 30th. Lyft’s bikes and scooters should provide workers with a convenient way to commute while practicing social distancing -- public transportation and ride sharing are probably too risky for many at this point. The company is also helping to deliver food and medical supplies to those in need.
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Old Ceiling Or A New Floor?
By: NyseStockAlerts | April 2, 2020
On Wednesday Shares of Lyft, Inc., (NASDAQ: LYFT) generated a change of -12.48% and closed at $23.50
EPS growth is a significant number as it suggests the performance of a company. It is generally exposed as a percentage and is then referred to as the E-P-S growth rate. Growth in E-P-S is an essential measure of administration performance because it shows how much money the company is making for its investors or stakeholders, just not changes in profit but also after-effects of issuance of new shares (this is especially important when the growth comes as a result of acquisition).
Lyft, Inc., NASDAQ: LYFT):
Lyft, Inc., belongs to the Technology sector and Application Software industry. The company’s Market capitalization is 7.82B with the total Outstanding Shares of «Outstanding». LYFT stock construct a change of -12.48 in a total of its share price and finished its trading at 23.50.
Lyft, Inc. institutional ownership is held at 61.10% while insider ownership was 1.30%. As of now, LYFT has a P/S, P/E and P/B values of 2.16, 0.00 and 2.47 respectively. Its P/Cash is valued at 2.74.
The stock has observed its SMA50, which is now -38.73%. In looking at the SMA 200, we see that the stock has seen a -50.03%..
Profitability ratios:
Looking into the profitability ratios of LYFT stock, an investor will find its ROE, ROA, ROI standing at -200.60%, -51.10% and -94.80%, respectively.
Earnings per Share Details of Lyft, Inc.:
The E-P-S of LYFT is strolling at -8.97, counting Earning per Share growth this year at -258.80%. As a result, the company has an earning per share growth of 64.20% for the next year.
Given the importance of recognizing companies that will make sure earnings per share at a high value, we later obsession to umpire how to recognize which companies will get high amassing standards. One major show off to recognize high annual net index count combined of all companies, which are to mention the companies that have demonstrated such build up beyond the p.s. 5 to 10 years.
We can’t have too much stability the once will always reflect the difficulty, but practically United State stock exchange which has grown earnings per allowance sharply in the after are an excellent results makes a continuing effect is a finding of continues struggle.
Analyst’s mean target price(TP) for the company is 59.19 while analysts mean suggestion is 2.20.
A beta(B) factor is used to measure the volatility of the stock. The stock remained 9.75% volatile for the week and 15.07% for the month.
Historical Performance Of LYFT In The News:
Taking a look at the performance of Lyft, Inc. stock, a stockholder knows that the weekly performance for this stock is valued at -15.92%, resulting in a performance for the month at -36.43%.
Therefore, the stated figure shows a four-month performance of -45.37%, bringing the 6-month working result to -40.61% and YTD performance of -45.37%. As of now, Lyft, Inc. has a P/S, P/E and P/B values of 2.16, and 2.47 respectively. Its P/Cash is valued at 2.74.
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Amazon Partners With Lyft to Deliver Packages and Groceries
By: Motley Fool | April 1, 2020
• The e-commerce giant is experiencing a steep surge in demand; the ride-sharing company has the opposite problem.
With hundreds of millions of Americans staying at home a lot more due to the coronavirus pandemic, drivers for ride-share service Lyft (NASDAQ:LYFT) have experienced a significant drop-off in fares.
But here comes Amazon (NASDAQ:AMZN) with a new gig for some of them -- delivering packages and groceries.
As COVID-19 has spread, the e-commerce giant has become an even more essential retail operator, bringing food and merchandise to consumers even as some brick and mortar retailers have closed stores, and many people -- concerned for their health -- are avoiding even those supermarkets and stores that remain open.
Indeed, Amazon is a bit strapped for manpower amid its surging demand, which gives it plenty of incentive to offer a lifeline to cash-strapped drivers. Lyft notified its drivers they could "earn additional income right now" by working for Amazon as a grocery shopper, delivery person, or warehouse worker.
Driving forward to help drivers
AdAge reports that ride-sharing companies have seen a 20% drop in demand, which has led to an 11% decline in ride pricing. But where the drivers for rival Uber (NYSE:UBER) have been able to supplement their incomes as delivery-people for Uber Eats, which has partnered with numerous restaurants and chains to deliver orders, Lyft doesn't have a food-delivery platform.
Amazon has temporarily raised the pay of employees in its
fulfillment centers and transportation operations
by $2 an hour, and boosted its overtime rate from time-and-a-half to double-time as it has attempted to adjust to the enormous spike in demand. The e-commerce leader has prioritized orders for essential goods, which has meant other orders could be delayed by as long as a month.
Employing more drivers and warehouse workers could ease the crunch, and Amazon has committed to hiring 100,000 more people.
An email to Lyft drivers indicated the company was working on opening future opportunities for them to deliver groceries, coronavirus tests, and medical supplies. It has also suggested they could receive compensation under the $2.3 trillion stimulus program recently enacted.
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Now In ‘Hurry Up And Wait’ Mode:: Lyft, Inc., (NASDAQ: LYFT)
By: NyseStockAlerts | March 30, 2020
On Friday Shares of Lyft, Inc., (NASDAQ: LYFT) generated a change of -7.82% and closed at $27.60
EPS growth is a significant number as it suggests the performance of a company. It is generally exposed as a percentage and is then referred to as the E-P-S growth rate. Growth in E-P-S is an essential measure of administration performance because it shows how much money the company is making for its investors or stakeholders, just not changes in profit but also after-effects of issuance of new shares (this is especially important when the growth comes as a result of acquisition).
Lyft, Inc., NASDAQ: LYFT):
Lyft, Inc., belongs to the Technology sector and Application Software industry. The company’s Market capitalization is 9.18B with the total Outstanding Shares of «Outstanding». LYFT stock construct a change of -7.82 in a total of its share price and finished its trading at 27.60.
Lyft, Inc. institutional ownership is held at 61.10% while insider ownership was 1.30%. As of now, LYFT has a P/S, P/E and P/B values of 2.54, 0.00 and 2.91 respectively. Its P/Cash is valued at 3.22.
The stock has observed its SMA50, which is now -30.18%. In looking at the SMA 200, we see that the stock has seen a -41.92%..
Profitability ratios:
Looking into the profitability ratios of LYFT stock, an investor will find its ROE, ROA, ROI standing at -200.60%, -51.10% and -94.80%, respectively.
Earnings per Share Details of Lyft, Inc.:
The E-P-S of LYFT is strolling at -8.97, counting Earning per Share growth this year at -258.80%. As a result, the company has an earning per share growth of 64.20% for the next year.
Given the importance of recognizing companies that will make sure earnings per share at a high value, we later obsession to umpire how to recognize which companies will get high amassing standards. One major show off to recognize high annual net index count combined of all companies, which are to mention the companies that have demonstrated such build up beyond the p.s. 5 to 10 years.
We can’t have too much stability the once will always reflect the difficulty, but practically United State stock exchange which has grown earnings per allowance sharply in the after are an excellent results makes a continuing effect is a finding of continues struggle.
Analyst’s mean target price(TP) for the company is 59.19 while analysts mean suggestion is 2.20.
A beta(B) factor is used to measure the volatility of the stock. The stock remained 14.08% volatile for the week and 14.63% for the month.
Historical Performance Of LYFT In The News:
Taking a look at the performance of Lyft, Inc. stock, a stockholder knows that the weekly performance for this stock is valued at 29.76%, resulting in a performance for the month at -26.95%.
Therefore, the stated figure shows a four-month performance of -39.65%, bringing the 6-month working result to -34.13% and YTD performance of -35.84%. As of now, Lyft, Inc. has a P/S, P/E and P/B values of 2.54, and 2.91 respectively. Its P/Cash is valued at 3.22.
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Not Too Big, Not Too Small – This One Is Just Right:: Lyft, Inc., (NASDAQ: LYFT)
By: NyseStockAlerts | March 26, 2020
On Wednesday Shares of Lyft, Inc., (NASDAQ: LYFT) generated a change of 3.29% and closed at $27.95
EPS growth is a significant number as it suggests the performance of a company. It is generally exposed as a percentage and is then referred to as the E-P-S growth rate. Growth in E-P-S is an essential measure of administration performance because it shows how much money the company is making for its investors or stakeholders, just not changes in profit but also after-effects of issuance of new shares (this is especially important when the growth comes as a result of acquisition).
Lyft, Inc., NASDAQ: LYFT):
Lyft, Inc., belongs to the Technology sector and Application Software industry. The company’s Market capitalization is 6.65B with the total Outstanding Shares of «Outstanding». LYFT stock construct a change of 3.29 in a total of its share price and finished its trading at 27.95.
Lyft, Inc. institutional ownership is held at 61.10% while insider ownership was 1.30%. As of now, LYFT has a P/S, P/E and P/B values of 1.84, 0.00 and 2.94 respectively. Its P/Cash is valued at 2.33.
The stock has observed its SMA50, which is now -30.57%. In looking at the SMA 200, we see that the stock has seen a -41.54%..
Profitability ratios:
Looking into the profitability ratios of LYFT stock, an investor will find its ROE, ROA, ROI standing at -200.60%, -51.10% and -94.80%, respectively.
Earnings per Share Details of Lyft, Inc.:
The E-P-S of LYFT is strolling at -8.97, counting Earning per Share growth this year at -258.80%. As a result, the company has an earning per share growth of 60.90% for the next year.
Given the importance of recognizing companies that will make sure earnings per share at a high value, we later obsession to umpire how to recognize which companies will get high amassing standards. One major show off to recognize high annual net index count combined of all companies, which are to mention the companies that have demonstrated such build up beyond the p.s. 5 to 10 years.
We can’t have too much stability the once will always reflect the difficulty, but practically United State stock exchange which has grown earnings per allowance sharply in the after are an excellent results makes a continuing effect is a finding of continues struggle.
Analyst’s mean target price(TP) for the company is 63.44 while analysts mean suggestion is 2.20.
A beta(B) factor is used to measure the volatility of the stock. The stock remained 23.14% volatile for the week and 14.73% for the month.
Historical Performance Of LYFT In The News:
Taking a look at the performance of Lyft, Inc. stock, a stockholder knows that the weekly performance for this stock is valued at 74.14%, resulting in a performance for the month at -33.17%.
Therefore, the stated figure shows a four-month performance of -38.63%, bringing the 6-month working result to -33.26% and YTD performance of -35.03%. As of now, Lyft, Inc. has a P/S, P/E and P/B values of 1.84, and 2.94 respectively. Its P/Cash is valued at 2.33.
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Lyft tries offering free bike-share passes to hospital workers
By: Engadget | March 25, 2020
• In NYC, first responders and transit workers also qualify.
Lyft is offering free, 30-day bike-share passes to critical workers in New York City, Chicago and Boston. This should help people who still have to get to work during the coronavirus pandemic, and to keep them safe, Lyft says it is ramping up its cleaning efforts.
In New York City, Lyft will provide hospital workers, first responders and transit workers with a free, one-month Citi Bike membership. Those passes can be obtained through employers, who can email HeroBikes@Lyft.com to enroll their staff. The offer applies to anyone working in these fields who recently purchased a membership or has an upcoming membership renewal, too. After this initial trial, Lyft and its partners will determine ridership needs and reevaluate.
"Having seen higher demand for Citi Bikes near our critical hospitals, Lyft has arrived at a generous and creative plan that will help get first responders where they need to go," said NYC DOT Commissioner Polly Trottenberg.
At certain high-traffic Citi Bike stations -- like those outside of hospitals -- Lyft valets will dock and disinfect bikes. Lyft will expand its cleaning operations and continue to disinfect bikes every time they enter the depot or are repaired in the field.
Healthcare workers in Boston and Chicago will also have access to discounts, The Verge reports. In Boston, Lyft's Bluebikes is offering hospital workers a free 30-day membership, and in Chicago, healthcare workers have access to free rides on the city's Divvy bikes through April 30th.
Lyft tends to be the more altruistic of the major ride-share players. Previously, Lyft has offered free rides to voters and people traveling to job interviews. This latest move will help workers who still have to head outside during the pandemic.
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