Lyft CEO David Risher reflects on his first year leading the company, highlighting significant achievements and operational improvements. In 2023, Lyft saw substantial growth, with ride volume increasing every quarter and Gross Bookings reaching a record $13.8 billion. The company achieved $222.4 million in Adjusted EBITDA and became Free Cash Flow positive for the first time in over two years during Q4. This success was driven by 709 million rides and over $8 billion earned by drivers. Risher emphasizes the company's shift from struggling to thriving, attributing progress to a customer-obsessed approach.
Risher outlines Lyft's business model, emphasizing the importance of ride volume to cover costs and generate profit. Key initiatives included a commitment to timely airport pickups, resulting in a 21% YoY increase in scheduled airport rides, and the launch of Women+ Connect, which allows women and non-binary drivers to match with similar riders, enhancing safety and comfort. Transparency in driver earnings was also improved, ensuring drivers earn at least 70% of rider payments after fees. These efforts have led to increased driver satisfaction and participation. Risher expresses confidence in Lyft's future, motivated by the company's purpose of connecting people.