Lyft reported some good news in its first quarterly earnings announcement as a public company, and that bodes well for Uber’s IPO set for Thursday night. Lyft kept its net loss essentially flat, excluding the impact of an IPO-related stock compensation expense, despite nearly doubling revenue to $776 million.
But Lyft burned more cash from operations and capital expenditures—$110 million, up from $82.7 million a year ago. Some of that is likely a result of Lyft buying more vehicles for its scooter and bike business, an operation Lyft didn’t have a year ago. That means the increase in the burn may not be that significant.
It’s worth noting that Lyft did not disclose gross bookings, or the total amount of money charged to its customers, a minority of which Lyft keeps after drivers get their share. Lyft had disclosed the metric in its IPO filing, saying it was important in helping to gauge its performance, so its decision to not do so could be interpreted negatively by investors. But Lyft did disclose second quarter and full year earnings and revenue projections, a sign that executives think U.S. ride-hailing is predictable enough to allow them to make forecasts.