Analysts will likely be watching for growth across Lyft's engagement metrics, including total rides and the number of active riders, which measures those who take at least one ride in a quarter. In its, Lyft reported 18.6 million active riders in its fourth quarter of 2018 across 178.4 million rides. In its first quarter of 2018, the company reported 14 million active riders across 132.5 million rides.
While rider metrics have experienced pretty consistent growth, revenue has been less stable, due in part to pricing experiments. Lyft reported revenue per active rider of $28.27 in its first quarter of 2018 and $36.04 in its last quarter of the fiscal year. Lyft also shared revenue as a percentage of bookings in its IPO prospectus. Bookings represents the total value of rides excluding discounts, tips, fees and taxes, according to the company. Lyft said in the prospectus it uses revenue as a percentage of bookings to measure how effective driver incentives are to meet demand and ensure drivers are used efficiently while on the platform, among other things. Lyft reported revenue as a percentage of bookings at 23.9% in Q1 of 2018 and at 28.
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