The company is actually expecting margins to expand by 50 basis points — not 500 — acknowledging, when asked by an analyst, that the press release was incorrect.
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TechTranscript
00:00 Lift made a big oopsies in its earnings report after tacking on an extra zero to its margin expansion number.
00:06 The company initially said in a press release that they were set to expand this year by an eye-watering 500 basis points.
00:11 This sent shares surging 67%.
00:14 But less than an hour after the release, Lift said they made a mistake and the company is only set to expand by 50 basis points, not 500.
00:21 "Could we just please clarify the EBITDA margin expansion?
00:24 I think the slide says 500 basis points, but Aaron, you mentioned 50.
00:28 So I think it is 50, but if you could just clarify that again, please."
00:32 "This is actually a correction from the press release.
00:34 You're correct in my prepared remarks.
00:36 I referenced 50 basis points."
00:38 And after the correction, shares almost immediately dropped back to where they were before.
00:43 Despite this error, Lift did have a strong earnings report this quarter, which suggests continued growth in overall rider demand since the pandemic.