Leaked numbers from ride-hailing startup Lyft Inc. show that the company is surging thanks to near-constant negative press regarding its rival Uber Technologies Inc. according to a report published Thursday.

The Information said Lyft’s losses plunged in the first half of the year as its revenue more than tripled from a year ago, to $483 million. The loss was said to be $206 million for the half year versus $283 million for the same period last year. But more importantly for the company, ride margins radically improved with each ride “only” losing the company $1.20 on average versus $4 per ride the year before.

Uber, by comparison, has not only continued to bleed money but has seen its losses grow, with the company booking a third-quarter loss $1.46 billion, up 38 percent year-on-year. Notably, though, with a far broader international business than Lyft, which only recently expanded to Canada, Uber’s revenue continues to rise. Its ride services revenue grew 11 percent from a year ago, to $9.71 billion, according to Forbes. Uber also has a growing business in UberEats, which was described in September as a bright spot for the otherwise troubled company.

Although it’s still some way off being profitable, Lyft’s steady-as-she-goes strategy of slower expansion appears to be paying off for it. Along with its recent expansion into Canada, it is rumored to be looking to setting up shop in the United Kingdom as well. London would be a particularly good target for the company given that the City of London banned Uber from providing services in September, although Uber is appealing the ban through the court system.

The improving numbers are also well-timed for Lyft, which was reported in September to be close to hiring an advisory firm for an initial public offering in 2018. Lyft was established in 2007 and has raised $4.1 billion to date, making an IPO arguably long overdue. But if and when it does go public next year, it will enter the market in a seemingly far better financial position than its main rival.

Image: Lyft