8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2019

 

 

Lyft, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-38846   20-8809830

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

  (IRS Employer
Identification No.)

185 Berry Street, Suite 5000

San Francisco, California 94107

(Address of principal executive offices, including zip code)

(844) 250-2773

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Class A Common Stock, par value of $0.00001 per share   LYFT   Nasdaq Global Select Market

 

 

 


Item 2.02

Results of Operations and Financial Condition

On May 7, 2019, Lyft, Inc. (“Lyft”) issued a press release announcing its financial results for the quarter ended March 31, 2019. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.

 

Item 7.01

Regulation FD Disclosure

On May 7, 2019, Lyft posted supplemental investor materials on its investor.lyft.com website. Lyft announces material information to the public about Lyft, its products and services and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investor.lyft.com), its blog (blog.lyft.com) and its Twitter account (@lyft) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.

The information in this current report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 9.01

Financial Statements and Exhibits

(d) Exhibits:

 

Exhibit

    No.    

   Exhibit Description
99.1    Press Release, dated May 7, 2019


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

      LYFT, INC.
Date: May 7, 2019      

/s/ Brian Roberts

      Brian Roberts
      Chief Financial Officer
EX-99.1

Exhibit 99.1

 

LOGO

Lyft Announces Record First Quarter Results

First quarter revenue grew to $776 million, up 95% year-over-year

Active Riders grew to over 20.5 million in the quarter

SAN FRANCISCO, CA, May 7, 2019—Lyft, Inc. (Nasdaq:LYFT) today announced financial results for its first quarter ended March 31, 2019.

“The first quarter was a strong start to an important year, our first as a public company,” said Logan Green, Co-Founder and CEO of Lyft. “Our performance was driven by the increased demand for our network and multi-modal platform, as Active Riders grew 46 percent and revenue grew 95 percent year-over-year. Transportation is one of the largest segments of our economy and we are still in the very early stages of an enormous secular shift from personal car ownership to Transportation-as-a-Service.”

First Quarter 2019 Highlights

 

   

Lyft reported Q1 revenue of $776.0 million versus $397.2 million in the first quarter of 2018, an increase of 95 percent year-over-year.

 

   

Net loss for Q1 includes $894 million of stock-based compensation and related payroll tax expenses, primarily due to RSU expense recognition in connection with our initial public offering. As a result, net loss for Q1 2019 was $1,138.5 million versus a net loss of $234.3 in the same period of 2018. Net loss margin was not meaningful in the quarter and (59.0%) in the first quarter of 2018.

 

   

Adjusted net loss was $211.5 million versus an adjusted net loss of $228.4 million in the first quarter of 2018. Adjusted net loss is adjusted for amortization of intangible assets, stock-based compensation expense, payroll tax expense related to stock-based compensation, changes to the insurance reserve attributable to historical periods, and cost related to acquisitions.

 

   

Lyft reported Contribution of $384.9 million versus $140.4 million in the first quarter of 2018, up 174% year-over-year. Contribution Margin increased to 49.6% from 35.4% versus the first quarter of 2018.

 

   

Adjusted EBITDA was ($216.0) million versus ($238.7) million in the first quarter of 2018. Adjusted EBITDA Margin was (27.8%) versus (60.1%) in the first quarter of 2018.

 

   

Lyft’s IPO Registration Statement was declared effective on March 28, 2019. The IPO closed on April 2, 2019.

 

     Fiscal 2018
Q1
     Fiscal 2019
Q1
     year-over-year
change
 

Active Riders (in millions)

     14.0        20.5        46

Revenue per Active Rider

   $ 28.27      $ 37.86        34
  

 

 

    

 

 

    

 

 

 

Revenue (in millions)

   $ 397      $ 776        95

 

1


Outlook:

For Q2, we anticipate:

 

   

Total revenue to be between $800 million and $810 million

 

   

Adjusted EBITDA loss to be between $270 million and $280 million

For FY 2019, we anticipate:

 

   

Total revenue to be between $3.275 billion and $3.3 billion

 

   

Adjusted EBITDA loss to be between $1.15 billion and $1.175 billion

For more information regarding the non-GAAP financial measures discussed in this letter, please see “GAAP to non-GAAP Reconciliations” below. Guidance for adjusted EBITDA loss excludes interest income, other income (expense), provision for income taxes, depreciation and amortization, stock-based compensation expense, payroll tax expense related to stock-based compensation, changes to the insurance reserve attributable to historical periods, and costs related to acquisitions. We have not reconciled adjusted EBITDA guidance to GAAP net income (loss) because we do not provide guidance on GAAP net income (loss) or the reconciling items between adjusted EBITDA and GAAP net income (loss), as a result of the uncertainty regarding, and the potential variability of, certain of these items. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort. A reconciliation of historical adjusted EBITDA is below.

Webcast

Lyft will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results and business highlights. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investor.lyft.com/. The archived webcast will be available on the Company’s Investor Relations page shortly after the call.

About Lyft

Lyft was founded in 2012, and has over 30 million riders and 2 million drivers. We are singularly focused on improving people’s lives with the world’s best transportation and committed to building reliable, affordable and sustainable transportation.

Available Information

Lyft intends to use its Investor Relations website, its blog and its Twitter account as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Lyft’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Lyft’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the deployment of vehicles on the Lyft platform and timing of such deployment, Lyft’s future financial and operating performance, including its outlook and guidance for the second quarter and full year 2019, demand for Lyft’s products and services and the markets in which Lyft operates and the future of Transportation-as-a-Service. Lyft’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, our competition, fluctuations in the ridesharing market, our ability to attract and retain

 

2


drivers and riders and our partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Lyft’s filings with the Securities and Exchange Commission, including Lyft’s prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on March 29, 2019 and in our Quarterly Report on Form 10-Q that will be filed following this earnings release. The forward-looking statements in this release are based on information available to Lyft as of the date hereof, and Lyft disclaims any obligation to update any forward-looking statements, except as required by law.

A Note About Metrics

Lyft defines Active Riders as all riders who take at least one ride on our multimodal platform through the Lyft app during a quarter. An Active Rider is identified by a unique phone number. If a rider has two mobile phone numbers or changed their phone number and such rider took rides using both phone numbers during the quarter, that person would count as two Active Riders. If a rider has a personal and business profile tied to the same mobile phone number, that person would be considered a single Active Rider. If a ride has been requested by an organization using our Concierge offering for the benefit of a rider, we exclude this rider in the calculation of Active Riders since using the Lyft app is not required. With acquired businesses, including Motivate, only riders that have taken a ride or rented a bike or scooter through our Lyft app during the quarter will count as an Active Rider. Additionally, our calculation of Active Riders is not based on any standardized industry methodology and is not necessarily calculated in the same manner or comparable to similarly titled measures presented by other companies. Lyft defines Revenue per Active Rider as quarterly revenue divided by the number of Active Riders for the same quarter.

Non-GAAP Financial Measures

To supplement Lyft’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Lyft considers certain financial measures that are not prepared in accordance with GAAP, including adjusted net loss, Contribution, Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin. Lyft defines adjusted net loss as net loss adjusted for amortization of intangible assets, stock-based compensation expense, payroll tax expense related to stock-based compensation, changes to the insurance reserve attributable to historical periods, and cost related to acquisitions; Lyft defines Contribution as revenue less cost of revenue, adjusted to exclude the following items from cost of revenue: amortization of intangible assets, stock-based compensation expense, payroll tax expense related to stock-based compensation, changes to the insurance reserve attributable to historical periods, and cost related to acquisitions; Lyft defines Contribution Margin for a period as Contribution for the period divided by Revenue for the same period. Lyft defines Adjusted EBITDA as net loss adjusted to exclude interest income, other income (expense), provision for income taxes, depreciation and amortization, stock-based compensation expense, payroll tax expense related to stock-based compensation, changes to the insurance reserve attributable to historical periods, and cost related to acquisitions. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA for a period by revenue for the same period.

Lyft records changes to historical insurance claims under ridesharing for financial reporting purposes in the quarter of positive or adverse development even though such development may be related to claims that occurred in earlier periods. For example, if in the first quarter of a given year, the cost of claims grew by $1 million for claims related to the prior fiscal year or earlier, the expense would be recorded for GAAP purposes within the first quarter instead of in the results of a previously reported prior period. Lyft believes these prior period insurance reserve changes do not illustrate the current period performance of Lyft’s ongoing operations since these prior period reserve changes relate to claims that could date back potentially years. Lyft has limited ability to influence the ultimate development of historical claims. Accordingly, including the prior period reserve changes would not illustrate the performance of Lyft’s ongoing operations or how the business is run or managed by Lyft. For consistency, Lyft does not adjust the calculation of adjusted net loss, Contribution and Adjusted EBITDA for any prior period based on any positive or adverse development that occurs subsequent to the quarter end. Lyft believes the exclusion of the insurance reserves adjustment from adjusted net loss, Contribution and Adjusted EBITDA is useful to investors by enabling them to better assess Lyft’s operating performance in the context of current period results.

 

3


Lyft uses adjusted net loss, Contribution, Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin in conjunction with GAAP measures as part of Lyft’s overall assessment of its performance, including the preparation of Lyft’s annual operating budget and quarterly forecasts, to evaluate the effectiveness of Lyft’s business strategies, and to communicate with Lyft’s board of directors concerning Lyft’s financial performance. Adjusted net loss, Contribution and Contribution Margin are measures used by our management to understand and evaluate our operating performance and trends. Lyft believes Contribution and Contribution Margin are key measures of Lyft’s ability to achieve profitability and increase it over time. Adjusted net loss, Adjusted EBITDA and Adjusted EBITDA Margin are key performance measures that Lyft’s management uses to assess Lyft’s operating performance and the operating leverage in Lyft’s business. Because Adjusted EBITDA and Adjusted EBITDA Margin facilitate internal comparisons of our historical operating performance on a more consistent basis, Lyft uses these measures for business planning purposes.

Lyft’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, adjusted net loss, Contribution, Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

 

 

 

Contacts   
Catherine Buan    Adrian Durbin / Alexandra LaManna
investor@lyft.com    press@lyft.com

 

4


LYFT, INC.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

 

     March 31, 2019     December 31, 2018  

Assets

    

Current assets

    

Cash and cash equivalents

   $ 329,515     $ 517,690  

Short-term investments

     705,371       1,520,180  

Prepaid expenses and other current assets

     345,526       282,572  
  

 

 

   

 

 

 

Total current assets

     1,380,412       2,320,442  

Property and equipment, net

     120,473       109,257  

Operating lease right of use assets

     304,605       —    

Goodwill

     150,650       152,085  

Intangible assets, net

     108,572       117,733  

Restricted cash and cash equivalents

     172,506       187,374  

Restricted investments

     993,335       863,713  

Other assets

     10,354       9,439  
  

 

 

   

 

 

 

Total assets

   $ 3,240,907     $ 3,760,043  
  

 

 

   

 

 

 

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit

    

Current liabilities

    

Accounts payable

   $ 39,394     $ 32,343  

Insurance reserves

     936,984       810,273  

Accrued and other current liabilities

     702,009       606,203  

Operating lease liabilities — current

     73,676       —    
  

 

 

   

 

 

 

Total current liabilities

     1,752,063       1,448,819  

Operating lease liabilities

     263,755       —    

Other liabilities

     4,660       30,458  
  

 

 

   

 

 

 

Total liabilities

     2,020,478       1,479,277  
  

 

 

   

 

 

 

Redeemable convertible preferred stock, $0.00001 par value, 227,328,900 shares authorized as of March 31, 2019 and December 31, 2018; 219,175,709 issued and outstanding as of March 31, 2019 and December 31, 2018

     5,152,047       5,152,047  
  

 

 

   

 

 

 

Stockholders’ deficit

    

Common stock, $0.00001 par value, 340,000,000 shares authorized as of March 31, 2019 and December 31, 2018; 35,831,684 and 22,438,472 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively

     —         —    

Additional paid-in capital

     149,999       73,916  

Accumulated other comprehensive income

     2,186       133  

Accumulated deficit

     (4,083,803     (2,945,330
  

 

 

   

 

 

 

Total stockholders’ deficit

     (3,931,618     (2,871,281
  

 

 

   

 

 

 

Total liabilities, redeemable convertible preferred stock and stockholders’ deficit

   $ 3,240,907     $ 3,760,043  
  

 

 

   

 

 

 

 

5


LYFT, INC.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

     Three Months Ended March 31,  
     2019     2018  

Revenue

   $ 776,027     $ 397,188  
  

 

 

   

 

 

 

Costs and expenses

    

Cost of revenue

     462,857       260,609  

Operations and support

     187,235       59,905  

Research and development

     630,960       63,192  

Sales and marketing

     275,129       168,707  

General and administrative

     376,736       90,154  
  

 

 

   

 

 

 

Total costs and expenses

     1,932,917       642,567  
  

 

 

   

 

 

 

Loss from operations

     (1,156,890     (245,379

Interest income

     19,654       11,501  

Other income (expense)

     146       (55
  

 

 

   

 

 

 

Loss before income taxes

     (1,137,090     (233,933

Provision for income taxes

     1,383       406  
  

 

 

   

 

 

 

Net loss

   $ (1,138,473   $ (234,339
  

 

 

   

 

 

 

Net loss per share, basic and diluted

   $ (48.53   $ (11.69
  

 

 

   

 

 

 

Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted

     23,459       20,039  
  

 

 

   

 

 

 

Stock-based compensation included in costs and expenses above

    

Cost of revenue

   $ 41,489     $ 105  

Operations and support

     51,404       51  

Research and development

     506,206       728  

Sales and marketing

     45,111       127  

General and administrative

     215,276       985  

 

6


LYFT, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands, except per share data)

(Unaudited)

 

     Three Months Ended March 31,  
     2019     2018  

Cash flows from operating activities

    

Net loss

   $ (1,138,473   $ (234,339

Adjustments to reconcile net loss to net cash used in operating activities

    

Depreciation and amortization

     23,135       1,138  

Stock-based compensation

     859,486       1,996  

Amortization of premium on marketable securities

     24       213  

Accretion of discount on marketable securities

     (10,081     (3,753

Other

     103     10

Changes in operating assets and liabilities

    

Prepaid expenses and other assets

     (46,307     (7,272

Operating lease right-of-use assets

     19,518       —    

Accounts payable

     1,161       (13,270

Insurance reserves

     126,711       89,730  

Accrued and other liabilities

     94,238       85,924  

Lease liabilities

     (14,342     —    
  

 

 

   

 

 

 

Net cash used in operating activities

     (84,827     (79,623
  

 

 

   

 

 

 

Cash flows from investing activities

    

Purchases of marketable securities

     (607,190     (1,198,192

Proceeds from sales of marketable securities

     466,174       181,648  

Proceeds from maturities of marketable securities

     838,177       200,499  

Purchases of property and equipment and scooter fleet

     (25,126     (3,088

Cash paid for acquisitions, net of cash acquired

     (1,711     —    
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     670,324       (819,133
  

 

 

   

 

 

 

Cash flows from financing activities

    

Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs

     —         54,196  

Proceeds from exercise of stock options and other common stock issuances

     1,601       1,346  

Taxes paid related to net share settlement of equity awards

     (784,724     —    

Payment of deferred offering costs

     (5,044     —    
  

 

 

   

 

 

 

Net cash (used in) provided by financing activities

     (788,167     55,542  
  

 

 

   

 

 

 

Effect of foreign exchange on cash, cash equivalents and restricted cash

     102       (46

Net decrease in cash, cash equivalents and restricted cash and cash equivalents

     (202,568     (843,260

Cash, cash equivalents and restricted cash and cash equivalents

    
  

 

 

   

 

 

 

Beginning of period

     706,486       1,178,919  
  

 

 

   

 

 

 

End of period

   $ 503,918     $ 335,659  
  

 

 

   

 

 

 

Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets

    

Cash and cash equivalents

   $ 329,515     $ 263,229  

Restricted cash and cash equivalents

     172,506       72,430  

Restricted cash, included in prepaid expenses and other current assets

     1,897     —    
  

 

 

   

 

 

 

Total cash, cash equivalents and restricted cash and cash equivalents

   $ 503,918     $ 335,659  
  

 

 

   

 

 

 

Non-cash investing and financing activities

    

Purchases of property and equipment, and scooter fleet not yet settled

   $ 16,612     $ 10,472  

Right of use assets acquired under operating leases

     38,488       —    

Deferred offering costs in accounts payable and accrued liabilities

     2,240       —    

 

7


LYFT, INC.

GAAP to non-GAAP Reconciliations

(in millions, except per share and % data)

(Unaudited)

Three Months Ended March 31, 2019

 

    GAAP     Amortization
of intangible
assets
    Stock based
compensation
    Payroll tax
expense related
to stock-based
compensation
    Changes to
insurance reserves
attributable to
historical periods
    Costs related
to
acquisitions
    Non-GAAP  

Revenue

  $ 776.0               $ 776.0  

Costs and expenses

             

Cost of revenue

  $ (462.9   $ 5.3     $ 41.5     $ 1.2     $ 23.8     $ —       $ (391.1

Operations and support

    (187.2     —         51.4       2.4       —         —         (133.4

Research and development

    (631.0     2.9       506.2       14.3       —         —         (107.6

Sales & marketing

    (275.1     0.3       45.1       2.7       —         —         (227.0

General and administrative

    (376.7     0.7       215.3       13.9       —         —         (146.8
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total cost and expenses

  $ (1,932.9   $ 9.2     $ 859.5     $ 34.5     $ 23.8     $ —       $ (1,005.9
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

  $ (1,156.9             $ (229.9

Interest income

    19.7                 19.7  

Other income (expense)

    0.1                 0.1  
 

 

 

             

 

 

 

Loss before income taxes

    (1,137.1               (210.1

Provision for income taxes

    1.4                 1.4  
 

 

 

             

 

 

 

Net loss

  $ (1,138.5             $ (211.5
 

 

 

             

 

 

 

Net loss per share attributable to common stockholders, basic and diluted

  $ (48.53             $ (9.02
 

 

 

             

 

 

 

Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted

    23.5                 23.5  

Three Months Ended March 31, 2018

 

    GAAP     Amortization
of intangible
assets
    Stock based
compensation
    Payroll tax
expense related
to stock-based
compensation
    Changes to
insurance reserves
attributable to
historical periods
    Costs related
to
acquisitions
    Non-GAAP  

Revenue

  $ 397.2               $ 397.2  

Costs and expenses

             

Cost of revenue

  $ (260.6   $ 0.3     $ 0.1     $ —       $ 3.4     $ —       $ (256.8

Operations and support

    (59.9     —         0.1       —         —         —         (59.8

Research and development

    (63.1     —         0.7       —         —         —         (62.4

Sales & marketing

    (168.7     —         0.1       —         —         —         (168.6

General and administrative

    (90.2     0.2       1.0       —         —         —         (89.0
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total cost and expenses

  $ (642.5   $ 0.5     $ 2.0     $ —       $ 3.4     $ —       $ (636.6
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

  $ (245.3             $ (239.4

Interest income

    11.5                 11.5  

Other income (expense)

    (0.1               (0.1
 

 

 

             

 

 

 

Loss before income taxes

    (233.9               (228.0

Provision for income taxes

    0.4                 0.4  
 

 

 

             

 

 

 

Net loss

  $ (234.3             $ (228.4
 

 

 

             

 

 

 

Net loss per share attributable to common stockholders, basic and diluted

  $ (11.69             $ (11.40
 

 

 

             

 

 

 

Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted

    20.0                 20.0  

 

8


LYFT, INC.

Calculations of Key Metrics and

GAAP to Non-GAAP Reconciliations

(In millions, except percentages)

(Unaudited)

 

     Three Months Ended March 31  
     2019     2018  

Contribution

    

Revenue

   $ 776.0     $ 397.2  

Less cost of revenue

     462.9       260.6  

Adjusted to exclude the following (as related to cost of revenue):

    

Amortization of intangible assets

     5.3       0.3  

Stock based compensation

     41.5       0.1  

Changes to insurance reserve attributable to historical periods

     23.8       3.4  

Payroll tax expense related to stock-based compensation

     1.2       —    
  

 

 

   

 

 

 

Contribution

   $ 384.9     $ 140.4  
  

 

 

   

 

 

 

Contribution Margin

     50 %      35 % 
     Three Months Ended March 31  
     2019     2018  

Adjusted EBITDA

    

Net loss

   $ (1,138.5   $ (234.3

Adjusted to exclude the following:

    

Interest income

     (19.7     (11.5

Other income (expense)

     (0.1     0.1  

Provision for income taxes

     1.4       0.4  

Depreciation and amortization

     23.1       1.2  

Stock based compensation

     859.5       2.0  

Changes to insurance reserve attributable to historical periods

     23.8       3.4  

Costs related to acquisitions

     —         —    

Payroll tax expense related to stock-based compensation

     34.5       —    
  

 

 

   

 

 

 

Adjusted EBITDA

   $ (216.0   $ (238.7
  

 

 

   

 

 

 

Adjusted EBITDA Margin

     (28 %)      (60 %) 

 

9