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): August 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))

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

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.  ☐

 

 

 


Item 2.02 Results of Operations and Financial Condition

On August 7, 2019, Lyft, Inc. (the “Company” or “Lyft”) issued a press release announcing its financial results for the quarter ended June 30, 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 August 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 (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing.

Item 8.01 Other Events

Expected Early Lock-Up Release Date

In connection with Lyft’s initial public offering of Class A common stock (the “IPO”), all of Lyft’s executive officers, directors and holders of its capital stock and securities convertible into or exchangeable for such capital stock as of the IPO were parties to market standoff agreements with the Company or entered into lock-up agreements with the underwriters that restrict their ability to sell or transfer their shares, or otherwise engage in certain transactions related to their shares, for a period of 180 days after March 28, 2019. Such period is referred to as the lock-up period.

Pursuant to the lock-up agreements with the underwriters, if (i) at least 120 days have elapsed since March 28, 2019, (ii) the Company has publicly released earnings results for the quarterly period during which the IPO occurred and (iii) such lock-up period is scheduled to end during or within five trading days prior to a broadly applicable and regularly scheduled period during which trading in the Company’s securities would not be permitted under its insider trading policy (the “blackout period”), such lock-up period will end ten trading days prior to the commencement of such blackout period.

The lock-up period is scheduled to end on September 24, 2019, which falls within the Company’s quarterly blackout period that commences at the end of the day on August 31, 2019. Therefore, in accordance with the lock-up agreements with the underwriters, the lock-up period will end at the open of trading on August 19, 2019, which is ten trading days prior to the commencement of the Company’s quarterly blackout period. The Company will also release the market standoff agreements when the lock-up period expires.

The Company estimates that approximately 257.6 million shares of Class A common stock (including approximately 12.8 million shares of Class B common stock convertible into Class A common stock) may become eligible for sale in the public market at the open of trading on August 19, 2019 (subject to continued vesting of any unvested equity awards as of such date).


Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

 

Exhibit
No.
  

Exhibit Description

99.1    Press Release, dated August 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: August 7, 2019       /s/ Brian Roberts
      Brian Roberts
      Chief Financial Officer
EX-99.1

Exhibit 99.1

 

LOGO

Lyft Announces Record Second Quarter Results

Second quarter revenue grew to $867 million, up 72% year-over-year

Based on execution and improving market environment, raising outlook for fiscal 2019

SAN FRANCISCO, CA, August 7, 2019—Lyft, Inc. (Nasdaq:LYFT) today announced financial results for its second quarter ended June 30, 2019.

“Lyft’s second quarter was marked by strong execution and important advances in our product and platform. This translated to record revenue driven by better than expected Active Rider growth and Revenue per Active Rider monetization,” said Logan Green, co-founder and chief executive officer of Lyft. “We remain focused on reshaping transportation and we are pleased with the continued improvement in market conditions. This environment along with our execution is translating to strong revenue growth and sales and marketing efficiencies. As a result of this positive momentum, we anticipate 2019 losses to be better than previously expected and we are pleased to have updated our outlook.”

Second Quarter 2019 Highlights

 

   

Lyft reported Q2 revenue of $867.3 million versus $504.9 million in the second quarter of 2018, an increase of 72 percent year-over-year.

 

   

Net loss for Q2 2019 was $644.2 million versus a net loss of $178.9 million in the same period of 2018. Net loss for Q2 includes $296.6 million of stock-based compensation and related payroll tax expenses, primarily due to RSU expense recognition, as well as $141.1 million related to changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. Net loss margin was (74.3%) in the quarter and (35.4%) in the second quarter of 2018.

 

   

Adjusted net loss was $197.3 million versus an adjusted net loss of $176.5 million in the second 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 liabilities for insurance required by regulatory agencies attributable to historical periods, and expenses related to acquisitions.

 

   

Lyft reported Contribution of $398.9 million versus $212.5 million in the second quarter of 2018, up 88% year-over-year. Contribution Margin increased to 46.0% from 42.1% versus the second quarter of 2018.

 

   

Adjusted EBITDA was ($204.1) million versus ($190.5) million in the second quarter of 2018. Adjusted EBITDA Margin was (23.5%) versus (37.7%) in the second quarter of 2018.

 

     Fiscal 2018
Q2
   Fiscal 2019
Q2
   year-over-year
change

Active Riders (in thousands)

   15,454    21,807    41%

Revenue per Active Rider

   $32.67    $39.77    22%
  

 

  

 

  

 

Revenue (in millions)

   $504.9    $867.3    72%

 

1


Outlook:

For Q3, we anticipate:

 

   

Revenue to be between $900 million and $915 million

 

   

Q3 revenue growth to be between 54% and 56% year-over-year

 

   

Adjusted EBITDA loss to be between $190 million and $210 million

For FY 2019, we anticipate:

Revenue:

 

   

Raising outlook by $195 million to $200 million

 

   

Revenue to be between $3.47 billion and $3.5 billion (up from $3.275 billion and $3.3 billion)

 

   

Annual growth rate to be between 61% and 62% (up from 52% and 53%)

Adjusted EBITDA

 

   

Improving loss guidance by $300 million

 

   

Adjusted EBITDA loss to be between $850 million and $875 million (improved from $1.15 billion and $1.175 billion)

 

   

2019 Adjusted EBITDA loss expected to be less than 2018 Adjusted EBITDA loss

For more information regarding the non-GAAP financial measures discussed in this earnings release, please see “GAAP to non-GAAP Reconciliations” below. Guidance for Adjusted EBITDA loss excludes interest income, other income (expense), net, provision for income taxes, depreciation and amortization, costs related to acquisitions, stock-based compensation expense, payroll tax expense related to stock-based compensation, and changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. 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.

 

2


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 Lyft’s future profitability and timing for profitability, Lyft’s future financial and operating performance, including its outlook and guidance for the third 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 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 (“SEC”), including Lyft’s prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on March 29, 2019, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, filed with the SEC on May 14, 2019 and in our Quarterly Report on Form 10-Q that will be filed with the SEC 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, adjusted net loss per share, 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 liabilities for insurance required by regulatory agencies attributable to historical periods, and cost related to acquisitions; Lyft defines adjusted net loss per share by dividing adjusted net loss by weighted-average shares outstanding; 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, and changes to the liabilities for insurance required by regulatory agencies attributable to historical periods; 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), net, provision for income taxes, depreciation and amortization, costs related to acquisitions, stock-based compensation expense, payroll tax expense related to stock-based compensation, and changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA for a period by revenue for the same period.

Lyft records historical changes to liabilities for insurance required by regulatory agencies for financial reporting purposes in the quarter of positive or adverse development even though such development may be related to claims that occurred in prior 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 the prior period. Lyft believes these prior period changes to insurance liabilities do not illustrate the current period performance of Lyft’s ongoing operations since these prior period changes relate to claims that could potentially date back years. Lyft has limited ability to influence the ultimate development of historical claims.

 

3


Accordingly, including the prior period 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, adjusted net loss per share, 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 adjustment to exclude the historical changes to liabilities for insurance required by regulatory agencies from adjusted net loss, adjusted net loss per share, 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.

Lyft uses adjusted net loss, adjusted net loss per share, 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, adjusted net loss per share, 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 net loss per share, 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, adjusted net loss per share, 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 / Shawn Woodhull   Adrian Durbin / Alexandra LaManna
investor@lyft.com   press@lyft.com

 

4


LYFT, INC.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(unaudited)

 

     June 30,
2019
    December 31,
2018
 

Assets

    

Current assets

    

Cash and cash equivalents

   $ 417,393     $ 517,690  

Short-term investments

     2,892,917       1,520,180  

Prepaid expenses and other current assets

     367,487       282,572  
  

 

 

   

 

 

 

Total current assets

     3,677,797       2,320,442  

Restricted cash and cash equivalents

     122,983       187,374  

Restricted investments

     1,165,299       863,713  

Property and equipment, net

     138,149       109,257  

Operating lease right of use assets

     347,027        

Intangible assets, net

     99,612       117,733  

Goodwill

     150,926       152,085  

Other assets

     2,683       9,439  
  

 

 

   

 

 

 

Total assets

   $ 5,704,476     $ 3,760,043  
  

 

 

   

 

 

 

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

    

Current liabilities

    

Accounts payable

   $ 12,690     $ 32,343  

Insurance reserves

     1,207,380       810,273  

Accrued and other current liabilities

     813,288       606,203  

Operating lease liabilities — current

     92,458        
  

 

 

   

 

 

 

Total current liabilities

     2,125,816       1,448,819  

Operating lease liabilities

     295,164        

Other liabilities

     6,364       30,458  
  

 

 

   

 

 

 

Total liabilities

     2,427,344       1,479,277  
  

 

 

   

 

 

 

Redeemable convertible preferred stock, $0.00001 par value, no and 227,328,900 shares authorized as of June 30, 2019 and December 31, 2018, respectively; no and 219,175,709 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively

           5,152,047  
  

 

 

   

 

 

 

Stockholders’ equity (deficit)

    
  

 

 

   

 

 

 

Preferred stock, $0.00001 par value; 1,000,000,000 and no shares authorized as of June 30, 2019 and December 31, 2018, respectively; no shares issued and outstanding as of June 30, 2019 and December 31, 2018

            

Common stock, $0.00001 par value; 18,000,000,000 Class A shares and 340,000,000 shares authorized, 279,970,833 Class A shares and 22,438,472 shares issued and outstanding, as of June 30, 2019 and December 31, 2018, respectively; 100,000,000 and no Class B shares authorized, 12,779,709 and no Class B shares issued and outstanding, as of June 30, 2019 and December 31, 2018, respectively

     3        

Additional paid-in capital

     7,999,678       73,916  

Accumulated other comprehensive income

     5,493       133  

Accumulated deficit

     (4,728,042     (2,945,330
  

 

 

   

 

 

 

Total stockholders’ equity (deficit)

     3,277,132       (2,871,281
  

 

 

   

 

 

 

Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)

   $ 5,704,476     $ 3,760,043  
  

 

 

   

 

 

 

 

5


Lyft, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except for per share data)

(unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2019     2018     2019     2018  

Revenue

   $ 867,265     $ 504,912     $ 1,643,292     $ 902,100  
  

 

 

   

 

 

   

 

 

   

 

 

 

Costs and expenses

        

Cost of revenue

     630,136       293,186       1,092,993       553,795  

Operations and support

     151,975       67,366       339,210       127,271  

Research and development

     309,833       64,415       940,793       127,607  

Sales and marketing

     180,951       175,107       456,080       343,814  

General and administrative

     267,286       98,472       644,022       188,626  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

     1,540,181       698,546       3,473,098       1,341,113  
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (672,916     (193,634     (1,829,806     (439,013

Interest income

     29,979       15,251       49,633       26,752  

Other expense, net

     (311     (289     (165     (344
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (643,248     (178,672     (1,780,338     (412,605

Provision for income taxes

     991       231       2,374       637  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (644,239   $ (178,903   $ (1,782,712   $ (413,242
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share, basic and diluted

   $ (2.23   $ (8.48   $ (11.38   $ (20.09
  

 

 

   

 

 

   

 

 

   

 

 

 

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

     288,372       21,088       156,647       20,566  
  

 

 

   

 

 

   

 

 

   

 

 

 

Stock-based compensation included in costs and expenses:

        

Cost of revenue

   $ 15,058     $ 137     $ 56,548     $ 242  

Operations and support

     8,221       46       59,624       97  

Research and development

     182,918       515       689,124       1,243  

Sales and marketing

     12,133       47       57,244       174  

General and administrative

     74,908       756       290,184       1,741  

 

6


LYFT, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands, except per share data)

(Unaudited)

 

     Six Months Ended June 30,  
     2019     2018  

Cash flows from operating activities

    

Net loss

   $ (1,782,712   $ (413,242

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

    

Depreciation and amortization

     54,215       2,836  

Stock-based compensation

     1,152,724       3,497  

Amortization of premium on marketable securities

     151       363  

Accretion of discount on marketable securities

     (21,357     (8,056

Other

     7,463       298  

Changes in operating assets and liabilities

    

Prepaid expenses and other assets

     (79,712     (46,912

Operating lease right-of-use assets

     39,951        

Accounts payable

     (22,403     (2,102

Insurance reserves

     397,107       198,379  

Accrued and other liabilities

     212,083       153,349  

Lease liabilities

     (27,021      
  

 

 

   

 

 

 

Net cash used in operating activities

     (69,511     (111,590
  

 

 

   

 

 

 

Cash flows from investing activities

    

Purchases of marketable securities

     (3,581,779     (2,874,656

Purchase of term deposit

     (105,000      

Proceeds from sales of marketable securities

     647,138       685,323  

Proceeds from maturities of marketable securities

     1,391,360       1,296,457  

Purchases of property and equipment and scooter fleet

     (68,285     (11,209

Purchases of other intangible assets

           (2,200

Cash paid for acquisitions, net of cash acquired

     (1,801      

Other investing activities

     780        
  

 

 

   

 

 

 

Net cash used in investing activities

     (1,717,587     (906,285
  

 

 

   

 

 

 

Cash flows from financing activities

    
  

 

 

   

 

 

 

Proceeds from issuance of common stock in initial public offering, net of underwriting commissions, offering costs and reimbursements

     2,484,230        

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

           807,369  

Proceeds from exercise of stock options and other common stock issuances

     2,541       4,351  

Taxes paid related to net share settlement of equity awards

     (863,955      
  

 

 

   

 

 

 

Net cash provided by financing activities

     1,622,816       811,720  
  

 

 

   

 

 

 

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

     296       (137

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

     (163,986     (206,292

Cash, cash equivalents and restricted cash and cash equivalents

    
  

 

 

   

 

 

 

Beginning of period

     706,486       1,178,919  
  

 

 

   

 

 

 

End of period

   $ 542,500     $ 972,627  
  

 

 

   

 

 

 

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

    

Cash and cash equivalents

   $ 417,393     $ 928,437  

Restricted cash and cash equivalents

     122,983       44,190  

Restricted cash, included in prepaid expenses and other current assets

     2,124        
  

 

 

   

 

 

 

Total cash, cash equivalents and restricted cash and cash equivalents

   $ 542,500     $ 972,627  
  

 

 

   

 

 

 

Non-cash investing and financing activities

    

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

   $ 11,504     $ 10,078  

Deferred offering costs accrued, unpaid

     201        

Right of use assets acquired under operating leases

     99,550        

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering

     5,152,047        

Reclassification of deferred offering costs to additional paid-in capital upon initial public offering

     7,690        

 

7


LYFT, INC.

GAAP to non-GAAP Reconciliations

(in millions, except per share and % data)

(Unaudited)

Three Months Ended June 30, 2019

 

     GAAP     Amortization
of intangible
assets
     Stock-based
compensation
expense
     Payroll tax
expense related
to stock-based
compensation
     Changes to the
liabilities for
insurance required
by regulatory
agencies
attributable to
historical periods
     Costs related
to
acquisitions
     Non-GAAP  

Revenue

   $ 867.3                    $ 867.3  

Costs and expenses

                   

Cost of revenue

   $ (630.1   $ 5.3      $ 15.1      $ 0.2      $ 141.1      $      $ (468.4

Operations and support

     (152.0            8.2                             (143.8

Research and development

     (309.8     2.9        182.9        2.1                      (121.9

Sales and marketing

     (181.0     0.3        12.1        0.2                      (168.4

General and administrative

     (267.3     0.7        74.9        0.9                      (190.8
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total cost and expenses

   $ (1,540.2   $ 9.2      $ 293.2      $ 3.4      $ 141.1      $      $ (1,093.3
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Loss from operations

   $ (672.9                  $ (226.0

Interest income

     30.0                      30.0  

Other expense, net

     (0.3                    (0.3
  

 

 

                  

 

 

 

Loss before income taxes

     (643.2                    (196.3

Provision for income taxes

     1.0                      1.0  
  

 

 

                  

 

 

 

Net loss

   $ (644.2                  $ (197.3
  

 

 

                  

 

 

 

Net loss per share, basic and diluted

   $ (2.23                  $ (0.68
  

 

 

                  

 

 

 

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

     288.4                      288.4  
  

 

 

                  

 

 

 

Three Months Ended June 30, 2018

 

     GAAP     Amortization
of intangible
assets
     Stock-based
compensation
expense
     Payroll tax
expense related
to stock-based
compensation
     Changes to the
liabilities for
insurance required
by regulatory
agencies
attributable to
historical periods
     Costs related
to
acquisitions
     Non-GAAP  

Revenue

   $ 504.9                    $ 504.9  

Costs and expenses

                   

Cost of revenue

   $ (293.2   $ 0.7      $ 0.1      $      $      $      $ (292.4

Operations and support

     (67.4                                        (67.4

Research and development

     (64.4            0.5                             (63.9

Sales and marketing

     (175.1            0.1                             (175.0

General and administrative

     (98.5     0.2        0.8                             (97.5
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total cost and expenses

   $ (698.6   $ 0.9      $ 1.5      $      $      $      $ (696.2
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Loss from operations

   $ (193.7                  $ (191.3

Interest income

     15.3                      15.3  

Other expense, net

     (0.3                    (0.3
  

 

 

                  

 

 

 

Loss before income taxes

     (178.7                    (176.3

Provision for income taxes

     0.2                      0.2  
  

 

 

                  

 

 

 

Net loss

   $ (178.9                  $ (176.5
  

 

 

                  

 

 

 

Net loss per share, basic and diluted

   $ (8.48                  $ (8.37
  

 

 

                  

 

 

 

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

     21.1                      21.1  
  

 

 

                  

 

 

 

 

8


LYFT, INC.

Calculations of Key Metrics and

GAAP to Non-GAAP Reconciliations

(In millions, except percentages)

(Unaudited)

 

     Three Months Ended June 30  
     2019     2018  

Contribution

    

Revenue

   $ 867.3     $ 504.9  

Less cost of revenue

     (630.1     (293.2

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

    

Amortization of intangible assets

     5.3       0.7  

Stock-based compensation expense

     15.1       0.1  

Payroll tax expense related to stock-based compensation

     0.2        

Changes to the liabilities for insurance required by regulatory agencies attributable to historical periods

     141.1       0.0  
  

 

 

   

 

 

 

Contribution

   $ 398.9     $ 212.5  
  

 

 

   

 

 

 

Contribution Margin

     46     42
     Three Months Ended June 30  
     2019     2018  

Adjusted EBITDA

    

Net loss

   $ (644.2   $ (178.9

Adjusted to exclude the following:

    

Interest income

     (30.0     (15.3

Other expense, net

     0.3       0.3  

Provision for income taxes

     1.0       0.2  

Depreciation and amortization

     31.1       1.7  

Stock-based compensation expense

     293.2       1.5  

Payroll tax expense related to stock-based compensation

     3.4        

Changes to the liabilities for insurance required by regulatory agencies attributable to historical periods

     141.1        
  

 

 

   

 

 

 

Adjusted EBITDA

   $ (204.1   $ (190.5
  

 

 

   

 

 

 

Adjusted EBITDA Margin

     (24 %)      (38 %) 

 

9