lyft-10q_20190630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to          

Commission File Number: 001-38846

 

Lyft, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Delaware

 

20-8809830

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

 

 

185 Berry Street, Suite 5000

San Francisco, California 94107

 

(Address of registrant’s principal executive offices, including zip code)

 

(844) 250-2773

(Registrant’s telephone number, including area code)

 

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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

Large accelerated filer

  

Accelerated filer

 

 

 

 

Non-accelerated filer

  

Smaller reporting company

 

 

 

 

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

 

As of July 31, 2019, the number of shares of the registrant’s Class A common stock outstanding was 280,041,336 and the number of shares of the registrant’s Class B common stock outstanding was 12,779,709.

 

 

 

 


Table of Contents

 

 

 

Page

PART I

FINANCIAL INFORMATION

3

Item 1.

Condensed Consolidated Financial Statements (unaudited)

3

 

Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

3

 

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and 2018

4

 

Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2019 and 2018

5

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the Three and Six Months Ended June 30, 2019 and 2018

6

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018

8

 

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

Controls and Procedures

38

 

 

 

PART II

OTHER INFORMATION

39

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

40

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

73

Item 3.

Defaults Upon Senior Securities

73

Item 4.

Mine Safety Disclosures

73

Item 5.

Other Information

73

Item 6.

Exhibits

74

 

Signatures

75

 

 

 

 


Draft

 

 

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include statements about:

 

our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, including capital expenditures related to asset-intensive offerings, our ability to determine insurance, legal and other reserves and our ability to achieve and maintain future profitability;

 

the sufficiency of our cash, cash equivalents and short-term investments to meet our liquidity needs;

 

the demand for our platform or for Transportation-as-a-Service networks in general;

 

our ability to attract and retain drivers and riders;

 

our ability to develop new offerings and bring them to market in a timely manner and make enhancements to our platform;

 

our ability to compete with existing and new competitors in existing and new markets and offerings;

 

our expectations regarding outstanding litigation, including with respect to the classification of drivers on our platform;

 

our expectations regarding the effects of existing and developing laws and regulations, including with respect to taxation and privacy and data protection;

 

our ability to manage and insure auto-related and operations-related risks associated with our Transportation-as-a-Service network;

 

our expectations regarding new and evolving markets and our efforts to address these markets, including autonomous vehicles and bikes and scooters as well as Driver Centers;

 

our ability to develop and protect our brand;

 

our ability to maintain the security and availability of our platform;

 

our expectations and management of future growth;

 

our expectations concerning relationships with third parties;

 

our ability to maintain, protect and enhance our intellectual property;

 

our ability to successfully acquire and integrate companies and assets; and

 

the increased expenses associated with being a public company.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including those described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

1


The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

 

2


PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Lyft, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except for share and 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

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

 

 

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

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

3


 

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

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

Lyft, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(644,239

)

 

$

(178,903

)

 

$

(1,782,712

)

 

$

(413,242

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

420

 

 

 

191

 

 

 

667

 

 

 

240

 

Unrealized gain on marketable securities, net of taxes

 

 

2,887

 

 

 

1,621

 

 

 

4,693

 

 

 

559

 

Other comprehensive income

 

 

3,307

 

 

 

1,812

 

 

 

5,360

 

 

 

799

 

Comprehensive loss

 

$

(640,932

)

 

$

(177,091

)

 

$

(1,777,352

)

 

$

(412,443

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

5


 

Lyft, Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(in thousands)

(unaudited)

 

 

 

Redeemable

Convertible

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

Deficit

 

Balances as of December 31, 2017

 

 

199,815

 

 

$

4,284,049

 

 

 

19,916

 

 

$

 

 

$

55,568

 

 

$

(2,033,995

)

 

$

(1,011

)

 

$

(1,979,438

)

Issuance of Series H redeemable convertible preferred stock, net of issuance cost

 

 

1,364

 

 

 

54,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

335

 

 

 

 

 

 

1,169

 

 

 

 

 

 

 

 

 

1,169

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13

 

 

 

 

 

 

 

 

 

13

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,996

 

 

 

 

 

 

 

 

 

1,996

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,013

)

 

 

(1,013

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(234,339

)

 

 

 

 

 

(234,339

)

Balances as of March 31, 2018

 

 

201,179

 

 

$

4,338,242

 

 

 

20,251

 

 

$

 

 

$

58,746

 

 

$

(2,268,334

)

 

$

(2,024

)

 

$

(2,211,612

)

Issuance of Series H redeemable convertible preferred stock, net of issuance cost

 

 

5,032

 

 

 

199,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series I redeemable convertible preferred stock, net of issuance cost

 

 

11,684

 

 

 

553,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

1,005

 

 

 

 

 

 

2,928

 

 

 

 

 

 

 

 

 

2,928

 

Issuance of restricted common stock upon early exercise of stock options

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

 

 

 

 

 

 

 

 

19

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,501

 

 

 

 

 

 

 

 

 

1,501

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,812

 

 

 

1,812

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(178,903

)

 

 

 

 

 

(178,903

)

Balances as of June 30, 2018

 

 

217,895

 

 

$

5,091,418

 

 

 

21,261

 

 

$

 

 

$

63,194

 

 

$

(2,447,237

)

 

$

(212

)

 

$

(2,384,255

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6


 

Lyft, Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(in thousands)

(unaudited)

 

 

 

Redeemable

Convertible

Preferred Stock

 

 

Class A and Class B

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders’ Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

(Deficit)

 

Balances as of December 31, 2018

 

 

219,176

 

 

$

5,152,047

 

 

 

22,438

 

 

$

 

 

$

73,916

 

 

$

(2,945,330

)

 

$

133

 

 

$

(2,871,281

)

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

7,121

 

 

 

 

 

 

1,599

 

 

 

 

 

 

 

 

 

1,599

 

Issuance of common stock upon settlement of RSUs

 

 

 

 

 

 

 

 

17,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld related to net share settlement

 

 

 

 

 

 

 

 

(11,415

)

 

 

 

 

 

(785,004

)

 

 

 

 

 

 

 

 

(785,004

)

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

859,486

 

 

 

 

 

 

 

 

 

859,486

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,053

 

 

 

2,053

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(1,138,473

)

 

 

 

 

 

(1,138,473

)

Balances as of March 31, 2019

 

 

219,176

 

 

$

5,152,047

 

 

 

35,832

 

 

$

 

 

$

149,999

 

 

$

(4,083,803

)

 

$

2,186

 

 

$

(3,931,618

)

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

250

 

 

 

 

 

 

940

 

 

 

 

 

 

 

 

 

940

 

Issuance of common stock upon settlement of RSUs

 

 

 

 

 

 

 

 

3,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld related to net share settlement

 

 

 

 

 

 

 

 

(1,478

)

 

 

 

 

 

(80,076

)

 

 

 

 

 

 

 

 

(80,076

)

Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions

 

 

 

 

 

 

 

 

35,497

 

 

 

1

 

 

 

2,483,622

 

 

 

 

 

 

 

 

 

2,483,623

 

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

 

 

(219,176

)

 

 

(5,152,047

)

 

 

219,176

 

 

 

2

 

 

 

5,152,045

 

 

 

 

 

 

 

 

 

5,152,047

 

Cancelled escrow shares related to a business combination

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(90

)

 

 

 

 

 

 

 

 

(90

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

293,238

 

 

 

 

 

 

 

 

 

293,238

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,307

 

 

 

3,307

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(644,239

)

 

 

 

 

 

(644,239

)

Balances as of June 30, 2019

 

 

 

 

$

 

 

 

292,751

 

 

$

3

 

 

$

7,999,678

 

 

$

(4,728,042

)

 

$

5,493

 

 

$

3,277,132

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

7


 

Lyft, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(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