lyft-10q_20190930.htm
false Q3 0001759509 --12-31 Non-accelerated Filer true Class A common stock, par value of $0.00001 per share P6Y10M24D P1Y10M24D 0001759509 2019-01-01 2019-09-30 xbrli:shares 0001759509 us-gaap:CommonClassAMember 2019-10-30 0001759509 us-gaap:CommonClassBMember 2019-10-30 iso4217:USD 0001759509 2019-09-30 0001759509 2018-12-31 iso4217:USD xbrli:shares 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2019-09-30 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2018-12-31 0001759509 us-gaap:CommonClassAMember 2019-09-30 0001759509 us-gaap:CommonClassBMember 2019-09-30 0001759509 us-gaap:CommonClassBMember 2018-12-31 0001759509 2019-07-01 2019-09-30 0001759509 2018-07-01 2018-09-30 0001759509 2018-01-01 2018-09-30 0001759509 us-gaap:CostOfSalesMember 2019-07-01 2019-09-30 0001759509 us-gaap:CostOfSalesMember 2018-07-01 2018-09-30 0001759509 us-gaap:CostOfSalesMember 2019-01-01 2019-09-30 0001759509 us-gaap:CostOfSalesMember 2018-01-01 2018-09-30 0001759509 lyft:OperationsAndSupportMember 2019-07-01 2019-09-30 0001759509 lyft:OperationsAndSupportMember 2018-07-01 2018-09-30 0001759509 lyft:OperationsAndSupportMember 2019-01-01 2019-09-30 0001759509 lyft:OperationsAndSupportMember 2018-01-01 2018-09-30 0001759509 us-gaap:ResearchAndDevelopmentExpenseMember 2019-07-01 2019-09-30 0001759509 us-gaap:ResearchAndDevelopmentExpenseMember 2018-07-01 2018-09-30 0001759509 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-09-30 0001759509 us-gaap:ResearchAndDevelopmentExpenseMember 2018-01-01 2018-09-30 0001759509 us-gaap:SellingAndMarketingExpenseMember 2019-07-01 2019-09-30 0001759509 us-gaap:SellingAndMarketingExpenseMember 2018-07-01 2018-09-30 0001759509 us-gaap:SellingAndMarketingExpenseMember 2019-01-01 2019-09-30 0001759509 us-gaap:SellingAndMarketingExpenseMember 2018-01-01 2018-09-30 0001759509 us-gaap:GeneralAndAdministrativeExpenseMember 2019-07-01 2019-09-30 0001759509 us-gaap:GeneralAndAdministrativeExpenseMember 2018-07-01 2018-09-30 0001759509 us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-09-30 0001759509 us-gaap:GeneralAndAdministrativeExpenseMember 2018-01-01 2018-09-30 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2017-12-31 0001759509 us-gaap:CommonStockMember 2017-12-31 0001759509 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001759509 us-gaap:RetainedEarningsMember 2017-12-31 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001759509 2017-12-31 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2018-01-01 2018-03-31 0001759509 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001759509 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001759509 2018-01-01 2018-03-31 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0001759509 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2018-03-31 0001759509 us-gaap:CommonStockMember 2018-03-31 0001759509 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001759509 us-gaap:RetainedEarningsMember 2018-03-31 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001759509 2018-03-31 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2018-04-01 2018-06-30 0001759509 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0001759509 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001759509 2018-04-01 2018-06-30 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0001759509 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2018-06-30 0001759509 us-gaap:CommonStockMember 2018-06-30 0001759509 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001759509 us-gaap:RetainedEarningsMember 2018-06-30 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001759509 2018-06-30 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2018-07-01 2018-09-30 0001759509 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0001759509 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0001759509 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2018-09-30 0001759509 us-gaap:CommonStockMember 2018-09-30 0001759509 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001759509 us-gaap:RetainedEarningsMember 2018-09-30 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0001759509 2018-09-30 0001759509 lyft:CommonClassAAndBMember us-gaap:CommonStockMember 2018-12-31 0001759509 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001759509 us-gaap:RetainedEarningsMember 2018-12-31 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001759509 lyft:CommonClassAAndBMember us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001759509 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001759509 2019-01-01 2019-03-31 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001759509 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2019-03-31 0001759509 lyft:CommonClassAAndBMember us-gaap:CommonStockMember 2019-03-31 0001759509 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001759509 us-gaap:RetainedEarningsMember 2019-03-31 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001759509 2019-03-31 0001759509 lyft:CommonClassAAndBMember us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001759509 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001759509 2019-04-01 2019-06-30 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2019-04-01 2019-06-30 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001759509 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001759509 lyft:CommonClassAAndBMember us-gaap:CommonStockMember 2019-06-30 0001759509 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001759509 us-gaap:RetainedEarningsMember 2019-06-30 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001759509 2019-06-30 0001759509 lyft:CommonClassAAndBMember us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001759509 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001759509 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001759509 lyft:CommonClassAAndBMember us-gaap:CommonStockMember 2019-09-30 0001759509 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001759509 us-gaap:RetainedEarningsMember 2019-09-30 0001759509 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001759509 us-gaap:IPOMember us-gaap:CommonClassAMember 2019-04-02 2019-04-02 0001759509 us-gaap:IPOMember us-gaap:CommonClassAMember 2019-04-02 0001759509 us-gaap:OverAllotmentOptionMember us-gaap:CommonClassAMember 2019-04-09 2019-04-09 0001759509 us-gaap:OverAllotmentOptionMember us-gaap:CommonClassAMember 2019-04-09 0001759509 us-gaap:CommonClassAMember 2019-04-02 2019-04-02 0001759509 us-gaap:CommonClassAMember 2019-04-02 0001759509 us-gaap:RedeemableConvertiblePreferredStockMember 2019-04-02 2019-04-02 0001759509 us-gaap:CommonClassBMember 2019-04-02 0001759509 2019-04-02 0001759509 lyft:SharedBikesAndScootersMember 2018-07-01 2018-09-30 0001759509 lyft:SharedBikesAndScootersMember 2018-01-01 2018-09-30 0001759509 srt:MinimumMember 2019-01-01 2019-09-30 0001759509 srt:MaximumMember 2019-01-01 2019-09-30 0001759509 lyft:ExpressDrivePartnerProgramMember 2019-07-01 2019-09-30 0001759509 lyft:ExpressDrivePartnerProgramMember 2019-01-01 2019-09-30 0001759509 lyft:ExpressDrivePartnerProgramMember 2018-07-01 2018-09-30 0001759509 lyft:ExpressDrivePartnerProgramMember 2018-01-01 2018-09-30 0001759509 lyft:DriverPassengerAndLightVehicleRenterIncentiveProgramsMember 2019-07-01 2019-09-30 0001759509 lyft:DriverPassengerAndLightVehicleRenterIncentiveProgramsMember 2019-01-01 2019-09-30 0001759509 lyft:DriverPassengerAndLightVehicleRenterIncentiveProgramsMember 2018-07-01 2018-09-30 0001759509 lyft:DriverPassengerAndLightVehicleRenterIncentiveProgramsMember 2018-01-01 2018-09-30 0001759509 2019-03-28 2019-03-28 0001759509 2019-01-01 0001759509 us-gaap:MoneyMarketFundsMember 2019-09-30 0001759509 lyft:TermDepositsMember 2019-09-30 0001759509 us-gaap:CertificatesOfDepositMember 2019-09-30 0001759509 us-gaap:CommercialPaperMember 2019-09-30 0001759509 us-gaap:CorporateBondSecuritiesMember 2019-09-30 0001759509 lyft:CashCashEquivalentsAndShortTermInvestmentsMember 2019-09-30 0001759509 lyft:RestrictedCashAndCashEquivalentsAndRestrictedInvestmentsMember 2019-09-30 0001759509 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2019-09-30 0001759509 us-gaap:MoneyMarketFundsMember 2018-12-31 0001759509 us-gaap:CertificatesOfDepositMember 2018-12-31 0001759509 us-gaap:CommercialPaperMember 2018-12-31 0001759509 us-gaap:CorporateBondSecuritiesMember 2018-12-31 0001759509 lyft:CashCashEquivalentsAndShortTermInvestmentsMember 2018-12-31 0001759509 lyft:RestrictedCashAndCashEquivalentsAndRestrictedInvestmentsMember 2018-12-31 0001759509 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2018-12-31 0001759509 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2019-09-30 0001759509 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001759509 us-gaap:CertificatesOfDepositMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0001759509 us-gaap:CertificatesOfDepositMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001759509 us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0001759509 us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001759509 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0001759509 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001759509 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2019-09-30 0001759509 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0001759509 us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001759509 lyft:CashCashEquivalentsAndShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001759509 lyft:RestrictedCashAndCashEquivalentsAndRestrictedInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001759509 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001759509 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0001759509 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001759509 us-gaap:CertificatesOfDepositMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0001759509 us-gaap:CertificatesOfDepositMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001759509 us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0001759509 us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001759509 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0001759509 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001759509 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0001759509 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0001759509 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001759509 lyft:CashCashEquivalentsAndShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001759509 lyft:RestrictedCashAndCashEquivalentsAndRestrictedInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001759509 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 lyft:Location 0001759509 lyft:RealEstateLeaseMember 2019-09-30 lyft:Lease 0001759509 lyft:RealEstateLeaseMember srt:MinimumMember 2019-01-01 2019-09-30 0001759509 lyft:RealEstateLeaseMember srt:MaximumMember 2019-01-01 2019-09-30 0001759509 lyft:RealEstateLeaseMember 2019-01-01 2019-09-30 0001759509 srt:MinimumMember lyft:SelectExpressDrivePartnerProgramMember 2019-01-01 2019-09-30 0001759509 lyft:SelectExpressDrivePartnerProgramMember srt:MaximumMember 2019-01-01 2019-09-30 0001759509 lyft:SelectExpressDrivePartnerProgramMember 2019-07-01 2019-09-30 0001759509 lyft:SelectExpressDrivePartnerProgramMember 2019-01-01 2019-09-30 0001759509 lyft:SelectExpressDrivePartnerProgramMember 2018-07-01 2018-09-30 0001759509 lyft:SelectExpressDrivePartnerProgramMember 2018-01-01 2018-09-30 0001759509 lyft:ExpressDrivePartnerProgramMember 2019-09-30 xbrli:pure 0001759509 lyft:RealEstateLeaseMember 2019-07-01 2019-09-30 0001759509 srt:MinimumMember 2019-09-30 0001759509 srt:MaximumMember 2019-09-30 0001759509 lyft:RealEstateLeaseMember 2018-12-31 0001759509 lyft:ExpressDrivePartnerProgramMember 2018-12-31 0001759509 srt:MinimumMember 2018-03-31 0001759509 srt:MinimumMember 2019-01-31 0001759509 2018-03-01 2018-03-31 0001759509 2019-05-31 0001759509 2019-05-01 2019-05-31 0001759509 2017-01-31 0001759509 us-gaap:CommonStockMember 2019-03-01 2019-03-31 0001759509 us-gaap:RestrictedStockUnitsRSUMember lyft:OfficersEmployeesAndConsultantsEffectiveOneBusinessDayMember 2019-03-01 2019-03-31 0001759509 us-gaap:RestrictedStockUnitsRSUMember 2019-03-01 2019-03-31 0001759509 us-gaap:RestrictedStockUnitsRSUMember 2019-05-01 2019-05-31 0001759509 us-gaap:RestrictedStockUnitsRSUMember 2019-08-01 2019-08-31 0001759509 us-gaap:RestrictedStockUnitsRSUMember 2019-09-30 0001759509 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001759509 lyft:TwoThousandAndNineteenEmployeeStockPurchasePlanMember 2019-03-31 0001759509 lyft:TwoThousandAndNineteenEmployeeStockPurchasePlanMember 2019-03-30 2019-03-31 0001759509 lyft:TwoThousandAndNineteenEmployeeStockPurchasePlanMember 2019-01-01 2019-09-30 0001759509 lyft:TwoThousandAndNineteenEmployeeStockPurchasePlanMember 2019-09-30 0001759509 srt:ScenarioForecastMember lyft:TwoThousandAndNineteenEmployeeStockPurchasePlanMember 2020-01-01 0001759509 srt:ScenarioForecastMember lyft:TwoThousandAndNineteenEmployeeStockPurchasePlanMember 2019-12-31 2020-01-01 0001759509 us-gaap:ConvertiblePreferredStockMember 2018-09-29 2018-09-30 0001759509 us-gaap:EmployeeStockOptionMember 2019-09-29 2019-09-30 0001759509 us-gaap:EmployeeStockOptionMember 2018-09-29 2018-09-30 0001759509 us-gaap:RestrictedStockUnitsRSUMember 2019-09-29 2019-09-30 0001759509 us-gaap:RestrictedStockUnitsRSUMember 2018-09-29 2018-09-30 0001759509 lyft:RestrictedStockAwardsRSAMember 2019-09-29 2019-09-30 0001759509 lyft:EmployeeStockPurchasePlanMember 2019-09-29 2019-09-30 0001759509 lyft:EarlyExercisedStockOptionsMember 2018-09-29 2018-09-30 0001759509 2019-09-29 2019-09-30 0001759509 2018-09-29 2018-09-30 0001759509 us-gaap:MajorityShareholderMember lyft:AdvertisingRelatedAndOtherServicesMember 2019-01-01 2019-09-30 0001759509 us-gaap:MajorityShareholderMember lyft:AdvertisingRelatedAndOtherServicesMember 2018-07-01 2018-09-30 0001759509 us-gaap:MajorityShareholderMember lyft:AdvertisingRelatedAndOtherServicesMember 2018-01-01 2018-09-30 0001759509 us-gaap:MajorityShareholderMember lyft:VehicleRentalPartnershipAgreementMember lyft:PaymentInExcessOfRentalFeesRecordedAsReductionToRevenueMember 2018-01-01 2018-09-30 0001759509 us-gaap:MajorityShareholderMember lyft:VehicleRentalPartnershipAgreementMember 2018-01-01 2018-09-30 0001759509 lyft:MarketingServicesMember 2019-07-01 2019-09-30 0001759509 lyft:MarketingServicesMember 2019-01-01 2019-09-30 0001759509 lyft:MarketingServicesMember 2018-07-01 2018-09-30 0001759509 lyft:MarketingServicesMember 2018-01-01 2018-09-30 0001759509 lyft:AccountsPayableAndAccruedAndOtherCurrentLiabilitiesMember 2019-09-30 0001759509 lyft:AccountsPayableAndAccruedAndOtherCurrentLiabilitiesMember 2018-12-31

 

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 September 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 October 30, 2019, the number of shares of the registrant’s Class A common stock outstanding was 286,463,787 and the number of shares of the registrant’s Class B common stock outstanding was 11,232,629.

 

 

 

 


Table of Contents

 

 

 

Page

PART I

FINANCIAL INFORMATION

3

Item 1.

Condensed Consolidated Financial Statements (unaudited)

3

 

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

3

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018

4

 

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

5

 

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

6

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

36

Item 4.

Controls and Procedures

36

 

 

 

PART II

OTHER INFORMATION

37

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

70

Item 3.

Defaults Upon Senior Securities

70

Item 4.

Mine Safety Disclosures

70

Item 5.

Other Information

70

Item 6.

Exhibits

71

 

Signatures

72

 

 

 

 


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 the classification of drivers on our platform, 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 and Lyft Rentals;

 

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)

 

 

 

September 30, 2019

 

 

December 31,

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

543,871

 

 

$

517,690

 

Short-term investments

 

 

2,572,568

 

 

 

1,520,180

 

Prepaid expenses and other current assets

 

 

426,384

 

 

 

282,572

 

Total current assets

 

 

3,542,823

 

 

 

2,320,442

 

Restricted cash and cash equivalents

 

 

139,440

 

 

 

187,374

 

Restricted investments

 

 

1,237,314

 

 

 

863,713

 

Property and equipment, net

 

 

159,986

 

 

 

109,257

 

Operating lease right of use assets

 

 

411,962

 

 

 

 

Intangible assets, net

 

 

90,218

 

 

 

117,733

 

Goodwill

 

 

150,781

 

 

 

152,085

 

Other assets

 

 

2,637

 

 

 

9,439

 

Total assets

 

$

5,735,161

 

 

$

3,760,043

 

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

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

36,210

 

 

$

32,343

 

Insurance reserves

 

 

1,374,935

 

 

 

810,273

 

Accrued and other current liabilities

 

 

880,769

 

 

 

606,203

 

Operating lease liabilities — current

 

 

88,875

 

 

 

 

Total current liabilities

 

 

2,380,789

 

 

 

1,448,819

 

Operating lease liabilities

 

 

359,160

 

 

 

 

Other liabilities

 

 

5,698

 

 

 

30,458

 

Total liabilities

 

 

2,745,647

 

 

 

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 September 30, 2019 and December 31, 2018, respectively; no and 219,175,709 shares issued and outstanding as of September 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 September 30, 2019 and December 31, 2018, respectively; no shares issued and outstanding as of September 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,  286,350,943 Class A shares and 22,438,472 shares issued and outstanding, as of September 30, 2019 and December 31, 2018, respectively; 100,000,000 and no Class B shares authorized, 11,232,629 and no Class B shares issued and outstanding, as of September 30, 2019 and December 31, 2018, respectively

 

 

3

 

 

 

 

Additional paid-in capital

 

 

8,176,401

 

 

 

73,916

 

Accumulated other comprehensive income

 

 

4,629

 

 

 

133

 

Accumulated deficit

 

 

(5,191,519

)

 

 

(2,945,330

)

Total stockholders’ equity (deficit)

 

 

2,989,514

 

 

 

(2,871,281

)

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

 

$

5,735,161

 

 

$

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

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

955,598

 

 

$

584,951

 

 

$

2,598,890

 

 

$

1,487,051

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

580,714

 

 

 

322,614

 

 

 

1,673,707

 

 

 

876,409

 

Operations and support

 

 

149,794

 

 

 

92,481

 

 

 

489,004

 

 

 

219,752

 

Research and development

 

 

288,272

 

 

 

77,168

 

 

 

1,229,065

 

 

 

204,775

 

Sales and marketing

 

 

163,858

 

 

 

241,015

 

 

 

619,938

 

 

 

584,829

 

General and administrative

 

 

263,820

 

 

 

120,348

 

 

 

907,842

 

 

 

308,974

 

Total costs and expenses

 

 

1,446,458

 

 

 

853,626

 

 

 

4,919,556

 

 

 

2,194,739

 

Loss from operations

 

 

(490,860

)

 

 

(268,675

)

 

 

(2,320,666

)

 

 

(707,688

)

Interest income

 

 

28,651

 

 

 

19,615

 

 

 

78,284

 

 

 

46,367

 

Other income, net

 

 

641

 

 

 

409

 

 

 

476

 

 

 

65

 

Loss before income taxes

 

 

(461,568

)

 

 

(248,651

)

 

 

(2,241,906

)

 

 

(661,256

)

Provision for income taxes

 

 

1,909

 

 

 

510

 

 

 

4,283

 

 

 

1,147

 

Net loss

 

$

(463,477

)

 

$

(249,161

)

 

$

(2,246,189

)

 

$

(662,403

)

Net loss per share, basic and diluted

 

$

(1.57

)

 

$

(11.58

)

 

$

(11.05

)

 

$

(31.72

)

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

 

 

294,784

 

 

 

21,508

 

 

 

203,199

 

 

 

20,884

 

Stock-based compensation included in costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

12,078

 

 

$

139

 

 

$

68,625

 

 

$

381

 

Operations and support

 

 

8,553

 

 

 

48

 

 

 

68,178

 

 

 

145

 

Research and development

 

 

153,830

 

 

 

1,110

 

 

 

842,954

 

 

 

2,353

 

Sales and marketing

 

 

7,969

 

 

 

63

 

 

 

65,213

 

 

 

237

 

General and administrative

 

 

59,746

 

 

 

1,486

 

 

 

349,930

 

 

 

3,227

 

 

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

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(463,477

)

 

$

(249,161

)

 

$

(2,246,189

)

 

$

(662,403

)

Other comprehensive (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

431

 

 

 

(75

)

 

 

1,098

 

 

 

165

 

Unrealized gain (loss) on marketable securities, net of taxes

 

 

(1,295

)

 

 

(21

)

 

 

3,398

 

 

 

538

 

Other comprehensive (loss) income

 

 

(864

)

 

 

(96

)

 

 

4,496

 

 

 

703

 

Comprehensive loss

 

$

(464,341

)

 

$

(249,257

)

 

$

(2,241,693

)

 

$

(661,700

)

 

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

)

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

 

 

745

 

 

 

35,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

625

 

 

 

 

 

 

3,994

 

 

 

 

 

 

 

 

 

3,994

 

Issuance of restricted common stock upon early exercise of stock options

 

 

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

168

 

 

 

 

 

 

 

 

 

168

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,846

 

 

 

 

 

 

 

 

 

2,846

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(96

)

 

 

(96

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(249,161

)

 

 

 

 

 

(249,161

)

Balances as of September 30, 2018

 

 

218,640

 

 

$

5,126,707

 

 

 

21,907

 

 

$

 

 

$

70,202

 

 

$

(2,696,398

)

 

$

(308

)

 

$

(2,626,504

)

 

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