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Table of Contents

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, 2020 
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)
_________________________________________________________________
Delaware20-8809830
(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 classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value of $0.00001 per shareLYFTNasdaq 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 filerSmaller 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 August 10, 2020, the number of shares of the registrant’s Class A common stock outstanding was 303,277,952 and the number of shares of the registrant’s Class B common stock outstanding was 8,802,629.

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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, including repayment of our indebtedness;
the impact of the COVID-19 pandemic and related responses of businesses and governments to the pandemic on our operations and personnel, on commercial activity and demand across our platform, business operations and results of operations, and on our ability to forecast our financial and operating results;
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, bikes and scooters, Driver Centers, Lyft Rentals and Flexdrive;
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 and business operations, including our recent plan of termination;
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
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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.
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.
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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
2020
December 31
2019
Assets
Current assets
Cash and cash equivalents$841,061  $358,319  
Short-term investments1,934,876  2,491,805  
Prepaid expenses and other current assets320,269  397,239  
Total current assets3,096,206  3,247,363  
Restricted cash and cash equivalents210,343  204,976  
Restricted investments971,831  1,361,045  
Other investments10,000    
Property and equipment, net353,576  188,603  
Operating lease right-of-use assets297,173  441,258  
Intangible assets, net79,705  82,919  
Goodwill182,797  158,725  
Other assets12,814  6,494  
Total assets$5,214,445  $5,691,383  
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity
Current liabilities
Accounts payable$48,236  $38,839  
Insurance reserves943,636  1,378,462  
Accrued and other current liabilities939,410  939,865  
Operating lease liabilities — current48,282  94,199  
Total current liabilities1,979,564  2,451,365  
Operating lease liabilities293,017  382,077  
Long-term debt, net of current portion623,360    
Other liabilities21,945  3,857  
Total liabilities2,917,886  2,837,299  
Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock, $0.00001 par value; 1,000,000,000 shares authorized as of June 30, 2020 and December 31, 2019; no shares issued and outstanding as of June 30, 2020 and December 31, 2019
    
Common stock, $0.00001 par value; 18,000,000,000 Class A shares authorized as of June 30, 2020 and December 31, 2019; 303,273,200 and 293,793,151 Class A shares issued and outstanding, as of June 30, 2020 and December 31, 2019, respectively; 100,000,000 Class B shares authorized, 8,802,629 Class B shares issued and outstanding, as of June 30, 2020 and December 31, 2019
3  3  
Additional paid-in capital8,674,208  8,398,927  
Accumulated other comprehensive income5,104  2,725  
Accumulated deficit(6,382,756) (5,547,571) 
Total stockholders’ equity2,296,559  2,854,084  
Total liabilities and stockholders’ equity$5,214,445  $5,691,383  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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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,
2020201920202019
Revenue$339,345  $867,265  $1,295,057  $1,643,292  
Costs and expenses
Cost of revenue251,355  630,136  793,774  1,092,993  
Operations and support98,610  151,975  232,392  339,210  
Research and development203,101  309,833  461,840  940,793  
Sales and marketing51,822  180,951  248,259  456,080  
General and administrative221,954  267,286  460,394  644,022  
Total costs and expenses826,842  1,540,181  2,196,659  3,473,098  
Loss from operations(487,497) (672,916) (901,602) (1,829,806) 
Interest expense(6,537)   (8,044)   
Other income (expense), net12,123  29,668  31,292  49,468  
Loss before income taxes(481,911) (643,248) (878,354) (1,780,338) 
Provision for income taxes(44,799) 991  (43,169) 2,374  
Net loss$(437,112) $(644,239) $(835,185) $(1,782,712) 
Net loss per share, basic and diluted$(1.41) $(2.23) $(2.72) $(11.38) 
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted309,213  288,372  306,857  156,647  
Stock-based compensation included in costs and expenses:
Cost of revenue$4,456  $15,058  $14,180  $56,548  
Operations and support1,499  8,221  5,632  59,624  
Research and development52,233  182,918  147,781  689,124  
Sales and marketing4,455  12,133  9,205  57,244  
General and administrative43,160  74,908  88,983  290,184  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Lyft, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net loss$(437,112) $(644,239) $(835,185) $(1,782,712) 
Other comprehensive (loss) income
Foreign currency translation adjustment732  420  (612) 667  
Unrealized gain (loss) on marketable securities, net of taxes5,713  2,887  2,991  4,693  
Other comprehensive income6,445  3,307  2,379  5,360  
Comprehensive loss$(430,667) $(640,932) $(832,806) $(1,777,352) 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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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
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Deficit
Shares
Amount
Shares
Amount
Balances as of December 31, 2018219,176  $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 restricted stock units—  —  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, 2019219,176  $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  
Conversion of Class A common stock into Class B common stock in connection with initial public offering—  —  —  —  —  —  —  —  
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.


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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
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’ Equity
Shares
Amount
Shares
Amount
Balances as of December 31, 2019  $  302,596  $3  $8,398,927  $(5,547,571) $2,725  $2,854,084  
Issuance of common stock upon exercise of stock options—  —  504  —  2,329  —  —  2,329  
Issuance of common stock upon settlement of restricted stock units—  —  3,838  —  —  —  —  —  
Shares withheld related to net share settlement—  —  (146) —  (6,763) —  —  (6,763) 
Stock-based compensation—  —  —  —  159,978  —  —  159,978  
Other comprehensive income (loss)—  —  —  —  —  —  (4,066) (4,066) 
Net loss—  —  —  —  —  (398,073) —  (398,073) 
Balances as of March 31, 2020  $  306,792  $3  $8,554,471  $(5,945,644) $(1,341) $2,607,489  
Issuance of common stock upon exercise of stock options—  —  153  —  757  —  —  757  
Issuance of common stock upon settlement of restricted stock units—  —  4,813  —  —  —  —  —  
Issuance of common stock under employee stock purchase plan—  —  463  —  11,071  —  —  11,071  
Shares withheld related to net share settlement—  —  (145) —  (4,437) —  —  (4,437) 
Equity component of the convertible senior notes issued, net of tax and offering costs—  —  —  —  139,224  —  —  139,224  
Purchase of capped calls—  —  —  —  (132,681) —  —  (132,681) 
Stock-based compensation—  —  —  —  105,803  —  —  105,803  
Other comprehensive income (loss)—  —  —  —  —  —  6,445  6,445  
Net loss—  —  —  —  —  (437,112) —  (437,112) 
Balances as of June 30, 2020  $  312,076  $3  $8,674,208  $(6,382,756) $5,104  $2,296,559  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Lyft, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June 30,
20202019
Cash flows from operating activities
Net loss$(835,185) $(1,782,712) 
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization79,936  54,215  
Stock-based compensation265,781  1,152,724  
Amortization of premium on marketable securities1,735  151  
Accretion of discount on marketable securities(11,784) (21,357) 
Amortization of debt discount and issuance costs4,120    
Deferred income tax (46,324)   
Loss on disposal of assets13,957    
Other2,301  7,463  
Changes in operating assets and liabilities
Prepaid expenses and other assets71,285  (79,712) 
Operating lease right-of-use assets33,449  39,951  
Accounts payable4,237  (22,403) 
Insurance reserves(434,827) 397,107  
Accrued and other liabilities(89,635) 212,083  
Lease liabilities(17,694) (27,021) 
Net cash used in operating activities(958,648) (69,511) 
Cash flows from investing activities
Purchases of marketable securities(2,221,963) (3,581,779) 
Purchase of non-marketable security(10,000)   
Purchases of term deposits(363,811) (105,000) 
Proceeds from sales of marketable securities447,939  647,138  
Proceeds from maturities of marketable securities2,953,281  1,391,360  
Proceeds from maturity of term deposit142,811    
Purchases of property and equipment and scooter fleet(56,235) (68,285) 
Cash paid for acquisitions, net of cash acquired(12,440) (1,801) 
Other investing activities974  780  
Net cash provided by (used in) investing activities880,556  (1,717,587) 
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  
Repayment of loans(17,993)   
Proceeds from issuance of convertible senior notes734,065    
Payment of debt issuance costs(374)   
Purchase of capped call(132,681)   
Proceeds from exercise of stock options and other common stock issuances14,200  2,541  
Taxes paid related to net share settlement of equity awards(11,199) (863,955) 
Principal payments on finance lease obligations (18,042)   
Net cash provided by financing activities567,976  1,622,816  
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents(364) 296  
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents489,520  (163,986) 
Cash, cash equivalents and restricted cash and cash equivalents
Beginning of period564,465  706,486  
End of period$1,053,985  $542,500  
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Six Months Ended June 30,
20202019
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets
Cash and cash equivalents$841,061  $417,393  
Restricted cash and cash equivalents