Lyft, Inc. (Nasdaq:LYFT) today announced financial results for its
first quarter ended March 31, 2019.
“The first quarter was a strong start to an important year, our
first as a public company,” said Logan Green, Co-Founder and CEO of
Lyft. “Our performance was driven by the increased demand for
our network and multi-modal platform, as Active Riders grew 46
percent and revenue grew 95 percent year-over-year. Transportation
is one of the largest segments of our economy and we are still in
the very early stages of an enormous secular shift from personal
car ownership to Transportation-as-a-Service.”
First Quarter 2019 Highlights
- Lyft reported Q1 revenue of $776.0 million versus $397.2
million in the first quarter of 2018, an increase of 95 percent
year-over-year.
- Net loss for Q1 includes $894 million of stock-based
compensation and related payroll tax expenses, primarily due to RSU
expense recognition in connection with our initial public offering.
As a result, net loss for Q1 2019 was $1,138.5 million versus a net
loss of $234.3 in the same period of 2018. Net loss margin was not
meaningful in the quarter and (59.0%) in the first quarter of
2018.
- Adjusted net loss was $211.5 million versus an adjusted net
loss of $228.4 million in the first quarter of 2018. Adjusted net
loss is adjusted for amortization of intangible assets, stock-based
compensation expense, payroll tax expense related to stock-based
compensation, changes to the insurance reserve attributable to
historical periods, and cost related to acquisitions.
- Lyft reported Contribution of $384.9 million versus $140.4
million in the first quarter of 2018, up 174% year-over-year.
Contribution Margin increased to 49.6% from 35.4% versus the first
quarter of 2018.
- Adjusted EBITDA was ($216.0) million versus ($238.7) million in
the first quarter of 2018. Adjusted EBITDA Margin was (27.8%)
versus (60.1%) in the first quarter of 2018.
- Lyft’s IPO Registration Statement was declared effective on
March 28, 2019. The IPO closed on April 2, 2019.
|
Fiscal 2018Q1 |
Fiscal 2019Q1 |
year-over-year change |
|
|
|
|
Active Riders (in millions) |
14.0 |
20.5 |
46% |
|
|
|
|
Revenue per Active Rider |
$28.27 |
$37.86 |
34% |
|
|
|
|
Revenue (in millions) |
$397 |
$776 |
95% |
|
|
|
|
Outlook:For Q2, we anticipate:
- Total revenue to be between $800 million and $810 million
- Adjusted EBITDA loss to be between $270 million and $280
million
For FY 2019, we anticipate:
- Total revenue to be between $3.275 billion and $3.3
billion
- Adjusted EBITDA loss to be between $1.15 billion and $1.175
billion
For more information regarding the non-GAAP financial measures
discussed in this letter, please see "GAAP to non-GAAP
Reconciliations" below. Guidance for adjusted EBITDA loss excludes
interest income, other income (expense), provision for income
taxes, depreciation and amortization, stock-based compensation
expense, payroll tax expense related to stock-based compensation,
changes to the insurance reserve attributable to historical
periods, and costs related to acquisitions. We have not reconciled
adjusted EBITDA guidance to GAAP net income (loss) because we do
not provide guidance on GAAP net income (loss) or the reconciling
items between adjusted EBITDA and GAAP net income (loss), as a
result of the uncertainty regarding, and the potential variability
of, certain of these items. Accordingly, a reconciliation of the
non-GAAP financial measure guidance to the corresponding GAAP
measure is not available without unreasonable effort. A
reconciliation of historical adjusted EBITDA is below.
WebcastLyft 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 LyftLyft was founded in 2012, and has
over 30 million riders and 2 million drivers. We are singularly
focused on improving people’s lives with the world’s best
transportation and committed to building reliable, affordable and
sustainable transportation.
Available Information Lyft intends to use its
Investor Relations website, its blog and its Twitter account as a
means of disclosing material non-public information and for
complying with its disclosure obligations under Regulation FD.
Forward Looking Statements This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Forward-looking
statements generally relate to future events or Lyft's future
financial or operating performance. In some cases, you can identify
forward looking statements because they contain words such as
"may," "will," "should," "expects," "plans," "anticipates,” “going
to,” "could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential" or "continue" or
the negative of these words or other similar terms or expressions
that concern Lyft's expectations, strategy, priorities, plans or
intentions. Forward-looking statements in this release include, but
are not limited to, statements regarding the deployment of vehicles
on the Lyft platform and timing of such deployment, Lyft’s future
financial and operating performance, including its outlook and
guidance for the second quarter and full year 2019, demand for
Lyft’s products and services and the markets in which Lyft operates
and the future of Transportation-as-a-Service. Lyft’s expectations
and beliefs regarding these matters may not materialize, and actual
results in future periods are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected, including risks regarding our ability to forecast our
business due to our limited operating history, our competition,
fluctuations in the ridesharing market, our ability to attract and
retain drivers and riders and our partner relationships. The
forward-looking statements contained in this release are also
subject to other risks and uncertainties, including those more
fully described in Lyft's filings with the Securities and Exchange
Commission, including Lyft’s prospectus filed pursuant to Rule
424(b) under the Securities Act of 1933, as amended, on March 29,
2019 and in our Quarterly Report on Form 10-Q that will be filed
following this earnings release. The forward-looking statements in
this release are based on information available to Lyft as of the
date hereof, and Lyft disclaims any obligation to update any
forward-looking statements, except as required by law.
A Note About Metrics Lyft defines Active Riders
as all riders who take at least one ride on our multimodal platform
through the Lyft app during a quarter. An Active Rider is
identified by a unique phone number. If a rider has two mobile
phone numbers or changed their phone number and such rider took
rides using both phone numbers during the quarter, that person
would count as two Active Riders. If a rider has a personal and
business profile tied to the same mobile phone number, that person
would be considered a single Active Rider. If a ride has been
requested by an organization using our Concierge offering for the
benefit of a rider, we exclude this rider in the calculation of
Active Riders since using the Lyft app is not required. With
acquired businesses, including Motivate, only riders that have
taken a ride or rented a bike or scooter through our Lyft app
during the quarter will count as an Active Rider. Additionally, our
calculation of Active Riders is not based on any standardized
industry methodology and is not necessarily calculated in the same
manner or comparable to similarly titled measures presented by
other companies. Lyft defines Revenue per Active Rider as quarterly
revenue divided by the number of Active Riders for the same
quarter.
Non-GAAP Financial Measures To supplement
Lyft's financial information presented in accordance with generally
accepted accounting principles in the United States of America, or
GAAP, Lyft considers certain financial measures that are not
prepared in accordance with GAAP, including adjusted net loss,
Contribution, Contribution Margin, Adjusted EBITDA and Adjusted
EBITDA Margin. Lyft defines adjusted net loss as net loss adjusted
for amortization of intangible assets, stock-based compensation
expense, payroll tax expense related to stock-based compensation,
changes to the insurance reserve attributable to historical
periods, and cost related to acquisitions; Lyft defines
Contribution as revenue less cost of revenue, adjusted to exclude
the following items from cost of revenue: amortization of
intangible assets, stock-based compensation expense, payroll tax
expense related to stock-based compensation, changes to the
insurance reserve attributable to historical periods, and cost
related to acquisitions; Lyft defines Contribution Margin for a
period as Contribution for the period divided by Revenue for the
same period. Lyft defines Adjusted EBITDA as net loss adjusted to
exclude interest income, other income (expense), provision for
income taxes, depreciation and amortization, stock-based
compensation expense, payroll tax expense related to stock-based
compensation, changes to the insurance reserve attributable to
historical periods, and cost related to acquisitions. Adjusted
EBITDA Margin is calculated by dividing adjusted EBITDA for a
period by revenue for the same period.
Lyft records changes to historical insurance claims under
ridesharing for financial reporting purposes in the quarter of
positive or adverse development even though such development may be
related to claims that occurred in earlier periods. For example, if
in the first quarter of a given year, the cost of claims grew by $1
million for claims related to the prior fiscal year or earlier, the
expense would be recorded for GAAP purposes within the first
quarter instead of in the results of a previously reported prior
period. Lyft believes these prior period insurance reserve changes
do not illustrate the current period performance of Lyft’s ongoing
operations since these prior period reserve changes relate to
claims that could date back potentially years. Lyft has limited
ability to influence the ultimate development of historical claims.
Accordingly, including the prior period reserve changes would not
illustrate the performance of Lyft’s ongoing operations or how the
business is run or managed by Lyft. For consistency, Lyft does not
adjust the calculation of adjusted net loss, Contribution and
Adjusted EBITDA for any prior period based on any positive or
adverse development that occurs subsequent to the quarter end. Lyft
believes the exclusion of the insurance reserves adjustment from
adjusted net loss, Contribution and Adjusted EBITDA is useful to
investors by enabling them to better assess Lyft’s operating
performance in the context of current period results.
Lyft uses adjusted net loss, Contribution, Contribution Margin,
Adjusted EBITDA and Adjusted EBITDA Margin in conjunction with GAAP
measures as part of Lyft’s overall assessment of its performance,
including the preparation of Lyft’s annual operating budget and
quarterly forecasts, to evaluate the effectiveness of Lyft’s
business strategies, and to communicate with Lyft’s board of
directors concerning Lyft’s financial performance. Adjusted net
loss, Contribution and Contribution Margin are measures used by our
management to understand and evaluate our operating performance and
trends. Lyft believes Contribution and Contribution Margin are key
measures of Lyft’s ability to achieve profitability and increase it
over time. Adjusted net loss, Adjusted EBITDA and Adjusted EBITDA
Margin are key performance measures that Lyft’s management uses to
assess Lyft’s operating performance and the operating leverage in
Lyft’s business. Because Adjusted EBITDA and Adjusted EBITDA Margin
facilitate internal comparisons of our historical operating
performance on a more consistent basis, Lyft uses these measures
for business planning purposes.
Lyft’s definitions may differ from the definitions used by other
companies and therefore comparability may be limited. In addition,
other companies may not publish these or similar metrics.
Furthermore, these metrics have certain limitations in that they do
not include the impact of certain expenses that are reflected in
our consolidated statement of operations that are necessary to run
our business. Thus, adjusted net loss, Contribution, Contribution
Margin, Adjusted EBITDA and Adjusted EBITDA Margin should be
considered in addition to, not as substitutes for, or in isolation
from, measures prepared in accordance with GAAP.
ContactsCatherine Buan
investor@lyft.com
Adrian Durbin / Alexandra LaMannapress@lyft.com
|
LYFT, INC. |
Condensed Consolidated Balance Sheets |
(In thousands, except per share data) |
(Unaudited) |
|
|
March 31, 2019 |
|
December 31,
2018 |
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
329,515 |
|
|
$ |
517,690 |
|
Short-term investments |
|
705,371 |
|
|
|
1,520,180 |
|
Prepaid expenses and other current assets |
|
345,526 |
|
|
|
282,572 |
|
|
|
|
|
|
|
|
|
Total current assets |
|
1,380,412 |
|
|
|
2,320,442 |
|
Property and equipment,
net |
|
120,473 |
|
|
|
109,257 |
|
Operating lease right of use
assets |
|
304,605 |
|
|
|
— |
|
Goodwill |
|
150,650 |
|
|
|
152,085 |
|
Intangible assets, net |
|
108,572 |
|
|
|
117,733 |
|
Restricted cash and cash
equivalents |
|
172,506 |
|
|
|
187,374 |
|
Restricted investments |
|
993,335 |
|
|
|
863,713 |
|
Other assets |
|
10,354 |
|
|
|
9,439 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
3,240,907 |
|
|
$ |
3,760,043 |
|
|
|
|
|
|
|
|
|
Liabilities, Redeemable
Convertible Preferred Stock and Stockholders’ Deficit |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable |
$ |
39,394 |
|
|
$ |
32,343 |
|
Insurance reserves |
|
936,984 |
|
|
|
810,273 |
|
Accrued and other current liabilities |
|
702,009 |
|
|
|
606,203 |
|
Operating lease liabilities — current |
|
73,676 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
1,752,063 |
|
|
|
1,448,819 |
|
Operating lease
liabilities |
|
263,755 |
|
|
|
— |
|
Other liabilities |
|
4,660 |
|
|
|
30,458 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
2,020,478 |
|
|
|
1,479,277 |
|
|
|
|
|
|
|
|
|
Redeemable convertible preferred
stock, $0.00001 par value, 227,328,900 shares authorized as of
March 31, 2019 and December 31, 2018; 219,175,709 issued
and outstanding as of March 31, 2019 and December 31,
2018 |
|
5,152,047 |
|
|
|
5,152,047 |
|
|
|
|
|
|
|
|
|
Stockholders’ deficit |
|
|
|
|
|
|
|
Common stock, $0.00001 par value, 340,000,000 shares authorized as
of March 31, 2019 and December 31, 2018; 35,831,684 and
22,438,472 shares issued and outstanding as of March 31, 2019 and
December 31, 2018, respectively |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
149,999 |
|
|
|
73,916 |
|
Accumulated other comprehensive income |
|
2,186 |
|
|
|
133 |
|
Accumulated deficit |
|
(4,083,803 |
) |
|
|
(2,945,330 |
) |
|
|
|
|
|
|
|
|
Total stockholders’ deficit |
|
(3,931,618 |
) |
|
|
(2,871,281 |
) |
|
|
|
|
|
|
|
|
Total liabilities, redeemable convertible preferred stock and
stockholders’ deficit |
$ |
3,240,907 |
|
|
$ |
3,760,043 |
|
|
|
|
|
LYFT, INC. |
Condensed Consolidated Statements of
Operations |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
Three Months Ended March 31, |
|
|
2019 |
|
|
|
2018 |
|
Revenue |
$ |
776,027 |
|
|
$ |
397,188 |
|
|
|
|
Costs and expenses |
|
|
Cost of revenue |
|
462,857 |
|
|
|
260,609 |
|
Operations and support |
|
187,235 |
|
|
|
59,905 |
|
Research and development |
|
630,960 |
|
|
|
63,192 |
|
Sales and marketing |
|
275,129 |
|
|
|
168,707 |
|
General and administrative |
|
376,736 |
|
|
|
90,154 |
|
|
|
|
Total costs and expenses |
|
1,932,917 |
|
|
|
642,567 |
|
|
|
|
Loss from operations |
|
(1,156,890 |
) |
|
|
(245,379 |
) |
Interest income |
|
19,654 |
|
|
|
11,501 |
|
Other income (expense) |
|
146 |
|
|
|
(55 |
) |
|
|
|
Loss before income taxes |
|
(1,137,090 |
) |
|
|
(233,933 |
) |
Provision for income
taxes |
|
1,383 |
|
|
|
406 |
|
|
|
|
Net loss |
$ |
(1,138,473 |
) |
|
$ |
(234,339 |
) |
|
|
|
Net loss per share, basic and
diluted |
$ |
(48.53 |
) |
|
$ |
(11.69 |
) |
|
|
|
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted |
|
23,459 |
|
|
|
20,039 |
|
|
|
|
|
|
|
Stock-based compensation included in costs and expenses
above |
|
|
Cost of revenue |
$ |
41,489 |
|
|
$ |
105 |
|
Operations and support |
|
51,404 |
|
|
|
51 |
|
Research and development |
|
506,206 |
|
|
|
728 |
|
Sales and marketing |
|
45,111 |
|
|
|
127 |
|
General and administrative |
|
215,276 |
|
|
|
985 |
|
|
|
|
|
|
|
|
|
|
LYFT, INC. |
Condensed Consolidated Statements of Cash
Flows |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
Three Months Ended
March 31,
|
|
|
2019 |
|
|
|
2018 |
|
Cash flows from operating
activities |
|
|
Net loss |
$ |
(1,138,473 |
) |
|
$ |
(234,339 |
) |
Adjustments to reconcile net loss
to net cash used in operating activities |
|
|
Depreciation and amortization |
|
23,135 |
|
|
|
1,138 |
|
Stock-based compensation |
|
859,486 |
|
|
|
1,996 |
|
Amortization of premium on marketable securities |
|
24 |
|
|
|
213 |
|
Accretion of discount on marketable securities |
|
(10,081 |
) |
|
|
(3,753 |
) |
Other |
|
103 |
|
|
|
10 |
|
Changes in operating assets and liabilities |
|
|
Prepaid expenses and other assets |
|
(46,307 |
) |
|
|
(7,272 |
) |
Operating lease right-of-use assets |
|
19,518 |
|
|
|
— |
|
Accounts payable |
|
1,161 |
|
|
|
(13,270 |
) |
Insurance reserves |
|
126,711 |
|
|
|
89,730 |
|
Accrued and other liabilities |
|
94,238 |
|
|
|
85,924 |
|
Lease liabilities |
|
(14,342 |
) |
|
|
— |
|
|
|
|
|
|
|
Net cash used in operating activities |
|
(84,827 |
) |
|
|
(79,623 |
) |
|
|
|
Cash flows from investing
activities |
|
|
Purchases of marketable
securities |
|
(607,190 |
) |
|
|
(1,198,192 |
) |
Proceeds from sales of marketable
securities |
|
466,174 |
|
|
|
181,648 |
|
Proceeds from maturities of
marketable securities |
|
838,177 |
|
|
|
200,499 |
|
Purchases of property and
equipment and scooter fleet |
|
(25,126 |
) |
|
|
(3,088 |
) |
Cash paid for acquisitions, net
of cash acquired |
|
(1,711 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing
activities |
|
670,324 |
|
|
|
(819,133 |
) |
|
|
|
Cash flows from financing
activities |
|
|
Proceeds from issuance of
redeemable convertible preferred stock, net of issuance
costs |
|
— |
|
|
|
54,196 |
|
Proceeds from exercise of stock
options and other common stock issuances |
|
1,601 |
|
|
|
1,346 |
|
Taxes paid related to net share
settlement of equity awards |
|
(784,724 |
) |
|
|
— |
|
Payment of deferred offering
costs |
|
(5,044 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing
activities |
|
(788,167 |
) |
|
|
55,542 |
|
|
|
|
|
|
|
|
|
Effect of foreign exchange on
cash, cash equivalents and restricted cash |
|
102 |
|
|
|
(46 |
) |
Net decrease in cash, cash
equivalents and restricted cash and cash equivalents |
|
(202,568 |
) |
|
|
(843,260 |
) |
Cash, cash equivalents
and restricted cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
706,486 |
|
|
|
1,178,919 |
|
|
|
|
|
|
|
|
|
End of period |
$ |
503,918 |
|
|
$ |
335,659 |
|
|
|
|
|
|
|
|
|
Reconciliation of cash,
cash equivalents and restricted cash and cash equivalents to the
consolidated balance sheets |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
329,515 |
|
|
$ |
263,229 |
|
Restricted cash and cash
equivalents |
|
172,506 |
|
|
|
72,430 |
|
Restricted cash, included in
prepaid expenses and other current assets |
|
1,897 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Total cash, cash
equivalents and restricted cash and cash
equivalents |
$ |
503,918 |
|
|
$ |
335,659 |
|
|
|
|
|
|
|
|
|
Non-cash investing and
financing activities |
|
|
|
|
|
|
|
Purchases of property and
equipment, and scooter fleet not yet settled |
$ |
16,612 |
|
|
$ |
10,472 |
|
Right of use assets acquired
under operating leases |
|
38,488 |
|
|
|
— |
|
Deferred offering costs in
accounts payable and accrued liabilities |
|
2,240 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
LYFT, INC. |
GAAP to non-GAAP Reconciliations |
(in millions, except per share and % data) |
(Unaudited) |
|
Three Months Ended March 31, 2019 |
|
|
GAAP |
|
Amortization of intangible assets |
|
Stock based compensation |
|
Payroll tax expense related to stock-based compensation |
|
Changes to insurance reserves attributable to historical
periods |
|
Costs related to acquisitions |
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
776.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
776.0 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
(462.9 |
) |
|
$ |
5.3 |
|
$ |
41.5 |
|
$ |
1.2 |
|
$ |
23.8 |
|
$ |
- |
|
$ |
(391.1 |
) |
Operations and
support |
|
(187.2 |
) |
|
|
- |
|
|
51.4 |
|
|
2.4 |
|
|
- |
|
|
- |
|
|
(133.4 |
) |
Research and
development |
|
(631.0 |
) |
|
|
2.9 |
|
|
506.2 |
|
|
14.3 |
|
|
- |
|
|
- |
|
|
(107.6 |
) |
Sales &
marketing |
|
(275.1 |
) |
|
|
0.3 |
|
|
45.1 |
|
|
2.7 |
|
|
- |
|
|
- |
|
|
(227.0 |
) |
General and
administrative |
|
(376.7 |
) |
|
|
0.7 |
|
|
215.3 |
|
|
13.9 |
|
|
- |
|
|
- |
|
|
(146.8 |
) |
Total cost and
expenses |
$ |
(1,932.9 |
) |
|
$ |
9.2 |
|
$ |
859.5 |
|
$ |
34.5 |
|
$ |
23.8 |
|
$ |
- |
|
$ |
(1,005.9 |
) |
Loss from operations |
$ |
(1,156.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(229.9 |
) |
Interest income |
|
19.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19.7 |
|
Other income (expense) |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.1 |
|
Loss before income taxes |
|
(1,137.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(210.1 |
) |
Provision for income
taxes |
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.4 |
|
Net loss |
$ |
(1,138.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(211.5 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(48.53 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(9.02 |
) |
Weighted-average shares used to compute net loss per share
attributable to common stockholders, basic and diluted |
|
23.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.5 |
|
Three Months Ended March 31, 2018 |
|
|
GAAP |
|
Amortization of intangible assets |
|
Stock based compensation |
|
Payroll tax expense related to stock-based compensation |
|
Changes to insurance reserves attributable to historical
periods |
|
Costs related to acquisitions |
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
397.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
397.2 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
(260.6 |
) |
|
$ |
0.3 |
|
$ |
0.1 |
|
$ |
- |
|
$ |
3.4 |
|
$ |
- |
|
$ |
(256.8 |
) |
Operations and
support |
|
(59.9 |
) |
|
|
- |
|
|
0.1 |
|
|
- |
|
|
- |
|
|
- |
|
|
(59.8 |
) |
Research and
development |
|
(63.1 |
) |
|
|
- |
|
|
0.7 |
|
|
- |
|
|
- |
|
|
- |
|
|
(62.4 |
) |
Sales &
marketing |
|
(168.7 |
) |
|
|
- |
|
|
0.1 |
|
|
- |
|
|
- |
|
|
- |
|
|
(168.6 |
) |
General and
administrative |
|
(90.2 |
) |
|
|
0.2 |
|
|
1.0 |
|
|
- |
|
|
- |
|
|
- |
|
|
(89.0 |
) |
Total cost and
expenses |
$ |
(642.5 |
) |
|
$ |
0.5 |
|
$ |
2.0 |
|
$ |
- |
|
$ |
3.4 |
|
$ |
- |
|
$ |
(636.6 |
) |
Loss from operations |
$ |
(245.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(239.4 |
) |
Interest income |
|
11.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.5 |
|
Other income (expense) |
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.1 |
) |
Loss before income taxes |
|
(233.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(228.0 |
) |
Provision for income
taxes |
|
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.4 |
|
Net loss |
$ |
(234.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(228.4 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(11.69 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(11.40 |
) |
Weighted-average shares used to compute net loss per share
attributable to common stockholders, basic and diluted |
|
20.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.0 |
|
|
LYFT, INC. |
Calculations of Key Metrics and |
GAAP to Non-GAAP Reconciliations |
(In millions, except percentages) |
(Unaudited) |
|
|
|
Three Months Ended March 31 |
|
|
2019 |
|
|
2018 |
|
Contribution |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
776.0 |
|
|
$ |
397.2 |
|
Less cost of revenue |
|
462.9 |
|
|
|
260.6 |
|
Adjusted to exclude the following (as
related to cost of revenue): |
|
|
|
|
|
|
Amortization
of intangible assets |
|
5.3 |
|
|
|
0.3 |
|
|
Stock based compensation |
|
41.5 |
|
|
|
0.1 |
|
|
Changes to insurance reserve attributable to
historical periods |
|
23.8 |
|
|
|
3.4 |
|
|
Payroll tax expense related to stock-based
compensation |
|
1.2 |
|
|
|
- |
|
Contribution |
$ |
384.9 |
|
|
$ |
140.4 |
|
Contribution Margin |
|
50 |
% |
|
|
35 |
% |
|
|
Three Months Ended March 31 |
|
|
2019 |
|
|
2018 |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(1,138.5 |
) |
|
$ |
(234.3 |
) |
Adjusted to exclude the following: |
|
|
|
|
|
|
Interest
income |
|
(19.7 |
) |
|
|
(11.5 |
) |
|
Other income (expense) |
|
(0.1 |
) |
|
|
0.1 |
|
|
Provision for income taxes |
|
1.4 |
|
|
|
0.4 |
|
|
Depreciation and amortization |
|
23.1 |
|
|
|
1.2 |
|
|
Stock based compensation |
|
859.5 |
|
|
|
2.0 |
|
|
Changes to insurance reserve attributable to
historical periods |
|
23.8 |
|
|
|
3.4 |
|
|
Costs related to acquisitions |
|
- |
|
|
|
- |
|
|
Payroll tax expense related to stock-based
compensation |
|
34.5 |
|
|
|
- |
|
Adjusted EBITDA |
$ |
(216.0 |
) |
|
$ |
(238.7 |
) |
Adjusted EBITDA Margin |
|
(28 |
%) |
|
|
(60 |
%) |
Lyft (NASDAQ:LYFT)
Historical Stock Chart
From Apr 2024 to May 2024
Lyft (NASDAQ:LYFT)
Historical Stock Chart
From May 2023 to May 2024