Lyft, Inc. (Nasdaq:LYFT) today announced financial results for its
second quarter ended June 30, 2020.
“While rideshare rides in the quarter were down significantly
year-over-year, we are encouraged by the recovery trends we are
beginning to see, with monthly rideshare rides in July up 78%
compared to April,” said Logan Green, co-founder
and chief executive officer of Lyft. “Lyft’s second quarter
results reflect an operating environment that was not only
challenging for our core ridesharing business, but also for our
valued riders and drivers and the communities we serve. Our
performance reinforces our belief that Lyft is taking on the
critical work necessary to emerge from the crisis as a stronger
company.”
Second Quarter 2020 Financial Highlights
- Lyft reported Q2 revenue of $339.3 million versus $867.3
million in the second quarter of 2019, a decrease of 61 percent
year-over-year.
- In April 2020, Lyft announced a restructuring effort to reduce
operating expenses and adjust cash flows. Our restructuring
charges in the second quarter of 2020 included $32.1 million of
severance and related employee benefit costs and $3.1 million of
lease terminations and other costs. Lyft also incurred a
stock-based compensation benefit primarily related to the reversal
of previously recognized stock-based compensation expenses for
unvested awards of $49.8 million, resulting in a net restructuring
benefit of $14.5 million.
- Net loss for Q2 2020 was $437.1 million versus a net loss of
$644.2 million in the same period of 2019. Net loss for Q2 includes
$110.8 million of stock-based compensation and related payroll tax
expenses (inclusive of the restructuring benefit described in the
above bullet), $17.4 million related to changes to the liabilities
for insurance required by regulatory agencies attributable to
historical periods, and the net restructuring benefit noted above.
Net loss margin for Q2 was 128.8 percent compared to 74.3 percent
in the second quarter of 2019.
- Adjusted net loss for Q2 2020 was $265.8 million versus an
adjusted net loss of $197.3 million in the second quarter of 2019.
Adjusted net loss is adjusted for amortization of intangible
assets, stock-based compensation expense, payroll tax expense
related to stock-based compensation, changes to the liabilities for
insurance required by regulatory agencies attributable to
historical periods, costs related to the transfer of certain legacy
auto insurance liabilities, expenses related to acquisitions, and
restructuring charges.
- Lyft reported Contribution for Q2 2020 of $117.3 million versus
$398.9 million in the second quarter of 2019, down 71 percent
year-over-year. Contribution Margin for Q2 decreased to 34.6
percent from 46.0 percent in the second quarter of 2019.
- Adjusted EBITDA loss for Q2 2020 was $280.3 million, an
increase of $76.2 million compared to Adjusted EBITDA loss of
$204.1 million in the second quarter of 2019, but an improvement of
$44.7 million compared to the Company’s prior outlook for Adjusted
EBITDA loss of $325 million for the second quarter of 20201.
Adjusted EBITDA loss Margin for Q2 2020 was 82.6 percent versus
23.5 percent in the second quarter of 2019.
- Lyft reported $2.8 billion of unrestricted cash, cash
equivalents and short-term investments at the end of the second
quarter of 2020.
- In May 2020, Lyft issued $747.5 million aggregate principal
amount of 1.50% convertible senior notes due 2025. The net proceeds
from this offering were approximately $733.2 million, after
deducting the discounts and commissions and debt issuance costs. In
connection with the issuance of the convertible senior notes, Lyft
entered into privately negotiated capped call transactions at a
cost of approximately $132.7 million.
|
|
Fiscal 2019 |
Fiscal 2020 |
year-over-year |
| |
Q2 |
Q2 |
change |
| Active Riders (in
thousands) |
21,807 |
8,688 |
(60)% |
| Revenue per Active Rider |
$39.77 |
$39.06 |
(2)% |
| Revenue (in millions) |
$867.3 |
$339.3 |
(61)% |
"In Q2, we successfully limited our Adjusted EBITDA loss,
outperforming the outlook we shared on our Q1 call by more than
20%. We continued to take aggressive actions to reduce costs
and increase our underlying unit economics in the quarter, which
has put Lyft on track to achieve $300 million of annualized fixed
cost savings by the end of the year,” said Brian
Roberts, chief financial officer of Lyft. “These steps
position the Company to achieve adjusted EBITDA profitability with
20 - 25% fewer rides than originally contemplated in our fourth
quarter 2021 target.”
For more information regarding the non-GAAP financial measures
discussed in this earnings release, please see "GAAP to non-GAAP
Reconciliations" below.
WebcastLyft will host a webcast today at 1:30
p.m. Pacific Time (4:30 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 is one
of the largest transportation networks in the United States and
Canada. As the world shifts away from car ownership to
transportation-as-a-service, Lyft is at the forefront of this
massive societal change. Our transportation network brings together
rideshare, bikes, scooters, car rentals and transit all in one
app. We are singularly driven by our mission: to improve
people’s lives with the world’s best transportation.
Available Information Lyft announces material
information to the public about Lyft, its products and services and
other matters through a variety of means, including filings with
the Securities and Exchange Commission, press releases, public
conference calls, webcasts, the investor relations section of its
website (investor.lyft.com), its Twitter account (@lyft), and its
blogs (including: lyft.com/blog, lyft.com/hub, eng.lyft.com,
medium.com/@LyftLevel5, medium.com/sharing-the-ride-with-lyft and
medium.com/@johnzimmer) in order to achieve broad, non-exclusionary
distribution of information to the public 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 Lyft’s future financial
and operating performance, including the effect of the COVID-19
pandemic and related impact on Lyft’s business, Lyft’s future
profitability and timing for achievement of profitability, Lyft’s
cost reductions, cost savings and expected expenses for 2020 and
the expected impact of these cost reductions on Lyft’s business and
future financial performance, and trends in Lyft’s business, in
particular recovery in rides, and the sufficiency of Lyft’s
unrestricted cash, cash equivalents, and short-term investments.
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 related to the
impact of the COVID-19 pandemic on our business and operations,
including business and government responses thereto, and risks
regarding our ability to forecast our performance due to our
limited operating history and the COVID-19 pandemic. The
forward-looking statements contained in this release are also
subject to other risks and uncertainties, including those more
fully described in Lyft's filings with the Securities and Exchange
Commission (“SEC”), including in our Annual Report on Form 10-K
that was filed with the SEC on February 28, 2020 and in our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020
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 during a quarter where the
Lyft Platform processes the transaction. 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.
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 liabilities for insurance required by regulatory
agencies attributable to historical periods, and restructuring
charges, as well as, if applicable, costs related to the transfer
of certain legacy auto insurance liabilities 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 liabilities for insurance required by
regulatory agencies attributable to historical periods, and
restructuring charges, as well as, if applicable, costs related to
the transfer of certain legacy auto insurance liabilities; 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 expense,
other income (expense), net, provision for income taxes,
depreciation and amortization, stock-based compensation expense,
payroll tax expense related to stock-based compensation, changes to
the liabilities for insurance required by regulatory agencies
attributable to historical periods, and restructuring charges as
well as, if applicable, costs related to acquisitions and costs
related to the transfer of certain legacy auto insurance
liabilities. Adjusted EBITDA Margin is calculated by dividing
Adjusted EBITDA for a period by revenue for the same period.
In April 2020, we announced a restructuring effort to reduce
operating expenses and adjust cash flows in light of the ongoing
economic challenges resulting from the COVID-19 pandemic and its
impact on our business. We believe the costs associated with the
restructuring do not reflect current period performance of our
ongoing operations. We believe the adjustment to exclude the costs
related to restructuring from Contribution, Adjusted EBITDA and
Adjusted Net Loss is useful to investors by enabling them to better
assess our operating performance in the context of current period
results and provide for better comparability with our historically
disclosed Contribution, Adjusted EBITDA and Adjusted Net Loss
amounts.
Lyft records historical changes to liabilities for insurance
required by regulatory agencies for financial reporting purposes in
the quarter of positive or adverse development even though such
development may be related to claims that occurred in prior
periods. For example, if in the first quarter of a given year, the
cost of claims or our estimates for our cost of claims grew by $1
million for claims related to the prior fiscal year or earlier, the
expense would be recorded for GAAP purposes within the first
quarter instead of in the results of the prior period. Lyft
believes these prior period changes to insurance liabilities do not
illustrate the current period performance of Lyft’s ongoing
operations since these prior period changes relate to claims that
could potentially date back years. Lyft has limited ability to
influence the ultimate development of historical claims.
Accordingly, including the prior period changes would not
illustrate the performance of Lyft’s ongoing operations or how the
business is run or managed by Lyft. For consistency, Lyft does not
adjust the calculation of adjusted net loss, Contribution and
Adjusted EBITDA for any prior period based on any positive or
adverse development that occurs subsequent to the quarter end. Lyft
believes the adjustment to exclude the historical changes to
liabilities for insurance required by regulatory agencies from
adjusted net loss, 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.
| Contacts |
|
| Shawn Woodhull |
Alexandra LaManna |
| investor@lyft.com |
press@lyft.com |
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 investments |
1,934,876 |
|
|
2,491,805 |
|
|
Prepaid expenses and other current assets |
320,269 |
|
|
397,239 |
|
|
Total current assets |
3,096,206 |
|
|
3,247,363 |
|
| Restricted cash and cash
equivalents |
210,343 |
|
|
204,976 |
|
| Restricted investments |
971,831 |
|
|
1,361,045 |
|
| Other investments |
10,000 |
|
|
— |
|
| Property and equipment,
net |
353,576 |
|
|
188,603 |
|
| Operating lease right-of-use
assets |
297,173 |
|
|
441,258 |
|
| Intangible assets, net |
79,705 |
|
|
82,919 |
|
| Goodwill |
182,797 |
|
|
158,725 |
|
| Other assets |
12,814 |
|
|
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 reserves |
943,636 |
|
|
1,378,462 |
|
|
Accrued and other current liabilities |
939,410 |
|
|
939,865 |
|
|
Operating lease liabilities — current |
48,282 |
|
|
94,199 |
|
|
Total current liabilities |
1,979,564 |
|
|
2,451,365 |
|
| Operating lease
liabilities |
293,017 |
|
|
382,077 |
|
| Long-term debt, net of current
portion |
623,360 |
|
|
— |
|
| Other liabilities |
21,945 |
|
|
3,857 |
|
|
Total liabilities |
2,917,886 |
|
|
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 capital |
8,674,208 |
|
|
8,398,927 |
|
|
Accumulated other comprehensive income |
5,104 |
|
|
2,725 |
|
|
Accumulated deficit |
(6,382,756 |
) |
|
(5,547,571 |
) |
|
Total stockholders’ equity |
2,296,559 |
|
|
2,854,084 |
|
|
Total liabilities and stockholders’ equity |
$ |
5,214,445 |
|
|
$ |
5,691,383 |
|
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, |
| |
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Revenue |
$ |
339,345 |
|
|
$ |
867,265 |
|
|
$ |
1,295,057 |
|
|
$ |
1,643,292 |
|
| Costs and expenses |
|
|
|
|
|
|
|
|
Cost of revenue |
251,355 |
|
|
630,136 |
|
|
793,774 |
|
|
1,092,993 |
|
|
Operations and support |
98,610 |
|
|
151,975 |
|
|
232,392 |
|
|
339,210 |
|
|
Research and development |
203,101 |
|
|
309,833 |
|
|
461,840 |
|
|
940,793 |
|
|
Sales and marketing |
51,822 |
|
|
180,951 |
|
|
248,259 |
|
|
456,080 |
|
|
General and administrative |
221,954 |
|
|
267,286 |
|
|
460,394 |
|
|
644,022 |
|
|
Total costs and expenses |
826,842 |
|
|
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),
net |
12,123 |
|
|
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
diluted |
309,213 |
|
|
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 support |
1,499 |
|
|
8,221 |
|
|
5,632 |
|
|
59,624 |
|
|
Research and development |
52,233 |
|
|
182,918 |
|
|
147,781 |
|
|
689,124 |
|
|
Sales and marketing |
4,455 |
|
|
12,133 |
|
|
9,205 |
|
|
57,244 |
|
|
General and administrative |
43,160 |
|
|
74,908 |
|
|
88,983 |
|
|
290,184 |
|
Lyft, Inc. Condensed
Consolidated Statements of Cash Flows (in
thousands)(unaudited)
| |
Six Months Ended June 30, |
| |
2020 |
|
2019 |
| 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 amortization |
79,936 |
|
|
54,215 |
|
|
Stock-based compensation |
265,781 |
|
|
1,152,724 |
|
|
Amortization of premium on marketable securities |
1,735 |
|
|
151 |
|
|
Accretion of discount on marketable securities |
(11,784 |
) |
|
(21,357 |
) |
|
Amortization of debt discount and issuance costs |
4,120 |
|
|
— |
|
|
Deferred income tax |
(46,324 |
) |
|
— |
|
|
Loss on disposal of assets |
13,957 |
|
|
— |
|
|
Other |
2,301 |
|
|
7,463 |
|
|
Changes in operating assets and liabilities |
|
|
|
|
Prepaid expenses and other assets |
71,285 |
|
|
(79,712 |
) |
|
Operating lease right-of-use assets |
33,449 |
|
|
39,951 |
|
|
Accounts payable |
4,237 |
|
|
(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 securities |
447,939 |
|
|
647,138 |
|
| Proceeds from maturities of
marketable securities |
2,953,281 |
|
|
1,391,360 |
|
| Proceeds from maturity of term
deposit |
142,811 |
|
|
— |
|
| 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
activities |
974 |
|
|
780 |
|
|
Net cash provided by (used in) investing activities |
880,556 |
|
|
(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 notes |
734,065 |
|
|
— |
|
| Payment of debt issuance
costs |
(374 |
) |
|
— |
|
| Purchase of capped call |
(132,681 |
) |
|
— |
|
| Proceeds from exercise of
stock options and other common stock issuances |
14,200 |
|
|
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 activities |
567,976 |
|
|
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 equivalents |
489,520 |
|
|
(163,986 |
) |
| Cash, cash equivalents
and restricted cash and cash equivalents |
|
|
|
| Beginning of period |
564,465 |
|
|
706,486 |
|
| End of period |
$ |
1,053,985 |
|
|
$ |
542,500 |
|
Lyft, Inc. Condensed
Consolidated Statements of Cash Flows (in thousands)
(unaudited)
| |
Six Months Ended June 30, |
| |
2020 |
|
2019 |
| 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 |
210,343 |
|
|
122,983 |
|
| Restricted cash, included in
prepaid expenses and other current assets |
2,581 |
|
|
2,124 |
|
| Total cash, cash
equivalents and restricted cash and cash equivalents |
$ |
1,053,985 |
|
|
$ |
542,500 |
|
| Non-cash investing and
financing activities |
|
|
|
| Purchases of property and
equipment, and scooter fleet not yet settled |
$ |
24,137 |
|
|
$ |
11,504 |
|
| Deferred offering costs
accrued, unpaid |
— |
|
|
201 |
|
| Right-of-use assets acquired
under finance and operating leases |
27,964 |
|
|
99,550 |
|
| Conversion of redeemable
convertible preferred stock to common stock in connection with
initial public offering |
— |
|
|
5,152,047 |
|
| Reclassification of deferred
offering costs to additional paid-in capital upon initial public
offering |
— |
|
|
7,690 |
|
| Purchases of property and
equipment financed by seller |
3,464 |
|
|
— |
|
| Settlement of pre-existing
right-of-use assets under operating leases in connection with
acquisition of Flexdrive |
133,088 |
|
|
— |
|
| Settlement of pre-existing
lease liabilities under operating leases in connection with
acquisition of Flexdrive |
130,089 |
|
|
— |
|
Lyft, Inc. Calculations
of Key Metrics andGAAP to Non-GAAP
Reconciliations(in millions) (unaudited)
| |
Three Months Ended June 30, |
| |
2020 |
|
2019 |
|
Contribution |
|
|
|
| |
|
|
|
|
Revenue |
$ |
339.3 |
|
|
$ |
867.3 |
|
| Less cost of Revenue |
(251.4 |
) |
|
(630.1 |
) |
| Adjusted to exclude the
following (as related to cost of revenue): |
|
|
|
|
Amortization of intangible assets |
3.7 |
|
|
5.3 |
|
|
Stock based compensation expense |
4.5 |
|
|
15.1 |
|
|
Payroll tax expense related to stock-based compensation |
0.3 |
|
|
0.2 |
|
|
Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods |
17.4 |
|
|
141.1 |
|
|
Restructuring charges(1) |
3.5 |
|
|
— |
|
|
Contribution |
$ |
117.3 |
|
|
$ |
398.9 |
|
| Contribution Margin |
34.6 |
% |
|
46.0 |
% |
_______________
(1) Included in restructuring charges is $2.0 million of
severance and other employee costs and $1.5 million of other
restructuring costs. Restructuring related charges for the
stock-based compensation benefit of $4.2 million and payroll
taxes related to stock-based compensation of $0.1 million are
included on their respective line items.
| |
Three Months Ended June 30, |
| |
2020 |
|
2019 |
| Adjusted
EBITDA |
|
|
|
| |
|
|
|
|
Net Loss |
$ |
(437.1 |
) |
|
$ |
(644.2 |
) |
| Adjusted to exclude the
following: |
|
|
|
|
Interest expense(1) |
7.0 |
|
|
— |
|
|
Other income (expense), net(2) |
(12.1 |
) |
|
(29.7 |
) |
|
Provision for income taxes |
(44.8 |
) |
|
1.0 |
|
|
Depreciation and amortization |
44.5 |
|
|
31.1 |
|
|
Stock-based compensation expense |
105.8 |
|
|
293.2 |
|
|
Payroll tax expense related to stock-based compensation |
5.0 |
|
|
3.4 |
|
|
Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods |
17.4 |
|
|
141.1 |
|
|
Costs related to acquisitions |
— |
|
|
— |
|
|
Restructuring charges(3) |
34.0 |
|
|
— |
|
| Adjusted
EBITDA |
$ |
(280.3 |
) |
|
$ |
(204.1 |
) |
| Adjusted EBITDA Margin |
(82.6 |
%) |
|
(23.5 |
%) |
_______________
(1) Includes interest expense for Flexdrive vehicles and the
convertible senior notes and $0.5 million related to the interest
component of vehicle related finance leases.(2) Includes interest
income which was reported as a separate line item on the condensed
consolidated statement of operations in periods prior to the second
quarter of 2020. (3) Included in restructuring charges is
$31.4 million of severance and other employee costs and
$2.6 million related to lease termination and other
restructuring costs. Restructuring related charges for the
stock-based compensation benefit of $49.8 million, payroll taxes
related to stock-based compensation of $0.7 million and
accelerated depreciation of $0.5 million are included on their
respective line items.
| |
Three Months Ended June 30, |
| |
2020 |
|
2019 |
| Adjusted Net
Loss |
|
|
|
| |
|
|
|
|
Net Loss |
$ |
(437.1 |
) |
|
$ |
(644.2 |
) |
| Adjusted to exclude the
following: |
|
|
|
|
Amortization of intangible assets |
8.6 |
|
|
9.2 |
|
|
Stock-based compensation expense |
105.8 |
|
|
293.2 |
|
|
Payroll tax expense related to stock-based compensation |
5.0 |
|
|
3.4 |
|
|
Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods |
17.4 |
|
|
141.1 |
|
|
Costs related to acquisitions |
— |
|
|
— |
|
|
Restructuring charges (1) |
34.5 |
|
|
— |
|
| Adjusted Net Loss |
$ |
(265.8 |
) |
|
$ |
(197.3 |
) |
_______________
(1) Included in restructuring charges is $31.4 million of
severance and other employee costs, $2.6 million related to
lease termination and other restructuring costs and
$0.5 million of accelerated depreciation. Restructuring
related charges for the stock-based compensation benefit of $49.8
million and payroll taxes related to stock-based compensation of
$0.7 million are included on their respective line items.
1 Company outlook for Adjusted EBITDA for the second quarter of
2020 as reported on Form 8-K filed June 2, 2020.
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