Lyft, Inc. (Nasdaq:LYFT) today announced financial results for its
third quarter ended September 30, 2020.
“Lyft’s third quarter results reflect our focused execution and
business resilience,” said Logan Green, co-founder
and chief executive officer of Lyft. “We are encouraged by the
ongoing recovery in ridesharing and the performance improvements we
saw across bikes, scooters and fleet. We remain confident that
demand will continue to return as we progress through the
recovery.”
Third Quarter 2020 Financial Highlights
- Lyft reported Q3 revenue of $499.7 million versus $955.6
million in the third quarter of 2019, a decrease of 48 percent
year-over-year, but an increase of 47 percent from $339.3 million
in the second quarter of 2020.
- Net loss for Q3 2020 was $459.5 million versus a net loss of
$463.5 million in the same period of 2019. Net loss for Q3 includes
$170.7 million of stock-based compensation and related payroll tax
expenses and $0.7 million related to changes to the liabilities for
insurance required by regulatory agencies attributable to
historical periods. Net loss margin for Q3 was 92.0 percent
compared to 48.5 percent in the third quarter of 2019.
- Adjusted net loss for Q3 2020 was $280.4 million versus an
adjusted net loss of $121.6 million in the third 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, and changes to the liabilities
for insurance required by regulatory agencies attributable to
historical periods, as well as, if applicable, restructuring
charges, costs related to acquisitions and costs related to the
transfer of certain legacy auto insurance liabilities.
- Lyft reported Contribution for Q3 2020 of $248.8 million versus
$479.2 million in the third quarter of 2019, down 48 percent
year-over-year. Contribution Margin for Q3 2020 was 49.8 percent,
which was relatively flat year-over-year and up 15 absolute
percentage points versus the second quarter of 2020. Contribution
Margin for Q3 2020 exceeded the Company's most recent outlook of 45
percent1.
- Adjusted EBITDA loss for Q3 2020 was $239.7 million, an
increase of $111.6 million compared to Adjusted EBITDA loss of
$128.1 million in the third quarter of 2019. The Adjusted EBITDA
loss for Q3 2020 was approximately $25 million better than the
Company's most recent outlook for Adjusted EBITDA loss2. Adjusted
EBITDA loss Margin for Q3 2020 was 48.0 percent versus 13.4 percent
in the third quarter of 2019.
- Lyft reported $2.5 billion of unrestricted cash, cash
equivalents and short-term investments at September 30, 2020.
______________________________1 Company outlook for Contribution
Margin for the third quarter of 2020 as reported during the Second
Quarter 2020 Financial Results Earnings Call on August 12, 2020.2
Company outlook for Adjusted EBITDA for the third quarter of 2020
was $265 million as reported on Form 8-K filed September 8,
2020.
|
Fiscal 2020 |
Fiscal 2020 |
Fiscal 2019 |
year-over-year |
qtr-over-qtr |
|
Q3 |
Q2 |
Q3 |
change |
change |
Active Riders (in
thousands) |
12,513 |
8,688 |
22,314 |
(44)% |
44% |
Revenue per Active Rider |
$39.94 |
$39.06 |
$42.82 |
(7)% |
2% |
Revenue (in millions) |
$499.7 |
$339.3 |
$955.6 |
(48)% |
47% |
“Our Q3 revenue grew by 47% quarter-over-quarter driven by a
meaningful recovery in Active Riders, and we successfully limited
our Adjusted EBITDA loss, outperforming our most recent outlook by
$25 million. These results reflect the ongoing recovery as well as
our progress towards reducing costs and improving our underlying
unit economics,” said Brian Roberts, chief
financial officer of Lyft. “We remain focused on achieving Adjusted
EBITDA profitability by the fourth quarter of next year, even with
a slower recovery.”
“As we look to the future, the win on Proposition 22 in
California was a landmark achievement and a major victory for
drivers, our industry and the broader Lyft community,” said
John Zimmer, co-founder and president of Lyft.
“The campaign was successful because it ultimately reflected the
desires and priorities of drivers. More than 120,000 drivers signed
up to be part of the effort to pass Prop 22 - they rallied, they
volunteered, they shared their stories. Voters saw that and stood
in solidarity with them. We look forward to continuing our
conversations with policymakers across the country.”
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 and Lyft’s future
profitability and timing for achievement of profitability,
including Lyft’s cost reductions and unit economic improvements.
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, in our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2020, in our
Quarterly Report on Form 10-Q for the quarter ended June 30, 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, as well as, if applicable,
restructuring charges, 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 |
|
Investor Relations |
Media |
investor@lyft.com |
press@lyft.com |
Lyft, Inc. Condensed
Consolidated Balance Sheets (in thousands, except for
share and per share data) (unaudited)
|
September 30, 2020 |
|
December 31, 2019 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
424,806 |
|
|
|
$ |
358,319 |
|
|
Short-term investments |
2,028,643 |
|
|
|
2,491,805 |
|
|
Prepaid expenses and other current assets |
299,605 |
|
|
|
397,239 |
|
|
Total current assets |
2,753,054 |
|
|
|
3,247,363 |
|
|
Restricted cash and cash
equivalents |
115,229 |
|
|
|
204,976 |
|
|
Restricted investments |
1,199,833 |
|
|
|
1,361,045 |
|
|
Other investments |
10,000 |
|
|
|
— |
|
|
Property and equipment,
net |
335,738 |
|
|
|
188,603 |
|
|
Operating lease right-of-use
assets |
283,990 |
|
|
|
441,258 |
|
|
Intangible assets, net |
71,792 |
|
|
|
82,919 |
|
|
Goodwill |
182,725 |
|
|
|
158,725 |
|
|
Other assets |
15,970 |
|
|
|
6,494 |
|
|
Total assets |
$ |
4,968,331 |
|
|
|
$ |
5,691,383 |
|
|
Liabilities,
Redeemable Convertible Preferred Stock and Stockholders’
Equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
26,020 |
|
|
|
$ |
38,839 |
|
|
Insurance reserves |
922,628 |
|
|
|
1,378,462 |
|
|
Accrued and other current liabilities |
1,047,548 |
|
|
|
939,865 |
|
|
Operating lease liabilities — current |
48,979 |
|
|
|
94,199 |
|
|
Total current liabilities |
2,045,175 |
|
|
|
2,451,365 |
|
|
Operating lease
liabilities |
278,773 |
|
|
|
382,077 |
|
|
Long-term debt, net of current
portion |
622,684 |
|
|
|
— |
|
|
Other liabilities |
18,606 |
|
|
|
3,857 |
|
|
Total liabilities |
2,965,238 |
|
|
|
2,837,299 |
|
|
Commitments and contingencies
(Note 7) |
|
|
|
Stockholders’ equity |
|
|
|
Preferred stock, $0.00001 par value; 1,000,000,000 shares
authorized as of September 30, 2020 and December 31, 2019; no
shares issued and outstanding as of September 30, 2020 and December
31, 2019 |
— |
|
|
|
— |
|
|
Common stock, $0.00001 par value; 18,000,000,000 Class A shares
authorized as of September 30, 2020 and December 31, 2019;
308,687,414 and 293,793,151 Class A shares issued and outstanding,
as of September 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 September 30, 2020 and December 31,
2019 |
3 |
|
|
|
3 |
|
|
Additional paid-in capital |
8,838,023 |
|
|
|
8,398,927 |
|
|
Accumulated other comprehensive income |
7,340 |
|
|
|
2,725 |
|
|
Accumulated deficit |
(6,842,273 |
) |
|
|
(5,547,571 |
) |
|
Total stockholders’ equity |
2,003,093 |
|
|
|
2,854,084 |
|
|
Total liabilities and stockholders’ equity |
$ |
4,968,331 |
|
|
|
$ |
5,691,383 |
|
|
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, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue |
$ |
499,744 |
|
|
|
$ |
955,598 |
|
|
|
$ |
1,794,801 |
|
|
|
$ |
2,598,890 |
|
|
Costs and expenses |
|
|
|
|
|
|
|
Cost of revenue |
261,614 |
|
|
|
580,714 |
|
|
|
1,055,388 |
|
|
|
1,673,707 |
|
|
Operations and support |
123,136 |
|
|
|
149,794 |
|
|
|
355,528 |
|
|
|
489,004 |
|
|
Research and development |
232,106 |
|
|
|
288,272 |
|
|
|
693,946 |
|
|
|
1,229,065 |
|
|
Sales and marketing |
78,548 |
|
|
|
163,858 |
|
|
|
326,807 |
|
|
|
619,938 |
|
|
General and administrative |
257,693 |
|
|
|
263,820 |
|
|
|
718,087 |
|
|
|
907,842 |
|
|
Total costs and expenses |
953,097 |
|
|
|
1,446,458 |
|
|
|
3,149,756 |
|
|
|
4,919,556 |
|
|
Loss from operations |
(453,353 |
) |
|
|
(490,860 |
) |
|
|
(1,354,955 |
) |
|
|
(2,320,666 |
) |
|
Interest expense |
(12,529 |
) |
|
|
— |
|
|
|
(20,573 |
) |
|
|
— |
|
|
Other income (expense),
net |
7,474 |
|
|
|
29,292 |
|
|
|
38,766 |
|
|
|
78,760 |
|
|
Loss before income taxes |
(458,408 |
) |
|
|
(461,568 |
) |
|
|
(1,336,762 |
) |
|
|
(2,241,906 |
) |
|
Provision (benefit) for income
taxes |
1,109 |
|
|
|
1,909 |
|
|
|
(42,060 |
) |
|
|
4,283 |
|
|
Net loss |
$ |
(459,517 |
) |
|
|
$ |
(463,477 |
) |
|
|
$ |
(1,294,702 |
) |
|
|
$ |
(2,246,189 |
) |
|
Net loss per share, basic and
diluted |
$ |
(1.46 |
) |
|
|
$ |
(1.57 |
) |
|
|
$ |
(4.18 |
) |
|
|
$ |
(11.05 |
) |
|
Weighted-average number of
shares outstanding used to compute net loss per share, basic and
diluted |
314,530 |
|
|
|
294,784 |
|
|
|
309,433 |
|
|
|
203,199 |
|
|
Stock-based
compensation included in costs and expenses: |
|
|
|
|
|
|
|
Cost of revenue |
$ |
7,021 |
|
|
|
$ |
12,078 |
|
|
|
$ |
21,201 |
|
|
|
$ |
68,625 |
|
|
Operations and support |
5,310 |
|
|
|
8,553 |
|
|
|
10,942 |
|
|
|
68,178 |
|
|
Research and development |
96,212 |
|
|
|
153,830 |
|
|
|
243,993 |
|
|
|
842,954 |
|
|
Sales and marketing |
6,910 |
|
|
|
7,969 |
|
|
|
16,115 |
|
|
|
65,213 |
|
|
General and administrative |
51,264 |
|
|
|
59,746 |
|
|
|
140,247 |
|
|
|
349,930 |
|
|
Lyft, Inc. Condensed
Consolidated Statements of Cash Flows (in
thousands)(unaudited)
|
Nine Months Ended September 30, |
|
2020 |
|
2019 |
Cash flows from operating
activities |
|
|
|
Net loss |
$ |
(1,294,702 |
) |
|
|
$ |
(2,246,189 |
) |
|
Adjustments to reconcile net
loss to net cash used in operating activities |
|
|
|
Depreciation and amortization |
121,650 |
|
|
|
84,352 |
|
|
Stock-based compensation |
432,498 |
|
|
|
1,394,900 |
|
|
Amortization of premium on marketable securities |
4,083 |
|
|
|
342 |
|
|
Accretion of discount on marketable securities |
(13,434 |
) |
|
|
(31,209 |
) |
|
Amortization of debt discount and issuance costs |
12,501 |
|
|
|
— |
|
|
Deferred income tax |
(46,324 |
) |
|
|
— |
|
|
Loss on disposal of assets |
28,074 |
|
|
|
24,332 |
|
|
Gain on sale of assets |
(9,895 |
) |
|
|
— |
|
|
Other |
6,332 |
|
|
|
801 |
|
|
Changes in operating assets and liabilities |
|
|
|
Prepaid expenses and other assets |
84,789 |
|
|
|
(141,401 |
) |
|
Operating lease right-of-use assets |
47,476 |
|
|
|
70,551 |
|
|
Accounts payable |
(15,153 |
) |
|
|
(733 |
) |
|
Insurance reserves |
(455,834 |
) |
|
|
564,663 |
|
|
Accrued and other liabilities |
16,359 |
|
|
|
283,902 |
|
|
Lease liabilities |
(32,706 |
) |
|
|
(63,822 |
) |
|
Net cash used in operating activities |
(1,114,286 |
) |
|
|
(59,511 |
) |
|
Cash flows from investing
activities |
|
|
|
Purchases of marketable
securities |
(3,368,614 |
) |
|
|
(4,836,182 |
) |
|
Purchase of non-marketable
security |
(10,000 |
) |
|
|
— |
|
|
Purchases of term
deposits |
(718,811 |
) |
|
|
(105,000 |
) |
|
Proceeds from sales of
marketable securities |
476,196 |
|
|
|
893,429 |
|
|
Proceeds from maturities of
marketable securities |
4,011,701 |
|
|
|
2,656,249 |
|
|
Proceeds from maturity of term
deposit |
232,811 |
|
|
|
— |
|
|
Purchases of property and
equipment and scooter fleet |
(70,844 |
) |
|
|
(128,431 |
) |
|
Sales of property and
equipment and held for sale assets |
14,945 |
|
|
|
4,007 |
|
|
Cash paid for acquisitions,
net of cash acquired |
(12,376 |
) |
|
|
(1,801 |
) |
|
Net cash provided by (used in) investing activities |
555,008 |
|
|
|
(1,517,729 |
) |
|
Cash flows from financing
activities |
|
|
|
Proceeds from issuance of
common stock in initial public offering, net of underwriting
commissions, offering costs and reimbursements |
— |
|
|
|
2,484,101 |
|
|
Repayment of loans |
(35,592 |
) |
|
|
— |
|
|
Proceeds from issuance of
convertible senior notes |
734,065 |
|
|
|
— |
|
|
Payment of debt issuance
costs |
(824 |
) |
|
|
— |
|
|
Purchase of capped call |
(132,681 |
) |
|
|
— |
|
|
Proceeds from exercise of
stock options and other common stock issuances |
14,610 |
|
|
|
14,914 |
|
|
Taxes paid related to net
share settlement of equity awards |
(14,515 |
) |
|
|
(942,780 |
) |
|
Principal payments on finance
lease obligations |
(29,042 |
) |
|
|
— |
|
|
Net cash provided by financing activities |
536,021 |
|
|
|
1,556,235 |
|
|
Effect of foreign exchange on cash, cash equivalents and restricted
cash and cash equivalents |
(286 |
) |
|
|
196 |
|
|
Net increase (decrease) in cash, cash equivalents and restricted
cash and cash equivalents |
(23,543 |
) |
|
|
(20,809 |
) |
|
Cash, cash equivalents
and restricted cash and cash equivalents |
|
|
|
Beginning of period |
564,465 |
|
|
|
706,486 |
|
|
End of period |
$ |
540,922 |
|
|
|
$ |
685,677 |
|
|
Lyft, Inc. Condensed
Consolidated Statements of Cash Flows (in thousands)
(unaudited)
|
Nine Months Ended September 30, |
|
2020 |
|
2019 |
Reconciliation of cash, cash equivalents and restricted
cash and cash equivalents to the consolidated balance
sheets |
|
|
|
Cash and cash equivalents |
$ |
424,806 |
|
|
$ |
543,871 |
|
Restricted cash and cash
equivalents |
115,229 |
|
|
139,440 |
|
Restricted cash, included in
prepaid expenses and other current assets |
887 |
|
|
2,366 |
|
Total cash, cash
equivalents and restricted cash and cash equivalents |
$ |
540,922 |
|
|
$ |
685,677 |
|
Non-cash investing and
financing activities |
|
|
|
Purchases of property and
equipment, and scooter fleet not yet settled |
$ |
45,291 |
|
|
$ |
9,316 |
|
Deferred offering costs
accrued, unpaid |
— |
|
|
72 |
|
Right-of-use assets acquired
under finance and operating leases |
29,499 |
|
|
196,730 |
|
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 |
|
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 September 30, |
|
2020 |
|
2019 |
Contribution |
|
|
|
|
|
|
|
Revenue |
$ |
499.7 |
|
|
|
$ |
955.6 |
|
|
Less cost of revenue |
(261.6 |
) |
|
|
(580.7 |
) |
|
Adjusted to exclude the
following (as related to cost of revenue): |
|
|
|
Amortization of intangible assets |
2.8 |
|
|
|
5.3 |
|
|
Stock based compensation expense |
7.0 |
|
|
|
12.1 |
|
|
Payroll tax expense related to stock-based compensation |
0.2 |
|
|
|
0.3 |
|
|
Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods |
0.7 |
|
|
|
86.6 |
|
|
Contribution |
$ |
248.8 |
|
|
|
$ |
479.2 |
|
|
Contribution Margin |
49.8 |
% |
|
|
50.1 |
% |
|
|
Three Months Ended September 30, |
|
2020 |
|
2019 |
Adjusted
EBITDA |
|
|
|
|
|
|
|
Net Loss |
$ |
(459.5 |
) |
|
|
$ |
(463.5 |
) |
|
Adjusted to exclude the
following: |
|
|
|
Interest expense(1) |
13.1 |
|
|
|
— |
|
|
Other income (expense), net(2) |
(7.5 |
) |
|
|
(29.3 |
) |
|
Provision for income taxes |
1.1 |
|
|
|
1.9 |
|
|
Depreciation and amortization |
41.7 |
|
|
|
30.1 |
|
|
Stock-based compensation expense |
166.7 |
|
|
|
242.2 |
|
|
Payroll tax expense related to stock-based compensation |
4.0 |
|
|
|
3.9 |
|
|
Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods |
0.7 |
|
|
|
86.6 |
|
|
Adjusted
EBITDA |
$ |
(239.7 |
) |
|
|
$ |
(128.1 |
) |
|
Adjusted EBITDA Margin |
(48.0 |
%) |
|
|
(13.4 |
%) |
|
_______________(1) Includes interest expense for
Flexdrive vehicles and the convertible senior notes and $0.6
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.
|
Three Months Ended September 30, |
|
2020 |
|
2019 |
Adjusted Net
Loss |
|
|
|
|
|
|
|
Net Loss |
$ |
(459.5 |
) |
|
|
$ |
(463.5 |
) |
|
Adjusted to exclude the
following: |
|
|
|
Amortization of intangible assets |
7.7 |
|
|
|
9.2 |
|
|
Stock-based compensation expense |
166.7 |
|
|
|
242.2 |
|
|
Payroll tax expense related to stock-based compensation |
4.0 |
|
|
|
3.9 |
|
|
Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods |
0.7 |
|
|
|
86.6 |
|
|
Adjusted Net
Loss |
$ |
(280.4 |
) |
|
|
$ |
(121.6 |
) |
|
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