Lyft, Inc. (Nasdaq:LYFT) today announced financial results for its
fourth quarter and fiscal year ended December 31, 2020.
“Despite the difficult backdrop in 2020, we
continued to focus on improving our business for the long-term,”
said Logan Green, co-founder and chief executive
officer of Lyft. “The progress we’ve made has been significant and
I believe we are now in a stronger position than at any time in our
past. Even as we’ve strengthened our financial position, we’ve
continued to fund strategic investments that build on our core
competencies and on our marketplace flywheel, to lower costs and
deliver more value to drivers, riders and partners.”
“In the fourth quarter, we successfully eliminated
$360 million in fixed costs on an annualized basis versus our
original 2020 plan, exceeding our target cost reduction by 20%,”
said Brian Roberts, chief financial officer of
Lyft. “Our Q4 results also outperformed our most recent outlook.
And, while the first quarter of 2021 continues to be uncertain
primarily due to COVID-19 headwinds, based on current recovery
expectations, we should experience a growth inflection beginning in
the second quarter that strengthens in the second half of the
year.”
Fourth Quarter 2020 Financial
Highlights
- Lyft reported Q4 2020 revenue of $569.9 million versus $1,017.1
million in Q4 2019, a decrease of 44 percent year-over-year, but an
increase of 14 percent from $499.7 million in Q3 2020. Recovery
trends seen in Q3 2020 continued into Q4 2020, but demand in the
latter part of Q4 2020 was negatively affected by the surge in
COVID-19 cases and the reintroduction of restrictive measures
intended to curb the spread. As demand decreased, we reduced driver
acquisition and engagement spend, which had a positive impact on
our financial results.
- Net loss for Q4 2020 was $458.2 million versus a net loss of
$356.0 million in Q4 2019. Net loss for Q4 2020 includes $138.1
million of stock-based compensation and related payroll tax
expenses and $127.7 million related to changes to the liabilities
for insurance required by regulatory agencies attributable to
historical periods. Net loss margin for Q4 2020 was 80.4 percent
compared to 35.0 percent in Q4 2019.
- Adjusted Net Loss1 for Q4 2020 was $185.3 million versus an
Adjusted Net Loss of $121.4 million in Q4 2019.
- Lyft reported Contribution1 for Q4 2020 of $316.0 million
versus $549.5 million in Q4 2019, down 43 percent year-over-year,
but up 27 percent from $248.8 million in Q3 2020. Contribution
Margin for Q4 2020 was 55.5 percent, which was up 1.5 percentage
points year-over-year and up 5.7 percentage points versus Q3 2020.
This compares with the Company's outlook of 51.5 to 52.5
percent2.
- Adjusted EBITDA1 loss for Q4 2020 was $150.0 million, an
increase of $19.3 million compared to Adjusted EBITDA loss of
$130.7 million in Q4 2019. The Adjusted EBITDA loss for Q4 2020
improved by $89.7 million relative to the Q3 2020 level and was
roughly $35 million better than the Company’s most recent outlook
for an Adjusted EBITDA loss of less than $185 million3. Adjusted
EBITDA loss margin for Q4 2020 was 26.3 percent versus 12.9 percent
in Q4 2019.
- Lyft reported $2.3 billion of unrestricted cash, cash
equivalents and short-term investments at December 31, 2020.
1 Refer to the "Non-GAAP Financial Measures"
section for the definitions for Contribution, Adjusted EBITDA and
Adjusted Net Loss.2 Company outlook for Contribution Margin for the
fourth quarter of 2020 as reported during the Third Quarter 2020
Financial Results Earnings Call on November 10, 2020.3 Company
outlook for Adjusted EBITDA for the fourth quarter of 2020 as
reported on the Form 8-K filed December 2, 2020.
Fiscal Year 2020 Financial
Highlights
- Lyft reported fiscal year 2020 revenue of $2.4 billion versus
$3.6 billion in fiscal year 2019, a decrease of 35 percent
year-over-year.
- Net loss for fiscal year 2020 was $1.8 billion versus a net
loss of $2.6 billion in fiscal year 2019. Net loss for fiscal year
2020 includes $589.5 million of stock-based compensation and
related payroll tax expenses and $204.1 million related to changes
to the liabilities for insurance required by regulatory agencies
attributable to historical periods. Net loss margin was 74.1
percent and 72.0 percent for the fiscal years 2020 and 2019,
respectively.
- Adjusted Net Loss4 for fiscal year 2020 was $828.9 million
versus an Adjusted Net Loss of $651.8 million in fiscal year
2019.
- Lyft reported Contribution4 for fiscal year 2020 of $1.2
billion versus $1.8 billion in fiscal year 2019, down 32.2 percent
year-over-year. Contribution Margin for fiscal year 2020 increased
to 52.0 percent from 50.1 percent for fiscal year 2019.
- Adjusted EBITDA4 loss for fiscal year 2020 was $755.2 million
versus $678.9 million in fiscal year 2019. Adjusted EBITDA loss
margin for fiscal year 2020 was 31.9 percent versus 18.8 percent in
fiscal year 2019.
- In March 2020, we entered into a Novation Agreement that
eliminated $407.9 million of our primary auto insurance liabilities
related to periods between October 1, 2015 to September 30, 2018
for $64.7 million in transaction costs. This transaction eliminated
nearly all of our primary auto insurance liabilities related to
periods preceding October 2018. In October 2020, we expanded our
insurance carrier partnerships and increased our risk transfer to a
slight majority for the twelve months ended September 30, 2021 from
a minority of risk transferred during the twelve months ended
September 30, 2020.
- 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 recognized 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. In November 2020, Lyft had a reduction in
its workforce that resulted in net restructuring costs of $1.4
million, comprised of severance and employee costs partially offset
by a stock-based compensation benefit.
- In May 2020, Lyft issued $747.5 million in 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.
|
Active Riders |
|
Revenue per Active Rider |
|
2020 |
|
2019 |
|
YoY Growth Rate |
|
2020 |
|
2019 |
|
YoY GrowthRate |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except for dollar amounts and percentages) |
Three Months
Ended March 31 |
21,211 |
|
20,503 |
|
3.5% |
|
$45.06 |
|
$37.86 |
|
19.0% |
Three Months
Ended June 30 |
8,688 |
|
21,807 |
|
(60.1)% |
|
$39.06 |
|
$39.77 |
|
(1.8)% |
Three Months
Ended September 30 |
12,513 |
|
22,314 |
|
(43.9)% |
|
$39.94 |
|
$42.82 |
|
(6.7)% |
Three Months
Ended December 31 |
12,552 |
|
22,905 |
|
(45.2)% |
|
$45.40 |
|
$44.40 |
|
2.3% |
For more information regarding the non-GAAP
financial measures discussed in this earnings release, please see
"GAAP to non-GAAP Reconciliations" below.
4 Refer to the "Non-GAAP Financial Measures"
section for the definitions for Contribution, Adjusted EBITDA and
Adjusted Net Loss.
Webcast Lyft 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 Lyft Lyft 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, Lyft’s
beliefs regarding its financial position and operating performance,
including the effect of the COVID-19 pandemic and the timing of
recovery, and the related impact on Lyft’s business, financial
position and Lyft’s future profitability and timing for achievement
of profitability. 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 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 for the quarter ended September 30, 2020, and
in our Annual Report on Form 10-K for the full year 2020 that will
be filed with the SEC by March 1, 2021. 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,
unless the ride is accessible in the Lyft App.
Beginning in the fourth quarter of 2020, some
riders were able to access their Concierge rides in the Lyft App if
they already had a Lyft account. Accordingly, Lyft updated the
definition of Active Riders to include Concierge riders if the
rider’s phone number matches that of a verified Lyft account,
allowing the rider to access their ride in the Lyft App. This
update resulted in a 0.01% increase, or an additional 927 Active
Riders in the fourth quarter of 2020. Prior to the fourth quarter
of 2020, all Concierge riders were excluded from the calculation of
Active Riders as Concierge rides could not be matched with verified
rider accounts.
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 (net of any
benefit), 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 and November 2020, we announced
restructuring efforts 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
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 ongoing operating performance
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.Consolidated
Balance Sheets(in thousands, except for share and per
share data)(unaudited)
|
December 31, |
|
|
2020 |
|
|
2019 |
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
319,734 |
|
$ |
358,319 |
|
Short-term investments |
|
1,931,334 |
|
|
2,491,805 |
|
Prepaid expenses and other current assets |
|
343,070 |
|
|
397,239 |
|
Total current assets |
|
2,594,138 |
|
|
3,247,363 |
|
Restricted
cash and cash equivalents |
|
118,559 |
|
|
204,976 |
|
Restricted
investments |
|
1,101,712 |
|
|
1,361,045 |
|
Other
investments |
|
10,000 |
|
|
— |
|
Property and
equipment, net |
|
313,297 |
|
|
188,603 |
|
Operating
lease right of use assets |
|
275,756 |
|
|
441,258 |
|
Intangible
assets, net |
|
65,845 |
|
|
82,919 |
|
Goodwill |
|
182,687 |
|
|
158,725 |
|
Other
assets |
|
16,970 |
|
|
6,494 |
|
Total assets |
$ |
4,678,964 |
|
$ |
5,691,383 |
|
Liabilities, Redeemable Convertible Preferred Stock and
Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
$ |
84,108 |
|
$ |
38,839 |
|
Insurance reserves |
|
987,064 |
|
|
1,378,462 |
|
Accrued and other current liabilities |
|
954,008 |
|
|
939,865 |
|
Operating lease liabilities — current |
|
49,291 |
|
|
94,199 |
|
Total current liabilities |
|
2,074,471 |
|
|
2,451,365 |
|
Operating lease liabilities |
|
265,803 |
|
|
382,077 |
|
Long-term debt, net of current portion |
|
382,077 |
|
|
— |
|
Other liabilities |
|
18,291 |
|
|
3,857 |
|
Total liabilities |
|
3,002,801 |
|
|
2,837,299 |
|
Commitments and contingencies (Note 8) |
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
Preferred stock, $0.00001 par value; 1,000,000,000 shares
authorized as of December 31, 2020 and December 31, 2019; no shares
issued and outstanding as of December 31, 2020 and December 31,
2019 |
|
— |
|
|
— |
|
Common stock, $0.00001 par value; 18,000,000,000 Class A shares
authorized as of December 31, 2020 and December 31, 2019,
314,934,487 and 293,793,151 Class A shares issued and outstanding
as of December 31, 2020 and December 31, 2019, respectively;
100,000,000 Class B shares authorized, 8,802,629 Class B shares
issued and outstanding as of December 31, 2020 and December 31,
2019 |
|
3 |
|
|
3 |
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
8,977,061 |
|
|
8,398,927 |
|
Accumulated other comprehensive income (loss) |
|
(473 |
) |
|
8,398,927 |
|
Accumulated deficit |
|
(7,300,428 |
) |
|
(5,547,571 |
) |
Total stockholders’ equity |
|
1,676,163 |
|
|
2,854,084 |
|
Total liabilities and stockholders’ equity |
$ |
4,678,964 |
|
$ |
5,691,383 |
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
$ |
84,108 |
|
$ |
38,839 |
|
Insurance reserves |
|
987,064 |
|
|
1,378,462 |
|
Accrued and
other current liabilities |
|
954,008 |
|
|
939,865 |
|
Operating
lease liabilities — current |
|
49,291 |
|
|
94,199 |
|
Total current liabilities |
|
2,074,471 |
|
|
2,451,365 |
|
Operating
lease liabilities |
|
265,803 |
|
|
382,077 |
|
Long-term
debt, net of current portion |
|
644,236 |
|
|
— |
|
Other
liabilities |
|
18,291 |
|
|
3,857 |
|
Total liabilities |
|
3,002,801 |
|
|
2,837,299 |
|
Commitments
and contingencies (Note 8) |
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
Preferred stock, $0.00001 par value; 1,000,000,000 shares
authorized as of December 31, 2020 and December 31, 2019; no shares
issued and outstanding as of December 31, 2020 and December 31,
2019 |
|
— |
|
|
— |
|
Common stock, $0.00001 par value; 18,000,000,000 Class A shares
authorized as of December 31, 2020 and December 31, 2019,
314,934,487 and 293,793,151 Class A shares issued and outstanding
as of December 31, 2020 and December 31, 2019, respectively;
100,000,000 Class B shares authorized, 8,802,629 Class B shares
issued and outstanding as of December 31, 2020 and December 31,
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
paid-in capital |
|
8,977,061 |
|
|
8,398,927 |
|
Accumulated
other comprehensive income (loss) |
|
(473 |
) |
|
2,725 |
|
Accumulated
deficit |
|
(7,300,428 |
) |
|
(5,547,571 |
) |
Total
stockholders’ equity |
|
1,676,163 |
|
|
2,854,084 |
|
Total liabilities and stockholders’ equity |
$ |
4,678,964 |
|
$ |
5,691,383 |
|
Lyft, Inc.Consolidated
Statements of Operations(in thousands, except for per
share data)(unaudited)
|
Year Ended December 31, |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
Revenue |
$ |
2,364,681 |
|
$ |
3,615,960 |
|
$ |
2,156,616 |
|
Costs and
expenses |
|
|
|
Cost of revenue |
|
1,447,516 |
|
|
2,176,469 |
|
|
1,243,400 |
|
Operations and support |
|
453,963 |
|
|
636,116 |
|
|
338,402 |
|
Research and development |
|
909,126 |
|
|
1,505,640 |
|
|
300,836 |
|
Sales and marketing |
|
416,331 |
|
|
814,122 |
|
|
803,751 |
|
General and administrative |
|
946,127 |
|
|
1,186,093 |
|
|
447,938 |
|
Total costs and expenses |
|
4,173,063 |
|
|
6,318,440 |
|
|
3,134,327 |
|
Loss from operations |
|
(1,808,382 |
) |
|
(2,702,480 |
) |
|
(977,711 |
) |
Interest
expense |
|
(32,678 |
) |
|
— |
|
|
— |
|
Other income
(expense), net |
|
43,669 |
|
|
102,595 |
|
|
67,114 |
|
Loss before income taxes |
|
(1,797,391 |
) |
|
(2,599,885 |
) |
|
(910,597 |
) |
Provision
(benefit) for income taxes |
|
(44,534 |
) |
|
2,356 |
|
|
738 |
|
Net loss |
$ |
(1,752,857 |
) |
$ |
(2,602,241 |
) |
$ |
(911,335 |
) |
Net loss per
share, basic and diluted |
$ |
(5.61 |
) |
$ |
(11.44 |
) |
$ |
(43.04 |
) |
Weighted-average number of shares outstanding used to compute net
loss per share, basic and diluted |
|
312,175 |
|
|
227,498 |
|
|
21,176 |
|
Stock-based
compensation included in costs and expenses: |
Cost of revenue |
$ |
28,743 |
|
$ |
81,321 |
|
$ |
501 |
|
Operations and support |
|
15,829 |
|
|
75,212 |
|
|
177 |
|
Research and development |
|
325,624 |
|
|
971,941 |
|
|
4,107 |
|
Sales and marketing |
|
23,385 |
|
|
72,046 |
|
|
261 |
|
General and administrative |
|
172,226 |
|
|
398,791 |
|
|
3,531 |
|
Lyft, Inc.Consolidated
Statements of Cash Flows(in thousands)(unaudited)
|
Year Ended December 31, |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
Net loss |
$ |
(1,752,857 |
) |
$ |
(2,602,241 |
) |
$ |
(911,335 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities |
Depreciation and amortization |
|
157,353 |
|
|
108,429 |
|
|
18,752 |
|
Stock-based compensation |
|
565,807 |
|
|
1,599,311 |
|
|
8,577 |
|
Amortization of premium on marketable securities |
|
6,461 |
|
|
597 |
|
|
473 |
|
Accretion of discount on marketable securities |
|
(14,075 |
) |
|
(39,285 |
) |
|
(23,605 |
) |
Amortization of debt discount and issuance costs |
|
21,050 |
|
|
— |
|
|
— |
|
Deferred income tax |
|
(46,037 |
) |
|
(5,141 |
) |
|
3,219 |
|
Loss on sale and disposal of assets, net |
|
15,216 |
|
|
36,541 |
|
|
— |
|
Other |
|
4,518 |
|
|
(875 |
) |
|
989 |
|
Changes in operating assets and liabilities, net effects of
acquisition |
|
|
|
Prepaid expenses and other assets |
|
39,258 |
|
|
(115,807 |
) |
|
(75,640 |
) |
Operating lease right-of-use assets |
|
61,201 |
|
|
108,600 |
|
|
— |
|
Accounts payable |
|
44,489 |
|
|
5,067 |
|
|
(40,811 |
) |
Insurance reserves |
|
(391,398 |
) |
|
568,190 |
|
|
433,735 |
|
Accrued and other liabilities |
|
(36,651 |
) |
|
333,858 |
|
|
304,973 |
|
Lease liabilities |
|
(53,234 |
) |
|
(102,946 |
) |
|
— |
|
Net cash used in operating activities |
|
(1,378,899 |
) |
|
(105,702 |
) |
|
(280,673 |
) |
Cash flows from investing
activities |
|
|
|
Purchases of marketable
securities |
|
(4,112,677 |
) |
|
(6,448,895 |
) |
|
(5,454,118 |
) |
Purchase of non-marketable
security |
|
(10,000 |
) |
|
— |
|
|
— |
|
Purchase of term deposit |
|
(1,110,317 |
) |
|
(142,811 |
) |
|
— |
|
Proceeds from sales of marketable
securities |
|
656,960 |
|
|
1,092,978 |
|
|
900,361 |
|
Proceeds from maturities of
marketable securities |
|
4,745,926 |
|
|
4,071,165 |
|
|
3,838,464 |
|
Proceeds from maturity of term
deposit |
|
645,622 |
|
|
— |
|
|
— |
|
Purchases of property and
equipment and scooter fleet |
|
(93,639 |
) |
|
(178,088 |
) |
|
(68,668 |
) |
Purchases of other intangible
assets |
|
— |
|
|
— |
|
|
(2,200 |
) |
Sales of property and equipment
and held for sale assets |
|
30,894 |
|
|
7,131 |
|
|
— |
|
Cash paid for acquisitions, net
of cash acquired |
|
(12,342 |
) |
|
(12,323 |
) |
|
(257,591 |
) |
Net cash used in investing activities |
|
740,427 |
|
|
(1,610,843 |
) |
|
(1,043,752 |
) |
Cash flows from financing
activities |
|
|
|
Proceeds from issuance of common
stock in initial public offering, net of underwriting |
|
— |
|
|
2,484,029 |
|
|
— |
|
Proceeds from issuance of
redeemable convertible preferred stock, net of issuance costs |
|
— |
|
|
— |
|
|
842,658 |
|
Repayment of loans |
|
(50,639 |
) |
|
— |
|
|
— |
|
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 |
|
26,067 |
|
|
33,062 |
|
|
9,986 |
|
Taxes paid related to net share
settlement of equity awards |
|
(20,240 |
) |
|
(942,895 |
) |
|
— |
|
Principal payments on finance
lease obligations |
|
(41,682 |
) |
|
— |
|
|
— |
|
Other |
|
(1,500 |
) |
|
— |
|
|
(406 |
) |
Net cash provided by financing activities |
|
512,566 |
|
|
1,574,196 |
|
|
852,238 |
|
Effect of foreign exchange on
cash, cash equivalents and restricted cash and cash |
|
(74 |
) |
|
328 |
|
|
(246 |
) |
Net increase (decrease) in cash,
cash equivalents and restricted cash and cash |
|
(125,980 |
) |
|
(142,021 |
) |
|
(472,433 |
) |
Cash, cash equivalents
and restricted cash and cash equivalents |
|
|
|
|
|
|
|
|
|
Beginning of period |
|
564,465 |
|
|
706,486 |
|
|
1,178,919 |
|
End of period |
$ |
438,485 |
|
$ |
564,465 |
|
$ |
706,486 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash,
cash equivalents and restricted cash and cash equivalents to the
consolidated balance sheets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
319,734 |
|
$ |
358,319 |
|
$ |
517,690 |
|
Restricted cash and cash
equivalents |
|
118,559 |
|
|
204,976 |
|
|
187,374 |
|
Restricted cash, included in
prepaid expenses and other current assets |
|
192 |
|
|
1,170 |
|
|
1,422 |
|
Total cash, cash
equivalents and restricted cash and cash equivalents |
$ |
438,485 |
|
$ |
564,465 |
|
$ |
706,486 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures
of cash flow information |
|
|
|
|
|
|
|
|
|
Cash paid for income taxes |
|
4,037 |
|
|
819 |
|
|
326 |
|
Cash paid for interest |
|
12,545 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Non-cash investing and
financing activities |
|
|
|
|
|
|
|
|
|
Purchases of property and
equipment, and scooter fleet not yet settled |
|
41,271 |
|
|
13,070 |
|
|
8,154 |
|
Deferred offering costs accrued,
unpaid |
|
— |
|
|
— |
|
|
1,689 |
|
Right of use assets acquired
under finance and operating leases |
|
35,394 |
|
|
264,076 |
|
|
— |
|
Redeemable convertible preferred
stock issued as part of a business combination |
|
— |
|
|
— |
|
|
25,340 |
|
Conversion of redeemable
convertible preferred stock to common stock in connection with |
|
— |
|
|
5,152,047 |
|
|
— |
|
Reclassification of deferred
offering costs to additional paid-in capital upon initial public
offering |
|
— |
|
|
7,690 |
|
|
— |
|
Decrease in goodwill from
measurement period adjustments related to business combination |
|
— |
|
|
3,240 |
|
|
— |
|
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 and GAAP to Non-GAAP Reconciliations (in
millions) (unaudited)
|
|
|
|
|
|
Three Months Ended December
31, |
|
2020 |
2019 |
Contribution |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
569.9 |
|
$ |
1,017.1 |
|
Less cost of
revenue |
|
(392.1 |
) |
|
(502.8 |
) |
Adjusted to
exclude the following (as related to cost of revenue): |
|
|
|
|
Amortization of intangible assets |
|
2.8 |
|
|
3.6 |
|
Stock based compensation expense |
|
7.5 |
|
|
12.7 |
|
Payroll tax expense related to stock-based compensation |
|
0.2 |
|
|
0.1 |
|
Changes to the liabilities for insurance required by regulatory
agencies attributable |
|
|
|
|
to historical periods |
|
127.7 |
|
|
18.8 |
|
Contribution |
$ |
316.0 |
|
$ |
549.5 |
|
Contribution
Margin |
|
55.5 |
% |
|
54.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December
31, |
|
2020 |
2019 |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(458.2 |
) |
$ |
(356.0 |
) |
Adjusted to
exclude the following: |
|
|
|
|
Interest expense |
|
12.6 |
|
|
— |
|
Other income (expense), net |
|
(4.9 |
) |
|
(23.8 |
) |
Provision for income taxes |
|
(2.5 |
) |
|
(2.0 |
) |
Depreciation and amortization |
|
35.7 |
|
|
24.0 |
|
Stock-based compensation expense |
|
133.3 |
|
|
204.4 |
|
Payroll tax expense related to stock-based compensation |
|
4.8 |
|
|
2.9 |
|
Changes to the liabilities for insurance required by regulatory
agencies attributable |
|
|
|
|
to historical periods |
|
127.7 |
|
|
18.8 |
|
Costs related to acquisitions |
|
— |
|
|
1.0 |
|
Restructuring charges |
|
1.5 |
|
|
— |
|
Adjusted EBITDA |
$ |
(150.0 |
) |
$ |
(130.7 |
) |
Adjusted
EBITDA Margin |
|
(26.3 |
%) |
|
(12.9 |
%) |
|
|
|
|
|
|
Three Months Ended December
31, |
|
2020 |
2019 |
Adjusted Net Loss |
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(458.2 |
) |
$ |
(356.0 |
) |
Adjusted to
exclude the following: |
|
|
|
|
Amortization
of intangible assets |
|
5.5 |
|
|
7.5 |
|
Stock-based
compensation expense |
|
133.3 |
|
|
204.4 |
|
Payroll tax
expense related to stock-based compensation |
|
4.8 |
|
|
2.9 |
|
Changes to
the liabilities for insurance required by regulatory agencies
attributable to historical periods |
|
|
|
|
|
|
127.7 |
|
|
18.8 |
|
Costs
related to acquisitions |
|
— |
|
|
1.0 |
|
Restructuring charges |
|
1.5 |
|
|
— |
|
Adjusted Net Loss5 |
$ |
(185.3 |
) |
$ |
(121.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, |
|
2020 |
2019 |
Contribution |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,364.7 |
|
$ |
3,616.0 |
|
Less cost of
revenue |
|
(1,447.5 |
) |
|
(2,176.5 |
) |
Adjusted to
exclude the following (as related to cost of revenue): |
|
|
|
|
Amortization of intangible assets |
|
12.0 |
|
|
19.5 |
|
Stock based compensation expense |
|
28.7 |
|
|
81.4 |
|
Payroll tax expense related to stock-based compensation |
|
1.5 |
|
|
1.8 |
|
Changes to the liabilities for insurance required by regulatory
agencies attributable |
|
204.1 |
|
|
270.3 |
|
to historical periods |
|
|
|
|
Transfer of certain legacy auto insurance liabilities |
|
62.5 |
|
|
— |
|
Restructuring charges |
|
3.5 |
|
|
— |
|
Contribution |
$ |
1,229.5 |
|
$ |
1,812.5 |
|
Contribution
Margin |
|
52.0 |
% |
|
50.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2020 |
2019 |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(1,752.9 |
) |
$ |
(2,602.2 |
) |
Adjusted to
exclude the following: |
|
|
|
|
Interest expense |
|
34.3 |
|
|
— |
|
Other income (expense), net |
|
(43.7 |
) |
|
(102.6 |
) |
Provision for income taxes |
|
(44.5 |
) |
|
2.3 |
|
Depreciation and amortization |
|
157.4 |
|
|
108.3 |
|
Stock-based compensation expense |
|
565.8 |
|
|
1,599.3 |
|
Payroll tax expense related to stock-based compensation |
|
23.7 |
|
|
44.7 |
|
Changes to the liabilities for insurance required by regulatory
agencies attributable |
|
|
|
|
to historical periods |
|
204.1 |
|
|
270.3 |
|
Costs related to acquisitions |
|
0.4 |
|
|
1.0 |
|
Transfer of certain legacy auto insurance liabilities |
|
64.7 |
|
|
— |
|
Restructuring charges |
|
35.5 |
|
|
— |
|
Adjusted EBITDA |
$ |
(755.2 |
) |
$ |
(678.9 |
) |
Adjusted
EBITDA Margin |
|
(31.9 |
%) |
|
(18.8 |
%) |
|
|
|
|
|
|
Year
Ended December 31, |
|
2020 |
|
2019 |
Adjusted Net Loss |
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(1,752.9 |
) |
$ |
(2,602.2 |
) |
Adjusted to
exclude the following: |
|
|
|
|
Amortization of intangible assets |
|
29.2 |
|
|
35.1 |
|
Stock-based compensation expense |
|
565.8 |
|
|
1,599.3 |
|
Payroll tax expense related to stock-based compensation |
|
23.7 |
|
|
44.7 |
|
Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods |
|
|
|
|
|
|
204.1 |
|
|
270.3 |
|
Costs related to acquisitions |
|
0.4 |
|
|
1.0 |
|
Transfer of certain legacy auto insurance liabilities |
|
64.7 |
|
|
— |
|
Restructuring charges |
|
36.0 |
|
|
— |
|
Adjusted Net Loss6 |
$ |
(828.9 |
) |
$ |
(651.8 |
) |
5 Due to rounding, numbers presented may not add up
precisely to the totals provided.6 Due to rounding, numbers
presented may not add up precisely to the totals
provided.
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