Lyft, Inc. (Nasdaq:LYFT) today announced financial results for its
second quarter ended June 30, 2019.
“Lyft’s second quarter was marked by strong execution and
important advances in our product and platform. This translated to
record revenue driven by better than expected Active Rider growth
and Revenue per Active Rider monetization,” said Logan Green,
co-founder and chief executive officer of Lyft. “We remain focused
on reshaping transportation and we are pleased with the continued
improvement in market conditions. This environment along with our
execution is translating to strong revenue growth and sales and
marketing efficiencies. As a result of this positive momentum, we
anticipate 2019 losses to be better than previously expected and we
are pleased to have updated our outlook.”
Second Quarter 2019 Highlights
- Lyft reported Q2 revenue of $867.3 million versus $504.9
million in the second quarter of 2018, an increase of 72 percent
year-over-year.
- Net loss for Q2 2019 was $644.2 million versus a net loss of
$178.9 million in the same period of 2018. Net loss for Q2 includes
$296.6 million of stock-based compensation and related payroll tax
expenses, primarily due to RSU expense recognition, as well as
$141.1 million related to changes to the liabilities for insurance
required by regulatory agencies attributable to historical periods.
Net loss margin was (74.3%) in the quarter and (35.4%) in the
second quarter of 2018.
- Adjusted net loss was $197.3 million versus an adjusted net
loss of $176.5 million in the second quarter of 2018. Adjusted net
loss is adjusted for amortization of intangible assets, stock-based
compensation expense, payroll tax expense related to stock-based
compensation, changes to the liabilities for insurance required by
regulatory agencies attributable to historical periods, and
expenses related to acquisitions.
- Lyft reported Contribution of $398.9 million versus $212.5
million in the second quarter of 2018, up 88% year-over-year.
Contribution Margin increased to 46.0% from 42.1% versus the second
quarter of 2018.
- Adjusted EBITDA was ($204.1) million versus ($190.5) million in
the second quarter of 2018. Adjusted EBITDA Margin was (23.5%)
versus (37.7%) in the second quarter of 2018.
|
Fiscal 2018 Q2 |
Fiscal 2019 Q2 |
year-over-year change |
Active Riders (in thousands) |
15,454 |
21,807 |
41% |
Revenue per Active Rider |
$32.67 |
$39.77 |
22% |
Revenue (in millions) |
$504.9 |
$867.3 |
72% |
Outlook:
For Q3, we anticipate:
- Revenue to be between $900 million and $915 million
- Q3 revenue growth to be between 54% and 56% year-over-year
- Adjusted EBITDA loss to be between $190 million and $210
million
For FY 2019, we anticipate:
Revenue:
- Raising outlook by $195 million to $200 million
- Revenue to be between $3.47 billion and $3.5 billion (up from
$3.275 billion and $3.3 billion)
- Annual growth rate to be between 61% and 62% (up from 52% and
53%)
Adjusted EBITDA
- Improving loss guidance by $300 million
- Adjusted EBITDA loss to be between $850 million and $875
million (improved from $1.15 billion and $1.175 billion)
- 2019 Adjusted EBITDA loss expected to be less than 2018
Adjusted EBITDA loss
For more information regarding the non-GAAP financial measures
discussed in this earnings release, please see "GAAP to non-GAAP
Reconciliations" below. Guidance for Adjusted EBITDA loss excludes
interest income, other income (expense), net, provision for income
taxes, depreciation and amortization, costs related to
acquisitions, 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. We have not reconciled Adjusted EBITDA guidance
to GAAP net income (loss) because we do not provide guidance on
GAAP net income (loss) or the reconciling items between Adjusted
EBITDA and GAAP net income (loss) as a result of the uncertainty
regarding, and the potential variability of, certain of these
items. Accordingly, a reconciliation of the non-GAAP financial
measure guidance to the corresponding GAAP measure is not available
without unreasonable effort. A reconciliation of historical
Adjusted EBITDA is below.
WebcastLyft will host a webcast today at 2:00
p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these
financial results and business highlights. To listen to a live
audio webcast, please visit the Company’s Investor Relations page
at https://investor.lyft.com/. The archived webcast will be
available on the Company’s Investor Relations page shortly after
the call.
About LyftLyft was founded in 2012, and has
over 30 million riders and 2 million drivers. We are singularly
focused on improving people’s lives with the world’s best
transportation and committed to building reliable, affordable and
sustainable transportation.
Available
Information Lyft intends to use its
Investor Relations website, its blog and its Twitter account as a
means of disclosing material non-public information and for
complying with its disclosure obligations under Regulation FD.
Forward Looking
Statements This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Forward-looking
statements generally relate to future events or Lyft's future
financial or operating performance. In some cases, you can identify
forward looking statements because they contain words such as
"may," "will," "should," "expects," "plans," "anticipates,” “going
to,” "could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential" or "continue" or
the negative of these words or other similar terms or expressions
that concern Lyft's expectations, strategy, priorities, plans or
intentions. Forward-looking statements in this release include, but
are not limited to, statements regarding Lyft’s future
profitability and timing for profitability, Lyft’s future financial
and operating performance, including its outlook and guidance for
the third quarter and full year 2019, demand for Lyft’s products
and services and the markets in which Lyft operates and the future
of Transportation-as-a-Service. Lyft’s expectations and beliefs
regarding these matters may not materialize, and actual results in
future periods are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
including risks regarding our ability to forecast our business due
to our limited operating history, our competition, fluctuations in
the ridesharing market, our ability to attract and retain drivers
and riders and our partner relationships. The forward-looking
statements contained in this release are also subject to other
risks and uncertainties, including those more fully described in
Lyft's filings with the Securities and Exchange Commission (“SEC”),
including Lyft’s prospectus filed pursuant to Rule 424(b) under the
Securities Act of 1933, as amended, on March 29, 2019, in our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2019,
filed with the SEC on May 14, 2019 and in our Quarterly Report on
Form 10-Q that will be filed with the SEC following this earnings
release. The forward-looking statements in this release are based
on information available to Lyft as of the date hereof, and Lyft
disclaims any obligation to update any forward-looking statements,
except as required by law.
A Note About Metrics Lyft
defines Active Riders as all riders who take at least one ride on
our multimodal platform through the Lyft app during a quarter. An
Active Rider is identified by a unique phone number. If a rider has
two mobile phone numbers or changed their phone number and such
rider took rides using both phone numbers during the quarter, that
person would count as two Active Riders. If a rider has a personal
and business profile tied to the same mobile phone number, that
person would be considered a single Active Rider. If a ride has
been requested by an organization using our Concierge offering for
the benefit of a rider, we exclude this rider in the calculation of
Active Riders since using the Lyft app is not required. With
acquired businesses, including Motivate, only riders that have
taken a ride or rented a bike or scooter through our Lyft app
during the quarter will count as an Active Rider. Additionally, our
calculation of Active Riders is not based on any standardized
industry methodology and is not necessarily calculated in the same
manner or comparable to similarly titled measures presented by
other companies. Lyft defines Revenue per Active Rider as quarterly
revenue divided by the number of Active Riders for the same
quarter.
Non-GAAP Financial
Measures To supplement Lyft's
financial information presented in accordance with generally
accepted accounting principles in the United States of America, or
GAAP, Lyft considers certain financial measures that are not
prepared in accordance with GAAP, including adjusted net loss,
adjusted net loss per share, 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 cost related to acquisitions; Lyft defines
adjusted net loss per share by dividing adjusted net loss by
weighted-average shares outstanding; 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, and changes to the liabilities for
insurance required by regulatory agencies attributable to
historical periods; Lyft defines Contribution Margin for a period
as Contribution for the period divided by Revenue for the same
period. Lyft defines Adjusted EBITDA as net loss adjusted to
exclude interest income, other income (expense), net, provision for
income taxes, depreciation and amortization, costs related to
acquisitions, 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. Adjusted EBITDA Margin is calculated by
dividing Adjusted EBITDA for a period by revenue for the same
period.
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 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, adjusted net loss per
share, 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, adjusted net loss per
share, 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, adjusted net loss per share,
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, adjusted net loss per share,
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 net loss per share, 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, adjusted net loss per share,
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 |
|
|
|
Catherine Buan / Shawn
Woodhull |
|
|
Adrian Durbin / Alexandra
LaManna |
investor@lyft.com |
|
|
press@lyft.com |
|
|
|
|
|
|
|
|
LYFT, INC.Condensed
Consolidated Balance Sheets(In thousands, except per share
data) (unaudited)
|
June 30,2019 |
|
December 31,2018 |
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
417,393 |
|
$ |
517,690 |
Short-term investments |
|
2,892,917 |
|
|
1,520,180 |
Prepaid expenses and other current assets |
|
367,487 |
|
|
282,572 |
Total current assets |
|
3,677,797 |
|
|
2,320,442 |
Restricted cash and cash
equivalents |
|
122,983 |
|
|
187,374 |
Restricted investments |
|
1,165,299 |
|
|
863,713 |
Property and equipment, net |
|
138,149 |
|
|
109,257 |
Operating lease right of use
assets |
|
347,027 |
|
|
— |
Intangible assets, net |
|
99,612 |
|
|
117,733 |
Goodwill |
|
150,926 |
|
|
152,085 |
Other assets |
|
2,683 |
|
|
9,439 |
Total assets |
$ |
5,704,476 |
|
$ |
3,760,043 |
Liabilities, Redeemable
Convertible Preferred Stock and Stockholders’ Equity
(Deficit) |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
$ |
12,690 |
|
$ |
32,343 |
Insurance reserves |
|
1,207,380 |
|
|
810,273 |
Accrued and other current liabilities |
|
813,288 |
|
|
606,203 |
Operating lease liabilities — current |
|
92,458 |
|
|
— |
Total current liabilities |
|
2,125,816 |
|
|
1,448,819 |
Operating lease liabilities |
|
295,164 |
|
|
— |
Other liabilities |
|
6,364 |
|
|
30,458 |
Total liabilities |
|
2,427,344 |
|
|
1,479,277 |
Redeemable convertible preferred
stock, $0.00001 par value, no and 227,328,900 shares authorized as
of June 30, 2019 and December 31, 2018, respectively; no and
219,175,709 shares issued and outstanding as of June 30, 2019 and
December 31, 2018, respectively |
|
— |
|
|
5,152,047 |
Stockholders’ equity
(deficit) |
|
|
|
|
|
Preferred stock, $0.00001 par value; 1,000,000,000 and no shares
authorized as of June 30, 2019 and December 31, 2018, respectively;
no shares issued and outstanding as of June 30, 2019 and December
31, 2018 |
|
— |
|
|
— |
Common stock, $0.00001 par value; 18,000,000,000 Class A shares and
340,000,000 shares authorized, 279,970,833 Class A shares and
22,438,472 shares issued and outstanding, as of June 30, 2019 and
December 31, 2018, respectively; 100,000,000 and no Class B
shares authorized, 12,779,709 and no Class B shares issued and
outstanding, as of June 30, 2019 and December 31, 2018,
respectively |
|
3 |
|
|
— |
Additional paid-in capital |
|
7,999,678 |
|
|
73,916 |
Accumulated other comprehensive income |
|
5,493 |
|
|
133 |
Accumulated deficit |
|
(4,728,042) |
|
|
(2,945,330) |
Total stockholders’ equity (deficit) |
|
3,277,132 |
|
|
(2,871,281) |
Total liabilities, redeemable convertible preferred stock and
stockholders’ equity (deficit) |
$ |
5,704,476 |
|
$ |
3,760,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenue |
$ |
867,265 |
|
$ |
504,912 |
|
$ |
1,643,292 |
|
$ |
902,100 |
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
630,136 |
|
|
293,186 |
|
|
1,092,993 |
|
|
553,795 |
Operations and support |
|
151,975 |
|
|
67,366 |
|
|
339,210 |
|
|
127,271 |
Research and development |
|
309,833 |
|
|
64,415 |
|
|
940,793 |
|
|
127,607 |
Sales and marketing |
|
180,951 |
|
|
175,107 |
|
|
456,080 |
|
|
343,814 |
General and administrative |
|
267,286 |
|
|
98,472 |
|
|
644,022 |
|
|
188,626 |
Total costs and expenses |
|
1,540,181 |
|
|
698,546 |
|
|
3,473,098 |
|
|
1,341,113 |
Loss from operations |
|
(672,916) |
|
|
(193,634) |
|
|
(1,829,806) |
|
|
(439,013) |
Interest income |
|
29,979 |
|
|
15,251 |
|
|
49,633 |
|
|
26,752 |
Other expense, net |
|
(311) |
|
|
(289) |
|
|
(165) |
|
|
(344) |
Loss before income taxes |
|
(643,248) |
|
|
(178,672) |
|
|
(1,780,338) |
|
|
(412,605) |
Provision for income taxes |
|
991 |
|
|
231 |
|
|
2,374 |
|
|
637 |
Net loss |
$ |
(644,239) |
|
$ |
(178,903) |
|
$ |
(1,782,712) |
|
$ |
(413,242) |
Net loss per share, basic and
diluted |
$ |
(2.23) |
|
$ |
(8.48) |
|
$ |
(11.38) |
|
$ |
(20.09) |
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted |
|
288,372 |
|
|
21,088 |
|
|
156,647 |
|
|
20,566 |
Stock-based
compensation included in costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
15,058 |
|
$ |
137 |
|
$ |
56,548 |
|
$ |
242 |
Operations and support |
|
8,221 |
|
|
46 |
|
|
59,624 |
|
|
97 |
Research and development |
|
182,918 |
|
|
515 |
|
|
689,124 |
|
|
1,243 |
Sales and marketing |
|
12,133 |
|
|
47 |
|
|
57,244 |
|
|
174 |
General and administrative |
|
74,908 |
|
|
756 |
|
|
290,184 |
|
|
1,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LYFT, INC. Condensed
Consolidated Statements of Cash Flows(In thousands, except
per share data) (Unaudited)
|
Six Months Ended
June 30, |
|
2019 |
|
2018 |
Cash flows from operating activities |
|
|
|
|
|
Net
loss |
$ |
(1,782,712) |
|
$ |
(413,242) |
Adjustments to reconcile net loss
to net cash used in operating activities |
|
|
|
|
|
Depreciation and amortization |
|
54,215 |
|
|
2,836 |
Stock-based compensation |
|
1,152,724 |
|
|
3,497 |
Amortization of premium on marketable securities |
|
151 |
|
|
363 |
Accretion of discount on marketable securities |
|
(21,357) |
|
|
(8,056) |
Other |
|
7,463 |
|
|
298 |
Changes in operating assets and liabilities |
|
|
|
|
|
Prepaid expenses and other assets |
|
(79,712) |
|
|
(46,912) |
Operating lease right-of-use assets |
|
39,951 |
|
|
— |
Accounts payable |
|
(22,403) |
|
|
(2,102) |
Insurance reserves |
|
397,107 |
|
|
198,379 |
Accrued and other liabilities |
|
212,083 |
|
|
153,349 |
Lease liabilities |
|
(27,021) |
|
|
— |
Net cash used in operating activities |
|
(69,511) |
|
|
(111,590) |
Cash flows from investing
activities |
|
|
|
|
|
Purchases of marketable
securities |
|
(3,581,779) |
|
|
(2,874,656) |
Purchase of term deposit |
|
(105,000) |
|
|
— |
Proceeds from sales of marketable
securities |
|
647,138 |
|
|
685,323 |
Proceeds from maturities of
marketable securities |
|
1,391,360 |
|
|
1,296,457 |
Purchases of property and
equipment and scooter fleet |
|
(68,285) |
|
|
(11,209) |
Purchases of other intangible
assets |
|
— |
|
|
(2,200) |
Cash paid for acquisitions, net
of cash acquired |
|
(1,801) |
|
|
— |
Other investing activities |
|
780 |
|
|
— |
Net cash used in investing activities |
|
(1,717,587) |
|
|
(906,285) |
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 |
|
|
— |
Proceeds from issuance of
redeemable convertible preferred stock, net of issuance costs |
|
— |
|
|
807,369 |
Proceeds from exercise of stock
options and other common stock issuances |
|
2,541 |
|
|
4,351 |
Taxes paid related to net share
settlement of equity awards |
|
(863,955) |
|
|
— |
Net cash provided by financing activities |
|
1,622,816 |
|
|
811,720 |
Effect of foreign exchange on
cash, cash equivalents and restricted cash and cash
equivalents |
|
296 |
|
|
(137) |
Net decrease in cash, cash
equivalents and restricted cash and cash equivalents |
|
(163,986) |
|
|
(206,292) |
Cash, cash equivalents and
restricted cash and cash equivalents |
|
|
|
|
|
Beginning of period |
|
706,486 |
|
|
1,178,919 |
End of period |
$ |
542,500 |
|
$ |
972,627 |
Reconciliation of cash,
cash equivalents and restricted cash and cash equivalents to the
condensed consolidated balance sheets |
|
|
|
|
|
Cash and cash equivalents |
$ |
417,393 |
|
$ |
928,437 |
Restricted cash and cash
equivalents |
|
122,983 |
|
|
44,190 |
Restricted cash, included in
prepaid expenses and other current assets |
|
2,124 |
|
|
— |
Total cash, cash
equivalents and restricted cash and cash equivalents |
$ |
542,500 |
|
$ |
972,627 |
Non-cash investing and
financing activities |
|
|
|
|
|
Purchases of property and
equipment, and scooter fleet not yet settled |
$ |
11,504 |
|
$ |
10,078 |
Deferred offering costs accrued,
unpaid |
|
201 |
|
|
— |
Right of use assets acquired
under operating leases |
|
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 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LYFT, INC.GAAP to
non-GAAP Reconciliations(in millions, except per share and
% data) (Unaudited)
Three Months Ended June 30,
2019
|
GAAP |
|
Amortizationof intangibleassets |
|
Stock-basedcompensationexpense |
|
Payroll taxexpense relatedto stock-basedcompensation |
|
Changes to theliabilities forinsurance requiredby
regulatoryagenciesattributable tohistorical periods |
|
Costs relatedto acquisitions |
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
867.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
867.3 |
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
(630.1) |
|
$ |
5.3 |
|
$ |
15.1 |
|
$ |
0.2 |
|
$ |
141.1 |
|
$ |
- |
|
$ |
(468.4) |
Operations and
support |
|
(152.0) |
|
|
- |
|
|
8.2 |
|
|
- |
|
|
- |
|
|
- |
|
|
(143.8) |
Research and
development |
|
(309.8) |
|
|
2.9 |
|
|
182.9 |
|
|
2.1 |
|
|
- |
|
|
- |
|
|
(121.9) |
Sales and
marketing |
|
(181.0) |
|
|
0.3 |
|
|
12.1 |
|
|
0.2 |
|
|
- |
|
|
- |
|
|
(168.4) |
General and
administrative |
|
(267.3) |
|
|
0.7 |
|
|
74.9 |
|
|
0.9 |
|
|
- |
|
|
- |
|
|
(190.8) |
Total cost and
expenses |
$ |
(1,540.2) |
|
$ |
9.2 |
|
$ |
293.2 |
|
$ |
3.4 |
|
$ |
141.1 |
|
$ |
- |
|
$ |
(1,093.3) |
Loss
from operations |
$ |
(672.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(226.0) |
Interest income |
|
30.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30.0 |
Other expense, net |
|
(0.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.3) |
Loss before income taxes |
|
(643.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(196.3) |
Provision for income
taxes |
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.0 |
Net
loss |
$ |
(644.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(197.3) |
Net loss per share, basic and
diluted |
$ |
(2.23) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(0.68) |
Weighted-average shares used to compute net loss per share, basic
and diluted |
|
288.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
288.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
2018
|
GAAP |
|
Amortizationof intangibleassets |
|
Stock-basedcompensationexpense |
|
Payroll taxexpense relatedto stock-based compensation |
|
Changes to theliabilities forinsurance requiredby
regulatoryagenciesattributable tohistorical periods |
|
Costs relatedto acquisitions |
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
504.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
504.9 |
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
(293.2) |
|
$ |
0.7 |
|
$ |
0.1 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
(292.4) |
Operations and
support |
|
(67.4) |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(67.4) |
Research and
development |
|
(64.4) |
|
|
- |
|
|
0.5 |
|
|
- |
|
|
- |
|
|
- |
|
|
(63.9) |
Sales and
marketing |
|
(175.1) |
|
|
- |
|
|
0.1 |
|
|
- |
|
|
- |
|
|
- |
|
|
(175.0) |
General and
administrative |
|
(98.5) |
|
|
0.2 |
|
|
0.8 |
|
|
- |
|
|
- |
|
|
- |
|
|
(97.5) |
Total cost and
expenses |
$ |
(698.6) |
|
$ |
0.9 |
|
$ |
1.5 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
(696.2) |
Loss
from operations |
$ |
(193.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(191.3) |
Interest income |
|
15.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.3 |
Other expense, net |
|
(0.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.3) |
Loss before income taxes |
|
(178.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(176.3) |
Provision for income
taxes |
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.2 |
Net
loss |
$ |
(178.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(176.5) |
Net loss per share, basic and
diluted |
$ |
(8.48) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(8.37) |
Weighted-average shares used to compute net loss per share, basic
and diluted |
|
21.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LYFT, INC. Calculations
of Key Metrics and GAAP to Non-GAAP
Reconciliations (In millions, except percentages)
(Unaudited)
|
|
Three Months Ended June 30 |
|
|
2019 |
|
2018 |
Contribution |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
867.3 |
|
$ |
504.9 |
Less cost of revenue |
|
(630.1) |
|
|
(293.2) |
Adjusted to exclude the following (as related to
cost of revenue): |
|
|
|
|
|
|
Amortization of intangible assets |
|
5.3 |
|
|
0.7 |
|
Stock-based compensation expense |
|
15.1 |
|
|
0.1 |
|
Payroll tax expense related to stock-based compensation |
|
0.2 |
|
|
- |
|
Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods |
|
141.1 |
|
|
0.0 |
Contribution |
$ |
398.9 |
|
$ |
212.5 |
Contribution Margin |
|
46% |
|
|
42% |
|
|
Three Months Ended June 30 |
|
|
2019 |
|
2018 |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(644.2) |
|
$ |
(178.9) |
Adjusted to exclude the following: |
|
|
|
|
|
|
Interest income |
|
(30.0) |
|
|
(15.3) |
|
Other expense, net |
|
0.3 |
|
|
0.3 |
|
Provision for income taxes |
|
1.0 |
|
|
0.2 |
|
Depreciation and amortization |
|
31.1 |
|
|
1.7 |
|
Stock-based compensation expense |
|
293.2 |
|
|
1.5 |
|
Payroll tax expense related to stock-based compensation |
|
3.4 |
|
|
- |
|
Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods |
|
141.1 |
|
|
- |
Adjusted EBITDA |
$ |
(204.1) |
|
$ |
(190.5) |
Adjusted EBITDA Margin |
|
(24%) |
|
|
(38%) |
Lyft (NASDAQ:LYFT)
Historical Stock Chart
From Mar 2024 to May 2024
Lyft (NASDAQ:LYFT)
Historical Stock Chart
From May 2023 to May 2024