Rideshare drivers for Uber and Lyft held a protest at the Atlanta airport on Saturday, disturbing travel during one of the busiest holiday travel periods to demand better pay. The drivers shut off their apps at 4 p.m. and remained parked for several hours at Hartsfield-Jackson Atlanta International Airport to disrupt holiday travel, FOX 5 Atlanta reported. "As long as we protest, passengers will continue to be stranded, and maybe that will make an impact," one driver told FOX Atlanta. The protest was intend ...

Lyft, Inc. (NASDAQ:LYFT) Q3 2023 Earnings Conference Call November 8, 2023 5:00 PM ET Company Participants Sonya Banerjee - Head, Investor Relations David Risher - Chief Executive Officer Erin Brewer - Chief Financial Officer Kristin Sverchek - President Conference Call Participants Mark Mahaney - Evercore Doug Anmuth - JPMorgan Brian Nowak - Morgan Stanley Ken Gawrelski - Wells Fargo Deepak Mathivanan - Wolfe Research Eric Sheridan - Goldman Sachs Benjamin Black - Deutsche Bank Michael Morton - MoffettNath ...

GAAP to Non-GAAP Reconciliations (cont.) 30 31 32 Q3 Fiscal 2023 Earnings & New Metrics lyA Looking & Non-GAAP Financial Measures In addition to financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation and the accompanying oral presentation include certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin as a percentage of revenue, Adjusted EBITDA margin as a percentage of Gross Bookings, adjusted net loss, adj ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________ FORM 10-Q _________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Comm ...

Lyft, Inc. (NASDAQ:LYFT) Q2 2023 Earnings Call Transcript August 8, 2023 4:30 PM ET Company Participants Sonya Banerjee - Head of Investor Relations David Risher - Chief Executive Officer and Director Erin Brewer - Chief Financial Officer Conference Call Participants Stephen Ju - Credit Suisse Eric Sheridan - Goldman Sachs Doug Anmuth - JPMorgan Mark Mahaney - Evercore ISI Nikhil Devnani - Bernstein Kenneth Gawrelski - Wells Fargo Ross Sandler - Barclays Benjamin Black - Deutsche Bank John Colantuoni - Jeff ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________ FORM 10-Q _________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commissio ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) Lyft's unaudited financial statements for Q1 2023 show a **14%** revenue increase to **$1.0 billion**, a narrowed net loss, and improved operating cash flow, with total assets at **$4.53 billion** [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets were **$4.53 billion**, with cash and equivalents at **$509.6 million**, and total liabilities at **$4.15 billion**, including **$1.35 billion** in insurance reserves Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $509,576 | $281,090 | | Short-term investments | $1,245,220 | $1,515,702 | | Total current assets | $2,547,504 | $2,582,859 | | Total assets | $4,529,466 | $4,556,431 | | **Liabilities and Stockholders' Equity** | | | | Insurance reserves | $1,353,703 | $1,417,350 | | Total current liabilities | $3,135,424 | $3,132,563 | | Long-term debt, net | $793,422 | $803,207 | | Total liabilities | $4,147,470 | $4,167,763 | | Total stockholders' equity | $381,996 | $388,668 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2023 revenue increased **14%** to **$1.0 billion**, while net loss slightly narrowed to **$187.6 million**, despite a widening loss from operations to **$216.8 million** due to a **25%** rise in cost of revenue Condensed Consolidated Statements of Operations (in thousands) | | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Revenue | $1,000,548 | $875,575 | | Cost of revenue | $548,992 | $440,294 | | Total costs and expenses | $1,217,303 | $1,074,918 | | Loss from operations | $(216,755) | $(199,343) | | Net loss | $(187,649) | $(196,932) | | Net loss per share, basic and diluted | $(0.50) | $(0.57) | - Stock-based compensation for Q1 2023 totaled **$180.4 million**, with the largest portion (**$93.5 million**) allocated to Research and Development[20](index=20&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2023 saw a significant improvement in net cash used in operating activities to **$74.0 million**, a reversal to **$449.4 million** in cash provided by investing activities, and a net increase of **$347.6 million** in cash and equivalents Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(74,040) | $(152,343) | | Net cash provided by (used in) investing activities | $449,371 | $(74,242) | | Net cash used in financing activities | $(27,743) | $(22,014) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $347,605 | $(248,510) | | Cash, cash equivalents and restricted cash at end of period | $739,427 | $282,683 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, including net revenue recognition for ridesharing, the **PBSC Urban Solutions** acquisition, debt instruments, **AWS** commitments, extensive legal proceedings on driver classification, and recent restructuring activities - The company's revenue is primarily from ridesharing, recognized on a net basis as fees from drivers, with **$952.7 million** from contracts with customers and **$47.9 million** from rental revenue in Q1 2023[45](index=45&type=chunk)[46](index=46&type=chunk) - In May 2022, Lyft acquired **PBSC Urban Solutions** for a total purchase price of **$163.5 million**, including **$14.1 million** in contingent consideration, to expand micromobility[88](index=88&type=chunk) - Numerous legal proceedings challenge the classification of drivers as independent contractors, including lawsuits from the California and Massachusetts Attorney Generals, with uncertain outcomes that could have a material impact[147](index=147&type=chunk)[148](index=148&type=chunk) - A restructuring plan initiated in November 2022 incurred **$120.3 million** in charges in 2022, with an additional **$24.4 million** in Q1 2023[212](index=212&type=chunk)[214](index=214&type=chunk) - Subsequent to quarter-end, on April 26, 2023, Lyft announced a new restructuring plan terminating approximately **1,072 employees (26% of workforce)**, with estimated severance costs of **$41 million to $47 million** for Q2 2023[218](index=218&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights **14%** YoY revenue growth driven by **10%** Active Rider increase, impacted by macroeconomic conditions and competition, alongside CEO transition and restructuring plans, with non-GAAP Adjusted EBITDA declining to **$22.7 million** [Business Overview and Recent Developments](index=44&type=section&id=Business%20Overview%20and%20Recent%20Developments) Lyft operates a major multimodal transportation network in the US and Canada, with recent developments including **David Risher's** appointment as CEO and significant restructuring activities in November 2022 and April 2023 to reduce operating costs - **David Risher** was appointed CEO, effective April 17, 2023, succeeding co-founder **Logan Green**, with co-founder **John Zimmer** also transitioning from President[232](index=232&type=chunk) - An April 2023 restructuring plan involved terminating approximately **1,072 employees (26% of workforce)** with estimated severance costs of **$41 million to $47 million** for Q2 2023[235](index=235&type=chunk) [Key Metrics](index=47&type=section&id=Key%20Metrics) Q1 2023 Active Riders increased **9.8%** YoY to **19.55 million**, and Revenue per Active Rider grew **4.0%** to **$51.17**, though both metrics saw sequential decreases due to seasonality and pricing Key Metrics Comparison | Metric | Q1 2023 | Q1 2022 | YoY Growth | | :--- | :--- | :--- | :--- | | Active Riders (thousands) | 19,552 | 17,804 | 9.8% | | Revenue per Active Rider | $51.17 | $49.18 | 4.0% | [Results of Operations](index=50&type=section&id=Results%20of%20Operations) Q1 2023 revenue increased **14%** to **$1.0 billion** driven by Active Rider growth, while cost of revenue rose **25%** to **$549.0 million** due to insurance costs, and General and Administrative expenses increased **18%** from legal accruals - Revenue increased by **$125.0 million (14%)** YoY, driven by a **9.8%** increase in Active Riders and a **4.0%** increase in Revenue per Active Rider[263](index=263&type=chunk) - Cost of revenue increased by **$108.7 million (25%)** YoY, largely due to a **$73.5 million** rise in insurance costs attributed to inflation, increased litigation, and higher paid losses[265](index=265&type=chunk) - General and administrative expenses increased by **$39.6 million (18%)** YoY, primarily due to a **$33.4 million** increase in legal accruals and settlements[271](index=271&type=chunk) [Non-GAAP Financial Measures](index=53&type=section&id=Non-GAAP%20Financial%20Measures) Lyft's non-GAAP measures show declining profitability, with Contribution decreasing **7.4%** to **$465.1 million** and Adjusted EBITDA dropping **58.6%** to **$22.7 million**, reflecting higher insurance costs and competitive pricing Non-GAAP Financial Measures (in millions) | Measure | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | Contribution | $465.1 | $502.5 | (7.4)% | | Contribution Margin | 46.5% | 57.4% | N/A | | Adjusted EBITDA | $22.7 | $54.8 | (58.6)% | | Adjusted EBITDA Margin | 2.3% | 6.3% | N/A | [Liquidity and Capital Resources](index=57&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, Lyft held **$1.8 billion** in unrestricted liquid assets, including **$509.6 million** in cash and **$1.2 billion** in short-term investments, supplemented by an undrawn **$420 million** revolving credit facility - The company has **$1.8 billion** in unrestricted cash, cash equivalents, and short-term investments as of March 31, 2023[306](index=306&type=chunk) - A **$420 million** revolving credit facility, maturing in 2027, was available and undrawn as of the report date[302](index=302&type=chunk)[303](index=303&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Lyft's primary market risk is interest rate fluctuations, with **$1.8 billion** in liquid assets and **$823.3 million** in long-term debt, **90%** of which is fixed-rate, limiting material impact from interest rate changes - The primary market risk is interest rate fluctuations affecting the company's investment portfolio and variable-rate debt[310](index=310&type=chunk) - As of March 31, 2023, **90%** of the company's long-term debt consisted of fixed-rate Convertible Senior Notes, mitigating interest rate risk on liabilities[311](index=311&type=chunk) [Item 4. Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of March 31, 2023, the company's disclosure controls and procedures were effective at a reasonable assurance level[312](index=312&type=chunk) - No material changes were made to the internal control over financial reporting during the first quarter of 2023[313](index=313&type=chunk) [PART II OTHER INFORMATION](index=57&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 7 for detailed legal proceedings, including challenges to driver classification, personal injury claims, and post-IPO securities litigation - The company directs readers to Note 7 of the financial statements for a comprehensive discussion of ongoing legal proceedings[315](index=315&type=chunk) [Item 1A. Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) This section outlines numerous risks, including macroeconomic impacts, intense competition, driver/rider retention, significant regulatory challenges like driver classification, insurance costs, data security, **AWS** reliance, and stock price volatility from its dual-class structure [General Economic Factors](index=59&type=section&id=General%20Economic%20Factors) Lyft's business is sensitive to general economic factors, including the disruptive impact of **COVID-19**, and deteriorating macroeconomic conditions like inflation and recession, which could reduce demand and discretionary spending - The **COVID-19** pandemic has led to declines in travel, shifts to remote work, and imbalanced driver supply, negatively impacting the business[323](index=323&type=chunk)[324](index=324&type=chunk) - Deteriorating macroeconomic conditions, including inflation and recession fears, are likely to reduce discretionary spending and demand for Lyft's platform[324](index=324&type=chunk) [Operational Factors](index=60&type=section&id=Operational%20Factors) Significant operational risks include intense competition from **Uber**, challenges in attracting and retaining drivers and riders, substantial insurance coverage and reserve adequacy risks, maintaining brand reputation, preventing fraud, managing data security, and reliance on third-party providers like **AWS** - The company faces intense competition from **Uber** and other transportation services, which could lead to loss of market share[335](index=335&type=chunk) - Failure to cost-effectively attract and retain qualified drivers and riders is a primary operational risk that could harm business growth[342](index=342&type=chunk)[345](index=345&type=chunk) - The business relies heavily on its wholly-owned insurance subsidiary and third-party insurers; insufficient coverage or rising costs could adversely affect financial results[346](index=346&type=chunk)[349](index=349&type=chunk) - Actual or perceived security breaches could harm the brand, and reliance on **Amazon Web Services (AWS)** for hosting creates a single point of failure risk[384](index=384&type=chunk)[390](index=390&type=chunk) [Regulatory and Legal Factors](index=82&type=section&id=Regulatory%20and%20Legal%20Factors) Lyft faces evolving regulatory and legal risks, primarily challenges to driver independent contractor classification, which could fundamentally alter its business model and increase costs, alongside risks from privacy laws like **CCPA/CPRA**, antitrust litigation, and potential additional tax obligations - The classification of drivers as independent contractors is under constant legal and regulatory challenge, and an adverse outcome could fundamentally alter the business model and increase costs[445](index=445&type=chunk)[447](index=447&type=chunk) - The company is subject to numerous evolving laws regarding privacy and data protection, such as the **CCPA** and **CPRA**, and failure to comply could result in significant fines and reputational damage[455](index=455&type=chunk) - Taxing authorities may assert that Lyft should collect additional sales, use, or other indirect taxes, which could result in substantial past and future liabilities[475](index=475&type=chunk) [Financing and Transactional Risks](index=90&type=section&id=Financing%20and%20Transactional%20Risks) Lyft may require additional capital for operations and growth, faces significant cash flow demands for its **$823.3 million** debt, including **2025 Convertible Notes**, and is subject to risks from integrating acquisitions like **PBSC** and counterparty credit risk from capped call transactions - Lyft may need to raise additional capital, and its ability to do so depends on business performance and capital market conditions[484](index=484&type=chunk) - Servicing the company's **$823.3 million** of debt (as of March 31, 2023) requires significant cash and is subject to restrictive covenants[491](index=491&type=chunk) - The company faces risks in successfully integrating acquisitions and is subject to counterparty credit risk related to its capped call transactions[487](index=487&type=chunk)[499](index=499&type=chunk) [Governance and Ownership Risks](index=94&type=section&id=Governance%20and%20Ownership%20Risks) Lyft's dual-class stock structure concentrates significant voting power with co-founders **Logan Green** and **John Zimmer**, limiting Class A stockholder influence and potentially affecting market price by making the stock ineligible for certain indices - The dual-class stock structure gives co-founders **Logan Green** and **John Zimmer** significant voting control, holding approximately **20.12%** and **11.88%** of the voting power, respectively[502](index=502&type=chunk) - This concentrated control could deter a change-in-control transaction and may adversely affect the stock price[502](index=502&type=chunk) - The dual-class structure makes the stock ineligible for certain indices, which could reduce demand from passive investment funds[504](index=504&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=96&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is not applicable for the reporting period - The company reported no unregistered sales of equity securities for the period[513](index=513&type=chunk) [Item 3. Defaults Upon Senior Securities](index=97&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable for the reporting period - The company reported no defaults upon senior securities[514](index=514&type=chunk) [Item 4. Mine Safety Disclosures](index=97&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable for the reporting period - The company has no mine safety disclosures to report[515](index=515&type=chunk) [Item 5. Other Information](index=97&type=section&id=Item%205.%20Other%20Information) This section is not applicable for the reporting period - The company reported no other information required under this item[516](index=516&type=chunk) [Item 6. Exhibits](index=98&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including employment and transition agreements for executives, a lease amendment, and CEO and CFO certifications - Exhibits filed include employment agreements for the new CEO **David Risher** and transition agreements for co-founders **Logan Green** and **John Zimmer**[520](index=520&type=chunk)

GAAP to Non-GAAP Reconciliations (cont.) ($ in millions, except per share items) | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------|-----------|-----------|--------------------|-----------|-------------|------------------| | | Qø | Qù | Fiscal ù÷ùù \nQú | Qû | Total | Fiscal ù÷ùú \nQø | | Reconciliation of Net Loss to Non-GAAP Adjusted Net Income (Loss) | | | | | | | | GAAP Net Loss | $ (øĀý.Ā) | $ (úþþ.ù) | $ (ûùù.ù) | $ (üÿÿ.ø ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38846 Lyft, Inc. (Exact name of Registrant as specified in its Charter) Delaware 20-8809830 (State or other jurisdiction of incorpora ...

Lyft, Inc. (NASDAQ:LYFT) Q3 2022 Earnings Conference Call November 7, 2022 4:30 PM ET Company Participants Sonya Banerjee - Head, IR Logan Green - Co-Founder, CEO & Director Elaine Paul - CFO John Zimmer - Co-Founder, President & Vice Chairman Conference Call Participants Douglas Anmuth - JPMorgan Chase & Co. Stephen Ju - Crédit Suisse Mark Mahaney - Evercore ISI John Blackledge - Cowen Eric Sheridan - Goldman Sachs Steven Fox - Fox Advisors Deepak Mathivanan - Wolfe Research Brian Nowak - Morgan Stanley Be ...