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 ...

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Lyft, Inc. (NASDAQ:LYFT) Q2 2022 Earnings Conference Call August 4, 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 and Company Steven Fox - Fox Advisors Eric Sheridan - Goldman Sachs Group Brian Nowak - Morgan Stanley Itay Michaeli - Citig ...

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, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commissio ...

Washington, D.C. 20549 _________________________________________________________________ FORM 10-Q _________________________________________________________________ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commissi ...

MAY ú, ù÷ùù Qø Fiscal ù÷ùù Earnings Supplemental Data lyA Forward Looking Statements & Non-GAAP Financial Measures This presentation and the accompanying oral presentation contain 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 lookin ...

Lyft, Inc. (NASDAQ:LYFT) Q1 2022 Earnings Conference Call May 3, 2022 4:30 PM ET Company Participants Sonya Banerjee - Head of IR Logan Green - Co-Founder and CEO Elaine Paul - Chief Financial Officer John Zimmer - Co-Founder and President Conference Call Participants Doug Anmuth - JPMorgan Eric Sheridan - Goldman Sachs Stephen Ju - Credit Suisse Mark Mahaney - Evercore Deepak Mathivanan - Wolfe Research Ygal Arounian - Wedbush John Blackledge - Cowen Brad Erickson - RBC Benjamin Black - Deutsche Bank Steve ...