Lyft(LYFT) - 2020 Q2 - Earnings Call Presentation

Q2 2020 Key Financial Performance - Lyft's Q2 2020 Adjusted EBITDA loss was $280 million, an improvement compared to the initial outlook of $360 million and the most recent outlook of $325 million[6] - Revenue per Active Rider declined by only 2% year-over-year in Q2 2020, reflecting resilience in ride frequency and increased revenue per rideshare ride[6] - Lyft achieved a record low non-GAAP sales & marketing expense as a percentage of revenue at 13%, due to a significant decline in rider incentives[7] COVID-19 Impact and Recovery - Rideshare rides grew by 95% during the week ended July 26 compared to the week ended April 12, 2020[6, 18] - For every $1 decline in revenue from Q1 2020 to Q2 2020, the Adjusted EBITDA loss increased by only 32 cents[13] - Active Riders decreased by 60% year-over-year from 218 million in Q2 2019 to 87 million in Q2 2020[14] Cost Savings and Profitability - Lyft is on track to realize annualized fixed cost savings of $300 million by Q4 2020[7] - The company expects to achieve Adjusted EBITDA profitability with 20-25% fewer rides than required in the original profitability target[7] Insurance Transaction - Lyft signed a novation agreement for legacy auto liability underwritten between October 1, 2015, and September 30, 2018, with a subsidiary of Enstar, with transaction costs of $647 million[19] - The insurance reserves decreased from $13785 million as of March 31, 2020, to $943636 million as of June 30, 2020[18]