Q2 revenue of $990.7 million grew 13%
quarter-over-quarter and 30% year-over-year
Q2 net loss of $377.2 million
Q2 Adjusted EBITDA of $79.1 million grew 232%
year-over-year
Lyft, Inc. (Nasdaq:LYFT) today announced financial results for
its second quarter ended June 30, 2022.
“We leaned in hard in Q2 and the team did fantastic work to
drive strong results,” said Logan Green, co-founder and
chief executive officer of Lyft. “We generated the highest Adjusted
EBITDA in our company’s history and saw COVID highs for Active
Riders, drivers and rides. It’s clear consumer transportation is a
good long-term business with a massive addressable market.”
“Our Q2 Adjusted EBITDA outperformance reflects the swift and
decisive actions we took during the quarter to drive additional
growth and profits,” said Elaine Paul, chief financial
officer of Lyft. “We are confident in our ability to continue
navigating macroeconomic headwinds and deliver strong long-term
business results.”
Second Quarter 2022 Financial Highlights
- Lyft reported Q2 revenue of $990.7 million versus $765.0
million in the second quarter of 2021, an increase of 30 percent
year-over-year, and versus $875.6 million in the first quarter of
2022, an increase of 13 percent quarter-over-quarter.
- Net loss for Q2 2022 was $377.2 million versus a net loss of
$251.9 million in the same period of 2021 and a net loss of $196.9
million in first quarter of 2022. Net loss for Q2 includes $179.1
million of stock-based compensation and related payroll tax
expenses. Net loss margin for Q2 was 38.1 percent compared to 32.9
percent in the second quarter of 2021 and 22.5 percent in the first
quarter of 2022.
- Adjusted net income for Q2 2022 was $46.4 million versus an
Adjusted net loss of $18.0 million in the second quarter of 2021
and Adjusted net income of $24.6 million in the first quarter of
2022.
- Lyft reported Contribution for Q2 2022 of $590.5 million versus
$452.0 million in the second quarter of 2021, an increase of 31
percent year-over-year, and versus $502.5 million in the first
quarter of 2022, an increase of 18 percent quarter-over-quarter.
Contribution Margin for Q2 2022 was 59.6 percent, exceeded the
Company's outlook of 56.0 percent1.
- Adjusted EBITDA for Q2 2022 was $79.1 million, an improvement
of $55.3 million compared to the second quarter of 2021 and an
improvement of $24.3 million compared to the first quarter of 2022.
Adjusted EBITDA for Q2 2022 also exceeded the Company's outlook2.
Adjusted EBITDA margin for Q2 2022 was 8.0 percent versus the
Adjusted EBITDA margins of 3.1 percent in the second quarter of
2021 and 6.3 percent in the first quarter of 2022.
- Lyft reported $1.8 billion of unrestricted cash, cash
equivalents and short-term investments at the end of the second
quarter of 2022.
_____________________________
1 Company outlook for Contribution Margin for the second quarter
of 2022 as reported during the first quarter 2022 Financial Results
Earnings Call on May 3, 2022. 2 Company outlook for Adjusted EBITDA
for the second quarter of 2022 was between $10 million and $20
million as reported during the first quarter 2022 Financial Results
Earnings Call on May 3, 2022.
Active Riders
Revenue per Active
Rider
2022
2021
Growth Rate
2022
2021
Growth Rate
(in thousands, except for dollar
amounts and percentages)
Three Months Ended March 31
17,804
13,494
31.9%
$49.18
$45.13
9.0%
Three Months Ended June 30
19,860
17,142
15.9%
$49.89
$44.63
11.8%
Three Months Ended September 30
18,942
$45.63
Three Months Ended December 31
18,728
$51.79
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 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,
transit and vehicle services 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 accounts (@lyft, @Lyft_Comms, @johnzimmer and @logangreen),
and its blogs (including: lyft.com/blog, lyft.com/hub, and
eng.lyft.com) 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 future growth and profitability, the size of Lyft’s
addressable market, and current and anticipated adverse
macroeconomic conditions. 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 ongoing 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 Annual Report on Form
10-K/A for the fiscal year ended December 31, 2021 that was filed
with the SEC on April 29, 2022, in our Quarterly Report on Form
10-Q for the quarter ended March 31, 2022 that was filed with the
SEC on May 10, 2022, and in our Quarterly Report on Form 10-Q for
the quarter ended June 30, 2022 that will be filed with the SEC by
August 9, 2022. 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.
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 Income (Loss), Contribution, Contribution Margin,
Adjusted EBITDA, Adjusted EBITDA Margin and free cash flow. Lyft
defines Adjusted Net Income (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 net
amount from claims ceded under the Reinsurance Agreement, as well
as, if applicable, restructuring charges and transaction costs
related to certain legacy auto insurance liabilities and cost
related to acquisitions and divestitures. 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 net amount from claims ceded under the Reinsurance Agreement,
as well as, if applicable, restructuring charges and transaction
costs related to 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 for interest expense, other
income (expense), net, provision for (benefit from) 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, net amount from claims ceded
under the Reinsurance Agreement and sublease income, as well as, if
applicable, restructuring charges, costs related to acquisitions
and divestitures and costs from transactions related to certain
legacy auto insurance liabilities. Adjusted EBITDA Margin is
calculated by dividing Adjusted EBITDA for a period by revenue for
the same period. Reconciliations of the non-GAAP equivalent are
provided at the end of this release. Lyft defines free cash flow as
GAAP net cash provided by (used in) operating activities less
purchases of property and equipment and scooter fleet.
Lyft records changes to historical 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 Income (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 changes to historical
liabilities for insurance required by regulatory agencies from
Adjusted Net Income (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.
During the second quarter of 2021, Lyft entered into a Quota
Share Reinsurance Agreement (the “Reinsurance Agreement”) for the
reinsurance of legacy auto insurance liabilities between October 1,
2018 to October 1, 2020, based on the reserves in place as of March
31, 2021. During the first quarter of 2020, Lyft entered into a
Novation Agreement for the transfer of certain legacy auto
insurance liabilities between October 1, 2015 and September 30,
2018. Lyft believes the costs associated with these transactions
related to legacy auto insurance liabilities do not illustrate the
current period performance of Lyft’s ongoing operations despite
this transaction occurring in the current period because the
impacted insurance liabilities relate to claims that date back
years. Lyft believes the adjustment to exclude these costs related
to the transactions related to certain legacy insurance liabilities
from Contribution, Adjusted EBITDA and Adjusted Net Income (Loss)
is useful to investors by enabling them to better assess Lyft’s
operating performance in the context of current period results and
provide for better comparability with Lyft’s historically disclosed
Contribution, Adjusted EBITDA amounts and Adjusted Net Income
(Loss).
Losses ceded under the Reinsurance Agreement that exceed $271.5
million, but are below the aggregate limit of $434.5 million,
result in the recognition of a deferred gain liability. The
deferral of gains has a negative impact in the current period to
cost of revenue as the losses on direct liabilities are not offset
by gains from excess benefits under the Reinsurance Agreement. The
amortization of these deferred gains provides a benefit to cost of
revenue in current and future periods equal to the excess benefits
received. Lyft believes that the net amount recognized on the
statement of operations associated with claims ceded under the
Reinsurance Agreement, including any related adverse development
and any benefit recognized for the related deferred gains, should
be excluded to show the ultimate economic benefit of the
Reinsurance Agreement. This adjustment will help investors
understand the economic benefit of the Reinsurance Agreement on
future trends in Lyft’s operations, as they improve over the
settlement period of any deferred gains. Additionally, net amounts
recognized for claims ceded under the Reinsurance Agreement would
represent changes to historical liabilities for insurance required
by regulatory agencies. As stated above, we believe prior period
changes to insurance liabilities do not illustrate the current
period performance of Lyft’s ongoing operations or how the business
is managed. This is because we have limited ability to influence
the ultimate development of these historical claims, which can
potentially date back years. Therefore, in the event that the net
amount of any adverse developments and any benefits from deferred
gains related to claims ceded under the Reinsurance Agreement is
recognized on the statement of operations, those amounts will be
excluded from the calculation of Contribution, Adjusted EBITDA and
Adjusted Net Income (Loss) through the exclusion of the “Net amount
from claims ceded under the Reinsurance Agreement”. For
transparency, to help investors understand the ultimate economic
benefit of the Reinsurance Agreement, we have broken out “Net
amount of claims ceded under the Reinsurance Agreement,” which
would otherwise have been captured in “Changes to the liabilities
for insurance required by regulatory agencies attributable to
historical periods.” As of June 30, 2022, we had $2.4 million of
deferred gains related to losses ceded under the Reinsurance
Agreement, which are included within accrued and other current
liabilities on the consolidated balance sheets.
During the second quarter of 2022, we completed a transaction
which effectively commuted and settled the Reinsurance Agreement.
The commutation transaction resulted in a $36.8 million gain
recorded to cost of revenue on the condensed consolidated statement
of operations. We believe the adjustment to exclude this gain
associated with the commutation of the Reinsurance Agreement from
Contribution, Adjusted EBITDA and Adjusted Net Income (Loss) is
useful to investors by enabling them to better assess our operating
performance in the context of current period results and provide
for better comparability with our historically disclosed
Contribution, Adjusted EBITDA and Adjusted Net Income (Loss)
amounts. The gain associated with this commutation transaction,
which commuted and settled the Reinsurance Agreement, will be
excluded from the calculation of Contribution, Adjusted EBITDA and
Adjusted Net Income (Loss) through the exclusion of the "Net amount
from claims ceded under the Reinsurance Agreement."
On July 13, 2021, Lyft completed a transaction with Woven Planet
Holdings, Inc. (“Woven Planet”) for the divestiture of certain
assets related to Lyft’s self-driving vehicle division, Level 5. As
part of this transaction, Lyft recognized a pre-tax gain of $119.3
million within other income, net on the condensed consolidated
statement of operations in the quarter ended September 30, 2021.
Lyft believes this gain does not reflect the current period
performance of Lyft’s ongoing operations and that the adjustment to
exclude this gain from Adjusted Net Income (Loss) is useful to
investors by enabling them to better assess Lyft’s ongoing
operating performance and provide for better comparability with
Lyft’s historically disclosed Adjusted Net Income (Loss) amounts.
This gain is excluded through the exclusion of other income, net
from Adjusted EBITDA.
Further, Lyft entered into subleases for certain offices as part
of the transaction with Woven Planet. Sublease income is included
within other income, net on the condensed consolidated statement of
operations, while the related lease expense is included within
operating expenses and loss from operations. Sublease income was
immaterial prior to the third quarter of 2021. Lyft believes the
adjustment to include sublease income in Adjusted EBITDA is useful
to investors by enabling them to better assess Lyft’s operating
performance, including the benefits of recent transactions, by
presenting sublease income as a contra-expense to the related lease
charges that are part of operating expenses.
Lyft uses Adjusted Net Income (Loss), Contribution, Contribution
Margin, Adjusted EBITDA, Adjusted EBITDA Margin and free cash flow
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 Income (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 Income (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. Free cash flow is a measure used by
our management to understand and evaluate our operating performance
and trends. We believe free cash flow is a useful indicator of
liquidity that provides our management with information about our
ability to generate or use cash to enhance the strength of our
balance sheet, further invest in our business and pursue potential
strategic initiatives. Free cash flow has certain limitations,
including that it does not reflect our future contractual
commitments and it does not represent the total increase or
decrease in our cash balance for a given period. Free cash flow
does not necessarily represent funds available for discretionary
use and is not necessarily a measure of our ability to fund our
cash needs.
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 Income (Loss), Contribution,
Contribution Margin, Adjusted EBITDA, Adjusted EBITDA Margin and
free cash flow should be considered in addition to, not as
substitutes for, or in isolation from, measures prepared in
accordance with GAAP.
Lyft, Inc.
Condensed Consolidated Balance
Sheets
(in thousands, except for share
and per share data)
(unaudited)
June 30, 2022
December 31,
2021
Assets
Current assets
Cash and cash equivalents
$
239,299
$
457,325
Short-term investments
1,567,749
1,796,533
Prepaid expenses and other current
assets
652,435
522,212
Total current assets
2,459,483
2,776,070
Restricted cash and cash equivalents
102,099
73,205
Restricted investments
1,090,835
1,044,855
Other investments
155,677
80,411
Property and equipment, net
381,575
298,195
Operating lease right-of-use assets
201,215
223,412
Intangible assets, net
89,177
50,765
Goodwill
262,214
180,516
Other assets
15,259
46,455
Total assets
$
4,757,534
$
4,773,884
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
99,958
$
129,542
Insurance reserves
1,234,903
1,068,628
Accrued and other current liabilities
1,348,359
1,264,426
Operating lease liabilities — current
48,651
53,765
Total current liabilities
2,731,871
2,516,361
Operating lease liabilities
188,993
210,232
Long-term debt, net of current portion
807,994
655,173
Other liabilities
61,409
50,905
Total liabilities
3,790,267
3,432,671
Stockholders’ equity
Preferred stock, $0.00001 par value;
1,000,000,000 shares authorized as of June 30, 2022 and December
31, 2021; no shares issued and outstanding as of June 30, 2022 and
December 31, 2021
—
—
Common stock, $0.00001 par value;
18,000,000,000 Class A shares authorized as of June 30, 2022 and
December 31, 2021; 344,128,277 and 336,335,594 Class A shares
issued and outstanding as of June 30, 2022 and December 31, 2021,
respectively; 100,000,000 Class B shares authorized as of June 30,
2022 and December 31, 2021; 8,602,629 Class B shares issued and
outstanding as of June 30, 2022 and December 31, 2021.
4
3
Additional paid-in capital
9,908,512
9,706,293
Accumulated other comprehensive income
(loss)
(10,988
)
(2,511
)
Accumulated deficit
(8,930,261
)
(8,362,572
)
Total stockholders’ equity
967,267
1,341,213
Total liabilities and stockholders’
equity
$
4,757,534
$
4,773,884
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,
2022
2021
2022
2021
Revenue
$
990,748
$
765,025
$
1,866,323
$
1,373,985
Costs and expenses
Cost of revenue
650,356
346,890
1,090,650
758,929
Operations and support
105,314
93,765
203,914
182,696
Research and development
201,768
252,039
394,522
490,257
Sales and marketing
140,754
99,927
267,083
178,547
General and administrative
265,731
212,522
482,672
420,116
Total costs and expenses
1,363,923
1,005,143
2,438,841
2,030,545
Loss from operations
(373,175
)
(240,118
)
(572,518
)
(656,560
)
Interest expense
(4,960
)
(12,849
)
(9,509
)
(25,417
)
Other income, net
953
1,741
10,716
5,346
Loss before income taxes
(377,182
)
(251,226
)
(571,311
)
(676,631
)
Provision for income taxes
64
692
2,867
2,626
Net loss
$
(377,246
)
$
(251,918
)
$
(574,178
)
$
(679,257
)
Net loss per share, basic and diluted
$
(1.08
)
$
(0.76
)
$
(1.65
)
$
(2.06
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
350,526
332,101
348,553
329,149
Stock-based compensation included in
costs and expenses:
Cost of revenue
$
10,085
$
10,176
$
20,007
$
18,626
Operations and support
6,306
7,155
11,896
12,043
Research and development
91,148
117,868
171,913
213,458
Sales and marketing
12,008
10,504
22,580
18,467
General and administrative
57,097
55,298
103,991
102,636
Lyft, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June
30,
2022
2021
Cash flows from operating
activities
Net loss
$
(574,178
)
$
(679,257
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
60,907
69,005
Stock-based compensation
330,387
365,230
Amortization of premium on marketable
securities
1,908
2,379
Accretion of discount on marketable
securities
(3,727
)
(636
)
Amortization of debt discount and issuance
costs
1,347
17,239
(Gain) loss on sale and disposal of
assets, net
(31,866
)
1,199
Other
313
2,531
Changes in operating assets and
liabilities, net effects of acquisition
Prepaid expenses and other assets
(124,520
)
(12,568
)
Operating lease right-of-use assets
27,113
30,560
Accounts payable
(35,783
)
(4,723
)
Insurance reserves
166,275
48,764
Accrued and other liabilities
33,547
71,925
Lease liabilities
(29,254
)
(28,680
)
Net cash used in operating activities
(177,531
)
(117,032
)
Cash flows from investing
activities
Purchases of marketable securities
(1,262,318
)
(1,727,258
)
Purchases of term deposits
(10,046
)
(276,506
)
Proceeds from sales of marketable
securities
357,788
81,951
Proceeds from maturities of marketable
securities
713,593
1,959,058
Proceeds from maturities of term
deposits
380,046
312,506
Purchases of property and equipment and
scooter fleet
(53,310
)
(20,514
)
Cash paid for acquisitions, net of cash
acquired
(146,334
)
3
Sales of property and equipment
43,704
14,504
Other
—
(2,000
)
Net cash provided by (used in) investing
activities
23,123
341,744
Cash flows from financing
activities
Repayment of loans
(26,680
)
(19,990
)
Proceeds from exercise of stock options
and other common stock issuances
12,349
20,392
Taxes paid related to net share settlement
of equity awards
(3,549
)
(15,743
)
Principal payments on finance lease
obligations
(15,728
)
(18,656
)
Net cash used in financing activities
(33,608
)
(33,997
)
Effect of foreign exchange on cash, cash
equivalents and restricted cash and cash equivalents
(121
)
25
Net increase (decrease) in cash, cash
equivalents and restricted cash and cash equivalents
(188,137
)
190,740
Cash, cash equivalents and restricted
cash and cash equivalents
Beginning of period
531,193
438,485
End of period
$
343,056
$
629,225
Lyft, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June
30,
2022
2021
Reconciliation of cash, cash
equivalents and restricted cash and cash equivalents to the
consolidated balance sheets
Cash and cash equivalents
$
239,299
$
484,181
Restricted cash and cash equivalents
102,099
144,567
Restricted cash, included in prepaid
expenses and other current assets
1,658
477
Total cash, cash equivalents and
restricted cash and cash equivalents
$
343,056
$
629,225
Non-cash investing and financing
activities
Purchases of property and equipment, and
scooter fleet not yet settled
$
77,634
$
55,996
Contingent consideration
14,100
—
Right-of-use assets acquired under finance
leases
8,916
15,129
Right-of-use assets acquired under
operating leases
327
5,800
Remeasurement of finance and operating
lease right of use assets for lease modification
225
(3,812
)
Lyft, Inc.
Calculations of Key Metrics
and
GAAP to Non-GAAP
Reconciliations
(in millions)
(unaudited)
Three Months Ended
June 30, 2022
March 31, 2022
June 30, 2021
Contribution
Revenue
$
990.7
$
875.6
$
765.0
Less cost of revenue
(650.4
)
(440.3
)
(346.9
)
Adjusted to exclude the following (as
related to cost of revenue):
Amortization of intangible assets
1.2
1.2
3.2
Stock-based compensation expense
10.1
9.9
10.2
Payroll tax expense related to stock-based
compensation
0.2
0.8
0.3
Changes to the liabilities for insurance
required by regulatory agencies attributable to historical
periods
275.4
—
—
Net amount from claims ceded under the
Reinsurance Agreement(1)(2)
(36.8
)
55.3
—
Transactions related to certain legacy
auto insurance liabilities
—
—
20.2
Contribution
$
590.5
$
502.5
$
452.0
Contribution Margin
59.6
%
57.4
%
59.1
%
________________
(1) Reflects the net amount recognized on the statement of
operations associated with claims ceded under the Reinsurance
Agreement, including any losses related to the deferral of gains on
the statement of operations and any benefit from the amortization
of the deferred gain in the same period. For transparency, to help
investors understand the ultimate economic benefit of the
Reinsurance Agreement, we have broken out “Net amount of claims
ceded under the Reinsurance Agreement,” which would otherwise have
been captured in ”Changes to the liabilities for insurance required
by regulatory agencies attributable to historical periods.” (2)
Includes a $36.8 million gain recognized in cost of revenue in the
second quarter of 2022 on the condensed consolidated statement of
operations related to a transaction which effectively commuted and
settled the Reinsurance Agreement.
Note: Due to rounding, numbers presented may not add up
precisely to the totals provided.
Three Months Ended
June 30, 2022
March 31, 2022
June 30, 2021
Adjusted EBITDA
Net loss
$
(377.2
)
$
(196.9
)
$
(251.9
)
Adjusted to exclude the following:
Interest expense(1)
5.2
4.7
13.1
Other income, net
(1.0
)
(9.8
)
(1.7
)
Provision for (benefit from) income
taxes
0.1
2.8
0.7
Depreciation and amortization
29.1
31.8
34.5
Stock-based compensation
176.6
153.7
201.0
Payroll tax expense related to stock-based
compensation
2.5
9.5
6.8
Changes to the liabilities for insurance
required by regulatory agencies attributable to historical
periods
275.4
—
—
Net amount from claims ceded under the
Reinsurance Agreement(2)(3)
(36.8
)
55.3
—
Sublease income(4)
3.8
3.7
—
Costs related to acquisitions and
divestitures(5)
1.4
—
0.9
Transactions related to certain legacy
auto insurance liabilities
—
—
20.4
Adjusted EBITDA
$
79.1
$
54.8
$
23.8
Adjusted EBITDA Margin
8.0
%
6.3
%
3.1
%
_______________
(1) Includes interest expense for Flexdrive vehicles and the
2025 Notes and $0.2 million, $0.2 million and $0.3 million related
to the interest component of vehicle related finance leases in the
three months ended June 30, 2022, March 31, 2022 and June 30, 2021,
respectively. (2) Reflects the net amount recognized on the
statement of operations associated with claims ceded under the
Reinsurance Agreement, including any losses related to the deferral
of gains on the statement of operations and any benefit from the
amortization of the deferred gain in the same period. For
transparency, to help investors understand the ultimate economic
benefit of the Reinsurance Agreement, we have broken out “Net
amount of claims ceded under the Reinsurance Agreement,” which
would otherwise have been captured in ”Changes to the liabilities
for insurance required by regulatory agencies attributable to
historical periods.” (3) Includes a $36.8 million gain recognized
in cost of revenue in the second quarter of 2022 on the condensed
consolidated statement of operations related to a transaction which
effectively commuted and settled the Reinsurance Agreement. (4)
Includes sublease income from subleases entered into as part of our
transaction with Woven Planet in the third quarter of 2021. (5)
Includes third-party costs incurred related to our acquisition of
PBSC Urban Solutions (“PBSC”), which closed on May 17, 2022 and our
transaction with Woven Planet, which closed on July 13, 2021.
Note: Due to rounding, numbers presented may not add up
precisely to the totals provided.
Three Months Ended
June 30, 2022
March 31, 2022
June 30, 2021
Adjusted Net Income (Loss)
Net Loss
$
(377.2
)
$
(196.9
)
$
(251.9
)
Adjusted for the following:
Amortization of intangible assets
4.5
3.1
4.8
Stock-based compensation expense
176.6
153.7
201.0
Payroll tax expense related to stock-based
compensation
2.5
9.5
6.8
Changes to the liabilities for insurance
required by regulatory agencies attributable to historical
periods
275.4
—
—
Net amount from claims ceded under the
Reinsurance Agreement(1)(2)
(36.8
)
55.3
—
Costs related to acquisitions and
divestitures(3)
1.4
—
0.9
Transactions related to certain legacy
auto insurance liabilities
—
—
20.4
Adjusted Net Income (Loss)
$
46.4
$
24.6
$
(18.0
)
_______________
(1) Reflects the net amount recognized on the statement of
operations associated with claims ceded under the Reinsurance
Agreement, including any losses related to the deferral gains on
the statement of operations and any benefit from the amortization
of the deferred gain in the same period. For transparency, to help
investors understand the ultimate economic benefit of the
Reinsurance Agreement, we have broken out “Net amount of claims
ceded under the Reinsurance Agreement,” which would otherwise have
been captured in ”Changes to the liabilities for insurance required
by regulatory agencies attributable to historical periods.” (2)
Includes a $36.8 million gain recognized in cost of revenue in the
second quarter of 2022 on the condensed consolidated statement of
operations related to a transaction which effectively commuted and
settled the Reinsurance Agreement. (3) Includes third-party costs
incurred related to our acquisition of PBSC, which closed on May
17, 2022 and our transaction with Woven Planet, which closed on
July 13, 2021.
Note: Due to rounding, numbers presented may not add up
precisely to the totals provided.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220804005912/en/
Contacts Sonya Banerjee investor@lyft.com
Media press@lyft.com
Lyft (NASDAQ:LYFT)
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