Lyft, Inc. (Nasdaq:LYFT) today announced financial results for
its first quarter ended March 31, 2023.
“We’re improving our rideshare service and are thrilled with the
early results. Riders are taking more rides and drivers have the
power to earn more,” said David Risher, chief executive
officer of Lyft. “Our focus on riders and drivers will be our
strength as we build a large-scale, healthy, and profitable
business.”
“David has hit the ground running. His customer obsession is
vital in positioning Lyft to capture long-term opportunities,” said
Logan Green, chair of Lyft’s board. “John and I, along with
the full board, are looking forward to supporting David and to
seeing what the team accomplishes in the quarters and years to
come.”
“Our Q1 performance was better than we anticipated as rideshare
ride growth accelerated year-over-year for the first time in nearly
two years,” said Elaine Paul, chief financial officer of
Lyft. “In Q2 we will continue focusing on delivering service levels
that riders and drivers expect. We’ve moved decisively to cut our
operating costs and will use the savings to pay for continued
service level improvements near-term.”
First Quarter 2023 Financial Highlights
- Revenue of $1.0 billion, up 14% year-over-year, and $26 million
better than our guidance of $975 million1, with the outperformance
reflecting rideshare strength.
- Net loss of $187.6 million compares with $196.9 million in
Q1’22 and $588.1 million in Q4’22. Net loss includes $186.6 million
of stock-based compensation and related payroll tax expenses.
- Adjusted EBITDA2 was $22.7 million and exceeded the top-end of
the guidance range of $5 to $15 million1. This compares with $54.8
million in Q1’22 and $(248.3) million in Q4’22.
1 Company outlook for Q1’23 was reported during the Q4’22
Earnings Call on February 9, 2023. 2 Beginning in the fourth
quarter of 2022, Lyft’s non-GAAP financial measures have been
updated to no longer adjust for “Changes to the liabilities for
insurance required by regulatory agencies attributable to
historical periods” and prior period information has been revised
to conform to the current period presentation.
Outlook
For Q2’23, we anticipate:
- Revenue of approximately $1.0 billion and $1.02 billion
- Adjusted EBITDA between $20 million and $30 million, with an
Adjusted EBITDA margin of 2% to 3%
We have not provided the forward-looking GAAP equivalent to our
Adjusted EBITDA outlook or a GAAP reconciliation as a result of the
uncertainty regarding, and the potential variability of,
reconciling items such as stock-based compensation and income tax.
Accordingly, a reconciliation of this non-GAAP guidance metric to
its corresponding GAAP equivalent is not available without
unreasonable effort. However, it is important to note that the
reconciling items could have a significant effect on future GAAP
results. We have provided historical reconciliations of GAAP to
non-GAAP metrics in tables at the end of this release. For more
information regarding the non-GAAP financial measures discussed in
this earnings release, please see "GAAP to non-GAAP
Reconciliations" below.
Key Metrics
Active Riders
Revenue per Active
Rider
2023
2022
Growth Rate
2023
2022
Growth Rate
(in thousands, except for dollar
amounts and percentages)
Three Months Ended March 31
19,552
17,804
9.8%
$51.17
$49.18
4.0%
Three Months Ended June 30
19,860
$49.89
Three Months Ended September 30
20,312
$51.88
Three Months Ended December 31
20,358
$57.72
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 our
Investor Relations page at https://investor.lyft.com/. The archived
webcast will be available on our 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
guidance and outlook, Lyft’s beliefs regarding its future operating
and financial performance, including Lyft’s expectations regarding
future scale, marketplace health and profitability, and Lyft’s
expectations regarding operating costs and service level
improvements. 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 macroeconomic environment and impact of the COVID-19
pandemic, and risks regarding our ability to forecast our
performance due to our limited operating history, the COVID-19
pandemic and the macroeconomic environment. 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 for the fiscal year
ended December 31, 2022 that was filed with the SEC on February 27,
2023 and in our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2022 that will be filed with the SEC by May 10, 2023. 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 and Adjusted EBITDA Margin. Lyft defines Adjusted
Net Income (Loss) as net loss adjusted for amortization of
intangible assets, stock-based compensation expense (net of any
benefit), and payroll tax expense related to stock-based
compensation, 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, and payroll
tax expense related to stock-based compensation, 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 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.
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.
Losses ceded under the Reinsurance Agreement that exceed the
combined funds withheld liability balance and collateralized amount
established by DARAG for the benefit of PVIC, which was $346.5
million at the execution of the Reinsurance Agreement, but are
below the aggregate limit of $434.5 million may result in the
recognition of a deferred gain liability. The deferred gain
liability is amortized and recognized as a benefit to the statement
of operations over the settlement period of the ceded reserves. The
settlement period of the ceded reserves is based on the
life-to-date cumulative losses collected and likely extends over
periods longer than a quarter. The amount of the deferral is
recalculated each period based on loss payments and updated
estimates of the portfolio’s total losses. Consequently, cumulative
reserve adjustments for claims ceded under the Reinsurance
Agreement in subsequent periods may result in significant losses to
the statement of operations unless a deferred gain is also
recognized in the same period to offset said losses. Lyft believes
that the net amount recognized on the statement of operations
associated with claims ceded under the Reinsurance Agreement,
including any reserve adjustments 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 our Reinsurance
Agreement on future trends in our operations, as they improve over
the settlement period of any deferred gains. Therefore, in the
event that the net amount of any reserve adjustments and any
benefits from deferred gains related to claims ceded under the
Reinsurance Agreement is recognized on the statement of operations
in a subsequent period, those amounts will be excluded from the
calculation of Contribution, Adjusted EBITDA and Adjusted Net
Income (Loss) through the exclusion of “Net amount from claims
ceded under the Reinsurance Agreement”. As of March 31, 2023, we
have no deferred gain related to losses ceded under the Reinsurance
Agreement.
Further, Lyft entered into subleases for certain offices as part
of the transaction with Woven Planet Holdings, Inc. on July 13,
2021. 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 this
transaction. 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.
In November 2022, Lyft committed to a plan of termination as
part of efforts to reduce operating expenses in anticipation of
continued macroeconomic headwinds. Lyft believes the costs
associated with these restructuring efforts do not reflect
performance of Lyft’s ongoing operations. Lyft believes the
adjustment to exclude the costs related to restructuring from
Contribution, Adjusted EBITDA and 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 Contribution, Adjusted EBITDA
and Adjusted Net Income (Loss) amounts.
Lyft uses Adjusted Net Income (Loss), 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
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.
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 and Adjusted EBITDA Margin
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)
March 31, 2023
December 31,
2022
Assets
Current assets
Cash and cash equivalents
$
509,576
$
281,090
Short-term investments
1,245,220
1,515,702
Prepaid expenses and other current
assets
792,708
786,067
Total current assets
2,547,504
2,582,859
Restricted cash and cash equivalents
228,487
109,368
Restricted investments
835,849
1,027,506
Other investments
26,493
26,390
Property and equipment, net
424,444
313,402
Operating lease right of use assets
110,042
135,213
Intangible assets, net
71,732
76,208
Goodwill
262,288
261,582
Other assets
22,627
23,903
Total assets
$
4,529,466
$
4,556,431
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
103,296
$
107,801
Insurance reserves
1,353,703
1,417,350
Accrued and other current liabilities
1,636,759
1,561,609
Operating lease liabilities — current
41,666
45,803
Total current liabilities
3,135,424
3,132,563
Operating lease liabilities
161,800
176,356
Long-term debt, net of current portion
793,422
803,207
Other liabilities
56,824
55,637
Total liabilities
4,147,470
4,167,763
Stockholders’ equity
Preferred stock, $0.00001 par value;
1,000,000,000 shares authorized as of March 31, 2023 and December
31, 2022; no shares issued and outstanding as of March 31, 2023 and
December 31, 2022
—
—
Common stock, $0.00001 par value;
18,000,000,000 Class A shares authorized as of March 31, 2023 and
December 31, 2022; 369,516,490 and 361,552,359 Class A shares
issued and outstanding as of March 31, 2023 and December 31, 2022,
respectively; 100,000,000 Class B shares authorized as of March 31,
2023 and December 31, 2022; 8,602,629 Class B shares issued and
outstanding as of March 31, 2023 and December 31, 2022.
4
4
Additional paid-in capital
10,514,527
10,335,013
Accumulated other comprehensive income
(loss)
(4,291
)
(5,754
)
Accumulated deficit
(10,128,244
)
(9,940,595
)
Total stockholders’ equity
381,996
388,668
Total liabilities and stockholders’
equity
$
4,529,466
$
4,556,431
Lyft, Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except for per
share data)
(unaudited)
Three Months Ended March
31,
2023
2022
Revenue
$
1,000,548
$
875,575
Costs and expenses
Cost of revenue
548,992
440,294
Operations and support
98,926
98,600
Research and development
196,904
192,754
Sales and marketing
115,941
126,329
General and administrative
256,540
216,941
Total costs and expenses
1,217,303
1,074,918
Loss from operations
(216,755
)
(199,343
)
Interest expense
(5,433
)
(4,549
)
Other income (expense), net
37,215
9,763
Loss before income taxes
(184,973
)
(194,129
)
Provision for (benefit from) income
taxes
2,676
2,803
Net loss
$
(187,649
)
$
(196,932
)
Net loss per share, basic and diluted
$
(0.50
)
$
(0.57
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
373,727
346,558
Stock-based compensation included in
costs and expenses:
Cost of revenue
$
10,769
$
9,922
Operations and support
5,928
5,590
Research and development
93,505
80,765
Sales and marketing
11,684
10,572
General and administrative
58,497
46,894
Lyft, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended March
31,
2023
2022
Cash flows from operating
activities
Net loss
$
(187,649
)
$
(196,932
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
27,230
31,788
Stock-based compensation
180,383
153,743
Amortization of premium on marketable
securities
80
1,063
Accretion of discount on marketable
securities
(13,624
)
(1,238
)
Amortization of debt discount and issuance
costs
666
653
Gain on sale and disposal of assets,
net
(7,575
)
(13,723
)
Other
3,489
1,835
Changes in operating assets and
liabilities, net effects of acquisition
Prepaid expenses and other assets
(1,115
)
(187,884
)
Operating lease right-of-use assets
18,978
13,497
Accounts payable
(4,295
)
(33,932
)
Insurance reserves
(63,647
)
(2,748
)
Accrued and other liabilities
(15,306
)
96,242
Lease liabilities
(11,655
)
(14,707
)
Net cash used in operating activities
(74,040
)
(152,343
)
Cash flows from investing
activities
Purchases of marketable securities
(598,640
)
(661,728
)
Proceeds from sales of marketable
securities
223,114
202,246
Proceeds from maturities of marketable
securities
846,440
224,865
Proceeds from maturities of term
deposits
5,000
175,000
Purchases of property and equipment and
scooter fleet
(46,799
)
(30,310
)
Sales of property and equipment
20,256
15,685
Net cash provided by (used in) investing
activities
449,371
(74,242
)
Cash flows from financing
activities
Repayment of loans
(21,145
)
(12,266
)
Proceeds from exercise of stock options
and other common stock issuances
297
90
Taxes paid related to net share settlement
of equity awards
(1,165
)
(1,807
)
Principal payments on finance lease
obligations
(5,730
)
(8,031
)
Net cash used in financing activities
(27,743
)
(22,014
)
Effect of foreign exchange on cash, cash
equivalents and restricted cash and cash equivalents
16
89
Net increase (decrease) in cash, cash
equivalents and restricted cash and cash equivalents
347,604
(248,510
)
Cash, cash equivalents and restricted
cash and cash equivalents
Beginning of period
391,823
531,193
End of period
$
739,427
$
282,683
Lyft, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended March
31,
2023
2022
Reconciliation of cash, cash
equivalents and restricted cash and cash equivalents to the
consolidated balance sheets
Cash and cash equivalents
$
509,576
$
214,868
Restricted cash and cash equivalents
228,487
67,152
Restricted cash, included in prepaid
expenses and other current assets
1,364
663
Total cash, cash equivalents and
restricted cash and cash equivalents
$
739,427
$
282,683
Non-cash investing and financing
activities
Financed vehicles acquired, net of
principal payments
$
98,373
$
20,279
Purchases of property and equipment, and
scooter fleet not yet settled
7,547
9,198
Right-of-use assets acquired under finance
leases
5,367
4,002
Right-of-use assets acquired under
operating leases
672
1,426
Remeasurement of finance and operating
lease right of use assets
(8,105
)
1,217
Lyft, Inc.
GAAP to Non-GAAP
Reconciliations
(in millions)
(unaudited)
Three Months Ended
March 31, 2023
December 31,
2022
March 31, 2022
Contribution(1)
Revenue
$
1,000.5
$
1,175.0
$
875.6
Less cost of revenue
(549.0
)
(774.4
)
(440.3
)
Gross profit
451.6
400.6
435.3
Gross profit margin
45.1
%
34.1
%
49.7
%
Adjusted to exclude the following (as
related to cost of revenue):
Amortization of intangible assets
1.2
1.2
1.2
Stock-based compensation expense
10.8
11.1
9.9
Payroll tax expense related to stock-based
compensation
0.4
0.1
0.8
Net amount from claims ceded under the
Reinsurance Agreement(2)
—
—
55.3
Restructuring charges(3)(4)
1.1
1.6
—
Contribution(1)
$
465.1
$
414.7
$
502.5
Contribution Margin(1)
46.5
%
35.3
%
57.4
%
_______________
(1) Beginning in the fourth quarter of 2022, Lyft’s non-GAAP
financial measures have been updated to no longer adjust for
“Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods” and prior period
information has been revised to conform to the current period
presentation. (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. (3) In the
first quarter of 2023, we incurred restructuring charges of $1.1
million of severance and other employee costs due to ongoing
transformational initiatives. (4) In the fourth quarter of 2022, we
incurred restructuring charges of $1.6 million of severance and
other employee costs. In addition, restructuring-related charges of
$0.2 million for stock-based compensation and the payroll tax
expense related to stock-based compensation are included on their
respective line items.
Note: Due to rounding, numbers presented may not add up
precisely to the totals provided.
Three Months Ended
March 31, 2023
December 31,
2022
March 31, 2022
Adjusted EBITDA(1)
Net loss
$
(187.6
)
$
(588.1
)
$
(196.9
)
Adjusted to exclude the following:
Interest expense(2)
5.9
5.6
4.7
Other (income) expense, net
(37.2
)
(15.5
)
(9.8
)
Provision for (benefit from) income
taxes
2.7
2.4
2.8
Depreciation and amortization
27.2
58.0
31.8
Stock-based compensation
180.4
199.4
153.7
Payroll tax expense related to stock-based
compensation
6.2
1.9
9.5
Net amount from claims ceded under the
Reinsurance Agreement(3)
—
—
55.3
Sublease income(4)
1.3
1.5
3.7
Restructuring charges(5)(6)
23.9
86.6
—
Adjusted EBITDA(1)
$
22.7
$
(248.3
)
$
54.8
Adjusted EBITDA Margin(1)
2.3
%
(21.1
%)
6.3
%
_______________
(1) Beginning in the fourth quarter of 2022, Lyft’s non-GAAP
financial measures have been updated to no longer adjust for
“Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods” and prior period
information has been revised to conform to the current period
presentation. (2) Includes interest expense for Flexdrive vehicles
and the 2025 Notes and $0.4 million, $0.4 million and $0.2 million
related to the interest component of vehicle related finance leases
in the three months ended March 31, 2023, December 31, 2022 and
March 31, 2022, respectively. (3) 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. (4) Includes sublease income from subleases entered into as
part of our transaction with Woven Planet in the third quarter of
2021. (5) In the first quarter of 2023, we incurred restructuring
charges of $4.3 million of severance and other employee costs and
$19.6 million related to right-of-use-asset impairments and other
costs due to ongoing transformational initiatives. Restructuring
related charges for stock-based compensation of $0.2 million and
accelerated depreciation of $0.3 million are included on their
respective line items. (6) In the fourth quarter of 2022, we
incurred restructuring charges of $29.2 million of severance and
other employee costs and $57.4 million related to lease impairments
and other restructuring costs. In addition, restructuring-related
charges for stock-based compensation of $9.5 million, payroll taxes
related to stock-based compensation of $0.3 million and accelerated
depreciation of $23.9 million are included on their respective line
items.
Note: Due to rounding, numbers presented may not add up
precisely to the totals provided.
Three Months Ended
March 31, 2023
December 31,
2022
March 31, 2022
Adjusted Net Income (Loss)(1)
Net Loss
$
(187.6
)
$
(588.1
)
$
(196.9
)
Adjusted for the following:
Amortization of intangible assets
4.5
5.5
3.1
Stock-based compensation expense
180.4
199.4
153.7
Payroll tax expense related to stock-based
compensation
6.2
1.9
9.5
Net amount from claims ceded under the
Reinsurance Agreement(2)
—
—
55.3
Restructuring charges(3)(4)
24.2
110.5
—
Adjusted Net Income (Loss)(1)
$
27.7
$
(270.8
)
$
24.6
_______________
(1) Beginning in the fourth quarter of 2022, Lyft’s non-GAAP
financial measures have been updated to no longer adjust for
“Changes to the liabilities for insurance required by regulatory
agencies attributable to historical periods” and prior period
information has been revised to conform to the current period
presentation. (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
gains on the statement of operations and any benefit from the
amortization of the deferred gain in the same period. (3) In the
first quarter of 2023, we incurred restructuring charges of $4.3
million of severance and other employee costs, $19.6 million
related to right-of-use asset impairments and other costs and $0.3
million related to accelerated depreciation of certain fixed assets
due to ongoing transformational initiatives. In addition,
restructuring related charges for the stock-based compensation of
$0.2 million are included on their respective line items. (4) In
the fourth quarter of 2022, we incurred restructuring charges of
$29.2 million of severance and other employee costs, $57.4 million
related to lease impairments and other restructuring costs and
$23.9 million related to accelerated depreciation of certain fixed
assets. In addition, restructuring related charges for the
stock-based compensation of $9.5 million, payroll taxes related to
stock-based compensation of $0.3 million are included on their
respective line items.
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/20230504005968/en/
Sonya Banerjee investor@lyft.com
Media press@lyft.com
Lyft (NASDAQ:LYFT)
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