Lyft, Inc. (Nasdaq:LYFT) today announced financial results for
its third quarter ended September 30, 2023. Additionally, Lyft has
introduced the following key metrics, each of which is presented on
a total company basis: Gross Bookings, Rides, and Adjusted EBITDA
margin (calculated as a percentage of Gross Bookings). Descriptions
and further information regarding these new metrics, including
historical data, are included in this press release and in the
Company’s third quarter supplemental slide deck, which is available
on the Lyft investor relations website.
“More drivers and riders are choosing Lyft because we’re
following a simple formula: listen to customers and build the
experiences they want,” said CEO David Risher. “Women+
Connect is a great example, and is now available in more than 50
cities and towns across the U.S. There’s so much open road ahead to
create a customer-obsessed financially strong Lyft. We’ve got our
foot on the pedal!”
“We had another quarter of solid execution - we saw strong
driver and rider growth and our marketplace health continued to
improve,” said Erin Brewer, chief financial officer of Lyft.
“Our Q4 outlook calls for continued progress, and the updates we
are making to our key business metrics today better align our
reporting with our strategic priorities. We remain committed to
building a durable, healthy and profitable business that our
customers love.”
Third Quarter 2023 Financial Highlights
- Gross Bookings of $3.554 billion was up 15%
year-over-year.
- Revenue of $1.158 billion was up 10% year-over-year.
- Net loss of $12.1 million compares with $114.3 million in Q2’23
and $422.2 million in Q3’22. Net loss includes $100.4 million of
stock-based compensation and related payroll tax expenses. Net loss
as a percentage of Gross Bookings was (0.3)% and compares with
(3.3)% in Q2’23 and (13.7)% in Q3’22.
- Adjusted EBITDA of $92.0 million compares to $41.0 million in
Q2’23 and $(26.7) million in Q3’22. Adjusted EBITDA margin as a
percentage of Gross Bookings was 2.6% and compares with 1.2% in
Q2’23 and (0.9)% in Q3’22.
Third Quarter 2023 Operational Highlights
- Rides of 187 million: Rides grew 20% year-over-year,
reflecting strong growth in rideshare rides (+22% year-over-year)
as well as bike and scooter rides.
- Active Riders of 22.4 million: Active Riders grew 10%
year-over-year.
- Women+ Connect: This highly requested feature
prioritizes matches between women and nonbinary drivers and riders,
giving more people the opportunity to earn money on their own terms
and giving riders more choice. In our early access cities we’ve
seen great results: more than half of eligible drivers have opted
in and keep the feature turned on nearly the entire time they’re
online – with the majority rating their experience using Women+
Connect as “great.”
- Back to school: Across the roughly 70 regions we
targeted for back to school, rideshare rides grew by roughly 25%
year-over-year, reflecting a surge in new and returning riders and
drivers.
- Lyft Media: Launched in-app advertising in Q3, adding to
Lyft Media’s growing network of advertising products where brands
can engage with Lyft riders through hundreds of millions of rides
every year.
Outlook for Q4’23
- Gross Bookings of approximately $3.6 billion to $3.7
billion.
- Adjusted EBITDA of $50 million to $60 million and an Adjusted
EBITDA margin (calculated as a percentage of Gross Bookings) of
approximately 1.4% to 1.6%.
- Consistent with the high-end of the directional Q4 outlook we
provided in August, we now expect: fourth quarter revenue will grow
mid-single-digits quarter-over-quarter; and as a percentage of
revenue, fourth quarter Adjusted EBITDA margin will be roughly
in-line with the 4% achieved in Q2 of 2023.
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
taxes. 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.
Financial and Operational Results through the Third Quarter
of 2023
Updates to Our Metrics
Our management team assesses a number of metrics to evaluate our
business, identify trends affecting our business, formulate
business plans and make strategic decisions. As our business and
strategy evolve, our management team has updated the metrics and
measures assessed to best facilitate an understanding of our
business and achievement against our operational and strategic
objectives.
Accordingly, starting with the third quarter of 2023, we are
presenting Gross Bookings, Active Riders, Rides, and Adjusted
EBITDA margin (calculated as a percentage of Gross Bookings) as our
key business metrics, which we believe best align with how
management assesses our performance and measures achievement
against our strategic priorities and opportunities.
Given our focus on Gross Bookings, beginning in the fourth
quarter of 2023, we will no longer formally present metrics that
anchor to revenue. This includes Revenue per Active Rider, Adjusted
EBITDA margin (calculated as a percentage of revenue),
Contribution, and Contribution Margin. However, we will continue to
disclose revenue, cost of revenue, Adjusted EBITDA and Active
Riders - so investors will still be able to calculate revenue-based
metrics. Refer to “Definitions of Key Metrics” and “Non-GAAP
Financial Measures” below for definitions of these metrics and
measures.
2021
2022
2022
2022
2022
2022
2023
2023
2023
Total
Q1
Q2
Q3
Q4
Total
Q1
Q2
Q3
(in millions, except for Revenue
per Active Rider and percentages)
Active Riders
17.8
19.9
20.3
20.4
19.6
21.5
22.4
Rides
506.4
139.5
152.1
155.8
151.1
598.5
153.0
177.9
187.4
Gross Bookings
$
9,745.7
$
2,694.2
$
3,092.9
$
3,079.2
$
3,191.0
$
12,057.3
$
3,050.7
$
3,446.0
$
3,554.1
Revenue
$
3,208.3
$
875.6
$
990.7
$
1,053.8
$
1,175.0
$
4,095.1
$
1,000.5
$
1,020.9
$
1,157.6
Net loss
$
(1,062.1
)
$
(196.9
)
$
(377.2
)
$
(422.2
)
$
(588.1
)
$
(1,584.5
)
$
(187.6
)
$
(114.3
)
$
(12.1
)
Net loss as a percentage of Gross
Bookings
(10.9
)%
(7.3
)%
(12.2
)%
(13.7
)%
(18.4
)%
(13.1
)%
(6.2
)%
(3.3
)%
(0.3
)%
Adjusted EBITDA
$
(157.5
)
$
54.8
$
(196.3
)
$
(26.7
)
$
(248.3
)
$
(416.5
)
$
22.7
$
41.0
$
92.0
Adjusted EBITDA margin (calculated as a
percentage of Gross Bookings)
(1.6
)%
2.0
%
(6.3
)%
(0.9
)%
(7.8
)%
(3.5
)%
0.7
%
1.2
%
2.6
%
Adjusted Net Income (Loss)
$
(332.6
)
$
24.6
$
(229.1
)
$
(56.1
)
$
(270.8
)
$
(531.4
)
$
27.7
$
59.5
$
92.3
Revenue per Active Rider(1)
$
49.18
$
49.89
$
51.88
$
57.72
$
51.17
$
47.51
$
51.67
Gross profit(2)
$
1,506.0
$
435.3
$
340.4
$
483.1
$
400.6
$
1,659.4
$
451.6
$
414.3
$
513.0
Gross profit margin(2)
46.9
%
49.7
%
34.4
%
45.8
%
34.1
%
40.5
%
45.1
%
40.6
%
44.3
%
Contribution(1)
$
1,631.3
$
502.5
$
315.1
$
497.5
$
414.7
$
1,729.8
$
465.1
$
426.4
$
520.0
Contribution Margin(1)
50.8
%
57.4
%
31.8
%
47.2
%
35.3
%
42.2
%
46.5
%
41.8
%
44.9
%
Adjusted EBITDA margin (calculated as a
percentage of revenue)(1)(3)
(4.9
)%
6.3
%
(19.8
)%
(2.5
)%
(21.1
)%
(10.2
)%
2.3
%
4.0
%
7.9
%
_______________
(1) Represents key metric or non-GAAP financial measure that
will no longer be presented beginning in the fourth quarter of
2023.
(2) Gross profit is defined as revenue less cost of revenue.
Gross profit margin is defined as gross profit divided by revenue
for the same period. These financial measures will no longer be
presented beginning in the fourth quarter of 2023.
(3) Prior to the third quarter of 2023, this calculation was
reported and defined as Adjusted EBITDA Margin.
Note: Information on our key metrics and non-GAAP financial
measures are also available on our Investor Relations page.
Definitions of Key Metrics
Gross Bookings
Gross Bookings is a key indicator of the scale and impact of our
overall platform. Lyft defines Gross Bookings as the total dollar
value of transactions invoiced to rideshare riders including any
applicable taxes, tolls and fees excluding tips to drivers. It also
includes amounts invoiced for other offerings, including but not
limited to: Express Drive vehicle rentals, bike and scooter
rentals, and amounts recognized for subscriptions, bike and bike
station hardware and software sales, media, sponsorships,
partnerships, and licensing and data access agreements.
Adjusted EBITDA margin (calculated as a percentage of Gross
Bookings)
Adjusted EBITDA margin (calculated as a percentage of Gross
Bookings) is calculated by dividing Adjusted EBITDA for a period by
Gross Bookings for the same period. For the definition of Adjusted
EBITDA, refer to “Non-GAAP Financial Measures”.
Rides
Rides represent the level of usage of our multimodal platform.
Lyft defines Rides as the total number of rides including rideshare
and bike and scooter rides completed using our multimodal platform
that contribute to our revenue. These include any Rides taken
through our Lyft App. If multiple riders take a private rideshare
ride, including situations where one party picks up another party
on the way to a destination, or splits the bill, we count this as a
single rideshare ride. Each unique segment of a Shared Ride is
considered a single Ride. For example, if two riders successfully
match in Shared Ride mode and both complete their Rides, we count
this as two Rides. We have largely shifted away from Shared Rides,
and now only offer Shared Rides in limited markets. Lyft includes
all Rides taken by riders via our Concierge offering, even though
such riders may be excluded from the definition of Active Riders
unless the ride is accessible in that rider’s Lyft App.
Active Riders
The number of Active Riders is a key indicator of the scale of
our user community. 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 that 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 that rider’s Lyft App. There have
been no changes to our definition of Active Riders with the update
to our key metrics in the third quarter of 2023.
Revenue per Active Rider
Revenue per Active Rider is calculated as revenue for a period
divided by Active Riders for the same period. There have been no
changes to our definition of Revenue per Active Rider with the
update to our key metrics in the third quarter of 2023. Beginning
in the fourth quarter of 2023, we will no longer present Revenue
per Active Rider.
Webcast
Lyft will host a webcast today at 2:00 p.m. Pacific Time (5:00
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 is one of the largest transportation networks in North
America, bringing together rideshare, bikes, and scooters all in
one app. We are customer-obsessed and driven by our purpose:
getting riders out into the world so they can live their lives
together, and providing drivers a way to work that gives them
control over their time and money.
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
X accounts (@lyft and @davidrisher), 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 expectations regarding rideshare
market growth and Lyft’s beliefs regarding its future goals. 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 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 Quarterly Report on Form 10-Q
for the fiscal quarter ended June 30, 2023, and our Quarterly
Report on Form 10-Q for the quarter ended September 30, 2023 our
that will be filed with the SEC by November 9, 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.
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 (calculated as a percentage
of revenue) and Adjusted EBITDA margin (calculated as a percentage
of Gross Bookings). 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 (calculated as a percentage of revenue) is calculated by
dividing Adjusted EBITDA for a period by revenue for the same
period. Adjusted EBITDA margin (calculated as a percentage of Gross
Bookings) is calculated by dividing Adjusted EBITDA for a period by
Gross Bookings for the same period and is considered a key metric.
We previously referred to Adjusted EBITDA margin (calculated as a
percentage of revenue) as 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 gross profit, or 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.
Beginning in the fourth quarter of 2023, Lyft will no longer
present Contribution and Contribution Margin as our management no
longer uses these measures for purposes of understanding and
evaluating operating performance. Lyft will also no longer present
Adjusted EBITDA margin (calculated as a percentage of revenue) as
Adjusted EBITDA margin (calculated as a percentage of Gross
Bookings) is a more useful measure for business planning
purposes.
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 September 30, 2023,
we have no deferred gain related to losses ceded under the
Reinsurance Agreement.
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
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.
Lyft subleases certain office space and earns sublease income.
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. 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 and April 2023, Lyft committed to plans of
termination as part of efforts to reduce operating expenses. 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 its non-GAAP financial measures in conjunction with
GAAP measures as part of our overall assessment of our performance,
including the preparation of our annual operating budget and
quarterly forecasts, to evaluate the effectiveness of our business
strategies, and to communicate with our board of directors
concerning our financial performance. We have historically used
Contribution, Contribution Margin and Adjusted EBITDA margin
(calculated as a percentage of revenue) for similar reasons.
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 measures 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, our non-GAAP financial measures 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)
September 30,
2023
December 31,
2022
Assets
Current assets
Cash and cash equivalents
$
590,541
$
281,090
Short-term investments
1,076,089
1,515,702
Prepaid expenses and other current
assets
833,609
786,067
Total current assets
2,500,239
2,582,859
Restricted cash and cash equivalents
258,798
109,368
Restricted investments
767,037
1,027,506
Other investments
39,324
26,390
Property and equipment, net
476,848
313,402
Operating lease right of use assets
100,479
135,213
Intangible assets, net
62,492
76,208
Goodwill
255,721
261,582
Other assets
17,286
23,903
Total assets
$
4,478,224
$
4,556,431
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
56,743
$
107,801
Insurance reserves
1,322,770
1,417,350
Accrued and other current liabilities
1,527,019
1,561,609
Operating lease liabilities — current
42,330
45,803
Total current liabilities
2,948,862
3,132,563
Operating lease liabilities
141,894
176,356
Long-term debt, net of current portion
833,816
803,207
Other liabilities
85,326
55,637
Total liabilities
4,009,898
4,167,763
Stockholders’ equity
Preferred stock, $0.00001 par value;
1,000,000,000 shares authorized as of September 30, 2023 and
December 31, 2022; no shares issued and outstanding as of September
30, 2023 and December 31, 2022
—
—
Common stock, $0.00001 par value;
18,000,000,000 Class A shares authorized as of September 30, 2023
and December 31, 2022; 384,382,810 and 361,552,359 Class A shares
issued and outstanding as of September 30, 2023 and December 31,
2022, respectively; 100,000,000 Class B shares authorized as of
September 30, 2023 and December 31, 2022; 8,602,629 Class B shares
issued and outstanding as of September 30, 2023 and December 31,
2022.
4
4
Additional paid-in capital
10,732,214
10,335,013
Accumulated other comprehensive income
(loss)
(9,286
)
(5,754
)
Accumulated deficit
(10,254,606
)
(9,940,595
)
Total stockholders’ equity
468,326
388,668
Total liabilities and stockholders’
equity
$
4,478,224
$
4,556,431
Lyft, Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except for per
share data)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenue
$
1,157,550
$
1,053,820
$
3,179,004
$
2,920,143
Costs and expenses
Cost of revenue
644,500
570,703
1,800,091
1,661,353
Operations and support
118,763
119,223
325,338
323,137
Research and development
109,229
227,678
460,745
622,200
Sales and marketing
129,947
133,722
355,055
400,805
General and administrative
195,290
292,870
653,228
775,542
Total costs and expenses
1,197,729
1,344,196
3,594,457
3,783,037
Loss from operations
(40,179
)
(290,376
)
(415,453
)
(862,894
)
Interest expense
(6,209
)
(5,022
)
(17,793
)
(14,531
)
Other income (expense), net
34,399
(126,155
)
124,689
(115,439
)
Loss before income taxes
(11,989
)
(421,553
)
(308,557
)
(992,864
)
Provision for (benefit from) income
taxes
111
648
5,454
3,515
Net loss
$
(12,100
)
$
(422,201
)
$
(314,011
)
$
(996,379
)
Net loss per share, basic and diluted
$
(0.03
)
$
(1.18
)
$
(0.82
)
$
(2.84
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
389,307
356,478
381,697
351,224
Stock-based compensation included in
costs and expenses:
Cost of revenue
$
5,553
$
12,983
$
23,825
$
32,990
Operations and support
2,818
7,145
12,727
19,041
Research and development
40,699
116,173
183,555
288,086
Sales and marketing
5,723
14,437
25,360
37,017
General and administrative
43,750
70,242
147,385
174,233
Lyft, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September
30,
2023
2022
Cash flows from operating
activities
Net loss
$
(314,011
)
$
(996,379
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
85,350
96,787
Stock-based compensation
392,852
551,367
Amortization of premium on marketable
securities
93
2,510
Accretion of discount on marketable
securities
(46,581
)
(10,788
)
Amortization of debt discount and issuance
costs
2,124
2,083
Gain on sale and disposal of assets,
net
(9,471
)
(38,531
)
Impairment of non-marketable equity
security
—
135,714
Other
2,173
16,873
Changes in operating assets and
liabilities, net effects of acquisition
Prepaid expenses and other assets
(35,354
)
(194,648
)
Operating lease right-of-use assets
21,769
39,711
Accounts payable
(52,988
)
(44,767
)
Insurance reserves
(94,580
)
197,100
Accrued and other liabilities
(77,919
)
79,511
Lease liabilities
(15,209
)
(40,269
)
Net cash used in operating activities
(141,752
)
(203,726
)
Cash flows from investing
activities
Purchases of marketable securities
(2,354,598
)
(2,670,635
)
Purchases of term deposits
—
(10,046
)
Proceeds from sales of marketable
securities
345,422
501,132
Proceeds from maturities of marketable
securities
2,751,529
2,004,227
Proceeds from maturities of term
deposits
5,000
380,046
Purchases of property and equipment and
scooter fleet
(121,250
)
(82,401
)
Cash paid for acquisitions, net of cash
acquired
1,630
(146,334
)
Sales of property and equipment
79,033
76,516
Net cash provided by investing
activities
706,766
52,505
Cash flows from financing
activities
Repayment of loans
(60,519
)
(51,961
)
Proceeds from exercise of stock options
and other common stock issuances
6,697
12,398
Taxes paid related to net share settlement
of equity awards
(2,208
)
(5,602
)
Principal payments on finance lease
obligations
(35,935
)
(21,706
)
Contingent consideration paid
(14,100
)
—
Net cash used in financing activities
(106,065
)
(66,871
)
Effect of foreign exchange on cash, cash
equivalents and restricted cash and cash equivalents
(68
)
(780
)
Net increase (decrease) in cash, cash
equivalents and restricted cash and cash equivalents
458,881
(218,872
)
Cash, cash equivalents and restricted
cash and cash equivalents
Beginning of period
391,822
531,193
End of period
$
850,703
$
312,321
Lyft, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September
30,
2023
2022
Reconciliation of cash, cash
equivalents and restricted cash and cash equivalents to the
consolidated balance sheets
Cash and cash equivalents
$
590,541
$
143,715
Restricted cash and cash equivalents
258,798
167,242
Restricted cash, included in prepaid
expenses and other current assets
1,364
1,364
Total cash, cash equivalents and
restricted cash and cash equivalents
$
850,703
$
312,321
Non-cash investing and financing
activities
Financed vehicles acquired
$
130,891
$
71,801
Purchases of property and equipment, and
scooter fleet not yet settled
10,998
21,422
Right-of-use assets acquired under finance
leases
63,706
2,947
Right-of-use assets acquired under
operating leases
3,760
852
Remeasurement of finance and operating
lease right of use assets
(12,729
)
(2,105
)
Contingent consideration
—
15,000
Lyft, Inc.
GAAP to Non-GAAP
Reconciliations
(in millions)
(unaudited)
2021
2022
2022
2022
2022
2022
2023
2023
2023
Total
Q1
Q2
Q3
Q4
Total
Q1
Q2
Q3
Contribution(1)(2)
Revenue
$
3,208.3
$
875.6
$
990.7
$
1,053.8
$
1,175.0
$
4,095.1
$
1,000.5
$
1,020.9
$
1,157.6
Less cost of revenue
(1,702.3
)
(440.3
)
(650.4
)
(570.7
)
(774.4
)
(2,435.7
)
(549.0
)
(606.6
)
(644.5
)
Gross profit(3)
1,506.0
435.3
340.4
483.1
400.6
1,659.4
451.6
414.3
513.0
Gross profit margin(3)
46.9
%
49.7
%
34.4
%
45.8
%
34.1
%
40.5
%
45.1
%
40.6
%
44.3
%
Adjusted to exclude the following (as
related to cost of revenue):
Amortization of intangible assets
11.0
1.2
1.2
1.2
1.2
5.0
1.2
1.2
1.2
Stock-based compensation expense
39.5
9.9
10.1
13.0
11.1
44.1
10.8
7.5
5.6
Payroll tax expense related to stock-based
compensation
1.8
0.8
0.2
0.2
0.1
1.2
0.4
0.2
0.1
Net amount from claims ceded under the
Reinsurance Agreement(4)(5)
52.8
55.3
(36.8
)
—
—
18.5
—
—
—
Transaction costs rel. to certain legacy
auto insurance liabilities
20.2
—
—
—
—
—
—
—
—
Restructuring charges(6)(7)(8)
—
—
—
—
1.6
1.6
1.1
3.1
—
Contribution(1)(2)
$
1,631.3
$
502.5
$
315.1
$
497.5
$
414.7
$
1,729.8
$
465.1
$
426.4
$
520.0
Contribution Margin(1)
50.8
%
57.4
%
31.8
%
47.2
%
35.3
%
42.2
%
46.5
%
41.8
%
44.9
%
_______________
(1) Beginning in the fourth quarter of 2023, Lyft will no longer
present Contribution and Contribution Margin as non-GAAP financial
measures.
(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.
(3) Gross profit is defined as revenue less cost of revenue.
Gross profit margin is defined as gross profit divided by revenue
for the same period. These financial measures will no longer be
presented beginning in the fourth quarter of 2023.
(4) 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.
(5) In the second quarter of 2022, we recorded a $36.8 million
gain under cost of revenue on the condensed consolidated statement
of operations related to a transaction which effectively commuted
and settled the Reinsurance Agreement.
(6) In the second quarter of 2023, we incurred restructuring
charges of $3.1 million of severance and other employee costs due
to the restructuring plan announced in April 2023. Restructuring
related charges for stock-based compensation of $0.7 million and
payroll tax expense related to stock-based compensation of $0.1
million are included on their respective line items.
(7) 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 announced in November 2022
restructuring plan.
(8) In the fourth quarter of 2022, we incurred restructuring
charges of $1.6 million of severance and other employee costs due
to the restructuring plan announced in November 2022.
Restructuring-related charges for stock-based compensation of $0.2
million 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. Information on our key metrics
and non-GAAP financial measures are also available on our Investor
Relations page.
2021
2022
2022
2022
2022
2022
2023
2023
2023
Total
Q1
Q2
Q3
Q4
Total
Q1
Q2
Q3
Adjusted EBITDA(1)
Net loss
$
(1,062.1
)
$
(196.9
)
$
(377.2
)
$
(422.2
)
$
(588.1
)
$
(1,584.5
)
$
(187.6
)
$
(114.3
)
$
(12.1
)
Adjusted to exclude the following:
Interest expense(3)
52.8
4.7
5.2
5.3
5.6
20.8
5.9
6.9
7.3
Other (income) expense, net(4)
(135.9
)
(9.8
)
(1.0
)
126.2
(15.5
)
100.0
(37.2
)
(53.1
)
(34.4
)
Provision for (benefit from) income
taxes
11.2
2.8
0.1
0.6
2.4
5.9
2.7
2.7
0.1
Depreciation and amortization
139.3
31.8
29.1
35.9
58.0
154.8
27.2
28.6
29.5
Stock-based compensation
724.6
153.7
176.6
221.0
199.4
750.8
180.4
113.9
98.5
Payroll tax expense related to stock-based
compensation
31.5
9.5
2.5
3.1
1.9
17.0
6.2
2.7
1.9
Net amount from claims ceded under the
Reinsurance Agreement(5)(6)
52.8
55.3
(36.8
)
—
—
18.5
—
—
—
Sublease income(7)
6.6
3.7
3.8
2.6
1.5
11.6
1.3
1.3
1.2
Costs related to acquisitions and
divestitures(8)
1.5
—
1.4
0.9
—
2.3
—
—
—
Transaction costs rel. to certain legacy
auto insurance liabilities
20.4
—
—
—
—
—
—
—
—
Restructuring charges(9)(10)(11)
—
—
—
—
86.6
86.6
23.9
52.3
—
Adjusted EBITDA(1)
$
(157.5
)
$
54.8
$
(196.3
)
$
(26.7
)
$
(248.3
)
$
(416.5
)
$
22.7
$
41.0
$
92.0
Adjusted EBITDA margin (calculated as a
percentage of revenue)(1)(2)
(4.9
%)
6.3
%
(19.8
%)
(2.5
%)
(21.1
%)
(10.2
%)
2.3
%
4.0
%
7.9
%
Gross Bookings
$
9,745.7
$
2,694.2
$
3,092.9
$
3,079.2
$
3,191.0
$
12,057.3
$
3,050.7
$
3,446.0
$
3,554.1
Net loss as a percentage of Gross
Bookings
(10.9
%)
(7.3
%)
(12.2
%)
(13.7
%)
(18.4
%)
(13.1
%)
(6.2
%)
(3.3
%)
(0.3
%)
Adjusted EBITDA margin (calculated as a
percentage of Gross Bookings)
(1.6
%)
2.0
%
(6.3
%)
(0.9
%)
(7.8
%)
(3.5
%)
0.7
%
1.2
%
2.6
%
_______________
(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) Prior to the third quarter of 2023, this calculation was
reported and defined as Adjusted EBITDA Margin. Beginning in the
fourth quarter of 2023, Lyft will no longer present Adjusted EBITDA
margin (calculated as a percentage of revenue).
(3) Includes $1.1 million related to the interest component of
vehicle related finance leases for each of the years ended December
31, 2022 and 2021. In the first, second, third and fourth quarters
of 2022, this amount was $0.2 million, $0.2 million, $0.3 million
and $0.4 million, respectively. In the first, second and third
quarters of 2023, this amount was $0.4 million, $0.7 million and
$1.1 million, respectively.
(4) Includes a $135.7 million impairment charge related to a
non-marketable equity investment and other assets in the third
quarter of 2022. In the fiscal year of 2021, this includes a $119.3
million pre-tax gain from our transaction with Woven Planet and
interest income which was reported as a separate line item on the
condensed consolidated statement of operations in periods prior to
the second quarter of 2020.
(5) In the second quarter of 2022, we recorded a $36.8 million
gain under cost of revenue on the condensed consolidated statement
of operations related to a transaction which effectively commuted
and settled the Reinsurance Agreement.
(6) In the fiscal year of 2021 and first quarter of 2022, this
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.
(7) Includes sublease income from subleases entered into as part
of our transaction with Woven Planet in the third quarter of
2021.
(8) 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. In the third quarter of 2022, this includes
adjustments to the contingent consideration related to our
acquisition of PBSC.
(9) In the second quarter of 2023, we incurred restructuring
charges of $46.6 million of severance and other employee costs and
$5.7 million in impairment charges, fixed asset write-offs and
other costs. Restructuring related charges for stock-based
compensation of $9.7 million, accelerated depreciation of $0.7
million and payroll tax expense related to stock-based compensation
of $0.6 million are included on their respective line items. These
charges were related to the restructuring plan announced in April
2023.
(10) 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. These charges were related to the
restructuring plan announced in November 2022.
(11) 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. These charges
were related to the restructuring plan announced in November
2022
Note: Due to rounding, numbers presented may not add up
precisely to the totals provided. Information on our key metrics
and non-GAAP financial measures are also available on our Investor
Relations page.
2021
2022
2022
2022
2022
2022
2023
2023
2023
Total
Q1
Q2
Q3
Q4
Total
Q1
Q2
Q3
Adjusted Net Income (Loss)(1)
Net Loss
$
(1,062.1
)
$
(196.9
)
$
(377.2
)
$
(422.2
)
$
(588.1
)
$
(1,584.5
)
$
(187.6
)
$
(114.3
)
$
(12.1
)
Adjusted to exclude the following:
Amortization of intangible assets
18.1
3.1
4.5
5.4
5.5
18.4
4.5
4.2
4.0
Stock-based compensation expense
724.6
153.7
176.6
221.0
199.4
750.8
180.4
113.9
98.5
Payroll tax expense related to stock-based
compensation
31.5
9.5
2.5
3.1
1.9
17.0
6.2
2.7
1.9
Net amount from claims ceded under the
Reinsurance Agreement(2)(3)
52.8
55.3
(36.8
)
—
—
18.5
—
—
—
Costs related to acquisitions and
divestitures(4)
(117.7
)
—
1.4
0.9
—
2.3
—
—
—
Transaction costs rel. to certain legacy
auto insurance liabilities
20.4
—
—
—
—
—
—
—
—
Restructuring charges(5)(6)(7)
—
—
—
—
110.5
110.5
24.2
52.9
—
Impairment charge of non-marketable equity
security(8)
—
—
—
135.7
—
135.7
—
—
—
Adjusted Net Income (Loss)(1)
$
(332.6
)
$
24.6
$
(229.1
)
$
(56.1
)
$
(270.8
)
$
(531.4
)
$
27.7
$
59.5
$
92.3
_______________
(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) In the second quarter of 2022, we recorded a $36.8 million
gain under cost of revenue on the condensed consolidated statement
of operations related to a transaction which effectively commuted
and settled the Reinsurance Agreement.
(3) In the fiscal year of 2021 and first quarter of 2022, this
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.
(4) 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. In
the third quarter of 2022, this includes adjustments to the
contingent consideration related to our acquisition of PBSC. In the
fiscal year of 2021, this includes a $119.3 million pre-tax gain
and third-party costs incurred related to our transaction with
Woven Planet in the third quarter of 2021.
(5) In the second quarter of 2023, we incurred restructuring
charges of $46.6 million of severance and other employee costs,
$5.7 million in impairment charges, fixed asset write-offs and
other costs and $0.7 million of accelerated depreciation.
Restructuring related charges for stock-based compensation of $9.7
million and payroll tax expense related to stock-based compensation
of $0.6 million are included on their respective line items. These
charges were related to the restructuring plan announced in April
2023.
(6) 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. These charges were related to the restructuring plan
announced in November 2022.
(7) 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 and $23.9 million related to accelerated depreciation of
certain fixed assets. In addition, restructuring-related charges
for stock-based compensation of $9.5 million and payroll taxes
related to stock-based compensation of $0.3 million are included on
their respective line items. These charges were related to the
restructuring plan announced in November 2022.
(8) In the third quarter of 2022, we recorded $135.7 million in
impairment charges related to a non-marketable equity investment
and other assets in the third quarter of 2022.
Note: Due to rounding, numbers presented may not add up
precisely to the totals provided. Information on our key metrics
and non-GAAP financial measures are also available on our Investor
Relations page.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108076954/en/
Sonya Banerjee investor@lyft.com
Media press@lyft.com
Lyft (NASDAQ:LYFT)
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