Company Announcements

Lyft Announces Second Quarter Results

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

SAN FRANCISCO--(BUSINESS WIRE)--Aug. 4, 2022-- 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.

Contacts
Sonya Banerjee
investor@lyft.com

Media
press@lyft.com

Source: Lyft, Inc.