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Lyft Announces Results for Second Quarter 2023

Lyft, Inc. (Nasdaq:LYFT) today announced financial results for its second quarter ended June 30, 2023.

“Our customer obsession is paying off for riders, drivers, and our business,” said CEO David Risher. “Between summer travel and return-to-office commuting, folks are getting out more every day and loving the Lyft rideshare experience. Standard rides have reached their second-highest level ever. Our advice: download Lyft now and give us a try. We think you’ll like what you see.”

“The rideshare market is growing. We had a solid second quarter and we have strong ride momentum going into Q3 and the back half of the year,” said Erin Brewer, chief financial officer of Lyft. “The team is unified and focused on delivering great experiences for drivers and riders. We’ve got lots more to do to build on our progress.”

Second Quarter 2023 Financial Highlights

  • Revenue of $1.021 billion was up 3% year-over-year, reflecting strong growth in rideshare rides, up 18% year-over-year.
  • Net loss of $114.3 million compares with $187.6 million in Q1’23 and $377.2 million in Q2’22. Net loss includes $116.6 million of stock-based compensation and related payroll tax expenses. Net loss margin of 11.2% compares with 18.8% in Q1’23 and 38.1% in Q2’22.
  • Adjusted EBITDA1 was $41.0 million. This compares with $22.7 million in Q1’23 and $(196.3) million in Q2’22. Adjusted EBITDA Margin1 was 4.0%. This compares with 2.3% in Q1’23 and (19.8)% in Q2’22.

Outlook

For Q3’23, we anticipate:

  • Revenue of approximately $1.130 billion to $1.150 billion
  • Adjusted EBITDA between $75 million and $85 million, with an Adjusted EBITDA Margin of approximately 7%

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

21,487

 

19,860

 

8.2

%

 

$

47.51

 

$

49.89

 

(4.8

)%

Three Months Ended September 30

 

 

20,312

 

 

 

 

 

$

51.88

 

 

Three Months Ended December 31

 

 

20,358

 

 

 

 

 

$

57.72

 

 

_______________

(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.

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 and transit 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 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 March 31, 2023 that was filed with the SEC on May 8, 2023 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 that will be filed with the SEC by August 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.

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 June 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."

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 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)

 

 

June 30,

2023

 

December 31,

2022

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

638,434

 

 

$

281,090

 

Short-term investments

 

1,059,730

 

 

 

1,515,702

 

Prepaid expenses and other current assets

 

781,154

 

 

 

786,067

 

Total current assets

 

2,479,318

 

 

 

2,582,859

 

Restricted cash and cash equivalents

 

365,849

 

 

 

109,368

 

Restricted investments

 

632,497

 

 

 

1,027,506

 

Other investments

 

39,870

 

 

 

26,390

 

Property and equipment, net

 

472,416

 

 

 

313,402

 

Operating lease right of use assets

 

105,818

 

 

 

135,213

 

Intangible assets, net

 

68,294

 

 

 

76,208

 

Goodwill

 

260,810

 

 

 

261,582

 

Other assets

 

21,361

 

 

 

23,903

 

Total assets

$

4,446,233

 

 

$

4,556,431

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

62,235

 

 

$

107,801

 

Insurance reserves

 

1,309,517

 

 

 

1,417,350

 

Accrued and other current liabilities

 

1,606,572

 

 

 

1,561,609

 

Operating lease liabilities — current

 

42,115

 

 

 

45,803

 

Total current liabilities

 

3,020,439

 

 

 

3,132,563

 

Operating lease liabilities

 

154,381

 

 

 

176,356

 

Long-term debt, net of current portion

 

808,060

 

 

 

803,207

 

Other liabilities

 

76,310

 

 

 

55,637

 

Total liabilities

 

4,059,190

 

 

 

4,167,763

 

Stockholders’ equity

 

 

 

Preferred stock, $0.00001 par value; 1,000,000,000 shares authorized as of June 30, 2023 and December 31, 2022; no shares issued and outstanding as of June 30, 2023 and December 31, 2022

 

 

 

 

 

Common stock, $0.00001 par value; 18,000,000,000 Class A shares authorized as of June 30, 2023 and December 31, 2022; 377,634,274 and 361,552,359 Class A shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively; 100,000,000 Class B shares authorized as of June 30, 2023 and December 31, 2022; 8,602,629 Class B shares issued and outstanding as of June 30, 2023 and December 31, 2022.

 

4

 

 

 

4

 

Additional paid-in capital

 

10,633,368

 

 

 

10,335,013

 

Accumulated other comprehensive income (loss)

 

(3,823

)

 

 

(5,754

)

Accumulated deficit

 

(10,242,506

)

 

 

(9,940,595

)

Total stockholders’ equity

 

387,043

 

 

 

388,668

 

Total liabilities and stockholders’ equity

$

4,446,233

 

 

$

4,556,431

 

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,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

$

1,020,906

 

 

$

990,748

 

 

$

2,021,454

 

 

$

1,866,323

 

Costs and expenses

 

 

 

 

 

 

 

Cost of revenue

 

606,599

 

 

 

650,356

 

 

 

1,155,591

 

 

 

1,090,650

 

Operations and support

 

107,649

 

 

 

105,314

 

 

 

206,575

 

 

 

203,914

 

Research and development

 

154,612

 

 

 

201,768

 

 

 

351,516

 

 

 

394,522

 

Sales and marketing

 

109,167

 

 

 

140,754

 

 

 

225,108

 

 

 

267,083

 

General and administrative

 

201,398

 

 

 

265,731

 

 

 

457,938

 

 

 

482,672

 

Total costs and expenses

 

1,179,425

 

 

 

1,363,923

 

 

 

2,396,728

 

 

 

2,438,841

 

Loss from operations

 

(158,519

)

 

 

(373,175

)

 

 

(375,274

)

 

 

(572,518

)

Interest expense

 

(6,151

)

 

 

(4,960

)

 

 

(11,584

)

 

 

(9,509

)

Other income (expense), net

 

53,075

 

 

 

953

 

 

 

90,290

 

 

 

10,716

 

Loss before income taxes

 

(111,595

)

 

 

(377,182

)

 

 

(296,568

)

 

 

(571,311

)

Provision for (benefit from) income taxes

 

2,667

 

 

 

64

 

 

 

5,343

 

 

 

2,867

 

Net loss

$

(114,262

)

 

$

(377,246

)

 

$

(301,911

)

 

$

(574,178

)

Net loss per share, basic and diluted

$

(0.30

)

 

$

(1.08

)

 

$

(0.80

)

 

$

(1.65

)

Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted

 

381,884

 

 

 

350,526

 

 

 

377,828

 

 

 

348,553

 

Stock-based compensation included in costs and expenses:

 

 

 

 

 

 

 

Cost of revenue

$

7,503

 

 

$

10,085

 

 

$

18,272

 

 

$

20,007

 

Operations and support

 

3,981

 

 

 

6,306

 

 

 

9,909

 

 

 

11,896

 

Research and development

 

49,351

 

 

 

91,148

 

 

 

142,856

 

 

 

171,913

 

Sales and marketing

 

7,953

 

 

 

12,008

 

 

 

19,637

 

 

 

22,580

 

General and administrative

 

45,138

 

 

 

57,097

 

 

 

103,635

 

 

 

103,991

 

Lyft, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Six Months Ended June 30,

 

 

2023

 

 

 

2022

 

Cash flows from operating activities

 

 

 

Net loss

$

(301,911

)

 

$

(574,178

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

Depreciation and amortization

 

55,841

 

 

 

60,907

 

Stock-based compensation

 

294,309

 

 

 

330,387

 

Amortization of premium on marketable securities

 

87

 

 

 

1,908

 

Accretion of discount on marketable securities

 

(28,386

)

 

 

(3,727

)

Amortization of debt discount and issuance costs

 

1,374

 

 

 

1,347

 

Gain on sale and disposal of assets, net

 

(8,902

)

 

 

(31,866

)

Other

 

(8,391

)

 

 

313

 

Changes in operating assets and liabilities, net effects of acquisition

 

 

 

Prepaid expenses and other assets

 

18,978

 

 

 

(124,520

)

Operating lease right-of-use assets

 

17,646

 

 

 

27,113

 

Accounts payable

 

(49,404

)

 

 

(35,783

)

Insurance reserves

 

(107,833

)

 

 

166,275

 

Accrued and other liabilities

 

(19,091

)

 

 

33,547

 

Lease liabilities

 

(8,330

)

 

 

(29,254

)

Net cash used in operating activities

 

(144,013

)

 

 

(177,531

)

Cash flows from investing activities

 

 

 

Purchases of marketable securities

 

(1,192,689

)

 

 

(1,262,318

)

Purchases of term deposits

 

 

 

 

(10,046

)

Proceeds from sales of marketable securities

 

294,115

 

 

 

357,788

 

Proceeds from maturities of marketable securities

 

1,772,926

 

 

 

713,593

 

Proceeds from maturities of term deposits

 

5,000

 

 

 

380,046

 

Purchases of property and equipment and scooter fleet

 

(88,975

)

 

 

(53,310

)

Cash paid for acquisitions, net of cash acquired

 

1,630

 

 

 

(146,334

)

Sales of property and equipment

 

48,843

 

 

 

43,704

 

Net cash provided by (used in) investing activities

 

840,850

 

 

 

23,123

 

Cash flows from financing activities

 

 

 

Repayment of loans

 

(48,451

)

 

 

(26,680

)

Proceeds from exercise of stock options and other common stock issuances

 

5,873

 

 

 

12,349

 

Taxes paid related to net share settlement of equity awards

 

(1,827

)

 

 

(3,549

)

Principal payments on finance lease obligations

 

(24,852

)

 

 

(15,728

)

Contingent consideration paid

 

(14,100

)

 

 

 

Net cash used in financing activities

 

(83,357

)

 

 

(33,608

)

Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents

 

345

 

 

 

(121

)

Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents

 

613,825

 

 

 

(188,137

)

Cash, cash equivalents and restricted cash and cash equivalents

 

 

 

Beginning of period

 

391,822

 

 

 

531,193

 

End of period

$

1,005,647

 

 

$

343,056

 

Lyft, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Six Months Ended June 30,

 

2023

 

2022

Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets

 

 

 

Cash and cash equivalents

$ 638,434

 

$ 239,299

Restricted cash and cash equivalents

365,849

 

102,099

Restricted cash, included in prepaid expenses and other current assets

1,364

 

1,658

Total cash, cash equivalents and restricted cash and cash equivalents

$ 1,005,647

 

$ 343,056

Non-cash investing and financing activities

 

 

 

Financed vehicles acquired, net of principal payments

$ 119,645

 

$ 63,030

Purchases of property and equipment, and scooter fleet not yet settled

13,362

 

14,604

Contingent consideration

 

14,100

Right-of-use assets acquired under finance leases

34,729

 

8,916

Right-of-use assets acquired under operating leases

3,100

 

327

Remeasurement of finance and operating lease right of use assets

(2,242)

 

225

Lyft, Inc.

GAAP to Non-GAAP Reconciliations

(in millions)

(unaudited)

 

 

Three Months Ended

 

June 30,

2023

 

March 31,

2023

 

June 30,

2022

Contribution(1)

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

1,020.9

 

 

$

1,000.5

 

 

$

990.7

 

Less cost of revenue

 

(606.6

)

 

 

(549.0

)

 

 

(650.4

)

Gross profit

 

414.3

 

 

 

451.6

 

 

 

340.4

 

Gross profit margin

 

40.6

%

 

 

45.1

%

 

 

34.4

%

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

 

7.5

 

 

 

10.8

 

 

 

10.1

 

Payroll tax expense related to stock-based compensation

 

0.2

 

 

 

0.4

 

 

 

0.2

 

Net amount from claims ceded under the Reinsurance Agreement(2)

 

 

 

 

 

 

 

(36.8

)

Restructuring charges(3)(4)

 

3.1

 

 

 

1.1

 

 

 

 

Contribution(1)

$

426.4

 

 

$

465.1

 

 

$

315.1

 

Contribution Margin(1)

 

41.8

%

 

 

46.5

%

 

 

31.8

%

_______________

(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 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.

(4)

 

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.

Note: Due to rounding, numbers presented may not add up precisely to the totals provided.

 

Three Months Ended

 

June 30,

2023

 

March 31,

2023

 

June 30,

2022

Adjusted EBITDA(1)

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(114.3

)

 

$

(187.6

)

 

$

(377.2

)

Adjusted to exclude the following:

 

 

 

 

 

Interest expense(2)

 

6.9

 

 

 

5.9

 

 

 

5.2

 

Other (income) expense, net

 

(53.1

)

 

 

(37.2

)

 

 

(1.0

)

Provision for (benefit from) income taxes

 

2.7

 

 

 

2.7

 

 

 

0.1

 

Depreciation and amortization

 

28.6

 

 

 

27.2

 

 

 

29.1

 

Stock-based compensation

 

113.9

 

 

 

180.4

 

 

 

176.6

 

Payroll tax expense related to stock-based compensation

 

2.7

 

 

 

6.2

 

 

 

2.5

 

Net amount from claims ceded under the Reinsurance Agreement(3)

 

 

 

 

 

 

 

(36.8

)

Sublease income(4)

 

1.3

 

 

 

1.3

 

 

 

3.8

 

Costs related to acquisitions and divestitures(5)

 

 

 

 

 

 

 

1.4

 

Restructuring charges(6)(7)

 

52.3

 

 

 

23.9

 

 

 

 

Adjusted EBITDA(1)

$

41.0

 

 

$

22.7

 

 

$

(196.3

)

Adjusted EBITDA Margin(1)

 

4.0

%

 

 

2.3

%

 

 

(19.8

%)

_______________

(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 $0.7 million, $0.4 million and $0.2 million related to the interest component of vehicle related finance leases in the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

(3)

 

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.

(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.

(6)

 

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.

(7)

 

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.

Note: Due to rounding, numbers presented may not add up precisely to the totals provided.

 

Three Months Ended

 

June 30,

2023

 

March 31,

2023

 

June 30,

2022

Adjusted Net Income (Loss)(1)

 

 

 

 

 

 

 

 

 

 

 

Net Loss

$

(114.3

)

 

$

(187.6

)

 

$

(377.2

)

Adjusted for the following:

 

 

 

 

 

Amortization of intangible assets

 

4.2

 

 

 

4.5

 

 

 

4.5

 

Stock-based compensation expense

 

113.9

 

 

 

180.4

 

 

 

176.6

 

Payroll tax expense related to stock-based compensation

 

2.7

 

 

 

6.2

 

 

 

2.5

 

Net amount from claims ceded under the Reinsurance Agreement(2)

 

 

 

 

 

 

 

(36.8

)

Costs related to acquisitions and divestitures(3)

 

 

 

 

 

 

 

1.4

 

Restructuring charges(4)(5)

 

52.9

 

 

 

24.2

 

 

 

 

Adjusted Net Income (Loss)(1)

$

59.5

 

 

$

27.7

 

 

$

(229.1

)

_______________

(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)

 

Includes third-party costs incurred related to our acquisition of PBSC, which closed on May 17, 2022.

(4)

 

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.

(5)

 

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.

Note: Due to rounding, numbers presented may not add up precisely to the totals provided.

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