false000175950900017595092024-08-072024-08-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 2024
Lyft, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3884620-8809830
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
185 Berry Street, Suite 400
San Francisco, California 94107
(Address of principal executive offices, including zip code)
(844) 250-2773
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol		Name of each exchange
on which registered
Class A Common Stock, par value of $0.00001 per shareLYFTNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐



Item 2.02    Results of Operations and Financial Condition
On August 7, 2024, Lyft, Inc. (the “Company” or “Lyft”) issued a press release announcing its financial results for the quarter ended June 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
Item 7.01    Regulation FD Disclosure
On August 7, 2024, Lyft posted supplemental investor materials on its investor.lyft.com website. 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.
The information in this current report on Form 8-K and the exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01    Financial Statements and Exhibits
(d) Exhibits:
Exhibit
No.		Exhibit Description
99.1
104Cover Page Interactive Data File (formatted as Inline XBRL)



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LYFT, INC.
Date: August 7, 2024/s/ Erin Brewer
Erin Brewer
Chief Financial Officer


Exhibit 99.1
image_05.jpg
Lyft Announces Q2 2024 Results, Including First-Ever Quarter of GAAP Profitability
Achieved All-time High Active Riders and Rides


SAN FRANCISCO, CA, August 7, 2024 - Lyft, Inc. (Nasdaq:LYFT) today announced financial results for the second quarter ended June 30, 2024.
“For over a year you've heard us say that customer obsession drives profitable growth," said CEO David Risher. “In Q2 we delivered, and drivers and riders are choosing Lyft in record numbers.”
“Our platform is growing in a very healthy way as evidenced by the strength of our financial results, including strong cash flow generation and GAAP Net income” said CFO Erin Brewer. “We had a strong second quarter with more than a hundred million dollars in Adjusted EBITDA, and we have solid momentum entering the second half of the year.”
Second Quarter 2024 Financial Highlights
•Gross Bookings of $4.0 billion was up 17% year-over-year.
•Revenue of $1.4 billion was up 41% year-over-year.
•Net income of $5.0 million compared to $(114.3) million net loss in Q2’23. Net income includes $89.9 million of stock-based compensation and related payroll tax expenses. Net income as a percentage of Gross Bookings was 0.1% and compared to net loss as a percentage of Gross Bookings of (3.3)% in Q2’23.
•Adjusted EBITDA of $102.9 million compared to $41.0 million in Q2’23. Adjusted EBITDA margin as a percentage of Gross Bookings was 2.6% and compared to 1.2% in Q2’23.
•Net cash flow provided by (used in) operating activities of $276.2 million compared to $(70.0) million in Q2’23. For the last twelve months, net cash flow provided by operating activities was $478.2 million.
•Free cash flow of $256.4 million compared to ($112.2) million in Q2’23. For the last twelve months, free cash flow was $368.4 million.
Second Quarter 2024 Operational Highlights
•All-time high Active Riders of 23.7 million: up 10% year-over-year.
•Rides of 205 million: were a company record, up 15% year-over-year.
•Driver hours hit an all-time high: and we welcomed the most new drivers in any quarter since 2019. Our Driver Earnings Commitment also launched nationwide.
•The Pride effect: Pride was a major celebration for Lyft riders in Q2. In cities with Pride celebrations throughout June, Lyft saw a 17% increase in rides compared to an average weekend in the quarter; riders in San Francisco, Denver, and Seattle took roughly 50% more rides than usual.
•Congrats grads: Riders in top college towns took 23% more rides during spring graduation weekends compared to average weekends in Q2 - especially at schools like the University of Florida, which has a partnership with Lyft to help transport 60,000 students throughout Gainesville and across campus.
•Canada rides doubled: in the second quarter compared to the same period last year, and Toronto grew to become our 8th largest market.
Third Quarter 2024 Outlook
•Gross Bookings of approximately $4.0 billion to $4.1 billion.
•Adjusted EBITDA of $90 million to $95 million and an Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.3%.
FY’24 Directional Commentary: Free Cash Flow Conversion Updated
•Rides growth in the mid-teens year-over-year.
•Gross Bookings growth that is slightly faster than Rides growth year-over-year.
•Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.1%.



•We remain on track to generate positive free cash flow for the full year. Given our strong progress in the first half of the year and our increased visibility, we now expect we’ll reach our more than 90% long-term conversion target for the full-year 2024, well ahead of schedule.
We have not provided the forward-looking GAAP equivalent to our non-GAAP 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 these non-GAAP guidance metrics to their 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 Second Quarter of 2024
Three Months Ended
Jun. 30, 2024Mar. 31, 2024Jun. 30, 2023
(in millions, except for percentages)
Active Riders23.721.921.5
Rides205.3187.7177.9
Gross Bookings$4,018.9$3,693.2$3,446.0
Revenue$1,435.8$1,277.2$1,020.9
Net income (loss)
$5.0$(31.5)$(114.3)
Net income (loss) as a percentage of Gross Bookings
0.1 %(0.9)%(3.3)%
Net cash flow provided by (used in) operating activities
$276.2$156.2$(70.0)
Adjusted EBITDA$102.9$59.4$41.0
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)2.6 %1.6 %1.2 %
Adjusted Net Income (Loss)$98.9$60.0$59.5
Free cash flow$256.4$127.1$(112.2)
Note: Information on our key metrics and non-GAAP financial measures is 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.
Webcast



Lyft will host a webcast today at 5:15 a.m. Pacific Time (8:15 a.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, including for the third quarter and full fiscal year 2024, and the trends and assumptions underlying such guidance and outlook, and Lyft’s plans and expectations, including statements about profitable growth. 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 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 quarter ended March 31, 2024 that was filed with the SEC on May 9, 2024 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 that will be filed with the SEC by August 9, 2024. 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. This press release discusses "customers." For rideshare, there are two customers in every car - the driver is Lyft's customer, and the rider is the driver's customer. We care about both.
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), Adjusted EBITDA, Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) and free cash flow. Lyft defines Adjusted EBITDA as net income (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 Gross Bookings) is calculated by dividing Adjusted EBITDA for a period by Gross Bookings for the same period and is considered a key metric. Lyft defines Adjusted Net Income (Loss) as net income (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 free cash flow as GAAP net cash provided by (used in) operating activities less purchases of property and equipment and scooter fleet.



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 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 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. 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 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.

Contacts
Aurélien Nolf, Investor RelationsStephanie Rice, Media
investor@lyft.com
press@lyft.com



Lyft, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except for share and per share data)
(unaudited)
June 30,
2024		December 31,
2023
Assets
Current assets
Cash and cash equivalents$604,357 $558,636 
Short-term investments1,195,970 1,126,548 
Prepaid expenses and other current assets879,606 892,235 
Total current assets2,679,933 2,577,419 
Restricted cash and cash equivalents213,903 211,786 
Restricted investments1,125,027 837,291 
Other investments39,704 39,870 
Property and equipment, net528,233 465,844 
Operating lease right of use assets88,959 98,202 
Intangible assets, net51,299 59,515 
Goodwill255,391 257,791 
Other assets14,635 16,749 
Total assets$4,997,084 $4,564,467 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable$116,070 $72,282 
Insurance reserves1,489,577 1,337,868 
Accrued and other current liabilities1,602,588 1,508,855 
Operating lease liabilities — current43,229 42,556 
Convertible senior notes, current389,374 — 
Total current liabilities3,640,838 2,961,561 
Operating lease liabilities113,102 134,102 
Long-term debt, net of current portion578,334 839,362 
Other liabilities87,182 87,924 
Total liabilities4,419,456 4,022,949 
Stockholders’ equity
Preferred stock, $0.00001 par value; 1,000,000,000 shares authorized as of June 30, 2024 and December 31, 2023; no shares issued and outstanding as of June 30, 2024 and December 31, 2023— — 
Common stock, $0.00001 par value; 18,000,000,000 Class A shares authorized as of June 30, 2024 and December 31, 2023; 401,620,478 and 391,239,046 Class A shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; 100,000,000 Class B shares authorized as of June 30, 2024 and December 31, 2023; 8,530,629 and 8,566,629 Class B shares issued and outstanding as of June 30, 2024 and December 31, 2023.4 4 
Additional paid-in capital10,892,833 10,827,378 
Accumulated other comprehensive income (loss)(7,773)(4,949)
Accumulated deficit(10,307,436)(10,280,915)
Total stockholders’ equity577,628 541,518 
Total liabilities and stockholders’ equity$4,997,084 $4,564,467 




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,
2024202320242023
Revenue$1,435,846 $1,020,906 $2,713,047 $2,021,454 
Costs and expenses
Cost of revenue819,518 606,599 1,574,880 1,155,591 
Operations and support115,734 107,649 218,776 206,575 
Research and development98,807 154,612 198,830 351,516 
Sales and marketing176,370 109,167 321,842 225,108 
General and administrative252,643 201,398 488,896 457,938 
Total costs and expenses1,463,072 1,179,425 2,803,224 2,396,728 
Loss from operations(27,226)(158,519)(90,177)(375,274)
Interest expense(7,852)(6,151)(14,900)(11,584)
Other income (expense), net41,943 53,075 83,000 90,290 
Income (loss) before income taxes6,865 (111,595)(22,077)(296,568)
Provision for (benefit from) income taxes1,851 2,667 4,444 5,343 
Net income (loss)$5,014 $(114,262)$(26,521)$(301,911)
Net income (loss) per share
Basic$0.01 $(0.30)$(0.07)$(0.80)
Diluted$0.01 $(0.30)$(0.07)$(0.80)
Weighted-average number of shares outstanding used to compute net income (loss) per share
Basic406,512 381,884 404,033 377,828 
Diluted411,969 381,884 404,033 377,828 
Stock-based compensation included in costs and expenses:
Cost of revenue$5,759 $7,503 $11,775 $18,272 
Operations and support1,895 3,981 3,989 9,909 
Research and development27,340 49,351 57,172 142,856 
Sales and marketing4,231 7,953 8,435 19,637 
General and administrative46,513 45,138 84,465 103,635 




Lyft, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June 30,
20242023
Cash flows from operating activities
Net income (loss)$(26,521)$(301,911)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization70,071 55,841 
Stock-based compensation165,837 294,309 
Amortization of premium on marketable securities157 87 
Accretion of discount on marketable securities(43,319)(28,386)
Amortization of debt discount and issuance costs1,755 1,374 
Gain on sale and disposal of assets, net(4,514)(8,902)
Other1,185 (8,391)
Changes in operating assets and liabilities, net effects of acquisition
Prepaid expenses and other assets12,146 18,978 
Operating lease right-of-use assets13,124 17,646 
Accounts payable39,854 (49,404)
Insurance reserves151,709 (107,833)
Accrued and other liabilities75,047 (19,091)
Lease liabilities(24,152)(8,330)
Net cash provided by (used in) operating activities432,379 (144,013)
Cash flows from investing activities
Purchases of marketable securities(2,102,390)(1,192,689)
Purchases of term deposits(2,194)— 
Proceeds from sales of marketable securities91,712 294,115 
Proceeds from maturities of marketable securities1,693,080 1,772,926 
Proceeds from maturities of term deposits3,539 5,000 
Purchases of property and equipment and scooter fleet(48,905)(88,975)
Cash paid for acquisitions, net of cash acquired— 1,630 
Sales of property and equipment46,888 48,843 
Other1,113 — 
Net cash (used in) provided by investing activities(317,157)840,850 
Cash flows from financing activities
Repayment of loans(40,985)(48,451)
Proceeds from issuance of convertible senior notes460,000 — 
Payment of debt issuance costs (11,888)— 
Purchase of capped call(47,886)— 
Repurchase of Class A Common Stock(50,000)— 
Payment for settlement of convertible senior notes due 2025(350,000)— 
Proceeds from exercise of stock options and other common stock issuances6,403 5,873 
Taxes paid related to net share settlement of equity awards(8,898)(1,827)
Principal payments on finance lease obligations (23,629)(24,852)
Contingent consideration paid— (14,100)
Net cash used in financing activities(66,883)(83,357)
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents(501)345 
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents47,838 613,825 
Cash, cash equivalents and restricted cash and cash equivalents
Beginning of period771,786 391,822 
End of period$819,624 $1,005,647 




Lyft, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June 30,
20242023
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets
Cash and cash equivalents$604,357 $638,434 
Restricted cash and cash equivalents213,903 365,849 
Restricted cash, included in prepaid expenses and other current assets1,364 1,364 
Total cash, cash equivalents and restricted cash and cash equivalents$819,624 $1,005,647 
Non-cash investing and financing activities
Financed vehicles acquired$84,418 $119,645 
Purchases of property and equipment and scooter fleet not yet settled12,195 13,362 
Right-of-use assets acquired under finance leases32,775 34,729 
Right-of-use assets acquired under operating leases3,407 3,100 
Remeasurement of finance and operating lease right of use assets(7,600)(2,242)




Lyft, Inc.
GAAP to Non-GAAP Reconciliations
(in millions)
(unaudited)
Three Months Ended
Jun. 30, 2024Mar. 31, 2024Jun. 30, 2023
Adjusted EBITDA
Net income (loss)$5.0 $(31.5)$(114.3)
Adjusted to exclude the following:
Interest expense(1)
9.4 8.5 6.9 
Other (income) expense, net(41.9)(41.1)(53.1)
Provision for (benefit from) income taxes1.9 2.6 2.7 
Depreciation and amortization37.7 32.4 28.6 
Stock-based compensation85.7 80.1 113.9 
Payroll tax expense related to stock-based compensation4.2 7.4 2.7 
Sublease income1.0 1.1 1.3 
Restructuring charges(2)
— — 52.3 
Adjusted EBITDA$102.9 $59.4 $41.0 
Gross Bookings$4,018.9 $3,693.2 $3,446.0 
Net income (loss) as a percentage of Gross Bookings
0.1 %(0.9)%(3.3)%
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)2.6 %1.6 %1.2 %
_______________
(1) Includes $1.5 million, $1.4 million and $0.7 million related to the interest component of vehicle related finance leases in the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively.
(2) 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.
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.



Three Months Ended
Jun. 30, 2024Mar. 31, 2024Jun. 30, 2023
Adjusted Net Income (Loss)
Net income (loss)$5.0 $(31.5)$(114.3)
Adjusted to exclude the following:
Amortization of intangible assets4.0 4.1 4.2 
Stock-based compensation expense85.7 80.1 113.9 
Payroll tax expense related to stock-based compensation4.2 7.4 2.7 
Restructuring charges(1)
— — 52.9 
Adjusted Net Income (Loss)$98.9 $60.0 $59.5 
_______________
(1) 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.
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.


Twelve Months EndedThree Months Ended
Jun. 30, 2024Jun. 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023
Free cash flow
Net cash provided by (used in) operating activities
$478.2 $276.2 $156.2 $43.5 $2.3 $(70.0)
Less: purchases of property and equipment and scooter fleet(109.8)(19.8)(29.1)(28.6)(32.3)(42.2)
Free cash flow
$368.4 $256.4 $127.1 $14.9 $(30.0)$(112.2)
_______________
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.

v3.24.2.u1
Cover Page
Aug. 07, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 07, 2024
Entity Registrant Name Lyft, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38846
Entity Tax Identification Number 20-8809830
Entity Address, Address Line One 185 Berry Street
Entity Address, Address Line Two Suite 400
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94107
City Area Code (844)
Local Phone Number 250-2773
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, par value of $0.00001 per share
Trading Symbol LYFT
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001759509
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