Q2 revenue of $765.0 million grew 125%
year-over-year Q2 net loss significantly narrowed Achieved Adjusted
EBITDA profitability for the first time
Lyft, Inc. (Nasdaq:LYFT) today announced financial results for
its second quarter ended June 30, 2021.
“We had a great quarter. We beat our outlook across every metric
and we have growing momentum,” said Logan Green, co-founder
and chief executive officer of Lyft. “Since our inception, we’ve
worked hard to defy the odds with a deep belief in our mission.
We’ve consistently innovated and made big bets and this is just the
beginning. We want to improve people’s lives with the world’s best
transportation and we will continue working to deliver on this
goal.”
“Q2 was truly exceptional. We grew Active Riders by more than
3.6 million from the prior quarter, generated 125% year-over-year
revenue growth and achieved Adjusted EBITDA profitability. At the
same time, drivers shared in this outperformance with record hourly
earnings,” said Brian Roberts, chief financial officer of
Lyft. “And in July driver earnings remained strong as demand for
our platform continued to grow despite increases in reported COVID
case counts.”
Second Quarter 2021 Financial Highlights
- Lyft reported Q2 revenue of $765.0 million versus $339.3
million in the second quarter of 2020, an increase of 125 percent
year-over-year, and versus $609.0 million in the first quarter of
2021, an increase of 26 percent quarter-over-quarter.
- Net loss for Q2 2021 was $251.9 million versus a net loss of
$437.1 million in the same period of 2020. Net loss for Q2 includes
$207.8 million of stock-based compensation and related payroll tax
expenses and the $20.4 million expense related to the previously
disclosed agreement to reinsure certain legacy auto insurance
liabilities. Net loss margin for Q2 was 32.9 percent compared to
128.8 percent in the second quarter of 2020.
- Adjusted net loss for Q2 2021 was $18.0 million versus an
Adjusted net loss of $265.8 million in the second quarter of
2020.
- Lyft reported Contribution for Q2 2021 of $452.0 million versus
$117.3 million in the second quarter of 2020, up 285 percent
year-over-year and up 34 percent from $337.3 million in Q1 2021.
Contribution Margin for Q2 2021 was 59.1 percent, which was up by
24.5 percentage points year-over-year and up by 3.7 percentage
points quarter-over-quarter. Contribution Margin for Q2 2021
exceeded the Company's outlook of 56.5 to 57.5 percent1.
- Adjusted EBITDA for Q2 2021 was $23.8 million, marking the
Company’s first quarterly Adjusted EBITDA profit. Lyft achieved
this goal two quarters earlier than initially targeted in 2019 and
one quarter earlier than Lyft’s most recent guidance2. The Q2
result was an improvement of $304.1 million compared to the second
quarter of 2020 and an improvement of $96.8 million compared to the
first quarter of 2021. Adjusted EBITDA for Q2 2021 was
approximately $64 million better than the midpoint of the Company's
most recent outlook for its Adjusted EBITDA loss3. Adjusted EBITDA
margin for Q2 2021 was a positive 3.1 percent versus the Adjusted
EBITDA loss margins of 82.6 percent in the second quarter of 2020
and 12.0 percent in the first quarter of 2021.
- Lyft reported $2.2 billion of unrestricted cash, cash
equivalents and short-term investments at the end of the second
quarter of 2021.
1 Company outlook for Contribution Margin for the second quarter
of 2021 as reported during the first quarter 2021 Financial Results
Earnings Call on May 4, 2021. 2 Company initial outlook for
Adjusted EBITDA profitability was the fourth quarter of 2021 as
reported during the third quarter 2019 Financial Results Earnings
Call on October 30, 2019 and accelerated to the third quarter of
2021 as reported during the first quarter 2021 Financial Results
Earnings Call on May 4, 2021. 3 Company outlook for Adjusted EBITDA
loss for the second quarter of 2021 was between $35 million and $45
million as reported during the first quarter 2021 Financial Results
Earnings Call on May 4, 2021.
Active Riders
Revenue per Active
Rider
2021
2020
Growth Rate
2021
2020
Growth Rate
(in thousands, except for dollar
amounts and percentages)
Three Months Ended March 31
13,494
21,211
(36.4)%
$45.13
$45.06
0.2%
Three Months Ended June 30
17,142
8,688
97.3%
$44.63
$39.06
14.3%
Three Months Ended September 30
12,513
$39.94
Three Months Ended December 31
12,552
$45.40
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 away from car ownership 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 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 @Lyft_Comms), and its blogs (including:
lyft.com/blog, lyft.com/hub, eng.lyft.com,
medium.com/sharing-the-ride-with-lyft and medium.com/@johnzimmer)
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 and financial
position. 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 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 for
the full year 2020, in our Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021, and in our Quarterly Report on Form
10-Q for the quarter ended June 30, 2021 that will be filed with
the SEC by August 9, 2021. 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.
Beginning in the fourth quarter of 2020, some riders were able
to access their Concierge rides in the Lyft App if they already had
a Lyft account. Accordingly, Lyft updated the definition of Active
Riders to include Concierge riders if the rider’s phone number
matches that of a verified Lyft account, allowing the rider to
access their ride in the Lyft App. This update resulted in a 0.01%
increase, or an additional 927 Active Riders in the fourth quarter
of 2020. Prior to the fourth quarter of 2020, all Concierge riders
were excluded from the calculation of Active Riders as Concierge
rides could not be matched with verified rider accounts.
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 Loss, Contribution, Contribution Margin, Adjusted
EBITDA and Adjusted EBITDA Margin. Lyft defines Adjusted Net 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 restructuring charges, as
well as, if applicable, 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
restructuring charges, as well as, if applicable, 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 to exclude 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, 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.
In April 2020 and November 2020, Lyft announced restructuring
efforts to reduce operating expenses and adjust cash flows in light
of the ongoing economic challenges resulting from the COVID-19
pandemic and its impact on Lyft’s business. Lyft believes the costs
associated with the restructuring 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 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 Loss amounts.
Lyft records historical changes to 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 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 historical changes to
liabilities for insurance required by regulatory agencies from
Adjusted Net 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 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 and Adjusted EBITDA
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 and Adjusted EBITDA amounts.
Lyft uses Adjusted Net 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
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 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 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,
December 31,
2021
2020
Assets
Current assets
Cash and cash equivalents
$
484,181
$
319,734
Short-term investments
1,761,339
1,931,334
Prepaid expenses and other current
assets
357,049
343,070
Total current assets
2,602,569
2,594,138
Restricted cash and cash equivalents
144,567
118,559
Restricted investments
920,159
1,101,712
Other investments
75,260
10,000
Property and equipment, net
321,985
313,297
Operating lease right-of-use assets
248,407
275,756
Intangible assets, net
59,337
65,845
Goodwill
180,942
182,687
Other assets
18,129
16,970
Total assets
$
4,571,355
$
4,678,964
Liabilities, Redeemable Convertible
Preferred Stock and Stockholders’ Equity
Current liabilities
Accounts payable
$
77,354
$
84,108
Insurance reserves
1,035,828
987,064
Accrued and other current liabilities
1,123,737
954,008
Operating lease liabilities — current
54,533
49,291
Total current liabilities
2,291,452
2,074,471
Operating lease liabilities
237,153
265,803
Long-term debt, net of current portion
659,783
644,236
Other liabilities
18,209
18,291
Total liabilities
3,206,597
3,002,801
Stockholders’ equity
Preferred stock, $0.00001 par value;
1,000,000,000 shares authorized as of June 30, 2021 and December
31, 2020; no shares issued and outstanding as of June 30, 2021 and
December 31, 2020
—
—
Common stock, $0.00001 par value;
18,000,000,000 Class A shares authorized as of June 30, 2021 and
December 31, 2020; 326,423,099 and 314,934,487 Class A shares
issued and outstanding, as of June 30, 2021 and December 31, 2020,
respectively; 100,000,000 Class B shares authorized, 8,802,629
Class B shares issued and outstanding, as of June 30, 2021 and
December 31, 2020
3
3
Additional paid-in capital
9,346,049
8,977,061
Accumulated other comprehensive income
(loss)
(1,609
)
(473
)
Accumulated deficit
(7,979,685
)
(7,300,428
)
Total stockholders’ equity
1,364,758
1,676,163
Total liabilities and stockholders’
equity
$
4,571,355
$
4,678,964
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,
2021
2020
2021
2020
Revenue
$
765,025
$
339,345
$
1,373,985
$
1,295,057
Costs and expenses
Cost of revenue
346,890
251,355
758,929
793,774
Operations and support
93,765
98,610
182,696
232,392
Research and development
252,039
203,101
490,257
461,840
Sales and marketing
99,927
51,822
178,547
248,259
General and administrative
212,522
221,954
420,116
460,394
Total costs and expenses
1,005,143
826,842
2,030,545
2,196,659
Loss from operations
(240,118
)
(487,497
)
(656,560
)
(901,602
)
Interest expense
(12,849
)
(6,537
)
(25,417
)
(8,044
)
Other income, net
1,741
12,123
5,346
31,292
Loss before income taxes
(251,226
)
(481,911
)
(676,631
)
(878,354
)
Provision (benefit) for income taxes
692
(44,799
)
2,626
(43,169
)
Net loss
$
(251,918
)
$
(437,112
)
$
(679,257
)
$
(835,185
)
Net loss per share, basic and diluted
$
(0.76
)
$
(1.41
)
$
(2.06
)
$
(2.72
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
332,101
309,213
329,149
306,857
Stock-based compensation included in
costs and expenses:
Cost of revenue
$
10,176
$
4,456
$
18,626
$
14,180
Operations and support
7,155
1,499
12,043
5,632
Research and development
117,868
52,233
213,458
147,781
Sales and marketing
10,504
4,455
18,467
9,205
General and administrative
55,298
43,160
102,636
88,983
Lyft, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June
30,
2021
2020
Cash flows from operating
activities
Net loss
$
(679,257
)
$
(835,185
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
69,005
79,936
Stock-based compensation
365,230
265,781
Amortization of premium on marketable
securities
2,379
1,735
Accretion of discount on marketable
securities
(636
)
(11,784
)
Amortization of debt discount and issuance
costs
17,239
4,120
Deferred income tax from convertible
senior notes
—
(46,324
)
Loss on sale and disposal of assets,
net
1,199
13,957
Other
2,531
2,301
Changes in operating assets and
liabilities, net effects of acquisition
Prepaid expenses and other assets
(12,568
)
71,285
Operating lease right-of-use assets
30,560
33,449
Accounts payable
(4,723
)
4,237
Insurance reserves
48,764
(434,827
)
Accrued and other liabilities
71,925
(89,635
)
Lease liabilities
(28,680
)
(17,694
)
Net cash used in operating activities
(117,032
)
(958,648
)
Cash flows from investing
activities
Purchases of marketable securities
(1,727,258
)
(2,221,963
)
Purchase of non-marketable security
—
(10,000
)
Purchases of term deposits
(276,506
)
(363,811
)
Proceeds from sales of marketable
securities
81,951
447,939
Proceeds from maturities of marketable
securities
1,959,058
2,953,281
Proceeds from maturities of term
deposits
312,506
142,811
Purchases of property and equipment and
scooter fleet
(20,514
)
(56,235
)
Cash paid for acquisitions, net of cash
acquired
3
(12,440
)
Sales of property and equipment
14,504
974
Other
(2,000
)
—
Net cash provided by investing
activities
341,744
880,556
Cash flows from financing
activities
Repayment of loans
(19,990
)
(17,993
)
Proceeds from issuance of convertible
senior notes
—
734,065
Payment of debt issuance costs
—
(374
)
Purchase of capped call
—
(132,681
)
Proceeds from exercise of stock options
and other common stock issuances
20,392
14,200
Taxes paid related to net share settlement
of equity awards
(15,743
)
(11,199
)
Principal payments on finance lease
obligations
(18,656
)
(18,042
)
Net cash provided by (used in) financing
activities
(33,997
)
567,976
Effect of foreign exchange on cash, cash
equivalents and restricted cash and cash equivalents
25
(364
)
Net increase in cash, cash equivalents and
restricted cash and cash equivalents
190,740
489,520
Cash, cash equivalents and restricted
cash and cash equivalents
Beginning of period
438,485
564,465
End of period
$
629,225
$
1,053,985
Lyft, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June
30,
2021
2020
Reconciliation of cash, cash
equivalents and restricted cash and cash equivalents to the
consolidated balance sheets
Cash and cash equivalents
$
484,181
$
841,061
Restricted cash and cash equivalents
144,567
210,343
Restricted cash, included in prepaid
expenses and other current assets
477
2,581
Total cash, cash equivalents and
restricted cash and cash equivalents
$
629,225
$
1,053,985
Non-cash investing and financing
activities
Purchases of property and equipment, and
scooter fleet not yet settled
$
55,996
$
24,137
Right-of-use assets acquired under finance
leases
15,129
5,513
Right-of-use assets acquired under
operating leases
5,800
22,451
Remeasurement of finance and operating
lease right of use assets for lease modification
(3,812
)
—
Purchases of property and equipment
financed by seller
—
3,464
Settlement of pre-existing right-of-use
assets under operating leases in connection with acquisition of
Flexdrive
—
133,088
Settlement of pre-existing lease
liabilities under operating leases in connection with acquisition
of Flexdrive
—
130,089
Lyft, Inc.
Calculations of Key Metrics
and
GAAP to Non-GAAP
Reconciliations
(in millions)
(unaudited)
Three Months Ended June
30,
2021
2020
Contribution
Revenue
$
765.0
$
339.3
Less cost of revenue
(346.9
)
(251.4
)
Adjusted to exclude the following (as
related to cost of revenue):
Amortization of intangible assets
3.2
3.7
Stock-based compensation expense
10.2
4.5
Payroll tax expense related to stock-based
compensation
0.3
0.3
Changes to the liabilities for insurance
required by regulatory agencies attributable to historical
periods
—
17.4
Transaction costs related to certain
legacy auto insurance liabilities
20.2
—
Restructuring charges(1)
—
3.5
Contribution
$
452.0
$
117.3
Contribution Margin
59.1
%
34.6
%
_______________
(1) Included in restructuring charges is $2.0 million of
severance and other employee costs and $1.5 million of other
restructuring charges. Restructuring related charges for the
stock-based compensation benefit of $4.2 million and payroll taxes
related to stock-based compensation of $0.1 million are included on
their respective line items.
Three Months Ended June
30,
2021
2020
Adjusted EBITDA
Net loss
$
(251.9
)
$
(437.1
)
Adjusted to exclude the following:
Interest expense(1)
13.1
7.0
Other income, net(2)
(1.7
)
(12.1
)
Provision for income taxes
0.7
(44.8
)
Depreciation and amortization
34.5
44.5
Stock-based compensation expense
201.0
105.8
Payroll tax expense related to stock-based
compensation
6.8
5.0
Changes to the liabilities for insurance
required by regulatory agencies attributable to historical
periods
—
17.4
Costs related to acquisitions and
divestitures (3)
0.9
—
Transaction costs related to certain
legacy auto insurance liabilities
20.4
—
Restructuring charges (4)
—
34.0
Adjusted EBITDA
$
23.8
$
(280.3
)
Adjusted EBITDA Margin
3.1
%
(82.6
%)
_______________
(1) Includes interest expense for Flexdrive vehicles and the
2025 Notes and $0.3 million and $0.5 million related to the
interest component of vehicle related finance leases in the three
months ended June 30, 2021 and 2020, respectively. (2) Includes
interest income which was reported as a separate line item on the
condensed consolidated statement of operations in periods prior to
the second quarter of 2020. (3) Includes third-party costs incurred
related to our transaction with Woven Planet Holdings, Inc, which
closed on July 13, 2021. (4) Included in restructuring charges is
$31.4 million of severance and other employee costs and $2.6
million related to lease termination and other restructuring costs.
Restructuring related charges for the stock-based compensation
benefit of $49.8 million, payroll taxes related to stock-based
compensation of $0.7 million and accelerated depreciation of $0.5
million are included on their respective line items.
Three Months Ended June
30,
2021
2020
Adjusted Net Loss
Net Loss
$
(251.9
)
$
(437.1
)
Adjusted to exclude the following:
Amortization of intangible assets
4.8
8.6
Stock-based compensation expense
201.0
105.8
Payroll tax expense related to stock-based
compensation
6.8
5.0
Changes to the liabilities for insurance
required by regulatory agencies attributable to historical
periods
—
17.4
Costs related to acquisitions and
divestitures (1)
0.9
—
Transaction costs related to certain
legacy auto insurance liabilities
20.4
—
Restructuring charges (2)
—
34.5
Adjusted Net Loss
$
(18.0
)
$
(265.8
)
_______________
(1) Includes third-party costs incurred related to our
transaction with Woven Planet Holdings, Inc, which closed on July
13, 2021. (2) Included in restructuring charges is $31.4 million of
severance and other employee costs and $2.6 million related to
lease termination and other restructuring costs. Restructuring
related charges for the stock-based compensation benefit of $49.8
million, payroll taxes related to stock-based compensation of $0.7
million and accelerated depreciation of $0.5 million are included
on their respective line items.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210803005968/en/
Sonya Banerjee investor@lyft.com
Kristin Chasen press@lyft.com
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