Lyft : Q2 2021 Earnings Supplemental Data

Q2 Fiscal 2021 Earnings

Supplemental Data

August 3, 2021

Forward Looking Statements

• Non-GAAPFinancial Measures

This presentation and the accom panying oral presentation contain forw ard -looking statem ents w ithin the m eaning of Section 27A of the Securities Act of 1933, as am ended, and Section 21E of the Securities Exchange Act of 1934, as am ended . Forw ard-looking statem ents generally relate to future events or Lyft's future financial or operating perform ance. In som e cases, you can identify forw ard looking statem ents because they contain w ords such as "m ay," "w ill," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contem plates," "believes," "estim ates," "predicts," "potential" or "continue" or the negative of these w ords or other sim ilar term s or expressions that concern Lyft's expectations, strategy, priorities, plans or intentions. Forw ard-looking statem ents in this presentation and the accom panying oral presentation include, but are not lim ited to, statem ents regarding Lyft's future financial and operating perform ance, including its outlook, expectations regarding profitability, cost reductions, expense run rate, and Adjusted EBITD A, dem and for Lyft's products and services and the m arkets in w hich Lyft operates and the future of transportation -as-a-service, the im pact of the CO VID -19 pandem ic and the tim ing of econom ic recovery on our business, results of operations, and the m arkets in w hich w e operate, rider and driver activity on the Lyft platform and future incentive levels, and litigation and regulatory m atters. Lyft's expectations and beliefs regarding these m atters m ay not m aterialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ m aterially from those projected, including the effect of the CO VID -19 pandem ic and related im pact on Lyft's business, Lyft's cost reductions, cost savings and expected expenses for 2021 and the expected im pact of these cost reductions on Lyft's business and future financial perform ance, and trends in Lyft's business, in particular recovery in rides, the sufficiency of Lyft's unrestricted cash, cash equivalents, and short-term investm ents, as w ell as risks associated w ith the outcom e of litigation and regulatory m atters. The forw ard -looking statem ents contained in this presentation are also subject to other risks and uncertainties, including those m ore fully described in Lyft's filings w ith the Securities and Exchange Com m ission, including our Q uarterly Report on Form 10 -Q that w as filed

w ith the SEC on M ay 6, 2021 and in our Q uarterly Report on Form 10 -Q that w ill be filed follow ing this presentation . The forw ard -looking

statem ents in this presentation are based on inform ation available to Lyft as of the date hereof, and Lyft disclaim s any obligation to update any forw ard-looking statem ents, except as required by law .

In addition to financial inform ation presented in accordance w ith U .S. generally accepted accounting principles ("GAAP"), this presentation and the accom panying oral presentation include certain non -GAAP financial m easures, including Contribution, Contribution M argin, Adjusted EBITD A, Adjusted EBITD A M argin, adjusted net loss, adjusted net loss per share and non -GAAP operating expenses. These non -GAAP m easures are presented for supplem ental inform ational purposes only and should not be considered a substitute for financial inform ation presented in accordance w ith GAAP . These non -GAAP m easures have lim itations as analytical tools, and they should not be considered in isolation or as a substitute for analysis of other GAAP financial m easures. A reconciliation of these m easures to the m ost directly com parable GAAP m easures is included at the end of this presentation .

This presentation and the accom panying oral presentation also contain statistical data, estim ates and forecasts that are based on independent industry publications or other publicly available inform ation, as w ell as other inform ation based on our internal sources. This inform ation involves m any assum ptions and lim itations, and you are cautioned not to give undue w eight to such inform ation . W e have not independently verified the accuracy or com pleteness of the inform ation contained in the industry publications and other publicly available inform ation . Accordingly, w e

m ake no representations as to the accuracy or com pleteness of that inform ation nor do w e undertake to update such inform ation after the date of this presentation .

Key Highlights Q2'21

$24M

Adjusted EBITDA profitability

for the first time - ahead of most

recent outlook (1)

+3.6M

Increase in Active Riders

versus Q1'21

+125%

Year-over-year revenue growth

in Q2

• Q2 Revenue of $765 million increased
  26% quarter-over-quarter and 125% year-over-year
• Active Riders of 17.1 million increased 27% quarter-over-quarter and nearly 100% year-over-year, reflecting the return of riders from prior quarters and new rider activations
• Record Contribution Margin of 59.1% exceeded our outlook of 56.5-57.5%and was up 370 basis points vs Q1'21

• Q2 Adjusted EBITDA of $24 million was over $60 million better than the midpoint of our quarterly loss outlook(2)
• Total non-GAAP operating expenses below COR increased by just 4% or $18 million quarter-over-quarterto $458 million in Q2'21
• As a percentage of revenue, non- GAAP sales & marketing expense of 11.6% was roughly flat with 11.4% in Q1'21; incentives declined over 20% quarter-over-quarter

1. Adjusted EBITDA of $24 million in Q2'21 was the first quarter of Adjusted EBITDA profitability in company history, ahead of most recent outlook of Q3'21.
2. Company outlook for Adjusted EBITDA for Q2'21 was reported during the Q1'21 earnings call on May 4, 2021 in the range of ($45)-($35) million.
   Note: Certain figures above are non-GAAP financial measures. Please see the explanation of non-GAAP measures as well as reconciliation from

GAAP to non-GAAP measures contained in the appendix to this presentation.

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Revenue	Revenue Growth
($ in millions)	(Year-over-year)
	Revenue		Revenue Growth
$765	125%
100% - 106%
$680 - $700

$339

			(61%)
Actual	Outlook	Actual	Actual	Outlook	Actual
Q2'20	Q2'21	Q2'21	Q2'20	Q2'21	Q2'21

Note: Company outlook for Revenue for Q2'21 was reported during the Q1'21 earnings call on May 4, 2021 in the range of $680-700 million.

Note: Company outlook for Revenue for Q2'21 was reported during the Q1'21 earnings call on May 4, 2021 implied year-over-year growth in the range of 100-106%.

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Adjusted EBITDA	Adjusted EBITDA & Margin
Actual vs Outlook	($ in millions)
($ in millions)

+$64M

$24

$24

($45) - ($35)

($280)

$0
($50)		(13%)	(13%)	(9%)	(12%)
($100)	(28%)	(24%)		(26%)	($73)
			($85)
($150)		($128)	($131)	(48%)
				($150)
($200)		($204)
($250)	($216)		(83%)
			($240)
($300)				($280)

3%

0%

-20%

-40%

-60%

-80%

-100%

-120%

Q2'20

Q2'21

Q2'21

Q1'19 Q2' 19 Q3'19 Q4'19 Q1'20 Q2' 20 Q3'2 0 Q4'20 Q1'21

Q2' 21

Note: Midpoint of Adjusted EBITDA outlook for Q2'21 of ($40) million was reported during the Q1'21 earnings call on May 4, 2021. The figures above are non-GAAP financial measures. Please see the explanation of non-GAAP measures as well as reconciliation from GAAP to non-GAAP measures contained in the appendix to this presentation.

Adj. EBITD A

Adj. EBITD A Margin

Note: The figures above are non-GAAP financial measures. Please see the explanation of non-GAAP measures as well as reconciliation from GAAP to non-GAAP measures contained in the appendix to this presentation.

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