Q4 and Fiscal Year 2019 Earnings
Supplemental Data
February 11, 2020
Forward-Looking Statements & Non-GAAP Financial Measures
This presentation and the accompanying oral presentation contain 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 presentationinclude, but are not limited to, statements regarding Lyft's future financial and operating performance, including its outlook and guidance, demand for Lyft's products and services and the markets in which Lyft operates and the future of transportation-as-a-service. 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. The forward-looking statements contained in this presentationare also subject to other risks and uncertainties, including those more fully described in Lyft's filings with the Securities and Exchange Commission, including Lyft's prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on March 29, 2019 and in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019 and our Form 10-K for the full year 2019 that will be filed by March 30, 2020. The forward-looking statements in this presentationare 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.
In addition to financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation and the accompanying oral presentation include certain non-GAAP financial measures, including Contribution, Contribution Margin, Adjusted EBITDA, Adjusted EBITDA Margin, adjusted net loss, adjusted net loss per share andnon-GAAPoperating expenses. These non-GAAP measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. These non-GAAP measures have limitations as analytical tools, and they should not be considered in isolation or as a substitute for analysis of other GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included at the end of this presentation.
This presentation and the accompanying oral presentation also contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified the accuracy or completeness of the information contained in the industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that information nor do we undertake to update such information after the date of this presentation.
2
Q4 Key Highlights
+52% 54% +25pp
Revenue | Record | Adjusted EBITDA Margin |
YoY Growth | Contribution Margin | YoY Improvement |
Note: Except for revenue, 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. | 3 |
Revenue
($ in Millions)
$1,017
$670
Q4'18 | Q4'19 |
52%
YoY Growth
4
Active Riders
Revenue per Active Rider
(in Millions)
23%
23%
YoY growth
22.9
18.6
Q4'18 | Q4'19 |
YoY growth
$44.40
$36.02
Q4'18 | Q4'19 |
5
Contribution Margin
54.0%
45.5%
+8.5pp
Improvement
Q4'18 | Q4'19 |
Contribution was $305 million and $550 million for Q4'18 and Q4'19, respectively.
Note: The figures above are non-GAAP financial measures. Please see the explanation of non-GAAP measures as well as6reconciliation from GAAP to Non-GAAP measures contained in the appendix to this presentation.
Non-GAAP Operating Expenses
(as a % of revenue)
Q4 '18
(17.7%)
(13.8%)
(32.6%)
(20.2%)
+16pp
improvement
Q4 '19
(13.8%)
(14.0%)
(18.4%)
(22.3%)
Operations and support
Research and development
Sales and marketing
General and administrative
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. | 7 |
Adjusted EBITDA Margin
Q4'18 | Q4'19 |
(12.9%)
+25pp
Improvement
(37.5%)
Adjusted EBITDA was ($251) million and ($131) million for Q4'18 and Q4'19, respectively.
Note: The figures above are non-GAAP financial measures. Please see the explanation of non-GAAP measures as well as8reconciliation from GAAP to Non-GAAP measures contained in the appendix to this presentation
Fiscal Year 2019 Highlights
$3.6B | +68% | +25pp |
Revenue | Revenue | Adjusted EBITDA Margin |
YoY Growth | YoY Improvement | |
Note: Adjusted EBITDA Margin is a non-GAAP financial measure. Please see the explanation of non-GAAP measures as well as reconciliation from GAAP to Non-GAAP measures contained in the appendix to this presentation. | 9 |
Quarterly Revenue
($ in Millions)
$172.8
$238.9
$303.6 $344.6
$955.6
$867.3
$776.0
$669.5
$585.0
$504.9
$397.2
$1,017.1
Q1'17 | Q2' 17 | Q3'17 | Q4'17 | Q1'18 | Q2' 18 | Q3'18 | Q4'18 | Q1'19 | Q2' 19 | Q3'19 | Q4'19 |
10
Improving Operating Leverage
Contribution($inMillions) | AdjustedEBITDAMargin | ||||||||
$549.5 | Q4'18 | Q1'19 | Q2' 19 | Q3'19 | Q4'19 | ||||
$479.2 | |||||||||
$384.9 | $398.9 | ||||||||
$304.7 | (13.4%) | (12.9%) | |||||||
(23.5%) | |||||||||
(27.8%) | |||||||||
Q4'18 | Q1'19 | Q2' 19 | Q3'19 | Q4'19 | (37.5%) |
Adjusted EBITDA was ($251) million, ($216) million, ($204) million, ($128) million, and ($131) million for Q4'18, Q1'19, Q2'19, Q3'19 and Q4'19, respectively. | 11 |
Note: The figures above are non-GAAP financial measures. Please see the explanation of non-GAAP measures as well as reconciliation from GAAP to Non-GAAP measures contained in the appendix to this presentation |
Outlook
($ in Millions)
Q1'20 | FY20 | |||
Low | High | Low | High | |
Revenue | $1,055 | $1,060 | $4,575 | $4,650 |
YoY Growth | 36% | 37% | 27% | 29% |
Adjusted | ($145) | ($140) | ($490) | ($450) |
EBITDA | ||||
12
Reconciliations from GAAP to Non-GAAP and
Trended Financial Statements
Condensed Consolidated Statement of Operations
($ in Millions, except per share)
Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||
Revenue | $ | 172.8 | $ | 238.9 | $ | 303.6 | $ | 344.6 | $ | 1,059.9 | $ | 397.2 | $ | 504.9 | $ | 585.0 | $ | 669.5 | $ | 2,156.6 | $ | 776.0 | $ | 867.3 | $ | 955.6 | $ | 1,017.1 | $ | 3,616.0 | ||
Cost and expenses | ||||||||||||||||||||||||||||||||
Cost of revenue | 118.6 | 143.9 | 189.0 | 208.0 | 659.5 | 260.6 | 293.2 | 322.6 | 367.0 | 1,243.4 | 462.9 | 630.1 | 580.7 | 502.8 | 2,176.5 | |||||||||||||||||
Operations and support | 36.2 | 43.0 | 48.3 | 56.0 | 183.5 | 59.9 | 67.4 | 92.5 | 118.6 | 338.4 | 187.2 | 152.0 | 149.8 | 147.1 | 636.1 | |||||||||||||||||
Research and development | 23.5 | 28.2 | 37.2 | 47.7 | 136.6 | 63.1 | 64.4 | 77.2 | 96.1 | 300.8 | 631.0 | 309.8 | 288.3 | 276.6 | 1,505.7 | |||||||||||||||||
Sales and marketing | 84.4 | 107.4 | 165.3 | 209.9 | 567.0 | 168.7 | 175.1 | 241.1 | 218.9 | 803.8 | 275.1 | 181.0 | 163.9 | 194.2 | 814.2 | |||||||||||||||||
General and administrative | 40.8 | 47.0 | 63.3 | 70.4 | 221.5 | 90.2 | 98.5 | 120.3 | 139.0 | 448.0 | 376.7 | 267.3 | 263.8 | 278.2 | 1,186.0 | |||||||||||||||||
Total costs and expenses | 303.5 | 369.5 | 503.1 | 592.0 | 1,768.1 | 642.5 | 698.6 | 853.7 | 939.6 | 3,134.4 | 1,932.9 | 1,540.2 | 1,446.5 | 1,398.9 | 6,318.5 | |||||||||||||||||
Loss from operations | (130.7) | (130.6) | (199.5) | (247.4) | (708.2) | (245.3) | (193.7) | (268.7) | (270.1) | (977.8) | (1,156.9) | (672.9) | (490.9) | (381.8) | (2,702.5) | |||||||||||||||||
Interest income | 2.8 | 4.4 | 5.5 | 7.5 | 20.2 | 11.5 | 15.3 | 19.6 | 20.1 | 66.5 | 19.7 | 30.0 | 28.7 | 24.1 | 102.5 | |||||||||||||||||
Other income (expense), net | - | 0.1 | - | 0.2 | 0.3 | (0.1) | (0.3) | 0.4 | 0.7 | 0.7 | 0.1 | (0.3) | 0.6 | (0.3) | 0.1 | |||||||||||||||||
Loss before income taxes | (127.9) | (126.1) | (194.0) | (239.7) | (687.7) | (233.9) | (178.7) | (248.7) | (249.3) | (910.6) | (1,137.1) | (643.2) | (461.6) | (358.0) | (2,599.9) | |||||||||||||||||
Provision (benefit) for income taxes | - | 0.3 | 0.2 | 0.1 | 0.6 | 0.4 | 0.2 | 0.5 | (0.4) | 0.7 | 1.4 | 1.0 | 1.9 | (2.0) | 2.3 | |||||||||||||||||
Net loss | $ | (127.9) | $ | (126.4) | $ | (194.2) | $ | (239.8) | $ | (688.3) | $ | (234.3) | $ | (178.9) | $ | (249.2) | $ | (248.9) | $ | (911.3) | $ | (1,138.5) | $ | (644.2) | $ | (463.5) | $ | (356.0) | $ | (2,602.2) | ||
Net loss per share, basic and diluted | $ | (6.77) | $ | (6.59) | $ | (9.89) | $ | (12.13) | $ | (35.53) | $ | (11.69) | $ | (8.48) | $ | (11.58) | $ | (11.29) | $ | (43.04) | $ | (48.53) | $ | (2.23) | $ | (1.57) | $ | (1.19) | $ | (11.44) | ||
Weighted-average number of shares outstanding used to | 18.9 | 19.2 | 19.6 | 19.8 | 19.4 | 20.0 | 21.1 | 21.5 | 22.0 | 21.2 | 23.5 | 288.4 | 294.8 | 299.6 | 227.5 | |||||||||||||||||
compute net loss per share, basic and diluted | ||||||||||||||||||||||||||||||||
14
Condensed Consolidated Balance Sheet
($ in Millions)
Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 322.7 | $ | 855.6 | $ | 719.0 | $ | 1,106.1 | $ | 263.2 | $ | 928.4 | $ | 1,088.6 | $ | 517.7 | $ | 329.5 | $ | 417.4 | $ | 543.9 | $ | 358.3 | ||||||||||||||||||||||||||||||||||||
Short-term investments | 608.6 | 612.9 | 625.7 | 1,284.6 | 2,016.9 | 1,996.2 | 1,609.6 | 1,520.2 | 705.4 | 2,892.9 | 2,572.6 | 2,491.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 72.6 | 90.7 | 124.1 | 173.0 | 180.2 | 219.8 | 261.6 | 282.6 | 345.5 | 367.5 | 426.3 | 397.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,003.9 | 1,559.2 | 1,468.8 | 2,563.7 | 2,460.3 | 3,144.4 | 2,959.8 | 2,320.5 | 1,380.4 | 3,677.8 | 3,542.8 | 3,247.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 37.6 | 53.6 | 58.2 | 72.8 | 72.4 | 44.2 | 139.2 | 187.4 | 172.5 | 123.0 | 139.4 | 205.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restricted investments | 147.2 | 152.5 | 190.9 | 360.9 | 447.2 | 550.4 | 647.1 | 863.7 | 993.3 | 1,165.3 | 1,237.3 | 1,361.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | 9.3 | 12.0 | 14.0 | 14.2 | 26.3 | 32.5 | 38.4 | 109.3 | 120.5 | 138.1 | 160.0 | 188.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease right of use assets | - | - | - | - | - | - | - | - | 304.6 | 347.0 | 412.0 | 441.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | - | - | 0.4 | 4.3 | 4.2 | 6.2 | 5.9 | 117.7 | 108.6 | 99.6 | 90.2 | 82.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | - | - | - | - | - | - | - | 152.1 | 150.7 | 150.9 | 150.8 | 158.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 0.5 | 0.7 | 0.7 | 0.8 | 0.8 | 1.0 | 1.0 | 9.4 | 10.3 | 2.8 | 2.7 | 6.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,198.5 | $ | 1,778.0 | $ | 1,733.0 | $ | 3,016.7 | $ | 3,011.2 | $ | 3,778.7 | $ | 3,791.4 | $ | 3,760.1 | $ | 3,240.9 | $ | 5,704.5 | $ | 5,735.2 | $ | 5,691.4 | ||||||||||||||||||||||||||||||||||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 34.3 | $ | 64.0 | $ | 57.4 | $ | 66.9 | $ | 55.7 | $ | 68.0 | $ | 47.0 | $ | 32.3 | $ | 39.4 | $ | 12.7 | $ | 36.2 | $ | 38.8 | ||||||||||||||||||||||||||||||||||||
Insurance reserves | 177.9 | 233.0 | 304.9 | 376.5 | 466.3 | 574.9 | 691.8 | 810.3 | 937.0 | 1,207.4 | 1,374.9 | 1,378.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accrued and other current liabilities | 165.5 | 181.2 | 262.1 | 253.4 | 343.2 | 408.8 | 528.1 | 606.2 | 702.0 | 813.2 | 880.8 | 939.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease liabilities - current | - | - | - | - | - | - | - | - | 73.7 | 92.5 | 88.9 | 94.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 377.7 | 478.2 | 624.4 | 696.8 | 865.2 | 1,051.7 | 1,266.9 | 1,448.8 | 1,752.1 | 2,125.8 | 2,380.8 | 2,451.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | - | - | - | - | - | - | - | - | 263.8 | 295.2 | 359.2 | 382.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 10.1 | 11.4 | 13.1 | 15.3 | 19.4 | 19.8 | 24.3 | 30.5 | 4.6 | 6.3 | 5.7 | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 387.8 | $ | 489.6 | $ | 637.5 | $ | 712.1 | $ | 884.6 | $ | 1,071.5 | $ | 1,291.2 | $ | 1,479.3 | $ | 2,020.5 | $ | 2,427.3 | $ | 2,745.7 | $ | 2,837.4 | ||||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock | 2,238.8 | 2,838.5 | 2,838.5 | 4,284.0 | 4,338.2 | 5,091.4 | 5,126.7 | 5,152.0 | 5,152.0 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity (deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid in capital | 45.7 | 49.6 | 51.9 | 55.6 | 58.7 | 63.2 | 70.2 | 73.9 | 150.0 | 7,999.7 | 8,176.4 | 8,398.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income | 0.1 | - | 0.1 | (1.0) | (2.0) | (0.2) | (0.3) | 0.1 | 2.2 | 5.5 | 4.6 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated deficit | (1,473.9) | (1,599.7) | (1,795.0) | (2,034.0) | (2,268.3) | (2,447.2) | (2,696.4) | (2,945.3) | (4,083.8) | (4,728.0) | (5,191.5) | (5,547.6) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders' equity (deficit) | (1,428.1) | (1,550.1) | (1,743.0) | (1,979.4) | (2,211.6) | (2,384.2) | (2,626.5) | (2,871.3) | (3,931.6) | 3,277.2 | 2,989.5 | 2,854.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities, redeemable convertible preferred | $ | 1,198.5 | $ | 1,778.0 | $ | 1,733.0 | $ | 3,016.7 | $ | 3,011.2 | $ | 3,778.7 | $ | 3,791.4 | $ | 3,760.0 | $ | 3,240.9 | $ | 5,704.5 | $ | 5,735.2 | $ | 5,691.4 | ||||||||||||||||||||||||||||||||||||
stock and stockholders' equity (deficit) |
15
Condensed Consolidated Statement of Cash Flows
($ in Millions)
Cash flows from operating activities
Net loss
Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization
Stock-based compensation
Amortization of premium on marketable securities
Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | ||||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||||||||
$ | (127.9) | $ | (126.4) | $ | (194.2) | $ | (239.8) | $ | (688.3) | $ | (234.3) | $ | (178.9) | $ | (249.2) | $ | (248.9) | $ | (911.3) | $ | (1,138.5) | $ | (644.2) | $ | (463.5) | $ | (356.0) | $ | (2,602.2) | |||||||||||||||
0.5 | 0.6 | 0.7 | 0.8 | 2.6 | 1.2 | 1.7 | 2.6 | 13.3 | 18.8 | 23.1 | 31.1 | 30.1 | 24.0 | 108.3 | ||||||||||||||||||||||||||||||
2.1 | 2.5 | 1.9 | 3.0 | 9.5 | 2.0 | 1.5 | 2.9 | 2.2 | 8.6 | 859.5 | 293.2 | 242.2 | 204.4 | 1,599.3 | ||||||||||||||||||||||||||||||
0.1 | 0.2 | 0.3 | 0.3 | 0.9 | 0.2 | 0.2 | 0.1 | - | 0.5 | - | 0.1 | 0.2 | 0.3 | 0.6 |
Accretion of discount on marketable securities | (1.0) | (1.3) | (1.0) | (2.2) | (5.5) | (3.8) | (4.3) | (7.2) | (8.3) | (23.6) | (10.1) | (11.3) | (9.9) | (8.0) | (39.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on disposal of assets | - | - | - | - | - | - | - | - | - | - | - | 7.6 | 16.8 | 12.2 | 36.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | - | 0.3 | - | 0.7 | 1.0 | 0.1 | (0.2) | 0.9 | (1.7) | (0.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | (9.6) | (19.4) | (33.7) | (49.1) | (111.8) | (7.3) | (39.6) | (9.3) | (19.4) | (75.6) | (46.3) | (33.4) | (61.7) | 21.9 | (119.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease right-of-use assets | - | - | - | - | - | - | - | - | - | - | 19.5 | 20.5 | 30.6 | 38.0 | 108.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | (11.2) | 29.7 | (7.2) | 10.1 | 21.4 | (13.3) | 11.2 | (18.2) | (20.5) | (40.8) | 1.2 | (23.6) | 21.7 | 5.8 | 5.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance reserves | 45.9 | 55.1 | 71.9 | 71.7 | 244.6 | 89.7 | 108.6 | 116.9 | 118.5 | 433.7 | 126.7 | 270.4 | 167.6 | 3.5 | 568.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued and other liabilities | 36.2 | 20.9 | 81.6 | (5.7) | 133.0 | 85.9 | 67.3 | 125.5 | 29.4 | 308.1 | 94.3 | 117.8 | 71.8 | 48.5 | 332.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities | - | - | - | - | - | - | - | - | - | - | (14.3) | (12.7) | (36.8) | (39.1) | (102.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (64.9) | $ | (38.1) | $ | (79.7) | $ | (210.9) | $ | (393.6) | $ | (79.7) | $ | (32.0) | $ | (35.9) | $ | (133.0) | $ | (280.6) | $ | (84.8) | $ | 15.3 | $ | 10.0 | $ | (46.2) | $ | (105.7) | ||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of marketable securities | $ | (249.0) | $ | (698.8) | $ | (402.9) | $ | (1,208.7) | $ | (2,559.4) | $ | (1,198.2) | $ | (1,676.5) | $ | (1,476.2) | $ | (1,103.3) | $ | (5,454.2) | $ | (607.2) | $ | (2,974.6) | $ | (1,254.4) | $ | (1,612.7) | $ | (6,448.9) | ||||||||||||||||||||||||||||||||||||||||
Purchase of term deposit | - | - | - | - | - | - | - | - | - | - | - | (105.0) | - | (37.8) | (142.8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of marketable securities | 102.1 | 396.7 | 159.0 | 214.5 | 872.3 | 181.7 | 503.7 | 142.5 | 72.5 | 900.4 | 466.2 | 180.9 | 246.3 | 199.6 | 1,093.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from maturities of marketable securities | 53.5 | 294.1 | 193.7 | 166.4 | 707.7 | 200.5 | 1,096.0 | 1,630.6 | 911.4 | 3,838.5 | 838.2 | 553.2 | 1,264.9 | 1,414.9 | 4,071.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of property and equipment and scooter fleet | (1.1) | (2.8) | (2.1) | (1.5) | (7.5) | (3.1) | (8.1) | (17.2) | (40.3) | (68.7) | (25.2) | (43.1) | (60.1) | (49.7) | (178.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of other intangible assets | - | - | (0.5) | (4.0) | (4.5) | - | (2.2) | - | - | (2.2) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | - | - | - | - | - | - | - | - | (257.6) | (257.6) | (1.7) | (0.1) | - | (10.5) | (12.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investing activities | - | - | - | - | - | - | - | (28.0) | 28.0 | - | - | 0.8 | 3.2 | 3.1 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | $ | (94.5) | $ | (10.8) | $ | (52.8) | $ | (833.3) | $ | (991.4) | $ | (819.1) | $ | (87.1) | $ | 251.7 | $ | (389.3) | $ | (1,043.8) | $ | 670.3 | $ | (2,387.9) | $ | 199.9 | $ | (93.1) | $ | (1,610.8) |
16
Condensed Consolidated Statement of Cash Flows (cont'd)
($ in Millions)
Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock in initial public offering, net of underwriting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
commissions, offering costs and reimbursements | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (0.4) | $ | (0.4) | $ | (5.1) | $ | 2,489.3 | $ | (0.1) | $ | (0.1) | $ | 2,484.0 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 3.4 | 596.4 | - | 1,445.5 | 2,045.3 | 54.2 | 753.2 | 35.3 | - | 842.7 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options and other common stock issuances | 1.4 | 1.4 | 0.5 | 0.4 | 3.7 | 1.3 | 3.0 | 4.1 | 1.5 | 9.9 | 1.6 | 0.9 | 12.4 | 3.4 | 18.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from employee stock purchase plan | 14.8 | 14.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | - | - | - | - | - | - | - | - | - | - | (784.7) | (79.2) | (78.9) | (0.1) | (942.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | $ | 4.8 | $ | 597.8 | $ | 0.5 | $ | 1,445.9 | $ | 2,049.0 | $ | 55.5 | $ | 756.2 | $ | 39.4 | $ | 1.1 | $ | 852.2 | $ | (788.2) | $ | 2,411.0 | $ | (66.6) | $ | 18.0 | $ | 1,574.2 | |||||||||||||||||||||||||||||||||||||||||||
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents | - | - | - | - | - | - | (0.1) | - | (0.1) | (0.2) | 0.1 | 0.2 | (0.1) | 0.1 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | (154.6) | 548.9 | (132.0) | 401.7 | 664.0 | (843.3) | 637.0 | 255.2 | (521.3) | (472.4) | (202.6) | 38.6 | 143.2 | (121.2) | (142.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents | 514.9 | 360.3 | 909.2 | 777.2 | 514.9 | 1,178.9 | 335.6 | 972.6 | 1,227.8 | 1,178.9 | 706.5 | 503.9 | 542.5 | 685.7 | 706.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End of period | 360.3 | 909.2 | 777.2 | 1,178.9 | 1,178.9 | 335.6 | 972.6 | 1,227.8 | 706.5 | 706.5 | 503.9 | 542.5 | 685.7 | 564.5 | 564.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
condensed consolidated balance sheets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 322.7 | 855.6 | 719.0 | 1,106.1 | 1,106.1 | 263.2 | 928.4 | 1,088.6 | 517.7 | 517.7 | 329.5 | 417.4 | 543.9 | 358.3 | 358.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 37.6 | 53.6 | 58.2 | 72.8 | 72.8 | 72.4 | 44.2 | 139.2 | 187.4 | 187.4 | 172.5 | 123.0 | 139.4 | 205.0 | 205.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash, included in prepaid expenses and other current assets | - | - | - | - | - | - | - | - | 1.4 | 1.4 | 1.9 | 2.1 | 2.4 | 1.2 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash, cash equivalents and restricted cash and cash equivalents | $ | 360.3 | $ | 909.2 | $ | 777.2 | $ | 1,178.9 | $ | 1,178.9 | $ | 335.6 | $ | 972.6 | $ | 1,227.8 | $ | 706.5 | $ | 706.5 | $ | 503.9 | $ | 542.5 | $ | 685.7 | $ | 564.5 | $ | 564.5 |
17
Non-GAAP Condensed Consolidated Statement of Operations
($ in Millions, except per share)
Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||||||||||||
Revenue | $ | 172.8 | $ | 238.9 | $ | 303.6 | $ | 344.6 | $ | 1,059.9 | $ | 397.2 | $ | 504.9 | $ | 585.0 | $ | 669.5 | $ | 2,156.6 | $ | 776.0 | $ | 867.3 | $ | 955.6 | $ | 1,017.1 | $ | 3,616.0 | ||||||||||||||||||
Cost of revenue | 118.5 | 143.8 | 188.9 | 207.8 | 659.0 | 256.8 | 292.4 | 321.8 | 364.8 | 1235.8 | 391.1 | 468.4 | 476.4 | 467.6 | 1,803.5 | |||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||
Operations and support | 36.0 | 42.3 | 48.0 | 54.7 | 181.0 | 59.8 | 67.4 | 92.4 | 118.6 | 338.2 | 133.4 | 143.8 | 141.0 | 140.0 | 558.2 | |||||||||||||||||||||||||||||||||
Research and development | 22.9 | 27.6 | 36.6 | 47.1 | 134.2 | 62.4 | 63.9 | 75.9 | 92.3 | 294.5 | 107.6 | 121.9 | 129.5 | 142.9 | 501.9 | |||||||||||||||||||||||||||||||||
Sales and marketing | 84.3 | 107.3 | 165.2 | 209.8 | 566.6 | 168.6 | 175.0 | 241.0 | 218.4 | 803.0 | 227.0 | 168.4 | 155.3 | 186.9 | 737.6 | |||||||||||||||||||||||||||||||||
General and administrative | 39.8 | 46.1 | 62.4 | 69.4 | 217.7 | 89.0 | 97.5 | 118.7 | 135.1 | 440.3 | 146.8 | 190.8 | 202.4 | 226.9 | 766.9 | |||||||||||||||||||||||||||||||||
Total costs and expenses | 301.5 | 367.1 | 501.1 | 588.8 | 1,758.5 | 636.6 | 696.2 | 849.8 | 929.2 | 3,111.8 | 1,005.9 | 1,093.3 | 1,104.6 | 1,164.3 | 4,368.1 | |||||||||||||||||||||||||||||||||
Non-GAAP loss from operations | (128.7) | (128.2) | (197.5) | (244.2) | (698.6) | (239.4) | (191.3) | (264.8) | (259.7) | (955.2) | (229.9) | (226.0) | (149.0) | (147.2) | (752.1) | |||||||||||||||||||||||||||||||||
Interest income | 2.8 | 4.4 | 5.5 | 7.5 | 20.2 | 11.5 | 15.3 | 19.6 | 20.1 | 66.5 | 19.7 | 30.0 | 28.7 | 24.1 | 102.5 | |||||||||||||||||||||||||||||||||
Other income (expense), net | - | 0.1 | - | 0.2 | 0.3 | (0.1) | (0.3) | 0.4 | 0.7 | 0.7 | 0.1 | (0.3) | 0.6 | (0.3) | 0.1 | |||||||||||||||||||||||||||||||||
Loss before income taxes | (125.9) | (123.7) | (192.0) | (236.5) | (678.1) | (228.0) | (176.3) | (244.8) | (238.9) | (888.0) | (210.1) | (196.3) | (119.7) | (123.4) | (649.5) | |||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | - | 0.3 | 0.2 | 0.1 | 0.6 | 0.4 | 0.2 | 0.5 | (0.4) | 0.7 | 1.4 | 1.0 | 1.9 | (2.0) | 2.3 | |||||||||||||||||||||||||||||||||
Adjusted net loss | $ | (125.9) | $ | (124.0) | $ | (192.2) | $ | (236.6) | $ | (678.7) | $ | (228.4) | $ | (176.5) | $ | (245.3) | $ | (238.5) | $ | (888.7) | $ | (211.5) | $ | (197.3) | $ | (121.6) | $ | (121.4) | $ | (651.8) | ||||||||||||||||||
Adjusted net loss per share, basic and diluted | $ | (6.67) | $ | (6.46) | $ | (9.79) | $ | (11.97) | $ | (35.04) | $ | (11.40) | $ | (8.37) | $ | (11.41) | $ | (10.82) | $ | (41.97) | $ | (9.02) | $ | (0.68) | $ | (0.41) | $ | (0.41) | $ | (2.87) | ||||||||||||||||||
Weighted-average shares used to compute adjusted net loss per share, basic and | 18.9 | 19.2 | 19.6 | 19.8 | 19.4 | 20.0 | 21.1 | 21.5 | 22.0 | 21.2 | 23.5 | 288.4 | 294.8 | 299.6 | 227.5 | |||||||||||||||||||||||||||||||||
diluted | ||||||||||||||||||||||||||||||||||||||||||||||||
18
GAAP to Non-GAAP Reconciliations
($ in Millions, except per share)
Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contribution | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 172.8 | $ | 238.9 | $ | 303.6 | $ | 344.6 | $ | 1,059.9 | $ | 397.2 | $ | 504.9 | $ | 585.0 | $ | 669.5 | $ | 2,156.6 | $ | 776.0 | $ | 867.3 | $ | 955.6 | $ | 1,017.1 | $ | 3,616.0 | ||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: cost of revenue | (118.6) | (143.9) | (189.0) | (208.0) | (659.5) | (260.6) | (293.2) | (322.6) | (367.0) | (1,243.4) | (462.9) | (630.1) | (580.7) | (502.8) | (2,176.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | - | - | - | - | - | 0.3 | 0.7 | 0.6 | 2.1 | 3.7 | 5.3 | 5.3 | 5.3 | 3.6 | 19.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 0.1 | 0.1 | 0.1 | 0.2 | 0.5 | 0.1 | 0.1 | 0.2 | 0.1 | 0.5 | 41.5 | 15.1 | 12.1 | 12.7 | 81.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payroll tax expense related to stock-based compensation | - | - | - | - | - | - | - | - | - | - | 1.2 | 0.2 | 0.3 | 0.1 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes to the liabilities for insurance required by regulatory agencies | - | - | - | - | - | 3.4 | - | - | - | 3.4 | 23.8 | 141.1 | 86.6 | 18.8 | 270.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Contribution | $ | 54.3 | $ | 95.1 | $ | 114.7 | $ | 136.8 | $ | 400.9 | $ | 140.4 | $ | 212.5 | $ | 263.2 | $ | 304.7 | $ | 920.8 | $ | 384.9 | $ | 398.9 | $ | 479.2 | $ | 549.5 | $ | 1,812.5 | |||||||||||||||||||||||||||||||||||||||
Non-GAAP Contribution Margin | 31.4% | 39.8% | 37.8% | 39.7% | 37.8% | 35.3% | 42.1% | 45.0% | 45.5% | 42.7% | 49.6% | 46.0% | 50.1% | 54.0% | 50.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP Operations and Support | $ | (36.2) | $ | (43.0) | $ | (48.3) | $ | (56.0) | $ | (183.5) | $ | (59.9) | $ | (67.4) | $ | (92.5) | $ | (118.6) | $ | (338.4) | $ | (187.2) | $ | (152.0) | $ | (149.8) | $ | (147.1) | $ | (636.1) | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 0.2 | 0.7 | 0.3 | 1.3 | 2.5 | 0.1 | - | 0.1 | - | 0.2 | 51.4 | 8.2 | 8.6 | 7.0 | 75.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payroll tax expense related to stock-based compensation | - | - | - | - | - | - | - | - | - | - | 2.4 | - | 0.2 | 0.1 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Operations and Support | $ | (36.0) | $ | (42.3) | $ | (48.0) | $ | (54.7) | $ | (181.0) | $ | (59.8) | $ | (67.4) | $ | (92.4) | $ | (118.6) | $ | (338.2) | $ | (133.4) | $ | (143.8) | $ | (141.0) | $ | (140.0) | $ | (558.2) | |||||||||||||||||||||||||||||||||||||||
GAAP Research and Development | $ | (23.5) | $ | (28.2) | $ | (37.2) | $ | (47.7) | $ | (136.6) | $ | (63.1) | $ | (64.4) | $ | (77.2) | $ | (96.1) | $ | (300.8) | $ | (631.0) | $ | (309.8) | $ | (288.3) | $ | (276.6) | $ | (1,505.7) | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | - | - | - | - | - | - | - | 0.2 | 2.0 | 2.2 | 2.9 | 2.9 | 2.9 | 3.0 | 11.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 0.6 | 0.6 | 0.6 | 0.6 | 2.4 | 0.7 | 0.5 | 1.1 | 1.8 | 4.1 | 506.2 | 182.9 | 153.8 | 129.0 | 971.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payroll tax expense related to stock-based compensation | - | - | - | - | - | - | - | - | - | - | 14.3 | 2.1 | 2.1 | 1.7 | 20.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Research and Development | $ | (22.9) | $ | (27.6) | $ | (36.6) | $ | (47.1) | $ | (134.2) | $ | (62.4) | $ | (63.9) | $ | (75.9) | $ | (92.3) | $ | (294.5) | $ | (107.6) | $ | (121.9) | $ | (129.5) | $ | (142.9) | $ | (501.9) | |||||||||||||||||||||||||||||||||||||||
GAAP Sales and Marketing | $ | (84.4) | $ | (107.4) | $ | (165.3) | $ | (209.9) | $ | (567.0) | $ | (168.7) | $ | (175.1) | $ | (241.1) | $ | (218.9) | $ | (803.8) | $ | (275.1) | $ | (181.0) | $ | (163.9) | $ | (194.2) | $ | (814.2) | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | - | - | - | - | - | - | - | - | 0.5 | 0.5 | 0.3 | 0.3 | 0.3 | 0.3 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | 0.1 | 0.1 | 0.1 | - | 0.3 | 45.1 | 12.1 | 8.0 | 6.8 | 72.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payroll tax expense related to stock-based compensation | - | - | - | - | - | - | - | - | - | - | 2.7 | 0.2 | 0.3 | 0.2 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Sales and Marketing | $ | (84.3) | $ | (107.3) | $ | (165.2) | $ | (209.8) | $ | (566.6) | $ | (168.6) | $ | (175.0) | $ | (241.0) | $ | (218.4) | $ | (803.0) | $ | (227.0) | $ | (168.4) | $ | (155.3) | $ | (186.9) | $ | (737.6) | |||||||||||||||||||||||||||||||||||||||
GAAP General and Administrative | $ | (40.8) | $ | (47.0) | $ | (63.3) | $ | (70.4) | $ | (221.5) | $ | (90.2) | $ | (98.5) | $ | (120.3) | $ | (139.0) | $ | (448.0) | $ | (376.7) | $ | (267.3) | $ | (263.8) | $ | (278.2) | $ | (1,186.0) | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | - | - | - | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.1 | 0.7 | 0.7 | 0.7 | 0.7 | 0.6 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1.0 | 0.9 | 0.9 | 0.9 | 3.7 | 1.0 | 0.8 | 1.4 | 0.3 | 3.5 | 215.3 | 74.9 | 59.7 | 48.9 | 398.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payroll tax expense related to stock-based compensation | - | - | - | - | - | - | - | - | - | - | 13.9 | 0.9 | 1.0 | 0.8 | 16.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs related to acquisitions | - | - | - | - | - | - | - | - | 3.5 | 3.5 | - | - | - | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP General and Administrative | $ | (39.8) | $ | (46.1) | $ | (62.4) | $ | (69.4) | $ | (217.7) | $ | (89.0) | $ | (97.5) | $ | (118.7) | $ | (135.1) | $ | (440.3) | $ | (146.8) | $ | (190.8) | $ | (202.4) | $ | (226.9) | $ | (766.9) |
19
GAAP to Non-GAAP Reconciliations (cont'd)
($ in Millions, except per share)
Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | ||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||
GAAP Total Costs and Expenses | $ | (303.5) | $ | (369.5) | $ | (503.1) | $ | (592.0) | $ | (1,768.1) | $ | (642.5) | $ | (698.6) | $ | (853.7) | $ | (939.6) | $ | (3,134.4) | $ | (1,932.9) | $ | (1,540.2) | $ | (1,446.5) | $ | (1,398.9) | $ | (6,318.5) | ||||
Amortization of intangible assets | - | - | - | 0.1 | 0.1 | 0.5 | 0.9 | 1.0 | 4.7 | 7.1 | 9.2 | 9.2 | 9.2 | 7.5 | 35.1 | |||||||||||||||||||
Stock-based compensation expense | 2.0 | 2.4 | 2.0 | 3.1 | 9.5 | 2.0 | 1.5 | 2.9 | 2.2 | 8.6 | 859.5 | 293.2 | 242.2 | 204.4 | 1,599.3 | |||||||||||||||||||
Payroll tax expense related to stock-based compensation | - | - | - | - | - | - | - | - | - | - | 34.5 | 3.4 | 3.9 | 2.9 | 44.7 | |||||||||||||||||||
Changes to the liabilities for insurance required by regulatory agencies | - | - | - | - | - | 3.4 | - | - | - | 3.4 | 23.8 | 141.1 | 86.6 | 18.8 | 270.3 | |||||||||||||||||||
Costs related to acquisitions | - | - | - | - | - | - | - | - | 3.5 | 3.5 | - | - | - | 1.0 | 1.0 | |||||||||||||||||||
Non-GAAP Total Costs and Expenses | $ | (301.5) | $ | (367.1) | $ | (501.1) | $ | (588.8) | $ | (1,758.5) | $ | (636.6) | $ | (696.2) | $ | (849.8) | $ | (929.2) | $ | (3,111.8) | $ | (1,005.9) | $ | (1,093.3) | $ | (1,104.6) | $ | (1,164.3) | $ | (4,368.1) | ||||
GAAP Loss from Operations | $ | (130.7) | $ | (130.6) | $ | (199.5) | $ | (247.4) | $ | (708.2) | $ | (245.3) | $ | (193.7) | $ | (268.7) | $ | (270.1) | $ | (977.8) | $ | (1,156.9) | $ | (672.9) | $ | (490.9) | $ | (381.8) | $ | (2,702.5) | ||||
Amortization of intangible assets | - | - | - | 0.1 | 0.1 | 0.5 | 0.9 | 1.0 | 4.7 | 7.1 | 9.2 | 9.2 | 9.2 | 7.5 | 35.1 | |||||||||||||||||||
Stock-based compensation expense | 2.0 | 2.4 | 2.0 | 3.1 | 9.5 | 2.0 | 1.5 | 2.9 | 2.2 | 8.6 | 859.5 | 293.2 | 242.2 | 204.4 | 1,599.3 | |||||||||||||||||||
Payroll tax expense related to stock-based compensation | - | - | - | - | - | - | - | - | - | - | 34.5 | 3.4 | 3.9 | 2.9 | 44.7 | |||||||||||||||||||
Changes to the liabilities for insurance required by regulatory agencies | - | - | - | - | - | 3.4 | - | - | - | 3.4 | 23.8 | 141.1 | 86.6 | 18.8 | 270.3 | |||||||||||||||||||
Costs related to acquisitions | - | - | - | - | - | - | - | - | 3.5 | 3.5 | - | - | - | 1.0 | 1.0 | |||||||||||||||||||
Non-GAAP Loss from Operations | $ | (128.7) | $ | (128.2) | $ | (197.5) | $ | (244.2) | $ | (698.6) | $ | (239.4) | $ | (191.3) | $ | (264.8) | $ | (259.7) | $ | (955.2) | $ | (229.9) | $ | (226.0) | $ | (149.0) | $ | (147.2) | $ | (752.1) | ||||
GAAP Net Loss | $ | (127.9) | $ | (126.4) | $ | (194.2) | $ | (239.8) | $ | (688.3) | $ | (234.3) | $ | (178.9) | $ | (249.2) | $ | (248.9) | $ | (911.3) | $ | (1,138.5) | $ | (644.2) | $ | (463.5) | $ | (356.0) | $ | (2,602.2) | ||||
Amortization of intangible assets | - | - | - | 0.1 | 0.1 | 0.5 | 0.9 | 1.0 | 4.7 | 7.1 | 9.2 | 9.2 | 9.2 | 7.5 | 35.1 | |||||||||||||||||||
Stock-based compensation expense | 2.0 | 2.4 | 2.0 | 3.1 | 9.5 | 2.0 | 1.5 | 2.9 | 2.2 | 8.6 | 859.5 | 293.2 | 242.2 | 204.4 | 1,599.3 | |||||||||||||||||||
Payroll tax expense related to stock-based compensation | - | - | - | - | - | - | - | - | - | - | 34.5 | 3.4 | 3.9 | 2.9 | 44.7 | |||||||||||||||||||
Changes to the liabilities for insurance required by regulatory agencies | - | - | - | - | - | 3.4 | - | - | - | 3.4 | 23.8 | 141.1 | 86.6 | 18.8 | 270.3 | |||||||||||||||||||
Costs related to acquisitions | - | - | - | - | - | - | - | - | 3.5 | 3.5 | - | - | - | 1.0 | 1.0 | |||||||||||||||||||
Adjusted Net Loss | $ | (125.9) | $ | (124.0) | $ | (192.2) | $ | (236.6) | $ | (678.7) | $ | (228.4) | $ | (176.5) | $ | (245.3) | $ | (238.5) | $ | (888.7) | $ | (211.5) | $ | (197.3) | $ | (121.6) | $ | (121.4) | $ | (651.8) | ||||
Adjusted net loss per share, basic and diluted | $ | (6.67) | $ | (6.46) | $ | (9.79) | $ | (11.97) | $ | (35.04) | $ | (11.40) | $ | (8.37) | $ | (11.41) | $ | (10.82) | $ | (41.97) | $ | (9.02) | $ | (0.68) | $ | (0.41) | $ | (0.41) | $ | (2.87) | ||||
Weighted-average shares used to compute adjusted net loss per share, basic | ||||||||||||||||||||||||||||||||||
18.9 | 19.2 | 19.6 | 19.8 | 19.4 | 20.0 | 21.1 | 21.5 | 22.0 | 21.2 | 23.5 | 288.4 | 294.8 | 299.6 | 227.5 | ||||||||||||||||||||
and diluted | ||||||||||||||||||||||||||||||||||
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA | ||||||||||||||||||||||||||||||||||
GAAP Net Loss | ($127.9) | ($126.4) | ($194.2) | ($239.8) | ($688.3) | ($234.3) | ($178.9) | ($249.2) | ($248.9) | ($911.3) | ($1,138.5) | ($644.2) | ($463.5) | ($356.0) | ($2,602.2) | |||||||||||||||||||
Adjusted to exclude the following | ||||||||||||||||||||||||||||||||||
Interest income | (2.8) | (4.4) | (5.5) | (7.5) | (20.2) | (11.5) | (15.3) | (19.6) | (20.1) | (66.5) | (19.7) | (30.0) | (28.7) | (24.1) | (102.5) | |||||||||||||||||||
Other income (expense), net | - | (0.1) | - | (0.2) | (0.3) | 0.1 | 0.3 | (0.4) | (0.7) | (0.7) | (0.1) | 0.3 | (0.6) | 0.3 | (0.1) | |||||||||||||||||||
Depreciation and amortization | 0.5 | 0.6 | 0.7 | 0.8 | 2.6 | 1.2 | 1.7 | 2.6 | 13.3 | 18.8 | 23.1 | 31.1 | 30.1 | 24.0 | 108.3 | |||||||||||||||||||
Provision for income taxes | - | 0.3 | 0.2 | 0.1 | 0.6 | 0.4 | 0.2 | 0.5 | (0.4) | 0.7 | 1.4 | 1.0 | 1.9 | (2.0) | 2.3 | |||||||||||||||||||
Costs related to acquisitions | - | - | - | - | - | - | - | - | 3.5 | 3.5 | - | - | - | 1.0 | 1.0 | |||||||||||||||||||
Stock-based compensation expense | 2.0 | 2.4 | 2.0 | 3.1 | 9.5 | 2.0 | 1.5 | 2.9 | 2.2 | 8.6 | 859.5 | 293.2 | 242.2 | 204.4 | 1,599.3 | |||||||||||||||||||
Payroll tax expense related to stock-based compensation | - | - | - | - | - | - | - | - | - | - | 34.5 | 3.4 | 3.9 | 2.9 | 44.7 | |||||||||||||||||||
Changes to the liabilities for insurance required by regulatory agencies | - | - | - | - | - | 3.4 | - | - | - | 3.4 | 23.8 | 141.1 | 86.6 | 18.8 | 270.3 | |||||||||||||||||||
attributable to historical periods | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | ($128.2) | ($127.6) | ($196.8) | ($243.5) | ($696.1) | ($238.7) | ($190.5) | ($263.2) | ($251.1) | ($943.5) | ($216.0) | ($204.1) | ($128.1) | ($130.7) | ($678.9) | |||||||||||||||||||
Adjusted EBITDA Margin | (74.2%) | (53.4%) | (64.8%) | (70.7%) | (65.7%) | (60.1%) | (37.7%) | (45.0%) | (37.5%) | (43.7%) | (27.8%) | (23.5%) | (13.4%) | (12.9%) | (18.8%) |
20
Reconciliation of GAAP to Non-GAAP Financial Measures
($ in Millions)
Three Months Ended December 31, | |||||
2019 | 2018 | ||||
Contribution | |||||
Revenue | $ | 1,017.1 | $ | 669.5 | |
Less cost of revenue | (502.8) | (367.0) | |||
Adjusted to exclude the following (as related to cost of revenue): | |||||
Amortization of intangible assets | 3.6 | 2.1 | |||
Stock based compensation expense | 12.7 | 0.1 | |||
Payroll tax expense related to stock-based compensation | 0.1 | - |
Changes to the liabilities for insurance required by regulatory | |||||||
agencies attributable to historical periods | 18.8 | - | |||||
Contribution | $ | 549.5 | $ | 304.7 | |||
Contribution Margin | 54.0% | 45.5% | |||||
Three Months Ended December 31, | |||||||
2019 | 2018 | ||||||
Adjusted EBITDA | |||||||
Net loss | $ | (356.0) | $ | (248.9) | |||
Adjusted to exclude the following: | |||||||
Interest income | (24.1) | (20.1) | |||||
Other (income) expense, net | 0.3 | (0.7) | |||||
Provision for income taxes | (2.0) | (0.4) | |||||
Depreciation and amortization | 24.0 | 13.3 | |||||
Costs related to acquisitions | 1.0 | 3.5 | |||||
Stock-based compensation expense | 204.4 | 2.2 | |||||
Payroll tax expense related to stock-based compensation | 2.9 | - | |||||
Changes to the liabilities for insurance required by regulatory | |||||||
agencies attributable to historical periods | 18.8 | - | |||||
Adjusted EBITDA | $ | (130.7) | $ | (251.1) | |||
Adjusted EBITDA Margin | (12.9%) | (37.5%) | |||||
Three Months Ended December 31, | |||||||
2019 | 2018 | ||||||
Adjusted Net Loss | |||||||
Net loss | $ | (356.0) | $ | (248.9) | |||
Adjusted to exclude the following: | |||||||
Amortization of intangible assets | 7.5 | 4.7 | |||||
Stock-based compensation expense | 204.4 | 2.2 | |||||
Payroll tax expense related to stock-based compensation | 2.9 | - | |||||
Changes to the liabilities for insurance required by regulatory | |||||||
agencies attributable to historical periods | 18.8 | - | |||||
Cost related to acquisitions | 1.0 | 3.5 | |||||
Adjusted Net Loss | $ | (121.4) | $ | (238.5) |
21
Reconciliation of GAAP to Non-GAAP Financial Measures (cont'd)
($ in Millions)
Year Ended December 31, | |||||
2019 | 2018 | ||||
Contribution | |||||
Revenue | $ | 3,616.0 | $ | 2,156.6 | |
Less cost of revenue | (2,176.5) | (1,243.4) | |||
Adjusted to exclude the following (as related to cost of revenue): | |||||
Amortization of intangible assets | 19.5 | 3.7 | |||
Stock based compensation expense | 81.4 | 0.5 | |||
Payroll tax expense related to stock-based compensation | 1.8 | - |
Changes to the liabilities for insurance required by regulatory | |||||||
agencies attributable to historical periods | 270.3 | 3.4 | |||||
Contribution | $ | 1,812.5 | $ | 920.8 | |||
Contribution Margin | 50.1% | 42.7% | |||||
Year Ended December 31, | |||||||
2019 | 2018 | ||||||
Adjusted EBITDA | |||||||
Net loss | $ | (2,602.2) | $ | (911.3) | |||
Adjusted to exclude the following: | |||||||
Interest income | (102.5) | (66.5) | |||||
Other (income) expense, net | (0.1) | (0.7) | |||||
Provision for income taxes | 2.3 | 0.7 | |||||
Depreciation and amortization | 108.3 | 18.8 | |||||
Costs related to acquisitions | 1.0 | 3.5 | |||||
Stock-based compensation expense | 1,599.3 | 8.6 | |||||
Payroll tax expense related to stock-based compensation | 44.7 | - | |||||
Changes to the liabilities for insurance required by regulatory | |||||||
agencies attributable to historical periods | 270.3 | 3.4 | |||||
Adjusted EBITDA | $ | (678.9) | $ | (943.5) | |||
Adjusted EBITDA Margin | |||||||
(18.8%) | (43.7%) | ||||||
Year Ended December 31, | |||||||
2019 | 2018 | ||||||
Adjusted Net Loss | |||||||
Net loss | $ | (2,602.2) | $ | (911.3) | |||
Adjusted to exclude the following: | |||||||
Amortization of intangible assets | 35.1 | 7.1 | |||||
Stock-based compensation expense | 1,599.3 | 8.6 | |||||
Payroll tax expense related to stock-based compensation | 44.7 | - | |||||
Changes to the liabilities for insurance required by regulatory | |||||||
agencies attributable to historical periods | 270.3 | 3.4 | |||||
Cost related to acquisitions | 1.0 | 3.5 | |||||
Adjusted Net Loss | $ | (651.8) | $ | (888.7) |
22
Thank you
February 11, 2020
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Lyft Inc. published this content on 11 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 February 2020 08:58:07 UTC