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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Lyft, Inc.    LYFT

LYFT, INC.

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Lyft : U.S. federal government awards transportation contract to Uber, Lyft

11/23/2020 | 09:21am EST
FILE PHOTO: Uber and Lyft drivers demonstrate over basic employee rights in California

(Reuters) - Uber Technologies Inc and Lyft Inc have been awarded a federal contract worth up to $810 million to offer their ride-hail services to public agencies and their more than 4 million employees and contractors across the country.

The General Services Administration (GSA), which manages services for federal agencies, issued its final five-year award on Monday, said Veronica Juarez, Lyft's vice president of social enterprise and government.

While individual federal employees have previously been able to use ride-hail services for travel, the new contract allows the companies to formally launch their services within agencies and directly work with officials to promote the service.

Juarez said the award capped a nearly four-year negotiation process. She declined to say how much revenue Lyft expected from the contract, but said the U.S. government spends around $200 million on ground transportation each year.

Lyft also hopes the government contract will open doors to further collaboration on public health and equity projects that require transportation.

The GSA did not immediately respond to a request for comment, but the agency in April announced the award to Uber and Lyft tentatively.

At the time, the agency said in a blog post that it had negotiated discounts with the companies of 2%-4% compared with large commercial customers and that Uber and Lyft had agreed to waive some additional fees.

Uber in a statement said working with the federal government was part of its Uber for Business program that serves large companies and organizations.

"The expansion of our customer base to include government is a natural next step for us, and we're proud to help federal agencies tackle some of the biggest administrative challenges they face," Ronnie Gurion, global head of Uber for Business, said in a statement.

(Reporting by Tina Bellon in New York; Editing by Cynthia Osterman)

By Tina Bellon


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LYFT, INC. -1.77% 47.88 Delayed Quote.-2.54%
UBER TECHNOLOGIES, INC. -2.44% 55.52 Delayed Quote.8.86%
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Financials (USD)
Sales 2020 2 357 M - -
Net income 2020 -1 674 M - -
Net cash 2020 1 242 M - -
P/E ratio 2020 -8,92x
Yield 2020 -
Capitalization 15 203 M 15 203 M -
EV / Sales 2020 5,92x
EV / Sales 2021 4,26x
Nbr of Employees 4 786
Free-Float 78,5%
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Technical analysis trends LYFT, INC.
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Mean consensus OUTPERFORM
Number of Analysts 39
Average target price 49,15 $
Last Close Price 47,88 $
Spread / Highest target 46,2%
Spread / Average Target 2,64%
Spread / Lowest Target -62,4%
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Managers and Directors
NameTitle
Logan D. Green Chief Executive Officer & Director
John Zimmer Vice Chairman & President
Prashant Aggarwal Chairman
Brian Roberts Chief Financial Officer
Eisar Lipkovitz Executive Vice President-Rideshare & Engineering
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