Lyft

Annual Report
2024

UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
FORM 10-K 
 
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024 
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE 
TRANSITION PERIOD FROM                      TO
Commission File Number 001-38846
Lyft, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
20-8809830
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
185 Berry Street, Suite 400
San Francisco, California
94107
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (844) 250-2773 
Securities registered pursuant to Section 12(b) of the Act: 
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Class A common stock, par value of $0.00001 per share
LYFT
Nasdaq Global Select Market
Securities registered pursuant to Section 12(g) of the Act: None 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.  Yes ☐ No ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
 Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T 
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth 
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange 
Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
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.  ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial 
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the 
correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the 
registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒
The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant on June 28, 2024, the last business day of its most recently completed 
second fiscal quarter, was $5.6 billion based on the closing sales price of the registrant’s Class A common stock on that date.
On February 10, 2025, the registrant had 409,477,927 shares of Class A common stock and 8,530,629 shares of Class B common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K 
to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended 
December 31, 2024. 

Table of Contents
Page
PART I
Item 1.
Business
6
Item 1A.
Risk Factors
13
Item 1B.
Unresolved Staff Comments
51
Item 1C.
Cybersecurity
51
Item 2.
Properties
52
Item 3.
Legal Proceedings
52
Item 4.
Mine Safety Disclosures
52
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases 
of Equity Securities
53
Item 6.
[Reserved]
54
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
55
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
70
Item 8.
Financial Statements and Supplementary Data
71
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
120
Item 9A.
Controls and Procedures
120
Item 9B.
Other Information
120
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
121
PART III
Item 10.
Directors, Executive Officers and Corporate Governance
122
Item 11.
Executive Compensation
122
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 
Matters
122
Item 13.
Certain Relationships and Related Transactions, and Director Independence
122
Item 14.
Principal Accounting Fees and Services
122
PART IV
Item 15.
Exhibits, Financial Statement Schedules
123
Item 16.
Form 10-K Summary
126
Signatures
127
3

NOTE ABOUT FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws, 
which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our 
future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words 
such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” 
“estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our 
expectations, strategy, plans or intentions. Forward-looking statements contained in this Annual Report on Form 10-K include 
statements about:
•
our future financial performance, including our expectations regarding our revenue, cost of revenue, operating 
expenses, capital expenditures, our ability to determine insurance, legal and other reserves and our ability to achieve 
and maintain profitability and positive free cash flows;
•
our restructuring actions, including the costs of such actions and the impact of such actions on our business and 
financial performance;
•
the sufficiency of our cash, cash equivalents and short-term investments to meet our liquidity needs;
•
the demand for our platform or for Transportation-as-a-Service networks in general;
•
our ability to attract and retain drivers and riders;
•
our ability to develop new offerings and bring them to market in a timely manner and make enhancements to our 
platform;
•
our ability to compete with existing and new competitors in existing and new markets and offerings;
•
our prices and pricing methodologies and our expectations for the impact of pricing on our competitive position and 
our financial results; 
•
our expectations regarding outstanding and potential litigation, including with respect to the classification of drivers on 
our platform;
•
our expectations regarding the effects of existing and developing laws and regulations, including with respect to the 
classification of drivers on our platform, taxation, privacy and data protection;
•
our ability to manage and insure risks associated with our Transportation-as-a-Service network, including auto-related 
and operations related risks, and our expectations regarding insurance costs and estimated insurance reserves;
•
our expectations regarding new and evolving markets and our efforts to address these markets, including expectations 
regarding autonomous vehicles (“AV”) and our AV partnerships; 
•
our ability to develop and protect our brand;
•
our ability to maintain the security and availability of our platform;
•
our expectations and management of future growth and business operations;
•
our expectations concerning relationships with third parties;
•
our ability to maintain, protect and enhance our intellectual property;
•
our expectations concerning macroeconomic conditions, including the impact of inflation, uncertainty in the global 
banking and financial services markets and public health crises;
•
our ability to service our existing debt; and
•
our ability to successfully acquire and integrate companies and assets.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Annual Report on 
Form 10-K.
4

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking 
statements contained in this Annual Report on Form 10-K primarily on our current expectations and projections about future events 
and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the 
events described in these forward-looking statements is subject to risks, uncertainties and other factors, including those described in 
the section titled “Risk Factors” and elsewhere in this Annual Report on Form 10-K. Moreover, we operate in a very competitive 
and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all 
risks and uncertainties that could have an impact on the forward-looking statements contained in this Annual Report on Form 10-K. 
We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or 
occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
The forward-looking statements made in this Annual Report on Form 10-K relate only to events as of the date on which the 
statements are made. We undertake no obligation to update any forward-looking statements made in this Annual Report on Form 
10-K to reflect events or circumstances after the date of this Annual Report on Form 10-K or to reflect new information or the 
occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations 
disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our 
forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or 
investments we may make.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. 
These statements are based upon information available to us as of the date of this Annual Report on Form 10-K, and while we 
believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our 
statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available 
relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
5

PART I
Item 1. Business.
Overview
Lyft, Inc. (the “Company” or “Lyft”) started a movement to revolutionize transportation. In 2012, we launched our peer-to-
peer marketplace for on-demand ridesharing and have continued to pioneer innovations. Today, Lyft is one of the largest multimodal 
transportation networks in the United States and Canada. We have an important purpose, which is to serve and connect. We strive to 
get riders out into the world so they can live their lives together, and to provide drivers a way to work that gives them control over 
their time and money.
Our ridesharing marketplace connects drivers with riders via the Lyft mobile application (the “Lyft App”) in cities across the 
United States and in certain cities in Canada. We have established a scaled network of users brought together by our robust technology 
platform (the “Lyft Platform”) that powers rides and connections every day. We leverage our technology platform, the scale and 
density of our user network and insights from a significant number of rides to improve our ridesharing marketplace efficiency and 
develop new offerings. We’ve also taken steps to ensure our network is well positioned to benefit from technological innovation in 
mobility. 
Our offerings on the Lyft App include an expanded set of transportation modes in select cities, such as access to a network of 
shared bikes and scooters (“Light Vehicles”) for shorter rides and first-mile and last-mile legs of multimodal trips.
Substantially all of our revenue is generated from our ridesharing marketplace that connects drivers and riders. We collect 
service fees and commissions from drivers for their use of our ridesharing marketplace. As drivers accept more rider leads, Gross 
Bookings1 and Rides1 increase, driving more revenue. We also generate revenue from licensing and data access agreements, the sale of 
bikes and bike station software and hardware, advertising services, riders renting Light Vehicles, drivers renting vehicles through 
Express Drive and by making our ridesharing marketplace available to organizations through our Lyft Business offerings, such as our 
Concierge and Lyft Pass programs. 
Riders and drivers want and value choice, and we believe there remains an opportunity for growth in our marketplace. In July 
2024, we launched Price Lock, a new subscription offering that caps the price of a rider's regular and scheduled rides on a specified 
route during the rider's chosen pickup time. Additionally, in February 2024, we launched the driver earnings commitment in limited 
markets, where we ensure drivers will earn at least 70% of weekly passenger payments after external fees. We then expanded this 
earnings commitment to all markets in the United States in May 2024. In September 2023, we launched Women+ Connect, a new 
feature that currently offers women and nonbinary riders and drivers the option to turn on a preference within the Lyft App to 
prioritize matches with nearby women and nonbinary riders and drivers and in 2024, we extended Women+ Connect nationwide. In 
November 2024, we announced plans for multiple AV partnerships that will connect the Lyft community with AV rides in the Lyft 
app. We are focused on delivering a great rideshare experience and will continue to innovate for drivers and riders, creating an 
increasingly differentiated service over time. 
In 2024, we achieved net income for the first time in our operating history and record cash flow generation. We are 
committed to building a durable, healthy and profitable business for riders, drivers and shareholders. 
Additionally, we aim to advocate through our commitment to social and environmental responsibility. Through our Lyft Up 
initiatives, we’re working to make sure people have access to affordable, reliable transportation to get where they need to go - no 
matter their income or zip code. We can’t talk about work that serves customer needs and social goals without mentioning our 
responsibility to our shared environment - the air we breathe and the resilience of communities we serve. We’re working to make the 
Lyft Platform more sustainable by helping drivers transition to electric vehicles (“EVs”), riders take more sustainable transportation 
modes, and businesses reduce their carbon footprint. Over the last two years, we’ve achieved significant growth in EV rides on our 
platform by investing in EV driver incentives, expanding the Express Drive EV rental program, helping drivers access discounted fast 
charging, expanding Green and advocating for smart EV policy.
We believe many users are loyal to Lyft because of our values, brand and commitment to social and environmental 
responsibility. Our values, brand and focus on customer experience are key differentiators for our business. We continue to believe 
that users are increasingly choosing services, including a transportation network, based on brand affinity and value alignment and we 
aim to make it easy for both drivers and riders to choose Lyft every time.
6
1 For the definition of Gross Bookings and Rides, refer to the “Definitions of Key Metrics” section within Item 7 of Part II of this 
Annual Report on Form 10-K. 

Our Transportation Network
Our transportation network is primarily comprised of:
•
Ridesharing Marketplace. Our core offering connects drivers with riders. The scale of our network enables us to predict 
demand and proactively incentivize drivers to be available for rides in the right place at the right time. This allows us to 
optimize earning opportunities for drivers and offer convenient rides for riders, creating sustainable value to both sides of our 
marketplace. Our ridesharing marketplace connects drivers with riders in cities across the United States and in certain cities 
in Canada. In addition to our standard rideshare offering, riders can select a variety of other rideshare offerings which 
include, but are not limited to, Wait & Save, Priority Pickup, XL, Extra Comfort, Black, Black SUV, and Green.
•
Express Drive. Our car rental program for drivers, including those who want to drive using our platform but do not have 
access to a vehicle that meets our requirements. Through our Express Drive program, drivers can enter into rental agreements 
with our independently managed subsidiary, Flexdrive, and our rental car partners for vehicles that may be used to provide 
ridesharing services on the Lyft Platform. 
•
Light Vehicles. We have a network of shared bikes and scooters in a number of cities to address the needs of users who are 
looking for options that are more active and often more cost-effective and efficient for shorter trips. These transportation 
modes can also help supplement the first-mile and last-mile of a multimodal trip with public transit. 
Drivers
The drivers on our platform are active members of their communities. They are parents, students, business owners, retirees 
and everything in between. We work hard to serve the community of drivers on our platform, empowering them to drive on their own 
flexible terms while providing them the opportunity to focus their time on what matters most. Drivers on our platform also have key 
benefits, which include:
•
Flexibility. We offer drivers the flexibility to generate income on their own schedule, so they can best prioritize what is 
important in their lives.
•
Technology. Our predictive technology around ride volume and demand enables us to share key information with drivers 
about when and where to drive to maximize their earnings on a real-time basis. 
•
Transparent and Consistent Pay. We've released multiple products over the years such as upfront pay where drivers can see 
ride information and what they’ll earn before accepting a ride. We also launched the Weekly Pay Statement for a clearer, 
more comprehensive view of driver's pay details, and made a commitment that drivers will earn 70% or more of rider 
payment each week, after external fees. 
•
Insurance. We procure insurance that helps protect transportation network company (“TNC”) drivers against financial losses 
related to automobile accidents while on the platform. 
•
Community Standards. To help us uphold high community standards, we give both drivers and riders the opportunity to rate 
each other after a ride booked through the Lyft App. 
•
Support. We offer drivers access to 24/7 support and earnings tools as well as education resources and other support to meet 
their personal goals.
Riders
Riders are as diverse and dynamic as the communities we serve. They represent all adult age groups and backgrounds and use 
Lyft to commute to and from work, explore their cities, spend more time at local businesses and stay out longer knowing they can get 
a reliable ride home. Unless otherwise stated, riders are passengers who request rides from drivers in our ridesharing marketplace, or 
renters of a shared bike, scooter or automobile available on the Lyft App. We work hard to provide riders with a quality experience 
every time they open the Lyft App, so riders will continue to select Lyft as their transportation network of choice. Riders on our 
platform also have key benefits, which include:
•
Selection and Convenience. We designed the Lyft App with a focus on simplicity, efficiency and convenience. Our 
proprietary technology efficiently matches riders with drivers through advanced dispatching algorithms providing faster 
arrival times, localized pricing and maximum availability. Additional transportation modes, such as Light Vehicles, offer 
more options for shorter trips. We also continue to launch new features, such as Women+ Connect and Price Lock. The more 
rides that are taken on our platform, the better we are able to offer riders personalized experiences most suitable to their trip.
•
Availability and Reliability. We strive to ensure that riders can get a ride when they want one. We leverage our proprietary 
dispatch platform and data to help drivers and riders connect efficiently and reduce wait times. Scheduled rides to the airport 
are backed by our on-time pickup promise in many major markets. If a ride is more than ten minutes late for a scheduled 
pick-up to the airport, we will offer up to $100 in Lyft credits to make up for it.
7

•
Affordability. Our platform empowers riders to choose from a broad set of transportation options to easily optimize for cost, 
comfort and time. Wait & Save, a substantial portion of rides on our platform, offers riders a way to save money when they 
aren’t in a hurry. In 2024, we launched Price Lock, a new subscription offering that caps the price of a rider's regular and 
scheduled rides on a specified route during the rider's chosen pickup time.
•
Safety. Since day one, we have worked continuously to enhance the safety of our platform and the ridesharing industry by 
developing innovative products, policies and processes. We have a dedicated safety response team, Emergency Help with 
ADT, Inc. (“ADT”), and partnerships with leading national organizations to inform our safety policies.
Business
We work with organizations across a wide range of industries to deliver transportation solutions. Our comprehensive set of 
solutions allows clients to design, manage and pay for ground transportation programs that contribute to productivity and satisfaction 
while reducing cost and streamlining operations. 
Our Technology Infrastructure and Operations
We organize our product teams with a full-stack development model, integrating product management, engineering, 
analytics, data science and design. We focus on affordability, reliability, efficiency, optimization and cohesion when developing our 
software. Our offerings are mobile-first and platform agnostic. We seek to continuously improve the Lyft Platform and the Lyft App. 
Our offerings are built on a scalable technology platform that enables us to manage peaks in demand.
We have a commercial agreement with Amazon Web Services (“AWS”) for cloud services to help deliver and host our 
platform. As a result of our partnership, we believe we are more resilient to surges in demand on our platform or product changes we 
may introduce. Refer to Note 10 “Commitments and Contingencies” to the consolidated financial statements for information regarding 
this agreement.
We designed our platform with multiple layers of redundancy to guard against data loss and deliver high availability. Both 
incremental and full backups are performed and redundant copies of content are stored independently in separate geographic regions. 
We are also investing in iterating and continuously improving our data privacy and security foundation, and continually review and 
implement the most relevant policies.
Our Proprietary Data-Driven Technology Platform
Our robust technology platform powers the millions of rides and connections that we facilitate every day and provides 
insights that drive our platform in real-time. We leverage historical data to continuously improve experiences for drivers and riders on 
our platform. Our platform analyzes large datasets covering the ride lifecycle, from when drivers go online and riders request rides, to 
when they match, which route to take and any feedback given after the rides. Utilizing machine learning capabilities to predict future 
behavior based on many years of historical data and use cases, we employ various levers to balance supply and demand in the 
marketplace, creating increased driver earnings while maintaining strong service levels for riders. We also leverage our data science 
and algorithms to inform our product development.
Our Intellectual Property
We believe that our intellectual property rights are valuable and important to our business. We rely on trademarks, patents, 
copyrights, trade secrets, license agreements, intellectual property assignment agreements, confidentiality procedures, non-disclosure 
agreements and employee non-disclosure and invention assignment agreements to establish and protect our proprietary rights. Though 
we rely in part upon these legal and contractual protections, we believe that factors such as the skills and ingenuity of our employees 
and the functionality and frequent enhancements to our solutions and offerings are larger contributors to our success in the 
marketplace.
We have invested in a patent program to identify and protect a substantial portion of our strategic intellectual property in 
ridesharing, autonomous vehicle-related technology, micro-mobility, telecommunications, networking and other technologies relevant 
to our business. We hold numerous issued and pending patents in the U.S. and foreign jurisdictions and continually review our 
development efforts to assess the existence and patentability of new intellectual property.
We have an ongoing trademark and service mark registration program pursuant to which we seek to register our brand names 
and product names, taglines and logos in the United States and other countries to the extent we determine appropriate and cost-
effective. We also have common law rights in some trademarks. In addition, we have registered domain names for websites that we 
use in our business, such as www.lyft.com and other variations.
We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost-
effective. Despite our efforts to protect our intellectual property rights, they may not be respected in the future or may be invalidated, 
circumvented or challenged. For additional information, see the sections titled “Risk Factors—Risks Related to Regulatory and Legal 
Factors—Claims by others that we infringed their proprietary technology or other intellectual property rights could harm our business” 
8

and “Risk Factors—Risks Related to Regulatory and Legal Factors—Failure to protect or enforce our intellectual property rights could 
harm our business, financial condition and results of operations.”
Competition
The market for Transportation-as-a-Service (“TaaS”) networks is intensely competitive and characterized by rapid changes in 
technology, shifting levels of demand and frequent introductions of new services and offerings. We expect competition to continue, 
both from current competitors and new entrants in the market that may be well-established and enjoy greater resources or other 
strategic advantages. If we are unable to anticipate or successfully react to these competitive challenges in a timely manner, our 
competitive position could weaken, or fail to improve, and we could experience a decline in revenue or growth stagnation that could 
adversely affect our business, financial condition and results of operations.
Our main ridesharing competitor in the United States and Canada is Uber, though we also compete with other ridesharing 
transportation network companies, and taxi cab and livery companies as well as traditional automotive manufacturers. Our main 
competitors in the bike and scooter sharing market include Lime, Bird, Fifteen, nextbike and Dott. We also compete with other 
manufacturers of bike and scooter sharing equipment for sales of such equipment, particularly in markets outside of the United States.
Additionally, there are other non-U.S.-based TaaS network companies, non-ridesharing transportation network companies 
and traditional automotive manufacturers that may expand into the United States and Canada. There are also a number of companies 
developing autonomous vehicle technology and TaaS offerings that either are competing with us or may compete with us in the future, 
including Alphabet (Waymo), Amazon (Zoox), Baidu, Motional, and Tesla as well as many other technology companies and 
automobile manufacturers and suppliers. We anticipate continued challenges from current competitors as well as from new entrants 
into the TaaS market.
We believe we can compete favorably. However, many of our competitors and potential competitors are larger and have 
greater brand name recognition, longer operating histories, larger marketing budgets and established marketing relationships, access to 
larger customer bases and significantly greater resources for the development of their offerings. For additional information about the 
risks to our business related to competition, see the section titled “Risk Factors—Risks Related to Operational Factors—We face 
intense competition and could lose market share to our competitors, which could adversely affect our business, financial condition and 
results of operations.”
Seasonality
The revenue we generate from our business may fluctuate from quarter to quarter due to seasonal factors including the 
weather and certain holidays. Demand for our transportation network has historically declined over the winter season and demand for 
our network of Light Vehicles has historically increased during more temperate and dry seasons. 
Our Brand and Marketing
Our purpose is to serve and connect. The Lyft brand is rooted in expecting more from every journey. Our marketing efforts 
bring our brand to life across a variety of communication channels ranging from national broadcast campaigns to more direct 
communications like email and social media engagement. We also benefit from positive word of mouth in the existing Lyft rider and 
driver communities.
Our marketing efforts educate people about Lyft products in creative and memorable ways and generate greater brand 
awareness among potential drivers and riders. Our brand marketing includes but is not limited to Lyft-produced content, culture and 
entertainment partnerships, marketing partnerships, and outdoor advertisements. We use specific channels and initiatives so we can 
measure the impact of our marketing spend. We attract new drivers and riders through referrals, partnerships, display advertising, 
radio, video, social media, email, search engine optimization, keyword search campaigns, and more. We continue to engage with 
current riders through a variety of initiatives, including emails, in-app notifications, social media content, promotions, and more.
Our Commitment to Safety
A strong guiding principle since day one has been to build a community that drivers and riders trust. Trust is the foundation 
of our relationship with drivers and riders on our platform, and we take significant measures every day that are focused on improving 
their safety. 
To ensure we are delivering exceptional service levels and upholding high quality standards, we have established our Safety 
and Customer Care, or SCC, team as a key part of our organization. SCC is in charge of fielding safety and customer support inquiries 
and is available through multiple channels, including via self-service and assisted support directly within our apps. SCC aims to listen 
to customers, quickly resolve problems when they occur and maintain trust with drivers and riders. Some examples of measures we 
take to promote the safety of riders and drivers on the platform include:
•
Annual background checks and ongoing criminal monitoring. Every driver is required to pass a professionally administered 
criminal background check before they drive and each year after that. In the United States, continuous criminal monitoring 
allows us to quickly deactivate drivers with disqualifying criminal convictions. Similarly, in the United States, we also 
9

continuously check driving records so that we can promptly identify and remove drivers from the platform upon detection of 
a disqualifying violation.
•
Share location. The Lyft App provides real-time ride tracking, so riders can share their exact location and route with family 
and friends. Once a user enables this feature, a user’s trusted contacts (who they shared their location with) can see trip status 
and where they are on the map.
•
Emergency help, supported by ADT. If a rider or driver feels uncomfortable or needs emergency assistance at any point, they 
are able to quickly connect with an ADT security professional through the Lyft App, silently or by voice. If someone signals 
they need help and subsequently does not respond to a call or text from ADT, ADT will contact 911 and share the user’s 
location and other relevant information. 
•
Live safety support and specialized support and advocacy. Our Safety team is standing by, ready to help via phone or chat, 
and every member of the Safety team is a credentialed victim advocate. Each member has training in trauma-informed care.
•
Smart trip check-in. We monitor rides for certain unusual activity, like long stops or route deviations, and in some instances, 
if we notice a ride irregularity, we reach out to riders and drivers directly. We will ask the rider or driver if they need help, 
and, if appropriate, connect them to emergency assistance or our own Safety team.
•
Hidden contact information and ride history. The Lyft App hides contact information for both the rider and driver before, 
during and after the ride. While riders and drivers are able to call or text one another through the app, personal information, 
including real user phone numbers, are not revealed. Drivers are also not able to see a rider’s specific drop-off location, 
whether it’s a specific address or a cross-street, after the ride is complete.
•
Two-way ratings and feedback. At the end of each trip, drivers and riders are prompted to rate their ride on the scale of one to 
five stars. Any rider or driver who submits a rating of four stars or fewer is prompted to provide more details. Anyone who 
rates a rider or driver three stars or fewer will never be matched with that individual again through the app. 
•
Industry Sharing Safety Program. Lyft partners with certain companies to share information about the drivers who are 
deactivated from certain rideshare and delivery platforms for specific select reasons. The program enables the sharing of 
information to equip participating companies with the information needed to take action on their own platform.
Government Regulation
We are subject to a wide variety of laws and regulations in the United States and other jurisdictions. Laws, regulations and 
standards governing issues such as TNCs, public companies, ridesharing, worker classification, labor and employment, anti-
discrimination, payments, gift cards, whistleblowing and worker confidentiality obligations, product liability, defects, recalls, auto 
maintenance and repairs, personal injury, advertising, text messaging, subscription services, intellectual property, securities, consumer 
protection, taxation, privacy, data security, competition, unionizing and collective action, antitrust, arbitration agreements and class 
action waiver provisions, terms of service, mobile application accessibility, autonomous vehicles, bike and scooter sharing, insurance, 
vehicle rentals, money transmittal, non-emergency medical transportation, healthcare fraud, waste, and abuse, environmental health 
and safety, greenhouse gas emissions, background checks, public health, anti-corruption, anti-bribery, political contributions, 
lobbying, import and export restrictions, trade and economic sanctions, foreign ownership and investment, foreign exchange controls 
and delivery of goods including (but not limited to) medical supplies, perishable foods and prescription drugs are often complex and 
are subject to varying interpretations, in many cases due to their lack of specificity. As a result, their application in practice may 
change or develop over time through judicial decisions or as new guidance or interpretations are provided by regulatory and governing 
bodies, such as federal, state and local administrative agencies.
The TNC industry has also come under increasing scrutiny from non-profit organizations, regulators, and legislators for its 
environmental impact, specifically relating to greenhouse gas (GHG) emissions. In 2018, California passed first-of-its-kind legislation 
(the “California Clean Miles Standard”) to mandate that TNCs increase the percentage of zero-emission vehicles on their platforms, 
with additional targets intended to reduce GHG emissions from TNC platforms. Massachusetts, New York City and Toronto are 
developing or have developed and implemented rules to address the environmental impact of rideshare, and other jurisdictions are 
likely to consider similar rules and regulations in the future. 
See the sections titled “Business” and “Risk Factors” including the subsections titled “Business – Environmental, Social and 
Corporate Governance - Environmental” and “Risk Factors—Risks Related to Regulatory and Legal Factors” for additional 
information about the laws and regulations we are subject to and the risks to our business associated with such laws and regulations.
Human Capital
Our employees are our human capital and, together with our technology stack, they are our greatest strength and most 
valuable resource. As of December 31, 2024, we had 2,934 employees and we maintain additional offices in multiple locations in the 
U.S. and internationally in Toronto, Canada, Montreal, Canada, Mexico City, Mexico, Kyiv, Ukraine, Berlin, Germany and Munich, 
Germany. None of our employees are represented by a labor union or covered by a collective bargaining agreement. We have not 
experienced any work stoppages and we consider our relations with our employees to be positive.
10

We believe that achieving more diversity in workforce representation is an important priority. We are a company with a 
diverse customer base, and the more our employees reflect that diversity, the better we can serve our customers, ultimately making our 
business stronger. As of December 31, 2024, our global employee base was 58% male and 42% female, and women represented 43% 
of our leadership overall. The ethnicity of our U.S. employees was 46% White, 32% Asian, 9% Hispanic or Latinx, 7% Black, and 6% 
two or more races, American Indian, Alaska Native, Native Hawaiian or other Pacific Islander. Our employee gender and ethnicity 
information is based on self-identification, and employees who did not disclose their gender or ethnicity have been excluded from the 
applicable disclosure. As of December 31, 2024, employees who did not disclose gender represented approximately 3% of total 
employees, and employees who did not disclose ethnicity represented approximately 2% of total U.S. employees. 
We strive to build a more representative workforce which requires an intentional and comprehensive effort to reach and 
recruit outstanding candidates, develop talent internally, and open up opportunities for career growth. We are continuing to focus on 
scaling and sustaining diverse partnerships and early candidate pipeline development as we believe recruiting and hiring initiatives can 
yield short and long-term benefits to the organization. In 2024, we continued our partnerships and outreach programs by directly 
sourcing candidates from organizations that aim to increase diversity in enterprise hiring pools, such as BreakLine, and 
DirectEmployers. We also maintained representation in our hiring pool through our sourcing tool, hireEZ, and held disability and 
inclusion training for team members with the Inclusively and Disability:IN organizations.
Environmental, Social and Corporate Governance (“ESG”)
Environmental
We have a responsibility to our shared environment — the air we breathe and the resilience of communities we serve. Our 
environmental impact also gives drivers and riders another great reason to choose Lyft, and is an intrinsic part of how we think about 
our business goals. We are working to make the Lyft Platform more sustainable by helping drivers transition to EVs, riders take more 
sustainable modes of rideshare and other micromobility options, and businesses reduce their carbon footprint. 
The rides that we facilitate on our platform make up a significant amount of Lyft’s carbon emissions. Transitioning these 
rides from gas-powered to electric vehicles is the one of the best ways we can contribute long-term toward a cleaner planet.
Over 13 million riders rode in an EV in 2024. Rides in electric vehicles generally get higher ratings and tips compared to 
rides in hybrids and gas cars. Over 23% of rides on the Lyft Platform were in a hybrid or an EV. In 2024, we expanded Green, where 
riders can select an EV or hybrid vehicle, to 40 airports and 22 cities in North America.
Because we stand at a pivotal moment in the fight against climate change, Lyft strives to grow EVs on the platform. In 2024, 
we announced a commitment to invest $80 million by the end of 2025 to support EV drivers and encourage gas powered drivers to 
make the switch. We are continuing to work toward our investment goal, and while our timeline may be extended to complete such 
investment, we expect that the investments we make will help us reach 100 million all-time EV rides on the platform by the end of 
2025. Most of this investment will benefit drivers in states that are committed to electrifying, developing infrastructure, and growing 
EV adoption as quickly as possible.
We have enabled growth and adoption of bikeshare in 61 cities across 16 countries where we provide our hardware and 
software solutions. Working closely with our city and operating partners in the most complex urban environments, our team enabled 
18 major bikeshare system expansions over the past year through both owned and operated systems and systems that utilize our 
hardware and software solutions, amounting to nearly 12,000 additional bikes, e-bikes, and e-scooters in cities like Chicago, Portland 
and New York City in the United States and cities abroad like Barcelona, Monaco, and more.
Social
Lyft’s purpose is to serve and connect. We strive to get people out into the world so they can live their lives together, and 
provide drivers a meaningful way to earn that gives them control over their time and money. We’re constantly thinking about the role 
we play in our customers’ lives. 
For riders, social interaction improves physical and mental health. We’re making it easier to get out of the house, and the 
hundreds of millions of rides we facilitated in 2024 connected people with friends, family, and coworkers. Everyday encounters like 
these help people feel happier and more connected to their community.
For drivers, Lyft is part of the economic fabric of millions of lives. Drivers may be students putting themselves through 
college, parents looking for a way to earn while their kids are in school, or seniors interested in meeting new people. The flexibility to 
work on their own schedules is a core benefit of driving with Lyft, and millions of drivers use the platform to support their families or 
build toward their dreams. We keep working to understand who drivers are and how they use Lyft through our annual Economic 
Impact Report.
We want to improve the lives of everyone we interact with, but know that targeted programs can have an outsized impact. 
Through our Lyft Up initiative, we’re working to provide riders access to affordable, reliable transportation to get where they need to 
go — no matter their age, income, zip, or postal code. We provided access to millions of discounted or donated rideshare, bikeshare, 
and shared scooter rides to people in need. Some of our current Lyft Up programs assist the community by providing rides to and from 
11

jobs, job interviews and trainings, the grocery store for those living in food-insecure areas, and by providing discounted bikeshare 
memberships and heavily discounted electric bikes to income eligible riders. In 2024, we also provided thousands of free rides on 
Election Day for riders to get to the polls to exercise their right to vote. Other Lyft Up programs provide donated ride credits to 
resettlement agencies and other community based organizations helping refugees access essential needs and services or relief rides in 
the aftermath of natural or manmade disasters.
Corporate Governance
Our board of directors regularly evaluates our environmental, social, and corporate governance policies to make sure they fit 
into our strategy of driving long-term stockholder value and align with our core values. More information about our directors, 
executive officers and corporate governance will be included in our definitive Proxy Statement for our 2025 Annual Meeting of 
Stockholders.
Corporate Information
We were incorporated in 2007 as Bounder Web, Inc., a Delaware corporation. In 2008, we changed our name to Zimride, Inc. 
We founded Lyft in 2012 and changed our name to Lyft, Inc. in 2013 when we sold the assets related to our Zimride operations.
Available Information
Our website is located at www.lyft.com, and our investor relations website is located at investor.lyft.com. Copies of our 
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to these reports filed 
or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge on 
our investor relations website as soon as reasonably practicable after we file such material electronically with or furnish it to the 
Securities and Exchange Commission (the “SEC”). The SEC also maintains a website that contains our SEC filings at www.sec.gov.
We announce material information to the public about us, our products and services and other matters through a variety of 
means, including filings with the SEC, press releases, public conference calls, webcasts, the investor relations section of our website 
(investor.lyft.com), our X accounts (@lyft and @davidrisher), our Chief Executive Officer’s LinkedIn account (linkedin.com/in/
jdavidrisher) and our 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 our disclosure obligations under Regulation FD. The contents of our 
websites and corporate reports mentioned herein are not incorporated by reference into this Annual Report on Form 10-K or in any 
other report or document we file with the SEC, and any references to our websites or the contents of our websites are intended to be 
inactive textual references only.
12

Item 1A. Risk Factors.
Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and 
uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section 
titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial 
statements and related notes, before making a decision to invest in our Class A common stock. Our business, financial condition, 
results of operations or prospects could also be harmed by risks and uncertainties not currently known to us or that we currently do 
not believe are material. If any of the risks actually occur, our business, financial condition, results of operations and prospects could 
be adversely affected. In that event, the market price of our Class A common stock could decline, and you could lose part or all of your 
investment. For the purposes of this “Item 1A. Risk Factors” section, riders are passengers who request rides from drivers in our 
ridesharing marketplace, or renters of a shared bike, scooter or automobile available on the Lyft app.
Risk Factor Summary
Our business operations are subject to numerous risks, factors and uncertainties, including those outside of our control, that 
could cause our actual results to be harmed, including risks regarding the following:
Operational Factors
•
our limited operating history;
•
our financial performance and any inability to achieve or maintain profitability in the future;
•
competition in our industries;
•
the unpredictability of our results of operations and uncertainty regarding the growth of the ridesharing and other markets;
•
our ability to attract and retain qualified drivers and riders;
•
our insurance coverage, the adequacy of our insurance reserves, and the ability of third-party insurance providers to service 
our auto-related insurance claims;
•
our reputation and brand;
•
illegal or improper activity of users of our platform;
•
the accuracy of background checks on potential or current drivers and our third party providers' ability to effectively conduct 
such background checks;
•
changes to our pricing practices;
•
the growth and development of our network of Light Vehicles and the quality of and supply chain for our Light Vehicles;
•
our autonomous vehicle technology, partnerships with other companies who offer autonomous vehicle technologies, and the 
overall development of the autonomous vehicle industry;
•
claims from riders, drivers or third parties;
•
our ability to manage our growth;
•
actual or perceived security or privacy breaches or incidents and resulting interruptions in our availability or the availability 
of other systems and providers;
•
our reliance on third parties, such as Amazon Web Services, vehicle rental partners, payment processors and other service 
providers;
•
our ability to operate our Express Drive program;
•
our nascent advertising business, Lyft Media; 
•
our use of artificial intelligence and machine learning; 
•
the development of new offerings on our platform and management of the complexities of such expansion;
•
inaccuracies in or changes to our key metrics and estimates;
•
our ability to offer high-quality user support and to deal with fraud;
•
our ability to effectively manage the offerings on our multimodal platform;
13

•
our ability to effectively manage our pricing methodologies;
•
our company culture;
•
our reliance on key personnel and our ability to attract and retain personnel;
•
changes in the Internet, mobile device accessibility, mobile device operating systems and application marketplaces;
•
the interoperability of our platform across third-party applications and services;
•
defects, errors or vulnerabilities in our technology and that of third-party providers or system failures;
•
factors relating to our intellectual property rights as well as the intellectual property rights of others;
•
our presence outside the United States and any future international expansion;
General Economic Factors
•
general macroeconomic conditions;
•
natural disasters, public health crises or political crises;
Regulatory and Legal Factors
•
changes in laws and the adoption and interpretation of administrative rules and regulations;
•
the classification status of drivers on our platform;
•
intellectual property litigation;
•
compliance with laws and regulations relating to privacy, data protection and the protection or transfer of personal data;
•
litigation and other proceedings arising in the ordinary course of our business;
•
compliance with additional laws and regulations as we expand our offerings;
•
our ability to maintain an effective system of disclosure controls and internal control over financial reporting;
•
changes in tax laws;
•
assertions from taxing authorities that we should have collected or in the future should collect additional taxes;
•
costs related to operating as a public company;
•
climate change and related regulatory developments;
Financing and Transactional Risks
•
our future capital requirements and our ability to service our current and future debt, financial covenants and other 
operational restrictions contained in our current debt agreements, and counterparty risk with respect to our capped call 
transactions;
•
our ability to make and successfully integrate acquisitions and investments or complete divestitures, joint ventures, 
partnerships or other strategic transactions;
•
our tax liabilities, ability to use our net operating loss carryforwards and future changes in tax matters; 
Governance Risks and Risks related to Ownership of our Capital Stock
•
the dual class structure of our common stock, its concentration of voting power with our Co-Founders and its impact on our 
stock price; 
•
the volatility of the trading price of our Class A common stock;
•
provisions of Delaware law and our certificate of incorporation and bylaws that may make a merger, tender offer or proxy 
contest difficult; and
•
exclusive forum provisions in our bylaws.
14

Risks Related to Operational Factors
Our limited operating history and our evolving business make it difficult to evaluate our future prospects and the risks and 
challenges we may encounter.
While we have primarily focused on ridesharing since our ridesharing marketplace launched in 2012, our business continues 
to evolve. We regularly expand our platform features, offerings and services and change our pricing methodologies. Through the 
acquisition of PBSC Urban Solutions Inc. ("PBSC") in May 2022, we expanded our business to include licensing of certain of our 
technology and sales of bikes and stations. In recent periods, we have also reevaluated and changed our cost structure and focused our 
business model. For example, in February 2023, we closed the sale of our vehicle service center business. Our evolving business, 
industry and markets make it difficult to evaluate our future prospects and the risks and challenges we may encounter. Risks and 
challenges we have faced and expect to face include our ability to:
•
forecast our gross bookings, revenue and operating results and budget for and manage our expenses;
•
attract new qualified drivers and new riders, and retain existing qualified drivers and existing riders in a cost-effective 
manner;
•
effectively and competitively price our services and determine appropriate pricing methodologies, including in reaction to 
competitive pressures;
•
successfully develop new platform features, offerings and services to enhance the experience of users; 
•
comply with existing and new or modified laws and regulations applicable to our business;
•
manage our platform and our business assets and expenses in light of economic and other developments, including changes in 
rider behavior and demand for our services;
•
plan for and manage capital expenditures for our current and future offerings, including our network of Light Vehicles and 
certain vehicles in the Express Drive program, and manage our supply chain and supplier relationships related to our current 
and future offerings;
•
develop, manufacture, source, deploy, sell, maintain and ensure utilization of our assets, including our network of Light 
Vehicles and certain vehicles in the Express Drive program;
•
anticipate and respond to macroeconomic changes and changes in market dynamics in the markets in which we operate;
•
maintain and enhance the value of our reputation and brand;
•
effectively manage our growth and business operations;
•
successfully expand our geographic reach and manage our international operations;
•
hire, integrate and retain talented people at all levels of our organization; and
•
effectively manage our real estate footprint.
If we fail to address the risks and difficulties that we face, including those associated with the challenges listed above as well 
as those described elsewhere in this “Risk Factors” section, our business, financial condition and results of operations could be 
adversely affected. Further, because we have an evolving financial model and operate in a rapidly evolving market, any predictions 
about our future gross bookings, revenue, expenses and earnings may not be as accurate as they would be if we had a static financial 
model or operated in a more predictable market. We have encountered in the past, and will encounter in the future, risks and 
uncertainties frequently experienced by growing companies with limited operating histories in rapidly changing industries. If our 
assumptions regarding these risks and uncertainties, which we use to plan and operate our business, are incorrect or change, or if we 
do not address these risks successfully, our results of operations could differ materially from our expectations and our business, 
financial condition and results of operations could be adversely affected.
Our financial performance in recent periods may not be indicative of future performance, and we may not be able to achieve or 
maintain profitability in the future.
Prior to 2020, we grew rapidly. In 2020, due to COVID-19 and the related government and public health measures, our 
revenue declined significantly. Although our revenue has since recovered, the timeline for a full recovery of rideshare demand, driver 
supply and other aspects of our business in each of our markets is uncertain. Accordingly, our recent revenue growth rate and financial 
performance, including prior to the effects of COVID-19, the decline related to COVID-19 and recent growth rates compared to 
periods in the midst of the COVID-19 pandemic, may not be indicative of our future performance. Further, we first achieved net 
income, on a GAAP basis, in the year ended December 31, 2024, however, we incurred net losses every other year since our inception, 
and we may not be able to achieve or maintain GAAP profitability. We expect that our financial performance, including our net 
income and Adjusted EBITDA, will continue to fluctuate in future periods. We can provide no assurances that we will achieve or 
maintain profitability in the future, on a quarterly or annual basis. 
15

While we remain focused on operating efficiently, our expenses will likely increase in the future as we develop and launch 
new offerings and platform features, expand in existing and new markets and continue to invest in our platform and customer 
engagement. In addition, certain costs, such as insurance and driver pay and incentives have increased or fluctuated as a result of the 
COVID-19 pandemic, macroeconomic factors and the development and maturation of our business and the rideshare industry, and 
may continue to do so. We may be unable to accurately predict these costs and our investments may not result in increased revenue or 
growth in our business. For example, we have incurred and will continue to incur additional costs and expenses associated with the 
passage of Proposition 22 in California, HB 2076 in Washington, and elsewhere, and implementation of operational changes as part of 
agreements with the New York and Massachusetts Attorneys General, including providing drivers in these states with new earnings 
opportunities and protections, including contributions towards on-the-job injury insurance, other benefits and minimum guaranteed 
earnings. In addition, various jurisdictions have introduced legislation setting high earnings standards and increasing other costs to the 
business including insurance. Due to various factors, including inflation, we anticipate that our insurance costs will continue to 
increase and will impact our profitability. Furthermore, we have expanded over time to include more asset-intensive offerings such as 
our network of Light Vehicles and Flexdrive. These offerings and programs require significant capital investments and recurring costs, 
including debt payments, maintenance, depreciation, asset life and asset replacement costs, and if we are not able to maintain 
sufficient levels of utilization of such assets, such offerings are otherwise not successful or we decide to shut down any such offerings, 
our investments may not generate sufficient returns and our financial condition may be adversely affected. In addition to the above, a 
determination in, resolution of, or settlement of, any legal proceeding related to driver classification matters may require us to 
significantly alter our existing business model and operations (including potentially suspending or ceasing operations in impacted 
jurisdictions), increase our costs and impact our ability to add qualified drivers to our platform and grow our business, which could 
have an adverse effect on our business, financial condition and results of operations, and our ability to achieve or maintain profitability 
in the future. Additionally, stock-based compensation expense related to restricted stock units (“RSUs”) and other equity awards is 
expected to continue to be a significant expense for the foreseeable future, and as of December 31, 2024, we had $160.4 million of 
unrecognized stock-based compensation expense related to all unvested awards, net of estimated forfeitures, that will be recognized 
over a weighted-average period of approximately 1.0 year. Any failure to increase our revenue sufficiently to keep pace with our 
investments and other expenses could prevent us from achieving or maintaining profitability or positive cash flow on a consistent 
basis. If we are unable to successfully address these risks and challenges as we encounter them, our business, financial condition and 
results of operations could be adversely affected.
As our business evolves, our revenue growth rates and results of operations will fluctuate due to a number of reasons, which 
may include changes in the macroeconomic environment, slowing demand for our offerings, increasing competition or changes in 
market dynamics, a decrease in the growth of our overall market or market saturation, public health crises, increasing regulatory costs 
and challenges and resulting changes to our business model and our failure to capitalize on growth opportunities. If we are unable to 
generate adequate revenue growth and manage our expenses, we may continue to incur significant losses in the future and may not be 
able to achieve or maintain profitability.
We face intense competition and could lose market share to our competitors, which could adversely affect our business, financial 
condition and results of operations.
The market for TaaS networks is intensely competitive and characterized by rapid changes in technology, shifting levels of 
supply and demand and frequent introductions of new services and offerings. We expect competition to continue, both from current 
competitors and new entrants in the market that may be well-established and enjoy greater resources or other strategic or technological 
advantages. If we are unable to anticipate or successfully react to competitive challenges in a timely manner, our competitive position 
could weaken, or fail to improve, and we could experience fluctuations or a decline in market share, a decline in gross bookings, 
revenue or growth stagnation that could adversely affect our business, financial condition and results of operations. Our market share 
has fluctuated over time and we have had to take actions, such as price cuts, that have negative impacts on our financial results in the 
short term, either because of decreased revenue or increased investments, or both, that we believe will benefit our company in the long 
term.
Our main ridesharing competitor in the United States and Canada is Uber, though we also compete with other transportation 
network companies and taxicab and livery companies, as well as traditional automotive manufacturers and technology companies. Our 
main competitors in bike and scooter sharing include Lime, Bird, Fifteen, nextbike and Dott. We also compete with other 
manufacturers of bike and scooter sharing equipment for sales of such equipment, particularly in markets outside of the United States.
Additionally, there are other non-U.S.-based TaaS network companies, bike and scooter sharing companies, consumer 
vehicle rental companies, non-ridesharing transportation network companies and traditional automotive manufacturers that may 
expand into the United States and Canada. There are also a number of companies developing autonomous vehicle technology and 
TaaS offerings that either are competing with us or may compete with us in the future, including Alphabet (Waymo), Amazon (Zoox), 
Baidu, Motional, and Tesla as well as many other technology companies and automobile manufacturers and suppliers. We anticipate 
continued challenges from current competitors as well as from new entrants into the TaaS market.
Certain of our competitors and potential competitors have greater financial, technical, marketing, research and development, 
manufacturing and other resources, greater name recognition, longer operating histories or a larger user base than we do. They may be 
able to devote greater resources to the development, promotion and sale of offerings and offer lower prices than we do, which could 
16

adversely affect the health of our marketplace and our results of operations. Further, they may have greater resources to deploy 
towards the research, development and commercialization of new technologies, including autonomous vehicle technology or Light 
Vehicles, or they may have other financial, technical or resource advantages. These factors may allow our competitors or potential 
competitors to derive greater gross bookings, revenue and profits from their existing user bases, attract and retain qualified drivers and 
riders at lower costs, offer more attractive pricing on their platforms or respond more quickly to new and emerging technologies, 
revenue opportunities and trends. Our current and potential competitors may also establish cooperative or strategic relationships, or 
consolidate, amongst themselves or with third parties that may further enhance their resources and offerings.
We believe that our ability to compete effectively depends upon many factors both within and beyond our control, and if we 
are unable to compete successfully, our business, financial condition and results of operations could be adversely affected.
Our results of operations vary and are difficult to predict from period-to-period, which could cause the trading price of our Class A 
common stock to decline.
Our results of operations have historically varied from period-to-period and we expect that our results of operations will 
continue to do so for a variety of reasons, many of which are outside of our control and difficult to predict. Because our results of 
operations may vary significantly from quarter-to-quarter and year-to-year, the results of any one period should not be relied upon as 
an indication of future performance. We have presented many of the factors that may cause our results of operations to fluctuate in this 
“Risk Factors” section. Fluctuations in our results of operations may cause such results to fall below our financial guidance or other 
projections, or the expectations of analysts or investors, which could cause the trading price of our Class A common stock to decline.
The ridesharing market and the market for our other offerings, such as our network of Light Vehicles, are still in relatively early 
stages of growth and development and if such markets do not continue to grow, grow more slowly than we expect or fail to grow as 
large or otherwise develop as we expect, our business, financial condition and results of operations could be adversely affected.
Prior to 2020, the ridesharing market grew rapidly, but it is still relatively new, and it is uncertain to what extent market 
acceptance will continue to grow, if at all. In addition, the market for our other offerings, such as our network of Light Vehicles, is 
relatively new and unproven, and it is uncertain whether demand for bike and scooter sharing will continue to grow and achieve wide 
market acceptance. Our success will depend to a substantial extent on the willingness of people to widely adopt ridesharing and our 
other offerings across a variety of use cases. In response to the COVID-19 pandemic, we paused our Shared Rides offerings, and we 
were temporarily restricted from operating our scooter share program in one jurisdiction due to public health and safety measures. We 
had to suspend or discontinue these offerings from time to time due to various concerns. In the event of significant public health 
concerns, such as COVID-19, or other events beyond our control, we may be required or believe it is advisable to suspend such 
offerings again. If the public does not perceive ridesharing or our other offerings as beneficial, or chooses not to adopt them as a result 
of concerns regarding public health or safety, affordability, longer-term behavioral and social shifts due to the COVID-19 pandemic, 
or for other reasons, whether as a result of incidents on our platform or on our competitors’ platforms, health concerns, or otherwise, 
then the market for our offerings may not further develop, may develop more slowly than we expect or may not achieve the growth 
potential we expect. Additionally, from time to time we re-evaluate the markets in which we operate and the performance of our 
offerings, and we have discontinued and may in the future discontinue operations in certain markets as a result of such evaluations. 
For example, we currently offer Shared Rides in connection with business-to-business partnerships and only in select markets. Any of 
the foregoing risks and challenges could adversely affect our business, financial condition and results of operations.
If we fail to cost-effectively attract and retain qualified drivers on our platform, or to increase the utilization of our platform by 
existing drivers, our business, financial condition and results of operations could be harmed.
Our continued growth depends in part on our ability to cost-effectively attract and retain qualified drivers who satisfy our 
screening criteria and procedures and to increase their utilization of our platform. To attract and retain qualified drivers, we have, 
among other things, offered sign-up and referral bonuses and provided access to third-party vehicle rental programs for drivers who do 
not have or do not wish to use their own vehicle. Drivers are generally able to switch between our platform and competing platforms. 
If we do not continue to provide drivers with flexibility on our platform, compelling opportunities to increase earnings and other 
incentive programs, such as demand-based bonuses, that are comparable or superior to those of our competitors and other companies 
in the app-based work industry or other industries, or if drivers become dissatisfied with our programs and benefits or our 
requirements for drivers, including requirements regarding the vehicles they drive, we may fail to attract new drivers, retain current 
drivers or increase their utilization of our platform, or we may experience complaints, negative publicity, strikes or other work 
stoppages that could adversely affect our users and our business. For example, during and after the COVID-19 pandemic, we 
experienced a shortage of available drivers relative to rider demand in certain markets and offered increased incentives to improve 
driver supply. Our revenue and results of operations have in prior periods been negatively impacted by supply incentives, and to the 
extent that driver availability remains limited and we offer increased incentives to improve supply, our revenue and results of 
operations may be negatively impacted in the future. Additionally, following the passage of Proposition 22 in California, drivers have 
been able to access the earning opportunities described in the ballot measure. In addition, in connection with settlements with the New 
York and Massachusetts Attorneys General, the Company is continuing to implement certain operational changes that entail increased 
costs. Further, other jurisdictions have adopted or may adopt similar laws and regulations, and we may reach similar or other 
settlements with other jurisdictions, any of which may increase our expenses. Litigation seeking to reclassify drivers as employees is 
17

pending and/or threatened in multiple jurisdictions, including as described in the “Legal Proceedings” subheading in Note 10. 
Commitments and Contingencies to the consolidated financial statements included in this Annual Report on Form 10-K. If such 
litigation is successful in one or more jurisdictions, we may be required to classify drivers as employees rather than independent 
contractors in those jurisdictions, and we may incur significant expenses to resolve the matters at issue in the litigation. If this occurs, 
we may need to develop and implement an employment model that we have not historically used or to cease operations, whether 
temporarily or permanently, in affected jurisdictions. We may face specific risks relating to our ability to onboard drivers as 
employees, our ability to partner with third-party organizations to source drivers and our ability to effectively utilize employee drivers 
to meet rider demand. 
If drivers are unsatisfied with our partners, including our third-party vehicle rental partners, our ability to attract and retain 
qualified drivers and to increase their utilization of our platform could be adversely affected. Further, incentives we provide to attract 
drivers could fail to attract and retain qualified drivers or fail to increase utilization, or could have other unintended adverse 
consequences. In addition, changes in certain laws and regulations, including immigration, labor and employment laws or background 
check requirements, may result in a shift or decrease in the pool of qualified drivers, which may result in increased competition for 
qualified drivers or higher costs of recruitment, operation and retention. As part of our business operations or research and 
development efforts, data on the vehicle may be collected and drivers may be uncomfortable or unwilling to drive knowing that data is 
being collected. Other factors outside of our control, such as concerns about personal health and safety, increases in the price of 
gasoline, vehicles or insurance, or concerns about the availability of government or other assistance programs if drivers continue to 
drive on our platform, may also reduce the number of drivers on our platform or their utilization of our platform, or impact our ability 
to onboard new drivers. If we fail to attract qualified drivers on favorable terms, fail to increase their utilization of our platform or lose 
qualified drivers to our competitors, we may not be able to meet the demand of riders, including maintaining a competitive price of 
rides to riders, and our business, financial condition and results of operations could be adversely affected.
If we fail to cost-effectively attract new riders, or to increase utilization of our platform by existing riders, our business, financial 
condition and results of operations could be harmed.
Our success depends in part on our ability to cost-effectively attract new riders, retain existing riders and increase utilization 
of our platform by current riders. Riders have a wide variety of options for transportation, including personal vehicles, rental cars, 
taxis, public transit and other ridesharing and bike and scooter sharing offerings. Rider preferences may also change from time to time. 
To expand our rider base, we must appeal to new riders who have historically used other forms of transportation or other ridesharing 
or bike and scooter sharing platforms. We believe that our paid marketing initiatives have been and will continue to be critical in 
promoting awareness of our offerings, which in turn drives new rider growth and rider utilization. However, our reputation, brand and 
ability to build trust with existing and new riders may be adversely affected by complaints and negative publicity about us, our 
offerings, our policies, including our pricing algorithms and pricing policies, the quality of our service, including timely pick-ups, 
drivers on our platform, or our competitors, even if factually incorrect or based on isolated incidents. Further, if existing and new 
riders do not perceive the transportation services provided by drivers on our platform to be reliable, safe and affordable, or if we fail to 
offer new and relevant offerings and features on our platform, we may not be able to attract or retain riders or to increase their 
utilization of our platform. As we continue to expand into new geographic areas, we will be relying in part on referrals from our 
existing riders to attract new riders, and therefore we must ensure that our existing riders remain satisfied with our offerings. In 
addition, we have experienced and may continue to experience seasonality in both ridesharing and Light Vehicle rentals during the 
winter months, which may harm our ability to attract and retain riders during such periods. We have experienced volatility in the 
health of our overall marketplace, and demand for our platform has not returned to pre-2020 levels in all markets. We cannot predict 
whether these impacts will continue, including longer term. If we fail to continue to grow our rider base, retain existing riders or 
increase the overall utilization of our platform by existing riders, we may not be able to provide drivers with an adequate level of ride 
requests, and our business, financial condition and results of operations could be adversely affected. In addition, if we do not achieve 
sufficient utilization of our asset-intensive offerings such as our network of Light Vehicles, our business, financial condition and 
results of operations could be adversely affected.
We rely substantially on our wholly-owned subsidiary and deductibles to insure auto-related risks and on third-party insurance 
policies to insure and reinsure our operations-related risks. If our insurance or reinsurance coverage is insufficient for the needs 
of our business or our insurance providers are unable to meet their obligations, we may not be able to mitigate the risks facing our 
business, which could adversely affect our business, financial condition and results of operations.
From the time a driver becomes available to accept rides in the Lyft Driver App until the driver logs off and is no longer 
available to accept rides, we, through our wholly-owned insurance subsidiary and deductibles, often bear substantial financial risk with 
respect to auto-related incidents, including auto liability, uninsured and underinsured motorist, auto physical damage, first party injury 
coverages including personal injury protection under state law and general business liabilities up to certain limits. To comply with 
certain United States and Canadian province insurance regulatory requirements for auto-related risks, we procure a number of third-
party insurance policies which provide the required coverage in such jurisdictions. In nearly all U.S. states, our insurance subsidiary 
reinsures a portion, which may change from time to time, of the auto-related risk from some third-party insurance providers. In 
connection with our reinsurance and deductible arrangements, we deposit funds into trust accounts with a third-party financial 
institution from which some third-party insurance providers are reimbursed for claims payments. If we fail to comply with state 
18

insurance regulatory requirements or other regulations governing insurance coverage, our business, financial condition and results of 
operations could be adversely affected. If any of our third-party insurance providers or administrators who handle the claim on behalf 
of the third-party insurance providers become insolvent, they could be unable to pay any claims that we make.
We also procure third-party insurance policies to cover various operations-related risks including employment practices 
liability, workers’ compensation, business interruptions, cybersecurity and data breaches, crime, directors’ and officers’ liability and 
general business liabilities, including product liability. For certain types of operations-related risks or future risks related to our new 
and evolving offerings, we may not be able to, or may choose not to, acquire insurance. In addition, we may not obtain enough 
insurance to adequately mitigate such operations-related risks or risks related to our new and evolving offerings, and we may have to 
pay high premiums, self-insured retentions or deductibles for the coverage we do obtain. Additionally, if any of our insurance or 
reinsurance providers becomes insolvent, it could be unable to pay any operations-related claims that we make. Certain losses may be 
excluded from insurance coverage including, but not limited to losses caused by intentional act, pollution, contamination, virus, 
bacteria, terrorism, war and civil unrest.
The amount of one or more auto-related claims or operations-related claims has exceeded and could continue to exceed our 
applicable aggregate coverage limits, for which we have borne and could continue to bear a portion of the excess, in addition to 
amounts already incurred in connection with deductibles, self-insured retentions or otherwise paid by our insurance subsidiary. 
Insurance providers have raised premiums and deductibles for many types of coverages and for a variety of commercial risks and are 
likely to do so in the future. As a result, our insurance and claims expenses could increase, or we may decide to raise our deductibles 
or self-insured retentions when our policies are renewed or replaced to manage pricing pressure. Our business, financial condition and 
results of operations could be adversely affected if (i) cost per claim, premiums or the number of claims significantly exceeds our 
historical experience, (ii) we experience a claim in excess of our coverage limits, (iii) our insurance providers fail to pay on our 
insurance claims, (iv) we experience a claim for which coverage is not provided, (v) the number of claims and average claim cost 
under our deductibles or self-insured retentions differs from historic averages, (vi) an insurance policy is canceled or non-renewed, or 
(vii) other insurance providers for drivers on our platform become insolvent.
Our actual losses may exceed our insurance reserves, which could adversely affect our financial condition and results of 
operations.
We establish insurance reserves for claims incurred but not yet paid and claims incurred but not yet reported and any related 
estimable expenses, and we periodically evaluate and, as necessary, adjust our actuarial assumptions and insurance reserves as our 
experience develops or new information is learned. We employ various predictive modeling and actuarial techniques and make 
numerous assumptions based on available historical experience and industry statistics to estimate our insurance reserves. Estimating 
the number and severity of claims, as well as related judgment or settlement amounts, is inherently difficult, subjective and 
speculative. While an independent actuarial firm periodically reviews our reserves for appropriateness and provides claims reserve 
valuations, a number of external factors can affect the actual losses incurred for any given claim, including but not limited to the 
length of time the claim remains open, increases in healthcare costs, increases in automotive costs (including rental vehicles), 
legislative and regulatory developments, judicial developments and unexpected events. Such factors can impact the reserves for claims 
incurred but not yet paid as well as the actuarial assumptions used to estimate the reserves for claims incurred but not yet reported and 
any related estimable expenses for current and historical periods. The automotive insurance industry has experienced rising costs due 
to, among other things, inflation, supply chain challenges, and the increasing cost of medical care, which has driven an increase in 
actual losses in recent periods, and we expect these costs to continue to drive increased actual losses. Additionally, our insurance 
providers have encountered in the past, and may encounter in the future, instances of insurance fraud, which could increase our actual 
insurance-related costs. For any of the foregoing reasons, our actual losses for claims and related expenses may deviate, individually 
or in the aggregate, from the insurance reserves reflected in our consolidated financial statements. If we determine that our estimated 
insurance reserves are inadequate, we may be required to increase such reserves at the time of the determination, which could result in 
an increase to our net loss in the period in which the shortfall is determined and negatively impact our financial condition and results 
of operations. For example, we have in the past experienced adverse development where we have needed to increase historical 
reserves attributable to liabilities in prior periods. 
We rely on a limited number of third-party insurance service providers for our auto-related insurance claims, and if such providers 
fail to service insurance claims to our expectations or we do not maintain business relationships with them, our business, financial 
condition and results of operations could be adversely affected.
We rely on a limited number of third-party insurance service providers to service our auto-related claims. If any of our third-
party insurance service providers fail to service claims to our expectations, discontinues or increases the cost of coverage or changes 
the terms of such coverage in a manner not favorable to drivers or to us, we cannot guarantee that we would be able to secure 
replacement coverage or services on reasonable terms in an acceptable time frame or at all. If we cannot find alternate third-party 
insurance service providers on terms acceptable to us, we may incur additional expenses related to servicing such auto-related claims 
using internal resources. 
In recent periods, the automotive insurance industry has experienced rising costs due to, among other things, inflation, supply 
chain challenges, and the cost of medical care, which has harmed our business, financial condition and results of operations, including 
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through increased insurance renewal costs, and we expect it to continue to negatively impact the automotive insurance industry and 
our business, financial condition and results of operations. 
We have, from time to time, sold portions of retained insurance risk to third-parties, including as described in the “Insurance 
Reserves” subheading in Note 8, Supplemental Financial Statement Information to the consolidated financial statements included in 
this Annual Report on Form 10-K. These transactions may cause us to incur additional expenses in the total cost of this risk, and we 
are subject to recapture of the risk if any third party reinsurer were to default on their reinsurance obligation.
Any negative publicity related to any of our third-party insurance service providers could adversely affect our reputation and 
brand and could potentially lead to increased regulatory or litigation exposure. Any of the foregoing risks could adversely affect our 
business, financial condition and results of operations.
Our reputation, brand and the network effects among the drivers and riders on our platform are important to our success, and if 
we are not able to maintain and continue developing our reputation, brand and network effects, our business, financial condition 
and results of operations could be adversely affected.
We believe that building a strong reputation and brand as a safe, reliable and affordable platform and continuing to increase 
the strength of the network effects among the drivers and riders on our platform are critical to our ability to attract and retain qualified 
drivers and riders. The successful development of our reputation, brand and network effects will depend on a number of factors, many 
of which are outside our control. Negative perception of our platform or company may harm our reputation, brand and networks 
effects, including as a result of:
•
complaints or negative publicity about us, drivers on our platform, riders, our product offerings, our ability to deliver on 
product promises, pricing or our policies and guidelines, including our practices and policies with respect to drivers, or the 
ridesharing industry, even if factually incorrect or based on isolated incidents;
•
illegal, negligent, reckless or otherwise inappropriate behavior by drivers or riders or third parties, or concerns about the 
safety of our platform or ridesharing in general;
•
a failure to provide drivers with a sufficient level of ride requests, charge drivers fees and commissions that are competitive 
or provide drivers with competitive fares and incentives;
•
a failure to offer riders competitive ride pricing and pick-up times or the desired range of ride types;
•
actual or perceived disruptions of or defects in our platform, such as privacy or data security breaches or incidents, site 
outages, payment disruptions or other incidents that impact the reliability of our offerings;
•
litigation over, or investigations by regulators into, our platform or our business, including any adverse resolution of such 
litigation or investigations;
•
users’ lack of awareness of, or compliance with, our policies, changes to our policies that are negatively received, or a failure 
to enforce our policies in a manner perceived as effective, fair and transparent;
•
a failure to operate our business in a way that is consistent with our stated values and mission, including modification or 
discontinuation of our community or sustainability programs, illegal or otherwise inappropriate behavior by our management 
team or other employees or contractors, or negative perception of our treatment of employees;
•
inadequate or unsatisfactory user support service experiences;
•
negative responses by drivers or riders to new offerings on our platform;
•
accidents, defects or other negative incidents involving autonomous vehicles or Light Vehicles on our platform or Light 
Vehicles sold to third parties;
•
political or social policies or activities, including our response to employee sentiment related to these matters; or 
•
any of the foregoing with respect to our competitors, to the extent such resulting negative perception affects the public’s 
perception of us or our industry as a whole.
If we do not successfully maintain and develop our brand, reputation and network effects and successfully differentiate our 
offerings from competitive offerings, our business may not grow, we may not be able to compete effectively and we could lose 
existing qualified drivers or existing riders or fail to attract new qualified drivers or new riders, any of which could adversely affect 
our business, financial condition and results of operations. In addition, changes we may make to enhance and improve our offerings 
and balance the needs and interests of the drivers and riders on our platform may be viewed positively from one group’s perspective 
20

(such as riders) but negatively from another’s perspective (such as drivers), or may not be viewed positively by either drivers or riders. 
If we fail to balance the interests of drivers and riders or make changes that they view negatively, drivers and riders may stop using 
our platform, take fewer rides or use alternative platforms, any of which could adversely affect our reputation, brand, business, 
financial condition and results of operations.
Illegal, improper or otherwise inappropriate activity of users, whether or not occurring while utilizing our platform, has and could 
continue to expose us to liability and harm our business, brand, financial condition and results of operations.
Illegal, improper or otherwise inappropriate activities by users, including the activities of individuals who may have 
previously engaged with, but are not then receiving or providing services offered through, our platform or individuals who are 
intentionally impersonating users of our platform could adversely affect our brand, business, financial condition and results of 
operations. These activities may include criminal activity such as assault, theft, unauthorized use of credit and debit cards or bank 
accounts, as well as other misconduct such as sharing of rider or driver accounts, and identity theft to create user accounts. While we 
have implemented various measures intended to anticipate, identify and address the risk of these types of activities, these measures 
may not adequately address, and are unlikely to prevent, all illegal, improper or otherwise inappropriate activity by these parties from 
occurring in connection with our offerings. Such conduct has and could continue to expose us to liability or adversely affect our brand 
or reputation. At the same time, if the measures we have taken to guard against these illegal, improper or otherwise inappropriate 
activities, such as our requirement that all drivers undergo annual background checks or our two-way rating system and related 
policies, are too restrictive and inadvertently prevent qualified drivers and riders otherwise in good standing from using our offerings, 
or if we are unable to implement and communicate these measures fairly and transparently or are perceived to have failed to do so, the 
growth and retention of the number of qualified drivers and riders on our platform and their utilization of our platform could be 
negatively impacted. Further, any negative publicity related to the foregoing, whether such incident occurred on our platform, on our 
competitors’ platforms, or on any ridesharing platform, could adversely affect our reputation and brand or public perception of the 
ridesharing industry as a whole, which could negatively affect demand for platforms like ours, and potentially lead to increased 
regulatory or litigation exposure. Any of the foregoing risks could harm our business, financial condition and results of operations.
We rely on third-party background check providers to screen potential and existing drivers, and if such providers fail to furnish 
and/or provide accurate information, or if such providers are unable to complete background checks or are delayed in completing 
background checks because of data access restrictions, software outages, cyberattacks, or otherwise, or if we do not maintain 
business relationships with them, our business, financial condition and results of operations could be adversely affected.
We rely on third-party background check providers to screen the records of potential and existing drivers to help identify 
those that are not qualified to utilize our platform pursuant to applicable laws or our internal standards. Our business has been and may 
continue to be adversely affected to the extent we cannot attract or retain qualified drivers as a result of such providers being unable to 
complete certain background checks, or being significantly delayed in completing certain background checks, because of data access 
restrictions, software outages, cyberattacks, unforeseen court or Department of Motor Vehicle closures, or otherwise, or to the extent 
that they do not meet their contractual obligations, our expectations or the requirements of applicable laws or regulations. If any of our 
third-party background check providers terminates its relationship with us or refuses to renew its agreement with us on commercially 
reasonable terms, we may need to find an alternate provider, and may not be able to secure similar terms or replace such partners in an 
acceptable time frame. If we cannot find alternate third-party background check providers on terms acceptable to us, we may not be 
able to timely onboard potential drivers, and as a result, our platform may be less attractive to qualified drivers. Further, if the 
background checks conducted by our third-party background check providers do not meet our expectations or the requirements under 
applicable laws and regulations, unqualified drivers may be permitted to provide rides on our platform, and as a result, our reputation 
and brand could be adversely affected and we could be subject to increased regulatory or litigation exposure.
We are also subject to a number of laws and regulations applicable to background checks for potential and existing drivers on 
our platform. If we or drivers on our platform fail to comply with applicable laws, rules and legislation, our reputation, business, 
financial condition and results of operations could be adversely affected.
Any negative publicity related to any of our third-party background check providers, including publicity related to safety 
incidents or data security breaches or incidents, could adversely affect our reputation and brand, and could potentially lead to 
increased regulatory or litigation exposure. Any of the foregoing risks could adversely affect our business, financial condition and 
results of operations.
Changes to our pricing could adversely affect our ability to attract or retain qualified drivers and riders.
Demand for our offerings is highly sensitive to the price of rides, the rates for time and distance driven, incentives paid to 
drivers and the fees we charge drivers. Many factors, including operating costs, legal and regulatory requirements or constraints and 
our current and future competitors’ pricing and marketing strategies including increased incentives for drivers, could significantly 
affect our pricing strategies. Certain of our competitors offer, or may in the future offer, lower-priced or a broader range of offerings. 
Similarly, certain competitors may use marketing strategies that enable them to attract or retain qualified drivers and riders at a lower 
cost than we do. This includes the use of algorithms to set dynamic prices for riders and earnings for drivers that are dependent on 
various factors, such as the route, time of day, and pick-up and drop-off locations of riders. From time to time, we have made pricing 
changes and spent significant amounts on marketing and both rider and driver incentives, and we expect that, from time to time, we 
21

will be required, through competition, regulation or otherwise, to reduce the price of rides for riders, increase the incentives we pay to 
drivers on our platform or reduce the fees we charge the drivers on our platform, or to increase our marketing and other expenses to 
attract and retain qualified drivers and riders in response to competitive pressures. These actions may adversely affect our business and 
financial results and may not have the desired benefits. At times, in certain geographic markets, we have offered, and may continue to 
offer, driver incentives that cause the total amount of the fare that a driver retains, combined with the driver incentives a driver 
receives from us, to increase, at times meeting or exceeding the amount of gross bookings we generate for a given ride. Furthermore, 
the economic sensitivity of drivers and riders on our platform may vary by geographic location, and as we expand, our pricing 
methodologies may not enable us to compete effectively in these locations. Local regulations may affect our pricing in certain 
geographic locations, which could amplify these effects. For example, state and local laws and regulations regarding pricing 
limitations during government declared States of Emergency have imposed limits on prices for certain services, and state and local 
laws and regulations have imposed minimum earnings standards for drivers, which, at times, have caused us to increase prices in 
certain markets, including California, New York, Washington, Massachusetts and Minnesota. We have tested or launched, and expect 
to in the future test or launch, new pricing strategies and initiatives, such as our earnings commitment, subscription packages and 
driver or rider loyalty programs. We have also modified, and expect to in the future modify, existing pricing methodologies, such as 
our up-front pricing policy. To the extent any strategies, initiatives or modifications to our pricing methodologies lead to real or 
perceived harm to driver earnings, our ability to attract or retain qualified drivers may be adversely affected. Any of the foregoing 
actions may not ultimately be successful in attracting and retaining qualified drivers and riders or may result in loss of market share, 
negative public perception and harm to our reputation.
While we continue to maintain that drivers on our platform are independent contractors in legal and administrative 
proceedings, our arguments may ultimately be unsuccessful. A determination in, resolution of, or settlement of, any legal proceeding, 
whether we are party to such legal proceeding or not, that classifies a driver utilizing a ridesharing platform as an employee, may 
require us to revise our pricing and earnings methodologies, or make other changes to our business and operations, to account for such 
a change to driver classification. Proposition 22 in California, HB 2076 in Washington and agreements with the New York and 
Massachusetts Attorneys General have enabled us to provide additional earning opportunities to drivers in those states, including 
guaranteed earnings. The transition has required, and will continue to require, additional costs and we expect to face other challenges 
as we transition drivers to these new models, including changes to our pricing. We have also tested or launched, and may in the future 
test or launch, certain changes to the rates, fees and payment structure for drivers on our platform, which may not ultimately be 
successful in attracting and retaining qualified drivers. Moreover, while the California Supreme Court rejected a constitutional 
challenge to Proposition 22 on July 25, 2024, other potential litigation to overturn Proposition 22, litigation over Lyft’s compliance 
with Proposition 22, or the reclassification of drivers on our platform as employees could reduce the available supply of drivers as 
drivers leave the platform due to the changes in flexibility under an employment model, or other changes we may need to make to our 
business and operations. While we do and will attempt to optimize ride prices and balance supply and demand in our ridesharing 
marketplace, our assessments may not be accurate. We have experienced in the past and may experience in the future underpricing or 
overpricing of our offerings due to changes we make to the technology used in our pricing. In addition, if the offerings on our platform 
change, then we may need to revise our pricing methodologies. As we continue to launch new and develop existing asset-intensive 
offerings such as our network of Light Vehicles and certain vehicles in our Express Drive program, factors such as maintenance, debt 
service, depreciation, asset life, supply chain efficiency and asset replacement may affect our pricing methodologies. In addition, we 
have established environmental programs that may also affect our pricing. Any such changes to our pricing methodologies or our 
ability to efficiently price our offerings could adversely affect our business, financial condition and results of operations.
If we are unable to efficiently grow and further develop our network of Light Vehicles, which may not grow as we expect or 
become profitable over time, and manage the related risks, our business, financial condition and results of operations could be 
adversely affected.
While some major cities have widely adopted bike and scooter sharing, there can be no assurance that new markets we enter 
will accept, or existing markets will continue to accept, bike and scooter sharing, and even if they do, that we will be able to execute 
on our business strategy or that our related offerings will be successful in such markets. For example, although we have exclusive 
rights to operate bike or scooter sharing programs in certain jurisdictions, we have faced competition in contravention of such rights 
and have incurred costs to defend against such challenges. A negative determination in other legal disputes regarding bike and scooter 
sharing, including an adverse determination regarding our existing rights to operate, could adversely affect our competitive position 
and results of operations. Additionally, we may from time to time be denied permits to operate, or be temporarily restricted from 
operating due to public health and safety measures, our bike share program or scooter share program in certain jurisdictions. While we 
do not expect any denial or suspension in an individual region to have a material impact, these denials or suspensions in the aggregate 
could adversely affect our business and results of operations. Even if we are able to successfully develop and implement our network 
of Light Vehicles, there may be heightened public skepticism of this nascent service offering. In particular, there could be negative 
public perception surrounding bike and scooter sharing, including the overall safety and the potential for injuries occurring as a result 
of accidents involving an increased number of bikes and scooters on the road, and the general safety of the bikes and scooters 
themselves. Such negative public perception may result from incidents on our platform or incidents involving our competitors’ 
offerings.
22

We design and contract to manufacture bikes and scooters using a limited number of external suppliers, and a continuous, 
stable and cost-effective supply of bikes and scooters that meets our standards is critical to our operations. We expect to continue to 
rely on external suppliers in the future. There can be no assurance we will be able to maintain our existing relationships with these 
suppliers and continue to be able to source our bikes and scooters on a stable basis, at a reasonable price or at all. We also design and 
contract to manufacture certain assets related to our network of Light Vehicles and we rely on a small number of suppliers, and in 
some instances a sole supplier, for components and manufacturing services. Similarly, we rely on external vendors to provide field 
services to our bike and scooter operations. There can be no assurance we will be able to maintain our existing relationships with these 
vendors. Also, from time to time we transition these services in one or more geographies from one vendor to another, and the 
transition process could interrupt or otherwise adversely affect our operations.
The revenue we generate from our network of Light Vehicles fluctuates from quarter to quarter due to, among other things, 
seasonal factors including weather. Our limited operating history makes it difficult for us to assess the exact nature or extent of the 
effects of seasonality on our network of Light Vehicles, however, we generally experience a decline in demand for our bike and 
scooter rentals over the winter season and an increase during more temperate and dry seasons. Additionally, from time to time we may 
re-evaluate the markets in which we operate and the performance of our network of Light Vehicles, and we have discontinued and 
may in the future discontinue operations in certain markets as a result of such evaluations. For example, in recent years, we 
discontinued our shared scooter and/or shared bike programs in San Diego, Los Angeles, Minneapolis, Washington, D.C. and Denver 
due to a number of factors including onerous contractual requirements, institutionalized theft, and lack of public investment. Any of 
the foregoing risks and challenges could adversely affect our business, financial condition and results of operations.
Challenges relating to the supply chain for our Light Vehicles could adversely affect our business, financial condition and results 
of operations.
The supply chain for our bikes and scooters exposes us to multiple potential sources of delivery failure or shortages and our 
acquisition of PBSC, a producer and seller of bikeshare equipment and software, has increased that exposure. In the event that our 
supply of bikes and scooters or key components is interrupted or there are significant increases in prices, our business, financial 
condition and results of operations could be adversely affected. Changes in business conditions, force majeure, any public health crises 
or pandemics, governmental or regulatory changes and other factors beyond our control have affected and could continue to affect our 
suppliers’ ability to deliver products and our ability to deploy products to the market, or deliver products to third parties, on a timely 
basis.
We incur significant costs related to the design, purchase, sourcing and operations of our network of Light Vehicles and we 
expect to continue incurring such costs as we operate our network of Light Vehicles. The prices and availability of bikes and scooters 
and related products may fluctuate depending on factors beyond our control including market and economic conditions, tariffs, 
changes to import or export regulations and demand. Substantial increases in prices of these assets or the cost of our operations would 
increase our costs and reduce our margins, which could adversely affect our business, financial condition and results of operations. 
Further, customs authorities may challenge or disagree with our classification, valuation or country of origin determinations of our 
imports. Such challenges could result in tariff liabilities, including tariffs on past imports, as well as penalties and interest. Although 
we have reserved for potential payments of possible tariff liabilities in our financial statements, if these liabilities exceed such 
reserves, our financial condition could be harmed. 
Our bikes and scooters or components thereof, including bikes and scooters and components that we design and contract to 
manufacture using third-party suppliers, have experienced and may in the future experience quality problems, product issues or acts of 
vandalism or theft from time to time, which could result in decreased usage of our network of Light Vehicles or loss of our bikes or 
scooters. There can be no assurance we will be able to detect and fix all product issues, vandalism or theft of our Light Vehicles. 
Failure to do so could result in lost revenue, litigation or regulatory challenges, including personal injury or products liability claims, 
and harm to our reputation.
If we are unable to efficiently develop, enable, or implement partnerships with other companies to offer autonomous vehicle 
technologies on our platforms in a timely manner, our business, financial condition and results of operations could be adversely 
affected.
We currently partner and have partnered in the past with several companies to develop autonomous vehicle technology and 
offerings. Autonomous driving is a new and evolving market, which makes it difficult to predict its acceptance, its growth, and the 
magnitude and timing of necessary investments and other trends, including when it may be more broadly or commercially available. 
Our initiatives may not perform as expected, which would reduce the return on our investments in this area and our current or future 
partners may decide to terminate or scale back their partnerships with us. For example, in October 2022, one of our autonomous 
vehicle partners announced its wind-down, and as a result we incurred a total impairment charge of $135.7 million consisting of 
impairments of our non-marketable equity investment in such company and other assets. Following the sale of our Level 5 self-driving 
vehicle division in 2021, we no longer develop our own autonomous vehicle technology, so we must develop and maintain 
partnerships with other companies to offer autonomous vehicle technology on our platforms, and if we are unable to do so, or if we do 
so at a slower pace or at a higher cost or if our technology is less capable relative to our competitors, or if our efforts to optimize our 
strategy with regard to our autonomous vehicle technology development are not successful, our business, financial condition and 
23

results of operations could be adversely affected. Likewise, if our current or future autonomous vehicle technology partners are 
delayed or prevented from developing autonomous vehicle technology, our business, financial condition and results of operations 
could be adversely affected. For example, a general decrease in available capital, as well as an increase in regulatory scrutiny could 
delay or prevent the development of autonomous vehicle technology by our partners.
The autonomous vehicle industry may not continue to develop, or autonomous vehicles may not be adopted by the market, which 
could adversely affect our prospects, business, financial condition and results of operations.
We have invested, and plan to continue to invest, in the development of autonomous vehicle-related technology for use on 
our platform. Autonomous driving involves a complex set of technologies, including the continued development of sensing, 
computing and control technology. We have relied on building strategic partnerships with third-party developers of such technologies, 
as such technologies are costly and in varying stages of maturity. There is no assurance that these current or future partnerships will 
result in the development of market-viable technologies or commercial success in a timely manner or at all. In order to gain 
acceptance, the reliability of autonomous vehicle technology must continue to advance.
Additional challenges to the development and deployment of autonomous vehicle technology, all of which are outside of our 
control, include:
•
market acceptance of autonomous vehicles;
•
state, federal or municipal licensing requirements, safety standards, and other regulatory measures;
•
necessary changes to infrastructure to enable adoption;
•
concerns regarding electronic security and privacy; 
•
levels of investment by developers of autonomous vehicle technology; and
•
public perception regarding the safety of autonomous vehicles for drivers, riders, pedestrians and other vehicles on the road.
There are a number of existing laws, regulations and standards that may apply to autonomous vehicle technology, including 
vehicle standards that were not originally intended to apply to vehicles that may not have a human driver. Such regulations continue to 
rapidly evolve, which may increase the likelihood of complex, conflicting or otherwise inconsistent regulations, which may delay our 
ability to bring autonomous vehicle technology to market or significantly increase the compliance costs associated with this business 
strategy. In addition, there can be no assurance that the market will accept autonomous vehicles or the timing of such acceptance, if at 
all, and even if it does, that we will be able to execute on our business strategy or that our offerings will be successful in the market. 
Even if autonomous vehicle technology is successfully developed and implemented, there may be heightened public skepticism of this 
nascent technology and its adopters. In particular, there could be negative public perception surrounding autonomous vehicles, 
including the overall safety and the potential for injuries or death occurring as a result of accidents involving autonomous vehicles and 
the potential loss of income to human drivers resulting from widespread market adoption of autonomous vehicles. Such negative 
public perception may result from incidents on our platform, incidents on our partners’ or competitors’ platforms, or events around 
autonomous vehicles more generally. Any of the foregoing risks and challenges could adversely affect our prospects, business, 
financial condition and results of operations.
Claims from riders, drivers or third parties that allege harm, whether or not our platform is in use, adversely affect our business, 
brand, financial condition and results of operations.
We are regularly subject to claims, lawsuits, investigations and other legal proceedings relating to injuries to, or deaths of, 
riders, drivers or third-parties. We are also subject to claims alleging that we are directly or vicariously liable for the acts of the drivers 
on our platform or for harm related to the actions of drivers, riders, or third parties, or the management and safety of our platform and 
our assets, including harm caused by criminal activity. We are also subject to personal injury claims whether or not such injury 
actually occurred as a result of activity on our platform. For example, platform users and third parties have in the past asserted legal 
claims against us in connection with personal injuries related to the actions of a driver or rider who may have previously utilized our 
platform, but was not at the time of such injury. We have incurred expenses to settle personal injury claims, which we sometimes 
choose to settle for reasons including expediency, protection of our reputation and to prevent the uncertainty of litigating, and we 
expect that such expenses will continue to increase as our business grows and we face increasing public scrutiny. Regardless of the 
outcome of any legal proceeding, any injuries to, or deaths of, any riders, drivers or third parties could result in negative publicity and 
harm to our brand, reputation, business, financial condition and results of operations. Our insurance policies and programs may not 
provide sufficient coverage to adequately mitigate the potential liability we face, especially where any one incident, or a group of 
incidents, could cause disproportionate harm, and we may have to pay high premiums or deductibles for our coverage and, for certain 
situations and/or categories of claims, we may not be able to secure coverage at all.
As we operate our network of Light Vehicles, we are subject to an increasing number of claims, lawsuits, investigations or 
other legal proceedings related to injuries to, or deaths of, riders of our Light Vehicles, including potential indemnification claims. In 
some cases, we could be required to indemnify governmental entities or operating partners for claims arising out of issues, including 
24

issues that may be outside of our control, such as the condition of the public right of way. Any such claims arising from the use of our 
Light Vehicles, regardless of merit or outcome, could lead to negative publicity, harm to our reputation and brand, significant legal, 
regulatory or financial exposure or decreased use of our Light Vehicles. Further, the bikes and scooters we design and contract to 
manufacture using third-party suppliers and manufacturers, including certain assets and components we design and have manufactured 
for us, have in the past contained and could in the future contain design or manufacturing product issues, which could also lead to 
injuries or death to riders. There can be no assurance we will be able to detect, prevent, or fix all product issues, and failure to do so 
could harm our reputation and brand or result in personal injury or products liability claims or regulatory proceedings. Any of the 
foregoing risks could adversely affect our business, financial condition and results of operations.
Our Light Vehicles have experienced product issues from time to time, which has in the past resulted in, and, in the future may 
result in, product recalls and removal from service, injuries, litigation, enforcement actions and regulatory proceedings, and could 
adversely affect our business, brand, financial condition and results of operations.
We design, contract to design and manufacture, sell, and directly and indirectly modify, maintain and repair bikes and 
scooters for our network of Light Vehicles. Such bikes and scooters have in the past contained, and, in the future may contain, product 
issues related to their design, materials or construction, may be improperly maintained or repaired or may be subject to vandalism. 
These product issues, improper maintenance or repair or vandalism have in the past unexpectedly interfered, and could in the future 
unexpectedly interfere, with the intended operations of the bikes or scooters, and have resulted, and could in the future result, in other 
safety concerns, including alleged injuries to riders or third parties. Although we, our contract manufacturers, and our third-party 
service providers test our bikes and scooters before they are deployed onto our network or sold, there can be no assurance we will be 
able to detect or prevent all product issues.
Failure to detect, prevent, fix or timely report real or perceived product issues and vandalism, or to properly maintain or 
repair our bikes and scooters has resulted or may result in a variety of consequences including product recalls and removal from 
service, service interruptions, alleged injuries, litigation, enforcement actions, including fines or penalties, regulatory proceedings, and 
negative publicity. Even if injuries to riders or third parties are not the result of any product issues in, vandalism of, or the failure to 
properly maintain or repair our bikes or scooters, we may incur expenses to defend or settle any claims or respond to regulatory 
inquiries, and our brand and reputation may be harmed. Any of the foregoing risks could also result in decreased usage of our network 
of Light Vehicles and adversely affect our business, brand, financial conditions and results of operations.
If we fail to effectively manage our growth, our business, financial condition and results of operations could be adversely affected.
We expect to continue to grow our business, infrastructure and operations over time. Growth has placed, and may continue to 
place, significant demands on our management and our operational and financial infrastructure. From time to time we have undertaken 
restructuring actions to better align our financial model and our business. For example, we have from time to time implemented 
reductions in force to reduce operating expenses and adjust cash flows in light of ongoing economic challenges. We may need to take 
additional restructuring actions in the future to align our business with the market. Steps we take to manage our business operations, 
including workplace policies for employees, and to align our operations with our strategies for future growth may adversely affect our 
reputation and brand, our ability to recruit, retain and motivate highly skilled personnel. 
Our ability to manage our growth and business operations effectively and to integrate new employees, technologies and 
acquisitions into our existing business will require us to continue to expand our operational and financial infrastructure and to continue 
to retain, attract, train, motivate and manage employees. Continued growth could strain our ability to develop and improve our 
operational, financial and management controls, enhance our reporting systems and procedures, recruit, train and retain highly skilled 
personnel and maintain user satisfaction. Additionally, if we do not effectively manage the growth of our business and operations, the 
quality of our offerings could suffer, which could negatively affect our reputation and brand, business, financial condition and results 
of operations.
Any actual or perceived security or privacy breach or incident could interrupt our operations, harm our brand and adversely affect 
our reputation, brand, business, financial condition and results of operations.
Our business involves the collection, storage, transmission and other processing of our users’ personal data and other 
sensitive data. Additionally, we maintain other confidential, proprietary, or otherwise sensitive information relating to our business, 
including intellectual property, and similar information we receive from third parties. Unauthorized parties have in the past gained 
access, and may in the future gain access, to systems or facilities we maintain or use in our business through various means, including 
gaining unauthorized access into our systems or facilities or those of our service providers, partners or users on our platform, or 
attempting to fraudulently induce our employees, service providers, partners, users or others into disclosing rider names, passwords, 
payment card information or other sensitive information, which may in turn be used to access our information technology systems, or 
attempting to fraudulently induce our employees, partners, customers, users or others into manipulating payment information, 
resulting in the fraudulent transfer of funds to criminal actors. In addition, users on our platform could have vulnerabilities on their 
own devices that are entirely unrelated to our systems and platform, but could mistakenly attribute their own vulnerabilities to us. 
Further, breaches or incidents experienced by other companies may also be leveraged against us. For example, credential stuffing 
attacks are common and sophisticated actors can mask their attacks, making them difficult to identify and prevent. Certain efforts may 
be state-sponsored or supported by significant financial and technological resources, making them even more difficult to detect.
25

Although we have developed systems and processes that are designed to protect our users’ data and prevent breaches and 
incidents, these measures cannot guarantee total security or prevent incidents from impacting our platform. Our information 
technology and infrastructure are subject to cyberattacks, breaches and incidents, including ransomware or other malware, which have 
resulted in and may result in interruptions to our operations or unavailability of our platform. Further, unauthorized parties or 
authorized third parties may be able to access our users’ personal information and payment card data that are accessible through those 
systems. Additionally, as we expand our operations, including licensing or sharing data with third parties and acquiring or partnering 
with other companies, have employees or third-party relationships in jurisdictions outside the United States, or expand work-from-
home practices of our employees, our exposure to cyberattacks, breaches and incidents may increase. As a result of conflicts such as 
the war in Ukraine, there may be a heightened risk of potential cyberattacks by state actors or others. Further, employee and service 
provider error, malfeasance or other vulnerabilities, bugs or errors in the storage, use or transmission of personal information could 
result in an actual or perceived breach or incident. In the past, there have been allegations regarding violations of our policies 
restricting access to personal information we store, and we may be subject to these types of allegations in the future. Our service 
providers also face various security threats, and we and our third-party service providers may not have the resources or technical 
sophistication to anticipate, prevent, respond to, or mitigate cyberattacks or security breaches or incidents, and we or they may face 
difficulties or delays in identifying and responding to cyberattacks, breaches and incidents.
Any actual or perceived breach or incident affecting us or other parties with which we share data or that are processing data 
on our behalf could interrupt our operations, result in our platform being unavailable or otherwise disrupted, result in loss, alteration, 
unavailability or unauthorized use, disclosure or other processing of data, result in fraudulent transfer of funds, harm our reputation 
and brand, damage our relationships with third-party partners, result in regulatory investigations and other proceedings, private claims, 
demands, litigation and other proceedings, loss of our ability to accept credit or debit card payments, increased card processing fees, 
and other significant legal, regulatory and financial exposure and lead to loss of driver or rider confidence in, or decreased use of, our 
platform, any of which could adversely affect our business, financial condition and results of operations. In addition, any actual or 
perceived compromise, breach or incident impacting autonomous vehicles, whether through our platform or our competitors’, could 
result in legal, regulatory and financial exposure and lead to loss of rider confidence in our platform, which could significantly 
undermine our business. Further, any cyberattacks directed toward, or breaches or incidents impacting, our competitors could reduce 
confidence in the ridesharing industry as a whole and, as a result, reduce confidence in us.
We incur significant costs in an effort to detect and prevent security breaches and other security-related incidents and we 
expect our costs will increase as we continue to implement systems and processes designed to prevent and otherwise address security 
breaches and incidents. In the event of a future breach or incident, we could be required to expend additional significant capital and 
other resources in an effort to respond to or prevent further breaches or incidents, which may require us to divert substantial resources. 
Moreover, we could be required or otherwise find it appropriate to expend significant capital and other resources to respond to, notify 
third parties of, and otherwise address the breach or incident and its root cause. 
Additionally, defending against claims or litigation based on any actual or perceived privacy or security breach or incident, 
regardless of their merit, could be costly and divert management’s attention. We cannot be certain that our insurance coverage will be 
adequate for such liabilities, that insurance will continue to be available to us on commercially reasonable terms, or at all, or that any 
insurer will not deny coverage as to any future claim. The successful assertion of one or more large claims against us that exceed 
available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of 
large deductible or co-insurance requirements, could have an adverse effect on our reputation, brand, business, financial condition and 
results of operations.
We primarily rely on Amazon Web Services to deliver our offerings to users on our platform, and any disruption of or interference 
with our use of Amazon Web Services could adversely affect our business, financial condition and results of operations.
We currently host our platform and support our operations using Amazon Web Services, or AWS, a third-party provider of 
cloud infrastructure services. We do not have control over the operations of the facilities of AWS that we use. AWS’ facilities are 
vulnerable to damage or interruption from natural disasters, cyberattacks, terrorist attacks, power outages and similar events or acts of 
misconduct. Our platform’s continuing and uninterrupted performance is critical to our success. We have experienced, and expect that 
in the future we will experience interruptions, delays and outages in service and availability from time to time due to a variety of 
factors, including infrastructure changes, human or software errors, website hosting disruptions and capacity constraints. In addition, 
any changes in AWS’ service levels may adversely affect our ability to meet the requirements of users. Since our platform’s 
continuing and uninterrupted performance is critical to our success, sustained or repeated system failures would reduce the 
attractiveness of our offerings. It may become increasingly difficult to maintain and improve our performance, especially during peak 
usage times, as we expand and the usage of our offerings increases. Any negative publicity arising from these disruptions could harm 
our reputation and brand and may adversely affect the usage of our offerings.
Our commercial agreement with AWS will remain in effect until terminated by AWS or us. AWS may only terminate the 
agreement for convenience after complying with a one-year advance notice requirement. AWS may also terminate the agreement for 
cause upon a breach of the agreement or for failure to pay amounts due, in each case, subject to AWS providing prior written notice 
and a 30-day cure period. In the event that our agreement with AWS is terminated or we add additional cloud infrastructure service 
providers, we may experience significant costs or downtime in connection with the transfer to, or the addition of, new cloud 
26

infrastructure service providers. Any of the above circumstances or events may harm our reputation and brand, reduce the availability 
or usage of our platform, lead to a significant short term loss of revenue, increase our costs and impair our ability to attract new users, 
any of which could adversely affect our business, financial condition and results of operations.
On February 1, 2022 we entered into an addendum to our commercial agreement with AWS, pursuant to which we 
committed to spend an aggregate of at least $350 million between February 2022 and January 2026 on AWS services, with a 
minimum amount of $80 million in each of the four years. If we fail to meet the minimum purchase commitment during any year, we 
may be required to pay the difference, which could adversely affect our financial condition and results of operations.
We rely on third-party and affiliate vehicle rental partners for our Express Drive program, as well as third-party vehicle supply, 
fleet management and finance partners to support our Express Drive program, and if we cannot manage our relationships with 
such parties and other risks related to our Express Drive program, our business, financial condition and results of operations 
could be adversely affected.
We rely on third-party and affiliate vehicle rental partners as well as third-party vehicle supply, fleet management and finance 
partners to supply vehicles to drivers for our Express Drive program. If any of our third-party vehicle rental partners or third-party 
vehicle supply, fleet management and finance partners terminates its relationship with us or refuses to renew its agreement with us on 
commercially reasonable terms, the availability of vehicles for drivers in certain markets could be adversely impacted, and we may 
need to find an alternate provider, and may not be able to secure similar terms or replace such partners in an acceptable time frame. 
Similarly, in the event that vehicle manufacturers issue recalls that affect the usage or the supply of vehicles or automotive parts is 
interrupted, including as a result of public health crises or pandemics, affecting vehicles in these partners’ fleets, the supply of vehicles 
available from these partners could become constrained. In addition, in May 2020, Hertz filed for bankruptcy protection, which 
affected its ability to meet the requirements of our Express Drive program. If we cannot find alternate third-party vehicle rental 
providers on terms acceptable to us, or these partners’ fleets are impacted by events such as vehicle recalls, we may not be able to 
meet the driver and consumer demand for rental vehicles, and as a result, our platform may be less attractive to qualified drivers and 
consumers. In addition, due to a number of factors, including our agreements with our vehicle rental partners and our auto-related 
insurance program, we incur an incrementally higher insurance cost from our Express Drive program compared to the corresponding 
cost from the rest of our ridesharing marketplace offerings. If Flexdrive, Lyft’s independently managed subsidiary, is unable to 
manage costs of operating Flexdrive’s fleet and potential shortfalls between such costs and the rental fees collected from drivers, Lyft 
and Flexdrive may update the pricing methodologies related to Flexdrive’s offering in Lyft’s Express Drive program which could 
increase prices, and in turn adversely affect our ability to attract and retain qualified drivers through the Express Drive program.
Any negative publicity related to any of our third-party and affiliate vehicle rental partners, including publicity related to 
quality standards or safety concerns, could adversely affect our reputation and brand and could potentially lead to increased regulatory 
or litigation exposure. Any of the foregoing risks could adversely affect our business, financial condition and results of operations.
Our Express Drive program and potential future fleet businesses expose us to certain risks, including reductions in the utilization 
of vehicles in the fleets.
For the Express Drive vehicle rental program for drivers operated by our independently managed subsidiary, Flexdrive, a 
portion of the fleet is sourced from a range of auto manufacturers. In addition, we have established environmental programs that may 
limit the range of auto manufacturers or vehicles that Flexdrive sources or purchases from. To the extent that any of these auto 
manufacturers significantly curtail production, increase the cost of purchasing cars or decline to provide cars to Flexdrive on terms or 
at prices consistent with past agreements, despite sourcing vehicles from the used car market and other efforts to mitigate, Flexdrive 
may be unable to obtain a sufficient number of vehicles for Lyft to operate the Express Drive business without significantly increasing 
fleet costs or reducing volumes. Similarly, where events, such as natural disasters or public health crises such as the COVID-19 
pandemic, make operating rental locations difficult or impossible, or adversely impact rider demand, the demand for or Flexdrive’s 
ability to make vehicles available for rent through the Express Drive program has been and could continue to be adversely affected, 
resulting in reduced utilization of the vehicles in the fleets. 
Although new vehicle inventory supply is improving, Flexdrive has previously experienced and may in the future experience 
production and delivery delays which can hinder its ability to meet demand and grow the fleet. New vehicle production delays also 
lead to holding onto existing vehicles longer which in turn leads to increased costs relating to those vehicles. 
The costs of the fleet vehicles may also be adversely impacted by the relative strength of the used car market. Flexdrive 
currently sells vehicles through auctions, third-party resellers and other channels in the used vehicle marketplace. Such channels may 
not produce stable used vehicle prices and Flexdrive has experienced a softening in the used car market. It may be difficult to estimate 
the residual value of vehicles used in ridesharing, such as those rented to drivers through our Express Drive program. If Flexdrive is 
unable to obtain and maintain the fleet of vehicles cost-efficiently or if Flexdrive is unable to accurately forecast the residual values of 
vehicles in the fleet, our business, financial condition and results of operations could be adversely affected.
27

We rely on third-party payment processors to process payments made by riders and payments made to drivers on our platform, and 
if we cannot manage our relationships with such third parties and other payment-related risks, our business, financial condition 
and results of operations could be adversely affected.
We rely on a limited number of third-party payment processors to process payments made by riders and payments made to 
drivers on our platform. If any of our third-party payment processors terminates its relationship with us or refuses to renew its 
agreement with us on commercially reasonable terms, we would need to find an alternate payment processor, and may not be able to 
secure similar terms or replace such payment processor in an acceptable time frame. Further, the software and services provided by 
our third-party payment processors may not meet our expectations, contain errors or vulnerabilities, be compromised or experience 
outages. Any of these risks could cause us to lose our ability to accept online payments or other payment transactions or make timely 
payments to drivers on our platform, any of which could make our platform less convenient and attractive to users and adversely affect 
our ability to attract and retain qualified drivers and riders.
Nearly all rider payments and driver payouts are made by credit card, debit card or through third-party payment services, 
which subjects us to certain payment network or service provider operating rules, to certain regulations and to the risk of fraud. We 
may in the future offer new payment options to riders that may be subject to additional operating rules, regulations and risks. We may 
also be subject to a number of other laws and regulations relating to the payments we accept from riders, including with respect to 
money laundering, money transfers, privacy, data protection and information security. If we fail to comply with applicable rules and 
regulations, we may be subject to civil or criminal penalties, fines or higher transaction fees and may lose our ability to accept online 
payments or other payment card transactions, which could make our offerings less convenient and attractive to riders. If any of these 
events were to occur, our business, financial condition and results of operations could be adversely affected.
For example, if we are deemed to be a money transmitter as defined by applicable regulation, we could be subject to certain 
laws, rules and regulations enforced by multiple authorities and governing bodies in the United States and numerous state and local 
agencies who may define money transmitter differently. For example, certain states may have a more expansive view of who qualifies 
as a money transmitter. Additionally, outside of the United States, we could be subject to additional laws, rules and regulations related 
to the provision of payments and financial services, and if we expand into new jurisdictions, the foreign regulations and regulators 
governing our business that we are subject to will expand as well. If we are found to be a money transmitter under any applicable 
regulation and we are not in compliance with such regulations, we may be subject to fines or other penalties in one or more 
jurisdictions levied by federal, state or local regulators, including state Attorneys General, as well as those levied by foreign 
regulators. In addition to fines, penalties for failing to comply with applicable rules and regulations could include criminal and civil 
proceedings, forfeiture of significant assets or other enforcement actions. We could also be required to make changes to our business 
practices or compliance programs as a result of regulatory scrutiny.
For various payment options, we are required to pay fees such as interchange and processing fees that are imposed by 
payment processors, payment networks and financial institutions. These fees are subject to increases, which could adversely affect our 
business, financial condition, and results of operations. Additionally, our payment processors require us to comply with payment card 
network operating rules, which are set and interpreted by the payment card networks and which include, among other obligations, 
requirements to comply with security standards. The payment card networks could adopt new operating rules or interpret or re-
interpret existing rules in ways that might prohibit us from providing certain offerings to some users, be costly to implement or 
difficult to follow, and if we fail or are alleged to fail to comply with applicable rules or requirements of payment card networks, we 
may be subject to fines or higher transaction fees and may lose our ability to accept online payments or other payment card 
transactions. We have agreed to reimburse our payment processors for fines they are assessed by payment card networks if we or the 
users on our platform violate these rules. Any of the foregoing risks could adversely affect our business, financial condition and results 
of operations.
We rely on other third-party service providers and if such third parties do not perform adequately or terminate their relationships 
with us, our costs may increase and our business, financial condition and results of operations could be adversely affected.
Our success depends in part on our relationships with other third-party service providers. For example, we rely on third-party 
encryption and authentication technologies licensed from third parties that are designed to securely transmit personal information 
provided by drivers and riders on our platform. Further, from time to time, we enter into strategic commercial partnerships in 
connection with the development of new technology, the growth of our qualified driver base, the provision of new or enhanced 
offerings for users on our platform and our expansion into new markets. If any of our partners terminates its relationship with us, or 
refuses to renew its agreement with us on commercially reasonable terms, we would need to find an alternate provider, and may not be 
able to secure similar terms or replace such providers in an acceptable time frame. Similarly, in the event that our strategic partners 
experience a disruption in their operations, our ability to continue providing certain product offerings could become constrained. If we 
cannot find alternate partners, we may not be able to meet the demand for these product offerings, and as a result, these offerings and 
our platform may become less attractive. We also rely on other software and services supplied by third parties, such as 
communications and internal software, and our business may be adversely affected to the extent such software and services do not 
meet our expectations, contain errors or vulnerabilities, are compromised or experience outages. Any of these risks could increase our 
costs and adversely affect our business, financial condition and results of operations. Further, any negative publicity related to any of 
our third-party partners, including any publicity related to quality standards or safety concerns, could adversely affect our reputation 
28

and brand, and could potentially lead to increased regulatory or litigation exposure. In addition, in certain cases, we rely on these third-
party partners to provide certain data that is important to the management of our business. Errors in the data, or failure to provide data 
in a timely manner, could adversely affect our ability to manage our business and could impact the accuracy of our financial reporting.
We use and incorporate technology and intellectual property from third parties into our platform, products, and services. We 
cannot be certain that such technology, intellectual property, or third parties are not infringing the intellectual property rights of others 
or that these third parties have sufficient rights to the technology or intellectual property in all jurisdictions in which we may operate. 
Some of our license agreements may be terminated by our licensors for convenience. If we are unable to obtain or maintain rights to 
any of this technology because of intellectual property infringement claims brought by third parties against our suppliers and licensors 
or against us, or if we are unable to continue to obtain the technology or enter into new agreements on commercially reasonable terms, 
our ability to develop our platform or products containing that technology or provide services using that technology could be severely 
limited and our business could be harmed. Additionally, if we are unable to access necessary technology from third parties, we may be 
forced to acquire or develop alternate technology, which may require significant time and effort and may be of lower quality or 
performance standards and may subject us to certain risks discussed in the preceding paragraph that are currently borne by third 
parties. This would limit and delay our ability to provide new or competitive offerings and increase our costs. If alternate technology 
cannot be obtained or developed or if we are unable to develop such alternate technology at commercially reasonable levels of risk, we 
may not be able to offer certain functionality as part of our offerings, which could adversely affect our business, financial condition 
and results of operations.
Our advertising business, Lyft Media, is nascent and subject to various risks and uncertainties, which may adversely affect our 
business and financial results.
We have introduced Lyft Media, a media and advertising business from which we earn revenue from third parties who 
advertise through various offerings on our platform. We have limited experience and operating history offering media and advertising 
on our platform, and our efforts to develop Lyft Media and generate revenue are still in the early stages. We may never generate 
sufficient revenue to offset our investment or achieve the returns we expect. 
Lyft Media and our ability to generate and increase revenue from Lyft Media are subject to various risks and uncertainties, 
including:
•
our ability to attract and retain advertisers, particularly because our advertisers do not have long-term commitments with us;
•
our ability to deliver advertisements in an effective manner; 
•
our ability to compete effectively for advertising spend, including our ability to create products and offerings that are 
perceived as valuable to advertisers;
•
the impact of seasonal, cyclical or other shifts in advertising spend, including the impact of macroeconomic conditions;
•
the availability, accuracy, utility, and security of analytics and measurement solutions offered by us or third parties that 
demonstrate the value of our ads to marketers, or our ability to further improve such tools;
•
our failure to increase the number of riders who engage with Lyft Media;
•
changes in our viewer demographics that make us less attractive to advertisers;
•
adverse legal developments relating to advertising, including with respect to ad targeting and measurement tools;
•
our inability to deliver advertisements due to hardware, software or network limitations;
•
changes in third-party policies such as changes to mobile device operating systems that impose heightened restrictions on our 
access and use of user data by allowing users to more easily opt-out of tracking of activity across devices, which may 
negatively impact the ability to measure, deliver and select ads to be served;
•
regulatory, legislative and industry developments relating to the collection, use and other processing of information and other 
privacy considerations, including regulations related to ad targeting and measurement tools;
•
product changes or advertising inventory management decisions we may make that change the type, size or frequency of 
advertisements displayed on Lyft Media;
•
adverse media reports or other negative publicity involving us, our business or advertisers on our platform that may impact 
our brand and reputation and the willingness of advertisers to advertise on our platform;
•
any liability, brand or reputational harm from advertisements shown on our platform;
•
any uncertainty related to third party agreements to manage, sell ads, or otherwise to provide services in the Lyft Media 
ecosystem; 
•
advertisers may not agree to reformat or change their advertisements to comply with our guidelines; 
29

•
any driver, rider or third-party dissatisfaction due to advertisements; and
•
our ability to increase or maintain driver adoption and use of Lyft Media products.
These and other factors could harm our Lyft Media business and the ability of our Lyft Media business to achieve the return 
on investment we expect which could harm our business.
Use of artificial intelligence and machine learning may present additional risks, including risks associated with algorithm 
development or use, the data sets used, and/or a complex, developing regulatory environment.
We use artificial intelligence (“AI”) (including machine learning and automated decision making) for our internal work 
streams and productivity as well as in our platform, offerings, services and features, which may present additional risks, including 
risks inherent in its use. We are making investments in expanding our AI capabilities in our platform, offerings, services and features, 
including ongoing deployment and improvement of existing machine learning and AI technologies, as well as developing new features 
using AI technologies, including, for example, generative AI. AI algorithms or automated processing of data may be flawed and 
datasets may be insufficient or contain inaccurate or biased information, which can create discriminatory outcomes. AI algorithms 
may use third-party inputs with unclear intellectual property rights or interests. Intellectual property ownership and license rights, 
including copyright, of generative and other AI output, have not been fully interpreted by courts or fully addressed by federal or state 
regulations. The United States and other countries are considering comprehensive legal compliance frameworks specifically for AI, 
which is a trend that may increase now that the European Union has adopted the first such framework in its Artificial Intelligence Act. 
In addition, there may be additional legislation or regulations from government bodies that similarly impose compliance obligations 
for AI. Any failure or perceived failure by us or our service providers to comply with such requirements could have an adverse impact 
on our business. AI use or management by us or others, including decisions based on automated processing or profiling, inappropriate 
or controversial data practices, or insufficient disclosures regarding machine learning, automated decision making, and algorithms, 
have and could impair the operationality or acceptance of AI solutions or subject us to lawsuits, regulatory investigations or other 
harm, such as negative impacts to the value of our intellectual property or our brand. These deficiencies could also undermine the 
decisions, predictions or analysis AI applications produce, or lead to unintentional bias and discrimination, subjecting us to 
competitive harm, legal liability, and brand or reputational harm. The rapid evolution of AI may require us to allocate additional 
resources to help implement AI in order to minimize unintended or harmful impacts, and may also require us to make additional 
investments in the development of proprietary datasets, machine learning models or other systems, which may be costly.
If we are not able to successfully develop new offerings on our platform and enhance our existing offerings, our business, 
financial condition and results of operations could be adversely affected.
Our ability to attract new qualified drivers and new riders, retain existing qualified drivers and existing riders and increase 
utilization of our offerings will depend in part on our ability to successfully create and introduce new offerings and to improve upon 
and enhance our existing offerings. As a result, we may introduce significant changes to our existing offerings or develop and 
introduce new and unproven offerings. If these new or enhanced offerings are unsuccessful, including as a result of any inability to 
obtain and maintain required permits or authorizations or other regulatory constraints or because they fail to generate sufficient return 
on our investments, our business, financial condition and results of operations could be adversely affected. Furthermore, new driver or 
rider demands regarding service or platform features, the availability of superior competitive offerings or a deterioration in the quality 
of our offerings or our ability to bring new or enhanced offerings to market quickly and efficiently could negatively affect the 
attractiveness of our platform and the economics of our business and require us to make substantial changes to and additional 
investments in our offerings or our business model. In addition, we frequently experiment with and test different offerings and 
marketing strategies. For example, in September 2023, we launched Women+ Connect, a new feature that currently offers women and 
nonbinary riders and drivers the option to turn on a preference within the Lyft App to prioritize matches with nearby women and 
nonbinary riders and drivers, and in 2024, we extended Women+ Connect nationwide. In July 2024, we launched a new Price Lock 
product, which allows riders to purchase a monthly subscription that caps the price for a specified route during a specified one-hour 
time window. Additionally, in May 2024, we launched a driver earnings commitment nationwide in the United States where we 
promise a driver will earn at least 70% of weekly passenger payments after external fees. If a driver’s weekly earnings are below the 
70% commitment, they will receive a true-up payment for the difference. Any significant inability to deliver on the commitment could 
lead to brand and reputational harm and create potential legal risk. If our experiments and tests are unsuccessful, or if the offerings and 
strategies we introduce based on the results of such experiments and tests do not perform as expected, our ability to attract new 
qualified drivers and new riders, retain existing qualified drivers and existing riders and maintain or increase utilization of our 
offerings may be adversely affected.
Developing and launching new offerings or enhancements to the existing offerings on our platform involves significant risks 
and uncertainties, including risks related to the reception of such offerings by existing and potential future drivers and riders, increases 
in operational complexity, unanticipated delays or challenges in implementing such offerings or enhancements, increased strain on our 
operational and internal resources (including an impairment of our ability to accurately forecast rider demand and the number of 
drivers using our platform), our dependence on strategic commercial partnerships, and negative publicity in the event such new or 
enhanced offerings are perceived to be unsuccessful. We have scaled our business rapidly, and significant new initiatives have in the 
past resulted in, and in the future may result in, operational challenges affecting our business. In addition, developing and launching 
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new offerings and enhancements to our existing offerings may involve significant up-front capital investments and such investments 
may not generate sufficient returns on investment. Further, from time to time we may reevaluate, discontinue and/or reduce these 
investments and decide to discontinue one or more offerings. For example, we shut down our vehicle services offering and parking 
offering, which were initially launched in 2021. Any of the foregoing risks and challenges could negatively impact our ability to 
attract and retain qualified drivers and riders, our ability to increase utilization of our offerings and our visibility into expected results 
of operations, and could adversely affect our business, financial condition and results of operations. Additionally, since we are focused 
on building our community and ecosystems for the long-term, our near-term results of operations may be impacted by our investments 
in the future.
If we are unable to successfully manage the complexities associated with our multimodal platform, our business, financial 
condition and results of operations could be adversely affected.
Our expansion, either through our first party offerings or third-party offerings through our partnerships, into bike and scooter 
sharing, other modes of transportation and vehicle rental program has increased the complexity of our business. These new offerings 
have required us to develop new expertise and marketing and operational strategies, and have subjected us to new laws, regulations 
and risks. For example, our Wait & Save offering, which enables riders to opt for a longer wait time but pay a lower fare than for a 
Standard ride, while drivers earn the same as they do for a Standard ride, involves inherent challenges in predicting the future 
locations of drivers. We also face the risk that our network of Light Vehicles, our Nearby Transit offering, which integrates third-party 
public transit data into the Lyft App, and other future transportation offerings could reduce the use of our ridesharing offering. 
Additionally, from time to time we reevaluate our offerings on our multimodal platform and have in the past decided and may again 
decide to discontinue or modify an offering or certain features. Such actions may negatively impact revenue in the short term and may 
not provide the benefits we expect in the long term. If we are unable to successfully manage the complexities associated with our 
expanding multimodal platform, including the effects our new and evolving offerings have on our existing business, our business, 
financial condition and results of operations could be adversely affected.
Our metrics and estimates, including the key metrics included in this report, are subject to inherent challenges in measurement, 
and real or perceived inaccuracies in those metrics may harm our reputation and negatively affect our business.
We regularly review and may adjust our processes for calculating our metrics used to evaluate our growth, measure our 
performance and make strategic decisions. These metrics are calculated using internal company data and have not been evaluated by a 
third-party. Our metrics may differ from estimates published by third parties or from similarly titled metrics of our competitors due to 
differences in methodology or the assumptions on which we rely, and we may make material adjustments to our processes for 
calculating our metrics in order to enhance accuracy, reflect newly available information, address errors in our methodologies, or other 
reasons, which may result in changes to our metrics. The estimates and forecasts we disclose relating to the size and expected growth 
of our addressable market may prove to be inaccurate. Even if the markets in which we compete meet the size estimates and growth 
we have forecasted, our business could fail to grow at similar rates, if at all. Further, as our business develops, we may introduce, 
revise or cease reporting certain metrics if we change how we manage our business such that new metrics are appropriate, if we 
determine that revisions are required to accurately or appropriately measure our performance, or if one or more metrics no longer 
represents an effective way to evaluate our business. If investors or analysts do not consider our metrics to be accurate representations 
of our business or compare our metrics to third party estimates or similarly titled metrics of our competitors or others in our industry 
that are not calculated on the same basis, or if we discover material inaccuracies in our metrics, then the trading price of our Class A 
common stock and our business, financial condition and results of operations could be adversely affected.
Any failure to offer high-quality user support may harm our relationships with users and could adversely affect our reputation, 
brand, business, financial condition and results of operations.
Our ability to attract and retain qualified drivers and riders is dependent in part on the ease and reliability of our offerings, 
including our ability to provide high-quality support, including both in-person and remote support. Users on our platform depend on 
our support organization to resolve any issues relating to our offerings, such as being overcharged for a ride, leaving something in a 
driver’s vehicle or reporting a safety incident. Our ability to provide effective and timely support is largely dependent on our ability to 
attract and retain service providers who are qualified to support users and sufficiently knowledgeable regarding our offerings. As we 
continue to grow our business and improve our offerings, we will face challenges related to providing quality support services at scale. 
If we grow our international rider base and the number of international drivers on our platform, our support organization will face 
additional challenges, including those associated with delivering support in languages other than English. Any failure to provide 
efficient and effective user support, or a market perception that we do not maintain high-quality support, could adversely affect our 
reputation, brand, business, financial condition and results of operations.
Failure to deal effectively with fraud could harm our business.
We have in the past incurred, and may in the future incur, losses from various types of fraud, including use of stolen or 
fraudulent credit card data, claims of unauthorized payments by a rider, attempted payments by riders with insufficient funds, fraud 
committed by drivers, riders or third parties, and fraud committed by riders in concert with drivers. Bad actors use increasingly 
sophisticated methods to engage in illegal activities, including those involving personal information, such as unauthorized use of 
another person’s identity, account information or payment information and unauthorized acquisition or use of credit or debit card 
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details, bank account information and mobile phone numbers and accounts. Under current card payment practices, we may be liable 
for rides facilitated on our platform with fraudulent credit card data, even if the associated financial institution approved the credit card 
transaction. Despite measures that we have taken to detect and reduce the occurrence of fraudulent or other malicious activity on our 
platform, we cannot guarantee that any of our measures will be effective or will scale efficiently with our business. Our inability to 
adequately detect or prevent fraudulent transactions could harm our reputation or brand, result in litigation or regulatory action and 
lead to expenses that could adversely affect our business, financial condition and results of operations.
We have also incurred, and may in the future incur, losses from fraud and other misuse of our platform by drivers and riders. 
As an example of losses, we have previously and continue to experience reduced revenue from actual and alleged unauthorized rides 
fulfilled and miles traveled in connection with our Concierge offering. If we are unable to adequately anticipate and address such 
misuse either through increased controls, platform solutions or other means, our partner relationships, business, financial condition and 
results of operations could be adversely affected.
If we fail to effectively balance driver supply and rider demand on our Wait & Save and Priority Pickup offerings, our business, 
financial condition and results of operations could be adversely affected.
If we fail to efficiently balance driver supply and rider demand on our Wait & Save and Priority Pickup offerings and manage 
the related pricing methodologies and logistics, our business, financial condition and results of operations could be adversely affected. 
Wait & Save enables riders to opt for a longer wait time but pay a lower fare than for a Standard ride, while drivers earn the same as 
they do for a Standard ride. Priority Pickup enables riders to pay an additional fee for prioritized ride matching with the goal of 
achieving a shorter wait time. Both Priority Pickup and Wait & Save allow for the rider to be matched with the best-located driver and 
involve inherent challenges in predicting the future location of drivers. Accordingly, if our algorithms are unable to consistently match 
Wait & Save and Priority Pickup riders, or with appropriate drivers, then our business, financial condition and results of operations 
could be adversely affected.
If we fail to effectively manage our pricing methodologies, our business, financial condition and results of operations could be 
adversely affected.
With our up-front pricing methodology, we quote a price to riders of our ridesharing offering before they request a ride. We 
earn platform and service fees from drivers. Service fees are a set fee per ride. Platform fees are variable fees, based upon the amount 
paid by a rider, which is generally based on an up-front quoted fare, less the amount earned by the driver (which is based on one or 
both of the following: (a) the actual time and distance for the trip, or (b) an up-front fare), the service fee, any applicable driver 
bonuses or incentives, and any pass-through amounts paid to drivers and third parties. For more information on platform fees, see our 
Terms of Service, including the Driver Addendum. As we do not control the driver’s actions at any point in the transaction to limit the 
time and distance for the trip, we take on risks related to the driver’s actions which may not be fully mitigated. Additionally, Shared 
Rides, a limited-scope offering for business-to-business partnerships in select markets, enables unrelated parties traveling along 
similar routes to generate a discounted fare at the cost of possibly longer travel times. The fare charged for the Shared Ride is 
decoupled from the payment made to the driver as we do not adjust the driver payment based on the success or failure of a match. We 
may incur a loss from a transaction where an up-front quoted fare paid by a rider is less than the amount we committed to the driver. 
In addition, riders’ price sensitivity varies by geographic location, among other factors, and if we are unable to effectively account for 
such variability in our breadth of offerings or up-front prices, our ability to compete effectively in these locations could be adversely 
affected. From time to time we adjust our prices due to these factors, which may harm our results of operations. We also utilize certain 
AI and machine-learning technologies and algorithms to optimize our pricing and marketplace. Errors in AI, machine-learning 
technologies, algorithms, or the inputted data, including insufficient data sets or biased information, or the processing of the data may 
lead to discriminatory or other adverse outcomes. In July 2024, we launched a new Price Lock product that allows riders to purchase a 
monthly subscription that caps the price for a specified route during a specified one-hour time window, subject to a maximum amount 
of savings in any given month. With the Price Lock product, if we set the capped prices too low or too high compared to actual on-
demand prices, we may incur losses or it may negatively impact subscriber growth. If we are unable to effectively manage our pricing 
methodologies in conjunction with our existing and future pricing and incentive programs and/or products, our business, financial 
condition and results of operations could be adversely affected.
Our company culture has contributed to our success and if we cannot maintain this culture as we grow, our business could be 
harmed.
We believe that our company culture, which promotes authenticity, empathy and support for others, has been critical to our 
success. We face a number of challenges that may affect our ability to sustain our corporate culture, including:
•
failure to identify, attract, reward and retain people in leadership positions in our organization who share and further our 
culture, values and mission;
•
the size and geographic diversity of our workforce;
•
our flexible workplace strategies, which enable certain of our employees to work in a hybrid workplace environment or 
remotely;
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•
adherence to our internal policies and core values, including our diversity, equity and inclusion practices and initiatives;
•
competitive pressures to move in directions that may divert us from our mission, vision and values;
•
the continued challenges of a rapidly-evolving industry;
•
the impact of our cost reduction initiatives, including reductions in force and other actions we may take to drive operating 
efficiencies;
•
the increasing need to develop expertise in new areas of business that affect us;
•
perception of our treatment of employees or our response to employee sentiment related to political or social causes or 
actions of management; 
•
transitions among our executive leadership;
•
the provision of employee benefits in a hybrid and remote work environment; and
•
the integration of new personnel and businesses from acquisitions.
From time to time, we have undertaken workforce reductions in order to better align our operations with our strategic 
priorities, manage our cost structure or in connection with acquisitions. For example, in response to the effects of the macroeconomic 
environment and efforts to reduce operating expenses, we have from time to time implemented reductions in force. These actions may 
adversely affect employee morale, our culture and our ability to attract and retain personnel. If we are not able to maintain our culture, 
our business, financial condition and results of operations could be adversely affected.
We depend on our key personnel and other highly skilled personnel, and if we fail to attract, retain, motivate or integrate our 
personnel, our business, financial condition and results of operations could be adversely affected.
Our success depends in part on the continued service of our senior management team, key technical employees and other 
highly skilled personnel and on our ability to identify, hire, develop, motivate, retain and integrate highly qualified personnel for all 
areas of our organization. In the second quarter of 2023, our co-founders, Logan Green and John Zimmer, transitioned from their 
management roles and David Risher, a member of our board of directors, became Chief Executive Officer. From time to time, we have 
experienced transitions in executive leadership roles. We may not be successful in attracting and retaining qualified personnel to fulfill 
our current or future needs and actions we take in response to economic and other factors impacting our business may harm our 
reputation or impact our ability to recruit qualified personnel in the future. Also, all of our U.S.-based employees, including our 
management team, work for us on an at-will basis, and there is no assurance that any such employee will remain with us. Our 
competitors may be successful in recruiting and hiring members of our management team or other key employees, and it may be 
difficult for us to find suitable replacements on a timely basis, on competitive terms or at all. If we are unable to attract and retain the 
necessary personnel, particularly in critical areas of our business, we may not achieve our strategic goals.
We face intense competition for highly skilled personnel, especially in the San Francisco Bay Area where we have a 
substantial presence and need for highly skilled personnel. This competition has intensified in recent periods, and could continue to 
intensify for such personnel. To attract and retain top talent, we have had to offer, and we believe we will need to continue to offer, 
competitive compensation and benefits packages. Job candidates and existing personnel often consider the value of the equity awards 
they receive in connection with their employment. The decline in our stock price and our cost reduction initiatives may adversely 
affect our ability to attract and retain highly qualified personnel, and we may experience increased attrition or we may need to provide 
additional cash or equity compensation to retain employees. Certain of our employees have received significant proceeds from sales of 
our equity in private transactions and many of our employees have received and may continue to receive significant proceeds from 
sales of our equity in the public markets, which may reduce their motivation to continue to work for us. We may need to invest 
significant amounts of cash and equity to attract and retain new employees and expend significant time and resources to identify, 
recruit, train and integrate such employees, and we may never realize returns on these investments. If we are unable to effectively 
manage our hiring needs or successfully integrate new hires, our efficiency, ability to meet forecasts and employee morale, 
productivity and retention could suffer, which could adversely affect our business, financial condition and results of operations.
Our business could be adversely impacted by changes in the Internet and mobile device accessibility of users and unfavorable 
changes in or our failure to comply with existing or future laws governing the Internet and mobile devices.
Our business depends on users’ access to our platform via a mobile device and the Internet. We may operate in jurisdictions 
that provide limited Internet connectivity, particularly as we expand internationally. Internet access and access to a mobile device are 
frequently provided by companies with significant market power that could take actions that degrade, disrupt or increase the cost of 
users’ ability to access our platform. In addition, the Internet infrastructure that we and users of our platform rely on in any particular 
geographic area may be unable to support the demands placed upon it. Any such failure in Internet or mobile device accessibility, even 
for a short period of time, could adversely affect our results of operations.
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Moreover, we are subject to a number of laws and regulations specifically governing the Internet and mobile devices that are 
constantly evolving. Existing and future laws and regulations, or changes thereto, may impede the growth and availability of the 
Internet and online offerings, require us to change our business practices or raise compliance costs or other costs of doing business. 
These laws and regulations, which continue to evolve, cover taxation, privacy and data protection, information security, pricing, 
copyrights, distribution, mobile and other communications, advertising practices, consumer protections, web and app accessibility, 
antitrust and competition, the provision of online payment services, unencumbered Internet access to our offerings and the 
characteristics and quality of online offerings, among other things. Any failure, or perceived failure, by us to comply with any of these 
laws or regulations could result in damage to our reputation and brand, a loss in business and proceedings or actions against us by 
governmental entities or others, which could adversely impact our results of operations.
We rely on mobile operating systems and application marketplaces to make our apps available to the drivers and riders on our 
platform, and if we do not effectively operate with or receive favorable placements within such application marketplaces and 
maintain high rider reviews, our usage or brand recognition could decline and our business, financial results and results of 
operations could be adversely affected.
We depend in part on mobile operating systems, such as Android and iOS, and their respective application marketplaces to 
make our apps available to the drivers and riders on our platform. Any changes in such systems and application marketplaces that 
degrade the functionality of our apps or give preferential treatment to our competitors’ apps could adversely affect our platform’s 
usage on mobile devices. If such mobile operating systems or application marketplaces limit or prohibit us from making our apps 
available to drivers and riders, make changes that degrade the functionality of our apps, increase the cost of using our apps, impose 
terms of use unsatisfactory to us or modify their search or ratings algorithms in ways that are detrimental to us, or if our competitors’ 
placement in such mobile operating systems’ application marketplace is more prominent than the placement of our apps, overall 
growth in our rider or driver base could slow. Our apps have experienced fluctuations in the number of downloads in the past, and we 
anticipate similar fluctuations in the future. Any of the foregoing risks could adversely affect our business, financial condition and 
results of operations.
As new mobile devices and mobile platforms are released, there is no guarantee that certain mobile devices will continue to 
support our platform or effectively roll out updates to our apps. Additionally, in order to deliver high-quality apps, we need to ensure 
that our offerings are designed to work effectively with a range of mobile technologies, systems, networks and standards. We may not 
be successful in developing or maintaining relationships with key participants in the mobile industry that enhance drivers’ and riders’ 
experience. If drivers or riders on our platform encounter any difficulty accessing or using our apps on their mobile devices or if we 
are unable to adapt to changes in popular mobile operating systems, our business, financial condition and results of operations could 
be adversely affected.
We depend on the interoperability of our platform across third-party applications and services that we do not control.
We have integrations with a variety of productivity, collaboration, travel, data management and security vendors. As our 
offerings expand and evolve, including to the extent we continue to develop autonomous technology, we may have an increasing 
number of integrations with other third-party applications, products and services. Third-party applications, products and services are 
constantly evolving, and we may not be able to maintain or modify our platform to ensure its compatibility with third-party offerings 
following development changes. In addition, some of our competitors or technology partners may take actions which disrupt the 
interoperability of our platform with their own products or services, or exert strong business influence on our ability to, and the terms 
on which we operate and distribute our platform. As our respective products evolve, we expect the types and levels of competition to 
increase. Should any of our competitors or technology partners modify their products, standards or terms of use in a manner that 
degrades the functionality or performance of our platform or is otherwise unsatisfactory to us or gives preferential treatment to 
competitive products or services, our products, platform, business, financial condition and results of operations could be adversely 
affected.
Defects, errors or vulnerabilities in our applications, backend systems or other technology systems and those of third-party 
technology providers, or system failures and resulting interruptions in our availability or the availability of other systems and 
providers, could harm our reputation and brand and adversely impact our business, financial condition and results of operations.
The software underlying our platform is highly complex and may contain undetected errors or vulnerabilities, some of which 
may only be discovered after the code has been released. We rely heavily on a software engineering practice known as “continuous 
deployment,” which refers to the frequent release of our software code, sometimes multiple times per day. This practice increases the 
risk that errors and vulnerabilities are present in the software code underlying our platform. The third-party software that we 
incorporate into our platform may also be subject to errors or vulnerability. Any errors or vulnerabilities discovered in our code or 
from third-party software after release could result in negative publicity, a loss of users or loss of revenue and access or other 
performance issues. Such vulnerabilities could also be exploited by malicious actors and result in exposure of data of users on our 
platform, or otherwise result in a security breach or incident. We may need to expend significant financial and development resources 
to analyze, correct, eliminate or work around errors or defects or to address and eliminate vulnerabilities. Any failure to timely and 
effectively resolve any such errors, defects or vulnerabilities could adversely affect our business, financial condition and results of 
operations as well as negatively impact our reputation or brand.
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Further, our systems, or those of third parties upon which we rely, may experience service interruptions or degradation 
because of hardware and software defects or malfunctions, distributed denial-of-service and other cyberattacks, human error, 
earthquakes, hurricanes, floods, fires, natural disasters, power losses, disruptions in telecommunications services, fraud, military or 
political conflicts, terrorist attacks, computer viruses, ransomware, malware or other events. Our systems also may be subject to break-
ins, sabotage, theft and intentional acts of vandalism, including by our own employees. Some of our systems are not fully redundant 
and our disaster recovery planning may not be sufficient for all eventualities. Our business interruption insurance may not be sufficient 
to cover all of our losses that may result from interruptions in our service as a result of systems failures and similar events.
We have experienced and will likely continue to experience system failures and other events or conditions from time to time 
that interrupt the availability or reduce or affect the speed or functionality of our offerings. These events have resulted in, and similar 
future events could result in, losses of revenue or additional costs and expenses. A prolonged interruption in the availability or 
reduction in the availability, speed or other functionality of our offerings could adversely affect our business and reputation and could 
result in the loss of users. Moreover, to the extent that any system failure or similar event results in harm or losses to the users using 
our platform, we may make voluntary payments to compensate for such harm or the affected users could seek monetary recourse or 
contractual remedies from us for their losses and such claims, even if unsuccessful, would likely be time-consuming and costly for us 
to address.
Our platform contains third-party open source software components, and failure to comply with the terms of the underlying open 
source software licenses could restrict our ability to provide our offerings.
Our platform and offerings contain software modules licensed to us by third-party authors under “open source” licenses. Use 
and distribution of open source software may entail greater risks than use of third-party commercial software, as open source licensors 
generally do not provide support, warranties, indemnification or other contractual protections regarding infringement claims or the 
quality of the code. In addition, the public availability of such software may make it easier for others to compromise our platform and 
offerings.
Some open source licenses contain requirements that we make available source code for modifications or derivative works 
we create based upon the type of open source software we use, or grant other licenses to our intellectual property. If we combine our 
proprietary software with open source software in a certain manner, we could, under certain open source licenses, be required to 
release the source code of our proprietary software to the public. This would allow our competitors to create similar offerings with 
lower development effort and time and ultimately could result in a loss of our competitive advantages. Alternatively, to avoid the 
public release of the affected portions of our source code, we could be required to expend substantial time and resources to re-engineer 
some or all of our software.
Although we have policies and processes for using open source software to avoid subjecting our platform and offerings to 
conditions we do not intend, the terms of many open source licenses have not been interpreted by U.S. or foreign courts, and there is a 
risk that these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to provide 
or distribute our platform and offerings. From time to time, there have been claims challenging the ownership of open source software 
against companies that incorporate open source software into their solutions. As a result, we could be subject to lawsuits by parties 
claiming ownership of what we believe to be open source software. Moreover, we cannot assure you that our processes for controlling 
our use of open source software in our platform will be effective. If we are held to have breached or failed to fully comply with all the 
terms and conditions of an open source software license, we could face infringement or other liability, or be required to seek costly 
licenses from third parties to continue providing our offerings on terms that are not economically feasible, to re-engineer our platform, 
to discontinue or delay the provision of our offerings if re-engineering could not be accomplished on a timely basis or to make 
generally available, in source code form, our proprietary code, any of which could adversely affect our business, financial condition 
and results of operations.
Our presence outside the United States and our international expansion strategy will subject us to additional costs and risks and 
our plans may not be successful.
Since 2017, we have provided and expanded our offerings in international markets. In addition, we have several international 
offices that support our business. We also transact internationally to source and manufacture bikes and scooters and may increase our 
business in international regions in the future. Operating outside of the United States may require significant management attention to 
oversee operations over a broad geographic area with varying cultural norms and customs, in addition to placing strain on our finance, 
analytics, human resources, compliance, legal, engineering and operations teams. We may incur significant operating expenses and 
may not be successful in our international expansion for a variety of reasons, including:
•
recruiting and retaining talented and capable employees in foreign countries and maintaining our company culture across all 
of our offices;
•
competition from local incumbents that better understand the local market, may market and operate more effectively and may 
enjoy greater local affinity or awareness;
•
differing demand dynamics, which may make our offerings less successful;
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•
public health concerns or emergencies, such as natural disasters, pandemics and other highly communicable diseases or 
viruses;
•
complying with varying laws and regulatory standards, including with respect to privacy, data protection, cybersecurity, tax, 
trade compliance, anti-bribery and anti-corruption, antitrust, securities, environmental, employment, insurance, and local 
regulatory restrictions and disclosure requirements;
•
ineffective legal protection of our intellectual property rights in certain countries or theft or unauthorized use or publication of 
our intellectual property and other confidential business information; 
•
obtaining any required government approvals, licenses or other authorizations;
•
varying levels of Internet and mobile technology adoption and infrastructure;
•
currency exchange restrictions or costs and exchange rate fluctuations;
•
political, economic, or social instability, which has caused disruptions in certain of our office locations, including in Ukraine 
as a result of the war;
•
tax policies, treaties or laws that could have an unfavorable business impact; and
•
limitations on the repatriation and investment of funds as well as foreign currency exchange restrictions.
Our limited experience in operating our business internationally increases the risk that any potential future expansion efforts 
that we may undertake may not be successful, which may result in shutting down international operations or closing international 
offices, which could result in additional costs and cash requirements, any of which may harm our business, financial condition and 
results of operations. If we invest substantial time and resources to expand our operations internationally and are unable to manage 
these risks effectively, our business, financial condition and results of operations could be adversely affected.
In addition, international expansion has increased our risks in complying with laws and standards in the U.S. and other 
jurisdictions, including with respect to customs, anti-corruption, anti-bribery, political activity, export controls and trade and economic 
sanctions. Continued international expansion, including possible engagement with foreign government entities and organizations as 
customers for our Light Vehicle offerings, including bike-share products through PBSC, may further increase such compliance risks. 
We cannot assure you that our employees and agents will not take actions in violation of applicable laws, for which we may be 
ultimately held responsible. In particular, any violation of applicable anti-corruption, anti-bribery, lobbying, export controls, sanctions 
and similar laws could result in adverse media coverage, investigations, significant legal fees, loss of export privileges, severe criminal 
or civil penalties or suspension or debarment from U.S. government contracts, and/or substantial diversion of management’s attention, 
all of which could have an adverse effect on our reputation, brand, business, financial condition and results of operations.
Risks Related to General Economic Factors
A deterioration of general macroeconomic conditions could materially and adversely affect our business and financial results.
Our business and results of operations are subject to global economic conditions. Deteriorating macroeconomic conditions, 
including slower growth or recession, inflation and related high interest rates, increases to fuel and other energy costs or vehicle costs, 
changes in the labor market or decreases in consumer spending power or confidence, are likely to result in decreased discretionary 
spending and reduced demand for our platform. Further, changes in corporate spending, including cost-cuts and layoffs, may adversely 
impact business travel, commuting and other business-related expenditures and impact our Lyft Business customers. In addition, 
uncertainty and volatility in the banking and financial services sectors, inflation and high interest rates, increased fuel and other energy 
costs, increased labor and benefits costs and increased insurance costs have, and may continue to, put pressure on economic 
conditions, which has led, and could lead, to greater operating expenses. For example, inflation has increased in recent years and is 
expected to further increase medical costs and vehicle repair costs, including increased prices of new and used vehicle parts, which has 
resulted in increases in our insurance costs. Similarly, these factors, as well as increased fuel costs, increase our costs as well as costs 
for drivers on our platform. Many of these factors are out of our control and make it difficult to accurately forecast gross bookings, 
revenues and operating results, particularly in the long-term, and could negatively affect our ability to meet our target operating 
performance and our (and our strategic partners’) ability to make decisions about future investments and strategies. Further, we may 
need to make changes to our business to respond to these conditions and be able to compete effectively. For example, we have 
adjusted our pricing in response to competitive pressures caused by changes in our marketplace, which has in the past contributed to a 
decline in our revenue and may cause a decline in revenue in future quarters. An economic downturn resulting in a prolonged 
recessionary period would likely have a further adverse effect on our revenue, financial condition and results of operations.
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Our business could be adversely affected by natural disasters, public health crises, political crises, or other unexpected events.
A significant natural disaster, such as an earthquake, fire, hurricane, tornado, flood or significant power outage, could disrupt 
our operations, mobile networks, the Internet or the operations of our third-party technology providers. In particular, our corporate 
headquarters are located in the San Francisco Bay Area, a region known for seismic activity and increasingly for fires. The impact of 
climate change may increase these risks. In addition, any public health crises or pandemics, other epidemics, political crises, such as 
terrorist attacks, war and other political or social instability and other geopolitical developments, or other catastrophic events, whether 
in the United States or abroad, could adversely affect our operations or the economy as a whole. For example, we have an office and 
employees in Ukraine that have been and may continue to be adversely affected by the current war in the region, including 
displacement of our employees. The impact of any natural disaster, act of terrorism or other disruption to us or our third-party 
providers’ abilities could result in driver supply and rider demand imbalances, decreased demand for our offerings or a delay in the 
provision of our offerings, or increase our costs and operating expenses, which could adversely affect our business, financial condition 
and results of operations. All of the aforementioned risks may be further increased if our disaster recovery plans prove to be 
inadequate.
Risks Related to Regulatory and Legal Factors
Our business is subject to a wide range of laws and regulations, many of which are evolving, and failure to comply with such laws 
and regulations could harm our business, financial condition and results of operations.
We are subject to a wide variety of laws in the United States and other jurisdictions. Laws, regulations and standards 
governing issues such as TNCs, livery, vehicles for hire, public companies, ridesharing, worker classification, labor and employment, 
anti-discrimination, payments, gift cards, whistleblowing and worker confidentiality obligations, product liability, defects, recalls, 
personal injury, marketing, advertising, text messaging, subscription services, intellectual property, AI, securities, consumer 
protection, taxation, privacy, data security, competition, unionizing and collective action, antitrust, arbitration agreements and class 
action waiver provisions, terms of service, web and mobile application accessibility, autonomous vehicles, bike and scooter sharing, 
insurance, vehicle rentals, money transmittal, non-emergency medical transportation, healthcare fraud, waste, and abuse, 
environmental health and safety, greenhouse gas emissions and EVs, background checks, public health, anti-corruption, anti-bribery, 
political contributions, lobbying, import and export restrictions, trade and economic sanctions, foreign ownership and investment, 
foreign exchange controls and delivery of goods are often complex and subject to varying interpretations, in many cases due to their 
lack of specificity. As a result, their application in practice may change or develop over time through judicial decisions or as new 
guidance or interpretations are provided by regulatory and governing bodies, such as federal, state and local administrative agencies.
The ridesharing industry, Light Vehicle sharing industry and our business model are relatively nascent and rapidly evolving. 
When we introduced a peer-to-peer ridesharing marketplace in 2012, the laws and regulations in place at the time did not directly 
address our offerings. Laws and regulations that were in existence at that time, and some that have since been adopted, were often 
applied to our industry and our business in a manner that limited our relationships with drivers or otherwise inhibited the growth of 
our ridesharing marketplace. We have been proactively working with federal, state and local governments and regulatory bodies to 
ensure that our ridesharing marketplace and other offerings are available broadly in the United States and Canada. In part due to our 
efforts, a large majority of U.S. states have adopted laws related to TNCs to address the unique issues of the ridesharing industry. New 
laws and regulations and changes to existing laws and regulations continue to be adopted, implemented and interpreted in response to 
our industry and related technologies. As we expand our business into new markets or introduce new offerings into existing markets, 
regulatory bodies or courts may claim that we or users on our platform are subject to additional requirements, or that we are prohibited 
from conducting our business in certain jurisdictions, or that users on our platform are prohibited from using our platform, either 
generally or with respect to certain offerings. Certain jurisdictions and governmental entities, including airports, require us to obtain 
permits, pay fees or comply with certain reporting and other operational requirements to provide our ridesharing, bike and scooter 
sharing, and Flexdrive offerings. These jurisdictions and governmental entities may reject our applications for permits, revoke or 
suspend existing or deny renewals of permits to operate, delay our ability to operate, increase their fees, charge new types of fees, or 
impose fines and penalties, including as a result of errors in, or failures to comply with, reporting or other requirements related to our 
product offerings. Any of the foregoing actions by these jurisdictions and governmental entities could adversely affect our business, 
financial condition and results of operations.
Recent financial, political and other events have increased the level of regulatory scrutiny on larger companies, technology 
companies in general and companies engaged in dealings with independent contractors, such as ridesharing and delivery companies. 
Regulatory bodies may enact new laws or promulgate new regulations that are adverse to our business, or, due to changes in our 
operations and structure or partner relationships as a result of changes in the market or otherwise, they may view matters or interpret 
laws and regulations differently than they have in the past or in a manner adverse to our business. See the risk factor entitled 
“Challenges to contractor classification of drivers that use our platform may have adverse business, financial, tax, legal and other 
consequences to our business.” Such regulatory scrutiny or action may create different or conflicting obligations from one jurisdiction 
to another, and may have a negative outcome that could adversely affect our business, operations, financial condition, and results of 
operations. Additionally, we have invested and from time to time we will continue to invest resources in an attempt to influence or 
challenge legislation and other regulatory matters pertinent to our operations, particularly those related to the ridesharing industry, 
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which may negatively impact the legal and administrative proceedings challenging the classification of drivers on our platform as 
independent contractors if we are unsuccessful or lead to additional costs and expenses even if we are successful. These activities may 
not be successful, and any negative outcomes could adversely affect our business, operations, financial condition and results of 
operations. 
Our industry is increasingly regulated. We have been subject to intense regulatory pressure from state, provincial and 
municipal regulatory authorities across the United States and Canada, and a number of them have imposed limitations on ridesharing 
and bike and scooter sharing, and certain jurisdictions have adopted rules governing minimum driver earnings for ridesharing 
platforms. Other jurisdictions in which we currently operate or may want to operate have and could continue to consider legislation 
regulating driver earnings. We could also face similar regulatory restrictions from foreign regulators as we expand operations 
internationally, particularly in areas where we face competition from local incumbents. In addition, we may face regulations relating to 
new or developing technologies. For example, the European Union has adopted the Artificial Intelligence Act, which imposes 
operational and regulatory requirements relating to the use of AI technologies, and other jurisdictions have adopted and may continue 
to adopt laws and regulations relating to AI. Adverse changes in laws or regulations at all levels of government or bans on or material 
limitations to our offerings could adversely affect our business, financial condition and results of operations.
Our success, or perceived success, and increased visibility has driven, and may continue to drive, some businesses that 
perceive our business model negatively to raise their concerns to local policymakers and regulators. These businesses and their trade 
association groups or other organizations have and may continue to take actions and employ significant resources to shape the legal 
and regulatory regimes in jurisdictions where we may have, or seek to have, a market presence in an effort to change such legal and 
regulatory regimes in ways intended to adversely affect or impede our business and the ability of drivers and riders to utilize our 
platform.
Any of the foregoing risks could harm our business, financial condition and results of operations.
Challenges to contractor classification of drivers that use our platform may have adverse business, financial, tax, legal and other 
consequences to our business.
We are regularly subject to claims, lawsuits, arbitration proceedings, administrative actions, government investigations and 
other legal and regulatory proceedings at the federal, state and municipal levels challenging the classification of drivers on our 
platform as independent contractors. The tests governing whether a driver is an independent contractor or an employee vary by 
governing law and are typically highly fact sensitive. Laws and regulations that govern the status and misclassification of independent 
contractors are subject to changes and divergent interpretations by various authorities which can create uncertainty and 
unpredictability for us. For more information regarding the litigation in which we have been involved, see the “Legal Proceedings” 
subheading in Note 10. Commitments and Contingencies to the consolidated financial statements included in this Annual Report on 
Form 10-K. Further, in 2021, the U.S. Secretary of Labor expressed his view that in some cases “gig workers should be classified as 
employees” and that further review was ongoing. On June 13, 2023, the National Labor Relations Board (“NLRB”) issued a ruling in 
Atlanta Opera, reverting back to a more expansive federal test for classifying independent contractors under the National Labor 
Relations Act (“NLRA”), the federal law that governs collective bargaining. On January 10, 2024, the U.S. Department of Labor 
issued a new final rule containing interpretive guidance for the classification of workers as employees or independent contractors, 
reverting back to a multi-factor “economic realities” test to determine if a worker was properly classified under the federal Fair Labor 
Standards Act (“FLSA”). The rule became effective on March 11, 2024, and is currently under legal challenges. We continue to 
maintain that drivers on our platform are independent contractors in such legal and administrative proceedings and intend to continue 
to defend ourselves vigorously in these matters, as applicable, but our arguments may ultimately be unsuccessful. A determination in, 
resolution of, or settlement of, any legal proceeding, whether we are party to such legal proceeding or not, related to driver 
classification matters, could harm our business, financial condition and results of operations, including as a result of:
•
monetary exposure arising from or relating to alleged failure to withhold and remit taxes, unpaid wages and wage and hour 
laws and requirements (such as those pertaining to failure to pay minimum wage and overtime, or to provide required breaks 
and wage statements), unlawful deductions, expense reimbursement, restitution, statutory and punitive damages, penalties, 
including related to the California Private Attorneys General Act, and government fines;
•
injunctions prohibiting continuance of existing business practices;
•
claims for employee benefits, social security, workers’ compensation and unemployment;
•
claims of discrimination, harassment and retaliation under civil rights laws;
•
claims under new or existing laws pertaining to unionizing, collective bargaining and other concerted activity (for example, 
the recent passage by the voters of Massachusetts of ballot Question 3, which sets up a sectoral bargaining framework 
between drivers and rideshare companies);
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•
other claims, charges or other proceedings under laws and regulations applicable to employers and employees, including risks 
relating to allegations of joint employer liability or agency liability; and
•
harm to our reputation and brand.
In addition to the harms listed above, in the event of a determination in, resolution of, or settlement of, any legal proceeding 
related to driver classification matters, we may decide to, or be required to, significantly alter our existing business model and/or 
operations (including suspending or ceasing operations in impacted jurisdictions), our costs may increase, and we may experience 
adverse impacts on our ability to add qualified drivers to our platform and grow our business, which could have an adverse effect on 
our business, financial condition and results of operations and our ability to achieve or maintain profitability in the future.
We have been involved in numerous legal proceedings related to driver classification. We are currently involved in several 
putative class actions, several representative actions brought, for example, pursuant to California’s Private Attorneys General Act, 
several multi-plaintiff actions and thousands of individual claims, including those brought in arbitration or compelled pursuant to our 
Terms of Service to arbitration, challenging the classification of drivers on our platform as independent contractors. We are also 
involved in administrative audits related to driver classification in multiple jurisdictions. See the section titled “Legal Proceedings” for 
additional information about these types of legal proceedings.
Claims by others that we infringed their proprietary technology or other intellectual property rights could harm our business.
Companies in the markets in which we operate are frequently subject to litigation based on allegations of infringement or 
other violations of intellectual property rights. In addition, certain companies and rights holders seek to enforce and monetize patents 
or other intellectual property rights they own, have purchased or otherwise obtained. As our business continues to evolve, the 
possibility of intellectual property rights claims against us grows based on the following: increase in public profile, increases in the 
number of competitors in our markets, our continued development of new technologies, new products and services, and new 
intellectual property, as well as potential international expansion. In addition, various products and services of ours host, integrate, or 
otherwise rely on third party content or intellectual property, including our Lyft Media efforts, which provides a platform for third-
party promotional advertisements, and our marketing and brand journalism efforts. From time to time third parties may assert, and in 
the past have asserted, claims of infringement of intellectual property rights against us. See the section titled “Legal Proceedings” for 
additional information about these types of legal proceedings. In addition, third parties have sent us correspondence regarding various 
allegations of intellectual property infringement and, in some instances, have sought to initiate licensing discussions. Although we 
believe that we have meritorious defenses, there can be no assurance that we will be successful in defending against these allegations 
or reaching a business resolution that is satisfactory to us. Our competitors and others may now and in the future have significantly 
larger and more mature patent portfolios than us. In addition, we have faced, and may again in the future face, litigation involving 
patent holding companies or other adverse patent owners who have no relevant product or service revenue and against whom our own 
patents may therefore provide little or no deterrence or protection. Many potential litigants, including some of our competitors and 
patent-holding companies, have the ability to dedicate substantial resources to assert their intellectual property rights. Any claim of 
infringement by a third party, even those without merit, could cause us to incur substantial costs defending against the claim, could 
distract our management from our business and could require us to cease use of such intellectual property. Furthermore, because of the 
substantial amount of discovery required in connection with intellectual property litigation, we risk compromising our confidential 
information during this type of litigation. We may be required to pay substantial damages, royalties or other fees in connection with a 
claimant securing a judgment against us, we may be subject to an injunction or other restrictions that prevent us from using or 
distributing our intellectual property, or we may agree to a settlement that prevents us from distributing our offerings or a portion 
thereof, which could adversely affect our business, financial condition and results of operations.
With respect to any intellectual property rights claim, we may have to seek out a license to continue operations found to be in 
violation of such rights, which may not be available on favorable or commercially reasonable terms and may significantly increase our 
operating expenses. Some licenses may be non-exclusive, and therefore our competitors may have access to the same technology 
licensed to us. If a third-party does not offer us a license to its intellectual property on reasonable terms, or at all, we may be required 
to develop alternative, non-infringing technology or other intellectual property, which could require significant time (during which we 
would be unable to continue to offer our affected offerings), effort and expense and may ultimately not be successful. Any of these 
events could adversely affect our business, financial condition and results of operations.
Failure to protect or enforce our intellectual property rights could harm our business, financial condition and results of 
operations.
Our success is dependent in part upon protecting our intellectual property rights and technology (such as code, information, 
data, processes and other forms of information, knowhow and technology), or “intellectual property,” and as we grow, we expect to 
continue to develop intellectual property that is important for our existing or future business. We rely on a combination of patents, 
copyrights, trademarks, service marks, trade dress, trade secret laws and contractual restrictions to establish and protect our intellectual 
property. However, the steps we take to protect our intellectual property may not be sufficient or effective, and may vary by 
jurisdiction. Even if we do detect violations, we may need to engage in litigation to enforce our rights. Any enforcement efforts we 
undertake, including litigation, could be time-consuming and expensive and could divert management attention. While we take 
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precautions designed to protect our intellectual property, it may still be possible for competitors and other unauthorized third parties to 
copy our technology, reverse engineer our data and use our proprietary information to create or enhance competing solutions and 
services, which could adversely affect our position in our rapidly evolving and highly competitive industry. Some license provisions 
that protect against unauthorized use, copying, transfer and disclosure of our technology may be unenforceable under the laws of 
certain jurisdictions and foreign countries. The laws of some countries do not provide the same level of protection of our intellectual 
property as do the laws of the United States and effective intellectual property protections may not be available or may be limited in 
foreign countries. Our domestic and international intellectual property protection and enforcement strategy is influenced by many 
considerations including costs, where we have business operations, where we might have business operations in the future, legal 
protections available in a specific jurisdiction, and/or other strategic considerations. As such, we do not have identical or analogous 
intellectual property protection in all jurisdictions, which could risk freedom to operate in certain jurisdictions if we were to expand. 
As we expand our international activities, our exposure to unauthorized use, copying, transfer and disclosure of proprietary 
information will likely increase. We may need to expend additional resources to protect, enforce or defend our intellectual property 
rights domestically or internationally, which could impair our business or adversely affect our domestic or international operations. 
We enter into confidentiality and invention assignment agreements with our employees and consultants and enter into confidentiality 
agreements with our third-party providers and strategic partners. We cannot assure you that these agreements will be effective in 
controlling access to, and use and distribution of, our platform and proprietary information. Further, these agreements may not prevent 
our competitors from independently developing technologies that are substantially equivalent or superior to our offerings. Competitors 
and other third parties may also attempt to access, aggregate, and/or reverse engineer our data which would compromise our trade 
secrets and other rights. We also enter into strategic partnerships, joint development and other similar agreements with third parties 
where intellectual property arising from such partnerships may be jointly-owned or may be transferred or licensed to the counterparty. 
Such arrangements may limit our ability to protect, maintain, enforce or commercialize such intellectual property rights, including 
requiring agreement with or payment to our joint development partners before protecting, maintaining, licensing or initiating 
enforcement of such intellectual property rights, and may allow such joint development partners to register, maintain, enforce or 
license such intellectual property rights in a manner that may affect the value of the jointly-owned intellectual property or our ability 
to compete in the market.
We may be required to spend significant resources in order to monitor and protect our intellectual property rights, and some 
violations may be difficult or impossible to detect. Litigation to protect and enforce our intellectual property rights could be costly, 
time-consuming and distracting to management and could result in the impairment or loss of portions of our intellectual property. Our 
efforts to enforce our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and 
enforceability of our intellectual property rights. Our inability to protect our intellectual property and proprietary technology against 
unauthorized copying or use, as well as any costly litigation or diversion of our management’s attention and resources, could impair 
the functionality of our platform, delay introductions of enhancements to our platform, result in our substituting inferior or more costly 
technologies into our platform or harm our reputation or brand. In addition, we may be required to license additional technology from 
third parties to develop and market new offerings or platform features, which may not be on commercially reasonable terms or at all 
and could adversely affect our ability to compete.
Our industry has also been subject to attempts to steal intellectual property, including by foreign actors. We, along with 
others in our industry, have been the target of attempted thefts of our intellectual property and may be subject to such attempts in the 
future. Although we take measures to protect our property, if we are unable to prevent the theft of our intellectual property or its 
exploitation, the value of our investments may be undermined and our business, financial condition and results of operations may be 
negatively impacted.
Changes in laws or regulations relating to privacy, data protection or the protection or transfer of personal data, or any actual or 
perceived failure by us to comply with such laws and regulations or any other obligations relating to privacy, data protection or the 
protection or transfer of personal data, could adversely affect our business.
We receive, transmit, store and otherwise process a large volume of personal information and other data relating to users on 
our platform, as well as other individuals such as our employees. Numerous local, municipal, state, federal and international laws and 
regulations address privacy, data protection and the collection, storing, sharing, use, disclosure and protection of certain data, 
including the California Online Privacy Protection Act, the Personal Information Protection and Electronic Documents Act, the 
Controlling the Assault of Non-Solicited Pornography and Marketing Act, Canada’s Anti-Spam Law, the Telephone Consumer 
Protection Act of 1991, or TCPA, the U.S. Federal Health Insurance Portability and Accountability Act of 1996, as amended by the 
HITECH Act, or HIPAA, Section 5(c) of the Federal Trade Commission Act, or FTC Act, the California Consumer Privacy Act, or 
CCPA, and the California Privacy Rights Act, or CPRA. The scope of data protection laws may continually change, through new 
legislation, amendments to existing legislation and changes in enforcement, and may be inconsistent from one jurisdiction to another. 
For example, the CPRA requires new disclosures to California consumers and affords such consumers new data rights and abilities to 
opt-out of certain sharing of personal information. The CPRA provides for fines of up to $7,500 per violation, which can be applied on 
a per-consumer basis. Aspects of the CPRA and its interpretation and enforcement remain unclear. Additionally, several states in the 
U.S., including California and other states where we do business, have enacted legislation relating to privacy and information security, 
and the U.S. federal government and other states are also contemplating federal and state privacy legislation. These new and modified 
laws, including the CPRA, and other changes in laws or regulations relating to privacy, data protection and information security, 
40

particularly any new or modified laws or regulations that require enhanced protection of data or new obligations with regard to data 
retention, transfer or disclosure, could greatly increase the cost of providing our offerings, require significant changes to our 
operations and our data processing practices and policies, may require us to incur additional compliance-related costs and expenses, 
and may even prevent us from providing certain offerings in jurisdictions in which we currently operate and in which we may operate 
in the future.
Further, as we continue to expand our offerings and user base, we may become subject to additional privacy-related laws and 
regulations. For example, in connection with the sale of our Level 5 self-driving vehicle division to Woven Planet, we have entered 
into certain data sharing and other agreements with Woven Planet to facilitate and accelerate the development of autonomous vehicle 
technology. In addition, our Lyft Media efforts provide third party promotional advertisements, including those that may be 
personalized to users. Changes in the law or regulatory landscape could limit or prohibit activities in regard to any new offerings we 
undertake. 
As another example, the collection and storage of data, including in connection with the use of our Concierge and Lyft Pass 
for Public Funding offerings by healthcare customers, subjects us to compliance requirements under HIPAA. HIPAA and its 
implementing regulations contain requirements on Covered Entities and Business Associates, each as defined under HIPAA, regarding 
the use, collection, security, storage and disclosure of individuals’ protected health information, or PHI. Contracted healthcare 
customers including healthcare providers, health plans, and transportation brokers using our Concierge or Lyft Pass for Public Funding 
offerings are either Covered Entities or Business Associates under HIPAA. We must also comply with HIPAA as we use and disclose 
the PHI of riders in our capacity as a Business Associate of Covered Entities or of other Business Associates. Compliance obligations 
under HIPAA include privacy, security and breach notification obligations and could subject us to increased liability for any 
unauthorized uses or disclosures of PHI determined to be a “breach.” If we knowingly breach the HITECH Act’s requirements, we 
could be exposed to criminal liability. A breach of our safeguards and processes could expose us to significant civil penalties that 
range from $100 - $72,000 per violation, with an annual maximum per violation calendar year cap of over $2,000,000 for “willful 
neglect” violations, and the possibility of civil litigation. 
Additionally, we have incurred, and expect to continue to incur, significant expenses in an effort to comply with privacy, data 
protection and information security standards imposed by law, regulation, or contractual obligations. In particular, with laws and 
regulations such as the CCPA and CPRA imposing new and relatively burdensome obligations, and with substantial uncertainty over 
the interpretation and application of these and other laws and regulations, we may face challenges in addressing their requirements and 
making necessary changes to our policies and practices, and may incur significant costs and expenses in an effort to do so. In 
particular, with regard to HIPAA, we may incur increased costs as we perform our obligations to our healthcare customers under our 
agreements with them. As we consider expansion of business offerings and markets and as laws and regulations change, we expect to 
incur additional costs related to privacy, data protection and information security standards and protocols imposed by laws, 
regulations, industry standards or contractual obligations related to such offerings and face additional risks that such expansion could 
be inconsistent with, or fail or be alleged to fail to meet all requirements of such laws, regulations or obligations.
Despite our efforts to comply with applicable laws, regulations and other obligations relating to privacy, data protection and 
information security, it is possible that our practices, offerings or platform could be inconsistent with, or fail or be alleged to fail to 
meet all requirements of, such laws, regulations or obligations. Our failure, or the failure by our third-party providers or partners, to 
comply with applicable laws, regulations or other actual or asserted obligations relating to privacy, data protection or information 
security, or any compromise of security that results in unauthorized access to, or unauthorized loss, unavailability, corruption, use, 
release or other processing of personal information or other driver or rider data, or the perception that any of the foregoing types of 
failure or compromise has occurred, could damage our reputation, discourage new and existing drivers and riders from using our 
platform or result in fines or proceedings by governmental agencies and private claims and litigation, any of which could adversely 
affect our business, financial condition and results of operations. Additionally, the perception of concerns relating to privacy, data 
protection or information security, whether or not valid, may harm our reputation and brand and adversely affect our business, 
financial condition and results of operations.
We are regularly subject to claims, lawsuits, government and regulatory investigations and other proceedings that may adversely 
affect our business, financial condition and results of operations.
We are regularly subject to claims, lawsuits, arbitration proceedings, government and regulatory investigations and other 
legal and regulatory proceedings, and in some situations we have received subpoenas and requests for documents and information, in 
the ordinary course of business, including those involving personal injury, property damage, worker classification, driver earnings, 
labor and employment, anti-discrimination, commercial disputes, antitrust, competition, consumer complaints (e.g., claims brought 
under the TCPA or other laws), intellectual property disputes, compliance with regulatory requirements, securities laws, and other 
matters, and we may become subject to additional types of claims, lawsuits, government investigations and legal or regulatory 
proceedings as our business grows and as we deploy new offerings, including proceedings related to product liability or our 
acquisitions, data privacy, advertising, securities issuances or business practices. We are also regularly subject to claims, lawsuits, 
arbitration proceedings, government investigations and other legal and regulatory proceedings seeking to hold us liable for the actions 
of independent contractor drivers on our platform. See the section titled “Legal Proceedings” for additional information about these 
types of legal proceedings.
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The results of any such claims, lawsuits, arbitration proceedings, government investigations or other legal or regulatory 
proceedings cannot be predicted with certainty. Any claims against us, whether meritorious or not, could be time-consuming, result in 
costly litigation, be harmful to our reputation, require significant management attention and divert significant resources. Determining 
reserves for our pending litigation is a complex and fact-intensive process that requires significant subjective judgment and 
speculation. It is possible that a resolution of one or more such proceedings could result in substantial damages, settlement costs, fines 
and penalties that could adversely affect our business, financial condition and results of operations. These proceedings could also 
result in harm to our reputation and brand, sanctions, consent decrees, injunctions or other orders requiring a change in our business 
practices. Any of these consequences could adversely affect our business, financial condition and results of operations. Furthermore, 
under certain circumstances, we have contractual and other legal obligations to indemnify and to incur legal expenses on behalf of our 
business, commercial, and government partners and current and former directors and officers.
A determination in, resolution of, or settlement of, any legal proceeding, whether we are party to such legal proceeding or 
not, that involves our industry, could harm our business, financial condition and results of operations. For example, a determination 
related to driver classification matters, whether we are party to such determination or not, could cause us to incur significant expenses 
or require substantial changes to our business model.
In addition, we regularly include arbitration provisions in our Terms of Service with the drivers and riders and other parties 
on our platform. These provisions are intended to streamline the litigation process for all parties involved, as arbitration can in some 
cases be faster and less costly than litigating disputes in state or federal court. However, arbitration may become more costly for us or 
the volume of arbitration may increase and become burdensome, and the use of arbitration provisions may subject us to certain risks to 
our reputation and brand, as these provisions have been the subject of increasing public scrutiny. In order to minimize these risks to 
our reputation and brand, we have in the past and may continue to limit our use of arbitration provisions or be required to do so in a 
legal or regulatory proceeding, either of which could increase our litigation costs and exposure. For example, effective May 2018, we 
ended mandatory arbitration of sexual misconduct claims by users and employees.
Further, with the potential for conflicting rules regarding the scope and enforceability of arbitration on a state-by-state basis, 
as well as between state and federal law or between U.S. and foreign law, there is a risk that some or all of our arbitration provisions 
could be subject to challenge or may need to be revised to exempt certain categories of protection. If our arbitration agreements were 
found to be unenforceable, in whole or in part, or specific claims are required to be exempted from arbitration, we could experience an 
increase in our costs to litigate disputes and the time involved in resolving such disputes, and we could face increased exposure to 
potentially costly lawsuits, each of which could adversely affect our business, financial condition and results of operations.
As we expand our offerings, we may become subject to additional laws and regulations, and any actual or perceived failure by us to 
comply with such laws and regulations or manage the increased costs associated with such laws and regulations could adversely 
affect our business, financial condition and results of operations.
As we continue to expand our offerings and user base, we may become subject to additional laws and regulations, which may 
differ or conflict from one jurisdiction to another. Many of these laws and regulations were adopted prior to the advent of our industry 
and related technologies and, as a result, do not contemplate or address the unique issues faced by our industry.
For example, contracting with healthcare entities and transportation brokers representing healthcare entities may subject us to 
certain healthcare related laws and regulations. These laws and regulations may impose additional requirements on us and our 
platform in providing access to rides for healthcare customers. Additional requirements may arise related to the collection and storage 
of data and systems infrastructure design, all of which could increase the costs associated with our offerings to healthcare customers. 
With respect to healthcare rides matched through the Lyft Platform and provided to Medicaid or Medicare Advantage beneficiaries, 
we are subject to healthcare fraud, waste and abuse laws that impose penalties for violations. Significant violations of such laws could 
lead to our loss of Medicaid provider enrollment status and could also potentially result in exclusion from participation in federal and 
state healthcare programs. Further, we may in certain circumstances be or become considered a government contractor with respect to 
certain of our services, which would expose us to certain risks such as the government’s ability to unilaterally terminate contracts, the 
public sector’s budgetary cycles and funding authorization, and the government’s administrative and investigatory processes.
Despite our efforts to comply with applicable laws, regulations and other obligations relating to our offerings, it is possible 
that our practices, offerings or platform could be inconsistent with, or fail or be alleged to fail to meet all requirements of, such laws, 
regulations or obligations. Our failure, or the failure by our third-party providers or partners, to comply with applicable laws or 
regulations or any other obligations relating to our offerings, could harm our reputation and brand, discourage new and existing drivers 
and riders from using our platform, lead to refunds of ride fares or result in fines or proceedings by governmental agencies or private 
claims and litigation, any of which could adversely affect our business, financial condition and results of operations.
If we fail to maintain an effective system of disclosure controls or internal control over financial reporting, our ability to produce 
timely and accurate financial statements or comply with applicable regulations could be impaired.
As a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002, or 
the Sarbanes-Oxley Act, and the listing standards of the Nasdaq Global Select Market. The Sarbanes-Oxley Act requires, among other 
things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. In order to maintain 
42

and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, we have 
expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs and significant 
management oversight. If any of our controls and systems do not perform as expected, we may experience deficiencies in our controls 
and we may not be able to meet our financial reporting obligations.
Our current controls and any new controls that we develop may become inadequate because of changes in the conditions in 
our business, including increased complexity resulting from any international expansion, flexible work arrangements, new offerings on 
our platform or from strategic transactions, including acquisitions and divestitures. Further, weaknesses or deficiencies in our 
disclosure controls or our internal control over financial reporting have been discovered in the past, and other weaknesses or 
deficiencies may be discovered in the future. Our disclosure controls and procedures or our internal control over financial reporting are 
not expected to prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only 
reasonable, not absolute, assurance that the objectives of the control system are met. Due to inherent limitations in a cost-effective 
control system, misstatements due to error or fraud may occur and not be detected.
Any failure to develop or maintain effective controls, or any difficulties encountered in their implementation or improvement, 
could harm our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our 
financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting could 
also adversely affect the results of periodic management evaluations and annual independent registered public accounting firm 
attestation reports regarding the effectiveness of our internal control over financial reporting that we are required to include in our 
periodic reports. Ineffective disclosure controls and procedures and internal control over financial reporting could also cause errors in 
our reporting. For example, our management determined that the clerical error in our forward-looking, non-GAAP directional 
commentary for fiscal year 2024 contained in our initial press release issued on February 13, 2024 resulted in the conclusion that our 
disclosure controls and procedures were not effective as of December 31, 2023 at a reasonable assurance level. While we have 
remediated the deficiency that resulted in the error, failure of our disclosure controls and procedures or internal control over financial 
reporting to be effective could cause investors to lose confidence in our reported financial and other information, which would likely 
adversely affect the market price of our Class A common stock. We may also be subject to public scrutiny, regulatory inquiries and 
legal proceedings if such failure results in an error in our financial reporting. In addition, if we are unable to continue to meet these 
requirements, we may not be able to remain listed on the Nasdaq Global Select Market. 
Our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the 
level at which our internal control over financial reporting is documented, designed or operating. Any failure to maintain effective 
disclosure controls and internal control over financial reporting could have an adverse effect on our business, financial condition and 
results of operations and could cause a decline in the market price of our Class A common stock.
Changes in U.S. and foreign tax laws could have a material adverse effect on our business, cash flow, results of operations or 
financial conditions.
We are subject to tax laws, regulations, and policies of the U.S. federal, state, and local governments and of comparable 
taxing authorities in foreign jurisdictions. As various levels of governments and international organizations become increasingly 
focused on tax reform, changes in tax laws, as well as other factors, could cause us to experience fluctuations in our tax obligations 
and effective tax rates and otherwise adversely affect our tax positions and/or our tax liabilities. For example, the United States passed 
the Inflation Reduction Act in 2022, which introduced a 1% excise tax on stock buybacks that could impact us in connection with a 
settlement of the capped call transactions. Further, a provision of the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct 
research and development expenditures in the year incurred and requires the capitalization and amortization of such costs. The 
Organization for Economic Cooperation and Development (“OECD”) released Pillar Two model rules defining a 15% global 
minimum tax for large multinational companies. The OECD continues to release additional guidance and countries are in various 
stages of implementation with widespread adoption of the Pillar Two Framework expected in the near future. Any of these or other 
developments or changes in tax laws or rulings in jurisdictions in which we operate could adversely affect our effective tax rate and 
our operating results. 
Taxing authorities may successfully assert that we should have collected or in the future should collect sales and use, gross 
receipts, value added or similar taxes and may successfully impose additional obligations on us, and any such assessments or 
obligations could adversely affect our business, financial condition and results of operations.
The application of indirect taxes, such as payroll tax, sales and use tax, value-added tax, goods and services tax, business tax 
and gross receipts tax, to businesses like ours and to drivers is a complex and evolving issue. Many of the fundamental statutes and 
regulations that impose these taxes were established before the adoption and growth of the Internet and e-commerce. Significant 
judgment is required on an ongoing basis to evaluate applicable tax obligations, and as a result, amounts recorded are estimates and 
are subject to adjustments. In many cases, the ultimate tax determination is uncertain because it is not clear how new and existing 
statutes might apply to our business or to drivers’ businesses. For example, we have an ongoing dispute with the City and County of 
San Francisco (“San Francisco”) regarding the application of gross receipts taxes to businesses like ours. For more information 
regarding this matter, please see the “Legal Proceedings” subheading in Note 10. Commitments and Contingencies to the consolidated 
financial statements included in this Annual Report on Form 10-K.
43

In addition, local governments are increasingly looking for ways to increase revenue, which has resulted in discussions about 
tax reform and other legislative action to increase tax revenue, including through indirect taxes. For example, it is becoming more 
common for local governments to impose per trip fees specifically on TNC rides. Such taxes may adversely affect our financial 
condition and results of operations.
In certain jurisdictions, we collect and remit indirect taxes. However, tax authorities have raised and may continue to raise 
questions about or challenge or disagree with our calculation, reporting, or collection of taxes, and may require us to collect taxes in 
jurisdictions in which we do not currently do so or to remit additional taxes and interest, and could impose associated penalties and 
interest. A successful assertion by one or more tax authorities requiring us to collect taxes in jurisdictions in which we do not currently 
do so or to collect additional taxes in a jurisdiction in which we currently collect taxes, could result in substantial tax liabilities, 
including taxes on past transactions, as well as penalties and interest, and could discourage drivers and riders from utilizing our 
offerings or could otherwise harm our business, financial condition, and results of operations. Although we have reserved for potential 
payments of possible past tax liabilities in our financial statements, if these liabilities exceed such reserves, our financial condition 
could be harmed.
Additionally, one or more states, localities or other taxing jurisdictions may seek to impose additional reporting, record-
keeping or indirect tax collection obligations on businesses like ours. For example, taxing authorities in the United States and other 
countries have identified e-commerce platforms as a means to calculate, collect, and remit indirect taxes for transactions taking place 
over the Internet, and are considering related legislation. New legislation may require us or drivers to incur substantial costs in order to 
comply, including costs associated with tax calculation, collection, remittance and audit requirements, which could make our offerings 
less attractive and could adversely affect our business, financial condition and results of operations.
As a result of these and other factors, the ultimate amount of tax obligations owed may differ from the amounts recorded in 
our financial statements and any such difference may adversely impact our results of operations in future periods in which we change 
our estimates of our tax obligations or in which the ultimate tax outcome is determined. 
Operating as a public company requires us to incur substantial costs and requires substantial management attention. In addition, 
certain members of our management team have limited experience managing a public company.
As a public company, we incur substantial legal, accounting and other expenses that we did not incur as a private company. 
For example, we are subject to the reporting requirements of the Exchange Act, the applicable requirements of the Sarbanes-Oxley 
Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the rules and regulations of the SEC and the listing standards 
of the Nasdaq Stock Market. For example, the Exchange Act requires, among other things, that we file annual, quarterly and current 
reports with respect to our business, financial condition and results of operations. We are also required to maintain effective disclosure 
controls and procedures and internal control over financial reporting. Compliance with these rules and regulations has increased and 
will continue to increase our legal and financial compliance costs, and increase demand on our systems. In addition, as a public 
company, we may be subject to stockholder activism, which can lead to substantial additional costs, distract management and impact 
the manner in which we operate our business in ways we cannot currently anticipate. As a result of disclosure of information in filings 
required of a public company, our business and financial condition will become more visible, which may result in threatened or actual 
litigation, including by competitors. Furthermore, if any issues in complying with those requirements are identified, we may incur 
additional costs rectifying those or new issues, and the existence of these issues could adversely affect our reputation or investor 
perceptions of it. 
Certain members of our management team have limited experience managing a publicly traded company, interacting with 
public company investors and complying with the increasingly complex laws pertaining to public companies. Our management team 
may not successfully or efficiently manage being a public company subject to significant regulatory oversight and reporting 
obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These obligations and 
constituents require significant attention from our senior management and could divert their attention away from the day-to-day 
management of our business, which could adversely affect our business, financial condition and results of operations.
Climate change may have a long-term impact on our business.
We have established environmental programs, such as requiring our suppliers to ensure the efficient use of raw materials, 
water, and energy resources via our Supplier Code of Conduct, and we recognize that there are inherent climate-related risks wherever 
business is conducted. For example, our San Francisco, California headquarters is projected to be vulnerable to future water scarcity 
and sea level rise due to climate change, as well as climate-related events including wildfires and associated power shut-offs. Climate-
related events, including the increasing frequency of extreme weather events and their impact on critical infrastructure in the U.S. and 
elsewhere, have the potential to disrupt our business, our third-party suppliers, and the business of our customers, and may cause us to 
experience higher attrition, losses and additional costs to maintain or resume operations. Additionally, we are subject to emerging 
climate change policies such as California’s Clean Miles Standard and Incentive Program that imposes certain greenhouse gas and EV 
requirements on our industry, and California climate-related reporting requirements such as California’s Senate Bill 253 (SB 253), 
Senate Bill 261 (SB 261) and Senate Bill 219 (SB 219). Massachusetts, New York City and Toronto are developing or have developed 
and implemented rules to address the environmental impact of rideshare, and Illinois, New York and Washington are debating climate-
related reporting requirements similar to California’s. Further, other jurisdictions are likely to consider similar rules, regulations and/or 
44

reporting requirements in the future. Efforts to comply with these policies and reporting requirements are likely to increase our costs 
and any failure to meet the requirements could impact our ability to operate in the applicable jurisdiction. Failure to comply could also 
harm our reputation and brand. In addition, the SEC has proposed climate rules that will require disclosure regarding climate related 
information in our annual report, including material climate related risks, greenhouse gas emissions, material climate related goals and 
targets as well as governance related to climate related risks. These rules have been voluntarily stayed by the SEC pending judicial 
review, but, if implemented, will require significant management time and attention as well as increased compliance costs. 
We often advocate for EV programs that can be efficiently accessed by drivers on our platform and rental car operators, and 
any failure of such programs to address EV capital costs, EV charging costs, and EV charging infrastructure in the context of 
transportation network companies’ unique needs could challenge our ability to progress toward internal and external EV targets. 
Furthermore, these EV programs are asset-intensive and require significant capital investments and recurring costs, including debt 
payments, maintenance, depreciation, asset life and asset replacement costs, and if we are not able to maintain sufficient levels of 
utilization of such assets or such offerings are otherwise not successful, our investments may not generate sufficient returns and our 
financial condition may be adversely affected. If we are not able to allocate sufficient capital or other resources to these programs and 
achievement of these goals, we may not be able to make progress toward or achieve such commitments and goals in a timely manner 
or at all, or we may need to modify or terminate certain programs or goals. We may also enter into arrangements with third parties for 
financing, leasing or otherwise, to enable us to meet our commitments and other legal or regulatory requirements. Such transactions 
may require us to provide guarantees for financing. We may also benefit from certain tax credits for EVs and, if such tax credits expire 
or are terminated or we are otherwise unable to use them, we may not realize the benefits we have planned and our business and 
financial condition and results of operations may be negatively affected. If we fail, or are perceived to fail, to make such progress or 
achievements, or to maintain environmental practices that meet evolving stakeholder expectations, or if we revise any of our 
commitments, initiatives, or goals, our brand and reputation could be harmed and we may face criticism from the media or our 
stakeholders, and our business, financial condition and results of operations could be adversely affected.
Risks Related to Financing and Transactional Factors
We may require additional capital, which may not be available on terms acceptable to us or at all.
Historically, we funded our capital-intensive operations and capital expenditures primarily through equity and debt issuances 
and cash generated from our operations. To support our growing business, we must have sufficient capital to continue to make 
significant investments in our offerings, including potential new offerings. In November 2022, we entered into a $420.0 million 
revolving credit agreement, and since May 2020, we have issued $850.7 million in aggregate principal amount of convertible notes. 
From time to time, we may seek additional equity or debt financing, including by the issuance of securities, to finance our operations 
and growth or to refinance our existing indebtedness, among other things. If we raise additional funds through the issuance of equity, 
equity-linked or debt securities, such as our 1.50% convertible senior notes due 2025 (the “2025 Notes”) and 0.625% convertible 
senior notes due 2029 (the “2029 Notes” together with the 2025 Notes, the “Notes”), those securities may have rights, preferences or 
privileges senior to those of our Class A common stock, and our existing stockholders may experience dilution. Further, we have 
secured debt financing which has resulted in fixed obligations and certain restrictive covenants, and any debt financing secured by us 
in the future would result in increased fixed obligations and could involve additional restrictive covenants relating to our capital-
raising activities and other financial and operational matters, as well as liens on some or all of our assets, which may make it more 
difficult for us to obtain additional capital and to pursue business opportunities. 
We evaluate financing opportunities from time to time, and our ability to obtain financing will depend, among other things, 
on our development efforts, business plans and operating performance and the condition of the capital markets at the time we seek 
financing. Additionally, uncertain and volatile macroeconomic conditions, including economic instability or uncertainty, and other 
events beyond our control, such as slowing growth in the worldwide economy, inflation and high interest rates, as well as the 
instability and volatility in the banking and financial services sector, and the war in Ukraine, have negatively impacted the financing 
markets, and may impact our access to capital and make additional capital more difficult or available only on terms less favorable to 
us. We cannot be certain that additional financing will be available to us on favorable terms, or at all. If we are unable to obtain 
adequate financing or financing on terms satisfactory to us, when we require it, our ability to continue to support our business growth 
and to respond to business challenges could be significantly limited, and our business, financial condition and results of operations 
could be adversely affected.
If we are unable to make acquisitions and investments, or successfully integrate them into our business, or if we enter into strategic 
transactions that do not achieve our objectives, our business, results of operations and financial condition could be adversely 
affected.
As part of our business strategy, we will continue to consider a wide array of potential strategic transactions, including 
acquisitions of businesses, new technologies, services and other assets, joint ventures and strategic investments that complement our 
business, such as our acquisition of PBSC in May 2022, as well as divestitures, partnerships and other transactions. We have 
previously acquired and invested in, and we continue to seek to acquire and invest in businesses, technologies, or other assets that we 
believe could complement or expand our business, including acquisitions of new lines of business and other opportunities that operate 
in relatively nascent markets. We also may explore investments in new technologies, which we may develop or other parties may 
45

develop. The identification, evaluation, and negotiation of potential acquisition or strategic investment transactions may divert the 
attention of management and entail various expenses, whether or not such transactions are ultimately completed. There can be no 
assurance that we will be successful in identifying, negotiating, and consummating favorable transaction opportunities. 
These transactions involve numerous risks, whether or not completed, any of which could harm our business and negatively 
affect our financial condition and results of operations, including:
•
intense competition for suitable acquisition and investment targets, which could increase transaction costs and adversely 
affect our ability to consummate deals on favorable or acceptable terms;
•
failure or material delay in closing a transaction;
•
transaction-related lawsuits or claims;
•
our ability to successfully obtain indemnification or representation and warranty insurance;
•
difficulties in integrating the technologies, operations, existing contracts and personnel of an acquired company;
•
challenges related to entering into new markets or geographies;
•
difficulties in retaining key employees or business partners of an acquired company;
•
diversion of financial and management resources from existing operations or alternative acquisition opportunities;
•
failure to realize the anticipated benefits or synergies of a transaction;
•
failure to identify the problems, liabilities or other shortcomings or challenges of an acquired company or technology, 
including issues related to intellectual property, regulatory compliance practices, litigation, revenue recognition or other 
accounting practices, or employee or user issues;
•
acquired businesses or businesses that we invest in may not have adequate controls, processes, and procedures to ensure 
compliance with laws and regulations, including with respect to data privacy, data protection, and data security, as well as 
anti-bribery and anti-corruption laws, export controls, sanctions and industry-specific-regulation;
•
risks that regulatory bodies may enact new laws or promulgate new regulations that are adverse to an acquired company or 
business, or the risk that we become subject to new or additional regulatory burdens that affect our business in potentially 
unanticipated and significantly negative ways;
•
theft of our trade secrets or confidential information that we share with potential acquisition candidates;
•
risk that an acquired company or investment in new offerings cannibalizes a portion of our existing business; and
•
adverse market reaction to an acquisition.
In addition, we may divest businesses or assets or enter into joint ventures, strategic partnerships or other strategic 
transactions. For example, in February 2023, we closed the sale of our vehicle service center business. In addition, as a result of our 
acquisition of PBSC, we became an indirect party to certain partnerships and joint ventures that we did not negotiate, and with 
partners with whom we are less familiar. These types of transactions present certain risks; for example, we may not achieve the 
desired strategic, operational and financial benefits of a divestiture, partnership, joint venture or other strategic transaction, or we may 
have difficulty operating together with another partner or joint venturer. In addition, in light of high interest rates and the volatility of 
the financial markets, it may be more difficult to find suitable acquirors or business partners, and during the pendency of a divestiture 
or during the integration or separation process of any strategic transaction, we may be subject to risks related to a decline in the 
business, loss of employees, customers, or suppliers, and the risk that the transaction does not close.
Further, minority investments inherently involve a lesser degree of control over business operations, thereby potentially 
increasing the financial, legal, operational, regulatory, and/or compliance risks associated with the investment. In addition, we may be 
dependent on other persons or entities who control the entities in which we invest, including their management or controlling 
shareholders, and who may have business interests, strategies, or goals that are inconsistent with ours. Business decisions or other 
actions or omissions of the joint venture partners, controlling shareholders, management, or other persons or entities who control them 
may adversely affect the value of our investment or result in litigation or regulatory action against us. We can provide no assurance 
that our investments in other technologies or businesses will generate returns for our business, or that we will not lose our initial 
investment in whole or in part. For example, in October 2022, one of our autonomous vehicle partners announced its wind-down, and 
as a result we incurred a total impairment of $135.7 million consisting of impairments of our non-marketable equity investment in 
such company and other assets.
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If we fail to address the foregoing risks or other problems encountered in connection with past or future acquisitions of 
businesses, new technologies, services and other assets, strategic investments or other transactions, or if we fail to successfully 
integrate such acquisitions or investments, or if we are unable to successfully complete other transactions or such transactions do not 
meet our strategic objectives, our business, results of operations and financial condition could be adversely affected.
Servicing our current and future debt may require a significant amount of cash, and we may not have sufficient cash flow from 
our business to pay our indebtedness. Our payment obligations under such indebtedness may limit the funds available to us, and 
the terms of our debt agreements may restrict our flexibility in operating our business or otherwise adversely affect our results of 
operations.
In May 2020 and February 2024, we issued our 2025 Notes and 2029 Notes, respectively, in private placements to qualified 
institutional buyers. In addition, in connection with our acquisition of Flexdrive, which is an independently managed, wholly-owned 
subsidiary, Flexdrive remained responsible for its obligations under a Loan and Security Agreement, as amended, with a third-party 
lender, a Master Vehicle Acquisition Financing and Security Agreement, as amended, with a third-party lender and a Vehicle 
Procurement Agreement, as amended, with a third-party; and, following the acquisition, we continued to guarantee the payments of 
Flexdrive for any amounts borrowed under these agreements. As of December 31, 2024, we had $995.0 million of indebtedness for 
borrowed money outstanding. In November 2022, we also entered into a revolving credit facility (the “Revolving Credit Facility”) 
with certain lenders providing the ability to borrow an aggregate principal amount of up to $420.0 million, none of which has been 
drawn as of December 31, 2024, and $72.6 million in letters of credit were issued under the Revolving Credit Facility as of 
December 31, 2024. On December 12, 2023, we entered into an amendment to the Revolving Credit Facility which, among other 
things, permits us to refinance the 2025 Notes and amends certain financial covenants. On February 21, 2024, the Revolving Credit 
Facility was further amended to, among other things: (a) solely for the purposes of the financial covenant test, replace total leverage 
with total net leverage and (b) permit us to repurchase up to a specified amount of the Company's common stock with the proceeds of 
a convertible note offering. See Note 11 “Debt” to our consolidated financial statements, for further information on these agreements 
and our outstanding debt obligations.
Our ability to make scheduled payments of the principal of, to pay interest or fees on or to refinance or repay our 
indebtedness depends on our future performance, which is subject to economic, financial, competitive and other factors beyond our 
control. Our business may not generate cash flow from operations in the future sufficient to service our debt and make necessary 
capital expenditures. If we are unable to generate such cash flow, we may be required to adopt one or more alternatives, such as selling 
assets, restructuring debt or obtaining additional debt financing or equity capital on terms that may be onerous or highly dilutive. Our 
ability to refinance any existing or future indebtedness will depend on the capital markets, general macroeconomic conditions and our 
financial condition at such time. We may not be able to engage in any of these activities or engage in these activities on desirable 
terms, which could result in a default on our debt obligations. Events and circumstances may also occur which would cause us to not 
be able to satisfy applicable draw-down conditions and utilize our revolving credit facility. In addition, any of our future debt 
agreements may contain restrictive covenants that may prohibit us from adopting any of these alternatives. Our failure to comply with 
these covenants could result in an event of default which, if not cured or waived, could result in the acceleration of our debt.
In addition, our indebtedness, combined with our other financial obligations and contractual commitments, could have other 
important consequences. For example, it could:
•
make us more vulnerable to adverse changes in general U.S. and worldwide economic, industry and competitive conditions 
and adverse changes in government regulation;
•
limit our flexibility in planning for, or reacting to, changes in our business and our industry;
•
place us at a disadvantage compared to our competitors who have less debt;
•
limit our ability to borrow additional amounts to fund acquisitions, for working capital and for other general corporate 
purposes; and
•
make an acquisition of our company less attractive or more difficult.
In addition, under certain of our and our subsidiary’s existing debt instruments, we and Flexdrive are subject to customary 
affirmative and negative covenants regarding our business and operations, including limitations on Flexdrive’s ability to enter into 
certain acquisitions or consolidations or engage in certain asset dispositions. If we or Flexdrive, as applicable, do not comply with 
these covenants or otherwise default under the arrangements, and do not obtain an amendment, waiver or consent from the lenders, 
then, subject to applicable cure periods, any outstanding debt may be declared immediately due and payable. Further, any such 
amendment, waiver or consent that we are able to obtain may contain additional restrictions or terms that are less favorable to us. Any 
debt financing secured by us in the future could involve additional restrictive covenants relating to our capital-raising activities and 
other financial and operational matters, which may make it more difficult for us to obtain additional capital to pursue business 
opportunities, including potential acquisitions or divestitures. Any default under our debt arrangements could require that we repay our 
47

loans immediately, and may limit our ability to obtain additional financing, which in turn may have an adverse effect on our cash 
flows and liquidity.
Any of these factors could harm our business, results of operations and financial condition. In addition, if we incur additional 
indebtedness, the risks related to our business and our ability to service or repay our indebtedness would increase.
Our revolving credit facility contains financial covenants and other restrictions on our actions that may limit our operational 
flexibility or otherwise adversely affect our results of operations.
The terms of our revolving credit facility include a number of covenants that limit our ability and our subsidiaries’ ability to, 
among other things, incur additional indebtedness, grant liens, merge or consolidate with other companies or sell substantially all of 
our assets, pay dividends, make redemptions and repurchases of stock, make investments, loans and acquisitions, or engage in 
transactions with affiliates. The terms of our revolving credit facility may restrict our current and future operations and could 
adversely affect our ability to finance our future operations or capital needs. In addition, complying with these covenants may make it 
more difficult for us to successfully execute our business strategy, including potential acquisitions, and compete against companies 
which are not subject to such restrictions.
A failure by us to comply with the covenants or payment requirements specified in our credit agreement could result in an 
event of default under the agreement, which would give the lenders the right to terminate their commitments to provide additional 
loans under our revolving credit facility and to declare all borrowings outstanding, together with accrued and unpaid interest and fees, 
to be immediately due and payable. If the debt under our revolving credit facility were to be accelerated, we may not have sufficient 
cash or be able to borrow sufficient funds to refinance the debt or sell sufficient assets to repay the debt, which could immediately 
adversely affect our business, cash flows, results of operations, and financial condition. Even if we were able to obtain new financing 
or negotiate an amendment, waiver or consent under our existing credit agreement, it may contain additional restrictions, or not be on 
commercially reasonable terms or on terms that are acceptable to us.
We are subject to counterparty risk with respect to the capped call transactions.
In connection with the issuance of our Notes, we entered into the capped call transactions (the “Capped Calls”) with certain 
of the initial purchasers of the 2025 Notes or their respective affiliates for the 2025 Notes, and with certain financial institutions for the 
2029 Notes (the “option counterparties”). We are subject to the risk that any or all of them might default under the Capped Calls. Our 
exposure to the credit risk of the option counterparties will not be secured by any collateral. Past global economic conditions have 
resulted in the actual or perceived failure or financial difficulties of many financial institutions. If an option counterparty becomes 
subject to insolvency proceedings, we will become an unsecured creditor in those proceedings with a claim equal to our exposure at 
that time under the Capped Calls with such option counterparty. Our exposure will depend on many factors but, generally, an increase 
in our exposure will be correlated to an increase in the market price and in the volatility of our Class A common stock. In addition, 
upon a default by an option counterparty, we may suffer adverse tax consequences and more dilution than we currently anticipate with 
respect to our Class A common stock. We can provide no assurance as to the financial stability or viability of the option 
counterparties.
Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
As of December 31, 2024, we had $7.2 billion of federal and $6.2 billion of state net operating losses (“NOLs”) available to 
reduce future taxable income, which will begin to expire in 2035 for federal income tax purposes and in 2025 for state income tax 
purposes. It is possible that we will not generate taxable income in time to use NOLs before their expiration. Under Section 382 of the 
Internal Revenue Code of 1986, as amended, if a corporation undergoes an “ownership change,” the corporation’s ability to 
use its pre-change NOLs to offset its post-change income may be limited. In general, an “ownership change” will occur if there is a 
cumulative change in our ownership by “5-percent shareholders” that exceeds 50 percentage points over a rolling three-year period. 
Limitations may apply under state tax laws. For example, recently enacted California legislation limits the use of state NOLs for tax 
years beginning on or after January 1, 2024, and before January 1, 2027. As a result of this legislation or other unforeseen reasons, we 
may not be able to utilize some or all of our NOLs even if we attain profitability.
The Tax Cuts and Jobs Act of 2017, or the Tax Act, as modified by the Coronavirus Aid, Relief, and Economic Security 
(“CARES”) Act, among other things, limited the use of NOLs arising in tax years beginning after December 31, 2017 to 80% of 
taxable income for tax years beginning after December 31, 2020. Not all states conform to the Tax Act or CARES Act. In future years, 
if and when a net deferred tax asset is recognized related to our NOLs, these changes may significantly impact our valuation allowance 
assessments for NOLs generated after December 31, 2017.
Risks Related to Governance and Ownership of our Capital Stock Factors
The dual class structure of our common stock has the effect of concentrating voting power with our Co-Founders, which will limit 
your ability to influence the outcome of important transactions, including a change in control.
Our Class B common stock has 20 votes per share, and our Class A common stock has one vote per share. Our Co-Founders 
together hold all of the issued and outstanding shares of our Class B common stock. Accordingly, Logan Green, our co-founder and 
48

Chair of our board of directors holds approximately 18.81% of the voting power of our outstanding capital stock; and John Zimmer, 
our co-founder and Vice Chair of our board of directors, holds approximately 10.80% of the voting power of our outstanding capital 
stock. Therefore, our Co-Founders, individually or together, may be able to significantly influence matters submitted to our 
stockholders for approval, including the election of directors, amendments of our organizational documents and any merger, 
consolidation, sale of all or substantially all of our assets or other major corporate transactions. Our Co-Founders, individually or 
together, may have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your 
interests. This concentrated control may have the effect of delaying, preventing or deterring a change in control of our company, could 
deprive our stockholders of an opportunity to receive a premium for their capital stock as part of a sale of our company and might 
ultimately affect the market price of our Class A common stock. Each Co-Founder’s voting power is as of December 31, 2024 and 
includes shares of Class A common stock expected to be issued upon the vesting of such Co-Founder’s RSUs within 60 days of 
December 31, 2024.
Future transfers by the holders of Class B common stock will generally result in those shares converting into shares of 
Class A common stock, subject to limited exceptions, such as certain transfers effected for estate planning purposes. In addition, each 
share of Class B common stock will convert automatically into one share of Class A common stock upon (i) the date specified by 
affirmative written election of the holders of two-thirds of the then-outstanding shares of Class B common stock, (ii) the date fixed by 
our board of directors that is no less than 61 days and no more than 180 days following the date on which the shares of Class B 
common stock held by our Co-Founders and their permitted entities and permitted transferees represent less than 20% of the Class B 
common stock held by our Co-Founders and their permitted entities as of immediately following the completion of our initial public 
offering, or IPO, or (iii) nine months after the death or total disability of the last to die or become disabled of our Co-Founders, or such 
later date not to exceed a total period of 18 months after such death or disability as may be approved by a majority of our independent 
directors. 
The trading price of our Class A common stock may be volatile, and you could lose all or part of your investment.
The trading price of our Class A common stock may be volatile and could be subject to fluctuations in response to various 
factors, some of which are beyond our control. These fluctuations could cause you to lose all or part of your investment in our Class A 
common stock. Factors that could cause fluctuations in the trading price of our Class A common stock include the following:
•
price and volume fluctuations in the overall stock market from time to time, including fluctuations due to general economic 
uncertainty or negative market sentiment;
•
volatility in the trading prices and trading volumes of technology stocks generally, or those in our industry, including 
fluctuations unrelated or disproportionate to the operating performance of those technology companies;
•
changes in operating performance and stock market valuations of other technology companies generally, or those in our 
industry in particular;
•
sales or purchases of shares of our Class A common stock by us, our officers, or our significant stockholders, as well as the 
perception that such sales or purchases could occur;
•
issuance of shares of our Class A common stock, whether in connection with our equity incentive plans, an acquisition or 
upon conversion of our outstanding Notes; 
•
failure of securities analysts to maintain coverage of us, changes in financial estimates by securities analysts who follow our 
company or our failure to meet these estimates or the expectations of investors;
•
the financial and business projections, targets or goals we provide to the public, any changes in those projections, targets or 
goals or our failure to meet those projections, targets or goals;
•
announcements by us or our competitors of new offerings or platform features;
•
investor sentiment and the public’s reaction to our press releases, earnings and other public announcements, and filings with 
the SEC, or those of our competitors or others in our industry;
•
rumors and market speculation involving us or other companies in our industry;
•
short selling of our Class A common stock or related derivative securities;
•
actual or anticipated changes in our results of operations or fluctuations in our results of operations;
•
actual or anticipated developments in our business, our competitors’ businesses or the competitive landscape generally;
•
litigation involving us, our industry or both, or investigations by regulators into our operations or those of our competitors;
49

•
developments or disputes concerning our intellectual property or other proprietary rights;
•
announced or completed acquisitions of businesses, services or technologies by us or our competitors;
•
new laws or regulations or new interpretations of existing laws or regulations applicable to our business or statements by 
public officials regarding potential new laws or regulations;
•
changes in accounting standards, policies, guidelines, interpretations or principles;
•
any significant change in our management or our board of directors; 
•
general economic conditions and slow or negative growth of our markets; and
•
the impact of our dual class structure.
In addition, in the past, following periods of volatility in the overall market and the market price of a particular company’s 
securities, securities class action litigation has often been instituted against these companies, including as described in the “Legal 
Proceedings” subheading in Note 10. Commitments and Contingencies to the consolidated financial statements included in this 
Annual Report on Form 10-K. Although we believe these lawsuits are without merit and we intend to vigorously defend against them, 
such matters could result in substantial costs and a diversion of our management’s attention and resources.
Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws could 
make a merger, tender offer or proxy contest difficult, thereby depressing the market price of our Class A common stock.
Our status as a Delaware corporation and the anti-takeover provisions of the Delaware General Corporation Law may 
discourage, delay or prevent a change in control by prohibiting us from engaging in a business combination with an interested 
stockholder for a period of three years after the date of the transaction in which the person became an interested stockholder, even if a 
change of control would be beneficial to our existing stockholders. In addition, our amended and restated certificate of incorporation 
and amended and restated bylaws contain provisions that may make the acquisition of our company more difficult, including the 
following:
•
any amendments to our amended and restated certificate of incorporation or amendments by stockholders to our amended and 
restated bylaws require the approval of at least two-thirds of our then-outstanding voting power;
•
our dual class common stock structure, which provides our Co-Founders, individually or together, with the ability to 
significantly influence the outcome of matters requiring stockholder approval, even if they own significantly less than a 
majority of the shares of our outstanding Class A common stock and Class B common stock;
•
our board of directors is classified into three classes of directors with staggered three-year terms and directors are only able to 
be removed from office for cause;
•
our stockholders are only able to take action at a meeting of stockholders and are not able to take action by written consent 
for any matter;
•
our amended and restated certificate of incorporation does not provide for cumulative voting;
•
vacancies on our board of directors are able to be filled only by our board of directors and not by stockholders;
•
a special meeting of our stockholders may only be called by the chairperson of our board of directors, our Chief Executive 
Officer, our President or a majority of our board of directors;
•
certain litigation against us can only be brought in Delaware;
•
our amended and restated certificate of incorporation authorizes undesignated preferred stock, the terms of which may be 
established and shares of which may be issued without further action by our stockholders; and
•
advance notice procedures apply for stockholders to nominate candidates for election as directors or to bring matters before 
an annual meeting of stockholders.
These provisions, alone or together, could discourage, delay or prevent a transaction involving a change in control of our 
company. These provisions could also discourage proxy contests and make it more difficult for stockholders to elect directors of their 
choosing and to cause us to take other corporate actions they desire, any of which, under certain circumstances, could limit the 
opportunity for our stockholders to receive a premium for their shares of our Class A common stock, and could also affect the price 
that some investors are willing to pay for our Class A common stock.
50

Our amended and restated bylaws designate a state or federal court located within the State of Delaware as the exclusive forum for 
substantially all disputes between us and our stockholders and also provide that the federal district courts will be the sole and 
exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act of 1933 (as amended, the 
“Securities Act”), each of which could limit our stockholders’ ability to choose the judicial forum for disputes with us or our 
directors, officers or employees.
Our amended and restated bylaws provide that, unless we consent in writing to the selection of an alternative forum, to the 
fullest extent permitted by law, the sole and exclusive forum for (1) any derivative action or proceeding brought on our behalf, (2) any 
action asserting a claim of breach of a fiduciary duty owed by any of our directors, stockholders, officers or other employees to us or 
our stockholders, (3) any action arising pursuant to any provision of the Delaware General Corporation Law, our amended and restated 
certificate of incorporation or our amended and restated bylaws or (4) any other action asserting a claim that is governed by the 
internal affairs doctrine shall be the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have 
jurisdiction, another State court in Delaware or the federal district court for the District of Delaware), in all cases subject to the court 
having jurisdiction over indispensable parties named as defendants. Our amended and restated bylaws also provide that the federal 
district courts of the United States are the sole and exclusive forum for resolving any complaint asserting a cause of action arising 
under the Securities Act against any person in connection with any offering of our securities, including, without limitation and for the 
avoidance of doubt, any auditor, underwriter, expert, control person or other defendant.
Any person or entity purchasing, holding or otherwise acquiring any interest in any of our securities shall be deemed to have 
notice of and consented to these provisions. These exclusive-forum provisions may limit a stockholder’s ability to bring a claim in a 
judicial forum of its choosing for disputes with us or our directors, officers or other employees, which may discourage lawsuits against 
us and our directors, officers and other employees. If a court were to find the exclusive-forum provisions in our amended and restated 
bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving the dispute in other 
jurisdictions, which could harm our results of operations.
Item 1B. Unresolved Staff Comments. 
None.
Item 1C. Cybersecurity.
Risk Management and Strategy
We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, 
and have integrated these processes into our risk management systems and processes. We routinely assess material risks from 
cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may 
result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. 
We conduct a regular risk assessment process with monthly management reviews of the cybersecurity risk landscape to 
identify threats and may conduct further assessments in the event of a material change in our business practices that may affect 
information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably 
foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of 
existing policies, procedures, systems, and safeguards in place to manage such risks. 
Following these risk assessments, we may accept identified risks; re-design, implement, and maintain reasonable safeguards 
to minimize identified risks; reasonably address any identified gaps in existing safeguards; and regularly monitor the effectiveness of 
our safeguards. We devote significant resources and designate high-level personnel, including our Chief Information Security Officer 
(CISO), who reports to our Chief Information Officer (“CIO”), to manage the risk assessment and mitigation process. 
As part of our risk management processes, we monitor and test our safeguards and train our employees on these safeguards, 
in collaboration with human resources, IT, and management. Personnel at all levels and departments are made aware of our 
cybersecurity policies through trainings. We require relevant third-party service providers to confirm that they have the ability to 
implement and maintain appropriate security measures, consistent with all applicable laws, to implement and maintain reasonable 
security measures in connection with their work with us, and to promptly report any suspected breach of its security measures that may 
affect our company.
We regularly discuss our internal controls over financial reporting with our independent registered public accounting firm and 
other service providers assist us in evaluating the design and implementation of our cybersecurity controls and procedures, as well as 
to monitor and test our safeguards. 
For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous 
cybersecurity incidents, have materially affected or are reasonably likely to materially affect our company, including our business 
strategy, results of operations, or financial condition, please refer to Item 1A, “Risk Factors,” in this annual report on Form 10-K, 
including the risk factor entitled “Any actual or perceived security or privacy breach or incident could interrupt our operations, harm 
our brand and adversely affect our reputation, brand, business, financial condition and results of operations.”
51

Governance
One of the key functions of our board of directors is informed oversight of our risk management process, including risks from 
cybersecurity threats. Our board of directors has oversight responsibilities for material risk for the company, and our executive officers 
are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk 
oversight function as a whole, as well as through the audit committee. 
Our CISO has primary responsibility for assessing and managing our material risks from cybersecurity threats in partnership 
with our CIO and other business leaders. The CISO has served in various roles within the cybersecurity field for over 15 years, 
including security leadership roles in multiple organizations. The CISO holds an undergraduate degree in information security and 
forensics and a graduate degree in information assurance and has attained various professional certifications within the field including 
Certified Information Systems Security Professional and Certified Ethical Hacker certifications. 
Our CISO oversees our cybersecurity policies and processes, including those described in “Risk Management and Strategy” 
above. The processes and procedures by which our CISO is informed about and monitors the prevention, detection, mitigation, and 
remediation of cybersecurity incidents include our incident response process, tracking in our centralized risk repository, and our 
vulnerability management process. Our Incident Response policy describes and supports the activities we take to prepare for 
discovery, response, and recovery from cybersecurity incidents, which include processes to determine severity, escalation, and 
response to incidents, as well as those necessary to comply with potentially applicable legal obligations and mitigate brand and 
reputational damage.
Our CISO or other business leaders provide quarterly updates to the audit committee regarding our company’s cybersecurity 
risks and activities. These updates include any relevant recent cybersecurity incidents and related mitigation and remediation efforts, 
cybersecurity systems testing, status updates on Security and Privacy team efforts, and the like. Our audit committee provides updates 
to the board of directors on material cybersecurity risks and activities. 
Item 2. Properties.
Our corporate headquarters are located in San Francisco, California, and consist of approximately 170,000 square feet under 
lease agreements through August 31, 2034. We maintain additional offices in multiple locations in the U.S. and internationally in 
Toronto, Canada, Montreal, Canada, Mexico City, Mexico, Kyiv, Ukraine, Berlin, Germany and Munich, Germany. 
We lease all of our facilities and do not own any real property. We believe our facilities are adequate and suitable for our 
current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.
Item 3. Legal Proceedings. 
See discussion under the heading Legal Proceedings in Note 10 to the consolidated financial statements included in Part II, 
Item 8 of this report.
Item 4. Mine Safety Disclosures.
Not applicable.
52

PART II
Item 5. Market for registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 
Market Information for Common Stock
Our Class A common stock is traded on The Nasdaq Global Select Market under the symbol “LYFT.” Our Class B common 
stock is neither listed nor traded.
Holders of Record
As of December 31, 2024, there were approximately 234 stockholders of record of our Class A common stock. Because many 
of our shares of Class A common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate 
the total number of beneficial owners represented by these record holders. 
As of December 31, 2024, there were 6 stockholders of record of our Class B common stock. All shares of Class B common 
stock are beneficially owned by either Logan Green or John Zimmer.
Dividend Policy
We have never declared or paid cash dividends on our capital stock. We currently intend to retain all available funds and 
future earnings, if any, and do not anticipate paying any cash dividends in the foreseeable future.
Stock Performance Graph
This performance graph shall not be deemed “filed” with the SEC for purposes of Section 18 of the Exchange Act or 
incorporated by reference into any filing of Lyft, Inc. under the Securities Act.
The graph below compares the cumulative five-year total stockholder return on our Class A common stock with the 
cumulative total return on the S&P 500 Index and the S&P 500 Information Technology Index. The graph tracks the performance of a 
$100 investment in our Class A common stock and in each index from December 31, 2019 to December 31, 2024. Data for the S&P 
500 Index and the S&P 500 Information Technology Index assume reinvestment of dividends.
53

The comparisons in the graph below are based upon historical data and are not indicative of, nor intended to forecast, future 
performance of our common stock.
Recent Sale of Unregistered Securities and Use of Proceeds
Recent Sale of Unregistered Securities
None.
Use of Proceeds
None.
Issuer Purchases of Equity Securities
None.
Item 6. [Reserved].
54

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with 
the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This 
Management’s Discussion and Analysis of Financial Condition and Results of Operations focuses on a discussion of results for 2024 
and 2023 and year-to-year comparisons between 2024 and 2023. For a discussion of results for 2022 and year-to-year comparisons 
between 2023 and 2022, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” 
within our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024. This 
discussion contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such 
differences include those identified below and those discussed in the section titled “Risk Factors” and other parts of this Annual 
Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the 
future. 
Financial and Operational Results for the Year Ended December 31, 2024 
Year Ended December 31,
2024
2023
% Change
(in millions, except percentages)
GAAP Financial Measures
Revenue
$ 
5,786.0 
$ 
4,403.6 
 31 %
Total costs and expenses
$ 
5,904.9 
$ 
4,879.2 
 21 %
Loss from operations
$ 
(118.9) 
$ 
(475.6) 
 75 %
Net income (loss)
$ 
22.8 
$ 
(340.3) 
 107 %
Net income (loss) as a percentage of revenue
 0.4 %
 (7.7) %
Net cash provided by (used in) operating activities
$ 
849.7 
$ 
(98.2) 
 965 %
Net cash (used in) provided by investing activities
$ 
(518.0) 
$ 
599.8 
 (186) %
Net cash used in financing activities
$ 
(155.9) 
$ 
(122.1) 
 (28) %
Key Metrics and Non-GAAP Financial Measures
Active Riders for the fourth quarter
 
24.7 
 
22.4 
 10 %
Rides
 
828.3 
 
709.0 
 17 %
Gross Bookings
$ 
16,099.4 
$ 
13,775.2 
 17 %
Adjusted EBITDA(1)
$ 
382.4 
$ 
222.4 
 72 %
Net income (loss) as a percentage of Gross Bookings
 0.1 %
 (2.5) %
Adjusted EBITDA margin (calculated as a percentage of 
Gross Bookings)
 2.4 %
 1.6 %
Adjusted Net Income(1)(2)
$ 
391.5 
$ 
250.7 
 56 %
Free cash flow(1)(3)
$ 
766.3 
$ 
(248.1) 
 409 %
_______________
(1)
For more information regarding our use of our non-GAAP financial measures and reconciliations of these measures to the most comparable GAAP measures, 
see “Non-GAAP Financial Measures”.
(2)
Beginning in the first quarter of 2025, we will no longer present Adjusted Net Income (Loss) as a non-GAAP financial measure.
(3)
Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment and scooter fleet. 
Definitions of Key Metrics
Active Riders
The number of Active Riders is a key indicator of the scale of our user community.
Active Riders
2024
2023
(in millions)
Three Months Ended March 31
21.9
19.6
Three Months Ended June 30
23.7
21.5
Three Months Ended September 30
24.4
22.4
Three Months Ended December 31
24.7
22.4
55

We define 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. 
In each of the three month periods ended March 31, June 30, September 30, and December 31, 2024, Active Riders increased 
compared to the same periods in 2023 primarily due to our focus on rider engagement, improved retention and overall marketplace 
health which resulted in Active Riders reaching an all-time high in the fourth quarter of 2024.
Rides
Rides represent the level of usage of our multimodal platform. 
We define 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. We include 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. 
The increase in Rides in the year ended December 31, 2024 as compared to the year ended December 31, 2023 was due 
primarily to our improved marketplace health which also resulted in both Rides and Active Riders reaching all-time highs in the fourth 
quarter of 2024.
Gross Bookings and Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)
Gross Bookings is a key indicator of the scale and impact of our overall platform.
We define Gross Bookings as the total dollar value of transactions invoiced to rideshare riders including any applicable taxes, 
tolls and fees, excluding tips to drivers. Gross Bookings 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) 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”.
The increase in Gross Bookings in the year ended December 31, 2024 as compared to the year ended December 31, 2023 was 
due primarily to Rides growth which benefited from increased ride frequency, which is demonstrated by Rides growth exceeding 
Active Riders growth, and improvements in marketplace health. Gross Bookings can be impacted by marketplace health and 
competitive dynamics and near the end of the fourth quarter of 2024, we believe pricing pressure due to a dynamic competitive 
environment and softer ride volume had a moderate negative impact on Gross Bookings.
The improvements in net income (loss) as a percentage of Gross Bookings and Adjusted EBITDA margin (calculated as a 
percentage of Gross Bookings) in the year ended December 31, 2024 as compared to the year ended December 31, 2023 were due 
primarily to Rides growth due to competitive pricing and improved marketplace health. Additionally, our net income (loss) in the year 
ended December 31, 2024 included a $29.6 million gain related to a lease termination which positively impacted net income (loss) as a 
percentage of Gross Bookings in the year ended December 31, 2024, but did not have a similar impact in 2023.
Components of Results of Operations 
Revenue
Revenue consists of revenue recognized from fees paid by drivers for use of our Lyft Platform offerings, Concierge platform 
fees from organizations that use our Concierge offering, subscription fees paid by riders to access transportation options through the 
Lyft Platform, revenue from bikes and bike station hardware and software sales, revenue from licensing and data access agreements 
and revenue from arrangements to provide advertising services to third parties that are interested in reaching users of our platform. 
Revenue derived from these offerings is recognized in accordance with ASC 606 as described in the Critical Accounting Policies and 
Estimates below and in Note 2 of the notes to our consolidated financial statements. 
Revenue also consists of rental revenues recognized through leases or subleases primarily from Flexdrive and our network of 
Light Vehicles, which includes revenue generated from single-use ride fees paid by riders of Light Vehicles. Revenue derived from 
these offerings is recognized in accordance with ASC 842 as described in the Critical Accounting Policies and Estimates below and in 
Note 2 of the notes to our consolidated financial statements. 
56

We offer various incentive programs to drivers that are recorded as reduction to revenue if we do not receive a distinct good 
or service in consideration or if we cannot reasonably estimate the fair value of goods or services received. 
Cost of Revenue
Cost of revenue primarily consists of costs directly related to revenue generating transactions through our multimodal 
platform which primarily includes insurance costs, payment processing charges, and other costs. Insurance costs consist of insurance 
generally required under TNC and city regulations for ridesharing and bike and scooter rentals and also include occupational hazard 
insurance for drivers. Payment processing charges include merchant fees, chargebacks and failed charges. Other costs included in cost 
of revenue are hosting and platform-related technology costs, personnel-related compensation costs, depreciation, amortization of 
technology-related intangible assets, asset write-off charges and costs related to Flexdrive, which include vehicle lease expenses and 
remarketing gains and losses related to the sale of vehicles. 
Operations and Support
Operations and support expenses primarily consist of personnel-related compensation costs of local operations teams and 
teams who provide phone, email and chat support to users, Light Vehicle fleet operations support costs, driver background checks and 
onboarding costs, fees paid to third-parties providing operations support, facility costs and certain car rental fleet support costs. Light 
Vehicle fleet operations support costs include general repairs and maintenance, and other customer support activities related to 
repositioning bikes and scooters for rider convenience, cleaning and safety checks. 
Research and Development
Research and development expenses primarily consist of personnel-related compensation costs and facilities costs. Research 
and development costs are expensed as incurred. 
Sales and Marketing
Sales and marketing expenses primarily consist of rider incentives, personnel-related compensation costs, driver incentives 
for referring new drivers or riders, advertising expenses, rider refunds and marketing partnerships with third parties. Sales and 
marketing costs are expensed as incurred. 
General and Administrative
General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, 
certain insurance costs that are generally not required under TNC regulations, certain loss contingency expenses including legal 
accruals and settlements, insurance claims administrative fees, policy spend, depreciation, facility costs and other corporate costs. 
General and administrative expenses are expensed as incurred. 
Interest Expense
Interest expense consists primarily of interest incurred on our 2025 Notes and 2029 Notes, as well as the related amortization 
of deferred debt issuance costs and debt discount. Interest expense also includes interest incurred on our Non-Revolving Loan and our 
Master Vehicle Loan.
Other Income (Expense), Net
Other income (expense), net consists primarily of interest earned on our cash, cash equivalents and restricted and unrestricted 
short-term investments as well as sublease income.
Provision for (Benefit from) Income Taxes
Our provision for (benefit from) income taxes consists of federal and state taxes in the U.S. and foreign taxes in jurisdictions 
in which we conduct business. As we expand the scale of our international business activities, any changes in the U.S. and foreign 
taxation of such activities may increase our overall provision for income taxes in the future. 
We have a valuation allowance for our U.S. deferred tax assets, including federal and state net operating loss carryforwards. 
We expect to maintain this valuation allowance until it becomes more likely than not that the benefit of our federal and state deferred 
tax assets will be realized. However, based on our current and anticipated future earnings, our management believes it is reasonably 
possible that sufficient positive evidence of sustained U.S. profitability may become available in the foreseeable future to reach a 
conclusion that the U.S. valuation allowance will no longer be needed. The timing and amount of the valuation allowance release 
could vary based on the level of profitability that we are actually able to achieve. A release of all or a portion of the valuation 
allowance would result in the recognition of certain deferred tax assets and a material income tax benefit for the period in which such 
release is recorded. 
57

Results of Operations 
The following table summarizes our historical consolidated statements of operations data (in thousands):
2024
2023
Revenue
$ 
5,786,016 $ 
4,403,589 
Costs and expenses
Cost of revenue
 
3,337,714  
2,543,954 
Operations and support
 
443,821  
427,239 
Research and development
 
397,073  
555,916 
Sales and marketing
 
788,972  
481,004 
General and administrative
 
937,348  
871,080 
Total costs and expenses
 
5,904,928  
4,879,193 
Loss from operations
 
(118,912)  
(475,604) 
Interest expense
 
(28,921)  
(26,223) 
Other income (expense), net
 
173,183  
170,123 
Income (loss) before income taxes
 
25,350  
(331,704) 
Provision for (benefit from) income taxes
 
2,566  
8,616 
Net income (loss)
$ 
22,784 $ 
(340,320) 
Year Ended December 31,
The following table sets forth the components of our consolidated statements of operations data as a percentage of revenue: 
2024
2023
Revenue
 100.0 %
 100.0 %
Costs and expenses
Cost of revenue
 57.7 
 57.8 
Operations and support
 7.7 
 9.7 
Research and development
 6.9 
 12.6 
Sales and marketing
 13.6 
 10.9 
General and administrative
 16.2 
 19.8 
Total costs and expenses
 102.1 
 110.8 
Loss from operations
 (2.1) 
 (10.8) 
Interest expense
 (0.5) 
 (0.6) 
Other income (expense), net
 3.0 
 3.9 
Income (loss) before income taxes
 0.4 
 (7.5) 
Provision for (benefit from) income taxes
 — 
 0.2 
Net income (loss)
 0.4 %
 (7.7) %
Year Ended December 31, 
Comparison of Years Ended December 31, 2024 and 2023
Revenue 
2024
2023
(in thousands, except for percentages)
Revenue
$ 5,786,016 $ 4,403,589 
 31 %
Year Ended December 31,
% Change
Revenue increased $1.4 billion, or 31%, in 2024 as compared to the prior year, due primarily to growth in demand as we 
benefited from improvements in marketplace health which was reflected in the increases in Gross Bookings, Rides and Active Riders 
in 2024 as compared to 2023. Investments in driver supply, which are recorded as a reduction to revenue, decreased by $325.7 million 
in 2024 as compared to the prior year.
58

We expect revenue will fluctuate based upon factors such as ride volume, driver supply, pricing, incentives and seasonality 
specifically related to our network of Light Vehicles.
Cost of Revenue
2024
2023
(in thousands, except for percentages)
Cost of revenue
$ 3,337,714 $ 2,543,954 
 31 %
Year Ended December 31,
% Change
Cost of revenue increased $793.8 million, or 31%, in 2024 as compared to the prior year. The increase was primarily due to a 
$687.5 million increase in insurance costs driven by higher costs per mile paired with increased ride volume. There were also 
increases of $71.4 million in transaction fees due to higher ride volume, $19.6 million in depreciation and $16.8 million in Flexdrive 
related costs due to decreased gains from the sale of vehicles in 2024 as compared to 2023.
We expect to see cost of revenue increase in the near term on a year-over-year basis due to higher insurance costs driven by 
recent economic factors and the renewals of our third party insurance agreements.
Operations and Support 
2024
2023
(in thousands, except for percentages)
Operations and support
$ 
443,821 $ 
427,239 
 4 %
Year Ended December 31,
% Change
Operations and support expenses increased $16.6 million, or 4%, in 2024 as compared to the prior year. The increase was 
primarily due to increases of $18.9 million in driver onboarding costs and rider and driver support costs, $17.7 million in Light 
Vehicle fleet operations support costs and $10.6 million in Flexdrive related costs. These increases were partially offset by a 
$20.0 million decrease in facilities costs and a $7.1 million decrease in stock-based compensation driven by restructuring events 
initiated in prior years, which included the cease use of certain facilities and reductions in headcount.
Research and Development
2024
2023
(in thousands, except for percentages)
Research and development
$ 
397,073 $ 
555,916 
 (29) %
Year Ended December 31,
% Change
Research and development expenses decreased $158.8 million, or 29%, in 2024 as compared to the prior year. The decrease 
was primarily due to decreases of $96.3 million in stock-based compensation and $62.9 million in personnel-related costs driven by a 
reduction in headcount after the restructuring events initiated in the third quarter of 2024 and in prior years.
Sales and Marketing 
2024
2023
(in thousands, except for percentages)
Sales and marketing
$ 
788,972 $ 
481,004 
 64 %
Year Ended December 31,
% Change
Sales and marketing expenses increased $308.0 million, or 64%, in 2024 as compared to the prior year. The increase was 
primarily due to increases of $280.7 million in rider, driver and Light Vehicle rider incentive programs due to investments in rider 
engagement, $23.3 million in rebates, $21.4 million in brand and other marketing and $11.0 million in marketing partnerships with 
third parties. These increases were partially offset by decreases of $13.9 million in personnel-related costs and $12.4 million in stock-
based compensation driven by a reduction in headcount after the restructuring events initiated in the third quarter of 2024 and in prior 
years.
59

General and Administrative 
2024
2023
(in thousands, except for percentages)
General and administrative
$ 
937,348 $ 
871,080 
 8 %
Year Ended December 31,
% Change
General and administrative expenses increased $66.3 million, or 8%, in 2024 as compared to the prior year. The increase was 
primarily due to increases of $69.4 million in certain loss contingencies including legal and tax accruals and settlements, $58.0 million 
in an accrual for self-retained general business liabilities, $16.0 million in consultant and advisory costs and $11.5 million in bad debt 
expense. These increases were partially offset by decreases of $32.5 million in stock-based compensation and $26.3 million in 
personnel-related costs driven by a reduction in headcount after the restructuring events initiated in the third quarter of 2024 and in 
prior years. There was also a decrease of $34.7 million in facilities costs primarily driven by a $29.6 million gain as a result of an 
amendment to the lease of our San Francisco headquarters which occurred during the fourth quarter of 2024 and impairment charges 
related to real estate lease right-of-use assets due to the restructuring events initiated in prior years.
Interest Expense
2024
2023
(in thousands, except for percentages)
Interest expense
$ 
(28,921) $ 
(26,223) 
 10 %
Year Ended December 31,
% Change
Interest expense increased $2.7 million, or 10%, in 2024 as compared to the prior year.
Other Income (Expense), Net
2024
2023
(in thousands, except for percentages)
Other income (expense), net
$ 
173,183 $ 
170,123 
 2 %
Year Ended December 31,
% Change
Other income (expense), net increased $3.1 million, or 2%, in 2024 as compared to the prior year. The increase was primarily 
due to a $20.6 million increase in interest income as compared to the prior year due to higher returns on investments and a $5.1 million 
gain on extinguishment related to the repurchase of 2025 Notes. These increases were partially offset by a prior year $12.9 million 
gain on an equity method investment incurred in the second quarter of 2023 and a $10.9 million decrease due to foreign currency 
exchange.
60

Non-GAAP Financial Measures
Year Ended December 31,
2024
2023
% Change
(in millions, except for percentages)
GAAP Financial Measures
Revenue
$ 
5,786.0 
$ 
4,403.6 
 31 %
Net income (loss)
$ 
22.8 
$ 
(340.3) 
 107 %
Net income (loss) as a % of revenue
 0.4 %
 (7.7) %
Net cash provided by (used in) operating activities
$ 
849.7 
$ 
(98.2) 
 965 %
Net cash (used in) provided by investing activities
$ 
(518.0) 
$ 
599.8 
 (186) %
Net cash used in financing activities
$ 
(155.9) 
$ 
(122.1) 
 (28) %
Key Metrics and Non-GAAP Financial Measures
Gross Bookings
$ 16,099.4 
$ 13,775.2 
 17 %
Adjusted EBITDA
$ 
382.4 
$ 
222.4 
 72 %
Net income (loss) as a percentage of Gross Bookings
 0.1 %
 (2.5) %
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)
 2.4 %
 1.6 %
Adjusted Net Income(1)
$ 
391.5 
$ 
250.7 
 56 %
Free cash flow(2)
$ 
766.3 
$ 
(248.1) 
 409 %
_______________
(1)
Beginning in the first quarter of 2025, we will no longer present Adjusted Net Income (Loss) as a non-GAAP financial measure.
(2)
Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment and scooter fleet. 
Adjusted EBITDA and Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) 
Adjusted EBITDA is a key performance measure and Adjusted EBITDA margin (calculated as a percentage of Gross 
Bookings) is a key metric, both of which our management uses to assess our operating performance and the operating leverage in our 
business. Because Adjusted EBITDA and Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) facilitate internal 
comparisons of our historical operating performance on a more consistent basis, we use these measures for business planning 
purposes. Net income (loss) is the most directly comparable financial measure to Adjusted EBITDA. 
We calculate 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;
•
payroll tax expense related to stock-based compensation;
•
sublease income;
•
gain from lease termination, if any;
•
costs related to acquisitions and divestitures, if any; and
•
restructuring charges, if any.
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.
We announced restructuring plans in the fourth quarter of 2022, second quarter of 2023 and third quarter of 2024 to reduce 
operating expenses and align strategic priorities. We believe the costs associated with the restructurings are distinguishable from 
ongoing operating costs and do not reflect current or expected performance of our ongoing operations. We believe 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 our ongoing operating performance and provide for better comparability with our historically disclosed Adjusted 
61

EBITDA and Adjusted Net Income (Loss) amounts. Refer to Note 15 “Restructuring” to the consolidated financial statements for 
information regarding these restructuring plans. 
We sublease certain office space and earn sublease income. Sublease income is included within other income, net on our 
consolidated statement of operations, while the related lease expense is included within operating expenses and loss from operations. 
We believe the adjustment to include sublease income in Adjusted EBITDA is useful to investors by enabling them to better assess our 
operating performance, including the benefits of recent transactions, by presenting sublease income as a contra-expense to the related 
lease charges within our operating expenses. 
In the fourth quarter of 2024, we terminated a portion of the lease for our San Francisco headquarters. The right-of-use asset 
associated with the portion of this lease was previously impaired as part of our restructuring plans in the fourth quarter of 2022 and 
second quarter of 2023, and the extinguishment of the remaining lease liability resulted in the recorded gain within operating lease 
costs. We believe this does not reflect the current period performance of our ongoing operations and that the adjustment to exclude this 
gain from lease termination 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. Refer to Note 9 “Leases” to the consolidated financial statements for information regarding 
this gain from lease termination.
For more information regarding the limitations of Adjusted EBITDA, Adjusted EBITDA margin (calculated as a percentage 
of Gross Bookings) and a reconciliation of net income (loss) to Adjusted EBITDA, see the section titled “Reconciliation of Non-
GAAP Financial Measures”.
Adjusted Net Income (Loss)
Adjusted Net Income (Loss) is a measure used by our management to understand and evaluate our operating performance and 
trends. Net income (loss) is the most directly comparable financial measure to Adjusted Net Income (Loss). 
We define Adjusted Net Income (Loss) as net income (loss) adjusted for:
•
amortization of intangible assets;
•
stock-based compensation;
•
payroll tax expense related to stock-based compensation;
•
gain from lease termination, if any;
•
costs related to acquisitions and divestitures, if any; 
•
impairment charges, if any; and
•
restructuring charges, if any.
Beginning in the first quarter of 2025, we will no longer present Adjusted Net Income (Loss) as our management no longer 
uses this metric for purposes of understanding and evaluating our operating performance.
Free Cash Flow
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, board of directors, and investors 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.
We define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment and 
scooter fleet. 
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. For more information regarding 
the limitations of free cash flow and a reconciliation of net cash provided by (used in) operating activities to free cash flow, see the 
section titled “Reconciliation of Non-GAAP Financial Measures”.
Reconciliation of Non-GAAP Financial Measures 
We use our 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. Our 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 
62

expenses that are reflected in our consolidated statements 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.
We compensate for these limitations by providing a reconciliation of our non-GAAP financial measures to the most directly 
comparable GAAP financial measure. We encourage investors and others to review our financial information in its entirety, not to rely 
on any single financial measure and to view our non-GAAP financial measures in conjunction with the respective most directly 
comparable GAAP financial measures.
Beginning in the first quarter of 2025, we will no longer present Adjusted Net Income (Loss) as our management no longer 
uses this metric for purposes of understanding and evaluating our operating performance. 
Net income (loss) is the most directly comparable financial measure to Adjusted EBITDA. The following table provides a 
reconciliation of net income (loss) to Adjusted EBITDA (in millions): 
2024
2023
Net income (loss)
$ 
22.8 
$ 
(340.3) 
Adjusted to exclude the following:
Interest expense(1)
 
34.7 
 
29.7 
Other (income) expense, net
 
(173.2) 
 
(170.1) 
Provision for (benefit from) income taxes
 
2.6 
 
8.6 
Depreciation and amortization
 
148.9 
 
116.5 
Stock-based compensation
 
330.9 
 
484.5 
Payroll tax expense related to stock-based compensation
 
14.8 
 
12.5 
Sublease income
 
3.5 
 
4.8 
Gain from lease termination(2)
 
(29.6) 
 
— 
Restructuring charges(3)(4)
 
26.9 
 
76.2 
Adjusted EBITDA(5)
$ 
382.4 
$ 
222.4 
Gross Bookings
 
16,099.4 
 
13,775.2 
Net income (loss) as a percentage of Gross Bookings
 0.1 %
 (2.5) %
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)
 2.4 %
 1.6 %
Year Ended December 31,
_______________
(1)
Includes $5.8 million and $3.4 million related to the interest component of vehicle related finance leases in the year ended December 31, 2024 and 2023. Refer 
to Note 9 “Leases” to the consolidated financial statements for information regarding the interest component of vehicle-related finance leases.
(2)
In the fourth quarter of 2024, we recorded a $29.6 million gain as a result of a lease termination. Refer to Note 9 “Leases” to the consolidated financial 
statements for information regarding this lease termination. 
(3)
In the year ended December 31, 2024, we incurred restructuring charges of $14.1 million of fixed asset disposals, $11.1 million of other current assets disposals 
and other costs and $1.8 million of severance and other employee costs. Restructuring related charges for accelerated depreciation of fixed assets of $10.6 
million are included on its respective line item. Refer to Note 15 “Restructuring” to the consolidated financial statements for information regarding the 
restructuring plan announced in September 2024.
(4)
In the year ended December 31, 2023, we incurred restructuring charges of $50.9 million of severance and other employee costs and $25.3 million related to 
right-of-use-asset impairments and other costs related to the restructuring plans announced in April 2023 and November 2022. Restructuring related charges for 
stock-based compensation of $9.9 million, accelerated depreciation of $1.0 million and payroll tax expense related to stock-based compensation of $0.6 million 
incurred in the year ended December 31, 2023 are included on their respective line items. Refer to Note 15 “Restructuring” to the consolidated financial 
statements for information regarding the restructuring plan announced in April 2023.
(5)
Due to rounding, numbers presented may not add up precisely to the totals provided.
63

Net income (loss) is the most directly comparable financial measure to Adjusted Net Income (Loss). The following table 
provides a reconciliation of net income (loss) to Adjusted Net Income (in millions):
Year Ended December 31,
2024
2023
Net income (loss)
$ 
22.8 
$ 
(340.3) 
Adjusted for the following:
Amortization of intangible assets
 
15.0 
 
16.8 
Stock-based compensation
 
330.9 
 
484.5 
Payroll tax expense related to stock-based compensation
 
14.8 
 
12.5 
Gain from lease termination(1)
 
(29.6) 
 
— 
Restructuring charges(2)(3)
 
37.6 
 
77.2 
Adjusted Net Income(4)(5)
$ 
391.5 
$ 
250.7 
_______________
(1)
In the fourth quarter of 2024, we recorded a $29.6 million gain as a result of a lease termination. Refer to Note 9 “Leases” to the consolidated financial 
statements for information regarding this lease termination. 
(2)
In the year ended December 31, 2024, we incurred restructuring charges of $14.1 million of fixed asset disposals, $11.1 million of other current assets 
disposals and other costs, $10.6 million of accelerated depreciation of fixed assets and $1.8 million of severance and other employee costs. Refer to Note 15 
“Restructuring” to the consolidated financial statements for information regarding the restructuring plan announced in September 2024.
(3)
In the year ended December 31, 2023, we incurred restructuring charges of $50.9 million of severance and other employee costs, $25.3 million related to 
right-of-use-asset impairments and other costs and $1.0 million of accelerated depreciation related to the restructuring plans announced in April 2023 and 
November 2022. In addition, restructuring related charges for stock-based compensation of $9.9 million and payroll tax expense related to stock-based 
compensation of $0.6 million incurred in the year ended December 31, 2023 are included on their respective line items. Refer to Note 15 “Restructuring” to 
the consolidated financial statements for information regarding the restructuring plan announced in April 2023.
(4)
Beginning in the first quarter of 2025, we will no longer present Adjusted Net Income (Loss) as a non-GAAP financial measure.
(5)
Due to rounding, numbers presented may not calculate precisely to the totals provided.
Net cash provided by (used in) operating activities is the most directly comparable financial measure to free cash flow. The 
following table provides a reconciliation of net cash provided by (used in) operating activities to free cash flow (in millions):
Year Ended December 31,
2024
2023
Net cash provided by (used in) operating activities
$ 
849.7 
$ 
(98.2) 
Less: purchases of property and equipment and scooter fleet
 
(83.5) 
 
(149.8) 
Free cash flow(1)
$ 
766.3 
$ 
(248.1) 
_______________
(1)
Due to rounding, numbers presented may not calculate precisely to the totals provided.
Cash Flows
The following table summarizes our cash flows for the periods indicated (in thousands):
2024
2023
Net cash (used in) provided by operating activities
$ 
849,737 $ 
(98,244) 
Net cash (used in) provided by investing activities
 
(517,978)  
599,753 
Net cash used in financing activities
 
(155,869)  
(122,078) 
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents
 
(1,636)  
533 
Net change in cash, cash equivalents and restricted cash and cash equivalents
$ 
174,254 $ 
379,964 
Year Ended December 31,
Operating Activities 
Cash provided by operating activities was $849.7 million for the year ended December 31, 2024, which consisted of net 
income of $22.8 million adjusted for $375.1 million of non-cash items, and changes in working capital of $451.9 million. The year 
over year improvement in net income (loss) was $363.1 million, from a net loss of $340.3 million for the year ended December 31, 
2023 to a net income of $22.8 million for the year ended December 31, 2024. Non-cash adjustments included stock-based 
compensation expense of $330.9 million, which decreased year over year due to a reduction in headcount driven by the restructuring 
activities initiated in prior years, and depreciation and amortization expense of $148.9 million. The changes in working capital were 
primarily driven by insurance, which saw (i) an increase in our insurance reserves due to a rise in commercial auto insurance rates on a 
per mile basis compared to the prior year, an increase in ride volume in 2024 compared to the previous period and strategic risk 
64

management decisions to retain additional risk in certain markets, and (ii) an increase in insurance-related accruals. There was also an 
increase in certain loss contingencies, including legal accruals. These were partially offset by (i) increases to prepaid expenses for cash 
outflows related to our insurance activities, including insurance premium payments and (ii) ordinary payments for our real estate 
operating leases. The timing of our scheduled driver payments also impacted prepaid and other current assets and accrued liabilities.
Cash used in operating activities was $98.2 million for the year ended December 31, 2023, which consisted of a net loss of 
$340.3 million (which has a positive contribution to cash for the year as it was impacted by significant non-cash items, such as 
depreciation, amortization, and stock-based compensations) which was primarily offset by changes in working capital of $(278.3) 
million. The year over year decrease in net loss from $1.6 billion to $340.3 million was a result of an increase in our revenue and the 
actions we have taken to reduce our operating expenses. Net loss was also offset by non-cash adjustments for stock-based 
compensation expense of $484.5 million and depreciation and amortization expense of $116.5 million. The changes in working capital 
were primarily driven by insurance, which saw (i) an increase in cash paid related to prepaid expenses and other assets driven by 
increases in premiums year over year due to higher rates and increased ride volumes, (ii) a decrease in our insurance reserves as 
insurance payments outpaced accruals in the period and (iii) an increase in our cash outflow related to accounts payable due to the 
timing of insurance claims payments. There was also an increase in our cash outflow related to accrued and other liabilities primarily 
due to settlement of historical legal and tax related liabilities. 
Investing Activities 
Cash used in investing activities was $518.0 million for the year ended December 31, 2024, which primarily consisted of 
purchases of marketable securities of $4.2 billion and purchases of property and equipment of $83.5 million, partially offset by 
proceeds from sales and maturities of marketable securities of $3.6 billion and the sale of property and equipment of $92.0 million.
Cash provided by investing activities was $599.8 million for the year ended December 31, 2023, which primarily consisted of 
proceeds from sales and maturities of marketable securities of $3.9 billion and the sale of property and equipment of $92.6 million, 
partially offset by purchases of marketable securities of $3.3 billion and purchases of property and equipment of $149.8 million.
Financing Activities 
Cash used in financing activities was $155.9 million for the year ended December 31, 2024. This included a net cash inflow 
of $0.2 million for transactions related to the issuance of our 2029 Notes which included $460.0 million in proceeds from the issuance 
of the 2029 Notes and expenditures of $350.0 million related to the settlement of the 2025 Notes, $50.0 million related to the 
repurchase of Class A common stock, $47.9 million related to the purchase of capped calls and $11.9 million in payments of debt 
issuance costs. Additionally, our financing activities included a repayment of loans of $84.1 million, principal payments on finance 
lease obligations of $46.7 million and taxes paid related to net share settlement of equity awards of $40.3 million. 
Cash used in financing activities was $122.1 million for the year ended December 31, 2023, which primarily consisted of 
repayment of loans of $72.5 million and principal payments on finance lease obligations for $43.5 million.
Liquidity and Capital Resources
As of December 31, 2024, our principal sources of liquidity were cash and cash equivalents of approximately $759.3 million 
and short-term investments of approximately $1.2 billion, exclusive of restricted cash, cash equivalents and investments of $1.5 
billion, and a revolving credit facility in an aggregate principal amount of $420.0 million as described below. The portion of our cash 
and cash equivalents that is not invested is held at several large financial institutions and our investments are focused on the 
preservation of capital, fulfillment of our liquidity needs, and maximization of investment performance within the parameters set forth 
in our investment policy and subject to market conditions. The investment policy sets forth credit rating minimums, permissible 
allocations, and limits our exposure to specific investment types. We believe these policies mitigate our exposure to any risk 
concentrations.
On November 3, 2022, we entered into a Revolving Credit Agreement with certain lenders which provides for a $420 million 
senior secured revolving credit facility (as amended to date, the “Revolving Credit Facility”) maturing on November 3, 2027 or 
February 13, 2025, if, as of February 13, 2025, our Liquidity (as defined in the Revolving Credit Agreement) minus the aggregate 
principal amount of the 2025 Notes outstanding on such date is less than $1.25 billion. We are obligated to pay interest on loans under 
the Revolving Credit Facility and other customary fees for a credit facility of this size and type, including an unused commitment fee. 
The interest rate for the Revolving Credit Facility is determined based on calculations using certain market rates as set forth in the 
Revolving Credit Agreement. In addition, the Revolving Credit Facility contains customary covenants, including restrictions on 
payments such as cash payments of dividends. The Revolving Credit Facility provides for borrowings up to the amount of the facility, 
with a sublimit of $168 million for the issuance of letters of credit. We entered into Amendment No. 1 to the Revolving Credit 
Agreement on December 12, 2023 and Amendment No. 2 on February 21, 2024 and such amendments amended the existing 
agreement to, among other things: (a) solely for the purposes of the financial covenant test, replace total leverage with total net 
leverage, which allows us to subtract the lesser of (i)(x) to the extent free cash flow for the most recently ended trailing four quarters is 
greater than $100.0 million, $300.0 million and (y) otherwise, $200.0 million and (ii) the amount of unrestricted cash and cash 
equivalents (as defined in the Amended Agreement) on our consolidated balance sheets as of the calculation date and (b) permit us to 
65

repurchase up to a specified amount of our common stock with the proceeds of a convertible note offering. The Revolving Credit 
Facility also contains certain customary events of default.
In February 2024, we completed an offering of $460 million aggregate principal amount of the 2029 Notes in a private 
offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. We used (1) 
approximately $350 million of the net proceeds to repurchase approximately $356.8 million in aggregate principal amount of our 2025 
Notes in separate and privately negotiated transactions entered into concurrently with the pricing of the offering with certain holders of 
the 2025 Notes effected through one of the initial purchasers of the 2029 Notes or its affiliate, acting as our agent, (2) approximately 
$47.9 million of the net proceeds to pay the cost of the 2029 Capped Calls and (3) approximately $50 million of the net proceeds to 
purchase Class A common stock from institutional investors through one of the initial purchasers of the 2029 Notes or its affiliate, 
acting as Lyft’s agent, at a price per share equal to the last reported sale price of the Class A common stock on the Nasdaq Global 
Select Market on the date of the pricing of the 2029 Notes. Refer to Note 11 “Debt” and Note 12 "Common Stock and Employee 
Stock Plans" to the consolidated financial statements for information regarding these transactions.
We collect the fare and related charges from riders on behalf of drivers at the time the ride is delivered using the rider’s 
authorized payment method, and we retain any fees owed to us before making the remaining disbursement to drivers. Accordingly, we 
maintain no accounts receivable from drivers. Our contracts with insurance providers require reinsurance premiums to be deposited 
into trust accounts with a third-party financial institution from which the insurance providers are reimbursed for claims payments. Our 
restricted reinsurance trust investments as of December 31, 2024 and 2023 were $1.4 billion and $837.3 million, respectively. 
We have $2.0 billion in unrestricted cash and cash equivalents and short-term investments as of December 31, 2024. We also 
have the ability to borrow an aggregate principal amount of up to $420.0 million under the Revolving Credit Facility, none of which 
has been drawn as of December 31, 2024, and $72.6 million in letters of credit were issued under the Revolving Credit Facility as of 
December 31, 2024. We believe that this provides sufficient liquidity to meet our working capital, inclusive of short-term 
commitments such as the current portion of our convertible senior notes which we plan to settle with cash in early 2025, and capital 
expenditures needs for at least the next 12 months. In the year ended December 31, 2024, we achieved annual net income for the first 
time in our operating history. We plan to continue to focus on and actively manage our cash balances and liquidity, capital 
expenditures, working capital and operating expenses. In particular, we continue to actively monitor the impact of the uncertain 
macroeconomic environment, including tightening credit markets, inflation and changing interest rates and have made adjustments to 
our expenses and cash flow which include headcount reductions announced in the third quarter of 2024, second quarter of 2023 and 
fourth quarter of 2022. We have also incurred restructuring charges related to the exit and sublease or cease use of certain facilities to 
align with our anticipated operating needs in the fourth quarter of 2022 and the first quarter of 2023. Refer to Note 15 “Restructuring” 
to the consolidated financial statements for information regarding these reductions in workforce. 
Our future capital requirements will depend on many factors, including, but not limited to our growth, the effectiveness of our 
efforts to align our expenses with our current operating needs and short-term commitments, our ability to attract and retain drivers and 
riders on our platform, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to 
develop our platform, actual insurance payments for which we have made reserves, and the expansion of sales and marketing 
activities, as well as satisfaction of our obligations with respect to any indebtedness. Further, we may in the future enter into 
arrangements to acquire or invest in businesses, products, services and technologies. For example, we intend to invest further in EVs 
in order to achieve compliance with the California Clean Miles Standard which sets the target that 90% of rideshare miles in 
California must be in EVs by the end of 2030; the Massachusetts’ Climate Bill; New York City's goal to get to 100% of rideshare rides 
in EVs or wheelchair accessible vehicles by 2030, and the City of Toronto’s push to bring the industry to 100% electric by 2030. In 
addition, in February 2025, we announced that our board of directors had authorized a program for the repurchase of up to $500 
million of our Class A common stock. Repurchases may be made from time to time through open market purchases or through 
privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. Refer to Note 
17 “Subsequent Events” to the consolidated financial statements for additional information regarding this repurchase program. From 
time to time, we have and we may in the future seek additional equity or debt financing to fund capital expenditures, strategic 
initiatives or investments and our ongoing operations, or to refinance our existing or future indebtedness. In the event that we decide, 
or are required, to seek additional financing from outside sources, we may not be able to raise it on terms acceptable to us or at all. The 
terms of any additional financings or refinancings may place limits on our financial and operating flexibility. If we raise additional 
funds through further issuances of equity or equity-linked securities, our existing stockholders could suffer dilution in their percentage 
ownership of us, and any new securities we issue could have rights, preferences and privileges senior to those of holders of our 
common stock. If we are unable to raise additional capital when desired, our business, financial condition and results of operations 
could be adversely affected.
66

Contractual Obligations and Commitments 
The following table summarizes our contractual obligations and commitments as of December 31, 2024 (in millions): 
Total(2)
12 months or less
Thereafter
Operating lease commitments
$ 
228.0 $ 
35.3 $ 
192.7 
Financing lease commitments
 
94.2  
35.3  
58.9 
Long-term debt, including current maturities(1)
 
995.0  
429.1  
566.0 
Other noncancelable agreements
 
109.3  
10.2  
99.1 
Payments Due by Period
_______________
(1)
Includes the convertible senior notes issued in May 2020 (the "2025 Notes") and February 2024 (the "2029 Notes") with outstanding principal amounts of 
$390.7 million and $460.0 million, respectively, as of December 31, 2024. The 2025 Notes and 2029 Notes mature on May 15, 2025 and March 1, 2029, 
respectively, unless earlier converted, redeemed or repurchased. Refer to Note 11 "Debt" to the consolidated financial statements for information regarding the 
2025 Notes and 2029 Notes.
(2)
Due to rounding, numbers presented may not add up precisely to the totals provided.
We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or 
any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance 
or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually 
narrow or limited purposes. 
Critical Accounting Policies and Estimates 
Our consolidated financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K 
are prepared in accordance with GAAP. The preparation of consolidated financial statements also requires us to make estimates and 
assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses and related disclosures. We base our 
estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual 
results could differ significantly from our estimates. To the extent that there are differences between our estimates and actual results, 
our future financial statement presentation, financial condition, results of operations and cash flows will be affected.
We believe that the accounting policies described below involve a significant degree of judgment and complexity. 
Accordingly, we believe these are the most critical to aid in fully understanding and evaluating our consolidated financial condition 
and results of operations. For further information, see Note 2 of the notes to our consolidated financial statements included elsewhere 
in this Annual Report on Form 10-K.
Revenue Recognition 
Revenues from Contracts with Customers (ASC 606)
We generate substantially all our revenue from our ridesharing marketplace that connects drivers and riders. We recognize 
revenue from fees paid by drivers for use of our Lyft Platform offerings in accordance with ASC 606 as described in Note 2 of the 
notes to our consolidated financial statements. Drivers enter into terms of service (“ToS”) with us in order to use our Lyft Driver App. 
We provide a service to drivers to complete a successful transportation service for riders. This service includes on-demand 
lead generation that assists drivers to find, receive and fulfill on-demand requests from riders seeking transportation services and 
related collection activities using our Lyft Platform. As a result, our single performance obligation in the transaction is to connect 
drivers with riders to facilitate the completion of a successful transportation service for riders. 
We evaluate the presentation of revenue on a gross versus net basis based on whether we act as a principal by controlling the 
transportation service provided to the rider or whether we act as an agent by arranging for third parties to provide the service to the 
rider. We facilitate the provision of a transportation service by a driver to a rider (the driver’s customer) in order for the driver to fulfill 
their contractual promise to the rider. The driver fulfills their promise to provide a transportation service to their customer through use 
of the Lyft Platform. While we facilitate setting the price for transportation services, the drivers and riders have the discretion in 
accepting the transaction price through the platform. We do not control the transportation services being provided to the rider nor do 
we have inventory risk related to the transportation services. As a result, we act as an agent in facilitating the ability for a driver to 
provide a transportation service to a rider. 
We report revenue on a net basis, reflecting the service fees and commissions owed to us from the drivers as revenue, and not 
the gross amount collected from the rider. We made this determination of not being primarily responsible for the services since we do 
not promise the transportation services, do not contract with drivers to provide transportation services on our behalf, do not control 
whether the driver accepts or declines the transportation request via the Lyft Platform, and do not control the provision of 
transportation services by drivers to riders at any point in time either before, during, or after, the trip. 
67

We consider the ToS and our customary business practices in identifying the contracts under ASC 606. As our customary 
business practice, a contract exists between the driver and us when the driver’s ability to cancel the trip lapses, which typically is upon 
pickup of the rider. We collect the fare and related charges from riders on behalf of drivers using the rider’s pre-authorized credit card 
or other payment mechanism and retain any fees owed to us before making the remaining disbursement to drivers; thus the driver’s 
ability and intent to pay is not subject to significant judgment. 
We earn service fees and commissions from the drivers either as the difference between an amount paid by a rider based on 
an upfront quoted fare and the amount earned by a driver based on actual time and distance for the trip or as a fixed percentage of the 
fare charged to the rider. In an upfront quoted fare arrangement, as we do not control the driver’s actions at any point in the transaction 
to limit the time and distance for the trip, we take on risks related to the driver’s actions which may not be fully mitigated. We earn a 
variable amount from the drivers and may record a loss from a transaction, which is recorded as a reduction to revenue, in instances 
where an up-front quoted fare offered to a rider is less than the amount we are committed to pay the driver. 
We recognize revenue upon completion of a ride as the single performance obligation is satisfied and we have the right to 
receive payment for the services rendered upon the completion of the ride. 
We offer various incentive programs to drivers that are recorded as reduction to revenue if we do not receive a distinct good 
or service in consideration or if we cannot reasonably estimate the fair value of goods or services received. 
In some cases, we also earn Concierge platform fees from organizations that use our Concierge offering, which is a product 
that allows organizations to request rides for their customers and employees through our ridesharing marketplace. Concierge platform 
fees are earned as a fixed dollar amount per ride or a percentage of the ride price depending on the contract and such Concierge 
platform fee revenue is recognized on a gross basis. 
We recognize revenue from subscription fees paid by users to access transportation options through the Lyft Platform and 
mobile-based applications over the applicable subscription period.
We also recognize revenue from bikes and bike station hardware and software sales when control is transferred to the 
customer. These revenues are not significant to the Company’s consolidated revenue. 
We generate revenue from licensing and data access agreements. We are primarily responsible for fulfilling our promise to 
provide rideshare data and access to Flexdrive vehicles and bear the fulfillment risk, and the responsibility of providing the data, over 
the license period. We act as a principal in delivering the data and access licenses and present revenue on a gross basis. Consideration 
allocated to each performance obligation, the data delivery and vehicle access, are determined by assigning the relative fair value, 
which represents the stand alone selling price, to each of the performance obligations. Revenue is recorded ratably over the quarter for 
access to fleet vehicles as our respective performance obligation is satisfied upon the delivery of each. Revenue was recorded upon 
delivery of the rideshare data until expiration of the rideshare contract in the second quarter of 2024. These revenues are not 
significant to the Company’s consolidated revenue. 
We have arrangements to provide advertising services to third parties that are interested in reaching users of our platform. 
These arrangements generally require us to provide advertising services over a fixed period of time for which revenue is recognized 
ratably over the contractual period. These revenues are not significant to the Company’s consolidated revenue. 
Rental Revenue (ASC 842)
We generate rental revenues primarily from Flexdrive, an independently managed subsidiary, and our network of Light 
Vehicles. Under the Flexdrive program, we operate a fleet of rental vehicles comprised of both vehicles owned by us and vehicles 
leased from third-party leasing companies. We either lease or sublease vehicles to drivers and as a result, we are considered the 
accounting lessor or sublessor, as applicable, in these arrangements in accordance with ASC 842. For vehicles that are subleased, 
sublease income and head lease expense for these transactions are recognized on a gross basis on the consolidated financial statements. 
Drivers who rent vehicles are charged rental fees, which we collect from the driver by deducting such amounts from the driver’s 
earnings on the Lyft Platform. 
Revenue generated from single-use ride fees paid by Light Vehicles riders are recognized upon completion of each related 
ride. Revenue generated from Flexdrive is recognized evenly over the rental period, which is typically seven days or less. Due to the 
short-term nature of the Flexdrive and Light Vehicle transactions, we classify these rentals as operating leases.
Insurance Reserves and Insurance-related Accruals
We utilize both a wholly-owned captive insurance subsidiary and third-party insurance, which may include deductibles and 
self-insured retentions, to insure or reinsure costs including auto liability, uninsured and underinsured motorist, auto physical damage, 
first party injury coverages including personal injury protection under state law and general business liabilities up to certain limits. The 
recorded liabilities reflect the estimated cost for claims incurred but not paid and claims that have been incurred but not yet reported 
and any estimable administrative run-out expenses related to the processing of these outstanding claim payments. Liabilities are 
determined on a quarterly basis by internal actuaries through an analysis of historical trends, changes in claims experience including 
consideration of new information and application of loss development factors for the insurance reserves and frequency and severity 
68

assumptions for the insurance-related accruals, among other inputs and assumptions. On an annual basis, an independent third-party 
actuary will evaluate the liabilities for appropriateness with claims reserve valuations.
Insurance claims may take years to completely settle, and we have limited historical loss experience. Because of the limited 
operational history, we make certain assumptions based on currently available information and industry statistics, with the loss 
development factors as the most significant assumptions related to the insurance reserves and the frequency and severity assumptions 
as the most significant assumptions related to insurance-related accruals, and utilize actuarial models and techniques to estimate the 
reserves. A number of factors can affect the actual cost of a claim, including the length of time the claim remains open, economic and 
healthcare cost trends and the results of related litigation. Furthermore, claims may emerge in future years for events that occurred in a 
prior year at a rate that differs from previous actuarial projections. The impact of these factors on ultimate costs for insurance is 
difficult to estimate and could be material. However, while we believe that the insurance reserve and insurance-related accrual 
amounts are adequate, the ultimate liabilities may be in excess of, or less than, the amounts provided. As a result, the net amounts that 
will ultimately be paid to settle the liabilities and when amounts will be paid may significantly vary from the estimated amounts 
provided for in the consolidated balance sheets. We continue to review our insurance reserve estimates in a regular, ongoing process as 
historical experience develops, additional claims are reported as settled, and the legal, regulatory and economic environment evolves. 
Business Combinations
We account for our business combinations using the acquisition method of accounting, which requires, among other things, 
allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their 
estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these 
identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, 
we make significant estimates and assumptions, especially with respect to intangible assets. Our estimates of fair value are based upon 
assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ 
from estimates. During the measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the 
assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and 
circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected on the 
consolidated statements of operations. Acquisition costs, such as legal and consulting fees, are expensed as incurred.
Goodwill
Goodwill is not subject to amortization, but is tested for impairment on an annual basis during the fourth quarter or whenever 
events or changes in circumstances indicate the carrying amount of the goodwill may not be recoverable. As part of the annual 
goodwill impairment test, we first perform a qualitative assessment to determine whether further impairment testing is necessary. 
Judgment in the assessment of qualitative factors of impairment include, among other factors: financial performance; legal, regulatory, 
contractual, business, and other factors; entity specific factors; industry and market considerations, macroeconomic conditions, and 
other relevant events and factors affecting the reporting unit. To the extent we determine that it is more likely than not that the fair 
value of the reporting unit is less than its carrying value, a quantitative test is then performed.
Loss Contingencies
We are involved in legal proceedings, claims, and regulatory and governmental inquiries and investigations in the ordinary 
course of business. Certain matters include speculative claims for substantial or indeterminate amounts of damages. We record a 
liability when we believe that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If we 
determine that a loss is reasonably possible and the loss or range of loss can be reasonably estimated, we disclose the possible loss in 
the accompanying notes to the consolidated financial statements.
We review the developments in our contingencies that could affect the amount of the provisions that have been previously 
recorded, and the matters and related reasonably possible losses disclosed. We make adjustments to our provisions and changes to our 
disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. 
Significant judgment is required to determine both the probability and the estimated amount of loss. These estimates have been based 
on our assessment of the facts and circumstances at each balance sheet date and are subject to change based on new information and 
future events.
The outcomes of our legal proceedings are inherently unpredictable and subject to significant uncertainties. For matters 
where the Company has recorded a probable and estimable loss, until the final resolution of the matter, there may be exposure to a 
material loss in excess of the amount recorded. 
Income Taxes
The Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more-likely-
than-not to be realized. We consider all available evidence, both positive and negative, including historical levels of income, 
expectations and risks associated with estimates of future taxable income and ongoing tax planning strategies in assessing the need for 
a valuation allowance. We have a valuation allowance for our U.S. deferred tax assets, including federal and state net operating loss 
69

carryforwards. We expect to maintain this valuation allowance until it becomes more-likely-than-not that the benefit of our federal and 
state deferred tax assets will be realized. However, based on our current and anticipated future earnings, our management believes it is 
reasonably possible that sufficient positive evidence of sustained U.S. profitability may become available in the foreseeable future to 
reach a conclusion that the U.S. valuation allowance will no longer be needed. The timing and amount of the valuation allowance 
release could vary based on the level of profitability that the Company is able to actually achieve. A release of all or a portion of the 
valuation allowance would result in the recognition of certain deferred tax assets and a material income tax benefit for the period in 
which such release is recorded. 
In recognizing tax benefits from uncertain tax `positions, the Company assesses whether it is more-likely-than-not that the tax 
position will be sustained upon examination by the taxing authorities based on its technical merits. Evaluating our tax positions and 
determining our provision for income taxes are inherently uncertain and requires judgement and use of assumptions and estimates.
Recent Accounting Pronouncements 
See Note 2 to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K for recent 
accounting pronouncements as of the date of this report. 
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 
We are exposed to market risks in the ordinary course of our business, which primarily relate to fluctuations in interest rates 
and foreign currency exchange. Such fluctuations to date have not been significant. 
Interest Rate Risk
As of December 31, 2024, we had unrestricted cash, cash equivalents and short-term investments of approximately $2.0 
billion, which consisted primarily of institutional money market funds, certificates of deposits, commercial paper, corporate bonds, 
and term deposits, which each carry a degree of interest rate risk, and restricted cash, cash equivalents and restricted investments of 
$1.5 billion. As of December 31, 2024, we had long-term debt of $995.0 million, 39% of which consisted of the fixed-rate 2025 Notes 
we issued in May 2020, and 45% of which consisted of the fixed-rate 2029 Notes we issued in February 2024. A hypothetical 100 
basis points change in interest rates would not have a material impact on our financial condition or results of operations.
Foreign Currency Exchange Risk
Our international revenue, as well as costs and expenses denominated in foreign currencies, expose us to the risk of 
fluctuations in foreign currency exchange rates against the U.S. dollar. We have experienced and will continue to experience 
fluctuations in our net income (loss) as a result of transaction gains or losses related to revaluing and ultimately settling certain asset 
and liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded. 
The effect of a hypothetical 10% change in foreign currency exchange rates applicable to our business would not have a material 
impact on our consolidated financial statements.
70

Item 8. Financial Statements and Supplementary Data. 
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm (PCAOB ID: 238)
72
Consolidated Balance Sheets
74
Consolidated Statements of Operations
75
Consolidated Statements of Comprehensive Income (Loss)
76
Consolidated Statements of Stockholders’ Equity
77
Consolidated Statements of Cash Flows
78
Notes to Consolidated Financial Statements
80
71

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of Lyft, Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Lyft, Inc. and its subsidiaries (the "Company") as of December 31, 
2024 and 2023, and the related consolidated statements of operations, of comprehensive income (loss), of stockholders’ equity and of 
cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as 
the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 
31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring 
Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of 
the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the 
period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in 
our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 
2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Change in Accounting Principle
As discussed in Note 11 to the consolidated financial statements, the Company changed the manner in which it accounts for 
convertible debt in 2022.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over 
financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s 
Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the 
Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We 
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules 
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits 
to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to 
error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the 
consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such 
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial 
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well 
as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting 
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and 
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included 
performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable 
basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting 
principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the 
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the 
company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in 
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in 
accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding 
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect 
on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections 
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in 
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
72

Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements 
that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are 
material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The 
communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a 
whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or 
on the accounts or disclosures to which it relates.
Valuation of Insurance Reserves and Insurance-Related Accruals
As described in Notes 2 and 8 to the consolidated financial statements, the Company utilizes both a wholly-owned captive insurance 
subsidiary and third-party insurance, which may include deductibles and self-insured retentions, to insure or reinsure costs, including 
auto liability, uninsured and underinsured motorist, auto physical damage, first party injury coverages including personal injury 
protection under state law and general business liabilities up to certain limits. As of December 31, 2024, insurance reserves and 
insurance-related accruals totaled $1,701.4 million and $763.8 million, respectively. These liabilities are determined on a quarterly 
basis by internal actuaries through an analysis of historical trends and changes in claims experience. Management makes certain 
assumptions based on currently available information and industry statistics, with the loss development factors as the most significant 
assumption related to the insurance reserves and the frequency and severity assumptions as the most significant assumptions related to 
the insurance-related accruals, and utilizes actuarial models and techniques to estimate the reserves. 
The principal considerations for our determination that performing procedures relating to the valuation of insurance reserves and 
insurance-related accruals is a critical audit matter are (i) the significant judgment by management when determining the estimated 
insurance reserves and insurance-related accruals; (ii) a high degree of auditor judgment, subjectivity, and effort in performing 
procedures and evaluating audit evidence relating to the actuarial valuation techniques and management’s significant assumptions 
related to loss development factors for the insurance reserves and the frequency and severity for the insurance related accruals; and 
(iii) the audit effort involved the use of professionals with specialized skill and knowledge. 
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion 
on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of 
insurance reserves and insurance-related accruals, including the controls over the development of the actuarial valuation techniques 
and the assumptions related to loss development factors for the insurance reserves and the frequency and severity for the insurance-
related accruals. These procedures also included, among others (i) testing the completeness and accuracy of historical data provided by 
management and (ii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness 
of management’s estimates by (a) developing independent estimates of certain insurance reserves and insurance-related accruals and 
comparing these independent estimates to management’s actuarially determined reserves; (b) evaluating the appropriateness of 
management’s actuarial techniques; (c) evaluating the reasonableness of management’s significant assumptions by independently 
developing loss development factors for the insurance reserves and the frequency and severity for the insurance-related accruals based 
on loss reporting and payment experience and historical trends; and (d) evaluating the consistency of management’s actuarial 
techniques period-over-period.
/s/ PricewaterhouseCoopers LLP 
San Francisco, California
February 14, 2025 
We have served as the Company’s auditor since 2015.
73

Lyft, Inc. 
Consolidated Balance Sheets 
(in thousands, except for per share data) 
December 31,
2024
2023
Assets
Current assets
Cash and cash equivalents
$ 
759,319 $ 
558,636 
Short-term investments
 
1,225,124  
1,126,548 
Prepaid expenses and other current assets
 
966,090  
892,235 
Total current assets
 
2,950,533  
2,577,419 
Restricted cash and cash equivalents
 
186,721  
211,786 
Restricted investments
 
1,355,451  
837,291 
Other investments
 
42,516  
39,870 
Property and equipment, net
 
444,864  
465,844 
Operating lease right of use assets
 
148,397  
98,202 
Intangible assets, net
 
42,776  
59,515 
Goodwill
 
251,376  
257,791 
Other assets
 
12,435  
16,749 
Total assets
$ 
5,435,069 $ 
4,564,467 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$ 
97,704 $ 
72,282 
Insurance reserves
 
1,701,393  
1,337,868 
Accrued and other current liabilities
 
1,666,278  
1,508,855 
Operating lease liabilities — current
 
25,192  
42,556 
Convertible senior notes, current
 
390,175  
— 
Total current liabilities
 
3,880,742  
2,961,561 
Operating lease liabilities
 
152,074  
134,102 
Long-term debt, net of current portion
 
565,968  
839,362 
Other liabilities
 
69,269  
87,924 
Total liabilities
 
4,668,053  
4,022,949 
Commitments and contingencies (Note 10)
Stockholders’ equity
Preferred stock, $0.00001 par value; 1,000,000 shares authorized as of December 31, 2024 and 
2023; no shares issued and outstanding as of December 31, 2024 and 2023
 
—  
— 
Common stock, $0.00001 par value; 18,000,000 Class A shares authorized as of December 31, 
2024 and 2023; 409,474 and 391,239 Class A shares issued and outstanding as of December 31, 
2024 and 2023, respectively; 100,000 Class B shares authorized as of December 31, 2024 and 
2023; 8,531 and 8,567 Class B shares issued and outstanding, as of December 31, 2024 and 2023, 
respectively
 
4  
4 
Additional paid-in capital
 
11,035,246  
10,827,378 
Accumulated other comprehensive income (loss)
 
(10,103)  
(4,949) 
Accumulated deficit
 (10,258,131)  (10,280,915) 
Total stockholders’ equity
 
767,016  
541,518 
Total liabilities and stockholders’ equity
$ 
5,435,069 $ 
4,564,467 
The accompanying notes are an integral part of these consolidated financial statements.
74

Lyft, Inc. 
Consolidated Statements of Operations 
(in thousands, except for per share data) 
Year Ended December 31,
2024
2023
2022
Revenue
$ 
5,786,016 $ 
4,403,589 $ 
4,095,135 
Costs and expenses
Cost of revenue
 
3,337,714  
2,543,954  
2,435,736 
Operations and support
 
443,821  
427,239  
443,846 
Research and development
 
397,073  
555,916  
856,777 
Sales and marketing
 
788,972  
481,004  
531,512 
General and administrative
 
937,348  
871,080  
1,286,180 
Total costs and expenses
 
5,904,928  
4,879,193  
5,554,051 
Loss from operations
 
(118,912)  
(475,604)  
(1,458,916) 
Interest expense
 
(28,921)  
(26,223)  
(19,735) 
Other income (expense), net
 
173,183  
170,123  
(99,988) 
Income (loss) before income taxes
 
25,350  
(331,704)  
(1,578,639) 
Provision for (benefit from) income taxes
 
2,566  
8,616  
5,872 
Net income (loss)
$ 
22,784 $ 
(340,320) $ (1,584,511) 
Net income (loss) per share attributable to common stockholders
Basic
$ 
0.06 $ 
(0.88) $ 
(4.47) 
Diluted
$ 
0.06 $ 
(0.88) $ 
(4.47) 
Weighted-average number of shares outstanding used to compute net income (loss) 
per share attributable to common stockholders
Basic
 
409,181  
385,335  
354,731 
Diluted
 
413,651  
385,335  
354,731 
Stock-based compensation included in costs and expenses:
Cost of revenue
$ 
24,895 $ 
30,170 $ 
44,132 
Operations and support
 
8,397  
15,468  
25,442 
Research and development
 
117,833  
214,160  
391,983 
Sales and marketing
 
17,286  
29,682  
49,867 
General and administrative
 
162,510  
195,053  
239,343 
The accompanying notes are an integral part of these consolidated financial statements.
75

Lyft, Inc. 
Consolidated Statements of Comprehensive Income (Loss) 
(in thousands) 
Year Ended December 31,
2024
2023
2022
Net income (loss)
$ 
22,784 $ 
(340,320) $ (1,584,511) 
Other comprehensive income (loss)
Foreign currency translation adjustment, net of taxes
 
(4,925)  
(2,851)  
(1,154) 
Unrealized gain (loss) on marketable securities, net of taxes
 
(229)  
3,656  
(2,089) 
Other comprehensive income (loss)
 
(5,154)  
805  
(3,243) 
Comprehensive income (loss)
$ 
17,630 $ 
(339,515) $ (1,587,754) 
The accompanying notes are an integral part of these consolidated financial statements.
76

Lyft, Inc. 
Consolidated Statements of Stockholders’ Equity
(in thousands)
Class A and Class B
Common Stock
Additional
Paid-in Capital
Accumulated 
Deficit
Accumulated
Other
Comprehensive 
Income (Loss)
Total
Stockholders’ 
Equity
Shares
Amount
Balance as of December 31, 2021
 
344,938 
$ 
3 
$ 
9,706,293 
$ 
(8,362,572) $ 
(2,511) $ 
1,341,213 
Adjustments related to the adoption of ASU 
2020-06
 
— 
 
— 
 
(139,958)  
6,488 
 
(133,470) 
Issuance of common stock upon exercise of 
stock options
 
112 
 
— 
 
454 
 
— 
 
— 
 
454 
Issuance of common stock upon settlement of 
restricted stock units
 
23,928 
 
1 
 
— 
 
— 
 
— 
 
1 
Shares withheld related to net share settlement
 
(358)  
— 
 
(6,733)  
— 
 
— 
 
(6,733) 
Issuance of common stock under employee 
stock purchase plan
 
1,535 
 
— 
 
21,198 
 
— 
 
— 
 
21,198 
Stock-based compensation
 
— 
 
— 
 
753,619 
 
— 
 
— 
 
753,619 
Other comprehensive loss
 
— 
 
— 
 
— 
 
— 
 
(3,243)  
(3,243) 
Net loss
 
— 
 
— 
 
— 
 
(1,584,511)  
— 
 
(1,584,511) 
Other
 
— 
 
— 
 
140 
 
— 
 
— 
 
140 
Balance as of December 31, 2022
 
370,155 
$ 
4 
$ 
10,335,013 
$ 
(9,940,595) $ 
(5,754) $ 
388,668 
Issuance of common stock upon exercise of 
stock options
 
201 
 
— 
 
1,204 
 
— 
 
— 
 
1,204 
Issuance of common stock upon settlement of 
restricted stock units
 
28,397 
 
— 
 
— 
 
— 
 
— 
 
— 
Shares withheld related to net share settlement
 
(296)  
— 
 
(3,021)  
— 
 
— 
 
(3,021) 
Issuance of common stock under employee 
stock purchase plan
 
1,349 
 
— 
 
9,788 
 
— 
 
— 
 
9,788 
Stock-based compensation
 
— 
 
— 
 
484,533 
 
— 
 
— 
 
484,533 
Other comprehensive income
 
— 
 
— 
 
— 
 
— 
 
805 
 
805 
Net loss
 
— 
 
— 
 
— 
 
(340,320)  
— 
 
(340,320) 
Other
 
— 
 
— 
 
(139)  
— 
 
— 
 
(139) 
Balance as of December 31, 2023
 
399,806 
$ 
4 
$ 
10,827,378 
$ 
(10,280,915) $ 
(4,949) $ 
541,518 
Issuance of common stock upon exercise of 
stock options
 
780 
 
— 
 
3,613 
 
— 
 
— 
 
3,613 
Issuance of common stock upon settlement of 
restricted stock units
 
22,011 
 
— 
 
— 
 
— 
 
— 
 
— 
Shares withheld related to net share settlement
 
(2,529)  
— 
 
(40,328)  
— 
 
— 
 
(40,328) 
Issuance of common stock under employee 
stock purchase plan
 
1,080 
 
— 
 
11,438 
 
— 
 
— 
 
11,438 
Repurchase of common stock
 
(3,143)  
— 
 
(50,000)  
— 
 
— 
 
(50,000) 
Purchase of capped call
 
— 
 
— 
 
(47,886)  
— 
 
— 
 
(47,886) 
Stock-based compensation
 
— 
 
— 
 
330,921 
 
— 
 
— 
 
330,921 
Other comprehensive loss
 
— 
 
— 
 
— 
 
— 
 
(5,154)  
(5,154) 
Net income
 
— 
 
— 
 
— 
 
22,784 
 
— 
 
22,784 
Other
 
— 
 
— 
 
110 
 
— 
 
— 
 
110 
Balance as of December 31, 2024
 
418,005 
$ 
4 
$ 
11,035,246 
$ 
(10,258,131) $ 
(10,103) $ 
767,016 
The accompanying notes are an integral part of these consolidated financial statements. 
77

Lyft, Inc. 
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2024
2023
2022
Cash flows from operating activities
Net income (loss)
$ 
22,784 
$ 
(340,320) $ 
(1,584,511) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization
 
148,892 
 
116,513 
 
154,798 
Stock-based compensation
 
330,921 
 
484,533 
 
750,767 
Amortization of premium on marketable securities
 
284 
 
117 
 
2,955 
Accretion of discount on marketable securities
 
(89,425)  
(68,125)  
(23,245) 
Amortization of debt discount and issuance costs
 
3,737 
 
2,877 
 
2,823 
(Gain) loss on sale and disposal of assets, net
 
7,831 
 
(11,278)  
(60,655) 
Gain on lease termination
 
(29,610)  
— 
 
— 
Impairment of non-marketable equity security
 
— 
 
— 
 
135,714 
Other
 
2,469 
 
(4,261)  
23,592 
Changes in operating assets and liabilities, net effects of acquisition
Prepaid expenses and other assets
 
(76,359)  
(86,922)  
(275,945) 
Operating lease right-of-use assets
 
26,276 
 
20,046 
 
96,317 
Accounts payable
 
21,712 
 
(41,079)  
(27,215) 
Insurance reserves
 
363,524 
 
(79,482)  
348,721 
Accrued and other liabilities
 
164,057 
 
(75,571)  
262,358 
Lease liabilities
 
(47,356)  
(15,292)  
(43,759) 
Net cash provided by (used in) operating activities
 
849,737 
 
(98,244)  
(237,285) 
Cash flows from investing activities
Purchases of marketable securities
 
(4,177,429)  
(3,288,659)  
(4,049,515) 
Purchases of term deposits
 
(4,388)  
(3,539)  
(13,586) 
Proceeds from sales of marketable securities
 
232,910 
 
452,465 
 
676,854 
Proceeds from maturities of marketable securities
 
3,415,318 
 
3,481,042 
 
3,308,664 
Proceeds from maturities of term deposits
 
5,733 
 
8,539 
 
395,092 
Purchases of property and equipment and scooter fleet
 
(83,470)  
(149,819)  
(114,970) 
Cash paid for acquisitions, net of cash acquired
 
— 
 
1,630 
 
(146,334) 
Sales of property and equipment
 
92,045 
 
92,594 
 
129,840 
Other
 
1,303 
 
5,500 
 
— 
Net cash (used in) provided by investing activities
 
(517,978)  
599,753 
 
186,045 
Cash flows from financing activities
Repayment of loans
 
(84,070)  
(72,484)  
(67,639) 
Proceeds from issuance of convertible senior notes
 
460,000 
 
— 
 
— 
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 issuances
 
15,051 
 
10,993 
 
21,655 
Taxes paid related to net share settlement of equity awards
 
(40,328)  
(3,021)  
(6,733) 
Principal payments on finance lease obligations 
 
(46,748)  
(43,466)  
(34,783) 
Contingent consideration paid
 
— 
 
(14,100)  
— 
Net cash used in financing activities
 
(155,869)  
(122,078)  
(87,500) 
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents
 
(1,636)  
533 
 
(631) 
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents
 
174,254 
 
379,964 
 
(139,371) 
Cash, cash equivalents and restricted cash and cash equivalents
Beginning of period
 
771,786 
 
391,822 
 
531,193 
End of period
$ 
946,040 
$ 
771,786 
$ 
391,822 
The accompanying notes are an integral part of these consolidated financial statements. 
78

Lyft, Inc. 
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2024
2023
2022
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance 
sheets
Cash and cash equivalents
$ 
759,319 
$ 
558,636 
$ 
281,090 
Restricted cash and cash equivalents
 
186,721 
 
211,786 
 
109,368 
Restricted cash, included in prepaid expenses and other current assets
 
— 
 
1,364 
 
1,364 
Total cash, cash equivalents and restricted cash and cash equivalents
$ 
946,040 
$ 
771,786 
$ 
391,822 
Supplemental disclosures of cash flow information
Cash paid for income taxes
$ 
11,207 
$ 
9,425 
$ 
10,723 
Cash paid for interest
 
28,304 
 
20,176 
 
16,752 
Non-cash investing and financing activities
Financed vehicles acquired
$ 
83,600 
$ 
127,095 
$ 
48,104 
Purchases of property and equipment and scooter fleet not yet settled
 
10,599 
 
4,505 
 
31,534 
Contingent consideration
 
— 
 
— 
 
15,000 
Right-of-use assets acquired under finance leases
 
45,207 
 
79,102 
 
11,428 
Right-of-use assets acquired under operating leases
 
7,710 
 
3,795 
 
498 
Remeasurement of finance and operating lease right of use assets
 
54,689 
 
(10,582)  
(321) 
The accompanying notes are an integral part of these consolidated financial statements. 
79

Lyft, Inc. 
Notes to Consolidated Financial Statements
 1.
Description of Business and Basis of Presentation
Organization and Description of Business
Lyft, Inc. (the “Company” or “Lyft”) is incorporated in Delaware with its headquarters in San Francisco, California. The 
Company operates multimodal transportation networks in the United States and Canada that offer access to a variety of transportation 
options through the Company’s platform and mobile-based applications. This network enables multiple modes of transportation 
including the facilitation of peer-to-peer ridesharing by connecting drivers who have a vehicle with riders who need a ride. The Lyft 
Platform provides a marketplace where drivers can be matched with riders via the Lyft App where the Company operates as a 
transportation network company (“TNC”). 
Transportation options through the Company’s platform and mobile-based applications are substantially comprised of its 
ridesharing marketplace that connects drivers and riders in cities across the United States and in certain cities in Canada, Lyft’s 
network of bikes and scooters (“Light Vehicles”), and the Express Drive program, where drivers can enter into short-term rental 
agreements with the Company’s wholly-owned subsidiary, Flexdrive Services, LLC (“Flexdrive”) or a third party for vehicles that 
may be used to provide ridesharing services on the Lyft Platform. In addition, the Company makes the ridesharing marketplace 
available to organizations through Lyft Business offerings, such as the Concierge and Lyft Pass programs, and generates revenue from 
licensing and data access agreements associated with the data from the Company's platform, subscription fees, revenue from bikes and 
bike station hardware and software sales and revenue from arrangements to provide advertising services.
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally 
accepted in the United States (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All 
intercompany balances and transactions have been eliminated.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and 
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the 
consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. The Company bases its 
estimates on various factors and information which may include, but are not limited to, history and prior experience, expected future 
results, new related events and economic conditions, which form the basis for making judgments about the carrying value of assets and 
liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Significant items subject to estimates and assumptions include those related to losses resulting from insurance claims 
inclusive of insurance-related accruals, fair value of financial assets and liabilities, goodwill and identifiable intangible assets, leases, 
indirect tax obligations, legal contingencies, valuation allowance for deferred income taxes, and the valuation of stock-based 
compensation.
  2.  
Summary of Significant Accounting Policies
Segment Information
Operating segments are defined as components of an entity for which separate financial information is available and that is 
regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment 
and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial 
information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating 
financial performance. As such, the Company has determined that it operates as one operating segment. The Company has concluded 
that consolidated net income (loss) is the measure of segment profitability. The CODM assesses performance for the Company, 
monitors budget versus actual results, and determines how to allocate resources based on consolidated net income (loss) as reported in 
the consolidated statements of operations. There are no other expense categories regularly provided to the CODM that are not already 
included in the primary financial statements herein.
During the years ended December 31, 2024, 2023 and 2022, the Company did not generate material international revenues 
and as of December 31, 2024, 2023 and 2022, the Company did not have material assets located outside of the United States.
Cash and Cash Equivalents
Cash equivalents consist of institutional money market funds and certificates of deposits denominated in U.S. dollars as well 
as commercial paper and corporate bonds. Cash equivalents are highly liquid, short-term investments having an original maturity of 90 
80

days or less that are readily convertible to known amounts of cash. Also included in cash and cash equivalents are cash in transit from 
payment processors for credit and debit card transactions.
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents consist primarily of amounts held in separate trust accounts and restricted bank accounts 
as collateral for insurance purposes and amounts pledged to secure certain letters of credit.
Investments
Debt Securities 
The Company’s accounting for its investments in debt securities is based on the legal form of the security, the Company’s 
intended holding period for the security, and the nature of the transaction. Investments in debt securities include commercial paper, 
certificates of deposit, corporate bonds and U.S. government and agency securities. Investments in debt securities are classified as 
available-for-sale and are recorded at fair value.
The Company considers an available-for-sale debt security to be impaired if the fair value of the investment is less than its 
amortized cost basis. The entire difference between the amortized cost basis and the fair value of the Company’s available-for-sale 
debt securities is recognized on the consolidated statements of operations as an impairment if, (i) the fair value of the security is below 
its amortized cost and (ii) the Company intends to sell or is more likely than not required to sell the security before recovery of its 
amortized cost basis. If neither criterion is met, the Company evaluates whether the decline in fair value is due to credit losses or other 
factors. In making this assessment, the Company considers the extent to which the security’s fair value is less than amortized cost, 
changes to the rating of the security by third-party rating agencies, and adverse conditions specific to the security, among other factors. 
If the Company's assessment indicates that a credit loss exists, the credit loss is measured based on the Company's best estimate of the 
cash flows expected to be collected. When developing its estimate of cash flows expected to be collected, the Company considers all 
available information relevant to the collectability of the security, including past events, current conditions, and reasonable and 
supportable forecasts.
Credit loss impairments are recognized through an allowance for credit losses adjustment to the amortized cost basis of the 
debt securities on the balance sheet with an offsetting credit loss expense on the consolidated statements of operations. Impairments 
related to factors other than credit losses are recognized as an adjustment to the amortized cost basis of the security and an offsetting 
amount in accumulated other comprehensive income (loss), net of tax. The Company determines realized gains or losses on the sale of 
debt securities on a specific identification method.
The Company's investments in debt securities include:
(i)
Cash and cash equivalents. Cash equivalents include certificates of deposits, commercial paper and 
corporate bonds that have an original maturity of 90 days or less and are readily convertible to known amounts of 
cash. 
(ii)
Short-term investments. Short-term investments are comprised of commercial paper, certificates of deposit, 
and corporate bonds, which mature in twelve months or less. As a result, the Company classifies these investments 
as current assets in the accompanying consolidated balance sheets. 
(iii)
Restricted investments. Restricted investments are comprised of debt security investments in commercial 
paper, certificates of deposit, corporate bonds and U.S. government and agency securities which are held in trust 
accounts at third-party financial institutions pursuant to certain contracts with insurance providers.
Non-marketable Equity Securities
The Company has elected to measure its investments in non-marketable equity securities at cost, with remeasurements to fair 
value only upon the occurrence of observable transactions for identical or similar investments of the same issuer or impairment. The 
Company qualitatively assesses whether indicators of impairment exist. Factors considered in this assessment include the investees’ 
financial and liquidity position, access to capital resources, and macroeconomic conditions, among others. If an impairment exists, the 
Company estimates the fair value of the investment by using the best information available, which may include cash flow projections 
or other available market data, and recognizes a loss for the amount by which the carrying value exceeds the fair value of the 
investment on the consolidated statements of operations.
Enterprise and Trade Receivables
The Company collects any fees owed for completed transactions on the Lyft Platform primarily from the rider’s authorized 
payment method. Uncollected fees are included in prepaid expenses and other current assets on the consolidated balance sheets and 
represent receivables from (i) participants in the Company’s enterprise programs (“Enterprise Users”), where the transactions have 
been completed and the amounts owed from the Enterprise Users have either been invoiced or are unbilled as of the reporting date; 
and (ii) riders where the authorized payment method is a credit card but the fare amounts have not yet settled with third-party payment 
81

processors. Under the ToS, drivers agree that the Company retains the applicable fee as consideration for their use of the Lyft Platform 
and related activities from the fare and related charges it collects from riders on behalf of drivers. Accordingly, the Company has no 
trade receivables from drivers. The portion of the fare receivable to be remitted to drivers is included in accrued and other current 
liabilities on the consolidated balance sheets.
The Company records an allowance for credit losses for fees owed for completed transactions that may never settle or be 
collected in accordance with Accounting Standards Update No. 2016-13 “Financial Instruments—Credit Losses”. The allowance for 
credit losses reflects the Company’s current estimate of expected credit losses inherent in the enterprise and trade receivables balance. 
In determining the expected credit losses, the Company considers its historical loss experience, the aging of its receivable balance, 
current economic and business conditions, and anticipated future economic events that may impact collectability. The Company 
reviews its allowance for credit losses periodically and as needed, and amounts are written off when determined to be uncollectible. 
Concentrations of Credit Risk
The Company’s cash, cash equivalents and short-term investments are potentially subject to concentration of credit risk. 
Although the Company deposits its cash with multiple financial institutions, the deposits, at times, may exceed federally insured 
limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. Management believes that the 
institutions are financially stable and, accordingly, minimal credit risk exists. The Company limits purchases of debt securities to 
investment-grade securities.
Fair Value Measurements
The Company measures assets and liabilities at fair value based on an expected exit price, which represents the amount that 
would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, 
fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance 
on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis, 
whereby inputs used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to 
measure fair value:
Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or 
liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are 
derived principally from or corroborated by observable market data by correlation or other means.
Level 3 Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These 
assumptions are required to be consistent with market participant assumptions that are reasonably available.
The carrying values of the Company’s debt securities, accounts payable and accrued and other liabilities approximate their 
respective fair values due to the short period of time to payment.
Software Development Costs
The Company incurs costs related to developing the Lyft Platform and related support systems. The Company capitalizes 
development costs related to the Lyft Platform and related support systems once the preliminary project stage is complete and it is 
probable that the project will be completed and the software will be used to perform the function intended. The Company has 
capitalized software development costs of $4.2 million, $8.1 million, and $12.1 million as of the years ended December 31, 2024, 
2023, and 2022, respectively. 
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using a straight-line 
method over the estimated useful life of the related asset, which is generally between one and eight years. Depreciation for property 
and equipment commences once they are ready for our intended use. Maintenance and repairs are charged to expense as incurred, and 
improvements and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation 
are removed from the consolidated balance sheet and any resulting gain or loss is reflected on the consolidated statement of operations 
in the period realized. Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the lease, or the 
useful life of the assets. Construction in progress is related to property and equipment that has not yet been placed in service for its 
intended use.
Leases
In accordance with ASC 842, the Company determines if an arrangement is or contains a lease at contract inception by 
assessing whether the arrangement contains an identified asset and whether the lessee has the right to control such asset. The Company 
determines the classification and measurement of its leases upon lease commencement. The Company enters into certain agreements 
as a lessor and either leases or subleases the underlying asset in the agreement to customers. The Company also enters into certain 
82

agreements as a lessee. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as 
a direct financing or sales-type lease (both as a lessor):
•
The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
•
The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;
•
The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date 
falls within the last 25% of the economic life of the underlying asset;
•
The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or
•
The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the 
lease term.
Leases that do not meet any of the above criteria are accounted for as operating leases. 
Lessor
The Company's lease arrangements include vehicle rentals to drivers or renters under the Flexdrive program and Light 
Vehicle rentals to single-use riders. Due to the short-term nature of these arrangements, the Company classifies these leases as 
operating leases. The Company does not separate lease and non-lease components, such as insurance or roadside assistance provided 
to the lessee, in its lessor lease arrangements. Lease payments are primarily fixed and are recognized as revenue in the period over 
which the lease arrangement occurs. Taxes or other fees assessed by governmental authorities that are both imposed on and concurrent 
with each lease revenue-producing transaction and collected by the Company from the lessee are excluded from the consideration in 
its lease arrangements. The Company mitigates residual value risk of its leased assets by performing regular maintenance and repairs, 
as necessary, and through periodic reviews of asset depreciation rates based on the Company's ongoing assessment of present and 
estimated future market conditions.
Lessee
The Company's leases include real estate property to support its operations and Flexdrive vehicles that may be used by 
drivers to provide ridesharing services on the Lyft Platform. For leases with a term greater than 12 months, the Company records the 
related right-of-use asset and lease liability at the present value of lease payments over the term. The lease terms may include options 
to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company does not 
separate lease and non-lease components of contracts for real estate property leases, but has elected to do so for vehicle leases when 
non-lease components exist in these arrangements. For certain leases, the Company also applies a portfolio approach to account for 
right-of-use assets and lease liabilities that are similar in nature and have nearly identical contract provisions.
The Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental 
borrowing rate to discount the lease payments based on information available at lease commencement. The Company determines its 
incremental borrowing rate based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a 
similar term for an amount equal to the lease payments in a similar economic environment. 
Lease payments may be fixed or variable; however, only fixed payments are included in the Company’s lease liability 
calculation. Operating leases are included in operating lease right-of-use assets, operating lease liabilities — current and operating 
lease liabilities on the consolidated balance sheets. Lease costs for the Company's operating leases are recognized on a straight-line 
basis primarily within operating expenses over the lease term. Finance leases are included in property and equipment, net, accrued and 
other current liabilities, and other liabilities on the consolidated balance sheets. Finance lease assets are amortized on a straight-line 
basis over the shorter of the estimated useful lives of the assets or the lease term in cost of revenue on the consolidated statements of 
operations. The interest component of finance leases is included in cost of revenue on the consolidated statements of operations and 
recognized using the effective interest method over the lease term. Variable lease payments are recognized primarily in operating 
expenses in the period in which the obligation for those payments is incurred.
Similar to other long-lived assets discussed below, the Company measures recoverability of these assets by comparing the 
carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value 
of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset 
exceeds its fair value. For leased assets, such circumstances would include the decision to leave a leased facility prior to the end of the 
minimum lease term or subleases for which estimated cash flows do not fully cover the costs of the associated lease. 
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets 
acquired in a business combination. Intangible assets resulting from the acquisition of entities are accounted for using the purchase 
method of accounting based on management’s estimate of the fair value of assets received. Intangible assets are amortized on a 
straight-line basis over the estimated useful lives which range from two to twelve years.
83

Goodwill is not subject to amortization, but is tested for impairment on an annual basis during the fourth quarter or whenever 
events or changes in circumstances indicate the carrying value of the reporting unit may be in excess of its fair value. As part of the 
annual goodwill impairment test, the Company first performs a qualitative assessment to determine whether further impairment testing 
is necessary. If, as a result of its qualitative assessment, it is more-likely-than-not that the fair value of the Company’s reporting unit is 
less than its carrying amount, the quantitative impairment test will be required. Alternatively, the Company may bypass the qualitative 
assessment and perform a quantitative impairment test. There was no impairment of goodwill recorded for the years ended 
December 31, 2024, 2023 and 2022.
Impairment of Long-Lived Assets
The Company reviews long-lived assets, including property and equipment and intangible assets, for impairment whenever 
events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Such events 
and changes may include: significant changes in performance relative to expected operating results, changes in asset use, negative 
industry or economic trends, and changes in the Company’s business strategy. The Company measures recoverability of these assets 
by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If 
the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value 
of the asset exceeds its fair value. With the exception of impairment charges related to real estate operating right-of-use assets 
discussed in Note 9 “Leases” and disposals of fixed assets and other current assets discussed in Note 15 “Restructuring”, there was no 
other material impairment of long-lived assets recorded for the years ended December 31, 2024, 2023 and 2022. 
Insurance Reserves and Insurance-related Accruals
The Company utilizes both a wholly-owned captive insurance subsidiary and third-party insurance, which may include 
deductibles and self-insured retentions, to insure or reinsure costs including auto liability, uninsured and underinsured motorist, auto 
physical damage, first party injury coverages including personal injury protection under state law and general business liabilities up to 
certain limits. The recorded liabilities reflect the estimated cost for claims incurred but not paid and claims that have been incurred but 
not yet reported and any estimable administrative run-out expenses related to the processing of these outstanding claim payments. 
Liabilities are determined on a quarterly basis by internal actuaries through an analysis of historical trends, and changes in claims 
experience, including consideration of new information and application of loss development factors, and frequency and severity 
assumptions, among other inputs and assumptions for the insurance reserves and insurance-related accruals. On an annual basis or 
more frequently as determined by management, an independent third-party actuary will evaluate the liabilities for appropriateness with 
claims reserve valuations.
Insurance claims may take years to completely settle, and the Company has available limited historical loss experience 
because of the limited operational history. The Company makes certain assumptions based on currently available information and 
industry statistics, with the loss development factors as the most significant assumption related to the insurance reserves and the 
frequency and severity assumptions as the most significant assumptions related to insurance-related accruals, and utilizes actuarial 
models and techniques to estimate the reserves. A number of factors can affect the actual cost of a claim, including the length of time 
the claim remains open, economic and healthcare cost trends and the results of related litigation. Furthermore, claims may emerge in 
future years for events that occurred in a prior year at a rate that differs from previous actuarial projections. The impact of these factors 
on ultimate costs for insurance is difficult to estimate and could be material. However, while the Company believes that the insurance 
reserve and insurance-related accrual amounts are adequate, the ultimate liabilities may be in excess of, or less than, the amounts 
provided. As a result, the net amounts that will ultimately be paid to settle the liabilities and when amounts will be paid may 
significantly vary from the estimated amounts provided for on the consolidated balance sheets. For example, disruptive factors may 
distort data, metrics and patterns and result in rapid increases in insurance cost and reserve deficiency. These disruptive factors can 
include recent economic conditions and ongoing global events such as the high inflationary environment, increased litigation, and 
higher than expected losses across the commercial auto industry. The Company continues to review its insurance estimates in a 
regular, ongoing process as historical loss experience develops, additional claims are reported and settled, and the legal, regulatory and 
economic environment evolves.
Foreign Currency
The Company uses the U.S. dollar predominantly as the functional currency of its foreign subsidiaries. For foreign 
subsidiaries where the U.S. dollar is the functional currency, gains and losses from remeasurement of foreign currency balances into 
U.S. dollars are included on the consolidated statements of operations. For the foreign subsidiary where the local currency is the 
functional currency, translation adjustments of foreign currency financial statements into U.S. dollars are recorded to a separate 
component of accumulated other comprehensive income (loss).
Revenue Recognition
The Company generates its revenue from its multimodal transportation networks that offer access to a variety of 
transportation options through the Lyft Platform and mobile-based applications. Substantially all, or approximately 85% or more, of 
the Company’s revenue is generated from its ridesharing marketplace that connects drivers and riders and is recognized in accordance 
84

with Accounting Standards Codification Topic 606 (“ASC 606”). In addition, the Company generates revenue in accordance with 
ASC 606 from licensing and data access, subscription fees, revenue from bikes and bike station hardware and software sales and 
revenue from arrangements to provide advertising services to third parties, which are not significant components of the Company’s 
consolidated revenues. The Company also generates rental revenue from Flexdrive and its network of Light Vehicles, which is 
recognized in accordance with Accounting Standards Codification Topic 842 (“ASC 842”). 
Revenue from Contracts with Customers (ASC 606)
The Company recognizes revenue for its rideshare marketplace in accordance with ASC 606. The Company generates 
revenue from service fees and commissions (collectively, “fees”) paid by drivers for use of the Lyft Platform and related activities to 
connect drivers with riders to facilitate and successfully complete rides via the Lyft App where the Company operates as a TNC. The 
Company recognizes revenue upon completion of each ride. Drivers enter into terms of service (“ToS”) with the Company in order to 
use the Lyft Driver App. Under the ToS, drivers agree that the Company retains the applicable fee as consideration for their use of the 
Lyft Platform and related activities from the fare and related charges it collects from riders on behalf of drivers. The Company is 
acting as an agent in facilitating the ability of a driver to provide a transportation service to a rider. The Company reports revenue on a 
net basis, reflecting the fee owed to the Company from a driver as revenue, and not the gross amount collected from the rider. 
As the Company’s customary business practice, a contract exists between the driver and the Company when the driver’s 
ability to cancel the ride lapses, which typically is upon pickup of the rider. The Company’s single performance obligation in the 
transaction is to connect drivers with riders to facilitate the completion of a successful transportation service for riders. The Company 
recognizes revenue upon completion of a ride as its performance obligation is satisfied upon the completion of the ride. The Company 
collects the fare and related charges from riders on behalf of drivers using the rider’s pre-authorized credit card or other payment 
mechanism and retains its fees before making the remaining disbursement to drivers; thus the driver’s ability and intent to pay is not 
subject to significant judgment.
The Company recognizes revenue from subscription fees paid to access transportation options through the Lyft Platform and 
mobile-based applications over the applicable subscription period in accordance with ASC 606. The Company also recognizes revenue 
from bikes, bike station hardware and software sales when control is transferred to the customer in accordance with ASC 606. 
The Company generates revenue from licensing and data access agreements. The Company is primarily responsible for 
fulfilling its promise to provide rideshare data and access to Flexdrive vehicles and bears the fulfillment risk, and the responsibility of 
providing the data, over the license period. The Company is acting as a principal in delivering the data and access licenses and 
presents revenue on a gross basis. Consideration allocated to each performance obligation, the data delivery and vehicle access, is 
determined by assigning the relative fair value, which represents the stand alone selling price, to each of the performance obligations. 
Revenue is recorded ratably over the quarter for access to fleet vehicles as the Company’s respective performance obligation is 
satisfied upon the delivery of each. Revenue was recorded upon delivery of the rideshare data until expiration of the rideshare 
performance obligation in the second quarter of 2024. These revenues are not significant to the Company’s consolidated revenue. 
The Company has arrangements to provide advertising services to third parties that are interested in reaching users of the 
Company’s platform. These arrangements generally require the Company to provide advertising services over a fixed period of time 
for which revenue is recognized ratably over the contractual period. These revenues are not significant to the Company’s consolidated 
revenue. 
Rental Revenue (ASC 842)
The Company generates rental revenues primarily from Flexdrive and its network of Light Vehicles. Rental revenues are 
recognized for rental and rental related activities where an identified asset is transferred to the customer and the customer has the 
ability to control that asset in accordance with ASC 842. 
The Company operates a fleet of rental vehicles through its independently managed subsidiary, Flexdrive, comprised of both 
owned vehicles and vehicles leased from third-party leasing companies. The Company either leases or subleases vehicles to drivers, 
and as a result, the Company considers itself to be the accounting lessor or sublessor, as applicable, in these arrangements in 
accordance with ASC 842. Fleet operating costs include monthly fixed lease payments and other vehicle operating or ownership costs, 
as applicable. For vehicles that are subleased, sublease income and head lease expense for these transactions are recognized on a gross 
basis on the consolidated financial statements. Drivers who rent vehicles are charged rental fees, which the Company collects from the 
driver by deducting such amounts from the driver’s earnings on the Lyft Platform.
The Company owns and operates its Light Vehicles in some cities and operates city-owned Light Vehicles in other cities. 
Though the specific terms of arrangements with cities vary, the Company earns operations fees from cities or shares revenue generated 
by the systems with cities. Light Vehicle revenue is accounted for under ASC 842 for single-use rides. A single-use ride allows the 
user to select a specific Light Vehicle at the time the arrangement is entered into and provides the user the right to control the selected 
Light Vehicle for the desired term of the arrangement. 
85

Due to the short-term nature of the Flexdrive and Light Vehicle transactions, the Company classifies these rentals as 
operating leases. Revenue generated from single-use ride fees paid by Light Vehicle riders is recognized upon completion of each 
related ride. Revenue generated from Flexdrive is recognized evenly over the rental period, which is typically seven days or less. 
Incentive Programs
The Company offers incentives to attract drivers, riders and Light Vehicle riders to use the Lyft Platform. Drivers generally 
receive cash incentives while riders and Light Vehicle riders generally receive free or discounted rides under such incentive programs. 
Incentives provided to drivers and Light Vehicle riders, the customers of the Company, are accounted for as a reduction of the 
transaction price. As the riders are not the Company’s customers, incentives provided to riders are generally recognized as sales and 
marketing expense except for certain pricing programs described below.
Driver Incentives
The Company offers various incentive programs to drivers, including minimum guaranteed payments, volume-based 
discounts and performance-based bonus payments. These driver incentives are similar to retrospective volume-based rebates and 
represent variable consideration that is typically settled within a week. The Company reduces the transaction price by the estimated 
amount of the incentives expected to be paid upon completion of the performance criteria by applying the most likely outcome 
method. Therefore, such driver incentives are recorded as a reduction to revenue. Driver incentives are recorded as a reduction to 
revenue if the Company does not receive a distinct good or service in exchange for the payment or cannot reasonably estimate the fair 
value of the good or service received. Driver incentives for referring new drivers or riders are accounted for as sales and marketing 
expense. The amount recorded as an expense is the lesser of the amount of the payment or the established fair value of the benefit 
received. The fair value of the benefit is established using amounts paid to third parties for similar services.
Rideshare Rider Incentives
The Company has several rideshare rider incentive programs, which are offered to encourage rider activity on the Lyft 
Platform. Generally, the rider incentive programs are as follows:
(i)
Market-wide marketing promotions. Market-wide promotions reduce the fare charged by drivers to riders for all or 
substantially all rides in a specific market. This type of incentive effectively reduces the overall pricing of the service 
provided by drivers for that specific market and the gross fare charged by the driver to the rider, and thereby results in a 
lower fee earned by the Company. Accordingly, the Company records this type of incentive as a reduction to revenue at 
the date it records the corresponding revenue transaction.
(ii)
Targeted marketing promotions. Targeted marketing promotions are used to promote the use of the Lyft Platform to a 
targeted group of riders. An example is a promotion where the Company offers a number of discounted rides (capped at a 
given number of rides) which are valid only during a limited period of time to a targeted group of riders. The 
Company believes that the incentives that provide consideration to riders to be applied to a limited number of rides are 
similar to marketing coupons. These incentives differ from the market-wide marketing promotions because they do not 
reduce the overall pricing of the service provided by drivers for a specific market. During the promotion period, riders 
not utilizing an incentive would be charged the full fare. These incentives represent marketing costs. When a 
rider redeems the incentive, the Company recognizes revenue equal to the transaction price and the cost of the incentive 
is recorded as sales and marketing expense.
(iii)
Rider referral programs. Under the rider referral program, the referring rider (the referrer) earns referral incentives when 
a new rider (the referee) completes their first ride on the Lyft Platform. The Company records the incentive as a liability 
at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense. 
Referral incentives typically expire within one year. The Company estimates breakage using its historical experience. As 
of December 31, 2024 and 2023, the rider referral incentives liability was not material.
Light Vehicle Rider Incentives
Incentives offered to Light Vehicle riders were not material for the years ended December 31, 2024, 2023 and 2022.
For the years ended December 31, 2024, 2023 and 2022, in relation to the driver, rider and Light Vehicle riders incentive 
programs, the Company recorded $777.4 million, $1.1 billion and $1.4 billion as a reduction to revenue and $423.2 million, 
$142.5 million and $109.8 million as sales and marketing expense, respectively.
Refunds
From time to time the Company issues credits or refunds to riders unsatisfied by the level of service provided by the driver. 
There is no legal obligation to remunerate such riders nor does the Company issue such credits or refunds to riders on behalf of the 
drivers. The Company accounts for credits or refunds, which are not recoverable from the drivers as sales and marketing expenses 
when incurred. For the years ended December 31, 2024, 2023 and 2022, rider refunds were $13.3 million, $19.7 million and $21.5 
86

million, respectively. The Company accounts for credits and refunds issued to Light Vehicle riders as cost of revenue and was $4.1 
million, $6.2 million and $7.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. 
Cost of Revenue
Cost of revenue consists of costs directly related to revenue generating transactions through the Company’s multimodal 
platform which primarily includes insurance costs, payment processing charges, and other costs. Insurance costs consist of insurance 
generally required under TNC and city regulations for ridesharing and bike and scooter rentals and also includes occupational hazard 
insurance for drivers. Payment processing charges include merchant fees, chargebacks and failed charges. Other costs included in cost 
of revenue are hosting and platform-related technology costs, vehicle lease expenses, personnel-related compensation costs, 
depreciation, amortization of technology-related intangible assets, asset write-off charges, and gains and losses related to the sale of 
vehicles.
Operations and Support
Operations and support expenses primarily consist of personnel-related compensation costs of local operations teams and 
teams who provide phone, email and chat support to users, bike and scooter fleet operations support costs, driver background checks 
and onboarding costs, facility cost, certain car rental fleet support costs, and fees paid to third-parties providing operations support. 
Bike and scooter fleet operations support costs include general repairs and maintenance, and other customer support activities related 
to repositioning bikes and scooters for rider convenience, cleaning and safety checks.
Research and Development
Research and development expenses primarily consist of personnel-related compensation costs and facilities costs. Such 
expenses include costs related to the Company’s autonomous vehicle technology initiatives. Research and development costs are 
expensed as incurred.
Sales and Marketing
Sales and marketing expenses primarily consist of rider incentives, personnel-related compensation costs, driver incentives 
for referring new drivers or riders, advertising expenses, rider refunds and marketing partnerships with third parties. Sales and 
marketing costs are expensed as incurred. Advertising expenses were $136.9 million, $122.0 million and $162.1 million, respectively, 
for the years ended December 31, 2024, 2023 and 2022.
General and Administrative
General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, 
certain insurance costs that are generally not required under TNC regulations, certain loss contingency expenses including legal 
accruals and settlements, insurance claims administrative fees, policy spend, depreciation, facility costs, and other corporate costs. 
General and administrative expenses are expensed as incurred.
Stock-Based Compensation
The Company incurs stock-based compensation expense primarily from RSUs, performance based restricted stock units 
(“PSUs”), stock options, and the 2019 Employee Stock Purchase Plan (“ESPP”) purchase rights.
The Company estimates the fair value of stock options granted to employees, directors, and consultants and ESPP purchase 
rights using the Black-Scholes option-pricing model. The Black-Scholes model incorporates various assumptions, including expected 
stock price volatility, expected term and risk-free interest rates.
The Company estimates the expected term for stock options using the simplified method for “plain vanilla” stock option 
awards. The expected term of the ESPP purchase rights is estimated using the period from the beginning of the offering period to the 
end of each purchase period. The Company estimates volatility for stock options and ESPP purchase rights using the historical 
volatility of the stock price of the Company and similar publicly traded peer companies. The risk-free interest rate is based on the yield 
available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the stock options or ESPP purchase rights 
granted. 
The fair value of stock options that are expected to vest is recognized as compensation expense on a straight-line basis over 
the requisite service period. The Company recognizes compensation expense related to the ESPP purchase rights on a straight-line 
basis over the offering period, which is typically 12 months.
The fair value of RSUs and PSUs is estimated based on the fair market value of the Company’s common stock on the date of 
grant, which is determined based on the closing price of the Company’s Class A common stock as reported on the date of grant.
Compensation expense for RSUs is generally recognized based on a straight-line basis over the requisite service period and 
compensation expense for PSUs is generally recognized using the accelerated attribution method over the requisite service period of 
each individual tranche. Stock-based compensation expense is based on awards ultimately expected to vest and reflects estimated 
87

forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ 
from initial estimates.
401(k) Plan
The Company adopted a 401(k) Plan that qualifies as a deferred salary arrangement under Section 401 of the IRC. Under the 
401(k) Plan, participating employees may defer a portion of their pretax earnings not to exceed the maximum amount allowable. The 
Company does not currently make contributions for employees.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets 
and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income tax 
basis of existing assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to apply to 
taxable income for the years in which differences are expected to reverse. The Company recognizes the effect on deferred income 
taxes of a change in tax rates in the period that includes the enactment date. The Company records a valuation allowance to reduce its 
deferred tax assets to the net amount that it believes is more-likely-than-not to be realized. Management considers all available 
evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future 
taxable income and ongoing tax planning strategies in assessing the need for a valuation allowance.
Under the provisions of ASC 740-10, Income Taxes, the Company evaluates uncertain tax positions by reviewing against 
applicable tax law for all positions taken by the Company with respect to tax years for which the statute of limitations is still open. 
ASC 740-10 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the 
position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical 
merits. The Company recognizes interest and penalties related to the liability for unrecognized tax benefits, if any, as a component of 
the income tax expense line in the accompanying consolidated statement of operations.
Net Income (Loss) Per Share Attributable to Common Stockholders
The Company follows the two-class method when computing net income (loss) per share attributable to common 
stockholders when shares are issued that meet the definition of participating securities. The two-class method determines net income 
(loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated 
and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the 
period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if 
all income for the period had been distributed. The Company had no participating securities outstanding during any of the periods 
presented. 
Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) by the 
weighted-average number of shares of common stock outstanding during the period. The diluted net income (loss) per share 
attributable to common stockholders is computed by giving effect to all potentially dilutive securities outstanding for the period. For 
periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic 
net loss per share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been 
issued if their effect is anti-dilutive.
Business Combinations
The Company accounts for its business combinations using the acquisition method of accounting, which requires, among 
other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed 
at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these 
identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, 
management makes significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair 
value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, 
actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the 
Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new 
information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any 
subsequent adjustments are reflected on the consolidated statements of operations and comprehensive income (loss). Acquisition costs, 
such as legal and consulting fees, are expensed as incurred.
Variable Interest Entities
In accordance with Accounting Standards Codification Topic 810, Consolidation (“ASC 810”), the Company evaluates its 
ownership, contractual and other interests in entities to assess whether it has a variable interest in entities in which it has a financial 
relationship and, if so, whether or not those entities are variable interest entities (“VIEs”). These evaluations are complex, involving 
judgment and the use of estimates and assumptions based on available historical and prospective information, among other factors. For 
88

an entity to qualify as a VIE, ASC 810 requires the Company to determine if the Company is the primary beneficiary of the VIE, and, 
if so, to consolidate such entity into its consolidated financial statements.
The Company consolidates VIEs in which it has a controlling financial interest and is therefore deemed the primary 
beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities 
that most significantly impact economic performance; and (b) the obligation to absorb the VIE losses and the right to receive benefits 
that are significant to the VIE. Periodically, the Company reevaluates its ownership, contractual and other interests in entities to 
determine whether any changes in its interest or relationship with an entity impacts the determination of whether it is still the primary 
beneficiary of such entity. The Company has determined that it was the primary beneficiary of one VIE as of December 31, 2024.
Recent Accounting Pronouncements 
Recently Adopted Accounting Pronouncements 
In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable 
Segment Disclosures”, which amends and enhances the disclosure requirements for reportable segments. All disclosure requirements 
under this standard will also be required for public entities with a single reportable segment. This new standard became effective for 
fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The 
Company adopted this standard in the fourth quarter of 2024, which did not have a material impact on the consolidated financial 
statements and related disclosures.
Recent Accounting Pronouncements Not Yet Adopted 
In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures”, which requires 
companies to provide disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on 
income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. The Company is 
currently assessing the impact of adopting this standard on the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, which requires 
companies to provide new financial statement disclosures disaggregating prescribed expense categories within relevant income 
statement expense captions. This amendment is effective for annual reporting periods beginning after December 15, 2026, and interim 
reporting periods beginning after December 15, 2027, on a prospective basis and early adoption and retrospective application is 
permitted. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-04, “Debt with Conversion and Other Options (Subtopic 470-20): Induced 
Conversions of Convertible Debt Instruments”, which seeks to clarify the requirements for determining whether certain settlements of 
convertible debt instruments should be accounted for as induced conversions. This amendment is effective for annual periods 
beginning after December 15, 2025, and for interim periods within fiscal years beginning after December 15, 2026. The Company is 
currently evaluating the impact of this standard on the consolidated financial statements.
 3.
Revenue
Disaggregation of Revenue
The table below presents the Company's revenues as included on the consolidated statements of operations (in thousands): 
Year Ended December 31,
2024
2023
2022
Revenue from contracts with customers (ASC 606)
$ 
5,365,534 $ 
4,116,216 $ 
3,811,993 
Rental revenue (ASC 842)
 
420,482  
287,373  
283,142 
Total revenue
$ 
5,786,016 $ 
4,403,589 $ 
4,095,135 
Allowance for Credit Losses
The following table presents the changes in the Company’s allowance for credit losses for the periods presented (in millions):
Year Ended December 31,
2024
2023
2022
Balance at beginning of period
$ 
9.8 $ 
11.6 $ 
9.3 
Changes to provision
 
6.7  
(0.4)  
1.9 
Write-offs and recoveries
 
(4.3)  
(1.4)  
0.4 
Balance at end of period
$ 
12.2 $ 
9.8 $ 
11.6 
89

The Company’s receivable balance included in prepaid expenses and other current assets on the consolidated balance sheets, 
which consists primarily of amounts due from Enterprise Users and Light Vehicle partners, was $347.0 million, $315.0 million and 
$278.9 million as of December 31, 2024, 2023 and 2022, respectively. 
 4.
Acquisitions
Acquisition of PBSC Urban Solutions Inc. (“PBSC”)
On May 17, 2022 (the “Closing Date”), the Company completed its acquisition of 100% of the outstanding equity of PBSC, a 
global leader in bikeshare that supplies stations and bikes to markets internationally, for a total purchase price of $163.5 million 
inclusive of $14.1 million in estimated fair value of contingent consideration. The acquisition was treated as a business combination 
and increases the Company’s scale in micromobility by leveraging PBSC’s deep sales experience and customer relationships. 
Acquisition costs were immaterial and are included in general and administrative expenses in the consolidated statements of 
operations.
During the second quarter of 2023, the Company paid out earn out incentives of $15.0 million, which were previously 
included in contingent consideration on the consolidated balance sheet. The earn out incentives were based on hardware and software 
for new system sales, either earned or committed during the earn out period. 
The following table summarizes the fair value of the assets acquired and liabilities assumed at the Closing Date (in 
thousands):
Cash and cash equivalents
$ 
2,665 
Prepaid expenses and other current assets
 
34,845 
Other investments
 
22,175 
Property and equipment
 
2,202 
Operating lease right-of-use assets
 
786 
Identifiable intangible assets
 
45,047 
Total identifiable assets acquired
 
107,720 
Accounts payable
 
6,004 
Accrued and other liabilities
 
3,344 
Operating lease liabilities — current
 
292 
Operating lease liabilities
 
494 
Other liabilities
 
14,678 
Total liabilities assumed
 
24,812 
Non-controlling interest (recorded to equity)
 
140 
Net assets assumed
 
82,768 
Goodwill
 
80,748 
Total acquisition consideration
$ 
163,516 
The Company concluded the purchase accounting for the acquisition of PBSC during the second quarter of 2023. During the 
measurement period, the Company recorded immaterial purchase price adjustments resulting in a decrease in goodwill.
The Company adopted ASU 2021-08 on April 1, 2022, prior to the acquisition of PBSC, the Company's only acquisition in 
2022. Upon the adoption of this update, contract assets and contract liabilities (i.e., deferred revenue) acquired in a business 
combination are recognized and measured by the acquirer on the acquisition date in accordance with ASC 606 as if the acquirer had 
originated the contracts, which would generally result in an acquirer recognizing and measuring acquired contract assets and contract 
liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. Therefore, PBSC’s historical 
deferred revenue balance as of May 17, 2022 has been included in the purchase price allocation in accordance with ASU 2021-08.
The goodwill is attributable to (i) expanded sales opportunities for the Company's current products and services by leveraging 
PBSC's assembled workforce and (ii) cost synergies associated with economies of scale and a streamlined supply chain as the 
combined businesses operate on a global scale. The acquisition is a non-taxable business combination and goodwill recognized in the 
acquisition is not deductible for tax purposes.
90

The Company recorded intangible assets at their fair value, which consisted of the following (in thousands):
Estimated useful life 
(in years)
Amount
Tradename
2
$ 
1,009 
Customer relationships – cities
7 - 11 
 
22,157 
Developed technology (hardware and software)
2 - 3
 
21,881 
Total intangible assets
$ 
45,047 
The fair value of the tradename was determined to be $1.0 million with an estimated useful life of two years. The fair value 
of the tradename was determined using the relief-from-royalty method under the income approach. This involves forecasting avoided 
royalties, reducing them by taxes and discounting the resulting net cash flows to a present value using an appropriate discount rate. 
The fair value of the customer relationships – cities was determined to be $22.2 million with estimated useful lives between 
seven and eleven years. The fair value of the customer relationships – cities was determined using the multi-period excess earnings. 
The multi-period excess earnings approach involves forecasting the net earnings expected to be generated by the asset, reducing them 
by appropriate returns on contributory assets, and then discounting the resulting net cash flows to a present value using an appropriate 
discount rate. 
The fair value of the developed technology intangible asset was determined to be $21.9 million with an estimated useful life 
between two and three years. The fair value of the developed technology was determined using the replacement cost approach. In the 
replacement cost approach, the fair value of an asset is based on the cost of a market participant to reconstruct a substitute asset of 
comparable utility, adjusted for any obsolescence. The fair value of the asset would include the expected profit margin a hypothetical 
third party developer would charge and a market participant buyer's opportunity costs lost over the period to reconstruct the substitute 
asset. 
Judgment was applied for a number of assumptions in valuing the identified intangible assets, including revenue and cash 
flow forecasts, technology life, royalty rate, obsolescence and discount rate. 
Refer to Note 16 “Variable Interest Entities” to the consolidated financial statements for information regarding the variable 
interest entities included in this transaction.
The results of operations for the acquired business have been included in the consolidated statements of operations for the 
period subsequent to the Company's acquisition of PBSC. PBSC’s results of operations for periods prior to this acquisition were not 
material to the consolidated statements of operations and, accordingly, pro forma financial information has not been presented.
 5.  
Goodwill and Intangible Assets, Net
The following table presents the changes in the carrying amount of goodwill for the periods presented (in thousands):
Balance as of December 31, 2022
$ 
261,582 
Additions
 
— 
Foreign currency translation and other adjustments
 
(3,791) 
Balance as of December 31, 2023
$ 
257,791 
Additions
 
— 
Foreign currency translation and other adjustments
 
(6,415) 
Balance as of December 31, 2024
$ 
251,376 
Intangible assets, net consisted of the following as of the dates indicated (in thousands):
December 31, 2024
Weighted-
average
Remaining 
Useful
Life (Years)
Gross 
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Developed technology and patents
1.7
$ 
40,477 $ 
36,683 $ 
3,794 
Contractual relationship – cities and user relationships
5.8
 
99,669  
60,687  
38,982 
Total intangible assets
$ 
140,146 $ 
97,370 $ 
42,776 
91

December 31, 2023
Weighted-
average
Remaining 
Useful
Life (Years)
Gross 
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Developed technology and patents
2.2
$ 
41,568 $ 
29,540 $ 
12,028 
Contractual relationship – cities and user relationships
6.8
 
100,725  
53,238  
47,487 
Total intangible assets
$ 
142,293 $ 
82,778 $ 
59,515 
Amortization expense was $15.0 million, $16.8 million and $18.4 million for the years ended December 31, 2024, 2023 and 
2022, respectively.
As of December 31, 2024, future amortization of intangible assets that will be recorded in costs and expenses on the 
consolidated statement of operations is estimated as follows (in thousands):
Year ended December 31:
2025
$ 
9,980 
2026
 
8,323 
2027
 
8,323 
2028
 
8,323 
2029
 
7,733 
Thereafter
 
94 
Total remaining amortization
$ 
42,776 
 6.  
Cash Equivalents and Short-Term Investments
The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss and fair value of the 
Company’s cash equivalents and short-term investments as of the dates indicated (in thousands):
December 31, 2024
Cost or
Amortized
Cost
Unrealized
Estimated
Fair Value
Gains
Losses
Unrestricted Balances(1)
Money market funds
$ 
189,839 $ 
— $ 
— $ 
189,839 
Money market deposit accounts
 
304,716  
—  
—  
304,716 
Certificates of deposit
 
171,352  
150  
(144)  
171,358 
Commercial paper
 
762,405  
529  
(388)  
762,546 
Corporate bonds
 
70,207  
29  
(5)  
70,231 
U.S. government and agency securities
 
352,984  
295  
(5)  
353,274 
Total unrestricted cash equivalents and short-term investments
 1,851,503  
1,003  
(542)  1,851,964 
Restricted Balances
Money market funds
 
42,699  
—  
—  
42,699 
Term deposits
 
2,194  
—  
—  
2,194 
Certificates of deposit
 
189,694  
144  
(242)  
189,596 
Commercial paper
 
782,491  
433  
(368)  
782,556 
Corporate bonds
 
59,254  
19  
(7)  
59,266 
U.S. government and agency securities
 
465,516  
349  
(8)  
465,857 
Total restricted cash equivalents and investments
 1,541,848  
945  
(625)  1,542,168 
Total unrestricted and restricted cash equivalents and investments
$ 3,393,351 $ 
1,948 $ 
(1,167) $ 3,394,132 
_______________
(1)
Excludes $132.5 million of cash, which is included within the $2.0 billion of cash and cash equivalents and short-term investments on the consolidated balance 
sheets.
92

December 31, 2023
Cost or
Amortized
Cost
Unrealized
Estimated
Fair Value
Gains
Losses
Unrestricted Balances(1)
Money market funds
$ 
28,351 $ 
— $ 
— $ 
28,351 
Money market deposit accounts
 
117,626  
—  
—  
117,626 
Certificates of deposit
 
179,607  
200  
(4)  
179,803 
Commercial paper
 
918,278  
584  
(331)  
918,531 
Corporate bonds
 
29,171  
6  
(5)  
29,172 
U.S. government securities
 
231,926  
82  
—  
232,008 
Total unrestricted cash equivalents and short-term investments
 1,504,959  
872  
(340)  1,505,491 
Restricted Balances(2)
Money market funds
 
44,241  
—  
—  
44,241 
Term deposits
 
3,539  
—  
—  
3,539 
Certificates of deposit
 
144,935  
175  
(1)  
145,109 
Commercial paper
 
618,854  
366  
(146)  
619,074 
Corporate bonds
 
12,409  
3  
(1)  
12,411 
U.S. government securities
 
224,635  
84  
—  
224,719 
Total restricted cash equivalents and investments
 1,048,613  
628  
(148)  1,049,093 
Total unrestricted and restricted cash equivalents and investments
$ 2,553,572 $ 
1,500 $ 
(488) $ 2,554,584 
_______________
(1)
Excludes $179.7 million of cash, which is included within the $1.7 billion of cash and cash equivalents and short-term investments on the consolidated balance 
sheets.
(2)
Excludes $1.4 million of restricted cash, which is included within the $1.0 billion of restricted cash and cash equivalents and restricted short-term investments 
on the consolidated balance sheets.
The Company’s short-term investments consist of available-for-sale debt securities and term deposits. The term deposits are 
at cost, which approximates fair value.
The remaining maturity of the Company’s investment portfolio was less than one year as of the periods presented. 
No individual security incurred continuous unrealized losses for greater than 12 months.
The Company purchases investment grade marketable debt securities which are rated by nationally recognized statistical 
credit rating organizations in accordance with its investment policy. This policy is designed to minimize the Company's exposure to 
credit losses. As of December 31, 2024, the credit-quality of the Company’s marketable available-for-sale debt securities had 
remained stable. The unrealized losses recognized on marketable available-for-sale debt securities as of December 31, 2024 were 
primarily related to the continued market volatility associated with uncertain economic outlook. The Company does not intend to sell 
the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their 
amortized cost basis. The Company is not aware of any specific event or circumstance that would require the Company to change its 
quarterly assessment of credit losses for any marketable available-for-sale debt security as of December 31, 2024. These estimates 
may change, as new events occur and additional information is obtained, and will be recognized on the consolidated financial 
statements as soon as they become known. No credit losses were recognized as of December 31, 2024 for the Company’s marketable 
and non-marketable debt securities.
The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no 
allowance for credit losses was recorded, aggregated by major security type (in thousands): 
December 31, 2024
December 31, 2023
Estimated Fair Value
Unrealized Losses
Estimated Fair Value
Unrealized Losses
Certificates of deposit
$ 
99,144 $ 
(386) $ 
31,945 $ 
(5) 
Corporate bonds 
 
49,516  
(12)  
14,621  
(6) 
Commercial paper
 
241,805  
(756)  
128,645  
(473) 
U.S. government and agency securities
 
62,787  
(13)  
—  
— 
Total available-for-sale debt securities in an 
unrealized loss position 
$ 
453,252 $ 
(1,167) $ 
175,211 $ 
(484) 
93

 7.  
Fair Value Measurements
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring 
basis as of the dates indicated by level within the fair value hierarchy (in thousands):
December 31, 2024
Level 1
Level 2
Level 3
Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds
$ 
189,839 $ 
— $ 
— $ 
189,839 
Certificates of deposit
 
—  
171,358  
—  
171,358 
Commercial paper
 
—  
762,546  
—  
762,546 
Corporate bonds
 
—  
70,231  
—  
70,231 
U.S. government and agency securities
 
—  
353,274  
—  
353,274 
Total unrestricted cash equivalents and short-term investments
 
189,839  1,357,409  
—  1,547,248 
Restricted cash equivalents and investments(2)
Money market funds
 
42,699  
—  
—  
42,699 
Certificates of deposit
 
—  
189,596  
—  
189,596 
Commercial paper
 
—  
782,556  
—  
782,556 
Corporate bonds
 
—  
59,266  
—  
59,266 
U.S. government and agency securities
 
—  
465,857  
—  
465,857 
Total restricted cash equivalents and investments
 
42,699  1,497,275  
—  1,539,974 
Total financial assets
$ 
232,538 $ 2,854,684 $ 
— $ 3,087,222 
_______________
(1)
$132.5 million of cash and $304.7 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from 
this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the consolidated balance 
sheets. 
(2)
$2.2 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included 
within the $1.5 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
December 31, 2023
Level 1
Level 2
Level 3
Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds
$ 
28,351 $ 
— $ 
— $ 
28,351 
Certificates of deposit
 
—  
179,803  
—  
179,803 
Commercial paper
 
—  
918,531  
—  
918,531 
Corporate bonds
 
—  
29,172  
—  
29,172 
U.S. government securities
 
—  
232,008  
—  
232,008 
Total unrestricted cash equivalents and short-term investments
 
28,351  1,359,514  
—  1,387,865 
Restricted cash equivalents and investments(2)
Money market funds
 
44,241  
—  
—  
44,241 
Certificates of deposit
 
—  
145,109  
—  
145,109 
Commercial paper
 
—  
619,074  
—  
619,074 
Corporate bonds
 
—  
12,411  
—  
12,411 
U.S. government securities
 
—  
224,719  
—  
224,719 
Total restricted cash equivalents and investments
 
44,241  1,001,313  
—  1,045,554 
Total financial assets
$ 
72,592 $ 2,360,827 $ 
— $ 2,433,419 
_______________
(1)
$179.7 million of cash, $117.6 million of money market deposit accounts and $3.5 million of term deposits are not subject to recurring fair value measurement 
and therefore excluded from this table. However, these balances are included within the $1.7 billion of cash and cash equivalents and short-term investments on 
the consolidated balance sheets. 
(2)
$1.4 million of restricted cash is not subject to recurring fair value measurement and therefore excluded from this table. However, this balance is included 
within the $1.0 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
94

During the year ended December 31, 2024, the Company did not make any transfers between the levels of the fair value 
hierarchy.
During the year ended December 31, 2023, the Company paid out earn out incentives of $15.0 million related to the 
acquisition of PBSC. The contingent consideration was classified as a liability and was included in accrued and other current liabilities 
on the consolidated balance sheets. Refer to Note 4 "Acquisitions" to the consolidated financial statements for information regarding 
this contingent consideration.
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities are investments in privately held companies without readily determinable 
fair values and the carrying value of these non-marketable equity securities are remeasured to fair value based on price changes from 
observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for 
impairment. Any changes in carrying value are recorded within other income (expense), net in the consolidated statements of 
operations. 
In June 2021 and June 2022, the Company received investments in a non-marketable equity security in a privately held 
company without a readily determinable market value as part of licensing and data access agreements. The investment had an initial 
carrying value of $128.1 million as of June 30, 2022 which was categorized as Level 3. The Company did not have the ability to 
exercise significant influence over this privately-held company and had elected to measure this investment as a non-marketable equity 
security and classified it in other investments on the consolidated balance sheet. The entire amount of the investment in the non-
marketable equity security was impaired due to the announced winding down of the equity investee in October 2022. In addition to the 
impairment of this non-marketable equity security, an other asset was impaired, resulting in a total impairment of $135.7 million 
recorded to other income (expense), net on the consolidated statement of operations.
In February 2022, the issuer of the Company's $10.0 million investment in non-marketable equity securities in a privately 
held company was acquired by a publicly-traded company. As a result of the acquisition in exchange for the securities in the privately-
held entity, the Company received common stock of a publicly-traded entity with a value of $8.4 million upon receipt, with the 
remainder to be received in cash. These shares are classified as marketable equity securities and measured at fair value on a recurring 
basis. The shares are categorized as Level 1 and changes in fair value are recorded within other income (expense), net in the 
consolidated statements of operations. In March 2022, the Company sold its shares resulting in a recognized loss recorded to other 
income (expense), net in the consolidated statement of operations.
There were $9.1 million and $5.9 million of financial instruments measured at fair value on a non-recurring basis within other 
investments on the consolidated balance sheets as of December 31, 2024 and 2023, respectively.
 8.  
Supplemental Financial Statement Information
Property and Equipment, net
Property and equipment, net consisted of the following as of the dates indicated (in thousands):
December 31,
2024
2023
Bike and scooter fleet
$ 
237,535 $ 
240,137 
Owned vehicles
 
211,904  
197,703 
Finance lease right-of-use assets
 
79,704  
80,934 
Leasehold improvements
 
75,480  
77,230 
Computer equipment and software
 
39,018  
38,911 
Furniture and fixtures
 
6,046  
5,867 
Construction in progress
 
56,998  
72,257 
 
706,685  
713,039 
Less: Accumulated depreciation
 
(261,821)  
(247,195) 
Property and equipment, net
$ 
444,864 $ 
465,844 
Depreciation and amortization expense related to property and equipment was $121.4 million, $96.3 million, and $127.8 
million for the years ended December 31, 2024, 2023 and 2022, respectively.
Light Vehicle Fleet
The Company’s Light Vehicle fleet consists of bikes and scooters. Scooters and related assets are stated at cost less 
accumulated depreciation and those with estimated useful lives of more than 12 months are included in property and equipment, net on 
95

the consolidated balance sheets. Scooters and related assets with estimated useful lives of less than 12 months are included in prepaid 
expenses and other current assets on the consolidated balance sheets. Depreciation is computed using a straight-line method over the 
estimated useful life of the scooters. Depreciation expense for scooters and related assets included in prepaid expenses and other 
current assets on the consolidated balance sheets was $12.4 million, $3.4 million and $8.6 million for the years ended December 31, 
2024, 2023 and 2022, respectively. Bikes are included in property and equipment, net on the consolidated balance sheets.
Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands):
December 31,
2024
2023
Insurance-related accruals (1)
$ 
763,842 $ 
643,147 
Legal and tax related accruals
 
333,979  
296,336 
Ride-related accruals
 
178,114  
212,114 
Long-term debt, current (2)
 
38,904  
25,798 
Insurance claims payable and related fees
 
58,135  
52,609 
Other
 
293,304  
278,851 
Accrued and other current liabilities
$ 
1,666,278 $ 
1,508,855 
_______________
(1)
Refer to Note 2 “Summary of Significant Accounting Policies” above for more information on these insurance-related accruals.
(2)
Represents current portion of long-term debt primarily related to the Non-revolving Loan and Master Vehicle Loan. Refer to Note 11 "Debt" for more 
information.
Insurance Reserves
The following table presents the changes in the Company’s insurance reserve for the periods presented (in thousands):
Year Ended December 31,
2024
2023
2022
Balance at beginning of period
$ 
1,337,868 $ 
1,417,350 $ 
1,068,628 
Additions (1)
 
813,725  
516,337  
1,146,482 
Deductions (2)
 
(450,200)  
(595,819)  
(797,760) 
Balance at end of period
$ 
1,701,393 $ 
1,337,868 $ 
1,417,350 
_______________
(1)
Additions to insurance reserves include reserves from claims originating from the current year of $813.7 million, $512.3 million and $333.9 million for the 
years ended December 31, 2024, 2023 and 2022, respectively. Additions to insurance reserves also include $561.2 million for the year ended December 31, 
2022 for adverse changes in estimates resulting from new developments in claims originating from prior years. Additions also include adjustments related to the 
Commutation Transaction of $4.0 million and $247.4 million for the years ended December 31, 2023 and 2022, respectively, and $4.0 million of reinsurance 
recoverable for the year ended December 31, 2022. See below for more details of the "Commutation of the Reinsurance Agreement". 
(2)
Deductions include losses paid of $447.1 million, $580.4 million and $552.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. 
Deductions also include $3.1 million and $11.4 million for the year ended December 31, 2024 and 2023, respectively, for favorable changes in estimates 
resulting from new developments in claims originating from prior years and a reinsurance recoverable at the beginning of the period of $4.0 million and 
$245.2 million for the years ended December 2023 and 2022, respectively. 
Reinsurance of Certain Legacy Auto Liability Insurance
On April 22, 2021, the Company’s wholly-owned subsidiary, Pacific Valley Insurance Company, Inc. (“PVIC”), entered into 
a Quota Share Reinsurance Agreement (the “Reinsurance Agreement”) with DARAG Bermuda LTD (“DARAG”), under which 
DARAG reinsured a legacy portfolio of auto insurance policies, based on reserves in place as of March 31, 2021, for $183.2 million of 
coverage above the liabilities recorded as of that date. Under the terms of the Reinsurance Agreement, PVIC ceded to DARAG 
approximately $251.3 million of certain legacy insurance liabilities for policies underwritten during the period of October 1, 2018 to 
October 1, 2020, with an aggregate limit of $434.5 million, for a premium of $271.5 million (“the Reinsurance Transaction”). The 
Reinsurance Agreement was on a funds withheld basis, meaning that funds are withheld by PVIC from the insurance premium owed 
to DARAG in order to pay future reinsurance claims on DARAG’s behalf. Upon consummation of the Reinsurance Transaction, a 
reinsurance recoverable of $251.3 million was established, and since a contractual right of offset exists, the reinsurance recoverable 
was netted against the funds withheld liability balance of $271.5 million for a $20.2 million net funds withheld liability balance 
included in accrued and other current liabilities on the consolidated balance sheet. In addition to the initial funds withheld balance of 
$271.5 million, additional coverage of certain legacy insurance liabilities was collateralized by a trust account established by DARAG 
for the benefit of PVIC, which was $75.0 million upon consummation. At the inception of the Reinsurance Agreement, a loss of 
approximately $20.4 million for the total cost of the Reinsurance Transaction was recognized on the consolidated statement of 
96

operations for the year ended December 31, 2021, with $20.2 million in cost of revenue and $0.2 million in general and administrative 
expenses.
Commutation of the Reinsurance Agreement
On June 21, 2022, PVIC and DARAG entered into a Commutation Agreement, which effectively commuted and settled the 
previous Reinsurance Agreement. Under the terms of the Commutation Agreement, DARAG released $89.3 million of assets held in 
trust to PVIC and the remaining balance of the funds withheld liability of $90.3 million from the Reinsurance Transaction for a total 
consideration of $178.6 million. 
In addition, the Commutation Agreement caused a DARAG affiliate, DNA Insurance Company (“DNA”), to simultaneously 
enter into an Adverse Development Cover Reinsurance Agreement (“ADC”) with PVIC (the Commutation Agreement and the ADC 
collectively referred to as the “Commutation Transaction”). Under the terms of the ADC, DNA agreed to reinsure up to $20 million of 
the legacy insurance liabilities contemplated in the Reinsurance Agreement for a premium of $1.0 million, which would be retained by 
PVIC on a funds withheld basis. DNA also had the option to commute this agreement for $5.0 million prior to November 1, 2023, 
which would be offset by any premiums retained as funds withheld.
As a result of the Commutation Transaction, the Company noted the following impacts on its financial statements:
•
The Company recognized a $36.8 million gain in cost of revenue in the three months ended June 30, 2022, including 
amortization of a portion of the previously recognized deferred gain.
•
The Company reduced its reinsurance recoverable by $247.4 million and the funds withheld liability balance by 
$90.3 million.
•
The Company amortized deferred gains related to losses ceded under the Reinsurance Agreement by $105.7 million. 
On February 8, 2023, PVIC and DNA entered into a Commutation and Mutual Release Agreement, whereby DNA agreed to 
exercise its option to fully settle and commute the ADC. DNA commuted the ADC for $5.0 million consisting of a $4.0 million 
payment made to PVIC and the release of $1.0 million premium which was retained by PVIC as funds withheld. As a result, PVIC 
recognized a gain of $3.4 million, comprised of $2.4 million amortization of the remaining deferred gain and $1.0 million related to 
the release of the funds withheld. PVIC also reduced its reinsurance recoverable by $4.0 million related to the payment received. 
Other Income (Expense), Net
The following table sets forth the primary components of other income (expense), net as reported on the consolidated 
statements of operations (in thousands):
Year Ended December 31,
2024
2023
2022
Interest income
$ 
166,304 $ 
145,728 $ 
47,142 
Gain (loss) on sale of securities, net
 
(140)  
(243)  
(287) 
Foreign currency exchange gains (losses), net
 
(7,244)  
3,657  
(4,387) 
Sublease income
 
3,527  
4,849  
11,591 
Gain on equity method investment(1)
 
—  
12,926  
— 
Impairment charges(2)
 
—  
—  
(135,714) 
Other, net(3)
 
10,736  
3,206  
(18,333) 
Other income (expense), net
$ 
173,183 $ 
170,123 $ 
(99,988) 
_______________
(1)
In the quarter ended June 30, 2023, the Company received investments in a non-marketable equity security in a privately held company. Refer to Note 16 
“Variable Interest Entities” for more information on this transaction.
(2)
In the third quarter of 2022, the Company impaired the entire amount of a non-marketable equity investment in addition to other assets with the investee. 
This impairment was triggered due to the announced winding down of the equity investee. Refer to Note 7 “Fair Value Measurements” for additional details.
(3)
In the quarter ended September 30, 2024, the Company recorded a gain of $3.2 million in other income (expense), net related to a change in fair value of a 
non-marketable equity security. In the quarter ended March 31, 2024, the Company recorded a gain on extinguishment of $5.1 million in other income 
(expense), net related to the repurchase of the 2025 Notes. Refer to Note 11 "Debt" for more information on this transaction.
 9.
Leases
Real Estate Operating Leases 
The Company leases real estate property at approximately 59 locations as of December 31, 2024. These leases are classified 
as operating leases. As of December 31, 2024, the remaining lease terms vary from approximately one month to ten years. For certain 
leases the Company has options to extend the lease term for periods varying from one month to ten years. These renewal options are 
97

not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. For leases with 
an initial term of 12 months or longer, the Company has recorded a right-of-use asset and lease liability representing the fixed 
component of the lease payment. Any fixed payments related to non-lease components, such as common area maintenance or other 
services provided by the landlord, are accounted for as a component of the lease payment and therefore, a part of the total lease cost.
In the fourth quarter of 2024, the Company amended the lease for its San Francisco headquarters, to terminate certain suites 
and extend the term of other suites to 2034. As a result of terminating certain suites, a $29.6 million gain was recognized within 
general and administrative expenses as the right-of-use asset associated with a portion of this lease was previously impaired in 2022 
and 2023 as part of restructuring, and the extinguishment of the remaining lease liability resulted in the recorded gain.
Flexdrive Program
The Company operates a fleet of rental vehicles through its independently managed subsidiary, a portion of which are leased 
from third-party vehicle leasing companies. These leases are classified as finance leases and are included in property and equipment, 
net on the consolidated balance sheets. As of December 31, 2024, the remaining lease terms vary between one month to four years. 
These leases generally do not contain any non-lease components and, as such, all payments due under these arrangements are allocated 
to the respective lease component. 
Lease Position
The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets (in thousands, 
except for remaining lease terms and percentages):
December 31, 2024
December 31, 2023
Operating Leases
Assets
Operating lease right-of-use assets(1)
$ 
148,397 
$ 
98,202 
Liabilities
Operating lease liabilities, current(1)
$ 
25,192 
$ 
42,556 
Operating lease liabilities, non-current(1)
 
152,074 
 
134,102 
Total operating lease liabilities
$ 
177,266 
$ 
176,658 
Finance Leases
Assets
Finance lease right-of-use assets(2)
$ 
79,704 
$ 
80,933 
Liabilities
Finance lease liabilities, current(3)
$ 
31,268 
$ 
25,193 
Finance lease liabilities, non-current(4)
 
54,351 
 
61,321 
Total finance lease liabilities
$ 
85,619 
$ 
86,514 
Weighted-average remaining lease term (years)
Operating leases
7.7
4.5
Finance leases
2.6
3.4
Weighted-average discount rate
Operating leases
 6.6 %
 6.7 %
Finance leases
 6.4 %
 6.7 %
_______________
(1)
In the fourth quarter of 2024, the Company recognized a $29.6 million gain in general and administrative expense as a result of a lease termination. The 
right-of-use asset associated with the portion of this lease was previously impaired in 2022 and 2023 as part of restructuring, and the extinguishment of the 
remaining lease liability resulted in the recorded gain.
(2)
This balance is included within property and equipment, net on the consolidated balance sheets and is primarily related to Flexdrive.
(3)
This balance is included within other current liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
(4)
This balance is included within other liabilities on the consolidated balance sheets and is primarily related to Flexdrive. 
98

Lease Costs
The table below presents certain information related to the costs for operating leases and finance leases (in thousands):
Year Ended December 31,
2024
2023
Operating Leases
Operating lease cost
$ 
38,056 $ 
40,450 
Finance Leases
Amortization of right-of-use assets
 
29,565  
19,847 
Interest on lease liabilities
 
5,782  
3,449 
Other Lease Costs
Short-term lease cost
 
3,380  
3,749 
Variable lease cost (1)
 
9,867  
10,270 
Total lease cost
$ 
86,650 $ 
77,765 
_______________
(1)
Consists primarily of common-area maintenance, taxes and utilities for real estate leases, and certain vehicle related charges under the Flexdrive program.
Sublease income was $3.5 million for the year ended December 31, 2024 and $4.8 million for the year ended December 31, 
2023. Sublease income is included within other income, net on the consolidated statement of operations. The related lease expense for 
these leases is included within costs and expenses on the consolidated statement of operations.
The Company committed to a plan of termination which included restructuring charges related to a decision to exit and 
sublease or cease use of certain facilities to align with the Company’s anticipated operating needs and incurred charges related to real 
estate operating right-of-use assets of $13.0 million and $55.3 million during the years ended December 31, 2023 and 2022, 
respectively. There was no such charge during the year ended December 31, 2024. Refer to Note 15 “Restructuring” to the 
consolidated financial statements for information regarding this transaction.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded 
on the consolidated statements of cash flows (in thousands): 
Year Ended December 31,
2024
2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases
$ 
60,479 $ 
59,318 
Operating cash flows from finance leases
 
5,312  
3,558 
Financing cash flows from finance leases
 
46,748  
43,466 
99

Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the 
lease liabilities recorded on the consolidated balance sheet as of December 31, 2024 (in thousands):
Operating Leases
Finance Leases
Total Leases
2025
$ 
35,270 $ 
35,289 $ 
70,559 
2026
 
33,955  
32,817  
66,772 
2027
 
30,037  
16,318  
46,355 
2028
 
25,305  
9,797  
35,102 
2029
 
24,832  
—  
24,832 
Thereafter
 
78,598  
—  
78,598 
Total minimum lease payments
 
227,997  
94,221  
322,218 
Less: amount of lease payments representing interest
 
(50,731)  
(8,602)  
(59,333) 
Present value of future lease payments
 
177,266  
85,619  
262,885 
Less: current obligations under leases
 
(25,192)  
(31,268)  
(56,460) 
Long-term lease obligations
$ 
152,074 $ 
54,351 $ 
206,425 
Future lease payments receivable in car rental transactions under the Flexdrive Program are not material since the lease term 
is less than a month.
 10.  
Commitments and Contingencies
Noncancellable Purchase Commitments
The Company entered into a noncancellable arrangement with Amazon Web Services (“AWS”), a web-hosting services 
provider, under which the Company had an obligation to purchase a minimum amount of services from this vendor. Under the most 
recent amended arrangement, the Company committed to spend an aggregate of at least $350 million between February 2022 and 
January 2026, with a minimum amount of $80 million in each of the four contractual periods, on services with AWS. As of 
December 31, 2024, the Company has made payments of $350.6 million under the amended arrangement. 
In May 2019, the Company entered into a noncancellable arrangement with the City of Chicago, with respect to the Divvy 
bike share program, under which the Company has an obligation to pay approximately $7.5 million per year to the City of Chicago 
through January 2028 and to spend a minimum of $50 million on capital equipment for the bike share program through January 2028. 
The parties modified the commitment amounts and timing in April 2023 to reduce the Company’s payment obligation by $12 million 
and to supply a maximum of $12 million on capital equipment for the bike share program through 2024. As of December 31, 2024, the 
Company has made payments totaling $33.6 million and capital equipment investments totaling $64.7 million under the arrangement.
As of December 31, 2024, the future minimum payments under the Company’s noncancellable purchase commitments, which 
are inclusive of the arrangements mentioned above, were as follows (in thousands):
2025
$ 
10,229 
2026
 
89,396 
2027
 
9,711 
2028
 
— 
2029
 
— 
Thereafter
 
— 
Total future minimum payments
$ 
109,336 
Letters of Credit
The Company maintains certain stand-by letters of credit from third-party financial institutions in the ordinary course of 
business to guarantee certain performance obligations related to leases, insurance policies and other various contractual arrangements. 
None of the outstanding letters of credit are collateralized by cash. As of December 31, 2024 and 2023, the Company had letters of 
credit outstanding of $72.6 million and $60.2 million, respectively.
100

Indemnification
The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, 
including certain business partners, investors, contractors, parties to certain acquisition or divestiture transactions and the Company’s 
officers, directors and certain employees. The Company has agreed to indemnify and defend the indemnified party’s claims and 
related losses suffered or incurred by the indemnified party resulting from actual or threatened third-party claims because of the 
Company’s activities or, in some cases, non-compliance with certain representations and warranties made by the Company. It is not 
possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of 
prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded on 
the consolidated statements of operations in connection with the indemnification provisions have not been material.
Legal Proceedings
The Company is currently involved in, and may in the future be involved in, legal proceedings, claims, and regulatory and 
governmental inquiries and investigations, and in some situations has received subpoenas and requests for documents and information, 
in the ordinary course of business, including drivers, riders, renters, third parties and governmental entities (individually or as class 
actions) alleging, among other things, various wage and expense related claims, violations of state or federal laws, improper disclosure 
of the Company’s fees, rules or policies, that such fees, rules or policies violate applicable law, or that the Company has not acted in 
conformity with such fees, rules or policies, as well as proceedings related to product liability, antitrust, competition, its acquisitions, 
securities issuances or business practices, or public disclosures about the Company or the Company's business. In addition, the 
Company has been, and is currently, named as a defendant in a number of litigation matters related to allegations of accidents or other 
trust and safety incidents involving drivers or riders using the Lyft Platform. 
The outcomes of the Company’s legal proceedings are inherently unpredictable and subject to significant uncertainties. For 
certain matters for which a material loss is reasonably possible, an estimate of the amount of loss or range of losses is not possible nor 
is the Company able to estimate the loss or range of losses that could potentially result from the application of nonmonetary remedies. 
For matters where the Company has recorded a probable and estimable loss, until the final resolution of the matter, there may be 
exposure to a material loss in excess of the amount recorded. 
Independent Contractor Classification Matters
With regard to independent contractor classification of drivers on the Lyft Platform, the Company is regularly subject to 
claims, lawsuits, arbitration proceedings, administrative actions, government investigations and other legal and regulatory proceedings 
at the federal, state and municipal levels challenging the classification of these drivers as independent contractors, and claims that, by 
the alleged misclassification, the Company has violated various labor and other laws that would apply to driver employees. Laws and 
regulations that govern the status and classification of independent contractors are subject to change and divergent interpretations by 
various authorities, which can create uncertainty and unpredictability for the Company. 
For example, California Assembly Bill 5 (now codified in part at Cal. Labor Code sec. 2775) codified and extended an 
employment classification test set forth by the California Supreme Court that established a new standard for determining employee or 
independent contractor status. The passage of this bill led to additional challenges to the independent contractor classification of 
drivers using the Lyft Platform. For example, on May 5, 2020, the California Attorney General and the City Attorneys of Los Angeles, 
San Diego and San Francisco filed a lawsuit against the Company and Uber for allegedly misclassifying drivers on the companies’ 
respective platforms as independent contractors in violation of Assembly Bill 5 and California’s Unfair Competition Law, and on 
August 5, 2020, the California Labor Commissioner filed lawsuits against the Company and Uber for allegedly misclassifying drivers 
on the companies’ respective platforms as independent contractors, seeking injunctive relief and material damages and penalties. On 
August 10, 2020, the court granted a motion for a preliminary injunction, forcing the Company and Uber to reclassify drivers in 
California as employees until the end of the lawsuit. Subsequently, voters in California approved Proposition 22, a state ballot 
initiative that provided a framework for drivers utilizing platforms like Lyft to maintain their status as independent contractors under 
California law. Proposition 22 went into effect on December 16, 2020. On April 20, 2021, the court granted the parties’ joint request 
to dissolve the preliminary injunction in light of the passage of Proposition 22. On May 5, 2021, the California Labor Commissioner 
filed a petition to coordinate its lawsuit with the Attorney General lawsuit and three other cases against the Company and Uber. The 
coordination petition was granted and the coordinated cases have been assigned to a judge in San Francisco Superior Court. On 
December 19, 2022, the California Attorney General’s and California Labor Commissioner’s cases were stayed in San Francisco 
Superior Court pending the appeal of a Superior Court order denying Lyft’s and Uber’s motions to compel arbitration. On September 
28, 2023, the California Court of Appeal issued a decision upholding the trial court’s order denying Lyft’s and Uber’s motions to 
compel arbitration. On November 7, 2023, the Company filed a petition requesting that the California Supreme Court review the Court 
of Appeal’s decision; the petition was denied on January 17, 2024, and the case was remitted to San Francisco Superior Court on 
January 29, 2024. The stay was lifted by the trial court on July 2, 2024, and the parties are exploring mediation. On October 7, 2024, 
the U.S. Supreme Court denied the Company's petition for writ of certiorari. 
In 2021, a group of petitioners led by labor union SEIU filed a separate lawsuit in a California court against the State of 
California alleging that Proposition 22 is unconstitutional under the California Constitution. Protect App-Based Drivers & Services 
101

(PADS) — the coalition that established and operated the official ballot measure committee that successfully advocated for the 
passage of Proposition 22 — intervened in the lawsuit. In August 2021, the trial court issued an order finding that Proposition 22 is 
unenforceable, but in March 2023, the California Court of Appeal reversed that decision and upheld Proposition 22, while severing 
two provisions that relate to future amendments of the measure. On July 25, 2024, the California Supreme Court affirmed the decision 
of the Court of Appeal and unanimously upheld Proposition 22. 
Certain adverse outcomes of such actions would have a material impact on the Company’s business, financial condition and 
results of operations, including damages, penalties and potential suspension of operations in impacted jurisdictions, including 
California. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be 
reasonably estimated. Such regulatory scrutiny or action may create different or conflicting obligations from one jurisdiction to 
another. 
Separately, on July 14, 2020, the Massachusetts Attorney General filed a lawsuit against the Company and Uber for allegedly 
misclassifying drivers as independent contractors under Massachusetts law, and seeking declaratory and injunctive relief. Trial took 
place from May 13, 2024 to June 3, 2024. On June 27, 2024, the parties reached a resolution to dismiss the litigation with prejudice 
and Massachusetts drivers have begun receiving new benefits and maintained their flexibility as independent contractors. The amount 
accrued for these matters is recorded within accrued and other current liabilities on the consolidated balance sheet as of December 31, 
2024. 
The Company is currently involved in a number of putative class actions, thousands of individual claims, including those 
brought in arbitration or compelled pursuant to the Company's Terms of Service to arbitration, matters brought, in whole or in part, as 
representative actions under California’s Private Attorneys General Act, Labor Code Section 2698, et seq., alleging that the Company 
misclassified drivers as independent contractors and other matters challenging the classification of drivers on the Company’s platform 
as independent contractors. The Company is also defending against allegations that the Company has failed to properly classify drivers 
and provide those drivers with sick leave and related benefits during the COVID-19 pandemic. The Company’s chances of success on 
the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated.
The Company disputes any allegations of wrongdoing and intends to continue to defend itself vigorously in these matters. 
However, results of litigation, arbitration and regulatory actions are inherently unpredictable and legal proceedings related to these 
driver claims, individually or in the aggregate, could have a material impact on the Company’s business, financial condition and 
results of operations. Regardless of the outcome, litigation and arbitration of these matters can have an adverse impact on the 
Company because of defense and settlement costs individually and in the aggregate, diversion of management resources and other 
factors. 
Unemployment Insurance Assessment
The Company is involved in administrative audits with various state employment agencies, including audits related to driver 
classification, in California, Oregon, Wisconsin, Illinois, New York, Pennsylvania and New Jersey. The Company believes that drivers 
are properly classified as independent contractors and plans to vigorously contest any adverse assessment or determination. The 
Company’s chances of success on the merits are still uncertain. The Company accrues for liabilities that may result from assessments 
by, or any negotiated agreements with, these employment agencies when a loss is probable and reasonably estimable, and the expense 
is recorded to general and administrative expenses. 
In 2018, the New Jersey Department of Labor & Workforce Development (“NJDOL”) opened an audit reviewing whether 
drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply 
from 2014 through March 31, 2018. The NJDOL issued an assessment on June 4, 2019 and subsequently issued an updated 
assessment on March 31, 2021. On August 2, 2024, the NJDOL issued a revised assessment, which is based upon a different 
methodology. The assessment was calculated through April 30, 2019, but only calculated the alleged contributions, penalties, and 
interests owed from 2014 through 2017. The Company filed a petition to challenge the assessment, and is awaiting a hearing. The 
Company has also submitted payment for the principal revised amount of the assessment to stop interest from accruing on this amount. 
While the ultimate resolution of this matter is uncertain, the Company recorded an accrual for this matter reflected within accrued and 
other current liabilities on the consolidated balance sheet as of December 31, 2024.
In 2021, the New York State Department of Labor (“NYSDOL”) opened an audit reviewing whether drivers were 
independent contractors or employees for purposes of determining whether unemployment insurance regulations apply for 2019. The 
NYSDOL subsequently extended the audit back to 2016. On December 22, 2022, the Company received an assessment for the 2016 to 
2019 time period and on December 27, 2023, the Company received a revised assessment covering 2016 to 2020. The Company has 
appealed these assessments. While the ultimate resolution of this matter is uncertain, the Company recorded an accrual for this matter 
reflected within accrued and other current liabilities on the consolidated balance sheet as of December 31, 2024.
In June 2022, the California Employment Development Department ("EDD") opened an audit reviewing whether drivers 
were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply from 
2018 to 2020. The EDD issued an assessment on June 9, 2023 and subsequently issued an updated assessment on June 27, 2023. The 
Company filed a petition to challenge the assessment, and is in discussions with the EDD regarding resolution. While the ultimate 
102

resolution of this matter is uncertain, the Company recorded an accrual for this matter reflected within accrued and other current 
liabilities on the consolidated balance sheet as of December 31, 2024.
Indirect Taxes
The Company is under audit by various domestic tax authorities with regard to indirect tax matters. The subject matter of 
indirect tax audits primarily arises from disputes on tax treatment and tax rates applied to the sale of the Company’s services in these 
jurisdictions. The Company accrues indirect taxes that may result from examinations by, or any negotiated agreements with, these tax 
authorities when a loss is probable and reasonably estimable and the expense is recorded to general and administrative expenses.
The Company is currently engaged in an ongoing dispute with the City and County of San Francisco (“San Francisco”) 
regarding the application of gross receipts taxes to rideshare. On December 20, 2024, the Company filed suit against San Francisco 
and San Francisco’s Office of the Treasurer and Tax Collector seeking refund of approximately $100 million in payroll expense tax, 
gross receipts tax, homelessness gross receipts tax, penalties, and interest for the 2019 through 2023 tax years. The outcome of this 
matter is uncertain. 
Patent Litigation
The Company is currently involved in legal proceedings related to alleged infringement of patents and other intellectual 
property and, in the ordinary course of business, the Company receives correspondence from other purported holders of patents and 
other intellectual property offering to sell or license such property and/or asserting infringement of such property. The Company 
disputes any allegation of wrongdoing and intends to defend itself vigorously in these matters. The Company’s chances of success on 
the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated.
Other Class Actions and Consumer Matters
From time to time, the Company becomes involved in putative class actions, investigations, and other matters alleging 
violations of consumer protection, civil rights, and other laws; antitrust and unfair competition laws such as California’s Cartwright 
Act, Unfair Practices Act and Unfair Competition Law; and the Americans with Disabilities Act, or the ADA, among others. In July 
2024, the Company went to trial in federal court in New York to defend against a class action alleging ADA and New York law 
violations with respect to the Company's wheelchair accessible vehicle ("WAV") offerings, seeking injunctive and other relief, in 
Lowell v. Lyft, Inc. On September 30, 2024, the district court ruled that plaintiffs failed to sustain their burden of proof that the 
modifications they proposed at trial would result in nationwide WAV service. The district court dismissed the suit and entered 
judgment in favor of the Company. The plaintiffs filed a notice of appeal on October 29, 2024, and the appeal is now pending before 
the Second Circuit Court of Appeal. The Company disputes any allegations of wrongdoing and intends to continue to defend itself 
vigorously in these matters. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss 
cannot be reasonably estimated.
The Federal Trade Commission (“FTC”) alleged violations of Section 5 of the FTC Act in connection with certain advertising 
claims to drivers. The Company reached a settlement with the government to resolve this matter, which was approved by a court on 
November 1, 2024.
Personal Injury and Other Safety Matters
In the ordinary course of the Company’s business, various parties have from time to time claimed, and may claim in the 
future, that the Company is liable for damages related to accidents or other incidents involving drivers, riders or renters using or who 
have used services offered on the Lyft Platform, as well as from third parties. The Company is currently named as a defendant in a 
number of matters related to accidents or other incidents involving drivers, riders, renters and third parties. The Company believes it 
has meritorious defenses, disputes the allegations of wrongdoing and intends to defend itself vigorously in these matters. There is no 
pending or threatened claim that has arisen from these accidents or incidents that individually, in the Company’s opinion, is likely to 
have a material impact on its business, financial condition or results of operations; however, results of litigation and claims are 
inherently unpredictable and legal proceedings related to such accidents or incidents, in the aggregate, could have a material impact on 
the Company’s business, financial condition and results of operations. For example, on January 17, 2020, the Superior Court of 
California, County of Los Angeles, granted the petition of multiple plaintiffs to coordinate their claims relating to alleged sexual 
assault or harassment by drivers on the Lyft Platform, and a Judicial Council Coordinated Proceeding has been created before the 
Superior Court of California, County of San Francisco, where the claims of multiple plaintiffs are currently pending. Other legal 
proceedings related to accidents, alleged sexual assault or harassment, or other safety incidents are pending in various jurisdictions and 
may similarly proceed to trial or final adjudication. Regardless of the outcome of these or other matters, litigation can have an adverse 
impact on the Company because of defense and settlement costs individually and in the aggregate, diversion of management resources 
and other factors. Although the Company intends to vigorously defend against these lawsuits, its chances of success on the merits are 
still uncertain as these matters are at various stages of litigation and present a wide range of potential outcomes. The Company accrues 
for losses that may result from these matters when a loss is probable and reasonably estimable.
103

Securities Litigation
Beginning in April 2019, multiple putative class actions and derivative actions were filed in state and federal courts against 
the Company, its directors, certain of its officers, and certain of the underwriters named in the registration statement relating to the 
Company’s initial public offering (“IPO”) alleging violation of securities laws, breach of fiduciary duties, and other causes of action in 
connection with the IPO. All of these matters are now resolved except for the derivative actions, which were consolidated into one 
action in federal court in California. A proposed settlement was filed in the derivative action on July 23, 2024, and the court granted 
preliminary approval on October 16, 2024. A hearing on final settlement approval was held on February 6, 2025, and the matter 
remains pending before the court.
On February 13, 2024, the Company published a press release announcing our financial results for the fourth quarter and 
fiscal year 2023 that was furnished with our Current Report on Form 8-K filed that same day. The press release contained a clerical 
error relating to the Company's forward-looking, non-GAAP directional commentary for fiscal year 2024 (the “Clerical Error”). The 
Clerical Error was promptly corrected on the Company's earnings call and in an updated press release, and the Company filed an 
amended 8-K. Shortly after, the U.S. Securities and Exchange Commission ("SEC") requested information relating to the Clerical 
Error. The Company cooperated and responded voluntarily to the requests. On September 5, 2024, the SEC informed the Company 
that it had concluded its investigation and did not intend to recommend an enforcement action against the Company.
On March 5, 2024, a putative class action, captioned Chen v. Lyft, Inc., et al., was filed against the Company, our principal 
executive officer, and principal financial officer, in the United States District Court for the Northern District of California. The 
putative class action alleges violations of the federal securities laws relating to the Clerical Error. On September 13, 2024, the 
Company filed a motion to dismiss the complaint. After a hearing on January 14, 2025, the court entered an order dismissing the 
complaint without prejudice on January 16, 2025. The plaintiff had until February 6, 2025 to file an amended complaint but did not do 
so. 
Although the Company believes the consolidated derivative action and putative class action are without merit and intends to 
vigorously defend against them, its chances of success on the merits are still uncertain and these matters present a wide range of 
potential outcomes. The Company accrues for losses that may result from these matters when a loss is probable and reasonably 
estimable and such accruals are recorded within accrued and other current liabilities on the consolidated balance sheets.
 11.
Debt
Outstanding debt obligations as of December 31, 2024 and 2023 were as follows (in thousands):
Maturities
Interest Rates as of 
December 31, 2024
December 31, 2024
December 31, 2023
Convertible senior notes due 2025 (the "2025 Notes")
May 2025
1.50%
$ 
390,175 $ 
743,486 
Convertible senior notes due 2029 (the "2029 Notes")
March 2029
0.625%
 
450,081  
— 
Non-revolving Loan
2026
7.61% - 7.61%
 
510  
3,115 
Master Vehicle Loan
2025 - 2027
3.85% - 7.10%
 
154,281  
118,559 
Total long-term debt, including current maturities
$ 
995,047 $ 
865,160 
Less: Convertible senior notes, current (1)
 
390,175  
— 
Less: Long-term debt, current (2)
 
38,904  
25,798 
Total long-term debt
$ 
565,968 $ 
839,362 
_______________
(1)
This balance is included within convertible senior notes, current on the consolidated balance sheets.
(2)
This balance is included within accrued and other current liabilities on the consolidated balance sheets and is primarily related to vehicles.
The following table sets forth the primary components of interest expense as reported on the consolidated statements of 
operations (in thousands): 
Year Ended December 31,
2024
2023
2022
Contractual interest expense related to the 2025 Notes and 2029 Notes
$ 
9,181 $ 
11,212 $ 
11,212 
Amortization of debt discount and issuance costs related to the 2025 
Notes and 2029 Notes (1)
 
3,737  
2,877  
2,928 
Vehicle loans and other interest expense
 
16,003  
12,134  
5,595 
Interest expense
$ 
28,921 $ 
26,223 $ 
19,735 
_______________
(1)
Following the adoption of ASC 2020-06 on January 1, 2022 using the modified retrospective approach, the debt discount associated with the equity 
component on convertible debt outstanding is now classified as debt, which results in a decrease in the amount of interest expense being recorded each 
period from January 1, 2022 to maturity.
104

Convertible Senior Notes due 2025
In May 2020, the Company issued $747.5 million aggregate principal amount of 1.50% convertible senior notes due 2025 
(the “2025 Notes”) pursuant to an indenture, dated May 15, 2020 (the “Indenture”) between the Company and U.S. Bank Trust 
Company, National Association (as successor in interest to U.S. Bank National Association), as trustee. 
 The 2025 Notes mature on May 15, 2025, unless earlier converted, redeemed or repurchased. The 2025 Notes are senior 
unsecured obligations of the Company with interest payable semiannually in arrears on May 15 and November 15 of each year, 
beginning on November 15, 2020, at a rate of 1.50% per year. The net proceeds from this offering were approximately $733.2 million, 
after deducting the initial purchasers’ discounts and commissions and debt issuance costs. 
The initial conversion rate for the 2025 Notes is 26.0491 shares of the Company's Class A common stock per $1,000 
principal amount of 2025 Notes, which is equivalent to an initial conversion price of approximately $38.39 per share of the Class A 
common stock. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the 2025 
Note Indenture.
The 2025 Notes will be convertible at the option of the holders at any time prior to the close of business on the business day 
immediately preceding February 15, 2025, only under the following circumstances: 
•
during any fiscal quarter (and only during such fiscal quarter), if the last reported sale price of the Company’s Class 
A common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading 
days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or 
equal to 130% of the conversion price on each applicable trading day; 
•
during the five business day period after any five consecutive trading day period (the “measurement period”) in 
which the trading price (as defined in the 2025 Note Indenture) per $1,000 principal amount of 2025 Notes for each 
trading day of the measurement period was less than 98% of the product of the last reported sale price of the 
Company's Class A common stock and the conversion rate on each such trading day; 
•
if the Company calls such 2025 Notes for redemption, at any time prior to the close of business on the second 
scheduled trading day immediately preceding the redemption date; or 
•
upon the occurrence of specified corporate events. 
None of these conditions were met prior to February 15, 2025.
On or after February 15, 2025, the 2025 Notes will be convertible at the option of the holder until the close of business on the 
second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company may satisfy its conversion 
obligation by paying and/or delivering, as the case may be, cash, shares of the Company's Class A common stock or a combination of 
cash and shares of the Company's Class A common stock, at the Company’s election, in the manner and subject to the terms and 
conditions provided in the 2025 Note Indenture. 
Holders of the 2025 Notes who convert their 2025 Notes in connection with certain corporate events that constitute a make-
whole fundamental change (as defined in the 2025 Note Indenture) are, under certain circumstances, entitled to an increase in the 
conversion rate. Additionally in the event of a corporate event constituting a fundamental change (as defined in the 2025 Note 
Indenture), holders of the 2025 Notes may require the Company to repurchase all or a portion of their 2025 Notes at a repurchase price 
equal to 100% of the principal amount of the 2025 Notes being repurchased, plus any accrued and unpaid interest to, but excluding, 
the repurchase date.
In February 2024, the Company, through privately negotiated agreements in connection with the issuance of the 2029 Notes 
(as defined below), repurchased approximately $356.8 million in aggregate principal amount of 2025 Notes for an aggregate 
repurchase price of approximately $350.0 million. The Company recognized this repurchase as an extinguishment of debt and 
recorded a gain on extinguishment of $5.1 million in other income (expense), net on the consolidated statement of operations.
Prior to the adoption of ASU 2020-06, the Company separated the 2025 Notes into a liability and an equity component. At 
the date of issuance, the Company determined the fair value of the liability component to be $558.3 million calculated as the present 
value of future cash flows discounted at the borrowing rate for a similar nonconvertible debt instrument. The equity component 
representing the conversion option was $189.2 million and was determined by deducting the fair value of the liability component from 
the par value of the 2025 Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity 
classification. The difference between the principal amount of the 2025 Notes and the liability component (“debt discount”) was 
amortized to interest expense over the contractual term at an effective interest rate of 8.0%.
Following the adoption of ASU 2020-06 on January 1, 2022, the Company no longer bifurcates the 2025 Notes, but rather 
accounts for the conversion feature as a single debt instrument. The difference between the carrying amount and face value of the 
liability results in a reduced liability component. Therefore, less interest expense is being recorded each period from January 1, 2022 
to maturity and the equity component is now classified as debt, eliminating the subsequent amortization of the debt discount as interest 
expense. Accordingly, the Company recorded a net decrease to additional paid-in capital of approximately $140.0 million, net of tax, 
105

to remove the equity component separately recorded for the conversion features associated with the 2025 Notes and equity component 
associated with the issuance costs, an increase of approximately $133.5 million in the carrying value of the 2025 Notes to reflect the 
full principal amount, net of issuance costs, and an increase to accumulated deficit of approximately $6.5 million, net of tax in the 
Company’s consolidated balance sheet with no impact to the Company’s consolidated statements of operations.
Debt issuance costs related to the 2025 Notes totaled $14.3 million at inception and were comprised of discounts and 
commissions payable to the initial purchasers and third-party offering costs and will be amortized to interest expense using the 
effective interest method over the contractual term. As of December 31, 2024, the unamortized debt discount and debt issuance cost of 
the 2025 Notes was $0.5 million on the consolidated balance sheets. The effective interest rate during the year ended December 31, 
2024 was 1.9%. 
During the year ended December 31, 2024, the 2025 Notes did not meet any of the circumstances that would allow for a 
conversion.
Based on the last reported sale price of the Company’s Class A common stock on December 31, 2024, the if-converted value 
of the 2025 Notes was $131.3 million, which would not exceed the outstanding principal amount.
Convertible Senior Notes due 2029
In February 2024, the Company issued $460.0 million aggregate principal amount of 0.625% convertible senior notes due 
2029 (the "2029 Notes" together with the 2025 Notes, the "Notes") pursuant to an indenture, dated February 27, 2024 (the “2029 
Notes Indenture”) between the Company and U.S. Bank Trust Company, National Association, as trustee.
The 2029 Notes mature on March 1, 2029, unless earlier converted, redeemed or repurchased. The 2029 Notes are senior 
unsecured obligations of the Company with interest payable semiannually in arrears on March 1 and September 1 of each year, 
beginning on September 1, 2024, at a rate of 0.625% per year. The net proceeds from this offering were approximately $448.2 million, 
after deducting the initial purchasers’ discounts and commissions and debt issuance costs. The 2029 Notes were not issued at a 
substantial premium, therefore, the Company did not recognize an equity component at issuance.
The initial conversion rate for the 2029 Notes is 47.4366 shares of the Company’s Class A common stock per $1,000 
principal amount of 2029 Notes, which is equivalent to an initial conversion price of approximately $21.08 per share of the Class A 
common stock. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the 2029 
Notes Indenture.
The 2029 Notes will be convertible at the option of the holders at any time prior to the close of business on the business day 
immediately preceding December 1, 2028 only under the following circumstances:
•
during any fiscal quarter commencing after the fiscal quarter ending June 30, 2024 (and only during such fiscal 
quarter), if the last reported sale price of the Company’s Class A common stock, for at least 20 trading days 
(whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last 
trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on 
each applicable trading day;
•
during the five business day period after any five consecutive trading day period (the “measurement period”) in 
which the trading price (as defined in the 2029 Notes Indenture) per $1,000 principal amount of 2029 Notes for each 
trading day of the measurement period was less than 98% of the product of the last reported sale price of the 
Company’s Class A common stock and the conversion rate on each such trading day;
•
if the Company calls such 2029 Notes for redemption, at any time prior to the close of business on the second 
scheduled trading day immediately preceding the redemption date; or
•
upon the occurrence of specified corporate events. 
On or after December 1, 2028, the 2029 Notes will be convertible at the option of the holder until the close of business on the 
second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will satisfy its conversion 
obligation by paying cash up to the aggregate principal amount of the 2029 Notes to be converted and by paying and/or delivering, as 
the case may be, cash, shares of the Company’s Class A common stock or a combination of cash and shares of the Company’s Class A 
common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the 2029 Notes 
Indenture.
Holders of the 2029 Notes who convert their 2029 Notes in connection with certain corporate events that constitute a make-
whole fundamental change (as defined in the 2029 Notes Indenture) are, under certain circumstances, entitled to an increase in the 
conversion rate. Additionally in the event of a corporate event constituting a fundamental change (as defined in the 2029 Notes 
Indenture), holders of the 2029 Notes may require the Company to repurchase all or a portion of their 2029 Notes at a repurchase price 
equal to 100% of the principal amount of the 2029 Notes being repurchased, plus any accrued and unpaid interest to, but excluding, 
the repurchase date.
106

Debt issuance costs related to the 2029 Notes totaled $11.8 million at inception and were comprised of discounts and 
commissions payable to the initial purchasers and third-party offering costs and will be amortized to interest expense using the 
effective interest method over the contractual term. As of December 31, 2024, the unamortized debt discount and debt issuance cost of 
the 2029 Notes was $9.9 million on the consolidated balance sheets. The effective interest rate during the year ended December 31, 
2024 was 1.16%. 
During the year ended December 31, 2024, the 2029 Notes did not meet any of the circumstances that would allow for a 
conversion.
Based on the last reported sale price of the Company’s Class A common stock on December 31, 2024, the if-converted value 
of the 2029 Notes was $281.5 million, which would not exceed the outstanding principal amount.
The net carrying amounts of the Notes were as follows (in thousands):
2025 Notes
December 31, 2024
December 31, 2023
Principal
$ 
390,719 $ 
747,498 
Unamortized debt discount and debt issuance costs
 
(544)  
(4,012) 
Net carrying amount of liability component
$ 
390,175 $ 
743,486 
2029 Notes
Principal
$ 
460,000 $ 
— 
Unamortized debt discount and debt issuance costs
 
(9,919)  
— 
Net carrying amount of liability component
$ 
450,081 $ 
— 
As of December 31, 2024, the total estimated fair values (which represents a Level 2 valuation) of the 2025 Notes and the 
2029 Notes were approximately $385.5 million and $440.9 million, respectively. The estimated fair value of the Notes were 
determined based on a market approach which was determined based on the actual bids and offers of the Notes in an over-the-counter 
market on the last trading day of the period.
The Notes are unsecured and do not contain any financial covenants, restrictions on dividends, incurrence of senior debt or 
other indebtedness, or restrictions on the issuance or repurchase of securities by the Company.
Capped Calls
In connection with the issuance of the 2025 Notes, the Company entered into privately negotiated capped call transactions 
(the “2025 Capped Calls”) with certain of the initial purchasers or their respective affiliates at a cost of approximately $132.7 million. 
The 2025 Capped Calls cover, subject to anti-dilution adjustments, the number of shares of Class A common stock underlying the 
2025 Notes sold in the offering. By entering into the 2025 Capped Calls, the Company expects to reduce the potential dilution to its 
Class A common stock (or, in the event a conversion of the 2025 Notes is settled in cash, to reduce its cash payment obligation) in the 
event that at the time of conversion of the 2025 Notes the trading price of the Company’s Class A common stock price exceeds the 
conversion price of the 2025 Notes. The cap price of the 2025 Capped Calls is initially $73.83 per share and is subject to certain 
adjustments under the terms of the 2025 Capped Calls.
In connection with the issuance of the 2029 Notes, the Company entered into privately negotiated capped call transactions 
(the “2029 Capped Calls” and together with the 2025 Capped Calls, the “Capped Calls”) with certain financial institutions at a cost of 
approximately $47.9 million. The 2029 Capped Calls cover, subject to anti-dilution adjustments, the number of shares of Class A 
common stock underlying the 2029 Notes sold in the offering. By entering into the 2029 Capped Calls, the Company expects to reduce 
the potential dilution to its Class A common stock (or, in the event a conversion of the 2029 Notes is settled in cash, to reduce its cash 
payment obligation) in the event that at the time of conversion of the 2029 Notes the trading price of the Company’s Class A common 
stock price exceeds the conversion price of the 2029 Notes. The cap price of the 2029 Capped Calls is initially $31.82 per share and is 
subject to certain adjustments under the terms of the 2029 Capped Calls.
The 2025 Capped Calls and the 2029 Capped Calls meet the criteria for classification in equity, are not remeasured each 
reporting period and included as a reduction to additional paid-in-capital within shareholders’ equity.
Non-revolving Loan
Following the acquisition of Flexdrive by the Company on February 7, 2020, Flexdrive remained responsible for its 
obligations under a Loan and Security Agreement dated March 11, 2019, as amended (the “Non-revolving Loan”) with a third-party 
lender. On September 12, 2024, the Non-revolving Loan was amended, extending the Company's ability to draw through September 
30, 2025. As amended to date, the Non-revolving Loan provides for a borrowing capacity of $50.0 million, though Flexdrive may 
request an extension of credit in the form of advances up to a maximum principal amount of $130 million to purchase new Hyundai 
107

and Kia vehicles, or for other purposes, subject to approval by the lender. Advances paid or prepaid under the Non-revolving Loan 
may not be reborrowed. Repayment terms for each advance include equal monthly installments sufficient to fully amortize the 
advances over the term, with an option for the final installment to be greater than the others. The repayment term for each advance 
ranges from 24 months to 48 months. Interest is payable monthly in arrears at a fixed interest rate equal to the two-year U.S. Treasury 
note yield plus a spread of 3.4% for a 24-month term, the three-year U.S. Treasury note yield plus a spread of 3.4% for a 36 month 
term, and the average of the three and five-year U.S. Treasury note yields plus a spread of 3.4% for a 48 month term. The Non-
revolving Loan is secured by all vehicles financed under the Non-revolving Loan. As December 31, 2024, a total of $5.2 million had 
been drawn under the Non-revolving Loan and $44.8 million is remaining under the facility.
The Non-revolving Loan also contains customary affirmative and negative covenants that, among other things, limit 
Flexdrive’s ability to enter into certain acquisitions or consolidations or engage in certain asset dispositions. Upon the occurrence of 
certain events of default, including bankruptcy and insolvency events with respect to Flexdrive or the Company, all amounts due under 
the Non-revolving Loan may become immediately due and payable, among other remedies. As of December 31, 2024, the Company 
was in compliance with all covenants related to the Non-revolving Loan in all material aspects. Further, the Company continued to 
guarantee the payments of Flexdrive for any amounts borrowed.
Master Vehicle Loan
Following the acquisition of Flexdrive by the Company on February 7, 2020, Flexdrive remained responsible for its 
obligations under a Master Vehicle Acquisition Financing and Security Agreement, dated February 7, 2020 as amended (the “Master 
Vehicle Loan”) with a third-party lender. Pursuant to the term of the Master Vehicle Loan, Flexdrive may request loans up to a 
maximum principal amount of $50 million to purchase vehicles and additional capacity may be requested. Repayment terms for each 
loan include equal monthly installments sufficient to amortize the loan over the term, with an option for the final installment to be 
greater than the others and is typically equal to the residual value guarantee the Company provides to the lender. The repayment term 
for each loan ranges from 12 months to 48 months. Interest is payable monthly in advance at a fixed interest rate equal to the three-
year swap rate plus a spread of 2.10% on the date of the loan. Principal amounts outstanding related to the Master Vehicle Loan may 
be fully or partially prepaid at the option of Flexdrive and must be prepaid under certain circumstances. However, if a loan is 
terminated for any reason prior to the last day of the minimum loan term Flexdrive will be obligated to pay to the lender, an early 
termination fee in an amount which is equal to the interest which would otherwise be payable by Flexdrive to the lender for the 
remainder of the minimum loan term for that loan. The Master Vehicle Loan is secured by all vehicles financed under the Master 
Vehicle Loan as well as certain amounts held in escrow for the benefit of the lender. Amounts held in escrow are recorded as restricted 
cash on the consolidated balance sheets. 
The Master Vehicle Loan contains customary affirmative and negative covenants that, among other things, limit Flexdrive’s 
ability to enter into certain acquisitions or consolidations or engage in certain asset dispositions. Upon the occurrence of certain events 
of default, including bankruptcy and insolvency events with respect to Flexdrive or the Company, all amounts due under the Master 
Vehicle Loan may become immediately due and payable, among other remedies. As of December 31, 2024, Flexdrive was in 
compliance with all covenants related to the Master Vehicle Loan in all material respects. Further, the Company continued to 
guarantee the payments of Flexdrive for any amounts borrowed following the acquisition. 
The fair values of the Non-revolving Loan and Master Vehicle Loan were $0.5 million and $154.5 million, respectively, as of 
December 31, 2024 and $1.6 million and $121.2 million, respectively, as of December 31, 2023 and were determined based on quoted 
prices in markets that are not active, which are considered a Level 2 valuation input. During the year ended December 31, 2024, the 
Company made repayments of $84.1 million on these loans.
Maturities of long-term debt outstanding, including current maturities, as of December 31, 2024 were as follows (in 
thousands):
2025
$ 
429,079 
2026
 
61,623 
2027
 
54,264 
2028
 
— 
2029
 
450,081 
Thereafter
 
— 
Total long-term debt outstanding
$ 
995,047 
Vehicle Procurement Agreement 
Following the acquisition of Flexdrive by the Company on February 7, 2020, Flexdrive remained responsible for its 
obligations under a Vehicle Procurement Agreement (“VPA”), as amended, with a third-party (“the Procurement Provider”). 
Procurement services under the VPA include purchasing and upfitting certain motor vehicles as specified by Flexdrive, interim 
108

financing, providing certain fleet management services, including without limitation vehicle titling, registration and tracking services 
on behalf of Flexdrive. Pursuant to the terms of the VPA, Flexdrive will make the applicable payments to the Procurement Provider 
for the procurement services either directly or through an advance made by the Master Vehicle Loan or the Non-revolving Loan. 
Interest on interim financing under the VPA is based on the prime rate.
The Procurement Provider has a security interest in vehicles purchased until the full specified payment has been indefeasibly 
paid. The VPA contains customary affirmative and negative covenants restricting certain activities by Flexdrive. As of December 31, 
2024, the Company was in compliance with all covenants of the VPA. As of December 31, 2024, the outstanding borrowings from the 
interim financing under the VPA was $1.8 million which is included within accrued and other current liabilities on the consolidated 
balance sheets.
On March 11, 2019, the Procurement Provider entered into a $95.0 million revolving credit facility with a third-party lender 
to finance the acquisition of motor vehicles on behalf of Flexdrive under the VPA. On September 17, 2020, the revolving credit 
facility was amended, extending the stated maturity date to December 31, 2021 and reducing the borrowing capacity to $50.0 million. 
On March 11, 2019, Flexdrive entered into a Limited Non-Recourse Secured Continuing Guaranty and Subordination Agreement with 
the third-party lender to guarantee the Procurement Provider’s performance for any amount borrowed under the revolving credit 
facility. As of December 31, 2024, there was a $1.2 million exposure to loss under the terms of the guarantee. 
Revolving Credit Facility & Other Financings
On November 3, 2022, Lyft, Inc. entered into a revolving credit agreement (the “Revolving Credit Agreement”) by and 
among the Company, as the borrower, JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto from 
time to time. The Company amended the Revolving Credit Agreement on December 12, 2023, and on February 21, 2024, entered into 
Amendment No. 2 to Revolving Credit Agreement to, among other things: (a) solely for the purposes of the financial covenant test, 
replace total leverage with total net leverage, which allows the Company to subtract the lesser of (i)(x) to the extent free cash flow for 
the most recently ended trailing four quarters is greater than $100.0 million, $300.0 million and (y) otherwise, $200.0 million and (ii) 
the amount of unrestricted cash and cash equivalents (as defined in Amendment No. 2 to the Revolving Credit Agreement) on its 
consolidated balance sheets as of the calculation date and (b) permit the Company to repurchase up to a specified amount of the 
Company’s common stock with the proceeds of a convertible note offering.
The Revolving Credit Agreement provides the Company with a senior secured revolving credit facility (the “Revolving 
Credit Facility”) in an aggregate principal amount of $420.0 million that matures on November 3, 2027. The Company’s Liquidity (as 
defined in the Revolving Credit Agreement) minus the aggregate principal amount of the Company’s 2025 Convertible Notes (as 
defined in the Revolving Credit Agreement) outstanding was not less than $1.25 billion as of February 13, 2025. As such, the 
Revolving Credit Facility did not mature on such date based on the terms of the Revolving Credit Agreement. Subject to certain 
conditions precedent, the Revolving Credit Agreement also grants the Company the option to increase the commitment under the 
Revolving Credit Facility by or obtain incremental term loans in an aggregate principal amount of up to $300.0 million, plus, after 
June 30, 2024, an unlimited amount so long as the senior secured leverage ratio does not exceed 2.50:1.00. The Revolving Credit 
Facility provides for borrowings up to the amount of the facility, with a sublimit of $168 million for the issuance of letters of credit. 
Under the Revolving Credit Agreement, loans bear interest, at the Company’s option, at an annual rate equal to either (i) the 
sum of (x) the Adjusted Term SOFR Rate (as defined in the Revolving Credit Agreement) plus (y) a variable rate based on the 
Company’s total leverage ratio, ranging from 1.50% to 2.25% or (ii) the sum of (x) the highest of (A) the rate of interest last quoted by 
The Wall Street Journal as the prime rate in effect in the United States, (B) the greater of the rate calculated by the Federal Reserve 
Bank of New York as the federal funds effective rate or the rate that is published by the Federal Reserve Bank of New York as the 
overnight bank funding rate, in either case, plus 0.50%, and (C) the one-month Adjusted Term SOFR Rate plus 1.00% and (y) a 
variable rate based on the Company’s total leverage ratio, ranging from 0.05% to 1.25%. The Company is required to pay a 
commitment fee between 0.225% and 0.375%, depending on the Company’s total leverage ratio, per annum on the undrawn portion 
available under the Revolving Credit Facility.
The Revolving Credit Agreement contains customary affirmative and negative covenants and restrictions typical for a 
financing of this type that, among other things, restrict the Company and its restricted subsidiaries’ ability to incur additional 
indebtedness, create liens, merge or consolidate or make certain dispositions, pay dividends and make distributions or other restricted 
payments, engage in transactions with affiliates, and make certain investments and acquisitions. The Revolving Credit Agreement also 
contains financial covenants that require the Company to maintain (a) a minimum liquidity amount of at least $1.5 billion, tested on a 
quarterly basis, commencing with the quarter ending December 31, 2022 through the quarter ending June 30, 2024, (b) a total net 
leverage ratio not to exceed 3.50:1.00 commencing with the quarter ending September 30, 2024 through the quarter ending December 
31, 2024 and commencing with the quarter ending March 31, 2025, a ratio not to exceed 3.00:1.00 (with an increase to 3.50:1.00 if the 
Company has an acquisition for cash consideration greater than $75 million for the fiscal quarter during which such acquisition takes 
place and the three fiscal quarters immediately following such acquisition), and (c) a fixed charge coverage ratio of at least 1.25:1.00, 
commencing with the quarter ending September 30, 2024. The Revolving Credit Agreement contains customary events of default 
relating to, among other things, payment defaults, breach of representation or warranty or covenants, cross default to material 
indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of certain change of control events. Non-compliance 
109

with one or more of the covenants and restrictions or the occurrence of an event of default could result in the full or partial principal 
balance of the Revolving Credit Agreement becoming immediately due and payable and termination of the commitments.
The Company’s obligations under the Revolving Credit Agreement are guaranteed by certain of the Company’s present and 
future material domestic subsidiaries. The Company’s obligations under, and each guarantor’s obligations under its guaranty of, the 
Revolving Credit Agreement are secured by a first priority interest on substantially all of the Company’s or such guarantor’s 
respective assets. 
As of December 31, 2024, the Company was in compliance with all covenants related to the Revolving Credit Agreement and 
no amounts had been drawn under the Revolving Credit Agreement.
As of December 31, 2024, there were no other balances outstanding.
 12.
Common Stock and Employee Stock Plans
Common Stock
The Company’s amended and restated certificate of incorporation authorizes the issuance of Class A common stock and 
Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with 
respect to voting and conversion. Holders of Class A common stock are entitled to one vote per share and holders of Class B common 
stock are entitled to 20 votes per share. Shares of Class B common stock are convertible into an equivalent number of shares of Class 
A common stock and generally convert into shares of Class A common stock upon transfer. Any dividends paid to the holders of Class 
A common stock and Class B common stock will be paid on a pro rata basis. On a liquidation event, any distribution to common 
stockholders is made on a pro rata basis to the holders of the Class A common stock and Class B common stock.
Common Stock Repurchase
In connection with the issuance of the 2029 Notes in February 2024, the Company repurchased 3,142,678 shares of its Class 
A common stock from investors in privately negotiated transactions for an aggregate repurchase price of approximately $50.0 million. 
The shares were repurchased at fair value and the entire repurchase price was allocated to the repurchase of the shares. The par value 
of the shares retired is charged against common stock and the remaining repurchase price is allocated to additional paid-in capital on 
the consolidated balance sheets. The Company retired the shares upon repurchase. 
Equity Award Plans
2008 Equity Incentive Plan
In July 2008, the board of directors of the Company adopted the 2008 Equity Incentive Plan (the 2008 Plan) under which the 
Company may grant options to purchase its common stock and offer to sell and issue restricted shares of its common stock and issue 
RSUs to selected employees, officers, directors and consultants of the Company. In June 2018, this plan was superseded by the 2018 
Equity Incentive Plan (the 2018 Plan) and all reserved shares under the 2008 Plan were transferred to the 2018 Plan.
Under the 2008 Plan, incentive stock options and nonqualified stock options are to be granted at a price that is not less than 
100% of the fair value of the underlying common stock at the date of grant; provided, that incentive stock options granted to a person 
who directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of stock of the 
Company are to be at a price not less than one hundred ten percent (110%) of the fair value of the underlying common stock at the 
date of grant. Stock options granted to newly hired employees typically vest 25% on the first anniversary of the date of hire and 
ratably each month over the ensuing 36-month period. The maximum term for stock options granted under the 2008 Plan might not 
exceed ten years from the date of grant. RSUs granted to newly hired employees typically vest 25% on the first Company-established 
vest date after the first anniversary of the employee’s date of hire and ratably each quarter over the ensuing 12-quarter period for 
purposes of the service condition. The maximum term for RSUs granted under the 2008 Plan might not exceed seven years from the 
date of grant.
2018 Equity Incentive Plan
In June 2018, the board of directors and the stockholders of the Company adopted the 2018 Plan, which serves as the 
successor to the 2008 Plan and provides for the grant of stock options, stock appreciation rights, restricted stock, and RSUs to 
employees and consultants of the Company and its subsidiaries and non-employee directors of the Company. A total of 75,504,222 
shares of the Company’s common stock initially was reserved for issuance under the 2018 Plan, which was increased in June 2018 by 
an additional 11,836,692 shares. In addition, the shares reserved for issuance under the 2018 Plan also will include any shares subject 
to stock options, RSUs or similar awards granted under its 2008 Plan that, after the date the Company’s board of directors initially 
approved its 2018 Plan, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the 
Company for payment of an exercise price or for satisfying tax withholding obligations or are forfeited to or repurchased by the 
Company due to failure to vest (provided that the maximum number of shares that may be added to its 2018 Plan from its 2008 Plan is 
75,504,222 shares). Under the 2018 Plan, RSUs granted to newly hired employees typically vest 25% on the first Company-
110

established vest date after the first anniversary of the employee’s date of hire and ratably each quarter over the ensuing 12-quarter 
period for purposes of the service condition. The maximum term for RSUs granted under the 2018 Plan might not exceed seven years 
from the date of grant. In March 2019, this plan was superseded by the 2019 Equity Incentive Plan (the 2019 Plan) and all reserved 
shares under the 2018 Plan were transferred to the 2019 Plan.
2019 Equity Incentive Plan
In March 2019, the board of directors of the Company and the stockholders of the Company adopted the 2019 Plan which 
serves as the successor to the 2018 Plan and provides for the grant of stock options, stock appreciation rights, restricted stock, and 
RSUs to employees and consultants of the Company and its subsidiaries and non-employee directors of the Company. RSUs granted 
with only service conditions under the 2019 Plan to employees generally vest in a period up to four years. 
A total of 44,000,000 shares of the Company’s Class A common stock were reserved for issuance pursuant to the 2019 Plan. 
In addition, the shares reserved for issuance under the Company’s 2019 Plan also included (i) those shares reserved but unissued under 
our 2018 Plan as of immediately prior to the termination of the 2018 Plan and (ii) any shares subject to stock options, RSUs or similar 
awards granted under the 2018 Plan or 2008 Plan that, after the date the Company’s board of directors approved the 2019 Plan, expire 
or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise 
price or for satisfying tax withholding obligations or are forfeited to or repurchased by the Company due to failure to vest (provided 
that the maximum number of shares that may be added to the Company’s 2019 Plan pursuant to (i) and (ii) is 80,604,678 shares).
The number of shares available for issuance under the 2019 Plan will be increased on January 1 of each year, beginning on 
January 1, 2020, in an amount equal to the least of (i) 35,000,000 shares, (ii) five percent of the outstanding shares of all classes of the 
Company’s common stock on the last day of the immediately preceding fiscal year or (iii) such number of shares determined by the 
administrator. As of December 31, 2023, an additional 67,071,304 shares of Class A common stock were reserved for issuance under 
the 2019 Plan. On January 1, 2024, an additional 19,990,283 shares of Class A common stock were reserved for issuance under the 
2019 Plan.
The following table summarizes the Company’s shares of common stock reserved for issuance as of December 31, 2024 (in 
thousands):
RSUs outstanding under the 2008 Plan, the 2018 Plan, and the 2019 Plan 
26,194
Remaining shares available for future issuance under the 2019 ESPP Plan and the 2019 Plan
65,138
The Company recorded stock-based compensation expense on the consolidated statements of operations for the periods 
indicated as follows (in thousands):
Year Ended December 31,
2024
2023
2022
Cost of revenue
$ 
24,895 $ 
30,170 $ 
44,132 
Operations and support
 
8,397  
15,468  
25,442 
Research and development
 
117,833  
214,160  
391,983 
Sales and marketing
 
17,286  
29,682  
49,867 
General and administrative
 
162,510  
195,053  
239,343 
Total stock-based compensation expense
$ 
330,921 $ 
484,533 $ 
750,767 
Restricted Stock Units
The summary of restricted stock unit (“RSU”) activity is as follows (in thousands, except per share data):
Number of
Shares
Weighted-
Average
Grant Date
Fair Value
Aggregate
Intrinsic
Value
Nonvested units as of December 31, 2023
 
30,091 $ 
9.40 $ 
449,994 
Granted
 
21,595  
15.10 
Vested
 
(22,011)  
12.71 
Canceled
 
(3,481)  
14.48 
Nonvested units as of December 31, 2024
 
26,194 $ 
10.67 $ 
336,282 
Expected to vest as of December 31, 2024
 
25,688 
$ 
331,378 
111

Included in the grants for the year ended December 31, 2024 are 2,407,975 shares of PSUs. These PSUs are divided into 
individual performance milestones and vesting tranches tied to the Company’s stock performance. On the grant date, the Company 
valued these PSUs using a Monte Carlo valuation model to determine for each milestone (i) the fair value to expense for such tranche 
and (ii) the requisite service period when the milestone for such tranche is expected to be achieved. The Monte Carlo valuation model 
considers several variables and assumptions in estimating the fair value of stock-based awards including the Company's stock price on 
grant date, expected term, expected volatility, and risk-free interest rate. The resulting fair value is amortized beginning on the grant 
date over the requisite service periods of each individual tranche. 
All PSUs are subject to a continuous service condition in addition to certain performance criteria. 
The fair value as of the respective vesting dates of RSUs that vested during the years ended December 31, 2024, 2023 and 
2022 was $337.4 million, $290.5 million and $354.3 million, respectively. In connection with RSUs that vested in the year ended 
December 31, 2024, the Company withheld 2,528,016 shares and remitted cash payments of $40.3 million on behalf of the RSU 
holders to the relevant tax authorities. In connection with RSUs that vested in the year ended December 31, 2023, the Company 
withheld 295,948 shares and remitted cash payments of $3.0 million on behalf of the RSU holders to the relevant tax authorities. In 
connection with RSUs that vested in the year ended December 31, 2022, the Company withheld 358,330 shares and remitted cash 
payments of $6.7 million on behalf of the RSU holders to the relevant tax authorities.
In November 2024, the Company’s board of directors approved the transition to the net settlement method as the Company’s 
withholding method for RSUs. Prior to this, the Company’s withholding method was the sell-to-cover method with the exception of 
RSUs held by officers, as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, for which the tax withholding method was 
the net settlement method.
As of December 31, 2024, the total unrecognized compensation cost was $160.4 million related to all unvested awards. The 
Company expects to recognize this expense over the remaining weighted-average period of approximately 1.0 year. The Company 
recognizes compensation expense on the RSUs granted prior to the effectiveness of its IPO registration statement on March 28, 2019 
using the accelerated attribution method. All RSUs granted after March 28, 2019 vest on the satisfaction of a service-based condition 
only. The Company recognizes compensation expense for such RSUs upon a straight-line basis over their requisite service periods. 
The Company recognizes compensation expense for PSUs using the accelerated attribution method over the requisite service period of 
each individual tranche.
The summary of stock option activity is as follows (in thousands, except per share data):
Options Outstanding
Number of
Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life
Aggregate
Intrinsic
Value
(in years)
Balance as of December 31, 2023
 
780 $ 
4.63 
1.0
$ 
8,079 
Exercises
 
(780)  
4.63 
Forfeitures
 
—  
— 
Cancellations
 
—  
— 
Balance as of December 31, 2024
 
— $ 
—  
— $ 
— 
There were no stock options granted during the years ended December 31, 2024, 2023 and 2022. As of December 31, 2024, 
no options remained outstanding. 
The aggregate intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $8.3 
million, $1.0 million and $2.9 million, respectively. The aggregate intrinsic value disclosed in the above table is based on the 
difference between the original exercise price of the stock option and the fair value of the Company’s common stock of $14.99 per 
share as of December 31, 2023.
As of December 31, 2024, there are no remaining unrecognized compensation costs related to stock options.
2019 Employee Stock Purchase Plan
In March 2019, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2019 Employee 
Stock Purchase Plan (the “ESPP”). The initial ESPP went into effect on March 27, 2019 and was amended on July 26, 2021 and July 
18, 2022. Subject to any limitations contained therein, the ESPP allows eligible employees to contribute, through payroll deductions, 
up to 15% of their eligible compensation to purchase the Company’s Class A common stock at a discounted price per share. The ESPP 
provides for consecutive, overlapping 12-month offering periods, subject to certain reset provisions as defined in the plan. 
112

A total of 6,000,000 shares of Class A common stock were initially reserved for issuance under the ESPP. As of 
December 31, 2023, 13,414,259 additional shares of Class A common stock were reserved for issuance under the ESPP. On January 1, 
2024, an additional 3,998,056 shares of Class A common stock were reserved for issuance under the ESPP. As of December 31, 2024, 
6,230,976 shares of Class A common stock have been purchased under the 2019 ESPP. The number of shares reserved under the 2019 
ESPP automatically increases on the first day of each calendar year beginning on January 1, 2020 in a number of shares equal to the 
least of (i) 7,000,000 shares of Class A common stock, (ii) one percent of the outstanding shares of all classes of the Company’s 
common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the administrator of the 2019 
ESPP.
 13.  
Income Taxes
The components of the provision for (benefit from) income taxes for the periods indicated are as follows (in thousands):
Year Ended December 31,
2024
2023
2022
United States
$ 
61,371 $ 
(348,050) $ (1,600,323) 
Foreign
 
(36,021)  
16,346  
21,684 
Income (loss) before income taxes
$ 
25,350 $ 
(331,704) $ (1,578,639) 
The provision for (benefit from) income taxes for the periods indicated are as follows (in thousands):
Year Ended December 31,
2024
2023
2022
Current provision
Federal
$ 
— $ 
— $ 
— 
State
 
10,438  
3,762  
1,256 
Foreign
 
(5,996)  
7,239  
4,240 
Total current
$ 
4,442 $ 
11,001 $ 
5,496 
Deferred provision
Federal
 
481  
481  
481 
State
 
427  
(337)  
1,256 
Foreign
 
(2,784)  
(2,529)  
(1,361) 
Total deferred
 
(1,876)  
(2,385)  
376 
Total provision for (benefit from) income taxes
$ 
2,566 $ 
8,616 $ 
5,872 
A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rate is as follows:
Year Ended December 31,
2024
2023
2022
Provision at federal statutory rate
 21.0 %
 21.0 %
 21.0 %
State, net of federal benefit
 29.2 
 9.7 
 2.1 
Permanent tax adjustments
 10.3 
 (1.1) 
 (0.4) 
Nondeductible expenses
 54.4 
 (8.3) 
 (0.7) 
Stock-based compensation
 (65.6) 
 (15.1) 
 (4.9) 
Executive compensation
 63.0 
 (2.4) 
 — 
Change in valuation allowance
 (101.5) 
 (2.5) 
 (17.1) 
Impact of foreign operations
 (4.7) 
 (0.4) 
 0.1 
Deferred adjustments
 — 
 (3.2) 
 — 
Other adjustments
 4.0 
 (0.3) 
 (0.5) 
Effective income tax rate
 10.1 %
 (2.6) %
 (0.4) %
113

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and 
liabilities for financial reporting purposes and the amounts used for income tax purposes at the enacted rates. The significant 
components of the Company’s deferred tax assets and liabilities as of the periods indicated were as follows (in thousands):
December 31,
2024
2023
Deferred tax assets:
Net operating loss carryforwards
$ 
1,975,436 $ 
2,084,523 
Insurance reserves and accruals
 
382,532  
314,526 
Stock-based compensation
 
16,837  
12,091 
Research capitalization
 
288,464  
240,354 
Accrued legal settlement/fees
 
92,975  
87,310 
Lease liability
 
73,356  
73,497 
Accrued and other liabilities
 
47,233  
39,576 
Capital losses
 
64  
34,965 
Other assets
 
—  
415 
Total deferred tax assets
 
2,876,897  
2,887,257 
Less: Valuation allowance
 
(2,690,489)  
(2,715,841) 
Deferred tax assets, net of valuation allowance
 
186,408  
171,416 
Deferred tax liabilities:
State income taxes
 
(132,126)  
(133,859) 
Operating lease right of use assets
 
(63,632)  
(50,004) 
Other liabilities
 
(427)  
— 
Total deferred tax liabilities
 
(196,185)  
(183,863) 
Net deferred tax assets (liabilities)
$ 
(9,777) $ 
(12,447) 
A reconciliation of the valuation allowance is as follows (in thousands):
Year Ended December 31,
2024
2023
2022
Beginning balance
$ 
2,715,841 $ 
2,706,982 $ 
2,408,647 
Net changes in deferred tax assets and liabilities
 
(25,352)  
8,859  
298,335 
Ending balance
$ 
2,690,489 $ 
2,715,841 $ 
2,706,982 
The valuation allowance decreased by $25.4 million for the year ended December 31, 2024, compared to the increase of $8.9 
million for the year ended December 31, 2023. The Company believes that, based on a number of factors including its history of net 
losses, the available objective evidence creates sufficient uncertainty regarding the realizability of its U.S. deferred tax assets such that 
a valuation allowance has been recorded. 
Based on the Company’s assessment of current and anticipated future earnings, it is a reasonable possibility that sufficient 
positive evidence of sustained U.S. profitability may become available in the foreseeable future to reach a conclusion that the U.S. 
valuation allowance will no longer be needed. The timing and amount of the valuation allowance release could vary based on the level 
of profitability that the Company is actually able to achieve.
As of December 31, 2024, the Company had U.S. federal and state net operating loss carryforwards of approximately 
$7.2 billion and $6.2 billion, respectively.
The federal net operating loss carryforwards generated through December 31, 2017 expire at various dates beginning in 2035 
and will continue to expire through 2037, while federal net operating loss carryforwards generated in 2018 or later do not expire. The 
state net operating loss carryovers will begin to expire in 2025 and will continue to expire at various times depending upon individual 
state carryforward rules. Utilization of the net operating loss carryforwards are subject to various limitations including the ownership 
change limitations provided by Internal Revenue Code (IRC) Section 382 and similar state provisions.
The Company is subject to taxation in the United States and various foreign jurisdictions. All net operating losses generated 
to date are subject to adjustment for U.S. federal and state income tax purposes. Additionally, all tax years remain open to examination 
as of December 31, 2024 with the exception of tax years beginning before 2020 in Canada and 2023 in the United Kingdom.
114

The Company has not provided foreign withholding taxes on the undistributed earnings of its foreign subsidiaries as of 
December 31, 2024, 2023, and 2022, because it intends to permanently reinvest such earnings outside of the U.S. If these foreign 
earnings were to be repatriated in the future, the related U.S. tax liability will be immaterial, due to the participation exemption put in 
place by the 2017 Tax Act.
The Company’s policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax 
provision and include accrued interest and penalties with the related income tax liability on the Company’s consolidated balance 
sheets. To date, the Company has not recognized any interest and penalties in its consolidated statements of operations, nor has it 
accrued for or made payments for interest and penalties. The Company has no material unrecognized tax benefits as of December 31, 
2024, 2023 and 2022.
 14.
Net Income (Loss) Per Share Attributable to Common Stockholders
Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) by the 
weighted-average number of shares of common stock outstanding during the period. The diluted net income (loss) per share 
attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents outstanding for 
the period. For diluted net income (loss) per share attributable to common stockholders, the dilutive effect of outstanding awards is 
reflected by application of the treasury stock method and convertible securities by application of the if-converted method, as 
applicable. For purposes of this calculation, stock options, RSUs, PSUs, the 2029 Notes, the 2025 Notes, and stock purchase rights 
granted under the Company’s ESPP are considered to be common stock equivalents but are excluded from the calculation of diluted 
net income (loss) per share attributable to common stockholders when including them has an anti-dilutive effect. Basic and diluted net 
income (loss) per share attributable to common stockholders are the same for each class of common stock because they are entitled to 
the same liquidation and dividend rights.
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common 
stockholders for the periods indicated (in thousands, except per share data):
Year Ended December 31,
2024
2023
2022
Numerator
Net income (loss) attributable to common stockholders, basic and diluted
$ 
22,784 $ 
(340,320) $ (1,584,511) 
Denominator
Weighted-average shares used in computing basic net income (loss) per share 
attributable to common stockholders
 
409,181  
385,335  
354,731 
Effect of potentially dilutive common stock equivalents
 
4,470  
—  
— 
Weighted-average shares used in computing diluted net income (loss) per share 
attributable to common stockholders
 
413,651  
385,335  
354,731 
Basic net income (loss) per share attributable to common stockholders
$ 
0.06 $ 
(0.88) $ 
(4.47) 
Diluted net income (loss) per share attributable to common stockholders
$ 
0.06 $ 
(0.88) $ 
(4.47) 
115

The following potentially dilutive outstanding shares were excluded from the computation of diluted net income (loss) per 
share attributable to common stockholders for the periods presented because including them would have had an anti-dilutive effect, or 
issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in 
thousands):
As of December 31,
2024
2023
2022
Restricted stock units
 
1,407  
15,538  
20,542 
Performance based restricted stock units
 
14,188  
14,553  
1,773 
2029 Notes(1)
 
21,821  
—  
— 
2025 Notes(1)
 
10,178  
19,471  
19,471 
ESPP
 
1,024  
111  
307 
Stock options
 
—  
780  
993 
Total
 
48,618  
50,453  
43,086 
_______________
(1)
In connection with the issuance of the Notes, the Company entered into the Capped Calls, which were not included for purposes of calculating the number of 
diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to reduce the potential dilution to the Company's 
Class A common stock (or, in the event a conversion of the Notes are settled in cash, to reduce the cash payment obligation) in the event that at the time of 
conversion of the Notes the Company's Class A common stock price exceeds the conversion price of the Notes. Refer to Note 11 “Debt” to the consolidated 
financial statements for further information.
 15.
Restructuring
September 2024 Restructuring Plan
In September 2024, the Company announced a restructuring plan related to its bikes and scooters transportation mode as part 
of its efforts to align strategic priorities and reduce operating costs. The plan involved the disposal of certain types of bikes and 
scooters and the termination of approximately 1% of the Company's employees. As a result of the restructuring plan, in the year ended 
December 31, 2024, the Company recorded $14.1 million in fixed asset disposals, $11.1 million in other current assets disposals and 
other costs, $10.6 million in accelerated depreciation of fixed assets and $1.8 million in employee severance and other employee costs. 
As a result of the above, the Company incurred restructuring charges of $37.6 million in the year ended December 31, 2024. The 
restructuring plan has been completed as of the year ended December 31, 2024.
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated 
statements of operations where they were recorded in the year ended December 31, 2024 (in thousands):
Severance and Other 
Employee Costs
 Fixed Asset 
Disposals 
 Other Current 
Assets Disposals and 
Other Costs 
 Accelerated 
Depreciation 
Total
Cost of revenue
$ 
— $ 
14,090 $ 
10,988 $ 
9,957 $ 
35,035 
Operation and support
 
498  
—  
—  
—  
498 
Research and development 
 
1,009  
—  
—  
172  
1,181 
Sales and marketing 
 
187  
—  
—  
—  
187 
General and administrative 
 
120  
—  
63  
485  
668 
Total
$ 
1,814 $ 
14,090 $ 
11,051 $ 
10,614 $ 
37,569 
April 2023 Restructuring Plan
In April 2023, the Company announced a restructuring plan as part of its efforts to reduce operating costs. The plan involved 
the termination of approximately 1,072 employees, representing 26% of the Company's employees. As a result of the restructuring 
plan, in the second quarter of 2023, the Company recorded $47.2 million in employee severance and other employee costs and 
$9.7 million in net stock-based compensation expense related to equity compensation for employees impacted by the plan of 
termination. The Company also recorded $6.3 million in impairment charges, fixed asset write-offs, accelerated depreciation and other 
costs to real estate operating lease right-of-use assets, which was primarily related to the cease use of certain facilities. As a result of 
the above, the Company incurred net restructuring charges of $63.3 million in the year ended December 31, 2023. The restructuring 
plan has been completed as of the year ended December 31, 2023.
116

The following table summarizes the above restructuring related charges by line item within the Company’s consolidated 
statements of operations where they were recorded in the year ended December 31, 2023 (in thousands):
Stock-Based 
Compensation
Severance and Other 
Employee Costs
Right-of-Use Asset 
Impairments and 
Other Costs
Accelerated 
Depreciation
Total
Cost of revenue
$ 
667 $ 
3,204 $ 
— $ 
— $ 
3,871 
Operation and support
 
259  
3,054  
5,268  
669  
9,250 
Research and development 
 
4,539  
21,254  
—  
—  
25,793 
Sales and marketing 
 
1,045  
5,191  
—  
—  
6,236 
General and administrative 
 
3,213  
14,535  
400  
—  
18,148 
Total
$ 
9,723 $ 
47,238 $ 
5,668 $ 
669 $ 
63,298 
November 2022 Restructuring Plan
In November 2022, the Company announced a restructuring plan to reduce operating expenses. As a result of the 
restructuring plan, in the fourth quarter of 2022, the Company recorded $29.5 million in employee severance and other employee costs 
and $9.5 million in net stock-based compensation expense related to equity compensation for employees impacted by the plan of 
termination. 
The Company’s plan of termination also included restructuring charges related to a decision to exit and sublease or cease use 
of certain facilities to align with the Company’s anticipated operating needs. The Company reassessed its real estate asset groups and 
estimated the fair value of the space to be subleased using current market conditions. Where the carrying value of the individual asset 
groups exceeded their fair value, an impairment charge was recognized for the difference. During the year ended December 31, 2022, 
this included $55.3 million in impairment charges related to real estate operating lease right-of-use assets, $23.9 million in accelerated 
depreciation of certain fixed assets and $2.1 million in write-off fixed assets not yet placed into service. As a result of the above, the 
Company incurred net restructuring charges of $120.3 million in the year ended December 31, 2022. 
In the first quarter of 2023, the Company finalized the exit of certain leases as part of the plan of termination and the 
Company completed a transaction for the divestiture of certain assets related to the Company’s first party vehicle services business. As 
a result, the Company recorded $10.5 million in impairment charges related to the cease use of certain facilities to real estate operating 
lease right-of-use assets and other costs, which included $9.1 million of future payments associated with exiting certain facilities. The 
Company also incurred employee related charges, which include employee severance, benefits and stock-based compensation in the 
first quarter of 2023. As a result of the above, the Company incurred net restructuring charges of $24.4 million in the year ended 
December 31, 2023. The restructuring plan has been completed as of the year ended December 31, 2023.
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated 
statements of operations where they were recorded in the year ended December 31, 2023 (in thousands):
Stock-Based 
Compensation
Severance and Other 
Employee Costs
Right-of-Use Asset 
Impairments and 
Other Costs
Accelerated 
Depreciation
Total
Cost of revenue
$ 
— $ 
1,101 $ 
— $ 
— $ 
1,101 
Operation and support
 
205  
3,127  
9,453  
305  
13,090 
Research and development 
 
—  
20  
2,534  
—  
2,554 
Sales and marketing 
 
—  
14  
—  
—  
14 
General and administrative 
 
—  
64  
7,604  
16  
7,684 
Total
$ 
205 $ 
4,326 $ 
19,591 $ 
321 $ 
24,443 
117

The following table summarizes the above restructuring related charges (benefits) by line item within the Company’s 
consolidated statements of operations where they were recorded in the year ended December 31, 2022 (in thousands):
Stock-Based 
Compensation
Severance and Other 
Employee Costs
Right-of-Use Asset 
Impairments and 
Other Costs
Accelerated 
Depreciation
Total
Cost of revenue
$ 
182 $ 
1,612 $ 
— $ 
— $ 
1,794 
Operation and support
 
(31)  
5,173  
4,851  
8,680  
18,673 
Research and development 
 
3,818  
9,706  
15,393  
36  
28,953 
Sales and marketing 
 
458  
3,123  
—  
—  
3,581 
General and administrative 
 
5,082  
9,861  
37,120  
15,192  
67,255 
Total
$ 
9,509 $ 
29,475 $ 
57,364 $ 
23,908 $ 
120,256 
As of December 31, 2024, restructuring-related liabilities were immaterial. As of December 31, 2023, there were no 
restructuring-related liabilities. As of December 31, 2022, there were $1.6 million in restructuring-related liabilities. 
 16.
Variable Interest Entities
VIEs Related to the Acquisition of PBSC
As part of its acquisition of PBSC, the Company acquired several joint ventures (“JVs”) which were deemed to be variable 
interest entities (“VIEs”) in accordance with ASC 810 Consolidation on the acquisition date. The Company determined that PBSC is 
the primary beneficiary of one of the acquired VIEs, in which it owns an 80% equity interest, as PBSC has the power to direct the 
majority of the activities of the VIE that most significantly impact its economic performance, the obligation to absorb losses and the 
right to receive benefits. As PBSC is the primary beneficiary of the VIE, the assets, liabilities, non-controlling interest, revenues and 
operating results are included in the consolidated financial statements. Subsequent to the acquisition, PBSC entered into joint ventures 
deemed to be VIEs which were accounted for under the equity method which were immaterial.
The acquisition date fair value of the VIEs acquired as part of the PBSC acquisition was $22.2 million, which exceeded the 
carrying value and was recorded within other investments in the consolidated balance sheets.
Other than the VIE of which PBSC owns an 80% equity interest, the Company has determined that PBSC does not direct the 
activities that would significantly affect the economic performance of these VIEs. Therefore, the Company is not the primary 
beneficiary of these VIEs. As a result, the Company accounts for its investment in these VIEs under the equity method, and they are 
not consolidated into the Company’s consolidated financial statements. In addition, the Company recognizes its proportionate share of 
the reported profits or losses of these VIEs in other income (expense), net in the consolidated statements of operations, and as an 
adjustment to its investment in VIEs in the consolidated balance sheets. The profits and losses of these unconsolidated VIEs were not 
material to the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022.
The maximum potential financial statement loss the Company would incur if these VIEs were to default on all their 
obligations would be the loss of the carrying value of these investments as well as any current or future investments, if any, PBSC 
were to make which was immaterial as of December 31, 2024. 
Other VIEs
During the second quarter of 2023, the Company contributed a business to a privately held company in exchange for an 
equity interest and a seat on the board of directors of such company. This privately held company was determined to be a VIE for 
which the Company lacks the power to direct the activities that most significantly impact the entity’s economic performance. As the 
Company is not the primary beneficiary, it does not consolidate the VIE. However, due to the Company’s ability to exercise 
significant influence, the investment will be accounted for under the equity method. The investment was recorded at its initial fair 
value of $12.9 million and represents the Company’s maximum exposure to the VIE. During the year ended December 31, 2024, there 
was no change in the Company's claim on the net assets of the investment and therefore, the Company did not recognize equity 
method gain or loss nor was there an impairment of the investment. During the year ended December 31, 2023, the Company 
recognized an immaterial amount of equity earnings and there was no impairment of the investment. 
 
118

 17.  
Subsequent Events
Share Repurchase Program
On February 6, 2025, the Company’s board of directors authorized a program for the repurchase of up to $500 million of the 
Company’s Class A common stock. Repurchases may be made from time to time through open market purchases or through privately 
negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program 
does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the 
Company’s discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, 
business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, 
and other factors.
119

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures. 
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the 
effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange 
Act of 1934, as amended, or the Exchange Act), as of the end of the period covered by this Annual Report on Form 10-K. Based on 
such evaluation, our principal executive officer and principal financial officer have concluded that as of December 31, 2024, our 
disclosure controls and procedures were effective at a reasonable assurance level.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined 
in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is a process designed to provide 
reasonable assurance regarding the reliability of our financial reporting and the preparation of consolidated financial statements for 
external purposes in accordance with generally accepted accounting principles.
Our management, under the supervision of our Chief Financial Officer and Chief Accounting Officer, conducted an 
evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2024 based on the framework in 
Internal Control-Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission. 
Based on this evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 
2024.
The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by 
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is included in Item 8 
of this Annual Report on Form 10-K.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting identified in management’s evaluation pursuant to 
Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the fiscal quarter ended December 31, 2024 that materially affected, or are 
reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness of Controls and Procedures
Our management, including our principal executive officer and principal financial officer, do not expect that our disclosure 
controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no 
matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system 
are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls 
must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can 
provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include 
the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. 
Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by 
management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the 
likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential 
future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with 
policies or procedures may deteriorate. Due to inherent limitations in a cost-effective control system, misstatements due to error or 
fraud may occur and not be detected. 
Item 9B. Other Information. 
 Securities Trading Plans of Directors and Officers
On November 22, 2024, Lisa Blackwood-Kapral, our Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement 
providing for the sale from time to time of an aggregate of up to 91,480 shares of Class A common stock. The trading arrangement is 
intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until February 13, 2026, or 
earlier if all transactions under the trading arrangement are completed.
On November 22, 2024, Jill Beggs, a member of our board of directors, adopted a Rule 10b5-1 trading arrangement 
providing for the sale from time to time of an aggregate of up to 4,716 shares of Class A common stock plus additional shares of our 
Class A common stock issuable upon the vesting and settlement of RSUs granted to Ms. Beggs subsequent to the adoption of the 
trading arrangement and through November 20, 2025. The trading arrangement is intended to satisfy the affirmative defense in Rule 
120

10b5-1(c). The duration of the trading arrangement is until December 5, 2025, or earlier if all transactions under the trading 
arrangement are completed.
No other officers, as defined in Rule 16a-1(f), or directors adopted or terminated a “Rule 10b5-1 trading arrangement” or a 
“non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the last fiscal quarter.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 
None.
121

PART III
Item 10. Directors, Executive Officers and Corporate Governance. 
The information required by this item, including information about our directors, executive officers, audit committee and 
Code of Conduct, is incorporated by reference to the definitive Proxy Statement for our 2025 Annual Meeting of Stockholders, which 
will be filed with the SEC, no later than 120 days after December 31, 2024.
Item 11. Executive Compensation. 
The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2025 Annual 
Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, 2024.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 
The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2025 Annual 
Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, 2024.
Item 13. Certain Relationships and Related Transactions, and Director Independence. 
The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2025 Annual 
Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, 2024.
Item 14. Principal Accounting Fees and Services. 
The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2025 Annual 
Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, 2024.
122

PART IV
Item 15. Exhibits, Financial Statement Schedules. 
1.
Financial Statements
The following financial statements are included in Part II, Item 8 of this Form 10-K:
Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheets
Consolidated Statements of Operations 
Consolidated Statements of Comprehensive Income (Loss)
Consolidated Statements of Stockholders’ Equity 
Consolidated Statements of Cash Flows
Notes to the Consolidated Financial Statements
2.
Financial Statement Schedules
All other schedules have been omitted because they are not required, not applicable, or the required information is otherwise 
included. 
3.
Exhibits
The exhibits listed below are filed as part of this Annual Report on Form 10-K or are incorporated herein by reference, in each 
case as indicated below.
123

EXHIBIT INDEX
Exhibit
Number
Incorporated by Reference
Description
Form
File No.
Exhibit
Filing Date
3.1
Amended and Restated Certificate of Incorporation of the 
registrant.
10-Q
001-38846
3.1
5/14/2019
3.2
Amended and Restated Bylaws of Lyft, Inc.
8-K
001-38846
3.1
7/23/2024
4.1
Form of Class A common stock certificate of the registrant.
S-1/A
333-229996
4.1
3/18/2019
4.2
Description of Capital Stock.
10-K
001-38846
4.2
2/27/2023
4.3
Indenture, dated as of May 15, 2020, between Lyft, Inc. and U.S. 
Bank National Association, as trustee.
8-K 
001-38846
4.1
5/15/2020
4.4
Form of 1.50% Convertible Senior Notes due 2025 (included in 
Exhibit 4.3).
8-K
001-38846
4.2
5/15/2020
4.5
Indenture, dated as of February 27, 2024, by and between Lyft, 
Inc. and U.S. Bank Trust Company, National Association, as 
trustee.
8-K
001-38846
4.1
2/28/2024
4.6
Form of 0.625% Convertible Senior Notes due 2029 (included in 
Exhibit 4.5).
8-K
001-38846
4.2
2/28/2024
10.1+
Form of Indemnification Agreement between the registrant and 
each of its directors and executive officers.
S-1
333-229996
10.1
3/1/2019
10.2+
Lyft, Inc. 2019 Equity Incentive Plan and related form agreements.
S-1/A
333-229996
10.2
3/18/2019
10.3+
Form of Restricted Stock Unit Agreement under the Lyft, Inc. 
2019 Equity Incentive Plan.
10-Q
001-38846
10.1
11/12/2020
10.4+
Lyft, Inc. 2019 Employee Stock Purchase Plan and related form 
agreements, as amended and restated as of July 18, 2022.
10-K
001-38846
10.4
2/27/2023
10.5+
Lyft, Inc. 2018 Equity Incentive Plan and related form agreements.
S-1/A
333-229996
10.4
3/18/2019
10.6+
Lyft, Inc. 2008 Equity Incentive Plan and related form agreements.
S-1/A
333-229996
10.5
3/18/2019
10.7+
Lyft, Inc. Executive Change in Control and Severance Plan, 
amended and restated on August 20, 2024.
10-Q
001-38846
10.4
11/7/2024
10.8+
Lyft, Inc. Outside Director Compensation Policy, amended on 
March 22, 2022.
10-Q
001-38846
10.1
5/10/2022
10.9+
Employment Letter Agreement between the registrant and David 
Risher, dated as of March 27, 2023.
8-K
001-38846
10.1
3/27/2023
10.10+
Transition Agreement between Lyft, Inc. and Logan Green, dated 
as of March 27, 2023.
8-K
001-38846
10.2
3/27/2023
10.11+
Transition Agreement between Lyft, Inc. and John Zimmer, dated 
as of March 27, 2023.
8-K
001-38846
10.3
3/27/2023
10.12+
Employment Letter Agreement between Lyft, Inc. and Erin 
Brewer, dated as of May 15, 2023.
10-Q
001-38846
10.2
8/09/2023
10.13+
Consulting Agreement between Lyft, Inc. and Kristin Sverchek, 
dated as of August 20, 2024.
10-Q
001-38846
10.1
11/07/2024
10.14+
Confidential Separation Agreement and General Release between 
Lyft, Inc. and Kristin Sverchek, dated as of July 22, 2024.
10-Q
001-38846
10.2
11/07/2024
10.15+
Employment Letter Agreement between the registrant and Lindsay 
Llewellyn, dated as of July 22, 2024.
10-Q
001-38846
10.3
11/07/2024
10.16(i)
Office Lease between the registrant and SPF China Basin 
Holdings, LLC, dated as of April 8, 2016 as amended on 
September 27, 2017, May 31, 2018, June 11, 2018 and September 
24, 2018.
S-1/A
333-229996
10.14
3/18/2019
124

10.16(ii)
Fifth Amendment to Office Lease between the registrant and SPF 
China Basin Holdings, LLC, dated as of November 18, 2019.
10-K
001-38846
10.14
(ii)
2/28/2020
10.16(iii)
Sixth Amendment to Office Lease between Lyft, Inc. and SPF 
China Basin Holdings, LLC, dated as of March 27, 2023.
10-Q
001-38846
10.5
5/08/2023
10.16(iv)
Seventh Amendment to Office Lease between Lyft, Inc. and SPF 
China Basin Holdings, LLC, dated as of December 18, 2024.
10.17
Form of Capped Call Transaction Confirmation.
8-K
001-38846
10.2
5/15/2020
10.18(i)
Revolving Credit Agreement, dated as of November 3, 2022, by 
and among the Company, the lenders party thereto, and JPMorgan 
Chase Bank, N.A, as the administrative agent.
8-K
001-38846
10.1
11/07/2022
10.18(ii)
Amendment No. 1 to Revolving Credit Agreement, dated as of 
December 12, 2023, by and among the Company, the other loan 
parties thereto, JPMorgan Chase Bank, N.A., as administrative 
agent, and certain other lenders party thereto.
8-K
001-38846
10.1
12/14/2023
10.18(iii)
Amendment No. 2 to Revolving Credit Agreement, dated as of 
February 21, 2024, by and among the Company, as borrower, 
JPMorgan Chase Bank, N.A., as administrative agent, and certain 
other lenders party thereto.
8-K
001-38846
10.1
2/21/2024
10.19
Form of Capped Call Transaction Confirmation.
8-K
001-38846
10.2
2/28/2024
19.1
Insider Trading Policy, as amended on February 2, 2023.
21.1
List of subsidiaries of the registrant.
23.1
Consent of PricewaterhouseCoopers LLP, independent registered 
public accounting firm.
24.1
Power of Attorney (included in signature pages hereto).
31.1
Certification of Principal Executive Officer pursuant to Exchange 
Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 
302 of the Sarbanes-Oxley Act of 2002.
31.2
Certification of Principal Financial Officer pursuant to Exchange 
Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 
302 of the Sarbanes-Oxley Act of 2002.
32.1†
Certifications of Principal Executive Officer and Principal 
Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted 
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97.1
Executive Compensation Clawback Policy, as amended and 
restated as of October 2, 2023.
10-K
001-38846
97.1
2/20/2024
101
The following financial information from Lyft, Inc.’s Annual 
Report on Form 10-K for the fiscal year ended December 31, 2024 
formatted in Inline XBRL (eXtensible Business Reporting 
Language): (i) Consolidated Statements of Operations for the 
fiscal years ended December 31, 2024, 2023, and 2022; (ii) 
Consolidated Statements of Comprehensive Income (Loss) for the 
fiscal years ended December 31, 2024, 2023, and 2022; (iii) 
Consolidated Balance Sheets as of December 31, 2024 and 2023; 
(iv) Consolidated Statements of Cash Flows for the fiscal years 
ended December 31, 2024, 2023, and 2022; (v) Consolidated 
Statements of Stockholders’ Equity for the fiscal years ended 
December 31, 2024, 2023, and 2022; and (vi) Notes to the 
Consolidated Financial Statements.
125

104
The cover page from Lyft, Inc’s Annual Report on Form 10-K for 
the year ended December 31, 2024, formatted in iXBRL (included 
as Exhibit 101).
_______________
+ 
Indicates management contract or compensatory plan.
† 
The certifications attached as Exhibit 32.1 that accompany this Annual Report on Form 10-K are deemed furnished and not 
filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Lyft, Inc. 
under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or 
after the date of this Annual Report on Form 10-K, irrespective of any general incorporation language contained in such filing.
Item 16. Form 10-K Summary
None.
126

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has 
duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.
LYFT, INC.
Date: February 14, 2025
By: /s/ John David Risher
John David Risher
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints 
John David Risher and Erin Brewer, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of 
substitution and resubstitution, for such individual in any and all capacities, to sign any and all amendments to this Annual Report on 
Form 10-K, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and 
Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform 
each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or 
she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or the 
individual’s substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report on Form 10-K has been 
signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated.
Signature
Title
Date
/s/ John David Risher
Chief Executive Officer and Director
(Principal Executive Officer)
February 14, 2025
John David Risher
/s/ Erin Brewer
Chief Financial Officer
(Principal Financial Officer)
February 14, 2025
Erin Brewer
/s/ Lisa Blackwood-Kapral
Chief Accounting Officer
(Principal Accounting Officer)
February 14, 2025
Lisa Blackwood-Kapral
/s/ Logan Green
Chair
February 14, 2025
Logan Green
/s/ John Zimmer
Vice Chair
February 14, 2025
John Zimmer
/s/ Prashant (Sean) Aggarwal
Director
February 14, 2025
Prashant (Sean) Aggarwal
/s/ Jill Beggs
Director
February 14, 2025
Jill Beggs
/s/ Ariel Cohen
Director
February 14, 2025
Ariel Cohen
/s/ David Lawee
Director
February 14, 2025
David Lawee
/s/ David E. Stephenson
Director
February 14, 2025
David E. Stephenson
/s/ Betsey Stevenson
Director
February 14, 2025
Betsey Stevenson
/s/ Janey Whiteside
Director
February 14, 2025
Janey Whiteside
127

Board  
of Directors
David Risher
Chief Executive Officer  
and Director, Lyft
Logan Green
Co-founder and Board Chair, Lyft
John Zimmer
Co-founder and Vice Chair, Lyft
Sean Aggarwal
Lead Independent Director, Lyft
Jill Beggs
Reinsurance Executive Vice President 
and Chief Operating Officer, Everest 
Group, Ltd.
Ariel Cohen
Chief Executive Officer and  
Co-founder, Navan, Inc.
David Lawee
Co-Founder, Crucible Labs
Dave Stephenson
Chief Business Officer and Head of 
Employee Experience, Airbnb, Inc.
Betsey Stevenson
Professor of Economics and Public 
Policy, University of Michigan Gerald 
R. Ford School of Public Policy
Janey Whiteside
Partner and Chief Growth Officer, 
Consello Group
 
Officers 
David Risher
Chief Executive Officer  
and Director
Erin Brewer
Chief Financial Officer
Lindsay Llewellyn
Chief Legal Officer
Corporate 
Information
Stock Exchange
Lyft, Inc.’s class A common stock is 
traded on The Nasdaq Global Select 
Market under the symbol “LYFT”
Investor Relations
185 Berry Street, Suite 400 
San Francisco, California 94107 
investor@lyft.com 
Investor Relations Website: 
investor.lyft.com 
Transfer Agent and 
Registrar
Equiniti Trust Company, LLC 
48 Wall Street, Floor 23 
New York, NY 10005 
1-(800)-937-5449 
1-(718)-921-8124 
Web: equiniti.com 
Email:  HelpAST@equiniti.com
Independent Registered 
Public Accounting Firm
PricewaterhouseCoopers LLP

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