Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 30, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Lyft, Inc. | |
Entity Central Index Key | 0001759509 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38846 | |
Entity Tax Identification Number | 20-8809830 | |
Entity Address, Address Line One | 185 Berry Street | |
Entity Address, Address Line Two | Suite 5000 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94107 | |
City Area Code | 844 | |
Local Phone Number | 250-2773 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Title of each class | Class A common stock, par value of $0.00001 per share | |
Trading Symbol | LYFT | |
Name of each exchange on which registered | NASDAQ | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 286,463,787 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,232,629 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 543,871 | $ 517,690 |
Short-term investments | 2,572,568 | 1,520,180 |
Prepaid expenses and other current assets | 426,384 | 282,572 |
Total current assets | 3,542,823 | 2,320,442 |
Restricted cash and cash equivalents | 139,440 | 187,374 |
Restricted investments | 1,237,314 | 863,713 |
Property and equipment, net | 159,986 | 109,257 |
Operating lease right of use assets | 411,962 | 0 |
Intangible assets, net | 90,218 | 117,733 |
Goodwill | 150,781 | 152,085 |
Other assets | 2,637 | 9,439 |
Total assets | 5,735,161 | 3,760,043 |
Current liabilities | ||
Accounts payable | 36,210 | 32,343 |
Insurance reserves | 1,374,935 | 810,273 |
Accrued and other current liabilities | 880,769 | 606,203 |
Operating lease liabilities — current | 88,875 | 0 |
Total current liabilities | 2,380,789 | 1,448,819 |
Operating lease liabilities | 359,160 | 0 |
Other liabilities | 5,698 | 30,458 |
Total liabilities | 2,745,647 | 1,479,277 |
Commitments and contingencies (Note 6) | ||
Redeemable convertible preferred stock, $0.00001 par value; no and 227,328,900 shares authorized as of September 30, 2019 and December 31, 2018, respectively; no and 219,175,709 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 0 | 5,152,047 |
Stockholders’ equity (deficit) | ||
Preferred stock, $0.00001 par value; 1,000,000,000 and no shares authorized as of September 30, 2019 and December 31, 2018, respectively; no shares issued and outstanding as of September 30, 2019 and December 31, 2018 | 0 | 0 |
Common stock, $0.00001 par value; 18,000,000,000 Class A shares and 340,000,000 shares authorized, 286,350,943 Class A shares and 22,438,472 shares issued and outstanding, as of September 30, 2019 and December 31, 2018, respectively; 100,000,000 and no Class B shares authorized, 11,232,629 and no Class B shares issued and outstanding, as of September 30, 2019 and December 31, 2018, respectively | 3 | 0 |
Additional paid-in capital | 8,176,401 | 73,916 |
Accumulated other comprehensive income | 4,629 | 133 |
Accumulated deficit | (5,191,519) | (2,945,330) |
Total stockholders’ equity (deficit) | 2,989,514 | (2,871,281) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ 5,735,161 | $ 3,760,043 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Preferred stock par value | $ 0.00001 | |
Preferred stock shares authorized | 1,000,000,000 | 0 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value | $ 0.00001 | |
Common stock shares authorized | 340,000,000 | |
Common stock shares, issued | 22,438,472 | |
Common stock shares outstanding | 22,438,472 | |
Redeemable Convertible Preferred Stock | ||
Temporary equity par value | $ 0.00001 | $ 0.00001 |
Temporary equity shares authorized | 0 | 227,328,900 |
Temporary equity shares issued | 0 | 219,175,709 |
Temporary equity shares outstanding | 0 | 219,175,709 |
Class A Common Stock | ||
Common stock par value | $ 0.00001 | |
Common stock shares authorized | 18,000,000,000 | |
Common stock shares, issued | 286,350,943 | |
Common stock shares outstanding | 286,350,943 | |
Class B Common Stock | ||
Common stock par value | $ 0.00001 | |
Common stock shares authorized | 100,000,000 | 0 |
Common stock shares, issued | 11,232,629 | 0 |
Common stock shares outstanding | 11,232,629 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 955,598 | $ 584,951 | $ 2,598,890 | $ 1,487,051 |
Costs and expenses | ||||
Cost of revenue | 580,714 | 322,614 | 1,673,707 | 876,409 |
Operations and support | 149,794 | 92,481 | 489,004 | 219,752 |
Research and development | 288,272 | 77,168 | 1,229,065 | 204,775 |
Sales and marketing | 163,858 | 241,015 | 619,938 | 584,829 |
General and administrative | 263,820 | 120,348 | 907,842 | 308,974 |
Total costs and expenses | 1,446,458 | 853,626 | 4,919,556 | 2,194,739 |
Loss from operations | (490,860) | (268,675) | (2,320,666) | (707,688) |
Interest income | 28,651 | 19,615 | 78,284 | 46,367 |
Other income, net | 641 | 409 | 476 | 65 |
Loss before income taxes | (461,568) | (248,651) | (2,241,906) | (661,256) |
Provision for income taxes | 1,909 | 510 | 4,283 | 1,147 |
Net loss | $ (463,477) | $ (249,161) | $ (2,246,189) | $ (662,403) |
Net loss per share, basic and diluted | $ (1.57) | $ (11.58) | $ (11.05) | $ (31.72) |
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted | 294,784 | 21,508 | 203,199 | 20,884 |
Cost of revenue | ||||
Costs and expenses | ||||
Stock-based compensation expense | $ 12,078 | $ 139 | $ 68,625 | $ 381 |
Operations and support | ||||
Costs and expenses | ||||
Stock-based compensation expense | 8,553 | 48 | 68,178 | 145 |
Research and development | ||||
Costs and expenses | ||||
Stock-based compensation expense | 153,830 | 1,110 | 842,954 | 2,353 |
Sales and marketing | ||||
Costs and expenses | ||||
Stock-based compensation expense | 7,969 | 63 | 65,213 | 237 |
General and administrative | ||||
Costs and expenses | ||||
Stock-based compensation expense | $ 59,746 | $ 1,486 | $ 349,930 | $ 3,227 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (463,477) | $ (249,161) | $ (2,246,189) | $ (662,403) |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustment | 431 | (75) | 1,098 | 165 |
Unrealized gain (loss) on marketable securities, net of taxes | (1,295) | (21) | 3,398 | 538 |
Other comprehensive (loss) income | (864) | (96) | 4,496 | 703 |
Comprehensive loss | $ (464,341) | $ (249,257) | $ (2,241,693) | $ (661,700) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Redeemable Convertible Preferred Stock | Common Stock | Common StockCommon Class A And B | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2017 | $ (1,979,438) | $ 55,568 | $ (2,033,995) | $ (1,011) | |||
Beginning balance, shares at Dec. 31, 2017 | 199,815,000 | ||||||
Beginning balance at Dec. 31, 2017 | $ 4,284,049 | ||||||
Beginning balance, shares at Dec. 31, 2017 | 19,916,000 | ||||||
Issuance of Series H redeemable convertible preferred stock, net of issuance cost | $ 54,193 | ||||||
Issuance of Series H redeemable convertible preferred stock, net of issuance cost, shares | 1,364,000 | ||||||
Issuance of common stock upon exercise of stock options | 1,169 | 1,169 | |||||
Issuance of common stock upon exercise of stock options, shares | 335,000 | ||||||
Vesting of early exercised stock options | 13 | 13 | |||||
Stock-based compensation | 1,996 | 1,996 | |||||
Other comprehensive income (loss) | (1,013) | (1,013) | |||||
Net loss | (234,339) | (234,339) | |||||
Ending balance at Mar. 31, 2018 | (2,211,612) | 58,746 | (2,268,334) | (2,024) | |||
Ending balance, shares at Mar. 31, 2018 | 201,179,000 | ||||||
Ending balance at Mar. 31, 2018 | $ 4,338,242 | ||||||
Ending balance, shares at Mar. 31, 2018 | 20,251,000 | ||||||
Beginning balance at Dec. 31, 2017 | (1,979,438) | 55,568 | (2,033,995) | (1,011) | |||
Beginning balance, shares at Dec. 31, 2017 | 199,815,000 | ||||||
Beginning balance at Dec. 31, 2017 | $ 4,284,049 | ||||||
Beginning balance, shares at Dec. 31, 2017 | 19,916,000 | ||||||
Other comprehensive income (loss) | 703 | ||||||
Net loss | (662,403) | ||||||
Ending balance at Sep. 30, 2018 | (2,626,504) | $ 5,126,707 | 70,202 | (2,696,398) | (308) | ||
Ending balance, shares at Sep. 30, 2018 | 218,640,000 | ||||||
Ending balance, shares at Sep. 30, 2018 | 21,907,000 | ||||||
Beginning balance at Mar. 31, 2018 | (2,211,612) | 58,746 | (2,268,334) | (2,024) | |||
Beginning balance, shares at Mar. 31, 2018 | 201,179,000 | ||||||
Beginning balance at Mar. 31, 2018 | $ 4,338,242 | ||||||
Beginning balance, shares at Mar. 31, 2018 | 20,251,000 | ||||||
Issuance of Series H redeemable convertible preferred stock, net of issuance cost | $ 199,969 | ||||||
Issuance of Series H redeemable convertible preferred stock, net of issuance cost, shares | 5,032,000 | ||||||
Issuance of Series I redeemable convertible preferred stock, net of issuance cost | $ 553,207 | ||||||
Issuance of Series I redeemable convertible preferred stock, net of issuance cost, shares | 11,684,000 | ||||||
Issuance of common stock upon exercise of stock options | 2,928 | 2,928 | |||||
Issuance of common stock upon exercise of stock options, shares | 1,005,000 | ||||||
Issuance of restricted common stock upon early exercise of stock options, Shares | 5,000 | ||||||
Vesting of early exercised stock options | 19 | 19 | |||||
Stock-based compensation | 1,501 | 1,501 | |||||
Other comprehensive income (loss) | 1,812 | 1,812 | |||||
Net loss | (178,903) | (178,903) | |||||
Ending balance at Jun. 30, 2018 | (2,384,255) | 63,194 | (2,447,237) | (212) | |||
Ending balance, shares at Jun. 30, 2018 | 217,895,000 | ||||||
Ending balance at Jun. 30, 2018 | $ 5,091,418 | ||||||
Ending balance, shares at Jun. 30, 2018 | 21,261,000 | ||||||
Issuance of Series I redeemable convertible preferred stock, net of issuance cost | $ 35,289 | ||||||
Issuance of Series I redeemable convertible preferred stock, net of issuance cost, shares | 745,000 | ||||||
Issuance of common stock upon exercise of stock options | 3,994 | 3,994 | |||||
Issuance of common stock upon exercise of stock options, shares | 625,000 | ||||||
Issuance of restricted common stock upon early exercise of stock options, Shares | 21,000 | ||||||
Vesting of early exercised stock options | 168 | 168 | |||||
Stock-based compensation | 2,846 | 2,846 | |||||
Other comprehensive income (loss) | (96) | (96) | |||||
Net loss | (249,161) | (249,161) | |||||
Ending balance at Sep. 30, 2018 | (2,626,504) | $ 5,126,707 | 70,202 | (2,696,398) | (308) | ||
Ending balance, shares at Sep. 30, 2018 | 218,640,000 | ||||||
Ending balance, shares at Sep. 30, 2018 | 21,907,000 | ||||||
Beginning balance at Dec. 31, 2018 | (2,871,281) | 73,916 | (2,945,330) | 133 | |||
Beginning balance, shares at Dec. 31, 2018 | 219,175,709 | ||||||
Beginning balance at Dec. 31, 2018 | $ 5,152,047 | $ 5,152,047 | |||||
Beginning balance, shares at Dec. 31, 2018 | 22,438,472 | 22,438,000 | |||||
Issuance of common stock upon exercise of stock options | $ 1,599 | 1,599 | |||||
Issuance of common stock upon exercise of stock options, shares | 7,121,000 | ||||||
Issuance of common stock upon settlement of RSUs, shares | 17,688,000 | ||||||
Shares withheld related to net share settlement | (785,004) | (785,004) | |||||
Shares withheld related to net share settlement, shares | (11,415,000) | ||||||
Vesting of early exercised stock options | 2 | 2 | |||||
Stock-based compensation | 859,486 | 859,486 | |||||
Other comprehensive income (loss) | 2,053 | 2,053 | |||||
Net loss | (1,138,473) | (1,138,473) | |||||
Ending balance at Mar. 31, 2019 | (3,931,618) | 149,999 | (4,083,803) | 2,186 | |||
Ending balance, shares at Mar. 31, 2019 | 219,176,000 | ||||||
Ending balance at Mar. 31, 2019 | $ 5,152,047 | ||||||
Ending balance, shares at Mar. 31, 2019 | 35,832,000 | ||||||
Beginning balance at Dec. 31, 2018 | (2,871,281) | 73,916 | (2,945,330) | 133 | |||
Beginning balance, shares at Dec. 31, 2018 | 219,175,709 | ||||||
Beginning balance at Dec. 31, 2018 | $ 5,152,047 | $ 5,152,047 | |||||
Beginning balance, shares at Dec. 31, 2018 | 22,438,472 | 22,438,000 | |||||
Other comprehensive income (loss) | $ 4,496 | ||||||
Net loss | (2,246,189) | ||||||
Ending balance at Sep. 30, 2019 | 2,989,514 | $ 3 | 8,176,401 | (5,191,519) | 4,629 | ||
Ending balance, shares at Sep. 30, 2019 | 0 | ||||||
Ending balance at Sep. 30, 2019 | 0 | ||||||
Ending balance, shares at Sep. 30, 2019 | 297,584,000 | ||||||
Beginning balance at Mar. 31, 2019 | (3,931,618) | 149,999 | (4,083,803) | 2,186 | |||
Beginning balance, shares at Mar. 31, 2019 | 219,176,000 | ||||||
Beginning balance at Mar. 31, 2019 | $ 5,152,047 | ||||||
Beginning balance, shares at Mar. 31, 2019 | 35,832,000 | ||||||
Issuance of common stock upon exercise of stock options | 940 | 940 | |||||
Issuance of common stock upon exercise of stock options, shares | 250,000 | ||||||
Issuance of common stock upon settlement of RSUs, shares | 3,476,000 | ||||||
Shares withheld related to net share settlement | (80,076) | (80,076) | |||||
Shares withheld related to net share settlement, shares | (1,478,000) | ||||||
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions | 2,483,623 | $ 1 | 2,483,622 | ||||
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions, shares | 35,497,000 | ||||||
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering | 5,152,047 | $ 2 | 5,152,045 | ||||
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering, shares | (219,176,000) | ||||||
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering | $ (5,152,047) | ||||||
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering, shares | 219,176,000 | ||||||
Cancelled escrow shares related to a business combination | (90) | (90) | |||||
Cancelled escrow shares related to a business combination, shares | (2,000) | ||||||
Stock-based compensation | 293,238 | 293,238 | |||||
Other comprehensive income (loss) | 3,307 | 3,307 | |||||
Net loss | (644,239) | (644,239) | |||||
Ending balance at Jun. 30, 2019 | 3,277,132 | $ 3 | 7,999,678 | (4,728,042) | 5,493 | ||
Ending balance, shares at Jun. 30, 2019 | 292,751,000 | ||||||
Issuance of common stock upon exercise of stock options | 12,449 | 12,449 | |||||
Issuance of common stock upon exercise of stock options, shares | 2,562,000 | ||||||
Issuance of common stock upon settlement of RSUs, shares | 3,772,000 | ||||||
Shares withheld related to net share settlement | (77,902) | (77,902) | |||||
Shares withheld related to net share settlement, shares | (1,501,000) | ||||||
Stock-based compensation | 242,176 | 242,176 | |||||
Other comprehensive income (loss) | (864) | (864) | |||||
Net loss | (463,477) | (463,477) | |||||
Ending balance at Sep. 30, 2019 | 2,989,514 | $ 3 | $ 8,176,401 | $ (5,191,519) | $ 4,629 | ||
Ending balance, shares at Sep. 30, 2019 | 0 | ||||||
Ending balance at Sep. 30, 2019 | $ 0 | ||||||
Ending balance, shares at Sep. 30, 2019 | 297,584,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (2,246,189) | $ (662,403) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 84,352 | 5,419 |
Stock-based compensation | 1,394,900 | 6,343 |
Amortization of premium on marketable securities | 342 | 448 |
Accretion of discount on marketable securities | (31,209) | (15,277) |
Loss on disposal of assets | 24,332 | |
Other | 801 | 296 |
Changes in operating assets and liabilities | ||
Prepaid expenses and other assets | (141,401) | (56,230) |
Operating lease right-of-use assets | 70,551 | |
Accounts payable | (733) | (20,288) |
Insurance reserves | 564,663 | 315,264 |
Accrued and other liabilities | 283,902 | 278,848 |
Lease liabilities | (63,822) | |
Net cash used in operating activities | (59,511) | (147,580) |
Cash flows from investing activities | ||
Purchases of marketable securities | (4,836,182) | (4,350,848) |
Purchase of term deposit | (105,000) | |
Proceeds from sales of marketable securities | 893,429 | 827,838 |
Proceeds from maturities of marketable securities | 2,656,249 | 2,927,079 |
Purchases of property and equipment and scooter fleet | (128,431) | (28,430) |
Purchases of other intangible assets | (2,200) | |
Cash paid for acquisitions, net of cash acquired | (1,801) | |
Other investing activities | 4,007 | (28,000) |
Net cash used in investing activities | (1,517,729) | (654,561) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock in initial public offering, net of underwriting commissions, offering costs and reimbursements | 2,484,101 | |
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 842,658 | |
Proceeds from exercise of stock options and other common stock issuances | 14,914 | 8,486 |
Payment of deferred offering costs | (6) | |
Taxes paid related to net share settlement of equity awards | (942,780) | |
Net cash provided by financing activities | 1,556,235 | 851,138 |
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents | 196 | (109) |
Net decrease in cash, cash equivalents and restricted cash and cash equivalents | (20,809) | 48,888 |
Beginning of period | 706,486 | 1,178,919 |
End of period | 685,677 | 1,227,807 |
Non-cash investing and financing activities | ||
Purchases of property and equipment, and scooter fleet not yet settled | 9,316 | 5,187 |
Deferred offering costs accrued, unpaid | 72 | $ 164 |
Right of use assets acquired under operating leases | 196,730 | |
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering | 5,152,047 | |
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering | $ 7,690 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the condensed consolidated balance sheets | ||
Cash and cash equivalents | $ 543,871 | $ 1,088,645 |
Restricted cash and cash equivalents | 139,440 | 139,162 |
Restricted cash, included in prepaid expenses and other current assets | 2,366 | |
Total cash, cash equivalents and restricted cash and cash equivalents | $ 685,677 | $ 1,227,807 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 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. Lyft 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. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2018 included herein was derived from the audited financial statements as of that date. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive loss, redeemable convertible preferred stock and stockholders’ equity (deficit), and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in the prospectus dated March 28, 2019, as filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (File No. 333-229996). Initial Public Offering The Company’s registration statement on Form S-1 (the “IPO Registration Statement”) related to its initial public offering (“IPO”) was declared effective on March 28, 2019, and the Company’s Class A common stock began trading on the Nasdaq Global Select Market on March 29, 2019. On April 2, 2019, the Company completed its IPO, in which the Company sold 32,500,000 shares of Class A common stock at a price to the public of $72.00 per share. On April 9, 2019, the Company sold an additional 2,996,845 shares of Class A common stock at a price to the public of $72.00 per share pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received aggregate net proceeds of $2.5 billion after deducting underwriting discounts and commissions of $70.3 million and offering expenses of $7.7 million subject to certain cost reimbursements. Immediately prior to the completion of the IPO, 219,175,709 shares of redeemable convertible preferred stock then outstanding converted into an equivalent number of shares of common stock. Immediately prior to the completion of the IPO, the Company filed its Amended and Restated Certificate of Incorporation, which authorizes a total of 18,000,000,000 shares of Class A common stock, 100,000,000 shares of Class B common stock, and 1,000,000,000 shares of preferred stock. Upon the filing of the Amended and Restated Certificate of Incorporation, 255,007,393 shares of the Company’s common stock then outstanding were automatically reclassified into an equivalent number of shares of the Company’s Class A common stock. Immediately after the reclassification and prior to the completion of the IPO, a total of 12,779,709 shares of Class A common stock held by Logan Green, John Zimmer and their respective affiliated trusts were exchanged for an equivalent number of shares of Class B common stock pursuant to the terms of certain exchange agreements. As a result, following the completion of the IPO, the Company has two classes of authorized and outstanding common stock: Class A common stock and Class B common stock. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of 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 condensed 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, fair value of financial instruments, goodwill and identif iable intangible assets, leases, indirect tax obligations, legal contingencies, valuation allowance for deferred income taxes, and valuation of stock-based compensation. Revenue Recognition The Company generates substantially all of its revenue from its ridesharing marketplace that connects drivers and passengers. The Company also generates revenue from its network of shared bikes and scooters, and its Express Drive program. Beginning in 2018, the Company generated revenue from subscription fees paid by riders to access its network of shared bikes and single use ride fees paid by riders to access its network of shared bikes and scooters. Subscription fees are recognized on a straight-line basis over the subscription period. Single-use ride fees are recognized upon completion of each related ride. Revenue from the network of shared bikes and scooters was not material for the three and nine months ended September 30, 2019 and $0 for the three and nine months ended September 30, 2018. For its Express Drive program, the Company primarily generates revenue from lease income earned under an arrangement with one of its third-party Express Drive partners. The Company recognizes revenue for its rideshare marketplace in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), “Revenue from Contracts with Customers.” Rideshare Marketplace The Company generates revenue from service fees and commissions (collectively, “fees”) paid by drivers for use of the Company’s proprietary technology platform (the “Lyft Platform”) and related activities to connect drivers with passengers to facilitate and successfully complete rides via the Lyft mobile application (the “App”) where Lyft operates as a Transportation Network Company (“TNC”). The Company recognizes revenue upon completion of each ride. Under the Terms of Service (“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 passengers on behalf of drivers. Principal vs. Agent Considerations: The Company evaluates the presentation of revenue on a gross vs. net basis based on whether it acts as a principal by controlling the transportation service provided to the passenger or whether it acts as an agent by arranging for third parties to provide the service to the passenger. The Company facilitates the provision of a transportation service by a driver to a passenger (the driver’s customer) in order for the driver to fulfill their contractual promise to the passenger. The driver fulfills their promise to provide a transportation service to their customer through use of the Lyft Platform. While the Company facilitates setting the price for transportation services, the drivers and passengers have the discretion in accepting the transaction price through the platform. The Company is not responsible for fulfilling transportation services being provided to the passenger nor does the Company have inventory risk related to these services. The Company is acting as an agent in facilitating the ability for a driver to provide a transportation service to a passenger. The Company reports revenue on a net basis, reflecting the fee owed to the Company from the driver as revenue, and not the gross amount collected from the passenger. The Company determined that it is not primarily responsible for the services since it does not promise the transportation services, does not contract with drivers to provide transportation services on the Company’s behalf, does not control whether the driver accepts or declines the transportation request via the Lyft Platform, and does not control the provision of transportation services by drivers to passengers at any point in time either before, during or after the ride. The Company applied the following steps to achieve the core principle of ASC 606: 1. Identification of the Contract, or Contracts, with a Customer: The Company considered the ToS and its customary business practices in identifying the contracts under ASC 606. Drivers accept the ToS with Lyft to use the App. The ToS defines the fees the Company charges drivers for each transaction, each party’s rights and obligations regarding the services to be transferred and payment terms. The driver agrees to perform the transportation service as requested by the passenger upon acceptance of a passenger’s request for a ride via the App. 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 passenger. The duration of a contract with a customer is typically equal to the duration of a single ride. The Company does not earn any fees from the passengers to access the App and the Company has no obligation to the passengers to provide the ride. The Company collects the fare and related charges from passengers on behalf of drivers using the passenger’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. 2. Identification of the Performance Obligations in the Contract: The Company provides a service to drivers to complete a successful transportation service for passengers. The service includes on-demand lead generation that assists drivers to find, receive and fulfill on-demand requests from passengers seeking transportation services and related collection activities using the Lyft Platform. These activities are not distinct from each other and are not separate performance obligations. As a result, the Company’s single performance obligation in the transaction is to connect drivers with passengers to facilitate the completion of a successful transportation service for passengers. 3. Determination of the Transaction Price: The Company earns fees from the drivers either as the difference between an amount paid by a passenger based on an up-front quoted fare and the amount earned by a driver based on actual time and distance for the ride or as a fixed percentage of the fare charged to the passenger. In an up-front quoted fare arrangement, as the Company does not control the driver’s actions at any point in the transaction to limit the time and distance for the ride, the Company takes on risks related to the driver’s actions which may not be fully mitigated. The Company earns 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 passenger is less than the amount the Company is committed to pay the driver. The Company records certain payments to drivers, such as refunds and ride incentives, as variable consideration which results in a reduction to the fee earned by the Company at the time such payments are earned by the driver. Taxes, municipal and airport fees assessed by governmental authorities that are both imposed on and are concurrent with specific revenue producing transactions, and collected from drivers and passengers, are excluded from the transaction price. Such amounts are not included as a component of revenue or cost of revenue. 4. Allocation of the Transaction Price to the Performance Obligations in the Contract: The Company’s single performance obligation in the transaction is to connect drivers with passengers to facilitate the completion of a successful transportation service for passengers and, as a result, there is no allocation of the transaction price. 5. Recognition of Revenue when, or as, the Company Satisfies a Performance Obligation: Revenue is recognized at the time the performance obligation is satisfied by transferring the control of the promised service to a customer in an amount that reflects the consideration that the Company expects to receive in exchange for the service. The Company recognizes revenue upon completion of a ride as its performance obligation is satisfied upon the completion of the ride. The Company does not have contract assets or contract liabilities as the payment of the transaction price is concurrent with the fulfillment of the services. At the time of ride completion, the Company has the right to receive payment for the services rendered. Accordingly, there are no partially satisfied or unsatisfied performance obligations for the three and nine months ended September 30, 2019 and 2018. As part of the adoption of ASC 606, the Company evaluated the use of practical expedients as required under the standard. New driver referral bonuses paid are contingent upon a new driver completing a certain number of rides and represent the incremental cost of obtaining a contract with a customer. The Company applied the practical expedient under ASC 606-10-45-1 and expenses new driver referral bonuses as sales and marketing expense when the referral bonuses are earned because the amortization period would be one year or less. The Company has no significant financing components with customers and did not utilize the practical expedient under ASC 606-10-32-18. Express Drive Program Revenue Under the Express Drive program, the Company connects drivers who need access to a car with third-party rental car companies. The Company facilitates the car rental transactions between car rental companies and drivers. During 2018, the Company expanded its Express Drive program with an Express Drive partner, a third-party rental car provider (the “Select Express Drive Partner”). Under the Company’s agreement with the Select Express Drive Partner (the “head lease”), the Company is required to pay fleet operating costs over periods ranging from two to three years for vehicles that the Company has committed will remain in a dedicated fleet to be ready to be rented by drivers using the Lyft Platform. Fleet operating costs include monthly fixed payments and other vehicle operating costs. Such payments are required to be made regardless of whether the vehicles are rented by drivers using the Lyft Platform. Drivers who rent vehicles through the arrangement with the Select Express Drive Partner are charged rental fees for which the Company collects from the driver. The Company collects rental fees by deducting such amounts from the driver’s earnings on the Lyft Platform, or through charging the driver’s credit card. The Company is a principal in car rental transactions involving the Select Express Drive Partner as the Company becomes a lessee for each vehicle prior to its rental by a driver and is committed to the payment of fixed monthly amounts and other fleet operating costs. The Company subleases the vehicles to drivers when they are rented by drivers and, as a result, the Company considers itself to be the accounting sublessor in its arrangements with drivers. Vehicle leases with the Select Express Drive Partner are classified as operating leases and, accordingly, each sublease representing a car rental transaction with a driver is also an operating lease. Sublease income (revenue) and head lease expense for the Company’s transactions involving the Select Express Drive Partner are recognized on a gross basis in the condensed consolidated financial statements. The revenue recognized under the Select Express Drive Partner program was $32.7 million and $76.8 million for the three and nine months ended September 30, 2019, respectively, and $19.3 million and $33.4 million for the three and nine months ended September 30, 2018, respectively. Incentive Programs The Company offers incentives to attract drivers, passengers and riders of shared bikes and scooters (“Light Vehicle renters”) to use the Lyft Platform. Drivers generally receive cash incentives while passengers and Light Vehicle renters generally receive free or discounted rides under such incentive programs. Incentives provided to drivers and Light Vehicle renters, the customers of the Company, are accounted for as a reduction of the transaction price. As the passengers are not the Company’s customers, incentives provided to passengers 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 passengers 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. Passenger Incentives The Company has several passenger incentive programs, which are offered to encourage passenger activity on the Lyft Platform. Generally, the passenger incentive programs are as follows: (i) Market-wide marketing promotions and discounts on shared rides. (ii) Targeted marketing promotions. During the promotion period, passengers not utilizing an incentive would be charged the full fare. These incentives represent marketing costs. When a passenger 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) Passenger referral programs. Light Vehicle Renter Incentives Incentives offered to Light Vehicle renters to access the Company’s network of shared bikes and scooters were not material for the three and nine months ended September 30, 2019 and 2018. For the three and nine months ended September 30, 2019, in relation to the driver, passenger and Light Vehicle renter incentive programs, the Company recorded $126.1 million and $416.2 million as a reduction to revenue and $78.3 million and $282.7 million as sales and marketing expense, respectively. For the three and nine months ended September 30, 2018, in relation to the driver, passenger and Light Vehicle renter incentive programs, the Company recorded $138.3 million and $407.9 million as a reduction to revenue and $93.5 million and $214.4 million as sales and marketing expense, respectively. Stock-Based Compensation The Company estimates the fair value of stock options granted to employees, directors, and consultants and stock purchase rights granted under the Company’s Employee Stock Purchase Plan (“ESPP”) using the Black-Scholes option-pricing model. 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 on a straight-line basis over the offering period, which is 12 months. The fair value of restricted stock units (“ Compensation expense for RSUs with service and performance conditions is amortized on a graded basis over the requisite service period as long as the performance condition in the form of a specified liquidity event is probable to occur. The liquidity event condition was satisfied upon the effectiveness of the IPO Registration Statement Stock-based compensation expense is based on awards ultimately expected to vest and reflects estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Insurance Reserves 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 and general business liabilities up to certain limits. The recorded liabilities reflect the estimated ultimate 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 evaluated for appropriateness with claims reserve valuations provided by an independent third-party actuary on a quarterly basis. To limit exposure to some risks, the Company maintains additional insurance coverage with varying limits and retentions. The Company cannot predict whether this insurance will be adequate to cover all potential hazards incidental to its business. Liability insurance claims may take several years to completely settle, and the Company has limited historical loss experience. Because of the limited operational history, the Company makes certain assumptions based on currently available information and industry statistics 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. Accordingly, actual losses may vary significantly from the estimated amounts reported in the financial statements. Reserves are continually reviewed and adjusted as necessary as experience develops or new information becomes known. However, ultimate results may differ from the Company’s estimates, which could result in losses over the Company’s reserved amounts. Such adjustments are recorded in cost of revenue or general and administrative expenses depending on the nature of the reserves. Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The new guidance amended guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For available-for-sale debt securities, credit losses will be presented as an allowance rather than as a write-down. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact of adopting this standard on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The implementation costs incurred in a hosting arrangement that is a service contract should be presented as a prepaid asset in the balance sheet and expensed over the term of the hosting arrangement to the same line item in the statement of operations as the costs related to the hosting fees. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for all entities including adoption in any interim period. The amendments should be applied either retrospectively or prospectively to all implementation costs incurred after adoption. The Company is currently assessing the impact of adopting this standard on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820).” This standard modifies disclosure requirements related to fair value measurement and is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. The standard also allows for early adoption of any removed or modified disclosures upon issuance while delaying adoption of the additional disclosures until their effective date. The Company is currently assessing the impact of adopting this standard on its condensed consolidated financial statements. Recently Adopted Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-01 “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The Company adopted this ASU as of January 1, 2019, which did not have a material impact on its condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU and subsequently issued amendments require a lessee to recognize leases with the term greater than 12 months on the balance sheet. The standard is effective for interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted. In July 2018, the FASB issued ASU No. 2018-11, “Targeted Improvements—Leases (Topic 842).” This update provides an optional transition method that allows entities to elect to apply the standard using the modified retrospective approach at its effective date, versus recasting the prior years presented. If elected, an entity would recognize a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption. The Company adopted the new standard as of January 1, 2019 using the transition method that provides for a cumulative-effect adjustment to retained earnings upon adoption. There was no impact on the Company’s accumulated deficit as of January 1, 2019 as a result of the adoption of this standard. The condensed consolidated financial statements for the three and nine months ended September 30, 2019 are presented under the new standard, while the comparative periods presented are not adjusted and continue to be reported in accordance with the Company’s historical accounting policy. The adoption of the new lease standard resulted in the recognition of operating lease right-of-use assets of $285.6 million and operating lease liabilities, including operating lease liabilities — current, of $314.1 million as of January 1, 2019. In connection with the adoption of this standard, deferred rent of $28.5 million, which was previously recorded in accrued and other current liabilities and in other long-term liabilities on the consolidated balance sheet as of December 31, 2018, was derecognized. See Note 5, “Leases,” for more information. In August 2016, the FASB issued ASU No. 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This standard clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination, insurance settlement proceeds, and distributions from certain equity method investees. The Company adopted this ASU on a retrospective basis as of January 1, 2019, which did not have any impact on its condensed consolidated financial statements. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Components Disclosure [Abstract] | |
Supplemental Financial Statement Information | 3 . Supplemental Financial Statement Information 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): September 30, 2019 Cost or Amortized Unrealized Estimated Fair Cost Gains Losses Value Unrestricted Balances (1) Money market funds $ 395,002 $ — $ — $ 395,002 Term deposit 105,000 — — 105,000 Certificates of deposit 1,439,085 1,570 (33 ) 1,440,622 Commercial paper 867,179 187 (55 ) 867,311 Corporate bonds 224,118 473 — 224,591 Total unrestricted cash equivalents and short-term investments 3,030,384 2,230 (88 ) 3,032,526 Restricted Balances (2)(3) Money market funds 21,873 — — 21,873 Certificates of deposit 502,985 345 (38 ) 503,292 Commercial paper 732,569 142 (142 ) 732,569 Corporate bonds 63,908 95 — 64,003 Total restricted cash equivalents and investments 1,321,335 582 (180 ) 1,321,737 Total unrestricted and restricted cash equivalents and investments $ 4,351,719 $ 2,812 $ (268 ) $ 4,354,263 (1) Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $83.9 million of cash. (2) Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $57.4 million of restricted cash. (3) Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of September 30, 2019 is $2.4 million of restricted cash. December 31, 2018 Cost or Amortized Unrealized Estimated Fair Cost Gains Losses Value Unrestricted Balances (1) Money market funds $ 38,528 $ — $ — $ 38,528 Certificates of deposit 497,748 19 (213 ) 497,554 Commercial paper 1,135,092 38 (409 ) 1,134,721 Corporate bonds 119,043 19 (23 ) 119,039 Total unrestricted cash equivalents and short-term investments 1,790,411 76 (645 ) 1,789,842 Restricted Balances (2)(3) Money market funds 4,620 — — 4,620 Certificates of deposit 307,650 41 (87 ) 307,604 Commercial paper 624,719 17 (227 ) 624,509 Corporate bonds 65,616 6 (36 ) 65,586 Total restricted cash equivalents and investments 1,002,605 64 (350 ) 1,002,319 Total unrestricted and restricted cash equivalents and investments $ 2,793,016 $ 140 $ (995 ) $ 2,792,161 (1) Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $248.0 million of cash. (2) Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $50.2 million of restricted cash. (3) Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of December 31, 2018 is $1.4 million of restricted cash. The Company’s short-term investments consist of available-for-sale securities and a term deposit . Available-for-sale investments are reported at fair value, with unrealized gains and losses, included as a separate component of stockholders’ equity ( deficit ) within accumulated other comprehensive income . The term deposit is reported at cost, which approximates fair value. The weighted-average 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. Insurance Reserves The following table provides a rollforward of the insurance reserve for the periods presented (in thousands): Nine Months Ended September 30, 2019 2018 Beginning balance $ 810,273 $ 376,538 Losses paid (349,919 ) (149,847 ) Change in estimates for prior periods 198,348 3,392 Reserves for current period 716,233 461,719 Ending balance $ 1,374,935 $ 691,802 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands): September 30, 2019 Level 1 Level 2 Level 3 Total Unrestricted Balances (1) Money market funds $ 395,002 $ — $ — $ 395,002 Certificates of deposit — 1,440,622 — 1,440,622 Commercial paper — 867,311 — 867,311 Corporate bonds — 224,591 — 224,591 Total unrestricted cash equivalents and short-term investments 395,002 2,532,524 — 2,927,526 Restricted Balances (2)(3) Money market funds 21,873 — — 21,873 Certificates of deposit — 503,292 — 503,292 Commercial paper — 732,569 — 732,569 Corporate bonds — 64,003 — 64,003 Total restricted cash equivalents and investments 21,873 1,299,864 — 1,321,737 Total unrestricted and restricted cash equivalents and investments $ 416,875 $ 3,832,388 $ — $ 4,249,263 (1) Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $83.9 million of cash and $105.0 million of a term deposit. (2) Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $57.4 million of restricted cash. (3) Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of September 30, 2019 is $2.4 million of restricted cash. December 31, 2018 Level 1 Level 2 Level 3 Total Unrestricted Balances (1) Money market funds $ 38,528 $ — $ — $ 38,528 Certificates of deposit — 497,554 — 497,554 Commercial paper — 1,134,721 — 1,134,721 Corporate bonds — 119,039 — 119,039 Total unrestricted cash equivalents and short-term investments 38,528 1,751,314 — 1,789,842 Restricted Balances (2)(3) Money market funds 4,620 — — 4,620 Certificates of deposit — 307,604 — 307,604 Commercial paper — 624,509 — 624,509 Corporate bonds — 65,586 — 65,586 Total restricted cash equivalents and investments 4,620 997,699 — 1,002,319 Total unrestricted and restricted cash equivalents and investments $ 43,148 $ 2,749,013 $ — $ 2,792,161 (1) Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $248.0 million of cash. (2) Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $50.2 million of restricted cash. (3) Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of December 31, 2018 is $1.4 million of restricted cash. The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments. The fair value of the Company’s Level 2 fixed income securities is obtained from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 5. Leases Leases (Topic 842) and subsequently issued amendments require a lessee to recognize leases with the term greater than 12 months on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of the fiscal year, January 1, 2019. The comparative period presented is not adjusted and, therefore, those amounts are not presented below. The Company elected the package of transition provisions available for expired or existing contracts, which allowed the Company to carryforward the historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company leases real estate property under operating leases. The Company is also a lessee and a sublessor from an accounting perspective in the car rental transactions involving the Select Express Drive Partner. 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 Company does not separate lease and non-lease components of contracts for real estate property leases. 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, an amount equal to the lease payments in a similar economic environment. Real Estate Operating Leases The Company leases real estate property at approximately 137 locations with 87 commenced leases and 2 not yet commenced leases having an initial term of 12 months or longer as of September 30, 2019. These leases are classified as operating leases. As of September 30, 2019, the remaining lease terms vary from 1 month to 11 years. For certain leases the Company has options to extend the lease term for periods varying from one to five years. These renewal options are 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. Select Express Drive Partner Program Under the Express Drive program, the Company connects drivers who need access to a car with third-party rental car companies. The Company facilitates the car rental transactions between car rental companies and drivers. During 2018 the Company expanded its Express Drive program with the Select Express Drive Partner. Under the Company’s agreement with the Select Express Drive Partner (the “head lease”), the Company is required to pay fleet operating costs over periods ranging from two to three years for vehicles that the Company has committed will remain in a dedicated fleet to be ready to be rented by drivers using the Lyft Platform. Fleet operating costs include monthly fixed payments and other vehicle operating costs. Such payments are required to be made regardless of whether the vehicles are rented by drivers using the Lyft Platform. Drivers who rent vehicles through the arrangement with the Select Express Drive Partner are charged rental fees for which the Company collects such payments from the driver. The Company collects rental fees by deducting such amounts from the drivers’ earnings on the Lyft Platform, or through charging the driver’s credit card. The Company is a principal in the car rental transactions involving the Select Express Drive Partner as the Company becomes a lessee for each vehicle prior to its rental by a driver and is committed to the payment of fixed monthly amounts and other fleet operating costs. The Company subleases the vehicles to drivers when they are rented by drivers and, as a result, the Company considers itself to be the accounting sublessor in its arrangements with drivers. Vehicle leases with the Select Express Drive Partner are classified as operating leases and, accordingly, each sublease representing a car rental transaction with a driver is also an operating lease. The lease term in the car rental sublease is less than a month. Sublease income (revenue) and head lease expense for the Company’s transactions involving the Select Express Drive Partner are recognized on a gross basis in the condensed consolidated financial statements. The revenue recognized under the Select Express Drive Partner program was $32.7 million and $76.8 million for the three and nine months ended September 30, 2019, respectively, and $19.3 million and $33.4 million for the three and nine months ended September 30, 2018, respectively. Lease Position as of September 30, 2019 The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheet (in thousands): September 30, 2019 Assets Real Estate $ 304,126 Select Express Drive Partner Program 107,836 Total operating lease right-of-use assets $ 411,962 Liabilities Current Real Estate $ 37,656 Select Express Drive Partner Program 51,219 Total current operating lease liabilities 88,875 Noncurrent Real Estate 298,315 Select Express Drive Partner Program 60,845 Total noncurrent operating lease liabilities 359,160 Total operating lease liabilities $ 448,035 Weighted-average remaining lease term (years) Real Estate 6.9 Select Express Drive Partner Program 1.9 Weighted-average discount rate (1) Real Estate 6.8 % Select Express Drive Partner Program 6.5 % (1) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. Lease Costs The table below presents certain information related to the lease costs for operating leases (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Real Estate Select Express Drive Partner Program Total Operating Leases Real Estate Select Express Drive Partner Program Total Operating Leases Operating lease cost $ 15,292 $ 14,556 $ 29,848 $ 42,266 $ 36,396 $ 78,662 Short-term lease cost 2,527 — 2,527 6,459 — 6,459 Variable lease cost 3,699 1,587 5,286 7,005 4,577 11,582 Total lease cost $ 21,518 $ 16,143 $ 37,661 $ 55,730 $ 40,973 $ 96,703 Cash paid for amounts included in the measurement of operating lease liabilities was $36.1 million and $71.8 million for the three and nine months ended September 30, 2019, respectively, and is presented as cash flows from operating activities in the condensed consolidated statement of cash flows. 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 condensed consolidated balance sheet as of September 30, 2019 (in thousands): Real Estate Select Express Drive Partner Program Total Leases 2019, remainder $ 15,975 $ 21,007 $ 36,982 2020 73,672 59,837 133,509 2021 71,958 35,458 107,416 2022 66,247 10,951 77,198 2023 50,034 — 50,034 Thereafter 164,305 — 164,305 Total minimum lease payments 442,191 127,253 569,444 Less: amount of lease payments representing interest (106,220 ) (15,189 ) (121,409 ) Present value of future minimum lease payments 335,971 112,064 448,035 Less: current obligations under leases (37,656 ) (51,219 ) (88,875 ) Long-term lease obligations $ 298,315 $ 60,845 $ 359,160 As of September 30, 2019, the Company had additional real estate leases that had not yet commenced with aggregate future lease payments of approximately $10.7 million. These leases are expected to commence between 2019 and 2020 with lease terms of five years to seven years. Future lease payments receivable in car rental transactions under the Select Express Drive Program are not material since the lease term is less than a month. As of December 31, 2018, the future minimum lease payments required under noncancelable operating leases as defined under the previous accounting guidance of ASC Topic 840 were as follows (in thousands): Real Estate Select Express Drive Partner Program Total Operating Leases 2019 $ 51,221 $ 30,129 $ 81,350 2020 53,380 34,597 87,977 2021 52,794 6,439 59,233 2022 48,813 — 48,813 2023 and Thereafter 133,670 — 133,670 Total minimum lease payments $ 339,878 $ 71,165 $ 411,043 |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Noncancelable Purchase Commitments In March 2018, the Company entered into a non-cancellable arrangement with a certain web-hosting services provider under which the Company had an obligation to purchase a minimum of $150 million worth of services from this vendor through June 2021. In January 2019, the parties modified the aggregate commitment amounts and timing. Under the amended arrangement, the Company committed to spend an aggregate of at least $300 million between January 2019 and December 2021, with a minimum amount of $80 million in each of the three years, on services with this vendor. The Company has made payments totaling $87.1 million under the amended arrangement as of September 30, 2019. In May 2019, the Company entered into a non-cancellable 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 during the term. Legal Proceedings The Company is currently involved in, and may in the future be involved in, legal proceedings, claims, regulatory inquiries, and governmental investigations in the ordinary course of business, including suits by drivers, passengers, or third parties (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, its acquisitions, securities issuances or business practices, or public disclosures about the business. In addition, the Company has been, and is currently, named as a defendant in a number of litigation matters related to accidents or other trust and safety incidents involving drivers or passengers using the Lyft Platform. The outcomes of the Company’s legal proceedings are inherently unpredictable and subject to significant uncertainties. For some 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. Until the final resolution of legal matters, there may be an exposure to a material loss in excess of the amount recorded. Indemnification The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including certain business partners, investors, contractors 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 in the Company’s condensed consolidated statements of operations in connection with the indemnification provisions have not been material. 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, a new law in California, known as Assembly Bill 5, which will take effect in January 2020, codifies and extends 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 has led and could continue to lead to additional challenges to the independent contractor classification of drivers using the Lyft Platform. Such regulatory scrutiny or action may create different or conflicting obligations from one jurisdiction to another. The Company is currently involved in a number of putative class actions, individual claims both in court as well as arbitration and other matters challenging the classification of drivers on the Company’s platform as independent contractors. The Company disputes any allegations of wrongdoing and intends to continue to defend itself vigorously in these matters. However, results of litigation and arbitration 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. There have been no material changes with respect to these matters as disclosed in the Company’s Prospectus. Unemployment Insurance Assessment In January 2017, the Company received a notice from a certain state unemployment insurance agency of an initial determination that, during the audit period beginning October 1, 2011 through December 31, 2014, the drivers who utilized the Lyft Platform during the audit period were the Company’s employees for unemployment insurance purposes. As part of that determination, the Company received an assessment for amounts purportedly due of approximately $9.5 million. The Company submitted a petition for reassessment and appealed the determination which has not yet gone to hearing. After abating personal income tax from the assessment, the amount assessed against the Company is approximately $6.6 million as of September 30, 2019. The Company believes that the independent contractors were properly classified and plans to vigorously contest the determination. Accordingly, the Company did not record any amount related to this assessment in its condensed consolidated statements of operations. 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. Securities Litigation Beginning in April 2019, several putative class actions were filed in California state and federal court against the Company, its directors, certain of its officers, and certain of the underwriters named in the IPO Registration Statement alleging violation of securities laws in connection with the IPO. The Company believes these lawsuits are without merit and intends to vigorously defend against them. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Common Stock | 7 . Common Stock Equity Award Plans In March 2019, the Company issued 3,162,797 shares of its common stock, valued at $205.6 million, pursuant to the exercise by the Company’s co-founders of all of their respective vested and outstanding options (after withholding an aggregate of 3,617,460 shares of common stock subject to such options for payment of the exercise price and satisfaction of the aggregate tax withholding obligations, totaling $235.1 million, in connection with the exercises of certain of those options). During the three months ended June 30, 2019, these shares of common stock were reclassified into shares of Class A common stock and subsequently exchanged for shares of Class B common stock as described above in Note 1 – Description of Business and Basis of Presentation – Initial Public Offering. Restricted Stock Units In March 2019, the Company’s board of directors approved the grant of 15,065,349 RSUs to certain officers, employees and consultants, effective one business day prior to the effectiveness of the IPO Registration Statement on March 28, 2019. These RSUs vest upon satisfaction of both a service-based condition and a performance condition. The service-based condition for a majority of such RSUs is satisfied over a period of four years. The performance-based condition of such RSUs was satisfied upon the effectiveness of the IPO Registration Statement on March 28, 2019. The aggregate grant-date fair value of these RSUs was $834.3 million, net of forfeitures, which was expected to be recognized over a weighted-average period of approximately two years. In March 2019, the Company settled 17,688,423 RSUs for which the service-based and performance condition was satisfied upon the effectiveness of the IPO on March 28, 2019. In connection with these settlements, the Company withheld 7,798,045 shares and remitted tax liabilities of $561.2 million on behalf of the RSU holders to the relevant tax authorities in cash. In May 2019, the Company settled 3,476,272 RSUs for which the service-based condition was satisfied. In connection with these In August 2019, the Company settled 3,771,610 RSUs for which the service-based condition was satisfied. In connection with these settlements, the Company withheld 1,484,950 shares and remitted tax liabilities of $76.7 million on behalf of the RSU holders to the relevant tax authorities in cash. As of September 30, 2019, the total unrecognized compensation cost related to RSUs was $1.1 billion. The Company expects to recognize this expense over the remaining weighted-average period of approximately two years. 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. 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 “2019 ESPP”). The 2019 ESPP went into effect on March 27, 2019. Subject to any limitations contained therein, the 2019 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 2019 ESPP provides for consecutive, overlapping 12-month offering periods. The initial offering period runs from March 28, 2019 through June 30, 2020. A total of 6,000,000 shares of Class A common stock were reserved for issuance under the 2019 ESPP. As of September 30, 2019, no shares of Class A common stock have been purchased under the 2019 ESPP. The number of shares reserved under the 2019 ESPP will automatically increase 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. |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 8 . Income Tax The Company’s quarterly tax provision is based upon an estimated annual effective tax rate. The Company’s provision for income taxes has not been historically significant to the business as the Company has incurred operating losses to date. The provision for income taxes consists primarily of state taxes in jurisdictions in which the Company conducts business. The Company’s provision for income taxes was $1.9 million and $4.3 million for the three and nine months ended September 30, 2019, respectively, with an effective tax rate of (0.41)% and (0.19)%, respectively, and $0.5 million and $1.1 million for the three and nine months ended September 30, 2018, respectively, with an effective tax rate of (0.20)% and (0.17)%, respectively. The effective tax rate differs from the U.S. statutory tax rate primarily due to the valuation allowances on the Company’s deferred tax assets as it is more likely than not that some or all of the Company’s deferred tax assets will not be realized. 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 condensed consolidated balance sheets. To date, the Company has not recognized any interest and penalties in its condensed consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. The Company has no unrecognized tax benefits as of September 30, 2019 and December 31, 2018. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9 . Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. The diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period. For purposes of this calculation, redeemable convertible preferred stock, stock options, RSUs, restricted stock awards (“RSAs”), stock purchase rights granted under the Company’s ESPP, and early exercised stock options are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share when including them has an anti-dilutive effect. Basic and diluted net loss per share 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 loss per share (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net loss $ (463,477 ) $ (249,161 ) $ (2,246,189 ) $ (662,403 ) Weighted-average shares used in computing net loss per share, basic and diluted 294,784 21,508 203,199 20,884 Net loss per share, basic and diluted $ (1.57 ) $ (11.58 ) $ (11.05 ) $ (31.72 ) The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect (in thousands): September 30, 2019 2018 Redeemable convertible preferred stock (on an if-converted basis) — 218,641 Stock options 3,881 14,115 RSUs 42,209 36,924 RSAs 125 — ESPP 235 — Early exercised stock options — 2 Total 46,450 269,682 |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10 . Related Party Transactions The Company purchased certain advertising-related and other services in the amount of The Company had a vehicle rental partnership agreement with a company that was affiliated with a significant stockholder of the Company. During the nine months ended September 30, 2018, the Company paid to this related party The Company purchased certain marketing services in the amount of $0.3 million and $1.6 million during the three and nine months ended September 30, 2019, respectively, and $0.9 million and $2.8 million during the three and nine months ended September 30, 2018, respectively, from two companies owned by a significant stockholder of the Company. As of September 30, 2019 and December 31, 2018, approximately $2.2 million and $9.2 million, respectively, were due to these related parties, which were included in accounts payable and accrued and other current liabilities on the condensed consolidated balance sheets. As of September 30, 2019 and December 31, 2018, approximately $0 and $0.2 million, respectively, were due from these related parties, which were included in prepaid expenses and other current assets on the condensed consolidated balance sheets. The Company recorded revenue of $0.1 million and $1.4 million during the three and nine months ended September 30, 2019, respectively, and $0.5 million and $1.3 million during the three and nine months ended September 30, 2018, respectively, from related parties in the condensed consolidated statements of operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of 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 condensed 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, fair value of financial instruments, goodwill and identif iable intangible assets, leases, indirect tax obligations, legal contingencies, valuation allowance for deferred income taxes, and valuation of stock-based compensation. |
Revenue Recognition | Revenue Recognition The Company generates substantially all of its revenue from its ridesharing marketplace that connects drivers and passengers. The Company also generates revenue from its network of shared bikes and scooters, and its Express Drive program. Beginning in 2018, the Company generated revenue from subscription fees paid by riders to access its network of shared bikes and single use ride fees paid by riders to access its network of shared bikes and scooters. Subscription fees are recognized on a straight-line basis over the subscription period. Single-use ride fees are recognized upon completion of each related ride. Revenue from the network of shared bikes and scooters was not material for the three and nine months ended September 30, 2019 and $0 for the three and nine months ended September 30, 2018. For its Express Drive program, the Company primarily generates revenue from lease income earned under an arrangement with one of its third-party Express Drive partners. The Company recognizes revenue for its rideshare marketplace in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), “Revenue from Contracts with Customers.” Rideshare Marketplace The Company generates revenue from service fees and commissions (collectively, “fees”) paid by drivers for use of the Company’s proprietary technology platform (the “Lyft Platform”) and related activities to connect drivers with passengers to facilitate and successfully complete rides via the Lyft mobile application (the “App”) where Lyft operates as a Transportation Network Company (“TNC”). The Company recognizes revenue upon completion of each ride. Under the Terms of Service (“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 passengers on behalf of drivers. Principal vs. Agent Considerations: The Company evaluates the presentation of revenue on a gross vs. net basis based on whether it acts as a principal by controlling the transportation service provided to the passenger or whether it acts as an agent by arranging for third parties to provide the service to the passenger. The Company facilitates the provision of a transportation service by a driver to a passenger (the driver’s customer) in order for the driver to fulfill their contractual promise to the passenger. The driver fulfills their promise to provide a transportation service to their customer through use of the Lyft Platform. While the Company facilitates setting the price for transportation services, the drivers and passengers have the discretion in accepting the transaction price through the platform. The Company is not responsible for fulfilling transportation services being provided to the passenger nor does the Company have inventory risk related to these services. The Company is acting as an agent in facilitating the ability for a driver to provide a transportation service to a passenger. The Company reports revenue on a net basis, reflecting the fee owed to the Company from the driver as revenue, and not the gross amount collected from the passenger. The Company determined that it is not primarily responsible for the services since it does not promise the transportation services, does not contract with drivers to provide transportation services on the Company’s behalf, does not control whether the driver accepts or declines the transportation request via the Lyft Platform, and does not control the provision of transportation services by drivers to passengers at any point in time either before, during or after the ride. The Company applied the following steps to achieve the core principle of ASC 606: 1. Identification of the Contract, or Contracts, with a Customer: The Company considered the ToS and its customary business practices in identifying the contracts under ASC 606. Drivers accept the ToS with Lyft to use the App. The ToS defines the fees the Company charges drivers for each transaction, each party’s rights and obligations regarding the services to be transferred and payment terms. The driver agrees to perform the transportation service as requested by the passenger upon acceptance of a passenger’s request for a ride via the App. 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 passenger. The duration of a contract with a customer is typically equal to the duration of a single ride. The Company does not earn any fees from the passengers to access the App and the Company has no obligation to the passengers to provide the ride. The Company collects the fare and related charges from passengers on behalf of drivers using the passenger’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. 2. Identification of the Performance Obligations in the Contract: The Company provides a service to drivers to complete a successful transportation service for passengers. The service includes on-demand lead generation that assists drivers to find, receive and fulfill on-demand requests from passengers seeking transportation services and related collection activities using the Lyft Platform. These activities are not distinct from each other and are not separate performance obligations. As a result, the Company’s single performance obligation in the transaction is to connect drivers with passengers to facilitate the completion of a successful transportation service for passengers. 3. Determination of the Transaction Price: The Company earns fees from the drivers either as the difference between an amount paid by a passenger based on an up-front quoted fare and the amount earned by a driver based on actual time and distance for the ride or as a fixed percentage of the fare charged to the passenger. In an up-front quoted fare arrangement, as the Company does not control the driver’s actions at any point in the transaction to limit the time and distance for the ride, the Company takes on risks related to the driver’s actions which may not be fully mitigated. The Company earns 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 passenger is less than the amount the Company is committed to pay the driver. The Company records certain payments to drivers, such as refunds and ride incentives, as variable consideration which results in a reduction to the fee earned by the Company at the time such payments are earned by the driver. Taxes, municipal and airport fees assessed by governmental authorities that are both imposed on and are concurrent with specific revenue producing transactions, and collected from drivers and passengers, are excluded from the transaction price. Such amounts are not included as a component of revenue or cost of revenue. 4. Allocation of the Transaction Price to the Performance Obligations in the Contract: The Company’s single performance obligation in the transaction is to connect drivers with passengers to facilitate the completion of a successful transportation service for passengers and, as a result, there is no allocation of the transaction price. 5. Recognition of Revenue when, or as, the Company Satisfies a Performance Obligation: Revenue is recognized at the time the performance obligation is satisfied by transferring the control of the promised service to a customer in an amount that reflects the consideration that the Company expects to receive in exchange for the service. The Company recognizes revenue upon completion of a ride as its performance obligation is satisfied upon the completion of the ride. The Company does not have contract assets or contract liabilities as the payment of the transaction price is concurrent with the fulfillment of the services. At the time of ride completion, the Company has the right to receive payment for the services rendered. Accordingly, there are no partially satisfied or unsatisfied performance obligations for the three and nine months ended September 30, 2019 and 2018. As part of the adoption of ASC 606, the Company evaluated the use of practical expedients as required under the standard. New driver referral bonuses paid are contingent upon a new driver completing a certain number of rides and represent the incremental cost of obtaining a contract with a customer. The Company applied the practical expedient under ASC 606-10-45-1 and expenses new driver referral bonuses as sales and marketing expense when the referral bonuses are earned because the amortization period would be one year or less. The Company has no significant financing components with customers and did not utilize the practical expedient under ASC 606-10-32-18. Express Drive Program Revenue Under the Express Drive program, the Company connects drivers who need access to a car with third-party rental car companies. The Company facilitates the car rental transactions between car rental companies and drivers. During 2018, the Company expanded its Express Drive program with an Express Drive partner, a third-party rental car provider (the “Select Express Drive Partner”). Under the Company’s agreement with the Select Express Drive Partner (the “head lease”), the Company is required to pay fleet operating costs over periods ranging from two to three years for vehicles that the Company has committed will remain in a dedicated fleet to be ready to be rented by drivers using the Lyft Platform. Fleet operating costs include monthly fixed payments and other vehicle operating costs. Such payments are required to be made regardless of whether the vehicles are rented by drivers using the Lyft Platform. Drivers who rent vehicles through the arrangement with the Select Express Drive Partner are charged rental fees for which the Company collects from the driver. The Company collects rental fees by deducting such amounts from the driver’s earnings on the Lyft Platform, or through charging the driver’s credit card. The Company is a principal in car rental transactions involving the Select Express Drive Partner as the Company becomes a lessee for each vehicle prior to its rental by a driver and is committed to the payment of fixed monthly amounts and other fleet operating costs. The Company subleases the vehicles to drivers when they are rented by drivers and, as a result, the Company considers itself to be the accounting sublessor in its arrangements with drivers. Vehicle leases with the Select Express Drive Partner are classified as operating leases and, accordingly, each sublease representing a car rental transaction with a driver is also an operating lease. Sublease income (revenue) and head lease expense for the Company’s transactions involving the Select Express Drive Partner are recognized on a gross basis in the condensed consolidated financial statements. The revenue recognized under the Select Express Drive Partner program was $32.7 million and $76.8 million for the three and nine months ended September 30, 2019, respectively, and $19.3 million and $33.4 million for the three and nine months ended September 30, 2018, respectively. |
Incentive Programs | Incentive Programs The Company offers incentives to attract drivers, passengers and riders of shared bikes and scooters (“Light Vehicle renters”) to use the Lyft Platform. Drivers generally receive cash incentives while passengers and Light Vehicle renters generally receive free or discounted rides under such incentive programs. Incentives provided to drivers and Light Vehicle renters, the customers of the Company, are accounted for as a reduction of the transaction price. As the passengers are not the Company’s customers, incentives provided to passengers 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 passengers 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. Passenger Incentives The Company has several passenger incentive programs, which are offered to encourage passenger activity on the Lyft Platform. Generally, the passenger incentive programs are as follows: (i) Market-wide marketing promotions and discounts on shared rides. (ii) Targeted marketing promotions. During the promotion period, passengers not utilizing an incentive would be charged the full fare. These incentives represent marketing costs. When a passenger 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) Passenger referral programs. Light Vehicle Renter Incentives Incentives offered to Light Vehicle renters to access the Company’s network of shared bikes and scooters were not material for the three and nine months ended September 30, 2019 and 2018. For the three and nine months ended September 30, 2019, in relation to the driver, passenger and Light Vehicle renter incentive programs, the Company recorded $126.1 million and $416.2 million as a reduction to revenue and $78.3 million and $282.7 million as sales and marketing expense, respectively. For the three and nine months ended September 30, 2018, in relation to the driver, passenger and Light Vehicle renter incentive programs, the Company recorded $138.3 million and $407.9 million as a reduction to revenue and $93.5 million and $214.4 million as sales and marketing expense, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company estimates the fair value of stock options granted to employees, directors, and consultants and stock purchase rights granted under the Company’s Employee Stock Purchase Plan (“ESPP”) using the Black-Scholes option-pricing model. 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 on a straight-line basis over the offering period, which is 12 months. The fair value of restricted stock units (“ Compensation expense for RSUs with service and performance conditions is amortized on a graded basis over the requisite service period as long as the performance condition in the form of a specified liquidity event is probable to occur. The liquidity event condition was satisfied upon the effectiveness of the IPO Registration Statement Stock-based compensation expense is based on awards ultimately expected to vest and reflects estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. |
Insurance Reserves | Insurance Reserves 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 and general business liabilities up to certain limits. The recorded liabilities reflect the estimated ultimate 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 evaluated for appropriateness with claims reserve valuations provided by an independent third-party actuary on a quarterly basis. To limit exposure to some risks, the Company maintains additional insurance coverage with varying limits and retentions. The Company cannot predict whether this insurance will be adequate to cover all potential hazards incidental to its business. Liability insurance claims may take several years to completely settle, and the Company has limited historical loss experience. Because of the limited operational history, the Company makes certain assumptions based on currently available information and industry statistics 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. Accordingly, actual losses may vary significantly from the estimated amounts reported in the financial statements. Reserves are continually reviewed and adjusted as necessary as experience develops or new information becomes known. However, ultimate results may differ from the Company’s estimates, which could result in losses over the Company’s reserved amounts. Such adjustments are recorded in cost of revenue or general and administrative expenses depending on the nature of the reserves. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The new guidance amended guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For available-for-sale debt securities, credit losses will be presented as an allowance rather than as a write-down. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact of adopting this standard on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The implementation costs incurred in a hosting arrangement that is a service contract should be presented as a prepaid asset in the balance sheet and expensed over the term of the hosting arrangement to the same line item in the statement of operations as the costs related to the hosting fees. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for all entities including adoption in any interim period. The amendments should be applied either retrospectively or prospectively to all implementation costs incurred after adoption. The Company is currently assessing the impact of adopting this standard on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820).” This standard modifies disclosure requirements related to fair value measurement and is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. The standard also allows for early adoption of any removed or modified disclosures upon issuance while delaying adoption of the additional disclosures until their effective date. The Company is currently assessing the impact of adopting this standard on its condensed consolidated financial statements. Recently Adopted Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-01 “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The Company adopted this ASU as of January 1, 2019, which did not have a material impact on its condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU and subsequently issued amendments require a lessee to recognize leases with the term greater than 12 months on the balance sheet. The standard is effective for interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted. In July 2018, the FASB issued ASU No. 2018-11, “Targeted Improvements—Leases (Topic 842).” This update provides an optional transition method that allows entities to elect to apply the standard using the modified retrospective approach at its effective date, versus recasting the prior years presented. If elected, an entity would recognize a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption. The Company adopted the new standard as of January 1, 2019 using the transition method that provides for a cumulative-effect adjustment to retained earnings upon adoption. There was no impact on the Company’s accumulated deficit as of January 1, 2019 as a result of the adoption of this standard. The condensed consolidated financial statements for the three and nine months ended September 30, 2019 are presented under the new standard, while the comparative periods presented are not adjusted and continue to be reported in accordance with the Company’s historical accounting policy. The adoption of the new lease standard resulted in the recognition of operating lease right-of-use assets of $285.6 million and operating lease liabilities, including operating lease liabilities — current, of $314.1 million as of January 1, 2019. In connection with the adoption of this standard, deferred rent of $28.5 million, which was previously recorded in accrued and other current liabilities and in other long-term liabilities on the consolidated balance sheet as of December 31, 2018, was derecognized. See Note 5, “Leases,” for more information. In August 2016, the FASB issued ASU No. 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This standard clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination, insurance settlement proceeds, and distributions from certain equity method investees. The Company adopted this ASU on a retrospective basis as of January 1, 2019, which did not have any impact on its condensed consolidated financial statements. |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Components Disclosure [Abstract] | |
Summary of 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): September 30, 2019 Cost or Amortized Unrealized Estimated Fair Cost Gains Losses Value Unrestricted Balances (1) Money market funds $ 395,002 $ — $ — $ 395,002 Term deposit 105,000 — — 105,000 Certificates of deposit 1,439,085 1,570 (33 ) 1,440,622 Commercial paper 867,179 187 (55 ) 867,311 Corporate bonds 224,118 473 — 224,591 Total unrestricted cash equivalents and short-term investments 3,030,384 2,230 (88 ) 3,032,526 Restricted Balances (2)(3) Money market funds 21,873 — — 21,873 Certificates of deposit 502,985 345 (38 ) 503,292 Commercial paper 732,569 142 (142 ) 732,569 Corporate bonds 63,908 95 — 64,003 Total restricted cash equivalents and investments 1,321,335 582 (180 ) 1,321,737 Total unrestricted and restricted cash equivalents and investments $ 4,351,719 $ 2,812 $ (268 ) $ 4,354,263 (1) Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $83.9 million of cash. (2) Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $57.4 million of restricted cash. (3) Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of September 30, 2019 is $2.4 million of restricted cash. December 31, 2018 Cost or Amortized Unrealized Estimated Fair Cost Gains Losses Value Unrestricted Balances (1) Money market funds $ 38,528 $ — $ — $ 38,528 Certificates of deposit 497,748 19 (213 ) 497,554 Commercial paper 1,135,092 38 (409 ) 1,134,721 Corporate bonds 119,043 19 (23 ) 119,039 Total unrestricted cash equivalents and short-term investments 1,790,411 76 (645 ) 1,789,842 Restricted Balances (2)(3) Money market funds 4,620 — — 4,620 Certificates of deposit 307,650 41 (87 ) 307,604 Commercial paper 624,719 17 (227 ) 624,509 Corporate bonds 65,616 6 (36 ) 65,586 Total restricted cash equivalents and investments 1,002,605 64 (350 ) 1,002,319 Total unrestricted and restricted cash equivalents and investments $ 2,793,016 $ 140 $ (995 ) $ 2,792,161 (1) Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $248.0 million of cash. (2) Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $50.2 million of restricted cash. (3) Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of December 31, 2018 is $1.4 million of restricted cash. |
Summary of Rollforward of the Insurance Reserve | The following table provides a rollforward of the insurance reserve for the periods presented (in thousands): Nine Months Ended September 30, 2019 2018 Beginning balance $ 810,273 $ 376,538 Losses paid (349,919 ) (149,847 ) Change in estimates for prior periods 198,348 3,392 Reserves for current period 716,233 461,719 Ending balance $ 1,374,935 $ 691,802 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on Recurring Basis | The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands): September 30, 2019 Level 1 Level 2 Level 3 Total Unrestricted Balances (1) Money market funds $ 395,002 $ — $ — $ 395,002 Certificates of deposit — 1,440,622 — 1,440,622 Commercial paper — 867,311 — 867,311 Corporate bonds — 224,591 — 224,591 Total unrestricted cash equivalents and short-term investments 395,002 2,532,524 — 2,927,526 Restricted Balances (2)(3) Money market funds 21,873 — — 21,873 Certificates of deposit — 503,292 — 503,292 Commercial paper — 732,569 — 732,569 Corporate bonds — 64,003 — 64,003 Total restricted cash equivalents and investments 21,873 1,299,864 — 1,321,737 Total unrestricted and restricted cash equivalents and investments $ 416,875 $ 3,832,388 $ — $ 4,249,263 (1) Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $83.9 million of cash and $105.0 million of a term deposit. (2) Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $57.4 million of restricted cash. (3) Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of September 30, 2019 is $2.4 million of restricted cash. December 31, 2018 Level 1 Level 2 Level 3 Total Unrestricted Balances (1) Money market funds $ 38,528 $ — $ — $ 38,528 Certificates of deposit — 497,554 — 497,554 Commercial paper — 1,134,721 — 1,134,721 Corporate bonds — 119,039 — 119,039 Total unrestricted cash equivalents and short-term investments 38,528 1,751,314 — 1,789,842 Restricted Balances (2)(3) Money market funds 4,620 — — 4,620 Certificates of deposit — 307,604 — 307,604 Commercial paper — 624,509 — 624,509 Corporate bonds — 65,586 — 65,586 Total restricted cash equivalents and investments 4,620 997,699 — 1,002,319 Total unrestricted and restricted cash equivalents and investments $ 43,148 $ 2,749,013 $ — $ 2,792,161 (1) Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $248.0 million of cash. (2) Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $50.2 million of restricted cash. (3) Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of December 31, 2018 is $1.4 million of restricted cash. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Position | Lease Position as of September 30, 2019 The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheet (in thousands): September 30, 2019 Assets Real Estate $ 304,126 Select Express Drive Partner Program 107,836 Total operating lease right-of-use assets $ 411,962 Liabilities Current Real Estate $ 37,656 Select Express Drive Partner Program 51,219 Total current operating lease liabilities 88,875 Noncurrent Real Estate 298,315 Select Express Drive Partner Program 60,845 Total noncurrent operating lease liabilities 359,160 Total operating lease liabilities $ 448,035 Weighted-average remaining lease term (years) Real Estate 6.9 Select Express Drive Partner Program 1.9 Weighted-average discount rate (1) Real Estate 6.8 % Select Express Drive Partner Program 6.5 % (1) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. |
Schedule of Lease Costs of Operating Leases | The table below presents certain information related to the lease costs for operating leases (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Real Estate Select Express Drive Partner Program Total Operating Leases Real Estate Select Express Drive Partner Program Total Operating Leases Operating lease cost $ 15,292 $ 14,556 $ 29,848 $ 42,266 $ 36,396 $ 78,662 Short-term lease cost 2,527 — 2,527 6,459 — 6,459 Variable lease cost 3,699 1,587 5,286 7,005 4,577 11,582 Total lease cost $ 21,518 $ 16,143 $ 37,661 $ 55,730 $ 40,973 $ 96,703 |
Schedule of Operating Lease Liabilities | 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 condensed consolidated balance sheet as of September 30, 2019 (in thousands): Real Estate Select Express Drive Partner Program Total Leases 2019, remainder $ 15,975 $ 21,007 $ 36,982 2020 73,672 59,837 133,509 2021 71,958 35,458 107,416 2022 66,247 10,951 77,198 2023 50,034 — 50,034 Thereafter 164,305 — 164,305 Total minimum lease payments 442,191 127,253 569,444 Less: amount of lease payments representing interest (106,220 ) (15,189 ) (121,409 ) Present value of future minimum lease payments 335,971 112,064 448,035 Less: current obligations under leases (37,656 ) (51,219 ) (88,875 ) Long-term lease obligations $ 298,315 $ 60,845 $ 359,160 |
Future Minimum Lease Payments | As of December 31, 2018, the future minimum lease payments required under noncancelable operating leases as defined under the previous accounting guidance of ASC Topic 840 were as follows (in thousands): Real Estate Select Express Drive Partner Program Total Operating Leases 2019 $ 51,221 $ 30,129 $ 81,350 2020 53,380 34,597 87,977 2021 52,794 6,439 59,233 2022 48,813 — 48,813 2023 and Thereafter 133,670 — 133,670 Total minimum lease payments $ 339,878 $ 71,165 $ 411,043 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net loss $ (463,477 ) $ (249,161 ) $ (2,246,189 ) $ (662,403 ) Weighted-average shares used in computing net loss per share, basic and diluted 294,784 21,508 203,199 20,884 Net loss per share, basic and diluted $ (1.57 ) $ (11.58 ) $ (11.05 ) $ (31.72 ) |
Schedule of Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share | The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect (in thousands): September 30, 2019 2018 Redeemable convertible preferred stock (on an if-converted basis) — 218,641 Stock options 3,881 14,115 RSUs 42,209 36,924 RSAs 125 — ESPP 235 — Early exercised stock options — 2 Total 46,450 269,682 |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 09, 2019 | Apr. 02, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Description Of Business And Basis Of Presentation [Line Items] | ||||
Proceeds from issuance of common stock in initial public offering, net of issuance costs | $ 2,484,101 | |||
Common stock shares authorized | 340,000,000 | |||
Preferred stock shares authorized | 1,000,000,000 | 1,000,000,000 | 0 | |
Common stock shares outstanding | 22,438,472 | |||
Class A Common Stock | ||||
Description Of Business And Basis Of Presentation [Line Items] | ||||
Underwriting discounts and commissions | $ 70,300 | |||
Offering costs | $ 7,700 | |||
Common stock shares authorized | 18,000,000,000 | 18,000,000,000 | ||
Common stock shares outstanding | 255,007,393 | 286,350,943 | ||
Redeemable Convertible Preferred Stock | ||||
Description Of Business And Basis Of Presentation [Line Items] | ||||
Conversion of stock, shares converted | 219,175,709 | |||
Class B Common Stock | ||||
Description Of Business And Basis Of Presentation [Line Items] | ||||
Common stock shares authorized | 100,000,000 | 100,000,000 | 0 | |
Common stock shares outstanding | 12,779,709 | 11,232,629 | 0 | |
IPO | Class A Common Stock | ||||
Description Of Business And Basis Of Presentation [Line Items] | ||||
Number of shares issued | 32,500,000 | |||
Price per share | $ 72 | |||
Proceeds from issuance of common stock in initial public offering, net of issuance costs | $ 2,500,000 | |||
Exercise by Underwriters' Option to Purchase Additional Shares | Class A Common Stock | ||||
Description Of Business And Basis Of Presentation [Line Items] | ||||
Number of shares issued | 2,996,845 | |||
Price per share | $ 72 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Mar. 28, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 |
Significant Accounting Policies [Line Items] | |||||||
Revenue | $ 955,598 | $ 584,951 | $ 2,598,890 | $ 1,487,051 | |||
Referral coupons expiry term | 1 year | ||||||
Cumulative stock-based compensation expense | $ 857,200 | $ 1,394,900 | 6,343 | ||||
Operating lease right of use assets | 411,962 | 411,962 | $ 285,600 | $ 0 | |||
Operating lease liabilities | 448,035 | 448,035 | 314,100 | ||||
Deferred rent | $ 28,500 | ||||||
Express Drive Partner Program | |||||||
Significant Accounting Policies [Line Items] | |||||||
Sublease revenue | 32,700 | 19,300 | 76,800 | 33,400 | |||
Operating lease right of use assets | 107,836 | 107,836 | |||||
Operating lease liabilities | 112,064 | $ 112,064 | |||||
Minimum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Fleet operating costs period | 2 years | ||||||
Maximum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Fleet operating costs period | 3 years | ||||||
Shared Bikes and Scooters | |||||||
Significant Accounting Policies [Line Items] | |||||||
Revenue | 0 | 0 | |||||
Driver Passenger and Light Vehicle Renter Incentive Programs | |||||||
Significant Accounting Policies [Line Items] | |||||||
Reduction of revenue | 126,100 | 138,300 | $ 416,200 | 407,900 | |||
Sales and marketing | $ 78,300 | $ 93,500 | $ 282,700 | $ 214,400 |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |||
Cash Equivalents and Short-Term Investments [Line Items] | |||||
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost | $ 3,030,384 | [1] | $ 1,790,411 | [2] | |
Unrestricted cash equivalents and short-term investments, Unrealized Gains | 2,230 | [1] | 76 | [2] | |
Unrestricted cash equivalents and short-term investments, Unrealized Losses | (88) | [1] | (645) | [2] | |
Unrestricted cash equivalents and short-term investments, Estimated Fair Value | 3,032,526 | [1] | 1,789,842 | [2] | |
Restricted cash equivalents and investments, Cost or Amortized Cost | 1,321,335 | [3],[4] | 1,002,605 | [5],[6] | |
Restricted cash equivalents and investments, Unrealized Gains | 582 | [3],[4] | 64 | [5],[6] | |
Restricted cash equivalents and investments, Unrealized Losses | (180) | [3],[4] | (350) | [5],[6] | |
Restricted cash equivalents and investments, Estimated Fair Value | 1,321,737 | [3],[4] | 1,002,319 | [5],[6] | |
Unrestricted and restricted cash equivalents and investments, Cost or Amortized Cost | 4,351,719 | 2,793,016 | |||
Unrestricted and restricted cash equivalents and investments, Unrealized Gains | 2,812 | 140 | |||
Unrestricted and restricted cash equivalents and investments, Unrealized Losses | (268) | (995) | |||
Unrestricted and restricted cash equivalents and investments, Estimated Fair Value | 4,354,263 | 2,792,161 | |||
Corporate Bonds | |||||
Cash Equivalents and Short-Term Investments [Line Items] | |||||
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost | 224,118 | [1] | 119,043 | [2] | |
Unrestricted cash equivalents and short-term investments, Unrealized Gains | 473 | [1] | 19 | [2] | |
Unrestricted cash equivalents and short-term investments, Unrealized Losses | [2] | (23) | |||
Unrestricted cash equivalents and short-term investments, Estimated Fair Value | 224,591 | [1] | 119,039 | [2] | |
Restricted cash equivalents and investments, Cost or Amortized Cost | 63,908 | [3],[4] | 65,616 | [5],[6] | |
Restricted cash equivalents and investments, Unrealized Gains | 95 | [3],[4] | 6 | [5],[6] | |
Restricted cash equivalents and investments, Unrealized Losses | [5],[6] | (36) | |||
Restricted cash equivalents and investments, Estimated Fair Value | 64,003 | [3],[4] | 65,586 | [5],[6] | |
Money Market Funds | |||||
Cash Equivalents and Short-Term Investments [Line Items] | |||||
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost | 395,002 | [1] | 38,528 | [2] | |
Unrestricted cash equivalents and short-term investments, Estimated Fair Value | 395,002 | [1] | 38,528 | [2] | |
Restricted cash equivalents and investments, Cost or Amortized Cost | 21,873 | [3],[4] | 4,620 | [5],[6] | |
Restricted cash equivalents and investments, Estimated Fair Value | 21,873 | [3],[4] | 4,620 | [5],[6] | |
Certificates of Deposit | |||||
Cash Equivalents and Short-Term Investments [Line Items] | |||||
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost | 1,439,085 | [1] | 497,748 | [2] | |
Unrestricted cash equivalents and short-term investments, Unrealized Gains | 1,570 | [1] | 19 | [2] | |
Unrestricted cash equivalents and short-term investments, Unrealized Losses | (33) | [1] | (213) | [2] | |
Unrestricted cash equivalents and short-term investments, Estimated Fair Value | 1,440,622 | [1] | 497,554 | [2] | |
Restricted cash equivalents and investments, Cost or Amortized Cost | 502,985 | [3],[4] | 307,650 | [5],[6] | |
Restricted cash equivalents and investments, Unrealized Gains | 345 | [3],[4] | 41 | [5],[6] | |
Restricted cash equivalents and investments, Unrealized Losses | (38) | [3],[4] | (87) | [5],[6] | |
Restricted cash equivalents and investments, Estimated Fair Value | 503,292 | [3],[4] | 307,604 | [5],[6] | |
Term Deposits | |||||
Cash Equivalents and Short-Term Investments [Line Items] | |||||
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost | [2] | 105,000 | |||
Unrestricted cash equivalents and short-term investments, Estimated Fair Value | [2] | 105,000 | |||
Commercial Paper | |||||
Cash Equivalents and Short-Term Investments [Line Items] | |||||
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost | 867,179 | [1] | 1,135,092 | [2] | |
Unrestricted cash equivalents and short-term investments, Unrealized Gains | 187 | [1] | 38 | [2] | |
Unrestricted cash equivalents and short-term investments, Unrealized Losses | (55) | [1] | (409) | [2] | |
Unrestricted cash equivalents and short-term investments, Estimated Fair Value | 867,311 | [1] | 1,134,721 | [2] | |
Restricted cash equivalents and investments, Cost or Amortized Cost | 732,569 | [3],[4] | 624,719 | [5],[6] | |
Restricted cash equivalents and investments, Unrealized Gains | 142 | [3],[4] | 17 | [5],[6] | |
Restricted cash equivalents and investments, Unrealized Losses | (142) | [3],[4] | (227) | [5],[6] | |
Restricted cash equivalents and investments, Estimated Fair Value | $ 732,569 | [3],[4] | $ 624,509 | [5],[6] | |
[1] | Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $83.9 million of cash. | ||||
[2] | Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $248.0 million of cash. | ||||
[3] | Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of September 30, 2019 is $2.4 million of restricted cash. | ||||
[4] | Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $57.4 million of restricted cash. | ||||
[5] | Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of December 31, 2018 is $1.4 million of restricted cash. | ||||
[6] | Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $50.2 million of restricted cash. |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Summary of Cash Equivalents and Short-Term Investments (Parenthetical) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents and Short-Term Investments | ||
Cash And Restricted Cash [Line Items] | ||
Cash | $ 83.9 | $ 248 |
Restricted Cash and Cash Equivalents and Restricted Investments | ||
Cash And Restricted Cash [Line Items] | ||
Restricted cash | 57.4 | 50.2 |
Prepaid Expenses and Other Current Assets | ||
Cash And Restricted Cash [Line Items] | ||
Restricted cash | $ 2.4 | $ 1.4 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Summary of Rollforward of Insurance Reserve (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Balance Sheet Components Disclosure [Abstract] | ||
Beginning balance | $ 810,273 | $ 376,538 |
Losses paid | (349,919) | (149,847) |
Change in estimates for prior periods | 198,348 | 3,392 |
Reserves for current period | 716,233 | 461,719 |
Ending balance | $ 1,374,935 | $ 691,802 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Unrestricted and restricted cash equivalents and investments, Estimated Fair Value | $ 4,354,263 | $ 2,792,161 | ||
Fair Value Measurements on a Recurring Basis | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Total unrestricted cash equivalents and short-term investments at fair value | 2,927,526 | [1] | 1,789,842 | [2] |
Total restricted cash equivalents and investments at fair value | 1,321,737 | [3] | 1,002,319 | [4] |
Unrestricted and restricted cash equivalents and investments, Estimated Fair Value | 4,249,263 | 2,792,161 | ||
Fair Value Measurements on a Recurring Basis | Level 1 | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Total unrestricted cash equivalents and short-term investments at fair value | 395,002 | [1] | 38,528 | [2] |
Total restricted cash equivalents and investments at fair value | 21,873 | [3] | 4,620 | [4] |
Unrestricted and restricted cash equivalents and investments, Estimated Fair Value | 416,875 | 43,148 | ||
Fair Value Measurements on a Recurring Basis | Level 2 | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Total unrestricted cash equivalents and short-term investments at fair value | 2,532,524 | [1] | 1,751,314 | [2] |
Total restricted cash equivalents and investments at fair value | 1,299,864 | [3] | 997,699 | [4] |
Unrestricted and restricted cash equivalents and investments, Estimated Fair Value | 3,832,388 | 2,749,013 | ||
Fair Value Measurements on a Recurring Basis | Money Market Funds | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Total unrestricted cash equivalents and short-term investments at fair value | 395,002 | [1] | 38,528 | [2] |
Total restricted cash equivalents and investments at fair value | 21,873 | [3] | 4,620 | [4] |
Fair Value Measurements on a Recurring Basis | Money Market Funds | Level 1 | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Total unrestricted cash equivalents and short-term investments at fair value | 395,002 | [1] | 38,528 | [2] |
Total restricted cash equivalents and investments at fair value | 21,873 | [3] | 4,620 | [4] |
Fair Value Measurements on a Recurring Basis | Certificates of Deposit | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Total unrestricted cash equivalents and short-term investments at fair value | 1,440,622 | [1] | 497,554 | [2] |
Total restricted cash equivalents and investments at fair value | 503,292 | [3] | 307,604 | [4] |
Fair Value Measurements on a Recurring Basis | Certificates of Deposit | Level 2 | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Total unrestricted cash equivalents and short-term investments at fair value | 1,440,622 | [1] | 497,554 | [2] |
Total restricted cash equivalents and investments at fair value | 503,292 | [3] | 307,604 | [4] |
Fair Value Measurements on a Recurring Basis | Commercial Paper | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Total unrestricted cash equivalents and short-term investments at fair value | 867,311 | [1] | 1,134,721 | [2] |
Total restricted cash equivalents and investments at fair value | 732,569 | [3] | 624,509 | [4] |
Fair Value Measurements on a Recurring Basis | Commercial Paper | Level 2 | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Total unrestricted cash equivalents and short-term investments at fair value | 867,311 | [1] | 1,134,721 | [2] |
Total restricted cash equivalents and investments at fair value | 732,569 | [3] | 624,509 | [4] |
Corporate Bonds | Fair Value Measurements on a Recurring Basis | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Total unrestricted cash equivalents and short-term investments at fair value | 224,591 | [1] | 119,039 | [2] |
Total restricted cash equivalents and investments at fair value | 64,003 | [3] | 65,586 | [4] |
Corporate Bonds | Fair Value Measurements on a Recurring Basis | Level 2 | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Total unrestricted cash equivalents and short-term investments at fair value | 224,591 | [1] | 119,039 | [2] |
Total restricted cash equivalents and investments at fair value | $ 64,003 | [3] | $ 65,586 | [4] |
[1] | Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $83.9 million of cash | |||
[2] | Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $248.0 million of cash. | |||
[3] | Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of September 30, 2019 in addition to $57.4 million of restricted cash. | |||
[4] | Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $50.2 million of restricted cash. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Parenthetical) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents and Short-Term Investments | ||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||
Cash | $ 83.9 | $ 248 |
Cash and Cash Equivalents and Short-Term Investments | Fair Value Measurements on a Recurring Basis | ||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||
Cash | 83.9 | 248 |
Term Deposits | 105 | |
Restricted Cash and Cash Equivalents and Restricted Investments | ||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||
Restricted cash | 57.4 | 50.2 |
Restricted Cash and Cash Equivalents and Restricted Investments | Fair Value Measurements on a Recurring Basis | ||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||
Restricted cash | 57.4 | 50.2 |
Prepaid Expenses and Other Current Assets | ||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||
Restricted cash | 2.4 | 1.4 |
Prepaid Expenses and Other Current Assets | Fair Value Measurements on a Recurring Basis | ||
Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ||
Restricted cash | $ 2.4 | $ 1.4 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)LocationLease | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)LocationLease | Sep. 30, 2018USD ($) | |
Lessee Lease Description [Line Items] | ||||
Cash payment for lease costs | $ 36.1 | $ 71.8 | ||
Operating lease not yet commenced, future lease payments | $ 10.7 | $ 10.7 | ||
Minimum | ||||
Lessee Lease Description [Line Items] | ||||
Fleet operating costs period | 2 years | |||
Initial term of operating lease not yet commenced | 5 years | 5 years | ||
Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Fleet operating costs period | 3 years | |||
Initial term of operating lease not yet commenced | 7 years | 7 years | ||
Real Estate Lease | ||||
Lessee Lease Description [Line Items] | ||||
Number of locations | Location | 137 | 137 | ||
Number of leases commenced having initial lease term of twelve months or longer | Lease | 87 | 87 | ||
Number of lease not yet commenced having initial lease term of twelve months or longer | Lease | 2 | 2 | ||
Lessee, operating lease, Option to extend, description | For certain leases the Company has options to extend the lease term for periods varying from one to five years. | |||
Lessee, operating lease, existence of option to extend | true | |||
Lessee, operating lease, description | The Company leases real estate property at approximately 137 locations with 87 commenced leases and 2 not yet commenced leases having an initial term of 12 months or longer as of September 30, 2019. These leases are classified as operating leases. As of September 30, 2019, the remaining lease terms vary from 1 month to 11 years. For certain leases the Company has options to extend the lease term for periods varying from one to five years. These renewal options are 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. | |||
Real Estate Lease | Minimum | ||||
Lessee Lease Description [Line Items] | ||||
Lessee, operating lease, term of contract | 1 month | |||
Lessee, operating lease, option to extend term | 1 year | |||
Real Estate Lease | Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Lessee, operating lease, term of contract | 11 years | |||
Lessee, operating lease, option to extend term | 5 years | |||
Select Express Drive Partner Program | ||||
Lessee Lease Description [Line Items] | ||||
Sublease revenue | $ 32.7 | $ 19.3 | $ 76.8 | $ 33.4 |
Select Express Drive Partner Program | Minimum | ||||
Lessee Lease Description [Line Items] | ||||
Fleet operating costs period | 2 years | |||
Select Express Drive Partner Program | Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Fleet operating costs period | 3 years |
Leases - Schedule of Lease Posi
Leases - Schedule of Lease Position (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Lessee Lease Description [Line Items] | ||||
Total operating lease right-of-use assets | $ 411,962 | $ 285,600 | $ 0 | |
Total current operating lease liabilities | 88,875 | 0 | ||
Total noncurrent operating lease liabilities | 359,160 | $ 0 | ||
Total operating lease liabilities | 448,035 | $ 314,100 | ||
Real Estate Lease | ||||
Lessee Lease Description [Line Items] | ||||
Total operating lease right-of-use assets | 304,126 | |||
Total current operating lease liabilities | 37,656 | |||
Total noncurrent operating lease liabilities | 298,315 | |||
Total operating lease liabilities | $ 335,971 | |||
Weighted-average remaining lease term | 6 years 10 months 24 days | |||
Weighted-average discount rate | [1] | 6.80% | ||
Express Drive Partner Program | ||||
Lessee Lease Description [Line Items] | ||||
Total operating lease right-of-use assets | $ 107,836 | |||
Total current operating lease liabilities | 51,219 | |||
Total noncurrent operating lease liabilities | 60,845 | |||
Total operating lease liabilities | $ 112,064 | |||
Weighted-average remaining lease term | 1 year 10 months 24 days | |||
Weighted-average discount rate | [1] | 6.50% | ||
[1] | Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs of Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Lessee Lease Description [Line Items] | ||
Operating lease cost | $ 29,848 | $ 78,662 |
Short-term lease cost | 2,527 | 6,459 |
Variable lease cost | 5,286 | 11,582 |
Total lease cost | 37,661 | 96,703 |
Real Estate Lease | ||
Lessee Lease Description [Line Items] | ||
Operating lease cost | 15,292 | 42,266 |
Short-term lease cost | 2,527 | 6,459 |
Variable lease cost | 3,699 | 7,005 |
Total lease cost | 21,518 | 55,730 |
Express Drive Partner Program | ||
Lessee Lease Description [Line Items] | ||
Operating lease cost | 14,556 | 36,396 |
Variable lease cost | 1,587 | 4,577 |
Total lease cost | $ 16,143 | $ 40,973 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lessee Lease Description [Line Items] | |||
2019, remainder | $ 36,982 | ||
2020 | 133,509 | ||
2021 | 107,416 | ||
2022 | 77,198 | ||
2023 | 50,034 | ||
Thereafter | 164,305 | ||
Total minimum lease payments | 569,444 | ||
Less: amount of lease payments representing interest | (121,409) | ||
Total operating lease liabilities | 448,035 | $ 314,100 | |
Less: current obligations under leases | (88,875) | $ 0 | |
Operating lease liabilities | 359,160 | $ 0 | |
Real Estate Lease | |||
Lessee Lease Description [Line Items] | |||
2019, remainder | 15,975 | ||
2020 | 73,672 | ||
2021 | 71,958 | ||
2022 | 66,247 | ||
2023 | 50,034 | ||
Thereafter | 164,305 | ||
Total minimum lease payments | 442,191 | ||
Less: amount of lease payments representing interest | (106,220) | ||
Total operating lease liabilities | 335,971 | ||
Less: current obligations under leases | (37,656) | ||
Operating lease liabilities | 298,315 | ||
Express Drive Partner Program | |||
Lessee Lease Description [Line Items] | |||
2019, remainder | 21,007 | ||
2020 | 59,837 | ||
2021 | 35,458 | ||
2022 | 10,951 | ||
Total minimum lease payments | 127,253 | ||
Less: amount of lease payments representing interest | (15,189) | ||
Total operating lease liabilities | 112,064 | ||
Less: current obligations under leases | (51,219) | ||
Operating lease liabilities | $ 60,845 |
Leases - Future Minimum lease P
Leases - Future Minimum lease Payments Under ASC Topic 840 (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2019 | $ 81,350 |
2020 | 87,977 |
2021 | 59,233 |
2022 | 48,813 |
2023 and Thereafter | 133,670 |
Total minimum lease payments | 411,043 |
Real Estate Lease | |
Operating Leased Assets [Line Items] | |
2019 | 51,221 |
2020 | 53,380 |
2021 | 52,794 |
2022 | 48,813 |
2023 and Thereafter | 133,670 |
Total minimum lease payments | 339,878 |
Select Express Drive Partner Program | |
Operating Leased Assets [Line Items] | |
2019 | 30,129 |
2020 | 34,597 |
2021 | 6,439 |
Total minimum lease payments | $ 71,165 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||
May 31, 2019 | Mar. 31, 2018 | Sep. 30, 2019 | Jan. 31, 2019 | Jan. 31, 2017 | |
Commitments And Contingencies [Line Items] | |||||
Contractual obligation | $ 7,500,000 | ||||
Contractual obligation completion month and year | 2028-01 | 2021-12 | |||
Payment for amended arrangement | $ 87,100,000 | ||||
Future obligation to purchase capital equipment | $ 50,000,000 | ||||
Unemployment insurance assessment | $ 9,500,000 | ||||
Unemployment insurance assessment after personal income tax | $ 6,600,000 | ||||
Minimum | |||||
Commitments And Contingencies [Line Items] | |||||
Contractual obligation | $ 150,000,000 | $ 300,000,000 | |||
Purchase obligation, 2019 | 80,000 | ||||
Purchase obligation, 2020 | 80,000 | ||||
Purchase obligation, 2021 | $ 80,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2019 | Aug. 31, 2019 | May 31, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Withholding tax adjustment | $ 942,780 | ||||||||
2019 Employee Stock Purchase Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Percentage of earnings for purchase of common stock | 15.00% | 15.00% | |||||||
Offering periods | 12 months | ||||||||
Employee stock purchase plan, description | The initial offering period runs from March 28, 2019 through June 30, 2020. | ||||||||
Common stock reserved for issuance | 6,000,000 | ||||||||
Common stock purchased | 0 | ||||||||
2019 Employee Stock Purchase Plan | Scenario, Forecast | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Common stock reserved for issuance | 7,000,000 | ||||||||
Percentage of common stock outstanding | 1.00% | ||||||||
Restricted Stock Units | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Withholding tax adjustment, shares | 1,484,950 | 1,478,224 | 7,798,045 | ||||||
Withholding tax adjustment | $ 76,700 | $ 77,500 | $ 561,200 | ||||||
Aggregate grant-date fair value, weighted average period | 2 years | ||||||||
Issuance of common stock upon settlement of RSUs, shares | 3,771,610 | 3,476,272 | 17,688,423 | ||||||
Aggregate unrecognized compensation cost | $ 1,100,000 | ||||||||
Restricted Stock Units | Certain Officers,Employees and Consultants | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares granted | 15,065,349 | ||||||||
Service-based condition for majority of satisfied over a period | 4 years | ||||||||
Aggregate grant-date fair value, net of forfeitures | $ 834,300 | ||||||||
Aggregate grant-date fair value, weighted average period | 2 years | ||||||||
Common Stock | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Issuance of common stock upon exercise of stock options, shares | 3,162,797 | 625,000 | 1,005,000 | 335,000 | |||||
Stock issued value during the period | $ 205,600 | ||||||||
Withholding tax adjustment, shares | 3,617,460 | ||||||||
Withholding tax adjustment | $ 235,100 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 1,909,000 | $ 510,000 | $ 4,283,000 | $ 1,147,000 | |
Effective tax rate | (0.41%) | (0.20%) | (0.19%) | (0.17%) | |
Interest and penalties recognized | $ 0 | ||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||||
Net loss | $ (463,477) | $ (644,239) | $ (1,138,473) | $ (249,161) | $ (178,903) | $ (234,339) | $ (2,246,189) | $ (662,403) |
Weighted-average shares used in computing net loss per share, basic and diluted | 294,784 | 21,508 | 203,199 | 20,884 | ||||
Net loss per share, basic and diluted | $ (1.57) | $ (11.58) | $ (11.05) | $ (31.72) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, total | 46,450 | 269,682 |
Redeemable Convertible Preferred Stock (on an if-converted basis) | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, total | 218,641 | |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, total | 3,881 | 14,115 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, total | 42,209 | 36,924 |
RSAs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, total | 125 | |
ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, total | 235 | |
Early Exercised Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, total | 2 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Revenue from related parties | $ 100,000 | $ 500,000 | $ 1,400,000 | $ 1,300,000 | |
Accounts Payable and Accrued and Other Current Liabilities | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 2,200,000 | 2,200,000 | $ 9,200,000 | ||
Prepaid Expenses and Other Current Assets | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | 0 | 0 | $ 200,000 | ||
Marketing Services | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions, purchase | $ 300,000 | 900,000 | 1,600,000 | 2,800,000 | |
Affiliated with Significant Stockholder | Vehicle Rental Partnership Agreement | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, reimbursement for marketing fees | 0 | ||||
Affiliated with Significant Stockholder | Advertising Related and Other Services | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions, purchase | $ 23,500,000 | $ 32,800,000 | 65,200,000 | ||
Affiliated with Significant Stockholder | Payment in Excess of Rental Fees Recorded as Reduction to Revenue | Vehicle Rental Partnership Agreement | |||||
Related Party Transaction [Line Items] | |||||
Amount paid to related party | $ 300,000 |