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Lyft, Inc. (LYFT)

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  • GlobeNewswire

    Lyft Announces Second Quarter Results

    Results reflect strong cost management and execution in challenging environmentEnded quarter with $2.8 billion of unrestricted cash, cash equivalents and short-term investmentsSAN FRANCISCO, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Lyft, Inc. (Nasdaq:LYFT) today announced financial results for its second quarter ended June 30, 2020.“While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see, with monthly rideshare rides in July up 78% compared to April,” said Logan Green, co-founder and chief executive officer of Lyft.  “Lyft’s second quarter results reflect an operating environment that was not only challenging for our core ridesharing business, but also for our valued riders and drivers and the communities we serve. Our performance reinforces our belief that Lyft is taking on the critical work necessary to emerge from the crisis as a stronger company.”Second Quarter 2020 Financial Highlights * Lyft reported Q2 revenue of $339.3 million versus $867.3 million in the second quarter of 2019, a decrease of 61 percent year-over-year.   * In April 2020, Lyft announced a restructuring effort to reduce operating expenses and adjust cash flows.  Our restructuring charges in the second quarter of 2020 included $32.1 million of severance and related employee benefit costs and $3.1 million of lease terminations and other costs. Lyft also incurred a stock-based compensation benefit primarily related to the reversal of previously recognized stock-based compensation expenses for unvested awards of $49.8 million, resulting in a net restructuring benefit of $14.5 million.  * Net loss for Q2 2020 was $437.1 million versus a net loss of $644.2 million in the same period of 2019. Net loss for Q2 includes $110.8 million of stock-based compensation and related payroll tax expenses (inclusive of the restructuring benefit described in the above bullet), $17.4 million related to changes to the liabilities for insurance required by regulatory agencies attributable to historical periods, and the net restructuring benefit noted above. Net loss margin for Q2 was 128.8 percent compared to 74.3 percent in the second quarter of 2019. * Adjusted net loss for Q2 2020 was $265.8 million versus an adjusted net loss of $197.3 million in the second quarter of 2019. Adjusted net loss is adjusted for amortization of intangible assets, stock-based compensation expense, payroll tax expense related to stock-based compensation, changes to the liabilities for insurance required by regulatory agencies attributable to historical periods, costs related to the transfer of certain legacy auto insurance liabilities, expenses related to acquisitions, and restructuring charges.  * Lyft reported Contribution for Q2 2020 of $117.3 million versus $398.9 million in the second quarter of 2019, down 71 percent year-over-year. Contribution Margin for Q2 decreased to 34.6 percent from 46.0 percent in the second quarter of 2019. * Adjusted EBITDA loss for Q2 2020 was $280.3 million, an increase of $76.2 million compared to Adjusted EBITDA loss of $204.1 million in the second quarter of 2019, but an improvement of $44.7 million compared to the Company’s prior outlook for Adjusted EBITDA loss of $325 million for the second quarter of 20201. Adjusted EBITDA loss Margin for Q2 2020 was 82.6 percent versus 23.5 percent in the second quarter of 2019.  * Lyft reported $2.8 billion of unrestricted cash, cash equivalents and short-term investments at the end of the second quarter of 2020. * In May 2020, Lyft issued $747.5 million aggregate principal amount of 1.50% convertible senior notes due 2025. The net proceeds from this offering were approximately $733.2 million, after deducting the discounts and commissions and debt issuance costs. In connection with the issuance of the convertible senior notes, Lyft entered into privately negotiated capped call transactions at a cost of approximately $132.7 million.    Fiscal 2019Fiscal 2020year-over-year  Q2Q2change Active Riders (in thousands)21,8078,688(60)% Revenue per Active Rider$39.77$39.06(2)% Revenue (in millions)$867.3$339.3(61)% "In Q2, we successfully limited our Adjusted EBITDA loss, outperforming the outlook we shared on our Q1 call by more than 20%.  We continued to take aggressive actions to reduce costs and increase our underlying unit economics in the quarter, which has put Lyft on track to achieve $300 million of annualized fixed cost savings by the end of the year,” said Brian Roberts, chief financial officer of Lyft. “These steps position the Company to achieve adjusted EBITDA profitability with 20 - 25% fewer rides than originally contemplated in our fourth quarter 2021 target.”For more information regarding the non-GAAP financial measures discussed in this earnings release, please see "GAAP to non-GAAP Reconciliations" below.Webcast Lyft will host a webcast today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss these financial results and business highlights. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investor.lyft.com/. The archived webcast will be available on the Company’s Investor Relations page shortly after the call.About Lyft Lyft was founded in 2012 and is one of the largest transportation networks in the United States and Canada. As the world shifts away from car ownership to transportation-as-a-service, Lyft is at the forefront of this massive societal change. Our transportation network brings together rideshare, bikes, scooters, car rentals and transit all in one app.  We are singularly driven by our mission: to improve people’s lives with the world’s best transportation.Available Information Lyft announces material information to the public about Lyft, its products and services and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investor.lyft.com), its Twitter account (@lyft), and its blogs (including: lyft.com/blog, lyft.com/hub, eng.lyft.com, medium.com/@LyftLevel5, medium.com/sharing-the-ride-with-lyft and medium.com/@johnzimmer) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Lyft's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Lyft's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding Lyft’s future financial and operating performance, including the effect of the COVID-19 pandemic and related impact on Lyft’s business, Lyft’s future profitability and timing for achievement of profitability, Lyft’s cost reductions, cost savings and expected expenses for 2020 and the expected impact of these cost reductions on Lyft’s business and future financial performance, and trends in Lyft’s business, in particular recovery in rides, and the sufficiency of Lyft’s unrestricted cash, cash equivalents, and short-term investments. Lyft’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the impact of the COVID-19 pandemic on our business and operations, including business and government responses thereto, and risks regarding our ability to forecast our performance due to our limited operating history and the COVID-19 pandemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Lyft's filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K that was filed with the SEC on February 28, 2020 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and in our Quarterly Report on Form 10-Q that will be filed following this earnings release. The forward-looking statements in this release are based on information available to Lyft as of the date hereof, and Lyft disclaims any obligation to update any forward-looking statements, except as required by law.A Note About Metrics Lyft defines Active Riders as all riders who take at least one ride during a quarter where the Lyft Platform processes the transaction. An Active Rider is identified by a unique phone number. If a rider has two mobile phone numbers or changed their phone number and such rider took rides using both phone numbers during the quarter, that person would count as two Active Riders. If a rider has a personal and business profile tied to the same mobile phone number, that person would be considered a single Active Rider. If a ride has been requested by an organization using our Concierge offering for the benefit of a rider, we exclude this rider in the calculation of Active Riders.Non-GAAP Financial Measures To supplement Lyft's financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Lyft considers certain financial measures that are not prepared in accordance with GAAP, including Adjusted Net Loss, Contribution, Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin. Lyft defines Adjusted Net Loss as net loss adjusted for amortization of intangible assets, stock-based compensation expense, payroll tax expense related to stock-based compensation, changes to the liabilities for insurance required by regulatory agencies attributable to historical periods, and restructuring charges, as well as, if applicable, costs related to the transfer of certain legacy auto insurance liabilities and cost related to acquisitions; Lyft defines Contribution as revenue less cost of revenue, adjusted to exclude the following items from cost of revenue: amortization of intangible assets, stock-based compensation expense, payroll tax expense related to stock-based compensation, changes to the liabilities for insurance required by regulatory agencies attributable to historical periods, and restructuring charges, as well as, if applicable, costs related to the transfer of certain legacy auto insurance liabilities; Lyft defines Contribution Margin for a period as Contribution for the period divided by Revenue for the same period. Lyft defines Adjusted EBITDA as net loss adjusted to exclude interest expense, other income (expense), net, provision for income taxes, depreciation and amortization, stock-based compensation expense, payroll tax expense related to stock-based compensation, changes to the liabilities for insurance required by regulatory agencies attributable to historical periods, and restructuring charges as well as, if applicable, costs related to acquisitions and costs related to the transfer of certain legacy auto insurance liabilities. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA for a period by revenue for the same period.In April 2020, we announced a restructuring effort to reduce operating expenses and adjust cash flows in light of the ongoing economic challenges resulting from the COVID-19 pandemic and its impact on our business. We believe the costs associated with the restructuring do not reflect current period performance of our ongoing operations. We believe the adjustment to exclude the costs related to restructuring from Contribution, Adjusted EBITDA and Adjusted Net Loss is useful to investors by enabling them to better assess our operating performance in the context of current period results and provide for better comparability with our historically disclosed Contribution, Adjusted EBITDA and Adjusted Net Loss amounts.Lyft records historical changes to liabilities for insurance required by regulatory agencies for financial reporting purposes in the quarter of positive or adverse development even though such development may be related to claims that occurred in prior periods. For example, if in the first quarter of a given year, the cost of claims or our estimates for our cost of claims grew by $1 million for claims related to the prior fiscal year or earlier, the expense would be recorded for GAAP purposes within the first quarter instead of in the results of the prior period. Lyft believes these prior period changes to insurance liabilities do not illustrate the current period performance of Lyft’s ongoing operations since these prior period changes relate to claims that could potentially date back years. Lyft has limited ability to influence the ultimate development of historical claims. Accordingly, including the prior period changes would not illustrate the performance of Lyft’s ongoing operations or how the business is run or managed by Lyft. For consistency, Lyft does not adjust the calculation of adjusted net loss, Contribution and Adjusted EBITDA for any prior period based on any positive or adverse development that occurs subsequent to the quarter end. Lyft believes the adjustment to exclude the historical changes to liabilities for insurance required by regulatory agencies from adjusted net loss, Contribution and Adjusted EBITDA is useful to investors by enabling them to better assess Lyft’s operating performance in the context of current period results.Lyft uses Adjusted Net Loss, Contribution, Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin in conjunction with GAAP measures as part of Lyft’s overall assessment of its performance, including the preparation of Lyft’s annual operating budget and quarterly forecasts, to evaluate the effectiveness of Lyft’s business strategies, and to communicate with Lyft’s board of directors concerning Lyft’s financial performance. Adjusted Net Loss, Contribution and Contribution Margin are measures used by our management to understand and evaluate our operating performance and trends. Lyft believes Contribution and Contribution Margin are key measures of Lyft’s ability to achieve profitability and increase it over time. Adjusted Net Loss, Adjusted EBITDA and Adjusted EBITDA Margin are key performance measures that Lyft’s management uses to assess Lyft’s operating performance and the operating leverage in Lyft’s business. Because Adjusted EBITDA and Adjusted EBITDA Margin facilitate internal comparisons of our historical operating performance on a more consistent basis, Lyft uses these measures for business planning purposes.Lyft’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Adjusted Net Loss, Contribution, Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.Contacts  Shawn WoodhullAlexandra LaManna investor@lyft.compress@lyft.com Lyft, Inc. Condensed Consolidated Balance Sheets (in thousands, except for share and per share data) (unaudited) June 30, 2020 December 31, 2019 Assets    Current assets    Cash and cash equivalents$841,061  $358,319  Short-term investments1,934,876  2,491,805  Prepaid expenses and other current assets320,269  397,239  Total current assets3,096,206  3,247,363  Restricted cash and cash equivalents210,343  204,976  Restricted investments971,831  1,361,045  Other investments10,000  —  Property and equipment, net353,576  188,603  Operating lease right-of-use assets297,173  441,258  Intangible assets, net79,705  82,919  Goodwill182,797  158,725  Other assets12,814  6,494  Total assets$5,214,445  $5,691,383  Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity    Current liabilities    Accounts payable$48,236  $38,839  Insurance reserves943,636  1,378,462  Accrued and other current liabilities939,410  939,865  Operating lease liabilities — current48,282  94,199  Total current liabilities1,979,564  2,451,365  Operating lease liabilities293,017  382,077  Long-term debt, net of current portion623,360  —  Other liabilities21,945  3,857  Total liabilities2,917,886  2,837,299  Commitments and contingencies (Note 7)    Stockholders’ equity    Preferred stock, $0.00001 par value; 1,000,000,000 shares authorized as of June 30, 2020 and December 31, 2019; no shares issued and outstanding as of June 30, 2020 and December 31, 2019—  —  Common stock, $0.00001 par value; 18,000,000,000 Class A shares authorized as of June 30, 2020 and December 31, 2019;  303,273,200 and 293,793,151 Class A shares issued and outstanding, as of June 30, 2020 and December 31, 2019, respectively; 100,000,000 Class B shares authorized, 8,802,629 Class B shares issued and outstanding, as of June 30, 2020 and December 31, 20193  3  Additional paid-in capital8,674,208  8,398,927  Accumulated other comprehensive income5,104  2,725  Accumulated deficit(6,382,756) (5,547,571) Total stockholders’ equity2,296,559  2,854,084  Total liabilities and stockholders’ equity$5,214,445  $5,691,383  Lyft, Inc. Condensed Consolidated Statements of Operations (in thousands, except for per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019 Revenue$339,345  $867,265  $1,295,057  $1,643,292  Costs and expenses        Cost of revenue251,355  630,136  793,774  1,092,993  Operations and support98,610  151,975  232,392  339,210  Research and development203,101  309,833  461,840  940,793  Sales and marketing51,822  180,951  248,259  456,080  General and administrative221,954  267,286  460,394  644,022  Total costs and expenses826,842  1,540,181  2,196,659  3,473,098  Loss from operations(487,497) (672,916) (901,602) (1,829,806) Interest expense(6,537) —  (8,044) —  Other income (expense), net12,123  29,668  31,292  49,468  Loss before income taxes(481,911) (643,248) (878,354) (1,780,338) Provision for income taxes(44,799) 991  (43,169) 2,374  Net loss$(437,112) $(644,239) $(835,185) $(1,782,712) Net loss per share, basic and diluted$(1.41) $(2.23) $(2.72) $(11.38) Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted309,213  288,372  306,857  156,647  Stock-based compensation included in costs and expenses:        Cost of revenue$4,456  $15,058  $14,180  $56,548  Operations and support1,499  8,221  5,632  59,624  Research and development52,233  182,918  147,781  689,124  Sales and marketing4,455  12,133  9,205  57,244  General and administrative43,160  74,908  88,983  290,184  Lyft, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Six Months Ended June 30,  2020 2019 Cash flows from operating activities    Net loss$(835,185) $(1,782,712) Adjustments to reconcile net loss to net cash used in operating activities    Depreciation and amortization79,936  54,215  Stock-based compensation265,781  1,152,724  Amortization of premium on marketable securities1,735  151  Accretion of discount on marketable securities(11,784) (21,357) Amortization of debt discount and issuance costs4,120  —  Deferred income tax(46,324) —  Loss on disposal of assets13,957  —  Other2,301  7,463  Changes in operating assets and liabilities    Prepaid expenses and other assets71,285  (79,712) Operating lease right-of-use assets33,449  39,951  Accounts payable4,237  (22,403) Insurance reserves(434,827) 397,107  Accrued and other liabilities(89,635) 212,083  Lease liabilities(17,694) (27,021) Net cash used in operating activities(958,648) (69,511) Cash flows from investing activities    Purchases of marketable securities(2,221,963) (3,581,779) Purchase of non-marketable security(10,000) —  Purchases of term deposits(363,811) (105,000) Proceeds from sales of marketable securities447,939  647,138  Proceeds from maturities of marketable securities2,953,281  1,391,360  Proceeds from maturity of term deposit142,811  —  Purchases of property and equipment and scooter fleet(56,235) (68,285) Cash paid for acquisitions, net of cash acquired(12,440) (1,801) Other investing activities974  780  Net cash provided by (used in) investing activities880,556  (1,717,587) Cash flows from financing activities    Proceeds from issuance of common stock in initial public offering, net of underwriting commissions, offering costs and reimbursements—  2,484,230  Repayment of loans(17,993) —  Proceeds from issuance of convertible senior notes734,065  —  Payment of debt issuance costs (374) —  Purchase of capped call(132,681) —  Proceeds from exercise of stock options and other common stock issuances14,200  2,541  Taxes paid related to net share settlement of equity awards(11,199) (863,955) Principal payments on finance lease obligations(18,042) —  Net cash provided by financing activities567,976  1,622,816  Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents(364) 296  Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents489,520  (163,986) Cash, cash equivalents and restricted cash and cash equivalents    Beginning of period564,465  706,486  End of period$1,053,985  $542,500  Lyft, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Six Months Ended June 30,  2020 2019 Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets    Cash and cash equivalents$841,061  $417,393  Restricted cash and cash equivalents210,343  122,983  Restricted cash, included in prepaid expenses and other current assets2,581  2,124  Total cash, cash equivalents and restricted cash and cash equivalents$1,053,985  $542,500  Non-cash investing and financing activities    Purchases of property and equipment, and scooter fleet not yet settled$24,137  $11,504  Deferred offering costs accrued, unpaid—  201  Right-of-use assets acquired under finance and operating leases27,964  99,550  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  Purchases of property and equipment financed by seller3,464  —  Settlement of pre-existing right-of-use assets under operating leases in connection with acquisition of Flexdrive133,088  —  Settlement of pre-existing lease liabilities under operating leases in connection with acquisition of Flexdrive130,089  —  Lyft, Inc. Calculations of Key Metrics and GAAP to Non-GAAP Reconciliations (in millions) (unaudited) Three Months Ended June 30,  2020 2019 Contribution         Revenue$339.3  $867.3  Less cost of Revenue(251.4) (630.1) Adjusted to exclude the following (as related to cost of revenue):    Amortization of intangible assets3.7  5.3  Stock based compensation expense4.5  15.1  Payroll tax expense related to stock-based compensation0.3  0.2  Changes to the liabilities for insurance required by regulatory agencies attributable to historical periods17.4  141.1  Restructuring charges(1)3.5  —  Contribution$117.3  $398.9  Contribution Margin34.6% 46.0% _______________(1) Included in restructuring charges is $2.0 million of severance and other employee costs and $1.5 million of other restructuring costs. Restructuring related charges for the stock-based compensation benefit of $4.2 million and payroll taxes related to stock-based compensation of $0.1 million are included on their respective line items. Three Months Ended June 30,  2020 2019 Adjusted EBITDA         Net Loss$(437.1) $(644.2) Adjusted to exclude the following:    Interest expense(1)7.0  —  Other income (expense), net(2)(12.1) (29.7) Provision for income taxes(44.8) 1.0  Depreciation and amortization44.5  31.1  Stock-based compensation expense105.8  293.2  Payroll tax expense related to stock-based compensation5.0  3.4  Changes to the liabilities for insurance required by regulatory agencies attributable to historical periods17.4  141.1  Costs related to acquisitions—  —  Restructuring charges(3)34.0  —  Adjusted EBITDA$(280.3) $(204.1) Adjusted EBITDA Margin(82.6%) (23.5%) _______________(1) Includes interest expense for Flexdrive vehicles and the convertible senior notes and $0.5 million related to the interest component of vehicle related finance leases. (2) Includes interest income which was reported as a separate line item on the condensed consolidated statement of operations in periods prior to the second quarter of 2020. (3) Included in restructuring charges is $31.4 million of severance and other employee costs and $2.6 million related to lease termination and other               restructuring costs. Restructuring related charges for the stock-based compensation benefit of $49.8 million, payroll taxes related to stock-based compensation of $0.7 million and accelerated depreciation of $0.5 million are included on their respective line items. Three Months Ended June 30,  2020 2019 Adjusted Net Loss         Net Loss$(437.1) $(644.2) Adjusted to exclude the following:    Amortization of intangible assets8.6  9.2  Stock-based compensation expense105.8  293.2  Payroll tax expense related to stock-based compensation5.0  3.4  Changes to the liabilities for insurance required by regulatory agencies attributable to historical periods17.4  141.1  Costs related to acquisitions—  —  Restructuring charges (1)34.5  —  Adjusted Net Loss$(265.8) $(197.3) _______________(1) Included in restructuring charges is $31.4 million of severance and other employee costs, $2.6 million related to lease termination and other restructuring costs and $0.5 million of accelerated depreciation. Restructuring related charges for the stock-based compensation benefit of $49.8 million and payroll taxes related to stock-based compensation of $0.7 million are included on their respective line items.* * *1 Company outlook for Adjusted EBITDA for the second quarter of 2020 as reported on Form 8-K filed June 2, 2020.

  • Lyft Partners with SIXT to Expand Friction-Free Car Rentals Nationwide
    GlobeNewswire

    Lyft Partners with SIXT to Expand Friction-Free Car Rentals Nationwide

    Lyft Rentals Lyft Rentals Booking with SIXT Lyft Rentals Lyft Rentals Booking with SIXT Lyft Rentals Lyft Rentals Booking with SIXT Lyft continues to lead in providing "All-In-One-App" personal transportation solutions with the expansion of Lyft Rentals through partnership with SIXT, bringing a high-quality rental experience to consumers across the US. SAN FRANCISCO, July 30, 2020 (GLOBE NEWSWIRE) -- Following the success of Lyft Rentals in California, we are excited to bring our best-in-class car rental experience to more travelers across the US through a new partnership with SIXT rent a car. With more than 280,000 premium vehicles worldwide, SIXT stands for a consistent customer focus and culture of strong technological innovation. Starting this August, Lyft riders in Seattle, Las Vegas, and Miami will be able to rent a SIXT car through the Rentals tab in the Lyft app. Following this three-city launch, we plan to expand to all cities within the SIXT rental network in the US in the coming months.We have reimagined what renting a car should look like, solving for common pain points like long wait times at the rental counter, uncertainty on which car renters will leave with, and stress getting home after returning – we’ve tackled these head-on by eliminating lengthy paperwork, contact reduced and expedited pickup and dropoff, allowing renters to select the exact car they’ll leave with, and by providing Lyft credit to get home after the rental is complete. SIXT has established digital mobility services for their customers allowing us to seamlessly integrate their premium fleet into our model for friction-free car rentals. SIXT is present in the major airport and downtown markets across the US with further expansion planned, unlocking nationwide access for Lyft Rentals. Since launching Lyft Rentals last year, renters have shared that they love being able to select the exact car they’ll rent, the easy-to-understand insurance and add-ons, the seamless pickup and drop-off experience, and subsidized Lyft ride. We’re bringing all of this to the next phase of our rentals program, as we expand in partnership with SIXT. Reservations are simple and can be made directly from the Lyft app and soon the brand new Lyft Rentals website. We know that people expect an experience that also focuses on health safety, which is why with Lyft Rentals we are prioritizing a contact reduced pickup and dropoff experience and enhanced health standards.We continue to strengthen our personal transportation options through our investments in bikes, scooters, rideshare, transit, and rentals, making it easier than ever to get around without the burden of owning a personal car. The average US household spends over $9,000 per year on car ownership, yet the car is only utilized 5% of the time, remaining parked and unused the other 95%. Lyft has lower-cost transportation options to meet your most common transportation needs, whether that’s a rental car for a weekend getaway, a quick bike or scooter trip across town, a Lyft ride home from the grocery store, or an easy way to explore your transit options – all in the Lyft app.“Lyft is leading the charge on offering our riders a range of transportation options on top of our core rideshare offerings, such as bikes, scooters, and transit and now we are doubling down on that effort with the expansion of Lyft Rentals,” said Cal Lankton, Lyft’s VP Fleet & Global Operations. “Partnering with SIXT enables us to rapidly expand the reach of our rentals in a time when customers are looking for hassle-free and intuitive transportation solutions. With our vision for car rentals, we are offering a completely integrated, frictionless, and transparent experience for transportation that renters have come to love.”     “As a matter of principle, SIXT pursues a partnership approach to meet the challenges of modern mobility,” said Sebastian Birkel, President SIXT United States “With Lyft, we have an innovative partner at our side with whom we are already working successfully – since 2019, SIXT customers in the USA have been able to use Lyft's service under the "SIXT ride" tab via our SIXT App. We are now very excited to expand this cooperation by the integration of our rental products into the Lyft app starting in August.”Here is how it will work: * Now when you open your Lyft app, you’ll be able to see a selection of cars from Lyft and SIXT available to rent directly from the Rentals tab. At booking, you’ll just need to select your vehicle class, reservation dates, location, and any applicable add ons. * However, unlike other rental services, you’ll have the option to select the exact make and model of vehicle you’ll drive off the lot within thirty minutes prior to your pickup time. * After inputting your reservation details you have the option to add insurance coverage using the same user-friendly language we’ve been using since the launch of Lyft Rentals – this way all of the details are clear and easy to understand. * Once on the SIXT rental lot, you’ll be able to expedite the rental counter experience. Since you selected your car ahead of time with Lyft, the exact car you chose is waiting for you. * We’ll also provide a $10 Lyft credit to get you home after you drop off your car back to the SIXT rental lot.With the existing Lyft Rentals fleet in San Francisco and Los Angeles, California, we’ve implemented new safety protocols in all of our open-air rental lots to protect our renters. This includes contactless pickups and returns, enhanced cleaning protocols, and a commitment to helping our renters with prevention by offering disinfectant to renters upon request at no cost to them. SIXT has similarly introduced additional measures so that they always provide the healthiest possible environment for customers and employees. This includes increased hygiene measures for employees, social distancing inside rental branches, and a multi-step cleaning process incorporating the latest products, including disinfectants, to minimize the risk of germ transmission.About Lyft Lyft was founded in 2012 by Logan Green and John Zimmer to improve people’s lives with the world’s best transportation, and is available to 95 percent of the United States population as well as select cities in Canada. As the world shifts away from car ownership, Lyft is at the forefront of this massive societal change. Lyft is committed to effecting positive change for our cities and making cities more livable for everyone through initiatives that bridge transportation gaps, and by promoting transportation equity through shared rides, bikeshare systems, electric scooters, and public transit partnerships. We are singularly driven by our mission: to improve people’s lives with the world’s best transportation.About SIXT: SIXT SE with its registered office in Pullach near Munich, is a leading international provider of high-quality mobility services. With its products SIXT rent, SIXT share, SIXT ride and SIXT+ the company offers a uniquely integrated mobility service across the fields of vehicle rental, car sharing, chauffeur services and car subscriptions. The products can be booked through one single app, which also integrates the services of its renowned mobility partners. SIXT has a presence in around 110 countries around the globe. The company is characterized by consistent customer orientation, a lived culture of innovation with strong technological expertise, the high share of premium vehicles in its fleet and an attractive price-performance ratio. The SIXT Group generated revenue of EUR 3.31 billion in 2019 and ranks as one of the most profitable mobility companies worldwide. Sixt SE is the parent company of the Group and has been listed on the Frankfurt stock exchange since 1986 (ISIN ordinary share: DE0007231326, ISIN preference share: DE0007231334). https://about.sixt.com Lyft Press Team email: press@lyft.comSIXT Central Press Office Phone: +49 (0) 89 / 7 44 44 – 6700 email: pressrelations@sixt.comPhotos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/b1dc7c1d-293d-42b3-9de3-c199079a9da1https://www.globenewswire.com/NewsRoom/AttachmentNg/d6e03697-1fab-4e67-aa9a-2cb885d47168https://www.globenewswire.com/NewsRoom/AttachmentNg/1f8d1b7b-cbfd-4252-9af4-546fa44d4ddd

  • GlobeNewswire

    Lyft To Announce Second Quarter 2020 Financial Results

    SAN FRANCISCO, July 27, 2020 (GLOBE NEWSWIRE) -- Lyft, Inc. (Nasdaq:LYFT) (the “Company” or “Lyft”), today announced that it will release financial results for its second fiscal quarter ended June 30, 2020 after the close of the market on Wednesday, August 12, 2020. On the same day, Lyft will host a conference call at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss these financial results and business highlights. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investor.lyft.com/.The archived webcast will be available on the Company’s Investor Relations page shortly after the call.Lyft announces material information to the public about Lyft, its products and services and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investor.lyft.com), its Twitter account (@lyft), and its blogs (including: lyft.com/blog, lyft.com/hub, eng.lyft.com, medium.com/@LyftLevel5, and medium.com/@johnzimmer) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.About Lyft Lyft was founded in 2012 and is one of the largest transportation networks in the United States and Canada. As the world shifts away from car ownership to transportation-as-a-service, Lyft is at the forefront of this massive societal change. Our transportation network brings together rideshare, bikes, scooters, car rentals and transit all in one app.  We are singularly driven by our mission: to improve people’s lives with the world’s best transportation.Contacts Shawn Woodhull investor@lyft.comAlexandra LaManna press@lyft.com