Lyft Gives a Lift to IPO

Lyft has filed its S-1 form with the Securities and Exchange Commission to go public later this year and the document is filled with insight into the second-largest ridesharing company in the nation.

Lyft reported revenue was $343.3 million, $1.1 billion and $2.2 billion in 2016, 2017 and 2018, respectively, representing year-over-year growth of 209% from 2016 to 2017 and 103% from 2017 to 2018. Lyft generated Bookings of $1.9 billion, $4.6 billion and $8.1 billion in 2016, 2017 and 2018, respectively, representing year-over-year growth of 141% from 2016 to 2017 and 76% from 2017 to 2018. Net loss was $682.8 million, $688.3 million and $911.3 million in 2016, 2017 and 2018, respectively.

Launched in 2012, Lyft said it has given over 1 billion rides to date and has established relationships with over 10,000 organizations, cities and municipalities to facilitate rides for their employees, customers and constituents.

Lyft gave 30.7 million rides and had 1.9 million drivers in 2018. Some of those drivers probably drive for Uber as well switching between apps. Lyft serves over 300 markets in the U.S. and Toronto.

The company did not say how much it planned to raise or its valuation but will trade under the stock symbol LYFT when it goes public.

Lyft plans to compensate its most prolific drivers along with its IPO.

 

The company says it will pay a one-time cash bonus of:

 

$1,000 to drivers in good standing who have completed at least 10,000 rides but fewer than 20,000 rides on our platform as of February 25, 2019;

 

$10,000 to drivers in good standing who have completed at least 20,000 rides on our platform as of February 25, 2019; or

 

$1,000 to drivers in good standing who are serving on, or who have served on our Driver Advisory Council as of February 25, 2019.

 

 

As part of this program, drivers will receive only one bonus, which will be the largest bonus for which they are eligible. These bonuses are expected to be paid to eligible drivers on or about March 19, 2019.

 

Eligible drivers may choose to use their bonus to purchase shares in our directed share program, but are under no obligation to do so.

 

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