XML 21 R9.htm IDEA: XBRL DOCUMENT
v3.19.1

Description of Business and Basis of Presentation | 3 Months Ended
--- | ---
Mar. 31, 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 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’ 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) (the “Prospectus”). 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, after the quarter end, the Company completed its IPO, in which the Company sold 32,500,000 shares of Class A common stock at 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. The unaudited pro forma condensed consolidated balance sheet data is presented as if the IPO was completed on March 31, 2019, by applying adjustments to the Company’s historical condensed consolidated balance sheet. It reflects (1) the issuance of 35,496,845 shares of Class A common stock for estimated net proceeds of $2.5 billion (of which $7.7 million of offering costs were already included in the March 31, 2019 noncurrent asset balance), (2) the conversion and reclassification of all redeemable convertible preferred stock into an aggregate of 219,175,709 shares of Class A common stock, and (3) the exchange of 12,779,709 shares of Class A common stock held by Logan Green and John Zimmer (the “Co-Founders”) into Class B common stock.
|  | Actual March 31, 2019 |  |  | Pro Forma Adjustments |  |  | Pro Forma March 31, 2019 |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Total current assets |  | $ | 1,380,412 |  |  | $ | 2,489,638 |  |  | $ | 3,870,050 |
Total noncurrent assets |  |  | 1,860,495 |  |  |  | (7,690 | ) |  |  | 1,852,805 |
Total assets |  | $ | 3,240,907 |  |  | $ | 2,481,948 |  |  | $ | 5,722,855 |
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) |  |  |  |  |  |  |  |  |  |  |  |
Total liabilities |  | $ | 2,020,478 |  |  | $ | (2,240 | ) |  | $ | 2,018,238 |
Redeemable convertible preferred stock |  |  | 5,152,047 |  |  |  | (5,152,047 | ) |  |  | — |
Stockholders’ equity (deficit) |  |  |  |  |  |  |  |  |  |  |  |
Class A common stock |  | — |  |  | 2 |  |  |  | 2 |
Class B common stock |  | — |  |  | — |  |  |  | — |
Additional paid-in capital |  |  | 149,999 |  |  |  | 7,636,233 |  |  |  | 7,786,232 |
Accumulated other comprehensive income |  |  | 2,186 |  |  | — |  |  |  | 2,186 |
Accumulated deficit |  |  | (4,083,803 | ) |  | — |  |  |  | (4,083,803 | )
Total stockholders’ equity (deficit) |  |  | (3,931,618 | ) |  |  | 7,636,235 |  |  |  | 3,704,617 |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) |  | $ | 3,240,907 |  |  | $ | 2,481,948 |  |  | $ | 5,722,855 |

X
- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI http://asc.fasb.org/topic&trid=2122149 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
Name: | us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration