Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38846 | |
Entity Registrant Name | Lyft, Inc. | |
Entity Incorporation, State or Country Code | DE | |
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 | |
Title of each class | Class A common stock, par value of $0.00001 per share | |
Trading Symbol(s) | LYFT | |
Name of each exchange on which registered | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001759509 | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock | ||
Entity Information | ||
Entity Common Stock, Shares Outstanding | 332,123,513 | |
Class B Common Stock | ||
Entity Information | ||
Entity Common Stock, Shares Outstanding | 8,602,629 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 728,382 | $ 319,734 |
Short-term investments | 1,653,899 | 1,931,334 |
Prepaid expenses and other current assets | 510,971 | 343,070 |
Total current assets | 2,893,252 | 2,594,138 |
Restricted cash and cash equivalents | 143,846 | 118,559 |
Restricted investments | 898,415 | 1,101,712 |
Other investments | 75,260 | 10,000 |
Property and equipment, net | 322,487 | 313,297 |
Operating lease right-of-use assets | 235,219 | 275,756 |
Intangible assets, net | 54,852 | 65,845 |
Goodwill | 180,516 | 182,687 |
Other assets | 20,421 | 16,970 |
Total assets | 4,824,268 | 4,678,964 |
Current liabilities | ||
Accounts payable | 127,431 | 84,108 |
Insurance reserves | 1,011,153 | 987,064 |
Accrued and other current liabilities | 1,206,521 | 954,008 |
Operating lease liabilities — current | 54,773 | 49,291 |
Total current liabilities | 2,399,878 | 2,074,471 |
Operating lease liabilities | 223,035 | 265,803 |
Long-term debt, net of current portion | 662,457 | 644,236 |
Other liabilities | 54,824 | 18,291 |
Total liabilities | 3,340,194 | 3,002,801 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity | ||
Preferred stock, $0.00001 par value; 1,000,000,000 shares authorized as of September 30, 2021 and December 31, 2020; no shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 0 | 0 |
Common stock, $0.00001 par value; 18,000,000,000 Class A shares authorized as of September 30, 2021 and December 31, 2020; 332,117,153 and 314,934,487 Class A shares issued and outstanding, as of September 30, 2021 and December 31, 2020, respectively; 100,000,000 Class B shares authorized as of September 30, 2021 and December 31, 2020; 8,602,629 and 8,802,629 Class B shares issued and outstanding, as of September 30, 2021 and December 31, 2020, respectively | 3 | 3 |
Additional paid-in capital | 9,538,400 | 8,977,061 |
Accumulated other comprehensive income (loss) | (3,105) | (473) |
Accumulated deficit | (8,051,224) | (7,300,428) |
Total stockholders’ equity | 1,484,074 | 1,676,163 |
Total liabilities and stockholders’ equity | $ 4,824,268 | $ 4,678,964 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Preferred stock shares issued (in shares) | 0 | 0 |
Preferred stock shares outstanding (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock shares authorized (in shares) | 18,000,000,000 | 18,000,000,000 |
Common stock shares, issued (in shares) | 332,117,153 | 314,934,487 |
Common stock shares outstanding (in shares) | 332,117,153 | 314,934,487 |
Class B Common Stock | ||
Common stock par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock shares, issued (in shares) | 8,602,629 | 8,802,629 |
Common stock shares outstanding (in shares) | 8,602,629 | 8,802,629 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 864,405 | $ 499,744 | $ 2,238,390 | $ 1,794,801 |
Costs and expenses | ||||
Cost of revenue | 364,032 | 261,614 | 1,122,961 | 1,055,388 |
Operations and support | 109,679 | 123,136 | 292,375 | 355,528 |
Research and development | 226,693 | 232,106 | 716,950 | 693,946 |
Sales and marketing | 108,955 | 78,548 | 287,502 | 326,807 |
General and administrative | 231,907 | 257,693 | 652,023 | 718,087 |
Total costs and expenses | 1,041,266 | 953,097 | 3,071,811 | 3,149,756 |
Loss from operations | (176,861) | (453,353) | (833,421) | (1,354,955) |
Interest expense | (13,093) | (12,529) | (38,510) | (20,573) |
Other income, net | 125,042 | 7,474 | 130,388 | 38,766 |
Loss before income taxes | (64,912) | (458,408) | (741,543) | (1,336,762) |
Provision for (benefit from) income taxes | 6,627 | 1,109 | 9,253 | (42,060) |
Net loss | $ (71,539) | $ (459,517) | $ (750,796) | $ (1,294,702) |
Net loss per share, basic (in dollars per share) | $ (0.21) | $ (1.46) | $ (2.26) | $ (4.18) |
Net loss per share, diluted (in dollars per share) | $ (0.21) | $ (1.46) | $ (2.26) | $ (4.18) |
Weighted-average number of shares outstanding used to compute net loss per share, basic (in shares) | 337,753 | 314,530 | 332,049 | 309,433 |
Weighted-average number of shares outstanding used to compute net loss per share, diluted (in shares) | 337,753 | 314,530 | 332,049 | 309,433 |
Cost of revenue | ||||
Stock-based compensation included in costs and expenses: | ||||
Stock-based compensation expense | $ 10,192 | $ 7,021 | $ 28,818 | $ 21,201 |
Operations and support | ||||
Stock-based compensation included in costs and expenses: | ||||
Stock-based compensation expense | 6,180 | 5,310 | 18,223 | 10,942 |
Research and development | ||||
Stock-based compensation included in costs and expenses: | ||||
Stock-based compensation expense | 111,474 | 96,212 | 324,932 | 243,993 |
Sales and marketing | ||||
Stock-based compensation included in costs and expenses: | ||||
Stock-based compensation expense | 9,290 | 6,910 | 27,757 | 16,115 |
General and administrative | ||||
Stock-based compensation included in costs and expenses: | ||||
Stock-based compensation expense | $ 61,309 | $ 51,264 | $ 163,945 | $ 140,247 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (71,539) | $ (459,517) | $ (750,796) | $ (1,294,702) |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustment | (1,407) | 4,759 | (2,492) | 4,147 |
Unrealized gain (loss) on marketable securities, net of taxes | (89) | (2,523) | (140) | 468 |
Other comprehensive (loss) income | (1,496) | 2,236 | (2,632) | 4,615 |
Comprehensive loss | $ (73,035) | $ (457,281) | $ (753,428) | $ (1,290,087) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Class A and Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2019 | $ 2,854,084 | $ 3 | $ 8,398,927 | $ (5,547,571) | $ 2,725 |
Beginning balance (in shares) at Dec. 31, 2019 | 302,596 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock upon exercise of stock options | 2,329 | 2,329 | |||
Issuance of common stock upon exercise of stock options (in shares) | 504 | ||||
Issuance of common stock upon settlement of restricted stock units (in shares) | 3,838 | ||||
Shares withheld related to net share settlement | (6,763) | (6,763) | |||
Shares withheld related to net share settlement (in shares) | (146) | ||||
Stock-based compensation | 159,978 | 159,978 | |||
Other comprehensive (loss) income | (4,066) | (4,066) | |||
Net loss | (398,073) | (398,073) | |||
Ending balance at Mar. 31, 2020 | 2,607,489 | $ 3 | 8,554,471 | (5,945,644) | (1,341) |
Ending balance (in shares) at Mar. 31, 2020 | 306,792 | ||||
Beginning balance at Dec. 31, 2019 | 2,854,084 | $ 3 | 8,398,927 | (5,547,571) | 2,725 |
Beginning balance (in shares) at Dec. 31, 2019 | 302,596 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Other comprehensive (loss) income | 4,615 | ||||
Net loss | (1,294,702) | ||||
Ending balance at Sep. 30, 2020 | 2,003,093 | $ 3 | 8,838,023 | (6,842,273) | 7,340 |
Ending balance (in shares) at Sep. 30, 2020 | 317,490 | ||||
Beginning balance at Mar. 31, 2020 | 2,607,489 | $ 3 | 8,554,471 | (5,945,644) | (1,341) |
Beginning balance (in shares) at Mar. 31, 2020 | 306,792 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock upon exercise of stock options | 757 | 757 | |||
Issuance of common stock upon exercise of stock options (in shares) | 153 | ||||
Issuance of common stock upon settlement of restricted stock units (in shares) | 4,813 | ||||
Shares withheld related to net share settlement | (4,437) | (4,437) | |||
Shares withheld related to net share settlement (in shares) | (145) | ||||
Issuance of common stock under employee stock purchase plan | 11,071 | 11,071 | |||
Issuance of common stock under employee stock purchase plan (in shares) | 463 | ||||
Equity component of the convertible senior notes issued, net of tax and offering costs | 139,224 | 139,224 | |||
Purchase of capped calls | (132,681) | (132,681) | |||
Stock-based compensation | 105,803 | 105,803 | |||
Other comprehensive (loss) income | 6,445 | 6,445 | |||
Net loss | (437,112) | (437,112) | |||
Ending balance at Jun. 30, 2020 | 2,296,559 | $ 3 | 8,674,208 | (6,382,756) | 5,104 |
Ending balance (in shares) at Jun. 30, 2020 | 312,076 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock upon exercise of stock options | 413 | 413 | |||
Issuance of common stock upon exercise of stock options (in shares) | 97 | ||||
Issuance of common stock upon settlement of restricted stock units (in shares) | 5,435 | ||||
Shares withheld related to net share settlement | (3,315) | (3,315) | |||
Shares withheld related to net share settlement (in shares) | (118) | ||||
Stock-based compensation | 166,717 | 166,717 | |||
Other comprehensive (loss) income | 2,236 | 2,236 | |||
Net loss | (459,517) | (459,517) | |||
Ending balance at Sep. 30, 2020 | 2,003,093 | $ 3 | 8,838,023 | (6,842,273) | 7,340 |
Ending balance (in shares) at Sep. 30, 2020 | 317,490 | ||||
Beginning balance at Dec. 31, 2020 | 1,676,163 | $ 3 | 8,977,061 | (7,300,428) | (473) |
Beginning balance (in shares) at Dec. 31, 2020 | 323,737 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock upon exercise of stock options | 3,244 | 3,244 | |||
Issuance of common stock upon exercise of stock options (in shares) | 488 | ||||
Issuance of common stock upon settlement of restricted stock units (in shares) | 5,218 | ||||
Shares withheld related to net share settlement | (7,653) | (7,653) | |||
Shares withheld related to net share settlement (in shares) | (130) | ||||
Stock-based compensation | 164,229 | 164,229 | |||
Other comprehensive (loss) income | 218 | 218 | |||
Net loss | (427,339) | (427,339) | |||
Ending balance at Mar. 31, 2021 | 1,408,862 | $ 3 | 9,136,881 | (7,727,767) | (255) |
Ending balance (in shares) at Mar. 31, 2021 | 329,313 | ||||
Beginning balance at Dec. 31, 2020 | 1,676,163 | $ 3 | 8,977,061 | (7,300,428) | (473) |
Beginning balance (in shares) at Dec. 31, 2020 | 323,737 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Other comprehensive (loss) income | (2,632) | ||||
Net loss | (750,796) | ||||
Ending balance at Sep. 30, 2021 | 1,484,074 | $ 3 | 9,538,400 | (8,051,224) | (3,105) |
Ending balance (in shares) at Sep. 30, 2021 | 340,720 | ||||
Beginning balance at Mar. 31, 2021 | 1,408,862 | $ 3 | 9,136,881 | (7,727,767) | (255) |
Beginning balance (in shares) at Mar. 31, 2021 | 329,313 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock upon exercise of stock options | 589 | 589 | |||
Issuance of common stock upon exercise of stock options (in shares) | 115 | ||||
Issuance of common stock upon settlement of restricted stock units (in shares) | 5,279 | ||||
Shares withheld related to net share settlement | (8,091) | (8,091) | |||
Shares withheld related to net share settlement (in shares) | (155) | ||||
Issuance of common stock under employee stock purchase plan | 16,559 | 16,559 | |||
Issuance of common stock under employee stock purchase plan (in shares) | 674 | ||||
Stock-based compensation | 200,111 | 200,111 | |||
Other comprehensive (loss) income | (1,354) | (1,354) | |||
Net loss | (251,918) | (251,918) | |||
Ending balance at Jun. 30, 2021 | 1,364,758 | $ 3 | 9,346,049 | (7,979,685) | (1,609) |
Ending balance (in shares) at Jun. 30, 2021 | 335,226 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock upon exercise of stock options | 969 | 969 | |||
Issuance of common stock upon exercise of stock options (in shares) | 156 | ||||
Issuance of common stock upon settlement of restricted stock units (in shares) | 5,469 | ||||
Shares withheld related to net share settlement | (6,110) | (6,110) | |||
Shares withheld related to net share settlement (in shares) | (131) | ||||
Settlement of convertible senior notes | (1) | (1) | |||
Stock-based compensation | 197,493 | 197,493 | |||
Other comprehensive (loss) income | (1,496) | (1,496) | |||
Net loss | (71,539) | (71,539) | |||
Ending balance at Sep. 30, 2021 | $ 1,484,074 | $ 3 | $ 9,538,400 | $ (8,051,224) | $ (3,105) |
Ending balance (in shares) at Sep. 30, 2021 | 340,720 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (750,796) | $ (1,294,702) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 106,065 | 121,650 |
Stock-based compensation | 563,675 | 432,498 |
Amortization of premium on marketable securities | 3,287 | 4,083 |
Accretion of discount on marketable securities | (918) | (13,434) |
Amortization of debt discount and issuance costs | 26,317 | 12,501 |
Deferred income tax from convertible senior notes | 0 | (46,324) |
(Gain) loss on sale and disposal of assets, net | (4,358) | 18,179 |
Gain on divestiture | (119,284) | 0 |
Other | 2,901 | 6,332 |
Changes in operating assets and liabilities, net effects of acquisition | ||
Prepaid expenses and other assets | (174,488) | 84,789 |
Operating lease right-of-use assets | 48,044 | 47,476 |
Accounts payable | 44,447 | (15,153) |
Insurance reserves | 24,089 | (455,834) |
Accrued and other liabilities | 190,057 | 16,359 |
Lease liabilities | (34,540) | (32,706) |
Net cash used in operating activities | (75,502) | (1,114,286) |
Cash flows from investing activities | ||
Purchases of marketable securities | (2,524,957) | (3,368,614) |
Purchase of non-marketable security | 0 | (10,000) |
Purchases of term deposits | (441,506) | (718,811) |
Proceeds from sales of marketable securities | 353,407 | 476,196 |
Proceeds from maturities of marketable securities | 2,483,774 | 4,011,701 |
Proceeds from maturities of term deposits | 607,506 | 232,811 |
Purchases of property and equipment and scooter fleet | (56,676) | (70,844) |
Cash paid for acquisitions, net of cash acquired | 3 | (12,376) |
Sales of property and equipment | 30,493 | 14,945 |
Proceeds from divestiture | 122,688 | 0 |
Other | (2,000) | 0 |
Net cash provided by investing activities | 572,732 | 555,008 |
Cash flows from financing activities | ||
Repayment of loans | (33,982) | (35,592) |
Proceeds from issuance of convertible senior notes | 0 | 734,065 |
Payment of debt issuance costs | 0 | (824) |
Purchase of capped call | 0 | (132,681) |
Proceeds from exercise of stock options and other common stock issuances | 21,362 | 14,610 |
Taxes paid related to net share settlement of equity awards | (21,854) | (14,515) |
Principal payments on finance lease obligations | (28,661) | (29,042) |
Other | (3) | 0 |
Net cash provided by (used in) financing activities | (63,138) | 536,021 |
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents | (141) | (286) |
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | 433,951 | (23,543) |
Beginning of period | 438,485 | 564,465 |
End of period | 872,436 | 540,922 |
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets | ||
Cash and cash equivalents | 728,382 | 424,806 |
Restricted cash and cash equivalents | 143,846 | 115,229 |
Restricted cash, included in prepaid expenses and other current assets | 208 | 887 |
Total cash, cash equivalents and restricted cash and cash equivalents | 872,436 | 540,922 |
Non-cash investing and financing activities | ||
Purchases of property and equipment, and scooter fleet not yet settled | 60,259 | 45,291 |
Right-of-use assets acquired under finance leases | 25,524 | 6,204 |
Right-of-use assets acquired under operating leases | 5,800 | 23,295 |
Remeasurement of finance and operating lease right of use assets for lease modification | 384 | 0 |
Settlement of pre-existing right-of-use assets under operating leases in connection with acquisition of Flexdrive | 0 | 133,088 |
Settlement of pre-existing lease liabilities under operating leases in connection with acquisition of Flexdrive | $ 0 | $ 130,089 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Organization and Description of Business Lyft, Inc. (the “Company” or “Lyft”) is incorporated in Delaware with its headquarters in San Francisco, California. The Company operates multimodal transportation networks in the United States and Canada that offer access to a variety of transportation options through the Company’s platform and mobile-based applications. This network enables multiple modes of transportation including the facilitation of peer-to-peer ridesharing by connecting drivers who have a vehicle with riders who need a ride. The Company’s proprietary technology platform (the “Lyft Platform”) provides a marketplace where drivers can be matched with riders via the Lyft mobile application (the “Lyft App”) where the Company operates as a Transportation Network Company (“TNC”). Transportation options through the Company’s platform and mobile-based applications are substantially comprised of its ridesharing marketplace that connects drivers and riders in cities across the United States and in select cities in Canada, Lyft’s network of shared bikes and scooters, the Express Drive program, where drivers can enter into short-term rental agreements with Flexdrive or a third party for vehicles that may be used to provide ridesharing services on the Lyft Platform, Lyft Rentals, a consumer offering for users who want to rent a car for a fixed period of time for personal use, and Lyft Driver Centers and Lyft Auto Care, where drivers and riders can request auto maintenance and collision repair services offered through the Lyft Platform in certain markets. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The Company uses the U.S. dollar predominantly as the functional currency of its foreign subsidiaries. For foreign subsidiaries where the U.S. dollar is the functional currency, gains and losses from remeasurement of foreign currency balances into U.S. dollars are included on the condensed consolidated statements of operations. For the foreign subsidiary where the local currency is the functional currency, translation adjustments of foreign currency financial statements into U.S. dollars are recorded to a separate component of accumulated other comprehensive loss. The condensed consolidated balance sheet as of December 31, 2020 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, stockholders’ equity, 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 identifiable intangible assets, leases, indirect tax obligations, legal contingencies, valuation allowance for deferred income taxes, and the valuation of stock-based compensation. Beginning in the middle of March 2020, the outbreak of the coronavirus (“COVID-19”) in the United States, Canada, and globally has impacted Lyft's business. The Company continues to be impacted by COVID-19, but the long-term impact will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including the duration of the pandemic, new information about additional variants, the availability and efficacy of vaccine distributions, additional or renewed actions by government authorities and private businesses to contain the pandemic or respond to its impact and altered consumer behavior, among other things. The Company has adopted a number of measures in response to the COVID-19 pandemic including, but not limited to, establishing new health and safety requirements for ridesharing and updating workplace policies. The Company also made adjustments to its expenses and cash flow to correlate with declines in revenues including headcount reductions in 2020. Refer to Note 14 “Restructuring” to the condensed consolidated financial statements for information regarding the 2020 restructuring events . The Company cannot be certain that these actions will mitigate the negative effects of the pandemic on Lyft's business . As of the date of issuance of the financial statements, the Company is not aware of any material event or circumstance that would require it to update its estimates, judgments or revise the carrying value of the Company's assets or liabilities, including the recording of any credit losses. These estimates may change, as new events occur and additional information is obtained, and could lead to impairment of long lived assets or goodwill, or credit losses associated with investments or other assets, and the impact of such changes on estimates will be recognized on the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company's financial statements. Revenue Recognition The Company generates its revenue from its multimodal transportation networks that offer access to a variety of transportation options through the Lyft Platform and mobile-based applications. Substantially all of the Company’s revenue is generated from its ridesharing marketplace that connects drivers and riders and is recognized in accordance with Accounting Standards Codification Topic 606 (“ASC 606”). In addition, the Company generates revenue in accordance with ASC 606 from licensing and data access, primarily with third-party autonomous vehicle companies. The Company also generates rental revenue from Flexdrive, its network of Light Vehicles, and Lyft Rentals, which is recognized in accordance with Accounting Standards Codification Topic 842 (“ASC 842”). The table below presents the Company's revenues as included on the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue from contracts with customers (ASC 606) $ 784,068 $ 450,559 $ 2,049,756 $ 1,681,239 Rental revenue (ASC 842) 80,337 49,185 188,634 113,562 Total revenue $ 864,405 $ 499,744 $ 2,238,390 $ 1,794,801 Revenue from Contracts with Customers (ASC 606) The Company recognizes revenue for its rideshare marketplace in accordance with ASC 606. The Company generates revenue from service fees and commissions (collectively, “fees”) paid by drivers for use of the Lyft Platform and related activities to connect drivers with riders to facilitate and successfully complete rides via the Lyft App where the Company operates as a TNC. The Company recognizes revenue upon completion of each ride. Drivers enter into terms of service (“ToS”) with the Company in order to use the Lyft Driver App. Under the ToS, drivers agree that the Company retains the applicable fee as consideration for their use of the Lyft Platform and related activities from the fare and related charges it collects from riders on behalf of drivers. The Company is acting as an agent in facilitating the ability of a driver to provide a transportation service to a rider. The Company reports revenue on a net basis, reflecting the fee owed to the Company from a driver as revenue, and not the gross amount collected from the rider. As the Company’s customary business practice, a contract exists between the driver and the Company when the driver’s ability to cancel the ride lapses, which typically is upon pickup of the rider. The Company’s single performance obligation in the transaction is to connect drivers with riders to facilitate the completion of a successful transportation service for riders. The Company recognizes revenue upon completion of a ride as its performance obligation is satisfied upon the completion of the ride. The Company collects the fare and related charges from riders on behalf of drivers using the rider’s pre-authorized credit card or other payment mechanism and retains its fees before making the remaining disbursement to drivers; thus the driver’s ability and intent to pay is not subject to significant judgment. The Company recognizes revenue from subscription fees paid to access transportation options through the Lyft Platform and mobile-based applications over the applicable subscription period in accordance with ASC 606. The Company also recognizes revenue from auto maintenance and collision repair services in accordance with ASC 606. The Company generates revenue from licensing and data access agreements, primarily with third-party autonomous vehicle companies. The Company is primarily responsible for fulfilling its promise to provide rideshare data and access to Flexdrive vehicles and bears the fulfillment risk, and the responsibility of providing the data, over the license period. The Company is acting as a principal in delivering the data and access licenses and presents revenue on a gross basis. Consideration allocated to each performance obligation, the data delivery and vehicle access, is determined by assigning the relative fair value to each of the performance obligations. Revenue is recorded upon delivery of the rideshare data and ratably over the quarter for access to fleet vehicles as the Company’s respective performance obligation is satisfied upon the delivery of each. Rental Revenue (ASC 842) The Company generates rental revenues primarily from Flexdrive, its network of Light Vehicles, and Lyft Rentals. Rental revenues are recognized for rental and rental related activities where an identified asset is transferred to the customer and the customer has the ability to control that asset in accordance with ASC 842. The Company operates a fleet of rental vehicles through Flexdrive, comprised of both owned vehicles and vehicles leased from third-party leasing companies (“head leases”). The Company either leases or subleases vehicles to drivers and Lyft Rentals renters, and as a result, the Company considers itself to be the accounting lessor or sublessor, as applicable, in these arrangements in accordance with ASC 842. Fleet operating costs include monthly fixed lease payments and other vehicle operating or ownership costs, as applicable. For vehicles that are subleased, sublease income and head lease expense for these transactions are recognized on a gross basis on the condensed consolidated financial statements. Drivers who rent vehicles are charged rental fees, which the Company collects from the driver by deducting such amounts from the driver’s earnings on the Lyft Platform. Due to the short-term nature of the Flexdrive, Lyft Rentals, and Light Vehicle transactions, the Company classifies these rentals as operating leases. Revenue generated from single-use ride fees paid by Light Vehicle riders is recognized upon completion of each related ride. Revenue generated from Flexdrive and Lyft Rentals is recognized evenly over the rental period, which is typically seven days or less. Enterprise and Trade Receivables The Company collects any fees owed for completed transactions on the Lyft Platform primarily from the rider’s authorized payment method. Uncollected fees are included in prepaid expenses and other current assets on the condensed consolidated balance sheets and represent receivables from (i) participants in the Company’s enterprise programs (“Enterprise Users”), where the transactions have been completed and the amounts owed from the Enterprise Users have either been invoiced or are unbilled as of the reporting date; and (ii) riders where the authorized payment method is a credit card but the fare amounts have not yet settled with third-party payment processors. Under the ToS, drivers agree that the Company retains the applicable fee as consideration for their use of the Lyft Platform and related activities from the fare and related charges it collects from riders on behalf of drivers. Accordingly, the Company has no trade receivables from drivers. The portion of the fare receivable to be remitted to drivers is included in accrued and other current liabilities on the condensed consolidated balance sheets. The Company records an allowance for credit losses for fees owed for completed transactions that may never settle or be collected. As a result of the adoption of Accounting Standards Update No. 2016-13 “Financial Instruments—Credit Losses" (“ASC 326”), the Company’s measurement of the allowance for credit losses has been augmented to reflect the change from the incurred loss model to the expected credit loss model. The allowance for credit losses reflects the Company’s current estimate of expected credit losses inherent in the enterprise and trade receivables balance. In determining the expected credit losses, the Company considers its historical loss experience, the aging of its receivable balance, current economic and business conditions, and anticipated future economic events that may impact collectability. The Company reviews its allowance for credit losses periodically and as needed, and amounts are written off when determined to be uncollectible. The Company’s receivable balance, which consists primarily of amounts due from Enterprise Users, was $174.6 million and $104.7 million as of September 30, 2021 and December 31, 2020, respectively. The Company's allowance for credit losses was $8.3 million and $15.2 million as of September 30, 2021 and December 31, 2020, respectively. The write-offs were immaterial for the nine months ended September 30, 2021. The change in the allowance for credit losses for the nine months ended September 30, 2021 was related to an increase in provisions for expected credit losses. Incentive Programs The Company offers incentives to attract drivers, riders, Light Vehicle riders and Lyft Rentals renters to use the Lyft Platform. Drivers generally receive cash incentives while riders, Light Vehicle riders and Lyft Rentals renters generally receive free or discounted rides under such incentive programs. Incentives provided to drivers, Light Vehicle riders and Lyft Rental renters, the customers of the Company, are accounted for as a reduction of the transaction price. As the riders are not the Company’s customers, incentives provided to riders are generally recognized as sales and marketing expense except for certain pricing programs described below. Driver Incentives The Company offers various incentive programs to drivers, including minimum guaranteed payments, volume-based discounts and performance-based bonus payments. These driver incentives are similar to retrospective volume-based rebates and represent variable consideration that is typically settled within a week. The Company reduces the transaction price by the estimated amount of the incentives expected to be paid upon completion of the performance criteria by applying the most likely outcome method. Therefore, such driver incentives are recorded as a reduction to revenue. Driver incentives are recorded as a reduction to revenue if the Company does not receive a distinct good or service in exchange for the payment or cannot reasonably estimate the fair value of the good or service received. Driver incentives for referring new drivers or riders are accounted for as sales and marketing expense. The amount recorded as an expense is the lesser of the amount of the payment or the established fair value of the benefit received. The fair value of the benefit is established using amounts paid to third parties for similar services. Rideshare Rider Incentives The Company has several rideshare rider incentive programs, which are offered to encourage rider activity on the Lyft Platform. Generally, the rider incentive programs are as follows: (i) Market-wide marketing promotions. Market-wide promotions reduce the fare charged by drivers to riders for all or substantially all rides in a specific market. This type of incentive effectively reduces the overall pricing of the service provided by drivers for that specific market and the gross fare charged by the driver to the rider, and thereby results in a lower fee earned by the Company. Accordingly, the Company records this type of incentive as a reduction to revenue at the date it records the corresponding revenue transaction. (ii) Targeted marketing promotions. Targeted marketing promotions are used to promote the use of the Lyft Platform to a targeted group of riders. An example is a promotion where the Company offers a number of discounted rides (capped at a given number of rides) which are valid only during a limited period of time to a targeted group of riders. The Company believes that the incentives that provide consideration to riders to be applied to a limited number of rides are similar to marketing coupons. These incentives differ from the market-wide marketing promotions because they do not reduce the overall pricing of the service provided by drivers for a specific market. During the promotion period, riders not utilizing an incentive would be charged the full fare. These incentives represent marketing costs. When a rider redeems the incentive, the Company recognizes revenue equal to the transaction price and the cost of the incentive is recorded as sales and marketing expense. (iii) Rider referral programs. Under the rider referral program, the referring rider (the referrer) earns referral coupons when a new rider (the referee) completes their first ride on the Lyft Platform. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense. Referral coupons typically expire within one year. The Company estimates breakage using its historical experience. As of September 30, 2021 and December 31, 2020, the rider referral coupon liability was not material. Light Vehicle Rider and Lyft Rentals Renter Incentives Incentives offered to Light Vehicle riders and Lyft Rentals renters were not material for the three and nine months ended September 30, 2021 and 2020. For the three and nine months ended September 30, 2021, in relation to the driver, rider, Light Vehicle riders, and Lyft Rentals renters incentive programs, the Company recorded $423.3 million and $995.5 million as a reduction to revenue and $16.8 million and $40.2 million as sales and marketing expense, respectively. For the three and nine months ended September 30, 2020, in relation to the driver, rider, Light Vehicle riders, and Lyft Rentals renters incentive programs, the Company recorded $125.0 million and $295.6 million as a reduction to revenue and $11.0 million and $115.0 million as sales and marketing expense, respectively. Investments Debt Securities The Company’s accounting for its investments in debt securities is based on the legal form of the security, the Company’s intended holding period for the security, and the nature of the transaction. Investments in debt securities include commercial paper, certificates of deposit, corporate bonds, and U.S. treasury bills. Investments in debt securities are classified as available-for-sale and are recorded at fair value. The Company considers an available-for-sale debt security to be impaired if the fair value of the investment is less than its amortized cost basis. The entire difference between the amortized cost basis and the fair value of the Company’s available-for-sale debt securities is recognized on the condensed consolidated statements of operations as an impairment if, (i) the fair value of the security is below its amortized cost and (ii) the Company intends to sell or is more likely than not required to sell the security before recovery of its amortized cost basis. If neither criterion is met, the Company evaluates whether the decline in fair value is due to credit losses or other factors. In making this assessment, the Company considers the extent to which the security’s fair value is less than amortized cost, changes to the rating of the security by third-party rating agencies, and adverse conditions specific to the security, among other factors. If the Company's assessment indicates that a credit loss exists, the credit loss is measured based on the Company's best estimate of the cash flows expected to be collected. When developing its estimate of cash flows expected to be collected, the Company considers all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts. Credit loss impairments are recognized through an allowance for credit losses adjustment to the amortized cost basis of the debt securities on the balance sheet with an offsetting credit loss expense on the condensed consolidated statements of operations. Impairments related to factors other than credit losses are recognized as an adjustment to the amortized cost basis of the security and an offsetting amount in accumulated other comprehensive income (loss), net of tax. As of September 30, 2021, the Company had not recorded any credit impairments. The Company determines realized gains or losses on the sale of debt securities on a specific identification method. The Company's investments in debt securities include: (i) Cash and cash equivalents. Cash equivalents include certificates of deposits, commercial paper and corporate bonds that have an original maturity of 90 days or less and are readily convertible to known amounts of cash. (ii) Short-term investments. Short-term investments are comprised of commercial paper, certificates of deposit, and corporate bonds, which mature in twelve months or less. As a result, the Company classifies these investments as current assets in the accompanying condensed consolidated balance sheets. (iii) Restricted investments. Restricted investments are comprised of debt security investments in commercial paper, certificates of deposit, corporate bonds and U.S. treasury bills, which are held in trust accounts at third-party financial institutions pursuant to certain contracts with insurance providers. Non-marketable Equity Securities The Company has elected to measure its investments in non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable transactions for identical or similar investments of the same issuer or impairment. The Company qualitatively assesses whether indicators of impairment exist. Factors considered in this assessment include the investees’ financial and liquidity position, access to capital resources, exposure to industries and markets impacted by COVID-19, and the time since the last adjustment to fair value, among others. If an impairment exists, the Company estimates the fair value of the investment by using the best information available, which may include cash flow projections or other available market data, and recognizes a loss for the amount by which the carrying value exceeds the fair value of the investment on the condensed consolidated statements of operations. 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, first party injury coverages including personal injury protection under state law and general business liabilities up to certain limits. The recorded liabilities reflect the estimated 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 determined on a quarterly basis by internal actuaries through an analysis of historical trends, changes in claims experience including consideration of new information and application of loss development factors among other inputs and assumptions. On an annual basis or more frequently as determined by management, an independent third-party actuary will evaluate the liabilities for appropriateness with claims reserve valuations. Insurance claims may take years to completely settle, and the Company has 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. The impact of these factors on ultimate costs for insurance is difficult to estimate and could be material. However, while the Company believes that the insurance reserve amount is adequate, the ultimate liability may be in excess of, or less than, the amount provided. As a result, the net amounts that will ultimately be paid to settle the liability and when amounts will be paid may significantly vary from the estimated amounts provided for in the consolidated balance sheets. The Company continues to review its insurance estimates in a regular, ongoing process as historical loss experience develops, additional claims are reported and settled, and the legal, regulatory and economic environment evolves. Leases In accordance with ASC 842, the Company determines if an arrangement is or contains a lease at contract inception by assessing whether the arrangement contains an identified asset and whether the lessee has the right to control such asset. The Company determines the classification and measurement of its leases upon lease commencement. The Company enters into certain agreements as a lessor or sublessor and either leases or subleases the underlying asset in the agreement to customers. The Company also enters into certain agreements as a lessee. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor): • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise; • The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset; • The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or • The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Leases that do not meet any of the above criteria are accounted for as operating leases. Lessor The Company's lease arrangements include vehicle rentals to drivers or renters under the Flexdrive and Lyft Rentals programs and Light Vehicle rentals to single-use riders. Due to the short-term nature of these arrangements, the Company classifies these leases as operating leases. The Company does not separate lease and non-lease components, such as insurance or roadside assistance provided to the lessee, in its lessor lease arrangements. Lease payments are primarily fixed and are recognized as revenue in the period over which the lease arrangement occurs. Taxes or other fees assessed by governmental authorities that are both imposed on and concurrent with each lease revenue-producing transaction and collected by the Company from the lessee are excluded from the consideration in its lease arrangements. The Company mitigates residual value risk of its leased assets by performing regular maintenance and repairs, as necessary, and through periodic reviews of asset depreciation rates based on the Company's ongoing assessment of present and estimated future market conditions. Lessee The Company's leases include real estate property to support its operations and Flexdrive vehicles that may be used by drivers to provide ridesharing services on the Lyft Platform or renters for personal reasons through Lyft Rentals. For leases with a term greater than 12 months, the Company records the related right-of-use asset and lease liability at the present value of lease payments over the term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company does not separate lease and non-lease components of contracts for real estate property leases, but has elected to do so for vehicle leases when non-lease components exist in these arrangements. For certain leases, the Company also applies a portfolio approach to account for right-of-use assets and lease liabilities that are similar in nature and have nearly identical contract provisions. The Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company determines its incremental borrowing rate based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. Lease payments may be fixed or variable; however, only fixed payments are included in the Company’s lease liability calculation. Operating leases are included in operating lease right-of-use assets, operating lease liabilities — current and operating lease liabilities on the condensed consolidated balance sheets. Lease costs for the Company's operating leases are recognized on a straight-line basis primarily within operating expenses over the lease term. Finance leases are included in property and equipment, net, accrued and other current liabilities, and other liabilities on the condensed consolidated balance sheets. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term in cost of revenue on the condensed consolidated statements of operations. The interest component of finance leases is included in cost of revenue on the condensed consolidated statements of operations and recognized using the effective interest method over the lease term. Variable lease payments are recognized primarily in operating expenses in the period in which the obligation for those payments are incurred. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. Effective on January 1, 2021, the Company adopted this standard, which did not have a material impact on the condensed consolidated financial statements and related disclosures. In January 2020, the FASB issued ASU No. 2020-01, "Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815", which clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting under Topic 323, and the accounting for certain forward contracts and purchased options accounted for under Topic 815. Effective on January 1, 2021, the Company adopted this standard, which did not have a material impact on the condensed consolidated financial statements. In October 2020, the FASB issued ASU No. 2020-10, “Codification Improvements”, which updates various Codification Topics by clarifying or improving disclosure requirements to align with the SEC’s regulations, and improving the consistency of the Codification to ensure all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the Disclosure Section of the Codification. Effective on January 1, 2021, the Company adopted this standard, which did not have a material impact on the condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Acquisition of Flexdrive Services, LLC (“Flexdrive”) On February 7, 2020 (the “Closing Date”), the Company completed its acquisition of Flexdrive for approximately $20.0 million and treated the acquisition as a business combination. The acquisition is expected to contribute to the growth of the Company's current business, and help expand the range of the Company's use cases. Prior to the acquisition, the Company acted as the lessee of Flexdrive’s vehicles and sublessor for each vehicle prior to its rental by drivers. As of the Closing Date, the Company had approximately $133.1 million of operating lease right-of-use assets and $130.1 million of operating lease liabilities on the balance sheet related to this preexisting contractual relationship with Flexdrive. This preexisting contractual relationship and others were settled on the Closing Date as an adjustment to the purchase price , resulting in a total acquisition consideration paid of $13.0 million. Acquisition costs were immaterial and are included in general and administrative expenses on the condensed consolidated statements of operations. The following table summarizes the fair value of the assets acquired and liabilities assumed at the Closing Date (in thousands): Cash and cash equivalents $ 587 Prepaid expenses and other current assets 276 Property and equipment 111,881 Finance lease right-of-use assets 56,014 Identifiable intangible assets - developed technology 13,200 Total identifiable assets acquired 181,958 Loans 134,121 Finance lease and other liabilities 57,265 Total liabilities assumed 191,386 Net liabilities assumed (9,428) Goodwill 22,455 Total acquisition consideration $ 13,027 Goodwill represents the excess of the total purchase consideration over the fair value of the underlying assets acquired and liabilities assumed. Goodwill is attributable to expected synergies and monetization opportunities from gaining control over the Flexdrive platform (“developed technology” intangible asset) and gaining greater flexibility in monetizing the fleet of owned and leased vehicles from the combined operations of the Company and Flexdrive. The acquisition is a taxable business combination for tax purposes and goodwill recognized in the acquisition is deductible for tax purposes. The fair value of the developed technology intangible asset was determined to be $13.2 million with an estimated useful life of three years. The fair value of the developed technology was determined using the avoided cost approach. In the avoided cost approach, the fair value of an asset is based on the future after-tax costs which are avoided (or reduced) as a result of owning (or having the rights to) the asset for three years after the Closing Date. Indications of value were developed by discounting these benefits to their present value. The results of operations for the acquired business have been included on the condensed consolidated statements of operations for the period subsequent to the Company's acquisition of Flexdrive. Flexdrive's results of operations for periods prior to this acquisition were not material to the condensed consolidated statements of operations and, accordingly, pro forma financial information has not been presented. |
Divestitures
Divestitures | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures Transaction with Woven Planet Holdings, Inc. (“Woven Planet”) On July 13, 2021, the Company completed a transaction with Woven Planet, a subsidiary of Toyota Motor Corporation, for the divestiture of certain assets related to the Company’s self-driving vehicle division, Level 5, as well as commercial agreements for the utilization of Lyft system and fleet data to accelerate the safety and commercialization of the automated-driving vehicles that Woven Planet is developing. The Company will receive, in total, approximately $515 million in cash in connection with this transaction, with $165 million paid upfront and $350 million to be paid over a five-year period. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 9 Months Ended |
Sep. 30, 2021 | |
Additional Financial Information Disclosure [Abstract] | |
Supplemental Financial Statement Information | 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, 2021 Cost or Unrealized Estimated Gains Losses Unrestricted Balances (1) Money market funds $ 1,177 $ — $ — $ 1,177 Money market deposit accounts 395,308 — — 395,308 Term deposits 435,000 — — 435,000 Certificates of deposit 690,807 162 (5) 690,964 Commercial paper 451,844 107 (2) 451,949 Corporate bonds 75,990 7 (12) 75,985 Total unrestricted cash equivalents and short-term investments 2,050,126 276 (19) 2,050,383 Restricted Balances (2) Money market funds 66,066 — — 66,066 Term deposits 6,506 — — 6,506 Certificates of deposit 487,079 122 (1) 487,200 Commercial paper 359,166 50 (8) 359,208 Corporate bonds 61,950 11 (6) 61,955 U.S. government securities 5,947 — — 5,947 Total restricted cash equivalents and investments 986,714 183 (15) 986,882 Total unrestricted and restricted cash equivalents and investments $ 3,036,840 $ 459 $ (34) $ 3,037,265 _______________ (1) Excludes $331.9 million of cash, which is included within the $2.4 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2) Excludes $55.6 million of restricted cash, which is included within the $1.0 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets. . December 31, 2020 Cost or Unrealized Estimated Gains Losses Unrestricted Balances (1) Money market deposit accounts $ 174,347 $ — $ — $ 174,347 Term deposits 601,000 — — 601,000 Certificates of deposit 677,602 178 (4) 677,776 Commercial paper 376,771 38 (20) 376,789 Corporate bonds 287,445 115 (41) 287,519 Total unrestricted cash equivalents and short-term investments 2,117,165 331 (65) 2,117,431 Restricted Balances (2) Money market funds 24,757 — — 24,757 Money market deposit accounts 162 — — 162 Term deposits 6,506 — — 6,506 Certificates of deposit 481,154 213 (3) 481,364 Commercial paper 469,193 57 (10) 469,240 Corporate bonds 184,560 67 (26) 184,601 Total restricted cash equivalents and investments 1,166,332 337 (39) 1,166,630 Total unrestricted and restricted cash equivalents and investments $ 3,283,497 $ 668 $ (104) $ 3,284,061 _______________ (1) Excludes $133.6 million of cash, which is included within the $2.3 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2) Excludes $53.8 million of restricted cash, which is included within the $1.2 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets. The Company’s short-term investments consist of available-for-sale debt securities and term deposits. The term deposits are at cost, which approximates fair value. The 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. The Company purchases investment grade marketable debt securities which are rated by nationally recognized credit rating organizations in accordance with its investment policy. This policy is designed to minimize the Company's exposure to credit losses. As of September 30, 2021, the credit-quality of the Company’s marketable available-for-sale debt securities had remained stable. The unrealized losses recognized on marketable available-for-sale debt securities as of September 30, 2021 was primarily related to the continued market volatility associated with COVID-19. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments and it is not expected that the investments would be settled at a price less than their amortized cost basis. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The Company is not aware of any specific event or circumstance that would require the Company to change its assessment of credit losses for any marketable available-for-sale debt security as of September 30, 2021. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the condensed consolidated financial statements as soon as they become known. No credit losses were recognized as of September 30, 2021 for the Company’s marketable and non-marketable debt securities. The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type (in thousands): September 30, 2021 Estimated Fair Value Unrealized Losses Certificates of deposit $ 125,279 $ (6) Corporate bonds 75,721 (18) Commercial paper 106,249 (10) U.S. government securities 3,298 — Total available-for-sale debt securities in an unrealized loss position $ 310,547 $ (34) Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands): September 30, 2021 December 31, 2020 Insurance-related accruals $ 313,855 $ 269,849 Legal accruals 323,735 226,408 Ride-related accruals 212,048 196,439 Long-term debt, current 49,553 35,760 Insurance claims payable and related fees 34,517 28,318 Other 272,813 197,234 Accrued and other current liabilities $ 1,206,521 $ 954,008 Insurance Reserves The following table provides a rollforward of the insurance reserve for the periods presented (in thousands): Nine Months Ended September 30, 2021 2020 Balance at beginning of period $ 987,064 $ 1,378,462 Reinsurance recoverable established in period (251,328) — Additions related to: Reserves for current period 227,478 321,232 Change in estimates for prior periods 128,045 61,248 Losses paid (329,805) (430,429) Transfer of certain legacy auto insurance liabilities — (407,885) Net balance at the end of the period 761,454 922,628 Add: Reinsurance recoverable at the end of the period 249,699 — Balance at end of period $ 1,011,153 $ 922,628 Transfer of Certain Legacy Auto Liability Insurance On March 31, 2020, the Company’s wholly-owned subsidiary, PVIC, entered into a Novation Agreement with Clarendon, and certain underwriting companies of Zurich. Pursuant to the terms of the Novation, on the effective date March 31, 2020, the obligations of PVIC as reinsurer to Zurich for the Legacy Auto Liability, were assigned to, assumed by, and novated to Clarendon, for cash consideration of $465.0 million. As a result of the Novation, the Company’s obligations related to the Legacy Auto Liability were fully extinguished and novated to Clarendon on March 31, 2020. The Company paid the $465.0 million cash consideration to Clarendon on April 3, 2020. The Company derecognized $407.9 million of insurance reserves liabilities and recognized a loss of $64.7 million for the net cost of the Novation on the condensed consolidated statements of operations for the nine months ended September 30, 2020, with $62.5 million in cost of revenue and $2.2 million in general and administrative expenses. In conjunction with the Novation, Clarendon and PVIC executed a Retrocession Agreement, pursuant to which PVIC will reinsure Clarendon’s losses related to the Legacy Auto Liability in excess of an aggregate limit of $816.0 million. Reinsurance of Certain Legacy Auto Liability Insurance On April 22, 2021, the Company’s wholly-owned subsidiary, Pacific Valley Insurance Company, Inc. (“PVIC”), entered into a Quota Share Reinsurance Agreement (the “Reinsurance Agreement”) with DARAG Bermuda LTD (“DARAG”), under which DARAG reinsured a legacy portfolio of auto insurance policies, based on reserves in place as of March 31, 2021, for $183.2 million of coverage above the liabilities recorded as of that date. Under the terms of the Reinsurance Agreement, PVIC ceded to DARAG approximately $251.3 million of certain legacy insurance liabilities for policies underwritten during the period of October 1, 2018 to October 1, 2020, with an aggregate limit of $434.5 million, for a premium of $271.5 million (“the Reinsurance Transaction”). The Reinsurance Agreement is on a funds withheld basis, meaning that funds are withheld by PVIC from the insurance premium owed to DARAG in order to pay future reinsurance claims on DARAG’s behalf. Upon consummation of the Reinsurance Transaction, a reinsurance recoverable of $251.3 million was established, and since a contractual right of offset exists, the reinsurance recoverable has been netted against the funds withheld liability balance of $271.5 million for a $20.2 million net funds withheld liability balance included in accrued and other current liabilities on the condensed consolidated balance sheet. In addition to the initial funds withheld balance of $271.5 million, additional coverage of certain legacy insurance liabilities is collateralized by a $75.0 million trust account established by DARAG for the benefit of PVIC. As of September 30, 2021, the balance of the net funds withheld liability is immaterial. A loss of approximately $20.4 million for the total cost of the Reinsurance Transaction was recognized on the condensed consolidated statement of operations for the nine months ended September 30, 2021, with $20.2 million in cost of revenue and $0.2 million in general and administrative expenses. The Reinsurance Transaction does not discharge PVIC of its obligations to the policyholder. Management evaluated reinsurance counterparty credit risk and does not consider it to be material since the premium of $271.5 million was retained by PVIC on a funds withheld basis on behalf of the reinsurer. Other Income (Expense), Net The following table sets forth the primary components of other income (expense), net as reported on the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest income (1) $ 1,923 $ 7,631 $ 7,008 $ 39,394 Gain (loss) on sale of securities, net (17) 10 685 (886) Foreign currency exchange gains (losses), net 736 744 1,212 580 Sublease income 2,947 — 2,947 — Gain from transaction with Woven Planet 119,284 — 119,284 — Other, net 169 (911) (748) (322) Other income (expense), net $ 125,042 $ 7,474 $ 130,388 $ 38,766 _______________ |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial Instruments Measured at Fair Value on a 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, 2021 Level 1 Level 2 Level 3 Total Unrestricted Balances (1) Money market funds $ 1,177 $ — $ — $ 1,177 Certificates of deposit — 690,964 — 690,964 Commercial paper — 451,949 — 451,949 Corporate bonds — 75,985 — 75,985 Total unrestricted cash equivalents and investments 1,177 1,218,898 — 1,220,075 Restricted Balances (2) Money market funds 66,066 — — 66,066 Certificates of deposit — 487,199 — 487,199 Commercial paper — 359,207 — 359,207 Corporate bonds — 61,955 — 61,955 U.S. treasury securities — 5,947 — 5,947 Total restricted cash equivalents and investments 66,066 914,308 — 980,374 Total unrestricted and restricted cash equivalents and investments $ 67,243 $ 2,133,206 $ — $ 2,200,449 _______________ (1) $331.9 million of cash, $395.3 million of money market deposit accounts and $435.0 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.4 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2) $55.6 million of restricted cash and $6.5 million of a restricted term deposit are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.0 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets. December 31, 2020 Level 1 Level 2 Level 3 Total Unrestricted Balances (1) Certificates of deposit $ — $ 677,777 $ — $ 677,777 Commercial paper — 376,789 — 376,789 Corporate bonds — 287,519 — 287,519 Total unrestricted cash equivalents and short-term investments — 1,342,085 — 1,342,085 Restricted Balances (2) Money market funds 24,757 — — 24,757 Certificates of deposit — 481,365 — 481,365 Commercial paper — 469,240 — 469,240 Corporate bonds — 184,601 — 184,601 Total restricted cash equivalents and investments 24,757 1,135,206 — 1,159,963 Total unrestricted and restricted cash equivalents and investments $ 24,757 $ 2,477,291 $ — $ 2,502,048 _______________ (1) $133.6 million of cash, $174.3 million of money market deposit accounts and $601.0 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.3 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2) $53.8 million of restricted cash, $0.2 million of a money market deposit account and $6.5 million of a restricted term deposit are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.2 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets. 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. Level 3 instrument valuations are valued based on unobservable inputs and other estimation techniques due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such financial instruments. During the nine months ended September 30, 2021, the Company did not make any transfers between the levels of the fair value hierarchy. Financial Instruments Measured at Fair Value on a Non-Recurring Basis In March 2020, the Company purchased a non-marketable equity security for total cash consideration of $10.0 million. This investment is classified in other investments on the condensed consolidated balance sheets. In June 2021, the Company received an investment in a non-marketable equity security in a privately held company without a readily determinable market value as part of licensing and data access agreements. The investment had a carrying value of $64.0 million and is categorized as Level 3. The Company does not have significant influence over this privately-held company and has elected to measure this investment as a non-marketable equity security and classified it in other investments on the condensed consolidated balance sheet. Non-marketable equity securities will be remeasured to fair value upon the occurrence of observable transactions for an identical or similar investments of the same issuer or impairment. If these forecasts are not met, impairment charges may be recorded. As of September 30, 2021, there were no remeasurement adjustments. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases Real Estate Operating Leases The Company leases real estate property at approximately 81 locations with 79 commenced leases and two not yet commenced leases having an initial term of 12 months or longer as of September 30, 2021. These leases are classified as operating leases. As of September 30, 2021, the remaining lease terms vary from approximately three months to nine years. For certain leases the Company has options to extend the lease term for periods varying from two months to ten 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. Any fixed payments related to non-lease components, such as common area maintenance or other services provided by the landlord, are accounted for as a component of the lease payment and therefore, a part of the total lease cost. Flexdrive Program The Company operates a fleet of rental vehicles through Flexdrive, a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases and are included in property and equipment, net on the condensed consolidated balance sheets. As of September 30, 2021, the remaining lease terms vary between one month to three years. These leases generally do not contain any non-lease components and, as such, all payments due under these arrangements are allocated to the respective lease component. Lease Position as of September 30, 2021 The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages): September 30, 2021 December 31, 2020 Operating Leases Assets Operating lease right-of-use assets $ 235,219 $ 275,756 Liabilities Operating lease liabilities, current $ 54,773 $ 49,291 Operating lease liabilities, non-current 223,035 265,803 Total operating lease liabilities $ 277,808 $ 315,094 Finance Leases Assets Finance lease right-of-use assets (1) $ 31,385 $ 28,108 Liabilities Finance lease liabilities, current (2) 15,883 20,795 Finance lease liabilities, non-current (3) 15,634 6,593 Total finance lease liabilities $ 31,517 $ 27,388 Weighted-average remaining lease term (years) Operating leases 5.7 6.3 Finance leases 2.2 1.5 Weighted-average discount rate Operating leases 6.3 % 6.4 % Finance leases 3.1 % 4.7 % _______________ (1) This balance is included within property and equipment, net on the condensed consolidated balance sheets. (2) This balance is included within other current liabilities on the condensed consolidated balance sheets. (3) This balance is included within other liabilities on the condensed consolidated balance sheets. Lease Costs The table below presents certain information related to the lease costs for operating leases for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating Leases Operating lease cost $ 20,250 $ 17,506 $ 56,415 $ 61,763 Finance Leases Amortization of right-of-use assets 5,893 11,386 19,348 27,747 Interest on lease liabilities 277 620 850 1,600 Other Lease Costs Short-term lease cost 1,091 1,001 4,151 3,326 Variable lease cost (1) 244 3,899 4,018 10,943 Total lease cost $ 27,755 $ 34,412 $ 84,782 $ 105,379 _______________ (1) Consist primarily of common area maintenance, taxes and utilities for real estate leases, and certain vehicle-related charges under the Flexdrive program. Sublease income was $2.9 million for the three months ended September 30, 2021 which was related to subleases from the Company's transaction with Woven Planet in the third quarter of 2021. The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 63,204 $ 48,188 Operating cash flows from finance leases 835 1,600 Financing cash flows from finance leases 28,661 29,042 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, 2021 (in thousands): Operating Leases Finance Leases Total Leases Remainder of 2021 $ 12,542 $ 5,793 $ 18,335 2022 73,844 13,355 87,199 2023 58,517 9,341 67,858 2024 52,943 4,067 57,010 2025 41,815 — 41,815 Thereafter 96,138 — 96,138 Total minimum lease payments 335,799 32,556 368,355 Less: amount of lease payments representing interest (57,991) (1,039) (59,030) Present value of future lease payments 277,808 31,517 309,325 Less: current obligations under leases (54,773) (15,883) (70,656) Long-term lease obligations $ 223,035 $ 15,634 $ 238,669 As of September 30, 2021, the Company had two real estate leases not yet commenced with an immaterial amount of future lease payments. These leases are expected to commence in 2021 with lease terms of three years. Future lease payments receivable in car rental transactions under the Flexdrive Program are not material since the lease term is less than a month. |
Leases | Leases Real Estate Operating Leases The Company leases real estate property at approximately 81 locations with 79 commenced leases and two not yet commenced leases having an initial term of 12 months or longer as of September 30, 2021. These leases are classified as operating leases. As of September 30, 2021, the remaining lease terms vary from approximately three months to nine years. For certain leases the Company has options to extend the lease term for periods varying from two months to ten 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. Any fixed payments related to non-lease components, such as common area maintenance or other services provided by the landlord, are accounted for as a component of the lease payment and therefore, a part of the total lease cost. Flexdrive Program The Company operates a fleet of rental vehicles through Flexdrive, a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases and are included in property and equipment, net on the condensed consolidated balance sheets. As of September 30, 2021, the remaining lease terms vary between one month to three years. These leases generally do not contain any non-lease components and, as such, all payments due under these arrangements are allocated to the respective lease component. Lease Position as of September 30, 2021 The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages): September 30, 2021 December 31, 2020 Operating Leases Assets Operating lease right-of-use assets $ 235,219 $ 275,756 Liabilities Operating lease liabilities, current $ 54,773 $ 49,291 Operating lease liabilities, non-current 223,035 265,803 Total operating lease liabilities $ 277,808 $ 315,094 Finance Leases Assets Finance lease right-of-use assets (1) $ 31,385 $ 28,108 Liabilities Finance lease liabilities, current (2) 15,883 20,795 Finance lease liabilities, non-current (3) 15,634 6,593 Total finance lease liabilities $ 31,517 $ 27,388 Weighted-average remaining lease term (years) Operating leases 5.7 6.3 Finance leases 2.2 1.5 Weighted-average discount rate Operating leases 6.3 % 6.4 % Finance leases 3.1 % 4.7 % _______________ (1) This balance is included within property and equipment, net on the condensed consolidated balance sheets. (2) This balance is included within other current liabilities on the condensed consolidated balance sheets. (3) This balance is included within other liabilities on the condensed consolidated balance sheets. Lease Costs The table below presents certain information related to the lease costs for operating leases for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating Leases Operating lease cost $ 20,250 $ 17,506 $ 56,415 $ 61,763 Finance Leases Amortization of right-of-use assets 5,893 11,386 19,348 27,747 Interest on lease liabilities 277 620 850 1,600 Other Lease Costs Short-term lease cost 1,091 1,001 4,151 3,326 Variable lease cost (1) 244 3,899 4,018 10,943 Total lease cost $ 27,755 $ 34,412 $ 84,782 $ 105,379 _______________ (1) Consist primarily of common area maintenance, taxes and utilities for real estate leases, and certain vehicle-related charges under the Flexdrive program. Sublease income was $2.9 million for the three months ended September 30, 2021 which was related to subleases from the Company's transaction with Woven Planet in the third quarter of 2021. The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 63,204 $ 48,188 Operating cash flows from finance leases 835 1,600 Financing cash flows from finance leases 28,661 29,042 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, 2021 (in thousands): Operating Leases Finance Leases Total Leases Remainder of 2021 $ 12,542 $ 5,793 $ 18,335 2022 73,844 13,355 87,199 2023 58,517 9,341 67,858 2024 52,943 4,067 57,010 2025 41,815 — 41,815 Thereafter 96,138 — 96,138 Total minimum lease payments 335,799 32,556 368,355 Less: amount of lease payments representing interest (57,991) (1,039) (59,030) Present value of future lease payments 277,808 31,517 309,325 Less: current obligations under leases (54,773) (15,883) (70,656) Long-term lease obligations $ 223,035 $ 15,634 $ 238,669 As of September 30, 2021, the Company had two real estate leases not yet commenced with an immaterial amount of future lease payments. These leases are expected to commence in 2021 with lease terms of three years. Future lease payments receivable in car rental transactions under the Flexdrive Program are not material since the lease term is less than a month. |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Noncancelable Purchase Commitments In March 2018, the Company entered into a noncancelable arrangement with a web-hosting services provider under which the Company had an obligation to purchase a minimum amount of services from this vendor through June 2021. In January 2019 and May 2020, 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 June 2022, with a minimum amount of $80 million in each of the three contractual periods, on services with this vendor. As of September 30, 2021, the Company has made payments in excess of $300 million under the amended arrangement. In November 2018, the Company completed the acquisition of Motivate, a New York headquartered bikeshare company. Over the approximately five years following the transaction, the Company committed to invest an aggregate of $100 million in the bikeshare program for the New York metro area. The Company also assumed certain pre-existing contractual obligations to increase the bike fleets in other locations which are not considered to be material. The Company has made investments totaling $87.1 million as of September 30, 2021. 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 through January 2023. The Company has made payments totaling $23.1 million and investments totaling $20.8 million as of September 30, 2021. Letters of Credit The Company maintains certain stand-by letters of credit from third-party financial institutions in the ordinary course of business to guarantee certain performance obligations related to leases, insurance policies and other various contractual arrangements. The outstanding letters of credit are collateralized by cash. As of September 30, 2021 and December 31, 2020, the Company had letters of credit outstanding of $56.5 million and $54.2 million, respectively. Indemnification The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including certain business partners, investors, contractors, parties to certain acquisition or divestiture transactions and the Company’s officers, directors and certain employees. The Company has agreed to indemnify and defend the indemnified party’s claims and related losses suffered or incurred by the indemnified party resulting from actual or threatened third-party claims because of the Company’s activities or, in some cases, non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded on the condensed consolidated statements of operations in connection with the indemnification provisions have not been material. Legal Proceedings The Company is currently involved in, and may in the future be involved in, legal proceedings, claims, regulatory inquiries, and governmental investigations in the ordinary course of business, including suits by drivers, riders, renters, 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 riders 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. 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, Assembly Bill 5 (as codified in part at Cal. Labor Code sec. 2750.3) codified and extended an employment classification test set forth by the California Supreme Court that established a new standard for determining employee or independent contractor status. The passage of this bill led to additional challenges to the independent contractor classification of drivers using the Lyft Platform. For example, on May 5, 2020, the California Attorney General and the City Attorneys of Los Angeles, San Diego, and San Francisco filed a lawsuit against the Company and Uber for allegedly misclassifying drivers on the companies’ respective platforms as independent contractors in violation of Assembly Bill 5 and California’s Unfair Competition Law, and on August 5, 2020, the California Labor Commissioner filed lawsuits against the Company and Uber for allegedly misclassifying drivers on the companies’ respective platforms as independent contractors, seeking injunctive relief and material damages and penalties. On August 10, 2020, the court granted a motion for a preliminary injunction, forcing the Company and Uber to reclassify drivers in California as employees until the end of the lawsuit. Subsequently, voters in California approved Proposition 22, a state ballot initiative that provided a framework for drivers utilizing platforms like Lyft to maintain their status as independent contractors under California law. Proposition 22 went into effect on December 16, 2020. On April 20, 2021, the court granted the parties’ joint request to dissolve the preliminary injunction in light of the passage of Proposition 22. On May 3, 2021, the California Labor Commissioner filed a petition to coordinate its lawsuit with the Attorney General lawsuit and three other cases against the Company and Uber. The coordination petition was granted and the coordinated cases have been assigned to a judge in San Francisco Superior Court. On January 12, 2021, a separate lawsuit was filed in the California Supreme Court against the State of California alleging that Proposition 22 is unconstitutional under the California Constitution. The California Supreme Court denied review on February 3, 2021. Plaintiffs then filed a similar lawsuit in Alameda County Superior Court on February 12, 2021. Protect App-Based Drivers & Services (PADS) -- the coalition that established and operated the official ballot measure committee that successfully advocated for the passage of Proposition 22 -- intervened in the Alameda lawsuit and joined in a demurrer filed by the California Attorney General. On August 20, 2021, after a merits hearing, the Alameda Superior Court issued an order finding that Proposition 22 is unenforceable. Both the California Attorney General and PADS have filed notices of appeal to the California Court of Appeal. Separately, on July 14, 2020, the Massachusetts Attorney General filed a lawsuit against the Company and Uber for allegedly misclassifying drivers as independent contractors under Massachusetts law, and seeking declaratory and injunctive relief. The Company and Uber filed motions to dismiss, which were denied by the court in March 2021. In September 2021, the Massachusetts Attorney General served Lyft and Uber with a motion for summary judgment on the issue of driver classification. Lyft and Uber have not yet served their opposition briefs. Certain adverse outcomes of such actions would have a material impact on the Company’s business, financial condition and results of operations, including damages, penalties and potential suspension of operations in impacted jurisdictions, including California or Massachusetts. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated. Such regulatory scrutiny or action may create different or conflicting obligations from one jurisdiction to another. The Company is currently involved in a number of putative class actions, thousands of individual claims, including those brought in arbitration or compelled pursuant to the Company's Terms of Service to arbitration, matters brought, in whole or in part, as representative actions under California’s Private Attorney General Act, Labor Code Section 2698, et seq., alleging that the Company misclassified drivers as independent contractors and other matters challenging the classification of drivers on the Company’s platform as independent contractors. The Company is currently defending allegations in a number of lawsuits that the Company has failed to properly classify drivers and provide those drivers with sick leave and related benefits during the COVID-19 pandemic. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated. The Company disputes any allegations of wrongdoing and intends to continue to defend itself vigorously in these matters. However, results of litigation, arbitration and regulatory actions are inherently unpredictable and legal proceedings related to these driver claims, individually or in the aggregate, could have a material impact on the Company’s business, financial condition and results of operations. Regardless of the outcome, litigation and arbitration of these matters can have an adverse impact on the Company because of defense and settlement costs individually and in the aggregate, diversion of management resources and other factors. Unemployment Insurance Assessment The Company is involved in administrative audits with various state employment agencies, including audits related to driver classification, in California, Connecticut, Oregon, Wisconsin, Illinois, New York and New Jersey. The Company believes that drivers are properly classified as independent contractors and plans to vigorously contest any adverse assessment or determination. The Company’s chances of success on the merits are still uncertain. The Company accrues liabilities that may result from assessments by, or any negotiated agreements with, these employment agencies when a loss is probable and reasonably estimable and the expense is recorded to general and administrative expenses. 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. Patent Litigation The Company is currently involved in legal proceedings related to alleged infringement of patents and other intellectual property and, in the ordinary course of business, the Company receives correspondence from other purported holders of patents and other intellectual property offering to license such property and/or asserting infringement of such property. The Company disputes any allegation of wrongdoing and intends to defend itself vigorously in these matters. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated. Consumer and Other Class Actions The Company is involved in a number of class actions alleging violations of consumer protection laws such as the Telephone Consumer Protection Act of 1991, or TCPA, as well as violations of other laws such as the Americans with Disabilities Act, or the ADA, seeking injunctive or other relief. Recently, the Company received a favorable outcome in a case in the Northern District of California alleging ADA violations with respect to Lyft’s wheelchair accessible vehicle offerings in three Bay Area counties, Independent Living Resource Center San Francisco (“ILRC”) v. Lyft, Inc. After hearing evidence at a 5-day bench trial, the court ruled that plaintiffs failed their burden to prove that Lyft violates the ADA. The plaintiffs did not appeal the ruling. Lyft is facing a similar ADA lawsuit in the Southern District of New York, Lowell v. Lyft, Inc. , which seeks to certify New York and nationwide classes. The Company disputes any allegations of wrongdoing and intends to continue to defend itself vigorously in these matters. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated. Personal Injury and Other Safety Matters In the ordinary course of the Company’s business, various parties have from time to time claimed, and may claim in the future, that the Company is liable for damages related to accidents or other incidents involving drivers, riders, or renters using or who have used services offered on the Lyft Platform, as well as from third parties. The Company is currently named as a defendant in a number of matters related to accidents or other incidents involving drivers on the Lyft Platform, other riders, renters and third parties. The Company believes it has meritorious defenses, disputes the allegations of wrongdoing and intends to defend itself vigorously in these matters. There is no pending or threatened legal proceeding that has arisen from these accidents or incidents that individually, in the Company’s opinion, is likely to have a material impact on its business, financial condition or results of operations; however, results of litigation and claims are inherently unpredictable and legal proceedings related to such accidents or incidents, in the aggregate, could have a material impact on the Company’s business, financial condition and results of operations. For example, on January 17, 2020, the Superior Court of California, County of Los Angeles, granted the petition of multiple plaintiffs to coordinate their claims relating to alleged sexual assault or harassment by drivers on the Lyft Platform, and a Judicial Council Coordinated Proceeding has been created before the Superior Court of California, County of San Francisco, where the claims of these and other plaintiffs are currently pending. Regardless of the outcome of these or other matters, litigation can have an adverse impact on the Company because of defense and settlement costs individually and in the aggregate, diversion of management resources and other factors. Securities Litigation Beginning in April 2019, multiple putative class actions and derivative actions have been filed in state and federal courts 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, breach of fiduciary duties, and other causes of action in connection with the IPO. The putative class actions have been consolidated into two putative class actions, one in California state court and the other in federal court. The derivative actions have also been consolidated into one action in federal court in California. On July 1, 2020, the California state court sustained in part and overruled in part the Company's demurrer to the consolidated complaint. The Company filed its answer to this consolidated complaint on August 3, 2020. On February 26, 2021, the California state court struck additional allegations from the consolidated complaint and granted plaintiffs leave to amend, and plaintiffs filed an amended complaint on March 17, 2021. The Company filed its demurrer and motion to strike the amended claim on April 13, 2021, and on July 16, 2021, the California state court overruled the demurrer but struck additional allegations from the consolidated complaint and granted plaintiffs leave to amend. The state court plaintiffs filed their renewed motion to certify a class action on June 24, 2021, and the hearing on this motion is set for November 4, 2021. In the California federal court class action, on May 14, 2020, the Company filed a motion to dismiss the consolidated complaint and on September 8, 2020, the federal court granted in part and denied in part that motion. The Company filed its answer to this consolidated complaint on October 2, 2020, and the court certified the class action on August 20, 2021, and set trial to commence on December 5, 2022. In the consolidated derivative action, at the parties’ joint request, the California federal court stayed the case on February 17, 2021. The Company believes these lawsuits are without merit and intends to vigorously defend against them. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Outstanding debt obligations as of September 30, 2021 were as follows (in thousands): Maturities Interest Rates as of September 30, 2021 September 30, 2021 December 31, 2020 Convertible senior notes May 2025 1.50% $ 595,059 $ 568,744 Non-revolving Loan (1) 2022 - 2024 2.60% - 5.25% 86,208 103,305 Master Vehicle Loan (1) 2021 - 2024 2.60% - 6.75% 30,743 7,947 Total long-term debt, including current maturities $ 712,010 $ 679,996 Less: long-term debt maturing within one year (49,553) (35,760) Total long-term debt $ 662,457 $ 644,236 _______________ (1) These loans were acquired as part of the Flexdrive acquisition on February 7, 2020. The following table sets forth the primary components of interest expense as reported on the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Contractual interest expense related to the 2025 Notes $ (2,803) $ (2,803) $ (8,409) $ (4,205) Amortization of debt discount and issuance costs (9,078) (8,381) (26,317) (12,501) Interest expense related to vehicle loans (1,212) (1,345) (3,784) (3,867) Interest expense $ (13,093) $ (12,529) $ (38,510) $ (20,573) Convertible Senior Notes In May 2020, the Company issued $747.5 million aggregate principal amount of 1.50% convertible senior notes due 2025 (the "2025 Notes") pursuant to an indenture, dated May 15, 2020 (the "Indenture"), between the Company and U.S. Bank National Association, as trustee. The 2025 Notes were offered and sold pursuant to a purchase agreement (the "Purchase Agreement") with J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC, as representatives of the several initial purchasers (the "Initial Purchasers") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2025 Notes mature on May 15, 2025, unless earlier converted, redeemed or repurchased. The 2025 Notes are senior unsecured obligations of the Company with interest payable semiannually in arrears on May 15 and November 15 of each year, at a rate of 1.50% per year. The net proceeds from this offering were approximately $733.2 million, after deducting the Initial Purchasers’ discounts and commissions and debt issuance costs. The initial conversion rate for the 2025 Notes is 26.0491 shares of the Company's Class A common stock per $1,000 principal amount of 2025 Notes, which is equivalent to an initial conversion price of approximately $38.39 per share of the Class A common stock. The initial conversion price of the 2025 Notes represents a premium of approximately 30% to the $29.53 per share closing price of the Company's Class A common stock on The Nasdaq Global Select Market on May 12, 2020. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the Indenture. The 2025 Notes will be convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding February 15, 2025, only under the following circumstances: • during any fiscal quarter (and only during such fiscal quarter), if the last reported sale price of the Company’s Class A common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five • if the Company calls such Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or • upon the occurrence of specified corporate events. On or after February 15, 2025, the 2025 Notes will be convertible at the option of the holder until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of the Company's Class A common stock or a combination of cash and shares of the Company's Class A common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the Indenture. Holders of the 2025 Notes who convert their 2025 Notes in connection with certain corporate events that constitute a make-whole fundamental change (as defined in the Indenture) are, under certain circumstances, entitled to an increase in the conversion rate. Additionally in the event of a corporate event constituting a fundamental change (as defined in the Indenture), holders of the 2025 Notes may require us to repurchase all or a portion of their 2025 Notes at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date. In accounting for the issuance of the 2025 Notes, the Company separated the 2025 Notes into a liability and an equity component. At the date of issuance, the Company determined the fair value of the liability component to be $558.3 million calculated as the present value of future cash flows discounted at the borrowing rate for a similar nonconvertible debt instrument. The equity component representing the conversion option was $189.2 million and was determined by deducting the fair value of the liability component from the par value of the 2025 Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The difference between the principal amount of the 2025 Notes and the liability component ("debt discount") is amortized to interest expense over the contractual term at an effective interest rate of 8.0%. Debt issuance costs related to the 2025 Notes totaled $14.3 million and was comprised of discounts and commissions payable to the Initial Purchasers and third-party offering costs. The Company allocated the total amount incurred to the liability and equity components of the 2025 Notes based on their relative values. Issuance costs attributable to the liability component were $10.7 million and will be amortized to interest expense using the effective interest method over the contractual term. Issuance costs attributable to the equity component were netted with the equity component in stockholders’ equity. The last reported sale price of the Company's Class A common stock exceeded 130% of the conversion price of the 2025 Notes for at least 20 trading days during the 30 consecutive trading day period ended June 30, 2021. Accordingly, the 2025 Notes were convertible at the option of the holders at any time during the quarter ended September 30, 2021. During the quarter ended September 30, 2021 , holders of $2,000 in aggregate principal amount of the 2025 Notes elected early conversion. The Company settled the conversion in cash resulting in an immaterial recognized loss on extinguishment of the liability and equity components during the third quarter of 2021. During the quarter ended September 30, 2021, the 2025 Notes did not meet any of the circumstances that would allow for a conversion. Based on the last reported sale price of the Company's Class A common stock on September 30, 2021 , the if-converted value of the 2025 Notes was $1.0 billion, exceeding the outstanding principal amount. The net carrying amounts of the liability component of the 2025 Notes were as follows (in thousands): September 30, 2021 Principal $ 747,498 Unamortized debt discount and debt issuance costs (152,439) Net carrying amount of liability component $ 595,059 As of September 30, 2021 , the total estimated fair values (which represents a Level 2 valuation) of the 2025 Notes were approximately $1.2 billion. The estimated fair value of the 2025 Notes was determined based on a market approach which was determined based on the actual bids and offers of the 2025 Notes in an over-the-counter market on the last trading day of the period. The 2025 Notes are unsecured and do not contain any financial covenants, restrictions on dividends, incurrence of senior debt or other indebtedness, or restrictions on the issuance or repurchase of securities by the Company. Capped Calls In connection with the issuance of the 2025 Notes, the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain of the Initial Purchasers or their respective affiliates (the "option counterparties") at a cost of approximately $132.7 million. The Capped Calls cover, subject to anti-dilution adjustments, the number of shares of Class A common stock underlying the 2025 Notes sold in the offering. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its Class A common stock (or, in the event a conversion of the 2025 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2025 Notes the trading price of the Company's Class A common stock exceeds the conversion price of the 2025 Notes. The cap price of the Capped Calls will initially be $73.83 per share, which represents a premium of 150% over the last reported sale price of the Company's Class A common stock of $29.53 per share on The Nasdaq Global Select Market on May 12, 2020, and is subject to certain adjustments under the terms of the Capped Calls. The Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period and included as a reduction to additional paid-in-capital within shareholders’ equity. Non-revolving Loan Following the acquisition of Flexdrive by the Company on February 7, 2020, Flexdrive remained responsible for its obligations under a Loan and Security Agreement dated March 11, 2019, as amended (the “Non-revolving Loan”) with a third-party lender. Pursuant to the term of the Non-revolving Loan, as amended on June 21, 2021, Flexdrive may request an extension of credit in the form of advances up to a maximum principal amount of $130 million to purchase new Hyundai and Kia vehicles, or for other purposes, subject to approval by the lender. Advances paid or prepaid under the Non-revolving Loan may not be reborrowed. Repayment terms for each advance include equal monthly installments sufficient to fully amortize the advances over the term, with an option for the final installment to be greater than the others. The repayment term for each advance ranges from 24 months to a maximum term of 48 months. Interest is payable monthly in arrears at a fixed interest rate equal to the one-month LIBOR plus a spread on the date of the loan which ranges from 2.51% for an advance with a 24 month term and 2.74% for an advance with a 48 month term. The Non-revolving Loan is secured by all vehicles financed under the Non-revolving Loan. The Non-revolving Loan also contains customary affirmative and negative covenants that, among other things, limit Flexdrive’s ability to enter into certain acquisitions or consolidations or engage in certain asset dispositions. Upon the occurrence of certain events of default, including bankruptcy and insolvency events with respect to Flexdrive or the Company, all amounts due under the Non-revolving Loan may become immediately due and payable, among other remedies. As of September 30, 2021, the Company was in compliance with all covenants related to the Non-revolving Loan. Further, the Company continued to guarantee the payments of Flexdrive for any amounts borrowed following the acquisition. Master Vehicle Loan Following the acquisition of Flexdrive by the Company on February 7, 2020, Flexdrive remained responsible for its obligations under a Master Vehicle Acquisition Financing and Security Agreement, dated February 7, 2020 as amended (the “Master Vehicle Loan”) with a third-party lender. Pursuant to the term of the Master Vehicle Loan, Flexdrive may request loans up to a maximum principal amount of $50 million to purchase vehicles. Repayment terms for each loan include equal monthly installments sufficient to amortize the loan over the term, with an option for the final installment to be greater than the others and is typically equal to the residual value guarantee the Company provides to the lender. The repayment term for each loan ranges from a minimum term of 12 months to a maximum term of 48 months. Interest is payable monthly in advance at a fixed interest rate equal to the three-year swap rate plus a spread of 2.10% on the date of the loan. Principal amounts outstanding related to the Master Vehicle Loan may be fully or partially prepaid at the option of Flexdrive and must be prepaid under certain circumstances. However, if a loan is terminated for any reason prior to the last day of the minimum loan term Flexdrive will be obligated to pay to the lender, an early termination fee in an amount which is equal to the interest which would otherwise be payable by Flexdrive to lender for the remainder of the minimum loan term for that loan. The Master Vehicle Loan is secured by all vehicles financed under the Master Vehicle Loan as well as certain amounts held in escrow for the benefit of the lender. Amounts held in escrow are recorded as restricted cash on the condensed consolidated balance sheets. The Master Vehicle Loan contains customary affirmative and negative covenants that, among other things, limit Flexdrive’s ability to enter into certain acquisitions or consolidations or engage in certain asset dispositions. Upon the occurrence of certain events of default, including bankruptcy and insolvency events with respect to Flexdrive or the Company, all amounts due under the Master Vehicle Loan may become immediately due and payable, among other remedies. As of September 30, 2021, Flexdrive was in compliance with all covenants related to the Master Vehicle Loan in all material respects. Further, the Company continued to guarantee the payments of Flexdrive for any amounts borrowed following the acquisition. The fair values of the Non-revolving Loan and Master Vehicle Loan were $85.3 million and $30.5 million, respectively, as of September 30, 2021 and were determined based on quoted prices in markets that are not active, which are considered a Level 2 valuation input. Maturities of long-term debt outstanding, including current maturities, as of September 30, 2021 were as follows (in thousands): Remainder of 2021 $ 10,638 2022 57,047 2023 29,076 2024 20,190 2025 595,059 Thereafter — Total long-term debt outstanding $ 712,010 Vehicle Procurement Agreement Following the acquisition of Flexdrive by the Company on February 7, 2020, Flexdrive remained responsible for its obligations under a Vehicle Procurement Agreement (“VPA”), as amended, with a third-party (“the Procurement Provider”). Procurement services under the VPA include purchasing and upfitting certain motor vehicles as specified by Flexdrive, interim financing, providing certain fleet management services, including without limitation vehicle titling, registration and tracking services on behalf of Flexdrive. Pursuant to the terms of the VPA, Flexdrive will make the applicable payments to the Procurement Provider for the procurement services either directly or through an advance made by the Master Vehicle Loan or the Non-revolving Loan. Interest on interim financing is payable on any unpaid amount based on either the base rate on corporate loans posted by at least seven of the ten largest US banks or LIBOR of interest for one month periods as set forth in The Wall Street Journal plus a spread of 3.00%, as applicable. The Procurement Provider has a security interest in vehicles purchased until the full specified payment has been indefeasibly paid. The VPA contains customary affirmative and negative covenants restricting certain activities by Flexdrive. As of September 30, 2021, the Company was in compliance with all covenants of the VPA. As of September 30, 2021, the outstanding borrowings from the interim financing under the VPA was $1.3 million. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Common Stock | Common Stock Restricted Stock Units The summary of restricted stock unit ("RSU") activity is as follows (in thousands, except per share data): Number of Weighted- Aggregate Nonvested units as of December 31, 2020 33,602 $ 41.49 $ 1,650,577 Granted 10,754 58.44 Vested (15,966) 44.85 Canceled (7,474) 45.44 Nonvested units as of September 30, 2021 20,916 $ 46.37 $ 1,119,947 Included in the grants for the nine months ended September 30, 2021 are approximately 784,000 performance based restricted stock units (“PSUs”). Included in these PSUs were the following: i. PSUs that have performance criteria tied to the Company’s stock performance. The Company valued these PSUs using a Monte Carlo valuation model and took into consideration the likelihood of the market criteria being achieved. Compensation cost associated with these PSUs is recognized on an accelerated attribution model and ultimately based on whether or not satisfaction of the performance and market criteria is probable. ii. PSUs that have performance criteria tied to the achievement of certain performance milestones. Compensation cost associated with these PSUs are recognized based on the estimated number of shares that the Company ultimately expects will vest and amortized on a straight-line basis over the requisite service period of each performance milestone. Each reporting period, the Company assesses the probability that the performance criteria will be met and records expense for those shares for which vesting is probable. All PSUs are subject to a continuous service condition in addition to certain performance criteria. The fair value as of the respective vesting dates of RSUs that vested during the nine months ended September 30, 2021 and 2020 was $839.0 million and $478.1 million, respectively. In connection with RSUs that vested in the nine months ended September 30, 2021, the Company withheld 415,427 shares and remitted cash payments of $21.9 million on behalf of the RSU holders to the relevant tax authorities. As of September 30, 2021, the total unrecognized compensation cost was $720.7 million. The Company expects to recognize this expense over the remaining weighted-average period of 1.8 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. Generally, 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 “ESPP”). The ESPP went into effect on March 27, 2019. Subject to any limitations contained therein, the ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase the Company’s Class A common stock at a discounted price per share. The ESPP provides for consecutive, overlapping 12-month offering periods, subject to certain reset provisions as defined in the plan. The initial offering period ran from March 28, 2019 through June 30, 2020. A total of 6,000,000 shares of Class A common stock were initially reserved for issuance under the ESPP. On January 1, 2020, an additional 3,025,957 shares of Class A common stock were reserved for issuance under the ESPP. On January 1, |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The Company's tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter. 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 and foreign taxes in jurisdictions in which the Company conducts business. The Company recorded income tax expense of $6.6 million and $9.3 million in the three and nine months ended September 30, 2021 and an income tax expense of $1.1 million and benefit of $42.1 million in the three and nine months ended September 30, 2020, respectively. For the nine months ended September 30, 2020, a net income tax benefit of $46.3 million was recorded to the income tax provision due to the application of ASC 740-20. Under intraperiod allocation, a deferred tax liability related to the equity component of the convertible debt is a source of income that can be used to recognize the tax benefit of the current year loss through continuing operations. The effective tax rate was (10.21)% and (1.25)% for the three and nine months ended September 30, 2021 and (0.24)% and 3.15% for the three and nine months ended September 30, 2020, 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, 2021 and December 31, 2020. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 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, stock options, RSUs, PSUs, the 2025 Notes, restricted stock awards and stock purchase rights granted under the Company's ESPP are considered to be common stock equivalents but are excluded from the calculation of diluted net 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 for the periods indicated (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss $ (71,539) $ (459,517) $ (750,796) $ (1,294,702) Weighted-average shares used in computing net loss per share, basic and diluted 337,753 314,530 332,049 309,433 Net loss per share, basic and diluted $ (0.21) $ (1.46) $ (2.26) $ (4.18) The following potentially dilutive outstanding shares 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, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands): September 30, 2021 2020 Restricted stock units 19,957 40,851 2025 Notes (1) 19,471 19,471 Stock options 1,159 2,203 Performance based restricted stock units 959 250 ESPP 175 280 Restricted stock awards — — Total 41,721 63,055 _______________ (1) In connection with the issuance of the 2025 Notes, the Company entered into Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to reduce the potential dilution to the Company's common stock (or, in the event a conversion of the 2025 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2025 Notes the trading price of the Company's Class A common stock exceeds the conversion price of the 2025 Notes. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsThe Company's transactions with related parties were immaterial for the three and nine months ended September 30, 2021 and 2020. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring April 2020 Restructuring Plan In April 2020, the Company announced a restructuring plan 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 the Company’s business. As a result of the restructuring plan, which was substantially completed in the second quarter of 2020, the Company recognized a stock-based compensation benefit related to the reversal of previously recognized stock-based compensation expenses for unvested stock awards, primarily related to RSUs granted prior to the effectiveness of its IPO Registration Statement on March 28, 2019 using the accelerated attribution method, of $72.7 million. This was offset by a $22.9 million charge related to the accelerated vesting of certain equity awards for employees who were terminated, resulting in a net stock-based compensation benefit of $49.8 million. Additionally, the Company recognized other restructuring charges including severance and other employee costs of $32.1 million as well as lease termination and other restructuring charges of $3.1 million. As a result of the above, the Company recognized a net restructuring benefit of $14.5 million in the three months ended June 30, 2020. The following table summarizes the above restructuring related charges (benefits) by line item within the Company’s condensed consolidated statements of operations where they were recorded in the quarter ended June 30, 2020 (in thousands): Stock-Based Compensation Benefit Severance and Other Employee Costs Lease Termination and Other Costs Total Cost of revenue $ (4,237) $ 2,010 $ 1,529 $ (698) Operation and support (2,830) 8,281 1,060 6,511 Research and development (37,082) 11,706 — (25,376) Sales and marketing (1,626) 3,071 — 1,445 General and administrative (4,031) 7,062 539 3,570 Total $ (49,806) $ 32,130 $ 3,128 $ (14,548) November 2020 Restructuring Plan In November 2020, the Company announced an additional restructuring plan 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 the Company’s business. As a result of the restructuring plan, which was substantially completed in the fourth quarter of 2020, the Company recognized severance and other employee costs of $1.5 million. This was offset by a stock-based compensation benefit of $0.1 million due to the accelerated vesting of certain equity awards for employees who were terminated. As a result, the Company recognized net restructuring costs of $1.4 million in the year ended December 31, 2020. There were no restructuring-related charges recognized in the three months ended September 30, 2021. As of September 30, 2021, there were no restructuring-related liabilities. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The Company uses the U.S. dollar predominantly as the functional currency of its foreign subsidiaries. For foreign subsidiaries where the U.S. dollar is the functional currency, gains and losses from remeasurement of foreign currency balances into U.S. dollars are included on the condensed consolidated statements of operations. For the foreign subsidiary where the local currency is the functional currency, translation adjustments of foreign currency financial statements into U.S. dollars are recorded to a separate component of accumulated other comprehensive loss. The condensed consolidated balance sheet as of December 31, 2020 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, stockholders’ equity, 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. |
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 identifiable intangible assets, leases, indirect tax obligations, legal contingencies, valuation allowance for deferred income taxes, and the valuation of stock-based compensation. Beginning in the middle of March 2020, the outbreak of the coronavirus (“COVID-19”) in the United States, Canada, and globally has impacted Lyft's business. The Company continues to be impacted by COVID-19, but the long-term impact will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including the duration of the pandemic, new information about additional variants, the availability and efficacy of vaccine distributions, additional or renewed actions by government authorities and private businesses to contain the pandemic or respond to its impact and altered consumer behavior, among other things. The Company has adopted a number of measures in response to the COVID-19 pandemic including, but not limited to, establishing new health and safety requirements for ridesharing and updating workplace policies. The Company also made adjustments to its expenses and cash flow to correlate with declines in revenues including headcount reductions in 2020. Refer to Note 14 “Restructuring” to the condensed consolidated financial statements for information regarding the 2020 restructuring events . The Company cannot be certain that these actions will mitigate the negative effects of the pandemic on Lyft's business |
Revenue Recognition and Incentive Programs | Revenue Recognition The Company generates its revenue from its multimodal transportation networks that offer access to a variety of transportation options through the Lyft Platform and mobile-based applications. Substantially all of the Company’s revenue is generated from its ridesharing marketplace that connects drivers and riders and is recognized in accordance with Accounting Standards Codification Topic 606 (“ASC 606”). In addition, the Company generates revenue in accordance with ASC 606 from licensing and data access, primarily with third-party autonomous vehicle companies. The Company also generates rental revenue from Flexdrive, its network of Light Vehicles, and Lyft Rentals, which is recognized in accordance with Accounting Standards Codification Topic 842 (“ASC 842”). The table below presents the Company's revenues as included on the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue from contracts with customers (ASC 606) $ 784,068 $ 450,559 $ 2,049,756 $ 1,681,239 Rental revenue (ASC 842) 80,337 49,185 188,634 113,562 Total revenue $ 864,405 $ 499,744 $ 2,238,390 $ 1,794,801 Revenue from Contracts with Customers (ASC 606) The Company recognizes revenue for its rideshare marketplace in accordance with ASC 606. The Company generates revenue from service fees and commissions (collectively, “fees”) paid by drivers for use of the Lyft Platform and related activities to connect drivers with riders to facilitate and successfully complete rides via the Lyft App where the Company operates as a TNC. The Company recognizes revenue upon completion of each ride. Drivers enter into terms of service (“ToS”) with the Company in order to use the Lyft Driver App. Under the ToS, drivers agree that the Company retains the applicable fee as consideration for their use of the Lyft Platform and related activities from the fare and related charges it collects from riders on behalf of drivers. The Company is acting as an agent in facilitating the ability of a driver to provide a transportation service to a rider. The Company reports revenue on a net basis, reflecting the fee owed to the Company from a driver as revenue, and not the gross amount collected from the rider. As the Company’s customary business practice, a contract exists between the driver and the Company when the driver’s ability to cancel the ride lapses, which typically is upon pickup of the rider. The Company’s single performance obligation in the transaction is to connect drivers with riders to facilitate the completion of a successful transportation service for riders. The Company recognizes revenue upon completion of a ride as its performance obligation is satisfied upon the completion of the ride. The Company collects the fare and related charges from riders on behalf of drivers using the rider’s pre-authorized credit card or other payment mechanism and retains its fees before making the remaining disbursement to drivers; thus the driver’s ability and intent to pay is not subject to significant judgment. The Company recognizes revenue from subscription fees paid to access transportation options through the Lyft Platform and mobile-based applications over the applicable subscription period in accordance with ASC 606. The Company also recognizes revenue from auto maintenance and collision repair services in accordance with ASC 606. The Company generates revenue from licensing and data access agreements, primarily with third-party autonomous vehicle companies. The Company is primarily responsible for fulfilling its promise to provide rideshare data and access to Flexdrive vehicles and bears the fulfillment risk, and the responsibility of providing the data, over the license period. The Company is acting as a principal in delivering the data and access licenses and presents revenue on a gross basis. Consideration allocated to each performance obligation, the data delivery and vehicle access, is determined by assigning the relative fair value to each of the performance obligations. Revenue is recorded upon delivery of the rideshare data and ratably over the quarter for access to fleet vehicles as the Company’s respective performance obligation is satisfied upon the delivery of each. Rental Revenue (ASC 842) The Company generates rental revenues primarily from Flexdrive, its network of Light Vehicles, and Lyft Rentals. Rental revenues are recognized for rental and rental related activities where an identified asset is transferred to the customer and the customer has the ability to control that asset in accordance with ASC 842. The Company operates a fleet of rental vehicles through Flexdrive, comprised of both owned vehicles and vehicles leased from third-party leasing companies (“head leases”). The Company either leases or subleases vehicles to drivers and Lyft Rentals renters, and as a result, the Company considers itself to be the accounting lessor or sublessor, as applicable, in these arrangements in accordance with ASC 842. Fleet operating costs include monthly fixed lease payments and other vehicle operating or ownership costs, as applicable. For vehicles that are subleased, sublease income and head lease expense for these transactions are recognized on a gross basis on the condensed consolidated financial statements. Drivers who rent vehicles are charged rental fees, which the Company collects from the driver by deducting such amounts from the driver’s earnings on the Lyft Platform. Due to the short-term nature of the Flexdrive, Lyft Rentals, and Light Vehicle transactions, the Company classifies these rentals as operating leases. Revenue generated from single-use ride fees paid by Light Vehicle riders is recognized upon completion of each related ride. Revenue generated from Flexdrive and Lyft Rentals is recognized evenly over the rental period, which is typically seven days or less. Incentive Programs The Company offers incentives to attract drivers, riders, Light Vehicle riders and Lyft Rentals renters to use the Lyft Platform. Drivers generally receive cash incentives while riders, Light Vehicle riders and Lyft Rentals renters generally receive free or discounted rides under such incentive programs. Incentives provided to drivers, Light Vehicle riders and Lyft Rental renters, the customers of the Company, are accounted for as a reduction of the transaction price. As the riders are not the Company’s customers, incentives provided to riders are generally recognized as sales and marketing expense except for certain pricing programs described below. Driver Incentives The Company offers various incentive programs to drivers, including minimum guaranteed payments, volume-based discounts and performance-based bonus payments. These driver incentives are similar to retrospective volume-based rebates and represent variable consideration that is typically settled within a week. The Company reduces the transaction price by the estimated amount of the incentives expected to be paid upon completion of the performance criteria by applying the most likely outcome method. Therefore, such driver incentives are recorded as a reduction to revenue. Driver incentives are recorded as a reduction to revenue if the Company does not receive a distinct good or service in exchange for the payment or cannot reasonably estimate the fair value of the good or service received. Driver incentives for referring new drivers or riders are accounted for as sales and marketing expense. The amount recorded as an expense is the lesser of the amount of the payment or the established fair value of the benefit received. The fair value of the benefit is established using amounts paid to third parties for similar services. Rideshare Rider Incentives The Company has several rideshare rider incentive programs, which are offered to encourage rider activity on the Lyft Platform. Generally, the rider incentive programs are as follows: (i) Market-wide marketing promotions. Market-wide promotions reduce the fare charged by drivers to riders for all or substantially all rides in a specific market. This type of incentive effectively reduces the overall pricing of the service provided by drivers for that specific market and the gross fare charged by the driver to the rider, and thereby results in a lower fee earned by the Company. Accordingly, the Company records this type of incentive as a reduction to revenue at the date it records the corresponding revenue transaction. (ii) Targeted marketing promotions. Targeted marketing promotions are used to promote the use of the Lyft Platform to a targeted group of riders. An example is a promotion where the Company offers a number of discounted rides (capped at a given number of rides) which are valid only during a limited period of time to a targeted group of riders. The Company believes that the incentives that provide consideration to riders to be applied to a limited number of rides are similar to marketing coupons. These incentives differ from the market-wide marketing promotions because they do not reduce the overall pricing of the service provided by drivers for a specific market. During the promotion period, riders not utilizing an incentive would be charged the full fare. These incentives represent marketing costs. When a rider redeems the incentive, the Company recognizes revenue equal to the transaction price and the cost of the incentive is recorded as sales and marketing expense. (iii) Rider referral programs. Under the rider referral program, the referring rider (the referrer) earns referral coupons when a new rider (the referee) completes their first ride on the Lyft Platform. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense. Referral coupons typically expire within one year. The Company estimates breakage using its historical experience. As of September 30, 2021 and December 31, 2020, the rider referral coupon liability was not material. |
Enterprise and Trade Receivables | Enterprise and Trade Receivables The Company collects any fees owed for completed transactions on the Lyft Platform primarily from the rider’s authorized payment method. Uncollected fees are included in prepaid expenses and other current assets on the condensed consolidated balance sheets and represent receivables from (i) participants in the Company’s enterprise programs (“Enterprise Users”), where the transactions have been completed and the amounts owed from the Enterprise Users have either been invoiced or are unbilled as of the reporting date; and (ii) riders where the authorized payment method is a credit card but the fare amounts have not yet settled with third-party payment processors. Under the ToS, drivers agree that the Company retains the applicable fee as consideration for their use of the Lyft Platform and related activities from the fare and related charges it collects from riders on behalf of drivers. Accordingly, the Company has no trade receivables from drivers. The portion of the fare receivable to be remitted to drivers is included in accrued and other current liabilities on the condensed consolidated balance sheets. |
Investments | Investments Debt Securities The Company’s accounting for its investments in debt securities is based on the legal form of the security, the Company’s intended holding period for the security, and the nature of the transaction. Investments in debt securities include commercial paper, certificates of deposit, corporate bonds, and U.S. treasury bills. Investments in debt securities are classified as available-for-sale and are recorded at fair value. The Company considers an available-for-sale debt security to be impaired if the fair value of the investment is less than its amortized cost basis. The entire difference between the amortized cost basis and the fair value of the Company’s available-for-sale debt securities is recognized on the condensed consolidated statements of operations as an impairment if, (i) the fair value of the security is below its amortized cost and (ii) the Company intends to sell or is more likely than not required to sell the security before recovery of its amortized cost basis. If neither criterion is met, the Company evaluates whether the decline in fair value is due to credit losses or other factors. In making this assessment, the Company considers the extent to which the security’s fair value is less than amortized cost, changes to the rating of the security by third-party rating agencies, and adverse conditions specific to the security, among other factors. If the Company's assessment indicates that a credit loss exists, the credit loss is measured based on the Company's best estimate of the cash flows expected to be collected. When developing its estimate of cash flows expected to be collected, the Company considers all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts. Credit loss impairments are recognized through an allowance for credit losses adjustment to the amortized cost basis of the debt securities on the balance sheet with an offsetting credit loss expense on the condensed consolidated statements of operations. Impairments related to factors other than credit losses are recognized as an adjustment to the amortized cost basis of the security and an offsetting amount in accumulated other comprehensive income (loss), net of tax. As of September 30, 2021, the Company had not recorded any credit impairments. The Company determines realized gains or losses on the sale of debt securities on a specific identification method. The Company's investments in debt securities include: (i) Cash and cash equivalents. Cash equivalents include certificates of deposits, commercial paper and corporate bonds that have an original maturity of 90 days or less and are readily convertible to known amounts of cash. (ii) Short-term investments. Short-term investments are comprised of commercial paper, certificates of deposit, and corporate bonds, which mature in twelve months or less. As a result, the Company classifies these investments as current assets in the accompanying condensed consolidated balance sheets. (iii) Restricted investments. Restricted investments are comprised of debt security investments in commercial paper, certificates of deposit, corporate bonds and U.S. treasury bills, which are held in trust accounts at third-party financial institutions pursuant to certain contracts with insurance providers. Non-marketable Equity Securities The Company has elected to measure its investments in non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable transactions for identical or similar investments of the same issuer or impairment. The Company qualitatively assesses whether indicators of impairment exist. Factors considered in this assessment include the investees’ financial and liquidity position, access to capital resources, exposure to industries and markets impacted by COVID-19, and the time since the last adjustment to fair value, among others. If an impairment exists, the Company estimates the fair value of the investment by using the best information available, which may include cash flow projections or other available market data, and recognizes a loss for the amount by which the carrying value exceeds the fair value of the investment on the condensed consolidated statements of operations. |
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, first party injury coverages including personal injury protection under state law and general business liabilities up to certain limits. The recorded liabilities reflect the estimated 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 determined on a quarterly basis by internal actuaries through an analysis of historical trends, changes in claims experience including consideration of new information and application of loss development factors among other inputs and assumptions. On an annual basis or more frequently as determined by management, an independent third-party actuary will evaluate the liabilities for appropriateness with claims reserve valuations. Insurance claims may take years to completely settle, and the Company has 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. The impact of these factors on ultimate costs for insurance is difficult to estimate and could be material. However, while the Company believes that the insurance reserve amount is adequate, the ultimate liability may be in excess of, or less than, the amount provided. As a result, the net amounts that will ultimately be paid to settle the liability and |
Leases | Leases In accordance with ASC 842, the Company determines if an arrangement is or contains a lease at contract inception by assessing whether the arrangement contains an identified asset and whether the lessee has the right to control such asset. The Company determines the classification and measurement of its leases upon lease commencement. The Company enters into certain agreements as a lessor or sublessor and either leases or subleases the underlying asset in the agreement to customers. The Company also enters into certain agreements as a lessee. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor): • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise; • The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset; • The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or • The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Leases that do not meet any of the above criteria are accounted for as operating leases. Lessor The Company's lease arrangements include vehicle rentals to drivers or renters under the Flexdrive and Lyft Rentals programs and Light Vehicle rentals to single-use riders. Due to the short-term nature of these arrangements, the Company classifies these leases as operating leases. The Company does not separate lease and non-lease components, such as insurance or roadside assistance provided to the lessee, in its lessor lease arrangements. Lease payments are primarily fixed and are recognized as revenue in the period over which the lease arrangement occurs. Taxes or other fees assessed by governmental authorities that are both imposed on and concurrent with each lease revenue-producing transaction and collected by the Company from the lessee are excluded from the consideration in its lease arrangements. The Company mitigates residual value risk of its leased assets by performing regular maintenance and repairs, as necessary, and through periodic reviews of asset depreciation rates based on the Company's ongoing assessment of present and estimated future market conditions. Lessee The Company's leases include real estate property to support its operations and Flexdrive vehicles that may be used by drivers to provide ridesharing services on the Lyft Platform or renters for personal reasons through Lyft Rentals. For leases with a term greater than 12 months, the Company records the related right-of-use asset and lease liability at the present value of lease payments over the term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company does not separate lease and non-lease components of contracts for real estate property leases, but has elected to do so for vehicle leases when non-lease components exist in these arrangements. For certain leases, the Company also applies a portfolio approach to account for right-of-use assets and lease liabilities that are similar in nature and have nearly identical contract provisions. The Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company determines its incremental borrowing rate based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. Lease payments may be fixed or variable; however, only fixed payments are included in the Company’s lease liability calculation. Operating leases are included in operating lease right-of-use assets, operating lease liabilities — current and operating lease liabilities on the condensed consolidated balance sheets. Lease costs for the Company's operating leases are recognized on a straight-line basis primarily within operating expenses over the lease term. Finance leases are included in property and equipment, net, accrued and other current liabilities, and other liabilities on the condensed consolidated balance sheets. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term in cost of revenue on the condensed consolidated statements of operations. The interest component of finance leases is included in cost of revenue on the condensed consolidated statements of operations and recognized using the effective interest method over the lease term. Variable lease payments are recognized primarily in operating expenses in the period in which the obligation for those payments are incurred. |
Leases | Leases In accordance with ASC 842, the Company determines if an arrangement is or contains a lease at contract inception by assessing whether the arrangement contains an identified asset and whether the lessee has the right to control such asset. The Company determines the classification and measurement of its leases upon lease commencement. The Company enters into certain agreements as a lessor or sublessor and either leases or subleases the underlying asset in the agreement to customers. The Company also enters into certain agreements as a lessee. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor): • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise; • The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset; • The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or • The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Leases that do not meet any of the above criteria are accounted for as operating leases. Lessor The Company's lease arrangements include vehicle rentals to drivers or renters under the Flexdrive and Lyft Rentals programs and Light Vehicle rentals to single-use riders. Due to the short-term nature of these arrangements, the Company classifies these leases as operating leases. The Company does not separate lease and non-lease components, such as insurance or roadside assistance provided to the lessee, in its lessor lease arrangements. Lease payments are primarily fixed and are recognized as revenue in the period over which the lease arrangement occurs. Taxes or other fees assessed by governmental authorities that are both imposed on and concurrent with each lease revenue-producing transaction and collected by the Company from the lessee are excluded from the consideration in its lease arrangements. The Company mitigates residual value risk of its leased assets by performing regular maintenance and repairs, as necessary, and through periodic reviews of asset depreciation rates based on the Company's ongoing assessment of present and estimated future market conditions. Lessee The Company's leases include real estate property to support its operations and Flexdrive vehicles that may be used by drivers to provide ridesharing services on the Lyft Platform or renters for personal reasons through Lyft Rentals. For leases with a term greater than 12 months, the Company records the related right-of-use asset and lease liability at the present value of lease payments over the term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company does not separate lease and non-lease components of contracts for real estate property leases, but has elected to do so for vehicle leases when non-lease components exist in these arrangements. For certain leases, the Company also applies a portfolio approach to account for right-of-use assets and lease liabilities that are similar in nature and have nearly identical contract provisions. The Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company determines its incremental borrowing rate based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. Lease payments may be fixed or variable; however, only fixed payments are included in the Company’s lease liability calculation. Operating leases are included in operating lease right-of-use assets, operating lease liabilities — current and operating lease liabilities on the condensed consolidated balance sheets. Lease costs for the Company's operating leases are recognized on a straight-line basis primarily within operating expenses over the lease term. Finance leases are included in property and equipment, net, accrued and other current liabilities, and other liabilities on the condensed consolidated balance sheets. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term in cost of revenue on the condensed consolidated statements of operations. The interest component of finance leases is included in cost of revenue on the condensed consolidated statements of operations and recognized using the effective interest method over the lease term. Variable lease payments are recognized primarily in operating expenses in the period in which the obligation for those payments are incurred. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. Effective on January 1, 2021, the Company adopted this standard, which did not have a material impact on the condensed consolidated financial statements and related disclosures. In January 2020, the FASB issued ASU No. 2020-01, "Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815", which clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting under Topic 323, and the accounting for certain forward contracts and purchased options accounted for under Topic 815. Effective on January 1, 2021, the Company adopted this standard, which did not have a material impact on the condensed consolidated financial statements. In October 2020, the FASB issued ASU No. 2020-10, “Codification Improvements”, which updates various Codification Topics by clarifying or improving disclosure requirements to align with the SEC’s regulations, and improving the consistency of the Codification to ensure all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the Disclosure Section of the Codification. Effective on January 1, 2021, the Company adopted this standard, which did not have a material impact on the condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of revenues | The table below presents the Company's revenues as included on the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue from contracts with customers (ASC 606) $ 784,068 $ 450,559 $ 2,049,756 $ 1,681,239 Rental revenue (ASC 842) 80,337 49,185 188,634 113,562 Total revenue $ 864,405 $ 499,744 $ 2,238,390 $ 1,794,801 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of assets acquired and liabilities assumed | The following table summarizes the fair value of the assets acquired and liabilities assumed at the Closing Date (in thousands): Cash and cash equivalents $ 587 Prepaid expenses and other current assets 276 Property and equipment 111,881 Finance lease right-of-use assets 56,014 Identifiable intangible assets - developed technology 13,200 Total identifiable assets acquired 181,958 Loans 134,121 Finance lease and other liabilities 57,265 Total liabilities assumed 191,386 Net liabilities assumed (9,428) Goodwill 22,455 Total acquisition consideration $ 13,027 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Additional Financial Information 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, 2021 Cost or Unrealized Estimated Gains Losses Unrestricted Balances (1) Money market funds $ 1,177 $ — $ — $ 1,177 Money market deposit accounts 395,308 — — 395,308 Term deposits 435,000 — — 435,000 Certificates of deposit 690,807 162 (5) 690,964 Commercial paper 451,844 107 (2) 451,949 Corporate bonds 75,990 7 (12) 75,985 Total unrestricted cash equivalents and short-term investments 2,050,126 276 (19) 2,050,383 Restricted Balances (2) Money market funds 66,066 — — 66,066 Term deposits 6,506 — — 6,506 Certificates of deposit 487,079 122 (1) 487,200 Commercial paper 359,166 50 (8) 359,208 Corporate bonds 61,950 11 (6) 61,955 U.S. government securities 5,947 — — 5,947 Total restricted cash equivalents and investments 986,714 183 (15) 986,882 Total unrestricted and restricted cash equivalents and investments $ 3,036,840 $ 459 $ (34) $ 3,037,265 _______________ (1) Excludes $331.9 million of cash, which is included within the $2.4 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2) Excludes $55.6 million of restricted cash, which is included within the $1.0 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets. . December 31, 2020 Cost or Unrealized Estimated Gains Losses Unrestricted Balances (1) Money market deposit accounts $ 174,347 $ — $ — $ 174,347 Term deposits 601,000 — — 601,000 Certificates of deposit 677,602 178 (4) 677,776 Commercial paper 376,771 38 (20) 376,789 Corporate bonds 287,445 115 (41) 287,519 Total unrestricted cash equivalents and short-term investments 2,117,165 331 (65) 2,117,431 Restricted Balances (2) Money market funds 24,757 — — 24,757 Money market deposit accounts 162 — — 162 Term deposits 6,506 — — 6,506 Certificates of deposit 481,154 213 (3) 481,364 Commercial paper 469,193 57 (10) 469,240 Corporate bonds 184,560 67 (26) 184,601 Total restricted cash equivalents and investments 1,166,332 337 (39) 1,166,630 Total unrestricted and restricted cash equivalents and investments $ 3,283,497 $ 668 $ (104) $ 3,284,061 _______________ (1) Excludes $133.6 million of cash, which is included within the $2.3 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2) Excludes $53.8 million of restricted cash, which is included within the $1.2 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets. |
Schedule of AFS debt securities | The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type (in thousands): September 30, 2021 Estimated Fair Value Unrealized Losses Certificates of deposit $ 125,279 $ (6) Corporate bonds 75,721 (18) Commercial paper 106,249 (10) U.S. government securities 3,298 — Total available-for-sale debt securities in an unrealized loss position $ 310,547 $ (34) |
Schedule of accrued and other current liabilities | Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands): September 30, 2021 December 31, 2020 Insurance-related accruals $ 313,855 $ 269,849 Legal accruals 323,735 226,408 Ride-related accruals 212,048 196,439 Long-term debt, current 49,553 35,760 Insurance claims payable and related fees 34,517 28,318 Other 272,813 197,234 Accrued and other current liabilities $ 1,206,521 $ 954,008 |
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, 2021 2020 Balance at beginning of period $ 987,064 $ 1,378,462 Reinsurance recoverable established in period (251,328) — Additions related to: Reserves for current period 227,478 321,232 Change in estimates for prior periods 128,045 61,248 Losses paid (329,805) (430,429) Transfer of certain legacy auto insurance liabilities — (407,885) Net balance at the end of the period 761,454 922,628 Add: Reinsurance recoverable at the end of the period 249,699 — Balance at end of period $ 1,011,153 $ 922,628 |
Schedule of income (expense), net | The following table sets forth the primary components of other income (expense), net as reported on the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest income (1) $ 1,923 $ 7,631 $ 7,008 $ 39,394 Gain (loss) on sale of securities, net (17) 10 685 (886) Foreign currency exchange gains (losses), net 736 744 1,212 580 Sublease income 2,947 — 2,947 — Gain from transaction with Woven Planet 119,284 — 119,284 — Other, net 169 (911) (748) (322) Other income (expense), net $ 125,042 $ 7,474 $ 130,388 $ 38,766 _______________ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 Level 1 Level 2 Level 3 Total Unrestricted Balances (1) Money market funds $ 1,177 $ — $ — $ 1,177 Certificates of deposit — 690,964 — 690,964 Commercial paper — 451,949 — 451,949 Corporate bonds — 75,985 — 75,985 Total unrestricted cash equivalents and investments 1,177 1,218,898 — 1,220,075 Restricted Balances (2) Money market funds 66,066 — — 66,066 Certificates of deposit — 487,199 — 487,199 Commercial paper — 359,207 — 359,207 Corporate bonds — 61,955 — 61,955 U.S. treasury securities — 5,947 — 5,947 Total restricted cash equivalents and investments 66,066 914,308 — 980,374 Total unrestricted and restricted cash equivalents and investments $ 67,243 $ 2,133,206 $ — $ 2,200,449 _______________ (1) $331.9 million of cash, $395.3 million of money market deposit accounts and $435.0 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.4 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2) $55.6 million of restricted cash and $6.5 million of a restricted term deposit are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.0 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets. December 31, 2020 Level 1 Level 2 Level 3 Total Unrestricted Balances (1) Certificates of deposit $ — $ 677,777 $ — $ 677,777 Commercial paper — 376,789 — 376,789 Corporate bonds — 287,519 — 287,519 Total unrestricted cash equivalents and short-term investments — 1,342,085 — 1,342,085 Restricted Balances (2) Money market funds 24,757 — — 24,757 Certificates of deposit — 481,365 — 481,365 Commercial paper — 469,240 — 469,240 Corporate bonds — 184,601 — 184,601 Total restricted cash equivalents and investments 24,757 1,135,206 — 1,159,963 Total unrestricted and restricted cash equivalents and investments $ 24,757 $ 2,477,291 $ — $ 2,502,048 _______________ (1) $133.6 million of cash, $174.3 million of money market deposit accounts and $601.0 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.3 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2) $53.8 million of restricted cash, $0.2 million of a money market deposit account and $6.5 million of a restricted term deposit are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.2 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of lease position | The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages): September 30, 2021 December 31, 2020 Operating Leases Assets Operating lease right-of-use assets $ 235,219 $ 275,756 Liabilities Operating lease liabilities, current $ 54,773 $ 49,291 Operating lease liabilities, non-current 223,035 265,803 Total operating lease liabilities $ 277,808 $ 315,094 Finance Leases Assets Finance lease right-of-use assets (1) $ 31,385 $ 28,108 Liabilities Finance lease liabilities, current (2) 15,883 20,795 Finance lease liabilities, non-current (3) 15,634 6,593 Total finance lease liabilities $ 31,517 $ 27,388 Weighted-average remaining lease term (years) Operating leases 5.7 6.3 Finance leases 2.2 1.5 Weighted-average discount rate Operating leases 6.3 % 6.4 % Finance leases 3.1 % 4.7 % _______________ (1) This balance is included within property and equipment, net on the condensed consolidated balance sheets. (2) This balance is included within other current liabilities on the condensed consolidated balance sheets. (3) This balance is included within other liabilities on the condensed consolidated balance sheets. |
Schedule of lease costs and supplemental cash flow information | The table below presents certain information related to the lease costs for operating leases for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating Leases Operating lease cost $ 20,250 $ 17,506 $ 56,415 $ 61,763 Finance Leases Amortization of right-of-use assets 5,893 11,386 19,348 27,747 Interest on lease liabilities 277 620 850 1,600 Other Lease Costs Short-term lease cost 1,091 1,001 4,151 3,326 Variable lease cost (1) 244 3,899 4,018 10,943 Total lease cost $ 27,755 $ 34,412 $ 84,782 $ 105,379 _______________ (1) Consist primarily of common area maintenance, taxes and utilities for real estate leases, and certain vehicle-related charges under the Flexdrive program. The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 63,204 $ 48,188 Operating cash flows from finance leases 835 1,600 Financing cash flows from finance leases 28,661 29,042 |
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, 2021 (in thousands): Operating Leases Finance Leases Total Leases Remainder of 2021 $ 12,542 $ 5,793 $ 18,335 2022 73,844 13,355 87,199 2023 58,517 9,341 67,858 2024 52,943 4,067 57,010 2025 41,815 — 41,815 Thereafter 96,138 — 96,138 Total minimum lease payments 335,799 32,556 368,355 Less: amount of lease payments representing interest (57,991) (1,039) (59,030) Present value of future lease payments 277,808 31,517 309,325 Less: current obligations under leases (54,773) (15,883) (70,656) Long-term lease obligations $ 223,035 $ 15,634 $ 238,669 |
Schedule of finance 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, 2021 (in thousands): Operating Leases Finance Leases Total Leases Remainder of 2021 $ 12,542 $ 5,793 $ 18,335 2022 73,844 13,355 87,199 2023 58,517 9,341 67,858 2024 52,943 4,067 57,010 2025 41,815 — 41,815 Thereafter 96,138 — 96,138 Total minimum lease payments 335,799 32,556 368,355 Less: amount of lease payments representing interest (57,991) (1,039) (59,030) Present value of future lease payments 277,808 31,517 309,325 Less: current obligations under leases (54,773) (15,883) (70,656) Long-term lease obligations $ 223,035 $ 15,634 $ 238,669 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding debt obligations and interest expense related to convertible debt | Outstanding debt obligations as of September 30, 2021 were as follows (in thousands): Maturities Interest Rates as of September 30, 2021 September 30, 2021 December 31, 2020 Convertible senior notes May 2025 1.50% $ 595,059 $ 568,744 Non-revolving Loan (1) 2022 - 2024 2.60% - 5.25% 86,208 103,305 Master Vehicle Loan (1) 2021 - 2024 2.60% - 6.75% 30,743 7,947 Total long-term debt, including current maturities $ 712,010 $ 679,996 Less: long-term debt maturing within one year (49,553) (35,760) Total long-term debt $ 662,457 $ 644,236 _______________ (1) These loans were acquired as part of the Flexdrive acquisition on February 7, 2020. The following table sets forth the primary components of interest expense as reported on the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Contractual interest expense related to the 2025 Notes $ (2,803) $ (2,803) $ (8,409) $ (4,205) Amortization of debt discount and issuance costs (9,078) (8,381) (26,317) (12,501) Interest expense related to vehicle loans (1,212) (1,345) (3,784) (3,867) Interest expense $ (13,093) $ (12,529) $ (38,510) $ (20,573) |
Schedule of convertible notes | The net carrying amounts of the liability component of the 2025 Notes were as follows (in thousands): September 30, 2021 Principal $ 747,498 Unamortized debt discount and debt issuance costs (152,439) Net carrying amount of liability component $ 595,059 |
Schedule of maturities of long-term debt outstanding | Maturities of long-term debt outstanding, including current maturities, as of September 30, 2021 were as follows (in thousands): Remainder of 2021 $ 10,638 2022 57,047 2023 29,076 2024 20,190 2025 595,059 Thereafter — Total long-term debt outstanding $ 712,010 |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of restricted stock unit activity | The summary of restricted stock unit ("RSU") activity is as follows (in thousands, except per share data): Number of Weighted- Aggregate Nonvested units as of December 31, 2020 33,602 $ 41.49 $ 1,650,577 Granted 10,754 58.44 Vested (15,966) 44.85 Canceled (7,474) 45.44 Nonvested units as of September 30, 2021 20,916 $ 46.37 $ 1,119,947 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 for the periods indicated (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss $ (71,539) $ (459,517) $ (750,796) $ (1,294,702) Weighted-average shares used in computing net loss per share, basic and diluted 337,753 314,530 332,049 309,433 Net loss per share, basic and diluted $ (0.21) $ (1.46) $ (2.26) $ (4.18) |
Schedule of outstanding shares of common stock equivalents excluded from computation of diluted net loss per share | The following potentially dilutive outstanding shares 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, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands): September 30, 2021 2020 Restricted stock units 19,957 40,851 2025 Notes (1) 19,471 19,471 Stock options 1,159 2,203 Performance based restricted stock units 959 250 ESPP 175 280 Restricted stock awards — — Total 41,721 63,055 _______________ (1) In connection with the issuance of the 2025 Notes, the Company entered into Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to reduce the potential dilution to the Company's common stock (or, in the event a conversion of the 2025 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2025 Notes the trading price of the Company's Class A common stock exceeds the conversion price of the 2025 Notes. |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring related charges (benefits) | The following table summarizes the above restructuring related charges (benefits) by line item within the Company’s condensed consolidated statements of operations where they were recorded in the quarter ended June 30, 2020 (in thousands): Stock-Based Compensation Benefit Severance and Other Employee Costs Lease Termination and Other Costs Total Cost of revenue $ (4,237) $ 2,010 $ 1,529 $ (698) Operation and support (2,830) 8,281 1,060 6,511 Research and development (37,082) 11,706 — (25,376) Sales and marketing (1,626) 3,071 — 1,445 General and administrative (4,031) 7,062 539 3,570 Total $ (49,806) $ 32,130 $ 3,128 $ (14,548) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Significant Accounting Policies | |||||
Accounts receivable | $ 174,600 | $ 174,600 | $ 104,700 | ||
Allowance for credit loss | 8,300 | 8,300 | $ 15,200 | ||
Revenue | 864,405 | $ 499,744 | 2,238,390 | $ 1,794,801 | |
Sales and marketing | 108,955 | 78,548 | 287,502 | 326,807 | |
Driver Passenger and Light Vehicle Renter Incentive Programs | |||||
Significant Accounting Policies | |||||
Sales and marketing | 16,800 | 11,000 | 40,200 | 115,000 | |
Driver Passenger and Light Vehicle Renter Incentive Programs | Adjustment | |||||
Significant Accounting Policies | |||||
Revenue | $ (423,300) | $ (125,000) | $ (995,500) | $ (295,600) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Revenue from contracts with customers (ASC 606) | $ 784,068 | $ 450,559 | $ 2,049,756 | $ 1,681,239 |
Rental revenue (ASC 842) | 80,337 | 49,185 | 188,634 | 113,562 |
Total revenue | $ 864,405 | $ 499,744 | $ 2,238,390 | $ 1,794,801 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - Flexdrive Services, LLC $ in Thousands | Feb. 07, 2020USD ($) |
Business Acquisition | |
Purchase price | $ 20,000 |
Operating lease right-of-use assets | 133,100 |
Operating lease liabilities | 130,100 |
Total acquisition consideration | 13,027 |
Identifiable intangible assets - developed technology | $ 13,200 |
Developed Technology | |
Business Acquisition | |
Intangible asset useful life (in years) | 3 years |
Acquisitions - Schedule of Asse
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Feb. 07, 2020 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | |||
Goodwill | $ 180,516 | $ 182,687 | |
Flexdrive Services, LLC | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | |||
Cash and cash equivalents | $ 587 | ||
Prepaid expenses and other current assets | 276 | ||
Property and equipment | 111,881 | ||
Finance lease right-of-use assets | 56,014 | ||
Identifiable intangible assets - developed technology | 13,200 | ||
Total identifiable assets acquired | 181,958 | ||
Loans | 134,121 | ||
Finance lease and other liabilities | 57,265 | ||
Total liabilities assumed | 191,386 | ||
Net liabilities assumed | (9,428) | ||
Goodwill | 22,455 | ||
Total acquisition consideration | $ 13,027 |
Divestitures (Details)
Divestitures (Details) - USD ($) $ in Thousands | Jul. 13, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Gain on business divestiture | $ 119,284 | $ 0 | $ 119,284 | $ 0 | |
Deferred revenue liability | 42,500 | $ 42,500 | |||
Decrease in assets held for sale | 3,400 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Level 5 | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Proceeds from the sales of assets | $ 515,000 | ||||
Upfront proceeds from the sales of assets | 165,000 | ||||
Deferred proceeds from the sales of asset | $ 350,000 | ||||
Unpaid consideration, term | 5 years | ||||
Gain on business divestiture | $ 119,300 |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Cash Equivalents and Short-Term Investments | ||
Unrestricted cash equivalents and investments, Cost or Amortized Cost | $ 2,050,126 | $ 2,117,165 |
Unrestricted cash equivalents and investments, Unrealized Gains | 276 | 331 |
Unrestricted cash equivalents and investments, Unrealized Losses | (19) | (65) |
Unrestricted cash equivalents and investments, Estimated Fair Value | 2,050,383 | 2,117,431 |
Restricted cash equivalents and investments, Cost or Amortized Cost | 986,714 | 1,166,332 |
Restricted cash equivalents and investments, Unrealized Gains | 183 | 337 |
Restricted cash equivalents and investments, Unrealized Losses | (15) | (39) |
Restricted cash equivalents and investments, Estimated Fair Value | 986,882 | 1,166,630 |
Unrestricted and restricted cash equivalents and investments, Cost or Amortized Cost | 3,036,840 | 3,283,497 |
Unrestricted and restricted cash equivalents and investments, Unrealized Gains | 459 | 668 |
Unrestricted and restricted cash equivalents and investments, Unrealized Losses | (34) | (104) |
Total unrestricted and restricted cash equivalents and investments | 3,037,265 | 3,284,061 |
Money market funds | ||
Cash Equivalents and Short-Term Investments | ||
Unrestricted cash equivalents and investments, Cost or Amortized Cost | 1,177 | |
Unrestricted cash equivalents and investments, Unrealized Gains | 0 | |
Unrestricted cash equivalents and investments, Unrealized Losses | 0 | |
Unrestricted cash equivalents and investments, Estimated Fair Value | 1,177 | |
Restricted cash equivalents and investments, Cost or Amortized Cost | 66,066 | 24,757 |
Restricted cash equivalents and investments, Unrealized Gains | 0 | 0 |
Restricted cash equivalents and investments, Unrealized Losses | 0 | 0 |
Restricted cash equivalents and investments, Estimated Fair Value | 66,066 | 24,757 |
Money market deposit accounts | ||
Cash Equivalents and Short-Term Investments | ||
Unrestricted cash equivalents and investments, Cost or Amortized Cost | 395,308 | 174,347 |
Unrestricted cash equivalents and investments, Unrealized Gains | 0 | 0 |
Unrestricted cash equivalents and investments, Unrealized Losses | 0 | 0 |
Unrestricted cash equivalents and investments, Estimated Fair Value | 395,308 | 174,347 |
Restricted cash equivalents and investments, Cost or Amortized Cost | 162 | |
Restricted cash equivalents and investments, Unrealized Gains | 0 | |
Restricted cash equivalents and investments, Unrealized Losses | 0 | |
Restricted cash equivalents and investments, Estimated Fair Value | 162 | |
Term deposits | ||
Cash Equivalents and Short-Term Investments | ||
Unrestricted cash equivalents and investments, Cost or Amortized Cost | 435,000 | 601,000 |
Unrestricted cash equivalents and investments, Unrealized Gains | 0 | 0 |
Unrestricted cash equivalents and investments, Unrealized Losses | 0 | 0 |
Unrestricted cash equivalents and investments, Estimated Fair Value | 435,000 | 601,000 |
Restricted cash equivalents and investments, Cost or Amortized Cost | 6,506 | 6,506 |
Restricted cash equivalents and investments, Unrealized Gains | 0 | 0 |
Restricted cash equivalents and investments, Unrealized Losses | 0 | 0 |
Restricted cash equivalents and investments, Estimated Fair Value | 6,506 | 6,506 |
Certificates of deposit | ||
Cash Equivalents and Short-Term Investments | ||
Unrestricted cash equivalents and investments, Cost or Amortized Cost | 690,807 | 677,602 |
Unrestricted cash equivalents and investments, Unrealized Gains | 162 | 178 |
Unrestricted cash equivalents and investments, Unrealized Losses | (5) | (4) |
Unrestricted cash equivalents and investments, Estimated Fair Value | 690,964 | 677,776 |
Restricted cash equivalents and investments, Cost or Amortized Cost | 487,079 | 481,154 |
Restricted cash equivalents and investments, Unrealized Gains | 122 | 213 |
Restricted cash equivalents and investments, Unrealized Losses | (1) | (3) |
Restricted cash equivalents and investments, Estimated Fair Value | 487,200 | 481,364 |
Commercial paper | ||
Cash Equivalents and Short-Term Investments | ||
Unrestricted cash equivalents and investments, Cost or Amortized Cost | 451,844 | 376,771 |
Unrestricted cash equivalents and investments, Unrealized Gains | 107 | 38 |
Unrestricted cash equivalents and investments, Unrealized Losses | (2) | (20) |
Unrestricted cash equivalents and investments, Estimated Fair Value | 451,949 | 376,789 |
Restricted cash equivalents and investments, Cost or Amortized Cost | 359,166 | 469,193 |
Restricted cash equivalents and investments, Unrealized Gains | 50 | 57 |
Restricted cash equivalents and investments, Unrealized Losses | (8) | (10) |
Restricted cash equivalents and investments, Estimated Fair Value | 359,208 | 469,240 |
Corporate bonds | ||
Cash Equivalents and Short-Term Investments | ||
Unrestricted cash equivalents and investments, Cost or Amortized Cost | 75,990 | 287,445 |
Unrestricted cash equivalents and investments, Unrealized Gains | 7 | 115 |
Unrestricted cash equivalents and investments, Unrealized Losses | (12) | (41) |
Unrestricted cash equivalents and investments, Estimated Fair Value | 75,985 | 287,519 |
Restricted cash equivalents and investments, Cost or Amortized Cost | 61,950 | 184,560 |
Restricted cash equivalents and investments, Unrealized Gains | 11 | 67 |
Restricted cash equivalents and investments, Unrealized Losses | (6) | (26) |
Restricted cash equivalents and investments, Estimated Fair Value | 61,955 | $ 184,601 |
U.S. government securities | ||
Cash Equivalents and Short-Term Investments | ||
Restricted cash equivalents and investments, Cost or Amortized Cost | 5,947 | |
Restricted cash equivalents and investments, Unrealized Gains | 0 | |
Restricted cash equivalents and investments, Unrealized Losses | 0 | |
Restricted cash equivalents and investments, Estimated Fair Value | $ 5,947 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Additional Information (Details) - USD ($) | Apr. 22, 2021 | Apr. 03, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Effects of Reinsurance | ||||||
Cash and cash equivalents and short-term investments | $ 2,400,000,000 | $ 2,300,000,000 | ||||
Restricted cash and cash equivalents and restricted short-term investments | 1,000,000,000 | 1,200,000,000 | ||||
Allowance for credit loss on marketable and non-marketable available for sale debt securities | 0 | |||||
Transfer of certain legacy auto insurance liabilities | $ 407,900,000 | 0 | $ 407,885,000 | |||
Loss recognized from net cost of novation agreement | 64,700,000 | |||||
Cost of revenue | ||||||
Effects of Reinsurance | ||||||
Loss recognized from net cost of novation agreement | 20,200,000 | 62,500,000 | ||||
General and administrative | ||||||
Effects of Reinsurance | ||||||
Loss recognized from net cost of novation agreement | 200,000 | $ 2,200,000 | ||||
DARAG Bermuda LTD | ||||||
Effects of Reinsurance | ||||||
Reserves for current period | $ 183,200,000 | |||||
Reinsurance recoverables | 251,300,000 | |||||
Funds withheld | 271,500,000 | |||||
Funds withheld liability balance included in accrued and other current liabilities | 20,200,000 | |||||
Clarendon National Insurance Company | Pacific Valley Insurance Company, Inc. | ||||||
Effects of Reinsurance | ||||||
Transfer of reinsurance obligations | $ 465,000,000 | $ 465,000,000 | ||||
Reinsurance obligations | 816,000,000 | |||||
DARAG Bermuda LTD | Pacific Valley Insurance Company, Inc. | ||||||
Effects of Reinsurance | ||||||
Transfer of certain legacy auto insurance liabilities | 251,300,000 | |||||
Loss recognized from net cost of novation agreement | 20,400,000 | |||||
Reinsurance obligations | 434,500,000 | |||||
Unearned premiums | 271,500,000 | |||||
Insurance liability, collateralized amount | $ 75,000,000 | |||||
Cash and Cash Equivalents and Short-Term Investments | ||||||
Effects of Reinsurance | ||||||
Cash | 331,900,000 | 133,600,000 | ||||
Restricted Cash and Cash Equivalents and Restricted Investments | ||||||
Effects of Reinsurance | ||||||
Restricted cash | $ 55,600,000 | $ 53,800,000 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Schedule of AFS Debt Securities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Debt Securities, Available-for-sale | |
Estimated Fair Value | $ 310,547 |
Unrealized Losses | (34) |
Certificates of deposit | |
Debt Securities, Available-for-sale | |
Estimated Fair Value | 125,279 |
Unrealized Losses | (6) |
Corporate bonds | |
Debt Securities, Available-for-sale | |
Estimated Fair Value | 75,721 |
Unrealized Losses | (18) |
Commercial paper | |
Debt Securities, Available-for-sale | |
Estimated Fair Value | 106,249 |
Unrealized Losses | (10) |
U.S. government securities | |
Debt Securities, Available-for-sale | |
Estimated Fair Value | $ 3,298 |
Supplemental Financial Statem_6
Supplemental Financial Statement Information - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued and Other Liabilities | ||
Insurance-related accruals | $ 313,855 | $ 269,849 |
Legal accruals | 323,735 | 226,408 |
Ride-related accruals | 212,048 | 196,439 |
Long-term debt, current | 49,553 | 35,760 |
Insurance claims payable and related fees | 34,517 | 28,318 |
Other | 272,813 | 197,234 |
Accrued and other current liabilities | $ 1,206,521 | $ 954,008 |
Supplemental Financial Statem_7
Supplemental Financial Statement Information - Summary of Rollforward of Insurance Reserve (Details) - USD ($) $ in Thousands | Apr. 03, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Insurance Reserves | |||
Balance at beginning of period | $ 987,064 | $ 1,378,462 | |
Reinsurance recoverable established in period | (251,328) | 0 | |
Additions related to: | |||
Reserves for current period | 227,478 | 321,232 | |
Change in estimates for prior periods | 128,045 | 61,248 | |
Losses paid | (329,805) | (430,429) | |
Transfer of certain legacy auto insurance liabilities | $ (407,900) | 0 | (407,885) |
Net balance at the end of the period | 761,454 | 922,628 | |
Add: Reinsurance recoverable at the end of the period | 249,699 | 0 | |
Balance at end of period | $ 1,011,153 | $ 922,628 |
Supplemental Financial Statem_8
Supplemental Financial Statement Information - Schedule of Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Additional Financial Information Disclosure [Abstract] | ||||
Interest income | $ 1,923 | $ 7,631 | $ 7,008 | $ 39,394 |
Gain (loss) on sale of securities, net | (17) | 10 | 685 | (886) |
Foreign currency exchange gains (losses), net | 736 | 744 | 1,212 | 580 |
Sublease income | 2,947 | 0 | 2,947 | 0 |
Gain from transaction with Woven Planet | 119,284 | 0 | 119,284 | 0 |
Other, net | 169 | (911) | (748) | (322) |
Other income (expense), net | $ 125,042 | $ 7,474 | $ 130,388 | $ 38,766 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted and restricted cash equivalents and investments | $ 3,037,265 | $ 3,284,061 |
Fair Value Measurements on a Recurring Basis | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 1,220,075 | 1,342,085 |
Total restricted cash equivalents and investments | 980,374 | 1,159,963 |
Total unrestricted and restricted cash equivalents and investments | 2,200,449 | 2,502,048 |
Fair Value Measurements on a Recurring Basis | Level 1 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 1,177 | 0 |
Total restricted cash equivalents and investments | 66,066 | 24,757 |
Total unrestricted and restricted cash equivalents and investments | 67,243 | 24,757 |
Fair Value Measurements on a Recurring Basis | Level 2 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 1,218,898 | 1,342,085 |
Total restricted cash equivalents and investments | 914,308 | 1,135,206 |
Total unrestricted and restricted cash equivalents and investments | 2,133,206 | 2,477,291 |
Fair Value Measurements on a Recurring Basis | Level 3 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 0 | 0 |
Total restricted cash equivalents and investments | 0 | 0 |
Total unrestricted and restricted cash equivalents and investments | 0 | 0 |
Fair Value Measurements on a Recurring Basis | Money market funds | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 1,177 | |
Total restricted cash equivalents and investments | 66,066 | 24,757 |
Fair Value Measurements on a Recurring Basis | Money market funds | Level 1 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 1,177 | |
Total restricted cash equivalents and investments | 66,066 | 24,757 |
Fair Value Measurements on a Recurring Basis | Money market funds | Level 2 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 0 | |
Total restricted cash equivalents and investments | 0 | 0 |
Fair Value Measurements on a Recurring Basis | Money market funds | Level 3 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 0 | |
Total restricted cash equivalents and investments | 0 | 0 |
Fair Value Measurements on a Recurring Basis | Certificates of deposit | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 690,964 | 677,777 |
Total restricted cash equivalents and investments | 487,199 | 481,365 |
Fair Value Measurements on a Recurring Basis | Certificates of deposit | Level 1 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 0 | 0 |
Total restricted cash equivalents and investments | 0 | 0 |
Fair Value Measurements on a Recurring Basis | Certificates of deposit | Level 2 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 690,964 | 677,777 |
Total restricted cash equivalents and investments | 487,199 | 481,365 |
Fair Value Measurements on a Recurring Basis | Certificates of deposit | Level 3 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 0 | 0 |
Total restricted cash equivalents and investments | 0 | 0 |
Fair Value Measurements on a Recurring Basis | Commercial paper | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 451,949 | 376,789 |
Total restricted cash equivalents and investments | 359,207 | 469,240 |
Fair Value Measurements on a Recurring Basis | Commercial paper | Level 1 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 0 | 0 |
Total restricted cash equivalents and investments | 0 | 0 |
Fair Value Measurements on a Recurring Basis | Commercial paper | Level 2 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 451,949 | 376,789 |
Total restricted cash equivalents and investments | 359,207 | 469,240 |
Fair Value Measurements on a Recurring Basis | Commercial paper | Level 3 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 0 | 0 |
Total restricted cash equivalents and investments | 0 | 0 |
Fair Value Measurements on a Recurring Basis | Corporate bonds | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 75,985 | 287,519 |
Total restricted cash equivalents and investments | 61,955 | 184,601 |
Fair Value Measurements on a Recurring Basis | Corporate bonds | Level 1 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 0 | 0 |
Total restricted cash equivalents and investments | 0 | 0 |
Fair Value Measurements on a Recurring Basis | Corporate bonds | Level 2 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 75,985 | 287,519 |
Total restricted cash equivalents and investments | 61,955 | 184,601 |
Fair Value Measurements on a Recurring Basis | Corporate bonds | Level 3 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total unrestricted cash equivalents and investments | 0 | 0 |
Total restricted cash equivalents and investments | 0 | $ 0 |
Fair Value Measurements on a Recurring Basis | U.S. treasury securities | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total restricted cash equivalents and investments | 5,947 | |
Fair Value Measurements on a Recurring Basis | U.S. treasury securities | Level 1 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total restricted cash equivalents and investments | 0 | |
Fair Value Measurements on a Recurring Basis | U.S. treasury securities | Level 2 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total restricted cash equivalents and investments | 5,947 | |
Fair Value Measurements on a Recurring Basis | U.S. treasury securities | Level 3 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||
Total restricted cash equivalents and investments | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Mar. 31, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Financial Instruments Measured at Fair Value on a Recurring Basis | ||||
Cash and cash equivalents and short-term investments | $ 2,400 | $ 2,300 | ||
Restricted cash and cash equivalents and restricted short-term investments | 1,000 | 1,200 | ||
Payments to acquire equity method investments | $ 10 | |||
Reported Value Measurement | Level 3 | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||||
Equity security | $ 64 | |||
Cash and Cash Equivalents and Short-Term Investments | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||||
Cash | 331.9 | 133.6 | ||
Cash and Cash Equivalents and Short-Term Investments | Fair Value Measurements on Nonrecurring Basis | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||||
Cash | 331.9 | 133.6 | ||
Money market deposits | 395.3 | 174.3 | ||
Term deposits | 435 | 601 | ||
Restricted Cash and Cash Equivalents and Restricted Investments | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||||
Restricted cash | 55.6 | 53.8 | ||
Restricted Cash and Cash Equivalents and Restricted Investments | Fair Value Measurements on Nonrecurring Basis | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||||
Money market deposits | 0.2 | |||
Term deposits | 6.5 | 6.5 | ||
Restricted cash | $ 55.6 | $ 53.8 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)location | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)location | Sep. 30, 2020USD ($) | |
Lessee, Lease, Description | ||||
Sublease income | $ | $ 2,947 | $ 0 | $ 2,947 | $ 0 |
Real Estate Leases | ||||
Lessee, Lease, Description | ||||
Number of locations | 81 | 81 | ||
Real Estate Leases | Lease Status, Commenced | ||||
Lessee, Lease, Description | ||||
Number of locations | 79 | 79 | ||
Real Estate Leases | Lease Status, Yet To Commence | ||||
Lessee, Lease, Description | ||||
Number of locations | 2 | 2 | ||
Operating lease term | 3 years | 3 years | ||
Real Estate Leases | Minimum | ||||
Lessee, Lease, Description | ||||
Lessee, operating lease, term of contract (in years) | 3 months | 3 months | ||
Lessee, operating lease, option to extend term (in years) | 2 months | |||
Real Estate Leases | Maximum | ||||
Lessee, Lease, Description | ||||
Lessee, operating lease, term of contract (in years) | 9 years | 9 years | ||
Lessee, operating lease, option to extend term (in years) | 10 years | |||
Vehicles | Minimum | ||||
Lessee, Lease, Description | ||||
Finance lease term of contract (in years) | 1 month | |||
Vehicles | Maximum | ||||
Lessee, Lease, Description | ||||
Finance lease term of contract (in years) | 3 years |
Leases - Schedule of Lease Posi
Leases - Schedule of Lease Position (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Operating lease right-of-use assets | $ 235,219 | $ 275,756 |
Operating lease liabilities, current | 54,773 | 49,291 |
Operating lease liabilities, non-current | 223,035 | 265,803 |
Total operating lease liabilities | 277,808 | 315,094 |
Finance Leases | ||
Finance lease, right of use assets | 31,385 | 28,108 |
Finance lease liabilities, current | $ 15,883 | $ 20,795 |
Finance lease, liability, current, statement of financial position | Accrued and other current liabilities | Accrued and other current liabilities |
Finance lease liabilities, non-current | $ 15,634 | $ 6,593 |
Finance lease, liability, noncurrent, statement of financial position | Other liabilities | Other liabilities |
Total finance lease liabilities | $ 31,517 | $ 27,388 |
Operating lease, weighted-average remaining lease term (in years) | 5 years 8 months 12 days | 6 years 3 months 18 days |
Finance lease, weighted-average remaining lease term (in years) | 2 years 2 months 12 days | 1 year 6 months |
Operating lease, weighted-average discount rate | 6.30% | 6.40% |
Finance lease, weighted-average discount rate | 3.10% | 4.70% |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Leases | ||||
Operating lease cost | $ 20,250 | $ 17,506 | $ 56,415 | $ 61,763 |
Finance Leases | ||||
Amortization of right-of-use assets | 5,893 | 11,386 | 19,348 | 27,747 |
Interest on lease liabilities | 277 | 620 | 850 | 1,600 |
Short-term lease cost | 1,091 | 1,001 | 4,151 | 3,326 |
Variable lease cost | 244 | 3,899 | 4,018 | 10,943 |
Total lease cost | $ 27,755 | $ 34,412 | $ 84,782 | $ 105,379 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 63,204 | $ 48,188 |
Operating cash flows from finance leases | 835 | 1,600 |
Financing cash flows from finance leases | $ 28,661 | $ 29,042 |
Leases - Schedule of Operating
Leases - Schedule of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Remainder of 2021 | $ 12,542 | |
2022 | 73,844 | |
2023 | 58,517 | |
2024 | 52,943 | |
2025 | 41,815 | |
Thereafter | 96,138 | |
Total minimum lease payments | 335,799 | |
Less: amount of lease payments representing interest | (57,991) | |
Total operating lease liabilities | 277,808 | $ 315,094 |
Less: current obligations under leases | (54,773) | (49,291) |
Long-term lease obligations | 223,035 | 265,803 |
Finance Leases | ||
Remainder of 2021 | 5,793 | |
2022 | 13,355 | |
2023 | 9,341 | |
2024 | 4,067 | |
2025 | 0 | |
Thereafter | 0 | |
Total minimum lease payments | 32,556 | |
Less: amount of lease payments representing interest | (1,039) | |
Total finance lease liabilities | 31,517 | 27,388 |
Less: current obligations under leases | (15,883) | (20,795) |
Long-term lease obligations | 15,634 | $ 6,593 |
Total Leases | ||
Remainder of 2021 | 18,335 | |
2022 | 87,199 | |
2023 | 67,858 | |
2024 | 57,010 | |
2025 | 41,815 | |
Thereafter | 96,138 | |
Total minimum lease payments | 368,355 | |
Less: amount of lease payments representing interest | (59,030) | |
Present value of future lease payments | 309,325 | |
Less: current obligations under leases | (70,656) | |
Long-term lease obligations | $ 238,669 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | May 01, 2019 | Jan. 01, 2019 | Nov. 01, 2018 |
Commitments And Contingencies | |||||
Letters of credit outstanding | $ 56,500,000 | $ 54,200,000 | |||
Web-Hosting Service Providers | |||||
Commitments And Contingencies | |||||
Cumulative payment for arrangement | 300,000,000 | ||||
Web-Hosting Service Providers | Minimum | |||||
Commitments And Contingencies | |||||
Contractual obligation | $ 300,000,000 | ||||
Minimum amount due in next year | 80,000,000 | ||||
Minimum amount due in second year | 80,000,000 | ||||
Minimum amount due in third year | $ 80,000,000 | ||||
Bikeshare Program | Motivate | |||||
Commitments And Contingencies | |||||
Future obligation to purchase equipment | $ 100,000,000 | ||||
Payments to acquire equipment under purchase obligations | 87,100,000 | ||||
Bikeshare Program | City Of Chicago | |||||
Commitments And Contingencies | |||||
Cumulative payment for arrangement | 23,100,000 | ||||
Future obligation to purchase equipment | $ 50,000,000 | ||||
Annual contractual obligation | $ 7,500,000 | ||||
Payments to acquire equipment under purchase obligations | $ 20,800,000 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument | ||
Total long-term debt outstanding | $ 712,010 | $ 679,996 |
Less: long-term debt maturing within one year | (49,553) | (35,760) |
Total long-term debt | $ 662,457 | 644,236 |
Convertible Senior Notes Due 2025 | ||
Debt Instrument | ||
Interest rate | 1.50% | |
Total long-term debt outstanding | $ 595,059 | 568,744 |
Non-Revolving Loan | ||
Debt Instrument | ||
Total long-term debt outstanding | $ 86,208 | 103,305 |
Non-Revolving Loan | Minimum | ||
Debt Instrument | ||
Interest rate | 2.60% | |
Non-Revolving Loan | Maximum | ||
Debt Instrument | ||
Interest rate | 5.25% | |
Master Vehicle Loan | ||
Debt Instrument | ||
Total long-term debt outstanding | $ 30,743 | $ 7,947 |
Master Vehicle Loan | Minimum | ||
Debt Instrument | ||
Interest rate | 2.60% | |
Master Vehicle Loan | Maximum | ||
Debt Instrument | ||
Interest rate | 6.75% |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument | ||||
Amortization of debt discount and issuance costs | $ (26,317) | $ (12,501) | ||
Interest expense | $ (13,093) | $ (12,529) | (38,510) | (20,573) |
Convertible Senior Notes Due 2025 | Convertible Debt | ||||
Debt Instrument | ||||
Contractual interest expense related to the 2025 Notes | (2,803) | (2,803) | (8,409) | (4,205) |
Amortization of debt discount and issuance costs | (9,078) | (8,381) | (26,317) | (12,501) |
Master Vehicle Loan | ||||
Debt Instrument | ||||
Interest expense related to vehicle loans | $ (1,212) | $ (1,345) | $ (3,784) | $ (3,867) |
Debt - Additional Information (
Debt - Additional Information (Details) | May 15, 2020USD ($)day$ / shares | Feb. 07, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($)day | Dec. 31, 2020USD ($) | Sep. 17, 2020USD ($) | May 12, 2020$ / shares | Mar. 11, 2019USD ($) |
Debt Instrument | ||||||||
Share price (in dollars per share) | $ / shares | $ 29.53 | |||||||
Net carrying amount of liability component | $ 712,010,000 | $ 712,010,000 | $ 679,996,000 | |||||
Flexdrive Services, LLC | Revolving Credit Facility | ||||||||
Debt Instrument | ||||||||
Maximum exposure to loss under terms of the guarantee | $ 1,300,000 | $ 1,300,000 | ||||||
Procurement Provider | Revolving Credit Facility | ||||||||
Debt Instrument | ||||||||
Maximum borrowing capacity | $ 50,000,000 | $ 95,000,000 | ||||||
Convertible Senior Notes Due 2025 | ||||||||
Debt Instrument | ||||||||
Interest rate | 1.50% | 1.50% | ||||||
Net carrying amount of liability component | $ 595,059,000 | $ 595,059,000 | 568,744,000 | |||||
Convertible Senior Notes Due 2025 | Convertible Debt | ||||||||
Debt Instrument | ||||||||
Aggregate principal | $ 747,500,000 | |||||||
Interest rate | 1.50% | |||||||
Net proceeds from issuance of convertible debt | $ 733,200,000 | |||||||
Conversation rate | 0.0260491 | |||||||
Initial conversion price (in dollars per share) | $ / shares | $ 38.39 | |||||||
Initial conversion price of convertible debt, premium percentage | 30.00% | |||||||
Limitation on sale of common stock, sale price threshold, number of trading days | day | 20 | 20 | ||||||
Number of consecutive business days | 5 days | |||||||
Redemption price percentage | 100.00% | |||||||
Net carrying amount of liability component | $ 558,300,000 | 595,059,000 | $ 595,059,000 | |||||
Carrying value of equity component | $ 189,200,000 | |||||||
Effective interest rate | 8.00% | |||||||
Debt and equity components of convertible loans, discounts and commissions payable | $ 14,300,000 | |||||||
Issuance costs attributable to the liability component of convertible debt | 10,700,000 | |||||||
Aggregate principal amount | 2,000 | |||||||
If-converted value in excess of principal | 1,000,000,000 | |||||||
Fair value of long-term debt | 1,200,000,000 | $ 1,200,000,000 | ||||||
Cost of capped call transactions | $ 132,700,000 | |||||||
Initial cap price (in dollars per share) | $ / shares | $ 73.83 | |||||||
Initial cap price premium percentage | 150.00% | |||||||
Convertible Senior Notes Due 2025 | Convertible Debt | Debt Instrument, Redemption, Period One | ||||||||
Debt Instrument | ||||||||
Limitation on sale of common stock, sale price threshold, trading period | day | 30 | 30 | ||||||
Threshold percentage of stock price trigger | 130.00% | 130.00% | ||||||
Convertible Senior Notes Due 2025 | Convertible Debt | Debt Instrument, Redemption, Period Two | ||||||||
Debt Instrument | ||||||||
Limitation on sale of common stock, sale price threshold, trading period | day | 5 | |||||||
Threshold percentage of stock price trigger | 98.00% | |||||||
Non-Revolving Loan | ||||||||
Debt Instrument | ||||||||
Net carrying amount of liability component | 86,208,000 | $ 86,208,000 | 103,305,000 | |||||
Fair value of long-term debt | $ 85,300,000 | $ 85,300,000 | ||||||
Non-Revolving Loan | Minimum | ||||||||
Debt Instrument | ||||||||
Interest rate | 2.60% | 2.60% | ||||||
Debt term (in months) | 24 months | |||||||
Non-Revolving Loan | Minimum | LIBOR | ||||||||
Debt Instrument | ||||||||
Variable interest percentage | 2.51% | |||||||
Non-Revolving Loan | Maximum | ||||||||
Debt Instrument | ||||||||
Interest rate | 5.25% | 5.25% | ||||||
Debt term (in months) | 48 months | |||||||
Non-Revolving Loan | Maximum | LIBOR | ||||||||
Debt Instrument | ||||||||
Variable interest percentage | 2.74% | |||||||
Non-Revolving Loan | Flexdrive Services, LLC | ||||||||
Debt Instrument | ||||||||
Maximum borrowing capacity | $ 130,000,000 | |||||||
Master Vehicle Loan | ||||||||
Debt Instrument | ||||||||
Net carrying amount of liability component | $ 30,743,000 | $ 30,743,000 | $ 7,947,000 | |||||
Fair value of long-term debt | $ 30,500,000 | $ 30,500,000 | ||||||
Interest rate swap term | 3 years | |||||||
Variable interest spread rate | 2.10% | |||||||
Master Vehicle Loan | LIBOR | ||||||||
Debt Instrument | ||||||||
Spread on variable rate | 3.00% | |||||||
Master Vehicle Loan | Minimum | ||||||||
Debt Instrument | ||||||||
Interest rate | 2.60% | 2.60% | ||||||
Debt term (in months) | 12 months | |||||||
Master Vehicle Loan | Maximum | ||||||||
Debt Instrument | ||||||||
Interest rate | 6.75% | 6.75% | ||||||
Debt term (in months) | 48 months | |||||||
Master Vehicle Loan | Flexdrive Services, LLC | ||||||||
Debt Instrument | ||||||||
Maximum borrowing capacity | $ 50,000,000 |
Debt - Schedule of Convertible
Debt - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | May 15, 2020 |
Liability component: | |||
Total long-term debt outstanding | $ 712,010 | $ 679,996 | |
Convertible Senior Notes Due 2025 | |||
Liability component: | |||
Total long-term debt outstanding | 595,059 | $ 568,744 | |
Convertible Debt | Convertible Senior Notes Due 2025 | |||
Liability component: | |||
Principal | 747,498 | ||
Unamortized debt discount and debt issuance costs | (152,439) | ||
Total long-term debt outstanding | $ 595,059 | $ 558,300 |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-term Debt Outstanding (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity | ||
Remainder of 2021 | $ 10,638 | |
2022 | 57,047 | |
2023 | 29,076 | |
2024 | 20,190 | |
2025 | 595,059 | |
Thereafter | 0 | |
Total long-term debt outstanding | $ 712,010 | $ 679,996 |
Common Stock - Schedule of Rest
Common Stock - Schedule of Restricted Stock Units (Details) - Restricted stock units $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Number of Shares | |
Nonvested units at beginning of period (in shares) | shares | 33,602 |
Granted (in shares) | shares | 10,754 |
Vested (in shares) | shares | (15,966) |
Cancelled (in shares) | shares | (7,474) |
Nonvested units at end of period (in shares) | shares | 20,916 |
Weighted- Average Grant Date Fair Value | |
Nonvested units at beginning of period (in dollars per share) | $ / shares | $ 41.49 |
Granted (in dollars per share) | $ / shares | 58.44 |
Vested (in dollars per share) | $ / shares | 44.85 |
Cancelled (in dollars per share) | $ / shares | 45.44 |
Nonvested units at end of period (in dollars per share) | $ / shares | $ 46.37 |
Aggregate Intrinsic Value | |
Nonvested units, at beginning aggregate intrinsic value | $ | $ 1,650,577 |
Nonvested units, at ending aggregate intrinsic value | $ | $ 1,119,947 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2021 | Jan. 01, 2020 | Mar. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 27, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Withholding tax adjustment | $ 21,854 | $ 14,515 | ||||
2019 Employee Stock Purchase Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Percentage of earnings for purchase of common stock | 15.00% | |||||
Offering periods (in months) | 12 months | |||||
2019 Employee Stock Purchase Plan | Class A Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Common stock reserved for issuance (in shares) | 6,000,000 | |||||
Additional common stock reserved for issuance (in shares) | 3,237,371 | 3,025,957 | ||||
Increase in number of shares reserved for future issuance (in shares) | 7,000,000 | |||||
Percentage of common stock outstanding | 1.00% | |||||
Performance based restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Granted (in shares) | 784,000 | |||||
Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Granted (in shares) | 10,754,000 | |||||
Vested in period, fair value | $ 839,000 | $ 478,100 | ||||
Shares withheld related to net share settlement (in shares) | 415,427 | |||||
Withholding tax adjustment | $ 21,900 | |||||
Aggregate unrecognized compensation cost | $ 720,700 | |||||
Aggregate grant-date fair value, weighted average period | 1 year 9 months 18 days | |||||
Employee Stock | 2019 Employee Stock Purchase Plan | Class A Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Cumulative common shares purchased ( in shares) | 1,969,894 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Provision for (benefit from) income taxes | $ 6,627,000 | $ 1,109,000 | $ 9,253,000 | $ (42,060,000) | |
Impact of application of accounting standard | $ 46,300,000 | ||||
Effective tax rate | (10.21%) | (0.24%) | (1.25%) | 3.15% | |
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, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||||
Net loss | $ (71,539) | $ (251,918) | $ (427,339) | $ (459,517) | $ (437,112) | $ (398,073) | $ (750,796) | $ (1,294,702) |
Weighted-average number of shares outstanding used to compute net loss per share, basic (in shares) | 337,753 | 314,530 | 332,049 | 309,433 | ||||
Weighted-average number of shares outstanding used to compute net loss per share, diluted (in shares) | 337,753 | 314,530 | 332,049 | 309,433 | ||||
Net loss per share, basic (in dollars per share) | $ (0.21) | $ (1.46) | $ (2.26) | $ (4.18) | ||||
Net loss per share, diluted (in dollars per share) | $ (0.21) | $ (1.46) | $ (2.26) | $ (4.18) |
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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share, total (in shares) | 41,721 | 63,055 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share, total (in shares) | 19,957 | 40,851 |
2025 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share, total (in shares) | 19,471 | 19,471 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share, total (in shares) | 1,159 | 2,203 |
Performance based restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share, total (in shares) | 959 | 250 |
ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share, total (in shares) | 175 | 280 |
Restricted stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share, total (in shares) | 0 | 0 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | |
Restructuring Cost and Reserve | ||||
Restructuring charges (benefits) | $ 0 | $ (14,548,000) | ||
Restructuring related liabilities | $ 0 | |||
November2020 Restructuring Plan Due To C O V I D19 | ||||
Restructuring Cost and Reserve | ||||
Restructuring charges (benefits) | $ 1,400,000 | |||
Restricted stock units | ||||
Restructuring Cost and Reserve | ||||
Benefit from reversal of previously recognized stock-based compensation expense | 72,700,000 | |||
Stock-based compensation expense recognized due to accelerated vesting | 22,900,000 | |||
Stock-Based Compensation Benefit | ||||
Restructuring Cost and Reserve | ||||
Restructuring charges (benefits) | (49,806,000) | |||
Stock-Based Compensation Benefit | November2020 Restructuring Plan Due To C O V I D19 | ||||
Restructuring Cost and Reserve | ||||
Restructuring charges (benefits) | $ 100,000 | |||
Severance and Other Employee Costs | ||||
Restructuring Cost and Reserve | ||||
Restructuring charges (benefits) | 32,130,000 | |||
Severance and Other Employee Costs | November2020 Restructuring Plan Due To C O V I D19 | ||||
Restructuring Cost and Reserve | ||||
Restructuring charges (benefits) | $ 1,500,000 | |||
Lease Termination and Other Costs | ||||
Restructuring Cost and Reserve | ||||
Restructuring charges (benefits) | $ 3,128,000 |
Restructuring (Details)
Restructuring (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2020 | |
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | $ 0 | $ (14,548,000) |
Stock-Based Compensation Benefit | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | (49,806,000) | |
Severance and Other Employee Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 32,130,000 | |
Lease Termination and Other Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 3,128,000 | |
Cost of revenue | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | (698,000) | |
Cost of revenue | Stock-Based Compensation Benefit | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | (4,237,000) | |
Cost of revenue | Severance and Other Employee Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 2,010,000 | |
Cost of revenue | Lease Termination and Other Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 1,529,000 | |
Operations and support | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 6,511,000 | |
Operations and support | Stock-Based Compensation Benefit | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | (2,830,000) | |
Operations and support | Severance and Other Employee Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 8,281,000 | |
Operations and support | Lease Termination and Other Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 1,060,000 | |
Research and development | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | (25,376,000) | |
Research and development | Stock-Based Compensation Benefit | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | (37,082,000) | |
Research and development | Severance and Other Employee Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 11,706,000 | |
Research and development | Lease Termination and Other Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 0 | |
Sales and marketing | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 1,445,000 | |
Sales and marketing | Stock-Based Compensation Benefit | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | (1,626,000) | |
Sales and marketing | Severance and Other Employee Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 3,071,000 | |
Sales and marketing | Lease Termination and Other Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 0 | |
General and administrative | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 3,570,000 | |
General and administrative | Stock-Based Compensation Benefit | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | (4,031,000) | |
General and administrative | Severance and Other Employee Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | 7,062,000 | |
General and administrative | Lease Termination and Other Costs | ||
Restructuring Cost and Reserve | ||
Restructuring charges (benefits) | $ 539,000 |