Slide 1: Welcome to Investor Day 2024
Good morning Welcome to Investor Day 2024 Rides Bikes Trips Investor Day 1
Slide 2: Lyft Investor Day Agenda
Lyft Investor Main Event Day Agenda Welcome Erin Brewer, Chief Financial Officer Vision David Risher, Chief Executive Officer Drivers Jeremy Bird, EVP, Driver Experience Riders Audrey Liu, EVP, Rider Experience Partnerships & Media Zach Greenberger, EVP, Partner Experience Break Marketplace Sid Pati
Slide 3: Forward-Looking Statements & Non-GAAP Financial Measures
This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of Forward- 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future
Slide 4: Vision
Vision David Risher CEO 843 1.1 Rides 5k+ miles Years
Slide 5: Roadmap for success
Roadmap for success Building the team Getting the basics right: Pricing, ETAs, driver earnings Focusing on customer obsession Investor Day Vision 5
Slide 6: Investor Day
Investor Day Vision 6
Slide 7: Drivers Riders Partners
Drivers Riders Partners Investor Day Vision 7
Slide 8: Customer obsession engine
OPERATIONAL EXCELLENCE PRODUCT Customer INNOVATION & GROWTH obsession LYFT MEDIA PARTNERSHIPS engine BRAND Investor Day Vision 8
Slide 9: Top line growth and margin expansion
OPERATIONAL EXCELLENCE Top line growth Gross Bookings ~15% CAGR (2024-2027) PRODUCT Customer INNOVATION & GROWTH obsession LYFT MEDIA PARTNERSHIPS engine Margin expansion ~4% Adjusted EBITDA margin in 20271,2 BRAND 1. See non-GAAP reconciliations 2. As a % of Gross Bookings Investor Day Vision 9
Slide 10: 161 billion personal vehicle trips per year
161 BILLION PV trips per year Source: Personal vehicle data sourced from US Department of Transportation, National Household Travel Survey (NHTS). 2022 NHTS was conducted from January 2022 to January 2023. Investor Day Vision 10
Slide 11: Who Americans spend their time with, by age
Who Americans spend their time with, by age MEASURED IN MINUTES PER DAY, BASED ON AVERAGES FROM SURVEYS IN THE UNITED STATES 2009 - 2019 500 mins Alone 400 mins 300 mins With partner 200 mins With family 100 mins With children With friends With coworkers 0 mins 15 20 30 40 50 60 70 80 AGE Source: Am
Slide 12: Lyft connects you to the people and experiences you love
Lyft connects you to the people and experiences you love Investor Day Vision 12
Slide 13: Meet the team
Meet the team Jeremy Bird Audrey Liu Zach Greenberger Sid Patil EVP, Driver Experience EVP, Rider Experience EVP, Partner Experience EVP, Marketplace Kristin Sverchek Max Feldman Erin Brewer President VP, Head of Risk Chief Financial Officer Investor Day Vision 13
Slide 14: Driver Experience
Driver Jeremy Bird Experience EVP, Driver Experience 1154 4.7 Rides 1150x ready Years
Slide 15: Every week, more than 500K drivers use Lyft to earn
Every week, more than 500K drivers use Lyft to earn. Collectively, 1.3M drivers earned on the Lyft platform in 2023. Investor Day Driver Experience 15
Slide 16: Driver stories
Eric 355 Rides Alice Jimmy 240 Rides 106 Rides Investor Day Driver Experience 16
Slide 17: Lyft Drivers
Lyft Drivers 76% of drivers are members of communities of color 91% work or are students in addition to app-based work 41% speak a language other 24% are women or nonbinary 9% are retired than English at home Source: All data per 2024 Lyft Economic Impact Report Investor Day Driver Experience 17
Slide 18: Why drivers use Lyft
Why drivers use Lyft 11% 30% 37% drive for supplemental drive on the Lyft platform drive on multiple platforms income, usually as a way to as their primary source as their primary source meet the needs their W-2 job of income of income alone doesn’t 22% 2% drive because they are drive because they a
Slide 19: Adding it all together
Adding it all together OPERATIONAL EXCELLENCE PRODUCT Customer INNOVATION & GROWTH obsession LYFT MEDIA PARTNERSHIPS engine BRAND Investor Day Driver Experience 19
Slide 20: What Lyft drivers care about and our priorities
What Lyft drivers care about… Maximizing earnings 1 on our platform. 2 Recognition for their hard work. 3 Providing great service for riders. $9 Streak …are our priorities $105 Reward 8:30 PM Peak hours 10 PM Investor Day Driver Experience 20
Slide 21: Driver earnings
Driver earnings Earnings Commitment An additional 20% of drivers agreed their earnings are fair after the Earnings Commitment launch.1 75% of drivers say they now have a better understanding of their earnings.1 1.6% increase in weekly active drivers after Earnings Commitment launch.2 1. Source: Lyft
Slide 22: Earnings opportunity with Lyft Media x Express Drive
Earnings opportunity with Lyft Media x Express Drive Tablets deliver value to advertisers, riders and drivers. Drivers earn ad revenue ($0.10/ride) and ~6-12% more tips. In-car tablet displays ads, features a dynamic route map, music, and integrated driver tipping. Investor Day Driver Experience 22
Slide 23: Driver rewards
Driver rewards How it works Investor Day Driver Experience 23
Slide 24: Lyft Maps
Lyft Maps Building highlights Gated communities Contextualization Building highlights 90%+ rides enhanced with visual indicator for side of street pickup/ dropoff and destination building. Gated communities Riders can securely share gate codes with drivers. ↓ 4.4pp cancels, ↓35% pickup failures. Con
Slide 25: AI supercharges driver customer support
AI supercharges driver customer Understand & educate Predict & resolve Language preference support 15 minutes. Investor Day Driver Experience 25
Slide 26: New drivers continue to sign up and drive
New drivers continue to sign up and drive 14-day new drivers Jan 2022 Mar 2024 Investor Day Driver Experience 26
Slide 27: More drivers are staying active on Lyft
More drivers are staying active on Lyft From Q1 2022 to Q1 2024: 14-day retention rates +3pp increase in retention Which translates into: +18K active bi-weekly drivers Delivering: Jan 2022 Mar 2024 >6M annual rides Investor Day Driver Experience 27
Slide 28: Driver hours are growing
Driver hours are growing From Q1 2022 to Q1 2024: Monthly driver hours +77% increase in driver hours +44% increase in quarterly active drivers Jan 2022 Mar 2024 +23% increase in driver hours per active driver Investor Day Driver Experience 28
Slide 29: Plenty of opportunity to increase our driver base
We have plenty of opportunity to increase our driver base 18% 70% Lyft penetration of existing of drivers also work on driver supply pool1 another app-based platform2 1. Source: 2024 Flex Association Economic Impact Report 2. Source: 2024 Lyft Economic Impact Report Investor Day Driver Experience 29
Slide 30: Innovation and excellence will translate to durable driver hours growth
Innovation Active drivers and excellence Preference & retention will translate to durable driver hours Time on platform growth Engagement Connecting drivers to attractive and transparent ways to earn Investor Day Driver Experience 30
Slide 31: Driver key takeaways
Driver key takeaways 1 We are focused on providing meaningful and transparent ways for drivers to earn. By listening to drivers, we are delivering products that are highly relevant to their needs. We see growth opportunity in drivers and 2 driver hours by executing and innovating toward Lyft prefere
Slide 32: Rider Experience
Rider Audrey Liu Experience EVP, Rider Experience 273 6.3 Rides 50+ donations Years
Slide 33: Over five and a half million people rely on Lyft weekly
Every week, over five and a half million people rely on Lyft to get them where they need to go. Over 40 million people took a ride on the Lyft platform in 2023. Investor Day Rider Experience 33
Slide 34: Still room for growth
Still room for growth On average, Average person takes ~1.5 rides / month on Lyft1 ~50 trips / month High-frequency riders take ~5 rides / month on Lyft1 Other 1. Source: 2023 Lyft data Investor Day Rider Experience 34
Slide 35: To get more riders taking more rides
REASONS TO CHOOSE LYFT OUR GOAL To get more riders taking New riders more rides Ride frequency with Lyft DELIVER AN EXCELLENT EXPERIENCE Investor Day Rider Experience 35
Slide 36: It starts with customer obsession
It starts with customer obsession Investor Day Rider Experience 36
Slide 37: How they use Lyft
RIDERS How they use Lyft They use Lyft for different reasons 59% 58% 35% 26% travel to / from airports get to / from entertainment work commute healthcare-related trips and recreation Source: All data per 2024 Lyft Economic Impact Report Investor Day Rider Experience 37
Slide 38: They use different modes for different reasons
RIDERS They use different modes for different reasons To work Home from work To the airport Date night! Standard Wait & Save Premium modes Investor Day Rider Experience 38
Slide 39: What they care about
RIDERS What they care about Fair & Reliable predictable Convenience ETAs pricing Investor Day Rider Experience 39
Slide 40: Our priorities
Our priorities Partnerships Market expansion Differentiated products Active rider growth Ride frequency growth Investor Day Rider Experience 40
Slide 41: Growth partnerships
RIDERS Growth partnerships 20% of our weekly riders participate in a partnership 850K+ new riders engaged with a partner at activation in 2023 Source: 2023 Lyft data Investor Day Rider Experience 41
Slide 42: Women+ Connect
MARKET EXPANSION Women+ Connect Women+ Connect Badbadbad ⭐ 30% of women riders in W+C markets say they choose Lyft more often because of W+C 1 As a woman & 24% a daily ride share rider, I literally love this feature " YoY increase in new women and 2023-11-25 687 Reply nonbinary driver activations2 1
Slide 43: On-time pickup promise
DIFFERENTIATED PRODUCTS THAT INCREASE FREQUENCY On-time pickup promise +21% YoY scheduled airport rides +11% scheduled rides in launched markets +2% impact on total Lyft rides Source: Lyft data, Q4 2023 Investor Day Rider Experience 43
Slide 44: Commute product
DIFFERENTIATED PRODUCTS THAT INCREASE FREQUENCY Commute product Commuters take on average ~40% more rides with Lyft when they use this feature # am Mother God’s… Follow @Jamaican_candy @lyft has this new offer where you can pay $2.99 to lock in a certain route for a frequent route. Of course now I ha
Slide 45: Our priorities
Our priorities Partnerships Market expansion Differentiated products Annual active rider growth Ride frequency growth Investor Day Rider Experience 45
Slide 46: Rides reach post-COVID highs
Rides reach post-COVID highs From Q1 2022 to Q1 2024: +9% increase in rides per quarterly active rider +6% Monthly Rides increase in new rider retention +23% Jan 2022 March 2024 increase in quarterly active riders Investor Day Rider Experience 46
Slide 47: People are getting out more
People are getting out more +45% increase in cinema drop-offs +68% increase in rides to gyms +37% increase in stadium visits (sports & concerts) Source: Lyft data, 2022–2023 Investor Day Rider Experience 47
Slide 48: Slide 48
Slide 49: Rider key takeaways
Rider key takeaways 1 Because we know our riders and their needs deeply, more riders are choosing Lyft. 2 We’re focused on partnerships and products that make rideshare more approachable and increase ride frequency. 3 Our goal is to grow rides every year by focusing on increasing Where to? Now activ
Slide 50: Partner Experience
Partner Zach Greenberger EVP, Partner Experience Experience 978 5.5 Rides 80+ tips Years
Slide 51: Partnerships drive profitable growth
Partnerships drive profitable growth RIDER Growth Media Creating partnerships partnerships differentiated customer Preference Engagement experiences that drive shared value Retention Margin PARTNER Investor Day Partner Experience 51
Slide 52: Growth partnerships
Growth partnerships Investor Day Partner Experience 52
Slide 53: The breadth of our partnerships enhances the customer experience
The breadth of our partnerships enhances the customer experience • Healthcare Integrated partner • University Venue partnerships Business travel • Travel managers experiences • Transit • Dispatchers Investor Day Partner Experience 53
Slide 54: Our partnership strategy drives incremental rides and revenue
Our partnership strategy drives incremental rides and revenue 20% 18% >10% 20% of all rides Riders take 18% Rides connected to are tagged to more rides when a partner are more than a partnership participating in one 10% higher in margin than of our partnerships unlinked rides Source: All data per in
Slide 55: 850K+ new riders linked to a partnership
850K+ new Existing riders riders linked to a partnership in 2023 New riders Investor Day Partner Experience 55
Slide 56: We see plenty of opportunity ahead
We see plenty of opportunity ahead ~10% of active partner loyalty members have linked their accounts on the Lyft platform Source: Lyft data, Q1 2024 Investor Day Partner Experience 56
Slide 57: Compounded marketing value (Delta Air Lines)
DELTA AIR LINES Compounded marketing value Investor Day Partner Experience 57
Slide 58: Account linking
DELTA AIR LINES Account linking AWARENESS & CONSIDERATION ACCOUNT LINKAGE ACTIVATION LOYALTY Lyft placement Landing page start Account linked (Fly Delta app) (Website) (Lyft app) Investor Day Partner Experience 58
Slide 59: Contextual nudges
DELTA AIR LINES Contextual nudges AWARENESS & CONSIDERATION ACCOUNT LINKAGE ACTIVATION LOYALTY In-ride to airport: Post flight: Flight card populates Landing push notification and banner nudge Investor Day Partner Experience 59
Slide 60: Healthcare
Healthcare Investor Day Partner Experience 60
Slide 61: Healthcare drives rides, with plenty of headroom for growth
Healthcare drives rides, and has plenty of Added 10 new headroom for growth states in the LTM Healthcare bookings Lyft Healthcare is the industry’s leading Transportation Network Company (TNC) Healthcare bookings: Grew ~40% YoY Serviceable Available Market (SAM) in 2023. SAM expansion: Adding more s
Slide 62: Growth partnership takeaways
Growth partnership takeaways 1 Growth partnerships add unique value and differentiated experience for our customers and our business. 2 Rides linked with partnerships grew by 60% from Q1 2022 to Q1 2024, and these are more frequently higher-margin rides. 3 Rides linked with partnerships drive retent
Slide 63: Lyft Media
Lyft Media Investor Day Partner Experience 63
Slide 64: Our right to win
Our right to win Robust first-party data • User profile • Ride preferences and history • Purchase intent data • Purchase history Ability to engage users directly on our platform • Timing of relevant ad placements during your ride journey • Ability to survey users at a perfect moment Investor Day Par
Slide 65: Media platform and partnerships
LYFT MEDIA Media platform and partnerships 2024 2025 and beyond Omnichannel product suite Building a full-service ad platform Lyft Ads Manager Closed-Loop Attribution Lyft Business Insights Self-Service Tooling Off-Network Supply and Audience Extension Investor Day Partner Experience 65
Slide 66: Current rider journey & ad surfaces
IN-APP AD EXPERIENCE Current rider journey & ad surfaces Home Search Wait Match reveal / arriving Driver here In-ride Rate & pay Investor Day Partner Experience 66
Slide 67: Video ads
POST-REQUEST Video ads Wait Match reveal / arriving Driver here In-ride End-of-asset Investor Day Partner Experience 67
Slide 68: Our in-app ads beat industry benchmarks
Our in-app ads beat industry benchmarks Brand favorability and Click-through rate is Viewability is purchase intent are 10x 1.4x industry benchmark 7x higher than industry benchmark Kantar norms Source: Lyft analysis conducted 02/12/24 through 03/10/2024 Click-through rate: Ratio of unique clicks pe
Slide 69: Taking it to the next level
Taking it to the next level Sponsored rides Gated Wait & Save Surprise & delight upgrade Sponsored upsell Investor Day Partner Experience 69
Slide 70: Imagine a world where Lyft Media
Imagine a world where Lyft Media • Drives foot traffic directly to storefronts • Extends every rider’s experience from the storefront to their front door • Offers merchants immediate access to rider and driver analytics Investor Day Partner Experience 70
Slide 71: Lyft Media key takeaways
Lyft Media key takeaways 1 We have robust first-party data and the ability to engage users directly on the Lyft platform. 2 We’re building a full-service ad platform that has seen great results, informing improved targeting and measurement. 3 We’re building a world-class team to capture this opportu
Slide 72: Marketplace
Marketplace Sid Patil Operational Excellence EVP, Marketplace 882 4.8 Rides 4 years Years
Slide 73: Our goal is to grow and balance our marketplace
Our goal is to grow and balance our marketplace Investor Day Marketplace 73
Slide 74: We operate an enormous physical marketplace at scale
We operate an enormous physical marketplace at scale 3.3M+ 3B+ 2M+ Ride intents Technical decisions Rides per day considered per day per day Investor Day Marketplace 74
Slide 75: Drive 10% marketplace efficiencies every year per ride
Drive 10% marketplace efficiencies every year on a per-ride basis 1 1. Over 2024–2027 Investor Day Marketplace 75
Slide 76: Investor Day
Investor Day Marketplace 76
Slide 77: A Lyft ride seems simple
A Lyft ride seems simple Rider requests ride Driver arrives Rider gets to destination ride intents during an average PM commute in NYC Investor Day Marketplace 77
Slide 78: Delivering a great experience starts weeks before an event
Delivering a great experience starts weeks before an event, with precision Coachella Weekend Super Bowl Weekend New Year’s Eve San Bernardino Airport 4/12/24 Las Vegas 2/11/24 All regions 12/31/24 1PM 1AM Gates open After game 9PM Kickoff Ride Intents Ride Intents Ride Intents During game 2AM - 9PM
Slide 79: Riders and drivers evaluate three things with every ride
Riders and drivers evaluate Price three things with every ride when making ETAs Driver real-time travel Earnings decisions Investor Day Marketplace 79
Slide 80: Pricing is inherently uncertain
PRICE Pricing is inherently uncertain, and we need to serve a price in seconds Investor Day Marketplace 80
Slide 81: Prime Time has decreased by 39% since Q1 2022
PRICE Prime Time has decreased by 39% since Q1 2022 Magnitude Q1 2022 Q1 2024 Rate Q1 2022 Q1 2024 Investor Day Marketplace 81
Slide 82: Earning driver trust through transparency, reliability, and flexibility
DRIVER EARNINGS We are earning driver trust through transparency, reliability, and flexibility Resiliency to different earnings structures Investor Day Marketplace 82
Slide 83: These improvements have led to faster ETAs
ETAs These improvements have led to faster ETAs Quarterly average ETA Q1 2022 Q1 2024 Investor Day Marketplace 83
Slide 84: Trading off price versus time via mode selection
ETAs We have a unique strength in trading off price versus time via mode selection Select ride Select ride Select ride Investor Day Marketplace 84
Slide 85: We're seeing the results pay off around the country
We’re seeing the results pay off around the country Investor Day Marketplace 85
Slide 86: Canada expansion
Canada expansion Weekly rides in Canada regions Jan 2022 Mar 2024 Investor Day Marketplace 86
Slide 87: Marketplace key takeaways
Marketplace key takeaways Growth in Rides and Ride Intents Rides growth % Intents growth % 1 2023 was a year of transformation driven by customer-obsessed decisions. 2 Our focus on operational excellence means we are highly competitive on price, earnings, and ETAs. 3 We are obsessed with nailing the
Slide 88: Policy: Driver Classification
Policy: Driver Kristin Sverchek Classification President 1278 11.5 Rides 50 ratings Years
Slide 89: Drivers value their independence
Drivers value their independence Drivers drive with Lyft because it works for them 92% say a flexible schedule is very or extremely important. 68% who work full-time in addition to driving say it’s because they can drive hours that do not conflict with their work schedule. 97% create their own sched
Slide 90: Protecting drivers' independence
Protecting drivers’ independence 1 We partner with regulators, policymakers, and labor to ensure drivers can maintain their independence. 2 Creating a new category: IC+ Benefits • Policies live in CA, WA, and NY • Drivers in WA are 8x more likely (than not) to say this policy works for them. Driver
Slide 91: A history of wins for drivers
A history of wins for drivers Minnesota May 2024 New York Nov 2023 Austin, TX May 2017 Investor Day Policy: Driver Classification 91
Slide 92: Driver independence: At stake now
Driver independence: At stake now In California and Massachusetts, we are facing challenges to drivers’ status as independent contractors California Massachusetts • Voters overwhelmingly passed Prop 22 to protect • Massachusetts Attorney General brought Lyft driver independence. (and Uber) to trial,
Slide 93: Policy key takeaways
Policy key takeaways 1 We educate, advocate, and collaborate with regulators and policymakers to create policy that responds to drivers’ needs. 2 This approach has served as the foundation for numerous victories when those needs and desires have been challenged. Where to? Now 3 Our strong track reco
Slide 94: Insurance
Insurance Max Feldman VP, Head of Risk 400 5.3 Rides 1K miles Years
Slide 95: Goals for today
Goals for today 1 Demystifying rideshare insurance. 2 Discuss Lyft’s differentiated strategy: Technology, product, policy, partners. 3 Our customer-obsessed insurance program: Safer roads, affordable rides, and increased driver earnings. Investor Day Insurance 95
Slide 96: Love it or hate it, insurance legalized ridesharing
Love it or hate it, insurance legalized ridesharing Legislators approve model law to regulate controversial transportation network companies (TNCs) Investor Day Insurance 96
Slide 97: Insurance overview
Insurance overview Dropped off App off App on / driver mode Match notification passenger Your personal policy Period 1 auto liability Periods 2 & 3 auto liability Up to $100K* Up to $100K* $1M / occurrence* Periods 2 & 3 UM / UIM Coverage limits vary by state Periods 2 & 3 contingent collision & com
Slide 98: Macro factors impacting insurance cost
Macro factors impacting insurance cost CPI auto insurance running +23% YoY in Consumer Price Index for Auto Insurance April ‘24. Driven by Index: 1982–84=100 • Metal: Used vehicle prices, 800 parts, cost of repair 700 • Injuries: Litigation trends and healthcare costs 600 500 Over history, auto insu
Slide 99: Two ways to combat insurance costs
Two ways to combat insurance costs • Policy reforms Bring limits and coverage requirements in line with the TNC national insurance model and other industries. • Technology, product, partners Reduce accident frequency, improve claims resolution, make roads safer. Driver coverage Investor Day Insuranc
Slide 100: Policy reform initiatives
Policy reform initiatives Insurance reform Tort reform Strategic coalition building Goal Goal Goal Eliminate or reduce excessive Passing various tort reform Build a coalition of industry and burdensome Uninsured initiatives that reduce frivolous stakeholders and research & Motorist (UM) and primary
Slide 101: Empower drivers to deliver safer rides
Empower drivers to deliver safer rides Establish and embed a granular understanding of risk in Lyft decisions to reduce accident frequency, improve safety, and support efficient and fair claim resolutions Ins. cost-aware pricing Road hazard alerts Ins. cost-aware LyftNav Smooth cruiser Segmented ris
Slide 102: Alerts in Lyft Maps
Alerts in Lyft Maps Investor Day Insurance 102
Slide 103: Smooth cruiser
Smooth cruiser Investor Day Insurance 103
Slide 104: Accident frequency down ~10% over 4 years
Accident frequency down ~10% over 4 years On-platform accident frequency Road Safety Product Insurance Cost Smooth Cruiser Launch 1 Aware Pricing In-App (ICAP) ~ -10% over 4 years Jan 2020 Jan 2021 Jan 2022 Jan 2023 Investor Day Insurance 104
Slide 105: Importance and role of partners to our strategy
Importance and role of partners to our strategy • Claims handling expertise and scale • Captive to strategically retain risk • Balance sheets for risk transfer • Proprietary data, models, tech • Decades of auto insurance experience • In-house risk and insurance expertise Investor Day Insurance 105
Slide 106: Insurance key takeaways
Insurance key takeaways 1 Beat macro trends. 2 Make our roads safer, rides more affordable, and give drivers more control through risk signals. 3 Achieve scale, claims handling excellence, and stability through partnerships. Let’s go Investor Day Insurance 106
Slide 107: Financial Overview
Financial Erin Brewer Overview Chief Financial Officer 94 11 Rides 50+ tips Months
Slide 108: Connecting you to the people and experiences you love
Lyft brings people together Connecting you With the belief to the people that customer and experiences obsession drives you love profitable growth Investor Day Financial Overview 108
Slide 109: Customer obsession engine: financial priorities
OPERATIONAL EXCELLENCE Financial priorities Durable Gross PRODUCT Customer Bookings growth INNOVATION & GROWTH obsession LYFT MEDIA PARTNERSHIPS engine Profit expansion Disciplined capital allocation BRAND Investor Day Financial Overview 109
Slide 110: Our financial journey since IPO
Our financial journey since IPO Annual Gross Bookings and Adjusted EBITDA margin1,2 Gross Bookings Adjusted EBITDA margin1,2 $14B 1.6% (8%) (13%) (2%) (3%) 2019 2020 2021 2022 2023 2019: Rideshare, bikes 2020: COVID heavily 2021–2023: Divested/discontinued non- 2023: Focus on and scooters, express i
Slide 111: We have emerged as a more focused company
We have emerged as a more focused company >$500M in cost reductions 2022–2023 Quarterly Gross Bookings and Adj. EBITDA margin1,2 Gross Bookings 1.8% Achieved consecutive quarters 1.6% of positive Adjusted EBITDA 2.6% 1.2% $4B 0.7% $3B Free cash flow positive in Q4 2023 and Q1 2024 Q1 2023 Q2 2023 Q3
Slide 112: Operational excellence and cost discipline have driven leverage
Operational excellence and cost discipline have ~400bps driven leverage 18% 14% Q1 2022 Q1 2024 Total non-GAAP operating expenses as % of Gross Bookings ~600bps 14% 8% Q1 2022 Q1 2024 Contra-revenue and S&M incentives as % of Gross Bookings Investor Day Financial Overview 112
Slide 113: Our next chapter of profitable growth
Our next chapter of profitable growth 2024 2027 Targets Gross ~15% CAGR Bookings $16B+ (2024–2027) Adjusted EBITDA margin1,2 ~2.1% ~4% Free cash flow1 as a % of Adjusted EBITDA ≥70% 90%+ 1. See non-GAAP reconciliations 2. As a % of Gross Bookings Investor Day Financial Overview 113
Slide 114: Gross Bookings CAGR
DURABLE GROSS BOOKINGS GROWTH ~15% RIDER GROWTH Active riders Frequency Gross Bookings CAGR (2024-2027) DRIVER GROWTH Gross Bookings growth slightly faster than rides growth Active drivers Time on platform Revenue growth faster than Gross Bookings growth Investor Day Financial Overview 114
Slide 115: Adjusted EBITDA margin
PROFIT EXPANSION ~4% Adjusted EBITDA margin 1 in 2027 (as a % of Gross Bookings) 1. See non-GAAP reconciliations Investor Day Financial Overview 115
Slide 116: Next phase of profitable growth driven by 3 business priorities
The next phase of profitable growth will be equally driven by our 3 business priorities From 2024 to 2027: Nearly doubling the Adjusted EBITDA margin1,2 Adjusted EBITDA2 as a % of Gross Bookings ~4% ~2.1% Lyft Media Operational excellence Innovation & partnerships 2024 2027 1. As a % of Gross Bookin
Slide 117: Operational excellence: marketplace efficiencies
Operational excellence: Growing profits at scale through marketplace efficiencies 10% efficiencies every year 2024 2025 2026 2027 Contra-revenue and S&M incentives per ride Cost of Contra-revenue and Sales & Marketing incentives programs, on a per-ride basis. Investor Day Financial Overview 117
Slide 118: Operational excellence: sustained leverage in operating expenses
Operational excellence: Sustained leverage in operating expenses ~50 bps of incremental operating expenses1 leverage, every year • We’ll generate significant fixed costs leverage from cost discipline • We expect variable costs growth aligned to rides growth 2024 2025 2026 2027 Total non-GAAP operati
Slide 119: Product innovation and partnerships expand ride volume and profitability
Product Margin Expansion Opportunity innovation and partnerships expand ride Mode mix Healthcare Partner-linked accounts volume and On-time pick profitability up promise Airports Women+ Connect Earnings Commitment Commute Rides Growth Opportunity Investor Day Financial Overview 119
Slide 120: Our Lyft Media platform is a profitability catalyst
Our Lyft Media platform is a profitability catalyst 2027 Lyft Media Gross Bookings From an omnichannel product suite… >$400M in-app videos, in-car tablets, and rooftops …to a full-service ad platform leveraging our first-party data to engage users directly on our platform, delivering relevant ad pla
Slide 121: Top line growth and margin expansion
OPERATIONAL EXCELLENCE Top line growth Gross Bookings ~15% CAGR (2024-2027) PRODUCT Customer INNOVATION & GROWTH obsession LYFT MEDIA PARTNERSHIPS engine Margin expansion ~4% Adjusted EBITDA margin in 20271,2 BRAND 1. See non-GAAP reconciliations 2. As a % of Gross Bookings Investor Day Financial Ov
Slide 122: Free cash flow conversion is accelerating
Adjusted EBITDA growth Optimized working capital Low working capital intensity Free cash flow conversion is Risk strategy Growth in insurance reserves tied to rides growth exceeds cash payouts accelerating Capital expenditures Asset-light business model Free cash flow conversion1,2 expansion to 90%+
Slide 123: Our investment in growth
DISCIPLINED CAPITAL ALLOCATION Our investment in growth Optimize shareholder returns Cash and liquidity Forward target: < 4% average dilution, achieved through continued Growth Focusing on liquidity, with a robust cash balance, cost management discipline and, in the near term, a proactive dilution u
Slide 124: Investing in our growth
Investing in our growth Customer-obsessed Growth Lyft Media innovation partnerships platform Investor Day Financial Overview 124
Slide 125: Optimizing our balance sheet
Optimizing our balance sheet •Healthy level of available liquidity1 $1.7B •~$360M available Q1 2024 unrestricted cash, cash equivalents, and revolver line of credit2 short-term investments •Optimized convertible $2.0B debt partially refinanced in 2024, with a 5-year Q1 2024 liquidity maturity runway
Slide 126: Optimizing shareholder returns
Optimizing shareholder returns 123.1% 7.7% Continued decline of dilution $1.60B 6.8% 7.1% with goal of less than 5% average 6.3% dilution by 2025, and less than 4% <6% average dilution by 2027. $0.75B $0.72B $0.57B • Sustained cost management discipline $0.48B <$0.35B • Proactive dilution management
Slide 127: Customer obsession drives profitable growth
Customer obsession drives profitable growth In 2027 Gross Bookings: ~$25B Adjusted EBITDA1: ~$1B Free cash flow : ~$900M 1 Expect to achieve GAAP profitability early in the 2025-2027 plan horizon 1. See non-GAAP reconciliations Investor Day Financial Overview 127 127
Slide 128: Financial key takeaways
Financial key takeaways 1 Customer obsession drives profitable growth. 2 Multiple levers to grow bookings and profitability. 3 Focus on product innovation and partnerships, operational excellence and Lyft Media. 4 Commitment to long term Where to? Now shareholder value creation. Investor Day Financi
Slide 129: Reconciliations from GAAP to non-GAAP
Reconciliations from GAAP to non-GAAP Investor Day Reconciliations from GAAP to Non-GAAP 129
Slide 130: Condensed Consolidated Statement of Operations (Quarterly)
Condensed Consolidated Statement of Operations (Quarterly) ($ IN MILLIONS, EXCEPT PER SHARE ITEMS) Fiscal 2023 Fiscal 2024 Q1 Q2 Q3 Q4 Total Q1 Revenue $ 1,000.5 $ 1,020.9 $ 1,157.6 $ 1,224.6 $ 4,403.6 $ 1,277.2 Cost and expenses Cost of revenue 549.0 606.6 644.5 743.9 2,544.0 755.4 Operations and s
Slide 131: GAAP to Non-GAAP Reconciliations (Quarterly)
GAAP to Non-GAAP Reconciliations (Quarterly) ($ IN MILLIONS, EXCEPT PER SHARE ITEMS) Fiscal 2023 Fiscal 2024 Q1 Q2 Q3 Q4 Total Q1 GAAP Operating Expenses (excludes COR) $ (668.3) $ (572.8) $ (553.2) $ (540.9) $ (2,335.2) $ (584.8) Amortization of intangible assets 3.3 2.9 2.8 2.9 11.9 2.8 Stock-base
Slide 132: GAAP to Non-GAAP Reconciliations (Quarterly) - (cont.)
GAAP to Non-GAAP Reconciliations (Quarterly) - (cont.) ($ IN MILLIONS, EXCEPT PER SHARE ITEMS) Fiscal 2023 Fiscal 2024 Q1 Q2 Q3 Q4 Total Q1 Reconciliation of Net Loss to Non-GAAP Adjusted Net Income (Loss) GAAP Net Loss $ (187.6) $ (114.3) $ (12.1) $ (26.3) $ (340.3) $ (31.5) Amortization of intangi
Slide 133: GAAP to Non-GAAP Reconciliations (Quarterly) - (cont.)
GAAP to Non-GAAP Reconciliations (Quarterly) - (cont.) ($ IN MILLIONS, EXCEPT PER SHARE ITEMS) Fiscal 2023 Fiscal 2024 Q1 Q2 Q3 Q4 Total Q1 Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA GAAP Net Loss $ (187.6) $ (114.3) $ (12.1) $ (26.3) $ (340.3) $ (31.5) Adjusted for the following: Intere
Slide 134: GAAP to Non-GAAP Reconciliations (Quarterly) - (cont.)
GAAP to Non-GAAP Reconciliations (Quarterly) - (cont.) ($ IN MILLIONS, EXCEPT PER SHARE ITEMS) Fiscal 2023 Fiscal 2024 Q1 Q2 Q3 Q4 Total Q1 Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow Net Cash Provided by (Used in) Operating Activities $ (74.0) $ (70.0) $
Slide 135: Condensed Consolidated Statement of Operations (Annual)
Condensed Consolidated Statement of Operations (Annual) ($ IN MILLIONS, EXCEPT PER SHARE ITEMS) Year Ended December 31, 2019 2020 2021 2022 2023 Revenue $ 3,616.0 $ 2,364.7 $ 3,208.3 $ 4,095.1 $ 4,403.6 Cost and expenses Cost of revenue 2,176.5 1,447.5 1,702.3 2,435.7 2,544.0 Operations and support
Slide 136: GAAP to Non-GAAP Reconciliations (Annual)
GAAP to Non-GAAP Reconciliations (Annual) ($ IN MILLIONS, EXCEPT PER SHARE ITEMS) Year Ended December 31, 2019 2020 2021 2022 2023 GAAP Operating Expenses (excludes COR) $ (4,142.0) $ (2,725.5) $ (2,641.2) $ (3,118.3) $ (2,335.2) Amortization of intangible assets 15.7 17.1 7.1 13.5 11.9 Stock-based
Slide 137: GAAP to Non-GAAP Reconciliations (Annual) - (cont.)
GAAP to Non-GAAP Reconciliations (Annual) - (cont.) ($ IN MILLIONS, EXCEPT PER SHARE ITEMS) Year Ended December 31, 2019 2020 2021 2022 2023 Reconciliation of Net Loss to Non-GAAP Adjusted Net Income (Loss) GAAP Net Loss $ (2,602.2) $ (1,752.9) $ (1,062.1) $ (1,584.5) $ (340.3) Amortization of intan
Slide 138: GAAP to Non-GAAP Reconciliations (Annual) - (cont.)
GAAP to Non-GAAP Reconciliations (Annual) - (cont.) ($ IN MILLIONS, EXCEPT PER SHARE ITEMS) Year Ended December 31, 2019 2020 2021 2022 2023 Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA GAAP Net Loss $ (2,602.2) $ (1,752.9) $ (1,062.1) $ (1,584.5) $ (340.3) Adjusted for the following: Inte
Slide 139: GAAP to Non-GAAP Reconciliations (Annual) - (cont.)
GAAP to Non-GAAP Reconciliations (Annual) - (cont.) ($ IN MILLIONS, EXCEPT PER SHARE ITEMS) Year Ended December 31, 2019 2020 2021 2022 2023 Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow Net Cash Provided by (Used in) Operating Activities $ (105.7) $ (1,378.