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Lyft reveals earnings, bonuses ahead of IPO

Alyssa Clementi

Lyft has released its much-anticipated S-1 report, which outlines the company’s finances from the past year, and is required by the Securities and Exchange Commission when applying for an IPO. The completion of the S-1 means Lyft is one step closer to officially going public.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Jefferies LLC, UBS Securities LLC, Stifel, Nicolaus & Company, Incorporated, RBC Capital Markets, LLC and KeyBanc Capital Markets Inc. will all lead Lyft’s public offering, which is expected to raise the company’s current value from $15.1bn to more than $20bn.

The ride-hailing app has also announced it will debut on the Nasdaq Global Select Market under the ticker symbol “LYFT”, but has given no real indication of how many shares will be sold or a price range.

According to Lyft’s S-1, the company more than doubled its revenue from 2017, hitting $2.2bn in 2018. However, Lyft lost $911m on that $2.2bn in revenue, compared to the $688m loss on 2017’s revenue of $1bn.

Regardless of last year’s net loss, Lyft will be awarding qualified drivers with cash bonuses ranging from $1,000 to $10,000, as long as the driver is in good standing and has completed a certain amount of rides by February 25, 2019. Additionally, drivers who have served on Lyft’s Driver Advisory Council and are in good standing will receive a $1,000 bonus.

These bonuses are set to be distributed around March 19, and drivers have been given the option to use the cash to purchase Lyft’s Class A common stock when the company goes public. Previously, since drivers were considered contracted workers, they were not eligible for such benefits.