LYFT, INC., 10-K filed on 2/20/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 12, 2024
Jun. 30, 2023
Entity Information      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
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 400    
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 12(b) Security Class A common stock, par value of $0.00001 per share    
Trading Symbol LYFT    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 3.6
Documents Incorporated by Reference Portions of the registrant’s Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2023.    
Amendment Flag false    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001759509    
Class A Common Stock      
Entity Information      
Entity Common Stock, Shares Outstanding   391,240,004  
Class B Common Stock      
Entity Information      
Entity Common Stock, Shares Outstanding   8,566,629  
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Auditor Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Firm ID 238
Auditor Location San Francisco, California
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 558,636 $ 281,090
Short-term investments 1,126,548 1,515,702
Prepaid expenses and other current assets 892,235 786,067
Total current assets 2,577,419 2,582,859
Restricted cash and cash equivalents 211,786 109,368
Restricted investments 837,291 1,027,506
Other investments 39,870 26,390
Property and equipment, net 465,844 313,402
Operating lease right of use assets 98,202 135,213
Intangible assets, net 59,515 76,208
Goodwill 257,791 261,582
Other assets 16,749 23,903
Total assets 4,564,467 4,556,431
Current liabilities    
Accounts payable 72,282 107,801
Insurance reserves 1,337,868 1,417,350
Accrued and other current liabilities 1,508,855 1,561,609
Operating lease liabilities — current 42,556 45,803
Total current liabilities 2,961,561 3,132,563
Operating lease liabilities 134,102 176,356
Long-term debt, net of current portion 839,362 803,207
Other liabilities 87,924 55,637
Total liabilities 4,022,949 4,167,763
Commitments and contingencies (Note 9)
Stockholders’ equity    
Preferred stock, $0.00001 par value; 1,000,000,000 shares authorized as of December 31, 2023 and December 31, 2022; no shares issued and outstanding as of December 31, 2023 and December 31, 2022 0 0
Common stock, $0.00001 par value; 18,000,000,000 Class A shares authorized as of December 31, 2023 and December 31, 2022; 391,239,046 and 361,552,359 Class A shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively; 100,000,000 Class B shares authorized as of December 31, 2023 and December 31, 2022; 8,566,629 and 8,602,629 Class B shares issued and outstanding, as of December 31, 2023 and December 31, 2022 4 4
Additional paid-in capital 10,827,378 10,335,013
Accumulated other comprehensive income (loss) (4,949) (5,754)
Accumulated deficit (10,280,915) (9,940,595)
Total stockholders’ equity 541,518 388,668
Total liabilities and stockholders’ equity $ 4,564,467 $ 4,556,431
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
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) 391,239,046 361,552,359
Common stock, shares outstanding (in shares) 391,239,046 361,552,359
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) 8,566,629 8,602,629
Common stock, shares outstanding (in shares) 8,566,629 8,602,629
v3.24.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenue $ 4,403,589 $ 4,095,135 $ 3,208,323
Costs and expenses      
Cost of revenue 2,543,954 2,435,736 1,702,317
Operations and support 427,239 443,846 402,233
Research and development 555,916 856,777 911,946
Sales and marketing 481,004 531,512 411,406
General and administrative 871,080 1,286,180 915,638
Total costs and expenses 4,879,193 5,554,051 4,343,540
Loss from operations (475,604) (1,458,916) (1,135,217)
Interest expense (26,223) (19,735) (51,635)
Other income (expense), net 170,123 (99,988) 135,933
Loss before income taxes (331,704) (1,578,639) (1,050,919)
Provision for (benefit from) income taxes 8,616 5,872 11,225
Net loss $ (340,320) $ (1,584,511) $ (1,062,144)
Net loss per share, basic (in dollars per share) $ (0.88) $ (4.47) $ (3.17)
Net loss per share, diluted (in dollars per share) $ (0.88) $ (4.47) $ (3.17)
Weighted-average number of shares outstanding used to compute net loss per share, basic (in shares) 385,335 354,731 334,724
Weighted-average number of shares outstanding used to compute net loss per share, diluted (in shares) 385,335 354,731 334,724
v3.24.0.1
Consolidated Statements of Operations (Parentheticals) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Stock-based compensation included in costs and expenses:      
Stock-based compensation expense $ 484,533 $ 750,767 $ 724,560
Cost of revenue      
Stock-based compensation included in costs and expenses:      
Stock-based compensation expense 30,170 44,132 39,491
Operation and support      
Stock-based compensation included in costs and expenses:      
Stock-based compensation expense 15,468 25,442 24,083
Research and development      
Stock-based compensation included in costs and expenses:      
Stock-based compensation expense 214,160 391,983 414,324
Sales and marketing      
Stock-based compensation included in costs and expenses:      
Stock-based compensation expense 29,682 49,867 38,243
General and administrative      
Stock-based compensation included in costs and expenses:      
Stock-based compensation expense $ 195,053 $ 239,343 $ 208,419
v3.24.0.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net loss $ (340,320) $ (1,584,511) $ (1,062,144)
Other comprehensive income (loss)      
Foreign currency translation adjustment (2,851) (1,154) (931)
Unrealized gain (loss) on marketable securities, net of taxes 3,656 (2,089) (1,107)
Other comprehensive income (loss) 805 (3,243) (2,038)
Comprehensive loss $ (339,515) $ (1,587,754) $ (1,064,182)
v3.24.0.1
Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Class A and Class B Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Deficit
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss)
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 5,184     5,184        
Issuance of common stock upon exercise of stock options (in shares)     812          
Issuance of common stock upon settlement of restricted stock units (in shares)     19,926          
Shares withheld related to net share settlement (26,298)     (26,298)        
Shares withheld related to net share settlement (in shares)     (509)          
Issuance of common stock under employee stock purchase plan 28,637     28,637        
Issuance of common stock under employee stock purchase plan (in shares)     972          
Settlement of convertible senior notes (1)     (1)        
Stock-based compensation 721,710     721,710        
Other comprehensive income (loss) (2,038)             (2,038)
Net loss (1,062,144)         (1,062,144)    
Ending balance (in shares) at Dec. 31, 2021     344,938          
Ending balance at Dec. 31, 2021 $ 1,341,213 $ (133,470) $ 3 9,706,293 $ (139,958) (8,362,572) $ 6,488 (2,511)
Increase (Decrease) in Stockholders' Equity                
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2020-06 [Member]              
Issuance of common stock upon exercise of stock options $ 454     454        
Issuance of common stock upon exercise of stock options (in shares)     112          
Issuance of common stock upon settlement of restricted stock units 1   $ 1          
Issuance of common stock upon settlement of restricted stock units (in shares)     23,928          
Shares withheld related to net share settlement (6,733)     (6,733)        
Shares withheld related to net share settlement (in shares)     (358)          
Issuance of common stock under employee stock purchase plan 21,198     21,198        
Issuance of common stock under employee stock purchase plan (in shares)     1,535          
Stock-based compensation 753,619     753,619        
Other comprehensive income (loss) (3,243)             (3,243)
Net loss (1,584,511)         (1,584,511)    
Other 140     140        
Ending balance (in shares) at Dec. 31, 2022     370,155          
Ending balance at Dec. 31, 2022 388,668   $ 4 10,335,013   (9,940,595)   (5,754)
Increase (Decrease) in Stockholders' Equity                
Issuance of common stock upon exercise of stock options $ 1,204     1,204        
Issuance of common stock upon exercise of stock options (in shares) 201   201          
Issuance of common stock upon settlement of restricted stock units $ 0              
Issuance of common stock upon settlement of restricted stock units (in shares)     28,397          
Shares withheld related to net share settlement (3,021)     (3,021)        
Shares withheld related to net share settlement (in shares)     (296)          
Issuance of common stock under employee stock purchase plan 9,788     9,788        
Issuance of common stock under employee stock purchase plan (in shares)     1,349          
Stock-based compensation 484,533     484,533        
Other comprehensive income (loss) 805             805
Net loss (340,320)         (340,320)    
Other (139)     (139)        
Ending balance (in shares) at Dec. 31, 2023     399,806          
Ending balance at Dec. 31, 2023 $ 541,518   $ 4 $ 10,827,378   $ (10,280,915)   $ (4,949)
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net loss $ (340,320) $ (1,584,511) $ (1,062,144)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation and amortization 116,513 154,798 139,347
Stock-based compensation 484,533 750,767 724,560
Amortization of premium on marketable securities 117 2,955 4,100
Accretion of discount on marketable securities (68,125) (23,245) (1,513)
Amortization of debt discount and issuance costs 2,877 2,823 35,575
(Gain) loss on sale and disposal of assets, net (11,278) (60,655) 5,538
Gain on divestiture 0 0 (119,284)
Impairment of non-marketable equity security 0 135,714 0
Other (4,261) 23,592 3,321
Changes in operating assets and liabilities, net effects of acquisition      
Prepaid expenses and other assets (86,922) (275,945) (207,046)
Operating lease right-of-use assets 20,046 96,317 61,301
Accounts payable (41,079) (27,215) 47,080
Insurance reserves (79,482) 348,721 81,564
Accrued and other liabilities (75,571) 262,358 234,212
Lease liabilities (15,292) (43,759) (48,332)
Net cash used in operating activities (98,244) (237,285) (101,721)
Cash flows from investing activities      
Purchases of marketable securities (3,288,659) (4,049,515) (3,801,736)
Purchase of non-marketable security 0 0 (5,000)
Purchases of term deposits (3,539) (13,586) (458,021)
Proceeds from sales of marketable securities 452,465 676,854 513,009
Proceeds from maturities of marketable securities 3,481,042 3,308,664 3,259,221
Proceeds from maturities of term deposits 8,539 395,092 675,481
Purchases of property and equipment and scooter fleet (149,819) (114,970) (79,176)
Cash paid for acquisitions, net of cash acquired 1,630 (146,334) 3
Sales of property and equipment 92,594 129,840 42,543
Proceeds from divestiture 0 0 122,688
Other 5,500 0 (2,000)
Net cash provided by investing activities 599,753 186,045 267,012
Cash flows from financing activities      
Repayment of loans (72,484) (67,639) (44,446)
Proceeds from exercise of stock options and other common stock issuances 10,993 21,655 33,822
Taxes paid related to net share settlement of equity awards (3,021) (6,733) (26,297)
Principal payments on finance lease obligations (43,466) (34,783) (35,547)
Contingent consideration paid (14,100) 0 0
Other 0 0 (2)
Net cash used in financing activities (122,078) (87,500) (72,470)
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents 533 (631) (113)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 379,964 (139,371) 92,708
Beginning of period 391,822 531,193 438,485
End of period 771,786 391,822 531,193
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets      
Cash and cash equivalents 558,636 281,090 457,325
Restricted cash and cash equivalents 211,786 109,368 73,205
Restricted cash, included in prepaid expenses and other current assets 1,364 1,364 663
Total cash, cash equivalents and restricted cash and cash equivalents 771,786 391,822 531,193
Supplemental disclosures of cash flow information      
Cash paid for income taxes 9,425 10,723 5,865
Cash paid for interest 20,176 16,752 16,521
Non-cash investing and financing activities      
Financed vehicles acquired 127,095 48,104 56,830
Purchases of property and equipment, and scooter fleet not yet settled 4,505 31,534 12,214
Contingent consideration 0 15,000 0
Right-of-use assets acquired under finance leases 79,102 11,428 26,640
Right-of-use assets acquired under operating leases 3,795 498 7,148
Remeasurement of finance and operating lease right of use assets (10,582) (321) 58
Purchase of non-marketable securities $ 0 $ 0 $ 64,756
v3.24.0.1
Description of Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2023
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 Lyft Platform provides a marketplace where drivers can be matched with riders via 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 bikes and scooters (“Light Vehicles”), and the Express Drive program, where drivers can enter into short-term rental agreements with the Company’s wholly-owned subsidiary, Flexdrive Services, LLC (“Flexdrive”) or a third party for vehicles that may be used to provide ridesharing services on the Lyft Platform. In addition, the Company makes the ridesharing marketplace available to organizations through Lyft Business offerings, such as the Concierge and Lyft Pass programs, and generates revenue from licensing and data access agreements associated with the data from the Company's platform, subscription fees, revenue from bikes and bike station hardware and software sales and revenue from arrangements to provide advertising services.
Basis of Presentation
These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. 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 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.
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Use of Estimates
The preparation of financial statements in conformity with U.S. 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 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 inclusive of insurance-related accruals, fair value of financial assets and liabilities, goodwill and identifiable intangible assets, leases, indirect tax obligations, legal contingencies, valuation allowance for deferred income taxes, and the valuation of stock-based compensation.
Segment Information
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates as one operating segment. During the years ended December 31, 2023, 2022 and 2021, the Company did not generate material international revenues and as of December 31, 2023, 2022 and 2021, the Company did not have material assets located outside of the United States.
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, or approximately 85% or more, 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, subscription fees, revenue from bikes and bike station hardware and software sales and revenue from arrangements to provide advertising services to third parties, which are not significant components of the Company’s consolidated revenues. The Company also generates rental revenue from Flexdrive and its network of Light Vehicles, 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 consolidated statements of operations (in thousands):
Year Ended December 31,
202320222021
Revenue from contracts with customers (ASC 606)$4,116,216 $3,811,993 $2,957,979 
Rental revenue (ASC 842)287,373 283,142 250,344 
Total revenue$4,403,589 $4,095,135 $3,208,323 
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 bikes, bike station hardware and software sales when control is transferred to the customer in accordance with ASC 606.
The Company generates revenue from licensing and data access agreements. 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. These revenues are not material to the Company’s consolidated revenue.
The Company has arrangements to provide advertising services to third parties that are interested in reaching users of the Company’s platform. These arrangements generally require the Company to provide advertising services over a fixed period of time for which revenue is recognized ratably over the contractual period. These revenues are not significant to the Company’s consolidated revenue.
Rental Revenue (ASC 842)
The Company generates rental revenues primarily from Flexdrive and its network of Light Vehicles. 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 its independently managed subsidiary, Flexdrive, comprised of both owned vehicles and vehicles leased from third-party leasing companies. The Company either leases or subleases vehicles to drivers, 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 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.
The Company owns and operates its Light Vehicles in some cities and operates city-owned Light Vehicles in other cities. Though the specific terms of arrangements with cities vary, the Company earns operations fees from cities or shares revenue generated by the systems with cities. Light Vehicle revenue is accounted for under ASC 842 for single-use rides. A single-use ride allows the user to select a specific Light Vehicle at the time the arrangement is entered into and provides the user the right to control the selected Light Vehicle for the desired term of the arrangement.
Due to the short-term nature of the Flexdrive 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 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 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 consolidated balance sheets.
The Company records an allowance for credit losses for fees owed for completed transactions that may never settle or be collected in accordance with Accounting Standards Update No. 2016-13 “Financial Instruments—Credit Losses”. 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 and Light Vehicle partners, was $315.0 million, $278.9 million and $196.2 million as of December 31, 2023, 2022 and 2021, respectively.
The following table provides a rollforward of the Company’s allowance for credit losses for the periods presented (in millions):
Year Ended December 31,
202320222021
Balance at beginning of period$11.6 $9.3 $15.2 
Changes to provision
(0.4)1.9 (4.5)
Write-offs and recoveries
(1.4)0.4 (1.4)
Balance at end of period$9.8 $11.6 $9.3 
Incentive Programs
The Company offers incentives to attract drivers, riders and Light Vehicle riders to use the Lyft Platform. Drivers generally receive cash incentives while riders and Light Vehicle riders generally receive free or discounted rides under such incentive programs. Incentives provided to drivers and Light Vehicle riders, 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 December 31, 2023 and 2022, the rider referral coupon liability was not material.
Light Vehicle Rider Incentives
Incentives offered to Light Vehicle riders were not material for the years ended December 31, 2023, 2022 and 2021.
For the years ended December 31, 2023, 2022 and 2021, in relation to the driver, rider and Light Vehicle riders incentive programs, the Company recorded $1.1 billion, $1.4 billion and $1.3 billion as a reduction to revenue and $142.5 million, $109.8 million and $64.7 million as sales and marketing expense, respectively.
Refunds
From time to time the Company issues credits or refunds to riders unsatisfied by the level of service provided by the driver. There is no legal obligation to remunerate such riders nor does the Company issue such credits or refunds to riders on behalf of the drivers. The Company accounts for credits or refunds, which are not recoverable from the drivers as sales and marketing expenses when incurred. For the years ended December 31, 2023, 2022 and 2021, rider refunds were $19.7 million, $21.5 million and $19.1 million, respectively. The Company accounts for credits and refunds issued to Light Vehicle riders as cost of revenue and was $6.2 million, $7.8 million and $6.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Cost of Revenue
Cost of revenue consists of costs directly related to revenue generating transactions through the Company’s multimodal platform which primarily includes insurance costs, payment processing charges, and other costs. Insurance costs consist of insurance generally required under TNC and city regulations for ridesharing and bike and scooter rentals and also includes occupational hazard insurance for drivers. Payment processing charges include merchant fees, chargebacks and failed charges. Other costs included in cost of revenue are hosting and platform-related technology costs, vehicle lease expenses, personnel-related compensation costs, depreciation, amortization of technology-related intangible assets, asset write-off charges, and gains and losses related to the sale of vehicles.
Operations and Support
Operations and support expenses primarily consist of personnel-related compensation costs of local operations teams and teams who provide phone, email and chat support to users, bike and scooter fleet operations support costs, driver background checks and onboarding costs, facility cost, certain car rental fleet support costs, and fees paid to third-parties providing operations support. Bike and scooter fleet operations support costs include general repairs and maintenance, and other customer support activities related to repositioning bikes and scooters for rider convenience, cleaning and safety checks.
Research and Development
Research and development expenses primarily consist of personnel-related compensation costs and facilities costs. Such expenses include costs related to the Company’s autonomous vehicle technology initiatives. Research and development costs are expensed as incurred.
Sales and Marketing
Sales and marketing expenses primarily consist of rider incentives, personnel-related compensation costs, driver incentives for referring new drivers or riders, advertising expenses, rider refunds and marketing partnerships with third parties. Sales and marketing costs are expensed as incurred. Advertising expenses were $122.0 million, $162.1 million and $145.4 million, respectively, for the years ended December 31, 2023, 2022 and 2021.
General and Administrative
General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, certain insurance costs that are generally not required under TNC regulations, certain loss contingency expenses including legal accruals and settlements, insurance claims administrative fees, policy spend, depreciation, facility costs, and other corporate costs. General and administrative expenses are expensed as incurred.
Stock-Based Compensation
The Company incurs stock-based compensation expense primarily from RSUs, PSUs, stock options, and ESPP purchase rights.
The Company estimates the fair value of stock options granted to employees, directors, and consultants and ESPP purchase rights using the Black-Scholes option-pricing model. The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include:
•per share fair value of the underlying common stock;
•exercise price;
•expected term;
•risk-free interest rate;
•expected annual dividend yield; and
•expected stock price volatility over the expected term.
The Company estimates the expected term for stock options using the simplified method for “plain vanilla” stock option awards. The expected term of the ESPP purchase rights is estimated using the period from the beginning of the offering period to the end of each purchase period. Since the Company has limited history as a public company and does not yet have sufficient trading history for the Company's common stock, the Company estimates volatility for stock options and ESPP purchase rights using the historical volatility of the stock price of similar publicly traded peer companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the stock options or ESPP purchase rights granted.
The fair value of stock options that are expected to vest is recognized as compensation expense on a straight-line basis over the requisite service period. The Company recognizes compensation expense related to the ESPP purchase rights on a straight-line basis over the offering period, which is typically 12 months.
The fair value of RSUs and PSUs is estimated based on the fair market value of the Company’s common stock on the date of grant, which is determined based on the closing price of the Company’s Class A common stock as reported on the date of grant.
Compensation expense for RSUs is generally recognized based on a straight-line basis over the requisite service period. Stock-based compensation expense is based on awards ultimately expected to vest and reflects estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income tax basis of existing assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to apply to taxable income for the years in which differences are expected to reverse. The Company recognizes the effect on deferred income taxes of a change in tax rates in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more-likely-than-not to be realized. Management considers all available
evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing tax planning strategies in assessing the need for a valuation allowance.
Under the provisions of ASC 740-10, Income Taxes, the Company evaluates uncertain tax positions by reviewing against applicable tax law for all positions taken by the Company with respect to tax years for which the statute of limitations is still open. ASC 740-10 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company recognizes interest and penalties related to the liability for unrecognized tax benefits, if any, as a component of the income tax expense line in the accompanying consolidated statement of operations.
Business Combinations
The Company accounts for its business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected on the consolidated statements of operations and comprehensive loss. Acquisition costs, such as legal and consulting fees, are expensed as incurred.
Cash and Cash Equivalents
Cash equivalents consist of institutional money market funds and certificates of deposits denominated in U.S. dollars as well as commercial paper and corporate bonds. Cash equivalents are highly liquid, short-term investments having an original maturity of 90 days or less that are readily convertible to known amounts of cash. Also included in cash and cash equivalents are cash in transit from payment processors for credit and debit card transactions.
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents consist primarily of amounts held in separate trust accounts and restricted bank accounts as collateral for insurance purposes and amounts pledged to secure certain letters of credit.
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. government securities. 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 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 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 December 31, 2023, 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 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. government securities 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, and macroeconomic conditions, 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 consolidated statements of operations.
Concentrations of Credit Risk
The Company’s cash, cash equivalents and short-term investments are potentially subject to concentration of credit risk. Although the Company deposits its cash with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. Management believes that the institutions are financially stable and, accordingly, minimal credit risk exists. The Company limits purchases of debt securities to investment-grade securities.
Fair Value Measurements
The Company measures assets and liabilities at fair value based on an expected exit price, which represents the amount that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis, whereby inputs used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:
Level 1Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
The carrying values of the Company’s accounts payable and accrued and other liabilities approximate their respective fair values due to the short period of time to payment.
Light Vehicle Fleet
The Company’s Light Vehicle fleet consists of bikes and scooters. Scooters are stated at cost less accumulated depreciation and those with estimated useful lives of more than 12 months are included in property and equipment, net on the consolidated balance sheets. Scooters with estimated useful lives of less than 12 months are included in prepaid expenses and other current assets on the consolidated balance sheets. Depreciation is computed using a straight-line method over the estimated useful life of the scooters. As of December 31, 2023, there were no scooters not yet placed in service and the carrying value of scooters placed in service was $10.0 million. As of December 31, 2022, there were no scooters not yet placed in service and the carrying value of scooters placed in service was $7.5 million. Depreciation expense related to scooters was $3.4 million, $8.6 million and $5.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. Bikes are included in property and equipment, net on the consolidated balance sheets.
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 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 program 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. 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 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 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 consolidated statements of operations. The interest component of finance leases is included in cost of revenue on the 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 is incurred.
Similar to other long-lived assets discussed below, the Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds its fair value. For leased assets, such circumstances would include the decision to leave a leased facility prior to the end of the minimum lease term or subleases for which estimated cash flows do not fully cover the costs of the associated lease. The Company committed to a decision to exit and sublease or cease use of certain facilities to align with the Company’s anticipated operating needs and incurred impairment charges related to real estate operating right-of-use assets of $13.0 million and $55.3 million during the years ended December 31, 2023 and December 31, 2022. Refer to Note 16 “Restructuring” to the consolidated financial statements for further information.
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using a straight-line method over the estimated useful life of the related asset, which is generally between one and eight years. Depreciation for property and equipment commences once they are ready for our intended use. Maintenance and repairs are charged to expense as incurred, and improvements and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is reflected on the consolidated statement of operations in the period realized. Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the lease, or the useful life of the assets. Construction in progress is related to property and equipment that has not yet been placed in service for its intended use.
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets resulting from the acquisition of entities are accounted for using the purchase method of accounting based on management’s estimate of the fair value of assets received. Intangible assets are amortized on a straight-line basis over the estimated useful lives which range from two to twelve years.
Goodwill is not subject to amortization, but is tested for impairment on an annual basis during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the reporting unit may be in excess of its fair value. As part of the annual goodwill impairment test, the Company first performs a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of its qualitative assessment, it is more-likely-than-not that the fair value of the Company’s reporting unit is less than its carrying amount, the quantitative impairment test will be required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test. There was no impairment of goodwill recorded for the years ended December 31, 2023, 2022 and 2021.
Impairment of Long-Lived Assets
The Company reviews long-lived assets, including property and equipment and intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Such events and changes may include: significant changes in performance relative to expected operating results, changes in asset use, negative industry or economic trends, and changes in the Company’s business strategy. The Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds its fair value. With the exception of impairment charges related to real estate operating right-of-use assets discussed above, there was no other material impairment of long-lived assets recorded for the years ended December 31, 2023, 2022 and 2021.
Software Development Costs
The Company incurs costs related to developing the Lyft Platform and related support systems. The Company capitalizes development costs related to the Lyft Platform and related support systems once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. The Company has capitalized software development costs of $8.1 million, $12.1 million, and $16.2 million as of the years ended December 31, 2023, 2022, and 2021, respectively.
Insurance Reserves and Insurance-related Accruals
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 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, and changes in claims experience, including consideration of new information and application of loss development factors, and frequency and severity assumptions, among other inputs and assumptions for the insurance reserves and insurance-related accruals. 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 available limited historical loss experience because of the limited operational history. The Company makes certain assumptions based on currently available information and industry statistics, with the loss development factors as the most significant assumption related to the insurance reserves and the frequency and severity assumptions as the most significant assumptions related to insurance-related accruals, 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 and insurance-related accrual amounts are adequate, the ultimate liabilities may be in excess of, or less than, the amounts provided. As a result, the net amounts that will ultimately be paid to settle the liabilities and when amounts will be paid may significantly vary from the estimated amounts provided for on the consolidated balance sheets. For example, disruptive factors may distort data, metrics and patterns and result in rapid increases in insurance cost and reserve deficiency. These disruptive factors can include recent economic conditions and ongoing global events such as the high inflationary environment, increased litigation, and higher than expected losses across the commercial auto industry. 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.
On April 22, 2021, PVIC entered into a Reinsurance Agreement with 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 (the “Reinsurance Transaction”). 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. Losses ceded under the Reinsurance Agreement that exceed $271.5 million, but are below the aggregate limit of $434.5 million, resulted in the recognition of a deferred gain liability. The deferred gain liability was amortized and recognized as a benefit to the statement of operations over the estimated remaining settlement period of the ceded reserves. The settlement period of the ceded reserves was based on the life-to-date cumulative losses collected and likely extends over periods longer than a quarter. The amount of the deferral that was amortized was recalculated each period based on loss payments and updated estimates of the portfolio’s total losses. When the amount and timing of the reinsurance recoveries were uncertain, the recovery method was used to calculate the amount of amortization in period. The deferral of gains had a negative impact in the respective period to cost of revenue as the losses on direct liabilities were not offset by gains from excess benefits under the Reinsurance Agreement. The amortization of these deferred gains provided a benefit to cost of revenue over multiple periods equal to the excess benefits received. Deferred gain liabilities for the Reinsurance Transaction were included in accruals and other current liabilities on the consolidated balance sheets.
On June 21, 2022, PVIC and DARAG completed a transaction to effectively commute and settle the previous Reinsurance Agreement. Refer to Note 6 "Supplemental Financial Statement Information - Commutation of the Reinsurance Agreement" to the consolidated financial statements for information regarding this transaction.
Net Loss Per Share
The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method determines net loss per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company had no participating securities outstanding during any of the periods presented.
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. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. For periods in which the Company reports net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Variable Interest Entities
In accordance with Accounting Standards Codification Topic 810, Consolidation (“ASC 810”), the Company evaluates its ownership, contractual and other interests in entities to assess whether it has a variable interest in entities in which it has a financial relationship and, if so, whether or not those entities are variable interest entities (“VIEs”). These evaluations are complex, involving judgment and the use of estimates and assumptions based on available historical and prospective information, among other factors. For an entity to qualify as a VIE, ASC 810 requires the Company to determine if the Company is the primary beneficiary of the VIE, and, if so, to consolidate such entity into its consolidated financial statements.
The Company consolidates VIEs in which it has a controlling financial interest and is therefore deemed the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance; and (b) the obligation to absorb the VIE losses and the right to receive benefits that are significant to the VIE. Periodically, the Company reevaluates its ownership, contractual and other interests in entities to determine whether any changes in its interest or relationship with an entity impacts the determination of whether it is still the primary beneficiary of such entity. The Company has determined that it was the primary beneficiary of one VIE as of December 31, 2023.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies the accounting for convertible instruments by eliminating the requirement to separate embedded conversion features from the host contract when the conversion features are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital. By removing the separation model, a convertible debt instrument will be reported as a single liability instrument with no separate accounting for embedded conversion features. This new standard also removes certain settlement conditions that are required for contracts to qualify for equity classification and simplifies the diluted earnings per share calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings per share calculations. This new standard is effective for the Company for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted this standard effective January 1, 2022, using the modified retrospective method. In the consolidated balance sheets, the adoption of this new guidance resulted in:
•an increase of $133.5 million to the total carrying value of the convertible senior notes to reflect the full principal amount of the convertible senior notes outstanding net of issuance costs,
•a reduction of $140.0 million (net of tax) to additional paid-in capital to remove the equity component separately recorded for the conversion features associated with the convertible senior notes, and
•a cumulative-effect adjustment of $6.5 million (net of tax) to the beginning balance of accumulated deficit as of January 1, 2022.
In October 2021, the FASB issued ASU No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which requires companies to apply the definition of a performance obligation under ASC 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. This will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC 606. This new standard became effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within that fiscal year, with early adoption permitted. The Company adopted ASU 2021-08 in the second quarter of 2022 on a prospective basis. There were no acquisitions in the first quarter of 2022.
In December 2022, the FASB issued ASU No. 2022-06, which defers the sunset date of “Reference Rate Reform (Topic 848)”, from December 31, 2022 to December 31, 2024. ASC 848 provides temporary relief relating to the potential accounting impact relating to the replacement of LIBOR or other reference rates expected to be discounted as a result of reference rate reform. ASU 2022-06 is effective immediately for all entities. This accounting standard update did not have a material impact on our consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security to contractual restrictions that prohibit the sale of an equity security and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. This new standard will be effective for the Company for fiscal years beginning after December 15, 2023, including interim periods
within that fiscal year, with early adoption permitted. This accounting standard update is not expected to have a material impact on our consolidated financial statements as the amendments align with our existing policy.
In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which amends and enhances the disclosure requirements for reportable segments. All disclosure requirements under this standard will also be required for public entities with a single reportable segment. The new standard will be effective for the Company for fiscal years beginning after December 15, 2023, including interim periods within fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures”, which requires companies to provide disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for public business entities for fiscal periods beginning after December 15, 2024. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements.
v3.24.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
Acquisition of PBSC Urban Solutions Inc. (“PBSC”)
On May 17, 2022 (the “Closing Date”), the Company completed its acquisition of one hundred percent of the outstanding equity of PBSC, a global leader in bikeshare that supplies stations and bikes to markets internationally, for a total purchase price of $163.5 million inclusive of $14.1 million in estimated fair value of contingent consideration. The acquisition was treated as a business combination and increases the Company’s scale in micromobility by leveraging PBSC’s deep sales experience and customer relationships.
Acquisition costs were immaterial and are included in general and administrative expenses in the consolidated statements of operations.
During the second quarter of 2023, the Company paid out earn out incentives of $15.0 million, which were previously included in contingent consideration on the consolidated balance sheet. The earn out incentives were based on hardware and software for new system sales, either earned or committed during the earn out period.
The following table summarizes the fair value of the assets acquired and liabilities assumed at the Closing Date (in thousands):
Cash and cash equivalents$2,665 
Prepaid expenses and other current assets34,845 
Other investments22,175 
Property and equipment2,202 
Operating lease right-of-use assets786 
Identifiable intangible assets45,047 
Total identifiable assets acquired107,720 
Accounts payable6,004 
Accrued and other liabilities3,344 
Operating lease liabilities — current292 
Operating lease liabilities494 
Other liabilities14,678 
Total liabilities assumed24,812 
Non-controlling interest (recorded to equity)140 
Net assets assumed82,768 
Goodwill80,748 
Total acquisition consideration$163,516 
The Company concluded the purchase accounting for the acquisition of PBSC during the second quarter of 2023. During the measurement period, the Company recorded immaterial purchase price adjustments resulting in a decrease in goodwill.
The Company adopted ASU 2021-08 on April 1, 2022, prior to the acquisition of PBSC, the Company's only acquisition in 2022. Upon the adoption of this update, contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination are recognized and measured by the acquirer on the acquisition date in accordance with ASC 606 as if the acquirer had originated the contracts, which would generally result in an acquirer recognizing and measuring acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. Therefore, PBSC’s historical deferred revenue balance as of May 17, 2022 has been included in the purchase price allocation in accordance with ASU 2021-08.
The goodwill is attributable to (i) expanded sales opportunities for the Company's current products and services by leveraging PBSC's assembled workforce and (ii) cost synergies associated with economies of scale and a streamlined supply chain as the combined businesses operate on a global scale. The acquisition is a non-taxable business combination and goodwill recognized in the acquisition is not deductible for tax purposes.
The Company recorded intangible assets at their fair value, which consisted of the following (in thousands):
Estimated useful life (in years)Amount
Tradename2$1,009 
Customer relationships – cities
7 - 11
22,157 
Developed technology (hardware and software)
2 - 3
21,881 
Total intangible assets$45,047 
The fair value of the tradename was determined to be $1.0 million with an estimated useful life of two years. The fair value of the tradename was determined using the relief-from-royalty method under the income approach. This involves forecasting avoided royalties, reducing them by taxes and discounting the resulting net cash flows to a present value using an appropriate discount rate.
The fair value of the customer relationships – cities was determined to be $22.2 million with estimated useful lives between seven and eleven years. The fair value of the customer relationships – cities was determined using the multi-period excess earnings. The multi-period excess earnings approach involves forecasting the net earnings expected to be generated by the asset, reducing them by appropriate returns on contributory assets, and then discounting the resulting net cash flows to a present value using an appropriate discount rate.
The fair value of the developed technology intangible asset was determined to be $21.9 million with an estimated useful life between two and three years. The fair value of the developed technology was determined using the replacement cost approach. In the replacement cost approach, the fair value of an asset is based on the cost of a market participant to reconstruct a substitute asset of comparable utility, adjusted for any obsolescence. The fair value of the asset would include the expected profit margin a hypothetical third party developer would charge and a market participant buyer's opportunity costs lost over the period to reconstruct the substitute asset.
Judgment was applied for a number of assumptions in valuing the identified intangible assets, including revenue and cash flow forecasts, technology life, royalty rate, obsolescence and discount rate.
Refer to Note 17 “Variable Interest Entities” to the consolidated financial statements for information regarding the variable interest entities included in this transaction.
The results of operations for the acquired business have been included in the consolidated statements of operations for the period subsequent to the Company's acquisition of PBSC. PBSC’s results of operations for periods prior to this acquisition were not material to the consolidated statements of operations and, accordingly, pro forma financial information has not been presented.
v3.24.0.1
Divestitures
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures Divestitures
Transaction with Woven Planet Holdings, Inc. (“Woven Planet”)
On July 13, 2021, the Company completed a multi-element 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 rideshare 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.
The divestiture did not represent a strategic shift with a major effect on the Company’s operations and financial results, and therefore, does not qualify for reporting as a discontinued operation. As the transaction included multiple elements, the Company had to estimate how much of the arrangement consideration was attributable to the divestiture of certain assets related to the Level 5 division and how much was attributable to the commercial agreements for the utilization of Lyft rideshare and fleet data. The Company recognized a $119.3 million pre-tax gain for the divestiture of certain assets related to the Level 5 division, which was based on the relative fair value of the Level 5 division, valued under the replacement cost method, and the estimated standalone selling price of the rideshare and fleet data, valued using an adjusted market approach.. The significant assumptions related to the obsolescence curve used to estimate the fair value of the Level 5 division assets and the estimated miles to recreate the data produced from the rideshare license used to determine the stand alone selling price of the rideshare data. The gain was included in other income, net on the consolidated statement of operations for the year ended December 31, 2021. The commercial agreements for the utilization of Lyft rideshare and fleet data by Woven Planet is accounted for under ASC 606 and the Company recorded a deferred revenue liability of $42.5 million related to the performance obligations under these commercial agreements as part of the transaction at closing. The Company also derecognized $3.4 million in assets held for sale.
v3.24.0.1
Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
The changes in the carrying amount of goodwill for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
Balance as of December 31, 2021$180,516 
Additions81,108 
Foreign currency translation and other adjustments(42)
Balance as of December 31, 2022$261,582 
Additions— 
Foreign currency translation and other adjustments(3,791)
Balance as of December 31, 2023$257,791 
Intangible assets, net consisted of the following as of the dates indicated (in thousands):
December 31, 2023
Weighted-average
Remaining Useful
Life (Years)		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Developed technology and patents2.2$41,568 $29,540 $12,028 
Contractual relationship – cities and user relationships6.8100,725 53,238 47,487 
Total intangible assets$142,293 $82,778 $59,515 
December 31, 2022
Weighted-average
Remaining Useful
Life (Years)		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Developed technology and patents2.3$41,262 $20,424 $20,838 
Contractual relationship – cities and user relationships8.2100,429 45,059 55,370 
Total intangible assets$141,691 $65,483 $76,208 
Amortization expense was $16.8 million, $18.4 million and $18.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.
As of December 31, 2023, future amortization of intangible assets that will be recorded in cost of revenue and operating expenses is estimated as follows (in thousands).
Year ended December 31:
2024$18,066 
20258,568 
20268,345 
20278,345 
20288,345 
Thereafter
7,846 
Total remaining amortization
$59,515 
v3.24.0.1
Supplemental Financial Statement Information
 12 Months Ended
Dec. 31, 2023
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):
December 31, 2023
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$28,351 $— $— $28,351 
Money market deposit accounts117,626 — — 117,626 
Certificates of deposit179,607 200 (4)179,803 
Commercial paper918,278 584 (331)918,531 
Corporate bonds29,171 6 (5)29,172 
U.S. government securities231,926 82 — 232,008 
Total unrestricted cash equivalents and short-term investments1,504,959 872 (340)1,505,491 
Restricted Balances(2)
Money market funds44,241 — — 44,241 
Term deposits3,539 — — 3,539 
Certificates of deposit144,935 175 (1)145,109 
Commercial paper618,854 366 (146)619,074 
Corporate bonds12,409 3 (1)12,411 
U.S. government securities224,635 84 — 224,719 
Total restricted cash equivalents and investments1,048,613 628 (148)1,049,093 
Total unrestricted and restricted cash equivalents and investments$2,553,572 $1,500 $(488)$2,554,584 
_______________
(1)Excludes $179.7 million of cash, which is included within the $1.7 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)Excludes $1.4 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 consolidated balance sheets.
December 31, 2022
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$3,276 $— $— $3,276 
Money market deposit accounts126,994 — — 126,994 
Term deposits5,000 — — 5,000 
Certificates of deposit502,374 295 (510)502,159 
Commercial paper964,410 403 (1,663)963,150 
Corporate bonds61,605 — (104)61,501 
U.S. government securities
7,059 1 — 7,060 
Total unrestricted cash equivalents and short-term investments1,670,718 699 (2,277)1,669,140 
Restricted Balances(2)
Money market funds93,362 — — 93,362 
Term deposits3,539 — — 3,539 
Certificates of deposit355,241 174 (437)354,978 
Commercial paper596,213 243 (865)595,591 
Corporate bonds14,933 — (17)14,916 
U.S. government securities74,699 2 (167)74,534 
Total restricted cash equivalents and investments1,137,987 419 (1,486)1,136,920 
Total unrestricted and restricted cash equivalents and investments$2,808,705 $1,118 $(3,763)$2,806,060 
_______________
(1)Excludes $126.5 million of cash and $1.1 million in marketable equity securities, which is included within the $1.8 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)Excludes $1.3 million of restricted cash, which is included within the $1.1 billion of restricted cash and cash equivalents and restricted short-term investments on the 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 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 statistical credit rating organizations in accordance with its investment policy. This policy is designed to minimize the Company's exposure to credit losses. As of December 31, 2023, 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 December 31, 2023 were primarily related to the continued market volatility associated with uncertain economic outlook. 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 quarterly assessment of credit losses for any marketable available-for-sale debt security as of December 31, 2023. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the consolidated financial statements as soon as they become known. No credit losses were recognized as of December 31, 2023 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):
December 31, 2023
Estimated Fair ValueUnrealized Losses
Certificates of deposit$31,945 $(5)
Corporate bonds 14,621 (6)
Commercial paper128,645 (473)
Total available-for-sale debt securities in an unrealized loss position $175,211 $(484)
Property and Equipment, net
Property and equipment, net consisted of the following as of the dates indicated (in thousands):
December 31,
20232022
Bike and scooter fleet$240,137 $179,330 
Owned vehicles197,703 143,391 
Finance lease right-of-use assets80,934 32,887 
Leasehold improvements77,230 91,334 
Computer equipment and software38,911 36,271 
Furniture and fixtures5,867 5,602 
Construction in progress72,257 48,523 
713,039 537,338 
Less: Accumulated depreciation(247,195)(223,936)
Property and equipment, net$465,844 $313,402 
Depreciation and amortization expense related to property and equipment was $96.3 million, $127.8 million, and $115.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands):
December 31,
20232022
Insurance-related accruals (1)
$643,147 $566,831 
Legal and tax related accruals296,336 458,209 
Ride-related accruals212,114 181,138 
Long-term debt, current25,798 36,287 
Insurance claims payable and related fees52,609 53,280 
Deferred gain related to the Reinsurance Transaction (2)
— 2,357 
Other278,851 263,507 
Accrued and other current liabilities$1,508,855 $1,561,609 
_______________
(1)Refer to Note 2 “Summary of Significant Accounting Policies” above for more information on these insurance-related accruals.
(2)Refer to Note 2 “Summary of Significant Accounting Policies” above and the rest of this Note 6 “Supplemental Financial Statement Information - Insurance Reserves” below for more information on this deferred gain.
Insurance Reserves
The following table provides a rollforward of the insurance reserve for the periods presented (in thousands):
Year Ended December 31,
202320222021
Balance at beginning of period$1,417,350 $1,068,628 $987,064 
Additions (1)
516,337 1,146,482 772,323 
Deductions (2)
(595,819)(797,760)(690,759)
Balance at end of period$1,337,868 $1,417,350 $1,068,628 
_______________
(1)Additions to insurance reserves include reserves from claims originating from the current year of $512.3 million, $333.9 million and $271.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Additions to insurance reserves also include $561.2 million and $255.4 million for the years ended December 31, 2022 and 2021, respectively, for adverse changes in estimates resulting from new developments in claims originating from prior years. Additions also include adjustments related to the Commutation Transaction of $4.0 million and $247.4 million for the years ended December 31, 2023 and 2022, respectively, and $4.0 million and $245.2 million of reinsurance recoverable for the years ended December 31, 2022 and 2021, respectively. See below for more details of the "Commutation of the Reinsurance Agreement".
(2)Deductions include losses paid of $580.4 million, $552.6 million and $439.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Deductions also include $11.4 million for the year ended December 31, 2023 for favorable changes in estimates resulting from new developments in claims originating from prior years and a reinsurance recoverable at the beginning of the period of $4.0 million, $245.2 million and $251.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.
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 was 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 was 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 consolidated balance sheet. In addition to the initial funds withheld balance of $271.5 million, additional coverage of certain legacy insurance liabilities was collateralized by a trust account established by DARAG for the benefit of PVIC, which was $75.0 million upon consummation. At the inception of the Reinsurance Agreement, a loss of approximately $20.4 million for the total cost of the Reinsurance Transaction was recognized on the consolidated statement of operations for the year ended December 31, 2021, with $20.2 million in cost of revenue and $0.2 million in general and administrative expenses.
Commutation of the Reinsurance Agreement
On June 21, 2022, PVIC and DARAG entered into a Commutation Agreement, which effectively commuted and settled the previous Reinsurance Agreement. Under the terms of the Commutation Agreement, DARAG released $89.3 million of assets held in trust to PVIC and the remaining balance of the funds withheld liability of $90.3 million from the Reinsurance Transaction for a total consideration of $178.6 million.
In addition, the Commutation Agreement caused a DARAG affiliate, DNA Insurance Company (“DNA”), to simultaneously enter into an Adverse Development Cover Reinsurance Agreement (“ADC”) with PVIC (the Commutation Agreement and the ADC collectively referred to as the “Commutation Transaction”). Under the terms of the ADC, DNA agreed to reinsure up to $20 million of the legacy insurance liabilities contemplated in the Reinsurance Agreement for a premium of $1.0 million, which would be retained by PVIC on a funds withheld basis. DNA also had the option to commute this agreement for $5.0 million prior to November 1, 2023, which would be offset by any premiums retained as funds withheld.
As a result of the Commutation Transaction, the Company noted the following impacts on its financial statements:
•The Company recognized a $36.8 million gain in cost of revenue in the three months ended June 30, 2022, including amortization of a portion of the previously recognized deferred gain.
•The Company reduced its reinsurance recoverable by $247.4 million and the funds withheld liability balance by $90.3 million.
•The Company amortized deferred gains related to losses ceded under the Reinsurance Agreement by $105.7 million.
On February 8, 2023, PVIC and DNA entered into a Commutation and Mutual Release Agreement, whereby DNA agreed to exercise its option to fully settle and commute the ADC. DNA commuted the ADC for $5.0 million consisting of a $4.0 million payment made to PVIC and the release of $1.0 million premium which was retained by PVIC as funds withheld. As a result, PVIC recognized a gain of $3.4 million, comprised of $2.4 million amortization of the remaining deferred gain and $1.0 million related to the release of the funds withheld. PVIC also reduced its reinsurance recoverable by $4.0 million related to the payment received.
Other Income (Expense), Net
The following table sets forth the primary components of other income (expense), net as reported on the consolidated statements of operations (in thousands):
Year Ended December 31,
202320222021
Interest income$145,728 $47,142 $9,074 
(Loss) Gain on sale of securities, net(243)(287)687 
Foreign currency exchange gains (losses), net3,657 (4,387)788 
Sublease income4,849 11,591 6,624 
Gain on equity method investment(1)
12,926 — — 
Gain from transaction with Woven Planet— — 119,284 
Impairment charges(2)
— (135,714)— 
Other, net3,206 (18,333)(524)
Other income (expense), net$170,123 $(99,988)$135,933 
_______________
(1)In the quarter ended June 30, 2023, the Company received investments in a non-marketable equity security in a privately held company. Refer to Note 17 “Variable Interest Entities” for more information on this transaction.
(2)In the third quarter of 2022, the Company impaired the entire amount of a non-marketable equity investment in addition to other assets with the investee. This impairment was triggered due to the announced winding down of the equity investee. Refer to Note 7 “Fair Value Measurements” for additional details.
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):
December 31, 2023
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds$28,351 $— $— $28,351 
Certificates of deposit— 179,803 — 179,803 
Commercial paper— 918,531 — 918,531 
Corporate bonds— 29,172 — 29,172 
U.S. government securities— 232,008 — 232,008 
Total unrestricted cash equivalents and short-term investments28,351 1,359,514 — 1,387,865 
Restricted cash equivalents and investments(2)
Money market funds44,241 — — 44,241 
Certificates of deposit— 145,109 — 145,109 
Commercial paper— 619,074 — 619,074 
Corporate bonds— 12,411 — 12,411 
U.S. government securities— 224,719 — 224,719 
Total restricted cash equivalents and investments44,241 1,001,313 — 1,045,554 
Total financial assets72,592 2,360,827 — 2,433,419 
_______________
(1)$179.7 million of cash, $117.6 million of money market deposit accounts and $3.5 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 $1.7 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)$1.4 million of restricted cash is 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 consolidated balance sheets.
December 31, 2022
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds$3,276 $— $— $3,276 
Certificates of deposit— 502,159 — 502,159 
Commercial paper— 963,150 — 963,150 
Corporate bonds— 61,501 — 61,501 
U.S. government securities— 7,060 — 7,060 
Total unrestricted cash equivalents and short-term investments3,276 1,533,870 — 1,537,146 
Restricted cash equivalents and investments(2)
Money market funds93,362 — — 93,362 
Certificates of deposit— 354,978 — 354,978 
Commercial paper— 595,591 — 595,591 
Corporate bonds— 14,916 — 14,916 
U.S. government securities— 74,534 — 74,534 
Total restricted cash equivalents and investments93,362 1,040,019 — 1,133,381 
Marketable equity securities(3)
1,136 — — 1,136 
Total financial assets$97,774 $2,573,889 $— $2,671,663 
Liabilities
Contingent consideration(4)
$— $— $15,000 $15,000 
Total financial liabilities$— $— $15,000 $15,000 
_______________
(1)$126.5 million of cash, $127.0 million of money market deposit accounts and $5.0 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 $1.8 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)$1.3 million of restricted cash and $3.5 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 $1.1 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
(3)Included in other investments on the consolidated balance sheets.
(4)In the second quarter of 2022, the Company completed the acquisition of PBSC which included up to $15.0 million in contingent consideration to be paid over the next year. The contingent consideration was classified as a liability and is included in accrued and other current liabilities on the consolidated balance sheets. Refer to Note 3 "Acquisitions" to the consolidated financial statements for information regarding this contingent consideration.
During the year ended December 31, 2023, the Company did not make any transfers between the levels of the fair value hierarchy.
The following table provides a reconciliation of the Company’s Level 3 financial liabilities (in thousands):
Year Ended December 31,
20232022
Balance at beginning of period$15,000 $— 
Additions
— 14,100 
Payments
(15,000)— 
Change in fair value— 900 
Balance at end of period(1)
$— $15,000 
_______________
(1)Relates to the contingent consideration from the acquisition of PBSC in the second quarter of 2022 which was paid out during the second quarter of 2023. The contingent consideration was classified as a liability and was included in accrued and other current liabilities on the consolidated balance sheets. Refer to Note 3 "Acquisitions" to the consolidated financial statements for information regarding this contingent consideration.
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities are investments in privately held companies without readily determinable fair values and the carrying value of these non-marketable equity securities are remeasured to fair value based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for
impairment. Any changes in carrying value are recorded within other income (expense), net in the consolidated statements of operations.
In June 2021 and June 2022, the Company received investments 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 an initial carrying value of $128.1 million as of June 30, 2022 which was categorized as Level 3. The Company did not have the ability to exercise significant influence over this privately-held company and had elected to measure this investment as a non-marketable equity security and classified it in other investments on the consolidated balance sheet. The entire amount of the investment in the non-marketable equity security was impaired due to the announced winding down of the equity investee in October 2022. In addition to the impairment of this non-marketable equity security, an other asset was impaired, resulting in a total impairment of $135.7 million recorded to other income (expense), net on the consolidated statement of operations.
In February 2022, the issuer of the Company's $10.0 million investment in non-marketable equity securities in a privately held company was acquired by a publicly-traded company. As a result of the acquisition in exchange for the securities in the privately-held entity, the Company received common stock of a publicly-traded entity with a value of $8.4 million upon receipt, with the remainder to be received in cash. These shares are classified as marketable equity securities and measured at fair value on a recurring basis. The shares are categorized as Level 1 and changes in fair value are recorded within other income (expense), net in the consolidated statements of operations. In March 2022, the Company sold its shares resulting in a recognized loss recorded to other income (expense), net in the consolidated statement of operations.
The following table provides a reconciliation of the Company’s financial assets measured at fair value on a non-recurring basis within other investments on the consolidated balance sheets (in thousands):
Year Ended December 31,
20232022
Balance at beginning of period$5,903 $80,411 
Additions(1)
— 64,044 
Change in fair value(2)
(19)(138,552)
Balance at end of period$5,884 $5,903 
_______________
(1)Relates to non-marketable equity securities included in other investments on the consolidated balance sheets.
(2)In the third quarter of 2022, the entire amount of the investment in the non-marketable equity security was impaired due to the announced winding down of the equity investee. The resulting impairment charge was recorded to other income (expense), net on the consolidated statement of operations.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
Real Estate Operating Leases
The Company leases real estate property at approximately 65 locations as of December 31, 2023. These leases are classified as operating leases. As of December 31, 2023, the remaining lease terms vary from approximately two months to six years. For certain leases the Company has options to extend the lease term for periods varying from one month 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 its independently managed subsidiary, 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 consolidated balance sheets. As of December 31, 2023, the remaining lease terms vary between one month to five 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 December 31, 2023
The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
December 31, 2023December 31, 2022
Operating Leases
Assets
Operating lease right-of-use assets(1)
$98,202 $135,213 
Liabilities
Operating lease liabilities, current$42,556 $45,803 
Operating lease liabilities, non-current134,102 176,356 
Total operating lease liabilities$176,658 $222,159 
Finance Leases
Assets
Finance lease right-of-use assets(2)
$80,933 $32,887 
Liabilities
Finance lease liabilities, current(3)
25,193 15,053 
Finance lease liabilities, non-current(4)
61,321 19,921 
Total finance lease liabilities$86,514 $34,974 
Weighted-average remaining lease term (years)
Operating leases4.55.1
Finance leases3.42.5
Weighted-average discount rate
Operating leases6.7 %6.4 %
Finance leases6.7 %5.2 %
_______________
(1)The Company committed to a decision to exit and sublease or cease use of certain facilities to align with the Company’s anticipated operating needs and incurred charges related to real estate operating right-of-use assets of $13.0 million and $55.3 million during the years ended December 31, 2023 and 2022, respectively.
(2)This balance is included within property and equipment, net on the consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other current liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
(4)This balance is included within other liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
Lease Costs
The table below presents certain information related to the costs for operating leases and finance leases for the year ended December 31, 2023 (in thousands):
Year Ended December 31,
20232022
Operating Leases
Operating lease cost$40,450 $67,283 
Finance Leases
Amortization of right-of-use assets19,847 15,124 
Interest on lease liabilities3,449 1,034 
Other Lease Costs
Short-term lease cost3,749 5,355 
Variable lease cost (1)
10,270 17,040 
Total lease cost$77,765 $105,836 
_______________
(1)Consists primarily of common-area maintenance, taxes and utilities for real estate leases, and certain vehicle related charges under the Flexdrive program.
Sublease income was $4.8 million for the year ended December 31, 2023 and $11.6 million for the year ended December 31, 2022 which were primarily related to subleases from the Company's transaction with Woven Planet Holdings in the third quarter of 2021. Sublease income is included within other income, net on the consolidated statement of operations. The related lease expense for these leases is included within operating expenses on the consolidated statement of operations.
The Company committed to a plan of termination which included restructuring charges related to a decision to exit and sublease or cease use of certain facilities to align with the Company’s anticipated operating needs. Refer to Note 16 “Restructuring” to the consolidated financial statements for information regarding this transaction.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the consolidated statements of cash flows (in thousands):
Year Ended December 31,
20232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$59,318 $76,188 
Operating cash flows from finance leases3,558 1,095 
Financing cash flows from finance leases43,466 34,783 
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 consolidated balance sheet as of December 31, 2023 (in thousands):
Operating LeasesFinance LeasesTotal Leases
2024$55,689 $29,601 $85,290 
202546,402 27,549 73,951 
202632,576 20,336 52,912 
202727,652 9,863 37,515 
202819,826 10,689 30,515 
Thereafter23,700 — 23,700 
Total minimum lease payments205,845 98,038 303,883 
Less: amount of lease payments representing interest(29,187)(11,524)(40,711)
Present value of future lease payments176,658 86,514 263,172 
Less: current obligations under leases(42,556)(25,193)(67,749)
Long-term lease obligations$134,102 $61,321 $195,423 
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 65 locations as of December 31, 2023. These leases are classified as operating leases. As of December 31, 2023, the remaining lease terms vary from approximately two months to six years. For certain leases the Company has options to extend the lease term for periods varying from one month 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 its independently managed subsidiary, 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 consolidated balance sheets. As of December 31, 2023, the remaining lease terms vary between one month to five 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 December 31, 2023
The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
December 31, 2023December 31, 2022
Operating Leases
Assets
Operating lease right-of-use assets(1)
$98,202 $135,213 
Liabilities
Operating lease liabilities, current$42,556 $45,803 
Operating lease liabilities, non-current134,102 176,356 
Total operating lease liabilities$176,658 $222,159 
Finance Leases
Assets
Finance lease right-of-use assets(2)
$80,933 $32,887 
Liabilities
Finance lease liabilities, current(3)
25,193 15,053 
Finance lease liabilities, non-current(4)
61,321 19,921 
Total finance lease liabilities$86,514 $34,974 
Weighted-average remaining lease term (years)
Operating leases4.55.1
Finance leases3.42.5
Weighted-average discount rate
Operating leases6.7 %6.4 %
Finance leases6.7 %5.2 %
_______________
(1)The Company committed to a decision to exit and sublease or cease use of certain facilities to align with the Company’s anticipated operating needs and incurred charges related to real estate operating right-of-use assets of $13.0 million and $55.3 million during the years ended December 31, 2023 and 2022, respectively.
(2)This balance is included within property and equipment, net on the consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other current liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
(4)This balance is included within other liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
Lease Costs
The table below presents certain information related to the costs for operating leases and finance leases for the year ended December 31, 2023 (in thousands):
Year Ended December 31,
20232022
Operating Leases
Operating lease cost$40,450 $67,283 
Finance Leases
Amortization of right-of-use assets19,847 15,124 
Interest on lease liabilities3,449 1,034 
Other Lease Costs
Short-term lease cost3,749 5,355 
Variable lease cost (1)
10,270 17,040 
Total lease cost$77,765 $105,836 
_______________
(1)Consists primarily of common-area maintenance, taxes and utilities for real estate leases, and certain vehicle related charges under the Flexdrive program.
Sublease income was $4.8 million for the year ended December 31, 2023 and $11.6 million for the year ended December 31, 2022 which were primarily related to subleases from the Company's transaction with Woven Planet Holdings in the third quarter of 2021. Sublease income is included within other income, net on the consolidated statement of operations. The related lease expense for these leases is included within operating expenses on the consolidated statement of operations.
The Company committed to a plan of termination which included restructuring charges related to a decision to exit and sublease or cease use of certain facilities to align with the Company’s anticipated operating needs. Refer to Note 16 “Restructuring” to the consolidated financial statements for information regarding this transaction.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the consolidated statements of cash flows (in thousands):
Year Ended December 31,
20232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$59,318 $76,188 
Operating cash flows from finance leases3,558 1,095 
Financing cash flows from finance leases43,466 34,783 
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 consolidated balance sheet as of December 31, 2023 (in thousands):
Operating LeasesFinance LeasesTotal Leases
2024$55,689 $29,601 $85,290 
202546,402 27,549 73,951 
202632,576 20,336 52,912 
202727,652 9,863 37,515 
202819,826 10,689 30,515 
Thereafter23,700 — 23,700 
Total minimum lease payments205,845 98,038 303,883 
Less: amount of lease payments representing interest(29,187)(11,524)(40,711)
Present value of future lease payments176,658 86,514 263,172 
Less: current obligations under leases(42,556)(25,193)(67,749)
Long-term lease obligations$134,102 $61,321 $195,423 
Future lease payments receivable in car rental transactions under the Flexdrive Program are not material since the lease term is less than a month.
v3.24.0.1
Commitment and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Noncancellable Purchase Commitments
In March 2018, the Company entered into a noncancellable arrangement with Amazon Web Services (“AWS”), 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. The parties modified the aggregate commitment amounts and timing in January 2019, May 2020 and February 2022. Under the most recent amended arrangement, the Company committed to spend an aggregate of at least $350 million between February 2022 and January 2026, with a minimum amount of $80 million in each of the four contractual periods, on services with AWS. As of December 31, 2023, the Company has made payments of $228.6 million under the amended arrangement.
In May 2019, the Company entered into a noncancellable 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 2028. The parties modified the commitment amounts and timing in April 2023 to reduce the Company’s payment obligation by $12 million and to supply a maximum of $12 million on capital equipment for the bike share program through 2024. As of December 31, 2023, the Company has made payments totaling $30.0 million and capital equipment investments totaling $45.4 million under the arrangement.
As of December 31, 2023, the future minimum payments under the Company’s noncancellable purchase commitments, which are inclusive of the arrangements mentioned above, were as follows (in thousands):
2024$8,800 
202589,092 
202689,396 
202717,711 
2028— 
Thereafter— 
Total future minimum payments$204,999 
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. None of the outstanding letters of credit are collateralized by cash. As of December 31, 2023 and 2022, the Company had letters of credit outstanding of $60.2 million and $55.1 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 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, and regulatory and governmental inquiries and investigations in the ordinary course of business, including suits by drivers, riders, renters, third parties and governmental entities (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, antitrust, its acquisitions, securities issuances or business practices, or public disclosures about the Company or the Company's business. In addition, the Company has been, and is currently, named as a defendant in a number of litigation matters related to allegations of 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 certain 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. For matters where the Company has recorded a probable and estimable loss, until the final resolution of the matter, there may be 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, California Assembly Bill 5 (now codified in part at Cal. Labor Code sec. 2775) 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 5, 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 December 19, 2022, the California Attorney General’s and California Labor Commissioner’s cases were stayed in San Francisco Superior Court pending the appeal of a Superior Court order denying Lyft’s and Uber’s motions to compel arbitration. On September 28, 2023, the California Court of Appeal issued a decision upholding the trial court’s order denying Lyft’s and Uber’s motions to compel arbitration. On November 7, 2023, Lyft filed a petition requesting that the California Supreme Court review the Court of Appeal’s decision; the petition was denied on January 17, 2024, and the case was remitted to San Francisco Superior Court on January 29, 2024, where we expect the trial court litigation to resume.
On January 12, 2021, a group of petitioners led by labor union SEIU filed a separate lawsuit 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. SEIU then filed a similar lawsuit in Alameda County Superior Court on February 11, 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. 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 filed appeals to the California Court of Appeal. On March 13, 2023, the California Court of Appeal upheld Proposition 22 as constitutional, while severing two provisions that relate to future amendments of Proposition 22. On April 21, 2023, SEIU filed a petition for review to the California Supreme Court. On June 28, 2023, the California Supreme Court granted SEIU’s petition for review, and briefing is underway. 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. The case is set for trial on May 13, 2024. 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 New York Attorney General has alleged misrepresentations related to certain fees and related driver pay deductions, as well as misclassification of drivers and related labor law violations in New York. The Company has entered into an agreement to resolve this matter, under which New York drivers will receive new benefits and maintain their flexibility as independent contractors. The amount accrued for these matters is recorded within accrued and other current liabilities on the consolidated balance sheets as of December 31, 2023.
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 Attorneys 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, Oregon, Wisconsin, Illinois, New York, Pennsylvania 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 for 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.
In 2018, the New Jersey Department of Labor & Workforce Development (“NJDOL”) opened an audit reviewing whether drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply from 2014 through March 31, 2018. The NJDOL issued an assessment on June 4, 2019 and subsequently issued an updated assessment on March 31, 2021. The assessment was calculated through April 30, 2019, but only calculated the alleged contributions, penalties, and interests owed from 2014 through 2017. The Company filed a petition to challenge the assessment, and are awaiting a hearing. The Company has also submitted payment for the principal revised amount of the assessment to stop interest from accruing on this amount. While the ultimate resolution of this matter is uncertain, the Company recorded an accrual for this matter reflected within accrued and other current liabilities on the consolidated balance sheet as of December 31, 2023.
In 2021, the New York State Department of Labor (“NYSDOL”) opened an audit reviewing whether drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply for 2019. The NYSDOL subsequently extended the audit back to 2016. On December 22, 2022, the Company received an assessment for the 2016 to 2019 time period and on December 27, 2023, the Company received a revised assessment covering 2016 to 2020. The Company has appealed these assessments. While the ultimate resolution of this matter is uncertain, the Company recorded an accrual for this matter reflected within accrued and other current liabilities on the consolidated balance sheet as of December 31, 2023.
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 sell or 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.
Other Class Actions and Consumer Matters
From time to time, the Company becomes involved in putative class actions alleging violations of consumer protection, civil rights, and other laws; antitrust and unfair competition laws such as California’s Cartwright Act, Unfair Practices Act and Unfair Competition Law; and the Americans with Disabilities Act, or the ADA, among others. In 2021, 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 (“WAV”) 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 seeking injunctive and other relief in the Southern District of New York, Lowell v. Lyft, Inc. On March 24, 2023, the court certified three classes encompassing regions where Lyft does not currently offer WAV service (Westchester County, NY; New York State except New York City; and all other “non-WAV” regions in the U.S.). A bench trial is scheduled to begin on July 8, 2024. 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.
The Federal Trade Commission (“FTC”) has alleged violations of Section 5 of the FTC Act in connection with certain advertising claims to drivers. The Company is cooperating with the FTC while seeking to resolve the matter.
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, 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 claim 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 multiple 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. Although the Company intends to vigorously defend against these lawsuits, its chances of success on the merits are still uncertain as these matters are at various stages of litigation and present a wide range of potential outcomes. The Company accrues for losses that may result from these matters when a loss is probable and reasonably estimable.
Securities Litigation
Beginning in April 2019, multiple putative class actions and derivative actions were filed in state and federal courts against the Company, its directors, certain of its officers, and certain of the underwriters named in the registration statement relating to the Company’s initial public offering (“IPO”) alleging violation of securities laws, breach of fiduciary duties, and other causes of action in connection with the IPO. All of these matters are now resolved except for the derivative actions, which were consolidated into one action in federal court in California.
In the consolidated derivative action, at the parties’ joint request, the California federal court stayed the case on February 17, 2021. On January 19, 2024, the court lifted that stay and set a case management conference for February 27, 2024.
Although the Company believes the consolidated derivative action is without merit and intends to vigorously defend against it, its chances of success on the merits are still uncertain and presents a wide range of potential outcomes. The Company accrues for losses that may result from these matters when a loss is probable and reasonably estimable and such accruals are recorded within accrued and other current liabilities on the consolidated balance sheet.
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Outstanding debt obligations as of December 31, 2023 were as follows (in thousands):
Maturities
Interest Rates as of December 31, 2023
December 31, 2023December 31, 2022
Convertible senior notes
May 20251.50%$743,486 $740,609 
Non-revolving Loan
2024
2.88% - 2.91%
3,115 24,429 
Master Vehicle Loan
2024 - 2026
2.60% - 7.10%
118,559 74,456 
Total long-term debt, including current maturities$865,160 $839,494 
Less: long-term debt maturing within one year25,798 36,287 
Total long-term debt$839,362 $803,207 
The following table sets forth the primary components of interest expense as reported on the consolidated statements of operations (in thousands):
Year Ended December 31,
202320222021
Contractual interest expense related to the 2025 Notes$11,212 $11,212 11,212 
Amortization of debt discount and issuance costs (1)
2,877 2,928 35,575 
Interest expense related to vehicle loans and other
12,134 5,595 4,848 
Interest expense$26,223 $19,735 $51,635 
_______________
(1)Following the adoption of ASC 2020-06 on January 1, 2022 using the modified retrospective approach, the debt discount associated with the equity component on convertible debt outstanding is now classified as debt, which results in a decrease in the amount of interest expense being recorded each period from January 1, 2022 to maturity.
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 Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee.
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, beginning on November 15, 2020, 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 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 business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's Class A common stock and the conversion rate on each such trading day;
•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 the Company to repurchase all or a portion of their 2025 Notes at a repurchase price equal to 100% of the principal amount of the 2025 Notes being repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date.
Prior to the adoption of ASU 2020-06, 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”) was amortized to interest expense over the contractual term at an effective interest rate of 8.0%.
Following the adoption of ASU 2020-06 on January 1, 2022, the Company no longer bifurcates the 2025 Notes, but rather accounts for the conversion feature as a single debt instrument. The difference between the carrying amount and face value of the liability results in a reduced liability component. Therefore, less interest expense is being recorded each period from January 1, 2022 to maturity and the equity component is now classified as debt, eliminating the subsequent amortization of the debt discount as interest expense. Accordingly, the Company recorded a net decrease to additional paid-in capital of approximately $140.0 million, net of tax, to remove the equity component separately recorded for the conversion features associated with the 2025 Notes and equity component associated with the issuance costs, an increase of approximately $133.5 million in the carrying value of the 2025 Notes to reflect the full principal amount, net of issuance costs, and an increase to accumulated deficit of approximately $6.5 million, net of tax in the Company’s consolidated balance sheet with no impact to the Company’s consolidated statements of operations.
Debt issuance costs related to the 2025 Notes totaled $14.3 million at inception and were comprised of discounts and commissions payable to the initial purchasers and third-party offering costs and will be amortized to interest expense using the effective interest method over the contractual term. As of December 31, 2023, the unamortized debt discount and debt issuance cost of the 2025 Notes was 4.0 million on the consolidated balance sheet.
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 December 31, 2023, 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 December 31, 2023, the if-converted value of the 2025 Notes was $291.9 million, which would not exceed the outstanding principal amount.
The net carrying amounts of the liability component of the 2025 Notes were as follows (in thousands):
December 31, 2023
Principal$747,498 
Unamortized debt discount and debt issuance costs
(4,012)
Net carrying amount of liability component$743,486 
As of December 31, 2023, the total estimated fair values (which represents a Level 2 valuation) of the 2025 Notes were approximately $711.2 million. 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 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 price exceeds the conversion price of the 2025 Notes. The cap price of the Capped Calls is initially $73.83 per share 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 and most recently on September 27, 2022, 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 48 months. Interest is payable monthly in arrears at a fixed interest rate equal to the two-year U.S. Treasury note yield plus a spread of 3.4% for a 24-month term, the three-year U.S. Treasury note yield plus a spread of 3.4% for a 36 month term, and the average of the three and five-year U.S. Treasury note yields plus a spread of 3.4% for a 48 month term. The Non-revolving Loan is secured by all vehicles financed under the Non-revolving Loan. On September 20, 2023, the Non-revolving Loan was amended, extending through September 30, 2024 and reducing the borrowing capacity to $50.0 million. As of December 31, 2023, a total of $5.2 million had been drawn under the Non-revolving Loan and $44.8 million is remaining under the facility.
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 December 31, 2023, the Company was in compliance with all covenants related to the Non-revolving Loan in all material aspects. Further, the Company continued to guarantee the payments of Flexdrive for any amounts borrowed.
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 and additional capacity may be requested. 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 12 months to 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 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 December 31, 2023, 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 $1.6 million and $121.2 million, respectively, as of December 31, 2023 and were determined based on quoted prices in markets that are not active, which are considered a Level 2 valuation input. During the year ended December 31, 2023, the Company made repayments of $72.5 million on these loans.
Maturities of long-term debt outstanding, including current maturities, as of December 31, 2023 were as follows (in thousands):
2024$25,798 
2025781,495 
202657,867 
2027— 
2028— 
Thereafter— 
Total long-term debt outstanding$865,160 
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 under the VPA is based on the prime rate.
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 December 31, 2023, the Company was in compliance with all covenants of the VPA. As of December 31, 2023, the outstanding borrowings from the interim financing under the VPA was $28.8 million.
On March 11, 2019, the Procurement Provider entered into a $95.0 million revolving credit facility with a third-party lender to finance the acquisition of motor vehicles on behalf of Flexdrive under the VPA. On September 17, 2020, the revolving credit facility was amended, extending the stated maturity date to December 31, 2021 and reducing the borrowing capacity to $50.0 million. On March 11, 2019, Flexdrive entered into a Limited Non-Recourse Secured Continuing Guaranty and Subordination Agreement with the third-party lender to guarantee the Procurement Provider’s performance for any amount borrowed under the revolving credit facility. As of December 31, 2023, there was $3.6 million exposure to loss under the terms of the guarantee.
Revolving Credit Facility & Other Financings
On November 3, 2022, Lyft, Inc. entered into a revolving credit agreement (the “Existing Revolving Credit Agreement”) by and among the Company, as the borrower, JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto from time to time. On December 12, 2023, the Company entered into Amendment No. 1 to Revolving Credit Agreement (the “Credit Agreement Amendment”) with the other loan parties party thereto, JPMorgan Chase Bank, N.A., as administrative agent and certain lenders party thereto, which amends the Existing Revolving Credit Agreement (the Existing Revolving Credit Agreement as amended by the Credit Agreement Amendment, the “Revolving Credit Agreement”) to, among other things, (i) permit the Company to refinance existing junior indebtedness (including the 2025 Notes) with proceeds from one or more new convertible debt issuance(s) or other subordinated indebtedness, subject to certain conditions set forth therein, (ii) permit the Company to repurchase up to $450.0 million of the 2025 Notes, (iii) extend the applicability of the existing liquidity covenant in the Revolving Credit Agreement to the fiscal quarter ending June 30, 2024 and (iv) commence the date of the stepdown of the total leverage ratio in the Revolving Credit Agreement from 3.50x to 3.00x at the fiscal quarter ending March 31, 2025.
The Revolving Credit Agreement provides the Company with a senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate principal amount of $420.0 million that matures on the earlier of (i) November 3, 2027 and (ii) February 13, 2025, if, as of such date, the Company’s Liquidity (as defined in the Revolving Credit Agreement) minus the aggregate principal amount of the Company’s 2025 Convertible Notes (as defined in the Revolving Credit Agreement) outstanding on such date is less than $1.25 billion. Subject to certain conditions precedent, the Revolving Credit Agreement also grants the Company the option to increase the commitment under the Revolving Credit Facility by or obtain incremental term loans in an aggregate principal amount of up to $300.0 million, plus, after June 30, 2024, an unlimited amount so long as the senior secured leverage ratio does not exceed 2.50:1.00. The Revolving Credit Facility provides for borrowings up to the amount of the facility, with a sublimit of $168 million for the issuance of letters of credit.
Under the Revolving Credit Agreement, loans bear interest, at the Company’s option, at an annual rate equal to either (i) the sum of (x) the Adjusted Term SOFR Rate (as defined in the Revolving Credit Agreement) plus (y) a variable rate based on the Company’s total leverage ratio, ranging from 1.50% to 2.25% or (ii) the sum of (x) the highest of (A) the rate of interest last quoted by The Wall Street Journal as the prime rate in effect in the United States, (B) the greater of the rate calculated by the Federal Reserve Bank of New York as the federal funds effective rate or the rate that is published by the Federal Reserve Bank of New York as the overnight bank funding rate, in either case, plus 0.50%, and (C) the one-month Adjusted Term SOFR Rate plus 1.00% and (y) a variable rate based on the Company’s total leverage ratio, ranging from 0.05% to 1.25%. The Company is required to pay a
commitment fee between 0.225% and 0.375%, depending on the Company’s total leverage ratio, per annum on the undrawn portion available under the Revolving Credit Facility.
The Revolving Credit Agreement contains customary affirmative and negative covenants and restrictions typical for a financing of this type that, among other things, restrict the Company and its restricted subsidiaries’ ability to incur additional indebtedness, create liens, merge or consolidate or make certain dispositions, pay dividends and make distributions or other restricted payments, engage in transactions with affiliates, and make certain investments and acquisitions. The Revolving Credit Agreement also contains financial covenants that require the Company to maintain (a) a minimum liquidity amount of at least $1.5 billion, tested on a quarterly basis, commencing with the quarter ending December 31, 2022 through the quarter ending June 30, 2024, (b) a total leverage ratio not to exceed 3.50:1.00 commencing with the quarter ending September 30, 2024 through the quarter ending December 31, 2024 and commencing with the quarter ending March 31, 2025, a ratio not to exceed 3.00:1.00 (with an increase to 3.50:1.00 if the Company has an acquisition for cash consideration greater than $75 million for the fiscal quarter during which such acquisition takes place and the three fiscal quarters immediately following such acquisition), and (c) a fixed charge coverage ratio of at least 1.25:1.00, commencing with the quarter ending September 30, 2024. The Revolving Credit Agreement contains customary events of default relating to, among other things, payment defaults, breach of representation or warranty or covenants, cross default to material indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of certain change of control events. Non-compliance with one or more of the covenants and restrictions or the occurrence of an event of default could result in the full or partial principal balance of the Revolving Credit Agreement becoming immediately due and payable and termination of the commitments.
The Company’s obligations under the Revolving Credit Agreement are guaranteed by certain of the Company’s present and future material domestic subsidiaries. The Company’s obligations under, and each guarantor’s obligations under its guaranty of, the Revolving Credit Agreement are secured by a first priority interest on substantially all of the Company’s or such guarantor’s respective assets.
As of December 31, 2023, the Company was in compliance with all covenants related to the Revolving Credit Agreement and no amounts had been drawn under the Revolving Credit Agreement.
As of December 31, 2023, there were no other balances outstanding.
v3.24.0.1
Common Stock and Employee Stock Plans
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Common Stock and Employee Stock Plans Common Stock and Employee Stock Plans
Common Stock
The Company’s amended and restated certificate of incorporation authorizes the issuance of Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 20 votes per share. Shares of Class B common stock are convertible into an equivalent number of shares of Class A common stock and generally convert into shares of Class A common stock upon transfer. Any dividends paid to the holders of Class A common stock and Class B common stock will be paid on a pro rata basis. On a liquidation event, any distribution to common stockholders is made on a pro rata basis to the holders of the Class A common stock and Class B common stock.
The following table summarizes the Company’s shares of common stock reserved for issuance as of December 31, 2023:
Options issued and outstanding under the 2008 Plan779,942 
RSUs outstanding under the 2008 Plan, the 2018 Plan, and the 2019 Plan 30,090,811 
Remaining shares available for future issuance under the 2019 ESPP Plan and the 2019 Plan57,814,909 
Equity Award Plans
2008 Equity Incentive Plan
In July 2008, the board of directors of the Company adopted the 2008 Equity Incentive Plan (the 2008 Plan) under which the Company may grant options to purchase its common stock and offer to sell and issue restricted shares of its common stock and issue RSUs to selected employees, officers, directors and consultants of the Company. In June 2018, this plan was superseded by the 2018 Equity Incentive Plan (the 2018 Plan) and all reserved shares under the 2008 Plan were transferred to the 2018 Plan.
Under the 2008 Plan, incentive stock options and nonqualified stock options are to be granted at a price that is not less than 100% of the fair value of the underlying common stock at the date of grant; provided, that incentive stock options granted to a person who directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of stock of the Company are to be at a price not less than one hundred ten percent (110%) of the fair value of the underlying common stock at the date of grant. Stock options granted to newly hired employees typically vest 25% on the first anniversary of the date of hire and ratably each month over the ensuing 36-month period. The maximum term for stock options granted under the 2008 Plan might not exceed ten years from the date of grant. RSUs granted to newly hired employees typically vest 25% on the first Company-established vest date after the first anniversary of the employee’s date of hire and ratably each quarter over the ensuing 12-quarter period for
purposes of the service condition. The maximum term for RSUs granted under the 2008 Plan might not exceed seven years from the date of grant.
2018 Equity Incentive Plan
In June 2018, the board of directors and the stockholders of the Company adopted the 2018 Plan, which serves as the successor to the 2008 Plan and provides for the grant of stock options, stock appreciation rights, restricted stock, and RSUs to employees and consultants of the Company and its subsidiaries and non-employee directors of the Company. A total of 75,504,222 shares of the Company’s common stock initially was reserved for issuance under the 2018 Plan, which was increased in June 2018 by an additional 11,836,692 shares. In addition, the shares reserved for issuance under the 2018 Plan also will include any shares subject to stock options, RSUs or similar awards granted under its 2008 Plan that, after the date the Company’s board of directors initially approved its 2018 Plan, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for satisfying tax withholding obligations or are forfeited to or repurchased by the Company due to failure to vest (provided that the maximum number of shares that may be added to its 2018 Plan from its 2008 Plan is 75,504,222 shares). Under the 2018 Plan, RSUs granted to newly hired employees typically vest 25% on the first Company-established vest date after the first anniversary of the employee’s date of hire and ratably each quarter over the ensuing 12-quarter period for purposes of the service condition. The maximum term for RSUs granted under the 2018 Plan might not exceed seven years from the date of grant. In March 2019, this plan was superseded by the 2019 Equity Incentive Plan (the 2019 Plan) and all reserved shares under the 2018 Plan were transferred to the 2019 Plan.
2019 Equity Incentive Plan
In March 2019, the board of directors of the Company and the stockholders of the Company adopted the 2019 Plan which serves as the successor to the 2018 Plan and provides for the grant of stock options, stock appreciation rights, restricted stock, and RSUs to employees and consultants of the Company and its subsidiaries and non-employee directors of the Company. RSUs granted with only service conditions under the 2019 Plan to employees generally vest in a period up to four years.
A total of 44,000,000 shares of the Company’s Class A common stock were reserved for issuance pursuant to the 2019 Plan. In addition, the shares reserved for issuance under the Company’s 2019 Plan also included (i) those shares reserved but unissued under our 2018 Plan as of immediately prior to the termination of the 2018 Plan and (ii) any shares subject to stock options, RSUs or similar awards granted under the 2018 Plan or 2008 Plan that, after the date the Company’s board of directors approved the 2019 Plan, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for satisfying tax withholding obligations or are forfeited to or repurchased by the Company due to failure to vest (provided that the maximum number of shares that may be added to the Company’s 2019 Plan pursuant to (i) and (ii) is 80,604,678 shares).
The number of shares available for issuance under the 2019 Plan will be increased on January 1 of each year, beginning on January 1, 2020, in an amount equal to the least of (i) 35,000,000 shares, (ii) five percent of the outstanding shares of all classes of the Company’s common stock on the last day of the immediately preceding fiscal year or (iii) such number of shares determined by the administrator. On January 1, 2020, an additional 15,129,789 shares of Class A common stock were reserved for issuance under the 2019 Plan. On January 1, 2021, an additional 16,186,855 shares of Class A common stock were reserved for issuance under the 2019 Plan. On January 1, 2022, an additional 17,246,911 shares of Class A common stock were reserved for issuance under the 2019 Plan. On January 1, 2023, an additional 18,507,749 shares of Class A common stock were reserved for issuance under the 2019 Plan.
The summary of stock option activity is as follows (in thousands, except per share data):
Options Outstanding
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life		Aggregate
Intrinsic
Value
(in years)
Balance as of December 31, 2022993 $4.87 1.9$6,109 
Exercises(201)6.00 
Forfeitures— — 
Cancellations(12)1.54 
Balance as of December 31, 2023780 $4.63 1.0$8,079 
There were no stock options granted during the year ended December 31, 2023 and 2022. As of December 31, 2023, all outstanding options were fully vested and exercisable.
The aggregate intrinsic value of stock options exercised during the years ended December 31, 2023, 2022 and 2021 was $1.0 million, $2.9 million and $41.9 million, respectively. The aggregate intrinsic value disclosed in the above table is based on the
difference between the original exercise price of the stock option and the fair value of the Company’s common stock of $14.99 and $11.02 per share as of December 31, 2023 and 2022, respectively
Restricted Stock Units
The summary of restricted stock unit activity (“RSU”) is as follows (in thousands, except per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value
Nonvested units as of December 31, 202222,315 $28.15 $244,926 
Granted44,507 8.96 
Vested(28,397)18.77 
Canceled(8,334)24.62 
Nonvested units as of December 31, 2023
30,091 $9.40 $449,994 
Expected to vest as of December 31, 2023
29,610 $443,855 
Included in the grants for the year ended December 31, 2023 are approximately 14,556,444 performance based restricted stock units (“PSUs”). These PSUs are divided into individual performance milestones and vesting tranches tied to the Company’s stock performance. On the grant date, the Company valued these PSUs using a Monte Carlo valuation model to determine for each milestone (i) the fair value to expense for such tranche and (ii) the requisite service period when the milestone for such tranche is expected to be achieved. The Monte Carlo valuation model considers several variables and assumptions in estimating the fair value of stock-based awards including the Company's stock price on grant date, expected term, expected volatility, and risk-free interest rate. The resulting fair value is amortized beginning on the grant date over the requisite service periods of each individual tranche. The weighted average grant date fair value per share of the PSUs granted in the year ended December 31, 2023 was $6.63.
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 years ended December 31, 2023, 2022 and 2021 was $290.5 million, $354.3 million and $1.0 billion, respectively. In connection with RSUs that vested in the year ended December 31, 2023, the Company withheld 295,948 shares and remitted cash payments of $3.0 million on behalf of the RSU holders to the relevant tax authorities. In connection with RSUs that vested in the year ended December 31, 2022, the Company withheld 358,330 shares and remitted cash payments of $6.7 million on behalf of the RSU holders to the relevant tax authorities. In connection with RSUs that vested in the year ended December 31, 2021, the Company withheld 508,934 shares and remitted cash payments of $26.3 million on behalf of the RSU holders to the relevant tax authorities.
The Company’s default tax withholding method for RSUs is the sell-to-cover method with the exception of RSUs held by Section 16 officers, as set forth in Rule 16a-1 of the Securities Exchange Act of 1934, of the Company that will use the net settlement method.
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 initial ESPP went into effect on March 27, 2019 and was amended on July 26, 2021 and July 18, 2022. 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.
A total of 6,000,000 shares of Class A common stock were initially reserved for issuance under the ESPP. As of December 31, 2022, 9,712,710 shares of Class A common stock were reserved for issuance under the ESPP. On January 1, 2023, an additional 3,701,549 shares of Class A common stock were reserved for issuance under the ESPP. As of December 31, 2023, 5,151,945 shares of Class A common stock have been purchased under the 2019 ESPP. The number of shares reserved under the 2019 ESPP automatically increases on the first day of each calendar year beginning on January 1, 2020 in a number of shares equal to the least of (i) 7,000,000 shares of Class A common stock, (ii) one percent of the outstanding shares of all classes of the Company’s common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the administrator of the 2019 ESPP.
Stock-Based Compensation
The Company recorded stock-based compensation expense on the consolidated statements of operations for the periods indicated as follows (in thousands):
Year Ended December 31,
202320222021
Cost of revenue$30,170 $44,132 $39,491 
Operations and support15,468 25,442 24,083 
Research and development214,160 391,983 414,324 
Sales and marketing29,682 49,867 38,243 
General and administrative195,053 239,343 208,419 
Total stock-based compensation expense$484,533 $750,767 $724,560 
As of December 31, 2023, 2022, and 2021 there are no remaining unrecognized compensation costs related to unvested stock options and restricted stock awards.
As of December 31, 2023, the total unrecognized compensation cost was $203.1 million related to all unvested awards. The Company expects to recognize this expense over the remaining weighted-average period of approximately 1.2 years. The Company recognizes compensation expense on the RSUs granted prior to the effectiveness of its IPO registration statement on March 28, 2019 using the accelerated attribution method. All RSUs granted after March 28, 2019 vest on the satisfaction of a service-based condition only. The Company recognizes compensation expense for such RSUs upon a straight-line basis over their requisite service periods. The Company recognizes compensation expense for PSUs using the accelerated attribution method over the requisite service periods of each individual tranche.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the provision for income taxes for the periods indicated are as follows (in thousands):
Year Ended December 31,
202320222021
United States$(348,050)$(1,600,323)$(1,072,489)
Foreign16,346 21,684 21,570 
Loss before income taxes$(331,704)$(1,578,639)$(1,050,919)
The provision for income taxes for the periods indicated are as follows (in thousands):
Year Ended December 31,
202320222021
Current provision
Federal$— $— $— 
State3,762 1,256 1,272 
Foreign7,239 4,240 7,228 
Total current$11,001 $5,496 $8,500 
Deferred provision
Federal481 481 639 
State(337)1,256 — 
Foreign(2,529)(1,361)2,086 
Total deferred(2,385)376 2,725 
Total provision for (benefit from) income taxes$8,616 $5,872 $11,225 
A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective tax rate is as follows:
Year Ended December 31,
202320222021
Provision at federal statutory rate21.0 %21.0 %21.0 %
State, net of federal benefit9.7 2.1 2.6 
Permanent tax adjustments(1.1)(0.4)(0.2)
Nondeductible expenses(8.3)(0.7)(1.1)
Stock-based compensation(15.1)(4.9)2.5 
Executive compensation
(2.4)— — 
Change in valuation allowance(2.5)(17.1)(25.2)
Deferred adjustments
(3.2)— — 
Other adjustments(0.7)(0.4)(0.7)
Provision for income taxes(2.6)%(0.4)%(1.1)%
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes at the enacted rates. The significant components of the Company’s deferred tax assets and liabilities as of the periods indicated were as follows (in thousands):
December 31,
20232022
Deferred tax assets:
Net operating loss carryforwards$2,084,523 $2,127,233 
Insurance reserves and accruals314,526 296,423 
Stock-based compensation12,091 19,132 
Research capitalization240,354 163,370 
Accrued legal settlement/fees87,310 114,963 
Lease liability73,497 55,579 
Accrued and other liabilities39,576 76,311 
Capital losses
34,965 — 
Other assets
415 — 
Total deferred tax assets2,887,257 2,853,011 
Less: Valuation allowance(2,715,841)(2,706,982)
Deferred tax assets, net of valuation allowance171,416 146,029 
Deferred tax liabilities:
State income taxes(133,859)(124,982)
Operating lease right of use assets(50,004)(36,379)
Total deferred tax liabilities(183,863)(161,361)
Net deferred tax assets$(12,447)$(15,332)
A reconciliation of the valuation allowance is as follows (in thousands):
Year Ended December 31,
202320222021
Beginning balance$2,706,982 $2,408,647 $2,144,548 
Net changes in deferred tax assets and liabilities8,859 298,335 264,099 
Ending balance$2,715,841 $2,706,982 $2,408,647 
The valuation allowance increased by $8.9 million for the year ended December 31, 2023, compared to the increase of $298.3 million for the year ended December 31, 2022. The Company believes that, based on a number of factors, the available objective evidence creates sufficient uncertainty regarding the realizability of the deferred tax assets such that a valuation allowance has been recorded. These factors include the Company’s history of net losses.
As of December 31, 2023, the Company had U.S. federal and state net operating loss carryforwards of approximately $7.7 billion and $6.4 billion, respectively.
The federal net operating loss carryforwards generated through December 31, 2017 expire at various dates beginning in 2034 and will continue to expire through 2037, while federal net operating loss carryforwards generated in 2018 or later do not expire. The state net operating loss carryovers will begin to expire in 2024 and will continue to expire at various times depending upon individual state carryforward rules. Utilization of the net operating loss carryforwards are subject to various limitations including the ownership change limitations provided by Internal Revenue Code (IRC) Section 382 and similar state provisions.
The Company is subject to taxation in the United States and various foreign jurisdictions. All net operating losses generated to date are subject to adjustment for U.S. federal and state income tax purposes. Additionally, all tax years remain open to examination as of December 31, 2023 with the exception of tax years beginning before 2019 in Canada and 2022 in the United Kingdom.
The Company has not provided foreign withholding taxes on the undistributed earnings of its foreign subsidiaries as of December 31, 2023, 2022, and 2021, because it intends to permanently reinvest such earnings outside of the U.S. If these foreign earnings were to be repatriated in the future, the related U.S. tax liability will be immaterial, due to the participation exemption put in place by the 2017 Tax Act.
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 consolidated balance sheets. To date, the Company has not recognized any interest and penalties in its consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. The Company has no material unrecognized tax benefits as of December 31, 2023, 2022 and 2021.
v3.24.0.1
Net Loss Per Share
 12 Months Ended
Dec. 31, 2023
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. 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, 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):
Year Ended December 31,
202320222021
Net loss$(340,320)$(1,584,511)$(1,062,144)
Weighted-average shares used in computing net loss per share, basic and diluted385,335 354,731 334,724 
Net loss per share, basic and diluted$(0.88)$(4.47)$(3.17)
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):
As of December 31,
202320222021
2025 Notes(1)
19,471 19,471 19,471 
Restricted stock units15,538 20,542 16,285 
Performance based restricted stock units14,553 1,773 831 
Stock options780 993 1,105 
ESPP111 307 115 
Total50,453 43,086 37,807 
_______________
(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 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 Company's Class A common stock price exceeds the conversion price of the 2025 Notes.
v3.24.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company's transactions with related parties were immaterial for the years ended December 31, 2023, 2022 and 2021.
v3.24.0.1
401(k) Plan
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
401(k) Plan 401(k) Plan
The Company adopted a 401(k) Plan that qualifies as a deferred salary arrangement under Section 401 of the IRC. Under the 401(k) Plan, participating employees may defer a portion of their pretax earnings not to exceed the maximum amount allowable. The Company does not make contributions for employees.
v3.24.0.1
Restructuring
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
April 2023 Restructuring Plan
In April 2023, the Company announced a restructuring plan as part of its efforts to reduce operating costs. The plan involved the termination of approximately 1,072 employees, representing 26% of the Company's employees. As a result of the restructuring plan, in the second quarter of 2023, the Company recorded $47.2 million in employee severance and other employee costs and $9.7 million in net stock-based compensation expense related to equity compensation for employees impacted by the plan of termination. The Company also recorded $6.3 million in impairment charges, fixed asset write-offs, accelerated depreciation and other costs to real estate operating lease right-of-use assets, which was primarily related to the cease use of certain facilities. As a result of the above, the Company incurred net restructuring charges of $63.3 million in the year ended December 31, 2023. The restructuring plan has been completed and no future costs related to this plan are expected.
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2023 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$667 $3,204 $— $— $3,871 
Operation and support259 3,054 5,268 669 9,250 
Research and development 4,539 21,254 — — 25,793 
Sales and marketing 1,045 5,191 — — 6,236 
General and administrative 3,213 14,535 400 — 18,148 
Total$9,723 $47,238 $5,668 $669 $63,298 
November 2022 Restructuring Plan
In November 2022, the Company announced a restructuring plan to reduce operating expenses. As a result of the restructuring plan, in the fourth quarter of 2022, the Company recorded $29.5 million in employee severance and other employee costs and $9.5 million in net stock-based compensation expense related to equity compensation for employees impacted by the plan of termination.
The Company’s plan of termination also included restructuring charges related to a decision to exit and sublease or cease use of certain facilities to align with the Company’s anticipated operating needs. The Company reassessed its real estate asset groups and estimated the fair value of the space to be subleased using current market conditions. Where the carrying value of the individual asset groups exceeded their fair value, an impairment charge was recognized for the difference. During the year ended December 31, 2022, this included $55.3 million in impairment charges related to real estate operating lease right-of-use assets, $23.9 million in accelerated depreciation of certain fixed assets and $2.1 million in write-off fixed assets not yet placed into service. As a result of the above, the Company incurred net restructuring charges of $120.3 million in the year ended December 31, 2022.
In the first quarter of 2023, the Company finalized the exit of certain leases as part of the plan of termination and the Company completed a transaction for the divestiture of certain assets related to the Company’s first party vehicle services business. As a result, the Company recorded $10.5 million in impairment charges related to the cease use of certain facilities to real estate operating lease right-of-use assets and other costs, which included $9.1 million of future payments associated with exiting certain facilities. The Company also incurred employee related charges, which include employee severance, benefits and stock-based compensation in the first quarter of 2023. As a result of the above, the Company incurred net restructuring charges of $24.4 million in the year ended December 31, 2023.
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2023 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$— $1,101 $— $— $1,101 
Operation and support205 3,127 9,453 305 13,090 
Research and development — 20 2,534 — 2,554 
Sales and marketing — 14 — — 14 
General and administrative — 64 7,604 16 7,684 
Total$205 $4,326 $19,591 $321 $24,443 
The following table summarizes the above restructuring related charges (benefits) by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2022 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$182 $1,612 $— $— $1,794 
Operation and support(31)5,173 4,851 8,680 $18,673 
Research and development 3,818 9,706 15,393 36 $28,953 
Sales and marketing 458 3,123 — — $3,581 
General and administrative 5,082 9,861 37,120 15,192 $67,255 
Total$9,509 $29,475 $57,364 $23,908 $120,256 
As of December 31, 2023, there were no restructuring-related liabilities. As of December 31, 2022, there were $1.6 million in restructuring-related liabilities.
v3.24.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2023
Noncontrolling Interest [Abstract]  
Variable Interest Entities Variable Interest Entities
VIEs Related to the Acquisition of PBSC
As part of its acquisition of PBSC, the Company acquired several joint ventures (“JVs”) which were deemed to be variable interest entities (“VIEs”) in accordance with ASC 810 Consolidation on the acquisition date. The Company determined that PBSC is the primary beneficiary of one of the acquired VIEs, in which it owns an 80% equity interest, as PBSC has the power to direct the majority of the activities of the VIE that most significantly impact its economic performance, the obligation to absorb losses and the right to receive benefits. As PBSC is the primary beneficiary of the VIE, the assets, liabilities, non-controlling interest, revenues and operating results are included in the consolidated financial statements. During the quarter ended September 30, 2022, PBSC entered into another joint venture deemed to be a VIE which was accounted for under the equity method which was immaterial.
The acquisition date fair value of the VIEs acquired as part of the PBSC acquisition was $22.2 million, which exceeds the carrying value and is recorded within other investments in the consolidated balance sheet. The maximum potential financial statement loss the Company would incur if these VIEs were to default on all their obligations would be the loss of the carrying value of these investments as well as any current or future investments, if any, PBSC were to make which was immaterial as of December 31, 2023.
Other than the VIE of which PBSC owns an 80% equity interest, the Company has determined that PBSC does not direct the activities that would significantly affect the economic performance of these VIEs. Therefore, the Company is not the primary beneficiary of these VIEs. As a result, the Company accounts for its investment in these VIEs under the equity method, and they are not consolidated into the Company’s consolidated financial statements. In addition, the Company recognizes its proportionate share of the reported profits or losses of these VIEs in other income (expense), net in the consolidated statements of operations, and as an adjustment to its investment in VIEs in the consolidated balance sheets. The profits and losses of these unconsolidated VIEs were not material to the consolidated statements of operations for the period ended December 31, 2023.
Other VIEs
During the second quarter of 2023, the Company contributed a business to a privately held company in exchange for an equity interest and a seat on the board of directors of such company. This privately held company was determined to be a VIE for which the Company lacks the power to direct the activities that most significantly impact the entity’s economic performance. As the Company is not the primary beneficiary, it does not consolidate the VIE. However, due to the Company’s ability to exercise significant influence, the investment will be accounted for under the equity method. The investment was recorded at its initial fair value of $12.9 million and represents the Company’s maximum exposure to the VIE. During 2023, the Company recognized an immaterial amount of equity earnings and there was no impairment of the investment.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net loss $ (340,320) $ (1,584,511) $ (1,062,144)
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2023
shares
Dec. 31, 2023
shares
Trading Arrangements, by Individual    
Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated true  
Non-Rule 10b5-1 Arrangement Terminated false  
Erin Brewer [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 5, 2023, Erin Brewer, our Chief Financial Officer, terminated a Rule 10b5-1 trading plan, adopted on August 31, 2023, which was intended to satisfy the affirmative defense in Rule 10b5-1(c). The terminated trading plan provided for the
potential sale of up to an aggregate of 354,683 shares of our Class A common stock plus additional shares of our Class A common stock issuable upon the vesting and settlement of RSUs granted to Ms. Brewer subsequent to the adoption of the trading arrangement and prior to August 20, 2024. It was scheduled to be effective until September 3, 2024, or earlier if all transactions under the trading plan were completed. Prior to its termination, Ms. Brewer had sold 22,354 shares of our Class A common stock under the trading plan.
Name Erin Brewer  
Title Chief Financial Officer  
Termination Date December 5, 2023  
Aggregate Available 354,683 354,683
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. 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 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.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. 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 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 inclusive of insurance-related accruals, fair value of financial assets and liabilities, goodwill and identifiable intangible assets, leases, indirect tax obligations, legal contingencies, valuation allowance for deferred income taxes, and the valuation of stock-based compensation.
Segment Information
Segment Information
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates as one operating segment.
Revenue Recognition, Incentive Programs and Refunds
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, or approximately 85% or more, 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, subscription fees, revenue from bikes and bike station hardware and software sales and revenue from arrangements to provide advertising services to third parties, which are not significant components of the Company’s consolidated revenues. The Company also generates rental revenue from Flexdrive and its network of Light Vehicles, 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 consolidated statements of operations (in thousands):
Year Ended December 31,
202320222021
Revenue from contracts with customers (ASC 606)$4,116,216 $3,811,993 $2,957,979 
Rental revenue (ASC 842)287,373 283,142 250,344 
Total revenue$4,403,589 $4,095,135 $3,208,323 
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 bikes, bike station hardware and software sales when control is transferred to the customer in accordance with ASC 606.
The Company generates revenue from licensing and data access agreements. 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. These revenues are not material to the Company’s consolidated revenue.
The Company has arrangements to provide advertising services to third parties that are interested in reaching users of the Company’s platform. These arrangements generally require the Company to provide advertising services over a fixed period of time for which revenue is recognized ratably over the contractual period. These revenues are not significant to the Company’s consolidated revenue.
Rental Revenue (ASC 842)
The Company generates rental revenues primarily from Flexdrive and its network of Light Vehicles. 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 its independently managed subsidiary, Flexdrive, comprised of both owned vehicles and vehicles leased from third-party leasing companies. The Company either leases or subleases vehicles to drivers, 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 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.
The Company owns and operates its Light Vehicles in some cities and operates city-owned Light Vehicles in other cities. Though the specific terms of arrangements with cities vary, the Company earns operations fees from cities or shares revenue generated by the systems with cities. Light Vehicle revenue is accounted for under ASC 842 for single-use rides. A single-use ride allows the user to select a specific Light Vehicle at the time the arrangement is entered into and provides the user the right to control the selected Light Vehicle for the desired term of the arrangement.
Due to the short-term nature of the Flexdrive 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 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 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 consolidated balance sheets.
The Company records an allowance for credit losses for fees owed for completed transactions that may never settle or be collected in accordance with Accounting Standards Update No. 2016-13 “Financial Instruments—Credit Losses”. 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.
Incentive Programs
The Company offers incentives to attract drivers, riders and Light Vehicle riders to use the Lyft Platform. Drivers generally receive cash incentives while riders and Light Vehicle riders generally receive free or discounted rides under such incentive programs. Incentives provided to drivers and Light Vehicle riders, 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 December 31, 2023 and 2022, the rider referral coupon liability was not material.
Light Vehicle Rider Incentives
Incentives offered to Light Vehicle riders were not material for the years ended December 31, 2023, 2022 and 2021.
Refunds
From time to time the Company issues credits or refunds to riders unsatisfied by the level of service provided by the driver. There is no legal obligation to remunerate such riders nor does the Company issue such credits or refunds to riders on behalf of the drivers. The Company accounts for credits or refunds, which are not recoverable from the drivers as sales and marketing expenses when incurred.
Cost of Revenue
Cost of Revenue
Cost of revenue consists of costs directly related to revenue generating transactions through the Company’s multimodal platform which primarily includes insurance costs, payment processing charges, and other costs. Insurance costs consist of insurance generally required under TNC and city regulations for ridesharing and bike and scooter rentals and also includes occupational hazard insurance for drivers. Payment processing charges include merchant fees, chargebacks and failed charges. Other costs included in cost of revenue are hosting and platform-related technology costs, vehicle lease expenses, personnel-related compensation costs, depreciation, amortization of technology-related intangible assets, asset write-off charges, and gains and losses related to the sale of vehicles.
Operations and Support
Operations and Support
Operations and support expenses primarily consist of personnel-related compensation costs of local operations teams and teams who provide phone, email and chat support to users, bike and scooter fleet operations support costs, driver background checks and onboarding costs, facility cost, certain car rental fleet support costs, and fees paid to third-parties providing operations support. Bike and scooter fleet operations support costs include general repairs and maintenance, and other customer support activities related to repositioning bikes and scooters for rider convenience, cleaning and safety checks.
Research and Development
Research and Development
Research and development expenses primarily consist of personnel-related compensation costs and facilities costs. Such expenses include costs related to the Company’s autonomous vehicle technology initiatives. Research and development costs are expensed as incurred.
Sales and Marketing
Sales and Marketing
Sales and marketing expenses primarily consist of rider incentives, personnel-related compensation costs, driver incentives for referring new drivers or riders, advertising expenses, rider refunds and marketing partnerships with third parties. Sales and marketing costs are expensed as incurred.
General and Administrative
General and Administrative
General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, certain insurance costs that are generally not required under TNC regulations, certain loss contingency expenses including legal accruals and settlements, insurance claims administrative fees, policy spend, depreciation, facility costs, and other corporate costs. General and administrative expenses are expensed as incurred.
Stock-Based Compensation
Stock-Based Compensation
The Company incurs stock-based compensation expense primarily from RSUs, PSUs, stock options, and ESPP purchase rights.
The Company estimates the fair value of stock options granted to employees, directors, and consultants and ESPP purchase rights using the Black-Scholes option-pricing model. The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include:
•per share fair value of the underlying common stock;
•exercise price;
•expected term;
•risk-free interest rate;
•expected annual dividend yield; and
•expected stock price volatility over the expected term.
The Company estimates the expected term for stock options using the simplified method for “plain vanilla” stock option awards. The expected term of the ESPP purchase rights is estimated using the period from the beginning of the offering period to the end of each purchase period. Since the Company has limited history as a public company and does not yet have sufficient trading history for the Company's common stock, the Company estimates volatility for stock options and ESPP purchase rights using the historical volatility of the stock price of similar publicly traded peer companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the stock options or ESPP purchase rights granted.
The fair value of stock options that are expected to vest is recognized as compensation expense on a straight-line basis over the requisite service period. The Company recognizes compensation expense related to the ESPP purchase rights on a straight-line basis over the offering period, which is typically 12 months.
The fair value of RSUs and PSUs is estimated based on the fair market value of the Company’s common stock on the date of grant, which is determined based on the closing price of the Company’s Class A common stock as reported on the date of grant.
Compensation expense for RSUs is generally recognized based on a straight-line basis over the requisite service period. Stock-based compensation expense is based on awards ultimately expected to vest and reflects estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates.
Income Taxes
Income Taxes
The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income tax basis of existing assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to apply to taxable income for the years in which differences are expected to reverse. The Company recognizes the effect on deferred income taxes of a change in tax rates in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more-likely-than-not to be realized. Management considers all available
evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing tax planning strategies in assessing the need for a valuation allowance.
Under the provisions of ASC 740-10, Income Taxes, the Company evaluates uncertain tax positions by reviewing against applicable tax law for all positions taken by the Company with respect to tax years for which the statute of limitations is still open. ASC 740-10 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company recognizes interest and penalties related to the liability for unrecognized tax benefits, if any, as a component of the income tax expense line in the accompanying consolidated statement of operations.
Business Combinations
Business Combinations
The Company accounts for its business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected on the consolidated statements of operations and comprehensive loss. Acquisition costs, such as legal and consulting fees, are expensed as incurred.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash equivalents consist of institutional money market funds and certificates of deposits denominated in U.S. dollars as well as commercial paper and corporate bonds. Cash equivalents are highly liquid, short-term investments having an original maturity of 90 days or less that are readily convertible to known amounts of cash. Also included in cash and cash equivalents are cash in transit from payment processors for credit and debit card transactions.
Restricted Cash and Cash Equivalents
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents consist primarily of amounts held in separate trust accounts and restricted bank accounts as collateral for insurance purposes and amounts pledged to secure certain letters of credit.
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. government securities. 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 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 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 December 31, 2023, 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 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. government securities 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, and macroeconomic conditions, 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 consolidated statements of operations.
Concentrations of Credit Risk
Concentrations of Credit Risk
The Company’s cash, cash equivalents and short-term investments are potentially subject to concentration of credit risk. Although the Company deposits its cash with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. Management believes that the institutions are financially stable and, accordingly, minimal credit risk exists. The Company limits purchases of debt securities to investment-grade securities.
Fair Value Measurements
Fair Value Measurements
The Company measures assets and liabilities at fair value based on an expected exit price, which represents the amount that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis, whereby inputs used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:
Level 1Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
The carrying values of the Company’s accounts payable and accrued and other liabilities approximate their respective fair values due to the short period of time to payment.
Light Vehicle Fleet and Property and Equipment
Light Vehicle Fleet
The Company’s Light Vehicle fleet consists of bikes and scooters. Scooters are stated at cost less accumulated depreciation and those with estimated useful lives of more than 12 months are included in property and equipment, net on the consolidated balance sheets. Scooters with estimated useful lives of less than 12 months are included in prepaid expenses and other current assets on the consolidated balance sheets. Depreciation is computed using a straight-line method over the estimated useful life of the scooters.
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using a straight-line method over the estimated useful life of the related asset, which is generally between one and eight years. Depreciation for property and equipment commences once they are ready for our intended use. Maintenance and repairs are charged to expense as incurred, and improvements and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is reflected on the consolidated statement of operations in the period realized. Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the lease, or the useful life of the assets. Construction in progress is related to property and equipment that has not yet been placed in service for its intended use.
Leases, Lessor
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 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 program 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.
Leases, Lessee
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 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.
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. 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 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 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 consolidated statements of operations. The interest component of finance leases is included in cost of revenue on the 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 is incurred.
Similar to other long-lived assets discussed below, the Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds its fair value. For leased assets, such circumstances would include the decision to leave a leased facility prior to the end of the minimum lease term or subleases for which estimated cash flows do not fully cover the costs of the associated lease. The Company committed to a decision to exit and sublease or cease use of certain facilities to align with the Company’s anticipated operating needs and incurred impairment charges related to real estate operating right-of-use assets of $13.0 million and $55.3 million during the years ended December 31, 2023 and December 31, 2022. Refer to Note 16 “Restructuring” to the consolidated financial statements for further information.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets resulting from the acquisition of entities are accounted for using the purchase method of accounting based on management’s estimate of the fair value of assets received. Intangible assets are amortized on a straight-line basis over the estimated useful lives which range from two to twelve years.
Goodwill is not subject to amortization, but is tested for impairment on an annual basis during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the reporting unit may be in excess of its fair value. As part of the annual goodwill impairment test, the Company first performs a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of its qualitative assessment, it is more-likely-than-not that the fair value of the Company’s reporting unit is less than its carrying amount, the quantitative impairment test will be required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test.
Impairment Long-Lived Assets
Impairment of Long-Lived Assets
The Company reviews long-lived assets, including property and equipment and intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Such events and changes may include: significant changes in performance relative to expected operating results, changes in asset use, negative industry or economic trends, and changes in the Company’s business strategy. The Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds its fair value. With the exception of impairment charges related to real estate operating right-of-use assets discussed above, t
Software Development Costs
Software Development Costs
The Company incurs costs related to developing the Lyft Platform and related support systems. The Company capitalizes development costs related to the Lyft Platform and related support systems once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended.
Insurance Reserves and Insurance-related Accruals
Insurance Reserves and Insurance-related Accruals
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 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, and changes in claims experience, including consideration of new information and application of loss development factors, and frequency and severity assumptions, among other inputs and assumptions for the insurance reserves and insurance-related accruals. 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 available limited historical loss experience because of the limited operational history. The Company makes certain assumptions based on currently available information and industry statistics, with the loss development factors as the most significant assumption related to the insurance reserves and the frequency and severity assumptions as the most significant assumptions related to insurance-related accruals, 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 and insurance-related accrual amounts are adequate, the ultimate liabilities may be in excess of, or less than, the amounts provided. As a result, the net amounts that will ultimately be paid to settle the liabilities and when amounts will be paid may significantly vary from the estimated amounts provided for on the consolidated balance sheets. For example, disruptive factors may distort data, metrics and patterns and result in rapid increases in insurance cost and reserve deficiency. These disruptive factors can include recent economic conditions and ongoing global events such as the high inflationary environment, increased litigation, and higher than expected losses across the commercial auto industry. 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.
On April 22, 2021, PVIC entered into a Reinsurance Agreement with 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 (the “Reinsurance Transaction”). 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. Losses ceded under the Reinsurance Agreement that exceed $271.5 million, but are below the aggregate limit of $434.5 million, resulted in the recognition of a deferred gain liability. The deferred gain liability was amortized and recognized as a benefit to the statement of operations over the estimated remaining settlement period of the ceded reserves. The settlement period of the ceded reserves was based on the life-to-date cumulative losses collected and likely extends over periods longer than a quarter. The amount of the deferral that was amortized was recalculated each period based on loss payments and updated estimates of the portfolio’s total losses. When the amount and timing of the reinsurance recoveries were uncertain, the recovery method was used to calculate the amount of amortization in period. The deferral of gains had a negative impact in the respective period to cost of revenue as the losses on direct liabilities were not offset by gains from excess benefits under the Reinsurance Agreement. The amortization of these deferred gains provided a benefit to cost of revenue over multiple periods equal to the excess benefits received. Deferred gain liabilities for the Reinsurance Transaction were included in accruals and other current liabilities on the consolidated balance sheets.
On June 21, 2022, PVIC and DARAG completed a transaction to effectively commute and settle the previous Reinsurance Agreement. Refer to Note 6 "Supplemental Financial Statement Information - Commutation of the Reinsurance Agreement" to the consolidated financial statements for information regarding this transaction.
Net Loss Per Share
Net Loss Per Share
The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method determines net loss per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company had no participating securities outstanding during any of the periods presented.
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. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. For periods in which the Company reports net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Variable Interest Entities
Variable Interest Entities
In accordance with Accounting Standards Codification Topic 810, Consolidation (“ASC 810”), the Company evaluates its ownership, contractual and other interests in entities to assess whether it has a variable interest in entities in which it has a financial relationship and, if so, whether or not those entities are variable interest entities (“VIEs”). These evaluations are complex, involving judgment and the use of estimates and assumptions based on available historical and prospective information, among other factors. For an entity to qualify as a VIE, ASC 810 requires the Company to determine if the Company is the primary beneficiary of the VIE, and, if so, to consolidate such entity into its consolidated financial statements.
The Company consolidates VIEs in which it has a controlling financial interest and is therefore deemed the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance; and (b) the obligation to absorb the VIE losses and the right to receive benefits that are significant to the VIE. Periodically, the Company reevaluates its ownership, contractual and other interests in entities to determine whether any changes in its interest or relationship with an entity impacts the determination of whether it is still the primary beneficiary of such entity. The Company has determined that it was the primary beneficiary of one VIE as of December 31, 2023.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies the accounting for convertible instruments by eliminating the requirement to separate embedded conversion features from the host contract when the conversion features are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital. By removing the separation model, a convertible debt instrument will be reported as a single liability instrument with no separate accounting for embedded conversion features. This new standard also removes certain settlement conditions that are required for contracts to qualify for equity classification and simplifies the diluted earnings per share calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings per share calculations. This new standard is effective for the Company for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted this standard effective January 1, 2022, using the modified retrospective method. In the consolidated balance sheets, the adoption of this new guidance resulted in:
•an increase of $133.5 million to the total carrying value of the convertible senior notes to reflect the full principal amount of the convertible senior notes outstanding net of issuance costs,
•a reduction of $140.0 million (net of tax) to additional paid-in capital to remove the equity component separately recorded for the conversion features associated with the convertible senior notes, and
•a cumulative-effect adjustment of $6.5 million (net of tax) to the beginning balance of accumulated deficit as of January 1, 2022.
In October 2021, the FASB issued ASU No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which requires companies to apply the definition of a performance obligation under ASC 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. This will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC 606. This new standard became effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within that fiscal year, with early adoption permitted. The Company adopted ASU 2021-08 in the second quarter of 2022 on a prospective basis. There were no acquisitions in the first quarter of 2022.
In December 2022, the FASB issued ASU No. 2022-06, which defers the sunset date of “Reference Rate Reform (Topic 848)”, from December 31, 2022 to December 31, 2024. ASC 848 provides temporary relief relating to the potential accounting impact relating to the replacement of LIBOR or other reference rates expected to be discounted as a result of reference rate reform. ASU 2022-06 is effective immediately for all entities. This accounting standard update did not have a material impact on our consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security to contractual restrictions that prohibit the sale of an equity security and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. This new standard will be effective for the Company for fiscal years beginning after December 15, 2023, including interim periods
within that fiscal year, with early adoption permitted. This accounting standard update is not expected to have a material impact on our consolidated financial statements as the amendments align with our existing policy.
In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which amends and enhances the disclosure requirements for reportable segments. All disclosure requirements under this standard will also be required for public entities with a single reportable segment. The new standard will be effective for the Company for fiscal years beginning after December 15, 2023, including interim periods within fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures”, which requires companies to provide disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for public business entities for fiscal periods beginning after December 15, 2024. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Revenues
The table below presents the Company's revenues as included on the consolidated statements of operations (in thousands):
Year Ended December 31,
202320222021
Revenue from contracts with customers (ASC 606)$4,116,216 $3,811,993 $2,957,979 
Rental revenue (ASC 842)287,373 283,142 250,344 
Total revenue$4,403,589 $4,095,135 $3,208,323 
Schedule of Accounts receivable, Allowance for Credit Loss
The following table provides a rollforward of the Company’s allowance for credit losses for the periods presented (in millions):
Year Ended December 31,
202320222021
Balance at beginning of period$11.6 $9.3 $15.2 
Changes to provision
(0.4)1.9 (4.5)
Write-offs and recoveries
(1.4)0.4 (1.4)
Balance at end of period$9.8 $11.6 $9.3 
v3.24.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
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$2,665 
Prepaid expenses and other current assets34,845 
Other investments22,175 
Property and equipment2,202 
Operating lease right-of-use assets786 
Identifiable intangible assets45,047 
Total identifiable assets acquired107,720 
Accounts payable6,004 
Accrued and other liabilities3,344 
Operating lease liabilities — current292 
Operating lease liabilities494 
Other liabilities14,678 
Total liabilities assumed24,812 
Non-controlling interest (recorded to equity)140 
Net assets assumed82,768 
Goodwill80,748 
Total acquisition consideration$163,516 
Schedule of Fair Value and Useful Lives of Identified Intangible Assets
The Company recorded intangible assets at their fair value, which consisted of the following (in thousands):
Estimated useful life (in years)Amount
Tradename2$1,009 
Customer relationships – cities
7 - 11
22,157 
Developed technology (hardware and software)
2 - 3
21,881 
Total intangible assets$45,047 
v3.24.0.1
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
The changes in the carrying amount of goodwill for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
Balance as of December 31, 2021$180,516 
Additions81,108 
Foreign currency translation and other adjustments(42)
Balance as of December 31, 2022$261,582 
Additions— 
Foreign currency translation and other adjustments(3,791)
Balance as of December 31, 2023$257,791 
Schedule of Intangible Assets, Net
Intangible assets, net consisted of the following as of the dates indicated (in thousands):
December 31, 2023
Weighted-average
Remaining Useful
Life (Years)		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Developed technology and patents2.2$41,568 $29,540 $12,028 
Contractual relationship – cities and user relationships6.8100,725 53,238 47,487 
Total intangible assets$142,293 $82,778 $59,515 
December 31, 2022
Weighted-average
Remaining Useful
Life (Years)		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Developed technology and patents2.3$41,262 $20,424 $20,838 
Contractual relationship – cities and user relationships8.2100,429 45,059 55,370 
Total intangible assets$141,691 $65,483 $76,208 
Schedule of Future Amortization Expense
As of December 31, 2023, future amortization of intangible assets that will be recorded in cost of revenue and operating expenses is estimated as follows (in thousands).
Year ended December 31:
2024$18,066 
20258,568 
20268,345 
20278,345 
20288,345 
Thereafter
7,846 
Total remaining amortization
$59,515 
v3.24.0.1
Supplemental Financial Statement Information (Tables)
 12 Months Ended
Dec. 31, 2023
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):
December 31, 2023
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$28,351 $— $— $28,351 
Money market deposit accounts117,626 — — 117,626 
Certificates of deposit179,607 200 (4)179,803 
Commercial paper918,278 584 (331)918,531 
Corporate bonds29,171 6 (5)29,172 
U.S. government securities231,926 82 — 232,008 
Total unrestricted cash equivalents and short-term investments1,504,959 872 (340)1,505,491 
Restricted Balances(2)
Money market funds44,241 — — 44,241 
Term deposits3,539 — — 3,539 
Certificates of deposit144,935 175 (1)145,109 
Commercial paper618,854 366 (146)619,074 
Corporate bonds12,409 3 (1)12,411 
U.S. government securities224,635 84 — 224,719 
Total restricted cash equivalents and investments1,048,613 628 (148)1,049,093 
Total unrestricted and restricted cash equivalents and investments$2,553,572 $1,500 $(488)$2,554,584 
_______________
(1)Excludes $179.7 million of cash, which is included within the $1.7 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)Excludes $1.4 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 consolidated balance sheets.
December 31, 2022
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$3,276 $— $— $3,276 
Money market deposit accounts126,994 — — 126,994 
Term deposits5,000 — — 5,000 
Certificates of deposit502,374 295 (510)502,159 
Commercial paper964,410 403 (1,663)963,150 
Corporate bonds61,605 — (104)61,501 
U.S. government securities
7,059 1 — 7,060 
Total unrestricted cash equivalents and short-term investments1,670,718 699 (2,277)1,669,140 
Restricted Balances(2)
Money market funds93,362 — — 93,362 
Term deposits3,539 — — 3,539 
Certificates of deposit355,241 174 (437)354,978 
Commercial paper596,213 243 (865)595,591 
Corporate bonds14,933 — (17)14,916 
U.S. government securities74,699 2 (167)74,534 
Total restricted cash equivalents and investments1,137,987 419 (1,486)1,136,920 
Total unrestricted and restricted cash equivalents and investments$2,808,705 $1,118 $(3,763)$2,806,060 
_______________
(1)Excludes $126.5 million of cash and $1.1 million in marketable equity securities, which is included within the $1.8 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)Excludes $1.3 million of restricted cash, which is included within the $1.1 billion of restricted cash and cash equivalents and restricted short-term investments on the 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):
December 31, 2023
Estimated Fair ValueUnrealized Losses
Certificates of deposit$31,945 $(5)
Corporate bonds 14,621 (6)
Commercial paper128,645 (473)
Total available-for-sale debt securities in an unrealized loss position $175,211 $(484)
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following as of the dates indicated (in thousands):
December 31,
20232022
Bike and scooter fleet$240,137 $179,330 
Owned vehicles197,703 143,391 
Finance lease right-of-use assets80,934 32,887 
Leasehold improvements77,230 91,334 
Computer equipment and software38,911 36,271 
Furniture and fixtures5,867 5,602 
Construction in progress72,257 48,523 
713,039 537,338 
Less: Accumulated depreciation(247,195)(223,936)
Property and equipment, net$465,844 $313,402 
Schedule of Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands):
December 31,
20232022
Insurance-related accruals (1)
$643,147 $566,831 
Legal and tax related accruals296,336 458,209 
Ride-related accruals212,114 181,138 
Long-term debt, current25,798 36,287 
Insurance claims payable and related fees52,609 53,280 
Deferred gain related to the Reinsurance Transaction (2)
— 2,357 
Other278,851 263,507 
Accrued and other current liabilities$1,508,855 $1,561,609 
_______________
(1)Refer to Note 2 “Summary of Significant Accounting Policies” above for more information on these insurance-related accruals.
(2)Refer to Note 2 “Summary of Significant Accounting Policies” above and the rest of this Note 6 “Supplemental Financial Statement Information - Insurance Reserves” below for more information on this deferred gain.
Summary of Rollforward of the Insurance Reserve
The following table provides a rollforward of the insurance reserve for the periods presented (in thousands):
Year Ended December 31,
202320222021
Balance at beginning of period$1,417,350 $1,068,628 $987,064 
Additions (1)
516,337 1,146,482 772,323 
Deductions (2)
(595,819)(797,760)(690,759)
Balance at end of period$1,337,868 $1,417,350 $1,068,628 
_______________
(1)Additions to insurance reserves include reserves from claims originating from the current year of $512.3 million, $333.9 million and $271.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Additions to insurance reserves also include $561.2 million and $255.4 million for the years ended December 31, 2022 and 2021, respectively, for adverse changes in estimates resulting from new developments in claims originating from prior years. Additions also include adjustments related to the Commutation Transaction of $4.0 million and $247.4 million for the years ended December 31, 2023 and 2022, respectively, and $4.0 million and $245.2 million of reinsurance recoverable for the years ended December 31, 2022 and 2021, respectively. See below for more details of the "Commutation of the Reinsurance Agreement".
(2)Deductions include losses paid of $580.4 million, $552.6 million and $439.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Deductions also include $11.4 million for the year ended December 31, 2023 for favorable changes in estimates resulting from new developments in claims originating from prior years and a reinsurance recoverable at the beginning of the period of $4.0 million, $245.2 million and $251.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Schedule of Other Income (Expense), Net
The following table sets forth the primary components of other income (expense), net as reported on the consolidated statements of operations (in thousands):
Year Ended December 31,
202320222021
Interest income$145,728 $47,142 $9,074 
(Loss) Gain on sale of securities, net(243)(287)687 
Foreign currency exchange gains (losses), net3,657 (4,387)788 
Sublease income4,849 11,591 6,624 
Gain on equity method investment(1)
12,926 — — 
Gain from transaction with Woven Planet— — 119,284 
Impairment charges(2)
— (135,714)— 
Other, net3,206 (18,333)(524)
Other income (expense), net$170,123 $(99,988)$135,933 
_______________
(1)In the quarter ended June 30, 2023, the Company received investments in a non-marketable equity security in a privately held company. Refer to Note 17 “Variable Interest Entities” for more information on this transaction.
(2)In the third quarter of 2022, the Company impaired the entire amount of a non-marketable equity investment in addition to other assets with the investee. This impairment was triggered due to the announced winding down of the equity investee. Refer to Note 7 “Fair Value Measurements” for additional details.
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured at Fair Value on Recurring Basis
The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):
December 31, 2023
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds$28,351 $— $— $28,351 
Certificates of deposit— 179,803 — 179,803 
Commercial paper— 918,531 — 918,531 
Corporate bonds— 29,172 — 29,172 
U.S. government securities— 232,008 — 232,008 
Total unrestricted cash equivalents and short-term investments28,351 1,359,514 — 1,387,865 
Restricted cash equivalents and investments(2)
Money market funds44,241 — — 44,241 
Certificates of deposit— 145,109 — 145,109 
Commercial paper— 619,074 — 619,074 
Corporate bonds— 12,411 — 12,411 
U.S. government securities— 224,719 — 224,719 
Total restricted cash equivalents and investments44,241 1,001,313 — 1,045,554 
Total financial assets72,592 2,360,827 — 2,433,419 
_______________
(1)$179.7 million of cash, $117.6 million of money market deposit accounts and $3.5 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 $1.7 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)$1.4 million of restricted cash is 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 consolidated balance sheets.
December 31, 2022
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds$3,276 $— $— $3,276 
Certificates of deposit— 502,159 — 502,159 
Commercial paper— 963,150 — 963,150 
Corporate bonds— 61,501 — 61,501 
U.S. government securities— 7,060 — 7,060 
Total unrestricted cash equivalents and short-term investments3,276 1,533,870 — 1,537,146 
Restricted cash equivalents and investments(2)
Money market funds93,362 — — 93,362 
Certificates of deposit— 354,978 — 354,978 
Commercial paper— 595,591 — 595,591 
Corporate bonds— 14,916 — 14,916 
U.S. government securities— 74,534 — 74,534 
Total restricted cash equivalents and investments93,362 1,040,019 — 1,133,381 
Marketable equity securities(3)
1,136 — — 1,136 
Total financial assets$97,774 $2,573,889 $— $2,671,663 
Liabilities
Contingent consideration(4)
$— $— $15,000 $15,000 
Total financial liabilities$— $— $15,000 $15,000 
_______________
(1)$126.5 million of cash, $127.0 million of money market deposit accounts and $5.0 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 $1.8 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)$1.3 million of restricted cash and $3.5 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 $1.1 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
(3)Included in other investments on the consolidated balance sheets.
(4)In the second quarter of 2022, the Company completed the acquisition of PBSC which included up to $15.0 million in contingent consideration to be paid over the next year. The contingent consideration was classified as a liability and is included in accrued and other current liabilities on the consolidated balance sheets. Refer to Note 3 "Acquisitions" to the consolidated financial statements for information regarding this contingent consideration.
Summary of Reconciliation of Level 3 Financial Liabilities The following table provides a reconciliation of the Company’s Level 3 financial liabilities (in thousands):
Year Ended December 31,
20232022
Balance at beginning of period$15,000 $— 
Additions
— 14,100 
Payments
(15,000)— 
Change in fair value— 900 
Balance at end of period(1)
$— $15,000 
_______________
(1)Relates to the contingent consideration from the acquisition of PBSC in the second quarter of 2022 which was paid out during the second quarter of 2023. The contingent consideration was classified as a liability and was included in accrued and other current liabilities on the consolidated balance sheets. Refer to Note 3 "Acquisitions" to the consolidated financial statements for information regarding this contingent consideration.
Summary of Reconciliation of Level 3 Financial Assets
The following table provides a reconciliation of the Company’s financial assets measured at fair value on a non-recurring basis within other investments on the consolidated balance sheets (in thousands):
Year Ended December 31,
20232022
Balance at beginning of period$5,903 $80,411 
Additions(1)
— 64,044 
Change in fair value(2)
(19)(138,552)
Balance at end of period$5,884 $5,903 
_______________
(1)Relates to non-marketable equity securities included in other investments on the consolidated balance sheets.
(2)In the third quarter of 2022, the entire amount of the investment in the non-marketable equity security was impaired due to the announced winding down of the equity investee. The resulting impairment charge was recorded to other income (expense), net on the consolidated statement of operations.
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Lease Position
The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
December 31, 2023December 31, 2022
Operating Leases
Assets
Operating lease right-of-use assets(1)
$98,202 $135,213 
Liabilities
Operating lease liabilities, current$42,556 $45,803 
Operating lease liabilities, non-current134,102 176,356 
Total operating lease liabilities$176,658 $222,159 
Finance Leases
Assets
Finance lease right-of-use assets(2)
$80,933 $32,887 
Liabilities
Finance lease liabilities, current(3)
25,193 15,053 
Finance lease liabilities, non-current(4)
61,321 19,921 
Total finance lease liabilities$86,514 $34,974 
Weighted-average remaining lease term (years)
Operating leases4.55.1
Finance leases3.42.5
Weighted-average discount rate
Operating leases6.7 %6.4 %
Finance leases6.7 %5.2 %
_______________
(1)The Company committed to a decision to exit and sublease or cease use of certain facilities to align with the Company’s anticipated operating needs and incurred charges related to real estate operating right-of-use assets of $13.0 million and $55.3 million during the years ended December 31, 2023 and 2022, respectively.
(2)This balance is included within property and equipment, net on the consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other current liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
(4)This balance is included within other liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
Schedule of Lease Costs and Supplemental Cash Flow Information
The table below presents certain information related to the costs for operating leases and finance leases for the year ended December 31, 2023 (in thousands):
Year Ended December 31,
20232022
Operating Leases
Operating lease cost$40,450 $67,283 
Finance Leases
Amortization of right-of-use assets19,847 15,124 
Interest on lease liabilities3,449 1,034 
Other Lease Costs
Short-term lease cost3,749 5,355 
Variable lease cost (1)
10,270 17,040 
Total lease cost$77,765 $105,836 
_______________
(1)Consists 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 consolidated statements of cash flows (in thousands):
Year Ended December 31,
20232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$59,318 $76,188 
Operating cash flows from finance leases3,558 1,095 
Financing cash flows from finance leases43,466 34,783 
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 consolidated balance sheet as of December 31, 2023 (in thousands):
Operating LeasesFinance LeasesTotal Leases
2024$55,689 $29,601 $85,290 
202546,402 27,549 73,951 
202632,576 20,336 52,912 
202727,652 9,863 37,515 
202819,826 10,689 30,515 
Thereafter23,700 — 23,700 
Total minimum lease payments205,845 98,038 303,883 
Less: amount of lease payments representing interest(29,187)(11,524)(40,711)
Present value of future lease payments176,658 86,514 263,172 
Less: current obligations under leases(42,556)(25,193)(67,749)
Long-term lease obligations$134,102 $61,321 $195,423 
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 consolidated balance sheet as of December 31, 2023 (in thousands):
Operating LeasesFinance LeasesTotal Leases
2024$55,689 $29,601 $85,290 
202546,402 27,549 73,951 
202632,576 20,336 52,912 
202727,652 9,863 37,515 
202819,826 10,689 30,515 
Thereafter23,700 — 23,700 
Total minimum lease payments205,845 98,038 303,883 
Less: amount of lease payments representing interest(29,187)(11,524)(40,711)
Present value of future lease payments176,658 86,514 263,172 
Less: current obligations under leases(42,556)(25,193)(67,749)
Long-term lease obligations$134,102 $61,321 $195,423 
v3.24.0.1
Commitment and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Minimum Payments Under Noncancelable Purchase Commitments
As of December 31, 2023, the future minimum payments under the Company’s noncancellable purchase commitments, which are inclusive of the arrangements mentioned above, were as follows (in thousands):
2024$8,800 
202589,092 
202689,396 
202717,711 
2028— 
Thereafter— 
Total future minimum payments$204,999 
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations and Interest Expense Related to Convertible Debt
Outstanding debt obligations as of December 31, 2023 were as follows (in thousands):
Maturities
Interest Rates as of December 31, 2023
December 31, 2023December 31, 2022
Convertible senior notes
May 20251.50%$743,486 $740,609 
Non-revolving Loan
2024
2.88% - 2.91%
3,115 24,429 
Master Vehicle Loan
2024 - 2026
2.60% - 7.10%
118,559 74,456 
Total long-term debt, including current maturities$865,160 $839,494 
Less: long-term debt maturing within one year25,798 36,287 
Total long-term debt$839,362 $803,207 
The following table sets forth the primary components of interest expense as reported on the consolidated statements of operations (in thousands):
Year Ended December 31,
202320222021
Contractual interest expense related to the 2025 Notes$11,212 $11,212 11,212 
Amortization of debt discount and issuance costs (1)
2,877 2,928 35,575 
Interest expense related to vehicle loans and other
12,134 5,595 4,848 
Interest expense$26,223 $19,735 $51,635 
_______________
(1)Following the adoption of ASC 2020-06 on January 1, 2022 using the modified retrospective approach, the debt discount associated with the equity component on convertible debt outstanding is now classified as debt, which results in a decrease in the amount of interest expense being recorded each period from January 1, 2022 to maturity.
Schedule of Convertible Notes
The net carrying amounts of the liability component of the 2025 Notes were as follows (in thousands):
December 31, 2023
Principal$747,498 
Unamortized debt discount and debt issuance costs
(4,012)
Net carrying amount of liability component$743,486 
Schedule of Maturities of Long-term Debt Outstanding
Maturities of long-term debt outstanding, including current maturities, as of December 31, 2023 were as follows (in thousands):
2024$25,798 
2025781,495 
202657,867 
2027— 
2028— 
Thereafter— 
Total long-term debt outstanding$865,160 
v3.24.0.1
Common Stock and Employee Stock Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Common Stock Reserved for Future Issuance
The following table summarizes the Company’s shares of common stock reserved for issuance as of December 31, 2023:
Options issued and outstanding under the 2008 Plan779,942 
RSUs outstanding under the 2008 Plan, the 2018 Plan, and the 2019 Plan 30,090,811 
Remaining shares available for future issuance under the 2019 ESPP Plan and the 2019 Plan57,814,909 
Schedule of Stock Options Activity
The summary of stock option activity is as follows (in thousands, except per share data):
Options Outstanding
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life		Aggregate
Intrinsic
Value
(in years)
Balance as of December 31, 2022993 $4.87 1.9$6,109 
Exercises(201)6.00 
Forfeitures— — 
Cancellations(12)1.54 
Balance as of December 31, 2023780 $4.63 1.0$8,079 
Schedule of Restricted Stock Unit Activity
The summary of restricted stock unit activity (“RSU”) is as follows (in thousands, except per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value
Nonvested units as of December 31, 202222,315 $28.15 $244,926 
Granted44,507 8.96 
Vested(28,397)18.77 
Canceled(8,334)24.62 
Nonvested units as of December 31, 2023
30,091 $9.40 $449,994 
Expected to vest as of December 31, 2023
29,610 $443,855 
Schedule of Stock-Based Compensation Expense
The Company recorded stock-based compensation expense on the consolidated statements of operations for the periods indicated as follows (in thousands):
Year Ended December 31,
202320222021
Cost of revenue$30,170 $44,132 $39,491 
Operations and support15,468 25,442 24,083 
Research and development214,160 391,983 414,324 
Sales and marketing29,682 49,867 38,243 
General and administrative195,053 239,343 208,419 
Total stock-based compensation expense$484,533 $750,767 $724,560 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
U.S. and Foreign Components of Loss Before Income Taxes
The components of the provision for income taxes for the periods indicated are as follows (in thousands):
Year Ended December 31,
202320222021
United States$(348,050)$(1,600,323)$(1,072,489)
Foreign16,346 21,684 21,570 
Loss before income taxes$(331,704)$(1,578,639)$(1,050,919)
Components of Provision for Income Taxes
The provision for income taxes for the periods indicated are as follows (in thousands):
Year Ended December 31,
202320222021
Current provision
Federal$— $— $— 
State3,762 1,256 1,272 
Foreign7,239 4,240 7,228 
Total current$11,001 $5,496 $8,500 
Deferred provision
Federal481 481 639 
State(337)1,256 — 
Foreign(2,529)(1,361)2,086 
Total deferred(2,385)376 2,725 
Total provision for (benefit from) income taxes$8,616 $5,872 $11,225 
Reconciliation of Statutory Federal Income Tax Rate to the Effective Rate
A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective tax rate is as follows:
Year Ended December 31,
202320222021
Provision at federal statutory rate21.0 %21.0 %21.0 %
State, net of federal benefit9.7 2.1 2.6 
Permanent tax adjustments(1.1)(0.4)(0.2)
Nondeductible expenses(8.3)(0.7)(1.1)
Stock-based compensation(15.1)(4.9)2.5 
Executive compensation
(2.4)— — 
Change in valuation allowance(2.5)(17.1)(25.2)
Deferred adjustments
(3.2)— — 
Other adjustments(0.7)(0.4)(0.7)
Provision for income taxes(2.6)%(0.4)%(1.1)%
Schedule of Deferred Tax Assets and Liabilities The significant components of the Company’s deferred tax assets and liabilities as of the periods indicated were as follows (in thousands):
December 31,
20232022
Deferred tax assets:
Net operating loss carryforwards$2,084,523 $2,127,233 
Insurance reserves and accruals314,526 296,423 
Stock-based compensation12,091 19,132 
Research capitalization240,354 163,370 
Accrued legal settlement/fees87,310 114,963 
Lease liability73,497 55,579 
Accrued and other liabilities39,576 76,311 
Capital losses
34,965 — 
Other assets
415 — 
Total deferred tax assets2,887,257 2,853,011 
Less: Valuation allowance(2,715,841)(2,706,982)
Deferred tax assets, net of valuation allowance171,416 146,029 
Deferred tax liabilities:
State income taxes(133,859)(124,982)
Operating lease right of use assets(50,004)(36,379)
Total deferred tax liabilities(183,863)(161,361)
Net deferred tax assets$(12,447)$(15,332)
Summary of Rollforward of Valuation Allowance
A reconciliation of the valuation allowance is as follows (in thousands):
Year Ended December 31,
202320222021
Beginning balance$2,706,982 $2,408,647 $2,144,548 
Net changes in deferred tax assets and liabilities8,859 298,335 264,099 
Ending balance$2,715,841 $2,706,982 $2,408,647 
v3.24.0.1
Net Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Net Loss Per Share
The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except per share data):
Year Ended December 31,
202320222021
Net loss$(340,320)$(1,584,511)$(1,062,144)
Weighted-average shares used in computing net loss per share, basic and diluted385,335 354,731 334,724 
Net loss per share, basic and diluted$(0.88)$(4.47)$(3.17)
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):
As of December 31,
202320222021
2025 Notes(1)
19,471 19,471 19,471 
Restricted stock units15,538 20,542 16,285 
Performance based restricted stock units14,553 1,773 831 
Stock options780 993 1,105 
ESPP111 307 115 
Total50,453 43,086 37,807 
_______________
(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 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 Company's Class A common stock price exceeds the conversion price of the 2025 Notes.
v3.24.0.1
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Related Charges (Benefits)
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2023 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$667 $3,204 $— $— $3,871 
Operation and support259 3,054 5,268 669 9,250 
Research and development 4,539 21,254 — — 25,793 
Sales and marketing 1,045 5,191 — — 6,236 
General and administrative 3,213 14,535 400 — 18,148 
Total$9,723 $47,238 $5,668 $669 $63,298 
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2023 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$— $1,101 $— $— $1,101 
Operation and support205 3,127 9,453 305 13,090 
Research and development — 20 2,534 — 2,554 
Sales and marketing — 14 — — 14 
General and administrative — 64 7,604 16 7,684 
Total$205 $4,326 $19,591 $321 $24,443 
The following table summarizes the above restructuring related charges (benefits) by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2022 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$182 $1,612 $— $— $1,794 
Operation and support(31)5,173 4,851 8,680 $18,673 
Research and development 3,818 9,706 15,393 36 $28,953 
Sales and marketing 458 3,123 — — $3,581 
General and administrative 5,082 9,861 37,120 15,192 $67,255 
Total$9,509 $29,475 $57,364 $23,908 $120,256 
v3.24.0.1
Summary of Significant Accounting Policies - Additional Information (Details)
 12 Months Ended
Apr. 22, 2021
USD ($)
Dec. 31, 2023
USD ($)
vie
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jan. 01, 2022
USD ($)
Significant Accounting Policies          
Number of operating segments | segment   1      
Accounts receivable   $ 315,000,000 $ 278,900,000 $ 196,200,000  
Revenue   4,403,589,000 4,095,135,000 3,208,323,000  
Sales and marketing   481,004,000 531,512,000 411,406,000  
Advertising expenses   122,000,000 162,100,000 145,400,000  
Prepaid expenses and other current assets   892,235,000 786,067,000    
Impairment loss   13,000,000 55,300,000    
Goodwill impairment   0 0 0  
Impairment of long-lived assets   0 0 0  
Capitalized software development costs   $ 8,100,000 12,100,000 16,200,000  
Number of vie's | vie   1      
Net carrying amount of liability component   $ 865,160,000 839,494,000    
Additional paid-in capital   10,827,378,000 10,335,013,000    
Accumulated deficit   (10,280,915,000) (9,940,595,000)    
DARAG Bermuda LTD          
Significant Accounting Policies          
Reserves for current period $ 183,200,000        
Pacific Valley Insurance Company, Inc. | DARAG Bermuda LTD          
Significant Accounting Policies          
Transfer of certain legacy auto insurance liabilities 251,300,000        
Reinsurance obligations 434,500,000        
Unearned premiums $ 271,500,000        
Sales and marketing          
Significant Accounting Policies          
Credit and refund payments   19,700,000 21,500,000 19,100,000  
Cost of revenue          
Significant Accounting Policies          
Credit and refund payments   6,200,000 7,800,000 6,500,000  
Cumulative Effect, Period of Adoption, Adjustment          
Significant Accounting Policies          
Additional paid-in capital         $ (140,000,000)
Accumulated deficit         6,500,000
Convertible Senior Notes Due 2025          
Significant Accounting Policies          
Net carrying amount of liability component   $ 743,486,000 740,609,000    
Convertible Senior Notes Due 2025 | Cumulative Effect, Period of Adoption, Adjustment          
Significant Accounting Policies          
Net carrying amount of liability component         133,500,000
Scooter          
Significant Accounting Policies          
Estimated useful life of property and equipment   12 months      
Depreciation expense   $ 3,400,000 8,600,000 5,900,000  
Scooter | Not Yet Placed Into Service          
Significant Accounting Policies          
Prepaid expenses and other current assets   0 0    
Scooter | Placed Into Service          
Significant Accounting Policies          
Prepaid expenses and other current assets   $ 10,000,000 7,500,000    
Adjustments          
Significant Accounting Policies          
Additional paid-in capital         (140,000,000)
Accumulated deficit         $ (6,500,000)
Minimum          
Significant Accounting Policies          
Estimated useful lives of intangible assets   2 years      
Minimum | Property, Plant and Equipment          
Significant Accounting Policies          
Estimated useful life of property and equipment   1 year      
Maximum          
Significant Accounting Policies          
Estimated useful lives of intangible assets   12 years      
Maximum | Property, Plant and Equipment          
Significant Accounting Policies          
Estimated useful life of property and equipment   8 years      
Ride Share | Revenue, Product and Service Benchmark | Product Concentration Risk          
Significant Accounting Policies          
Concentration risk percentage   85.00%      
Driver Passenger and Light Vehicle Renter Incentive Programs          
Significant Accounting Policies          
Sales and marketing   $ 142,500,000 109,800,000 64,700,000  
Driver Passenger and Light Vehicle Renter Incentive Programs | Adjustments          
Significant Accounting Policies          
Revenue   $ (1,100,000,000) $ (1,400,000,000) $ (1,300,000,000)  
v3.24.0.1
Summary of Significant Accounting Policies - Schedule of Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]      
Revenue from contracts with customers (ASC 606) $ 4,116,216 $ 3,811,993 $ 2,957,979
Rental revenue (ASC 842) 287,373 283,142 250,344
Total revenue $ 4,403,589 $ 4,095,135 $ 3,208,323
v3.24.0.1
Summary of Significant Accounting Policies - Schedule of Accounts receivable, Allowance for Credit Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss      
Balance at beginning of period $ 11.6 $ 9.3 $ 15.2
Changes to provision (0.4) 1.9 (4.5)
Write-offs and recoveries (1.4) 0.4 (1.4)
Balance at end of period $ 9.8 $ 11.6 $ 9.3
v3.24.0.1
Acquisitions - Additional Information (Details) - USD ($)
$ in Thousands
May 17, 2022
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net          
Intangible assets, net   $ 59,515   $ 76,208  
PBSC Urban Solutions          
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net          
Percentage of voting interests acquired (as a percent) 100.00%        
Purchase price $ 163,500        
Fair value of consideration 14,100        
Business combination, contingent consideration arrangements, range of outcomes, value, high     $ 15,000   $ 15,000
Intangible assets, net 45,047        
PBSC Urban Solutions | Tradename          
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net          
Intangible assets, net $ 1,009        
Weighted-average remaining useful life (in years) 2 years        
PBSC Urban Solutions | Customer relationships – cities          
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net          
Intangible assets, net $ 22,157        
PBSC Urban Solutions | Customer relationships – cities | Minimum          
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net          
Weighted-average remaining useful life (in years) 7 years        
PBSC Urban Solutions | Customer relationships – cities | Maximum          
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net          
Weighted-average remaining useful life (in years) 11 years        
PBSC Urban Solutions | Developed technology (hardware and software)          
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net          
Intangible assets, net $ 21,881        
PBSC Urban Solutions | Developed technology (hardware and software) | Minimum          
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net          
Weighted-average remaining useful life (in years) 2 years        
PBSC Urban Solutions | Developed technology (hardware and software) | Maximum          
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net          
Weighted-average remaining useful life (in years) 3 years        
v3.24.0.1
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
May 17, 2022
Dec. 31, 2021
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Goodwill $ 257,791 $ 261,582   $ 180,516
PBSC Urban Solutions        
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Cash and cash equivalents     $ 2,665  
Prepaid expenses and other current assets     34,845  
Other investments     22,175  
Property and equipment     2,202  
Operating lease right-of-use assets     786  
Identifiable intangible assets     45,047  
Total identifiable assets acquired     107,720  
Accounts payable     6,004  
Accrued and other liabilities     3,344  
Operating lease liabilities — current     292  
Operating lease liabilities     494  
Other liabilities     14,678  
Total liabilities assumed     24,812  
Non-controlling interest (recorded to equity)     140  
Net assets assumed     82,768  
Goodwill     80,748  
Total acquisition consideration     $ 163,516  
v3.24.0.1
Acquisitions - Fair Value and Useful Lives of Identified Intangible Assets Acquired (Details) - USD ($)
$ in Thousands
May 17, 2022
Dec. 31, 2023
Dec. 31, 2022
Acquired Finite-Lived Intangible Assets      
Intangible assets, net   $ 59,515 $ 76,208
PBSC Urban Solutions      
Acquired Finite-Lived Intangible Assets      
Intangible assets, net $ 45,047    
PBSC Urban Solutions | Tradename      
Acquired Finite-Lived Intangible Assets      
Estimated useful life (in years) 2 years    
Intangible assets, net $ 1,009    
PBSC Urban Solutions | Customer relationships – cities      
Acquired Finite-Lived Intangible Assets      
Intangible assets, net $ 22,157    
PBSC Urban Solutions | Customer relationships – cities | Minimum      
Acquired Finite-Lived Intangible Assets      
Estimated useful life (in years) 7 years    
PBSC Urban Solutions | Customer relationships – cities | Maximum      
Acquired Finite-Lived Intangible Assets      
Estimated useful life (in years) 11 years    
PBSC Urban Solutions | Developed technology (hardware and software)      
Acquired Finite-Lived Intangible Assets      
Intangible assets, net $ 21,881    
PBSC Urban Solutions | Developed technology (hardware and software) | Minimum      
Acquired Finite-Lived Intangible Assets      
Estimated useful life (in years) 2 years    
PBSC Urban Solutions | Developed technology (hardware and software) | Maximum      
Acquired Finite-Lived Intangible Assets      
Estimated useful life (in years) 3 years    
v3.24.0.1
Divestitures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 13, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations        
Gain from transaction with Woven Planet   $ 0 $ 0 $ 119,284
Deferred revenue liability       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 from transaction with Woven Planet $ 119,300      
v3.24.0.1
Goodwill and Intangible Assets, Net - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill    
Goodwill, beginning balance $ 261,582 $ 180,516
Additions 0 81,108
Foreign currency translation and other adjustments (3,791) (42)
Goodwill, ending balance $ 257,791 $ 261,582
v3.24.0.1
Goodwill and Intangible Assets, Net - Intangible Assets, Net by Major Class (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-lived intangible assets    
Gross Carrying Amount $ 142,293 $ 141,691
Accumulated Amortization 82,778 65,483
Net Carrying Amount $ 59,515 $ 76,208
Developed technology and patents    
Finite-lived intangible assets    
Weighted-average Remaining Useful Life (Years) 2 years 2 months 12 days 2 years 3 months 18 days
Gross Carrying Amount $ 41,568 $ 41,262
Accumulated Amortization 29,540 20,424
Net Carrying Amount $ 12,028 $ 20,838
Contractual relationship – cities and user relationships    
Finite-lived intangible assets    
Weighted-average Remaining Useful Life (Years) 6 years 9 months 18 days 8 years 2 months 12 days
Gross Carrying Amount $ 100,725 $ 100,429
Accumulated Amortization 53,238 45,059
Net Carrying Amount $ 47,487 $ 55,370
v3.24.0.1
Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 16.8 $ 18.4 $ 18.1
v3.24.0.1
Goodwill and Intangible Assets, Net - Future Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Estimated amortization expense for each of the next five fiscal years    
2024 $ 18,066  
2025 8,568  
2026 8,345  
2027 8,345  
2028 8,345  
Thereafter 7,846  
Net Carrying Amount $ 59,515 $ 76,208
v3.24.0.1
Supplemental Financial Statement Information - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Cash Equivalents and Short-Term Investments    
Unrestricted cash equivalents and short-term investments, cost or amortized cost $ 1,504,959 $ 1,670,718
Unrestricted cash equivalents and short-term investments, unrealized gains 872 699
Unrestricted cash equivalents and short-term investments, unrealized losses (340) (2,277)
Unrestricted cash equivalents and short-term investments, estimated fair value 1,505,491 1,669,140
Restricted cash equivalents and investments, cost or amortized cost 1,048,613 1,137,987
Restricted cash equivalents and investments, unrealized gains 628 419
Restricted cash equivalents and investments, unrealized losses (148) (1,486)
Restricted cash equivalents and investments, estimated fair value 1,049,093 1,136,920
Unrestricted and restricted cash equivalents and investments, cost or amortized cost 2,553,572 2,808,705
Unrestricted and restricted cash equivalents and investments, unrealized gains 1,500 1,118
Unrestricted and restricted cash equivalents and investments, unrealized losses (488) (3,763)
Total financial assets 2,554,584 2,806,060
Cash 179,700 126,500
Marketable securities   1,100
Cash and cash equivalents and short-term investments 1,700,000 1,800,000
Restricted cash 1,400 1,300
Restricted cash and cash equivalents and restricted short-term investments 1,000,000 1,100,000
Money market funds    
Cash Equivalents and Short-Term Investments    
Unrestricted cash equivalents and short-term investments, cost or amortized cost 28,351 3,276
Unrestricted cash equivalents and short-term investments, unrealized gains 0 0
Unrestricted cash equivalents and short-term investments, unrealized losses 0 0
Unrestricted cash equivalents and short-term investments, estimated fair value 28,351 3,276
Restricted cash equivalents and investments, cost or amortized cost 44,241 93,362
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 44,241 93,362
Money market deposit accounts    
Cash Equivalents and Short-Term Investments    
Unrestricted cash equivalents and short-term investments, cost or amortized cost 117,626 126,994
Unrestricted cash equivalents and short-term investments, unrealized gains 0 0
Unrestricted cash equivalents and short-term investments, unrealized losses 0 0
Unrestricted cash equivalents and short-term investments, estimated fair value 117,626 126,994
Term deposits    
Cash Equivalents and Short-Term Investments    
Unrestricted cash equivalents and short-term investments, cost or amortized cost   5,000
Unrestricted cash equivalents and short-term investments, unrealized gains   0
Unrestricted cash equivalents and short-term investments, unrealized losses   0
Unrestricted cash equivalents and short-term investments, estimated fair value   5,000
Restricted cash equivalents and investments, cost or amortized cost 3,539 3,539
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 3,539 3,539
Certificates of deposit    
Cash Equivalents and Short-Term Investments    
Unrestricted cash equivalents and short-term investments, cost or amortized cost 179,607 502,374
Unrestricted cash equivalents and short-term investments, unrealized gains 200 295
Unrestricted cash equivalents and short-term investments, unrealized losses (4) (510)
Unrestricted cash equivalents and short-term investments, estimated fair value 179,803 502,159
Restricted cash equivalents and investments, cost or amortized cost 144,935 355,241
Restricted cash equivalents and investments, unrealized gains 175 174
Restricted cash equivalents and investments, unrealized losses (1) (437)
Restricted cash equivalents and investments, estimated fair value 145,109 354,978
Commercial paper    
Cash Equivalents and Short-Term Investments    
Unrestricted cash equivalents and short-term investments, cost or amortized cost 918,278 964,410
Unrestricted cash equivalents and short-term investments, unrealized gains 584 403
Unrestricted cash equivalents and short-term investments, unrealized losses (331) (1,663)
Unrestricted cash equivalents and short-term investments, estimated fair value 918,531 963,150
Restricted cash equivalents and investments, cost or amortized cost 618,854 596,213
Restricted cash equivalents and investments, unrealized gains 366 243
Restricted cash equivalents and investments, unrealized losses (146) (865)
Restricted cash equivalents and investments, estimated fair value 619,074 595,591
Corporate bonds    
Cash Equivalents and Short-Term Investments    
Unrestricted cash equivalents and short-term investments, cost or amortized cost 29,171 61,605
Unrestricted cash equivalents and short-term investments, unrealized gains 6 0
Unrestricted cash equivalents and short-term investments, unrealized losses (5) (104)
Unrestricted cash equivalents and short-term investments, estimated fair value 29,172 61,501
Restricted cash equivalents and investments, cost or amortized cost 12,409 14,933
Restricted cash equivalents and investments, unrealized gains 3 0
Restricted cash equivalents and investments, unrealized losses (1) (17)
Restricted cash equivalents and investments, estimated fair value 12,411 14,916
U.S. government securities    
Cash Equivalents and Short-Term Investments    
Unrestricted cash equivalents and short-term investments, cost or amortized cost 231,926 7,059
Unrestricted cash equivalents and short-term investments, unrealized gains 82 1
Unrestricted cash equivalents and short-term investments, unrealized losses 0 0
Unrestricted cash equivalents and short-term investments, estimated fair value 232,008 7,060
Restricted cash equivalents and investments, cost or amortized cost 224,635 74,699
Restricted cash equivalents and investments, unrealized gains 84 2
Restricted cash equivalents and investments, unrealized losses 0 (167)
Restricted cash equivalents and investments, estimated fair value $ 224,719 $ 74,534
v3.24.0.1
Supplemental Financial Statement Information - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Feb. 08, 2023
Jun. 21, 2022
Apr. 22, 2021
Jun. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash And Restricted Cash              
Allowance for credit loss on marketable and non-marketable available for sale debt securities         $ 0    
Depreciation and amortization         116,513,000 $ 154,798,000 $ 139,347,000
Consideration received for commutation of reinsurance agreement, funds withheld for liability   $ 90,300,000          
Realized gain from commutation of reinsurance agreement       $ 36,800,000      
Reinsurance recoverable   247,400,000          
Reinsurance amortized deferred gains related to losses ceded   105,700,000          
DARAG Bermuda LTD              
Cash And Restricted Cash              
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        
DARAG Bermuda LTD | Cost of revenue              
Cash And Restricted Cash              
Loss recognized from net cost of novation agreement             20,200,000
DARAG Bermuda LTD | General and administrative              
Cash And Restricted Cash              
Loss recognized from net cost of novation agreement             200,000
DARAG Bermuda LTD | Pacific Valley Insurance Company, Inc.              
Cash And Restricted Cash              
Transfer of certain legacy auto insurance liabilities     251,300,000        
Reinsurance obligations     434,500,000        
Unearned premiums     271,500,000        
Insurance liability, collateralized amount     $ 75,000,000        
Loss recognized from net cost of novation agreement             20,400,000
Consideration received for commutation of reinsurance agreement, assets   89,300,000          
Consideration received for commutation of reinsurance agreement, funds withheld for liability   90,300,000          
Consideration received for commutation of reinsurance agreement   178,600,000          
Reinsurance premium   1,000,000          
DARAG Bermuda LTD | DNA Insurance Company              
Cash And Restricted Cash              
Liability for future policy benefits before reinsurance   20,000,000          
Liability for future policy benefits option to commute, amount   $ 5,000,000          
DNA Insurance Company | Pacific Valley Insurance Company, Inc.              
Cash And Restricted Cash              
Realized gain from commutation of reinsurance agreement $ 3,400,000            
Reinsurance recoverable 4,000,000            
Settlement amount 5,000,000            
Proceeds from settlement 4,000,000            
Premiums released 1,000,000            
Amortization of remaining realized gain $ 2,400,000            
Property, Plant and Equipment              
Cash And Restricted Cash              
Depreciation and amortization         $ 96,300,000 $ 127,800,000 $ 115,300,000
v3.24.0.1
Supplemental Financial Statement Information - Schedule of AFS Debt Securities (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-sale  
Estimated Fair Value $ 175,211
Unrealized Losses (484)
Certificates of deposit  
Debt Securities, Available-for-sale  
Estimated Fair Value 31,945
Unrealized Losses (5)
Corporate bonds  
Debt Securities, Available-for-sale  
Estimated Fair Value 14,621
Unrealized Losses (6)
Commercial paper  
Debt Securities, Available-for-sale  
Estimated Fair Value 128,645
Unrealized Losses $ (473)
v3.24.0.1
Supplemental Financial Statement Information - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment    
Finance lease right-of-use assets $ 80,934 $ 32,887
Total property and equipment, gross 713,039 537,338
Less: Accumulated depreciation (247,195) (223,936)
Property and equipment, net 465,844 313,402
Bike and scooter fleet    
Property, Plant and Equipment    
Property and equipment, gross 240,137 179,330
Owned vehicles    
Property, Plant and Equipment    
Property and equipment, gross 197,703 143,391
Leasehold improvements    
Property, Plant and Equipment    
Property and equipment, gross 77,230 91,334
Computer equipment and software    
Property, Plant and Equipment    
Property and equipment, gross 38,911 36,271
Furniture and fixtures    
Property, Plant and Equipment    
Property and equipment, gross 5,867 48,523
Construction in progress    
Property, Plant and Equipment    
Property and equipment, gross $ 72,257 $ 5,602
v3.24.0.1
Supplemental Financial Statement Information - Accrued and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accrued and Other Liabilities    
Insurance-related accruals $ 643,147 $ 566,831
Legal and tax related accruals 296,336 458,209
Ride-related accruals 212,114 181,138
Long-term debt, current 25,798 36,287
Insurance claims payable and related fees 52,609 53,280
Deferred gain related to the Reinsurance Transaction 0 2,357
Other 278,851 263,507
Accrued and other current liabilities $ 1,508,855 $ 1,561,609
v3.24.0.1
Supplemental Financial Statement Information - Summary of Rollforward of Insurance Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Insurance Reserves      
Accrued insurance, balance at the beginning $ 1,417,350 $ 1,068,628 $ 987,064
Additions 516,337 1,146,482 772,323
Deductions (595,819) (797,760) (690,759)
Accrued insurance, balance at the end 1,337,868 1,417,350 1,068,628
Increase in accrued insurance reserve, current period claims 512,300 333,900 271,700
Increase in accrued insurance reserve, prior year claims   561,200 255,400
Increase in accrued insurance reserve, commutation transactions 4,000 247,400  
Accrued insurance reserve, recoverable 4,000 245,200  
Decrease in accrued insurance reserve, payments 580,400 552,600 439,400
Decrease in accrued insurance reserve, prior year claims 11,400    
Decrease in accrued insurance reserve, recoverable $ 4,000 $ 245,200 $ 251,300
v3.24.0.1
Supplemental Financial Statement Information - Schedule of Other Income, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Additional Financial Information Disclosure [Abstract]      
Interest income $ 145,728 $ 47,142 $ 9,074
(Loss) Gain on sale of securities, net (243) (287) 687
Foreign currency exchange gains (losses), net 3,657 (4,387) 788
Sublease income 4,849 11,591 6,624
Gain on equity method investment 12,926 0 0
Gain from transaction with Woven Planet 0 0 119,284
Impairment charges 0 (135,714) 0
Other, net 3,206 (18,333) (524)
Other income (expense), net $ 170,123 $ (99,988) $ 135,933
v3.24.0.1
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Liabilities          
Contingent consideration $ 0   $ 15,000   $ 0
Cash 179,700   126,500    
Short-term investments 1,126,548   1,515,702    
Cash and cash equivalents and short-term investments 1,700,000   1,800,000    
Restricted cash 1,400   1,300    
Restricted cash and cash equivalents and restricted short-term investments 1,000,000   1,100,000    
PBSC Urban Solutions          
Liabilities          
Business combination, contingent consideration arrangements, range of outcomes, value, high   $ 15,000   $ 15,000  
Fair Value Measurements on a Recurring Basis          
Assets          
Total unrestricted cash equivalents and short-term investments 1,387,865   1,537,146    
Total restricted cash equivalents and investments 1,045,554   1,133,381    
Marketable equity securities     1,136    
Total financial assets 2,433,419   2,671,663    
Liabilities          
Contingent consideration     15,000    
Total financial liabilities     15,000    
Fair Value Measurements on a Recurring Basis | Level 1          
Assets          
Total unrestricted cash equivalents and short-term investments 28,351   3,276    
Total restricted cash equivalents and investments 44,241   93,362    
Marketable equity securities     1,136    
Total financial assets 72,592   97,774    
Liabilities          
Contingent consideration     0    
Total financial liabilities     0    
Fair Value Measurements on a Recurring Basis | Level 2          
Assets          
Total unrestricted cash equivalents and short-term investments 1,359,514   1,533,870    
Total restricted cash equivalents and investments 1,001,313   1,040,019    
Marketable equity securities     0    
Total financial assets 2,360,827   2,573,889    
Liabilities          
Contingent consideration     0    
Total financial liabilities     0    
Fair Value Measurements on a Recurring Basis | Level 3          
Assets          
Total unrestricted cash equivalents and short-term investments 0   0    
Total restricted cash equivalents and investments 0   0    
Marketable equity securities     0    
Total financial assets 0   0    
Liabilities          
Contingent consideration     15,000    
Total financial liabilities     15,000    
Fair Value Measurements on a Recurring Basis | Money market funds          
Assets          
Total unrestricted cash equivalents and short-term investments 28,351   3,276    
Total restricted cash equivalents and investments 44,241   93,362    
Fair Value Measurements on a Recurring Basis | Money market funds | Level 1          
Assets          
Total unrestricted cash equivalents and short-term investments 28,351   3,276    
Total restricted cash equivalents and investments 44,241   93,362    
Fair Value Measurements on a Recurring Basis | Money market funds | Level 2          
Assets          
Total unrestricted cash equivalents and short-term investments 0   0    
Total restricted cash equivalents and investments 0   0    
Fair Value Measurements on a Recurring Basis | Money market funds | Level 3          
Assets          
Total unrestricted cash equivalents and short-term investments 0   0    
Total restricted cash equivalents and investments 0   0    
Fair Value Measurements on a Recurring Basis | Certificates of deposit          
Assets          
Total unrestricted cash equivalents and short-term investments 179,803   502,159    
Total restricted cash equivalents and investments 145,109   354,978    
Fair Value Measurements on a Recurring Basis | Certificates of deposit | Level 1          
Assets          
Total unrestricted cash equivalents and short-term investments 0   0    
Total restricted cash equivalents and investments 0   0    
Fair Value Measurements on a Recurring Basis | Certificates of deposit | Level 2          
Assets          
Total unrestricted cash equivalents and short-term investments 179,803   502,159    
Total restricted cash equivalents and investments 145,109   354,978    
Fair Value Measurements on a Recurring Basis | Certificates of deposit | Level 3          
Assets          
Total unrestricted cash equivalents and short-term investments 0   0    
Total restricted cash equivalents and investments 0   0    
Fair Value Measurements on a Recurring Basis | Commercial paper          
Assets          
Total unrestricted cash equivalents and short-term investments 918,531   963,150    
Total restricted cash equivalents and investments 619,074   595,591    
Fair Value Measurements on a Recurring Basis | Commercial paper | Level 1          
Assets          
Total unrestricted cash equivalents and short-term investments 0   0    
Total restricted cash equivalents and investments 0   0    
Fair Value Measurements on a Recurring Basis | Commercial paper | Level 2          
Assets          
Total unrestricted cash equivalents and short-term investments 918,531   963,150    
Total restricted cash equivalents and investments 619,074   595,591    
Fair Value Measurements on a Recurring Basis | Commercial paper | Level 3          
Assets          
Total unrestricted cash equivalents and short-term investments 0   0    
Total restricted cash equivalents and investments 0   0    
Fair Value Measurements on a Recurring Basis | Corporate bonds          
Assets          
Total unrestricted cash equivalents and short-term investments 29,172   61,501    
Total restricted cash equivalents and investments 12,411   14,916    
Fair Value Measurements on a Recurring Basis | Corporate bonds | Level 1          
Assets          
Total unrestricted cash equivalents and short-term investments 0   0    
Total restricted cash equivalents and investments 0   0    
Fair Value Measurements on a Recurring Basis | Corporate bonds | Level 2          
Assets          
Total unrestricted cash equivalents and short-term investments 29,172   61,501    
Total restricted cash equivalents and investments 12,411   14,916    
Fair Value Measurements on a Recurring Basis | Corporate bonds | Level 3          
Assets          
Total unrestricted cash equivalents and short-term investments 0   0    
Total restricted cash equivalents and investments 0   0    
Fair Value Measurements on a Recurring Basis | U.S. government securities          
Assets          
Total unrestricted cash equivalents and short-term investments 232,008   7,060    
Total restricted cash equivalents and investments 224,719   74,534    
Fair Value Measurements on a Recurring Basis | U.S. government securities | Level 1          
Assets          
Total unrestricted cash equivalents and short-term investments 0   0    
Total restricted cash equivalents and investments 0   0    
Fair Value Measurements on a Recurring Basis | U.S. government securities | Level 2          
Assets          
Total unrestricted cash equivalents and short-term investments 232,008   7,060    
Total restricted cash equivalents and investments 224,719   74,534    
Fair Value Measurements on a Recurring Basis | U.S. government securities | Level 3          
Assets          
Total unrestricted cash equivalents and short-term investments 0   0    
Total restricted cash equivalents and investments 0   0    
Fair Value, Nonrecurring          
Liabilities          
Cash     126,500    
Restricted cash 1,400   1,300    
Fair Value, Nonrecurring | Cash and Cash Equivalents and Short-Term Investments          
Liabilities          
Cash 179,700        
Term deposits 3,500   5,000    
Fair Value, Nonrecurring | Cash and Cash Equivalents and Short-Term Investments | Money market funds          
Liabilities          
Short-term investments $ 117,600   127,000    
Fair Value, Nonrecurring | Restricted Cash and Cash Equivalents and Restricted Investments          
Liabilities          
Term deposits     $ 3,500    
v3.24.0.1
Fair Value Measurements - Summary of Reconciliation of Level 3 Financial Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation    
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation    
Balance at beginning of period $ 15,000 $ 0
Additions 0 14,100
Payments (15,000) 0
Change in fair value 0 900
Balance at the end $ 0 $ 15,000
v3.24.0.1
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2022
Dec. 31, 2023
Jun. 30, 2022
Financial Instruments Measured at Fair Value on a Recurring Basis      
Impairment of non-marketable equity securities   $ 135.7  
Investment in non-marketable equity securities $ 10.0    
Common stock of a publicly-traded entity amount $ 8.4    
Level 3 | Reported Value Measurement      
Financial Instruments Measured at Fair Value on a Recurring Basis      
Equity security     $ 128.1
v3.24.0.1
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation    
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
Fair Value, Nonrecurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation    
Balance at beginning of period $ 5,903 $ 80,411
Additions 0 64,044
Change in fair value (19) (138,552)
Balance at end of period $ 5,884 $ 5,903
v3.24.0.1
Leases - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
location
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Lessee, Lease, Description      
Sublease income | $ $ 4,849 $ 11,591 $ 6,624
Real Estate Lease      
Lessee, Lease, Description      
Number of locations | location 65    
Real Estate Lease | Minimum      
Lessee, Lease, Description      
Lessee, operating lease, term of contract (in years) 2 months    
Lessee, operating lease, option to extend term (in years) 1 month    
Real Estate Lease | Maximum      
Lessee, Lease, Description      
Lessee, operating lease, term of contract (in years) 6 years    
Lessee, operating lease, option to extend term (in years) 10 years    
Owned vehicles | Minimum      
Lessee, Lease, Description      
Finance lease term of contract (in years) 1 month    
Owned vehicles | Maximum      
Lessee, Lease, Description      
Finance lease term of contract (in years) 5 years    
v3.24.0.1
Leases - Schedule of Lease Position (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating Leases    
Operating lease right-of-use assets $ 98,202 $ 135,213
Operating lease liabilities, current 42,556 45,803
Operating lease liabilities, non-current 134,102 176,356
Total operating lease liabilities 176,658 222,159
Finance Leases    
Finance lease, right of use assets 80,933 32,887
Finance lease liabilities, current 25,193 15,053
Finance lease liabilities, non-current 61,321 19,921
Total finance lease liabilities $ 86,514 $ 34,974
Operating lease, weighted-average remaining lease term (in years) 4 years 6 months 5 years 1 month 6 days
Finance lease, weighted-average remaining lease term (in years) 3 years 4 months 24 days 2 years 6 months
Operating lease, weighted-average discount rate 6.70% 6.40%
Finance lease, weighted-average discount rate 6.70% 5.20%
Finance lease, liability, current, statement of financial position Accrued and other current liabilities Accrued and other current liabilities
Finance lease, liability, noncurrent, statement of financial position Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Impairment loss $ 13,000 $ 55,300
v3.24.0.1
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating Leases    
Operating lease cost $ 40,450 $ 67,283
Finance Leases    
Amortization of right-of-use assets 19,847 15,124
Interest on lease liabilities 3,449 1,034
Short-term lease cost 3,749 5,355
Variable lease cost 10,270 17,040
Total lease cost $ 77,765 $ 105,836
v3.24.0.1
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities      
Operating cash flows from operating leases $ 59,318 $ 76,188  
Operating cash flows from finance leases 3,558 1,095  
Financing cash flows from finance leases $ 43,466 $ 34,783 $ 35,547
v3.24.0.1
Leases - Schedule of Operating and Finance Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Operating Leases    
2024 $ 55,689  
2025 46,402  
2026 32,576  
2027 27,652  
2028 19,826  
Thereafter 23,700  
Total minimum lease payments 205,845  
Less: amount of lease payments representing interest (29,187)  
Total operating lease liabilities 176,658 $ 222,159
Less: current obligations under leases (42,556) (45,803)
Long-term lease obligations 134,102 176,356
Finance Leases    
2024 29,601  
2025 27,549  
2026 20,336  
2027 9,863  
2028 10,689  
Thereafter 0  
Total minimum lease payments 98,038  
Less: amount of lease payments representing interest (11,524)  
Total finance lease liabilities 86,514 34,974
Less: current obligations under leases (25,193) (15,053)
Long-term lease obligations 61,321 $ 19,921
Total Leases    
2024 85,290  
2025 73,951  
2026 52,912  
2027 37,515  
2028 30,515  
Thereafter 23,700  
Total minimum lease payments 303,883  
Less: amount of lease payments representing interest (40,711)  
Present value of future lease payments 263,172  
Less: current obligations under leases (67,749)  
Long-term lease obligations $ 195,423  
v3.24.0.1
Commitment and Contingencies - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
Apr. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Feb. 28, 2022
May 31, 2019
Commitments And Contingencies          
Minimum amount due in next year   $ 8,800,000      
Minimum amount due in second year   89,092,000      
Minimum amount due in third year   89,396,000      
Minimum amount due in fourth year   17,711,000      
Future obligation to purchase capital equipment   204,999,000      
Letters of credit outstanding   60,200,000 $ 55,100,000    
Web-Hosting Service Providers          
Commitments And Contingencies          
Cumulative payment for arrangement   228,600,000      
Bikeshare Program | City of Chicago          
Commitments And Contingencies          
Annual contractual obligation         $ 7,500,000
Future obligation to purchase capital equipment $ 12,000,000       $ 50,000,000
Reduction in company's obligation $ 12,000,000        
Payment for amended arrangement   30,000,000      
Payments to acquire equipment under purchase obligations   $ 45,400,000      
Minimum | Web-Hosting Service Providers          
Commitments And Contingencies          
Contractual obligation       $ 350,000,000  
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  
Minimum amount due in fourth year       $ 80,000,000  
v3.24.0.1
Commitment and Contingencies - Schedule of Minimum Payments Under Noncancelable Purchase Commitments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Purchase Obligation, Fiscal Year Maturity  
2024 $ 8,800
2025 89,092
2026 89,396
2027 17,711
2028 0
Thereafter 0
Total future minimum payments $ 204,999
v3.24.0.1
Debt - Schedule of Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument    
Net carrying amount of liability component $ 865,160 $ 839,494
Less: long-term debt maturing within one year 25,798 36,287
Total long-term debt $ 839,362 803,207
Convertible Senior Notes Due 2025    
Debt Instrument    
Interest rate (as a percent) 1.50%  
Net carrying amount of liability component $ 743,486 740,609
Non-Revolving Loan    
Debt Instrument    
Net carrying amount of liability component $ 3,115 24,429
Non-Revolving Loan | Minimum    
Debt Instrument    
Interest rate (as a percent) 2.88%  
Non-Revolving Loan | Maximum    
Debt Instrument    
Interest rate (as a percent) 2.91%  
Master Vehicle Loan    
Debt Instrument    
Net carrying amount of liability component $ 118,559 $ 74,456
Master Vehicle Loan | Minimum    
Debt Instrument    
Interest rate (as a percent) 2.60%  
Master Vehicle Loan | Maximum    
Debt Instrument    
Interest rate (as a percent) 7.10%  
v3.24.0.1
Debt - Schedule of Interest Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument      
Amortization of debt discount and issuance costs $ 2,877 $ 2,823 $ 35,575
Interest expense 26,223 19,735 51,635
Convertible Senior Notes Due 2025 | Convertible Debt      
Debt Instrument      
Contractual interest expense related to the 2025 Notes 11,212 11,212 11,212
Amortization of debt discount and issuance costs 2,877 2,928 35,575
Master Vehicle Loan      
Debt Instrument      
Interest expense related to vehicle loans and other $ 12,134 $ 5,595 $ 4,848
v3.24.0.1
Debt - Convertible Senior Notes (Details)
 3 Months Ended 12 Months Ended
May 15, 2020
USD ($)
day
$ / shares
Sep. 30, 2022
USD ($)
Dec. 31, 2023
USD ($)
day
Dec. 31, 2022
USD ($)
Jan. 01, 2022
USD ($)
Debt Instrument          
Net carrying amount of liability component     $ 865,160,000 $ 839,494,000  
Additional Paid in Capital     (10,827,378,000) (10,335,013,000)  
Accumulated deficit     $ 10,280,915,000 9,940,595,000  
Adjustments          
Debt Instrument          
Additional Paid in Capital         $ 140,000,000
Accumulated deficit         6,500,000
Convertible Senior Notes Due 2025          
Debt Instrument          
Interest rate (as a percent)     1.50%    
Net carrying amount of liability component     $ 743,486,000 $ 740,609,000  
Convertible Senior Notes Due 2025 | Convertible Debt          
Debt Instrument          
Aggregate principal $ 747,500,000        
Interest rate (as a percent) 1.50%        
Net proceeds from issuance of convertible debt $ 733,200,000        
Conversion rate 0.0260491        
Initial conversion price (in dollars per share) | $ / shares $ 38.39        
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   $ 743,486,000    
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        
Unamortized debt discount and debt issuance costs     4,012,000    
Aggregate principal amount   $ 2,000      
If-converted value in excess of principal     291,900,000    
Fair value of long-term debt     $ 711,200,000    
Convertible Senior Notes Due 2025 | Convertible Debt | Adjustments          
Debt Instrument          
Aggregate principal         $ 133,500,000
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%        
v3.24.0.1
Debt - Schedule of Convertible Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
May 15, 2020
Liability component:      
Net carrying amount of liability component $ 865,160 $ 839,494  
Convertible Senior Notes Due 2025      
Liability component:      
Net carrying amount of liability component 743,486 $ 740,609  
Convertible Debt | Convertible Senior Notes Due 2025      
Liability component:      
Principal 747,498    
Unamortized debt discount and debt issuance costs (4,012)    
Net carrying amount of liability component $ 743,486   $ 558,300
v3.24.0.1
Debt - Capped Calls (Details) - Convertible Senior Notes Due 2025 - Convertible Debt
$ / shares in Units, $ in Millions
May 15, 2020
USD ($)
$ / shares
Debt Instrument  
Cost of capped call transactions | $ $ 132.7
Initial cap price (in dollars per share) | $ / shares $ 73.83
v3.24.0.1
Debt - Non-revolving Loan (Details) - Non-Revolving Loan - USD ($)
Feb. 07, 2020
Dec. 31, 2023
Sep. 20, 2023
Debt Instrument      
Maximum borrowing capacity     $ 50,000,000
Cumulative proceeds from credit facility   $ 5,200,000  
Remaining borrowing capacity   $ 44,800,000  
Two Year U S Treasury Note      
Debt Instrument      
Debt term (in months) 24 months    
Variable interest percentage 3.40%    
Three Year U S Treasury Note      
Debt Instrument      
Debt term (in months) 36 months    
Variable interest percentage 3.40%    
Five Year U S Treasury Note      
Debt Instrument      
Debt term (in months) 48 months    
Variable interest percentage 3.40%    
Minimum      
Debt Instrument      
Debt term (in months) 24 months    
Maximum      
Debt Instrument      
Debt term (in months) 48 months    
Flexdrive Services, LLC      
Debt Instrument      
Maximum borrowing capacity $ 130,000,000    
v3.24.0.1
Debt - Master Vehicle Loan (Details) - USD ($)
 12 Months Ended
Feb. 07, 2020
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Sep. 20, 2023
Debt Instrument          
Repayment of loans   $ 72,484,000 $ 67,639,000 $ 44,446,000  
Master Vehicle Loan          
Debt Instrument          
Interest rate swap term 3 years        
Variable interest spread rate 2.10%        
Fair value of long-term debt   121,200,000      
Master Vehicle Loan | Minimum          
Debt Instrument          
Debt term (in months) 12 months        
Master Vehicle Loan | Maximum          
Debt Instrument          
Debt term (in months) 48 months        
Master Vehicle Loan | Flexdrive Services, LLC          
Debt Instrument          
Maximum borrowing capacity $ 50,000,000        
Non-Revolving Loan          
Debt Instrument          
Maximum borrowing capacity         $ 50,000,000
Fair value of long-term debt   $ 1,600,000      
Non-Revolving Loan | Minimum          
Debt Instrument          
Debt term (in months) 24 months        
Non-Revolving Loan | Maximum          
Debt Instrument          
Debt term (in months) 48 months        
Non-Revolving Loan | Flexdrive Services, LLC          
Debt Instrument          
Maximum borrowing capacity $ 130,000,000        
v3.24.0.1
Debt - Schedule of Maturities of Long-term Debt Outstanding (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
2024 $ 25,798  
2025 781,495  
2026 57,867  
2027 0  
2028 0  
Thereafter 0  
Net carrying amount of liability component $ 865,160 $ 839,494
v3.24.0.1
Debt - Vehicle Procurement Agreement (Details) - Revolving Credit Facility - USD ($)
Dec. 31, 2023
Sep. 17, 2020
Mar. 11, 2019
Flexdrive Services, LLC      
Debt Instrument      
Maximum exposure to loss under terms of the guarantee $ 28,800,000    
Procurement Provider      
Debt Instrument      
Maximum exposure to loss under terms of the guarantee $ 3,600,000    
Maximum borrowing capacity   $ 50,000,000 $ 95,000,000
v3.24.0.1
Debt - Revolving Credit Facility & Other Financings (Details)
Nov. 03, 2022
USD ($)
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument          
Covenant minimum liquidity requirements $ 1,500,000,000        
Acquisition cash consideration trigger, percent 3.50        
Acquisition cash consideration trigger $ 75,000,000        
Fixed coverage ratio 1.25        
Other financing outstanding amount         $ 0
Forecast          
Debt Instrument          
Senior secured leverage ratio   3.00 3.50    
JPMorgan Chase Bank | Revolving Credit Facility          
Debt Instrument          
Maximum borrowing capacity $ 420,000,000        
JPMorgan Chase Bank | Revolving Credit Facility | Fed Funds Effective Rate          
Debt Instrument          
Spread on variable rate 0.50%        
JPMorgan Chase Bank | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)          
Debt Instrument          
Spread on variable rate 1.00%        
JPMorgan Chase Bank | Revolving Credit Facility | Line of Credit          
Debt Instrument          
Maximum borrowing capacity $ 168,000,000        
JPMorgan Chase Bank | Revolving Credit Facility | Maximum          
Debt Instrument          
Debt instrument, covenant leverage ratio 0.0225        
Leverage ratio during the period 1.25%        
Commitment fee 0.375%        
JPMorgan Chase Bank | Revolving Credit Facility | Minimum          
Debt Instrument          
Debt instrument, covenant leverage ratio 0.0150        
Leverage ratio during the period 0.05%        
Commitment fee 0.225%        
JPMorgan Chase Bank | Revolving Credit Facility | Convertible Senior Notes Due 2025          
Debt Instrument          
Debt instrument, maximum redemption amount $ 450,000,000        
JPMorgan Chase Bank | Revolving Credit Facility | Convertible Senior Notes Due 2025 | Convertible Debt          
Debt Instrument          
Outstanding debt trigger amount $ 1,250,000,000        
JPMorgan Chase Bank | Revolving Credit Facility | Convertible Senior Notes Due 2025 | Forecast | Maximum | Subsequent Event          
Debt Instrument          
Debt instrument, covenant leverage ratio   3.50      
JPMorgan Chase Bank | Revolving Credit Facility | Convertible Senior Notes Due 2025 | Forecast | Minimum | Subsequent Event          
Debt Instrument          
Debt instrument, covenant leverage ratio   3.00      
JPMorgan Chase Bank | Revolving Credit Facility | Term Loan          
Debt Instrument          
Senior secured leverage ratio 2.50        
JPMorgan Chase Bank | Revolving Credit Facility | Term Loan | Forecast          
Debt Instrument          
Maximum borrowing capacity       $ 300,000,000  
v3.24.0.1
Common Stock and Employee Stock Plans - Additional Information (Details)
 1 Months Ended 12 Months Ended
Jan. 01, 2023
shares
Jul. 18, 2022
Jan. 01, 2022
shares
Jan. 01, 2021
shares
Jan. 01, 2020
shares
Mar. 31, 2019
shares
Dec. 31, 2023
USD ($)
vote
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
shares
Dec. 31, 2020
USD ($)
Mar. 27, 2019
shares
Share-based Compensation Arrangement by Share-based Payment Award                      
Increase in number of shares reserved for future issuance (in shares)         35,000,000            
Stock options granted (in shares)             0 0      
Intrinsic value of stock options exercised | $             $ 1,000,000.0 $ 2,900,000 $ 41,900,000    
Fair value of common stock (in dollars per share) | $ / shares             $ 14.99 $ 11.02      
Withholding tax adjustment | $             $ 3,021,000 $ 6,733,000 26,297,000    
Aggregate unrecognized compensation cost | $             $ 203,100,000        
Aggregate grant-date fair value, weighted average period             1 year 2 months 12 days        
Stock options                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Grant price of stock options, percentage of fair market value             100.00%        
Common stock reserved for issuance (in shares)             779,942        
Restricted stock units                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Common stock reserved for issuance (in shares)             30,090,811        
Granted (in shares)             44,507,000        
Granted (in dollars per share) | $ / shares             $ 8.96        
Fair value of shares vested | $             $ 290,500,000 $ 354,300,000 $ 1,000,000,000    
Withholding tax adjustment (in shares)             295,948 358,330 508,934    
Withholding tax adjustment | $             $ 3,000,000 $ 6,700,000 $ 26,300,000    
Performance based restricted stock units                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Granted (in shares)             14,556,444        
Granted (in dollars per share) | $ / shares             $ 6.63        
Unvested stock options and restricted stock                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Aggregate unrecognized compensation cost | $             $ 0 $ 0   $ 0  
2008 Equity Incentive Plan | Minimum                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Voting power percentage of total outstanding stock             10.00%        
2008 Equity Incentive Plan | Maximum                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Voting power percentage of total outstanding stock             110.00%        
2008 Equity Incentive Plan | Stock options                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Vesting period             36 months        
Vesting percentage             25.00%        
2008 Equity Incentive Plan | Stock options | Maximum                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Vesting period             10 years        
2008 Equity Incentive Plan | Restricted stock units                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Vesting period             12 months        
Vesting percentage             25.00%        
Maximum term             7 years        
2018 Equity Incentive Plan                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Common stock reserved for issuance (in shares)             75,504,222        
Additional common stock reserved for issuance (in shares)             11,836,692        
2018 Equity Incentive Plan | Restricted stock units                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Vesting percentage             25.00%        
Maximum term             7 years        
2019 Equity Incentive Plan                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Common stock reserved for issuance (in shares)           44,000,000          
Service-based condition for majority of satisfied over a period           4 years          
2019 Equity Incentive Plan | Maximum                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Common stock reserved for issuance (in shares)           80,604,678          
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                  
Class A Common Stock                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Common stock, number of votes per share | vote             1        
Number of additional shares reserved for issuance (in shares) 18,507,749   17,246,911 16,186,855 15,129,789            
Class A Common Stock | 2019 Equity Incentive Plan                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Percentage of common stock outstanding         5.00%            
Class A Common Stock | 2019 Employee Stock Purchase Plan                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Common stock reserved for issuance (in shares)               9,712,710     6,000,000
Additional common stock reserved for issuance (in shares) 3,701,549                    
Increase in number of shares reserved for future issuance (in shares)         7,000,000            
Percentage of common stock outstanding         1.00%            
Cumulative common shares purchased (in shares)             5,151,945        
Class B Common Stock                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Common stock, number of votes per share | vote             20        
v3.24.0.1
Common Stock and Employee Stock Plans - Common Stock Reserved for Future Issuance (Details)
Dec. 31, 2023
shares
Options issued and outstanding under the 2008 Plan  
Class of Stock  
Common stock reserved for issuance (in shares) 779,942
RSUs outstanding under the 2008 Plan, the 2018 Plan, and the 2019 Plan  
Class of Stock  
Common stock reserved for issuance (in shares) 30,090,811
Remaining shares available for future issuance under the 2019 ESPP Plan and the 2019 Plan  
Class of Stock  
Common stock reserved for issuance (in shares) 57,814,909
v3.24.0.1
Common Stock and Employee Stock Plans - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of Shares    
Stock options outstanding, beginning balance (in shares) 993  
Exercised (in shares) (201)  
Forfeitures (in shares) 0  
Cancellations (in shares) (12)  
Stock options outstanding, ending balance (in shares) 780 993
Weighted- Average Exercise Price    
Stock options outstanding, weighted-average exercise price, beginning balance (in dollars per share) $ 4.87  
Exercised (in dollars per share) 6.00  
Forfeitures (in dollars per share) 0  
Cancellations (in dollars per share) 1.54  
Stock options outstanding, weighted-average exercise price, ending balance (in dollars per share) $ 4.63 $ 4.87
Stock options outstanding, weighted-average remaining contractual term 1 year 1 year 10 months 24 days
Outstanding, aggregate intrinsic value $ 8,079 $ 6,109
v3.24.0.1
Common Stock and Employee Stock Plans - Schedule of Restricted Stock Units (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Weighted- Average Grant Date Fair Value    
Expected to vest, aggregate intrinsic value $ 443,855  
Restricted stock units    
Number of Shares    
Nonvested units at beginning of period (in shares) 22,315  
Granted (in shares) 44,507  
Vested (in shares) (28,397)  
Canceled (in shares) (8,334)  
Nonvested units at end of period (in shares) 30,091  
Expected to vest (in shares) 29,610  
Weighted- Average Grant Date Fair Value    
Nonvested units at beginning of period (in dollars per share) $ 28.15  
Granted (in dollars per share) 8.96  
Vested (in dollars per share) 18.77  
Canceled (in dollars per share) 24.62  
Nonvested units at end of period (in dollars per share) $ 9.40  
Nonvested units, aggregate intrinsic value $ 449,994 $ 244,926
v3.24.0.1
Common Stock and Employee Stock Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Stock-based compensation expense $ 484,533 $ 750,767 $ 724,560
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Stock-based compensation expense 30,170 44,132 39,491
Operation and support      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Stock-based compensation expense 15,468 25,442 24,083
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Stock-based compensation expense 214,160 391,983 414,324
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Stock-based compensation expense 29,682 49,867 38,243
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Stock-based compensation expense $ 195,053 $ 239,343 $ 208,419
v3.24.0.1
Income Taxes - U.S. and Foreign Components of Loss Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
United States $ (348,050) $ (1,600,323) $ (1,072,489)
Foreign 16,346 21,684 21,570
Loss before income taxes $ (331,704) $ (1,578,639) $ (1,050,919)
v3.24.0.1
Income Taxes - Components of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current provision      
Federal $ 0 $ 0 $ 0
State 3,762 1,256 1,272
Foreign 7,239 4,240 7,228
Total current 11,001 5,496 8,500
Deferred provision      
Federal 481 481 639
State (337) 1,256 0
Foreign (2,529) (1,361) 2,086
Total deferred (2,385) 376 2,725
Total provision for (benefit from) income taxes $ 8,616 $ 5,872 $ 11,225
v3.24.0.1
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to the Effective Rate (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Provision at federal statutory rate 21.00% 21.00% 21.00%
State, net of federal benefit 9.70% 2.10% 2.60%
Permanent tax adjustments (1.10%) (0.40%) (0.20%)
Nondeductible expenses (8.30%) (0.70%) (1.10%)
Stock-based compensation (15.10%) (4.90%) 2.50%
Executive compensation (2.40%) 0.00% 0.00%
Change in valuation allowance (2.50%) (17.10%) (25.20%)
Deferred adjustments (3.20%) 0.00% 0.00%
Other adjustments (0.70%) (0.40%) (0.70%)
Provision for income taxes (2.60%) (0.40%) (1.10%)
v3.24.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:        
Net operating loss carryforwards $ 2,084,523 $ 2,127,233    
Insurance reserves and accruals 314,526 296,423    
Stock-based compensation 12,091 19,132    
Research capitalization 240,354 163,370    
Accrued legal settlement/fees 87,310 114,963    
Lease liability 73,497 55,579    
Accrued and other liabilities 39,576 76,311    
Capital losses 34,965 0    
Other assets 415 0    
Total deferred tax assets 2,887,257 2,853,011    
Less: Valuation allowance (2,715,841) (2,706,982) $ (2,408,647) $ (2,144,548)
Deferred tax assets, net of valuation allowance 171,416 146,029    
Deferred tax liabilities:        
State income taxes (133,859) (124,982)    
Operating lease right of use assets (50,004) (36,379)    
Total deferred tax liabilities (183,863) (161,361)    
Net deferred tax assets $ (12,447) $ (15,332)    
v3.24.0.1
Income Taxes - Summary of Rollforward of Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Valuation Allowance, Deferred Tax Asset      
Valuation allowance, beginning balance $ 2,706,982 $ 2,408,647 $ 2,144,548
Net changes in deferred tax assets and liabilities 8,859 298,335 264,099
Valuation allowance, ending balance $ 2,715,841 $ 2,706,982 $ 2,408,647
v3.24.0.1
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Taxes      
Increase (decrease) in valuation allowance $ 8,859,000 $ 298,335,000 $ 264,099,000
Interest and penalties associated with uncertain tax benefits 0 0 0
Accrued interest and penalties 0 0 0
Unrecognized tax benefits 0 $ 0 $ 0
Federal      
Income Taxes      
Operating loss carryforwards 7,700,000,000    
State      
Income Taxes      
Operating loss carryforwards $ 6,400,000,000    
v3.24.0.1
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Net loss $ (340,320) $ (1,584,511) $ (1,062,144)
Weighted-average number of shares outstanding used to compute net loss per share, basic (in shares) 385,335 354,731 334,724
Weighted-average number of shares outstanding used to compute net loss per share, diluted (in shares) 385,335 354,731 334,724
Net loss per share, basic (in dollars per share) $ (0.88) $ (4.47) $ (3.17)
Net loss per share, diluted (in dollars per share) $ (0.88) $ (4.47) $ (3.17)
v3.24.0.1
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
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from computation of earnings per share, total (in shares) 50,453 43,086 37,807
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 19,471
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from computation of earnings per share, total (in shares) 15,538 20,542 16,285
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) 14,553 1,773 831
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from computation of earnings per share, total (in shares) 780 993 1,105
ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from computation of earnings per share, total (in shares) 111 307 115
v3.24.0.1
Restructuring - Additional Information (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2023
employee
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Restructuring Cost and Reserve              
Impairment of long-lived assets         $ 0 $ 0 $ 0
Impairment loss         13,000,000 55,300,000  
Restructuring related liabilities       $ 1,600,000 0 1,600,000  
April 2023 Restructuring Plan              
Restructuring Cost and Reserve              
Restructuring charges (benefits)         63,300,000    
Impairment of long-lived assets   $ 6,300,000          
Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag   impairment charges          
November 2022 Restructuring Plan              
Restructuring Cost and Reserve              
Restructuring charges (benefits)         $ 24,400,000 120,300,000  
Impairment loss     $ 10,500,000     55,300,000  
Accelerated depreciation           23,900,000  
Severance and Other Employee Costs | April 2023 Restructuring Plan              
Restructuring Cost and Reserve              
Number of employees terminated (employee) | employee 1,072            
Employee reduction percentage (as a percent) 26.00%            
Restructuring charges (benefits)   $ 47,200,000          
Severance and Other Employee Costs | November 2022 Restructuring Plan              
Restructuring Cost and Reserve              
Restructuring charges (benefits)       29,500,000      
Stock-Based Compensation | April 2023 Restructuring Plan              
Restructuring Cost and Reserve              
Restructuring charges (benefits)   $ 9,700,000          
Stock-Based Compensation | November 2022 Restructuring Plan              
Restructuring Cost and Reserve              
Restructuring charges (benefits)       $ 9,500,000      
Fixed Assets Not Yet Placed Into Service | November 2022 Restructuring Plan              
Restructuring Cost and Reserve              
Restructuring charges (benefits)           $ 2,100,000  
Lease Termination | November 2022 Restructuring Plan              
Restructuring Cost and Reserve              
Impairment loss     $ 9,100,000        
v3.24.0.1
Restructuring - Schedule of Restructuring Related Charges (benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) $ 63,298  
November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 24,443 $ 120,256
Stock-Based Compensation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 9,723  
Stock-Based Compensation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 205 9,509
Severance and Other Employee Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 47,238  
Severance and Other Employee Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 4,326 29,475
Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 5,668  
Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 19,591 57,364
Accelerated Depreciation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 669  
Accelerated Depreciation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 321 23,908
Cost of revenue | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 3,871  
Cost of revenue | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 1,101 1,794
Cost of revenue | Stock-Based Compensation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 667  
Cost of revenue | Stock-Based Compensation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0 182
Cost of revenue | Severance and Other Employee Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 3,204  
Cost of revenue | Severance and Other Employee Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 1,101 1,612
Cost of revenue | Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0  
Cost of revenue | Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0 0
Cost of revenue | Accelerated Depreciation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0  
Cost of revenue | Accelerated Depreciation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0 0
Operation and support | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 9,250  
Operation and support | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 13,090 18,673
Operation and support | Stock-Based Compensation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 259  
Operation and support | Stock-Based Compensation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 205 (31)
Operation and support | Severance and Other Employee Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 3,054  
Operation and support | Severance and Other Employee Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 3,127 5,173
Operation and support | Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 5,268  
Operation and support | Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 9,453 4,851
Operation and support | Accelerated Depreciation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 669  
Operation and support | Accelerated Depreciation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 305 8,680
Research and development | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 25,793  
Research and development | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 2,554 28,953
Research and development | Stock-Based Compensation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 4,539  
Research and development | Stock-Based Compensation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0 3,818
Research and development | Severance and Other Employee Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 21,254  
Research and development | Severance and Other Employee Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 20 9,706
Research and development | Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0  
Research and development | Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 2,534 15,393
Research and development | Accelerated Depreciation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0  
Research and development | Accelerated Depreciation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0 36
Sales and marketing | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 6,236  
Sales and marketing | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 14 3,581
Sales and marketing | Stock-Based Compensation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 1,045  
Sales and marketing | Stock-Based Compensation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0 458
Sales and marketing | Severance and Other Employee Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 5,191  
Sales and marketing | Severance and Other Employee Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 14 3,123
Sales and marketing | Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0  
Sales and marketing | Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0 0
Sales and marketing | Accelerated Depreciation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0  
Sales and marketing | Accelerated Depreciation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0 0
General and administrative | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 18,148  
General and administrative | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 7,684 67,255
General and administrative | Stock-Based Compensation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 3,213  
General and administrative | Stock-Based Compensation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0 5,082
General and administrative | Severance and Other Employee Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 14,535  
General and administrative | Severance and Other Employee Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 64 9,861
General and administrative | Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 400  
General and administrative | Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 7,604 37,120
General and administrative | Accelerated Depreciation | April 2023 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) 0  
General and administrative | Accelerated Depreciation | November 2022 Restructuring Plan    
Restructuring Cost and Reserve    
Restructuring charges (benefits) $ 16 $ 15,192
v3.24.0.1
Variable Interest Entities (Details)
$ in Thousands
Dec. 31, 2023
vie
Jun. 30, 2023
USD ($)
May 17, 2022
USD ($)
Noncontrolling Interest      
Number of vie's | vie 1    
Variable Interest Entity, Not Primary Beneficiary      
Noncontrolling Interest      
Variable interest entity, reporting entity involvement, maximum loss exposure, amount   $ 12,900  
PBSC Urban Solutions      
Noncontrolling Interest      
Other investments     $ 22,175
Several Joint Ventures      
Noncontrolling Interest      
Noncontrolling interest, ownership percentage     80.00%