LYFT, INC., 10-Q filed on 5/9/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
May 05, 2025
Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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 each class Class A common stock, par value of $0.00001 per share  
Trading Symbol(s) LYFT  
Name of each exchange on which registered NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001759509  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Entity Information    
Entity Common Stock, Shares Outstanding   412,105,246
Class B Common Stock    
Entity Information    
Entity Common Stock, Shares Outstanding   8,530,629
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 985,494 $ 759,319
Short-term investments 1,168,501 1,225,124
Prepaid expenses and other current assets 969,915 966,090
Total current assets 3,123,910 2,950,533
Restricted cash and cash equivalents 261,400 186,721
Restricted investments 1,374,522 1,355,451
Other investments 42,118 42,516
Property and equipment, net 415,099 444,864
Operating lease right of use assets 146,272 148,397
Intangible assets, net 39,342 42,776
Goodwill 251,476 251,376
Other assets 13,859 12,435
Total assets 5,667,998 5,435,069
Current liabilities    
Accounts payable 98,633 97,704
Insurance reserves 1,823,535 1,701,393
Accrued and other current liabilities 1,735,315 1,666,278
Operating lease liabilities, current 24,920 25,192
Convertible senior notes, current 390,537 390,175
Total current liabilities 4,072,940 3,880,742
Operating lease liabilities 147,972 152,074
Long-term debt, net of current portion 549,878 565,968
Other liabilities 59,093 69,269
Total liabilities 4,829,883 4,668,053
Stockholders’ equity    
Preferred stock, $0.00001 par value; 1,000,000 shares authorized as of March 31, 2025 and December 31, 2024; no shares issued and outstanding as of March 31, 2025 and December 31, 2024 0 0
Common stock, $0.00001 par value; 18,000,000 Class A shares authorized as of March 31, 2025 and December 31, 2024; 411,817 and 409,474 Class A shares issued and outstanding, as of March 31, 2025 and December 31, 2024, respectively; 100,000 Class B shares authorized as of March 31, 2025 and December 31, 2024; 8,531 and 8,531 Class B shares issued and outstanding, as of March 31, 2025 and December 31, 2024 4 4
Additional paid-in capital 11,104,110 11,035,246
Accumulated other comprehensive loss (10,435) (10,103)
Accumulated deficit (10,255,564) (10,258,131)
Total stockholders’ equity 838,115 767,016
Total liabilities and stockholders’ equity $ 5,667,998 $ 5,435,069
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
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) 411,817,000 409,474,000
Common stock shares outstanding (in shares) 411,817,000 409,474,000
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) 8,531,000 8,531,000
Common stock shares outstanding (in shares) 8,531,000 8,531,000
v3.25.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue $ 1,450,172 $ 1,277,201
Costs and expenses    
Cost of revenue 862,874 755,362
Operations and support 106,335 103,042
Research and development 112,495 100,023
Sales and marketing 182,017 145,472
General and administrative 215,300 236,253
Total costs and expenses 1,479,021 1,340,152
Loss from operations (28,849) (62,951)
Interest expense (6,150) (7,048)
Other income (expense), net 40,917 41,057
Income (loss) before income taxes 5,918 (28,942)
Provision for (benefit from) income taxes 3,351 2,593
Net income (loss) $ 2,567 $ (31,535)
Net income (loss) per share attributable to common stockholders    
Basic (in dollars per share) $ 0.01 $ (0.08)
Diluted (in dollars per share) $ 0.01 $ (0.08)
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders    
Basic (in shares) 419,047 401,553
Diluted (in shares) 424,024 401,553
Cost of revenue    
Stock-based compensation included in costs and expenses:    
Stock-based compensation expense $ 7,455 $ 6,016
Operations and support    
Stock-based compensation included in costs and expenses:    
Stock-based compensation expense 2,652 2,094
Research and development    
Stock-based compensation included in costs and expenses:    
Stock-based compensation expense 38,263 29,832
Sales and marketing    
Stock-based compensation included in costs and expenses:    
Stock-based compensation expense 5,075 4,204
General and administrative    
Stock-based compensation included in costs and expenses:    
Stock-based compensation expense $ 39,713 $ 37,952
v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 2,567 $ (31,535)
Other comprehensive income (loss), net of tax:    
Foreign currency translation adjustment 103 507
Unrealized loss on marketable securities (435) (1,831)
Other comprehensive loss (332) (1,324)
Comprehensive income (loss) $ 2,235 $ (32,859)
v3.25.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and Class B Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2023 $ 541,518 $ 4 $ 10,827,378 $ (10,280,915) $ (4,949)
Beginning balance (in shares) at Dec. 31, 2023   399,806      
Increase (Decrease) in Stockholders' Equity          
Issuance of common stock upon exercise of stock options 1,924   1,924    
Issuance of common stock upon exercise of stock options (in shares)   257      
Issuance of common stock upon settlement of restricted stock units (in shares)   6,280      
Shares withheld related to net share settlement (1,463)   (1,463)    
Shares withheld related to net share settlement (in shares)   (82)      
Repurchase and retirement of common stock (50,000)   (50,000)    
Repurchase and retirement of common stock (in shares)   (3,143)      
Purchase of capped call (47,886)   (47,886)    
Stock-based compensation 80,098   80,098    
Other comprehensive loss (1,324)        
Net income (loss) (31,535)     (31,535)  
Ending balance at Mar. 31, 2024 491,332 $ 4 10,810,051 (10,312,450) (6,273)
Ending balance (in shares) at Mar. 31, 2024   403,118      
Beginning balance at Dec. 31, 2024 767,016 $ 4 11,035,246 (10,258,131) (10,103)
Beginning balance (in shares) at Dec. 31, 2024   418,005      
Increase (Decrease) in Stockholders' Equity          
Issuance of common stock upon settlement of restricted stock units (in shares)   4,157      
Shares withheld related to net share settlement (24,294)   (24,294)    
Shares withheld related to net share settlement (in shares)   (1,814)      
Stock-based compensation 93,158   93,158    
Other comprehensive loss (332)       (332)
Net income (loss) 2,567     2,567  
Ending balance at Mar. 31, 2025 $ 838,115 $ 4 $ 11,104,110 $ (10,255,564) $ (10,435)
Ending balance (in shares) at Mar. 31, 2025   420,348      
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income (loss) $ 2,567 $ (31,535)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation and amortization 33,572 32,408
Stock-based compensation 93,158 80,098
Amortization of premium on marketable securities 33 64
Accretion of discount on marketable securities (21,482) (20,872)
Amortization of debt discount and issuance costs 927 804
Gain on sale and disposal of assets, net (371) (4,336)
Other (332) 2,114
Changes in operating assets and liabilities, net effects of acquisition    
Prepaid expenses and other assets (9,027) 9,760
Operating lease right-of-use assets 5,497 7,055
Accounts payable 800 31,819
Insurance reserves 122,142 53,084
Accrued and other liabilities 67,496 8,486
Lease liabilities (7,746) (12,772)
Net cash provided by operating activities 287,234 156,177
Cash flows from investing activities    
Purchases of marketable securities (1,028,810) (1,124,149)
Purchases of term deposits 0 (2,194)
Proceeds from sales of marketable securities 71,204 43,973
Proceeds from maturities of marketable securities 1,014,047 841,665
Proceeds from maturities of term deposits 2,194 3,539
Purchases of property and equipment and scooter fleet (6,500) (29,106)
Sales of property and equipment 13,523 24,181
Net cash provided by (used in) investing activities 65,658 (242,091)
Cash flows from financing activities    
Repayment of loans (16,492) (20,572)
Proceeds from issuance of convertible senior notes 0 460,000
Payment of debt issuance costs  0 (11,888)
Purchase of capped call 0 (47,886)
Repurchase of Class A common stock 0 (50,000)
Payment for settlement of convertible senior notes due 2025 0 (350,000)
Proceeds from exercise of stock options and other common stock issuances 0 1,924
Taxes paid related to net share settlement of equity awards (24,294) (1,462)
Principal payments on finance lease obligations (10,903) (11,479)
Net cash used in financing activities (51,689) (31,363)
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents (349) (528)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 300,854 (117,805)
Beginning of period 946,040 771,786
End of period 1,246,894 653,981
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets    
Cash and cash equivalents 985,494 507,918
Restricted cash and cash equivalents 261,400 144,698
Restricted cash, included in prepaid expenses and other current assets 0 1,365
Total cash, cash equivalents and restricted cash and cash equivalents 1,246,894 653,981
Non-cash investing and financing activities    
Financed vehicles acquired 725 88,350
Purchases of property and equipment and scooter fleet not yet settled 10,419 8,496
Right-of-use assets acquired under finance leases 1,336 11,956
Right-of-use assets acquired under operating leases 942 3,328
Remeasurement of finance and operating lease right of use assets $ (509) $ (3,659)
v3.25.1
Description of Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation 1. Description of Business and Basis of Presentation
Organization and Description of Business
Lyft, Inc. (the “Company” or “Lyft”) is incorporated in Delaware with 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. Our robust technology platform (the "Lyft Platform") provides a marketplace where drivers can be matched with riders via the Lyft mobile application (the "Lyft App") where the Company operates as a transportation network company (“TNC”).
Transportation options through the Company’s platform and mobile-based applications are primarily comprised of its ridesharing marketplace that connects drivers and riders in cities across the United States and in certain cities in Canada. Transportation options also include 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 and independently managed 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
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheets as of December 31, 2024 included herein was derived from the audited financial statements as of that date. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2024, included in our Annual Report on Form 10-K.
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and entities consolidated under the variable interest entity model and have been prepared on the same basis as the annual audited consolidated financial statements. All intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates on various factors and information which may include, but are not limited to, historical experience, where applicable, and on other assumptions that management believes are reasonable under the circumstances. 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.
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies 2. Summary of Significant Accounting Policies
There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 14, 2025 that have had a material impact on our condensed consolidated financial statements and related notes.
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. The Company has concluded that consolidated net income (loss) is the measure of segment profitability. The CODM assesses performance for the Company, monitors budget versus actual results, and determines how to allocate resources based on consolidated net income (loss) as reported in the consolidated statements of operations. There are no other expense categories regularly provided to the CODM that are not already included in the primary financial statements herein.
Recent Accounting Pronouncements
Recent Accounting Pronouncements Not Yet Adopted
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 annual periods beginning after December 15, 2024. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, which requires companies to provide new financial statement disclosures disaggregating prescribed expense categories within relevant income statement expense captions. Early adoption and retrospective application is permitted. Additionally, in January 2025, the FASB issued ASU 2025-01, “Clarifying the Effective Date” which clarifies that the guidance for ASU 2024-03 is to be adopted by all public entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, on a prospective basis. The Company is currently assessing the impact of adopting these standards on the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-04, “Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”, which seeks to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions. This amendment is effective for annual and interim reporting periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue 3. Revenue
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 from licensing and data access, subscription fees, bikes and bike station hardware and software sales and arrangements to provide advertising services to third parties. 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”).
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.
For the three months ended March 31, 2025, in relation to the driver, rider and Light Vehicle rider incentive programs, the Company recorded $202.6 million as a reduction to revenue and $93.4 million as sales and marketing expense. For the three months ended March 31, 2024, in relation to the driver, rider and Light Vehicle riders incentive programs, the Company recorded $225.1 million as a reduction to revenue and $68.0 million as sales and marketing expense.
Disaggregation of Revenue
The table below presents the Company's revenues as included on the condensed consolidated statements of operations (in thousands):
Three Months Ended March 31,
20252024
Revenue from contracts with customers (ASC 606)$1,374,189 $1,209,737 
Rental revenue (ASC 842)75,983 67,464 
Total revenue$1,450,172 $1,277,201 
The Company’s receivable balance, which consists primarily of amounts due from participants in the Company's enterprise programs and Light Vehicle partners, was $353.5 million and $347.0 million as of March 31, 2025 and December 31, 2024, respectively. The Company’s allowance for credit losses was $11.8 million and $12.2 million as of March 31, 2025 and December 31, 2024, respectively.
v3.25.1
Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Investments 4. Cash Equivalents and 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 investments as of the dates indicated (in thousands):
March 31, 2025
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$348,269 $— $— $348,269 
Money market deposit accounts
268,049 — — 268,049 
Certificates of deposit
201,366 139 (25)201,480 
Commercial paper
587,200 226 (396)587,030 
Corporate bonds
103,745 380 (13)104,112 
U.S. government and agency securities
320,670 201 (13)320,858 
Total unrestricted cash equivalents and short-term investments1,829,299 946 (447)1,829,798 
Restricted Balances
Money market funds
13,400 — — 13,400 
Certificates of deposit
258,995 177 (29)259,143 
Commercial paper
881,205 211 (715)880,701 
Corporate bonds
27,559 15 (4)27,570 
U.S. government and agency securities
454,915 215 (22)455,108 
Total restricted cash equivalents and investments1,636,074 618 (770)1,635,922 
Total unrestricted and restricted cash equivalents and investments
$3,465,373 $1,564 $(1,217)$3,465,720 
_______________
(1)Excludes $324.2 million of cash, which is included within the $2.2 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
December 31, 2024
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$189,839 $— $— $189,839 
Money market deposit accounts304,716 — — 304,716 
Certificates of deposit171,352 150 (144)171,358 
Commercial paper762,405 529 (388)762,546 
Corporate bonds70,207 29 (5)70,231 
U.S. government and agency securities352,984 295 (5)353,274 
Total unrestricted cash equivalents and short-term investments1,851,503 1,003 (542)1,851,964 
Restricted Balances
Money market funds42,699 — — 42,699 
Term deposits2,194 — — 2,194 
Certificates of deposit189,694 144 (242)189,596 
Commercial paper782,491 433 (368)782,556 
Corporate bonds59,254 19 (7)59,266 
U.S. government and agency securities465,516 349 (8)465,857 
Total restricted cash equivalents and investments1,541,848 945 (625)1,542,168 
Total unrestricted and restricted cash equivalents and investments$3,393,351 $1,948 $(1,167)$3,394,132 
_______________
(1)Excludes $132.5 million of cash, which is included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
The Company’s investments consist of available-for-sale debt securities and term deposits. The term deposits are at cost, which approximates fair value. The Company considered debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the condensed consolidated balance sheets. No individual security incurred continuous unrealized losses for greater than 12 months.
Interest income earned by the Company on its available-for-sale debt securities included in other income (expense), net in the condensed consolidated statements of operations was $39.5 million and $38.6 million for the three months ended March 31, 2025 and 2024, respectively.
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 March 31, 2025. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the condensed consolidated financial statements as soon as they become known. No credit losses were recognized as of March 31, 2025 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):
March 31, 2025
Less than 12 months
12 months or greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$42,245 $(55)$— $— $42,245 $(55)
Corporate bonds 17,748 (6)5,502 (11)23,250 (17)
Commercial paper230,241 (1,105)— — 230,241 (1,105)
U.S. government and agency securities
189,538 (33)— — 189,538 (33)
Total available-for-sale debt securities in an unrealized loss position
$479,772 $(1,199)$5,502 $(11)$485,274 $(1,210)
December 31, 2024
Less than 12 months12 months or greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$99,144 $(386)$— $— $99,144 $(386)
Corporate bonds 49,516 (12)— — 49,516 (12)
Commercial paper241,805 (756)— — 241,805 (756)
U.S. government and agency securities62,787 (13)— — 62,787 (13)
Total available-for-sale debt securities in an unrealized loss position$453,252 $(1,167)$— $— $453,252 $(1,167)
The following table classifies the Company’s available-for-sale debt securities by contractual maturities (in thousands):
March 31,
2025		December 31,
2024
Due within one year$2,467,374 $2,578,381 
Due within one year to three years75,649 — 
Total$2,543,023 $2,578,381 
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements 5. 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):
March 31, 2025
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds$348,269 $— $— $348,269 
Certificates of deposit— 201,480 — 201,480 
Commercial paper— 587,030 — 587,030 
Corporate bonds— 104,112 — 104,112 
U.S. government and agency securities
— 320,858 — 320,858 
Total unrestricted cash equivalents and short-term investments348,269 1,213,480 — 1,561,749 
Restricted cash equivalents and investments
Money market funds13,400 — — 13,400 
Certificates of deposit— 259,143 — 259,143 
Commercial paper— 880,701 — 880,701 
Corporate bonds— 27,570 — 27,570 
U.S. government and agency securities
— 455,108 — 455,108 
Total restricted cash equivalents and investments13,400 1,622,522 — 1,635,922 
Total financial assets$361,669 $2,836,002 $— $3,197,671 
_______________
(1)$324.2 million of cash and $268.0 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.2 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
December 31, 2024
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds$189,839 $— $— $189,839 
Certificates of deposit— 171,358 — 171,358 
Commercial paper— 762,546 — 762,546 
Corporate bonds— 70,231 — 70,231 
U.S. government and agency securities
— 353,274 — 353,274 
Total unrestricted cash equivalents and short-term investments189,839 1,357,409 — 1,547,248 
Restricted cash equivalents and investments(2)
Money market funds42,699 — — 42,699 
Certificates of deposit— 189,596 — 189,596 
Commercial paper— 782,556 — 782,556 
Corporate bonds— 59,266 — 59,266 
U.S. government and agency securities
— 465,857 — 465,857 
Total restricted cash equivalents and investments42,699 1,497,275 — 1,539,974 
Total financial assets$232,538 $2,854,684 $— $3,087,222 
_______________
(1)$132.5 million of cash and $304.7 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
(2)$2.2 million of term deposits is not subject to recurring fair value measurement and therefore excluded from this table. However, this balance is included within the $1.5 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.
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.
During the three months ended March 31, 2025, the Company did not make any transfers between the levels of the fair value hierarchy.
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 condensed consolidated statements of operations.
There were $9.1 million of financial instruments measured at fair value on a non-recurring basis within other investments on the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024.
v3.25.1
Supplemental Financial Statement Information
 3 Months Ended
Mar. 31, 2025
Additional Financial Information Disclosure [Abstract]  
Supplemental Financial Statement Information 6. Supplemental Financial Statement Information
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following as of the dates indicated (in thousands):
March 31,
2025		December 31,
2024
Prepaid insurance
$383,960 $428,884 
Enterprise and trade receivables, net
341,710 334,843 
Other244,245 202,363 
Prepaid expenses and other current assets$969,915 $966,090 
Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands):
March 31,
2025		December 31,
2024
Insurance-related accruals
$793,077 $763,842 
Legal and tax related accruals309,039 333,979 
Ride-related accruals250,856 178,114 
Insurance claims payable and related fees51,299 58,135 
Long-term debt, current(1)
39,449 38,904 
Finance lease liabilities, current(2)
30,047 31,268 
Other(2)
261,548 262,036 
Accrued and other current liabilities$1,735,315 $1,666,278 
_______________
(1)Represents current portion of long-term debt primarily related to the Non-revolving Loan and Master Vehicle Loan. Refer to Note 9 "Debt" for more information.
(2)Certain balances previously presented in Other as of December 31, 2024 have been reclassified to Finance lease liabilities, current to conform to the current period presentation.
Insurance Reserves
Reinsurance of Certain Legacy Auto Liability Insurance
On February 19, 2025, the Company’s wholly-owned subsidiary, Pacific Valley Insurance Company, Inc. (“PVIC”), entered into a Loss Portfolio Transfer Reinsurance Agreement (the “Reinsurance Agreement”) with Riverstone International Insurance, Inc. (“Riverstone”), under which Riverstone reinsured a legacy portfolio of auto insurance policies, based on reserves in place as of January 1, 2025, of certain legacy insurance liabilities for policies underwritten during the period of October 1, 2020 to September 30, 2022, with an aggregate limit of $120.5 million, for a premium of $85.1 million (the “Reinsurance Transaction”). A substantial portion of the premium ceded is on a funds withheld basis, meaning that the premium withheld by PVIC is used to pay future reinsurance claims on RiverStone's behalf. Upon consummation of the Reinsurance Transaction, a reinsurance recoverable was established, and since a contractual right of offset exists, the reinsurance recoverable has been netted against the funds withheld liability balance for an immaterial net reinsurance recoverable balance included in prepaid expenses and other current assets on the condensed consolidated balance sheets as of March 31, 2025. In addition to the premium ceded to the reinsurer, the Company prepaid $8.4 million in interest related to the funds withheld. An immaterial amount of interest expense was recognized on the condensed consolidated statement of operations for the three months ended March 31, 2025. An immaterial loss was recognized on the condensed consolidated statement of operations for the three months ended March 31, 2025, in cost of revenue upon completion of the Reinsurance Transaction.
The Reinsurance Transaction does not discharge PVIC of its obligations to the policyholder. Management evaluated reinsurance counterparty credit risk and does not consider it to be material since a substantial portion of the premium of $85.1 million was retained by PVIC on a funds withheld basis on behalf of the reinsurer.
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases 7. Leases
Real Estate Operating Leases
The Company leases real estate property at approximately 58 locations as of March 31, 2025. These leases are classified as operating leases. As of March 31, 2025, the remaining lease terms vary from approximately three months to nine years. For certain leases the Company has options to extend the lease term for periods varying from 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. The Company does not separate lease and non-lease components of these contracts and 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 condensed consolidated balance sheets. As of March 31, 2025, the remaining lease terms vary between one month to four years. The Company has elected to separate lease and non-lease components for vehicles. 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
The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
March 31,
2025		December 31,
2024
Operating Leases
Assets
Operating lease right-of-use assets
$146,272$148,397
Liabilities
Operating lease liabilities, current
$24,920$25,192
Operating lease liabilities, non-current
147,972152,074
Total operating lease liabilities$172,892$177,266
Finance Leases
Assets
Finance lease right-of-use assets(1)
$70,265$79,704
Liabilities
Finance lease liabilities, current(2)
$30,047$31,268
Finance lease liabilities, non-current(3)
46,22554,351
Total finance lease liabilities$76,272$85,619
Weighted-average remaining lease term (years)
Operating leases7.47.7
Finance leases2.42.6
Weighted-average discount rate
Operating leases6.6 %6.6 %
Finance leases6.4 %6.4 %
_______________
(1)This balance is included within property and equipment, net on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(2)This balance is included within other current liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other liabilities on the condensed 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 (in thousands):
Three Months Ended March 31,
20252024
Operating Leases
Operating lease cost$8,416 $10,004 
Finance Leases
Amortization of right-of-use assets$7,892 $6,306 
Interest on lease liabilities1,301 1,346 
Other Lease Costs
Short-term lease cost$762 $945 
Variable lease cost (1)
1,714 2,592 
Total lease cost$20,085 $21,193 
_______________
(1)Consists primarily of common area maintenance and taxes and utilities for real estate leases.
Sublease income was immaterial for the three months ended March 31, 2025 and March 31, 2024. Sublease income is included within other income, net on the condensed consolidated statement of operations. The related lease expense for these leases is included within costs and expenses on the condensed consolidated statement of operations.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
Three Months Ended March 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$10,621 $15,391 
Operating cash flows from finance leases1,187 1,277 
Financing cash flows from finance leases10,903 11,479 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheets as of March 31, 2025 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2025$25,556 $25,451 $51,007 
202635,207 32,049 67,256 
202730,911 16,329 47,240 
202825,804 9,602 35,406 
202924,864 — 24,864 
Thereafter78,606 — 78,606 
Total minimum lease payments220,948 83,431 304,379 
Less: amount of lease payments representing interest(48,056)(7,159)(55,215)
Present value of future lease payments172,892 76,272 249,164 
Less: current obligations under leases(24,920)(30,047)(54,967)
Long-term lease obligations$147,972 $46,225 $194,197 
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 7. Leases
Real Estate Operating Leases
The Company leases real estate property at approximately 58 locations as of March 31, 2025. These leases are classified as operating leases. As of March 31, 2025, the remaining lease terms vary from approximately three months to nine years. For certain leases the Company has options to extend the lease term for periods varying from 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. The Company does not separate lease and non-lease components of these contracts and 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 condensed consolidated balance sheets. As of March 31, 2025, the remaining lease terms vary between one month to four years. The Company has elected to separate lease and non-lease components for vehicles. 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
The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
March 31,
2025		December 31,
2024
Operating Leases
Assets
Operating lease right-of-use assets
$146,272$148,397
Liabilities
Operating lease liabilities, current
$24,920$25,192
Operating lease liabilities, non-current
147,972152,074
Total operating lease liabilities$172,892$177,266
Finance Leases
Assets
Finance lease right-of-use assets(1)
$70,265$79,704
Liabilities
Finance lease liabilities, current(2)
$30,047$31,268
Finance lease liabilities, non-current(3)
46,22554,351
Total finance lease liabilities$76,272$85,619
Weighted-average remaining lease term (years)
Operating leases7.47.7
Finance leases2.42.6
Weighted-average discount rate
Operating leases6.6 %6.6 %
Finance leases6.4 %6.4 %
_______________
(1)This balance is included within property and equipment, net on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(2)This balance is included within other current liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other liabilities on the condensed 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 (in thousands):
Three Months Ended March 31,
20252024
Operating Leases
Operating lease cost$8,416 $10,004 
Finance Leases
Amortization of right-of-use assets$7,892 $6,306 
Interest on lease liabilities1,301 1,346 
Other Lease Costs
Short-term lease cost$762 $945 
Variable lease cost (1)
1,714 2,592 
Total lease cost$20,085 $21,193 
_______________
(1)Consists primarily of common area maintenance and taxes and utilities for real estate leases.
Sublease income was immaterial for the three months ended March 31, 2025 and March 31, 2024. Sublease income is included within other income, net on the condensed consolidated statement of operations. The related lease expense for these leases is included within costs and expenses on the condensed consolidated statement of operations.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
Three Months Ended March 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$10,621 $15,391 
Operating cash flows from finance leases1,187 1,277 
Financing cash flows from finance leases10,903 11,479 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheets as of March 31, 2025 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2025$25,556 $25,451 $51,007 
202635,207 32,049 67,256 
202730,911 16,329 47,240 
202825,804 9,602 35,406 
202924,864 — 24,864 
Thereafter78,606 — 78,606 
Total minimum lease payments220,948 83,431 304,379 
Less: amount of lease payments representing interest(48,056)(7,159)(55,215)
Present value of future lease payments172,892 76,272 249,164 
Less: current obligations under leases(24,920)(30,047)(54,967)
Long-term lease obligations$147,972 $46,225 $194,197 
Future lease payments receivable in car rental transactions under the Flexdrive program are not material since the lease term is less than a month.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies 8. Commitments and Contingencies
Noncancellable Purchase Commitments
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. 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 March 31, 2025, the Company has made payments of $379.0 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 March 31, 2025, the Company has made payments totaling $33.6 million and capital equipment investments totaling $66.1 million under the arrangements.
Letters of Credit
The Company maintains certain stand-by letters of credit from third-party financial institutions in the ordinary course of business to guarantee certain performance obligations related to leases, insurance policies and other various contractual arrangements. The outstanding letters of credit are issued under the Revolving Credit Facility (as defined below) and none are collateralized by cash. As of March 31, 2025 and December 31, 2024, the Company had letters of credit outstanding that reduced the available credit under the Revolving Credit Facility (as defined below) of $60.7 million and $72.6 million, respectively.
Indemnification
The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including certain business partners, investors, contractors, parties to certain acquisition or divestiture transactions and the Company’s officers, directors, and certain employees. The Company has agreed to indemnify and defend the indemnified party’s claims and related losses suffered or incurred by the indemnified party resulting from actual or threatened third-party claims because of the Company’s activities or, in some cases, non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded on the condensed consolidated statements of operations in connection with the indemnification provisions have not been material.
Legal Proceedings
The Company is currently involved in, and may in the future be involved in, legal proceedings, claims, and regulatory and governmental inquiries and investigations, and in some situations has received subpoenas and requests for documents and information, in the ordinary course of business, including 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, competition, 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, the Company 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. The stay was lifted by the trial court on July 2, 2024, and the parties are exploring mediation. On October 7, 2024, the U.S. Supreme Court denied the Company's petition for writ of certiorari.
In 2021, a group of petitioners led by labor union SEIU filed a separate lawsuit in a California court against the State of California alleging that Proposition 22 is unconstitutional under the California Constitution. 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 lawsuit. In August 2021, the trial court issued an order finding that Proposition 22 is unenforceable, but in March 2023, the California Court of Appeal reversed that decision and upheld Proposition 22, while severing two provisions that relate to future amendments of the measure. On July 25, 2024, the California Supreme Court affirmed the decision of the Court of Appeal and unanimously upheld Proposition 22.
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. 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.
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. Trial took place from May 13, 2024 to June 3, 2024. On June 27, 2024, the parties reached a resolution to dismiss the litigation with prejudice and Massachusetts drivers have begun receiving new benefits and maintained 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 March 31, 2025.
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 also defending against allegations 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 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. On August 2, 2024, the NJDOL issued a revised assessment, which is based upon a different methodology. 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 a hearing has been scheduled to start in June 2025. 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 sheets as of March 31, 2025.
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 sheets as of March 31, 2025.
In June 2022, the California Employment Development Department ("EDD") opened an audit reviewing whether drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply from 2018 to 2020. The EDD issued an assessment on June 9, 2023 and subsequently issued an updated assessment on June 27, 2023. The Company filed a petition to challenge the assessment. The Company and the EDD reached an agreement to resolve the assessment in March 2025. An accrual for this matter is reflected within accrued and other current liabilities on the consolidated balance sheets as of March 31, 2025.
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.
The Company is currently engaged in an ongoing dispute with the City and County of San Francisco (“San Francisco”) regarding the application of gross receipts taxes to rideshare. On December 20, 2024, the Company filed suit against San Francisco and San Francisco’s Office of the Treasurer and Tax Collector seeking refund of approximately $100 million in payroll expense tax, gross receipts tax, homelessness gross receipts tax, penalties, and interest for the 2019 through 2023 tax years. The outcome of this matter is uncertain.
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, investigations, and other matters 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 July 2024, the Company went to trial in federal court in New York to defend against a class action alleging ADA and New York law violations with respect to the Company's wheelchair accessible vehicle ("WAV") offerings, seeking injunctive and other relief, in Lowell v. Lyft, Inc. On September 30, 2024, the district court ruled that plaintiffs failed to sustain their burden of proof that the modifications they proposed at trial would result in nationwide WAV service. The district court dismissed the suit and entered judgment in favor of the Company. The plaintiffs filed a notice of appeal on October 29, 2024, and the appeal is now pending before the Second Circuit Court of Appeal. The Company disputes any allegations of wrongdoing and intends to continue to defend itself vigorously in these matters. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated.
Personal Injury and Other Safety Matters
In the ordinary course of the Company’s business, various parties have from time to time claimed, and may claim in the future, that the Company is liable for damages related to accidents or other incidents involving drivers, riders or renters using or who have used services offered on the Lyft Platform, as well as from third parties. The Company is currently named as a defendant in a number of matters related to accidents or other incidents involving drivers, 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. Other legal proceedings related to accidents, alleged sexual assault or harassment, or other safety incidents are pending in various jurisdictions and may similarly proceed to trial or final adjudication. 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. In the derivative actions, which were consolidated into one action in federal court in California, a hearing on final settlement approval was held on February 6, 2025, and the court granted final approval on March 28, 2025.
On February 13, 2024, the Company published a press release announcing our financial results for the fourth quarter and fiscal year 2023 that was furnished with our Current Report on Form 8-K filed that same day. The press release contained a clerical error relating to the Company's forward-looking, non-GAAP directional commentary for fiscal year 2024 (the “Clerical Error”). The Clerical Error was promptly corrected on the Company's earnings call and in an updated press release, and the Company filed an amended 8-K. Shortly after, the U.S. Securities and Exchange Commission ("SEC") requested information relating to the Clerical Error. The Company cooperated and responded voluntarily to the requests. On September 5, 2024, the SEC informed the Company that it had concluded its investigation and did not intend to recommend an enforcement action against the Company.
On March 5, 2024, a putative class action, captioned Chen v. Lyft, Inc., et al., was filed against the Company, our principal executive officer, and principal financial officer, in the United States District Court for the Northern District of California. The putative class action alleges violations of the federal securities laws relating to the Clerical Error. On September 13, 2024, the Company filed a motion to dismiss the complaint. After a hearing on January 14, 2025, the court entered an order dismissing the complaint without prejudice on January 16, 2025. The plaintiff did not file an amended complaint or notice of appeal by the respective deadlines and this matter is closed.
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 sheets.
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt 9. Debt
Outstanding debt obligations as of March 31, 2025 and December 31, 2024 were as follows (in thousands):
Maturities
Interest Rates as of March 31, 2025
March 31, 2025December 31, 2024
Convertible senior notes due 2025 (the "2025 Notes")May 20251.50%$390,537 $390,175 
Convertible senior notes due 2029 (the "2029 Notes")March 20290.625%450,646 450,081 
Non-revolving Loan20267.61%307 510 
Master Vehicle Loan
2025 - 2028
5.10% - 7.10%
138,374 154,281 
Total long-term debt, including current maturities$979,864 $995,047 
Less: Convertible senior notes, current (1)
390,537 390,175 
Less: Long-term debt, current (2)
39,449 38,904 
Total long-term debt$549,878 $565,968 
_______________
(1)This balance is included within convertible senior notes, current on the condensed consolidated balance sheets.
(2)This balance is included within accrued and other current liabilities on the condensed consolidated balance sheets and is primarily related to vehicles.
The following table sets forth the primary components of interest expense as reported on the condensed consolidated statements of operations (in thousands):
Three Months Ended March 31,
20252024
Contractual interest expense related to the 2025 Notes and 2029 Notes$2,184 $2,613 
Amortization of debt discount and issuance costs related to the 2025 Notes and 2029 Notes927 804 
Vehicle loans and other interest expense3,039 3,631 
Interest expense$6,150 $7,048 
Convertible Senior Notes due 2025
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 “2025 Note 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 2025 Note Indenture.
The 2025 Notes were 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 2025 Note 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 2025 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.
None of these conditions were met prior to February 15, 2025. Accordingly, on or after February 15, 2025, the 2025 Notes are 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 2025 Note 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 2025 Note 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 2025 Note 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.
In February 2024, the Company, through privately negotiated agreements in connection with the issuance of the 2029 Notes (as defined below), repurchased approximately $356.8 million in aggregate principal amount of 2025 Notes for an aggregate repurchase price of approximately $350.0 million. The Company recognized this repurchase as an extinguishment of debt and recorded a gain on extinguishment of $5.1 million in other income (expense), net on the condensed consolidated statement 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 March 31, 2025, the unamortized debt discount and debt issuance cost of the 2025 Notes was $0.2 million on the condensed consolidated balance sheets. The effective interest rate during the quarter ended March 31, 2025 was 1.9%.
Based on the last reported sale price of the Company's Class A common stock on March 31, 2025, the if-converted value of the 2025 Notes was $120.8 million, which would not exceed the outstanding principal amount.
The Company expects to settle the 2025 Notes with cash in the second quarter of 2025.
Convertible Senior Notes due 2029
In February 2024, the Company issued $460.0 million aggregate principal amount of 0.625% convertible senior notes due 2029 (the "2029 Notes" together with the 2025 Notes, the "Notes") pursuant to an indenture, dated February 27, 2024 (the “2029 Notes Indenture”) between the Company and U.S. Bank Trust Company, National Association, as trustee.
The 2029 Notes mature on March 1, 2029, unless earlier converted, redeemed or repurchased. The 2029 Notes are senior unsecured obligations of the Company with interest payable semiannually in arrears on March 1 and September 1 of each
year, beginning on September 1, 2024, at a rate of 0.625% per year. The net proceeds from this offering were approximately $448.2 million, after deducting the initial purchasers’ discounts and commissions and debt issuance costs. The 2029 Notes were not issued at a substantial premium, therefore, the Company did not recognize an equity component at issuance.
The initial conversion rate for the 2029 Notes is 47.4366 shares of the Company’s Class A common stock per $1,000 principal amount of 2029 Notes, which is equivalent to an initial conversion price of approximately $21.08 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 2029 Notes Indenture.
The 2029 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 December 1, 2028 only under the following circumstances:
•During any fiscal quarter commencing after the fiscal quarter ending June 30, 2024 (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 2029 Notes Indenture) per $1,000 principal amount of 2029 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 2029 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 December 1, 2028, the 2029 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 will satisfy its conversion obligation by paying cash up to the aggregate principal amount of the 2029 Notes to be converted and 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 2029 Notes Indenture.
Holders of the 2029 Notes who convert their 2029 Notes in connection with certain corporate events that constitute a make-whole fundamental change (as defined in the 2029 Notes 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 2029 Notes Indenture), holders of the 2029 Notes may require the Company to repurchase all or a portion of their 2029 Notes at a repurchase price equal to 100% of the principal amount of the 2029 Notes being repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date.
Debt issuance costs related to the 2029 Notes totaled $11.8 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 March 31, 2025, the unamortized debt discount and debt issuance cost of the 2029 Notes was $9.4 million on the condensed consolidated balance sheets. The effective interest rate during the quarter ended March 31, 2025 was 1.16%.
During the quarter ended March 31, 2025, the 2029 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 March 31, 2025, the if-converted value of the 2029 Notes was $259.0 million, which would not exceed the outstanding principal amount.
The net carrying amounts of the Notes were as follows (in thousands):
March 31
2025		December 31
2024
2025 Notes
Principal$390,719 $390,719 
Unamortized debt discount and debt issuance costs(182)(544)
Net carrying amount of liability component$390,537 $390,175 
2029 Notes
Principal$460,000 $460,000 
Unamortized debt discount and debt issuance costs(9,354)(9,919)
Net carrying amount of liability component$450,646 $450,081 
As of March 31, 2025, the total estimated fair values (which represents a Level 2 valuation) of the 2025 Notes and the 2029 Notes were approximately $388.7 million and $445.4 million, respectively. The estimated fair value of the Notes were determined based on a market approach which was determined based on the actual bids and offers of the Notes in an over-the-counter market on the last trading day of the period.
The 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 “2025 Capped Calls”) with certain of the initial purchasers or their respective affiliates at a cost of approximately $132.7 million. The 2025 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 2025 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 2025 Capped Calls is initially $73.83 per share and is subject to certain adjustments under the terms of the 2025 Capped Calls.
In connection with the issuance of the 2029 Notes, the Company entered into privately negotiated capped call transactions (the “2029 Capped Calls” and together with the 2025 Capped Calls, the “Capped Calls”) with certain financial institutions at a cost of approximately $47.9 million. The 2029 Capped Calls cover, subject to anti-dilution adjustments, the number of shares of Class A common stock underlying the 2029 Notes sold in the offering. By entering into the 2029 Capped Calls, the Company expects to reduce the potential dilution to its Class A common stock (or, in the event a conversion of the 2029 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2029 Notes the trading price of the Company’s Class A common stock price exceeds the conversion price of the 2029 Notes. The cap price of the 2029 Capped Calls is initially $31.82 per share and is subject to certain adjustments under the terms of the 2029 Capped Calls.
The 2025 Capped Calls and the 2029 Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period and are included as a reduction to additional paid-in-capital within shareholders’ equity.
Non-revolving Loan
Flexdrive has a Loan and Security Agreement dated March 11, 2019, as amended (the “Non-revolving Loan”) with a third-party lender. On September 12, 2024, the Non-revolving Loan was amended, extending the Company's ability to draw through September 30, 2025. As amended to date, the Non-revolving Loan provides for a borrowing capacity of $50.0 million, though 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. As of March 31, 2025, 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 March 31, 2025, 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
Flexdrive has 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 the lender for the remainder of the minimum loan term for that loan. The Master Vehicle Loan is secured by all vehicles financed under the Master Vehicle Loan as well as certain amounts held in escrow for the benefit of the lender. Amounts held in escrow are recorded as restricted cash on the condensed consolidated balance sheets.
The Master Vehicle Loan contains customary affirmative and negative covenants that, among other things, limit Flexdrive’s ability to enter into certain acquisitions or consolidations or engage in certain asset dispositions. Upon the occurrence of certain events of default, including bankruptcy and insolvency events with respect to Flexdrive or the Company, all amounts due under the Master Vehicle Loan may become immediately due and payable, among other remedies. As of March 31, 2025, 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 $0.3 million and $140.3 million, respectively, as of March 31, 2025 and were determined based on quoted prices in markets that are not active, which are considered a Level 2 valuation input. During the quarter ended March 31, 2025, the Company made repayments of $16.5 million on these loans.
Maturities of long-term debt outstanding, including current maturities, as of March 31, 2025 were as follows (in thousands):    
Remainder of 2025$418,868 
202658,522 
202751,698 
2028130 
2029450,646 
Thereafter— 
Total long-term debt outstanding$979,864 
Vehicle Procurement Agreement
Flexdrive has 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 March 31, 2025, the Company was in compliance with all covenants of the VPA. As of March 31, 2025, the outstanding
borrowings from the interim financing under the VPA was $2.5 million which is included within accrued and other current liabilities on the condensed consolidated balance sheets.
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 March 31, 2025, there was an immaterial amount of 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 “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. The Company amended the Revolving Credit Agreement on December 12, 2023, and on February 21, 2024, entered into Amendment No. 2 to Revolving Credit Agreement to, among other things: (a) solely for the purposes of the financial covenant test, replace total leverage with total net leverage, which allows the Company to subtract the lesser of (i)(x) to the extent free cash flow for the most recently ended trailing four quarters is greater than $100.0 million, $300.0 million and (y) otherwise, $200.0 million and (ii) the amount of unrestricted cash and cash equivalents (as defined in Amendment No. 2 to the Revolving Credit Agreement) on its condensed consolidated balance sheets as of the calculation date and (b) permit the Company to repurchase up to a specified amount of the Company’s common stock with the proceeds of a convertible note offering.
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 November 3, 2027. 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 was not less than $1.25 billion as of February 13, 2025. As such, the Revolving Credit Facility did not mature on such date based on the terms of the Revolving Credit Agreement. 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 net 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 March 31, 2025, 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 March 31, 2025, there were no other balances outstanding.
v3.25.1
Common Stock
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Common Stock 10. Common Stock
Share Repurchase Program
In February 2025, the Company's board of directors authorized a program for the repurchase of up to $500 million of the Company's Class A common stock. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company's discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.
During the three months ended March 31, 2025, the Company did not purchase any shares of Class A common stock. As of March 31, 2025, the Company had $500.0 million available to repurchase shares pursuant to the program.
Common Stock Repurchase
In connection with the issuance of the 2029 Notes in February 2024, the Company repurchased 3,142,678 shares of its Class A common stock from investors in privately negotiated transactions for an aggregate repurchase price of approximately $50.0 million. The shares were repurchased at fair value and the entire repurchase price was allocated to the repurchase of the shares. The par value of the shares retired is charged against common stock and the remaining repurchase price is allocated to additional paid-in capital on the condensed consolidated balance sheets. The Company retired the shares upon repurchase.
Equity Award Plans
The Company currently maintains two equity award plans that provide for the issuance of shares of common stock to officers and other employees, directors, and consultants of the Company: the 2019 Equity Incentive Plan (the "2019 Plan") and the 2019 Employee Stock Purchase Plan (the “ESPP”). These plans provide for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSU”) and performance-based restricted stock units ("PSU").
Restricted Stock Units
The summary of RSU activity is as follows (in thousands, except per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value
Unvested units as of December 31, 202426,194 $10.67 $336,282 
Granted21,292 13.29 
Vested(4,157)15.57 
Canceled(1,536)13.94 
Unvested units as of March 31, 202541,793 $11.39 $494,523 
Included in the grants for the three months ended March 31, 2025 are 1,880,918 shares of 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. All PSUs are subject to a continuous service condition in addition to certain performance criteria.
In November 2024, the Company’s board of directors approved the transition to the net settlement method as the Company’s withholding method for RSUs. Prior to this, the Company’s withholding method was the sell-to-cover method with
the exception of RSUs held by officers, as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, for which the tax withholding method was the net settlement method.
As of March 31, 2025, the total unrecognized compensation cost was $331.3 million related to all unvested awards. The Company expects to recognize this expense over the remaining weighted-average period of approximately 1.1 years. Generally, RSUs granted after March 28, 2019 vest on the satisfaction of a service-based condition only. The Company recognizes compensation expense for such RSUs upon a straight-line basis over their requisite service periods. The Company recognizes compensation expense for PSUs using the accelerated attribution method over the requisite service periods of each individual tranche.
Employee Stock Purchase 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, 2024, 17,412,315 additional shares of Class A common stock were reserved for issuance under the ESPP. As of March 31, 2025, 6,230,976 shares of Class A common stock have been purchased under the ESPP.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes 11. Income Taxes
The Company's tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter.
The Company's provision for income taxes has not been historically significant to the business as the Company has primarily incurred operating losses to date. The provision for income taxes consists of federal and state taxes in the U.S. and foreign taxes in jurisdictions in which the Company conducts business.
The Company recorded income tax expense (benefit) of $3.4 million in the three months ended March 31, 2025, and $2.6 million in the three months ended March 31, 2024. The effective tax rate was 56.62% for the three months ended March 31, 2025 and (8.96)% for the three months ended March 31, 2024. The effective tax rate differs from the U.S. statutory tax rate primarily due to the valuation allowances on the Company's deferred tax assets as it is more likely than not that some or all of the Company's deferred tax assets will not be realized.
The Company’s policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the Company’s condensed consolidated balance sheets. To date, the Company has not recognized any interest and penalties in its condensed consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. The Company has no unrecognized tax benefits as of March 31, 2025 and December 31, 2024.
The Company regularly assesses the realizability of its deferred tax assets and establishes a valuation allowance if it is more likely than not that some, or all, of its deferred tax assets will not be realizable in the future. The Company 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. As of March 31, 2025, the Company maintains its valuation allowance against its U.S. federal and state net deferred tax assets. Based on the Company’s assessment of current and anticipated future earnings, it is a reasonable possibility that sufficient positive evidence of sustained U.S. profitability may become available in the foreseeable future to reach a conclusion that the U.S. valuation allowance will no longer be needed. The timing and amount of the valuation allowance release could vary based on the level of profitability that the Company is actually able to achieve.
v3.25.1
Net Income (Loss) Per Share Attributable to Common Stockholders
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Attributable to Common Stockholders 12. Net Income (Loss) Per Share Attributable to Common Stockholders
Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. The diluted net income (loss) per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period. For diluted net income (loss) per share attributable to common stockholders, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities by application of the if-converted method, as applicable. For purposes of this calculation, stock options, RSUs, PSUs, the 2029 Notes, 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 income (loss) per share attributable to common stockholders when including them has an anti-dilutive effect. Basic and diluted net income (loss) per share attributable to common stockholders 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 income (loss) per share attributable to common stockholders for the periods indicated (in thousands, except per share data):
Three Months Ended March 31,
20252024
Numerator
Net income (loss) attributable to common stockholders, basic and diluted$2,567 $(31,535)
Denominator
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders$419,047 $401,553 
Effect of potentially dilutive common stock equivalents$4,977 $— 
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders$424,024 $401,553 
Basic net income (loss) per share attributable to common stockholders$0.01 $(0.08)
Diluted net income (loss) per share attributable to common stockholders$0.01 $(0.08)
The following potentially dilutive outstanding shares were excluded from the computation of diluted net income (loss) per share attributable to common stockholders 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):
Three Months Ended March 31,
20252024
Restricted stock units1,449 9,514 
2025 Notes(1)
10,178 10,178 
2029 Notes(1)
21,821 21,821 
Performance based restricted stock units15,779 14,044 
ESPP357 203 
Stock options— 523 
Total49,584 56,283 
_______________
(1)In connection with the issuance of the Notes, the Company entered into the 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 Notes are settled in cash, to reduce the cash payment obligation) in the event that at the time of conversion of the Notes the Company's Class A common stock price exceeds the conversion price of the Notes. Refer to Note 9 “Debt” to the condensed consolidated financial statements for further information.
v3.25.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Variable Interest Entities 13. Variable Interest Entities
VIEs Related to Light Vehicles
The Company has several joint ventures (“JVs”) pertaining to its Light Vehicle operations, which were deemed to be variable interest entities (“VIEs”) in accordance with ASC 810 Consolidation on the acquisition date. The Company determined that it is the primary beneficiary of one of these VIEs, in which it owns an 80% equity interest, as the Company 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 the Company is the primary beneficiary of the VIE, the assets, liabilities, non-controlling interest, revenues and operating results are included in the condensed consolidated financial statements.
For the remaining JVs associated with its Light Vehicle operations, the Company has determined that it 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 condensed 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 condensed consolidated statements of operations, and as an adjustment to its investment in VIEs within other investments in the condensed
consolidated balance sheets. The profits and losses of these unconsolidated VIEs were not material to the condensed consolidated statements of operations for the quarter ended March 31, 2025.
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, the Company were to make which was immaterial as of March 31, 2025.
Other VIEs
In 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 the quarter ended March 31, 2025, there was an immaterial change in the Company's claim on the net assets of the investment. There was no impairment of the investment.
v3.25.1
Subsequent Events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events 14. Subsequent Events
Acquisition of FREENOW
On April 16, 2025, the Company announced that it had entered into a definitive agreement with Intelligent Apps GmbH (d/b/a FREENOW) pursuant to which Lyft will acquire FREENOW (the "Transaction"), for cash consideration of €175 million, subject to closing adjustments. FREENOW is a leading European multi-mobility application with a taxi offering at its core that will be Lyft’s first expansion outside of North America, beyond bikes and scooters. The Transaction is expected to close in the second half of 2025, subject to the satisfaction of customary closing conditions including the requisite regulatory approvals. The Company is currently evaluating the impact of the acquisition on its financial statements.
Share Repurchase Program
In May 2025, the Company's board of directors authorized an increase to the Company’s share repurchase program of an additional $250 million of the Company's Class A common stock, for a total overall authorization of up to $750 million. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company's discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) attributable to common stockholders, basic and diluted $ 2,567 $ (31,535)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheets as of December 31, 2024 included herein was derived from the audited financial statements as of that date. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2024, included in our Annual Report on Form 10-K.
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and entities consolidated under the variable interest entity model and have been prepared on the same basis as the annual audited consolidated financial statements. All intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates on various factors and information which may include, but are not limited to, historical experience, where applicable, and on other assumptions that management believes are reasonable under the circumstances. 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. The Company has concluded that consolidated net income (loss) is the measure of segment profitability. The CODM assesses performance for the Company, monitors budget versus actual results, and determines how to allocate resources based on consolidated net income (loss) as reported in the consolidated statements of operations. There are no other expense categories regularly provided to the CODM that are not already included in the primary financial statements herein.
Recently Accounting Pronouncements
Recent Accounting Pronouncements
Recent Accounting Pronouncements Not Yet Adopted
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 annual periods beginning after December 15, 2024. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, which requires companies to provide new financial statement disclosures disaggregating prescribed expense categories within relevant income statement expense captions. Early adoption and retrospective application is permitted. Additionally, in January 2025, the FASB issued ASU 2025-01, “Clarifying the Effective Date” which clarifies that the guidance for ASU 2024-03 is to be adopted by all public entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, on a prospective basis. The Company is currently assessing the impact of adopting these standards on the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-04, “Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”, which seeks to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions. This amendment is effective for annual and interim reporting periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
Revenue Recognition
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 from licensing and data access, subscription fees, bikes and bike station hardware and software sales and arrangements to provide advertising services to third parties. 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”).
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.
v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues
The table below presents the Company's revenues as included on the condensed consolidated statements of operations (in thousands):
Three Months Ended March 31,
20252024
Revenue from contracts with customers (ASC 606)$1,374,189 $1,209,737 
Rental revenue (ASC 842)75,983 67,464 
Total revenue$1,450,172 $1,277,201 
v3.25.1
Cash Equivalents and Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule 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 investments as of the dates indicated (in thousands):
March 31, 2025
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$348,269 $— $— $348,269 
Money market deposit accounts
268,049 — — 268,049 
Certificates of deposit
201,366 139 (25)201,480 
Commercial paper
587,200 226 (396)587,030 
Corporate bonds
103,745 380 (13)104,112 
U.S. government and agency securities
320,670 201 (13)320,858 
Total unrestricted cash equivalents and short-term investments1,829,299 946 (447)1,829,798 
Restricted Balances
Money market funds
13,400 — — 13,400 
Certificates of deposit
258,995 177 (29)259,143 
Commercial paper
881,205 211 (715)880,701 
Corporate bonds
27,559 15 (4)27,570 
U.S. government and agency securities
454,915 215 (22)455,108 
Total restricted cash equivalents and investments1,636,074 618 (770)1,635,922 
Total unrestricted and restricted cash equivalents and investments
$3,465,373 $1,564 $(1,217)$3,465,720 
_______________
(1)Excludes $324.2 million of cash, which is included within the $2.2 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
December 31, 2024
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$189,839 $— $— $189,839 
Money market deposit accounts304,716 — — 304,716 
Certificates of deposit171,352 150 (144)171,358 
Commercial paper762,405 529 (388)762,546 
Corporate bonds70,207 29 (5)70,231 
U.S. government and agency securities352,984 295 (5)353,274 
Total unrestricted cash equivalents and short-term investments1,851,503 1,003 (542)1,851,964 
Restricted Balances
Money market funds42,699 — — 42,699 
Term deposits2,194 — — 2,194 
Certificates of deposit189,694 144 (242)189,596 
Commercial paper782,491 433 (368)782,556 
Corporate bonds59,254 19 (7)59,266 
U.S. government and agency securities465,516 349 (8)465,857 
Total restricted cash equivalents and investments1,541,848 945 (625)1,542,168 
Total unrestricted and restricted cash equivalents and investments$3,393,351 $1,948 $(1,167)$3,394,132 
_______________
(1)Excludes $132.5 million of cash, which is included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
Schedule of AFS Debt Securities
The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type (in thousands):
March 31, 2025
Less than 12 months
12 months or greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$42,245 $(55)$— $— $42,245 $(55)
Corporate bonds 17,748 (6)5,502 (11)23,250 (17)
Commercial paper230,241 (1,105)— — 230,241 (1,105)
U.S. government and agency securities
189,538 (33)— — 189,538 (33)
Total available-for-sale debt securities in an unrealized loss position
$479,772 $(1,199)$5,502 $(11)$485,274 $(1,210)
December 31, 2024
Less than 12 months12 months or greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$99,144 $(386)$— $— $99,144 $(386)
Corporate bonds 49,516 (12)— — 49,516 (12)
Commercial paper241,805 (756)— — 241,805 (756)
U.S. government and agency securities62,787 (13)— — 62,787 (13)
Total available-for-sale debt securities in an unrealized loss position$453,252 $(1,167)$— $— $453,252 $(1,167)
The following table classifies the Company’s available-for-sale debt securities by contractual maturities (in thousands):
March 31,
2025		December 31,
2024
Due within one year$2,467,374 $2,578,381 
Due within one year to three years75,649 — 
Total$2,543,023 $2,578,381 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule 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):
March 31, 2025
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds$348,269 $— $— $348,269 
Certificates of deposit— 201,480 — 201,480 
Commercial paper— 587,030 — 587,030 
Corporate bonds— 104,112 — 104,112 
U.S. government and agency securities
— 320,858 — 320,858 
Total unrestricted cash equivalents and short-term investments348,269 1,213,480 — 1,561,749 
Restricted cash equivalents and investments
Money market funds13,400 — — 13,400 
Certificates of deposit— 259,143 — 259,143 
Commercial paper— 880,701 — 880,701 
Corporate bonds— 27,570 — 27,570 
U.S. government and agency securities
— 455,108 — 455,108 
Total restricted cash equivalents and investments13,400 1,622,522 — 1,635,922 
Total financial assets$361,669 $2,836,002 $— $3,197,671 
_______________
(1)$324.2 million of cash and $268.0 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.2 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
December 31, 2024
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds$189,839 $— $— $189,839 
Certificates of deposit— 171,358 — 171,358 
Commercial paper— 762,546 — 762,546 
Corporate bonds— 70,231 — 70,231 
U.S. government and agency securities
— 353,274 — 353,274 
Total unrestricted cash equivalents and short-term investments189,839 1,357,409 — 1,547,248 
Restricted cash equivalents and investments(2)
Money market funds42,699 — — 42,699 
Certificates of deposit— 189,596 — 189,596 
Commercial paper— 782,556 — 782,556 
Corporate bonds— 59,266 — 59,266 
U.S. government and agency securities
— 465,857 — 465,857 
Total restricted cash equivalents and investments42,699 1,497,275 — 1,539,974 
Total financial assets$232,538 $2,854,684 $— $3,087,222 
_______________
(1)$132.5 million of cash and $304.7 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
(2)$2.2 million of term deposits is not subject to recurring fair value measurement and therefore excluded from this table. However, this balance is included within the $1.5 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.
v3.25.1
Supplemental Financial Statement Information (Tables)
 3 Months Ended
Mar. 31, 2025
Additional Financial Information Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following as of the dates indicated (in thousands):
March 31,
2025		December 31,
2024
Prepaid insurance
$383,960 $428,884 
Enterprise and trade receivables, net
341,710 334,843 
Other244,245 202,363 
Prepaid expenses and other current assets$969,915 $966,090 
Schedule of Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands):
March 31,
2025		December 31,
2024
Insurance-related accruals
$793,077 $763,842 
Legal and tax related accruals309,039 333,979 
Ride-related accruals250,856 178,114 
Insurance claims payable and related fees51,299 58,135 
Long-term debt, current(1)
39,449 38,904 
Finance lease liabilities, current(2)
30,047 31,268 
Other(2)
261,548 262,036 
Accrued and other current liabilities$1,735,315 $1,666,278 
_______________
(1)Represents current portion of long-term debt primarily related to the Non-revolving Loan and Master Vehicle Loan. Refer to Note 9 "Debt" for more information.
(2)Certain balances previously presented in Other as of December 31, 2024 have been reclassified to Finance lease liabilities, current to conform to the current period presentation.
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Lease Position
The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
March 31,
2025		December 31,
2024
Operating Leases
Assets
Operating lease right-of-use assets
$146,272$148,397
Liabilities
Operating lease liabilities, current
$24,920$25,192
Operating lease liabilities, non-current
147,972152,074
Total operating lease liabilities$172,892$177,266
Finance Leases
Assets
Finance lease right-of-use assets(1)
$70,265$79,704
Liabilities
Finance lease liabilities, current(2)
$30,047$31,268
Finance lease liabilities, non-current(3)
46,22554,351
Total finance lease liabilities$76,272$85,619
Weighted-average remaining lease term (years)
Operating leases7.47.7
Finance leases2.42.6
Weighted-average discount rate
Operating leases6.6 %6.6 %
Finance leases6.4 %6.4 %
_______________
(1)This balance is included within property and equipment, net on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(2)This balance is included within other current liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other liabilities on the condensed 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 (in thousands):
Three Months Ended March 31,
20252024
Operating Leases
Operating lease cost$8,416 $10,004 
Finance Leases
Amortization of right-of-use assets$7,892 $6,306 
Interest on lease liabilities1,301 1,346 
Other Lease Costs
Short-term lease cost$762 $945 
Variable lease cost (1)
1,714 2,592 
Total lease cost$20,085 $21,193 
_______________
(1)Consists primarily of common area maintenance and taxes and utilities for real estate leases.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
Three Months Ended March 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$10,621 $15,391 
Operating cash flows from finance leases1,187 1,277 
Financing cash flows from finance leases10,903 11,479 
Schedule of Operating Lease Liabilities
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheets as of March 31, 2025 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2025$25,556 $25,451 $51,007 
202635,207 32,049 67,256 
202730,911 16,329 47,240 
202825,804 9,602 35,406 
202924,864 — 24,864 
Thereafter78,606 — 78,606 
Total minimum lease payments220,948 83,431 304,379 
Less: amount of lease payments representing interest(48,056)(7,159)(55,215)
Present value of future lease payments172,892 76,272 249,164 
Less: current obligations under leases(24,920)(30,047)(54,967)
Long-term lease obligations$147,972 $46,225 $194,197 
Schedule of Finance Lease Liabilities
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheets as of March 31, 2025 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2025$25,556 $25,451 $51,007 
202635,207 32,049 67,256 
202730,911 16,329 47,240 
202825,804 9,602 35,406 
202924,864 — 24,864 
Thereafter78,606 — 78,606 
Total minimum lease payments220,948 83,431 304,379 
Less: amount of lease payments representing interest(48,056)(7,159)(55,215)
Present value of future lease payments172,892 76,272 249,164 
Less: current obligations under leases(24,920)(30,047)(54,967)
Long-term lease obligations$147,972 $46,225 $194,197 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations and Interest Expense Related to Convertible Debt
Outstanding debt obligations as of March 31, 2025 and December 31, 2024 were as follows (in thousands):
Maturities
Interest Rates as of March 31, 2025
March 31, 2025December 31, 2024
Convertible senior notes due 2025 (the "2025 Notes")May 20251.50%$390,537 $390,175 
Convertible senior notes due 2029 (the "2029 Notes")March 20290.625%450,646 450,081 
Non-revolving Loan20267.61%307 510 
Master Vehicle Loan
2025 - 2028
5.10% - 7.10%
138,374 154,281 
Total long-term debt, including current maturities$979,864 $995,047 
Less: Convertible senior notes, current (1)
390,537 390,175 
Less: Long-term debt, current (2)
39,449 38,904 
Total long-term debt$549,878 $565,968 
_______________
(1)This balance is included within convertible senior notes, current on the condensed consolidated balance sheets.
(2)This balance is included within accrued and other current liabilities on the condensed consolidated balance sheets and is primarily related to vehicles.
The following table sets forth the primary components of interest expense as reported on the condensed consolidated statements of operations (in thousands):
Three Months Ended March 31,
20252024
Contractual interest expense related to the 2025 Notes and 2029 Notes$2,184 $2,613 
Amortization of debt discount and issuance costs related to the 2025 Notes and 2029 Notes927 804 
Vehicle loans and other interest expense3,039 3,631 
Interest expense$6,150 $7,048 
Schedule of Convertible Notes
The net carrying amounts of the Notes were as follows (in thousands):
March 31
2025		December 31
2024
2025 Notes
Principal$390,719 $390,719 
Unamortized debt discount and debt issuance costs(182)(544)
Net carrying amount of liability component$390,537 $390,175 
2029 Notes
Principal$460,000 $460,000 
Unamortized debt discount and debt issuance costs(9,354)(9,919)
Net carrying amount of liability component$450,646 $450,081 
Schedule of Maturities of Long-Term Debt Outstanding
Maturities of long-term debt outstanding, including current maturities, as of March 31, 2025 were as follows (in thousands):    
Remainder of 2025$418,868 
202658,522 
202751,698 
2028130 
2029450,646 
Thereafter— 
Total long-term debt outstanding$979,864 
v3.25.1
Common Stock (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Unit Activity
The summary of RSU activity is as follows (in thousands, except per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value
Unvested units as of December 31, 202426,194 $10.67 $336,282 
Granted21,292 13.29 
Vested(4,157)15.57 
Canceled(1,536)13.94 
Unvested units as of March 31, 202541,793 $11.39 $494,523 
v3.25.1
Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Loss Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the periods indicated (in thousands, except per share data):
Three Months Ended March 31,
20252024
Numerator
Net income (loss) attributable to common stockholders, basic and diluted$2,567 $(31,535)
Denominator
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders$419,047 $401,553 
Effect of potentially dilutive common stock equivalents$4,977 $— 
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders$424,024 $401,553 
Basic net income (loss) per share attributable to common stockholders$0.01 $(0.08)
Diluted net income (loss) per share attributable to common stockholders$0.01 $(0.08)
Schedule of Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Income (Loss) Per Share
The following potentially dilutive outstanding shares were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):
Three Months Ended March 31,
20252024
Restricted stock units1,449 9,514 
2025 Notes(1)
10,178 10,178 
2029 Notes(1)
21,821 21,821 
Performance based restricted stock units15,779 14,044 
ESPP357 203 
Stock options— 523 
Total49,584 56,283 
_______________
(1)In connection with the issuance of the Notes, the Company entered into the Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to reduce the potential dilution to the Company's Class A common stock (or, in the event a conversion of the Notes are settled in cash, to reduce the cash payment obligation) in the event that at the time of conversion of the Notes the Company's Class A common stock price exceeds the conversion price of the Notes. Refer to Note 9 “Debt” to the condensed consolidated financial statements for further information.
v3.25.1
Summary of Significant Accounting Policies - Additional Information (Details)
 3 Months Ended
Mar. 31, 2025
segment
Accounting Policies [Abstract]  
Number of operating segments 1
v3.25.1
Revenue - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Disaggregation of Revenue [Line Items]      
Revenue $ 1,450,172 $ 1,277,201  
Sales and marketing 182,017 145,472  
Accounts receivable 353,500   $ 347,000
Allowance for credit loss 11,800   $ 12,200
Driver, Rider and Light Vehicle Riders Incentive Programs      
Disaggregation of Revenue [Line Items]      
Sales and marketing 93,400 68,000  
Driver, Rider and Light Vehicle Riders Incentive Programs | Adjustment      
Disaggregation of Revenue [Line Items]      
Revenue $ (202,600) $ (225,100)  
Ride Share | Revenue, Product and Service Benchmark | Product Concentration Risk      
Disaggregation of Revenue [Line Items]      
Concentration risk (as a percent) 85.00%    
v3.25.1
Revenue - Schedule of Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Revenue from contracts with customers (ASC 606) $ 1,374,189 $ 1,209,737
Rental revenue (ASC 842) 75,983 67,464
Total revenue $ 1,450,172 $ 1,277,201
v3.25.1
Cash Equivalents and Investments - Schedule of Cash Equivalents and Short-Term Investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost $ 1,829,299 $ 1,851,503
Unrestricted cash equivalents and short-term investments, Unrealized Gains 946 1,003
Unrestricted cash equivalents and short-term investments, Unrealized Losses (447) (542)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 1,829,798 1,851,964
Restricted cash equivalents and investments, Cost or Amortized Cost 1,636,074 1,541,848
Restricted cash equivalents and investments, Unrealized Gains 618 945
Restricted cash equivalents and investments, Unrealized Losses (770) (625)
Restricted cash equivalents and investments, Estimated Fair Value 1,635,922 1,542,168
Unrestricted and restricted cash equivalents and investments, Cost or Amortized Cost 3,465,373 3,393,351
Unrestricted and restricted cash equivalents and investments, Unrealized Gains 1,564 1,948
Unrestricted and restricted cash equivalents and investments, Unrealized Losses (1,217) (1,167)
Unrestricted and restricted cash equivalents and investments, Estimated Fair Value 3,465,720 3,394,132
Cash 324,200 132,500
Cash and cash equivalents and short-term investments 2,200,000 2,000,000
Money market funds    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 348,269 189,839
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 348,269 189,839
Restricted cash equivalents and investments, Cost or Amortized Cost 13,400 42,699
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 13,400 42,699
Money market deposit accounts    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 268,049 304,716
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 268,049 304,716
Term deposits    
Cash and Cash Equivalents [Line Items]    
Restricted cash equivalents and investments, Cost or Amortized Cost   2,194
Restricted cash equivalents and investments, Unrealized Gains   0
Restricted cash equivalents and investments, Unrealized Losses   0
Restricted cash equivalents and investments, Estimated Fair Value   2,194
Certificates of deposit    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 201,366 171,352
Unrestricted cash equivalents and short-term investments, Unrealized Gains 139 150
Unrestricted cash equivalents and short-term investments, Unrealized Losses (25) (144)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 201,480 171,358
Restricted cash equivalents and investments, Cost or Amortized Cost 258,995 189,694
Restricted cash equivalents and investments, Unrealized Gains 177 144
Restricted cash equivalents and investments, Unrealized Losses (29) (242)
Restricted cash equivalents and investments, Estimated Fair Value 259,143 189,596
Commercial paper    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 587,200 762,405
Unrestricted cash equivalents and short-term investments, Unrealized Gains 226 529
Unrestricted cash equivalents and short-term investments, Unrealized Losses (396) (388)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 587,030 762,546
Restricted cash equivalents and investments, Cost or Amortized Cost 881,205 782,491
Restricted cash equivalents and investments, Unrealized Gains 211 433
Restricted cash equivalents and investments, Unrealized Losses (715) (368)
Restricted cash equivalents and investments, Estimated Fair Value 880,701 782,556
Corporate bonds    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 103,745 70,207
Unrestricted cash equivalents and short-term investments, Unrealized Gains 380 29
Unrestricted cash equivalents and short-term investments, Unrealized Losses (13) (5)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 104,112 70,231
Restricted cash equivalents and investments, Cost or Amortized Cost 27,559 59,254
Restricted cash equivalents and investments, Unrealized Gains 15 19
Restricted cash equivalents and investments, Unrealized Losses (4) (7)
Restricted cash equivalents and investments, Estimated Fair Value 27,570 59,266
U.S. government and agency securities    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 320,670 352,984
Unrestricted cash equivalents and short-term investments, Unrealized Gains 201 295
Unrestricted cash equivalents and short-term investments, Unrealized Losses (13) (5)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 320,858 353,274
Restricted cash equivalents and investments, Cost or Amortized Cost 454,915 465,516
Restricted cash equivalents and investments, Unrealized Gains 215 349
Restricted cash equivalents and investments, Unrealized Losses (22) (8)
Restricted cash equivalents and investments, Estimated Fair Value $ 455,108 $ 465,857
v3.25.1
Cash Equivalents and Investments - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash and Cash Equivalents [Abstract]    
Interest income earned $ 39,500,000 $ 38,600,000
Allowance for credit loss on marketable and non-marketable available for sale debt securities $ 0  
v3.25.1
Cash Equivalents and Investments - Schedule of AFS Debt Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale    
Estimated fair value, less than 12 Months $ 479,772 $ 453,252
Unrealized losses, less than 12 months (1,199) (1,167)
Estimated fair value, 12 months or greater 5,502 0
Unrealized losses, 12 months or greater (11) 0
Estimated fair value, total 485,274 453,252
Unrealized losses, total (1,210) (1,167)
Certificates of deposit    
Debt Securities, Available-for-sale    
Estimated fair value, less than 12 Months 42,245 99,144
Unrealized losses, less than 12 months (55) (386)
Estimated fair value, 12 months or greater 0 0
Unrealized losses, 12 months or greater 0 0
Estimated fair value, total 42,245 99,144
Unrealized losses, total (55) (386)
Corporate bonds    
Debt Securities, Available-for-sale    
Estimated fair value, less than 12 Months 17,748 49,516
Unrealized losses, less than 12 months (6) (12)
Estimated fair value, 12 months or greater 5,502 0
Unrealized losses, 12 months or greater (11) 0
Estimated fair value, total 23,250 49,516
Unrealized losses, total (17) (12)
Commercial paper    
Debt Securities, Available-for-sale    
Estimated fair value, less than 12 Months 230,241 241,805
Unrealized losses, less than 12 months (1,105) (756)
Estimated fair value, 12 months or greater 0 0
Unrealized losses, 12 months or greater 0 0
Estimated fair value, total 230,241 241,805
Unrealized losses, total (1,105) (756)
U.S. government and agency securities    
Debt Securities, Available-for-sale    
Estimated fair value, less than 12 Months 189,538 62,787
Unrealized losses, less than 12 months (33) (13)
Estimated fair value, 12 months or greater 0 0
Unrealized losses, 12 months or greater 0 0
Estimated fair value, total 189,538 62,787
Unrealized losses, total $ (33) $ (13)
v3.25.1
Cash Equivalents and Investments - Schedule of Debt securities by Contractual Maturities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]    
Due within one year $ 2,467,374 $ 2,578,381
Due within one year to three years 75,649 0
Total $ 2,543,023 $ 2,578,381
v3.25.1
Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash $ 324,200 $ 132,500
Short-term investments 1,168,501 1,225,124
Cash and cash equivalents and short-term investments 2,200,000 2,000,000
Restricted cash and cash equivalents and restricted short-term investments   1,500,000
Fair Value Measurements on a Recurring Basis    
Assets    
Total unrestricted cash equivalents and short-term investments 1,561,749 1,547,248
Total restricted cash equivalents and investments 1,635,922 1,539,974
Total financial assets 3,197,671 3,087,222
Fair Value Measurements on a Recurring Basis | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments 348,269 189,839
Total restricted cash equivalents and investments 13,400 42,699
Total financial assets 361,669 232,538
Fair Value Measurements on a Recurring Basis | Level 2    
Assets    
Total unrestricted cash equivalents and short-term investments 1,213,480 1,357,409
Total restricted cash equivalents and investments 1,622,522 1,497,275
Total financial assets 2,836,002 2,854,684
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
Total financial assets 0 0
Fair Value Measurements on a Recurring Basis | Money market funds    
Assets    
Total unrestricted cash equivalents and short-term investments 348,269 189,839
Total restricted cash equivalents and investments 13,400 42,699
Fair Value Measurements on a Recurring Basis | Money market funds | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments 348,269 189,839
Total restricted cash equivalents and investments 13,400 42,699
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 201,480 171,358
Total restricted cash equivalents and investments 259,143 189,596
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 201,480 171,358
Total restricted cash equivalents and investments 259,143 189,596
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 587,030 762,546
Total restricted cash equivalents and investments 880,701 782,556
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 587,030 762,546
Total restricted cash equivalents and investments 880,701 782,556
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 104,112 70,231
Total restricted cash equivalents and investments 27,570 59,266
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 104,112 70,231
Total restricted cash equivalents and investments 27,570 59,266
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 and agency securities    
Assets    
Total unrestricted cash equivalents and short-term investments 320,858 353,274
Total restricted cash equivalents and investments 455,108 465,857
Fair Value Measurements on a Recurring Basis | U.S. government and agency 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 and agency securities | Level 2    
Assets    
Total unrestricted cash equivalents and short-term investments 320,858 353,274
Total restricted cash equivalents and investments 455,108 465,857
Fair Value Measurements on a Recurring Basis | U.S. government and agency securities | 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 Nonrecurring Basis | Cash and Cash Equivalents and Short-Term Investments    
Assets    
Cash 324,200 132,500
Term deposits   2,200
Fair Value Measurements on Nonrecurring Basis | Cash and Cash Equivalents and Short-Term Investments | Money market funds    
Assets    
Short-term investments $ 268,000 $ 304,700
v3.25.1
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Financial Instruments Measured at Fair Value on a Recurring Basis    
Other investments $ 42,118 $ 42,516
Fair Value Measurements on Nonrecurring Basis    
Financial Instruments Measured at Fair Value on a Recurring Basis    
Other investments $ 9,100 $ 9,100
v3.25.1
Supplemental Financial Statement Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Additional Financial Information Disclosure [Abstract]    
Prepaid insurance $ 383,960 $ 428,884
Enterprise and trade receivables, net 341,710 334,843
Other 244,245 202,363
Prepaid expenses and other current assets $ 969,915 $ 966,090
v3.25.1
Supplemental Financial Statement Information - Schedule of Accrued and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Accrued and Other Liabilities    
Insurance-related accruals $ 793,077 $ 763,842
Legal and tax related accruals 309,039 333,979
Ride-related accruals 250,856 178,114
Insurance claims payable and related fees 51,299 58,135
Long-term debt, current 39,449 38,904
Finance lease liabilities, current 30,047 31,268
Other 261,548 262,036
Accrued and other current liabilities $ 1,735,315 $ 1,666,278
v3.25.1
Supplemental Financial Statement Information - Additional Information (Details) - Riverstone International Insurance, Inc. - USD ($)
$ in Millions
Feb. 19, 2025
Jan. 01, 2025
Cash And Restricted Cash [Line Items]    
Prepaid interest   $ 8.4
Pacific Valley Insurance Company, Inc.    
Cash And Restricted Cash [Line Items]    
Reinsurance obligations $ 120.5  
Unearned premiums 85.1  
Reinsurance premium $ 85.1  
v3.25.1
Leases - Additional Information (Details)
 3 Months Ended
Mar. 31, 2025
location
Real Estate Leases  
Lessee, Lease, Description  
Number of locations 58
Real Estate Leases | Minimum  
Lessee, Lease, Description  
Lessee, operating lease, term of contract (in months and years) 3 months
Lessee, operating lease, option to extend term (in months and years) 1 month
Real Estate Leases | Maximum  
Lessee, Lease, Description  
Lessee, operating lease, term of contract (in months and years) 9 years
Lessee, operating lease, option to extend term (in months and years) 10 years
Vehicles | Minimum  
Lessee, Lease, Description  
Finance lease term of contract (in months and years) 1 month
Vehicles | Maximum  
Lessee, Lease, Description  
Finance lease term of contract (in months and years) 4 years
v3.25.1
Leases - Schedule of Lease Position (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Operating Leases    
Operating lease right-of-use assets $ 146,272 $ 148,397
Operating lease liabilities, current 24,920 25,192
Operating lease liabilities, non-current 147,972 152,074
Total operating lease liabilities 172,892 177,266
Assets    
Finance lease right-of-use assets 70,265 79,704
Liabilities    
Finance lease liabilities, current 30,047 31,268
Finance lease liabilities, non-current 46,225 54,351
Total finance lease liabilities $ 76,272 $ 85,619
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 Other liabilities
Weighted-average remaining lease term (years)    
Operating lease, weighted-average remaining lease term (in years) 7 years 4 months 24 days 7 years 8 months 12 days
Finance lease, weighted-average remaining lease term (in years) 2 years 4 months 24 days 2 years 7 months 6 days
Weighted-average discount rate    
Operating leases, Weighted-average discount rate (as a percent) 6.60% 6.60%
Finance leases, Weighted-average discount rate (as a percent) 6.40% 6.40%
v3.25.1
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Leases    
Operating lease cost $ 8,416 $ 10,004
Finance Leases    
Amortization of right-of-use assets 7,892 6,306
Interest on lease liabilities 1,301 1,346
Other Lease Costs    
Short-term lease cost 762 945
Variable lease cost 1,714 2,592
Total lease cost $ 20,085 $ 21,193
v3.25.1
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities    
Operating cash flows from operating leases $ 10,621 $ 15,391
Operating cash flows from finance leases 1,187 1,277
Financing cash flows from finance leases $ 10,903 $ 11,479
v3.25.1
Leases - Schedule of Operating and Finance Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Operating Leases    
Remainder of 2025 $ 25,556  
2026 35,207  
2027 30,911  
2028 25,804  
2029 24,864  
Thereafter 78,606  
Total minimum lease payments 220,948  
Less: amount of lease payments representing interest (48,056)  
Total operating lease liabilities 172,892 $ 177,266
Less: current obligations under leases (24,920) (25,192)
Long-term lease obligations 147,972 152,074
Finance Leases    
Remainder of 2025 25,451  
2026 32,049  
2027 16,329  
2028 9,602  
2029 0  
Thereafter 0  
Total minimum lease payments 83,431  
Less: amount of lease payments representing interest (7,159)  
Total finance lease liabilities 76,272 85,619
Less: current obligations under leases (30,047) (31,268)
Long-term lease obligations 46,225 $ 54,351
Total Leases    
Remainder of 2025 51,007  
2026 67,256  
2027 47,240  
2028 35,406  
2029 24,864  
Thereafter 78,606  
Total minimum lease payments 304,379  
Less: amount of lease payments representing interest (55,215)  
Present value of future lease payments 249,164  
Less: current obligations under leases (54,967)  
Long-term lease obligations $ 194,197  
v3.25.1
Commitments and Contingencies (Details)
 1 Months Ended
Dec. 20, 2024
USD ($)
Apr. 30, 2024
USD ($)
Mar. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
Apr. 30, 2023
USD ($)
Feb. 28, 2022
USD ($)
May 31, 2019
USD ($)
Commitments and Contingencies              
Outstanding letters of credit collateralized by cash (loan) | loan     0        
Letters of credit outstanding     $ 60,700,000 $ 72,600,000      
City and County of San Francisco              
Commitments and Contingencies              
Loss contingency, damages sought, value $ 100,000,000            
Web-Hosting Service Providers              
Commitments and Contingencies              
Cumulative payment for arrangement     379,000,000        
Web-Hosting Service Providers | Minimum              
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  
Bikeshare Program | City of Chicago              
Commitments and Contingencies              
Annual contractual obligation             $ 7,500,000
Future obligation to purchase equipment         $ 12,000,000   $ 50,000,000
Reduction in company's obligation   $ 12,000,000          
Accumulated payments for amended arrangements     33,600,000        
Payments to acquire equipment under purchase obligations     $ 66,100,000        
v3.25.1
Debt - Schedule of Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument    
Total long-term debt outstanding $ 979,864 $ 995,047
Less: Convertible senior notes, current 390,537 390,175
Less: Long-term debt, current 39,449 38,904
Total long-term debt $ 549,878 565,968
Convertible senior notes due 2025 (the "2025 Notes")    
Debt Instrument    
Interest rate (as a percent) 1.50%  
Total long-term debt outstanding $ 390,537 390,175
Convertible senior notes due 2029 (the "2029 Notes")    
Debt Instrument    
Interest rate (as a percent) 0.625%  
Total long-term debt outstanding $ 450,646 450,081
Non-revolving Loan    
Debt Instrument    
Interest rate (as a percent) 7.61%  
Total long-term debt outstanding $ 307 510
Master Vehicle Loan    
Debt Instrument    
Total long-term debt outstanding $ 138,374 $ 154,281
Master Vehicle Loan | Minimum    
Debt Instrument    
Interest rate (as a percent) 5.10%  
Master Vehicle Loan | Maximum    
Debt Instrument    
Interest rate (as a percent) 7.10%  
v3.25.1
Debt - Schedule of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Instrument    
Amortization of debt discount and issuance costs related to the 2025 Notes and 2029 Notes $ 927 $ 804
Interest expense 6,150 7,048
Vehicle loans and other interest expense    
Debt Instrument    
Vehicle loans and other interest expense 3,039 3,631
Convertible Debt    
Debt Instrument    
Contractual interest expense related to the 2025 Notes and 2029 Notes 2,184 2,613
Amortization of debt discount and issuance costs related to the 2025 Notes and 2029 Notes $ 927 $ 804
v3.25.1
Debt - Convertible Senior Notes due 2025 Additional Information (Details)
 1 Months Ended 3 Months Ended
May 15, 2020
USD ($)
day
$ / shares
Feb. 29, 2024
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument          
Proceeds from issuance of convertible senior notes     $ 0 $ 460,000,000  
Repayments of debt     16,492,000 20,572,000  
Payment for settlement of convertible senior notes due 2025     $ 0 $ 350,000,000  
Convertible senior notes due 2025 (the "2025 Notes")          
Debt Instrument          
Interest rate (as a percent)     1.50%    
Convertible senior notes due 2025 (the "2025 Notes") | Convertible Debt          
Debt Instrument          
Aggregate principal $ 747,500,000        
Interest rate (as a percent) 1.50%        
Proceeds from issuance of convertible senior notes $ 733,200,000        
Conversion rate (as a percent) 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 (in days) | day 20        
Number of consecutive business days (in days) 5 days        
Redemption price percentage (as a percent) 100.00%        
Repayments of debt   $ 356,800,000      
Payment for settlement of convertible senior notes due 2025   350,000,000      
Gain on extinguishment of debt   $ 5,100,000      
Unamortized deferred issuance cost $ 14,300,000        
Unamortized debt discount and debt issuance cost     $ 182,000   $ 544,000
Effective interest rate (as a percent)     1.90%    
Fair value of debt     $ 120,800,000    
Convertible senior notes due 2025 (the "2025 Notes") | Convertible Debt | Debt Instrument, Redemption, Period One          
Debt Instrument          
Limitation on sale of common stock, sale price threshold, trading period (in days) | day 30        
Threshold percentage of stock price trigger (as a percent) 130.00%        
Convertible senior notes due 2025 (the "2025 Notes") | Convertible Debt | Debt Instrument, Redemption, Period Two          
Debt Instrument          
Limitation on sale of common stock, sale price threshold, trading period (in days) | day 5        
Threshold percentage of stock price trigger (as a percent) 98.00%        
v3.25.1
Debt - Convertible Senior Notes due 2029 Additional Information (Details)
 3 Months Ended
Feb. 27, 2024
USD ($)
day
$ / shares
May 15, 2020
USD ($)
day
$ / shares
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument          
Proceeds from issuance of convertible senior notes     $ 0 $ 460,000,000  
2029 Notes          
Debt Instrument          
Interest rate (as a percent)     0.625%    
2029 Notes | Convertible Debt          
Debt Instrument          
Aggregate principal $ 460,000,000        
Interest rate (as a percent) 0.625%        
Proceeds from issuance of convertible senior notes $ 448,200,000        
Conversion rate (as a percent) 0.0474366        
Initial conversion price (in dollars per share) | $ / shares $ 21.08        
Limitation on sale of common stock, sale price threshold, number of trading days (in days) | day 20        
Number of consecutive business days (in days) 5 days        
Redemption price percentage (as a percent) 100.00%        
Unamortized deferred issuance cost $ 11,800,000        
Unamortized debt discount and debt issuance cost     $ 9,354,000   $ 9,919,000
Effective interest rate (as a percent)     1.16%    
Fair value of debt     $ 259,000,000    
Fair value of long-term debt     $ 445,400,000    
2029 Notes | Convertible Debt | Debt Instrument, Redemption, Period One          
Debt Instrument          
Limitation on sale of common stock, sale price threshold, trading period (in days) | day 30        
Threshold percentage of stock price trigger (as a percent) 130.00%        
2029 Notes | Convertible Debt | Debt Instrument, Redemption, Period Two          
Debt Instrument          
Limitation on sale of common stock, sale price threshold, trading period (in days) | day 5        
Threshold percentage of stock price trigger (as a percent) 98.00%        
Convertible senior notes due 2025 (the "2025 Notes")          
Debt Instrument          
Interest rate (as a percent)     1.50%    
Convertible senior notes due 2025 (the "2025 Notes") | Convertible Debt          
Debt Instrument          
Aggregate principal   $ 747,500,000      
Interest rate (as a percent)   1.50%      
Proceeds from issuance of convertible senior notes   $ 733,200,000      
Conversion rate (as a percent)   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 (in days) | day   20      
Number of consecutive business days (in days)   5 days      
Redemption price percentage (as a percent)   100.00%      
Unamortized deferred issuance cost   $ 14,300,000      
Unamortized debt discount and debt issuance cost     $ 182,000   $ 544,000
Effective interest rate (as a percent)     1.90%    
Fair value of debt     $ 120,800,000    
Fair value of long-term debt     $ 388,700,000    
Convertible senior notes due 2025 (the "2025 Notes") | Convertible Debt | Debt Instrument, Redemption, Period One          
Debt Instrument          
Limitation on sale of common stock, sale price threshold, trading period (in days) | day   30      
Threshold percentage of stock price trigger (as a percent)   130.00%      
Convertible senior notes due 2025 (the "2025 Notes") | Convertible Debt | Debt Instrument, Redemption, Period Two          
Debt Instrument          
Limitation on sale of common stock, sale price threshold, trading period (in days) | day   5      
Threshold percentage of stock price trigger (as a percent)   98.00%      
v3.25.1
Debt - Schedule of Convertible Notes (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Liability component:    
Total long-term debt outstanding $ 979,864 $ 995,047
Convertible senior notes due 2025 (the "2025 Notes")    
Liability component:    
Total long-term debt outstanding 390,537 390,175
Convertible senior notes due 2029 (the "2029 Notes")    
Liability component:    
Total long-term debt outstanding 450,646 450,081
Convertible Debt | Convertible senior notes due 2025 (the "2025 Notes")    
Liability component:    
Principal 390,719 390,719
Unamortized debt discount and debt issuance costs (182) (544)
Total long-term debt outstanding 390,537 390,175
Convertible Debt | Convertible senior notes due 2029 (the "2029 Notes")    
Liability component:    
Principal 460,000 460,000
Unamortized debt discount and debt issuance costs (9,354) (9,919)
Total long-term debt outstanding $ 450,646 $ 450,081
v3.25.1
Debt - Capped Calls Additional Information (Details) - Convertible Debt - USD ($)
$ / shares in Units, $ in Millions
Feb. 27, 2024
May 15, 2020
Convertible senior notes due 2025 (the "2025 Notes")    
Debt Instrument    
Cost of capped call transactions   $ 132.7
Initial cap price (in dollars per share)   $ 73.83
Convertible senior notes due 2029 (the "2029 Notes")    
Debt Instrument    
Cost of capped call transactions $ 47.9  
Initial cap price (in dollars per share) $ 31.82  
v3.25.1
Debt - Non Revolving Loans Additional Information (Details) - Non-revolving Loan - USD ($)
Feb. 07, 2020
Mar. 31, 2025
Sep. 12, 2024
Debt Instrument      
Maximum borrowing capacity     $ 50,000,000
Cumulative proceeds from credit facility   $ 5,200,000  
Line of credit remaining borrowing capacity   $ 44,800,000  
Period One | Two-Year Treasury Yield      
Debt Instrument      
Debt term (in months) 24 months    
Spread on variable rate (as a percent) 3.40%    
Period Two | Three-Year Treasury Yield      
Debt Instrument      
Debt term (in months) 36 months    
Spread on variable rate (as a percent) 3.40%    
Period Three | Three- to Five-Year Treasury Yield      
Debt Instrument      
Debt term (in months) 48 months    
Spread on variable rate (as a percent) 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    
v3.25.1
Debt - Master Vehicle Loan Additional Information (Details) - USD ($)
 3 Months Ended
Feb. 07, 2020
Mar. 31, 2025
Mar. 31, 2024
Sep. 12, 2024
Debt Instrument        
Repayments of debt   $ 16,492,000 $ 20,572,000  
Master Vehicle Loan        
Debt Instrument        
Interest rate swap term (in years) 3 years      
Variable interest spread rate (as a percent) 2.10%      
Fair value of long-term debt   140,300,000    
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   $ 300,000    
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      
v3.25.1
Debt - Schedule of Maturities of Long-term Debt Outstanding (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Long-term Debt, Fiscal Year Maturity    
Remainder of 2025 $ 418,868  
2026 58,522  
2027 51,698  
2028 130  
2029 450,646  
Thereafter 0  
Total long-term debt outstanding $ 979,864 $ 995,047
v3.25.1
Debt - Vehicle Procurement Additional Information (Details) - Revolving Credit Facility - USD ($)
Mar. 31, 2025
Sep. 17, 2020
Mar. 11, 2019
Flexdrive Services, LLC      
Debt Instrument      
Maximum exposure to loss under terms of the guarantee $ 2,500,000    
Procurement Provider      
Debt Instrument      
Maximum borrowing capacity   $ 50,000,000 $ 95,000,000
v3.25.1
Debt - Revolving Credit Facility & Other Financings Additional Information (Details)
Nov. 03, 2022
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2024
Feb. 21, 2024
USD ($)
Dec. 12, 2023
USD ($)
Debt Instrument          
Senior secured leverage ratio   3.00 3.50    
Covenant minimum liquidity requirements $ 1,500,000,000        
Acquisition cash consideration trigger, percent 350.00%        
Acquisition cash consideration trigger $ 75,000,000        
Fixed coverage ratio 125.00%        
Other financing outstanding amount   $ 0      
JPMorgan Chase Bank | Revolving Credit Facility          
Debt Instrument          
Maximum borrowing capacity $ 420,000,000        
JPMorgan Chase Bank | Revolving Credit Facility | Federal Funds Rate          
Debt Instrument          
Spread on variable rate (as a percent) 0.50%        
JPMorgan Chase Bank | Revolving Credit Facility | SOFR          
Debt Instrument          
Spread on variable rate (as a percent) 1.00%        
JPMorgan Chase Bank | Revolving Credit Facility | Minimum          
Debt Instrument          
Covenant leverage ratio (as a percent) 1.50%        
Leverage ratio during the period (as a percent) 0.05%        
Commitment fee (as a percent) 0.225%        
JPMorgan Chase Bank | Revolving Credit Facility | Maximum          
Debt Instrument          
Covenant leverage ratio (as a percent) 2.25%        
Leverage ratio during the period (as a percent) 1.25%        
Commitment fee (as a percent) 0.375%        
JPMorgan Chase Bank | Revolving Credit Facility | Line of Credit          
Debt Instrument          
Maximum borrowing capacity $ 168,000,000        
JPMorgan Chase Bank | Revolving Credit Facility | Convertible senior notes due 2025 (the "2025 Notes") | Convertible Debt          
Debt Instrument          
Outstanding debt trigger amount 1,250,000,000        
JPMorgan Chase Bank | Revolving Credit Facility | Term Loan          
Debt Instrument          
Maximum borrowing capacity $ 300,000,000        
Senior secured leverage ratio 2.50        
Option One | JPMorgan Chase Bank | Revolving Credit Facility          
Debt Instrument          
Debt covenant, adjustments to net leverage $ 100,000,000        
Option Two | JPMorgan Chase Bank | Revolving Credit Facility          
Debt Instrument          
Debt covenant, adjustments to net leverage         $ 300,000,000
Option Three | JPMorgan Chase Bank | Revolving Credit Facility          
Debt Instrument          
Debt covenant, adjustments to net leverage       $ 200,000,000  
v3.25.1
Common Stock - Additional Information (Details) - USD ($)
 1 Months Ended 3 Months Ended
Feb. 29, 2024
Mar. 31, 2025
Mar. 31, 2024
Feb. 28, 2025
Dec. 31, 2024
Mar. 27, 2019
Share-based Compensation Arrangement by Share-based Payment Award            
Shares repurchased value     $ 50,000,000      
Class A Common Stock            
Share-based Compensation Arrangement by Share-based Payment Award            
Stock repurchase program authorized amount       $ 500,000,000    
Shares repurchased (in shares) 3,142,678 0        
Remaining authorized share repurchase amount   $ 500,000,000.0        
Shares repurchased value $ 50,000,000          
2019 Employee Stock Purchase Plan | Class A Common Stock            
Share-based Compensation Arrangement by Share-based Payment Award            
Common stock reserved for issuance (in shares)         17,412,315 6,000,000
Cumulative common shares purchased (in shares)   6,230,976        
Performance based restricted stock units            
Share-based Compensation Arrangement by Share-based Payment Award            
Granted (in shares)   1,880,918        
Restricted stock units            
Share-based Compensation Arrangement by Share-based Payment Award            
Granted (in shares)   21,292,000        
Aggregate unrecognized compensation cost   $ 331,300,000        
Aggregate grant-date fair value, weighted average period (in years)   1 year 1 month 6 days        
v3.25.1
Common Stock - Schedule of Restricted Stock Units (Details) - Restricted stock units
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
shares
Number of Shares  
Unvested units at beginning of period (in shares) | shares 26,194
Granted (in shares) | shares 21,292
Vested (in shares) | shares (4,157)
Canceled (in shares) | shares (1,536)
Unvested units at end of period (in shares) | shares 41,793
Weighted- Average Grant Date Fair Value  
Unvested units at beginning of period (in dollars per share) | $ / shares $ 10.67
Granted (in dollars per share) | $ / shares 13.29
Vested (in dollars per share) | $ / shares 15.57
Canceled (in dollars per share) | $ / shares 13.94
Unvested units at end of period (in dollars per share) | $ / shares $ 11.39
Aggregate Intrinsic Value  
Unvested units, at beginning aggregate intrinsic value | $ $ 336,282
Unvested units, at ending aggregate intrinsic value | $ $ 494,523
v3.25.1
Income Taxes (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]      
Income tax expense (benefit) $ 3,351,000 $ 2,593,000  
Effective tax rate (as a percent) 56.62% (8.96%)  
Unrecognized tax benefits $ 0   $ 0
v3.25.1
Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net income (loss) attributable to common stockholders, basic and diluted $ 2,567 $ (31,535)
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders (in shares) 419,047 401,553
Effect of potentially dilutive common stock equivalents (in shares) 4,977 0
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders (in shares) 424,024 401,553
Basic net income (loss) per share attributable to common stockholders(in dollars per share) $ 0.01 $ (0.08)
Diluted net income (loss) per share attributable to common stockholders(in dollars per share) $ 0.01 $ (0.08)
v3.25.1
Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share    
Antidilutive securities excluded from computation of earnings per share, total (in shares) 49,584 56,283
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share    
Antidilutive securities excluded from computation of earnings per share, total (in shares) 1,449 9,514
Convertible debt securities | 2025 Notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share    
Antidilutive securities excluded from computation of earnings per share, total (in shares) 10,178 10,178
Convertible debt securities | 2029 Notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share    
Antidilutive securities excluded from computation of earnings per share, total (in shares) 21,821 21,821
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) 15,779 14,044
ESPP    
Antidilutive Securities Excluded from Computation of Earnings Per Share    
Antidilutive securities excluded from computation of earnings per share, total (in shares) 357 203
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share    
Antidilutive securities excluded from computation of earnings per share, total (in shares) 0 523
v3.25.1
Variable Interest Entities (Details)
$ in Millions
Mar. 31, 2025
vie
Dec. 31, 2023
USD ($)
May 17, 2022
Noncontrolling Interest      
Number of variable interest entities (vie) | vie 1    
Variable Interest Entity, Not Primary Beneficiary      
Noncontrolling Interest      
Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $   $ 12.9  
Several Joint Ventures      
Noncontrolling Interest      
Noncontrolling interest, ownership (as a percent)     80.00%
v3.25.1
Subsequent Events (Details)
€ in Millions, shares in Millions
 6 Months Ended
Jun. 30, 2025
EUR (€)
May 08, 2025
USD ($)
shares
Feb. 28, 2025
USD ($)
Class A Common Stock      
Subsequent Event      
Stock repurchase program authorized amount     $ 500,000,000
Subsequent Event | Class A Common Stock      
Subsequent Event      
Additional shares under stock repurchase program | shares   250  
Stock repurchase program authorized amount   $ 750,000,000  
Forecast | Intelligent Apps GmbH | Subsequent Event      
Subsequent Event      
Cash consideration | € € 175