LYFT, INC., 10-K filed on 2/14/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 10, 2025
Jun. 28, 2024
Entity Information      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38846    
Entity Registrant Name Lyft, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 20-8809830    
Entity Address, Address Line One 185 Berry Street,    
Entity Address, Address Line Two Suite 400    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94107    
City Area Code 844    
Local Phone Number 250-2773    
Title of 12(b) Security Class A common stock, par value of $0.00001 per share    
Trading Symbol LYFT    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 5.6
Documents Incorporated by Reference Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2024.    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001759509    
Class A Common Stock      
Entity Information      
Entity Common Stock, Shares Outstanding   409,477,927  
Class B Common Stock      
Entity Information      
Entity Common Stock, Shares Outstanding   8,530,629  
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Firm ID 238
Auditor Location San Francisco, California
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 759,319 $ 558,636
Short-term investments 1,225,124 1,126,548
Prepaid expenses and other current assets 966,090 892,235
Total current assets 2,950,533 2,577,419
Restricted cash and cash equivalents 186,721 211,786
Restricted investments 1,355,451 837,291
Other investments 42,516 39,870
Property and equipment, net 444,864 465,844
Operating lease right of use assets 148,397 98,202
Intangible assets, net 42,776 59,515
Goodwill 251,376 257,791
Other assets 12,435 16,749
Total assets 5,435,069 4,564,467
Current liabilities    
Accounts payable 97,704 72,282
Insurance reserves 1,701,393 1,337,868
Accrued and other current liabilities 1,666,278 1,508,855
Operating lease liabilities — current 25,192 42,556
Convertible senior notes, current 390,175 0
Total current liabilities 3,880,742 2,961,561
Operating lease liabilities 152,074 134,102
Long-term debt, net of current portion 565,968 839,362
Other liabilities 69,269 87,924
Total liabilities 4,668,053 4,022,949
Commitments and contingencies (Note 10)
Stockholders’ equity    
Preferred stock, $0.00001 par value; 1,000,000 shares authorized as of December 31, 2024 and 2023; no shares issued and outstanding as of December 31, 2024 and 2023 0 0
Common stock, $0.00001 par value; 18,000,000 Class A shares authorized as of December 31, 2024 and 2023; 409,474 and 391,239 Class A shares issued and outstanding as of December 31, 2024 and 2023, respectively; 100,000 Class B shares authorized as of December 31, 2024 and 2023; 8,531 and 8,567 Class B shares issued and outstanding, as of December 31, 2024 and 2023, respectively 4 4
Additional paid-in capital 11,035,246 10,827,378
Accumulated other comprehensive income (loss) (10,103) (4,949)
Accumulated deficit (10,258,131) (10,280,915)
Total stockholders’ equity 767,016 541,518
Total liabilities and stockholders’ equity $ 5,435,069 $ 4,564,467
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
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) 409,474,000 391,239,000
Common stock, shares outstanding (in shares) 409,474,000 391,239,000
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 8,567,000
Common stock, shares outstanding (in shares) 8,531,000 8,567,000
v3.25.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total revenue $ 5,786,016 $ 4,403,589 $ 4,095,135
Costs and expenses      
Cost of revenue 3,337,714 2,543,954 2,435,736
Operations and support 443,821 427,239 443,846
Research and development 397,073 555,916 856,777
Sales and marketing 788,972 481,004 531,512
General and administrative 937,348 871,080 1,286,180
Total costs and expenses 5,904,928 4,879,193 5,554,051
Loss from operations (118,912) (475,604) (1,458,916)
Interest expense (28,921) (26,223) (19,735)
Other income (expense), net 173,183 170,123 (99,988)
Income (loss) before income taxes 25,350 (331,704) (1,578,639)
Provision for (benefit from) income taxes 2,566 8,616 5,872
Net income (loss) $ 22,784 $ (340,320) $ (1,584,511)
Net income (loss) per share attributable to common stockholders      
Basic (in dollars per share) $ 0.06 $ (0.88) $ (4.47)
Diluted (in dollars per share) $ 0.06 $ (0.88) $ (4.47)
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders      
Basic (in shares) 409,181 385,335 354,731
Diluted (in shares) 413,651 385,335 354,731
Stock-based compensation included in costs and expenses:      
Stock-based compensation included in costs and expenses $ 330,921 $ 484,533 $ 750,767
Cost of revenue      
Stock-based compensation included in costs and expenses:      
Stock-based compensation included in costs and expenses 24,895 30,170 44,132
Operation and support      
Stock-based compensation included in costs and expenses:      
Stock-based compensation included in costs and expenses 8,397 15,468 25,442
Research and development      
Stock-based compensation included in costs and expenses:      
Stock-based compensation included in costs and expenses 117,833 214,160 391,983
Sales and marketing      
Stock-based compensation included in costs and expenses:      
Stock-based compensation included in costs and expenses 17,286 29,682 49,867
General and administrative      
Stock-based compensation included in costs and expenses:      
Stock-based compensation included in costs and expenses $ 162,510 $ 195,053 $ 239,343
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 22,784 $ (340,320) $ (1,584,511)
Other comprehensive income (loss)      
Foreign currency translation adjustment, net of taxes (4,925) (2,851) (1,154)
Unrealized gain (loss) on marketable securities, net of taxes (229) 3,656 (2,089)
Other comprehensive income (loss) (5,154) 805 (3,243)
Comprehensive income (loss) $ 17,630 $ (339,515) $ (1,587,754)
v3.25.0.1
Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Class A and Class B Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Deficit
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2021 $ 1,341,213   $ 3 $ 9,706,293   $ (8,362,572)   $ (2,511)
Beginning balance (in shares) at Dec. 31, 2021     344,938          
Increase (Decrease) in Stockholders' Equity                
Issuance of common stock upon exercise of stock options 454     454        
Issuance of common stock upon exercise of stock options (in shares)     112          
Issuance of common stock upon settlement of restricted stock units 1   $ 1          
Issuance of common stock upon settlement of restricted stock units (in shares)     23,928          
Shares withheld related to net share settlement (6,733)     (6,733)        
Shares withheld related to net share settlement (in shares)     (358)          
Issuance of common stock under employee stock purchase plan 21,198     21,198        
Issuance of common stock under employee stock purchase plan (in shares)     1,535          
Stock-based compensation 753,619     753,619        
Other comprehensive (loss) income (3,243)             (3,243)
Net (loss) income (1,584,511)         (1,584,511)    
Other 140     140        
Ending balance at Dec. 31, 2022 388,668 $ (133,470) $ 4 10,335,013 $ (139,958) (9,940,595) $ 6,488 (5,754)
Ending balance (in shares) at Dec. 31, 2022     370,155          
Increase (Decrease) in Stockholders' Equity                
Issuance of common stock upon exercise of stock options 1,204     1,204        
Issuance of common stock upon exercise of stock options (in shares)     201          
Issuance of common stock upon settlement of restricted stock units (in shares)     28,397          
Shares withheld related to net share settlement (3,021)     (3,021)        
Shares withheld related to net share settlement (in shares)     (296)          
Issuance of common stock under employee stock purchase plan 9,788     9,788        
Issuance of common stock under employee stock purchase plan (in shares)     1,349          
Stock-based compensation 484,533     484,533        
Other comprehensive (loss) income 805             805
Net (loss) income (340,320)         (340,320)    
Other (139)     (139)        
Ending balance at Dec. 31, 2023 541,518   $ 4 10,827,378   (10,280,915)   (4,949)
Ending balance (in shares) at Dec. 31, 2023     399,806          
Increase (Decrease) in Stockholders' Equity                
Issuance of common stock upon exercise of stock options $ 3,613     3,613        
Issuance of common stock upon exercise of stock options (in shares) 780   780          
Issuance of common stock upon settlement of restricted stock units (in shares)     22,011          
Shares withheld related to net share settlement $ (40,328)     (40,328)        
Shares withheld related to net share settlement (in shares)     (2,529)          
Issuance of common stock under employee stock purchase plan 11,438     11,438        
Issuance of common stock under employee stock purchase plan (in shares)     1,080          
Repurchase of common stock (50,000)     (50,000)        
Repurchase of common stock (in shares)     (3,143)          
Purchase of capped call (47,886)     (47,886)        
Stock-based compensation 330,921     330,921        
Other comprehensive (loss) income (5,154)             (5,154)
Net (loss) income 22,784         22,784    
Other 110     110        
Ending balance at Dec. 31, 2024 $ 767,016   $ 4 $ 11,035,246   $ (10,258,131)   $ (10,103)
Ending balance (in shares) at Dec. 31, 2024     418,005          
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income (loss) $ 22,784 $ (340,320) $ (1,584,511)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities      
Depreciation and amortization 148,892 116,513 154,798
Stock-based compensation 330,921 484,533 750,767
Amortization of premium on marketable securities 284 117 2,955
Accretion of discount on marketable securities (89,425) (68,125) (23,245)
Amortization of debt discount and issuance costs 3,737 2,877 2,823
(Gain) loss on sale and disposal of assets, net 7,831 (11,278) (60,655)
Gain on lease termination (29,610) 0 0
Impairment of non-marketable equity security 0 0 135,714
Other 2,469 (4,261) 23,592
Changes in operating assets and liabilities, net effects of acquisition      
Prepaid expenses and other assets (76,359) (86,922) (275,945)
Operating lease right-of-use assets 26,276 20,046 96,317
Accounts payable 21,712 (41,079) (27,215)
Insurance reserves 363,524 (79,482) 348,721
Accrued and other liabilities 164,057 (75,571) 262,358
Lease liabilities (47,356) (15,292) (43,759)
Net cash provided by (used in) operating activities 849,737 (98,244) (237,285)
Cash flows from investing activities      
Purchases of marketable securities (4,177,429) (3,288,659) (4,049,515)
Purchases of term deposits (4,388) (3,539) (13,586)
Proceeds from sales of marketable securities 232,910 452,465 676,854
Proceeds from maturities of marketable securities 3,415,318 3,481,042 3,308,664
Proceeds from maturities of term deposits 5,733 8,539 395,092
Purchases of property and equipment and scooter fleet (83,470) (149,819) (114,970)
Cash paid for acquisitions, net of cash acquired 0 1,630 (146,334)
Sales of property and equipment 92,045 92,594 129,840
Other 1,303 5,500 0
Net cash (used in) provided by investing activities (517,978) 599,753 186,045
Cash flows from financing activities      
Repayment of loans (84,070) (72,484) (67,639)
Proceeds from issuance of convertible senior notes 460,000 0 0
Payment of debt issuance costs  (11,888) 0 0
Purchase of capped call (47,886) 0 0
Repurchase of Class A common stock (50,000) 0 0
Payment for settlement of convertible senior notes due 2025 (350,000) 0 0
Proceeds from exercise of stock options and other common stock issuances 15,051 10,993 21,655
Taxes paid related to net share settlement of equity awards (40,328) (3,021) (6,733)
Principal payments on finance lease obligations (46,748) (43,466) (34,783)
Contingent consideration paid 0 (14,100) 0
Net cash used in financing activities (155,869) (122,078) (87,500)
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents (1,636) 533 (631)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 174,254 379,964 (139,371)
Beginning of period 771,786 391,822 531,193
End of period 946,040 771,786 391,822
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets      
Cash and cash equivalents 759,319 558,636 281,090
Restricted cash and cash equivalents 186,721 211,786 109,368
Restricted cash, included in prepaid expenses and other current assets 0 1,364 1,364
Total cash, cash equivalents and restricted cash and cash equivalents 946,040 771,786 391,822
Supplemental disclosures of cash flow information      
Cash paid for income taxes 11,207 9,425 10,723
Cash paid for interest 28,304 20,176 16,752
Non-cash investing and financing activities      
Financed vehicles acquired 83,600 127,095 48,104
Purchases of property and equipment and scooter fleet not yet settled 10,599 4,505 31,534
Contingent consideration 0 0 15,000
Right-of-use assets acquired under finance leases 45,207 79,102 11,428
Right-of-use assets acquired under operating leases 7,710 3,795 498
Remeasurement of finance and operating lease right of use assets $ 54,689 $ (10,582) $ (321)
v3.25.0.1
Consolidated Statements of Stockholders’ Equity (Parenthetical)
 12 Months Ended
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]  
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2020-06 [Member]
v3.25.0.1
Description of Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation Description of Business and Basis of Presentation
Organization and Description of Business
Lyft, Inc. (the “Company” or “Lyft”) is incorporated in Delaware with its headquarters in San Francisco, California. The Company operates multimodal transportation networks in the United States and Canada that offer access to a variety of transportation options through the Company’s platform and mobile-based applications. This network enables multiple modes of transportation including the facilitation of peer-to-peer ridesharing by connecting drivers who have a vehicle with riders who need a ride. The Lyft Platform provides a marketplace where drivers can be matched with riders via the Lyft App where the Company operates as a transportation network company (“TNC”).
Transportation options through the Company’s platform and mobile-based applications are substantially comprised of its ridesharing marketplace that connects drivers and riders in cities across the United States and in certain cities in Canada, Lyft’s network of bikes and scooters (“Light Vehicles”), and the Express Drive program, where drivers can enter into short-term rental agreements with the Company’s wholly-owned subsidiary, Flexdrive Services, LLC (“Flexdrive”) or a third party for vehicles that may be used to provide ridesharing services on the Lyft Platform. In addition, the Company makes the ridesharing marketplace available to organizations through Lyft Business offerings, such as the Concierge and Lyft Pass programs, and generates revenue from licensing and data access agreements associated with the data from the Company's platform, subscription fees, revenue from bikes and bike station hardware and software sales and revenue from arrangements to provide advertising services.
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.
Use of Estimates
The preparation of consolidated 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 consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates on various factors and information which may include, but are not limited to, history and prior experience, expected future results, new related events and economic conditions, which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Significant items subject to estimates and assumptions include those related to losses resulting from insurance claims inclusive of insurance-related accruals, fair value of financial assets and liabilities, goodwill and identifiable intangible assets, leases, indirect tax obligations, legal contingencies, valuation allowance for deferred income taxes, and the valuation of stock-based compensation.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
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.
During the years ended December 31, 2024, 2023 and 2022, the Company did not generate material international revenues and as of December 31, 2024, 2023 and 2022, the Company did not have material assets located outside of the United States.
Cash and Cash Equivalents
Cash equivalents consist of institutional money market funds and certificates of deposits denominated in U.S. dollars as well as commercial paper and corporate bonds. Cash equivalents are highly liquid, short-term investments having an original maturity of 90
days or less that are readily convertible to known amounts of cash. Also included in cash and cash equivalents are cash in transit from payment processors for credit and debit card transactions.
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents consist primarily of amounts held in separate trust accounts and restricted bank accounts as collateral for insurance purposes and amounts pledged to secure certain letters of credit.
Investments
Debt Securities
The Company’s accounting for its investments in debt securities is based on the legal form of the security, the Company’s intended holding period for the security, and the nature of the transaction. Investments in debt securities include commercial paper, certificates of deposit, corporate bonds and U.S. government and agency securities. Investments in debt securities are classified as available-for-sale and are recorded at fair value.
The Company considers an available-for-sale debt security to be impaired if the fair value of the investment is less than its amortized cost basis. The entire difference between the amortized cost basis and the fair value of the Company’s available-for-sale debt securities is recognized on the consolidated statements of operations as an impairment if, (i) the fair value of the security is below its amortized cost and (ii) the Company intends to sell or is more likely than not required to sell the security before recovery of its amortized cost basis. If neither criterion is met, the Company evaluates whether the decline in fair value is due to credit losses or other factors. In making this assessment, the Company considers the extent to which the security’s fair value is less than amortized cost, changes to the rating of the security by third-party rating agencies, and adverse conditions specific to the security, among other factors. If the Company's assessment indicates that a credit loss exists, the credit loss is measured based on the Company's best estimate of the cash flows expected to be collected. When developing its estimate of cash flows expected to be collected, the Company considers all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts.
Credit loss impairments are recognized through an allowance for credit losses adjustment to the amortized cost basis of the debt securities on the balance sheet with an offsetting credit loss expense on the consolidated statements of operations. Impairments related to factors other than credit losses are recognized as an adjustment to the amortized cost basis of the security and an offsetting amount in accumulated other comprehensive income (loss), net of tax. The Company determines realized gains or losses on the sale of debt securities on a specific identification method.
The Company's investments in debt securities include:
(i)Cash and cash equivalents. Cash equivalents include certificates of deposits, commercial paper and corporate bonds that have an original maturity of 90 days or less and are readily convertible to known amounts of cash.
(ii)Short-term investments. Short-term investments are comprised of commercial paper, certificates of deposit, and corporate bonds, which mature in twelve months or less. As a result, the Company classifies these investments as current assets in the accompanying consolidated balance sheets.
(iii)Restricted investments. Restricted investments are comprised of debt security investments in commercial paper, certificates of deposit, corporate bonds and U.S. government and agency securities which are held in trust accounts at third-party financial institutions pursuant to certain contracts with insurance providers.
Non-marketable Equity Securities
The Company has elected to measure its investments in non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable transactions for identical or similar investments of the same issuer or impairment. The Company qualitatively assesses whether indicators of impairment exist. Factors considered in this assessment include the investees’ financial and liquidity position, access to capital resources, and macroeconomic conditions, among others. If an impairment exists, the Company estimates the fair value of the investment by using the best information available, which may include cash flow projections or other available market data, and recognizes a loss for the amount by which the carrying value exceeds the fair value of the investment on the consolidated statements of operations.
Enterprise and Trade Receivables
The Company collects any fees owed for completed transactions on the Lyft Platform primarily from the rider’s authorized payment method. Uncollected fees are included in prepaid expenses and other current assets on the consolidated balance sheets and represent receivables from (i) participants in the Company’s enterprise programs (“Enterprise Users”), where the transactions have been completed and the amounts owed from the Enterprise Users have either been invoiced or are unbilled as of the reporting date; and (ii) riders where the authorized payment method is a credit card but the fare amounts have not yet settled with third-party payment
processors. Under the ToS, drivers agree that the Company retains the applicable fee as consideration for their use of the Lyft Platform and related activities from the fare and related charges it collects from riders on behalf of drivers. Accordingly, the Company has no trade receivables from drivers. The portion of the fare receivable to be remitted to drivers is included in accrued and other current liabilities on the consolidated balance sheets.
The Company records an allowance for credit losses for fees owed for completed transactions that may never settle or be collected in accordance with Accounting Standards Update No. 2016-13 “Financial Instruments—Credit Losses”. The allowance for credit losses reflects the Company’s current estimate of expected credit losses inherent in the enterprise and trade receivables balance. In determining the expected credit losses, the Company considers its historical loss experience, the aging of its receivable balance, current economic and business conditions, and anticipated future economic events that may impact collectability. The Company reviews its allowance for credit losses periodically and as needed, and amounts are written off when determined to be uncollectible.
Concentrations of Credit Risk
The Company’s cash, cash equivalents and short-term investments are potentially subject to concentration of credit risk. Although the Company deposits its cash with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. Management believes that the institutions are financially stable and, accordingly, minimal credit risk exists. The Company limits purchases of debt securities to investment-grade securities.
Fair Value Measurements
The Company measures assets and liabilities at fair value based on an expected exit price, which represents the amount that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis, whereby inputs used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:
Level 1Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
The carrying values of the Company’s debt securities, accounts payable and accrued and other liabilities approximate their respective fair values due to the short period of time to payment.
Software Development Costs
The Company incurs costs related to developing the Lyft Platform and related support systems. The Company capitalizes development costs related to the Lyft Platform and related support systems once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. The Company has capitalized software development costs of $4.2 million, $8.1 million, and $12.1 million as of the years ended December 31, 2024, 2023, and 2022, respectively.
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using a straight-line method over the estimated useful life of the related asset, which is generally between one and eight years. Depreciation for property and equipment commences once they are ready for our intended use. Maintenance and repairs are charged to expense as incurred, and improvements and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is reflected on the consolidated statement of operations in the period realized. Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the lease, or the useful life of the assets. Construction in progress is related to property and equipment that has not yet been placed in service for its intended use.
Leases
In accordance with ASC 842, the Company determines if an arrangement is or contains a lease at contract inception by assessing whether the arrangement contains an identified asset and whether the lessee has the right to control such asset. The Company determines the classification and measurement of its leases upon lease commencement. The Company enters into certain agreements as a lessor and either leases or subleases the underlying asset in the agreement to customers. The Company also enters into certain
agreements as a lessee. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor):
•The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
•The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;
•The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset;
•The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or
•The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.
Leases that do not meet any of the above criteria are accounted for as operating leases.
Lessor
The Company's lease arrangements include vehicle rentals to drivers or renters under the Flexdrive program and Light Vehicle rentals to single-use riders. Due to the short-term nature of these arrangements, the Company classifies these leases as operating leases. The Company does not separate lease and non-lease components, such as insurance or roadside assistance provided to the lessee, in its lessor lease arrangements. Lease payments are primarily fixed and are recognized as revenue in the period over which the lease arrangement occurs. Taxes or other fees assessed by governmental authorities that are both imposed on and concurrent with each lease revenue-producing transaction and collected by the Company from the lessee are excluded from the consideration in its lease arrangements. The Company mitigates residual value risk of its leased assets by performing regular maintenance and repairs, as necessary, and through periodic reviews of asset depreciation rates based on the Company's ongoing assessment of present and estimated future market conditions.
Lessee
The Company's leases include real estate property to support its operations and Flexdrive vehicles that may be used by drivers to provide ridesharing services on the Lyft Platform. For leases with a term greater than 12 months, the Company records the related right-of-use asset and lease liability at the present value of lease payments over the term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company does not separate lease and non-lease components of contracts for real estate property leases, but has elected to do so for vehicle leases when non-lease components exist in these arrangements. For certain leases, the Company also applies a portfolio approach to account for right-of-use assets and lease liabilities that are similar in nature and have nearly identical contract provisions.
The Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company determines its incremental borrowing rate based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment.
Lease payments may be fixed or variable; however, only fixed payments are included in the Company’s lease liability calculation. Operating leases are included in operating lease right-of-use assets, operating lease liabilities — current and operating lease liabilities on the consolidated balance sheets. Lease costs for the Company's operating leases are recognized on a straight-line basis primarily within operating expenses over the lease term. Finance leases are included in property and equipment, net, accrued and other current liabilities, and other liabilities on the consolidated balance sheets. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term in cost of revenue on the consolidated statements of operations. The interest component of finance leases is included in cost of revenue on the consolidated statements of operations and recognized using the effective interest method over the lease term. Variable lease payments are recognized primarily in operating expenses in the period in which the obligation for those payments is incurred.
Similar to other long-lived assets discussed below, the Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds its fair value. For leased assets, such circumstances would include the decision to leave a leased facility prior to the end of the minimum lease term or subleases for which estimated cash flows do not fully cover the costs of the associated lease.
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets resulting from the acquisition of entities are accounted for using the purchase method of accounting based on management’s estimate of the fair value of assets received. Intangible assets are amortized on a straight-line basis over the estimated useful lives which range from two to twelve years.
Goodwill is not subject to amortization, but is tested for impairment on an annual basis during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the reporting unit may be in excess of its fair value. As part of the annual goodwill impairment test, the Company first performs a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of its qualitative assessment, it is more-likely-than-not that the fair value of the Company’s reporting unit is less than its carrying amount, the quantitative impairment test will be required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test. There was no impairment of goodwill recorded for the years ended December 31, 2024, 2023 and 2022.
Impairment of Long-Lived Assets
The Company reviews long-lived assets, including property and equipment and intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Such events and changes may include: significant changes in performance relative to expected operating results, changes in asset use, negative industry or economic trends, and changes in the Company’s business strategy. The Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds its fair value. With the exception of impairment charges related to real estate operating right-of-use assets discussed in Note 9 “Leases” and disposals of fixed assets and other current assets discussed in Note 15 “Restructuring”, there was no other material impairment of long-lived assets recorded for the years ended December 31, 2024, 2023 and 2022.
Insurance Reserves and Insurance-related Accruals
The Company utilizes both a wholly-owned captive insurance subsidiary and third-party insurance, which may include deductibles and self-insured retentions, to insure or reinsure costs including auto liability, uninsured and underinsured motorist, auto physical damage, first party injury coverages including personal injury protection under state law and general business liabilities up to certain limits. The recorded liabilities reflect the estimated cost for claims incurred but not paid and claims that have been incurred but not yet reported and any estimable administrative run-out expenses related to the processing of these outstanding claim payments. Liabilities are determined on a quarterly basis by internal actuaries through an analysis of historical trends, and changes in claims experience, including consideration of new information and application of loss development factors, and frequency and severity assumptions, among other inputs and assumptions for the insurance reserves and insurance-related accruals. On an annual basis or more frequently as determined by management, an independent third-party actuary will evaluate the liabilities for appropriateness with claims reserve valuations.
Insurance claims may take years to completely settle, and the Company has available limited historical loss experience because of the limited operational history. The Company makes certain assumptions based on currently available information and industry statistics, with the loss development factors as the most significant assumption related to the insurance reserves and the frequency and severity assumptions as the most significant assumptions related to insurance-related accruals, and utilizes actuarial models and techniques to estimate the reserves. A number of factors can affect the actual cost of a claim, including the length of time the claim remains open, economic and healthcare cost trends and the results of related litigation. Furthermore, claims may emerge in future years for events that occurred in a prior year at a rate that differs from previous actuarial projections. The impact of these factors on ultimate costs for insurance is difficult to estimate and could be material. However, while the Company believes that the insurance reserve and insurance-related accrual amounts are adequate, the ultimate liabilities may be in excess of, or less than, the amounts provided. As a result, the net amounts that will ultimately be paid to settle the liabilities and when amounts will be paid may significantly vary from the estimated amounts provided for on the consolidated balance sheets. For example, disruptive factors may distort data, metrics and patterns and result in rapid increases in insurance cost and reserve deficiency. These disruptive factors can include recent economic conditions and ongoing global events such as the high inflationary environment, increased litigation, and higher than expected losses across the commercial auto industry. The Company continues to review its insurance estimates in a regular, ongoing process as historical loss experience develops, additional claims are reported and settled, and the legal, regulatory and economic environment evolves.
Foreign Currency
The Company uses the U.S. dollar predominantly as the functional currency of its foreign subsidiaries. For foreign subsidiaries where the U.S. dollar is the functional currency, gains and losses from remeasurement of foreign currency balances into U.S. dollars are included on the consolidated statements of operations. For the foreign subsidiary where the local currency is the functional currency, translation adjustments of foreign currency financial statements into U.S. dollars are recorded to a separate component of accumulated other comprehensive income (loss).
Revenue Recognition
The Company generates its revenue from its multimodal transportation networks that offer access to a variety of transportation options through the Lyft Platform and mobile-based applications. Substantially all, or approximately 85% or more, of the Company’s revenue is generated from its ridesharing marketplace that connects drivers and riders and is recognized in accordance
with Accounting Standards Codification Topic 606 (“ASC 606”). In addition, the Company generates revenue in accordance with ASC 606 from licensing and data access, subscription fees, revenue from bikes and bike station hardware and software sales and revenue from arrangements to provide advertising services to third parties, which are not significant components of the Company’s consolidated revenues. The Company also generates rental revenue from Flexdrive and its network of Light Vehicles, which is recognized in accordance with Accounting Standards Codification Topic 842 (“ASC 842”).
Revenue from Contracts with Customers (ASC 606)
The Company recognizes revenue for its rideshare marketplace in accordance with ASC 606. The Company generates revenue from service fees and commissions (collectively, “fees”) paid by drivers for use of the Lyft Platform and related activities to connect drivers with riders to facilitate and successfully complete rides via the Lyft App where the Company operates as a TNC. The Company recognizes revenue upon completion of each ride. Drivers enter into terms of service (“ToS”) with the Company in order to use the Lyft Driver App. Under the ToS, drivers agree that the Company retains the applicable fee as consideration for their use of the Lyft Platform and related activities from the fare and related charges it collects from riders on behalf of drivers. The Company is acting as an agent in facilitating the ability of a driver to provide a transportation service to a rider. The Company reports revenue on a net basis, reflecting the fee owed to the Company from a driver as revenue, and not the gross amount collected from the rider.
As the Company’s customary business practice, a contract exists between the driver and the Company when the driver’s ability to cancel the ride lapses, which typically is upon pickup of the rider. The Company’s single performance obligation in the transaction is to connect drivers with riders to facilitate the completion of a successful transportation service for riders. The Company recognizes revenue upon completion of a ride as its performance obligation is satisfied upon the completion of the ride. The Company collects the fare and related charges from riders on behalf of drivers using the rider’s pre-authorized credit card or other payment mechanism and retains its fees before making the remaining disbursement to drivers; thus the driver’s ability and intent to pay is not subject to significant judgment.
The Company recognizes revenue from subscription fees paid to access transportation options through the Lyft Platform and mobile-based applications over the applicable subscription period in accordance with ASC 606. The Company also recognizes revenue from bikes, bike station hardware and software sales when control is transferred to the customer in accordance with ASC 606.
The Company generates revenue from licensing and data access agreements. The Company is primarily responsible for fulfilling its promise to provide rideshare data and access to Flexdrive vehicles and bears the fulfillment risk, and the responsibility of providing the data, over the license period. The Company is acting as a principal in delivering the data and access licenses and presents revenue on a gross basis. Consideration allocated to each performance obligation, the data delivery and vehicle access, is determined by assigning the relative fair value, which represents the stand alone selling price, to each of the performance obligations. Revenue is recorded ratably over the quarter for access to fleet vehicles as the Company’s respective performance obligation is satisfied upon the delivery of each. Revenue was recorded upon delivery of the rideshare data until expiration of the rideshare performance obligation in the second quarter of 2024. These revenues are not significant to the Company’s consolidated revenue.
The Company has arrangements to provide advertising services to third parties that are interested in reaching users of the Company’s platform. These arrangements generally require the Company to provide advertising services over a fixed period of time for which revenue is recognized ratably over the contractual period. These revenues are not significant to the Company’s consolidated revenue.
Rental Revenue (ASC 842)
The Company generates rental revenues primarily from Flexdrive and its network of Light Vehicles. Rental revenues are recognized for rental and rental related activities where an identified asset is transferred to the customer and the customer has the ability to control that asset in accordance with ASC 842.
The Company operates a fleet of rental vehicles through its independently managed subsidiary, Flexdrive, comprised of both owned vehicles and vehicles leased from third-party leasing companies. The Company either leases or subleases vehicles to drivers, and as a result, the Company considers itself to be the accounting lessor or sublessor, as applicable, in these arrangements in accordance with ASC 842. Fleet operating costs include monthly fixed lease payments and other vehicle operating or ownership costs, as applicable. For vehicles that are subleased, sublease income and head lease expense for these transactions are recognized on a gross basis on the consolidated financial statements. Drivers who rent vehicles are charged rental fees, which the Company collects from the driver by deducting such amounts from the driver’s earnings on the Lyft Platform.
The Company owns and operates its Light Vehicles in some cities and operates city-owned Light Vehicles in other cities. Though the specific terms of arrangements with cities vary, the Company earns operations fees from cities or shares revenue generated by the systems with cities. Light Vehicle revenue is accounted for under ASC 842 for single-use rides. A single-use ride allows the user to select a specific Light Vehicle at the time the arrangement is entered into and provides the user the right to control the selected Light Vehicle for the desired term of the arrangement.
Due to the short-term nature of the Flexdrive and Light Vehicle transactions, the Company classifies these rentals as operating leases. Revenue generated from single-use ride fees paid by Light Vehicle riders is recognized upon completion of each related ride. Revenue generated from Flexdrive is recognized evenly over the rental period, which is typically seven days or less.
Incentive Programs
The Company offers incentives to attract drivers, riders and Light Vehicle riders to use the Lyft Platform. Drivers generally receive cash incentives while riders and Light Vehicle riders generally receive free or discounted rides under such incentive programs. Incentives provided to drivers and Light Vehicle riders, the customers of the Company, are accounted for as a reduction of the transaction price. As the riders are not the Company’s customers, incentives provided to riders are generally recognized as sales and marketing expense except for certain pricing programs described below.
Driver Incentives
The Company offers various incentive programs to drivers, including minimum guaranteed payments, volume-based discounts and performance-based bonus payments. These driver incentives are similar to retrospective volume-based rebates and represent variable consideration that is typically settled within a week. The Company reduces the transaction price by the estimated amount of the incentives expected to be paid upon completion of the performance criteria by applying the most likely outcome method. Therefore, such driver incentives are recorded as a reduction to revenue. Driver incentives are recorded as a reduction to revenue if the Company does not receive a distinct good or service in exchange for the payment or cannot reasonably estimate the fair value of the good or service received. Driver incentives for referring new drivers or riders are accounted for as sales and marketing expense. The amount recorded as an expense is the lesser of the amount of the payment or the established fair value of the benefit received. The fair value of the benefit is established using amounts paid to third parties for similar services.
Rideshare Rider Incentives
The Company has several rideshare rider incentive programs, which are offered to encourage rider activity on the Lyft Platform. Generally, the rider incentive programs are as follows:
(i)Market-wide marketing promotions. Market-wide promotions reduce the fare charged by drivers to riders for all or substantially all rides in a specific market. This type of incentive effectively reduces the overall pricing of the service provided by drivers for that specific market and the gross fare charged by the driver to the rider, and thereby results in a lower fee earned by the Company. Accordingly, the Company records this type of incentive as a reduction to revenue at the date it records the corresponding revenue transaction.
(ii)Targeted marketing promotions. Targeted marketing promotions are used to promote the use of the Lyft Platform to a targeted group of riders. An example is a promotion where the Company offers a number of discounted rides (capped at a given number of rides) which are valid only during a limited period of time to a targeted group of riders. The Company believes that the incentives that provide consideration to riders to be applied to a limited number of rides are similar to marketing coupons. These incentives differ from the market-wide marketing promotions because they do not reduce the overall pricing of the service provided by drivers for a specific market. During the promotion period, riders not utilizing an incentive would be charged the full fare. These incentives represent marketing costs. When a rider redeems the incentive, the Company recognizes revenue equal to the transaction price and the cost of the incentive is recorded as sales and marketing expense.
(iii)Rider referral programs. Under the rider referral program, the referring rider (the referrer) earns referral incentives when a new rider (the referee) completes their first ride on the Lyft Platform. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense. Referral incentives typically expire within one year. The Company estimates breakage using its historical experience. As of December 31, 2024 and 2023, the rider referral incentives liability was not material.
Light Vehicle Rider Incentives
Incentives offered to Light Vehicle riders were not material for the years ended December 31, 2024, 2023 and 2022.
For the years ended December 31, 2024, 2023 and 2022, in relation to the driver, rider and Light Vehicle riders incentive programs, the Company recorded $777.4 million, $1.1 billion and $1.4 billion as a reduction to revenue and $423.2 million, $142.5 million and $109.8 million as sales and marketing expense, respectively.
Refunds
From time to time the Company issues credits or refunds to riders unsatisfied by the level of service provided by the driver. There is no legal obligation to remunerate such riders nor does the Company issue such credits or refunds to riders on behalf of the drivers. The Company accounts for credits or refunds, which are not recoverable from the drivers as sales and marketing expenses when incurred. For the years ended December 31, 2024, 2023 and 2022, rider refunds were $13.3 million, $19.7 million and $21.5
million, respectively. The Company accounts for credits and refunds issued to Light Vehicle riders as cost of revenue and was $4.1 million, $6.2 million and $7.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Cost of Revenue
Cost of revenue consists of costs directly related to revenue generating transactions through the Company’s multimodal platform which primarily includes insurance costs, payment processing charges, and other costs. Insurance costs consist of insurance generally required under TNC and city regulations for ridesharing and bike and scooter rentals and also includes occupational hazard insurance for drivers. Payment processing charges include merchant fees, chargebacks and failed charges. Other costs included in cost of revenue are hosting and platform-related technology costs, vehicle lease expenses, personnel-related compensation costs, depreciation, amortization of technology-related intangible assets, asset write-off charges, and gains and losses related to the sale of vehicles.
Operations and Support
Operations and support expenses primarily consist of personnel-related compensation costs of local operations teams and teams who provide phone, email and chat support to users, bike and scooter fleet operations support costs, driver background checks and onboarding costs, facility cost, certain car rental fleet support costs, and fees paid to third-parties providing operations support. Bike and scooter fleet operations support costs include general repairs and maintenance, and other customer support activities related to repositioning bikes and scooters for rider convenience, cleaning and safety checks.
Research and Development
Research and development expenses primarily consist of personnel-related compensation costs and facilities costs. Such expenses include costs related to the Company’s autonomous vehicle technology initiatives. Research and development costs are expensed as incurred.
Sales and Marketing
Sales and marketing expenses primarily consist of rider incentives, personnel-related compensation costs, driver incentives for referring new drivers or riders, advertising expenses, rider refunds and marketing partnerships with third parties. Sales and marketing costs are expensed as incurred. Advertising expenses were $136.9 million, $122.0 million and $162.1 million, respectively, for the years ended December 31, 2024, 2023 and 2022.
General and Administrative
General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, certain insurance costs that are generally not required under TNC regulations, certain loss contingency expenses including legal accruals and settlements, insurance claims administrative fees, policy spend, depreciation, facility costs, and other corporate costs. General and administrative expenses are expensed as incurred.
Stock-Based Compensation
The Company incurs stock-based compensation expense primarily from RSUs, performance based restricted stock units (“PSUs”), stock options, and the 2019 Employee Stock Purchase Plan (“ESPP”) purchase rights.
The Company estimates the fair value of stock options granted to employees, directors, and consultants and ESPP purchase rights using the Black-Scholes option-pricing model. The Black-Scholes model incorporates various assumptions, including expected stock price volatility, expected term and risk-free interest rates.
The Company estimates the expected term for stock options using the simplified method for “plain vanilla” stock option awards. The expected term of the ESPP purchase rights is estimated using the period from the beginning of the offering period to the end of each purchase period. The Company estimates volatility for stock options and ESPP purchase rights using the historical volatility of the stock price of the Company and similar publicly traded peer companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the stock options or ESPP purchase rights granted.
The fair value of stock options that are expected to vest is recognized as compensation expense on a straight-line basis over the requisite service period. The Company recognizes compensation expense related to the ESPP purchase rights on a straight-line basis over the offering period, which is typically 12 months.
The fair value of RSUs and PSUs is estimated based on the fair market value of the Company’s common stock on the date of grant, which is determined based on the closing price of the Company’s Class A common stock as reported on the date of grant.
Compensation expense for RSUs is generally recognized based on a straight-line basis over the requisite service period and compensation expense for PSUs is generally recognized using the accelerated attribution method over the requisite service period of each individual tranche. Stock-based compensation expense is based on awards ultimately expected to vest and reflects estimated
forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates.
401(k) Plan
The Company adopted a 401(k) Plan that qualifies as a deferred salary arrangement under Section 401 of the IRC. Under the 401(k) Plan, participating employees may defer a portion of their pretax earnings not to exceed the maximum amount allowable. The Company does not currently make contributions for employees.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income tax basis of existing assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to apply to taxable income for the years in which differences are expected to reverse. The Company recognizes the effect on deferred income taxes of a change in tax rates in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more-likely-than-not to be realized. Management considers all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing tax planning strategies in assessing the need for a valuation allowance.
Under the provisions of ASC 740-10, Income Taxes, the Company evaluates uncertain tax positions by reviewing against applicable tax law for all positions taken by the Company with respect to tax years for which the statute of limitations is still open. ASC 740-10 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company recognizes interest and penalties related to the liability for unrecognized tax benefits, if any, as a component of the income tax expense line in the accompanying consolidated statement of operations.
Net Income (Loss) Per Share Attributable to Common Stockholders
The Company follows the two-class method when computing net income (loss) per share attributable to common stockholders when shares are issued that meet the definition of participating securities. The two-class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company had no participating securities outstanding during any of the periods presented.
Basic net 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 securities outstanding for the period. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Business Combinations
The Company accounts for its business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected on the consolidated statements of operations and comprehensive income (loss). Acquisition costs, such as legal and consulting fees, are expensed as incurred.
Variable Interest Entities
In accordance with Accounting Standards Codification Topic 810, Consolidation (“ASC 810”), the Company evaluates its ownership, contractual and other interests in entities to assess whether it has a variable interest in entities in which it has a financial relationship and, if so, whether or not those entities are variable interest entities (“VIEs”). These evaluations are complex, involving judgment and the use of estimates and assumptions based on available historical and prospective information, among other factors. For
an entity to qualify as a VIE, ASC 810 requires the Company to determine if the Company is the primary beneficiary of the VIE, and, if so, to consolidate such entity into its consolidated financial statements.
The Company consolidates VIEs in which it has a controlling financial interest and is therefore deemed the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance; and (b) the obligation to absorb the VIE losses and the right to receive benefits that are significant to the VIE. Periodically, the Company reevaluates its ownership, contractual and other interests in entities to determine whether any changes in its interest or relationship with an entity impacts the determination of whether it is still the primary beneficiary of such entity. The Company has determined that it was the primary beneficiary of one VIE as of December 31, 2024.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which amends and enhances the disclosure requirements for reportable segments. All disclosure requirements under this standard will also be required for public entities with a single reportable segment. This new standard became effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted this standard in the fourth quarter of 2024, which did not have a material impact on the consolidated financial statements and related disclosures.
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. This amendment is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, on a prospective basis and early adoption and retrospective application is permitted. The Company is currently assessing the impact of adopting this standard 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 periods beginning after December 15, 2025, and for interim periods within fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
v3.25.0.1
Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The table below presents the Company's revenues as included on the consolidated statements of operations (in thousands):
Year Ended December 31,
202420232022
Revenue from contracts with customers (ASC 606)$5,365,534 $4,116,216 $3,811,993 
Rental revenue (ASC 842)420,482 287,373 283,142 
Total revenue$5,786,016 $4,403,589 $4,095,135 
Allowance for Credit Losses
The following table presents the changes in the Company’s allowance for credit losses for the periods presented (in millions):
Year Ended December 31,
202420232022
Balance at beginning of period$9.8 $11.6 $9.3 
Changes to provision
6.7 (0.4)1.9 
Write-offs and recoveries
(4.3)(1.4)0.4 
Balance at end of period$12.2 $9.8 $11.6 
The Company’s receivable balance included in prepaid expenses and other current assets on the consolidated balance sheets, which consists primarily of amounts due from Enterprise Users and Light Vehicle partners, was $347.0 million, $315.0 million and $278.9 million as of December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Acquisition of PBSC Urban Solutions Inc. (“PBSC”)
On May 17, 2022 (the “Closing Date”), the Company completed its acquisition of 100% of the outstanding equity of PBSC, a global leader in bikeshare that supplies stations and bikes to markets internationally, for a total purchase price of $163.5 million inclusive of $14.1 million in estimated fair value of contingent consideration. The acquisition was treated as a business combination and increases the Company’s scale in micromobility by leveraging PBSC’s deep sales experience and customer relationships.
Acquisition costs were immaterial and are included in general and administrative expenses in the consolidated statements of operations.
During the second quarter of 2023, the Company paid out earn out incentives of $15.0 million, which were previously included in contingent consideration on the consolidated balance sheet. The earn out incentives were based on hardware and software for new system sales, either earned or committed during the earn out period.
The following table summarizes the fair value of the assets acquired and liabilities assumed at the Closing Date (in thousands):
Cash and cash equivalents$2,665 
Prepaid expenses and other current assets34,845 
Other investments22,175 
Property and equipment2,202 
Operating lease right-of-use assets786 
Identifiable intangible assets45,047 
Total identifiable assets acquired107,720 
Accounts payable6,004 
Accrued and other liabilities3,344 
Operating lease liabilities — current292 
Operating lease liabilities494 
Other liabilities14,678 
Total liabilities assumed24,812 
Non-controlling interest (recorded to equity)140 
Net assets assumed82,768 
Goodwill80,748 
Total acquisition consideration$163,516 
The Company concluded the purchase accounting for the acquisition of PBSC during the second quarter of 2023. During the measurement period, the Company recorded immaterial purchase price adjustments resulting in a decrease in goodwill.
The Company adopted ASU 2021-08 on April 1, 2022, prior to the acquisition of PBSC, the Company's only acquisition in 2022. Upon the adoption of this update, contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination are recognized and measured by the acquirer on the acquisition date in accordance with ASC 606 as if the acquirer had originated the contracts, which would generally result in an acquirer recognizing and measuring acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. Therefore, PBSC’s historical deferred revenue balance as of May 17, 2022 has been included in the purchase price allocation in accordance with ASU 2021-08.
The goodwill is attributable to (i) expanded sales opportunities for the Company's current products and services by leveraging PBSC's assembled workforce and (ii) cost synergies associated with economies of scale and a streamlined supply chain as the combined businesses operate on a global scale. The acquisition is a non-taxable business combination and goodwill recognized in the acquisition is not deductible for tax purposes.
The Company recorded intangible assets at their fair value, which consisted of the following (in thousands):
Estimated useful life (in years)Amount
Tradename2$1,009 
Customer relationships – cities
7 - 11
22,157 
Developed technology (hardware and software)
2 - 3
21,881 
Total intangible assets$45,047 
The fair value of the tradename was determined to be $1.0 million with an estimated useful life of two years. The fair value of the tradename was determined using the relief-from-royalty method under the income approach. This involves forecasting avoided royalties, reducing them by taxes and discounting the resulting net cash flows to a present value using an appropriate discount rate.
The fair value of the customer relationships – cities was determined to be $22.2 million with estimated useful lives between seven and eleven years. The fair value of the customer relationships – cities was determined using the multi-period excess earnings. The multi-period excess earnings approach involves forecasting the net earnings expected to be generated by the asset, reducing them by appropriate returns on contributory assets, and then discounting the resulting net cash flows to a present value using an appropriate discount rate.
The fair value of the developed technology intangible asset was determined to be $21.9 million with an estimated useful life between two and three years. The fair value of the developed technology was determined using the replacement cost approach. In the replacement cost approach, the fair value of an asset is based on the cost of a market participant to reconstruct a substitute asset of comparable utility, adjusted for any obsolescence. The fair value of the asset would include the expected profit margin a hypothetical third party developer would charge and a market participant buyer's opportunity costs lost over the period to reconstruct the substitute asset.
Judgment was applied for a number of assumptions in valuing the identified intangible assets, including revenue and cash flow forecasts, technology life, royalty rate, obsolescence and discount rate.
Refer to Note 16 “Variable Interest Entities” to the consolidated financial statements for information regarding the variable interest entities included in this transaction.
The results of operations for the acquired business have been included in the consolidated statements of operations for the period subsequent to the Company's acquisition of PBSC. PBSC’s results of operations for periods prior to this acquisition were not material to the consolidated statements of operations and, accordingly, pro forma financial information has not been presented.
v3.25.0.1
Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
The following table presents the changes in the carrying amount of goodwill for the periods presented (in thousands):
Balance as of December 31, 2022$261,582 
Additions— 
Foreign currency translation and other adjustments(3,791)
Balance as of December 31, 2023$257,791 
Additions— 
Foreign currency translation and other adjustments(6,415)
Balance as of December 31, 2024$251,376 
Intangible assets, net consisted of the following as of the dates indicated (in thousands):
December 31, 2024
Weighted-average
Remaining Useful
Life (Years)		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Developed technology and patents1.7$40,477 $36,683 $3,794 
Contractual relationship – cities and user relationships5.899,669 60,687 38,982 
Total intangible assets$140,146 $97,370 $42,776 
December 31, 2023
Weighted-average
Remaining Useful
Life (Years)		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Developed technology and patents2.2$41,568 $29,540 $12,028 
Contractual relationship – cities and user relationships6.8100,725 53,238 47,487 
Total intangible assets$142,293 $82,778 $59,515 
Amortization expense was $15.0 million, $16.8 million and $18.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
As of December 31, 2024, future amortization of intangible assets that will be recorded in costs and expenses on the consolidated statement of operations is estimated as follows (in thousands):
Year ended December 31:
2025$9,980 
20268,323 
20278,323 
20288,323 
20297,733 
Thereafter
94 
Total remaining amortization
$42,776 
v3.25.0.1
Cash Equivalents and Short-Term Investment
 12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Short-Term Investments Cash Equivalents and Short-Term Investments
The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss and fair value of the Company’s cash equivalents and short-term investments as of the dates indicated (in thousands):
December 31, 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 securities
352,984 295 (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 securities
465,516 349 (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 consolidated balance sheets.
December 31, 2023
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$28,351 $— $— $28,351 
Money market deposit accounts117,626 — — 117,626 
Certificates of deposit179,607 200 (4)179,803 
Commercial paper918,278 584 (331)918,531 
Corporate bonds29,171 6 (5)29,172 
U.S. government securities231,926 82 — 232,008 
Total unrestricted cash equivalents and short-term investments1,504,959 872 (340)1,505,491 
Restricted Balances(2)
Money market funds44,241 — — 44,241 
Term deposits3,539 — — 3,539 
Certificates of deposit144,935 175 (1)145,109 
Commercial paper618,854 366 (146)619,074 
Corporate bonds12,409 3 (1)12,411 
U.S. government securities224,635 84 — 224,719 
Total restricted cash equivalents and investments1,048,613 628 (148)1,049,093 
Total unrestricted and restricted cash equivalents and investments$2,553,572 $1,500 $(488)$2,554,584 
_______________
(1)Excludes $179.7 million of cash, which is included within the $1.7 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)Excludes $1.4 million of restricted cash, which is included within the $1.0 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
The Company’s short-term investments consist of available-for-sale debt securities and term deposits. The term deposits are at cost, which approximates fair value.
The remaining maturity of the Company’s investment portfolio was less than one year as of the periods presented. No individual security incurred continuous unrealized losses for greater than 12 months.
The Company purchases investment grade marketable debt securities which are rated by nationally recognized statistical credit rating organizations in accordance with its investment policy. This policy is designed to minimize the Company's exposure to credit losses. As of December 31, 2024, the credit-quality of the Company’s marketable available-for-sale debt securities had remained stable. The unrealized losses recognized on marketable available-for-sale debt securities as of December 31, 2024 were primarily related to the continued market volatility associated with uncertain economic outlook. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The Company is not aware of any specific event or circumstance that would require the Company to change its quarterly assessment of credit losses for any marketable available-for-sale debt security as of December 31, 2024. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the consolidated financial statements as soon as they become known. No credit losses were recognized as of December 31, 2024 for the Company’s marketable and non-marketable debt securities.
The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type (in thousands):
December 31, 2024December 31, 2023
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$99,144 $(386)$31,945 $(5)
Corporate bonds 49,516 (12)14,621 (6)
Commercial paper241,805 (756)128,645 (473)
U.S. government and agency securities
62,787 (13)— — 
Total available-for-sale debt securities in an unrealized loss position $453,252 $(1,167)$175,211 $(484)
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):
December 31, 2024
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and 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 consolidated balance sheets.
(2)$2.2 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.5 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
December 31, 2023
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds$28,351 $— $— $28,351 
Certificates of deposit— 179,803 — 179,803 
Commercial paper— 918,531 — 918,531 
Corporate bonds— 29,172 — 29,172 
U.S. government securities— 232,008 — 232,008 
Total unrestricted cash equivalents and short-term investments28,351 1,359,514 — 1,387,865 
Restricted cash equivalents and investments(2)
Money market funds44,241 — — 44,241 
Certificates of deposit— 145,109 — 145,109 
Commercial paper— 619,074 — 619,074 
Corporate bonds— 12,411 — 12,411 
U.S. government securities— 224,719 — 224,719 
Total restricted cash equivalents and investments44,241 1,001,313 — 1,045,554 
Total financial assets$72,592 $2,360,827 $— $2,433,419 
_______________
(1)$179.7 million of cash, $117.6 million of money market deposit accounts and $3.5 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.7 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)$1.4 million of restricted cash is not subject to recurring fair value measurement and therefore excluded from this table. However, this balance is included within the $1.0 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
During the year ended December 31, 2024, the Company did not make any transfers between the levels of the fair value hierarchy.
During the year ended December 31, 2023, the Company paid out earn out incentives of $15.0 million related to the acquisition of PBSC. The contingent consideration was classified as a liability and was included in accrued and other current liabilities on the consolidated balance sheets. Refer to Note 4 "Acquisitions" to the consolidated financial statements for information regarding this contingent consideration.
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities are investments in privately held companies without readily determinable fair values and the carrying value of these non-marketable equity securities are remeasured to fair value based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the consolidated statements of operations.
In June 2021 and June 2022, the Company received investments in a non-marketable equity security in a privately held company without a readily determinable market value as part of licensing and data access agreements. The investment had an initial carrying value of $128.1 million as of June 30, 2022 which was categorized as Level 3. The Company did not have the ability to exercise significant influence over this privately-held company and had elected to measure this investment as a non-marketable equity security and classified it in other investments on the consolidated balance sheet. The entire amount of the investment in the non-marketable equity security was impaired due to the announced winding down of the equity investee in October 2022. In addition to the impairment of this non-marketable equity security, an other asset was impaired, resulting in a total impairment of $135.7 million recorded to other income (expense), net on the consolidated statement of operations.
In February 2022, the issuer of the Company's $10.0 million investment in non-marketable equity securities in a privately held company was acquired by a publicly-traded company. As a result of the acquisition in exchange for the securities in the privately-held entity, the Company received common stock of a publicly-traded entity with a value of $8.4 million upon receipt, with the remainder to be received in cash. These shares are classified as marketable equity securities and measured at fair value on a recurring basis. The shares are categorized as Level 1 and changes in fair value are recorded within other income (expense), net in the consolidated statements of operations. In March 2022, the Company sold its shares resulting in a recognized loss recorded to other income (expense), net in the consolidated statement of operations.
There were $9.1 million and $5.9 million of financial instruments measured at fair value on a non-recurring basis within other investments on the consolidated balance sheets as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Supplemental Financial Statement Information
 12 Months Ended
Dec. 31, 2024
Additional Financial Information Disclosure [Abstract]  
Supplemental Financial Statement Information Supplemental Financial Statement Information
Property and Equipment, net
Property and equipment, net consisted of the following as of the dates indicated (in thousands):
December 31,
20242023
Bike and scooter fleet$237,535 $240,137 
Owned vehicles211,904 197,703 
Finance lease right-of-use assets79,704 80,934 
Leasehold improvements75,480 77,230 
Computer equipment and software39,018 38,911 
Furniture and fixtures6,046 5,867 
Construction in progress56,998 72,257 
706,685 713,039 
Less: Accumulated depreciation(261,821)(247,195)
Property and equipment, net$444,864 $465,844 
Depreciation and amortization expense related to property and equipment was $121.4 million, $96.3 million, and $127.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Light Vehicle Fleet
The Company’s Light Vehicle fleet consists of bikes and scooters. Scooters and related assets are stated at cost less accumulated depreciation and those with estimated useful lives of more than 12 months are included in property and equipment, net on
the consolidated balance sheets. Scooters and related assets with estimated useful lives of less than 12 months are included in prepaid expenses and other current assets on the consolidated balance sheets. Depreciation is computed using a straight-line method over the estimated useful life of the scooters. Depreciation expense for scooters and related assets included in prepaid expenses and other current assets on the consolidated balance sheets was $12.4 million, $3.4 million and $8.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. Bikes are included in property and equipment, net on the consolidated balance sheets.
Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands):
December 31,
20242023
Insurance-related accruals (1)
$763,842 $643,147 
Legal and tax related accruals333,979 296,336 
Ride-related accruals178,114 212,114 
Long-term debt, current (2)
38,904 25,798 
Insurance claims payable and related fees58,135 52,609 
Other293,304 278,851 
Accrued and other current liabilities$1,666,278 $1,508,855 
_______________
(1)Refer to Note 2 “Summary of Significant Accounting Policies” above for more information on these insurance-related accruals.
(2)Represents current portion of long-term debt primarily related to the Non-revolving Loan and Master Vehicle Loan. Refer to Note 11 "Debt" for more information.
Insurance Reserves
The following table presents the changes in the Company’s insurance reserve for the periods presented (in thousands):
Year Ended December 31,
202420232022
Balance at beginning of period$1,337,868 $1,417,350 $1,068,628 
Additions (1)
813,725 516,337 1,146,482 
Deductions (2)
(450,200)(595,819)(797,760)
Balance at end of period$1,701,393 $1,337,868 $1,417,350 
_______________
(1)Additions to insurance reserves include reserves from claims originating from the current year of $813.7 million, $512.3 million and $333.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. Additions to insurance reserves also include $561.2 million for the year ended December 31, 2022 for adverse changes in estimates resulting from new developments in claims originating from prior years. Additions also include adjustments related to the Commutation Transaction of $4.0 million and $247.4 million for the years ended December 31, 2023 and 2022, respectively, and $4.0 million of reinsurance recoverable for the year ended December 31, 2022. See below for more details of the "Commutation of the Reinsurance Agreement".
(2)Deductions include losses paid of $447.1 million, $580.4 million and $552.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. Deductions also include $3.1 million and $11.4 million for the year ended December 31, 2024 and 2023, respectively, for favorable changes in estimates resulting from new developments in claims originating from prior years and a reinsurance recoverable at the beginning of the period of $4.0 million and $245.2 million for the years ended December 2023 and 2022, respectively.
Reinsurance of Certain Legacy Auto Liability Insurance
On April 22, 2021, the Company’s wholly-owned subsidiary, Pacific Valley Insurance Company, Inc. (“PVIC”), entered into a Quota Share Reinsurance Agreement (the “Reinsurance Agreement”) with DARAG Bermuda LTD (“DARAG”), under which DARAG reinsured a legacy portfolio of auto insurance policies, based on reserves in place as of March 31, 2021, for $183.2 million of coverage above the liabilities recorded as of that date. Under the terms of the Reinsurance Agreement, PVIC ceded to DARAG approximately $251.3 million of certain legacy insurance liabilities for policies underwritten during the period of October 1, 2018 to October 1, 2020, with an aggregate limit of $434.5 million, for a premium of $271.5 million (“the Reinsurance Transaction”). The Reinsurance Agreement was on a funds withheld basis, meaning that funds are withheld by PVIC from the insurance premium owed to DARAG in order to pay future reinsurance claims on DARAG’s behalf. Upon consummation of the Reinsurance Transaction, a reinsurance recoverable of $251.3 million was established, and since a contractual right of offset exists, the reinsurance recoverable was netted against the funds withheld liability balance of $271.5 million for a $20.2 million net funds withheld liability balance included in accrued and other current liabilities on the consolidated balance sheet. In addition to the initial funds withheld balance of $271.5 million, additional coverage of certain legacy insurance liabilities was collateralized by a trust account established by DARAG for the benefit of PVIC, which was $75.0 million upon consummation. At the inception of the Reinsurance Agreement, a loss of approximately $20.4 million for the total cost of the Reinsurance Transaction was recognized on the consolidated statement of
operations for the year ended December 31, 2021, with $20.2 million in cost of revenue and $0.2 million in general and administrative expenses.
Commutation of the Reinsurance Agreement
On June 21, 2022, PVIC and DARAG entered into a Commutation Agreement, which effectively commuted and settled the previous Reinsurance Agreement. Under the terms of the Commutation Agreement, DARAG released $89.3 million of assets held in trust to PVIC and the remaining balance of the funds withheld liability of $90.3 million from the Reinsurance Transaction for a total consideration of $178.6 million.
In addition, the Commutation Agreement caused a DARAG affiliate, DNA Insurance Company (“DNA”), to simultaneously enter into an Adverse Development Cover Reinsurance Agreement (“ADC”) with PVIC (the Commutation Agreement and the ADC collectively referred to as the “Commutation Transaction”). Under the terms of the ADC, DNA agreed to reinsure up to $20 million of the legacy insurance liabilities contemplated in the Reinsurance Agreement for a premium of $1.0 million, which would be retained by PVIC on a funds withheld basis. DNA also had the option to commute this agreement for $5.0 million prior to November 1, 2023, which would be offset by any premiums retained as funds withheld.
As a result of the Commutation Transaction, the Company noted the following impacts on its financial statements:
•The Company recognized a $36.8 million gain in cost of revenue in the three months ended June 30, 2022, including amortization of a portion of the previously recognized deferred gain.
•The Company reduced its reinsurance recoverable by $247.4 million and the funds withheld liability balance by $90.3 million.
•The Company amortized deferred gains related to losses ceded under the Reinsurance Agreement by $105.7 million.
On February 8, 2023, PVIC and DNA entered into a Commutation and Mutual Release Agreement, whereby DNA agreed to exercise its option to fully settle and commute the ADC. DNA commuted the ADC for $5.0 million consisting of a $4.0 million payment made to PVIC and the release of $1.0 million premium which was retained by PVIC as funds withheld. As a result, PVIC recognized a gain of $3.4 million, comprised of $2.4 million amortization of the remaining deferred gain and $1.0 million related to the release of the funds withheld. PVIC also reduced its reinsurance recoverable by $4.0 million related to the payment received.
Other Income (Expense), Net
The following table sets forth the primary components of other income (expense), net as reported on the consolidated statements of operations (in thousands):
Year Ended December 31,
202420232022
Interest income$166,304 $145,728 $47,142 
Gain (loss) on sale of securities, net(140)(243)(287)
Foreign currency exchange gains (losses), net(7,244)3,657 (4,387)
Sublease income3,527 4,849 11,591 
Gain on equity method investment(1)
— 12,926 — 
Impairment charges(2)
— — (135,714)
Other, net(3)
10,736 3,206 (18,333)
Other income (expense), net$173,183 $170,123 $(99,988)
_______________
(1)In the quarter ended June 30, 2023, the Company received investments in a non-marketable equity security in a privately held company. Refer to Note 16 “Variable Interest Entities” for more information on this transaction.
(2)In the third quarter of 2022, the Company impaired the entire amount of a non-marketable equity investment in addition to other assets with the investee. This impairment was triggered due to the announced winding down of the equity investee. Refer to Note 7 “Fair Value Measurements” for additional details.
(3)In the quarter ended September 30, 2024, the Company recorded a gain of $3.2 million in other income (expense), net related to a change in fair value of a non-marketable equity security. In the quarter ended March 31, 2024, the Company recorded a gain on extinguishment of $5.1 million in other income (expense), net related to the repurchase of the 2025 Notes. Refer to Note 11 "Debt" for more information on this transaction
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
Real Estate Operating Leases
The Company leases real estate property at approximately 59 locations as of December 31, 2024. These leases are classified as operating leases. As of December 31, 2024, the remaining lease terms vary from approximately one month to ten years. For certain leases the Company has options to extend the lease term for periods varying from one month to ten years. These renewal options are
not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. For leases with an initial term of 12 months or longer, the Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payment. Any fixed payments related to non-lease components, such as common area maintenance or other services provided by the landlord, are accounted for as a component of the lease payment and therefore, a part of the total lease cost.
In the fourth quarter of 2024, the Company amended the lease for its San Francisco headquarters, to terminate certain suites and extend the term of other suites to 2034. As a result of terminating certain suites, a $29.6 million gain was recognized within general and administrative expenses as the right-of-use asset associated with a portion of this lease was previously impaired in 2022 and 2023 as part of restructuring, and the extinguishment of the remaining lease liability resulted in the recorded gain.
Flexdrive Program
The Company operates a fleet of rental vehicles through its independently managed subsidiary, a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases and are included in property and equipment, net on the consolidated balance sheets. As of December 31, 2024, the remaining lease terms vary between one month to four years. These leases generally do not contain any non-lease components and, as such, all payments due under these arrangements are allocated to the respective lease component.
Lease Position
The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
December 31, 2024December 31, 2023
Operating Leases
Assets
Operating lease right-of-use assets(1)
$148,397 $98,202 
Liabilities
Operating lease liabilities, current(1)
$25,192 $42,556 
Operating lease liabilities, non-current(1)
152,074 134,102 
Total operating lease liabilities$177,266 $176,658 
Finance Leases
Assets
Finance lease right-of-use assets(2)
$79,704 $80,933 
Liabilities
Finance lease liabilities, current(3)
$31,268 $25,193 
Finance lease liabilities, non-current(4)
54,351 61,321 
Total finance lease liabilities$85,619 $86,514 
Weighted-average remaining lease term (years)
Operating leases7.74.5
Finance leases2.63.4
Weighted-average discount rate
Operating leases6.6 %6.7 %
Finance leases6.4 %6.7 %
_______________
(1)In the fourth quarter of 2024, the Company recognized a $29.6 million gain in general and administrative expense as a result of a lease termination. The right-of-use asset associated with the portion of this lease was previously impaired in 2022 and 2023 as part of restructuring, and the extinguishment of the remaining lease liability resulted in the recorded gain.
(2)This balance is included within property and equipment, net on the consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other current liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
(4)This balance is included within other liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
Lease Costs
The table below presents certain information related to the costs for operating leases and finance leases (in thousands):
Year Ended December 31,
20242023
Operating Leases
Operating lease cost$38,056 $40,450 
Finance Leases
Amortization of right-of-use assets29,565 19,847 
Interest on lease liabilities5,782 3,449 
Other Lease Costs
Short-term lease cost3,380 3,749 
Variable lease cost (1)
9,867 10,270 
Total lease cost$86,650 $77,765 
_______________
(1)Consists primarily of common-area maintenance, taxes and utilities for real estate leases, and certain vehicle related charges under the Flexdrive program.
Sublease income was $3.5 million for the year ended December 31, 2024 and $4.8 million for the year ended December 31, 2023. Sublease income is included within other income, net on the consolidated statement of operations. The related lease expense for these leases is included within costs and expenses on the consolidated statement of operations.
The Company committed to a plan of termination which included restructuring charges related to a decision to exit and sublease or cease use of certain facilities to align with the Company’s anticipated operating needs and incurred charges related to real estate operating right-of-use assets of $13.0 million and $55.3 million during the years ended December 31, 2023 and 2022, respectively. There was no such charge during the year ended December 31, 2024. Refer to Note 15 “Restructuring” to the consolidated financial statements for information regarding this transaction.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the consolidated statements of cash flows (in thousands):
Year Ended December 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$60,479 $59,318 
Operating cash flows from finance leases5,312 3,558 
Financing cash flows from finance leases46,748 43,466 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the consolidated balance sheet as of December 31, 2024 (in thousands):
Operating LeasesFinance LeasesTotal Leases
2025$35,270 $35,289 $70,559 
202633,955 32,817 66,772 
202730,037 16,318 46,355 
202825,305 9,797 35,102 
202924,832 — 24,832 
Thereafter78,598 — 78,598 
Total minimum lease payments227,997 94,221 322,218 
Less: amount of lease payments representing interest(50,731)(8,602)(59,333)
Present value of future lease payments177,266 85,619 262,885 
Less: current obligations under leases(25,192)(31,268)(56,460)
Long-term lease obligations$152,074 $54,351 $206,425 
Future lease payments receivable in car rental transactions under the Flexdrive Program are not material since the lease term is less than a month.
Leases Leases
Real Estate Operating Leases
The Company leases real estate property at approximately 59 locations as of December 31, 2024. These leases are classified as operating leases. As of December 31, 2024, the remaining lease terms vary from approximately one month to ten years. For certain leases the Company has options to extend the lease term for periods varying from one month to ten years. These renewal options are
not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. For leases with an initial term of 12 months or longer, the Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payment. Any fixed payments related to non-lease components, such as common area maintenance or other services provided by the landlord, are accounted for as a component of the lease payment and therefore, a part of the total lease cost.
In the fourth quarter of 2024, the Company amended the lease for its San Francisco headquarters, to terminate certain suites and extend the term of other suites to 2034. As a result of terminating certain suites, a $29.6 million gain was recognized within general and administrative expenses as the right-of-use asset associated with a portion of this lease was previously impaired in 2022 and 2023 as part of restructuring, and the extinguishment of the remaining lease liability resulted in the recorded gain.
Flexdrive Program
The Company operates a fleet of rental vehicles through its independently managed subsidiary, a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases and are included in property and equipment, net on the consolidated balance sheets. As of December 31, 2024, the remaining lease terms vary between one month to four years. These leases generally do not contain any non-lease components and, as such, all payments due under these arrangements are allocated to the respective lease component.
Lease Position
The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
December 31, 2024December 31, 2023
Operating Leases
Assets
Operating lease right-of-use assets(1)
$148,397 $98,202 
Liabilities
Operating lease liabilities, current(1)
$25,192 $42,556 
Operating lease liabilities, non-current(1)
152,074 134,102 
Total operating lease liabilities$177,266 $176,658 
Finance Leases
Assets
Finance lease right-of-use assets(2)
$79,704 $80,933 
Liabilities
Finance lease liabilities, current(3)
$31,268 $25,193 
Finance lease liabilities, non-current(4)
54,351 61,321 
Total finance lease liabilities$85,619 $86,514 
Weighted-average remaining lease term (years)
Operating leases7.74.5
Finance leases2.63.4
Weighted-average discount rate
Operating leases6.6 %6.7 %
Finance leases6.4 %6.7 %
_______________
(1)In the fourth quarter of 2024, the Company recognized a $29.6 million gain in general and administrative expense as a result of a lease termination. The right-of-use asset associated with the portion of this lease was previously impaired in 2022 and 2023 as part of restructuring, and the extinguishment of the remaining lease liability resulted in the recorded gain.
(2)This balance is included within property and equipment, net on the consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other current liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
(4)This balance is included within other liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
Lease Costs
The table below presents certain information related to the costs for operating leases and finance leases (in thousands):
Year Ended December 31,
20242023
Operating Leases
Operating lease cost$38,056 $40,450 
Finance Leases
Amortization of right-of-use assets29,565 19,847 
Interest on lease liabilities5,782 3,449 
Other Lease Costs
Short-term lease cost3,380 3,749 
Variable lease cost (1)
9,867 10,270 
Total lease cost$86,650 $77,765 
_______________
(1)Consists primarily of common-area maintenance, taxes and utilities for real estate leases, and certain vehicle related charges under the Flexdrive program.
Sublease income was $3.5 million for the year ended December 31, 2024 and $4.8 million for the year ended December 31, 2023. Sublease income is included within other income, net on the consolidated statement of operations. The related lease expense for these leases is included within costs and expenses on the consolidated statement of operations.
The Company committed to a plan of termination which included restructuring charges related to a decision to exit and sublease or cease use of certain facilities to align with the Company’s anticipated operating needs and incurred charges related to real estate operating right-of-use assets of $13.0 million and $55.3 million during the years ended December 31, 2023 and 2022, respectively. There was no such charge during the year ended December 31, 2024. Refer to Note 15 “Restructuring” to the consolidated financial statements for information regarding this transaction.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the consolidated statements of cash flows (in thousands):
Year Ended December 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$60,479 $59,318 
Operating cash flows from finance leases5,312 3,558 
Financing cash flows from finance leases46,748 43,466 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the consolidated balance sheet as of December 31, 2024 (in thousands):
Operating LeasesFinance LeasesTotal Leases
2025$35,270 $35,289 $70,559 
202633,955 32,817 66,772 
202730,037 16,318 46,355 
202825,305 9,797 35,102 
202924,832 — 24,832 
Thereafter78,598 — 78,598 
Total minimum lease payments227,997 94,221 322,218 
Less: amount of lease payments representing interest(50,731)(8,602)(59,333)
Present value of future lease payments177,266 85,619 262,885 
Less: current obligations under leases(25,192)(31,268)(56,460)
Long-term lease obligations$152,074 $54,351 $206,425 
Future lease payments receivable in car rental transactions under the Flexdrive Program are not material since the lease term is less than a month.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies 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 December 31, 2024, the Company has made payments of $350.6 million under the amended arrangement.
In May 2019, the Company entered into a noncancellable arrangement with the City of Chicago, with respect to the Divvy bike share program, under which the Company has an obligation to pay approximately $7.5 million per year to the City of Chicago through January 2028 and to spend a minimum of $50 million on capital equipment for the bike share program through January 2028. The parties modified the commitment amounts and timing in April 2023 to reduce the Company’s payment obligation by $12 million and to supply a maximum of $12 million on capital equipment for the bike share program through 2024. As of December 31, 2024, the Company has made payments totaling $33.6 million and capital equipment investments totaling $64.7 million under the arrangement.
As of December 31, 2024, the future minimum payments under the Company’s noncancellable purchase commitments, which are inclusive of the arrangements mentioned above, were as follows (in thousands):
2025$10,229 
202689,396 
20279,711 
2028— 
2029— 
Thereafter— 
Total future minimum payments$109,336 
Letters of Credit
The Company maintains certain stand-by letters of credit from third-party financial institutions in the ordinary course of business to guarantee certain performance obligations related to leases, insurance policies and other various contractual arrangements. None of the outstanding letters of credit are collateralized by cash. As of December 31, 2024 and 2023, the Company had letters of credit outstanding of $72.6 million and $60.2 million, respectively.
Indemnification
The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including certain business partners, investors, contractors, parties to certain acquisition or divestiture transactions and the Company’s officers, directors and certain employees. The Company has agreed to indemnify and defend the indemnified party’s claims and related losses suffered or incurred by the indemnified party resulting from actual or threatened third-party claims because of the Company’s activities or, in some cases, non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded on the 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 sheet as of December 31, 2024.
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 California, Oregon, Wisconsin, Illinois, New York, Pennsylvania and New Jersey. The Company believes that drivers are properly classified as independent contractors and plans to vigorously contest any adverse assessment or determination. The Company’s chances of success on the merits are still uncertain. The Company accrues for liabilities that may result from assessments by, or any negotiated agreements with, these employment agencies when a loss is probable and reasonably estimable, and the expense is recorded to general and administrative expenses.
In 2018, the New Jersey Department of Labor & Workforce Development (“NJDOL”) opened an audit reviewing whether drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply from 2014 through March 31, 2018. The NJDOL issued an assessment on June 4, 2019 and subsequently issued an updated assessment on March 31, 2021. 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 is awaiting a hearing. The Company has also submitted payment for the principal revised amount of the assessment to stop interest from accruing on this amount. While the ultimate resolution of this matter is uncertain, the Company recorded an accrual for this matter reflected within accrued and other current liabilities on the consolidated balance sheet as of December 31, 2024.
In 2021, the New York State Department of Labor (“NYSDOL”) opened an audit reviewing whether drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply for 2019. The NYSDOL subsequently extended the audit back to 2016. On December 22, 2022, the Company received an assessment for the 2016 to 2019 time period and on December 27, 2023, the Company received a revised assessment covering 2016 to 2020. The Company has appealed these assessments. While the ultimate resolution of this matter is uncertain, the Company recorded an accrual for this matter reflected within accrued and other current liabilities on the consolidated balance sheet as of December 31, 2024.
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, and is in discussions with the EDD regarding resolution. While the ultimate
resolution of this matter is uncertain, the Company recorded an accrual for this matter reflected within accrued and other current liabilities on the consolidated balance sheet as of December 31, 2024.
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.
The Federal Trade Commission (“FTC”) alleged violations of Section 5 of the FTC Act in connection with certain advertising claims to drivers. The Company reached a settlement with the government to resolve this matter, which was approved by a court on November 1, 2024.
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 except for the derivative actions, which were consolidated into one action in federal court in California. A proposed settlement was filed in the derivative action on July 23, 2024, and the court granted preliminary approval on October 16, 2024. A hearing on final settlement approval was held on February 6, 2025, and the matter remains pending before the court.
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 had until February 6, 2025 to file an amended complaint but did not do so.
Although the Company believes the consolidated derivative action and putative class action are without merit and intends to vigorously defend against them, its chances of success on the merits are still uncertain and these matters 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 and such accruals are recorded within accrued and other current liabilities on the consolidated balance sheets.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Outstanding debt obligations as of December 31, 2024 and 2023 were as follows (in thousands):
Maturities
Interest Rates as of December 31, 2024
December 31, 2024December 31, 2023
Convertible senior notes due 2025 (the "2025 Notes")May 20251.50%$390,175 $743,486 
Convertible senior notes due 2029 (the "2029 Notes")March 20290.625%450,081 — 
Non-revolving Loan2026
7.61% - 7.61%
510 3,115 
Master Vehicle Loan
2025 - 2027
3.85% - 7.10%
154,281 118,559 
Total long-term debt, including current maturities$995,047 $865,160 
Less: Convertible senior notes, current (1)
390,175 — 
Less: Long-term debt, current (2)
38,904 25,798 
Total long-term debt$565,968 $839,362 
_______________
(1)This balance is included within convertible senior notes, current on the consolidated balance sheets.
(2)This balance is included within accrued and other current liabilities on the consolidated balance sheets and is primarily related to vehicles.
The following table sets forth the primary components of interest expense as reported on the consolidated statements of operations (in thousands):
Year Ended December 31,
202420232022
Contractual interest expense related to the 2025 Notes and 2029 Notes$9,181 $11,212 $11,212 
Amortization of debt discount and issuance costs related to the 2025 Notes and 2029 Notes (1)
3,737 2,877 2,928 
Vehicle loans and other interest expense16,003 12,134 5,595 
Interest expense$28,921 $26,223 $19,735 
_______________
(1)Following the adoption of ASC 2020-06 on January 1, 2022 using the modified retrospective approach, the debt discount associated with the equity component on convertible debt outstanding is now classified as debt, which results in a decrease in the amount of interest expense being recorded each period from January 1, 2022 to maturity.
Convertible Senior Notes 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 “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 will be convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding February 15, 2025, only under the following circumstances:
•during any fiscal quarter (and only during such fiscal quarter), if the last reported sale price of the Company’s Class A common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the 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.
On or after February 15, 2025, the 2025 Notes will be convertible at the option of the holder until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of the Company's Class A common stock or a combination of cash and shares of the Company's Class A common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the 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 consolidated statement of operations.
Prior to the adoption of ASU 2020-06, the Company separated the 2025 Notes into a liability and an equity component. At the date of issuance, the Company determined the fair value of the liability component to be $558.3 million calculated as the present value of future cash flows discounted at the borrowing rate for a similar nonconvertible debt instrument. The equity component representing the conversion option was $189.2 million and was determined by deducting the fair value of the liability component from the par value of the 2025 Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The difference between the principal amount of the 2025 Notes and the liability component (“debt discount”) was amortized to interest expense over the contractual term at an effective interest rate of 8.0%.
Following the adoption of ASU 2020-06 on January 1, 2022, the Company no longer bifurcates the 2025 Notes, but rather accounts for the conversion feature as a single debt instrument. The difference between the carrying amount and face value of the liability results in a reduced liability component. Therefore, less interest expense is being recorded each period from January 1, 2022 to maturity and the equity component is now classified as debt, eliminating the subsequent amortization of the debt discount as interest expense. Accordingly, the Company recorded a net decrease to additional paid-in capital of approximately $140.0 million, net of tax,
to remove the equity component separately recorded for the conversion features associated with the 2025 Notes and equity component associated with the issuance costs, an increase of approximately $133.5 million in the carrying value of the 2025 Notes to reflect the full principal amount, net of issuance costs, and an increase to accumulated deficit of approximately $6.5 million, net of tax in the Company’s consolidated balance sheet with no impact to the Company’s consolidated statements of operations.
Debt issuance costs related to the 2025 Notes totaled $14.3 million at inception and were comprised of discounts and commissions payable to the initial purchasers and third-party offering costs and will be amortized to interest expense using the effective interest method over the contractual term. As of December 31, 2024, the unamortized debt discount and debt issuance cost of the 2025 Notes was $0.5 million on the consolidated balance sheets. The effective interest rate during the year ended December 31, 2024 was 1.9%.
During the year ended December 31, 2024, the 2025 Notes did not meet any of the circumstances that would allow for a conversion.
Based on the last reported sale price of the Company’s Class A common stock on December 31, 2024, the if-converted value of the 2025 Notes was $131.3 million, which would not exceed the outstanding principal amount.
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 December 31, 2024, the unamortized debt discount and debt issuance cost of the 2029 Notes was $9.9 million on the consolidated balance sheets. The effective interest rate during the year ended December 31, 2024 was 1.16%.
During the year ended December 31, 2024, 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 December 31, 2024, the if-converted value of the 2029 Notes was $281.5 million, which would not exceed the outstanding principal amount.
The net carrying amounts of the Notes were as follows (in thousands):
2025 Notes
December 31, 2024December 31, 2023
Principal$390,719 $747,498 
Unamortized debt discount and debt issuance costs(544)(4,012)
Net carrying amount of liability component$390,175 $743,486 
2029 Notes
Principal$460,000 $— 
Unamortized debt discount and debt issuance costs(9,919)— 
Net carrying amount of liability component$450,081 $— 
As of December 31, 2024, the total estimated fair values (which represents a Level 2 valuation) of the 2025 Notes and the 2029 Notes were approximately $385.5 million and $440.9 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 included as a reduction to additional paid-in-capital within shareholders’ equity.
Non-revolving Loan
Following the acquisition of Flexdrive by the Company on February 7, 2020, Flexdrive remained responsible for its obligations under a Loan and Security Agreement dated March 11, 2019, as amended (the “Non-revolving Loan”) with a third-party lender. 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 December 31, 2024, a total of $5.2 million had been drawn under the Non-revolving Loan and $44.8 million is remaining under the facility.
The Non-revolving Loan also contains customary affirmative and negative covenants that, among other things, limit Flexdrive’s ability to enter into certain acquisitions or consolidations or engage in certain asset dispositions. Upon the occurrence of certain events of default, including bankruptcy and insolvency events with respect to Flexdrive or the Company, all amounts due under the Non-revolving Loan may become immediately due and payable, among other remedies. As of December 31, 2024, the Company was in compliance with all covenants related to the Non-revolving Loan in all material aspects. Further, the Company continued to guarantee the payments of Flexdrive for any amounts borrowed.
Master Vehicle Loan
Following the acquisition of Flexdrive by the Company on February 7, 2020, Flexdrive remained responsible for its obligations under a Master Vehicle Acquisition Financing and Security Agreement, dated February 7, 2020 as amended (the “Master Vehicle Loan”) with a third-party lender. Pursuant to the term of the Master Vehicle Loan, Flexdrive may request loans up to a maximum principal amount of $50 million to purchase vehicles and additional capacity may be requested. Repayment terms for each loan include equal monthly installments sufficient to amortize the loan over the term, with an option for the final installment to be greater than the others and is typically equal to the residual value guarantee the Company provides to the lender. The repayment term for each loan ranges from 12 months to 48 months. Interest is payable monthly in advance at a fixed interest rate equal to the three-year swap rate plus a spread of 2.10% on the date of the loan. Principal amounts outstanding related to the Master Vehicle Loan may be fully or partially prepaid at the option of Flexdrive and must be prepaid under certain circumstances. However, if a loan is terminated for any reason prior to the last day of the minimum loan term Flexdrive will be obligated to pay to the lender, an early termination fee in an amount which is equal to the interest which would otherwise be payable by Flexdrive to 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 consolidated balance sheets.
The Master Vehicle Loan contains customary affirmative and negative covenants that, among other things, limit Flexdrive’s ability to enter into certain acquisitions or consolidations or engage in certain asset dispositions. Upon the occurrence of certain events of default, including bankruptcy and insolvency events with respect to Flexdrive or the Company, all amounts due under the Master Vehicle Loan may become immediately due and payable, among other remedies. As of December 31, 2024, 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 $0.5 million and $154.5 million, respectively, as of December 31, 2024 and $1.6 million and $121.2 million, respectively, as of December 31, 2023 and were determined based on quoted prices in markets that are not active, which are considered a Level 2 valuation input. During the year ended December 31, 2024, the Company made repayments of $84.1 million on these loans.
Maturities of long-term debt outstanding, including current maturities, as of December 31, 2024 were as follows (in thousands):
2025$429,079 
202661,623 
202754,264 
2028— 
2029450,081 
Thereafter— 
Total long-term debt outstanding$995,047 
Vehicle Procurement Agreement
Following the acquisition of Flexdrive by the Company on February 7, 2020, Flexdrive remained responsible for its obligations under a Vehicle Procurement Agreement (“VPA”), as amended, with a third-party (“the Procurement Provider”). Procurement services under the VPA include purchasing and upfitting certain motor vehicles as specified by Flexdrive, interim
financing, providing certain fleet management services, including without limitation vehicle titling, registration and tracking services on behalf of Flexdrive. Pursuant to the terms of the VPA, Flexdrive will make the applicable payments to the Procurement Provider for the procurement services either directly or through an advance made by the Master Vehicle Loan or the Non-revolving Loan. Interest on interim financing under the VPA is based on the prime rate.
The Procurement Provider has a security interest in vehicles purchased until the full specified payment has been indefeasibly paid. The VPA contains customary affirmative and negative covenants restricting certain activities by Flexdrive. As of December 31, 2024, the Company was in compliance with all covenants of the VPA. As of December 31, 2024, the outstanding borrowings from the interim financing under the VPA was $1.8 million which is included within accrued and other current liabilities on the 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 December 31, 2024, there was a $1.2 million exposure to loss under the terms of the guarantee.
Revolving Credit Facility & Other Financings
On November 3, 2022, Lyft, Inc. entered into a revolving credit agreement (the “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 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 December 31, 2024, the Company was in compliance with all covenants related to the Revolving Credit Agreement and no amounts had been drawn under the Revolving Credit Agreement.
As of December 31, 2024, there were no other balances outstanding.
v3.25.0.1
Common Stock and Employee Stock Plans
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Common Stock and Employee Stock Plans Common Stock and Employee Stock Plans
Common Stock
The Company’s amended and restated certificate of incorporation authorizes the issuance of Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 20 votes per share. Shares of Class B common stock are convertible into an equivalent number of shares of Class A common stock and generally convert into shares of Class A common stock upon transfer. Any dividends paid to the holders of Class A common stock and Class B common stock will be paid on a pro rata basis. On a liquidation event, any distribution to common stockholders is made on a pro rata basis to the holders of the Class A common stock and Class B common stock.
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 consolidated balance sheets. The Company retired the shares upon repurchase.
Equity Award Plans
2008 Equity Incentive Plan
In July 2008, the board of directors of the Company adopted the 2008 Equity Incentive Plan (the 2008 Plan) under which the Company may grant options to purchase its common stock and offer to sell and issue restricted shares of its common stock and issue RSUs to selected employees, officers, directors and consultants of the Company. In June 2018, this plan was superseded by the 2018 Equity Incentive Plan (the 2018 Plan) and all reserved shares under the 2008 Plan were transferred to the 2018 Plan.
Under the 2008 Plan, incentive stock options and nonqualified stock options are to be granted at a price that is not less than 100% of the fair value of the underlying common stock at the date of grant; provided, that incentive stock options granted to a person who directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of stock of the Company are to be at a price not less than one hundred ten percent (110%) of the fair value of the underlying common stock at the date of grant. Stock options granted to newly hired employees typically vest 25% on the first anniversary of the date of hire and ratably each month over the ensuing 36-month period. The maximum term for stock options granted under the 2008 Plan might not exceed ten years from the date of grant. RSUs granted to newly hired employees typically vest 25% on the first Company-established vest date after the first anniversary of the employee’s date of hire and ratably each quarter over the ensuing 12-quarter period for purposes of the service condition. The maximum term for RSUs granted under the 2008 Plan might not exceed seven years from the date of grant.
2018 Equity Incentive Plan
In June 2018, the board of directors and the stockholders of the Company adopted the 2018 Plan, which serves as the successor to the 2008 Plan and provides for the grant of stock options, stock appreciation rights, restricted stock, and RSUs to employees and consultants of the Company and its subsidiaries and non-employee directors of the Company. A total of 75,504,222 shares of the Company’s common stock initially was reserved for issuance under the 2018 Plan, which was increased in June 2018 by an additional 11,836,692 shares. In addition, the shares reserved for issuance under the 2018 Plan also will include any shares subject to stock options, RSUs or similar awards granted under its 2008 Plan that, after the date the Company’s board of directors initially approved its 2018 Plan, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for satisfying tax withholding obligations or are forfeited to or repurchased by the Company due to failure to vest (provided that the maximum number of shares that may be added to its 2018 Plan from its 2008 Plan is 75,504,222 shares). Under the 2018 Plan, RSUs granted to newly hired employees typically vest 25% on the first Company-
established vest date after the first anniversary of the employee’s date of hire and ratably each quarter over the ensuing 12-quarter period for purposes of the service condition. The maximum term for RSUs granted under the 2018 Plan might not exceed seven years from the date of grant. In March 2019, this plan was superseded by the 2019 Equity Incentive Plan (the 2019 Plan) and all reserved shares under the 2018 Plan were transferred to the 2019 Plan.
2019 Equity Incentive Plan
In March 2019, the board of directors of the Company and the stockholders of the Company adopted the 2019 Plan which serves as the successor to the 2018 Plan and provides for the grant of stock options, stock appreciation rights, restricted stock, and RSUs to employees and consultants of the Company and its subsidiaries and non-employee directors of the Company. RSUs granted with only service conditions under the 2019 Plan to employees generally vest in a period up to four years.
A total of 44,000,000 shares of the Company’s Class A common stock were reserved for issuance pursuant to the 2019 Plan. In addition, the shares reserved for issuance under the Company’s 2019 Plan also included (i) those shares reserved but unissued under our 2018 Plan as of immediately prior to the termination of the 2018 Plan and (ii) any shares subject to stock options, RSUs or similar awards granted under the 2018 Plan or 2008 Plan that, after the date the Company’s board of directors approved the 2019 Plan, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for satisfying tax withholding obligations or are forfeited to or repurchased by the Company due to failure to vest (provided that the maximum number of shares that may be added to the Company’s 2019 Plan pursuant to (i) and (ii) is 80,604,678 shares).
The number of shares available for issuance under the 2019 Plan will be increased on January 1 of each year, beginning on January 1, 2020, in an amount equal to the least of (i) 35,000,000 shares, (ii) five percent of the outstanding shares of all classes of the Company’s common stock on the last day of the immediately preceding fiscal year or (iii) such number of shares determined by the administrator. As of December 31, 2023, an additional 67,071,304 shares of Class A common stock were reserved for issuance under the 2019 Plan. On January 1, 2024, an additional 19,990,283 shares of Class A common stock were reserved for issuance under the 2019 Plan.
The following table summarizes the Company’s shares of common stock reserved for issuance as of December 31, 2024 (in thousands):
RSUs outstanding under the 2008 Plan, the 2018 Plan, and the 2019 Plan 26,194
Remaining shares available for future issuance under the 2019 ESPP Plan and the 2019 Plan65,138
The Company recorded stock-based compensation expense on the consolidated statements of operations for the periods indicated as follows (in thousands):
Year Ended December 31,
202420232022
Cost of revenue$24,895 $30,170 $44,132 
Operations and support8,397 15,468 25,442 
Research and development117,833 214,160 391,983 
Sales and marketing17,286 29,682 49,867 
General and administrative162,510 195,053 239,343 
Total stock-based compensation expense$330,921 $484,533 $750,767 
Restricted Stock Units
The summary of restricted stock unit (“RSU”) activity is as follows (in thousands, except per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value
Nonvested units as of December 31, 202330,091 $9.40 $449,994 
Granted21,595 15.10 
Vested(22,011)12.71 
Canceled(3,481)14.48 
Nonvested units as of December 31, 2024
26,194 $10.67 $336,282 
Expected to vest as of December 31, 2024
25,688 $331,378 
Included in the grants for the year ended December 31, 2024 are 2,407,975 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.
The fair value as of the respective vesting dates of RSUs that vested during the years ended December 31, 2024, 2023 and 2022 was $337.4 million, $290.5 million and $354.3 million, respectively. In connection with RSUs that vested in the year ended December 31, 2024, the Company withheld 2,528,016 shares and remitted cash payments of $40.3 million on behalf of the RSU holders to the relevant tax authorities. In connection with RSUs that vested in the year ended December 31, 2023, the Company withheld 295,948 shares and remitted cash payments of $3.0 million on behalf of the RSU holders to the relevant tax authorities. In connection with RSUs that vested in the year ended December 31, 2022, the Company withheld 358,330 shares and remitted cash payments of $6.7 million on behalf of the RSU holders to the relevant tax authorities.
In 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 December 31, 2024, the total unrecognized compensation cost was $160.4 million related to all unvested awards. The Company expects to recognize this expense over the remaining weighted-average period of approximately 1.0 year. The Company recognizes compensation expense on the RSUs granted prior to the effectiveness of its IPO registration statement on March 28, 2019 using the accelerated attribution method. All RSUs granted after March 28, 2019 vest on the satisfaction of a service-based condition only. The Company recognizes compensation expense for such RSUs upon a straight-line basis over their requisite service periods. The Company recognizes compensation expense for PSUs using the accelerated attribution method over the requisite service period of each individual tranche.
The summary of stock option activity is as follows (in thousands, except per share data):
Options Outstanding
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life		Aggregate
Intrinsic
Value
(in years)
Balance as of December 31, 2023780 $4.63 1.0$8,079 
Exercises(780)4.63 
Forfeitures— — 
Cancellations— — 
Balance as of December 31, 2024— $— — $— 
There were no stock options granted during the years ended December 31, 2024, 2023 and 2022. As of December 31, 2024, no options remained outstanding.
The aggregate intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $8.3 million, $1.0 million and $2.9 million, respectively. The aggregate intrinsic value disclosed in the above table is based on the difference between the original exercise price of the stock option and the fair value of the Company’s common stock of $14.99 per share as of December 31, 2023.
As of December 31, 2024, there are no remaining unrecognized compensation costs related to stock options.
2019 Employee Stock Purchase Plan
In March 2019, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2019 Employee Stock Purchase Plan (the “ESPP”). The initial ESPP went into effect on March 27, 2019 and was amended on July 26, 2021 and July 18, 2022. Subject to any limitations contained therein, the ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase the Company’s Class A common stock at a discounted price per share. The ESPP provides for consecutive, overlapping 12-month offering periods, subject to certain reset provisions as defined in the plan.
A total of 6,000,000 shares of Class A common stock were initially reserved for issuance under the ESPP. As of December 31, 2023, 13,414,259 additional shares of Class A common stock were reserved for issuance under the ESPP. On January 1, 2024, an additional 3,998,056 shares of Class A common stock were reserved for issuance under the ESPP. As of December 31, 2024, 6,230,976 shares of Class A common stock have been purchased under the 2019 ESPP. The number of shares reserved under the 2019 ESPP automatically increases on the first day of each calendar year beginning on January 1, 2020 in a number of shares equal to the least of (i) 7,000,000 shares of Class A common stock, (ii) one percent of the outstanding shares of all classes of the Company’s common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the administrator of the 2019 ESPP
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the provision for (benefit from) income taxes for the periods indicated are as follows (in thousands):
Year Ended December 31,
202420232022
United States$61,371 $(348,050)$(1,600,323)
Foreign(36,021)16,346 21,684 
Income (loss) before income taxes
$25,350 $(331,704)$(1,578,639)
The provision for (benefit from) income taxes for the periods indicated are as follows (in thousands):
Year Ended December 31,
202420232022
Current provision
Federal$— $— $— 
State10,438 3,762 1,256 
Foreign(5,996)7,239 4,240 
Total current$4,442 $11,001 $5,496 
Deferred provision
Federal481 481 481 
State427 (337)1,256 
Foreign(2,784)(2,529)(1,361)
Total deferred(1,876)(2,385)376 
Total provision for (benefit from) income taxes$2,566 $8,616 $5,872 
A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rate is as follows:
Year Ended December 31,
202420232022
Provision at federal statutory rate21.0 %21.0 %21.0 %
State, net of federal benefit29.2 9.7 2.1 
Permanent tax adjustments10.3 (1.1)(0.4)
Nondeductible expenses54.4 (8.3)(0.7)
Stock-based compensation(65.6)(15.1)(4.9)
Executive compensation63.0 (2.4)— 
Change in valuation allowance(101.5)(2.5)(17.1)
Impact of foreign operations(4.7)(0.4)0.1 
Deferred adjustments— (3.2)— 
Other adjustments4.0 (0.3)(0.5)
Effective income tax rate
10.1 %(2.6)%(0.4)%
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes at the enacted rates. The significant components of the Company’s deferred tax assets and liabilities as of the periods indicated were as follows (in thousands):
December 31,
20242023
Deferred tax assets:
Net operating loss carryforwards$1,975,436 $2,084,523 
Insurance reserves and accruals382,532 314,526 
Stock-based compensation16,837 12,091 
Research capitalization288,464 240,354 
Accrued legal settlement/fees92,975 87,310 
Lease liability73,356 73,497 
Accrued and other liabilities47,233 39,576 
Capital losses
64 34,965 
Other assets
— 415 
Total deferred tax assets2,876,897 2,887,257 
Less: Valuation allowance(2,690,489)(2,715,841)
Deferred tax assets, net of valuation allowance186,408 171,416 
Deferred tax liabilities:
State income taxes(132,126)(133,859)
Operating lease right of use assets(63,632)(50,004)
Other liabilities
(427)— 
Total deferred tax liabilities(196,185)(183,863)
Net deferred tax assets (liabilities)
$(9,777)$(12,447)
A reconciliation of the valuation allowance is as follows (in thousands):
Year Ended December 31,
202420232022
Beginning balance$2,715,841 $2,706,982 $2,408,647 
Net changes in deferred tax assets and liabilities(25,352)8,859 298,335 
Ending balance$2,690,489 $2,715,841 $2,706,982 
The valuation allowance decreased by $25.4 million for the year ended December 31, 2024, compared to the increase of $8.9 million for the year ended December 31, 2023. The Company believes that, based on a number of factors including its history of net losses, the available objective evidence creates sufficient uncertainty regarding the realizability of its U.S. deferred tax assets such that a valuation allowance has been recorded.
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.
As of December 31, 2024, the Company had U.S. federal and state net operating loss carryforwards of approximately $7.2 billion and $6.2 billion, respectively.
The federal net operating loss carryforwards generated through December 31, 2017 expire at various dates beginning in 2035 and will continue to expire through 2037, while federal net operating loss carryforwards generated in 2018 or later do not expire. The state net operating loss carryovers will begin to expire in 2025 and will continue to expire at various times depending upon individual state carryforward rules. Utilization of the net operating loss carryforwards are subject to various limitations including the ownership change limitations provided by Internal Revenue Code (IRC) Section 382 and similar state provisions.
The Company is subject to taxation in the United States and various foreign jurisdictions. All net operating losses generated to date are subject to adjustment for U.S. federal and state income tax purposes. Additionally, all tax years remain open to examination as of December 31, 2024 with the exception of tax years beginning before 2020 in Canada and 2023 in the United Kingdom.
The Company has not provided foreign withholding taxes on the undistributed earnings of its foreign subsidiaries as of December 31, 2024, 2023, and 2022, because it intends to permanently reinvest such earnings outside of the U.S. If these foreign earnings were to be repatriated in the future, the related U.S. tax liability will be immaterial, due to the participation exemption put in place by the 2017 Tax Act.
The Company’s policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the Company’s consolidated balance sheets. To date, the Company has not recognized any interest and penalties in its consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. The Company has no material unrecognized tax benefits as of December 31, 2024, 2023 and 2022.
v3.25.0.1
Net Income (Loss) Per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Attributable to Common Stockholders 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):
Year Ended December 31,
202420232022
Numerator
Net income (loss) attributable to common stockholders, basic and diluted
$22,784 $(340,320)$(1,584,511)
Denominator
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders
409,181 385,335 354,731 
Effect of potentially dilutive common stock equivalents4,470 — — 
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders
413,651 385,335 354,731 
Basic net income (loss) per share attributable to common stockholders
$0.06 $(0.88)$(4.47)
Diluted net income (loss) per share attributable to common stockholders
$0.06 $(0.88)$(4.47)
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):
As of December 31,
202420232022
Restricted stock units1,407 15,538 20,542 
Performance based restricted stock units14,188 14,553 1,773 
2029 Notes(1)
21,821 — — 
2025 Notes(1)
10,178 19,471 19,471 
ESPP1,024 111 307 
Stock options— 780 993 
Total48,618 50,453 43,086 
_______________
(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 11 “Debt” to the consolidated financial statements for further information.
v3.25.0.1
Restructuring
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
September 2024 Restructuring Plan
In September 2024, the Company announced a restructuring plan related to its bikes and scooters transportation mode as part of its efforts to align strategic priorities and reduce operating costs. The plan involved the disposal of certain types of bikes and scooters and the termination of approximately 1% of the Company's employees. As a result of the restructuring plan, in the year ended December 31, 2024, the Company recorded $14.1 million in fixed asset disposals, $11.1 million in other current assets disposals and other costs, $10.6 million in accelerated depreciation of fixed assets and $1.8 million in employee severance and other employee costs. As a result of the above, the Company incurred restructuring charges of $37.6 million in the year ended December 31, 2024. The restructuring plan has been completed as of the year ended December 31, 2024.
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2024 (in thousands):
Severance and Other Employee Costs Fixed Asset Disposals
 Other Current Assets Disposals and Other Costs
 Accelerated Depreciation Total
Cost of revenue$— $14,090 $10,988 $9,957 $35,035 
Operation and support498 — — — 498 
Research and development 1,009 — — 172 1,181 
Sales and marketing 187 — — — 187 
General and administrative 120 — 63 485 668 
Total$1,814 $14,090 $11,051 $10,614 $37,569 
April 2023 Restructuring Plan
In April 2023, the Company announced a restructuring plan as part of its efforts to reduce operating costs. The plan involved the termination of approximately 1,072 employees, representing 26% of the Company's employees. As a result of the restructuring plan, in the second quarter of 2023, the Company recorded $47.2 million in employee severance and other employee costs and $9.7 million in net stock-based compensation expense related to equity compensation for employees impacted by the plan of termination. The Company also recorded $6.3 million in impairment charges, fixed asset write-offs, accelerated depreciation and other costs to real estate operating lease right-of-use assets, which was primarily related to the cease use of certain facilities. As a result of the above, the Company incurred net restructuring charges of $63.3 million in the year ended December 31, 2023. The restructuring plan has been completed as of the year ended December 31, 2023.
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2023 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$667 $3,204 $— $— $3,871 
Operation and support259 3,054 5,268 669 9,250 
Research and development 4,539 21,254 — — 25,793 
Sales and marketing 1,045 5,191 — — 6,236 
General and administrative 3,213 14,535 400 — 18,148 
Total$9,723 $47,238 $5,668 $669 $63,298 
November 2022 Restructuring Plan
In November 2022, the Company announced a restructuring plan to reduce operating expenses. As a result of the restructuring plan, in the fourth quarter of 2022, the Company recorded $29.5 million in employee severance and other employee costs and $9.5 million in net stock-based compensation expense related to equity compensation for employees impacted by the plan of termination.
The Company’s plan of termination also included restructuring charges related to a decision to exit and sublease or cease use of certain facilities to align with the Company’s anticipated operating needs. The Company reassessed its real estate asset groups and estimated the fair value of the space to be subleased using current market conditions. Where the carrying value of the individual asset groups exceeded their fair value, an impairment charge was recognized for the difference. During the year ended December 31, 2022, this included $55.3 million in impairment charges related to real estate operating lease right-of-use assets, $23.9 million in accelerated depreciation of certain fixed assets and $2.1 million in write-off fixed assets not yet placed into service. As a result of the above, the Company incurred net restructuring charges of $120.3 million in the year ended December 31, 2022.
In the first quarter of 2023, the Company finalized the exit of certain leases as part of the plan of termination and the Company completed a transaction for the divestiture of certain assets related to the Company’s first party vehicle services business. As a result, the Company recorded $10.5 million in impairment charges related to the cease use of certain facilities to real estate operating lease right-of-use assets and other costs, which included $9.1 million of future payments associated with exiting certain facilities. The Company also incurred employee related charges, which include employee severance, benefits and stock-based compensation in the first quarter of 2023. As a result of the above, the Company incurred net restructuring charges of $24.4 million in the year ended December 31, 2023. The restructuring plan has been completed as of the year ended December 31, 2023.
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2023 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$— $1,101 $— $— $1,101 
Operation and support205 3,127 9,453 305 13,090 
Research and development — 20 2,534 — 2,554 
Sales and marketing — 14 — — 14 
General and administrative — 64 7,604 16 7,684 
Total$205 $4,326 $19,591 $321 $24,443 
The following table summarizes the above restructuring related charges (benefits) by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2022 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$182 $1,612 $— $— $1,794 
Operation and support(31)5,173 4,851 8,680 18,673 
Research and development 3,818 9,706 15,393 36 28,953 
Sales and marketing 458 3,123 — — 3,581 
General and administrative 5,082 9,861 37,120 15,192 67,255 
Total$9,509 $29,475 $57,364 $23,908 $120,256 
As of December 31, 2024, restructuring-related liabilities were immaterial. As of December 31, 2023, there were no restructuring-related liabilities. As of December 31, 2022, there were $1.6 million in restructuring-related liabilities.
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Variable Interest Entities Variable Interest Entities
VIEs Related to the Acquisition of PBSC
As part of its acquisition of PBSC, the Company acquired several joint ventures (“JVs”) which were deemed to be variable interest entities (“VIEs”) in accordance with ASC 810 Consolidation on the acquisition date. The Company determined that PBSC is the primary beneficiary of one of the acquired VIEs, in which it owns an 80% equity interest, as PBSC has the power to direct the majority of the activities of the VIE that most significantly impact its economic performance, the obligation to absorb losses and the right to receive benefits. As PBSC is the primary beneficiary of the VIE, the assets, liabilities, non-controlling interest, revenues and operating results are included in the consolidated financial statements. Subsequent to the acquisition, PBSC entered into joint ventures deemed to be VIEs which were accounted for under the equity method which were immaterial.
The acquisition date fair value of the VIEs acquired as part of the PBSC acquisition was $22.2 million, which exceeded the carrying value and was recorded within other investments in the consolidated balance sheets.
Other than the VIE of which PBSC owns an 80% equity interest, the Company has determined that PBSC does not direct the activities that would significantly affect the economic performance of these VIEs. Therefore, the Company is not the primary beneficiary of these VIEs. As a result, the Company accounts for its investment in these VIEs under the equity method, and they are not consolidated into the Company’s consolidated financial statements. In addition, the Company recognizes its proportionate share of the reported profits or losses of these VIEs in other income (expense), net in the consolidated statements of operations, and as an adjustment to its investment in VIEs in the consolidated balance sheets. The profits and losses of these unconsolidated VIEs were not material to the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022.
The maximum potential financial statement loss the Company would incur if these VIEs were to default on all their obligations would be the loss of the carrying value of these investments as well as any current or future investments, if any, PBSC were to make which was immaterial as of December 31, 2024.
Other VIEs
During the second quarter of 2023, the Company contributed a business to a privately held company in exchange for an equity interest and a seat on the board of directors of such company. This privately held company was determined to be a VIE for which the Company lacks the power to direct the activities that most significantly impact the entity’s economic performance. As the Company is not the primary beneficiary, it does not consolidate the VIE. However, due to the Company’s ability to exercise significant influence, the investment will be accounted for under the equity method. The investment was recorded at its initial fair value of $12.9 million and represents the Company’s maximum exposure to the VIE. During the year ended December 31, 2024, there was no change in the Company's claim on the net assets of the investment and therefore, the Company did not recognize equity method gain or loss nor was there an impairment of the investment. During the year ended December 31, 2023, the Company recognized an immaterial amount of equity earnings and there was no impairment of the investment.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Share Repurchase Program
On February 6, 2025, the Company’s board of directors authorized a program for the repurchase of up to $500 million of the Company’s Class A common stock. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company’s discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income (loss) $ 22,784 $ (340,320) $ (1,584,511)
v3.25.0.1
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2024
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Lisa Blackwood-Kapral [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On November 22, 2024, Lisa Blackwood-Kapral, our Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 91,480 shares of Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until February 13, 2026, or earlier if all transactions under the trading arrangement are completed.
Name Lisa Blackwood-Kapral
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 22, 2024
Expiration Date February 13, 2026
Arrangement Duration 448 days
Aggregate Available 91,480
Jill Beggs [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On November 22, 2024, Jill Beggs, a member of our board of directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 4,716 shares of Class A common stock plus additional shares of our Class A common stock issuable upon the vesting and settlement of RSUs granted to Ms. Beggs subsequent to the adoption of the trading arrangement and through November 20, 2025. The trading arrangement is intended to satisfy the affirmative defense in Rule
10b5-1(c). The duration of the trading arrangement is until December 5, 2025, or earlier if all transactions under the trading arrangement are completed.
Name Jill Beggs
Title board of directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 22, 2024
Expiration Date December 5, 2025
Arrangement Duration 378 days
Aggregate Available 4,716
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management and Strategy
We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.
We conduct a regular risk assessment process with monthly management reviews of the cybersecurity risk landscape to identify threats and may conduct further assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks.
Following these risk assessments, we may accept identified risks; re-design, implement, and maintain reasonable safeguards to minimize identified risks; reasonably address any identified gaps in existing safeguards; and regularly monitor the effectiveness of our safeguards. We devote significant resources and designate high-level personnel, including our Chief Information Security Officer (CISO), who reports to our Chief Information Officer (“CIO”), to manage the risk assessment and mitigation process.
As part of our risk management processes, we monitor and test our safeguards and train our employees on these safeguards, in collaboration with human resources, IT, and management. Personnel at all levels and departments are made aware of our cybersecurity policies through trainings. We require relevant third-party service providers to confirm that they have the ability to implement and maintain appropriate security measures, consistent with all applicable laws, to implement and maintain reasonable security measures in connection with their work with us, and to promptly report any suspected breach of its security measures that may affect our company.
We regularly discuss our internal controls over financial reporting with our independent registered public accounting firm and other service providers assist us in evaluating the design and implementation of our cybersecurity controls and procedures, as well as to monitor and test our safeguards.
For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition, please refer to Item 1A, “Risk Factors,” in this annual report on Form 10-K, including the risk factor entitled “Any actual or perceived security or privacy breach or incident could interrupt our operations, harm our brand and adversely affect our reputation, brand, business, financial condition and results of operations.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.
We conduct a regular risk assessment process with monthly management reviews of the cybersecurity risk landscape to identify threats and may conduct further assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance
One of the key functions of our board of directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our board of directors has oversight responsibilities for material risk for the company, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function as a whole, as well as through the audit committee.
Our CISO has primary responsibility for assessing and managing our material risks from cybersecurity threats in partnership with our CIO and other business leaders. The CISO has served in various roles within the cybersecurity field for over 15 years, including security leadership roles in multiple organizations. The CISO holds an undergraduate degree in information security and forensics and a graduate degree in information assurance and has attained various professional certifications within the field including Certified Information Systems Security Professional and Certified Ethical Hacker certifications.
Our CISO oversees our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes and procedures by which our CISO is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents include our incident response process, tracking in our centralized risk repository, and our vulnerability management process. Our Incident Response policy describes and supports the activities we take to prepare for discovery, response, and recovery from cybersecurity incidents, which include processes to determine severity, escalation, and response to incidents, as well as those necessary to comply with potentially applicable legal obligations and mitigate brand and reputational damage.
Our CISO or other business leaders provide quarterly updates to the audit committee regarding our company’s cybersecurity risks and activities. These updates include any relevant recent cybersecurity incidents and related mitigation and remediation efforts, cybersecurity systems testing, status updates on Security and Privacy team efforts, and the like. Our audit committee provides updates to the board of directors on material cybersecurity risks and activities.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board of directors has oversight responsibilities for material risk for the company, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function as a whole, as well as through the audit committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our CISO or other business leaders provide quarterly updates to the audit committee regarding our company’s cybersecurity risks and activities. These updates include any relevant recent cybersecurity incidents and related mitigation and remediation efforts, cybersecurity systems testing, status updates on Security and Privacy team efforts, and the like. Our audit committee provides updates to the board of directors on material cybersecurity risks and activities.
Cybersecurity Risk Role of Management [Text Block]
Our CISO has primary responsibility for assessing and managing our material risks from cybersecurity threats in partnership with our CIO and other business leaders. The CISO has served in various roles within the cybersecurity field for over 15 years, including security leadership roles in multiple organizations. The CISO holds an undergraduate degree in information security and forensics and a graduate degree in information assurance and has attained various professional certifications within the field including Certified Information Systems Security Professional and Certified Ethical Hacker certifications.
Our CISO oversees our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes and procedures by which our CISO is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents include our incident response process, tracking in our centralized risk repository, and our vulnerability management process. Our Incident Response policy describes and supports the activities we take to prepare for discovery, response, and recovery from cybersecurity incidents, which include processes to determine severity, escalation, and response to incidents, as well as those necessary to comply with potentially applicable legal obligations and mitigate brand and reputational damage.
Our CISO or other business leaders provide quarterly updates to the audit committee regarding our company’s cybersecurity risks and activities. These updates include any relevant recent cybersecurity incidents and related mitigation and remediation efforts, cybersecurity systems testing, status updates on Security and Privacy team efforts, and the like. Our audit committee provides updates to the board of directors on material cybersecurity risks and activities.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CISO has primary responsibility for assessing and managing our material risks from cybersecurity threats in partnership with our CIO and other business leaders.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has served in various roles within the cybersecurity field for over 15 years, including security leadership roles in multiple organizations. The CISO holds an undergraduate degree in information security and forensics and a graduate degree in information assurance and has attained various professional certifications within the field including Certified Information Systems Security Professional and Certified Ethical Hacker certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our CISO oversees our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes and procedures by which our CISO is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents include our incident response process, tracking in our centralized risk repository, and our vulnerability management process. Our Incident Response policy describes and supports the activities we take to prepare for discovery, response, and recovery from cybersecurity incidents, which include processes to determine severity, escalation, and response to incidents, as well as those necessary to comply with potentially applicable legal obligations and mitigate brand and reputational damage.
Our CISO or other business leaders provide quarterly updates to the audit committee regarding our company’s cybersecurity risks and activities. These updates include any relevant recent cybersecurity incidents and related mitigation and remediation efforts, cybersecurity systems testing, status updates on Security and Privacy team efforts, and the like. Our audit committee provides updates to the board of directors on material cybersecurity risks and activities.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.
Use of Estimates
Use of Estimates
The preparation of consolidated 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 consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates on various factors and information which may include, but are not limited to, history and prior experience, expected future results, new related events and economic conditions, which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Significant items subject to estimates and assumptions include those related to losses resulting from insurance claims inclusive of insurance-related accruals, fair value of financial assets and liabilities, goodwill and identifiable intangible assets, leases, indirect tax obligations, legal contingencies, valuation allowance for deferred income taxes, and the valuation of stock-based compensation.
Segment Information
Segment Information
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates as one operating segment. 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.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash equivalents consist of institutional money market funds and certificates of deposits denominated in U.S. dollars as well as commercial paper and corporate bonds. Cash equivalents are highly liquid, short-term investments having an original maturity of 90
days or less that are readily convertible to known amounts of cash. Also included in cash and cash equivalents are cash in transit from payment processors for credit and debit card transactions.
Restricted Cash and Cash Equivalents
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents consist primarily of amounts held in separate trust accounts and restricted bank accounts as collateral for insurance purposes and amounts pledged to secure certain letters of credit.
Investments
Investments
Debt Securities
The Company’s accounting for its investments in debt securities is based on the legal form of the security, the Company’s intended holding period for the security, and the nature of the transaction. Investments in debt securities include commercial paper, certificates of deposit, corporate bonds and U.S. government and agency securities. Investments in debt securities are classified as available-for-sale and are recorded at fair value.
The Company considers an available-for-sale debt security to be impaired if the fair value of the investment is less than its amortized cost basis. The entire difference between the amortized cost basis and the fair value of the Company’s available-for-sale debt securities is recognized on the consolidated statements of operations as an impairment if, (i) the fair value of the security is below its amortized cost and (ii) the Company intends to sell or is more likely than not required to sell the security before recovery of its amortized cost basis. If neither criterion is met, the Company evaluates whether the decline in fair value is due to credit losses or other factors. In making this assessment, the Company considers the extent to which the security’s fair value is less than amortized cost, changes to the rating of the security by third-party rating agencies, and adverse conditions specific to the security, among other factors. If the Company's assessment indicates that a credit loss exists, the credit loss is measured based on the Company's best estimate of the cash flows expected to be collected. When developing its estimate of cash flows expected to be collected, the Company considers all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts.
Credit loss impairments are recognized through an allowance for credit losses adjustment to the amortized cost basis of the debt securities on the balance sheet with an offsetting credit loss expense on the consolidated statements of operations. Impairments related to factors other than credit losses are recognized as an adjustment to the amortized cost basis of the security and an offsetting amount in accumulated other comprehensive income (loss), net of tax. The Company determines realized gains or losses on the sale of debt securities on a specific identification method.
The Company's investments in debt securities include:
(i)Cash and cash equivalents. Cash equivalents include certificates of deposits, commercial paper and corporate bonds that have an original maturity of 90 days or less and are readily convertible to known amounts of cash.
(ii)Short-term investments. Short-term investments are comprised of commercial paper, certificates of deposit, and corporate bonds, which mature in twelve months or less. As a result, the Company classifies these investments as current assets in the accompanying consolidated balance sheets.
(iii)Restricted investments. Restricted investments are comprised of debt security investments in commercial paper, certificates of deposit, corporate bonds and U.S. government and agency securities which are held in trust accounts at third-party financial institutions pursuant to certain contracts with insurance providers.
Non-marketable Equity Securities
The Company has elected to measure its investments in non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable transactions for identical or similar investments of the same issuer or impairment. The Company qualitatively assesses whether indicators of impairment exist. Factors considered in this assessment include the investees’ financial and liquidity position, access to capital resources, and macroeconomic conditions, among others. If an impairment exists, the Company estimates the fair value of the investment by using the best information available, which may include cash flow projections or other available market data, and recognizes a loss for the amount by which the carrying value exceeds the fair value of the investment on the consolidated statements of operations.
Enterprise and Trade Receivables
Enterprise and Trade Receivables
The Company collects any fees owed for completed transactions on the Lyft Platform primarily from the rider’s authorized payment method. Uncollected fees are included in prepaid expenses and other current assets on the consolidated balance sheets and represent receivables from (i) participants in the Company’s enterprise programs (“Enterprise Users”), where the transactions have been completed and the amounts owed from the Enterprise Users have either been invoiced or are unbilled as of the reporting date; and (ii) riders where the authorized payment method is a credit card but the fare amounts have not yet settled with third-party payment
processors. Under the ToS, drivers agree that the Company retains the applicable fee as consideration for their use of the Lyft Platform and related activities from the fare and related charges it collects from riders on behalf of drivers. Accordingly, the Company has no trade receivables from drivers. The portion of the fare receivable to be remitted to drivers is included in accrued and other current liabilities on the consolidated balance sheets.
The Company records an allowance for credit losses for fees owed for completed transactions that may never settle or be collected in accordance with Accounting Standards Update No. 2016-13 “Financial Instruments—Credit Losses”. The allowance for credit losses reflects the Company’s current estimate of expected credit losses inherent in the enterprise and trade receivables balance. In determining the expected credit losses, the Company considers its historical loss experience, the aging of its receivable balance, current economic and business conditions, and anticipated future economic events that may impact collectability. The Company reviews its allowance for credit losses periodically and as needed, and amounts are written off when determined to be uncollectible.
Concentrations of Credit Risk
Concentrations of Credit Risk
The Company’s cash, cash equivalents and short-term investments are potentially subject to concentration of credit risk. Although the Company deposits its cash with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. Management believes that the institutions are financially stable and, accordingly, minimal credit risk exists. The Company limits purchases of debt securities to investment-grade securities.
Fair Value Measurements
Fair Value Measurements
The Company measures assets and liabilities at fair value based on an expected exit price, which represents the amount that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis, whereby inputs used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:
Level 1Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
The carrying values of the Company’s debt securities, accounts payable and accrued and other liabilities approximate their respective fair values due to the short period of time to payment.
Software Development Costs
Software Development Costs
The Company incurs costs related to developing the Lyft Platform and related support systems. The Company capitalizes development costs related to the Lyft Platform and related support systems once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using a straight-line method over the estimated useful life of the related asset, which is generally between one and eight years. Depreciation for property and equipment commences once they are ready for our intended use. Maintenance and repairs are charged to expense as incurred, and improvements and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is reflected on the consolidated statement of operations in the period realized. Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the lease, or the useful life of the assets. Construction in progress is related to property and equipment that has not yet been placed in service for its intended use.
Leases, Lessor
Leases
In accordance with ASC 842, the Company determines if an arrangement is or contains a lease at contract inception by assessing whether the arrangement contains an identified asset and whether the lessee has the right to control such asset. The Company determines the classification and measurement of its leases upon lease commencement. The Company enters into certain agreements as a lessor and either leases or subleases the underlying asset in the agreement to customers. The Company also enters into certain
agreements as a lessee. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor):
•The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
•The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;
•The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset;
•The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or
•The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.
Leases that do not meet any of the above criteria are accounted for as operating leases.
Lessor
The Company's lease arrangements include vehicle rentals to drivers or renters under the Flexdrive program and Light Vehicle rentals to single-use riders. Due to the short-term nature of these arrangements, the Company classifies these leases as operating leases. The Company does not separate lease and non-lease components, such as insurance or roadside assistance provided to the lessee, in its lessor lease arrangements. Lease payments are primarily fixed and are recognized as revenue in the period over which the lease arrangement occurs. Taxes or other fees assessed by governmental authorities that are both imposed on and concurrent with each lease revenue-producing transaction and collected by the Company from the lessee are excluded from the consideration in its lease arrangements. The Company mitigates residual value risk of its leased assets by performing regular maintenance and repairs, as necessary, and through periodic reviews of asset depreciation rates based on the Company's ongoing assessment of present and estimated future market conditions.
Lessee
The Company's leases include real estate property to support its operations and Flexdrive vehicles that may be used by drivers to provide ridesharing services on the Lyft Platform. For leases with a term greater than 12 months, the Company records the related right-of-use asset and lease liability at the present value of lease payments over the term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company does not separate lease and non-lease components of contracts for real estate property leases, but has elected to do so for vehicle leases when non-lease components exist in these arrangements. For certain leases, the Company also applies a portfolio approach to account for right-of-use assets and lease liabilities that are similar in nature and have nearly identical contract provisions.
The Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company determines its incremental borrowing rate based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment.
Lease payments may be fixed or variable; however, only fixed payments are included in the Company’s lease liability calculation. Operating leases are included in operating lease right-of-use assets, operating lease liabilities — current and operating lease liabilities on the consolidated balance sheets. Lease costs for the Company's operating leases are recognized on a straight-line basis primarily within operating expenses over the lease term. Finance leases are included in property and equipment, net, accrued and other current liabilities, and other liabilities on the consolidated balance sheets. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term in cost of revenue on the consolidated statements of operations. The interest component of finance leases is included in cost of revenue on the consolidated statements of operations and recognized using the effective interest method over the lease term. Variable lease payments are recognized primarily in operating expenses in the period in which the obligation for those payments is incurred.
Similar to other long-lived assets discussed below, the Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds its fair value. For leased assets, such circumstances would include the decision to leave a leased facility prior to the end of the minimum lease term or subleases for which estimated cash flows do not fully cover the costs of the associated lease.
Leases, Lessee
Leases
In accordance with ASC 842, the Company determines if an arrangement is or contains a lease at contract inception by assessing whether the arrangement contains an identified asset and whether the lessee has the right to control such asset. The Company determines the classification and measurement of its leases upon lease commencement. The Company enters into certain agreements as a lessor and either leases or subleases the underlying asset in the agreement to customers. The Company also enters into certain
agreements as a lessee. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor):
•The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
•The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;
•The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset;
•The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or
•The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.
Leases that do not meet any of the above criteria are accounted for as operating leases.
Lessor
The Company's lease arrangements include vehicle rentals to drivers or renters under the Flexdrive program and Light Vehicle rentals to single-use riders. Due to the short-term nature of these arrangements, the Company classifies these leases as operating leases. The Company does not separate lease and non-lease components, such as insurance or roadside assistance provided to the lessee, in its lessor lease arrangements. Lease payments are primarily fixed and are recognized as revenue in the period over which the lease arrangement occurs. Taxes or other fees assessed by governmental authorities that are both imposed on and concurrent with each lease revenue-producing transaction and collected by the Company from the lessee are excluded from the consideration in its lease arrangements. The Company mitigates residual value risk of its leased assets by performing regular maintenance and repairs, as necessary, and through periodic reviews of asset depreciation rates based on the Company's ongoing assessment of present and estimated future market conditions.
Lessee
The Company's leases include real estate property to support its operations and Flexdrive vehicles that may be used by drivers to provide ridesharing services on the Lyft Platform. For leases with a term greater than 12 months, the Company records the related right-of-use asset and lease liability at the present value of lease payments over the term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company does not separate lease and non-lease components of contracts for real estate property leases, but has elected to do so for vehicle leases when non-lease components exist in these arrangements. For certain leases, the Company also applies a portfolio approach to account for right-of-use assets and lease liabilities that are similar in nature and have nearly identical contract provisions.
The Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company determines its incremental borrowing rate based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment.
Lease payments may be fixed or variable; however, only fixed payments are included in the Company’s lease liability calculation. Operating leases are included in operating lease right-of-use assets, operating lease liabilities — current and operating lease liabilities on the consolidated balance sheets. Lease costs for the Company's operating leases are recognized on a straight-line basis primarily within operating expenses over the lease term. Finance leases are included in property and equipment, net, accrued and other current liabilities, and other liabilities on the consolidated balance sheets. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term in cost of revenue on the consolidated statements of operations. The interest component of finance leases is included in cost of revenue on the consolidated statements of operations and recognized using the effective interest method over the lease term. Variable lease payments are recognized primarily in operating expenses in the period in which the obligation for those payments is incurred.
Similar to other long-lived assets discussed below, the Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds its fair value. For leased assets, such circumstances would include the decision to leave a leased facility prior to the end of the minimum lease term or subleases for which estimated cash flows do not fully cover the costs of the associated lease.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets resulting from the acquisition of entities are accounted for using the purchase method of accounting based on management’s estimate of the fair value of assets received. Intangible assets are amortized on a straight-line basis over the estimated useful lives which range from two to twelve years.
Goodwill is not subject to amortization, but is tested for impairment on an annual basis during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the reporting unit may be in excess of its fair value. As part of the annual goodwill impairment test, the Company first performs a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of its qualitative assessment, it is more-likely-than-not that the fair value of the Company’s reporting unit is less than its carrying amount, the quantitative impairment test will be required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Company reviews long-lived assets, including property and equipment and intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Such events and changes may include: significant changes in performance relative to expected operating results, changes in asset use, negative industry or economic trends, and changes in the Company’s business strategy. The Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds its fair value.
Insurance Reserves and Insurance-related Accruals
Insurance Reserves and Insurance-related Accruals
The Company utilizes both a wholly-owned captive insurance subsidiary and third-party insurance, which may include deductibles and self-insured retentions, to insure or reinsure costs including auto liability, uninsured and underinsured motorist, auto physical damage, first party injury coverages including personal injury protection under state law and general business liabilities up to certain limits. The recorded liabilities reflect the estimated cost for claims incurred but not paid and claims that have been incurred but not yet reported and any estimable administrative run-out expenses related to the processing of these outstanding claim payments. Liabilities are determined on a quarterly basis by internal actuaries through an analysis of historical trends, and changes in claims experience, including consideration of new information and application of loss development factors, and frequency and severity assumptions, among other inputs and assumptions for the insurance reserves and insurance-related accruals. On an annual basis or more frequently as determined by management, an independent third-party actuary will evaluate the liabilities for appropriateness with claims reserve valuations.
Insurance claims may take years to completely settle, and the Company has available limited historical loss experience because of the limited operational history. The Company makes certain assumptions based on currently available information and industry statistics, with the loss development factors as the most significant assumption related to the insurance reserves and the frequency and severity assumptions as the most significant assumptions related to insurance-related accruals, and utilizes actuarial models and techniques to estimate the reserves. A number of factors can affect the actual cost of a claim, including the length of time the claim remains open, economic and healthcare cost trends and the results of related litigation. Furthermore, claims may emerge in future years for events that occurred in a prior year at a rate that differs from previous actuarial projections. The impact of these factors on ultimate costs for insurance is difficult to estimate and could be material. However, while the Company believes that the insurance reserve and insurance-related accrual amounts are adequate, the ultimate liabilities may be in excess of, or less than, the amounts provided. As a result, the net amounts that will ultimately be paid to settle the liabilities and when amounts will be paid may significantly vary from the estimated amounts provided for on the consolidated balance sheets. For example, disruptive factors may distort data, metrics and patterns and result in rapid increases in insurance cost and reserve deficiency. These disruptive factors can include recent economic conditions and ongoing global events such as the high inflationary environment, increased litigation, and higher than expected losses across the commercial auto industry. The Company continues to review its insurance estimates in a regular, ongoing process as historical loss experience develops, additional claims are reported and settled, and the legal, regulatory and economic environment evolves.
Foreign Currency
Foreign Currency
The Company uses the U.S. dollar predominantly as the functional currency of its foreign subsidiaries. For foreign subsidiaries where the U.S. dollar is the functional currency, gains and losses from remeasurement of foreign currency balances into U.S. dollars are included on the consolidated statements of operations. For the foreign subsidiary where the local currency is the functional currency, translation adjustments of foreign currency financial statements into U.S. dollars are recorded to a separate component of accumulated other comprehensive income (loss).
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 in accordance with ASC 606 from licensing and data access, subscription fees, revenue from bikes and bike station hardware and software sales and revenue from arrangements to provide advertising services to third parties, which are not significant components of the Company’s consolidated revenues. The Company also generates rental revenue from Flexdrive and its network of Light Vehicles, which is recognized in accordance with Accounting Standards Codification Topic 842 (“ASC 842”).
Revenue from Contracts with Customers (ASC 606)
The Company recognizes revenue for its rideshare marketplace in accordance with ASC 606. The Company generates revenue from service fees and commissions (collectively, “fees”) paid by drivers for use of the Lyft Platform and related activities to connect drivers with riders to facilitate and successfully complete rides via the Lyft App where the Company operates as a TNC. The Company recognizes revenue upon completion of each ride. Drivers enter into terms of service (“ToS”) with the Company in order to use the Lyft Driver App. Under the ToS, drivers agree that the Company retains the applicable fee as consideration for their use of the Lyft Platform and related activities from the fare and related charges it collects from riders on behalf of drivers. The Company is acting as an agent in facilitating the ability of a driver to provide a transportation service to a rider. The Company reports revenue on a net basis, reflecting the fee owed to the Company from a driver as revenue, and not the gross amount collected from the rider.
As the Company’s customary business practice, a contract exists between the driver and the Company when the driver’s ability to cancel the ride lapses, which typically is upon pickup of the rider. The Company’s single performance obligation in the transaction is to connect drivers with riders to facilitate the completion of a successful transportation service for riders. The Company recognizes revenue upon completion of a ride as its performance obligation is satisfied upon the completion of the ride. The Company collects the fare and related charges from riders on behalf of drivers using the rider’s pre-authorized credit card or other payment mechanism and retains its fees before making the remaining disbursement to drivers; thus the driver’s ability and intent to pay is not subject to significant judgment.
The Company recognizes revenue from subscription fees paid to access transportation options through the Lyft Platform and mobile-based applications over the applicable subscription period in accordance with ASC 606. The Company also recognizes revenue from bikes, bike station hardware and software sales when control is transferred to the customer in accordance with ASC 606.
The Company generates revenue from licensing and data access agreements. The Company is primarily responsible for fulfilling its promise to provide rideshare data and access to Flexdrive vehicles and bears the fulfillment risk, and the responsibility of providing the data, over the license period. The Company is acting as a principal in delivering the data and access licenses and presents revenue on a gross basis. Consideration allocated to each performance obligation, the data delivery and vehicle access, is determined by assigning the relative fair value, which represents the stand alone selling price, to each of the performance obligations. Revenue is recorded ratably over the quarter for access to fleet vehicles as the Company’s respective performance obligation is satisfied upon the delivery of each. Revenue was recorded upon delivery of the rideshare data until expiration of the rideshare performance obligation in the second quarter of 2024. These revenues are not significant to the Company’s consolidated revenue.
The Company has arrangements to provide advertising services to third parties that are interested in reaching users of the Company’s platform. These arrangements generally require the Company to provide advertising services over a fixed period of time for which revenue is recognized ratably over the contractual period. These revenues are not significant to the Company’s consolidated revenue.
Rental Revenue (ASC 842)
The Company generates rental revenues primarily from Flexdrive and its network of Light Vehicles. Rental revenues are recognized for rental and rental related activities where an identified asset is transferred to the customer and the customer has the ability to control that asset in accordance with ASC 842.
The Company operates a fleet of rental vehicles through its independently managed subsidiary, Flexdrive, comprised of both owned vehicles and vehicles leased from third-party leasing companies. The Company either leases or subleases vehicles to drivers, and as a result, the Company considers itself to be the accounting lessor or sublessor, as applicable, in these arrangements in accordance with ASC 842. Fleet operating costs include monthly fixed lease payments and other vehicle operating or ownership costs, as applicable. For vehicles that are subleased, sublease income and head lease expense for these transactions are recognized on a gross basis on the consolidated financial statements. Drivers who rent vehicles are charged rental fees, which the Company collects from the driver by deducting such amounts from the driver’s earnings on the Lyft Platform.
The Company owns and operates its Light Vehicles in some cities and operates city-owned Light Vehicles in other cities. Though the specific terms of arrangements with cities vary, the Company earns operations fees from cities or shares revenue generated by the systems with cities. Light Vehicle revenue is accounted for under ASC 842 for single-use rides. A single-use ride allows the user to select a specific Light Vehicle at the time the arrangement is entered into and provides the user the right to control the selected Light Vehicle for the desired term of the arrangement.
Due to the short-term nature of the Flexdrive and Light Vehicle transactions, the Company classifies these rentals as operating leases. Revenue generated from single-use ride fees paid by Light Vehicle riders is recognized upon completion of each related ride. Revenue generated from Flexdrive is recognized evenly over the rental period, which is typically seven days or less.
Incentive Programs
The Company offers incentives to attract drivers, riders and Light Vehicle riders to use the Lyft Platform. Drivers generally receive cash incentives while riders and Light Vehicle riders generally receive free or discounted rides under such incentive programs. Incentives provided to drivers and Light Vehicle riders, the customers of the Company, are accounted for as a reduction of the transaction price. As the riders are not the Company’s customers, incentives provided to riders are generally recognized as sales and marketing expense except for certain pricing programs described below.
Driver Incentives
The Company offers various incentive programs to drivers, including minimum guaranteed payments, volume-based discounts and performance-based bonus payments. These driver incentives are similar to retrospective volume-based rebates and represent variable consideration that is typically settled within a week. The Company reduces the transaction price by the estimated amount of the incentives expected to be paid upon completion of the performance criteria by applying the most likely outcome method. Therefore, such driver incentives are recorded as a reduction to revenue. Driver incentives are recorded as a reduction to revenue if the Company does not receive a distinct good or service in exchange for the payment or cannot reasonably estimate the fair value of the good or service received. Driver incentives for referring new drivers or riders are accounted for as sales and marketing expense. The amount recorded as an expense is the lesser of the amount of the payment or the established fair value of the benefit received. The fair value of the benefit is established using amounts paid to third parties for similar services.
Rideshare Rider Incentives
The Company has several rideshare rider incentive programs, which are offered to encourage rider activity on the Lyft Platform. Generally, the rider incentive programs are as follows:
(i)Market-wide marketing promotions. Market-wide promotions reduce the fare charged by drivers to riders for all or substantially all rides in a specific market. This type of incentive effectively reduces the overall pricing of the service provided by drivers for that specific market and the gross fare charged by the driver to the rider, and thereby results in a lower fee earned by the Company. Accordingly, the Company records this type of incentive as a reduction to revenue at the date it records the corresponding revenue transaction.
(ii)Targeted marketing promotions. Targeted marketing promotions are used to promote the use of the Lyft Platform to a targeted group of riders. An example is a promotion where the Company offers a number of discounted rides (capped at a given number of rides) which are valid only during a limited period of time to a targeted group of riders. The Company believes that the incentives that provide consideration to riders to be applied to a limited number of rides are similar to marketing coupons. These incentives differ from the market-wide marketing promotions because they do not reduce the overall pricing of the service provided by drivers for a specific market. During the promotion period, riders not utilizing an incentive would be charged the full fare. These incentives represent marketing costs. When a rider redeems the incentive, the Company recognizes revenue equal to the transaction price and the cost of the incentive is recorded as sales and marketing expense.
(iii)Rider referral programs. Under the rider referral program, the referring rider (the referrer) earns referral incentives when a new rider (the referee) completes their first ride on the Lyft Platform. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense. Referral incentives typically expire within one year. The Company estimates breakage using its historical experience. As of December 31, 2024 and 2023, the rider referral incentives liability was not material.
Refunds
From time to time the Company issues credits or refunds to riders unsatisfied by the level of service provided by the driver. There is no legal obligation to remunerate such riders nor does the Company issue such credits or refunds to riders on behalf of the drivers. The Company accounts for credits or refunds, which are not recoverable from the drivers as sales and marketing expenses when incurred.
Cost of Revenue
Cost of Revenue
Cost of revenue consists of costs directly related to revenue generating transactions through the Company’s multimodal platform which primarily includes insurance costs, payment processing charges, and other costs. Insurance costs consist of insurance generally required under TNC and city regulations for ridesharing and bike and scooter rentals and also includes occupational hazard insurance for drivers. Payment processing charges include merchant fees, chargebacks and failed charges. Other costs included in cost of revenue are hosting and platform-related technology costs, vehicle lease expenses, personnel-related compensation costs, depreciation, amortization of technology-related intangible assets, asset write-off charges, and gains and losses related to the sale of vehicles.
Operations and Support
Operations and Support
Operations and support expenses primarily consist of personnel-related compensation costs of local operations teams and teams who provide phone, email and chat support to users, bike and scooter fleet operations support costs, driver background checks and onboarding costs, facility cost, certain car rental fleet support costs, and fees paid to third-parties providing operations support. Bike and scooter fleet operations support costs include general repairs and maintenance, and other customer support activities related to repositioning bikes and scooters for rider convenience, cleaning and safety checks.
Research and Development
Research and Development
Research and development expenses primarily consist of personnel-related compensation costs and facilities costs. Such expenses include costs related to the Company’s autonomous vehicle technology initiatives. Research and development costs are expensed as incurred.
Sales and Marketing
Sales and Marketing
Sales and marketing expenses primarily consist of rider incentives, personnel-related compensation costs, driver incentives for referring new drivers or riders, advertising expenses, rider refunds and marketing partnerships with third parties. Sales and marketing costs are expensed as incurred.
General and Administrative
General and Administrative
General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, certain insurance costs that are generally not required under TNC regulations, certain loss contingency expenses including legal accruals and settlements, insurance claims administrative fees, policy spend, depreciation, facility costs, and other corporate costs. General and administrative expenses are expensed as incurred.
Stock-Based Compensation
Stock-Based Compensation
The Company incurs stock-based compensation expense primarily from RSUs, performance based restricted stock units (“PSUs”), stock options, and the 2019 Employee Stock Purchase Plan (“ESPP”) purchase rights.
The Company estimates the fair value of stock options granted to employees, directors, and consultants and ESPP purchase rights using the Black-Scholes option-pricing model. The Black-Scholes model incorporates various assumptions, including expected stock price volatility, expected term and risk-free interest rates.
The Company estimates the expected term for stock options using the simplified method for “plain vanilla” stock option awards. The expected term of the ESPP purchase rights is estimated using the period from the beginning of the offering period to the end of each purchase period. The Company estimates volatility for stock options and ESPP purchase rights using the historical volatility of the stock price of the Company and similar publicly traded peer companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the stock options or ESPP purchase rights granted.
The fair value of stock options that are expected to vest is recognized as compensation expense on a straight-line basis over the requisite service period. The Company recognizes compensation expense related to the ESPP purchase rights on a straight-line basis over the offering period, which is typically 12 months.
The fair value of RSUs and PSUs is estimated based on the fair market value of the Company’s common stock on the date of grant, which is determined based on the closing price of the Company’s Class A common stock as reported on the date of grant.
Compensation expense for RSUs is generally recognized based on a straight-line basis over the requisite service period and compensation expense for PSUs is generally recognized using the accelerated attribution method over the requisite service period of each individual tranche. Stock-based compensation expense is based on awards ultimately expected to vest and reflects estimated
forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates.
401(k) Plan
401(k) Plan
The Company adopted a 401(k) Plan that qualifies as a deferred salary arrangement under Section 401 of the IRC. Under the 401(k) Plan, participating employees may defer a portion of their pretax earnings not to exceed the maximum amount allowable. The Company does not currently make contributions for employees.
Income Taxes
Income Taxes
The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income tax basis of existing assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to apply to taxable income for the years in which differences are expected to reverse. The Company recognizes the effect on deferred income taxes of a change in tax rates in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more-likely-than-not to be realized. Management considers all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing tax planning strategies in assessing the need for a valuation allowance.
Under the provisions of ASC 740-10, Income Taxes, the Company evaluates uncertain tax positions by reviewing against applicable tax law for all positions taken by the Company with respect to tax years for which the statute of limitations is still open. ASC 740-10 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company recognizes interest and penalties related to the liability for unrecognized tax benefits, if any, as a component of the income tax expense line in the accompanying consolidated statement of operations.
Net Income (Loss) Per Share Attributable to Common Stockholders
Net Income (Loss) Per Share Attributable to Common Stockholders
The Company follows the two-class method when computing net income (loss) per share attributable to common stockholders when shares are issued that meet the definition of participating securities. The two-class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company had no participating securities outstanding during any of the periods presented.
Basic net 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 securities outstanding for the period. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Business Combinations
Business Combinations
The Company accounts for its business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected on the consolidated statements of operations and comprehensive income (loss). Acquisition costs, such as legal and consulting fees, are expensed as incurred.
Variable Interest Entities
Variable Interest Entities
In accordance with Accounting Standards Codification Topic 810, Consolidation (“ASC 810”), the Company evaluates its ownership, contractual and other interests in entities to assess whether it has a variable interest in entities in which it has a financial relationship and, if so, whether or not those entities are variable interest entities (“VIEs”). These evaluations are complex, involving judgment and the use of estimates and assumptions based on available historical and prospective information, among other factors. For
an entity to qualify as a VIE, ASC 810 requires the Company to determine if the Company is the primary beneficiary of the VIE, and, if so, to consolidate such entity into its consolidated financial statements.
The Company consolidates VIEs in which it has a controlling financial interest and is therefore deemed the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance; and (b) the obligation to absorb the VIE losses and the right to receive benefits that are significant to the VIE. Periodically, the Company reevaluates its ownership, contractual and other interests in entities to determine whether any changes in its interest or relationship with an entity impacts the determination of whether it is still the primary beneficiary of such entity. The Company has determined that it was the primary beneficiary of one VIE as of December 31, 2024.
Recent Accounting Pronouncements, Adopted and Not Yet Adopted
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which amends and enhances the disclosure requirements for reportable segments. All disclosure requirements under this standard will also be required for public entities with a single reportable segment. This new standard became effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted this standard in the fourth quarter of 2024, which did not have a material impact on the consolidated financial statements and related disclosures.
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. This amendment is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, on a prospective basis and early adoption and retrospective application is permitted. The Company is currently assessing the impact of adopting this standard 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 periods beginning after December 15, 2025, and for interim periods within fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
v3.25.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues
The table below presents the Company's revenues as included on the consolidated statements of operations (in thousands):
Year Ended December 31,
202420232022
Revenue from contracts with customers (ASC 606)$5,365,534 $4,116,216 $3,811,993 
Rental revenue (ASC 842)420,482 287,373 283,142 
Total revenue$5,786,016 $4,403,589 $4,095,135 
Schedule of Accounts receivable, Allowance for Credit Loss
The following table presents the changes in the Company’s allowance for credit losses for the periods presented (in millions):
Year Ended December 31,
202420232022
Balance at beginning of period$9.8 $11.6 $9.3 
Changes to provision
6.7 (0.4)1.9 
Write-offs and recoveries
(4.3)(1.4)0.4 
Balance at end of period$12.2 $9.8 $11.6 
v3.25.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Assets Acquired and Liabilities Assumed
The following table summarizes the fair value of the assets acquired and liabilities assumed at the Closing Date (in thousands):
Cash and cash equivalents$2,665 
Prepaid expenses and other current assets34,845 
Other investments22,175 
Property and equipment2,202 
Operating lease right-of-use assets786 
Identifiable intangible assets45,047 
Total identifiable assets acquired107,720 
Accounts payable6,004 
Accrued and other liabilities3,344 
Operating lease liabilities — current292 
Operating lease liabilities494 
Other liabilities14,678 
Total liabilities assumed24,812 
Non-controlling interest (recorded to equity)140 
Net assets assumed82,768 
Goodwill80,748 
Total acquisition consideration$163,516 
Schedule of Fair Value and Useful Lives of Identified Intangible Assets
The Company recorded intangible assets at their fair value, which consisted of the following (in thousands):
Estimated useful life (in years)Amount
Tradename2$1,009 
Customer relationships – cities
7 - 11
22,157 
Developed technology (hardware and software)
2 - 3
21,881 
Total intangible assets$45,047 
v3.25.0.1
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Rollforward of the Carrying Amount of Goodwill
The following table presents the changes in the carrying amount of goodwill for the periods presented (in thousands):
Balance as of December 31, 2022$261,582 
Additions— 
Foreign currency translation and other adjustments(3,791)
Balance as of December 31, 2023$257,791 
Additions— 
Foreign currency translation and other adjustments(6,415)
Balance as of December 31, 2024$251,376 
Schedule of Intangible Assets
Intangible assets, net consisted of the following as of the dates indicated (in thousands):
December 31, 2024
Weighted-average
Remaining Useful
Life (Years)		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Developed technology and patents1.7$40,477 $36,683 $3,794 
Contractual relationship – cities and user relationships5.899,669 60,687 38,982 
Total intangible assets$140,146 $97,370 $42,776 
December 31, 2023
Weighted-average
Remaining Useful
Life (Years)		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Developed technology and patents2.2$41,568 $29,540 $12,028 
Contractual relationship – cities and user relationships6.8100,725 53,238 47,487 
Total intangible assets$142,293 $82,778 $59,515 
Schedule of Future Amortization Expense
As of December 31, 2024, future amortization of intangible assets that will be recorded in costs and expenses on the consolidated statement of operations is estimated as follows (in thousands):
Year ended December 31:
2025$9,980 
20268,323 
20278,323 
20288,323 
20297,733 
Thereafter
94 
Total remaining amortization
$42,776 
v3.25.0.1
Cash Equivalents and Short-Term Investment (Tables)
 12 Months Ended
Dec. 31, 2024
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 short-term investments as of the dates indicated (in thousands):
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 securities
352,984 295 (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 securities
465,516 349 (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 consolidated balance sheets.
December 31, 2023
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$28,351 $— $— $28,351 
Money market deposit accounts117,626 — — 117,626 
Certificates of deposit179,607 200 (4)179,803 
Commercial paper918,278 584 (331)918,531 
Corporate bonds29,171 6 (5)29,172 
U.S. government securities231,926 82 — 232,008 
Total unrestricted cash equivalents and short-term investments1,504,959 872 (340)1,505,491 
Restricted Balances(2)
Money market funds44,241 — — 44,241 
Term deposits3,539 — — 3,539 
Certificates of deposit144,935 175 (1)145,109 
Commercial paper618,854 366 (146)619,074 
Corporate bonds12,409 3 (1)12,411 
U.S. government securities224,635 84 — 224,719 
Total restricted cash equivalents and investments1,048,613 628 (148)1,049,093 
Total unrestricted and restricted cash equivalents and investments$2,553,572 $1,500 $(488)$2,554,584 
_______________
(1)Excludes $179.7 million of cash, which is included within the $1.7 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)Excludes $1.4 million of restricted cash, which is included within the $1.0 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
Schedule of AFS Debt Securities
The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type (in thousands):
December 31, 2024December 31, 2023
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$99,144 $(386)$31,945 $(5)
Corporate bonds 49,516 (12)14,621 (6)
Commercial paper241,805 (756)128,645 (473)
U.S. government and agency securities
62,787 (13)— — 
Total available-for-sale debt securities in an unrealized loss position $453,252 $(1,167)$175,211 $(484)
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
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):
December 31, 2024
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and 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 consolidated balance sheets.
(2)$2.2 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.5 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
December 31, 2023
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds$28,351 $— $— $28,351 
Certificates of deposit— 179,803 — 179,803 
Commercial paper— 918,531 — 918,531 
Corporate bonds— 29,172 — 29,172 
U.S. government securities— 232,008 — 232,008 
Total unrestricted cash equivalents and short-term investments28,351 1,359,514 — 1,387,865 
Restricted cash equivalents and investments(2)
Money market funds44,241 — — 44,241 
Certificates of deposit— 145,109 — 145,109 
Commercial paper— 619,074 — 619,074 
Corporate bonds— 12,411 — 12,411 
U.S. government securities— 224,719 — 224,719 
Total restricted cash equivalents and investments44,241 1,001,313 — 1,045,554 
Total financial assets$72,592 $2,360,827 $— $2,433,419 
_______________
(1)$179.7 million of cash, $117.6 million of money market deposit accounts and $3.5 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.7 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)$1.4 million of restricted cash is not subject to recurring fair value measurement and therefore excluded from this table. However, this balance is included within the $1.0 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
v3.25.0.1
Supplemental Financial Statement Information (Tables)
 12 Months Ended
Dec. 31, 2024
Additional Financial Information Disclosure [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following as of the dates indicated (in thousands):
December 31,
20242023
Bike and scooter fleet$237,535 $240,137 
Owned vehicles211,904 197,703 
Finance lease right-of-use assets79,704 80,934 
Leasehold improvements75,480 77,230 
Computer equipment and software39,018 38,911 
Furniture and fixtures6,046 5,867 
Construction in progress56,998 72,257 
706,685 713,039 
Less: Accumulated depreciation(261,821)(247,195)
Property and equipment, net$444,864 $465,844 
Schedule of Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands):
December 31,
20242023
Insurance-related accruals (1)
$763,842 $643,147 
Legal and tax related accruals333,979 296,336 
Ride-related accruals178,114 212,114 
Long-term debt, current (2)
38,904 25,798 
Insurance claims payable and related fees58,135 52,609 
Other293,304 278,851 
Accrued and other current liabilities$1,666,278 $1,508,855 
_______________
(1)Refer to Note 2 “Summary of Significant Accounting Policies” above for more information on these insurance-related accruals.
(2)Represents current portion of long-term debt primarily related to the Non-revolving Loan and Master Vehicle Loan. Refer to Note 11 "Debt" for more information.
Schedule of Rollforward of the Insurance Reserve
The following table presents the changes in the Company’s insurance reserve for the periods presented (in thousands):
Year Ended December 31,
202420232022
Balance at beginning of period$1,337,868 $1,417,350 $1,068,628 
Additions (1)
813,725 516,337 1,146,482 
Deductions (2)
(450,200)(595,819)(797,760)
Balance at end of period$1,701,393 $1,337,868 $1,417,350 
_______________
(1)Additions to insurance reserves include reserves from claims originating from the current year of $813.7 million, $512.3 million and $333.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. Additions to insurance reserves also include $561.2 million for the year ended December 31, 2022 for adverse changes in estimates resulting from new developments in claims originating from prior years. Additions also include adjustments related to the Commutation Transaction of $4.0 million and $247.4 million for the years ended December 31, 2023 and 2022, respectively, and $4.0 million of reinsurance recoverable for the year ended December 31, 2022. See below for more details of the "Commutation of the Reinsurance Agreement".
(2)Deductions include losses paid of $447.1 million, $580.4 million and $552.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. Deductions also include $3.1 million and $11.4 million for the year ended December 31, 2024 and 2023, respectively, for favorable changes in estimates resulting from new developments in claims originating from prior years and a reinsurance recoverable at the beginning of the period of $4.0 million and $245.2 million for the years ended December 2023 and 2022, respectively.
Schedule of Other Income (Expense), Net
The following table sets forth the primary components of other income (expense), net as reported on the consolidated statements of operations (in thousands):
Year Ended December 31,
202420232022
Interest income$166,304 $145,728 $47,142 
Gain (loss) on sale of securities, net(140)(243)(287)
Foreign currency exchange gains (losses), net(7,244)3,657 (4,387)
Sublease income3,527 4,849 11,591 
Gain on equity method investment(1)
— 12,926 — 
Impairment charges(2)
— — (135,714)
Other, net(3)
10,736 3,206 (18,333)
Other income (expense), net$173,183 $170,123 $(99,988)
_______________
(1)In the quarter ended June 30, 2023, the Company received investments in a non-marketable equity security in a privately held company. Refer to Note 16 “Variable Interest Entities” for more information on this transaction.
(2)In the third quarter of 2022, the Company impaired the entire amount of a non-marketable equity investment in addition to other assets with the investee. This impairment was triggered due to the announced winding down of the equity investee. Refer to Note 7 “Fair Value Measurements” for additional details.
(3)In the quarter ended September 30, 2024, the Company recorded a gain of $3.2 million in other income (expense), net related to a change in fair value of a non-marketable equity security. In the quarter ended March 31, 2024, the Company recorded a gain on extinguishment of $5.1 million in other income (expense), net related to the repurchase of the 2025 Notes. Refer to Note 11 "Debt" for more information on this transaction
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Position
The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
December 31, 2024December 31, 2023
Operating Leases
Assets
Operating lease right-of-use assets(1)
$148,397 $98,202 
Liabilities
Operating lease liabilities, current(1)
$25,192 $42,556 
Operating lease liabilities, non-current(1)
152,074 134,102 
Total operating lease liabilities$177,266 $176,658 
Finance Leases
Assets
Finance lease right-of-use assets(2)
$79,704 $80,933 
Liabilities
Finance lease liabilities, current(3)
$31,268 $25,193 
Finance lease liabilities, non-current(4)
54,351 61,321 
Total finance lease liabilities$85,619 $86,514 
Weighted-average remaining lease term (years)
Operating leases7.74.5
Finance leases2.63.4
Weighted-average discount rate
Operating leases6.6 %6.7 %
Finance leases6.4 %6.7 %
_______________
(1)In the fourth quarter of 2024, the Company recognized a $29.6 million gain in general and administrative expense as a result of a lease termination. The right-of-use asset associated with the portion of this lease was previously impaired in 2022 and 2023 as part of restructuring, and the extinguishment of the remaining lease liability resulted in the recorded gain.
(2)This balance is included within property and equipment, net on the consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other current liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
(4)This balance is included within other liabilities on the consolidated balance sheets and is primarily related to Flexdrive.
Schedule of Lease Costs and Supplemental Cash Flow Information
The table below presents certain information related to the costs for operating leases and finance leases (in thousands):
Year Ended December 31,
20242023
Operating Leases
Operating lease cost$38,056 $40,450 
Finance Leases
Amortization of right-of-use assets29,565 19,847 
Interest on lease liabilities5,782 3,449 
Other Lease Costs
Short-term lease cost3,380 3,749 
Variable lease cost (1)
9,867 10,270 
Total lease cost$86,650 $77,765 
_______________
(1)Consists primarily of common-area maintenance, taxes and utilities for real estate leases, and certain vehicle related charges under the Flexdrive program.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the consolidated statements of cash flows (in thousands):
Year Ended December 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$60,479 $59,318 
Operating cash flows from finance leases5,312 3,558 
Financing cash flows from finance leases46,748 43,466 
Schedule of Operating Lease Liabilities
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the consolidated balance sheet as of December 31, 2024 (in thousands):
Operating LeasesFinance LeasesTotal Leases
2025$35,270 $35,289 $70,559 
202633,955 32,817 66,772 
202730,037 16,318 46,355 
202825,305 9,797 35,102 
202924,832 — 24,832 
Thereafter78,598 — 78,598 
Total minimum lease payments227,997 94,221 322,218 
Less: amount of lease payments representing interest(50,731)(8,602)(59,333)
Present value of future lease payments177,266 85,619 262,885 
Less: current obligations under leases(25,192)(31,268)(56,460)
Long-term lease obligations$152,074 $54,351 $206,425 
Schedule of Finance Lease Liabilities
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the consolidated balance sheet as of December 31, 2024 (in thousands):
Operating LeasesFinance LeasesTotal Leases
2025$35,270 $35,289 $70,559 
202633,955 32,817 66,772 
202730,037 16,318 46,355 
202825,305 9,797 35,102 
202924,832 — 24,832 
Thereafter78,598 — 78,598 
Total minimum lease payments227,997 94,221 322,218 
Less: amount of lease payments representing interest(50,731)(8,602)(59,333)
Present value of future lease payments177,266 85,619 262,885 
Less: current obligations under leases(25,192)(31,268)(56,460)
Long-term lease obligations$152,074 $54,351 $206,425 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Minimum Payments Under Noncancelable Purchase Commitments
As of December 31, 2024, the future minimum payments under the Company’s noncancellable purchase commitments, which are inclusive of the arrangements mentioned above, were as follows (in thousands):
2025$10,229 
202689,396 
20279,711 
2028— 
2029— 
Thereafter— 
Total future minimum payments$109,336 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations and Interest Expense Related to Convertible Debt
Outstanding debt obligations as of December 31, 2024 and 2023 were as follows (in thousands):
Maturities
Interest Rates as of December 31, 2024
December 31, 2024December 31, 2023
Convertible senior notes due 2025 (the "2025 Notes")May 20251.50%$390,175 $743,486 
Convertible senior notes due 2029 (the "2029 Notes")March 20290.625%450,081 — 
Non-revolving Loan2026
7.61% - 7.61%
510 3,115 
Master Vehicle Loan
2025 - 2027
3.85% - 7.10%
154,281 118,559 
Total long-term debt, including current maturities$995,047 $865,160 
Less: Convertible senior notes, current (1)
390,175 — 
Less: Long-term debt, current (2)
38,904 25,798 
Total long-term debt$565,968 $839,362 
_______________
(1)This balance is included within convertible senior notes, current on the consolidated balance sheets.
(2)This balance is included within accrued and other current liabilities on the consolidated balance sheets and is primarily related to vehicles.
The following table sets forth the primary components of interest expense as reported on the consolidated statements of operations (in thousands):
Year Ended December 31,
202420232022
Contractual interest expense related to the 2025 Notes and 2029 Notes$9,181 $11,212 $11,212 
Amortization of debt discount and issuance costs related to the 2025 Notes and 2029 Notes (1)
3,737 2,877 2,928 
Vehicle loans and other interest expense16,003 12,134 5,595 
Interest expense$28,921 $26,223 $19,735 
_______________
(1)Following the adoption of ASC 2020-06 on January 1, 2022 using the modified retrospective approach, the debt discount associated with the equity component on convertible debt outstanding is now classified as debt, which results in a decrease in the amount of interest expense being recorded each period from January 1, 2022 to maturity.
Schedule of Convertible Notes
The net carrying amounts of the Notes were as follows (in thousands):
2025 Notes
December 31, 2024December 31, 2023
Principal$390,719 $747,498 
Unamortized debt discount and debt issuance costs(544)(4,012)
Net carrying amount of liability component$390,175 $743,486 
2029 Notes
Principal$460,000 $— 
Unamortized debt discount and debt issuance costs(9,919)— 
Net carrying amount of liability component$450,081 $— 
Schedule of Maturities of Long-term Debt Outstanding
Maturities of long-term debt outstanding, including current maturities, as of December 31, 2024 were as follows (in thousands):
2025$429,079 
202661,623 
202754,264 
2028— 
2029450,081 
Thereafter— 
Total long-term debt outstanding$995,047 
v3.25.0.1
Common Stock and Employee Stock Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Common Stock Reserved for Future Issuance
The following table summarizes the Company’s shares of common stock reserved for issuance as of December 31, 2024 (in thousands):
RSUs outstanding under the 2008 Plan, the 2018 Plan, and the 2019 Plan 26,194
Remaining shares available for future issuance under the 2019 ESPP Plan and the 2019 Plan65,138
Schedule of Stock-Based Compensation Expense
The Company recorded stock-based compensation expense on the consolidated statements of operations for the periods indicated as follows (in thousands):
Year Ended December 31,
202420232022
Cost of revenue$24,895 $30,170 $44,132 
Operations and support8,397 15,468 25,442 
Research and development117,833 214,160 391,983 
Sales and marketing17,286 29,682 49,867 
General and administrative162,510 195,053 239,343 
Total stock-based compensation expense$330,921 $484,533 $750,767 
Schedule of Restricted Stock Unit Activity
The summary of restricted stock unit (“RSU”) activity is as follows (in thousands, except per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value
Nonvested units as of December 31, 202330,091 $9.40 $449,994 
Granted21,595 15.10 
Vested(22,011)12.71 
Canceled(3,481)14.48 
Nonvested units as of December 31, 2024
26,194 $10.67 $336,282 
Expected to vest as of December 31, 2024
25,688 $331,378 
Schedule of Stock Options Activity
The summary of stock option activity is as follows (in thousands, except per share data):
Options Outstanding
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life		Aggregate
Intrinsic
Value
(in years)
Balance as of December 31, 2023780 $4.63 1.0$8,079 
Exercises(780)4.63 
Forfeitures— — 
Cancellations— — 
Balance as of December 31, 2024— $— — $— 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of U.S. and Foreign Components of Loss Before Income Taxes
The components of the provision for (benefit from) income taxes for the periods indicated are as follows (in thousands):
Year Ended December 31,
202420232022
United States$61,371 $(348,050)$(1,600,323)
Foreign(36,021)16,346 21,684 
Income (loss) before income taxes
$25,350 $(331,704)$(1,578,639)
Schedule of Components of Provision for Income Taxes
The provision for (benefit from) income taxes for the periods indicated are as follows (in thousands):
Year Ended December 31,
202420232022
Current provision
Federal$— $— $— 
State10,438 3,762 1,256 
Foreign(5,996)7,239 4,240 
Total current$4,442 $11,001 $5,496 
Deferred provision
Federal481 481 481 
State427 (337)1,256 
Foreign(2,784)(2,529)(1,361)
Total deferred(1,876)(2,385)376 
Total provision for (benefit from) income taxes$2,566 $8,616 $5,872 
Schedule of Reconciliation of Statutory Federal Income Tax Rate to the Effective Rate
A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rate is as follows:
Year Ended December 31,
202420232022
Provision at federal statutory rate21.0 %21.0 %21.0 %
State, net of federal benefit29.2 9.7 2.1 
Permanent tax adjustments10.3 (1.1)(0.4)
Nondeductible expenses54.4 (8.3)(0.7)
Stock-based compensation(65.6)(15.1)(4.9)
Executive compensation63.0 (2.4)— 
Change in valuation allowance(101.5)(2.5)(17.1)
Impact of foreign operations(4.7)(0.4)0.1 
Deferred adjustments— (3.2)— 
Other adjustments4.0 (0.3)(0.5)
Effective income tax rate
10.1 %(2.6)%(0.4)%
Schedule of Deferred Tax Assets and Liabilities The significant components of the Company’s deferred tax assets and liabilities as of the periods indicated were as follows (in thousands):
December 31,
20242023
Deferred tax assets:
Net operating loss carryforwards$1,975,436 $2,084,523 
Insurance reserves and accruals382,532 314,526 
Stock-based compensation16,837 12,091 
Research capitalization288,464 240,354 
Accrued legal settlement/fees92,975 87,310 
Lease liability73,356 73,497 
Accrued and other liabilities47,233 39,576 
Capital losses
64 34,965 
Other assets
— 415 
Total deferred tax assets2,876,897 2,887,257 
Less: Valuation allowance(2,690,489)(2,715,841)
Deferred tax assets, net of valuation allowance186,408 171,416 
Deferred tax liabilities:
State income taxes(132,126)(133,859)
Operating lease right of use assets(63,632)(50,004)
Other liabilities
(427)— 
Total deferred tax liabilities(196,185)(183,863)
Net deferred tax assets (liabilities)
$(9,777)$(12,447)
Schedule of Rollforward of Valuation Allowance
A reconciliation of the valuation allowance is as follows (in thousands):
Year Ended December 31,
202420232022
Beginning balance$2,715,841 $2,706,982 $2,408,647 
Net changes in deferred tax assets and liabilities(25,352)8,859 298,335 
Ending balance$2,690,489 $2,715,841 $2,706,982 
v3.25.0.1
Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2024
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):
Year Ended December 31,
202420232022
Numerator
Net income (loss) attributable to common stockholders, basic and diluted
$22,784 $(340,320)$(1,584,511)
Denominator
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders
409,181 385,335 354,731 
Effect of potentially dilutive common stock equivalents4,470 — — 
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders
413,651 385,335 354,731 
Basic net income (loss) per share attributable to common stockholders
$0.06 $(0.88)$(4.47)
Diluted net income (loss) per share attributable to common stockholders
$0.06 $(0.88)$(4.47)
Schedule of Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share
The following potentially dilutive outstanding shares were excluded from the computation of diluted net 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):
As of December 31,
202420232022
Restricted stock units1,407 15,538 20,542 
Performance based restricted stock units14,188 14,553 1,773 
2029 Notes(1)
21,821 — — 
2025 Notes(1)
10,178 19,471 19,471 
ESPP1,024 111 307 
Stock options— 780 993 
Total48,618 50,453 43,086 
_______________
(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 11 “Debt” to the consolidated financial statements for further information.
v3.25.0.1
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Related Charges (Benefits)
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2024 (in thousands):
Severance and Other Employee Costs Fixed Asset Disposals
 Other Current Assets Disposals and Other Costs
 Accelerated Depreciation Total
Cost of revenue$— $14,090 $10,988 $9,957 $35,035 
Operation and support498 — — — 498 
Research and development 1,009 — — 172 1,181 
Sales and marketing 187 — — — 187 
General and administrative 120 — 63 485 668 
Total$1,814 $14,090 $11,051 $10,614 $37,569 
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2023 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$667 $3,204 $— $— $3,871 
Operation and support259 3,054 5,268 669 9,250 
Research and development 4,539 21,254 — — 25,793 
Sales and marketing 1,045 5,191 — — 6,236 
General and administrative 3,213 14,535 400 — 18,148 
Total$9,723 $47,238 $5,668 $669 $63,298 
The following table summarizes the above restructuring related charges by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2023 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$— $1,101 $— $— $1,101 
Operation and support205 3,127 9,453 305 13,090 
Research and development — 20 2,534 — 2,554 
Sales and marketing — 14 — — 14 
General and administrative — 64 7,604 16 7,684 
Total$205 $4,326 $19,591 $321 $24,443 
The following table summarizes the above restructuring related charges (benefits) by line item within the Company’s consolidated statements of operations where they were recorded in the year ended December 31, 2022 (in thousands):
Stock-Based CompensationSeverance and Other Employee CostsRight-of-Use Asset Impairments and Other CostsAccelerated DepreciationTotal
Cost of revenue$182 $1,612 $— $— $1,794 
Operation and support(31)5,173 4,851 8,680 18,673 
Research and development 3,818 9,706 15,393 36 28,953 
Sales and marketing 458 3,123 — — 3,581 
General and administrative 5,082 9,861 37,120 15,192 67,255 
Total$9,509 $29,475 $57,364 $23,908 $120,256 
v3.25.0.1
Summary of Significant Accounting Policies - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
vie
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Significant Accounting Policies      
Number of operating segments | segment 1    
Capitalized software development costs $ 4,200,000 $ 8,100,000 $ 12,100,000
Goodwill impairment 0 0 0
Impairment of long-lived assets 0 0 0
Total revenue 5,786,016,000 4,403,589,000 4,095,135,000
Sales and marketing 788,972,000 481,004,000 531,512,000
Advertising expenses $ 136,900,000 122,000,000.0 162,100,000
Number of vie's | vie 1    
Sales and marketing      
Significant Accounting Policies      
Credit and refund payments $ 13,300,000 19,700,000 21,500,000
Cost of revenue      
Significant Accounting Policies      
Credit and refund payments $ 4,100,000 6,200,000 7,800,000
Minimum      
Significant Accounting Policies      
Estimated useful life of property and equipment 1 year    
Estimated useful lives of intangible assets 2 years    
Maximum      
Significant Accounting Policies      
Estimated useful life of property and equipment 8 years    
Estimated useful lives of intangible assets 12 years    
Ride Share | Revenue, Product and Service Benchmark | Product Concentration Risk      
Significant Accounting Policies      
Concentration risk percentage 85.00%    
Driver Passenger and Light Vehicle Renter Incentive Programs      
Significant Accounting Policies      
Sales and marketing $ 423,200,000 142,500,000 109,800,000
Driver Passenger and Light Vehicle Renter Incentive Programs | Adjustments      
Significant Accounting Policies      
Total revenue $ (777,400,000) $ (1,100,000,000) $ (1,400,000,000)
v3.25.0.1
Revenue - Schedule of Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Revenue from contracts with customers (ASC 606) $ 5,365,534 $ 4,116,216 $ 3,811,993
Rental revenue (ASC 842) 420,482 287,373 283,142
Total revenue $ 5,786,016 $ 4,403,589 $ 4,095,135
v3.25.0.1
Revenue - Schedule of Accounts receivable, Allowance for Credit Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss      
Balance at beginning of period $ 9.8 $ 11.6 $ 9.3
Changes to provision 6.7 (0.4) 1.9
Write-offs and recoveries (4.3) (1.4) 0.4
Balance at end of period $ 12.2 $ 9.8 $ 11.6
v3.25.0.1
Revenue - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Accounts receivable $ 347.0 $ 315.0 $ 278.9
v3.25.0.1
Acquisitions - Additional Information (Details) - USD ($)
$ in Thousands
May 17, 2022
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Intangible assets, net   $ 42,776 $ 59,515  
PBSC Urban Solutions        
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Percentage of voting interests acquired (as a percent) 100.00%      
Purchase price $ 163,500      
Fair value of consideration 14,100      
Business combination, contingent consideration arrangements, range of outcomes, value, high     $ 15,000 $ 15,000
Intangible assets, net 45,047      
PBSC Urban Solutions | Tradename        
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Intangible assets, net $ 1,009      
Weighted-average remaining useful life (in years) 2 years      
PBSC Urban Solutions | Customer relationships – cities        
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Intangible assets, net $ 22,157      
PBSC Urban Solutions | Customer relationships – cities | Minimum        
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Weighted-average remaining useful life (in years) 7 years      
PBSC Urban Solutions | Customer relationships – cities | Maximum        
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Weighted-average remaining useful life (in years) 11 years      
PBSC Urban Solutions | Developed technology (hardware and software)        
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Intangible assets, net $ 21,881      
PBSC Urban Solutions | Developed technology (hardware and software) | Minimum        
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Weighted-average remaining useful life (in years) 2 years      
PBSC Urban Solutions | Developed technology (hardware and software) | Maximum        
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Weighted-average remaining useful life (in years) 3 years      
v3.25.0.1
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 17, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Goodwill $ 251,376 $ 257,791 $ 261,582  
PBSC Urban Solutions        
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net        
Cash and cash equivalents       $ 2,665
Prepaid expenses and other current assets       34,845
Other investments       22,175
Property and equipment       2,202
Operating lease right-of-use assets       786
Identifiable intangible assets       45,047
Total identifiable assets acquired       107,720
Accounts payable       6,004
Accrued and other liabilities       3,344
Operating lease liabilities — current       292
Operating lease liabilities       494
Other liabilities       14,678
Total liabilities assumed       24,812
Non-controlling interest (recorded to equity)       140
Net assets assumed       82,768
Goodwill       80,748
Total acquisition consideration       $ 163,516
v3.25.0.1
Acquisitions - Schedule of Fair Value and Useful Lives of Identified Intangible Assets Acquired (Details) - USD ($)
$ in Thousands
May 17, 2022
Dec. 31, 2024
Dec. 31, 2023
Acquired Finite-Lived Intangible Assets      
Intangible assets, net   $ 42,776 $ 59,515
PBSC Urban Solutions      
Acquired Finite-Lived Intangible Assets      
Intangible assets, net $ 45,047    
PBSC Urban Solutions | Tradename      
Acquired Finite-Lived Intangible Assets      
Estimated useful life (in years) 2 years    
Intangible assets, net $ 1,009    
PBSC Urban Solutions | Customer relationships – cities      
Acquired Finite-Lived Intangible Assets      
Intangible assets, net $ 22,157    
PBSC Urban Solutions | Customer relationships – cities | Minimum      
Acquired Finite-Lived Intangible Assets      
Estimated useful life (in years) 7 years    
PBSC Urban Solutions | Customer relationships – cities | Maximum      
Acquired Finite-Lived Intangible Assets      
Estimated useful life (in years) 11 years    
PBSC Urban Solutions | Developed technology (hardware and software)      
Acquired Finite-Lived Intangible Assets      
Intangible assets, net $ 21,881    
PBSC Urban Solutions | Developed technology (hardware and software) | Minimum      
Acquired Finite-Lived Intangible Assets      
Estimated useful life (in years) 2 years    
PBSC Urban Solutions | Developed technology (hardware and software) | Maximum      
Acquired Finite-Lived Intangible Assets      
Estimated useful life (in years) 3 years    
v3.25.0.1
Goodwill and Intangible Assets, Net - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill    
Goodwill, beginning balance $ 257,791 $ 261,582
Additions 0 0
Foreign currency translation and other adjustments (6,415) (3,791)
Goodwill, ending balance $ 251,376 $ 257,791
v3.25.0.1
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-lived intangible assets    
Gross Carrying Amount $ 140,146 $ 142,293
Accumulated Amortization 97,370 82,778
Net Carrying Amount $ 42,776 $ 59,515
Developed technology and patents    
Finite-lived intangible assets    
Weighted-average Remaining Useful Life (Years) 1 year 8 months 12 days 2 years 2 months 12 days
Gross Carrying Amount $ 40,477 $ 41,568
Accumulated Amortization 36,683 29,540
Net Carrying Amount $ 3,794 $ 12,028
Contractual relationship – cities and user relationships    
Finite-lived intangible assets    
Weighted-average Remaining Useful Life (Years) 5 years 9 months 18 days 6 years 9 months 18 days
Gross Carrying Amount $ 99,669 $ 100,725
Accumulated Amortization 60,687 53,238
Net Carrying Amount $ 38,982 $ 47,487
v3.25.0.1
Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 15.0 $ 16.8 $ 18.4
v3.25.0.1
Goodwill and Intangible Assets, Net - Schedule of Future Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Estimated amortization expense for each of the next five fiscal years    
2025 $ 9,980  
2026 8,323  
2027 8,323  
2028 8,323  
2029 7,733  
Thereafter 94  
Net Carrying Amount $ 42,776 $ 59,515
v3.25.0.1
Cash Equivalents and Short-Term Investment - Schedule of Cash Equivalents and Short-Term Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost $ 1,851,503 $ 1,504,959
Unrestricted cash equivalents and short-term investments, Unrealized Gains 1,003 872
Unrestricted cash equivalents and short-term investments, Unrealized Losses (542) (340)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 1,851,964 1,505,491
Restricted cash equivalents and investments, Cost or Amortized Cost 1,541,848 1,048,613
Restricted cash equivalents and investments, Unrealized Gains 945 628
Restricted cash equivalents and investments, Unrealized Losses (625) (148)
Restricted cash equivalents and investments, Estimated Fair Value 1,542,168 1,049,093
Unrestricted and restricted cash equivalents and investments, Cost or Amortized Cost 3,393,351 2,553,572
Unrestricted and restricted cash equivalents and investments, Unrealized Gains 1,948 1,500
Unrestricted and restricted cash equivalents and investments, Unrealized Losses (1,167) (488)
Unrestricted and restricted cash equivalents and investments, Estimated Fair Value 3,394,132 2,554,584
Cash 132,500 179,700
Cash and cash equivalents and short-term investments 2,000,000 1,700,000
Restricted cash   1,400
Restricted cash and cash equivalents and restricted short-term investments 1,500,000 1,000,000
Money market funds    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 189,839 28,351
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 189,839 28,351
Restricted cash equivalents and investments, Cost or Amortized Cost 42,699 44,241
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 42,699 44,241
Money market deposit accounts    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 304,716 117,626
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 304,716 117,626
Term deposits    
Cash and Cash Equivalents [Line Items]    
Restricted cash equivalents and investments, Cost or Amortized Cost 2,194 3,539
Restricted cash equivalents and investments, Unrealized Gains 0 0
Restricted cash equivalents and investments, Unrealized Losses 0 0
Restricted cash equivalents and investments, Estimated Fair Value 2,194 3,539
Certificates of deposit    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 171,352 179,607
Unrestricted cash equivalents and short-term investments, Unrealized Gains 150 200
Unrestricted cash equivalents and short-term investments, Unrealized Losses (144) (4)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 171,358 179,803
Restricted cash equivalents and investments, Cost or Amortized Cost 189,694 144,935
Restricted cash equivalents and investments, Unrealized Gains 144 175
Restricted cash equivalents and investments, Unrealized Losses (242) (1)
Restricted cash equivalents and investments, Estimated Fair Value 189,596 145,109
Commercial paper    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 762,405 918,278
Unrestricted cash equivalents and short-term investments, Unrealized Gains 529 584
Unrestricted cash equivalents and short-term investments, Unrealized Losses (388) (331)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 762,546 918,531
Restricted cash equivalents and investments, Cost or Amortized Cost 782,491 618,854
Restricted cash equivalents and investments, Unrealized Gains 433 366
Restricted cash equivalents and investments, Unrealized Losses (368) (146)
Restricted cash equivalents and investments, Estimated Fair Value 782,556 619,074
Corporate bonds    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 70,207 29,171
Unrestricted cash equivalents and short-term investments, Unrealized Gains 29 6
Unrestricted cash equivalents and short-term investments, Unrealized Losses (5) (5)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 70,231 29,172
Restricted cash equivalents and investments, Cost or Amortized Cost 59,254 12,409
Restricted cash equivalents and investments, Unrealized Gains 19 3
Restricted cash equivalents and investments, Unrealized Losses (7) (1)
Restricted cash equivalents and investments, Estimated Fair Value 59,266 12,411
U.S. government and agency securities    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 352,984  
Unrestricted cash equivalents and short-term investments, Unrealized Gains 295  
Unrestricted cash equivalents and short-term investments, Unrealized Losses (5)  
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 353,274  
Restricted cash equivalents and investments, Cost or Amortized Cost 465,516  
Restricted cash equivalents and investments, Unrealized Gains 349  
Restricted cash equivalents and investments, Unrealized Losses (8)  
Restricted cash equivalents and investments, Estimated Fair Value $ 465,857  
U.S. government securities    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost   231,926
Unrestricted cash equivalents and short-term investments, Unrealized Gains   82
Unrestricted cash equivalents and short-term investments, Unrealized Losses   0
Unrestricted cash equivalents and short-term investments, Estimated Fair Value   232,008
Restricted cash equivalents and investments, Cost or Amortized Cost   224,635
Restricted cash equivalents and investments, Unrealized Gains   84
Restricted cash equivalents and investments, Unrealized Losses   0
Restricted cash equivalents and investments, Estimated Fair Value   $ 224,719
v3.25.0.1
Cash Equivalents and Short-Term Investment - Additional Information (Details)
Dec. 31, 2024
USD ($)
Cash and Cash Equivalents [Abstract]  
Allowance for credit loss on marketable and non-marketable available for sale debt securities $ 0
v3.25.0.1
Cash Equivalents and Short-Term Investment - Schedule of AFS Debt Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale    
Estimated Fair Value $ 453,252 $ 175,211
Unrealized Losses (1,167) (484)
Certificates of deposit    
Debt Securities, Available-for-sale    
Estimated Fair Value 99,144 31,945
Unrealized Losses (386) (5)
Corporate bonds    
Debt Securities, Available-for-sale    
Estimated Fair Value 49,516 14,621
Unrealized Losses (12) (6)
Commercial paper    
Debt Securities, Available-for-sale    
Estimated Fair Value 241,805 128,645
Unrealized Losses (756) (473)
U.S. government and agency securities    
Debt Securities, Available-for-sale    
Estimated Fair Value 62,787 0
Unrealized Losses $ (13) $ 0
v3.25.0.1
Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash $ 132,500 $ 179,700
Short-term investments 1,225,124 1,126,548
Cash and cash equivalents and short-term investments 2,000,000 1,700,000
Restricted cash   1,400
Restricted cash and cash equivalents and restricted short-term investments 1,500,000 1,000,000
Fair Value Measurements on a Recurring Basis    
Assets    
Total unrestricted cash equivalents and short-term investments   1,387,865
Total restricted cash equivalents and investments 1,539,974 1,045,554
Total financial assets 3,087,222 2,433,419
Fair Value Measurements on a Recurring Basis | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments   28,351
Total restricted cash equivalents and investments 42,699 44,241
Total financial assets 232,538 72,592
Fair Value Measurements on a Recurring Basis | Level 2    
Assets    
Total unrestricted cash equivalents and short-term investments   1,359,514
Total restricted cash equivalents and investments 1,497,275 1,001,313
Total financial assets 2,854,684 2,360,827
Fair Value Measurements on a Recurring Basis | Level 3    
Assets    
Total unrestricted cash equivalents and short-term investments   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 189,839 28,351
Total restricted cash equivalents and investments 42,699 44,241
Fair Value Measurements on a Recurring Basis | Money market funds | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments 189,839 28,351
Total restricted cash equivalents and investments 42,699 44,241
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 171,358 179,803
Total restricted cash equivalents and investments 189,596 145,109
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 171,358 179,803
Total restricted cash equivalents and investments 189,596 145,109
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 762,546 918,531
Total restricted cash equivalents and investments 782,556 619,074
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 762,546 918,531
Total restricted cash equivalents and investments 782,556 619,074
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 70,231 29,172
Total restricted cash equivalents and investments 59,266 12,411
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 70,231 29,172
Total restricted cash equivalents and investments 59,266 12,411
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 353,274  
Total restricted cash equivalents and investments 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  
Total restricted cash equivalents and investments 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 353,274  
Total restricted cash equivalents and investments 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  
Total restricted cash equivalents and investments 0  
Fair Value Measurements on a Recurring Basis | U.S. government securities    
Assets    
Total unrestricted cash equivalents and short-term investments   232,008
Total restricted cash equivalents and investments   224,719
Fair Value Measurements on a Recurring Basis | U.S. government securities | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments   0
Total restricted cash equivalents and investments   0
Fair Value Measurements on a Recurring Basis | U.S. government securities | Level 2    
Assets    
Total unrestricted cash equivalents and short-term investments   232,008
Total restricted cash equivalents and investments   224,719
Fair Value Measurements on a Recurring Basis | U.S. government securities | Level 3    
Assets    
Total unrestricted cash equivalents and short-term investments   0
Total restricted cash equivalents and investments   0
Fair Value, Nonrecurring    
Assets    
Total unrestricted cash equivalents and short-term investments 1,547,248  
Restricted cash   1,400
Fair Value, Nonrecurring | Cash and Cash Equivalents and Short-Term Investments    
Assets    
Cash 132,500 179,700
Term deposits 2,200 3,500
Fair Value, Nonrecurring | Cash and Cash Equivalents and Short-Term Investments | Money market funds    
Assets    
Short-term investments 304,700 $ 117,600
Fair Value, Nonrecurring | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments 189,839  
Fair Value, Nonrecurring | Level 2    
Assets    
Total unrestricted cash equivalents and short-term investments 1,357,409  
Fair Value, Nonrecurring | Level 3    
Assets    
Total unrestricted cash equivalents and short-term investments $ 0  
v3.25.0.1
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 28, 2022
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Jun. 30, 2022
Financial Instruments Measured at Fair Value on a Recurring Basis            
Impairment of non-marketable equity securities   $ 135,700        
Investment in non-marketable equity securities $ 10,000          
Common stock of a publicly-traded entity amount $ 8,400          
Other investments     $ 42,516 $ 39,870    
PBSC Urban Solutions            
Financial Instruments Measured at Fair Value on a Recurring Basis            
Range of outcomes, value       15,000 $ 15,000  
Fair Value, Nonrecurring            
Financial Instruments Measured at Fair Value on a Recurring Basis            
Other investments     $ 9,100 $ 5,900    
Level 3 | Reported Value Measurement            
Financial Instruments Measured at Fair Value on a Recurring Basis            
Equity security           $ 128,100
v3.25.0.1
Supplemental Financial Statement Information - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment    
Finance lease right-of-use assets $ 79,704 $ 80,934
Total property and equipment, gross 706,685 713,039
Less: Accumulated depreciation (261,821) (247,195)
Property and equipment, net 444,864 465,844
Bike and scooter fleet    
Property, Plant and Equipment    
Property and equipment, gross 237,535 240,137
Owned vehicles    
Property, Plant and Equipment    
Property and equipment, gross 211,904 197,703
Leasehold improvements    
Property, Plant and Equipment    
Property and equipment, gross 75,480 77,230
Computer equipment and software    
Property, Plant and Equipment    
Property and equipment, gross 39,018 38,911
Furniture and fixtures    
Property, Plant and Equipment    
Property and equipment, gross 6,046 5,867
Construction in progress    
Property, Plant and Equipment    
Property and equipment, gross $ 56,998 $ 72,257
v3.25.0.1
Supplemental Financial Statement Information - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Feb. 08, 2023
Jun. 21, 2022
Apr. 22, 2021
Jun. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash and Restricted Cash                
Depreciation and amortization         $ 148,892 $ 116,513 $ 154,798  
Consideration received for commutation of reinsurance agreement, funds withheld for liability   $ 90,300            
Realized gain from commutation of reinsurance agreement       $ 36,800        
Reinsurance recoverable   247,400            
Reinsurance amortized deferred gains related to losses ceded   105,700            
DARAG Bermuda LTD                
Cash and Restricted Cash                
Reserves for current period     $ 183,200          
Reinsurance recoverables     251,300          
Funds withheld     271,500          
Funds withheld liability balance included in accrued and other current liabilities     20,200          
DARAG Bermuda LTD | Cost of revenue                
Cash and Restricted Cash                
Loss recognized from net cost of novation agreement               $ 20,200
DARAG Bermuda LTD | General and administrative                
Cash and Restricted Cash                
Loss recognized from net cost of novation agreement               200
DARAG Bermuda LTD | Pacific Valley Insurance Company, Inc.                
Cash and Restricted Cash                
Transfer of certain legacy auto insurance liabilities     251,300          
Reinsurance obligations     434,500          
Unearned premiums     271,500          
Insurance liability, collateralized amount     $ 75,000          
Loss recognized from net cost of novation agreement               $ 20,400
Consideration received for commutation of reinsurance agreement, assets   89,300            
Consideration received for commutation of reinsurance agreement, funds withheld for liability   90,300            
Consideration received for commutation of reinsurance agreement   178,600            
Reinsurance premium   1,000            
DARAG Bermuda LTD | DNA Insurance Company                
Cash and Restricted Cash                
Liability for future policy benefits before reinsurance   20,000            
Liability for future policy benefits option to commute, amount   $ 5,000            
DNA Insurance Company | Pacific Valley Insurance Company, Inc.                
Cash and Restricted Cash                
Realized gain from commutation of reinsurance agreement $ 3,400              
Reinsurance recoverable 4,000              
Settlement amount 5,000              
Proceeds from settlement 4,000              
Premiums released 1,000              
Amortization of remaining realized gain $ 2,400              
Property, Plant and Equipment                
Cash and Restricted Cash                
Depreciation and amortization         $ 121,400 96,300 127,800  
Scooter                
Cash and Restricted Cash                
Estimated useful life of property and equipment         12 months      
Depreciation expense         $ 12,400 $ 3,400 $ 8,600  
v3.25.0.1
Supplemental Financial Statement Information - Schedule of Accrued and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accrued and Other Liabilities    
Insurance-related accruals $ 763,842 $ 643,147
Legal and tax related accruals 333,979 296,336
Ride-related accruals 178,114 212,114
Long-term debt, current 38,904 25,798
Insurance claims payable and related fees 58,135 52,609
Other 293,304 278,851
Accrued and other current liabilities $ 1,666,278 $ 1,508,855
v3.25.0.1
Supplemental Financial Statement Information - Schedule of Changes in the Insurance Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Insurance Reserves      
Accrued insurance, balance at the beginning $ 1,337,868 $ 1,417,350 $ 1,068,628
Additions 813,725 516,337 1,146,482
Deductions (450,200) (595,819) (797,760)
Accrued insurance, balance at the end 1,701,393 1,337,868 1,417,350
Increase in accrued insurance reserve, current period claims 813,700 512,300 333,900
Increase in accrued insurance reserve, prior year claims     561,200
Increase in accrued insurance reserve, commutation transactions   4,000 247,400
Accrued insurance reserve, recoverable     4,000
Decrease in accrued insurance reserve, payments 447,100 580,400 552,600
Decrease in accrued insurance reserve, prior year claims $ 3,100 11,400  
Decrease in accrued insurance reserve, recoverable   $ 4,000 $ 245,200
v3.25.0.1
Supplemental Financial Statement Information - Schedule of Other Income, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Additional Financial Information Disclosure [Abstract]          
Interest income     $ 166,304 $ 145,728 $ 47,142
Gain (loss) on sale of securities, net     (140) (243) (287)
Foreign currency exchange gains (losses), net     (7,244) 3,657 (4,387)
Sublease income     3,527 4,849 11,591
Gain on equity method investment     0 12,926 0
Impairment charges     0 0 (135,714)
Other, net     10,736 3,206 (18,333)
Other income (expense), net     $ 173,183 $ 170,123 $ (99,988)
Gain on non-marketable equity security $ 3,200        
Gain on extinguishment of debt   $ 5,100      
v3.25.0.1
Leases - Additional Information (Details)
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
location
Mar. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
location
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Lessee, Lease, Description          
Gain on termination of lease $ 29,600,000   $ 29,610,000 $ 0 $ 0
Sublease income     3,527,000 4,849,000 11,591,000
Impairment loss   $ 10,500,000 $ 0 $ 13,000,000 $ 55,300,000
Real Estate Lease          
Lessee, Lease, Description          
Number of locations | location 59   59    
Real Estate Lease | Minimum          
Lessee, Lease, Description          
Lessee, operating lease, term of contract (in months and years) 1 month   1 month    
Lessee, operating lease, option to extend term (in months and years)     1 month    
Real Estate Lease | Maximum          
Lessee, Lease, Description          
Lessee, operating lease, term of contract (in months and years) 10 years   10 years    
Lessee, operating lease, option to extend term (in months and years)     10 years    
Owned vehicles | Minimum          
Lessee, Lease, Description          
Finance lease term of contract (in months and years)     1 month    
Owned vehicles | Maximum          
Lessee, Lease, Description          
Finance lease term of contract (in months and years)     4 years    
v3.25.0.1
Leases - Schedule of Lease Position (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Leases        
Operating lease right-of-use assets $ 148,397 $ 148,397 $ 98,202  
Operating lease liabilities, current 25,192 25,192 42,556  
Operating lease liabilities, non-current 152,074 152,074 134,102  
Total operating lease liabilities 177,266 177,266 176,658  
Assets        
Finance lease, right of use assets 79,704 79,704 80,933  
Liabilities        
Finance lease liabilities, current 31,268 31,268 25,193  
Finance lease liabilities, non-current 54,351 54,351 61,321  
Total finance lease liabilities $ 85,619 $ 85,619 $ 86,514  
Finance lease, liability, current, statement of financial position Accrued and other current liabilities Accrued and other current liabilities Accrued and other current liabilities  
Finance lease, liability, noncurrent, statement of financial position Other Liabilities, Noncurrent Other Liabilities, Noncurrent Other Liabilities, Noncurrent  
Weighted-average remaining lease term (years)        
Operating lease, weighted-average remaining lease term (in years) 7 years 8 months 12 days 7 years 8 months 12 days 4 years 6 months  
Finance lease, weighted-average remaining lease term (in years) 2 years 7 months 6 days 2 years 7 months 6 days 3 years 4 months 24 days  
Weighted-average discount rate        
Operating lease, weighted-average discount rate (as a percent) 6.60% 6.60% 6.70%  
Finance lease, weighted-average discount rate (as a percent) 6.40% 6.40% 6.70%  
Gain on termination of lease $ 29,600 $ 29,610 $ 0 $ 0
v3.25.0.1
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
Operating lease cost $ 38,056 $ 40,450
Finance Leases    
Amortization of right-of-use assets 29,565 19,847
Interest on lease liabilities 5,782 3,449
Short-term lease cost 3,380 3,749
Variable lease cost 9,867 10,270
Total lease cost $ 86,650 $ 77,765
v3.25.0.1
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities      
Operating cash flows from operating leases $ 60,479 $ 59,318  
Operating cash flows from finance leases 5,312 3,558  
Financing cash flows from finance leases $ 46,748 $ 43,466 $ 34,783
v3.25.0.1
Leases - Schedule of Operating and Finance Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 35,270  
2026 33,955  
2027 30,037  
2028 25,305  
2029 24,832  
Thereafter 78,598  
Total minimum lease payments 227,997  
Less: amount of lease payments representing interest (50,731)  
Total operating lease liabilities 177,266 $ 176,658
Less: current obligations under leases (25,192) (42,556)
Long-term lease obligations 152,074 134,102
Finance Leases    
2025 35,289  
2026 32,817  
2027 16,318  
2028 9,797  
2029 0  
Thereafter 0  
Total minimum lease payments 94,221  
Less: amount of lease payments representing interest (8,602)  
Total finance lease liabilities 85,619 86,514
Less: current obligations under leases (31,268) (25,193)
Long-term lease obligations 54,351 $ 61,321
Total Leases    
2025 70,559  
2026 66,772  
2027 46,355  
2028 35,102  
2029 24,832  
Thereafter 78,598  
Total minimum lease payments 322,218  
Less: amount of lease payments representing interest (59,333)  
Present value of future lease payments 262,885  
Less: current obligations under leases (56,460)  
Long-term lease obligations $ 206,425  
v3.25.0.1
Commitments and Contingencies - Additional Information (Details)
 1 Months Ended 12 Months Ended
Dec. 20, 2024
USD ($)
Apr. 30, 2023
USD ($)
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
Feb. 28, 2022
USD ($)
May 31, 2019
USD ($)
Commitments and Contingencies            
Minimum amount due in next year     $ 10,229,000      
Minimum amount due in second year     89,396,000      
Minimum amount due in third year     9,711,000      
Minimum amount due in fourth year     0      
Future obligation to purchase capital equipment     $ 109,336,000      
Outstanding letters of credit collateralized by cash (loan) | loan     0      
Letters of credit outstanding     $ 72,600,000 $ 60,200,000    
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     350,600,000      
Bikeshare Program | City of Chicago            
Commitments and Contingencies            
Annual contractual obligation           $ 7,500,000
Future obligation to purchase capital equipment   $ 12,000,000       $ 50,000,000
Reduction in company's obligation   $ 12,000,000        
Payment for amended arrangement     33,600,000      
Payments to acquire equipment under purchase obligations     $ 64,700,000      
Minimum | Web-Hosting Service Providers            
Commitments and Contingencies            
Contractual obligation         $ 350,000,000  
Minimum amount due in next year         80,000,000  
Minimum amount due in second year         80,000,000  
Minimum amount due in third year         80,000,000  
Minimum amount due in fourth year         $ 80,000,000  
v3.25.0.1
Commitments and Contingencies - Schedule of Minimum Payments Under Noncancelable Purchase Commitments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Purchase Obligation, Fiscal Year Maturity  
2025 $ 10,229
2026 89,396
2027 9,711
2028 0
2029 0
Thereafter 0
Total future minimum payments $ 109,336
v3.25.0.1
Debt - Schedule of Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument    
Long-Term Debt, Total $ 995,047 $ 865,160
Convertible senior notes, current 390,175 0
Less: Long-term debt, current 38,904 25,798
Total long-term debt $ 565,968 839,362
Convertible senior notes due 2025 (the "2025 Notes")    
Debt Instrument    
Interest rate (as a percent) 1.50%  
Long-Term Debt, Total $ 390,175 743,486
Convertible senior notes due 2029 (the "2029 Notes")    
Debt Instrument    
Interest rate (as a percent) 0.625%  
Long-Term Debt, Total   0
Non-revolving Loan    
Debt Instrument    
Long-Term Debt, Total $ 510 3,115
Non-revolving Loan | Minimum    
Debt Instrument    
Interest rate (as a percent) 7.61%  
Non-revolving Loan | Maximum    
Debt Instrument    
Interest rate (as a percent) 7.61%  
Master Vehicle Loan    
Debt Instrument    
Long-Term Debt, Total $ 154,281 $ 118,559
Master Vehicle Loan | Minimum    
Debt Instrument    
Interest rate (as a percent) 3.85%  
Master Vehicle Loan | Maximum    
Debt Instrument    
Interest rate (as a percent) 7.10%  
v3.25.0.1
Debt - Schedule of Interest Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument      
Amortization of debt discount and issuance costs related to the 2025 Notes and 2029 Notes $ 3,737 $ 2,877 $ 2,823
Interest expense 28,921 26,223 19,735
Vehicle loans and other interest expense      
Debt Instrument      
Vehicle loans and other interest expense 16,003 12,134 5,595
Convertible Debt      
Debt Instrument      
Contractual interest expense related to the 2025 Notes and 2029 Notes 9,181 11,212 11,212
Amortization of debt discount and issuance costs related to the 2025 Notes and 2029 Notes $ 3,737 $ 2,877 $ 2,928
v3.25.0.1
Debt - Convertible Senior Notes due 2025 Additional Information (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
May 15, 2020
USD ($)
day
$ / shares
Feb. 29, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jan. 01, 2022
USD ($)
Debt Instrument              
Proceeds from issuance of convertible senior notes       $ 460,000,000 $ 0 $ 0  
Repayments of debt       84,070,000 72,484,000 67,639,000  
Repayments of convertible debt       350,000,000 0 $ 0  
Gain on extinguishment of debt     $ 5,100,000        
Net carrying amount of liability component       995,047,000 865,160,000    
Additional paid in capital       (11,035,246,000) (10,827,378,000)    
Accumulated deficit       $ 10,258,131,000 10,280,915,000    
Adjustments              
Debt Instrument              
Additional paid in capital             $ 140,000,000
Accumulated deficit             6,500,000
Convertible senior notes due 2025 (the "2025 Notes")              
Debt Instrument              
Interest rate (as a percent)       1.50%      
Net carrying amount of liability component       $ 390,175,000 743,486,000    
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 0.0260491            
Initial conversion price (in dollars per share) | $ / shares $ 38.39            
Limitation on sale of common stock, sale price threshold, number of trading days | day 20            
Number of consecutive business days 5 days            
Redemption price percentage (as a percent) 100.00%            
Repayments of debt   $ 356,800,000          
Repayments of convertible debt   350,000,000          
Gain on extinguishment of debt   5,100,000          
Net carrying amount of liability component $ 558,300,000     $ 390,175,000 743,486,000    
Carrying value of equity component   $ 189,200,000          
Effective interest rate (as a percent)   8.00%   1.90%      
Debt issuance costs $ 14,300,000            
Unamortized debt discount and debt issuance costs       $ 544,000 $ 4,012,000    
If-converted value in excess of principal       $ 131,300,000      
Convertible senior notes due 2025 (the "2025 Notes") | Convertible Debt | Adjustments              
Debt Instrument              
Aggregate principal             $ 133,500,000
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 | 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 | day 5            
Threshold percentage of stock price trigger (as a percent) 98.00%            
v3.25.0.1
Debt - Convertible Senior Notes due 2029 Additional Information (Details)
 12 Months Ended
Feb. 27, 2024
USD ($)
day
$ / shares
May 15, 2020
USD ($)
day
$ / shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Feb. 29, 2024
Debt Instrument            
Proceeds from issuance of convertible senior notes     $ 460,000,000 $ 0 $ 0  
Convertible senior notes due 2029 (the "2029 Notes")            
Debt Instrument            
Interest rate (as a percent)     0.625%      
Convertible senior notes due 2029 (the "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 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 | day 20          
Number of consecutive business days 5 days          
Redemption price percentage (as a percent) 100.00%          
Debt issuance costs $ 11,800,000          
Unamortized debt discount and debt issuance costs     $ 9,919,000 0    
Effective interest rate (as a percent)     1.16%      
If-converted value in excess of principal     $ 281,500,000      
Fair value of long-term debt     $ 440,900,000      
Convertible senior notes due 2029 (the "2029 Notes") | Convertible Debt | Debt Instrument, Redemption, Period One            
Debt Instrument            
Limitation on sale of common stock, sale price threshold, trading period | day 30          
Threshold percentage of stock price trigger (as a percent) 130.00%          
Convertible senior notes due 2029 (the "2029 Notes") | Convertible Debt | Debt Instrument, Redemption, Period Two            
Debt Instrument            
Limitation on sale of common stock, sale price threshold, trading period | day 5          
Threshold percentage of stock price trigger (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   0.0260491        
Initial conversion price (in dollars per share) | $ / shares   $ 38.39        
Limitation on sale of common stock, sale price threshold, number of trading days | day   20        
Number of consecutive business days   5 days        
Redemption price percentage (as a percent)   100.00%        
Debt issuance costs   $ 14,300,000        
Unamortized debt discount and debt issuance costs     $ 544,000 $ 4,012,000    
Effective interest rate (as a percent)     1.90%     8.00%
If-converted value in excess of principal     $ 131,300,000      
Fair value of long-term debt     $ 385,500,000      
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 | 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 | day   5        
Threshold percentage of stock price trigger (as a percent)   98.00%        
v3.25.0.1
Debt - Schedule of Convertible Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
May 15, 2020
Liability component:      
Long-Term Debt, Total $ 995,047 $ 865,160  
Convertible senior notes due 2025 (the "2025 Notes")      
Liability component:      
Long-Term Debt, Total 390,175 743,486  
Convertible senior notes due 2029 (the "2029 Notes")      
Liability component:      
Long-Term Debt, Total   0  
Convertible Debt | Convertible senior notes due 2025 (the "2025 Notes")      
Liability component:      
Principal 390,719 747,498  
Unamortized debt discount and debt issuance costs (544) (4,012)  
Long-Term Debt, Total 390,175 743,486 $ 558,300
Convertible Debt | Convertible senior notes due 2029 (the "2029 Notes")      
Liability component:      
Principal 460,000 0  
Unamortized debt discount and debt issuance costs (9,919) 0  
Long-Term Debt, Total $ 450,081 $ 0  
v3.25.0.1
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  
v3.25.0.1
Debt - Non-revolving Loan Additional Information (Details) - Non-revolving Loan - USD ($)
Feb. 07, 2020
Dec. 31, 2024
Sep. 12, 2024
Debt Instrument      
Maximum borrowing capacity     $ 50,000,000
Cumulative proceeds from credit facility   $ 5,200,000  
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    
v3.25.0.1
Debt - Master Vehicle Loan Additional Information (Details) - USD ($)
 12 Months Ended
Feb. 07, 2020
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 12, 2024
Debt Instrument          
Repayment of loans   $ 84,070,000 $ 72,484,000 $ 67,639,000  
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   154,500,000 121,200,000    
Master Vehicle Loan | Minimum          
Debt Instrument          
Debt term (in months) 12 months        
Master Vehicle Loan | Maximum          
Debt Instrument          
Debt term (in months) 48 months        
Master Vehicle Loan | Flexdrive Services, LLC          
Debt Instrument          
Maximum borrowing capacity $ 50,000,000        
Non-revolving Loan          
Debt Instrument          
Maximum borrowing capacity         $ 50,000,000
Fair value of long-term debt   $ 500,000 $ 1,600,000    
Non-revolving Loan | Minimum          
Debt Instrument          
Debt term (in months) 24 months        
Non-revolving Loan | Maximum          
Debt Instrument          
Debt term (in months) 48 months        
Non-revolving Loan | Flexdrive Services, LLC          
Debt Instrument          
Maximum borrowing capacity $ 130,000,000        
v3.25.0.1
Debt - Schedule of Maturities of Long-term Debt Outstanding (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2025 $ 429,079  
2026 61,623  
2027 54,264  
2028 0  
2029 450,081  
Thereafter 0  
Long-Term Debt, Total $ 995,047 $ 865,160
v3.25.0.1
Debt - Vehicle Procurement Additional Information (Details) - Revolving Credit Facility - USD ($)
Dec. 31, 2024
Sep. 17, 2020
Mar. 11, 2019
Flexdrive Services, LLC      
Debt Instrument      
Maximum exposure to loss under terms of the guarantee $ 1,800,000    
Procurement Provider      
Debt Instrument      
Maximum exposure to loss under terms of the guarantee $ 1,200,000    
Maximum borrowing capacity   $ 50,000,000 $ 95,000,000
v3.25.0.1
Debt - Revolving Credit Facility & Other Financings Additional Information (Details)
Nov. 03, 2022
USD ($)
Mar. 31, 2025
Dec. 31, 2024
USD ($)
Sep. 30, 2024
Feb. 12, 2024
USD ($)
Dec. 12, 2023
USD ($)
Debt Instrument            
Senior secured leverage ratio       3.50    
Covenant minimum liquidity requirements $ 1,500,000,000          
Acquisition cash consideration trigger, percent 3.50          
Acquisition cash consideration trigger $ 75,000,000          
Fixed coverage ratio 1.25          
Other financing outstanding amount     $ 0      
Forecast            
Debt Instrument            
Senior secured leverage ratio   3.00        
JPMorgan Chase Bank | Revolving Credit Facility            
Debt Instrument            
Maximum borrowing capacity $ 420,000,000          
JPMorgan Chase Bank | Revolving Credit Facility | Fed Funds Effective Rate            
Debt Instrument            
Spread on variable rate (as a percent) 0.50%          
JPMorgan Chase Bank | Revolving Credit Facility | Secured Overnight Financing Rate (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) 0.0150          
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) 0.0225          
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  
v3.25.0.1
Common Stock and Employee Stock Plans - Additional Information (Details)
 1 Months Ended 12 Months Ended
Jan. 01, 2024
shares
Jul. 18, 2022
Jan. 01, 2020
shares
Feb. 29, 2024
USD ($)
shares
Mar. 31, 2019
shares
Dec. 31, 2024
USD ($)
vote
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
shares
Mar. 27, 2019
shares
Share-based Compensation Arrangement by Share-based Payment Award                  
Stock repurchased during period, value | $           $ 50,000,000      
Increase in number of shares reserved for future issuance (in shares)     35,000,000            
Withholding tax adjustment | $           $ 40,328,000 $ 3,021,000 $ 6,733,000  
Aggregate grant-date fair value, weighted average period (in years)           1 year      
Stock options granted (in shares)           0 0 0  
Intrinsic value of stock options exercised | $           $ 8,300,000 $ 1,000,000.0 $ 2,900,000  
Price per share (in dollars per share) | $ / shares             $ 14.99    
Aggregate unrecognized compensation cost | $           $ 160,400,000      
2018 Equity Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Common stock reserved for issuance (in shares)           75,504,222      
Additional common stock reserved for issuance (in shares)           11,836,692      
2019 Equity Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Common stock reserved for issuance (in shares)         44,000,000        
Service-based condition for majority of satisfied over a period (in years)         4 years        
2019 Employee Stock Purchase Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Percentage of earnings for purchase of common stock (as a percent)   15.00%              
Offering periods (in months)   12 months              
Minimum | 2008 Equity Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Voting power percentage of total outstanding stock (as a percent)           10.00%      
Maximum | 2008 Equity Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Voting power percentage of total outstanding stock (as a percent)           110.00%      
Maximum | 2019 Equity Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Common stock reserved for issuance (in shares)         80,604,678        
Stock options                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Grant price of stock options, percentage of fair market value (as a percent)           100.00%      
Stock options | 2008 Equity Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Vesting percentage (as a percent)           25.00%      
Vesting period           36 months      
Stock options | Maximum | 2008 Equity Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Vesting period           10 years      
Restricted stock units                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Common stock reserved for issuance (in shares)           26,194,000      
Granted (in shares)           21,595,000      
Fair value of shares vested | $           $ 337,400,000 $ 290,500,000 $ 354,300,000  
Withholding tax adjustment (in shares)           2,528,016 295,948 358,330  
Withholding tax adjustment | $           $ 40,300,000 $ 3,000,000.0 $ 6,700,000  
Restricted stock units | 2008 Equity Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Vesting percentage (as a percent)           25.00%      
Vesting period           12 months      
Maximum term (in years)           7 years      
Restricted stock units | 2018 Equity Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Vesting percentage (as a percent)           25.00%      
Maximum term (in years)           7 years      
Performance based restricted stock units                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Granted (in shares)           2,407,975      
Unvested stock options and restricted stock                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Aggregate unrecognized compensation cost | $           $ 0      
Class A Common Stock                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Common stock, number of votes per share | vote           1      
Stock repurchased during period (in shares)       3,142,678          
Stock repurchased during period, value | $       $ 50,000,000.0          
Class A Common Stock | 2019 Equity Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Percentage of common stock outstanding     5.00%            
Number of additional shares reserved for issuance (in shares) 19,990,283           67,071,304    
Class A Common Stock | 2019 Employee Stock Purchase Plan                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Common stock reserved for issuance (in shares)             13,414,259   6,000,000
Additional common stock reserved for issuance (in shares) 3,998,056                
Increase in number of shares reserved for future issuance (in shares)     7,000,000            
Percentage of common stock outstanding     1.00%            
Cumulative common shares purchased (in shares)           6,230,976      
Class B Common Stock                  
Share-based Compensation Arrangement by Share-based Payment Award                  
Common stock, number of votes per share | vote           20      
v3.25.0.1
Common Stock and Employee Stock Plans - Schedule of Common Stock Reserved for Future Issuance (Details)
shares in Thousands
Dec. 31, 2024
shares
RSUs outstanding under the 2008 Plan, the 2018 Plan, and the 2019 Plan  
Class of Stock  
Common stock reserved for issuance (in shares) 26,194
Remaining shares available for future issuance under the 2019 ESPP Plan and the 2019 Plan  
Class of Stock  
Common stock reserved for issuance (in shares) 65,138
v3.25.0.1
Common Stock and Employee Stock Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Total stock-based compensation expense $ 330,921 $ 484,533 $ 750,767
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Total stock-based compensation expense 24,895 30,170 44,132
Operation and support      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Total stock-based compensation expense 8,397 15,468 25,442
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Total stock-based compensation expense 117,833 214,160 391,983
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Total stock-based compensation expense 17,286 29,682 49,867
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Total stock-based compensation expense $ 162,510 $ 195,053 $ 239,343
v3.25.0.1
Common Stock and Employee Stock Plans - Schedule of Restricted Stock Units (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Weighted- Average Grant Date Fair Value    
Expected to vest, aggregate intrinsic value $ 331,378  
Restricted stock units    
Number of Shares    
Nonvested units at beginning of period (in shares) 30,091  
Granted (in shares) 21,595  
Vested (in shares) (22,011)  
Canceled (in shares) (3,481)  
Nonvested units at end of period (in shares) 26,194  
Expected to vest (in shares) 25,688  
Weighted- Average Grant Date Fair Value    
Nonvested units at beginning of period (in dollars per share) $ 9.40  
Granted (in dollars per share) 15.10  
Vested (in dollars per share) 12.71  
Canceled (in dollars per share) 14.48  
Nonvested units at end of period (in dollars per share) $ 10.67  
Nonvested units, aggregate intrinsic value $ 336,282 $ 449,994
v3.25.0.1
Common Stock and Employee Stock Plans - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Shares    
Stock options outstanding, beginning balance (in shares) 780  
Exercised (in shares) (780)  
Forfeitures (in shares) 0  
Cancellations (in shares) 0  
Stock options outstanding, ending balance (in shares) 0 780
Weighted- Average Exercise Price    
Stock options outstanding, weighted-average exercise price, beginning balance (in dollars per share) $ 4.63  
Exercised (in dollars per share) 4.63  
Forfeitures (in dollars per share) 0  
Cancellations (in dollars per share) 0  
Stock options outstanding, weighted-average exercise price, ending balance (in dollars per share) $ 0 $ 4.63
Stock options outstanding, weighted-average remaining contractual term (in years)   1 year
Outstanding, aggregate intrinsic value $ 0 $ 8,079
v3.25.0.1
Income Taxes - Schedule of U.S. and Foreign Components of Loss Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
United States $ 61,371 $ (348,050) $ (1,600,323)
Foreign (36,021) 16,346 21,684
Income (loss) before income taxes $ 25,350 $ (331,704) $ (1,578,639)
v3.25.0.1
Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current provision      
Federal $ 0 $ 0 $ 0
State 10,438 3,762 1,256
Foreign (5,996) 7,239 4,240
Total current 4,442 11,001 5,496
Deferred provision      
Federal 481 481 481
State 427 (337) 1,256
Foreign (2,784) (2,529) (1,361)
Total deferred (1,876) (2,385) 376
Total provision for (benefit from) income taxes $ 2,566 $ 8,616 $ 5,872
v3.25.0.1
Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate to the Effective Rate (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Provision at federal statutory rate 21.00% 21.00% 21.00%
State, net of federal benefit 29.20% 9.70% 2.10%
Permanent tax adjustments 10.30% (1.10%) (0.40%)
Nondeductible expenses 54.40% (8.30%) (0.70%)
Stock-based compensation (65.60%) (15.10%) (4.90%)
Executive compensation 63.00% (2.40%) 0.00%
Change in valuation allowance (101.50%) (2.50%) (17.10%)
Impact of foreign operations (4.70%) (0.40%) 0.10%
Deferred adjustments 0.00% (3.20%) 0.00%
Other adjustments 4.00% (0.30%) (0.50%)
Effective income tax rate 10.10% (2.60%) (0.40%)
v3.25.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:        
Net operating loss carryforwards $ 1,975,436 $ 2,084,523    
Insurance reserves and accruals 382,532 314,526    
Stock-based compensation 16,837 12,091    
Research capitalization 288,464 240,354    
Accrued legal settlement/fees 92,975 87,310    
Lease liability 73,356 73,497    
Accrued and other liabilities 47,233 39,576    
Capital losses 64 34,965    
Other assets 0 415    
Total deferred tax assets 2,876,897 2,887,257    
Less: Valuation allowance (2,690,489) (2,715,841) $ (2,706,982) $ (2,408,647)
Deferred tax assets, net of valuation allowance 186,408 171,416    
Deferred tax liabilities:        
State income taxes (132,126) (133,859)    
Operating lease right of use assets (63,632) (50,004)    
Other liabilities (427) 0    
Total deferred tax liabilities (196,185) (183,863)    
Net deferred tax assets (liabilities) $ (9,777) $ (12,447)    
v3.25.0.1
Income Taxes - Schedule of Rollforward of Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Valuation Allowance, Deferred Tax Asset      
Valuation allowance, beginning balance $ 2,715,841 $ 2,706,982 $ 2,408,647
Net changes in deferred tax assets and liabilities (25,352) 8,859 298,335
Valuation allowance, ending balance $ 2,690,489 $ 2,715,841 $ 2,706,982
v3.25.0.1
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes      
Increase (decrease) in valuation allowance $ (25,352,000) $ 8,859,000 $ 298,335,000
Interest and penalties associated with uncertain tax benefits 0 0 0
Accrued interest and penalties 0 0 0
Unrecognized tax benefits 0 $ 0 $ 0
Federal      
Income Taxes      
Operating loss carryforwards 7,200,000,000    
State      
Income Taxes      
Operating loss carryforwards $ 6,200,000,000    
v3.25.0.1
Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator      
Net income (loss) attributable to common stockholders, basic and diluted $ 22,784 $ (340,320) $ (1,584,511)
Denominator      
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders (in shares) 409,181 385,335 354,731
Effect of potentially dilutive common stock equivalents (in shares) 4,470 0 0
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders (in shares) 413,651 385,335 354,731
Basic net income (loss) per share attributable to common stockholders (in dollars per share) $ 0.06 $ (0.88) $ (4.47)
Diluted net income (loss) per share attributable to common stockholders (in dollars per share) $ 0.06 $ (0.88) $ (4.47)
v3.25.0.1
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
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from computation of earnings per share, total (in shares) 48,618 50,453 43,086
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from computation of earnings per share, total (in shares) 1,407 15,538 20,542
Performance based restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from computation of earnings per share, total (in shares) 14,188 14,553 1,773
Convertible debt securities | Convertible senior notes due 2029 (the "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 0 0
Convertible debt securities | Convertible senior notes due 2025 (the "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 19,471 19,471
ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from computation of earnings per share, total (in shares) 1,024 111 307
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from computation of earnings per share, total (in shares) 0 780 993
v3.25.0.1
Restructuring - Additional Information (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2024
Apr. 30, 2023
employee
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Restructuring Cost and Reserve                
Restructuring charges (benefits)           $ 37,569,000 $ 24,400,000  
Impairment charges           0 0 $ 0
Impairment loss       $ 10,500,000   0 13,000,000 55,300,000
Restructuring related liabilities         $ 1,600,000 0 0 1,600,000
Fixed Asset Disposals                
Restructuring Cost and Reserve                
Restructuring charges (benefits)           14,090,000    
Other Current Assets Disposals and Other Costs                
Restructuring Cost and Reserve                
Restructuring charges (benefits)           11,051,000    
Accelerated Depreciation                
Restructuring Cost and Reserve                
Restructuring charges (benefits)           10,614,000    
Severance and Other Employee Costs                
Restructuring Cost and Reserve                
Restructuring charges (benefits)           $ 1,814,000    
Lease Termination                
Restructuring Cost and Reserve                
Restructuring charges (benefits)       $ 9,100,000        
September 2024 Restructuring Plan                
Restructuring Cost and Reserve                
Employee reduction percentage (as a percent) 1.00%              
April 2023 Restructuring Plan                
Restructuring Cost and Reserve                
Restructuring charges (benefits)             63,298,000  
Impairment charges     $ 6,300,000          
Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag     impairment charges          
April 2023 Restructuring Plan | Accelerated Depreciation                
Restructuring Cost and Reserve                
Restructuring charges (benefits)             669,000  
April 2023 Restructuring Plan | Severance and Other Employee Costs                
Restructuring Cost and Reserve                
Employee reduction percentage (as a percent)   26.00%            
Restructuring charges (benefits)     $ 47,200,000       47,238,000  
Number of employees terminated (employee) | employee   1,072            
April 2023 Restructuring Plan | Stock-Based Compensation                
Restructuring Cost and Reserve                
Restructuring charges (benefits)     $ 9,700,000       9,723,000  
November 2022 Restructuring Plan                
Restructuring Cost and Reserve                
Restructuring charges (benefits)             24,443,000 120,256,000
Impairment loss               55,300,000
Accelerated depreciation               23,900,000
November 2022 Restructuring Plan | Accelerated Depreciation                
Restructuring Cost and Reserve                
Restructuring charges (benefits)             321,000 23,908,000
November 2022 Restructuring Plan | Severance and Other Employee Costs                
Restructuring Cost and Reserve                
Restructuring charges (benefits)         29,500,000   4,326,000 29,475,000
November 2022 Restructuring Plan | Stock-Based Compensation                
Restructuring Cost and Reserve                
Restructuring charges (benefits)         $ 9,500,000   $ 205,000 9,509,000
November 2022 Restructuring Plan | Fixed Assets Not Yet Placed Into Service                
Restructuring Cost and Reserve                
Restructuring charges (benefits)               $ 2,100,000
v3.25.0.1
Restructuring - Schedule of Restructuring Related Charges (benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost and Reserve          
Restructuring charges (benefits)     $ 37,569 $ 24,400  
April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       63,298  
November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       24,443 $ 120,256
Severance and Other Employee Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     1,814    
Severance and Other Employee Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits) $ 47,200     47,238  
Severance and Other Employee Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)   $ 29,500   4,326 29,475
Fixed Asset Disposals          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     14,090    
Other Current Assets Disposals and Other Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     11,051    
Accelerated Depreciation          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     10,614    
Accelerated Depreciation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       669  
Accelerated Depreciation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       321 23,908
Stock-Based Compensation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits) $ 9,700     9,723  
Stock-Based Compensation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)   $ 9,500   205 9,509
Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       5,668  
Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       19,591 57,364
Cost of revenue          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     35,035    
Cost of revenue | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       3,871  
Cost of revenue | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       1,101 1,794
Cost of revenue | Severance and Other Employee Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     0    
Cost of revenue | Severance and Other Employee Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       3,204  
Cost of revenue | Severance and Other Employee Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       1,101 1,612
Cost of revenue | Fixed Asset Disposals          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     14,090    
Cost of revenue | Other Current Assets Disposals and Other Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     10,988    
Cost of revenue | Accelerated Depreciation          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     9,957    
Cost of revenue | Accelerated Depreciation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0  
Cost of revenue | Accelerated Depreciation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0 0
Cost of revenue | Stock-Based Compensation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       667  
Cost of revenue | Stock-Based Compensation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0 182
Cost of revenue | Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0  
Cost of revenue | Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0 0
Operation and support          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     498    
Operation and support | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       9,250  
Operation and support | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       13,090 18,673
Operation and support | Severance and Other Employee Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     498    
Operation and support | Severance and Other Employee Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       3,054  
Operation and support | Severance and Other Employee Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       3,127 5,173
Operation and support | Fixed Asset Disposals          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     0    
Operation and support | Other Current Assets Disposals and Other Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     0    
Operation and support | Accelerated Depreciation          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     0    
Operation and support | Accelerated Depreciation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       669  
Operation and support | Accelerated Depreciation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       305 8,680
Operation and support | Stock-Based Compensation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       259  
Operation and support | Stock-Based Compensation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       205 (31)
Operation and support | Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       5,268  
Operation and support | Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       9,453 4,851
Research and development          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     1,181    
Research and development | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       25,793  
Research and development | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       2,554 28,953
Research and development | Severance and Other Employee Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     1,009    
Research and development | Severance and Other Employee Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       21,254  
Research and development | Severance and Other Employee Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       20 9,706
Research and development | Fixed Asset Disposals          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     0    
Research and development | Other Current Assets Disposals and Other Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     0    
Research and development | Accelerated Depreciation          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     172    
Research and development | Accelerated Depreciation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0  
Research and development | Accelerated Depreciation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0 36
Research and development | Stock-Based Compensation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       4,539  
Research and development | Stock-Based Compensation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0 3,818
Research and development | Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0  
Research and development | Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       2,534 15,393
Sales and marketing          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     187    
Sales and marketing | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       6,236  
Sales and marketing | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       14 3,581
Sales and marketing | Severance and Other Employee Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     187    
Sales and marketing | Severance and Other Employee Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       5,191  
Sales and marketing | Severance and Other Employee Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       14 3,123
Sales and marketing | Fixed Asset Disposals          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     0    
Sales and marketing | Other Current Assets Disposals and Other Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     0    
Sales and marketing | Accelerated Depreciation          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     0    
Sales and marketing | Accelerated Depreciation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0  
Sales and marketing | Accelerated Depreciation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0 0
Sales and marketing | Stock-Based Compensation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       1,045  
Sales and marketing | Stock-Based Compensation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0 458
Sales and marketing | Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0  
Sales and marketing | Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0 0
General and administrative          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     668    
General and administrative | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       18,148  
General and administrative | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       7,684 67,255
General and administrative | Severance and Other Employee Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     120    
General and administrative | Severance and Other Employee Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       14,535  
General and administrative | Severance and Other Employee Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       64 9,861
General and administrative | Fixed Asset Disposals          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     0    
General and administrative | Other Current Assets Disposals and Other Costs          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     63    
General and administrative | Accelerated Depreciation          
Restructuring Cost and Reserve          
Restructuring charges (benefits)     $ 485    
General and administrative | Accelerated Depreciation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0  
General and administrative | Accelerated Depreciation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       16 15,192
General and administrative | Stock-Based Compensation | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       3,213  
General and administrative | Stock-Based Compensation | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       0 5,082
General and administrative | Right-of-Use Asset Impairments and Other Costs | April 2023 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       400  
General and administrative | Right-of-Use Asset Impairments and Other Costs | November 2022 Restructuring Plan          
Restructuring Cost and Reserve          
Restructuring charges (benefits)       $ 7,604 $ 37,120
v3.25.0.1
Variable Interest Entities (Details)
$ in Thousands
Dec. 31, 2024
vie
Jun. 30, 2023
USD ($)
May 17, 2022
USD ($)
Noncontrolling Interest      
Number of vie's | vie 1    
Variable Interest Entity, Not Primary Beneficiary      
Noncontrolling Interest      
Variable interest entity, reporting entity involvement, maximum loss exposure, amount   $ 12,900  
PBSC Urban Solutions      
Noncontrolling Interest      
Other investments     $ 22,175
Several Joint Ventures      
Noncontrolling Interest      
Noncontrolling interest, ownership percentage (as a percent)     80.00%
v3.25.0.1
Subsequent Events (Details)
$ in Millions
Feb. 06, 2025
USD ($)
Subsequent Event  
Subsequent Event [Line Items]  
Authorized share repurchase amount $ 500.0