Lyft : Q1 2022 Earnings Supplemental Data

MAY 3, 2022

Q1 Fiscal 2022 Earnings

Supplemental Data

Forward Looking Statements & Non-GAAP Financial Measures

This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Lyft's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Lyft's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this presentation and the accompanying oral presentation include, but are not limited to, statements regarding Lyft's future financial and operating performance, including its outlook, expectations regarding profitability, cost reductions, revenue, Contribution Margin, and Adjusted EBITDA, demand for Lyft's products and services and the markets in which Lyft operates and the future of transportation-as-a-service, the impact of the COVID-19 pandemic and the timing of economic recovery on our business, results of operations, and the markets in which we operate, rider and driver activity, including driver supply, on the Lyft platform and future incentive levels, and litigation and regulatory matters. Lyft's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including the effect of the COVID-19 pandemic and related impact on Lyft's business, trends in Lyft's business, in particular recovery in rides and driver supply levels, the sufficiency of Lyft's unrestricted cash, cash equivalents, and short-term investments, as well as risks associated with the outcome of litigation and regulatory matters and risks associated with our restatement and management's finding of a material weakness in our internal control over financial reporting. The forward-looking statements contained in this presentation are also subject to other risks and uncertainties, including those more fully described in Lyft's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K/A that was filed with the SEC on April 29, 2022 and in our Quarterly Report on form 10-Q that will be filed following this presentation. The forward-looking statements in this presentation are based on information available to Lyft as of the date hereof, and Lyft disclaims any obligation to update any forward-looking statements, except as required by law.

In addition to financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation and the accompanying oral presentation include certain non-GAAP financial measures, including Contribution, Contribution Margin, Adjusted EBITDA, Adjusted EBITDA Margin, adjusted net loss, adjusted net loss per share and non-GAAP operating expenses. These non-GAAP measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. These non-GAAP measures have limitations as analytical tools, and they should not be considered in isolation or as a substitute for analysis of other GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included at the end of this presentation. We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP measures presented in the accompanying oral presentation, or a GAAP reconciliation, as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalents is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results.

This presentation and the accompanying oral presentation also contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified the accuracy or completeness of the information contained in the industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that information nor do we undertake to update such information after the date of this presentation.

Key Highlights

Q1'22

+44%

Revenue growth year-over-year

57.4%

Contribution Margin exceeded our outlook

$55M

Adjusted EBITDA profit exceeded the top end our outlook

of

• ● Q1 Revenue of $876 million grew 44% year-over-year and exceeded the high end of our outlook by ~$26 million1

• ● Revenue per Active Rider of $49.18 was the second highest on record, up 9% versus Q1'21 and just 5% off of the peak in Q4'21

• ● Active Ridersof 17.8 million increased by 32% year-over-year or by more than4.3 million peoplereflecting a combination of new and returning riders

• ● Rideshare rides reached a new COVID high in Q1 reflecting a strong reboundin demand in February and March

• ● Contribution Margin of 57.4% exceeded our outlook by 90 basis points2

• ● Q1 Adjusted EBITDAof $55 million exceeded the high end of our outlook by~$40 million3

• ● Active drivers in Q1 grew 40% year-over-year, driven in part by a 70% increase in new driver activations versus Q1'214

(1) (2) (3) (4)Company outlook for Q1'22 Revenue of $800-850 million was provided during the Q4'21 earnings call on February 8, 2022. Company outlook for Q1'22 Contribution Margin of 56.5% was provided during the Q4'21 earnings call on February 8, 2022. Company outlook for Q1'22 Adjusted EBITDA of $5-15 million was provided during the Q4'21 earnings call on February 8, 2022. An active driver is defined as a driver who has given at least one rideshare ride on the Lyft network during the quarter.

Note:

Certain figures above are non-GAAP financial measures. Please see the explanation of non-GAAP measures as well as the reconciliation from GAAP to non-GAAP measures contained in the appendix to this presentation.

Revenue

($ in millions)

Revenue Growth

(Year-over-Year)

Revenue ($ in millions)

Revenue Growth (Year-over-Year)

Company outlook for Q1'22 Revenue of $800-850 million was provided during the Q4'21	Note:	Company outlook for Q1'22 Revenue growth of 31-40% was provided during the Q4'21
earnings call on February 8, 2022.	earnings call on February 8, 2022.

Revenue Per Active RiderActive Riders

(in millions)

Revenue per Active Rider in Q1'22 grew 9% year-over-year to $49.18 from $45.13 in Q1'21. On a sequential basis, Revenue per Active Rider in Q1'22 declined 5% to $49.18 from $51.79 in Q4'21.

Note:Active Riders in Q1'22 grew 32% year-over-year to 17.8 million from 13.5 million in Q1'21. On a sequential basis, Active Riders in Q1'22 declined 5% to 17.8 million from 18.7 million in Q4'21.