1、S-1 1 d633517ds1.htm S-1Table of ContentsAsfiledwiththeSecuritiesandExchangeCommissiononMarch1,2019.RegistrationNo.333UNITEDSTATESSECURITIESANDEXCHANGECOMMISSIONWASHINGTON,D.C.20549FORMS1REGISTRATIONSTATEMENTUNDERTHESECURITIESACTOF1933Lyft,Inc.(Exactnameofregistrantasspecifiedinitscharter)Delaware73
2、89208809830(Stateorotherjurisdictionofincorporationororganization)(PrimaryStandardIndustrialClassificationCodeNumber)(I.R.S.EmployerIdentificationNumber)Lyft,Inc.185BerryStreet,Suite5000SanFrancisco,California94107(844)2502773(Address,includingzipcode,andtelephonenumber,includingareacode,ofregistran
3、tsprincipalexecutiveoffices)LoganGreenCoFounderandChiefExecutiveOfficerJohnZimmerCoFounder,PresidentandViceChairmanLyft,Inc.185BerryStreet,Suite5000SanFrancisco,California94107(844)2502773(Name,address,includingzipcode,andtelephonenumber,includingareacode,ofagentforservice)Copiesto:KatharineA.Martin
4、RezwanD.PavriLisaL.StimmellAndrewT.HillWilsonSonsiniGoodrich&Rosati,P.C.650PageMillRoadPaloAlto,California94304(650)4939300KristinN.SverchekDavidV.LeKevinC.ChenChristopherM.ReillyLyft,Inc.185BerryStreet,Suite5000SanFrancisco,California94107(844)2502773RichardA.KlineAnthonyJ.McCuskerAnYenE.HuGoodwinP
5、rocterLLP601MarshallStreetRedwoodCity,California94063(650)7523100Approximatedateofcommencementofproposedsaletothepublic:Assoonaspracticableafterthisregistrationstatementbecomeseffective.IfanyofthesecuritiesbeingregisteredonthisFormaretobeofferedonadelayedorcontinuousbasispursuanttoRule415undertheSec
6、uritiesActof1933checkthefollowingbox.IfthisFormisfiledtoregisteradditionalsecuritiesforanofferingpursuanttoRule462(b)undertheSecuritiesAct,pleasecheckthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.IfthisFormisaposteffecti
7、veamendmentfiledpursuanttoRule462(c)undertheSecuritiesAct,checkthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.IfthisFormisaposteffectiveamendmentfiledpursuanttoRule462(d)undertheSecuritiesAct,checkthefollowingboxandlistth
8、eSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anonacceleratedfiler,smallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“
9、acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b2oftheExchangeAct.Largeacceleratedfiler Acceleratedfiler Nonacceleratedfiler Smallerreportingcompany Emerginggrowthcompany Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitio
10、nperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection7(a)(2)(B)oftheSecuritiesAct.CALCULATIONOFREGISTRATIONFEETitleofeachClassofSecuritiestobeRegisteredProposedMaximumAggregateOfferingPrice(1)(2)AmountofRegistrationFeeClassAcommonstock,parvalue$0.00001pershare$1
11、00,000,000$12,120(1)EstimatedsolelyforthepurposeofcalculatingtheregistrationfeeinaccordancewithRule457(o)oftheSecuritiesActof1933,asamended.(2)Includestheaggregateofferingpriceofadditionalsharesthattheunderwritershavetheoptiontopurchase,ifany.Theregistrantherebyamendsthisregistrationstatementonsuchd
12、ateordatesasmaybenecessarytodelayitseffectivedateuntiltheregistrantwillfileafurtheramendmentwhichspecificallystatesthatthisregistrationstatementwillthereafterbecomeeffectiveinaccordancewithSection8(a)oftheSecuritiesActof1933,asamended,oruntiltheregistrationstatementwillbecomeeffectiveonsuchdateasthe
13、SecuritiesandExchangeCommission,actingpursuanttosaidSection8(a),maydetermine.Table of ContentsClassACommonStockSharesinThisisaninitialpublicofferingofsharesofClassAcommonstockofLyft,Inc.filedPriortothisoffering,therehasbeennopublicmarketforourClassAcommonstock.Itiscurrentlyestimatedthatthesecurities
14、initialpublicofferingpricepersharewillbebetween$and$.WehaveappliedtolistourClassAcommonstockonthestatementtheseNasdaqGlobalSelectMarketunderthesymbol“LYFT”.Wehavetwoclassesofcommonstock,ClassAcommonstockandClassBcommonstock.TherightsoftheholdersofClassAcommonstockbuyandClassBcommonstockareidentical,
15、exceptvotingandconversionrights.EachshareofClassAcommonstockisentitledtoonevote.toEachshareofClassBcommonstockisentitledto20votesandisconvertibleatanytimeintooneshareofClassAcommonstock.Upontheregistrationovercompletionofthisoffering,LoganGreen,ourcofounder,ChiefExecutiveOfficerandamemberofourboardo
16、fdirectors,willholdapproximately%ofthevotingpowerofouroutstandingcapitalstockandJohnZimmer,ourcofounderandPresidentandViceChairmantheanofourboardofdirectors,willholdapproximately%ofthevotingpowerofouroutstandingcapitalstock.Asaresult,individuallyortogether,untilseekLoganGreenandJohnZimmer,collective
17、lyreferredtohereinasourCoFounders,willbeabletosignificantlyinfluenceanyactionrequiringitsoldtheapprovalofourstockholders,includingtheelectionofourboardofdirectors,theadoptionofamendmentstoourcertificatedoesofincorporationandbylawsandtheapprovalofanymerger,consolidation,saleofallorsubstantiallyallofo
18、urassetsorotherbenormajorcorporatetransaction.notsellmayWewillbetreatedasanemerginggrowthcompany,asdefinedintheJumpstartOurBusinessStartupsActof2012,forcertainpurposesuntiltowecompletethisoffering.Assuch,inthisprospectuswehavetakenadvantageofcertainreduceddisclosureobligationsthatapplytoo_eremerging
19、growthcompaniesregardingselectedfinancialdataandexecutivecompensationarrangements.an.securities2019not,isSee“RiskFactors”beginningonpage20toreadaboutfactorsyoushouldconsiderbeforebuyingsharesofourThese.datedClassAcommonstock.changedprospectusNeithertheSecuritiesandExchangeCommissionnoranyotherregula
20、torybodyhasapprovedbeordisapprovedofthesesecuritiesorpassedupontheaccuracyoradequacyofthisprospectus.mayApletion,andpreliminarytoPershareTotalThisInitialpublico_eringprice$(1).SubjectUnderwritingdiscount$complete.Proceeds,beforeexpenses,toLyft,Inc.$note_ectiveisis(1)Seethesectiontitled“Underwriting”
21、foradescriptionofthecompensationpayabletotheunderwriters.permittednotisAtourrequest,theunderwritershavereserveduptosharesofClassAcommonstock,or%oftheshareso_eredbythisprospectus,prospectusforsaleattheinitialpublico_eringpriceinadirectedshareprogram,toourdirectors,certainCommissionsaleofouremployeesa
22、ndthefriendsandfamilymembersofourdirectorsandsuchemployees,aswellascertaindriversonourplatform.Toorrecognizecertaindriverswhohavecontributedtooursuccess,wewillpaycashbonusesthatwillallowsuchdriverstomoreeasilyo_erparticipateinthedirectedshareprogram.Seethesectiontitled“UnderwritingDirectedShareProgr
23、am.”preliminaryExchangethethisandTotheextentthattheunderwriterssellmorethansharesofClassAcommonstock,theunderwritershavetheoptiontopurchaseuptoaninadditionalsharesfromLyft,Inc.attheinitialpublico_eringpricelesstheunderwritingdiscount.whereSecuritiesTheunderwritersexpecttodeliverthesharesagainstpayme
24、ntinNewYork,NewYork,onoraboutinformationthejurisdiction,2019.ThewithanyJ.P.MorganCreditSuisseJeeriesUBSInvestmentBankStifelRBCCapitalMarketsKeyBancCapitalMarketsCowenRaymondJamesCanaccordGenuityEvercoreISIPiperJarayJMPSecuritiesWellsFargoSecuritiesKKRAcademySecuritiesBlaylockVanPenserraSiebertCisner
25、osShank&CoTheWilliamsCapitalGroupProspectusdated,2019Table of ContentsImprovepeoplesliveswiththeworldsbesttransportation.OurmissionTable of Contents1.9millionDriversin2018Lyfthelpsdriversgetclosertotheirgoals,whethertheyrepayingtheirbillsorfundingtheirdreams.Drivers30.7millionRidersin2018Ridersacros
26、sNorthAmericaareexploringtheircitiesthankstomoreaffordable,convenientandreliabletransportation.RidersTable of Contents$2.2billionRevenuein2018$8.1billionBookingsin20181billion+Cumulativerides300+MarketsinUSandCanada1MissionTable of ContentsTABLEOFCONTENTSPROSPECTUSSUMMARY 1RISKFACTORS 20SPECIALNOTER
27、EGARDINGFORWARDLOOKINGSTATEMENTS 62INDUSTRY,MARKETANDOTHERDATA 64USEOFPROCEEDS 66DIVIDENDPOLICY 67CAPITALIZATION 68DILUTION 71SELECTEDCONSOLIDATEDFINANCIALANDOTHERDATA 74MANAGEMENTSDISCUSSIONANDANALYSISOFFINANCIALCONDITIONANDRESULTSOFOPERATIONS 76OURLIFESWORK 109BUSINESS 124MANAGEMENT 157EXECUTIVECO
28、MPENSATION 168CERTAINRELATIONSHIPSANDRELATEDPARTYTRANSACTIONS 185PRINCIPALSTOCKHOLDERS 191DESCRIPTIONOFCAPITALSTOCK 194SHARESELIGIBLEFORFUTURESALE 201MATERIALU.S.FEDERALINCOMETAXCONSEQUENCESTONONU.S.HOLDERSOFOURCLASSACOMMONSTOCK 204UNDERWRITING 208LEGALMATTERS 220EXPERTS 220WHEREYOUCANFINDADDITIONAL
29、INFORMATION 220INDEXTOCONSOLIDATEDFINANCIALSTATEMENTS F1Throughandincluding,2019(the25thdayafterthedateofthisprospectus),alldealerseffectingtransactionsinthesesecurities,whetherornotparticipatinginthisoffering,mayberequiredtodeliveraprospectus.Thisisinadditiontoadealersobligationtodeliveraprospectus
30、whenactingasanunderwriterandwithrespecttoanunsoldallotmentorsubscription.Neitherwenoranyoftheunderwritershaveauthorizedanyonetoprovideanyinformationortomakeanyrepresentationsotherthanthosecontainedinthisprospectusorinanyfreewritingprospectuseswehaveprepared.Neitherwenoranyoftheunderwriterstakerespon
31、sibilityfor,andcanprovidenoassuranceastothereliabilityof,anyotherinformationthatothersmaygiveyou.Thisprospectusisanoffertosellonlythesharesofferedhereby,butonlyundercircumstancesandinjurisdictionswhereitislawfultodoso.Theinformationcontainedinthisprospectusiscurrentonlyasofitsdate,regardlessofthetim
32、eofdeliveryofthisprospectusorofanysaleofourClassAcommonstock.ForinvestorsoutsidetheUnitedStates:Neitherwenoranyoftheunderwritershavedoneanythingthatwouldpermitthisofferingorpossessionordistributionofthisprospectusinanyjurisdictionwhereactionforthatpurposeisrequired,otherthanintheUnitedStates.Persons
33、outsidetheUnitedStateswhocomeintopossessionofthisprospectusmustinformthemselvesabout,andobserveanyrestrictionsrelatingto,theofferingofthesharesofourClassAcommonstockandthedistributionofthisprospectusoutsidetheUnitedStates.Table of ContentsPROSPECTUSSUMMARYThissummaryhighlightsselectedinformationthat
34、ispresentedingreaterdetailelsewhereinthisprospectus.ThissummarydoesnotcontainalloftheinformationyoushouldconsiderbeforeinvestinginourClassAcommonstock.Youshouldreadthisentireprospectuscarefully,includingthesections titled“Risk Factors”and“Managements Discussion and Analysis of Financial Condition an
35、d Results of Operations”and ourconsolidatedfinancialstatementsandtherelatednotesincludedelsewhereinthisprospectus,beforemakinganinvestmentdecision.Unlessthecontextotherwiserequires,theterms“Lyft,”“thecompany,”“we,”“us”and“our”inthisprospectusrefertoLyft,Inc.anditsconsolidatedsubsidiaries.LYFT,INC.Ou
36、rMissionImprovepeoplesliveswiththeworldsbesttransportation.OverviewLyftstartedamovementtorevolutionizetransportation.In2012,welaunchedourpeertopeermarketplaceforondemandridesharingandhavecontinued to pioneer innovations aligned with our mission.Today,Lyft is one of the largest and fastestgrowing mul
37、timodal transportationnetworksintheUnitedStatesandCanada.Todate,wehavefacilitatedoveronebillionrides.Webelievethatcitiesshouldbebuiltforpeople,notcars.Masscarownershipinthetwentiethcenturybroughtunprecedentedfreedomtoindividualsandspurredsignificanteconomicgrowth.However,intheprocess,cityinfrastruct
38、urebecameoverwhelminglydevotedtocars.Roadsandparkinglotshavereplacedtoomuchgreenspace.Masscarownershipstrainsourcitiesandreducestheveryfreedomthatcarsonceprovided.Carownershiphasalsoeconomicallyburdenedconsumers.U.S.householdsspendmoreontransportationthanonanyexpenditureotherthanhousing.1IntheUnited
39、Statesalone,consumersspendover$1.2trillionannuallyonpersonaltransportation.2Onaperhouseholdbasis,theaverageannualspendontransportationisover$9,500,withthesubstantialmajorityspentoncarownershipandoperation.3Yet,theaveragecarisutilizedonlyfivepercentofthetimeandremainsparkedandunusedtheother95%.4Consu
40、mersareseekingbetterwaystogetaround.Theyhavegrownaccustomedtotheconvenienceandimmediacyoftheondemandeconomyandexpecttheirexperiencestobemoresimpleandenjoyable.Existingtransportationoptionshavefailedtomeetthisshiftinconsumerdemand,creatingtheopportunityforabettersolution.Webelievethattheworldisattheb
41、eginningofashiftawayfromcarownershiptoTransportationasaService,orTaaS.Lyftisattheforefrontofthismassivesocietalchange.Ourridesharingmarketplaceconnectsdriverswithridersandweestimateitisavailabletoover95%oftheU.S.population,aswellasinselectcitiesinCanada.In2018,almosthalfofourridersreportedthattheyus
42、etheircarslessbecauseofLyft,and22%reportedthatowningacarhasbecomelessimportant.5Asthisevolutioncontinues,webelievethereisamassiveopportunityforustoimprovethelivesofourridersbyconnectingthemtomoreaffordableandconvenienttransportationoptions.1U.S.BureauofLaborStatistics,orBLS,ConsumerExpenditures2017,
43、September2018.2BLSseethesectiontitled“Industry,MarketandOtherData.”3BLSseethesectiontitled“Industry,MarketandOtherData.”4DonaldShoup,TheHighCostofFreeParking,2011.5EconomicImpactReportseethesectiontitled“Industry,MarketandOtherData.”1Table of ContentsWearelaserfocusedonrevolutionizingtransportationa
44、ndcontinuetoleadthemarketininnovation.Wehaveestablishedascalednetworkofdriversandriders,orusers,broughttogetherbyourrobusttechnologyplatformthatpowersmillionsofridesandconnectionseveryday.Weleverageourtechnologyplatform,thescaleanddensityofourusernetworkandinsightsfromoveronebillionridestocontinuous
45、lyimproveourridesharingmarketplaceefficiencyanddevelopnewofferings.Forexample,wepioneeredasharedrideoffering,orSharedRides,providinglowercostridestoriderstravelingsimilarrouteswhileimprovingtheefficiencyofournetwork.Morerecently,wewerethefirsttolaunchapubliclyavailablecommercialautonomousofferingint
46、heUnitedStates.Today,ourofferingsincludeanexpandedsetoftransportationmodes,suchasaccesstoanetworkofsharedbikesandscootersforshorterridesandfirstmileandlastmilelegsofmultimodaltrips.Wealsorecentlyaddedinformationaboutnearbypublictransitroutesinselectcitiestoofferridersarobustviewoftransportationoptio
47、ns.OurmultimodalplatformenablesTaaS,whichwebelieveoffersaviablealternativetocarownership.Weanticipatethedemandforourofferingswillcontinuetogrowasmoreandmorepeoplediscovertheconvenience,experienceandaffordabilityofusingLyft.Toadvanceourmission,weaimtobuildthedefiningbrandofourgenerationandtopromoteac
48、ompanyculturebasedonouruniquevaluesandcommitmenttosocialresponsibility.Webelievethatourbrandrepresentsfreedomatyourfingertips:freedomfromthestressesofcarownershipandfreedomtodoandseemore.Inaddition,ourcorevaluesfocusonauthenticity,empathyandsupportforothersandencourageourteammemberstotakeinitiative.
49、Thesevalueshavegivenrisetoauniquecompanyculturethatfostersanamazingcommunityofdrivers,ridersandemployees,andhashelpedestablishLyftasawidelytrustedandrecognizedbrand.WebelievemanyusersareloyaltoLyftbecauseofourvalues,brandandcommitmenttosocialresponsibility.Ourvalues,brand,innovationandfocusedexecuti
50、onhavedrivensignificantgrowthinmarketshareandinthenumberofusersonourplatform.Asridesharingbecomesmoremainstream,webelievethatusersareincreasinglychoosingaridesharingplatformbasedonbrandaffinityandvaluealignment.OurU.S.ridesharingmarketsharewas39%inDecember2018,upfrom22%inDecember2016.6Thisgrowthcome
