Page 1

lyn SAN FRANCISCO , CA , May 4 , 2021 – Lyft , Inc. ( Nasdaq : LYFT ) today announced financial results for its first quarter ended March 31 , 2021 . " The improvements we've made over the last year are paying off - we've built a much stronger business . As the recovery continues , we are confident that we will be able to deliver strong financial results " said Logan Green , co - founder and chief executive officer of Lyft . " We expect to build a significantly larger company by attacking the trillion dollar plus market opportunity in front of us . " " We had an exceptionally strong Q1 as more people started moving again . Our results meaningfully exceeded our outlook driven by elevated demand across our network , " said Brian Roberts , chief financial officer of Lyft . Lyft Announces First Quarter Results First quarter revenue of $ 609.0 million grew 7 % quarter - over - quarter Strong Q1 results reflect ongoing recovery & exceeded outlook " With the pending sale of our Level 5 self - driving division , Lyft is set up to win the transition to autonomous through our hybrid network of human drivers and AVs , advanced marketplace tech , and leading fleet management capabilities , " said John Zimmer , co - founder and president of Lyft . First Quarter 2021 Financial Highlights Lyft reported Q1 revenue of $ 609.0 million versus $ 955.7 million in the first quarter of 2020 , a decrease of 36 percent year - over - year , but an increase of 7 percent from $ 569.9 million in the fourth quarter of 2020 . ● ● ● ● Net loss for Q1 2021 was $ 427.3 million versus a net loss of $ 398.1 million in the same period of 2020. Net loss for Q1 includes $ 180.7 million of stock - based compensation and related payroll tax expenses and $ 128.0 million related to changes to the liabilities for insurance required by regulatory agencies attributable to historical periods . Net loss margin for Q1 was 70.2 percent compared to 41.7 percent in the first quarter of 2020 . Adjusted net loss for Q1 2021 was $ 114.1 million versus an adjusted net loss of $ 97.4 million in the first quarter of 2020 . Lyft reported Contribution for Q1 2021 of $ 337.3 million versus $ 547.4 million in the first quarter of 2020 , down 38 percent year - over - year but up 7 percent from $ 316.0 million in Q4 2020. Contribution Margin for Q1 2021 was 55.4 percent , which was down by 1.9 percentage points year - over - year but down by just 10 basis points quarter - over - quarter . Contribution Margin for Q1 2021 exceeded the Company's outlook of 51 to 51.5 percent¹ . Adjusted EBITDA loss for Q1 2021 was $ 73.0 million , an improvement of $ 12.2 million compared to the first quarter of 2020 and an improvement of $ 77.0 million compared to the fourth quarter of 2020. The Adjusted EBITDA loss for Q1 2021 was approximately $ 62 million better than the Company's most recent outlook for its Adjusted EBITDA loss² . Adjusted EBITDA loss margin for Q1 2021 was 12.0 percent versus 8.9 percent in the first quarter of 2020 and versus 26.3 percent in the fourth quarter of 2020 . Lyft reported $ 2.2 billion of unrestricted cash , cash equivalents and short - term investments at the end of the first quarter of 2021 . 1 Company outlook for Contribution Margin for the first quarter of 2021 as reported during the fourth quarter 2020 Financial Results Earnings Call on February 9 , 2021 . 2 Company outlook for Adjusted EBITDA loss for the first quarter of 2021 was $ 135 million as reported on Form 8 - K filed March 2 , 2021 .