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lyft Q2 2026 Earnings August 6 , 2026
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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", "look forward" 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 Lyftʼs future financial and operating performance, including its outlook for the third quarter of 2026, demand for Lyftʼs products and services and the markets in which Lyft operates, including Lyftʼs total addressable market and market opportunity, impact of pricing pressure and seasonality trends, expected trends in insurance costs and their impact on Lyftʼs business, the impact of macroeconomic conditions on our business, results of operations, and the markets in which we operate, expectations regarding our acquisitions and their anticipated impacts on our international operations and financial results and risks related to their integrations and operations, expansion of our operations internationally, expectations regarding our autonomous and other partnerships, rider and driver activity, including driver supply, expectations regarding our share repurchase program including the timing of repurchases thereunder, and litigation and regulatory matters. Lyftʼs 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 macroeconomic environment, including inflation, tariffs and geopolitical uncertainty, and the impact of these factors and other market factors on operating expenses, including insurance costs, the sufficiency of Lyftʼs unrestricted cash, cash equivalents, and short-term investments, as well as risks associated with the outcome of litigation and regulatory matters. 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 (“SECˮ), including in our Annual Report on Form 10K and Quarterly Reports on Form 10Q filed with the SEC. The forward-looking statements in this presentation are based on information available to Lyft as of the date of this presentation, and Lyft disclaims any obligation to update any forward-looking statements, except as required by law. This presentation and the accompanying oral presentation discuss "customers." For rideshare, there are generally two customers in every car - the driver is Lyft's customer, and the rider is the driver's customer. We care about both. In addition to financial information presented in accordance with U.S. generally accepted accounting principles (“GAAPˮ), this presentation and the accompanying oral presentation include certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin as a percentage of Gross Bookings, non-GAAP operating expenses, and free cash flow. 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.
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Record Active Riders drove sequential accelerated Rides growth. QUARTERLY HIGHLIGHTS Q2’26 Active Riders: 30.5 million, 17% Yo Y Gross Bookings: $5.5 billion, 23% Yo Y Free cash flow: $1.11 billion (trailing twelve months) Adj. EBITDA margin % of Gross Bookings): 3.2% 1 3 1 (1) The Adjusted EBITDA margin and free cash flow (“FCF”) 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. (2) The above trailing twelve months (“TTM”) figure calculates FCF for the trailing twelve months, which represents the sum of the current quarter and prior three quarters. 2
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GROWTH STRATEGY: OPERATIONAL EXCELLENCE 4 In Q2, record Active Riders drove sequential accelerated Rides growth in North America and globally. Our operational excellence continues to drive incremental demand: 🔁 Typical summer strength, people love to party: We delivered all-time high party rides, think rideshare to festivals, Pride, graduations, and sports games. During the NBA Finals, rideshare rides to NYC bars were up 25% and Citi Bike rides were 2.5x typical levels. 📈 Momentum from Californiaʼs insurance reform: Rideshare rides in CA grew faster than the national average. ⚽ Cup chasers: We delivered record airport rides, with strong demand from host regions. During the World Cup events, host cities like Kansas City and Toronto saw weekly average rides 15% higher than typical levels. Broad-based growth, consistent execution. 4
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Wrong side of the road, right side of growth. GROWTH STRATEGY: UP & OUT 5 One year into Lyftʼs global expansion, we continue to build out foundational inputs like brand marketing + systems integrations + roaming that allow Lyft to invest in profitable growth as we deepen our presence globally. In Q2, we took our operational know-how further UP and OUT ● In Freenow by Lyft, we saw momentum with quarter over quarter Rides growth. ● The expansion of the Lyft x Curb taxi integration in NYC adds attractive supply with the largest taxi market now available on our platform. ● Our planned acquisition of Serveoʼs bikeshare business in Spain will expand our bikeshare program abroad and add to our high margin Lyft Urban Solutions business. 5
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Driving the hybrid future forward. 6 Our right to win comes from a structural advantage: years of industry experience, proprietary software, and customer obsession. We continue to build a hybrid network where rideshare and AVs work together, not in competition. ● Nashville: We have seen early productivity and strong collaboration since taking over operations in June, and our purpose-built Flexdrive depot is opening in October. ● London: Our Baidu RT6 vehicles are on the ground mapping and testing. Weʼre designing the Operational Design Domain ODD) and hiring safety drivers as we expand our role in the AV value chain over time, on track for commercial release in 2027. ● San Francisco: Lyft Rides grew approx. 20% Yo Y within the ODD, the strongest growth across all current markets with AVs as they scale and bring rising tides for all. GROWTH STRATEGY: AUTONOMOUS VEHICLES
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Results & Guidance
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Q2ʼ26 Active Riders: 30.5 million, +17% Y o Y 8 Quarterly Active Riders (in millions, except for percentages) 24.4 24.7 24.2 26.1 28.7 29.2 28.3 30.5 +9% Y o Y +10% Y o Y +11% Y o Y +10% Y o Y +18% Y o Y +18% Y o Y +17% Y o Y Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25 Q1‘26 +17% Y o Y Q2‘26 23.7 +10% Y o Y Q2‘24
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Q2'26 Rides: 262.4 million, 12% YoY Quarterly Rides (in millions, except for percentages) 9 218.5 218.4 234.8 248.8 243.5 236.9 236.9 +8% Y o Y +16% Y o Y +15% Y o Y +16% Y o Y +14% Y o Y +15% Y o Y +11% Y o Y +12% Y o Y 216.7 Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25 Q1‘26 Q2‘26Q2‘24 262.4 205.3 +15% Y o Y
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$4,019 $1,436 +17% Y o Y Q2ʼ26 Gross Bookings: $5.5 billion, 23% YoY 10 Quarterly Gross Bookings (in millions, except for percentages) (1) Includes a $168 million impact from certain legal, tax, and regulatory reserve changes and settlements. Without the impact of this, revenue would have been $1.8 billion. Revenue Gross Bookings $1,593 $1,844 $4,108 $4,279 $4,162 $4,490 $4,780 $5,074 $4,946 $5,504 $1,523 $1,550 $1,450 $1,588 $1,685 1 +19% Y o Y +19% Y o Y +16% Y o Y +12% Y o Y +13% Y o Y +15% Y o Y +16% Y o Y +23% Y o Y Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25 Q1‘26 Q2‘26Q2‘24 $1,650
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Q2ʼ26 Adj. EBITDA & Margin: $177 million, 3.2% margin (% of Gross Bookings) Quarterly Adj. EBITDA & Margin (% of Gross Bookings) 11 (in millions, except for percentages) Note: The 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. $107 $113 $106 $129 $139 $154 $133 2.7%2.6% 2.6% 2.6% 2.9% 2.9% 3.0% 3.2% Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25 Q1‘26 Q2‘26Q2‘24 $103 2.6% $177
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Q2ʼ26 Free Cash Flow: $1.1 billion trailing twelve months 12 Note: The 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. The above figures calculate free cash flow for the trailing twelve months periods, which represent the sums of the current quarter and prior three quarters. Free Cash Flow (TTM) (in millions) ($0.2) ($0.2) $920 $993 $1,028 $1,116 $1,122 $1,112 $766 $641 $368 Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25 Q1‘26 Q2‘26Q2‘24
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Gross Bookings Approx. $5.50 billion to $5.67 billion, up approx. 15% to 19% year over year Adjusted EBITDA Approx. $183 million to $203 million Adjusted EBITDA margin % of Gross Bookings) Approx. 3.3% to 3.6% Q3ʼ26 Guidance 13
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Financial Results: Reconciliations from GAAP to Non-GAAP and Trended Financial Statements
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Active Riders 21.9 23.7 24.4 24.7 24.2 26.1 28.7 29.2 28.3 30.5 Rides 187.7 205.3 216.7 218.5 828.3 218.4 234.8 248.8 243.5 945.5 236.9 262.4 Gross Bookings $ 3,693.2 $ 4,018.9 $ 4,108.4 $ 4,278.9 $ 16,099.4 $ 4,162.4 $ 4,490.1 $ 4,780.4 $ 5,074.2 $ 18,507.0 $ 4,946.0 $ 5,504.2 Revenue¹ $ 1,277.2 $ 1,435.8 $ 1,522.7 $ 1,550.3 $ 5,786.0 $ 1,450.2 $ 1,588.2 $ 1,685.2 $ 1,592.7 $ 6,316.3 $ 1,650.5 $ 1,843.5 Incentives classified to contra-revenue (recast)² $ 190.5 $ 183.4 $ 145.1 $ 187.8 $ 706.8 $ 184.7 $ 141.7 $ 106.3 $ 152.6 $ 585.4 $ 171.9 $ 147.3 Incentives classified to sales and marketing (recast)² $ 64.4 $ 81.5 $ 108.4 $ 148.6 $ 402.8 $ 83.8 $ 99.9 $ 128.4 $ 133.6 $ 445.8 $ 164.6 $ 186.9 Incentives classified to cost of revenue $ — $ — $ — $ — $ — $ — $ — $ 0.8 $ 2.9 $ 3.7 $ 3.0 $4.9 Net income (loss) $ 31.5 $ 5.0 $ 12.4 $ 61.7 $ 22.8 $ 2.6 $ 40.3 $ 46.1 $ 2,755.1 $ 2,844.0 $ 14.2 $ 50.3 Net income (loss) as a % of Gross Bookings 0.9% 0.1 % 0.3% 1.4 % 0.1 % 0.1 % 0.9 % 1.0 % 54.3 % 15.4 % 0.3 % 0.9 % Net cash provided by operating activities $ 156.2 $ 276.2 $ 264.0 $ 153.4 $ 849.7 $ 287.2 $ 343.7 $ 291.3 $ 246.2 $ 1,168.4 $ 307.7 $ 349.9 Adjusted EBITDA $ 59.4 $ 102.9 $ 107.3 $ 112.8 $ 382.4 $ 106.5 $ 129.4 $ 138.9 $ 154.1 $ 528.8 $ 132.8 $ 177.2 Adjusted EBITDA margin (calculated as a % of Gross Bookings) 1.6 % 2.6 % 2.6% 2.6% 2.4% 2.6 % 2.9 % 2.9 % 3.0 % 2.9 % 2.7 % 3.2 % Free cash flow $ 127.1 $ 256.4 $ 242.8 $ 140.0 $ 766.3 $ 280.7 $ 329.4 $ 277.8 $ 227.6 $ 1,115.6 $ 287.3 $ 319.6 Historical Financial and Operational Results (in millions, except for percentages) 15 (1) Revenue for the fourth quarter of 2025 and year ended December 31, 2025 includes a $168 million impact from certain legal, tax, and regulatory reserve changes and settlements. Without this item, revenue would have been $1.8 billion and $6.5 billion for the fourth quarter of 2025 and year ended December 31, 2025, respectively. (2) In the second quarter of 2025, we determined that certain components should be excluded from our disclosure of incentives. Accordingly, prior period amounts disclosed have been changed to conform to current period presentation.
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Assets Current assets: Cash and cash equivalents $ 507.9 $ 604.4 $ 770.3 $ 759.3 $ 985.5 $ 913.8 $ 1,305.9 $ 1,132.0 $ 1,034.9 $ 1,137.9 Short-term investments 1,157.7 1,196.0 1,156.7 1,225.1 1,168.5 878.3 686.6 705.2 686.1 656.6 Prepaid expenses and other current assets 883.1 879.6 940.3 966.1 969.9 965.4 1,002.9 1,082.3 1,001.6 1,064.9 Total current assets 2,548.8 2,679.9 2,867.4 2,950.5 3,123.9 2,757.6 2,995.4 2,919.5 2,722.5 2,859.4 Restricted cash and cash equivalents 144.7 213.9 270.2 186.7 261.4 461.3 368.3 705.4 792.5 759.0 Restricted investments 1,062.3 1,125.0 1,196.8 1,355.5 1,374.5 1,253.4 1,437.6 1,230.8 1,205.8 1,305.7 Investments 39.3 39.7 43.0 42.5 42.1 43.3 45.2 47.1 47.0 44.5 Property and equipment, net 544.5 528.2 483.9 444.9 415.1 401.2 387.4 418.5 438.7 430.3 Operating lease right-of-use assets 95.1 89.0 83.9 148.4 146.3 142.8 155.2 165.6 159.3 163.9 Intangible assets, net 55.6 51.3 48.2 42.8 39.3 38.0 134.9 178.9 166.4 164.6 Goodwill 256.2 255.4 256.4 251.4 251.5 255.5 389.5 439.8 435.0 477.1 Deferred tax assets 0.5 0.5 0.5 0.4 0.4 1.6 11.8 2,906.1 2,900.7 2,880.6 Other assets 15.5 14.2 12.9 12.0 13.4 14.7 17.7 18.4 21.9 22.4 Total Assets $ 4,762.4 $ 4,997 .1 $ 5,263.2 $ 5,435.1 $ 5,668.0 $ 5,369.4 $ 5,943.0 $ 9,030.1 $ 8,890.0 $ 9,107 .5 Condensed Consolidated Balance Sheet ($ in millions) 16 Note: Prior period amounts related to deferred tax assets have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported total assets or total liabilities. Due to rounding, numbers presented may not add up precisely to the totals provided.
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 104.5 $ 116.1 $ 109.3 $ 97.7 $ 98.6 $ 104.5 $ 107.4 $ 120.5 $ 114.9 $ 115.6 Insurance reserves 1,391.0 1,489.6 1,592.6 1,701.4 1,823.5 1,947.9 2,070.6 2,180.4 2,245.0 2,307.7 Accrued and other current liabilities 1,580.5 1,602.6 1,715.2 1,666.3 1,735.3 1,839.9 1,930.7 2,196.9 2,277.9 2,428.9 Operating lease liabilities, current 43.3 43.2 41.8 25.2 24.9 24.5 27.2 28.1 28.1 28.3 Convertible senior notes, current — 389.4 389.8 390.2 390.5 — — — — — Total current liabilities 3,119.2 3,640.8 3,848.6 3,880.7 4,072.9 3,916.7 4,135.9 4,525.8 4,665.9 4,880.5 Operating lease liabilities 124.8 113.1 103.8 152.1 148.0 142.9 151.1 159.9 152.7 156.3 Long-term debt, net of current portion 942.2 578.3 574.5 566.0 549.9 526.5 1,010.0 1,002.4 986.6 990.6 Other liabilities 84.9 87.2 80.5 69.3 59.1 50.6 73.0 68.4 58.8 56.5 Total Liabilities $ 4,271.1 $ 4,419.5 $ 4,607 .4 $ 4,668.1 $ 4,829.9 $ 4,636.7 $ 5,370.0 $ 5,756.5 $ 5,864.0 $ 6,083.8 Stockholders' equity Preferred stock — — — — — — — — — — Common stock — — — — — — — — — — Additional paid-in capital 10,810.1 10,892.8 10,979.0 11,035.2 11,104.1 10,954.9 10,743.6 10,687.0 10,436.2 10,388.6 Accumulated other comprehensive income (loss) 6.3 7.8 3.3 10.1 10.4 7.0 1.4 0.6 10.4 15.4 Accumulated deficit 10,312.4 10,307.4 10,319.9 10,258.1 10,255.6 10,215.3 10,169.2 7,414.1 7,399.9 7,349.6 Total stockholders' equity 491.3 577.6 655.8 767.0 838.1 732.7 573.0 3,273.5 3,025.9 3,023.6 Total liabilities and stockholders' equity $ 4,762.4 $ 4,997 .1 $ 5,263.2 $ 5,435.1 $ 5,668.0 $ 5,369.4 $ 5,943.0 $ 9,030.1 $ 8,890.0 $ 9,107 .5 Condensed Consolidated Balance Sheet (cont.) ($ in millions) Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 17
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Revenue $ 1,277 .2 $ 1,435.8 $ 1,522.7 $ 1,550.3 $ 5,786.0 $ 1,450.2 $ 1,588.2 $ 1,685.2 $ 1,592.7 $ 6,316.3 $ 1,650.5 $ 1,843.5 Cost and expenses Cost of revenue 755.4 819.5 888.3 874.6 3,337.7 862.9 935.7 927.2 971.8 3,697.7 864.1 926.4 Operations and support 103.0 115.7 117.5 107.6 443.8 106.3 117.4 131.4 123.1 478.3 124.4 128.7 Research and development 100.0 98.8 104.4 93.8 397.1 112.5 109.3 109.6 120.0 451.4 124.2 119.2 Sales and marketing 145.5 176.4 215.8 251.4 789.0 182.0 190.9 243.3 258.8 875.1 272.9 320.0 General and administrative 236.3 252.6 253.4 195.0 937.3 215.3 232.3 250.6 303.9 1,002.1 270.2 301.6 Total costs and expenses 1,340.2 1,463.1 1,579.4 1,522.3 5,904.9 1,479.0 1,585.8 1,662.1 1,777.7 6,504.6 1,655.8 1,796.0 Income (loss) from operations $ 63.0 $ 27 .2 $ 56.7 $ 28.0 $ 118.9 $ 28.8 $ 2.4 $ 23.1 $ 185.0 $ 188.4 $ 5.3 $ 47 .6 Interest expense 7.0 7.9 7.4 6.7 28.9 6.2 5.0 4.7 4.8 20.8 5.2 5.5 Other income, net 41.1 41.9 50.9 39.2 173.2 40.9 47.0 25.8 42.2 155.9 30.3 36.3 Income (loss) before income taxes 28.9 6.9 13.1 60.5 25.4 5.9 44.4 44.1 147.7 53.2 19.8 78.4 Provision for (benefit from) income taxes 2.6 1.9 0.7 1.2 2.6 3.4 4.1 2.0 2,902.7 2,897.3 5.5 28.1 Net income (loss) $ 31.5 $ 5.0 $ 12.4 $ 61.7 $ 22.8 $ 2.6 $ 40.3 $ 46.1 $ 2,755.1 $ 2,844.0 $ 14.2 $ 50.3 Interest expense of 2025 Convertible Notes, net of taxes — — — 1.1 — — — — — — — — Net income (loss), diluted¹ $ 31.5 $ 5.0 $ 12.4 $ 62.8 $ 22.8 $ 2.6 $ 40.3 $ 46.1 $ 2,755.1 $ 2,844.0 $ 14.2 $ 50.3 Net income (loss) per share Basic $ 0.08 $ 0.01 $ 0.03 $ 0.15 $ 0.06 $ 0.01 $ 0.10 $ 0.11 $ 6.88 $ 6.92 $ 0.04 $ 0.13 Diluted $ 0.08 $ 0.01 $ 0.03 $ 0.15 $ 0.06 $ 0.01 $ 0.10 $ 0.11 $ 6.72 $ 6.81 $ 0.04 $ 0.13 Weighted-average shares used to compute net income (loss) per share Basic 401.6 406.5 412.2 416.3 409.2 419.0 417.2 405.7 400.4 410.8 395.1 380.3 Diluted 401.6 412.0 412.2 429.9 413.7 424.0 423.0 412.7 409.9 417.7 402.5 386.3 Condensed Consolidated Statement of Operations (in millions, except per share items) (1) Diluted net income (loss) is calculated separately for each period presented. As such, the year-to-date period may not add up precisely to the quarter-to-date periods provided. Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 18
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Cash flows from operating activities Net income (loss) $ 31.5 $ 5.0 $ 12.4 $ 61.7 $ 22.8 $ 2.6 $ 40.3 $ 46.1 $ 2,755.1 $ 2,844.0 $ 14.2 $ 50.3 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 32.4 37.7 45.1 33.7 148.9 33.6 30.6 33.8 37.3 135.2 36.6 38.8 Stock-based compensation 80.1 85.7 89.0 76.1 330.9 93.2 82.1 66.6 80.4 322.3 86.9 76.6 Deferred income tax — 0.4 0.1 2.4 1.9 0.1 1.2 0.1 2,894.1 2,895.1 1.9 19.6 Amortization of premium on marketable securities 0.1 0.1 0.1 — 0.3 — — 0.1 0.1 0.3 0.2 0.2 Accretion of discount on marketable securities 20.9 22.4 22.9 23.2 89.4 21.5 16.2 16.6 14.9 69.2 13.4 12.9 Amortization of debt discount and issuance costs 0.8 1.0 1.0 1.0 3.7 0.9 0.8 0.8 1.2 3.7 1.2 1.2 Loss (gain) on sale and disposal of assets, net 4.3 0.2 12.7 0.3 7.8 0.4 2.7 2.6 2.6 7.6 3.2 2.9 Gain from lease termination — — — 29.6 29.6 — — — — — — — Other 2.1 0.9 3.7 5.0 2.5 0.3 6.2 1.7 4.5 9.2 0.5 4.9 Changes in operating assets and liabilities: Prepaid expenses and other assets 9.8 2.3 51.8 36.7 76.5 9.0 10.3 7.5 44.8 51.0 73.9 43.9 Operating lease right-of-use assets 7.1 6.1 6.8 6.3 26.3 5.5 5.8 8.7 7.0 27.0 7.4 7.7 Accounts payable 31.8 8.0 5.1 13.0 21.7 0.8 6.4 2.3 12.2 21.7 8.2 0.5 Insurance reserves 53.1 98.6 103.0 108.8 363.5 122.1 124.3 122.8 109.8 479.0 64.6 62.6 Accrued and other liabilities 8.5 66.3 114.8 23.4 166.1 67.4 71.8 40.1 206.3 385.6 46.8 160.8 Lease liabilities 12.8 11.4 12.5 10.7 47.4 7.7 7.8 10.2 7.5 33.2 8.2 8.4 Net cash provided by operating activities $ 156.2 $ 276.2 $ 264.0 $ 153.4 $ 849.7 $ 287 .2 $ 343.7 $ 291.3 $ 246.2 $ 1,168.4 $ 307 .7 $ 349.9 Condensed Consolidated Statement of Cash Flows Note: Prior period amounts related to deferred tax assets and deferred tax liabilities have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported total net cash flows from operating, financing or investing activities. Due to rounding, numbers presented may not add up precisely to the totals provided. ($ in millions) 19
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Cash flows from investing activities Purchases of marketable securities $ 1,124.1 $ 978.2 $ 874.3 $ 1,200.8 $ 4,177.4 $ 1,028.8 $ 565.4 $ 938.5 $ 812.2 $ 3,344.9 $ 960.2 $ 823.2 Purchases of term deposits 2.2 — — 2.2 4.4 — — — — — — — Proceeds from sales of marketable securities 44.0 47.7 63.5 77.7 232.9 71.2 138.2 358.1 161.0 728.4 129.6 158.5 Proceeds from maturities of marketable securities 841.7 851.4 804.3 918.0 3,415.3 1,014.0 854.4 606.3 854.8 3,329.6 884.9 606.2 Proceeds from maturities of term deposits 3.5 — — 2.2 5.7 2.2 — — — 2.2 — — Purchases of property and equipment and scooter fleet 29.1 19.8 21.2 13.4 83.5 6.5 14.3 13.4 18.6 52.8 20.4 30.3 Sale of property and equipment 24.2 22.7 21.0 24.2 92.0 13.5 17.7 11.9 9.8 52.9 16.7 20.9 Cash paid for acquisitions, net of cash acquired — — — — — — — 202.9 104.4 307.3 — 54.3 Cash received from divestiture of equity method investment — — — — — — — — — — — 15.5 Other investing activities — 1.1 — 0.2 1.3 — — 1.3 — 1.3 0.2 8.7 Net cash provided by (used in) investing activities $ 242.1 $ 75.1 $ 6.7 $ 194.1 $ 518.0 $ 65.7 $ 430.6 $ 179.8 $ 90.3 $ 406.7 $ 50.8 $ 115.4 Condensed Consolidated Statement of Cash Flows (cont.) ($ in millions) Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 20
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Cash flows from financing activities Repayment of loans $ 20.6 $ 20.4 $ 20.8 $ 22.3 $ 84.1 $ 16.5 $ 16.7 $ 14.7 $ 14.6 $ 62.4 $ 20.0 $ 24.0 Payment for settlement of convertible senior notes due 2025 350.0 — — — 350.0 — 390.7 — — 390.7 — — Proceeds from issuance of convertible senior notes due 2029 460.0 — — — 460.0 — — — — — — — Proceeds from issuance of convertible senior notes due 2030 — — — — — — — 500.0 — 500.0 — — Payment of debt issuance costs 11.9 — — — 11.9 — — 11.3 1.0 12.2 — — Purchase of capped call 47.9 — — — 47.9 — — 42.0 — 42.0 — — Repurchase of Class A common stock 50.0 — — — 50.0 — 200.0 200.0 100.0 500.0 300.0 100.0 Proceeds from exercise of stock options and other common stock issuances 1.9 4.5 0.8 7.9 15.1 — 7.3 — 7.6 14.9 — 8.2 Taxes paid related to net share settlement of equity awards 1.5 7.4 3.6 27.8 40.3 24.3 37.2 34.2 55.6 151.3 34.7 31.7 Principal payments on finance lease obligations 11.5 12.2 11.8 11.3 46.7 10.9 10.0 9.9 10.4 41.2 11.5 11.7 Other financing activities — — — — — — 0.3 0.1 0.1 0.5 0.4 2.9 Net cash provided by (used in) financing activities $ 31.4 $ 35.5 $ 35.4 $ 53.6 $ 155.9 $ 51.7 $ 647 .6 $ 187 .9 $ 174.2 $ 685.5 $ 366.6 $ 162.1 Condensed Consolidated Statement of Cash Flows (cont.) ($ in millions) Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 21
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Net cash provided by operating activities $ 156.2 $ 276.2 $ 264.0 $ 153.4 $ 849.7 $ 287.2 $ 343.7 $ 291.3 $ 246.2 $ 1,168.4 $ 307.7 $ 349.9 Net cash provided by (used in) investing activities 242.1 75.1 6.7 194.1 518.0 65.7 430.6 179.8 90.3 406.7 50.8 115.4 Net cash provided by (used in) financing activities 31.4 35.5 35.4 53.6 155.9 51.7 647.6 187.9 174.2 685.5 366.6 162.1 Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents $ 0.5 $ — $ 0.4 $ 1.6 $ 1.6 $ 0.3 $ 1.5 $ 0.2 $ 0.8 $ 1.7 $ 1.9 $ 2.9 Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents $ 117 .8 $ 165.6 $ 222.3 $ 95.9 $ 174.3 $ 300.9 $ 128.2 $ 299.1 $ 163.1 $ 891.3 $ 10.0 $ 69.6 Cash and cash equivalents and restricted cash and cash equivalents Beginning of period 771.8 654.0 819.6 1,041.9 771.8 946.0 1,246.9 1,375.1 1,674.2 946.0 1,837.4 1,827.4 End of period $ 654.0 $ 819.6 $ 1,041.9 $ 946.0 $ 946.0 $ 1,246.9 $ 1,375.1 $ 1,674.2 $ 1,837.4 $ 1,837.4 $ 1,827.4 $ 1,896.9 Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the condensed consolidated balance sheets Cash and cash equivalents 507.9 604.4 770.3 759.3 759.3 985.5 913.8 1,305.9 1,132.0 1,132.0 1,034.9 1,137.9 Restricted cash and cash equivalents 144.7 213.9 270.2 186.7 186.7 261.4 461.3 368.3 705.4 705.4 792.5 759.0 Restricted cash, incl. in prepaid expenses and other current assets 1.4 1.4 1.4 — — — — — — — — — Total cash, cash equivalents and restricted cash and cash equivalents $ 654.0 $ 819.6 $ 1,041.9 $ 946.0 $ 946.0 $ 1,246.9 $ 1,375.1 $ 1,674.2 $ 1,837 .4 $ 1,837 .4 $ 1,827 .4 $ 1,896.9 Condensed Consolidated Statement of Cash Flows (cont.) ($ in millions) Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 22
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Revenue $ 1,277.2 $ 1,435.8 $ 1,522.7 $ 1,550.3 $ 5,786.0 $ 1,450.2 $ 1,588.2 $ 1,685.2 $ 1,592.7 $ 6,316.3 $ 1,650.5 $ 1,843.5 Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — 168.0 168.0 — — Revenue without certain legal, tax, and regulatory reserve changes and settlements 1,277 .2 1,435.8 1,522.7 1,550.3 5,786.0 1,450.2 1,588.2 1,685.2 1,760.7 6,484.3 1,650.5 1,843.5 Cost of revenue 721.4 780.1 815.6 836.5 3,153.6 824.0 901.4 892.3 933.0 3,550.6 825.3 887.4 Operating expenses Operations and support 100.2 113.2 114.2 104.8 432.4 103.1 114.3 128.2 119.8 465.5 120.2 125.0 Research and development 65.0 68.2 69.3 63.8 266.2 71.9 72.9 80.3 82.5 307.7 80.8 82.1 Sales and marketing 140.7 171.7 210.7 246.9 770.0 176.6 186.3 237.8 251.3 852.0 264.5 312.2 General and administrative 190.6 199.8 205.5 185.5 781.4 168.1 183.8 207.8 219.9 779.7 226.9 259.5 Adjusted EBITDA $ 59.4 $ 102.9 $ 107 .3 $ 112.8 $ 382.4 $ 106.5 $ 129.4 $ 138.9 $ 154.1 $ 528.8 $ 132.8 $ 177 .2 Non-GAAP Condensed Consolidated Statement of Operations ($ in millions) Due to rounding, numbers presented may not add up precisely to the totals provided. 23
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 GAAP Cost of Revenue $ 755.4 $ 819.5 $ 888.3 $ 874.6 $ 3,337.7 $ 862.9 $ 935.7 $ 927.2 $ 971.8 $ 3,697.7 $ 864.1 $ 926.4 Adjusted to exclude the following (as related to cost of revenue): Depreciation of fixed assets 24.5 30.4 38.7 28.2 121.7 28.5 26.1 26.1 26.7 107.3 25.0 25.9 Amortization of intangible assets 1.2 1.2 1.2 1.2 5.0 1.2 1.2 3.2 4.5 10.2 5.0 5.2 Stock-based compensation expense 6.0 5.8 6.8 6.3 24.9 7.5 5.5 4.4 6.3 23.6 7.3 6.6 Payroll tax expense related to stock-based compensation 0.8 0.5 0.2 0.1 1.6 0.4 0.3 0.2 0.2 1.1 0.5 0.3 Sublease income — — — — — — — — — — — — Interest related to financed vehicles 1.4 1.5 1.5 1.4 5.8 1.3 1.2 1.1 1.2 4.7 1.1 1.0 Costs related to acquisitions, divestitures and other corporate matters — — — — — — — — — — 0.1 — Gain from lease termination — — — — — — — — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — Restructuring charges — — 24.2 0.8 25.1 — — — — — — — Non-GAAP Cost of Revenue $ 721.4 $ 780.1 $ 815.6 $ 836.5 $ 3,153.6 $ 824.0 $ 901.4 $ 892.3 $ 933.0 $ 3,550.6 $ 825.3 $ 887 .4 GAAP to Non-GAAP Reconciliations ($ in millions) Due to rounding, numbers presented may not add up precisely to the totals provided. 24
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GAAP Operations and Support $ 103.0 $ 115.7 $ 117.5 $ 107.6 $ 443.8 $ 106.3 $ 117.4 $ 131.4 $ 123.1 $ 478.3 $ 124.4 $ 128.7 Depreciation of fixed assets 0.2 0.3 0.3 0.3 1.1 0.3 0.4 0.5 0.5 1.6 0.5 0.5 Amortization of intangible assets — — — — — — — 0.3 0.3 — — — Stock-based compensation expense 2.1 1.9 2.3 2.1 8.4 2.7 2.5 2.2 2.9 10.2 3.3 3.0 Payroll tax expense related to stock-based compensation 0.3 0.2 0.1 0.1 0.7 0.1 0.2 0.2 0.2 0.7 0.2 0.2 Sublease income 0.2 0.1 0.2 0.2 0.7 0.1 0.1 0.1 0.1 0.3 0.1 — Interest related to financed vehicles — — — — — — — — — — — — Costs related to acquisitions, divestitures and other corporate matters — — — — — — — — — — — — Gain from lease termination — — — — — — — — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — Restructuring charges — — 0.4 0.1 0.5 — — — — — — — Non-GAAP Operations and Support $ 100.2 $ 113.2 $ 114.2 $ 104.8 $ 432.4 $ 103.1 $ 114.3 $ 128.2 $ 119.8 $ 465.5 $ 120.2 $ 125.0 GAAP Research and Development $ 100.0 $ 98.8 $ 104.4 $ 93.8 $ 397.1 $ 112.5 $ 109.3 $ 109.6 $ 120.0 $ 451.4 $ 124.2 $ 119.2 Depreciation of fixed assets 0.4 0.4 0.5 0.4 1.8 0.4 0.4 0.4 0.4 1.5 0.4 0.5 Amortization of intangible assets 0.1 0.1 — — 0.2 — — — — — — — Stock-based compensation expense 29.8 27.3 32.0 28.6 117.8 38.3 33.9 27.6 35.9 135.7 40.2 34.8 Payroll tax expense related to stock-based compensation 3.8 1.9 0.8 0.7 7.2 2.0 2.0 1.1 1.2 6.3 2.8 1.7 Sublease income 0.9 0.9 0.7 0.3 2.8 — — — — — — — Interest related to financed vehicles — — — — — — — — — — — — Costs related to acquisitions, divestitures and other corporate matters — — — — — — 0.1 0.1 — 0.2 — — Gain from lease termination — — — — — — — — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — Restructuring charges — — 1.0 — 1.0 — — — — — — — Non-GAAP Research and Development $ 65.0 $ 68.2 $ 69.3 $ 63.8 $ 266.2 $ 71.9 $ 72.9 $ 80.3 $ 82.5 $ 307 .7 $ 80.8 $ 82.1 GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) Due to rounding, numbers presented may not add up precisely to the totals provided. 25 Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Non-GAAP Operating Expenses
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Depreciation of fixed assets — — — — — — — — — — — — Amortization of intangible assets 0.1 0.1 0.1 0.1 0.3 0.1 0.1 1.8 3.0 5.0 3.4 3.7 Stock-based compensation expense 4.2 4.2 4.8 4.0 17.3 5.1 4.3 3.6 4.3 17.2 4.7 3.9 Payroll tax expense related to stock-based compensation 0.5 0.3 0.1 0.1 1.1 0.3 0.2 0.2 0.2 0.9 0.3 0.2 Sublease income — — — — — — — — — — — — Interest related to financed vehicles — — — — — — — — — — — — Costs related to acquisitions, divestitures and other corporate matters — — — — — — — — — — — — Gain from lease termination — — — — — — — — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — Restructuring charges — — — 0.2 0.2 — — — — — — — Non-GAAP Sales and Marketing $ 140.7 $ 171.7 $ 210.7 $ 246.9 $ 770.0 $ 176.6 $ 186.3 $ 237 .8 $ 251.3 $ 852.0 $ 264.5 $ 312.2 GAAP General and Administrative $ 236.3 $ 252.6 $ 253.4 $ 195.0 $ 937.3 $ 215.3 $ 232.3 $ 250.6 $ 303.9 $ 1,002.1 $ 270.2 $ 301.6 Depreciation of fixed assets 3.2 2.5 2.2 1.3 9.2 0.9 1.1 1.0 1.2 4.2 1.2 1.5 Amortization of intangible assets 2.6 2.6 2.1 2.2 9.6 2.1 1.4 0.5 1.3 5.4 1.1 1.5 Stock-based compensation expense 38.0 46.5 43.0 35.0 162.5 39.7 36.0 28.8 31.0 135.5 31.4 28.2 Payroll tax expense related to stock-based compensation 1.9 1.2 0.5 0.5 4.1 1.2 1.1 0.7 1.1 4.1 1.5 0.9 Sublease income — — — — — — — 0.2 0.4 0.6 0.4 — Interest related to financed vehicles — — — — — — — — — — — — Costs related to acquisitions, divestitures and other corporate matters — — — — — 3.2 9.0 11.5 5.4 29.2 5.2 7.9 Gain from lease termination — — — 29.6 29.6 — — — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — 43.6 43.6 2.6 2.1 Restructuring charges — — 0.1 0.1 0.2 — — — — — — — Non-GAAP General and Administrative $ 190.6 $ 199.8 $ 205.5 $ 185.5 $ 781.4 $ 168.1 $ 183.8 $ 207 .8 $ 219.9 $ 779.7 $ 226.9 $ 259.5 GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) Due to rounding, numbers presented may not add up precisely to the totals provided. 26 Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Non-GAAP Operating Expenses GAAP Sales and Marketing $ 145.5 $ 176.4 $ 215.8 $ 251.4 $ 789.0 $ 182.0 $ 190.9 $ 243.3 $ 258.8 $ 875.1 $ 272.9 $ 320.0
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 GAAP Operating Expenses (excludes COR $ 584.8 $ 643.6 $ 691.1 $ 647.7 $ 2,567.2 $ 616.1 $ 650.0 $ 734.9 $ 805.9 $ 2,807.0 $ 791.7 $ 869.6 Depreciation of fixed assets 3.9 3.2 3.0 2.0 12.1 1.6 1.8 1.9 2.0 7.3 2.1 2.5 Amortization of intangible assets 2.8 2.8 2.2 2.3 10.1 2.2 1.5 2.6 4.0 10.4 4.5 5.2 Stock-based compensation expense 74.1 80.0 82.2 69.8 306.0 85.7 76.6 62.2 74.2 298.7 79.6 69.9 Payroll tax expense related to stock-based compensation 6.5 3.7 1.5 1.4 13.2 3.6 3.5 2.2 2.6 11.9 4.8 3.0 Sublease income 1.1 1.0 0.9 0.5 3.5 0.1 0.1 0.3 0.4 0.9 0.4 — Interest related to financed vehicles — — — — — — — — — — — — Costs related to acquisitions, divestitures and other corporate matters — — — — — 3.2 9.1 11.6 5.4 29.4 5.2 7.9 Gain from lease termination — — — 29.6 29.6 — — — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — 43.6 43.6 2.6 2.1 Restructuring charges — — 1.5 0.4 1.9 — — — — — — — Non-GAAP Operating Expenses (excludes COR $ 496.4 $ 552.8 $ 599.8 $ 601.0 $ 2,250.1 $ 519.7 $ 557 .4 $ 654.1 $ 673.6 $ 2,404.8 $ 692.4 $ 778.9 GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) Due to rounding, numbers presented may not add up precisely to the totals provided. 27
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Gross Bookings¹ $ 3,693.2 $ 4,018.9 $ 4,108.4 $ 4,278.9 $ 16,099.4 $ 4,162.4 $ 4,490.1 $ 4,780.4 $ 5,074.2 $ 18,507.0 $ 4,946.0 $ 5,504.2 Non-GAAP Cost of Revenue 721.4 780.1 815.6 836.5 3,153.6 824.0 901.4 892.3 933.0 3,550.6 825.3 887.4 Non-GAAP Cost of Revenue as a % of Gross Bookings 19.5% 19.4% 19.9% 19.5% 19.6% 19.8% 20.1% 18.7% 18.4% 19.2% 16.7% 16.1% Non-GAAP Operations and Support 100.2 113.2 114.2 104.8 432.4 103.1 114.3 128.2 119.8 465.5 120.2 125.0 Non-GAAP Operations and Support as a % of Gross Bookings 2.7% 2.8% 2.8% 2.4% 2.7% 2.5% 2.6% 2.7% 2.4% 2.5% 2.4% 2.3% Non-GAAP Research and Development 65.0 68.2 69.3 63.8 266.2 71.9 72.9 80.3 82.5 307.7 80.8 82.1 Non-GAAP Research and Development as a % of Gross Bookings 1.8% 1.7% 1.7% 1.5% 1.7% 1.7% 1.6% 1.7% 1.6% 1.7% 1.6% 1.5% Non-GAAP Sales and Marketing 140.7 171.7 210.7 246.9 770.0 176.6 186.3 237.8 251.3 852.0 264.5 312.2 Non-GAAP Sales and Marketing as a % of Gross Bookings 3.8% 4.3% 5.1% 5.8% 4.8% 4.2% 4.2% 5.0% 5.0% 4.6% 5.3% 5.7% Non-GAAP General and Administrative 190.6 199.8 205.5 185.5 781.4 168.1 183.8 207.8 219.9 779.7 226.9 259.5 Non-GAAP General and Administrative as a % of Gross Bookings 5.2% 5.0% 5.0% 4.3% 4.9% 4.0% 4.1% 4.4% 4.3% 4.2% 4.6% 4.7% Non-GAAP Operating Expenses (excludes COR 496.4 552.8 599.8 601.0 2,250.1 519.7 557.4 654.1 673.6 2,404.8 692.4 778.9 Non-GAAP Operating Expenses (excludes COR) as a % of Gross Bookings 13.4% 13.8% 14.6% 14.0% 14.0% 12.5% 12.4% 13.7% 13.3% 13.0% 14.0% 14.2% Non-GAAP Total Costs and Expenses 1,217.8 1,332.9 1,415.4 1,437.5 5,403.6 1,343.7 1,458.8 1,546.3 1,606.6 5,955.4 1,517.7 1,666.3 Non-GAAP Total Costs and Expenses as a % of Gross Bookings 33.0% 33.2% 34.5% 33.6% 33.6% 32.3% 32.5% 32.4% 31.7% 32.2% 30.7% 30.3% GAAP to Non-GAAP Reconciliations (cont.) ($ in millions, except for percentages) (1) Lyft defines Gross Bookings as the total dollar value of transactions including any applicable taxes, tolls and fees, for rides and other offerings provided by Lyft, excluding tips to drivers. Due to rounding, numbers presented may not add up precisely to the totals provided. 28
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Reconciliation of Net Income Loss to Non-GAAP Adjusted EBITDA GAAP Net Income Loss $ 31.5 $ 5.0 $ 12.4 $ 61.7 $ 22.8 $ 2.6 $ 40.3 $ 46.1 $ 2,755.1 $ 2,844.0 $ 14.2 $ 50.3 Adjusted for the following: Interest expense 8.5 9.4 8.9 8.1 34.7 7.5 6.2 5.8 6.0 25.5 6.3 6.5 Other income, net 41.1 41.9 50.9 39.2 173.2 40.9 47.0 25.8 42.2 155.9 30.3 36.3 Provision for (benefit from) income taxes 2.6 1.9 0.7 1.2 2.6 3.4 4.1 2.0 2,902.7 2,897.3 5.5 28.1 Depreciation and amortization 32.4 37.7 45.1 33.7 148.9 33.6 30.6 33.8 37.3 135.2 36.6 38.8 Stock-based compensation expense 80.1 85.7 89.0 76.1 330.9 93.2 82.1 66.6 80.4 322.3 86.9 76.6 Payroll tax expense related to stock-based compensation 7.4 4.2 1.7 1.5 14.8 4.0 3.9 2.4 2.8 13.0 5.3 3.3 Sublease income 1.1 1.0 0.9 0.5 3.5 0.1 0.1 0.3 0.4 0.9 0.4 — Costs related to acquisitions, divestitures and other corporate matters — — — — — 3.2 9.1 11.6 5.4 29.4 5.2 7.9 Gain from lease termination — — — 29.6 29.6 — — — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — 211.6 211.6 2.6 2.1 Restructuring charges — — 25.8 1.2 26.9 — — — — — — — Adjusted EBITDA $ 59.4 $ 102.9 $ 107 .3 $ 112.8 $ 382.4 $ 106.5 $ 129.4 $ 138.9 $ 154.1 $ 528.8 $ 132.8 $ 177 .2 Net income (loss) as a percentage of Gross Bookings 0.9% 0.1 % 0.3% 1.4 % 0.1 % 0.1 % 0.9 % 1.0 % 54.3 % 15.4 % 0.3 % 0.9 % Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) 1.6 % 2.6 % 2.6 % 2.6 % 2.4 % 2.6 % 2.9 % 2.9 % 3.0 % 2.9 % 2.7 % 3.2 % GAAP to Non-GAAP Reconciliations (cont.) ($ in millions, except for percentages) Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 29
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Fiscal 2024 Fiscal 2025 Fiscal 2026 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Net Cash Provided by Operating Activities¹ $ 156.2 $ 276.2 $ 264.0 $ 153.4 $ 849.7 $ 287 .2 $ 343.7 $ 291.3 $ 246.2 $ 1,168.4 $ 307 .7 $ 349.9 Less: Purchases of property and equipment and scooter fleet² 29.1 19.8 21.2 13.4 83.5 6.5 14.3 13.4 18.6 52.8 20.4 30.3 Free cash flow³ $ 127 .1 $ 256.4 $ 242.8 $ 140.0 $ 766.3 $ 280.7 $ 329.4 $ 277 .8 $ 227 .6 $ 1,115.6 $ 287 .3 $ 319.6 The below table calculates free cash flow for the trailing twelve months period, which represent the sum of the current quarter and prior three quarters. Fiscal 2024 Fiscal 2025 Fiscal 2026 Trailing Twelve Months Ended Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net Cash Provided by Operating Activities $ 132.0 $ 478.2 $ 739.9 $ 849.7 $ 980.8 $ 1,048.3 $ 1,075.6 $ 1,168.4 $ 1,188.9 $ 1,195.1 Less: Purchases of property and equipment and scooter fleet 132.2 109.8 98.7 83.5 60.9 55.4 47.6 52.8 66.7 82.8 Free cash flow Trailing Twelve Months) $ 0.2 $ 368.4 $ 641.2 $ 766.3 $ 919.9 $ 993.0 $ 1,027 .9 $ 1,115.6 $ 1,122.1 $ 1,112.3 1 Net cash provided by (used in) operating activities was $70.0) million, $2.3 million and $43.5 million for the three months ended June 30, 2023, September 30, 2023 and December 31, 2023, respectively. 2 Purchases of property and equipment and scooter fleet was $42.2) million, $32.3) million and $28.6) million for the three months ended June 30, 2023, September 30, 2023 and December 31, 2023, respectively. 3 Free cash flow was $112.2) million, $30.0) million and $14.9 million for the three months ended June 30, 2023, September 30, 2023 and December 31, 2023, respectively. Note: Due to rounding, numbers presented may not add up precisely to the totals provided. GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) 30