Equity Shot: Lyft files to go public and were stoked

Hello and welcome to an Equity Shot, a short-form episode of the show where we dive into a single breaking news story. Guess what were talking about today?! Its Lyft . You guessed correctly.
The Lyft S-1 is the very first major S-1 event of 2019. As you might recall, the government shutdown gummed the IPO process by halting the Securities and Exchange Commission, an agency that plays the most active role in helping a company go public. Now the government is open, and Lyfts formerly private filing is now a public filing.
You can read Kates deep dive hereor mine here, but what follows is an overview of what we chatted about on the show. Heres the SEC filing if you want to follow along.
Up top are revenue and growth. Lyfts revenue grew from $1.06 billion to nearly $2.2 billion from 2017 to 2018. Thats impressive.
Next is costs. Lyfts costs rose dramatically during 2018, compared to the year prior. In fact, Lyfts total cost profile rose from $1.77 billion in 2017 to a staggering $3.13 billion in 2018. Thats a lot, and each figure is far higher than its revenue.
Which lead us to losses. Sure those revenue numbers look hot, but Lyft, at the same time, lost $911 million on 2018 revenue and $688 million the previous year. Though, as Alex points out, that ratio is improving, pointing to a positive (maybe even profitable???) future for Lyft.
However, while the S-1 had its ups and downs, two data points stood out that werent GAAP, but did make us appreciate Lyfts work a bit more. As we explain, Lyfts share of bookings (total value of services) from its platform is rising as is its revenue-per-rider. Those bode well for the future, too.
We closed the episode with some chatter on Lyfts plan to reward its drivers. The business is helping drivers the core of its business earn a piece of that tasty IPO pie with a $10,000 bonus. TechCrunchs Megan Rose Dickey has more on that here. Plus, wed have been remiss not to discuss Lyfts scooter play, which it apparently spent $60 million on last year.
All that and we got an S-1 done. Lets have a few more, and quickly.

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