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Illustration: Rebecca Zisser/Axios

An exit is on the way for one of Silicon Valley's highest-profile minotaurs, as Lyft filed today for an IPO.

By the numbers, via Axios' Kia Kokalitcheva: In 2018, Lyft had $8.1 billion in bookings, $2.2 billion in revenue, $911.3 million in losses, and more than 1 billion total rides. It had 30.7 million riders and 1.9 million drivers. Lyft roughly doubled its revenue per rider over the past 2 years, from $18.53 to $36.04. The share of ride revenue Lyft keeps has grown over time, hitting 28.7% in Q4 2018.

Between the lines: Here's what the IPO means big picture for other ride-hailing companies, employment practices in the business, driverless cars, the environment and for Lyft moving forward.

  1. Other ride-hailing companies: There's finally a public competitor for them to be compared to. It was probably smart for Lyft to go before Uber so that it doesn't have to get compared to a global giant, Kia notes.
  2. Lyft's long-term drivers will get bonuses allowing them to buy in at the IPO. (Uber is also expected to do this.) This might be a good brand loyalty or PR stunt exercise, but it doesn't solve the age-old question of whether drivers should be independent contractors or company employees, Kia writes.
  3. Driverless cars: Autonomy is key to profitability for Uber and Lyft, as it lowers the cost per mile and makes ride-hailing more affordable, driving up demand, Axios' Joann Muller notes. Lyft's S-1 says to expect some AVs within 5 years, with a majority of trips by driverless cars within 10.
  4. Environment: A big challenge for urban policymakers will be trying to ensure that ride-hailing's growth doesn't cannibalize enough mass-transit trips to send urban transport emissions upwards, Axios' Ben Geman notes.
  5. P.S. When ride-hailing companies go public, that will open them up to shareholder activism and pressure on climate change — the sort that's increasingly leading to new disclosures and policy steps by oil companies and recently one of the world's biggest coal companies, Ben notes.

Go deeper

Andrew Cuomo refuses to resign: "I never touched anyone inappropriately"

Photo: Matthew Cavanaugh/Getty Images

New York Gov. Andrew Cuomo announced on Tuesday that he will not resign from his post, despite an independent investigation finding that he sexually harassed multiple women in violation of federal and state law.

Why it matters: Cuomo had previously urged those calling for his resignation — including nearly every prominent New York Democrat — to wait for the results of the investigation overseen by New York Attorney General Letitia James. The findings were damning, but Cuomo said he is not going anywhere.

New York AG finds Cuomo sexually harassed women, violated state and federal law

Photo: Spencer Platt/Getty Images

An independent investigation found that New York Gov. Andrew Cuomo sexually harassed multiple women, including employees in his office, in violation of state and federal law, New York Attorney General Letitia James announced Tuesday.

Why it matters: Cuomo, who has denied wrongdoing and urged critics to wait for the results of the independent inquiry, will now face renewed pressure to resign. He must also determine whether he will continue his 2022 re-election campaign.

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New York City to require vaccination proof for indoor activities

New York City will require proof of vaccination to participate in indoor activities, including visiting gyms and restaurants, Mayor Bill de Blasio announced Tuesday.

Why it matters: The mandate is the first of its kind for a major U.S. city, according to de Blasio. France and Italy announced similar requirements last month.