Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Lyft

Ride-hailing company Lyft has filed to go public on the Nasdaq under the symbol "LYFT," according to an anticipated SEC filing.

Why it matters: Lyft is part of a cohort of large private Silicon Valley tech companies that have taken years to go public — and it's beaten rival Uber to the IPO punch.

By the numbers:

  • In 2018, Lyft says it had $8.1 billion in bookings, $2.2 billion in revenue, and more than 1 billion total rides. It had 30.7 million riders and 1.9 million drivers.
  • As expected, Lyft says it's not profitable. In 2016, 2017 and 2018, Lyft's revenue was $343.3 million, $1.1 billion and $2.2 billion, respectively, but it had net losses of $682.8 million, $688.3 million and $911.3 million in each of those respective years.
  • As of Q4 2018, Lyft had 18.6 active riders.
  • Over two years—between Q4 2016 and Q4 2018—Lyft roughly doubled its revenue per rider, from $18.53 to $36.04, meaning that it's been able to get riders to take more rides while spending less on promotions, among other factors.
  • Its "revenue as percentage of bookings" (or what portion of Lyft rides Lyft gets to keep) has also grown over time, hitting 28.7% in Q4 2018.

Corporate:

  • Though Lyft founders John Zimmer and Logan Green each own a small portion of the company (3.09% and 4.13%, respectively as of Feb. 7), they will likely gain a greater share of voting rights thanks to a new class of shares that will give them 20 votes for each share. It's currently unclear if they'll have majority control or not.
  • In March 2018, Zimmer, Green and other stockholders sold $58.7 million worth of stock via a tender offer at $38.50 per share.

Autonomous driving:

In the next five years, our goal is to deploy an autonomous vehicle network that is capable of delivering a portion of rides on the Lyft platform. Within 10 years, our goal is to have deployed a low-cost, scaled autonomous vehicle network that is capable of delivering a majority of the rides on the Lyft platform. And, within 15 years, we aim to deploy autonomous vehicles that are purpose-built for a broad range of ridesharing and transportation scenarios, including short- and long-haul travel, shared commute and other transportation services.
— Lyft, per its IPO filing
  • Lyft says it has "facilitated over 35,000 rides in Aptiv autonomous vehicles with a safety driver since January 2018."
  • From 2017 to 2018, Lyft's research and development spend went up 120% to $300 million largely because of its push into autonomous driving technology.

Bikes, scooters, miscellaneous:

  • Lyft confirms that it paid just over $250 million in cash to acquire Motivate, a bike-sharing company that operates bike rentals in a number of cities.
  • As of Dec. 31, Lyft had $23.3 million worth of scooters not deployed yet.
  • Last year, the company expanded its car rental program for drivers, which generated $54.8 million in revenue for the year. The company says it was not material in the prior years.
  • Lyft plans to spend $300 million on Amazon Web Services between 2019 and 2021.

Editor's note: The story has been updated with additional information from Lyft's IPO filing, and has been corrected to show the founders' stakes as of Feb. 7 (not less than 1% as the latest document shows, which is a placeholder amount).

Go deeper

In photos: D.C. and U.S. states on alert for pre-inauguration violence

National Guard troops stand behind security fencing with the dome of the U.S. Capitol Building behind them, on Jan. 16. Photo: Kent Nishimura / Los Angeles Times via Getty Images

Security has been stepped up in Washington, D.C., and state capitols across the U.S. as authorities brace for potential violence this weekend.

Driving the news: Following the Jan. 6 insurrection at the U.S. Capitol by some supporters of President Trump, the FBI has said there could be armed protests in D.C. and in all 50 state capitols in the run-up to President-elect Joe Biden's inauguration Wednesday.

11 hours ago - Politics & Policy

The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.