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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

1 hour ago - World

U.S. will give Russians written response to NATO demands, Blinken says

Blinken and Lavrov shake hands in Geneva. Photo: Russian Foreign Ministry / Handout/Anadolu Agency via Getty Images

Secretary of State Antony Blinken confirmed after a meeting with his Russian counterpart on Friday that the U.S. will provide written answers to Russia's security demands next week.

Why it matters: Russia claims to be waiting for "concrete answers" to its demands that NATO rule out further expansion and roll back its presence in eastern Europe before deciding its next steps on Ukraine. But the U.S. and NATO have called those proposals "non-starters," and Friday's meeting offered no breakthroughs, so it's unclear how written answers might change the equation.

More surprises await scientists at Antarctica's "Doomsday Glacier"

Cliffs along the edge of the Thwaites Ice Shelf in West Antarctica. Photo: James Yungel/NASA

Researchers like David Holland, an atmospheric scientist at New York University, are in a race to understand the fate of a massive glacier in West Antarctica that has earned a disquieting nickname: "The Doomsday Glacier."

Why it matters: Studies show the Thwaites Glacier (its official name) could already be on an irreversible course to melt during the next several decades to centuries, freeing up enough inland ice to raise global sea levels by at least several feet.

Updated 3 hours ago - Health

The case for Operation Warp Speed 2.0

Illustration: Annelise Capossela/Axios

Omicron's blitz around the world has underscored the need for a new arsenal of COVID vaccines and therapeutics, experts say — and that may require an effort akin to Operation Warp Speed 2.0.

Why it matters: The virus will continue to evolve, potentially in a way that further escapes vaccine protection, and the best way to prevent more global disruptions to everyday life is to have tools ready to combat whatever comes next.