Lyft vs Uber: A Tale of Two S-1's
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Year201620172018Key
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QuarterQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4from S-1
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LyftCalculated
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Riders (M)3.54.55.76.68.19.411.412.61415.517.418.6
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Rev $/rider15.8814.1118.0318.5321.4225.2926.5927.3428.2732.6733.6536.04
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Rides (M)2936.544.352.670.485.8103.1116.3132.5146.3162.2178.4
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Ride Rev $M$55.58$63.50$102.77$122.30$173.50$237.73$303.13$344.48$395.78$506.39$585.51$670.34
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Rev % Bookings16.80%14.70%19.70%19.60%21.00%23.30%24.00%23.40%23.90%26.20%27.40%28.70%
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Bookings$330.83$431.94$521.68$623.97$826.20$1,020.28$1,263.03$1,472.15$1,655.98$1,932.77$2,136.90$2,335.69
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Cost of Revenue ($M)$118.59$143.92$188.99$208.03$260.61$293.19$322.61$366.99
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Operations ($M)$36.22$43.04$48.32$55.94$59.91$67.37$92.48$118.65
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R&D ($M)$23.50$28.24$37.17$47.74$63.19$64.42$77.17$96.06
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S&M ($M)$84.40$107.38$165.30$209.94$168.71$175.11$241.02$218.92
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G&A ($M)$40.79$46.94$63.33$70.39$90.15$98.47$120.35$138.96
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Profit ($M)-$130-$132-$200-$248-$247-$192-$268-$269
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Uber
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MAPCs (M)192533454957626870768291
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Trips (M)26836250168777488998510881136124213481493
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Ride Gross Bookings ($M)$6,508$7,484$8,200$9,192$9,380$10,166$10,488$11,479
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Uber Eats Gross Bookings ($M)$428$588$824$1,118$1,473$1,774$2,111$2,561
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Other Bets Gross Bookings ($M)$2$9$21$35$40$72$126$129
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Total Gross Bookings ($M)$6,938$8,081$9,045$10,345$10,893$12,012$12,725$14,169
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Ride Net Rev ($M)$1,200$1,470$1,768$1,996$2,124$2,260$2,315$2,314
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Eat Net Rev ($M)$34$75$109$149$183$218$191$165
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Other Net Rev ($M)$92$100$102$96$81$60$54$60
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Core Platform Net Rev ($M)$1,326$1,645$1,979$2,241$2,388$2,538$2,560$2,539
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ex-Core Platform Revenue ($M)$203$168$170$200$196$230$384$435
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Revenue ($M)$1,529$1,813$2,149$2,441$2,584$2,768$2,944$2,974
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Cost of Revenue ($M)$820$952$1,184$1,204$1,156$1,342$1,510$1,615
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D&A ($M)$121$129$140$120$88$98$131$109
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Effective Cost of Revenue ($M)$941$1,081$1,324$1,324$1,244$1,440$1,641$1,724
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Operations ($M)$301$327$364$362$372$349$387$408
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R&D ($M)$270$304$307$320$340$365$434$366
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S&M ($M)$549$601$695$679$677$715$785$974
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G&A ($M)$286$410$614$953$429$638$460$555
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Profit ($M)-$818-$910-$1,155-$1,197-$478-$739-$763-$1,053
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Comparison
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Gross Profit as % of Bookings2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft6.6%9.2%9.0%9.3%8.2%11.0%12.3%13.0%
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Uber8.5%9.1%9.1%10.8%12.3%11.1%10.2%8.8%
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Bookings $ / Ride2016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft$11.41$11.83$11.78$11.86$11.74$11.89$12.25$12.66$12.50$13.21$13.17$13.09
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Uber$8.41$8.42$8.32$8.45$8.26$8.19$7.78$7.69
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Gross Profit $ / Ride2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft$0.78$1.09$1.11$1.17$1.02$1.46$1.62$1.70
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Uber$0.71$0.76$0.76$0.91$1.02$0.91$0.80$0.68
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OPEX $ / Ride2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft$2.63$2.63$3.05$3.30$2.88$2.77$3.27$3.21
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Uber$1.82$1.85$2.01$2.13$1.60$1.66$1.53$1.54
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Profit $ / Ride2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft-$1.85-$1.54-$1.94-$2.13-$1.86-$1.31-$1.65-$1.51
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Uber-$1.10-$1.08-$1.25-$1.21-$0.58-$0.76-$0.74-$0.86
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~Monthly Rides / Monthly Active Rider2016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft2.762.702.592.662.903.043.013.083.153.153.113.20
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Uber4.704.835.065.095.275.205.305.335.415.455.485.47
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~ Monthly Bookings / Monthly Active User2016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft$31.51$32.00$30.51$31.51$34.00$36.18$36.93$38.95$39.43$41.56$40.94$41.86
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Uber (Ride Bookings only)$44.27$43.77$44.09$45.06$44.67$44.59$42.63$42.05
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Uber (Total Bookings)$47.20$47.26$48.63$50.71$51.87$52.68$51.73$51.90
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~ Monthly Gross Profit $ / Monthly Active User
2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft$2.26$3.33$3.34$3.61$3.22$4.58$5.04$5.44
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Uber (Rides only)$3.75$3.96$4.02$4.87$5.49$4.93$4.37$3.71
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Uber (Total)$4.00$4.28$4.44$5.48$6.38$5.82$5.30$4.58
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~ Monthly OPEX $ / Monthly Active User2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft$7.61$8.00$9.18$10.16$9.09$8.72$10.17$10.26
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Uber$9.56$9.60$10.65$11.34$8.66$9.07$8.40$8.44
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~ Monthly Profit $ / Monthly Active User2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft-$5.35-$4.67-$5.85-$6.55-$5.88-$4.13-$5.14-$4.83
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Uber-$5.56-$5.32-$6.21-$5.87-$2.28-$3.24-$3.10-$3.86
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Take Rate2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft21.00%23.30%24.00%23.40%23.90%26.20%27.40%28.70%
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Uber Rides18.44%19.64%21.56%21.71%22.64%22.23%22.07%20.16%
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Uber Eats7.94%12.76%13.23%13.33%12.42%12.29%9.05%6.44%
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Uber Overall19.11%20.36%21.88%21.66%21.92%21.13%20.12%17.92%
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Drivers2018Q4Rides/drRide $/drGross $/dr
Take Home
Take Home only rides
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Lyft (M)1.1162.18$2,123.36$2,123.36$1,513.95$1,513.95
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Uber (M)3.9382.82$2,943.33$3,633.08$2,982.05$2,350.00
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Uber/Lyft Abs Multiple2.361.391.711.971.55
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Uber/Lyft Ind Factor Multiple136%-41%23%15%
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QoQ growth
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Users2016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4multipleCQGR
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Lyft (Riders)3.54.55.76.68.19.411.412.61415.517.418.65.31416.4%
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Uber (MAPCs)1925334549576268707682914.78915.3%
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Bookings2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
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Lyft$826$1,020$1,263$1,472$1,656$1,933$2,137$2,3362.82716.0%
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Uber - Rides only$6,508$7,484$8,200$9,192$9,380$10,166$10,488$11,4791.7648.4%
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Uber - All$6,938$8,081$9,045$10,345$10,893$12,012$12,725$14,1692.04210.7%
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