美国证券交易委员会-网约车独角兽Lyft IPO 报告-S-1版（英文）-2019.3.1-278页.pdf

S-1 1 d633517ds1.htm S-1Table of ContentsAsfiledwiththeSecuritiesandExchangeCommissiononMarch1,2019.RegistrationNo.333UNITEDSTATESSECURITIESANDEXCHANGECOMMISSIONWASHINGTON,D.C.20549FORMS1REGISTRATIONSTATEMENTUNDERTHESECURITIESACTOF1933Lyft,Inc.(Exactnameofregistrantasspecifiedinitscharter)Delaware7389208809830(Stateorotherjurisdictionofincorporationororganization)(PrimaryStandardIndustrialClassificationCodeNumber)(I.R.S.EmployerIdentificationNumber)Lyft,Inc.185BerryStreet,Suite5000SanFrancisco,California94107(844)2502773(Address,includingzipcode,andtelephonenumber,includingareacode,ofregistrantsprincipalexecutiveoffices)LoganGreenCoFounderandChiefExecutiveOfficerJohnZimmerCoFounder,PresidentandViceChairmanLyft,Inc.185BerryStreet,Suite5000SanFrancisco,California94107(844)2502773(Name,address,includingzipcode,andtelephonenumber,includingareacode,ofagentforservice)Copiesto:KatharineA.MartinRezwanD.PavriLisaL.StimmellAndrewT.HillWilsonSonsiniGoodrich&Rosati,P.C.650PageMillRoadPaloAlto,California94304(650)4939300KristinN.SverchekDavidV.LeKevinC.ChenChristopherM.ReillyLyft,Inc.185BerryStreet,Suite5000SanFrancisco,California94107(844)2502773RichardA.KlineAnthonyJ.McCuskerAnYenE.HuGoodwinProcterLLP601MarshallStreetRedwoodCity,California94063(650)7523100Approximatedateofcommencementofproposedsaletothepublic:Assoonaspracticableafterthisregistrationstatementbecomeseffective.IfanyofthesecuritiesbeingregisteredonthisFormaretobeofferedonadelayedorcontinuousbasispursuanttoRule415undertheSecuritiesActof1933checkthefollowingbox.IfthisFormisfiledtoregisteradditionalsecuritiesforanofferingpursuanttoRule462(b)undertheSecuritiesAct,pleasecheckthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.IfthisFormisaposteffectiveamendmentfiledpursuanttoRule462(c)undertheSecuritiesAct,checkthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.IfthisFormisaposteffectiveamendmentfiledpursuanttoRule462(d)undertheSecuritiesAct,checkthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anonacceleratedfiler,smallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b2oftheExchangeAct.Largeacceleratedfiler Acceleratedfiler Nonacceleratedfiler Smallerreportingcompany Emerginggrowthcompany Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection7(a)(2)(B)oftheSecuritiesAct.CALCULATIONOFREGISTRATIONFEETitleofeachClassofSecuritiestobeRegisteredProposedMaximumAggregateOfferingPrice(1)(2)AmountofRegistrationFeeClassAcommonstock,parvalue$0.00001pershare$100,000,000$12,120(1)EstimatedsolelyforthepurposeofcalculatingtheregistrationfeeinaccordancewithRule457(o)oftheSecuritiesActof1933,asamended.(2)Includestheaggregateofferingpriceofadditionalsharesthattheunderwritershavetheoptiontopurchase,ifany.TheregistrantherebyamendsthisregistrationstatementonsuchdateordatesasmaybenecessarytodelayitseffectivedateuntiltheregistrantwillfileafurtheramendmentwhichspecificallystatesthatthisregistrationstatementwillthereafterbecomeeffectiveinaccordancewithSection8(a)oftheSecuritiesActof1933,asamended,oruntiltheregistrationstatementwillbecomeeffectiveonsuchdateastheSecuritiesandExchangeCommission,actingpursuanttosaidSection8(a),maydetermine.Table of ContentsClassACommonStockSharesinThisisaninitialpublicofferingofsharesofClassAcommonstockofLyft,Inc.filedPriortothisoffering,therehasbeennopublicmarketforourClassAcommonstock.Itiscurrentlyestimatedthatthesecuritiesinitialpublicofferingpricepersharewillbebetween$and$.WehaveappliedtolistourClassAcommonstockonthestatementtheseNasdaqGlobalSelectMarketunderthesymbol“LYFT”.Wehavetwoclassesofcommonstock,ClassAcommonstockandClassBcommonstock.TherightsoftheholdersofClassAcommonstockbuyandClassBcommonstockareidentical,exceptvotingandconversionrights.EachshareofClassAcommonstockisentitledtoonevote.toEachshareofClassBcommonstockisentitledto20votesandisconvertibleatanytimeintooneshareofClassAcommonstock.Upontheregistrationovercompletionofthisoffering,LoganGreen,ourcofounder,ChiefExecutiveOfficerandamemberofourboardofdirectors,willholdapproximately%ofthevotingpowerofouroutstandingcapitalstockandJohnZimmer,ourcofounderandPresidentandViceChairmantheanofourboardofdirectors,willholdapproximately%ofthevotingpowerofouroutstandingcapitalstock.Asaresult,individuallyortogether,untilseekLoganGreenandJohnZimmer,collectivelyreferredtohereinasourCoFounders,willbeabletosignificantlyinfluenceanyactionrequiringitsoldtheapprovalofourstockholders,includingtheelectionofourboardofdirectors,theadoptionofamendmentstoourcertificatedoesofincorporationandbylawsandtheapprovalofanymerger,consolidation,saleofallorsubstantiallyallofourassetsorotherbenormajorcorporatetransaction.notsellmayWewillbetreatedasanemerginggrowthcompany,asdefinedintheJumpstartOurBusinessStartupsActof2012,forcertainpurposesuntiltowecompletethisoffering.Assuch,inthisprospectuswehavetakenadvantageofcertainreduceddisclosureobligationsthatapplytoo_eremerginggrowthcompaniesregardingselectedfinancialdataandexecutivecompensationarrangements.an.securities2019not,isSee“RiskFactors”beginningonpage20toreadaboutfactorsyoushouldconsiderbeforebuyingsharesofourThese.datedClassAcommonstock.changedprospectusNeithertheSecuritiesandExchangeCommissionnoranyotherregulatorybodyhasapprovedbeordisapprovedofthesesecuritiesorpassedupontheaccuracyoradequacyofthisprospectus.mayApletion,andpreliminarytoPershareTotalThisInitialpublico_eringprice$(1).SubjectUnderwritingdiscount$complete.Proceeds,beforeexpenses,toLyft,Inc.$note_ectiveisis(1)Seethesectiontitled“Underwriting”foradescriptionofthecompensationpayabletotheunderwriters.permittednotisAtourrequest,theunderwritershavereserveduptosharesofClassAcommonstock,or%oftheshareso_eredbythisprospectus,prospectusforsaleattheinitialpublico_eringpriceinadirectedshareprogram,toourdirectors,certainCommissionsaleofouremployeesandthefriendsandfamilymembersofourdirectorsandsuchemployees,aswellascertaindriversonourplatform.Toorrecognizecertaindriverswhohavecontributedtooursuccess,wewillpaycashbonusesthatwillallowsuchdriverstomoreeasilyo_erparticipateinthedirectedshareprogram.Seethesectiontitled“UnderwritingDirectedShareProgram.”preliminaryExchangethethisandTotheextentthattheunderwriterssellmorethansharesofClassAcommonstock,theunderwritershavetheoptiontopurchaseuptoaninadditionalsharesfromLyft,Inc.attheinitialpublico_eringpricelesstheunderwritingdiscount.whereSecuritiesTheunderwritersexpecttodeliverthesharesagainstpaymentinNewYork,NewYork,onoraboutinformationthejurisdiction,2019.ThewithanyJ.P.MorganCreditSuisseJeeriesUBSInvestmentBankStifelRBCCapitalMarketsKeyBancCapitalMarketsCowenRaymondJamesCanaccordGenuityEvercoreISIPiperJarayJMPSecuritiesWellsFargoSecuritiesKKRAcademySecuritiesBlaylockVanPenserraSiebertCisnerosShank&CoTheWilliamsCapitalGroupProspectusdated,2019Table of ContentsImprovepeoplesliveswiththeworldsbesttransportation.OurmissionTable of Contents1.9millionDriversin2018Lyfthelpsdriversgetclosertotheirgoals,whethertheyrepayingtheirbillsorfundingtheirdreams.Drivers30.7millionRidersin2018RidersacrossNorthAmericaareexploringtheircitiesthankstomoreaffordable,convenientandreliabletransportation.RidersTable of Contents$2.2billionRevenuein2018$8.1billionBookingsin20181billion+Cumulativerides300+MarketsinUSandCanada1MissionTable of ContentsTABLEOFCONTENTSPROSPECTUSSUMMARY 1RISKFACTORS 20SPECIALNOTEREGARDINGFORWARDLOOKINGSTATEMENTS 62INDUSTRY,MARKETANDOTHERDATA 64USEOFPROCEEDS 66DIVIDENDPOLICY 67CAPITALIZATION 68DILUTION 71SELECTEDCONSOLIDATEDFINANCIALANDOTHERDATA 74MANAGEMENTSDISCUSSIONANDANALYSISOFFINANCIALCONDITIONANDRESULTSOFOPERATIONS 76OURLIFESWORK 109BUSINESS 124MANAGEMENT 157EXECUTIVECOMPENSATION 168CERTAINRELATIONSHIPSANDRELATEDPARTYTRANSACTIONS 185PRINCIPALSTOCKHOLDERS 191DESCRIPTIONOFCAPITALSTOCK 194SHARESELIGIBLEFORFUTURESALE 201MATERIALU.S.FEDERALINCOMETAXCONSEQUENCESTONONU.S.HOLDERSOFOURCLASSACOMMONSTOCK 204UNDERWRITING 208LEGALMATTERS 220EXPERTS 220WHEREYOUCANFINDADDITIONALINFORMATION 220INDEXTOCONSOLIDATEDFINANCIALSTATEMENTS F1Throughandincluding,2019(the25thdayafterthedateofthisprospectus),alldealerseffectingtransactionsinthesesecurities,whetherornotparticipatinginthisoffering,mayberequiredtodeliveraprospectus.Thisisinadditiontoadealersobligationtodeliveraprospectuswhenactingasanunderwriterandwithrespecttoanunsoldallotmentorsubscription.Neitherwenoranyoftheunderwritershaveauthorizedanyonetoprovideanyinformationortomakeanyrepresentationsotherthanthosecontainedinthisprospectusorinanyfreewritingprospectuseswehaveprepared.Neitherwenoranyoftheunderwriterstakeresponsibilityfor,andcanprovidenoassuranceastothereliabilityof,anyotherinformationthatothersmaygiveyou.Thisprospectusisanoffertosellonlythesharesofferedhereby,butonlyundercircumstancesandinjurisdictionswhereitislawfultodoso.Theinformationcontainedinthisprospectusiscurrentonlyasofitsdate,regardlessofthetimeofdeliveryofthisprospectusorofanysaleofourClassAcommonstock.ForinvestorsoutsidetheUnitedStates:Neitherwenoranyoftheunderwritershavedoneanythingthatwouldpermitthisofferingorpossessionordistributionofthisprospectusinanyjurisdictionwhereactionforthatpurposeisrequired,otherthanintheUnitedStates.PersonsoutsidetheUnitedStateswhocomeintopossessionofthisprospectusmustinformthemselvesabout,andobserveanyrestrictionsrelatingto,theofferingofthesharesofourClassAcommonstockandthedistributionofthisprospectusoutsidetheUnitedStates.Table of ContentsPROSPECTUSSUMMARYThissummaryhighlightsselectedinformationthatispresentedingreaterdetailelsewhereinthisprospectus.ThissummarydoesnotcontainalloftheinformationyoushouldconsiderbeforeinvestinginourClassAcommonstock.Youshouldreadthisentireprospectuscarefully,includingthesections titled“Risk Factors”and“Managements Discussion and Analysis of Financial Condition and Results of Operations”and ourconsolidatedfinancialstatementsandtherelatednotesincludedelsewhereinthisprospectus,beforemakinganinvestmentdecision.Unlessthecontextotherwiserequires,theterms“Lyft,”“thecompany,”“we,”“us”and“our”inthisprospectusrefertoLyft,Inc.anditsconsolidatedsubsidiaries.LYFT,INC.OurMissionImprovepeoplesliveswiththeworldsbesttransportation.OverviewLyftstartedamovementtorevolutionizetransportation.In2012,welaunchedourpeertopeermarketplaceforondemandridesharingandhavecontinued to pioneer innovations aligned with our mission.Today,Lyft is one of the largest and fastestgrowing multimodal transportationnetworksintheUnitedStatesandCanada.Todate,wehavefacilitatedoveronebillionrides.Webelievethatcitiesshouldbebuiltforpeople,notcars.Masscarownershipinthetwentiethcenturybroughtunprecedentedfreedomtoindividualsandspurredsignificanteconomicgrowth.However,intheprocess,cityinfrastructurebecameoverwhelminglydevotedtocars.Roadsandparkinglotshavereplacedtoomuchgreenspace.Masscarownershipstrainsourcitiesandreducestheveryfreedomthatcarsonceprovided.Carownershiphasalsoeconomicallyburdenedconsumers.U.S.householdsspendmoreontransportationthanonanyexpenditureotherthanhousing.1IntheUnitedStatesalone,consumersspendover$1.2trillionannuallyonpersonaltransportation.2Onaperhouseholdbasis,theaverageannualspendontransportationisover$9,500,withthesubstantialmajorityspentoncarownershipandoperation.3Yet,theaveragecarisutilizedonlyfivepercentofthetimeandremainsparkedandunusedtheother95%.4Consumersareseekingbetterwaystogetaround.Theyhavegrownaccustomedtotheconvenienceandimmediacyoftheondemandeconomyandexpecttheirexperiencestobemoresimpleandenjoyable.Existingtransportationoptionshavefailedtomeetthisshiftinconsumerdemand,creatingtheopportunityforabettersolution.WebelievethattheworldisatthebeginningofashiftawayfromcarownershiptoTransportationasaService,orTaaS.Lyftisattheforefrontofthismassivesocietalchange.Ourridesharingmarketplaceconnectsdriverswithridersandweestimateitisavailabletoover95%oftheU.S.population,aswellasinselectcitiesinCanada.In2018,almosthalfofourridersreportedthattheyusetheircarslessbecauseofLyft,and22%reportedthatowningacarhasbecomelessimportant.5Asthisevolutioncontinues,webelievethereisamassiveopportunityforustoimprovethelivesofourridersbyconnectingthemtomoreaffordableandconvenienttransportationoptions.1U.S.BureauofLaborStatistics,orBLS,ConsumerExpenditures2017,September2018.2BLSseethesectiontitled“Industry,MarketandOtherData.”3BLSseethesectiontitled“Industry,MarketandOtherData.”4DonaldShoup,TheHighCostofFreeParking,2011.5EconomicImpactReportseethesectiontitled“Industry,MarketandOtherData.”1Table of ContentsWearelaserfocusedonrevolutionizingtransportationandcontinuetoleadthemarketininnovation.Wehaveestablishedascalednetworkofdriversandriders,orusers,broughttogetherbyourrobusttechnologyplatformthatpowersmillionsofridesandconnectionseveryday.Weleverageourtechnologyplatform,thescaleanddensityofourusernetworkandinsightsfromoveronebillionridestocontinuouslyimproveourridesharingmarketplaceefficiencyanddevelopnewofferings.Forexample,wepioneeredasharedrideoffering,orSharedRides,providinglowercostridestoriderstravelingsimilarrouteswhileimprovingtheefficiencyofournetwork.Morerecently,wewerethefirsttolaunchapubliclyavailablecommercialautonomousofferingintheUnitedStates.Today,ourofferingsincludeanexpandedsetoftransportationmodes,suchasaccesstoanetworkofsharedbikesandscootersforshorterridesandfirstmileandlastmilelegsofmultimodaltrips.Wealsorecentlyaddedinformationaboutnearbypublictransitroutesinselectcitiestoofferridersarobustviewoftransportationoptions.OurmultimodalplatformenablesTaaS,whichwebelieveoffersaviablealternativetocarownership.Weanticipatethedemandforourofferingswillcontinuetogrowasmoreandmorepeoplediscovertheconvenience,experienceandaffordabilityofusingLyft.Toadvanceourmission,weaimtobuildthedefiningbrandofourgenerationandtopromoteacompanyculturebasedonouruniquevaluesandcommitmenttosocialresponsibility.Webelievethatourbrandrepresentsfreedomatyourfingertips:freedomfromthestressesofcarownershipandfreedomtodoandseemore.Inaddition,ourcorevaluesfocusonauthenticity,empathyandsupportforothersandencourageourteammemberstotakeinitiative.Thesevalueshavegivenrisetoauniquecompanyculturethatfostersanamazingcommunityofdrivers,ridersandemployees,andhashelpedestablishLyftasawidelytrustedandrecognizedbrand.WebelievemanyusersareloyaltoLyftbecauseofourvalues,brandandcommitmenttosocialresponsibility.Ourvalues,brand,innovationandfocusedexecutionhavedrivensignificantgrowthinmarketshareandinthenumberofusersonourplatform.Asridesharingbecomesmoremainstream,webelievethatusersareincreasinglychoosingaridesharingplatformbasedonbrandaffinityandvaluealignment.OurU.S.ridesharingmarketsharewas39%inDecember2018,upfrom22%inDecember2016.6Thisgrowthcome