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It's running. After months of speculation, Lyft unveiled its filing for its flotation on Friday. The company ride-hail has made a leap forward over rival Uber, who plans to file its own IPO soon.
The record did not specify an assessment for Lyft, which had been evaluated for the last time during a private finance round in June 2018 for an amount of $ 15.1 billion. Uber lifted its latest round of private financing to $ 76 billion and would seek a valuation of $ 120 billion when filing its IPO.
The Lyft file tells a nuanced story about society – and about the tourism industry in general – that brings in a lot of money even as it struggles to stem its losses.
Lyft's passenger numbers have increased significantly over the last two years, from 6.6 million at the end of 2016 to 18.6 million at the end of 2018. According to Lyft, 9% of the US adult population a tour of Lyft. It also indicates that its number of runners increased by 47% in December compared to the previous year. It's a lot of growth.
Lyft also offers more trips than ever, from 52.6 million at the end of 2016 to 178.4 million at the end of 2018.
And the company doubled its revenue in 2018, reaching $ 2.2 billion, up from $ 1.1 billion a year ago.
Lyft seems to believe that she can attribute at least part of her last three years of growth to one thing: the cock-ups of the Uber brand. In the filing, the company writes that it has dramatically increased revenue per active user in the first and second quarters of 2017 because "our brand and our values have continued to resonate with runners and they have increased their use of Lyft instead of competing offers ". the #DeleteUber movement in the weeks following the travel ban imposed by the Trump administration, and the blog post of Susan Fowler, an engineer, who highlighted the sexist culture of 39; Uber? Lyft seems to believe that these helped his results.
But Lyft's costs and expenses are also increasing. Last year, for example, the company spent $ 804 million, almost double what it had done in 2016, on sales and marketing for new drivers and new drivers.
As a result, Lyft's losses widened to $ 911 million last year. Uber reported an adjusted loss of $ 1.8 billion over the same period. The company's dual IPOs mean everyone will be watching as they try to reverse the situation.
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