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This statistic highlights Lyft Inc’s Revenue by Segment, split between Rental revenue and Revenue from contracts with customers, reported on a quarterly basis from 2019 onwards.
After Uber, Lyft is the second-largest ridesharing company in the United States and Canada which provides a marketplace where the drivers can be linked to the riders through Lyft mobile application (“Lyft App”) and it acts as a Transportation Network Company (“TNC”).
The following table highlights Lyft’s Revenue by Segment in some of its recent quarters.
|Segments||Q3 2020||Q2 2021||Q3 2021||Contribution in Q3 2021|
|Rental revenue||$0.49||$ 0.68||$0.80||9%|
|Revenue from contracts with customers||$ 4.51||$ 6.97||$7.84||91%|
(All figures in billions, except percentages)
Lyft Inc.’s total revenue increased from $5.00 billion in Q3 2020 to $8.64 billion in Q3 2021, marking a 72.8% growth on a year-on-year basis. It also grew by 12.94% compared to $7.65 billion earned in Q2 2021.
The company earns its revenues mainly from Flexdrive. It is a network of Light Vehicles and Lyft rentals. The revenue earned from these operations is recognized over the rental period i.e. 7 days or less. Due to the short-term nature of these operations, the company classifies these rentals as operating leases. The company operates a fleet of rental vehicles that include both vehicles owned by us and vehicles leased from third-party leasing companies. The company either leases or subleases the vehicles to drivers and Lyft renters. This means that the company is considered as an accounting lessor or sub-lessor in accordance with ASC 842.
The income and head lease expenses for vehicles that are subleased are recognized on a gross basis in the consolidated financial statements of the company and the drivers are charged rental fees on renting any Lyft vehicle. These fees are collected from the driver by reducing the amount from the earnings of the driver on the Lyft platform. The revenue generated from the single-trip ride fee is paid by Light vehicle riders and is recognized on completion of each ride.
Lyft Inc.’s rental revenue increased from $0.49 billion in Q3 2020 to $0.80 billion in Q3 2021, marking a 63% growth on a year-on-year basis. It also grew 17.6% compared to $0.68 billion earned in Q2 2021.
Revenue from contracts with customers
The company generates revenue from commissions and service fees paid by drivers for using the Lyft platform for connecting drivers with riders to facilitate a complete ride through the App. Here the company operates as a transportation network company (TNC) and recognizes its revenue on completion of each ride. The drivers have to enter into terms of service agreement with the company for using the Lyft platform. Under this agreement, the drivers agree that the company will retain the applicable fee as a consideration for their use of the company’s platform from the fare charged from the riders for the drivers. The company acts as an agent that facilitates the drivers to provide services to riders. The revenue generated by the company is recognized in accordance with ASC 606.
Lyft Inc’s revenue from contracts with customers increased from $4.51 billion in Q3 2020 to $7.84 billion in Q3 2021, marking a 74% growth on a year-on-year basis. It also grew by 12% as compared to $6.97 billion earned in Q2 2021.
About the Company
Lyft is an American mobility service provider that is headquartered in Sans Francisco, United States. The company was founded by Logan Green and John Zimmer in 2012. The company connects drivers and riders by the virtue of a computer platform and mobile application. At present, the company operates in more than 350 cities in the United States and Canada and offers a variety of options to travel like hire vehicles, motorized scooters, bicycle-sharing systems, car rent, and food delivery. The company does not own any vehicles but instead, it receives a commission from every booking.
The common stock of the company is traded in Nasdaq Global Select Market (“NASDAQ”) under the ticker symbol “LYFT”. The company is committed to bringing positive change in the cities by offsetting carbon emissions from all the rides, and by supporting transportation equity through sharing vehicles system and public transit partnerships.
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