Lyft, Inc. (LYFT): restructuring charge — Lyft confirms guidance, lays off 683 employees (13%) and estimates $27-32M in charges

Lyft, Inc.

Lay off 683 employees (~13% of workforce) as part of cost reduction plan.
Estimates $27-32M in restructuring charges in Q4 2022 for severance and benefits.
Reaffirms Q3 2022 guidance for revenue, Contribution Margin, and Adjusted EBITDA; 2024 targets unchanged.
Additional stock-based comp and facility exit charges to be disclosed later.
Q3 2022 earnings results scheduled for Nov 7, 2022.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

Lyft, Inc. announced a restructuring with charges of restructuring and related charges related to employee severance and benefits costs affecting entire company (termination of approximately 683 employees, representing 13% of the Company’s employees).

Type: restructuring
Charge: restructuring and related charges related to employee severance and benefits costs
Affected area: entire company
Headcount: termination of approximately 683 employees, representing 13% of the Company’s employees

Exact text from the filing

On November 3, 2022, the Company committed to a plan of termination as part of the Company’s efforts to reduce operating expenses and adjust cash flows as described in Item 2.02 above. The plan involves the termination of approximately 683 employees, representing 13% of the Company’s employees. In connection with the plan of termination, the Company estimates that it will incur approximately $27 million to $32 million of restructuring and related charges related to employee severance and benefits costs, which the Company expects to incur in the fourth quarter of 2022.

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Lyft, Inc. filing history →

Source: SEC EDGAR

accession 0001759509-22-000071

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