Lyft, Inc. (LYFT): debt financing — Lyft Q3 revenue all-time high $1.05B, Adj EBITDA $66.2M above outlook; $420M credit facility

Lyft, Inc.

2022-Q3 EPS reported -$2.84 revenue$2,920,143,000

Q3 revenue $1.054B (+22% YoY); net loss $422.2M including $224M stock-based comp and $135.7M impairment.
Adjusted EBITDA $66.2M exceeded $55-65M outlook; adjusted net income $36.7M vs $17.8M YoY.
Active Riders 20.3M (+7.2% YoY), revenue per active rider $51.88 (+13.7% YoY).
Q4 outlook: revenue $1.145-1.165B, Adj EBITDA $80-100M (7-9% margin).
New $420M secured revolving credit facility matures Nov 2027; covenants include min liquidity $1.5B.

item 1.01 item 2.02 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Lyft, Inc. incurred revolving credit of $420.0 million with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto at Adjusted Term SOFR Rate plus a variable rate based on the Company’s total levera maturing the earlier of (i) November 3, 2027 and (ii) February 13, 2025.

Instrument: revolving credit
Principal: $420.0 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto
Rate: Adjusted Term SOFR Rate plus a variable rate based on the Company’s total levera
Maturity: the earlier of (i) November 3, 2027 and (ii) February 13, 2025
Event: incurrence

Exact text from the filing

On November 3, 2022, Lyft, Inc. (the “Company” or "Lyft") entered into a Revolving Credit Agreement (the “Credit Agreement”) by and among the Company, as the borrower, JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto from time to time. The Credit Agreement provides the Company with a senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate principal amount of $420.0 million that matures on the earlier of (i) November 3, 2027 and (ii) February 13, 2025

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Lyft, Inc. reported the quarter ended September 30, 2022 results: revenue $1.05 billion, net income $422.2 million. Guidance initiated.

Period: the quarter ended September 30, 2022
Revenue: $1.05 billion
Net income: $422.2 million
Guidance: initiated
Result: reported results

Exact text from the filing

Lyft Announces Third Quarter Results Q3 revenue of $1.05 billion was an all-time high Q3 net loss of $422.2 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Lyft, Inc. entered into Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto valued at $420.0 million (effective 2022-11-03).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto
Value: $420.0 million
Effective: 2022-11-03

Exact text from the filing

On November 3, 2022, Lyft, Inc. (the “Company” or "Lyft") entered into a Revolving Credit Agreement (the “Credit Agreement”) by and among the Company, as the borrower, JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto from time to time.

View on SEC.gov

90 debt financings filed in the last 30 days. Browse all debt financings →

Lyft, Inc. filing history →

Source: SEC EDGAR

accession 0001759509-22-000077

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