Lyft, Inc. (LYFT): restructuring charge — Lyft records $120.3M in Q4 restructuring charges; expects up to $12M more in Q1 2023

Lyft, Inc.

Q4 2022 charges: $29.5M severance, $9.5M stock comp, $55.3M real estate impairment, $23.9M accelerated depreciation, $2.1M asset write-off.
Original estimate was $27M-$32M for severance only; actual total far higher due to facility exit and asset impairment.
Q1 2023 expects ~$9M lease termination penalties and up to $3M additional impairment from ceasing facility use.
Company also pursuing sale of first-party vehicle service business assets.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Lyft, Inc. announced a restructuring with charges of approximately $27 million to $32 million of restructuring and related charges primarily related to employee severance and benefits costs affecting Company-wide.

Type: restructuring
Charge: approximately $27 million to $32 million of restructuring and related charges primarily related to employee severance and benefits costs
Affected area: Company-wide

Exact text from the filing

as previously announced, 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. At the time of the Original Report, the Company estimated that it would incur approximately $27 million to $32 million of restructuring and related charges primarily related to employee severance and benefits costs.

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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 0001759509-23-000016

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