Lyft, Inc. (LYFT): restructuring charge — Lyft to lay off 1,072 employees (26% of workforce) as part of restructuring plan

Lyft, Inc.

Terminates ~1,072 employees (26% of workforce); also eliminates over 250 open positions.
Expects $41M-$47M in severance & benefits costs in Q2 2023, all cash; additional stock-based compensation costs to be determined.
Restructuring costs excluded from Adjusted EBITDA; savings intended to fund service improvements for riders and drivers.
Further details to be provided on May 4, 2023 Q1 earnings call.

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 $41 million to $47 million (approximately 1,072 employees, representing 26% of the Company’s employees).

Type: restructuring
Charge: approximately $41 million to $47 million
Headcount: approximately 1,072 employees, representing 26% of the Company’s employees

Exact text from the filing

On April 27, 2023, Lyft, Inc. (the “Company”) announced a restructuring plan as part of its efforts to reduce operating costs. The plan involves the termination of approximately 1,072 employees, representing 26% of the Company’s employees. The Company has also decided to scale back hiring and has eliminated over 250 open positions. In connection with the plan, the Company estimates that it will incur a cost of approximately $41 million to $47 million related to severance and employee benefits in the second quarter of 2023, all of which will be future cash expenditures.

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Lyft, Inc. filing history →

Source: SEC EDGAR

accession 0001759509-23-000036

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