LYFT, INC. FILES (8-K) Disclosing Non-Reliance on Previous Financials, Audits or Interim Review, Regulation FD Disclosure

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.

As part of preparing the Q1'22 consolidated financial statements of Lyft, Inc.
(the "Company" or "Lyft") an error was identified related to the accounting of
losses ceded under the Quota Share Reinsurance Agreement (the "Reinsurance
Agreement") with DARAG Bermuda LTD ("DARAG"), under which DARAG reinsured a
legacy portfolio of auto insurance policies. All references in this document
refer to GAAP financial measures unless otherwise noted. The error resulted in
the understatement of cost of revenue and net loss in the quarter and year ended
December 31, 2021 and the quarter and nine months ended September 30, 2021 (the
"Affected Periods").

As a result of this error, on April 28, 2022, the Audit Committee (the "Audit
Committee") of the Board of Directors of Lyft, after discussion with the
Company's management, concluded that Lyft's consolidated financial statements as
of and for the year ended December 31, 2021 - and the related audit report of
PricewaterhouseCoopers LLP - included in its 2021 Annual Report on Form 10-K
(the "2021 10-K") as well as the Company's condensed consolidated financial
statements as of and for the quarter ended September 30, 2021 (and for the nine
months then ended) included in its Q3'21 Form 10-Q should no longer be relied
upon. The Company plans to restate its consolidated financial statements as of
and for the year ended December 31, 2021 and include them in an amendment to the
2021 10-K to be filed with the Securities and Exchange Commission (the
"Amendment"). The Amendment will also include restated quarterly financial
information as of September 30, 2021 and for the three and nine months then
ended. Any previously issued or filed reports, press releases, earnings releases
and investor presentations or other communications describing Lyft's
consolidated financial statements and other related financial information
covering the Affected Periods should no longer be relied upon.

In terms of the specific impacts, this error resulted in a $28.2 million
understatement of cost of revenue, loss from operations, loss before income
taxes, and net loss on Lyft's consolidated statements of operations for the
three months ended September 30, 2021. It also resulted in a $24.6 million
understatement of the same items for the three months ended December 31, 2021.
Taken together, the impact for full year 2021 was a $52.8 million understatement
of the same financial line items. On the Company's consolidated balance sheets
there was a corresponding understatement of accumulated deficit and of accrued
and other current liabilities of $28.2 million as of September 30, 2021 and of
$52.8 million as of December 31, 2021. However, the error did not impact Lyft's
cash flows from operating activities, investing activities, financing activities
or its ending cash balance in the Affected Periods.

The error does not impact the Company's consolidated financial statements for
either Q1 or Q2 of 2021 or for any period before then. It also does not affect
Lyft's previously reported revenue, cash flows or cash positions in any period.
Furthermore, Lyft's previously reported non-GAAP financial measures are not
impacted by this matter, including its Contribution, Contribution Margin and
Adjusted EBITDA. Neither the changes nor the restatement of Lyft's financial
statements affect the Company's compliance with the financial covenants
contained in its outstanding debt instruments or compliance with any other
material agreement of the Company or its subsidiaries.

As a result of this restatement, Lyft's management has re-evaluated the
effectiveness of the Company's disclosure controls and procedures as well as its
internal control over financial reporting as of December 31, 2021. Management
has concluded that the Company's disclosure controls and procedures were not
effective as of September 30, 2021 and December 31, 2021, and its internal
control over financial reporting was not effective as of December 31, 2021 due
to the following material weakness. Specifically, there was a lack of an
effectively designed control activity over the evaluation of the impact of the
terms of the Reinsurance Agreement on the accounting and reporting of the excess
benefits of the Reinsurance Transaction. The Company will amend the related
disclosures included in Item 9A of the Amendment to reflect this material
weakness and will also include information about the Company's remediation
actions.

Lyft's management and Audit Committee have discussed the matters disclosed in
this Item 4.02 with the Company's independent registered accounting firm,
PricewaterhouseCoopers LLP.

Item 7.01 Regulation FD Disclosure

This error and the accounting treatment contemplated by the restatement
described in Item 4.02 above have no impact on the outlook commentary the
Company shared on its February 8, 2022 earnings call for revenue,

--------------------------------------------------------------------------------

Contribution Margin and Adjusted EBITDA. As previously announced, Lyft will
release its financial results for Q1'22 after the close of market on Tuesday,
May 3, 2022.

The information in Item 7.01 of this current report on Form 8-K shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of
that section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, regardless of
any general incorporation language in such filing.

Forward Looking Statements

Certain statements included in this report that are not historical facts are
forward-looking statements for purposes of the safe harbor provisions under the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
generally are accompanied by words such as "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "expect," "should," "would," "plan,"
"predict," "potential," "seem," "seek," "future," "outlook," and similar
expressions that predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements include, but
are not limited to, statements regarding management's expectations on the impact
of the restatement on the Company's previously issued financial statements and
results for the quarter ended March 31, 2022, plans to file an amendment to its
Annual Report on Form 10-K, plans to remediate the material weakness with
respect to the Company's internal control over financial reporting and the
impact of these matters on the Company's outlook commentary. These statements
are based on various assumptions, whether or not identified in this report, and
on the current expectations of management. Forward-looking statements are
subject to a number of risks and uncertainties that could cause actual results
to differ materially from the forward-looking statements, including but not
limited to, the discovery of additional information relevant to the Affected
Periods; changes in the effects of the restatement on the Company's financial
statements or financial results; higher than expected charges after completing
the restatement process; delay in the amended filing due to the Company's
efforts to complete the restatement; and the other risks detailed from time to
time in the Company's reports filed with the SEC, including its Annual Report on
Form 10-K for the year ended December 31, 2021 and other documents the Company
files with the SEC. If any of these risks materialize or assumptions prove
incorrect, actual results could differ materially from the results implied by
these forward-looking statements. These forward-looking statements speak only as
of the date hereof, and the Company expressly disclaims any obligation to update
these forward-looking statements other than required by law.

--------------------------------------------------------------------------------