Revenue flow

Margins

Stage	V	% of rev	LYFT	% of rev	Gap · A − B
Revenue	$11.6B	100.00%	$1.8B	100.00%	V ×6.31
Gross profit	$9.2B	78.87%	$917M	49.75%	V +29.1pp
Operating income	$6.9B	59.12%	$48M	2.58%	V +56.5pp
Pre-tax income	$6.8B	58.74%	$78M	4.25%	V +54.5pp
Net income	$5.6B	48.38%	$50M	2.73%	V +45.7pp

Stage	V	LYFT	Gap · A − B
Revenue	$11.6B100.00%	$1.8B100.00%	V ×6.31
Gross profit	78.87%$9.2B	49.75%$917M	V +29.1pp
Operating income	59.12%$6.9B	2.58%$48M	V +56.5pp
Pre-tax income	58.74%$6.8B	4.25%$78M	V +54.5pp
Net income