Lyft, Inc. is an American company offering ride-hailing services, e-scooters, and bicycle-sharing systems in the United States and Canada, and, via its Freenow mobile app, Europe. Lyft is the second-largest ridesharing company in the United States after Uber. It has 25 million active riders and coordinates 9 million rides per day.3 It was founded by Logan Green and John Zimmer.1 Its chief executive is Logan Green.1 Its revenue was $700 million.1Wikipedia text CC BY-SA 4.0
Lyft, Inc. is an American company offering ride-hailing services, e-scooters, and bicycle-sharing systems in the United States and Canada, and, via its Freenow mobile app, Europe. Lyft is the second-largest ridesharing company in the United States after Uber. It has 25 million active riders and coordinates 9 million rides per day.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue101112139$5.9B in 2025+70% since 2019Operating income101112139-$188.4M in 2025−93% since 2019Net income101112139$2.8B in 2025
Revenue1415$1.8B in Q2 FY2026+12% since Q1 FY2026Operating income1415$47.6M in Q2 FY2026Net income1415$50.3M in Q2 FY2026+253% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue
$6.3B
$5.8B
$4.4B
Cost of revenue
$3.7B
$3.3B
$2.5B
Operations and support
$478.3M
$443.8M
$427.2M
Research and development
$451.4M
$397.1M
$555.9M
Sales and marketing
$875.1M
$789.0M
$481.0M
General and administrative
$1.0B
$937.3M
$871.1M
Total costs and expenses
$6.5B
$5.9B
$4.9B
Loss from operations
-$188.4M
-$118.9M
-$475.6M
Interest expense
-$20.8M
-$28.9M
-$26.2M
Other income, net
$155.9M
$173.2M
$170.1M
(Loss) income before income taxes
-$53.2M
$25.4M
-$331.7M
(Benefit from) provision for income taxes
-$2.9B
$2.6M
$8.6M
Net income (loss)
$2.8B
$22.8M
-$340.3M
Basic (in dollars per share)
$6.92
$0.06
-$0.88
Diluted (in dollars per share)
$6.81
$0.06
-$0.88
Basic (in shares)
410.8M shares
409.2M shares
385.3M shares
Diluted (in shares)
417.7M shares
413.7M shares
385.3M shares
No quarter-by-quarter statement was filed.
Total assets16101112139$9.0B in 2025+59% since 2019Total liabilities16101112139$5.8B in 2025+103% since 2019Shareholders’ equity1112139$3.3B in 2025+15% since 2019Cash101112139$1.1B in 2025+216% since 2019Long-term debt16101112139$1.0B in 2025
Total assets1415$9.1B in Q2 FY2026+1% since Q1 FY2025Total liabilities1415$6.1B in Q2 FY2026+6% since Q1 FY2025Shareholders’ equity1415$3.0B in Q2 FY2026−8% since Q1 FY2025Cash1415$1.1B in Q2 FY2026+1% since Q1 FY2025Long-term debt1415$990.6M in Q2 FY2026−1% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$1.1B
$759.3M
$558.6M
Short-term investments
$705.2M
$1.2B
Prepaid expenses and other current assets
$1.1B
$966.1M
Total current assets
$2.9B
$3.0B
Restricted cash and cash equivalents
$705.4M
$186.7M
$211.8M
Restricted investments
$1.2B
$1.4B
Other investments
$47.1M
$42.5M
Property and equipment, net
$418.5M
$444.9M
Operating lease right-of-use assets
$165.6M
$148.4M
Intangible assets, net
$178.9M
$42.8M
Goodwill
$439.8M
$251.4M
$257.8M
Deferred tax assets
$2.9B
$435.0K
Other assets
$18.4M
$12.0M
Total assets
$9.0B
$5.4B
Accounts payable
$120.5M
$97.7M
Insurance reserves
$2.2B
$1.7B
$1.3B
$1.4B
Accrued and other current liabilities
$2.2B
$1.7B
Operating lease liabilities, current
$28.1M
$25.2M
Convertible senior notes, current
$0
$390.2M
Total current liabilities
$4.5B
$3.9B
Operating lease liabilities
$159.9M
$152.1M
Long-term debt, net of current portion
$1.0B
$566.0M
Other liabilities
$68.4M
$69.3M
Total liabilities
$5.8B
$4.7B
Preferred stock, $0.00001 par value; 1,000,000 shares authorized as of December 31, 2025 and December 31, 2024; no shares issued and outstanding as of December 31, 2025 and 2024
$0
$0
Common stock, $0.00001 par value; 18,000,000 Class A shares authorized as of December 31, 2025 and 2024; 400,856 and 409,474 Class A shares issued and outstanding as of December 31, 2025 and 2024, respectively; 87,220 and 100,000 Class B shares authorized as of December 31, 2025 and 2024; no Class B shares issued and outstanding as of December 31, 2025 and 8,531 Class B shares issued and outstanding as of December 31, 2024
$4.0K
$4.0K
Additional paid-in capital
$10.7B
$11.0B
Accumulated other comprehensive income (loss)
$625.0K
-$10.1M
Accumulated deficit
-$7.4B
-$10.3B
Total stockholders equity
$3.3B
$767.0M
$541.5M
$388.7M
Total liabilities and stockholders equity
$9.0B
$5.4B
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
1.0B shares
1.0B shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$1.1B
$759.3M
$558.6M
Short-term investments
$705.2M
$1.2B
Prepaid expenses and other current assets
$1.1B
$966.1M
Total current assets
$2.9B
$3.0B
Restricted cash and cash equivalents
$705.4M
$186.7M
$211.8M
Restricted investments
$1.2B
$1.4B
Other investments
$47.1M
$42.5M
Property and equipment, net
$418.5M
$444.9M
Operating lease right-of-use assets
$165.6M
$148.4M
Intangible assets, net
$178.9M
$42.8M
Goodwill
$439.8M
$251.4M
$257.8M
Deferred tax assets
$2.9B
$435.0K
Other assets
$18.4M
$12.0M
Total assets
$9.0B
$5.4B
Accounts payable
$120.5M
$97.7M
Insurance reserves
$2.2B
$1.7B
$1.3B
$1.4B
Accrued and other current liabilities
$2.2B
$1.7B
Operating lease liabilities, current
$28.1M
$25.2M
Convertible senior notes, current
$0
$390.2M
Total current liabilities
$4.5B
$3.9B
Operating lease liabilities
$159.9M
$152.1M
Long-term debt, net of current portion
$1.0B
$566.0M
Other liabilities
$68.4M
$69.3M
Total liabilities
$5.8B
$4.7B
Preferred stock, $0.00001 par value; 1,000,000 shares authorized as of December 31, 2025 and December 31, 2024; no shares issued and outstanding as of December 31, 2025 and 2024
$0
$0
Common stock, $0.00001 par value; 18,000,000 Class A shares authorized as of December 31, 2025 and 2024; 400,856 and 409,474 Class A shares issued and outstanding as of December 31, 2025 and 2024, respectively; 87,220 and 100,000 Class B shares authorized as of December 31, 2025 and 2024; no Class B shares issued and outstanding as of December 31, 2025 and 8,531 Class B shares issued and outstanding as of December 31, 2024
$4.0K
$4.0K
Additional paid-in capital
$10.7B
$11.0B
Accumulated other comprehensive income (loss)
$625.0K
-$10.1M
Accumulated deficit
-$7.4B
-$10.3B
Total stockholders equity
$3.3B
$767.0M
$541.5M
$388.7M
Total liabilities and stockholders equity
$9.0B
$5.4B
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
1.0B shares
1.0B shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Cash from operations101112139$1.2B in 2025Share buybacks139$500.0M in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
$2.8B
$22.8M
-$340.3M
Depreciation and amortization
$135.2M
$148.9M
$116.5M
Stock-based compensation
$322.3M
$330.9M
$484.5M
Deferred income tax
-$2.9B
-$1.9M
-$2.4M
Amortization of premium on marketable securities
$307.0K
$284.0K
$117.0K
Accretion of discount on marketable securities
-$69.2M
-$89.4M
-$68.1M
Amortization of debt discount and issuance costs
$3.7M
$3.7M
$2.9M
Loss (gain) on sale and disposal of assets, net
$7.6M
$7.8M
-$11.3M
Gain on lease termination
$0
-$29.6M
$0
Other
-$9.2M
$2.5M
-$4.3M
Prepaid expenses and other assets
-$51.0M
-$76.4M
-$86.6M
Operating lease right-of-use assets
$27.0M
$26.3M
$20.0M
Accounts payable
$21.7M
$21.7M
-$41.1M
Insurance reserves
$479.0M
$363.5M
-$79.5M
Accrued and other liabilities
$385.6M
$166.0M
-$73.5M
Lease liabilities
-$33.2M
-$47.4M
-$15.3M
Net cash provided by (used in) operating activities
$1.2B
$849.7M
-$98.2M
Purchases of marketable securities
-$3.3B
-$4.2B
-$3.3B
Purchases of term deposits
$0
-$4.4M
-$3.5M
Proceeds from sales of marketable securities
$728.4M
$232.9M
$452.5M
Proceeds from maturities of marketable securities
$3.3B
$3.4B
$3.5B
Proceeds from maturities of term deposits
$2.2M
$5.7M
$8.5M
Purchases of property and equipment and scooter fleet
-$52.8M
-$83.5M
-$149.8M
Sales of property and equipment
$52.9M
$92.0M
$92.6M
Cash paid for acquisitions, net of cash acquired
-$307.3M
$0
$1.6M
Other investing activities
-$1.3M
$1.3M
$5.5M
Net cash provided by (used in) investing activities
$406.7M
-$518.0M
$599.8M
Repayment of loans
-$62.4M
-$84.1M
-$72.5M
Payment for settlement of convertible senior notes due 2025
-$390.7M
-$350.0M
$0
Proceeds from issuance of convertible senior notes
$500.0M
$460.0M
Payment of debt issuance costs
-$12.2M
-$11.9M
$0
Purchase of capped calls
-$42.0M
-$47.9M
$0
Repurchase of Class A common stock
-$500.0M
-$50.0M
$0
Proceeds from exercise of stock options and other common stock issuances
$14.9M
$15.1M
$11.0M
Taxes paid related to net share settlement of equity awards
-$151.3M
-$40.3M
-$3.0M
Principal payments on finance lease obligations
-$41.2M
-$46.7M
-$43.5M
Contingent consideration paid
$0
$0
-$14.1M
Other financing activities
-$490.0K
$0
$0
Net cash used in financing activities
-$685.5M
-$155.9M
-$122.1M
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents
$1.7M
-$1.6M
$533.0K
Net increase in cash, cash equivalents and restricted cash and cash equivalents
$891.3M
$174.3M
$380.0M
Cash paid for income taxes
$7.3M
$11.2M
$9.4M
Cash paid for interest
$19.8M
$28.3M
$20.2M
Financed vehicles acquired
$78.1M
$83.6M
$127.1M
Purchases of property and equipment and scooter fleet not yet settled
$3.6M
$10.6M
$4.5M
Right-of-use assets acquired under finance leases
$30.3M
$45.2M
$79.1M
Right-of-use assets acquired under operating leases
$20.8M
$7.7M
$3.8M
Remeasurement of finance and operating lease right-of-use assets
-$6.1M
$54.7M
-$10.6M
Repurchase of Class A common stock, including excise tax, accrued and not yet paid
Lyft sits at the top of its group. 9 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Lyft
FMR LLCFiled SCHEDULE 13G/A on Lyft, latest Aug 6, 2026 (9 filings since Feb 9, 2022)
Pacific Valley Insurance Company, Inc. Subsidiary · Hawaii, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Lyft reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters are located in San Francisco, California, and consist of approximately 170,000 square feet under lease agreements. We maintain additional offices in multiple locations in the U.S. and internationally.
We lease all of our facilities and do not own any real property. We believe our facilities are adequate and suitable for our current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.
In early 2025, Detroit rapper Dajua Blanding, known as Dank Demoss, who claims to be "just under 500 pounds", filed a lawsuit against Lyft after a driver allegedly refused her ride, claiming she was "too big" to fit in the car. The incident, captured on video, led to public outrage and legal action, with Blanding asserting that weight-based discrimination is illegal under Michigan law. The lawsuit was settled out of court.
In October 2026, Lyft reached a settlement with the state of California to pay $237 million to drivers for alleged violations between April 2016 and December 2020, the largest wage theft settlement in the state's history. The lawsuit, filed in 2020 by California against Lyft and Uber and merged with other lawsuits from affected drivers, claimed that the companies mislabeled drivers as independent contractors instead of employees.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
582 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 59 major events, 331 insider forms, 42 large holders, 129 other. The latest 20:
112 open-market trades by officers, directors and large owners since October 2021: 9 buys and 103 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
AuditorPricewaterhouseCoopers LLP, San Francisco, California PCAOB ID 238; it also attests to the company’s internal control over financial reporting17
Class A common stock, par value of $0.00001 per share
LYFT
Nasdaq Global Select Market
From the cover page of the 10-K filed Feb 11, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Lyft names in Item 1A of its 10-K filed Feb 11, 2026: 64 risks under these headings, as written.17
Operational Factors
General Economic Factors
Regulatory and Legal Factors
Financing and Transactional Risks
Governance Risks and Risks related to Ownership of our Capital Stock
Risks Related to Operational Factors
Our evolving business makes it difficult to evaluate our future prospects and the risks and challenges we may encounter.
Our financial performance in recent periods may not be indicative of future performance, and we may not be able to achieve or maintain profitability in the future.
We face intense competition and could lose market share to our competitors, which could adversely affect our business, financial condition and results of operations.
If our markets do not continue to grow, grow more slowly than we expect or fail to grow as large or otherwise develop as we expect, our business, financial condition and results of operations could be adversely affected.
If we fail to cost-effectively attract and retain qualified drivers on our platform, or to increase the utilization of our platform by existing drivers, our business, financial condition and results of operations could be harmed.
If we fail to cost-effectively attract new riders, or to increase utilization of our platform by existing riders, our business, financial condition and results of operations could be harmed.
The other 57 risks
We rely substantially on our wholly-owned subsidiary and deductibles to insure auto-related risks and on third-party insurance policies to insure and reinsure our operations-related risks. If our insurance or reinsurance coverage is insufficient for the needs of our business or our insurance providers are unable to meet their obligations, we may not be able to mitigate the risks facing our business, which could adversely affect our business, financial condition and results of operations.
Our actual losses may exceed our insurance reserves, which could adversely affect our financial condition and results of operations.
We rely on a limited number of third-party insurance service providers for our auto-related insurance claims, and if such providers fail to service insurance claims to our expectations or we do not maintain business relationships with them, our business, financial condition and results of operations could be adversely affected.
Our reputation, brand and the network effects among the drivers and riders on our platform are important to our success, and if we are not able to maintain and continue developing our reputation, brand and network effects, our business, financial condition and results of operations could be adversely affected.
Illegal, improper or otherwise inappropriate activity of users, whether or not occurring while utilizing our platform, has and could continue to expose us to liability and harm our business, brand, financial condition and results of operations.
We rely on third-party background check providers to screen potential and existing drivers, and if such providers fail to furnish and/or provide accurate information, or if such providers are unable to complete background checks or are delayed in completing background checks because of data access restrictions, software outages, cyberattacks, or otherwise, or if we do not maintain business relationships with them, our business, financial condition and results of operations could be adversely affected.
Changes to our pricing could adversely affect our ability to attract or retain qualified drivers and riders.
If we are unable to efficiently grow and further develop our network of shared bikes and scooters, which may not grow as we expect or become profitable over time, and manage the related risks, our business, financial condition and results of operations could be adversely affected.
Challenges relating to the supply chain for our network of shared bikes and scooters could adversely affect our business, financial condition and results of operations.
If we are unable to efficiently develop, enable, or implement partnerships with other companies to offer AV technologies on our platform in a timely manner, our business, financial condition and results of operations could be adversely affected.
The AV industry may not continue to develop, or AVs may not be adopted by the market, which could adversely affect our prospects, business, financial condition and results of operations.
Claims from riders, drivers or third parties that allege harm, whether or not our platform is in use, adversely affect our business, brand, financial condition and results of operations.
Our shared bikes and scooters have experienced product issues from time to time, which has in the past resulted in, and, in the future may result in, product recalls and removal from service, injuries, litigation, enforcement actions and regulatory proceedings, and could adversely affect our business, brand, financial condition and results of operations.
Any actual or perceived security or privacy breach or incident could interrupt our operations, harm our brand and adversely affect our reputation, brand, business, financial condition and results of operations.
We primarily rely on Amazon Web Services to deliver our offerings to users on our platform, and any disruption of or interference with our use of Amazon Web Services could adversely affect our business, financial condition and results of operations.
We rely on third-party and affiliate vehicle rental partners for our Express Drive program, as well as third-party vehicle supply, fleet management and finance partners to support our Express Drive program, and if we cannot manage our relationships with such parties and other risks related to our Express Drive program, our business, financial condition and results of operations could be adversely affected.
Our Express Drive program and potential future fleet businesses expose us to certain risks, including reductions in the utilization of vehicles in the fleets.
We rely on third-party payment processors to process payments made by riders and payments made to drivers on our platform, and if we cannot manage our relationships with such third parties and other payment-related risks, our business, financial condition and results of operations could be adversely affected.
We rely on other third-party service providers and if such third parties do not perform adequately or terminate their relationships with us, our costs may increase and our business, financial condition and results of operations could be adversely affected.
Our advertising platform, Lyft Ads, is nascent and subject to various risks and uncertainties, which may adversely affect our business and financial results.
Use of artificial intelligence and machine learning may present additional risks, including risks associated with algorithm development or use, the data sets used, and/or a complex, developing regulatory environment.
If we are not able to successfully develop new offerings on our platform and enhance our existing offerings, our business, financial condition and results of operations could be adversely affected.
If we are unable to successfully manage the complexities associated with our multimodal platform, our business, financial condition and results of operations could be adversely affected.
Our metrics and estimates, including the key metrics included in this report, are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics may harm our reputation and negatively affect our business.
Any failure to offer high-quality user support may harm our relationships with users and could adversely affect our reputation, brand, business, financial condition and results of operations.
Failure to deal effectively with fraud could harm our business.
If we fail to effectively manage our pricing methodologies, our business, financial condition and results of operations could be adversely affected.
Our company culture has contributed to our success and if we cannot maintain this culture as we grow, our business could be harmed.
We depend on our key personnel and other highly skilled personnel, and if we fail to attract, retain, motivate or integrate our personnel, our business, financial condition and results of operations could be adversely affected.
Our business could be adversely impacted by changes in the Internet and mobile device accessibility of users and unfavorable changes in or our failure to comply with existing or future laws governing the Internet and mobile devices.
We rely on mobile operating systems and application marketplaces to make our apps available to the drivers and riders on our platform, and if we do not effectively operate with or receive favorable placements within such application marketplaces and maintain high rider reviews, our usage or brand recognition could decline and our business, financial results and results of operations could be adversely affected.
We depend on the interoperability of our platform across third-party applications and services that we do not control.
Defects, errors or vulnerabilities in our applications, backend systems or other technology systems and those of third-party technology providers, or system failures and resulting interruptions in our availability or the availability of other systems and providers, could harm our reputation and brand and adversely impact our business, financial condition and results of operations.
Our platform contains third-party open source software components, and failure to comply with the terms of the underlying open source software licenses could restrict our ability to provide our offerings.
Our presence outside the U.S. and our international expansion strategy will subject us to additional costs and risks and our plans may not be successful.
We may not realize the anticipated long-term stockholder value of our share repurchase programs, and any failure to repurchase our Class A common stock after we have announced our intention to do so may negatively impact our stock price.
Risks Related to General Economic Factors
A deterioration of general macroeconomic conditions could materially and adversely affect our business and financial results.
Our business could be adversely affected by natural disasters, public health crises, political crises, or other unexpected events.
Risks Related to Regulatory and Legal Factors
Challenges to contractor classification of drivers that use our platform may have adverse business, financial, tax, legal and other consequences to our business.
Claims by others that we infringed their proprietary technology or other intellectual property rights could harm our business.
Failure to protect or enforce our intellectual property rights could harm our business, financial condition and results of operations.
Changes in laws or regulations relating to privacy, data protection or the protection or transfer of personal data, or any actual or perceived failure by us to comply with such laws and regulations or any other obligations relating to privacy, data protection or the protection or transfer of personal data, could adversely affect our business.
We are regularly subject to claims, lawsuits, government and regulatory investigations and other proceedings that may adversely affect our business, financial condition and results of operations.
If we fail to maintain an effective system of disclosure controls or internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
Changes in U.S. and foreign tax laws could have a material adverse effect on our business, cash flow, results of operations or financial conditions.
Taxing authorities may successfully assert that we should have collected or in the future should collect sales and use, gross receipts, value added or similar taxes and may successfully impose additional obligations on us, and any such assessments or obligations could adversely affect our business, financial condition and results of operations.
Operating as a public company requires us to incur substantial costs and requires substantial management attention.
Climate-related factors may have a long-term impact on our business.
Risks Related to Financing and Transactional Factors
We may require additional capital, which may not be available on terms acceptable to us or at all, and which could reduce our ability to compete and could harm our business.
If we are unable to make acquisitions and investments, or successfully integrate them into our business, or if we enter into strategic transactions that do not achieve our objectives, our business, results of operations and financial condition could be adversely affected.
Servicing our current and future debt may require a significant amount of cash, and we may not have sufficient cash flow from our business to pay our indebtedness. Our payment obligations under such indebtedness may limit the funds available to us, and the terms of our debt agreements may restrict our flexibility in operating our business or otherwise adversely affect our results of operations.
Our revolving credit facility contains financial covenants and other restrictions on our actions that may limit our operational flexibility or otherwise adversely affect our results of operations.
We are subject to counterparty risk with respect to the capped call transactions.
Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
Risks Related to Governance and Ownership of our Capital Stock
The trading price of our Class A common stock may be volatile, and you could lose all or part of your investment.
Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer or proxy contest difficult, thereby depressing the market price of our Class A common stock.
Our amended and restated bylaws designate a state or federal court located within the State of Delaware as the exclusive forum for substantially all disputes between us and our stockholders and also provide that the federal district courts will be the sole and exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act of 1933 (as amended, the “Securities Act”), each of which could limit our stockholders’ ability to choose the judicial forum for disputes with us or our directors, officers or employees.
Legal proceedings
See discussion under the heading Legal Proceedings in Note 10 to the consolidated financial statements included in Part II, Item 8 of this report.