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1/ Finally read the Lyft S-1 a few hours ago (yes seriously I didn't do it until today, I'm a lazy POS). A few observations...
2/ As @modestproposal1 has pointed out, Lyft's cut of each ride just keeps going up every quarter. In fact, increases in Lyft's take rate have accounted for ~25% of the company's revenue growth in the last 2 years 
3/ More importantly, take rate is Lyft's key profitability lever - any increase in take rate pretty much flows directly down to the gross profit line. The result is that Lyft's take rates are just under ~30% today... which feels pretty damn high
4/ Can take rates go even higher? My intuition would say no, but on the other hand... it doesn't seem implausible? Interestingly, driver pay per ride hasn't gone down at all in the last 2 years. Instead, price per ride has been going up, and Lyft has just pocketed the difference
5/ This raises an important point: Lyft should be able to continue raising take rates *without* cutting driver wages, as long as they can continue raising prices. Drivers only see their own wage - they don't know how much customers are paying!
6/ Of course, the really hard part is actually raising prices. Frankly, I don't understand how Lyft has managed thus far, given that Uber exists and all... how long do investors have to wait before we enter a rational pricing duopoly? Will we ever? And what's demand elasticity?
