Hydrolyzes lysophospholipids to produce the signaling molecule lysophosphatidic acid (LPA) in extracellular fluids. Major substrate is lysophosphatidylcholine (PubMed:12119361). Can also act on sphingosylphosphorylcholine producing sphingosine-1-phosphate, a modulator of cell motility. Can hydrolyze, in vitro, bis-pNPP, to some extent pNP-TMP, and barely ATP. Involved in several motility-related processes such as angiogenesis and neurite outgrowth. Acts as an angiogenic factor by stimulating migration of smooth muscle cells and microtubule formation. Stimulates migration of melanoma cells, probably via a pertussis toxin-sensitive G protein. May have a role in induction of parturition. Possible involvement in cell proliferation and adipose tissue development. Tumor cell motility-stimulating factor (By similarity). Required for LPA production in activated platelets, cleaves the sn-1 lysophospholipids to generate sn-1 lysophosphatidic acids containing predominantly 18:2 and 20:4 fatty acids (By similarity). Shows a preference for the sn-1 to the sn-2 isomer of 1-O-alkyl-sn-glycero-3-phosphocholine (lyso-PAF) (By similarity). 1-O-alkyl-sn-glycero-3-phosphoethanolamine + H2O = 1-O-alkyl-sn-glycero-3-phosphate + ethanolamine + H(+) 1-O-(9Z-octadecenyl)-sn-glycero-3-phosphocholine + H2O = 1-O-(9Z-octadecenyl)-sn-glycero-3-phosphate + choline + H(+) a 2-acyl-sn-glycero-3-phosphocholine + H2O = a 2-acyl-sn-glycerol 3-phosphate + choline + H(+) a 2-acyl-sn-glycero-3-phospho-L-serine + H2O = a 2-acyl-sn-glycerol 3-phosphate + H(+) + L-serine 1-dodecanoyl-sn-glycero-3-phosphocholine + H2O = 1-dodecanoyl-sn-glycerol 3-phosphate + choline + H(+) H2O + sphing-4-enine-phosphocholine = choline + H(+) + sphing-4-enine 1-phosphate 1-(9Z-octadecenoyl)-sn-glycero-3-phosphocholine + H2O = 1-(9Z-octadecenoyl)-sn-glycero-3-phosphate + choline + H(+) 1-tetradecanoyl-sn-glycero-3-phosphocholine + H2O = 1-tetradecanoyl-sn-glycerol 3-phosphate + choline + H(+) 1-decanoyl-sn-glycero-3-phosphocholine + H2O = 1-decanoyl-sn-glycero-3-phosphate + choline + H(+) 1-hexadecanoyl-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphate + choline + H(+) 1-octadecanoyl-sn-glycero-3-phosphocholine + H2O = 1-octadecanoyl-sn-glycero-3-phosphate + choline + H(+) 1-(9Z,12Z)-octadecadienoyl-sn-glycero-3-phosphocholine + H2O = 1-(9Z,12Z)-octadecadienoyl-sn-glycero-3-phosphate + choline + H(+) 1-(5Z,8Z,11Z,14Z-eicosatetraenoyl)-sn-glycero-3-phosphocholine + H2O = 1-(5Z,8Z,11Z,14Z-eicosatetraenoyl)-sn-glycero-3-phosphate + choline + H(+) 1-O-hexadecyl-sn-glycero-3-phosphocholine + H2O = 1-O-hexadecyl-sn-glycero-3-phosphate + choline + H(+) 1-hexanoyl-sn-glycero-3-phosphocholine + H2O = 1-hexanoyl-sn-glycero-3-phosphate + choline + H(+) 1,2-dioctanoyl-sn-glycero-3-phosphocholine + H2O = 1,2-dioctanoyl-sn-glycero-3-phosphate + choline + H(+) 1,2-didecanoyl-sn-glycero-3-phosphocholine + H2O = 1,2-didecanoyl-sn-glycero-3-phosphate + choline + H(+) 1-O-(1Z-alkenyl)-sn-glycero-3-phosphocholine + H2O = 1-O-(1Z-alkenyl)-sn-glycero-3-phosphate + choline + H(+) 1-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine + H2O = 1-(9Z-octadecenoyl)-sn-glycero-3-phosphate + ethanolamine + H(+) 1-(9Z-octadecenoyl)-sn-glycero-3-phospho-L-serine + H2O = 1-(9Z-octadecenoyl)-sn-glycero-3-phosphate + H(+) + L-serine Binds 2 Zn(2+) ions per subunit. Binds 1 Ca(2+) ion per subunit. Detected in fetal serum (at protein level). N-glycosylation, but not furin-cleavage, plays a critical role on secretion and on lysoPLD activity. The interdomain disulfide bond between Cys-414 and Cys-831 is essential for catalytic activity. Belongs to the nucleotide pyrophosphatase/phosphodiesterase family.