Hydrolyzes lysophospholipids to produce the signaling molecule lysophosphatidic acid (LPA) in extracellular fluids (PubMed:12633853, PubMed:29259743, PubMed:27660691, PubMed:27268273, PubMed:27075612, PubMed:12354767). Major substrate is lysophosphatidylcholine (PubMed:12119361, PubMed:27660691, PubMed:27268273, PubMed:27075612, PubMed:12176993). Can also act on sphingosylphosphorylcholine producing sphingosine-1-phosphate, a modulator of cell motility (PubMed:12119361). Can hydrolyze, in vitro, bis-pNPP, to some extent pNP-TMP, and barely ATP (PubMed:12633853, PubMed:27268273). 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. Inhibited by vanadate (PubMed:27268273). Inhibited by micromolar levels of bile salts, such as tauroursodeoxycholate. Not inhibited by taurodeoxycholate. Not inhibited by hydroxysterols, such as 7-hydroxycholesterol, testosterone, dexamethasone and prednisolone (PubMed:27075612). Inhibited by EDTA and EGTA (PubMed:12354767). Abundantly expressed in cerebrum and cerebellum. Localized in secretory epithelial cells in the brain and the eye including choroid plexus epithelial cells, ciliary epithelial cells, iris pigment epithelial cells, and retinal pigment cells. N-glycosylation, but not furin-cleavage, plays a critical role on secretion and on lysoPLD activity. The interdomain disulfide bond between Cys-413 and Cys-830 is essential for catalytic activity. Belongs to the nucleotide pyrophosphatase/phosphodiesterase family.