Revenue of $3.1 billion, declining 18%
year-over-year or 17% on a constant currency basis
Mobility Adjusted EBITDA of $245 million
Uber Technologies, Inc. (NYSE: UBER) today announced financial
results for the quarter ended September 30, 2020.
Financial Highlights for Third Quarter 2020
- Gross Bookings declined to $14.7 billion, down 10%
year-over-year, or 8% on a constant currency basis, with Mobility
Gross Bookings declining 50% and Delivery Gross Bookings growing
135% year-over-year, respectively, on a constant currency
basis.
- Revenue declined 18% year-over-year, or 17% on a constant
currency basis. Mobility Revenue declined 53% year-over-year and
Delivery Revenue grew 125% year-over-year.
- Adjusted Net Revenue (“ANR”) declined 20% year-over-year,
Mobility ANR declined 52% year-over-year and Delivery ANR grew 190%
year-over-year. Adjusted Net Revenue and segment Adjusted Net
Revenue excludes the impact of COVID-19 response initiatives.
- Net loss attributable to Uber Technologies, Inc. was $1.1
billion, which includes $183 million in stock-based compensation
expense.
- Mobility Adjusted EBITDA of $245 million, improved +$195
million quarter-over-quarter (-$386 million year-over-year), and
delivered 17.9% margin as a percentage of Mobility ANR.
- Delivery Adjusted EBITDA loss of $(183) million, improved +$49
million quarter-over-quarter (+$133 million year-over-year), and
delivered (16.1)% margin as a percentage of Delivery ANR.
- Adjusted EBITDA loss of $625 million, up $40 million
year-over-year, and down $212 million quarter-over-quarter, and
22.2% margin as a percentage of ANR. Adjusted EBITDA excludes the
impact of COVID-19 response initiatives.
- Unrestricted cash, cash equivalents and short-term investments
were $7.3 billion at the end of the third quarter.
- COVID-19 response initiatives had an impact on GAAP net loss of
$18 million, including an impact on GAAP revenue of $2 million and
an impact on GAAP cost of revenue of $16 million (details and
reconciliation below).
“Despite an uneven pandemic response and broader economic
uncertainty, our global scope, diversification, and the team’s
tireless execution delivered steadily improving results, with total
company Gross Bookings down just 6% year-on-year in September,”
said Dara Khosrowshahi, CEO. “Mobility Gross Bookings nearly
doubled from Q2 levels and Delivery surged again to 135%
year-on-year growth thanks to an increasing pace of innovation,
which saw us launch new industry-leading safety technology; extend
delivery offerings into groceries and prescriptions; bring Uber
Green to more than 50 cities; and expand both Uber Pass and Eats
Pass membership plans.”
“As consolidated growth returns, it will return to a more
profitable foundation,” said Nelson Chai, CFO. “Our Mobility
segment generated $245 million in Adjusted EBITDA, up nearly $200
million quarter-over-quarter, while we also improved Delivery
Adjusted EBITDA margins by more than 10 percentage points. Through
continued strong execution and cost discipline, we remain confident
in our ability to achieve quarterly Adjusted EBITDA profitability
before the end of 2021.”
Third Quarter 2020 Financial and Operational
Highlights
Three Months Ended September
30,
(In millions, except percentages)
2019
2020
% Change
% Change
(Constant Currency
(1))
Monthly Active Platform Consumers
(“MAPCs”)
103
78
(24
)%
Trips
1,770
1,150
(35
)%
Gross Bookings
$
16,465
$
14,745
(10
)%
(8
)%
GAAP Revenue
$
3,813
$
3,129
(18
)%
(17
)%
Adjusted Net Revenue (1)
$
3,533
$
2,813
(20
)%
(19
)%
GAAP Net loss attributable to Uber
Technologies, Inc. (2)
$
(1,162
)
$
(1,089
)
6
%
Mobility Adjusted EBITDA
$
631
$
245
(61
)%
Delivery Adjusted EBITDA
$
(316
)
$
(183
)
42
%
Adjusted EBITDA (1)
$
(585
)
$
(625
)
(7
)%
(1)
See “Definitions of Non-GAAP Measures” and
“Reconciliations of Non-GAAP Measures” sections herein for an
explanation and reconciliations of non-GAAP measures used
throughout this release.
(2)
Net loss attributable to Uber
Technologies, Inc. includes stock-based compensation expense of
$401 million and $183 million in Q3 2019 and Q3 2020,
respectively.
Results by Offering and Segment
Gross Bookings
Three Months Ended September
30,
(In millions, except percentages)
2019
2020
% Change
% Change (Constant
Currency)
Gross Bookings:
Mobility
$
12,554
$
5,905
(53
)%
(50
)%
Delivery
3,658
8,550
134
%
135
%
Freight
223
290
30
%
30
%
ATG and Other Technology Programs
—
—
**
**
All Other (formerly Other Bets)
30
—
**
**
Total
$
16,465
$
14,745
(10
)%
(8
)%
** Percentage not meaningful.
GAAP Revenue
Three Months Ended September
30,
(In millions, except percentages)
2019
2020
% Change
% Change (Constant
Currency)
Revenue:
Mobility
$
2,895
$
1,365
(53
)%
(51
)%
Delivery
645
1,451
125
%
124
%
Freight
218
288
32
%
32
%
ATG and Other Technology Programs (1)
17
25
47
%
47
%
All Other (formerly Other Bets)
38
—
**
**
Total
$
3,813
$
3,129
(18)
%
(17)
%
(1) Including $17 million and $25 million
collaboration revenue from Toyota recognized in Q3 2019 and Q3
2020, respectively.
** Percentage not meaningful.
Adjusted Net Revenue (1)
Three Months Ended September
30,
(In millions, except percentages)
2019
2020
% Change
% Change
(Constant Currency
(1))
Adjusted Net Revenue:
Mobility
$
2,868
$
1,365
(52
)%
(51
)%
Delivery
392
1,135
190
%
191
%
Freight
218
288
32
%
32
%
ATG and Other Technology Programs (2)
17
25
47
%
47
%
All Other (formerly Other Bets)
38
—
**
**
Total
$
3,533
$
2,813
(20
)%
(19
)%
(1)
“Adjusted Net Revenue,” “Mobility Adjusted
Net Revenue,” “Delivery Adjusted Net Revenue” and constant currency
are non-GAAP measures as defined by the SEC. “Freight Adjusted Net
Revenue,” “ATG and Other Technology Programs Adjusted Net Revenue,”
and “All Other Adjusted Net Revenue” (prior to the second quarter
of 2020 our Other Bets segment) are equal to GAAP net revenue in
all periods presented. See “Definitions of Non-GAAP Measures” and
“Reconciliations of Non-GAAP Measures” sections herein for an
explanation and reconciliations of non-GAAP measures used
throughout this release.
(2)
Including $17 million and $25 million
collaboration revenue from Toyota recognized in Q3 2019 and Q3
2020, respectively.
**
Percentage not meaningful.
Net Loss, Adjusted EBITDA and Segment Adjusted EBITDA
Net loss attributable to Uber Technologies, Inc. was $1.2
billion in Q3 2019, which includes $401 million in stock-based
compensation expense. Net loss attributable to Uber Technologies,
Inc. was $1.1 billion in Q3 2020, which includes $183 million in
stock-based compensation expense.
Three Months Ended September
30,
(In millions, except percentages)
2019
2020
% Change
Segment Adjusted EBITDA:
Mobility
$
631
$
245
(61
)%
Delivery
(316
)
(183
)
42
%
Freight
(81
)
(73
)
10
%
ATG and Other Technology Programs
(124
)
(104
)
16
%
All Other (formerly Other Bets)
(72
)
—
**
Corporate G&A and Platform R&D
(1), (2)
(623
)
(510
)
18
%
Adjusted EBITDA (3)
$
(585
)
$
(625
)
(7
)%
**
Percentage not meaningful.
(1)
Excluding stock-based compensation
expense.
(2)
Includes costs that are not directly
attributable to our reportable segments. Corporate G&A also
includes certain shared costs such as finance, accounting, tax,
human resources, information technology and legal costs. Platform
R&D also includes mapping and payment technologies and support
and development of the internal technology infrastructure. Our
allocation methodology is periodically evaluated and may
change.
(3)
“Adjusted EBITDA” is a non-GAAP measure as
defined by the SEC. See “Definitions of Non-GAAP Measures” and
“Reconciliations of Non-GAAP Measures” sections herein for an
explanation and reconciliations of non-GAAP measures used
throughout this release.
GAAP Revenue by Geographical Region
Three Months Ended September
30,
(In millions, except percentages)
2019
2020
% Change
United States and Canada
$
2,407
$
1,674
(30
)%
Latin America ("LatAm")
527
320
(39
)%
Europe, Middle East and Africa
("EMEA")
534
641
20
%
Asia Pacific ("APAC")
345
494
43
%
Total
$
3,813
$
3,129
(18
)%
Operating Highlights for the Third Quarter 2020
Mobility
- Gross Bookings recovery varied by Region: Q3 Mobility
Gross Bookings recovered 94% QoQ (down 53% YoY). In constant
currency terms, Q3 Mobility Gross Bookings were down 50% YoY, with
EMEA down 36% YoY, LatAm down 40% YoY, APAC down 52% YoY, and US
& Canada down 59% YoY; US lagged in the recovery with Gross
Bookings up 75% QoQ (down 60% YoY), with New York City well ahead
(up 103% QoQ and down 47% YoY), and West Coast markets well below
(San Francisco, Los Angeles and Seattle up 54%-76% QoQ and down
71-82% YoY).
- Adjusted Net Revenue down 51% YoY (constant currency):
ANR take rate of 23.1% was up 30bps YoY but down 290bps QoQ; US
driver supply improved through Q3, which was offset by the US
lagging international markets in the recovery.
- Achieved $245M in Adjusted EBITDA profitability:
Mobility segment Adjusted EBITDA expanded from the Q2’20 bottom by
$195 million QoQ to $245 million, driven by Gross Bookings growth
of 94% QoQ and fixed cost reductions more than offsetting the
290bps QoQ take rate headwind.
- Continued innovation in safety: Indefinitely extended
our “No Mask. No Ride” policy which requires Riders and Drivers to
wear a mask to use Uber. Implemented Mask Verification technology
for riders, in addition to drivers, requiring riders who have been
flagged for not wearing a mask to verify they are wearing one by
taking a selfie with a mask on. Partnered with Unilever in EMEA,
Clorox in US & Canada, SC Johnson in LatAm, and Dettol in APAC
to provide access to sanitizing equipment to drivers and delivery
drivers.
- Deepened Transit capabilities: Acquired Routematch, a
leading provider of Software / SaaS solutions to over 500 North
American and Australian public transportation systems; launched a
few of Routematch’s largest programs to date in Boston (MBTA),
Dallas (DART), Charlotte (CATS) to support paratransit systems.
Launched ‘Uber and Transit’ in Sydney and Chicago, enabling riders
to plan and execute multimodal trips that combine UberX with Public
Transportation on a single journey; expanded transit Journey
Planning to 31 total cities.
- Expanded Uber Green: Introduced option to book an
electric or hybrid vehicle in 15 US and Canadian cities. Uber Green
results in up to 44% fewer carbon emissions than taking a
gas-powered personal car ride. This option is now available in 50+
cities globally.
- Signed new automaker EV partnerships: Partnered with GM
in the US and Canada, and Renault-Nissan across European cities in
the UK, France, Netherlands, and Portugal to pass on significant
savings to drivers interested in transitioning to an EV.
- Launched Uber Rent: Following successful global pilots,
launched Uber Rent in the UK, a new feature that allows customers
to reserve a rental car in the Uber app.
Delivery
- Gross Bookings growth / momentum: Delivery Gross
Bookings of $8.6 billion accelerated to 135% year-over-year on a
constant currency basis, compared to 113% year-over-year in Q2’20
and 54% year-over-year in Q1’20.
- Across the board strength, with triple digit YoY growth in US
& Canada, EMEA, APAC and LatAm in Q3’20
- Several large markets outpaced Delivery segment overall growth,
with the UK and Canada growing close to 200% year-over-year, and
Japan and Spain growing in excess of 300% year-over-year
- France Delivery Gross Bookings continued to grow over 100% YoY
despite ongoing Mobility recovery in the market, with
month-over-month growth in every month of the quarter
- Domestically, New York City, which was the most recovered major
Mobility market, outpaced national growth, with Delivery Gross
Bookings up over 150% YoY, with month-over-month growth in every
month of the quarter
- Improved Segment Adjusted EBITDA: Delivery Adjusted
EBITDA loss decreased to $(183) million, improving $49 million
quarter-over-quarter and $133 million year-over-year or by 64
percentage points as a percent of ANR.
- Grew restaurant selection: Grew active partnered
restaurants on Uber Eats by over 70% year-over-year. New SMB
restaurant additions during the quarter also grew over 60%
year-over-year.
- Introduced new ordering options: Introduced two new
ordering options for merchants and consumers: the ability for
restaurants to add online ordering fulfilled by Uber Eats directly
to their own websites, and a new offering for all US restaurants to
add contactless dine-in ordering with Uber Eats using
click-to-print QR codes.
- Expanded Grocery offering: Grocery Gross Bookings
exceeded $1 billion annualized run-rate in September with the
Grocery offering now live in over 10 countries, including
Australia, UK, Japan, France, Taiwan, Canada, Chile & Brazil.
Launched Cornershop integration to expand access to Grocery across
the Americas. Signed several key partnerships including,
Southeastern Grocers (US), Red Apple Group (US), Sainsbury's (UK),
Cencosud (LatAm), MaxValu (Japan), and expanded the Carrefour
relationship (Brazil and Chile, in addition to France).
- Launched prescription delivery pilots: Signed a deal
with prescription delivery service NimbleRx, to pilot Uber Direct
for its pilot prescription drug delivery in Dallas and
Seattle.
- Expanded marketing: Launched the “Tonight I’ll be
Eating” campaign in the US, Uber Eats’ largest US & Canada
campaign to-date and a fully integrated effort that will run across
TV, OLV, OOH, Audio/Radio, Paid Social and Display.
- Launched ads nationwide: Ads launched nationwide in the
US and was adopted by nearly 30K active restaurants in Q3, with
early positive engagement from enterprise restaurants including
Subway and Panera Bread.
Other Segments, Platform and Corporate
- Redesigned Uber App Update: Continued global rollout on
iOS, whereby the Uber Eats delivery experience is integrated next
to on-demand trips, generating incremental user and revenue growth
for Eats without cannibalization of Rides.
- Exceeded 1 million paid subscribers: Surpassed 1 million
paid Uber Pass + Eats Pass subscribers during Q3; Uber Pass now
live in the US, Brazil, and Mexico; Eats Pass now live in the US,
Taiwan, South Africa, Canada, and Japan.
- New Freight offerings for enterprise shippers: Freight
has seen growth in the adoption of new service offerings designed
to provide shippers access to capacity in volatile markets. Load
volume tendered via API grew triple digits QoQ, through new
shippers integrations and increasing engagement with existing
shippers. Additionally, Freight announced the launch of Uber
Freight Enterprise, which allows shippers to directly place and
control their loads within the Uber Freight Marketplace and Uber
Freight Link which allows shippers to directly and digitally
connect to their carrier network.
- Freight drove continued improvement in operating efficiency
through automation: Freight was named one of the top carriers
for meeting customer visibility needs on Fourkites, due to
partnerships with KeepTruckin, Skybitz, and Spireon, along with
other automated tracking efforts.
- ATG vehicles on the road in DC: We maintained our focus
on steadily building self-driving technology to serve a spectrum of
cities, returning our test vehicles to the streets of Washington,
DC in addition to continuing operations in the Pittsburgh market.
We also notched steps towards delivering trustworthy and scalable
performance at a more effective future production cost with a
transition to an upgraded sensor suite on our Volvo XC90 fleet, and
with continued work with Toyota on future mobility platforms.
- Completed $500 million senior notes offering: Completed
$500 million offering of 6.25% Senior Notes due 2028. We used the
net proceeds from this offering, along with cash on hand, to redeem
all of our 7.5% Senior Notes due 2023, of which $500 million
aggregate amount was outstanding as of the end of the third
quarter. The redemption was subsequently completed in October
2020.
- Launched Our Road to Zero Emissions Commitment:
Announced commitment to becoming a fully zero-emission platform by
2040, and an earlier commitment to transition 100% of rides to
electric vehicles (EVs) in US, Canadian, and European cities by
2030. In addition to our platform goals, we committed to achieving
net-zero emissions from our corporate operations by 2030.
- ESG Report: Published our inaugural environmental,
social and governance (ESG) report.
- Indian Parliament passed independent contractor
legislation: New legislation secures nationwide independent
contractor codification, allowing for a third way of work
nationally in India.
Recent Developments
- Awarded 18-month license to operate in London: Uber
granted 18 month London License, found “fit and proper” to
operate.
- Announced $500M investment in Freight and divested European
Freight business: Investor group led by Greenbriar Equity Group
committed to invest $500M in a Series A investment in Uber Freight,
Uber’s logistics arm; Divested European Freight business to
Sennder, a Berlin-based digital freight brokerage.
- Agreed to form SKT Joint Venture in South Korea: Uber
entered into agreement to form a joint venture with T Map Mobility,
an SKT company, to drive growth in the e-hailing market in Korea. T
Map is the largest mobility platform in Korea with around 13
million monthly active users. T Map Taxi is the nation’s second
largest taxi hailing service with 200,000 registered drivers and
750,000 active monthly users. The joint venture will promote the
e-hailing business in Korea by combining T Map Mobility's network
of drivers and mapping technology with Uber's ride hailing
technology and global operations expertise.
- Proposition 22 Passes: California voters passed
Proposition 22 by a significant margin, which protects the ability
of app-based rideshare and delivery drivers to continue working as
independent contractors, while adding important new benefits and
protections. Final certification of the election is expected in the
coming weeks.
Webcast and conference call information
A live audio webcast of our third quarter 2020 earnings release
call will be available at https://investor.uber.com/, along with
the earnings press release and slide presentation. The call begins
on November 5, 2020 at 1:30 PM (PT) / 4:30 PM (ET). This press
release, including the reconciliations of certain non-GAAP measures
to their nearest comparable GAAP measures, is also available on
that site.
We also provide announcements regarding our financial
performance, including SEC filings, investor events, press and
earnings releases, and blogs, on our investor relations website
(https://investor.uber.com/).
About Uber
Uber’s mission is to create opportunity through movement. We
started in 2010 to solve a simple problem: how do you get access to
a ride at the touch of a button? More than 15 billion trips later,
we're building products to get people closer to where they want to
be. By changing how people, food, and things move through cities,
Uber is a platform that opens up the world to new
possibilities.
Forward-Looking Statements
This press release contains forward-looking statements regarding
our future business expectations which involve risks and
uncertainties. Actual results may differ materially from the
results predicted, and reported results should not be considered as
an indication of future performance. Forward-looking statements
include all statements that are not historical facts and can be
identified by terms such as “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,”
“might,” “objective,” “ongoing,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” or “would” or similar
expressions and the negatives of those terms. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These risks, uncertainties and other
factors relate to, among others: developments in the COVID-19
pandemic and the resulting impact on our business and operations,
competition, managing our growth and corporate culture, financial
performance, investments in new products or offerings, our ability
to attract drivers, consumers and other partners to our platform,
our brand and reputation and other legal and regulatory
developments, particularly with respect to our relationships with
drivers and delivery persons. For additional information on other
potential risks and uncertainties that could cause actual results
to differ from the results predicted, please see our Annual Report
on Form 10-K for the year ended December 31, 2019 and subsequent
Form 10-Qs and Form 8-Ks filed with the Securities and Exchange
Commission. All information provided in this release and in the
attachments is as of the date of this press release and any
forward-looking statements contained herein are based on
assumptions that we believe to be reasonable as of this date. Undue
reliance should not be placed on the forward-looking statements in
this press release, which are based on information available to us
on the date hereof. We undertake no duty to update this information
unless required by law.
Non-GAAP Financial Measures
To supplement our financial information, which is prepared and
presented in accordance with generally accepted accounting
principles in the United States of America (“GAAP”), we use the
following non-GAAP financial measures: Adjusted Net Revenue;
Mobility Adjusted Net Revenue; Delivery Adjusted Net Revenue;
Adjusted EBITDA; and Adjusted EBITDA margin as a percentage of ANR,
as well as, revenue and Adjusted Net Revenue growth in constant
currency. The presentation of this financial information is not
intended to be considered in isolation or as a substitute for, or
superior to, the financial information prepared and presented in
accordance with GAAP. We use these non-GAAP financial measures for
financial and operational decision-making and as a means to
evaluate period-to-period comparisons. We believe that these
non-GAAP financial measures provide meaningful supplemental
information regarding our performance by excluding certain items
that may not be indicative of our recurring core business operating
results.
We believe that both management and investors benefit from
referring to these non-GAAP financial measures in assessing our
performance and when planning, forecasting, and analyzing future
periods. These non-GAAP financial measures also facilitate
management’s internal comparisons to our historical performance. We
believe these non-GAAP financial measures are useful to investors
both because (1) they allow for greater transparency with respect
to key metrics used by management in its financial and operational
decision-making and (2) they are used by our institutional
investors and the analyst community to help them analyze the health
of our business.
There are a number of limitations related to the use of non-GAAP
financial measures. In light of these limitations, we provide
specific information regarding the GAAP amounts excluded from these
non-GAAP financial measures and evaluating these non-GAAP financial
measures together with their relevant financial measures in
accordance with GAAP.
For more information on these non-GAAP financial measures,
please see the sections titled “Key Terms for Our Key Metrics and
Non-GAAP Financial Measures,” “Definitions of Non-GAAP Measures”
and “Reconciliations of Non-GAAP Measures” included at the end of
this release.
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions)
(Unaudited)
As of December 31,
2019
As of September 30,
2020
Assets
Cash and cash equivalents
$
10,873
$
6,154
Short-term investments
440
1,132
Restricted cash and cash equivalents
99
218
Accounts receivable, net
1,214
773
Prepaid expenses and other current
assets
1,299
1,135
Total current assets
13,925
9,412
Restricted cash and cash equivalents
1,095
1,394
Collateral held by insurer
1,199
940
Investments
10,527
8,983
Equity method investments
1,364
1,190
Property and equipment, net
1,731
1,883
Operating lease right-of-use assets
1,594
1,327
Intangible assets, net
71
654
Goodwill
167
2,988
Other assets
88
123
Total assets
$
31,761
$
28,894
Liabilities, mezzanine equity and
equity
Accounts payable
$
272
$
240
Short-term insurance reserves
1,121
1,289
Operating lease liabilities, current
196
175
Accrued and other current liabilities
4,050
5,217
Total current liabilities
5,639
6,921
Long-term insurance reserves
2,297
2,113
Long-term debt, net of current portion
5,707
6,667
Operating lease liabilities,
non-current
1,523
1,527
Other long-term liabilities
1,412
1,484
Total liabilities
16,578
18,712
Mezzanine equity
Redeemable non-controlling interests
311
549
Equity
Common stock
—
—
Additional paid-in capital
30,739
31,549
Accumulated other comprehensive loss
(187
)
(445
)
Accumulated deficit
(16,362
)
(22,162
)
Total Uber Technologies, Inc.
stockholders' equity
14,190
8,942
Non-redeemable non-controlling
interests
682
691
Total equity
14,872
9,633
Total liabilities, mezzanine equity and
equity
$
31,761
$
28,894
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except share
amounts which are reflected in thousands, and per share
amounts)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2020
2019
2020
Revenue
$
3,813
$
3,129
$
10,078
$
8,913
Costs and expenses
Cost of revenue, exclusive of depreciation
and amortization shown separately below
1,860
1,614
5,281
4,652
Operations and support
498
365
1,796
1,450
Sales and marketing
1,113
924
3,375
2,545
Research and development
755
493
4,228
1,722
General and administrative
591
711
2,652
2,135
Depreciation and amortization
102
138
371
395
Total costs and expenses
4,919
4,245
17,703
12,899
Loss from operations
(1,106
)
(1,116
)
(7,625
)
(3,986
)
Interest expense
(90
)
(112
)
(458
)
(340
)
Other income (expense), net
49
151
707
(1,688
)
Loss before income taxes and loss from
equity method investments
(1,147
)
(1,077
)
(7,376
)
(6,014
)
Provision for (benefit from) income
taxes
3
23
20
(215
)
Loss from equity method investments
(9
)
(8
)
(25
)
(27
)
Net loss including non-controlling
interests
(1,159
)
(1,108
)
(7,421
)
(5,826
)
Less: net income (loss) attributable to
non-controlling interests, net of tax
3
(19
)
(11
)
(27
)
Net loss attributable to Uber
Technologies, Inc.
$
(1,162
)
$
(1,089
)
$
(7,410
)
$
(5,799
)
Net loss per share attributable to Uber
Technologies, Inc. common stockholders:
Basic
$
(0.68
)
$
(0.62
)
$
(6.79
)
$
(3.33
)
Diluted
$
(0.68
)
$
(0.62
)
$
(6.79
)
$
(3.33
)
Weighted-average shares used to compute
net loss per share attributable to common stockholders:
Basic
1,700,213
1,755,029
1,092,241
1,739,488
Diluted
1,700,213
1,755,029
1,092,241
1,739,488
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended September
30,
2019
2020
Cash flows from operating
activities
Net loss including non-controlling
interests
$
(7,421
)
$
(5,826
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
371
395
Bad debt expense
79
51
Stock-based compensation
4,353
591
Gain on extinguishment of convertible
notes and settlement of derivatives
(444
)
—
Gain on business divestitures, net
—
(127
)
Deferred income taxes
(55
)
(272
)
Revaluation of derivative liabilities
(58
)
—
Accretion of discount on long-term
debt
80
36
Loss from equity method investments
25
27
Unrealized (gain) loss on debt and equity
securities, net
(1
)
123
Impairment of debt and equity
securities
—
1,690
Impairments of goodwill, long-lived assets
and other assets
—
372
Unrealized foreign currency
transactions
(16
)
44
Other
3
(39
)
Change in assets and liabilities, net of
impact of business acquisitions and disposals:
Accounts receivable
(342
)
380
Prepaid expenses and other assets
(467
)
159
Collateral held by insurer
—
259
Operating lease right-of-use assets
135
274
Accounts payable
(23
)
(34
)
Accrued insurance reserves
356
(16
)
Accrued expenses and other liabilities
997
77
Operating lease liabilities
(94
)
(104
)
Net cash used in operating activities
(2,522
)
(1,940
)
Cash flows from investing
activities
Proceeds from sale and disposal of
property and equipment
41
2
Purchases of property and equipment
(406
)
(493
)
Purchases of marketable securities
—
(1,493
)
Proceeds from maturities and sales of
marketable securities
—
801
Proceeds from business disposal, net of
cash divested
293
—
Acquisition of business, net of cash
acquired
(7
)
(1,536
)
Return of capital from equity method
investee
—
91
Purchase of note receivable
—
(85
)
Purchase of non-marketable equity
securities
—
(10
)
Other investing activities
—
46
Net cash used in investing activities
(79
)
(2,677
)
Cash flows from financing
activities
Proceeds from issuance of common stock
upon initial public offering, net of offering costs
7,973
—
Taxes paid related to net share settlement
of equity awards
(1,514
)
(15
)
Proceeds from issuance of common stock
related to private placement
500
—
Proceeds from issuance of subsidiary
preferred stock units
1,000
—
Proceeds from the issuance of common stock
under the Employee Stock Purchase Plan
—
82
Issuance of senior notes, net of issuance
costs
1,189
1,492
Principal repayment on Careem Notes
—
(891
)
Principal payments on finance leases
(120
)
(175
)
Other financing activities
(6
)
(10
)
Net cash provided by financing
activities
9,022
483
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
(23
)
(167
)
Net increase (decrease) in cash and cash
equivalents, and restricted cash and cash equivalents
6,398
(4,301
)
Cash and cash equivalents, and
restricted cash and cash equivalents
Beginning of period
8,209
12,067
Reclassification from assets held for sale
during the period
34
—
End of period, excluding cash classified
within assets held for sale
$
14,641
$
7,766
Reconciliation of cash and cash
equivalents, and restricted cash and cash equivalents to the
condensed consolidated balance sheets
Cash and cash equivalents
$
12,650
$
6,154
Restricted cash and cash
equivalents-current
33
218
Restricted cash and cash
equivalents-non-current
1,958
1,394
Total cash and cash equivalents, and
restricted cash and cash equivalents
$
14,641
$
7,766
Other Income (Expense),
Net
The following table presents
other income (expense), net (in millions):
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2020
2019
2020
(Unaudited)
Interest income
$
76
$
7
$
184
$
51
Foreign currency exchange gains (losses),
net
8
(47
)
—
(104
)
Gain on business divestitures, net (1)
—
—
—
127
Unrealized gain (loss) on debt and equity
securities, net (2)
(13
)
(7
)
1
(123
)
Allowance reversal (impairment) of debt
and equity securities (3)
—
160
—
(1,690
)
Change in fair value of embedded
derivatives
—
—
58
—
Gain on extinguishment of convertible
notes and settlement of derivatives (4)
—
—
444
—
Other, net
(22
)
38
20
51
Other income (expense), net
$
49
$
151
$
707
$
(1,688
)
(1)
During the nine months ended
September 30, 2020, gain on business divestitures, net primarily
represents a $154 million gain on the sale of our Uber Eats India
operations to Zomato Media Private Limited (“Zomato”) recognized in
the first quarter of 2020, partially offset by a $27 million loss
on the sale of our JUMP operations to Lime during the second
quarter of 2020.
(2)
During the three and nine months
ended September 30, 2019 and 2020, we recorded changes to the fair
value of investments in securities accounted for under the fair
value option.
(3)
During the three months ended
September 30, 2020, we recorded a reversal of the previously
recorded allowance for credit loss on our investment in Grab,
initially recognized in the first quarter of 2020. During the nine
months ended September 30, 2020, we recorded an impairment charge
of $1.7 billion, primarily related to our investment in Didi
recognized during the first quarter of 2020.
(4)
During the nine months ended
September 30, 2019, we recognized a $444 million gain on
extinguishment of our 2021 and 2022 convertible notes and
settlement of derivatives in connection with our IPO, recognized
during the second quarter of 2019.
Stock-Based Compensation
Expense
The following table summarizes total
stock-based compensation expense by function (in millions):
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2020
2019
2020
(Unaudited)
Operations and support
$
26
$
16
$
431
$
52
Sales and marketing
16
11
229
35
Research and development
262
102
2,822
341
General and administrative
97
54
871
163
Total
$
401
$
183
$
4,353
$
591
Key Terms for Our Key Metrics and Non-GAAP Financial
Measures
Adjusted EBITDA. We define Adjusted EBITDA as net income
(loss), excluding (i) income (loss) from discontinued operations,
net of income taxes, (ii) net income (loss) attributable to
non-controlling interests, net of tax, (iii) provision for (benefit
from) income taxes, (iv) income (loss) from equity method
investments, (v) interest expense, (vi) other income (expense),
net, (vii) depreciation and amortization, (viii) stock-based
compensation expense, (ix) certain legal, tax, and regulatory
reserve changes and settlements, (x) goodwill and asset
impairments/loss on sale of assets, (xi) acquisition and financing
related expenses, (xii) restructuring and related charges and
(xiii) other items not indicative of our ongoing operating
performance, including COVID-19 response initiatives related
payments for financial assistance to Drivers personally impacted by
COVID-19, the cost of personal protective equipment distributed to
Drivers, Driver reimbursement for their cost of purchasing personal
protective equipment, the costs related to free rides and food
deliveries to healthcare workers, seniors, and others in need as
well as charitable donations. Our board and management find the
exclusion of the impact of these COVID-19 response initiatives from
Adjusted EBITDA to be useful because it allows us and our investors
to assess the impact of these response initiatives on our results
of operations.
Adjusted Net Revenue (“ANR”). We define Adjusted Net
Revenue as revenue (i) less excess Driver incentives, (ii) less
Driver referrals and (iii) the addition of our COVID-19 response
initiative related payments for financial assistance to Drivers
personally impacted by COVID-19 and Driver reimbursement for their
cost of purchasing personal protective equipment. We believe that
Adjusted Net Revenue is informative of our top line performance
because it measures the total net financial activity reflected in
the amount earned by us after taking into account all Driver and
Merchants earnings, Driver incentives, and Driver referrals in
transactions in which the Driver is our customer. The impact of
these COVID-19 response initiatives related payments for financial
assistance and Driver reimbursement for their cost of purchasing
personal protective equipment are recorded as a reduction to
revenue. To help our board, management and investors assess the
impact of these COVID-19 response initiatives on our results of
operations, we are excluding the impact of these COVID-19 response
initiatives from ANR. Our board and management find the exclusion
of the impact of these COVID-19 response initiatives from Adjusted
Net Revenue to be useful because it allows us and our investors to
assess the impact of these response initiatives on our results of
operations.
COVID-19 response initiatives. To support those whose
earning opportunities have been depressed as a result of COVID-19,
as well as communities hit hard by the pandemic, we have announced
and implemented several initiatives, including, in particular,
payments for financial assistance to Drivers personally impacted by
COVID-19, the cost of personal protective equipment distributed to
Drivers, Driver reimbursement for their cost of purchasing personal
protective equipment, the costs related to free rides and food
deliveries to healthcare workers, seniors, and others in need as
well as charitable donations. The payments for financial assistance
to Drivers personally impacted by COVID-19 and Driver reimbursement
for their cost of purchasing personal protective equipment are
recorded as a reduction to revenue. The cost of personal protective
equipment distributed to Drivers, the costs related to free rides
and food deliveries to healthcare workers, seniors, and others in
need as well as charitable donations are recorded as an expense in
our costs and expenses.
Driver(s). The term Driver collectively refers to
independent providers of ride or delivery services who use our
platform to provide Mobility or Delivery services, or both.
Driver or restaurant earnings. Driver or restaurant
earnings refer to the net portion of the fare or the net portion of
the order value that a Driver or a restaurant retains,
respectively.
Driver incentives. Driver incentives refer to payments
that we make to Drivers, which are separate from and in addition to
the Driver’s portion of the fare paid by the consumer after we
retain our service fee to Drivers. For example, Driver incentives
could include payments we make to Drivers should they choose to
take advantage of an incentive offer and complete a consecutive
number of trips or a cumulative number of trips on the platform
over a defined period of time. Driver incentives are recorded as a
reduction of revenue to the extent they are not excess Driver
incentives (as defined below).
Driver referrals. Driver referrals refer to payments that
we make to existing Drivers to refer new Drivers onto our platform.
Driver referrals are recorded in sales and marketing expenses, as
they represent the receipt of a distinct service of customer
acquisition for which there is evidence of fair value.
Excess Driver incentives. Excess Driver incentives refer
to cumulative payments, including incentives but excluding Driver
referrals, to Drivers that exceed the cumulative revenue that we
recognize from Drivers with no future guarantee of additional
revenue. Cumulative payments to Drivers could exceed cumulative
revenue from Drivers in transactions where the Drivers are our
customers, as a result of Driver incentives or when the amount paid
to Drivers for a Trip exceeds the fare charged to the consumer.
Excess Driver incentives are recorded in cost of revenue, exclusive
of depreciation and amortization.
Gross Bookings. We define Gross Bookings as the total
dollar value, including any applicable taxes, tolls, and fees, of
Mobility and New Mobility rides, Delivery meal or grocery
deliveries, and amounts paid by Freight shippers, in each case
without any adjustment for consumer discounts and refunds, Driver
and restaurant earnings, and Driver incentives. Gross Bookings do
not include tips earned by Drivers.
Monthly Active Platform Consumers (“MAPCs”). We define
MAPCs as the number of unique consumers who completed a Mobility or
New Mobility ride or received a Delivery meal or grocery order on
our platform at least once in a given month, averaged over each
month in the quarter. While a unique consumer can use multiple
product offerings on our platform in a given month, that unique
consumer is counted as only one MAPC.
All Other (formerly Other Bets). During the second
quarter of 2020, we completed the divestiture of our JUMP business
(the “JUMP Divestiture”), which comprised substantially all of the
operations of our Other Bets reportable segment. Subsequent to the
JUMP Divestiture, the Other Bets segment no longer exists and the
continuing activities previously included in the Other Bets segment
are immaterial for all periods presented. Certain of these other
continuing business activities were migrated to our Mobility
segment, whose prior period results were not restated because such
business activities were immaterial. The other business activities
that were not migrated represent an “all other category separate
from other reconciling items” and are presented within the All
Other caption. The historical results of the former Other Bets
segment are included within the All Other caption. We assessed
these changes and determined we have four operating and reportable
segments: Mobility, Delivery, Freight and ATG and Other Technology
Programs. Comparative periods were not recast as the impact on our
four operating and reportable segments was not material. Prior to
the second quarter of 2020, the All Other (formerly our Other Bets
segment) consisted of multiple investment stage offerings,
primarily our New Mobility products that provide consumers with
access to rides through a variety of modes, including dockless
e-bikes and e-scooters. All Other (formerly our Other Bets segment)
also included Transit, UberWorks and our Incubator group.
Segment Adjusted EBITDA. We define each segment’s
Adjusted EBITDA as segment revenue less the following direct costs
and expenses of that segment: (i) cost of revenue, exclusive of
depreciation and amortization; (ii) operations and support; (iii)
sales and marketing; (iv) research and development; and (v) general
and administrative. Segment Adjusted EBITDA also reflects any
applicable exclusions from Adjusted EBITDA.
Segment Adjusted EBITDA margin. We define each segment’s
Adjusted EBITDA margin as the segment Adjusted EBITDA as a
percentage of segment Adjusted Net Revenue. Segment Adjusted EBITDA
margin demonstrates the margin that we generate after direct
expenses. We believe that each segment’s Adjusted EBITDA margin is
a useful indicator of the economics of our segments, as it does not
include indirect Corporate G&A and Platform R&D.
Take Rate. We define Take Rate as Adjusted Net Revenue as
a percentage of Gross Bookings.
Trips. We define Trips as the number of completed
consumer Mobility or New Mobility rides and Delivery meal or
grocery deliveries in a given period. For example, an UberPOOL ride
with three paying consumers represents three unique Trips, whereas
an UberX ride with three passengers represents one Trip.
Definitions of Non-GAAP Measures
We collect and analyze operating and financial data to evaluate
the health of our business and assess our performance. In addition
to revenue, net income (loss), loss from operations, and other
results under GAAP, we use Adjusted Net Revenue; Mobility Adjusted
Net Revenue; Delivery Adjusted Net Revenue; Adjusted EBITDA;
Adjusted EBITDA margin as a percentage of ANR as well as revenue
and ANR growth rates in constant currency, which are described
below, to evaluate our business. We have included these non-GAAP
financial measures because they are key measures used by our
management to evaluate our operating performance. Accordingly, we
believe that these non-GAAP financial measures provide useful
information to investors and others in understanding and evaluating
our operating results in the same manner as our management team and
board of directors. Our calculation of these non-GAAP financial
measures may differ from similarly-titled non-GAAP measures, if
any, reported by our peer companies. These non-GAAP financial
measures should not be considered in isolation from, or as
substitutes for, financial information prepared in accordance with
GAAP.
Adjusted Net Revenue
We define Adjusted Net Revenue as revenue (i) less excess Driver
incentives, (ii) less Driver referrals and (iii) the addition of
COVID-19 response initiative related payments for financial
assistance to Drivers personally impacted by COVID-19 and Driver
reimbursements for their cost of purchasing personal protective
equipment. We define Mobility Adjusted Net Revenue as Mobility
revenue (i) less excess Driver incentives, (ii) less Driver
referrals and (iii) the addition of COVID-19 response initiative
related payments for financial assistance to Drivers personally
impacted by COVID-19. We define Delivery Adjusted Net Revenue as
Delivery revenue (i) less excess Driver incentives, (ii) less
Driver referrals and (iii) the addition of COVID-19 response
initiative related payments for financial assistance to Drivers
personally impacted by COVID-19. Freight Adjusted Net Revenue, ATG
and Other Technology Programs Adjusted Net Revenue and Other Bets
Adjusted Net Revenue (prior to the second quarter of 2020) are
equal to GAAP net revenue in all periods presented. Subsequent to
the second quarter of 2020, All Other (formerly our Other Bets
segment) was no longer deemed an operating or reportable segment.
We believe that these measures are informative of our top line
performance because they measure the total net financial activity
reflected in the amount earned by us after taking into account all
Driver and restaurant earnings, Driver incentives, and Driver
referrals in transactions in which the Driver is our customer. The
impact of the COVID-19 response initiatives primarily relate to
payments for financial assistance to Drivers personally impacted by
COVID-19 and Driver reimbursement for their cost of purchasing
personal protective equipment. These COVID-19 response initiatives
are recorded as a reduction to revenue. To help our board,
management and investors assess the impact of these COVID-19
response initiatives on our results of operations, we are excluding
the impact of these COVID-19 response initiatives from ANR. Our
board and management find the exclusion of the impact of these
COVID-19 response initiatives from Adjusted Net Revenue to be
useful because it allows us and our investors to assess the impact
of these response initiatives on our results of operations.
Adjusted Net Revenue has limitations as a financial measure, should
be considered as supplemental in nature, and is not meant as a
substitute for revenue prepared in accordance with GAAP.
Excess Driver incentives
Excess Driver incentives refer to cumulative payments, including
incentives but excluding Driver referrals, to Drivers that exceed
the cumulative revenue that we recognize from Drivers with no
future guarantee of additional revenue. Cumulative payments to
Drivers could exceed cumulative revenue from Drivers in
transactions in which the Driver is our customer, as a result of
Driver incentives or when the amount paid to Drivers for a Trip
exceeds the fare charged to the consumer. Further, cumulative
payments to Drivers for Delivery deliveries historically have
exceeded the cumulative delivery fees paid by consumers. Excess
Driver incentives are recorded in cost of revenue, exclusive of
depreciation and amortization.
Driver referrals
Driver referrals are recorded in sales and marketing expenses.
Management views Driver incentives and Driver referrals as Driver
payments in the aggregate, whether they are classified as Driver
incentives, excess Driver incentives, or Driver referrals.
These amounts largely depend on our business decisions based on
market conditions. We include the impact of these amounts in
Adjusted Net Revenue as it is useful to evaluate how increasing or
decreasing incentives would impact our top line performance, and
the overall net financial activity between us and our customers,
which ultimately impacts our Take Rate.
COVID-19 response initiatives
To support those whose earning opportunities have been depressed
as a result of COVID-19, as well as communities hit hard by the
pandemic, we have announced and implemented several initiatives,
including, in particular, payments for financial assistance to
Drivers personally impacted by COVID-19 and Driver reimbursement
for their cost of purchasing personal protective equipment. These
COVID-19 response initiatives are recorded as a reduction to
revenue.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss), excluding (i)
income (loss) from discontinued operations, net of income taxes,
(ii) net income (loss) attributable to non-controlling interests,
net of tax, (iii) provision for (benefit from) income taxes, (iv)
income (loss) from equity method investments, (v) interest expense,
(vi) other income (expense), net, (vii) depreciation and
amortization, (viii) stock-based compensation expense, (ix) certain
legal, tax, and regulatory reserve changes and settlements, (x)
goodwill and asset impairments/loss on sale of assets, (xi)
acquisition and financing related expenses, (xii) restructuring and
related charges and (xiii) other items not indicative of our
ongoing operating performance, including COVID-19 response
initiative related payments for financial assistance to Drivers
personally impacted by COVID-19, the cost of personal protective
equipment distributed to Drivers, Driver reimbursement for their
cost of purchasing personal protective equipment, the costs related
to free rides and food deliveries to healthcare workers, seniors,
and others in need as well as charitable donations.
We have included Adjusted EBITDA because it is a key measure
used by our management team to evaluate our operating performance,
generate future operating plans, and make strategic decisions,
including those relating to operating expenses. Accordingly, we
believe that Adjusted EBITDA provides useful information to
investors and others in understanding and evaluating our operating
results in the same manner as our management team and board of
directors. In addition, it provides a useful measure for
period-to-period comparisons of our business, as it removes the
effect of certain non-cash expenses and certain variable charges.
To help our board, management and investors assess the impact of
COVID-19 on our results of operations, we are excluding the impacts
of COVID-19 response initiative related payments for financial
assistance to Drivers personally impacted by COVID-19, the cost of
personal protective equipment distributed to Drivers, Driver
reimbursement for their cost of purchasing personal protective
equipment, the costs related to free rides and food deliveries to
healthcare workers, seniors, and others in need as well as
charitable donations from Adjusted EBITDA. Our board and management
find the exclusion of the impact of these COVID-19 response
initiatives from Adjusted EBITDA to be useful because it allows us
and our investors to assess the impact of these response
initiatives on our results of operations.
Adjusted EBITDA has limitations as a financial measure, should
be considered as supplemental in nature, and is not meant as a
substitute for the related financial information prepared in
accordance with GAAP. These limitations include the following:
- Adjusted EBITDA excludes certain recurring, non-cash charges,
such as depreciation of property and equipment and amortization of
intangible assets, and although these are non-cash charges, the
assets being depreciated and amortized may have to be replaced in
the future, and Adjusted EBITDA does not reflect all cash capital
expenditure requirements for such replacements or for new capital
expenditure requirements;
- Adjusted EBITDA excludes stock-based compensation expense,
which has been, and will continue to be for the foreseeable future,
a significant recurring expense in our business and an important
part of our compensation strategy;
- Adjusted EBITDA excludes certain restructuring and related
charges, part of which may be settled in cash;
- Adjusted EBITDA excludes other items not indicative of our
ongoing operating performance, including COVID-19 response
initiative related payments for financial assistance to Drivers
personally impacted by COVID-19, the cost of personal protective
equipment distributed to Drivers, Driver reimbursement for their
cost of purchasing personal protective equipment, the costs related
to free rides and food deliveries to healthcare workers, seniors,
and others in need as well as charitable donations;
- Adjusted EBITDA does not reflect period to period changes in
taxes, income tax expense or the cash necessary to pay income
taxes;
- Adjusted EBITDA does not reflect the components of other income
(expense), net, which primarily includes interest income, foreign
currency exchange gains (losses), net, gains on business
divestitures, unrealized gain (loss) on debt and equity securities,
net, impairment of debt and equity securities and change in fair
value of embedded derivatives; and
- Adjusted EBITDA excludes certain legal, tax, and regulatory
reserve changes and settlements that may reduce cash available to
us.
Adjusted EBITDA Margin as a Percentage of ANR
We define Adjusted EBITDA margin as a percentage of ANR as
Adjusted EBITDA divided by Adjusted Net Revenue. Segment Adjusted
EBITDA margin as a percentage of ANR is segment Adjusted EBITDA
divided by segment Adjusted Net Revenue.
Constant Currency
We compare the percent change in our current period results from
the corresponding prior period using constant currency disclosure.
We present constant currency growth rate information to provide a
framework for assessing how our underlying revenue and ANR
performed excluding the effect of foreign currency rate
fluctuations. We calculate constant currency by translating our
current period financial results using the corresponding prior
period’s monthly exchange rates for our transacted currencies other
than the U.S. dollar.
Reconciliations of Non-GAAP Measures
Adjusted Net Revenue
The following tables present reconciliations of Adjusted Net
Revenue, Mobility Adjusted Net Revenue, Delivery Adjusted Net
Revenue and Adjusted EBITDA to the most directly comparable GAAP
financial measures for each of the periods indicated. Freight
Adjusted Net Revenue, ATG and Other Technology Programs Adjusted
Net Revenue and Other Bets Adjusted Net Revenue (prior to the
second quarter of 2020) are equal to GAAP net revenue in all
periods presented. Subsequent to the second quarter of 2020, All
Other (formerly our Other Bets segment) was no longer deemed an
operating or reportable segment.
Three Months Ended September
30,
Nine Months Ended September
30,
(In millions)
2019
2020
2019
2020
Adjusted Net Revenue
reconciliation:
Revenue
$
3,813
$
3,129
$
10,078
$
8,913
Deduct:
Excess Driver incentives
(259
)
(316
)
(825
)
(939
)
Driver referrals
(21
)
(2
)
(86
)
(14
)
Add:
COVID-19 response initiatives
—
2
—
27
Adjusted Net Revenue
$
3,533
$
2,813
$
9,167
$
7,987
Three Months Ended September
30,
Nine Months Ended September
30,
(In millions)
2019
2020
2019
2020
Mobility Adjusted Net Revenue
reconciliation:
Mobility revenue
$
2,895
$
1,365
$
7,689
$
4,624
Deduct:
Excess Driver incentives
(12
)
(1
)
(34
)
(6
)
Driver referrals
(15
)
(1
)
(69
)
(11
)
Add:
COVID-19 response initiatives
—
2
—
25
Mobility Adjusted Net Revenue
$
2,868
$
1,365
$
7,586
$
4,632
Three Months Ended September
30,
Nine Months Ended September
30,
(In millions)
2019
2020
2019
2020
Delivery Adjusted Net Revenue
reconciliation:
Delivery revenue
$
645
$
1,451
$
1,776
$
3,481
Deduct:
Excess Driver incentives
(247
)
(315
)
(791
)
(933
)
Driver referrals
(6
)
(1
)
(17
)
(3
)
Add:
COVID-19 response initiatives
—
—
—
2
Delivery Adjusted Net Revenue
$
392
$
1,135
$
968
$
2,547
Adjusted EBITDA
Three Months Ended September
30,
Nine Months Ended September
30,
(In millions)
2019
2020
2019
2020
Adjusted EBITDA reconciliation:
Net loss attributable to Uber
Technologies, Inc.
$
(1,162
)
$
(1,089
)
$
(7,410
)
$
(5,799
)
Add (deduct):
Net loss attributable to non-controlling
interests, net of tax
3
(19
)
(11
)
(27
)
Provision for (benefit from) income
taxes
3
23
20
(215)
Loss from equity method investments
9
8
25
27
Interest expense
90
112
458
340
Other (income) expense, net
(49
)
(151
)
(707
)
1,688
Depreciation and amortization
102
138
371
395
Stock-based compensation expense
401
183
4,353
591
Legal, tax, and regulatory reserve changes
and settlements
(27
)
—
353
57
Driver appreciation award
—
—
299
—
Payroll tax on IPO stock-based
compensation
—
—
86
—
Goodwill and asset impairments/loss on
sale of assets
—
76
8
285
Acquisition, financing and divestitures
related expenses
—
14
—
43
Accelerated lease costs related to
cease-use of ROU assets
—
80
—
80
COVID-19 response initiatives
—
18
—
90
Gain on lease arrangement, net
—
(12
)
—
(5
)
Restructuring and related charges
(credits)
45
(6
)
45
376
Adjusted EBITDA
$
(585
)
$
(625
)
$
(2,110
)
$
(2,074
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201105006016/en/
Investors and analysts: investor@uber.com Media:
press@uber.com
Uber Technologies (NYSE:UBER)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Uber Technologies (NYSE:UBER)
Historical Stock Chart
Von Apr 2023 bis Apr 2024