Revenue of $3.8 billion, with growth accelerating to 30% year-over-year, or 31% on a constant currency basis
Record Rides Adjusted EBITDA of $631 million, fully covering our Corporate G&A and Platform R&D
SAN FRANCISCO–(BUSINESS WIRE)–Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2019.
“Our results this quarter decisively demonstrate the growing profitability of our Rides segment,” said Dara Khosrowshahi, CEO. “Rides Adjusted EBITDA is up 52% year-over-year and now more than covers our corporate overhead. Revenue growth and take rates in our Eats business also accelerated nicely. We’re pleased to see the impact that continued category leadership, greater financial discipline, and an industry-wide shift towards healthier growth are already having on our financial performance.”
During the third quarter of 2019, following a number of leadership and organizational changes, we reorganized our operations and financial reporting into five segments. Our five operating and reportable segments are: Rides, Eats, Freight, Other Bets, and Advanced Technologies Group (“ATG”) and Other Technology Programs. We are providing Gross Bookings, Revenue, Adjusted Net Revenue, and Adjusted EBITDA for each segment. As a result of our reorganization and additional disclosure, we will no longer be showing Core Platform metrics. We are providing select historical segment information for 2018 and 2019 as well as reconciliations to Core Platform metrics in the supplemental information on our website (investor.uber.com) on page 10.
Financial Highlights for Third Quarter 2019
- Gross Bookings grew $3.7 billion year-over-year to $16.5 billion, representing 29% year-over-year growth, or 32% on a constant currency basis.
- Revenue growth accelerated to 30% year-over-year from 14% in the second quarter of 2019.
- Adjusted Net Revenue (“ANR”) growth accelerated to 33% year-over-year, or 35% on a constant currency basis as both Rides and Eats ANR take-rates improved quarter-over-quarter to 22.8% and 10.7%, respectively.
- Net loss attributable to Uber Technologies, Inc. of $(1.2) billion, which includes $401 million in stock-based compensation expense, improved quarter-over-quarter in part due to revenue growth of $647 million.
- Rides Adjusted EBITDA of $631 million was the Rides segment’s 8th positive Adjusted EBITDA quarter in a row and covered our Corporate G&A and Platform R&D of $623 million.
- Adjusted EBITDA of $(585) million improved $71 million quarter-over-quarter.
- Unrestricted cash and cash equivalents were $12.7 billion, which was up $0.9 billion from the second quarter of 2019 primarily due to the sale of $1.2 billion of senior unsecured notes and the closing of the $1.0 billion investment in ATG.
Third Quarter 2019 Financial and Operational Highlights
|
|
|
Three Months Ended September 30, |
|
|
|
|
||||||||
|
(in millions, except percentages) |
|
2018 |
|
2019 |
|
% Change |
|
% Change (Constant Currency (1)) |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Monthly Active Platform Consumers (“MAPCs”) |
|
82 |
|
|
103 |
|
|
26 |
% |
|
|
|||
|
Trips |
|
1,348 |
|
|
1,770 |
|
|
31 |
% |
|
|
|||
|
Gross Bookings |
|
$ |
12,725 |
|
|
$ |
16,465 |
|
|
29 |
% |
|
32 |
% |
|
Revenue |
|
$ |
2,944 |
|
|
$ |
3,813 |
|
|
30 |
% |
|
31 |
% |
|
Adjusted Net Revenue (1) |
|
$ |
2,656 |
|
|
$ |
3,533 |
|
|
33 |
% |
|
35 |
% |
|
Net loss attributable to Uber Technologies, Inc. (2) |
|
$ |
(986 |
) |
|
$ |
(1,162 |
) |
|
(18 |
)% |
|
|
|
|
Adjusted EBITDA (1) |
|
$ |
(458 |
) |
|
$ |
(585 |
) |
|
(28 |
)% |
|
|
|
|
(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 $64 million in Q3 2018 and $401 million in Q3 2019. |
“We expect ANR growth to accelerate again in Q4 and continue to focus on financial discipline. As such, we are improving our full year Adjusted EBITDA guidance by $250 million to a loss of $2.8-2.9 billion,” said Nelson Chai, CFO. “We are also providing additional disclosure, both to deliver more visibility into our business and to further align our internal focus on efficiency with our external reporting.”
Results by Offering and Segment
Our five segments are as follows:
|
Segment |
|
Description |
|
|
|
|
|
Rides |
|
The Rides products connect consumers with Drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Rides also includes activity related to our Uber for Business (“U4B”), Financial Partnerships, and Vehicle Solutions offerings. |
|
|
|
|
|
Eats |
|
The Eats offering allows consumers to search for and discover local restaurants, order a meal at the touch of a button, and either pick-up at the restaurant or have the meal delivered reliably and quickly. |
|
|
|
|
|
Freight |
|
Freight connects carriers with shippers on our platform, and gives carriers upfront, transparent pricing and the ability to book a shipment with the touch of a button. |
|
|
|
|
|
Other Bets |
|
The Other Bets segment consists of multiple investment stage offerings. The largest investment within the segment is our New Mobility offering that refers to products that provide consumers with access to rides through a variety of modes, including dockless e-bikes and e-scooters. It also includes Transit, UberWorks and our Incubator group. |
|
|
|
|
|
ATG and Other Technology Programs |
|
The ATG and Other Technology Programs segment is responsible for the development and commercialization of autonomous vehicle and ridesharing technologies, as well as Uber Elevate. |
Quarterly historical financial segment information under our new segment presentation for 2018 and 2019 can be found in the supplemental information on our website (investor.uber.com) on page 10. Our historical results in aggregate remain unchanged. Quarterly financial results for the three months ended September 30, 2018 and 2019 are below.
Gross Bookings
|
|
|
Three Months Ended September 30, |
|
|
|
|
||||||||
|
(in millions, except percentages) |
|
2018 |
|
2019 |
|
% Change |
|
% Change (Constant Currency) |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Gross Bookings (1): |
|
|
|
|
|
|
|
|
||||||
|
Rides |
|
$ |
10,488 |
|
|
$ |
12,554 |
|
|
20 |
% |
|
22 |
% |
|
Eats |
|
2,111 |
|
|
3,658 |
|
|
73 |
% |
|
77 |
% |
||
|
Freight |
|
123 |
|
|
223 |
|
|
81 |
% |
|
81 |
% |
||
|
Other Bets |
|
3 |
|
|
30 |
|
|
** |
|
|
** |
|
||
|
Total |
|
$ |
12,725 |
|
|
$ |
16,465 |
|
|
29 |
% |
|
32 |
% |
|
(1) |
Excluding impact of our 2018 Divested Operations. |
|
|
** |
Percentage not meaningful. |
Revenue
|
|
|
Three Months Ended September 30, |
|
|
|
|
||||||||
|
(in millions, except percentages) |
|
2018 |
|
2019 |
|
% Change |
|
% Change (Constant Currency) |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Revenue: |
|
|
|
|
|
|
|
|
||||||
|
Rides (1) |
|
$ |
2,425 |
|
|
$ |
2,895 |
|
|
19 |
% |
|
21 |
% |
|
Eats |
|
394 |
|
|
645 |
|
|
64 |
% |
|
68 |
% |
||
|
Freight |
|
122 |
|
|
218 |
|
|
78 |
% |
|
78 |
% |
||
|
Other Bets |
|
3 |
|
|
38 |
|
|
** |
|
|
** |
|
||
|
ATG and Other Technology Programs (2) |
|
— |
|
|
17 |
|
|
** |
|
|
** |
|
||
|
Total |
|
$ |
2,944 |
|
|
$ |
3,813 |
|
|
30 |
% |
|
31 |
% |
|
(1) |
Including previously reported Other Core Platform Revenue of $54 million and $29 million in Q3 2018 and Q3 2019, respectively. |
|
|
(2) |
Including $17 million collaboration revenue from Toyota recognized in Q3 2019. |
|
|
** |
Percentage not meaningful. |
Revenue by Geographical Region
|
|
|
Three Months Ended September 30, |
|
|
|||||||
|
(in millions, except percentages) |
|
2018 |
|
2019 |
|
% Change |
|||||
|
|
|
|
|
|
|
|
|||||
|
United States and Canada |
|
$ |
1,734 |
|
|
$ |
2,407 |
|
|
39 |
% |
|
Latin America (“LATAM”) |
|
515 |
|
|
527 |
|
|
2 |
% |
||
|
Europe, Middle East and Africa (“EMEA”) |
|
431 |
|
|
534 |
|
|
24 |
% |
||
|
Asia Pacific (“APAC”) (1) |
|
264 |
|
|
345 |
|
|
31 |
% |
||
|
Total |
|
$ |
2,944 |
|
|
$ |
3,813 |
|
|
30 |
% |
|
(1) |
Excluding China and, as of May 2018, also excludes Southeast Asia. |
Adjusted Net Revenue (1)
|
|
|
Three Months Ended September 30, |
|
|
||||||||||
|
(in millions, except percentages) |
|
2018 |
|
2019 |
|
% Change |
|
% Change (Constant Currency (1)) |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted Net Revenue: |
|
|
|
|
|
|
|
|
||||||
|
Rides (2) |
|
$ |
2,340 |
|
|
$ |
2,868 |
|
|
23 |
% |
|
24 |
% |
|
Eats |
|
191 |
|
|
392 |
|
|
105 |
% |
|
109 |
% |
||
|
Freight |
|
122 |
|
|
218 |
|
|
78 |
% |
|
78 |
% |
||
|
Other Bets |
|
3 |
|
|
38 |
|
|
** |
|
|
** |
|
||
|
ATG and Other Technology Programs (3) |
|
— |
|
|
17 |
|
|
** |
|
|
** |
|
||
|
Total |
|
$ |
2,656 |
|
|
$ |
3,533 |
|
|
33 |
% |
|
35 |
% |
|
(1) |
“Adjusted Net Revenue,” “Rides Adjusted Net Revenue” and “Eats Adjusted Net Revenue” are non-GAAP measures as defined by the SEC. “Freight Adjusted Net Revenue”, “Other Bets Adjusted Net Revenue” and “ATG and Other Technology Programs Adjusted Net Revenue” 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 previously reported Other Core Platform Revenue of $54 million and $29 million in Q3 2018 and Q3 2019, respectively. |
|
|
(3) |
Including $17 million collaboration revenue from Toyota recognized in Q3 2019. |
|
|
** |
Percentage not meaningful. |
Segment Adjusted EBITDA
Our Segment Adjusted EBITDA measures replace what was previously reported as Contribution Profit (Loss) and maintains the same definition. Previously reported Core Platform Contribution Profit (Loss) is the sum of Rides Adjusted EBITDA and Eats Adjusted EBITDA, and previously reported Other Bets Contribution Profit (Loss) is the sum of Freight Adjusted EBITDA and Other Bets Adjusted EBITDA. See section entitled “Key Terms for Our Key Metrics and Non-GAAP Financial Measures” for more information.
|
|
|
Three Months Ended September 30, |
|
|
|||||||
|
(in millions, except percentages) |
|
2018 |
|
2019 |
|
% Change |
|||||
|
|
|
|
|
|
|
|
|||||
|
Segment Adjusted EBITDA: |
|
|
|
|
|
|
|||||
|
Rides |
|
$ |
416 |
|
|
$ |
631 |
|
|
52 |
% |
|
Eats |
|
(189 |
) |
|
(316 |
) |
|
(67 |
)% |
||
|
Freight |
|
(31 |
) |
|
(81 |
) |
|
(161 |
)% |
||
|
Other Bets |
|
(12 |
) |
|
(72 |
) |
|
** |
|
||
|
ATG and Other Technology Programs |
|
(132 |
) |
|
(124 |
) |
|
6 |
% |
||
|
Corporate G&A and Platform R&D (1), (2) |
|
(501 |
) |
|
(623 |
) |
|
(24 |
)% |
||
|
Impact of 2018 Divested Operations (1) |
|
(9 |
) |
|
— |
|
|
100 |
% |
||
|
Adjusted EBITDA (3) |
|
$ |
(458 |
) |
|
$ |
(585 |
) |
|
(28 |
)% |
|
(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. |
|
|
** |
Percentage not meaningful. |
Operating Highlights for the Third Quarter 2019
Platform
- Updated Uber app to combine Rides, Eats and other offerings side-by-side – On September 27, we announced a new way to discover, access and experience the growing set of services available through our platform. You’ll now see our Rides, Eats and future offerings side-by-side. This app is currently testing in hundreds of U.S. and international cities.
- Grew consumer loyalty programs to 20 million subscribers – Uber Rewards, our consumer loyalty program, has 20 million global subscribers 6 months after U.S. nationwide launch in May and a recent rollout in Brazil and Mexico. Meanwhile, the Rewards ecosystem continues to grow, with Rewards enrollees soon able to redeem points with featured Eats restaurant partners, including Ben & Jerry’s and select McDonald’s.
- Launched suite of subscription programs for Riders and Eaters – We now have a full suite of Rides, Eats, and JUMP e-bike and e-scooter subscription products available, including Uber Pass, with trip price protection and $0 delivery fee on Eats orders for consumers in selected cities. These options complement our other offering specific subscription products such as Ride Pass and Eats Pass.
Rides
- Rides drove record level of engagement and Rides Adjusted EBITDA performance – Rides crossed $1 billion of weekly gross bookings during Q3 2019 and Rides Adjusted EBITDA was positive for the 8th quarter in a row. Rides segment performance was helped by higher margin Uber for Business growing over 65% YoY to $4.0 billion in annualized gross bookings. We advanced or maintained our already high Rides category position in our most important geographies.
- Rides premium products generated significant growth – Rides premium products, including Comfort and Black, continue to scale with 41% gross bookings growth globally and 53% growth in the U.S. year-over-year. The higher margin profile of Comfort and Black helped to produce record Rides Adjusted EBITDA.
- Introduced new safety features – Uber’s investments in new safety features continue to raise the bar. These include recent launches such as: “Verify Your Ride”, on-trip reporting, and text to 911 as well as the expansion of RideCheck which can offer assistance when potential trip issues such as an unexpected long stop or crash are detected.
Other Segments
- Eats expands restaurant product offerings – We are providing restaurants with greater distribution and consumers with alternative options. For example, we have launched pick up, which gives restaurants the ability to offer consumers an in-restaurant pick-up option, and an option for restaurants that want to utilize their own couriers. Lastly, we have deployed an over-the-top approach in select markets that enables rapid addition of restaurants to the platform by easing our on-boarding procedures for new restaurants.
- Freight grew its network to over 50,000 carriers – Despite being only 2 years old, over 50,000 carriers have used the Uber Freight app. Several of the top-10 national carriers are already regular participants in our network and our shipper list includes several Fortune 50 customers. Freight load volume grew over 100% year-over-year.
Corporate
- Funded Advanced Technologies Group with $1.0 billion – In July, we closed a $1.0 billion investment in ATG, which represents 14% ownership interest in ATG. The strategic partnership with Toyota and DENSO entered into in connection with their investment started in Q3 2019 with co-development already underway.
- Completed $1.2 billion Senior Notes Offering – In September, we successfully raised $1.2 billion in senior unsecured notes due 2027, bringing our unrestricted cash balance to $12.7 billion as of the end of Q3 2019. We intend to use the proceeds from this offering primarily to fund a portion of the purchase price in connection with the closing of our pending acquisition of Careem Inc.
Recent Developments
- Eats expansion into grocery via Cornershop acquisition – In October we agreed to acquire a majority stake in Cornershop, a leading provider of online grocery delivery in Chile and Mexico, and more recently in Peru and Toronto. The transaction is expected to close in the first half of 2020, subject to regulatory approval.
Webcast and conference call information
A live audio webcast of our third quarter 2019 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 4, 2019 at 2:00 PM (PT) / 5:00 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
Our mission is to ignite opportunity by setting the world in motion.
We revolutionized personal mobility with Ridesharing, and we are leveraging our platform to redefine the massive meal delivery and logistics industries.
We are a technology platform that uses a global network, leading technology, operational excellence and product expertise to power movement from point A to point B. We develop and operate proprietary technology applications supporting a variety of offerings on our platform. We connect consumers with providers of ride services, restaurants and food delivery services, public transportation networks, e-bikes, e-scooters and other personal mobility options. We use this same network, technology, operational excellence and product expertise to connect shippers with carriers in the freight industry. We are developing technologies to provide autonomous driving vehicle solutions to consumers, networks of vertical take-off and landing vehicles and new solutions to solve everyday problems.
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: 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. In addition, other potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on May 13, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, that will be filed following this earnings release. 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; Rides Adjusted Net Revenue; Eats Adjusted Net Revenue and Adjusted EBITDA 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, except share amounts which are reflected in thousands, and per share amounts) |
||||||||
|
(Unaudited) |
||||||||
|
|
|
As of December 31, 2018 |
|
As of September 30, 2019 |
||||
|
Assets |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
6,406 |
|
|
$ |
12,650 |
|
|
Restricted cash and cash equivalents |
|
67 |
|
|
33 |
|
||
|
Accounts receivable, net of allowance of $34 and $40, respectively |
|
919 |
|
|
1,154 |
|
||
|
Prepaid expenses and other current assets |
|
860 |
|
|
1,316 |
|
||
|
Assets held for sale |
|
406 |
|
|
— |
|
||
|
Total current assets |
|
8,658 |
|
|
15,153 |
|
||
|
Restricted cash and cash equivalents |
|
1,736 |
|
|
1,958 |
|
||
|
Investments |
|
10,355 |
|
|
10,412 |
|
||
|
Equity method investments |
|
1,312 |
|
|
1,393 |
|
||
|
Property and equipment, net |
|
1,641 |
|
|
1,537 |
|
||
|
Operating lease right-of-use assets |
|
— |
|
|
1,538 |
|
||
|
Intangible assets, net |
|
82 |
|
|
74 |
|
||
|
Goodwill |
|
153 |
|
|
167 |
|
||
|
Other assets |
|
51 |
|
|
60 |
|
||
|
Total assets |
|
$ |
23,988 |
|
|
$ |
32,292 |
|
|
Liabilities, mezzanine equity and equity (deficit) |
|
|
|
|
||||
|
Accounts payable |
|
$ |
150 |
|
|
$ |
126 |
|
|
Short-term insurance reserves |
|
941 |
|
|
1,023 |
|
||
|
Operating lease liabilities, current |
|
— |
|
|
197 |
|
||
|
Accrued and other current liabilities |
|
3,157 |
|
|
4,026 |
|
||
|
Liabilities held for sale |
|
11 |
|
|
— |
|
||
|
Total current liabilities |
|
4,259 |
|
|
5,372 |
|
||
|
Long-term insurance reserves |
|
1,996 |
|
|
2,271 |
|
||
|
Long-term debt, net of current portion |
|
6,869 |
|
|
5,711 |
|
||
|
Operating lease liabilities, non-current |
|
— |
|
|
1,459 |
|
||
|
Other long-term liabilities |
|
4,072 |
|
|
1,428 |
|
||
|
Total liabilities |
|
17,196 |
|
|
16,241 |
|
||
|
Commitments and contingencies |
|
|
|
|
||||
|
Mezzanine equity |
|
|
|
|
||||
|
Redeemable non-controlling interests |
|
— |
|
|
309 |
|
||
|
Redeemable convertible preferred stock, $0.00001 par value, 946,246 and zero shares authorized, 903,607 and zero shares issued and outstanding, respectively; aggregate liquidation preference of $14 and $0, respectively |
|
14,177 |
|
|
— |
|
||
|
Equity (deficit) |
|
|
|
|
||||
|
Common stock, $0.00001 par value, 2,696,114 and 5,000,000 shares authorized, 457,189 and 1,703,630 shares issued and outstanding, respectively |
|
— |
|
|
— |
|
||
|
Additional paid-in capital |
|
668 |
|
|
30,513 |
|
||
|
Accumulated other comprehensive loss |
|
(188 |
) |
|
(185 |
) |
||
|
Accumulated deficit |
|
(7,865 |
) |
|
(15,266 |
) |
||
|
Total Uber Technologies, Inc. stockholders’ equity (deficit) |
|
(7,385 |
) |
|
15,062 |
|
||
|
Non-redeemable non-controlling interests |
|
— |
|
|
680 |
|
||
|
Total equity (deficit) |
|
(7,385 |
) |
|
15,742 |
|
||
|
Total liabilities, mezzanine equity and equity (deficit) |
|
$ |
23,988 |
|
|
$ |
32,292 |
|
|
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, |
||||||||||||
|
|
|
2018 |
|
2019 |
|
2018 |
|
2019 |
||||||||
|
Revenue |
|
$ |
2,944 |
|
|
$ |
3,813 |
|
|
$ |
8,296 |
|
|
$ |
10,078 |
|
|
Costs and expenses |
|
|
|
|
|
|
|
|
||||||||
|
Cost of revenue, exclusive of depreciation and amortization shown separately below |
|
1,510 |
|
|
1,860 |
|
|
4,008 |
|
|
5,281 |
|
||||
|
Operations and support |
|
387 |
|
|
498 |
|
|
1,108 |
|
|
1,796 |
|
||||
|
Sales and marketing |
|
785 |
|
|
1,113 |
|
|
2,177 |
|
|
3,375 |
|
||||
|
Research and development |
|
434 |
|
|
755 |
|
|
1,139 |
|
|
4,228 |
|
||||
|
General and administrative |
|
460 |
|
|
591 |
|
|
1,527 |
|
|
2,652 |
|
||||
|
Depreciation and amortization |
|
131 |
|
|
102 |
|
|
317 |
|
|
371 |
|
||||
|
Total costs and expenses |
|
3,707 |
|
|
4,919 |
|
|
10,276 |
|
|
17,703 |
|
||||
|
Loss from operations |
|
(763 |
) |
|
(1,106 |
) |
|
(1,980 |
) |
|
(7,625 |
) |
||||
|
Interest expense |
|
(161 |
) |
|
(90 |
) |
|
(453 |
) |
|
(458 |
) |
||||
|
Other income (expense), net |
|
(54 |
) |
|
49 |
|
|
4,946 |
|
|
707 |
|
||||
|
Income (loss) before income taxes and loss from equity method investment |
|
(978 |
) |
|
(1,147 |
) |
|
2,513 |
|
|
(7,376 |
) |
||||
|
Provision for income taxes |
|
1 |
|
|
3 |
|
|
605 |
|
|
20 |
|
||||
|
Loss from equity method investment, net of tax |
|
(15 |
) |
|
(9 |
) |
|
(32 |
) |
|
(25 |
) |
||||
|
Net income (loss) including non-controlling interests |
|
(994 |
) |
|
(1,159 |
) |
|
1,876 |
|
|
(7,421 |
) |
||||
|
Less: net income (loss) attributable to non-controlling interests, net of tax |
|
(8 |
) |
|
3 |
|
|
(8 |
) |
|
(11 |
) |
||||
|
Net income (loss) attributable to Uber Technologies, Inc. |
|
$ |
(986 |
) |
|
$ |
(1,162 |
) |
|
$ |
1,884 |
|
|
$ |
(7,410 |
) |
|
Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
(2.21 |
) |
|
$ |
(0.68 |
) |
|
$ |
0.59 |
|
|
$ |
(6.79 |
) |
|
Diluted |
|
$ |
(2.21 |
) |
|
$ |
(0.68 |
) |
|
$ |
0.52 |
|
|
$ |
(6.79 |
) |
|
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
445,783 |
|
|
1,700,213 |
|
|
441,301 |
|
|
1,092,241 |
|
||||
|
Diluted |
|
445,783 |
|
|
1,700,213 |
|
|
477,592 |
|
|
1,092,241 |
|
||||