CONDENSED CONSOLIDATED BALANCE SHEETS 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. Segment Adjusted EBITDA also reflects any applicable exclusions from Adjusted EBITDA. Our inaugural environmental, social and governance (ESG) report outlines the many ways in which Uber builds value and, through its core business and social impact activities, helps to make the world a better place. You must click the activation link in order to complete your subscription. 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. “With two global businesses stitched together by world-class tech and increasingly valuable membership programs, we are more focused than ever on making people’s lives a little bit easier—helping them go wherever they want and get whatever they need.”, “We made some big moves this year, acquiring businesses like Cornershop and Postmates while divesting others like ATG and Jump, and structurally lowering our cost base,” said Nelson Chai, CFO. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Uber Technologies, Inc. Q3 2019 Earnings Supplemental Data Nov 4, 2019. (2) During the years ended 2019 and 2020, we recorded changes to the fair value of investments in securities accounted for under the fair value option. https://www.businesswire.com/news/home/20210210005860/en/, Investors and analysts: investor@uber.com Other Bets generated $373 million in revenue during 2018. Get your free Facility Insights Report. As we face the challenges of this health crisis, Uber Freight remains committed to supporting our carriers and shippers. 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. “These decisions have resulted in a much more focused and ultimately stronger company. Thursday, January 28, 2021. UBER TECHNOLOGIES, INC. Loads in the freight division increased by more than 100% year-over-year, however the actual number of loads handled by Uber Freight was undisclosed. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 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. Unrestricted cash, cash equivalents and short-term investments were $6.8 billion at the end of the fourth quarter. Freight continued to grow new service offerings and improve efficiency: Freight’s new offerings, such as Uber Freight Enterprise and API, continued to grow double digits QoQ, driven by a +45% increase in customers using these offerings. In addition to revenue, net income (loss), loss from operations, and other results under GAAP, we use Adjusted EBITDA, as well as revenue growth rates in constant currency, which are described below, to evaluate our business. Other Bets generated $373 million in revenue during 2018. Mobility Adjusted EBITDA of $293 million, up $48 million QoQ and down $449 million YoY, and represented 19.9% margin as a percentage of Mobility Revenue. Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the fourth quarter and full year ended December 31, 2020. The historical results of the former Other Bets segment are included within the All Other caption. August 27, 2020 / US. All Other (formerly Other Bets). 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, net, unrealized gain (loss) on debt and equity securities, net, impairment of debt and equity securities and change in fair value of embedded derivatives; and. Previously, the company reported Uber Freight’s results through its Other Bets division, which saw a second-quarter 2019 net loss of $122 million. Prior to the third-quarter earnings report, revenue in Other Bets consisted primarily of Uber Freight. 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. (4) During the year ended December 31, 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. (In millions) Amounts presented for 2019 have been retrospectively adjusted to reflect the effects of the change to revenue and cost of revenue, exclusive of depreciation and amortization. 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. ” We think the market misperceives what Uber’s efforts around driver incentives really aim to accomplish over the longer term,” Erickson wrote. 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. A live audio webcast of our fourth quarter and year ended December 31, 2020 earnings release call will be available at https://investor.uber.com/, along with the earnings press release and slide presentation. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities. Revenue grew 13% QoQ but declined 16% YoY, or 15% on a constant currency basis. Freight bookings, defined as what shippers pay before discounts and refunds, grew 81% year-over-year in Q3 to reach $223 million. Adjustments to reconcile net loss to net cash used in operating activities: Gain on extinguishment of convertible notes and settlement of derivatives, Impairments of goodwill, long-lived assets and other assets, Unrealized (gain) loss on debt and equity securities, net. Delivery Adjusted EBITDA loss of $(145) million, reduced by $38 million QoQ and by $316 million YoY, and represented (10.7)% margin as a percentage of Delivery Revenue. 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. Uber's next earnings report (for Q2 FY 2021) is estimated to be released on Aug. 4, 2021. And indeed, Uber Freight’s Facility Insights Report confirms that the best pickup reviews are for loads picked up between midnight and 4:00 a.m. on Sunday morning – 4.59 stars on average – while the lowest ratings for pickups occur between 4:00 p.m. … “Our results this quarter decisively demonstrate the growing profitability of our Rides segment. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the Unsubscribe section below. Uber's overall revenue fell 29%, but Freight revenue was up 27%. 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. There was no net impact to loss from operations, net loss attributable to Uber Technologies, Inc., or net loss per share for any periods presented. The company reported that the freight division grew the network to more than 50,000 carriers and made reference to having some of the nation’s largest carriers as users of the app. Driver or restaurant earnings. Most investors remain focused on the company’s lock-up period that ends Wednesday, Nov. 6. (1) See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measure” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release. (1) See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measure” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release. (3) “Adjusted EBITDA” is a non-GAAP measure as defined by the SEC. Net income (loss) attributable to non-controlling interests, net of tax, Legal, tax, and regulatory reserve changes and settlements, Payroll tax on IPO stock-based compensation, Goodwill and asset impairments/loss on sale of assets, Acquisition, financing and divestitures related expenses, Accelerated lease costs related to cease-use of ROU assets, Restructuring and related charges (credits), net, View source version on businesswire.com: 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 … • Gross bookings … Uber Q1 2021 Earnings Report Recap - Flipboard All Other (formerly our Other Bets segment) also included Transit, UberWorks and our Incubator group. 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. 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. Adjusted EBITDA was a loss of $585 million, $127 million worse than the same period last year but better than the $656 million EBITDA loss recorded in the second quarter of 2019. The company’s prior guidance called for a loss of $3.2 billion to $3 billion. Gross Bookings. Monthly active platform consumers increased 26% in the quarter to 103 million. (Unaudited), Cost of revenue, exclusive of depreciation and amortization shown separately below (1), Loss before income taxes and loss from equity method investments, Provision for (benefit from) income taxes, Net loss including non-controlling interests, Less: net income (loss) attributable to non-controlling interests, net of tax. Revenue of $3.5 billion, growing 14% year-over-year or 16% on a constant currency basis Rides Adjusted EBITDA of $581 million Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2020. The following table presents reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measure for each of the periods indicated. 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 following table presents other income (expense), net (in millions): Foreign currency exchange gains (losses), net, Unrealized gain (loss) on debt and equity securities, net (2), Impairment of debt and equity securities (3), Change in fair value of embedded derivatives, Gain on extinguishment of convertible notes and settlement of derivatives (4). Trips. (1) Our previously reported revenue in 2019 has been retrospectively adjusted to reflect the implementation of a new accounting policy. Uber’s earnings are confusing by design. One bright spot in its earnings report was the “Other Bets” category, which is primarily made up of Uber Freight, its on-demand trucking marketplace that launched in May 2017. During the fourth quarter of 2020, we changed our accounting policy related to the presentation of cumulative payments to Drivers in excess of cumulative revenue from Drivers. 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 opt in to receive investor email alerts, please enter your email address in the field below and select at least one alert option. Take Rate. More than 15 billion trips later, we’re building products to get people closer to where they want to be. Based in Richmond, VA, Todd is the finance editor at FreightWaves. The call begins on February 10, 2021 at 1:30 PM (PT) / 4:30 PM (ET). Full Year 2020 Financial and Operational Highlights. Rides Adjusted EBITDA is up 52% year-over-year and now more than covers our corporate overhead. (3) During the year ended December 31, 2020, we recorded an impairment charge of $1.7 billion, primarily related to our investment in Didi recognized during the first quarter of 2020. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was a loss of $81 million in the quarter, $50 million worse on a year-over-year basis. As we mentioned in our Part 1 update: “Rates are soaring across all modes. Driver incentives. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Delivery Revenue grew 19% QoQ and 224% YoY while Mobility Revenue grew 8% QoQ and declined 52% YoY. Our calculation of these non-GAAP financial measures may differ from similarly-titled non-GAAP measures, if any, reported by our peer companies. 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 EBITDA; and Adjusted EBITDA margin as a percentage of revenue, as well as, revenue growth in constant currency. Uber CEO Dara Khosrowshahi. This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. See totals in real time, get details on a specific trip, compare weeks, and more. Fill out the form to receive a free copy of our second Facility Insights Report. Gross bookings increased 29% year-over-year to $16.5 billion. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. We define each segment’s Adjusted EBITDA margin as the segment Adjusted EBITDA as a percentage of segment revenue. 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. by Tony Mulvey. Analysts have expressed concern that as much as 90% of the company’s outstanding shares will be eligible for trading on the public market once the lock-up period expires, potentially placing downward pressure on the stock if a large percentage of those shareholders look to liquidate their position. 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. Net loss attributable to Uber Technologies, Inc. was $968 million, which includes $236 million in stock-based compensation expense. by Tony Mulvey. Tracking your earnings. Our policy for the presentation of these excess cumulative payments has changed from presenting them within cost of revenue, exclusive of depreciation and amortization, to presenting them as a reduction of revenue in our consolidated statements of operations. 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. “Our results this quarter decisively demonstrate the growing profitability of … Most importantly, it demonstrates how we are turning our commitments into action. Uber and Lyft are seeking to put a ballot proposal in front of California voters in efforts to upend the new legislation. Excluding stock-based compensation expense, the loss was $761 million, better than the company’s second-quarter loss of approximately $1 billion, which excluded stock-based compensation and one-time driver awards. The following table summarizes total stock-based compensation expense by function (in millions): Through May 9, 2019, no stock-based compensation expense had been recognized for certain awards with a performance condition based on the occurrence of a qualifying event, such as an initial public offering (“IPO”), as such qualifying event was not probable. The Facility Insights Report will be released by Uber Freight at a regular cadence to help broadcast carrier feedback across the industry and enable a more transparent future for all. But it immediately plunged and … Having a good understanding of your earnings can help you plan more strategically. Adjusted EBITDA. 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. Upon our IPO in May 2019, the performance condition was met and $3.6 billion of stock-based compensation expense was recognized related to these awards. ESG Report. We undertake no duty to update this information unless required by law. (Unaudited), Prepaid expenses and other current assets, Total Uber Technologies, Inc. stockholders' equity, Total liabilities, mezzanine equity and equity, UBER TECHNOLOGIES, INC. 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. Drawing from 500,000+ carrier and driver reviews, this report details why facility ratings matter and looks at trucking trends across regions, industries, and more. See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measure” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release. % Change Segment Adjusted EBITDA margin as a percentage of revenue is segment Adjusted EBITDA divided by segment revenue. After submitting your request, you’ll receive an activation email at the requested email address. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance. Net loss attributable to Uber Technologies, Inc. Net loss per share attributable to Uber Technologies, Inc. common stockholders: Weighted-average shares used to compute net loss per share attributable to common stockholders: (1) During the fourth quarter of 2020, we changed our accounting policy related to the presentation of cumulative payments to Drivers in excess of cumulative revenue from Drivers. Uber Technologies Inc. (NYSE: UBER) second quarter 2019 report probably won't receive the accolades garnered by its ride-hailing competitor, Lyft Inc (NYSE: LYFT). Our Story, Sign up for a free FreightWaves account today for unlimited access to all of our latest content. “Several of the top-10 national carriers are already regular participants in our network and our shipper list includes several Fortune 50 customers.”. Uber Technologies last announced its earnings data on February 10th, 2021. 0 . The company had revenue of $3.17 billion for the quarter, compared to analysts' expectations of $3.56 billion. By providing your email address below, you are giving consent to Uber Technologies Inc. to send you the requested investor email alert updates. Uber Technologies, Inc. (NYSE: UBER) reported a net loss of $1.16 billion in the third quarter of 2019, ahead of the consensus expectation calling for a $1.5 billion loss. If you experience any issues with this process, please contact us for further assistance. Uber Earnings History Uber's stock reached a record high on Feb. 10, the same day it issued its Q4 FY 2020 earnings report. We define Take Rate as revenue as a percentage of Gross Bookings. On a consolidated basis, total revenue was up 30% year-over-year at $3.8 billion, compared to the consensus estimate of $3.68 billion. Revenue of $4.1 billion, growing 37% year-over-year or 39% on a constant currency basis Rides Adjusted EBITDA of $742 million, with continued margin expansion Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the fourth quarter and full year ended December 31, 2019. 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. Monthly Active Platform Consumers (“MAPCs”). Both transactions were closed in January 2021. Uber Freight’s EBITDA in the first quarter was negative $64 million. Uber now expects an adjusted EBITDA loss of $2.8 billion to $2.9 billion in 2019. 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. 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. 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. To dive into our findings, download the full report here. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies. In Q4 we continued to deliver improving Adjusted EBITDA performance, up $171 million quarter-over-quarter, and remain well on track to achieving our profitability goals in 2021.”, Fourth Quarter 2020 Financial and Operational Highlights, Monthly Active Platform Consumers (“MAPCs”), Net loss attributable to Uber Technologies, Inc. (2). Dive Brief: Uber Freight more than doubled load volume in the third quarter year-over-year, executives said on the company's Monday earnings call. We define Adjusted EBITDA margin as a percentage of revenue as Adjusted EBITDA divided by revenue. At Uber, we believe that sustainability is integral to the success of our business. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site. Segment Adjusted EBITDA margin. Revenue grew slightly slower, up 78% for the quarter to $218 million. Lyft beat analyst forecasts last week, losing more than $460 million in the third quarter, more than half of which was related to stock-based compensation and payroll tax implications. We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. 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. Lock-up periods prevent restricted shares, typically issued to the company’s executives and other interested parties, from being sold on public markets for a set period of time following the company’s initial public offering. The press release noted that although the Uber Freight app is only 2 years old, more than 50,000 carriers have used it. Our allocation methodology is periodically evaluated and may change. Adjusted EBITDA and Segment Adjusted EBITDA. We compare the percent change in our current period results from the corresponding prior period using constant currency disclosure. 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. Prior to the third-quarter earnings report, revenue in Other Bets consisted primarily of Uber Freight. 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. Shares of Uber and its ride-hailing competitor Lyft (NASDAQ: LYFT) have been under pressure since the passage of California’s Employee and Independent Contractors bill, otherwise known as AB5, which goes into effect next year. Uber Announces Results for Fourth Quarter and Full Year 2020, https://www.businesswire.com/news/home/20210210005860/en/. In the company’s most recent earnings report, Uber Freight posted revenue of $211 million in the second quarter. 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 GA and Platform RD Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2019. Meanwhile, there is no Whisper number since it is a new IPO. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Reporter. (Constant Currency). Serving the global freight industry with the fastest and most comprehensive news insights and market data on the planet.

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