Revenue of $2.2 billion, declining 29%
year-over-year or 27% on a constant currency basis
Mobility Adjusted EBITDA of $50 million
Uber Technologies, Inc. (NYSE: UBER) today announced financial
results for the quarter ended June 30, 2020.
Financial Highlights for Second Quarter 2020
- Gross Bookings declined to $10.2 billion, down 35%
year-over-year, or 32% on a constant currency basis, with Mobility
Gross Bookings declining 73% and Delivery Gross Bookings growing
113% year-over-year, each on a constant currency basis.
- Revenue declined 29% year-over-year, or 27% on a constant
currency basis. Mobility Revenue declined 67% year-over-year and
Delivery Revenue grew 103% year-over-year.
- Adjusted Net Revenue (“ANR”) declined 33% year-over-year,
Mobility ANR declined 66% year-over-year and Delivery ANR grew 162%
year-over-year. YoY Growth % at constant currency & ex-Driver
appreciation award was (37)% and with respect to Mobility and
Delivery, (68)% and 163%, respectively. Adjusted Net Revenue and
segment Adjusted Net Revenue excludes the impact of COVID-19
response initiatives.
- Net loss attributable to Uber Technologies, Inc. was $1.8
billion, which includes $131 million in stock-based compensation
expense and $382 million in restructuring and related charges.
- Mobility1 Adjusted EBITDA delivered $50 million in profit, down
$456 million year-over-year, and down $531 million
quarter-over-quarter, and 6.3% margin as a percentage of Mobility
ANR.
- Delivery1 Adjusted EBITDA was $(232) million, up $54 million
year-over-year and up $81 million quarter-over-quarter.
- Adjusted EBITDA was $(837) million, down $181 million
year-over-year, and $225 million quarter-over-quarter. Adjusted
EBITDA excludes the impact of COVID-19 response initiatives.
- Unrestricted cash, cash equivalents and short-term investments
were $7.8 billion.
- COVID-19 response initiatives had an impact on GAAP net loss of
$48 million including an impact on GAAP revenue of $6 million and
an impact on GAAP cost of revenue of $22 million and an impact on
total operating expenses of $20 million. (details and
reconciliation below)
“Our team continues to move at Uber speed to respond to the
pandemic’s impact on our communities and on our business, leading
our industry forward with new products and safety technologies, and
harnessing the strong tailwinds driving exceptional growth in
Delivery, with Gross Bookings growing 122 percent year-over-year
excluding exited markets2,” said Dara Khosrowshahi, CEO. “We are
fortunate to have both a global footprint and such a natural hedge
across our two core segments: as some people stay closer to home,
more people are ordering from Uber Eats than ever before.”
“Our Mobility segment generated $50 million in Adjusted EBITDA
profit, despite a 73 percent year-over-year decline in Gross
Bookings, on a constant currency basis,” said Nelson Chai, CFO.
“Meanwhile, we improved our Delivery Adjusted EBITDA margin by 33
percentage points, and took quick and decisive action to remove
over $1 billion in annualized costs across the entire company,
reducing Corporate G&A and Platform R&D costs by over $150
million compared to last quarter. All this, in addition to our
strong balance sheet, bolsters our continued confidence that we
will achieve Adjusted EBITDA profitability before the end of
2021.”
1 Note: Effective Q2 2020, the Rides segment has been renamed to
Mobility and the Eats segment has been renamed to Delivery. In
addition, as a result of the JUMP Divestiture, certain immaterial
offerings have been moved from our previously defined Other Bets
segment into Mobility. Segment information for Other Bets is
presented for comparison purposes.
2 Exited markets refer to markets we have divested or exited
since Q2 2019, and include Austria, Czech Republic, Egypt,
Honduras, India, Saudi Arabia, South Korea, Peru, Romania, United
Arab Emirates, Ukraine, and Uruguay.
Second Quarter 2020 Financial and Operational
Highlights
Three Months Ended June
30,
(In millions, except percentages)
2019
2020
% Change
% Change
(Constant Currency
(1))
Monthly Active Platform Consumers
(“MAPCs”)
99
55
(44
)%
Trips
1,677
737
(56
)%
Gross Bookings
$
15,756
$
10,224
(35
)%
(32
)%
GAAP Revenue
$
3,166
$
2,241
(29
)%
(27
)%
Adjusted Net Revenue (1)
$
2,873
$
1,918
(33
)%
(31
)%
GAAP Net loss attributable to Uber
Technologies, Inc. (2)
$
(5,236
)
$
(1,775
)
66
%
Mobility Adjusted EBITDA
$
506
$
50
(90
)%
Delivery Adjusted EBITDA
$
(286
)
$
(232
)
19
%
Adjusted EBITDA (1)
$
(656
)
$
(837
)
(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
$3.9 billion and $131 million in Q2 2019 and Q2 2020, respectively,
and $382 million in restructuring and related charges in Q2
2020.
Gross Bookings
Three Months Ended June
30,
(In millions, except percentages)
2019
2020
% Change
% Change (Constant
Currency)
Gross Bookings:
Mobility
$
12,188
$
3,046
(75
)%
(73
)%
Delivery
3,386
6,961
106
%
113
%
Freight
167
212
27
%
27
%
ATG and Other Technology Programs
—
—
**
**
Other Bets
15
5
(67
)%
(66
)%
Total
$
15,756
$
10,224
(35
)%
(32
)%
** Percentage not meaningful.
GAAP Revenue
Three Months Ended June
30,
(In millions, except percentages)
2019
2020
% Change
% Change (Constant
Currency)
Revenue:
Mobility
$
2,376
$
790
(67)
%
(65)
%
Delivery
595
1,211
103
%
110
%
Freight
167
211
27
%
27
%
ATG and Other Technology Programs (1)
—
25
**
**
Other Bets
28
4
(86)
%
(85)
%
Total
$
3,166
$
2,241
(29)
%
(27)
%
(1) Including $25 million collaboration
revenue from Toyota recognized in Q2 2020.
** Percentage not meaningful.
Adjusted Net Revenue (1)
Three Months Ended June
30,
(In millions, except percentages)
2019
2020
% Change
% Change
(Constant Currency
(1))
Adjusted Net Revenue:
Mobility (2)
$
2,341
$
793
(66)
%
(64)
%
Delivery (3)
337
885
162
%
172
%
Freight
167
211
27
%
27
%
ATG and Other Technology Programs (4)
—
25
**
**
Other Bets
28
4
(86)
%
(85)
%
Total
$
2,873
$
1,918
(33)
%
(31)
%
(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 “Other Bets Adjusted Net Revenue (prior to the second quarter
of 2020)” 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)
Q2 2019 includes a $287 million driver
appreciation award in connection with our initial public offering
(“IPO”).
(3)
Q2 2019 includes an $11 million driver
appreciation award in connection with our IPO.
(4)
Including $25 million collaboration
revenue from Toyota recognized in Q2 2020.
** Percentage not meaningful.
Net Loss, Adjusted EBITDA and Segment Adjusted EBITDA
Net loss attributable to Uber Technologies, Inc. was $5.2
billion in Q2 2019, which includes $3.9 billion in stock-based
compensation expense. Net loss attributable to Uber Technologies,
Inc. was $1.8 billion in Q2 2020, which includes $131 million in
stock-based compensation expense and $382 million in restructuring
and related charges.
Three Months Ended June
30,
(In millions, except percentages)
2019
2020
% Change
Segment Adjusted EBITDA:
Mobility
$
506
$
50
(90
)%
Delivery
(286
)
(232
)
19
%
Freight
(52
)
(49
)
6
%
ATG and Other Technology Programs
(132
)
(91
)
31
%
Other Bets
(70
)
(23
)
67
%
Corporate G&A and Platform R&D
(1), (2)
(622
)
(492
)
21
%
Adjusted EBITDA (3)
$
(656
)
$
(837
)
(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.
GAAP Revenue by Geographical Region
Three Months Ended June
30,
(In millions, except percentages)
2019
2020
% Change
United States and Canada
$
1,967
$
1,250
(36
)%
Latin America ("LATAM")
417
232
(44
)%
Europe, Middle East and Africa
("EMEA")
506
401
(21
)%
Asia Pacific ("APAC")
276
358
30
%
Total
$
3,166
$
2,241
(29
)%
Operating Highlights for the Second Quarter 2020
Mobility
- Maintained Segment Adjusted EBITDA profitability:
Aggressively managed costs and found efficiencies to achieve
positive Mobility Adjusted EBITDA of $50 million in the face of
Gross Bookings decline of 73% year-over-year on a constant currency
basis.
- Launched industry-leading safety technology: Redefined
what a safe trip looks like with in-app product innovations like
mask detection for drivers, video education and go-online
checklists for all users, and new “no mask” feedback tags that
promote shared accountability.
- Launched and expanded Hourly booking option: Following a
successful pilot of an Hourly booking option in cities across
Australia, Africa, Europe, and the Middle East, expanded Hourly to
select cities in the U.S. This feature lets riders set multiple
stops in hour-long increments for errands, longer trips, or
essential activities.
- Deepened partnerships with public transit agencies:
Launched partnership with Marin County in California to integrate
Uber software-as-a-service and become their exclusive ride hailing
partner, in our first on-demand public transportation software as a
service deployment. Also became the exclusive ride hailing partner
for France's national railway and transit operator, SNCF.
Delivery
- Gross Bookings accelerated: Delivery Gross Bookings
year-over-year growth accelerated to 113% on a constant currency
basis (122% excluding exited markets), compared to 54%
year-over-year in Q1’20, with growth accelerating in all regions.
Enterprise and SMB bookings growth was comparable to overall
segment growth, suggesting broad based momentum.
- Improved Segment Adjusted EBITDA: Delivery Adjusted
EBITDA loss reduced to $(232) million, improving $81 million
quarter-over-quarter and $54 million year-over-year or by 59
percentage points as a percent of ANR.
- Expanded restaurant selection: Active partnered
restaurants on Uber Eats crossed 500K in June, growing over 50%
year-over-year. Signed several key enterprise accounts including
A&W Restaurants (Canada), Baskin Robbins, Bojangles' Famous
Chicken & Biscuits, Burger King (France & Spain), Chopt
Creative Salad, Dave & Buster’s, Del Taco, Domino’s (France),
Hungry Jack’s (Australia), Plenus (Japan) and Yum Brands, among
others. New SMB restaurant additions during the quarter grew over
70% year-over-year.
- Launched new delivery verticals: Expanded set of
offerings to grocery, convenience, pharmacy and prescriptions, in
response to growing consumer demand. Active merchants on the
platform grew to over 10,000. Starting in July, Uber consumers and
Eats Pass members in select cities in Latin America, Canada, and
the U.S. can order groceries through Uber and the Uber Eats app,
with orders fulfilled by Cornershop. Also launched Uber Connect in
more than 170 cities, which allows consumers to send small packages
to friends and family via UberX drivers and has completed nearly 3
million trips since mid-April.
- Signed Capital One partnership: Signed a new partnership
to offer Uber Eats benefits for both Capital One Venture and Savor
cardholders in the U.S., including 5x miles and 5% Cash Back
respectively, on all Uber Eats purchases through January 31,
2021.
Other Segments, Platform and Corporate
- Freight launched in-app bidding: Launched in-app
bidding, which increases pricing flexibility and improves our
market clearing abilities.
- Freight signed TMS integration deals: Signed BluJay and
Oracle TMS partnerships which enables direct API integration with
our shippers allowing us to provide real time pricing and tendering
capabilities; spot revenue generated through API integrations grew
200%+ QoQ in Q2.
- ATG restarted test track and road operations: Following
a brief period of simulation-only development, Uber ATG restarted
test track and public road operations for its self-driving vehicles
in Pittsburgh this quarter after implementing a series of measures
consistent with expert guidance to help mitigate the risk of spread
for COVID-19.
- Extended strategic alliance with American Express:
Extended our multi-year strategic alliance with American Express in
the U.S., which offers up to $200 per year in Uber Cash to eligible
U.S. Consumer Platinum Card Members.
- Uber Rewards surpassed 35 million members: Uber Rewards
surpassed 35 million members across its 6 markets: U.S., Brazil,
Mexico, France, Australia, and New Zealand.
- Expanded Uber for Business to new products and use cases;
Health growing quickly: Launched 6 new Eats for Business
markets and expanded beyond traditional corporate travel to include
meals and new commute products. Uber Health continued strong growth
throughout the quarter, up over 100% year-over-year for the week
ended June 30th.
- Completed Senior Notes Offering: Successfully raised
$1.0 billion in senior unsecured notes, due 2025. We intend to use
the proceeds from this offering primarily for working capital and
other general corporate purposes, which may include potential
acquisitions and strategic transactions.
- Continued COVID-19 Response Efforts: Delivered 10
million free rides, meals, and freight loads around the world and
launched COVID-19 relief programs in over 53 countries. In total,
we partnered with more than 200 organizations globally, including
the World Central Kitchen, Feeding America, International Rescue
Committee, the UK national health service, and the Gates
Foundation. We donated over 15 million pounds of free meals and PPE
to underserved and vulnerable populations through food banks. All
told, we committed $45 million to support front-line workers,
drivers and delivery people, and communities in need, such as
survivors of domestic violence and people with compromised immune
systems who were unable to receive their medication. The Restaurant
Contribution feature that we built into the Uber Eats app, allowing
customers to add a small donation to the restaurant on top of their
order, has put more than $17 million directly into the bank
accounts of restaurants around the world.
Recent Developments
- Agreed to acquire Postmates: Entered into an agreement
to acquire Postmates for approximately $2.65 billion in an
all-stock transaction, bringing together Uber’s global Mobility and
Delivery platform with Postmates’ distinctive delivery business in
the U.S.
- Closed purchase of Cornershop: Completed previously
announced purchase of a controlling interest in Cornershop in all
jurisdictions other than Mexico; now offering customers in select
cities in Latin America, the U.S., and Canada the ability to order
groceries through both the Uber and Uber Eats apps.
- Acquired Routematch: Acquired Routematch, a leading
provider of Software / SaaS solutions to over 500 North American
and Australian public transportation systems, bringing together
Uber’s expertise in on-demand, global mobility technologies with
Routematch’s proven capabilities across paratransit, payments,
fixed-route tools, and trip planning services.
- Signed Agreement to Acquire Autocab: Announced agreement
to acquire Autocab, a UK technology company that provides taxi and
private hire operators with booking and dispatch software and
related technology, and also connects them with trips through their
iGo marketplace. This acquisition will allow us to take another
step forward in our relationship with taxis, and in our strategy to
offer software-as-a-service.
Webcast and conference call information
A live audio webcast of our second 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 August 6, 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 and proceedings, 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; YoY %
Growth at constant currency & ex-Driver appreciation award; YoY
% Mobility Growth at constant currency & ex-Driver appreciation
award; YoY % Delivery Growth at constant currency & ex-Driver
appreciation award; 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 June 30, 2020
Assets
Cash and cash equivalents
$
10,873
$
6,754
Short-term investments
440
1,033
Restricted cash and cash equivalents
99
123
Accounts receivable, net
1,214
604
Prepaid expenses and other current
assets
1,299
1,148
Total current assets
13,925
9,662
Restricted cash and cash equivalents
1,095
1,224
Collateral held by insurer
1,199
1,021
Investments
10,527
8,813
Equity method investments
1,364
1,062
Property and equipment, net
1,731
1,846
Operating lease right-of-use assets
1,594
1,441
Intangible assets, net
71
533
Goodwill
167
2,518
Other assets
88
120
Total assets
$
31,761
$
28,240
Liabilities, mezzanine equity and
equity
Accounts payable
$
272
$
253
Short-term insurance reserves
1,121
1,248
Operating lease liabilities, current
196
188
Accrued and other current liabilities
4,050
4,202
Total current liabilities
5,639
5,891
Long-term insurance reserves
2,297
2,161
Long-term debt, net of current portion
5,707
6,691
Operating lease liabilities,
non-current
1,523
1,525
Other long-term liabilities
1,412
1,451
Total liabilities
16,578
17,719
Mezzanine equity
Redeemable non-controlling interests
311
282
Equity
Common stock
—
—
Additional paid-in capital
30,739
31,267
Accumulated other comprehensive loss
(187
)
(644
)
Accumulated deficit
(16,362
)
(21,073
)
Total Uber Technologies, Inc.
stockholders' equity
14,190
9,550
Non-redeemable non-controlling
interests
682
689
Total equity
14,872
10,239
Total liabilities, mezzanine equity and
equity
$
31,761
$
28,240
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 June
30,
Six Months Ended June
30,
2019
2020
2019
2020
Revenue
$
3,166
$
2,241
$
6,265
$
5,784
Costs and expenses
Cost of revenue, exclusive of depreciation
and amortization shown separately below
1,740
1,252
3,421
3,038
Operations and support
864
582
1,298
1,085
Sales and marketing
1,222
736
2,262
1,621
Research and development
3,064
584
3,473
1,229
General and administrative
1,638
565
2,061
1,424
Depreciation and amortization
123
129
269
257
Total costs and expenses
8,651
3,848
12,784
8,654
Loss from operations
(5,485
)
(1,607
)
(6,519
)
(2,870
)
Interest expense
(151
)
(110
)
(368
)
(228
)
Other income (expense), net
398
(44
)
658
(1,839
)
Loss before income taxes and loss from
equity method investments
(5,238
)
(1,761
)
(6,229
)
(4,937
)
Provision for (benefit from) income
taxes
(2
)
4
17
(238
)
Loss from equity method investments
(10
)
(7
)
(16
)
(19
)
Net loss including non-controlling
interests
(5,246
)
(1,772
)
(6,262
)
(4,718
)
Less: net income (loss) attributable to
non-controlling interests, net of tax
(10
)
3
(14
)
(7
)
Net loss attributable to Uber
Technologies, Inc.
$
(5,236
)
$
(1,775
)
$
(6,248
)
$
(4,711
)
Net loss per share attributable to Uber
Technologies, Inc. common stockholders:
Basic
$
(4.72
)
$
(1.02
)
$
(7.97
)
$
(2.72
)
Diluted
$
(4.72
)
$
(1.02
)
$
(7.98
)
$
(2.72
)
Weighted-average shares used to compute
net loss per share attributable to common stockholders:
Basic
1,110,704
1,738,897
783,900
1,731,632
Diluted
1,110,704
1,738,897
783,982
1,731,632
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months Ended June
30,
2019
2020
Cash flows from operating
activities
Net loss including non-controlling
interests
$
(6,262
)
$
(4,718
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
269
257
Bad debt expense
67
32
Stock-based compensation
3,952
408
Gain on extinguishment of convertible
notes and settlement of derivatives
(444
)
—
Gain on business divestitures, net
—
(127
)
Deferred income taxes
(31
)
(282
)
Revaluation of derivative liabilities
(58
)
—
Accretion of discount on long-term
debt
78
30
Loss from equity method investments
16
19
Unrealized (gain) loss on debt and equity
securities, net
(14
)
116
Impairment of debt and equity
securities
—
1,850
Impairments of goodwill, long-lived assets
and other assets
—
297
Unrealized foreign currency
transactions
(5
)
13
Other
(4
)
(5
)
Change in assets and liabilities, net of
impact of business acquisition and disposals:
Accounts receivable
(436
)
517
Prepaid expenses and other assets
(267
)
141
Collateral held by insurer
—
178
Operating lease right-of-use assets
89
137
Accounts payable
9
(10
)
Accrued insurance reserves
257
(8
)
Accrued expenses and other liabilities
1,192
(337
)
Operating lease liabilities
(52
)
(42
)
Net cash used in operating activities
(1,644
)
(1,534
)
Cash flows from investing
activities
Proceeds from sale and disposal of
property and equipment
41
1
Purchases of property and equipment
(277
)
(362
)
Purchases of marketable securities
—
(1,012
)
Proceeds from maturities and sales of
marketable securities
—
422
Proceeds from business disposals, net of
cash divested
293
—
Acquisition of business, net of cash
acquired
(7
)
(1,346
)
Return of capital from equity method
investee
—
91
Purchase of note receivable
—
(85
)
Purchase of non-marketable equity
securities
—
(10
)
Other investing activities
—
(11
)
Net cash provided by (used in) investing
activities
50
(2,312
)
Cash flows from financing
activities
Proceeds from issuance of common stock
upon initial public offering, net of offering costs
7,977
—
Taxes paid related to net share settlement
of equity awards
(1,368
)
—
Proceeds from issuance of common stock
related to private placement
500
—
Proceeds from the issuance of common stock
under the Employee Stock Purchase Plan
—
82
Issuance of senior notes, net of issuance
costs
—
992
Principal repayment on Careem Notes
—
(891
)
Principal payments on finance leases
(72
)
(119
)
Other financing activities
(8
)
(9
)
Net cash provided by financing
activities
7,029
55
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
12
(175
)
Net increase (decrease) in cash and cash
equivalents, and restricted cash and cash equivalents
5,447
(3,966
)
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
$
13,690
$
8,101
Reconciliation of cash and cash
equivalents, and restricted cash and cash equivalents to the
condensed consolidated balance sheets
Cash and cash equivalents
$
11,744
$
6,754
Restricted cash and cash
equivalents-current
137
123
Restricted cash and cash
equivalents-non-current
1,809
1,224
Total cash and cash equivalents, and
restricted cash and cash equivalents
$
13,690
$
8,101
Other Income (Expense),
Net
The following table presents
other income (expense), net (in millions):
Three Months Ended June
30,
Six Months Ended June
30,
2019
2020
2019
2020
(Unaudited)
Interest income
$
64
$
6
$
108
$
44
Foreign currency exchange losses, net
(7
)
(29
)
(8
)
(57
)
Gain (loss) on business divestitures, net
(1)
—
(27
)
—
127
Unrealized gain (loss) on debt and equity
securities, net (2)
(2
)
(2
)
14
(116
)
Impairment of debt and equity securities
(3)
—
13
—
(1,850
)
Change in fair value of embedded
derivatives
(117
)
—
58
—
Gain on extinguishment of convertible
notes and settlement of derivatives (4)
444
—
444
—
Other
16
(5
)
42
13
Other income (expense), net
$
398
$
(44
)
$
658
$
(1,839
)
(1)
During the six months ended June 30, 2020,
gain (loss) on business divestitures, net primarily represents a
$154 million gain on the sale of our Uber Eats India operations to
Zomato Media Private Limited recognized in the first quarter of
2020.
(2)
During the three and six months ended June
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 six months ended June 30, 2020,
we recorded an impairment write-down of $1.9 billion, primarily
related to our investment in Didi and the credit loss allowance
recorded on our investment in Grab recognized in the first quarter
of 2020.
(4)
During the three and six months ended June
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 June
30,
Six Months Ended June
30,
2019
2020
2019
2020
(Unaudited)
Operations and support
$
404
$
11
$
405
$
36
Sales and marketing
212
10
213
24
Research and development
2,557
72
2,560
239
General and administrative
768
38
774
109
Total
$
3,941
$
131
$
3,952
$
408
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 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 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 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.
Other Bets. During the second quarter of 2020, we entered
into agreements with Lime to divest our JUMP business (the “JUMP
Divestiture”). Subsequent to the JUMP Divestiture, we reorganized
certain immaterial offerings from Other Bets into Mobility. Other
Bets, which previously consisted of our divested JUMP business, was
no longer reviewed by the chief operating decision maker (“CODM”)
to allocate resources or evaluate performance. Therefore, Other
Bets was no longer deemed an operating or reportable segment. 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 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. Other Bets 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
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, YoY % Growth at
constant currency & ex-Driver appreciation award; YoY %
Mobility Growth at constant currency & ex-Driver appreciation
award; YoY % Delivery Growth at constant currency & ex-Driver
appreciation award; 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. 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.
Three Months Ended June
30,
Six Months Ended June
30,
(In millions)
2019
2020
2019
2020
Adjusted Net Revenue
reconciliation:
Revenue
$
3,166
$
2,241
$
6,265
$
5,784
Deduct:
Excess Driver incentives
(263)
(328)
(566)
(623)
Driver referrals
(30)
(1)
(65)
(12)
Add:
COVID-19 response initiatives
—
6
—
25
Adjusted Net Revenue
$
2,873
$
1,918
$
5,634
$
5,174
Three Months Ended June
30,
Six Months Ended June
30,
(In millions)
2019
2020
2019
2020
Mobility Adjusted Net Revenue
reconciliation:
Mobility revenue
$
2,376
$
790
$
4,794
$
3,260
Deduct:
Excess Driver incentives
(10)
(2)
(22)
(5)
Driver referrals
(25)
(1)
(54)
(10)
Add:
COVID-19 response initiatives
—
6
—
23
Mobility Adjusted Net Revenue
$
2,341
$
793
$
4,718
$
3,268
Three Months Ended June
30,
Six Months Ended June
30,
(In millions)
2019
2020
2019
2020
Delivery Adjusted Net Revenue
reconciliation:
Delivery revenue
$
595
$
1,211
$
1,131
$
2,030
Deduct:
Excess Driver incentives
(253)
(326)
(544)
(618)
Driver referrals
(5)
—
(11)
(2)
Add:
COVID-19 response initiatives
—
—
—
2
Delivery Adjusted Net Revenue
$
337
$
885
$
576
$
1,412
YoY % Growth at constant currency & ex-Driver
appreciation award
The following table presents the reconciliation of YoY % Growth
at constant currency & ex-Driver appreciation award, YoY %
Mobility Growth at constant currency & ex-Driver appreciation
award and YoY % Delivery Growth at constant currency &
ex-Driver appreciation award to the most directly comparable GAAP
financial measures for the second quarter of 2020 compared to the
same period in 2019:
YoY % Growth
YoY % Growth at constant currency &
ex-Driver appreciation award:
Revenue
(29
)%
Excess Driver incentives
(5
)%
Driver referrals
1
%
Adjusted Net Revenue
(33
)%
Add back:
Driver appreciation award
(6
)%
(39
)%
Add:
Constant currency impact
2
%
YoY % Growth at constant currency &
ex-Driver appreciation award
(37
)%
Mobility Revenue
(67
)%
Excess Driver incentives
—
%
Driver referrals
1
%
Mobility Adjusted Net Revenue
(66
)%
Add back:
Driver appreciation award
(4
)%
(70
)%
Add:
Constant currency impact
2
%
YoY % Mobility Growth at constant
currency & ex-Driver appreciation award
(68
)%
Delivery Revenue
103
%
Excess Driver incentives
57
%
Driver referrals
2
%
Delivery Adjusted Net Revenue
162
%
Add back:
Driver appreciation award
(8
)%
154
%
Add:
Constant currency impact
9
%
YoY % Delivery Growth at constant
currency & ex-Driver appreciation award
163
%
Adjusted EBITDA
Three Months Ended June
30,
Six Months Ended June
30,
(In millions)
2019
2020
2019
2020
Adjusted EBITDA reconciliation:
Net loss attributable to Uber
Technologies, Inc.
$
(5,236
)
$
(1,775
)
$
(6,248
)
$
(4,711
)
Add (deduct):
Net loss attributable to non-controlling
interests, net of tax
(10
)
3
(14
)
(7
)
Provision for (benefit from) income
taxes
(2
)
4
17
(238
)
Loss from equity method investments
10
7
16
19
Interest expense
151
110
368
228
Other (income) expense, net
(398
)
44
(658
)
1,839
Depreciation and amortization
123
129
269
257
Stock-based compensation expense
3,941
131
3,952
408
Legal, tax, and regulatory reserve changes
and settlements
380
38
380
57
Driver appreciation award
299
—
299
—
Payroll tax on IPO stock-based
compensation
86
—
86
—
Goodwill and asset impairments/loss on
sale of assets
—
16
8
209
Uber Eats India transaction and related
costs
—
—
—
10
JUMP transaction and related costs
—
19
—
19
COVID-19 response initiatives
—
48
—
72
Loss on lease terminations
—
7
—
7
Restructuring and related charges
—
382
—
382
Adjusted EBITDA
$
(656
)
$
(837
)
$
(1,525
)
$
(1,449
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200806005909/en/
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