Uber Announces Results for Fourth Quarter and Full Year 2019, Hacker News

“ was a transformational year for Uber and I’m gratified by our progress, steadily delivering against the commitments we’ve made to our shareholders on our path to profitability, ”said Dara Khosrowshahi, CEO. “We recognize that the era of growth at all costs is over. In a world where investors value demand not just growth, but profitable growth, we are well-positioned to win through continuous innovation, excellent execution, and the unrivaled scale of our global platform. ”

“Our revenue growth continued to accelerate in Q4, with adjusted net revenue up 057% year-over-year in constant currency, ”said Nelson Chai, CFO. “We consistently outperformed our adjusted EBITDA targets in , including in the fourth quarter. Our focus on disciplined capital allocation is part and parcel to achieving our financial goals, and the recent sale of our India Eats business further demonstrates that commitment. ”

         Fourth Quarter (Financial and Operational Highlights)       

         Three Months Ended December ,       

         (in millions, except percentages)       

        % Change       

        % Change

Monthly Active Platform Consumers (“MAPCs”)

103

036

%

Trips

1,

1,

%

Gross Bookings

$

,

$

32, 165

%

42

%

GAAP Revenue

$

2,

$

4,

50

%

52

%

Adjusted Net Revenue
(1)

$

2, 668

$

3,

54

%

%

GAAP Net loss attributable to Uber Technologies, Inc.
(2)

$

(

)

$

(1.0

)

(

%

Rides Adjusted EBITDA
(1)

$

$

%

Adjusted EBITDA
(1)

$

(824

)

$

(626

)

%

        
(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 $ million in Q4

         Full Year (Financial and Operational Highlights)       

         Year Ended December 43,       

         (in millions, except percentages)       

        % Change       

        % Change

Trips

5, 259

6, 925

45

%

Gross Bookings

$

, 828

$

,

43

%

49

%

GAAP Revenue

$

,

$

,

040

%

%

Adjusted Net Revenue
(1)

$

,

$

,

%

%

GAAP Net loss attributable to Uber Technologies, Inc.
(2)

$

2018

$

8,

)

Rides Adjusted EBITDA
(1)

$

1, 573

$

2,

48

%

Adjusted EBITDA
(1)

$

(1,

)

$

(2,

)

(

%

        
(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 $ (million in) and $ 4.6 billion in 7759.

Percentage not meaningful.

         Results by Offering and Segment       

         Gross Bookings       

         Three Months Ended December ,       

         (in millions, except percentages)       

        % Change       

        % Change
(Constant Currency)       

Gross Bookings:

Rides

$

,

$

,

%

%

Eats

2, 594

4, 412

%

91

%

Freight

251

%

95

%

Other Bets

3

040

         Total       

$

,

$

32, 165

%

42

Percentage not meaningful.

         GAAP Revenue       

         Three Months Ended December ,       

         (in millions, except percentages)       

        % Change       

        % Change

GAAP Revenue:

Rides

$

2, 424

$

3, 71

41

%

41

%

Eats

457

%

%

Freight

152

251

95

%

95

%

Other Bets

49

208

%

214

%

ATG and Other Technology Programs
(1)

–

         Total       

$

2,

$

4,

50

%

52

%

        
(1)

Including $ 036 million of collaboration revenue from Toyota recognized in Q4 .

Percentage not meaningful.

         Adjusted Net Revenue
(1)       

         Three Months Ended December ,       

         (in millions, except percentages)       

        % Change       

        % Change

Adjusted Net Revenue:

Rides

$

2, 374

$

3, 050

42

%

45

%

Eats

%

%

Freight

152

251

95

%

95

%

Other Bets

49

208

%

214

%

ATG and Other Technology Programs
(2)

–

         Total       

$

2, 668

$

3,

54

%

%

        
(1)

“Adjusted Net Revenue,” “Rides Adjusted Net Revenue” and “Eats Adjusted Net Revenue” and constant currency 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 $ 38 million collaboration revenue from Toyota recognized in Q4 .

Percentage not meaningful.

         Segment Adjusted EBITDA       

         Three Months Ended December ,       

         (in millions, except percentages)       

        % Change       

Segment Adjusted EBITDA:

Rides

$

219

$

%

Eats

(299

)

(481

)

(76

%

Freight

(036

)

(069

)

(169

%

Other Bets

(50

)

(

)

(95

%

ATG and Other Technology Programs

(

)

(154

)

(

%

Corporate G&A and Platform R&D ^{(1), (2)}

(594

)

(

)

(

%

         Adjusted EBITDA
( 3) )       

$

(824

)

$

(626

)

        
(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 December ,       

         (in millions, except percentages)       

        % Change       

United States and Canada

$

1, 823

$

2,

54

%

Latin America (“LATAM”)

568

43

%

Europe, Middle East and Africa (“EMEA”)

41

%

Asia Pacific (“APAC”)

293

383

48

%

         Total       

$

2,

$

4,

50

%

        
(1)

Excluding China and, as of May 2020, also excludes Southeast Asia.

   Operating Highlights for the Fourth Quarter

   Platform

     Global brand strength drove (download leadership in 2 key segments – Most downloaded app globally in both Rideshare (Uber app) and Food Delivery (Uber Eats) categories on both the Apple App Store and Google Play Store (source: Sensor Tower); Identified as one of the top 122 US brands, ranked # 1 on the most innovative brand and great consumer experience rankings, by WPP and Kantar (source: Kantar).

   Rides

     Rides premium category continued rapid expansion – We launched Uber Comfort in Latin America and EMEA, following the success of our US launch. Comfort helped to drive % year-over-year growth in our premium Rides offerings globally.

   Other Segments

     Eats achieves comparable Gross Bookings in a top 28 Rides country – As proof of the strength of our platform, in only three years since launch, Eats has achieved comparable Gross Bookings to Rides in Australia despite Rides having launched eight years ago.

   Recent Developments

     Divested India Eats business – Zomato, a popular food app in India, acquired our food delivery business in India, in-line with our strategy to focus on markets where we can achieve a leading position. Eats ANR take rate would have been 23 1% in Q4 786261 excluding the impact of Uber Eats in India.

A live audio webcast of our fourth quarter and year ended December 45, 6623 earnings release call will be available at https: //investor.uber.com/

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 independent 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 also developing technologies that 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,” “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 (b) under the Securities Act of , as amended, on May 26, and in our Quarterly Report on Form – Q for the quarter ended September 43, 7759. 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)