Net Loss, Adjusted EBITDA and Segment Adjusted EBITDA. You must click the activation link in order to complete your subscription. 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. By PYMNTS. The company reported its Q3 2020 earnings details today, and while the business is still reeling from COVID-19, there are a few spots that show that Uber … That means Uber will avoid the costs of providing a full slate of benefits and protections for drivers, including paid sick days and other time-off, unemployment insurance and healthcare. That business unit, which Uber started in 2017, has a post-money valuation of $3.3 billion, the company said in a statement. “Adjusted EBITDA” is a non-GAAP measure as defined by the SEC. Uber’s mission is to create opportunity through movement. We compare the percent change in our current period results from the corresponding prior period using constant currency disclosure. Comparative periods were not recast as the impact on our four operating and reportable segments was not material. A Division of NBCUniversal. Including $17 million and $25 million collaboration revenue from Toyota recognized in Q3 2019 and Q3 2020, respectively. Uber Technologies (NYSE:UBER) reported Q3 sales of $3.13 billion. Excluding stock-based compensation expense. Q3 Earnings Recap Uber Technologies reported Q3 earnings per share at $-0.62/share, which beat analyst predictions of $-0.65/share. These COVID-19 response initiatives are recorded as a reduction to revenue. 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. 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. Monthly Active Platform Consumers (“MAPCs”). Uber reported its Q3 2020 earnings after the closing bell on Thursday, beating analysts’ expectations on solid growth from its Eats business.Still, the impact of the ongoing coronavirus pandemic continues to be a concern for Uber’s main Rides business, which fell short of analysts’ forecasts.. Uber is prepared to take its Prop 22 victory to the rest of the world. There are a number of limitations related to the use of non-GAAP financial measures. Two days after the 2020 election results, the company reported quarterly earnings. 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. Tweet. 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. November 5, 2020 01:30 PM PT. Uber is prepared to take its Prop 22 victory to the rest of the world. Q3 Earnings Recap Uber Technologies reported Q3 earnings per share at $-0.62/share, which beat analyst predictions of $-0.65/share. November 5, 2020 November 5, 2020. Driver or restaurant earnings. © 2020 Benzinga.com. We define Trips as the number of completed consumer Mobility or New Mobility rides and Delivery meal or grocery deliveries in a given period. Segment Adjusted EBITDA margin demonstrates the margin that we generate after direct expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Earnings Uber Touts Delivery Business In Q3 Earnings Call. Uber Announces Results for Third Quarter 2020, https://www.businesswire.com/news/home/20201105006016/en/. Share. ... the ride-hailing company reported its Q3 earnings. Revenues declined 18% to $3.1 billion versus last year. © 2020 Benzinga.com. Adjustments to reconcile net loss to net cash used in operating activities: Gain on extinguishment of convertible notes and settlement of derivatives, Unrealized (gain) loss on debt and equity securities, net, Impairments of goodwill, long-lived assets and other assets. Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2020. To opt in to receive investor email alerts, please enter your email address in the field below and select at least one alert option. The company’s mobility business struggled due to lockdown restrictions in various parts of the globe. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Learn how earnings and deposits work when you drive with Uber. ... Q3 2019 Uber Technologies Inc Earnings Call 11/04/2019 05:00 PM (EST) UBER. While he declined to guess whether Uber's mobility or delivery business is going to be bigger, long-term, he said that he believes the total addressable market for deliveries, including meals and groceries, was at least as big as the market for rides. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. * Required. UBER earnings call for the period ending June 30, 2020. Meanwhile, subscription revenues counted $118.1 million, a 31% increase YoY. We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. Uber Key Metrics : Estimate for Q3 2020 (FY) Q3 2019 (FY) Q3 2018 (FY) Earnings Per Share ($)-0.61-0.68-2.21: Revenue ($B) 3.2: 3.8: 2.9: Gross … 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. Mobility Adjusted Net Revenue reconciliation: Delivery Adjusted Net Revenue reconciliation: Net 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), View source version on businesswire.com: In … We want to hear from you. In the United States and Canada, its revenues fell 30% in Q3 2020, compared to Q3 2019. 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. Bookings from deliveries outpaced bookings for rides and mobility again for Uber, as the Covid-19 pandemic continued to impact travel and commuting during the third quarter. 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. 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. 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. 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. Uber's third-quarter earnings showed that its Eats business continues to thrive amid the coronavirus pandemic. Segment Adjusted EBITDA margin. Supplemental Data. Uber reported its Q3 2020 earnings after the closing bell on Thursday, beating analysts’ expectations on solid growth from its Eats business.Still, the impact of the ongoing coronavirus pandemic continues to be a concern for Uber’s main Rides business, which fell short of analysts’ forecasts.. 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. Net loss attributable to Uber Technologies, Inc. was $1.1 billion, which includes $183 million in stock-based compensation expense. Prop 22 allows Uber, along with its peers and competitors Lyft, Instacart and DoorDash, to treat their drivers and couriers as independent contractors, not employees. He said Uber rides were coming back faster than other transportation alternatives, including mass transit in many cities and taxis in New York City. 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/). Data is a real-time snapshot *Data is delayed at least 15 minutes. watch now. 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. “Mobility Gross Bookings nearly doubled from Q2 levels and Delivery surged again to 135% year-on-year growth thanks to an increasing pace of innovation, which saw us launch new industry-leading safety technology; extend delivery offerings into groceries and prescriptions; bring Uber Green to more than 50 cities; and expand both Uber Pass and Eats Pass membership plans.”, “As consolidated growth returns, it will return to a more profitable foundation,” said Nelson Chai, CFO. November 5, 2020. A live audio webcast of our third quarter 2020 earnings release call will be available at https://investor.uber.com/, along with the earnings press release and slide presentation. Download, follow and add "UBER TECHNOLOGIES, INC" earnings calls to your podcast at EarningsCast. During the three and nine months ended September 30, 2019 and 2020, we recorded changes to the fair value of investments in securities accounted for under the fair value option. 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. Driver referrals. Uber CEO Dara Khosrowshahi on Q3 earnings miss, Prop 22 passing in California and more ... Fri, Nov 6 2020 9:35 AM EST. 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. Net loss attributable to Uber Technologies, Inc. was $1.2 billion in Q3 2019, which includes $401 million in stock-based compensation expense. Take Rate. The other business activities that were not migrated represent an “all other category separate from other reconciling items” and are presented within the All Other caption. Earnings Uber Technologies (NYSE:UBER) Earnings Information. Media: press@uber.com. 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. Add to Apple Calendar; Add to Google Calendar; Add to Microsoft Outlook; ... you are giving consent to Uber Technologies Inc. to send you the requested investor email alert updates. Adjusted Net Revenue and segment Adjusted Net Revenue excludes the impact of COVID-19 response initiatives. Driver(s). Posted on November 5, 2020 It was an eventful week for Uber. Adjusted EBITDA loss of $625 million, up $40 million year-over-year, and down $212 million quarter-over-quarter, and 22.2% margin as a percentage of ANR. Hello, visitor. Net loss attributable to Uber Technologies, Inc. was $1.1 billion in Q3 2020, which includes $183 million in stock-based compensation expense. 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. VIDEO 07:56. Adjusted EBITDA excludes certain legal, tax, and regulatory reserve changes and settlements that may reduce cash available to us. Instead, under Prop 22 in California, Uber will pay qualifying drivers partial benefits, like a minimum base pay that's better than federal minimum wage, and a subsidy on drivers' health insurance, with the subsidy amount based on how many hours they work. (1) Including $17 million and $25 million collaboration revenue from Toyota recognized in Q3 2019 and Q3 2020, respectively. The company reiterated guidance that Uber expects to be profitable on an EBITDA basis by the end of 2021. 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. Adjusted revenues were … Mobility Adjusted EBITDA of $245 million, improved +$195 million quarter-over-quarter (-$386 million year-over-year), and delivered 17.9% margin as a percentage of Mobility ANR. Uber Technologies Q3 2020 Earnings Call Nov 05, 2020, 4:30 p.m. Let’s take a look at the factors … 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. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. On a conference call to discuss results, CEO Dara Khosrowshahi said while the last 8 months had been tough, there were early signs that the company's core mobility business would fully recover. During the nine months ended September 30, 2020, gain on business divestitures, net primarily represents a $154 million gain on the sale of our Uber Eats India operations to Zomato Media Private Limited (“Zomato”) recognized in the first quarter of 2020, partially offset by a $27 million loss on the sale of our JUMP operations to Lime during the second quarter of 2020. More than 15 billion trips later, we're building products to get people closer to where they want to be. During the three months ended September 30, 2020, we recorded a reversal of the previously recorded allowance for credit loss on our investment in Grab, initially recognized in the first quarter of 2020. Email Address * 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. Uber Technologies UBER 0.48% shares hit new 52-week highs this week after Proposition 22 passed in California. Adjusted Net Revenue (“ANR”). Listen to "Q2 2020 Uber Technologies Inc Earnings Call". 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. Back to UBER Overview *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. Uber shares had skyrocketed on Wednesday and continued climbing Thursday ahead of earnings, after the company's proposed ballot measure, Proposition 22, won voters' support in California elections. The ride-sharing company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by $0.02. 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. 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