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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Uber Technologies Inc | NYSE:UBER | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.73 | 1.06% | 69.30 | 70.3386 | 69.03 | 69.845 | 15,569,649 | 00:57:46 |
Gross Bookings reached an all-time high of $19.5B, up 24% year-over-year
Net loss of $(108) million and Adjusted EBITDA of $(359) million
Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2021.
Financial Highlights for First Quarter 2021
“Uber is starting to fire on all cylinders, as more consumers are riding with us again while continuing to use our expanding delivery offerings,” said Dara Khosrowshahi, CEO. “We will continue to innovate and find new ways to deepen engagement with our customers, as the only global platform that helps you go wherever you need and get whatever you want.”
“We outperformed both our Gross Bookings and Adjusted EBITDA outlook, with Mobility trends improving through the quarter and continued elevated growth for our Delivery business, combined with disciplined operational execution,” said Nelson Chai, CFO. “Uber is very well positioned to drive long-term value, with improving EBITDA performance, significant liquidity, and increasingly valuable minority investments.”
First Quarter 2021 Financial and Operational Highlights
Three Months Ended March 31,
(In millions, except percentages)
2020
2021
% Change
% Change (Constant Currency (1))
Monthly Active Platform Consumers (“MAPCs”)
103
98
(5)
%
Trips
1,661
1,447
(13)
%
Gross Bookings
$
15,776
$
19,536
24
%
22
%
Revenue
$
3,248
$
2,903
(11)
%
(11)
%
Revenue Excluding the UK Accrual (1)
$
3,248
$
3,503
8
%
6
%
Net loss attributable to Uber Technologies, Inc. (2)
$
(2,936)
$
(108)
96
%
Adjusted EBITDA (1)
$
(612)
$
(359)
41
%
(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 $277 million and $281 million in Q1 2020 and Q1 2021, respectively.
Results by Offering and Segment
Gross Bookings
Three Months Ended March 31,
(In millions, except percentages)
2020
2021
% Change
% Change (Constant Currency)
Gross Bookings:
Mobility
$
10,874
$
6,773
(38)
%
(36)
%
Delivery
4,683
12,461
166
%
157
%
Freight
198
302
52
%
52
%
All Other (1)
21
—
**
**
Total
$
15,776
$
19,536
24
%
22
%
(1)
Includes ATG and Other Technology Programs and historical results of New Mobility.
**
Percentage not meaningful.
Revenue
Three Months Ended March 31,
(In millions, except percentages)
2020
2021
% Change
% Change (Constant Currency)
Revenue (1):
Mobility
$
2,467
$
853
(65)
%
(63)
%
Delivery
527
1,741
230
%
215
%
Freight
199
301
51
%
51
%
All Other
55
8
**
**
Total
$
3,248
$
2,903
(11)
%
(11)
%
(1)
Uber Revenues and Mobility Revenues were reduced by a $600 million accrual made for the resolution of historical claims in the UK relating to the classification of drivers.
**
Percentage not meaningful.
Revenue Excluding the UK Accrual
Three Months Ended March 31,
(In millions, except percentages)
2020
2021
% Change
% Change (Constant Currency)
Revenue Excluding the UK Accrual (1), (2):
Mobility
$
2,467
$
1,453
(41)
%
(41)
%
Delivery
527
1,741
230
%
215
%
Freight
199
301
51
%
51
%
All Other
55
8
**
**
Total Revenue Excluding the UK Accrual
$
3,248
$
3,503
8
%
6
%
(1)
Uber Revenues and Mobility Revenues were reduced by a $600 million accrual made for the resolution of historical claims in the UK relating to the classification of drivers.
(2)
See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.
**
Percentage not meaningful.
Take Rates
Three Months Ended March 31,
2020
2021
Mobility
22.7
%
12.6
%
Delivery
11.3
%
14.0
%
Total
20.6
%
14.9
%
Take Rates Excluding the UK Accrual
Three Months Ended March 31,
2020
2021
Mobility
22.7
%
21.5
%
Delivery
11.3
%
14.0
%
Total
20.6
%
17.9
%
Adjusted EBITDA and Segment Adjusted EBITDA
Three Months Ended March 31,
(In millions, except percentages)
2020
2021
% Change
Segment Adjusted EBITDA:
Mobility (1)
$
581
$
298
(49)
%
Delivery
(313)
(200)
36
%
Freight
(64)
(29)
55
%
All Other
(171)
(11)
**
Corporate G&A and Platform R&D (2), (3)
(645)
(417)
35
%
Adjusted EBITDA (1), (4)
$
(612)
$
(359)
41
%
(1)
Adjusted EBITDA and Mobility Adjusted EBITDA exclude the $600 million accrual made for the resolution of historical claims in the UK relating to the classification of drivers, consistent with Uber’s accounting practices.
(2)
Excludes stock-based compensation expense.
(3)
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.
(4)
“Adjusted EBITDA” is a non-GAAP measure as defined by the SEC. See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.
**
Percentage not meaningful.
Revenue by Geographical Region
Three Months Ended March 31,
(In millions, except percentages)
2020
2021
% Change
United States and Canada
$
2,075
$
1,849
(11)
%
Latin America ("LatAm")
478
302
(37)
%
Europe, Middle East and Africa ("EMEA") (1)
473
225
(52)
%
Asia Pacific ("APAC")
222
527
138
%
Total
$
3,248
$
2,903
(11)
%
(1)
EMEA revenue and total revenue were reduced by a $600 million accrual made for the resolution of historical claims in the UK relating to the classification of drivers.
Financial Highlights for the First Quarter 2021 (continued)
Mobility
Delivery
Freight, All Other, and Corporate
GAAP and Non-GAAP Costs and Operating Expenses
Operating Highlights for the First Quarter 2021
Platform
Mobility
Delivery
Freight and Corporate
Recent Developments
Webcast and conference call information
A live audio webcast of our first quarter 2021 earnings release call will be available at https://investor.uber.com/, along with the earnings press release and slide presentation. The call begins on May 5, 2021 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: the outcome of a tax case before the UK tax authority related to classification as a transportation provider, 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, 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, 2020 and subsequent quarterly reports and other filings filed with the Securities and Exchange Commission from time to time. 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 EBITDA; Revenue Excluding the UK Accrual; Mobility Revenue Excluding the UK Accrual; Non-GAAP Costs and Operating Expenses; Adjusted EBITDA margin as a percentage of revenue; Mobility Adjusted EBITDA margin as a percentage of Mobility revenue and Delivery Adjusted EBITDA as a percentage of Delivery revenue as well as, revenue growth rates 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, 2020
As of March 31, 2021
Assets
Cash and cash equivalents
$
5,647
$
4,836
Short-term investments
1,180
819
Restricted cash and cash equivalents
250
247
Accounts receivable, net
1,073
1,075
Prepaid expenses and other current assets
1,215
1,318
Assets held for sale
517
—
Total current assets
9,882
8,295
Restricted cash and cash equivalents
1,494
1,524
Collateral held by insurer
860
752
Investments
9,052
11,794
Equity method investments
1,079
1,127
Property and equipment, net
1,814
1,757
Operating lease right-of-use assets
1,274
1,267
Intangible assets, net
1,564
1,455
Goodwill
6,109
6,352
Other assets
124
332
Total assets
$
33,252
$
34,655
Liabilities, redeemable non-controlling interests and equity
Accounts payable
$
235
$
232
Short-term insurance reserves
1,243
1,216
Operating lease liabilities, current
175
171
Accrued and other current liabilities
5,112
5,669
Liabilities held for sale
100
—
Total current liabilities
6,865
7,288
Long-term insurance reserves
2,223
2,224
Long-term debt, net of current portion
7,560
7,801
Operating lease liabilities, non-current
1,544
1,531
Other long-term liabilities
1,306
1,740
Total liabilities
19,498
20,584
Redeemable non-controlling interests
787
473
Equity
Common stock
—
—
Additional paid-in capital
35,931
36,182
Accumulated other comprehensive income (loss)
(535)
654
Accumulated deficit
(23,130)
(23,238)
Total Uber Technologies, Inc. stockholders' equity
12,266
13,598
Non-redeemable non-controlling interests
701
—
Total equity
12,967
13,598
Total liabilities, redeemable non-controlling interests and equity
$
33,252
$
34,655
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 March 31,
2020
2021
Revenue
$
3,248
$
2,903
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below
1,491
1,710
Operations and support
503
423
Sales and marketing
885
1,103
Research and development
645
515
General and administrative
859
464
Depreciation and amortization
128
212
Total costs and expenses
4,511
4,427
Loss from operations
(1,263)
(1,524)
Interest expense
(118)
(115)
Other income (expense), net
(1,795)
1,710
Income (loss) before income taxes and loss from equity method investments
(3,176)
71
Provision for (benefit from) income taxes
(242)
185
Loss from equity method investments
(12)
(8)
Net loss including non-controlling interests
(2,946)
(122)
Less: net loss attributable to non-controlling interests, net of tax
(10)
(14)
Net loss attributable to Uber Technologies, Inc.
$
(2,936)
$
(108)
Net loss per share attributable to Uber Technologies, Inc. common stockholders:
Basic
$
(1.70)
$
(0.06)
Diluted
$
(1.70)
$
(0.06)
Weighted-average shares used to compute net loss per share attributable to common stockholders:
Basic
1,724,367
1,858,525
Diluted
1,724,367
1,858,525
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended March 31,
2020
2021
Cash flows from operating activities
Net loss including non-controlling interests
$
(2,946)
$
(122)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
128
212
Bad debt expense
22
23
Stock-based compensation
277
281
Gain on business divestitures
(154)
(1,684)
Deferred income taxes
(273)
120
Loss from equity method investments, net
12
8
Unrealized (gain) loss on debt and equity securities, net
114
(63)
Impairment of debt and equity securities
1,863
—
Impairments of goodwill, long-lived assets and other assets
193
16
Unrealized foreign currency transactions
7
13
Other
10
65
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable
444
(35)
Prepaid expenses and other assets
29
(67)
Collateral held by insurer
92
108
Operating lease right-of-use assets
57
38
Accounts payable
(46)
(3)
Accrued insurance reserves
77
(27)
Accrued expenses and other liabilities
(320)
556
Operating lease liabilities
(49)
(50)
Net cash used in operating activities
(463)
(611)
Cash flows from investing activities
Purchases of property and equipment
(198)
(71)
Purchases of marketable securities
(493)
(336)
Purchases of non-marketable equity securities
(10)
(803)
Purchase of note receivable
—
(216)
Proceeds from maturities and sales of marketable securities
100
696
Proceeds from sale of non-marketable equity securities
—
500
Acquisition of businesses, net of cash acquired
(1,346)
(28)
Return of capital from equity method investee
91
—
Other investing activities
—
8
Net cash used in investing activities
(1,856)
(250)
Cash flows from financing activities
Principal repayment on Careem Notes
—
(194)
Principal payments on finance leases
(60)
(47)
Other financing activities
(3)
15
Net cash used in financing activities
(63)
(226)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents
(156)
(46)
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents
(2,538)
(1,133)
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period
12,067
7,391
Reclassification from assets held for sale during the period
—
349
End of period
$
9,529
$
6,607
Other Income (Expense), Net
The following table presents other income (expense), net (in millions):
Three Months Ended March 31,
2020
2021
(Unaudited)
Interest income
$
38
$
5
Foreign currency exchange gains (losses), net
(28)
(25)
Gain on business divestitures (1)
154
1,684
Unrealized gain (loss) on debt and equity securities, net (2)
(114)
63
Impairment of debt and equity securities (3)
(1,863)
—
Other, net
18
(17)
Other income (expense), net
$
(1,795)
$
1,710
(1)
During the three months ended March 31, 2020, gain on business divestitures represents a $154 million gain on the sale of our Uber Eats India operations to Zomato Media Private Limited (“Zomato”). During the three months ended March 31, 2021, gain on business divestitures represents a $1.6 billion gain on the sale of our ATG Business to Aurora.
(2)
During the three months ended March 31, 2020 and 2021, we recorded changes to the fair value of investments in securities accounted for under the fair value option.
(3)
During the three months ended March 31, 2020, we recorded an impairment charge of $1.9 billion, related to our investment in Didi, and a $173 million allowance for credit loss recorded on our investment in Grab.
Stock-Based Compensation Expense
The following table summarizes total stock-based compensation expense by function (in millions):
Three Months Ended March 31,
2020
2021
(Unaudited)
Operations and support
$
25
$
28
Sales and marketing
14
22
Research and development
167
133
General and administrative
71
98
Total
$
277
$
281
Key Terms for Our Key Metrics and Non-GAAP Financial Measures
Adjusted EBITDA. Adjusted EBITDA is a Non-GAAP measure. 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, financing and divestitures 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.
All Other. Includes ATG and Other Technology Programs and historical results of New Mobility, former Other Bets. ATG and Other Technology Programs, which primarily consisted of our ATG business that was divested in the first quarter of 2021, and subsequent to the divestiture, is no longer a reportable segment and included within All Other.
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(s). The term Driver collectively refers to independent providers of ride or delivery services who use our platform to provide Mobility or Delivery services, or both.
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.
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 orders, 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 order 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.
Revenue Excluding the UK Accrual. Revenue Excluding the UK Accrual is a Non-GAAP measure. We define revenue excluding the UK accrual, and Mobility revenue excluding the UK accrual, as revenue excluding a $600 million accrual made in the first quarter of 2021 for the resolution of historical claims in the UK relating to the classification of drivers.
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 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 revenue as a percentage of Gross Bookings.
Trips. We define Trips as the number of completed consumer Mobility or New Mobility rides and Delivery orders 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 EBITDA; Revenue Excluding the UK Accrual; Mobility Revenue Excluding the UK Accrual; Non-GAAP Costs and Operating Expenses; Adjusted EBITDA margin as a percentage of revenue; Mobility Adjusted EBITDA margin as a percentage of Mobility revenue and Delivery Adjusted EBITDA as a percentage of Delivery revenue as well as, revenue 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 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, financing and divestitures 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.
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 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 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 Margin as a Percentage of Revenue
We define Adjusted EBITDA margin as a percentage of revenue as Adjusted EBITDA divided by revenue. Segment Adjusted EBITDA margin as a percentage of revenue is segment Adjusted EBITDA divided by segment 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 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.
Non-GAAP Costs and Operating Expenses
Costs and operating expenses are defined as: cost of revenue, exclusive of depreciation and amortization; operations and support; sales and marketing; research and development; and general and administrative expenses. We define Non-GAAP costs and operating expenses as costs and operating expenses excluding: (i) stock-based compensation expense, (ii) certain legal, tax, and regulatory reserve changes and settlements, (iii) goodwill and asset impairments/loss on sale of assets, (iv) certain acquisition, financing and divestiture related expenses, (v) restructuring and related charges and (vi) 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.
Revenue Excluding the UK Accrual
We define revenue excluding the UK accrual, and Mobility revenue excluding the UK accrual, as revenue, and Mobility revenue, excluding a $600 million accrual made in the first quarter of 2021 for the resolution of historical claims in the UK relating to the classification of drivers.
Reconciliations of Non-GAAP Measures
Adjusted EBITDA
The following table presents reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measure for each of the periods indicated.
Three Months Ended March 31,
(In millions)
2020
2021
Adjusted EBITDA reconciliation:
Net loss attributable to Uber Technologies, Inc.
$
(2,936)
$
(108)
Add (deduct):
Net loss attributable to non-controlling interests, net of tax
(10)
(14)
Provision for (benefit from) income taxes
(242)
185
Loss from equity method investments
12
8
Interest expense
118
115
Other (income) expense, net
1,795
(1,710)
Depreciation and amortization
128
212
Stock-based compensation expense
277
281
Legal, tax, and regulatory reserve changes and settlements
19
551
Goodwill and asset impairments/loss on sale of assets
193
57
Acquisition, financing and divestitures related expenses
10
36
Accelerated lease costs related to cease-use of ROU assets
—
2
COVID-19 response initiatives
24
26
Adjusted EBITDA
$
(612)
$
(359)
Non-GAAP Costs and Operating Expenses
The following tables present reconciliations of Non-GAAP costs and operating expenses to the most directly comparable GAAP financial measure for each of the periods indicated.
Three Months Ended
(In millions)
March 31, 2020
December 31, 2020
March 31, 2021
Non-GAAP Cost of revenue exclusive of depreciation and amortization reconciliation:
GAAP Cost of revenue exclusive of depreciation and amortization
$
1,491
$
1,441
$
1,710
COVID-19 response initiatives
(5)
(13)
(11)
Non-GAAP Cost of revenue exclusive of depreciation and amortization
$
1,486
$
1,428
$
1,699
Three Months Ended
(In millions)
March 31, 2020
December 31, 2020
March 31, 2021
Non-GAAP Operating Expenses
Non-GAAP Operations and support reconciliation:
GAAP Operations and support
$
503
$
369
$
423
Restructuring and related charges
—
10
—
Acquisition, financing and divestitures related expenses
(5)
(1)
(3)
Stock-based compensation expense
(25)
(20)
(28)
Non-GAAP Operations and support
$
473
$
358
$
392
Non-GAAP Sales and marketing reconciliation:
GAAP Sales and marketing
$
885
$
1,038
$
1,103
Restructuring and related charges
—
1
—
Acquisition, financing and divestitures related expenses
—
(1)
(3)
COVID-19 response initiatives
—
—
(5)
Stock-based compensation expense
(14)
(13)
(22)
Non-GAAP Sales and marketing
$
871
$
1,025
$
1,073
Non-GAAP Research and development reconciliation:
GAAP Research and development
$
645
$
483
$
515
Restructuring and related charges
—
2
—
Acquisition, financing and divestitures related expenses
—
(7)
(13)
Goodwill and asset impairments/loss on sale of assets
—
—
(42)
Stock-based compensation expense
(167)
(136)
(133)
Non-GAAP Research and development
$
478
$
342
$
327
Non-GAAP General and administrative reconciliation:
GAAP General and administrative
$
859
$
531
$
464
Legal, tax, and regulatory reserve changes and settlements
(19)
117
49
Goodwill and asset impairments/loss on sale of assets
(193)
(32)
(15)
Restructuring and related charges
—
1
—
Acquisition, financing and divestitures related expenses
—
(34)
(17)
Accelerated lease costs related to cease-use of ROU assets
—
(22)
(2)
Stock-based compensation expense
(71)
(67)
(98)
Non-GAAP General and administrative
$
576
$
494
$
381
Revenue Excluding the UK Accrual
The following tables present reconciliations of revenue excluding the UK accrual, and Mobility revenue excluding the UK accrual, to the most directly comparable GAAP financial measure for each of the periods indicated:
Three Months Ended March 31,
(In millions)
2020
2021
Revenue excluding the UK accrual reconciliation:
Revenue
$
3,248
$
2,903
Add:
UK accrual
—
600
Revenue excluding the UK accrual
$
3,248
$
3,503
Three Months Ended March 31,
(In millions)
2020
2021
Mobility revenue excluding the UK accrual reconciliation:
Mobility revenue
$
2,467
$
853
Add:
UK accrual
—
600
Mobility revenue excluding the UK accrual
$
2,467
$
1,453
View source version on businesswire.com: https://www.businesswire.com/news/home/20210505005968/en/
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