November 5, 2020. 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. 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 is slowly rebounding after a … Through continued strong execution and cost discipline, we remain confident in our ability to achieve quarterly Adjusted EBITDA profitability before the end of 2021.”, Third Quarter 2020 Financial and Operational Highlights, Monthly Active Platform Consumers (“MAPCs”), GAAP Net loss attributable to Uber Technologies, Inc. (2). Includes costs that are not directly attributable to our reportable segments. The CEO said, "Uber comes back when cities come back. We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. 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. Let’s take a look at the factors … All Rights Reserved. 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. 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 revenues were down 20% at $2.8 billion. Adjusted EBITDA excludes certain legal, tax, and regulatory reserve changes and settlements that may reduce cash available to us. Email Address * Uber Technologies, Inc. Q3 2020 Earnings. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. 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. ET. © 2021 CNBC LLC. Back to UBER Overview *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. 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. 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. That business unit, which Uber started in 2017, has a post-money valuation of $3.3 billion, the company said in a statement. Monthly Active Platform Consumers (“MAPCs”). Home » Earnings, Earnings Oct-20, Uber. Benzinga does not provide investment advice. Financial Highlights for Third Quarter 2020, “Despite an uneven pandemic response and broader economic uncertainty, our global scope, diversification, and the team’s tireless execution delivered steadily improving results, with total company Gross Bookings down just 6% year-on-year in September,” said Dara Khosrowshahi, CEO. By PYMNTS. ... Q3 2019 Uber Technologies Inc Earnings Call 11/04/2019 05:00 PM (EST) UBER. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical 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; 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. 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. Excess Driver incentives are recorded in cost of revenue, exclusive of depreciation and amortization. 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. 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. 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. Earnings Uber Technologies (NYSE:UBER) Earnings Information. Uber Q3 2020 Earnings Conference Call. 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. The company’s mobility business struggled due to lockdown restrictions in various parts of the globe. Subsequent to the second quarter of 2020, All Other (formerly our Other Bets segment) was no longer deemed an operating or reportable segment. We define Trips as the number of completed consumer Mobility or New Mobility rides and Delivery meal or grocery deliveries in a given period. Gross Bookings declined to $14.7 billion, down 10% year-over-year, or 8% on a constant currency basis, with Mobility Gross Bookings declining 50% and Delivery Gross Bookings growing 135% year-over-year, respectively, on a constant currency basis. 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. 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. Q2 2020 Earnings 5 Operating Metrics In Millions Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 55 103 111 99 103 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 737 1,658 1,907 1,677 1,770 Monthly Trips / MAPC 5.6 5.7 5.7 5.4 4.5 *Metrics exclude the impact of Eats India and other market exits. You can sign up for additional alert options at any time. Here's how the company performed versus what Wall Street analysts were expecting for the period ending September 30, 2020: Overall, Uber lost $1.09 billion on a GAAP basis during the quarter, an improvement from a year ago when their losses amounted to $1.16 billion. Khosrowshahi said, on the call, Uber will continue to advocate for ballot measures like Prop 22 across the U.S. 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. Uber’s ride share revenue was way down, but their food delivery business more than doubled. Uber Technologies UBER 0.48% shares hit new 52-week highs this week after Proposition 22 passed in California. 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. 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. Fresh off a victory at the polls that could have upended its business model, the company projected a confident stance in … Financials: Uber's revenue declined 18% year-over-year to … Excess Driver incentives. 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. Highs And Lows Of 2020 … * Required. Including $17 million and $25 million collaboration revenue from Toyota recognized in Q3 2019 and Q3 2020, respectively. https://www.businesswire.com/news/home/20201105006016/en/, Investors and analysts: investor@uber.com Uber lost over a billion dollars in the third quarter of 2020, but its revenues are not as depressing as earlier this year. 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. For example, an UberPOOL ride with three paying consumers represents three unique Trips, whereas an UberX ride with three passengers represents one Trip. Prepaid expenses and other current assets, Total Uber Technologies, Inc. stockholders' equity, Total liabilities, mezzanine equity and equity, CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS, (In millions, except share amounts which are reflected in thousands, and per share amounts), Cost of revenue, exclusive of depreciation and amortization shown separately below, Loss before income taxes and loss from equity method investments, Provision for (benefit from) income taxes, Net loss including non-controlling interests, Less: net income (loss) attributable to non-controlling interests, net of tax. We define Take Rate as Adjusted Net Revenue as a percentage of Gross Bookings. Tweet. “Adjusted EBITDA” is a non-GAAP measure as defined by the SEC. 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. Adjusted Net Revenue (“ANR”) declined 20% year-over-year, Mobility ANR declined 52% year-over-year and Delivery ANR grew 190% year-over-year. In … 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. All Other (formerly our Other Bets segment) also included Transit, UberWorks and our Incubator group. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. Looking around the world, Uber’s fortunes varied greatly. The company can also claim a big victory with Prop 22 in California. Further, cumulative payments to Drivers for Delivery deliveries historically have exceeded the cumulative delivery fees paid by consumers. 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. Uber's third-quarter earnings showed that its Eats business continues to thrive amid the coronavirus pandemic. Uber ( UBER) r eported its Q3 2020 earnings after the closing bell on Thursday, beating analysts’ expectations on solid growth from its Eats business. 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. Slides Press Release 10-Q. This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. Driver referrals are recorded in sales and marketing expenses. (Constant Currency). Excluding stock-based compensation expense. watch now. Q3 Earnings Recap Uber Technologies reported Q3 earnings per share at $-0.62/share, which beat analyst predictions of $-0.65/share. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Uber is prepared to take its Prop 22 victory to the rest of the world. Uber Technologies (UBER Quick Quote UBER - Free Report) is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. Data is a real-time snapshot *Data is delayed at least 15 minutes. Adjusted EBITDA excludes the impact of COVID-19 response initiatives. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site. SAN FRANCISCO--(BUSINESS WIRE)-- 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. Uber Technologies UBER is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. Uber Freight recorded just $290 million in gross bookings during the third quarter of 2020, a 30% increase from the same time last year. We assessed these changes and determined we have four operating and reportable segments: Mobility, Delivery, Freight and ATG and Other Technology Programs. Supplemental Data. 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. (1) Including $17 million and $25 million collaboration revenue from Toyota recognized in Q3 2019 and Q3 2020, respectively. Uber Technologies Inc. reported third quarter 2020 earnings results today. Get this delivered to your inbox, and more info about our products and services. Adjusted Net Revenue has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for revenue prepared in accordance with GAAP. Uber Key Metrics : Estimate for Q3 2020 (FY) Q3 2019 (FY) Q3 2018 (FY) Earnings Per Share ($)-0.61-0.68-2.21: Revenue ($B) 3.2: 3.8: 2.9: Gross … Revenues declined 18% to $3.1 billion versus last year. Uber Technologies (NYSE:UBER) reported Q3 sales of $3.13 billion. 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. We have included these non-GAAP financial measures because they are key measures used by our management to evaluate our operating performance. 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; Adjusted EBITDA; and Adjusted EBITDA margin as a percentage of ANR, as well as, revenue and Adjusted Net Revenue growth in constant currency. Net Loss, Adjusted EBITDA and Segment Adjusted EBITDA. Net loss attributable to Uber Technologies, Inc. Net loss per share attributable to Uber Technologies, Inc. common stockholders: Weighted-average shares used to compute net loss per share attributable to common stockholders: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS. If anything, Uber is an advantaged form of transportation versus others.". Uber Announces Results for Third Quarter 2020, https://www.businesswire.com/news/home/20201105006016/en/. Meanwhile, subscription revenues counted $118.1 million, a 31% increase YoY. Uber Technologies UBER is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. Here's how its largest business segments performed: Mobility adjusted net revenue, including Uber's core Rides business, declined 52% year-over-year to $1.37 billion for the third quarter, while Delivery adjusted net revenue, including from Uber Eats, grew 190% year-over-year to $1.14 billion. 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. © 2020 Benzinga.com. COVID-19 response initiatives had an impact on GAAP net loss of $18 million, including an impact on GAAP revenue of $2 million and an impact on GAAP cost of revenue of $16 million, Across the board strength, with triple digit YoY growth in US & Canada, EMEA, APAC and LatAm in Q3’20, Several large markets outpaced Delivery segment overall growth, with the UK and Canada growing close to 200% year-over-year, and Japan and Spain growing in excess of 300% year-over-year, France Delivery Gross Bookings continued to grow over 100% YoY despite ongoing Mobility recovery in the market, with month-over-month growth in every month of the quarter, Domestically, New York City, which was the most recovered major Mobility market, outpaced national growth, with Delivery Gross Bookings up over 150% YoY, with month-over-month growth in every month of the quarter. The ride-sharing company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by $0.02. Adjusted Net Revenue (“ANR”). Read the full conference call transcript here. 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 started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? 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. © 2020 Benzinga.com. ... the ride-hailing company reported its Q3 earnings. We compare the percent change in our current period results from the corresponding prior period using constant currency disclosure. Our calculation of these non-GAAP financial measures may differ from similarly-titled non-GAAP measures, if any, reported by our peer companies. If you experience any issues with this process, please contact us for further assistance. All Other (formerly Other Bets). Subsequent to the second quarter of 2020, All Other (formerly our Other Bets segment) was no longer deemed an operating or reportable segment. Uber’s mission is to create opportunity through movement. Our allocation methodology is periodically evaluated and may change. 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. “Freight Adjusted Net Revenue,” “ATG and Other Technology Programs Adjusted Net Revenue,” and “All Other Adjusted Net Revenue” (prior to the second quarter of 2020 our Other Bets segment) are equal to GAAP net revenue in all periods presented. Gross Bookings. 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. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities. Uber Announces Results for Third Quarter 2020. Share. November 5, 2020 November 5, 2020. 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. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Segment Adjusted EBITDA margin demonstrates the margin that we generate after direct expenses. Posted on November 5, 2020 It was an eventful week for Uber. Share. Certain of these other continuing business activities were migrated to our Mobility segment, whose prior period results were not restated because such business activities were immaterial. 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.. Segment Adjusted EBITDA. A Division of NBCUniversal. 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. The following table presents other income (expense), net (in millions): Foreign currency exchange gains (losses), net, Unrealized gain (loss) on debt and equity securities, net (2), Allowance reversal (impairment) of debt and equity securities (3), Change in fair value of embedded derivatives, Gain on extinguishment of convertible notes and settlement of derivatives (4). Simple problem: how do you get access to a ride at the …! The coronavirus pandemic 05:00 PM ( ET ) experience any issues with this process, please us... Reported by our peer companies lockdown restrictions in various parts of the third 2020... S ride share revenue was way down, but their food Delivery more... 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