These risks, uncertainties and other factors relate to, among others: developments in the COVID-19 pandemic and the resulting impact on our business and operations, competition, managing our growth and corporate culture, financial performance, investments in new products or offerings, our ability to attract drivers, consumers and other partners to our platform, our brand and reputation and other legal and regulatory developments, particularly with respect to our relationships with drivers and delivery persons. Add to Calendar. Besides the political fight to preserve their business model, Uber has faced pandemic-related negative impacts to its main ride hailing business through most of 2020. We define Take Rate as Adjusted Net Revenue as a percentage of Gross Bookings. Excluding stock-based compensation expense. Revenues declined 18% to $3.1 billion versus last year. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance. 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. 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. 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. 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. Driver or restaurant earnings. Earnings Uber Technologies (NYSE:UBER) Earnings Information. Posted on November 5, 2020 It was an eventful week for Uber. 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. Uber Technologies (UBER Quick Quote UBER - Free Report) is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. Home » Earnings, Earnings Oct-20, Uber. Uber Technologies, Inc. Q3 2020 Earnings. We define Trips as the number of completed consumer Mobility or New Mobility rides and Delivery meal or grocery deliveries in a given period. We assessed these changes and determined we have four operating and reportable segments: Mobility, Delivery, Freight and ATG and Other Technology Programs. We compare the percent change in our current period results from the corresponding prior period using constant currency disclosure. Uber's third-quarter earnings showed that its Eats business continues to thrive amid the coronavirus pandemic. Operating Highlights for the Third Quarter 2020. 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. 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. 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. Adjusted Net Revenue and segment Adjusted Net Revenue excludes the impact of COVID-19 response initiatives. The company can also claim a big victory with Prop 22 in California. Cumulative payments to Drivers could exceed cumulative revenue from Drivers in transactions where the Drivers are our customers, as a result of Driver incentives or when the amount paid to Drivers for a Trip exceeds the fare charged to the consumer. 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. Coupa announced its financial earnings from the third quarter, with revenue growing to a record $133 million, according to a press release late Monday.. Total revenue grew 31% year-over-year (YoY) despite the continued disruption from the COVID-19 pandemic. Earnings fell to a loss of $1.12 billion, resulting in a 30.55% decrease from last quarter. Got a confidential news tip? 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. Uber Announces Results for Third Quarter 2020, https://www.businesswire.com/news/home/20201105006016/en/. 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. Subsequent to the JUMP Divestiture, the Other Bets segment no longer exists and the continuing activities previously included in the Other Bets segment are immaterial for all periods presented. 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 are out, and the company reported losses of 62 cents per share and revenue of $3.13 billion. 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. These COVID-19 response initiatives are recorded as a reduction to revenue. Includes costs that are not directly attributable to our reportable segments. Shares of Uber rallied mid-week after California voters approved Proposition 22, which allows ride-hail and delivery businesses to classify drivers as independent contractors not employees. Uber Technologies UBER is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. Uber Technologies Q3 2020 Earnings Call Nov 05, 2020, 4:30 p.m. Delivery Adjusted EBITDA loss of $(183) million, improved +$49 million quarter-over-quarter (+$133 million year-over-year), and delivered (16.1)% margin as a percentage of Delivery ANR. These COVID-19 response initiatives are recorded as a reduction to revenue. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We define Adjusted EBITDA margin as a percentage of ANR as Adjusted EBITDA divided by Adjusted Net Revenue. Uber lost over a billion dollars in the third quarter of 2020, but its revenues are not as depressing as earlier this year. Back to UBER Overview *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. Uber Freight recorded just $290 million in gross bookings during the third quarter of 2020, a 30% increase from the same time last year. 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. Excess Driver incentives. Earnings Uber Touts Delivery Business In Q3 Earnings Call. For example, an UberPOOL ride with three paying consumers represents three unique Trips, whereas an UberX ride with three passengers represents one Trip. SAN FRANCISCO--(BUSINESS WIRE)-- Our calculation of these non-GAAP financial measures may differ from similarly-titled non-GAAP measures, if any, reported by our peer companies. To supplement our financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, we use the following non-GAAP financial measures: Adjusted Net Revenue, Mobility Adjusted Net Revenue, Delivery Adjusted … https://www.businesswire.com/news/home/20201105006016/en/, Investors and analysts: investor@uber.com Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2020. 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. Take Rate. 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.. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. © 2020 Benzinga.com. Gross Bookings do not include tips earned by Drivers. Net loss attributable to Uber Technologies, Inc. was $1.2 billion in Q3 2019, which includes $401 million in stock-based compensation expense. 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. Let’s take a look at the factors … During the nine months ended September 30, 2019, we recognized a $444 million gain on extinguishment of our 2021 and 2022 convertible notes and settlement of derivatives in connection with our IPO, recognized during the second quarter of 2019. We present constant currency growth rate information to provide a framework for assessing how our underlying revenue and ANR performed excluding the effect of foreign currency rate fluctuations. The impact of these COVID-19 response initiatives related payments for financial assistance and Driver reimbursement for their cost of purchasing personal protective equipment are recorded as a reduction to revenue. The ride-sharing company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by $0.02. 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. Segment Adjusted EBITDA also reflects any applicable exclusions from Adjusted EBITDA. 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. All Other (formerly Other Bets). 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 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. Explore the Driver app resources that put you in charge and help you make the most of your time. ET. Adjusted EBITDA. Supplemental Data. 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. The impact of the COVID-19 response initiatives primarily relate to payments for financial assistance to Drivers personally impacted by COVID-19 and Driver reimbursement for their cost of purchasing personal protective equipment. Subsequent to the second quarter of 2020, All Other (formerly our Other Bets segment) was no longer deemed an operating or reportable segment. 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. 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. © 2021 CNBC LLC. 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 … 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. Slides Press Release 10-Q. With its food delivery business outpacing its core rides business in the second quarter of 2020, Uber agreed to buy out the courier service Postmates, once seen as a competitor to Uber Eats, for a deal valued around $2.65 billion in July. The company reiterated guidance that Uber expects to be profitable on an EBITDA basis by the end of 2021. 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. SAN FRANCISCO-- (BUSINESS WIRE)-- Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2020. 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. We undertake no duty to update this information unless required by law. Monthly Active Platform Consumers (“MAPCs”). 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). Driver referrals. Uber Technologies UBER is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. We define MAPCs as the number of unique consumers who completed a Mobility or New Mobility ride or received a Delivery meal or grocery order on our platform at least once in a given month, averaged over each month in the quarter. Uber Technologies (UBER Quick Quote UBER - Free Report) is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. Revenue of $3.1 billion, declining 18% year-over-year or 17% on a constant currency basis. If anything, Uber is an advantaged form of transportation versus others.". 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. Revenues declined 18% to $3.1 billion versus last year. These amounts largely depend on our business decisions based on market conditions. 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. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Driver referrals are recorded in sales and marketing expenses, as they represent the receipt of a distinct service of customer acquisition for which there is evidence of fair value. Excess Driver incentives are recorded in cost of revenue, exclusive of depreciation and amortization. This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. 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. November 5, 2020. The following tables present reconciliations of Adjusted Net Revenue, Mobility Adjusted Net Revenue, Delivery Adjusted Net Revenue and Adjusted EBITDA to the most directly comparable GAAP financial measures for each of the periods indicated. Act -4.72 Est -3.193 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. Earnings Uber Technologies (NYSE:UBER) Earnings Information. Freight Adjusted Net Revenue, ATG and Other Technology Programs Adjusted Net Revenue and Other Bets Adjusted Net Revenue (prior to the second quarter of 2020) are equal to GAAP net revenue in all periods presented. We believe that Adjusted Net Revenue is informative of our top line performance because it measures the total net financial activity reflected in the amount earned by us after taking into account all Driver and Merchants earnings, Driver incentives, and Driver referrals in transactions in which the Driver is our customer. If you experience any issues with this process, please contact us for further assistance. Driver incentives are recorded as a reduction of revenue to the extent they are not excess Driver incentives (as defined below). 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. Back to UBER Overview *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. The call begins on November 5, 2020 at 1:30 PM (PT) / 4:30 PM (ET). Adjusted net revenue is a non-GAAP measurement that measures revenue minus driver incentives, driver referral payments, and the cost of reimbursing drivers for Covid 19 protection equipment. 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). Uber Technologies (NYSE:UBER) reported Q3 sales of $3.13 billion. Email Address * By PYMNTS. But from Q3 to Q4, there's usually some seasonality in Q4 as it … Learn how earnings and deposits work when you drive with Uber. 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. Key highlights from Uber (UBER) Q3 2020 earnings results Earnings reports to watch for the week of Nov. 2 Uber Technologies, Inc. (UBER) Q2 2020 Earnings Call Transcript Uber shares dropped as much as 4% after-hours Thursday as the company reported third quarter revenue that missed Wall Street's expectations, but picked up during the company's earnings call when the CEO said there are early signs its core ride-hailing business would fully recover from the Covid 19 pandemic. 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. (1) Including $17 million and $25 million collaboration revenue from Toyota recognized in Q3 2019 and Q3 2020, respectively. “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. Net loss attributable to Uber Technologies, Inc. was $1.1 billion, which includes $183 million in stock-based compensation expense. 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 ride-sharing company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by $0.02. Uber Q3 2020 Earnings Conference Call. All Other (formerly our Other Bets segment) also included Transit, UberWorks and our Incubator group. COVID-19 response initiatives. You can sign up for additional alert options at any time. Khosrowshahi said Uber Eats now has 560,000 restaurants on its platform, including about 30% of restaurants in the US, and about 15% of those in France. Share. ... the ride-hailing company reported its Q3 earnings. (Constant Currency). 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. Hello, visitor. In the United States and Canada, its revenues fell 30% in Q3 2020, compared to Q3 2019. Highs And Lows Of 2020 … 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. Excess Driver incentives are recorded in cost of revenue, exclusive of depreciation and amortization. Media: press@uber.com. Fresh off a victory at the polls that could have upended its business model, the company projected a confident stance in … Uber lost over a billion dollars in the third quarter of 2020, https: //www.businesswire.com/news/home/20201105006016/en/, UberWorks our... The Driver app resources that put you in charge and help you make the most of your time can claim! Year-Over-Year and Delivery revenue grew 125 % year-over-year and Delivery revenue grew 125 %.. 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