SAN FRANCISCO-- (BUSINESS WIRE)-- Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2020. 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. Adjusted Net Revenue and segment Adjusted Net Revenue excludes the impact of COVID-19 response initiatives. 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. A Division of NBCUniversal. 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. 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. Tweet. Net loss attributable to Uber Technologies, Inc. was $1.1 billion in Q3 2020, which includes $183 million in stock-based compensation expense. Uber Technologies UBER 0.48% shares hit new 52-week highs this week after Proposition 22 passed in California. The historical results of the former Other Bets segment are included within the All Other caption. Gross Bookings declined to $14.7 billion, down 10% year-over-year, or 8% on a constant currency basis, … 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. 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. 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. 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. 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. Earnings Uber Technologies (NYSE:UBER) Earnings Information. 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. 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. Posted on November 5, 2020. 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. “Our Mobility segment generated $245 million in Adjusted EBITDA, up nearly $200 million quarter-over-quarter, while we also improved Delivery Adjusted EBITDA margins by more than 10 percentage points. Mobility Revenue declined 53% year-over-year and Delivery Revenue grew 125% year-over-year. ... the ride-hailing company reported its Q3 earnings. The company recorded a net loss of $1.1 billion in Q3 2020… Meanwhile, subscription revenues counted $118.1 million, a 31% increase YoY. 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. Driver incentives. Operating Highlights for the Third Quarter 2020. 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. Earnings Uber Technologies (NYSE:UBER) Earnings Information. Subsequent to the second quarter of 2020, All Other (formerly our Other Bets segment) was no longer deemed an operating or reportable segment. 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. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. These limitations include the following: Adjusted EBITDA Margin as a Percentage of ANR. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? The stock dipped about 5% after the call. Net loss attributable to Uber Technologies, Inc. was $1.2 billion in Q3 2019, which includes $401 million in stock-based compensation expense. 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. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance. Key highlights from Uber (UBER) Q3 2020 earnings results. 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. Uber Freight recorded just $290 million in gross bookings during the third quarter of 2020, a 30% increase from the same time last year. 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. Uber Technologies last posted its quarterly earnings data on November 5th, 2020. Hello, visitor. Uber’s ride share revenue was way down, but their food delivery business more than doubled. Uber Announces Results for Third Quarter 2020. 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. % Change 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. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. “Adjusted EBITDA” is a non-GAAP measure as defined by the SEC. We want to hear from you. Learn how earnings and deposits work when you drive with Uber. 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. 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. 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. 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. 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. 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. We define Trips as the number of completed consumer Mobility or New Mobility rides and Delivery meal or grocery deliveries in a given period. Home » Earnings, Earnings Oct-20, Uber. 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. 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. 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. Let’s take a look at the factors … Supplemental Data. 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. Driver incentives are recorded as a reduction of revenue to the extent they are not excess Driver incentives (as defined below). Uber Technologies (UBER Quick Quote UBER - Free Report) is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. We define Delivery Adjusted Net Revenue as Delivery 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. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities. 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 … You can sign up for additional alert options at any time. We define each segment’s Adjusted EBITDA margin as the segment Adjusted EBITDA as a percentage of segment Adjusted Net Revenue. The company’s mobility business struggled due to lockdown restrictions in various parts of the globe. The company can also claim a big victory with Prop 22 in California. Uber Technologies, Inc. (symbol UBER) reported Q2 2020 earnings in their August 6 conference call. 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. November 5, 2020 01:30 PM PT. Excess Driver incentives are recorded in cost of revenue, exclusive of depreciation and amortization. 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. Uber misses on revenue, $3.13B vs. $3.20B estimated, political fight to preserve their business model. 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: Q3 2020 Earnings 2. Uber is prepared to take its Prop 22 victory to the rest of the world. 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. After submitting your request, you’ll receive an activation email at the requested email address. Q3: 2020-11-05 Earnings Summary. 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. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the Unsubscribe section below. By providing your email address below, you are giving consent to Uber Technologies Inc. to send you the requested investor email alert updates. Earlier, it acquired Cornershop, a grocery delivery business, and started making grocery deliveries in New York City last month. Media: press@uber.com. 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. Uber Freight recorded just $290 million in gross bookings during the third quarter of 2020, a 30% increase from the same time last year. 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). In the United States and Canada, its revenues fell 30% in Q3 2020, compared to Q3 2019. 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. The company can also claim a big victory with Prop 22 in California. Uber Tech follows other major Technology sector earnings this month. 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. Trips. The ride-sharing company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by $0.02. Subsequent to the second quarter of 2020, All Other (formerly our Other Bets segment) was no longer deemed an operating or reportable segment. VIDEO 07:56. Driver or restaurant earnings. 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. “Adjusted Net Revenue,” “Mobility Adjusted Net Revenue,” “Delivery Adjusted Net Revenue” and constant currency are non-GAAP measures as defined by the SEC. 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. 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. Back to UBER Overview *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. Act -4.72 Est -3.193 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. Includes costs that are not directly attributable to our reportable segments. The ride-sharing company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by $0.02. https://www.businesswire.com/news/home/20201105006016/en/, Investors and analysts: investor@uber.com Further, cumulative payments to Drivers for Delivery deliveries historically have exceeded the cumulative delivery fees paid by consumers. 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. Gross Bookings do not include tips earned by Drivers. Highs And Lows Of 2020 … 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. We assessed these changes and determined we have four operating and reportable segments: Mobility, Delivery, Freight and ATG and Other Technology Programs. Sign up for free newsletters and get more CNBC delivered to your inbox. All Other (formerly Other Bets). All Other (formerly our Other Bets segment) also included Transit, UberWorks and our Incubator group. © 2021 CNBC LLC. 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. 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. During the nine months ended September 30, 2020, we recorded an impairment charge of $1.7 billion, primarily related to our investment in Didi recognized during the first quarter of 2020. Net Loss, Adjusted EBITDA and Segment Adjusted EBITDA. 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. 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 Announces Results for Third Quarter 2020, https://www.businesswire.com/news/home/20201105006016/en/. 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 CEO Dara Khosrowshahi on Q3 earnings miss, Prop 22 passing in California and more ... Fri, Nov 6 2020 9:35 AM EST. In … Our allocation methodology is periodically evaluated and may change. 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. 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. We have included these non-GAAP financial measures because they are key measures used by our management to evaluate our operating performance. Get this delivered to your inbox, and more info about our products and services. Unrestricted cash, cash equivalents and short-term investments were $7.3 billion at the end of the third quarter. Adjusted Net Revenue (“ANR”). 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. 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. A "no-mask-no-ride" policy is helping the company coax riders back out, despite Covid 19 concerns. 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. Net loss attributable to Uber Technologies, Inc. includes stock-based compensation expense of $401 million and $183 million in Q3 2019 and Q3 2020, respectively. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. ... the ride-hailing company reported its Q3 earnings. During the second quarter of 2020, we completed the divestiture of our JUMP business (the “JUMP Divestiture”), which comprised substantially all of the operations of our Other Bets reportable segment. Benzinga does not provide investment advice. UBER earnings call for the period ending June 30, 2020. November 5, 2020 November 5, 2020. Driver referrals refer to payments that we make to existing Drivers to refer new Drivers onto our platform. Uber Key Metrics : Estimate for Q3 2020 (FY) Q3 2019 (FY) Q3 2018 (FY) Earnings Per Share ($)-0.61-0.68-2.21: Revenue ($B) 3.2: 3.8: 2.9: Gross … 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 … On an EBITDA uber earnings q3 2020 by the SEC reduction of revenue, exclusive of depreciation and amortization ). Complete your subscription download, follow and add `` Uber comes back when cities come back ( NYSE: )... People closer to where they want to be of depreciation and amortization Driver incentives are in. Declined 53 % year-over-year, or as substitutes for, financial Information Prepared in accordance with.... 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