uber earnings q3 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. Driver referrals. Adjusted EBITDA. Uber’s mission is to create opportunity through movement. Add to Calendar. Trips. The call begins on November 5, 2020 at 1:30 PM (PT) / 4:30 PM (ET). Uber is prepared to take its Prop 22 victory to the rest of the world. Two days after the 2020 election results, the company reported quarterly earnings. To opt in to receive investor email alerts, please enter your email address in the field below and select at least one alert option. Financials: Uber's revenue declined 18% year-over-year to … 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. 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. 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 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. All Rights Reserved. Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2020. Got a confidential news tip? 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. If you experience any issues with this process, please contact us for further assistance. Earnings Uber Technologies (NYSE:UBER) Earnings Information. Revenue declined 18% year-over-year, or 17% on a constant currency basis. 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. 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. 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. Subsequent to the second quarter of 2020, All Other (formerly our Other Bets segment) was no longer deemed an operating or reportable segment. Uber ( UBER) r eported its Q3 2020 earnings after the closing bell on Thursday, beating analysts’ expectations on solid growth from its Eats business. 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). 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. By PYMNTS. Home » Earnings, Earnings Oct-20, Uber. Earnings Uber Touts Delivery Business In Q3 Earnings Call. SAN FRANCISCO-- (BUSINESS WIRE)-- Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2020. Uber Technologies UBER is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. Uber's third-quarter earnings are out, and the company reported losses of 62 cents per share and revenue of $3.13 billion. 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. 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. 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. Uber Technologies, Inc. (symbol UBER) reported Q2 2020 earnings in their August 6 conference call. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. © 2020 Benzinga.com. Segment Adjusted EBITDA also reflects any applicable exclusions from Adjusted EBITDA. Media: press@uber.com. https://www.businesswire.com/news/home/20201105006016/en/, Investors and analysts: investor@uber.com Driver(s). 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. The CEO said, "Uber comes back when cities come back. 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. 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. Q3 2020 Earnings 2. 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. 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. By providing your email address below, you are giving consent to Uber Technologies Inc. to send you the requested investor email alert updates. The stock dipped about 5% after the call. Uber Tech follows other major Technology sector earnings this month. November 5, 2020. ... the ride-hailing company reported its Q3 earnings. 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.. Take Rate. We compare the percent change in our current period results from the corresponding prior period using constant currency disclosure. Segment Adjusted EBITDA margin demonstrates the margin that we generate after direct expenses. He said Uber had improved its position in 11 of the top 15 markets in the United States during the third quarter including New York City, Chicago and Atlanta. 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/). 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. The company recorded a net loss of $1.1 billion in Q3 2020… 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. 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. 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. Revenues declined 18% to $3.1 billion versus last year. Learn how earnings and deposits work when you drive with Uber. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. By Andrew J. Hawkins @andyjayhawk ... one of 2020… Revenues declined 18% to $3.1 billion versus last year. 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. Excess Driver incentives are recorded in cost of revenue, exclusive of depreciation and amortization. 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. Further, cumulative payments to Drivers for Delivery deliveries historically have exceeded the cumulative delivery fees paid by consumers. In … November 5, 2020 01:30 PM PT. Our calculation of these non-GAAP financial measures may differ from similarly-titled non-GAAP measures, if any, reported by our peer companies. 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. 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. Driver or restaurant earnings. Monthly Active Platform Consumers (“MAPCs”). Uber CEO Dara Khosrowshahi on Q3 earnings miss, Prop 22 passing in California and more ... Fri, Nov 6 2020 9:35 AM EST. “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. 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. Uber lost over a billion dollars in the third quarter of 2020, but its revenues are not as depressing as earlier this year. 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. A "no-mask-no-ride" policy is helping the company coax riders back out, despite Covid 19 concerns. 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 … Our allocation methodology is periodically evaluated and may change. But from Q3 to Q4, there's usually some seasonality in Q4 as it … ... Q3 2019 Uber Technologies Inc Earnings Call 11/04/2019 05:00 PM (EST) UBER. Uber Freight recorded just $290 million in gross bookings during the third quarter of 2020, a 30% increase from the same time last year. 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. If anything, Uber is an advantaged form of transportation versus others.". That business unit, which Uber started in 2017, has a post-money valuation of $3.3 billion, the company said in a statement. Including $17 million and $25 million collaboration revenue from Toyota recognized in Q3 2019 and Q3 2020, respectively. Key highlights from Uber (UBER) Q3 2020 earnings results. 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. 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. In the United States and Canada, its revenues fell 30% in Q3 2020, compared to Q3 2019. 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 Subsequent to the second quarter of 2020, All Other (formerly our Other Bets segment) was no longer deemed an operating or reportable segment. Net loss attributable to Uber Technologies, Inc. was $1.2 billion in Q3 2019, which includes $401 million in stock-based compensation expense. 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. 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. (Constant Currency). Comparative periods were not recast as the impact on our four operating and reportable segments was not material. These COVID-19 response initiatives are recorded as a reduction to revenue. Q3: 2020-11-05 Earnings Summary. Driver incentives are recorded as a reduction of revenue to the extent they are not excess Driver incentives (as defined below). 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. 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. 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. (1) Including $17 million and $25 million collaboration revenue from Toyota recognized in Q3 2019 and Q3 2020, respectively. 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. Uber Technologies (NYSE:UBER) reported Q3 sales of $3.13 billion. Uber lost over a billion dollars in the third quarter of 2020, but its revenues are not as depressing as earlier this year. Net loss attributable to Uber Technologies, Inc. was $1.1 billion, which includes $183 million in stock-based compensation expense. Share. 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. Posted on November 5, 2020. We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. Benzinga does not provide investment advice. Earlier, it acquired Cornershop, a grocery delivery business, and started making grocery deliveries in New York City last month. Uber Technologies Inc. reported third quarter 2020 earnings results today. Earnings fell to a loss of $1.12 billion, resulting in a 30.55% decrease from last quarter. © 2020 Benzinga.com. 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. Revenue of $3.1 billion, declining 18% year-over-year or 17% on a constant currency basis. Uber's third-quarter earnings showed that its Eats business continues to thrive amid the coronavirus pandemic. Sign up for free newsletters and get more CNBC delivered to your inbox. All Other (formerly Other Bets). This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. Uber Technologies, Inc. Q3 2020 Earnings. Q3 Earnings Recap Uber Technologies reported Q3 earnings per share at $-0.62/share, which beat analyst predictions of $-0.65/share. Segment Adjusted EBITDA. We define Trips as the number of completed consumer Mobility or New Mobility rides and Delivery meal or grocery deliveries in a given period. UBER earnings call for the period ending June 30, 2020. Uber Technologies (UBER Quick Quote UBER - Free Report) is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. After the Call begins on November 5, after market close must click activation! Election results, the company recorded a Net loss of $ -0.65/share may cash! 1.12 billion, declining 18 % year-over-year or 17 % on a constant currency basis ( symbol Uber ) 2020... Or New mobility rides and Delivery revenue grew 125 % year-over-year or 17 % a! 118.1 million, a grocery Delivery business in Q3 2020… Learn how earnings and deposits uber earnings q3 2020. 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