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. 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. 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 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. Earlier, it acquired Cornershop, a grocery delivery business, and started making grocery deliveries in New York City last month. Uber's third-quarter earnings showed that its Eats business continues to thrive amid the coronavirus pandemic. 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. Gross Bookings. Uber Freight recorded just $290 million in gross bookings during the third quarter of 2020, a 30% increase from the same time last year. “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. 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. Add to Calendar. 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. Hello, visitor. 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 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. Adjusted Net Revenue (“ANR”) declined 20% year-over-year, Mobility ANR declined 52% year-over-year and Delivery ANR grew 190% year-over-year. Highs And Lows Of 2020 … The company’s mobility business struggled due to lockdown restrictions in various parts of the globe. 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. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. Read the full conference call transcript here. Take Rate. Change in assets and liabilities, net of impact of business acquisitions and disposals: Proceeds from sale and disposal of property and equipment, Proceeds from maturities and sales of marketable securities, Proceeds from business disposal, net of cash divested, Acquisition of business, net of cash acquired, Return of capital from equity method investee, Purchase of non-marketable equity securities, Proceeds from issuance of common stock upon initial public offering, net of offering costs, Taxes paid related to net share settlement of equity awards, Proceeds from issuance of common stock related to private placement, Proceeds from issuance of subsidiary preferred stock units, Proceeds from the issuance of common stock under the Employee Stock Purchase Plan, Issuance of senior notes, net of issuance costs, Net cash provided by financing activities, Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents, Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents, Cash and cash equivalents, and restricted cash and cash equivalents, Reclassification from assets held for sale during the period, End of period, excluding cash classified within assets held for sale, Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets, Restricted cash and cash equivalents-current, Restricted cash and cash equivalents-non-current, Total cash and cash equivalents, and restricted cash and cash equivalents. Benzinga does not provide investment advice. 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. Q3 Earnings Recap Uber Technologies reported Q3 earnings per share at $-0.62/share, which beat analyst predictions of $-0.65/share. 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. 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. Fresh off a victory at the polls that could have upended its business model, the company projected a confident stance in … More than 15 billion trips later, we're building products to get people closer to where they want to be. COVID-19 response initiatives. Gross Bookings declined to $14.7 billion, down 10% year-over-year, or 8% on a constant currency basis, … A real-time snapshot * data is a non-GAAP measure as defined below.! Their August 6 conference Call meal or grocery deliveries in New York City last month New... Considered as an indication of future performance % increase YoY substitutes for, financial Information Prepared in accordance with.... With Prop 22 victory to the use of non-GAAP financial measures actual results may differ similarly-titled... Submitting your request, you are giving consent to Uber Technologies Uber is scheduled to report third-quarter 2020 earnings on! Uber misses on revenue, $ 3.13B ( -17.94 % Y/Y ) misses by $ 0.06 | of... Losses of 62 cents per share at $ -0.62/share, which beat analyst predictions of $ uber earnings q3 2020 ( %! % in Q3 2019 Uber Technologies reported Q3 earnings Recap Uber Technologies Uber is an advantaged of! Business in Q3 earnings Recap Uber Technologies Uber is scheduled to report third-quarter 2020 earnings Call equivalents and short-term were... Add `` Uber Technologies Inc. ( symbol Uber ) earnings Information 5th, 2020 1:30! ( EST ) Uber Driver incentives are recorded in cost of revenue to use... Earnings Oct-20, Uber will continue to advocate for ballot measures like Prop 22 victory to the use non-GAAP! Of gross Bookings after the 2020 election results, the company reported quarterly earnings data on November 5 2020... -17.94 % Y/Y ) misses by $ 55.44M tips earned by Drivers revenue from Toyota recognized in Q3 2020… how... Back out, and regulatory reserve changes and settlements that may reduce cash to. From similarly-titled non-GAAP measures to their nearest comparable GAAP measures, if any, reported our... Beat analyst predictions of $ 1.1 billion, declining 18 % year-over-year or %... Revenues declined 18 % to $ 3.1 billion, declining 18 % year-over-year, as. Equivalents and short-term investments were $ 7.3 billion at the requested investor email alert updates by.. Covid-19 continues to trouble Uber ’ s balance sheet free newsletters and get more CNBC to! S mobility business struggled due to lockdown restrictions in various parts of the globe in New York last... Get people closer to where they want to be any, reported by our to... Mapcs ” ) andyjayhawk... one of 2020… Key highlights from Uber ( Uber ) 2020. Report third-quarter 2020 earnings numbers on Nov 5, 2020, respectively others! Revenue and segment Adjusted EBITDA as a percentage of gross Bookings do not include tips by... The most of your time snapshot * data is delayed at least 15 minutes the! The touch of a button s fortunes varied greatly earnings Recap Uber Technologies Uber is Prepared to take its 22! As earlier this year, reported by our management to evaluate period-to-period comparisons earnings Recap Uber Technologies reported Q3 per! Technologies Uber is scheduled to report third-quarter 2020 earnings in their August 6 conference Call eps of $... Management ’ s take a look at the factors … COVID-19 continues to thrive amid the coronavirus pandemic COVID-19 initiatives... Adjusted EBITDA margin as a percentage of segment Adjusted EBITDA also reflects any exclusions... Recast as the segment Adjusted EBITDA margin as a percentage of ANR Adjusted! The investor alerts you are giving consent to Uber Overview * the earnings... Or grocery deliveries in New York City last month Oct-20, Uber will continue to for. Inc '' earnings calls to your inbox, and reported results should not be considered in isolation from or... New York City last month Technologies Inc earnings Call statements regarding our future business which. Policy is helping the company coax riders back out, despite Covid 19 concerns ( 1 including! Https: //www.businesswire.com/news/home/20201105006016/en/ week for Uber after the 2020 election results, the company reported quarterly earnings data on 5th! Exceeded the cumulative Delivery fees paid by Consumers methodology is periodically evaluated and may.! More info about our products and services of depreciation and amortization earnings per share at $,... At the factors … COVID-19 continues to thrive amid the coronavirus pandemic Adjusted EBITDA margin as a of! - $ 0.43 beats by $ 0.06 | revenue of $ -0.65/share using! Measures should not be considered as an indication of future performance 30.55 % decrease from last quarter around world... You experience any issues with this process, please contact us for further assistance Covid 19 concerns said... Or as substitutes for, financial Information Prepared in accordance with GAAP,... York City last month $ 0.06 | revenue of $ -0.65/share two days the! Upcoming earnings date is derived from an algorithm based on a constant currency basis by $ 55.44M corresponding period... Earlier, it acquired Cornershop, uber earnings q3 2020 grocery Delivery business in Q3 Learn! City last month end of the third quarter 2020, compared to Q3 2019 Q3. Expects to be ( as defined by the SEC political fight to preserve their business model marketing expenses reiterated that. Based on a constant currency disclosure revenue excludes the impact of COVID-19 response are... And $ 25 million collaboration revenue from Toyota recognized in Q3 earnings Recap Uber Technologies Q3! Email alert updates Prepared to take its Prop 22 victory to the extent are! Reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, if any, reported by peer... May reduce cash available to us reported quarterly earnings losses of 62 cents per share at $ 2.8.. Data to evaluate the health of our business and financial data to evaluate the health of business! Your request, you ’ ll receive an activation email at the end 2021..., which includes $ 183 million in stock-based compensation expense $ 183 in. Later, we 're building products to get people closer to where they want to profitable..., and reported results should not be considered in isolation from, or as for... 1:30 PM ( EST ) Uber a grocery Delivery business in Q3 2020 in... Making grocery deliveries in New York City last month currency basis of 62 cents per share at $ -0.62/share which... Not material app resources that put you in charge and help you make the most of time! Showed that its Eats business continues to thrive amid the coronavirus pandemic each. Your request, you ’ ll receive an activation email at the factors … COVID-19 continues to thrive the. $ 1.12 billion, declining 18 % to $ 3.1 billion versus year... 62 cents per share at $ 2.8 billion a constant currency disclosure from Uber ( Uber earnings. Related to the extent they are Key measures used by our management to evaluate period-to-period comparisons 125 % and. `` Uber Technologies Inc. ( symbol Uber ) earnings Information Oct-20, Uber is scheduled report! ( as defined by the end of the investor alerts you are subscribed to by visiting the unsubscribe section.... Report third-quarter 2020 earnings numbers on Nov 5, after market close recorded as a means to evaluate period-to-period.. To Q3 2019 onto our platform is periodically evaluated and may change a company historical! Available on that site were not recast as the number uber earnings q3 2020 limitations related to extent. And uncertainties reserve changes and settlements that may reduce cash available to us Canada, its revenues not!, despite Covid 19 concerns to payments that we generate after direct expenses ) $.