Uber Technologies, Inc. Headline goes Q2 2019 Earnings right here Supplemental Data
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Non-GAAP Financial Measures Disclosure
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; Core Platform Adjusted Net Revenue; Ridesharing Adjusted Net Revenue; Uber Eats Adjusted Net Revenue; Adjusted EBITDA, Adjusted Costs and expenses, and YoY % growth at constant currency and ex-driver appreciation award. 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. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate periodto-period comparisons. 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.
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Q2 2019 Earnings
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. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance. 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.
For more information on these non-GAAP financial measures, please see the section titled “Reconciliations from GAAP to Non-GAAP Measures” included at the end of this deck. In regards to forward looking guidance provided on our Q2 2019 earnings call, we are not able to reconcile the forward-looking non-GAAP Adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items. These items include, but are not limited to, significant legal settlements, tax and regulatory reserves, restructuring costs and acquisition and financing related impacts.
There are a number of limitations related to the use of non-GAAP financial measures. 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.
2
Forward Looking Statements
This presentation may contain forward-looking statements regarding our future business expectations, which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. 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. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or
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Q2 2019 Earnings
achievements to be materially different from any future results, performance or achievements expressed or implied by the forwardlooking statements. These risks, uncertainties and other factors relate to, among others: 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. In addition, other potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our prospectus filed with the Securities
and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on May 13, 2019. Additional information will be made available in our quarterly report on Form 10-Q for the quarter ended June 30, 2019 and other filings that we make from time to time with the SEC. All information provided in this presentation is as of the date hereof and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of such date. We undertake no duty to update this information unless required by law.
3
Gross Bookings
Core Platform Other Bets
($ in Millions)
% YoY Growth % YoY Constant Currency Growth
$8,081
Q2 2017
$9,045
Q3 2017
$10,345
Q4 2017
$10,893
Q1 2018
49% 49%
$12,012
Q2 2018
37% 43%
41% 46%
$12,725
Q3 2018
34% 41%
$14,169
$14,649
Q4 2018
Q1 2019
Note 1: We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of Ridesharing and New Mobility rides, Uber Eats meal deliveries, and amounts paid by Uber Freight shippers, in each case without any adjustment for consumer discounts and refunds, Driver and restaurant earnings, and Driver incentives. Gross Bookings do not include tips earned by Drivers. Gross Bookings exclude the impact of our 2018 Divested Operations. Note 2: “%YoY Constant Currency Growth” is calculated 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.
31% 37% $15,756
Q2 2019
4
Core Platform Gross Bookings
Ridesharing Uber Eats
($ in Millions)
% YoY Growth % YoY Constant Currency Growth
$8,072
Q2 2017
$9,024
Q3 2017
$10,310
Q4 2017
$10,853
Q1 2018
48% 48%
$11,940
Q2 2018
40% 45%
$12,599
Q3 2018
Note 1: We define Core Platform Gross Bookings as Gross bookings pertaining to our Ridesharing, Uber Eats and Other Core Platform businesses. Note 2: “%YoY Constant Currency Growth” is calculated 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.
36% 42%
$14,040
Q4 2018
34% 41%
$14,517
Q1 2019
30% 36% $15,574
Q2 2019
5
Monthly Active Platform Consumers (in Millions)
57
Q2 2017
62
Q3 2017
68
70
Q4 2017
Q1 2018
76
Q2 2018
82
Q3 2018
91
Q4 2018
93
Q1 2019
Note 1: MAPCs is the number of unique consumers who completed a Ridesharing or New Mobility ride or received an Uber Eats meal on our platform at least once in a given month, averaged over each month in the quarter. MAPCs exclude the impact of our 2018 Divested Operations.
99
Q2 2019
6
Trips (in Millions)
889
Q2 2017
985
Q3 2017
1,088
Q4 2017
1,136
Q1 2018
1,242
Q2 2018
1,348
Q3 2018
Note 1: We define Trips as the number of completed consumer Ridesharing or New Mobility rides and Uber Eats meal deliveries in a given period. Trips exclude the impact of our 2018 Divested Operations.
1,493
Q4 2018
1,550
Q1 2019
1,677
Q2 2019
7
Monthly Trips per MAPC
5.4
5.4
Q4 2017
Q1 2018
5.5
5.5
5.5
5.5
5.6
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
5.3 5.2
Q2 2017
Q3 2017
Note 1: We define Monthly Trips per MAPC as the average number of Trips divided by MAPCs in a given period.
8
Adjusted Net Revenue
Core Platform Other Bets
($ in Millions)
% YoY Growth % YoY Constant Currency Growth
$1,630
Q2 2017
$1,982
Q3 2017
$2,282
Q4 2017
$2,423
Q1 2018
58% 57%
34% 38%
16% 19%
$2,574
$2,656
$2,644
Q2 2018
Q3 2018
Q4 2018
* Q2'19 YoY constant currency growth excludes the impact of the Driver appreciation award associated with our IPO. See appendix for reconciliation. Note 1: We define Adjusted Net Revenue as revenue less (i) excess Driver incentives and (ii) Driver referrals. 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 restaurant earnings, Driver incentives, and Driver referrals. Adjusted Net Revenue is lower than revenue in all reported periods. See appendix for reconciliation of non-GAAP measures. Note 2: “%YoY Constant Currency Growth” is calculated 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.
14% 18%
12% 26%*
$2,761
$2,873
Q1 2019
Q2 2019
9
Core Platform Adjusted Net Revenue
Ridesharing Uber Eats
($ in Millions)
Other Core Platform
% YoY Growth % YoY Constant Currency Growth
$1,961
$2,244
$2,383
54% 54%
29% 33%
12% 15%
$2,503
$2,531
$2,507
Q2 2018
Q3 2018
Q4 2018
10% 14%
7% 22%*
$2,616
$2,678
$1,622
Q2 2017
Q3 2017
Q4 2017
Q1 2018
* Q2'19 YoY constant currency growth excludes the impact of the Driver appreciation award associated with our IPO. See appendix for reconciliation. Note 1: We define Core Platform Adjusted Net Revenue as Core Platform revenue less (i) excess Driver incentives and (ii) Driver referrals. See appendix for reconciliation of non-GAAP measures. Note 2: “%YoY Constant Currency Growth” is calculated by translating our current period financial results using the corresponding prior period’s monthly exchange rates for our transacted currencies other than the U.S. dollar.
Q1 2019
Q2 2019
10
Core Platform Contribution Margin (% Core Platform Adjusted Net Revenue)
18%
15%
9%
9%
8%
(0%) (3%) Q2 2017
Q3 2017
(3%) Q4 2017
Q1 2018
Q2 2018
Q3 2018
Note 1: Core Platform Contribution Margin is defined as Core Platform Contribution Profit (Loss) as a percentage of Core Platform Adjusted Net Revenue. See appendix for reconciliation of non-GAAP measures.
Q4 2018
(4%) Q1 2019
Q2 2019
11
Adjusted EBITDA ($ in Millions)
($280)
($292) ($458)
($561) ($688)
Q2 2017
($656)
($736)
Q3 2017
($817)
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Note 1: 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 redeemable non-controlling interest, net of tax. (iii) provision for (benefit from) income taxes, (iv) income (loss) from equity method investment, net of tax, (v) interest expense, (vi) other income (expense), net, (vii) depreciation and amortization, (viii) stock-based compensation expense, (ix) certain legal, tax, and regulatory reserves and settlements, (x) asset impairment/loss on sale of assets, (xi) acquisition and financing related expenses, and (xii) restructuring charges. See appendix for reconciliation of non-GAAP measures.
($869)
Q1 2019
Q2 2019
12
Condensed Consolidated Financial Statements (Unaudited)
Condensed Consolidated Statements of Operations (Unaudited) ($ in Millions, except share amounts, which are in thousands, and per share amounts)
Three Months Ended Jun 30 Six Months Ended Jun 30 2018
2019
2018
2019
$2,768
$3,166
$5,352
$6,265
1,342
1,740
2,498
3,421
Operations and support
349
864
721
1,298
Sales and marketing
715
1,222
1,392
2,262
Research and development
365
3,064
705
3,473
General and administrative
638
1,638
1,067
2,061
98
123
186
269
Total costs and expenses
3,507
8,651
6,569
12,784
Loss from operations
(739)
(5,485)
(1,217)
(6,519)
(160)
(151)
(292)
(368)
63
398
5,000
658
(836)
(5,238)
3,491
(6,229)
28
(2)
604
17
(14)
(10)
(17)
(16)
(878)
(5,246)
2,870
(6,262)
-
(10)
-
(14)
($878)
($5,236)
$2,870
($6,248)
Basic
($1.99)
($4.72)
$1.33
($7.97)
Diluted
($2.01)
($4.72)
$1.20
($7.98)
Basic
440,958
1,110,704
439,022
783,900
Diluted
441,408
1,110,704
476,394
783,982
Revenue Costs and expenses Cost of revenue, exclusive of depreciation and amortization shown separately below
Depreciation and amortization
Interest expense Other income (expense), net Income (loss) before income taxes and loss from equity method investment Provision for (benefit from) income taxes Loss from equity method investment, net of tax Net income (loss) including redeemable non-controlling interest Less: net loss attributable to redeemable non-controlling interest, net of tax Net income (loss) attributable to Uber Technologies, Inc. Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
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Q2 2019 Earnings
14
Condensed Consolidated Balance Sheets (Unaudited) ($ in Millions, except share amounts, which are in thousands, and per share amounts)
As of Dec 31 '18
As of Jun 30 '19
$6,406
$11,744
67
137
Accounts receivable, net of allowance of $34 and $39, respectively
919
1,290
Prepaid expenses and other current assets
860
1,129
Assets held for sale
406
—
Total current assets
8,658
14,300
Restricted cash and cash equivalents
1,736
1,809
10,355
10,415
Equity method investments
1,312
1,370
Property and equipment, net
1,641
1,447
—
1,337
82
78
153
167
Other assets
51
57
Total assets
$23,988
$30,980
Assets Cash and cash equivalents Restricted cash and cash equivalents
Investments
Operating lease right-of-use assets Intangible assets, net Goodwill
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Q2 2019 Earnings
15
Continued:
Condensed Consolidated Balance Sheets (Unaudited) ($ in Millions, except share amounts, which are in thousands, and per share amounts)
As of Dec 31 '18
As of Jun 30 '19
$150
$167
941
977
—
180
3,157
4,246
Liabilities held for sale
11
—
Total current liabilities
4,259
5,570
Long-term insurance reserves
1,996
2,217
Long-term debt, net of current portion
6,869
4,526
—
1,274
Other long-term liabilities
4,072
1,485
Total liabilities
17,196
15,072
—
(14)
14,177
—
—
—
668
30,193
(188)
(167)
Accumulated deficit
(7,865)
(14,104)
Total stockholders’ equity (deficit)
(7,385)
15,922
$23,988
$30,980
Liabilities, mezzanine equity and stockholders’ equity (deficit) Accounts payable Short-term insurance reserves Operating lease liabilities, current Accrued and other current liabilities
Operating lease liabilities, non-current
Commitments and contingencies Mezzanine equity Redeemable non-controlling interest Redeemable convertible preferred stock, $0.00001 par value, 946,246 and zero shares authorized, 903,607 and zero shares issued and outstanding, respectively; aggregate liquidation preference of $14 and $0, respectively Stockholders’ equity (deficit) Common stock, $0.00001 par value, 2,696,114 and 5,000,000 shares authorized, 457,189 and 1,697,614 shares issued and outstanding, respectively Additional paid-in capital Accumulated other comprehensive loss
Total liabilities, mezzanine equity, and stockholders’ equity (deficit)
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Q2 2019 Earnings
16
Condensed Consolidated Statements of Cash Flows (Unaudited) ($ in Millions)
Six Months Ended June 30 2018
2019
$2,870
($6,262)
186
269
Bad debt expense
22
67
Stock-based compensation
81
3,952
-
(444)
(3,201)
-
Deferred income tax
470
(31)
Revaluation of derivative liabilities
402
(58)
Accretion of discount on long-term debt
149
78
Payment-in-kind interest
35
10
Loss on disposal of property and equipment
37
13
Impairment on long-lived assets held for sale
79
-
Loss from equity method investment
17
16
(1,984)
(14)
-
(26)
(152)
-
48
(5)
6
(1)
(21)
(436)
(312)
(178)
Accounts payable
(52)
9
Accrued insurance reserve
516
257
Accrued expenses and other liabilities
354
1,140
($450)
($1,644)
Cash flows from operating activities Net income (loss) including redeemable non-controlling interest Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization
Gain on extinguishment of convertible notes and settlement of derivative Gain on business divestitures
Gain on debt and equity securities, net Non-cash deferred revenue Gain on forfeiture of unvested warrants and related share repurchases Unrealized foreign currency transactions Other Change in operating assets and liabilities, net of impact of business acquisitions and disposals: Accounts receivable Prepaid expenses and other assets
Net cash used in operating activities ďż˝
Q2 2019 Earnings
17
Continued:
Condensed Consolidated Statements of Cash Flows (Unaudited) ($ in Millions)
Six Months Ended June 30 2018
2019
Proceeds from insurance reimbursement, sale and disposal of property and equipment
$230
$41
Purchase of property and equipment
(209)
(277)
Purchase of equity method investments
(423)
-
-
293
(64)
(7)
(466)
50
Proceeds from issuance of common stock upon initial public offering, net of offering costs
-
7,977
Taxes paid related to net share settlement of equity awards
-
(1,368)
Proceeds from issuance of common stock related to private placement
-
500
15
5
(9)
-
1,478
-
(6)
(13)
(197)
-
(34)
(72)
1,250
-
38
-
(59)
-
Net cash provided by financing activities
2,476
7,029
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents
(102)
12
Net increase in cash and cash equivalents, and restricted cash and cash equivalents
1,458
5,447
5,828
8,209
(6)
34
$7,280
$13,690
Cash flows from investing activities
Proceeds from business disposal, net of cash divested Acquisition of businesses, net of cash acquired Net cash provided by (used in) investing activities Cash flows from financing activities
Proceeds from exercise of stock options, net of repurchases Repurchase of outstanding shares Issuance of term loan and senior notes, net of issuance costs Principal repayment on term loan Principal repayment on revolving lines of credit Principal payments on capital and finance leases Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs Dissolution of joint venture and subsequent proceeds Other
Cash and cash equivalents, and restricted cash and cash equivalents Beginning of period Reclassification from (to) assets held for sale during the period End of period, excluding cash classified within assets held for sale ďż˝
Q2 2019 Earnings
18
Continued:
Condensed Consolidated Statements of Cash Flows (Unaudited) ($ in Millions)
Six Months Ended June 30 2018
2019
$5,647
$11,744
118
137
1,515
1,809
$7,280
$13,690
Interest, net of amount capitalized
$43
$166
Income taxes, net of refunds
161
80
Conversion of redeemable convertable preferred stock to common stock upon initial public offering
-
14,224
Conversion of convertible notes to common stock upon initial public offering
-
4,229
(12)
5
Financed construction projects
86
-
Capital and finance lease obligations
60
150
250
-
93
-
Ownership interest in MLU B.V. received in connection with the disposition of Uber Russia/CIS operations
1,410
-
Grab debt security received in exchange for the sale of Southeast Asia operations
2,275
-
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets Cash and cash equivalents Restricted cash and cash equivalents-current Restricted cash and cash equivalents-non-current Total cash and cash equivalents, and restricted cash and cash equivalents Supplemental disclosures of cash flow information Cash paid for:
Non-cash investing and financing activities:
Changes in purchases of property, equipment and software recorded in accounts payable and accrued liabilities
Settlement of litigation through issuance of redeemable convertible preferred stock Common stock issued in connection with acquisitions
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Q2 2019 Earnings
19
Appendix
Select Non-GAAP Expenses and Other Line Items (Unaudited) ($ in Millions) Three Months Ended Jun 30 ‘17
Sep 30 ‘17
Dec 31 ‘17
Mar 31 ‘18
Jun 30 ’18
Sep 30 ‘18
Dec 31 ‘18
Mar 31 ‘19
Jun 30 ‘19
$1,630
$1,982
$2,282
$2,423
$2,574
$2,656
$2,644
$2,761
$2,873
-
-
-
-
36
29
32
-
262
Cost of revenue, exclusive of depreciation and amortization
818
1,070
1,083
1,027
1,111
1,257
1,323
1,378
1,476
Operations and support
314
361
346
367
351
357
404
433
450
Sales and marketing
552
641
640
627
683
748
933
1004
974
Research and development
296
301
314
334
360
385
361
406
454
General and administrative
338
345
460
348
397
397
472
409
437
Total Non-GAAP costs and expenses
$2,318
$2,718
$2,843
$2,703
$2,902
$3,144
$3,493
$3,630
$3,791
Adjusted EBITDA
($688)
($736)
($561)
($280)
($292)
($458)
($817)
($869)
($656)
Adjusted Net Revenue Contra Revenue: Legal, tax and regulatory reserves and settlements & Driver appreciation award Non-GAAP Costs and expenses
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Q2 2019 Earnings
21
GAAP to Non-GAAP Reconciliation Q2 ’19 (Unaudited) ($ in Millions) Three Months Ended Jun 30 ‘19
Excess Driver Incentives
GAAP
Revenue to Adjusted Net Revenue
Payroll tax on IPO stock based compensation
Driver Referrals
Driver Appreciation Payment
Legal, Tax and Regulatory Reserves and Settlements
Depreciation & Amortization
Stock Based Compensation
Jun 30 ‘19
Non-GAAP
$3,166
($263)
($30)
-
-
-
-
-
$2,873
-
-
-
-
298
(36)*
-
-
262
1,740
(263)
-
-
(1)
-
-
-
1,476
864
-
-
(10)
-
-
-
(404)
450
Sales and marketing
1,222
-
(30)
(6)
-
-
-
(212)
974
Research and development
3,064
-
-
(53)
-
-
-
(2,557)
454
General and administrative
1,638
-
-
(17)
-
(380)
-
(768)
437
123
-
-
-
-
-
(123)
-
-
$8,651
($263)
($30)
($86)
(1)
($416)
($123)
($3,941)
$3,791
($5,485)
-
-
$86
$299
$380
$123
$3,941
($656)
Contra Revenue: Legal, tax and regulatory reserves and settlements & Driver appreciation award Costs and expenses Cost of revenue, exclusive of depreciation and amortization Operations and support
Depreciation and amortization Total costs and expenses Loss from operations
* Relates to Ridesharing offering
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Q2 2019 Earnings
22
GAAP to Non-GAAP Reconciliation Q2 ’18 (Unaudited) ($ in Millions) Three Months Ended Jun 30 ’18 GAAP Revenue to Adjusted Net Revenue
Excess Driver Incentives
Legal, tax, and regulatory reserves and settlements
Asset impairment/ loss on sale of assets
Driver Referrals
Restructuring Charges
Depreciation & Amortization
Stock Based Compensation
Jun 30 ‘18 Non-GAAP
$2,768
($163)
($31)
-
-
-
-
-
$2,574
-
-
-
-
36
-
-
-
36
1,342
(163)
-
-
(68)
-
-
-
1,111
Operations and support
349
-
-
-
-
4
-
(2)
351
Sales and marketing
715
-
(31)
-
-
-
(1)
683
Research and development
365
-
-
-
-
-
(5)
360
General and administrative
638
-
-
(81)
(148)
-
(12)
397
98
-
-
-
-
(98)
-
-
Total costs and expenses
$3,507
($163)
($31)
($81)
($216)
4
($98)
($20)
$2,902
Loss from operations
($739)
-
-
$81
$252
($4)
$98
$20
($292)
Contra Revenue: Legal, tax and regulatory reserves and settlements Costs and expenses Cost of revenue, exclusive of depreciation and amortization
Depreciation and amortization
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Q2 2019 Earnings
23
GAAP to Non-GAAP Reconciliations (Unaudited) ($ in Millions) Three Months Ended Jun 30 ‘17
Sep 30 ‘17
Dec 31 ‘17
Mar 31 ‘18
Jun 30 ’18
Sep 30 ‘18
Dec 31 ‘18
Mar 31 ‘19
Jun 30 ‘19
$1,813
$2,149
$2,441
$2,584
$2,768
$2,944
$2,974
$3,099
$3,166
(134)
(114)
(121)
(129)
(163)
(253)
(292)
(303)
(263)
(49)
(53)
(38)
(32)
(31)
(35)
(38)
(35)
(30)
$1,630
$1,982
$2,282
$2,423
$2,574
$2,656
$2,644
$2,761
$2,873
GAAP Cost of Revenue
952
1,184
1,204
1,156
1,342
1,510
1,615
1,681
1,740
Excess Driver incentives
(134)
(114)
(121)
(129)
(163)
(253)
(292)
(303)
(263)
Legal, tax, and regulatory reserves and settlements
-
-
-
-
(68)
-
-
-
-
Driver appreciation award
-
-
-
-
-
-
-
-
(1)
$818
$1,070
$1,083
$1,027
$1,111
$1,257
$1,323
$1,378
$1,476
-
-
-
-
-
-
-
-
-
327
364
362
372
349
387
408
434
864
Payroll tax on IPO stock-based compensation
-
-
-
-
-
-
-
-
(10)
Legal, tax, and regulatory reserves and settlements
-
-
-
-
-
(26)
-
-
-
Asset impairment/loss on sale of assets
-
-
-
-
-
-
-
-
-
Acquisition and financing related expenses
-
-
-
-
-
-
-
-
-
Restructuring charges
-
-
(7)
-
4
-
-
-
-
(13)
(3)
(9)
(5)
(2)
(4)
(4)
(1)
(404)
$314
$361
$346
$367
$351
$357
$404
$433
$450
Revenue Excess Driver incentives Driver referrals Adjusted Net Revenue
Non-GAAP Cost of Revenue Non-GAAP Operating Expenses GAAP Operations and support
Stock-based compensation Non-GAAP Operations and support
�
Q2 2019 Earnings
24
GAAP to Non-GAAP Reconciliations (Unaudited) ($ in Millions) Three Months Ended Jun 30 ‘17
Sep 30 ‘17
Dec 31 ‘17
Mar 31 ‘18
Jun 30 ’18
Sep 30 ‘18
Dec 31 ‘18
Mar 31 ‘19
Jun 30 ‘19
$601
$695
$679
$677
$715
$785
$974
$1,040
$1,222
(49)
(53)
(38)
(32)
(31)
(35)
(38)
(35)
(30)
Payroll tax on IPO stock-based compensation
-
-
-
-
-
-
-
-
(6)
Legal, tax, and regulatory reserves and settlements
-
-
-
-
-
-
-
-
-
Asset impairment/loss on sale of assets
-
-
-
-
-
-
-
-
-
Acquisition and financing related expenses
-
-
-
(15)
-
-
-
-
-
Restructuring charges
-
-
-
-
-
-
-
-
-
Stock-based compensation
-
(1)
(1)
(3)
(1)
(2)
(3)
(1)
(212)
$552
$641
$640
$627
$683
$748
$933
$1,004
$974
304
307
320
340
365
434
366
409
3,064
Payroll tax on IPO stock-based compensation
-
-
-
-
-
-
-
-
(53)
Legal, tax, and regulatory reserves and settlements
-
-
-
-
-
-
-
-
-
Asset impairment/loss on sale of assets
-
-
-
-
-
-
-
-
-
Acquisition and financing related expenses
-
-
-
-
-
-
-
-
-
Restructuring charges
-
-
-
-
-
-
-
-
-
(8)
(6)
(6)
(6)
(5)
(49)
(5)
(3)
(2,557)
$296
$301
$314
$334
$360
$385
$361
$406
$454
410
614
953
429
638
460
555
423
1,638
-
-
-
-
-
-
-
-
(17)
(33)
(120)
(287)
-
(148)
-
-
-
(416)
(5)
(145)
(192)
(32)
(81)
(54)
(70)
(8)
-
Acquisition and financing related expenses
-
-
-
-
-
-
-
-
-
Restructuring charges
-
-
-
-
-
-
-
-
-
(34)
(4)
(14)
(49)
(12)
(9)
(13)
(6)
(768)
$338
$345
$460
$348
$397
$397
$472
$409
$437
GAAP Sales and marketing Driver referrals
Non-GAAP Sales and marketing GAAP Research and development
Stock-based compensation Non-GAAP Research and development GAAP General and administrative Payroll tax on IPO stock-based compensation Legal, tax, and regulatory reserves and settlements Asset impairment/loss on sale of assets
Stock-based compensation Non-GAAP General and administrative �
Q2 2019 Earnings
25
Adjusted Net Revenue Reconciliation (Unaudited) ($ in Millions) Three Months Ended Jun 30 ‘17
Sep 30 ‘17
Dec 31 ‘17
Mar 31 ‘18
Jun 30 ’18
Sep 30 ‘18
Dec 31 ‘18
Mar 31 ‘19
Jun 30 ‘19
$1,813
$2,149
$2,441
$2,584
$2,768
$2,944
$2,974
$3,099
$3,166
(134)
(114)
(121)
(129)
(163)
(253)
(292)
(303)
(263)
(49)
(53)
(38)
(32)
(31)
(35)
(38)
(35)
(30)
$1,630
$1,982
$2,282
$2,423
$2,574
$2,656
$2,644
$2,761
$2,873
Adjusted Net Revenue reconciliation: Revenue Deduct: Excess Driver incentives Driver referrals Adjusted Net Revenue
Three Months Ended Jun 30 ‘17
Sep 30 ‘17
Dec 31 ‘17
Mar 31 ‘18
Jun 30 ’18
Sep 30 ‘18
Dec 31 ‘18
Mar 31 ‘19
Jun 30 ‘19
$1,622
$1,961
$2,244
$2,383
$2,503
$2,531
$2,507
$2,616
$2,678
8
21
38
40
71
125
137
145
195
$1,630
$1,982
$2,282
$2,423
$2,574
$2,656
$2,644
$2,761
$2,873
Adjusted Net Revenue Segment reconciliation: Core Platform Other Bets Adjusted Net Revenue
�
Q2 2019 Earnings
26
Adjusted Net Revenue Reconciliation (Unaudited) ($ in Millions) Three Months Ended Jun 30 ‘17
Sep 30 ‘17
Dec 31 ‘17
Mar 31 ‘18
Jun 30 ’18
Sep 30 ‘18
Dec 31 ‘18
Mar 31 ‘19
Jun 30 ‘19
$1,805
$2,128
$2,403
$2,544
$2,697
$2,819
$2,837
$2,954
$2,971
(134)
(114)
(121)
(129)
(163)
(253)
(292)
(303)
(263)
(49)
(53)
(38)
(32)
(31)
(35)
(38)
(35)
(30)
$1,622
$1,961
$2,244
$2,383
$2,503
$2,531
$2,507
$2,616
$2,678
Core Platform Adjusted Net Revenue reconciliation: Core Platform revenue Deduct: Excess Driver incentives Driver referrals Core Platform Adjusted Net Revenue
Three Months Ended Jun 30 ‘17
Sep 30 ‘17
Dec 31 ‘17
Mar 31 ‘18
Jun 30 ’18
Sep 30 ‘18
Dec 31 ‘18
Mar 31 ‘19
Jun 30 ‘19
$1,584
$1,863
$2,087
$2,180
$2,291
$2,371
$2,340
$2,376
$2,348
Excess Driver incentives
(92)
(62)
(52)
(32)
(39)
(53)
(26)
(12)
(9)
Driver referrals
(45)
(49)
(35)
(29)
(29)
(32)
(32)
(29)
(25)
$1,447
$1,752
$2,000
$2,119
$2,223
$2,286
$2,282
$2,335
$2,314
Ridesharing Adjusted Net Revenue reconciliation: Ridesharing revenue Deduct:
Ridesharing Adjusted Net Revenue
�
Q2 2019 Earnings
27
Continued:
Adjusted Net Revenue Reconciliation (Unaudited) ($ in Millions) Three Months Ended Jun 30 ‘17
Sep 30 ‘17
Dec 31 ‘17
Mar 31 ‘18
Jun 30 ’18
Sep 30 ‘18
Dec 31 ‘18
Mar 31 ‘19
Jun 30 ‘19
$121
$163
$220
$283
$346
$394
$437
$536
$595
(42)
(52)
(69)
(97)
(124)
(200)
(266)
(291)
(253)
(4)
(4)
(3)
(3)
(2)
(3)
(6)
(6)
(5)
$75
$107
$148
$183
$220
$191
$165
$239
$337
Uber Eats Adjusted Net Revenue reconciliation: Uber Eats revenue Deduct: Excess Driver incentives Driver referrals Uber Eats Adjusted Net Revenue
�
Q2 2019 Earnings
28
YoY% Growth at Constant Currency and Ex-Driver appreciation award
YoY% Growth YoY % Growth at constant currency & ex-Driver appreciation award
Revenue
14%
Excess Driver incentives
(2%)
Driver referrals Adjusted Net Revenue
12%
Add back: Driver appreciation award
11% 23%
Add: Constant currency impact YoY % Growth at constant currency & ex-Driver appreciation award
3% 26%
The following table presents the reconciliation of YoY% Growth at constant currency and ex-Driver appreciation award to the most directly comparable GAAP financial measures for the second quarter of 2019 compared to the same period in 2018.
�
Q2 2019 Earnings
29
Adjusted EBITDA Reconciliation (Unaudited) ($ in Millions) Three Months Ended Jun 30 ‘17
Sep 30 ‘17
Dec 31 ‘17
Mar 31 ‘18
Jun 30 ’18
Sep 30 ‘18
Dec 31 ‘18
Mar 31 ‘19
Jun 30 ‘19
($1,050)
($1,413)
($643)
$3,748
($878)
($986)
($887)
($1,012)
($5,236)
-
-
-
-
-
(8)
(2)
(4)
(10)
37
40
(655)
576
28
1
(322)
19
(2)
-
-
-
3
14
15
10
6
10
Interest expense
115
123
132
132
160
161
195
217
151
Other income (expense), net
(12)
95
(31)
(4,937)
(63)
54
(47)
(260)
(398)
Depreciation and amortization
129
140
120
88
98
131
109
146
123
Stock-based compensation expense
55
14
30
63
20
64
25
11
3,941
Legal, tax, and regulatory reserves and settlements
33
120
287
-
252
56
32
-
380
Driver appreciation award
-
-
-
-
-
-
-
-
299
Payroll tax on IPO stock based compensation
-
-
-
-
-
-
-
-
86
Asset impairment/loss on sale of assets
5
145
192
32
81
54
70
8
-
Acquisition and financing related expenses
-
-
-
15
-
-
-
-
-
Restructuring charges
-
-
7
-
(4)
-
-
-
-
($688)
($736)
($561)
($280)
($292)
($458)
($817)
($869)
($656)
Adjusted EBITDA Reconciliation: Net income (loss) attributable to Uber Technologies, Inc. Add (deduct): Net income (loss) attributable to non-controlling interest, net of tax Benefit from (provision for) income taxes Gain (loss) from equity method investment, net of tax
Adjusted EBITDA
�
Q2 2019 Earnings
30
Segment Contribution Reconciliation (Unaudited) ($ in Millions) Three Months Ended Jun 30 ‘17
Sep 30 ‘17
Dec 31 ‘17
Mar 31 ‘18
Jun 30 ’18
Sep 30 ‘18
Dec 31 ‘18
Mar 31 ‘19
Jun 30 ‘19
($7)
($50)
$198
$427
$369
$227
($83)
($117)
$220
(8)
(11)
(17)
(20)
(28)
(43)
(61)
(71)
(122)
($15)
($61)
$181
$407
$341
$184
($144)
($188)
$98
Segment contribution profit (loss): Core Platform Contribution Profit (Loss) Other Bets contribution loss Total segment contribution profit (loss)
�
Q2 2019 Earnings
31
Continued:
Segment Contribution Reconciliation (Unaudited) ($ in Millions) Three Months Ended Jun 30 ‘17
Sep 30 ‘17
Dec 31 ‘17
Mar 31 ‘18
Jun 30 ’18
Sep 30 ‘18
Dec 31 ‘18
Mar 31 ‘19
Jun 30 ‘19
($15)
($61)
$181
$407
$341
$184
($144)
($188)
$98
Research and development expenses related to ATG and Other Technology Programs(1)
(101)
(91)
(102)
(117)
(129)
(116)
(89)
(97)
(105)
Unallocated research and development and general and administrative expenses(1)
(442)
(444)
(527)
(468)
(488)
(517)
(584)
(584)
(649)
Depreciation and amortization
(129)
(140)
(120)
(88)
(98)
(131)
(109)
(146)
(123)
Stock-based compensation expense
(55)
(14)
(30)
(63)
(20)
(64)
(25)
(11)
(3,941)
Legal, tax, and regulatory reserves and settlements
(33)
(120)
(287)
-
(252)
(56)
(32)
-
(380)
Driver appreciation award
-
-
-
-
-
-
-
-
(299)
Payroll tax on IPO stock-based comp
-
-
-
-
-
-
-
-
(86)
(5)
(145)
(192)
(32)
(81)
(54)
(70)
(8)
-
Acquisition and financing related expenses
-
-
-
(15)
-
-
-
-
-
Restructuring charges
-
-
(7)
-
4
-
-
-
-
(130)
(140)
(113)
(102)
(16)
(9)
-
-
-
($910)
($1,155)
($1,197)
($478)
($739)
($763)
($1,053)
($1,034)
($5,485)
Segment contribution profit (loss) reconciliation: Total segment contribution profit (loss) Add (deduct):
Asset impairment/loss on sale of assets
Impact of 2018 Divested Operations(1) Loss from operations
(1)
Excluding stock-based compensation expense.
�
Q2 2019 Earnings
32
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