... the ride-hailing company reported its Q3 earnings. During the nine months ended September 30, 2020, we recorded an impairment charge of $1.7 billion, primarily related to our investment in Didi recognized during the first quarter of 2020. Earnings Uber Technologies (NYSE:UBER) Earnings Information. Prepaid expenses and other current assets, Total Uber Technologies, Inc. stockholders' equity, Total liabilities, mezzanine equity and equity, CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS, (In millions, except share amounts which are reflected in thousands, and per share amounts), Cost of revenue, exclusive of depreciation and amortization shown separately below, Loss before income taxes and loss from equity method investments, Provision for (benefit from) income taxes, Net loss including non-controlling interests, Less: net income (loss) attributable to non-controlling interests, net of tax. In … Mobility Adjusted Net Revenue reconciliation: Delivery Adjusted Net Revenue reconciliation: Net loss attributable to non-controlling interests, net of tax, Legal, tax, and regulatory reserve changes and settlements, Payroll tax on IPO stock-based compensation, Goodwill and asset impairments/loss on sale of assets, Acquisition, financing and divestitures related expenses, Accelerated lease costs related to cease-use of ROU assets, Restructuring and related charges (credits), View source version on businesswire.com: Uber Key Metrics : Estimate for Q3 2020 (FY) Q3 2019 (FY) Q3 2018 (FY) Earnings Per Share ($)-0.61-0.68-2.21: Revenue ($B) 3.2: 3.8: 2.9: Gross … By PYMNTS. © 2020 Benzinga.com. Revenue declined 18% year-over-year, or 17% on a constant currency basis. Revenues declined 18% to $3.1 billion versus last year. Uber’s mission is to create opportunity through movement. Adjusted Net Revenue has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for revenue prepared in accordance with GAAP. 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. For example, an UberPOOL ride with three paying consumers represents three unique Trips, whereas an UberX ride with three passengers represents one Trip. Adjusted EBITDA excludes the impact of COVID-19 response initiatives. We have included these non-GAAP financial measures because they are key measures used by our management to evaluate our operating performance. Q3 Earnings Recap Uber Technologies reported Q3 earnings per share at $-0.62/share, which beat analyst predictions of $-0.65/share. The call begins on November 5, 2020 at 1:30 PM (PT) / 4:30 PM (ET). Net Loss, Adjusted EBITDA and Segment Adjusted EBITDA. 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. Q3: 2020-11-05 Earnings Summary. Subsequent to the second quarter of 2020, All Other (formerly our Other Bets segment) was no longer deemed an operating or reportable segment. Operating Highlights for the Third Quarter 2020. ... Q3 2019 Uber Technologies Inc Earnings Call 11/04/2019 05:00 PM (EST) UBER. 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 incentives refer to payments that we make to Drivers, which are separate from and in addition to the Driver’s portion of the fare paid by the consumer after we retain our service fee to Drivers. November 5, 2020 01:30 PM PT. 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’s ride share revenue was way down, but their food delivery business more than doubled. Two days after the 2020 election results, the company reported quarterly 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. Uber Freight recorded just $290 million in gross bookings during the third quarter of 2020, a 30% increase from the same time last year. https://www.businesswire.com/news/home/20201105006016/en/, Investors and analysts: investor@uber.com Including $17 million and $25 million collaboration revenue from Toyota recognized in Q3 2019 and Q3 2020, respectively. Media: press@uber.com. COVID-19 continues to trouble Uber’s balance sheet. 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 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. Back to UBER Overview *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. Excluding stock-based compensation expense. Explore the Driver app resources that put you in charge and help you make the most of your time. November 5, 2020 Uber Technologies Inc. (NYSE: UBER) reported third quarter 2020 earnings results today. We define MAPCs as the number of unique consumers who completed a Mobility or New Mobility ride or received a Delivery meal or grocery order on our platform at least once in a given month, averaged over each month in the quarter. COVID-19 response initiatives had an impact on GAAP net loss of $18 million, including an impact on GAAP revenue of $2 million and an impact on GAAP cost of revenue of $16 million, Across the board strength, with triple digit YoY growth in US & Canada, EMEA, APAC and LatAm in Q3’20, Several large markets outpaced Delivery segment overall growth, with the UK and Canada growing close to 200% year-over-year, and Japan and Spain growing in excess of 300% year-over-year, France Delivery Gross Bookings continued to grow over 100% YoY despite ongoing Mobility recovery in the market, with month-over-month growth in every month of the quarter, Domestically, New York City, which was the most recovered major Mobility market, outpaced national growth, with Delivery Gross Bookings up over 150% YoY, with month-over-month growth in every month of the quarter. Gross Bookings declined to $14.7 billion, down 10% year-over-year, or 8% on a constant currency basis, … Comparative periods were not recast as the impact on our four operating and reportable segments was not material. The stock dipped about 5% after the call. 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. Slides Press Release 10-Q. “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. 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. Home » Earnings, Earnings Oct-20, Uber. The ride-sharing company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by $0.02. Uber Technologies UBER 0.48% shares hit new 52-week highs this week after Proposition 22 passed in California. Includes costs that are not directly attributable to our reportable segments. This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A "no-mask-no-ride" policy is helping the company coax riders back out, despite Covid 19 concerns. Sign up for free newsletters and get more CNBC delivered to your inbox. Since its second-quarter report, Uber raised half a billion dollars in equity funding to fuel the growth of its logistics arm, Uber Freight. More than 15 billion trips later, we're building products to get people closer to where they want to be. 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. Got a confidential news tip? Take Rate. 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. Segment Adjusted EBITDA margin as a percentage of ANR is segment Adjusted EBITDA divided by segment Adjusted Net Revenue. 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. SAN FRANCISCO-- (BUSINESS WIRE)-- Uber Technologies, Inc. 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