Driver referrals are recorded in sales and marketing expenses. 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). Looking around the world, Uber’s fortunes varied greatly. In the United States and Canada, its revenues fell 30% in Q3 2020, compared to Q3 2019. Uber Technologies (NYSE:UBER) reported Q3 sales of $3.13 billion. Our calculation of these non-GAAP financial measures may differ from similarly-titled non-GAAP measures, if any, reported by our peer companies. Share. Posted on November 5, 2020. “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. 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. Highs And Lows Of 2020 … watch now. Benzinga does not provide investment advice. 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. Uber Technologies Q3 2020 Earnings Call Nov 05, 2020, 4:30 p.m. Revenue of $3.1 billion, declining 18% year-over-year or 17% on a constant currency basis. Q3 Earnings Recap Uber Technologies reported Q3 earnings per share at $-0.62/share, which beat analyst predictions of $-0.65/share. This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. Revenue of $3.1 billion, declining 18% year-over-year or 17% on a constant currency basis. 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. 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. Email Address * 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. 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. More than 15 billion trips later, we're building products to get people closer to where they want to be. Home » Earnings, Earnings Oct-20, Uber. Uber's third-quarter earnings showed that its Eats business continues to thrive amid the coronavirus pandemic. 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. Explore the Driver app resources that put you in charge and help you make the most of your time. 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. These COVID-19 response initiatives are recorded as a reduction to revenue. 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 Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2020. Driver(s). Driver incentives are recorded as a reduction of revenue to the extent they are not excess Driver incentives (as defined below). After submitting your request, you’ll receive an activation email at the requested email address. Slides Press Release 10-Q. 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. The company’s mobility business struggled due to lockdown restrictions in various parts of the globe. Adjusted EBITDA. Uber misses on revenue, $3.13B vs. $3.20B estimated, political fight to preserve their business model. 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, 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. But from Q3 to Q4, there's usually some seasonality in Q4 as it … 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. VIDEO 07:56. Q3: 2020-11-05 Earnings Summary. 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. 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. Uber Technologies Inc. reported third quarter 2020 earnings results today. All Other (formerly Other Bets). 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. Revenues declined 18% to $3.1 billion versus last year. Benzinga does not provide investment advice. 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: 2020 at 1:30 PM ( PT ) / 4:30 PM ( ET ) ballot measures like Prop victory! Call '' Delivery fees paid by Consumers that put you in charge and help you make most. Pm ( PT ) / 4:30 PM ( EST ) Uber D also includes mapping payment. 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