2019年第二季度Uber财报1.pdf

Back to News and eventsUber Reports SecondQuarter 2019 ResultsAugust 08, 2019SAN FRANCISCO-(BUSINESS WIRE)- Uber Technologies, Inc. (NYSE: UBER) today announced financial resultsfor the quarter ended June 30, 2019.“Our platform strategy continues to deliver strong results, with Trips up 35% and Gross Bookings up 37% in constantcurrency, compared to the second quarter of last year,” said Dara Khosrowshahi, CEO. “In July, the Uber platformreached over 100 million Monthly Active Platform Consumers for the first time, as we become a more and moreintegral part of everyday life in cities around the world.”Financial and Operational HighlightsThree Months Ended June 30,(in millions, except per share amounts, and percentages) 2018 2019 % ChangeGross Bookings $12,012 $15,756 31%Monthly Active Platform Consumers (“MAPCs”) 76 99 30%Trips 1,242 1,677 35%Revenue $2,768 $3,166 14%Loss from operations $ (739) $(5,485) *Net loss attributable to Uber Technologies, Inc. $ (878) $(5,236) *Diluted net loss per common share $ (2.01) $ (4.72) (135)%Adjusted Net Revenue (“ANR”) $2,574 $2,873 12%YoY % Growth at constant currency Core Platform Adjusted Net Revenue; Ridesharing Adjusted Net Revenue; Uber EatsAdjusted Net Revenue; YoY % Growth at constant currency and Adjusted EBITDA.The presentation of this financial information is not intended to be considered in isolation or as a substitute for, orsuperior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAPfinancial measures for financial and operational decision-making and as a means to evaluate period-to-periodcomparisons. We believe that these non-GAAP financial measures provide meaningful supplemental informationregarding our performance by excluding certain items that may not be indicative of our recurring core businessoperating results.We believe that both management and investors benefit from referring to these non-GAAP financial measures inassessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financialmeasures also facilitate managements 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 tokey metrics used by management in its financial and operational decision-making and (2) they are used by ourinstitutional investors and the analyst community to help them analyze the health of our business.There are a number of limitations related to the use of non-GAAP financial measures. In light of these limitations, weprovide specific information regarding the GAAP amounts excluded from these non-GAAP financial measures andevaluating these non-GAAP financial measures together with their relevant financial measures in accordance withGAAP.For more information on these non-GAAP financial measures, please see the sections titled “Key Terms for Our KeyMetrics and Non-GAAP Financial Measures,” “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAPMeasures” included at the end of this release.We calculate constant currency by translating our current period financial results using the corresponding priorperiods monthly exchange rates for our transacted currencies other than the U.S. dollar.UBER TECHNOLOGIES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In millions, except share amounts which are reflected in thousands, and per share amounts)(Unaudited) As of December 31, 2018 As of June 30, 2019Assets Cash and cash equivalents $ 6,406 $ 11,744 Restricted cash and cash equivalents 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 Investments 10,355 10,415 Equity method investments 1,312 1,370 Property and equipment, net 1,641 1,447 Operating lease right-of-use assets 1,337 Intangible assets, net 82 78 Goodwill 153 167 Other assets 51 57 Total assets $ 23,988 $ 30,980 Liabilities, mezzanine equity and stockholders equity (deficit) Accounts payable $ 150 $ 167 Short-term insurance reserves 941 977 Operating lease liabilities, current 180 Accrued and other current liabilities 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 Operating lease liabilities, non-current 1,274 Other long-term liabilities 4,072 1,485 Total liabilities 17,196 15,072 Commitments and contingencies Mezzanine equity Redeemable non-controlling interest (14)Redeemable convertible preferred stock, $0.00001 par value,946,246 and zero shares authorized, 903,607 and zero sharesissued and outstanding, respectively; aggregate liquidationpreference of $14 and $0, respectively 14,177Stockholders equity (deficit) Common stock, $0.00001 par value, 2,696,114 and 5,000,000shares authorized, 457,189 and 1,697,614 shares issued andoutstanding, respectively Additional paid-in capital 668 30,193 Accumulated other comprehensive loss (188) (167)Accumulated deficit (7,865) (14,104)Total stockholders equity (deficit) (7,385) 15,922 Total liabilities, mezzanine equity, and stockholders equity(deficit) $ 23,988 $ 30,980 UBER TECHNOLOGIES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except share amounts which are reflected in thousands, and per share amounts)(Unaudited)Three Months Ended June 30,Six Months Ended June 30,2018 2019 2018 2019Revenue $ 2,768 $ 3,166 $ 5,352 $ 6,265 Costs and expenses Cost of revenue, exclusive of depreciation andamortization shown separately below 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 Depreciation and amortization 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)Interest expense (160) (151) (292) (368)Other income (expense), net 63 398 5,000 658 Income (loss) before income taxes and loss from equitymethod investment (836) (5,238) 3,491 (6,229)Provision for (benefit from) income taxes 28 (2) 604 17 Loss from equity method investment, net of tax (14) (10) (17) (16)Net income (loss) including redeemable non-controllinginterest (878) (5,246) 2,870 (6,262)Less: net loss attributable to redeemable non-controlling interest, net of tax (10) (14)Net income (loss) attributable to Uber Technologies, Inc. $ (878) $ (5,236) $ 2,870 $ (6,248)Net income (loss) per share attributable to UberTechnologies, Inc. common stockholders: Basic $ (1.99) $ (4.72) $ 1.33 $ (7.97)Diluted $ (2.01) $ (4.72) $ 1.20 $ (7.98)Weighted-average shares used to compute net income(loss) per share attributable to common stockholders: Basic 440,958 1,110,704 439,022 783,900 Diluted 441,408 1,110,704 476,394 783,982 UBER TECHNOLOGIES, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Six Months Ended June 30,2018 2019Cash flows from operating activities Net income (loss) including redeemable non-controlling interest $ 2,870 $ (6,262)Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 186 269 Bad debt expense 22 67 Stock-based compensation 81 3,952 Gain on extinguishment of convertible notes and settlement of derivative (444)Gain on business divestitures (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 Gain on debt and equity securities, net (1,984) (14)Non-cash deferred revenue (26)Gain on forfeiture of unvested warrants and related share repurchases (152) Unrealized foreign currency transactions 48 (5)Other 6 (1)Change in operating assets and liabilities, net of impact of business acquisitions anddisposals: Accounts receivable (21) (436)Prepaid expenses and other assets (312) (178)Accounts payable (52) 9 Accrued insurance reserve 516 257 Accrued expenses and other liabilities 354 1,140 Net cash used in operating activities (450) (1,644)Cash flows from investing activities 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) Proceeds from business disposal, net of cash divested 293 Acquisition of businesses, net of cash acquired (64) (7)Net cash provided by (used in) investing activities (466) 50 Cash flows from financing activities 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 Proceeds from exercise of stock options, net of repurchases 15 5 Repurchase of outstanding shares (9) Issuance of term loan and senior notes, net of issuance costs 1,478 Principal repayment on term loan (6) (13)Principal repayment on revolving lines of credit (197) Principal payments on capital and finance leases (34) (72)Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs 1,250 Dissolution of joint venture and subsequent proceeds 38 Other (59) Net cash provided by financing activities 2,476 7,029 Effect of exchange rate changes on cash and cash equivalents, and restricted cash andcash equivalents (102) 12 Net increase in cash and cash equivalents, and restricted cash and cash equivalents 1,458 5,447 Cash and cash equivalents, and restricted cash and cash equivalents Beginning of period 5,828 8,209 Reclassification from (to) assets held for sale during the period (6) 34 End of period, excluding cash classified within assets held for sale $ 7,280 $ 13,690 Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents tothe condensed consolidated balance sheets Cash and cash equivalents $ 5,647 $ 11,744 Restricted cash and cash equivalents-current 118 137 Restricted cash and cash equivalents-non-current 1,515 1,809 Total cash and cash equivalents, and restricted cash and cash equivalents $ 7,280 $ 13,690 Supplemental disclosures of cash flow information Cash paid for: Interest, net of amount capitalized $ 43 $ 166 Income taxes, net of refunds 161 80 Non-cash investing and financing activities: Conversion of redeemable convertible preferred stock to common stock upon initialpublic offering 14,224 Conversion of convertible notes to common stock upon initial public offering 4,229 Changes in purchases of property, equipment and software recorded in accounts (12) 5 payable and accrued liabilitiesFinanced construction projects 86 Capital and finance lease obligations 60 150 Settlement of litigation through issuance of redeemable convertible preferred stock 250 Common stock issued in connection with acquisitions 93 Ownership interest in MLU B.V. received in connection with the disposition of UberRussia/CIS operations 1,410 Grab debt security received in exchange for the sale of Southeast Asia operations 2,275 Other Income (Expense), NetThe following table presents other income (expense), net (in millions):Three Months Ended June 30, Six Months Ended June 30, 2018 2019 2018 2019(Unaudited)Interest income $ 24 $ 64 $ 42 $ 108 Foreign currency exchange gains (losses), net (37) (7) (24) (8)Gain on business divestitures 40 3,201 Gain (loss) on debt and equity securities, net (2) 1,984 14 Change in fair value of embedded derivatives (35) (117) (402) 58 Gain on extinguishment of convertible notes andsettlement of derivative 444 444 Other 71 16 199 42 Other income (expense), net $ 63 $ 398 $ 5,000 $ 658 During the six months ended June 30, 2018, gain on business divestitures primarily includes a $2.2 billion gainon the sale of our Southeast Asia operations to Grab Holding Inc. (“Grab”) and a $954 million gain on thedisposal of our Uber Russia/CIS operations recognized in the first quarter of 2018.During the six months ended June 30, 2018, gain on debt and equity securities, net represents a $2.0 billionunrealized gain on our non-marketable equity securities related to Didi recognized in the first quarter of 2018.Stock-Based Compensation ExpenseThe following table summarizes total stock-based compensation expense by function for the three and six monthsended June 30, 2018 and 2019 (in millions):Three Months Ended June 30, Six Months Ended June 30, 2018 2019 2018 2019(Unaudited)Operations and support $ 2 $ 404 $ 7 $ 405 Sales and marketing 1 212 4 213 Research and development 5 2,557 11 2,560 General and administrative 12 768 61 774 Total $ 20 $ 3,941 $ 83 $ 3,952 Results by Offering and SegmentThree Months Ended June 30, Six Months Ended June 30,(in millions, except percentages) 2018 2019 % Change 2018 2019 % ChangeRevenue Ridesharing revenue $2,291 $2,348 2% $4,471 $4,724 6%Uber Eats revenue 346 595 72% 629 1,131 80%Vehicle Solutions revenue 34 3 (91)% 89 13 (85)%Other revenue 26 25 (4)% 52 57 10%Total Core Platform revenue 2,697 2,971 10% 5,241 5,925 13%Total Other Bets revenue 71 195 175% 111 340 206%Total revenue $2,768 $3,166 14% $5,352 $6,265 17%United States and Canada $1,493 $1,776 19% $2,880 $3,526 22%Latin America (“LATAM“) 547 417 (24)% 1,065 867 (19)%Europe, Middle East and Africa (“EMEA“) 413 502 22% 801 989 23%Asia Pacific (“APAC“) 244 276 13% 495 543 10%Total Core Platform revenue $2,697 $2,971 10% $5,241 $5,925 13%Gross Bookings Ridesharing $10,166 $12,188 20% $19,546 $23,634 21%Uber Eats 1,774 3,386 91% 3,247 6,457 99%Total Core Platform 11,940 15,574 30% 22,793 30,091 32%Other Bets 72 182 153% 112 314 180%Total $12,012 $15,756 31% $22,905 $30,405 33%(1) (2)(1)(2)(1)Adjusted Net Revenue Ridesharing $2,223 $2,314 4% $4,342 $4,649 7%Uber Eats 220 337 53% 403 576 43%Other 60 27 (55)% 141 69 (51)%Total Core Platform 2,503 2,678 7% 4,886 5,294 8%Other Bets 71 195 175% 111 340 206%Total $2,574 $2,873 12% $4,997 $5,634 13%Contribution Profit (Loss) by Segment Core Platform $ 369 $ 220 (40)% $ 796 $ 103 (87)%Other Bets (28) (122) * (48) (193) *Total $ 341 $ 98 (71)% $ 748 $ (90) (112)%Excluding impa