UBER Q1 2019 Earnings

Call Details

• Call Title: Uber Technologies, Inc. Q1 2019 Earnings Call
• Date: May 30, 2019 at 8:30 PM UTC
• Management Team:
  • Dara Khosrowshahi (Chief Executive Officer)
  • Nelson Chai (Chief Financial Officer)
  • Kent Schofield (Head of Investor Relations)

Call Summary

Financial Performance

• Total company gross bookings were $14.6B and grew 34% year-over-year on a reported basis and 41% year-over-year on a constant currency and excluding-divestitures basis.
• GAAP revenue was $3.1B, which was up 20% year-over-year.
• Adjusted net revenue (ANR) was $2.8B and was up 14% year-over-year.
• ANR as a percentage of gross bookings declined 400 basis points year-over-year to 18% due to mix shift toward Eats and regional incentives.
• Total company global trips were 1.5B and grew 36% year-over-year excluding Q1-18 divestitures.
• Monthly active platform consumers (MAPCs) were 93 million and grew 33% year-over-year.
• GAAP EPS was a loss of $2.26 per share compared to a gain of $1.84 in Q1 2018, which benefited from a $3.2B prior-period gain.
• Q1 2019 adjusted EBITDA loss was $869M.

Guidance

• Q1 results came in at or near the high end of the financial ranges provided in the company's prior perspectives.
• The company expects a large stock-based compensation charge in Q2 associated with RSUs that vested in conjunction with the IPO.
• Core platform ANR as a percentage of gross bookings is expected to improve sequentially in Q2 2019 and the company expects contribution margins to improve sequentially in Q2 and through the remainder of 2019.
• The company expects ANR year-over-year growth rates to accelerate in the back half of 2019 due in part to reduced promotional intensity and new Eats fees.
• Sales and marketing as a percentage of gross bookings and ANR are expected to decline in Q2 2019 driven by fewer consumer promotions.
• The net IPO proceeds will be recorded in Q2 2019 and the company expects the $1B aggregate proceeds from Toyota, Denso, and SoftBank to close in July 2019.