UBER Q2 2020 Earnings

Call Details

• Call Title: Uber Technologies, Inc. Q2 2020 Earnings Call
• Date: August 6, 2020 8:30 PM UTC
• Management Team:
  • Dara Khosrowshahi (Chief Executive Officer)
  • Nelson Chai (Chief Financial Officer)
  • Kent Schofield (Head of Global Investor Relations)
  • Emily Reuter (Investor Relations)

Call Summary

Financial Performance

• Total company gross bookings declined 32% year-over-year on a constant currency basis in Q2 2020.
• Adjusted net revenue (ANR), a non-GAAP measure, was $1.9B in Q2 2020, down 37% year-over-year.
• ANR take rate was 18.8% of gross bookings, which the company reported as up 53 basis points year-over-year.
• Total company adjusted EBITDA loss was $837M in Q2 2020 on a non-GAAP basis.
• Mobility gross bookings were $3.0B, down 73% year-over-year, and mobility ANR was $793M, down 68% year-over-year.
• Mobility adjusted EBITDA was positive $50M, equal to 6.3% of mobility ANR for Q2 2020 (non-GAAP).
• Delivery gross bookings were $7.0B and delivery ANR was $885M, with delivery ANR reported up 163% year-over-year.
• Delivery adjusted EBITDA was a loss of $232M, or negative 26.2% of ANR, representing an $81M quarter-over-quarter improvement.

Guidance

• The company expects mobility ANR take rate in Q3 2020 to be in the range of 22% to 24%.
• The company expects delivery adjusted EBITDA absolute dollar losses in Q3 2020 to be in line with Q2 2020.
• The company expects adjusted EBITDA margins to continue to improve in Q4 2020 versus earlier quarters.
• Stock-based compensation is expected to be $200M to $250M in each of Q3 and Q4 2020 after declines in Q2.
• The company stated continued confidence in achieving quarterly adjusted EBITDA profitability sometime in 2021.
• No GAAP earnings guidance was provided during the call and no numerically quantified revisions to prior full-year 2020 GAAP guidance were explicitly stated on the call.