UBER Q3 2019 Earnings

Call Details

• Call Title: Uber Technologies, Inc. Q3 2019 Earnings Call
• Date: November 4, 2019 at 10:00 PM UTC
• Management Team:
  • Dara Khosrowshahi (Chief Executive Officer)
  • Nelson Chai (Chief Financial Officer)
  • Emily Reuter (Investor Relations)
  • Kent Schofield

Call Summary

Financial Performance

• GAAP revenue for Q3 2019 was $3.8B, up 30% year-over-year.
• GAAP EPS was a loss of $0.68 compared to a loss of $2.21 in Q3 2018.
• Total company adjusted net revenue (ANR) was $3.5B, up 35% on a constant currency basis.
• Total company gross bookings were $16.5B, growing 29% year-over-year and 32% on a constant currency basis.
• Total company global trips were 1.8B, up 31% year-over-year, and monthly active platform consumers were 103M, up 26% year-over-year.
• Total company non-GAAP adjusted EBITDA loss was $585M for Q3 2019.
• Rides segment produced adjusted EBITDA of $631M, representing 22% of RISE ANR and up 52% year-over-year.
• Eats ANR was $392M, up 109% on a constant currency basis, and Eats adjusted EBITDA was a loss of $316M (negative 81% of ANR).

Guidance

• 2019 gross bookings constant currency growth was narrowed to 33% to 35% year-over-year, up from prior guidance of 31% to 35%.
• The narrowed 2019 gross bookings guidance equates to approximately $64B to $65B reported gross bookings at September month-end rates.
• 2019 adjusted EBITDA is now expected to be a loss of $2.9B to $2.8B, representing a $250M improvement at the midpoint versus prior guidance of $3.2B to $3.0B.
• Q4 2019 stock-based compensation is expected to be $250M to $300M.
• Q4 2019 basic and diluted weighted average share count is expected to be 1.7B to 1.725B.
• The company expects adjusted net revenue growth to accelerate into Q4 2019 and come in close to 40% year-over-year.
• The company is targeting consolidated EBITDA profitability for the full year 2021 on a fully consolidated basis.