UBER Q3 2020 Earnings

Call Details

• Call Title: Uber Technologies, Inc. Q3 2020 Earnings Call
• Date: November 5, 2020 at 9:30 PM UTC
• Management Team:
  • Dara Khosrowshahi (Chief Executive Officer)
  • Nelson Chai (Chief Financial Officer)
  • Emily Reuter (Investor Relations)
  • Christian Murphy (Not disclosed)

Call Summary

Financial Performance

• Total company gross bookings declined 8% year-over-year and improved 44% quarter-over-quarter.
• Adjusted net revenue (A&R) was $2.8B, down 19% year-over-year and up 47% versus Q2 2020.
• Total company adjusted EBITDA loss was $625M for Q3 2020 on a non-GAAP basis.
• Mobility gross bookings were $5.9B, down 50% year-over-year and improved 94% quarter-over-quarter.
• Mobility adjusted net revenue was $1.4B, down 51% year-over-year and improved 72% quarter-over-quarter.
• Delivery gross bookings were $8.6B, up 135% year-over-year, and delivery A&R was up 191% year-over-year.
• Delivery take rate expanded to 13.3%, up 256 basis points year-over-year and up 56 basis points quarter-over-quarter.
• Delivery adjusted EBITDA loss was $183M, or negative 16.1% of ANR, which improved $49M quarter-over-quarter.

Guidance

• October mobility annualized gross bookings run rate was reported at $28B.
• Mobility gross bookings were down 44% year-over-year on a constant currency basis in October and down 47% on a reported basis.
• Mobility A&R take rates are expected to be relatively flat year-over-year in Q4 2020, consistent with normal seasonal declines.
• Delivery adjusted EBITDA losses in Q4 2020 are expected to be similar to Q3 2020 on an absolute dollar basis with sequential improvements beyond Q4.
• Stock-based compensation is expected to be $200M to $250M in Q4 2020.
• The company stated confidence in achieving total company adjusted EBITDA break-even if mobility gross bookings are 10% to 20% lower than Q4 2019 levels based on current cost structure.
• Delivery profitability is expected sometime in 2021.