UBER Q4 2020 Earnings

Call Details

• Call Title: Uber Technologies, Inc. Q4 2020 Earnings Call
• Date: February 10, 2021 at 9:30 PM UTC
• Management Team:
  • Dara Khosrowshahi (Chief Executive Officer)
  • Nelson Chai (Chief Financial Officer)
  • Balaji Krishnamoorthy (Investor Relations)
  • Tony Lester (Chief Legal Officer)

Call Summary

Financial Performance

• Total company gross bookings were down 4% year-over-year and up 16% quarter-over-quarter.
• Revenue was $3.2B, down 15% year-over-year and up 13% quarter-over-quarter.
• Revenue take rate was 18.5% of gross bookings, down 221 basis points year-over-year and down 62 basis points quarter-over-quarter.
• Total company adjusted EBITDA loss was $454M, improving $161M year-over-year and $171M quarter-over-quarter.
• Corporate G&A and platform R&D totaled $489M, improving 24% year-over-year.
• The company ended the quarter with approximately $6.8B of unrestricted cash and short-term investments and had access to over $2B on the revolver.

Guidance

• The company expects total company gross bookings to return to year-over-year growth in Q1 2021 based on January trends.
• Uber expects Q1 2021 adjusted EBITDA to be flat or down quarter-over-quarter before meaningful improvement later in 2021.
• The company stated confidence that total company adjusted EBITDA will reach break-even at some point in 2021.
• Management expects delivery to turn EBITDA profitable in 2021 while also warning it may 'lean in' with investments in the first half of the year.
• For Q1 2021, the company expects roughly $40M to $50M of incremental investment toward Postmates, groceries, and other new verticals.
• The company said mobility take rate should be largely flattish in Q1 2021 but noted potential variability from COVID-driven market mix shifts.