EPS of -$0.43 beats by $0.06 | Revenue of $3.13B (-17.94% Y/Y) misses by $55.44M. Q3 Earnings Recap Uber Technologies reported Q3 earnings per share at $-0.62/share, which beat analyst predictions of $-0.65/share. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? Adjusted Net Revenue (“ANR”) declined 20% year-over-year, Mobility ANR declined 52% year-over-year and Delivery ANR grew 190% year-over-year. Revenue of $3.1 billion, declining 18% year-over-year or 17% on a constant currency basis. Meanwhile, subscription revenues counted $118.1 million, a 31% increase YoY. © 2020 Benzinga.com. Driver(s). Unrestricted cash, cash equivalents and short-term investments were $7.3 billion at the end of the third quarter. Uber lost over a billion dollars in the third quarter of 2020, but its revenues are not as depressing as earlier this year. Gross Bookings do not include tips earned by Drivers. A "no-mask-no-ride" policy is helping the company coax riders back out, despite Covid 19 concerns. We define Adjusted Net Revenue as revenue (i) less excess Driver incentives, (ii) less Driver referrals and (iii) the addition of our COVID-19 response initiative related payments for financial assistance to Drivers personally impacted by COVID-19 and Driver reimbursement for their cost of purchasing personal protective equipment. During the second quarter of 2020, we completed the divestiture of our JUMP business (the “JUMP Divestiture”), which comprised substantially all of the operations of our Other Bets reportable segment. “Adjusted Net Revenue,” “Mobility Adjusted Net Revenue,” “Delivery Adjusted Net Revenue” and constant currency are non-GAAP measures as defined by the SEC. Back to UBER Overview *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. He said Uber had improved its position in 11 of the top 15 markets in the United States during the third quarter including New York City, Chicago and Atlanta. Net loss attributable to Uber Technologies, Inc. was $1.1 billion in Q3 2020, which includes $183 million in stock-based compensation expense. Uber Technologies UBER is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. That means Uber will avoid the costs of providing a full slate of benefits and protections for drivers, including paid sick days and other time-off, unemployment insurance and healthcare. The company recorded a net loss of $1.1 billion in Q3 2020… If anything, Uber is an advantaged form of transportation versus others.". Adjusted EBITDA excludes the impact of COVID-19 response initiatives. Earnings fell to a loss of $1.12 billion, resulting in a 30.55% decrease from last quarter. Posted on November 5, 2020. Uber Technologies last posted its quarterly earnings data on November 5th, 2020. Uber Technologies (UBER Quick Quote UBER - Free Report) is scheduled to report third-quarter 2020 earnings numbers on Nov 5, after market close. The following table summarizes total stock-based compensation expense by function (in millions): Key Terms for Our Key Metrics and Non-GAAP Financial Measures. To help our board, management and investors assess the impact of these COVID-19 response initiatives on our results of operations, we are excluding the impact of these COVID-19 response initiatives from ANR. Benzinga does not provide investment advice. Cumulative payments to Drivers could exceed cumulative revenue from Drivers in transactions where the Drivers are our customers, as a result of Driver incentives or when the amount paid to Drivers for a Trip exceeds the fare charged to the consumer. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Benzinga does not provide investment advice. To supplement our financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, we use the following non-GAAP financial measures: Adjusted Net Revenue, Mobility Adjusted Net Revenue, Delivery Adjusted … Subsequent to the second quarter of 2020, All Other (formerly our Other Bets segment) was no longer deemed an operating or reportable segment. To support those whose earning opportunities have been depressed as a result of COVID-19, as well as communities hit hard by the pandemic, we have announced and implemented several initiatives, including, in particular, payments for financial assistance to Drivers personally impacted by COVID-19, the cost of personal protective equipment distributed to Drivers, Driver reimbursement for their cost of purchasing personal protective equipment, the costs related to free rides and food deliveries to healthcare workers, seniors, and others in need as well as charitable donations. “Our Mobility segment generated $245 million in Adjusted EBITDA, up nearly $200 million quarter-over-quarter, while we also improved Delivery Adjusted EBITDA margins by more than 10 percentage points. We define Adjusted Net Revenue as revenue (i) less excess Driver incentives, (ii) less Driver referrals and (iii) the addition of COVID-19 response initiative related payments for financial assistance to Drivers personally impacted by COVID-19 and Driver reimbursements for their cost of purchasing personal protective equipment. The company reported its Q3 2020 earnings details today, and while the business is still reeling from COVID-19, there are a few spots that show that Uber is slowly rebounding after a … We assessed these changes and determined we have four operating and reportable segments: Mobility, Delivery, Freight and ATG and Other Technology Programs. Slides Press Release 10-Q. Further, cumulative payments to Drivers for Delivery deliveries historically have exceeded the cumulative delivery fees paid by consumers. With its food delivery business outpacing its core rides business in the second quarter of 2020, Uber agreed to buy out the courier service Postmates, once seen as a competitor to Uber Eats, for a deal valued around $2.65 billion in July. We define Delivery Adjusted Net Revenue as Delivery revenue (i) less excess Driver incentives, (ii) less Driver referrals and (iii) the addition of COVID-19 response initiative related payments for financial assistance to Drivers personally impacted by COVID-19. Mobility Revenue declined 53% year-over-year and Delivery Revenue grew 125% year-over-year. Net loss attributable to Uber Technologies, Inc. includes stock-based compensation expense of $401 million and $183 million in Q3 2019 and Q3 2020, respectively. Uber CEO Dara Khosrowshahi on Q3 earnings miss, Prop 22 passing in California and more ... Fri, Nov 6 2020 9:35 AM EST. Instead, under Prop 22 in California, Uber will pay qualifying drivers partial benefits, like a minimum base pay that's better than federal minimum wage, and a subsidy on drivers' health insurance, with the subsidy amount based on how many hours they work. That business unit, which Uber started in 2017, has a post-money valuation of $3.3 billion, the company said in a statement. Uber Technologies, Inc. (symbol UBER) reported Q2 2020 earnings in their August 6 conference call. The other business activities that were not migrated represent an “all other category separate from other reconciling items” and are presented within the All Other caption. For more information on these non-GAAP financial measures, please see the sections titled “Key Terms for Our Key Metrics and Non-GAAP Financial Measures,” “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” included at the end of this release. We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from discontinued operations, net of income taxes, (ii) net income (loss) attributable to non-controlling interests, net of tax, (iii) provision for (benefit from) income taxes, (iv) income (loss) from equity method investments, (v) interest expense, (vi) other income (expense), net, (vii) depreciation and amortization, (viii) stock-based compensation expense, (ix) certain legal, tax, and regulatory reserve changes and settlements, (x) goodwill and asset impairments/loss on sale of assets, (xi) acquisition and financing related expenses, (xii) restructuring and related charges and (xiii) other items not indicative of our ongoing operating performance, including COVID-19 response initiative related payments for financial assistance to Drivers personally impacted by COVID-19, the cost of personal protective equipment distributed to Drivers, Driver reimbursement for their cost of purchasing personal protective equipment, the costs related to free rides and food deliveries to healthcare workers, seniors, and others in need as well as charitable donations. 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