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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________
FORM 10-Q
____________________________________________
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____ to _____
Commission File Number: 001-38902
____________________________________________
UBER TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
____________________________________________
|
| |
Delaware | 45-2647441 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1455 Market Street, 4th Floor
San Francisco, California 94103
(Address of principal executive offices, including zip code)
(415) 612-8582
(Registrant’s telephone number, including area code)
____________________________________________
Securities registered pursuant to Section 12(b) of the Act:
|
| | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, par value $0.00001 per share | | UBER | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
| | | | | |
Large accelerated filer | ☐ | | | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | | | Smaller reporting company | ☐ |
| | | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of the registrant's common stock outstanding as of July 30, 2019 was 1,700,003,601.
UBER TECHNOLOGIES, INC.
TABLE OF CONTENTS
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Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
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• | our ability to successfully compete in highly competitive markets; |
| |
• | our ability to effectively manage our growth and maintain and improve our corporate culture; |
| |
• | our expectations regarding financial performance, including but not limited to revenue, Core Platform Adjusted Net Revenue, potential profitability, ability to generate positive Core Platform Contribution Margin and Adjusted EBITDA, expenses, and other results of operations; |
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• | our expectations regarding future operating performance, including but not limited to our expectations regarding future MAPCs, Trips, Gross Bookings, and Take Rate; |
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• | our expectations regarding our competitors’ use of incentives and promotions, our competitors’ ability to raise capital, and the effects of such incentives and promotions on our growth and results of operations; |
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• | our anticipated investments in new products and offerings, and the effect of these investments on our results of operations; |
| |
• | our anticipated capital expenditures and our estimates regarding our capital requirements; |
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• | our ability to close the acquisition of Careem and to integrate Careem and any future acquisitions into our operations; |
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• | anticipated technology trends and developments and our ability to address those trends and developments with our products and offerings; |
| |
• | the size of our addressable markets, market share, category positions, and market trends, including our ability to grow our business in the six countries we have identified as near-term priorities; |
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• | the safety, affordability, and convenience of our platform and our offerings; |
| |
• | our ability to identify, recruit, and retain skilled personnel, including key members of senior management; |
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• | our expected growth in the number of platform users, and our ability to promote our brand and attract and retain platform users; |
| |
• | our ability to maintain, protect, and enhance our intellectual property rights; |
| |
• | our ability to introduce new products and offerings and enhance existing products and offerings; |
| |
• | our ability to successfully enter into new geographies, expand our presence in countries in which we are limited by regulatory restrictions, and manage our international expansion; |
| |
• | the availability of capital to grow our business; |
| |
• | our ability to meet the requirements of our existing debt; |
| |
• | our ability to prevent disturbance to our information technology systems; |
| |
• | our ability to successfully defend litigation brought against us; |
| |
• | our ability to comply with existing, modified, or new laws and regulations applying to our business; and |
| |
• | our ability to implement, maintain, and improve our internal control over financial reporting. |
Actual events or results may differ from those expressed in forward-looking statements. As such, you should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, operating results, prospects, strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
(Unaudited)
|
| | | | | | | | |
|
| As of December 31, 2018 |
| As of June 30, 2019 |
Assets |
|
|
|
|
Cash and cash equivalents |
| $ | 6,406 |
|
| $ | 11,744 |
|
Restricted cash and cash equivalents |
| 67 |
|
| 137 |
|
Accounts receivable, net of allowance of $34 and $39, respectively |
| 919 |
|
| 1,290 |
|
Prepaid expenses and other current assets |
| 860 |
|
| 1,129 |
|
Assets held for sale |
| 406 |
|
| — |
|
Total current assets |
| 8,658 |
|
| 14,300 |
|
Restricted cash and cash equivalents |
| 1,736 |
|
| 1,809 |
|
Investments |
| 10,355 |
|
| 10,415 |
|
Equity method investments |
| 1,312 |
|
| 1,370 |
|
Property and equipment, net |
| 1,641 |
|
| 1,447 |
|
Operating lease right-of-use assets |
| — |
|
| 1,337 |
|
Intangible assets, net |
| 82 |
|
| 78 |
|
Goodwill |
| 153 |
|
| 167 |
|
Other assets |
| 51 |
|
| 57 |
|
Total assets |
| $ | 23,988 |
|
| $ | 30,980 |
|
Liabilities, mezzanine equity and stockholders’ equity (deficit) |
|
|
|
|
Accounts payable |
| $ | 150 |
|
| $ | 167 |
|
Short-term insurance reserves |
| 941 |
|
| 977 |
|
Operating lease liabilities, current |
| — |
|
| 180 |
|
Accrued and other current liabilities |
| 3,157 |
|
| 4,246 |
|
Liabilities held for sale |
| 11 |
|
| — |
|
Total current liabilities |
| 4,259 |
|
| 5,570 |
|
Long-term insurance reserves |
| 1,996 |
|
| 2,217 |
|
Long-term debt, net of current portion |
| 6,869 |
|
| 4,526 |
|
Operating lease liabilities, non-current |
| — |
|
| 1,274 |
|
Other long-term liabilities |
| 4,072 |
|
| 1,485 |
|
Total liabilities |
| 17,196 |
|
| 15,072 |
|
Commitments and contingencies (Note 14) |
|
|
|
|
|
|
Mezzanine equity |
|
|
|
|
|
|
Redeemable non-controlling interest |
| — |
|
| (14 | ) |
Redeemable convertible preferred stock, $0.00001 par value, 946,246 and zero shares authorized, 903,607 and zero shares issued and outstanding, respectively; aggregate liquidation preference of $14 and $0, respectively |
| 14,177 |
|
| — |
|
Stockholders’ equity (deficit) |
|
|
|
|
|
|
Common stock, $0.00001 par value, 2,696,114 and 5,000,000 shares authorized, 457,189 and 1,697,614 shares issued and outstanding, respectively |
| — |
|
| — |
|
Additional paid-in capital |
| 668 |
|
| 30,193 |
|
Accumulated other comprehensive loss |
| (188 | ) |
| (167 | ) |
Accumulated deficit |
| (7,865 | ) |
| (14,104 | ) |
Total stockholders’ equity (deficit) |
| (7,385 | ) |
| 15,922 |
|
Total liabilities, mezzanine equity, and stockholders’ equity (deficit) |
| $ | 23,988 |
|
| $ | 30,980 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
(Unaudited)
|
| | | | | | | | | | | | | | | | |
|
| Three Months Ended June 30, | | Six Months Ended June 30, |
|
| 2018 |
| 2019 | | 2018 | | 2019 |
Revenue |
| $ | 2,768 |
|
| $ | 3,166 |
| | $ | 5,352 |
| | $ | 6,265 |
|
Costs and expenses |
| | | | | | | |
Cost of revenue, exclusive of depreciation and amortization shown separately below |
| 1,342 |
|
| 1,740 |
| | 2,498 |
| | 3,421 |
|
Operations and support |
| 349 |
|
| 864 |
| | 721 |
| | 1,298 |
|
Sales and marketing |
| 715 |
|
| 1,222 |
| | 1,392 |
| | 2,262 |
|
Research and development |
| 365 |
|
| 3,064 |
| | 705 |
| | 3,473 |
|
General and administrative |
| 638 |
|
| 1,638 |
| | 1,067 |
| | 2,061 |
|
Depreciation and amortization |
| 98 |
|
| 123 |
| | 186 |
| | 269 |
|
Total costs and expenses |
| 3,507 |
|
| 8,651 |
| | 6,569 |
| | 12,784 |
|
Loss from operations |
| (739 | ) |
| (5,485 | ) | | (1,217 | ) | | (6,519 | ) |
Interest expense |
| (160 | ) |
| (151 | ) | | (292 | ) | | (368 | ) |
Other income (expense), net |
| 63 |
|
| 398 |
| | 5,000 |
| | 658 |
|
Income (loss) before income taxes and loss from equity method investment |
| (836 | ) |
| (5,238 | ) | | 3,491 |
| | (6,229 | ) |
Provision for (benefit from) income taxes |
| 28 |
|
| (2 | ) | | 604 |
| | 17 |
|
Loss from equity method investment, net of tax |
| (14 | ) |
| (10 | ) | | (17 | ) | | (16 | ) |
Net income (loss) including redeemable non-controlling interest |
| (878 | ) |
| (5,246 | ) | | 2,870 |
| | (6,262 | ) |
Less: net loss attributable to redeemable non-controlling interest, net of tax |
| — |
|
| (10 | ) | | — |
| | (14 | ) |
Net income (loss) attributable to Uber Technologies, Inc. |
| $ | (878 | ) |
| $ | (5,236 | ) | | $ | 2,870 |
| | $ | (6,248 | ) |
Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders: |
| | | | | | | |
Basic |
| $ | (1.99 | ) |
| $ | (4.72 | ) | | $ | 1.33 |
| | $ | (7.97 | ) |
Diluted |
| $ | (2.01 | ) |
| $ | (4.72 | ) | | $ | 1.20 |
| | $ | (7.98 | ) |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: |
| | | | | | | |
Basic |
| 440,958 |
|
| 1,110,704 |
| | 439,022 |
| | 783,900 |
|
Diluted |
| 441,408 |
|
| 1,110,704 |
| | 476,394 |
| | 783,982 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
|
| | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2018 |
| 2019 | | 2018 | | 2019 |
Net income (loss) including redeemable non-controlling interest | | $ | (878 | ) | | $ | (5,246 | ) | | $ | 2,870 |
| | $ | (6,262 | ) |
Other comprehensive income (loss), net of tax: | | | | | | | | |
Change in foreign currency translation adjustment | | (58 | ) | | 71 |
| | (65 | ) | | 17 |
|
Change in unrealized gain (loss) on investments in available-for-sale securities | | 39 |
| | 8 |
| | 39 |
| | 4 |
|
Other comprehensive income (loss), net of tax | | (19 | ) | | 79 |
| | (26 | ) | | 21 |
|
Comprehensive income (loss) including redeemable non-controlling interest | | (897 | ) | | (5,167 | ) | | 2,844 |
| | (6,241 | ) |
Less: Comprehensive loss attributable to redeemable non-controlling interest | | — |
| | (10 | ) | | — |
| | (14 | ) |
Comprehensive income (loss) attributable to Uber Technologies, Inc. | | $ | (897 | ) | | $ | (5,157 | ) | | $ | 2,844 |
| | $ | (6,227 | ) |
The accompanying notes are an integral part of these condensed consolidated financial statements.
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT)
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Redeemable Non-Controlling Interest | | Redeemable Convertible Preferred Stock | | | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Accumulated Deficit | | Total Stockholders' Deficit |
| | | Shares | | Amount | | | Shares | | Amount | | |
Balance as of December 31, 2017 | | $ | — |
| | 863,305 |
| | $ | 12,210 |
| | | 443,394 |
| | $ | — |
| | $ | 320 |
| | $ | (3 | ) | | $ | (8,874 | ) | | $ | (8,557 | ) |
Issuance of Series G redeemable convertible preferred stock, net of issuance costs | | — |
| | 30,755 |
| | 1,500 |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
Exercise of common stock warrants | | — |
| | — |
| | — |
| | | 31 |
| | — |
| | 1 |
| | — |
| | — |
| | 1 |
|
Repurchase of outstanding shares | | — |
| | — |
| | — |
| | | (1,707 | ) | | — |
| | — |
| | — |
| | 5 |
| | 5 |
|
Issuance of common stock from stock option exercise and restricted stock awards | | — |
| | — |
| | — |
| | | 7,689 |
| | — |
| | 15 |
| | — |
| | — |
| | 15 |
|
Repurchase of unvested early-exercised stock options | | — |
| | — |
| | — |
| | | (1 | ) | | — |
| | — |
| | — |
| | — |
| | — |
|
Reclassification of early-exercised stock options from liability, net | | — |
| | — |
| | — |
| | | — |
| | — |
| | 1 |
| | — |
| | — |
| | 1 |
|
Stock-based compensation | | — |
| | — |
| | — |
| | | — |
| | — |
| | 17 |
| | — |
| | — |
| | 17 |
|
Issuance and repayment of employee loans collateralized by outstanding common stock | | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | — |
| | (1 | ) | | (1 | ) |
Issuance of common stock as consideration for investment and acquisition | | — |
| | — |
| | — |
| | | 1,528 |
| | — |
| | 52 |
| | — |
| | — |
| | 52 |
|
Foreign currency translation adjustment | |
|
| | — |
| | — |
| | | — |
| | — |
| | — |
| | (7 | ) | | — |
| | (7 | ) |
Net income | | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | — |
| | 3,748 |
| | 3,748 |
|
Balance as of March 31, 2018 | | — |
| | 894,060 |
| | 13,710 |
| | | 450,934 |
| | — |
| | 406 |
| | (10 | ) | | (5,122 | ) | | (4,726 | ) |
Repurchase of Series G redeemable convertible preferred stock from Didi | | — |
| | (754 | ) | | (37 | ) | | | — |
| | — |
| | 4 |
| | — |
| | — |
| | 4 |
|
Repurchase of outstanding shares | | — |
| | (5 | ) | | — |
| | | (287 | ) | | — |
| | — |
| | — |
| | 7 |
| | 7 |
|
Exercise of stock options | | — |
| | — |
| | — |
| | | 129 |
| | — |
| | — |
| | — |
| | — |
| | — |
|
Repurchase of unvested early-exercised stock options | | — |
| | — |
| | — |
| | | (129 | ) | | — |
| | — |
| | — |
| | — |
| | — |
|
Reclassification of early-exercised stock options from liability, net | | — |
| | — |
| | — |
| | | — |
| | — |
| | 1 |
| | — |
| | — |
| | 1 |
|
Stock-based compensation | | — |
| | — |
| | — |
| | | — |
| | — |
| | 11 |
| | — |
| | — |
| | 11 |
|
Issuance and repayment of employee loans collateralized by outstanding common stock | | — |
| | — |
| | — |
| | | — |
| | — |
| | (1 | ) | | — |
| | — |
| | (1 | ) |
Issuance of common stock as consideration for investment and acquisition | | — |
| | — |
| | — |
| | | 2,605 |
| | — |
| | 93 |
| | — |
| | — |
| | 93 |
|
Unrealized gain on available-for-sale securities, net of tax | | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | 39 |
| | — |
| | 39 |
|
Foreign currency translation adjustment | | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | (58 | ) | | — |
| | (58 | ) |
Net loss | | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | — |
| | (878 | ) | | (878 | ) |
Balance as of June 30, 2018 | | $ | — |
| | 893,301 |
| | $ | 13,673 |
| | | 453,252 |
| | $ | — |
| | $ | 514 |
| | $ | (29 | ) | | $ | (5,993 | ) | | $ | (5,508 | ) |
The accompanying notes are an integral part of these condensed consolidated financial statements.
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT)
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Redeemable Non-Controlling Interest | | Redeemable Convertible Preferred Stock | | | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Accumulated Deficit | | Total Stockholders' Equity (Deficit) |
| | | Shares | | Amount | | | Shares | | Amount | | | | |
Balance as of December 31, 2018 | | $ | — |
| | 903,607 |
| | $ | 14,177 |
| | | 457,189 |
| | $ | — |
| | $ | 668 |
| | $ | (188 | ) | | $ | (7,865 | ) | | $ | (7,385 | ) |
Cumulative effect of adoption of new accounting standard | | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | — |
| | 9 |
| | 9 |
|
Exercise of warrants | | — |
| | 923 |
| | 45 |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
Lapsing of repurchase option related to Series E redeemable convertible preferred stock issued to a non-employee service provider | | — |
| | — |
| | 2 |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
Repurchase of outstanding shares | | — |
| | — |
| | — |
| | | (1 | ) | | — |
| | — |
| | — |
| | — |
| | — |
|
Exercise of stock options | | — |
| | — |
| | — |
| | | 677 |
| | — |
| | 4 |
| | — |
| | — |
| | 4 |
|
Repurchase of unvested early-exercised stock options | | — |
| | — |
| | — |
| | | (32 | ) | | — |
| | — |
| | — |
| | — |
| | — |
|
Stock-based compensation | | — |
| | — |
| | — |
| | | — |
| | — |
| | 10 |
| | — |
| | — |
| | 10 |
|
Unrealized loss on available-for-sale securities, net of tax | | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | (4 | ) | | — |
| | (4 | ) |
Foreign currency translation adjustment | | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | (54 | ) | | — |
| | (54 | ) |
Net loss | | (4 | ) | | — |
| | — |
| | | — |
| | — |
| | — |
| | — |
| | (1,012 | ) | | (1,012 | ) |
Balance as of March 31, 2019 | | (4 | ) | | 904,530 |
| | 14,224 |
| | | 457,833 |
| | — |
| | 682 |
| | (246 | ) | | (8,868 | ) | | (8,432 | ) |
Lapsing of repurchase option related to Series E redeemable convertible preferred stock issued to a non-employee service provider | | — |
| | — |
| | — |
| | | — |
| | — |
| | 3 |
| | — |
| | — |
| | 3 |
|
Conversion of warrant to common stock in connection with initial public offering | | — |
| | — |
| | — |
| | | 150 |
| | — |
| | 6 |
| | — |
| | — |
| | 6 |
|
Conversion of convertible notes to common stock in connection with initial public offering | | — |
| | — |
| | — |
| | | 93,978 |
| | — |
| | 4,229 |
| | — |
| | — |
| | 4,229 |
|
Exercise of stock options | | — |
| | — |
| | — |
| | | 501 |
| | — |
| | 1 |
| | — |
| | — |
| | 1 |
|
Stock-based compensation | | — |
| | — |
| | — |
| | | — |
| | — |
| | 3,943 |
| | — |
| | — |
| | 3,943 |
|
Unrealized gain on available-for-sale securities, net of tax | | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | 8 |
| | — |
| | 8 |
|
Foreign currency translation adjustment | | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | 71 |
| | — |
| | 71 |
|
Issuance of common stock in connection with initial public offering, net of offering costs | | — |
| | — |
| | — |
| | | 180,000 |
| | — |
| | 7,973 |
| | — |
| | — |
| | 7,973 |
|
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering | | — |
| | (904,530 | ) | | (14,224 | ) | | | 904,530 |
| | — |
| | 14,224 |
| | — |
| | — |
| | 14,224 |
|
Issuance of common stock related to private placement | | — |
| | — |
| | — |
| | | 11,111 |
| | — |
| | 500 |
| | — |
| | — |
| | 500 |
|
Issuance of common stock for settlement of RSUs | | — |
| | — |
| | — |
| | | 80,015 |
| | — |
| | — |
| | — |
| | — |
| | — |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares withheld related to net share settlement | | — |
| | — |
| | — |
| | | (30,504 | ) | | — |
| | (1,368 | ) | | — |
| | — |
| | (1,368 | ) |
Net loss | | (10 | ) | | — |
| | — |
| | | — |
| | — |
| | — |
| | — |
| | (5,236 | ) | | (5,236 | ) |
Balance as of June 30, 2019 | | $ | (14 | ) | | — |
| | $ | — |
| | | 1,697,614 |
| | $ | — |
| | $ | 30,193 |
| | $ | (167 | ) | | $ | (14,104 | ) | | $ | 15,922 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
|
| | | | | | | | |
|
| Six Months Ended June 30, |
|
| 2018 |
| 2019 |
Cash flows from operating activities |
|
|
|
|
|
|
Net income (loss) including redeemable non-controlling interest |
| $ | 2,870 |
|
| $ | (6,262 | ) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
| 186 |
|
| 269 |
|
Bad debt expense |
| 22 |
|
| 67 |
|
Stock-based compensation |
| 81 |
|
| 3,952 |
|
Gain on extinguishment of convertible notes and settlement of derivative | | — |
| | (444 | ) |
Gain on business divestitures |
| (3,201 | ) |
| — |
|
Deferred income tax |
| 470 |
|
| (31 | ) |
Revaluation of derivative liabilities |
| 402 |
|
| (58 | ) |
Accretion of discount on long-term debt |
| 149 |
|
| 78 |
|
Payment-in-kind interest |
| 35 |
|
| 10 |
|
Loss on disposal of property and equipment |
| 37 |
|
| 13 |
|
Impairment on long-lived assets held for sale |
| 79 |
|
| — |
|
Loss from equity method investment |
| 17 |
|
| 16 |
|
Gain on debt and equity securities, net |
| (1,984 | ) |
| (14 | ) |
Non-cash deferred revenue |
| — |
|
| (26 | ) |
Gain on forfeiture of unvested warrants and related share repurchases |
| (152 | ) |
| — |
|
Unrealized foreign currency transactions |
| 48 |
|
| (5 | ) |
Other |
| 6 |
|
| (1 | ) |
Change in operating assets and liabilities, net of impact of business acquisitions and disposals: |
|
|
|
|
|
|
Accounts receivable |
| (21 | ) |
| (436 | ) |
Prepaid expenses and other assets |
| (312 | ) |
| (178 | ) |
Accounts payable |
| (52 | ) |
| 9 |
|
Accrued insurance reserve |
| 516 |
|
| 257 |
|
Accrued expenses and other liabilities |
| 354 |
|
| 1,140 |
|
Net cash used in operating activities |
| (450 | ) |
| (1,644 | ) |
Cash flows from investing activities |
|
|
|
|
|
|
Proceeds from insurance reimbursement, sale and disposal of property and equipment |
| 230 |
|
| 41 |
|
Purchase of property and equipment |
| (209 | ) |
| (277 | ) |
Purchase of equity method investments |
| (423 | ) |
| — |
|
Proceeds from business disposal, net of cash divested |
| — |
|
| 293 |
|
Acquisition of businesses, net of cash acquired | | (64 | ) | | (7 | ) |
Net cash provided by (used in) investing activities |
| (466 | ) |
| 50 |
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from issuance of common stock upon initial public offering, net of offering costs | | — |
| | 7,977 |
|
Taxes paid related to net share settlement of equity awards | | — |
| | (1,368 | ) |
Proceeds from issuance of common stock related to private placement | | — |
| |
|