Uber Technologies, Inc. ($58.63|2.23%) today announced financial results for the quarter ended June 30, 2020.
Here the highlights:
- Gross Bookings declined to $10.2 billion, down 35% year-over-year, or 32% on a constant currency basis, with Mobility Gross Bookings declining 73% and Delivery Gross Bookings growing 113% year-over-year, each on a constant currency basis.
- Revenue declined 29% year-over-year, or 27% on a constant currency basis. Mobility Revenue declined 67% year-over-year and Delivery Revenue grew 103% year-over-year.
- Adjusted Net Revenue (“ANR”) declined 33% year-over-year, Mobility ANR declined 66% year-over-year and Delivery ANR grew 162% year-over-year. YoY Growth % at constant currency & ex-Driver appreciation award was (37)% and with respect to Mobility and Delivery, (68)% and 163%, respectively.
- Adjusted Net Revenue and segment Adjusted Net Revenue excludes the impact of COVID-19 response initiatives.
- Net loss attributable to Uber Technologies, Inc. was $1.8 billion, which includes $131 million in stock-based compensation expense and $382 million in restructuring and related charges.
- Mobility1 Adjusted EBITDA delivered $50 million in profit, down $456 million year-over-year, and down $531 million quarter-over-quarter, and 6.3% margin as a percentage of Mobility ANR.
- Delivery1 Adjusted EBITDA was $(232) million, up $54 million year-over-year and up $81 million quarter-over-quarter.
- Adjusted EBITDA was $(837) million, down $181 million year-over-year, and $225 million quarter-over-quarter. Adjusted EBITDA excludes the impact of COVID-19 response initiatives.
- Unrestricted cash, cash equivalents and short-term investments were $7.8 billion.
- COVID-19 response initiatives had an impact on GAAP net loss of $48 million including an impact on GAAP revenue of $6 million and an impact on GAAP cost of revenue of $22 million and an impact on total operating expenses of $20 million.
Nelson Chai, CFO said:
“Our Mobility segment generated $50 million in Adjusted EBITDA profit, despite a 73 percent year-over-year decline in Gross Bookings, on a constant currency basis. Meanwhile, we improved our Delivery Adjusted EBITDA margin by 33 percentage points, and took quick and decisive action to remove over $1 billion in annualized costs across the entire company, reducing Corporate G&A and Platform R&D costs by over $150 million compared to last quarter. All this, in addition to our strong balance sheet, bolsters our continued confidence that we will achieve Adjusted EBITDA profitability before the end of 2021.”
Uber shares have been up 16% year to date.