Delaware
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45-2647441
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.00001 per share
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UBER
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New York Stock Exchange
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☒
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Smaller reporting company
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☐
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Emerging growth company
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☐
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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.
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☐
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Pages
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PART I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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PART III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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PART IV
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Item 15.
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Item 16.
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•
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our ability to successfully compete in highly competitive markets;
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•
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our ability to effectively manage our growth and maintain and improve our corporate culture;
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our expectations regarding financial performance, including but not limited to revenue, Adjusted Net Revenue, potential profitability and the timing thereof, ability to generate positive 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 Monthly Active Platform Consumers ("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;
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our anticipated capital expenditures and our estimates regarding our capital requirements;
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our ability to close and integrate 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;
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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;
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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;
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our ability to maintain, protect, and enhance our intellectual property rights;
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our ability to introduce new products and offerings and enhance existing products and offerings;
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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;
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our ability to successfully renew licenses to operate our business in certain jurisdictions;
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the availability of capital to grow our business;
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our ability to meet the requirements of our existing debt;
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our ability to prevent disturbance to our information technology systems;
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our ability to successfully defend litigation brought against us;
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our ability to comply with existing, modified, or new laws and regulations applying to our business; and
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our ability to implement, maintain, and improve our internal control over financial reporting.
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Massive Network
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Our massive, efficient, and intelligent network consists of tens of millions of Drivers, consumers, Restaurants, shippers, carriers, and dockless e-bikes and e-scooters, as well as underlying data, technology, and shared infrastructure. Our network becomes smarter with every trip. In approximately 10,000 cities around the world (as of January 1, 2020), our network powers movement at the touch of a button for millions, and we hope eventually billions, of people.
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Leading Technology
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We have built proprietary marketplace, routing, and payments technologies. Marketplace technologies are the core of our deep technology advantage and include demand prediction, matching and dispatching, and pricing technologies. Our technologies make it extremely efficient to launch new businesses and operationalize existing ones.
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Operational Excellence
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Our regional on-the-ground operations teams use their extensive market-specific knowledge to rapidly launch and scale products in cities, support Drivers, consumers, Restaurants, shippers, and carriers, and build and enhance relationships with cities and regulators.
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Product Expertise
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Our products are built with the expertise that allows us to set the standard for powering movement on-demand, provide platform users with a contextual, intuitive interface, continually evolve features and functionality, and deliver safety and trust.
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Rides. Our Rides offering competes with personal vehicle ownership and usage, which accounts for the majority of passenger miles in the markets that we serve, and traditional transportation services, including taxicab companies and taxi-hailing services, and livery services. In addition, public transportation can be a superior substitute to our Rides offering and in many cases, offers a faster and lower-cost travel option in many cities. We also compete with other ridesharing companies, including certain of our minority-owned affiliates, for drivers and riders, including Lyft, OLA, Didi, Taxify, and our Yandex.Taxi joint venture.
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Eats. Our Eats offering competes with numerous companies in the meal delivery space in various regions for drivers, consumers, and restaurants, including GrubHub, DoorDash, Deliveroo, Postmates, Delivery Hero, Just Eat, Takeaway.com, and Amazon. Our Eats offering also competes with restaurants, meal kit delivery services, grocery delivery services, and traditional grocers.
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Freight. Our Freight offering competes with global and North American freight brokers such as C.H. Robinson, Total Quality Logistics, XPO Logistics, Convoy, Echo Global Logistics, Coyote, Transfix, DHL, and NEXT Trucking.
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Other Bets. Our Other Bets segment products compete for riders in the bike and scooter space, including Motivate (an affiliate of Lyft), Lime, Bird, and Skip.
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ATG and Other Technology Programs. Our ATG and Other Technology Programs segment competes with OEMs and other technology companies in the development of autonomous vehicle technologies and the deployment of autonomous vehicles, including Waymo, Cruise Automation, Tesla, Apple, Zoox, Aptiv, Aurora, and Nuro.
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In London, Transport for London (“TfL”) denied our application for a new license on November 25, 2019. Rides Drivers who use Uber in London are licensed by TfL and as part of the licensing process undertake the same enhanced background checks as black cab drivers. We are continuing to operate in London, while we have appealed this decision and expect a hearing in Westminster Magistrates Court in mid-2020.
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In January 2019, we suspended our Rides products in Barcelona after the regional government enacted regulations mandating minimum wait times before riders could be picked up by ridesharing drivers.
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In addition, in August 2018, New York City approved regulations for the local for-hire market (which includes our Ridesharing products), including a cap on the number of new vehicle licenses issued to drivers who offer for-hire services. In December 2018, New York City also established a standard for time and distance designed to target minimum hourly earnings for drivers providing for-hire services in New York City and surrounding areas. These minimum rates took effect in February 2019, and the regulator will update them periodically. We continue to work through adjustments with respect to rider promotions, driver supply, and other aspects of our business in response to these regulations; however, these regulations had a negative impact on our financial performance in New York City throughout 2019 and may have a similar adverse impact in the future. In August 2019, New York City issued a regulation to limit how much time drivers providing ride-hailing services can spend cruising streets in busy areas of Manhattan without passengers. In December 2019, a New York state judge struck down this regulation, which was to come into effect in February 2020. New York City is appealing this ruling. Additionally, in November 2019, a ballot measure to impose a surcharge on ridesharing trips in San Francisco was approved by voters in San Francisco. This surcharge took effect on January 1, 2020.
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In December 2017, the Court of Justice of the European Union (“CJEU”) ruled in the Elite referral case that the peer-to-peer Ridesharing service UberPOP was inherently linked to a transport service and, accordingly, must be classified as “a service in the field of transport” within the meaning of applicable European Union (“EU”) legislation rather than an information society service. This ruling requires us to comply with national laws, rules, and regulations, if any, governing transport services in respect of the specific UberPOP product. The majority of our Ridesharing products in the EU currently operate under licensing regimes where one or more of Drivers, vehicles, or we are required to register or hold licenses to provide services. As such, while Member States can decide how to interpret this CJEU ruling in their national laws, rules, and regulations in accordance with applicable EU law, we believe the ruling will have a limited impact on our business and operations.
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In 2015, German authorities banned our peer-to-peer ridesharing product, UberPOP, after a court ruled that it violated local applicable laws, including transport laws, by intermediating riders with drivers operating without professional licenses.
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In Italy, while we currently have limited ridesharing operations through our licensed ridesharing product, UberBLACK, in Rome and Milan and a taxi product in Turin, we continue to face limitations due to extensive operational requirements faced by licensed drivers.
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Rides. Our Rides offering competes with personal vehicle ownership and usage, which accounts for the majority of passenger miles in the markets that we serve, and traditional transportation services, including taxicab companies and taxi-hailing services, and livery services. In addition, public transportation can be a superior substitute to our Rides offering and in many cases, offers a faster and lower-cost travel option in many cities. We also compete with other ridesharing companies, including certain of our minority-owned affiliates, for Drivers and riders, including Lyft, OLA, Didi, Taxify, and our Yandex.Taxi joint venture.
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Eats: Our Eats offering competes with numerous companies in the meal delivery space in various regions for Drivers, consumers, and restaurants, including GrubHub, DoorDash, Deliveroo, Postmates, Delivery Hero, Just Eat, Takeaway.com, and Amazon. Our Eats offering also competes with restaurants, including those that offer their own delivery and/or take-away, meal kit delivery services, grocery delivery services, and traditional grocers.
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Freight: Our Freight offering competes with global and North American freight brokers such as C.H. Robinson, Total Quality Logistics, XPO Logistics, Convoy, Echo Global Logistics, Coyote, Transfix, DHL, and NEXT Trucking, among others.
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Other Bets. Our New Mobility offering, included in our Other Bets segment, competes for riders in the bike and scooter space, including Motivate (an affiliate of Lyft), Lime, Bird, and Skip.
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ATG and Other Technology Programs. Our ATG and Other Technology Programs segment competes with OEMs and other technology companies in the development of autonomous vehicle technologies and the deployment of autonomous vehicles, including Waymo, Cruise Automation, Tesla, Apple, Zoox, Aptiv, Aurora, and Nuro.
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operational and compliance challenges caused by distance, language, and cultural differences;
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the resources required to localize our business, which requires the translation of our mobile app and website into foreign languages and the adaptation of our operations to local practices, laws, and regulations and any changes in such practices, laws, and regulations;
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laws and regulations more restrictive than those in the United States, including laws governing competition, pricing, payment methods, Internet activities, transportation services (such as taxis and vehicles for hire), transportation network companies (such as ridesharing), logistics services, payment processing and payment gateways, real estate tenancy laws, tax and social security laws, employment and labor laws, driver screening and background checks, licensing regulations, email messaging, privacy, location services, collection, use, processing, or sharing of personal information, ownership of intellectual property, and other activities important to our business;
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competition with companies or other services (such as taxis or vehicles for hire) that understand local markets better than we do, that have pre-existing relationships with potential platform users in those markets, or that are favored by government or regulatory authorities in those markets;
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differing levels of social acceptance of our brand, products, and offerings;
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differing levels of technological compatibility with our platform;
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exposure to business cultures in which improper business practices may be prevalent;
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legal uncertainty regarding our liability for the actions of platform users and third parties, including uncertainty resulting from unique local laws or a lack of clear legal precedent;
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difficulties in managing, growing, and staffing international operations, including in countries in which foreign employees may become part of labor unions, employee representative bodies, or collective bargaining agreements, and challenges relating to work stoppages or slowdowns;
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fluctuations in currency exchange rates;
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managing operations in markets in which cash transactions are favored over credit or debit cards;
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regulations governing the control of local currencies that impact our ability to collect fares on behalf of Drivers and remit those funds to Drivers in the same currencies, as well as higher levels of credit risk and payment fraud;
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adverse tax consequences, including the complexities of foreign value added tax systems, and restrictions on the repatriation of earnings;
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increased financial accounting and reporting burdens, and complexities associated with implementing and maintaining adequate internal controls;
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difficulties in implementing and maintaining the financial systems and processes needed to enable compliance across multiple offerings and jurisdictions;
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import and export restrictions and changes in trade regulation;
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political, social, and economic instability abroad, terrorist attacks and security concerns in general, and societal crime conditions that can directly impact platform users;
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public health concerns or emergencies, such as coronavirus and other highly communicable diseases or viruses, outbreaks of which have from time to time occurred in various parts of the world in which we operate; and
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reduced or varied protection for intellectual property rights in some markets.
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grow supply and demand on our platform;
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increase existing platform users’ activity on our platform;
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continue to introduce our platform to new markets;
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provide high-quality support to Drivers, consumers, restaurants, shippers, and carriers;
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expand our business and increase our market share and category position;
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compete with the products and offerings of, and pricing and incentives offered by, our competitors;
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develop new products, offerings, and technologies;
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identify and acquire or invest in businesses, products, offerings, or technologies that we believe could complement or expand our platform;
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penetrate suburban and rural areas and increase the number of rides taken on our platform outside metropolitan areas;
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reduce the costs of our Rides and New Mobility offerings to better compete with personal vehicle ownership and usage and other low-cost alternatives like public transportation, which in many cases can be faster or cheaper than any other form of transportation;
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maintain existing local regulations in key markets where we operate;
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enter or expand operations in some of the key countries in which we are currently limited by local regulations, such as Argentina, Germany, Italy, Japan, South Korea, and Spain; and
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increase positive perception of our brand.
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the imposition of trade laws or regulations;
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the imposition of duties, tariffs, and other charges on imports and exports, including with respect to imports and exports of dockless e-bikes and e-scooters from China;
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disruption in the supply of certain hardware and components from our international suppliers, particularly those in China;
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public health concerns or epidemics, such as the recent coronavirus outbreak, affecting the production capabilities of our suppliers, including by resulting in quarantines or closures;
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foreign currency fluctuations;
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theft; and
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restrictions on the transfer of funds.
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diverting management time and focus from operating our business to acquisition integration;
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disrupting our ongoing business operations;
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platform user acceptance of the acquired company’s offerings;
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implementing or remediating the controls, procedures, and policies of the acquired company;
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integrating the acquired business onto our systems and ensuring the acquired business meets our financial reporting requirements and timelines;
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retaining and integrating acquired employees, including aligning incentives between acquired employees and existing employees, as well as managing costs associated with eliminating redundancies or transferring employees on acceptable terms with minimal business disruption;
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maintaining important business relationships and contracts of the acquired business;
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liability for pre-acquisition activities of the acquired company;
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litigation or other claims or liabilities arising in connection with the acquisition or the acquired company; and
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impairment charges associated with goodwill, long-lived assets, investments, and other acquired intangible assets.
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actual or anticipated fluctuations in MAPCs, Trips, Adjusted EBITDA, Adjusted Net Revenue, Gross Bookings, revenue, or other operating and financial results;
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announcements by us or estimates by third parties of actual or anticipated changes in the number of Drivers and consumers on our platform;
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variations between our actual operating results and the expectations of our management, securities analysts, investors, the financial community;
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actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our company, or our failure to meet these estimates or the expectations of investors;
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announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;
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negative media coverage or publicity;
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changes in operating performance and stock market valuations of technology companies generally, or those in our industry in particular, including our competitors;
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price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;
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lawsuits threatened, filed, or decided against us;
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developments in legislation or regulatory actions, including interim or final rulings by judicial or regulatory bodies (including
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changes in accounting standards, policies, guidelines, interpretations, or principles;
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any major change in our board of directors or management;
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any safety incidents or public reports of safety incidents that occur on our platform or in our industry;
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statements, commentary, or opinions by public officials that our product offerings are or may be unlawful, regardless of any interim or final rulings by judicial or regulatory bodies; and
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other events or factors, including those resulting from war, incidents of terrorism, natural disasters, public health concerns or epidemics, such as the recent coronavirus outbreak, natural disasters, or responses to these events.
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our board of directors has the right to elect directors to fill vacancies created by the expansion of our board of directors or the resignation, death, or removal of a director, which prevents stockholders from being able to fill vacancies on our board of directors;
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advance notice requirements for stockholder proposals, which may reduce the number of stockholder proposals available for stockholder consideration;
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limitations on stockholder ability to convene special stockholder meetings, which could make it difficult for our stockholders to adopt desired governance changes;
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prohibition on cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates; and
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our board of directors is able to issue, without stockholder approval, shares of undesignated preferred stock, which makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to acquire us.
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any derivative action or proceeding brought on our behalf;
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any action asserting a breach of fiduciary duty;
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any action asserting a claim against us or our directors, officers, or employees arising under the Delaware General Corporation Law, our amended and restated certificate of incorporation, or our amended and restated bylaws;
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any action regarding our amended and restated certificate of incorporation or our amended and restated bylaws;
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any action as to which the Delaware General Corporation Law confers jurisdiction to the Court of Chancery of the State of Delaware; and
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any action asserting a claim against us that is governed by the internal-affairs doctrine.
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AB5 Lawsuits and Governmental Inquiries
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O’Connor, et al., v. Uber Technologies, Inc., et al and Yucesoy v. Uber Technologies, Inc., et al.
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State Unemployment Tax Proceedings
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Google v. Levandowski; Google v. Levandowski & Ron
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Copenhagen Criminal Prosecution
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Aslam, Farrar, Hoy and Mithu v. Uber B.V., Uber Britannia Ltd. and Uber London Ltd.
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Year Ended December 31,
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2015 (1)
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2016 (1)
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2017
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2018
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2019
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(Unaudited)
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(In millions, except share amounts which are reflected in thousands, and per share amounts)
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Consolidated Statements of Operations Data:
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Revenue
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$
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1,995
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|
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$
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3,845
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|
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$
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7,932
|
|
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$
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11,270
|
|
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$
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14,147
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|
Total costs and expenses (2)
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3,334
|
|
|
6,868
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12,012
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14,303
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22,743
|
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Loss from operations
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(1,339
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)
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(3,023
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)
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(4,080
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)
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(3,033
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)
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(8,596
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)
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Income (loss) from continuing operations before income taxes and loss from equity method investment (3)
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(1,603
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)
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|
(3,218
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)
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|
(4,575
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)
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|
1,312
|
|
|
(8,433
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)
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Income (loss) from discontinued operations, net of income taxes (4)
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(1,098
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)
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|
2,876
|
|
|
—
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|
|
—
|
|
|
—
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|
|||||
Net income (loss) attributable to Uber Technologies, Inc.
|
(2,688
|
)
|
|
(370
|
)
|
|
(4,033
|
)
|
|
997
|
|
|
(8,506
|
)
|
|||||
Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders:
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|
|
|
|
|
|
|
|
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||||||||||
Basic and diluted net income (loss) per common share: (5)
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
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$
|
(3.89
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)
|
|
$
|
(7.89
|
)
|
|
$
|
(9.46
|
)
|
|
$
|
—
|
|
|
$
|
(6.81
|
)
|
Discontinued operations
|
(2.68
|
)
|
|
6.99
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Basic and diluted net income (loss) per common share
|
$
|
(6.57
|
)
|
|
$
|
(0.90
|
)
|
|
$
|
(9.46
|
)
|
|
$
|
—
|
|
|
$
|
(6.81
|
)
|
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
408,838
|
|
|
411,501
|
|
|
426,360
|
|
|
443,368
|
|
|
1,248,353
|
|
|||||
Diluted
|
408,838
|
|
|
411,501
|
|
|
426,360
|
|
|
478,999
|
|
|
1,248,353
|
|
(1)
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On January 1, 2017, we adopted ASC 606 on a full retrospective basis. Accordingly, our audited consolidated financial statements for 2016 were recast to conform to ASC 606. See Note 1 - Description of Business and Summary of Significant Accounting Policies and Note 2 - Revenue included in Part II, Item 8, “Financial Statements and Supplementary Data”, of this Annual Report on Form 10-K. Comparative information for 2015 continues to be reported under the accounting standards in effect for this period and has not been recast to conform to ASC 606.
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(2)
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Total costs and expenses include $209 million, $128 million, $137 million, $172 million and $4.6 billion of stock-based compensation for the years ended December 31, 2015, 2016, 2017, 2018 and 2019, respectively. For the year ended December 31, 2019, total costs and expenses included $3.6 billion of stock-based compensation expense for awards with a performance-based vesting condition satisfied upon our IPO. For additional information, see Note 11 - Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) to our consolidated financial statements included in Part II, Item 8, “Financial Statements and Supplementary Data”, of this Annual Report on Form 10-K.
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(3)
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Income (loss) from continuing operations before income taxes and loss from equity method investment in 2018 includes a $2.3 billion gain on the sale of the our Southeast Asia operations, a $2.0 billion unrealized gain on our non-marketable equity securities related to Didi and a $954 million gain on the disposal of our Uber Russia and the Commonwealth of Independent States (“Russia/CIS”) operations. For additional information, see Note 10 - Supplemental Financial Statement Information to our consolidated financial statements included in Part II, Item 8, “Financial Statements and Supplementary Data”, of this Annual Report on Form 10-K.
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(4)
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In 2016, income (loss) from discontinued operations, net of income taxes reflects a gain on disposition of discontinued operations related to the divestiture of Uber China, partially offset by the loss from operations from Uber China.
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(5)
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For a description of our computation of basic and diluted net income (loss) per common share see Note 1 - Description of Business and Summary of Significant Accounting Policies and Note 13 - Net Income (Loss) Per Share to our consolidated financial statements included in Part II, Item 8, “Financial Statements and Supplementary Data”, of this Annual Report on Form 10-K.
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|
As of December 31,
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2015 (1)
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|
2016 (1)
|
|
2017
|
|
2018
|
|
2019 (2), (3)
|
||||||||||
|
(Unaudited)
|
|
|
|
|
|
|
|
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Consolidated Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
4,188
|
|
|
$
|
6,241
|
|
|
$
|
4,393
|
|
|
$
|
6,406
|
|
|
$
|
10,873
|
|
Short-term investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
440
|
|
|||||
Working capital (3)
|
4,644
|
|
|
4,589
|
|
|
2,990
|
|
|
4,399
|
|
|
8,286
|
|
|||||
Total assets
|
6,740
|
|
|
15,713
|
|
|
15,426
|
|
|
23,988
|
|
|
31,761
|
|
|||||
Long-term debt, net of current portion
|
1,423
|
|
|
3,087
|
|
|
3,048
|
|
|
6,869
|
|
|
5,707
|
|
|||||
Redeemable convertible preferred stock warrant liability
|
3
|
|
|
211
|
|
|
125
|
|
|
52
|
|
|
—
|
|
|||||
Total liabilities
|
4,078
|
|
|
9,198
|
|
|
11,773
|
|
|
17,196
|
|
|
16,578
|
|
|||||
Redeemable convertible preferred stock
|
6,256
|
|
|
11,111
|
|
|
12,210
|
|
|
14,177
|
|
|
—
|
|
|||||
Additional paid-in capital
|
120
|
|
|
209
|
|
|
320
|
|
|
668
|
|
|
30,739
|
|
|||||
Accumulated deficit
|
(4,265
|
)
|
|
(4,806
|
)
|
|
(8,874
|
)
|
|
(7,865
|
)
|
|
(16,362
|
)
|
|||||
Total equity (deficit)
|
(4,146
|
)
|
|
(4,596
|
)
|
|
(8,557
|
)
|
|
(7,385
|
)
|
|
14,872
|
|
(1)
|
On January 1, 2017, we adopted ASC 606 on a full retrospective basis. Accordingly, our audited consolidated financial statements for 2016 were recast to conform to ASC 606. See Note 1 - Description of Business and Summary of Significant Accounting Policies and Note 2 - Revenue included in Part II, Item 8, “Financial Statements and Supplementary Data”, of this Annual Report on Form 10-K. Comparative information for 2015 continues to be reported under the accounting standards in effect for this period and has not been recast to conform to ASC 606.
|
(2)
|
On January 1, 2019, we adopted ASC 842, “Leases” (“ASC 842”) using the modified retrospective transition method and used the effective date as the date of initial application. Consequently, financial information is not updated for periods before January 1, 2019. For additional information, see Note 1 - Description of Business and Summary of Significant Accounting Policies included in Part II, Item 8, “Financial Statements and Supplementary Data”, of this Annual Report on Form 10-K.
|
(3)
|
On May 14, 2019, we closed our IPO, issued and sold 180 million shares of our common stock and received net proceeds of approximately $8.0 billion. Upon closing of the IPO, (i) all our outstanding redeemable convertible preferred stock automatically converted to common stock; ii) holders of convertible notes elected to convert all outstanding notes into common stock; and, iii) an outstanding warrant (exercisable upon the closing of the IPO) was exercised to purchase common stock. For additional information, see Note 1 - Description of Business and Summary of Significant Accounting Policies included in Part II, Item 8, “Financial Statements and Supplementary Data”, of this Annual Report on Form 10-K.
|
(4)
|
Working capital is defined as total current assets less total current liabilities. See our audited consolidated financial statements and the related notes included in this Annual Report on Form 10-K for further details regarding our current assets and current liabilities as of December 31, 2018 and 2019.
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
|||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
|
2018 to 2019
% Change (Constant Currency (1)) |
|||||||||
Monthly Active Platform Consumers (“MAPCs”) (2), (3)
|
|
68
|
|
|
91
|
|
|
111
|
|
|
34
|
%
|
|
22
|
%
|
|
|
||||
Trips (2)
|
|
3,736
|
|
|
5,220
|
|
|
6,904
|
|
|
40
|
%
|
|
32
|
%
|
|
|
||||
Gross Bookings (2)
|
|
$
|
34,409
|
|
|
$
|
49,799
|
|
|
$
|
65,001
|
|
|
45
|
%
|
|
31
|
%
|
|
35
|
%
|
Revenue
|
|
$
|
7,932
|
|
|
$
|
11,270
|
|
|
$
|
14,147
|
|
|
42
|
%
|
|
26
|
%
|
|
28
|
%
|
Adjusted Net Revenue (1), (2)
|
|
$
|
7,203
|
|
|
$
|
10,297
|
|
|
$
|
12,897
|
|
|
43
|
%
|
|
25
|
%
|
|
28
|
%
|
Net income (loss) attributable to Uber Technologies, Inc. (4)
|
|
$
|
(4,033
|
)
|
|
$
|
997
|
|
|
$
|
(8,506
|
)
|
|
125
|
%
|
|
**
|
|
|
|
|
Rides Adjusted EBITDA
|
|
$
|
388
|
|
|
$
|
1,541
|
|
|
$
|
2,071
|
|
|
297
|
%
|
|
34
|
%
|
|
|
|
Adjusted EBITDA (1), (2)
|
|
$
|
(2,642
|
)
|
|
$
|
(1,847
|
)
|
|
$
|
(2,725
|
)
|
|
30
|
%
|
|
(48
|
)%
|
|
|
•
|
a guaranteed minimum earnings standard for Drivers;
|
•
|
occupational/accident insurance for injury protection;
|
•
|
healthcare subsidies; and
|
•
|
protection against discrimination and harassment.
|
|
|
Q1
2018 |
|
|
Q2
2018 |
|
|
Q3
2018 |
|
|
Q4
2018 |
|
|
Q1
2019 |
|
|
Q2
2019 |
|
|
Q3
2019 |
|
|
Q4
2019 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Rides
|
|
$
|
9,380
|
|
|
$
|
10,166
|
|
|
$
|
10,488
|
|
|
$
|
11,479
|
|
|
$
|
11,446
|
|
|
$
|
12,188
|
|
|
$
|
12,554
|
|
|
$
|
13,512
|
|
Eats
|
|
1,473
|
|
|
1,774
|
|
|
2,111
|
|
|
2,561
|
|
|
3,071
|
|
|
3,386
|
|
|
3,658
|
|
|
4,374
|
|
||||||||
Freight
|
|
40
|
|
|
70
|
|
|
123
|
|
|
126
|
|
|
128
|
|
|
167
|
|
|
223
|
|
|
219
|
|
||||||||
Other Bets
|
|
—
|
|
|
2
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|
15
|
|
|
30
|
|
|
26
|
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Revenue
|
|
$
|
7,203
|
|
|
$
|
10,297
|
|
|
$
|
12,897
|
|
|
43
|
%
|
|
25
|
%
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA
|
|
$
|
(2,642
|
)
|
|
$
|
(1,847
|
)
|
|
$
|
(2,725
|
)
|
|
30
|
%
|
|
(48
|
)%
|
•
|
Interest income, which consists primarily of interest earned on our cash and cash equivalents and restricted cash and cash equivalents.
|
•
|
Gain on business divestitures, which consists of gain on sale of divested operations.
|
•
|
Gain (loss) on debt and equity securities, net, which consists primarily of gains from fair value adjustments relating to our investments such as our investment in Didi.
|
•
|
Foreign currency exchange gains (losses), net, which consist primarily of remeasurement of transactions and monetary assets and liabilities denominated in currencies other than the functional currency at the end of the period.
|
•
|
Change in fair value of embedded derivatives, which consists primarily of gains and losses on embedded derivatives related to our Convertible Notes until their extinguishment in connection with our IPO.
|
•
|
Gain on extinguishment of convertible notes and settlement of derivatives.
|
•
|
Other, which consists primarily of changes in the fair value of warrants and income from forfeitures of warrants.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
|
|
|
|
|
|
|
||||||
Revenue
|
|
$
|
7,932
|
|
|
$
|
11,270
|
|
|
$
|
14,147
|
|
Costs and expenses:
|
|
|
|
|
|
|
||||||
Cost of revenue, exclusive of depreciation and amortization shown separately below
|
|
4,160
|
|
|
5,623
|
|
|
7,208
|
|
|||
Operations and support
|
|
1,354
|
|
|
1,516
|
|
|
2,302
|
|
|||
Sales and marketing
|
|
2,524
|
|
|
3,151
|
|
|
4,626
|
|
|||
Research and development
|
|
1,201
|
|
|
1,505
|
|
|
4,836
|
|
|||
General and administrative
|
|
2,263
|
|
|
2,082
|
|
|
3,299
|
|
|||
Depreciation and amortization
|
|
510
|
|
|
426
|
|
|
472
|
|
|||
Total costs and expenses
|
|
12,012
|
|
|
14,303
|
|
|
22,743
|
|
|||
Loss from operations
|
|
(4,080
|
)
|
|
(3,033
|
)
|
|
(8,596
|
)
|
|||
Interest expense
|
|
(479
|
)
|
|
(648
|
)
|
|
(559
|
)
|
|||
Other income (expense), net
|
|
(16
|
)
|
|
4,993
|
|
|
722
|
|
|||
Income (loss) before income taxes and loss from equity method investment
|
|
(4,575
|
)
|
|
1,312
|
|
|
(8,433
|
)
|
|||
Provision for (benefit from) income taxes
|
|
(542
|
)
|
|
283
|
|
|
45
|
|
|||
Loss from equity method investment, net of tax
|
|
—
|
|
|
(42
|
)
|
|
(34
|
)
|
|||
Net income (loss) including non-controlling interests
|
|
(4,033
|
)
|
|
987
|
|
|
(8,512
|
)
|
|||
Less: net income (loss) attributable to non-controlling interests, net of tax
|
|
—
|
|
|
(10
|
)
|
|
(6
|
)
|
|||
Net income (loss) attributable to Uber Technologies, Inc.
|
|
$
|
(4,033
|
)
|
|
$
|
997
|
|
|
$
|
(8,506
|
)
|
|
|
Year Ended December 31,
|
|||||||
|
|
2017
|
|
2018
|
|
2019
|
|||
|
|
|
|
|
|
|
|||
Revenue
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Costs and expenses:
|
|
|
|
|
|
|
|||
Cost of revenue, exclusive of depreciation and amortization shown separately below
|
|
52
|
%
|
|
50
|
%
|
|
51
|
%
|
Operations and support
|
|
17
|
%
|
|
13
|
%
|
|
16
|
%
|
Sales and marketing
|
|
32
|
%
|
|
28
|
%
|
|
33
|
%
|
Research and development
|
|
15
|
%
|
|
13
|
%
|
|
34
|
%
|
General and administrative
|
|
29
|
%
|
|
18
|
%
|
|
23
|
%
|
Depreciation and amortization
|
|
6
|
%
|
|
4
|
%
|
|
3
|
%
|
Total costs and expenses
|
|
151
|
%
|
|
127
|
%
|
|
161
|
%
|
Loss from operations
|
|
(51
|
)%
|
|
(27
|
)%
|
|
(61
|
)%
|
Interest expense
|
|
(6
|
)%
|
|
(6
|
)%
|
|
(4
|
)%
|
Other income (expense), net
|
|
—
|
%
|
|
44
|
%
|
|
5
|
%
|
Income (loss) before income taxes and loss from equity method investment
|
|
(58
|
)%
|
|
12
|
%
|
|
(60
|
)%
|
Provision for (benefit from) income taxes
|
|
(7
|
)%
|
|
3
|
%
|
|
—
|
%
|
Loss from equity method investment, net of tax
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Net income (loss) including non-controlling interests
|
|
(51
|
)%
|
|
9
|
%
|
|
(60
|
)%
|
Less: net income (loss) attributable to non-controlling interests, net of tax
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Net income (loss) attributable to Uber Technologies, Inc.
|
|
(51
|
)%
|
|
9
|
%
|
|
(60
|
)%
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rides (1)
|
|
$
|
7,278
|
|
|
$
|
9,437
|
|
|
$
|
10,745
|
|
|
30
|
%
|
|
14
|
%
|
Eats
|
|
587
|
|
|
1,460
|
|
|
2,510
|
|
|
149
|
%
|
|
72
|
%
|
|||
Freight
|
|
67
|
|
|
356
|
|
|
731
|
|
|
**
|
|
|
105
|
%
|
|||
Other Bets
|
|
—
|
|
|
17
|
|
|
119
|
|
|
**
|
|
|
**
|
|
|||
ATG and Other Technology Programs (2)
|
|
—
|
|
|
—
|
|
|
42
|
|
|
**
|
|
|
**
|
|
|||
Total revenue
|
|
$
|
7,932
|
|
|
$
|
11,270
|
|
|
$
|
14,147
|
|
|
42
|
%
|
|
26
|
%
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue, exclusive of depreciation and amortization
|
|
$
|
4,160
|
|
|
$
|
5,623
|
|
|
$
|
7,208
|
|
|
35
|
%
|
|
28
|
%
|
Percentage of revenue
|
|
52
|
%
|
|
50
|
%
|
|
51
|
%
|
|
|
|
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operations and support
|
|
$
|
1,354
|
|
|
$
|
1,516
|
|
|
$
|
2,302
|
|
|
12
|
%
|
|
52
|
%
|
Percentage of revenue
|
|
17
|
%
|
|
13
|
%
|
|
16
|
%
|
|
|
|
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
|
$
|
2,524
|
|
|
$
|
3,151
|
|
|
$
|
4,626
|
|
|
25
|
%
|
|
47
|
%
|
Percentage of revenue
|
|
32
|
%
|
|
28
|
%
|
|
33
|
%
|
|
|
|
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Research and development
|
|
$
|
1,201
|
|
|
$
|
1,505
|
|
|
$
|
4,836
|
|
|
25
|
%
|
|
221
|
%
|
Percentage of revenue
|
|
15
|
%
|
|
13
|
%
|
|
34
|
%
|
|
|
|
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
General and Administrative
|
|
$
|
2,263
|
|
|
$
|
2,082
|
|
|
$
|
3,299
|
|
|
(8
|
)%
|
|
58
|
%
|
Percentage of revenue
|
|
29
|
%
|
|
18
|
%
|
|
23
|
%
|
|
|
|
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
|
$
|
510
|
|
|
$
|
426
|
|
|
$
|
472
|
|
|
(16
|
)%
|
|
11
|
%
|
Percentage of revenue
|
|
6
|
%
|
|
4
|
%
|
|
3
|
%
|
|
|
|
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
$
|
(479
|
)
|
|
$
|
(648
|
)
|
|
$
|
(559
|
)
|
|
35
|
%
|
|
(14
|
)%
|
Percentage of revenue
|
|
(6
|
)%
|
|
(6
|
)%
|
|
(4
|
)%
|
|
|
|
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
$
|
71
|
|
|
$
|
104
|
|
|
$
|
234
|
|
|
46
|
%
|
|
125
|
%
|
Foreign currency exchange gains (losses), net
|
|
42
|
|
|
(45
|
)
|
|
(40
|
)
|
|
(207
|
)%
|
|
11
|
%
|
|||
Gain on business divestitures
|
|
—
|
|
|
3,214
|
|
|
—
|
|
|
**
|
|
|
(100
|
)%
|
|||
Gain (loss) on debt and equity securities, net
|
|
—
|
|
|
1,996
|
|
|
2
|
|
|
**
|
|
|
(100
|
)%
|
|||
Change in fair value of embedded derivatives
|
|
(173
|
)
|
|
(501
|
)
|
|
58
|
|
|
(190
|
)%
|
|
112
|
%
|
|||
Gain on extinguishment of convertible notes and settlement of derivatives
|
|
—
|
|
|
—
|
|
|
444
|
|
|
**
|
|
|
**
|
|
|||
Other
|
|
44
|
|
|
225
|
|
|
24
|
|
|
**
|
|
|
(89
|
)%
|
|||
Other income (expense), net
|
|
$
|
(16
|
)
|
|
$
|
4,993
|
|
|
$
|
722
|
|
|
**
|
|
|
(86
|
)%
|
Percentage of revenue
|
|
—
|
%
|
|
44
|
%
|
|
5
|
%
|
|
|
|
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
|||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Provision for (benefit from) income taxes
|
|
$
|
(542
|
)
|
|
$
|
283
|
|
|
$
|
45
|
|
|
**
|
|
(84
|
)%
|
Effective tax rate
|
|
11.8
|
%
|
|
21.6
|
%
|
|
(0.5
|
)%
|
|
|
|
|
|
|
Year Ended December 31,
|
|
2017 to 2018
% Change |
|
2018 to 2019
% Change |
|||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Loss from equity method investment, net of tax
|
|
$
|
—
|
|
|
$
|
(42
|
)
|
|
$
|
(34
|
)
|
|
**
|
|
19
|
%
|
Percentage of revenue
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
|
|
|
|
Year Ended December 31,
|
|
2017 vs. 2018
% Change |
|
2018 vs. 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rides (1)
|
|
$
|
6,773
|
|
|
$
|
9,165
|
|
|
$
|
10,622
|
|
|
35
|
%
|
|
16
|
%
|
Eats
|
|
363
|
|
|
759
|
|
|
1,383
|
|
|
109
|
%
|
|
82
|
%
|
|||
Freight
|
|
67
|
|
|
356
|
|
|
731
|
|
|
**
|
|
|
105
|
%
|
|||
Other Bets
|
|
—
|
|
|
17
|
|
|
119
|
|
|
**
|
|
|
**
|
|
|||
ATG and Other Technology Programs collaboration revenue (2)
|
|
—
|
|
|
—
|
|
|
42
|
|
|
**
|
|
|
**
|
|
|||
Adjusted Net Revenue
|
|
$
|
7,203
|
|
|
$
|
10,297
|
|
|
$
|
12,897
|
|
|
43
|
%
|
|
25
|
%
|
|
|
Year Ended December 31,
|
|
2017 vs. 2018
% Change |
|
2018 vs. 2019
% Change |
||||||||||||
(In millions, except percentages)
|
|
2017
|
|
2018
|
|
2019
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rides
|
|
$
|
388
|
|
|
$
|
1,541
|
|
|
$
|
2,071
|
|
|
297
|
%
|
|
34
|
%
|
Eats
|
|
(355
|
)
|
|
(601
|
)
|
|
(1,372
|
)
|
|
(69
|
)%
|
|
(128
|
)%
|
|||
Freight
|
|
(39
|
)
|
|
(102
|
)
|
|
(217
|
)
|
|
(162
|
)%
|
|
(113
|
)%
|
|||
Other Bets
|
|
(1
|
)
|
|
(50
|
)
|
|
(251
|
)
|
|
**
|
|
|
**
|
|
|||
ATG and Other Technology Programs
|
|
(543
|
)
|
|
(537
|
)
|
|
(499
|
)
|
|
1
|
%
|
|
7
|
%
|
|||
Corporate G&A and Platform R&D (1), (2)
|
|
(1,611
|
)
|
|
(1,971
|
)
|
|
(2,457
|
)
|
|
(22
|
)%
|
|
(25
|
)%
|
|||
Impact of 2018 Divested Operations (1)
|
|
(481
|
)
|
|
(127
|
)
|
|
—
|
|
|
74
|
%
|
|
**
|
|
|||
Adjusted EBITDA(3)
|
|
$
|
(2,642
|
)
|
|
$
|
(1,847
|
)
|
|
$
|
(2,725
|
)
|
|
30
|
%
|
|
(48
|
)%
|
|
|
Year Ended December 31,
|
||||||||||
(In millions)
|
|
2017
|
|
2018
|
|
2019
|
||||||
|
|
|
|
|
|
|
||||||
Adjusted Net Revenue reconciliation:
|
|
|
|
|
|
|
||||||
Revenue
|
|
$
|
7,932
|
|
|
$
|
11,270
|
|
|
$
|
14,147
|
|
Deduct:
|
|
|
|
|
|
|
||||||
Excess Driver incentives
|
|
(530
|
)
|
|
(837
|
)
|
|
(1,147
|
)
|
|||
Driver referrals
|
|
(199
|
)
|
|
(136
|
)
|
|
(103
|
)
|
|||
Adjusted Net Revenue
|
|
$
|
7,203
|
|
|
$
|
10,297
|
|
|
$
|
12,897
|
|
|
|
Year Ended December 31,
|
||||||||||
(In millions)
|
|
2017
|
|
2018
|
|
2019
|
||||||
|
|
|
|
|
|
|
||||||
Rides Adjusted Net Revenue reconciliation:
|
|
|
|
|
|
|
||||||
Rides revenue
|
|
$
|
7,278
|
|
|
$
|
9,437
|
|
|
$
|
10,745
|
|
Deduct:
|
|
|
|
|
|
|
||||||
Excess Driver incentives
|
|
(320
|
)
|
|
(150
|
)
|
|
(41
|
)
|
|||
Driver referrals
|
|
(185
|
)
|
|
(122
|
)
|
|
(82
|
)
|
|||
Rides Adjusted Net Revenue
|
|
$
|
6,773
|
|
|
$
|
9,165
|
|
|
$
|
10,622
|
|
|
|
Year Ended December 31,
|
||||||||||
(In millions)
|
|
2017
|
|
2018
|
|
2019
|
||||||
|
|
|
|
|
|
|
||||||
Eats Adjusted Net Revenue reconciliation:
|
|
|
|
|
|
|
||||||
Eats revenue
|
|
$
|
587
|
|
|
$
|
1,460
|
|
|
$
|
2,510
|
|
Deduct:
|
|
|
|
|
|
|
||||||
Excess Driver incentives
|
|
(210
|
)
|
|
(687
|
)
|
|
(1,106
|
)
|
|||
Driver referrals
|
|
(14
|
)
|
|
(14
|
)
|
|
(21
|
)
|
|||
Eats Adjusted Net Revenue
|
|
$
|
363
|
|
|
$
|
759
|
|
|
$
|
1,383
|
|
•
|
Adjusted EBITDA excludes certain recurring, non-cash charges, such as depreciation of property and equipment and amortization of intangible assets, and although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
|
•
|
Adjusted EBITDA excludes stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy;
|
•
|
Adjusted EBITDA excludes other items not indicative of our ongoing operating performance;
|
•
|
Adjusted EBITDA does not reflect period to period changes in taxes, income tax expense or the cash necessary to pay income taxes;
|
•
|
Adjusted EBITDA does not reflect the components of other income (expense), net, which includes interest income, foreign currency exchange gains (losses), net, gain on business divestitures, gain (loss) on debt and equity securities, net, and change in fair value of embedded derivatives; and
|
•
|
Adjusted EBITDA excludes certain legal, tax, and regulatory reserve changes and settlements that may reduce cash available to us.
|
|
|
Year Ended December 31,
|
||||||||||
(In millions)
|
|
2017
|
|
2018
|
|
2019
|
||||||
|
|
|
|
|
|
|
||||||
Adjusted EBITDA reconciliation:
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to Uber Technologies, Inc.
|
|
$
|
(4,033
|
)
|
|
$
|
997
|
|
|
$
|
(8,506
|
)
|
Add (deduct):
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to non-controlling interests, net of tax
|
|
—
|
|
|
(10
|
)
|
|
(6
|
)
|
|||
Provision for (benefit from) income taxes
|
|
(542
|
)
|
|
283
|
|
|
45
|
|
|||
(Income) loss from equity method investment, net of tax
|
|
—
|
|
|
42
|
|
|
34
|
|
|||
Interest expense
|
|
479
|
|
|
648
|
|
|
559
|
|
|||
Other (income) expense, net
|
|
16
|
|
|
(4,993
|
)
|
|
(722
|
)
|
|||
Depreciation and amortization
|
|
510
|
|
|
426
|
|
|
472
|
|
|||
Stock-based compensation expense
|
|
137
|
|
|
172
|
|
|
4,596
|
|
|||
Legal, tax, and regulatory reserve changes and settlements
|
|
440
|
|
|
340
|
|
|
353
|
|
|||
Driver appreciation award
|
|
—
|
|
|
—
|
|
|
299
|
|
|||
Payroll tax on IPO stock-based compensation
|
|
—
|
|
|
—
|
|
|
86
|
|
|||
Asset impairment/loss on sale of assets
|
|
340
|
|
|
237
|
|
|
8
|
|
|||
Acquisition and financing related expenses
|
|
4
|
|
|
15
|
|
|
—
|
|
|||
(Gain) loss on restructuring of lease arrangement
|
|
7
|
|
|
(4
|
)
|
|
—
|
|
|||
Restructuring charges
|
|
—
|
|
|
—
|
|
|
57
|
|
|||
Adjusted EBITDA
|
|
$
|
(2,642
|
)
|
|
$
|
(1,847
|
)
|
|
$
|
(2,725
|
)
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
|
March 31,
2018 |
|
June 30,
2018 |
|
Sept. 30,
2018 |
|
Dec. 31,
2018 |
|
March 31,
2019 |
|
June 30,
2019 |
|
Sept. 30,
2019 |
|
Dec. 31,
2019 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
(In millions, except per share amounts)
|
||||||||||||||||||||||||||||||
Revenue
|
|
$
|
2,584
|
|
|
$
|
2,768
|
|
|
$
|
2,944
|
|
|
$
|
2,974
|
|
|
$
|
3,099
|
|
|
$
|
3,166
|
|
|
$
|
3,813
|
|
|
$
|
4,069
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cost of revenue, exclusive of depreciation and amortization shown separately below
|
|
1,156
|
|
|
1,342
|
|
|
1,510
|
|
|
1,615
|
|
|
1,681
|
|
|
1,740
|
|
|
1,860
|
|
|
1,927
|
|
||||||||
Operations and support (1)
|
|
372
|
|
|
349
|
|
|
387
|
|
|
408
|
|
|
434
|
|
|
864
|
|
|
498
|
|
|
506
|
|
||||||||
Sales and marketing (1)
|
|
677
|
|
|
715
|
|
|
785
|
|
|
974
|
|
|
1,040
|
|
|
1,222
|
|
|
1,113
|
|
|
1,251
|
|
||||||||
Research and development (1)
|
|
340
|
|
|
365
|
|
|
434
|
|
|
366
|
|
|
409
|
|
|
3,064
|
|
|
755
|
|
|
608
|
|
||||||||
General and administrative (1)
|
|
429
|
|
|
638
|
|
|
460
|
|
|
555
|
|
|
423
|
|
|
1,638
|
|
|
591
|
|
|
647
|
|
||||||||
Depreciation and amortization
|
|
88
|
|
|
98
|
|
|
131
|
|
|
109
|
|
|
146
|
|
|
123
|
|
|
102
|
|
|
101
|
|
||||||||
Total costs and expenses
|
|
3,062
|
|
|
3,507
|
|
|
3,707
|
|
|
4,027
|
|
|
4,133
|
|
|
8,651
|
|
|
4,919
|
|
|
5,040
|
|
||||||||
Loss from operations
|
|
(478
|
)
|
|
(739
|
)
|
|
(763
|
)
|
|
(1,053
|
)
|
|
(1,034
|
)
|
|
(5,485
|
)
|
|
(1,106
|
)
|
|
(971
|
)
|
||||||||
Interest expense
|
|
(132
|
)
|
|
(160
|
)
|
|
(161
|
)
|
|
(195
|
)
|
|
(217
|
)
|
|
(151
|
)
|
|
(90
|
)
|
|
(101
|
)
|
||||||||
Other income (expense), net (2)
|
|
4,937
|
|
|
63
|
|
|
(54
|
)
|
|
47
|
|
|
260
|
|
|
398
|
|
|
49
|
|
|
15
|
|
||||||||
Income (loss) before income taxes and loss from equity method investment
|
|
4,327
|
|
|
(836
|
)
|
|
(978
|
)
|
|
(1,201
|
)
|
|
(991
|
)
|
|
(5,238
|
)
|
|
(1,147
|
)
|
|
(1,057
|
)
|
||||||||
Provision for (benefit from) income taxes
|
|
576
|
|
|
28
|
|
|
1
|
|
|
(322
|
)
|
|
19
|
|
|
(2
|
)
|
|
3
|
|
|
25
|
|
||||||||
Loss from equity method investment, net of tax
|
|
(3
|
)
|
|
(14
|
)
|
|
(15
|
)
|
|
(10
|
)
|
|
(6
|
)
|
|
(10
|
)
|
|
(9
|
)
|
|
(9
|
)
|
||||||||
Net income (loss) including non-controlling interests
|
|
3,748
|
|
|
(878
|
)
|
|
(994
|
)
|
|
(889
|
)
|
|
(1,016
|
)
|
|
(5,246
|
)
|
|
(1,159
|
)
|
|
(1,091
|
)
|
||||||||
Less: net income (loss) attributable to non-controlling interests, net of tax
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(10
|
)
|
|
3
|
|
|
5
|
|
||||||||
Net income (loss) attributable to Uber Technologies, Inc.
|
|
$
|
3,748
|
|
|
$
|
(878
|
)
|
|
$
|
(986
|
)
|
|
$
|
(887
|
)
|
|
$
|
(1,012
|
)
|
|
$
|
(5,236
|
)
|
|
$
|
(1,162
|
)
|
|
$
|
(1,096
|
)
|
Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
|
$
|
2.00
|
|
|
$
|
(1.99
|
)
|
|
$
|
(2.21
|
)
|
|
$
|
(1.97
|
)
|
|
$
|
(2.23
|
)
|
|
$
|
(4.72
|
)
|
|
$
|
(0.68
|
)
|
|
$
|
(0.64
|
)
|
Diluted
|
|
$
|
1.84
|
|
|
$
|
(2.01
|
)
|
|
$
|
(2.21
|
)
|
|
$
|
(1.98
|
)
|
|
$
|
(2.26
|
)
|
|
$
|
(4.72
|
)
|
|
$
|
(0.68
|
)
|
|
$
|
(0.64
|
)
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
|
March 31,
2018 |
|
June 30,
2018 |
|
Sept. 30,
2018 |
|
Dec. 31,
2018 |
|
March 31,
2019 |
|
June 30,
2019 |
|
Sept. 30,
2019 |
|
Dec. 31,
2019 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||||||
Operations and support
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
404
|
|
|
$
|
26
|
|
|
$
|
23
|
|
Sales and marketing
|
|
3
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
1
|
|
|
212
|
|
|
16
|
|
|
13
|
|
||||||||
Research and development
|
|
6
|
|
|
5
|
|
|
49
|
|
|
5
|
|
|
3
|
|
|
2,557
|
|
|
262
|
|
|
136
|
|
||||||||
General and administrative
|
|
49
|
|
|
12
|
|
|
9
|
|
|
13
|
|
|
6
|
|
|
768
|
|
|
97
|
|
|
71
|
|
||||||||
Total
|
|
$
|
63
|
|
|
$
|
20
|
|
|
$
|
64
|
|
|
$
|
25
|
|
|
$
|
11
|
|
|
$
|
3,941
|
|
|
$
|
401
|
|
|
$
|
243
|
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
|
March 31,
2018 |
|
June 30,
2018 |
|
Sept. 30,
2018 |
|
Dec. 31,
2018 |
|
March 31,
2019 |
|
June 30,
2019 |
|
Sept. 30,
2019 |
|
Dec. 31,
2019 |
||||||||
Revenue
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue, exclusive of depreciation and amortization shown separately below
|
|
45
|
%
|
|
48
|
%
|
|
51
|
%
|
|
54
|
%
|
|
54
|
%
|
|
55
|
%
|
|
49
|
%
|
|
47
|
%
|
Operations and support
|
|
14
|
%
|
|
13
|
%
|
|
13
|
%
|
|
14
|
%
|
|
14
|
%
|
|
27
|
%
|
|
13
|
%
|
|
12
|
%
|
Sales and marketing
|
|
26
|
%
|
|
26
|
%
|
|
27
|
%
|
|
33
|
%
|
|
34
|
%
|
|
39
|
%
|
|
29
|
%
|
|
31
|
%
|
Research and development
|
|
13
|
%
|
|
13
|
%
|
|
15
|
%
|
|
12
|
%
|
|
13
|
%
|
|
97
|
%
|
|
20
|
%
|
|
15
|
%
|
General and administrative
|
|
17
|
%
|
|
23
|
%
|
|
16
|
%
|
|
19
|
%
|
|
14
|
%
|
|
52
|
%
|
|
15
|
%
|
|
16
|
%
|
Depreciation and amortization
|
|
3
|
%
|
|
4
|
%
|
|
4
|
%
|
|
4
|
%
|
|
5
|
%
|
|
4
|
%
|
|
3
|
%
|
|
2
|
%
|
Total costs and expenses
|
|
118
|
%
|
|
127
|
%
|
|
126
|
%
|
|
135
|
%
|
|
133
|
%
|
|
273
|
%
|
|
129
|
%
|
|
124
|
%
|
Loss from operations
|
|
(18
|
)%
|
|
(27
|
)%
|
|
(26
|
)%
|
|
(35
|
)%
|
|
(33
|
)%
|
|
(173
|
)%
|
|
(29
|
)%
|
|
(24
|
)%
|
Interest expense
|
|
(5
|
)%
|
|
(6
|
)%
|
|
(5
|
)%
|
|
(7
|
)%
|
|
(7
|
)%
|
|
(5
|
)%
|
|
(2
|
)%
|
|
(2
|
)%
|
Other income (expense), net
|
|
191
|
%
|
|
2
|
%
|
|
(2
|
)%
|
|
2
|
%
|
|
8
|
%
|
|
13
|
%
|
|
1
|
%
|
|
—
|
%
|
Income (loss) before income taxes and loss from equity method investment
|
|
167
|
%
|
|
(30
|
)%
|
|
(33
|
)%
|
|
(40
|
)%
|
|
(32
|
)%
|
|
(165
|
)%
|
|
(30
|
)%
|
|
(26
|
)%
|
Provision for (benefit from) income taxes
|
|
22
|
%
|
|
1
|
%
|
|
—
|
%
|
|
(11
|
)%
|
|
1
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1
|
%
|
Loss from equity method investment, net of tax
|
|
—
|
%
|
|
(1
|
)%
|
|
(1
|
)%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Net income (loss) including non-controlling interests
|
|
145
|
%
|
|
(32
|
)%
|
|
(34
|
)%
|
|
(30
|
)%
|
|
(33
|
)%
|
|
(166
|
)%
|
|
(30
|
)%
|
|
(27
|
)%
|
Less: net income (loss) attributable to non-controlling interests, net of tax
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Net income (loss) attributable to Uber Technologies, Inc.
|
|
145
|
%
|
|
(32
|
)%
|
|
(33
|
)%
|
|
(30
|
)%
|
|
(33
|
)%
|
|
(165
|
)%
|
|
(30
|
)%
|
|
(27
|
)%
|
|
|
Year Ended December 31,
|
||||||||||
(In millions)
|
|
2017
|
|
2018
|
|
2019
|
||||||
|
|
|
|
|
|
|
||||||
Net cash used in operating activities
|
|
$
|
(1,418
|
)
|
|
$
|
(1,541
|
)
|
|
$
|
(4,321
|
)
|
Net cash used in investing activities
|
|
(487
|
)
|
|
(695
|
)
|
|
(790
|
)
|
|||
Net cash provided by financing activities
|
|
1,015
|
|
|
4,640
|
|
|
8,939
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
(In millions)
|
|
Total
|
|
Less than 1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More than 5 years
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt (1)
|
|
$
|
5,791
|
|
|
$
|
27
|
|
|
$
|
54
|
|
|
$
|
1,608
|
|
|
$
|
4,102
|
|
Financing obligation (2)
|
|
857
|
|
|
6
|
|
|
12
|
|
|
12
|
|
|
827
|
|
|||||
Operating lease commitments (2)
|
|
3,792
|
|
|
221
|
|
|
558
|
|
|
504
|
|
|
2,509
|
|
|||||
Finance lease commitments (2)
|
|
346
|
|
|
184
|
|
|
162
|
|
|
—
|
|
|
—
|
|
|||||
Non-cancelable purchase obligations (3)
|
|
235
|
|
|
107
|
|
|
122
|
|
|
6
|
|
|
—
|
|
|||||
Total contractual obligations
|
|
$
|
11,021
|
|
|
$
|
545
|
|
|
$
|
908
|
|
|
$
|
2,130
|
|
|
$
|
7,438
|
|
•
|
Targeted end-user discounts and promotions: These discounts and promotions are offered to specific end-users in a market to acquire, re-engage, or generally increase end-users’ use of our platform. An example is an offer providing a discount on a limited number of rides or meal deliveries during a limited time period, and are akin to coupons. We record the cost of these discounts and promotions as sales and marketing expense at the time they are redeemed by the end-user.
|
•
|
End-user referrals: These referrals are earned when an existing end-user (the referring end-user) refers a new end-user (the referred end-user) to the platform and the new end-user takes his or her first ride on the platform. These referrals are typically paid in the form of a credit given to the referring end-user when earned. These referrals are offered to attract new end-users to our platform. We record the liability for these referrals and corresponding expense as sales and marketing expense at the time the referral is earned by the referring end-user.
|
•
|
Market-wide promotions: These promotions are pricing actions in the form of discounts that reduce the end-user fare charged by Drivers to end-users for all or substantially all rides or meal deliveries in a specific market. Accordingly, we record the cost of these promotions as a reduction of revenue at the time the trip is completed.
|
•
|
Expected term. We estimate the expected term based on the simplified method for employees and on the contractual term for non-employees.
|
•
|
Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant.
|
•
|
Expected volatility. We estimate the volatility of our common stock on the date of grant based on the weighted-average historical stock price volatility of comparable publicly-traded companies in our industry group.
|
•
|
Expected dividend yield. Expected dividend yield is zero percent, as we have not paid and do not anticipate paying dividends on our common stock.
|
•
|
independent third-party valuations of our common stock;
|
•
|
the prices of the recent redeemable convertible preferred stock sales by us to investors in arm’s-length transactions;
|
•
|
the price of sales of our common stock and preferred stock in recent secondary sales by existing stockholders to investors;
|
•
|
our capital resources and financial condition;
|
•
|
the preferences held by our preferred stock classes relative to those of our common stock;
|
•
|
the likelihood and timing of achieving a liquidity event, such as an initial public offering or sale of the company, given prevailing market conditions;
|
•
|
our historical operating and financial performance as well as our estimates of future financial performance;
|
•
|
valuations of comparable companies;
|
•
|
the hiring of key personnel;
|
•
|
the status of our development, product introduction, and sales efforts;
|
•
|
the price paid by us to repurchase outstanding shares;
|
•
|
the relative lack of marketability of our common stock;
|
•
|
industry information such as market growth and volume and macro-economic events; and
|
•
|
additional objective and subjective factors relating to our business.
|
|
Pages
|
Consolidated Financial Statements
|
|
Financial Statement Schedule
|
|
|
|
As of December 31, 2018
|
|
As of December 31, 2019
|
||||
Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
6,406
|
|
|
$
|
10,873
|
|
Short-term investments
|
|
—
|
|
|
440
|
|
||
Restricted cash and cash equivalents
|
|
67
|
|
|
99
|
|
||
Accounts receivable, net of allowance of $34 for both years
|
|
919
|
|
|
1,214
|
|
||
Prepaid expenses and other current assets
|
|
860
|
|
|
1,299
|
|
||
Assets held for sale
|
|
406
|
|
|
—
|
|
||
Total current assets
|
|
8,658
|
|
|
13,925
|
|
||
Restricted cash and cash equivalents
|
|
1,736
|
|
|
1,095
|
|
||
Collateral held by insurer
|
|
—
|
|
|
1,199
|
|
||
Investments
|
|
10,355
|
|
|
10,527
|
|
||
Equity method investments
|
|
1,312
|
|
|
1,364
|
|
||
Property and equipment, net
|
|
1,641
|
|
|
1,731
|
|
||
Operating lease right-of-use assets
|
|
—
|
|
|
1,594
|
|
||
Intangible assets, net
|
|
82
|
|
|
71
|
|
||
Goodwill
|
|
153
|
|
|
167
|
|
||
Other assets
|
|
51
|
|
|
88
|
|
||
Total assets
|
|
$
|
23,988
|
|
|
$
|
31,761
|
|
Liabilities, mezzanine equity and equity (deficit)
|
|
|
|
|
||||
Accounts payable
|
|
$
|
150
|
|
|
$
|
272
|
|
Short-term insurance reserves
|
|
941
|
|
|
1,121
|
|
||
Operating lease liabilities, current
|
|
—
|
|
|
196
|
|
||
Accrued and other current liabilities
|
|
3,157
|
|
|
4,050
|
|
||
Liabilities held for sale
|
|
11
|
|
|
—
|
|
||
Total current liabilities
|
|
4,259
|
|
|
5,639
|
|
||
Long-term insurance reserves
|
|
1,996
|
|
|
2,297
|
|
||
Long-term debt, net of current portion
|
|
6,869
|
|
|
5,707
|
|
||
Operating lease liabilities, non-current
|
|
—
|
|
|
1,523
|
|
||
Other long-term liabilities
|
|
4,072
|
|
|
1,412
|
|
||
Total liabilities
|
|
17,196
|
|
|
16,578
|
|
||
Commitments and contingencies (Note 15)
|
|
|
|
|
|
|
||
Mezzanine equity
|
|
|
|
|
|
|
||
Redeemable non-controlling interests
|
|
—
|
|
|
311
|
|
||
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
|
|
|
—
|
|
||
Equity (deficit)
|
|
|
|
|
|
|
||
Common stock, $0.00001 par value, 2,696,114 and 5,000,000 shares authorized, 457,189 and 1,716,681 shares issued and outstanding, respectively
|
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
|
668
|
|
|
30,739
|
|
||
Accumulated other comprehensive loss
|
|
(188
|
)
|
|
(187
|
)
|
||
Accumulated deficit
|
|
(7,865
|
)
|
|
(16,362
|
)
|
||
Total Uber Technologies, Inc. stockholders' equity (deficit)
|
|
(7,385
|
)
|
|
14,190
|
|
||
Non-redeemable non-controlling interests
|
|
—
|
|
|
682
|
|
||
Total equity (deficit)
|
|
(7,385
|
)
|
|
14,872
|
|
||
Total liabilities, mezzanine equity and equity (deficit)
|
|
$
|
23,988
|
|
|
$
|
31,761
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
Revenue
|
|
$
|
7,932
|
|
|
$
|
11,270
|
|
|
$
|
14,147
|
|
Costs and expenses
|
|
|
|
|
|
|
||||||
Cost of revenue, exclusive of depreciation and amortization shown separately below
|
|
4,160
|
|
|
5,623
|
|
|
7,208
|
|
|||
Operations and support
|
|
1,354
|
|
|
1,516
|
|
|
2,302
|
|
|||
Sales and marketing
|
|
2,524
|
|
|
3,151
|
|
|
4,626
|
|
|||
Research and development
|
|
1,201
|
|
|
1,505
|
|
|
4,836
|
|
|||
General and administrative
|
|
2,263
|
|
|
2,082
|
|
|
3,299
|
|
|||
Depreciation and amortization
|
|
510
|
|
|
426
|
|
|
472
|
|
|||
Total costs and expenses
|
|
12,012
|
|
|
14,303
|
|
|
22,743
|
|
|||
Loss from operations
|
|
(4,080
|
)
|
|
(3,033
|
)
|
|
(8,596
|
)
|
|||
Interest expense
|
|
(479
|
)
|
|
(648
|
)
|
|
(559
|
)
|
|||
Other income (expense), net
|
|
(16
|
)
|
|
4,993
|
|
|
722
|
|
|||
Income (loss) before income taxes and loss from equity method investment
|
|
(4,575
|
)
|
|
1,312
|
|
|
(8,433
|
)
|
|||
Provision for (benefit from) income taxes
|
|
(542
|
)
|
|
283
|
|
|
45
|
|
|||
Loss from equity method investment, net of tax
|
|
—
|
|
|
(42
|
)
|
|
(34
|
)
|
|||
Net income (loss) including non-controlling interests
|
|
(4,033
|
)
|
|
987
|
|
|
(8,512
|
)
|
|||
Less: net loss attributable to non-controlling interests, net of tax
|
|
—
|
|
|
(10
|
)
|
|
(6
|
)
|
|||
Net income (loss) attributable to Uber Technologies, Inc.
|
|
$
|
(4,033
|
)
|
|
$
|
997
|
|
|
$
|
(8,506
|
)
|
Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
(9.46
|
)
|
|
$
|
—
|
|
|
$
|
(6.81
|
)
|
Diluted
|
|
$
|
(9.46
|
)
|
|
$
|
—
|
|
|
$
|
(6.81
|
)
|
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
|
|
|
|
|
|
|
||||||
Basic
|
|
426,360
|
|
|
443,368
|
|
|
1,248,353
|
|
|||
Diluted
|
|
426,360
|
|
|
478,999
|
|
|
1,248,353
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
Net income (loss) including non-controlling interests
|
|
$
|
(4,033
|
)
|
|
$
|
987
|
|
|
$
|
(8,512
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Change in foreign currency translation adjustment
|
|
(4
|
)
|
|
(225
|
)
|
|
(3
|
)
|
|||
Change in unrealized gain on investments in available-for-sale securities
|
|
—
|
|
|
40
|
|
|
4
|
|
|||
Other comprehensive income (loss), net of tax
|
|
(4
|
)
|
|
(185
|
)
|
|
1
|
|
|||
Comprehensive income (loss) including non-controlling interests
|
|
(4,037
|
)
|
|
802
|
|
|
(8,511
|
)
|
|||
Less: comprehensive loss attributable to non-controlling interests
|
|
—
|
|
|
(10
|
)
|
|
(6
|
)
|
|||
Comprehensive income (loss) attributable to Uber Technologies, Inc.
|
|
$
|
(4,037
|
)
|
|
$
|
812
|
|
|
$
|
(8,505
|
)
|
|
|
Redeemable Convertible Preferred Stock
|
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Accumulated Deficit
|
|
Total Equity (Deficit)
|
||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
Shares
|
|
Amount
|
|
|
||||||||||||||||||||
Balance as of December 31, 2016
|
|
840,859
|
|
|
$
|
11,111
|
|
|
|
455,051
|
|
|
$
|
—
|
|
|
$
|
209
|
|
|
$
|
1
|
|
|
$
|
(4,806
|
)
|
|
$
|
(4,596
|
)
|
Issuance of Series G redeemable convertible preferred stock, net of issuance costs
|
|
20,667
|
|
|
1,008
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Exercise of warrants
|
|
1,779
|
|
|
87
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Vesting of common stock warrants
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Lapsing of repurchase option related to Series E redeemable convertible preferred stock issued to a non-employee service provider
|
|
—
|
|
|
4
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Repurchase of outstanding shares
|
|
—
|
|
|
—
|
|
|
|
(11,016
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
(32
|
)
|
||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
|
2,897
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||
Repurchase of unvested early-exercised stock options
|
|
—
|
|
|
—
|
|
|
|
(3,538
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Reclassification of early-exercised stock options from liability, net
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
—
|
|
|
—
|
|
|
97
|
|
||||||
Issuance and repayment of employee loans collateralized by outstanding common stock
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(3
|
)
|
|
1
|
|
||||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,033
|
)
|
|
(4,033
|
)
|
||||||
Balance as of December 31, 2017
|
|
863,305
|
|
|
$
|
12,210
|
|
|
|
443,394
|
|
|
$
|
—
|
|
|
$
|
320
|
|
|
$
|
(3
|
)
|
|
$
|
(8,874
|
)
|
|
$
|
(8,557
|
)
|
|
|
Redeemable Non-Controlling Interest
|
|
Redeemable Convertible Preferred Stock
|
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Accumulated Deficit
|
|
Total Equity (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
|
|
—
|
|
|
41,007
|
|
|
2,000
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Repurchase of Series G redeemable convertible preferred stock from Didi
|
|
—
|
|
|
(754
|
)
|
|
(37
|
)
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||||
Exercise of warrants
|
|
—
|
|
|
54
|
|
|
3
|
|
|
|
34
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Lapsing of repurchase option related to Series E redeemable convertible preferred stock issued to a non-employee service provider
|
|
—
|
|
|
—
|
|
|
1
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Repurchase of outstanding shares
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
|
(2,553
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
|||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
11,809
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|||||||
Issuance of restricted common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
514
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||||
Repurchase of unvested early-exercised stock options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(142
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Reclassification of early-exercised stock options from liability, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
125
|
|
|||||||
Issuance and repayment of employee loans collateralized by outstanding common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(1
|
)
|
|
3
|
|
|||||||
Issuance of common stock as consideration for investment and acquisition
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
4,133
|
|
|
—
|
|
|
144
|
|
|
—
|
|
|
—
|
|
|
144
|
|
|||||||
Issuance of non-controlling interest
|
|
10
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|||||||
Deferred tax benefit arising from acquisition of previously consolidated entity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|||||||
Unrealized gain on available-for-sale securities, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
|||||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(225
|
)
|
|
—
|
|
|
(225
|
)
|
|||||||
Net income (loss)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
997
|
|
|
997
|
|
|||||||
Balance as of December 31, 2018
|
|
$
|
—
|
|
|
903,607
|
|
|
$
|
14,177
|
|
|
|
457,189
|
|
|
$
|
—
|
|
|
$
|
668
|
|
|
$
|
(188
|
)
|
|
$
|
(7,865
|
)
|
|
$
|
(7,385
|
)
|
|
|
Redeemable Non-Controlling Interest
|
|
Redeemable Convertible Preferred Stock
|
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Accumulated Deficit
|
|
Non-Redeemable Non-Controlling Interests
|
|
Total 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
|
|
||||||||
Vesting and 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
|
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||||||
Conversion of warrant to common stock in connection with initial public offering
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
150
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||||
Conversion of convertible notes to common stock in connection with initial public offering
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
93,978
|
|
|
—
|
|
|
4,229
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,229
|
|
||||||||
Repurchase of outstanding shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
6,924
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
||||||||
Exercise of put option on common stock held by Yandex
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(1,528
|
)
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
||||||||
Repurchase of unvested early-exercised stock options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(32
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
4,634
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,634
|
|
||||||||
Issuance of common stock under the Employee Stock Purchase Plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
2,076
|
|
|
—
|
|
|
49
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49
|
|
||||||||
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 in private placement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
11,111
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500
|
|
||||||||
Issuance of common stock for settlement of RSUs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
98,328
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Shares withheld related to net share settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(36,249
|
)
|
|
—
|
|
|
(1,573
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,573
|
)
|
||||||||
Reclassification of share-based award liability to additional paid-in capital
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
||||||||
Repayment of employee loans collateralized by outstanding common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
||||||||
Issuance of common stock as consideration for investment and acquisition
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
205
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||||
Issuance of non-controlling interests
|
|
333
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
667
|
|
|
667
|
|
||||||||
Unrealized gain on available-for-sale securities, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||||
Net loss
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,506
|
)
|
|
15
|
|
|
(8,491
|
)
|
||||||||
Balance as of December 31, 2019
|
|
$
|
311
|
|
|
—
|
|
|
$
|
—
|
|
|
|
1,716,681
|
|
|
$
|
—
|
|
|
$
|
30,739
|
|
|
$
|
(187
|
)
|
|
$
|
(16,362
|
)
|
|
$
|
682
|
|
|
$
|
14,872
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
||||
Net income (loss) including non-controlling interests
|
|
$
|
(4,033
|
)
|
|
$
|
987
|
|
|
$
|
(8,512
|
)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
510
|
|
|
426
|
|
|
472
|
|
|||
Bad debt expense
|
|
82
|
|
|
71
|
|
|
92
|
|
|||
Stock-based compensation
|
|
124
|
|
|
170
|
|
|
4,596
|
|
|||
Gain on extinguishment of convertible notes and settlement of derivatives
|
|
—
|
|
|
—
|
|
|
(444
|
)
|
|||
Gain on business divestitures
|
|
—
|
|
|
(3,214
|
)
|
|
—
|
|
|||
Deferred income tax
|
|
(762
|
)
|
|
35
|
|
|
(88
|
)
|
|||
Revaluation of derivative liabilities
|
|
173
|
|
|
501
|
|
|
(58
|
)
|
|||
Accretion of discount on long-term debt
|
|
244
|
|
|
318
|
|
|
82
|
|
|||
Payment-in-kind interest
|
|
69
|
|
|
71
|
|
|
10
|
|
|||
Loss on disposal of property and equipment
|
|
117
|
|
|
59
|
|
|
10
|
|
|||
Impairment of long-lived assets held for sale
|
|
223
|
|
|
197
|
|
|
—
|
|
|||
Loss from equity method investment
|
|
—
|
|
|
42
|
|
|
34
|
|
|||
Gain on debt and equity securities, net
|
|
—
|
|
|
(1,996
|
)
|
|
(2
|
)
|
|||
Non-cash deferred revenue
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
|||
Gain on forfeiture of unvested warrants and related share repurchases
|
|
—
|
|
|
(152
|
)
|
|
—
|
|
|||
Unrealized foreign currency transactions
|
|
(59
|
)
|
|
53
|
|
|
16
|
|
|||
Other
|
|
(16
|
)
|
|
1
|
|
|
23
|
|
|||
Change in assets and liabilities, net of impact of business acquisitions and disposals:
|
|
|
|
|
|
|
|
|
||||
Accounts receivable
|
|
(442
|
)
|
|
(279
|
)
|
|
(407
|
)
|
|||
Prepaid expenses and other assets
|
|
(120
|
)
|
|
(473
|
)
|
|
(478
|
)
|
|||
Collateral held by insurer
|
|
—
|
|
|
—
|
|
|
(1,199
|
)
|
|||
Operating lease right-of-use assets
|
|
—
|
|
|
—
|
|
|
201
|
|
|||
Accounts payable
|
|
(79
|
)
|
|
(39
|
)
|
|
95
|
|
|||
Accrued insurance reserves
|
|
1,284
|
|
|
943
|
|
|
481
|
|
|||
Accrued expenses and other liabilities
|
|
1,267
|
|
|
738
|
|
|
960
|
|
|||
Operating lease liabilities
|
|
—
|
|
|
—
|
|
|
(153
|
)
|
|||
Net cash used in operating activities
|
|
(1,418
|
)
|
|
(1,541
|
)
|
|
(4,321
|
)
|
|||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
||||
Proceeds from insurance reimbursement, sale and disposal of property and equipment
|
|
342
|
|
|
369
|
|
|
51
|
|
|||
Purchase of property and equipment
|
|
(821
|
)
|
|
(558
|
)
|
|
(588
|
)
|
|||
Purchase of intangible assets
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|||
Purchase of equity method investments
|
|
—
|
|
|
(412
|
)
|
|
—
|
|
|||
Purchase of non-marketable debt securities
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|||
Purchase of non-marketable investments
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
|||
Purchases of marketable securities
|
|
—
|
|
|
—
|
|
|
(441
|
)
|
|||
Proceeds from maturities and sales of marketable securities
|
|
—
|
|
|
—
|
|
|
2
|
|
|||
Proceeds from business disposal, net of cash divested
|
|
—
|
|
|
—
|
|
|
293
|
|
|||
Acquisition of businesses, net of cash acquired
|
|
—
|
|
|
(64
|
)
|
|
(7
|
)
|
|||
Net cash used in investing activities
|
|
(487
|
)
|
|
(695
|
)
|
|
(790
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
||||
Proceeds from issuance of common stock upon initial public offering, net of offering costs
|
|
—
|
|
|
—
|
|
|
7,973
|
|
Taxes paid related to net share settlement of equity awards
|
|
—
|
|
|
—
|
|
|
(1,573
|
)
|
|||
Proceeds from issuance of common stock in private placement
|
|
—
|
|
|
—
|
|
|
500
|
|
|||
Proceeds from issuance of subsidiary preferred stock units
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|||
Proceeds from exercise of stock options, net of repurchases
|
|
3
|
|
|
27
|
|
|
19
|
|
|||
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan
|
|
—
|
|
|
—
|
|
|
49
|
|
|||
Repurchase of outstanding shares
|
|
(131
|
)
|
|
(10
|
)
|
|
—
|
|
|||
Issuance of term loan and senior notes, net of issuance costs
|
|
—
|
|
|
3,466
|
|
|
1,189
|
|
|||
Principal repayment on term loan
|
|
(12
|
)
|
|
(19
|
)
|
|
(27
|
)
|
|||
Proceeds from revolving lines of credit
|
|
202
|
|
|
—
|
|
|
—
|
|
|||
Principal repayment on revolving lines of credit
|
|
(76
|
)
|
|
(491
|
)
|
|
—
|
|
|||
Principal payments on capital and finance leases
|
|
—
|
|
|
(89
|
)
|
|
(138
|
)
|
|||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs
|
|
1,008
|
|
|
1,750
|
|
|
—
|
|
|||
Dissolution of joint venture and subsequent proceeds
|
|
19
|
|
|
38
|
|
|
—
|
|
|||
Repurchase of stock subject to put options related to Yandex
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|||
Other
|
|
2
|
|
|
(32
|
)
|
|
21
|
|
|||
Net cash provided by financing activities
|
|
1,015
|
|
|
4,640
|
|
|
8,939
|
|
|||
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents
|
|
22
|
|
|
(119
|
)
|
|
(4
|
)
|
|||
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents
|
|
(868
|
)
|
|
2,285
|
|
|
3,824
|
|
|||
Cash and cash equivalents, and restricted cash and cash equivalents
|
|
|
|
|
|
|
|
|||||
Beginning of period
|
|
6,826
|
|
|
5,828
|
|
|
8,209
|
|
|||
Reclassification from (to) assets held for sale during the period
|
|
(130
|
)
|
|
96
|
|
|
34
|
|
|||
End of period, excluding cash classified within assets held for sale
|
|
$
|
5,828
|
|
|
$
|
8,209
|
|
|
$
|
12,067
|
|
Supplemental disclosures of cash flow information
|
|
|
|
|
|
|
|
|
||||
Cash paid for:
|
|
|
|
|
|
|
|
|
||||
Interest, net of amount capitalized
|
|
$
|
61
|
|
|
$
|
124
|
|
|
$
|
332
|
|
Income taxes, net of refunds
|
|
153
|
|
|
289
|
|
|
133
|
|
|||
Non-cash investing and financing activities:
|
|
|
|
|
|
|
|
|
||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering
|
|
—
|
|
|
—
|
|
|
14,224
|
|
|||
Conversion of convertible notes to common stock upon initial public offering
|
|
—
|
|
|
—
|
|
|
4,229
|
|
|||
Stock-based compensation capitalized as software development costs
|
|
1
|
|
|
—
|
|
|
61
|
|
|||
Changes in purchases of property, equipment and software recorded in accounts payable and accrued liabilities
|
|
(4
|
)
|
|
14
|
|
|
52
|
|
|||
Changes in share repurchase commitment made in each period
|
|
(44
|
)
|
|
(13
|
)
|
|
—
|
|
|||
Financed construction projects
|
|
214
|
|
|
177
|
|
|
—
|
|
|||
Capital and finance lease obligations
|
|
124
|
|
|
165
|
|
|
251
|
|
|||
Deferred unpaid offering costs
|
|
—
|
|
|
4
|
|
|
—
|
|
|||
Settlement of litigation through issuance of redeemable convertible preferred stock
|
|
—
|
|
|
250
|
|
|
—
|
|
|||
Common stock issued in connection with acquisitions
|
|
—
|
|
|
93
|
|
|
9
|
|
|||
Ownership interest in MLU B.V. received in connection with the disposition of Uber Russia/CIS operations
|
|
—
|
|
|
1,410
|
|
|
—
|
|
|||
Grab debt security received in exchange for the sale of Southeast Asia operations
|
|
—
|
|
|
2,275
|
|
|
—
|
|
|
|
As of December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
Cash and cash equivalents
|
|
$
|
4,393
|
|
|
$
|
6,406
|
|
|
$
|
10,873
|
|
Restricted cash and cash equivalents - current
|
|
142
|
|
|
67
|
|
|
99
|
|
|||
Restricted cash and cash equivalents - non-current
|
|
1,293
|
|
|
1,736
|
|
|
1,095
|
|
|||
Total cash and cash equivalents, and restricted cash and cash equivalents
|
|
$
|
5,828
|
|
|
$
|
8,209
|
|
|
$
|
12,067
|
|
Property and Equipment
|
|
Estimated Useful Life
|
Land
|
|
Indefinite
|
Buildings
|
|
30 years
|
Site improvements
|
|
5-15 years
|
Leased vehicles
|
|
3-10 years
|
Computer equipment
|
|
3-5 years
|
Furniture and fixtures
|
|
3-5 years
|
Dockless e-bikes
|
|
3 years
|
Internal-use software
|
|
2 years
|
Leased computer equipment
|
|
Shorter of estimated useful life or lease term
|
Leasehold improvements
|
|
Shorter of estimated useful life or lease term
|
Level 1
|
Observable inputs such as quoted prices in active markets for identical assets or liabilities.
|
Level 2
|
Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of the assets or liabilities.
|
Level 3
|
Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities.
|
•
|
Cost of revenue, exclusive of depreciation and amortization, primarily consists of credit card processing fees, bank fees, data center and networking expenses, mobile device and service costs, certain ride insurance costs, payments including incentives to Drivers and Restaurants in excess of revenues earned from Drivers and Restaurants, costs incurred with carriers for Uber Freight transportation services, and amounts related to fare chargebacks and other credit card losses.
|
•
|
Operations and support expenses primarily consist of compensation costs, including stock-based compensation, for employees that support operations in cities, including the general managers, Driver operations, platform user support representatives and community managers. Also included is the cost of customer support, Driver background checks and the allocation of certain corporate costs.
|
•
|
Research and development expenses primarily consist of compensation costs, including stock-based compensation, for employees in engineering, design and product development. Expenses includes ATG and Other Technology Programs development expenses, as well as expenses associated with ongoing improvements to, and maintenance of, existing products and services, and allocation of certain corporate costs.
|
•
|
Sales and marketing expenses primarily consist of compensation costs, including stock-based compensation to sales and marketing employees, advertising costs, product marketing costs, the cost of referral services provided by Drivers and Restaurants and incentives, refunds, and credits to end-users, and the allocation of certain corporate costs. The Company expenses advertising and other promotional expenditures as incurred. Advertising expenses totaled $1.1 billion, $1.3 billion and $1.3 billion for the years ended December 31, 2017, 2018 and 2019, respectively. Incentives, refunds, and credits to end-users totaled $949 million, $1.4 billion, and $2.5 billion for the years ended December 31, 2017, 2018 and 2019, respectively.
|
•
|
General and administrative expenses primarily consist of compensation costs, including stock-based compensation, for executive management and administrative employees, including finance and accounting, human resources, policy and communications, and legal, as well as allocation of certain corporate costs, occupancy, and non-ride insurance costs. General and administrative expenses also include certain legal settlements.
|
•
|
Depreciation and amortization expenses primarily consist of depreciation on buildings, site improvements, computer and network equipment, software, leasehold improvements, leased vehicles, furnitures, fixtures, dockless e-bikes, and amortization of intangible assets.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
Rides revenue
|
|
$
|
6,888
|
|
|
$
|
9,182
|
|
|
$
|
10,612
|
|
Vehicle Solutions revenue (1)
|
|
345
|
|
|
143
|
|
|
21
|
|
|||
Other revenue
|
|
45
|
|
|
112
|
|
|
112
|
|
|||
Total Rides revenue
|
|
7,278
|
|
|
9,437
|
|
|
10,745
|
|
|||
Eats revenue
|
|
587
|
|
|
1,460
|
|
|
2,510
|
|
|||
Freight revenue
|
|
67
|
|
|
356
|
|
|
731
|
|
|||
Other Bets revenue (1)
|
|
—
|
|
|
17
|
|
|
119
|
|
|||
ATG and Other Technology Programs collaboration revenue (2)
|
|
—
|
|
|
—
|
|
|
42
|
|
|||
Total revenue
|
|
$
|
7,932
|
|
|
$
|
11,270
|
|
|
$
|
14,147
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
United States and Canada
|
|
$
|
4,367
|
|
|
$
|
6,521
|
|
|
$
|
8,805
|
|
Latin America ("LATAM")
|
|
1,645
|
|
|
2,002
|
|
|
1,947
|
|
|||
Europe, Middle East and Africa ("EMEA")
|
|
1,157
|
|
|
1,721
|
|
|
2,148
|
|
|||
Asia Pacific ("APAC") (1)
|
|
763
|
|
|
1,026
|
|
|
1,247
|
|
|||
Total revenue
|
|
$
|
7,932
|
|
|
$
|
11,270
|
|
|
$
|
14,147
|
|
|
|
Less Than or
Equal To 12 Months |
|
Greater Than
12 Months |
|
Total
|
||||||
As of December 31, 2019
|
|
$
|
52
|
|
|
$
|
35
|
|
|
$
|
87
|
|
|
|
As of December 31,
|
||||||
|
|
2018
|
|
2019
|
||||
Classified as short-term investments:
|
|
|
|
|
||||
Marketable debt securities (1):
|
|
|
|
|
||||
Commercial paper
|
|
$
|
—
|
|
|
$
|
148
|
|
U.S. government and agency securities
|
|
—
|
|
|
93
|
|
||
Corporate bonds
|
|
—
|
|
|
199
|
|
||
Short-term investments
|
|
$
|
—
|
|
|
$
|
440
|
|
|
|
|
|
|
||||
Classified as investments:
|
|
|
|
|
||||
Non-marketable equity securities:
|
|
|
|
|
||||
Didi (2)
|
|
$
|
7,953
|
|
|
$
|
7,953
|
|
Other
|
|
32
|
|
|
204
|
|
||
Non-marketable debt securities:
|
|
|
|
|
||||
Grab (3), (4)
|
|
2,328
|
|
|
2,336
|
|
||
Other (5)
|
|
42
|
|
|
34
|
|
||
Investments
|
|
$
|
10,355
|
|
|
$
|
10,527
|
|
|
As of December 31, 2018
|
|
As of December 31, 2019
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Money market funds
|
$
|
1,505
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,505
|
|
|
$
|
5,104
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,104
|
|
Commercial paper
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
233
|
|
|
—
|
|
|
233
|
|
||||||||
U.S. government and agency securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
153
|
|
|
—
|
|
|
153
|
|
||||||||
Corporate bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
199
|
|
|
—
|
|
|
199
|
|
||||||||
Non-marketable debt securities
|
—
|
|
|
—
|
|
|
2,370
|
|
|
2,370
|
|
|
—
|
|
|
—
|
|
|
2,370
|
|
|
2,370
|
|
||||||||
Non-marketable equity securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
98
|
|
||||||||
Total financial assets
|
$
|
1,505
|
|
|
$
|
—
|
|
|
$
|
2,370
|
|
|
$
|
3,875
|
|
|
$
|
5,104
|
|
|
$
|
585
|
|
|
$
|
2,468
|
|
|
$
|
8,157
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Warrants
|
—
|
|
|
—
|
|
|
52
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Embedded derivatives
|
—
|
|
|
—
|
|
|
2,018
|
|
|
2,018
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total financial liabilities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,079
|
|
|
$
|
2,079
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
As of December 31, 2019
|
||||||
|
|
Amortized Cost
|
|
Fair Value
|
||||
Within one year
|
|
$
|
408
|
|
|
$
|
408
|
|
One year through five years
|
|
2,456
|
|
|
2,513
|
|
||
Total
|
|
$
|
2,864
|
|
|
$
|
2,921
|
|
|
As of December 31, 2018
|
|
As of December 31, 2019
|
||||||||||||||||||||||||||||
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
||||||||||||||||
Commercial paper
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
233
|
|
|
—
|
|
|
—
|
|
|
233
|
|
||||||||
U.S. government and agency securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
153
|
|
|
—
|
|
|
—
|
|
|
153
|
|
||||||||
Corporate bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
199
|
|
|
—
|
|
|
—
|
|
|
199
|
|
||||||||
Non-marketable debt securities
|
2,305
|
|
|
65
|
|
|
—
|
|
|
2,370
|
|
|
2,309
|
|
|
61
|
|
|
—
|
|
|
2,370
|
|
||||||||
Total
|
$
|
2,305
|
|
|
$
|
65
|
|
|
$
|
—
|
|
|
$
|
2,370
|
|
|
$
|
2,894
|
|
|
$
|
61
|
|
|
$
|
—
|
|
|
$
|
2,955
|
|
Fair value method
|
|
Relative weighting
|
|
Key unobservable input
|
||
Financing transactions
|
|
100%
|
|
Transaction price per share
|
|
$6.16
|
|
|
|
|
Volatility
|
|
48% - 54%
|
|
|
|
|
Estimated time to liquidity
|
|
1.0 - 2.5 years
|
|
|
Non-marketable
Debt Securities |
|
Non-marketable
Equity Securities |
||||
Balance as of December 31, 2018
|
|
$
|
2,370
|
|
|
$
|
—
|
|
Total net gains (losses)
|
|
|
|
|
||||
Included in earnings
|
|
(8
|
)
|
|
11
|
|
||
Included in other comprehensive income (loss)
|
|
4
|
|
|
—
|
|
||
Purchases (1)
|
|
4
|
|
|
56
|
|
||
Transfers (2)
|
|
—
|
|
|
31
|
|
||
Balance as of December 31, 2019
|
|
$
|
2,370
|
|
|
$
|
98
|
|
|
|
Warrants
|
|
Convertible Debt Embedded Derivative
|
||||
Balance as of December 31, 2017
|
|
$
|
125
|
|
|
$
|
1,517
|
|
Vesting of share warrants
|
|
41
|
|
|
—
|
|
||
Exercise of vested share warrants
|
|
(2
|
)
|
|
—
|
|
||
forfeiture of unvested share warrants
|
|
(120
|
)
|
|
—
|
|
||
Change in fair value
|
|
8
|
|
|
501
|
|
||
Balance as of December 31, 2018
|
|
$
|
52
|
|
|
$
|
2,018
|
|
Vesting of share warrants
|
|
1
|
|
|
—
|
|
||
Exercise of vested share warrants
|
|
(53
|
)
|
|
—
|
|
||
Change in fair value
|
|
—
|
|
|
(58
|
)
|
||
Settlement of derivative liability
|
|
—
|
|
|
(1,960
|
)
|
||
Balance as of December 31, 2019
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2018
|
|
2019
|
||||
Upward adjustments
|
|
$
|
1,984
|
|
|
$
|
—
|
|
Downward adjustments (including impairment)
|
|
—
|
|
|
—
|
|
||
Total unrealized gain for non-marketable equity securities
|
|
$
|
1,984
|
|
|
$
|
—
|
|
|
|
As of December 31,
|
||||||
|
|
2018
|
|
2019
|
||||
Initial cost basis
|
|
$
|
6,001
|
|
|
$
|
6,075
|
|
Upward adjustments
|
|
1,984
|
|
|
1,984
|
|
||
Downward adjustments (including impairment)
|
|
—
|
|
|
—
|
|
||
Total carrying value at the end of the period
|
|
$
|
7,985
|
|
|
$
|
8,059
|
|
|
|
As of December 31,
|
||||||
|
|
2018
|
|
2019
|
||||
MLU B.V. (1)
|
|
$
|
1,234
|
|
|
$
|
1,224
|
|
Mission Bay 3 & 4 (2)
|
|
78
|
|
|
140
|
|
||
Equity method investments
|
|
$
|
1,312
|
|
|
$
|
1,364
|
|
|
|
As of December 31, 2019
|
||
Equity method goodwill
|
|
$
|
801
|
|
Intangible assets, net of accumulated amortization
|
|
118
|
|
|
Deferred tax liabilities
|
|
(30
|
)
|
|
Cumulative currency translation adjustments
|
|
(93
|
)
|
|
Basis difference
|
|
$
|
796
|
|
|
|
As of December 31,
|
||||||
|
|
2018
|
|
2019
|
||||
Land
|
|
$
|
67
|
|
|
$
|
76
|
|
Building and site improvements
|
|
93
|
|
|
40
|
|
||
Leasehold improvements
|
|
315
|
|
|
382
|
|
||
Computer equipment
|
|
858
|
|
|
927
|
|
||
Leased computer equipment
|
|
288
|
|
|
539
|
|
||
Leased vehicles
|
|
34
|
|
|
24
|
|
||
Internal-use software
|
|
51
|
|
|
127
|
|
||
Furniture and fixtures
|
|
39
|
|
|
49
|
|
||
Dockless e-bikes
|
|
10
|
|
|
78
|
|
||
Construction in progress
|
|
832
|
|
|
863
|
|
||
Total
|
|
2,587
|
|
|
3,105
|
|
||
Less: Accumulated depreciation and amortization
|
|
(946
|
)
|
|
(1,374
|
)
|
||
Property and equipment, net
|
|
$
|
1,641
|
|
|
$
|
1,731
|
|
|
|
Year Ended December 31, 2019
|
||
Lease cost
|
|
|
||
Finance lease cost:
|
|
|
||
Amortization of assets
|
|
$
|
150
|
|
Interest of lease liabilities
|
|
15
|
|
|
Operating lease cost
|
|
321
|
|
|
Short-term lease cost
|
|
28
|
|
|
Variable lease cost
|
|
100
|
|
|
Sublease income
|
|
(2
|
)
|
|
Total lease cost
|
|
$
|
612
|
|
|
|
As of December 31, 2019
|
||
Operating Leases
|
|
|
||
Operating lease right-of-use assets
|
|
$
|
1,594
|
|
Operating lease liability, current
|
|
196
|
|
|
Operating lease liabilities, non-current
|
|
1,523
|
|
|
Total operating lease liabilities
|
|
$
|
1,719
|
|
|
|
As of December 31, 2019
|
||
Finance Leases
|
|
|
||
Property and equipment, at cost
|
|
$
|
539
|
|
Accumulated depreciation
|
|
(247
|
)
|
|
Property and equipment, net
|
|
$
|
292
|
|
Other current liabilities
|
|
$
|
165
|
|
Other long-term liabilities
|
|
143
|
|
|
Total finance leases liabilities
|
|
$
|
308
|
|
|
|
As of December 31, 2019
|
|
Weighted-average remaining lease term
|
|
|
|
Operating leases
|
|
16 years
|
|
Finance leases
|
|
2 years
|
|
Weighted-average discount rate
|
|
|
|
Operating leases
|
|
7.1
|
%
|
Finance leases
|
|
5.0
|
%
|
|
|
As of December 31, 2019
|
||||||
|
|
Operating Leases
|
|
Finance Leases
|
||||
2020
|
|
216
|
|
|
176
|
|
||
2021
|
|
248
|
|
|
115
|
|
||
2022
|
|
283
|
|
|
32
|
|
||
2023
|
|
244
|
|
|
—
|
|
||
2024
|
|
201
|
|
|
—
|
|
||
Thereafter
|
|
2,195
|
|
|
—
|
|
||
Total undiscounted lease payments
|
|
3,387
|
|
|
323
|
|
||
Less: imputed interest
|
|
(1,668
|
)
|
|
(15
|
)
|
||
Total lease liabilities
|
|
$
|
1,719
|
|
|
$
|
308
|
|
|
|
Operating Leases
|
||
2019
|
|
$
|
263
|
|
2020
|
|
257
|
|
|
2021
|
|
224
|
|
|
2022
|
|
193
|
|
|
2023
|
|
163
|
|
|
Thereafter
|
|
1,928
|
|
|
Total
|
|
$
|
3,028
|
|
|
|
Future Minimum Payments
|
||
Fiscal Year Ending December 31,
|
|
|
||
2020
|
|
$
|
6
|
|
2021
|
|
6
|
|
|
2022
|
|
6
|
|
|
2023
|
|
6
|
|
|
2024
|
|
6
|
|
|
Thereafter
|
|
827
|
|
|
Total
|
|
$
|
857
|
|
|
|
Gross Carrying Value
|
|
Accumulated Amortization
|
|
Net Carrying Value
|
|
Weighted Average Remaining Useful Life - Years
|
|||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|||||||
Developed technology (1)
|
|
$
|
90
|
|
|
$
|
(20
|
)
|
|
$
|
70
|
|
|
4
|
|
Patents
|
|
15
|
|
|
(3
|
)
|
|
12
|
|
|
9
|
|
|||
Other
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Intangible assets
|
|
$
|
108
|
|
|
$
|
(26
|
)
|
|
$
|
82
|
|
|
|
|
|
Gross Carrying Value
|
|
Accumulated Amortization
|
|
Net Carrying Value
|
|
Weighted Average Remaining Useful Life - Years
|
|||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|||||||
Developed technology (1)
|
|
$
|
94
|
|
|
$
|
(35
|
)
|
|
$
|
59
|
|
|
3
|
|
Patents
|
|
16
|
|
|
(4
|
)
|
|
12
|
|
|
8
|
|
|||
Other
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Intangible assets
|
|
$
|
113
|
|
|
$
|
(42
|
)
|
|
$
|
71
|
|
|
|
|
|
Estimated Future Amortization Expense
|
||
Year Ending December 31,
|
|
|
||
2020
|
|
$
|
12
|
|
2021
|
|
10
|
|
|
2022
|
|
9
|
|
|
2023
|
|
4
|
|
|
2024
|
|
1
|
|
|
Thereafter
|
|
4
|
|
|
Total
|
|
$
|
40
|
|
|
|
As of December 31,
|
|
|
|||||||
|
|
2018
|
|
2019
|
|
Effective Interest Rate
|
|||||
2016 Senior Secured Term Loan
|
|
$
|
1,124
|
|
|
$
|
1,113
|
|
|
6.1
|
%
|
2018 Senior Secured Term Loan
|
|
1,493
|
|
|
1,478
|
|
|
6.2
|
%
|
||
2021 Convertible Notes
|
|
1,844
|
|
|
—
|
|
|
23.5
|
%
|
||
2022 Convertible Notes
|
|
1,030
|
|
|
—
|
|
|
13.7
|
%
|
||
2023 Senior Note
|
|
500
|
|
|
500
|
|
|
7.7
|
%
|
||
2026 Senior Note
|
|
1,500
|
|
|
1,500
|
|
|
8.1
|
%
|
||
2027 Senior Note
|
|
—
|
|
|
1,200
|
|
|
7.7
|
%
|
||
Total debt
|
|
7,491
|
|
|
5,791
|
|
|
|
|||
Less: unamortized discount and issuance costs
|
|
(595
|
)
|
|
(57
|
)
|
|
|
|||
Less: current portion of long-term debt
|
|
(27
|
)
|
|
(27
|
)
|
|
|
|||
Total long-term debt
|
|
$
|
6,869
|
|
|
$
|
5,707
|
|
|
|
|
|
Future Minimum Payments
|
||
Year Ending December 31,
|
|
|
||
2020
|
|
$
|
27
|
|
2021
|
|
27
|
|
|
2022
|
|
27
|
|
|
2023
|
|
1,593
|
|
|
2024
|
|
15
|
|
|
Thereafter
|
|
4,102
|
|
|
Total
|
|
$
|
5,791
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
Contractual interest coupon
|
|
$
|
127
|
|
|
$
|
231
|
|
|
$
|
439
|
|
Amortization of debt discount and issuance costs
|
|
244
|
|
|
318
|
|
|
82
|
|
|||
8% IRR payout
|
|
52
|
|
|
61
|
|
|
26
|
|
|||
Total interest expense from long-term debt
|
|
$
|
423
|
|
|
$
|
610
|
|
|
$
|
547
|
|
|
|
As of December 31, 2018
|
||
Assets held for sale
|
|
|
||
Cash and cash equivalents
|
|
$
|
34
|
|
Accounts receivable, net
|
|
20
|
|
|
Prepaid expenses and other current assets
|
|
30
|
|
|
Property and equipment, net
|
|
322
|
|
|
Total assets held for sale
|
|
406
|
|
|
|
|
|
||
Liabilities held for sale
|
|
|
||
Accounts payable
|
|
2
|
|
|
Accrued liabilities
|
|
2
|
|
|
Other current liabilities
|
|
7
|
|
|
Total liabilities held for sale
|
|
11
|
|
|
Net assets held for sale
|
|
$
|
395
|
|
|
|
As of December 31,
|
||||||
|
|
2018
|
|
2019
|
||||
Prepaid expenses
|
|
$
|
265
|
|
|
$
|
571
|
|
Other receivables
|
|
416
|
|
|
428
|
|
||
Other
|
|
179
|
|
|
300
|
|
||
Prepaid expenses and other current assets
|
|
$
|
860
|
|
|
$
|
1,299
|
|
|
|
As of December 31,
|
||||||
|
|
2018
|
|
2019
|
||||
Accrued legal, regulatory and non-income taxes
|
|
$
|
1,134
|
|
|
$
|
1,539
|
|
Accrued Drivers and Restaurants liability
|
|
459
|
|
|
369
|
|
||
Accrued professional and contractor services
|
|
298
|
|
|
352
|
|
||
Accrued compensation and employee benefits
|
|
261
|
|
|
403
|
|
||
Accrued marketing expenses
|
|
152
|
|
|
114
|
|
||
Other accrued expenses
|
|
160
|
|
|
361
|
|
||
Income and other tax liabilities
|
|
157
|
|
|
194
|
|
||
Government and airport fees payable
|
|
104
|
|
|
162
|
|
||
Short-term capital and finance lease obligation for computer equipment
|
|
110
|
|
|
165
|
|
||
Short-term deferred revenue
|
|
65
|
|
|
76
|
|
||
Accrued interest on long-term debt
|
|
61
|
|
|
93
|
|
||
Other
|
|
196
|
|
|
222
|
|
||
Accrued and other current liabilities
|
|
$
|
3,157
|
|
|
$
|
4,050
|
|
|
|
As of December 31,
|
||||||
|
|
2018
|
|
2019
|
||||
Convertible debt embedded derivatives
|
|
$
|
2,018
|
|
|
$
|
—
|
|
Deferred tax liabilities
|
|
1,072
|
|
|
1,027
|
|
||
Financing obligation
|
|
436
|
|
|
78
|
|
||
Income tax payable
|
|
80
|
|
|
70
|
|
||
Other
|
|
466
|
|
|
237
|
|
||
Other long-term liabilities
|
|
$
|
4,072
|
|
|
$
|
1,412
|
|
|
|
Foreign Currency Translation Adjustments
|
|
Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax
|
|
Total
|
||||||
Balance as of December 31, 2016
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Other comprehensive income (loss) before reclassifications
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Other comprehensive income (loss)
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Balance as of December 31, 2017
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
|
Foreign Currency Translation Adjustments
|
|
Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax
|
|
Total
|
||||||
Balance as of December 31, 2017
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(225
|
)
|
|
40
|
|
|
(185
|
)
|
|||
Other comprehensive income (loss)
|
|
(225
|
)
|
|
40
|
|
|
(185
|
)
|
|||
Balance as of December 31, 2018
|
|
$
|
(228
|
)
|
|
$
|
40
|
|
|
$
|
(188
|
)
|
|
|
Foreign Currency Translation Adjustments
|
|
Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax
|
|
Total
|
||||||
Balance as of December 31, 2018
|
|
$
|
(228
|
)
|
|
$
|
40
|
|
|
$
|
(188
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(3
|
)
|
|
4
|
|
|
1
|
|
|||
Other comprehensive income (loss)
|
|
(3
|
)
|
|
4
|
|
|
1
|
|
|||
Balance as of December 31, 2019
|
|
$
|
(231
|
)
|
|
$
|
44
|
|
|
$
|
(187
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2018
|
|
2019
|
||||||
Interest income
|
$
|
71
|
|
|
$
|
104
|
|
|
$
|
234
|
|
Foreign currency exchange gains (losses), net
|
42
|
|
|
(45
|
)
|
|
(40
|
)
|
|||
Gain on business divestitures (1)
|
—
|
|
|
3,214
|
|
|
—
|
|
|||
Gain (loss) on debt and equity securities, net (2)
|
—
|
|
|
1,996
|
|
|
2
|
|
|||
Change in fair value of embedded derivatives
|
(173
|
)
|
|
(501
|
)
|
|
58
|
|
|||
Gain on extinguishment of convertible notes and settlement of derivatives
|
—
|
|
|
—
|
|
|
444
|
|
|||
Other
|
44
|
|
|
225
|
|
|
24
|
|
|||
Other income (expense), net
|
$
|
(16
|
)
|
|
$
|
4,993
|
|
|
$
|
722
|
|
Series
|
|
Shares Authorized
|
|
Shares Issued and Outstanding
|
|
Per Share Liquidation Preference
|
|
Aggregate Liquidation Preference
|
|
Per Share Dividend Per Annum
|
|
Per Share Initial Conversion Price
|
|
Carrying Value, Net of Issuance Costs
|
||||||||||||
Seed
|
|
174,030
|
|
|
152,591
|
|
|
$
|
0.00906
|
|
|
$
|
1
|
|
|
$
|
0.00073
|
|
|
$
|
0.00906
|
|
|
$
|
1
|
|
A
|
|
152,053
|
|
|
150,427
|
|
|
0.09248
|
|
|
14
|
|
|
0.00584
|
|
|
0.07303
|
|
|
11
|
|
|||||
B
|
|
123,646
|
|
|
122,721
|
|
|
0.35448
|
|
|
44
|
|
|
0.02836
|
|
|
0.35448
|
|
|
43
|
|
|||||
C-1
|
|
76,551
|
|
|
76,551
|
|
|
4.45438
|
|
|
341
|
|
|
0.28508
|
|
|
3.56350
|
|
|
273
|
|
|||||
C-2
|
|
31,004
|
|
|
31,004
|
|
|
3.56350
|
|
|
110
|
|
|
0.22806
|
|
|
2.85080
|
|
|
62
|
|
|||||
C-3
|
|
842
|
|
|
842
|
|
|
4.45438
|
|
|
4
|
|
|
0.28508
|
|
|
3.56350
|
|
|
3
|
|
|||||
D
|
|
87,193
|
|
|
82,443
|
|
|
15.51305
|
|
|
1,279
|
|
|
1.24105
|
|
|
15.51305
|
|
|
1,291
|
|
|||||
E
|
|
84,504
|
|
|
84,140
|
|
|
33.31758
|
|
|
2,803
|
|
|
2.66540
|
|
|
33.31758
|
|
|
2,793
|
|
|||||
F
|
|
25,228
|
|
|
21,262
|
|
|
39.63858
|
|
|
843
|
|
|
3.17109
|
|
|
39.63858
|
|
|
842
|
|
|||||
G
|
|
150,188
|
|
|
140,619
|
|
|
48.77223
|
|
|
6,858
|
|
|
3.90178
|
|
|
48.77223
|
|
|
6,858
|
|
|||||
G-1
|
|
35,881
|
|
|
35,881
|
|
|
48.77223
|
|
|
1,750
|
|
|
3.90178
|
|
|
48.77223
|
|
|
1,750
|
|
|||||
G-2
|
|
5,126
|
|
|
5,126
|
|
|
48.77223
|
|
|
250
|
|
|
3.90178
|
|
|
48.77223
|
|
|
250
|
|
|||||
|
|
946,246
|
|
|
903,607
|
|
|
|
|
$
|
14,297
|
|
|
|
|
|
|
$
|
14,177
|
|
|
|
Number of Shares
|
|
Weighted-average Grant-Date Fair Value per Share
|
|||
Unvested restricted common stock as of December 31, 2018
|
|
898
|
|
|
$
|
34.81
|
|
Granted
|
|
—
|
|
|
$
|
—
|
|
Vested
|
|
(621
|
)
|
|
$
|
34.84
|
|
Canceled and forfeited
|
|
(66
|
)
|
|
$
|
34.59
|
|
Unvested restricted common stock as of December 31, 2019
|
|
211
|
|
|
$
|
34.73
|
|
|
|
SARs Outstanding Number of SARs
|
|
Options Outstanding Number of Shares
|
|
Weighted-Average Exercise Price Per Share
|
|
Weighted-Average Remaining Contractual Life (in years)
|
|
Aggregate Intrinsic Value
|
||||||
As of December 31, 2018
|
|
758
|
|
|
42,936
|
|
|
$
|
9.22
|
|
|
5.74
|
|
$
|
1,456
|
|
Granted
|
|
86
|
|
|
250
|
|
|
$
|
43.00
|
|
|
|
|
|
||
Exercised
|
|
(417
|
)
|
|
(6,884
|
)
|
|
$
|
2.85
|
|
|
|
|
|
||
Canceled and forfeited
|
|
(36
|
)
|
|
(1,462
|
)
|
|
$
|
33.29
|
|
|
|
|
|
||
Expired
|
|
(54
|
)
|
|
(39
|
)
|
|
$
|
26.49
|
|
|
|
|
|
||
As of December 31, 2019
|
|
337
|
|
|
34,801
|
|
|
$
|
9.79
|
|
|
4.75
|
|
$
|
746
|
|
Vested and expected to vest as of December 31, 2019
|
|
203
|
|
|
29,585
|
|
|
$
|
4.97
|
|
|
4.49
|
|
$
|
745
|
|
Exercisable as of December 31, 2019
|
|
203
|
|
|
29,585
|
|
|
$
|
4.97
|
|
|
4.49
|
|
$
|
745
|
|
|
|
Number of Shares
|
|
Weighted-Average
Grant-Date Fair Value per Share |
|||
Unvested and outstanding as of December 31, 2018
|
|
75,835
|
|
|
$
|
37.20
|
|
Granted
|
|
62,830
|
|
|
$
|
41.55
|
|
Vested
|
|
(36,034
|
)
|
|
$
|
37.87
|
|
Canceled and forfeited
|
|
(17,888
|
)
|
|
$
|
40.53
|
|
Unvested and outstanding as of December 31, 2019
|
|
84,743
|
|
|
$
|
39.82
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
Operations and support
|
|
$
|
30
|
|
|
$
|
15
|
|
|
$
|
454
|
|
Sales and marketing
|
|
9
|
|
|
9
|
|
|
242
|
|
|||
Research and development
|
|
25
|
|
|
65
|
|
|
2,958
|
|
|||
General and administrative
|
|
73
|
|
|
83
|
|
|
942
|
|
|||
Total
|
|
$
|
137
|
|
|
$
|
172
|
|
|
$
|
4,596
|
|
|
|
Year Ended December 31,
|
||||
|
|
2017
|
|
2018
|
||
Contractual term (in years)
|
|
2.1
|
|
|
1.6
|
|
Risk-free interest rate
|
|
1.8
|
%
|
|
2.5
|
%
|
Expected volatility
|
|
28.3
|
%
|
|
34.7
|
%
|
Expected dividend yield
|
|
—
|
%
|
|
—
|
%
|
|
|
Year Ended December 31,
|
|||||||
|
|
2017
|
|
2018
|
|
2019
|
|||
Expected term (in years)
|
|
8.5
|
|
|
6.0
|
|
|
6.0
|
|
Risk-free interest rate
|
|
2.0
|
%
|
|
2.8
|
%
|
|
2.2
|
%
|
Expected volatility
|
|
35.9
|
%
|
|
32.9
|
%
|
|
33.9
|
%
|
Expected dividend yield
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
Year Ended December 31,
|
|||||||
|
|
2017
|
|
2018
|
|
2019
|
|||
Risk-free interest rate
|
|
2.1
|
%
|
|
2.8
|
%
|
|
2.7
|
%
|
Expected volatility
|
|
40.0
|
%
|
|
36.9
|
%
|
|
39.0
|
%
|
Expected dividend yield
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
Year Ended December 31,
|
||||||
(In millions, except share amounts which are reflected in thousands, and per share amounts)
|
|
2017
|
|
2018
|
||||
Common stock shares repurchased
|
|
3,765
|
|
|
286
|
|
||
Common stock repurchase cost
|
|
$
|
142
|
|
|
$
|
11
|
|
Fair value of repurchase recorded as an increase in accumulated deficit
|
|
$
|
32
|
|
|
$
|
13
|
|
Excess of fair value recorded as stock-based compensation
|
|
$
|
13
|
|
|
$
|
1
|
|
Price range per common stock share
|
|
$ 5.00 - $ 41.65
|
|
$ 36.58 - $ 41.65
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
U.S.
|
|
$
|
(3,201
|
)
|
|
$
|
(2,726
|
)
|
|
$
|
(4,926
|
)
|
Foreign
|
|
(1,374
|
)
|
|
4,038
|
|
|
(3,507
|
)
|
|||
Income (loss) before income taxes and loss from equity method investment
|
|
$
|
(4,575
|
)
|
|
$
|
1,312
|
|
|
$
|
(8,433
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
Current
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
1
|
|
State
|
|
—
|
|
|
15
|
|
|
—
|
|
|||
Foreign
|
|
220
|
|
|
220
|
|
|
132
|
|
|||
Total current tax expense
|
|
$
|
220
|
|
|
$
|
248
|
|
|
$
|
133
|
|
Deferred
|
|
|
|
|
|
|
||||||
Federal
|
|
(728
|
)
|
|
(159
|
)
|
|
(77
|
)
|
|||
State
|
|
(5
|
)
|
|
7
|
|
|
8
|
|
|||
Foreign
|
|
(29
|
)
|
|
187
|
|
|
(19
|
)
|
|||
Total deferred tax expense (benefit)
|
|
(762
|
)
|
|
35
|
|
|
(88
|
)
|
|||
Total provision for (benefit from) income taxes
|
|
$
|
(542
|
)
|
|
$
|
283
|
|
|
$
|
45
|
|
|
|
As of December 31,
|
||||||
|
|
2018
|
|
2019
|
||||
Deferred tax assets
|
|
|
|
|
||||
Net operating loss carryforwards
|
|
$
|
1,147
|
|
|
$
|
2,789
|
|
Research and development credits
|
|
285
|
|
|
587
|
|
||
Stock-based compensation
|
|
24
|
|
|
241
|
|
||
Accruals and reserves
|
|
226
|
|
|
197
|
|
||
Accrued legal
|
|
102
|
|
|
65
|
|
||
Fixed assets and intangible assets
|
|
435
|
|
|
6,361
|
|
||
Investment in partnership
|
|
—
|
|
|
331
|
|
||
Lease liability
|
|
—
|
|
|
438
|
|
||
Other
|
|
22
|
|
|
221
|
|
||
Total deferred tax assets
|
|
2,241
|
|
|
11,230
|
|
||
Less: Valuation allowance
|
|
(1,294
|
)
|
|
(9,855
|
)
|
||
Total deferred tax assets, net of valuation allowance
|
|
947
|
|
|
1,375
|
|
||
Deferred tax liabilities
|
|
|
|
|
||||
Indefinite lived deferred tax liability (1)
|
|
1,986
|
|
|
1,984
|
|
||
ROU assets
|
|
—
|
|
|
366
|
|
||
Other
|
|
3
|
|
|
2
|
|
||
Total deferred tax liabilities
|
|
1,989
|
|
|
2,352
|
|
||
Net deferred tax liabilities
|
|
$
|
1,042
|
|
|
$
|
977
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
Unrecognized tax benefits at beginning of year
|
|
$
|
179
|
|
|
$
|
221
|
|
|
$
|
394
|
|
Gross increases - current year tax positions
|
|
52
|
|
|
57
|
|
|
1,566
|
|
|||
Gross increases - prior year tax positions
|
|
44
|
|
|
128
|
|
|
16
|
|
|||
Gross decreases - prior year tax positions
|
|
(54
|
)
|
|
(12
|
)
|
|
(36
|
)
|
|||
Gross decreases - settlements with tax authorities
|
|
—
|
|
|
—
|
|
|
(143
|
)
|
|||
Unrecognized tax benefits at end of year
|
|
$
|
221
|
|
|
$
|
394
|
|
|
$
|
1,797
|
|
Jurisdiction
|
|
Tax Years
|
U.S. Federal
|
|
2011 - 2019
|
U.S. States
|
|
2010 - 2019
|
Brazil
|
|
2014 - 2019
|
Netherlands
|
|
2013 - 2019
|
United Kingdom
|
|
2014 - 2019
|
Australia
|
|
2015 - 2019
|
India
|
|
2012 - 2019
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
Basic net income (loss) per share:
|
|
|
|
|
|
|
||||||
Numerator
|
|
|
|
|
|
|
||||||
Net income (loss) including non-controlling interests
|
|
$
|
(4,033
|
)
|
|
$
|
987
|
|
|
$
|
(8,512
|
)
|
Less: net income (loss) attributable to non-controlling interests, net of tax
|
|
—
|
|
|
10
|
|
|
6
|
|
|||
Less: noncumulative dividends to preferred stockholders
|
|
—
|
|
|
(997
|
)
|
|
—
|
|
|||
Net income (loss) attributable to common stockholders
|
|
$
|
(4,033
|
)
|
|
$
|
—
|
|
|
$
|
(8,506
|
)
|
Denominator
|
|
|
|
|
|
|
||||||
Basic weighted-average common stock outstanding
|
|
426,360
|
|
|
443,368
|
|
|
1,248,353
|
|
|||
Basic net income (loss) per share attributable to common stockholders (1)
|
|
$
|
(9.46
|
)
|
|
$
|
—
|
|
|
$
|
(6.81
|
)
|
Diluted net income (loss) per share:
|
|
|
|
|
|
|
||||||
Numerator
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to common stockholders
|
|
$
|
(4,033
|
)
|
|
$
|
—
|
|
|
$
|
(8,506
|
)
|
Add: Change in fair value of MLU B.V. put/call feature
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|||
Add: noncumulative dividends to preferred stockholders
|
|
—
|
|
|
12
|
|
|
—
|
|
|||
Diluted net income (loss) attributable to common stockholders
|
|
$
|
(4,033
|
)
|
|
$
|
—
|
|
|
$
|
(8,506
|
)
|
Denominator
|
|
|
|
|
|
|
||||||
Number of shares used in basic net income (loss) per share computation
|
|
426,360
|
|
|
443,368
|
|
|
1,248,353
|
|
|||
Weighted-average effect of potentially dilutive securities:
|
|
|
|
|
|
|
||||||
Common stock subject to a put/call feature
|
|
—
|
|
|
407
|
|
|
—
|
|
|||
Stock options
|
|
—
|
|
|
33,528
|
|
|
—
|
|
|||
RSUs to settle fixed monetary awards
|
|
|
|
1,073
|
|
|
—
|
|
||||
Other
|
|
—
|
|
|
623
|
|
|
—
|
|
|||
Diluted weighted-average common stock outstanding
|
|
426,360
|
|
|
478,999
|
|
|
1,248,353
|
|
|||
Diluted net income (loss) per share attributable to common stockholders (1)
|
|
$
|
(9.46
|
)
|
|
$
|
—
|
|
|
$
|
(6.81
|
)
|
|
|
Year Ended December 31,
|
|||||||
|
|
2017
|
|
2018
|
|
2019
|
|||
Redeemable convertible preferred stock
|
|
863,305
|
|
|
903,607
|
|
|
—
|
|
Convertible notes
|
|
196,398
|
|
|
200,595
|
|
|
—
|
|
RSUs
|
|
87,101
|
|
|
137,426
|
|
|
85,058
|
|
Stock options
|
|
50,304
|
|
|
8,776
|
|
|
34,800
|
|
Restricted common stock with performance condition
|
|
888
|
|
|
1,758
|
|
|
—
|
|
Common stock subject to repurchase
|
|
12,266
|
|
|
1,695
|
|
|
210
|
|
Warrants to purchase redeemable convertible preferred stock
|
|
4,449
|
|
|
1,073
|
|
|
—
|
|
SARs
|
|
705
|
|
|
758
|
|
|
—
|
|
RSUs to settle fixed monetary awards
|
|
2,712
|
|
|
559
|
|
|
283
|
|
Shares committed under ESPP
|
|
—
|
|
|
—
|
|
|
5,490
|
|
Warrants to purchase common stock
|
|
280
|
|
|
100
|
|
|
123
|
|
Total
|
|
1,218,408
|
|
|
1,256,347
|
|
|
125,964
|
|
Segment
|
|
Description
|
|
|
|
Rides
|
|
The Rides products connect consumers with Rides Drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Rides also includes activity related to our Uber for Business ("U4B"), Financial Partnerships, and Vehicle Solutions offerings.
|
|
|
|
Eats
|
|
The Eats offering allows consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered.
|
|
|
|
Freight
|
|
Freight connects carriers with shippers on the Company’s platform, and gives carriers upfront, transparent pricing and the ability to book a shipment.
|
|
|
|
Other Bets
|
|
The Other Bets segment consists of multiple investment stage offerings. The largest investment within the segment is the Company’s New Mobility offering that refers to products that provide consumers with access to rides through a variety of modes, including dockless e-bikes and e-scooters. It also includes Transit, UberWorks and the Company’s Platform Incubator group.
|
|
|
|
ATG and Other Technology Programs
|
|
The ATG and Other Technology Programs segment is responsible for the development and commercialization of autonomous vehicle and ridesharing technologies, as well as Uber Elevate.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
Segment adjusted EBITDA:
|
|
|
|
|
|
|
||||||
Rides
|
|
$
|
388
|
|
|
$
|
1,541
|
|
|
$
|
2,071
|
|
Eats
|
|
(355
|
)
|
|
(601
|
)
|
|
(1,372
|
)
|
|||
Freight
|
|
(39
|
)
|
|
(102
|
)
|
|
(217
|
)
|
|||
Other Bets
|
|
(1
|
)
|
|
(50
|
)
|
|
(251
|
)
|
|||
ATG and Other Technology Programs
|
|
(543
|
)
|
|
(537
|
)
|
|
(499
|
)
|
|||
Total segment adjusted EBITDA
|
|
(550
|
)
|
|
251
|
|
|
(268
|
)
|
|||
Reconciling items:
|
|
|
|
|
|
|
||||||
Corporate G&A and Platform R&D (1), (2)
|
|
(1,611
|
)
|
|
(1,971
|
)
|
|
(2,457
|
)
|
|||
Depreciation and amortization
|
|
(510
|
)
|
|
(426
|
)
|
|
(472
|
)
|
|||
Stock-based compensation expense
|
|
(137
|
)
|
|
(172
|
)
|
|
(4,596
|
)
|
|||
Legal, tax, and regulatory reserve changes and settlements
|
|
(440
|
)
|
|
(340
|
)
|
|
(353
|
)
|
|||
Driver appreciation award
|
|
—
|
|
|
—
|
|
|
(299
|
)
|
|||
Payroll tax on IPO stock-based compensation
|
|
—
|
|
|
—
|
|
|
(86
|
)
|
|||
Asset impairment/loss on sale of assets
|
|
(340
|
)
|
|
(237
|
)
|
|
(8
|
)
|
|||
Acquisition and financing related expenses
|
|
(4
|
)
|
|
(15
|
)
|
|
—
|
|
|||
Gain (loss) on restructuring of lease arrangement
|
|
(7
|
)
|
|
4
|
|
|
—
|
|
|||
Impact of 2018 Divested Operations (1), (3)
|
|
(481
|
)
|
|
(127
|
)
|
|
—
|
|
|||
Restructuring charges
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
|||
Loss from operations
|
|
$
|
(4,080
|
)
|
|
$
|
(3,033
|
)
|
|
$
|
(8,596
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2018
|
|
2019
|
||||||
United States
|
|
$
|
4,068
|
|
|
$
|
6,077
|
|
|
$
|
8,225
|
|
Brazil
|
|
831
|
|
|
959
|
|
|
918
|
|
|||
All other countries
|
|
3,033
|
|
|
4,234
|
|
|
5,004
|
|
|||
Total Revenue
|
|
$
|
7,932
|
|
|
$
|
11,270
|
|
|
$
|
14,147
|
|
|
|
As of December 31,
|
||||||
|
|
2018
|
|
2019
|
||||
United States
|
|
$
|
1,572
|
|
|
$
|
2,958
|
|
Singapore
|
|
321
|
|
|
6
|
|
||
All other countries
|
|
70
|
|
|
361
|
|
||
Total long-lived assets, net
|
|
$
|
1,963
|
|
|
$
|
3,325
|
|
|
|
Purchase
Commitments |
||
Years Ending December 31,
|
|
|
||
2020
|
|
$
|
107
|
|
2021
|
|
103
|
|
|
2022
|
|
19
|
|
|
2023
|
|
5
|
|
|
2024
|
|
1
|
|
|
Thereafter
|
|
—
|
|
|
Total
|
|
$
|
235
|
|
|
|
As of December 31,
|
||||||
|
|
2018
|
|
2019
|
||||
Investment
|
|
$
|
78
|
|
|
$
|
136
|
|
Additional cash contribution
|
|
58
|
|
|
—
|
|
||
Limited guarantee
|
|
50
|
|
|
50
|
|
||
Maximum exposure to loss
|
|
$
|
186
|
|
|
$
|
186
|
|
|
|
Year Ended December 31, 2018
|
||
Fair value of consideration received
|
|
$
|
1,410
|
|
Cash consideration contributed, net of working capital adjustments
|
|
(334
|
)
|
|
Share consideration in Class A common stock contributed
|
|
(52
|
)
|
|
Other
|
|
(57
|
)
|
|
Net consideration received for sale of Uber Russia/CIS
|
|
967
|
|
|
Carrying value of net assets transferred
|
|
(13
|
)
|
|
Gain on disposition
|
|
$
|
954
|
|
|
|
Balance at
Beginning of Period |
|
Additions (1), (2)
|
|
Deductions
|
|
Balance at
End of Period |
||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
|
$
|
17
|
|
|
$
|
174
|
|
|
$
|
(163
|
)
|
|
$
|
28
|
|
Deferred tax asset valuation allowance
|
|
$
|
882
|
|
|
$
|
192
|
|
|
$
|
—
|
|
|
$
|
1,074
|
|
Insurance reserves
|
|
$
|
712
|
|
|
$
|
1,687
|
|
|
$
|
(403
|
)
|
|
$
|
1,996
|
|
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
|
$
|
28
|
|
|
$
|
208
|
|
|
$
|
(202
|
)
|
|
$
|
34
|
|
Deferred tax asset valuation allowance
|
|
$
|
1,074
|
|
|
$
|
227
|
|
|
$
|
(7
|
)
|
|
$
|
1,294
|
|
Insurance reserves
|
|
$
|
1,996
|
|
|
$
|
1,578
|
|
|
$
|
(637
|
)
|
|
$
|
2,937
|
|
Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
|
$
|
34
|
|
|
$
|
195
|
|
|
$
|
(195
|
)
|
|
$
|
34
|
|
Deferred tax assets valuation allowance
|
|
$
|
1,294
|
|
|
$
|
8,616
|
|
|
$
|
(55
|
)
|
|
$
|
9,855
|
|
Insurance reserves
|
|
$
|
2,937
|
|
|
$
|
1,451
|
|
|
$
|
(970
|
)
|
|
$
|
3,418
|
|
1.
|
Consolidated Financial Statements
|
2.
|
Financial Statement Schedules
|
3.
|
Exhibits
|
Exhibit
No.
|
|
Exhibit Description
|
|
Provided
|
|
Incorporated by Reference
|
||||||
|
Herewith
|
|
Form
|
|
File Number
|
|
Exhibit
|
|
Filing Date
|
|||
3.1
|
|
|
|
|
8-K
|
|
001-38902
|
|
3.1
|
|
May 14, 2019
|
|
3.2
|
|
|
|
|
8-K
|
|
001-38902
|
|
3.2
|
|
May 14, 2019
|
|
4.1
|
|
|
X
|
|
|
|
|
|
|
|
|
|
4.2
|
|
|
|
|
S-1/A
|
|
333-230812
|
|
4.1
|
|
April 26, 2019
|
|
4.3
|
|
|
|
|
S-1
|
|
333-230812
|
|
4.3
|
|
April 11, 2019
|
|
4.4
|
|
|
|
|
S-1
|
|
333-230812
|
|
4.4
|
|
April 11, 2019
|
|
4.5
|
|
|
|
|
S-1
|
|
333-230812
|
|
4.5
|
|
April 11, 2019
|
|
4.6
|
|
|
|
|
S-1
|
|
333-230812
|
|
4.6
|
|
April 11, 2019
|
|
4.7
|
|
|
|
|
8-K
|
|
001-38902
|
|
4.1
|
|
September 17, 2019
|
|
4.8
|
|
|
|
|
8-K
|
|
001-38902
|
|
4.2
|
|
September 17, 2019
|
|
10.1
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.1
|
|
April 11, 2019
|
|
10.2
|
|
|
|
|
S-1/A
|
|
333-230812
|
|
10.2
|
|
April 26, 2019
|
|
10.3
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.3
|
|
April 11, 2019
|
|
10.4
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.4
|
|
April 11, 2019
|
|
10.5
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.5
|
|
April 11, 2019
|
|
10.6
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.6
|
|
April 11, 2019
|
|
10.7
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.7
|
|
April 11, 2019
|
|
10.8
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.8
|
|
April 11, 2019
|
|
10.9
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.14
|
|
April 11, 2019
|
|
10.10
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.15
|
|
April 11, 2019
|
|
10.11
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.16
|
|
April 11, 2019
|
|
10.12
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.17
|
|
April 11, 2019
|
|
10.13
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.18
|
|
April 11, 2019
|
10.14
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.19
|
|
April 11, 2019
|
|
10.15
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.20
|
|
April 11, 2019
|
|
10.16
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.21
|
|
April 11, 2019
|
|
10.17
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.22
|
|
April 11, 2019
|
|
10.18
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.23
|
|
April 11, 2019
|
|
10.19†
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.24
|
|
April 11, 2019
|
|
10.20†
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.25
|
|
April 11, 2019
|
|
10.21†
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.26
|
|
April 11, 2019
|
|
10.22 +
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.27
|
|
April 11, 2019
|
|
10.23
|
|
|
X
|
|
|
|
|
|
|
|
|
|
10.24 +
|
|
|
X
|
|
|
|
|
|
|
|
|
|
10.25 +
|
|
|
X
|
|
|
|
|
|
|
|
|
|
10.26
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.28
|
|
April 11, 2019
|
|
10.27
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.29
|
|
April 11, 2019
|
|
10.28
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.30
|
|
April 11, 2019
|
|
10.29
|
|
|
X
|
|
|
|
|
|
|
|
|
|
10.30
|
|
|
X
|
|
|
|
|
|
|
|
|
|
10.31
|
|
|
|
|
S-1
|
|
333-230812
|
|
10.31
|
|
April 11, 2019
|
|
21.1
|
|
|
X
|
|
|
|
|
|
|
|
|
|
23.1
|
|
|
X
|
|
|
|
|
|
|
|
|
|
24.1
|
|
|
X
|
|
|
|
|
|
|
|
|
31.1
|
|
|
X
|
|
|
|
|
|
|
|
|
|
31.2
|
|
|
X
|
|
|
|
|
|
|
|
|
|
32.1*
|
|
|
X
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
104
|
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UBER TECHNOLOGIES, INC.
|
|
|
Date: March 2, 2020
|
By: /s/ Dara Khosrowshahi
|
|
Dara Khosrowshahi
|
|
Chief Executive Officer and Director
|
|
(Principal Executive Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Dara Khosrowshahi
|
|
Chief Executive Officer and Director
|
|
March 2, 2020
|
Dara Khosrowshahi
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Nelson Chai
|
|
Chief Financial Officer
|
|
March 2, 2020
|
Nelson Chai
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Glen Ceremony
|
|
Chief Accounting Officer and Global Corporate Controller
|
|
March 2, 2020
|
Glen Ceremony
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Ronald Sugar
|
|
Chairperson of the Board of Directors
|
|
March 2, 2020
|
Ronald Sugar
|
|
|
|
|
|
|
|
|
|
/s/ Ursula Burns
|
|
Director
|
|
March 2, 2020
|
Ursula Burns
|
|
|
|
|
|
|
|
|
|
/s/ Garrett Camp
|
|
Director
|
|
March 2, 2020
|
Garrett Camp
|
|
|
|
|
|
|
|
|
|
/s/ Amanda Ginsberg
|
|
Director
|
|
March 2, 2020
|
Amanda Ginsberg
|
|
|
|
|
|
|
|
|
|
/s/ Wan Ling Martello
|
|
Director
|
|
March 2, 2020
|
Wan Ling Martello
|
|
|
|
|
|
|
|
|
|
|
|
Director
|
|
March 2, 2020
|
H.E. Yasir Al-Rumayyan
|
|
|
|
|
|
|
|
|
|
/s/ John Thain
|
|
Director
|
|
March 2, 2020
|
John Thain
|
|
|
|
|
|
|
|
|
|
/s/ David Trujillo
|
|
Director
|
|
March 2, 2020
|
David Trujillo
|
|
|
|
|
•
|
before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;
|
•
|
upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85 percent of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
|
•
|
on or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least 66 and 2⁄3 percent of the outstanding voting stock that is not owned by the interested stockholder.
|
•
|
any merger or consolidation involving the corporation and the interested stockholder;
|
•
|
any sale, transfer, pledge or other disposition of 10 percent or more of the assets of the corporation involving the interested stockholder;
|
•
|
subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;
|
•
|
any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or
|
•
|
the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits by or through the corporation.
|
1.
|
4.6 Intellectual Property Restrictions. Google Maps for Work Master Agreement Section 4.6(E) (No Caching or Storage) is amended by adding the following subsection:
|
(i)
|
when an Uber Consumer moves a pin on a Google Map within the Uber Consumer App and saves the pin location in their Uber Consumer account; or
|
(v)
|
in the countries listed in Attachment A of this Amendment 2.
|
3.
|
General. Except as expressly modified herein, the terms and conditions of the Agreement remain in full force and effect. If there is a conflict between the Agreement and this Amendment 2, then this Amendment 2 will control. The parties may execute this Amendment in counterparts, including facsimile, PDF, or other electronic copies, which taken together will constitute one instrument.
|
|
|
|
|
|
GOOGLE:
|
|
CUSTOMER:
|
|
|
|
|
|
By: /s/ Philipp Schindler
|
|
By: /s/ J K Fennell
|
|
Print Name: Philipp Schindler
|
|
Print Name: J K Fennell
|
|
Title: Authorized Signatory
|
|
Title: Head of Product Partnerships & US/CAN Bus Dev
|
|
|
|
|
|
Date: 2019.08.08
|
|
Date: August 7, 2019
|
ATTACHMENT A TO AMENDMENT NUMBER 2
|
||||
|
|
|
|
|
Argentina
|
|
Honduras
|
|
Paraguay
|
|
|
|
|
|
Bahrain
|
|
Hong Kong
|
|
Peru
|
|
|
|
|
|
Bangladesh
|
|
Hungary
|
|
Poland
|
|
|
|
|
|
Barbados
|
|
India
|
|
Qatar
|
|
|
|
|
|
Bolivia
|
|
India SA
|
|
Romania
|
|
|
|
|
|
Brazil
|
|
Jordan
|
|
Saudi Arabia
|
|
|
|
|
|
Chile
|
|
Kenya
|
|
Serbia
|
|
|
|
|
|
Colombia
|
|
Latin America
|
|
Slovakia
|
|
|
|
|
|
Costa Rica
|
|
Lebanon
|
|
South Africa
|
|
|
|
|
|
Croatia
|
|
Lithuania
|
|
Sri Lanka
|
|
|
|
|
|
Czech Republic
|
|
Macao
|
|
Taiwan (ROC)
|
|
|
|
|
|
Dominican Republic
|
|
Mauritius
|
|
Tanzania
|
|
|
|
|
|
Eastern and Southern Europe
|
|
Mexico
|
|
Trinidad and Tobago
|
|
|
|
|
|
Ecuador Egypt
|
|
Middle East and Africa
|
|
Turkey (tentative)
|
|
|
|
|
|
El Salvador
|
|
Morocco
|
|
Uganda
|
|
|
|
|
|
Estonia
|
|
Nepal
|
|
Ukraine
|
|
|
|
|
|
Ghana
|
|
Nicaragua
|
|
United Arab Emirates
|
|
|
|
|
|
Guatemala
|
|
Nigeria
|
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Uruguay
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Pakistan
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Venezuela
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Panama
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Google Cloud Order Form
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Google Maps APIs (Renewal)
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Uber Technologies, Inc.
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Prepared by
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[***]
[***]@google.com
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Google LLC
1600 Amphitheatre Parkway
Mountain View, California 94043
United States
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Prepared for
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Contact Name
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[***]
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Technical
Contact Name
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[***]
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Contact Email
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[***]@uber.com
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Technical
Contact Email
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[***]@uber.com
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Contact Phone
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[***]
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Technical
Contact Phone
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[***]
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Customer Name
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Uber Technologies, Inc.
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Contact Address
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155 Market Street
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San Francisco, CA 94103
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Bill To Contact
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[***]
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Ship To
Contact
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[***]
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Bill To Name
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Uber Technologies, Inc.
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Ship To
Contact Name
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Uber Technologies, Inc.
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Bill To Address
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155 Market St
San Francisco, CA 94103
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Ship To
Address
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155 Market St
San Francisco, CA 94103
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Bill To Email
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[***]@uber.com
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Ship To
Contact Email
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[***]@uber.com
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Bill To Phone
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[***]
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Ship To
Contact Phone
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[***]
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1.
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Terms and Conditions. This Order Form incorporates by reference the Google Maps for Work Agreement between Google LLC and Uber Technologies, Inc.(“Customer”) dated October 29, 2015 (collectively, this Order Form, Master Terms, Service Addendum, and Amendment 3 are the “Agreement”) for the applicable Service(s) listed in the Order Form above.
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2.
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All capitalized terms used in this Order Form have the meanings given to them in the Agreement.
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3.
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Subject to the terms and conditions in the Agreement, Google will continue to provide Customer the Services through [***].
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4.
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Each Party represents and warrants that (a) it has read and understands the Agreement (including documents attached to this Order Form), and (b) it has full power and authority to enter into the Agreement.
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5.
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If Customer executes an agreement covering Google Maps services with Google during this Order Form’s License Term (a “New Agreement”), then the unused portion of any prepaid Fees to Google under this Order Form will be applied as a credit against the Fees owed under the New Agreement.
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6.
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At the end of this Order Form’s License Term, (a) the License Term for the Services may only be renewed under this Agreement with mutual written consent and (b) any unused billing units (including any upgrades) will automatically expire.
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7.
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By signing this Order Form, each party will be bound by the Agreement. This Order Form will be effective as of the date of the last party’s signature (“Effective Date”).
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Google LLC:
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Uber Technologies, Inc.
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By: /s/ Philipp Schindler
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By: /s/ Jennifer Vescio
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Print Name: Philipp Schindler
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Print Name: Jennifer Vescio
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Title: Authorized Signatory
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Title: Head of Business Development
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Date: 2019.11.18
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Date: November 15, 2019
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1.
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Term. Subject to the terms and conditions in the Agreement, Google will continue to provide Customer the Services from the Amendment Effective Date through [***].
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2.
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Data Protection Law: Under this Amendment, Master Terms Section 3.7 is deleted in its entirety and replaced with the following:
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Google LLC:
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Uber Technologies, Inc.
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By: /s/ Philipp Schindler
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By: /s/ Jennifer Vescio
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Print Name: Philipp Schindler
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Print Name: Jennifer Vescio
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Title: Authorized Signatory
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Title: Head of Business Development
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Date: 2019.11.18
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Date: November 15, 2019
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1.
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Employee and the Company entered into an Employment Agreement dated April 9, 2019 (the “Employment Agreement”).
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2.
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Employee and the Company have agreed that the Employment Agreement will be amended according to the terms and conditions in this Addendum.
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3.
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This Addendum is deemed to form an integral part of the Employment Agreement.
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1.
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Section 1(b) of the Employment Agreement is hereby amended in its entirety to read as follows:
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2.
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Section (i) in the definition of “Good Reason” in Section 5(b)(2)(vii) of the Employment Agreement is hereby amended in its entirety to read as follows:
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ACCEPTED AND AGREED:
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/s/ Nelson Chai
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/s/Nikki Krishnamurthy
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Nelson Chai
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Nikki Krishnamurthy
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Chief People Officer
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Uber Technologies, Inc.
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August 30, 2019
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August 30, 2019
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Date
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Date
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1.
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Employee and the Company entered into an Employment Agreement dated April 9, 2019 (the “Employment Agreement”), which was amended September 1, 2019.
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2.
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Employee and the Company have agreed that the Employment Agreement will be amended according to the terms and conditions in this Addendum.
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3.
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This Addendum is deemed to form an integral part of the Employment Agreement.
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ACCEPTED AND AGREED:
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Uber Technologies, Inc.
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/s/ Nelson Chai
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By: /s/ Nikki Krishnamurthy
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Nelson Chai
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Name: Nikki Krishnamurthy
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Title: Chief People Officer
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February 28, 2020
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February 28, 2020
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Date
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Date
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/s/ PricewaterhouseCoopers LLP
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San Francisco, California
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March 2, 2020
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1.
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I have reviewed this Annual Report on Form 10-K of Uber Technologies, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(c)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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March 2, 2020
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By:
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/s/ Dara Khosrowshahi
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Dara Khosrowshahi
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Chief Executive Officer and Director
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(Principal Executive Officer)
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1.
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I have reviewed this Annual Report on Form 10-K of Uber Technologies, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(c)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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March 2, 2020
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By:
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/s/ Nelson Chai
|
|
|
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Nelson Chai
|
|
|
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Chief Financial Officer
|
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|
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(Principal Financial Officer)
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Date:
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March 2, 2020
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By:
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/s/ Dara Khosrowshahi
|
|
|
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Dara Khosrowshahi
|
|
|
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Chief Executive Officer and Director
|
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|
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(Principal Executive Officer)
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Date:
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March 2, 2020
|
By:
|
/s/ Nelson Chai
|
|
|
|
Nelson Chai
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|