Slide 1: 2020 Investor Global All Hands Presentation
2020 Investor Global All Hands Presentation August 6, 2020
Slide 2: Non-GAAP Financial Measures Disclosure
Non-GAAP Financial Measures Disclosure To supplement our financial information, which is prepared and We believe that both management and investors benefit from For more information on these non-GAAP financial measures, presented in accordance with generally accepted accounting referring to these no
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation may contain forward-looking statements growth and corporate culture, financial performance, regarding our future business expectations, which involve risks investments in new products or offerings, our ability to attract and uncertainties. Actual results
Slide 4: Contents
Contents 01 Uber today What we do & where we’re going 02 Mobility Undisputed global leader 03 Delivery Global scale and local leadership 04 Other businesses Bets in transformational industries 05 Path to profitability
Slide 5: Uber today
Uber today
Slide 6: The world has changed with COVID-19.
The world has changed with COVID-19.
Slide 7: Our goal is to help:
Our goal is to help: Get people to Move people and work & grow local Partner with cities to deliver things safely economies build back better
Slide 8: Uber's rapid response to the crisis is focused across three areas
Uber’s rapid response to the crisis is focused across three areas Supporting public Supporting frontline Supporting earners & health and safety healthcare workers & communities Working with public health authorities vulnerable communities Financial assistance to drivers (e.g. WHO, CDC) and partners
Slide 9: A global tech platform at massive scale
A global tech Transit Mobility platform at massive scale Serving multiple multi-trillion dollar markets with products leveraging our core technology and infrastructure Delivery Grocery 69 Countries ~10,000 Cities1 Freight ATG 1. Based on our internal definition of cities
Slide 10: Unparalleled growth at scale with significant, loyal monthly active users
Unparalleled growth at scale with significant, loyal monthly active users across multiple products & segments Gross Bookings 2019 Q2 of 2020 Q2 of 2020 Delivery 3 $65B $65B Gross Bookings $10B Gross Bookings $7B Gross Bookings 1 +122% YoY Growth R AG +$15B / 35% YoY Growth 1 -35% YoY Decline 1 C 0 %
Slide 11: Gross Bookings saw a sharp reduction driven by COVID-19, but recovered steadily through Q2
Gross Bookings saw a sharp reduction driven by COVID-19, but recovered steadily through Q2 Run-rate GB ~$72B Jan/Feb: >20% YoY Weekly Mobility + Delivery run-rate GB Run-rate GB >$50B < -20% YoY Ongoing week on week improvement Run-rate GB ~$29B >-50% YoY 6 13 20 27 3 10 17 24 2 9 16 23 30 6 13 20 2
Slide 12: Leveraging our unique assets to launch, scale, and optimize our businesses
Leveraging our unique assets to launch, scale, and optimize our businesses Leading technology Product expertise Massive network Differentiated, proprietary Set the standard for powering on- Massive, efficient, and intelligent; our demand prediction, dispatching, demand movement, and provide network
Slide 13: The one-stop shop & operating system for modern city life
The one-stop shop & operating system for modern city life Mobility Delivery Platform
Slide 14: Mobility: Undisputed global leader
Mobility 76% Of 2019 Gross Bookings Undisputed global leader 30% Of Q2 of 2020 Gross Bookings
Slide 15: #1 in every major region in which we operate
#1 in every major region in which we operate Region Category position1 US & CA > 65% LatAM > 65% ` Europe > 65% ANZ > 65% MEA > 65% India > 50% Region Ownership stake Russia / CIS ~37% of Yandex Taxi Southeast Asia ~18% of Grab Owned operations2 China ~15% of Didi Minority owned affiliates 1.Categor
Slide 16: Mobility: Pre-COVID-19
Mobility: Pre-COVID-19
Slide 17: Mobility Growth: pre-COVID-19 growth exceeded 20% excluding shared rides
Mobility Growth: pre-COVID-19 growth exceeded 20% excluding shared rides Mobility Gross Bookings year-over-year growth excluding shared rides (e.g. Pool) at constant currency Excluding shared rides Pre-COVID-19 (e.g. Pool), the US - our 27% 30% 28% 25% Jan/Feb 2020 largest and most mature 22% market
Slide 18: Mobility Profitability: pre-COVID-19 Adjusted EBITDA margin tracking to 45% target
Mobility Profitability: pre-COVID-19 Adjusted EBITDA margin tracking to 45% target Mobility Adjusted EBITDA Margin (% ANR) and Gross Bookings year-over-year change 20% 20% Significant US Mobility 18% Mobility GB YoY -5% Adjusted EBITDA margin opportunity as the US Pre-COVID-19 Jan/Feb 2020 was below
Slide 19: Mobility: Recovering from the COVID-19 crisis
Mobility: Recovering from the COVID-19 crisis
Slide 20: Mobility Growth: countries returning to pre-COVID-19 use case levels
Mobility Growth: countries returning to pre-COVID-19 use case levels Airport gross bookings in Aggregate Hong Kong, New Zealand, and Sweden use cases France have recovered to indexed versus pre-COVID-19 levels1 109% 109% ~40% of pre-COVID-19 levels while the overall business has recovered to 24% ~70
Slide 21: Uber continues to lead in product innovation, despite COVID
Uber continues to lead in product innovation, despite COVID Uber for Business Hailables Transit Eats for Business grew 190% QoQ in part due to 8 new market launches Announced in July 2020 the acquisition Uber for Business Mobility Gross Multi-billion dollar opportunity seeing of Routematch, an indus
Slide 22: Mobility Profitability: highly variable cost structure produces profits despite COVID-19 impact
Mobility Profitability: highly variable cost structure produces profits despite COVID-19 impact Mobility produced $50M of Mobility Gross Bookings Mobility Adjusted EBITDA Adjusted EBITDA despite a 73% YoY decline in Gross Bookings, in Q2 of 2020 $12,188 $506 Following May 2020’s reductions in force,
Slide 23: Mobility segment is already profitable, with room for margin expansion
Mobility segment is already Take Rate Improvement profitable, with room for Pre-COVID-19 trajectory demonstrates path to long- term target, driven by premium category growth and margin expansion improving market conditions Take Rate ANR %GB 22.5% 26.0% 25.0% 20.8% 22.8% 19.2% 20.4% Operating Efficie
Slide 24: Delivery: Global scale and local leadership
Delivery 22% Of 2019 Gross Bookings Global scale and local leadership 70% Of Q2 of 2020 Gross Bookings
Slide 25: Eats is following the Rides playbook
Eats is following the Rides playbook Run-rate Gross Bookings* ($B) Run-rate Gross Bookings^ ($B) 40 30 Rides $30B TAM: $2.8T 30 Eats $30B May'20 Mar'17 20 All countries Retail restaurants 20 Eats $10B Home Delivery, Takeaway, Nov’18 10 10 Drive Thru, Eat-in Rides $10B Sep’15 0 0 M1 M14 M28 M42 M56 2
Slide 26: Large, global scale with local leadership
Category leader in countries delivering more than two-thirds of Large, global scale with local leadership international Gross Bookings including Australia, Canada, France, Mexico and many others Category leader in large cities around the world including1 ` Auckland, Cape Town, Johannesburg & Pretori
Slide 27: Uber Eats grew with increasing efficiency through 2016-2019
Uber Eats grew with increasing efficiency through 2016-2019 More restaurants More demand Lower Higher delivery fees trips per hour Lower cost per drop off
Slide 28: Global scale, logistics expertise and best selection improve efficiencies
Global scale, logistics expertise and best selection improve efficiencies More restaurant density BYOC with 3P delivery fallback Best More use cases (grocery, convenience etc.) restaurant selection Better product experience More data → Better personalization → Higher conversion Preferred choice for
Slide 29: 3P delivery model outgrowing aggregation around the world
3P delivery model outgrowing aggregation around the world 2018 2020 Q1 Australia Australia Mexico Mexico France France US US Brazil Brazil Spain Spain Belgium Belgium UK UK Italy Italy Japan Japan Poland Poland Netherlands Netherlands Switzerland Switzerland 0% 25% 50% 75% 100% 0% 25% 50% 75% 100% A
Slide 30: BYOC complements our 3P Delivery offering in significant aggregator markets
BYOC complements our 3P # BYOC grew to Delivery offering in significant aggregator markets 12% 12% Of intrips Of trips Q2'20 in key European markets* 6% Importantly, 30% 1% Q2'19 Q1'20 Q2'20 BYOC (% of total trips) Fallback (% of BYOC trips) Of BYOC restaurant trips fallback to Uber's courier networ
Slide 31: Country case studies
Country case studies
Slide 32: France
France A 4 year path to sustainable leadership in a key market Growth (Q2 2020) Current Profitability1 ~100% YoY Profitable France is the largest greenfield in EMEA, with Quarterly topline and category position $6.5B of fast growing, untapped potential. Uber Gross Bookings Eats launched in March 201
Slide 33: Japan
Japan Establishing a leadership position in a large market with limited Mobility presence Growth (Q2 2020) Current Profitability1 Uber Eats launched in Tokyo in late 2016 and ~400% YoY Unprofitable expanded to over 100 Japanese cities since then. Food delivery in Japan was led by an incumbent Quarte
Slide 34: Belgium
Belgium Local leadership driving country profitability Growth (Q2 2020) Current Profitability1 ~100% YoY Profitable Belgium has historically been an incumbent Quarterly topline and category position aggregator led market, with 3P delivery introduced in 2013. Uber Eats launched in Brussels Gross Book
Slide 35: Improving category position in key US markets
US Improving category position in key US markets Strong category position in top 10 markets Higher engagement and restaurant that represent ~50% of all US online food earnings driving category position gains delivery billings Q2 2020 New York City 8% 98M 3.9 Los Angeles (+85% YoY) (+39% YoY) 7% $16K
Slide 36: Strong momentum in NYC
US Strong momentum in NYC Uber Eats outgrowing competition in NYC Outer Boroughs' market bookings have outgrown Manhattan since 2017 152% Uber Eats is now the category leader in the Outer Boroughs Delivery Gross Bookings (YoY%) 135% 100% category bookings mix Online food delivery 75% 73% 50% 25% 0%
Slide 37: On the road to deliver long-term margin targets
On the road to deliver Take Rate Improvement long-term margin targets Cost efficiencies from operational scale benefits and product enhancements; exploring high margin monetization opportunities (e.g. ads) Long-term targets 15% 30% Take Rate Segment Adjusted Operational Efficiency Leveraging benefit
Slide 38: Freight / ATG: Bets in transformational industries
Freight / ATG 1% Of 2019 Gross Bookings Bets in transformational industries 2% Of Q2 of 2020 Gross Bookings
Slide 39: Disciplined investment in Freight
Disciplined Freight investment Investing in a massive market opportunity to build the most in Freight reliable logistics on-demand Investing in a massive market opportunity to build the most reliable network logistics on-demand network Responsible expansion, Leveraging Uber’s Brand, tech & product h
Slide 40: ATG: Strategic investment in autonomy
ATG: Strategic investment in autonomy World class team & partners Advanced technology Clear path to monetization Industry experts in artificial Sophisticated & proprietary hardware, Direct exposure to a massive and intelligence & robotics software, and industry leading R&D growing TAM Highly special
Slide 41: ATG: Strategic partnerships for scale
ATG: Strategic partnerships for scale Separate entity with external funding $1B raised from Toyota, Denso, & Softbank in 2019 with ability to raise future capital Key strategic partners Deep integration with Toyota, Volvo, and Denso for de-risked path to commercialization Toyota team co-located in P
Slide 42: ATG is uniquely well suited for the hybrid period
ATG is uniquely well suited for the hybrid period Drivers Hybrid Automated Driver partners remain the majority of supply until SDVs can offer competitive safety, price, availability, and reliability. ATG has the unique ability to introduce SDVs intelligently and gradually while tly en maintaining li
Slide 43: Path to profitability
Path to profitability
Slide 44: Path to achieving profitability in 2021
Path to achieving profitability in 2021 25% Driving improvement Adjusted EBITDA, % ANR across the P&L Achieve quarterly profitability through 2021 Q1 19 0% Q2 19 0%Q3 19 Q4 0% 19 Q10% 20 Q2 200% 2021 0% Long-term target Exercise incentive and fixed cost discipline, leverage economies of scale em d s
Slide 45: Expect sufficient liquidity to reach profitability in 2021
Expect sufficient liquidity to reach profitability in 2021 Liquidity Position Equity Stakes $7.8B $9.8B $0.4B $1.0B $1.0B ST Investments Other $1.0B $6.8B $2.1B Unrestricted Cash $6.3B 1. . Amounts as of Q2 2020
Slide 46: Non-GAAP reconciliations
Non-GAAP reconciliations
Slide 47: Select Non-GAAP Expenses and Other Line Items (Unaudited)
Select Non-GAAP Expenses and Other Line Items (Unaudited) $ in Millions Three Months Ended Jun 30 ‘19 Sep 30 ‘19 Dec 31 ‘19 Mar 31 ‘20 Jun 30 ‘20 Adjusted Net Revenue $2,873 $3,533 $3,730 $3,256 $1,918 Contra Revenue: One time items 262 - - 5 33 Non-GAAP Costs and Expenses Cost of revenue, exclusive
Slide 48: GAAP to Non-GAAP Reconciliation: Q2 20 (Unaudited)
GAAP to Non-GAAP Reconciliation: Q2 20 (Unaudited) $ in Millions Three Months Ended Legal, Tax and Goodwill and JUMP Regulatory Excess COVID-19 Asset Impairment / transaction Restructuring Jun 30 ’20 Driver Driver Response Reserves Changes Loss on Sale Loss on lease and related and related Depreciat
Slide 49: GAAP to Non-GAAP Reconciliation: Q2 19 (Unaudited)
GAAP to Non-GAAP Reconciliation: Q2 19 (Unaudited) $ in Millions Three Months Ended Excess Payroll tax on IPO Driver Legal, tax, and Jun 30 ’19 Driver Driver stock-based appreciatio regulatory reserves Depreciation Stock-Based Jun 30 ’19 GAAP Incentives Referrals compensation n payment and settlemen
Slide 50: GAAP to Non-GAAP Reconciliations (Unaudited)
GAAP to Non-GAAP Reconciliations (Unaudited) $ in Millions Three Months Ended Jun 30 ‘19 Sep 30 ‘19 Dec 31 ‘19 Mar 31 ‘20 Jun 30 ‘20 Revenue $3,166 $3,813 $4,069 $3,543 $2,241 Excess Driver incentives (263) (259) (322) (295) (328) Driver referrals (30) (21) (17) (11) (1) COVID-19 response initiative
Slide 51: GAAP to Non-GAAP Reconciliations (Unaudited), Continued
Continued: GAAP to Non-GAAP Reconciliations (Unaudited) $ in Millions Three Months Ended Jun 30 ‘19 Sep 30 ‘19 Dec 31 ‘19 Mar 31 ‘20 Jun 30 ‘20 GAAP Sales and marketing $1,222 $1,113 $1,251 $885 $736 Driver referrals (30) (21) (17) (11) (1) Payroll tax on IPO stock-based compensation (6) - - - - Res
Slide 52: Adjusted Net Revenue Reconciliation (Unaudited)
Adjusted Net Revenue Reconciliation (Unaudited) $ in Millions Three Months Ended Jun 30 ‘19 Sep 30 ‘19 Dec 31 ‘19 Mar 31 ‘20 Jun 30 ‘20 Adjusted Net Revenue reconciliation: Revenue $3,166 $3,813 $4,069 $3,543 $2,241 Deduct: Excess Driver incentives (263) (259) (322) (295) (328) Driver referrals (30)
Slide 53: Segment Adjusted Net Revenue Reconciliation
Segment Adjusted Net Revenue Reconciliation (Unaudited) $ in Millions Three Months Ended Jun 30 ‘19 Sep 30 ‘19 Dec 31 ‘19 Mar 31 ‘20 Jun 30 ‘20 Mobility Adjusted Net Revenue reconciliation: Mobility revenue $2,376 $2,895 $3,056 $2,470 $790 Deduct: Excess Driver incentives (10) (12) (7) (3) (2) Drive
Slide 54: Adjusted EBITDA Reconciliation (Unaudited)
Adjusted EBITDA Reconciliation (Unaudited) $ in Millions Three Months Ended Jun 30 ‘19 Sep 30 ‘19 Dec 31 ‘19 Mar 31 ‘20 Jun 30 ‘20 Mobility $506 $631 $742 $581 $50 Delivery (286) (316) (461) (313) (232) Freight (52) (81) (55) (64) (49) Other Bets (70) (72) (67) (63) (23) ATG and Other Technology Pro
Slide 55: Net Income (loss) and Adjusted EBITDA as a % of Revenue
Net Income (loss) and Adjusted EBITDA as a % of Revenue $ in Millions Three Months Ended Jun 30 ‘19 Sep 30 ‘19 Dec 31 ‘19 Mar 31 ‘20 Jun 30 ‘20 Revenue $3,166 $3,813 $4,069 $3,543 $2,241 Net income (loss) attributable to Uber Technologies, Inc. (5,236) (1,162) (1,096) (2,936) (1,775) Net income (los
Slide 56: YoY% Growth at Constant Currency and Ex-Driver appreciation award
YoY% Growth at Constant Currency and Ex-Driver appreciation award Q2 2019 Q2 2020 YoY Growth at constant currency and ex-Driver appreciation award Revenue 14% (29%) Excess Driver incentives (2%) (5%) Driver referrals -% 1% Adjusted Net Revenue 12% (33%) Add back: Driver appreciation award 11% (6%) 2
Slide 57: Segment YoY% Growth at Constant Currency and Ex-Driver appreciation award
Segment YoY% Growth at Constant Currency and Ex-Driver appreciation award Mobility Delivery Q2 2019 Q2 2020 Q2 2019 Q2 2020 YoY Growth at constant currency and ex-Driver appreciation award Revenue 1% (67%) 72% 103% Excess Driver incentives 1% -% (18%) 57% Driver referrals 1% 1% (1%) 2% Adjusted Net