Sara Salinas, Lauren Feiner
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The company has self-reported unaudited financials for several quarters — one of the few tech giants expected to debut this year to do so. That means the public S-1 serves less as the typical first look into financials and acts more as a contextualized official record.
Uber reported 2018 revenue of $11.27 billion. The company posted net income of $997 million in 2018, but an adjusted EBITDA loss of $1.85 billion.
Uber reported a metric it called “Monthly Active Platform Consumers” or “MAPC,” which reflects “the number of unique consumers who completed a Ridesharing or New Mobility ride or received an Uber Eats meal on our platform at least once in a given month, averaged over each month in the quarter.” In Uber’s fourth quarter 2018, the company reported 91 million MAPCs, which was up 35% from the same quarter the previous year.
Uber also broke out trips and gross bookings on its platform. Trips represent “the number of completed consumer Ridesharing or New Mobility rides and Uber Eats meal deliveries in a given period,” rather than counting individual consumers. Uber said an UberPOOL ride with three separate customers paying would represent three trips, while an UberX ride with three passengers but just one paying customer would represent a single trip. In Q4 2018, Uber reporter 1.49 billion trips compared to 1.09 billion in Q4 2017.
The company defines gross bookings as the dollar value of ridesharing and new mobility rides, Uber Eats deliveries and amounts paid by shippers on Uber Freight. Gross bookings includes tolls taxes and fees but does not adjust for consumer discounts, refunds or tips earned by drivers. Uber reported $11.48 billion in gross bookings for its ridesharing business in Q4 2018 compared to $9.19 billion in Q4 2017. For Uber Eats, it reported gross bookings of $2.56 billion in Q4 2018 compared to $1.12 billion in Q4 2017.
The filing comes about two weeks after rival Lyft debuted on the public markets.
The two ride-hailing companies had been racing toward the public markets practically in tandem, though Uber’s offering is likely to be significantly larger, and one of the largest offerings this year. The company was previously reported to be seeking a valuation of up to $120 billion.
Uber’s self-reported financials for 2018 showed narrowing losses but slowing revenue growth.