Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38902 | |
Entity Registrant Name | UBER TECHNOLOGIES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-2647441 | |
Entity Address, Address Line One | 1455 Market Street, 4th Floor | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94103 | |
City Area Code | 415 | |
Local Phone Number | 612-8582 | |
Title of each class | Common Stock, par value $0.00001 per share | |
Trading Symbol | UBER | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,733,987,312 | |
Entity Central Index Key | 0001543151 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 8,165 | $ 10,873 |
Short-term investments | 831 | 440 |
Restricted cash and cash equivalents | 193 | 99 |
Accounts receivable, net of allowance of $34 and $54, respectively | 683 | 1,214 |
Prepaid expenses and other current assets | 1,242 | 1,299 |
Total current assets | 11,114 | 13,925 |
Restricted cash and cash equivalents | 1,171 | 1,095 |
Collateral held by insurer | 1,107 | 1,199 |
Investments (including, amortized cost of debt securities of $2,279 and $2,281; credit allowance of $— and $173, respectively) | 8,687 | 10,527 |
Equity method investments | 1,299 | 1,364 |
Property and equipment, net | 1,851 | 1,731 |
Operating lease right-of-use assets | 1,589 | 1,594 |
Intangible assets, net | 560 | 71 |
Goodwill | 2,566 | 167 |
Other assets | 146 | 88 |
Total assets | 30,090 | 31,761 |
Liabilities, mezzanine equity and equity | ||
Accounts payable | 215 | 272 |
Short-term insurance reserves | 1,073 | 1,121 |
Operating lease liabilities, current | 205 | 196 |
Accrued and other current liabilities | 5,138 | 4,050 |
Total current liabilities | 6,631 | 5,639 |
Long-term insurance reserves | 2,421 | 2,297 |
Long-term debt, net of current portion | 5,703 | 5,707 |
Operating lease liabilities, non-current | 1,519 | 1,523 |
Other long-term liabilities | 1,498 | 1,412 |
Total liabilities | 17,772 | 16,578 |
Commitments and contingencies (Note 13) | ||
Mezzanine equity | ||
Redeemable non-controlling interests | 290 | 311 |
Equity | ||
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 1,716,681 and 1,729,850 shares issued and outstanding, respectively | 0 | 0 |
Additional paid-in capital | 31,035 | 30,739 |
Accumulated other comprehensive loss | (395) | (187) |
Accumulated deficit | (19,298) | (16,362) |
Total Uber Technologies, Inc. stockholders' equity | 11,342 | 14,190 |
Non-redeemable non-controlling interests | 686 | 682 |
Total equity | 12,028 | 14,872 |
Total liabilities, mezzanine equity and equity | $ 30,090 | $ 31,761 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 54,000 | $ 34,000 |
Amortized Cost | 2,281,000 | 2,279,000 |
Allowance for Credit Loss | $ 173,000 | $ 0 |
Common stock par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 |
Common stock shares issued (in shares) | 1,729,850,000 | 1,716,681,000 |
Common stock shares outstanding (in shares) | 1,729,850,000 | 1,716,681,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 3,543 | $ 3,099 |
Costs and expenses | ||
Cost of revenue, exclusive of depreciation and amortization shown separately below | 1,786 | 1,681 |
Operations and support | 503 | 434 |
Sales and marketing | 885 | 1,040 |
Research and development | 645 | 409 |
General and administrative | 859 | 423 |
Depreciation and amortization | 128 | 146 |
Total costs and expenses | 4,806 | 4,133 |
Loss from operations | (1,263) | (1,034) |
Interest expense | (118) | (217) |
Other income (expense), net | (1,795) | 260 |
Loss before income taxes and loss from equity method investment | (3,176) | (991) |
Provision for (benefit from) income taxes | (242) | 19 |
Loss from equity method investments, net of tax | (12) | (6) |
Net loss including non-controlling interests | (2,946) | (1,016) |
Less: net loss attributable to non-controlling interests, net of tax | (10) | (4) |
Net loss attributable to Uber Technologies, Inc. | $ (2,936) | $ (1,012) |
Net loss per share attributable to Uber Technologies, Inc. common stockholders: | ||
Basic (in dollars per share) | $ (1.70) | $ (2.23) |
Diluted (in dollars per share) | $ (1.70) | $ (2.26) |
Weighted-average shares used to compute net loss per share attributable to common stockholders: | ||
Basic (in shares) | 1,724,367 | 453,543 |
Diluted (in shares) | 1,724,367 | 453,619 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss including non-controlling interests | $ (2,946) | $ (1,016) |
Other comprehensive loss, net of tax: | ||
Change in foreign currency translation adjustment | (148) | (54) |
Change in unrealized loss on investments in available-for-sale securities | (60) | (4) |
Other comprehensive loss, net of tax | (208) | (58) |
Comprehensive loss including non-controlling interests | (3,154) | (1,074) |
Less: comprehensive loss attributable to non-controlling interests | (10) | (4) |
Comprehensive loss attributable to Uber Technologies, Inc. | $ (3,144) | $ (1,070) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF MEZZANIE EQUITY AND EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Millions | Total | Redeemable Non-Controlling Interests | Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Non-Redeemable Non-Controlling Interests |
Mezzanine Equity, Amount at Dec. 31, 2018 | $ 0 | $ 14,177 | ||||||
Mezzanine Equity, Shares at Dec. 31, 2018 | 903,607 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Exercise of warrants | $ 45 | |||||||
Exercise of warrants (in shares) | 923 | |||||||
Lapsing of repurchase option related to Series E redeemable convertible preferred stock issued to a non-employee service provider | $ 2 | |||||||
Mezzanine equity, net loss | (4) | |||||||
Mezzanine Equity, Amount at Mar. 31, 2019 | (4) | $ 14,224 | ||||||
Mezzanine Equity, Shares at Mar. 31, 2019 | 904,530 | |||||||
Stockholders' equity, beginning balance at Dec. 31, 2018 | $ (7,385) | $ 0 | $ 668 | $ (188) | $ (7,865) | |||
Shares, outstanding at Dec. 31, 2018 | 457,189 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Repurchase of outstanding shares | 0 | |||||||
Repurchase of outstanding shares (in shares) | (1) | |||||||
Exercise of stock options | 4 | 4 | ||||||
Exercise of stock options (in shares) | 677 | |||||||
Repurchase of unvested early-exercised stock options | 0 | |||||||
Repurchase of unvested early-exercised stock options (in shares) | (32) | |||||||
Stock-based compensation | 10 | 10 | ||||||
Unrealized loss on investments in available-for-sale securities, net of tax | (4) | (4) | ||||||
Foreign currency translation adjustment | (54) | (54) | ||||||
Net loss | (1,012) | (1,012) | ||||||
Stockholders' equity, ending balance at Mar. 31, 2019 | (8,432) | $ 0 | 682 | (246) | (8,868) | |||
Shares, outstanding at Mar. 31, 2019 | 457,833 | |||||||
Mezzanine Equity, Amount at Dec. 31, 2019 | 311 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Distributions to non-controlling interests | (4) | (3) | $ (4) | |||||
Mezzanine equity, net loss | (18) | |||||||
Mezzanine Equity, Amount at Mar. 31, 2020 | 290 | |||||||
Stockholders' equity, beginning balance at Dec. 31, 2019 | $ 14,872 | $ 0 | 30,739 | (187) | (16,362) | 682 | ||
Shares, outstanding at Dec. 31, 2019 | 1,716,681 | 1,716,681 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of stock options | $ 14 | 14 | ||||||
Exercise of stock options (in shares) | 4,359 | |||||||
Issuance of common stock for settlement of RSUs (in shares) | 8,917 | |||||||
Shares withheld related to net share settlement | (3) | (3) | ||||||
Shares withheld related to net share settlement (in shares) | (107) | |||||||
Stock-based compensation | 285 | 285 | ||||||
Unrealized loss on investments in available-for-sale securities, net of tax | (60) | (60) | ||||||
Foreign currency translation adjustment | (148) | (148) | ||||||
Distributions to non-controlling interests | (4) | $ (3) | (4) | |||||
Net loss | (2,928) | (2,936) | ||||||
Net loss | 8 | |||||||
Stockholders' equity, ending balance at Mar. 31, 2020 | $ 12,028 | $ 0 | $ 31,035 | $ (395) | $ (19,298) | $ 686 | ||
Shares, outstanding at Mar. 31, 2020 | 1,729,850 | 1,729,850 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | ||
Net loss including non-controlling interests | $ (2,946) | $ (1,016) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 128 | 146 |
Bad debt expense | 22 | 47 |
Stock-based compensation | 277 | 11 |
Gain on business divestiture | (154) | 0 |
Deferred income tax | (273) | 4 |
Revaluation of derivative liabilities | 0 | (175) |
Accretion of discount on long-term debt | 20 | 53 |
Loss from equity method investment | 12 | 6 |
Unrealized (gain) loss on debt and equity securities, net | 114 | (16) |
Impairment of debt and equity securities | 1,863 | 0 |
Impairments of goodwill, long-lived assets and other assets | 193 | 0 |
Unrealized foreign currency transactions | 7 | (4) |
Other | (10) | 2 |
Change in assets and liabilities, net of impact of business acquisition and disposals: | ||
Accounts receivable | 444 | (210) |
Prepaid expenses and other assets | 29 | (116) |
Collateral held by insurer | 92 | 0 |
Operating lease right-of-use assets | 57 | 41 |
Accounts payable | (46) | 0 |
Accrued insurance reserves | 77 | 161 |
Accrued expenses and other liabilities | (320) | 370 |
Operating lease liabilities | (49) | (26) |
Net cash used in operating activities | (463) | (722) |
Cash flows from investing activities | ||
Proceeds from sale and disposal of property and equipment | 1 | 40 |
Purchases of property and equipment | (198) | (129) |
Purchases of marketable securities | (493) | 0 |
Proceeds from maturities and sales of marketable securities | 100 | 0 |
Proceeds from business disposals, net of cash divested | 0 | 293 |
Acquisition of business, net of cash acquired | (1,346) | 0 |
Return of capital from equity method investee | 91 | 0 |
Purchase of non-marketable equity securities | (10) | 0 |
Other investing activities | (1) | 0 |
Net cash provided by (used in) investing activities | (1,856) | 204 |
Cash flows from financing activities | ||
Principal payments on finance leases | (60) | (41) |
Other financing activities | (3) | (5) |
Net cash used in financing activities | (63) | (46) |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | (156) | 3 |
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents | (2,538) | (561) |
Cash and cash equivalents, and restricted cash and cash equivalents | ||
Reclassification from assets held for sale during the period | 0 | 34 |
End of period, excluding cash classified within assets held for sale | 9,529 | 7,682 |
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets | ||
Cash and cash equivalents | 8,165 | 5,745 |
Restricted cash and cash equivalents-current | 193 | 136 |
Restricted cash and cash equivalents-non-current | 1,171 | 1,801 |
Total cash and cash equivalents, and restricted cash and cash equivalents | 9,529 | 7,682 |
Cash paid for: | ||
Interest, net of amount capitalized | 91 | 42 |
Income taxes, net of refunds | 36 | 34 |
Non-cash investing and financing activities: | ||
Ownership interest in Zomato received in exchange for the divestiture of Uber Eats India operations | 171 | 0 |
Issuance of initial unsecured convertible notes in connection with Careem acquisition | 880 | 0 |
Holdback amount of unsecured convertible notes in connection with Careem acquisition | $ 754 | $ 0 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Note 1 – Description of Business and Summary of Significant Accounting Policies Description of Business Uber Technologies, Inc. (“Uber” or “the Company”) was incorporated in Delaware in July 2010, and is headquartered in San Francisco, California. Uber is a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B. Uber develops and operates proprietary technology applications supporting a variety of offerings on its platform (“platform(s)” or “Platform(s)”). Uber connects consumers (“Rider(s)”) with independent providers of ride services (“Rides Driver(s)”) for ridesharing services, and connects consumers (“Eater(s)”) with restaurants (“Restaurant(s)”) and food delivery service providers (“Delivery People”) for meal preparation and delivery services. Riders and Eaters are collectively referred to as “end-user(s)” or “consumer(s).” Rides Drivers and Delivery People are collectively referred to as “Driver(s)”. Uber also connects consumers with public transportation networks, e-bikes, e-scooters and other personal mobility options. Uber uses this same network, technology, operational excellence and product expertise to connect shippers with carriers in the freight industry. Uber is also developing technologies that will provide autonomous driving vehicle solutions to consumers, networks of vertical take-off and landing vehicles and new solutions to solve everyday problems. The Company’s technology is used around the world, principally in the United States (“U.S.”) and Canada, Latin America, Europe, the Middle East, Africa, and Asia (excluding China and Southeast Asia). Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2019 , included in the Company’s Annual Report on Form 10-K. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive loss, cash flows and the change in equity for the periods presented. There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 2, 2020 that have had a material impact on the Company’s condensed consolidated financial statements and related notes, except for an update reflecting the new accounting standard related to the measurement of credit losses on available-for-sale debt securities. The evolving nature of the novel strain of coronavirus COVID-19 (“COVID-19”) pandemic and the extent of its impact across industries and geographies, including the duration and spread of the outbreak, are uncertain and cannot be predicted. Therefore, the results of operations for the three months ended March 31, 2020 may not be indicative of the results to be expected for subsequent quarters and the full fiscal year. Basis of Consolidation The condensed consolidated financial statements of the Company include the accounts of the Company and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated. Refer to Note 14 – Variable Interest Entities (“VIEs”) for further information. Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates, including, but not limited to: the incremental borrowing rate (“IBR”) applied in lease accounting; fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of amortizable long-lived assets and intangible assets; fair value of acquired intangible assets and related impairment assessments; impairment of goodwill; stock–based compensation; income taxes and non–income tax reserves; certain deferred tax assets and tax liabilities; insurance reserves; and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates. The Company considered the impacts of the COVID-19 pandemic on the assumptions and inputs (including market data) supporting certain of these estimates, assumptions and judgments, in particular, the Company’s impairment assessment related to the determination of the fair values of certain investments and equity method investments as well as goodwill and the recoverability of long-lived assets. The level of uncertainties and volatility in the global financial markets and economies resulting from the pandemic as well as the uncertainties related to the impact of the pandemic on the Company's and its investees' operations and financial performance means that these estimates may change in future periods, as new events occur and additional information is obtained. Certain Significant Risks and Uncertainties - COVID-19 In March 2020, the World Health Organization declared the outbreak of the novel coronavirus disease (“COVID–19”) a pandemic. COVID–19 has rapidly impacted market and economic conditions globally. In an attempt to limit the spread of the virus, various governmental restrictions have been implemented, including business activities and travel restrictions, and “shelter–at–home” orders, that started to have, and may continue to have, an adverse impact on the Company’s business and operations by reducing, in particular, the demand for Rides and New Mobility offerings globally. In light of the evolving nature of COVID–19 and the uncertainty it has produced around the world, it is not possible to predict the COVID–19 pandemic’s cumulative and ultimate impact on the Company’s future business operations, results of operations, financial position, liquidity, and cash flows. The extent of the impact of the pandemic on the Company’s business and financial results will depend largely on future developments, including the duration of the spread of the outbreak both globally and within the U.S., the impact on capital, foreign currencies exchange and financial markets, and governmental or regulatory orders that impact the Company’s business, all of which are highly uncertain and cannot be predicted . Revenue Recognition Rides During the first quarter of 2020, the Company began charging end-users a fee for services in certain markets. In these transactions, the Company enters into a Master Services Agreements (“MSA”) with the end-user to use the platform for a fee. The combination of the MSA and the individual transaction request establishes enforceable rights and obligations for each transaction. The Company has determined that in these transactions, the end-user is the Company’s customer, in addition to the previously disclosed customers, and revenue from these contracts is also recognized under Accounting Standards Codification (“ASC”) 606. In these transactions, in addition to a performance obligation to Drivers, the Company also has one performance obligation to end-users, which is to connect end-users to Drivers in the marketplace. The Company recognizes revenue when a trip is complete. The Company will continue to present revenue on a net basis for Rides transactions, as the Company does not control the transportation service provided by Drivers to end-users. In the first quarter of 2020, the Company recognized total revenue of $137 million associated with these fees charged to end-users. Eats During the first quarter of 2020, the Company began charging a direct fee to end-users for delivery services in certain markets. In these transactions, the Company enters into an MSA with the end-user to use the platform for delivery services for a fee and separately subcontracts with Delivery People to provide delivery services to end-users. The combination of the end-user MSA and the individual end-user transaction request establishes enforceable rights and obligations for each transaction. The Company’s contract with end-users creates one performance obligation, which is to provide delivery services to end-users in these markets. The Company has determined that in these transactions, Restaurants and end-users are the Company’s customers and revenue from these contracts shall be recognized separately for each under ASC 606. The Company recognizes delivery service revenue associated with the Company's performance obligation over the contract term, which represents its performance over the period of time the delivery is occurring . The Company’s previously disclosed revenue recognition policy for contracts with Restaurants remain unchanged. The Company will present revenue on a gross basis for the delivery of meals, as the Company controls the delivery service in these transactions and is primarily responsible for delivery. Consistent with previous disclosures, the Company will continue to present revenue on a net basis for the sale of meals. In the first quarter of 2020, the Company recognized total revenue of $9 million and cost of revenue, exclusive of depreciation and amortization of $54 million for these delivery transactions . End-user Discounts and Promotions Any promotions utilized by an end-user in these Rides and Eats transactions where the end-user is a customer are accounted for as consideration payable to a customer, and recorded as a reduction of revenue, if the Company does not receive a distinct good or service or cannot reasonably estimate the fair value of the good or service received. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable represents uncollected fare payments from end-users for completed transactions where (i) the payment method is credit card and includes (a) end-user fare amounts not yet settled with payment service providers, and (b) end-user fare amounts settled by payment service providers but not yet remitted to the Company, or (ii) completed shipments where the Company invoices Freight Customers ("Shippers") and payment has not been received. The timing of settlement of amounts due from these parties varies by region and by product. The portion of the fare receivable to be remitted to Drivers and Restaurants is included in accrued and other current liabilities. Refer to Note 8 – Supplemental Financial Statement Information for amounts payable to Drivers and Restaurants. Although the Company pre-authorizes forms of payment to mitigate its exposure, the Company bears the cost of any accounts receivable losses. The Company records an allowance for doubtful accounts for credit losses for fare and invoiced amounts that may never settle or be collected, as well as for credit card chargebacks including fraudulent credit card transactions. The Company considers the allowance for doubtful accounts for fare amounts to be direct and incremental costs to revenue earned and, therefore, the costs are included as cost of revenue in the consolidated statements of operations. The Company estimates the allowance based on historical experience, estimated future payments and geographical trends, which are reviewed periodically and as needed, and amounts are written off when determined to be uncollectable. Allowance for Credit Losses on Available-for-sale Debt Securities The Company accounts for credit losses on available-for-sale debt securities in accordance with ASC 326, Financial Instruments - Credit Losses (“ASC 326”). The Company adopted ASC 326 on January 1, 2020, on a modified retrospective basis. Under ASC 326, at each reporting period, the Company evaluates its available-for-sale debt securities at the individual security level to determine whether there is a decline in the fair value below its amortized cost basis (an impairment). In circumstances where the Company intends to sell, or is more likely than not required to sell, the security before it recovers its amortized cost basis, the difference between fair value and amortized cost is recognized as a loss in the consolidated statement of operations, with a corresponding write-down of the security’s amortized cost. In circumstances where neither condition exists, the Company then evaluates whether a decline is due to credit-related factors. The factors considered in determining whether a credit loss exists can include the extent to which fair value is less than the amortized cost basis, changes in the credit quality of the underlying loan obligors, credit ratings actions, as well as other factors. To determine the portion of a decline in fair value that is credit-related, the Company compares the present value of the expected cash flows of the security discounted at the security’s effective interest rate to the amortized cost basis of the security. A credit-related impairment is limited to the difference between fair value and amortized cost, and recognized as an allowance for credit loss on the consolidated balance sheet with a corresponding adjustment to net income. Any remaining decline in fair value that is non-credit related is recognized in other comprehensive income, net of tax. Improvements in expected cash flows due to improvements in credit are recognized through reversal of the credit loss and corresponding reduction in the allowance for credit loss. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update (“ ASU ”) 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, reasonable and supportable forecasts. The standard also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASC 326 was subsequently amended by ASU 2019-04, “ Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” The Company adopted the standard and related amendments effective January 1, 2020 on a modified retrospective basis. The adoption of the new standard did not have a material impact on the Company’s condensed consolidated financial statements . In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which modifies the disclosure requirements in ASC 820, “Fair Value Measurement” (“ASC 820”). The Company adopted the new standard effective January 1, 2020 on a prospective basis. The adoption of the new standard did not have a material impact on the Company’s condensed consolidated financial statements . In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. The Company adopted the new standard effective January 1, 2020 on a prospective basis. The adoption of the new standard did not have a material impact on the Company’s condensed consolidated financial statements . In October 2018, the FASB issued ASU 2018-17, “Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities,” which amends the guidance for determining whether a decision-making fee is a variable interest and requires organizations to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety. The Company adopted the new standard effective January 1, 2020 on a retrospective basis. The adoption of the new standard did not have a material impact on the Company’s condensed consolidated financial statements . In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes certain exceptions for performing intraperiod allocation, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance reduces complexity in certain areas, including franchise taxes that are partially based on income and accounting for tax law changes in interim periods. The Company early adopted the new standard effective January 1, 2020 on a prospective basis. The adoption of the new standard did not have a material impact on the Company’s condensed consolidated financial statements . Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued. The standard is effective upon issuance through December 31, 2022 and may be applied at the beginning of the interim period that includes March 12, 2020 or any date thereafter. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements . |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 2 – Revenue The following tables present the Company’s revenues disaggregated by offering and geographical region. Revenue by geographical region is based on where the trip or shipment was completed or meal delivered. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Revenue is presented in the following tables for the three months ended March 31, 2019 and 2020 ( in millions ): Three Months Ended March 31, 2019 2020 Rides revenue $ 2,376 $ 2,450 Vehicle Solutions revenue (1) 10 1 Other revenue 32 19 Total Rides revenue 2,418 2,470 Eats revenue 536 819 Freight revenue 127 199 Other Bets revenue (1) 18 30 ATG and Other Technology Programs collaboration revenue (2) — 25 Total revenue $ 3,099 $ 3,543 (1) The Company accounts for Vehicle Solutions and New Mobility revenue as an operating lease as defined under ASC 842. (2) Refer to Note 15 – Non-Controlling Interests for further information on collaboration revenue . Three Months Ended March 31, 2019 2020 United States and Canada $ 1,895 $ 2,142 Latin America ("LATAM") 450 497 Europe, Middle East and Africa ("EMEA") 487 552 Asia Pacific ("APAC") (1) 267 352 Total revenue $ 3,099 $ 3,543 (1) Primarily includes Australia. Revenue from Contracts with Customers Rides Revenue The Company derives revenue primarily from fees paid by Rides Drivers for the use of the Company’s platform(s) and related service to facilitate and complete ridesharing services and, in certain markets, revenue from fees paid by End-Users for connection services obtained via the platform. Other Revenue Other revenue consists primarily of revenue from the Company’s Uber for Business (“U4B”), financial partnerships products and other immaterial revenue streams. Eats Revenue The Company derives revenue for Eats from Restaurants’ and Delivery People’s use of the Eats platform and related service to facilitate and complete Eats transactions. Additionally, in certain markets where the Company is responsible for delivery services, delivery fees charged to end-users are also included in revenue, while payments to Delivery People in exchange for delivery services are recognized in cost of revenue. Freight Revenue Freight revenue consists primarily of revenue from freight transportation services provided to shippers. Other Bets Revenue Other Bets revenue consists primarily of revenue from New Mobility products, including dockless e-bikes, Platform Incubator group offerings , which are responsible for innovating new services and use cases on the Company’s platform to drive long-term growth and cross-platform customer engagement, and other immaterial revenue streams. Contract Balances The Company’s contract assets for performance obligations satisfied prior to payment or contract liabilities for consideration collected prior to satisfying the performance obligations are not material as of December 31, 2019 and March 31, 2020 . Remaining Performance Obligations As a result of a single contract entered into with a customer during 2018 , the Company had $74 million of consideration allocated to an unfulfilled performance obligation as of March 31, 2020 . Revenue recognized during the three months ended March 31, 2019 and 2020 related to the contract was not material . The Company’s remaining performance obligation is expected to be recognized as follows ( in millions ) : Less Than or Greater Than Total As of March 31, 2020 $ 52 $ 22 $ 74 |
Investments and Fair Value Meas
Investments and Fair Value Measurement | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Value Measurement | Note 3 – Investments and Fair Value Measurement Investments The Company’s investments on the condensed consolidated balance sheets consisted of the following as of December 31, 2019 and March 31, 2020 (in millions) : As of December 31, 2019 March 31, 2020 Classified as short-term investments: Marketable debt securities (1) : Commercial paper 148 248 U.S. government and agency securities 93 186 Corporate bonds 199 397 Short-term investments $ 440 $ 831 Classified as investments: Non-marketable equity securities Didi (2) $ 7,953 $ 6,299 Other (3) 204 272 Non-marketable debt securities Grab (4) 2,336 2,109 Other (3) 34 7 Investments $ 10,527 $ 8,687 (1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents. (2) On August 1, 2016, the Company completed the sale of the Company’s interest in Uber China to Didi and received approximately 52 million shares of Didi’s Series B-1 preferred stock as consideration valued at approximately $6.0 billion at time of transaction. (3) These balances include certain investments in securities recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments. (4) Recorded at fair value with changes in fair value recorded in other comprehensive income (loss), net of tax, unless subject to credit loss. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions) : As of December 31, 2019 As of March 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 5,104 $ — $ — $ 5,104 $ 4,778 $ — $ — $ 4,778 Commercial paper — 233 — 233 — 355 — 355 U.S. government and agency securities — 153 — 153 — 269 — 269 Corporate bonds — 199 — 199 — 403 — 403 Non-marketable debt securities — — 2,370 2,370 — — 2,116 2,116 Non-marketable equity securities — — 98 98 — — 21 21 Total financial assets $ 5,104 $ 585 $ 2,468 $ 8,157 $ 4,778 $ 1,027 $ 2,137 $ 7,942 During the three months ended March 31, 2020 , the Company did not make any transfers between the levels of the fair value hierarchy. The following table summarizes the amortized cost and fair value of the Company’s debt securities with a stated contractual maturity or redemption date as of March 31, 2020 (in millions) : As of March 31, 2020 Amortized Cost Fair Value Within one year $ 797 $ 797 One year through five years 2,514 2,339 Total $ 3,311 $ 3,136 The following table summarizes the amortized cost, unrealized gains and losses, and fair value of the Company’s debt securities at fair value on a recurring basis as of December 31, 2019 and March 31, 2020 (in millions) : As of December 31, 2019 As of March 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Allowance for Credit Loss Fair Value Commercial paper $ 233 $ — $ — $ 233 $ 355 $ — $ — $ — $ 355 U.S. government and agency securities 153 — — 153 269 — — — 269 Corporate bonds 199 — — 199 405 — (2 ) — 403 Non-marketable debt securities 2,309 61 — 2,370 2,312 — (23 ) (173 ) 2,116 Total $ 2,894 $ 61 $ — $ 2,955 $ 3,341 $ — $ (25 ) $ (173 ) $ 3,143 The following table presents information about the allowance for credit losses on debt securities (in millions): Non-marketable Balance as of January 1, 2020 $ — Impact due to adoption of ASU 2016-13 — Credit losses on securities for which credit losses were not previously recorded (173 ) Balance as of March 31, 2020 $ (173 ) The Company measures its cash equivalents and certain investments at fair value. Level 1 instrument valuations are based on quoted market prices of the identical underlying security. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations are valued based on unobservable inputs and other estimation techniques due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such financial instruments. The Company’s Level 3 non-marketable debt securities as of December 31, 2019 and March 31, 2020 primarily consist of redeemable preferred stock investments in privately held companies without readily determinable fair values. Depending on the investee’s financing activity in a reporting period, management’s estimate of fair value may be primarily derived from the investee’s financing transactions, such as the issuance of preferred stock to new investors. The price in these transactions generally provides the best indication of the enterprise value of the investee. Additionally, based on the timing, volume, and other characteristics of the transaction, the Company may supplement this information by using other valuation techniques, including the guideline public company approach. The guideline public company approach relies on publicly available market data of comparable companies and uses comparative valuation multiples of the investee’s revenue (actual and forecasted), and therefore, unobservable data used in this valuation technique primarily consists of short-term revenue projections. Once the fair value of the investee is estimated, an option-pricing model (“OPM”) is employed to allocate value to various classes of securities of the investee, including the class owned by the Company. The model involves making assumptions around the investees’ expected time to liquidity and volatility. An increase or decrease in any of the unobservable inputs in isolation, such as the security price in a significant financing transaction of the investee, could result in a material increase or decrease in the Company’s estimate of fair value. Other unobservable inputs, including short-term revenue projections, time to liquidity, and volatility are less sensitive to the valuation in the respective reporting periods, as a result of the primary weighting on the investee’s financing transactions. In the future, depending on the weight of evidence and valuation approaches used, these or other inputs may have a more significant impact on the Company’s estimate of fair value. The following table summarizes information about the significant unobservable inputs used in the fair value measurement for the Company’s investment in Grab as of December 31, 2019 and March 31, 2020 : Fair value method Relative weighting Key unobservable input Financing transactions 100% Transaction price per share $6.16 Volatility 54% - 62% Estimated time to liquidity 2.25 - 2.5 years The Company determines realized gains or losses on the sale of equity and debt securities on a specific identification method. The Company did not recognize any other-than-temporary impairment losses during three months ended March 31, 2019 . At March 31, 2020 , the Company determined the fair value of its available-for-sale debt securities in Grab had declined below their amortized cost based on an analysis of the observed valuation declines of Grab’s publicly-traded competitive peer group and representative stock market indices . These observed inputs are considered indicative of changes in the fair value of the Grab securities. Using the analysis, the Company computed a downward market adjustment of 10% that was applied to the valuation derived from Grab’s latest financing transaction which occurred earlier in the first quarter of 2020 and prior to the announcement of COVID-19 as a global pandemic, impacting global demand for ridesharing services. As a result, the carrying value of the investment in Grab was reduced by $230 million ; $57 million reduced the previously recognized unrealized gain in other comprehensive income (loss), net of tax, and the remaining $173 million , representing the difference between the fair value and amortized cost of the securities, was recognized as an allowance for credit loss in the condensed consolidated balance sheet and a corresponding credit-related impairment charge recorded to other income (expense), net in the condensed consolidated statement of operations . Due to the significant uncertainty about Grab’s ability to repay the redemption amount of the securities on the redemption date, the amount expected to be collected is considered to be less than the fair value of the securities. Therefore, the entire decline in fair value below amortized cost was considered to reflect a credit-related impairment charge. The following table presents a reconciliation of the Company’s financial assets measured and recorded at fair value on a recurring basis as of March 31, 2020 , using significant unobservable inputs (Level 3) (in millions) : Non-marketable Non-marketable Equity Security 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 Total net gains (losses) Included in earnings (27 ) (87 ) Included in other comprehensive income (loss) (57 ) — Purchases (1) 3 10 Impairments (173 ) — Balance as of March 31, 2020 $ 2,116 $ 21 (1) Purchases in non–marketable equity security include warrants to purchase shares of a private company that vest as certain performance criteria are met during the period. (2) Transfers include a non-marketable equity security that was previously measured at fair value on a non-recurring basis as of December 31, 2018 for which the Company elected to apply the fair value option during the year ended December 31, 2019 . Management’s key inputs and assumptions used to determine an estimate of fair value for this investment is based on an option-pricing model and price of the underlying security in recent financing transactions. There is significant uncertainty over the collectability of the contractual interest on the Grab investment and as a result the Company has elected to apply a non-accrual policy to this investment. In determining whether a non-accrual policy is appropriate, the Company considered, among other factors, the reasonable possibility of a Grab initial public offering, the ability of Grab to pay the accumulated interest on all preferred securities on or after the redemption date, and the likelihood of a redemption occurring. If the Company had recorded accrued interest on the Series G preference shares, $34 million and $36 million of additional interest income would have been recognized for the three months ended March 31, 2019 and 2020 , respectively. Assets Measured at Fair Value on a Non-Recurring Basis The Company’s non-financial assets, such as goodwill, intangible assets and property and equipment are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominately on Level 3 inputs. Non-Marketable Equity Securities The Company’s non-marketable equity securities are investments in privately held companies without readily determinable fair values and primarily relate to its investment in Didi. The carrying value of its non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the condensed consolidated statements of operations . Non-marketable equity securities are classified within Level 3 in the fair value hierarchy because the Company estimates the fair value of these securities based on valuation methods, including the common stock equivalent (“CSE”) and option pricing model (“OPM”) methods, using the transaction price of similar securities issued by the investee adjusted for contractual rights and obligations of the securities it holds. The following is a summary of unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded in other income (expense), net in the condensed consolidated statements of operations , and included as adjustments to the carrying value of non-marketable equity securities held during the three months ended March 31, 2019 and 2020 . The amounts are based on the selling price of newly issued shares of similar preferred stock to new investors using a hybrid method which applies probabilities to possible scenarios valued using the CSE method, and OPM, which contemplates the rights and preferences of the securities the Company holds. (In millions) Three Months Ended March 31, 2019 2020 Upward adjustments $ — $ — Downward adjustments (including impairment) — (1,690 ) Total unrealized gain for non-marketable equity securities $ — $ (1,690 ) The Company evaluates its non-marketable equity securities for impairment at each reporting period based on a qualitative assessment that considers various potential impairment indicators. This evaluation consisted of several factors including, but not limited to, an assessment of a significant adverse change in the economic environment, significant adverse changes in the general market condition of the geographies and industries in which the Company’s investees operate, and other publicly available information that affected the value of the its non-marketable equity securities. As a result of the deterioration in economic and market conditions arising from COVID-19, the Company determined an impairment indicator existed as of March 31, 2020 and the fair value of certain investments, primarily its investment in Didi, was less than their carrying value. To determine the fair value of the Company’s investment in Didi as of March 31, 2020 , the Company utilized a hybrid approach, incorporating a CSE method along with an OPM, weighted at 80% and 20% , respectively. The CSE method assumes an if-converted scenario, where the OPM approach allocates equity value to individual securities within the investees’ capital structure based on contractual rights and preferences. The Company computed a range of market adjustments based on observed market valuation declines of Didi’s representative stock market indices and publicly-traded competitive peer group since the latest transaction in similar securities occurred in the prior year and prior to the announcement of COVID-19 as a global pandemic, impacting global demand for ridesharing services. These inputs are considered indicative of changes in the fair value of Didi equity. Market adjustments within the range were applied to the Didi equity valuation derived from the latest financing transaction in similar securities which were then used in the CSE and OPM approaches to obtain the fair value of the Didi securities owned by the Company. A lower adjustment within the range was applied to the enterprise value used in the CSE allocation compared to a higher downward adjustment for purposes of allocating value in the OPM approach. The value adjustment differential was attributable to several factors including possible exit scenarios, as an IPO event would result in higher valuation (due to access to public markets and reduction in cost of capital), reduces valuation uncertainty, and generally assumes market and macro-economic conditions that are comparatively more favorable than an otherwise prolonged stay-private scenario. As a result of the valuation performed, the Company recorded an impairment charge of $1.7 billion in other income (expense), net in the Company’s condensed consolidated statement of operations during the three months ended March 31, 2020 . The following table summarizes information about the significant unobservable inputs used in the valuation for the Company’s investment in Didi as of March 31, 2020 : Fair value method Key unobservable input CSE Market adjustment (20)% OPM Volatility 39% Estimated time to liquidity 2.0 years Market adjustment (40)% The Company did not record any realized gains or losses for the Company’s non-marketable equity securities measured at fair value on a non-recurring basis as of March 31, 2020 . The following table summarizes the total carrying value of the Company’s non-marketable equity securities measured at fair value on a non-recurring basis held as of December 31, 2019 and March 31, 2020 including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions) : As of December 31, 2019 March 31, 2020 Initial cost basis $ 6,075 $ 6,256 Upward adjustments 1,984 1,984 Downward adjustments (including impairment) — (1,690 ) Total carrying value at the end of the period $ 8,059 $ 6,550 |
Equity Method Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Note 4 – Equity Method Investments The carrying value of the Company’s equity method investments as of December 31, 2019 and March 31, 2020 were as follows (in millions) : As of December 31, 2019 March 31, 2020 MLU B.V. $ 1,224 $ 1,244 Mission Bay 3 & 4 (1) 140 50 Other — 5 Equity method investments $ 1,364 $ 1,299 (1) Refer to Note 14 – Variable Interest Entities (“VIEs”) for further information on the Company’s interest in Mission Bay 3 & 4. MLU B.V. During the first quarter of 2018, the Company closed a transaction that contributed the net assets of its Uber Russia/CIS operations into a newly formed private limited liability company (“MLU B.V.” or “Yandex.Taxi joint venture”), with Yandex and the Company holding ownership interests in MLU B.V. In exchange for consideration contributed, the Company received a seat on MLU B.V.’s board and a 38% equity ownership interest consisting of common stock in MLU B.V. Certain contingent equity issuances of MLU B.V. may dilute the Company’s equity ownership interest to approximately 35% . The investment was determined to be an equity method investment due to the Company’s ability to exercise significant influence over MLU B.V. The initial fair value of the Company’s equity method investment in MLU B.V. was estimated using discounted cash flows of MLU B.V. The equity ownership interest in MLU B.V. was 38% as of March 31, 2020 . For the three months ended March 31, 2020 , an immaterial amount of loss was recognized from MLU B.V. equity method investment. Included in the carrying value of MLU B.V. is the basis difference, net of amortization, between the original cost of the investment and the Company's proportionate share of the net assets of MLU B.V. The carrying value of the equity method investment is primarily adjusted for the Company’s share in the income or losses of MLU B.V. and amortization of basis differences. Equity method goodwill and intangible assets, net of accumulated amortization are also adjusted for currency translation adjustments representing fluctuations between the functional currency of the investee, the Ruble and the U.S. Dollar. The Ruble depreciated against the U.S. dollar by approximately 22% between December 31, 2019 and March 31, 2020. The movement in exchange rates will be reflected in the carrying value of the investment with a corresponding adjustment to other comprehensive income (loss) in the Company’s condensed consolidated financial statements at June 30, 2020 as the Company records its share of MLU B.V.’s earnings and reflects its share of MLU B.V.'s net assets on a one-quarter lag basis. The table below provides the composition of the basis difference as of March 31, 2020 (in millions) : As of March 31, 2020 Equity method goodwill $ 801 Intangible assets, net of accumulated amortization 112 Deferred tax liabilities (25 ) Cumulative currency translation adjustments (64 ) Basis difference $ 824 The Company amortizes the basis difference related to the intangible assets over the estimated useful lives of the assets that gave rise to the difference using the straight-line method. The weighted-average life of the intangible asset is approximately 4.6 years as of March 31, 2020 . Equity method goodwill is not amortized. The investment balance is reviewed for impairment whenever factors indicate that the carrying value of the equity method investment may not be recoverable. As of March 31, 2020 , the Company determined that there was no other-than-temporary impairment of its investment in MLU B.V. as there was no indication that fair value was below carrying value based, in particular, on consideration of the financial performance of the investee, indication of fair value of the investee and the limited impact of the pandemic in the market in which the investee operates through that date. Indicators of impairment, including any future effect of the pandemic and related government actions as well as other factors, will continue to be monitored. Mission Bay 3 & 4 The Mission Bay 3 & 4 JV refers to Event Center Office Partners, LLC (“ECOP”), a joint venture entity established in March 2018, by Uber and two companies (“LLC Partners”) to manage the construction and operation of two office buildings owned by two ECOP wholly-owned subsidiaries. The Company contributed $136 million cash in exchange for a 45% interest in ECOP. The two LLC Partners own 45% and 10% , respectively. T he amount of contributed cash was recorded as an equity method investment as of December 31, 2019 . In March 2020, two ECOP wholly-owned subsidiaries took out new loans. Upon closing the new financing, the proceeds were used to first pay off the existing construction loan, then to cover the required operation reserve as well as various financing cost, and last, the remaining proceeds were distributed back to the Uber and LLC Partners based on their ownership percentage. As a result, Uber received $91 million from the ECOP as a return of capital investment, and reduced the investment carrying value by the same amount. As of March 31, 2020 , the equity method investment for Mission Bay 3 & 4 was $50 million . The equity ownership interest in ECOP was 45% as of December 31, 2019 and March 31, 2020 . For the three months ended March 31, 2020 , an immaterial amount of equity earnings was recognized. As of December 31, 2019 and March 31, 2020 , the Company determined that there was no impairment of its investment in ECOP . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 5 – Leases The components of lease expense were as follows (in millions) : Three Months Ended March 31, 2019 2020 Lease cost Finance lease cost: Amortization of assets $ 36 $ 44 Interest on lease liabilities 4 4 Operating lease cost 67 95 Short-term lease cost 8 6 Variable lease cost 25 30 Sublease income (1 ) (1 ) Total lease cost $ 139 $ 178 The Company did not enter into nor commence any new material operating or finance leases during the three months ended March 31, 2020 . The assumptions used to value new leases for the periods presented were as follows: As of December 31, 2019 March 31, 2020 Weighted-average remaining lease term Operating leases 16 years 15 years Finance leases 2 years 2 years Weighted-average discount rate Operating leases 7.1 % 7.1 % Finance leases 5.0 % 4.8 % Maturities of lease liabilities were as follows (in millions) : As of March 31, 2020 Operating Leases Finance Leases Remainder of 2020 $ 129 $ 138 2021 264 137 2022 295 54 2023 253 — 2024 210 — Thereafter 2,213 — Total undiscounted lease payments 3,364 329 Less: imputed interest (1,640 ) (14 ) Total lease liabilities $ 1,724 $ 315 As of March 31, 2020 , the Company had additional operating leases and finance leases, primarily for corporate offices and servers, that have not yet commenced of $586 million and $16 million , respectively. These operating and finance leases will commence between fiscal years 2020 and 2022 with lease terms ranging from 5 to 11 years . Mission Bay 1 & 2 In 2015, the Company entered into a joint venture (“JV”) agreement with a real estate developer (“JV Partner”) to develop land (“the Land”) in San Francisco to construct the Company’s new headquarters (the “Headquarters”). The Headquarters will consist of two adjacent office buildings totaling approximately 423,000 rentable square feet. In connection with the JV arrangement, the Company had acquired a 49% interest in the JV, the principal asset of which was the Land. In 2016, the Company and the JV Partner agreed to dissolve the JV and terminate the Company’s commitment to the lease of the Headquarters (together “the real estate transaction”) and the Company retained a 49% indirect interest in the Land (“Indirect Interest”). Under the terms of the real estate transaction, the Company obtained the rights and title to the partially constructed building, will complete the development of the two office buildings and retain a 100% ownership in the buildings. In connection with the real estate transaction, the Company also executed two 75 -year land lease agreements (“Land Leases”). As of March 31, 2020 , commitments under the Land Leases total $161 million until February 2032. After 2032, the annual rent amount will adjust annually based on the prevailing consumer price index. The real estate transaction is accounted for as a financing transaction of the Company’s 49% Indirect Interest due to the Company’s continuing involvement through a purchase option on the Indirect Interest. As a financing transaction, the cash and deferred sales proceeds received from the real estate transaction are recorded as a financing obligation. As of March 31, 2020 , the Company’s Indirect Interest of $65 million is included in property and equipment, net and a corresponding financing obligation of $78 million is included in other long-term liabilities. Future land lease payments of $1.7 billion will be allocated 49% to the financing obligation of the Indirect Interest and 51% to the operating lease of land. Future minimum payments related to the financing obligations as of March 31, 2020 are summarized below (in millions) : Future Minimum Payments Fiscal Year Ending December 31, Remainder of 2020 $ 4 2021 6 2022 6 2023 6 2024 6 Thereafter 827 Total $ 855 |
Leases | Note 5 – Leases The components of lease expense were as follows (in millions) : Three Months Ended March 31, 2019 2020 Lease cost Finance lease cost: Amortization of assets $ 36 $ 44 Interest on lease liabilities 4 4 Operating lease cost 67 95 Short-term lease cost 8 6 Variable lease cost 25 30 Sublease income (1 ) (1 ) Total lease cost $ 139 $ 178 The Company did not enter into nor commence any new material operating or finance leases during the three months ended March 31, 2020 . The assumptions used to value new leases for the periods presented were as follows: As of December 31, 2019 March 31, 2020 Weighted-average remaining lease term Operating leases 16 years 15 years Finance leases 2 years 2 years Weighted-average discount rate Operating leases 7.1 % 7.1 % Finance leases 5.0 % 4.8 % Maturities of lease liabilities were as follows (in millions) : As of March 31, 2020 Operating Leases Finance Leases Remainder of 2020 $ 129 $ 138 2021 264 137 2022 295 54 2023 253 — 2024 210 — Thereafter 2,213 — Total undiscounted lease payments 3,364 329 Less: imputed interest (1,640 ) (14 ) Total lease liabilities $ 1,724 $ 315 As of March 31, 2020 , the Company had additional operating leases and finance leases, primarily for corporate offices and servers, that have not yet commenced of $586 million and $16 million , respectively. These operating and finance leases will commence between fiscal years 2020 and 2022 with lease terms ranging from 5 to 11 years . Mission Bay 1 & 2 In 2015, the Company entered into a joint venture (“JV”) agreement with a real estate developer (“JV Partner”) to develop land (“the Land”) in San Francisco to construct the Company’s new headquarters (the “Headquarters”). The Headquarters will consist of two adjacent office buildings totaling approximately 423,000 rentable square feet. In connection with the JV arrangement, the Company had acquired a 49% interest in the JV, the principal asset of which was the Land. In 2016, the Company and the JV Partner agreed to dissolve the JV and terminate the Company’s commitment to the lease of the Headquarters (together “the real estate transaction”) and the Company retained a 49% indirect interest in the Land (“Indirect Interest”). Under the terms of the real estate transaction, the Company obtained the rights and title to the partially constructed building, will complete the development of the two office buildings and retain a 100% ownership in the buildings. In connection with the real estate transaction, the Company also executed two 75 -year land lease agreements (“Land Leases”). As of March 31, 2020 , commitments under the Land Leases total $161 million until February 2032. After 2032, the annual rent amount will adjust annually based on the prevailing consumer price index. The real estate transaction is accounted for as a financing transaction of the Company’s 49% Indirect Interest due to the Company’s continuing involvement through a purchase option on the Indirect Interest. As a financing transaction, the cash and deferred sales proceeds received from the real estate transaction are recorded as a financing obligation. As of March 31, 2020 , the Company’s Indirect Interest of $65 million is included in property and equipment, net and a corresponding financing obligation of $78 million is included in other long-term liabilities. Future land lease payments of $1.7 billion will be allocated 49% to the financing obligation of the Indirect Interest and 51% to the operating lease of land. Future minimum payments related to the financing obligations as of March 31, 2020 are summarized below (in millions) : Future Minimum Payments Fiscal Year Ending December 31, Remainder of 2020 $ 4 2021 6 2022 6 2023 6 2024 6 Thereafter 827 Total $ 855 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 6 – Goodwill and Intangible Assets On January 2, 2020, the Company completed the acquisition of substantially all of the assets of Careem Inc. (“Careem”) and certain of its subsidiaries. The acquisition was accounted for as a business combination, resulting in an increase of $2.5 billion in goodwill and $540 million in intangible assets. Refer to Note 16 – Business Combination for further information. Goodwill The following table presents the changes in the carrying value of goodwill, by segment, for the three months ended March 31, 2020 (in millions) : Rides Eats Freight Other Bets ATG and Other Technology Programs Total Goodwill Balance as of December 31, 2019 $ 25 $ 13 $ — $ 100 $ 29 $ 167 Acquisitions (Note 16) 2,515 — — — — 2,515 Goodwill impairment — — — (100 ) — (100 ) Foreign currency translation adjustment (16 ) — — — — (16 ) Balance as of March 31, 2020 $ 2,524 $ 13 $ — $ — $ 29 $ 2,566 Market, macroeconomic and business conditions resulting from the COVID-19 pandemic indicated that it was more likely than not that the carrying value of the Company’s New Mobility reporting unit within its Other Bets segment exceeded its fair value. Therefore, the Company assessed whether goodwill was impaired as of March 31, 2020 by comparing the fair value of the New Mobility reporting unit to its carrying value. Fair value was determined by referencing market valuation multiples implied by companies that have comparable businesses which is a Level 3 measurement. The carrying value of the Company’s New Mobility reporting unit exceeded its fair value, and as a result, a goodwill impairment charge of $100 million was recorded in general and administrative expenses in the condensed consolidated statement of operations , after consideration of impairments of long-lived and other assets of the reporting unit. During the three months ended March 31, 2020 , the Company recognized impairment charges to intangible assets, certain property and equipment and spare parts inventory in its New Mobility reporting unit. The impairment charges to intangible assets of $23 million , property and equipment of $47 million , and spare parts inventory of $23 million were recorded in general and administrative expenses in the condensed consolidated statement of operations . In light of the impact of the COVID–19 pandemic on macroeconomic conditions and demand for Rides, the Company also considered whether it was more likely than not the fair value of its Rides reporting unit was below its carrying value. Based on an analysis of qualitative and quantitative factors, including market valuation multiples of public companies operating in the same business and considering the significant excess of the fair value attributable to the Rides reporting unit over its carrying value, the Company determined that the Rides goodwill was not impaired as of March 31, 2020. Except as noted above, for the three months ended March 31, 2020, the Company concluded that there was no impairment to its other reporting units. Intangible Assets The components of intangible assets, net as of December 31, 2019 and March 31, 2020 were as follows (in millions, except years): 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 Gross Carrying Value Accumulated Amortization Accumulated Impairment Net Carrying Value Weighted Average Remaining Useful Life - Years March 31, 2020 Rider relationships (1) $ 268 $ (5 ) $ — $ 263 15 Captains network (1) 40 (10 ) — 30 1 Developed technology (1), (2) 204 (44 ) (23 ) 137 4 Trade names (1) 120 (3 ) — 117 10 Patents 16 (5 ) — 11 8 Other 5 (3 ) — 2 — Intangible assets $ 653 $ (70 ) $ (23 ) $ 560 (1) Includes intangible assets acquired from Careem. Refer to Note 16 – Business Combination for further information. (2) Developed technology intangible assets include in-process research and development (“ IPR&D ”), which is not subject to amortization, of $31 million and $31 million as of December 31, 2019 and March 31, 2020 , respectively. Amortization expense for intangible assets subject to amortization was $4 million and $28 million for the three months ended March 31, 2019 and 2020 , respectively. The estimated aggregate future amortization expense for intangible assets subject to amortization as of March 31, 2020 is summarized below (in millions) : Estimated Future Amortization Expense Year Ending December 31, Remainder of 2020 $ 76 2021 60 2022 59 2023 59 2024 31 Thereafter 242 Total $ 527 |
Long-Term Debt and Revolving Cr
Long-Term Debt and Revolving Credit Arrangements | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Revolving Credit Arrangements | Note 7 – Long-Term Debt and Revolving Credit Arrangements Components of debt, including the associated effective interest rates were as follows ( in millions , except for percentages): As of December 31, 2019 March 31, 2020 Effective Interest Rate 2016 Senior Secured Term Loan $ 1,113 $ 1,110 6.1 % 2018 Senior Secured Term Loan 1,478 1,474 6.2 % 2023 Senior Note 500 500 7.7 % 2026 Senior Note 1,500 1,500 8.1 % 2027 Senior Note 1,200 1,200 7.7 % Total debt 5,791 5,784 Less: unamortized discount and issuance costs (57 ) (54 ) Less: current portion of long-term debt (27 ) (27 ) Total long-term debt $ 5,707 $ 5,703 2016 Senior Secured Term Loan In July 2016, the Company entered into a secured term loan agreement with a syndicate of lenders to issue senior secured floating-rate term loans for a total of $1.2 billion in proceeds, net of debt discount of $23 million and debt issuance costs of $13 million , with a maturity date of July 2023 (the “ 2016 Senior Secured Term Loan ”). On June 13, 2018, the Company entered into an amendment to the 2016 Senior Secured Term Loan agreement which increased the effective interest rate to 6.1% on the outstanding balance of the 2016 Senior Secured Term Loan as of the amendment date. The maturity date for the 2016 Senior Secured Term Loan remains July 13, 2023 . The amendment qualified as a debt modification that did not result in an extinguishment except for an immaterial syndicated amount of the loan. The 2016 Senior Secured Term Loan is guaranteed by certain material domestic restricted subsidiaries of the Company. The 2016 Senior Secured Term Loan agreement contains customary covenants restricting the Company and certain of its subsidiaries’ ability to incur debt, incur liens and undergo certain fundamental changes. The Company was in compliance with all covenants as of March 31, 2020 . The credit agreement also contains customary events of default. The loan is secured by certain intellectual property of the Company and equity of certain material foreign subsidiaries. The 2016 Senior Secured Term Loan also contains restrictions on the payment of dividends. 2018 Senior Secured Term Loan In April 2018, the Company entered into a secured term loan agreement with a syndicate of lenders to issue secured floating-rate term loans totaling $1.5 billion in proceeds, net of debt discount of $8 million and debt issuance costs of $15 million , with a maturity date of April 2025 (the “ 2018 Senior Secured Term Loan ”). The 2018 Senior Secured Term Loan was issued on a pari passu basis with the existing 2016 Senior Secured Term Loan . The debt discount and debt issuance costs are being amortized to interest expense at an effective interest rate of 6.2% . The 2018 Senior Secured Term Loan is guaranteed by certain material domestic restricted subsidiaries of the Company. The 2018 Senior Secured Term Loan agreement contains customary covenants restricting the Company and certain of its subsidiaries’ ability to incur debt, incur liens and undergo certain fundamental changes. The Company was in compliance with all covenants as of March 31, 2020 . The credit agreement also contains customary events of default. The loan is secured by certain intellectual property of the Company and equity of certain material foreign subsidiaries. The fair values of the Company’s 2016 Senior Secured Term Loan and the 2018 Senior Secured Term Loan were $1.0 billion and $1.3 billion , respectively, as of March 31, 2020 and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input. 2023, 2026 and 2027 Senior Notes In October 2018 , the Company issued five -year notes with an aggregate principal amount of $500 million due on November 1, 2023 and eight -year notes with an aggregate principal amount of $1.5 billion due on November 1, 2026 (the “ 2023 and 2026 Senior Notes ”) in a private placement offering totaling $2.0 billion . The Company issued the 2023 and 2026 Senior Notes at par and paid approximately $9 million for debt issuance costs. The interest is payable semi-annually in arrears on May 1 and November 1 of each year at 7.5% per annum and 8.0% per annum, respectively, beginning on May 1, 2019 , and the entire principal amount is due at the time of maturity. In September 2019 , the Company issued eight - year notes with an aggregate principal amount of $1.2 billion due on September 15, 2027 (the “ 2027 Senior Notes ”) in a private placement to qualified institutional buyers pursuant to Rule144A under the Securities Act . The Company issued the 2027 Senior Notes at par and paid approximately $11 million for debt issuance costs. The interest is payable semi-annually in arrears on March 15 and September 15 of each year at 7.5% per annum, beginning on March 15, 2020 , and the entire principal amount is due at the time of maturity. The 2023, 2026 and 2027 Senior Notes are guaranteed by certain material domestic restricted subsidiaries of the Company. The indentures governing the 2023, 2026 and 2027 Senior Notes contain customary covenants restricting the Company and certain of its subsidiaries’ ability to incur debt and incur liens. The Company was in compliance with all covenants as of March 31, 2020 . The fair values of the Company’s 2023, 2026 and 2027 Senior Notes were $491 million , $1.5 billion , and $1.2 billion , respectively, as of March 31, 2020 and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input. The following table presents the amount of interest expense recognized relating to the contractual interest coupon, amortization of the debt discount and issuance costs, and the internal rate of return (“ IRR”) payout with respect to the Senior Secured Term Loan, the Convertible Notes, and the Senior Notes for the three months ended March 31, 2019 and 2020 (in millions) : Three Months Ended March 31, 2019 2020 Contractual interest coupon $ 140 $ 105 Amortization of debt discount and issuance costs 53 3 8% IRR payout 17 — Total interest expense from long-term debt $ 210 $ 108 Revolving Credit Arrangements The Company has a revolving credit agreement initially entered in 2015 with certain lenders, which provides for $2.3 billion in credit maturing on June 13, 2023 (“ Revolving Credit Facility ”). In conjunction with the Company’s entry into the 2016 Senior Secured Term Loan , the revolving credit facility agreements were amended to include as collateral the same intellectual property of the Company and the same equity of certain material foreign subsidiaries that were pledged as collateral under the 2016 Senior Secured Term Loan . The credit facility may be guaranteed by certain material domestic restricted subsidiaries of the Company based on certain conditions. The credit agreement contains customary covenants restricting the Company and certain of its subsidiaries’ ability to incur debt, incur liens, and undergo certain fundamental changes, as well as maintain a certain level of liquidity specified in the contractual agreement. The credit agreement also contains customary events of default. The Revolving Credit Facility also contains restrictions on the payment of dividends. As of March 31, 2020 , there was no balance outstanding on the Revolving Credit Facility . Letters of Credit The Company’s insurance subsidiary maintains agreements for letters of credit to guarantee the performance of insurance related obligations that are collateralized by cash or investments of the subsidiary. For purposes of securing obligations related to leases and other contractual obligations, the Company also maintains an agreement for letters of credit, which is collateralized by the Company’s Revolving Credit Facility and reduces the amount of credit available. As of December 31, 2019 and March 31, 2020 , the Company had letters of credit outstanding of $570 million and $580 million , respectively, of which the letters of credit that reduced the available credit under the Revolving Credit Facility were $213 million and $219 million |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Statement Information | Note 8 – Supplemental Financial Statement Information Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets as of December 31, 2019 and March 31, 2020 were as follows (in millions) : As of December 31, 2019 March 31, 2020 Prepaid expenses $ 571 $ 491 Other receivables 428 486 Other 300 265 Prepaid expenses and other current assets $ 1,299 $ 1,242 Accrued and Other Current Liabilities Accrued and other current liabilities as of December 31, 2019 and March 31, 2020 were as follows (in millions) : As of December 31, 2019 March 31, 2020 Accrued legal, regulatory and non-income taxes $ 1,539 $ 1,680 Accrued Drivers and Restaurants liability 369 219 Accrued professional and contractor services 352 304 Accrued compensation and employee benefits 403 208 Accrued marketing expenses 114 86 Other accrued expenses 361 422 Unsecured convertible notes in connection with Careem acquisition (1) — 891 Commitment to issue unsecured convertible notes in connection with Careem acquisition (2) — 463 Income and other tax liabilities 194 124 Government and airport fees payable 162 105 Short-term finance lease obligation for computer equipment 165 167 Accrued interest on long-term debt 93 110 Short-term deferred revenue 76 104 Other 222 255 Accrued and other current liabilities $ 4,050 $ 5,138 (1) As of March 31, 2020 , the Company's condensed consolidated balance sheet included initial unsecured convertible notes liability of $891 million in connection with the acquisition of Careem. On April 1, 2020, the initial unsecured convertible notes became payable and the Company paid $891 million to settle this liability. Refer to Note 16 – Business Combination and Note 18 – Subsequent Events , respectively for further information. (2) As of March 31, 2020 , the Company's condensed consolidated balance sheet included a short -term c ommitment to issue unsecured convertible notes of $463 million in connection with the acquisition of Careem. Refer to Note 16 – Business Combination for further information. Other Long-Term Liabilities Other long-term liabilities as of December 31, 2019 and March 31, 2020 were as follows (in millions) : As of December 31, 2019 March 31, 2020 Deferred tax liabilities $ 1,027 $ 793 Commitment to issue unsecured convertible notes in connection with Careem acquisition (1) — 298 Financing obligation 78 78 Income tax liabilities 70 80 Other 237 249 Other long-term liabilities $ 1,412 $ 1,498 (1) As of March 31, 2020 , the Company's condensed consolidated balance sheet included a long-term c ommitment to issue unsecured convertible notes of $298 million in connection with the acquisition of Careem. Refer to Note 16 – Business Combination for further information. Accumulated Other Comprehensive Loss The changes in composition of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2019 and 2020 were as follows (in millions) : 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 loss before reclassifications (54 ) (4 ) (58 ) Amounts reclassified from accumulated other comprehensive loss — — — Other comprehensive loss (54 ) (4 ) (58 ) Balance as of March 31, 2019 $ (282 ) $ 36 $ (246 ) Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2019 $ (231 ) $ 44 $ (187 ) Other comprehensive loss before reclassifications (1) (148 ) (60 ) (208 ) Amounts reclassified from accumulated other comprehensive loss — — — Other comprehensive loss (148 ) (60 ) (208 ) Balance as of March 31, 2020 $ (379 ) $ (16 ) $ (395 ) (1) During the three months ended March 31, 2020, other comprehensive loss before reclassifications includes an unrealized loss of $57 million relating to the Company's investment in Grab for which a credit loss was recorded. Refer to Note 3 – Investments and Fair Value Measurement for further information. Other Income (Expense), Net The components of other income (expense), net, for the three months ended March 31, 2019 and 2020 were as follows (in millions): Three Months Ended March 31, 2019 2020 Interest income $ 44 $ 38 Foreign currency exchange gains (losses), net (1 ) (28 ) Gain on business divestiture (1) — 154 Unrealized gain (loss) on debt and equity securities, net (2) 16 (114 ) Impairment of debt and equity securities (3) — (1,863 ) Change in fair value of embedded derivatives 175 — Other 26 18 Other income (expense), net $ 260 $ (1,795 ) (1) During the three months ended March 31, 2020 , gain on business divestiture represents a $154 million gain on the sale of the Company's Uber Eats India operations to Zomato Media Private Limited (“Zomato”). Refer to Note 17 – Divestitures for further information. (2) During the three months ended March 31, 2019 and 2020 , the Company recorded changes to the fair value of investments in securities accounted for under the fair value option. (3) During the three months ended March 31, 2020 , the Company recorded an impairment charge of $1.9 billion , primarily related to its investment in Didi and an allowance for credit loss recorded on its investment in Grab. Refer to Note 3 – Investments and Fair Value Measurement for further information. |
Stockholder's Equity
Stockholder's Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholder's Equity | Note 9 – Stockholder's Equity Equity Compensation Plans The Company maintains four equity compensation plans that provide for the issuance of shares of the Company’s common stock to its officers and other employees, directors, and consultants: the 2010 Stock Plan (the “2010 Plan”), the 2013 Equity Incentive Plan (the “2013 Plan”), the 2019 Equity Incentive Plan (the “2019 Plan”), and the 2019 Employee Stock Purchase Plan (the “ESPP”), which have all been approved by stockholders. Following the Company’ initial public offering (“IPO”), the Company has only issued awards under the 2019 Plan and the ESPP, and no additional awards will be granted under the 2010 and 2013 Plans. These plans provide for the issuance of incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), stock appreciation rights (“ SARs ”), restricted stock, restricted stock units (“RSUs”), performance-based awards, and other awards (that are based in whole or in part by reference to the Company’s common stock). Stock Option and SAR Activity A summary of stock option and SAR activity for the three months ended March 31, 2020 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years): 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, 2019 337 34,801 $ 9.79 4.75 $ 746 Granted — 1,194 11.55 Exercised (2 ) (4,490 ) 3.06 Canceled and forfeited (24 ) (220 ) 21.14 As of March 31, 2020 311 31,285 $ 10.72 4.68 $ 599 Vested and expected to vest as of March 31, 2020 198 25,331 $ 5.41 4.31 $ 585 Exercisable as of March 31, 2020 198 25,331 $ 5.41 4.31 $ 585 RSU Activity The following table summarizes the activity related to the Company’s RSUs for the three months ended March 31, 2020 (in thousands, except per share amounts): Number of Shares Weighted-Average Unvested and outstanding as of December 31, 2019 84,743 $ 39.82 Granted 43,229 $ 22.91 Vested (8,949 ) $ 41.49 Canceled and forfeited (3,817 ) $ 41.32 Unvested and outstanding as of March 31, 2020 115,206 $ 34.03 Stock-Based Compensation Expense Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function for the three months ended March 31, 2019 and 2020 (in millions) : Three Months Ended March 31, 2019 2020 Operations and support $ 1 $ 25 Sales and marketing 1 14 Research and development 3 167 General and administrative 6 71 Total $ 11 $ 277 As of March 31, 2020 , there was $2.7 billion of unamortized compensation costs related to all unvested awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.81 years . The tax benefits recognized in the condensed consolidated statements of operations for stock-based compensation arrangements were not material during the three months ended March 31, 2019 and 2020 , respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes The Company computes its quarterly income tax expense/(benefit) by using a forecasted annual effective tax rate and adjusts for any discrete items arising during the quarter. The Company recorded an income tax expense/(benefit) of $19 million and $(242) million for the three months ended March 31, 2019 and 2020 , respectively. During the three months ended March 31, 2019 , income tax expense was primarily driven by current tax on foreign earnings partially offset by the benefit of U.S. losses. During the three months ended March 31, 2020 , the income tax benefit was primarily driven by the deferred U.S. tax impact of the impairment charges related to the Company’s investments in Didi and Grab, the deferred China tax impact of the impairment charge related to the Company’s investment in Didi, and to a lesser extent, the benefit of U.S. losses and current tax on foreign earnings. The primary differences between the effective tax rate and the federal statutory tax rate are due to the valuation allowance on the Company’s U.S. and Netherlands’ deferred tax assets, foreign tax rate differences, and the benefit from the impairment charges related the Company’s investments in Didi and Grab. During the three months ended March 31, 2020 , the amount of gross unrecognized tax benefits increased by $55 million , of which substantially all, if recognized, would not affect the effective tax rate as these unrecognized tax benefits would increase deferred tax assets that would be subject to a full valuation allowance. The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company is also under routine examination by federal, various state, and foreign tax authorities. The Company believes that adequate amounts have been reserved in these jurisdictions. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by federal, state or foreign tax authorities to the extent utilized in a future period. For the Company’s major tax jurisdictions, the tax years 2010 through 2020 remain open; the major tax jurisdictions are the U.S., Brazil, Netherlands, United Kingdom, Australia, and India. Although the timing of the resolution and/or closure of audits is highly uncertain, the Company does not expect any material changes to its unrecognized tax benefits within the next 12 months. Given the number of years remaining subject to examination and the number of matters being examined, the Company is unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. In the event the Company experiences an ownership change within the meaning of Section 382 of the Internal Revenue Code (“IRC”), the Company’s ability to utilize net operating losses, tax credits and other tax attributes may be limited. The most recent analysis of the Company’s historical ownership changes was completed through March 31, 2020 . Based on the analysis, the Company does not anticipate a current limitation on the tax attributes. In response to the Coronavirus pandemic, governments in certain countries have enacted legislation, including the Coronavirus Aid, Relief, and Economic Security Act enacted by the United States on March 27, 2020. The Company currently does not expect a material impact on the provision for income tax as a result of recent legislative developments. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 11 – Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts): Three Months Ended March 31, 2019 2020 Basic net loss per share: Numerator Net loss including non-controlling interests $ (1,016 ) $ (2,946 ) Less: net loss attributable to non-controlling interests, net of tax 4 10 Net loss attributable to common stockholders $ (1,012 ) $ (2,936 ) Denominator Basic weighted-average common stock outstanding 453,543 1,724,367 Basic net loss per share attributable to common stockholders (1) $ (2.23 ) $ (1.70 ) Diluted net loss per share: Numerator Net loss attributable to common stockholders $ (1,012 ) $ (2,936 ) Add: Change in fair value of MLU B.V. put/call feature (12 ) — Diluted net loss attributable to common stockholders $ (1,024 ) $ (2,936 ) Denominator Number of shares used in basic net loss per share computation 453,543 1,724,367 Weighted-average effect of potentially dilutive securities: Common stock subject to a put/call feature 76 — Diluted weighted-average common stock outstanding 453,619 1,724,367 Diluted net loss per share attributable to common stockholders (1) $ (2.26 ) $ (1.70 ) (1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate. The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands) : Three Months Ended March 31, 2019 2020 Redeemable convertible preferred stock 904,530 — Convertible notes 202,733 — Stock options 42,466 31,285 Restricted common stock with performance condition 1,939 — Common stock subject to repurchase 1,570 109 Warrants to purchase redeemable convertible preferred stock 150 — SARs 803 — RSUs to settle fixed monetary awards 999 248 RSUs 168,210 115,206 Shares committed under ESPP — 5,452 Warrants to purchase common stock 187 126 Careem convertible notes — 30,387 Total 1,323,587 182,813 |
Segment Information and Geograp
Segment Information and Geographic Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Information | Note 12 – Segment Information and Geographic Information The Company determined its operating segments based on how the chief operating decision maker (“CODM”) manages the business, allocates resources, makes operating decisions and evaluates operating performance. In the third quarter of 2019, the Company determined it has five operating and reportable segments: Rides, Eats, Freight, Other Bets, and Advanced Technologies Group (“ATG”) and Other Technology Programs. Prior to the third quarter of 2019, the Company had two segments, Core Platform and Other Bets. The Company revised prior comparative periods to conform to the current period segment presentation. The Company’s five segments are as follows: Segment Description Rides The Rides products connect consumers with Drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Rides also includes activity related to the Company’s 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 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. For information about how the Company’s reportable segments derive revenue, refer to Note 2 – Revenue . The Company’s segment operating performance measure is segment adjusted EBITDA. The CODM does not evaluate operating segments using asset information and, accordingly, the Company does not report asset information by segment . Segment adjusted EBITDA is defined as revenue less the following expenses: cost of revenue, operations and support, sales and marketing, and general and administrative and research and development expenses associated with the Company’s segments. Segment adjusted EBITDA also excludes any non-cash items or items that management does not believe are reflective of the Company’s ongoing core operations (as shown in the table below). The following table provides information about the Company’s segments and a reconciliation of the total segment adjusted EBITDA to loss from operations (in millions): Three Months Ended March 31, 2019 2020 Segment adjusted EBITDA: Rides $ 192 $ 581 Eats (309 ) (313 ) Freight (29 ) (64 ) Other Bets (42 ) (63 ) ATG and Other Technology Programs (113 ) (108 ) Total segment adjusted EBITDA (301 ) 33 Reconciling items: Corporate G&A and Platform R&D (1), (2) (568 ) (645 ) Depreciation and amortization (146 ) (128 ) Stock-based compensation expense (11 ) (277 ) Legal, tax, and regulatory reserve changes and settlements — (19 ) Goodwill and asset impairments/loss on sale of assets (8 ) (193 ) Uber Eats India transaction and related costs — (10 ) COVID-19 response initiatives — (24 ) Loss from operations $ (1,034 ) $ (1,263 ) (1) Excluding stock-based compensation expense. (2) Includes costs that are not directly attributable to the Company’s reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. The Company’s allocation methodology is periodically evaluated and may change. Geographic Information Revenue by geography is based on where the trip or shipment was completed or meal delivered. The following table sets forth revenue by geographic area for the three months ended March 31, 2019 and 2020 (in millions) : Three Months Ended March 31, 2019 2020 United States $ 1,757 $ 1,991 All other countries 1,342 1,552 Total revenue $ 3,099 $ 3,543 Revenue grouped by offerings is included in Note 2 – Revenue . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 – Commitments and Contingencies Purchase Commitments The Company has commitments for network and cloud services, background checks, and other items in the ordinary course of business with varying expiration terms through 2034 . These amounts are determined based on the non-cancelable quantities or termination amounts to which the Company is contractually obligated. As of March 31, 2020 , there were no material changes to the Company’s purchase commitments disclosed in the financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019 . Contingencies From time to time, the Company may be a party to various claims, non-income tax audits and litigation in the normal course of business. As of December 31, 2019 and March 31, 2020 , the Company had recorded aggregate liabilities of $1.5 billion and $1.7 billion , respectively, in accrued and other current liabilities on the condensed consolidated balance sheets for all of its legal, regulatory and non-income tax matters that were probable and reasonably estimable. The Company is currently party to various legal and regulatory matters that have arisen in the normal course of business and include, among others, alleged independent contractor misclassification claims, Fair Credit Reporting Act (“FCRA”) claims, background check violations, pricing and advertising claims, unfair competition claims, intellectual property claims, employment discrimination and other employment-related claims, Telephone Consumer Protection Act (“TCPA”) claims, Americans with Disabilities Act (“ADA”) claims, data and privacy claims, securities claims, antitrust claims, challenges to regulations, and other matters. The Company has existing litigation, including class actions, PAGA lawsuits, arbitration claims, and governmental administrative and audit proceedings, asserting claims by or on behalf of Drivers that Drivers are misclassified as independent contractors. In connection with the enactment of California State Assembly Bill 5 (“AB5”), the Company has received and expects to continue to receive - in California and in other jurisdictions - an increased number of misclassification claims. With respect to the Company’s outstanding legal and regulatory matters, based on its current knowledge, the Company believes that the ultimate amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the Company’s business, financial position, results of operations, or cash flows. The outcome of such legal matters is inherently unpredictable and subject to significant uncertainties. If one or more of these matters were resolved against the Company for amounts in excess of management's expectations, the Company's results of operations, financial condition or cash flows could be materially adversely affected. AB5 In January 2020, AB5 went into effect. AB5 codifies a test to determine whether a worker is an employee under California law. The test is referred to as the “ABC” test, and was originally handed down by the California Supreme Court in Dynamex Operations v. Superior Court in 2018. Under the ABC test, workers performing services for a hiring entity are considered employees unless the hiring entity can demonstrate three things: the worker (A) is free from the hiring entity’s control, (B) performs work that is outside the usual course of the hiring entity’s business, and (C) customarily engages in the independent trade, work or type of business performed for the hiring entity. The Company has received lawsuits and governmental inquiries relating to AB5, in California and in other jurisdictions, and anticipates future claims, lawsuits, arbitration proceedings, administrative actions, and government investigations and audits challenging the Company’s classification of Drivers as independent contractors and not employees. The Company believes that its current and historical approach to classification is supported by the law and intends to continue to defend itself vigorously in these matters. However, the results of litigation and arbitration are inherently unpredictable and legal proceedings related to these claims, individually or in the aggregate, could have a material impact on the Company’s business, financial condition and results of operations. Regardless of the outcome, litigation and arbitration of these matters can have an adverse impact on the Company because of defense and settlement costs individually and in the aggregate, diversion of management resources and other factors. The Company cannot reasonably estimate a range of loss at this time. State Unemployment Taxes In December 2016, following an audit opened in 2014 investigating whether Drivers were independent contractors or employees, the Company received a Notification of Assessment from the Employment Development Department, State of California, for payroll tax liabilities. The notice retroactively imposed various payroll tax liabilities on the Company, including unemployment insurance, employment training tax, state disability insurance, and personal income tax. The Company has filed a petition with an administrative law judge of the California Unemployment Insurance Appeals Board appealing the assessment. This matter remains pending. In 2018, the New Jersey Department of Labor (“NJDOL”) opened an audit reviewing whether Drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply from 2014 through 2018. The NJDOL made an assessment on November 12, 2019, against both Rasier and Uber. Both assessments were calculated through November 15, 2019, but only calculated the alleged contributions, penalties, and interests owed from 2014 through 2018. The Company is engaged in ongoing discussions with the NJDOL about the assessments, though the NJDOL has noticed Uber for a hearing on the merits. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be estimated. Google v. Levandowski & Ron; Google v. Levandowski On October 28, 2016, Google filed arbitration demands against each of Anthony Levandowski and Lior Ron, former employees of Google, alleging breach of their respective employment agreements with Google, fraud and other state law violations (due to soliciting Google employees and starting a new venture to compete with Google’s business in contravention of their respective employment agreements). Google sought damages, injunctive relief, and restitution. On March 26, 2019, following a hearing, the arbitration panel issued an interim award, finding against each of Google’s former employees and awarding $127 million against Anthony Levandowski and $1 million for which both Anthony Levandowski and Lior Ron are jointly and severally liable. In July 2019, Google submitted its request for interest , attorneys fees, and costs related to these claims. The Panel’s Final Award was issued on December 6, 2019. On February 7, 2020, Ron and Google entered into a settlement agreement and mutual release to satisfy the corrected final award in the amount of approximately $10 million . Uber paid Google on behalf of Ron pursuant to an indemnification obligation. A dispute continues to exist with regard to Uber’s alleged indemnification obligation to Levandowski. Whether Uber is ultimately responsible for indemnification of Levandowski depends on the exceptions and conditions set forth in the indemnification agreement. In March 2020, Levandowski pleaded guilty to criminal trade secret charges and filed for bankruptcy. Levandowski has since moved to compel arbitration of his indemnification claim against Uber, and Uber has agreed to arbitration of the dispute. The ultimate resolution of the matter could result in a possible loss of up to $60 million or more (depending on interest incurred) in excess of the amount accrued. Taiwan Regulatory Fines Prior to the Company adjusting and re-launching its operating model in April 2017 to a model where government-approved rental companies provide transport services to Riders, Drivers in Taiwan and the local Uber entity have been fined by Taiwan’s Ministry of Transportation and Communications in significant numbers across Taiwan. On January 6, 2017 , a new Highways Act came into effect in Taiwan which increased maximum fines from New Taiwan Dollar (“NTD”) 150,000 to NTD 25 million per offense. The Company suspended its service in Taiwan from February 10, 2017 to April 12, 2017, but a number of these fines were issued to the local Uber entity in connection with rides that took place in January and February 2017 prior to the suspension. These fines have remained outstanding while Uber appeals the tickets through the courts. Beginning in July 2018, the Taiwan Supreme Court issued a number of positive rulings in which it rejected the government’s approach of issuing one ticket per ride. The Taiwan government has appealed these rulings to the Supreme Court, which escalated the matter to its nine-justice “Grand Chamber.” A hearing is expected in May 2020, with a decision likely to follow a few months later. Swiss Social Security Reclassification Several Swiss government bodies currently classify Drivers as employees of Uber Switzerland, Rasier Operations B.V. or of Uber B.V. for social security or regulatory purposes. A number of such decisions have been made by these governmental bodies. The Company is challenging each of them. The Cantonal Court of Zurich issued a ruling with regard to certain test cases on July 20, 2018. The court canceled the decisions on the grounds that certain decisions were made against the Company’s Swiss local entity without proof that there is a contractual relationship between the Company’s Swiss local entity and the Drivers (who actually contract with Uber B.V.). This ruling was not appealed and the Swiss governmental bodies continue to investigate the identity of the employer. On July 5, 2019, the Swiss governmental bodies issued four decisions by which they reclassified four drivers as Uber B.V. and Rasier Operations B.V. employees and consider that Uber Switzerland should pay social security contributions. The Company has appealed those decisions. On August 19, 2019, Uber B.V. and Rasier Operations B.V. were notified of SVA Zurich’s decision to reclassify Drivers in 2014 as employees of these entities. The authorities rejected the Company’s internal appeal, so the Company plans to appeal before the Social Security Tribunal. Further, another Swiss governmental body ruled on October 30, 2019 that Uber B.V. should be qualified as a transportation company based on the view that Uber B.V. is the employer of Drivers. The Company appealed this decision. In April 2020, a ruling was made on a separate matter in Switzerland which reclassified a Driver as an employee. The Company plans to appeal this decision. The ultimate resolution of the social security matters could result in a loss of up to $125 million . The Company’s chances of success on the merits are uncertain. Aslam, Farrar, Hoy and Mithu v. Uber B.V., Uber Britannia Ltd. and Uber London Ltd. On October 28, 2015, a claim by 25 Drivers, including Mr. Y. Aslam and Mr. J. Farrar, was brought in the UK Employment Tribunal against the Company asserting that they should be classified as “workers” (a separate category between independent contractors and employees) in the UK rather than independent contractors. The tribunal ruled on October 28, 2016 that Drivers are workers whenever the Company’s app is switched on and they are ready and able to take trips. The Court of Appeal rejected the Company’s appeal in a majority decision on December 19, 2018. The Company has been granted permission to appeal to the Supreme Court. A hearing at the Supreme Court is expected to take place in July 2020 with a decision in the fall of 2020. The plaintiffs have not quantified their claim and if they are successful in establishing “worker” status, any damages will be considered at a future hearing. The amount of compensation sought by the plaintiffs in the case is not currently known. If Drivers are determined to be workers, they may be entitled to additional benefits and payments, and the Company may be subject to penalties, back taxes, and fines. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be estimated. Non-Income Tax Matters The Company recorded an estimated liability for contingencies related to non-income tax matters and is under audit by various domestic and foreign tax authorities with regard to such matters. The subject matter of these contingent liabilities and non-income tax audits primarily arises from the Company’s transactions with its Drivers, as well as the tax treatment of certain employee benefits and related employment taxes. In jurisdictions with disputes connected to transactions with Drivers, disputes involve the applicability of transactional taxes (such as sales, value added and similar taxes) to services provided, as well as the applicability of withholding tax on payments made to such Drivers. For example, the Company is involved in a proceeding in the UK involving HMRC, the tax regulator in the UK, which is seeking to classify the Company as a transportation provider. Being classified as a transportation provider would result in a VAT ( 20% ) on Gross Bookings or on the service fee that the Company charges Drivers, both retroactively and prospectively. Further, if Drivers are determined to be workers, they may be entitled to additional benefits and payments, and the Company may be subject to penalties, back taxes, and fines. The Company believes that the position of HMRC and the regulators in similar disputes and audits is without merit and is defending itself vigorously. During the first quarter of 2020, the Company favorably resolved a state non-income tax exposure in the U.S. resulting in a $138 million reduction of U.S. non-income tax reserves. The Company’s estimated liability is inherently subjective due to the complexity and uncertainty of these matters and the judicial processes in certain jurisdictions, therefore, the final outcome could be different from the estimated liability recorded. Other Legal and Regulatory Matters The Company has been subject to various government inquiries and investigations surrounding the legality of certain of the Company’s business practices, compliance with antitrust and other global regulatory requirements, labor laws, securities laws, data protection and privacy laws, the adequacy of disclosures to investors and other shareholders, and the infringement of certain intellectual property rights. The Company has investigated many of these matters and is implementing a number of recommendations to its managerial, operational and compliance practices, as well as seeking to strengthen its overall governance structure. In many cases, the Company is unable to predict the outcomes and implications of these inquiries and investigations on the Company’s business which could be time consuming, costly to investigate and require significant management attention. Furthermore, the outcome of these inquiries and investigations could negatively impact the Company’s business, reputation, financial condition and operating results, including possible fines and penalties and requiring changes to operational activities and procedures. Indemnifications In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with third parties. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its activities or non-compliance with certain representations and warranties made by the Company. In addition, the Company has entered into indemnification agreements with its officers, directors, and certain current and former employees, and its certificate of incorporation and bylaws contain certain indemnification obligations. It is not possible to determine the maximum potential loss under these indemnification provisions / obligations because of the unique facts and circumstances involved in each particular situation. |
Variable Interest Entities ("VI
Variable Interest Entities ("VIEs") | 3 Months Ended |
Mar. 31, 2020 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entities (VIEs) | Note 14 – Variable Interest Entities (“VIEs”) Consolidated VIEs The Company consolidates VIEs in which it holds a variable interest and is the primary beneficiary. The Company has determined that these entities are a VIE as they lack sufficient equity to finance their activities without future subordinated support. The Company is the primary beneficiary because it has the power to direct the activities that most significantly impact the economic performance of these VIEs. As a result, the Company consolidates the assets and liabilities of these VIEs. Total assets included on the condensed consolidated balance sheets for the Company’s c onsolidated VIEs as of December 31, 2019 and March 31, 2020 were $1.2 billion and $1.6 billion , respectively. Total liabilities included on the condensed consolidated balance sheets for these VIEs as of December 31, 2019 and March 31, 2020 were $159 million and $184 million , respectively. Freight Holding In July 2018, the Company created a new majority-owned subsidiary, Uber Freight Holding Corporation (“Freight Holding”). The purpose of Freight Holding is to perform the business activities of the Freight operating segment. Freight Holding and the Freight Holding stock held by the Company was determined to be a variable interest. As of March 31, 2020 , the Company continues to own the majority of the issued and outstanding capital stock of Freight Holding and reports non-controlling interests as further described in Note 15 – Non-Controlling Interests . Apparate USA LLC In April 2019, the Company contributed certain of its subsidiaries and certain assets and liabilities related to its autonomous vehicle technologies to Apparate USA LLC (“Apparate”) in exchange for common units representing 100% ownership interest in Apparate. The purpose of Apparate is to develop and commercialize autonomous vehicle and ridesharing technologies. Subsequent to the formation of Apparate, Apparate entered into a Class A Preferred Unit Purchase Agreement (“Preferred Unit Purchase Agreement”) with SVF Yellow (USA) Corporation (“SoftBank”), Toyota Motor North America, Inc. (“Toyota”), and DENSO International America, Inc. (“DENSO”). P referred units were issued in July 2019 to SoftBank, Toyota, and DENSO and provided the investors with an aggregate 13.8% initial ownership interest in Apparate on an as-converted basis. The common units held by the Company in Apparate were determined to be a variable interest. Refer to Note 15 – Non-Controlling Interests for further information on Company’s non-controlling interests in Apparate. Careem Pakistan, Qatar and Morocco On January 2, 2020, the Company completed the acquisition of substantially all of the assets of Careem and certain of its subsidiaries pursuant to an asset purchase agreement (the “Asset Purchase Agreement”) in countries where regulatory approval was obtained or which did not require regulatory approval. The assets and operations in Pakistan, Qatar and Morocco (collectively “Non-Transferred Countries”), have not yet been transferred to the Company as of March 31, 2020 . Transfer of the assets and operations of the Non- Transferred Countries will be subject to a delayed closing pending timing of regulatory approval. If regulatory approval is not obtained with respect to any Non-Transferred Countries by the nine month anniversary of January 2, 2020, the Company can divest the net assets of any such remaining Non-Transferred Countries and the Company will receive all the proceeds from the divestiture of any Non-Transferred Countries. In February 2020, regulatory approval in Pakistan was obtained, however; legal transfer of the assets had not yet occurred due to administrative delays as of March 31, 2020 , leaving only Qatar and Morocco as countries in which Careem continues to operate but where regulatory approval has not yet been obtained as of March 31, 2020 . The Company will continue to seek regulatory approval for Qatar and Morocco. The net assets and operations in Qatar and Morocco are not material. The purpose of the Non-Transferred Countries’ operations is to provide primarily ridesharing services in each respective country. Although the assets and operations of the Non-Transferred Countries were not transferred as of March 31, 2020 , the Company has rights to all residual interests in the entities comprising the Non-Transferred Countries which is considered a variable interest. The Company is exposed to losses and residual returns of the entities comprising the Non-Transferred Countries through the right to all of the proceeds from either the divestiture or the eventual legal transfer upon regulatory approval of the entities comprising the Non-Transferred Countries. The Company controls Intellectual Properties (“IP”) which are significant for the business of Non-Transferred Countries and sub-licenses those IP to the Non-Transferred Countries. Each entity that comprises the Non-Transferred Countries meets the definition of a VIE and the Company is the primary beneficiary of each of the entities comprising the Non-Transferred Countries. As a result, the Company consolidates the entities comprising the Non-Transferred Countries as further described in Note 16 – Business Combination . Unconsolidated VIEs Zomato Zomato is incorporated in India with the purposes of providing food delivery services, and operates globally in over 10,000 cities. On January 21, 2020, the Company acquired Series J compulsorily convertible cumulative preference shares (“ Series J Preferred Shares ”) of Zomato valued at $171 million in exchange for Uber’s food delivery operations in India (“Uber Eats India”), and a note receivable valued at $35 million for reimbursement of goods and services tax. The Company’s investment in the Series J Preferred Shares of Zomato will represent 9.99% of the voting capital upon conversion to ordinary shares. Zomato is a VIE as it lacks sufficient equity to finance its activities without future subordinated financial support. The Company is exposed to Zomato’s economic risks and rewards through its investment and note receivable which represent variable interests, and the carrying values of these variable interests reflect the Company’s maximum exposure to loss. However, the Company is not the primary beneficiary because neither the investment in Series J Preferred Shares nor the note receivable provide the Company with the power to direct the activities that most significantly impact Zomato’s economic performance. As of March 31, 2020 , the carrying amount of assets recognized on the condensed consolidated balance sheet related to the Company’s interests in Zomato and the Company’s maximum exposure to loss relating to this unconsolidated VIE was approximately $200 million . Refer to Note 17 – Divestitures for further information regarding Zomato and the divestiture of Uber’s food delivery operations in India (“Uber Eats India”) . Mission Bay 3 & 4 The Mission Bay 3 & 4 JV refers to ECOP, a joint venture entity established in March 2018, by the Company and the LLC Partners. The Company contributed $136 million cash in exchange for a 45% interest in ECOP. Prior to March 31, 2020, any remaining construction costs were to be funded through a construction loan obtained by ECOP where the Company together with the two LLC Partners guaranteed payments and performance of the loan when it became due and any payment of costs incurred by the lender under limited situations. As of December 31, 2019, the maximum collective guarantee liability was up to $50 million . The Company evaluated the nature of its investment in ECOP and determined that ECOP was a VIE during the construction period; however, the Company was not the primary beneficiary as decisions were made jointly between parties and therefore the Company did not have the power to direct activities that most significantly impacted the VIE. The investment was determined to be an equity method investment due to the Company’s ability to exercise significant influence over ECOP. Refer to Note 4 – Equity Method Investments for further information. In March 2020, ECOP secured new loans and $91 million was distributed back to the Company as a return of capital investment. In connection with the repayment of the construction loan by ECOP , the maximum collective guarantee liability of up to $50 million was extinguished. The Company reevaluates if ECOP meets the definition of a VIE upon specific reconsideration events. The closing of ECOP's new financing in March 2020, triggered a reconsideration event and the Company reevaluated if ECOP still met the definition of a VIE. As of March 31, 2020 , the Company determined that ECOP was no longer a VIE as it has sufficient equity to operate without the need for subordinated financial support. |
Non-Controlling Interests
Non-Controlling Interests | 3 Months Ended |
Mar. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Note 15 – Non-Controlling Interests ATG Investment: Preferred Unit Purchase Agreement In July 2019, the Company closed a Preferred Unit Purchase Agreement with SoftBank, Toyota, and DENSO (collectively “the Investors”) for purchase by the Investors of Class A Preferred Units (“Preferred Units”) in Apparate. Apparate, a subsidiary of the Company, issued 1.0 million Preferred Units at $1,000 per unit to the Investors for an aggregate consideration of $1.0 billion ( $400 million from Toyota, $333 million from SoftBank, and $267 million from DENSO). As of March 31, 2020 , the Preferred Units represented an aggregate 13.9% ownership interest in Apparate on an as-converted basis. As of March 31, 2020 , the Company retains the remaining 86.1% ownership interest following the closing of the Preferred Units Purchase Agreement. SoftBank and Toyota are existing investors in the Company. SoftBank’s Preferred Units Beginning on July 2, 2026, SoftBank has the option to put to the Company all, but not less than all, of its initial investment in Preferred Units at a price equal to the number of SoftBank’s Preferred Units multiplied by the greater of (i) the original investment plus any accrued but unpaid amounts per unit and (ii) the fair value of the Preferred Units at the time of conversion (the “Put/Call Price”). As of December 31, 2019 and March 31, 2020 , the SoftBank Preferred Units are classified as redeemable non-controlling interests in the Company’s condensed consolidated financial statements and reported at the Put/Call Price which is determined as of each balance sheet date. The fair value of SoftBank’s Preferred Units is determined based on a hybrid method with the option pricing model as the primary methodology. This method uses Level 3 fair value measurement inputs as well as an assumed equal probability of the occurrence of a liquidation or exit event. The significant unobservable inputs used in the fair value measurement include: volatility of 57% , time to liquidity of 4.3 years , and a discount for lack of marketability of 19% . A market approach was also used to corroborate the valuation derived from the hybrid method at issuance to evidence that the issuance price of the Preferred Units approximated their fair value. There were no fair value adjustments to SoftBank’s redeemable non-controlling interests during the three months ended March 31, 2020 . Toyota and DENSO’s Preferred Units As of December 31, 2019 and March 31, 2020 , the Toyota and DENSO Preferred Units are classified in permanent equity as non-controlling interests as these units are not subject to any mandatory redemption rights or redemption rights that are outside the control of the Company . ATG Collaboration Agreement with Apparate, Toyota and DENSO In conjunction with the Preferred Unit Purchase Agreement discussed above, the Company entered into a three-year joint collaboration agreement among Toyota, DENSO, and Apparate to develop next-generation self-driving technology (the “ATG Collaboration Agreement”), which became effective as of the closing of the Preferred Unit Purchase Agreement in July 2019. During the three months ended March 31, 2020 , pursuant to the ATG Collaboration Agreement, the second $50 million cash installment was received, and $25 million was recognized as revenue. Freight Holding As of December 31, 2019 and March 31, 2020 , the Company owned 89% of the issued and outstanding capital stock of its subsidiary Freight Holding, or 80% on a fully-diluted basis if all shares reserved for issuance under the Company’s Freight Holding employee incentive plan were issued and outstanding. Under the Freight Holding incentive plan, a total number of 99.8 million shares of Freight Holding are reserved and available for grant and issuance. As of December 31, 2019 and March 31, 2020 , the minority stockholders ownership in Freight Holding is classified in mezzanine equity as redeemable non-controlling interest, because it is redeemable on an event that is not solely in the control of the Company. The Freight Holding non-controlling interest is not remeasured to fair value because it is currently not probable that the non-controlling interest will become redeemable. |
Business Combination
Business Combination | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination | Note 16 – Business Combination Careem On March 26, 2019, the Company entered into an Asset Purchase Agreement with Careem. Pursuant to the Asset Purchase Agreement, the Company agreed to acquire substantially all of the assets and assume substantially all of the liabilities of Careem. On January 2, 2020, the Company completed the acquisition of substantially all of the assets of Careem. Dubai-based Careem was founded in 2012, and provides primarily ridesharing and to a lesser extent meal delivery, and payments services to millions of users in cities across the Middle East, North Africa, and Pakistan. The acquisition has been accounted for as a business combination and advances the Company’s strategy of having a leading ridesharing category position in every major region of the world in which the Company operates and effect cost and technology synergies for the rest of Uber rides business. As of March 31, 2020, ownership of Careem’s operations in Pakistan, Qatar, and Morocco had not yet been transferred to the Company; however the results of operations and net assets were fully consolidated by the Company as variable interest entities. Refer to Note 14 – Variable Interest Entities (“VIEs”) for further information. The acquisition date fair value of the consideration transferred for Careem was approximately $3.0 billion , which consisted of the following (in millions): Fair Value Cash paid on January 2, 2020 $ 1,325 Non-interest bearing unsecured convertible notes 1,634 Transaction costs paid on January 2, 2020 on behalf of Careem 34 Contingent cash consideration 14 Stock-based compensation awards attributable to pre-combination services 6 Total consideration $ 3,013 The fair value of the non-interest bearing unsecured convertible notes (the “Careem Notes”) was determined as a sum of the discounted cash flow (“DCF”) method (for the present value of the principal amount of the Careem Notes) and the Black-Scholes option pricing model (to value the conversion option). The significant unobservable inputs used in the fair value measurement include discount rates of 5.14% to 5.19% for the principal amount of the Careem Notes and for the conversion option an expected volatility of 42.1% to 44.1% , interest rates of 1.53% to 1.57% , and dividend yield of 0% . The Company will issue the Careem Notes in different tranches with $880 million of the principal amount of the Careem Notes issued as of January 2, 2020 and settled in cash on April 1, 2020. The remaining amount of the Careem Notes is recognized as a commitment to issue unsecured convertible notes at fair value in accrued and other current liabilities of $458 million and in other long-term liabilities of $296 million as of January 2, 2020. Each tranche of the Careem Notes is due and payable 90 days once issued. The holders of the Careem Notes may elect to convert the full outstanding principal balance to Class A common stock at a conversion price of $55 per share of the Company at any time prior to maturity. The discount from the Careem Notes face value to fair value will be accreted through the respective repayment dates as interest expense. The amount of accretion for the three months ended March 31, 2020 was not material. The following table summarizes the p reliminary fair value of assets acquired and liabilities assumed as of the date of acquisition (in millions): Fair Value Current assets $ 45 Goodwill 2,515 Intangible assets 540 Other long-term assets 81 Total assets acquired 3,181 Current liabilities (56 ) Deferred tax liability (44 ) Other long-term liabilities (68 ) Total liabilities assumed (168 ) Total $ 3,013 The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill which is not deductible for tax purposes. Goodwill is primarily attributed to the assembled workforce of Careem and anticipated operational synergies. Goodwill was assigned to the Company’s Rides segment as the Company expects to generate cost and technology synergies and share interchangeable resources within the segment. The fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions at the time of acquisition. The purchase price allocation as of the date of the acquisition was based on a preliminary valuation and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in millions, except years): Fair Value Weighted Average Remaining Useful Life - Years Rider relationships $ 270 15 Captains network 40 1 Developed technology 110 4 Trade names 120 10 Total $ 540 Rider relationships represent the fair value of the underlying relationships with Careem riders. Captains network represents the fair value of the underlying network with Careem drivers (called “Captains”). Developed technology represents the fair value of Careem’s technology. Trade names relate to the “Careem” trade name, trademarks, and domain names. The overall weighted average useful life of the identified amortizable intangible assets acquired is ten years . The estimated fair value of the intangible assets acquired was determined by the Company’s management, which considered, among other factors, a valuation report prepared by an independent third-party valuation firm. The Company used a multi-period excess earnings method to estimate the fair value of the rider relationships. The significant unobservable input used in the fair value measurement of rider relationships is the riders attrition rate. The Company used the replacement cost method to estimate the fair value of the Captains network and the relief from royalty method to estimate the fair values of developed technology and trade names. Tangible net assets were valued at their respective carrying amounts as of the acquisition date, as the Company believes that these amounts approximate their current fair values. The Company believes the amounts of purchased intangible assets recorded above represent the fair values of, and approximate the amounts a market participant would pay for, these intangible assets as of January 2, 2020. The Asset Purchase Agreement provides for specific indemnities to the Company in relation to value added tax obligations and other tax reserves of certain jurisdictions which reflect potential tax liabilities. The Company recognized $65 million of indemnification assets on the same basis as the tax reserves at January 2, 2020, which is recorded as other assets and other liabilities as of March 31, 2020. Settlements of these tax reserves, if any, will be funded by the indemnification asset. Results of acquired operations were included in the Company’s condensed consolidated financial statements from the date of acquisition, January 2, 2020. For the period from January 2, 2020 through March 31, 2020, the acquired operations contributed pre-tax losses of $81 million . Revenues for the three months ended March 31, 2020 were not material. Pro forma results of operations for Careem have not been presented as the effect of this acquisition was not material to the Company’s financial results. |
Divestitures (Notes)
Divestitures (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Note 17 – Divestitures Divestiture of LCR to Waydrive In January 2019, an agreement was executed with Waydrive Holdings Pte. Ltd. (“Waydrive”) to purchase the Lion City Rentals Pte. Ltd. (“LCR”) business, specifically 100% of the equity interests of LCR and its subsidiary LCRF Pte. Ltd. (“LCRF”). Fair value of consideration received included $310 million of cash for the assets and liabilities of LCR and LCRF and up to $33 million of contingent consideration receivable for certain VAT receivables and receivables from certain commercial counterparties. The resulting gain on disposal was not material to the Company. The transaction closed on January 25, 2019. The LCR business was included within the Company’s Rides segment. Divestiture of Uber Eats India to Zomato On January 21, 2020, the Company entered into a definitive agreement and completed the divestiture of Uber Eats India to Zomato in exchange for (i) Series J Preferred Shares of Zomato convertible into ordinary shares representing, when converted, 9.99% of the total voting capital of Zomato and (ii) a non-interest bearing note receivable to be repaid over the course of four years for reimbursement by Zomato of goods and services tax. The estimated fair value of the consideration received included the investment valued at $171 million and the $35 million of reimbursement of goods and services tax receivable from Zomato. The fair value of the Series J Preferred Shares was based primarily on the observed transaction price for a similar security issued to new investors in close proximity to the time of the Company’s transaction with Zomato. The transaction resulted in a gain on disposal of $154 million recognized in other income (expense), net in the condensed consolidated statement of operations . The income tax effect of the sale was not material. The divestiture of Uber Eats India did not represent a strategic shift that would have had a major effect on the Company's operations and financial results, and therefore does not qualify for reporting as a discontinued operation for financial statement purposes. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18 – Subsequent Events Careem Convertible Notes The first tranche of $891 million unsecured convertible notes in connection with the Careem acquisition that were outstanding as of March 31, 2020 were settled in cash on April 1, 2020. Discontinuation of Uber Eats in Certain Markets On May 4 2020, the Company announced the discontinuation of Uber Eats operations in certain markets by June 4, 2020. The operations in these markets are not material. Reduction of Workforce On May 6, 2020, the Company announced plans to reduce its operating expenses in response to the economic challenges and uncertainty resulting from the COVID-19 pandemic and its impact on the Company’s business. The Company announced a reduction to its customer support and recruiting teams by approximately 3,700 full-time employee roles. Related severance and other termination benefits costs are not expected to be material. Divestiture of JUMP and Convertible Note Investment in Lime On May 7, 2020, the Company entered into a series of transactions and agreements with Neutron Holdings, Inc. dba Lime (“Lime”) including (i) the divestiture of certain assets of Uber’s dockless e-bikes and e-scooters business and operations operated as JUMP which is included in the Company’s New Mobility offering (the “JUMP Business”), in exchange for common stock in Lime representing approximately 16% of the fully-diluted capitalization of Lime, (ii) an $85 million investment in Lime in the form of a secured convertible note which shall be convertible at any time at the election of the Company into senior preferred stock of Lime, and (iii) a commercial collaboration agreement. All transactions have been completed, except for the divestiture of the JUMP Business in certain jurisdictions outside of the United States, which are expected to be completed during the second or third quarter of 2020. Additionally, during a two-year period beginning on the second anniversary of the transaction, the Company will have a contractual call right to acquire all of the outstanding equity interests of Lime held by certain other significant shareholders at the then fair market value, subject to receipt of applicable regulatory approvals. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2019 , included in the Company’s Annual Report on Form 10-K. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive loss, cash flows and the change in equity for the periods presented. There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 2, 2020 that have had a material impact on the Company’s condensed consolidated financial statements and related notes, except for an update reflecting the new accounting standard related to the measurement of credit losses on available-for-sale debt securities. |
Basis of Consolidation | Basis of Consolidation The condensed consolidated financial statements of the Company include the accounts of the Company and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated. Refer to Note 14 – Variable Interest Entities (“VIEs”) for further information. |
Use of Estimates | Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates, including, but not limited to: the incremental borrowing rate (“IBR”) applied in lease accounting; fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of amortizable long-lived assets and intangible assets; fair value of acquired intangible assets and related impairment assessments; impairment of goodwill; stock–based compensation; income taxes and non–income tax reserves; certain deferred tax assets and tax liabilities; insurance reserves; and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates. The Company considered the impacts of the COVID-19 pandemic on the assumptions and inputs (including market data) supporting certain of these estimates, assumptions and judgments, in particular, the Company’s impairment assessment related to the determination of the fair values of certain investments and equity method investments as well as goodwill and the recoverability of long-lived assets. The level of uncertainties and volatility in the global financial markets and economies resulting from the pandemic as well as the uncertainties related to the impact of the pandemic on the Company's and its investees' operations and financial performance means that these estimates may change in future periods, as new events occur and additional information is obtained. Certain Significant Risks and Uncertainties - COVID-19 In March 2020, the World Health Organization declared the outbreak of the novel coronavirus disease (“COVID–19”) a pandemic. COVID–19 has rapidly impacted market and economic conditions globally. In an attempt to limit the spread of the virus, various governmental restrictions have been implemented, including business activities and travel restrictions, and “shelter–at–home” orders, that started to have, and may continue to have, an adverse impact on the Company’s business and operations by reducing, in particular, the demand for Rides and New Mobility offerings globally. In light of the evolving nature of COVID–19 and the uncertainty it has produced around the world, it is not possible to predict the COVID–19 pandemic’s cumulative and ultimate impact on the Company’s future business operations, results of operations, financial position, liquidity, and cash flows. The extent of the impact of the pandemic on the Company’s business and financial results will depend largely on future developments, including the duration of the spread of the outbreak both globally and within the U.S., the impact on capital, foreign currencies exchange and financial markets, and governmental or regulatory orders that impact the Company’s business, all of which are highly uncertain and cannot be predicted . |
Revenue Recognition | Revenue Recognition Rides During the first quarter of 2020, the Company began charging end-users a fee for services in certain markets. In these transactions, the Company enters into a Master Services Agreements (“MSA”) with the end-user to use the platform for a fee. The combination of the MSA and the individual transaction request establishes enforceable rights and obligations for each transaction. The Company has determined that in these transactions, the end-user is the Company’s customer, in addition to the previously disclosed customers, and revenue from these contracts is also recognized under Accounting Standards Codification (“ASC”) 606. In these transactions, in addition to a performance obligation to Drivers, the Company also has one performance obligation to end-users, which is to connect end-users to Drivers in the marketplace. The Company recognizes revenue when a trip is complete. The Company will continue to present revenue on a net basis for Rides transactions, as the Company does not control the transportation service provided by Drivers to end-users. In the first quarter of 2020, the Company recognized total revenue of $137 million associated with these fees charged to end-users. Eats During the first quarter of 2020, the Company began charging a direct fee to end-users for delivery services in certain markets. In these transactions, the Company enters into an MSA with the end-user to use the platform for delivery services for a fee and separately subcontracts with Delivery People to provide delivery services to end-users. The combination of the end-user MSA and the individual end-user transaction request establishes enforceable rights and obligations for each transaction. The Company’s contract with end-users creates one performance obligation, which is to provide delivery services to end-users in these markets. The Company has determined that in these transactions, Restaurants and end-users are the Company’s customers and revenue from these contracts shall be recognized separately for each under ASC 606. The Company recognizes delivery service revenue associated with the Company's performance obligation over the contract term, which represents its performance over the period of time the delivery is occurring . The Company’s previously disclosed revenue recognition policy for contracts with Restaurants remain unchanged. |
Allowance for Credit Losses on Available-for-sale Debt Securities | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable represents uncollected fare payments from end-users for completed transactions where (i) the payment method is credit card and includes (a) end-user fare amounts not yet settled with payment service providers, and (b) end-user fare amounts settled by payment service providers but not yet remitted to the Company, or (ii) completed shipments where the Company invoices Freight Customers ("Shippers") and payment has not been received. The timing of settlement of amounts due from these parties varies by region and by product. The portion of the fare receivable to be remitted to Drivers and Restaurants is included in accrued and other current liabilities. Refer to Note 8 – Supplemental Financial Statement Information for amounts payable to Drivers and Restaurants. Although the Company pre-authorizes forms of payment to mitigate its exposure, the Company bears the cost of any accounts receivable losses. The Company records an allowance for doubtful accounts for credit losses for fare and invoiced amounts that may never settle or be collected, as well as for credit card chargebacks including fraudulent credit card transactions. The Company considers the allowance for doubtful accounts for fare amounts to be direct and incremental costs to revenue earned and, therefore, the costs are included as cost of revenue in the consolidated statements of operations. The Company estimates the allowance based on historical experience, estimated future payments and geographical trends, which are reviewed periodically and as needed, and amounts are written off when determined to be uncollectable. Allowance for Credit Losses on Available-for-sale Debt Securities The Company accounts for credit losses on available-for-sale debt securities in accordance with ASC 326, Financial Instruments - Credit Losses (“ASC 326”). The Company adopted ASC 326 on January 1, 2020, on a modified retrospective basis. Under ASC 326, at each reporting period, the Company evaluates its available-for-sale debt securities at the individual security level to determine whether there is a decline in the fair value below its amortized cost basis (an impairment). In circumstances where the Company intends to sell, or is more likely than not required to sell, the security before it recovers its amortized cost basis, the difference between fair value and amortized cost is recognized as a loss in the consolidated statement of operations, with a corresponding write-down of the security’s amortized cost. In circumstances where neither condition exists, the Company then evaluates whether a decline is due to credit-related factors. The factors considered in determining whether a credit loss exists can include the extent to which fair value is less than the amortized cost basis, changes in the credit quality of the underlying loan obligors, credit ratings actions, as well as other factors. To determine the portion of a decline in fair value that is credit-related, the Company compares the present value of the expected cash flows of the security discounted at the security’s effective interest rate to the amortized cost basis of the security. A credit-related impairment is limited to the difference between fair value and amortized cost, and recognized as an allowance for credit loss on the consolidated balance sheet with a corresponding adjustment to net income. Any remaining decline in fair value that is non-credit related is recognized in other comprehensive income, net of tax. Improvements in expected cash flows due to improvements in credit are recognized through reversal of the credit loss and corresponding reduction in the allowance for credit loss. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update (“ ASU ”) 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, reasonable and supportable forecasts. The standard also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASC 326 was subsequently amended by ASU 2019-04, “ Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” The Company adopted the standard and related amendments effective January 1, 2020 on a modified retrospective basis. The adoption of the new standard did not have a material impact on the Company’s condensed consolidated financial statements . In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which modifies the disclosure requirements in ASC 820, “Fair Value Measurement” (“ASC 820”). The Company adopted the new standard effective January 1, 2020 on a prospective basis. The adoption of the new standard did not have a material impact on the Company’s condensed consolidated financial statements . In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. The Company adopted the new standard effective January 1, 2020 on a prospective basis. The adoption of the new standard did not have a material impact on the Company’s condensed consolidated financial statements . In October 2018, the FASB issued ASU 2018-17, “Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities,” which amends the guidance for determining whether a decision-making fee is a variable interest and requires organizations to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety. The Company adopted the new standard effective January 1, 2020 on a retrospective basis. The adoption of the new standard did not have a material impact on the Company’s condensed consolidated financial statements . In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes certain exceptions for performing intraperiod allocation, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance reduces complexity in certain areas, including franchise taxes that are partially based on income and accounting for tax law changes in interim periods. The Company early adopted the new standard effective January 1, 2020 on a prospective basis. The adoption of the new standard did not have a material impact on the Company’s condensed consolidated financial statements . Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued. The standard is effective upon issuance through December 31, 2022 and may be applied at the beginning of the interim period that includes March 12, 2020 or any date thereafter. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements . |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Revenue is presented in the following tables for the three months ended March 31, 2019 and 2020 ( in millions ): Three Months Ended March 31, 2019 2020 Rides revenue $ 2,376 $ 2,450 Vehicle Solutions revenue (1) 10 1 Other revenue 32 19 Total Rides revenue 2,418 2,470 Eats revenue 536 819 Freight revenue 127 199 Other Bets revenue (1) 18 30 ATG and Other Technology Programs collaboration revenue (2) — 25 Total revenue $ 3,099 $ 3,543 (1) The Company accounts for Vehicle Solutions and New Mobility revenue as an operating lease as defined under ASC 842. (2) Refer to Note 15 – Non-Controlling Interests for further information on collaboration revenue . Three Months Ended March 31, 2019 2020 United States and Canada $ 1,895 $ 2,142 Latin America ("LATAM") 450 497 Europe, Middle East and Africa ("EMEA") 487 552 Asia Pacific ("APAC") (1) 267 352 Total revenue $ 3,099 $ 3,543 (1) Primarily includes Australia. |
Schedule of Remaining Performance Obligation | The Company’s remaining performance obligation is expected to be recognized as follows ( in millions ) : Less Than or Greater Than Total As of March 31, 2020 $ 52 $ 22 $ 74 |
Investments and Fair Value Me_2
Investments and Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Marketable and Non-Marketable Securities | The Company’s investments on the condensed consolidated balance sheets consisted of the following as of December 31, 2019 and March 31, 2020 (in millions) : As of December 31, 2019 March 31, 2020 Classified as short-term investments: Marketable debt securities (1) : Commercial paper 148 248 U.S. government and agency securities 93 186 Corporate bonds 199 397 Short-term investments $ 440 $ 831 Classified as investments: Non-marketable equity securities Didi (2) $ 7,953 $ 6,299 Other (3) 204 272 Non-marketable debt securities Grab (4) 2,336 2,109 Other (3) 34 7 Investments $ 10,527 $ 8,687 (1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents. (2) On August 1, 2016, the Company completed the sale of the Company’s interest in Uber China to Didi and received approximately 52 million shares of Didi’s Series B-1 preferred stock as consideration valued at approximately $6.0 billion at time of transaction. (3) These balances include certain investments in securities recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments. (4) Recorded at fair value with changes in fair value recorded in other comprehensive income (loss), net of tax, unless subject to credit loss. |
Schedule of Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions) : As of December 31, 2019 As of March 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 5,104 $ — $ — $ 5,104 $ 4,778 $ — $ — $ 4,778 Commercial paper — 233 — 233 — 355 — 355 U.S. government and agency securities — 153 — 153 — 269 — 269 Corporate bonds — 199 — 199 — 403 — 403 Non-marketable debt securities — — 2,370 2,370 — — 2,116 2,116 Non-marketable equity securities — — 98 98 — — 21 21 Total financial assets $ 5,104 $ 585 $ 2,468 $ 8,157 $ 4,778 $ 1,027 $ 2,137 $ 7,942 |
Schedule of Amortized Cost and Fair Value of Debt Security with Contractual Maturity Dates | The following table summarizes the amortized cost and fair value of the Company’s debt securities with a stated contractual maturity or redemption date as of March 31, 2020 (in millions) : As of March 31, 2020 Amortized Cost Fair Value Within one year $ 797 $ 797 One year through five years 2,514 2,339 Total $ 3,311 $ 3,136 |
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | The following table summarizes the amortized cost, unrealized gains and losses, and fair value of the Company’s debt securities at fair value on a recurring basis as of December 31, 2019 and March 31, 2020 (in millions) : As of December 31, 2019 As of March 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Allowance for Credit Loss Fair Value Commercial paper $ 233 $ — $ — $ 233 $ 355 $ — $ — $ — $ 355 U.S. government and agency securities 153 — — 153 269 — — — 269 Corporate bonds 199 — — 199 405 — (2 ) — 403 Non-marketable debt securities 2,309 61 — 2,370 2,312 — (23 ) (173 ) 2,116 Total $ 2,894 $ 61 $ — $ 2,955 $ 3,341 $ — $ (25 ) $ (173 ) $ 3,143 |
Allowance for Credit Losses Related to Debt Securities | The following table presents information about the allowance for credit losses on debt securities (in millions): Non-marketable Balance as of January 1, 2020 $ — Impact due to adoption of ASU 2016-13 — Credit losses on securities for which credit losses were not previously recorded (173 ) Balance as of March 31, 2020 $ (173 ) |
Schedule of Fair Value Assumptions on Significant Unobservable Inputs | The following table summarizes information about the significant unobservable inputs used in the fair value measurement for the Company’s investment in Grab as of December 31, 2019 and March 31, 2020 : Fair value method Relative weighting Key unobservable input Financing transactions 100% Transaction price per share $6.16 Volatility 54% - 62% Estimated time to liquidity 2.25 - 2.5 years |
Schedule of Reconciliation Using Significant Unobservable Inputs, Assets | The following table presents a reconciliation of the Company’s financial assets measured and recorded at fair value on a recurring basis as of March 31, 2020 , using significant unobservable inputs (Level 3) (in millions) : Non-marketable Non-marketable Equity Security 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 Total net gains (losses) Included in earnings (27 ) (87 ) Included in other comprehensive income (loss) (57 ) — Purchases (1) 3 10 Impairments (173 ) — Balance as of March 31, 2020 $ 2,116 $ 21 (1) Purchases in non–marketable equity security include warrants to purchase shares of a private company that vest as certain performance criteria are met during the period. (2) Transfers include a non-marketable equity security that was previously measured at fair value on a non-recurring basis as of December 31, 2018 for which the Company elected to apply the fair value option during the year ended December 31, 2019 . Management’s key inputs and assumptions used to determine an estimate of fair value for this investment is based on an option-pricing model and price of the underlying security in recent financing transactions. There is significant uncertainty over the collectability of the contractual interest on the Grab investment and as a result the Company has elected to apply a non-accrual policy to this investment. In determining whether a non-accrual policy is appropriate, the Company considered, among other factors, the reasonable possibility of a Grab initial public offering, the ability of Grab to pay the accumulated interest on all preferred securities on or after the redemption date, and the likelihood of a redemption occurring. If the Company had recorded accrued interest on the Series G preference shares, $34 million and $36 million of additional interest income |
Schedule of Securities without Readily Determinable Fair Value | The following table summarizes the total carrying value of the Company’s non-marketable equity securities measured at fair value on a non-recurring basis held as of December 31, 2019 and March 31, 2020 including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions) : As of December 31, 2019 March 31, 2020 Initial cost basis $ 6,075 $ 6,256 Upward adjustments 1,984 1,984 Downward adjustments (including impairment) — (1,690 ) Total carrying value at the end of the period $ 8,059 $ 6,550 The following is a summary of unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded in other income (expense), net in the condensed consolidated statements of operations , and included as adjustments to the carrying value of non-marketable equity securities held during the three months ended March 31, 2019 and 2020 . The amounts are based on the selling price of newly issued shares of similar preferred stock to new investors using a hybrid method which applies probabilities to possible scenarios valued using the CSE method, and OPM, which contemplates the rights and preferences of the securities the Company holds. (In millions) Three Months Ended March 31, 2019 2020 Upward adjustments $ — $ — Downward adjustments (including impairment) — (1,690 ) Total unrealized gain for non-marketable equity securities $ — $ (1,690 ) |
Schedule of Reconciliation Using Significant Unobservable Inputs, Liabilities | The following table summarizes information about the significant unobservable inputs used in the valuation for the Company’s investment in Didi as of March 31, 2020 : Fair value method Key unobservable input CSE Market adjustment (20)% OPM Volatility 39% Estimated time to liquidity 2.0 years Market adjustment (40)% |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The table below provides the composition of the basis difference as of March 31, 2020 (in millions) : As of March 31, 2020 Equity method goodwill $ 801 Intangible assets, net of accumulated amortization 112 Deferred tax liabilities (25 ) Cumulative currency translation adjustments (64 ) Basis difference $ 824 The carrying value of the Company’s equity method investments as of December 31, 2019 and March 31, 2020 were as follows (in millions) : As of December 31, 2019 March 31, 2020 MLU B.V. $ 1,224 $ 1,244 Mission Bay 3 & 4 (1) 140 50 Other — 5 Equity method investments $ 1,364 $ 1,299 (1) Refer to Note 14 – Variable Interest Entities (“VIEs”) for further information on the Company’s interest in Mission Bay 3 & 4. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components of lease expense | The components of lease expense were as follows (in millions) : Three Months Ended March 31, 2019 2020 Lease cost Finance lease cost: Amortization of assets $ 36 $ 44 Interest on lease liabilities 4 4 Operating lease cost 67 95 Short-term lease cost 8 6 Variable lease cost 25 30 Sublease income (1 ) (1 ) Total lease cost $ 139 $ 178 |
Schedule of Lease Term and Discount Rate | The assumptions used to value new leases for the periods presented were as follows: As of December 31, 2019 March 31, 2020 Weighted-average remaining lease term Operating leases 16 years 15 years Finance leases 2 years 2 years Weighted-average discount rate Operating leases 7.1 % 7.1 % Finance leases 5.0 % 4.8 % |
Maturity of Lease Liabilities, Operating | Maturities of lease liabilities were as follows (in millions) : As of March 31, 2020 Operating Leases Finance Leases Remainder of 2020 $ 129 $ 138 2021 264 137 2022 295 54 2023 253 — 2024 210 — Thereafter 2,213 — Total undiscounted lease payments 3,364 329 Less: imputed interest (1,640 ) (14 ) Total lease liabilities $ 1,724 $ 315 |
Maturity of Lease Liabilities, Finance | Maturities of lease liabilities were as follows (in millions) : As of March 31, 2020 Operating Leases Finance Leases Remainder of 2020 $ 129 $ 138 2021 264 137 2022 295 54 2023 253 — 2024 210 — Thereafter 2,213 — Total undiscounted lease payments 3,364 329 Less: imputed interest (1,640 ) (14 ) Total lease liabilities $ 1,724 $ 315 |
Future Minimum Payments Related to Financing Obligations under Failed Sale-Leaseback Arrangement | Future minimum payments related to the financing obligations as of March 31, 2020 are summarized below (in millions) : Future Minimum Payments Fiscal Year Ending December 31, Remainder of 2020 $ 4 2021 6 2022 6 2023 6 2024 6 Thereafter 827 Total $ 855 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Value of Goodwill by Segment | The following table presents the changes in the carrying value of goodwill, by segment, for the three months ended March 31, 2020 (in millions) : Rides Eats Freight Other Bets ATG and Other Technology Programs Total Goodwill Balance as of December 31, 2019 $ 25 $ 13 $ — $ 100 $ 29 $ 167 Acquisitions (Note 16) 2,515 — — — — 2,515 Goodwill impairment — — — (100 ) — (100 ) Foreign currency translation adjustment (16 ) — — — — (16 ) Balance as of March 31, 2020 $ 2,524 $ 13 $ — $ — $ 29 $ 2,566 |
Components of Intangible Assets, Net | The components of intangible assets, net as of December 31, 2019 and March 31, 2020 were as follows (in millions, except years): 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 Gross Carrying Value Accumulated Amortization Accumulated Impairment Net Carrying Value Weighted Average Remaining Useful Life - Years March 31, 2020 Rider relationships (1) $ 268 $ (5 ) $ — $ 263 15 Captains network (1) 40 (10 ) — 30 1 Developed technology (1), (2) 204 (44 ) (23 ) 137 4 Trade names (1) 120 (3 ) — 117 10 Patents 16 (5 ) — 11 8 Other 5 (3 ) — 2 — Intangible assets $ 653 $ (70 ) $ (23 ) $ 560 (1) Includes intangible assets acquired from Careem. Refer to Note 16 – Business Combination for further information. (2) Developed technology intangible assets include in-process research and development (“ IPR&D ”), which is not subject to amortization, of $31 million and $31 million as of December 31, 2019 and March 31, 2020 , respectively. |
Estimated Aggregate Amortization Expense for Intangible Assets Subject to Amortization | The estimated aggregate future amortization expense for intangible assets subject to amortization as of March 31, 2020 is summarized below (in millions) : Estimated Future Amortization Expense Year Ending December 31, Remainder of 2020 $ 76 2021 60 2022 59 2023 59 2024 31 Thereafter 242 Total $ 527 |
Long-Term Debt and Revolving _2
Long-Term Debt and Revolving Credit Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Debt | Components of debt, including the associated effective interest rates were as follows ( in millions , except for percentages): As of December 31, 2019 March 31, 2020 Effective Interest Rate 2016 Senior Secured Term Loan $ 1,113 $ 1,110 6.1 % 2018 Senior Secured Term Loan 1,478 1,474 6.2 % 2023 Senior Note 500 500 7.7 % 2026 Senior Note 1,500 1,500 8.1 % 2027 Senior Note 1,200 1,200 7.7 % Total debt 5,791 5,784 Less: unamortized discount and issuance costs (57 ) (54 ) Less: current portion of long-term debt (27 ) (27 ) Total long-term debt $ 5,707 $ 5,703 |
Schedule of Debt Expense | The following table presents the amount of interest expense recognized relating to the contractual interest coupon, amortization of the debt discount and issuance costs, and the internal rate of return (“ IRR”) payout with respect to the Senior Secured Term Loan, the Convertible Notes, and the Senior Notes for the three months ended March 31, 2019 and 2020 (in millions) : Three Months Ended March 31, 2019 2020 Contractual interest coupon $ 140 $ 105 Amortization of debt discount and issuance costs 53 3 8% IRR payout 17 — Total interest expense from long-term debt $ 210 $ 108 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets as of December 31, 2019 and March 31, 2020 were as follows (in millions) : As of December 31, 2019 March 31, 2020 Prepaid expenses $ 571 $ 491 Other receivables 428 486 Other 300 265 Prepaid expenses and other current assets $ 1,299 $ 1,242 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities as of December 31, 2019 and March 31, 2020 were as follows (in millions) : As of December 31, 2019 March 31, 2020 Accrued legal, regulatory and non-income taxes $ 1,539 $ 1,680 Accrued Drivers and Restaurants liability 369 219 Accrued professional and contractor services 352 304 Accrued compensation and employee benefits 403 208 Accrued marketing expenses 114 86 Other accrued expenses 361 422 Unsecured convertible notes in connection with Careem acquisition (1) — 891 Commitment to issue unsecured convertible notes in connection with Careem acquisition (2) — 463 Income and other tax liabilities 194 124 Government and airport fees payable 162 105 Short-term finance lease obligation for computer equipment 165 167 Accrued interest on long-term debt 93 110 Short-term deferred revenue 76 104 Other 222 255 Accrued and other current liabilities $ 4,050 $ 5,138 (1) As of March 31, 2020 , the Company's condensed consolidated balance sheet included initial unsecured convertible notes liability of $891 million in connection with the acquisition of Careem. On April 1, 2020, the initial unsecured convertible notes became payable and the Company paid $891 million to settle this liability. Refer to Note 16 – Business Combination and Note 18 – Subsequent Events , respectively for further information. (2) As of March 31, 2020 , the Company's condensed consolidated balance sheet included a short -term c ommitment to issue unsecured convertible notes of $463 million in connection with the acquisition of Careem. Refer to Note 16 – Business Combination for further information. |
Other Long-Term Liabilities | Other long-term liabilities as of December 31, 2019 and March 31, 2020 were as follows (in millions) : As of December 31, 2019 March 31, 2020 Deferred tax liabilities $ 1,027 $ 793 Commitment to issue unsecured convertible notes in connection with Careem acquisition (1) — 298 Financing obligation 78 78 Income tax liabilities 70 80 Other 237 249 Other long-term liabilities $ 1,412 $ 1,498 (1) As of March 31, 2020 , the Company's condensed consolidated balance sheet included a long-term c ommitment to issue unsecured convertible notes of $298 million in connection with the acquisition of Careem. Refer to Note 16 – Business Combination for further information. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in composition of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2019 and 2020 were as follows (in millions) : 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 loss before reclassifications (54 ) (4 ) (58 ) Amounts reclassified from accumulated other comprehensive loss — — — Other comprehensive loss (54 ) (4 ) (58 ) Balance as of March 31, 2019 $ (282 ) $ 36 $ (246 ) Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2019 $ (231 ) $ 44 $ (187 ) Other comprehensive loss before reclassifications (1) (148 ) (60 ) (208 ) Amounts reclassified from accumulated other comprehensive loss — — — Other comprehensive loss (148 ) (60 ) (208 ) Balance as of March 31, 2020 $ (379 ) $ (16 ) $ (395 ) (1) During the three months ended March 31, 2020, other comprehensive loss before reclassifications includes an unrealized loss of $57 million relating to the Company's investment in Grab for which a credit loss was recorded. Refer to Note 3 – Investments and Fair Value Measurement for further information. |
Other Income (Expense), Net | The components of other income (expense), net, for the three months ended March 31, 2019 and 2020 were as follows (in millions): Three Months Ended March 31, 2019 2020 Interest income $ 44 $ 38 Foreign currency exchange gains (losses), net (1 ) (28 ) Gain on business divestiture (1) — 154 Unrealized gain (loss) on debt and equity securities, net (2) 16 (114 ) Impairment of debt and equity securities (3) — (1,863 ) Change in fair value of embedded derivatives 175 — Other 26 18 Other income (expense), net $ 260 $ (1,795 ) (1) During the three months ended March 31, 2020 , gain on business divestiture represents a $154 million gain on the sale of the Company's Uber Eats India operations to Zomato Media Private Limited (“Zomato”). Refer to Note 17 – Divestitures for further information. (2) During the three months ended March 31, 2019 and 2020 , the Company recorded changes to the fair value of investments in securities accounted for under the fair value option. (3) During the three months ended March 31, 2020 , the Company recorded an impairment charge of $1.9 billion , primarily related to its investment in Didi and an allowance for credit loss recorded on its investment in Grab. Refer to Note 3 – Investments and Fair Value Measurement for further information. |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Summary of Stock Options and SAR Activity | A summary of stock option and SAR activity for the three months ended March 31, 2020 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years): 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, 2019 337 34,801 $ 9.79 4.75 $ 746 Granted — 1,194 11.55 Exercised (2 ) (4,490 ) 3.06 Canceled and forfeited (24 ) (220 ) 21.14 As of March 31, 2020 311 31,285 $ 10.72 4.68 $ 599 Vested and expected to vest as of March 31, 2020 198 25,331 $ 5.41 4.31 $ 585 Exercisable as of March 31, 2020 198 25,331 $ 5.41 4.31 $ 585 |
Schedule of Restricted Stock Units Activity | The following table summarizes the activity related to the Company’s RSUs for the three months ended March 31, 2020 (in thousands, except per share amounts): Number of Shares Weighted-Average Unvested and outstanding as of December 31, 2019 84,743 $ 39.82 Granted 43,229 $ 22.91 Vested (8,949 ) $ 41.49 Canceled and forfeited (3,817 ) $ 41.32 Unvested and outstanding as of March 31, 2020 115,206 $ 34.03 |
Schedule of Stock-Based Compensation Expense by Function | The following table summarizes total stock-based compensation expense by function for the three months ended March 31, 2019 and 2020 (in millions) : Three Months Ended March 31, 2019 2020 Operations and support $ 1 $ 25 Sales and marketing 1 14 Research and development 3 167 General and administrative 6 71 Total $ 11 $ 277 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income (Loss) Per Share | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts): Three Months Ended March 31, 2019 2020 Basic net loss per share: Numerator Net loss including non-controlling interests $ (1,016 ) $ (2,946 ) Less: net loss attributable to non-controlling interests, net of tax 4 10 Net loss attributable to common stockholders $ (1,012 ) $ (2,936 ) Denominator Basic weighted-average common stock outstanding 453,543 1,724,367 Basic net loss per share attributable to common stockholders (1) $ (2.23 ) $ (1.70 ) Diluted net loss per share: Numerator Net loss attributable to common stockholders $ (1,012 ) $ (2,936 ) Add: Change in fair value of MLU B.V. put/call feature (12 ) — Diluted net loss attributable to common stockholders $ (1,024 ) $ (2,936 ) Denominator Number of shares used in basic net loss per share computation 453,543 1,724,367 Weighted-average effect of potentially dilutive securities: Common stock subject to a put/call feature 76 — Diluted weighted-average common stock outstanding 453,619 1,724,367 Diluted net loss per share attributable to common stockholders (1) $ (2.26 ) $ (1.70 ) (1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands) : Three Months Ended March 31, 2019 2020 Redeemable convertible preferred stock 904,530 — Convertible notes 202,733 — Stock options 42,466 31,285 Restricted common stock with performance condition 1,939 — Common stock subject to repurchase 1,570 109 Warrants to purchase redeemable convertible preferred stock 150 — SARs 803 — RSUs to settle fixed monetary awards 999 248 RSUs 168,210 115,206 Shares committed under ESPP — 5,452 Warrants to purchase common stock 187 126 Careem convertible notes — 30,387 Total 1,323,587 182,813 |
Segment Information and Geogr_2
Segment Information and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table provides information about the Company’s segments and a reconciliation of the total segment adjusted EBITDA to loss from operations (in millions): Three Months Ended March 31, 2019 2020 Segment adjusted EBITDA: Rides $ 192 $ 581 Eats (309 ) (313 ) Freight (29 ) (64 ) Other Bets (42 ) (63 ) ATG and Other Technology Programs (113 ) (108 ) Total segment adjusted EBITDA (301 ) 33 Reconciling items: Corporate G&A and Platform R&D (1), (2) (568 ) (645 ) Depreciation and amortization (146 ) (128 ) Stock-based compensation expense (11 ) (277 ) Legal, tax, and regulatory reserve changes and settlements — (19 ) Goodwill and asset impairments/loss on sale of assets (8 ) (193 ) Uber Eats India transaction and related costs — (10 ) COVID-19 response initiatives — (24 ) Loss from operations $ (1,034 ) $ (1,263 ) (1) Excluding stock-based compensation expense. (2) Includes costs that are not directly attributable to the Company’s reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. The Company’s allocation methodology is periodically evaluated and may change. |
Schedule of Revenue from Geographic Area | The following table sets forth revenue by geographic area for the three months ended March 31, 2019 and 2020 (in millions) : Three Months Ended March 31, 2019 2020 United States $ 1,757 $ 1,991 All other countries 1,342 1,552 Total revenue $ 3,099 $ 3,543 |
Business Combination (Tables)
Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Purchase Price Allocation | The acquisition date fair value of the consideration transferred for Careem was approximately $3.0 billion , which consisted of the following (in millions): Fair Value Cash paid on January 2, 2020 $ 1,325 Non-interest bearing unsecured convertible notes 1,634 Transaction costs paid on January 2, 2020 on behalf of Careem 34 Contingent cash consideration 14 Stock-based compensation awards attributable to pre-combination services 6 Total consideration $ 3,013 |
Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the p reliminary fair value of assets acquired and liabilities assumed as of the date of acquisition (in millions): Fair Value Current assets $ 45 Goodwill 2,515 Intangible assets 540 Other long-term assets 81 Total assets acquired 3,181 Current liabilities (56 ) Deferred tax liability (44 ) Other long-term liabilities (68 ) Total liabilities assumed (168 ) Total $ 3,013 |
Identifiable Intangible Assets Acquired and Estimated Useful Lives | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in millions, except years): Fair Value Weighted Average Remaining Useful Life - Years Rider relationships $ 270 15 Captains network 40 1 Developed technology 110 4 Trade names 120 10 Total $ 540 |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from External Customer [Line Items] | ||
Cost of revenue, exclusive of depreciation and amortization shown separately below | $ 1,786 | $ 1,681 |
Total Rides revenue | End-Users Fee | ||
Revenue from External Customer [Line Items] | ||
Revenue excluding vehicle solutions revenue | 137 | |
Eats revenue | End-Users Fee | ||
Revenue from External Customer [Line Items] | ||
Revenue excluding vehicle solutions revenue | 9 | |
Cost of revenue, exclusive of depreciation and amortization shown separately below | $ 54 |
Revenue - Summary (Details)
Revenue - Summary (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 3,543 | $ 3,099 |
United States and Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,142 | 1,895 |
Latin America (LATAM) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 497 | 450 |
Europe, Middle East and Africa (EMEA) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 552 | 487 |
Asia Pacific (APAC) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 352 | 267 |
Total Rides revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue excluding vehicle solutions revenue | 2,470 | 2,418 |
Rides revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue excluding vehicle solutions revenue | 2,450 | 2,376 |
Vehicle Solutions revenue | ||
Disaggregation of Revenue [Line Items] | ||
Vehicle Solutions revenue, under ASC 842 | 1 | 10 |
Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue excluding vehicle solutions revenue | 19 | 32 |
Eats revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue excluding vehicle solutions revenue | 819 | 536 |
Freight revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue excluding vehicle solutions revenue | 199 | 127 |
Other Bets revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue excluding vehicle solutions revenue | 30 | 18 |
ATG and Other Technology Programs collaboration revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue excluding vehicle solutions revenue | $ 25 | $ 0 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligation (Details) $ in Millions | Mar. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, amount | $ 74 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, amount | $ 52 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, amount | $ 22 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period |
Investments and Fair Value Me_3
Investments and Fair Value Measurement - Investments (Details) - USD ($) shares in Millions, $ in Millions | Aug. 01, 2016 | Mar. 31, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | |||
Marketable debt securities | $ 831 | $ 440 | |
Non-marketable equity securities | 6,550 | 8,059 | |
Investments | 8,687 | 10,527 | |
Commercial paper | |||
Marketable Securities [Line Items] | |||
Marketable debt securities | 248 | 148 | |
U.S. government and agency securities | |||
Marketable Securities [Line Items] | |||
Marketable debt securities | 186 | 93 | |
Corporate bonds | |||
Marketable Securities [Line Items] | |||
Marketable debt securities | 397 | 199 | |
Didi | |||
Marketable Securities [Line Items] | |||
Non-marketable equity securities | 6,299 | 7,953 | |
Other | |||
Marketable Securities [Line Items] | |||
Non-marketable equity securities | 272 | 204 | |
Grab | |||
Marketable Securities [Line Items] | |||
Non-marketable debt securities | 2,109 | 2,336 | |
Other | |||
Marketable Securities [Line Items] | |||
Non-marketable debt securities | $ 7 | $ 34 | |
Uber China | |||
Marketable Securities [Line Items] | |||
Shares acquired (in shares) | 52 | ||
Value of shares acquired | $ 6,000 |
Investments and Fair Value Me_4
Investments and Fair Value Measurement - Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Assets | ||
Non-marketable debt securities | $ 3,143 | $ 2,955 |
Total financial assets | 7,942 | 8,157 |
Money market funds | ||
Financial Assets | ||
Cash and cash equivalents | 4,778 | 5,104 |
Commercial paper | ||
Financial Assets | ||
Non-marketable debt securities | 355 | 233 |
U.S. government and agency securities | ||
Financial Assets | ||
Non-marketable debt securities | 269 | 153 |
Corporate bonds | ||
Financial Assets | ||
Non-marketable debt securities | 403 | 199 |
Non-marketable debt securities | ||
Financial Assets | ||
Non-marketable debt securities | 2,116 | 2,370 |
Non-marketable equity securities | ||
Financial Assets | ||
Non-marketable equity securities | 21 | 98 |
Level 1 | ||
Financial Assets | ||
Total financial assets | 4,778 | 5,104 |
Level 1 | Money market funds | ||
Financial Assets | ||
Cash and cash equivalents | 4,778 | 5,104 |
Level 1 | Commercial paper | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 1 | U.S. government and agency securities | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 1 | Corporate bonds | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 1 | Non-marketable debt securities | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 1 | Non-marketable equity securities | ||
Financial Assets | ||
Non-marketable equity securities | 0 | 0 |
Level 2 | ||
Financial Assets | ||
Total financial assets | 1,027 | 585 |
Level 2 | Money market funds | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Level 2 | Commercial paper | ||
Financial Assets | ||
Non-marketable debt securities | 355 | 233 |
Level 2 | U.S. government and agency securities | ||
Financial Assets | ||
Non-marketable debt securities | 269 | 153 |
Level 2 | Corporate bonds | ||
Financial Assets | ||
Non-marketable debt securities | 403 | 199 |
Level 2 | Non-marketable debt securities | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 2 | Non-marketable equity securities | ||
Financial Assets | ||
Non-marketable equity securities | 0 | 0 |
Level 3 | ||
Financial Assets | ||
Total financial assets | 2,137 | 2,468 |
Level 3 | Money market funds | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Level 3 | Commercial paper | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 3 | U.S. government and agency securities | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 3 | Corporate bonds | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 3 | Non-marketable debt securities | ||
Financial Assets | ||
Non-marketable debt securities | 2,116 | 2,370 |
Level 3 | Non-marketable equity securities | ||
Financial Assets | ||
Non-marketable equity securities | $ 21 | $ 98 |
Investments and Fair Value Me_5
Investments and Fair Value Measurement - Summary of Amortized Costs and Fair Value of Financial Assets (Details) $ in Millions | Mar. 31, 2020USD ($) |
Amortized Cost | |
Amortized Cost, Within one year | $ 797 |
Amortized Cost, One year through five years | 2,514 |
Amortized Cost | 3,311 |
Fair Value | |
Fair Value, Within one year | 797 |
Fair Value, One year through five years | 2,339 |
Fair Value | $ 3,136 |
Investments and Fair Value Me_6
Investments and Fair Value Measurement - Summary of Amortized Cost, Unrealized Gains and Losses of Financial Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,281,000 | $ 2,279,000 |
Allowance for Credit Loss | (173,000) | 0 |
Recurring | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,341,000 | 2,894,000 |
Unrealized Gains | 0 | 61,000 |
Unrealized Losses | (25,000) | 0 |
Allowance for Credit Loss | (173,000) | |
Fair Value | 3,143,000 | 2,955,000 |
Recurring | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 355,000 | 233,000 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Allowance for Credit Loss | 0 | |
Fair Value | 355,000 | 233,000 |
Recurring | U.S. government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 269,000 | 153,000 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Allowance for Credit Loss | 0 | |
Fair Value | 269,000 | 153,000 |
Recurring | Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 405,000 | 199,000 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (2,000) | 0 |
Allowance for Credit Loss | 0 | |
Fair Value | 403,000 | 199,000 |
Recurring | Non-marketable debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,312,000 | 2,309,000 |
Unrealized Gains | 0 | 61,000 |
Unrealized Losses | (23,000) | 0 |
Allowance for Credit Loss | (173,000) | |
Fair Value | $ 2,116,000 | $ 2,370,000 |
Investments and Fair Value Me_7
Investments and Fair Value Measurement - Allowance for Credit Losses (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |
Beginning balance | $ 0 |
Credit losses on securities for which credit losses were not previously recorded | (173,000) |
Ending balance | (173,000) |
Cumulative Effect, Period of Adoption, Adjustment | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |
Beginning balance | $ 0 |
Investments and Fair Value Me_8
Investments and Fair Value Measurement - Summary of Unobservable Inputs (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
Relative weighting | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 1 | 1 |
Transaction price per share | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 6.16 | 6.16 |
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated time to liquidity | 2 years 3 months | 2 years 3 months |
Minimum | Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.54 | 0.54 |
Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated time to liquidity | 2 years 6 months | 2 years 6 months |
Maximum | Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.62 | 0.62 |
Common Stock Equivalent | Market adjustment | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | (0.20) | |
Option Pricing Model | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Time to Liquidity | 2 years | |
Option Pricing Model | Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.39 | |
Option Pricing Model | Market adjustment | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | (0.40) |
Investments and Fair Value Me_9
Investments and Fair Value Measurement - Fair Value of Unobservable Inputs, Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Total net gains (losses) | |||
Change in unrealized loss on investments in available-for-sale securities | $ (60) | $ (4) | |
Non-marketable Debt Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 2,370 | 2,370 | $ 2,370 |
Total net gains (losses) | |||
Included in earnings | (27) | (8) | |
Included in other comprehensive income (loss) | 4 | ||
Purchases | 3 | 4 | |
Impairments | (173) | ||
Ending balance | 2,116 | 2,370 | |
Non-marketable equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 98 | $ 0 | 0 |
Total net gains (losses) | |||
Included in earnings | (87) | 11 | |
Included in other comprehensive income (loss) | 0 | 0 | |
Purchases | 10 | 56 | |
Transfers | 31 | ||
Impairments | 0 | ||
Ending balance | $ 21 | $ 98 |
Investments and Fair Value M_10
Investments and Fair Value Measurement - Unrealized Gain (Loss) on Non-Marketable Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Upward adjustments | $ 0 | $ 0 |
Downward adjustments (including impairment) | (1,690) | 0 |
Total unrealized gain for non-marketable equity securities | $ (1,690) | $ 0 |
Investments and Fair Value M_11
Investments and Fair Value Measurement - Change In Equity Securities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Initial cost basis | $ 6,256 | $ 6,075 |
Upward adjustments | 1,984 | 1,984 |
Downward adjustments (including impairment) | (1,690) | 0 |
Total carrying value at the end of the period | $ 6,550 | $ 8,059 |
Investments and Fair Value M_12
Investments and Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Marketable Securities [Line Items] | |||
Allowance for credit loss | $ 173,000 | $ 0 | |
Change in unrealized loss on investments in available-for-sale securities | (60,000) | $ (4,000) | |
Grab | |||
Marketable Securities [Line Items] | |||
Allowance for credit loss | $ 173,000 | ||
Market adjustment | 10.00% | ||
Reduction In carrying value | $ 230,000 | ||
Change in unrealized loss on investments in available-for-sale securities | (57,000) | ||
Didi | |||
Marketable Securities [Line Items] | |||
Impairment loss | 1,700,000 | ||
Pro Forma | |||
Marketable Securities [Line Items] | |||
Interest income | $ 36,000 | $ 34,000 | |
Common Stock Equivalent | |||
Marketable Securities [Line Items] | |||
Valuation technique, weight | 80.00% | ||
Option Pricing Model | |||
Marketable Securities [Line Items] | |||
Valuation technique, weight | 20.00% |
Equity Method Investments - Car
Equity Method Investments - Carrying Value (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 1,299 | $ 1,364 |
MLU B.V. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 1,244 | 1,224 |
Mission Bay 3 and 4 | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 50 | 140 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 5 | $ 0 |
Equity Method Investments - Nar
Equity Method Investments - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($)subsidiary | Mar. 31, 2018USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018 | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Return of capital from equity method investee | $ 91,000,000 | $ 0 | ||||
Equity method investments | $ 1,299,000,000 | $ 1,299,000,000 | $ 1,364,000,000 | |||
Depreciation of the Ruble against the U.S. dollar | 22.00% | |||||
MLU B.V. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity ownership interest | 38.00% | 38.00% | 38.00% | 38.00% | ||
Contingent ownership percentage | 35.00% | |||||
Weighted average remaining useful life | 4 years 7 months 6 days | |||||
Impairment of equity method investments | $ 0 | |||||
Equity method investments | $ 1,244,000,000 | 1,244,000,000 | 1,224,000,000 | |||
Event Center Office Partners, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Impairment of equity method investments | $ 0 | $ 0 | ||||
Ownership interest | 45.00% | |||||
Equity method investments | $ 50,000,000 | $ 50,000,000 | ||||
Variable Interest Entity, Not Primary Beneficiary | Event Center Office Partners, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to acquire variable interest entity | $ 136,000,000 | |||||
Ownership interest | 45.00% | 45.00% | ||||
LLC Partner One | Variable Interest Entity, Not Primary Beneficiary | Event Center Office Partners, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest | 45.00% | |||||
LLC Partner Two | Variable Interest Entity, Not Primary Beneficiary | Event Center Office Partners, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest | 10.00% | |||||
Event Center Office Partners, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of wholly owned subsidiaries | subsidiary | 2 |
Equity Method Investments - Bas
Equity Method Investments - Basis Difference (Details) - MLU B.V. $ in Millions | Mar. 31, 2020USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | $ 824 |
Equity method goodwill | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | 801 |
Intangible assets, net of accumulated amortization | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | 112 |
Deferred tax liabilities | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | (25) |
Cumulative currency translation adjustments | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | $ (64) |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Finance lease cost: | ||
Amortization of assets | $ 44 | $ 36 |
Interest on lease liabilities | 4 | 4 |
Operating lease cost | 95 | 67 |
Short-term lease cost | 6 | 8 |
Variable lease cost | 30 | 25 |
Sublease income | (1) | (1) |
Total lease cost | $ 178 | $ 139 |
Leases - Additional Lease Infor
Leases - Additional Lease Information (Details) | Mar. 31, 2020 | Dec. 31, 2019 |
Weighted-average remaining lease term | ||
Operating leases (in years) | 15 years | 16 years |
Finance leases (in years) | 2 years | 2 years |
Weighted-average discount rate | ||
Operating leases (as a percent) | 7.10% | 7.10% |
Finance leases (as a percent) | 4.80% | 5.00% |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) $ in Millions | Mar. 31, 2020USD ($) |
Operating Leases | |
Remainder of 2020 | $ 129 |
2021 | 264 |
2022 | 295 |
2023 | 253 |
2024 | 210 |
Thereafter | 2,213 |
Total undiscounted lease payments | 3,364 |
Less: imputed interest | (1,640) |
Total lease liabilities | 1,724 |
Finance Lease Excluding Finance Obligation | |
Lessee, Lease, Description [Line Items] | |
Remainder of 2020 | 138 |
2021 | 137 |
2022 | 54 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total undiscounted lease payments | 329 |
Less: imputed interest | (14) |
Total lease liabilities | $ 315 |
Leases - Narrative (Details)
Leases - Narrative (Details) ft² in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Dec. 31, 2016buildinglease | Dec. 31, 2015ft²building | Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease, lease not yet commenced | $ 586 | |||
Finance lease, lease not yet commenced | 16 | |||
Property and equipment, net | $ 1,851 | $ 1,731 | ||
Finance Obligation | ||||
Lessee, Lease, Description [Line Items] | ||||
Number of buildings under contract | building | 2 | 2 | ||
Rentable square feet under contract | ft² | 423 | |||
Ownership acquired under the sale leaseback contract | 49.00% | 49.00% | 49.00% | |
Ownership percentage retained following lease termination | 100.00% | |||
Land Leases | ||||
Lessee, Lease, Description [Line Items] | ||||
Number of land agreement leases | lease | 2 | |||
Lease term | 75 years | |||
Commitments under Land Leases | $ 161 | |||
Financing obligation | 78 | |||
Future land lease payments | $ 1,700 | |||
Future land lease payments, percentage allocated to operating lease | 51.00% | |||
Land Leases | Land | ||||
Lessee, Lease, Description [Line Items] | ||||
Property and equipment, net | $ 65 | |||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, lease not yet commenced, term | 5 years | |||
Finance lease, lease not yet commenced, term | 11 years | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, lease not yet commenced, term | 11 years | |||
Finance lease, lease not yet commenced, term | 5 years |
Leases - Failed Sale-Leaseback
Leases - Failed Sale-Leaseback Transaction (Details) - Finance Obligation $ in Millions | Mar. 31, 2020USD ($) |
Finance Leases | |
Remainder of 2020 | $ 4 |
2021 | 6 |
2022 | 6 |
2023 | 6 |
2024 | 6 |
Thereafter | 827 |
Total undiscounted lease payments | $ 855 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Goodwill | $ 167 |
Acquisitions (Note 16) | 2,515 |
Goodwill impairment | (100) |
Foreign currency translation adjustment | (16) |
Goodwill | 2,566 |
Rides | |
Goodwill [Roll Forward] | |
Goodwill | 25 |
Acquisitions (Note 16) | 2,515 |
Goodwill impairment | 0 |
Foreign currency translation adjustment | (16) |
Goodwill | 2,524 |
Eats | |
Goodwill [Roll Forward] | |
Goodwill | 13 |
Acquisitions (Note 16) | 0 |
Goodwill impairment | 0 |
Foreign currency translation adjustment | 0 |
Goodwill | 13 |
Freight | |
Goodwill [Roll Forward] | |
Goodwill | 0 |
Acquisitions (Note 16) | 0 |
Goodwill impairment | 0 |
Foreign currency translation adjustment | 0 |
Goodwill | 0 |
Other Bets | |
Goodwill [Roll Forward] | |
Goodwill | 100 |
Acquisitions (Note 16) | 0 |
Goodwill impairment | (100) |
Foreign currency translation adjustment | 0 |
Goodwill | 0 |
ATG and Other Technology Programs | |
Goodwill [Roll Forward] | |
Goodwill | 29 |
Acquisitions (Note 16) | 0 |
Goodwill impairment | 0 |
Foreign currency translation adjustment | 0 |
Goodwill | $ 29 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 653 | $ 113 |
Accumulated Amortization | (70) | (42) |
Accumulated Impairment | (23) | |
Net Carrying Value | 560 | 71 |
Rider relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 268 | |
Accumulated Amortization | (5) | |
Accumulated Impairment | 0 | |
Net Carrying Value | $ 263 | |
Weighted Average Remaining Useful Life - Years | 15 years | |
Captains network | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 40 | |
Accumulated Amortization | (10) | |
Accumulated Impairment | 0 | |
Net Carrying Value | $ 30 | |
Weighted Average Remaining Useful Life - Years | 1 year | |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 204 | 94 |
Accumulated Amortization | (44) | (35) |
Accumulated Impairment | (23) | |
Net Carrying Value | $ 137 | $ 59 |
Weighted Average Remaining Useful Life - Years | 4 years | 3 years |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 120 | |
Accumulated Amortization | (3) | |
Accumulated Impairment | 0 | |
Net Carrying Value | $ 117 | |
Weighted Average Remaining Useful Life - Years | 10 years | |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 16 | $ 16 |
Accumulated Amortization | (5) | (4) |
Accumulated Impairment | 0 | |
Net Carrying Value | $ 11 | $ 12 |
Weighted Average Remaining Useful Life - Years | 8 years | 8 years |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 5 | $ 3 |
Accumulated Amortization | (3) | (3) |
Accumulated Impairment | 0 | |
Net Carrying Value | 2 | 0 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible asset | $ 31 | $ 31 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Estimated Future Amortization (Details) $ in Millions | Mar. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2020 | $ 76 |
2021 | 60 |
2022 | 59 |
2023 | 59 |
2024 | 31 |
Thereafter | 242 |
Total | $ 527 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | Jan. 02, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Business Acquisition [Line Items] | |||
Goodwill impairment | $ (100) | ||
Goodwill acquired in acquisition | 2,515 | ||
Amortization of intangible assets | 28 | $ 4 | |
Asset impairment charges | 193 | $ 0 | |
Careem Inc. | |||
Business Acquisition [Line Items] | |||
Goodwill acquired in acquisition | $ 2,500 | ||
Fair Value | $ 540 | ||
New Mobility | |||
Business Acquisition [Line Items] | |||
Goodwill impairment | (100) | ||
Impairment of intangible assets | (23) | ||
Impairment of property and equipment | (47) | ||
Impairment of spare parts inventory | 23 | ||
OTher Than New Mobility | |||
Business Acquisition [Line Items] | |||
Asset impairment charges | $ 0 |
Long-Term Debt and Revolving _3
Long-Term Debt and Revolving Credit Arrangements - Components of Debt (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 13, 2018 |
Debt Instrument [Line Items] | |||
Total debt | $ 5,784 | $ 5,791 | |
Less: unamortized discount and issuance costs | (54) | (57) | |
Less: current portion of long-term debt | (27) | (27) | |
Total long-term debt | 5,703 | 5,707 | |
Secured Loans | 2016 Senior Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Total debt | $ 1,110 | 1,113 | |
Effective Interest Rate | 6.10% | 6.10% | |
Secured Loans | 2018 Senior Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Total debt | $ 1,474 | 1,478 | |
Effective Interest Rate | 6.20% | ||
Senior Note | 2023 Senior Note | |||
Debt Instrument [Line Items] | |||
Total debt | $ 500 | 500 | |
Effective Interest Rate | 7.70% | ||
Senior Note | 2026 Senior Note | |||
Debt Instrument [Line Items] | |||
Total debt | $ 1,500 | 1,500 | |
Effective Interest Rate | 8.10% | ||
Senior Note | 2027 Senior Note | |||
Debt Instrument [Line Items] | |||
Total debt | $ 1,200 | $ 1,200 | |
Effective Interest Rate | 7.70% |
Long-Term Debt and Revolving _4
Long-Term Debt and Revolving Credit Arrangements - Narrative (Details) - USD ($) | 1 Months Ended | ||||||
Sep. 30, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2016 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 13, 2018 | |
Secured Loans | 2016 Senior Secured Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of secured debt | $ 1,200,000,000 | ||||||
Debt discount | 23,000,000 | ||||||
Debt issuance costs | $ 13,000,000 | ||||||
Effective Interest Rate | 6.10% | 6.10% | |||||
Secured Loans | 2016 Senior Secured Term Loan | Level 2 | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value of long-term debt | $ 1,000,000,000 | ||||||
Secured Loans | 2018 Senior Secured Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of secured debt | $ 1,500,000,000 | ||||||
Debt discount | 8,000,000 | ||||||
Debt issuance costs | $ 15,000,000 | ||||||
Effective Interest Rate | 6.20% | ||||||
Secured Loans | 2018 Senior Secured Term Loan | Level 2 | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value of long-term debt | $ 1,300,000,000 | ||||||
Senior Note | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 2,000,000,000 | ||||||
Senior Note | 2023 Senior Note | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs | $ 9,000,000 | ||||||
Effective Interest Rate | 7.70% | ||||||
Debt instrument term | 5 years | ||||||
Stated interest rate | 7.50% | ||||||
Aggregate principal amount | $ 500,000,000 | ||||||
Senior Note | 2023 Senior Note | Level 2 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, fair value disclosure | $ 491,000,000 | ||||||
Senior Note | 2026 Senior Note | |||||||
Debt Instrument [Line Items] | |||||||
Effective Interest Rate | 8.10% | ||||||
Debt instrument term | 8 years | ||||||
Stated interest rate | 8.00% | ||||||
Aggregate principal amount | $ 1,500,000,000 | ||||||
Senior Note | 2026 Senior Note | Level 2 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, fair value disclosure | $ 1,500,000,000 | ||||||
Senior Note | 2027 Senior Note | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs | $ 11,000,000 | ||||||
Effective Interest Rate | 7.70% | ||||||
Debt instrument term | 8 years | ||||||
Stated interest rate | 7.50% | ||||||
Aggregate principal amount | $ 1,200,000,000 | ||||||
Senior Note | 2027 Senior Note | Level 2 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, fair value disclosure | $ 1,200,000,000 | ||||||
Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | 2,300,000,000 | ||||||
Line of credit balance | 0 | ||||||
Line of Credit | Letters of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding | 580,000,000 | $ 570,000,000 | |||||
Letters of credit outstanding that will reduce the available credit under facilities | $ 219,000,000 | $ 213,000,000 |
Long-Term Debt and Revolving _5
Long-Term Debt and Revolving Credit Arrangements - Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt Instrument [Line Items] | ||
Contractual interest coupon | $ 105 | $ 140 |
Amortization of debt discount and issuance costs | 3 | 53 |
8% IRR payout | 0 | 17 |
Total interest expense from long-term debt | $ 108 | $ 210 |
Convertible Notes | Convertible Notes, 2022 | ||
Debt Instrument [Line Items] | ||
Internal rate of return | 8.00% |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 491 | $ 571 |
Other receivables | 486 | 428 |
Other | 265 | 300 |
Prepaid expenses and other current assets | $ 1,242 | $ 1,299 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions | Apr. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Accrued legal, regulatory and non-income taxes | $ 1,680 | $ 1,539 | |
Accrued Drivers and Restaurants liability | 219 | 369 | |
Accrued professional and contractor services | 304 | 352 | |
Accrued compensation and employee benefits | 208 | 403 | |
Accrued marketing expenses | 86 | 114 | |
Other accrued expenses | 422 | 361 | |
Unsecured convertible notes in connection with Careem acquisition | 891 | 0 | |
Commitment to issue unsecured convertible notes in connection with Careem acquisition | 463 | 0 | |
Income and other tax liabilities | 124 | 194 | |
Government and airport fees payable | 105 | 162 | |
Short-term finance lease obligation for computer equipment | 167 | 165 | |
Accrued interest on long-term debt | 110 | 93 | |
Short-term deferred revenue | 104 | 76 | |
Other | 255 | 222 | |
Accrued and other current liabilities | 5,138 | $ 4,050 | |
Careem Inc. | |||
Business Acquisition [Line Items] | |||
Unsecured convertible notes in connection with Careem acquisition | 891 | ||
Commitment to issue unsecured convertible notes in connection with Careem acquisition | $ 463 | ||
Subsequent Event | The Careem Notes | |||
Business Acquisition [Line Items] | |||
Repayment of convertible debt | $ 891 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||
Deferred tax liabilities | $ 793 | $ 1,027 |
Commitment to issue unsecured convertible notes in connection with Careem acquisition | 298 | 0 |
Financing obligation | 78 | 78 |
Income tax liabilities | 80 | 70 |
Other | 249 | 237 |
Other long-term liabilities | 1,498 | $ 1,412 |
Careem Inc. | ||
Business Acquisition [Line Items] | ||
Commitment to issue unsecured convertible notes in connection with Careem acquisition | $ 298 |
Supplemental Financial Statem_6
Supplemental Financial Statement Information - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | $ 14,190 | |
Other comprehensive loss before reclassifications | (208) | $ (58) |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 |
Other comprehensive loss | (208) | (58) |
Stockholders' equity, ending balance | 11,342 | |
Unrealized loss on investments in available-for-sale securities, net of tax | (60) | (4) |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | (187) | (188) |
Stockholders' equity, ending balance | (395) | (246) |
Unrealized loss on investments in available-for-sale securities, net of tax | (60) | (4) |
Foreign Currency Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | (231) | (228) |
Other comprehensive loss before reclassifications | (148) | (54) |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | |
Other comprehensive loss | (148) | (54) |
Stockholders' equity, ending balance | (379) | (282) |
Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Stockholders' equity, beginning balance | 44 | 40 |
Other comprehensive loss before reclassifications | (60) | (4) |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | |
Other comprehensive loss | (60) | (4) |
Stockholders' equity, ending balance | (16) | $ 36 |
Grab | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Unrealized loss on investments in available-for-sale securities, net of tax | $ (57) |
Supplemental Financial Statem_7
Supplemental Financial Statement Information - Other Income (Expenses), Net (Details) - USD ($) $ in Millions | Jan. 21, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Interest income | $ 38 | $ 44 | |
Foreign currency exchange gains (losses), net | (28) | (1) | |
Gain on divestitures | 154 | 0 | |
Unrealized gain (loss) on debt and equity securities, net | (114) | 16 | |
Impairment of debt and equity securities | (1,863) | 0 | |
Change in fair value of embedded derivatives | 0 | 175 | |
Other | 18 | 26 | |
Other income (expense), net | (1,795) | $ 260 | |
Not Discontinued Operations | Uber Eats India | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on divestitures | $ 154 | $ 154 |
Stockholder's Equity - SAR and
Stockholder's Equity - SAR and Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options And Equity Instruments Other Than Options, Nonvested, Number Of Shares [Abstract] | ||
Weighted-Average Exercise Price Per Share, Outstanding (in dollars per share) | $ 9.79 | |
Weighted-Average Exercise Price Per Share, Awards granted (in dollars per share) | 11.55 | |
Weighted-Average Exercise Price Per Share, Awards exercised (in dollars per share) | 3.06 | |
Weighted-Average Exercise Price Per Share, Awards canceled and forfeited (in dollars per share) | 21.14 | |
Weighted-Average Exercise Price Per Share, Outstanding (in dollars per share) | 10.72 | $ 9.79 |
Weighted-Average Exercise Price Per Share, Vested and expected to vest (in dollars per share) | 5.41 | |
Weighted-Average Exercise Price Per Share, Exercisable (in dollars per share) | $ 5.41 | |
Share-Based Compensation Arrangement By Share-based Payment Award, Options And Equity Instruments Other Than Options, Nonvested, Additional Disclosures [Abstract] | ||
Weighted-Average Contractual Life, Outstanding | 4 years 8 months 4 days | 4 years 9 months |
Weighted-Average Contractual Life, Vested and expected to vest | 4 years 3 months 21 days | |
Weighted-Average Contractual Life, Exercisable | 4 years 3 months 21 days | |
Aggregate Intrinsic Value, Outstanding | $ 599 | $ 746 |
Aggregate Intrinsic Value, Vested and expected to vest | 585 | |
Aggregate Intrinsic Value, Exercisable | $ 585 | |
SARs | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Shares outstanding (in shares) | 337 | |
Awards granted (in shares) | 0 | |
Awards exercised (in shares) | (2) | |
Awards canceled and forfeited (in shares) | (24) | |
Shares outstanding (in shares) | 311 | 337 |
Vested and expected to vest (in shares) | 198 | |
Exercisable (in shares) | 198 | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding (in shares) | 34,801 | |
Awards granted (in shares) | 1,194 | |
Awards exercised (in shares) | (4,490) | |
Awards canceled and forfeited (in shares) | (220) | |
Options outstanding (in shares) | 31,285 | 34,801 |
Vested and expected to vest (in shares) | 25,331 | |
Exercisable (in shares) | 25,331 |
Stockholder's Equity - Restrict
Stockholder's Equity - Restricted Stock Units Activity (Details) - RSUs shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Shares outstanding (in shares) | shares | 84,743 |
Awards granted (in shares) | shares | 43,229 |
Awards vested (in shares) | shares | (8,949) |
Awards Canceled and Forfeited (in shares) | shares | (3,817) |
Shares outstanding (in shares) | shares | 115,206 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant-Date Fair Value per Share, Unvested and Outstanding (in dollars per share) | $ / shares | $ 39.82 |
Weighted-Average Grant-Date Fair Value per Share, Granted (in dollars per share) | $ / shares | 22.91 |
Weighted-Average Grant-Date Fair Value per Share, Vested (in dollars per share) | $ / shares | 41.49 |
Weighted-Average Grant-Date Fair Value per Share, Canceled and Forfeited (in dollars per share) | $ / shares | 41.32 |
Weighted-Average Grant-Date Fair Value per Share, Unvested and Outstanding (in dollars per share) | $ / shares | $ 34.03 |
Stockholder's Equity - Stock-Ba
Stockholder's Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 277 | $ 11 |
Operations and support | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 25 | 1 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 14 | 1 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 167 | 3 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 71 | $ 6 |
Stockholder's Equity - Narrativ
Stockholder's Equity - Narrative (Details) $ in Billions | 3 Months Ended |
Mar. 31, 2020USD ($)Equity_Compensation_Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity compensation plans | Equity_Compensation_Plan | 4 |
Restricted Stock Awards, Restricted Stock Units, and Stock Appreciation Rights | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unamortized compensation costs | $ | $ 2.7 |
Weighted-average recognition period | 2 years 9 months 21 days |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Provision for (benefit from) income taxes | $ (242) | $ 19 |
Increase in gross unrecognized tax benefits | $ 55 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator | ||
Net loss including non-controlling interests | $ (2,946) | $ (1,016) |
Less: net loss attributable to non-controlling interests, net of tax | 10 | 4 |
Net loss attributable to common stockholders | $ (2,936) | $ (1,012) |
Denominator | ||
Basic weighted-average common stock outstanding (in shares) | 1,724,367 | 453,543 |
Basic net loss per share attributable to common stockholders (in dollars per share) | $ (1.70) | $ (2.23) |
Numerator | ||
Net loss attributable to common stockholders | $ (2,936) | $ (1,012) |
Add: Change in fair value of MLU B.V. put/call feature | 0 | (12) |
Diluted net loss attributable to common stockholders | $ (2,936) | $ (1,024) |
Denominator | ||
Basic weighted-average common stock outstanding (in shares) | 1,724,367 | 453,543 |
Weighted-average effect of potentially dilutive securities: | ||
Common stock subject to put/call feature (in shares) | 0 | 76 |
Diluted weighted-average common stock outstanding (in shares) | 1,724,367 | 453,619 |
Diluted net loss per share attributable to common stockholders (in dollars per share) | $ (1.70) | $ (2.26) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 182,813 | 1,323,587 |
Redeemable convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 904,530 |
Convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 202,733 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 31,285 | 42,466 |
Restricted common stock with performance condition | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 1,939 |
Common stock subject to repurchase | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 109 | 1,570 |
Warrants to purchase redeemable convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 150 |
SARs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 803 |
RSUs to settle fixed monetary awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 248 | 999 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 115,206 | 168,210 |
Shares committed under ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,452 | 0 |
Warrants to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 126 | 187 |
Careem convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 30,387 | 0 |
Segment Information and Geogr_3
Segment Information and Geographic Information - Summary (Details) $ in Millions | Jun. 30, 2019segment | Mar. 31, 2020USD ($)segment | Mar. 31, 2019USD ($) |
Segment Reporting [Abstract] | |||
Number of operating segments | segment | 2 | 5 | |
Number of reportable segments | segment | 2 | 5 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ (128) | $ (146) | |
Stock-based compensation expense | (277) | (11) | |
Impairments of goodwill, long-lived assets and other assets | 193 | 0 | |
Loss from operations | (1,263) | (1,034) | |
Segments | |||
Segment Reporting Information [Line Items] | |||
Adjusted Earnings Before Interest Taxes Depreciation and Amortization | 33 | (301) | |
Segments | Rides | |||
Segment Reporting Information [Line Items] | |||
Adjusted Earnings Before Interest Taxes Depreciation and Amortization | 581 | 192 | |
Segments | Eats | |||
Segment Reporting Information [Line Items] | |||
Adjusted Earnings Before Interest Taxes Depreciation and Amortization | (313) | (309) | |
Segments | Freight | |||
Segment Reporting Information [Line Items] | |||
Adjusted Earnings Before Interest Taxes Depreciation and Amortization | (64) | (29) | |
Segments | Other Bets | |||
Segment Reporting Information [Line Items] | |||
Adjusted Earnings Before Interest Taxes Depreciation and Amortization | (63) | (42) | |
Segments | ATG and Other Technology Programs | |||
Segment Reporting Information [Line Items] | |||
Adjusted Earnings Before Interest Taxes Depreciation and Amortization | (108) | (113) | |
Reconciling items: | |||
Segment Reporting Information [Line Items] | |||
Corporate G&A and Platform R&D | (645) | (568) | |
Depreciation and amortization | (128) | (146) | |
Stock-based compensation expense | (277) | (11) | |
Legal, tax, and regulatory reserve changes and settlements | (19) | 0 | |
Impairments of goodwill, long-lived assets and other assets | (193) | (8) | |
Uber Eats India transaction and related costs | (10) | 0 | |
COVID-19 response initiatives | $ (24) | $ 0 |
Segment Information and Geogr_4
Segment Information and Geographic Information - Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 3,543 | $ 3,099 |
United States | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,991 | 1,757 |
All other countries | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,552 | $ 1,342 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Feb. 07, 2020USD ($) | Jul. 05, 2019Decision | Mar. 26, 2019USD ($) | Mar. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 06, 2017TWD ($) | Jan. 05, 2017TWD ($) |
Loss Contingencies [Line Items] | ||||||||
Loss contingency accrual | $ 1,700 | $ 1,500 | ||||||
Taiwan, maximum fine per offense | $ 25,000,000 | $ 150,000 | ||||||
Settlement of non-income tax controversy | $ 138 | |||||||
HMRC | ||||||||
Loss Contingencies [Line Items] | ||||||||
Value-added-tax percentage | 20.00% | |||||||
Google v. Levandowski | ||||||||
Loss Contingencies [Line Items] | ||||||||
Settlement amount awarded to other party | $ 10 | $ 127 | ||||||
Estimated settlement cost | $ 60 | |||||||
Joint and Several Liability | ||||||||
Loss Contingencies [Line Items] | ||||||||
Settlement amount awarded to other party | $ 1 | |||||||
Swiss Social Security Reclassification | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of decisions | Decision | 4 | |||||||
Subsequent Event | Swiss Social Security Reclassification | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimated settlement cost | $ 125 |
Variable Interest Entities ("_2
Variable Interest Entities ("VIEs") - Narrative (Details) City in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jul. 31, 2019 | Apr. 30, 2019 | Mar. 31, 2018USD ($) | Mar. 31, 2020USD ($)City | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Jan. 21, 2020USD ($) | |
Variable Interest Entity [Line Items] | |||||||
Assets | $ 30,090 | $ 31,761 | |||||
Liabilities | 17,772 | $ 16,578 | |||||
Return of capital from equity method investee | $ (91) | $ 0 | |||||
Event Center Office Partners, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Ownership interest | 45.00% | ||||||
Variable Interest Entity, Not Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Note received | $ 35 | ||||||
Voting capital (in percent) | 9.99% | ||||||
Variable Interest Entity, Not Primary Beneficiary | Zomato | |||||||
Variable Interest Entity [Line Items] | |||||||
Maximum exposure to loss | $ 200 | ||||||
Variable Interest Entity, Not Primary Beneficiary | Event Center Office Partners, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Payments to acquire variable interest entity | $ 136 | ||||||
Ownership interest | 45.00% | 45.00% | |||||
Limited guarantee | $ 50 | ||||||
Zomato | |||||||
Variable Interest Entity [Line Items] | |||||||
Number of cities | City | 10 | ||||||
Preferred Class A | ATG Investment | |||||||
Variable Interest Entity [Line Items] | |||||||
Sale of stock, percentage of ownership after transaction | 13.90% | ||||||
Preferred Class A | Softbank, Toyota, and DENSO | ATG Investment | |||||||
Variable Interest Entity [Line Items] | |||||||
Sale of stock, percentage of ownership after transaction | 13.80% | ||||||
Variable Interest Entity, Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets | $ 1,600 | 1,200 | |||||
Liabilities | $ 184 | $ 159 | |||||
Sale of stock, percentage of ownership before transaction | 100.00% | ||||||
Not Discontinued Operations | Uber Eats India | |||||||
Variable Interest Entity [Line Items] | |||||||
Investment value | $ 171 | ||||||
Note received | $ 35 | ||||||
Voting capital (in percent) | 9.99% | ||||||
Not Discontinued Operations | Uber Eats India | Variable Interest Entity, Not Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Investment value | $ 171 |
Non-Controlling Interests (Deta
Non-Controlling Interests (Details) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jul. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($) | Dec. 31, 2019 | |
Freight Holding | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership percentage in non-controlling interest | 89.00% | 89.00% | ||
Diluted ownership percentage in non-controlling interest | 80.00% | 80.00% | ||
Number of shares reserved and available for grant and issuance (in shares) | shares | 99.8 | |||
ATG and Other Technology Programs collaboration revenue | ||||
Noncontrolling Interest [Line Items] | ||||
Revenue recognized from redeemable non-controlling interest | $ 25 | $ 0 | ||
Apparate | Volatility | Level 3 | ||||
Noncontrolling Interest [Line Items] | ||||
Unobservable measurement input | 0.57 | |||
Apparate | Time to Liquidity | Level 3 | ||||
Noncontrolling Interest [Line Items] | ||||
Unobservable measurement input | 4 years 3 months 18 days | |||
Apparate | Discount for Lack of Marketability | Level 3 | ||||
Noncontrolling Interest [Line Items] | ||||
Unobservable measurement input | 0.19 | |||
ATG Investment | Apparate | ||||
Noncontrolling Interest [Line Items] | ||||
Sale of stock, percentage of ownership after transaction | 86.10% | |||
ATG Investment | Apparate | ||||
Noncontrolling Interest [Line Items] | ||||
Proceeds from issuance of common stock | $ 1,000 | |||
Term of agreement | 3 years | |||
Semi-annual installment received | $ 50 | |||
ATG Investment | Apparate | ATG and Other Technology Programs collaboration revenue | ||||
Noncontrolling Interest [Line Items] | ||||
Revenue recognized from redeemable non-controlling interest | $ 25 | |||
ATG Investment | Apparate | Toyota | ||||
Noncontrolling Interest [Line Items] | ||||
Proceeds from issuance of common stock | $ 400 | |||
ATG Investment | Apparate | Softbank | ||||
Noncontrolling Interest [Line Items] | ||||
Proceeds from issuance of common stock | 333 | |||
ATG Investment | Apparate | DENSO | ||||
Noncontrolling Interest [Line Items] | ||||
Proceeds from issuance of common stock | $ 267 | |||
Preferred Class A | ATG Investment | ||||
Noncontrolling Interest [Line Items] | ||||
Sale of stock, percentage of ownership after transaction | 13.90% | |||
Preferred Class A | ATG Investment | Apparate | ||||
Noncontrolling Interest [Line Items] | ||||
Stock issued during period (in shares) | shares | 1 | |||
Preferred stock units issued (in dollars per share) | $ / shares | $ 1,000 |
Business Combination - Narrativ
Business Combination - Narrative (Details) | Jan. 02, 2020USD ($) | Mar. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||
Commitment to issue unsecured convertible notes in connection with Careem acquisition | $ 298,000,000 | $ 0 | |
Commitment to issue unsecured convertible notes in connection with Careem acquisition | 463,000,000 | $ 0 | |
Careem Inc. | |||
Business Acquisition [Line Items] | |||
Consideration transferred | $ 3,013,000,000 | ||
Commitment to issue unsecured convertible notes in connection with Careem acquisition | 298,000,000 | ||
Commitment to issue unsecured convertible notes in connection with Careem acquisition | 463,000,000 | ||
Weighted Average Remaining Useful Life - Years | 10 years | ||
Indemnification assets acquired | $ 65,000,000 | ||
Pre-tax losses | $ 81,000,000 | ||
Convertible notes | Careem Inc. | |||
Business Acquisition [Line Items] | |||
Commitment to issue unsecured convertible notes in connection with Careem acquisition | 296,000,000 | ||
Convertible notes | The Careem Notes | Careem Inc. | |||
Business Acquisition [Line Items] | |||
Conversion price (in dollars per share) | $ / shares | $ 55 | ||
Convertible notes | Dividend Yield | The Careem Notes | Careem Inc. | |||
Business Acquisition [Line Items] | |||
Measurement input | 0 | ||
Convertible notes | Minimum | Discount Rate | The Careem Notes | Careem Inc. | |||
Business Acquisition [Line Items] | |||
Measurement input | 0.0514 | ||
Convertible notes | Minimum | Option Volatility | The Careem Notes | Careem Inc. | |||
Business Acquisition [Line Items] | |||
Measurement input | 0.421 | ||
Convertible notes | Minimum | Risk Free Rate | The Careem Notes | Careem Inc. | |||
Business Acquisition [Line Items] | |||
Measurement input | 0.0153 | ||
Convertible notes | Maximum | Discount Rate | The Careem Notes | Careem Inc. | |||
Business Acquisition [Line Items] | |||
Measurement input | 0.0519 | ||
Convertible notes | Maximum | Option Volatility | The Careem Notes | Careem Inc. | |||
Business Acquisition [Line Items] | |||
Measurement input | 0.441 | ||
Convertible notes | Maximum | Risk Free Rate | The Careem Notes | Careem Inc. | |||
Business Acquisition [Line Items] | |||
Measurement input | 0.0157 | ||
Convertible notes | Careem Inc. | |||
Business Acquisition [Line Items] | |||
Commitment to issue unsecured convertible notes in connection with Careem acquisition | $ 458,000,000 | ||
Convertible notes | The Careem Notes | Careem Inc. | |||
Business Acquisition [Line Items] | |||
Face amount of debt issued | $ 880,000,000 |
Business Combination - Purchase
Business Combination - Purchase Price Allocation (Details) - Careem Inc. $ in Millions | Jan. 02, 2020USD ($) |
Business Acquisition [Line Items] | |
Cash paid on January 2, 2020 | $ 1,325 |
Non-interest bearing unsecured convertible notes | 1,634 |
Transaction costs paid on January 2, 2020 on behalf of Careem | 34 |
Contingent cash consideration | 14 |
Stock-based compensation awards attributable to pre-combination services | 6 |
Total consideration | $ 3,013 |
Business Combination - Assets A
Business Combination - Assets Acquire and Liabilities Assumed (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Jan. 02, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Goodwill | $ 2,566 | $ 167 | |
Careem Inc. | |||
Business Acquisition [Line Items] | |||
Current assets | $ 45 | ||
Goodwill | 2,515 | ||
Intangible assets | 540 | ||
Other long-term assets | 81 | ||
Total assets acquired | 3,181 | ||
Current liabilities | (56) | ||
Deferred tax liability | (44) | ||
Other long-term liabilities | (68) | ||
Total liabilities assumed | (168) | ||
Total | $ 3,013 |
Business Combination - Intangib
Business Combination - Intangible Assets Acquired (Details) - Careem Inc. $ in Millions | Jan. 02, 2020USD ($) |
Business Acquisition [Line Items] | |
Fair Value | $ 540 |
Weighted Average Remaining Useful Life - Years | 10 years |
Rider relationships | |
Business Acquisition [Line Items] | |
Fair Value | $ 270 |
Weighted Average Remaining Useful Life - Years | 15 years |
Captains network | |
Business Acquisition [Line Items] | |
Fair Value | $ 40 |
Weighted Average Remaining Useful Life - Years | 1 year |
Developed technology | |
Business Acquisition [Line Items] | |
Fair Value | $ 110 |
Weighted Average Remaining Useful Life - Years | 4 years |
Trade names | |
Business Acquisition [Line Items] | |
Fair Value | $ 120 |
Weighted Average Remaining Useful Life - Years | 10 years |
Divestitures (Details)
Divestitures (Details) - USD ($) $ in Millions | Jan. 21, 2020 | Jan. 25, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on divestitures | $ 154 | $ 0 | ||
Lion City Rentals | Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Equity percentage to be purchased | 100.00% | |||
Fair value of consideration received, cash | $ 310 | |||
Contingent consideration | $ 33 | |||
Uber Eats India | Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Voting capital (in percent) | 9.99% | |||
Term of note receivable | 4 years | |||
Note received | $ 35 | |||
Investment value | 171 | |||
Gain on divestitures | $ 154 | $ 154 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ in Millions | May 07, 2020USD ($) | May 06, 2020employee | Apr. 01, 2020USD ($) |
Subsequent Event [Line Items] | |||
Number of full-time employees terminated | employee | 3,700 | ||
The Careem Notes | |||
Subsequent Event [Line Items] | |||
Repayment of convertible debt | $ 891 | ||
Neutron Holdings, Inc. dba Lime | JUMP Divestiture | |||
Subsequent Event [Line Items] | |||
Percent of fully-diluted capitalization received (in percent) | 16.00% | ||
Convertible note receivable issued | $ 85 | ||
Period to purchase addtional interest from other significant stockholders | 2 years |
Uncategorized Items - fy2020q1f
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations | $ 8,209,000,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations | 12,067,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 9,000,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 9,000,000 |