Uber released its S-1 filing after the market close, placing in on track to go public with its anticipated May IPO.
The company is expected to attract a valuation between $90-100 billion, although CNBC previously said that the company was
seeking as much as $120 billion, by selling roughly $10 billion in stock. The shares are expected to price later this month.
Uber will list on the New York Stock Exchange under the symbol "UBER," the company said in a filing released publicly on
Thursday.
Uber disclosed unaudited financials in the filing. The company reported $11.3 billion in revenue in 2018, up 42 percent y/y.
Uber reported a net income of nearly $1 billion in 2018, but the loss from operations exceeded $3 billion and the adjusted EBITDA
loss was $1.9 billion.
It appears that the company will provide metrics like MAPCs (monthly active platform consumers – which is the number of
consumers who completed a ride using Ridesharing or New Mobility or received an Uber Eats meal at least once in a given month).
MAPCs increased 35 percent y/y in 4Q/18. The company will also disclose trips and gross bookings (both up 37 percent y/y). Uber
Eats represented 18 percent of gross bookings for Q4 2018.
Uber Freight rolls up into the company's Other Bets division. Uber Freight was launched in 2017 and generates revenue as
shippers pay a pre-determined fee for each shipment to use Uber's brokerage service. From the filing, "Uber Freight greatly reduces
friction in the logistics industry by providing an on-demand platform to automate and accelerate logistics transactions end-to-end.
Uber Freight connects carriers with the most appropriate shipments available on our platform, and gives carriers upfront,
transparent pricing and the ability to book a shipment with the touch of a button."
Uber Freight launched officially in the U.S. in May 2017 and has contracted with over 36,000 carriers representing more than
400,000 drivers, serving over 1,000 shippers like Anheuser-Busch InBev (NYSE: BUD), Niagara, Land O'Lakes, and Colgate-Palmolive
Company (NYSE: CL). The Uber Freight group posted
revenue in excess of $125 million in 4Q/18. Uber Freight booked $359 million in gross bookings in 2018. The Q4 run-rate would place
Uber Freight at roughly a $600 million freight broker. Last month, Uber Freight announced a rollout across Europe.
To put that in comparison, at $600 million in gross freight bookings, Uber Freight would be roughly the same size of BNSF
logistics, the truckload freight brokerage division of the rail firm owned by Berkshire Hathaway. Impressive for being less than
twenty-months old, but not big enough to be in the top ten of all freight brokers in the U.S.
Also to note, Uber only owns 89% of Uber Freight, according to the S-1 filing. The balance is likely owned by the team that made
up the Otto, the self-driviing truck business that Uber acquired.
Today's filing comes a nearly two weeks after ridesharing competitor, Lyft, hit the market. That stock opened at $72 and closed
at $61.01 today following recent pressure attributed to the Uber filing.
Image sourced from Pixabay
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