Uber Reveals Strong Growth, Huge Losses Ahead of IPO
00:07, Apr 14, 2019
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Uber's float will be the largest since Alibaba, the Chinese ecommerce conglomerate, listed on the Nasdaq exchange in 2014, raising a record $25 billion.
Uber filed for its IPO in December with the US Securities and Exchange Commission during the same week as Lyft.
Uber did not disclose in the filing the valuation it is seeking from public investors; it was last valued at US$76 billion in the private market.
Earlier this year, Uber's U.S. competitor Lyft, another loss making company, went public at the valuation of $24 billion.
Lyft's stock closed down nearly 11 per cent on Wednesday and - even with a slight recovery Thursday - still trades below the low-end of an earlier IPO pricing range. Lyft's IPO had excited investors for months, especially after the company increased its IPO share price range.
It could also work in Uber's favor that it is now expected to seek a valuation of $90 billion to $100 billion, below the $120 billion investment bankers previously told the company it could be worth, according to the Reuters report.
Uber's adjusted loss before interest, taxes, depreciation and amortization was just over $1.8 billion in 2018 compared to $2.6 billion in 2017.
Uber said its market share fell in most regions a year ago, although the rate of decline has slowed. That's down from a loss of $2.6 billion in 2017.
Uber released its initial public offering Thursday ahead of a public listing that experts say could set records. "It could be that people are anticipating the Uber IPO".
The filing underscores the rapid growth of Uber's business in the last three years but also how a string of public scandals and increased competition from rivals have weighed on its plans to attract and retain riders.
A Waymo spokesperson said: "This review is on-going and we will continue to take the necessary steps to ensure our confidential information is not being used by Uber".
Kalanick, 42, holds a roughly 8% stake in Uber and still sits on the company's board of directors.
Uber said in its filing its ridesharing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies. It sound nice, but investors should ask hard questions about how much of Uber's expertise in signing up ersatz taxi drivers is useful for reaching deals with restaurants to deliver burritos, or big companies that want to ship potato chips to grocery stores.
"Mr. Kalanick was selected to serve on our board of directors because of his experience as one of the co-founders and early leaders of our company, and as such, his extensive knowledge of our business, and his innovation, technology, and high-growth experience, as well as his consumer and digital experience", Uber said in an S-1 filing declaring its intention to go public.
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