Uber (UBER) says it's tracking towards Adjusted EBITDA breakeven in Q3, ahead of prior guidance
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(Updated - September 21, 2021 6:41 AM EDT)
(Updated - September 21, 2021 6:34 AM EDT)
Uber (NYSE: UBER) disclosed:
Based on quarter to date trends, which included Uber Technologies, Inc.’s (“Uber” or the “Company”) first months of Adjusted EBITDA profitability in the months ended July 2021 and August 2021, Uber is updating its Q3 outlook previously provided on the Q2 2021 earnings call.
The Company now expects for Q3 2021:
● Gross Bookings between $22.8 billion and $23.2 billion (from $22 billion to $24 billion)
● Adjusted EBITDA between $(25) million and $25 million (from “better than a loss of $100 million”) with strong improvements in both Mobility and Delivery Adjusted EBITDA
Additionally, for Q4 2021, Uber now expects to deliver Adjusted EBITDA between $0 and $100 million (compared to previously expected “Adjusted EBITDA profitability”). Note that significant forecasting uncertainty remains a factor, and the Company may provide an updated forecast on the Q3 earnings call if appropriate.
“They say that crisis breeds opportunity and that’s certainly been true of Uber during the last 18 months,” said Dara Khosrowshahi, CEO. “Thanks to the team’s tireless work we’ve not only grown our global leadership across both Mobility and Delivery; we’ve done so more profitably than ever before. As a result, Uber is reaching an important milestone. We also know we have much left to prove and need to execute flawlessly. We will rise to the occasion.”
“With positive Adjusted EBITDA in July and August, we believe Uber is now tracking towards Adjusted EBITDA breakeven in Q3, well ahead of our prior guidance,” said Nelson Chai, CFO. “We expect to deliver sequential Adjusted EBITDA improvement in Q4, even as we continue to invest in our growth initiatives.”
The information set forth under this Item 7.01 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as otherwise expressly stated in such filing.
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