Uber Unveils Its Highly Anticipated IPO Filing

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Barely two weeks into its life as a public company, Lyft Inc. shares have been sliding fast with bigger rival Uber Technologies Inc. breathing down its neck. Its shares are set to begin trading next month under the "UBER" ticker symbol. It shortened its name to Uber in 2010, distancing itself from the taxicab industry, which has criticized the company for operating under less regulation than the traditional taxi industry.

Uber's filing reveals that Uber had an average of 91 million monthly active users on its platform at the end of 2018.

After dropping off passengers at a Broadway play, Johan Nijman, a for-hire driver who runs his own service and also drives for Uber on the side, drives through the West Side of Manhattan on Wednesday evening, August 8, 2018 in New York City.

Uber, which has previously made public some of its financial results, disclosed further details in its filing - including a net income of $997 million for 2018. Excluding those gains, plus other items, Uber lost US$1.8 billion for the year.

CEO Dara Khosrowshahi said that despite the fact that the company has generated $11 billion in annual revenue, it's just getting started.

Seemingly chastened by Lyft's experience, Uber is expected to aim for a lower valuation, as well as a more generous initial price.

Uber is also expanding in other markets such as freight while offering other ways to get around with shared scooters and bikes. Drivers will be able to use the bonuses to purchase Uber stock at its IPO price.

To Uber's credit, it is firing off a cannon-sized number of metrics at investors. The registration will provide investors with their most complete look yet at Uber's financial and operational numbers and strong points of comparison to rival Lyft's IPO registration in March.

The move comes after a lackluster market debut for Uber's United States rival Lyft, which has lost more than 10 percent of its value since its IPO last month.

Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving auto project took with him thousands of confidential documents. Uber's operating loss, for example, amounted to 27 percent of revenue in 2018, while Lyft's operating loss was 45 percent of revenue.

The financial documents also show that Travis Kalanick, the former Chief Executive Officer who resigned in 2017 under pressure from the board, is one of Uber's largest shareholders, owning almost 9% of the ride-hailing company's stock. Khosrowshahi said the company's future will be shaped by worthwhile investments.

- Alphabet, Google's parent company, owns 5.2%.

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