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Howard Gold's No-Nonsense Investing: Uber IPO has 4 big red flags that should alarm you

Uber Technologies dropped its offering prospectus late Thursday as it prepares for an initial public offering in May. The one number it hopes potential investors will notice is revenue growth, which was up 42% last year to $11.3 billion from $7.9 billion in 2017. That’s probably enough for the growth-at-any-price crowd to hop in with Uber UBER, +0.00%  . But investors chastened by the first-day surge and subsequent 20% plunge of chief ride-sharing rival Lyft’s LYFT, -1.83%   stock will be particularly alert for red flags. They won’t have to look hard, because at least four crimson banners are flying in plain sight: 1. Uber is losing money and probably won’t make any: When you ignore the funky metrics the company puts forward (“Adjusted” EBITDA?...

Global Competition Takes Toll on Uber's Growth Ahead of IPO

Uber has touted its Uber Eats meal-delivery service as a shining star of rapid growth, but adjusted revenue fell 14% in the final three months of 2018. Above, an Uber Eats rider in Italy. Photo: R4924_italyphotopress/Zuma Press By Eliot Brown Eliot Brown The Wall Street Journal Biography @eliotwb Eliot.Brown@wsj.com April 12, 2019 5:30 a.m. ET Uber Technologies Inc. has talked up its expansion into new businesses beyond ride-hailing, from food delivery to long-haul trucking. But it can’t escape the fierce competition. The ride-hailing giant’s IPO documents made public Thursday show a company besieged by competitors on all fronts, leading to sharp declines in revenue growth just as it readies to market itself to growth-hungry public-market investors. Faced with a now-formidable ...

What Exactly Is Uber’s ‘Core Platform Contribution Margin’?

It’s a timeworn tradition for technology companies to resort to an array of jargon and technical terms to describe their operations — especially if they’re not making a profit. There’s WeWork’s “community-adjusted Ebitda,” which strips out expenses like taxes and marketing. Or you may have forgotten about “adjusted consolidated segment operating income,” also known as “Acsoi” (pronounced ACK-soy), which Groupon briefly used in the run-up to its initial public offering. (To critics, such measures sometimes equate to “earnings without all the bad stuff.”) [Uber is losing $1.8 billion a year, its I.P.O. filing reveals.] Uber is no exception, deploying a number of metrics in its newly filed prospectus to describe how...

Uber, Losing $1.8 Billion a Year, Reveals I.P.O. Filing

SAN FRANCISCO — Uber, the ride-hailing service that has upended transportation around the world, took a major step toward the largest initial public offering in years when it officially unveiled its finances in a prospectus on Thursday. The offering, which could value Uber at around $100 billion, is expected to reverberate through global financial markets and to solidify the company’s position as one of the most consequential technology firms of the past decade. The share sale would be the biggest since the Alibaba Group of China began trading on the New York Stock Exchange in 2014, and would peg Uber’s value at more than four times that of United Airlines’ parent and double that of FedEx. But the prospectus renewed questions about how sustainable Uber’s busin...

How Uber and Lyft Compare, in Four Charts

Get the DealBook newsletter to make sense of major business and policy headlines — and the power-brokers who shape them.__________ Uber and Lyft have competed for riders and drivers across North America. They raced each other to go public. They even filed paperwork for their initial public offerings with the Securities and Exchange Commission on the same day late last year. Now that Lyft is publicly traded and Uber’s own initial public offering is approaching, they’re also going to be competing for stock investors. [Uber is losing $1.8 billion a year, its I.P.O. filing reveals.] By most measures, Uber is much bigger and has a more diverse revenue stream. It is the world’s biggest ride-sharing company, with operations in 63 countries. Its revenue comes not just from ...

Uber IPO To Be Biggest In Tech History

Uber Seeks About $10 Billion in Year’s Biggest IPO

A wave of IPO hopefuls followed, with digital scrapbook company Pinterest Inc. and food-delivery company Postmates Inc. moving toward offerings.

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