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North America Equity Research

07 February 2020

Overweight
Uber UBER, UBER US
Price (06 Feb 20): $37.09
Solid 4Q Results w/More Moderate Bookings
Price Target (Dec-20): $51.00
Growth in 2020 & EBITDA Profit Targeted for 4Q20;
Overweight & $51 PT

Key Takeaways from Uber Earnings & Calls w/Management: Internet


1) Uber Pulls Forward EBITDA Profit, Now Targeting 4Q20. Based on its Doug Anmuth AC
(1-212) 622-6571
2019 progress & anticipated efficiencies in 2020, Uber accelerated its EBITDA
douglas.anmuth@jpmorgan.com
profitability target from full year 2021 to 4Q20. 1Q EBITDA loss should be Bloomberg JPMA ANMUTH <GO>
similar to 4Q (-$615M) & 1Q remains a heavy investment qtr for Eats. Rides J.P. Morgan Securities LLC
incremental margins of 80% over the past year gives mgmt confidence that it can
Neeraj S Kookada, CFA
drive 55% flow-through in 2020 while still leaving room to invest. Importantly, (1-212) 622-8980
Uber is already seeing early signs of rationalization in food delivery & believes neeraj.s.kookada@jpmchase.com
Eats is about a year behind Rides in that process. Accordingly, Eats investment J.P. Morgan India Private Limited
will peak 4Q19/1Q20 & then gain greater leverage through 2020. Uber also re- Cory A Carpenter
confirmed its overall L-T EBITDA margin of 25% based on Rides margin of 45% (1-212) 270-8125
w/a 25% take rate & Eats margin of 30% w/a 15% take rate. cory.carpenter@jpmorgan.com
J.P. Morgan Securities LLC
2) More Moderate Top Line Growth in 2020. 4Q Gross Bookings of $18.1B
(+30% FXN) were slightly ahead of us/Street at $18.0B while ANR of $3.7B was Dae K Lee, CFA
(1-415) 315-8500
essentially in-line at 43% FXN growth. MAPCs increased 22% to 111M, above
dae.k.lee@jpmorgan.com
our 109M, while Trips grew 28% to 1.9B, 2% below our projection. Eats GB’s & J.P. Morgan Securities LLC
ANR came in above our estimates, while Rides was in-line to slightly below. For
Ryder Cleary
2020, Uber expects to continue its focus on quality bookings, eliminating ‘empty (1-212) 622-1011
calorie’ business. Mgmt expects gross bookings of $75B-$80B, 17% - 25% FXN ryder.cleary@jpmchase.com
growth, slightly below our prior $81.6B. ANR should grow faster at 26% - 34% to J.P. Morgan Securities LLC
$16B-$17B w/take rate improvement of ~150bps.
Key Changes (FYE Dec)
3) Ongoing Product Improvements & Innovation. Uber remains focused on
Prev Cur
driving innovation & a better user experience across both Rides & Eats. Following
Revenue - 20E ($ mn) 17,287 16,748
a successful US launch, Uber Comfort expanded to LatAm & EMEA, helping Revenue - 21E ($ mn) 21,744 20,631
drive 54% Y/Y growth in premium Rides globally. Uber’s Airport business also Adj. EBITDA - 20E ($ mn) (1,577) (1,318)
outpaced overall Rides, w/boost from its PIN product, while Uber for Business Adj. EBITDA - 21E ($ mn) 148 202
accel’d to $1.2B of Gross Bookings. Eats continues to execute on its strategy to be Quarterly Forecasts (FYE Dec)
the #1 or #2 player in every market, currently holding that position in more than
Revenue ($ mn)
half of its countries. The US Eats business increased 44% to $1.7B in GB's while 2019A 2020E 2021E
increasing take rate ~500bps Y/Y to the mid-teens, even w/a competitive industry Q1 2,761 3,710
backdrop. Q2 2,873 4,022
Q3 3,533 4,361
Overall, we believe Uber delivered solid 4Q results & targeting EBITDA profit in Q4 3,730 4,654
4Q20 was an upside surprise. Some may push back on GB deceleration in 2020, FY 12,897 16,748 20,631
but we believe the focus on quality bookings shows discipline as Uber emphasized Style Exposure
the era of growth at all costs is over. We believe Uber’s earnings should be
Quant Current Hist %Rank (1=Top)
positive for Lyft as the 4Q20 EBITDA profit target suggests ongoing
Factors %Rank 6M 1Y 3Y 5Y
rationalization in US rideshare. We reiterate our OW & our $51 PT is based on
Value 100 100
our SOTP analysis which equates to ~5x 2020E ANR of $16.7B.
Growth 83 87
Momentum 33
Quality 97 97 97 96 91
Low Vol 82
Sources for: Style Exposure – J.P. Morgan Quantitative and Derivatives Strategy; all other tables are company data and J.P. Morgan estimates.

See page 11 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that
the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single
factor in making their investment decision.

www.jpmorganmarkets.com
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation


Investment Thesis
We maintain our Overweight rating and $51 PT. Uber is the
global leader in two secular growth industries, ridesharing and
food delivery, and is leveraging its massive scale and
technological expertise to rapidly launch and scale new
products in 60+ countries. We expect strong growth from the
company driven by: 1) Uber’s network of 100M+ MAPCs and
~4M drivers across the platform completing 19M+ trips a day; 2)
a top 3 position in ridesharing & food delivery wherever it
YTD 1m 3m 12m operates; 3) faster-than-expected rationalization of the US
Abs 24.7% 17.4% 37.7% 0.8% ridesharing market, and expectations of a similar trend in Int'l
Rel 21.1% 14.3% 29.0% -21.7% markets; 4) rapid growth of newer offerings (Freight, NeMo, AV,
etc.); 5) a decisive strategy around Eats to exit underperforming
Company Data
markets and gain share in attractive markets; and 6) a clear path
Shares O/S (mn) 1,841
52-week range ($) 47.08-25.58
to profitability.
Market cap ($ mn) 68,284.70
Exchange rate 1.00 Valuation
Free float(%) 63.0%
3M - Avg daily vol (mn) 32.50 Our December 2020 PT of $51 is based on a SOTP analysis that
3M - Avg daily val ($ mn) 993.4 employs a 5.25x on 2020E Rides ANR of $12.9B, 4.5x on 2020E
Volatility (90 Day) 42 Eats ANR of $2.3B, 2.5x on Freight ANR of ~$1.2B, and 2.5x on
Index S&P 500
BBG BUY|HOLD|SELL 30|12|0 Other Bets ANR of $186M. We apply a 20% liquidity discount to
Uber’s stake in ATG, and investments in Didi, Grab, Zomato &
Key Metrics (FYE Dec) Others. Our $51 PT also equates to ~5x 2020E ANR of $16.7B.
$ in millions FY19A FY20E FY21E FY22E
Financial Estimates Performance Drivers
Revenue 12,897 16,748 20,631 25,303
Adj. EBIT (3,198) (1,835) (348) 1,153
Adj. EBITDA (2,726) (1,318) 202 1,744
Adj. net income (8,507) (3,368) (1,993) (647)
Adj. EPS (6.84) (1.91) (1.12) (0.36)
BBG EPS (3.74) (2.09) (1.03) 0.02
Cashflow from operations (4,321) (1,372) 304 1,861
FCFF (4,909) (2,049) (515) 874
Margins and Growth
Revenue growth 25.3% 29.9% 23.2% 22.6%
EBIT margin (24.8%) (11.0%) (1.7%) 4.6%
EBIT growth 40.7% (42.6%) (81.1%) (431.5%)
EBITDA margin (21.1%) (7.9%) 1.0% 6.9%
EBITDA growth 47.6% (51.7%) (115.3%) 765.4%
Net margin (66.0%) (20.1%) (9.7%) (2.6%)
Adj. EPS growth 61.7% (72.1%) (41.4%) (67.8%)
Ratios
Adj. tax rate (0.9%) 0.0% 0.0% 0.0%
Interest cover 16.7 NM 0.7 6.0
Net debt/Equity NM 0.0 0.1 0.0
Net debt/EBITDA 1.9 NM 4.8 0.0
ROE (81.1%) (25.7%) (17.1%) (5.3%)
Valuation
FCFF yield (10.6%) (3.1%) (0.8%) 1.3%
Dividend yield - - - -
EV/EBITDA NM NM 341.7 38.4
Adj. P/E NM NM NM NM

Source: J.P. Morgan Quantitative and Derivatives Strategy for Performance Drivers; company data, Bloomberg and J.P. Morgan estimates for all other tables.
2
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

Summary of the Quarter


Figure 1: Uber 4Q Results vs. JPME
$ million except per share data, year-end 31 December
4Q19 4Q19 vs SA cons
($ in m illions) JPME Actuals Diff (%) Cons Diff vs cons(%)
MAPCs 109 111 2% 110.9 0%
Trips 1,956 1,907 -2% 1,904 0%

Gross Bookings 18,042 18,131 0% 18,000 1%


Rides Gross Bookings 13,630 13,512 -1% 13,600 -1%
Eats Gross Bookings 4,164 4,374 5% 4,130 6%

Adj. Ne t Revenue 3,710 3,730 1% 3,700 1%


% take rate 40.3% 41.1% 0.8pp
Rides ANR 3,040 3,036 0% 3,000 1%
% take rate 22.3% 22.5% 0.2pp 22.1% 0.4pp
Eats ANR 404 415 3% 418 -1%
% take rate 9.7% 9.5% (0.2)pp 10.2% (0.7)pp

Adj. EBITDA (702) (615) (701)


Margin (% of ANR) -18.9% -16.5% 2.4pp -19.0% 2.5pp
Rides Adj. EBITDA 678 742 9%
Margin (% of ANR) 22.3% 24.4% 2.1pp
Eats Adj. EBITDA (412) (461)
Margin (% of ANR) -102.0% -111.1% (9.1)pp

Operating Income (1,089) (971)


Margin (% of ANR) -29.4% -26.0% 3.3pp
GAAP EPS ($0.65) ($0.64)
Non-GAAP EPS ($0.49) ($0.49)

Y/Y Grow th
MAPCs 19.8% 22.0%
Trips 31.0% 27.7%
Gross Bookings 27.3% 28.0%
Rides Gross Bookings 18.7% 17.7%
Eats Gross Bookings 62.6% 70.8%

Adj. Net Revenue 40.3% 41.1%


Rides ANR 29.8% 29.6%
Eats ANR 144.8% 151.5%
Source: J.P. Morgan estimates, Company data.

3
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

Adjusting Estimates

Figure 2: Adjusting JPM Estimates


$ million except per share data, year-end 31 December
1Q20 JPME 2Q20 JPME 3Q20 JPME 4Q20 JPME 2020 JPME 2021 JPME
($ in m illions) Old New Old New Old New Old New Old New Old New
MAPCs 113 117 119 123 125 129 131 135 131 135 153 157
Y/Y Growth 25.8% 25.8% 24.2% 24.2% 22.9% 22.9% 21.6% 21.6% 20.2% 21.6% 16.8% 16.3%
Net Adds 4 6 6 6 6 6 6 6 22 24 22 22
% chg vs. old 3.5% 3.4% 3.2% 3.1% 3.1% 2.6%

Trips 2,015 1,961 2,155 2,113 2,248 2,221 2,464 2,403 8,882 8,698 11,014 10,785
Y/Y Growth 30.0% 26.5% 28.5% 26.0% 27.0% 25.5% 26.0% 26.0% 27.7% 26.0% 24.0% 24.0%
% chg vs. old -3% -2% -1% -2% -2% -2%

Gross Bookings 18,509 18,032 19,844 19,171 20,622 20,130 22,456 22,234 81,432 79,566 100,916 96,366
Y/Y Growth 26.4% 23.1% 25.9% 21.7% 25.2% 22.3% 24.5% 22.6% 25.4% 22.4% 23.9% 21.1%
FXN Y/Y Growth 28.0% 26.2% 27.0% 24.3% 25.5% 23.5% 24.3% 23.1% 26.1% 24.2% 0.0% 0.0%
% chg vs. old -3% -3% -2% -1% -2% -5%

Rides Gross Bookings 13,496 12,839 14,376 13,719 14,785 14,295 16,040 15,541 58,697 56,393 68,382 63,724
Y/Y Growth 17.9% 12.2% 17.9% 12.6% 17.8% 13.9% 17.7% 15.0% 17.8% 13.5% 16.5% 13.0%
FXN Y/Y Growth 19.5% 15.0% 19.0% 15.0% 18.0% 15.0% 17.5% 15.5% 18.5% 15.1% 0.0% 0.0%
% chg vs. old -5% -5% -3% -3% -4% -7%

Eats Gross Bookings 4,758 4,942 5,135 5,137 5,403 5,433 6,005 6,316 21,301 21,828 30,247 30,559
Y/Y Growth 54.9% 60.9% 51.6% 51.7% 47.7% 48.5% 44.2% 44.4% 49.2% 50.7% 42.0% 40.0%
FXN Y/Y Growth 57.0% 65.0% 53.0% 55.0% 48.0% 50.0% 44.0% 45.0% 50.0% 52.8% 0.0% 0.0%
% chg vs. old 4% 0% 1% 5% 2% 1%

Freight Gross Bookings 220 218 281 267 366 346 353 329 1,219 1,159 1,890 1,738
Y/Y Growth 72.0% 70.0% 68.0% 60.0% 64.0% 55.0% 60.0% 50.0% 65.1% 57.3% 55.0% 50.0%
% chg vs. old -1% -5% -5% -7% -5% -8%

Adj. Net Revenue 3,872 3,710 4,193 4,022 4,511 4,361 4,712 4,654 17,287 16,748 21,744 20,631
Y/Y Growth 40.2% 34.4% 46.0% 40.0% 27.7% 23.4% 27.0% 24.8% 34.3% 29.9% 25.8% 23.2%
Take Rate (%) 20.9% 20.6% 21.1% 21.0% 21.9% 21.7% 21.0% 20.9% 21.2% 21.0% 21.5% 21.4%
% chg vs. old -4% -4% -3% -1% -3% -5%

Rides ANR 3,077 2,927 3,278 3,128 3,430 3,316 3,625 3,559 13,410 12,930 15,865 14,912
Y/Y Growth 29.5% 23.1% 40.0% 33.6% 19.6% 15.6% 19.3% 17.2% 26.2% 21.7% 18.3% 15.3%
Take Rate (%) 22.8% 22.8% 22.8% 22.8% 23.2% 23.2% 22.6% 22.9% 22.8% 22.9% 23.2% 23.4%
% chg vs. old -5% -5% -3% -2% -4% -6%

Eats ANR 519 504 560 550 621 608 649 682 2,348 2,344 3,478 3,484
Y/Y Growth 117.0% 110.9% 66.1% 63.1% 58.5% 55.2% 60.6% 64.4% 71.2% 69.5% 48.1% 48.6%
Take Rate (%) 10.9% 10% 10.9% 11% 11.5% 11% 10.8% 11% 11.0% 11% 11.5% 11%
% chg vs. old -3% -2% -2% 5% 0% 0%

Freight ANR 220 218 281 267 366 346 353 329 1,219 1,159 1,890 1,738
Y/Y Growth 73.4% 71.3% 68.0% 60.0% 67.8% 58.6% 60.0% 50.0% 66.4% 58.5% 55.0% 50.0%
% chg vs. old -1% -5% -5% -7% -5% -8%

Source: J.P. Morgan estimates, Company data.

4
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

Adjusting Estimates (Cont’d)

Figure 3: Adjusting JPM Estimates


$ million except per share data, year-end 31 December
1Q20 JPME 2Q20 JPME 3Q20 JPME 4Q20 JPME 2020 JPME 2021 JPME
($ in m illions) Old New Old New Old New Old New Old New Old New
Adj. EBITDA (561) (618) (411) (358) (253) (350) (352) 8 (1,577) (1,318) 148 202
Y/Y Growth NM NM NM NM NM NM NM NM NM NM NM NM
Margin (% of ANR) -14.5% -16.6% -9.8% -8.9% -5.6% -8.0% -7.5% 0.2% -9.1% -7.9% 0.7% 1.0%
Margin (% of Gross Bookings) -3.0% -3.4% -2.1% -1.9% -1.2% -1.7% -1.6% 0.0% -1.9% -1.7% 0.1% 0.2%
% chg vs. old 10% -13% 38% -102% -16% 36%

Rides Adj. EBITDA 699 717 767 766 813 813 841 908 3,119 3,204 4,045 4,026
Y/Y Growth 263.8% 273.5% 51.6% 51.5% 28.8% 28.8% 24.1% 22.3% 55.4% 54.7% 29.7% 25.7%
Margin (% of ANR) 22.7% 24.5% 23.4% 24.5% 23.7% 24.5% 23.2% 25.5% 23.3% 24.8% 25.5% 27.0%
Margin (% of Gross Bookings) 5.2% 5.6% 5.3% 5.6% 5.5% 5.7% 5.2% 5.8% 5.3% 5.7% 5.9% 6.3%
% chg vs. old 3% 0% 0% 8% 3% 0%

Eats Adj. EBITDA (373) (461) (319) (220) (186) (183) (259) (68) (1,138) (932) (243) (174)
Y/Y Growth NM NM NM NM NM NM NM NM NM NM NM NM
Margin (% of ANR) -72.0% -91.5% -57.0% -40.0% -30.0% -30.0% -40.0% -10.0% -48.5% -39.7% -7.0% -5.0%
Margin (% of Gross Bookings) -7.8% -9.3% -6.2% -4.3% -3.5% -3.4% -4.3% -1.1% -5.3% -4.3% -0.8% -0.6%
% chg vs. old 24% -31% -2% -74% -18% -28%

Freight Adj. EBITDA (66) (54) (70) (60) (73) (69) (53) (16) (262) (200) (189) (174)
Y/Y Growth NM NM NM NM NM NM NM NM NM NM NM NM
Margin (% of ANR) -30.0% -25.0% -25.0% -22.5% -20.0% -20.0% -15.0% -5.0% -21.5% -17.3% -10.0% -10.0%
Margin (% of Gross Bookings) -30.0% -25% -25.0% -23% -20.0% -20% -15.0% -5% -21.5% -17% -10.0% -10%
% chg vs. old -18% -14% -5% -69% -24% -8%

Other Bets Adj. EBITDA (37) (54) (55) (76) (72) (91) (61) (24) (225) (245) (238) (172)
Y/Y Growth NM NM NM NM NM NM NM NM NM NM NM NM
Margin (% of ANR) -105.0% -160.0% -105.0% -160.0% -105.0% -160.0% -105.0% -50.0% -105.0% -131.5% -60.0% -50.0%
Margin (% of Gross Bookings) -105.0% -160.0% -105.0% -160.0% -105.0% -160.0% -105.0% -50.0% -105.0% -131.5% -60.0% -50.0%
% chg vs. old 47% 37% 26% -60% 9% -28%

ATG Adj. EBITDA (148) (137) (102) (133) (113) (132) (116) (133) (480) (535) (442) (529)
Y/Y Growth NM NM NM NM NM NM NM NM NM NM NM NM
% chg vs. old -7.9% 30.2% 17.2% 14.2% 11.5% 19.8%

Segment Adj. EBITDA 74 11 220 278 369 338 351 666 1,014 1,292 2,933 2,977
Y/Y Growth NA NA NA NA 870.4% 788.9% 984.3% 2196.2% NA NA 189.2% 130.4%
% chg vs. old -85.5% 26.0% -8.4% 89.6% 27.4% 1.5%

Corporate G&A and Platform R&D (635) (628) (631) (636) (622) (688) (703) (658) (2,591) (2,610) (2,785) (2,775)
Y/Y Growth NA NA NA NA NA NA NA NA NA NA NA NA
% chg vs. old -1.1% 0.8% 10.6% -6.4% 0.7% -0.4%

Operating Income (959) (1,085) (837) (770) (697) (783) (835) (470) (3,328) (3,108) (1,840) (1,697)
Y/Y Growth NM NM NM NM NM NM NM NM NM NM NM NM
Margin (% of ANR) -24.8% -29.2% -20.0% -19.1% -15.4% -17.9% -17.7% -10.1% -19.3% -18.6% -8.5% -8.2%
Margin (% of Gross Bookings) -5.2% -6.0% -4.2% -4.0% -3.4% -3.9% -3.7% -2.1% -4.1% -3.9% -1.8% -1.8%
% chg vs. old 13% -8% 12% -44% -7% -8%

GAAP EPS ($0.57) ($0.66) ($0.50) ($0.48) ($0.42) ($0.48) ($0.50) ($0.30) ($1.99) ($1.91) ($1.16) ($1.12)
Y/Y Growth NM NM NM NM NM NM NM NM NM NM NM NM
% chg vs. old 15% -5% 14% -39% -4% -3%

Free Cash Flow (699) (924) (418) (53) (423) (540) (217) (532) (1,756) (2,049) (610) (515)
Y/Y Growth NM NM NM NM NM NM NM NM NM NM NM NM
% chg vs. old 32% -87% 28% 146% 17% -16%
Source: J.P. Morgan estimates, Company data.

5
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

Investment Thesis, Valuation and Risks


Uber Technologies Inc. (Overweight; Price Target: $51.00)
Investment Thesis
We have an Overweight rating and a $51 PT. Uber is the global leader in two secular
growth industries, ridesharing and food delivery, and is leveraging its massive scale
and technological expertise to rapidly launch and scale new products in 60+
countries. We expect strong growth from the company, driven by 1) Uber’s network of
100M+ MAPCs and ~4M drivers across the platform completing 19M+ trips a day; 2) a
top 3 position in ridesharing and food delivery wherever it operates; 3) faster-than-
expected rationalization of the US ridesharing market, and expectations of a similar trend
in international markets; 4) rapid growth of newer offerings (Freight, NeMo, AV, etc.); 5)
a decisive strategy around Eats to exit underperforming markets and gain share in
attractive markets; and 6) a clear path to profitability.

Valuation
Our $51 December 2020 price target is based on our sum-of-the-parts analysis. Our
SOTP employs a 5.25x on 2020E Rides ANR of $12.9B, 4.5x on 2020E Eats ANR
of $2.3B, 2.5x on 2020E Freight ANR of ~$1.2B, and 2.5x on 2020E Other Bets
ANR of $186M. We also apply a 20% liquidity discount to Uber’s stake in ATG and
investments in Didi, Grab, Zomato and Others. $51 also equates to ~5.0x our 2020E
ANR of ~16.7B. For Rides, we apply a 5.25x 2020E multiple, in line with our Lyft
valuation multiple. Although Lyft is growing faster than Rides, we think Uber’s
global leadership position should help the company benefit from secular tailwinds in
the global rideshare market. We believe the market is currently undervaluing
rideshare businesses due to variety of external factors, and we should expect multiple
expansion as investor concerns go away. For Eats, we apply a 4.5x 2020E multiple,
above that of direct peer GRUB at ~3.5x but below an average multiple of 5.2x for
European takeaway comps (JUST EAT, Takeaway.com, Hello Fresh). We think Eats
has a solid growth opportunity in the near termbut operates in a very competitive
market, likely capping its profit making ability.

Risks to Rating and Price Target


Risk include 1) regulatory dynamics worsening for Uber, especially if the company
is forced to classify drivers as employees rather than contractors (specifically with
Bill AB5 in California); 2) Uber being unable to successfully compete against the
host of ridesharing and meal delivery competitors that it faces; 3) Eats’
rationalization taking longer than expected; 4) autonomous vehicles increasing direct
competition; and 5) significant management turnover.

6
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

Figure 4: Uber Income Statement


$ million, year-end 31 December
2017A 2018A 1Q19A 2Q19A 3Q19A 4Q19A 2019A 1Q20E 2Q20E 3Q20E 4Q20E 2020E 2021E
Gross Bookings $34,409.0 $49,799.0 $14,649.0 $15,756.0 $16,465.0 $18,131.0 $65,001.0 $18,032.2 $19,170.7 $20,129.8 $22,233.8 $79,566.4 $96,366.5
Re ve nue $7,932.0 $11,270.0 $3,099.0 $3,165.0 $3,813.0 $4,069.0 $14,146.0 $4,058.4 $4,321.0 $4,655.0 $5,014.5 $18,049.0 $21,948.9
Adjusted Net Revenue $7,203.0 $10,297.0 $2,761.0 $2,873.0 $3,533.0 $3,730.0 $12,897.0 $3,710.2 $4,022.4 $4,360.5 $4,654.4 $16,747.5 $20,631.3
Cost of Revenue 4,160.0 5,623.0 1,681.0 1,740.0 1,860.0 1,927.0 7,208.0 2,058.5 2,063.8 2,209.4 2,236.0 8,567.7 9,926.6
Gross Profit 3,772.0 5,647.0 1,418.0 1,425.0 1,953.0 2,142.0 6,938.0 1,999.9 2,257.3 2,445.6 2,778.5 9,481.3 12,022.2
Operating Expenses
Operations & Support 1,324.0 1,501.0 433.0 460.0 472.0 483.0 1,848.0 486.9 479.3 503.2 489.1 1,958.5 2,120.1
Sales & Marketing 2,515.0 3,142.0 1,039.0 1,010.0 1,097.0 1,238.0 4,384.0 1,192.9 1,110.5 1,164.9 1,236.8 4,705.1 5,075.0
Research & Development 1,176.0 1,440.0 406.0 507.0 493.0 472.0 1,878.0 450.8 508.0 543.5 489.1 1,991.5 2,216.4
General & Administrative 2,190.0 1,999.0 417.0 870.0 494.0 576.0 2,357.0 486.9 517.6 583.8 555.8 2,144.1 2,409.2
SBC 137.0 172.0 11.0 3,941.0 401.0 243.0 4,596.0 349.8 287.6 301.9 333.5 1,272.8 1,349.1
Depreciation & Amortization 510.0 426.0 146.0 123.0 102.0 101.0 472.0 117.2 124.6 130.8 144.5 517.2 549.3
Total GAAP Operating Expenses 7,852.0 8,680.0 2,452.0 6,911.0 3,059.0 3,113.0 15,535.0 3,084.5 3,027.5 3,228.3 3,249.0 12,589.2 13,719.1
Operating Income (4,080.0) (3,033.0) (1,034.0) (5,486.0) (1,106.0) (971.0) (8,597.0) (1,084.6) (770.3) (782.6) (470.5) (3,108.0) (1,696.8)
Non-GAAP Operating Income (3,152.0) (2,273.0) (1,015.0) (780.0) (687.0) (716.0) (3,198.0) (734.7) (482.7) (480.7) (137.0) (1,835.1) (347.7)
Interest Income
Interest Expense (479.0) (648.0) (217.0) (151.0) (90.0) (101.0) (559.0) (107.7) (107.6) (107.5) (107.4) (430.1) (428.1)
Other Income (Expense), Net (16.0) 4,993.0 260.0 398.0 49.0 15.0 722.0 53.8 42.4 38.4 35.7 170.4 132.1
Pre-Tax Income (4,575.0) 1,312.0 (991.0) (5,239.0) (1,147.0) (1,057.0) (8,434.0) (1,138.4) (835.4) (851.7) (542.1) (3,367.7) (1,992.8)
Tax Rate NM NM NM NM NM NM -1% 0.0% 0.0% 0.0% 0.0% 0% 0.0%
Income Tax Benefit (Expense) 542.0 (283.0) (19.0) 2.0 (3.0) (25.0) (45.0) 0.0 0.0 0.0 0.0 0.0 0.0
Loss from equity method investment, net of tax 0.0 (42.0) (6.0) (10.0) (9.0) (9) (34.0) - - - - 0.0 -
Ne t income (loss) from continuing operations (4,033.0) 987.0 (1,016.0) (5,247.0) (1,159.0) (1,091.0) (8,513.0) (1,138.4) (835.4) (851.7) (542.1) (3,367.7) (1,992.8)
Income from discontinued operations 0.0 0.0 0.0 0.0 0.0 - 0.0 - - - - 0.0 -
Redeemable non-controlling interest 0.0 (10.0) (4.0) (10.0) 3.0 5 (6.0) - - - - 0.0 -
Ne t income (loss) attributable to Uber Technologies (4,033.0) 997.0 (1,012.0) (5,237.0) (1,162.0) (1,096.0) (8,507.0) (1,138.4) (835.4) (851.7) (542.1) (3,367.7) (1,992.8)
Noncumulative dividends to preferred stockholders 0.0 1,069.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Undistributed earnings to participating securities 0.0 1,803.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ne t income (loss) attributable to common shareholders (4,033.0) (1,875.0) (1,012.0) (5,237.0) (1,162.0) (1,096.0) (8,507.0) (1,138.4) (835.4) (851.7) (542.1) (3,367.7) (1,992.8)
GAAP Basic EPS ($9.46) ($4.23) ($2.23) ($4.72) ($0.68) ($0.64) ($6.84) ($0.66) ($0.48) ($0.48) ($0.30) ($1.91) ($1.12)
Change in fair value of MLU B.V. put/call feature - 0.0 (12.0) 0.0 0.0 0.0 (12.0) 0.0 0.0 0.0 0.0 0.0 0.0
Diluted Net income (loss) attributable to Uber (4,033.0) (1,875.0) (1,024.0) (5,237.0) (1,162.0) (1,096.0) (8,519.0) (1,138.4) (835.4) (851.7) (542.1) (3,367.7) (1,992.8)
GAAP Diluted EPS ($9.46) $2.08 ($2.26) ($4.72) ($0.68) ($0.64) ($6.84) ($0.66) ($0.48) ($0.48) ($0.30) ($1.91) ($1.12)
Basic Shares Outstanding 426 443 454 1,111 1,700 1,710 1,244 1,736 1,753 1,771 1,789 1,762 1,780
Diluted Shares Outstanding 426 479 454 1,111 1,823 1,841 1,307 1,869 1,887 1,906 1,925 1,897 1,954

Non-GAAP Net Income Calculation


GAAP Net Income (4,033.0) (1,875.0) (1,012.0) (5,237.0) (1,162.0) (1,096.0) (8,507.0) (1,138.4) (835.4) (851.7) (542.1) (3,367.7) (1,992.8)
SBC 137.0 172.0 11.0 3,941.0 401.0 243.0 4,596.0 349.8 287.6 301.9 333.5 1,272.8 1,349.1
Legal, tax, and regulatory reserves & settlements 440.0 340.0 0.0 380.0 (27.0) 0.0 353.0 0.0 0.0 0.0 0.0 0.0 0.0
Driver appreciation award 0.0 0.0 0.0 299.0 0.0 0.0 299.0 0.0 0.0 0.0 0.0 0.0 0.0
Payroll tax on IPO SBC 0.0 0.0 0.0 86.0 0.0 0.0 86.0 0.0 0.0 0.0 0.0 0.0 0.0
Asset impairment/loss on sale of assets 340.0 237.0 8.0 0.0 0.0 0.0 8.0 0.0 0.0 0.0 0.0 0.0 0.0
Acquisition and financing related expenses 4.0 15.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Restructuring charges 7.0 (4.0) 0.0 0.0 45.0 12.0 57.0 0.0 0.0 0.0 0.0 0.0 0.0
Non-GAAP Net Income (3,105.0) (1,115.0) (993.0) (531.0) (743.0) (841.0) (3,108.0) (788.6) (547.8) (549.8) (208.6) (2,094.8) (643.7)

Adjusted EBITDA Calculation


Operating Income (4,080.0) (3,033.0) (1,034.0) (5,486.0) (1,106.0) (971.0) (8,597.0) (1,084.6) (770.3) (782.6) (470.5) (3,108.0) (1,696.8)
Depreciation & Amortization 510.0 426.0 146.0 123.0 102.0 101.0 472.0 117.2 124.6 130.8 144.5 517.2 549.3
SBC 137.0 172.0 11.0 3,941.0 401.0 243.0 4,596.0 349.8 287.6 301.9 333.5 1,272.8 1,349.1
Legal, tax, and regulatory reserves & settlements 440.0 340.0 0.0 380.0 (27.0) 0.0 353.0 0.0 0.0 0.0 0.0 0.0 0.0
Driver appreciation award 0.0 299.0 0.0 0.0 299.0 0.0 0.0 0.0 0.0 0.0 0.0
Payroll tax on IPO SBC 0.0 86.0 0.0 0.0 86.0 0.0 0.0 0.0 0.0 0.0 0.0
Asset impairment/loss on sale of assets 340.0 237.0 8.0 0.0 0.0 0.0 8.0 0.0 0.0 0.0 0.0 0.0 0.0
Acquisition and financing related expenses 4.0 15.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Restructuring charges 7.0 (4.0) 0.0 0.0 45.0 12.0 57.0 0.0 0.0 0.0 0.0 0.0 0.0
Adj EBITDA (2,642.0) (1,847.0) (869.0) (657.0) (585.0) (615.0) (2,726.0) (617.5) (358.1) (349.9) 7.6 (1,317.9) 201.6

2017A 2018A 1Q19A 2Q19A 3Q19A 4Q19A 2019A 1Q20E 2Q20E 3Q20E 4Q20E 2020E 2021E
Y/Y Growth
Gross Bookings 79% 45% 34.5% 31.2% 29.4% 28.0% 30.5% 23.1% 21.7% 22.3% 22.6% 22.4% 21.1%
Re ve nue 106% 42% 19.9% 14.3% 29.5% 36.8% 25.5% 31.0% 36.5% 22.1% 23.2% 27.6% 21.6%
Adjusted Net Revenue 127% 43% 13.9% 11.6% 33.0% 41.1% 25.3% 34.4% 40.0% 23.4% 24.8% 29.9% 23.2%
Cost of Revenue 87% 35% 45.4% 29.7% 23.2% 19.3% 28.2% 22.5% 18.6% 18.8% 16.0% 18.9% 15.9%
Gross Profit 133% 50% -0.7% -0.1% 36.2% 57.6% 22.9% 41.0% 58.4% 25.2% 29.7% 36.7% 26.8%
Operations & Support 54% 13% 18.0% 32.6% 23.2% 19.6% 23.1% 12.4% 4.2% 6.6% 1.3% 6.0% 8.2%
Sales & Marketing 59% 25% 54.2% 41.5% 40.1% 27.5% 39.5% 14.8% 9.9% 6.2% -0.1% 7.3% 7.9%
Research & Development 44% 22% 21.6% 40.8% 28.1% 30.7% 30.4% 11.0% 0.2% 10.2% 3.6% 6.0% 11.3%
General & Administrative 135% -9% 9.7% 39.0% 9.5% 6.3% 17.9% 16.8% -40.5% 18.2% -3.5% -9.0% 12.4%
SBC 7% 26% -82.5% 19605.0% 526.6% 872.0% 2572.1% 3080.2% -92.7% -24.7% 37.2% -72.3% 6.0%
Depreciation & Amortization 59% -16% 65.9% 25.5% -22.1% -7.3% 10.8% -19.7% 1.3% 28.3% 43.1% 9.6% 6.2%
Total GAAP Operating Expenses 69% 11% 28.6% 219.2% 39.2% 29.1% 79.0% 25.8% -56.2% 5.5% 4.4% -19.0% 9.0%
Operating Income NM NM NM NM NM NM NM NM NM NM NM NM NM
Adj EBITDA NM NM NM NM NM NM NM NM NM NM NM NM NM

% of Bookings
Revenue 23.1% 22.6% 21.2% 20.1% 23.2% 22.4% 21.8% 22.5% 22.5% 23.1% 22.6% 22.7% 22.8%
Adjusted Net Revenue 20.9% 20.7% 18.8% 18.2% 21.5% 20.6% 19.8% 20.6% 21.0% 21.7% 20.9% 21.0% 21.4%
Cost of Revenue 12.1% 11.3% 11.5% 11.0% 11.3% 10.6% 11.1% 11.4% 10.8% 11.0% 10.1% 10.8% 10.3%
Gross Profit 11.0% 11.3% 9.7% 9.0% 11.9% 11.8% 10.7% 11.1% 11.8% 12.1% 12.5% 11.9% 12.5%
Operations & Support 3.8% 3.0% 3.0% 2.9% 2.9% 2.7% 2.8% 2.7% 2.5% 2.5% 2.2% 2.5% 2.2%
Sales & Marketing 7.3% 6.3% 7.1% 6.4% 6.7% 6.8% 6.7% 6.6% 5.8% 5.8% 5.6% 5.9% 5.3%
Research & Development 3.4% 2.9% 2.8% 3.2% 3.0% 2.6% 2.9% 2.5% 2.7% 2.7% 2.2% 2.5% 2.3%
General & Administrative 6.4% 4.0% 2.8% 5.5% 3.0% 3.2% 3.6% 2.7% 2.7% 2.9% 2.5% 2.7% 2.5%
SBC 0.4% 0.3% 0.1% 25.0% 2.4% 1.3% 7.1% 1.9% 1.5% 1.5% 1.5% 1.6% 1.4%
Depreciation & Amortization 1.5% 0.9% 1.0% 0.8% 0.6% 0.6% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6%
Total GAAP Operating Expenses 22.8% 17.4% 16.7% 218.4% 80.2% 76.5% 23.9% 76.0% 70.1% 69.3% 64.8% 15.8% 62.5%
Operating Income -11.9% -6.1% -7.1% -34.8% -6.7% -5.4% -13.2% -6.0% -4.0% -3.9% -2.1% -3.9% -1.8%
Non-GAAP Operating Income -9.2% -4.6% -6.9% -5.0% -4.2% -3.9% -4.9% -4.1% -2.5% -2.4% -0.6% -2.3% -0.4%
Pre-Tax Income -13.3% 2.6% -6.8% -33.3% -7.0% -5.8% -13.0% -6.3% -4.4% -4.2% -2.4% -4.2% -2.1%
Ne t income (loss) attributable to common shareholders -11.7% -3.8% -6.9% -33.2% -7.1% -6.0% -13.1% -6.3% -4.4% -4.2% -2.4% -4.2% -2.1%
Non-GAAP Net Income -9.0% -2.2% -6.8% -3.4% -4.5% -4.6% -4.8% -4.4% -2.9% -2.7% -0.9% -2.6% -0.7%
Adj EBITDA -7.7% -3.7% -5.9% -4.2% -3.6% -3.4% -4.2% -3.4% -1.9% -1.7% 0.0% -1.7% 0.2%
% of Adjusted Net Revenue
Cost of Revenue 57.8% 54.6% 60.9% 60.6% 52.6% 51.7% 55.9% 55.5% 51.3% 50.7% 48.0% 51.2% 48.1%
Gross Profit 52.4% 54.8% 51.4% 49.6% 55.3% 57.4% 53.8% 53.9% 56.1% 56.1% 59.7% 56.6% 58.3%
Operations & Support 18.4% 14.6% 15.7% 16.0% 13.4% 12.9% 14.3% 13.1% 11.9% 11.5% 10.5% 11.7% 10.3%
Sales & Marketing 34.9% 30.5% 37.6% 35.2% 31.1% 33.2% 34.0% 32.2% 27.6% 26.7% 26.6% 28.1% 24.6%
Research & Development 16.3% 14.0% 14.7% 17.6% 14.0% 12.7% 14.6% 12.2% 12.6% 12.5% 10.5% 11.9% 10.7%
General & Administrative 30.4% 19.4% 15.1% 30.3% 14.0% 15.4% 18.3% 13.1% 12.9% 13.4% 11.9% 12.8% 11.7%
SBC 1.9% 1.7% 0.4% 137.2% 11.4% 6.5% 35.6% 9.4% 7.1% 6.9% 7.2% 7.6% 6.5%
Depreciation & Amortization 7.1% 4.1% 5.3% 4.3% 2.9% 2.7% 3.7% 3.2% 3.1% 3.0% 3.1% 3.1% 2.7%
Total GAAP Operating Expenses 109.0% 84.3% 88.8% 240.5% 86.6% 83.5% 120.5% 83.1% 75.3% 74.0% 69.8% 75.2% 66.5%
Operating Income -56.6% -29.5% -37.5% -191.0% -31.3% -26.0% -66.7% -29.2% -19.1% -17.9% -10.1% -18.6% -8.2%
Non-GAAP Operating Income -43.8% -22.1% -36.8% -27.1% -19.4% -19.2% -24.8% -19.8% -12.0% -11.0% -2.9% -11.0% -1.7%
Pre-Tax Income 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Ne t income (loss) attributable to common shareholders -56.0% -18.2% -36.7% -182.3% -32.9% -29.4% -66.0% -30.7% -20.8% -19.5% -11.6% -20.1% -9.7%
Non-GAAP Net Income -43.1% -10.8% -36.0% -18.5% -21.0% -22.5% -24.1% -21.3% -13.6% -12.6% -4.5% -12.5% -3.1%
Adj EBITDA -36.7% -17.9% -31.5% -22.9% -16.6% -16.5% -21.1% -16.6% -8.9% -8.0% 0.2% -7.9% 1.0%
Incremental EBITDA Margin -3.1% 25.7% -174.3% -122.1% -14.5% 18.6% -33.8% 26.5% 26.0% 28.4% 67.3% 36.6% 39.1%

Source: J.P. Morgan estimates, Company data.

7
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

Figure 5: Uber Revenue Drivers


$ million, year-end 31 December
2017A 2018A 1Q19A 2Q19A 3Q19A 4Q19A 2019A 1Q20E 2Q20E 3Q20E 4Q20E 2020E 2021E
GROSS BOOKINGS
Rides 31,384.0 41,513.0 11,446.0 12,188.0 12,554.0 13,512.0 49,700.0 12,838.5 13,719.1 14,294.5 15,541.2 56,393.4 63,724.5
Y/Y Growth 32.3% 22.0% 19.9% 19.7% 17.7% 19.7% 12.2% 12.6% 13.9% 15.0% 13.5% 13.0%
FXN impact (USD) (789) (654) (520) (241) (263) (1,678) (324) (297) (143) (65) (829)
FXN Y/Y Growth 34.8% 29.0% 25.0% 22.0% 20.0% 23.8% 15.0% 15.0% 15.0% 15.5% 15.1%
Q/Q Growth -0.3% 6.5% 3.0% 7.6% -5.0% 6.9% 4.2% 8.7%
Seasonality 23.0% 24.5% 25.3% 27.2% 22.8% 24.3% 25.3% 27.6%
Ea ts 2,958.0 7,919.0 3,071.0 3,386.0 3,658.0 4,374.0 14,489.0 4,942.3 5,137.0 5,432.8 6,315.8 21,828.0 30,559.2
Y/Y Growth 167.7% 108.5% 90.9% 73.3% 70.8% 83.0% 60.9% 51.7% 48.5% 44.4% 50.7% 40.0%
FXN impact (USD) (31) (125) (127) (78) (57) (387) (125) (111) (54) (26) (317)
FXN Y/Y Growth 168.7% 117.0% 98.0% 77.0% 73.0% 87.9% 65.0% 55.0% 50.0% 45.0% 52.8%
Q/Q Growth 19.9% 10.3% 8.0% 19.6% 13.0% 3.9% 5.8% 16.3%
Seasonality 21.2% 23.4% 25.2% 30.2% 22.6% 23.5% 24.9% 28.9%
Freight 67.0 359.0 128.0 167.0 223.0 219.0 737.0 217.6 267.2 345.7 328.5 1,159.0 1,738.4
Y/Y Growth 435.8% 220.0% 138.6% 81.3% 73.8% 105.3% 70.0% 60.0% 55.0% 50.0% 57.3% 50.0%
Q/Q Growth 1.6% 30.5% 33.5% -1.8% -0.6% 22.8% 29.4% -5.0%
% of Total Gross Bookings 0% 1% 1% 1% 1% 1% 1% 1% 1% 2% 1% 1% 2%
Seasonality 17.4% 22.7% 30.3% 29.7% 18.8% 23.1% 29.8% 28.3%
Other Bets 0.0 8.0 4.0 15.0 30.0 26.0 75.0 33.8 47.3 56.8 48.3 186.2 344.4
Y/Y Growth 650.0% 900.0% 766.7% 837.5% 745.0% 215.5% 89.3% 85.6% 148.2% 85%
Q/Q Growth 33.3% 275.0% 100.0% -13.3% 30.0% 40.0% 20.0% -15.0%
% of Total Gross Bookings 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Seasonality
TOTAL GROSS BOOKINGS 34,409.0 49,799.0 14,649.0 15,756.0 16,465.0 18,131.0 65,001.0 18,032.2 19,170.7 20,129.8 22,233.8 79,566.4 96,366.5
Y/Y Growth 78.9% 44.7% 34.5% 31.2% 29.4% 28.0% 30.5% 23.1% 21.7% 22.3% 22.6% 22.4% 21.1%
FXN Y/Y Growth 47.2% 41.0% 37.0% 32.0% 30.0% 34.7% 26.2% 24.3% 23.5% 23.1% 24.2%
Q/Q Growth 3.4% 7.6% 4.5% 10.1% -0.5% 6.3% 5.0% 10.5%
Seasonality 22.5% 24.2% 25.3% 27.9% 22.7% 24.1% 25.3% 27.9%
ADJUSTED NET REVENUE
Rides 6,773.0 9,165.0 2,377.0 2,341.0 2,868.0 3,036.0 10,622.0 2,927.2 3,128.0 3,316.3 3,558.9 12,930.4 14,911.5
Y/Y Growth 35.3% 8.0% 2.5% 22.6% 29.6% 15.9% 23.1% 33.6% 15.6% 17.2% 21.7% 15.3%
FXN Y/Y Growth 12.0% 19.0% 24.0% 32.0%
Q/Q Growth 1.5% -1.5% 22.5% 5.9% -3.6% 6.9% 6.0% 7.3%
% Take Rate (as % of Bookings) 21.6% 22.1% 20.8% 19.2% 22.8% 22.5% 21.4% 22.8% 22.8% 23.2% 22.9% 22.9% 23.4%
Seasonality 22.4% 22.0% 27.0% 28.6% 22.6% 24.2% 25.6% 27.5%
Ea ts 363.0 759.0 239.0 337.0 392.0 415.0 1,383.0 504.1 549.7 608.5 682.1 2,344.4 3,483.7
Y/Y Growth 109.1% 30.6% 53.2% 105.2% 151.5% 82.2% 110.9% 63.1% 55.2% 64.4% 69.5% 48.6%
FXN Y/Y Growth 33.0% 62.0% 109.0% 154.0%
Q/Q Growth 44.8% 41.0% 16.3% 5.9% 21.5% 9.0% 10.7% 12.1%
% Take Rate (as % of Bookings) 12.3% 9.6% 7.8% 10.0% 10.7% 9.5% 9.5% 10.2% 10.7% 11.2% 10.8% 10.7% 11.4%
Seasonality 17.3% 24.4% 28.3% 30.0% 21.5% 23.4% 26.0% 29.1%
Freight 67.0 356.0 127.0 167.0 218.0 219.0 731.0 217.6 267.2 345.7 328.5 1,159.0 1,738.4
Y/Y Growth 431.3% 217.5% 142.0% 78.7% 75.2% 105.3% 71.3% 60.0% 58.6% 50.0% 58.5% 50.0%
Q/Q Growth 1.6% 31.5% 30.5% 0.5% -0.6% 22.8% 29.4% -5.0%
% Take Rate (as % of Bookings) 99.2% 99.2% 100.0% 97.8% 100.0% 99.2% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Seasonality 17.4% 22.8% 29.8% 30.0% 18.8% 23.1% 29.8% 28.3%
Other Bets 17.0 18.0 28.0 38.0 35.0 119.0 33.8 47.3 56.8 48.3 186.2 344.4
Y/Y Growth 1300.0% 1166.7% 191.7% 600.0% 87.8% 69.0% 49.4% 37.9% 56.4% 85.0%
Q/Q Growth 50.0% 55.6% 35.7% -7.9% -3.4% 40.0% 20.0% -15.0%
% Take Rate (as % of Bookings) 212.5% 450.0% 186.7% 126.7% 134.6% 158.7% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Seasonality 15.1% 23.5% 31.9% 29.4% 18.2% 25.4% 30.5% 25.9%
ATG & Other Tech Programs 0.0 0.0 17.0 25.0 42.0 27.5 30.3 33.3 36.6 127.6 153.2
Y/Y Growth 46.4% 203.9% 20%
Q/Q Growth 47.1% 10.0% 10.0% 10.0% 10.0%
TOTAL ADJUSTED NET REVENUE 7,203.0 10,297.0 2,761.0 2,873.0 3,533.0 3,730.0 12,897.0 3,710.2 4,022.4 4,360.5 4,654.4 16,747.5 20,631.3
Y/Y Growth 127.2% 43.0% 13.9% 11.6% 33.0% 41.1% 25.3% 34.4% 40.0% 23.4% 24.8% 29.9% 23.2%
FXN Y/Y Growth 44.1% 18.0% 26.0% 35.0% 43% 30.8%
Q/Q Growth 4.4% 4.1% 23.0% 5.6% -0.5% 8.4% 8.4% 6.7%
% Take Rate (as % of Bookings) 20.9% 20.7% 18.8% 18.2% 21.5% 20.6% 19.8% 20.6% 21.0% 21.7% 20.9% 21.0% 21.4%
Seasonality 21.4% 22.3% 27.4% 28.9% 22.2% 24.0% 26.0% 27.8%
GAAP REVENUE
Rides
Adjusted Net Revenue 6,773.0 9,165 2,377.0 2,341.0 2,868.0 3,036.0 10,622.0 2,927.2 3,128.0 3,316.3 3,558.9 12,930.4 14,911.5
Excess Driver Incentives 320.0 150.0 12.0 9.0 12.0 7.0 40.0 10.2 7.7 10.2 6.0 34.0 32.3
Y/Y Growth -53.1% -62.5% -76.9% -77.4% -73.1% -73.3% -15.0% -15.0% -15.0% -15.0% -15.0% -5.0%
% of Ridesharing Bookings 1.0% 0.4% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.1%
Driver referrals 185.0 122.0 29.0 25.0 15.0 13.0 82.0 14.5 12.5 11.3 9.8 48.0 40.8
Y/Y Growth -34.1% 0.0% -13.8% -53.1% -59.4% -32.8% -50.0% -50.0% -25.0% -25.0% -41.5% -15.0%
% of Ridesharing Bookings 0.6% 0.3% 0.3% 0.2% 0.1% 0.1% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Rides Revenue 7,278.0 9,437.0 2,418.0 2,375.0 2,895.0 3,056.0 10,744.0 2,951.9 3,148.1 3,337.8 3,574.6 13,012.4 14,984.6
Y/Y Growth 29.7% 6.9% 1.0% 19.4% 27.3% 13.8% 22.1% 32.6% 15.3% 17.0% 21.1% 15.2%
Q/Q Growth 0.8% -1.8% 21.9% 5.6% -3.4% 6.6% 6.0% 7.1%
% Take Rate (as % of Bookings) 23.2% 22.7% 21.1% 19.5% 23.1% 22.6% 21.6% 23.0% 22.9% 23.4% 23.0% 23.1% 23.5%
Ea ts
Adjusted Net Revenue 363.0 759 239.0 337.0 392.0 415.0 1,383.0 504.1 549.7 608.5 682.1 2,344.4 3,483.7
Excess Driver Incentives 210.0 687.0 291.0 253.0 247.0 315.0 1,106.0 317.2 273.2 266.8 340.2 1,197.4 1,221.3
Y/Y Growth 227.1% 200.0% 104.0% 23.5% 18.4% 61.0% 9.0% 8.0% 8.0% 8.0% 8.3% 2.0%
% of Uber Eats Bookings 7% 9% 9% 7% 7% 7% 8% 6% 5% 5% 5% 5% 4%
Driver referrals 14.0 14.0 6.0 5.0 6.0 4.0 21.0 6.3 5.3 6.3 4.2 22.1 23.2
Y/Y Growth 0.0% 100.0% 150.0% 100.0% -33.3% 50.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
% of Uber Eats Bookings 4% 2% 3% 1% 2% 1% 2% 1% 1% 1% 1% 1% 1%
Ea ts Reve nue 587.0 1,460.0 536.0 595.0 645.0 734.0 2,510.0 827.6 828.2 881.5 1,026.5 3,563.8 4,728.2
Y/Y Growth 148.7% 89.4% 72.0% 63.7% 68.0% 71.9% 54.4% 39.2% 36.7% 39.9% 42.0% 32.7%
Q/Q Growth 22.7% 11.0% 8.4% 13.8% 12.8% 0.1% 6.4% 16.4%
% Take Rate (as % of Bookings) 19.8% 18.4% 17.5% 17.6% 17.6% 16.8% 17.3% 16.7% 16.1% 16.2% 16.3% 16.3% 15.5%
Freight Revenue 67.0 356.0 127.0 167.0 218.0 219.0 731.0 217.6 267.2 345.7 328.5 1,159.0 1,738.4
Y/Y Growth 431.3% 217.5% 142.0% 78.7% 75.2% 105.3% 71.3% 60.0% 58.6% 50.0% 58.5% 50.0%
Q/Q Growth 1.6% 31.5% 30.5% 0.5% -0.6% 22.8% 29.4% -5.0%
Seasonality 17.4% 22.8% 29.8% 30.0% 18.8% 23.1% 29.8% 28.3%
Other Bets Revenue 17.0 18.0 28.0 38.0 35.0 119.0 33.8 47.3 56.8 48.3 186.2 344.4
Y/Y Growth 1300.0% 1166.7% 191.7% 600.0% 87.8% 69.0% 49.4% 37.9% 56.4% 85.0%
Q/Q Growth 50.0% 55.6% 35.7% -7.9% -3.4% 40.0% 20.0% -15.0%
Seasonality 15.1% 23.5% 31.9% 29.4% 18.2% 25.4% 30.5% 25.9%
ATG & Other Tech Programs Revenue 0.0 0.0 0.0 17.0 25.0 42.0 27.5 30.3 33.3 36.6 127.6 153.2
Y/Y Growth 95.7% 46.4% 203.9% 20.0%
Q/Q Growth 47.1% 10.0% 10.0% 10.0% 10.0%
TOTAL GAAP REVENUE 7,932.0 11,270.0 3,099.0 3,165.0 3,813.0 4,069.0 14,146.0 4,058.4 4,321.0 4,655.0 5,014.5 18,049.0 21,948.9
Y/Y Growth 106.3% 42.1% 19.9% 14.3% 29.5% 36.8% 25.5% 31.0% 36.5% 22.1% 23.2% 27.6% 21.6%
FXN Y/Y Growth
Q/Q Growth 4% 2% 20% 7% 0% 6% 8% 8%
% Take Rate (as % of Bookings) 23.1% 22.6% 21.2% 20.1% 23.2% 22.4% 21.8% 22.5% 22.5% 23.1% 22.6% 22.7% 22.8%
Seasonality 21.9% 22.4% 27.0% 28.8% 22.5% 23.9% 25.8% 27.8%

Source: J.P. Morgan estimates, Company data.

8
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

Figure 6: Uber Revenue Drivers (Cont'd)


$ million, year-end 31 December
2017A 2018A 1Q19A 2Q19A 3Q19A 4Q19A 2019A 1Q20E 2Q20E 3Q20E 4Q20E 2020E 2021E
SEGMENT ADJUSTED EBITDA
Rides 1,541.0 192.0 506.0 631.0 742.0 2,071.0 717.2 766.3 812.5 907.5 3,203.5 4,026.1
Y/Y Growth NA -59.7% 11.7% 51.7% 280.5% 34.4% 273.5% 51.5% 28.8% 22.3% 54.7% 25.7%
Q/Q Growth -1.5% 163.5% 24.7% 17.6% -3.3% 6.9% 6.0% 11.7%
% Margin (% of ANR) 16.8% 8.1% 21.6% 22.0% 24.4% 19.5% 24.5% 24.5% 24.5% 25.5% 24.8% 27.0%
% Margin (% of Bookings) 3.7% 1.7% 4.2% 5.0% 5.5% 4.2% 5.6% 5.6% 5.7% 5.8% 5.7% 6.3%
Eats (601.0) (309.0) (286.0) (316.0) (461.0) (1,372.0) (461.3) (219.9) (182.5) (68.2) (931.9) (174.2)
Y/Y Growth NA NA NA NA NA NA NA NA NA NA NA NA
Q/Q Growth
% Margin (% of ANR) -79.2% -129.3% -84.9% -80.6% -111.1% -99.2% -91.5% -40.0% -30.0% -10.0% -39.7% -5.0%
% Margin (% of Bookings) -7.6% -10.1% -8.4% -8.6% -10.5% -9.5% -9.3% -4.3% -3.4% -1.1% -4.3% -0.6%
Fre ight (102.0) (29.0) (52.0) (81.0) (55.0) (217.0) (54.4) (60.1) (69.1) (16.4) (200.1) (173.8)
Y/Y Growth NA NA NA NA NA NA NA NA NA NA NA NA
% Margin (% of ANR) -28.7% -22.8% -31.1% -37.2% -25.1% -29.7% -25.0% -22.5% -20.0% -5.0% -17.3% -10.0%
% Margin (% of Bookings) -28.4% -22.7% -31.1% -36.3% -25.1% -29.4% -25.0% -22.5% -20.0% -5.0% -17.3% -10.0%
Other Bets (50.0) (42.0) (70.0) (72.0) (67.0) (251.0) (54.1) (75.7) (90.9) (24.1) (244.8) (172.2)
Y/Y Growth NA NA NA NA NA NA NA NA NA NA NA NA
Q/Q Growth
% Margin (% of ANR) -294.1% -233.3% -250.0% -189.5% -191.4% -210.9% -160.0% -160.0% -160.0% -50.0% -131.5% -50.0%
% Margin (% of Bookings) -625.0% -1050.0% -466.7% -240.0% -257.7% -334.7% -160.0% -160.0% -160.0% -50.0% -131.5% -50.0%
ATG & Other Technology Platforms (537.0) (113.0) (132.0) (124.0) (130.0) (499.0) (136.7) (132.9) (132.2) (132.9) (534.6) (528.9)
Y/Y Growth NA NA NA NA NA NA NA NA NA NA NA NA
Q/Q Growth
% Margin (% of ANR) -729.4% -520.0% -1188.1% -497.1% -439.2% -397.3% -363.0% -418.9% -345.4%
TOTAL SEGMENT ADJUSTED EBITDA 251.0 (301.0) (34.0) 38.0 29.0 (268.0) 10.7 277.8 337.8 665.9 1,292.2 2,976.9
Y/Y Growth NA NA NA -26.9% NA NA NA NA 788.9% 2196.2% NA 130.4%
Q/Q Growth
% Margin (% of ANR) 2.4% -10.9% -1.2% 1.1% 0.8% -2.1% 0.3% 6.9% 7.7% 14.3% 7.7% 14.4%
Corporate G&A and Platform R&D (1,971.0) (568.0) (622.0) (623.0) (644.0) (2,457.0) (628.2) (635.9) (687.6) (658.3) (2,610.1) (2,775.4)
Y/Y Growth NA NA NA NA NA NA NA NA NA NA NA NA
Q/Q Growth
% of Non-GAAP (R&D + G&A) 64.5% 69.7% 69.8% 63.3% 61.8% 65.8% 67.0% 62.0% 61.0% 63.0% 63.1% 60.0%
TOTAL ADJUSTED EBITDA (2,642.0) (1,847.0) (869.0) (656.0) (585.0) (615.0) (2,725.0) (617.5) (358.1) (349.9) 7.6 (1,317.9) 201.6
Y/Y Growth NA NA NA NA NA NA NA NA NA NA NA NA NA
Q/Q Growth 6% -25% -11% 5% 0% -42% -2% -102%
% Margin (as % of ANR) -36.7% -17.9% -31.5% -22.8% -16.6% -16.5% -21.1% -16.6% -8.9% -8.0% 0.2% -7.9% 1.0%
% Margin (as % of Bookings) -7.7% -3.7% -5.9% -4.2% -3.6% -3.4% -4.2% -3.4% -1.9% -1.7% 0.0% -1.7% 0.2%
Usage Build & Metrics
KPIs
MAPCs 68.0 91.0 93.0 99.0 103.0 111.0 111.0 117.0 123.0 129.0 135.0 135.0 157.0
Y/Y Growth 51.1% 33.8% 32.9% 30.3% 25.6% 22.0% 22.0% 25.8% 24.2% 22.9% 21.6% 21.6% 16.3%
Q/Q Growth 2.2% 6.5% 4.0% 7.8% 5.4% 5.1% 4.9% 4.7%
MAPCs Net Adds 23.0 23.0 2.0 6.0 4.0 8.0 20.0 6.0 6.0 6.0 6.0 24.0 22.0
Y/Y Growth 0.0% 0.0% -33.3% -11.1% -13.0% 200.0% 0.0% 0.0% 0.0% 20.0% -8.3%
Q/Q Growth -77.8% 200.0% -33.3% 100.0% 0.0% 0.0% 0.0% 0.0%

Trips 3,736.0 5,219.0 1,550.0 1,677.0 1,770.0 1,907.0 6,904.0 1,960.8 2,113.0 2,221.4 2,402.8 8,697.9 10,785.4
Y/Y Growth 105.5% 39.7% 36.4% 35.0% 31.3% 27.7% 32.3% 26.5% 26.0% 25.5% 26.0% 26.0% 24.0%
Q/Q Growth 3.8% 8.2% 5.5% 7.7% 7.4% 9.3% 4.9% 3.7%

Trips by geography
US 1,356.9 403.0 419.3 407.1
Y/Y Growth
Q/Q Growth 4.0% -2.9%
% of Trips 26.0% 26.0% 25.0% 23.0%
US Revenue/Trip $4.22 $4.04 $4.02 $4.95
Y/Y Growth
Q/Q Growth -0.6% 23.1%

Int'l 3,862.1 1,147.0 1,257.8 1,362.9


Y/Y Growth
Q/Q Growth 9.7% 8.4%
% of Trips 74.0% 74.0% 75.0% 77.0%
Int'l Revenue/Trip $1.34 $1.17 $1.04 $1.15
Y/Y Growth
Q/Q Growth -10.8% 9.9%

Monthly Trips per MAPC 5.5 5.5 5.5 5.6 5.7 5.7 5.7 5.6 5.7 5.7 5.9 5.9 6.2
Y/Y Growth -0.7% 1.9% 2.7% 4.1% 4.1% 4.1% 1.6% 1.4% 0.2% 3.6% 3.5% 4.5%
Q/Q Growth 0.0% 2.7% 1.4% 0.0% 1.9% 4.0% 0.0% -0.9%

Average Gross Bookings (Rides+Eats) per Trip $9.19 $9.47 $9.37 $9.29 $9.16 $9.38 $9.30 $9.07 $8.92 $8.88 $9.10 $8.99 $8.74
Y/Y Growth 3.0% -2.0% -3.4% -2.0% -0.3% -1.8% -3.2% -3.9% -3.0% -3.0% -3.3% -2.8%
Q/Q Growth -0.4% -0.8% -1.4% 2.4% -3.3% -1.6% -0.5% 2.4%

Source: J.P. Morgan estimates, Company data.

9
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

Uber: Summary of Financials


Income Statement - Annual FY18A FY19A FY20E FY21E FY22E Income Statement - Quarterly 1Q20E 2Q20E 3Q20E 4Q20E
Revenue 10,297 12,897 16,748 20,631 25,303 Revenue 3,710 4,022 4,361 4,654
COGS (5,623) (7,208) (8,568) (9,927) (11,403) COGS (2,058) (2,064) (2,209) (2,236)
Gross profit 4,674 5,689 8,180 10,705 13,899 Gross profit 1,652 1,959 2,151 2,418
SG&A (5,141) (6,741) (6,849) (7,484) (8,531) SG&A (1,680) (1,628) (1,749) (1,793)
Adj. EBITDA (1,847) (2,726) (1,318) 202 1,744 Adj. EBITDA (618) (358) (350) 8
D&A (426) (472) (517) (549) (592) D&A (117) (125) (131) (145)
Adj. EBIT (2,273) (3,198) (1,835) (348) 1,153 Adj. EBIT (735) (483) (481) (137)
Net Interest (648) 163 (260) (296) (291) Net Interest (54) (65) (69) (72)
Adj. PBT 1,312 (8,434) (3,368) (1,993) (647) Adj. PBT (1,138) (835) (852) (542)
Tax (325) (79) 0 0 0 Tax 0 0 0 0
Minority Interest - - - - - Minority Interest - - - -
Adj. Net Income (1,875) (8,507) (3,368) (1,993) (647) Adj. Net Income (1,138) (835) (852) (542)
Reported EPS (4.23) (6.84) (1.91) (1.12) (0.36) Reported EPS (0.66) (0.48) (0.48) (0.30)
Adj. EPS (4.23) (6.84) (1.91) (1.12) (0.36) Adj. EPS (0.66) (0.48) (0.48) (0.30)
DPS - - - - - DPS - - - -
Payout ratio - - - - - Payout ratio - - - -
Shares outstanding 443 1,244 1,762 1,780 1,798 Shares outstanding 1,736 1,753 1,771 1,789
Balance Sheet & Cash Flow Statement FY18A FY19A FY20E FY21E FY22E Ratio Analysis FY18A FY19A FY20E FY21E FY22E
Cash and cash equivalents 6,406 10,873 5,240 4,701 5,552 Gross margin 45.4% 44.1% 48.8% 51.9% 54.9%
Accounts receivable 919 1,214 1,853 2,141 2,579 EBITDA margin (17.9%) (21.1%) (7.9%) 1.0% 6.9%
Inventories - - - - - EBIT margin (22.1%) (24.8%) (11.0%) (1.7%) 4.6%
Other current assets 1,333 1,838 2,095 2,225 2,396 Net profit margin (18.2%) (66.0%) (20.1%) (9.7%) (2.6%)
Current assets 8,658 13,925 9,188 9,068 10,526
PP&E 1,641 1,618 1,777 2,047 2,442 ROE (35.9%) (81.1%) (25.7%) (17.1%) (5.3%)
LT investments 10,355 10,527 10,527 10,527 10,527 ROA (9.5%) (30.5%) (10.8%) (6.5%) (2.0%)
Other non current assets 3,334 5,691 9,150 9,170 9,195 ROCE (16.8%) (19.2%) (9.8%) (2.0%) 6.4%
Total assets 23,988 31,761 30,643 30,813 32,690 SG&A/Sales 49.9% 52.3% 40.9% 36.3% 33.7%
Net debt/equity 0.1 NM 0.0 0.1 0.0
Short term borrowings - - - - -
Payables 150 272 149 165 190 P/E (x) NM NM NM NM NM
Other short term liabilities 4,109 5,367 5,910 6,460 7,043 P/BV (x) 2.4 3.3 5.5 5.8 5.1
Current liabilities 4,259 5,639 6,059 6,625 7,233 EV/EBITDA (x) NM NM NM 341.7 38.4
Long-term debt 6,869 5,707 5,683 5,659 5,635 Dividend Yield - - - - -
Other long term liabilities 6,068 5,232 5,925 6,197 6,629
Total liabilities 17,196 16,578 17,667 18,481 19,497 Sales/Assets (x) 0.5 0.5 0.5 0.7 0.8
Shareholders' equity 6,792 14,190 11,982 11,338 13,193 Interest cover (x) NM 16.7 NM 0.7 6.0
Minority interests 0 993 993 993 0 Operating leverage (64.9%) 161.2% (142.7%) (349.5%) (1905.5%)
Total liabilities & equity 23,988 31,761 30,643 30,813 32,690
BVPS 15.32 11.41 6.80 6.37 7.34 Revenue y/y Growth 43.0% 25.3% 29.9% 23.2% 22.6%
y/y Growth 78.8% (25.5%) (40.4%) (6.3%) 15.2% EBITDA y/y Growth (30.1%) 47.6% (51.7%) (115.3%) 765.4%
Net debt/(cash) 463 (5,166) 443 958 83 Tax rate 24.8% (0.9%) 0.0% 0.0% 0.0%
Adj. Net Income y/y Growth (53.5%) 353.7% (60.4%) (40.8%) (67.5%)
Cash flow from operating activities (1,541) (4,321) (1,372) 304 1,861 EPS y/y Growth (55.3%) 61.7% (72.1%) (41.4%) (67.8%)
o/w Depreciation & amortization 426 472 517 549 592 DPS y/y Growth - - - - -
o/w Changes in working capital 890 (500) 205 398 408
Cash flow from investing activities (695) (790) (1,136) (819) (986)
o/w Capital expenditure (558) (588) (676) (819) (986)
as % of sales 5.4% 4.6% 4.0% 4.0% 3.9%
Cash flow from financing activities 4,640 8,939 (3,124) (24) (24)
o/w Dividends paid - - - - -
o/w Net debt issued/(repaid) 2,867 1,024 (24) (24) (24)
Net change in cash 2,285 3,824 (5,633) (539) 850
Adj. Free cash flow to firm (2,099) (4,909) (2,049) (515) 874
y/y Growth (6.3%) 133.9% (58.3%) (74.9%) (269.8%)
Source: Company reports and J.P. Morgan estimates.
Note: $ in millions (except per-share data).Fiscal year ends Dec. o/w - out of which

10
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

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0406 or e-mail research.disclosure.inquiries@jpmorgan.com.

Uber (UBER, UBER US) Price Chart Date Rating Price ($) Price Target
($)
31-Jan-20 OW 36.68 51
72

60

OW $51
48

Price($)
36

24

12

0
May Jul Aug Oct Dec Feb
19 19 19 19 19 20

Source: Bloomberg and J.P. Morgan; price data adjusted for stock splits and dividends.
Initiated coverage Jan 31, 2020. All share prices are as of market close on the previous business day.

11
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

The chart(s) show J.P. Morgan's continuing coverage of the stocks; the current analysts may or may not have covered it over the entire
period.
J.P. Morgan ratings or designations: OW = Overweight, N= Neutral, UW = Underweight, NR = Not Rated
Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:
J.P. Morgan uses the following rating system: Overweight [Over the next six to twelve months, we expect this stock will outperform the
average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] Neutral [Over the next six to twelve
months, we expect this stock will perform in line with the average total return of the stocks in the analyst’s (or the analyst’s team’s)
coverage universe.] Underweight [Over the next six to twelve months, we expect this stock will underperform the average total return of
the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] Not Rated (NR): J.P. Morgan has removed the rating and, if
applicable, the price target, for this stock because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy
reasons. The previous rating and, if applicable, the price target, no longer should be relied upon. An NR designation is not a
recommendation or a rating. In our Asia (ex-Australia and ex-India) and U.K. small- and mid-cap equity research, each stock’s expected
total return is compared to the expected total return of a benchmark country market index, not to those analysts’ coverage universe. If it
does not appear in the Important Disclosures section of this report, the certifying analyst’s coverage universe can be found on J.P.
Morgan’s research website, www.jpmorganmarkets.com.
Coverage Universe: Anmuth, Doug: Alphabet (GOOG), Alphabet Inc. (GOOGL), Amazon.com (AMZN), Booking Holdings (BKNG),
Cardlytics (CDLX), Care.com (CRCM), Chegg, Inc. (CHGG), Chewy (CHWY), Criteo (CRTO), Eventbrite (EB), EverQuote (EVER),
Expedia Group, Inc. (EXPE), Facebook (FB), Farfetch (FTCH), Fiverr (FVRR), Groupon (GRPN), IAC/InterActiveCorp (IAC), Lyft
(LYFT), Match Group (MTCH), Netflix Inc (NFLX), Peloton (PTON), Pinterest (PINS), Snap Inc. (SNAP), Spotify (SPOT), Stitch Fix
(SFIX), TripAdvisor, Inc. (TRIP), TrueCar Inc. (TRUE), Twitter, Inc. (TWTR), Uber (UBER), eBay, Inc (EBAY), trivago (TRVG)

J.P. Morgan Equity Research Ratings Distribution, as of January 02, 2020


Overweight Neutral Underweight
(buy) (hold) (sell)
J.P. Morgan Global Equity Research Coverage 45% 41% 15%
IB clients* 51% 47% 39%
JPMS Equity Research Coverage 43% 42% 14%
IB clients* 75% 64% 56%
*Percentage of subject companies within each of the "buy," "hold" and "sell" categories for which J.P. Morgan has provided investment banking services
within the previous 12 months. Please note that the percentages might not add to 100% because of rounding.
For purposes only of FINRA ratings distribution rules, our Overweight rating falls into a buy rating category; our Neutral rating falls into a hold rating
category; and our Underweight rating falls into a sell rating category. Please note that stocks with an NR designation are not included in the table above.
This information is current as of the end of the most recent calendar quarter.

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China; Taiwan, China; Macau SAR, China.

12
Doug Anmuth North America Equity Research
(1-212) 622-6571 07 February 2020
douglas.anmuth@jpmorgan.com

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13
Doug Anmuth North America Equity Research
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douglas.anmuth@jpmorgan.com

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"Other Disclosures" last revised January 01, 2020.


Copyright 2020 JPMorgan Chase & Co. All rights reserved. This report or any portion hereof may not be reprinted, sold or
redistributed without the written consent of J.P. Morgan. #$J&098$#*P

14
Completed 07 Feb 2020 02:04 AM EST Disseminated 07 Feb 2020 02:06 AM EST