Uber IPO Predicts 35 Pct Jump In Q4 Customer Base

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Uber notched a 35 percent year-over-year gain in customers in the last quarter of 2018, at least according to a company metric included as part of the Uber’s prospectus for its initial public offering (IPO), released on Thursday (April 11). The document is among the most hotly anticipated releases in the world of digital commerce and payments, and follows rival Lyft’s recent IPO.

The Uber document shows net income in 2018 of $997 million, and an adjusted EBITA loss of $1.85 billion. According to the Lyft S-1 filing, that rival rideshare provider had losses of $911 million in the 12 months leading up to its IPO, which stood higher than any other startup in the U.S. that went public.

Uber also reported 2018 revenue of $11.27 billion. That compares to Lyft’s 2018 revenue of $2.2 billion.

Uber did not set the size of its IPO.

In its prospectus, Uber also broke down its customer base into what it calls “monthly active platform customers,” or MAPC. The company defined that term as “the number of unique consumers who completed a ridesharing or new mobility ride or received an Uber Eats meal on our platform at least once in a given month, averaged over each month in the quarter.” For the fourth quarter of 2018, those MAPCs stood at 91 million, which is 35 percent over the same figure for the fourth quarter of 2017.

As for basic ridership, Uber counted 1.49 billion trips in the fourth quarter of 2018, which is about 37 percent higher than Q4 2017. The company explained that when it comes to those ridership figures, three separate passengers on an UberPool trip would count as three separate rides, while three passengers in an UberX trip – but with a single person paying – would count as just one ride.

For gross bookings, Uber in its IPO prospectus reported $11.48 billion for the fourth quarter of 2018, an approximately 25 percent increase for the same period in 2017. For the Uber Eats food delivery business, gross bookings increased about 129 percent year over year in the fourth quarter of 2018, reaching $2.56 billion.

The prospectus also listed Uber’s major shareholders, a group that includes SB Cayman 2 Ltd., the largest shareholder with a 16.3 percent stake, and Benchmark Capital Partners, which has an 11 percent stake.

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