Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 19, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-38902 | ||
Entity Registrant Name | UBER TECHNOLOGIES, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-2647441 | ||
Entity Address, Address Line One | 1455 Market Street, 4th Floor | ||
Entity Address, City or Town | San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94103 | ||
City Area Code | 415 | ||
Local Phone Number | 612-8582 | ||
Title of each class | Common Stock, par value $0.00001 per share | ||
Trading Symbol | UBER | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 59.7 | ||
Entity Common Stock, Shares Outstanding | 1,723,775,076 | ||
Entity Central Index Key | 0001543151 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2019 . |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 10,873 | $ 6,406 |
Short-term investments | 440 | 0 |
Restricted cash and cash equivalents | 99 | 67 |
Accounts receivable, net of allowance of $34 for both years | 1,214 | 919 |
Prepaid expenses and other current assets | 1,299 | 860 |
Assets held for sale | 0 | 406 |
Total current assets | 13,925 | 8,658 |
Restricted cash and cash equivalents | 1,095 | 1,736 |
Collateral held by insurer | 1,199 | 0 |
Investments | 10,527 | 10,355 |
Equity method investments | 1,364 | 1,312 |
Property and equipment, net | 1,731 | 1,641 |
Operating lease right-of-use assets | 1,594 | |
Intangible assets, net | 71 | 82 |
Goodwill | 167 | 153 |
Other assets | 88 | 51 |
Total assets | 31,761 | 23,988 |
Liabilities, mezzanine equity and equity (deficit) | ||
Accounts payable | 272 | 150 |
Short-term insurance reserves | 1,121 | 941 |
Operating lease liabilities, current | 196 | |
Accrued and other current liabilities | 4,050 | 3,157 |
Liabilities held for sale | 0 | 11 |
Total current liabilities | 5,639 | 4,259 |
Long-term insurance reserves | 2,297 | 1,996 |
Long-term debt, net of current portion | 5,707 | 6,869 |
Operating lease liabilities, non-current | 1,523 | |
Other long-term liabilities | 1,412 | 4,072 |
Total liabilities | 16,578 | 17,196 |
Commitments and contingencies (Note 15) | ||
Mezzanine equity | ||
Redeemable non-controlling interests | 311 | 0 |
Redeemable convertible preferred stock, $0.00001 par value, 946,246 and zero shares authorized, 903,607 and zero shares issued and outstanding, respectively; aggregate liquidation preference of $14 and $0, respectively | 0 | 14,177 |
Equity (deficit) | ||
Common stock, $0.00001 par value, 2,696,114 and 5,000,000 shares authorized, 457,189 and 1,716,681 shares issued and outstanding, respectively | 0 | 0 |
Additional paid-in capital | 30,739 | 668 |
Accumulated other comprehensive loss | (187) | (188) |
Accumulated deficit | (16,362) | (7,865) |
Total Uber Technologies, Inc. stockholders' equity (deficit) | 14,190 | (7,385) |
Non-redeemable non-controlling interests | 682 | 0 |
Total equity (deficit) | 14,872 | (7,385) |
Total liabilities, mezzanine equity and equity (deficit) | $ 31,761 | $ 23,988 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 34 | $ 34 |
Par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred share authorized (in shares) | 0 | 946,246,000 |
Preferred shares issued (in shares) | 0 | 903,607,000 |
Preferred shares outstanding (in shares) | 0 | 903,607,000 |
Aggregate liquidation preference | $ 0 | $ 14 |
Common stock par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock shares authorized (in shares) | 5,000,000,000 | 2,696,114,000 |
Common stock shares issued (in shares) | 1,716,681,000 | 457,189,000 |
Common stock shares outstanding (in shares) | 1,716,681,000 | 457,189,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenue | $ 14,147 | $ 11,270 | $ 7,932 |
Costs and expenses | |||
Cost of revenue, exclusive of depreciation and amortization shown separately below | 7,208 | 5,623 | 4,160 |
Operations and support | 2,302 | 1,516 | 1,354 |
Sales and marketing | 4,626 | 3,151 | 2,524 |
Research and development | 4,836 | 1,505 | 1,201 |
General and administrative | 3,299 | 2,082 | 2,263 |
Depreciation and amortization | 472 | 426 | 510 |
Total costs and expenses | 22,743 | 14,303 | 12,012 |
Loss from operations | (8,596) | (3,033) | (4,080) |
Interest expense | (559) | (648) | (479) |
Other income (expense), net | 722 | 4,993 | (16) |
Income (loss) before income taxes and loss from equity method investment | (8,433) | 1,312 | (4,575) |
Provision for (benefit from) income taxes | 45 | 283 | (542) |
Loss from equity method investment, net of tax | (34) | (42) | 0 |
Net income (loss) including non-controlling interests | (8,512) | 987 | (4,033) |
Less: net loss attributable to non-controlling interests, net of tax | (6) | (10) | 0 |
Net income (loss) attributable to Uber Technologies, Inc. | $ (8,506) | $ 997 | $ (4,033) |
Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders: | |||
Basic (in dollars per share) | $ (6.81) | $ 0 | $ (9.46) |
Diluted (in dollars per share) | $ (6.81) | $ 0 | $ (9.46) |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: | |||
Basic (in shares) | 1,248,353 | 443,368 | 426,360 |
Diluted (in shares) | 1,248,353 | 478,999 | 426,360 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) including non-controlling interests | $ (8,512) | $ 987 | $ (4,033) |
Other comprehensive income (loss), net of tax: | |||
Change in foreign currency translation adjustment | (3) | (225) | (4) |
Change in unrealized gain on investments in available-for-sale securities | 4 | 40 | 0 |
Other comprehensive income (loss), net of tax | 1 | (185) | (4) |
Comprehensive income (loss) including non-controlling interests | (8,511) | 802 | (4,037) |
Less: comprehensive loss attributable to non-controlling interests | (6) | (10) | 0 |
Comprehensive income (loss) attributable to Uber Technologies, Inc. | $ (8,505) | $ 812 | $ (4,037) |
CONSOLIDATED STATEMENTS OF MEZZ
CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Millions | Total | Series G Redeemable Convertible Preferred Stock | Redeemable Non-Controlling Interest | Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred StockSeries G Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Additional Paid-In CapitalSeries G Redeemable Convertible Preferred Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Non-Redeemable Non-Controlling Interests |
Mezzanine equity, beginning balance at Dec. 31, 2016 | $ 11,111 | ||||||||||
Mezzanine equity, beginning balance (in shares) at Dec. 31, 2016 | 840,859 | ||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
Issuance of Series G redeemable convertible preferred stock, net of issuance costs | $ 1,008 | ||||||||||
Issuance of Series G redeemable convertible preferred stock, net of issuance costs (in shares) | 20,667 | ||||||||||
Lapsing of repurchase option related to Series E redeemable convertible preferred stock issued to a non-employee service provider | $ 4 | ||||||||||
Mezzanine equity, ending balance at Dec. 31, 2017 | $ 0 | $ 12,210 | |||||||||
Mezzanine equity, ending balance (in shares) at Dec. 31, 2017 | 863,305 | ||||||||||
Stockholders' equity, beginning balance at Dec. 31, 2016 | $ (4,596) | $ 0 | $ 209 | $ 1 | $ (4,806) | ||||||
Shareholders' equity, beginning balance (in shares) at Dec. 31, 2016 | 455,051 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of warrants | $ 87 | ||||||||||
Exercise of warrants (in shares) | 1,779 | ||||||||||
Vesting of common stock warrants | 1 | 1 | |||||||||
Repurchase of outstanding shares | (32) | (32) | |||||||||
Repurchase of outstanding shares (in shares) | (11,016) | ||||||||||
Exercise of stock options | 4 | 4 | |||||||||
Exercise of stock options (in shares) | 2,897 | ||||||||||
Repurchase of unvested early-exercised stock options | (1) | (1) | |||||||||
Repurchase of unvested early-exercised stock options (in shares) | (3,538) | ||||||||||
Reclassification of early-exercised stock options from liability, net | 6 | 6 | |||||||||
Stock-based compensation | 97 | 97 | |||||||||
Issuance and repayment of employee loans collateralized by outstanding common stock | 1 | 4 | (3) | ||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | ||||||||||
Foreign currency translation adjustment | (4) | (4) | |||||||||
Net income (loss) | (4,033) | (4,033) | |||||||||
Stockholders' equity, ending balance at Dec. 31, 2017 | $ (8,557) | $ 0 | 320 | (3) | (8,874) | ||||||
Shareholders' equity, ending balance (in shares) at Dec. 31, 2017 | 443,394 | ||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
Issuance of Series G redeemable convertible preferred stock, net of issuance costs | $ 2,000 | ||||||||||
Issuance of Series G redeemable convertible preferred stock, net of issuance costs (in shares) | 41,007 | ||||||||||
Lapsing of repurchase option related to Series E redeemable convertible preferred stock issued to a non-employee service provider | $ 1 | ||||||||||
Issuance of non-controlling interest | 10 | ||||||||||
Mezzanine equity, net income (loss) | (10) | ||||||||||
Mezzanine equity, ending balance at Dec. 31, 2018 | 0 | $ 14,177 | |||||||||
Mezzanine equity, ending balance (in shares) at Dec. 31, 2018 | 903,607 | 903,607 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of warrants | $ 1 | $ 3 | 1 | ||||||||
Exercise of warrants (in shares) | 54 | 34 | |||||||||
Repurchase of outstanding shares | 13 | $ 4 | $ (37) | $ 4 | 13 | ||||||
Repurchase of outstanding shares (in shares) | (5) | (754) | (2,553) | ||||||||
Exercise of stock options | 27 | 27 | |||||||||
Exercise of stock options (in shares) | 11,809 | ||||||||||
Issuance of restricted common stock | 21 | 21 | |||||||||
Issuance of restricted common stock (in shares) | 514 | ||||||||||
Repurchase of unvested early-exercised stock options | 0 | ||||||||||
Repurchase of unvested early-exercised stock options (in shares) | (142) | ||||||||||
Reclassification of early-exercised stock options from liability, net | 1 | 1 | |||||||||
Stock-based compensation | 125 | 125 | |||||||||
Issuance and repayment of employee loans collateralized by outstanding common stock | 3 | 4 | (1) | ||||||||
Issuance of common stock as consideration for investment and acquisition | 144 | 144 | |||||||||
Issuance of common stock as consideration for investment and acquisition (in shares) | 4,133 | ||||||||||
Issuance of non-controlling interest | (10) | (10) | |||||||||
Deferred tax benefit arising from acquisition of previously consolidated entity | 31 | 31 | |||||||||
Issuance of non-controlling interest | 10 | ||||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 40 | 40 | |||||||||
Foreign currency translation adjustment | (225) | (225) | |||||||||
Net income (loss) | 997 | 997 | |||||||||
Stockholders' equity, ending balance at Dec. 31, 2018 | $ (7,385) | $ 0 | 668 | (188) | (7,865) | $ 0 | |||||
Shareholders' equity, ending balance (in shares) at Dec. 31, 2018 | 457,189 | 457,189 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
Lapsing of repurchase option related to Series E redeemable convertible preferred stock issued to a non-employee service provider | $ 10 | $ 2 | 10 | ||||||||
Issuance of non-controlling interest | $ 667 | 333 | 667 | ||||||||
Mezzanine equity, net income (loss) | (22) | ||||||||||
Mezzanine equity, ending balance at Dec. 31, 2019 | 311 | $ 0 | |||||||||
Mezzanine equity, ending balance (in shares) at Dec. 31, 2019 | 0 | 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of warrants | $ 45 | ||||||||||
Exercise of warrants (in shares) | 923 | ||||||||||
Conversion of warrant to common stock in connection with initial public offering (in shares) | 150 | ||||||||||
Conversion of warrant to common stock in connection with initial public offering | $ 7 | 7 | |||||||||
Conversion of Convertible Notes to common stock in connection with initial public offering (in shares) | 93,978 | ||||||||||
Conversion of convertible notes to common stock in connection with initial public offering | 4,229 | 4,229 | |||||||||
Repurchase of outstanding shares | 0 | ||||||||||
Repurchase of outstanding shares (in shares) | (1) | ||||||||||
Exercise of stock options | 21 | 21 | |||||||||
Exercise of stock options (in shares) | 6,924 | ||||||||||
Exercise of put option on common stock held by Yandex | (47) | (47) | |||||||||
Exercise of put option on common stock held by Yandex (in shares) | (1,528) | ||||||||||
Repurchase of unvested early-exercised stock options | 0 | ||||||||||
Repurchase of unvested early-exercised stock options (in shares) | (32) | ||||||||||
Stock-based compensation | 4,634 | 4,634 | |||||||||
Issuance of common stock under the Employee Stock Purchase Plan | 49 | 49 | |||||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 2,076 | ||||||||||
Issuance of common stock in connection with initial public offering, net of offering costs | 7,973 | 7,973 | |||||||||
Issuance of common stock in connection with initial public offering, net of offering cost (in shares) | 180,000 | ||||||||||
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering | 14,224 | $ (14,224) | 14,224 | ||||||||
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) | (904,530) | 904,530 | |||||||||
Issuance of common stock in private placement | 500 | 500 | |||||||||
Issuance of common stock related to private placement (in shares) | 11,111 | ||||||||||
Issuance of common stock for settlement of RSUs | 0 | ||||||||||
Issuance of common stock for settlement of RSUs (in shares) | 98,328 | ||||||||||
Shares withheld related to net share settlement | (1,573) | (1,573) | |||||||||
Shares withheld related to net share settlement (in shares) | (36,249) | ||||||||||
Reclassification of share-based award liability to additional paid-in capital | 21 | 21 | |||||||||
Issuance and repayment of employee loans collateralized by outstanding common stock | 14 | 14 | |||||||||
Issuance of common stock as consideration for investment and acquisition | 9 | 9 | |||||||||
Issuance of common stock as consideration for investment and acquisition (in shares) | 205 | ||||||||||
Issuance of non-controlling interest | 667 | $ 333 | 667 | ||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 4 | 4 | |||||||||
Foreign currency translation adjustment | (3) | (3) | |||||||||
Net income (loss) | (8,491) | (8,506) | |||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 15 | ||||||||||
Stockholders' equity, ending balance at Dec. 31, 2019 | $ 14,872 | $ 0 | $ 30,739 | $ (187) | $ (16,362) | $ 682 | |||||
Shareholders' equity, ending balance (in shares) at Dec. 31, 2019 | 1,716,681 | 1,716,681 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income (loss) including non-controlling interests | $ (8,512) | $ 987 | $ (4,033) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
Depreciation and amortization | 472 | 426 | 510 |
Bad debt expense | 92 | 71 | 82 |
Stock-based compensation | 4,596 | 170 | 124 |
Gain on extinguishment of convertible notes and settlement of derivatives | (444) | 0 | 0 |
Gain on business divestitures | 0 | (3,214) | 0 |
Deferred income tax | (88) | 35 | (762) |
Revaluation of derivative liabilities | (58) | 501 | 173 |
Accretion of discount on long-term debt | 82 | 318 | 244 |
Payment-in-kind interest | 10 | 71 | 69 |
Loss on disposal of property and equipment | 10 | 59 | 117 |
Impairment of long-lived assets held for sale | 0 | 197 | 223 |
Loss from equity method investment | 34 | 42 | 0 |
Gain on debt and equity securities, net | (2) | (1,996) | 0 |
Non-cash deferred revenue | (52) | 0 | 0 |
Gain on forfeiture of unvested warrants and related share repurchases | 0 | (152) | 0 |
Unrealized foreign currency transactions | 16 | 53 | (59) |
Other | 23 | 1 | (16) |
Change in assets and liabilities, net of impact of business acquisitions and disposals: | |||
Accounts receivable | (407) | (279) | (442) |
Prepaid expenses and other assets | (478) | (473) | (120) |
Collateral held by insurer | (1,199) | 0 | 0 |
Operating lease right-of-use assets | 201 | 0 | 0 |
Accounts payable | 95 | (39) | (79) |
Accrued insurance reserves | 481 | 943 | 1,284 |
Accrued expenses and other liabilities | 960 | 738 | 1,267 |
Operating lease liabilities | (153) | 0 | 0 |
Net cash used in operating activities | (4,321) | (1,541) | (1,418) |
Cash flows from investing activities | |||
Proceeds from insurance reimbursement, sale and disposal of property and equipment | 51 | 369 | 342 |
Purchase of property and equipment | (588) | (558) | (821) |
Purchase of intangible assets | 0 | 0 | (8) |
Purchase of equity method investments | 0 | (412) | 0 |
Purchase of non-marketable debt securities | 0 | (30) | 0 |
Purchase of non-marketable investments | (100) | 0 | 0 |
Purchases of marketable securities | (441) | 0 | 0 |
Proceeds from maturities and sales of marketable securities | 2 | 0 | 0 |
Proceeds from business disposal, net of cash divested | 293 | 0 | 0 |
Acquisition of businesses, net of cash acquired | (7) | (64) | 0 |
Net cash used in investing activities | (790) | (695) | (487) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock upon initial public offering, net of offering costs | 7,973 | 0 | 0 |
Taxes paid related to net share settlement of equity awards | (1,573) | 0 | 0 |
Proceeds from issuance of common stock in private placement | 500 | 0 | 0 |
Proceeds from issuance of subsidiary preferred stock units | 1,000 | 0 | 0 |
Proceeds from exercise of stock options, net of repurchases | 19 | 27 | 3 |
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | 49 | 0 | 0 |
Repurchase of outstanding shares | 0 | (10) | (131) |
Issuance of term loan and senior notes, net of issuance costs | 1,189 | 3,466 | 0 |
Principal repayment on term loan | (27) | (19) | (12) |
Proceeds from revolving lines of credit | 0 | 0 | 202 |
Principal repayment on revolving lines of credit | 0 | (491) | (76) |
Principal payments on capital and finance leases | (89) | 0 | |
Principal payments on capital and finance leases | (138) | ||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 0 | 1,750 | 1,008 |
Dissolution of joint venture and subsequent proceeds | 0 | 38 | 19 |
Repurchase of stock subject to put options related to Yandex | (74) | 0 | 0 |
Other | 21 | (32) | 2 |
Net cash provided by financing activities | 8,939 | 4,640 | 1,015 |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | (4) | (119) | 22 |
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents | 3,824 | 2,285 | (868) |
Cash and cash equivalents, and restricted cash and cash equivalents | |||
Beginning of period | 8,209 | 5,828 | |
Reclassification from (to) assets held for sale during the period | 34 | 96 | (130) |
End of period, excluding cash classified within assets held for sale | 12,067 | 8,209 | 5,828 |
Cash paid for: | |||
Interest, net of amount capitalized | 332 | 124 | 61 |
Income taxes, net of refunds | 133 | 289 | 153 |
Non-cash investing and financing activities: | |||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | 14,224 | 0 | 0 |
Conversion of convertible notes to common stock upon initial public offering | 4,229 | 0 | 0 |
Stock-based compensation capitalized as software development costs | 61 | 0 | 1 |
Changes in purchases of property, equipment and software recorded in accounts payable and accrued liabilities | 52 | 14 | (4) |
Changes in share repurchase commitment made in each period | 0 | (13) | (44) |
Financed construction projects | 0 | 177 | 214 |
Capital and finance lease obligations | 251 | 165 | 124 |
Deferred unpaid offering costs | 0 | 4 | 0 |
Settlement of litigation through issuance of redeemable convertible preferred stock | 0 | 250 | 0 |
Common stock issued in connection with acquisitions | 9 | 93 | 0 |
Ownership interest in MLU B.V. received in connection with the disposition of Uber Russia/CIS operations | 0 | 1,410 | 0 |
Grab debt security received in exchange for the sale of Southeast Asia operations | $ 0 | $ 2,275 | $ 0 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Note 1 - Description of Business and Summary of Significant Accounting Policies Description of Business Uber Technologies, Inc. (“Uber” or “the Company”) was incorporated in Delaware in July 2010, and is headquartered in San Francisco, California. Uber is a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B. Uber develops and operates proprietary technology applications supporting a variety of offerings on its platform (“platform(s)” or “Platform(s)”). Uber connects consumers (“Rider(s)”) with independent providers of ride services (“Rides Driver(s)”) for ridesharing services, and connects consumers (“Eater(s)”) with restaurants (“Restaurant(s)”) and food delivery service providers (“Delivery People”) for meal preparation and delivery services. Riders and Eaters are collectively referred to as “ end-user(s)” or “consumer(s).” Rides Drivers and Delivery People are collectively referred to as “ Driver(s) ”. Uber also connects consumers with public transportation networks, e-bikes, e-scooters and other personal mobility options. Uber uses this same network, technology, operational excellence and product expertise to connect shippers with carriers in the freight industry. Uber is also developing technologies that will provide autonomous driving vehicle solutions to consumers, networks of vertical take-off and landing vehicles and new solutions to solve everyday problems. The Company’s technology is used around the world, principally in the United States (“U.S.”) and Canada, Latin America, Europe, the Middle East, Africa, and Asia (excluding China and Southeast Asia). Segment Change During the third quarter of 2019, following a number of leadership and organizational changes, the chief operating decision maker (“CODM”) changed how he assesses performance and allocates resources to a more disaggregated level in order to optimize utilization of the Company’s platform as well as manage research and development of new technologies. Based on this change, in the third quarter of 2019, the Company determined it has five operating and reportable segments: Rides, Eats, Freight, Other Bets, and Advanced Technologies Group (“ATG”) and Other Technology Programs. The Company revised prior comparative periods to conform to the current period segment presentation. Refer to Note 14 - Segment Information and Geographic Information for further information. Initial Public Offering On May 14, 2019 , the Company closed its initial public offering (“IPO”), in which it issued and sold 180 million shares of its common stock. The price was $45.00 per share. The Company received net proceeds of approximately $8.0 billion from the IPO after deducting underwriting discounts and commissions of $106 million and offering expenses. Upon closing of the IPO: i) all shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into 905 million shares of common stock; ii) holders of the 2021 Convertible Notes and the 2022 Convertible Notes elected to convert all outstanding notes into 94 million shares of common stock; and, iii) an outstanding warrant which became exercisable upon the closing of the IPO was exercised to purchase 0.2 million shares of common stock. In addition, the Company recognized a net gain of $327 million in other income (expense), net in the consolidated statement of operations upon conversion of the 2021 Convertible Notes and the 2022 Convertible Notes during 2019, which consisted of $444 million gain on extinguishment of debt and settlement of derivatives, partially offset by $117 million loss from the change in fair value of embedded derivatives prior to settlement. The extinguishment of debt resulted in the derecognition of the carrying value of the debt balance and settlement of embedded derivatives. Upon the Company’s IPO, the Company recognized $3.6 billion of stock-based compensation expense for awards with a performance-based vesting condition satisfied at IPO. Shares were then issued related to the vesting of the restricted stock units ("RSUs") with such performance-based vesting conditions. To meet the related tax withholding requirements, the Company withheld 29 million of the 76 million shares of common stock issued. Based on the IPO public offering price of $45.00 per share, the tax withholding obligation was $1.3 billion . As a result of stock-based compensation expense for vested and unvested RSUs upon the IPO, the Company recorded an additional deferred tax asset of approximately $1.1 billion that is offset by a full valuation allowance. Pending Acquisition of Majority Ownership in Cornershop In October 2019, the Company agreed to purchase a controlling interest in Cornershop, an online grocery delivery platform operating primarily in Chile and Mexico. The Company agreed to pay up to approximately $459 million for its controlling interest in Cornershop, which amount is payable in cash and shares of the Company’s common stock as defined in the agreement. In October 2019, the Company made an initial investment of $50 million for a 7.1% ownership interest, on a fully-diluted basis, in Cornershop. The Company expects to pay the remaining portion of the purchase price and acquire the controlling interest during 2020, subject to the receipt of regulatory approvals and other closing conditions. Refer to Note 3 - Investments and Fair Value Measurement for further information on the accounting for the initial investment. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company consolidates its wholly-owned subsidiaries and majority-owned subsidiaries over which it exercises control, as well as variable interest entities (“VIE”) where it is deemed to be the primary beneficiary. Refer to Note 16 - Variable Interest Entities ("VIEs") for further information. All intercompany balances and transactions have been eliminated. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates, including those related to the incremental borrowing rate (“IBR”) applied in lease accounting, fair values of investments and other financial instruments, useful lives of amortizable long-lived assets and intangible assets, stock-based compensation, income taxes and non-income tax reserves, certain deferred tax assets and tax liabilities, insurance reserves, and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates. Concentration of Credit Risk Cash and cash equivalents, short-term investments, restricted cash and cash equivalents, other receivables, and accounts receivable are potentially subject to credit risk concentration. Cash is deposited with financial institutions around the world that the Company believes are of high credit quality. These deposits are typically in excess of insured limits. The Company has not experienced any losses related to these concentrations during the periods presented. The Company's other receivables primarily consist of funds withheld by well-established insurance companies with high credit quality that may be used to cover future settlement of reserved insurance claims. The Company relies on a limited number of third parties to provide payment processing services (" payment service providers ") to collect amounts due from end-users. Payment service providers are financial institutions or credit card companies that the Company believes are of high credit quality. None of the Company's Drivers and Restaurants or Freight Customers accounted for 10% or more of revenue for the years ended December 31, 2017, 2018 and 2019 . Certain Significant Risks and Uncertainties The Company has incurred significant net losses since inception and had an accumulated deficit of 16.4 billion as of December 31, 2019 . The operations of the Company have historically been funded through equity and debt financings. While management currently anticipates that the Company's available cash and cash equivalents, short-term investments, and revolving credit facility will be sufficient to meet the Company's operational cash needs for at least the next twelve months from the date of issuance of these financial statements, additional capital may need to be raised or additional indebtedness incurred to continue to fund the operations and other strategic initiatives. The Company may not be able to obtain additional financing on favorable terms, if at all, or its ability to incur additional indebtedness may be restricted by the terms of its existing debt instruments. Cash and Cash Equivalents Cash and cash equivalents as of December 31, 2018 and 2019 consisted of cash held in checking and savings accounts as well as investments in money market funds, commercial paper, U.S. government and agency securities, and corporate bonds. The Company considers all highly-liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash includes amounts collected on behalf of, but not yet remitted to Drivers and Restaurants , which are included in accrued and other current liabilities on the consolidated balance sheets . Restricted Cash and Cash Equivalents Restricted cash and cash equivalents is pledged as security for letters of credit or other collateral amounts established by the Company for certain insurance policies and other various contractual arrangements. Restricted cash and cash equivalents is classified as current and non-current assets based on the contractual or estimated term of the remaining restriction. The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows (in millions) : As of December 31, 2017 2018 2019 Cash and cash equivalents $ 4,393 $ 6,406 $ 10,873 Restricted cash and cash equivalents - current 142 67 99 Restricted cash and cash equivalents - non-current 1,293 1,736 1,095 Total cash and cash equivalents, and restricted cash and cash equivalents $ 5,828 $ 8,209 $ 12,067 Collateral Held by Insurer Collateral held by insurer represents funds held by James River Group companies (“James River”). These funds, previously held in a trust account, were withdrawn by James River during the fourth quarter of 2019 upon notice of cancellation of their insurance policies (primarily auto insurance policies) issued to a subsidiary of the Company. The funds continue to serve as collateral for the Company and its subsidiary’s current and future claim settlement obligations under the indemnification agreements for these insurance policies as included in insurance reserves on the consolidated balance sheets. Accordingly, the amount withdrawn is presented as collateral held by insurer on the consolidated balance sheet as of December 31, 2019 . These funds were presented as restricted cash and cash equivalents on the consolidated balance sheet as of December 31, 2018 . Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable represents uncollected fare payments from end-users for completed transactions where (i) the payment method is credit card and includes (a) end-user fare amounts not yet settled with payment service providers, and (b) end-user fare amounts settled by payment service providers but not yet remitted to the Company, or (ii) completed shipments where the Company invoices Freight Customers ("Shippers") and payment has not been received. The timing of settlement of amounts due from these parties varies by region and by product. The portion of the fare receivable to be remitted to Drivers and Restaurants is included in accrued and other current liabilities. Refer to Note 10 - Supplemental Financial Statement Information for amounts payable to Drivers and Restaurants . Although the Company pre-authorizes forms of payment to mitigate its exposure, the Company bears the cost of any accounts receivable losses. The Company records an allowance for doubtful accounts for fare and invoiced amounts that may never settle or be collected, as well as for credit card chargebacks including fraudulent credit card transactions. The Company considers the allowance for doubtful accounts for fare amounts to be direct and incremental costs to revenue earned and, therefore, the costs are included as cost of revenue in the consolidated statements of operations . The Company estimates the allowance based on historical experience and geographical trends, which are reviewed periodically and as needed, and amounts are written off when determined to be uncollectable. Chargebacks and credit card losses were $174 million , $208 million and $195 million for the years ended December 31, 2017, 2018 and 2019 , respectively. Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is computed using the straight‑line method over the estimated useful lives of the assets, which are as follows: Property and Equipment Estimated Useful Life Land Indefinite Buildings 30 years Site improvements 5-15 years Leased vehicles 3-10 years Computer equipment 3-5 years Furniture and fixtures 3-5 years Dockless e-bikes 3 years Internal-use software 2 years Leased computer equipment Shorter of estimated useful life or lease term Leasehold improvements Shorter of estimated useful life or lease term When assets are retired or otherwise disposed of, the cost, accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations in the period realized. Maintenance and repairs that do not enhance or extend the asset’s useful life are charged to operating expenses as incurred. The Company capitalizes certain costs, such as compensation costs, including stock-based compensation, and interest incurred in developing internal-use software once planning has been completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will function as intended. Amortization of such costs occurs on a straight-line basis over the estimated useful life of the related asset and begins once the asset is ready for its intended use. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred. Leased vehicle assets are stated at cost, net of accumulated depreciation. The vast majority of the Company's leased vehicle assets were reclassified to assets held for sale as of December 31, 2018 . In January 2019, an agreement was executed with Waydrive Holdings Pte. Ltd. (“Waydrive”) to purchase the Lion City Rentals Pte. Ltd. (“LCR”), a wholly-owned vehicle solutions subsidiary of the Company based in Singapore. Refer to Note 9 - Assets and Liabilities Held for Sale for further information. When leased vehicles are retired or otherwise disposed of, the cost and accumulated depreciation are removed and any resulting gain or loss is reflected in the consolidated statements of operations in the period realized. Maintenance and repair expenditures are charged to operating expenses as incurred. Leases Prior to adoption of Accounting Standards Codification (“ ASC “) 842, “Leases” (“ ASC 842”), as of December 31, 2018 and periods before the Company was involved in the construction of certain office buildings and research facilities and was under lease agreements for certain of the constructed or under construction facilities. In such arrangements, the Company capitalized construction costs, whether expended by the Company or the builder/lessor, in property and equipment, net. The Company recorded a corresponding financing obligation for amounts expended by the builder/lessor in other long-term liabilities. During the construction period, interest was accrued on the financing obligation and costs of construction were capitalized as a component of the building asset. These assets often did not qualify for derecognition under sales-leaseback accounting guidance as a result of continuing involvement in the property. These assets and obligations were amortized in depreciation and amortization and interest expense, respectively, in the consolidated statement of operations based on the terms of the related lease agreements. As of December 31, 2018 , the gross carrying value of assets related to build-to-suit lease arrangements was $392 million with a corresponding financing obligation of $350 million . Upon adoption of the ASC 842, the Company derecognized building asset and financing obligation liability balances associated with the construction projects as these were not build-to-suit leases under ASC 842. The Company adopted ASC 842 on January 1, 2019, using the modified retrospective transition method and used the effective date as the date of initial application. Consequently, financial information is not updated and the disclosures required under ASC 842 are not provided for dates and periods before January 1, 2019. ASC 842 provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients,” which permits the Company not to reassess under ASC 842 its prior conclusions about lease identification, lease classification and initial direct costs. The Company made a policy election not to separate non-lease components from lease components, therefore, it accounts for lease and non-lease components as a single lease component. The Company also elected the short-term lease recognition exemption for all leases that qualify. The Company determines if a contract contains a lease at inception of the arrangement based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration, which relates to an asset which the Company does not own. Right of use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recognized as the lease liability, adjusted for lease incentives received. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s IBR, because the interest rate implicit in most of the Company’s leases is not readily determinable. The IBR is a hypothetical rate based on the Company’s understanding of what its credit rating would be to borrow and resulting interest the Company would pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis. Lease payments may be fixed or variable; however, only fixed payments or in-substance fixed payments are included in the Company’s lease liability calculation. Variable lease payments may include costs such as common area maintenance, utilities, real estate taxes or other costs. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. The Company’s leases primarily include corporate offices, data centers, and servers. The lease term of operating and finance leases vary from less than a year to 76 years . The Company has leases that include one or more options to extend the lease term for up to 14 years as well as options to terminate the lease within one year. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants. Operating leases are included in operating lease ROU assets, operating lease liabilities, current and operating lease liabilities, non-current on the Company’s consolidated balance sheets . Finance leases are included in property and equipment, net, accrued and other current liabilities, and other long-term liabilities on the Company’s consolidated balance sheets . For operating leases, lease expense is recognized on a straight-line basis in operations over the lease term. For finance leases, lease expense is recognized as depreciation and interest; depreciation on a straight-line basis over the lease term and interest using the effective interest method. As of December 31, 2019 , less than 13% of the Company’s operating lease ROU assets related to leased assets outside of the U.S. Acquisitions The Company accounts for acquisitions of entities or asset groups that qualify as businesses in accordance with ASC 805, "Business Combinations" (“ASC 805”). The purchase price of the acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition dates. The excess of the purchase price over those fair values is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements of operations. Refer to Note 18 – Business Combination for further information. Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination and is allocated to reporting units expected to benefit from the business combination. The Company tests goodwill for impairment at least annually, in the fourth quarter, or whenever events or changes in circumstances indicate that goodwill might be impaired. The Company evaluates its reporting units when changes in its operating structure occur, and if necessary, reassigns goodwill using a relative fair value allocation approach. In testing for goodwill impairment, the Company first assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if the Company concludes otherwise, the Company proceeds to the quantitative assessment. The quantitative assessment compares the estimated fair value of a reporting unit to its book value, including goodwill. If the fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary. However, if the book value of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Refer to Note 7 – Goodwill and Intangible Assets for further information. Intangible Assets, Net Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives, which range from one to 18 years . The Company reviews definite-lived intangible assets for impairment under the long-lived asset model described in the Evaluation of Long-Lived Assets for Impairment section. Refer to Note 7 – Goodwill and Intangible Assets for further information. Investments Equity Securities Accounting for the Company's equity securities varies depending on the marketability of the security and the type of investment. On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2016-01, "Recognition and Measurement of Financial Assets and Liabilities," prospectively and accordingly, the Company has elected to measure its investments in non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable price changes in orderly transactions for the identical or similar securities of the same issuer, or in the event of any impairment. This election is reassessed each reporting period to determine whether non-marketable equity securities have a readily determinable fair value, in which case they would no longer be eligible for this election. Equity securities that the Company elected to apply the fair value option and equity securities with a readily determinable fair value are measured at fair value on a recurring basis with changes in fair value recognized in the consolidated statements of operations . The Company had no investments in equity securities whose fair value was readily determinable as of December 31, 2018 and 2019 . The Company evaluates its non-marketable equity securities for impairment at each reporting period based on a qualitative assessment that considers various potential impairment indicators. Impairment indicators might include, but would not necessarily be limited to, a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, a significant adverse change in the regulatory, economic, or technological environment of the investee, a bona fide offer to purchase, an offer by the investee to sell, or a completed auction process for the same or similar securities for an amount less than the carrying amount of the investments in those securities. If an impairment exists, a loss is recognized in the consolidated statements of operations for the amount by which the carrying value exceeds the fair value of the investment. The Company includes investments in equity securities within investments on the consolidated balance sheets . Debt Securities Accounting for the Company’s debt securities varies depending on the legal form of the security, the Company’s intended holding period for the security, and the nature of the transaction. Investments in debt securities are classified as available-for-sale and are initially recorded at fair value. Investments in marketable debt securities include commercial paper, U.S. government and agency securities and corporate bonds. Certain investments in non-marketable equity securities with redemption, interest, or other debt-like features are classified as available-for-sale debt securities. Subsequent changes in fair value of available-for-sale debt securities are recorded in other comprehensive income (loss), net of tax. The Company records certain of its debt securities at fair value with the changes in fair value recorded in earnings under the fair value option of accounting for financial instruments. The Company evaluates its available-for-sale debt securities for impairment at each reporting period. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs. Factors considered include: recent financial results and operating trends; implied values in recent transactions of investee securities; other publicly available information that may affect the value of the Company’s investments; severity and length of the decline in value; and the Company’s strategy and intentions for holding the investment. Impairment of the Company’s debt securities is recognized in earnings when a decline in value has occurred that is deemed to be other than temporary, and the current fair value becomes the new cost basis for the security. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in earnings, and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss). The Company considers its marketable debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the consolidated balance sheets . Certain investments in non-marketable debt securities classified as available-for-sale debt securities are included in investments on the consolidated balance sheets . Equity Method Investments Investments in common stock or in-substance common stock of entities that provide the Company with the ability to exercise significant influence, but not a controlling financial interest, over the investee are accounted for under the equity method of accounting. Investments accounted for under the equity method are initially recorded at cost. Subsequently, the Company recognizes through the consolidated statements of operations and as an adjustment to the investment balance, its proportionate share of the entities’ net income or loss and to reflect the amortization of basis differences. The Company records its share of the results of these companies one quarter in arrears within earnings in equity interests as loss from equity method investment, net of tax in the consolidated statements of operations . The Company evaluates each of its equity method investments at the end of each reporting period to determine whether events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. The Company recognizes in the consolidated statements of operations and as an adjustment to the investment balance, any required impairment loss. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. This evaluation consists of several qualitative and quantitative factors including recent financial results and operating trends of the investee; implied values in recent transactions of investee securities; other publicly available information that may affect the value of the Company’s investments. Evaluation of Long-Lived Assets for Impairment The Company evaluates its held-and-used long-lived assets for indicators of possible impairment when events or changes in circumstances indicate the carrying amount of an asset or asset group (collectively, the “asset group”) may not be recoverable. The Company measures the recoverability of the asset group by comparing the carrying amount of such asset groups to the future undiscounted cash flows it expects the asset group to generate. If the Company considers the asset group to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset group exceeds its fair value. Fair Value Measurements and Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, Fair Value Measurement (“ ASC 820”), the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are set forth below: Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either dire |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 2 - Revenue The following tables present the Company’s revenues disaggregated by offering and geographical region. Revenue by geographical region is based on where the trip or shipment was completed or meal delivered. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Revenue is presented in the following tables for the years ended December 31, 2017, 2018 and 2019 , respectively ( in millions ): Year Ended December 31, 2017 2018 2019 Rides revenue $ 6,888 $ 9,182 $ 10,612 Vehicle Solutions revenue (1) 345 143 21 Other revenue 45 112 112 Total Rides revenue 7,278 9,437 10,745 Eats revenue 587 1,460 2,510 Freight revenue 67 356 731 Other Bets revenue (1) — 17 119 ATG and Other Technology Programs collaboration revenue (2) — — 42 Total revenue $ 7,932 $ 11,270 $ 14,147 (1) The Company accounts for Vehicle Solutions and New Mobility revenue as an operating lease as defined under ASC 840 for 2018 and ASC 842 in 2019 . Total revenue recognized under ASC 840 and ASC 842 for the years ended December 31, 2017, 2018 and 2019 was $345 million , $151 million , and $88 million , respectively. (2) Refer to Note 17 - Non-Controlling Interests for further information on collaboration revenue . Year Ended December 31, 2017 2018 2019 United States and Canada $ 4,367 $ 6,521 $ 8,805 Latin America ("LATAM") 1,645 2,002 1,947 Europe, Middle East and Africa ("EMEA") 1,157 1,721 2,148 Asia Pacific ("APAC") (1) 763 1,026 1,247 Total revenue $ 7,932 $ 11,270 $ 14,147 (1) Excluding China and, as of May 2018, also excludes Southeast Asia. Revenue from Contracts with Customers Rides Revenue The Company derives revenue primarily from fees paid by Rides Drivers for the use of the Company’s platform(s) and related service to facilitate and complete ridesharing services. Other Revenue Other revenue consists primarily of revenue from the Company’s U4B, financial partnerships products and other immaterial revenue streams. Eats Revenue The Company derives revenue for Eats from Restaurants’ and Delivery People’s use of the Eats platform and related service to facilitate and complete Eats transactions. Freight Revenue Freight revenue consists primarily of revenue from freight transportation services provided to shippers. Other Bets Revenue Other Bets revenue consists primarily of revenue from New Mobility products, including dockless e-bikes, Platform Incubator group offerings and other immaterial revenue streams. Contract Balances The Company’s contract assets for performance obligations satisfied prior to payment or contract liabilities for consideration collected prior to satisfying the performance obligations are not material in 2019 . Remaining Performance Obligations As a result of a single contract entered into with a customer during 2018, the Company had $87 million of consideration allocated to an unfulfilled performance obligation as of December 31, 2019 . The Company recognized $52 million in 2019 related to the contract. The Company’s remaining performance obligation is expected to be recognized as follows ( in millions ) : Less Than or Greater Than Total As of December 31, 2019 $ 52 $ 35 $ 87 |
Investments and Fair Value Meas
Investments and Fair Value Measurement | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Value Measurement | Note 3 - Investments and Fair Value Measurement Investments The Company’s short-term investments and investments on the consolidated balance sheets consisted of the following as of December 31, 2018 and 2019 (in millions) : As of December 31, 2018 2019 Classified as short-term investments: Marketable debt securities (1) : Commercial paper $ — $ 148 U.S. government and agency securities — 93 Corporate bonds — 199 Short-term investments $ — $ 440 Classified as investments: Non-marketable equity securities: Didi (2) $ 7,953 $ 7,953 Other 32 204 Non-marketable debt securities: Grab (3), (4) 2,328 2,336 Other (5) 42 34 Investments $ 10,355 $ 10,527 (1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents. (2) On August 1, 2016, the Company completed the sale of the Company’s interest in Uber China to Didi and received approximately 52 million shares of Didi’s Series B-1 preferred stock as consideration valued at approximately $6.0 billion at time of transaction. (3) Refer to Note 19 - Divestitures for further information on the Company’s investment in Grab Holdings, Inc. ("Grab"). (4) Recorded at fair value with changes in fair value recorded in other comprehensive income (loss), net of tax. (5) Recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions) : As of December 31, 2018 As of December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 1,505 $ — $ — $ 1,505 $ 5,104 $ — $ — $ 5,104 Commercial paper — — — — — 233 — 233 U.S. government and agency securities — — — — — 153 — 153 Corporate bonds — — — — — 199 — 199 Non-marketable debt securities — — 2,370 2,370 — — 2,370 2,370 Non-marketable equity securities — — — — — — 98 98 Total financial assets $ 1,505 $ — $ 2,370 $ 3,875 $ 5,104 $ 585 $ 2,468 $ 8,157 Financial Liabilities Other $ — $ — $ 9 $ 9 $ — $ — $ — $ — Warrants — — 52 52 — — — — Embedded derivatives — — 2,018 2,018 — — — — Total financial liabilities $ — $ — $ 2,079 $ 2,079 $ — $ — $ — $ — The Company did not make any transfers between the levels of the fair value hierarchy during the years ended December 31, 2018 and 2019 . The following table summarizes the amortized cost and fair value of the Company’s marketable and non-marketable debt securities with a stated contractual maturity or redemption date (in millions) : As of December 31, 2019 Amortized Cost Fair Value Within one year $ 408 $ 408 One year through five years 2,456 2,513 Total $ 2,864 $ 2,921 The following table summarizes the amortized cost, unrealized gains and losses, and fair value of the Company’s marketable and non-marketable debt securities at fair value on a recurring basis as of December 31, 2019 (in millions) : As of December 31, 2018 As of December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper — — — — 233 — — 233 U.S. government and agency securities — — — — 153 — — 153 Corporate bonds — — — — 199 — — 199 Non-marketable debt securities 2,305 65 — 2,370 2,309 61 — 2,370 Total $ 2,305 $ 65 $ — $ 2,370 $ 2,894 $ 61 $ — $ 2,955 The Company measures its cash equivalents, certain investments, warrants, and derivative financial instruments at fair value. Level 1 instrument valuations are based on quoted market prices of the identical underlying security. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations are valued based on unobservable inputs and other estimation techniques due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such financial instruments. The Company’s Level 3 non-marketable debt securities as of December 31, 2018 and 2019 primarily consist of redeemable preferred stock investments in privately held companies without readily determinable fair values. The Company uses a third-party valuation specialist to assist management in its determination of the fair value of its Level 3 debt securities. The fair value of these debt securities is based on valuation techniques appropriate for the nature of such investments and the information available about the investees’ valuation. Depending on the investee’s financing activity in a reporting period, management’s estimate of fair value may be primarily derived from the investee’s financing transactions, such as the issuance of preferred stock to new investors. The price in these transactions generally provides the best indication of the enterprise value of the investee. Additionally, based on the timing, volume, and other characteristics of the transaction, the Company may supplement this information by using other valuation techniques, including the guideline public company approach. The guideline public company approach relies on publicly available market data of comparable companies and uses comparative valuation multiples of the investee’s revenue (actual and forecasted), and therefore, unobservable data used in this valuation technique primarily consists of short-term revenue projections. Once the fair value of the investee is estimated, an option-pricing model (“OPM”) is employed to allocate value to various classes of securities of the investee, including the class owned by the Company. The model involves making assumptions around the investees’ expected time to liquidity and volatility. An increase or decrease in any of the unobservable inputs in isolation, such as the security price in a significant financing transaction of the investee, could result in a material increase or decrease in the Company’s estimate of fair value. Other unobservable inputs, including short-term revenue projections, time to liquidity, and volatility are less sensitive to the valuation in the respective reporting periods, as a result of the primary weighting on the investee’s financing transactions during 2018 and 2019. In the future, depending on the weight of evidence and valuation approaches used, these or other inputs may have a more significant impact on the Company’s estimate of fair value. The following table summarizes information about the significant unobservable inputs used in the fair value measurement for the Company’s Grab investment as of December 31, 2018 and 2019 : Fair value method Relative weighting Key unobservable input Financing transactions 100% Transaction price per share $6.16 Volatility 48% - 54% Estimated time to liquidity 1.0 - 2.5 years The Company determines realized gains or losses on the sale of equity and debt securities on a specific identification method. The Company did not recognize any other-than-temporary impairment losses during years ended December 31, 2018 and 2019 . The following table presents a reconciliation of the Company’s financial assets measured and recorded at fair value on a recurring basis as of December 31, 2019 , using significant unobservable inputs (Level 3) (in millions) : Non-marketable Non-marketable Balance as of December 31, 2018 $ 2,370 $ — Total net gains (losses) Included in earnings (8 ) 11 Included in other comprehensive income (loss) 4 — Purchases (1) 4 56 Transfers (2) — 31 Balance as of December 31, 2019 $ 2,370 $ 98 (1) Purchases of non–marketable equity security include warrants to purchase shares of a private company that vest as certain performance criteria are met during the period. (2) Transfers include a non-marketable equity security that was previously measured at fair value on a non-recurring basis as of December 31, 2018 for which the Company elected to apply the fair value option during the year ended December 31, 2019 . Management’s key inputs and assumptions used to determine an estimate of fair value for this investment is based on an option-pricing model and price of the underlying security in recent financing transactions. The following table presents a rollforward of the Company’s financial liabilities measured at fair value as of December 31, 2018 and 2019 using significant unobservable inputs (Level 3), and the change in fair value recorded in other income (expense), net in the consolidated statements of operations (in millions) : Warrants Convertible Debt Embedded Derivative Balance as of December 31, 2017 $ 125 $ 1,517 Vesting of share warrants 41 — Exercise of vested share warrants (2 ) — forfeiture of unvested share warrants (120 ) — Change in fair value 8 501 Balance as of December 31, 2018 $ 52 $ 2,018 Vesting of share warrants 1 — Exercise of vested share warrants (53 ) — Change in fair value — (58 ) Settlement of derivative liability — (1,960 ) Balance as of December 31, 2019 $ — $ — Convertible Debt Embedded Derivative Convertible debt embedded derivatives originated from the issuance of the 2021 convertible notes and 2022 convertible notes (collectively the “ Convertible Notes ”) during 2015. Refer to Note 8 - Long-Term Debt and Revolving Credit Arrangements for further information. The fair value of the embedded derivatives was computed as the difference between the estimated value of the Convertible Notes with and without the Qualified Initial Public Offering (“ QIPO ”) Conversion Option (“ QIPO Conversion Option ”). The fair value of the Convertible Notes with and without the QIPO Conversion Option was estimated utilizing a discounted cash flow model to discount the expected payoffs at various potential QIPO dates to the valuation date. The key inputs to the valuation model included the probability of a QIPO occurring at various times, which was estimated to be 100% cumulatively by 2019 and a discount yield that was derived by the credit spread based on the average of the option-adjusted spreads of comparable instruments plus risk-free rates (average of 8.3% and 6.5% for the Convertible Notes as of December 31, 2018 and 2019 , respectively). Fair value measurements are highly sensitive to changes in these inputs; significant changes in these inputs would result in a significantly higher or lower fair value. No value was attributed to other embedded features as they are triggered by events with a remote probability of occurrence. Upon closing of the IPO, holders of the 2021 Convertible Notes and the 2022 Convertible Notes elected to convert all outstanding notes into 94 million shares of common stock. Refer to Note 1 - Description of Business and Summary of Significant Accounting Policies for further information. Warrant Liabilities In February 2016, the Company issued two warrants to an investor advisor to purchase up to 205,034 shares and 820,138 shares of the Company’s Series G redeemable convertible preferred stock at an exercise price of $0.01 per share in exchange for advisory services. The warrants were liability-classified due to the contingent redemption features in the underlying preferred stock a nd were subject to fair value remeasurement each reporting period. The vested warrants were exercised during the first quarter of 2019, and the Company reclassified $45 million , which represents the fair value of the exercised warrants on the exercise date, to Series G redeemable convertible preferred stock. Upon closing of the IPO, the Series G redeemable convertible preferred stock were automatically converted to shares of common stock. In connection with the sale of Uber China to Didi in August 2016, the Company committed to issue to Didi a warrant for 4 million shares of Series G redeemable convertible preferred stock at an exercise price of $0.00001 per share (the " contingent warrant "), subject to the closing of Didi ’s investment. The contingent warrant was subsequently issued to Didi in February 2017 upon the closing of Didi 's investment. The vesting of the contingent warrant was subject to certain restrictions on Didi , including a restriction on certain investments outside of Asia in an aggregate amount in excess of certain U.S dollar threshold (the "Significant Investment Amount") for a period of six years (a four -year initial term plus two automatic one year extensions). The warrant was to vest on a monthly basis over a four -year period from the issuance date, provided Didi has not exceeded the Significant Investment Amount. Didi exercised all its vested warrants in 2017 and the fair value of the exercised and vested shares of $37 million was included in preferred stock as of December 31, 2017 . On February 5, 2018, the Company was notified by Didi that Didi closed on an investment outside of Asia in an aggregate amount in excess of the Significant Investment Amount on January 26, 2018. Accordingly, the unvested shares related to the contingent warrant were forfeited in January 2018, and the vested and exercised shares were repurchased in May 2018 for an immaterial amount. As a result of the forfeitures and repurchases, the Company recognized a gain totaling $152 million in other income (expense), net in the consolidated statements of operations during the year ended December 31, 2018 . Assets Measured at Fair Value on a Non-Recurring Basis The Company’s non-financial assets, such as goodwill, intangible assets and property and equipment are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominately on Level 3 inputs. Non-Marketable Equity Securities The Company’s non-marketable equity securities are investments in privately held companies without readily determinable fair values and primarily relate to its investments in Didi and an initial $50 million investment made in October 2019 in Cornershop. Refer to Note 1 - Description of Business and Summary of Significant Accounting Policies for further information on the Company’s investment in Cornershop. On January 1, 2018, the Company adopted ASU 2016-01, in which the carrying value of its non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer or for impairment (referred to as the measurement alternative). Any changes in carrying value is recorded within other income (expense), net in the consolidated statements of operations . Non-marketable equity securities are classified within Level 3 in the fair value hierarchy because the Company estimates the fair value of these securities based on valuation methods, including the common stock equivalent method, using the transaction price of similar securities issued by the investee adjusted for contractual rights and obligations of the securities it holds. The following is a summary of unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded in other income (expense), net in the consolidated statements of operations , and included as adjustments to the carrying value of non-marketable equity securities held as of December 31, 2018 and 2019 based on the observable price in an orderly transaction for the same or similar security of the same issuers (in millions) : Year Ended December 31, 2018 2019 Upward adjustments $ 1,984 $ — Downward adjustments (including impairment) — — Total unrealized gain for non-marketable equity securities $ 1,984 $ — There was a remeasurement event for Didi security during 2019; however, based on the selling price of newly issued shares of similar preferred stock to new investors using the common stock equivalent valuation method and adjusted for any applicable differences in conversion rights, management concluded that no adjustment was warranted. The Company did not record any realized gains or losses for the Company’s non-marketable equity securities measured at fair value on a non-recurring basis as of December 31, 2018 and 2019 . The following table summarizes the total carrying value of the Company’s non-marketable equity securities measured at fair value on a non-recurring basis held as of December 31, 2018 and 2019 including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions) : As of December 31, 2018 2019 Initial cost basis $ 6,001 $ 6,075 Upward adjustments 1,984 1,984 Downward adjustments (including impairment) — — Total carrying value at the end of the period $ 7,985 $ 8,059 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Note 4 - Equity Method Investments The carrying value of the Company’s equity method investments as of December 31, 2018 and 2019 were as follows (in millions) : As of December 31, 2018 2019 MLU B.V. (1) $ 1,234 $ 1,224 Mission Bay 3 & 4 (2) 78 140 Equity method investments $ 1,312 $ 1,364 (1) Refer to Note 19 - Divestitures for further information. (2) Refer to Note 16 - Variable Interest Entities ("VIEs") for further information. MLU B.V. and Uber Russia/CIS Operations During the first quarter of 2018, the Company closed a transaction that contributed the net assets of its Uber Russia/CIS operations into a newly formed private limited liability company (“MLU B.V.” or “Yandex.Taxi joint venture”), with Yandex and the Company holding ownership interests in MLU B.V. In exchange for consideration contributed, the Company received a seat on MLU B.V.’s board and a 38% equity ownership interest consisting of common stock in MLU B.V. Certain contingent equity issuances of MLU B.V. may dilute the Company’s equity ownership interest to approximately 35% . The investment was determined to be an equity method investment due to the Company’s ability to exercise significant influence over MLU B.V. The initial fair value of the Company’s equity method investment in MLU B.V. was estimated using discounted cash flows of MLU B.V. The equity ownership interest in MLU B.V. was 38% as of December 31, 2018 and 2019 . Included in the carrying value of MLU B.V. is the basis difference, net of amortization, between the original cost of the investment and the Company's proportionate share of the net assets of MLU B.V. The carrying value of the equity method investment is primarily adjusted for the Company’s share in the income or losses of MLU B.V. and amortization of basis differences. Equity method goodwill and intangible assets, net of accumulated amortization are also adjusted for currency translation adjustments representing fluctuations between the functional currency of the investee, the Ruble and the U.S. Dollar. The table below provides the composition of the basis difference as of December 31, 2019 (in millions): As of December 31, 2019 Equity method goodwill $ 801 Intangible assets, net of accumulated amortization 118 Deferred tax liabilities (30 ) Cumulative currency translation adjustments (93 ) Basis difference $ 796 The Company amortizes the basis difference related to the intangible assets over the estimated useful lives of the assets that gave rise to the difference using the straight-line method. The weighted-aver age life of the intangible asset is approximately 5.7 years and 4.8 years as of December 31, 2018 and 2019 , respectively. Equity method goodwill is not amortized. The investment balance is reviewed for impairment whenever factors indicate that the carrying value of the equity method investment may not be recoverable. As of December 31, 2018 and 2019 , the Company determined that there was no impairment of its investment in MLU B.V. Mission Bay 3 & 4 The Mission Bay 3 & 4 JV refers to Event Center Office Partners, LLC (“ECOP”), a joint venture entity established in March 2018, by Uber and two companies (“LLC Partners”) to manage the construction and operation of two office buildings owned by two ECOP wholly-owned subsidiaries. The Company contributed $136 million cash in exchange for a 45% interest in ECOP. The two LLC Partners own 45% and 10% , respectively. As of December 31, 2018 , the amount of contributed cash was recorded as an equity method investment of $78 million and $58 million was recorded as a defeasance of the financing liability. The financing liability was recorded in accordance with build-to-suit accounting guidance under ASC 840 to reflect the construction costs that the LLC Partners paid on Uber's behalf. Upon the adoption of ASC 842 on January 1, 2019, the Company derecognized building asset and financing obligation liability balances associated with the construction projects as these were not build-to-suit leases under ASC 842 and reclassified the initial cash contribution of $58 million to equity method investment. As of December 31, 2019 , the equity method investment for Mission Bay 3& 4 was $138 million . The equity ownership interest in ECOP was 45% as of December 31, 2018 and 2019 . Uber has significant influence over ECOP and accounts for its investment in ECOP under the equity method. Once construction is complete, at each reporting period and a quarter in arrears, the Company will adjust the carrying value of its investment to reflect its proportionate share of ECOP’s income or loss, and any impairments, with a corresponding credit or debit, respectively, to income or loss from equity method investment, net of tax in the consolidated statements of operations . In 2018, no equity earnings were recognized since the sole activity of the ECOP consisted of construction of the assets and costs incurred are capitalized. During 2019 , the construction was completed and leasing activities commenced, and an immaterial amount of equity earnings was recognized d uring the year ended December 31, 2019 . As of December 31, 2018 and 2019 , the Company determined that there was no impairment of its investment in ECOP . |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 5 - Property and Equipment, Net The components of property and equipment, net as of December 31, 2018 and 2019 were as follows (in millions) : As of December 31, 2018 2019 Land $ 67 $ 76 Building and site improvements 93 40 Leasehold improvements 315 382 Computer equipment 858 927 Leased computer equipment 288 539 Leased vehicles 34 24 Internal-use software 51 127 Furniture and fixtures 39 49 Dockless e-bikes 10 78 Construction in progress 832 863 Total 2,587 3,105 Less: Accumulated depreciation and amortization (946 ) (1,374 ) Property and equipment, net $ 1,641 $ 1,731 The Company capitalized $14 million and $76 million in internal-use software costs during the years ended December 31, 2018 and 2019 , respectively, which is included in property and equipment, net on the consolidated balance sheets . Amortization of capitalized software development costs was $14 million , $12 million , and $22 million for the years ended December 31, 2017, 2018 and 2019 , respectively. Amounts in construction in progress represent buildings, leasehold improvements, assets under construction, and other assets not placed in service, and build-to-suit leases prior to the adoption of ASC 842 on January 1, 2019. Upon adoption of ASC 842, the Company derecognized build-to-suit assets from construction in progress. Refer to Note 1 - Description of Business and Summary of Significant Accounting Policies for further information. Depreciation expense relating to property and equipment was $490 million , $399 million , and $433 million for the years ended December 31, 2017, 2018 and 2019 , respectively. Included in these amounts were depreciation expense for leased computer equipment in the amount of $26 million , $75 million , and $146 million for the years ended December 31, 2017, 2018 and 2019 , respectively. Accumulated depreciation and amortization included $101 million and $247 million of leased computer equipment depreciation as of December 31, 2018 and 2019 , respectively. I n October 2017, the Company sold real estate in the United States resulting in net sales proceeds of $175 million , inclusive of a loss on sale of $79 million . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 6 - Leases The components of lease expense were as follows (in millions) : Year Ended December 31, 2019 Lease cost Finance lease cost: Amortization of assets $ 150 Interest of lease liabilities 15 Operating lease cost 321 Short-term lease cost 28 Variable lease cost 100 Sublease income (2 ) Total lease cost $ 612 Supplemental cash flow information related to leases was as follows (in millions) : Year Ended December 31, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from financing leases $ 12 Operating cash flows from operating leases 275 Financing cash flows from financing leases 138 Right-of-use assets obtained in exchange for lease obligations: Operating lease liabilities $ 918 Finance lease liabilities 251 Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate): As of December 31, 2019 Operating Leases Operating lease right-of-use assets $ 1,594 Operating lease liability, current 196 Operating lease liabilities, non-current 1,523 Total operating lease liabilities $ 1,719 As of December 31, 2019 Finance Leases Property and equipment, at cost $ 539 Accumulated depreciation (247 ) Property and equipment, net $ 292 Other current liabilities $ 165 Other long-term liabilities 143 Total finance leases liabilities $ 308 As of December 31, 2019 Weighted-average remaining lease term Operating leases 16 years Finance leases 2 years Weighted-average discount rate Operating leases 7.1 % Finance leases 5.0 % Maturities of lease liabilities were as follows (in millions) : As of December 31, 2019 Operating Leases Finance Leases 2020 216 176 2021 248 115 2022 283 32 2023 244 — 2024 201 — Thereafter 2,195 — Total undiscounted lease payments 3,387 323 Less: imputed interest (1,668 ) (15 ) Total lease liabilities $ 1,719 $ 308 As of December 31, 2019 , the Company had additional operating leases and finance leases, primarily for corporate offices and servers, that have not yet commenced of $405 million and $23 million , respectively. These operating and finance leases will commence between fiscal year 2020 and fiscal year 2022 with lease terms of 1 year to 11 years . Supplemental Information for Comparative Periods Prior to the adoption of ASC 842, future minimum payments for noncancellable operating leases as of December 31, 2018 were as follows (in millions) : Operating Leases 2019 $ 263 2020 257 2021 224 2022 193 2023 163 Thereafter 1,928 Total $ 3,028 Office and data center rent expense was $194 million and $221 million for the years ended December 31, 2017 and 2018 , respectively. Mission Bay 1 & 2 In 2015, the Company entered into a joint venture (“JV”) agreement with a real estate developer (“JV Partner”) to develop land (“the Land”) in San Francisco to construct the Company’s new headquarters (the “Headquarters”). The Headquarters will consist of two adjacent office buildings totaling approximately 423,000 rentable square feet. In connection with the JV arrangement, the Company had acquired a 49% interest in the JV, the principal asset of which was the Land. In 2016, the Company and the JV Partner agreed to dissolve the JV and terminate the Company’s commitment to the lease of the Headquarters (together “the real estate transaction”) and the Company retained a 49% indirect interest in the Land (“Indirect Interest”). Under the terms of the real estate transaction, the Company obtained the rights and title to the partially constructed building, will complete the development of the two office buildings and retain a 100% ownership in the buildings. In connection with the real estate transaction, the Company also executed two 75 -year land lease agreements (“Land Leases”). As of December 31, 2019 , commitments under the Land Leases total $164 million until February 2032. After 2032, the annual rent amount will adjust annually based on the prevailing consumer price index. The real estate transaction is accounted for as a financing transaction of the Company’s 49% Indirect Interest due to the Company’s continuing involvement through a purchase option on the Indirect Interest. As a financing transaction, the cash and deferred sales proceeds received from the real estate transaction are recorded as a financing obligation. As of December 31, 2019 , the Company’s Indirect Interest of $65 million is included in property and equipment, net and a corresponding financing obligation of $78 million is included in other long-term liabilities. Future land lease payments of $1.7 billion will be allocated 49% to the financing obligation of the Indirect Interest and 51% to the operating lease of land. Future minimum payments related to the financing obligations as of December 31, 2019 are summarized below (in millions) : Future Minimum Payments Fiscal Year Ending December 31, 2020 $ 6 2021 6 2022 6 2023 6 2024 6 Thereafter 827 Total $ 857 |
Leases | Note 6 - Leases The components of lease expense were as follows (in millions) : Year Ended December 31, 2019 Lease cost Finance lease cost: Amortization of assets $ 150 Interest of lease liabilities 15 Operating lease cost 321 Short-term lease cost 28 Variable lease cost 100 Sublease income (2 ) Total lease cost $ 612 Supplemental cash flow information related to leases was as follows (in millions) : Year Ended December 31, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from financing leases $ 12 Operating cash flows from operating leases 275 Financing cash flows from financing leases 138 Right-of-use assets obtained in exchange for lease obligations: Operating lease liabilities $ 918 Finance lease liabilities 251 Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate): As of December 31, 2019 Operating Leases Operating lease right-of-use assets $ 1,594 Operating lease liability, current 196 Operating lease liabilities, non-current 1,523 Total operating lease liabilities $ 1,719 As of December 31, 2019 Finance Leases Property and equipment, at cost $ 539 Accumulated depreciation (247 ) Property and equipment, net $ 292 Other current liabilities $ 165 Other long-term liabilities 143 Total finance leases liabilities $ 308 As of December 31, 2019 Weighted-average remaining lease term Operating leases 16 years Finance leases 2 years Weighted-average discount rate Operating leases 7.1 % Finance leases 5.0 % Maturities of lease liabilities were as follows (in millions) : As of December 31, 2019 Operating Leases Finance Leases 2020 216 176 2021 248 115 2022 283 32 2023 244 — 2024 201 — Thereafter 2,195 — Total undiscounted lease payments 3,387 323 Less: imputed interest (1,668 ) (15 ) Total lease liabilities $ 1,719 $ 308 As of December 31, 2019 , the Company had additional operating leases and finance leases, primarily for corporate offices and servers, that have not yet commenced of $405 million and $23 million , respectively. These operating and finance leases will commence between fiscal year 2020 and fiscal year 2022 with lease terms of 1 year to 11 years . Supplemental Information for Comparative Periods Prior to the adoption of ASC 842, future minimum payments for noncancellable operating leases as of December 31, 2018 were as follows (in millions) : Operating Leases 2019 $ 263 2020 257 2021 224 2022 193 2023 163 Thereafter 1,928 Total $ 3,028 Office and data center rent expense was $194 million and $221 million for the years ended December 31, 2017 and 2018 , respectively. Mission Bay 1 & 2 In 2015, the Company entered into a joint venture (“JV”) agreement with a real estate developer (“JV Partner”) to develop land (“the Land”) in San Francisco to construct the Company’s new headquarters (the “Headquarters”). The Headquarters will consist of two adjacent office buildings totaling approximately 423,000 rentable square feet. In connection with the JV arrangement, the Company had acquired a 49% interest in the JV, the principal asset of which was the Land. In 2016, the Company and the JV Partner agreed to dissolve the JV and terminate the Company’s commitment to the lease of the Headquarters (together “the real estate transaction”) and the Company retained a 49% indirect interest in the Land (“Indirect Interest”). Under the terms of the real estate transaction, the Company obtained the rights and title to the partially constructed building, will complete the development of the two office buildings and retain a 100% ownership in the buildings. In connection with the real estate transaction, the Company also executed two 75 -year land lease agreements (“Land Leases”). As of December 31, 2019 , commitments under the Land Leases total $164 million until February 2032. After 2032, the annual rent amount will adjust annually based on the prevailing consumer price index. The real estate transaction is accounted for as a financing transaction of the Company’s 49% Indirect Interest due to the Company’s continuing involvement through a purchase option on the Indirect Interest. As a financing transaction, the cash and deferred sales proceeds received from the real estate transaction are recorded as a financing obligation. As of December 31, 2019 , the Company’s Indirect Interest of $65 million is included in property and equipment, net and a corresponding financing obligation of $78 million is included in other long-term liabilities. Future land lease payments of $1.7 billion will be allocated 49% to the financing obligation of the Indirect Interest and 51% to the operating lease of land. Future minimum payments related to the financing obligations as of December 31, 2019 are summarized below (in millions) : Future Minimum Payments Fiscal Year Ending December 31, 2020 $ 6 2021 6 2022 6 2023 6 2024 6 Thereafter 827 Total $ 857 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 7 – Goodwill and Intangible Assets Goodwill In the third quarter of 2019, the Company determined it has five operating and reportable segments: Rides, Eats, Freight, Other Bets and ATG and Other Technology Programs. The change in operating and reportable segments resulted in a reallocation of goodwill to ATG and Other Technology Programs, as the goodwill was generated from previous acquisitions specifically supporting ATG operations . Refer to Note 14 - Segment Information and Geographic Information for further information. The following table presents the changes in the carrying value of goodwill by segment for the years ended December 31, 2018 and 2019 (in millions) : As Previously Reported Core Platform Other Bets Rides Eats Freight Other Bets ATG and Other Technology Programs Total Goodwill Balance as of January 1, 2018 $ 39 $ — $ — $ — $ — $ — $ — $ 39 Acquisitions 14 100 — — — — — 114 Balance as of December 31, 2018 53 100 — — — — — 153 Reallocation due to change in segments (53 ) (100 ) 25 13 — 100 15 — Acquisitions — — — — — — 14 14 Balance as of December 31, 2019 $ — $ — $ 25 $ 13 $ — $ 100 $ 29 $ 167 The Company performed an annual test for goodwill impairment in the fourth quarter of the fiscal years ended December 31, 2018 and 2019 and determined that goodwill was no t impaired. Intangible Assets The components of intangible assets, net as of December 31, 2018 and 2019 were as follows (in millions except years): Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years December 31, 2018 Developed technology (1) $ 90 $ (20 ) $ 70 4 Patents 15 (3 ) 12 9 Other 3 (3 ) — — Intangible assets $ 108 $ (26 ) $ 82 Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years December 31, 2019 Developed technology (1) $ 94 $ (35 ) $ 59 3 Patents 16 (4 ) 12 8 Other 3 (3 ) — — Intangible assets $ 113 $ (42 ) $ 71 (1) Developed technology intangible assets include in-process research and development (“ IPR&D ”), which is not subject to amortization, of $27 million and $31 million as of December 31, 2018 and 2019 , respectively. There have been no impairment charges related to intangible assets recorded in any of the periods presented in the accompanying consolidated financial statements . Amortization expense for intangible assets subject to amortization was $7 million , $15 million , and $16 million for the years ended December 31, 2017, 2018 and 2019 , respectively. The estimated aggregate future amortization expense for intangible assets subject to amortization as of December 31, 2019 is summarized below (in millions) : Estimated Future Amortization Expense Year Ending December 31, 2020 $ 12 2021 10 2022 9 2023 4 2024 1 Thereafter 4 Total $ 40 |
Long-Term Debt and Revolving Cr
Long-Term Debt and Revolving Credit Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Revolving Credit Arrangements | Note 8 - Long-Term Debt and Revolving Credit Arrangements Components of debt, including the associated effective interest rates were as follows ( in millions , except for percentages): As of December 31, 2018 2019 Effective Interest Rate 2016 Senior Secured Term Loan $ 1,124 $ 1,113 6.1 % 2018 Senior Secured Term Loan 1,493 1,478 6.2 % 2021 Convertible Notes 1,844 — 23.5 % 2022 Convertible Notes 1,030 — 13.7 % 2023 Senior Note 500 500 7.7 % 2026 Senior Note 1,500 1,500 8.1 % 2027 Senior Note — 1,200 7.7 % Total debt 7,491 5,791 Less: unamortized discount and issuance costs (595 ) (57 ) Less: current portion of long-term debt (27 ) (27 ) Total long-term debt $ 6,869 $ 5,707 2016 Senior Secured Term Loan In July 2016, the Company entered into a secured term loan agreement with a syndicate of lenders to issue senior secured floating-rate term loans for a total of $1.2 billion in proceeds, net of debt discount of $23 million and debt issuance costs of $13 million , with a maturity date of July 2023 (the “ 2016 Senior Secured Term Loan ”). On June 13, 2018, the Company entered into an amendment to the 2016 Senior Secured Term Loan agreement which increased the effective interest rate to 6.1% on the outstanding balance of the 2016 Senior Secured Term Loan as of the amendment date. The maturity date for the 2016 Senior Secured Term Loan remains July 13, 2023 . The amendment qualified as a debt modification that did not result in an extinguishment except for an immaterial syndicated amount of the loan. The 2016 Senior Secured Term Loan is guaranteed by certain material domestic restricted subsidiaries of the Company. The 2016 Senior Secured Term Loan agreement contains customary covenants restricting the Company and certain of its subsidiaries’ ability to incur debt, incur liens and undergo certain fundamental changes, as well as certain financial covenants specified in the contractual agreement. The Company was in compliance with all covenants as of December 31, 2019 . The credit agreement also contains customary events of default. The loan is secured by certain intellectual property of the Company and equity of certain material foreign subsidiaries. The 2016 Senior Secured Term Loan also contains restrictions on the payment of dividends. 2018 Senior Secured Term Loan In April 2018, the Company entered into a secured term loan agreement with a syndicate of lenders to issue secured floating-rate term loans totaling $1.5 billion in proceeds, net of debt discount of $8 million and debt issuance costs of $15 million , with a maturity date of April 2025 (the “ 2018 Senior Secured Term Loan ”). The 2018 Senior Secured Term Loan was issued on a pari passu basis with the existing 2016 Senior Secured Term Loan . The debt discount and debt issuance costs are amortized to interest expense at an effective interest rate of 6.2% . The 2018 Senior Secured Term Loan is guaranteed by certain material domestic restricted subsidiaries of the Company. The 2018 Senior Secured Term Loan agreement contains customary covenants restricting the Company and certain of its subsidiaries’ ability to incur debt, incur liens and undergo certain fundamental changes, as well as certain financial covenants specified in the contractual agreement. The Company was in compliance with all covenants as of December 31, 2019 . The credit agreement also contains customary events of default. The loan is secured by certain intellectual property of the Company and equity of certain material foreign subsidiaries. The fair values of the Company’s 2016 Senior Secured Term Loan and 2018 Senior Secured Term Loan were $1.1 billion and $1.5 billion , respectively, as of December 31, 2019 and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input. 2021 and 2022 Convertible Notes During 2015, the Company issued convertible notes at par for a total of $1.7 billion in proceeds, net of $1 million in debt issuance costs, with an initial maturity date of January 2021 (the “ 2021 Convertible Notes ”) and convertible notes at par for a total of $949 million in proceeds, net of $0.1 million in debt issuance costs with an initial maturity date of June 2022 (the “ 2022 Convertible Notes ” collectively, the “ 2021 and 2022 Convertible Notes ”). The 2021 Convertible Notes contained various extension options triggered by the events defined in the note agreement and allowed the maturity date to be extended up to 2030 . For the 2022 Convertible Notes, the Company had the option to elect to extend the maturity date by one year if a material financial market disruption (as defined in the note agreement) existed at initial maturity. The interest rate for the 2021 Convertible Notes was 2.5% per annum, payable semi-annually in arrears. During the first four years from the issuance date, at the election of the holders, interest was to be paid in cash or by increasing the principal amount of the 2021 Convertible Notes by payment in kind (“ PIK interest ”). The holders had elected to receive PIK interest during the first four years . The interest rate increased to 12.5% during the last 2 years of the initial term of the 2021 Convertible Notes and was to be paid in cash at the election of the Company. The interest rate during the maturity extension period varied from 3.5% to 12.5% depending on the type of extension option elected. The interest rate for the 2022 Convertible Notes was 2.5% per annum, compounded semi-annually and payable in PIK interest . If no conversion or settlement event was triggered prior to the 2022 Convertible Notes ’ maturity, the 2022 Convertible Notes were to be redeemed at an 8.0% internal rate of return (“ IRR ”) either immediately or over a 3 -year period, at the Company’s election. The 8.0% IRR payout at maturity was incorporated into the effective interest rate calculation. On May 14, 2019 , the Company closed its IPO and the holders of 2021 and 2022 Convertible Notes elected to convert the outstanding notes into common stock. Refer to Note 1 - Description of Business and Summary of Significant Accounting Policies for further information. The 2021 and 2022 Convertible Notes also contained other embedded features, such as conversion options that were exercisable upon the occurrence of various contingencies. The conversion options for the 2021 Convertible Notes involved a discount to the conversion price, which ranged from 18.0% to 30.5% increasing with the passage of time. The conversion options for the 2022 Convertible Notes involved a discount to the conversion price, which ranged from 8.1% to 44.5% increasing with the passage of time. All of the embedded features were analyzed to determine whether they should be bifurcated and separately accounted for as a derivative. Pursuant to such analysis, the Company valued and bifurcated the QIPO Conversion Option , which enabled the holders to convert their 2021 and 2022 Convertible Notes to the shares offered in a QIPO at a predefined discount from the public offering price, and recorded its initial fair value of $1.1 billion and $312 million , respectively, as a discount on the 2021 and 2022 Convertible Notes face amount. The debt discount for the 2021 and 2022 Convertible Notes was amortized to interest expense at an effective interest rate of 23.5% and 13.7% , respectively. The Company was amortizing the discount over the period until the initial maturity date of the respective notes. The fair value of the QIPO Conversion Option was determined in accordance with the methodology described in Note 3 - Investments and Fair Value Measurement , and the changes in fair value were recognized as a component of other income (expense), net in the consolidated statements of operations . The Company recorded $89 million and $434 million of expense for the years ended December 31, 2017 and 2018 , respectively, and $20 million of the income for the year ended December 31, 2019 , related to the change in the fair value of the 2021 Convertible Notes embedded derivative liability, which was included in total other income (expense), net in the consolidated statements of operations . The Company recorded $84 million and $67 million of expense for the years ended December 31, 2017 and 2018 , respectively, and $38 million of income for the year ended December 31, 2019 , related to the change in the fair value of the 2022 Convertible Notes embedded derivative liability, which was included in total other income (expense), net in the consolidated statements of operations . No value was attributed to other embedded features as they are triggered by events with a remote probability of occurrence. The agreements contained customary covenants that restricted the Company’s ability to, among other things, declare dividends or make certain distributions. 2023, 2026 and 2027 Senior Notes In October 2018 , the Company issued five -year notes with aggregate principal amount of $500 million due on November 1, 2023 and eight -year notes with aggregate principal amount of $1.5 billion due on November 1, 2026 (the “ 2023 and 2026 Senior Notes ”) in a private placement offering totaling $2.0 billion . The Company issued the 2023 and 2026 Senior Notes at par and paid approximately $9 million for debt issuance costs. The interest is payable semi-annually on May 1 and November 1 of each year at 7.5% per annum and 8.0% per annum, respectively, beginning on May 1, 2019 , and the entire principal amount is due at the time of maturity. In September 2019 , the Company issued eight - year notes with aggregate principal amount of $1.2 billion due on September 15, 2027 (the “ 2027 Senior Notes ”) in a private placement to qualified institutional buyers pursuant to Rule144A under the Securities Act . The Company issued the 2027 Senior Notes at par and paid approximately $11 million for debt issuance costs. The interest is payable semi-annually in arrears on March 15 and September 15 of each year at 7.5% per annum, beginning on March 15, 2020 , and the entire principal amount is due at the time of maturity. The 2023, 2026 and 2027 Senior Notes are guaranteed by certain material domestic restricted subsidiaries of the Company. The indentures governing the 2023, 2026 and 2027 Senior Notes contain customary covenants restricting the Company and certain of its subsidiaries’ ability to incur debt and incur liens, as well as certain financial covenants specified in the contractual agreements. The Company was in compliance with all covenants as of December 31, 2019 . The fair values of the Company’s 2023, 2026 and 2027 Senior Notes were $523 million , $1.6 billion , and $1.2 billion , respectively, as of December 31, 2019 and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input. The future principal payments for the Company’s long-term debt as of December 31, 2019 is summarized as follows (in millions) : Future Minimum Payments Year Ending December 31, 2020 $ 27 2021 27 2022 27 2023 1,593 2024 15 Thereafter 4,102 Total $ 5,791 The following table presents the amount of interest expense recognized relating to the contractual interest coupon, amortization of the debt discount and issuance costs, and the IRR payout with respect to the Senior Secured Term Loan, the Convertible Notes, and the Senior Notes for the years ended December 31, 2017, 2018 and 2019 (in millions) : Year Ended December 31, 2017 2018 2019 Contractual interest coupon $ 127 $ 231 $ 439 Amortization of debt discount and issuance costs 244 318 82 8% IRR payout 52 61 26 Total interest expense from long-term debt $ 423 $ 610 $ 547 Revolving Credit Arrangements The Company has a revolving credit agreement initially entered in 2015 with certain lenders, which provides for $2.3 billion in credit maturing on June 13, 2023 (“ Revolving Credit Facility ”). In conjunction with the Company’s entry into the 2016 Senior Secured Term Loan , the revolving credit facility agreements were amended to include as collateral the same intellectual property of the Company and the same equity of certain material foreign subsidiaries that were pledged as collateral under the 2016 Senior Secured Term Loan . The credit facility may be guaranteed by certain material domestic restricted subsidiaries of the Company based on certain conditions. The credit agreement contains customary covenants restricting the Company and certain of its subsidiaries’ ability to incur debt, incur liens, and undergo certain fundamental changes, as well as certain financial covenants specified in the contractual agreement. The credit agreement also contains customary events of default. The Revolving Credit Facility also contains restrictions on the payment of dividends. As of December 31, 2019 , there was no balance outstanding on the Revolving Credit Facility . Letters of Credit The Company’s insurance subsidiary maintains agreements for letters of credit to guarantee the performance of insurance related obligations that are collateralized by cash or investments of the subsidiary. For purposes of securing obligations related to leases and other contractual obligations, the Company also maintains an agreement for letters of credit, which is collateralized by the Company’s Revolving Credit Facility and reduces the amount of credit available. As of December 31, 2018 and 2019 , the Company had letters of credit outstanding of $470 million and $570 million , respectively, of which the letters of credit that reduced the available credit under the Revolving Credit Facility were $166 million and $213 million , respectively. |
Assets and Liabilities Held for
Assets and Liabilities Held for Sale | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held for Sale | Note 9 - Assets and Liabilities Held for Sale Lion City Rentals During 2018, the Company started exploring strategic options for the sale of Lion City Rentals Pte. Ltd. (“LCR”), a wholly-owned vehicle solutions subsidiary of the Company based in Singapore and concluded that LCR met all of the held for sale criteria as of December 31, 2018. In January 2019, an agreement was executed with Waydrive Holdings Pte. Ltd. (“Waydrive”) to purchase the LCR business, specifically 100% of the equity interests of LCR and its subsidiary LCRF Pte. Ltd. (“LCRF”). The fair value of consideration received included $310 million of cash for the assets and liabilities of LCR and LCRF and up to $33 million of contingent consideration receivable for certain VAT receivables and receivables from certain commercial counterparties. These contingent consideration receivables are included in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2019 . The resulting gain on disposal was not material to the Company. The transaction closed on January 25, 2019. D uring the years ended December 31, 2017 and 2018, the Company recognized an impairment loss in general and administrative expenses of $57 million and $197 million , respectively, in the consolidated statement of operations to adjust the fair value of the assets and liabilities, primarily as a result of the passage of time and the reduction in fair value of vehicles held for sale. The LCR business was included within the Company’s Rides segment. The following table summarizes the carrying values of the assets and liabilities classified as held for sale as of December 31, 2018 (in millions) : As of December 31, 2018 Assets held for sale Cash and cash equivalents $ 34 Accounts receivable, net 20 Prepaid expenses and other current assets 30 Property and equipment, net 322 Total assets held for sale 406 Liabilities held for sale Accounts payable 2 Accrued liabilities 2 Other current liabilities 7 Total liabilities held for sale 11 Net assets held for sale $ 395 Note 19 - Divestitures During the year ended December 31, 2018 , the Company completed two divestitures. These divestitures consisted of the disposition with a retained interest in the Uber Russia/CIS operations and the sale of the Company's Southeast Asia operations. The gains associated with these divestitures were included in other income (expense), net in the consolidated statement of operations. MLU B.V. and Uber Russia/CIS Operations During the first quarter of 2018, the Company contributed the net assets of its Uber Russia/CIS operations into a newly formed private limited liability company, MLU B.V., with Yandex and the Company holding ownership interests in MLU B.V. The Company contributed $345 million of cash, contracts in the region including Rider, Driver, and Eater contracts, and certain employees in the region to MLU B.V. The Company concurrently issued approximately 2 million shares of Uber Technologies, Inc. Class A common stock, with a fair value of $52 million to MLU B.V.’s parent, Yandex. These shares are subject to a put/cal l feature resulting in Uber Technologies, Inc.’s contingent obligation to buy back these shares at $48 per share. The put/call feature may be exercised at any time by either party from when it became effective in February 2019 through February 2022, at which point, if unexercised, the put/call right expires. In December 2019, Yandex exercised the put feature which caused the Company to repurchase all Yandex owned shares of Uber Technologies, Inc. Class A common stock. The Company then retired the shares. The Company performed an evaluation to determine if the sale constituted discontinued operations and concluded that the sale did not represent a major strategic shift, primarily because the Uber Russia/CIS operations did not materially affect consolidated assets, revenue or loss from operations of the Company. In addition, the Company determined the sale constituted the sale of a business in accordance with ASC 805. In exchange for consideration contributed, the Company received a seat on MLU B.V.’s board and a 38% equity ownership interest consisting of common stock in MLU B.V. The investment was determined to be an equity method investment due to the Company’s ability to exercise significant influence over MLU B.V. Refer to Note 4 - Equity Method Investments for further information. As a result of the loss of control over Uber Russia/CIS resulting from the transaction, the Company derecognized the assets and liabilities of Uber Russia/CIS and recorded a $954 million gain during the year ended December 31, 2018 recognized in other income (expense), net in the consolidated statements of operations . The following table presents the gain on disposition related to the divestiture of Uber Russia/CIS during the year ended December 31, 2018 (in millions) : Year Ended December 31, 2018 Fair value of consideration received $ 1,410 Cash consideration contributed, net of working capital adjustments (334 ) Share consideration in Class A common stock contributed (52 ) Other (57 ) Net consideration received for sale of Uber Russia/CIS 967 Carrying value of net assets transferred (13 ) Gain on disposition $ 954 Included in the initial carrying value of the investment in MLU B.V. of $1.4 billion , which represents the fair value of the investment (as consideration received) on the transaction date, was a basis difference of $908 million related to the difference between the cost of the investment and the Company’s proportionate share of the net assets of MLU B.V. Southeast Asia On March 25, 2018, two wholly-owned subsidiaries of the Company signed and completed an agreement with Grab pursuant to which Grab hired employees and acquired certain assets of the Company in the region, including Rider, Driver, and Eater contracts in Southeast Asia. The net assets contributed by the Company were not material . The Company determined the sale constituted the sale of business in accordance with ASC 805. The investment was determined to be an investment in a debt security which the Company has classified as available-for-sale, initially recorded at fair value of $2.2 billion . Upon closing, the Company’s Chief Executive Officer joined Grab's board of directors and compensation committee. In exchange, the Company received 401 million shares of Grab Series G preferred stock on the closing date of the transaction and 8 million additional Grab Series G preferred stock during 2018 related to the resolution of certain post-close contingencies, for a total of 409 million shares representing 23.2% of the outstanding share capital of Grab as of December 31, 2018 . In addition, based on the agreement, 3 million shares remained subject to the post-close contingency as of December 31, 2018 , and the remaining number of shares were immaterial as of December 31, 2019 . The shares received have been recorded at fair value as additional sale consideration. As a result of the transaction, the Company recorded a $2.3 billion gain during the year ended December 31, 2018 in other income (expense), net in the consolidated statements of operations . The Grab Series G preferred stock ("the Grab investment") includes a redemption right, under which the Company, subject to certain conditions, including the absence of a Grab IPO, may put all or a portion of its investment back to Grab any time after the redemption date (defined as June 29, 2023 ) for cash. The redemption price is equal to the sum of the issue price of $5.54 with any declared but unpaid dividends, and compounded interest of 6% per annum on the issue price. The compounded interest represents contractual interest payable on the Grab investment generally due at the redemption date. The Grab investment meets the definition of a debt security due to the redemption feature of the invested shares that are not in-substance common stock. As a result, the Grab investment is classified as an available-for-sale debt security initially recorded at fair value, with changes in the fair value of the investment recorded in other comprehensive income (loss), net of tax. Refer to Note 3 - Investments and Fair Value Measurement for further information regarding the amortized cost, unrealized holding gains, and fair value of the Company’s available-for-sale debt securities. There is significant uncertainty over the collectability of the contractual interest payable on the Grab investment on or after the redemption date due to, among other factors, the reasonable possibility of a Grab IPO. For these reasons, the Company has not recognized any interest income as of December 31, 2018 and 2019 . If the Company had recorded accrued interest on the Series G preference shares, approximately $102 million and $142 million of additional interest income would have been recognized for the years ended December 31, 2018 and 2019 , respectively. Related Party Transactions with Grab and MLU B.V. In August 2018, the Company entered into a purchase agreement (“Grab Vehicle Purchase Agreement”) to sell up to 1,900 vehicles to Grab from the pool of assets held for sale by LCR. The sales occurred over a six-month period beginning August 2018 . During the year ended December 31, 2018 , the Company transferred certain vehicles to Grab in exchange for SGD 31 million of cash consideration and recognized a loss on disposal of SGD 9 million . In January 2019, the Company transferred the remaining vehicles under the Grab Vehicle Purchase Agreement to Grab in exchange for SGD 39 million of cash consideration. The Company and Grab executed a Transition Service Agreement (“TSA”) which requires the Company to provide transaction and integration services to Grab for a period of up to six months subsequent to the closing of the divestiture. In addition, the Company entered into a TSA with MLU B.V. to provide certain transition services subsequent to the closing of the transaction. Transactions related to the TSAs did not have material impacts on the Company’s financial position, results of operations, or liquidity. Xchange Leasing In August 2017, the Company began a reassessment of its U.S. based wholly-owned car leasing operations Xchange Leasing resulting in a plan to exit operations. The Company assessed the fair value of the leased vehicle assets held for sale at December 31, 2017, considering the potential sale transactions, expected future cash flows, and the cost to sell the assets. Based on this assessment, the Company recorded an impairment loss of $166 million for the year ended December 31, 2017 as part of the fair value measurement to reduce the carrying amount of the leased vehicle assets to their estimated fair value less costs to sell. The impairment loss was included in general and administrative expenses in the consolidated statements of operations. In January 2018, the Company closed on a transaction with a third party to sell the beneficial interest of a trust owned by the Company that holds title of the leased vehicles and leased contracts. The transaction resulted in an immaterial loss on disposal. Purchase consideration included approximately $104 million of cash and receivables, a $5 million note convertible into equity of the purchaser, and $20 million in contingent consideration to be earned based on performance of the leases post-sale. The Company used part of the proceeds to pay down the outstanding $75 million principal balance of the Xchange Leasing 2016 Secured Revolving Credit Facility, which was subsequently terminated in January 2018. The Company sold the remaining Xchange Leasing vehicle assets which were not part of this transaction during 2018. The Xchange Leasing business was included within the Company’s Rides segment. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Statement Information | Note 10 - Supplemental Financial Statement Information Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets as of December 31, 2018 and 2019 were as follows (in millions) : As of December 31, 2018 2019 Prepaid expenses $ 265 $ 571 Other receivables 416 428 Other 179 300 Prepaid expenses and other current assets $ 860 $ 1,299 Accrued and Other Current Liabilities Accrued and other current liabilities as of December 31, 2018 and 2019 were as follows (in millions) : As of December 31, 2018 2019 Accrued legal, regulatory and non-income taxes $ 1,134 $ 1,539 Accrued Drivers and Restaurants liability 459 369 Accrued professional and contractor services 298 352 Accrued compensation and employee benefits 261 403 Accrued marketing expenses 152 114 Other accrued expenses 160 361 Income and other tax liabilities 157 194 Government and airport fees payable 104 162 Short-term capital and finance lease obligation for computer equipment 110 165 Short-term deferred revenue 65 76 Accrued interest on long-term debt 61 93 Other 196 222 Accrued and other current liabilities $ 3,157 $ 4,050 Other Long-Term Liabilities Other long-term liabilities as of December 31, 2018 and 2019 were as follows (in millions) : As of December 31, 2018 2019 Convertible debt embedded derivatives $ 2,018 $ — Deferred tax liabilities 1,072 1,027 Financing obligation 436 78 Income tax payable 80 70 Other 466 237 Other long-term liabilities $ 4,072 $ 1,412 Accumulated Other Comprehensive Income (Loss) The changes in composition of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2017, 2018 and 2019 were as follows (in millions) : Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2016 $ 1 $ — $ 1 Other comprehensive income (loss) before reclassifications (4 ) — (4 ) Other comprehensive income (loss) (4 ) — (4 ) Balance as of December 31, 2017 $ (3 ) $ — $ (3 ) Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2017 $ (3 ) $ — $ (3 ) Other comprehensive income (loss) before reclassifications (225 ) 40 (185 ) Other comprehensive income (loss) (225 ) 40 (185 ) Balance as of December 31, 2018 $ (228 ) $ 40 $ (188 ) Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2018 $ (228 ) $ 40 $ (188 ) Other comprehensive income (loss) before reclassifications (3 ) 4 1 Other comprehensive income (loss) (3 ) 4 1 Balance as of December 31, 2019 $ (231 ) $ 44 $ (187 ) Other Income (Expense), Net The components of other income (expense), net, for the years ended December 31, 2017, 2018 and 2019 were as follows (in millions): Year Ended December 31, 2017 2018 2019 Interest income $ 71 $ 104 $ 234 Foreign currency exchange gains (losses), net 42 (45 ) (40 ) Gain on business divestitures (1) — 3,214 — Gain (loss) on debt and equity securities, net (2) — 1,996 2 Change in fair value of embedded derivatives (173 ) (501 ) 58 Gain on extinguishment of convertible notes and settlement of derivatives — — 444 Other 44 225 24 Other income (expense), net $ (16 ) $ 4,993 $ 722 (1) During the year ended December 31, 2018 , gain on business divestitures primarily included a $2.2 billion gain on the sale of the Company’s Southeast Asia operations to Grab and a $954 million gain on the disposal of the Company’s Uber Russia and the Commonwealth of Independent States (“Russia/CIS”) operations recognized in the first quarter of 2018 . On March 25, 2018, two wholly-owned subsidiaries of the Company signed and completed an agreement with Grab pursuant to which Grab hired employees and acquired certain assets of the Company in the region, including Rider, Drivers, and Eater contracts in Southeast Asia. The net assets contributed by the Company were not material. In exchange, the Company received shares of Grab Series G preferred stock which were recorded at fair value as additional sale consideration. Refer to Note 4 - Equity Method Investments for more information on the disposal of the Company's Uber Russia/CIS operations. (2) During the year ended December 31, 2018 , gain (loss) on debt and equity securities, net represented a $2.0 billion unrealized gain on the Company’s non-marketable equity securities related to Didi recognized in the first quarter of 2018 . Refer to Note 3 - Investments and Fair Value Measurement for further information. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) | Note 11 - Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) PayPal, Inc. (“PayPal”) Private Placement On May 16, 2019, the Company closed a private placement by PayPal, Inc. in which it issued and sold 11 million shares of its common stock at a purchase price of $45.00 per share and received aggregate proceeds of $500 million . Additionally, PayPal and the Company agreed to extend their global partnership, including a commitment to jointly explore certain commercial collaborations. SoftBank In November 2017, SoftBank Group Corp. ("SoftBank") led a consortium to seek a stake in the Company by directly investing between $1.0 billion to $1.3 billion via purchase of the Company's Series G-1 preferred stock at $48.77 per share and a tender offer to purchase shares of any type or class at $32.97 per share from existing stockholders and employees. The direct investment was contingent on a minimum number of shares to be sold in the tender offer. In January 2018, the transaction closed and the consortium purchased 25.6 million Series G-1 shares from the Company for total proceeds of $1.3 billion and 242.8 million common stock and preferred stock shares from existing stockholders resulting in an ownership interest of approximately 20% of the outstanding equity of the Company (the "SoftBank Investment"). The price of the transaction with existing shareholders was not in excess of fair value, and therefore no compensation expense nor increase in accumulated deficit was recognized. Contemporaneous with the closing of the transaction, certain governance changes of the Company were enacted. All shares of Class B common stock were converted into Class A common stock, and Series Seed, Series A and Series B preferred stock shares became convertible into Class A common stock. Redeemable Convertible Preferred Stock U pon closing of the IPO, all shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into 905 million shares of common stock. As of December 31, 2018 , there were warrants to purchase 150,071 shares of Series E redeemable convertible preferred stock and 922,655 shares of Series G redeemable convertible preferred stock outstanding. During 2019, the warrant to purchase Series G redeemable convertible preferred stock was exercised in full and the fair value of the warrant was reclassified to redeemable convertible preferred stock. Also during 2019, the warrant to purchase Series E redeemable convertible preferred stock was exercised and automatically converted to shares of common stock as a result of the IPO. The following table summarizes the redeemable convertible preferred stock outstanding immediately prior to the conversion into common stock, and the rights and preferences of the Company’s respective series preceding the Company’s IPO in May 2019 (in millions, except share amounts which are reflected in thousands and per share amounts): Series Shares Authorized Shares Issued and Outstanding Per Share Liquidation Preference Aggregate Liquidation Preference Per Share Dividend Per Annum Per Share Initial Conversion Price Carrying Value, Net of Issuance Costs Seed 174,030 152,591 $ 0.00906 $ 1 $ 0.00073 $ 0.00906 $ 1 A 152,053 150,427 0.09248 14 0.00584 0.07303 11 B 123,646 122,721 0.35448 44 0.02836 0.35448 43 C-1 76,551 76,551 4.45438 341 0.28508 3.56350 273 C-2 31,004 31,004 3.56350 110 0.22806 2.85080 62 C-3 842 842 4.45438 4 0.28508 3.56350 3 D 87,193 82,443 15.51305 1,279 1.24105 15.51305 1,291 E 84,504 84,140 33.31758 2,803 2.66540 33.31758 2,793 F 25,228 21,262 39.63858 843 3.17109 39.63858 842 G 150,188 140,619 48.77223 6,858 3.90178 48.77223 6,858 G-1 35,881 35,881 48.77223 1,750 3.90178 48.77223 1,750 G-2 5,126 5,126 48.77223 250 3.90178 48.77223 250 946,246 903,607 $ 14,297 $ 14,177 Preferred Stock After conversion of the above mentioned redeemable convertible preferred stock into common stock upon closing of the Company’s IPO, the Company’s board of directors was granted the authority to issue up to 10 million shares of preferred stock and to determine the price, rights, preferences, privileges and restrictions, including voting rights, of those shares without any further vote or action by the stockholders. As of December 31, 2019 , there was no preferred stock issued and outstanding. Common Stock As of December 31, 2019 , the Company has authority to issue 5.0 billion shares of common stock with a par value of $0.00001 per share. Holders of common stock are entitled to dividends when and if declared by the Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. As of December 31, 2019 , no dividends have been declared. As of December 31, 2019 , there were 1.7 billion shares of common stock issued and outstanding. Restricted Common Stock The Company has granted restricted common stock to certain continuing employees, primarily in connection with acquisitions. Vesting of this stock may be dependent on a combination of service and performance conditions that become satisfied upon the occurrence of a qualifying event. The Company has the right to repurchase shares for which the vesting conditions are not satisfied. The following table summarizes the activity related to the Company’s restricted common stock for the year ended December 31, 2019 . For purposes of this table, vested restricted common stock represents the shares for which the service condition had been fulfilled as of December 31, 2019 (in thousands, except per share amounts): Number of Shares Weighted-average Grant-Date Fair Value per Share Unvested restricted common stock as of December 31, 2018 898 $ 34.81 Granted — $ — Vested (621 ) $ 34.84 Canceled and forfeited (66 ) $ 34.59 Unvested restricted common stock as of December 31, 2019 211 $ 34.73 Equity Incentive Plans The Company maintains three equity incentive plans: the 2019 Equity Incentive Plan (“2019 Plan”), the 2013 Equity Incentive Plan (“ 2013 Plan ”) and the 2010 Stock Plan (“ 2010 Plan ” and collectively, “ Plans ”). The 2013 Plan serves as the successor to the 2010 Plan and provides for the issuance of incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), SARs , restricted stock and RSUs to employees, consultants and advisors of the Company. In January 2019, the Company’s board of directors approved an amendment to the 2013 Plan to increase the number of shares of common stock reserved for issuance by 85 million shares, for a total of 293 million shares reserved. In March 2019, the Company’s board of directors adopted the 2019 Plan. The 2019 Plan was approved in April 2019 with 130 million shares of common stock reserved for future issuance. The 2019 Plan became effective on May 9, 2019 the date of the underwriting agreement between the Company and the underwriters for the IPO. The 2019 Plan is the successor to the 2013 Plan. The number of shares of the Company’s common stock available for issuance under the 2019 Plan automatically increases on January 1 of each year, for a period of not more than ten years , commencing on January 1, 2020 and ending on (and including) January 1, 2029 by the lesser of (a) 5% of the total number of the shares of common stock outstanding on December 31 of the immediately preceding calendar year, and (b) such number of shares determined by the Company’s board of directors. Pursuant to the automatic increase feature of the 2019 Plan, the Company's board of directors approved an increase of 86 million shares reserved for issuance effective January 1, 2020 . The Company’s 2019 Plan provides for the grant of ISOs, NSOs, SARs, restricted stock awards, RSUs, performance-based awards, and other awards (that are based in whole or in part by reference to the Company’s common stock) (collectively, “awards”). ISOs may be granted only to the Company’s employees, including the Company’s officers, and the employees of any parent or subsidiary. All other awards may be granted to the Company’s employees, including the Company’s officers, the Company’s non-employee directors and consultants, and the employees and consultants of the Company’s affiliates. Stock Option and SAR Activity A summary of stock option and SAR activity for the year ended December 31, 2019 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years): SARs Outstanding Number of SARs Options Outstanding Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value As of December 31, 2018 758 42,936 $ 9.22 5.74 $ 1,456 Granted 86 250 $ 43.00 Exercised (417 ) (6,884 ) $ 2.85 Canceled and forfeited (36 ) (1,462 ) $ 33.29 Expired (54 ) (39 ) $ 26.49 As of December 31, 2019 337 34,801 $ 9.79 4.75 $ 746 Vested and expected to vest as of December 31, 2019 203 29,585 $ 4.97 4.49 $ 745 Exercisable as of December 31, 2019 203 29,585 $ 4.97 4.49 $ 745 The total intrinsic value of stock options and SAR s exercised for the years ended December 31, 2017, 2018 and 2019 , was $112 million , $392 million and $202 million , respectively. RSU Activity The following table summarizes the activity related to the Company’s RSUs for the year ended December 31, 2019 . For purposes of this table, vested RSUs represent the shares for which the service condition had been fulfilled as of December 31, 2019 (in thousands, except per share amounts): Number of Shares Weighted-Average Unvested and outstanding as of December 31, 2018 75,835 $ 37.20 Granted 62,830 $ 41.55 Vested (36,034 ) $ 37.87 Canceled and forfeited (17,888 ) $ 40.53 Unvested and outstanding as of December 31, 2019 84,743 $ 39.82 The total fair value of RSUs vested for the years ended December 31, 2017, 2018 and 2019 was $486 million , $967 million , and $1.4 billion , respectively. Stock-Based Compensation Expense Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function for the years ended December 31, 2017, 2018 and 2019 (in millions) : Year Ended December 31, 2017 2018 2019 Operations and support $ 30 $ 15 $ 454 Sales and marketing 9 9 242 Research and development 25 65 2,958 General and administrative 73 83 942 Total $ 137 $ 172 $ 4,596 Through May 9, 2019 , no stock-based compensation expense had been recognized for certain awards with a performance condition based on the occurrence of a qualifying event (such as an IPO) , as such qualifying event was not probable . Upon the Company's IPO, the performance condition was met and $3.6 billion of stock-based compensation expense was recognized related to these awards . Shares were then issued related to the vesting of the RSUs with such performance-based vesting conditions . To meet the related tax withholding requirements, the Company withheld 29 million of the 76 million shares of common stock issued. The 29 million shares of common stock withheld for taxes were returned to the shares reserved for future issuance under the Company’s 2019 Plan. Based on the IPO public offering price of $45.00 per share, the tax withholding obligation was $1.3 billion . For additional information related to the Company’s IPO, refer to Note 1 - Description of Business and Summary of Significant Accounting Policies . During the years ended December 31, 2017, 2018 and 2019 , the Company modified the terms of stock-based awards for certain employees upon their termination or change in employment status. The Company recorded incremental stock-based compensation cost in relation to the modification of stock-based awards of $69 million and $56 million for the years ended December 31, 2017 and 2018 , respectively. Incremental stock-based compensation cost in relation to the modification of stock-based awards was not material for the year ended December 31, 2019 . As of December 31, 2019 , there was $2.1 billion of unamortized compensation costs related to all unvested awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.45 years . Stock-based compensation expense capitalized as internally developed software costs was not material for the years ended December 31, 2017 or 2018 and $61 million for the year ended December 31, 2019 . The tax benefits recognized in the consolidated statements of operations for stock-based compensation arrangements were not material during the years ended December 31, 2017, 2018 and 2019 , respectively. The weighted-average fair values of common stock and redeemable convertible preferred stock warrants granted to non-employee service providers and others in the years ended December 31, 2017 and 2018 were $43.14 and $47.20 , respectively, for shares vested or expected to vest. No redeemable convertible preferred stock warrants were granted in 2019. The total grant-date fair value of warrants vested to non-employee service providers and others in the years ended December 31, 2017 and 2018 was $91 million and $4 million , respectively. The fair value of warrants granted during 2017 and 2018 was determined using the Black-Scholes option-pricing model using the weighted-average assumptions in the table below. During 2019, warrants vested were not material and no warrants were granted. Year Ended December 31, 2017 2018 Contractual term (in years) 2.1 1.6 Risk-free interest rate 1.8 % 2.5 % Expected volatility 28.3 % 34.7 % Expected dividend yield — % — % The weighted-average grant-date fair values of stock options and SARs granted to employees in the years ended December 31, 2017, 2018 and 2019 were $18.65 , $12.94 and $19.91 per share, respectively. The fair value of stock options and SARs granted was determined using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2017 2018 2019 Expected term (in years) 8.5 6.0 6.0 Risk-free interest rate 2.0 % 2.8 % 2.2 % Expected volatility 35.9 % 32.9 % 33.9 % Expected dividend yield — % — % — % The weighted-average grant-date fair values of Performance Awards with market-based targets in the years ended December 31, 2017, 2018 and 2019 were $18.96 , $14.77 and $18.20 per share, respectively. The weighted-average derived service periods for Performance Awards with market-based targets in the years ended December 31, 2017, 2018 and 2019 were 3.35 , 3.31 , and 2.12 years, respectively. The fair value of Performance Awards with market-based targets granted was determined using a Monte Carlo model with the following weighted-average assumptions: Year Ended December 31, 2017 2018 2019 Risk-free interest rate 2.1 % 2.8 % 2.7 % Expected volatility 40.0 % 36.9 % 39.0 % Expected dividend yield — % — % — % Share Repurchases The following table represents a summary of common stock repurchased in connection with discrete arrangements with selected current and former employees during the years ended December 31, 2017 and 2018 . The common stock shares repurchased for the year ended December 31, 2019 were not material. Year Ended December 31, (In millions, except share amounts which are reflected in thousands, and per share amounts) 2017 2018 Common stock shares repurchased 3,765 286 Common stock repurchase cost $ 142 $ 11 Fair value of repurchase recorded as an increase in accumulated deficit $ 32 $ 13 Excess of fair value recorded as stock-based compensation $ 13 $ 1 Price range per common stock share $ 5.00 - $ 41.65 $ 36.58 - $ 41.65 2019 Employee Stock Purchase Plan In March 2019, the Company’s board of directors adopted the Company’s ESPP, and in April 2019, the Company’s stockholders approved the ESPP. The stock-based compensation expense recognized for the ESPP was not material during the year ended December 31, 2019 . The ESPP became effective on May 9, 2019, the date of the underwriting agreement between the Company and the underwriters for the IPO. There are 25 million shares of common stock reserved for issuance under the ESPP. The number of shares of the Company’s common stock available for issuance under the ESPP automatically increases on January 1 of each year, beginning in 2020 and continuing through 2029, by the lesser of (a) 1.0% of the total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year, and (b) 25,000,000 shares. However, the Company’s board of directors or compensation committee may reduce the amount of the increase in any particular year. As of December 31, 2019 , 2 million shares of common stock were purchased under the ESPP at a weighted-average price of $23.83 per share, resulting in cash proceeds of $49 million . The Company selected the Black-Scholes option-pricing model as the method for determining the estimated fair value for the Company’s ESPP. As of December 31, 2019 , total unrecognized compensation cost related to the ESPP was $43 million , which will be amortized over a period of 0.8 year. As of December 31, 2019 , 23 million shares of the Company's common stock were reserved for future grants under the Company’s ESPP. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 - Income Taxes The U.S. and foreign components of income (loss) before provision for (benefit from) income taxes for the years ended December 31, 2017, 2018 and 2019 are as follows (in millions) : Year Ended December 31, 2017 2018 2019 U.S. $ (3,201 ) $ (2,726 ) $ (4,926 ) Foreign (1,374 ) 4,038 (3,507 ) Income (loss) before income taxes and loss from equity method investment $ (4,575 ) $ 1,312 $ (8,433 ) The components of the provision for (benefit from) income taxes for the years ended December 31, 2017, 2018 and 2019 are as follows (in millions) : Year Ended December 31, 2017 2018 2019 Current Federal $ — $ 13 $ 1 State — 15 — Foreign 220 220 132 Total current tax expense $ 220 $ 248 $ 133 Deferred Federal (728 ) (159 ) (77 ) State (5 ) 7 8 Foreign (29 ) 187 (19 ) Total deferred tax expense (benefit) (762 ) 35 (88 ) Total provision for (benefit from) income taxes $ (542 ) $ 283 $ 45 The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2017, 2018 and 2019 : Year Ended December 31, 2017 2018 2019 Federal statutory income tax rate 35.0 % 21.0 % 21.0 % State income tax expense 0.2 1.7 (0.1 ) Foreign rate differential (14.4 ) 29.6 (3.8 ) Foreign rate differential - gain on divestiture (1) — (83.1 ) — Non-deductible expenses (1.2 ) 0.8 (1.3 ) Stock-based compensation (0.2 ) (2.6 ) 1.2 Interest on convertible notes (2.8 ) 15.1 (0.3 ) Gain on convertible notes — — 1.1 Federal research and development credits 2.0 (7.2 ) 3.1 Deferred tax on foreign investments (2) — 51.4 — Entity restructuring (3) — (20.0 ) 92.3 Change in unrecognized tax benefits (0.9 ) 9.9 (17.0 ) Valuation allowance (21.8 ) 4.9 (97.3 ) Impact of the Tax Act 15.8 — — Global Intangible Low-taxed Income — — (1.6 ) Other interest — — 1.8 Other, net 0.1 0.1 0.4 Effective income tax rate 11.8 % 21.6 % (0.5 )% (1) The 2018 rate impact for “Foreign rate differential – gain on divestiture” was primarily driven by the gains on divestitures reported by subsidiaries in jurisdictions with statutory tax rates lower than the U.S. federal tax rate. (2) The 2018 rate impact for “Deferred tax on foreign investments” was related to the following: a) deferred U.S. tax impact of income inclusion related to the gain on the eventual disposition of the shares underlying the Company’s investment in Didi and Grab, and b) deferred China tax impact on the eventual disposition of the shares underlying the Company’s investment in Didi. (3) The 2018 rate impact for “Entity restructuring” was related to a transaction that resulted in the repatriation of assets from a foreign subsidiary to a domestic subsidiary. As a result of the repatriation, the deferred tax assets were recalculated at the U.S. statutory tax rate, resulting in a total deferred tax benefit of $275 million . The rate differential between the foreign subsidiary and the United States resulted in this deferred tax benefit. The 2019 rate impact for “Entity restructuring” is related to a series of transactions resulting in changes to the Company’s international legal structure, including a redomiciliation of a subsidiary to the Netherlands and a transfer of certain intellectual property rights among wholly owned subsidiaries, primarily to align its evolving operations. The redomiciliation resulted in a step-up in the tax basis of intellectual property rights and a correlated increase in foreign deferred tax assets in an amount of $6.4 billion , net of a reserve for uncertain tax positions of $1.4 billion (refer to the 2019 rate impact for “Change in unrecognized tax benefits”). Based on available objective evidence, management believes it is not more-likely-than-not that these additional foreign deferred tax assets will be realizable as of December 31, 2019 and, therefore, are offset by a full valuation allowance (refer to the 2019 rate impact for “Valuation allowance”) to the extent not offset by reserves for uncertain tax positions. The corresponding deferred tax asset and valuation allowance balance are included in the “Fixed assets and intangible assets” and “Valuation allowance” lines, respectively, in the table below. The components of deferred tax assets and liabilities as of December 31, 2018 and 2019 are as follows (in millions) : As of December 31, 2018 2019 Deferred tax assets Net operating loss carryforwards $ 1,147 $ 2,789 Research and development credits 285 587 Stock-based compensation 24 241 Accruals and reserves 226 197 Accrued legal 102 65 Fixed assets and intangible assets 435 6,361 Investment in partnership — 331 Lease liability — 438 Other 22 221 Total deferred tax assets 2,241 11,230 Less: Valuation allowance (1,294 ) (9,855 ) Total deferred tax assets, net of valuation allowance 947 1,375 Deferred tax liabilities Indefinite lived deferred tax liability (1) 1,986 1,984 ROU assets — 366 Other 3 2 Total deferred tax liabilities 1,989 2,352 Net deferred tax liabilities $ 1,042 $ 977 (1) The $2.0 billion indefinite-lived deferred tax liability represents the deferred U.S. and foreign income tax expense, which will be incurred upon the eventual disposition of the shares underlying the Company’s investments in Didi and Grab. The current year tax expense and any subsequent changes in the recognition or measurement of this deferred tax liability will be recorded in continuing operations. Based on available evidence, management believes it is not more-likely-than-not that the net U.S., India, and Netherlands deferred tax assets will be fully realizable. In these jurisdictions, the Company has recorded a valuation allowance against net deferred tax assets. The Company regularly reviews the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing taxable temporary differences and tax planning strategies by jurisdiction. The Company’s judgment regarding future profitability may change due to many factors, including future market conditions and the ability to successfully execute the business plans and/or tax planning strategies. Should there be a change in the ability to recover deferred tax assets, the Company’s income tax provision would increase or decrease in the period in which the assessment is changed. The Company had a valuation allowance against net deferred tax assets of $1.3 billion and $9.9 billion as of December 31, 2018 and 2019 , respectively. For the year ended December 31, 2019, the increase in valuation allowance was primarily attributable to a step-up in the tax basis of intellectual property rights, an increase in U.S. federal, state and Netherlands deferred tax assets resulting from the loss from operations, and tax credits generated during the year. The indefinite carryforward period for net operating losses ("NOLs") means that indefinite-lived deferred tax liabilities can be considered as support for realization of deferred tax assets including post December 31, 2017 net operating loss carryovers, which can affect the need to record or maintain a valuation allowance for deferred tax assets. At December 31, 2018 and 2019 , the Company realized approximately $920 million and $979 million , respectively, of its U.S. federal and state deferred tax assets as a result of its indefinite-lived deferred tax liabilities being used as a source of income. As of December 31, 2019 , the Company had U.S. federal NOL carryforwards of $2.9 billion that begin to expire in 2031 and $5.9 billion that have an unlimited carryover period. As of December 31, 2019 , the Company had U.S. state NOL carryforwards of $7.3 billion that begin to expire in 2020 and $1.0 billion that have an unlimited carryover period. As of December 31, 2019 , the Company had foreign NOL carryforwards of $2.6 billion that begin to expire in 2024 and $77 million that have an unlimited carryover period. The Company also had U.S. federal research tax credit carryforwards of $490 million that begin to expire in 2031. The Company had state research tax credit carryforwards of $10 million that begin to expire in 2033 and $262 million that have an unlimited carryover period. In the event the Company experiences an ownership change within the meaning of Section 382 of the Internal Revenue Code (“IRC”), the Company’s ability to utilize net operating losses, tax credits and other tax attributes may be limited. The most recent analysis of the Company’s historical ownership changes was completed through December 31, 2019 . Based on the analysis, the Company does not anticipate a current limitation on the tax attributes. The following table reflects changes in gross unrecognized tax benefits (in millions) : Year Ended December 31, 2017 2018 2019 Unrecognized tax benefits at beginning of year $ 179 $ 221 $ 394 Gross increases - current year tax positions 52 57 1,566 Gross increases - prior year tax positions 44 128 16 Gross decreases - prior year tax positions (54 ) (12 ) (36 ) Gross decreases - settlements with tax authorities — — (143 ) Unrecognized tax benefits at end of year $ 221 $ 394 $ 1,797 As of December 31, 2019 , approximately $68 million of unrecognized tax benefits, if recognized, would impact the effective tax rate. The remaining $1.7 billion of the unrecognized tax benefits would not impact the effective tax rate due to the valuation allowance against certain deferred tax assets. During 2019, the Company settled the IRS audit for the tax years 2013 and 2014. The settlement resulted in a reduction of unrecognized tax benefits of $123 million , which did not affect the effective tax rate, as these unrecognized tax benefits decreased deferred tax assets that were subject to a full valuation allowance. The Company recognizes accrued interest and penalties related to unrecognized tax benefits within the provision for income taxes in the consolidated statements of operations . The amount of interest and penalties accrued as of December 31, 2018 and 2019 was $17 million and $10 million , respectively. Although the timing of the resolution and/or closure of audits is highly uncertain, the Company does not expect any material changes to its unrecognized tax benefits within the next 12 months. Given the number of years remaining subject to examination and the number of matters being examined, the Company is unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company is currently under various state and other foreign income tax examinations. The Company believes that adequate amounts have been reserved in these jurisdictions. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state or foreign tax authorities to the extent utilized in a future period. As of December 31, 2019 , the open tax years for the Company’s major tax jurisdictions are as follows: Jurisdiction Tax Years U.S. Federal 2011 - 2019 U.S. States 2010 - 2019 Brazil 2014 - 2019 Netherlands 2013 - 2019 United Kingdom 2014 - 2019 Australia 2015 - 2019 India 2012 - 2019 In 2019, the Company reevaluated its indefinite reinvestment assertion with regards to accumulated foreign earnings of certain foreign subsidiaries and concluded that it intends to indefinitely reinvest approximately $250 million |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Note 13 - Net Income (Loss) Per Share During the year ended December 31, 2017 , the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical, except with respect to voting. As the liquidation and dividend rights were identical, the undistributed earnings were allocated on a proportionate basis and the resulting net loss per share attributable to common stockholders were, therefore, the same for both Class A and Class B common stock on an individual or combined basis. On January 18, 2018, the Company converted 390 million shares of its Class B common stock into Class A common stock under the conditions of the SoftBank Investment, thereby increasing the total number of Class A common stock outstanding to 450 million shares and resulting in only one class of common stock. On May 14, 2019 , the Company completed its IPO, in which it issued and sold 180 million shares of its common stock at a price of $45.00 per share. On that date, all of the Company’s outstanding redeemable convertible preferred stock automatically converted into 905 million shares of common stock, and the holders of the 2021 Convertible Notes and the 2022 Convertible Notes elected to convert the outstanding notes into common stock, resulting in the issuance of 94 million shares of common stock. These shares were included in the Company’s issued and outstanding common stock starting on that date. Refer to Note 1 - Description of Business and Summary of Significant Accounting Policies for further information. The Company takes into account the effect on consolidated net income (loss) per share of dilutive securities of entities in which the Company holds equity interests that are accounted for using the equity method. The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the years ended December 31, 2017, 2018 and 2019 (in millions, except share amounts which are reflected in thousands, and per share amounts): Year Ended December 31, 2017 2018 2019 Basic net income (loss) per share: Numerator Net income (loss) including non-controlling interests $ (4,033 ) $ 987 $ (8,512 ) Less: net income (loss) attributable to non-controlling interests, net of tax — 10 6 Less: noncumulative dividends to preferred stockholders — (997 ) — Net income (loss) attributable to common stockholders $ (4,033 ) $ — $ (8,506 ) Denominator Basic weighted-average common stock outstanding 426,360 443,368 1,248,353 Basic net income (loss) per share attributable to common stockholders (1) $ (9.46 ) $ — $ (6.81 ) Diluted net income (loss) per share: Numerator Net income (loss) attributable to common stockholders $ (4,033 ) $ — $ (8,506 ) Add: Change in fair value of MLU B.V. put/call feature — (12 ) — Add: noncumulative dividends to preferred stockholders — 12 — Diluted net income (loss) attributable to common stockholders $ (4,033 ) $ — $ (8,506 ) Denominator Number of shares used in basic net income (loss) per share computation 426,360 443,368 1,248,353 Weighted-average effect of potentially dilutive securities: Common stock subject to a put/call feature — 407 — Stock options — 33,528 — RSUs to settle fixed monetary awards 1,073 — Other — 623 — Diluted weighted-average common stock outstanding 426,360 478,999 1,248,353 Diluted net income (loss) per share attributable to common stockholders (1) $ (9.46 ) $ — $ (6.81 ) (1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate. Since the Company was in a loss position for the years ended December 31, 2017 and 2019, basic net loss per share was the same as diluted net income per share for the periods presented . For the year ended December 31, 2018, all net income was allocated to noncumulative dividends on preferred stock, therefore basic net income per share was the same as diluted net income per share. The following potentially dilutive outstanding securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands) : Year Ended December 31, 2017 2018 2019 Redeemable convertible preferred stock 863,305 903,607 — Convertible notes 196,398 200,595 — RSUs 87,101 137,426 85,058 Stock options 50,304 8,776 34,800 Restricted common stock with performance condition 888 1,758 — Common stock subject to repurchase 12,266 1,695 210 Warrants to purchase redeemable convertible preferred stock 4,449 1,073 — SARs 705 758 — RSUs to settle fixed monetary awards 2,712 559 283 Shares committed under ESPP — — 5,490 Warrants to purchase common stock 280 100 123 Total 1,218,408 1,256,347 125,964 |
Segment Information and Geograp
Segment Information and Geographic Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Information | Note 14 - Segment Information and Geographic Information The Company determined its operating segments based on how the CODM manages the business, allocates resources, makes operating decisions and evaluates operating performance. During the third quarter of 2019, following a number of leadership and organizational changes, the CODM changed how he assesses performance and allocates resources to a more disaggregated level in order to optimize utilization of the Company’s platform as well as manage research and development of new technologies. Based on this change, in the third quarter of 2019, the Company determined it has five operating and reportable segments and revised prior comparative periods to conform to the current period segment presentation. The Company’s five segments are as follows: Segment Description Rides The Rides products connect consumers with Rides Drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Rides also includes activity related to our Uber for Business ("U4B"), Financial Partnerships, and Vehicle Solutions offerings. Eats The Eats offering allows consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered. Freight Freight connects carriers with shippers on the Company’s platform, and gives carriers upfront, transparent pricing and the ability to book a shipment. Other Bets The Other Bets segment consists of multiple investment stage offerings. The largest investment within the segment is the Company’s New Mobility offering that refers to products that provide consumers with access to rides through a variety of modes, including dockless e-bikes and e-scooters. It also includes Transit, UberWorks and the Company’s Platform Incubator group. ATG and Other Technology Programs The ATG and Other Technology Programs segment is responsible for the development and commercialization of autonomous vehicle and ridesharing technologies, as well as Uber Elevate. For information about how the Company’s reportable segments derive revenue, refer to Note 2 - Revenue . The Company’s segment operating performance measure is segment adjusted EBITDA. The CODM does not evaluate operating segments using asset information and, accordingly, the Company does not report asset information by segment . The Company’s segment adjusted EBITDA measures replace what was previously reported as contribution profit (loss) and maintain the same definition. Previously reported Core Platform contribution profit (loss) is the sum of Rides adjusted EBITDA and Eats adjusted EBITDA, and previously reported Other Bets contribution profit (loss) is the sum of Freight adjusted EBITDA and Other Bets adjusted EBITDA. Segment adjusted EBITDA is defined as revenue less the following expenses: cost of revenue, operations and support, sales and marketing, and general and administrative and research and development expenses associated with the Company’s segments. Segment adjusted EBITDA also excludes any non-cash items, certain transactions that are not indicative of ongoing segment operating performance and / or items that management does not believe are reflective of the Company’s ongoing core operations (as shown in the table below). The following table provides information about the Company’s segments and a reconciliation of the total segment adjusted EBITDA to loss from operations for the years ended December 31, 2017, 2018 and 2019 (in millions): Year Ended December 31, 2017 2018 2019 Segment adjusted EBITDA: Rides $ 388 $ 1,541 $ 2,071 Eats (355 ) (601 ) (1,372 ) Freight (39 ) (102 ) (217 ) Other Bets (1 ) (50 ) (251 ) ATG and Other Technology Programs (543 ) (537 ) (499 ) Total segment adjusted EBITDA (550 ) 251 (268 ) Reconciling items: Corporate G&A and Platform R&D (1), (2) (1,611 ) (1,971 ) (2,457 ) Depreciation and amortization (510 ) (426 ) (472 ) Stock-based compensation expense (137 ) (172 ) (4,596 ) Legal, tax, and regulatory reserve changes and settlements (440 ) (340 ) (353 ) Driver appreciation award — — (299 ) Payroll tax on IPO stock-based compensation — — (86 ) Asset impairment/loss on sale of assets (340 ) (237 ) (8 ) Acquisition and financing related expenses (4 ) (15 ) — Gain (loss) on restructuring of lease arrangement (7 ) 4 — Impact of 2018 Divested Operations (1), (3) (481 ) (127 ) — Restructuring charges — — (57 ) Loss from operations $ (4,080 ) $ (3,033 ) $ (8,596 ) (1) Excluding stock-based compensation expense. (2) Includes costs that are not directly attributable to the Company’s reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. The Company’s allocation methodology is periodically evaluated and may change. (3) Defined as the Company’s 2018 operations in (i) Southeast Asia prior to the sale of those operations to Grab and (ii) Russia/CIS prior to the formation of the Company’s Yandex.Taxi joint venture. Geographic Information Revenue by geography is based on where the trip or shipment was completed or meal delivered. Long-lived assets, net includes property and equipment, net and operating lease right-of-use assets as well as the same asset class included within assets held for sale on the consolidated balance sheets. The following tables set forth revenue and long-lived assets, net by geographic area as of and for the years ended December 31, 2017, 2018 and 2019 (in millions) : Year Ended December 31, 2017 2018 2019 United States $ 4,068 $ 6,077 $ 8,225 Brazil 831 959 918 All other countries 3,033 4,234 5,004 Total Revenue $ 7,932 $ 11,270 $ 14,147 As of December 31, 2018 2019 United States $ 1,572 $ 2,958 Singapore 321 6 All other countries 70 361 Total long-lived assets, net $ 1,963 $ 3,325 Revenue grouped by offerings is included in Note 2 - Revenue . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 - Commitments and Contingencies Purchase Commitments The Company has commitments for network and cloud services, background checks, and other items in the ordinary course of business with varying expiration terms through 2024 . These amounts are determined based on the non-cancelable quantities or termination amounts to which the Company is contractually obligated. Future minimum payments for purchase commitments as of December 31, 2019 are summarized below (in millions) : Purchase Years Ending December 31, 2020 $ 107 2021 103 2022 19 2023 5 2024 1 Thereafter — Total $ 235 Contingencies From time to time, the Company may be a party to various claims, non-income tax audits and litigation in the normal course of business. As of December 31, 2018 and 2019 , the Company had recorded aggregate liabilities of $1.1 billion and $1.5 billion , respectively, in accrued and other current liabilities on the consolidated balance sheets for all of its legal, regulatory and non-income tax matters that were probable and reasonably estimable. The Company is currently party to various legal and regulatory matters that have arisen in the normal course of business and include, among others, alleged independent contractor misclassification claims, Fair Credit Reporting Act (“FCRA”) claims, background check violations, consumer and driver class actions relating to pricing and advertising, unfair competition matters, intellectual property disputes, employment discrimination and other employment-related claims, Telephone Consumer Protection Act (“TCPA”) cases, Americans with Disabilities Act (“ADA”) cases, data and privacy matters, securities litigation, and other matters. The Company has existing litigation, including class actions, PAGA lawsuits, arbitration claims, and governmental administrative and audit proceedings, asserting claims by or on behalf of Drivers that Drivers are misclassified as independent contractors. In connection with the enactment of California State Assembly Bill 5 (“AB5”), the Company has received and expects to continue to receive - in California and in other jurisdictions - an increased number of misclassification claims. With respect to the Company’s outstanding legal and regulatory matters, based on its current knowledge, the Company believes that the ultimate amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the Company’s business, financial position, results of operations, or cash flows. The outcome of such legal matters is inherently unpredictable and subject to significant uncertainties. If one or more of these matters were resolved against the Company for amounts in excess of management's expectations, the Company's results of operations, financial condition or cash flows could be materially adversely affected. AB5 In January 2020, AB5 went into effect. AB5 codifies a test to determine whether a worker is an employee under California law. The test is referred to as the “ABC” test, and was originally handed down by the California Supreme Court in Dynamex Operations v. Superior Court in 2018. Under the ABC test, workers performing services for a hiring entity are considered employees unless the hiring entity can demonstrate three things: the worker (A) is free from the hiring entity’s control, (B) performs work that is outside the usual course of the hiring entity’s business, and (C) customarily engages in the independent trade, work or type of business performed for the hiring entity. The Company has received lawsuits and governmental inquiries relating to AB5, and anticipates - in California and in other jurisdictions - future claims, lawsuits, arbitration proceedings, administrative actions, and government investigations and audits challenging the Company’s classification of Drivers as independent contractors and not employees. The Company believes that its current and historical approach to classification is supported by the law and intends to continue to defend itself vigorously in these matters. However, the results of litigation and arbitration are inherently unpredictable and legal proceedings related to these claims, individually or in the aggregate, could have a material impact on the Company’s business, financial condition and results of operations. Regardless of the outcome, litigation and arbitration of these matters can have an adverse impact on the Company because of defense and settlement costs individually and in the aggregate, diversion of management resources and other factors. The Company cannot reasonably estimate a range of loss at this time. O’Connor, et al., v. Uber Technologies, Inc. and Yucesoy v. Uber Technologies, Inc., et al. O’Connor and Yucesoy are two putative class actions that assert various independent contractor misclassification claims brought on behalf of certain Drivers in California and Massachusetts, respectively. The two cases were consolidated and both are pending in the United States District Court for the Northern District of California. Filed on August 16, 2013 in the United States District Court for the Northern District of California, the O’Connor action is a class action against the Company on behalf of all Drivers who contracted with the Company in California between 2009 and February 28, 2019 and seeks damages for tips and business expense reimbursement based on alleged independent contractor misclassification and unfair competition. The O’Connor action was stayed in the trial court pending the outcome of appeals before the Ninth Circuit Court of Appeals regarding the trial court’s orders denying the Company’s motions to compel arbitration, order certifying the class action, and order enjoining the Company’s enforcement of its arbitration agreement. The Ninth Circuit issued its rulings on those appeals on September 25, 2018, finding that the Company’s arbitration agreements were enforceable and accordingly, decertified the O’Connor class and remanded the case to the district court for further proceedings. Filed on June 2, 2014 in the Massachusetts Suffolk County Superior Court, the Yucesoy action is a class action against the Company on behalf of all Drivers in Massachusetts and seeks damages based on independent contractor misclassification, tips law violations and tortious interference with contractual and/or advantageous relations. Plaintiffs filed an amended complaint in the Yucesoy action on March 30, 2018 adding new class representatives, to which the Company filed a motion to compel arbitration and/or dismiss the action on April 26, 2018. On March 11, 2019, the parties entered into a Settlement Agreement which provides that the Company will pay $20 million to settle the O’Connor and Yucesoy actions. The proposed settlement does not require the Company to start classifying Drivers as employees in California or Massachusetts and does not include those Drivers who are subject to arbitration. Plaintiffs filed a motion with the United States District Court for the Northern District of California seeking court approval of the settlement agreement. The motion for preliminary approval of the parties’ settlement agreement was heard on March 21, 2019, and preliminary approval was granted subject to certain conditions. Final approval of the settlement occurred on August 29, 2019. In May 2019, the Company reached agreements to resolve independent contractor misclassification claims of Drivers in California and Massachusetts that have filed (or expressed an intention to file) arbitration demands. Under the agreements, certain Drivers are eligible for settlement payments. The Company anticipates the aggregate amount of payments to Drivers under these individual settlement agreements, together with attorneys’ fees, will fall within an approximate range of $149 million to $170 million , of which approximately $149 million has been paid as of December 31, 2019 . State Unemployment Taxes In December 2016, following an audit opened in 2014 investigating whether Drivers were independent contractors or employees, the Company received a Notification of Assessment from the Employment Development Department, State of California, for payroll tax liabilities. The notice retroactively imposed various payroll tax liabilities on the Company, including unemployment insurance, employment training tax, state disability insurance, and personal income tax. The Company has filed a petition with an administrative law judge of the California Unemployment Insurance Appeals Board appealing the assessment. In 2018, the New Jersey Department of Labor (NJDOL) opened an audit reviewing whether Drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply. A series of assessments have been issued by the NJDOL, starting with a 2014-only preliminary assessment in October 2018, and continuing through November 12, 2019, when an assessment was issued both as to Uber and Rasier for the years 2014-2018. We are engaged in ongoing discussions with the NJDOL about the assessments and have formally requested a hearing. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be estimated. Google v. Levandowski & Ron; Google v. Levandowski On October 28, 2016, Google filed arbitration demands against each of Anthony Levandowski and Lior Ron, former employees of Google, alleging breach of their respective employment agreements with Google, fraud and other state law violations (due to soliciting Google employees and starting a new venture to compete with Google’s business in contravention of their respective employment agreements). Google sought damages, injunctive relief, and restitution. The arbitration hearing was held from April 30 to May 11, 2018. On March 26, 2019, the arbitration panel issued an interim award, finding against each of Google’s former employees and awarding $127 million against Anthony Levandowski and $1 million for which both Anthony Levandowski and Lior Ron are jointly and severally liable. In July 2019, Google submitted its request for interest, attorneys fees, and costs related to these claims. The Panel’s Final Award was issued on December 6, 2019. Google and Lior Ron have entered into a settlement agreement which resolves the entirety of Ron’s liability. While Uber and Levandowski are parties to an indemnification agreement, whether Uber is ultimately responsible for such indemnification is subject to a dispute between the Company and Levandowski. The ultimate resolution of the matter could result in a possible loss of up to $64 million or more (depending on interest incurred) in excess of the amount accrued. Uber is not a party to either of these arbitrations. Taiwan Regulatory Fines Prior to the Company adjusting and re-launching its operating model in April 2017 to a model where government-approved rental companies provide transport services to Riders, Drivers in Taiwan and the local Uber entity have been fined by Taiwan’s Ministry of Transportation and Communications in significant numbers across Taiwan. On January 6, 2017, a new Highways Act came into effect in Taiwan which increased maximum fines from New Taiwan Dollar (“NTD”) 150,000 to NTD 25 million per offense. The Company suspended its service in Taiwan from February 10, 2017 to April 12, 2017, but a number of these fines were issued to the local Uber entity in connection with rides that took place in January and February 2017 prior to the suspension. These fines have remained outstanding while Uber appeals the tickets through the courts. Beginning in July 2018, the Taiwan Supreme Court issued a number of positive rulings in which it rejected the government’s approach of issuing one ticket per ride. The Taiwan government has appealed these rulings to the Supreme Court. Copenhagen Criminal Prosecution In May 2017, the Danish police announced that they would use tax data about Drivers obtained from the Dutch tax authorities to prosecute Drivers for unlicensed taxi traffic. The tax data covers calendar years 2015 and prior. The prosecutor indicted four Drivers as test cases which have been heard by the Copenhagen City Court, the Appeal Court and finally the Supreme Court. In addition, on October 6, 2017, the Company was preliminary charged with aiding and abetting illegal taxi traffic in 2015. In September 2018, the Danish Supreme Court ruled on these test cases that the Drivers were carrying out illegal taxi operations and fined them in the total amount of their earnings from performing ridesharing services. The Court also confirmed that the use of the relevant tax data obtained from the Dutch tax authorities was validly used as evidence in the prosecutions and was used to assess the fines payable. In January 2018, the Company received another request from the Danish tax authorities through the Dutch tax authorities to disclose tax data about Drivers for years 2016 and 2017. Such tax data for years 2016 to 2017 has subsequently been provided by the Company to the Danish tax authorities. On May 29, 2018, the Company received another set of indictment papers from the Danish prosecutor. On February 19, 2019, the Company was informed by the Danish prosecutor that it has issued a request for legal aid to the Danish prosecutor to serve additional indictment papers, relating to the Company’s activity in Denmark in 2016 and 2017. On May 13, 2019, the Company was notified by the Dutch tax authorities that data related to the Company’s activity in Denmark in 2016 and 2017 could not be used by Danish authorities for the purpose of attempting to establish fraud in connection with taxi licenses. The Company has not operated these services in Denmark since 2017 and currently does not have operations in Denmark. Malden Transportation v. Uber Technologies, Inc. Seven consolidated actions were filed in the U.S. District Court for the District of Massachusetts by taxi medallion owners Malden Transportation, Inc., Anoush Cab, Inc., Dot Ave Cab, Inc., Gill & Gill, Inc., Max Luc Taxi, Inc., Sycoone Taxi, Inc., Taxi Maintenance, Inc. in late 2016 and early 2017 against the Company alleging unfair competition violations (on the grounds that the Company failed to comply with local taxi laws), as well as state and federal antitrust violations (on the grounds that the Company prices trips below cost in order to achieve a monopoly). Antitrust claims were dismissed, but the unfair competition claims remained. On May 15, 2019, Uber reached a tentative settlement with the plaintiffs in six of the seven actions, which are finalized as to all but one plaintiff. A bench trial of the seventh action (Anoush Cab, Inc.) began on July 18, 2019 and concluded on August 2, 2019. On September 6, 2019, the Court issued a complete defense verdict, resolving that trial in the Company’s favor and finding no liability. On October 4, 2019, the Anoush plaintiffs filed a notice of appeal. Swiss Social Security Reclassification Several Swiss government bodies currently classify Drivers as employees of Uber Switzerland, Rasier Operations B.V. or of Uber B.V. for social security or regulatory purposes. A number of such decisions have been made by these governmental bodies. The Company is challenging each of them. The Cantonal Court of Zurich issued a ruling with regard to certain test cases on July 20, 2018. The court canceled the decisions on the grounds that certain decisions were made against the Company’s Swiss local entity without proof that there is a contractual relationship between the Company’s Swiss local entity and the Drivers (who actually contract with Uber B.V.). This ruling was not appealed and the Swiss governmental bodies continue to investigate the identity of the employer. On July 5, 2019, the Swiss governmental bodies issued four decisions by which they reclassified four drivers as Uber B.V. and Rasier Operations B.V. employees and consider that Uber Switzerland should pay social security contributions. On August 19, 2019, Uber B.V. and Rasier Operations B.V. were notified of SVA Zurich’s decision to reclassify Drivers in 2014 as employees of these entities. The Company has appealed those decisions. Further, another Swiss governmental body ruled on October 30, 2019 that Uber B.V. should be qualified as a transportation company based on the view that Uber B.V. is the employer of Drivers. The Company appealed this decision. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be estimated. Aslam, Farrar, Hoy and Mithu v. Uber B.V., Uber Britannia Ltd. and Uber London Ltd. On October 28, 2015, a claim by 25 Drivers, including Mr. Y. Aslam and Mr. J. Farrar, was brought in the UK Employment Tribunal against the Company asserting that they should be classified as “workers” (a separate category between independent con tractors and employees) in the UK rather than independent contractors. The tribunal ruled on October 28, 2016 that Drivers are workers whenever our app is switched on and they are ready and able to take trips. The Court of Appeal heard the case on October 31, 2018 and November 1, 2018 and rejected the Company’s appeal in a majority decision on December 19, 2018. The Company has been granted permission to appeal to the Supreme Court. A hearing at the Supreme Court is expected to take place in July 2020 with a decision in the fall of 2020. The plaintiffs have not quantified their claim and if they are successful in establishing “worker” status, any damages will be considered at a future hearing. The amount of compensation sought by the plaintiff s in the case is not currently known. If Drivers are determined to be workers, they may be entitled to additional benefits and payments, and we may be subject to penalties, back taxes, and fines. Any possible loss or range of loss cannot be estimated. Non-Income Tax Matters The Company recorded an estimated liability for contingencies related to non-income tax matters and is under audit by various domestic and foreign tax authorities with regard to such matters. The subject matter of these contingent liabilities and non-income tax audits primarily arises from the Company’s transactions with its Drivers, as well as the tax treatment of certain employee benefits and related employment taxes. In jurisdictions with disputes connected to transactions with Drivers, disputes involve the applicability of transactional taxes (such as sales, value added and similar taxes) to services provided, as well as the applicability of withholding tax on payments made to such Drivers. For example, the Company is involved in a proceeding in the UK involving HMRC, the tax regulator in the UK, which is seeking to classify the Company as a transportation provider. Being classified as a transportation provider would result in a VAT ( 20% ) on Gross Bookings or on the service fee that the Company charges Drivers, both retroactively and prospectively. Further, if Drivers are determined to be workers, they may be entitled to additional benefits and payments, and the Company may be subject to penalties, back taxes, and fines. The Company believes that the position of HMRC and the regulators in similar disputes and audits is without merit and is defending itself vigorously. The Company’s estimated liability is inherently subjective due to the complexity and uncertainty of these matters and the judicial processes in certain jurisdictions, therefore, the final outcome could be different from the estimated liability recorded. Other Legal and Regulatory Matters The Company has been subject to various government inquiries and investigations surrounding the legality of certain of the Company’s business practices, compliance with antitrust and other global regulatory requirements, labor laws, data protection and privacy laws, the adequacy of disclosures to investors and other shareholders, and the infringement of certain intellectual property rights. The Company has investigated many of these matters and is implementing a number of recommendations to its managerial, operational and compliance practices, as well as seeking to strengthen its overall governance structure. In many cases, the Company is unable to predict the outcomes and implications of these inquiries and investigations on the Company’s business which could be time consuming, costly to investigate and require significant management attention. Furthermore, the outcome of these inquiries and investigations could negatively impact the Company’s business, reputation, financial condition and operating results, including possible fines and penalties and requiring changes to operational activities and procedures. Indemnifications In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with third parties. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its activities or non-compliance with certain representations and warranties made by the Company. In addition, the Company has entered into indemnification agreements with its officers, directors, and certain current and former employees, and its certificate of incorporation and bylaws contain certain indemnification obligations. It is not possible to determine the maximum potential loss under these indemnification provisions / obligations because of the unique facts and circumstances involved in each particular situation. |
Variable Interest Entities ("VI
Variable Interest Entities ("VIEs") | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Variable Interest Entities (VIEs) | Note 16 - Variable Interest Entities ("VIEs") Consolidated VIEs Total assets included on the consolidated balance sheets for these VIEs as of December 31, 2018 and 2019 were $115 million and $1.2 billion , respectively. Total liabilities included on the consolidated balance sheet for VIEs as of December 31, 2018 were not material . Total liabilities included on the consolidated balance sheet for VIEs as of December 31, 2019 were $159 million . Freight Holding In July 2018, the Company created a new majority-owned subsidiary, Uber Freight Holding Corporation (“Freight Holding”). The purpose of Freight Holding is to perform the business activities of the Freight operating segment. The Freight Holding stock held by the Company was determined to be a variable interest. Freight Holding is also considered to be a VIE because it lacks sufficient equity to finance activities without future subordinated support . Given that the Company has the power to direct activities that most significantly impact the economic performance of Freight Holding, the Company is the primary beneficiary of Freight Holding. As a result, the Company consolidates Freight Holding’s assets and liabilities. As of December 31, 2019 , Uber continues to own the majority of the issued and outstanding capital stock of Freight Holding and reports non-controlling interests as further described in Note 17 - Non-Controlling Interests . Apparate USA LLC In April 2019, the Company contributed certain of its subsidiaries and all assets and liabilities related to its autonomous vehicle technologies (excluding liabilities arising from certain indemnification obligations related to the Levandowski arbitration and any remediation costs associated with certain obligations that may arise as a result of the Waymo settlement) to Apparate USA LLC (“Apparate”) in exchange for common units representing 100% ownership interest in Apparate. The purpose of Apparate is to develop and commercialize autonomous vehicle and ridesharing technologies. Subsequent to the formation of Apparate in April 2019, Apparate entered into a Class A Preferred Unit Purchase Agreement (“Preferred Unit Purchase Agreement”) with SVF Yellow (USA) Corporation (“SoftBank”), Toyota Motor North America, Inc. (“Toyota”), and DENSO International America, Inc. (“DENSO”). P referred units were issued in July 2019 to SoftBank, Toyota, and DENSO and provided the investors with an aggregate 13.8% initial ownership interest in Apparate on an as-converted basis. The common units held by the Company in Apparate were determined to be a variable interest. The Company has determined that Apparate is a VIE as it lacks sufficient equity to finance its activities without future subordinated support. The Company has the power to direct the activities that most significantly impact the economic performance of Apparate, and, as a result, the Company is the primary beneficiary of Apparate , consolidates Apparate’s assets and liabilities and reports non-controlling interests as further described in Note 17 - Non-Controlling Interests . Unconsolidated VIE Mission Bay 3 & 4 The Mission Bay 3 & 4 JV refers to ECOP, a joint venture entity established in March 2018, by the Company and the LLC Partners. The Company contributed $136 million cash in exchange for a 45% interest in ECOP. Any remaining construction costs will be funded through a construction loan obtained by ECOP where the Company together with the two LLC Partners guarantee payments and performance of the loan when it becomes due and any payment of costs incurred by the lender under limited situations. The maximum collective guarantee liability is up to $50 million . The Company evaluated the nature of its investment in ECOP and determined that ECOP was a VIE during the construction period; however, the Company is not the primary beneficiary as decisions are made jointly between parties and therefore does not have the power to direct activities that most significantly impact the VIE. The Company reevaluates if ECOP meets the definition of a VIE upon specific reconsideration events. The investment was determined to be an equity method investment due to the Company’s ability to exercise significant influence over MLU B.V. Refer to Note 4 - Equity Method Investments for further information. The maximum exposure to loss represents the potential loss recognized by the Company relating to these unconsolidated entities. The Company believes that its maximum exposure to loss is limited because it is a member of the limited liability company. The Company’s maximum exposure to loss differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of the variable interests in the VIE and is limited to the investment balances and notional amounts of guarantees. As of December 31, 2018 and 2019 , the carrying amount of assets and liabilities recognized on the consolidated balance sheets related to the Company’s interests in unconsolidated VIEs and the Company’s maximum exposure to loss relating to unconsolidated VIEs was as follows (in millions) : As of December 31, 2018 2019 Investment $ 78 $ 136 Additional cash contribution 58 — Limited guarantee 50 50 Maximum exposure to loss $ 186 $ 186 |
Non-Controlling Interest
Non-Controlling Interest | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interest | Note 17 - Non-Controlling Interests ATG Investment: Preferred Unit Purchase Agreement On July 2, 2019 (“the Close Date”), the Company closed a Preferred Unit Purchase Agreement with SoftBank, Toyota, and DENSO (collectively “the Investors”) for purchase by the Investors of Class A Preferred Units (“Preferred Units”) in Apparate. On the Close Date, Apparate, a subsidiary of the Company, issued 1.0 million Preferred Units at $1,000 per unit to the Investors for an aggregate consideration of $1.0 billion ( $400 million from Toyota, $333 million from SoftBank, and $267 million from DENSO). The Preferred Units represented an aggregate 13.8% initial ownership interest in Apparate on an as-converted basis. The Company retains the remaining 86.2% ownership interest following the closing of the Preferred Units Purchase Agreement. SoftBank and Toyota are existing investors in the Company. At the option of the Investors, the Preferred Units are convertible into common units of Apparate, initially on a one -for-one basis but subject to potential adjustment, as defined by the Preferred Unit Purchase Agreement at any time. The Preferred Units are entitled to certain distributions, including primarily dividends which are payable in cash or in-kind (at Apparate's discretion), and accrue quarterly, compounded on the last day of each quarter at a 4.5% annual rate. The Preferred Units are entitled to distributions upon the occurrence of a sale or liquidation of Apparate representing an amount that is equal to the greater of (i) the original investment plus any accrued but unpaid amounts, and (ii) their share of distributions assuming conversion to common units of Apparate immediately prior to the sale or liquidation event. The quarterly dividend, along with any attributed prorated share of Apparate’s net income (if applicable), are included in net income (loss) attributable to non-controlling interests, net of tax in the Company’s consolidated statements of operations . The Preferred Units do not participate in net losses due to a liquidation preference. SoftBank’s Preferred Units Beginning on July 2, 2026, SoftBank has the option to put to the Company all, but not less than all, of its initial investment in Preferred Units at a price equal to the number of SoftBank’s Preferred Units multiplied by the greater of (i) the original investment plus any accrued but unpaid amounts per unit and (ii) the fair value of the Preferred Units at the time of conversion (the “Put/Call Price”). Beginning on July 2, 2026, the Company can call all, but not less than all, of the Preferred Units held by SoftBank at the Put/Call Price. The Company has the option to settle all, or a portion of, the Put/Call Price with its common stock and any remainder will be satisfied in cash. The put and call were determined to be embedded features within the SoftBank Preferred Units since they are not separately exercisable or legally detached from the SoftBank Preferred Units. As of December 31, 2019 , the SoftBank Preferred Units are classified as redeemable non-controlling interests in the Company’s consolidated financial statements and reported at the Put/Call Price. The Put/Call Price is determined as of each balance sheet date. The fair value of SoftBank’s Preferred Units is determined based on a hybrid method with the option-pricing model as the primary methodology. This method uses Level 3 fair value measurement inputs as well as an assumed equal probability of the occurrence of a liquidation or exit event. The significant unobservable inputs used in the fair value measurement include: volatility of 42% , time to liquidity of 4.5 years , and a discount for lack of marketability of 16% . A market approach was also used to corroborate the valuation derived from the hybrid method at issuance to evidence that the issuance price of the Preferred Units approximated their fair value. There were no fair value adjustments to SoftBank’s redeemable non-controlling interests during the year ended December 31, 2019 . Toyota and DENSO’s Preferred Units As of December 31, 2019 , the Toyota and DENSO Preferred Units are classified in permanent equity as non-controlling interests as these units are not subject to any mandatory redemption rights or redemption rights that are outside the control of the Company . ATG Collaboration Agreement with Apparate, Toyota and DENSO In conjunction with the Preferred Unit Purchase Agreement discussed above, the Company entered into a three-year joint collaboration agreement among Toyota, DENSO, and Apparate to develop next-generation self-driving technology (the “ATG Collaboration Agreement”), which became effective as of the closing of the Preferred Unit Purchase Agreement in July 2019. Pursuant to the ATG Collaboration Agreement, Toyota will make cash payments to Apparate up to an aggregate of $300 million , payable in six semi-annual installments during the three-year term of the ATG Collaboration Agreement. The cash payments for each six-month period are contingent upon the mutual agreement between the parties on the development activities and milestones to be achieved in the next six months and the continuation of the ATG Collaboration Agreement. The ATG Collaboration Agreement is within the scope of ASC 808, Collaborative Arrangements. The development activities are considered ongoing and central to the activities of ATG. As a result, the amounts received from Toyota are recognized as collaboration revenue in the ATG and Other Technology Programs segment ratably over the respective six-month service period to which each payment relates, as the related development activities are performed . During the year ended December 31, 2019 , the first $50 million cash installment was received, of which $42 million was recognized as revenue. Freight Holding As of December 31, 2018 and 2019 , the Company owned 89% of the issued and outstanding capital stock of its subsidiary Freight Holding, or 80% on a fully-diluted basis if all shares reserved for issuance under the Company’s Freight Holding employee incentive plan were issued and outstanding. Under the Freight Holding incentive plan, a total number of 99.8 million shares of Freight Holding are reserved and available for grant and issuance. The minority stockholders of the Company’s subsidiary Freight Holding, including any holders of equity awards issued under the employee equity incentive plans and employees who hold fully vested shares, have put rights to sell certain of their equity interests at fair value to the Company at specified periods of time that terminates upon the earliest of the closing of a liquidation transaction or an IPO of the subsidiary. Should the put rights be exercised, they can be satisfied in either cash, Uber stock, or a combination of cash and Uber stock based upon the Company’s election. The Company attributes the pro rata share of the Freight Holding’s net income or loss to the redeemable non-controlling interests based on the outstanding ownership of the minority shareholders during the period. As of December 31, 2018 and 2019 , the minority stockholders ownership in Freight Holding is classified in mezzanine equity as redeemable non-controlling interest, because it is redeemable on an event that is not solely in the control of the Company. The Freight Holding non-controlling interest is not remeasured to fair value because it is currently not probable that the non-controlling interest will become redeemable. If the Freight Holding non-controlling interest becomes probable of being redeemable, then the Company will be required to remeasure the non-controlling interest at fair value with changes in the carrying value recognized in additional paid-in-capital. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination | Note 18 – Business Combination In May 2018, the Company acquired 100% of the equity interest of JUMP, a dockless e-bike sharing private company based in Brooklyn, New York. The acquisition of JUMP was accounted for as a business combination. The purchase price of $139 million (paid in 2,605,148 shares of the Company's common stock, 499,241 stock options, and $46 million in cash) was allocated as follows: $37 million to developed technology, $4 million to deferred tax liabilities, $10 million to assets acquired and $4 million to liabilities assumed based on their estimated fair value on the acquisition date, and the excess of $100 million of the purchase price over the fair value of net assets acquired was recorded as goodwill. Goodwill was primarily attributable to the expected synergies arising from the acquisition including the ability to gain efficiencies with the use of JUMP’s technology and existing processes. This goodwill was no t deductible for U.S. income tax purposes. Developed technology is amortized on a straight-line basis over its estimated useful life of up to 5 |
Divestitures
Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Note 9 - Assets and Liabilities Held for Sale Lion City Rentals During 2018, the Company started exploring strategic options for the sale of Lion City Rentals Pte. Ltd. (“LCR”), a wholly-owned vehicle solutions subsidiary of the Company based in Singapore and concluded that LCR met all of the held for sale criteria as of December 31, 2018. In January 2019, an agreement was executed with Waydrive Holdings Pte. Ltd. (“Waydrive”) to purchase the LCR business, specifically 100% of the equity interests of LCR and its subsidiary LCRF Pte. Ltd. (“LCRF”). The fair value of consideration received included $310 million of cash for the assets and liabilities of LCR and LCRF and up to $33 million of contingent consideration receivable for certain VAT receivables and receivables from certain commercial counterparties. These contingent consideration receivables are included in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2019 . The resulting gain on disposal was not material to the Company. The transaction closed on January 25, 2019. D uring the years ended December 31, 2017 and 2018, the Company recognized an impairment loss in general and administrative expenses of $57 million and $197 million , respectively, in the consolidated statement of operations to adjust the fair value of the assets and liabilities, primarily as a result of the passage of time and the reduction in fair value of vehicles held for sale. The LCR business was included within the Company’s Rides segment. The following table summarizes the carrying values of the assets and liabilities classified as held for sale as of December 31, 2018 (in millions) : As of December 31, 2018 Assets held for sale Cash and cash equivalents $ 34 Accounts receivable, net 20 Prepaid expenses and other current assets 30 Property and equipment, net 322 Total assets held for sale 406 Liabilities held for sale Accounts payable 2 Accrued liabilities 2 Other current liabilities 7 Total liabilities held for sale 11 Net assets held for sale $ 395 Note 19 - Divestitures During the year ended December 31, 2018 , the Company completed two divestitures. These divestitures consisted of the disposition with a retained interest in the Uber Russia/CIS operations and the sale of the Company's Southeast Asia operations. The gains associated with these divestitures were included in other income (expense), net in the consolidated statement of operations. MLU B.V. and Uber Russia/CIS Operations During the first quarter of 2018, the Company contributed the net assets of its Uber Russia/CIS operations into a newly formed private limited liability company, MLU B.V., with Yandex and the Company holding ownership interests in MLU B.V. The Company contributed $345 million of cash, contracts in the region including Rider, Driver, and Eater contracts, and certain employees in the region to MLU B.V. The Company concurrently issued approximately 2 million shares of Uber Technologies, Inc. Class A common stock, with a fair value of $52 million to MLU B.V.’s parent, Yandex. These shares are subject to a put/cal l feature resulting in Uber Technologies, Inc.’s contingent obligation to buy back these shares at $48 per share. The put/call feature may be exercised at any time by either party from when it became effective in February 2019 through February 2022, at which point, if unexercised, the put/call right expires. In December 2019, Yandex exercised the put feature which caused the Company to repurchase all Yandex owned shares of Uber Technologies, Inc. Class A common stock. The Company then retired the shares. The Company performed an evaluation to determine if the sale constituted discontinued operations and concluded that the sale did not represent a major strategic shift, primarily because the Uber Russia/CIS operations did not materially affect consolidated assets, revenue or loss from operations of the Company. In addition, the Company determined the sale constituted the sale of a business in accordance with ASC 805. In exchange for consideration contributed, the Company received a seat on MLU B.V.’s board and a 38% equity ownership interest consisting of common stock in MLU B.V. The investment was determined to be an equity method investment due to the Company’s ability to exercise significant influence over MLU B.V. Refer to Note 4 - Equity Method Investments for further information. As a result of the loss of control over Uber Russia/CIS resulting from the transaction, the Company derecognized the assets and liabilities of Uber Russia/CIS and recorded a $954 million gain during the year ended December 31, 2018 recognized in other income (expense), net in the consolidated statements of operations . The following table presents the gain on disposition related to the divestiture of Uber Russia/CIS during the year ended December 31, 2018 (in millions) : Year Ended December 31, 2018 Fair value of consideration received $ 1,410 Cash consideration contributed, net of working capital adjustments (334 ) Share consideration in Class A common stock contributed (52 ) Other (57 ) Net consideration received for sale of Uber Russia/CIS 967 Carrying value of net assets transferred (13 ) Gain on disposition $ 954 Included in the initial carrying value of the investment in MLU B.V. of $1.4 billion , which represents the fair value of the investment (as consideration received) on the transaction date, was a basis difference of $908 million related to the difference between the cost of the investment and the Company’s proportionate share of the net assets of MLU B.V. Southeast Asia On March 25, 2018, two wholly-owned subsidiaries of the Company signed and completed an agreement with Grab pursuant to which Grab hired employees and acquired certain assets of the Company in the region, including Rider, Driver, and Eater contracts in Southeast Asia. The net assets contributed by the Company were not material . The Company determined the sale constituted the sale of business in accordance with ASC 805. The investment was determined to be an investment in a debt security which the Company has classified as available-for-sale, initially recorded at fair value of $2.2 billion . Upon closing, the Company’s Chief Executive Officer joined Grab's board of directors and compensation committee. In exchange, the Company received 401 million shares of Grab Series G preferred stock on the closing date of the transaction and 8 million additional Grab Series G preferred stock during 2018 related to the resolution of certain post-close contingencies, for a total of 409 million shares representing 23.2% of the outstanding share capital of Grab as of December 31, 2018 . In addition, based on the agreement, 3 million shares remained subject to the post-close contingency as of December 31, 2018 , and the remaining number of shares were immaterial as of December 31, 2019 . The shares received have been recorded at fair value as additional sale consideration. As a result of the transaction, the Company recorded a $2.3 billion gain during the year ended December 31, 2018 in other income (expense), net in the consolidated statements of operations . The Grab Series G preferred stock ("the Grab investment") includes a redemption right, under which the Company, subject to certain conditions, including the absence of a Grab IPO, may put all or a portion of its investment back to Grab any time after the redemption date (defined as June 29, 2023 ) for cash. The redemption price is equal to the sum of the issue price of $5.54 with any declared but unpaid dividends, and compounded interest of 6% per annum on the issue price. The compounded interest represents contractual interest payable on the Grab investment generally due at the redemption date. The Grab investment meets the definition of a debt security due to the redemption feature of the invested shares that are not in-substance common stock. As a result, the Grab investment is classified as an available-for-sale debt security initially recorded at fair value, with changes in the fair value of the investment recorded in other comprehensive income (loss), net of tax. Refer to Note 3 - Investments and Fair Value Measurement for further information regarding the amortized cost, unrealized holding gains, and fair value of the Company’s available-for-sale debt securities. There is significant uncertainty over the collectability of the contractual interest payable on the Grab investment on or after the redemption date due to, among other factors, the reasonable possibility of a Grab IPO. For these reasons, the Company has not recognized any interest income as of December 31, 2018 and 2019 . If the Company had recorded accrued interest on the Series G preference shares, approximately $102 million and $142 million of additional interest income would have been recognized for the years ended December 31, 2018 and 2019 , respectively. Related Party Transactions with Grab and MLU B.V. In August 2018, the Company entered into a purchase agreement (“Grab Vehicle Purchase Agreement”) to sell up to 1,900 vehicles to Grab from the pool of assets held for sale by LCR. The sales occurred over a six-month period beginning August 2018 . During the year ended December 31, 2018 , the Company transferred certain vehicles to Grab in exchange for SGD 31 million of cash consideration and recognized a loss on disposal of SGD 9 million . In January 2019, the Company transferred the remaining vehicles under the Grab Vehicle Purchase Agreement to Grab in exchange for SGD 39 million of cash consideration. The Company and Grab executed a Transition Service Agreement (“TSA”) which requires the Company to provide transaction and integration services to Grab for a period of up to six months subsequent to the closing of the divestiture. In addition, the Company entered into a TSA with MLU B.V. to provide certain transition services subsequent to the closing of the transaction. Transactions related to the TSAs did not have material impacts on the Company’s financial position, results of operations, or liquidity. Xchange Leasing In August 2017, the Company began a reassessment of its U.S. based wholly-owned car leasing operations Xchange Leasing resulting in a plan to exit operations. The Company assessed the fair value of the leased vehicle assets held for sale at December 31, 2017, considering the potential sale transactions, expected future cash flows, and the cost to sell the assets. Based on this assessment, the Company recorded an impairment loss of $166 million for the year ended December 31, 2017 as part of the fair value measurement to reduce the carrying amount of the leased vehicle assets to their estimated fair value less costs to sell. The impairment loss was included in general and administrative expenses in the consolidated statements of operations. In January 2018, the Company closed on a transaction with a third party to sell the beneficial interest of a trust owned by the Company that holds title of the leased vehicles and leased contracts. The transaction resulted in an immaterial loss on disposal. Purchase consideration included approximately $104 million of cash and receivables, a $5 million note convertible into equity of the purchaser, and $20 million in contingent consideration to be earned based on performance of the leases post-sale. The Company used part of the proceeds to pay down the outstanding $75 million principal balance of the Xchange Leasing 2016 Secured Revolving Credit Facility, which was subsequently terminated in January 2018. The Company sold the remaining Xchange Leasing vehicle assets which were not part of this transaction during 2018. The Xchange Leasing business was included within the Company’s Rides segment. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 - Subsequent Events Acquisition of Careem On January 2, 2020 (“Initial Closing”), the Company completed the previously announced acquisition of substantially all of the assets of Careem Inc. and its subsidiaries (collectively “Careem”) in jurisdictions where the Company received regulatory approval or did not require regulatory approval (“Transferred Assets”). Dubai-based Careem was founded in 2012 , provides ridesharing, meal delivery, and payments services to millions of users in cities across the Middle East, North Africa, and Pakistan. This acquisition advances the Company’s strategy of having a leading ridesharing category position in every major region of the world in which the Company operates. The only countries in which Careem operates and regulatory approval has not yet been obtained are Qatar and Morocco (“Deferred Assets”). The Company will continue to seek regulatory approval for the Deferred Assets. While regulatory approval in Pakistan was obtained in February 2020, Pakistan, together with the Deferred Assets, have not yet been transferred to the Company. Pakistan and the Deferred Assets countries will be subject to a delayed closing pending timing of regulatory approval at each of the three, six, and nine month anniversaries of the Initial Closing or at such other time as mutually agreed between the Company and Careem. If regulatory approval is not obtained with respect to any Deferred Assets by the nine month anniversary of the Initial Closing, the Company and Careem may mutually agree to divest any such remaining Deferred Assets. As previously disclosed, the maximum aggregate purchase price is approximately $3.1 billion , consisting of up to approximately $1.7 billion of non-interest bearing unsecured convertible notes and approximately $1.4 billion in cash, subject to certain adjustments and holdbacks equal to 25% of the aggregate purchase price. The notes will be issued in tranches. Each tranche of the unsecured convertible notes is due and payable 90 days once issued. The holders of the unsecured convertible notes may elect to convert the full outstanding principal balance to Class A Common Stock at a conversion price of $55 per share of the Company at any time prior to maturity. The Company is currently evaluating purchase price allocation. It is not practicable to disclose the preliminary purchase price allocation for this acquisition given the short period of time between the acquisition date and the issuance of these consolidated financial statements. Divestiture of Uber Eats India to Zomato On January 21, 2020, the Company entered into a definitive agreement and completed the divestiture of Uber’s food delivery operations in India (“Uber Eats India”) to Zomato Media Private Limited (“Zomato”) in exchange for (i) compulsorily convertible cumulative preference shares of Zomato convertible into ordinary shares representing, when converted, 9.99% of the total voting capital of Zomato and (ii) approximately $35 million in cash for reimbursement by Zomato of goods and services tax. The estimated fair value of the consideration received is $206 million , which includes the investment valued at $171 million and the $35 million of reimbursement of goods and services tax receivable from Zomato. The divestiture of Uber Eats India does not represent a strategic shift that will have a major effect on the Company's operations and financial results, and does therefore not qualify for reporting as a discontinued operation. As of December 31, 2019 , the carrying values of the assets and liabilities of the Company’s Uber Eats India operations were not material to be separately reported as held for sale on the consolidated balance sheets . |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II - Valuation and Qualifying Accounts The table below details the activity of the allowance for doubtful accounts, deferred tax asset valuation allowance, and insurance reserves (in millions) : Balance at Additions (1), (2) Deductions Balance at Year Ended December 31, 2017 Allowance for doubtful accounts $ 17 $ 174 $ (163 ) $ 28 Deferred tax asset valuation allowance $ 882 $ 192 $ — $ 1,074 Insurance reserves $ 712 $ 1,687 $ (403 ) $ 1,996 Year Ended December 31, 2018 Allowance for doubtful accounts $ 28 $ 208 $ (202 ) $ 34 Deferred tax asset valuation allowance $ 1,074 $ 227 $ (7 ) $ 1,294 Insurance reserves $ 1,996 $ 1,578 $ (637 ) $ 2,937 Year Ended December 31, 2019 Allowance for doubtful accounts $ 34 $ 195 $ (195 ) $ 34 Deferred tax assets valuation allowance $ 1,294 $ 8,616 $ (55 ) $ 9,855 Insurance reserves $ 2,937 $ 1,451 $ (970 ) $ 3,418 (1) Additions to insurance reserves include $318 million , $(74) million and $9 million for the years ended December 31, 2017, 2018 and 2019 respectively, for changes in estimates resulting from new developments in prior period claims. (2) For the year ended December 31, 2019, the increase in valuation allowance was primarily attributable to a step-up in the tax basis of intellectual property rights, an increase in U.S. federal, state and Netherlands deferred tax assets resulting from loss from operations, and tax credits generated during the year. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements |
Basis of Consolidation | The Company consolidates its wholly-owned subsidiaries and majority-owned subsidiaries over which it exercises control, as well as variable interest entities (“VIE”) where it is deemed to be the primary beneficiary. Refer to Note 16 - Variable Interest Entities ("VIEs") for further information. All intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates, including those related to the incremental borrowing rate (“IBR”) applied in lease accounting, fair values of investments and other financial instruments, useful lives of amortizable long-lived assets and intangible assets, stock-based compensation, income taxes and non-income tax reserves, certain deferred tax assets and tax liabilities, insurance reserves, and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates. |
Concentration of Credit Risk | Concentration of Credit Risk Cash and cash equivalents, short-term investments, restricted cash and cash equivalents, other receivables, and accounts receivable are potentially subject to credit risk concentration. Cash is deposited with financial institutions around the world that the Company believes are of high credit quality. These deposits are typically in excess of insured limits. The Company has not experienced any losses related to these concentrations during the periods presented. The Company's other receivables primarily consist of funds withheld by well-established insurance companies with high credit quality that may be used to cover future settlement of reserved insurance claims. The Company relies on a limited number of third parties to provide payment processing services (" payment service providers |
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents as of December 31, 2018 and 2019 consisted of cash held in checking and savings accounts as well as investments in money market funds, commercial paper, U.S. government and agency securities, and corporate bonds. The Company considers all highly-liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash includes amounts collected on behalf of, but not yet remitted to Drivers and Restaurants , which are included in accrued and other current liabilities on the consolidated balance sheets . Restricted Cash and Cash Equivalents Restricted cash and cash equivalents is pledged as security for letters of credit or other collateral amounts established by the Company for certain insurance policies and other various contractual arrangements. Restricted cash and cash equivalents |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable represents uncollected fare payments from end-users for completed transactions where (i) the payment method is credit card and includes (a) end-user fare amounts not yet settled with payment service providers, and (b) end-user fare amounts settled by payment service providers but not yet remitted to the Company, or (ii) completed shipments where the Company invoices Freight Customers ("Shippers") and payment has not been received. The timing of settlement of amounts due from these parties varies by region and by product. The portion of the fare receivable to be remitted to Drivers and Restaurants is included in accrued and other current liabilities. Refer to Note 10 - Supplemental Financial Statement Information for amounts payable to Drivers and Restaurants . Although the Company pre-authorizes forms of payment to mitigate its exposure, the Company bears the cost of any accounts receivable losses. The Company records an allowance for doubtful accounts for fare and invoiced amounts that may never settle or be collected, as well as for credit card chargebacks including fraudulent credit card transactions. The Company considers the allowance for doubtful accounts for fare amounts to be direct and incremental costs to revenue earned and, therefore, the costs are included as cost of revenue in the consolidated statements of operations |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is computed using the straight‑line method over the estimated useful lives of the assets, which are as follows: Property and Equipment Estimated Useful Life Land Indefinite Buildings 30 years Site improvements 5-15 years Leased vehicles 3-10 years Computer equipment 3-5 years Furniture and fixtures 3-5 years Dockless e-bikes 3 years Internal-use software 2 years Leased computer equipment Shorter of estimated useful life or lease term Leasehold improvements Shorter of estimated useful life or lease term When assets are retired or otherwise disposed of, the cost, accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations in the period realized. Maintenance and repairs that do not enhance or extend the asset’s useful life are charged to operating expenses as incurred. The Company capitalizes certain costs, such as compensation costs, including stock-based compensation, and interest incurred in developing internal-use software once planning has been completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will function as intended. Amortization of such costs occurs on a straight-line basis over the estimated useful life of the related asset and begins once the asset is ready for its intended use. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred. Leased vehicle assets are stated at cost, net of accumulated depreciation. The vast majority of the Company's leased vehicle assets were reclassified to assets held for sale as of December 31, 2018 . In January 2019, an agreement was executed with Waydrive Holdings Pte. Ltd. (“Waydrive”) to purchase the Lion City Rentals Pte. Ltd. (“LCR”), a wholly-owned vehicle solutions subsidiary of the Company based in Singapore. Refer to Note 9 - Assets and Liabilities Held for Sale for further information. When leased vehicles are retired or otherwise disposed of, the cost and accumulated depreciation are removed and any resulting gain or loss is reflected in the consolidated statements of operations in the period realized. Maintenance and repair expenditures are charged to operating expenses as incurred. |
Leases | Leases Prior to adoption of Accounting Standards Codification (“ ASC “) 842, “Leases” (“ ASC 842”), as of December 31, 2018 and periods before the Company was involved in the construction of certain office buildings and research facilities and was under lease agreements for certain of the constructed or under construction facilities. In such arrangements, the Company capitalized construction costs, whether expended by the Company or the builder/lessor, in property and equipment, net. The Company recorded a corresponding financing obligation for amounts expended by the builder/lessor in other long-term liabilities. During the construction period, interest was accrued on the financing obligation and costs of construction were capitalized as a component of the building asset. These assets often did not qualify for derecognition under sales-leaseback accounting guidance as a result of continuing involvement in the property. These assets and obligations were amortized in depreciation and amortization and interest expense, respectively, in the consolidated statement of operations based on the terms of the related lease agreements. As of December 31, 2018 , the gross carrying value of assets related to build-to-suit lease arrangements was $392 million with a corresponding financing obligation of $350 million . Upon adoption of the ASC 842, the Company derecognized building asset and financing obligation liability balances associated with the construction projects as these were not build-to-suit leases under ASC 842. The Company adopted ASC 842 on January 1, 2019, using the modified retrospective transition method and used the effective date as the date of initial application. Consequently, financial information is not updated and the disclosures required under ASC 842 are not provided for dates and periods before January 1, 2019. ASC 842 provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients,” which permits the Company not to reassess under ASC 842 its prior conclusions about lease identification, lease classification and initial direct costs. The Company made a policy election not to separate non-lease components from lease components, therefore, it accounts for lease and non-lease components as a single lease component. The Company also elected the short-term lease recognition exemption for all leases that qualify. The Company determines if a contract contains a lease at inception of the arrangement based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration, which relates to an asset which the Company does not own. Right of use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recognized as the lease liability, adjusted for lease incentives received. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s IBR, because the interest rate implicit in most of the Company’s leases is not readily determinable. The IBR is a hypothetical rate based on the Company’s understanding of what its credit rating would be to borrow and resulting interest the Company would pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis. Lease payments may be fixed or variable; however, only fixed payments or in-substance fixed payments are included in the Company’s lease liability calculation. Variable lease payments may include costs such as common area maintenance, utilities, real estate taxes or other costs. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. The Company’s leases primarily include corporate offices, data centers, and servers. The lease term of operating and finance leases vary from less than a year to 76 years . The Company has leases that include one or more options to extend the lease term for up to 14 years as well as options to terminate the lease within one year. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants. Operating leases are included in operating lease ROU assets, operating lease liabilities, current and operating lease liabilities, non-current on the Company’s consolidated balance sheets . Finance leases are included in property and equipment, net, accrued and other current liabilities, and other long-term liabilities on the Company’s consolidated balance sheets . For operating leases, lease expense is recognized on a straight-line basis in operations over the lease term. For finance leases, lease expense is recognized as |
Acquisitions | Acquisitions The Company accounts for acquisitions of entities or asset groups that qualify as businesses in accordance with ASC |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination and is allocated to reporting units expected to benefit from the business combination. The Company tests goodwill for impairment at least annually, in the fourth quarter, or whenever events or changes in circumstances indicate that goodwill might be impaired. The Company evaluates its reporting units when changes in its operating structure occur, and if necessary, reassigns goodwill using a relative fair value allocation approach. In testing for goodwill impairment, the Company first assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if the Company concludes otherwise, the Company proceeds to the quantitative assessment. |
Intangible Assets, Net | Intangible Assets, Net Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives, which range from one to 18 years |
Investments | Investments Equity Securities Accounting for the Company's equity securities varies depending on the marketability of the security and the type of investment. On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2016-01, "Recognition and Measurement of Financial Assets and Liabilities," prospectively and accordingly, the Company has elected to measure its investments in non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable price changes in orderly transactions for the identical or similar securities of the same issuer, or in the event of any impairment. This election is reassessed each reporting period to determine whether non-marketable equity securities have a readily determinable fair value, in which case they would no longer be eligible for this election. Equity securities that the Company elected to apply the fair value option and equity securities with a readily determinable fair value are measured at fair value on a recurring basis with changes in fair value recognized in the consolidated statements of operations . The Company had no investments in equity securities whose fair value was readily determinable as of December 31, 2018 and 2019 . The Company evaluates its non-marketable equity securities for impairment at each reporting period based on a qualitative assessment that considers various potential impairment indicators. Impairment indicators might include, but would not necessarily be limited to, a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, a significant adverse change in the regulatory, economic, or technological environment of the investee, a bona fide offer to purchase, an offer by the investee to sell, or a completed auction process for the same or similar securities for an amount less than the carrying amount of the investments in those securities. If an impairment exists, a loss is recognized in the consolidated statements of operations for the amount by which the carrying value exceeds the fair value of the investment. The Company includes investments in equity securities within investments on the consolidated balance sheets . Debt Securities Accounting for the Company’s debt securities varies depending on the legal form of the security, the Company’s intended holding period for the security, and the nature of the transaction. Investments in debt securities are classified as available-for-sale and are initially recorded at fair value. Investments in marketable debt securities include commercial paper, U.S. government and agency securities and corporate bonds. Certain investments in non-marketable equity securities with redemption, interest, or other debt-like features are classified as available-for-sale debt securities. Subsequent changes in fair value of available-for-sale debt securities are recorded in other comprehensive income (loss), net of tax. The Company records certain of its debt securities at fair value with the changes in fair value recorded in earnings under the fair value option of accounting for financial instruments. The Company evaluates its available-for-sale debt securities for impairment at each reporting period. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs. Factors considered include: recent financial results and operating trends; implied values in recent transactions of investee securities; other publicly available information that may affect the value of the Company’s investments; severity and length of the decline in value; and the Company’s strategy and intentions for holding the investment. Impairment of the Company’s debt securities is recognized in earnings when a decline in value has occurred that is deemed to be other than temporary, and the current fair value becomes the new cost basis for the security. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in earnings, and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss). The Company considers its marketable debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the consolidated balance sheets . Certain investments in non-marketable debt securities classified as available-for-sale debt securities are included in investments on the consolidated balance sheets . |
Equity Method Investments | Equity Method Investments Investments in common stock or in-substance common stock of entities that provide the Company with the ability to exercise significant influence, but not a controlling financial interest, over the investee are accounted for under the equity method of accounting. Investments accounted for under the equity method are initially recorded at cost. Subsequently, the Company recognizes through the consolidated statements of operations and as an adjustment to the investment balance, its proportionate share of the entities’ net income or loss and to reflect the amortization of basis differences. The Company records its share of the results of these companies one quarter in arrears within earnings in equity interests as loss from equity method investment, net of tax in the consolidated statements of operations . The Company evaluates each of its equity method investments at the end of each reporting period to determine whether events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. The Company recognizes in the consolidated statements of operations and as an adjustment to the investment balance, any required impairment loss. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. This evaluation consists of several qualitative and quantitative factors including recent financial results and operating trends of the investee; implied values in recent transactions of investee securities; other publicly available information that may affect the value of the Company’s investments. |
Evaluation of Long-Lived Assets for Impairment | Evaluation of Long-Lived Assets for Impairment The Company evaluates its held-and-used long-lived assets for indicators of possible impairment when events or changes in circumstances indicate the carrying amount of an asset or asset group (collectively, the “asset group”) may not be recoverable. The Company measures the recoverability of the asset group by comparing the carrying amount of such asset groups to the future undiscounted cash flows it expects the asset group to generate. If the Company considers the asset group to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset group exceeds its fair value. |
Fair Value Measurements and Financial Instruments | Fair Value Measurements and Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, Fair Value Measurement (“ ASC 820”), the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are set forth below: Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of the assets or liabilities. Level 3 Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. The Company’s primary financial instruments include cash equivalents, marketable debt securities, restricted cash and cash equivalents, accounts receivable, investments, accounts payable, accrued liabilities, long-term debt, and embedded derivatives and warrants. The estimated fair value of cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates |
Variable Interest Entities | Variable Interest Entities |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when or as it satisfies its obligation. The Company derives its revenues principally from Drivers and Restaurants ’ use of the Company’s platform and related service which includes on-demand lead generation, and related activities, including facilitating payments from end-users, that enable Drivers and Restaurants to seek, receive and fulfill on-demand requests from end-users seeking Rides services and Eats services (the “Uber Service”) and from customers' use of Freight, Other Bets, and ATG and Other Technology Programs. The Company periodically reassesses its revenue recognition policies as new offering become materials, and business models and other factors evolve. Rides and Eats Master Services Agreements The Company enters into Master Services Agreements (“MSA”) with Drivers and Restaurants to use the platform. The MSA defines the service fee the Company charges Drivers and Restaurants for each transaction. Upon acceptance of a transaction, the Drivers and Restaurants agree to perform the Rides or Eats services as requested by an end-user. The acceptance of a transaction request combined with the MSA establishes enforceable rights and obligations for each transaction. A contract exists between the Company and the Drivers and Restaurants after the Drivers and Restaurants accept a transaction request and the Drivers' and Restaurants' ability to cancel the transaction lapses. End-users access the Platform for free and the Company has no performance obligation to end-users. As a result, end-users are not the Company's customers. The Uber Service activities are performed to satisfy the Company’s sole performance obligation in the transaction, which is to connect Drivers and Restaurants with end-users to facilitate the completion of a successful transaction. Judgment is required in determining whether the Company is the principal or agent in transactions with Drivers and Restaurants and end-users. The Company evaluates the presentation of revenue on a gross or net basis based on whether it controls the service provided to the end-user and is the principal (i.e. "gross"), or the Company arranges for other parties to provide the service to the end-user and is an agent (i.e. "net"). This determination also impacts the presentation of incentives provided to Drivers and discounts and promotions offered to end-users. For Rides and Eats transactions, the Company's role is to provide the service to Drivers and Restaurants to facilitate a successful trip or Eats service to end-users. The Company concluded it does not control the good or service provided by Drivers and Restaurants to end-users as (i) the Company does not pre-purchase or otherwise obtain control of the Drivers' and Restaurants' goods or services prior to its transfer to the end-user; (ii) the Company does not direct Drivers and Restaurants to perform the service on the Company’s behalf, and Drivers and Restaurants have the sole ability to decline a transaction request and (iii) the Company does not integrate services provided by Drivers and Restaurants with its other services and then provide them to end-users. As part of the Company's evaluation of control, the Company reviews other specific indicators to assist in the principal versus agent conclusions. The Company is not primarily responsible for Rides and Eats services provided to end-users, nor does it have inventory risk related to these services. While the Company facilitates setting the price for Rides and Eats services, the Drivers and Restaurants and end-users have the ultimate discretion in accepting the transaction price and this indicator alone does not result in the Company controlling the services provided to end-users. Drivers and Restaurants are the Company's customers and pay the Company a service fee for each successfully completed transaction with end-users. The Company's obligation in the transaction is satisfied upon completion by Drivers and Restaurants of a transaction. In the vast majority of transactions with end-users, the Company acts as an agent by connecting end-users seeking Rides and Eats services with Drivers and Restaurants looking to provide these services. Accordingly, the Company recognizes revenue on a net basis, representing the fee the Company expects to receive in exchange for the Company providing the service to Drivers and Restaurants . The Company records refunds to end-users that it recovers from Drivers and Restaurants as a reduction to revenue. Refunds to end-users due to end-user dissatisfaction with the Platform are recorded as marketing expenses and reduce the accounts receivable amount associated with the corresponding transaction. Rides The Company derives its Rides revenue primarily from service fees paid by Rides Drivers for use of the platform and related service to connect with Riders and successfully complete a trip via the Platform. The Company recognizes revenue when a trip is complete. Depending on the market where the trip is completed, the service fee is either a fixed percentage of the end-user fare or the difference between the amount paid by an end-user and the amount earned by Rides Drivers . In markets where the Company earns the difference between the amount paid by an end-user and the amount earned by Rides Drivers , end-users are quoted a fixed upfront price for ridesharing services while the Company pays Rides Drivers based on actual time and distance for the ridesharing services provided. Therefore, the Company can earn a variable amount and may realize a loss on the transaction. The Company typically receives the service fee within a short period of time following the completion of a trip. In addition, end-users in certain markets have the option to pay cash for trips. On such trips, cash is paid by end-users to Rides Drivers . The Company generally collects its service fee from Rides Drivers for these trips by offsetting against any other amounts due to Rides Drivers , including Rides Drivers incentives. As the Company currently has limited means to collect its service fee for cash trips and cannot control whether Rides Drivers will generate future amounts owed to them for offset, it concluded collectability of such amounts is not probable until collected. As such, uncollected service fees for cash trips are not recognized in the consolidated financial statements until collected from Rides Drivers . Eats The Company derives its Eats revenue primarily from service fees paid by Delivery People and Restaurants for use of the platform and related service to successfully complete a meal delivery service via the Platform. The Company recognizes revenue when an Eats transaction is complete. The service fee paid by Restaurants is a fixed percentage of the meal price. The service fee paid by Delivery People is the difference between the delivery fee amount paid by the end-user and the amount earned by the Delivery People. End-users are quoted a fixed price for the meal delivery while the Company pays Delivery People based on time and distance for the delivery. Therefore, the Company earns a variable amount on a transaction and may realize a loss on the transaction. The Company typically receives the service fee within a short period of time following the completion of a delivery. Freight The Company derives its Freight revenue from freight transportation services provided to Shippers. Revenue for Freight represents the gross amount of fees charged to Shippers for these services. Costs incurred with carriers for Freight transportation are recorded in cost of revenue. Shippers contract with the Company to utilize the Company's network of independent freight carriers to transport freight. The Company enters into contracts with Shippers that define the price for each shipment and payment terms. The Company’s acceptance of the shipment request establishes enforceable rights and obligations for each contract. By accepting the Shipper's order, the Company has responsibility for transportation of the shipment from origin to destination. The Company enters into separate contracts with independent freight carriers and is responsible for prompt payment of freight charges to the carrier regardless of payment by the Shipper. The Company’s sole performance obligation is the transport of Shipper freight using its network of independent freight carriers. The Company invoices the Shipper upon satisfaction of the performance obligation. Judgment is required in determining whether the Company is the principal or agent in transactions with Shippers. For each contract entered into with a Shipper, the Company is responsible for identifying and directing independent freight carriers to transport the Shipper's goods. The Company therefore controls the service before it is transferred to the Shipper. The Company is primarily responsible for fulfilling the contract with the Shipper, including having discretion in selecting a qualified independent freight carrier that meets the Shipper's specifications. The Company also has pricing discretion and negotiates separately the price(s) charged to Shippers and amounts paid to carriers. Accordingly, the Company is the principal in these transactions. In consideration for the Company’s Freight services, Shippers pay the Company a fixed amount for each completed shipment. When the Shipper's freight reaches its intended destination, the Company's performance obligation is complete. The Company recognizes revenue associated with the Company’s performance obligation over the contract term, which represents its performance over the period of time a shipment is in transit. While the transit period of the Company’s contracts can vary based on origin and destination, contracts still in transit at period end are not material. Payment for the Company’s services is generally due within 30 to 45 days upon delivery of the shipment. Other Bets E-Bikes and Scooters The Company derives its New Mobility revenue from operating leases as defined within ASC 842, "Leases" ("ASC 842"). New Mobility refers to offerings and products that provide users with access to rides through a variety of modes, including dockless e- bikes and e-scooters (“New Mobility”). New Mobility also includes Transit, UberWorks and the Company’s Platform Incubator group, which is responsible for innovating new services and use cases on the Company’s platform to drive long-term growth and cross-platform customer engagement. Users contract with the Company via a rental agreement at the inception of each trip. The Company is responsible for providing access to the e-bikes and scooters over the user’s desired period of use. The Company records lease payments received upon completion of each trip. Vehicle Solutions Revenues The Company leases vehicles to third parties who could potentially use them to provide ridesharing services. The Company disposed of its primary leased vehicle activities in 2018 and in the first quarter of 2019. Refer to Note 19 - Divestitures for additional details surrounding this transaction. The Company recognizes revenue from these arrangements as lease payments are collected. ATG and Other Technology Programs In 2019, the Company entered into a three-year joint collaboration agreement with certain third parties to develop next–generation self-driving technology. Under this collaboration agreement, the Company will receive cash consideration over the three-year term. The Company has applied ASC 808, Collaborative Arrangements for recognition and presentation of the consideration received as collaboration revenue. Refer to Note 17 - Non-Controlling Interests for additional details surrounding this transaction. Other Revenue The Company derives its Other Revenue primarily from financial partnerships and service fees charged to its Uber for Business (“U4B”) and revenue attributable to this category was not material in all periods presented. Incentives to Drivers Incentives provided to Drivers , who are the Company’s customers, are recorded as a reduction of revenue if the Company does not receive a distinct good or service or cannot reasonably estimate fair value of the good or service received. Incentives to Drivers that are not for a distinct good or service are evaluated as variable consideration, in the most likely amount to be earned by the Drivers , at the time or as they are earned by the Drivers , depending on the type of incentive. Since incentives are earned over a short period of time, there is limited uncertainty when estimating variable consideration. Incentives earned by Drivers for referring new Drivers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Company expenses such referral payments as incurred in sales and marketing expenses in the consolidated statements of operations . The Company applied the practical expedient under ASC 340-40-25-4 and expenses costs to acquire new customer contracts as incurred because the amortization period would be one year or less. The amount recorded as an expense is the lesser of the amount of the incentive paid or the established fair value of the service received. Fair value of the service is established using amounts paid to vendors for similar services. The amounts paid to Drivers presented as sales and marketing expenses for the years ended December 31, 2017, 2018 and 2019 were $199 million , $136 million , and $103 million , respectively. The Company evaluates whether the cumulative amount of payments, including incentives, to Drivers that are not in exchange for a distinct good or service received from Drivers exceeds the cumulative revenue earned since inception of the Drivers relationships. Any cumulative payments in excess of cumulative revenue are presented as cost of revenue in the consolidated statements of operations . The amounts presented as cost of revenue for the years ended December 31, 2017, 2018 and 2019 were $530 million , $837 million and $1.1 billion , respectively. End-User Discounts and Promotions The Company offers discounts and promotions to end-users to encourage use of the Company’s Platform. These are offered in various forms of discounts and promotions and include: Targeted end-user discounts and promotions: These discounts and promotions are offered to a limited number of end-users in a market to acquire, re-engage, or generally increase end-users use of the platform, and are akin to a coupon. An example is an offer providing a discount on a limited number of rides or meal deliveries during a limited time period. The Company records the cost of these discounts and promotions as sales and marketing expenses at the time they are redeemed by the end-user. End-user referrals: These referrals are earned when an existing end-user (the referring end-user) refers a new end-user (the referred end-user) to the platform and the new end-user takes their first ride on the platform. These referrals are typically paid in the form of a credit given to the referring end-user. These referrals are offered to attract new end-users to the Platform. The Company records the liability for these referrals and corresponding expense as sales and marketing expenses at the time the referral is earned by the referring end-user. Market-wide promotions: These promotions are pricing actions in the form of discounts that reduce the end-user fare charged by Drivers and Restaurants to end-users for all or substantially all rides or meal deliveries in a specific market. This also includes any discounts offered under the Rides Pass and certain discounts within the Uber Rewards programs, which enable End-users to receive a fixed fare or a discount on all eligible rides. Accordingly, the Company records the cost of these promotions as a reduction of revenue at the time the trip is completed. Other The Company has elected to exclude from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions, and collected from Drivers and Restaurants and remitted to governmental authorities. Accordingly, such amounts are not included as a component of revenue or cost of revenue. Practical Expedients The Company has utilized the practical expedient available under ASC 606-10-50-14 and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The Company has no significant financing components in its contracts with customers. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of GAAP , which requires compensation cost for the grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company accounts for forfeitures when they occur. The fair value of stock-based awards, granted or modified, is determined on the grant date (or modification or acquisition dates, if applicable) at fair value, using appropriate valuation techniques. Service-Based Awards The Company records stock-based compensation expense for service-based stock options and RSUs on a straight-line basis over the requisite service period, which is generally four years . For stock options with service-based vesting conditions only and stock purchase rights provided under the Company's employee stock purchase plan, the valuation model, typically the Black-Scholes option-pricing model, incorporates various assumptions including expected stock price volatility, expected term and risk-free interest rates. The Company estimates the volatility of common stock on the date of grant based on the weighted-average historical stock price volatility of comparable publicly traded companies in its industry group. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term equal to the expected term. The Company estimates the expected term based on the simplified method for employee stock options considered to be "plain vanilla" options, as the Company's historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The Company estimates the expected term for non-employees based on the contractual term. The expected risk-free interest rate is based on the United States (" U.S. ") Treasury yield curve in effect at the time of grant. The expected dividend yield is 0.0% as the Company has not paid and does not anticipate paying dividends on its common stock. Performance-Based Awards The Company has granted restricted common stock awards ("RSA(s)"), RSUs , stock appreciation rights (“SAR(s)”), stock options, and warrants that vest upon the satisfaction of both service-based and performance-based conditions. The service-based condition for these awards generally is satisfied over four years . The performance-based conditions generally are satisfied upon achieving specified performance targets, such as financial or operating metrics of the Company, and/or the occurrence of a qualifying event , defined as the earlier of (i) the closing of certain specific liquidation or change in control transactions, or (ii) an IPO . The Company records stock-based compensation expense for performance-based equity awards such as RSAs, RSUs, SARs, and stock options on an accelerated attribution method over the requisite service period, which is generally four years , and only if performance-based conditions are considered probable to be satisfied. Prior to the Company’s IPO in May 2019, the Company had not recognized stock-based compensation expense for awards with performance-based conditions which include a qualifying event because the qualifying event described above had not yet occurred and was not considered probable. Upon the IPO, the Company recorded a cumulative one-time stock-based compensation expense of $3.6 billion , determined using the grant-date fair values. Stock-based compensation related to remaining service-based after the IPO is recorded over the remaining requisite service period. Refer to section “ Initial Public Offering ” above for further information. For performance-based RSAs and RSUs, the Company determines the grant-date fair value to be the fair value of the Company's common stock on the grant date. For performance-based SARs, stock options, and warrants, the Company determines the grant-date fair value utilizing the valuation model as described above for service-based awards. Market-Based Awards The Company has granted RSUs and stock options that vest only upon the satisfaction of all the following conditions: service-based service conditions, performance-based conditions, and market-based conditions. The service-based condition for these awards generally is satisfied over five years . The performance-based conditions generally are satisfied upon achieving specified performance targets, such as the occurrence of a qualifying event , as described above for performance-based awards. The market-based conditions are satisfied upon the Company's achievement of specified fully-diluted equity values, as determined based on the Company's stock price. For market-based awards, the Company determines the grant-date fair value utilizing a Monte Carlo valuation model, which incorporates various assumptions including expected stock price volatility, expected term, risk-free interest rates, expected date of a qualifying event, and expected capital raise percentage. The Company estimates the volatility of common stock on the date of grant based on the weighted-average historical stock price volatility of comparable publicly-traded companies in its industry group. The Company estimates the expected term based on various exercise scenarios. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Prior to the Company’s IPO in May 2019, the Company estimated the expected date of a qualifying event based on third-party valuations of the Company's common stock and estimated the expected capital raise percentage based on management's expectations at the time of measurement of the award's value. The Company records stock-based compensation expense for market-based equity awards such as RSUs and stock options on an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable to be satisfied. The Company determines the requisite service period by comparing the derived service period to achieve the market-based condition and the explicit service-based period, using the longer of the two service periods as the requisite service period. Employee Stock Purchase Plan (“ESPP”) The Company recognizes stock-based expenses related to shares issued pursuant to its 2019 ESPP on a straight-line basis over the offering period. The ESPP provides for twelve-month offering periods, and each offering period includes two purchase periods of approximately six months. The ESPP allows eligible employees to purchase shares of the Company's common stock at a 15 percent discount on the lower price of either (i) the offering period begin date or (ii) the purchase date. The Company estimates the fair value of shares to be issued under the ESPP based on a combination of options valued using the Black-Scholes option-pricing model. The Company determines volatility over an expected term of six months based on the historical volatility of the Company and twelve months based on the average of the historical volatility of the Company and peer group. The Company estimates the expected term based on the contractual term. Common Stock Fair Value Subsequent to the Company’s IPO in May 2019, the fair value of common stock was determined on the grant date using the closing price of the Company’s common stock. Prior to the Company’s IPO, the absence of an active market for the Company’s common stock required the Board of Directors, the members of which the Company believes have extensive business, finance and venture capital experience, to determine the fair value of its common stock for purposes of granting stock-based awards and for calculating stock-based compensation expense. The Company obtained contemporaneous third-party valuations to assist the Board of Directors in determining fair value. These contemporaneous third-party valuations used the methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation . Factors taken into consideration in assessing the fair value of the Company’s common stock included: the sale of the Company's shares to investors in private offerings; the prices of the recent redeemable convertible preferred stock sales to investors in arm’s-length transactions; the Company’s capital resources and financial condition; the preferences held by the Company’s redeemable convertible preferred stock classes in favor of its common stock; the likelihood and timing of achieving a qualifying event, such as an IPO or sale of the Company given prevailing market conditions; the Company’s historical operating and financial performance as well as the Company’s estimates of future financial performance; valuations of comparable companies; the hiring of key personnel; the status of the Company’s development, product introduction and sales efforts; the price paid by the Company to repurchase outstanding shares; industry information such as market growth and volume and macro-economic events; and, additional objective and subjective factors relating to its business. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. The Company accounts for uncertainty in tax positions recognized in the consolidated financial statements by recognizing a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more-likely-than-not expected to be realized based on the weighting of positive and negative evidence. Future realization of deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback or carryforward periods available under the applicable tax law. The Company regularly reviews the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. The Company’s judgment regarding future profitability may change due to many factors, including future market conditions and the ability to successfully execute the business plans and/or tax planning strategies. Should there be a change in the ability to recover deferred tax assets, the Company’s income tax provision would increase or decrease in the period in which the assessment is changed. The Company elected the tax law ordering approach in assessing the realizability of net operating losses expected to offset future Global Intangible Low-taxed Income (“GILTI”). The establishment of deferred tax assets from intra-entity transfers of intangible assets requires management to make significant estimates and assumptions to determine the fair value of such intangible assets. Significant estimates in valuing intangible assets may include, but are not necessarily limited to, internal revenue and expense forecasts, the estimated life of the intangible assets, comparable transaction values, and / or discount rates. The discount rates used to discount expected future cash flows to present value are derived from a weighted-average cost of capital analysis and are adjusted to reflect the inherent risks related to the cash flow. Although the Company believes the assumptions and estimates utilized are reasonable and appropriate, they are based, in part, on historical experience, internal and external comparable data and are inherently uncertain. Unanticipated events and circumstances may occur that could affect either the accuracy or validity of such assumptions, estimates or actual results. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for (benefit from) income taxes in the consolidated statements of operations. |
Cost of Revenue | Cost of revenue, exclusive of depreciation and amortization, primarily consists of credit card processing fees, bank fees, data center and networking expenses, mobile device and service costs, certain ride insurance costs, payments including incentives to Drivers and Restaurants in excess of revenues earned from Drivers and Restaurants |
Operations and Support Expenses | Operations and support expenses primarily consist of compensation costs, including stock-based compensation, for employees that support operations in cities, including the general managers, Driver operations, platform user support representatives and community managers. Also included is the cost of customer support, Driver background checks and the allocation of certain corporate costs. |
Research and Development Expenses | Research and development expenses primarily consist of compensation costs, including stock-based compensation, for employees in engineering, design and product development. Expenses includes ATG and Other Technology Programs development expenses , as well as expenses associated with ongoing improvements to, and maintenance of, existing products and services, and allocation of certain corporate costs. |
Sales and Marketing Expenses | Sales and marketing expenses primarily consist of compensation costs, including stock-based compensation to sales and marketing employees, advertising costs, product marketing costs, the cost of referral services provided by Drivers and Restaurants and incentives , refunds, and credits to end-users |
General and Administrative Expenses | General and administrative expenses primarily consist of compensation costs, including stock-based compensation, for executive management and administrative employees, including finance and accounting, human resources, policy and communications, and legal, as well as allocation of certain corporate costs, occupancy, and non-ride insurance costs. General and administrative expenses also include certain legal settlements. |
Depreciation and Amortization Expenses | Depreciation and amortization expenses primarily consist of depreciation on buildings, site improvements, computer and network equipment, software, leasehold improvements, leased vehicles, furnitures, fixtures, dockless e-bikes, and amortization of intangible assets. |
Foreign Currency | Foreign Currency The functional currency of the Company’s foreign subsidiaries is the local currency or U.S. dollar depending on the nature of the subsidiaries’ activities. Monetary assets and liabilities, and transactions denominated in currencies other than the functional currency are remeasured to the functional currency at the exchange rate in effect at the end of the period and are recorded in the current period consolidated statement of operations . Gains and losses resulting from remeasurement are recorded in foreign exchange gains (losses), net within other income (expense), net in the consolidated statement of operations . Subsidiary assets and liabilities with non-U.S. dollar functional currencies are translated at the month-end rate, retained earnings and other equity items are translated at historical rates, and revenues and expenses are translated at average exchange rates during the year. Cumulative translation adjustments are recorded within accumulated other comprehensive income (loss), a separate component of total equity (deficit). |
Net Income (Loss) Per Share Attributable to Common Stockholders | Net Income (Loss) Per Share Attributable to Common Stockholders The Company computes net income (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company’s redeemable convertible preferred stock, restricted common stock, and common stock issued upon early exercise of stock options are participating securities. The Company considers restricted common stock and any shares issued upon early exercise of stock options, subject to repurchase, to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a cash dividend is declared on common stock. The holders of the redeemable convertible preferred stock would be entitled to dividends in preference to common shareholders, at specified rates, if declared. Then any remaining earnings would be distributed to the holders of common stock, restricted common stock, common stock issued upon early exercise of stock options, and the holders of the redeemable convertible preferred stock on a pro-rata basis assuming conversion of all redeemable convertible preferred stock into common stock. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities. |
Insurance Reserves | Insurance Reserves The Company uses a combination of third-party insurance and self-insurance mechanisms, including a wholly-owned captive insurance subsidiary, to provide for the potential liabilities for certain risks, including auto liability, uninsured and underinsured motorist, auto physical damage, general liability, and workers’ compensation. The insurance reserves is the liability for unpaid losses and loss adjustment expenses, which represents the estimate of the ultimate unpaid obligation for risks retained by the Company and includes an amount for case reserves related to reported claims and an amount for losses related to events incurred but not reported as of the balance sheet date. The estimate of the ultimate obligation utilizes generally accepted actuarial methods applied to historical claim and loss experience. In addition, the Company uses assumptions based on actuarial judgment with consideration toward relevant industry claim and loss development patterns, frequency trends, and severity trends. These reserves are continually reviewed and adjusted as experience develops and new information becomes known. Adjustments, if any, relating to accidents that occurred in prior years are reflected in the current year results of operations. Reserve amounts estimated to be settled within one year are recorded in short-term insurance reserves, with longer term settlements recorded in long-term insurance reserves on the consolidated balance sheets . While management believes that the insurance reserve amount is adequate, the ultimate liability may be in excess of, or less than, the amount provided. All estimates of ultimate losses and allocated loss adjustment expenses, and of resulting reserves, are subject to inherent variability caused by the nature of the insurance claim settlement process. Such variability is increased for the Company due to limited historical experience and the nature of the coverage provided. Actual results depend upon the outcome of future contingent events and can be affected by many factors, such as claims settlement processes and changes in the economic, legal, and social environments. As a result, the net amounts that will ultimately be paid to settle the liability and when these amounts will be paid may vary from the estimate provided on the consolidated balance sheets. |
Loss Contingencies | Loss Contingencies The Company is involved in legal proceedings, claims, and regulatory, indirect tax examinations or government inquiries and investigations that may arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages. The Company records a liability when the Company believes that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If the Company determines that a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the consolidated financial statements . The Company reviews the developments in contingencies that could affect the amount of the provisions that have been previously recorded, and the matters and related reasonably possible losses disclosed. The Company makes adjustments to provisions and changes to disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgment is required to determine both the probability and the estimated amount of loss. The outcome of litigation, indirect tax examinations and investigations are inherently uncertain. Therefore, if one or more of these matters were resolved against the Company for amounts in excess of management's expectations, the Company’s results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected. The Company recognizes estimated losses from contingencies that relate to proceedings in which Drivers are the plaintiffs, or proceedings and regulatory penalties against Drivers for which the Company elects to either pay on behalf of or reimburse Drivers, as a reduction of revenue in the consolidated statements of operations . All other estimated losses from contingencies are recognized in general and administrative expenses. Legal fees and other costs associated with such actions are expensed as incurred. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Upon adoption of the new leasing standard on January 1, 2019, the Company recognized ROU assets of $888 million and lease liabilities of $963 million . The Company reassessed the build-to-suit leases that no longer meet the control-based build-to-suit model and derecognized $392 million in build-to-suit assets, $350 million corresponding financing obligation, and recorded $9 million of deferred tax liability. The initial cash contribution to the Mission Bay 3 & 4 joint venture that was previously reported as a defeasance of a build-to-suit financing obligation of $58 million was derecognized by reclassifying it as an increase to the Mission Bay 3 & 4 equity method investment. Refer to Note 4 - Equity Method Investments for further information. The $9 million difference between the total derecognized assets and total derecognized liabilities was recorded in the opening balance of accumulated deficit, net of tax, as of January 1, 2019. In July 2017, the FASB issued ASU 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” to simplify the accounting for certain instruments with down round features. The amendments require companies to disregard the down round feature when assessing whether the instrument is indexed to its own stock, for purposes of determining liability or equity classification. Further, companies that provide earnings per share (“EPS”) data will adjust the basic EPS calculation for the effect of the feature when triggered and will also recognize the effect of the trigger within equity. The Company adopted this new standard as of January 1, 2019 and applied the changes retrospectively. The adoption of the new standard did not have a material impact on the Company’s consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, “Improvements to Non-Employee Share-Based Payment Accounting,” which expands the scope of Topic 718, to include share-based payments issued to non-employees for goods or services. The new standard supersedes Subtopic 505-50. The Company adopted the new standard effective January 1, 2019 on a modified retrospective basis. The new standard did not have a material impact on the Company’s consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, "Collaborative arrangements: Clarifying the interaction between Topic 808 and Topic 606" to clarify the interaction between the accounting guidance for collaborative arrangements and revenue from contracts with customers. The Company early adopted this guidance effective July 1, 2019 on a retrospective basis and only applied it to contracts that were incomplete as of the adoption date. The new standard did not have a material impact on the Company's consolidated financial statements for the current or previous reported periods herein. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to require the measurement of expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance also amends the impairment model for available for sale debt securities and requires entities to determine whether all or a portion of the unrealized loss on such debt security is a credit loss. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company will adopt the new standard on January 1, 2020. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements, however, it does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which modifies the disclosure requirements in ASC 820, “Fair Value Measurement” (“ASC 820”). The new standard is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company will adopt the new standard on January 1, 2020 and apply the changes prospectively. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements, however, it does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, “Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities,” which amends the guidance for determining whether a decision-making fee is a variable interest and requires organizations to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” to remove specific exceptions to the general principles in Topic 740 and to simplify accounting for income taxes. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, “ Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815, ” which clarifies the interaction of the accounting for equity investments under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows (in millions) : As of December 31, 2017 2018 2019 Cash and cash equivalents $ 4,393 $ 6,406 $ 10,873 Restricted cash and cash equivalents - current 142 67 99 Restricted cash and cash equivalents - non-current 1,293 1,736 1,095 Total cash and cash equivalents, and restricted cash and cash equivalents $ 5,828 $ 8,209 $ 12,067 |
Schedule of Restricted Cash and Cash Equivalents | The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows (in millions) : As of December 31, 2017 2018 2019 Cash and cash equivalents $ 4,393 $ 6,406 $ 10,873 Restricted cash and cash equivalents - current 142 67 99 Restricted cash and cash equivalents - non-current 1,293 1,736 1,095 Total cash and cash equivalents, and restricted cash and cash equivalents $ 5,828 $ 8,209 $ 12,067 |
Schedule of Useful Lives of Property and Equipment, Net | Depreciation and amortization is computed using the straight‑line method over the estimated useful lives of the assets, which are as follows: Property and Equipment Estimated Useful Life Land Indefinite Buildings 30 years Site improvements 5-15 years Leased vehicles 3-10 years Computer equipment 3-5 years Furniture and fixtures 3-5 years Dockless e-bikes 3 years Internal-use software 2 years Leased computer equipment Shorter of estimated useful life or lease term Leasehold improvements Shorter of estimated useful life or lease term The components of property and equipment, net as of December 31, 2018 and 2019 were as follows (in millions) : As of December 31, 2018 2019 Land $ 67 $ 76 Building and site improvements 93 40 Leasehold improvements 315 382 Computer equipment 858 927 Leased computer equipment 288 539 Leased vehicles 34 24 Internal-use software 51 127 Furniture and fixtures 39 49 Dockless e-bikes 10 78 Construction in progress 832 863 Total 2,587 3,105 Less: Accumulated depreciation and amortization (946 ) (1,374 ) Property and equipment, net $ 1,641 $ 1,731 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Revenue is presented in the following tables for the years ended December 31, 2017, 2018 and 2019 , respectively ( in millions ): Year Ended December 31, 2017 2018 2019 Rides revenue $ 6,888 $ 9,182 $ 10,612 Vehicle Solutions revenue (1) 345 143 21 Other revenue 45 112 112 Total Rides revenue 7,278 9,437 10,745 Eats revenue 587 1,460 2,510 Freight revenue 67 356 731 Other Bets revenue (1) — 17 119 ATG and Other Technology Programs collaboration revenue (2) — — 42 Total revenue $ 7,932 $ 11,270 $ 14,147 (1) The Company accounts for Vehicle Solutions and New Mobility revenue as an operating lease as defined under ASC 840 for 2018 and ASC 842 in 2019 . Total revenue recognized under ASC 840 and ASC 842 for the years ended December 31, 2017, 2018 and 2019 was $345 million , $151 million , and $88 million , respectively. (2) Refer to Note 17 - Non-Controlling Interests for further information on collaboration revenue . Year Ended December 31, 2017 2018 2019 United States and Canada $ 4,367 $ 6,521 $ 8,805 Latin America ("LATAM") 1,645 2,002 1,947 Europe, Middle East and Africa ("EMEA") 1,157 1,721 2,148 Asia Pacific ("APAC") (1) 763 1,026 1,247 Total revenue $ 7,932 $ 11,270 $ 14,147 (1) Excluding China and, as of May 2018, also excludes Southeast Asia. |
Schedule of Remaining Performance Obligation | The Company’s remaining performance obligation is expected to be recognized as follows ( in millions ) : Less Than or Greater Than Total As of December 31, 2019 $ 52 $ 35 $ 87 |
Investments and Fair Value Me_2
Investments and Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Investments | The Company’s short-term investments and investments on the consolidated balance sheets consisted of the following as of December 31, 2018 and 2019 (in millions) : As of December 31, 2018 2019 Classified as short-term investments: Marketable debt securities (1) : Commercial paper $ — $ 148 U.S. government and agency securities — 93 Corporate bonds — 199 Short-term investments $ — $ 440 Classified as investments: Non-marketable equity securities: Didi (2) $ 7,953 $ 7,953 Other 32 204 Non-marketable debt securities: Grab (3), (4) 2,328 2,336 Other (5) 42 34 Investments $ 10,355 $ 10,527 (1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents. (2) On August 1, 2016, the Company completed the sale of the Company’s interest in Uber China to Didi and received approximately 52 million shares of Didi’s Series B-1 preferred stock as consideration valued at approximately $6.0 billion at time of transaction. (3) Refer to Note 19 - Divestitures for further information on the Company’s investment in Grab Holdings, Inc. ("Grab"). (4) Recorded at fair value with changes in fair value recorded in other comprehensive income (loss), net of tax. (5) Recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments. |
Schedule of Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions) : As of December 31, 2018 As of December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 1,505 $ — $ — $ 1,505 $ 5,104 $ — $ — $ 5,104 Commercial paper — — — — — 233 — 233 U.S. government and agency securities — — — — — 153 — 153 Corporate bonds — — — — — 199 — 199 Non-marketable debt securities — — 2,370 2,370 — — 2,370 2,370 Non-marketable equity securities — — — — — — 98 98 Total financial assets $ 1,505 $ — $ 2,370 $ 3,875 $ 5,104 $ 585 $ 2,468 $ 8,157 Financial Liabilities Other $ — $ — $ 9 $ 9 $ — $ — $ — $ — Warrants — — 52 52 — — — — Embedded derivatives — — 2,018 2,018 — — — — Total financial liabilities $ — $ — $ 2,079 $ 2,079 $ — $ — $ — $ — |
Schedule of Amortized Cost and Fair Value of Marketable and Non-Marketable Debt Securities | The following table summarizes the amortized cost and fair value of the Company’s marketable and non-marketable debt securities with a stated contractual maturity or redemption date (in millions) : As of December 31, 2019 Amortized Cost Fair Value Within one year $ 408 $ 408 One year through five years 2,456 2,513 Total $ 2,864 $ 2,921 |
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | The following table summarizes the amortized cost, unrealized gains and losses, and fair value of the Company’s marketable and non-marketable debt securities at fair value on a recurring basis as of December 31, 2019 (in millions) : As of December 31, 2018 As of December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper — — — — 233 — — 233 U.S. government and agency securities — — — — 153 — — 153 Corporate bonds — — — — 199 — — 199 Non-marketable debt securities 2,305 65 — 2,370 2,309 61 — 2,370 Total $ 2,305 $ 65 $ — $ 2,370 $ 2,894 $ 61 $ — $ 2,955 |
Schedule of Fair Value Assumptions on Significant Unobservable Inputs | The following table summarizes information about the significant unobservable inputs used in the fair value measurement for the Company’s Grab investment as of December 31, 2018 and 2019 : Fair value method Relative weighting Key unobservable input Financing transactions 100% Transaction price per share $6.16 Volatility 48% - 54% Estimated time to liquidity 1.0 - 2.5 years |
Schedule of Reconciliation Using Significant Unobservable Inputs, Assets | The following table presents a reconciliation of the Company’s financial assets measured and recorded at fair value on a recurring basis as of December 31, 2019 , using significant unobservable inputs (Level 3) (in millions) : Non-marketable Non-marketable Balance as of December 31, 2018 $ 2,370 $ — Total net gains (losses) Included in earnings (8 ) 11 Included in other comprehensive income (loss) 4 — Purchases (1) 4 56 Transfers (2) — 31 Balance as of December 31, 2019 $ 2,370 $ 98 (1) Purchases of non–marketable equity security include warrants to purchase shares of a private company that vest as certain performance criteria are met during the period. (2) Transfers include a non-marketable equity security that was previously measured at fair value on a non-recurring basis as of December 31, 2018 for which the Company elected to apply the fair value option during the year ended December 31, 2019 . Management’s key inputs and assumptions used to determine an estimate of fair value for this investment is based on an option-pricing model and price of the underlying security in recent financing transactions. |
Schedule of Reconciliation Using Significant Unobservable Inputs, Liabilities | The following table presents a rollforward of the Company’s financial liabilities measured at fair value as of December 31, 2018 and 2019 using significant unobservable inputs (Level 3), and the change in fair value recorded in other income (expense), net in the consolidated statements of operations (in millions) : Warrants Convertible Debt Embedded Derivative Balance as of December 31, 2017 $ 125 $ 1,517 Vesting of share warrants 41 — Exercise of vested share warrants (2 ) — forfeiture of unvested share warrants (120 ) — Change in fair value 8 501 Balance as of December 31, 2018 $ 52 $ 2,018 Vesting of share warrants 1 — Exercise of vested share warrants (53 ) — Change in fair value — (58 ) Settlement of derivative liability — (1,960 ) Balance as of December 31, 2019 $ — $ — |
Schedule of Securities without Readily Determinable Fair Value | The following is a summary of unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded in other income (expense), net in the consolidated statements of operations , and included as adjustments to the carrying value of non-marketable equity securities held as of December 31, 2018 and 2019 based on the observable price in an orderly transaction for the same or similar security of the same issuers (in millions) : Year Ended December 31, 2018 2019 Upward adjustments $ 1,984 $ — Downward adjustments (including impairment) — — Total unrealized gain for non-marketable equity securities $ 1,984 $ — The following table summarizes the total carrying value of the Company’s non-marketable equity securities measured at fair value on a non-recurring basis held as of December 31, 2018 and 2019 including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions) : As of December 31, 2018 2019 Initial cost basis $ 6,001 $ 6,075 Upward adjustments 1,984 1,984 Downward adjustments (including impairment) — — Total carrying value at the end of the period $ 7,985 $ 8,059 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The carrying value of the Company’s equity method investments as of December 31, 2018 and 2019 were as follows (in millions) : As of December 31, 2018 2019 MLU B.V. (1) $ 1,234 $ 1,224 Mission Bay 3 & 4 (2) 78 140 Equity method investments $ 1,312 $ 1,364 (1) Refer to Note 19 - Divestitures for further information. (2) Refer to Note 16 - Variable Interest Entities ("VIEs") for further information. The table below provides the composition of the basis difference as of December 31, 2019 (in millions): As of December 31, 2019 Equity method goodwill $ 801 Intangible assets, net of accumulated amortization 118 Deferred tax liabilities (30 ) Cumulative currency translation adjustments (93 ) Basis difference $ 796 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment, Net | Depreciation and amortization is computed using the straight‑line method over the estimated useful lives of the assets, which are as follows: Property and Equipment Estimated Useful Life Land Indefinite Buildings 30 years Site improvements 5-15 years Leased vehicles 3-10 years Computer equipment 3-5 years Furniture and fixtures 3-5 years Dockless e-bikes 3 years Internal-use software 2 years Leased computer equipment Shorter of estimated useful life or lease term Leasehold improvements Shorter of estimated useful life or lease term The components of property and equipment, net as of December 31, 2018 and 2019 were as follows (in millions) : As of December 31, 2018 2019 Land $ 67 $ 76 Building and site improvements 93 40 Leasehold improvements 315 382 Computer equipment 858 927 Leased computer equipment 288 539 Leased vehicles 34 24 Internal-use software 51 127 Furniture and fixtures 39 49 Dockless e-bikes 10 78 Construction in progress 832 863 Total 2,587 3,105 Less: Accumulated depreciation and amortization (946 ) (1,374 ) Property and equipment, net $ 1,641 $ 1,731 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Expense and Supplemental Cash Flow Information | The components of lease expense were as follows (in millions) : Year Ended December 31, 2019 Lease cost Finance lease cost: Amortization of assets $ 150 Interest of lease liabilities 15 Operating lease cost 321 Short-term lease cost 28 Variable lease cost 100 Sublease income (2 ) Total lease cost $ 612 Supplemental cash flow information related to leases was as follows (in millions) : Year Ended December 31, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from financing leases $ 12 Operating cash flows from operating leases 275 Financing cash flows from financing leases 138 Right-of-use assets obtained in exchange for lease obligations: Operating lease liabilities $ 918 Finance lease liabilities 251 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate): As of December 31, 2019 Operating Leases Operating lease right-of-use assets $ 1,594 Operating lease liability, current 196 Operating lease liabilities, non-current 1,523 Total operating lease liabilities $ 1,719 As of December 31, 2019 Finance Leases Property and equipment, at cost $ 539 Accumulated depreciation (247 ) Property and equipment, net $ 292 Other current liabilities $ 165 Other long-term liabilities 143 Total finance leases liabilities $ 308 As of December 31, 2019 Weighted-average remaining lease term Operating leases 16 years Finance leases 2 years Weighted-average discount rate Operating leases 7.1 % Finance leases 5.0 % |
Maturity of Lease Liabilities, Operating | Maturities of lease liabilities were as follows (in millions) : As of December 31, 2019 Operating Leases Finance Leases 2020 216 176 2021 248 115 2022 283 32 2023 244 — 2024 201 — Thereafter 2,195 — Total undiscounted lease payments 3,387 323 Less: imputed interest (1,668 ) (15 ) Total lease liabilities $ 1,719 $ 308 |
Maturity of Lease Liabilities, Finance | Maturities of lease liabilities were as follows (in millions) : As of December 31, 2019 Operating Leases Finance Leases 2020 216 176 2021 248 115 2022 283 32 2023 244 — 2024 201 — Thereafter 2,195 — Total undiscounted lease payments 3,387 323 Less: imputed interest (1,668 ) (15 ) Total lease liabilities $ 1,719 $ 308 Future minimum payments related to the financing obligations as of December 31, 2019 are summarized below (in millions) : Future Minimum Payments Fiscal Year Ending December 31, 2020 $ 6 2021 6 2022 6 2023 6 2024 6 Thereafter 827 Total $ 857 |
Schedule of Future Minimum Rental Payments for Operating Leases | Prior to the adoption of ASC 842, future minimum payments for noncancellable operating leases as of December 31, 2018 were as follows (in millions) : Operating Leases 2019 $ 263 2020 257 2021 224 2022 193 2023 163 Thereafter 1,928 Total $ 3,028 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Value of Goodwill by Segment | The following table presents the changes in the carrying value of goodwill by segment for the years ended December 31, 2018 and 2019 (in millions) : As Previously Reported Core Platform Other Bets Rides Eats Freight Other Bets ATG and Other Technology Programs Total Goodwill Balance as of January 1, 2018 $ 39 $ — $ — $ — $ — $ — $ — $ 39 Acquisitions 14 100 — — — — — 114 Balance as of December 31, 2018 53 100 — — — — — 153 Reallocation due to change in segments (53 ) (100 ) 25 13 — 100 15 — Acquisitions — — — — — — 14 14 Balance as of December 31, 2019 $ — $ — $ 25 $ 13 $ — $ 100 $ 29 $ 167 |
Schedule of Finite-Lived Intangible Assets | The components of intangible assets, net as of December 31, 2018 and 2019 were as follows (in millions except years): Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years December 31, 2018 Developed technology (1) $ 90 $ (20 ) $ 70 4 Patents 15 (3 ) 12 9 Other 3 (3 ) — — Intangible assets $ 108 $ (26 ) $ 82 Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years December 31, 2019 Developed technology (1) $ 94 $ (35 ) $ 59 3 Patents 16 (4 ) 12 8 Other 3 (3 ) — — Intangible assets $ 113 $ (42 ) $ 71 (1) Developed technology intangible assets include in-process research and development (“ IPR&D ”), which is not subject to amortization, of $27 million and $31 million as of December 31, 2018 and 2019 , respectively. |
Schedule of Future Amortization Expense | The estimated aggregate future amortization expense for intangible assets subject to amortization as of December 31, 2019 is summarized below (in millions) : Estimated Future Amortization Expense Year Ending December 31, 2020 $ 12 2021 10 2022 9 2023 4 2024 1 Thereafter 4 Total $ 40 |
Long-Term Debt and Revolving _2
Long-Term Debt and Revolving Credit Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Future Principal Payments | The future principal payments for the Company’s long-term debt as of December 31, 2019 is summarized as follows (in millions) : Future Minimum Payments Year Ending December 31, 2020 $ 27 2021 27 2022 27 2023 1,593 2024 15 Thereafter 4,102 Total $ 5,791 |
Schedule of Components of Debt | Components of debt, including the associated effective interest rates were as follows ( in millions , except for percentages): As of December 31, 2018 2019 Effective Interest Rate 2016 Senior Secured Term Loan $ 1,124 $ 1,113 6.1 % 2018 Senior Secured Term Loan 1,493 1,478 6.2 % 2021 Convertible Notes 1,844 — 23.5 % 2022 Convertible Notes 1,030 — 13.7 % 2023 Senior Note 500 500 7.7 % 2026 Senior Note 1,500 1,500 8.1 % 2027 Senior Note — 1,200 7.7 % Total debt 7,491 5,791 Less: unamortized discount and issuance costs (595 ) (57 ) Less: current portion of long-term debt (27 ) (27 ) Total long-term debt $ 6,869 $ 5,707 |
Schedule of Debt Expense | The following table presents the amount of interest expense recognized relating to the contractual interest coupon, amortization of the debt discount and issuance costs, and the IRR payout with respect to the Senior Secured Term Loan, the Convertible Notes, and the Senior Notes for the years ended December 31, 2017, 2018 and 2019 (in millions) : Year Ended December 31, 2017 2018 2019 Contractual interest coupon $ 127 $ 231 $ 439 Amortization of debt discount and issuance costs 244 318 82 8% IRR payout 52 61 26 Total interest expense from long-term debt $ 423 $ 610 $ 547 |
Assets and Liabilities Held f_2
Assets and Liabilities Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Carrying Value of Assets and Liabilities Classified as Held-for-sale | The following table summarizes the carrying values of the assets and liabilities classified as held for sale as of December 31, 2018 (in millions) : As of December 31, 2018 Assets held for sale Cash and cash equivalents $ 34 Accounts receivable, net 20 Prepaid expenses and other current assets 30 Property and equipment, net 322 Total assets held for sale 406 Liabilities held for sale Accounts payable 2 Accrued liabilities 2 Other current liabilities 7 Total liabilities held for sale 11 Net assets held for sale $ 395 The following table presents the gain on disposition related to the divestiture of Uber Russia/CIS during the year ended December 31, 2018 (in millions) : Year Ended December 31, 2018 Fair value of consideration received $ 1,410 Cash consideration contributed, net of working capital adjustments (334 ) Share consideration in Class A common stock contributed (52 ) Other (57 ) Net consideration received for sale of Uber Russia/CIS 967 Carrying value of net assets transferred (13 ) Gain on disposition $ 954 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets as of December 31, 2018 and 2019 were as follows (in millions) : As of December 31, 2018 2019 Prepaid expenses $ 265 $ 571 Other receivables 416 428 Other 179 300 Prepaid expenses and other current assets $ 860 $ 1,299 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities as of December 31, 2018 and 2019 were as follows (in millions) : As of December 31, 2018 2019 Accrued legal, regulatory and non-income taxes $ 1,134 $ 1,539 Accrued Drivers and Restaurants liability 459 369 Accrued professional and contractor services 298 352 Accrued compensation and employee benefits 261 403 Accrued marketing expenses 152 114 Other accrued expenses 160 361 Income and other tax liabilities 157 194 Government and airport fees payable 104 162 Short-term capital and finance lease obligation for computer equipment 110 165 Short-term deferred revenue 65 76 Accrued interest on long-term debt 61 93 Other 196 222 Accrued and other current liabilities $ 3,157 $ 4,050 |
Other Long-Term Liabilities | Other long-term liabilities as of December 31, 2018 and 2019 were as follows (in millions) : As of December 31, 2018 2019 Convertible debt embedded derivatives $ 2,018 $ — Deferred tax liabilities 1,072 1,027 Financing obligation 436 78 Income tax payable 80 70 Other 466 237 Other long-term liabilities $ 4,072 $ 1,412 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in composition of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2017, 2018 and 2019 were as follows (in millions) : Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2016 $ 1 $ — $ 1 Other comprehensive income (loss) before reclassifications (4 ) — (4 ) Other comprehensive income (loss) (4 ) — (4 ) Balance as of December 31, 2017 $ (3 ) $ — $ (3 ) Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2017 $ (3 ) $ — $ (3 ) Other comprehensive income (loss) before reclassifications (225 ) 40 (185 ) Other comprehensive income (loss) (225 ) 40 (185 ) Balance as of December 31, 2018 $ (228 ) $ 40 $ (188 ) Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2018 $ (228 ) $ 40 $ (188 ) Other comprehensive income (loss) before reclassifications (3 ) 4 1 Other comprehensive income (loss) (3 ) 4 1 Balance as of December 31, 2019 $ (231 ) $ 44 $ (187 ) |
Other Income (Expense), Net | The components of other income (expense), net, for the years ended December 31, 2017, 2018 and 2019 were as follows (in millions): Year Ended December 31, 2017 2018 2019 Interest income $ 71 $ 104 $ 234 Foreign currency exchange gains (losses), net 42 (45 ) (40 ) Gain on business divestitures (1) — 3,214 — Gain (loss) on debt and equity securities, net (2) — 1,996 2 Change in fair value of embedded derivatives (173 ) (501 ) 58 Gain on extinguishment of convertible notes and settlement of derivatives — — 444 Other 44 225 24 Other income (expense), net $ (16 ) $ 4,993 $ 722 (1) During the year ended December 31, 2018 , gain on business divestitures primarily included a $2.2 billion gain on the sale of the Company’s Southeast Asia operations to Grab and a $954 million gain on the disposal of the Company’s Uber Russia and the Commonwealth of Independent States (“Russia/CIS”) operations recognized in the first quarter of 2018 . On March 25, 2018, two wholly-owned subsidiaries of the Company signed and completed an agreement with Grab pursuant to which Grab hired employees and acquired certain assets of the Company in the region, including Rider, Drivers, and Eater contracts in Southeast Asia. The net assets contributed by the Company were not material. In exchange, the Company received shares of Grab Series G preferred stock which were recorded at fair value as additional sale consideration. Refer to Note 4 - Equity Method Investments for more information on the disposal of the Company's Uber Russia/CIS operations. (2) During the year ended December 31, 2018 , gain (loss) on debt and equity securities, net represented a $2.0 billion unrealized gain on the Company’s non-marketable equity securities related to Didi recognized in the first quarter of 2018 . Refer to Note 3 - Investments and Fair Value Measurement for further information. |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Redeemable Convertible Preferred Stock by Class | The following table summarizes the redeemable convertible preferred stock outstanding immediately prior to the conversion into common stock, and the rights and preferences of the Company’s respective series preceding the Company’s IPO in May 2019 (in millions, except share amounts which are reflected in thousands and per share amounts): Series Shares Authorized Shares Issued and Outstanding Per Share Liquidation Preference Aggregate Liquidation Preference Per Share Dividend Per Annum Per Share Initial Conversion Price Carrying Value, Net of Issuance Costs Seed 174,030 152,591 $ 0.00906 $ 1 $ 0.00073 $ 0.00906 $ 1 A 152,053 150,427 0.09248 14 0.00584 0.07303 11 B 123,646 122,721 0.35448 44 0.02836 0.35448 43 C-1 76,551 76,551 4.45438 341 0.28508 3.56350 273 C-2 31,004 31,004 3.56350 110 0.22806 2.85080 62 C-3 842 842 4.45438 4 0.28508 3.56350 3 D 87,193 82,443 15.51305 1,279 1.24105 15.51305 1,291 E 84,504 84,140 33.31758 2,803 2.66540 33.31758 2,793 F 25,228 21,262 39.63858 843 3.17109 39.63858 842 G 150,188 140,619 48.77223 6,858 3.90178 48.77223 6,858 G-1 35,881 35,881 48.77223 1,750 3.90178 48.77223 1,750 G-2 5,126 5,126 48.77223 250 3.90178 48.77223 250 946,246 903,607 $ 14,297 $ 14,177 |
Summary of Activity in Restricted Common Stock | The following table summarizes the activity related to the Company’s restricted common stock for the year ended December 31, 2019 . For purposes of this table, vested restricted common stock represents the shares for which the service condition had been fulfilled as of December 31, 2019 (in thousands, except per share amounts): Number of Shares Weighted-average Grant-Date Fair Value per Share Unvested restricted common stock as of December 31, 2018 898 $ 34.81 Granted — $ — Vested (621 ) $ 34.84 Canceled and forfeited (66 ) $ 34.59 Unvested restricted common stock as of December 31, 2019 211 $ 34.73 |
Summary of Stock Options and SAR Activity | A summary of stock option and SAR activity for the year ended December 31, 2019 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years): SARs Outstanding Number of SARs Options Outstanding Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value As of December 31, 2018 758 42,936 $ 9.22 5.74 $ 1,456 Granted 86 250 $ 43.00 Exercised (417 ) (6,884 ) $ 2.85 Canceled and forfeited (36 ) (1,462 ) $ 33.29 Expired (54 ) (39 ) $ 26.49 As of December 31, 2019 337 34,801 $ 9.79 4.75 $ 746 Vested and expected to vest as of December 31, 2019 203 29,585 $ 4.97 4.49 $ 745 Exercisable as of December 31, 2019 203 29,585 $ 4.97 4.49 $ 745 |
Schedule of Restricted Stock Units Activity | The following table summarizes the activity related to the Company’s RSUs for the year ended December 31, 2019 . For purposes of this table, vested RSUs represent the shares for which the service condition had been fulfilled as of December 31, 2019 (in thousands, except per share amounts): Number of Shares Weighted-Average Unvested and outstanding as of December 31, 2018 75,835 $ 37.20 Granted 62,830 $ 41.55 Vested (36,034 ) $ 37.87 Canceled and forfeited (17,888 ) $ 40.53 Unvested and outstanding as of December 31, 2019 84,743 $ 39.82 |
Schedule of Stock-Based Compensation Expense by Function | The following table summarizes total stock-based compensation expense by function for the years ended December 31, 2017, 2018 and 2019 (in millions) : Year Ended December 31, 2017 2018 2019 Operations and support $ 30 $ 15 $ 454 Sales and marketing 9 9 242 Research and development 25 65 2,958 General and administrative 73 83 942 Total $ 137 $ 172 $ 4,596 |
Schedule of Weighted Average Assumptions | The fair value of warrants granted during 2017 and 2018 was determined using the Black-Scholes option-pricing model using the weighted-average assumptions in the table below. During 2019, warrants vested were not material and no warrants were granted. Year Ended December 31, 2017 2018 Contractual term (in years) 2.1 1.6 Risk-free interest rate 1.8 % 2.5 % Expected volatility 28.3 % 34.7 % Expected dividend yield — % — % Year Ended December 31, 2017 2018 2019 Expected term (in years) 8.5 6.0 6.0 Risk-free interest rate 2.0 % 2.8 % 2.2 % Expected volatility 35.9 % 32.9 % 33.9 % Expected dividend yield — % — % — % Year Ended December 31, 2017 2018 2019 Risk-free interest rate 2.1 % 2.8 % 2.7 % Expected volatility 40.0 % 36.9 % 39.0 % Expected dividend yield — % — % — % |
Schedule of Common Stock Repurchases | The following table represents a summary of common stock repurchased in connection with discrete arrangements with selected current and former employees during the years ended December 31, 2017 and 2018 . The common stock shares repurchased for the year ended December 31, 2019 were not material. Year Ended December 31, (In millions, except share amounts which are reflected in thousands, and per share amounts) 2017 2018 Common stock shares repurchased 3,765 286 Common stock repurchase cost $ 142 $ 11 Fair value of repurchase recorded as an increase in accumulated deficit $ 32 $ 13 Excess of fair value recorded as stock-based compensation $ 13 $ 1 Price range per common stock share $ 5.00 - $ 41.65 $ 36.58 - $ 41.65 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
US and foreign component of income (loss) before income tax | The U.S. and foreign components of income (loss) before provision for (benefit from) income taxes for the years ended December 31, 2017, 2018 and 2019 are as follows (in millions) : Year Ended December 31, 2017 2018 2019 U.S. $ (3,201 ) $ (2,726 ) $ (4,926 ) Foreign (1,374 ) 4,038 (3,507 ) Income (loss) before income taxes and loss from equity method investment $ (4,575 ) $ 1,312 $ (8,433 ) |
Components of income tax expense | The components of the provision for (benefit from) income taxes for the years ended December 31, 2017, 2018 and 2019 are as follows (in millions) : Year Ended December 31, 2017 2018 2019 Current Federal $ — $ 13 $ 1 State — 15 — Foreign 220 220 132 Total current tax expense $ 220 $ 248 $ 133 Deferred Federal (728 ) (159 ) (77 ) State (5 ) 7 8 Foreign (29 ) 187 (19 ) Total deferred tax expense (benefit) (762 ) 35 (88 ) Total provision for (benefit from) income taxes $ (542 ) $ 283 $ 45 |
Reconciliation of the statutory federal income tax rate | The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2017, 2018 and 2019 : Year Ended December 31, 2017 2018 2019 Federal statutory income tax rate 35.0 % 21.0 % 21.0 % State income tax expense 0.2 1.7 (0.1 ) Foreign rate differential (14.4 ) 29.6 (3.8 ) Foreign rate differential - gain on divestiture (1) — (83.1 ) — Non-deductible expenses (1.2 ) 0.8 (1.3 ) Stock-based compensation (0.2 ) (2.6 ) 1.2 Interest on convertible notes (2.8 ) 15.1 (0.3 ) Gain on convertible notes — — 1.1 Federal research and development credits 2.0 (7.2 ) 3.1 Deferred tax on foreign investments (2) — 51.4 — Entity restructuring (3) — (20.0 ) 92.3 Change in unrecognized tax benefits (0.9 ) 9.9 (17.0 ) Valuation allowance (21.8 ) 4.9 (97.3 ) Impact of the Tax Act 15.8 — — Global Intangible Low-taxed Income — — (1.6 ) Other interest — — 1.8 Other, net 0.1 0.1 0.4 Effective income tax rate 11.8 % 21.6 % (0.5 )% (1) The 2018 rate impact for “Foreign rate differential – gain on divestiture” was primarily driven by the gains on divestitures reported by subsidiaries in jurisdictions with statutory tax rates lower than the U.S. federal tax rate. (2) The 2018 rate impact for “Deferred tax on foreign investments” was related to the following: a) deferred U.S. tax impact of income inclusion related to the gain on the eventual disposition of the shares underlying the Company’s investment in Didi and Grab, and b) deferred China tax impact on the eventual disposition of the shares underlying the Company’s investment in Didi. (3) The 2018 rate impact for “Entity restructuring” was related to a transaction that resulted in the repatriation of assets from a foreign subsidiary to a domestic subsidiary. As a result of the repatriation, the deferred tax assets were recalculated at the U.S. statutory tax rate, resulting in a total deferred tax benefit of $275 million . The rate differential between the foreign subsidiary and the United States resulted in this deferred tax benefit. The 2019 rate impact for “Entity restructuring” is related to a series of transactions resulting in changes to the Company’s international legal structure, including a redomiciliation of a subsidiary to the Netherlands and a transfer of certain intellectual property rights among wholly owned subsidiaries, primarily to align its evolving operations. The redomiciliation resulted in a step-up in the tax basis of intellectual property rights and a correlated increase in foreign deferred tax assets in an amount of $6.4 billion , net of a reserve for uncertain tax positions of $1.4 billion (refer to the 2019 rate impact for “Change in unrecognized tax benefits”). Based on available objective evidence, management believes it is not more-likely-than-not that these additional foreign deferred tax assets will be realizable as of December 31, 2019 and, therefore, are offset by a full valuation allowance (refer to the 2019 rate impact for “Valuation allowance”) to the extent not offset by reserves for uncertain tax positions. The corresponding deferred tax asset and valuation allowance balance are included in the “Fixed assets and intangible assets” and “Valuation allowance” lines, respectively, in the table below. |
Deferred tax assets and liabilities | The components of deferred tax assets and liabilities as of December 31, 2018 and 2019 are as follows (in millions) : As of December 31, 2018 2019 Deferred tax assets Net operating loss carryforwards $ 1,147 $ 2,789 Research and development credits 285 587 Stock-based compensation 24 241 Accruals and reserves 226 197 Accrued legal 102 65 Fixed assets and intangible assets 435 6,361 Investment in partnership — 331 Lease liability — 438 Other 22 221 Total deferred tax assets 2,241 11,230 Less: Valuation allowance (1,294 ) (9,855 ) Total deferred tax assets, net of valuation allowance 947 1,375 Deferred tax liabilities Indefinite lived deferred tax liability (1) 1,986 1,984 ROU assets — 366 Other 3 2 Total deferred tax liabilities 1,989 2,352 Net deferred tax liabilities $ 1,042 $ 977 (1) The $2.0 billion indefinite-lived deferred tax liability represents the deferred U.S. and foreign income tax expense, which will be incurred upon the eventual disposition of the shares underlying the Company’s investments in Didi and Grab. The current year tax expense and any subsequent changes in the recognition or measurement of this deferred tax liability will be recorded in continuing operations. |
Changes in gross unrecognized tax benefits | The following table reflects changes in gross unrecognized tax benefits (in millions) : Year Ended December 31, 2017 2018 2019 Unrecognized tax benefits at beginning of year $ 179 $ 221 $ 394 Gross increases - current year tax positions 52 57 1,566 Gross increases - prior year tax positions 44 128 16 Gross decreases - prior year tax positions (54 ) (12 ) (36 ) Gross decreases - settlements with tax authorities — — (143 ) Unrecognized tax benefits at end of year $ 221 $ 394 $ 1,797 |
Schedule of open tax years for major tax jurisdictions | As of December 31, 2019 , the open tax years for the Company’s major tax jurisdictions are as follows: Jurisdiction Tax Years U.S. Federal 2011 - 2019 U.S. States 2010 - 2019 Brazil 2014 - 2019 Netherlands 2013 - 2019 United Kingdom 2014 - 2019 Australia 2015 - 2019 India 2012 - 2019 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income (Loss) Per Share | The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the years ended December 31, 2017, 2018 and 2019 (in millions, except share amounts which are reflected in thousands, and per share amounts): Year Ended December 31, 2017 2018 2019 Basic net income (loss) per share: Numerator Net income (loss) including non-controlling interests $ (4,033 ) $ 987 $ (8,512 ) Less: net income (loss) attributable to non-controlling interests, net of tax — 10 6 Less: noncumulative dividends to preferred stockholders — (997 ) — Net income (loss) attributable to common stockholders $ (4,033 ) $ — $ (8,506 ) Denominator Basic weighted-average common stock outstanding 426,360 443,368 1,248,353 Basic net income (loss) per share attributable to common stockholders (1) $ (9.46 ) $ — $ (6.81 ) Diluted net income (loss) per share: Numerator Net income (loss) attributable to common stockholders $ (4,033 ) $ — $ (8,506 ) Add: Change in fair value of MLU B.V. put/call feature — (12 ) — Add: noncumulative dividends to preferred stockholders — 12 — Diluted net income (loss) attributable to common stockholders $ (4,033 ) $ — $ (8,506 ) Denominator Number of shares used in basic net income (loss) per share computation 426,360 443,368 1,248,353 Weighted-average effect of potentially dilutive securities: Common stock subject to a put/call feature — 407 — Stock options — 33,528 — RSUs to settle fixed monetary awards 1,073 — Other — 623 — Diluted weighted-average common stock outstanding 426,360 478,999 1,248,353 Diluted net income (loss) per share attributable to common stockholders (1) $ (9.46 ) $ — $ (6.81 ) (1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive outstanding securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands) : Year Ended December 31, 2017 2018 2019 Redeemable convertible preferred stock 863,305 903,607 — Convertible notes 196,398 200,595 — RSUs 87,101 137,426 85,058 Stock options 50,304 8,776 34,800 Restricted common stock with performance condition 888 1,758 — Common stock subject to repurchase 12,266 1,695 210 Warrants to purchase redeemable convertible preferred stock 4,449 1,073 — SARs 705 758 — RSUs to settle fixed monetary awards 2,712 559 283 Shares committed under ESPP — — 5,490 Warrants to purchase common stock 280 100 123 Total 1,218,408 1,256,347 125,964 |
Segment Information and Geogr_2
Segment Information and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table provides information about the Company’s segments and a reconciliation of the total segment adjusted EBITDA to loss from operations for the years ended December 31, 2017, 2018 and 2019 (in millions): Year Ended December 31, 2017 2018 2019 Segment adjusted EBITDA: Rides $ 388 $ 1,541 $ 2,071 Eats (355 ) (601 ) (1,372 ) Freight (39 ) (102 ) (217 ) Other Bets (1 ) (50 ) (251 ) ATG and Other Technology Programs (543 ) (537 ) (499 ) Total segment adjusted EBITDA (550 ) 251 (268 ) Reconciling items: Corporate G&A and Platform R&D (1), (2) (1,611 ) (1,971 ) (2,457 ) Depreciation and amortization (510 ) (426 ) (472 ) Stock-based compensation expense (137 ) (172 ) (4,596 ) Legal, tax, and regulatory reserve changes and settlements (440 ) (340 ) (353 ) Driver appreciation award — — (299 ) Payroll tax on IPO stock-based compensation — — (86 ) Asset impairment/loss on sale of assets (340 ) (237 ) (8 ) Acquisition and financing related expenses (4 ) (15 ) — Gain (loss) on restructuring of lease arrangement (7 ) 4 — Impact of 2018 Divested Operations (1), (3) (481 ) (127 ) — Restructuring charges — — (57 ) Loss from operations $ (4,080 ) $ (3,033 ) $ (8,596 ) (1) Excluding stock-based compensation expense. (2) Includes costs that are not directly attributable to the Company’s reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. The Company’s allocation methodology is periodically evaluated and may change. (3) Defined as the Company’s 2018 operations in (i) Southeast Asia prior to the sale of those operations to Grab and (ii) Russia/CIS prior to the formation of the Company’s Yandex.Taxi joint venture. |
Schedule of Revenue and Long-Lived Assets from Geographic Area | The following tables set forth revenue and long-lived assets, net by geographic area as of and for the years ended December 31, 2017, 2018 and 2019 (in millions) : Year Ended December 31, 2017 2018 2019 United States $ 4,068 $ 6,077 $ 8,225 Brazil 831 959 918 All other countries 3,033 4,234 5,004 Total Revenue $ 7,932 $ 11,270 $ 14,147 As of December 31, 2018 2019 United States $ 1,572 $ 2,958 Singapore 321 6 All other countries 70 361 Total long-lived assets, net $ 1,963 $ 3,325 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Payments for Purchase Commitments | Future minimum payments for purchase commitments as of December 31, 2019 are summarized below (in millions) : Purchase Years Ending December 31, 2020 $ 107 2021 103 2022 19 2023 5 2024 1 Thereafter — Total $ 235 |
Variable Interest Entities ("_2
Variable Interest Entities ("VIEs") (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Variable Interest Entities | As of December 31, 2018 and 2019 , the carrying amount of assets and liabilities recognized on the consolidated balance sheets related to the Company’s interests in unconsolidated VIEs and the Company’s maximum exposure to loss relating to unconsolidated VIEs was as follows (in millions) : As of December 31, 2018 2019 Investment $ 78 $ 136 Additional cash contribution 58 — Limited guarantee 50 50 Maximum exposure to loss $ 186 $ 186 |
Divestitures (Tables)
Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Gain on Disposition | The following table summarizes the carrying values of the assets and liabilities classified as held for sale as of December 31, 2018 (in millions) : As of December 31, 2018 Assets held for sale Cash and cash equivalents $ 34 Accounts receivable, net 20 Prepaid expenses and other current assets 30 Property and equipment, net 322 Total assets held for sale 406 Liabilities held for sale Accounts payable 2 Accrued liabilities 2 Other current liabilities 7 Total liabilities held for sale 11 Net assets held for sale $ 395 The following table presents the gain on disposition related to the divestiture of Uber Russia/CIS during the year ended December 31, 2018 (in millions) : Year Ended December 31, 2018 Fair value of consideration received $ 1,410 Cash consideration contributed, net of working capital adjustments (334 ) Share consideration in Class A common stock contributed (52 ) Other (57 ) Net consideration received for sale of Uber Russia/CIS 967 Carrying value of net assets transferred (13 ) Gain on disposition $ 954 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions | May 14, 2019USD ($)$ / sharesshares | Oct. 31, 2019USD ($) | Dec. 31, 2019USD ($)renewal_optionsegment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 16, 2019$ / shares | Jan. 01, 2019USD ($) |
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of operating segments | segment | 5 | ||||||
Number of reportable segments | segment | 5 | ||||||
Gain on conversion of convertible notes | $ 327 | ||||||
Gain on extinguishment of convertible notes and settlement of derivatives | 444 | $ 0 | $ 0 | ||||
Embedded derivative liability income (expense) | $ 117 | 58 | (501) | (173) | |||
Share-based compensation expense | 4,596 | 172 | 137 | ||||
Additional deferred tax asset due to stock-based compensation expense | 1,100 | ||||||
Accumulated deficit | (16,362) | (7,865) | |||||
Chargebacks and credit card losses | 195 | 208 | 174 | ||||
Built-to-suit assets, derecognized amounts | (1,731) | (1,641) | |||||
Equity method investments | $ 1,364 | 1,312 | |||||
Number of renewal options | renewal_option | 1 | ||||||
Lease renewal term | 14 years | ||||||
Termination option period | 1 year | ||||||
ROU assets generated from leased assets outside of the U.S. (Less than) | 13.00% | ||||||
Advertising expenses | $ 1,300 | 1,300 | 1,100 | ||||
Incentives, refunds, and credits to end-users | 2,500 | 1,400 | $ 949 | ||||
Operating lease right-of-use assets | 1,594 | ||||||
Operating lease, liability | 1,719 | ||||||
Deferred tax liability, derecognized built-to-suit assets | $ 1,027 | $ 1,072 | |||||
ASU 2016-02 | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Accumulated deficit | $ (9) | ||||||
Operating lease right-of-use assets | 888 | ||||||
Operating lease, liability | 963 | ||||||
Service-Based Awards | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Requisite service period | 4 years | ||||||
Expected dividend yield | 0.00% | ||||||
Performance-Based Awards | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Requisite service period | 4 years | ||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||
Share-based compensation, award vesting period | 4 years | ||||||
Market-Based Awards | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Share-based compensation, award vesting period | 5 years | ||||||
Minimum | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Intangible assets estimated useful lives | 1 year | ||||||
Maximum | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Operating and finance leases, term of contract | 76 years | ||||||
Intangible assets estimated useful lives | 18 years | ||||||
Cornershop | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Consideration transferred | $ 459 | ||||||
IPO | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Stock issued during period (in shares) | shares | 180 | ||||||
Stock price (in dollars per share) | $ / shares | $ 45 | $ 45 | |||||
Proceeds from issuance of common stock | $ 8,000 | ||||||
Conversion of shares (in shares) | shares | 905 | ||||||
Exercise of warrants (in shares) | shares | 0.2 | ||||||
Share-based compensation expense | $ 3,600 | ||||||
Shares withheld to meet tax withholding requirements (in shares) | shares | 29 | ||||||
Shares withheld to meet tax withholding requirement, value | $ 1,300 | ||||||
IPO | Common Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Stock issued during period (in shares) | shares | 76 | ||||||
IPO | Holders of 2021 Convertible Notes and 2022 Convertible Notes | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Conversion of Convertible Notes to common stock in connection with initial public offering (in shares) | shares | 94 | ||||||
Underwriters' discounts and commissions | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Payments of stock issuance costs | $ 106 | ||||||
Build-to-suit lease arrangement | ASU 2016-02 | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Financing obligation | (350) | ||||||
Built-to-suit assets, derecognized amounts | 392 | ||||||
Equity method investments | 58 | ||||||
Deferred tax liability, derecognized built-to-suit assets | $ 9 | ||||||
Tranche One | Cornershop | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Consideration transferred | $ 50 | ||||||
Percentage equity interest acquired | 7.10% | ||||||
Sales and marketing | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Share-based compensation expense | $ 242 | $ 9 | $ 9 | ||||
Contract referral expense | 103 | 136 | 199 | ||||
Cost of revenue | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Contract referral expense | $ 1,100 | $ 837 | $ 530 |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash and cash equivalents | $ 10,873 | $ 6,406 | $ 4,393 |
Restricted cash and cash equivalents - current | 99 | 67 | 142 |
Restricted cash and cash equivalents - non-current | 1,095 | 1,736 | 1,293 |
Total cash and cash equivalents, and restricted cash and cash equivalents | $ 12,067 | $ 8,209 | $ 5,828 |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies - Useful Lives of Property and Equipment, Net (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 30 years |
Dockless e-bikes | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Internal-use software | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 2 years |
Minimum | Site improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Minimum | Leased vehicles | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Minimum | Computer equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum | Site improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Maximum | Leased vehicles | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Maximum | Computer equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Maximum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Revenue - Summary (Details)
Revenue - Summary (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Vehicle Solutions and New Mobility revenue, under ASC 840 | $ 151 | $ 345 | |
Vehicle Solutions and New Mobility revenue, under ASC 842 | $ 88 | ||
Revenue | 14,147 | 11,270 | 7,932 |
Performance obligation, amount | 87 | ||
United States and Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,805 | 6,521 | 4,367 |
Latin America (LATAM) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,947 | 2,002 | 1,645 |
Europe, Middle East and Africa (EMEA) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,148 | 1,721 | 1,157 |
Asia Pacific (APAC) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,247 | 1,026 | 763 |
Rides revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue excluding vehicle solutions revenue | 10,612 | 9,182 | 6,888 |
Vehicle Solutions revenue | |||
Disaggregation of Revenue [Line Items] | |||
Vehicle Solutions and New Mobility revenue, under ASC 840 | 143 | 345 | |
Vehicle Solutions and New Mobility revenue, under ASC 842 | 21 | ||
Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 112 | 112 | 45 |
Total Rides revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,745 | 9,437 | 7,278 |
Eats revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue excluding vehicle solutions revenue | 2,510 | 1,460 | 587 |
Freight revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue excluding vehicle solutions revenue | 731 | 356 | 67 |
Other Bets revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 119 | 17 | 0 |
ATG and Other Technology Programs collaboration revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue excluding vehicle solutions revenue | $ 42 | $ 0 | $ 0 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligation (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, amount | $ 87 |
Revenue recognized | $ 52 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | 1 year |
Performance obligation, amount | $ 52 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | |
Performance obligation, amount | $ 35 |
Investments and Fair Value Me_3
Investments and Fair Value Measurement - Investments (Details) - USD ($) shares in Millions, $ in Millions | Aug. 01, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Marketable Securities [Line Items] | ||||
Short-term investments | $ 440 | $ 0 | ||
Non-marketable equity securities: | 8,059 | 7,985 | ||
Investments | 10,527 | 10,355 | ||
Value of shares acquired | 0 | 2,275 | $ 0 | |
Uber China | ||||
Marketable Securities [Line Items] | ||||
Shares acquired (in shares) | 52 | |||
Value of shares acquired | $ 6,000 | |||
Commercial paper | ||||
Marketable Securities [Line Items] | ||||
Short-term investments | 148 | 0 | ||
U.S. government and agency securities | ||||
Marketable Securities [Line Items] | ||||
Short-term investments | 93 | 0 | ||
Corporate bonds | ||||
Marketable Securities [Line Items] | ||||
Short-term investments | 199 | 0 | ||
Didi | ||||
Marketable Securities [Line Items] | ||||
Non-marketable equity securities: | 7,953 | 7,953 | ||
Other | ||||
Marketable Securities [Line Items] | ||||
Non-marketable equity securities: | 204 | 32 | ||
Grab | ||||
Marketable Securities [Line Items] | ||||
Non-marketable debt securities | 2,336 | 2,328 | ||
Other | ||||
Marketable Securities [Line Items] | ||||
Non-marketable debt securities | $ 34 | $ 42 |
Investments and Fair Value Me_4
Investments and Fair Value Measurement - Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Assets | ||
Non-marketable debt securities | $ 2,955 | $ 2,370 |
Total financial assets | 8,157 | 3,875 |
Financial Liabilities | ||
Other | 0 | 9 |
Warrants | 0 | 52 |
Embedded derivatives | 0 | 2,018 |
Total financial liabilities | 0 | 2,079 |
Money market funds | ||
Financial Assets | ||
Cash and cash equivalents | 5,104 | 1,505 |
Commercial paper | ||
Financial Assets | ||
Non-marketable debt securities | 233 | 0 |
U.S. government and agency securities | ||
Financial Assets | ||
Non-marketable debt securities | 153 | 0 |
Corporate bonds | ||
Financial Assets | ||
Non-marketable debt securities | 199 | 0 |
Corporate Debt Securities | ||
Financial Assets | ||
Non-marketable debt securities | 2,370 | 2,370 |
Non-marketable equity securities | ||
Financial Assets | ||
Non-marketable equity securities | 98 | 0 |
Level 1 | ||
Financial Assets | ||
Total financial assets | 5,104 | 1,505 |
Financial Liabilities | ||
Other | 0 | 0 |
Warrants | 0 | 0 |
Embedded derivatives | 0 | 0 |
Total financial liabilities | 0 | 0 |
Level 1 | Money market funds | ||
Financial Assets | ||
Cash and cash equivalents | 5,104 | 1,505 |
Level 1 | Commercial paper | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 1 | U.S. government and agency securities | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 1 | Corporate bonds | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 1 | Corporate Debt Securities | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 1 | Non-marketable equity securities | ||
Financial Assets | ||
Non-marketable equity securities | 0 | 0 |
Level 2 | ||
Financial Assets | ||
Total financial assets | 585 | 0 |
Financial Liabilities | ||
Other | 0 | 0 |
Warrants | 0 | 0 |
Embedded derivatives | 0 | 0 |
Total financial liabilities | 0 | 0 |
Level 2 | Money market funds | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Level 2 | Commercial paper | ||
Financial Assets | ||
Non-marketable debt securities | 233 | 0 |
Level 2 | U.S. government and agency securities | ||
Financial Assets | ||
Non-marketable debt securities | 153 | 0 |
Level 2 | Corporate bonds | ||
Financial Assets | ||
Non-marketable debt securities | 199 | 0 |
Level 2 | Corporate Debt Securities | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 2 | Non-marketable equity securities | ||
Financial Assets | ||
Non-marketable equity securities | 0 | 0 |
Level 3 | ||
Financial Assets | ||
Total financial assets | 2,468 | 2,370 |
Financial Liabilities | ||
Other | 0 | 9 |
Warrants | 0 | 52 |
Embedded derivatives | 0 | 2,018 |
Total financial liabilities | 0 | 2,079 |
Level 3 | Money market funds | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Level 3 | Commercial paper | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 3 | U.S. government and agency securities | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 3 | Corporate bonds | ||
Financial Assets | ||
Non-marketable debt securities | 0 | 0 |
Level 3 | Corporate Debt Securities | ||
Financial Assets | ||
Non-marketable debt securities | 2,370 | 2,370 |
Level 3 | Non-marketable equity securities | ||
Financial Assets | ||
Non-marketable equity securities | $ 98 | $ 0 |
Investments and Fair Value Me_5
Investments and Fair Value Measurement - Summary of Amortized Costs and Fair Value of Financial Assets (Details) $ in Millions | Dec. 31, 2019USD ($) |
Amortized Cost | |
Amortized Cost, Within one year | $ 408 |
Amortized Cost, One year through five years | 2,456 |
Amortized Cost | 2,864 |
Fair Value | |
Fair Value, Within one year | 408 |
Fair Value, One year through five years | 2,513 |
Fair Value | $ 2,921 |
Investments and Fair Value Me_6
Investments and Fair Value Measurement - Summary of Amortized Cost, Unrealized Gains and Losses of Financial Assets (Details) - Recurring - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,894 | $ 2,305 |
Unrealized Gains | 61 | 65 |
Unrealized Losses | 0 | 0 |
Fair Value | 2,955 | 2,370 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 233 | 0 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 233 | 0 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 153 | 0 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 153 | 0 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 199 | 0 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 199 | 0 |
Corporate Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,309 | 2,305 |
Unrealized Gains | 61 | 65 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 2,370 | $ 2,370 |
Investments and Fair Value Me_7
Investments and Fair Value Measurement - Summary of Unobservable Inputs (Details) | 12 Months Ended | |
Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | |
Relative weighting | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing transactions, measurement input | 1 | 1 |
Transaction price per share | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing transactions, measurement input | 6.16 | 6.16 |
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated time to liquidity | 1 year | 1 year |
Minimum | Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing transactions, measurement input | 0.48 | 0.48 |
Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated time to liquidity | 2 years 6 months | 2 years 6 months |
Maximum | Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing transactions, measurement input | 0.54 | 0.54 |
Investments and Fair Value Me_8
Investments and Fair Value Measurement - Fair Value of Unobservable Inputs, Assets (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Non-marketable Debt Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance as of December 31, 2018 | $ 2,370 |
Total net gains (losses) | |
Included in earnings | (8) |
Included in other comprehensive income (loss) | 4 |
Purchases | 4 |
Transfers | 0 |
Balance as of December 31, 2019 | 2,370 |
Non-marketable equity securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance as of December 31, 2018 | 0 |
Total net gains (losses) | |
Included in earnings | 11 |
Included in other comprehensive income (loss) | 0 |
Purchases | 56 |
Transfers | 31 |
Balance as of December 31, 2019 | $ 98 |
Investments and Fair Value Me_9
Investments and Fair Value Measurement - Fair Value of Unobservable Inputs, Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Warrants | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 52 | $ 125 |
Vesting of share warrants | 1 | 41 |
Exercise of vested share warrants | (53) | (2) |
Change in fair value | 0 | (120) |
Settlement of derivative liability | 0 | 8 |
Ending balance | 0 | 52 |
Convertible Debt Embedded Derivative | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 2,018 | 1,517 |
Vesting of share warrants | 0 | 0 |
Exercise of vested share warrants | 0 | 0 |
Change in fair value | (58) | 0 |
Settlement of derivative liability | (1,960) | 501 |
Ending balance | $ 0 | $ 2,018 |
Investments and Fair Value M_10
Investments and Fair Value Measurement - Narrative (Details) $ / shares in Units, $ in Millions | May 14, 2019shares | Oct. 31, 2019USD ($) | Aug. 31, 2016renewal_option$ / sharesshares | Feb. 29, 2016warrant$ / sharesshares | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Adjustment to fair value | $ 0 | $ 1,984 | ||||||
Number of warrants issued | warrant | 2 | |||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.01 | |||||||
Other income (expense), net | 722 | 4,993 | $ (16) | |||||
Exercise of warrants | 1 | |||||||
Redeemable Non-Controlling Interest | Redeemable Convertible Preferred Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Exercise of warrants | $ 45 | |||||||
Didi | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Adjustment to fair value | 0 | |||||||
Number of securities called by warrants (in shares) | shares | 4,000,000 | |||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.00001 | |||||||
Warrant, restriction term | 6 years | |||||||
Warrant, restriction initial term | 4 years | |||||||
Warrant, restriction renewal option | renewal_option | 2 | |||||||
Warrant, restriction renewal term | 1 year | |||||||
Warrants | $ 37 | |||||||
Other income (expense), net | $ 152 | |||||||
Warrants Issued, Tranche One | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Number of securities called by warrants (in shares) | shares | 205,034 | |||||||
Warrants Issued, Tranche Two | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Number of securities called by warrants (in shares) | shares | 820,138 | |||||||
IPO | Holders of 2021 Convertible Notes and 2022 Convertible Notes | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Conversion of Convertible Notes to common stock in connection with initial public offering (in shares) | shares | 94,000,000 | |||||||
Qualified Input Public Offering Rate | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Convertible debt embedded derivative, rate | 1 | |||||||
Risk Free Interest Rate | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Convertible debt embedded derivative, rate | 0.083 | 0.065 | ||||||
Cornershop | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Consideration transferred | $ 459 | |||||||
Tranche One | Cornershop | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Consideration transferred | $ 50 |
Investments and Fair Value M_11
Investments and Fair Value Measurement - Unrealized Gain (Loss) on Non-Marketable Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Upward adjustments | $ 0 | $ 1,984 |
Downward adjustments (including impairment) | 0 | 0 |
Total unrealized gain for non-marketable equity securities | $ 0 | $ 1,984 |
Investments and Fair Value M_12
Investments and Fair Value Measurement - Change In Equity Securities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Initial cost basis | $ 6,075 | $ 6,001 |
Upward adjustments | 1,984 | 1,984 |
Downward adjustments (including impairment) | 0 | 0 |
Total carrying value at the end of the period | $ 8,059 | $ 7,985 |
Equity Method Investments - Car
Equity Method Investments - Carrying Value (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 1,364 | $ 1,312 |
MLU B.V. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 1,224 | 1,234 |
Mission Bay 3 and 4 | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 140 | $ 78 |
Equity Method Investments - Bas
Equity Method Investments - Basis Difference (Details) - MLU B.V. $ in Millions | Dec. 31, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | $ 796 |
Equity method goodwill | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | 801 |
Intangible assets, net of accumulated amortization | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | 118 |
Deferred tax liabilities | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | (30) |
Cumulative currency translation adjustments | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | $ (93) |
Equity Method Investments - Nar
Equity Method Investments - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 1,364,000,000 | $ 1,312,000,000 | |||
Loss from equity method investment, net of tax | $ (34,000,000) | $ (42,000,000) | $ 0 | ||
MLU B.V. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity ownership interest | 38.00% | 38.00% | 38.00% | 38.00% | |
Contingent ownership percentage | 35.00% | ||||
Equity method investments | $ 1,224,000,000 | $ 1,234,000,000 | |||
Basis difference in equity method investment | $ 796,000,000 | ||||
Weighted average remaining useful life | 4 years 9 months 18 days | 5 years 8 months 12 days | |||
Equity method investments, other than temporary impairment | $ 0 | $ 0 | |||
Event Center Office Partners, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, other than temporary impairment | 0 | 0 | |||
Variable Interest Entity, Not Primary Beneficiary | Event Center Office Partners, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 138,000,000 | 78,000,000 | |||
Finance lease liability | $ 58,000,000 | ||||
Payments to acquire variable interest entity | $ 136,000,000 | ||||
Ownership interest | 45.00% | 45.00% | 45.00% | ||
Loss from equity method investment, net of tax | $ 0 | ||||
LLC Partner 1 | Variable Interest Entity, Not Primary Beneficiary | Event Center Office Partners, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 45.00% | ||||
LLC Partner 2 | Variable Interest Entity, Not Primary Beneficiary | Event Center Office Partners, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 10.00% |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Components (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 3,105 | $ 2,587 |
Less: Accumulated depreciation and amortization | (1,374) | (946) |
Property and equipment, net | 1,731 | 1,641 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 76 | 67 |
Building and site improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 40 | 93 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 382 | 315 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 927 | 858 |
Leased computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 539 | 288 |
Less: Accumulated depreciation and amortization | (247) | (101) |
Leased vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total | 24 | 34 |
Internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Total | 127 | 51 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total | 49 | 39 |
Dockless e-bikes | ||
Property, Plant and Equipment [Line Items] | ||
Total | 78 | 10 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 863 | $ 832 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Capitalized software development costs | $ 76 | $ 14 | ||
Amortization of capitalized software developments costs | 22 | 12 | $ 14 | |
Depreciation expense | 433 | 399 | 490 | |
Accumulated depreciation and amortization | 1,374 | 946 | ||
Proceeds form sale of real estate | $ 175 | |||
Loss on disposal of property and equipment | $ 79 | 10 | 59 | 117 |
Leased computer equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | 146 | 75 | $ 26 | |
Accumulated depreciation and amortization | $ 247 | $ 101 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Finance lease cost: | |
Amortization of assets | $ 150 |
Interest of lease liabilities | 15 |
Operating lease cost | 321 |
Short-term lease cost | 28 |
Variable lease cost | 100 |
Sublease income | (2) |
Total lease cost | $ 612 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from financing leases | $ 12 |
Operating cash flows from operating leases | 275 |
Financing cash flows from financing leases | 138 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating lease liabilities | 918 |
Finance lease liabilities | $ 251 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information - Operating Leases (Details) $ in Millions | Dec. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating lease right-of-use assets | $ 1,594 |
Operating lease liability, current | 196 |
Operating lease liabilities, non-current | 1,523 |
Total operating lease liabilities | 1,719 |
Operating Lease Excluding Finance Obligation | |
Lessee, Lease, Description [Line Items] | |
Operating lease right-of-use assets | 1,594 |
Operating lease liability, current | 196 |
Operating lease liabilities, non-current | 1,523 |
Total operating lease liabilities | $ 1,719 |
Leases - Supplemental Balance_2
Leases - Supplemental Balance Sheet Information - Finance Leases (Details) $ in Millions | Dec. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Other current liabilities | $ 165 |
Finance Lease Excluding Finance Obligation | |
Lessee, Lease, Description [Line Items] | |
Property and equipment, at cost | 539 |
Accumulated depreciation | (247) |
Property and equipment, net | 292 |
Other current liabilities | 165 |
Other long-term liabilities | 143 |
Total finance leases liabilities | $ 308 |
Leases - Additional Lease Infor
Leases - Additional Lease Information (Details) | Dec. 31, 2019 |
Weighted-average remaining lease term | |
Operating leases | 16 years |
Finance leases | 2 years |
Weighted-average discount rate | |
Operating leases | 7.10% |
Finance leases | 5.00% |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 216 |
2021 | 248 |
2022 | 283 |
2023 | 244 |
2024 | 201 |
Thereafter | 2,195 |
Total undiscounted lease payments | 3,387 |
Less: imputed interest | (1,668) |
Total lease liabilities | 1,719 |
Finance Lease Excluding Finance Obligation | |
Lessee, Lease, Description [Line Items] | |
2020 | 176 |
2021 | 115 |
2022 | 32 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total undiscounted lease payments | 323 |
Less: imputed interest | (15) |
Total lease liabilities | 308 |
Finance Obligation | |
Lessee, Lease, Description [Line Items] | |
2020 | 6 |
2021 | 6 |
2022 | 6 |
2023 | 6 |
2024 | 6 |
Thereafter | 827 |
Total undiscounted lease payments | $ 857 |
Leases - Narrative (Details)
Leases - Narrative (Details) ft² in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2016lease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015ft²building | |
Lessee, Lease, Description [Line Items] | |||||
Operating Leases, Rent Expense, Net | $ 221 | $ 194 | |||
Operating lease, lease not yet commenced | $ 405 | ||||
Finance lease, lease not yet commenced | 23 | ||||
Property and equipment, net | $ 1,731 | $ 1,641 | |||
Finance Obligation | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of buildings under contract | building | 2 | ||||
Rentable square feet under contract | ft² | 423 | ||||
Ownership acquired under the sale leaseback contract | 49.00% | 49.00% | |||
Ownership percentage retained following lease termination | 100.00% | ||||
Land Leases | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of land agreement leases | lease | 2 | ||||
Lease term | 75 years | ||||
Commitments under Land Leases | $ 164 | ||||
Financing obligation | 78 | ||||
Future land lease payments | $ 1,700 | ||||
Future land lease payments, percentage allocated to operating lease | 51.00% | ||||
Land Leases | Land | |||||
Lessee, Lease, Description [Line Items] | |||||
Property and equipment, net | $ 65 | ||||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease, lease not yet commenced, term | 1 year | ||||
Finance lease, lease not yet commenced, term | 1 year | ||||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease, lease not yet commenced, term | 11 years | ||||
Finance lease, lease not yet commenced, term | 11 years |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 263 |
2020 | 257 |
2021 | 224 |
2022 | 193 |
2023 | 163 |
Thereafter | 1,928 |
Total | $ 3,028 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Number of operating segments | segment | 5 | |
Number of reportable segments | segment | 5 | |
Goodwill [Line Items] | ||
Goodwill, Impairment Loss | $ 0 | $ 0 |
Goodwill [Roll Forward] | ||
Goodwill | 153,000,000 | 39,000,000 |
Acquisitions | 14,000,000 | 114,000,000 |
Reallocation due to change in segments | 0 | |
Goodwill | 167,000,000 | 153,000,000 |
Rides | ||
Goodwill [Roll Forward] | ||
Goodwill | 0 | 0 |
Acquisitions | 0 | 0 |
Reallocation due to change in segments | 25,000,000 | |
Goodwill | 25,000,000 | 0 |
Eats | ||
Goodwill [Roll Forward] | ||
Goodwill | 0 | 0 |
Acquisitions | 0 | 0 |
Reallocation due to change in segments | 13,000,000 | |
Goodwill | 13,000,000 | 0 |
Freight | ||
Goodwill [Roll Forward] | ||
Goodwill | 0 | 0 |
Acquisitions | 0 | 0 |
Reallocation due to change in segments | 0 | |
Goodwill | 0 | 0 |
Other Bets | ||
Goodwill [Roll Forward] | ||
Goodwill | 0 | 0 |
Acquisitions | 0 | 0 |
Reallocation due to change in segments | 100,000,000 | |
Goodwill | 100,000,000 | 0 |
ATG and Other Technology Programs | ||
Goodwill [Roll Forward] | ||
Goodwill | 0 | 0 |
Acquisitions | 14,000,000 | 0 |
Reallocation due to change in segments | 15,000,000 | |
Goodwill | 29,000,000 | 0 |
Previously Reported | Core Platform | ||
Goodwill [Roll Forward] | ||
Goodwill | 53,000,000 | 39,000,000 |
Acquisitions | 0 | 14,000,000 |
Reallocation due to change in segments | (53,000,000) | |
Goodwill | 0 | 53,000,000 |
Previously Reported | Other Bets | ||
Goodwill [Roll Forward] | ||
Goodwill | 100,000,000 | 0 |
Acquisitions | 0 | 100,000,000 |
Reallocation due to change in segments | (100,000,000) | |
Goodwill | $ 0 | $ 100,000,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 113 | $ 108 | |
Accumulated Amortization | (42) | (26) | |
Net Carrying Value | 71 | 82 | |
Amortization expense | 16 | 15 | $ 7 |
Estimated Future Amortization Expense | |||
2020 | 12 | ||
2021 | 10 | ||
2022 | 9 | ||
2023 | 4 | ||
2024 | 1 | ||
Thereafter | 4 | ||
Total | 40 | ||
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 94 | 90 | |
Accumulated Amortization | (35) | (20) | |
Net Carrying Value | $ 59 | $ 70 | |
Weighted Average Remaining Useful Life - Years | 3 years | 4 years | |
In-process research and development | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 31 | $ 27 | |
Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 16 | 15 | |
Accumulated Amortization | (4) | (3) | |
Net Carrying Value | $ 12 | $ 12 | |
Weighted Average Remaining Useful Life - Years | 8 years | 9 years | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 3 | $ 3 | |
Accumulated Amortization | (3) | (3) | |
Net Carrying Value | $ 0 | $ 0 |
Long-Term Debt and Revolving _3
Long-Term Debt and Revolving Credit Arrangements - Components of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 13, 2018 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||
Total debt | $ 5,791 | $ 7,491 | ||
Less: unamortized discount and issuance costs | (57) | (595) | ||
Less: current portion of long-term debt | (27) | (27) | ||
Long-term debt, net of current portion | 5,707 | 6,869 | ||
Secured Loans | 2016 Senior Secured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 1,113 | 1,124 | ||
Effective Interest Rate | 6.10% | 6.10% | ||
Secured Loans | 2018 Senior Secured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 1,478 | 1,493 | ||
Effective Interest Rate | 6.20% | |||
Convertible Notes | 2021 Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 0 | 1,844 | ||
Effective Interest Rate | 23.50% | 23.50% | ||
Convertible Notes | 2022 Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 0 | 1,030 | ||
Effective Interest Rate | 13.70% | |||
Senior Note | 2023 Senior Note | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 500 | 500 | ||
Effective Interest Rate | 7.70% | |||
Senior Note | 2026 Senior Note | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 1,500 | 1,500 | ||
Effective Interest Rate | 8.10% | |||
Senior Note | 2027 Senior Note | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 1,200 | $ 0 | ||
Effective Interest Rate | 7.70% |
Long-Term Debt and Revolving _4
Long-Term Debt and Revolving Credit Arrangements - Narrative (Details) - USD ($) | May 14, 2019 | Sep. 30, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | Jun. 13, 2018 |
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 5,791,000,000 | $ 7,491,000,000 | ||||||||
Embedded derivative liability (income) expense | $ (117,000,000) | $ (58,000,000) | 501,000,000 | $ 173,000,000 | ||||||
Secured Loans | 2016 Senior Secured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance of secured debt | $ 1,200,000,000 | |||||||||
Debt discount | 23,000,000 | |||||||||
Debt issuance costs | $ 13,000,000 | |||||||||
Effective Interest Rate | 6.10% | 6.10% | ||||||||
Total debt | $ 1,113,000,000 | 1,124,000,000 | ||||||||
Secured Loans | 2018 Senior Secured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance of secured debt | $ 1,500,000,000 | |||||||||
Debt discount | 8,000,000 | |||||||||
Debt issuance costs | $ 15,000,000 | |||||||||
Effective Interest Rate | 6.20% | |||||||||
Total debt | $ 1,478,000,000 | 1,493,000,000 | ||||||||
Convertible Notes | 2021 Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt discount | $ 1,100,000,000 | |||||||||
Debt issuance costs | $ 1,000,000 | |||||||||
Effective Interest Rate | 23.50% | 23.50% | ||||||||
Total debt | $ 0 | 1,844,000,000 | ||||||||
Proceeds from issuance of convertible debt | $ 1,700,000,000 | |||||||||
Stated interest rate | 2.50% | |||||||||
Duration for interest type payment election | 4 years | |||||||||
Interest rate increase during final 2 year initial term | 12.50% | |||||||||
Embedded derivative liability (income) expense | $ (20,000,000) | 434,000,000 | 89,000,000 | |||||||
Convertible Notes | 2021 Convertible Notes | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate during maturity extension period | 3.50% | |||||||||
Discount on conversion price rate | 18.00% | |||||||||
Convertible Notes | 2021 Convertible Notes | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate during maturity extension period | 12.50% | |||||||||
Discount on conversion price rate | 30.50% | |||||||||
Convertible Notes | 2022 Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance of secured debt | $ 949,000,000 | |||||||||
Debt discount | 312,000,000 | |||||||||
Debt issuance costs | $ 100,000 | |||||||||
Effective Interest Rate | 13.70% | |||||||||
Total debt | $ 0 | 1,030,000,000 | ||||||||
Extension period | 1 year | |||||||||
Stated interest rate | 2.50% | |||||||||
Convertible Notes, internal rate of return | 8.00% | |||||||||
Redemption period | 3 years | |||||||||
Embedded derivative liability (income) expense | $ (38,000,000) | 67,000,000 | $ 84,000,000 | |||||||
Convertible Notes | 2022 Convertible Notes | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Discount on conversion price rate | 8.10% | |||||||||
Convertible Notes | 2022 Convertible Notes | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Discount on conversion price rate | 44.50% | |||||||||
Senior Note | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | $ 2,000,000,000 | |||||||||
Senior Note | 2023 Senior Note | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance costs | $ 9,000,000 | |||||||||
Effective Interest Rate | 7.70% | |||||||||
Total debt | $ 500,000,000 | 500,000,000 | ||||||||
Stated interest rate | 7.50% | |||||||||
Debt instrument term | 5 years | |||||||||
Aggregate principal amount | $ 500,000,000 | |||||||||
Senior Note | 2023 Senior Note | Level 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, fair value disclosure | $ 523,000,000 | |||||||||
Senior Note | 2026 Senior Note | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective Interest Rate | 8.10% | |||||||||
Total debt | $ 1,500,000,000 | 1,500,000,000 | ||||||||
Stated interest rate | 8.00% | |||||||||
Debt instrument term | 8 years | |||||||||
Aggregate principal amount | $ 1,500,000,000 | |||||||||
Senior Note | 2026 Senior Note | Level 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, fair value disclosure | $ 1,600,000,000 | |||||||||
Senior Note | 2027 Senior Note | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance costs | $ 11,000,000 | |||||||||
Effective Interest Rate | 7.70% | |||||||||
Total debt | $ 1,200,000,000 | 0 | ||||||||
Stated interest rate | 7.50% | |||||||||
Debt instrument term | 8 years | |||||||||
Aggregate principal amount | $ 1,200,000,000 | |||||||||
Senior Note | 2027 Senior Note | Level 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, fair value disclosure | 1,200,000,000 | |||||||||
Line of Credit | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing capacity | 2,300,000,000 | |||||||||
Line of credit balance | 0 | |||||||||
Line of Credit | Letters of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of credit outstanding | 570,000,000 | 470,000,000 | ||||||||
Letters of credit outstanding that will reduce the available credit under facilities | $ 213,000,000 | $ 166,000,000 |
Long-Term Debt and Revolving _5
Long-Term Debt and Revolving Credit Arrangements - Future Principal Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 27 |
2021 | 27 |
2022 | 27 |
2023 | 1,593 |
2024 | 15 |
Thereafter | 4,102 |
Total | $ 5,791 |
Long-Term Debt and Revolving _6
Long-Term Debt and Revolving Credit Arrangements - Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Contractual interest coupon | $ 439 | $ 231 | $ 127 |
Amortization of debt discount and issuance costs | 82 | 318 | 244 |
8% IRR payout | 26 | 61 | 52 |
Total interest expense from long-term debt | $ 547 | $ 610 | $ 423 |
Assets and Liabilities Held f_3
Assets and Liabilities Held for Sale - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment loss | $ 197 | $ 57 | |
Lion City Rentals | Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity percentage to be purchased | 100.00% | ||
Fair value of consideration received, cash | $ 310 | ||
Contingent consideration | $ 33 |
Assets and Liabilities Held f_4
Assets and Liabilities Held for Sale - Summary of Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets held for sale | ||
Total assets held for sale | $ 0 | $ 406 |
Liabilities held for sale | ||
Total liabilities held for sale | $ 0 | 11 |
Not Discontinued Operations | Lion City Rentals | ||
Assets held for sale | ||
Cash and cash equivalents | 34 | |
Accounts receivable, net | 20 | |
Prepaid expenses and other current assets | 30 | |
Property and equipment, net | 322 | |
Total assets held for sale | 406 | |
Liabilities held for sale | ||
Accounts payable | 2 | |
Accrued liabilities | 2 | |
Other current liabilities | 7 | |
Total liabilities held for sale | 11 | |
Net assets held for sale | $ 395 |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 571 | $ 265 |
Other receivables | 428 | 416 |
Other | 300 | 179 |
Prepaid expenses and other current assets | $ 1,299 | $ 860 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued legal, regulatory and non-income taxes | $ 1,539 | $ 1,134 |
Accrued Drivers and Restaurants liability | 369 | 459 |
Accrued professional and contractor services | 352 | 298 |
Accrued compensation and employee benefits | 403 | 261 |
Accrued marketing expenses | 114 | 152 |
Other accrued expenses | 361 | 160 |
Income and other tax liabilities | 194 | 157 |
Government and airport fees payable | 162 | 104 |
Short-term capital and finance lease obligation for computer equipment | 110 | |
Short-term capital and finance lease obligation for computer equipment | 165 | |
Short-term deferred revenue | 76 | 65 |
Accrued interest on long-term debt | 93 | 61 |
Other | 222 | 196 |
Accrued and other current liabilities | $ 4,050 | $ 3,157 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Convertible debt embedded derivatives | $ 0 | $ 2,018 |
Deferred tax liabilities | 1,027 | 1,072 |
Financing obligation | 78 | 436 |
Income tax payable | 70 | 80 |
Other | 237 | 466 |
Other long-term liabilities | $ 1,412 | $ 4,072 |
Supplemental Financial Statem_6
Supplemental Financial Statement Information - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' equity, beginning balance | $ (7,385) | ||
Other comprehensive income (loss) before reclassifications | 1 | $ (185) | $ (4) |
Other comprehensive income (loss) | 1 | (185) | (4) |
Stockholders' equity, ending balance | 14,190 | (7,385) | |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' equity, beginning balance | (188) | (3) | 1 |
Stockholders' equity, ending balance | (187) | (188) | (3) |
Foreign Currency Translation Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' equity, beginning balance | (228) | (3) | 1 |
Other comprehensive income (loss) before reclassifications | (3) | (225) | (4) |
Other comprehensive income (loss) | (3) | (225) | (4) |
Stockholders' equity, ending balance | (231) | (228) | (3) |
Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' equity, beginning balance | 40 | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 4 | 40 | 0 |
Other comprehensive income (loss) | 4 | 40 | 0 |
Stockholders' equity, ending balance | $ 44 | $ 40 | $ 0 |
Supplemental Financial Statem_7
Supplemental Financial Statement Information - Other Income (Expense), Net (Details) - USD ($) $ in Millions | May 14, 2019 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Interest income | $ 234 | $ 104 | $ 71 | ||
Foreign currency exchange gains (losses), net | (40) | (45) | 42 | ||
Gain on business divestitures | 0 | 3,214 | 0 | ||
Gain (loss) on debt and equity securities, net | 2 | 1,996 | 0 | ||
Change in fair value of embedded derivatives | $ 117 | 58 | (501) | (173) | |
Gain on extinguishment of convertible notes and settlement of derivatives | 444 | 0 | 0 | ||
Other | 24 | 225 | 44 | ||
Other income (expense), net | $ 722 | 4,993 | $ (16) | ||
Not Discontinued Operations | Southeast Asia operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on business divestitures | $ 2,200 | 2,300 | |||
Not Discontinued Operations | UBER Russia, CIS Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on business divestitures | $ 954 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2020 | May 16, 2019 | May 14, 2019 | Jan. 31, 2019 | Jan. 31, 2018 | Nov. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Preferred stock, shares issued (in shares) | 0 | 903,607,000 | ||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 903,607,000 | ||||||||||
Common stock shares issued (in shares) | 1,716,681,000 | 457,189,000 | ||||||||||
Common stock shares outstanding (in shares) | 1,716,681,000 | 457,189,000 | ||||||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | 946,246,000 | ||||||||||
Common stock shares authorized (in shares) | 5,000,000,000 | 2,696,114,000 | ||||||||||
Common stock par value (in dollars per share) | $ 0.00001 | $ 0.00001 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0 | |||||||||||
Intrinsic value of options exercised during period | $ 202 | $ 392 | $ 112 | |||||||||
Incremental stock-based compensation costs relating to modification of awards | 56 | 69 | ||||||||||
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | $ 49 | $ 0 | $ 0 | |||||||||
Weighted average grant date fair value of options granted (in dollars per share) | $ 19.91 | $ 12.94 | $ 18.65 | |||||||||
Share-based compensation expense | $ 4,596 | $ 172 | $ 137 | |||||||||
Restricted Stock Awards, Restricted Stock Units, and Stock Appreciation Rights | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Unamortized compensation costs | $ 2,100 | |||||||||||
Weighted-average recognition period | 2 years 5 months 12 days | |||||||||||
Warrants | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fair value of instruments vested during period | $ 4 | $ 91 | ||||||||||
Weighted-average grant-date fair value per share, granted (in dollars per share) | $ 47.20 | $ 43.14 | ||||||||||
Awards granted (in shares) | 0 | |||||||||||
SARs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Weighted-average grant-date fair value per share, granted (in dollars per share) | $ 19.91 | $ 12.94 | $ 18.65 | |||||||||
RSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fair value of instruments vested during period | $ 1,400 | $ 967 | $ 486 | |||||||||
Weighted-average grant-date fair value per share, granted (in dollars per share) | $ 41.55 | |||||||||||
Awards granted (in shares) | 62,830,000 | |||||||||||
Performance-Based Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Weighted-average grant-date fair value per share, granted (in dollars per share) | $ 18.20 | $ 14.77 | $ 18.96 | |||||||||
Weighted-average derived service period | 2 years 1 month 13 days | 3 years 3 months 21 days | 3 years 4 months 6 days | |||||||||
2013 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Increase in stock reserved for issuance (in shares) | 85,000,000 | |||||||||||
Number of shares reserved for future issuance (in shares) | 293,000,000 | |||||||||||
2019 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares reserved for future issuance (in shares) | 130,000,000 | |||||||||||
Equity incentive plan, term over which available awards may increase | 10 years | |||||||||||
Equity incentive plan, percent of increase | 5.00% | |||||||||||
Employee Stock Purchase Plan, 2019 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares reserved for future issuance (in shares) | 23,000,000 | 25,000,000 | ||||||||||
Unamortized compensation costs | $ 43 | |||||||||||
Weighted-average recognition period | 9 months 18 days | |||||||||||
ESPP, percent of total shares outstanding, increase calculation | 1.00% | |||||||||||
ESPP, upper threshold on increase in authorized shares (in shares) | 25,000,000 | |||||||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 2,000,000 | |||||||||||
Weighted average price per share of stock (in dollars per share) | $ 23.83 | |||||||||||
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | $ 49 | |||||||||||
Series E Redeemable Convertible Preferred Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of securities called by warrants (in shares) | 150,071 | |||||||||||
Series G Redeemable Convertible Preferred Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of securities called by warrants (in shares) | 922,655 | |||||||||||
Redeemable convertible preferred stock | Warrants | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Awards granted (in shares) | 0 | |||||||||||
Subsequent Event | 2019 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Increase in stock reserved for issuance (in shares) | 86,000,000 | |||||||||||
IPO | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock issued during period (in shares) | 180,000,000 | |||||||||||
Stock price (in dollars per share) | $ 45 | $ 45 | ||||||||||
Proceeds from issuance of common stock | $ 8,000 | |||||||||||
Conversion of shares (in shares) | 905,000,000 | |||||||||||
Shares withheld to meet tax withholding requirements (in shares) | 29,000,000 | |||||||||||
Shares withheld to meet tax withholding requirement, value | $ 1,300 | |||||||||||
Share-based compensation expense | $ 3,600 | |||||||||||
IPO | Common Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock issued during period (in shares) | 76,000,000 | |||||||||||
Private Placement | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock issued during period (in shares) | 11,000,000 | |||||||||||
Proceeds from issuance of common stock | $ 500 | |||||||||||
Softbank | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Direct investment | $ 1,300 | |||||||||||
Price per share of preferred stock issued (in dollars per share) | $ 48.77 | |||||||||||
Preferred Stock, Shares Purchased | 25,600,000 | |||||||||||
Equity ownership interest | 20.00% | |||||||||||
Softbank | Common Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares purchased from existing stockholder (in dollars per share) | $ 32.97 | |||||||||||
Shares purchased from existing stockholders | 242,800,000 | |||||||||||
Minimum | Softbank | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Direct investment | $ 1,000 | |||||||||||
Maximum | Softbank | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Direct investment | $ 1,300 | |||||||||||
Internal-use software | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Capitalized share based payment | $ 61 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) - Summary of Restricted Common Stock (Details) - Restricted Stock shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Awards, Outstanding (in shares) | shares | 898 |
Awards, Granted (in shares) | shares | 0 |
Awards, Vested (in shares) | shares | (621) |
Awards. Canceled and Forfeited (in shares) | shares | (66) |
Awards, Outstanding (in shares) | shares | 211 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant-Date Fair Value per Share, Unvested and Outstanding (in dollars per share) | $ / shares | $ 34.81 |
Weighted-Average Grant-Date Fair Value per Share, Granted (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value per Share, Vested (in dollars per share) | $ / shares | 34.84 |
Weighted-Average Grant-Date Fair Value per Share, Canceled and Forfeited (in dollars per share) | $ / shares | 34.59 |
Weighted-Average Grant-Date Fair Value per Share, Unvested and Outstanding (in dollars per share) | $ / shares | $ 34.73 |
Redeemable Convertible Prefer_5
Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) - SAR and Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options And Equity Instruments Other Than Options, Nonvested, Number Of Shares [Abstract] | ||
Weighted-Average Exercise Price Per Share, Outstanding (in dollars per share) | $ 9.22 | |
Weighted-Average Exercise Price Per Share, Awards granted (in dollars per share) | 43 | |
Weighted-Average Exercise Price Per Share, Awards exercised (in dollars per share) | 2.85 | |
Weighted-Average Exercise Price Per Share, Awards canceled and forfeited (in dollars per share) | 33.29 | |
Weighted-Average Exercise Price Per Share, Awards expired (in dollars per share) | 26.49 | |
Weighted-Average Exercise Price Per Share, Outstanding (in dollars per share) | 9.79 | $ 9.22 |
Weighted-Average Exercise Price Per Share, Vested and expected to vest (in dollars per share) | 4.97 | |
Weighted-Average Exercise Price Per Share, Exercisable (in dollars per share) | $ 4.97 | |
Share-Based Compensation Arrangement By Share-based Payment Award, Options And Equity Instruments Other Than Options, Nonvested, Additional Disclosures [Abstract] | ||
Weighted-Average Contractual Life, Outstanding | 4 years 9 months | 5 years 8 months 26 days |
Weighted-Average Contractual Life, Vested and expected to vest | 4 years 5 months 26 days | |
Weighted-Average Contractual Life, Exercisable | 4 years 5 months 26 days | |
Aggregate Intrinsic Value, Outstanding | $ 746 | $ 1,456 |
Aggregate Intrinsic Value, Vested and expected to vest | 745 | |
Aggregate Intrinsic Value, Exercisable | $ 745 | |
SARs | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Awards, outstanding (in shares) | 758 | |
Awards granted (in shares) | 86 | |
Awards exercised (in shares) | (417) | |
Awards canceled and forfeited (in shares) | (36) | |
Awards expired (in shares) | (54) | |
Awards, outstanding (in shares) | 337 | 758 |
Vested and expected to vest (in shares) | 203 | |
Exercisable (in shares) | 203 | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding (in shares) | 42,936 | |
Awards granted (in shares) | 250 | |
Awards exercised (in shares) | (6,884) | |
Awards canceled and forfeited (in shares) | (1,462) | |
Awards expired (in shares) | (39) | |
Options outstanding (in shares) | 34,801 | 42,936 |
Vested and expected to vest (in shares) | 29,585 | |
Exercisable (in shares) | 29,585 |
Redeemable Convertible Prefer_6
Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) - Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | May 31, 2019 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 903,607,000 | 0 |
Preferred stock, shares authorized (in shares) | 946,246,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 903,607,000 | 0 |
Aggregate Liquidation Preference | $ 14,297 | |
Carrying Value, Net of Issuance Costs | $ 14,177 | |
Seed | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 152,591,000 | |
Preferred stock, shares authorized (in shares) | 174,030,000 | |
Preferred stock, shares issued (in shares) | 152,591,000 | |
Per Share Liquidation Preference (in shares) | $ 0.00906 | |
Aggregate Liquidation Preference | $ 1 | |
Per Share Dividend Per Annum (in dollars per share) | $ 0.00073 | |
Per Share Initial Conversion Price (in dollars per share) | $ 0.00906 | |
Carrying Value, Net of Issuance Costs | $ 1 | |
A | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 150,427,000 | |
Preferred stock, shares authorized (in shares) | 152,053,000 | |
Preferred stock, shares issued (in shares) | 150,427,000 | |
Per Share Liquidation Preference (in shares) | $ 0.09248 | |
Aggregate Liquidation Preference | $ 14 | |
Per Share Dividend Per Annum (in dollars per share) | $ 0.00584 | |
Per Share Initial Conversion Price (in dollars per share) | $ 0.07303 | |
Carrying Value, Net of Issuance Costs | $ 11 | |
B | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 122,721,000 | |
Preferred stock, shares authorized (in shares) | 123,646,000 | |
Preferred stock, shares issued (in shares) | 122,721,000 | |
Per Share Liquidation Preference (in shares) | $ 0.35448 | |
Aggregate Liquidation Preference | $ 44 | |
Per Share Dividend Per Annum (in dollars per share) | $ 0.02836 | |
Per Share Initial Conversion Price (in dollars per share) | $ 0.35448 | |
Carrying Value, Net of Issuance Costs | $ 43 | |
C-1 | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 76,551,000 | |
Preferred stock, shares authorized (in shares) | 76,551,000 | |
Preferred stock, shares issued (in shares) | 76,551,000 | |
Per Share Liquidation Preference (in shares) | $ 4.45438 | |
Aggregate Liquidation Preference | $ 341 | |
Per Share Dividend Per Annum (in dollars per share) | $ 0.28508 | |
Per Share Initial Conversion Price (in dollars per share) | $ 3.56350 | |
Carrying Value, Net of Issuance Costs | $ 273 | |
C-2 | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 31,004,000 | |
Preferred stock, shares authorized (in shares) | 31,004,000 | |
Preferred stock, shares issued (in shares) | 31,004,000 | |
Per Share Liquidation Preference (in shares) | $ 3.56350 | |
Aggregate Liquidation Preference | $ 110 | |
Per Share Dividend Per Annum (in dollars per share) | $ 0.22806 | |
Per Share Initial Conversion Price (in dollars per share) | $ 2.85080 | |
Carrying Value, Net of Issuance Costs | $ 62 | |
C-3 | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 842,000 | |
Preferred stock, shares authorized (in shares) | 842,000 | |
Preferred stock, shares issued (in shares) | 842,000 | |
Per Share Liquidation Preference (in shares) | $ 4.45438 | |
Aggregate Liquidation Preference | $ 4 | |
Per Share Dividend Per Annum (in dollars per share) | $ 0.28508 | |
Per Share Initial Conversion Price (in dollars per share) | $ 3.56350 | |
Carrying Value, Net of Issuance Costs | $ 3 | |
D | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 82,443,000 | |
Preferred stock, shares authorized (in shares) | 87,193,000 | |
Preferred stock, shares issued (in shares) | 82,443,000 | |
Per Share Liquidation Preference (in shares) | $ 15.51305 | |
Aggregate Liquidation Preference | $ 1,279 | |
Per Share Dividend Per Annum (in dollars per share) | $ 1.24105 | |
Per Share Initial Conversion Price (in dollars per share) | $ 15.51305 | |
Carrying Value, Net of Issuance Costs | $ 1,291 | |
E | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 84,140,000 | |
Preferred stock, shares authorized (in shares) | 84,504,000 | |
Preferred stock, shares issued (in shares) | 84,140,000 | |
Per Share Liquidation Preference (in shares) | $ 33.31758 | |
Aggregate Liquidation Preference | $ 2,803 | |
Per Share Dividend Per Annum (in dollars per share) | $ 2.66540 | |
Per Share Initial Conversion Price (in dollars per share) | $ 33.31758 | |
Carrying Value, Net of Issuance Costs | $ 2,793 | |
F | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 21,262,000 | |
Preferred stock, shares authorized (in shares) | 25,228,000 | |
Preferred stock, shares issued (in shares) | 21,262,000 | |
Per Share Liquidation Preference (in shares) | $ 39.63858 | |
Aggregate Liquidation Preference | $ 843 | |
Per Share Dividend Per Annum (in dollars per share) | $ 3.17109 | |
Per Share Initial Conversion Price (in dollars per share) | $ 39.63858 | |
Carrying Value, Net of Issuance Costs | $ 842 | |
G | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 140,619,000 | |
Preferred stock, shares authorized (in shares) | 150,188,000 | |
Preferred stock, shares issued (in shares) | 140,619,000 | |
Per Share Liquidation Preference (in shares) | $ 48.77223 | |
Aggregate Liquidation Preference | $ 6,858 | |
Per Share Dividend Per Annum (in dollars per share) | $ 3.90178 | |
Per Share Initial Conversion Price (in dollars per share) | $ 48.77223 | |
Carrying Value, Net of Issuance Costs | $ 6,858 | |
G-1 | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 35,881,000 | |
Preferred stock, shares authorized (in shares) | 35,881,000 | |
Preferred stock, shares issued (in shares) | 35,881,000 | |
Per Share Liquidation Preference (in shares) | $ 48.77223 | |
Aggregate Liquidation Preference | $ 1,750 | |
Per Share Dividend Per Annum (in dollars per share) | $ 3.90178 | |
Per Share Initial Conversion Price (in dollars per share) | $ 48.77223 | |
Carrying Value, Net of Issuance Costs | $ 1,750 | |
G-2 | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 5,126,000 | |
Preferred stock, shares authorized (in shares) | 5,126,000 | |
Preferred stock, shares issued (in shares) | 5,126,000 | |
Per Share Liquidation Preference (in shares) | $ 48.77223 | |
Aggregate Liquidation Preference | $ 250 | |
Per Share Dividend Per Annum (in dollars per share) | $ 3.90178 | |
Per Share Initial Conversion Price (in dollars per share) | $ 48.77223 | |
Carrying Value, Net of Issuance Costs | $ 250 |
Redeemable Convertible Prefer_7
Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) - Restricted Stock Units Activity (Details) - RSUs shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Awards, Outstanding (in shares) | shares | 75,835 |
Awards, Granted (in shares) | shares | 62,830 |
Awards, Vested (in shares) | shares | (36,034) |
Awards Canceled and Forfeited (in shares) | shares | (17,888) |
Awards, Outstanding (in shares) | shares | 84,743 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant-Date Fair Value per Share, Unvested and Outstanding (in dollars per share) | $ / shares | $ 37.20 |
Weighted-Average Grant-Date Fair Value per Share, Granted (in dollars per share) | $ / shares | 41.55 |
Weighted-Average Grant-Date Fair Value per Share, Vested (in dollars per share) | $ / shares | 37.87 |
Weighted-Average Grant-Date Fair Value per Share, Canceled and Forfeited (in dollars per share) | $ / shares | 40.53 |
Weighted-Average Grant-Date Fair Value per Share, Unvested and Outstanding (in dollars per share) | $ / shares | $ 39.82 |
Redeemable Convertible Prefer_8
Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 4,596 | $ 172 | $ 137 |
Operations and support | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 454 | 15 | 30 |
Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 242 | 9 | 9 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 2,958 | 65 | 25 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 942 | $ 83 | $ 73 |
Redeemable Convertible Prefer_9
Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) - Weighted Average Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Performance-Based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.70% | 2.80% | 2.10% |
Expected volatility | 39.00% | 36.90% | 40.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
SARs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years | 6 years | 8 years 6 months |
Risk-free interest rate | 2.20% | 2.80% | 2.00% |
Expected volatility | 33.90% | 32.90% | 35.90% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years | 6 years | 8 years 6 months |
Risk-free interest rate | 2.20% | 2.80% | 2.00% |
Expected volatility | 33.90% | 32.90% | 35.90% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Warrants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 1 year 7 months 6 days | 2 years 1 month 6 days | |
Risk-free interest rate | 2.50% | 1.80% | |
Expected volatility | 34.70% | 28.30% | |
Expected dividend yield | 0.00% | 0.00% |
Redeemable Convertible Prefe_10
Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) - Summary of Stock Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Common stock repurchase cost | $ 0 | $ (13) | $ 32 |
Common Stock | |||
Class of Stock [Line Items] | |||
Common stock shares repurchased (in shares) | 1 | 2,553 | 11,016 |
Accumulated Deficit | |||
Class of Stock [Line Items] | |||
Common stock repurchase cost | $ (13) | $ 32 | |
Discrete Arrangement with Employees | Common Stock | |||
Class of Stock [Line Items] | |||
Common stock shares repurchased (in shares) | 286 | 3,765 | |
Common stock repurchase cost | $ 11 | $ 142 | |
Price range per common stock share (in dollars per share) | $ 41.65 | ||
Discrete Arrangement with Employees | Common Stock | Minimum | |||
Class of Stock [Line Items] | |||
Price range per common stock share (in dollars per share) | $ 36.58 | $ 5 | |
Discrete Arrangement with Employees | Common Stock | Maximum | |||
Class of Stock [Line Items] | |||
Price range per common stock share (in dollars per share) | $ 41.65 | ||
Discrete Arrangement with Employees | Accumulated Deficit | |||
Class of Stock [Line Items] | |||
Common stock repurchase cost | $ 13 | $ 32 | |
Discrete Arrangement with Employees | Additional Paid-In Capital | |||
Class of Stock [Line Items] | |||
Common stock repurchase cost | $ 1 | $ 13 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (4,926) | $ (2,726) | $ (3,201) |
Foreign | (3,507) | 4,038 | (1,374) |
Income (loss) before income taxes and loss from equity method investment | $ (8,433) | $ 1,312 | $ (4,575) |
Income Taxes - Provisions for i
Income Taxes - Provisions for income taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Federal | $ 1 | $ 13 | $ 0 |
State | 0 | 15 | 0 |
Foreign | 132 | 220 | 220 |
Total current tax expense | 133 | 248 | 220 |
Deferred | |||
Federal | (77) | (159) | (728) |
State | 8 | 7 | (5) |
Foreign | (19) | 187 | (29) |
Total deferred tax expense (benefit) | (88) | 35 | (762) |
Total provision for (benefit from) income taxes | $ 45 | $ 283 | $ (542) |
Income Taxes - Tax Rate Reconci
Income Taxes - Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
State income tax expense | (0.10%) | 1.70% | 0.20% |
Foreign rate differential | (3.80%) | 29.60% | (14.40%) |
Foreign rate differential - gain on divestiture | 0.00% | (83.10%) | 0.00% |
Non-deductible expenses | (1.30%) | 0.80% | (1.20%) |
Stock-based compensation | 1.20% | (2.60%) | (0.20%) |
Interest on convertible notes | (0.30%) | 15.10% | (2.80%) |
Gain on convertible notes | 1.10% | 0.00% | |
Federal research and development credits | 3.10% | (7.20%) | 2.00% |
Deferred tax on foreign investments | 0.00% | 51.40% | 0.00% |
Entity restructuring | 92.30% | 0.00% | |
Entity restructuring | (20.00%) | ||
Change in unrecognized tax benefits | (17.00%) | 9.90% | (0.90%) |
Valuation allowance | (97.30%) | 4.90% | (21.80%) |
Impact of the Tax Act | 0 | 0 | 0.158 |
Global Intangible Low-taxed Income | (1.60%) | 0.00% | 0.00% |
Other interest | 1.80% | 0.00% | 0.00% |
Other, net | 0.40% | 0.10% | 0.10% |
Effective income tax rate | (0.50%) | 21.60% | 11.80% |
Deferred tax asset from repatriation of assets | $ 275 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 2,789 | $ 1,147 |
Research and development credits | 587 | 285 |
Stock-based compensation | 241 | 24 |
Accruals and reserves | 197 | 226 |
Accrued legal | 65 | 102 |
Fixed assets and intangible assets | 6,361 | 435 |
Investment in partnership | 331 | 0 |
Lease liability | 438 | 0 |
Other | 221 | 22 |
Total deferred tax assets | 11,230 | 2,241 |
Less: Valuation allowance | (9,855) | (1,294) |
Total deferred tax assets, net of valuation allowance | 1,375 | 947 |
Deferred tax liabilities | ||
Indefinite lived deferred tax liability | 1,984 | 1,986 |
ROU assets | 366 | 0 |
Other | 2 | 3 |
Total deferred tax liabilities | 2,352 | 1,989 |
Net deferred tax liabilities | $ 977 | $ 1,042 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at beginning of year | $ 394 | $ 221 | $ 179 |
Gross increases - current year tax positions | 1,566 | 57 | 52 |
Gross increases - prior year tax positions | 16 | 128 | 44 |
Gross decreases - prior year tax positions | (36) | (12) | (54) |
Gross decreases - settlements with tax authorities | (143) | 0 | 0 |
Unrecognized tax benefits at end of year | $ 1,797 | $ 394 | $ 221 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Undistributed earnings of foreign subsidiaries | $ 250 | ||
Unrecognized tax benefits that would impact effective tax rate | 68 | ||
Reserve on uncertain tax positions | 9,855 | $ 1,294 | |
Deferred tax asset realized, indefinite deferred tax liability used as income | 979 | 920 | |
Gross increases - current year tax positions | 1,566 | 57 | $ 52 |
Unrecognized tax benefit that would not impact effective tax rate | 1,700 | ||
Gross decreases - settlements with tax authorities | 143 | 0 | $ 0 |
Unrecognized tax benefit, income tax penalties and interest accrued | 10 | $ 17 | |
Tax Years 2013 and 2014 | |||
Income Tax Contingency [Line Items] | |||
Gross decreases - settlements with tax authorities | 123 | ||
Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforward, subject to expiration | 7,300 | ||
Operating loss carryforward, not subject to expiration | 1,000 | ||
Gross increases - current year tax positions | 6,400 | ||
Unrecognized tax benefits, decrease from current period tax positions | 1,400 | ||
Domestic Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforward, subject to expiration | 2,900 | ||
Operating loss carryforward, not subject to expiration | 5,900 | ||
Tax credit carry forward, subject to expiration | 490 | ||
State and Local Jurisdiction | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforward, subject to expiration | 2,600 | ||
Operating loss carryforward, not subject to expiration | 77 | ||
Tax credit carry forward, subject to expiration | 10 | ||
Tax credit carryforward, not subject to expiration | $ 262 |
Net Income (Loss) Per Share - N
Net Income (Loss) Per Share - Narrative (Details) - $ / shares shares in Thousands | May 14, 2019 | Jan. 18, 2018 | Dec. 31, 2019 | May 16, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock shares outstanding (in shares) | 1,716,681 | 457,189 | |||||
IPO | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Stock issued during period (in shares) | 180,000 | ||||||
Stock price (in dollars per share) | $ 45 | $ 45 | |||||
Conversion of shares (in shares) | 905,000 | ||||||
Holders of 2021 Convertible Notes and 2022 Convertible Notes | IPO | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Conversion of Convertible Notes to common stock in connection with initial public offering (in shares) | 94,000 | ||||||
Common Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock shares outstanding (in shares) | 1,716,681 | 457,189 | 443,394 | 455,051 | |||
Conversion of Convertible Notes to common stock in connection with initial public offering (in shares) | 93,978 | ||||||
Common Stock | Holders of 2021 Convertible Notes and 2022 Convertible Notes | IPO | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Conversion of Convertible Notes to common stock in connection with initial public offering (in shares) | 94,000 | ||||||
Class B common stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Conversion of common stock (in shares) | 390,000 | ||||||
Class A common stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock shares outstanding (in shares) | 450,000 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator | |||
Net income (loss) including non-controlling interests | $ (8,512) | $ 987 | $ (4,033) |
Less: net income (loss) attributable to non-controlling interests, net of tax | 6 | 10 | 0 |
Less: noncumulative dividends to preferred stockholders | 0 | (997) | 0 |
Net income (loss) attributable to common stockholders | $ (8,506) | $ 0 | $ (4,033) |
Denominator | |||
Basic weighted-average common stock outstanding (in shares) | 1,248,353 | 443,368 | 426,360 |
Basic net income (loss) per share attributable to common stockholders (in dollars per share) | $ (6.81) | $ 0 | $ (9.46) |
Numerator | |||
Net income (loss) attributable to common stockholders | $ (8,506) | $ 0 | $ (4,033) |
Add: Change in fair value of MLU B.V. put/call feature | 0 | (12) | 0 |
Add: noncumulative dividends to preferred stockholders | 0 | 12 | 0 |
Diluted net income (loss) attributable to common stockholders | $ (8,506) | $ 0 | $ (4,033) |
Denominator | |||
Basic weighted-average common stock outstanding (in shares) | 1,248,353 | 443,368 | 426,360 |
Weighted-average effect of potentially dilutive securities: | |||
Common stock subject to put/call feature (in shares) | 0 | 407 | 0 |
Other (in shares) | 0 | 623 | 0 |
Number of shares used in basic net income (loss) per share computation (in shares) | 1,248,353 | 478,999 | 426,360 |
Diluted net income (loss) per share attributable to common stockholders (in dollars per share) | $ (6.81) | $ 0 | $ (9.46) |
Stock options | |||
Weighted-average effect of potentially dilutive securities: | |||
Stock options and RSUs (in shares) | 0 | 33,528 | 0 |
RSUs | |||
Weighted-average effect of potentially dilutive securities: | |||
Stock options and RSUs (in shares) | 0 | 1,073 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Antidilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 125,964 | 1,256,347 | 1,218,408 |
Redeemable convertible preferred stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 903,607 | 863,305 |
Convertible notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 200,595 | 196,398 |
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 85,058 | 137,426 | 87,101 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 34,800 | 8,776 | 50,304 |
Restricted common stock with performance condition | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 1,758 | 888 |
Common stock subject to repurchase | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 210 | 1,695 | 12,266 |
Warrants to purchase redeemable convertible preferred stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 1,073 | 4,449 |
SARs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 758 | 705 |
RSUs to settle fixed monetary awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 283 | 559 | 2,712 |
Shares committed under ESPP | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,490 | 0 | 0 |
Warrants to purchase common stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 123 | 100 | 280 |
Segment Information and Geogr_3
Segment Information and Geographic Information - Summary (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting [Abstract] | |||
Number of operating segments | segment | 5 | ||
Number of reportable segments | segment | 5 | ||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ (472) | $ (426) | $ (510) |
Stock-based compensation expense | (4,596) | (172) | (137) |
Loss from operations | (8,596) | (3,033) | (4,080) |
Segments | |||
Segment Reporting Information [Line Items] | |||
Loss from operations | (268) | 251 | (550) |
Segments | Rides | |||
Segment Reporting Information [Line Items] | |||
Loss from operations | 2,071 | 1,541 | 388 |
Segments | Eats | |||
Segment Reporting Information [Line Items] | |||
Loss from operations | (1,372) | (601) | (355) |
Segments | Freight | |||
Segment Reporting Information [Line Items] | |||
Loss from operations | (217) | (102) | (39) |
Segments | Other Bets | |||
Segment Reporting Information [Line Items] | |||
Loss from operations | (251) | (50) | (1) |
Segments | ATG and Other Technology Programs | |||
Segment Reporting Information [Line Items] | |||
Loss from operations | (499) | (537) | (543) |
Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Unallocated research and development and general and administrative expenses | (2,457) | (1,971) | (1,611) |
Depreciation and amortization | (472) | (426) | (510) |
Stock-based compensation expense | (4,596) | (172) | (137) |
Legal, tax, and regulatory reserve changes and settlements | (353) | (340) | (440) |
Driver appreciation award | (299) | 0 | 0 |
Payroll tax on IPO stock-based compensation | (86) | 0 | 0 |
Asset impairment/loss on sale of assets | (8) | (237) | (340) |
Acquisition and financing related expenses | 0 | (15) | (4) |
Gain (loss) on restructuring of lease arrangement | 0 | 4 | (7) |
Impact of 2018 Divested Operations | 0 | (127) | (481) |
Restructuring charges | $ (57) | $ 0 | $ 0 |
Segment Information and Geogr_4
Segment Information and Geographic Information - Geographic Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 14,147 | $ 11,270 | $ 7,932 |
Long-lived assets, net | 3,325 | 1,963 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenue | 8,225 | 6,077 | 4,068 |
Long-lived assets, net | 2,958 | 1,572 | |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Revenue | 918 | 959 | 831 |
Singapore | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets, net | 6 | 321 | |
All other countries | |||
Segment Reporting Information [Line Items] | |||
Revenue | 5,004 | 4,234 | $ 3,033 |
Long-lived assets, net | $ 361 | $ 70 |
Commitments and Contingencies -
Commitments and Contingencies - Purchase Commitments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 107 |
2021 | 103 |
2022 | 19 |
2023 | 5 |
2024 | 1 |
Thereafter | 0 |
Total | $ 235 |
Commitments and Contingencies_2
Commitments and Contingencies - Contingencies (Details) $ in Millions | May 15, 2019plaintiff | Mar. 26, 2019USD ($) | Mar. 11, 2019USD ($) | Sep. 25, 2018plaintiff | May 31, 2017indictment | Dec. 31, 2019USD ($) | Dec. 31, 2016lawsuit | May 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 06, 2017TWD ($) | Jan. 05, 2017TWD ($) |
Commitments and Contingencies Disclosure [Abstract] | |||||||||||
Loss contingency accrual | $ 1,500 | $ 1,100 | |||||||||
Loss Contingencies [Line Items] | |||||||||||
Taiwan, maximum fine per offense | $ 25,000,000 | $ 150,000 | |||||||||
HMRC | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Value-added-tax percentage | 20.00% | ||||||||||
O'Conner, et al., v. Uber Technologies, Inc. and Yucesoy v. Uber Technologies, Inc., et al. | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of plaintiffs | plaintiff | 2 | ||||||||||
O'Conner, et al., v. Uber Technologies, Inc. and Yucesoy v. Uber Technologies, Inc., et al. | Settled Litigation | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Settlement amount awarded to other party | $ 20 | ||||||||||
Independant Contractor Misclassification Claims | Settled Litigation | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Estimated settlement cost | $ 149 | ||||||||||
Independant Contractor Misclassification Claims | Settled Litigation | Minimum | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Estimated settlement cost | $ 149 | ||||||||||
Independant Contractor Misclassification Claims | Settled Litigation | Maximum | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Estimated settlement cost | $ 170 | ||||||||||
Google v. Levandowski | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Settlement amount awarded to other party | $ 127 | ||||||||||
Estimated settlement cost | $ 64 | ||||||||||
Joint and Several Liability | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Settlement amount awarded to other party | $ 1 | ||||||||||
Copenhagen Criminal Prosecution | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of indictments | indictment | 4 | ||||||||||
Malden Transportion v. Uber Technologies, Inc. | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of plaintiffs | plaintiff | 6 | ||||||||||
Number of lawsuits | lawsuit | 7 |
Variable Interest Entities ("_3
Variable Interest Entities ("VIEs") - Narrative (Details) - USD ($) $ in Millions | Jul. 02, 2019 | Apr. 30, 2019 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | |||||
Limited guarantee | $ 50 | $ 50 | |||
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 1,200 | $ 115 | |||
Liabilities | $ 159 | ||||
Percentage of ownership before sale of stock | 100.00% | ||||
Variable Interest Entity, Not Primary Beneficiary | Event Center Office Partners, LLC | |||||
Variable Interest Entity [Line Items] | |||||
Payments to acquire variable interest entity | $ 136 | ||||
Ownership interest | 45.00% | 45.00% | 45.00% | ||
Limited guarantee | $ 50 | ||||
Preferred Class A | ATG Investment | |||||
Variable Interest Entity [Line Items] | |||||
Percentage of ownership after sale of stock | 13.80% |
Variable Interest Entities ("_4
Variable Interest Entities ("VIEs") - Summary of VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Investment | $ 136 | $ 78 |
Additional cash contribution | 0 | 58 |
Limited guarantee | 50 | 50 |
Maximum exposure to loss | $ 186 | $ 186 |
Non-Controlling Interest (Detai
Non-Controlling Interest (Details) $ / shares in Units, shares in Millions, $ in Millions | Jul. 02, 2019USD ($)installment$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018 |
Freight Holding | |||
Noncontrolling Interest [Line Items] | |||
Diluted ownership percentage in non-controlling interest | 80.00% | 80.00% | |
Ownership percentage in non-controlling interest | 89.00% | 89.00% | |
Shares reserved and available for grant and issuance (in shares) | shares | 99.8 | ||
Apparate | Volatility | Level 3 | |||
Noncontrolling Interest [Line Items] | |||
Unobservable measurement input | 0.42 | ||
Apparate | Time to Liquidity | Level 3 | |||
Noncontrolling Interest [Line Items] | |||
Unobservable measurement input | 4 years 6 months | ||
Apparate | Discount for Lack of Marketability | Level 3 | |||
Noncontrolling Interest [Line Items] | |||
Unobservable measurement input | 0.16 | ||
ATG Investment | Apparate | |||
Noncontrolling Interest [Line Items] | |||
Initial ownership interest | 86.20% | ||
ATG Investment | Preferred Class A | |||
Noncontrolling Interest [Line Items] | |||
Initial ownership interest | 13.80% | ||
ATG Investment | Apparate | |||
Noncontrolling Interest [Line Items] | |||
Proceeds from issuance of common stock | $ 1,000 | ||
Number of semi-annual installments | installment | 6 | ||
Semi-annual installment received | $ 50 | ||
ATG Investment | Apparate | ATG and Other Technology Programs collaboration revenue | |||
Noncontrolling Interest [Line Items] | |||
Revenue recognized from redeemable non-controlling interest | $ 42 | ||
ATG Investment | Apparate | Toyota | |||
Noncontrolling Interest [Line Items] | |||
Proceeds from issuance of common stock | $ 400 | ||
ATG Investment | Apparate | Softbank | |||
Noncontrolling Interest [Line Items] | |||
Proceeds from issuance of common stock | 333 | ||
ATG Investment | Apparate | DENSO | |||
Noncontrolling Interest [Line Items] | |||
Proceeds from issuance of common stock | $ 267 | ||
ATG Investment | Apparate | Preferred Class A | |||
Noncontrolling Interest [Line Items] | |||
Stock issued during period (in shares) | shares | 1 | ||
Preferred stock units issued (in dollars per share) | $ / shares | $ 1,000 | ||
Conversion ratio | 1 | ||
Annual dividend rate | 4.50% | ||
ATG Investment | Toyota | |||
Noncontrolling Interest [Line Items] | |||
Aggregate installment amount | $ 300 |
Business Combination (Details)
Business Combination (Details) - USD ($) | 1 Months Ended | |||
May 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 167,000,000 | $ 153,000,000 | $ 39,000,000 | |
JUMP | ||||
Business Acquisition [Line Items] | ||||
Percentage equity interest acquired | 100.00% | |||
Purchase price | $ 139,000,000 | |||
Purchase price - cash | 46,000,000 | |||
Developed technology acquired | 37,000,000 | |||
Deferred tax liabilities assumed | 4,000,000 | |||
Other assets acquired | 10,000,000 | |||
Other liabilities assumed | 4,000,000 | |||
Goodwill | 100,000,000 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | |||
Developed technology acquired, estimated useful life (up to) | 5 years | |||
Common Stock | JUMP | ||||
Business Acquisition [Line Items] | ||||
Purchase price - common stock issued (in shares) | 2,605,148 | |||
Stock options | JUMP | ||||
Business Acquisition [Line Items] | ||||
Purchase price - common stock issued (in shares) | 499,241 |
Divestitures - Narrative (Detai
Divestitures - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions, $ in Millions | Mar. 25, 2018USD ($)shares | Jan. 31, 2019SGD ($) | Aug. 31, 2018vehicle | Jan. 31, 2018USD ($) | Mar. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)divestitureshares | Dec. 31, 2018SGD ($)divestitureshares | Dec. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of divestitures | divestiture | 2 | 2 | ||||||||
Cash consideration contributed | $ 0 | $ 412 | $ 0 | |||||||
Issuance of common stock as consideration for investment and acquisition | 9 | 144 | ||||||||
Gain on business divestitures | 0 | 3,214 | 0 | |||||||
Investment, interest income not recognized | 142 | 102 | ||||||||
Impairment loss | 197 | 57 | ||||||||
Principal repayment on revolving lines of credit | $ 0 | 491 | 76 | |||||||
UBER Russia, CIS Operations | Not Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain on business divestitures | 954 | |||||||||
Southeast Asia operations | Not Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain on business divestitures | $ 2,200 | $ 2,300 | ||||||||
Total Consideration | $ 2,200 | |||||||||
Investment received (in shares) | shares | 401 | 8 | 409 | 409 | ||||||
Investment received, percentage of outstanding share capital | 23.20% | 23.20% | ||||||||
Investment subject to post-close contingency (in shares) | shares | 3 | 3 | ||||||||
Xchange Leasing | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Impairment loss | $ 166 | |||||||||
Xchange Leasing | Not Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Consideration - cash and receivables | $ 104 | |||||||||
Consideration - convertible note receivable | 5 | |||||||||
Contingent consideration | 20 | |||||||||
MLU B.V. | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Cash consideration contributed | $ 345 | |||||||||
Share consideration contributed (in shares) | shares | 2 | |||||||||
Issuance of common stock as consideration for investment and acquisition | $ 52 | |||||||||
Contingent obligation to buy back shares (in dollars per share) | $ / shares | $ 48 | |||||||||
Gain on business divestitures | $ 954 | |||||||||
Fair value of consideration received | $ 1,410 | 1,410 | ||||||||
Basis difference | 908 | 908 | ||||||||
Total Consideration | $ 967 | $ 967 | ||||||||
Grab Series G preferred stock | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Investment, redemption price (in dollars per share) | $ / shares | $ 5.54 | |||||||||
Investment, redemption price percentage | 6.00% | |||||||||
Grab Vehicle Purchase Agreement | Investee | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of vehicles under related party purchase agreement (up to) | vehicle | 1,900 | |||||||||
Term of agreement | 6 months | |||||||||
Cash consideration for sale of assets | $ 39 | $ 31 | ||||||||
Loss on asset disposal | $ 9 | |||||||||
Transition Service Agreement | Investee | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Term of agreement | 6 months | |||||||||
Xchange Leasing 2016 Secured Revolving Credit Facility | Line of Credit | Revolving Credit Facility | Not Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Principal repayment on revolving lines of credit | $ 75 |
Divestitures - Gain on Disposit
Divestitures - Gain on Disposition (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on disposition | $ 0 | $ 3,214 | $ 0 |
MLU B.V. | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Fair value of consideration received | 1,410 | ||
Cash consideration contributed, net of working capital adjustments | (334) | ||
Share consideration in Class A common stock contributed | (52) | ||
Other | (57) | ||
Net consideration received for sale of Uber Russia/CIS | 967 | ||
Carrying value of net assets transferred | (13) | ||
Gain on disposition | $ 954 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 02, 2020 | Oct. 31, 2019 | Jan. 21, 2020 |
Cornershop | |||
Subsequent Event [Line Items] | |||
Consideration transferred | $ 459 | ||
Subsequent Event | Uber Eats India | Not Discontinued Operations | |||
Subsequent Event [Line Items] | |||
Percentage of voting rights acquired | 9.99% | ||
Cash consideration | $ 35 | ||
Total Consideration | 206 | ||
Investment value | $ 171 | ||
Subsequent Event | Careem Inc. | |||
Subsequent Event [Line Items] | |||
Consideration transferred | $ 3,100 | ||
Consideration received in cash | $ 1,400 | ||
Contingent adjustments and holdbacks | 25.00% | ||
Convertible Notes | Subsequent Event | Careem Inc. | |||
Subsequent Event [Line Items] | |||
Unsecured convertible notes incurred | $ 1,700 | ||
Term on convertible notes once issued | 90 days | ||
Conversion price | $ 55 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 34 | $ 28 | $ 17 |
Additions | 195 | 208 | 174 |
Deductions | (195) | (202) | (163) |
Balance at End of Period | 34 | 34 | 28 |
Deferred tax asset valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 1,294 | 1,074 | 882 |
Additions | 8,616 | 227 | 192 |
Deductions | (55) | (7) | 0 |
Balance at End of Period | 9,855 | 1,294 | 1,074 |
Insurance reserves | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2,937 | 1,996 | 712 |
Additions | 1,451 | 1,578 | 1,687 |
Deductions | (970) | (637) | (403) |
Balance at End of Period | 3,418 | 2,937 | 1,996 |
Increase (decrease) for changes in estimates | $ 9 | $ (74) | $ 318 |
Uncategorized Items - fy2019q41
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 9,000,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations | 6,826,000,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 9,000,000 |