Uber Technologies, Inc. (NYSE:UBER) Q3 2019 Earnings Conference Call Transcript
Nov 04, 2019 • 05:00 pm ET
Ladies and gentlemen, thank you for standing by, and welcome to the Uber Q3 2019 Earnings Conference Call. [Operator Instructions]
I would now like to hand the conference over to Emily Reuter [Phonetic], Investor Relations. Please go ahead.
Thank you, operator. Thank you for joining us today, and welcome to Uber Technologies' third quarter 2019 earnings presentation. On the call today, we have Dara Khosrowshahi and Nelson Chai. We also have Kent Schofield, and this is Emily Reuter from the Investor Relations team.
During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures are included in the press release, supplemental slides and on filings with the SEC, each of which is posted to investor.uber.com. I'll remind you that these numbers are unaudited and may be subject to change.
Certain statements in this presentation and on this call may be deemed to be forward-looking statements. Such statements can be identified by terms such as believe, expect, intend and may. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today.
For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties included in the section under the caption Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations in our prospectus filed with the SEC in connection with our IPO on May 13th, 2019, as well as our second quarter Form 10-Q that was filed on August 9th, 2019. Following prepared remarks today, we will open the call to questions.
With that, let me hand it over to Dara.
Thanks, Emily, and thank you all for joining us today. I'm pleased about our continued progress towards unlocking value from our platform and fulfilling our vision of becoming the operating system for consumers everyday lives in cities around the world.
First, I'll discuss our Rides business, which reached two very significant milestones in Q3: we achieved $1 billion in weekly gross bookings; and we generated Rides Adjusted EBITDA of $631 million, up 52% year-on-year. Importantly, Rides Adjusted EBITDA now more than covers our corporate overhead, which consists of $623 million in corporate G&A and platform R&D spend. We continue to be the Rides leader in every region in which we operate, growing or maintaining category position in our most important markets, including the US, LATAM and the UK, while significantly improving our Rides Adjusted EBITDA margins from 17.8% of ANR in Q3 2018 to 22% in this quarter.
Moving forward, we expect to drive continued top line and margin growth by investing in our marketplace, doubling down on our premium product offerings, as well as continued financial discipline. For example, investment in our Enterprise Product has driven Uber for business growth