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INITIATING COVERAGE

Everything Uber doesn’t want you to notice in its IPO

Reuters/Shannon Stapleton
Don’t look behind the curtain.

Last week, Uber filed its S-1—the regulatory paperwork necessary to go public—and at first glance it looks great.  The number of people using the platform is growing, the number of trips is growing, the company’s revenue is growing, and its ride-hailing business was profitable in 2018—if you look at the numbers the way the company wants you to. Below the surface, though, things look a bit different. This raises many questions about the company’s performance during 2018 and the risks that the company is asking investors to take on as part of its IPO. Here are the five biggest risks we think investors should be monitoring closely.

Risk No. 1: Uber’s user and trip growth

The good news: Uber’s number of users and trips grew in 2018
The not-so-good news: The amount of revenue Uber made per user and per trip declined in 2018

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