Item 7.01 Regulation FD Disclosure
Based on quarter to date trends,
The Company now expects for Q1 2022:
? Adjusted EBITDA between
? Sequential improvement in both Mobility and Delivery segment Adjusted EBITDA
(Q1 2022 over Q4 2021)
Mobility demand improved significantly through the month of February, with trips
90% recovered and Gross Bookings 95% recovered vs.
"Our Mobility business is bouncing back from Omicron much faster than we
expected," said
The information set forth under this Item 7.01 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as otherwise expressly stated in such filing.
Forward-Looking Statements
This Form 8-K contains forward-looking statements regarding our future business
expectations which involve risks and uncertainties. Actual results may differ
materially from the results predicted, and reported results should not be
considered as an indication of future performance. Forward-looking statements
include all statements that are not historical facts and can be identified by
terms such as "anticipate," "believe," "contemplate," "continue," "could,"
"estimate," "expect," "hope," "intend," "may," "might," "objective," "ongoing,"
"plan," "potential," "predict," "project," "should," "target," "will," or
"would" or similar expressions and the negatives of those terms. Forward-looking
statements involve known and unknown risks, uncertainties and other factors that
may cause our actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or
implied by the forward-looking statements. These risks, uncertainties and other
factors relate to, among others: the outcome of a tax case before the
Non-GAAP Financial Measures
To supplement our financial information, which is prepared and presented in
accordance with generally accepted accounting principles in
We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
There are a number of limitations related to the use of non-GAAP financial measures. In light of these limitations, we provide specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.
In regards to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking non-GAAP Adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items. These items include, but are not limited to, significant legal settlements, unrealized gains and losses on equity investments, tax and regulatory reserve changes, restructuring costs and acquisition and financing related impacts.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from discontinued operations, net of income taxes, (ii) net income (loss) attributable to non-controlling interests, net of tax, (iii) provision for (benefit from) income taxes, (iv) income (loss) from equity method investments, (v) interest expense, (vi) other income (expense), net, (vii) depreciation and amortization, (viii) stock-based compensation expense, (ix) certain legal, tax, and regulatory reserve changes and settlements, (x) goodwill and asset impairments/loss on sale of assets, (xi) acquisition, financing and divestiture related expenses, (xii) restructuring and related charges and (xiii) other items not indicative of our ongoing operating performance, including COVID-19 response initiative related payments for financial assistance to Drivers personally impacted by COVID-19, the cost of personal protective equipment distributed to Drivers, Driver reimbursement for their cost of purchasing personal protective equipment, the costs related to free rides and food deliveries to healthcare workers, seniors and others in need as well as charitable donations.
Preliminary Financial Information
We report our financial results in accordance with
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