Travis Kalanick cuts all ties with Uber; leaves board, sells all shares

Uber Technologies’ former chief executive officer (CEO) Travis Kalanick is stepping down from the board, severing his last ties to the company he co-founded a decade ago and helped become one of the world’s most valuable, and controversial, start-ups.

Kalanick, 43, has sold all of his remaining shares in the ride-hailing giant and plans to focus on his new business and philanthropic endeavours.

Along with co-founder Garrett Camp, Kalanick started Uber in 2009, building the company up from an experimental black car service in San Francisco to a global transportation and logistics company, offering food delivery, freight shipping, helicopter rides and ushering in a new era of work. But he was ousted as CEO in June 2017 following months of chaos and controversy. Detractors pointed to his aggressive and sometimes reckless management style as breeding a toxic workplace hostile to women and overseeing morally questionable company programmes, including some that intentionally deceived regulators and law enforcement agencies and spied on riders.

“Uber has been a part of my life for the past 10 years,” Kalanick said in a statement Tuesday. “At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits.”

For the past year, Kalanick has been building a new startup: CloudKitchens. The real estate company offers fully outfitted kitchens to restaurants that need more space to fulfil orders from take-out food services like DoorDash and Uber Eats. Along with using his own funds, Kalanick also raised $400 million from Saudi Arabia’s sovereign wealth fund.

Following Kalanick’s departure as CEO, the board replaced him with Dara Khosrowshahi, a former executive of Expedia, who has worked to rebuild the company’s reputation and promise to investors. Since its initial public offering in May — one of the worst IPOs this year — Uber shares have cratered by more than 30 per cent. They were up 1 per cent at 12.04 pm in New York.

With Kalanick fully separated from Uber now, Wedbush Securities analysts said it could help the stock, since his continued presence on the board was a “distraction.”

“With ripping the band-aid off and Travis leaving stage left on the board, we believe now it’s about Dara & Co. taking Uber in the right direction for 2020 and beyond after a rough road so far,” wrote Wedbush analysts Ygal Arounian and Dan Ives, adding that the massive sell-off of shares following the November 6 lock-up expiry has also hurt the stock price.

Kalanick has been steadily unloading his Uber shares in the past few weeks. He sold the remaining 5.8 million shares before resigning from the board Monday night, a spokeswoman said, for a grand haul of almost $3 billion, according to calculations by Bloomberg. Before the lock-up expired, Kalanick held a 6 per cent stake in Uber, which made him the firm’s largest individual shareholder. Softbank Group and Benchmark Capital are the company’s two largest institutional shareholders.

Such a sell-down is unusual among prominent tech tycoons. Facebook’s Mark Zuckerberg and Amazon.com’s Jeff Bezos still own sizeable stakes in their companies. Still, neither of them were ousted by a boardroom coup. And Kalanick’s sales mean he has plenty of financial firepower for his other projects. He created a fund called 10100 in March 2018, saying in a tweet it would focus on his “passions, investments, ideas and big bets.” The fund will handle Kalanick’s for-profit investments and philanthropy and plans to invest in real estate, e-commerce and emerging innovation in China and India, according to its website.

“Very few entrepreneurs have built something as profound as Travis Kalanick did with Uber,” Khosrowshahi said. “I’m enormously grateful for Travis’s vision and tenacity while building Uber, and for his expertise as a board member. Everyone at Uber wishes him all the best.”

Kalanick’s departure from Uber’s board will be effective Dec. 31, according to a statement Tuesday. Uber’s 12-person board has steadily shrunk since the company went public in May and now will have four openings.

Uber asked to suspend service in Colombia, after setbacks in UK and Germany

A judge ordered Uber Technologies Inc.’s operation in Colombia to suspend its ride-hailing business after a technology platform presented a lawsuit claiming the company was providing the service through unfair competition.

A judge at the Superintendency of Industry and Commerce, which regulates the market, ruled that Uber’s app violated competition norms, the regulator said Friday in a statement. Cotech SA, a taxi-service platform, filed the lawsuit against Uber.

“This violates the rules that regulate the market, generates a significant advantage in the market, and generates deviation from the clientele of Cotech,” the regulator said in a separate statement.

While the decision orders an “immediate” service suspension, the ride-hailing app can’t be forced to comply unless ordered to do so in a separate action, Andres Barreto, head of the superintendency, said. The U.S. company can still provide food-delivery service, Barreto added.

“After years of working proactively to bring sensible regulations for ride sharing to Colombia, we regret that with today’s decision the Superintendency of Industry and Commerce has failed to follow Colombian law and its regular process,” an Uber spokesman said in a statement. The San Francisco-based company appealed the ruling.

The decision is the latest in a series of setbacks for Uber’s global operations. Regulators in London, one of Uber’s largest markets, last month yanked its license to operate after concluding it wasn’t “fit and proper” to continue as it risked passenger safety by failing to properly vet drivers. Uber continues to operate in London while regulators consider its appeal.

Earlier this week, a German court ruled Uber had run afoul of its transit dispatch laws -- a transgression Uber representatives said the company is working to fix while it continues to operate its service.Uber is less entrenched in Colombia, scrapping plans in October to build a $40 million support and services center in the country. The company said more than 2 million people use the service, which involves 88,000 drivers.

Uber to pay $4.4 million to settle sexual harassment probe in US

Uber Technologies Inc will establish a $4.4 million fund to settle a federal investigation into allegations that the San Francisco company allowed a rampant culture of sexual harassment, the US Equal Employment Opportunity Commission has announced.

The agreement ends an investigation launched in 2017 in which the commission found reasonable cause to believe the ride-hailing tech company "permitted a culture of sexual harassment and retaliation against individuals who complained about such harassment." A claims administrator will send notices to women who worked at Uber between January 1, 2014, and June 30, 2019. The commission will determine which claimants may be eligible for money from the $4.4 million fund.

The company has also agreed to create a system to identify serial offenders and managers who fail to respond to concerns about sexual harassment in a timely manner.

The commission initiated the investigation after a former Uber engineer wrote a widely circulated blog post exposing sexual harassment at the company, including propositions from her boss. Susan Fowler said her complaints to human resources were ignored.

The company fired 20 people, including some managers, after an investigation by former US Attorney General Eric Holder's law firm.

The commission's district director in San Francisco, William Tamayo, applauded Uber's commitment to accountability, and said the "tech industry, among others, has often ignored allegations of sexual harassment when an accused harasser is seen as more valuable to the company than the accuser.

Uber's Chief Legal Officer Tony West said on Wednesday he was pleased to work with the commission on the settlement.

As part of its bid to increase transparency, Uber revealed earlier this month that more than 3,000 sexual assaults were reported during its U.S. rides in 2018. Drivers and riders were both attacked in the reported assaults, and some of the assaults occurred between riders.

Uber puts brakes on growth at any cost strategy and investors will be happy

Uber Technologies Inc seems to have decided to stop chasing stupid growth. This is exactly what investors wanted, yet the company’s latest results, announced on Monday, show how far Uber has to go to be sustainable and rational.

In the third quarter, the total value of Uber rides, restaurant meal deliveries and other transactions increased 29% from a year earlier — the slowest rate of increase since Uber began reporting that figure. The total figure of $16.5 billion was also a little short of analysts’ expectations, as was the growth in average monthly customers using Uber services at least once. That most likely contributed to the after-market decline in Uber shares.

What Uber seems to be doing is precisely what investors want now. The company is trying to stop growing where it doesn’t make sense. Third-quarter revenue from rides, excluding what Uber classifies as excessive driver incentives and driver referrals, increased 23% in the quarter, rebounding from a growth slowdown. The adjusted revenue growth for Uber Eats, the restaurant delivery service, also accelerated.

The divergence between slowing growth in total transactions and a faster pace of revenue in crucial segments suggests that Uber has increased consumer prices, reduced incentives or made other tweaks to keep more revenue from each ride or food delivery — even if that means some people are turned off enough not to use Uber at all. This is rational, yes, but acting like a sensible company may also crimp Uber’s eventual size and ambition.

Uber also said it’s aiming to have positive adjusted earnings before interest, taxes, depreciation and amortisation in 2021. That is far earlier than analysts have expected Uber to be profitable — or profitable-ish. Lyft made a similar pledge last month to be in the green by the end of 2021 on a massaged profit number that excludes stock compensation and some other costs.

It’s useful to step back and see how much has changed for Uber, Lyft and other young and richly-valued companies. Ever since these companies went public in the first half of this year, Uber and Lyft have been forced to shift gears and chase profits, or some semblance of them, rather than boasting about how big they can grow if they swallow more of people’s current spending on transportation.

This is the new normal for young companies like Uber: Investors want them to grow, but not if the growth is achieved with unsustainable spending or rash financial trade-offs. There in the penalty box is WeWork, the office leasing startup that did exactly that.

I will say that a forecast for profits-ish in two years is a long time in this constantly shifting industry. Heck, just a year ago, Uber might have been valued at $120 billion. Both Uber and Lyft have said recently that price wars have eased, presumably by curbing the cut-rate fares for riders and bonuses or other incentives for drivers.

But competitive dynamics can change quickly. The takeout and food delivery company GrubHub Inc., for example, said recently that it’s going to try to steal market share from companies like Uber by offering to slash order delivery fees from at least some popular chain restaurants, plus other growth-minded steps. It’s possible Uber might feel the need to follow GrubHub’s lead, particularly if other US competitors do the same.

Uber is in a tricky position. Its potential ceiling is much higher than Lyft’s because Uber has spread its tentacles into many parts of the world and expanded far beyond its original business of car rides at the push of a smartphone app. That expansion also makes it difficult for Uber to improve its economics and quickly pivot from chasing growth to chasing profits. For every dollar of revenue in the first nine months of this year, Uber bled 25 cents of cash from its operations. That is a high rate of cash oozing out of the company, and it’s not trivial to reverse the trend.

Uber and Lyft also have to contend with interest by regulators and lawmakers to impose more restrictions on the companies or force them to increase driver earnings and cut back on the number of cars on the road in large cities. That will put pressure on the companies’ revenue and profits, crimp the use of those ride services or both. Uber may slow the financial bleeding faster than planned, but its new profit mindset doesn’t change its essential character: a highly valued company that may — or may not — be an economically viable one.

Uber's revenue improves but user growth, food delivery orders disappoints

Uber Technologies Inc. disappointed investors with quarterly results showing lackluster gains in bookings and monthly active users, two of the metrics most closely watched by Wall Street.

The ride-hailing company beat estimates for quarterly revenue and loss, improved its annual loss forecast and pledged to turn a profit by 2021. Those weren’t enough to lift the stock, though. Shares were down about 5 per cent in extended trading after the results.

The San Francisco-based company is seeking to assure investors it can evolve from a ride-hailing service to a global all-in-one transportation platform. There could be more pressure on Uber shares Wednesday, when a stock lockup for a large swath of shareholders expires. An additional 1.5 billion shares could be eligible to trade according to Renaissance Capital, nearly doubling the total number outstanding. Of venture-backed companies, only Alibaba Group Holding Ltd. had a larger lockup of 1.6 billion shares.

While Uber’s overall results were good, uncertainty about the possibility of new shares flooding the market cast a shadow that may have depressed share price, said Ali Mogharabi, an analyst at Morningstar.

“It may be people getting out now, thinking that after Wednesday it’ll drop,” he said.

On a conference call with reporters following the report, Uber executives said the company would spend less aggressively and turn an adjusted profit in 2021. “We will be driving discipline across the company and only doing investments that we can afford,” said Chief Executive Officer Dara Khosrowshahi.

The forecast echoed a commitment from Uber’s smaller rival, Lyft Inc., which said it would be profitable by the fourth quarter of 2021, a year earlier than previously expected. Lyft, which focuses exclusively on transportation, blew past analysts’ third-quarter estimates when it reported results last week.

Khosrowshahi has sought to reign in spending, slicing roughly 1,200 positions from sales and marketing, engineering and product. Like Lyft, Uber has also cut back on rider discounts and driver incentives in a bid to improve margins and narrow losses. Khosrowshahi said on the call that Uber would exit markets and dispose of assets where it was clear it could not command No. 1 or No. 2 positions within the next 18 months.

Uber’s business strategy hinges on convincing existing ride-hailing customers to use more services, including bikes, scooters, helicopters and public transportation, as well as food and grocery delivery. Uber’s newer initiatives, including a job matching service for gig workers in Chicago and financial services for drivers, further demonstrate the company’s grand ambitions.

Since going public in May, Uber investors have punished the company for its growth-at-all-costs strategy. The stock closed Monday at $31.08, well below the $45 IPO price.

Although profitability may still be a couple years away, it’s earlier than analysts expected. Uber ended the third quarter with about $12.7 billion in cash, suggesting it can continue investing in growth where it doesn’t expect continued losses. Adjusted loss for the quarter widened to $585 million, compared with $485 million during the same period last year, but was still better than an average of analysts’ estimates of $808 million.

Quarterly adjusted revenue increased 33% to $3.5 billion, above estimates of $3.39 billion. Uber revised its annual loss forecast to between $2.8 billion and $2.9 billion, an improvement of $250 million.

It’ll need to do more to attract customers. Monthly active platform users, meaning those who ordered food or a ride one or more times during the quarter, was 103 million, up 26%. Analysts expected 107 million. Gross bookings, a measure of the total value of rides, food orders and other businesses, were $16.5 billion, compared with estimates of $16.7 billion. Food delivery was especially disappointing.

More pricing pressure could come next year. California legislation designed to push Uber, Lyft, DoorDash Inc. and other gig-economy to reclassify independent contractors as employees goes into effect in January and could increase costs in the state by as much as 30%, according to analyst estimates. The three tech companies are gathering signatures now to challenge the law with a competing ballot initiative in a year.

Uber braces for fight as California wants it to treat drivers as employees

Uber Technologies Inc. has generated billions of dollars from the labor of its drivers without the expense of treating them as employees. California is poised to disrupt that business model, and the ride-hailing behemoth is gearing up for a legal fight.

Lawmakers in the state want to reclassify workers treated as independent contractors, which may dramatically boost costs for Uber and other companies built around the gig economy. Under Assembly Bill 5, which has cleared both houses of the California Legislature, many workers would be entitled to a minimum wage, mileage reimbursement and workers compensation.

Proponents say the bill, which has the support of Governor Gavin Newsom, will bring a groundbreaking shift to finally give workers their due. Uber and its allies say that if the bill becomes law, it may not meaningfully change the business model because there are still questions about which workers qualify.

“AB 5 doesn’t all of a sudden -- magic wand -- change everybody’s status to employee,” said Tony West, Uber’s general counsel. Instead, new criteria would be used to determine whether workers are employees or contractors, he said. “Now, whether or not we win under that test in California remains to be seen,” West said.

Skeptics say Uber may be too optimistic. While it’s used arbitration, litigation and settlements to thwart drivers’ attempts so far to be classified as employees, AB 5 could pose a significant risk to the company, especially if similar measures are adopted in other parts of the US, legal experts, academics and financial analysts say.

Uber is “whistling past the graveyard” if it underestimates how much AB 5 would favor drivers, said Jason Lohr, an employment lawyer in Uber’s hometown of San Francisco. Most of the state’s legal community expects the drivers would be considered employees, requiring Uber to provide worker-compensation insurance like any other employer, he said.

“If Uber balks, it will be a bonanza for personal-injury attorneys because the company will be presumed negligent when a driver is injured -- and on the hook for attorney’s fees for failing to provide coverage,” Lohr said.

Rising Costs

Increased labor costs will likely mean higher fares for riders, which could undermine the growth strategies for Uber and its chief rival, Lyft Inc, said Tom White, an analyst at D

A Davidson in New York.

“Some of the data we’ve seen suggests that in order for ride-sharing to be a suitable replacement for car ownership, prices have to come down, not go up,” White said. “That part of the story gets eroded somewhat if Uber is forced to increase prices in a material way.”

Uber shares are down about 25 per cent from an initial public offering in May, which valued the company at about $78 billion. The stock already reflects concern over the California law, which may face obstacles, including a ballot measure funded by Uber and other companies, White said.

“The market generally anticipates there being a headline about AB 5 being signed,” White said. “But I think there’s still some question as to whether that necessarily means that it’s enforced before the two sides hash something out.”

The governor’s office has helped facilitate discussions between unions and the companies about offering drivers certain benefits but not employee status. The talks, which have been ongoing since last year, haven’t resulted in a compromise. Without a breakthrough, Newsom’s support of the bill indicates it’ll be signed into law.

As AB 5 gained support in Sacramento, Uber complained that other industries had successfully lobbied to have their workers exempted from the law, from hair stylists and travel agents to dog groomers and engineers.

Gig-economy companies also protested a provision giving California’s attorney general or city attorneys the ability to prosecute companies and block their operations if they mis-classify employees as independent contractors.

‘Weaponizes’ Law

The provision “effectively weaponizes” AB 5 and could result in technology companies being “arbitrarily targeted with lawsuits and injunctions,” Uber, Lyft and six other companies said in a letter to Newsom and lawmakers.

If AB 5 wins final approval, as lawmakers expect, Uber is prepared to return to a familiar venue -- the courtroom -- to make its point that its drivers are “independent individuals,” West said. Part of that legal argument, he said, is that Uber considers itself a technology platform, not a transportation company.

Under the new law, for its drivers to be considered independent contractors, they must perform work “outside the usual course” of the company’s business. Uber’s biggest business is ride hailing, but it also has created platforms for restaurant-meal delivery and freight trucking, and the company is working on new services, West said.

Uber is “connecting individuals with a work opportunity,” West said. “When courts understand that, they realize that drivers are not involved in the usual core business of Uber -- because Uber is a technology company that operates a marketplace.”

Uber Technologies trades below last private value in rocky post-IPO start

Uber Technologies fell in its trading debut, leaving the company’s market value below its last private funding round.

Shares of the ride-hailing giant opened at $42, under their IPO price of $45. They were down 2.7 per cent to $43.85 at 2.38 pm in New York on Friday (12.08 am IST on Saturday), giving the business a market valuation of $74 billion. Uber last raised money from Toyota Motor in August, at a valuation of about $76 billion.

The stock earlier dropped as much as 8.8 per cent to $41.06 as US equities extended losses, with the S&P 500 poised for its biggest weekly drop this year. Trade tensions between the US and China are weighing on investors’ minds after President Donald Trump boosted tariffs on $200 billion in goods from China. Uber sold 180 million shares for $45 each on Thursday, after marketing them for $44 to $50 apiece.

Even at the low end of the price range, Uber’s listing was the ninth-largest US IPO of all time and the biggest on a US exchange since Alibaba Group Holding’s $25 billion global record holder in 2014, according to data compiled by Bloomberg.

In distributing the stock, Uber prioritised shareholders — particularly institutional investors — that it thinks will hold on to the shares for a long time, according to a person familiar with the matter.

“Uber’s opening trade shows investors aren’t willing to pay a premium valuation yet for the ride-sharing company’s ability to sustain a high top-line growth,” said Mandeep Singh, a senior technology analyst for Bloomberg Intelligence.

A market value of less than $75 billion is a considerable climb down from earlier projections: Last year, bankers jockeying to lead the offering told Uber it could be valued at as much as $120 billion in an IPO.

The trading debut will be closely watched by the cavalcade of other tech start-ups that are expected to go public this year, including Slack Technologies, Postmates, Peloton Interactive and Airbnb.

Shares are trading under the ticker “UBER”. Morgan Stanley, Goldman Sachs Group, and Bank of America led the listing. This year, widely expected to be the busiest for mega US tech listings this century, got off to a rocky start as a partial government shutdown shuttered the agency that approves IPO documents for 35 days, all but killing activity in the first quarter. After submitting its confidential filing in December, Uber, along with Lyft and a host of other hopefuls, was left sitting on the sidelines while US stocks enjoyed the best start to a year in at least a decade.

Like many of the IPO class of 2019, including Lyft and Pinterest, Uber is unprofitable. The San Francisco-based company lost $3.04 billion last year on an operating basis on revenue of $11.3 billion, bringing total operating losses over the past three years to more than $10 billion, according to filings.

Uber drivers plan 12-hr protest in 6 US cities over low wages ahead of IPO

Uber Technologies Inc's drivers in six US cities are planning to shut their apps for 12 hours on May 8 to protest against low wages and working conditions, two days ahead of the company's expected market debut.

Drivers in San Francisco, Chicago, Los Angeles, San Diego, Philadelphia and Washington DC will shut their app on the day, when a separate protest will be carried out outside Uber's head office in San Francisco, a spokeswoman for Gig Workers Rising, a campaign for gig workers, told Reuters.

About "hundreds of drivers" are likely to join the protest, with Los Angeles and San Francisco expected to see a higher concentration of people, Clarkson said on Monday.

The drivers' demands also include employee benefit plans such as health care, holiday pay and representation in Uber's management structure.

Uber expects to price its IPO on May 9 and begin trading on the New York Stock Exchange the following day, people familiar with the matter have said.

"Uber's IPO will put millions in the pockets of executives, but the drivers who provide the service that is core to the company will get nothing, " Clarkson said.

To improve relations with drivers, Uber had announced plans to offer cash bonuses to some of its most active drivers with the option to purchase shares in the company's market debut.

Uber's self-driving unit valued at $7.25 billion in new investment

Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering.

Uber Technologies Inc said on Thursday that the investment values its Advanced Technologies Group, which works to develop autonomous driving technology, at $7.25 billion. SoftBank will invest $333 million from its $100 billion Vision Fund, while Toyota Motor Corp and automotive parts supplier Denso Corp will invest a combined $667 million.

Toyota will also contribute up to an additional $300 million over the next three years to help cover the costs of building commercial self-driving vehicles, Uber said.

Reuters had reported in March talks of the investment in ATG.

Uber CEO Dara Khosrowshahi said that the funding "will help maintain Uber's position at the forefront of" a transforming transportation industry.

The funding allows Uber to transfer some of the substantial cost of developing self-driving cars onto outside investors. That is likely to appease some of Wall Street's concerns over Uber's spending on the autonomous unit, which has topped $1.07 billion since the program started in 2016.

In its filing for an initial public offering this month, Uber cautioned that development of self-driving technology "is expensive and time-consuming and may not be successful" and the company lagged certain competitors.

The self-driving business unit brings in no meaningful revenue for Uber, which last year lost $3.03 billion.

As part of the investment, ATG becomes its own legal entity but remains under the control of Uber. A new ATG board will be formed, with six directors appointed from Uber, one from SoftBank and one from Toyota. Eric Meyhofer, currently the head of ATG, will take the title of CEO and report to the new board.

Such sizeable deals are unusual for companies so close to an IPO, because bringing in large new investors changes the company's capital structure.

Uber is preparing to launch its "roadshow," when it will pitch its company prospective investors, the week of April 29, setting up for an early May debut on the New York Stock Exchange. It is expected to raise $10 billion at a $90 billion to $100 billion valuation.

NATIONAL SECURITY CONCERNS

The transaction is expected to close the third quarter. The deal, however, will almost certainly require approval from the inter-agency regulatory group called the Committee on Foreign Investment in the United States (CFIUS).

A law enacted last year expands that group's powers to review minority stakes by foreign investors in startups with certain sensitive technologies, and self-driving technology is widely considered to have defense applications.

SoftBank's investment in General Motors Co's self-driving car unit Cruise is still under CFIUS review and is likely weeks away from any decision, even though that investment was announced nearly a year ago.

Both SoftBank and Toyota are repeat Uber investors. SoftBank took a more than 16 percent stake in the company after investing around $8 billion last year, becoming its largest shareholder. Toyota invested in Uber in 2016 and again in August with a $500 million check to work jointly to develop self-driving cars.

The investment comes despite growing disillusion with the self-driving business, which has failed to deliver on bold promises of commercial autonomous cars, and Uber's setbacks. A crash in March 2018 involving an Uber self-driving SUV killed a pedestrian in Tempe, Arizona, and forced the company to shutter its biggest testing operation and halt autonomous driving in other cities.

Uber now has a small number of cars testing in Pittsburgh, during the day and in good weather, with two safety drivers. They do not offer rides to passengers.

The Tempe crash hurt the entire industry, say self-driving company executives, dealing a blow to public confidence in the safety of robot cars.

ATG chief scientist Raquel Urtasun said in an interview with Reuters this month it "is not clear" when self-driving cars will be deployed at a large scale, and for the next decade at least there will be a mix of robot and human-controlled cars.

Factbox: How Uber and Lyft compare on key financial metrics

Uber Technologies Inc's initial public offering filing on Thursday contains data that will be key to selling itself to investors. The share sale follows a public offering by rival ride-sharing service Lyft Inc last month, whose shares have dropped to about $61 from an IPO price of $72.

Here are how the two companies compare on key metrics from Uber's filing:

REVENUE

Uber had $11.3 billion in 2018 vs Lyft $2.2 billion.

Uber's growth has been slowing relative to Lyft due to scandals and aggressive discounting by Lyft.

Lyft's revenue more than doubled between 2017 and 2018 while Uber's grew around 41 percent.

MARKET SHARE

Uber has lost market share but remains the leader.

Uber has 65 percent share in North America while Lyft says it has 39 percent in the United States.

ADJUSTED EBITDA

Both Uber and Lyft lose money though Uber has trimmed its losses in recent years.

Uber's adjusted loss before interest, taxes, depreciation and amortisation was just over $1.8 billion in 2018 compared to $2.6 billion in 2017.

Lyft lost $950 million in 2018 on the same basis.

MONTHLY ACTIVE USERS

Uber has 91 million monthly active users compared to Lyft's 18.6 million.

Uber's number includes customers of additional services beyond ride sharing.