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Uber Confidential | INTRO | Uber Confidential | INTRO | KEY CHARACTERISTICS 20+ questions DESCRIPTION Uber operates a marketplace for consumers (Passengers) to purchase local transportation services offered by third-party Drivers (Drivers) that transport people, goods, and meals. Uber sets and collects a fee for the transportation services and remits a portion of this fee to the Drivers. Company Status Public or Private Private Funding to date ($m) 9,277 (Estimated, pending final closing of Series G) Key Investors First Round Capital, Founder Collective, Lowercase Capital, Benchmark Capital, Bezos Expeditions, CrunchFund, Goldman Sachs, Menlo Ventures, Google Ventures, TPG, BlackRock, Fidelity Investments, Hartford Financial, John Hancock, Kleiner Perkins Caufield & Byers, Wellington Management, Lone Pine Capital, New Enterprise Associates, Putnam Investments, Qatar Investment Authority, T. Rowe Price, Valiant Capital Partners, Baidu, Microsoft, Tiger Global Management FY2014E FY2015E Growth Bookings ($m) 2,933 9,541 225% Pro Forma Net Revenue ($m) 693 2,446 253% GAAP Net Revenue ($m) 495 1,784 260% EBITDA ($m) (554) (2,000) EBITDA Margin (112)% (112)% Business Geographies Served Worldwide (68 countries) Revenue Sources Fleet Ride Share, Fleet Car Pool, Taxi Hail and Pay, Fleet Independent Delivery, Fleet Meal Delivery Target Customers Individual Consumers Number of Employees Approximately 5,000 Founding Date Mar. 2009 Contact HQ Address 1455 Market Street, San Francisco, CA 94103 URL https://www.uber.com/ Phone 949 394 4937 Facebook – Twitter – Instagram /uber – @Uber – uber OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER © Triton Research LLC p.3 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential | INTRO | SUMMARY SCORE By the numbers DESCRIPTION Uber Score Histogram of Triton Research IPO Scores Score Relevant Indices Pages 1 2 3 4 5 6 7 8 9 10 Business Description Clarity: 8 9 Business Model Strength: 16 7 Operational Transparency: 23 2 Model Confidence: 24 5 Competitive Differentiation: 37 8 Valuation Appropriateness: 38 4 Investor Quality: 40 8 Management Quality : Appendix 9 Founder Power: Appendix 9 Director Firepower: Appendix 9 Capital Structure Quality: Appendix 8 Company Momentum: Appendix 9 Fame & Buzz: Appendix 9 Summary Score 7.29 OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER © Triton Research LLC p.4 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential | INTRO | BUSINESS DESCRIPTION p.1 of 4 Marketing vs. Reality DESCRIPTION What does the Company say it does? The Company is a technology company that offers a proprietary technology platform that provides lead generation and related services (collectively, “Uber Service”) to independent providers of transportation services. The Uber Service is licensed to such independent providers, who are the Company’s customers (each, a “Driver,” and collectively, the “Drivers”), and enables them to accept on-demand requests from riders requesting transportation services (each, a “Rider,” and collectively, the “Riders”). As a service to the Drivers, the Company facilitates payment of the fare for the transportation services provided by the Driver to the Riders through the Uber Service. Currently, the Uber Service is available in 65+ countries and 350+ cities worldwide. Drivers provide transportation services to Riders through a range of offerings based on vehicle type and / or number of Passengers that match Riders’ varying styles, preferences, and budgets. Fares charged to Riders by Drivers vary based on the offering that Riders select, and also vary by city. What does the Company actually do? Product Type Product Name(s) Product Differentiation Launch Date The Basic Proposition Customer Value Proposition Fleet Ride Share • UberBlack • Town Car or better • Jan. 2010 Individual consumers Easier to order, more on- • UberX • Cost equivalent to a taxi • Jul. 2012 summon car service of demand, less expensive, varying types and price easier payment and • UberXL • SUV or Minivan • May 2014 categories (and also more accountable than • UberSelect • Premium UberX • Nov. 2014 messengers and food traditional car service. delivery) on-demand More reliable pickup, • UberSUV • Premium UberXL • Oct. 2015 from a smartphone, easier payment and • UberLux • Luxury Sedan • Dec. 2014 which also enables higher service standard Fleet Car Pool • UberPOOL • Lower cost / sharing • Aug. 2014 automatic payment than taxis and customer ratings Taxi Hail and Pay • UberT • Taxi comes to you • Sep. 2012 Fleet Independent • UberRUSH • App-based messenger • Apr. 2014 Deliveries service Fleet Meal Delivery • UberEATS • Fast delivery, low price, • Dec. 2014 Logistics and fleet infrastructure allow lower cost curated restaurants (test) and more accountable package and meal delivery • Jan. 2016 (launch) Autonomous • Advanced • T.B.D. • Feb. 2015 • In-sourced • T.B.D. Vehicle Research Technologies Center autonomous fleet development | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER © Triton Research LLC p.5 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential | INTRO | BUSINESS DESCRIPTION (CONTINUED) p.2 of 4 DESCRIPTION What does the Company actually do? (Continued) Product Type Product Name(s) What flows through the system? Who supplies them? Who consumes them? Fleet Ride Share • UberBlack • Passenger rides • Livery Drivers • Individual Passengers • UberX • UberXL • UberSelect • UberSUV • UberLux Fleet Car Pool • UberPOOL • Passenger rides • Livery Drivers • Individual Passengers Taxi Hail and Pay • UberT • Taxi pickups • Taxi Drivers • Individual Passengers Fleet Independent • UberRUSH • Package deliveries • Messengers • Individual consumers Deliveries and businesses Fleet Meal Delivery • UberEATS • Meal deliveries • Meals: Selected • Individual consumers restaurants • Deliveries: Livery Drivers Autonomous Vehicle • Advanced Technologies • Product development IP • Company employees • Company employees Research Center OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER © Triton Research LLC p.6 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential | INTRO | BUSINESS DESCRIPTION (CONTINUED) p.3 of 4 DESCRIPTION What does the Company actually do? (Continued) Product Type Product Name(s) Revenue Model Cost Model Price Structure Customer Acquisition Fleet Ride Share • UberBlack • Ad Hoc • Marketplace • Base fare • B2C Marketing • UberX plus time and distance charges, • UberXL rates vary by • UberSelect individual city • UberSUV • UberLux Fleet Car Pool • UberPOOL • Ad Hoc • Marketplace • B2C Marketing Taxi Hail and Pay • UberT • Ad Hoc • Marketplace • Fixed fee per hail • B2C Marketing Fleet Independent • UberRUSH • Ad Hoc • Marketplace • Base charge • B2C Marketing Deliveries plus time and distance charges, rates vary by individual city Fleet Meal Delivery • UberEATS • Ad Hoc • Marketplace • Meal cost plus • B2C Marketing delivery charge Autonomous Vehicle • Advanced Technologies • T.B.D. • T.B.D. • T.B.D. • T.B.D. Research Center OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER © Triton Research LLC p.7 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential | INTRO | BUSINESS DESCRIPTION (CONTINUED) p.4 of 4 DESCRIPTION What does the Company actually do? (Continued) Product Type Product Name(s) Revenue Employees Customers Fleet Ride Share • UberBlack ~100% 97% ~100% • UberX • UberXL • UberSelect • UberSUV • UberLux Fleet Car Pool • UberPOOL <1% <1% Taxi Hail and Pay • UberT <1% <1% Fleet Independent • UberRUSH <1% <1% Deliveries Fleet Meal Delivery • UberEATS <1% <1% Autonomous Vehicle • Advanced Technologies 0% 3% 0% Research Center Total 100% 100% 100% Business Description 1 2 3 4 5 6 7 8 9 10 OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER Clarity Say Crystal What? Clear © Triton Research LLC p.8 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential LINES OF BUSINESS SCHEMATICS p.1 of 2 Who does What to Whom 1. Ride Sharing Marketplace (UberX, UberBLACK, etc.) • Acquired through • Acquired through marketing by Uber marketing by Uber $,Gross Revenues (GMV) $, Net Revenues Payment per ride (base (marketplace fee, 20%- fare plus time rate 30% of total fare) plus mileage rate) 3RD- UBER RIDERS PARTY $, Payment per DRIVERS ride and access to marketplace services (70%-80% of total fare, customer acquisition, transaction services, reporting & analytics) 2-way rating system acts as “tip” Rides 2. Courier Marketplace (UberRUSH) • Acquired through • Acquired through marketing by Uber marketing by Uber $,Gross Revenues (GMV) INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | Payment per package $Net Revenues delivery (Fixed fee for (marketplace fee?, 1st mile, variable fee PRODUCTS INDIVIDUALS not disclosed) for additional miles) & COMPANIES 3RD- UBER REQUESTING COURIER PARTY $, Payment per SERVICE MESSENGERS
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