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Uber has unveiled its argument to investors during its upcoming public offering. The filing provides new details on the financial performance, growth rates of its operations, the shareholdings of shareholders and the executives who will benefit the most from the IPO.
Payday Executive
Dara Khosrowshahi and four other senior executives stock up on approximately $ 380 million of stock options if Uber shares behave well after its IPO.
The CEO has received options on more than 1.75 million shares, with an estimated potential value of $ 170 million, to encourage him to sort the company and transform it quickly. in IPO after its entry in the middle of 2017. Estimates are based on available options. likely to be worthwhile if they achieve the performance objectives.
Equity benefits only pay if Uber's stock market value remains at around $ 120 billion for at least three months. That's higher than the valuation of $ 100 billion that he told some investors. It could be evaluated during its debut on the stock market next month. But the management team has until 2023 to achieve its performance goal.
The other members of the management who can claim shares are:
• Barney Harford, Chief Operating Officer – Options worth more than 1.25 million shares;
• Nelson Chai, Chief Financial Officer – options on more than 500,000 shares;
• Thuan Pham, director of technology options on more than 250,000 shares;
• Nikki Krishnamurthy, Director of Personnel – Options with more than 200,000 shares.
A long legal shadow
Uber will offer many job opportunities to lawyers for years to come. Among the legal risks, he mentions: "a number of investigations, inquiries and requests for information" from the US Department of Justice, as well as from other US and international agencies. Foreign. A case of DoJ studies potential incorrect payments made in several countries, including Indonesia, Malaysia, China, and India.
The company also has a wave of claims from drivers who argue that they should be treated as employees rather than contractors. In the United States, more than 60,000 people have submitted or intend to submit arbitration applications. With a filing fee of $ 1,500 per case, even the costs of file processing could add up.
Uber has set aside $ 1.1 billion in 2018 to deal with penalties and settlements.
The table of caps
Like Lyft before him, Uber enters the stock market with a group of big investors from a much larger pool than venture capitalists who are traditionally the biggest winners of young technology companies:
• SoftBank's Vision Fund giant raised the largest share of the capital at 16.3% after conducting a transaction in 2017 allowing some early investors to sell.
• The Saudi Arabia Public Investment Fund, which is itself the main contributor to the Vision Fund, also directly holds a 5.3% interest;
• Alphabet, Google's parent company, completes the group of nontraditional first-time investors with 5.2% – its second gain on the stock market this year, after its 5.3% stake in rival Lyft;
• Travis Kalanick, a former CEO and controversial co-founder who still sits on the Uber board, holds a 8.6% stake;
• co-founder and director Garrett Camp has 6%;
• Benchmark Capital – the venture capital company that designed the dismissal of Mr. Kalanick – holds 11%.
What size Uber can have
Uber's ambitions go far beyond the road. The company has set up several addressable markets for its various businesses, which represents more than $ 12 million in potential business opportunities, which it hopes to disrupt:
• Personal mobility: $ 5.7 billion, or "all kilometers by pbadenger car and all transit mileage in all countries of the world", for a total of 11.9 billion miles;
• Uber Eats – $ 2.8 billion, the amount consumers spend at the restaurant;
• Freight – $ 3.8 billion, the trucking market in 2017;
It is this framework that allows Mr. Khosrowshahi to say, "We have not even finished 1% of our work."
Who is driving?
Uber's spending on autonomous car technology has probably exceeded $ 1 billion. The Advanced Technology Group represents the lion's share of the company's research and technology development spending, which required $ 1.1 billion over the past three years.
But after a fatal accident in Arizona a year ago, the company has fallen behind some competitors in the race to create driverless cars. "We expect some competitors to market autonomous vehicle technologies before us," he said.
Despite this, Uber does not show any sign of a decline in the driverless car effort, which management sees as an essential part of its long-term plans. The company is currently discussing the sale of a minority stake in ATG to SoftBank and Toyota to help fund technology development.
But nothing says in his filing that the company hopes to do it before an IPO, and Uber has clearly announced its intention to retain majority control of the initiative for at least the next few years.
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