Uber reveals finances as it gears up for IPO


More than 1.1 million drivers are eligible for a payout of $100, $500, $1,000, or $10,000 (totaling about $300 million).

Uber plans to make its IPO registration with the U.S. Securities and Exchange Commission publicly available on Thursday, and will kick of its investor roadshow during the week of April 29, putting it on track to price its IPO and begin trading on the New York Stock Exchange in early May, the sources said.

Uber set a placeholder amount of $1 billion but did not specify the size of the IPO.

Uber said it had 91 million registered users on its platform through the end of 2018. That's nearly as much as the $78.2 billion drivers have earned since 2015 driving for Uber. That would make it the largest IPO since Alibaba Group went public in 2014 with a staring valuation of $169 billion.

But Uber's operating losses declined from $4 billion in 2017 to $3 billion in 2018, indicating it could be heading in the right direction.

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The filing noted that Uber offers ridesharing in some 700 cities but has bolder ambitions to reshape how people and goods are transported with operations such as meal deliveries, freight, and electric bikes and scooters.

In addition to answering questions about the company's finances, Uber CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the culture and business practices after a series of embarrassing scandals over the last two years. The setbacks have included rampant internal sexual harassment and allegations it stole self-driving auto technology.

Uber is also the latest Silicon Valley startup to IPO this year and follows a trend of unprofitable companies, such as Lyft and Pinterest, to go public. Now it will be up to Kalanick's successor, Khosrowshahi, to persuade investors that Uber has cleaned up its act and merits a market value higher than Ford Motor and General Motors combined.

One advantage Uber will likely seek to play up to investors is that it is the largest player in numerous markets in which it operates. The company resumed testing self-driving vehicles in Pittsburgh in December. The company also warned that potential future regulations or increases in insurance costs could impact the autonomous vehicle business. Select drivers were also given the option to buy IPO stock.