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你相信吗?Uber被爆足足虚报了50亿美元利润

2019-04-17     牛牛财经   来源:
文章摘要:本文来自“华尔街见闻”,作者高姝睿。如果投资者以为Uber所说的“在可预见的未来也无法盈利”已经足够令人担忧,那么接下来的内容可能会更加让人感到害怕。交通行业咨询师Hubert Horan指出,在Uber 4月11日发布的招股书中,暴露出一个极为严重的问题——该公司所….

benwenlaizi“华huaerjiejianwen”,作zuozhegaoshurui

ruguotouzizheyiweiUber所suoshuode“在zaikeyujiandeweilaiyewufayingli”已yijingzugoulingrendanyou,那namejiexialaideneirongkenenghuigengjiarangrengandaohaipa

jiaotongxingyezixunshiHubert Horan指zhichu,在zaiUber 4月yue11日rifabudezhaogushuzhong,暴baoluchuyigejiweiyanzhongdewenti——该gaigongsisuobaogaodejin10亿yimeiyuanjinglirundebeihou,很henkenengshiyu40亿yimeiyuande“净jingkuisun”。

wentizhuyaochuzaibeiUber剥baolidenabufenhaiwaiyewuzhishang。Horan表biaoshi,Uber试shitutongguozhaogushurangtouzizhexiangxin,Uber有youzugoudeqianlizaiweilaishixianlirundeqiangjinzengchang,但danshishishang,去qunianweijingyinglizuochuzhuyaogongxiande,正zhengshiUber放fangqibufenzhongguo、俄eluosi、东dongnanyadiquyewusuodailaideshouyi

erdangbazhexieshouyisuizhuoqiyewuyitongbaolizhihou,Uber的decaiwubaogaozaicixianshichucanburendudekuisun

yinglinenglizhendeyougaishanma

zi2009年nianchengliyilai,Uber从congweiyouyinianshixianguoyingli,本benciIPO中zhongtouzizhezuiweiguanzhudewentiyeshi:Uber将jiangzaiheshishixianyingli

congcaibaolaikan,Uber运yunyingkuisundequshiyiranmeiyoubianhua,近jinsannianliyijinghejikuisunchaoguo100亿yimeiyuan。但dangongsijinglirunfangmian,2018年nianUber却quechenggongshixianniukuiweiying,净jinglirun9.97亿yimeiyuan,其qizhonglaizichixuyunyingyewudejinglirunwei9.87亿yimeiyuan

danxianshizhendeyourucimeihaoma?答daankongpashiweibi

Uber 2018年niandeyunyingkuisunzhuyaokaocaiwubaogaozhong“其qitashouru”一yilandeshouyisuodixiao,其qizhong,资zichanbaolixianggeiUber带dailaideshouyibao32.14亿yimeiyuan。这zhebiqianlaiziUber的deliangcizhongdazichanbaoli:该gaigongsijiangqieluosidacheyewuyudangdigongsiYandex合hebing,同tongshi,将jiangdongnanyayewuyudangdijiaochexingyelongtougongsiGrab合hebing

chucizhiwai,“未weishixianshouyi”项xiangyeweiUber带dailai19.96亿yimeiyuandefeixianjinshouyi,根genjuzhaogushufulu,这zhebiqianlaiziyuzhongguodacheruanjiandidi。2016年nian,Uber与yudiditongguoxianghuchiguwanchengliaobufenguquandejiaoyi,而erdidizaizhongguoshichangdekuozhangweiUber带dailailiaojin20亿yimeiyuandeguquanshouyi

jiangshangshushourujiazong,并bingkouchushuishoudengxiangguanfeiyongzhichuhoukeyikanchu,来laizizhongguo、俄eluosihedongnanyasandideyizhongduandeyewuzai2018年niangongweiUber带dailailiao44.97亿yimeiyuandeshouyi。如ruguosuizhuoxiangguanzichandebaolierbafeichixuyunyingyewudeshouyiyitongcongcaiwubaogaoshangbaolidehua,我womenjiangkandaoyigecankudexianshi——Uber运yunyingzhongdeyewurengzaichuangzaoyu35亿yimeiyuandekuisune

ershichangshangguanyuUber盈yinglinenglidayougaishandeshuofayebugongzipo——从congyunyingzhongxiangmujinglirunlaikan,Uber的deyinglinenglibujinmeiyousihaogaishan,甚shenzhihuanzaijinyibuehua

youshangbiaokeyikanchu,2017年nian,俄eluosihedongnanyadiqudeyewuhuanzaiyouUber自ziying,这zhebufensunshidailaidexiuzhenghouyunyingzhongyewukuisunewei34.97亿yimeiyuan;经jingguoyiniandeyewuxiujianhou,这zhegebingweizhijiefanyingzaicaiwubaobiaolideshuzifanerkuodaliao1300万wanmeiyuan,至zhi35.1亿yimeiyuan。但dantouzizhenenggouzaicaiwubaobiaoshangkandaode,仅jinjinshi50.2亿yimeiyuandejinglirunzengchang

gaikuolaishuo,在zaiUber这zhefen“精jingxinsheji”过guodecaibaozhong,更gengduodekuisunbeinaru2017年niandeyeji,致zhi使shidangnianjinglirunzaodaodigu;与yucitongshi,更gengduodeyinglibeinaru2018年niandeyeji,致zhi使shidangnianjinglirundedaogaogu。约yue50亿yimeiyuandejinglirunzengchangli,含hanyoudeshuifenkebuxiao

zixunshiHoran认renwei,Uber显xianranzaitongguozhezhongfangshiyoudaotouzizheduiqiyinglinenglichanshengwujie,将jiangzhexieyuUber自zishendeshichangbiaoxianwanquanwuguandeyingshounaruduiqichangqiyinglinenglidegujizhizhong。就jiulianjinglirundezengchangduwufalingrenxinfu,更gengbietiyunyingshouruheshinengniukuiweiyingliao

chucizhiwai,Uber的decaibaohuanyinmanliaogengduodong西xi

huanyounaxiewenti

1. 海haiwaishichangshouruyukeyunliangbupipei

Uber在zaizhaogushuzhongshengcheng,其qiyewuzaihendachengdushangyilaiyumeiguoyiwaideshichang,也yebaokuonaxieyunyingjingyanbingbufengfudeshichang,约yuezhanzongkeyunliangde74%。但danconggaigongsisuogongbudeshujulaikan,其qihexinpingtaizongshouruzhong,仅jin43.6%的deshourulaiziyuouzhou、拉lameizhou、亚yataidengbeimeiyiwaishichang。Horan指zhichu,这zhefanyingliaoUber海haiwaishichangmeicichuxingdepingjunshourudumingxianchuxianxiahua

2. 地diquyewugaodujizhong

zhaogushupiludexinxixianshi,Uber 24%的dekeyunyewumijifashengzai5个gejiaoweifuyudechengshi(洛luoshanji、纽niuyue、旧jiujinshan、伦lundunheshengbaoluo),但danzhaogushuzhongquemeiyougengduodexinxinenggoujieshigaixianxiang,也yemeiyougengduodezhengjunenggouzhengmingUber可keyizaiqitadiqushichangqudetongshuipingde,或huozhegenghaodetuozhan

3. 司sijiyeshigewenti

zuoweiyijiayipinchehecanyinpeisongweizhuyaoyewudegongsi,Uber的dezhaogushuzhongmeiyoutigongrenheyusijiyouguandecaiwushuju,既jimeiyoupilupingtaishangsijidexinchouyujilicuoshi,也yemeiyoufanyingchugaigongsiduisijidejiashixiguan、在zaigangshijiandengxinxijinxingguoguanliheguihua。换huanjuhuashuo,司sijimensuishidukeyijiaruUber,也yesuishidukeyilikai,但danUber的deyejihuishoudaozenyangdeyingxiang,投touzizhequewucongdezhi

zheyixianxiangyusijihedachepingtaizhijiandeguyongguanxixiangguan。此ciqianhuaerjiejianwentidao,Uber、Lyft等denggongsiguiding,司sijibingbuguileiweigongside“雇guyuan”,而ershizuowei“独dulichengbaoshang”,不buxiangshouguyuansuoyoudebaozhangyufuli,这zhedaozhisijiyupingtaizhijiandeguanxijuyouxiangdangqiangdebuquedingxing

4. 留liuzhukehudeshiyouhuizhengce,而erbushipinpaizhongcheng

jinguanUber在zaizhaogushuzhongfanfutidao“协xietongxiaoying”,但danbingmeiyouchongfendeliyouzhichizhezhongxiaoyingdeqiangjinchengdu。Horan指zhichu,Uber旗qixiadesongcanfuwuUber Eats增zengchangguranxunsu,但danzuiyoukenengdejieshibushiUber拥yongyouliaokehudepinpaizhongcheng,而ershigukededaoliaoyuzaoqitui广guangdachefuwushixiangtongchengdudejuebutie

huanjuhuashuo,Uber还huanshizaibuduan“烧shaoqian”,而erxiangyaodazaodexietongxiaoyingshifoucunzai,仍rengshiyigeweijiezhimi

Horan认renwei,一yibanlaishuo,上shangshusuoyoudewentijunnengcongcaiwujiaodugeiyujieshi,但danUber显xianranbingmeiyouzaizhaogushuzhongzheyangzuo。由youcilaikan,Uber似sihushitutongguozhefenwenjiangeitouzizhehuayizhangmeiweidedabing,以yirongdezuyizhichiqiyunyinghekuozhangdezijin,但danzaijingxinxiushiguodecaiwushujuheyixiekeyimohuchuliguodexinxibeihou,好haodegaibianquegenbenmeiyoufasheng

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