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Uber Document Reportedly Reveals $470 Million in Operating Losses

6/30/15 1:00 PM EDT
Car service company Uber reportedly is generating $470 million in operating losses on $415 million in revenue. That's what it's telling prospective investors, according to Bloomberg, which cited a company document. The document showed that the operating losses, which are being accrued as the company expands, are being used to sell $1 billion to $1.2 billion in convertible bonds. It also said the company is experiencing 300% year-over-year growth. Although it doesn't indicate the time period for those results, an Uber spokeswoman told the news outlet they were 'substantially old numbers' that don't reflect the company's current business activities. Hillhouse Capital Management is leading the convertible bond deal, according to Bloomberg, which cited a person with knowledge of the matter, and those bonds can be converted to shares at a discount should Uber go public. The bonds reportedly mature in 2022 and have a maximum annual return rate of 8%. The company is said to be currently raising money at a $50 billion valuation.
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