My highlights from the accounting statements (disclaimer: I'm 2 years into my MBA): * They put up $1.2B as collateral for some kind of insurance (looks like ri

My highlights from the accounting statements (disclaimer: I'm 2 years into my MBA): * They put up $1.2B as collateral for some kind of insurance (looks like rider insurance, but it's unclear). From the footnotes: "In Q4 2019, James River Group withdrew all funds held in trust as collateral for current and future claim settlement obligations under the indemnification agreement. The $1.2 billion of operating cash outflow for 2019 represents this withdrawal of collateral from restricted cash. This change in the form of collateral had no impact on our claim settlement obligations or insurance reserves." Sounds like maybe their insurer dropped them? * Under "Reconciliations of Non-GAAP Measures" -- the driver incentives are unreal. To deliver $734M of gross revenue on Eats in Q4, they paid out $315M in driver incentives. From the "Segment Adjusted EBITDA" at the top, Eats had EBITDA of (461). As a SWAG, for $1 in sales, they pay out about $0.42 in driver incentives and another $1.20 in all other costs (ie. the restaurant's cut for the food itself, operations support, marketing, normal driver's fees, etc). * As a counter point to the above, to render $3B in rides revenue they paid $0.007B in driver incentives.