Uber CEO Dara Khosrowshahi and CFO Nelson Chai have told investors attending the company’s IPO road show presentations that they expect the company to one day earn a profit margin of 25%, before the impact of interest, taxes, depreciation and amortization after “competitive pressures” subside, according to two people attending presentations and a video shown to prospective investors. That’s a far cry from where things stand today: Uber had a negative margin of 31.4% in the first quarter.

And the executives revealed that Uber this year will lose more money, before interest, taxes, depreciation and amortization, than the $1.8 billion it lost in 2018. The increased loss will reflect its heavy spending on subsidies for drivers and coupons for riders in order to protect its market share. A year ago, Uber had projected it would shrink its Ebitda losses this year by two-thirds, to $500 million. Increased competition in ride hailing and food delivery have changed that.