Trips and monthly active platform consumers
growth accelerated to 25% and 15% year-over-year, respectively
Gross Bookings grew 21% year-over-year and 20% year-over-year on a
constant currency basis Net income of $221 million; Income from
operations of $394 million; Adjusted EBITDA margin at all-time high
Operating cash flow of $966 million; Free cash flow of $905
million
Uber Technologies, Inc. (NYSE: UBER) today announced financial
results for the quarter ended September 30, 2023.
Financial Highlights for Third Quarter 2023
- Gross Bookings grew 21% year-over-year (“YoY”) to $35.3
billion, or 20% on a constant currency basis, with Mobility Gross
Bookings of $17.9 billion (+31% YoY or +30% YoY constant currency)
and Delivery Gross Bookings of $16.1 billion (+18% YoY or +16% YoY
constant currency). Trips during the quarter grew 25% YoY to 2.4
billion, or approximately 27 million trips per day on average.
- Revenue grew 11% YoY to $9.3 billion, or 10% on a constant
currency basis. Combined Mobility and Delivery revenue grew 21% YoY
to $8.0 billion, or 20% on a constant currency basis.
- Income from operations was $394 million, up $889 million YoY
and $68 million quarter-over-quarter (“QoQ”).
- Net income attributable to Uber Technologies, Inc. was $221
million, which includes a $96 million headwind (pre-tax) primarily
due to net unrealized losses related to the revaluation of Uber’s
equity investments.
- Adjusted EBITDA of $1.1 billion, up $576 million YoY. Adjusted
EBITDA margin as a percentage of Gross Bookings was 3.1%, up from
1.8% in Q3 2022. Incremental margin as a percentage of Gross
Bookings was 9.3% YoY.
- Net cash provided by operating activities was $966 million and
free cash flow, defined as net cash flows from operating activities
less capital expenditures, was $905 million, which includes a $622
million cash outflow related to the payment of an HMRC VAT
assessment.
- Unrestricted cash, cash equivalents, and short-term investments
were $5.2 billion at the end of the third quarter.
“Our relentless focus on improving the product experience for
both consumers and drivers continued to power profitable growth,
with trip growth accelerating to 25%,” said Dara Khosrowshahi, CEO.
“Uber’s core business is stronger than ever as we enter the busiest
period of the year.”
“Strong topline trends and record profitability demonstrate the
durability of our growth and the significant earnings power
underlying our platform,” said Nelson Chai, CFO. “We continue to
make disciplined investments in growth opportunities to support
long-term value creation for all stakeholders.”
Outlook for Q4 2023
For Q4 2023, we anticipate:
- Gross Bookings of $36.5 billion to $37.5 billion
- Adjusted EBITDA of $1.18 billion to $1.24 billion
Financial and Operational Highlights
for Third Quarter 2023
Three Months Ended September
30,
(In millions, except percentages)
2022
2023
% Change
% Change
(Constant Currency
(1))
Monthly Active Platform Consumers
(“MAPCs”)
124
142
15
%
Trips
1,953
2,441
25
%
Gross Bookings
$
29,119
$
35,281
21
%
20
%
Revenue
$
8,343
$
9,292
11
%
10
%
Income (loss) from operations
$
(495
)
$
394
**
Net income (loss) attributable to Uber
Technologies, Inc. (2)
$
(1,206
)
$
221
**
Adjusted EBITDA (1)
$
516
$
1,092
112
%
Net cash provided by operating activities
(3)
$
432
$
966
124
%
Free cash flow (1), (3)
$
358
$
905
153
%
(1)
See “Definitions of Non-GAAP Measures” and
“Reconciliations of Non-GAAP Measures” sections herein for an
explanation and reconciliations of non-GAAP measures used
throughout this release.
(2)
Q3 2022 net loss includes a $512 million
net headwind (pre-tax) from revaluations of Uber’s equity
investments. Q3 2023 net income includes a $96 million net headwind
(pre-tax) from revaluations of Uber’s equity investments.
(3)
Net cash provided by operating activities
and free cash flow for Q3 2023 includes an approximately $622
million cash outflow related to the payment of an HMRC VAT
assessment.
**
Percentage not meaningful.
Results by Offering and Segment
Gross Bookings
Three Months Ended September
30,
(In millions, except percentages)
2022
2023
% Change
% Change
(Constant Currency)
Gross Bookings:
Mobility
$
13,684
$
17,903
31
%
30
%
Delivery
13,684
16,094
18
%
16
%
Freight
1,751
1,284
(27
)%
(27
)%
Total
$
29,119
$
35,281
21
%
20
%
Revenue
Three Months Ended September
30,
(In millions, except percentages)
2022
2023
% Change
% Change
(Constant Currency)
Revenue:
Mobility (1), (3)
$
3,822
$
5,071
33
%
31
%
Delivery (2), (3)
2,770
2,935
6
%
5
%
Freight
1,751
1,286
(27
)%
(27
)%
Total
$
8,343
$
9,292
11
%
10
%
(1)
Mobility Revenue in Q3 2023 was negatively
impacted by business model changes in some countries that
classified certain sales and marketing costs as contra revenue by
$161 million. These changes negatively impacted Mobility revenue
YoY growth by 4 percentage points.
(2)
Delivery Revenue in Q3 2023 was negatively
impacted by business model changes that classified certain sales
and marketing costs as contra revenue by $360 million. These
changes negatively impacted Delivery revenue YoY growth by 13
percentage points.
(3)
Combined Mobility and Delivery Revenue in
Q3 2023 was negatively impacted by business model changes in some
countries that classified certain sales and marketing costs as
contra revenue by $521 million. These changes negatively impacted
combined Mobility and Delivery revenue YoY growth by 8 percentage
points.
Revenue Margin
Three Months Ended September
30,
2022
2023
Mobility (1)
27.9
%
28.3
%
Delivery (2)
20.2
%
18.2
%
(1)
Mobility Revenue Margin in Q3 2023 was
negatively impacted by business model changes in some countries
that classified certain sales and marketing costs as contra revenue
by 90 bps.
(2)
Delivery Revenue Margin in Q3 2023 was
negatively impacted by business model changes that classified
certain sales and marketing costs as contra revenue by 220 bps.
Adjusted EBITDA and Segment Adjusted
EBITDA
Three Months Ended September
30,
(In millions, except percentages)
2022
2023
% Change
Segment Adjusted EBITDA:
Mobility
$
898
$
1,287
43
%
Delivery
181
413
128
%
Freight
1
(13
)
**
Corporate G&A and Platform R&D
(1)
(564
)
(595
)
(5
)%
Adjusted EBITDA (2)
$
516
$
1,092
112
%
(1)
Includes costs that are not directly
attributable to our reportable segments. Corporate G&A also
includes certain shared costs such as finance, accounting, tax,
human resources, information technology and legal costs. Platform
R&D also includes mapping and payment technologies and support
and development of the internal technology infrastructure. Our
allocation methodology is periodically evaluated and may
change.
(2)
“Adjusted EBITDA” is a non-GAAP measure as
defined by the SEC. See “Definitions of Non-GAAP Measures” and
“Reconciliations of Non-GAAP Measures” sections herein for an
explanation and reconciliations of non-GAAP measures used
throughout this release.
**
Percentage not meaningful.
Financial Highlights for the Third Quarter 2023
(continued)
Mobility
- Gross Bookings of $17.9 billion: Mobility Gross Bookings
grew 31% YoY and 7% QoQ.
- Revenue of $5.1 billion: Mobility Revenue grew 33% YoY
and 4% QoQ. The YoY increase was primarily attributable to an
increase in Mobility Gross Bookings due to an increase in Trip
volumes. Mobility Revenue Margin of 28.3% increased 40 bps YoY and
decreased 100 bps QoQ. Business model changes negatively impacted
Mobility Revenue Margin by 90 bps in Q3 2023.
- Adjusted EBITDA of $1.3 billion: Mobility Adjusted
EBITDA increased $389 million YoY and $117 million QoQ. Mobility
Adjusted EBITDA margin was 7.2% of Gross Bookings compared to 6.6%
in Q3 2022 and 7.0% in Q2 2023. Mobility Adjusted EBITDA margin
improvement YoY was primarily driven by better cost leverage from
higher volume.
Delivery
- Gross Bookings of $16.1 billion: Delivery Gross Bookings
grew 18% YoY and 3% QoQ.
- Revenue of $2.9 billion: Delivery Revenue grew 6% YoY
and declined 4% QoQ. Delivery Revenue Margin of 18.2% decreased 200
bps YoY and decreased 140 bps QoQ. Business model changes
negatively impacted Delivery Revenue Margin by 220 bps in Q3
2023.
- Adjusted EBITDA of $413 million: Delivery Adjusted
EBITDA grew $232 million YoY and $84 million QoQ. Delivery Adjusted
EBITDA margin was 2.6% of Gross Bookings, compared to 1.3% in Q3
2022 and 2.1% in Q2 2023. Delivery Adjusted EBITDA margin
improvement YoY was primarily driven by better cost leverage from
higher volumes and increased Advertising revenue.
Freight
- Revenue of $1.3 billion: Freight Revenue declined 27%
YoY and grew 1% QoQ. The YoY decrease was driven by lower revenue
per load and volume, both a consequence of the challenging freight
market cycle.
- Adjusted EBITDA loss of $13 million: Freight Adjusted
EBITDA declined $14 million YoY and increased $1 million QoQ.
Freight Adjusted EBITDA margin as a percentage of Gross Bookings
declined 110 bps YoY and increased 10 bps QoQ to (1.0)%.
Corporate
- Corporate G&A and Platform R&D: Corporate
G&A and Platform R&D expenses of $595 million, compared to
$564 million in Q3 2022, and $569 million in Q2 2023. Corporate
G&A and Platform R&D as a percentage of Gross Bookings
decreased 30 bps YoY and remained flat QoQ due to cost control and
improved fixed cost leverage.
GAAP and Non-GAAP Costs and Operating Expenses
- Cost of revenue excluding D&A: GAAP cost of revenue
was $5.6 billion. Non-GAAP cost of revenue was also $5.6 billion,
representing 16.0% of Gross Bookings, compared to 17.7% and 16.4%
in Q3 2022 and Q2 2023, respectively. On a YoY basis, non-GAAP cost
of revenue as a percentage of Gross Bookings decreased due to
improved cost leverage with Gross Bookings growth outpacing cost of
revenue growth.
- GAAP and Non-GAAP operating expenses (Non-GAAP operating
expenses exclude certain amounts as further detailed in the
“Reconciliations of Non-GAAP Measures” section):
- Operations and support: GAAP operations and support was
$683 million. Non-GAAP operations and support was $630 million,
representing 1.8% of Gross Bookings, compared to 2.0% and 1.8% in
Q3 2022 and Q2 2023, respectively. On a YoY basis, non-GAAP
operations and support as a percentage of Gross Bookings decreased
due to improved fixed cost leverage.
- Sales and marketing: GAAP sales and marketing was $941
million. Non-GAAP sales and marketing was $916 million,
representing 2.6% of Gross Bookings, compared to 3.9% and 3.5% in
Q3 2022 and Q2 2023, respectively. On a YoY basis, non-GAAP sales
and marketing as a percentage of Gross Bookings decreased due to
business model changes in some countries that classified certain
sales and marketing costs as contra revenue. Additionally, Gross
Bookings mix shifted towards Mobility, which carry lower associated
sales and marketing costs.
- Research and development: GAAP research and development
was $797 million. Non-GAAP research and development was $487
million, representing 1.4% of Gross Bookings, compared to 1.6% and
1.5% in Q3 2022 and Q2 2023, respectively. On a YoY basis, non-GAAP
research and development as a percentage of Gross Bookings
decreased due to improved fixed cost leverage.
- General and administrative: GAAP general and
administrative was $646 million. Non-GAAP general and
administrative was $528 million, representing 1.5% of Gross
Bookings, compared to 1.7% and 1.5% in Q3 2022 and Q2 2023,
respectively. On a YoY basis, non-GAAP general and administrative
as a percentage of Gross Bookings decreased due to improved fixed
cost leverage.
Operating Highlights for the Third Quarter 2023
Platform
- Monthly Active Platform Consumers (“MAPCs”) reached 142
million: MAPCs grew 15% YoY to 142 million, driven by continued
improvement in consumer activity for both our Mobility and Delivery
offerings.
- Trips of 2.4 billion: Trips on our platform grew 25% YoY
and 7% QoQ, driven by both Mobility and Delivery growth. Both
Mobility and Delivery trips were up QoQ. Monthly trips per MAPC
grew 9% YoY to 5.7.
- Supporting earners: Drivers and couriers earned an
aggregate $15.9 billion (including tips) during the quarter, with
earnings up 24% YoY, or 23% on a constant currency basis.
- Membership: Launched Uber One, our single cross-platform
membership program, in Colombia, Peru and Portugal. Uber One is now
available across 18 countries. Our global member base reached 15
million members.
- Advertising: Expanded Post Checkout ads on Uber Eats
internationally to Canada, Australia, the UK, France, Taiwan,
Mexico, and Japan. In addition, expanded in-car tablet advertising
to new US markets including Las Vegas, Miami, Philadelphia and
Washington D.C., with additional markets rolling out throughout the
year. Also, partnered with DoubleVerify and Integral Ad Science,
bringing further transparency to our brand clients by validating
the performance and effectiveness of Journey Ads. Active
advertising merchants during the quarter exceeded 445K, up more
than 70% YoY.
- Waymo partnership: In October, launched our autonomous
mobility partnership in Phoenix with Waymo. Uber riders can now
request a ride and have the chance to be matched with a Waymo
vehicle, marking the first time that fully autonomous rides are
available on the Uber platform.
- Family profiles with teen accounts: After a successful
launch earlier this year, expanded teen accounts to additional
cities across the US in time for back-to-school. Family profiles
with teen accounts are now available in over 250 cities throughout
the US and Canada.
- PayPal partnership: Extended our multi-year global
partnership with PayPal, furthering PayPal’s role as a key
operational partner. Under the agreement, we will continue to
leverage global card processing powered by PayPal Braintree across
our platform, expand our use of domestic debit network routing in
several markets, enable earners to access their funds instantly
through PayPal and Venmo, and more.
Mobility
- Shared Rides: Launched Group Rides, a new feature to
make it easier to organize rides with friends, in over 100 cities
globally including Atlanta, Bangalore, Cape Town, Melbourne and
Paris.
- Taxis: Launched our coalesced taxi product in New York
City, enabling riders who request an UberX to have their trip
fulfilled by a yellow taxi. In addition, announced a multi-year
partnership with Los Angeles Yellow Cab and its five partner
fleets.
- LatAm Moto expansion: Launched Uber Moto, our bike taxi
product, in several cities across Brazil, Argentina, and
Paraguay.
- Earner and rider safety: Expanded the opt-in audio
recording feature to all remaining cities across the US, giving
more riders and drivers the option to initiate an audio recording
during a trip through the Safety Toolkit in their Uber app.
- Uber for Business (“U4B”) JetBlue partnership: Announced
a partnership with JetBlue in which the airline will offer
complimentary Uber vouchers to JetBlue customers who experience
qualified travel disruptions. The program is available across the
US in every city where JetBlue operates and will expand
internationally in the coming months.
Delivery
- AI assistant: Launched a new AI-powered conversational
shopping experience to help consumers discover new favorites and
order with ease. Beginning this year, consumers can chat with the
AI assistant to explore new dishes and cuisines, find deals on
popular restaurants, and easily reorder favorite meals to help save
money and time. AI assistant will also make it easy for consumers
to meal plan, find sales on grocery items, and quickly order
ingredients for their favorite recipes while sticking to a
budget.
- Affordability and access initiatives: Announced a suite
of new tools to help consumers save time and money on Uber Eats.
Starting in 2024, SNAP recipients will be able to use their
benefits to conveniently access fresh groceries, and we will begin
accepting Managed Medicaid and Medicare Advantage plan benefits
including FSA Cards, Flex Cards, and relevant waiver payments. In
addition, launched Uber Eats Sales Aisle, combining promos and
deals into one easy to find space.
- US New Verticals merchant selection: Expanded our
grocery selection across the US, as we announced availability of
all 161 of The Fresh Market locations; more than 260 Hy-Vee grocery
and liquor stores across the Midwest; and more than 190 stores in
the Save Mart Companies on Uber Eats. In addition, teamed up with
Staples to offer business, office and school essentials from their
full chain of US retail stores to customers across the
country.
- Uber Direct momentum: Entered into an exclusive
partnership with Oracle, integrating Uber Direct’s delivery as a
service capabilities into Oracle's retail offering—making on-demand
delivery and returns easier than ever for retailers with Uber. In
addition, announced a global partnership with Deliverect to help
restaurants better manage and grow their delivery operations. Also,
partnered with White Castle in the US, online supermarket Ocado in
the UK, and fashion retailer Incu in Australia.
- In-venue mobile ordering: Expanded in-venue mobile
ordering through Uber Eats to Oracle Park in San Francisco and SoFi
Stadium in Los Angeles. Both stadium partnerships include
exclusivity across rideshare and delivery. This feature is now
available in nearly 20 venues nationwide.
Freight
- Insights AI: Launched Insights AI, a powerful generative
AI-powered insights tool that leverages large language models
(“LLMs”) to generate and surface insights from Uber Freight’s vast
store of transportation data for customers to transform decision
making in logistics.
- Significant progress on our product roadmap: Rolled out
upgrades to the Uber Freight Transportation Management System (TMS)
to improve the usability of the expansive software and provide
shippers with enhanced visibility, foresight and control. In
addition, launched Uber Freight Exchange, a new SaaS application
designed to accelerate freight procurement cycles and power rapid
shipment execution.
- Continued AV momentum: Announced a strategic partnership
with Waabi, a global leader in generative AI and simulation for
autonomous technology, to deliver a turnkey driver as a service
solution that will be the first of its kind. Over the next ten
years, Uber Freight and Waabi intend to deploy billions of miles of
Waabi Driver capacity, with the first commercial route already
launched in Texas. In addition, surpassed 100 thousand autonomous
miles driven on the Uber Freight network.
Recent Developments
- New York State Attorney General (“AG”) agreement:
Reached an agreement with the New York State AG that delivers
important new protections and benefits while protecting drivers’
ability to work flexibly as independent contractors. With this
agreement, the AG’s office makes it clear that the issue of
employment classification is considered settled in New York.
- New York State Department of Labor (“DOL”) settlement:
Reached a settlement with the New York State DOL to help ensure
that eligible earners can obtain unemployment benefits.
Webcast and conference call information
A live audio webcast of our third quarter ended September 30,
2023 earnings release call will be available at
https://investor.uber.com/, along with the earnings press release
and slide presentation. The call begins on November 7, 2023 at 5:00
AM (PT) / 8:00 AM (ET). This press release, including the
reconciliations of certain non-GAAP measures to their nearest
comparable GAAP measures, is also available on that site.
We also provide announcements regarding our financial
performance and other matters, including SEC filings, investor
events, press and earnings releases, on our investor relations
website (https://investor.uber.com/), and our blogs
(https://uber.com/blog) and Twitter accounts (@uber and @dkhos), as
a means of disclosing material information and complying with our
disclosure obligations under Regulation FD.
About Uber
Uber’s mission is to create opportunity through movement. We
started in 2010 to solve a simple problem: how do you get access to
a ride at the touch of a button? More than 44 billion trips later,
we're building products to get people closer to where they want to
be. By changing how people, food, and things move through cities,
Uber is a platform that opens up the world to new
possibilities.
Forward-Looking Statements
This press release contains forward-looking statements regarding
our future business expectations which involve risks and
uncertainties. Actual results may differ materially from the
results predicted, and reported results should not be considered as
an indication of future performance. Forward-looking statements
include all statements that are not historical facts and can be
identified by terms such as “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,”
“might,” “objective,” “ongoing,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” or “would” or similar
expressions and the negatives of those terms. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These risks, uncertainties and other
factors relate to, among others: competition, managing our growth
and corporate culture, financial performance, investments in new
products or offerings, our ability to attract drivers, consumers
and other partners to our platform, our brand and reputation and
other legal and regulatory developments, particularly with respect
to our relationships with drivers and couriers and the impact of
the global economy, including rising inflation and interest rates.
For additional information on other potential risks and
uncertainties that could cause actual results to differ from the
results predicted, please see our Annual Report on Form 10-K for
the year ended December 31, 2022 and subsequent quarterly reports
and other filings filed with the Securities and Exchange Commission
from time to time. All information provided in this release and in
the attachments is as of the date of this press release and any
forward-looking statements contained herein are based on
assumptions that we believe to be reasonable as of this date. Undue
reliance should not be placed on the forward-looking statements in
this press release, which are based on information available to us
on the date hereof. We undertake no duty to update this information
unless required by law.
Non-GAAP Financial Measures
To supplement our financial information, which is prepared and
presented in accordance with generally accepted accounting
principles in the United States of America (“GAAP”), we use the
following non-GAAP financial measures: Adjusted EBITDA; Free cash
flow; Non-GAAP Costs and Operating Expenses as well as, revenue
growth rates in constant currency. The presentation of this
financial information is not intended to be considered in isolation
or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP. We use these
non-GAAP financial measures for financial and operational
decision-making and as a means to evaluate period-to-period
comparisons. We believe that these non-GAAP financial measures
provide meaningful supplemental information regarding our
performance by excluding certain items that may not be indicative
of our recurring core business operating results.
We believe that both management and investors benefit from
referring to these non-GAAP financial measures in assessing our
performance and when planning, forecasting, and analyzing future
periods. These non-GAAP financial measures also facilitate
management’s internal comparisons to our historical performance. We
believe these non-GAAP financial measures are useful to investors
both because (1) they allow for greater transparency with respect
to key metrics used by management in its financial and operational
decision-making and (2) they are used by our institutional
investors and the analyst community to help them analyze the health
of our business.
There are a number of limitations related to the use of non-GAAP
financial measures. In light of these limitations, we provide
specific information regarding the GAAP amounts excluded from these
non-GAAP financial measures and evaluating these non-GAAP financial
measures together with their relevant financial measures in
accordance with GAAP.
For more information on these non-GAAP financial measures,
please see the sections titled “Key Terms for Our Key Metrics and
Non-GAAP Financial Measures,” “Definitions of Non-GAAP Measures”
and “Reconciliations of Non-GAAP Measures” included at the end of
this release. In regards to forward looking non-GAAP guidance, we
are not able to reconcile the forward-looking non-GAAP Adjusted
EBITDA measure to the closest corresponding GAAP measure without
unreasonable efforts because we are unable to predict the ultimate
outcome of certain significant items. These items include, but are
not limited to, significant legal settlements, unrealized gains and
losses on equity investments, tax and regulatory reserve changes,
restructuring costs and acquisition and financing related
impacts.
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions)
(Unaudited)
As of December 31,
2022
As of September 30,
2023
Assets
Cash and cash equivalents
$
4,208
$
4,448
Short-term investments
103
725
Restricted cash and cash equivalents
680
833
Accounts receivable, net
2,779
3,000
Prepaid expenses and other current
assets
1,479
1,673
Total current assets
9,249
10,679
Restricted cash and cash equivalents
1,789
1,584
Restricted investments
1,614
3,944
Investments
4,401
5,091
Equity method investments
870
50
Property and equipment, net
2,082
2,100
Operating lease right-of-use assets
1,449
1,259
Intangible assets, net
1,874
1,511
Goodwill
8,263
8,140
Other assets
518
1,591
Total assets
$
32,109
$
35,949
Liabilities, redeemable non-controlling
interests and equity
Accounts payable
$
728
$
799
Short-term insurance reserves
1,692
1,823
Operating lease liabilities, current
201
174
Accrued and other current liabilities
6,232
6,609
Total current liabilities
8,853
9,405
Long-term insurance reserves
3,028
4,337
Long-term debt, net of current portion
9,265
9,252
Operating lease liabilities,
non-current
1,673
1,565
Other long-term liabilities
786
871
Total liabilities
23,605
25,430
Redeemable non-controlling interests
430
394
Equity
Common stock
—
—
Additional paid-in capital
40,550
42,147
Accumulated other comprehensive loss
(443
)
(480
)
Accumulated deficit
(32,767
)
(32,309
)
Total Uber Technologies, Inc.
stockholders' equity
7,340
9,358
Non-redeemable non-controlling
interests
734
767
Total equity
8,074
10,125
Total liabilities, redeemable
non-controlling interests and equity
$
32,109
$
35,949
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except share
amounts which are reflected in thousands, and per share
amounts)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2023
2022
2023
Revenue
$
8,343
$
9,292
$
23,270
$
27,345
Costs and expenses
Cost of revenue, exclusive of depreciation
and amortization shown separately below
5,173
5,626
14,352
16,400
Operations and support
617
683
1,808
1,987
Sales and marketing
1,153
941
3,634
3,421
Research and development
760
797
2,051
2,380
General and administrative
908
646
2,391
2,079
Depreciation and amortization
227
205
724
620
Total costs and expenses
8,838
8,898
24,960
26,887
Income (loss) from operations
(495
)
394
(1,690
)
458
Interest expense
(146
)
(166
)
(414
)
(478
)
Other income (expense), net
(535
)
(52
)
(7,796
)
513
Income (loss) before income taxes and
income from equity method investments
(1,176
)
176
(9,900
)
493
Provision for (benefit from) income
taxes
58
(40
)
(97
)
80
Income from equity method investments
30
3
65
43
Net income (loss) including
non-controlling interests
(1,204
)
219
(9,738
)
456
Less: net income (loss) attributable to
non-controlling interests, net of tax
2
(2
)
(2
)
(2
)
Net income (loss) attributable to Uber
Technologies, Inc.
$
(1,206
)
$
221
$
(9,736
)
$
458
Net income (loss) per share
attributable to Uber Technologies, Inc. common
stockholders:
Basic
$
(0.61
)
$
0.11
$
(4.96
)
$
0.23
Diluted
$
(0.61
)
$
0.10
$
(4.97
)
$
0.20
Weighted-average shares used to compute
net income (loss) per share attributable to common
stockholders:
Basic
1,979,299
2,044,688
1,964,483
2,027,148
Diluted
1,979,299
2,108,479
1,968,228
2,080,686
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2023
2022
2023
Cash flows from operating
activities
Net income (loss) including
non-controlling interests
$
(1,204
)
$
219
$
(9,738
)
$
456
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
227
205
724
620
Bad debt expense
25
19
76
63
Stock-based compensation
482
492
1,311
1,466
Gain on business divestitures
(14
)
—
(14
)
—
Deferred income taxes
16
16
(251
)
32
Income from equity method investments,
net
(30
)
(3
)
(65
)
(43
)
Unrealized (gain) loss on debt and equity
securities, net
550
96
7,797
(610
)
Loss from sale of investment
—
—
—
74
Impairments of goodwill, long-lived assets
and other assets
—
—
15
77
Impairment of equity method investment
—
—
182
—
Revaluation of MLU B.V. call option
(10
)
—
(180
)
—
Unrealized foreign currency
transactions
15
71
25
156
Other
7
(36
)
5
(25
)
Change in assets and liabilities, net of
impact of business acquisitions and disposals:
Accounts receivable
(90
)
(518
)
(219
)
(363
)
Prepaid expenses and other assets
(115
)
(948
)
(57
)
(1,181
)
Operating lease right-of-use assets
47
47
142
141
Accounts payable
(35
)
112
(80
)
86
Accrued insurance reserves
159
501
485
1,439
Accrued expenses and other liabilities
483
740
897
511
Operating lease liabilities
(81
)
(47
)
(169
)
(137
)
Net cash provided by operating
activities
432
966
886
2,762
Cash flows from investing
activities
Purchases of property and equipment
(74
)
(61
)
(193
)
(168
)
Purchases of non-marketable equity
securities
—
(22
)
(14
)
(42
)
Purchases of marketable securities
—
(3,723
)
—
(5,930
)
Proceeds from maturities and sales of
marketable securities
376
1,366
376
2,993
Proceeds from sale of equity method
investment
—
18
—
721
Proceeds from business divestiture
26
—
26
—
Acquisition of businesses, net of cash
acquired
—
—
(59
)
—
Other investing activities
(7
)
6
(4
)
19
Net cash provided by (used in) investing
activities
321
(2,416
)
132
(2,407
)
Cash flows from financing
activities
Issuance of term loans and notes, net of
issuance costs
—
—
—
1,121
Principal repayment on term loan and
notes
—
(6
)
—
(1,150
)
Principal repayments on Careem Notes
—
(25
)
—
(25
)
Principal payments on finance leases
(39
)
(36
)
(147
)
(118
)
Proceeds from the issuance of common stock
under the Employee Stock Purchase Plan
—
—
59
85
Proceeds from issuance and sale of
subsidiary stock units
255
—
255
—
Other financing activities
(4
)
(9
)
(63
)
(54
)
Net cash provided by (used in) financing
activities
212
(76
)
104
(141
)
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
(195
)
(69
)
(293
)
(26
)
Net increase (decrease) in cash and cash
equivalents, and restricted cash and cash equivalents
770
(1,595
)
829
188
Cash and cash equivalents, and
restricted cash and cash equivalents
Beginning of period
7,864
8,460
7,805
6,677
End of period
$
8,634
$
6,865
$
8,634
$
6,865
Other Income (Expense),
Net
The following table presents
other income (expense), net (in millions):
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2023
2022
2023
(Unaudited)
Interest income
$
38
$
130
$
66
$
324
Foreign currency exchange gains (losses),
net
(48
)
(92
)
(76
)
(185
)
Gain on business divestitures
14
—
14
—
Unrealized gain (loss) on debt and equity
securities, net (1)
(550
)
(96
)
(7,797
)
610
Impairment of equity method investment
(2)
—
—
(182
)
—
Revaluation of MLU B.V. call option
(3)
10
—
180
—
Loss from sale of investment (4)
—
—
—
(74
)
Other, net
1
6
(1
)
(162
)
Other income (expense), net
$
(535
)
$
(52
)
$
(7,796
)
$
513
(1)
During the three months ended September
30, 2022, unrealized loss on debt and equity securities, net
primarily represents changes in the fair value of our equity
securities: primarily due to a $641 million unrealized loss on our
Didi investment, partially offset by a $90 million unrealized gain
on our Aurora investment recognized during the third quarter of
2022.
During the nine months ended September 30,
2022, unrealized loss on debt and equity securities, net primarily
represents changes in the fair value of our equity securities:
including a $2.7 billion unrealized loss on our Aurora investment,
a $2.4 billion unrealized loss on our Grab investment, a $1.8
billion unrealized loss on our Didi investment, a $747 million
change of fair value on our Zomato investment, as well as a $106
million net loss on our other investments in securities accounted
for under the fair value option.
During the three months ended September
30, 2023, unrealized loss on debt and equity securities, net
primarily represents changes in the fair value of our equity
securities: primarily due to a $194 million unrealized loss on our
Aurora investment, a $97 million unrealized loss on our Joby
investment, partially offset by a $132 million unrealized gain on
our Didi investment and a $59 million unrealized gain on our Grab
investment.
During the nine months ended September 30,
2023, unrealized gain on debt and equity securities, net primarily
represents changes in the fair value of our equity securities,
including a $327 million unrealized gain on our Aurora investment,
a $171 million unrealized gain on our Grab investment, a $79
million unrealized gain on our Joby investment, and a $29 million
unrealized gain on our Didi investment.
(2)
During the nine months ended September 30, 2022, impairment of
equity method investment represents a $182 million impairment loss
recorded on our MLU B.V. equity method investment.
(3)
During the nine months ended September 30,
2022, revaluation of MLU B.V. call option represents a $180 million
net gain for the change in fair value of the call option granted to
Yandex (“MLU B.V. Call Option”).
(4)
During the three and nine months ended
September 30, 2023, loss from sale of investment represents an
immaterial loss recognized on the sale of our remaining 29% equity
interest in MLU B.V. to Yandex, for $703 million in cash. After
this transaction, we no longer have an equity interest in MLU
B.V.
Stock-Based Compensation Expense
The following table summarizes total stock-based compensation
expense by function (in millions):
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2023
2022
2023
(Unaudited)
Operations and support
$
41
$
49
$
114
$
132
Sales and marketing
26
24
76
74
Research and development
292
310
765
917
General and administrative
123
109
356
343
Total
$
482
$
492
$
1,311
$
1,466
Key Terms for Our Key Metrics and Non-GAAP Financial
Measures
Adjusted EBITDA. Adjusted EBITDA is a Non-GAAP measure.
We define Adjusted EBITDA as net income (loss), excluding (i)
income (loss) from discontinued operations, net of income taxes,
(ii) net income (loss) attributable to non-controlling interests,
net of tax, (iii) provision for (benefit from) income taxes, (iv)
income (loss) from equity method investments, (v) interest expense,
(vi) other income (expense), net, (vii) depreciation and
amortization, (viii) stock-based compensation expense, (ix) certain
legal, tax, and regulatory reserve changes and settlements, (x)
goodwill and asset impairments/loss on sale of assets, (xi)
acquisition, financing and divestitures related expenses, (xii)
restructuring and related charges and (xiii) other items not
indicative of our ongoing operating performance.
Adjusted EBITDA margin. We define Adjusted EBITDA margin
as Adjusted EBITDA as a percentage of Gross Bookings. We define
incremental margin as the change in Adjusted EBITDA between periods
divided by the change in Gross Bookings between periods.
Aggregate Driver and Courier Earnings. Aggregate Driver
and Courier Earnings refers to fares (net of Uber service fee,
taxes and tolls), tips, Driver incentives and Driver benefits.
Driver(s). The term Driver collectively refers to
independent providers of ride or delivery services who use our
platform to provide Mobility or Delivery services, or both.
Driver or restaurant earnings. Driver or restaurant
earnings refer to the net portion of the fare or the net portion of
the order value that a Driver or a restaurant retains,
respectively. These are generally included in aggregate Drivers and
Couriers earnings.
Driver incentives. Driver incentives refer to payments
that we make to Drivers, which are separate from and in addition to
the Driver’s portion of the fare paid by the consumer after we
retain our service fee to Drivers. For example, Driver incentives
could include payments we make to Drivers should they choose to
take advantage of an incentive offer and complete a consecutive
number of trips or a cumulative number of trips on the platform
over a defined period of time. Driver incentives are recorded as a
reduction of revenue or cost of revenue, exclusive of depreciation
and amortization. These incentives are generally included in
aggregate Drivers and Couriers earnings.
Free cash flow. Free cash flow is a Non-GAAP measure. We
define free cash flow as net cash flows from operating activities
less capital expenditures.
Gross Bookings. We define Gross Bookings as the total
dollar value, including any applicable taxes, tolls, and fees, of:
Mobility rides; Delivery orders (in each case without any
adjustment for consumer discounts and refunds); Driver and Merchant
earnings; Driver incentives and Freight Revenue. Gross Bookings do
not include tips earned by Drivers. Gross Bookings are an
indication of the scale of our current platform, which ultimately
impacts revenue.
Monthly Active Platform Consumers (“MAPCs”). We define
MAPCs as the number of unique consumers who completed a Mobility
ride or received a Delivery order on our platform at least once in
a given month, averaged over each month in the quarter. While a
unique consumer can use multiple product offerings on our platform
in a given month, that unique consumer is counted as only one
MAPC.
Revenue Margin (formerly Take Rate). We define Revenue
Margin as revenue as a percentage of Gross Bookings.
Segment Adjusted EBITDA. We define each segment’s
Adjusted EBITDA as segment revenue less the following direct costs
and expenses of that segment: (i) cost of revenue, exclusive of
depreciation and amortization; (ii) operations and support; (iii)
sales and marketing; (iv) research and development; and (v) general
and administrative. Segment Adjusted EBITDA also reflects any
applicable exclusions from Adjusted EBITDA.
Segment Adjusted EBITDA margin. We define each segment’s
Adjusted EBITDA margin as the segment Adjusted EBITDA as a
percentage of segment Gross Bookings.
Trips. We define Trips as the number of completed
consumer Mobility rides and Delivery orders in a given period. For
example, an UberX Share ride with three paying consumers represents
three unique Trips, whereas an UberX ride with three passengers
represents one Trip. We believe that Trips are a useful metric to
measure the scale and usage of our platform.
Definitions of Non-GAAP Measures
We collect and analyze operating and financial data to evaluate
the health of our business and assess our performance. In addition
to revenue, net income (loss), income (loss) from operations, and
other results under GAAP, we use: Adjusted EBITDA; Free cash flow;
Non-GAAP Costs and Operating Expenses; as well as, revenue growth
rates in constant currency, which are described below, to evaluate
our business. We have included these non-GAAP financial measures
because they are key measures used by our management to evaluate
our operating performance. Accordingly, we believe that these
non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating our operating results in
the same manner as our management team and board of directors. Our
calculation of these non-GAAP financial measures may differ from
similarly-titled non-GAAP measures, if any, reported by our peer
companies. These non-GAAP financial measures should not be
considered in isolation from, or as substitutes for, financial
information prepared in accordance with GAAP.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss), excluding (i)
income (loss) from discontinued operations, net of income taxes,
(ii) net income (loss) attributable to non-controlling interests,
net of tax, (iii) provision for (benefit from) income taxes, (iv)
income (loss) from equity method investments, (v) interest expense,
(vi) other income (expense), net, (vii) depreciation and
amortization, (viii) stock-based compensation expense, (ix) certain
legal, tax, and regulatory reserve changes and settlements, (x)
goodwill and asset impairments/loss on sale of assets, (xi)
acquisition, financing and divestitures related expenses, (xii)
restructuring and related charges and (xiii) other items not
indicative of our ongoing operating performance.
We have included Adjusted EBITDA because it is a key measure
used by our management team to evaluate our operating performance,
generate future operating plans, and make strategic decisions,
including those relating to operating expenses. Accordingly, we
believe that Adjusted EBITDA provides useful information to
investors and others in understanding and evaluating our operating
results in the same manner as our management team and board of
directors. In addition, it provides a useful measure for
period-to-period comparisons of our business, as it removes the
effect of certain non-cash expenses and certain variable
charges.
Legal, tax, and regulatory reserve changes and settlements
Legal, tax, and regulatory reserve changes and settlements are
primarily related to certain significant legal proceedings or
governmental investigations related to worker classification
definitions, or tax agencies challenging our non-income tax
positions. These matters have limited precedent, cover extended
historical periods and are unpredictable in both magnitude and
timing, therefore are distinct from normal, recurring legal, tax
and regulatory matters and related expenses incurred in our ongoing
operating performance.
Limitations of Non-GAAP Financial Measures and Adjusted EBITDA
Reconciliation
Adjusted EBITDA has limitations as a financial measure, should
be considered as supplemental in nature, and is not meant as a
substitute for the related financial information prepared in
accordance with GAAP. These limitations include the following:
- Adjusted EBITDA excludes certain recurring, non-cash charges,
such as depreciation of property and equipment and amortization of
intangible assets, and although these are non-cash charges, the
assets being depreciated and amortized may have to be replaced in
the future, and Adjusted EBITDA does not reflect all cash capital
expenditure requirements for such replacements or for new capital
expenditure requirements;
- Adjusted EBITDA excludes stock-based compensation expense,
which has been, and will continue to be for the foreseeable future,
a significant recurring expense in our business and an important
part of our compensation strategy;
- Adjusted EBITDA excludes certain restructuring and related
charges, part of which may be settled in cash;
- Adjusted EBITDA excludes other items not indicative of our
ongoing operating performance;
- Adjusted EBITDA does not reflect period to period changes in
taxes, income tax expense or the cash necessary to pay income
taxes;
- Adjusted EBITDA does not reflect the components of other income
(expense), net, which primarily includes: interest income; foreign
currency exchange gains (losses), net; and unrealized gain (loss)
on debt and equity securities, net; and
- Adjusted EBITDA excludes certain legal, tax, and regulatory
reserve changes and settlements that may reduce cash available to
us.
Constant Currency
We compare the percent change in our current period results from
the corresponding prior period using constant currency disclosure.
We present constant currency growth rate information to provide a
framework for assessing how our underlying revenue performed
excluding the effect of foreign currency rate fluctuations. We
calculate constant currency by translating our current period
financial results using the corresponding prior period’s monthly
exchange rates for our transacted currencies other than the U.S.
dollar.
Free Cash Flow
We define free cash flow as net cash flows from operating
activities less capital expenditures.
Non-GAAP Costs and Operating Expenses
Costs and operating expenses are defined as: cost of revenue,
exclusive of depreciation and amortization; operations and support;
sales and marketing; research and development; and general and
administrative expenses. We define Non-GAAP costs and operating
expenses as costs and operating expenses excluding: (i) stock-based
compensation expense, (ii) certain legal, tax, and regulatory
reserve changes and settlements, (iii) goodwill and asset
impairments/loss on sale of assets, (iv) acquisition, financing and
divestiture related expenses, (v) restructuring and related charges
and (vi) other items not indicative of our ongoing operating
performance.
Reconciliations of Non-GAAP Measures
Adjusted EBITDA
The following table presents reconciliations of Adjusted EBITDA
to the most directly comparable GAAP financial measure for each of
the periods indicated:
Three Months Ended September
30,
Nine Months Ended September
30,
(In millions)
2022
2023
2022
2023
Adjusted EBITDA reconciliation:
Net income (loss) attributable to Uber
Technologies, Inc.
$
(1,206
)
$
221
$
(9,736
)
$
458
Add (deduct):
Net income (loss) attributable to
non-controlling interests, net of tax
2
(2
)
(2
)
(2
)
Provision for (benefit from) income
taxes
58
(40
)
(97
)
80
Income from equity method investments
(30
)
(3
)
(65
)
(43
)
Interest expense
146
166
414
478
Other (income) expense, net
535
52
7,796
(513
)
Depreciation and amortization
227
205
724
620
Stock-based compensation expense
482
492
1,311
1,466
Legal, tax, and regulatory reserve changes
and settlements
283
(13
)
651
82
Goodwill and asset impairments/loss on
sale of assets
—
2
17
85
Acquisition, financing and divestitures
related expenses
19
9
39
27
COVID-19 response initiatives
—
—
1
—
(Gain) loss on lease arrangement, net
—
(1
)
7
(4
)
Restructuring and related charges
—
4
2
35
Mass arbitration fees, net
—
—
(14
)
—
Adjusted EBITDA
$
516
$
1,092
$
1,048
$
2,769
Free Cash Flow
The following table presents reconciliations of free cash flow
to the most directly comparable GAAP financial measure for each of
the periods indicated:
Three Months Ended September
30,
Nine Months Ended September
30,
(In millions)
2022
2023
2022
2023
Free cash flow reconciliation:
Net cash provided by operating
activities
$
432
$
966
$
886
$
2,762
Purchases of property and equipment
(74
)
(61
)
(193
)
(168
)
Free cash flow
$
358
$
905
$
693
$
2,594
Non-GAAP Costs and Operating Expenses
The following tables present reconciliations of Non-GAAP costs
and operating expenses to the most directly comparable GAAP
financial measure for each of the periods indicated:
Three Months Ended
(In millions)
September 30, 2022
June 30, 2023
September 30, 2023
Non-GAAP Cost of revenue exclusive of
depreciation and amortization reconciliation:
GAAP Cost of revenue exclusive of
depreciation and amortization
$
5,173
$
5,515
$
5,626
Legal, tax, and regulatory reserve changes
and settlements
—
—
13
Acquisition, financing and divestitures
related expenses
(5
)
—
—
Non-GAAP Cost of revenue exclusive of
depreciation and amortization
$
5,168
$
5,515
$
5,639
Three Months Ended
(In millions)
September 30, 2022
June 30, 2023
September 30, 2023
Non-GAAP Operating Expenses
Non-GAAP Operations and support
reconciliation:
GAAP Operations and support
$
617
$
664
$
683
Restructuring and related charges
—
(1
)
(2
)
Acquisition, financing and divestitures
related expenses
—
(3
)
(2
)
Gain on lease arrangements, net
—
1
—
Stock-based compensation expense
(41
)
(45
)
(49
)
Non-GAAP Operations and support
$
576
$
616
$
630
Non-GAAP Sales and marketing
reconciliation:
GAAP Sales and marketing
$
1,153
$
1,218
$
941
Restructuring and related charges
—
—
(1
)
Stock-based compensation expense
(26
)
(26
)
(24
)
Non-GAAP Sales and marketing
$
1,127
$
1,192
$
916
Non-GAAP Research and development
reconciliation:
GAAP Research and development
$
760
$
808
$
797
Restructuring and related charges
—
(3
)
—
Stock-based compensation expense
(292
)
(317
)
(310
)
Non-GAAP Research and development
$
468
$
488
$
487
Non-GAAP General and administrative
reconciliation:
GAAP General and administrative
$
908
$
491
$
646
Legal, tax, and regulatory reserve changes
and settlements
(283
)
155
—
Goodwill and asset impairments/loss on
sale of assets
—
(16
)
(2
)
Restructuring and related charges
—
(5
)
(1
)
Acquisition, financing and divestitures
related expenses
(14
)
(7
)
(7
)
Gain on lease arrangements, net
—
1
1
Stock-based compensation expense
(123
)
(116
)
(109
)
Non-GAAP General and administrative
$
488
$
503
$
528
View source
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