Gross Bookings reached an all-time high of
$23.1 billion, up 57% year-over-year
Net loss of $2.4 billion with a $2.0 billion
net headwind from revaluation of Uber’s equity investments
Adjusted EBITDA of +$8 million with Mobility
margins at 5.5% of GB and Delivery approaching breakeven
Uber Technologies, Inc. (NYSE: UBER) today announced financial
results for the quarter ended September 30, 2021.
Financial Highlights for Third Quarter 2021
- Gross Bookings grew 57% year-over-year (“YoY”) to $23.1
billion, or 53% on a constant currency basis, with Mobility Gross
Bookings of $9.9 billion (+67% YoY) and Delivery Gross Bookings of
$12.8 billion (+50% YoY). Trips during the quarter grew 39% YoY to
1.64 billion, or nearly 18 million trips per day on average.
- Revenue grew 72% YoY to $4.8 billion, or 69% on a constant
currency basis. Revenue benefited from a $123 million accrual
release for the resolution of historical claims in the UK relating
to the classification of drivers. Note that this benefit is
excluded from Adjusted EBITDA.
- Mobility take rate of 22.3% included a 120 basis points (“bps”)
positive impact from the UK accrual release. Excluding that
benefit, Mobility take rate recovered 240 bps QoQ to 21.1% driven
by a tapering of elevated driver supply investments in Q2. Delivery
take rate expanded 220 bps QoQ and 410 bps YoY to 17.4%. Ongoing
business model changes in certain Delivery markets benefited take
rate by 400 bps in the quarter.
- Net loss attributable to Uber Technologies, Inc. was $2.4
billion, which includes a $2.0 billion net headwind (pre-tax) from
revaluation of Uber’s equity investments, primarily due to an
unrealized loss of $3.2 billion (pre-tax) related to the
revaluation of Uber’s Didi equity investment, partially offset by
aggregate unrealized gains related to the revaluation of Uber’s
Zomato, Aurora, and Joby stakes. Additionally, net loss includes
$281 million in stock-based compensation expense.
- Adjusted EBITDA of $8 million, up $517 million QoQ and $633
million YoY, to deliver Uber’s first Adjusted EBITDA profitable
quarter as a public company.
- Mobility Adjusted EBITDA of $544 million, up $365 million QoQ
and $299 million YoY. Mobility Adjusted EBITDA margin as a
percentage of Mobility Gross Bookings reached 5.5%, up from 2.1% in
Q2 2021 and 4.1% in Q3 2020.
- Delivery Adjusted EBITDA of $(12) million, improved by $149
million QoQ and by $171 million YoY. Delivery Adjusted EBITDA
margin as a percentage of Delivery Gross Bookings, approached
breakeven at (0.1)%, up from (1.2)% in Q2 2021 and (2.1)% in Q3
2020.
- Unrestricted cash and cash equivalents were $6.5 billion at the
end of the third quarter.
“Our early and decisive investments in driver growth are still
paying dividends, with drivers steadily returning to the platform,
leading to further improvement in the consumer experience,” said
Dara Khosrowshahi, CEO. “This is especially important as Mobility
reignites. Mobility Gross Bookings are up 18 percent over just the
last two months and this Halloween weekend surpassed 2019
levels.”
“While we recognize it’s just a step, reaching total-company
Adjusted EBITDA profitability is an important milestone for Uber,”
said Nelson Chai, CFO. “Not only did our Mobility business recover
to pre-COVID margins this quarter, our core restaurant delivery
business was profitable on an Adjusted EBITDA basis for the first
time as well, bringing the full Delivery segment close to
breakeven.”
Outlook for Q4 2021
For Q4 2021, we anticipate:
- Gross Bookings of $25 billion to $26 billion
- Adjusted EBITDA of $25 million to $75 million
Financial and Operational Highlights
for Third Quarter 2021
Three Months Ended September
30,
(In millions, except percentages)
2020
2021
% Change
% Change (Constant
Currency(1))
Monthly Active Platform Consumers
(“MAPCs”)
78
109
40
%
Trips
1,184
1,641
39
%
Gross Bookings
$
14,745
$
23,113
57
%
53
%
Revenue (2)
$
2,813
$
4,845
72
%
69
%
Net loss attributable to Uber
Technologies, Inc. (3)
$
(1,089
)
$
(2,424
)
(123
)%
Adjusted EBITDA (1)
$
(625
)
$
8
**
(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) Revenue benefited from a $123 million accrual release for
the resolution of historical claims in the UK relating to the
classification of drivers. Excluding that benefit, revenue grew 68%
YoY.
(3) Net loss attributable to Uber Technologies, Inc. includes
stock-based compensation expense of $183 million and $281 million
in Q3 2020 and Q3 2021, respectively. Net loss also includes a $2.0
billion net headwind (pre-tax) from revaluation of Uber’s equity
investments in Q3 2021.
** Percentage not meaningful.
Results by Offering and Segment
Gross Bookings
Three Months Ended September
30,
(In millions, except percentages)
2020
2021
% Change
% Change (Constant
Currency)
Gross Bookings:
Mobility
$
5,905
$
9,883
67
%
63
%
Delivery
8,550
12,828
50
%
46
%
Freight
290
402
39
%
39
%
Total
$
14,745
$
23,113
57
%
53
%
Revenue
Three Months Ended September
30,
(In millions, except percentages)
2020
2021
% Change
% Change (Constant
Currency)
Revenue:
Mobility (1)
$
1,364
$
2,205
62
%
59
%
Delivery
1,136
2,238
97
%
92
%
Freight
288
402
40
%
40
%
All Other (2)
25
—
**
**
Total (1)
$
2,813
$
4,845
72
%
69
%
(1) Uber Revenues and Mobility Revenues benefited from a $123
million accrual release for the resolution of historical claims in
the UK relating to the classification of drivers.
(2) Includes historical results of ATG and Other Technology
Programs and New Mobility.
** Percentage not meaningful.
Take Rates
Three Months Ended September
30,
2020
2021
Mobility (1)
23.1
%
22.3
%
Delivery
13.3
%
17.4
%
Total (2)
19.1
%
21.0
%
(1) Mobility Take Rate in Q3 2021 includes a 120 bps benefit
from the UK accrual release. Excluding that benefit, Mobility Take
Rate would be 21.1%.
(2) Total Take Rate in Q3 2021 includes a 60 bps benefit from
the UK accrual release. Excluding that benefit, Total Take Rate
would be 20.4%.
Adjusted EBITDA and Segment Adjusted
EBITDA
Three Months Ended September
30,
(In millions, except percentages)
2020
2021
% Change
Segment Adjusted EBITDA:
Mobility
$
245
$
544
122
%
Delivery
(183
)
(12
)
93
%
Freight
(73
)
(35
)
52
%
All Other
(104
)
—
**
Corporate G&A and Platform R&D
(1), (2)
(510
)
(489
)
4
%
Adjusted EBITDA (3)
$
(625
)
$
8
**
(1) Excludes stock-based compensation expense.
(2) 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.
(3) “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.
Revenue by Geographical Region
Three Months Ended September
30,
(In millions, except percentages)
2020
2021
% Change
United States and Canada
$
1,598
$
2,648
66
%
Latin America ("LatAm")
302
390
29
%
Europe, Middle East and Africa
("EMEA")
590
1,064
80
%
Asia Pacific ("APAC")
323
743
131
%
Total
$
2,813
$
4,845
72
%
Financial Highlights for the Third Quarter 2021
(continued)
Mobility
- Gross Bookings of $9.9 billion: Mobility Gross Bookings
grew 63% YoY on a constant currency basis. On a sequential basis,
Mobility Gross Bookings grew 14% QoQ, with strong growth in U.S.
& Canada, EMEA and LatAm, partially offset by a decline in APAC
as a result of COVID-19 related lockdowns in Australia and New
Zealand.
- Revenue of $2.2 billion: Mobility Revenue grew 36% QoQ
and grew 62% YoY. Mobility Revenue benefited from a $123 million
accrual release for the resolution of historical claims in the UK
relating to the classification of drivers. Excluding the UK accrual
release, Mobility Revenue grew 29% QoQ and grew 53% YoY.
- Take rate of 22.3%: Mobility take rate improved 360 bps
QoQ but declined 80 bps YoY. Take rate saw a 120 bps benefit from
the UK accrual release. The sequential improvement was driven by a
reduction in driver incentives and a more favorable geographical
mix as U.S. & Canada recovered through the quarter.
- Adjusted EBITDA of $544 million: Adjusted EBITDA
increased $365 million QoQ and $299 million YoY. Adjusted EBITDA
margin reached 5.5% of Gross Bookings, compared to 2.1% in Q2 2021
and 4.1% in Q3 2020. Adjusted EBITDA margin improved sequentially
as a result of higher volume and lower driver incentives. On a YoY
basis, margin improvement was primarily driven by better cost
leverage from higher volume, more than offsetting higher driver
incentives.
Delivery
- Gross Bookings of $12.8 billion: Gross Bookings grew 46%
YoY on a constant currency basis. On a sequential basis, Gross
Bookings remained relatively stable (-1% QoQ), with growth in
several markets including the U.S., Mexico, Australia, Japan and
Taiwan, offset by a notable decline in France.
- Revenue of $2.2 billion: Delivery Revenue grew 14% QoQ
and 97% YoY. Take rate of 17.4% grew 220 bps QoQ and grew 410 bps
YoY. Business model changes in some countries that classify certain
payments and incentives as cost of revenue benefited Delivery take
rate by 400 bps in the quarter.
- Adjusted EBITDA of $(12) million: Adjusted EBITDA
improved $149 million QoQ and $171 million YoY, driven by cost
leverage, reduced incentive spend, and improved network
efficiencies. Delivery Adjusted EBITDA margin was at (0.1)% as a
percentage of Gross Bookings, compared to (1.2)% in Q2 2021 and
(2.1)% in Q3 2020. Adjusted EBITDA margin improved sequentially
owing to improved network efficiencies, reduced incentive spend and
realization of Postmates synergies. On a YoY basis, margin
improvement was driven by higher volume, in addition to sequential
factors.
Freight
- Freight delivered strong growth and improving EBITDA
margins: Freight revenue grew 40% YoY, to $402 million, as
shippers and carriers continue to utilize Uber Freight offerings to
navigate a historically tight freight market. Freight improved
Adjusted EBITDA by 52% YoY and improved Adjusted EBITDA margins as
a percentage of Gross Bookings by 16.5% YoY to (8.7)%.
Corporate
- Corporate G&A and Platform R&D: Corporate
G&A and Platform R&D expenses of $489 million, compared to
$486 million in Q2 2021, and $510 million in Q3 2020. On a YoY
basis, Corporate G&A and Platform R&D decreased as a
percentage of Gross Bookings 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 $2.4 billion. Non-GAAP cost of revenue was $2.3 billion,
representing 10.1% of Gross Bookings, compared to 9.6% and 8.7% in
Q2 2021 and Q3 2020 respectively. On a YoY basis, non-GAAP cost of
revenue as a percentage of Gross Bookings increased due to the
classification of certain Delivery payments and incentives as cost
of revenue attributable to business model changes in some
countries.
- GAAP and Non-GAAP operating expenses (Non-GAAP operating
expenses exclude certain amounts as further detailed in the
Reconciliations of Non-GAAP Measures):
- Operations and support: GAAP operations and support was
$475 million. Non-GAAP operations and support was $431 million,
representing 1.9% of Gross Bookings, compared to 1.8% and 2.4% in
Q2 2021 and Q3 2020 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 $1.2
billion. Non-GAAP sales and marketing was $1.1 billion,
representing 5.0% of Gross Bookings, compared to 5.6% and 6.2% in
Q2 2021 and Q3 2020 respectively. On a YoY basis, non-GAAP sales
and marketing as a percentage of Gross Bookings decreased due to
improved cost leverage with Gross Bookings growth outpacing sales
and marketing expense growth. Additionally, Gross Bookings mix
shifted towards Mobility, which carry lower associated sales and
marketing costs.
- Research and development: GAAP research and development
was $493 million. Non-GAAP research and development was $338
million, representing 1.5% of Gross Bookings, compared to 1.5% and
2.7% in Q2 2021 and Q3 2020 respectively. On a YoY basis, non-GAAP
research and development as a percentage of Gross Bookings
decreased due to lower employee headcount costs, which was
primarily driven by the sale of our ATG business in the first
quarter of 2021.
- General and administrative: GAAP general and
administrative was $625 million. Non-GAAP general and
administrative was $473 million, representing 2.0% of Gross
Bookings, compared to 2.1% and 3.4% in Q2 2021 and Q3 2020
respectively. On a YoY basis, non-GAAP general and administrative
as a percentage of Gross Bookings decreased due to lower employee
headcount costs and improved fixed cost leverage.
Operating Highlights for the Third Quarter 2021
Platform
- Trips of 1.64 billion: Trips on our platform grew 9% QoQ
and 39% YoY, with sequential growth in both Mobility and Delivery
trips.
- Monthly Active Platform Consumers (“MAPCs”) reached 109
million: MAPCs grew 8% QoQ and grew 40% YoY to 109
million.
- Membership: Uber Eats announced partnerships with Hulu
in the US and Aeroplan in Canada, offering complimentary Eats pass
to eligible Hulu subscribers and Aeroplan credit cardholders.
Aeroplan’s credit card partnerships with TD, Amex, and CIBC
represent three of the highest spending cardholder bases in Canada.
Later this month, we'll be announcing an update to our membership
program geared towards more cross-platform benefits, competitive
offers, and member perks.
- Supporting earners: Drivers and couriers earned an
aggregate $8.6 billion during the quarter, with earnings up 60%
YoY, outpacing Uber’s Gross Bookings growth of 57% YoY. We
announced new global resources that are fully integrated in the
Uber app for drivers and couriers who use Uber, including our
partnership with Rosetta Stone and the ability to request a letter
from Uber that describes the work they’ve done while using the Uber
app.
- Uber for Business (U4B): Annualized run rate Gross
Bookings for our U4B business reached $4.1 billion in Q3, up 115%
YoY on a constant currency basis, and surpassed U4B Gross Bookings
in Q3 2019. U4B recorded strong growth in managed Mobility Gross
Bookings as corporate Mobility use cases recovered with businesses
returning to work, while Delivery use cases continue to grow as
well.
Mobility
- US driver supply recovery: Active US Mobility drivers in
Q3 were up nearly 60% YoY, and improved through October with 10
consecutive weeks of driver growth since the end of August. As a
result, consumer experience metrics have improved towards pre-COVID
levels, with completed trips ETA close to 4.5 minutes at the end of
October.
- Airport recovery: Trips to and from airports represented
12% of Mobility Gross Bookings in Q3 2021, growing 35% QoQ and 203%
YoY, outpacing the overall Mobility segment’s recovery as consumer
travel trends improved. With airport trips rapidly recovering, we
launched several new features to further improve consumers’ airport
experience:
- Uber Reserve at Airports: With a strong product market
fit between Uber Reserve and airport trips, Reserve is now being
introduced at airports. In addition to standard Reserve features,
Uber will also automatically adjust pickup based on flight
tracking, and offer curbside pickup at airports.
- Ready When You Are: A new feature that allows riders to
request a ride once they land—but only be picked up when they are
ready. With options for pickup in 20 minutes, 10 minutes or as soon
as possible, Ready When You Are allows riders to select a pickup
time that works best for them, while still adding a level of
certainty that a car is on the way.
- Curbside Pickup: A new feature that helps match curbside
riders with drivers more quickly. Using machine learning technology
that predicts demand ahead of time, we dispatch drivers who can
then be matched with riders at the curb for a quick and seamless
experience. This feature is available at more than 15 airports
across the world.
- Mobile Ordering for Pickup: Uber Eats customers can
order and pay in-app from select airport restaurants and skip the
line to pick up their meal. This feature is currently piloting at
the Toronto Pearson Airport, and will continue to roll out to US
airports in the coming months.
- Tesla EV rentals offered via Uber and Hertz partnership:
Announced a new partnership with Hertz to make up to 50,000 fully
electric Tesla Model 3 vehicles available for drivers to rent by
2023, exclusively for drivers using the Uber network in the US.
This is the largest expansion of EVs on a mobility platform in
North America and one of the largest globally.
Delivery
- Reopening impact: Delivery continued to demonstrate
strong consumer, merchant and courier metrics even as COVID-19
restrictions eased around the world. Delivery MAPCs, basket size
and order frequency were stable QoQ, and grew nearly 24% YoY, 9%
YoY and 10% YoY respectively. Active merchants grew 37% YoY to
exceed 780K in Q3. Globally, active couriers grew 36% YoY, and grew
87% YoY in the US.
- Ads: Advertising annualized revenue run rate reached
well over $100 million in Q3 as active advertising merchants grew
to over 140K. Uber’s proprietary advertising platform has now been
rolled out to all Delivery markets except Germany.
- Three-tiered merchant pricing: Introduced a new tiered
pricing model for merchants, which gives flexibility to meet
merchants’ preferences. The model includes 3 different packages:
Lite, Plus, and Premium, which charge 15%, 25%, and 30% fees
respectively. While Lite keeps costs low for merchants, Plus and
Premium aim to maximize merchant sales by providing higher app
visibility, consumer benefits such as lower delivery fees, as well
as advertisement spend matching for Premium.
- Drizly: Completed our acquisition of Drizly, North
America’s leading alcohol delivery service, and the start of
product integration. Over the coming months, Drizly’s marketplace
will both be featured within the Uber Eats app and as a separate
Drizly app and web experience. With the closing of this
transaction, Uber’s alcohol delivery offering now reaches over 30
US states and Canada, and we expect expansion to continue.
- Rapid delivery and dark grocery: Announced a new rapid
grocery partnership with Carrefour and Cajoo within the Uber Eats
app in France, with Cajoo fulfilling Carrefour rapid delivery
demand originating on Uber Eats. In Taiwan, Uber owned-and-operated
dark grocery locations are being tested as we develop local
approaches to changing consumer demand.
- Rite Aid partnership: Announced the expansion of our
partnership with Rite Aid to offer delivery of Rite Aid products
nationwide through the Uber platform. On-demand delivery is now
available for over 2,180 Rite Aid locations on Uber Eats.
- Baby + Kids Hub: Announced the launch of a new vertical,
Baby + Kids, on Uber Eats anchored by merchant partners Bed Bath
& Beyond and Buy Buy Baby to help parents get what they need
on-demand. This new vertical also includes niche brands new to
delivery like Yumi, Lalo and more.
- Woolworths partnership: Announced a partnership with
Woolworths, Australia’s biggest supermarket chain, to offer
same-hour grocery delivery in Sydney and Melbourne, with national
expansion by early next year. Orders from both Uber Eats or
Woolworths website are fulfilled by Woolworths staff with delivery
handled by Uber Eats couriers.
Freight
- Expanded committed capacity product: Uber Freight’s
committed capacity product introduced digital lane clustering,
which groups together similar lanes with historically low volumes
in order to increase TAM and load volumes available for dedicated
carrier coverage.
- Launched web-based carrier scorecard: The carrier
scorecard incentivizes carriers to provide excellent performance,
giving real-time access to track their own performance against Uber
Freight’s quality standards. In Q3, Uber Freight maintained on-time
delivery frequency at or above 94%.
- Continued strong customer adoption: Uber Freight’s
shipper offering continues to show product market fit with both new
and existing shippers - the segment onboarded 91 new Enterprise /
Mid market logos as of Q3’21 while awarded ‘best service’ honors
from top shippers LG Electronics and Target Corp.
Corporate
- Uber and Yandex N.V.: For a total consideration of $1.0
billion from Yandex, Uber agreed to sell its 18.5% equity interest
in SDG and 4.5% of Uber’s equity interest in MLU B.V. In addition,
through a demerger agreement, Yandex will acquire all of Uber’s
equity interest in Yandex.Eats, Yandex.Lavka and Yandex.Delivery.
Uber completed the sale of its entire equity interest in SDG and
Uber’s equity interest in MLU B.V. to Yandex during the third
quarter of 2021, and we expect the demerger shares closing to occur
late in the fourth quarter of 2021.
- Uber and James River: Aleka Insurance, Inc. (“Aleka”), a
wholly-owned subsidiary of Uber, entered into an agreement with
subsidiaries of James River Group Holdings, Ltd. (“James River”).
Pursuant to the agreement, Aleka will reinsure certain automobile
liability insurance risks relating to activity on the Uber platform
between 2013 and 2019 in exchange for payment by James River to
Aleka of a premium in the amount of approximately $345 million
(“Premium”). In connection with the LPTA, claims currently
administered by James River will be transferred to a third-party
claims administrator for ongoing handling.
- Senior Notes offering: Uber issued $1.5 billion
principal amount of Senior Notes due 2029, with the intent to use
the proceeds to finance a portion of the consideration payable in
cash, and certain related fees and expenses incurred, in connection
with the acquisition of Transplace by Uber Freight.
Webcast and conference call information
A live audio webcast of our third quarter 2021 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 4, 2021 at 2:00 PM (PT) / 5:00 PM (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, including SEC filings, investor events, press and
earnings releases, and blogs, on our investor relations website
(https://investor.uber.com/).
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 28 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: the outcome of a tax case before
the UK tax authority related to classification as a transportation
provider, developments in the COVID-19 pandemic and the resulting
impact on our business and operations, 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. 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, 2020 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; 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,
2020
As of September 30,
2021
Assets
Cash and cash equivalents
$
5,647
$
6,482
Short-term investments
1,180
—
Restricted cash and cash equivalents
250
414
Accounts receivable, net
1,073
1,333
Prepaid expenses and other current
assets
1,215
1,455
Assets held for sale
517
—
Total current assets
9,882
9,684
Restricted cash and cash equivalents
1,494
2,894
Collateral held by insurer
860
—
Investments
9,052
12,239
Equity method investments
1,079
971
Property and equipment, net
1,814
1,781
Operating lease right-of-use assets
1,274
1,218
Intangible assets, net
1,564
1,278
Goodwill
6,109
6,447
Other assets
124
372
Total assets
$
33,252
$
36,884
Liabilities, redeemable non-controlling
interests and equity
Accounts payable
$
235
$
310
Short-term insurance reserves
1,243
1,379
Operating lease liabilities, current
175
168
Accrued and other current liabilities
5,112
6,269
Liabilities held for sale
100
—
Total current liabilities
6,865
8,126
Long-term insurance reserves
2,223
2,577
Long-term debt, net of current portion
7,560
9,279
Operating lease liabilities,
non-current
1,544
1,488
Other long-term liabilities
1,306
1,129
Total liabilities
19,498
22,599
Redeemable non-controlling interests
787
229
Equity
Common stock
—
—
Additional paid-in capital
35,931
37,281
Accumulated other comprehensive income
(loss)
(535
)
1,168
Accumulated deficit
(23,130
)
(24,518
)
Total Uber Technologies, Inc.
stockholders' equity
12,266
13,931
Non-redeemable non-controlling
interests
701
125
Total equity
12,967
14,056
Total liabilities, redeemable
non-controlling interests and equity
$
33,252
$
36,884
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,
2020
2021
2020
2021
Revenue
$
2,813
$
4,845
$
7,974
$
11,677
Costs and expenses
Cost of revenue, exclusive of depreciation
and amortization shown separately below
1,298
2,438
3,713
6,247
Operations and support
365
475
1,450
1,330
Sales and marketing
924
1,168
2,545
3,527
Research and development
493
493
1,722
1,496
General and administrative
711
625
2,135
1,705
Depreciation and amortization
138
218
395
656
Total costs and expenses
3,929
5,417
11,960
14,961
Loss from operations
(1,116
)
(572
)
(3,986
)
(3,284
)
Interest expense
(112
)
(123
)
(340)
(353)
Other income (expense), net
151
(1,832
)
(1,688
)
1,821
Loss before income taxes and loss from
equity method investments
(1,077
)
(2,527
)
(6,014
)
(1,816
)
Provision for (benefit from) income
taxes
23
(101
)
(215
)
(395
)
Loss from equity method investments
(8
)
(13
)
(27
)
(28
)
Net loss including non-controlling
interests
(1,108
)
(2,439
)
(5,826
)
(1,449
)
Less: net loss attributable to
non-controlling interests, net of tax
(19
)
(15
)
(27
)
(61
)
Net loss attributable to Uber
Technologies, Inc.
$
(1,089
)
$
(2,424
)
$
(5,799
)
$
(1,388
)
Net loss per share attributable to Uber
Technologies, Inc. common stockholders:
Basic
$
(0.62
)
$
(1.28
)
$
(3.33
)
$
(0.74
)
Diluted
$
(0.62
)
$
(1.28
)
$
(3.33
)
$
(0.75
)
Weighted-average shares used to compute
net loss per share attributable to common stockholders:
Basic
1,755,029
1,898,954
1,739,488
1,877,655
Diluted
1,755,029
1,898,954
1,739,488
1,878,997
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended September
30,
2020
2021
Cash flows from operating
activities
Net loss including non-controlling
interests
$
(5,826
)
$
(1,449
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
395
656
Bad debt expense
51
75
Stock-based compensation
591
834
Gain on business divestitures, net
(127
)
(1,684
)
Gain from sale of investments
—
(171
)
Deferred income taxes
(272
)
(482
)
Loss from equity method investments,
net
27
28
Unrealized loss on debt and equity
securities, net
123
56
Impairment of debt and equity
securities
1,690
—
Impairments of goodwill, long-lived assets
and other assets
372
16
Unrealized foreign currency
transactions
44
12
Other
(3
)
50
Change in assets and liabilities, net of
impact of business acquisitions and disposals:
Accounts receivable
380
(354
)
Prepaid expenses and other assets
159
(229
)
Collateral held by insurer
259
860
Operating lease right-of-use assets
274
116
Accounts payable
(34
)
71
Accrued insurance reserves
(16
)
490
Accrued expenses and other liabilities
77
891
Operating lease liabilities
(104
)
(124
)
Net cash used in operating activities
(1,940
)
(338
)
Cash flows from investing
activities
Purchases of property and equipment
(493
)
(218
)
Purchases of marketable securities
(1,493
)
(1,113
)
Purchases of non-marketable equity
securities
(10
)
(857
)
Purchase of notes receivable
(85
)
(242
)
Proceeds from maturities and sales of
marketable securities
801
2,291
Proceeds from sale of non-marketable
equity securities
—
500
Proceeds from sale of equity method
investments and grant of related call option
—
800
Acquisition of businesses, net of cash
acquired
(1,536
)
(111
)
Return of capital from equity method
investee
91
—
Other investing activities
48
17
Net cash provided by (used in) investing
activities
(2,677
)
1,067
Cash flows from financing
activities
Issuance of senior notes, net of issuance
costs
1,492
1,485
Principal repayment on Careem Notes
(891
)
(195
)
Principal payments on finance leases
(175
)
(166
)
Proceeds from the issuance of common stock
under the Employee Stock Purchase Plan
82
67
Proceeds from sale of subsidiary preferred
stock units
—
125
Other financing activities
(25
)
50
Net cash provided by financing
activities
483
1,366
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
(167
)
(45
)
Net increase (decrease) in cash and cash
equivalents, and restricted cash and cash equivalents
(4,301
)
2,050
Cash and cash equivalents, and
restricted cash and cash equivalents
Beginning of period
12,067
7,391
Reclassification from assets held for sale
during the period
—
349
End of period
$
7,766
$
9,790
Other Income (Expense), Net
The following table presents other income
(expense), net (in millions):
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2021
2020
2021
(Unaudited)
Interest income
$
7
$
10
$
51
$
28
Foreign currency exchange gains (losses),
net
(47
)
(13
)
(104
)
(38
)
Gain on business divestitures, net (1)
—
—
127
1,684
Unrealized loss on debt and equity
securities, net (2)
(7
)
(2,031
)
(123
)
(56
)
Allowance reversal (impairment) of debt
and equity securities (3)
160
—
(1,690
)
—
Other, net
38
202
51
203
Other income (expense), net
$
151
$
(1,832
)
$
(1,688
)
$
1,821
(1) During the nine months ended September 30, 2020, gain on
business divestitures, net, primarily represents a $154 million
gain on the sale of our Uber Eats India operations to Zomato Media
Private Limited (“Zomato”) recognized in the first quarter of 2020,
partially offset by a $27 million loss on the sale of our JUMP
operations to Lime during the second quarter of 2020. During the
nine months ended September 30, 2021, gain on business
divestitures, net, represents a $1.6 billion gain on the sale of
our ATG Business to Aurora recognized in the first quarter of
2021.
(2) During the three and nine months ended September 30, 2021,
unrealized loss on debt and equity securities, net, primarily
represents a $3.2 billion and $1.7 billion net unrealized loss,
respectively on our Didi investment, partially offset by a $994
million unrealized gain on our Zomato investment recognized during
the third quarter of 2021, a $102 million and $573 million
unrealized gain, respectively on our Aurora Investments, as well as
a $73 million and $56 million net unrealized gain, respectively on
our other investments in securities accounted for under the fair
value option.
(3) During the three months ended September 30, 2020, we
recorded a reversal of the previously recorded allowance for credit
loss on our investment in Grab, initially recognized in the first
quarter of 2020. During the nine months ended September 30, 2020,
we recorded an impairment charge of $1.7 billion, primarily related
to our investment in Didi recognized during the first quarter of
2020.
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,
2020
2021
2020
2021
(Unaudited)
Operations and support
$
16
$
42
$
52
$
107
Sales and marketing
11
18
35
60
Research and development
102
152
341
434
General and administrative
54
69
163
233
Total
$
183
$
281
$
591
$
834
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, including COVID-19
response initiatives related payments for financial assistance to
Drivers personally impacted by COVID-19, the cost of personal
protective equipment distributed to Drivers, Driver reimbursement
for their cost of purchasing personal protective equipment, the
costs related to free rides and food deliveries to healthcare
workers, seniors, and others in need as well as charitable
donations. Our board and management find the exclusion of the
impact of these COVID-19 response initiatives from Adjusted EBITDA
to be useful because it allows us and our investors to assess the
impact of these response initiatives on our results of
operations.
All Other. Includes ATG and Other Technology Programs and
historical results of New Mobility, formerly Other Bets. ATG and
Other Technology Programs, which primarily consisted of our ATG
business that was divested in the first quarter of 2021, and
subsequent to the divestiture, is no longer a reportable segment
and included within All Other.
COVID-19 response initiatives. To support those whose
earning opportunities have been depressed as a result of COVID-19,
as well as communities hit hard by the pandemic, we have announced
and implemented several initiatives, including, in particular,
payments for financial assistance to Drivers personally impacted by
COVID-19, the cost of personal protective equipment distributed to
Drivers, Driver reimbursement for their cost of purchasing personal
protective equipment, the costs related to free rides and food
deliveries to healthcare workers, seniors, and others in need as
well as charitable donations. The payments for financial assistance
to Drivers personally impacted by COVID-19 and Driver reimbursement
for their cost of purchasing personal protective equipment are
recorded as a reduction to revenue. The cost of personal protective
equipment distributed to Drivers, the costs related to free rides
and food deliveries to healthcare workers, seniors, and others in
need as well as charitable donations are recorded as an expense in
our costs and expenses.
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.
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.
Gross Bookings. We define Gross Bookings as the total
dollar value, including any applicable taxes, tolls, and fees, of
Mobility and New Mobility rides, Delivery orders, and amounts paid
by Freight shippers, in each case without any adjustment for
consumer discounts and refunds, Driver and restaurant earnings, and
Driver incentives. Gross Bookings do not include tips earned by
Drivers.
Monthly Active Platform Consumers (“MAPCs”). We define
MAPCs as the number of unique consumers who completed a Mobility or
New 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.
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.
Take Rate. We define Take Rate as revenue as a percentage
of Gross Bookings.
Trips. We define Trips as the number of completed
consumer Mobility or New Mobility rides and Delivery orders in a
given period. For example, an UberPOOL ride with three paying
consumers represents three unique Trips, whereas an UberX ride with
three passengers represents one Trip.
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), loss from operations, and other
results under GAAP, we use: Adjusted EBITDA; 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, including COVID-19
response initiatives related payments for financial assistance to
Drivers personally impacted by COVID-19, the cost of personal
protective equipment distributed to Drivers, Driver reimbursement
for their cost of purchasing personal protective equipment, the
costs related to free rides and food deliveries to healthcare
workers, seniors, and others in need as well as charitable
donations.
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.
To help our board, management and investors assess the impact of
COVID-19 on our results of operations, we are excluding the impacts
of COVID-19 response initiatives related payments for financial
assistance to Drivers personally impacted by COVID-19, the cost of
personal protective equipment distributed to Drivers, Driver
reimbursement for their cost of purchasing personal protective
equipment, the costs related to free rides and food deliveries to
healthcare workers, seniors, and others in need as well as
charitable donations from Adjusted EBITDA. Our board and management
find the exclusion of the impact of these COVID-19 response
initiatives from Adjusted EBITDA to be useful because it allows us
and our investors to assess the impact of these response
initiatives on our results of operations.
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, including COVID-19 response
initiatives related payments for financial assistance to Drivers
personally impacted by COVID-19, the cost of personal protective
equipment distributed to Drivers, Driver reimbursement for their
cost of purchasing personal protective equipment, the costs related
to free rides and food deliveries to healthcare workers, seniors,
and others in need as well as charitable donations;
- 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; gain (loss) on business
divestitures, net; unrealized gain (loss) on debt and equity
securities, net; impairment of debt and equity securities; and
other; 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.
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) certain acquisition,
financing and divestiture related expenses, (v) restructuring and
related charges and (vi) other items not indicative of our ongoing
operating performance, including COVID-19 response initiative
related payments for financial assistance to Drivers personally
impacted by COVID-19, the cost of personal protective equipment
distributed to Drivers, Driver reimbursement for their cost of
purchasing personal protective equipment, the costs related to free
rides and food deliveries to healthcare workers, seniors, and
others in need as well as charitable donations.
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)
2020
2021
2020
2021
Adjusted EBITDA reconciliation:
Net loss attributable to Uber
Technologies, Inc.
$
(1,089
)
$
(2,424
)
$
(5,799
)
$
(1,388
)
Add (deduct):
Net loss attributable to non-controlling
interests, net of tax
(19
)
(15
)
(27
)
(61
)
Provision for (benefit from) income
taxes
23
(101
)
(215
)
(395
)
Loss from equity method investments
8
13
27
28
Interest expense
112
123
340
353
Other (income) expense, net
(151
)
1,832
1,688
(1,821
)
Depreciation and amortization
138
218
395
656
Stock-based compensation expense
183
281
591
834
Legal, tax, and regulatory reserve changes
and settlements
—
(98
)
57
593
Goodwill and asset impairments/loss on
sale of assets
76
—
285
57
Acquisition, financing and divestitures
related expenses
14
23
43
85
Accelerated lease costs related to
cease-use of ROU assets
80
—
80
2
COVID-19 response initiatives
18
10
90
51
Gain on lease arrangement, net
(12
)
—
(5
)
—
Restructuring and related charges, net
(6
)
—
376
—
Legacy auto insurance transfer
—
103
—
103
Mass arbitration fees for supporting
Black-owned restaurants
—
43
—
43
Adjusted EBITDA
$
(625
)
$
8
$
(2,074
)
$
(860
)
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, 2020
June 30, 2021
September 30, 2021
Non-GAAP Cost of revenue exclusive of
depreciation and amortization reconciliation:
GAAP Cost of revenue exclusive of
depreciation and amortization
$
1,298
$
2,099
$
2,438
COVID-19 response initiatives
(16
)
(6
)
—
Acquisition, financing and divestitures
related expenses
(1
)
—
(4
)
Legacy auto insurance transfer
—
—
(101
)
Non-GAAP Cost of revenue exclusive of
depreciation and amortization
$
1,281
$
2,093
$
2,333
Three Months Ended
(In millions)
September 30, 2020
June 30, 2021
September 30, 2021
Non-GAAP Operating Expenses
Non-GAAP Operations and support
reconciliation:
GAAP Operations and support
$
365
$
432
$
475
Restructuring and related credits
6
—
—
Goodwill and asset impairments/loss on
sale of assets
(2
)
—
—
COVID-19 response initiatives
—
(1
)
—
Acquisition, financing and divestitures
related expenses
(2
)
(3
)
—
Legacy auto insurance transfer
—
—
(2
)
Stock-based compensation expense
(16
)
(38
)
(42
)
Non-GAAP Operations and support
$
351
$
390
$
431
Non-GAAP Sales and marketing
reconciliation:
GAAP Sales and marketing
$
924
$
1,256
$
1,168
Acquisition, financing and divestitures
related expenses
—
(1
)
(1
)
COVID-19 response initiatives
—
(2
)
(2
)
Stock-based compensation expense
(11
)
(19
)
(18
)
Non-GAAP Sales and marketing
$
913
$
1,234
$
1,147
Non-GAAP Research and development
reconciliation:
GAAP Research and development
$
493
$
488
$
493
Acquisition, financing and divestitures
related expenses
—
(5
)
(3
)
Stock-based compensation expense
(102
)
(149
)
(152
)
Non-GAAP Research and development
$
391
$
334
$
338
Non-GAAP General and administrative
reconciliation:
GAAP General and administrative
$
711
$
616
$
625
Legal, tax, and regulatory reserve changes
and settlements
—
(65
)
(25
)
Goodwill and asset impairments/loss on
sale of assets
(74
)
—
—
Acquisition, financing and divestitures
related expenses
(11
)
(17
)
(15
)
Accelerated lease costs related to
cease-use of ROU assets
(80
)
—
—
Gain on lease arrangement
12
—
—
Mass arbitration fees for supporting
Black-owned restaurants
—
—
(43
)
Stock-based compensation expense
(54
)
(66
)
(69
)
Non-GAAP General and administrative
$
504
$
468
$
473
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211104006166/en/
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