Gross Bookings reached an all-time high of
$29.1 billion, up 33% year-over-year Net loss of $2.6 billion with
a $1.7 billion net headwind relating to Uber’s equity investments
Adjusted EBITDA of $364 million Operating cash flow of $439
million; Free cash flow of $382 million
Uber Technologies, Inc. (NYSE: UBER) today announced financial
results for the quarter ended June 30, 2022.
Financial Highlights for Second Quarter 2022
- Gross Bookings grew 33% year-over-year (“YoY”) to $29.1
billion, or 36% on a constant currency basis, with Mobility Gross
Bookings of $13.4 billion (+55% YoY or +57% YoY constant currency)
and Delivery Gross Bookings of $13.9 billion (+7% YoY or +12% YoY
constant currency). Trips during the quarter grew 24% YoY to 1.87
billion, or approximately 21 million trips per day on average.
- Revenue grew 105% YoY to $8.1 billion, or 111% on a constant
currency basis, with Revenue growth significantly outpacing Gross
Bookings growth due to a change in the business model for our UK
Mobility business and the acquisition of Transplace by Uber
Freight.
- Net loss attributable to Uber Technologies, Inc. was $2.6
billion, which includes a $1.7 billion net headwind (pre-tax)
relating to Uber’s equity investments, primarily due to aggregate
unrealized losses related to the revaluation of Uber’s Aurora,
Grab, and Zomato stakes. Additionally, net loss includes $470
million in stock-based compensation expense.
- Adjusted EBITDA of $364 million, up $873 million YoY. Adjusted
EBITDA margin as a percentage of Gross Bookings was 1.3%, up from
(2.3)% in Q2 2021.
- Net cash provided by operating activities was $439 million, up
$780 million YoY. Free cash flow, defined as net cash flows from
operating activities less capital expenditures, was $382 million,
up $780 million YoY.
- Unrestricted cash and cash equivalents were $4.4 billion at the
end of the second quarter.
“Last quarter I challenged our team to meet our profitability
commitments even faster than planned—and they delivered,” said Dara
Khosrowshahi, CEO. “Importantly, they delivered balanced growth:
Gross Bookings up 36 percent to a $116 billion run-rate, Adjusted
EBITDA significantly above our guidance, and $382 million in free
cash flow, all on a platform that’s larger than ever, with the
number of consumers and earners using Uber now both at all-time
highs.”
"We became a free cash flow generator in Q2, as we continued to
scale our asset-light platform, and we will continue to build on
that momentum,” said Nelson Chai, CFO. “This marks a new phase for
Uber, self-funding future growth with disciplined capital
allocation, while maximizing long-term returns for
shareholders.”
Outlook for Q3 2022
For Q3 2022, we anticipate:
- Gross Bookings of $29.0 billion to $30.0 billion
- Adjusted EBITDA of $440 million to $470 million
Financial and Operational Highlights
for Second Quarter 2022
Three Months Ended June
30,
(In millions, except percentages)
2021
2022
% Change
% Change (Constant
Currency (1))
Monthly Active Platform Consumers
(“MAPCs”)
101
122
21
%
Trips
1,511
1,872
24
%
Gross Bookings
$
21,900
$
29,078
33
%
36
%
Revenue
$
3,929
$
8,073
105
%
111
%
Net income (loss) attributable to Uber
Technologies, Inc. (2)
$
1,144
$
(2,601
)
**
Adjusted EBITDA (1)
$
(509
)
$
364
**
Free cash flow (1)
$
(398
)
$
382
**
(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)
Net income (loss) attributable to Uber
Technologies, Inc. includes stock-based compensation expense of
$272 million and $470 million in Q2 2021 and Q2 2022, respectively.
Net income (loss) includes a $1.9 billion net tailwind (pre-tax)
and a $1.7 billion net headwind (pre-tax) from revaluation of
Uber’s equity investments in Q2 2021 and Q2 2022, respectively.
**
Percentage not meaningful.
Results by Offering and Segment
Gross Bookings
Three Months Ended June
30,
(In millions, except percentages)
2021
2022
% Change
% Change (Constant
Currency)
Gross Bookings:
Mobility
$
8,640
$
13,364
55
%
57
%
Delivery
12,912
13,876
7
%
12
%
Freight (1)
348
1,838
**
**
Total
$
21,900
$
29,078
33
%
36
%
(1)
Q2 2022 Gross Bookings includes
contributions from the acquisition of Transplace which closed on
November 12, 2021.
**
Percentage not meaningful.
Revenue
Three Months Ended June
30,
(In millions, except percentages)
2021
2022
% Change
% Change (Constant
Currency)
Revenue:
Mobility (1)
$
1,618
$
3,553
120
%
126
%
Delivery (2)
1,963
2,688
37
%
43
%
Freight (3)
348
1,832
**
**
Total
$
3,929
$
8,073
105
%
111
%
(1)
Mobility Revenue in Q2 2022 benefited by a
net amount of $983 million from business model changes in the UK
and an accrual made for the resolution of historical claims in the
UK relating to the classification of drivers.
(2)
Delivery Revenue in Q2 2021 and Q2 2022
benefited from business model changes in some countries that
classify certain payments and incentives as cost of revenue by $427
million and $711 million, respectively.
(3)
Freight Revenue in Q2 2022 includes
contributions from the acquisition of Transplace which closed on
November 12, 2021.
**
Percentage not meaningful.
Take Rates
Three Months Ended June
30,
2021
2022
Mobility (1)
18.7
%
26.6
%
Delivery (2)
15.2
%
19.4
%
(1)
Mobility Take Rate in Q2 2022 includes a
740 bps net benefit from business model changes in the UK and an
accrual made for the resolution of historical claims in the UK
relating to the classification of drivers. Excluding those impacts,
Mobility Take Rate would be 19.2%. Mobility Take Rate was also
adversely impacted by pass-through fuel surcharges implemented
through Q2 2022 in various markets globally.
(2)
Delivery Take Rate in Q2 2021 and Q2 2022
benefited from business model changes in some countries that
classify certain payments and incentives as cost of revenue by 330
bps and 510 bps, respectively.
Adjusted EBITDA and Segment Adjusted
EBITDA
Three Months Ended June
30,
(In millions, except percentages)
2021
2022
% Change
Segment Adjusted EBITDA:
Mobility
$
179
$
771
**
Delivery
(161
)
99
**
Freight
(41
)
5
**
Corporate G&A and Platform R&D
(1), (2)
(486
)
(511
)
(5
)%
Adjusted EBITDA (3)
$
(509
)
$
364
**
(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 June
30,
(In millions, except percentages)
2021
2022
% Change
United States and Canada (“US&CAN”)
(1)
$
1,984
$
4,936
149
%
Latin America ("LatAm")
307
481
57
%
Europe, Middle East and Africa ("EMEA")
(2)
929
1,846
99
%
Asia Pacific ("APAC")
709
810
14
%
Total
$
3,929
$
8,073
105
%
(1)
US&CAN Revenue in Q2 2022 includes
contributions from the acquisition of Transplace which closed on
November 12, 2021.
(2)
EMEA Revenue in Q2 2022 benefited by a net
amount of $983 million from Mobility business model changes in the
UK and an accrual made for the resolution of historical claims in
the UK relating to the classification of drivers.
Financial Highlights for the Second Quarter 2022
(continued)
Mobility
- Gross Bookings of $13.4 billion: Mobility Gross Bookings
grew 57% YoY on a constant currency basis. On a sequential basis,
Mobility Gross Bookings grew 25% quarter-over-quarter (“QoQ”), with
growth in all geographic regions.
- Revenue of $3.6 billion: Mobility Revenue grew 120% YoY
and 41% QoQ. The YoY increase was primarily driven by a $983
million net benefit related to a UK business model change that
classifies most driver payments and incentives as cost of revenue
and an accrual made for the resolution of historical claims in the
UK relating to the classification of drivers in Q2 2022. Mobility
Take Rate of 26.6% increased 790 bps YoY and 310 bps QoQ. The UK
factors impacting revenue were a 740 bps net benefit to Take Rate
in the quarter. Additionally, Mobility Take Rate was adversely
impacted by pass-through fuel surcharges implemented through Q2
2022 in various markets globally.
- Adjusted EBITDA of $771 million: Mobility Adjusted
EBITDA increased $592 million YoY and $153 million QoQ. Adjusted
EBITDA margin was 5.8% of Gross Bookings compared to 2.1% in Q2
2021 and 5.8% in Q1 2022. Adjusted EBITDA margin improvement YoY
was primarily driven by better cost leverage from higher volume,
and a meaningful reduction in driver supply investments. On a QoQ
basis, Adjusted EBITDA margin remained unchanged.
Delivery
- Gross Bookings of $13.9 billion: Delivery Gross Bookings
grew 12% YoY on a constant currency basis. Delivery Gross Bookings
in US & Canada were up 21% YoY and in all other markets were up
3% YoY on a constant currency basis.
- Revenue of $2.7 billion: Delivery Revenue grew 37% YoY
and 7% QoQ. Take Rate of 19.4% grew 420 bps YoY and grew 130 bps
QoQ. Business model changes in some countries that classify certain
payments and incentives as cost of revenue benefited Delivery Take
Rate by 510 bps in the quarter (compared to 330 bps benefit in Q2
2021 and 400 bps benefit in Q1 2022).
- Adjusted EBITDA of $99 million: Delivery Adjusted EBITDA
grew $260 million YoY and $69 million QoQ, driven by higher
volumes, increased Ads revenue, and improved network efficiencies.
Delivery Adjusted EBITDA margin as a percentage of Gross Bookings
reached 0.7%, compared to (1.2)% in Q2 2021 and 0.2% in Q1
2022.
Freight
- Revenue of $1.8 billion: Freight Revenue grew 426% YoY
and remained stable QoQ. Freight Revenue includes contributions
from the acquisition of Transplace which closed on November 12,
2021.
- Adjusted EBITDA of $5 million: Freight Adjusted EBITDA
grew $46 million YoY and $3 million QoQ. Freight Adjusted EBITDA
margin as a percentage of Gross Bookings improved 12.1 percentage
points YoY to 0.3% driven by increased marketplace efficiency on
our digital platform and strong sales momentum in our
Transportation Management business.
Corporate
- Corporate G&A and Platform R&D: Corporate
G&A and Platform R&D expenses of $511 million, compared to
$486 million in Q2 2021, and $482 million in Q1 2022. 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
equaled non-GAAP cost of revenue and was $5.2 billion, representing
17.7% of Gross Bookings, compared to 9.6% and 15.2% in Q2 2021 and
Q1 2022, respectively. On a YoY basis, non-GAAP cost of revenue as
a percentage of Gross Bookings increased due to the classification
of certain Delivery and Mobility payments as cost of revenue
attributable to business model changes in some countries and the
acquisition of Transplace.
- 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
$617 million. Non-GAAP operations and support was $577 million,
representing 2.0% of Gross Bookings, compared to 1.8% and 2.0% in
Q2 2021 and Q1 2022, respectively. On a YoY basis, non-GAAP
operations and support as a percentage of Gross Bookings increased
due to higher headcount costs and higher driver background check
costs.
- Sales and marketing: GAAP sales and marketing was $1.2
billion. Non-GAAP sales and marketing was $1.2 billion,
representing 4.1% of Gross Bookings, compared to 5.6% and 4.7% in
Q2 2021 and Q1 2022, 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 $704 million. Non-GAAP research and development was $427
million, representing 1.5% of Gross Bookings, compared to 1.5% and
1.5% in Q2 2021 and Q1 2022, respectively.
- General and administrative: GAAP general and
administrative was $851 million. Non-GAAP general and
administrative was $459 million, representing 1.6% of Gross
Bookings, compared to 2.1% and 1.9% in Q2 2021 and Q1 2022,
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 Second Quarter 2022
Platform
- Trips of 1.87 billion: Trips on our platform grew 24%
YoY and 9% QoQ, with strong sequential growth in Mobility trips and
stable Delivery trips.
- Monthly Active Platform Consumers (“MAPCs”) reached 122
million: MAPCs grew 21% YoY and 6% QoQ to 122 million.
- Membership: Launched our single cross-platform
membership program, Uber One, in the UK, Canada, Australia and New
Zealand. In addition, Uber and Disney+ partnered to offer Uber Eats
members in the US two free months of The Disney Bundle.
- Supporting earners: Drivers and couriers earned an
aggregate $10.8 billion during the quarter, with earnings up 37%
YoY, outpacing Uber’s Gross Bookings growth of 33% YoY.
- Uber Australia TWU agreement: Signed an Australia-first
deal with the Transport Workers Union (TWU) that will protect the
flexibility of gig workers and support the creation of minimum
standards and benefits for those working in the on-demand
economy.
- Uber for Business (“U4B”): U4B Gross Bookings of $1.3
billion in Q2, up 41% YoY. Managed U4B, which is the actively
managed portion of the business through Uber’s account managers and
sales team, represented 29% of U4B Gross Bookings, compared to 25%
in Q2 2021.
- Ads: Announced the launch of our Ads business in
Australia and New Zealand, and the creation of a local sales team
to develop relationships with merchants and other brands. Active
advertising merchants grew to over 230K, nearly doubling YoY.
- Annual ESG and People & Culture Reports: Published
our annual ESG Report in July, which highlights our perspectives on
the ESG issues that matter most to the people who earn on, move on,
or invest in our platform. We also published our annual People
& Culture Report in July, which highlights our approach to
diversity, equity, and inclusion.
Mobility
- Airport recovery: Airport Gross Bookings represented 15%
of Mobility Gross Bookings in Q2 2022 (vs. 15% pre-pandemic),
growing 139% YoY and 49% QoQ, outpacing the overall Mobility
segment’s recovery as consumer travel trends improved.
- Taxis: Signed a partnership with IT Taxi, the largest
taxi dispatch service in Italy, that will see 12,000 drivers across
80 cities join the Uber platform.
- Uber Reserve at Airports Global Expansion: Announced a
global expansion of Reserve at Airports, now available at 55
airports throughout the world.
- UberX Share US launch: Launched new shared rides
product, UberX Share, in a number of US cities including New York
City, Los Angeles, Chicago, San Francisco, Phoenix, San Diego,
Portland, Indianapolis and Pittsburgh.
- India Amazon Prime Partnership: Amazon Prime members in
India can redeem exclusive benefits on select Uber rides by paying
with their Amazon Pay balance.
- Hertz Electric Vehicle (EV) partnership expansion:
Announced the expansion of our partnership with Hertz into Canada,
where rideshare drivers who use the Uber platform can sign up to
rent a Tesla on a weekly basis from Hertz in Toronto, Vancouver,
and Montreal.
- Released US Safety Report: Published the second
comprehensive publication, sharing details on Uber’s safety
progress and data related to reports of the most serious safety
incidents occurring on our platform.
Delivery
- Reopening impact: Delivery demonstrated stable consumer,
merchant and courier metrics against tough YoY comps as COVID-19
restrictions continued to ease around the world. Delivery MAPCs,
basket size and order frequency grew 1% YoY, 3% YoY and 2% YoY,
respectively, and were stable QoQ. Active merchants grew 12% YoY to
exceed 843K in Q2. Globally, active couriers grew 19% YoY, and grew
53% YoY in the U.S.
- Grocery Product Relaunch: Introduced our native grocery
experience on Uber Eats with new features to make shopping more
convenient, intuitive, and reliable.
- Albertsons Partnership Expansion: Announced the
expansion of the partnership to include more than 2,000 stores
nationwide through Uber Eats.
- UK partnerships with Tesco and One Stop: Announced an
Uber Direct partnership with Tesco in the UK, through which orders
made via the Tesco home delivery service will be fulfilled by
couriers on the Uber Eats app. In addition, we announced a new
partnership with retail convenience retailer, One Stop, that will
see over 500 One Stop stores available on the Uber Eats app by
year-end.
- US Nationwide Shipping: Announced nationwide shipping, a
new delivery product that allows US consumers to order from beloved
merchants in NYC, Miami and Los Angeles initially.
- Japan Delivery Partnership: Partnered with AEON MALL,
one of the largest shopping mall operators in Japan, giving Uber
Eats customers access to over 60 AEON malls nationwide.
Freight
- Autonomous Trucking Partnerships: Executed a
first-of-its-kind, long-term strategic industry partnership with
Waymo Via, combining the power of Waymo’s autonomous driving
technology with the scale of Uber Freight’s network and our leading
marketplace technology. This partnership, coupled with last year’s
multi-phase pilot agreement with Aurora Driver, will enable Uber
Freight to lead the way in designing the future of supply chains
and accelerating access to autonomous trucks.
- Uber Freight and Transplace Integration: Integration
efforts continue to progress; leveraging Uber Freight’s 1.6 million
trucks across our digital carrier network is continuing to fuel
procurement momentum across the combined businesses.
Webcast and conference call information
A live audio webcast of our second quarter ended June 30, 2022
earnings release call will be available at
https://investor.uber.com/, along with the earnings press release
and slide presentation. The call begins on August 2, 2022 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 34 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, 2021 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,
2021
As of June 30, 2022
Assets
Cash and cash equivalents
$
4,295
$
4,397
Restricted cash and cash equivalents
631
526
Accounts receivable, net
2,439
2,459
Prepaid expenses and other current
assets
1,454
1,369
Total current assets
8,819
8,751
Restricted cash and cash equivalents
2,879
2,941
Investments
11,806
4,572
Equity method investments
800
521
Property and equipment, net
1,853
1,861
Operating lease right-of-use assets
1,388
1,481
Intangible assets, net
2,412
2,122
Goodwill
8,420
8,359
Other assets
397
406
Total assets
$
38,774
$
31,014
Liabilities, redeemable non-controlling
interests and equity
Accounts payable
$
860
$
810
Short-term insurance reserves
1,442
1,449
Operating lease liabilities, current
185
215
Accrued and other current liabilities
6,537
6,471
Total current liabilities
9,024
8,945
Long-term insurance reserves
2,546
2,865
Long-term debt, net of current portion
9,276
9,271
Operating lease liabilities,
non-current
1,644
1,711
Other long-term liabilities
935
659
Total liabilities
23,425
23,451
Redeemable non-controlling interests
204
194
Equity
Common stock
—
—
Additional paid-in capital
38,608
39,523
Accumulated other comprehensive loss
(524
)
(705
)
Accumulated deficit
(23,626
)
(32,157
)
Total Uber Technologies, Inc.
stockholders' equity
14,458
6,661
Non-redeemable non-controlling
interests
687
708
Total equity
15,145
7,369
Total liabilities, redeemable
non-controlling interests and equity
$
38,774
$
31,014
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 June
30,
Six Months Ended June
30,
2021
2022
2021
2022
Revenue
$
3,929
$
8,073
$
6,832
$
14,927
Costs and expenses
Cost of revenue, exclusive of depreciation
and amortization shown separately below
2,099
5,153
3,809
9,179
Operations and support
432
617
855
1,191
Sales and marketing
1,256
1,218
2,359
2,481
Research and development
488
704
1,003
1,291
General and administrative
616
851
1,080
1,483
Depreciation and amortization
226
243
438
497
Total costs and expenses
5,117
8,786
9,544
16,122
Loss from operations
(1,188
)
(713
)
(2,712
)
(1,195
)
Interest expense
(115
)
(139
)
(230
)
(268
)
Other income (expense), net
1,943
(1,704
)
3,653
(7,261
)
Income (loss) before income taxes and
income (loss) from equity method investments
640
(2,556
)
711
(8,724
)
Provision for (benefit from) income
taxes
(479
)
77
(294
)
(155
)
Income (loss) from equity method
investments
(7
)
17
(15
)
35
Net income (loss) including
non-controlling interests
1,112
(2,616
)
990
(8,534
)
Less: net loss attributable to
non-controlling interests, net of tax
(32
)
(15
)
(46
)
(4
)
Net income (loss) attributable to Uber
Technologies, Inc.
$
1,144
$
(2,601
)
$
1,036
$
(8,530
)
Net income (loss) per share
attributable to Uber Technologies, Inc. common
stockholders:
Basic
$
0.61
$
(1.32
)
$
0.56
$
(4.36
)
Diluted
$
0.58
$
(1.33
)
$
0.52
$
(4.37
)
Weighted-average shares used to compute
net income (loss) per share attributable to common
stockholders:
Basic
1,875,156
1,964,304
1,866,830
1,957,127
Diluted
1,955,975
1,968,882
1,949,750
1,960,871
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2021
2022
2021
2022
Cash flows from operating
activities
Net income (loss) including
non-controlling interests
$
1,112
$
(2,616
)
$
990
$
(8,534
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
226
243
438
497
Bad debt expense
26
33
49
51
Stock-based compensation
272
470
553
829
Gain on business divestiture
—
—
(1,684
)
—
Deferred income taxes
(487
)
14
(367
)
(267
)
Loss (income) from equity method
investments, net
7
(17
)
15
(35
)
Unrealized (gain) loss on debt and equity
securities, net
(1,912
)
1,677
(1,975
)
7,247
Impairments of goodwill, long-lived assets
and other assets
—
2
16
15
Impairment of equity method investment
—
—
—
182
Revaluation of MLU B.V. call option
—
11
—
(170
)
Unrealized foreign currency
transactions
(15
)
25
(2
)
10
Other
(3
)
(7
)
62
(2
)
Change in assets and liabilities, net of
impact of business acquisitions and disposals:
Accounts receivable
(114
)
(103
)
(149
)
(129
)
Prepaid expenses and other assets
58
78
(9
)
58
Collateral held by insurer
28
—
136
—
Operating lease right-of-use assets
39
53
77
95
Accounts payable
188
(53
)
185
(45
)
Accrued insurance reserves
48
192
21
326
Accrued expenses and other liabilities
206
486
762
414
Operating lease liabilities
(20
)
(49
)
(70
)
(88
)
Net cash provided by (used in) operating
activities
(341
)
439
(952
)
454
Cash flows from investing
activities
Purchases of property and equipment
(57
)
(57
)
(128
)
(119
)
Purchases of marketable securities
(190
)
—
(526
)
—
Purchases of non-marketable equity
securities
(54
)
(1
)
(857
)
(14
)
Purchase of notes receivable
(2
)
—
(218
)
—
Proceeds from maturities and sales of
marketable securities
447
—
1,143
—
Proceeds from sale of non-marketable
equity securities
—
—
500
—
Acquisition of businesses, net of cash
acquired
(52
)
—
(80
)
(59
)
Other investing activities
9
4
17
3
Net cash provided by (used in) investing
activities
101
(54
)
(149
)
(189
)
Cash flows from financing
activities
Principal repayment on Careem Notes
—
—
(194
)
—
Principal payments on finance leases
(61
)
(46
)
(108
)
(108
)
Proceeds from the issuance of common stock
under the Employee Stock Purchase Plan
67
59
67
59
Other financing activities
30
(8
)
45
(59
)
Net cash provided by (used in) financing
activities
36
5
(190
)
(108
)
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
51
(118
)
5
(98
)
Net increase (decrease) in cash and cash
equivalents, and restricted cash and cash equivalents
(153
)
272
(1,286
)
59
Cash and cash equivalents, and
restricted cash and cash equivalents
Beginning of period
6,607
7,592
7,391
7,805
Reclassification from assets held for sale
during the period
—
—
349
—
End of period
$
6,454
$
7,864
$
6,454
$
7,864
Other Income (Expense), Net
The following table presents other income (expense), net (in
millions):
Three Months Ended June
30,
Six Months Ended June
30,
2021
2022
2021
2022
(Unaudited)
Interest income
$
13
$
17
$
18
$
28
Foreign currency exchange gains (losses),
net
—
(38
)
(25
)
(28
)
Gain on business divestiture (1)
—
—
1,684
—
Unrealized gain (loss) on debt and equity
securities, net (2)
1,912
(1,677
)
1,975
(7,247
)
Impairment of equity method investment
(3)
—
—
—
(182
)
Revaluation of MLU B.V. call option
(4)
—
(11
)
—
170
Other, net
18
5
1
(2
)
Other income (expense), net
$
1,943
$
(1,704
)
$
3,653
$
(7,261
)
(1)
During the first half of 2021, gain on
business divestiture primarily represents a $1.6 billion gain on
the sale of Apparate USA LLC (“Apparate” or the “ATG Business”) to
Aurora Innovation, Inc. (“Aurora”) in January 2021.
(2)
During Q2 2021 and the first half of 2021,
unrealized gain (loss) on debt and equity securities, net primarily
represents a $1.4 billion gain on our Didi investment and a $471
million gain on our Aurora Investments in the second quarter of
2021.
During Q2 2022 and the first half of 2022,
unrealized gain (loss) on debt and equity securities, net primarily
represents a $1.1 billion and $2.8 billion loss, respectively, on
our Aurora Investments, a $520 million and $2.5 billion loss,
respectively, on our Grab investment, a $245 million and $707
million loss, respectively, on our Zomato investment, and a $1.4
billion loss on our Didi investment in the first quarter of 2022,
partially offset by a $259 million gain on our Didi investment in
the second quarter of 2022.
(3)
During the first half of 2022, impairment
of equity method investment represents a $182 million impairment
loss recorded on our MLU B.V. equity method investment.
(4)
During the first half of 2022, revaluation
of MLU B.V. call option represents a $170 million net gain for the
change in fair value of the call option granted to Yandex (“MLU
B.V. Call Option”).
Stock-Based Compensation Expense
The following table summarizes total stock-based compensation
expense by function (in millions):
Three Months Ended June
30,
Six Months Ended June
30,
2021
2022
2021
2022
(Unaudited)
Operations and support
$
38
$
40
$
65
$
73
Sales and marketing
19
28
42
50
Research and development
149
277
282
473
General and administrative
66
125
164
233
Total
$
272
$
470
$
553
$
829
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.
Adjusted EBITDA margin. We define Adjusted EBITDA margin
as Adjusted EBITDA as a percentage of Gross Bookings.
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 COVID-19, we 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.
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.
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.
Segment Adjusted EBITDA margin. We define each segment’s
Adjusted EBITDA margin as the segment Adjusted EBITDA as a
percentage of segment Gross Bookings.
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 UberX Share 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), 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, 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 certain restructuring and related
charges, part of which may be settled in cash;
- 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 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; and impairment of debt and equity securities;
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.
Free Cash Flow
We define free cash flow as net cash flows from operating
activities less capital expenditures.
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 June
30,
Six Months Ended June
30,
(In millions)
2021
2022
2021
2022
Adjusted EBITDA reconciliation:
Net income (loss) attributable to Uber
Technologies, Inc.
$
1,144
$
(2,601
)
$
1,036
$
(8,530
)
Add (deduct):
Net loss attributable to non-controlling
interests, net of tax
(32
)
(15
)
(46
)
(4
)
Provision for (benefit from) income
taxes
(479
)
77
(294
)
(155
)
Loss (income) from equity method
investments
7
(17
)
15
(35
)
Interest expense
115
139
230
268
Other (income) expense, net
(1,943
)
1,704
(3,653
)
7,261
Depreciation and amortization
226
243
438
497
Stock-based compensation expense
272
470
553
829
Legal, tax, and regulatory reserve changes
and settlements
140
368
691
368
Goodwill and asset impairments/loss on
sale of assets
—
4
57
17
Acquisition, financing and divestitures
related expenses
26
6
62
20
Accelerated lease costs related to
cease-use of ROU assets
—
—
2
—
COVID-19 response initiatives
15
—
41
1
Loss on lease arrangements, net
—
—
—
7
Restructuring and related charges
—
—
—
2
Mass arbitration fees, net
—
(14
)
—
(14
)
Adjusted EBITDA
$
(509
)
$
364
$
(868
)
$
532
Free Cash Flow
We define free cash flow as net cash flows from operating
activities less capital expenditures. The following table presents
reconciliation of free cash flow to the most directly comparable
GAAP financial measure for each of the periods indicated.
Three Months Ended June
30,
Six Months Ended June
30,
(In millions)
2021
2022
2021
2022
Free cash flow reconciliation:
Net cash provided by (used in) operating
activities
$
(341
)
$
439
$
(952
)
$
454
Purchases of property and equipment
(57
)
(57
)
(128
)
(119
)
Free cash flow
$
(398
)
$
382
$
(1,080
)
$
335
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)
June 30, 2021
March 31, 2022
June 30, 2022
Non-GAAP Cost of revenue exclusive of
depreciation and amortization reconciliation:
GAAP Cost of revenue exclusive of
depreciation and amortization
$
2,099
$
4,026
$
5,153
COVID-19 response initiatives
(6
)
(1
)
—
Non-GAAP Cost of revenue exclusive of
depreciation and amortization
$
2,093
$
4,025
$
5,153
Three Months Ended
(In millions)
June 30, 2021
March 31, 2022
June 30, 2022
Non-GAAP Operating Expenses
Non-GAAP Operations and support
reconciliation:
GAAP Operations and support
$
432
$
574
$
617
Restructuring and related charges
—
(2
)
—
COVID-19 response initiatives
(1
)
—
—
Acquisition, financing and divestitures
related expenses
(3
)
(1
)
—
Stock-based compensation expense
(38
)
(33
)
(40
)
Non-GAAP Operations and support
$
390
$
538
$
577
Non-GAAP Sales and marketing
reconciliation:
GAAP Sales and marketing
$
1,256
$
1,263
$
1,218
Acquisition, financing and divestitures
related expenses
(1
)
—
—
COVID-19 response initiatives
(2
)
—
—
Stock-based compensation expense
(19
)
(22
)
(28
)
Non-GAAP Sales and marketing
$
1,234
$
1,241
$
1,190
Non-GAAP Research and development
reconciliation:
GAAP Research and development
$
488
$
587
$
704
Acquisition, financing and divestitures
related expenses
(5
)
—
—
Stock-based compensation expense
(149
)
(196
)
(277
)
Non-GAAP Research and development
$
334
$
391
$
427
Non-GAAP General and administrative
reconciliation:
GAAP General and administrative
$
616
$
632
$
851
Legal, tax, and regulatory reserve changes
and settlements
(65
)
—
(271
)
Goodwill and asset impairments/loss on
sale of assets
—
(13
)
(4
)
Acquisition, financing and divestitures
related expenses
(17
)
(12
)
(6
)
Loss on lease arrangements, net
—
(7
)
—
Mass arbitration fees, net
—
—
14
Stock-based compensation expense
(66
)
(108
)
(125
)
Non-GAAP General and administrative
$
468
$
492
$
459
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