Gross Bookings grew 19% year-over-year and 22%
year-over-year on a constant currency basis Mobility and Delivery
Adjusted EBITDA margins at all-time quarterly highs Operating cash
flow of $606 million; Record free cash flow of $549 million
Uber Technologies, Inc. (NYSE: UBER) today announced financial
results for the quarter ended March 31, 2023.
Financial Highlights for First Quarter 2023
- Gross Bookings grew 19% year-over-year (“YoY”) to $31.4
billion, or 22% on a constant currency basis, with Mobility Gross
Bookings of $15.0 billion (+40% YoY or +43% YoY constant currency)
and Delivery Gross Bookings of $15.0 billion (+8% YoY or +12% YoY
constant currency). Trips during the quarter grew 24% YoY to 2.1
billion, or approximately 24 million trips per day on average.
- Revenue grew 29% YoY to $8.8 billion, or 33% 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.
- Net loss attributable to Uber Technologies, Inc. was $157
million, which includes a $320 million net benefit (pre-tax)
primarily due to net unrealized gains related to the revaluation of
Uber’s equity investments.
- Adjusted EBITDA of $761 million, up $593 million YoY. Adjusted
EBITDA margin as a percentage of Gross Bookings was 2.4%, up from
0.6% in Q1 2022. Incremental margin as a percentage of Gross
Bookings was 12.0% YoY.
- Net cash provided by operating activities was $606 million and
free cash flow, defined as net cash flows from operating activities
less capital expenditures, was $549 million.
- Unrestricted cash, cash equivalents, and short-term investments
were $4.2 billion at the end of the first quarter.
"We significantly accelerated Q1 trip growth to 24% from 19%
last quarter, with Mobility trip growth of 32%, as a result of
improved earner and consumer engagement,” said Dara Khosrowshahi,
CEO. “Looking ahead, we are focused on extending our product, scale
and platform advantages to sustain market-leading top and
bottom-line growth beyond 2023."
"We delivered record profitability and free cash flow in Q1, and
we are poised to expand profitability again in Q2,” said Nelson
Chai, CFO. “We continued to actively manage our balance sheet,
exiting our equity position in Yandex.Taxi and refinancing our term
loans, and remain focused on disciplined capital allocation over
the coming years."
Outlook for Q2 2023
For Q2 2023, we anticipate:
- Gross Bookings of $33.0 billion to $34.0 billion
- Adjusted EBITDA of $800 million to $850 million
Financial and Operational Highlights
for First Quarter 2023
Three Months Ended March
31,
(In millions, except percentages)
2022
2023
% Change
% Change (Constant
Currency (1))
Monthly Active Platform Consumers
(“MAPCs”)
115
130
13
%
Trips
1,713
2,124
24
%
Gross Bookings
$
26,449
$
31,408
19
%
22
%
Revenue
$
6,854
$
8,823
29
%
33
%
Loss from operations
$
(482
)
$
(262
)
46
%
Net loss attributable to Uber
Technologies, Inc. (2)
$
(5,930
)
$
(157
)
**
Adjusted EBITDA (1)
$
168
$
761
353
%
Net cash provided by operating
activities
$
15
$
606
**
Free cash flow (1)
$
(47
)
$
549
**
(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 loss includes a $5.6 billion net
headwind (pre-tax) and a $320 million net benefit (pre-tax) from
revaluations of Uber’s equity investments in Q1 2022 and Q1 2023,
respectively.
**
Percentage not meaningful.
Results by Offering and Segment
Gross Bookings
Three Months Ended March
31,
(In millions, except percentages)
2022
2023
% Change
% Change
(Constant Currency)
Gross Bookings:
Mobility
$
10,723
$
14,981
40
%
43
%
Delivery
13,903
15,026
8
%
12
%
Freight
1,823
1,401
(23
) %
(23
) %
Total
$
26,449
$
31,408
19
%
22
%
Revenue
Three Months Ended March
31,
(In millions, except percentages)
2022
2023
% Change
% Change
(Constant Currency)
Revenue:
Mobility (1)
$
2,518
$
4,330
72
%
78
%
Delivery (2)
2,512
3,093
23
%
29
%
Freight
1,824
1,400
(23
) %
(23
) %
Total
$
6,854
$
8,823
29
%
33
%
(1)
Mobility Revenue in Q1 2022 and Q1 2023
benefited from business model changes in the UK by a net amount of
$200 million and $1.1 billion, respectively.
(2)
Delivery Revenue in Q1 2022 and Q1 2023
benefited from business model changes in some countries that
classify certain payments and incentives as cost of revenue by $554
million and $652 million, respectively.
Take Rates
Three Months Ended March
31,
2022
2023
Mobility (1)
23.5
%
28.9
%
Delivery (2)
18.1
%
20.6
%
(1)
Mobility Take Rate in Q1 2022 and Q1 2023
includes a net benefit from business model changes in the UK of 190
bps and 750 bps, respectively. Excluding this impact, Mobility Take
Rate would be 21.6% and 21.4%, respectively.
(2)
Delivery Take Rate in Q1 2022 and Q1 2023
benefited from business model changes in some countries that
classify certain payments and incentives as cost of revenue by 400
bps and 430 bps, respectively.
Adjusted EBITDA and Segment Adjusted
EBITDA
Three Months Ended March
31,
(In millions, except percentages)
2022
2023
% Change
Segment Adjusted EBITDA:
Mobility
$
618
$
1,060
72
%
Delivery
30
288
**
Freight
2
(23
)
**
Corporate G&A and Platform R&D
(1)
(482
)
(564
)
(17
) %
Adjusted EBITDA (2)
$
168
$
761
353
%
(1)
Includes costs that are not directly
attributable to our reportable segments. Corporate G&A also
includes certain shared costs such as finance, accounting, tax,
human resources, information technology and legal costs. Platform
R&D also includes mapping and payment technologies and support
and development of the internal technology infrastructure. Our
allocation methodology is periodically evaluated and may
change.
(2)
“Adjusted EBITDA” is a non-GAAP measure as
defined by the SEC. See “Definitions of Non-GAAP Measures” and
“Reconciliations of Non-GAAP Measures” sections herein for an
explanation and reconciliations of non-GAAP measures used
throughout this release.
**
Percentage not meaningful.
Revenue by Geographical
Region
Three Months Ended March
31,
(In millions, except percentages)
2022
2023
% Change
United States and Canada ("US&CAN")
(1)
$
4,562
$
5,132
12
%
Latin America ("LatAm")
432
565
31
%
Europe, Middle East and Africa ("EMEA")
(2)
1,127
2,094
86
%
Asia Pacific ("APAC")
733
1,032
41
%
Total
$
6,854
$
8,823
29
%
(1)
US&CAN Revenue in Q1 2023 was
adversely impacted by a 23% YoY decline in Freight Revenues.
(2)
EMEA Revenue in Q1 2022 and Q1 2023
benefited from Mobility business model changes in the UK by a net
amount of $200 million and $1.1 billion, respectively.
Financial Highlights for the First Quarter 2023
(continued)
Mobility
- Gross Bookings of $15.0 billion: Mobility Gross Bookings
grew 43% YoY on a constant currency basis. On a sequential basis,
Mobility Gross Bookings grew 1% quarter-over-quarter (“QoQ”).
- Revenue of $4.3 billion: Mobility Revenue grew 72% YoY
and 5% QoQ. The YoY increase was primarily driven by a $1.1 billion
benefit related to a UK business model change that classifies most
driver payments and incentives as cost of revenue. Mobility Take
Rate of 28.9% increased 540 bps YoY and increased 110 bps QoQ. The
UK business model change impacting revenue represented a 750 bps
net benefit to Take Rate in the quarter.
- Adjusted EBITDA of $1.1 billion: Mobility Adjusted
EBITDA increased $442 million YoY and $48 million QoQ. Mobility
Adjusted EBITDA margin was 7.1% of Gross Bookings compared to 5.8%
in Q1 2022 and 6.8% in Q4 2022. Mobility Adjusted EBITDA margin
improvement YoY was primarily driven by better cost leverage from
higher volume.
Delivery
- Gross Bookings of $15.0 billion: Delivery Gross Bookings
grew 12% YoY on a constant currency basis. Delivery Gross Bookings
in US&CAN were up 11% YoY and in all other markets were up 12%
YoY on a constant currency basis.
- Revenue of $3.1 billion: Delivery Revenue grew 23% YoY
and 6% QoQ. Take Rate of 20.6% grew 250 bps YoY and grew 10 bps
QoQ. Business model changes in some countries that classify certain
payments and incentives as cost of revenue benefited Delivery Take
Rate by 430 bps in the quarter (compared to 400 bps benefit in Q1
2022 and 480 bps benefit in Q4 2022).
- Adjusted EBITDA of $288 million: Delivery Adjusted
EBITDA grew $258 million YoY and $47 million QoQ, driven by higher
volumes and increased Advertising revenue, as well as decreased
marketing costs. Delivery Adjusted EBITDA margin as a percentage of
Gross Bookings reached 1.9%, compared to 0.2% in Q1 2022 and 1.7%
in Q4 2022.
Freight
- Revenue of $1.4 billion: Freight Revenue declined 23%
YoY and 9% QoQ driven by lower revenue per load and volume, both a
consequence of the challenging freight market cycle.
- Adjusted EBITDA loss of $23 million: Freight Adjusted
EBITDA declined $25 million YoY and $15 million QoQ. Freight
Adjusted EBITDA margin as a percentage of Gross Bookings declined
1.7 percentage points YoY to (1.6)%.
Corporate
- Corporate G&A and Platform R&D: Corporate
G&A and Platform R&D expenses of $564 million, compared to
$482 million in Q1 2022, and $580 million in Q4 2022. On a YoY
basis, Corporate G&A and Platform R&D remained flat as a
percentage of Gross Bookings.
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 $5.3 billion, representing
16.7% of Gross Bookings, compared to 15.2% and 17.3% in Q1 2022 and
Q4 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.
- 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
$640 million. Non-GAAP operations and support was $591 million,
representing 1.9% of Gross Bookings, compared to 2.0% and 1.8% in
Q1 2022 and Q4 2022, 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 $1.3
billion. Non-GAAP sales and marketing was $1.2 billion,
representing 3.9% of Gross Bookings, compared to 4.7% and 3.6% in
Q1 2022 and Q4 2022, respectively. On a YoY basis, non-GAAP sales
and marketing as a percentage of Gross Bookings decreased due to a
decrease in consumer discounts, credits and refunds.
- Research and development: GAAP research and development
was $775 million. Non-GAAP research and development was $474
million, representing 1.5% of Gross Bookings, compared to 1.5% in
both Q1 2022 and Q4 2022, respectively. As a percentage of Gross
Bookings, non-GAAP research and development remained flat on a YoY
and QoQ basis.
- General and administrative: GAAP general and
administrative was $942 million. Non-GAAP general and
administrative was $501 million, representing 1.6% of Gross
Bookings, compared to 1.9% and 1.7% in Q1 2022 and Q4 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 First Quarter 2023
Platform
- Monthly Active Platform Consumers (“MAPCs”) reached 130
million: MAPCs grew 13% YoY to 130 million, driven by continued
improvement in consumer activity for our Mobility offerings.
- Trips of 2.1 billion: Trips on our platform grew 24%
YoY, driven by both Mobility and Delivery growth. Both Mobility and
Delivery trips were up QoQ.
- Supporting earners: Drivers and couriers earned an
aggregate $13.7 billion (including tips) during the quarter, with
earnings up 26% YoY, or 30% on a constant currency basis.
- Membership: Returned to the Super Bowl stage for the
third year to launch our latest campaign “One Hit for Uber One.”
Uber One continued to experience ongoing adoption and our member
base in US & Canada reached an all-time high.
- Uber app redesign: Launched the redesigned Uber app,
focused on driving cross-platform usage across Mobility and
Delivery, and making our “Go Anywhere, Get Anything” differentiator
even easier. Updates include a new home screen, more
personalization, and a new way to track the live progress of a ride
without opening the app.
- Advertising: Expanded our advertising formats with the
addition of Post Checkout ads on Uber Eats, enabling non-Eats
merchants to advertise in the app. In addition, launched a
self-service platform for cartop ads, giving drivers a way to earn
more revenue and spotlight local businesses. Active advertising
merchants during the quarter exceeded 345K.
- Cloud migration: Announced long-term partnerships with
Google Cloud and Oracle to migrate our infrastructure to the cloud.
These strategic partnerships include other areas of collaboration
with Google and Oracle.
- Annual Environmental, Social, and Governance Report:
Published our annual Environmental, Social, and Governance Report
in April, which highlights our perspectives on the ESG issues that
matter most to the people who earn on, move on, or invest in our
platform, as well as our approach to People and Culture and our
broader diversity, equity, and inclusion initiatives.
Mobility
- Uber Reserve expansion: Building on strong traction in
other regions for Uber Reserve, expanded product availability to
new markets in EMEA. In addition, expanded Reserve feature
availability across many cities, including launching Economy
products in New York City.
- Taxis: Launched Uber Taxi in new markets including
Munich, Germany; Troms�, Norway; Palermo, Italy; the metropolitan
area of São Paulo, Brazil; and more. Uber Taxi is now available in
Argentina in all cities where Uber is available, and 100% of New
York City taxi supply is now connected to Uber.
- Airport product bundle: Announced a series of new
products and features aimed at making airport travel experiences
smoother than ever, including new Uber Reserve features, Business
Comfort expansion, in-app directions to pickup, and walking
ETAs.
- Earner and rider safety: Expanded the opt-in audio
recording feature to more than half of the US and all of Canada,
giving riders and drivers the option to initiate an audio recording
during a trip through the Safety Toolkit in their Uber app.
- Electric Vehicle (“EV”) updates: Expanded Comfort
Electric to 14 new markets across the US and Canada, bringing us to
40 North American markets where riders can use Uber to go electric.
In addition, signed agreements with bp to provide access to
reliable and convenient charging and Tata Motors to bring 25,000
EVs onto Uber’s platform.
- Micromobility partnership: Announced a multi-market
commercial partnership with Tembici, a leader in micromobility
across Latin America, to make bikes and electric bikes available
directly in the Uber app.
Delivery
- Grocery courier experience: Rolled out new features to
improve the Shop and Pay experience for grocery couriers across the
US, including suggested substitutions for out of stock items,
digital payments, and enhanced upfront order clarity.
- New Verticals merchant selection: Expanded our New
Verticals selection around the world, as we launched PetSmart as a
retail partner in the US; grocery delivery with Coles, Australia’s
second-largest grocer; a convenience partnership with Mexican
pharmacy Benavides; and alcohol delivery from all serviceable
locations of the Liquor Control Board of Ontario (“LCBO”) in
Canada.
- Uber Eats at Venues: Announced new functionality that
allows sports fans to order concessions directly to their seats at
Yankee Stadium, building upon mobile ordering for pickup at venues
including Minute Maid Park, Capital One Arena, Angel Stadium and
PayPal Park. In addition, signed a new partnership with Tampa
International Airport to facilitate mobile ordering before boarding
a flight.
- Certified Virtual Restaurant Program: Announced new
quality standards and a new Certified Virtual Restaurant Program in
the US to make virtual restaurant operations more streamlined and
effective for merchants, and to create a more consistent, reliable
virtual restaurants experience for consumers who use Uber
Eats.
- Courier electrification: Introduced new partnerships to
support zero-emission modes of transportation for delivery
couriers, including working with Gachaco to provide rapid battery
replacement for three-wheelers in Japan; Lumala to improve e-cycle
availability for Uber Eats couriers in Sri Lanka; and HumanForest
to give Uber Eats couriers full access to its e-bike and e-moped
fleet in London.
Freight
- Electric truck pilot partnership with WattEV and CHEP:
Announced a strategic partnership with WattEV to deploy electric
trucks on select routes in Southern California. CHEP was the first
shipper to participate in the pilot, which serves as an important
milestone in electric freight transportation and established Uber
Freight’s first EV deployment.
Corporate
- Refinanced Term Loans: Refinanced Uber’s 2025 and 2027
term loans, extending the full $2.5 billion to a 2030
maturity.
Recent Developments
- Yandex stake sale: In April 2023, we entered into and
closed on a definitive agreement to sell our remaining equity
interest in MLU B.V., our joint venture with Yandex, to Yandex for
$702.5 million in cash.
- Careem Super App investment: In April 2023, we entered
into a series of agreements with Emirates Telecommunication Group
Company (“e&”) whereby e& will contribute $400 million into
the Careem non-ridesharing businesses (“Careem Super App”) in
exchange for a majority equity interest.
Webcast and conference call information
A live audio webcast of our first quarter ended March 31, 2023
earnings release call will be available at
https://investor.uber.com/, along with the earnings press release
and slide presentation. The call begins on May 2, 2023 at 5:00 AM
(PT) / 8:00 AM (ET). This press release, including the
reconciliations of certain non-GAAP measures to their nearest
comparable GAAP measures, is also available on that site.
We also provide announcements regarding our financial
performance and other matters, including SEC filings, investor
events, press and earnings releases, on our investor relations
website (https://investor.uber.com/), and our blogs
(https://uber.com/blog) and Twitter accounts (@uber and @dkhos), as
a means of disclosing material information and complying with our
disclosure obligations under Regulation FD.
About Uber
Uber’s mission is to create opportunity through movement. We
started in 2010 to solve a simple problem: how do you get access to
a ride at the touch of a button? More than 39 billion trips later,
we're building products to get people closer to where they want to
be. By changing how people, food, and things move through cities,
Uber is a platform that opens up the world to new
possibilities.
Forward-Looking Statements
This press release contains forward-looking statements regarding
our future business expectations which involve risks and
uncertainties. Actual results may differ materially from the
results predicted, and reported results should not be considered as
an indication of future performance. Forward-looking statements
include all statements that are not historical facts and can be
identified by terms such as “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,”
“might,” “objective,” “ongoing,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” or “would” or similar
expressions and the negatives of those terms. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These risks, uncertainties and other
factors relate to, among others: competition, managing our growth
and corporate culture, financial performance, investments in new
products or offerings, our ability to attract drivers, consumers
and other partners to our platform, our brand and reputation and
other legal and regulatory developments, particularly with respect
to our relationships with drivers and couriers and the impact of
the global economy, including rising inflation and interest rates.
For additional information on other potential risks and
uncertainties that could cause actual results to differ from the
results predicted, please see our Annual Report on Form 10-K for
the year ended December 31, 2022 and subsequent quarterly reports
and other filings filed with the Securities and Exchange Commission
from time to time. All information provided in this release and in
the attachments is as of the date of this press release and any
forward-looking statements contained herein are based on
assumptions that we believe to be reasonable as of this date. Undue
reliance should not be placed on the forward-looking statements in
this press release, which are based on information available to us
on the date hereof. We undertake no duty to update this information
unless required by law.
Non-GAAP Financial Measures
To supplement our financial information, which is prepared and
presented in accordance with generally accepted accounting
principles in the United States of America (“GAAP”), we use the
following non-GAAP financial measures: Adjusted EBITDA; Free cash
flow; Non-GAAP Costs and Operating Expenses as well as, revenue
growth rates in constant currency. The presentation of this
financial information is not intended to be considered in isolation
or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP. We use these
non-GAAP financial measures for financial and operational
decision-making and as a means to evaluate period-to-period
comparisons. We believe that these non-GAAP financial measures
provide meaningful supplemental information regarding our
performance by excluding certain items that may not be indicative
of our recurring core business operating results.
We believe that both management and investors benefit from
referring to these non-GAAP financial measures in assessing our
performance and when planning, forecasting, and analyzing future
periods. These non-GAAP financial measures also facilitate
management’s internal comparisons to our historical performance. We
believe these non-GAAP financial measures are useful to investors
both because (1) they allow for greater transparency with respect
to key metrics used by management in its financial and operational
decision-making and (2) they are used by our institutional
investors and the analyst community to help them analyze the health
of our business.
There are a number of limitations related to the use of non-GAAP
financial measures. In light of these limitations, we provide
specific information regarding the GAAP amounts excluded from these
non-GAAP financial measures and evaluating these non-GAAP financial
measures together with their relevant financial measures in
accordance with GAAP.
For more information on these non-GAAP financial measures,
please see the sections titled “Key Terms for Our Key Metrics and
Non-GAAP Financial Measures,” “Definitions of Non-GAAP Measures”
and “Reconciliations of Non-GAAP Measures” included at the end of
this release. In regards to forward looking non-GAAP guidance, we
are not able to reconcile the forward-looking non-GAAP Adjusted
EBITDA measure to the closest corresponding GAAP measure without
unreasonable efforts because we are unable to predict the ultimate
outcome of certain significant items. These items include, but are
not limited to, significant legal settlements, unrealized gains and
losses on equity investments, tax and regulatory reserve changes,
restructuring costs and acquisition and financing related
impacts.
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions)
(Unaudited)
As of December 31,
2022
As of March 31, 2023
Assets
Cash and cash equivalents
$
4,208
$
4,045
Short-term investments
103
121
Restricted cash and cash equivalents
680
897
Accounts receivable, net
2,779
2,571
Prepaid expenses and other current
assets
1,479
1,562
Total current assets
9,249
9,196
Restricted cash and cash equivalents
1,789
1,851
Restricted investments
1,614
1,964
Investments
4,401
4,718
Equity method investments
870
740
Property and equipment, net
2,082
2,142
Operating lease right-of-use assets
1,449
1,335
Intangible assets, net
1,874
1,766
Goodwill
8,263
8,185
Other assets
518
554
Total assets
$
32,109
$
32,451
Liabilities, redeemable non-controlling
interests and equity
Accounts payable
$
728
$
712
Short-term insurance reserves
1,692
1,658
Operating lease liabilities, current
201
193
Accrued and other current liabilities
6,232
6,120
Total current liabilities
8,853
8,683
Long-term insurance reserves
3,028
3,412
Long-term debt, net of current portion
9,265
9,257
Operating lease liabilities,
non-current
1,673
1,629
Other long-term liabilities
786
798
Total liabilities
23,605
23,779
Redeemable non-controlling interests
430
419
Equity
Common stock
—
—
Additional paid-in capital
40,550
41,030
Accumulated other comprehensive loss
(443
)
(598
)
Accumulated deficit
(32,767
)
(32,924
)
Total Uber Technologies, Inc.
stockholders' equity
7,340
7,508
Non-redeemable non-controlling
interests
734
745
Total equity
8,074
8,253
Total liabilities, redeemable
non-controlling interests and equity
$
32,109
$
32,451
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 March
31,
2022
2023
Revenue
$
6,854
$
8,823
Costs and expenses
Cost of revenue, exclusive of depreciation
and amortization shown separately below
4,026
5,259
Operations and support
574
640
Sales and marketing
1,263
1,262
Research and development
587
775
General and administrative
632
942
Depreciation and amortization
254
207
Total costs and expenses
7,336
9,085
Loss from operations
(482
)
(262
)
Interest expense
(129
)
(168
)
Other income (expense), net
(5,557
)
292
Loss before income taxes and income
from equity method investments
(6,168
)
(138
)
Provision for (benefit from) income
taxes
(232
)
55
Income from equity method investments
18
36
Net loss including non-controlling
interests
(5,918
)
(157
)
Less: net income (loss) attributable to
non-controlling interests, net of tax
12
—
Net loss attributable to Uber
Technologies, Inc.
$
(5,930
)
$
(157
)
Net loss per share attributable to Uber
Technologies, Inc. common stockholders:
Basic
$
(3.03
)
$
(0.08
)
Diluted
$
(3.04
)
$
(0.08
)
Weighted-average shares used to compute
net loss per share attributable to common stockholders:
Basic
1,953,989
2,009,557
Diluted
1,957,731
2,009,557
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended March
31,
2022
2023
Cash flows from operating
activities
Net loss including non-controlling
interests
$
(5,918
)
$
(157
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
254
207
Bad debt expense
18
20
Stock-based compensation
359
470
Deferred income taxes
(281
)
10
Income from equity method investments,
net
(18
)
(36
)
Unrealized (gain) loss on debt and equity
securities, net
5,570
(320
)
Impairments of goodwill, long-lived assets
and other assets
13
67
Impairment of equity method investment
182
—
Revaluation of MLU B.V. call option
(181
)
—
Unrealized foreign currency
transactions
(15
)
83
Other
5
4
Change in assets and liabilities, net of
impact of business acquisitions and disposals:
Accounts receivable
(26
)
168
Prepaid expenses and other assets
(20
)
(119
)
Operating lease right-of-use assets
42
52
Accounts payable
8
(7
)
Accrued insurance reserves
134
350
Accrued expenses and other liabilities
(72
)
(142
)
Operating lease liabilities
(39
)
(44
)
Net cash provided by operating
activities
15
606
Cash flows from investing
activities
Purchases of property and equipment
(62
)
(57
)
Purchases of non-marketable equity
securities
(13
)
—
Purchases of marketable securities
—
(846
)
Proceeds from maturities and sales of
marketable securities
—
500
Acquisition of businesses, net of cash
acquired
(59
)
—
Other investing activities
(1
)
4
Net cash used in investing activities
(135
)
(399
)
Cash flows from financing
activities
Issuance of term loans and notes, net of
issuance costs
—
1,121
Principal repayment on term loan and
notes
(6
)
(1,137
)
Principal payments on finance leases
(62
)
(40
)
Other financing activities
(45
)
(51
)
Net cash used in financing activities
(113
)
(107
)
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
20
16
Net increase (decrease) in cash and cash
equivalents, and restricted cash and cash equivalents
(213
)
116
Cash and cash equivalents, and
restricted cash and cash equivalents
Beginning of period
7,805
6,677
End of period
$
7,592
$
6,793
Other Income (Expense), Net
The following table presents other income (expense), net (in
millions):
Three Months Ended March
31,
2022
2023
(Unaudited)
Interest income
$
11
$
87
Foreign currency exchange gains (losses),
net
10
(94
)
Unrealized gain (loss) on debt and equity
securities, net (1)
(5,570
)
320
Impairment of equity method investment
(2)
(182
)
—
Revaluation of MLU B.V. call option
(3)
181
—
Other, net
(7
)
(21
)
Other income (expense), net
$
(5,557
)
$
292
(1)
During the three months ended March 31,
2022, unrealized loss on debt and equity securities, net primarily
represents changes in the fair value of our equity securities,
including: a $1.9 billion unrealized loss on our Grab investment; a
$1.7 billion unrealized loss on our Aurora investments; a $1.4
billion unrealized loss on our Didi investment; and a $462 million
change in fair value on our Zomato investment.
During the three months ended March 31,
2023, unrealized gain on debt and equity securities, net primarily
represents changes in the fair value of our equity securities,
including: a $357 million unrealized gain on our Didi investment, a
$54 million unrealized gain on our Aurora investments, partially
offset by a $113 million unrealized loss on our Grab
investment.
(2)
During the three months ended March 31,
2022, impairment of equity method investment represents a $182
million impairment loss recorded on our MLU B.V. equity method
investment.
(3)
During the three months ended March 31,
2022, revaluation of MLU B.V. call option represents a $181 million
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 March
31,
2022
2023
(Unaudited)
Operations and support
$
33
$
38
Sales and marketing
22
24
Research and development
196
290
General and administrative
108
118
Total
$
359
$
470
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. We define
incremental margin as the change in Adjusted EBITDA between periods
divided by the change in Gross Bookings between periods.
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. These are generally included in aggregate Drivers and
couriers earned amounts.
Driver incentives. Driver incentives refer to payments
that we make to Drivers, which are separate from and in addition to
the Driver’s portion of the fare paid by the consumer after we
retain our service fee to Drivers. For example, Driver incentives
could include payments we make to Drivers should they choose to
take advantage of an incentive offer and complete a consecutive
number of trips or a cumulative number of trips on the platform
over a defined period of time. Driver incentives are recorded as a
reduction of revenue or cost of revenue, exclusive of depreciation
and amortization. These incentives are generally included in
aggregate Drivers and couriers earned amounts.
Free cash flow. Free cash flow is a Non-GAAP measure. We
define free cash flow as net cash flows from operating activities
less capital expenditures.
Gross Bookings. We define Gross Bookings as the total
dollar value, including any applicable taxes, tolls, and fees, of:
Mobility rides; Delivery orders (in each case without any
adjustment for consumer discounts and refunds); Driver and Merchant
earnings; Driver incentives and Freight Revenue. Gross Bookings do
not include tips earned by Drivers. Gross Bookings are an
indication of the scale of our current platform, which ultimately
impacts revenue.
Monthly Active Platform Consumers (“MAPCs”). We define
MAPCs as the number of unique consumers who completed a Mobility
ride or received a Delivery order on our platform at least once in
a given month, averaged over each month in the quarter. While a
unique consumer can use multiple product offerings on our platform
in a given month, that unique consumer is counted as only one
MAPC.
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 rides and Delivery orders in a given period. For
example, an UberX Share ride with three paying consumers represents
three unique Trips, whereas an UberX ride with three passengers
represents one Trip. We believe that Trips are a useful metric to
measure the scale and usage of our platform.
Definitions of Non-GAAP Measures
We collect and analyze operating and financial data to evaluate
the health of our business and assess our performance. In addition
to revenue, net income (loss), income (loss) from operations, and
other results under GAAP, we use: Adjusted EBITDA; Free cash flow;
Non-GAAP Costs and Operating Expenses; as well as, revenue growth
rates in constant currency, which are described below, to evaluate
our business. We have included these non-GAAP financial measures
because they are key measures used by our management to evaluate
our operating performance. Accordingly, we believe that these
non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating our operating results in
the same manner as our management team and board of directors. Our
calculation of these non-GAAP financial measures may differ from
similarly-titled non-GAAP measures, if any, reported by our peer
companies. These non-GAAP financial measures should not be
considered in isolation from, or as substitutes for, financial
information prepared in accordance with GAAP.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss), excluding (i)
income (loss) from discontinued operations, net of income taxes,
(ii) net income (loss) attributable to non-controlling interests,
net of tax, (iii) provision for (benefit from) income taxes, (iv)
income (loss) from equity method investments, (v) interest expense,
(vi) other income (expense), net, (vii) depreciation and
amortization, (viii) stock-based compensation expense, (ix) certain
legal, tax, and regulatory reserve changes and settlements, (x)
goodwill and asset impairments/loss on sale of assets, (xi)
acquisition, financing and divestitures related expenses, (xii)
restructuring and related charges and (xiii) other items not
indicative of our ongoing operating performance, 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; 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.
Free Cash Flow
We define free cash flow as net cash flows from operating
activities less capital expenditures.
Non-GAAP Costs and Operating Expenses
Costs and operating expenses are defined as: cost of revenue,
exclusive of depreciation and amortization; operations and support;
sales and marketing; research and development; and general and
administrative expenses. We define Non-GAAP costs and operating
expenses as costs and operating expenses excluding: (i) stock-based
compensation expense, (ii) certain legal, tax, and regulatory
reserve changes and settlements, (iii) goodwill and asset
impairments/loss on sale of assets, (iv) 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 March
31,
(In millions)
2022
2023
Adjusted EBITDA reconciliation:
Net loss attributable to Uber
Technologies, Inc.
$
(5,930
)
$
(157
)
Add (deduct):
Net income (loss) attributable to
non-controlling interests, net of tax
12
—
Provision for (benefit from) income
taxes
(232
)
55
Income from equity method investments
(18
)
(36
)
Interest expense
129
168
Other (income) expense, net
5,557
(292
)
Depreciation and amortization
254
207
Stock-based compensation expense
359
470
Legal, tax, and regulatory reserve changes
and settlements
—
250
Goodwill and asset impairments/loss on
sale of assets
13
67
Acquisition, financing and divestitures
related expenses
14
8
COVID-19 response initiatives
1
—
(Gain) loss on lease arrangement, net
7
(1
)
Restructuring and related charges
2
22
Adjusted EBITDA
$
168
$
761
Free Cash Flow
The following table presents reconciliations of free cash flow
to the most directly comparable GAAP financial measure for each of
the periods indicated:
Three Months Ended March
31,
(In millions)
2022
2023
Free cash flow reconciliation:
Net cash provided by operating
activities
$
15
$
606
Purchases of property and equipment
(62
)
(57
)
Free cash flow
$
(47
)
$
549
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)
March 31, 2022
December 31, 2022
March 31, 2023
Non-GAAP Cost of revenue exclusive of
depreciation and amortization reconciliation:
GAAP Cost of revenue exclusive of
depreciation and amortization
$
4,026
$
5,307
$
5,259
COVID-19 response initiatives
(1
)
—
—
Non-GAAP Cost of revenue exclusive of
depreciation and amortization
$
4,025
$
5,307
$
5,259
Three Months Ended
(In millions)
March 31, 2022
December 31, 2022
March 31, 2023
Non-GAAP Operating Expenses
Non-GAAP Operations and support
reconciliation:
GAAP Operations and support
$
574
$
605
$
640
Restructuring and related charges
(2
)
—
(8
)
Acquisition, financing and divestitures
related expenses
(1
)
(1
)
(3
)
Stock-based compensation expense
(33
)
(40
)
(38
)
Non-GAAP Operations and support
$
538
$
564
$
591
Non-GAAP Sales and marketing
reconciliation:
GAAP Sales and marketing
$
1,263
$
1,122
$
1,262
Restructuring and related charges
—
—
(1
)
Stock-based compensation expense
(22
)
(26
)
(24
)
Non-GAAP Sales and marketing
$
1,241
$
1,096
$
1,237
Non-GAAP Research and development
reconciliation:
GAAP Research and development
$
587
$
747
$
775
Restructuring and related charges
—
—
(11
)
Stock-based compensation expense
(196
)
(295
)
(290
)
Non-GAAP Research and development
$
391
$
452
$
474
Non-GAAP General and administrative
reconciliation:
GAAP General and administrative
$
632
$
745
$
942
Legal, tax, and regulatory reserve changes
and settlements
—
(81
)
(250
)
Goodwill and asset impairments/loss on
sale of assets
(13
)
(8
)
(67
)
Restructuring and related charges
—
—
(2
)
Acquisition, financing and divestitures
related expenses
(12
)
(6
)
(5
)
Accelerated lease costs related to
cease-use of ROU assets
—
(6
)
—
Gain (loss) on lease arrangements, net
(7
)
—
1
Stock-based compensation expense
(108
)
(121
)
(118
)
Non-GAAP General and administrative
$
492
$
523
$
501
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230502005229/en/
Investors and analysts: investor@uber.com
Media: press@uber.com
Uber Technologies (NYSE:UBER)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Uber Technologies (NYSE:UBER)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024