Gross Bookings grew 16% year-over-year and 20%
year-over-year on a constant currency basis
Income from operations of $1.1 billion;
Adjusted EBITDA of $1.7 billion, up 55% year-over-year
Operating cash flow of $2.2 billion; Free cash
flow of $2.1 billion
Uber Technologies, Inc. (NYSE: UBER) today announced financial
results for the quarter ended September 30, 2024.
“We delivered yet another record quarter of profitable growth at
a global scale, reflecting the strength of our platform, which now
has over 25 million Uber One members,” said Dara Khosrowshahi, CEO.
“We continue to build with an eye towards the future, optimizing
our products for new customer segments and geographies, introducing
Rider Verification nationwide to increase safety for drivers, and
launching shuttles to airports and venues. And of course, we
continue to advance our autonomous strategy, demonstrating how Uber
can help unlock this exciting technology for the world.”
“We hit another important milestone this quarter, delivering
over $1 billion in GAAP operating income for the first time in our
company's history, and are on track to deliver 20% Gross Bookings
growth on a constant currency basis for the full year," said
Prashanth Mahendra-Rajah, CFO. “We remain committed to returning
capital to shareholders through repurchases, while strategically
investing in organic growth vectors that will position us to
capture the significant opportunities ahead."
Financial Highlights for Third Quarter 2024
- Gross Bookings grew 16% year-over-year (“YoY”) to $41.0
billion, or 20% on a constant currency basis, with Mobility Gross
Bookings of $21.0 billion (+17% YoY or +24% YoY constant currency)
and Delivery Gross Bookings of $18.7 billion (+16% YoY or +17% YoY
constant currency). Trips during the quarter grew 17% YoY to 2.9
billion, or approximately 31 million trips per day on average.
- Revenue grew 20% YoY to $11.2 billion, or 22% on a constant
currency basis. Combined Mobility and Delivery revenue grew 23% YoY
to $9.9 billion, or 25% on a constant currency basis.
- Income from operations was $1.1 billion, up $667 million YoY
and $265 million quarter-over-quarter (“QoQ”).
- Net income attributable to Uber Technologies, Inc. was $2.6
billion, which includes a $1.7 billion benefit (pre-tax) due to net
unrealized gains related to the revaluation of Uber’s equity
investments.
- Adjusted EBITDA of $1.7 billion, up 55% YoY. Adjusted EBITDA
margin as a percentage of Gross Bookings was 4.1%, up from 3.1% in
Q3 2023.
- Net cash provided by operating activities was $2.2 billion and
free cash flow, defined as net cash flows from operating activities
less capital expenditures, was $2.1 billion.
- Share repurchases were $375 million of our common stock under
the February 2024 authorization.
- Unrestricted cash, cash equivalents, and short-term investments
were $9.1 billion at the end of the third quarter. We expect to
redeem $2.0 billion of our outstanding debt in Q4 2024.
Outlook for Q4 2024
For Q4 2024, we anticipate:
- Gross Bookings of $42.75 billion to $44.25 billion, which
represents 16% to 20% YoY growth on a constant currency basis.
- Trips YoY growth to be similar compared to Q3 2024.
- Our outlook assumes a roughly 2 percentage point currency
headwind to total reported YoY growth, including a roughly 5
percentage point currency headwind to Mobility’s reported YoY
growth.
- Adjusted EBITDA of $1.78 billion to $1.88 billion, which
represents 39% to 47% YoY growth.
Financial and Operational Highlights for Third Quarter
2024
Three Months Ended September
30,
(In millions, except percentages)
2023
2024
% Change
% Change (Constant
Currency (1))
Monthly Active Platform Consumers
(“MAPCs”)
142
161
13
%
Trips
2,441
2,868
17
%
Gross Bookings
$
35,281
$
40,973
16
%
20
%
Revenue
$
9,292
$
11,188
20
%
22
%
Income from operations
$
394
$
1,061
169
%
Net income attributable to Uber
Technologies, Inc. (2)
$
221
$
2,612
**
Adjusted EBITDA (1)
$
1,092
$
1,690
55
%
Net cash provided by operating activities
(3)
$
966
$
2,151
123
%
Free cash flow (1), (3)
$
905
$
2,109
133
%
(1)
See “Definitions of Non-GAAP Measures” and
“Reconciliations of Non-GAAP Measures” sections herein for an
explanation and reconciliations of non-GAAP measures used
throughout this release.
(2)
Q3 2023 net income includes a $96 million
net headwind (pre-tax) from revaluations of Uber’s equity
investments. Q3 2024 net income includes a $1.7 billion net benefit
(pre-tax) from revaluations of Uber’s equity investments.
(3)
Net cash provided by operating activities
and free cash flow for Q3 2023 includes an approximately $622
million cash outflow related to the payment of an HMRC VAT
assessment.
** Percentage not meaningful.
Results by Offering and Segment
Gross Bookings
Three Months Ended September
30,
(In millions, except percentages)
2023
2024
% Change
% Change (Constant
Currency)
Gross Bookings:
Mobility
$
17,903
$
21,002
17
%
24
%
Delivery
16,094
18,663
16
%
17
%
Freight
1,284
1,308
2
%
2
%
Total
$
35,281
$
40,973
16
%
20
%
Revenue
Three Months Ended September
30,
(In millions, except percentages)
2023
2024
% Change
% Change (Constant
Currency)
Revenue:
Mobility (1)
$
5,071
$
6,409
26
%
29
%
Delivery
2,935
3,470
18
%
19
%
Freight
1,286
1,309
2
%
2
%
Total
$
9,292
$
11,188
20
%
22
%
(1)
Mobility Revenue in Q3 2023 and Q3 2024
were negatively impacted by business model changes in some
countries that classified certain sales and marketing costs as
contra revenue by $161 million and $310 million, respectively.
These changes negatively impacted Mobility revenue YoY growth by 2
percentage points.
Revenue Margin
Three Months Ended September
30,
2023
2024
Mobility (1)
28.3 %
30.5 %
Delivery
18.2 %
18.6 %
(1)
Mobility Revenue Margin in Q3 2023 and Q3
2024 was negatively impacted by business model changes in some
countries that classified certain sales and marketing costs as
contra revenue by 90 bps and 150 bps, respectively.
Adjusted EBITDA and Segment Adjusted EBITDA
Three Months Ended September
30,
(In millions, except percentages)
2023
2024
% Change
Segment Adjusted EBITDA:
Mobility
$
1,287
$
1,682
31
%
Delivery
413
628
52
%
Freight
(13
)
(19
)
(46
)%
Corporate G&A and Platform R&D
(1)
(595
)
(601
)
(1
)%
Adjusted EBITDA (2)
$
1,092
$
1,690
55
%
(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.
Financial Highlights for the Third Quarter 2024
(continued)
Mobility
- Revenue of $6.4 billion: Mobility Revenue grew 26% YoY
and 4% QoQ. The YoY increase was primarily attributable to an
increase in Mobility Gross Bookings due to an increase in Trip
volumes. Mobility Revenue Margin of 30.5% increased 220 bps YoY and
70 bps QoQ. Business model changes negatively impacted Mobility
Revenue Margin by 150 bps in Q3 2024.
- Adjusted EBITDA of $1.7 billion: Mobility Adjusted
EBITDA increased 31% YoY, and Mobility Adjusted EBITDA margin was
8.0% of Gross Bookings compared to 7.2% in Q3 2023 and 7.6% in Q2
2024. Mobility Adjusted EBITDA margin improvement YoY was primarily
driven by better cost leverage from higher volume.
Delivery
- Revenue of $3.5 billion: Delivery Revenue grew 18% YoY
and 5% QoQ. The YoY increase was primarily attributable to an
increase in Delivery Gross Bookings due to an increase in Trip
volumes, and an increase in advertising revenue. Delivery Revenue
Margin of 18.6% increased 40 bps YoY and 40 bps QoQ.
- Adjusted EBITDA of $628 million: Delivery Adjusted
EBITDA increased 52% YoY, and Delivery Adjusted EBITDA margin was
3.4% of Gross Bookings, compared to 2.6% in Q3 2023 and 3.2% in Q2
2024. Delivery Adjusted EBITDA margin improvement YoY was primarily
driven by better cost leverage from higher volume and increased
Advertising revenue.
Freight
- Revenue of $1.3 billion: Freight Revenue increased 2%
YoY and 3% QoQ. The YoY increase was primarily driven by an
increase in revenue per load, partially offset by continued
pressure from category-wide headwinds.
- Adjusted EBITDA loss of $19 million: Freight Adjusted
EBITDA decreased $6 million YoY. Freight Adjusted EBITDA margin as
a percentage of Gross Bookings decreased 50 bps YoY to (1.5%).
Corporate
- Corporate G&A and Platform R&D: Corporate
G&A and Platform R&D expenses of $601 million, compared to
$595 million in Q3 2023, and $573 million in Q2 2024. Corporate
G&A and Platform R&D as a percentage of Gross Bookings
decreased 20 bps YoY and increased 10 bps QoQ. The YoY decrease was
primarily due to improved fixed cost leverage, and the QoQ increase
was due to certain benefits that occurred in Q2 2024.
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 $6.8 billion,
representing 16.5% of Gross Bookings, compared to 16.0% in both Q3
2023 and Q2 2024. On a YoY basis, non-GAAP cost of revenue as a
percentage of Gross Bookings increased primarily due to an increase
in insurance expense.
- 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
$687 million. Non-GAAP operations and support was $636 million,
representing 1.6% of Gross Bookings, compared to 1.8% and 1.6% in
Q3 2023 and Q2 2024, 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 $1.1
billion. Non-GAAP sales and marketing was $1.1 billion,
representing 2.6% of Gross Bookings, compared to 2.6% and 2.7% in
Q3 2023 and Q2 2024, respectively. On a YoY basis, non-GAAP sales
and marketing as a percentage of Gross Bookings was flat due to an
increase in consumer discounts, credits, and refunds, partially
offset by Mobility business model changes in some countries that
classified certain sales and marketing costs as contra
revenue.
- Research and development: GAAP research and development
was $774 million. Non-GAAP research and development was $505
million, representing 1.2% of Gross Bookings, compared to 1.4% and
1.2% in Q3 2023 and Q2 2024, respectively. On a YoY basis, non-GAAP
research and development as a percentage of Gross Bookings
decreased due to improved fixed cost leverage.
- General and administrative: GAAP general and
administrative was $630 million. Non-GAAP general and
administrative was $523 million, representing 1.3% of Gross
Bookings, compared to 1.5% and 1.3% in Q3 2023 and Q2 2024,
respectively. On a YoY basis, non-GAAP general and administrative
as a percentage of Gross Bookings decreased due to a decrease in
employee headcount costs.
Operating Highlights for the Third Quarter 2024
Platform
- Monthly Active Platform Consumers (“MAPCs”) reached 161
million: MAPCs grew 13% YoY to 161 million, driven by continued
improvement in consumer activity for both our Mobility and Delivery
offerings.
- Trips of 2.9 billion: Trips on our platform grew 17%
YoY, driven by both Mobility and Delivery growth. Monthly trips per
MAPC remained at an all-time high and grew 4% YoY to 5.9.
- Supporting earners: Drivers and couriers earned an
aggregate $18.1 billion (including tips) during the quarter, with
earnings up 14% YoY, or 21% on a constant currency basis. Announced
20+ improvements to the earner experience, including nationwide
launches of enhanced rider verification and the “Record my Ride”
feature, greater service fee transparency, and a redesign of the
Uber Driver app.
- New and expanded autonomous partnerships: Expanded our
multi-year strategic partnership with Waymo to bring autonomous
ride-hailing to Austin and Atlanta, only on Uber. In addition, we
announced five new autonomous partnerships across Mobility and
Delivery with Cruise, Coco, Wayve, WeRide, and Avride.
- Membership: Debuted our Uber One for Students back to
school college campus tour around the US, and expanded Uber One for
Students to Canada with additional countries planned by year end.
Our global member base surpassed 25 million members.
- Advertising: Launched a pilot of our First Impression ad
format, which allows advertisers to temporarily “take over” the
home feed to promote new products or offers. Also began to
integrate our exclusive partnership with T-Mobile Advertising
Solutions, which will expand our JourneyTV offering to over 50,000
vehicles across the US.
- Family profiles with teen accounts: Launched several new
features for teen accounts to enhance convenience and security,
including the ability for guardians to book trips on behalf of
teens, sharing of Uber One membership benefits between guardians
and teens, and Uber Reserve for teens.
Mobility
- Hailables partnerships: Announced that we will return to
Denmark in collaboration with a local taxi partner. In India,
expanded our Moto partnership with the country’s largest
third-party logistics provider to 6 new cities, opening up new
supply channels. Lastly, launched our first taxi integration in
LatAm with Brazil’s largest taxi hailing app, providing access to
70,000 drivers nationwide.
- Low cost Mobility offerings: Expanded Uber Shuttle to
LaGuardia Airport, with trips offered between the airport and major
transit hubs in Manhattan every 30 minutes. In addition, began
testing “walking and waiting” for UberX Share in select markets to
support greater discounts for riders.
- Electrification updates: Introduced several new features
to accelerate electrification. For consumers, launched all-electric
Uber Green, allowing for an EV-only ride option in 40+ cities
globally, alongside an EV preference feature in other markets. For
drivers, announced an AI Assistant to help answer EV questions, and
an EV mentorship program.
- Travel enhancements: Launched a new feature to let
riders search and explore Uber offerings in 10,000+ cities around
the world, to Reserve rides for upcoming trips, and see insights
into the average on-demand wait time and cost of a ride in that
city. In addition, launched flight capture and assistive time
picker features in all Reserve cities, allowing riders to add their
flight details and get a suggested pickup time for their Reserve
airport trip.
- Turo partnership: Announced a multi-year partnership
with Turo, the world’s largest peer-to-peer car sharing
marketplace, to enable Uber customers to rent from Turo’s
wide-ranging selection of vehicles directly from the Uber app
across key global markets.
Delivery
- Merchant growth and discovery features: Launched Bites –
a dish-centric, short-form video feed to boost discovery and help
restaurants showcase their dishes – in select cities, with plans
for continued expansion this year. In addition, launched Uber Eats
Lists, enabling consumers to discover curated recommendations from
friends and local foodies, and create and share lists of their own
go-to spots and dishes, starting in New York and Chicago.
- Uber Direct expansion: Launched and expanded Uber Direct
partnerships, including a new multi-year partnership with Darden
Restaurants set to begin with Olive Garden, expanded partnerships
with Vroom Delivery and Checkmate, and a new partnership with
PetSmart.
- Grocery & Retail merchant selection: Expanded our
merchant selection in the US and Canada with both grocers including
H Mart and Food City, as well as non grocery retailers like Spirit
Halloween, Michaels, JD Sports and Pet Supplies Plus.
Internationally, launched 24-hour online grocery delivery with
supermarket chain Co-op in the UK, and announced a strategic
partnership with convenience chain Oxxo in Chile.
- Sustainability enhancements: Introduced the "Climate
Collection" in the Uber Eats app to make it easier for consumers to
order sustainable brands. Launched Farmers Markets on Uber Eats
starting in New York City and Los Angeles, enabling customers to
order seasonal produce and fresh goods directly from local farmers
markets. Lastly, launched a Green Packaging Marketplace to enable
merchants to purchase high-quality, sustainable packaging.
- Courier pick and pack expansion: Launched courier pick
and pack as a new earnings type in Japan in partnership with AEON,
one of Japan's largest retailers, allowing Uber couriers to shop
for Uber Eats consumers at retailers and deliver orders to their
homes. Courier pick and pack is also available in the US, Canada,
Australia, and the majority of Latin American markets.
Freight
- Uber Direct integration: Announced an integration with
Uber Direct, Uber's on-demand delivery-as-a-service platform, to
power same day and scheduled delivery options for shippers through
Uber Freight’s Parcel Transportation Management System (PTMS).
- AI and software advancements: Announced new advanced
features for Insights AI, including enhanced chat functionality and
a KPI dashboard that delivers real-time, actionable insights.
Additionally, upgraded the Uber Freight Transportation Management
System (TMS) with an intuitive tracking portal, simplified dock
scheduler and upgraded financial management tools.
Corporate
- Investment grade debt issuances: Completed a registered
public offering of $1.25 billion Senior Notes due 2030, $1.5
billion Senior Notes due 2034, and $1.25 billion Senior Notes due
2054, representing our first issuances as an investment grade rated
company. Additionally, entered into a new $5.0 billion Credit
Agreement. We expect to redeem $2.0 billion of our outstanding debt
in Q4 2024.
Webcast and conference call information
A live audio webcast of our third quarter ended September 30,
2024 earnings release call will be available at
https://investor.uber.com/, along with the earnings press release
and slide presentation. The call begins on October 31, 2024 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 55 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, 2023 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,
2023
As of September 30,
2024
Assets
Cash and cash equivalents
$
4,680
$
6,150
Short-term investments
727
2,913
Restricted cash and cash equivalents
805
933
Accounts receivable, net
3,404
3,719
Prepaid expenses and other current
assets
1,681
1,616
Total current assets
11,297
15,331
Restricted cash and cash equivalents
1,519
1,920
Restricted investments
4,779
6,552
Investments
6,101
7,921
Equity method investments
353
314
Property and equipment, net
2,073
1,982
Operating lease right-of-use assets
1,241
1,190
Intangible assets, net
1,425
1,192
Goodwill
8,151
8,086
Other assets
1,760
2,629
Total assets
$
38,699
$
47,117
Liabilities, redeemable non-controlling
interests and equity
Accounts payable
$
790
$
802
Short-term insurance reserves
2,077
2,523
Operating lease liabilities, current
190
178
Accrued and other current liabilities
6,397
7,332
Total current liabilities
9,454
10,835
Long-term insurance reserves
4,909
6,623
Long-term debt, net of current portion
9,459
10,986
Operating lease liabilities,
non-current
1,550
1,496
Other long-term liabilities
645
638
Total liabilities
26,017
30,578
Redeemable non-controlling interests
654
946
Equity
Common stock
—
—
Additional paid-in capital
42,264
42,825
Accumulated other comprehensive loss
(421
)
(424
)
Accumulated deficit
(30,594
)
(27,621
)
Total Uber Technologies, Inc.
stockholders' equity
11,249
14,780
Non-redeemable non-controlling
interests
779
813
Total equity
12,028
15,593
Total liabilities, redeemable
non-controlling interests and equity
$
38,699
$
47,117
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except share
amounts which are reflected in thousands, and per share
amounts)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2024
2023
2024
Revenue
$
9,292
$
11,188
$
27,345
$
32,019
Costs and expenses
Cost of revenue, exclusive of depreciation
and amortization shown separately below
5,626
6,761
16,400
19,417
Operations and support
683
687
1,987
2,054
Sales and marketing
941
1,096
3,421
3,128
Research and development
797
774
2,380
2,324
General and administrative
646
630
2,079
2,525
Depreciation and amortization
205
179
620
542
Total costs and expenses
8,898
10,127
26,887
29,990
Income from operations
394
1,061
458
2,029
Interest expense
(166
)
(143
)
(478
)
(406
)
Other income (expense), net
(52
)
1,851
513
1,593
Income before income taxes and income
(loss) from equity method investments
176
2,769
493
3,216
Provision for (benefit from) income
taxes
(40
)
158
80
244
Income (loss) from equity method
investments
3
(12
)
43
(28
)
Net income including non-controlling
interests
219
2,599
456
2,944
Less: net loss attributable to
non-controlling interests, net of tax
(2
)
(13
)
(2
)
(29
)
Net income attributable to Uber
Technologies, Inc.
$
221
$
2,612
$
458
$
2,973
Net income per share attributable to
Uber Technologies, Inc. common stockholders:
Basic
$
0.11
$
1.24
$
0.23
$
1.42
Diluted
$
0.10
$
1.20
$
0.20
$
1.36
Weighted-average shares used to compute
net income per share attributable to common stockholders:
Basic
2,044,688
2,101,660
2,027,148
2,090,809
Diluted
2,108,479
2,154,466
2,080,686
2,153,183
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2024
2023
2024
Cash flows from operating
activities
Net income including non-controlling
interests
$
219
$
2,599
$
456
$
2,944
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
205
186
620
561
Bad debt expense
19
12
63
47
Stock-based compensation
492
438
1,466
1,377
Deferred income taxes
16
124
32
101
Loss (income) from equity method
investments, net
(3
)
12
(43
)
28
Unrealized (gain) loss on debt and equity
securities, net
96
(1,664
)
(610
)
(1,276
)
Loss from sale of investment
—
—
74
—
Impairments of goodwill, long-lived assets
and other assets
—
—
77
—
Unrealized foreign currency
transactions
71
(36
)
156
173
Other
(36
)
(31
)
(25
)
(169
)
Change in assets and liabilities, net of
impact of business acquisitions and disposals:
Accounts receivable
(518
)
196
(363
)
(388
)
Prepaid expenses and other assets
(948
)
(234
)
(1,181
)
(664
)
Operating lease right-of-use assets
47
44
141
137
Accounts payable
112
48
86
24
Accrued insurance reserves
618
789
1,616
2,161
Accrued expenses and other liabilities
623
(256
)
334
488
Operating lease liabilities
(47
)
(76
)
(137
)
(157
)
Net cash provided by operating
activities
966
2,151
2,762
5,387
Cash flows from investing
activities
Purchases of property and equipment
(61
)
(42
)
(168
)
(198
)
Purchases of non-marketable equity
securities
(22
)
(56
)
(42
)
(288
)
Purchases of marketable securities
(3,723
)
(4,428
)
(5,930
)
(9,745
)
Proceeds from maturities and sales of
marketable securities
1,366
1,916
2,993
5,767
Proceeds from sale of equity method
investment
18
—
721
17
Other investing activities
6
(82
)
19
(163
)
Net cash used in investing activities
(2,416
)
(2,692
)
(2,407
)
(4,610
)
Cash flows from financing
activities
Issuance of term loans and notes, net of
issuance costs
—
3,972
1,121
3,972
Principal repayment on term loan and
notes
(6
)
(1,973
)
(1,150
)
(1,986
)
Principal repayments on Careem Notes
(25
)
—
(25
)
—
Principal payments on finance leases
(36
)
(45
)
(118
)
(122
)
Proceeds from the issuance of common stock
under the Employee Stock Purchase Plan
—
—
85
103
Repurchases of common stock
—
(372
)
—
(697
)
Other financing activities
(9
)
19
(54
)
40
Net cash provided by (used in) financing
activities
(76
)
1,601
(141
)
1,310
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
(69
)
62
(26
)
(88
)
Net increase (decrease) in cash and cash
equivalents, and restricted cash and cash equivalents
(1,595
)
1,122
188
1,999
Cash and cash equivalents, and
restricted cash and cash equivalents
Beginning of period
8,460
7,881
6,677
7,004
End of period
$
6,865
$
9,003
$
6,865
$
9,003
Other Income (Expense), Net
The following table presents other income (expense), net (in
millions):
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2024
2023
2024
(Unaudited)
Interest income
$
130
$
195
$
324
$
530
Foreign currency exchange gains (losses),
net
(92
)
25
(185
)
(222
)
Unrealized gain (loss) on debt and equity
securities, net (1)
(96
)
1,664
610
1,276
Loss from sale of investment (2)
—
—
(74
)
—
Other, net
6
(33
)
(162
)
9
Other income (expense), net
$
(52
)
$
1,851
$
513
$
1,593
(1)
During the three months ended September
30, 2023, unrealized loss on debt and equity securities, net
represents changes in the fair value of our equity securities,
primarily including: a $194 million unrealized loss on our Aurora
investment, a $97 million unrealized loss on our Joby investment,
partially offset by a $132 million unrealized gain on our Didi
investment, and a $59 million unrealized gain on our Grab
investment.
During the nine months ended September 30,
2023, unrealized gain on debt and equity securities, net represents
changes in the fair value of our equity securities, primarily
including: a $327 million unrealized gain on our Aurora investment,
a $171 million unrealized gain on our Grab investment, a $79
million unrealized gain on our Joby investment, and a $29 million
unrealized gain on our Didi investment.
During the three months ended September
30, 2024, unrealized gain on debt and equity securities, net
represents changes in the fair value of our equity securities,
primarily including: a $1.0 billion unrealized gain on our Aurora
investment, a $322 million unrealized gain on our Didi investment,
a $141 million unrealized gain on our Delivery Hero investment, and
a $134 million unrealized gain on our Grab investment.
During the nine months ended September 30,
2024, unrealized gain on debt and equity securities, net represents
changes in the fair value of our equity securities, primarily
including: a $505 million unrealized gain on our Aurora investment,
a $432 million gain on our Didi investment, a $230 million gain on
our Grab investment, and a $113 million unrealized gain on our
Delivery Hero investment.
(2)
During the three and nine months ended
September 30, 2023, loss from sale of investment represents an
immaterial loss recognized on the sale of our remaining 29% equity
interest in MLU B.V. to Yandex, for $703 million in cash. After
this transaction, we no longer have an equity interest in MLU
B.V.
Stock-Based Compensation Expense
The following table summarizes total stock-based compensation
expense by function (in millions):
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2024
2023
2024
(Unaudited)
Operations and support
$
49
$
50
$
132
$
171
Sales and marketing
24
23
74
68
Research and development
310
268
917
844
General and administrative
109
97
343
294
Total
$
492
$
438
$
1,466
$
1,377
Key Terms for Our Key Metrics and Non-GAAP Financial
Measures
Adjusted EBITDA. Adjusted EBITDA is a Non-GAAP measure.
We define Adjusted EBITDA as net income (loss), excluding (i)
income (loss) from discontinued operations, net of income taxes,
(ii) net income (loss) attributable to non-controlling interests,
net of tax, (iii) provision for (benefit from) income taxes, (iv)
income (loss) from equity method investments, (v) interest expense,
(vi) other income (expense), net, (vii) depreciation and
amortization, (viii) stock-based compensation expense, (ix) certain
legal, tax, and regulatory reserve changes and settlements, (x)
goodwill and asset impairments/loss on sale of assets, (xi)
acquisition, financing and divestitures related expenses, (xii)
restructuring and related charges and (xiii) other items not
indicative of our ongoing operating performance.
Adjusted EBITDA margin. We define Adjusted EBITDA margin
as Adjusted EBITDA as a percentage of Gross Bookings. We define
incremental margin as the change in Adjusted EBITDA between periods
divided by the change in Gross Bookings between periods.
Aggregate Driver and Courier Earnings. Aggregate Driver
and Courier Earnings refers to fares (net of Uber service fee,
taxes and tolls), tips, Driver incentives and Driver benefits.
Driver(s). The term Driver collectively refers to
independent providers of ride or delivery services who use our
platform to provide Mobility or Delivery services, or both.
Driver or restaurant earnings. Driver or restaurant
earnings refer to the net portion of the fare or the net portion of
the order value that a Driver or a restaurant retains,
respectively. These are generally included in aggregate Drivers and
Couriers earnings.
Driver incentives. Driver incentives refer to payments
that we make to Drivers, which are separate from and in addition to
the Driver’s portion of the fare paid by the consumer after we
retain our service fee to Drivers. For example, Driver incentives
could include payments we make to Drivers should they choose to
take advantage of an incentive offer and complete a consecutive
number of trips or a cumulative number of trips on the platform
over a defined period of time. Driver incentives are recorded as a
reduction of revenue or cost of revenue, exclusive of depreciation
and amortization. These incentives are generally included in
aggregate Drivers and Couriers earnings.
Free cash flow. Free cash flow is a Non-GAAP measure. We
define free cash flow as net cash flows from operating activities
less capital expenditures.
Gross Bookings. We define Gross Bookings as the total
dollar value, including any applicable taxes, tolls, and fees, of:
Mobility rides, Delivery orders (in each case without any
adjustment for consumer discounts and refunds, Driver and Merchant
earnings, and Driver incentives) and Freight Revenue. Gross
Bookings do not include tips earned by Drivers. Gross Bookings are
an indication of the scale of our current platform, which
ultimately impacts revenue.
Monthly Active Platform Consumers (“MAPCs”). We define
MAPCs as the number of unique consumers who completed a Mobility
ride or received a Delivery order on our platform at least once in
a given month, averaged over each month in the quarter. While a
unique consumer can use multiple product offerings on our platform
in a given month, that unique consumer is counted as only one
MAPC.
Revenue Margin. We define Revenue Margin as revenue as a
percentage of Gross Bookings.
Segment Adjusted EBITDA. We define each segment’s
Adjusted EBITDA as segment revenue less the following direct costs
and expenses of that segment: (i) cost of revenue, exclusive of
depreciation and amortization; (ii) operations and support; (iii)
sales and marketing; (iv) research and development; and (v) general
and administrative. Segment Adjusted EBITDA also reflects any
applicable exclusions from Adjusted EBITDA.
Segment Adjusted EBITDA margin. We define each segment’s
Adjusted EBITDA margin as the segment Adjusted EBITDA as a
percentage of segment Gross Bookings.
Trips. We define Trips as the number of completed
consumer Mobility rides and Delivery orders in a given period. For
example, an UberX Share ride with three paying consumers represents
three unique Trips, whereas an UberX ride with three passengers
represents one Trip. We believe that Trips are a useful metric to
measure the scale and usage of our platform.
Definitions of Non-GAAP Measures
We collect and analyze operating and financial data to evaluate
the health of our business and assess our performance. In addition
to revenue, net income (loss), income (loss) from operations, and
other results under GAAP, we use: Adjusted EBITDA; Free cash flow;
Non-GAAP Costs and Operating Expenses; as well as, revenue growth
rates in constant currency, which are described below, to evaluate
our business. We have included these non-GAAP financial measures
because they are key measures used by our management to evaluate
our operating performance. Accordingly, we believe that these
non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating our operating results in
the same manner as our management team and board of directors. Our
calculation of these non-GAAP financial measures may differ from
similarly-titled non-GAAP measures, if any, reported by our peer
companies. These non-GAAP financial measures should not be
considered in isolation from, or as substitutes for, financial
information prepared in accordance with GAAP.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss), excluding (i)
income (loss) from discontinued operations, net of income taxes,
(ii) net income (loss) attributable to non-controlling interests,
net of tax, (iii) provision for (benefit from) income taxes, (iv)
income (loss) from equity method investments, (v) interest expense,
(vi) other income (expense), net, (vii) depreciation and
amortization, (viii) stock-based compensation expense, (ix) certain
legal, tax, and regulatory reserve changes and settlements, (x)
goodwill and asset impairments/loss on sale of assets, (xi)
acquisition, financing and divestitures related expenses, (xii)
restructuring and related charges and (xiii) other items not
indicative of our ongoing operating performance.
We have included Adjusted EBITDA because it is a key measure
used by our management team to evaluate our operating performance,
generate future operating plans, and make strategic decisions,
including those relating to operating expenses. Accordingly, we
believe that Adjusted EBITDA provides useful information to
investors and others in understanding and evaluating our operating
results in the same manner as our management team and board of
directors. In addition, it provides a useful measure for
period-to-period comparisons of our business, as it removes the
effect of certain non-cash expenses and certain variable
charges.
Legal, tax, and regulatory reserve changes and settlements
Legal, tax, and regulatory reserve changes and settlements are
primarily related to certain significant legal proceedings or
governmental investigations related to worker classification
definitions, or tax agencies challenging our non-income tax
positions. These matters have limited precedent, cover extended
historical periods and are unpredictable in both magnitude and
timing, therefore are distinct from normal, recurring legal, tax
and regulatory matters and related expenses incurred in our ongoing
operating performance.
Limitations of Non-GAAP Financial Measures and Adjusted EBITDA
Reconciliation
Adjusted EBITDA has limitations as a financial measure, should
be considered as supplemental in nature, and is not meant as a
substitute for the related financial information prepared in
accordance with GAAP. These limitations include the following:
- Adjusted EBITDA excludes certain recurring, non-cash charges,
such as depreciation of property and equipment and amortization of
intangible assets, and although these are non-cash charges, the
assets being depreciated and amortized may have to be replaced in
the future, and Adjusted EBITDA does not reflect all cash capital
expenditure requirements for such replacements or for new capital
expenditure requirements;
- Adjusted EBITDA excludes stock-based compensation expense,
which has been, and will continue to be for the foreseeable future,
a significant recurring expense in our business and an important
part of our compensation strategy;
- Adjusted EBITDA excludes certain restructuring and related
charges, part of which may be settled in cash;
- Adjusted EBITDA excludes other items not indicative of our
ongoing operating performance;
- Adjusted EBITDA does not reflect period to period changes in
taxes, income tax expense or the cash necessary to pay income
taxes;
- Adjusted EBITDA does not reflect the components of other income
(expense), net, which primarily includes: interest income; foreign
currency exchange gains (losses), net; and unrealized gain (loss)
on debt and equity securities, net; and
- Adjusted EBITDA excludes certain legal, tax, and regulatory
reserve changes and settlements that may reduce cash available to
us.
Constant Currency
We compare the percent change in our current period results from
the corresponding prior period using constant currency disclosure.
We present constant currency growth rate information to provide a
framework for assessing how our underlying revenue performed
excluding the effect of foreign currency rate fluctuations. We
calculate constant currency by translating our current period
financial results using the corresponding prior period’s monthly
exchange rates for our transacted currencies other than the U.S.
dollar.
Free Cash Flow
We define free cash flow as net cash flows from operating
activities less capital expenditures.
Non-GAAP Costs and Operating Expenses
Costs and operating expenses are defined as: cost of revenue,
exclusive of depreciation and amortization; operations and support;
sales and marketing; research and development; and general and
administrative expenses. We define Non-GAAP costs and operating
expenses as costs and operating expenses excluding: (i) stock-based
compensation expense, (ii) certain legal, tax, and regulatory
reserve changes and settlements, (iii) goodwill and asset
impairments/loss on sale of assets, (iv) acquisition, financing and
divestiture related expenses, (v) restructuring and related charges
and (vi) other items not indicative of our ongoing operating
performance.
Reconciliations of Non-GAAP Measures
Adjusted EBITDA
The following table presents reconciliations of Adjusted EBITDA
to the most directly comparable GAAP financial measure for each of
the periods indicated:
Three Months Ended September
30,
Nine Months Ended September
30,
(In millions)
2023
2024
2023
2024
Adjusted EBITDA reconciliation:
Net income attributable to Uber
Technologies, Inc.
$
221
$
2,612
$
458
$
2,973
Add (deduct):
Net loss attributable to non-controlling
interests, net of tax
(2
)
(13
)
(2
)
(29
)
(Income) loss from equity method
investments
(3
)
12
(43
)
28
Provision for (benefit from) income
taxes
(40
)
158
80
244
Other (income) expense, net
52
(1,851
)
(513
)
(1,593
)
Interest expense
166
143
478
406
Income from operations
394
1,061
458
2,029
Add (deduct):
Depreciation and amortization
205
179
620
542
Stock-based compensation expense
492
438
1,466
1,377
Legal, tax, and regulatory reserve changes
and settlements
(13
)
—
82
661
Goodwill and asset impairments/loss on
sale of assets
2
—
85
(3
)
Acquisition, financing and divestitures
related expenses
9
8
27
16
Gain on lease arrangement, net
(1
)
—
(4
)
—
Restructuring and related charges, net
4
4
35
20
Adjusted EBITDA
$
1,092
$
1,690
$
2,769
$
4,642
Free Cash Flow
The following table presents reconciliations of free cash flow
to the most directly comparable GAAP financial measure for each of
the periods indicated:
Three Months Ended September
30,
Nine Months Ended September
30,
(In millions)
2023
2024
2023
2024
Free cash flow reconciliation:
Net cash provided by operating
activities
$
966
$
2,151
$
2,762
$
5,387
Purchases of property and equipment
(61
)
(42
)
(168
)
(198
)
Free cash flow
$
905
$
2,109
$
2,594
$
5,189
Non-GAAP Costs and Operating Expenses
The following tables present reconciliations of Non-GAAP costs
and operating expenses to the most directly comparable GAAP
financial measure for each of the periods indicated:
Three Months Ended
(In millions)
September 30, 2023
June 30, 2024
September 30, 2024
Non-GAAP Cost of revenue exclusive of
depreciation and amortization reconciliation:
GAAP Cost of revenue exclusive of
depreciation and amortization
$
5,626
$
6,488
$
6,761
Legal, tax, and regulatory reserve changes
and settlements
13
(76
)
—
Non-GAAP Cost of revenue exclusive of
depreciation and amortization
$
5,639
$
6,412
$
6,761
Three Months Ended
(In millions)
September 30, 2023
June 30, 2024
September 30, 2024
Non-GAAP Operating Expenses
Non-GAAP Operations and support
reconciliation:
GAAP Operations and support
$
683
$
682
$
687
Restructuring and related charges
(2
)
(7
)
(1
)
Acquisition, financing and divestitures
related expenses
(2
)
—
—
Stock-based compensation expense
(49
)
(54
)
(50
)
Non-GAAP Operations and support
$
630
$
621
$
636
Non-GAAP Sales and marketing
reconciliation:
GAAP Sales and marketing
$
941
$
1,115
$
1,096
Restructuring and related charges
(1
)
—
—
Stock-based compensation expense
(24
)
(24
)
(23
)
Non-GAAP Sales and marketing
$
916
$
1,091
$
1,073
Non-GAAP Research and development
reconciliation:
GAAP Research and development
$
797
$
760
$
774
Restructuring and related charges
—
—
(1
)
Stock-based compensation expense
(310
)
(277
)
(268
)
Non-GAAP Research and
development
$
487
$
483
$
505
Non-GAAP General and administrative
reconciliation:
GAAP General and administrative
$
646
$
686
$
630
Legal, tax, and regulatory reserve changes
and settlements
—
(58
)
—
Goodwill and asset impairments/loss on
sale of assets
(2
)
—
—
Restructuring and related charges
(1
)
(2
)
(2
)
Acquisition, financing and divestitures
related expenses
(7
)
(3
)
(8
)
Gain on lease arrangements, net
1
—
—
Stock-based compensation expense
(109
)
(100
)
(97
)
Non-GAAP General and
administrative
$
528
$
523
$
523
View source
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