Gross Bookings grew 19% year-over-year and 21%
year-over-year on a constant currency basis Income from operations
of $796 million; Adjusted EBITDA of $1.6 billion, up 71%
year-over-year Operating cash flow of $1.8 billion; Free cash flow
of $1.7 billion
Uber Technologies, Inc. (NYSE: UBER) today announced financial
results for the quarter ended June 30, 2024.
“Uber’s growth engine continues to hum, delivering our sixth
consecutive quarter of trip growth above 20 percent, alongside
record profitability,” said Dara Khosrowshahi, CEO. “The Uber
consumer has never been stronger--more people are using the
platform, and more frequently, than ever before--while drivers and
couriers earned a new all-time high of $17.9 billion over the
quarter.”
“Strong topline trends and operating leverage across the P&L
demonstrate the durability of our growth and significant cash flow
generation underlying our platform,” said Prashanth Mahendra-Rajah,
CFO. “We started share repurchases against our inaugural
authorization during the quarter as we continue to drive long-term
shareholder return.”
Financial Highlights for Second Quarter 2024
- Gross Bookings grew 19% year-over-year (“YoY”) to $40.0
billion, or 21% on a constant currency basis, with Mobility Gross
Bookings of $20.6 billion (+23% YoY or +27% YoY constant currency)
and Delivery Gross Bookings of $18.1 billion (+16% YoY or +17% YoY
constant currency). Trips during the quarter grew 21% YoY to 2.8
billion, or approximately 30 million trips per day on average.
- Revenue grew 16% YoY to $10.7 billion, or 17% on a constant
currency basis. Combined Mobility and Delivery revenue grew 19% YoY
to $9.4 billion, or 20% on a constant currency basis. Business
model changes negatively impacted total revenue YoY growth by 7
percentage points.
- Income from operations was $796 million, up $470 million YoY
and $624 million quarter-over-quarter (“QoQ”).
- Net income attributable to Uber Technologies, Inc. was $1.0
billion, which includes a $333 million benefit (pre-tax) due to net
unrealized gains related to the revaluation of Uber’s equity
investments.
- Adjusted EBITDA of $1.6 billion, up 71% YoY. Adjusted EBITDA
margin as a percentage of Gross Bookings was 3.9%, up from 2.7% in
Q2 2023.
- Net cash provided by operating activities was $1.8 billion and
free cash flow, defined as net cash flows from operating activities
less capital expenditures, was $1.7 billion.
- Share repurchases were $325 million of our common stock under
the February 2024 authorization.
- Unrestricted cash, cash equivalents, and short-term investments
were $6.3 billion at the end of the second quarter.
Outlook for Q3 2024
For Q3 2024, we anticipate:
- Gross Bookings of $40.25 billion to $41.75 billion, which
represents 18% to 23% YoY growth on a constant currency basis.
- Our outlook assumes a roughly 4 percentage point currency
headwind to total reported YoY growth, including a roughly 7
percentage point currency headwind to Mobility’s reported YoY
growth.
- For perspective, recent strengthening of the US dollar versus
other currencies represents an over $400 million expected headwind
to Q3 Gross Bookings and is included in our outlook.
- Adjusted EBITDA of $1.58 billion to $1.68 billion, which
represents 45% to 54% YoY growth.
Financial and Operational Highlights for Second Quarter
2024
Three Months Ended June
30,
(In millions, except percentages)
2023
2024
% Change
% Change
(Constant Currency
(1))
Monthly Active Platform Consumers
(“MAPCs”)
137
156
14
%
Trips
2,282
2,765
21
%
Gross Bookings
$
33,601
$
39,952
19
%
21
%
Revenue
$
9,230
$
10,700
16
%
17
%
Income from operations
$
326
$
796
144
%
Net income attributable to Uber
Technologies, Inc. (2)
$
394
$
1,015
158
%
Adjusted EBITDA (1)
$
916
$
1,570
71
%
Net cash provided by operating
activities
$
1,190
$
1,820
53
%
Free cash flow (1)
$
1,140
$
1,721
51
%
(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)
Q2 2023 net income includes a
$386 million net benefit (pre-tax) from revaluations of Uber’s
equity investments. Q2 2024 net income includes a $333 million net
benefit (pre-tax) from revaluations of Uber’s equity
investments.
Results by Offering and Segment
Gross Bookings
Three Months Ended June
30,
(In millions, except percentages)
2023
2024
% Change
% Change
(Constant Currency)
Gross Bookings:
Mobility
$
16,728
$
20,554
23
%
27
%
Delivery
15,595
18,126
16
%
17
%
Freight
1,278
1,272
—
%
(1
)%
Total
$
33,601
$
39,952
19
%
21
%
Revenue
Three Months Ended June
30,
(In millions, except percentages)
2023
2024
% Change
% Change
(Constant Currency)
Revenue:
Mobility (1)
$
4,894
$
6,134
25
%
27
%
Delivery (2)
3,057
3,293
8
%
9
%
Freight
1,279
1,273
—
%
(1
)%
Total (3)
$
9,230
$
10,700
16
%
17
%
(1)
Mobility Revenue in Q2 2024 was
negatively impacted by business model changes in some countries
that classified certain sales and marketing costs as contra revenue
by $386 million. These changes negatively impacted Mobility revenue
YoY growth by 8 percentage points.
(2)
Delivery Revenue in Q2 2023 and
Q2 2024 were negatively impacted by business model changes in some
countries that classified certain sales and marketing costs as
contra revenue by $114 million and $413 million, respectively.
These changes negatively impacted Delivery revenue YoY growth by 9
percentage points for Q2 2024.
(3)
Total revenue in Q2 2023 and Q2
2024 were negatively impacted by business model changes in some
countries that classified certain sales and marketing costs as
contra revenue by $114 million and $799 million, respectively.
These changes negatively impacted total revenue YoY growth by 7
percentage points for Q2 2024.
Revenue Margin
Three Months Ended June
30,
2023
2024
Mobility (1)
29.3
%
29.8
%
Delivery (2)
19.6
%
18.2
%
(1)
Mobility Revenue Margin in Q2
2024 was negatively impacted by business model changes in some
countries that classified certain sales and marketing costs as
contra revenue by 190 bps.
(2)
Delivery Revenue Margin in Q2
2023 and Q2 2024 was negatively impacted by business model changes
that classified certain sales and marketing costs as contra revenue
by 70 bps and 230 bps, respectively.
Adjusted EBITDA and Segment Adjusted
EBITDA
Three Months Ended June
30,
(In millions, except percentages)
2023
2024
% Change
Segment Adjusted EBITDA:
Mobility
$
1,170
$
1,567
34
%
Delivery
329
588
79
%
Freight
(14
)
(12
)
14
%
Corporate G&A and Platform R&D
(1)
(569
)
(573
)
(1
)%
Adjusted EBITDA (2)
$
916
$
1,570
71
%
(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 Second Quarter 2024
(continued)
Mobility
- Revenue of $6.1 billion: Mobility Revenue grew 25% YoY
and 9% 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 29.8% increased 50 bps YoY and
decreased 40 bps QoQ. Business model changes negatively impacted
Mobility Revenue Margin by 190 bps in Q2 2024.
- Adjusted EBITDA of $1.6 billion: Mobility Adjusted
EBITDA increased 34% YoY, and Mobility Adjusted EBITDA margin was
7.6% of Gross Bookings compared to 7.0% in Q2 2023 and 7.9% in Q1
2024. Mobility Adjusted EBITDA margin improvement YoY was primarily
driven by better cost leverage from higher volume.
Delivery
- Revenue of $3.3 billion: Delivery Revenue grew 8% YoY
and 2% QoQ. The YoY increase was primarily attributable to an
increase in Delivery Gross Bookings due to an increase in Trip
volumes. Delivery Revenue Margin of 18.2% decreased 140 bps YoY and
was flat QoQ. Business model changes negatively impacted Delivery
Revenue Margin by 230 bps in Q2 2024.
- Adjusted EBITDA of $588 million: Delivery Adjusted
EBITDA increased 79% YoY, and Delivery Adjusted EBITDA margin was
3.2% of Gross Bookings, compared to 2.1% in Q2 2023 and 3.0% in Q1
2024. Delivery Adjusted EBITDA margin improvement YoY was primarily
driven by better cost leverage from higher volumes and increased
Advertising revenue.
Freight
- Revenue of $1.3 billion: Freight Revenue was flat YoY
and declined 1% QoQ. Revenue was flat YoY driven by an increase in
loads, offset by a decrease in revenue per load as a result of the
challenging freight market cycle.
- Adjusted EBITDA loss of $12 million: Freight Adjusted
EBITDA increased $2 million YoY. Freight Adjusted EBITDA margin as
a percentage of Gross Bookings increased 20 bps YoY to (0.9%).
Corporate
- Corporate G&A and Platform R&D: Corporate
G&A and Platform R&D expenses of $573 million, compared to
$569 million in Q2 2023, and $604 million in Q1 2024. Corporate
G&A and Platform R&D as a percentage of Gross Bookings
decreased 30 bps YoY and 20 bps QoQ primarily due to certain
one-time benefits and improved fixed cost leverage.
GAAP and Non-GAAP Costs and Operating Expenses
- Cost of revenue excluding D&A: GAAP cost of revenue
was $6.5 billion. Non-GAAP cost of revenue was $6.4 billion,
representing 16.0% of Gross Bookings, compared to 16.4% in both Q2
2023 and Q1 2024. On a YoY basis, non-GAAP cost of revenue as a
percentage of Gross Bookings decreased due to improved cost
leverage with Gross Bookings growth outpacing cost of revenue
growth.
- GAAP and Non-GAAP operating expenses (Non-GAAP operating
expenses exclude certain amounts as further detailed in the
“Reconciliations of Non-GAAP Measures” section):
- Operations and support: GAAP operations and support was
$682 million. Non-GAAP operations and support was $621 million,
representing 1.6% of Gross Bookings, compared to 1.8% and 1.6% in
Q2 2023 and Q1 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 2.7% of Gross Bookings, compared to 3.5% and 2.4% in
Q2 2023 and Q1 2024, respectively. On a YoY basis, non-GAAP sales
and marketing as a percentage of Gross Bookings decreased due to
business model changes in some countries that classified certain
sales and marketing costs as contra revenue.
- Research and development: GAAP research and development
was $760 million. Non-GAAP research and development was $483
million, representing 1.2% of Gross Bookings, compared to 1.5% and
1.3% in Q2 2023 and Q1 2024, respectively. On a YoY basis, non-GAAP
research and development as a percentage of Gross Bookings
decreased due to a decrease in employee headcount costs.
- General and administrative: GAAP general and
administrative was $686 million. Non-GAAP general and
administrative was $523 million, representing 1.3% of Gross
Bookings, compared to 1.5% in both Q2 2023 and Q1 2024. On a YoY
basis, non-GAAP general and administrative as a percentage of Gross
Bookings decreased due to improved fixed cost leverage.
Operating Highlights for the Second Quarter 2024
Platform
- Monthly Active Platform Consumers (“MAPCs”) reached 156
million: MAPCs grew 14% YoY to 156 million, driven by continued
improvement in consumer activity for both our Mobility and Delivery
offerings.
- Trips of 2.8 billion: Trips on our platform grew 21%
YoY, driven by both Mobility and Delivery growth. Monthly trips per
MAPC reached an all-time high and grew 6% YoY to 5.9.
- Supporting earners: Drivers and couriers earned an
aggregate $17.9 billion (including tips) during the quarter, with
earnings up 19% YoY, or 23% on a constant currency basis.
- Membership: Launched Uber One, our single cross-platform
membership program, in Guatemala, El Salvador and Panama. Uber One
is now available across 28 countries. In addition, launched Uber
One for Students for $4.99 a month or $48 annually, offering
membership benefits and exclusive promos to college students across
the US with more countries to come this year.
- Advertising: Our revenue run-rate from Advertising
exceeded $1 billion. Expanded Journey Ads to programmatic buyers,
enabling advertisers across our top markets to more easily buy
Journey Ads through their preferred demand-side platforms,
increasing our addressable market.
- Maps innovation: Launched and scaled new Uber Maps
features to improve and enhance the earner and consumer experience,
including launching the ability for earners to provide real-time
inputs on road closures, turn restrictions and more; launching
street-level imagery for riders to help them navigate to their
designated pickup location; and scaling wayfinding at airports to
enable step-by-step directions to pickup at our top global
airports.
Mobility
- Earner and rider safety: Launched safety preferences – a
new way for riders to set and forget Uber’s suite of safety
features – globally. Expanded the Record My Ride feature and Voice
Audio Seatbelt reminders, reminding riders to wear their seatbelt
while simultaneously sending them an in-app push notification,
broadly across the US and LatAm. In addition, introduced a new
in-app verified rider badge in over a dozen US cities.
- Uber for Business (“U4B”) delegate profiles: Launched
U4B delegate profiles, a new tool that gives executive assistants
or other non-traveler bookers the capability to request and
schedule rides on an executive’s behalf. The product streamlines
trip management and offers a ride experience that meets executive
standards with top-quality cars and premium service.
- Low cost Mobility offerings: Launched Scheduled UberX
Share, allowing consumers to pre-book their ride to save about 25%
vs. UberX. Launched Uber Shuttle in the US, letting consumers
reserve up to five seats to or from an airport, concert or sporting
event, up to seven days in advance. In addition, announced our
license to operate buses via Uber Shuttle in Delhi, India, making
Uber the first ride-hailing aggregator to be awarded such a
license. Finally, expanded the Uber Shuttle service to more U4B
clients globally, including Dell in Brazil and McCormick in
Mexico.
- EMEA expansion: Launched UberX in Hungary and Luxembourg
through partnerships with FoTaxi and Webtaxi, respectively. In
addition, launched UberX Share and Trains in Spain; UberX Share in
the Netherlands; and Transit in Austria.
- Electrification updates: In July, announced a multi-year
strategic partnership with BYD to bring 100,000 new electric
vehicles onto the Uber platform across key global markets, with
plans to collaborate on future BYD autonomous-capable vehicles to
be deployed on the Uber platform. In addition, launched the PowerUp
Package in the UK, giving eligible drivers up to £5,000 toward
their next vehicle, with discounts of up to £17,000 on select Kia
models and £750 in bp Pulse charging credits.
Delivery
- Instacart partnership: Partnered with Instacart to power
US restaurant delivery within the Instacart app, enabling Instacart
customers nationwide to order from hundreds of thousands of
restaurants using an Uber Eats interface.
- Expanded Costco partnership: Expanded our partnership
with Costco to additional states and provinces across the US and
Canada. Through the partnership, Costco members see additional
savings and receive a 20% discount on an annual Uber One
membership. Costco is currently available on Uber Eats in the US,
Canada, Mexico and Japan.
- Grocery & Retail merchant selection: Launched
partnerships with popular grocery stores and retailers including
The Vitamin Shoppe, GNC and Save A Lot in the US; and 7-Eleven in
Mexico. Expanded our partnership with Rite Aid to include alcohol
delivery for nearly 1,000 locations across eight US states. In
addition, strengthened our partnership with Lawson convenience
stores in Japan by agreeing to expand quick commerce offerings and
integrating their stock management system into the Uber Eats
app.
- Commitment to affordability: Increased merchant-funded
offers available on our platform — such as discounts; buy one, get
one (“BOGO”) deals; and more — by over 70% YoY on a constant
currency basis through improved offer quality and the launch of
Happy Hour offers. In addition, launched multi-location ads and
budget tooling to improve the enterprise merchant experience of
setting up offers across multiple store locations.
- Merchant growth and discovery features: Revamped the
Uber Eats Manager software to provide personalized growth
recommendations to merchants, such as running a promotion on a
certain dish or adding photos to menu listings. In addition,
announced plans to launch a short-form video feed to boost
discovery and help restaurants showcase their dishes.
Freight
- Procurement platform expansion: Building upon the
success and rapid adoption of Uber Freight Exchange: Contract,
expanded the platform to include Uber Freight Exchange: Spot,
enabling carriers to use intelligent search, bidding, upfront
pricing, and automated tendering for spot freight fulfillment.
- Aurora partnership expansion: Launched Premier Autonomy
with Aurora, an industry first program to democratize access to
driverless trucks for carriers of all sizes. In addition, announced
that Uber Freight will be one of Aurora's first customers on its
Dallas-to-Houston freight route, with driverless hauls for shippers
expected at the end of 2024.
Webcast and conference call information
A live audio webcast of our second quarter ended June 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 August 6, 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 52 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 June 30, 2024
Assets
Cash and cash equivalents
$
4,680
$
4,497
Short-term investments
727
1,795
Restricted cash and cash equivalents
805
776
Accounts receivable, net
3,404
3,783
Prepaid expenses and other current
assets
1,681
1,632
Total current assets
11,297
12,483
Restricted cash and cash equivalents
1,519
2,608
Restricted investments
4,779
5,061
Investments
6,101
6,203
Equity method investments
353
342
Property and equipment, net
2,073
2,034
Operating lease right-of-use assets
1,241
1,181
Intangible assets, net
1,425
1,265
Goodwill
8,151
8,083
Other assets
1,760
2,254
Total assets
$
38,699
$
41,514
Liabilities, redeemable non-controlling
interests and equity
Accounts payable
$
790
$
752
Short-term insurance reserves
2,016
2,387
Operating lease liabilities, current
190
198
Accrued and other current liabilities
6,458
6,981
Total current liabilities
9,454
10,318
Long-term insurance reserves
4,722
5,733
Long-term debt, net of current portion
9,459
9,454
Operating lease liabilities,
non-current
1,550
1,492
Other long-term liabilities
832
734
Total liabilities
26,017
27,731
Redeemable non-controlling interests
654
631
Equity
Common stock
—
—
Additional paid-in capital
42,264
43,062
Accumulated other comprehensive loss
(421
)
(479
)
Accumulated deficit
(30,594
)
(30,233
)
Total Uber Technologies, Inc.
stockholders' equity
11,249
12,350
Non-redeemable non-controlling
interests
779
802
Total equity
12,028
13,152
Total liabilities, redeemable
non-controlling interests and equity
$
38,699
$
41,514
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except share
amounts which are reflected in thousands, and per share
amounts)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2024
2023
2024
Revenue
$
9,230
$
10,700
$
18,053
$
20,831
Costs and expenses
Cost of revenue, exclusive of depreciation
and amortization shown separately below
5,515
6,488
10,774
12,656
Operations and support
664
682
1,304
1,367
Sales and marketing
1,218
1,115
2,480
2,032
Research and development
808
760
1,583
1,550
General and administrative
491
686
1,433
1,895
Depreciation and amortization
208
173
415
363
Total costs and expenses
8,904
9,904
17,989
19,863
Income from operations
326
796
64
968
Interest expense
(144
)
(139
)
(312
)
(263
)
Other income (expense), net
273
420
565
(258
)
Income before income taxes and income
(loss) from equity method investments
455
1,077
317
447
Provision for income taxes
65
57
120
86
Income (loss) from equity method
investments
4
(12
)
40
(16
)
Net income including non-controlling
interests
394
1,008
237
345
Less: net loss attributable to
non-controlling interests, net of tax
—
(7
)
—
(16
)
Net income attributable to Uber
Technologies, Inc.
$
394
$
1,015
$
237
$
361
Net income per share attributable to
Uber Technologies, Inc. common stockholders:
Basic
$
0.19
$
0.49
$
0.12
$
0.17
Diluted
$
0.18
$
0.47
$
0.10
$
0.15
Weighted-average shares used to compute
net income per share attributable to common stockholders:
Basic
2,026,813
2,092,180
2,018,233
2,085,324
Diluted
2,079,265
2,150,019
2,066,260
2,151,647
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2024
2023
2024
Cash flows from operating
activities
Net income including non-controlling
interests
$
394
$
1,008
$
237
$
345
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
208
181
415
375
Bad debt expense
24
9
44
35
Stock-based compensation
504
455
974
939
Deferred income taxes
6
(7
)
16
(23
)
Loss (income) from equity method
investments, net
(4
)
12
(40
)
16
Unrealized (gain) loss on debt and equity
securities, net
(386
)
(333
)
(706
)
388
Loss from sale of investment
74
—
74
—
Impairments of goodwill, long-lived assets
and other assets
11
—
78
—
Unrealized foreign currency
transactions
2
59
85
209
Other
6
(79
)
10
(138
)
Change in assets and liabilities, net of
impact of business acquisitions and disposals:
Accounts receivable
(13
)
(162
)
155
(584
)
Prepaid expenses and other assets
(114
)
(108
)
(233
)
(430
)
Operating lease right-of-use assets
42
47
94
93
Accounts payable
(19
)
(70
)
(26
)
(24
)
Accrued insurance reserves
588
692
938
1,385
Accrued expenses and other liabilities
(87
)
141
(229
)
731
Operating lease liabilities
(46
)
(25
)
(90
)
(81
)
Net cash provided by operating
activities
1,190
1,820
1,796
3,236
Cash flows from investing
activities
Purchases of property and equipment
(50
)
(99
)
(107
)
(156
)
Purchases of non-marketable equity
securities
—
(58
)
—
(232
)
Purchases of marketable securities
(1,361
)
(3,288
)
(2,207
)
(5,317
)
Proceeds from maturities and sales of
marketable securities
1,127
1,821
1,627
3,851
Proceeds from sale of equity method
investment
703
8
703
17
Other investing activities
(11
)
(60
)
(7
)
(81
)
Net cash provided by (used in) investing
activities
408
(1,676
)
9
(1,918
)
Cash flows from financing
activities
Issuance of term loans and notes, net of
issuance costs
—
—
1,121
—
Principal repayment on term loan and
notes
(7
)
(7
)
(1,144
)
(13
)
Principal payments on finance leases
(42
)
(35
)
(82
)
(77
)
Proceeds from the issuance of common stock
under the Employee Stock Purchase Plan
85
103
85
103
Repurchases of common stock
—
(325
)
—
(325
)
Other financing activities
6
73
(45
)
21
Net cash provided by (used in) financing
activities
42
(191
)
(65
)
(291
)
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
27
(56
)
43
(150
)
Net increase (decrease) in cash and cash
equivalents, and restricted cash and cash equivalents
1,667
(103
)
1,783
877
Cash and cash equivalents, and
restricted cash and cash equivalents
Beginning of period
6,793
7,984
6,677
7,004
End of period
$
8,460
$
7,881
$
8,460
$
7,881
Other Income (Expense), Net
The following table presents other income (expense), net (in
millions):
Three Months Ended June
30,
Six Months Ended June
30,
2023
2024
2023
2024
(Unaudited)
Interest income
$
107
$
176
$
194
$
335
Foreign currency exchange gains (losses),
net
1
(83
)
(93
)
(247
)
Unrealized gain (loss) on debt and equity
securities, net (1)
386
333
706
(388
)
Loss from sale of investment (2)
(74
)
—
(74
)
—
Other, net
(147
)
(6
)
(168
)
42
Other income (expense), net
$
273
$
420
$
565
$
(258
)
(1)
During the three and six months
ended June 30, 2023, unrealized gain on debt and equity securities,
net represents changes in the fair value of our equity securities,
primarily including: a $466 million and $521 million unrealized
gain on our Aurora investment, respectively; a $151 million and
$177 million unrealized gain on our Joby investment, respectively;
a $225 million and $113 million unrealized gain on our Grab
investment, respectively; partially offset by a $461 million and
$104 million unrealized loss on our Didi investment,
respectively.
During the three months ended
June 30, 2024, unrealized gain on debt and equity securities, net
represents changes in the fair value of our equity securities,
primarily including: a $220 million unrealized gain on our Grab
investment, and a $178 million unrealized gain on our Didi
investment.
During the six months ended June
30, 2024, unrealized loss on debt and equity securities, net
represents changes in the fair value of our equity securities,
primarily including: a $522 million unrealized loss on our Aurora
investment; partially offset by a $109 million gain on our Didi
investment and a $96 million gain on our Grab investment.
(2)
During the three and six months
ended June 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 June
30,
Six Months Ended June
30,
2023
2024
2023
2024
(Unaudited)
Operations and support
$
45
$
54
$
83
$
121
Sales and marketing
26
24
50
45
Research and development
317
277
607
576
General and administrative
116
100
234
197
Total
$
504
$
455
$
974
$
939
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 June
30,
Six Months Ended June
30,
(In millions)
2023
2024
2023
2024
Adjusted EBITDA reconciliation:
Net income attributable to Uber
Technologies, Inc.
$
394
$
1,015
$
237
$
361
Add (deduct):
Net loss attributable to non-controlling
interests, net of tax
—
(7
)
—
(16
)
(Income) loss from equity method
investments
(4
)
12
(40
)
16
Provision for income taxes
65
57
120
86
Other (income) expense, net
(273
)
(420
)
(565
)
258
Interest expense
144
139
312
263
Income from operations
326
796
64
968
Add (deduct):
Depreciation and amortization
208
173
415
363
Stock-based compensation expense
504
455
974
939
Legal, tax, and regulatory reserve changes
and settlements
(155
)
134
95
661
Goodwill and asset impairments/loss on
sale of assets
16
—
83
(3
)
Acquisition, financing and divestitures
related expenses
10
3
18
8
Gain on lease arrangement, net
(2
)
—
(3
)
—
Restructuring and related charges, net
9
9
31
16
Adjusted EBITDA
$
916
$
1,570
$
1,677
$
2,952
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 June
30,
Six Months Ended June
30,
(In millions)
2023
2024
2023
2024
Free cash flow reconciliation:
Net cash provided by operating
activities
$
1,190
$
1,820
$
1,796
$
3,236
Purchases of property and equipment
(50
)
(99
)
(107
)
(156
)
Free cash flow
$
1,140
$
1,721
$
1,689
$
3,080
Non-GAAP Costs and Operating Expenses
The following tables present reconciliations of Non-GAAP costs
and operating expenses to the most directly comparable GAAP
financial measure for each of the periods indicated:
Three Months Ended
(In millions)
June 30, 2023
March 31, 2024
June 30, 2024
Non-GAAP Cost of revenue exclusive of
depreciation and amortization reconciliation:
GAAP Cost of revenue exclusive of
depreciation and amortization
$
5,515
$
6,168
$
6,488
Legal, tax, and regulatory reserve changes
and settlements
—
—
(76
)
Non-GAAP Cost of revenue exclusive of
depreciation and amortization
$
5,515
$
6,168
$
6,412
Three Months Ended
(In millions)
June 30, 2023
March 31, 2024
June 30, 2024
Non-GAAP Operating Expenses
Non-GAAP Operations and support
reconciliation:
GAAP Operations and support
$
664
$
685
$
682
Restructuring and related charges
(1
)
(2
)
(7
)
Acquisition, financing and divestitures
related expenses
(3
)
—
—
Gain on lease arrangements, net
1
—
—
Stock-based compensation expense
(45
)
(67
)
(54
)
Non-GAAP Operations and support
$
616
$
616
$
621
Non-GAAP Sales and marketing
reconciliation:
GAAP Sales and marketing
$
1,218
$
917
$
1,115
Restructuring and related charges
—
(1
)
—
Stock-based compensation expense
(26
)
(21
)
(24
)
Non-GAAP Sales and marketing
$
1,192
$
895
$
1,091
Non-GAAP Research and development
reconciliation:
GAAP Research and development
$
808
$
790
$
760
Restructuring and related charges
(3
)
(3
)
—
Stock-based compensation expense
(317
)
(299
)
(277
)
Non-GAAP Research and
development
$
488
$
488
$
483
Non-GAAP General and administrative
reconciliation:
GAAP General and administrative
$
491
$
1,209
$
686
Legal, tax, and regulatory reserve changes
and settlements
155
(527
)
(58
)
Goodwill and asset impairments/loss on
sale of assets
(16
)
3
—
Restructuring and related charges
(5
)
(1
)
(2
)
Acquisition, financing and divestitures
related expenses
(7
)
(5
)
(3
)
Gain on lease arrangements, net
1
—
—
Stock-based compensation expense
(116
)
(97
)
(100
)
Non-GAAP General and
administrative
$
503
$
582
$
523
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