Gross Bookings of $26.4 billion, up 35%
year-over-year, and above the high-end of the guidance range
Net loss of $5.9 billion with a $5.6 billion
headwind relating to Uber’s equity investments
Adjusted EBITDA of $168 million, with Mobility
margins at an all time high and Freight reaching Adjusted EBITDA
profitability
Uber Technologies, Inc. (NYSE: UBER) today announced financial
results for the quarter ended March 31, 2022.
Financial Highlights for First Quarter 2022
- Gross Bookings grew 35% year-over-year (“YoY”) to $26.4
billion, or 39% on a constant currency basis, with Mobility Gross
Bookings of $10.7 billion (+58% YoY) and Delivery Gross Bookings of
$13.9 billion (+12% YoY). Trips during the quarter grew 18% YoY to
1.71 billion, or approximately 19 million trips per day on
average.
- Revenue grew 136% YoY to $6.9 billion, or 141% on a constant
currency basis, with Revenue growth significantly outpacing Gross
Bookings growth primarily due to the acquisition of Transplace by
Freight, a change in the business model for our UK Mobility
business, and an easier comparison in Q1 2021 due to the accrual
for historical claims in the UK.
- Net loss attributable to Uber Technologies, Inc. was $5.9
billion, which includes a $5.6 billion headwind (pre-tax) relating
to Uber’s equity investments, primarily due to aggregate unrealized
losses related to the revaluation of Uber’s Grab, Aurora, and Didi
stakes. Additionally, net loss includes $359 million in stock-based
compensation expense.
- Adjusted EBITDA of $168 million, up $527 million YoY. Adjusted
EBITDA margin as a percentage of Gross Bookings was 0.6%, up from
(1.8)% in Q1 2021. This translates to 7.6% on a YoY incremental
margin basis, as a percentage of Gross Bookings.
- Net cash provided by (used in) operating activities was $15
million, up $626 million YoY. Free cash flow, defined as net cash
flows from operating activities less capital expenditures, was an
outflow of $47 million, improving $635 million YoY.
- Unrestricted cash and cash equivalents were $4.2 billion at the
end of the first quarter.
“Our results demonstrate just how much progress we’ve made
navigating out of the pandemic and how the power of our platform is
differentiating our business performance,” said Dara Khosrowshahi,
CEO. “In April, Mobility Gross Bookings exceeded 2019 levels across
all regions and use cases. There’s never been a more exciting time
to innovate at Uber and we’re focused on executing our strategy to
grow our platform profitably.”
"We are pleased with our Q1 results, with outperformance of our
quarterly guidance and strong incremental margins,” said Nelson
Chai, CFO. “With free cash flow approaching breakeven in Q1, we now
expect to generate meaningful positive free cash flows for
full-year 2022.”
Outlook for Q2 2022
For Q2 2022, we anticipate:
- Gross Bookings of $28.5 billion to $29.5 billion
- Adjusted EBITDA of $240 million to $270 million
Financial and Operational Highlights
for First Quarter 2022
Three Months Ended March
31,
(In millions, except percentages)
2021
2022
% Change
% Change (Constant
Currency(1))
Monthly Active Platform Consumers
(“MAPCs”)
98
115
17%
Trips
1,447
1,713
18%
Gross Bookings
$
19,536
$
26,449
35%
39%
Revenue
$
2,903
$
6,854
136%
141%
Net loss attributable to Uber
Technologies, Inc. (2)
$
(108
)
$
(5,930
)
**
Adjusted EBITDA (1)
$
(359
)
$
168
**
Net cash provided by (used in) operating
activities
$
(611
)
$
15
**
Free cash flow (1)
$
(682
)
$
(47
)
93%
(1)
See “Definitions of Non-GAAP Measures” and
“Reconciliations of Non-GAAP Measures” sections herein for an
explanation and reconciliations of non-GAAP measures used
throughout this release.
(2)
Net loss attributable to Uber
Technologies, Inc. includes stock-based compensation expense of
$281 million and $359 million in Q1 2021 and Q1 2022, respectively.
Net loss also includes a $5.6 billion headwind (pre-tax) relating
to Uber’s equity investments in Q1 2022.
** Percentage not meaningful.
Results by Offering and Segment
Gross Bookings
Three Months Ended March
31,
(In millions, except percentages)
2021
2022
% Change
% Change (Constant
Currency)
Gross Bookings:
Mobility
$
6,773
$
10,723
58%
62%
Delivery
12,461
13,903
12%
15%
Freight (1)
302
1,823
**
**
Total
$
19,536
$
26,449
35%
39%
(1)
Q1 2022 Gross Bookings includes
contributions from the acquisition of Transplace which closed on
November 12, 2021.
** Percentage not meaningful.
Revenue
Three Months Ended March
31,
(In millions, except percentages)
2021
2022
% Change
% Change (Constant
Currency)
Revenue:
Mobility (1)
$
853
$
2,518
195%
201%
Delivery (2)
1,741
2,512
44%
49%
Freight (3)
301
1,824
**
**
All Other (4)
8
—
**
**
Total
$
2,903
$
6,854
136%
141%
(1)
Mobility Revenue in Q1 2021 was reduced by
a $600 million accrual made for the resolution of historical claims
in the UK relating to the classification of drivers. Mobility
Revenue in Q1 2022 benefited by $200 million from business model
changes in the UK.
(2)
Delivery Revenue in Q1 2021 and Q1 2022
recognized a net benefit of $250 million and $554 million,
respectively, primarily from business model changes in some
countries that, in part, classify certain payments and incentives
as cost of revenue.
(3)
Freight Revenue in Q1 2022 includes
contributions from the acquisition of Transplace which closed on
November 12, 2021.
(4)
Includes historical results of ATG and
Other Technology Programs.
** Percentage not meaningful.
Take Rates
Three Months Ended March
31,
2021
2022
Mobility (1)
12.6%
23.5%
Delivery (2)
14.0%
18.1%
(1)
Mobility Take Rate in Q1 2021 includes a
890 bps headwind from the accrual for historical claims in the UK
relating to the classification of drivers. Mobility Take Rate in Q1
2022 includes a 190 bps benefit from business model changes in the
UK.
(2)
Delivery Take Rate in Q1 2021 and Q1 2022
benefited from business model changes in some countries that
classify certain payments and incentives as cost of revenue by 200
bps and 400 bps, respectively.
Adjusted EBITDA and Segment Adjusted
EBITDA
Three Months Ended March
31,
(In millions, except percentages)
2021
2022
% Change
Segment Adjusted EBITDA:
Mobility
$
298
$
618
107%
Delivery
(200
)
30
**
Freight
(29
)
2
**
All Other
(11
)
—
**
Corporate G&A and Platform R&D
(1), (2)
(417
)
(482
)
(16)%
Adjusted EBITDA (3)
$
(359
)
$
168
**
(1)
Excludes stock-based compensation
expense.
(2)
Includes costs that are not directly
attributable to our reportable segments. Corporate G&A also
includes certain shared costs such as finance, accounting, tax,
human resources, information technology and legal costs. Platform
R&D also includes mapping and payment technologies and support
and development of the internal technology infrastructure. Our
allocation methodology is periodically evaluated and may
change.
(3)
“Adjusted EBITDA” is a non-GAAP measure as
defined by the SEC. See “Definitions of Non-GAAP Measures” and
“Reconciliations of Non-GAAP Measures” sections herein for an
explanation and reconciliations of non-GAAP measures used
throughout this release.
** Percentage not meaningful.
Revenue by Geographical Region
Three Months Ended March
31,
(In millions, except percentages)
2021
2022
% Change
United States and Canada (“US&CAN”)
(1)
$
1,849
$
4,562
147%
Latin America ("LatAm")
302
432
43%
Europe, Middle East and Africa ("EMEA")
(2)
225
1,127
**
Asia Pacific ("APAC")
527
733
39%
Total
$
2,903
$
6,854
136%
(1)
US&CAN Revenue in Q1 2022 includes
contributions from the acquisition of Transplace which closed on
November 12, 2021.
(2)
EMEA Revenue in Q1 2021 was reduced by a
$600 million accrual made for the resolution of historical claims
in the UK relating to the classification of drivers. EMEA Revenue
in Q1 2022 benefited by $200 million from Mobility business model
changes in the UK.
** Percentage not meaningful.
Financial Highlights for the First Quarter 2022
(continued)
Mobility
- Gross Bookings of $10.7 billion: Mobility Gross Bookings
grew 62% YoY on a constant currency basis. On a sequential basis,
Mobility Gross Bookings declined 5% quarter-over-quarter (“QoQ”)
driven by typical seasonal trends and impacts from the Omicron
variant.
- Revenue of $2.5 billion: Mobility Revenue grew 11% QoQ
and 195% YoY. Mobility Take Rate of 23.5% increased 340 bps QoQ and
10.9 percentage points YoY. Business model changes in the UK that
classify certain payments and incentives as cost of revenue
benefited Mobility Take Rate by 190 bps in the quarter. The
sequential increase was driven by the UK business model change, and
the YoY increase was primarily driven by a $600 million accrual
incurred in Q1 2021 for the resolution of historical claims in the
UK relating to the classification of drivers, and a $200 million
benefit related to the UK business model change in Q1 2022.
- Adjusted EBITDA of $618 million: Mobility Adjusted
EBITDA increased $43 million QoQ and $320 million YoY. Adjusted
EBITDA margin was 5.8% of Gross Bookings, an all-time high,
compared to 5.1% in Q4 2021 and 4.4% in Q1 2021. Adjusted EBITDA
margin increased sequentially as a result of lower driver
incentives offsetting dampened demand due to Omicron. On a YoY
basis, margin improvement was primarily driven by better cost
leverage from higher volume, more than offsetting higher driver
incentives.
Delivery
- Gross Bookings of $13.9 billion: Delivery Gross Bookings
grew 15% YoY on a constant currency basis. On a sequential basis,
Delivery Gross Bookings improved 3% QoQ, with growth in U.S. &
Canada and EMEA offsetting declines in LatAm.
- Revenue of $2.5 billion: Delivery Revenue grew 4% QoQ
and 44% YoY. Take Rate of 18.1% grew 10 bps QoQ and grew 410 bps
YoY. Business model changes in some countries that classify certain
payments and incentives as cost of revenue benefited Delivery Take
Rate by 400 bps in the quarter (compared to 410 bps benefit in Q4
2021 and 200 bps benefit in Q1 2021).
- Adjusted EBITDA of $30 million: Delivery Adjusted EBITDA
grew $5 million QoQ and $230 million YoY, driven by higher volumes,
increased Advertising revenue, and improved network efficiencies.
Delivery Adjusted EBITDA margin as a percentage of Gross bookings
reached 0.2%, compared to 0.2% in Q4 2021 and (1.6)% in Q1
2021.
Freight
- Revenue of $1.8 billion: Q1 2022 was the first full
quarter of combined Uber Freight and Transplace performance.
Freight Revenue grew 69% QoQ and 506% YoY.
- Adjusted EBITDA of $2 million: Freight Adjusted EBITDA
grew $27 million QoQ and $31 million YoY, reaching profitability
for the first time. Freight Adjusted EBITDA margin as a percentage
of Gross Bookings improved 9.7 percentage points YoY to 0.1% driven
by increased marketplace efficiency and density of our digital
platform, continued automation of the load life cycle, and positive
contributions from Transplace. We believe Freight is well on-track
to achieve the net run-rate synergies of $40M+ expected to be
realized 12-24 months from the closing of Transplace.
Corporate
- Corporate G&A and Platform R&D: Corporate
G&A and Platform R&D expenses of $482 million, compared to
$489 million in Q4 2021, and $417 million in Q1 2021. On a YoY
basis, Corporate G&A and Platform R&D decreased as a
percentage of Gross Bookings due to cost control and improved fixed
cost leverage.
GAAP and Non-GAAP Costs and Operating Expenses
- Cost of revenue excluding D&A: GAAP cost of revenue
was $4.0 billion. Non-GAAP cost of revenue was also $4.0 billion,
representing 15.2% of Gross Bookings, compared to 12.0% and 8.7% in
Q4 2021 and Q1 2021, respectively. On a YoY basis, non-GAAP cost of
revenue as a percentage of Gross Bookings increased due to the
classification of certain Delivery and Mobility payments as cost of
revenue attributable to business model changes in some countries.
The increase is also partially driven by the acquisition of
Transplace.
- GAAP and Non-GAAP operating expenses (Non-GAAP operating
expenses exclude certain amounts as further detailed in the
“Reconciliations of Non-GAAP Measures” section):
- Operations and support: GAAP operations and support was
$574 million. Non-GAAP operations and support was $538 million,
representing 2.0% of Gross Bookings, compared to 2.0% and 2.0% in
Q4 2021 and Q1 2021, respectively. On a YoY basis, non-GAAP
operations and support as a percentage of Gross Bookings remained
unchanged.
- Sales and marketing: GAAP sales and marketing was $1.3
billion. Non-GAAP sales and marketing was $1.2 billion,
representing 4.7% of Gross Bookings, compared to 4.8% and 5.5% in
Q4 2021 and Q1 2021, respectively. On a YoY basis, non-GAAP sales
and marketing as a percentage of Gross Bookings decreased due to
improved cost leverage with Gross Bookings growth outpacing sales
and marketing expense growth. Additionally, Gross Bookings mix
shifted towards Mobility, which carry lower associated sales and
marketing costs.
- Research and development: GAAP research and development
was $587 million. Non-GAAP research and development was $391
million, representing 1.5% of Gross Bookings, compared to 1.4% and
1.7% in Q4 2021 and Q1 2021, respectively. On a YoY basis, non-GAAP
research and development as a percentage of Gross Bookings
decreased due to better operating leverage from increased
scale.
- General and administrative: GAAP general and
administrative was $632 million. Non-GAAP general and
administrative was $492 million, representing 1.9% of Gross
Bookings, compared to 1.8% and 2.0% in Q4 2021 and Q1 2021,
respectively. On a YoY basis, non-GAAP general and administrative
as a percentage of Gross Bookings decreased due to improved fixed
cost leverage.
Operating Highlights for the First Quarter 2022
Platform
- Trips of 1.7 billion: Trips on our platform grew 18%
YoY, driven by Mobility and Delivery growth. Trips declined 3% QoQ
due to Omicron impacts to Mobility demand early in the
quarter.
- Monthly Active Platform Consumers (“MAPCs”) reached 115
million: MAPCs increased 17% YoY to 115 million, reaching 121
million in March with rapidly increasing consumer activity,
compared to 118 million in Q4 2021. MAPCs declined 3% QoQ related
to a slower start to the quarter due to Omicron impacts.
- Membership: Launched our single cross-platform
membership program, Uber One, internationally in Germany and
Mexico. In addition, Uber for Business rolled out Uber One on its
platform; companies in the U.S. can offer an Uber One membership to
their employees as an added benefit and employee perk.
- Supporting earners: Drivers and couriers earned an
aggregate $9 billion during the quarter, with earnings up 39% YoY,
outpacing Gross Bookings growth of 35% YoY.
- Washington State Regulation: Governor Jay Inslee signed
into law a minimum pay standard for ride-hail drivers, implementing
earnings standards for ride-hail companies in the State of
Washington. Under the new law, drivers will also have access to
paid sick time, family medical leave, and be eligible for workers'
compensation while preserving the flexibility of platform
work.
- Uber for Business (“U4B”): U4B Gross Bookings of $1.2
billion in Q1, up 91% YoY. Managed U4B, which is the actively
managed portion of the business through Uber’s account managers and
sales team, represented 27% of U4B Gross Bookings. U4B recorded
strong YoY growth in both Mobility and Delivery Gross Bookings as
corporate Mobility and Delivery use cases continue to grow.
- Ads: Piloted Sponsored Video ads in the Uber Eats app
home feed to serve brand and premium performance ad objectives.
Active advertising merchants grew to over 200K, nearly doubling
YoY.
Mobility
- Airport recovery: Airport Gross Bookings represented 13%
of Mobility Gross Bookings in Q1 2022 (vs. 15% pre-pandemic),
growing 166% YoY but declining 4% QoQ, outpacing the overall
Mobility segment’s recovery as consumer travel trends
improved.
- London license: Transport for London (“TfL”) granted
Uber a London private hire vehicle operator’s license for a period
of 30 months. This follows the trade recognition deal with GMB
union, allowing the trade union to represent up to 70,000 Uber
drivers across the UK.
- Driver Upfront Fares: Expanded an upfront fares pilot to
additional U.S. cities, allowing drivers to see fare and
destinations before accepting a trip. In all, these features give
drivers more information and more choice over trips.
- Uber Explore: Introduced Uber Explore, a new product in
the Uber app that will allow customers to browse and book
experiences.
- Rider ratings: Rolled out the new Privacy Center and new
transparency features globally, making it easier for users to
understand how Uber uses their data and manage their privacy
settings.
- Taxis: Reached an agreement to list all New York City
and San Francisco taxis on the Uber app through partnerships with
CMT, Curb, Yellow Cab SF, and Flywheel Technologies. These
partnerships will accelerate Uber’s vision to bring every taxi on
Uber by 2025.
Delivery
- Growth metrics: Delivery continued to demonstrate strong
consumer, merchant and courier metrics even as COVID-19
restrictions eased around the world. Delivery MAPCs, basket size
and order frequency grew 4% YoY, 3% YoY and 4% YoY respectively,
and were stable QoQ. Active merchants grew 17% YoY to exceed 835K
in Q1. Globally, active couriers grew 34% YoY, and grew 89% YoY in
the U.S.
- Group Ordering: Re-launched our Group Ordering product
globally to make ordering for team lunches, office parties, and
other get togethers easier than ever.
- BP convenience partnership: Announced a new global
strategic convenience delivery partnership aiming to make more than
3,000 retail locations available on Uber Eats by 2025.
- Germany expansion: Announced that Uber Eats will be
available in around 70 cities in Germany by year-end.
- Japan partnerships with Rakuten and Amazon Prime:
Announced a partnership with Rakuten, the largest e-commerce player
in Japan, that enables Rakuten’s customer base to order food and
groceries on the Uber Eats app. In addition, we announced an offer
of four months of free Eats Pass exclusively for Amazon Prime
members in Japan.
Freight
- Uber Freight and Transplace integration: Integration
efforts are underway; leveraging our digital carrier network across
the platform has resulted in over 5% cost savings per Transplace
load now being executed on Uber Freight's leading marketplace
technology.
- Strong commercial momentum across offerings: New sales
of our Transportation Management logistics solutions saw continued
strong momentum, and on a full-year basis are already surpassing
prior year levels.
Webcast and conference call information
A live audio webcast of our first quarter 2022 earnings release
call will be available at https://investor.uber.com/, along with
the earnings press release and slide presentation. The call begins
on May 4, 2022 at 5:00 AM (PT) / 8:00 AM (ET). This press release,
including the reconciliations of certain non-GAAP measures to their
nearest comparable GAAP measures, is also available on that
site.
We also provide announcements regarding our financial
performance and other matters, including SEC filings, investor
events, press and earnings releases, on our investor relations
website (https://investor.uber.com/), and our blogs
(https://uber.com/blog) and Twitter accounts (@uber and @dkhos), as
a means of disclosing material information and complying with our
disclosure obligations under Regulation FD.
About Uber
Uber’s mission is to create opportunity through movement. We
started in 2010 to solve a simple problem: how do you get access to
a ride at the touch of a button? More than 32 billion trips later,
we're building products to get people closer to where they want to
be. By changing how people, food, and things move through cities,
Uber is a platform that opens up the world to new
possibilities.
Forward-Looking Statements
This press release contains forward-looking statements regarding
our future business expectations which involve risks and
uncertainties. Actual results may differ materially from the
results predicted, and reported results should not be considered as
an indication of future performance. Forward-looking statements
include all statements that are not historical facts and can be
identified by terms such as “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,”
“might,” “objective,” “ongoing,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” or “would” or similar
expressions and the negatives of those terms. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These risks, uncertainties and other
factors relate to, among others: the outcome of a tax case before
the UK tax authority related to classification as a transportation
provider, developments in the COVID-19 pandemic and the resulting
impact on our business and operations, competition, managing our
growth and corporate culture, financial performance, investments in
new products or offerings, our ability to attract drivers,
consumers and other partners to our platform, our brand and
reputation and other legal and regulatory developments,
particularly with respect to our relationships with drivers and
couriers. For additional information on other potential risks and
uncertainties that could cause actual results to differ from the
results predicted, please see our Annual Report on Form 10-K for
the year ended December 31, 2021 and subsequent quarterly reports
and other filings filed with the Securities and Exchange Commission
from time to time. All information provided in this release and in
the attachments is as of the date of this press release and any
forward-looking statements contained herein are based on
assumptions that we believe to be reasonable as of this date. Undue
reliance should not be placed on the forward-looking statements in
this press release, which are based on information available to us
on the date hereof. We undertake no duty to update this information
unless required by law.
Non-GAAP Financial Measures
To supplement our financial information, which is prepared and
presented in accordance with generally accepted accounting
principles in the United States of America (“GAAP”), we use the
following non-GAAP financial measures: Adjusted EBITDA; Free Cash
Flow; Non-GAAP Costs and Operating Expenses as well as, revenue
growth rates in constant currency. The presentation of this
financial information is not intended to be considered in isolation
or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP. We use these
non-GAAP financial measures for financial and operational
decision-making and as a means to evaluate period-to-period
comparisons. We believe that these non-GAAP financial measures
provide meaningful supplemental information regarding our
performance by excluding certain items that may not be indicative
of our recurring core business operating results.
We believe that both management and investors benefit from
referring to these non-GAAP financial measures in assessing our
performance and when planning, forecasting, and analyzing future
periods. These non-GAAP financial measures also facilitate
management’s internal comparisons to our historical performance. We
believe these non-GAAP financial measures are useful to investors
both because (1) they allow for greater transparency with respect
to key metrics used by management in its financial and operational
decision-making and (2) they are used by our institutional
investors and the analyst community to help them analyze the health
of our business.
There are a number of limitations related to the use of non-GAAP
financial measures. In light of these limitations, we provide
specific information regarding the GAAP amounts excluded from these
non-GAAP financial measures and evaluating these non-GAAP financial
measures together with their relevant financial measures in
accordance with GAAP.
For more information on these non-GAAP financial measures,
please see the sections titled “Key Terms for Our Key Metrics and
Non-GAAP Financial Measures,” “Definitions of Non-GAAP Measures”
and “Reconciliations of Non-GAAP Measures” included at the end of
this release. In regards to forward looking non-GAAP guidance, we
are not able to reconcile the forward-looking non-GAAP Adjusted
EBITDA measure to the closest corresponding GAAP measure without
unreasonable efforts because we are unable to predict the ultimate
outcome of certain significant items. These items include, but are
not limited to, significant legal settlements, unrealized gains and
losses on equity investments, tax and regulatory reserve changes,
restructuring costs and acquisition and financing related
impacts.
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions)
(Unaudited)
As of December 31,
2021
As of March 31, 2022
Assets
Cash and cash equivalents
$
4,295
$
4,184
Restricted cash and cash equivalents
631
543
Accounts receivable, net
2,439
2,476
Prepaid expenses and other current
assets
1,454
1,462
Total current assets
8,819
8,665
Restricted cash and cash equivalents
2,879
2,865
Investments
11,806
6,247
Equity method investments
800
624
Property and equipment, net
1,853
1,853
Operating lease right-of-use assets
1,388
1,439
Intangible assets, net
2,412
2,269
Goodwill
8,420
8,435
Other assets
397
415
Total assets
$
38,774
$
32,812
Liabilities, redeemable non-controlling
interests and equity
Accounts payable
$
860
$
862
Short-term insurance reserves
1,442
1,415
Operating lease liabilities, current
185
209
Accrued and other current liabilities
6,537
6,166
Total current liabilities
9,024
8,652
Long-term insurance reserves
2,546
2,709
Long-term debt, net of current portion
9,276
9,273
Operating lease liabilities,
non-current
1,644
1,681
Other long-term liabilities
935
679
Total liabilities
23,425
22,994
Redeemable non-controlling interests
204
205
Equity
Common stock
—
—
Additional paid-in capital
38,608
38,977
Accumulated other comprehensive loss
(524
)
(505
)
Accumulated deficit
(23,626
)
(29,556
)
Total Uber Technologies, Inc.
stockholders' equity
14,458
8,916
Non-redeemable non-controlling
interests
687
697
Total equity
15,145
9,613
Total liabilities, redeemable
non-controlling interests and equity
$
38,774
$
32,812
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except share
amounts which are reflected in thousands, and per share
amounts)
(Unaudited)
Three Months Ended March
31,
2021
2022
Revenue
$
2,903
$
6,854
Costs and expenses
Cost of revenue, exclusive of depreciation
and amortization shown separately below
1,710
4,026
Operations and support
423
574
Sales and marketing
1,103
1,263
Research and development
515
587
General and administrative
464
632
Depreciation and amortization
212
254
Total costs and expenses
4,427
7,336
Loss from operations
(1,524
)
(482
)
Interest expense
(115
)
(129
)
Other income (expense), net
1,710
(5,557
)
Income (loss) before income taxes and
income (loss) from equity method investments
71
(6,168
)
Provision for (benefit from) income
taxes
185
(232
)
Income (loss) from equity method
investments
(8
)
18
Net loss including non-controlling
interests
(122
)
(5,918
)
Less: net income (loss) attributable to
non-controlling interests, net of tax
(14
)
12
Net loss attributable to Uber
Technologies, Inc.
$
(108
)
$
(5,930
)
Net loss per share attributable to Uber
Technologies, Inc. common stockholders:
Basic
$
(0.06
)
$
(3.03
)
Diluted
$
(0.06
)
$
(3.04
)
Weighted-average shares used to compute
net loss per share attributable to common stockholders:
Basic
1,858,525
1,953,989
Diluted
1,858,525
1,957,731
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended March
31,
2021
2022
Cash flows from operating
activities
Net loss including non-controlling
interests
$
(122
)
$
(5,918
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
212
254
Bad debt expense
23
18
Stock-based compensation
281
359
Gain on business divestiture
(1,684
)
—
Deferred income taxes
120
(281
)
Loss (income) from equity method
investments, net
8
(18
)
Unrealized (gain) loss on debt and equity
securities, net
(63
)
5,570
Impairments of goodwill, long-lived assets
and other assets
16
13
Impairment of equity method investment
—
182
Revaluation of MLU B.V. call option
—
(181
)
Unrealized foreign currency
transactions
13
(15
)
Other
65
5
Change in assets and liabilities, net of
impact of business acquisitions and disposals:
Accounts receivable
(35
)
(26
)
Prepaid expenses and other assets
(67
)
(20
)
Collateral held by insurer
108
—
Operating lease right-of-use assets
38
42
Accounts payable
(3
)
8
Accrued insurance reserves
(27
)
134
Accrued expenses and other liabilities
556
(72
)
Operating lease liabilities
(50
)
(39
)
Net cash provided by (used in) operating
activities
(611
)
15
Cash flows from investing
activities
Purchases of property and equipment
(71
)
(62
)
Purchases of marketable securities
(336
)
—
Purchases of non-marketable equity
securities
(803
)
(13
)
Purchase of notes receivable
(216
)
—
Proceeds from maturities and sales of
marketable securities
696
—
Proceeds from sale of non-marketable
equity securities
500
—
Acquisition of businesses, net of cash
acquired
(28
)
(59
)
Other investing activities
8
(1
)
Net cash used in investing activities
(250
)
(135
)
Cash flows from financing
activities
Principal repayment on Careem Notes
(194
)
—
Principal payments on finance leases
(47
)
(62
)
Other financing activities
15
(51
)
Net cash used in financing activities
(226
)
(113
)
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
(46
)
20
Net decrease in cash and cash equivalents,
and restricted cash and cash equivalents
(1,133
)
(213
)
Cash and cash equivalents, and
restricted cash and cash equivalents
Beginning of period
7,391
7,805
Reclassification from assets held for sale
during the period
349
—
End of period
$
6,607
$
7,592
Other Income (Expense), Net
The following table presents other income (expense), net (in
millions):
Three Months Ended March
31,
2021
2022
(Unaudited)
Interest income
$
5
$
11
Foreign currency exchange gains (losses),
net
(25
)
10
Gain on business divestiture (1)
1,684
—
Unrealized gain (loss) on debt and equity
securities, net (2)
63
(5,570
)
Impairment of equity method investment
(3)
—
(182
)
Revaluation of MLU B.V. call option
(4)
—
181
Other, net
(17
)
(7
)
Other income (expense), net
$
1,710
$
(5,557
)
(1)
During the three months ended March 31,
2021, gain on business divestiture primarily represents a $1.6
billion gain on the sale of our ATG Business to Aurora in January
2021.
(2)
During the three months ended March 31,
2022, unrealized loss on debt and equity securities, net primarily
represents changes in the fair value of our marketable equity
securities, including: a $1.9 billion unrealized loss on our Grab
investment; a $1.7 billion unrealized loss on our Aurora
investments; a $1.4 billion unrealized loss on our Didi investment;
and a $462 million unrealized loss on our Zomato investment.
(3)
During the three months ended March 31,
2022, impairment of equity method investment represents a $182
million impairment loss recorded on our MLU B.V. equity method
investment.
(4)
During the three months ended March 31,
2022, revaluation of MLU B.V. call option represents a $181 million
gain for the change in fair value of the call option to Yandex.
Stock-Based Compensation Expense
The following table summarizes total stock-based compensation
expense by function (in millions):
Three Months Ended March
31,
2021
2022
(Unaudited)
Operations and support
$
28
$
33
Sales and marketing
22
22
Research and development
133
196
General and administrative
98
108
Total
$
281
$
359
Key Terms for Our Key Metrics and Non-GAAP Financial
Measures
Adjusted EBITDA. Adjusted EBITDA is a Non-GAAP measure.
We define Adjusted EBITDA as net income (loss), excluding (i)
income (loss) from discontinued operations, net of income taxes,
(ii) net income (loss) attributable to non-controlling interests,
net of tax, (iii) provision for (benefit from) income taxes, (iv)
income (loss) from equity method investments, (v) interest expense,
(vi) other income (expense), net, (vii) depreciation and
amortization, (viii) stock-based compensation expense, (ix) certain
legal, tax, and regulatory reserve changes and settlements, (x)
goodwill and asset impairments/loss on sale of assets, (xi)
acquisition, financing and divestitures related expenses, (xii)
restructuring and related charges and (xiii) other items not
indicative of our ongoing operating performance, including COVID-19
response initiatives related payments for financial assistance to
Drivers personally impacted by COVID-19, the cost of personal
protective equipment distributed to Drivers, Driver reimbursement
for their cost of purchasing personal protective equipment, the
costs related to free rides and food deliveries to healthcare
workers, seniors, and others in need as well as charitable
donations. Our board and management find the exclusion of the
impact of these COVID-19 response initiatives from Adjusted EBITDA
to be useful because it allows us and our investors to assess the
impact of these response initiatives on our results of
operations.
Adjusted EBITDA margin. We define Adjusted EBITDA margin
as Adjusted EBITDA as a percentage of Gross Bookings.
All Other. Includes ATG and Other Technology Programs and
historical results of New Mobility, formerly Other Bets. ATG and
Other Technology Programs, which primarily consisted of our ATG
business that was divested in the first quarter of 2021, and
subsequent to the divestiture, is no longer a reportable segment
and included within All Other.
COVID-19 response initiatives. To support those whose
earning opportunities have been depressed as a result of COVID-19,
as well as communities hit hard by the pandemic, we have announced
and implemented several initiatives, including, in particular,
payments for financial assistance to Drivers personally impacted by
COVID-19, the cost of personal protective equipment distributed to
Drivers, Driver reimbursement for their cost of purchasing personal
protective equipment, the costs related to free rides and food
deliveries to healthcare workers, seniors, and others in need as
well as charitable donations. The payments for financial assistance
to Drivers personally impacted by COVID-19 and Driver reimbursement
for their cost of purchasing personal protective equipment are
recorded as a reduction to revenue. The cost of personal protective
equipment distributed to Drivers, the costs related to free rides
and food deliveries to healthcare workers, seniors, and others in
need as well as charitable donations are recorded as an expense in
our costs and expenses.
Driver(s). The term Driver collectively refers to
independent providers of ride or delivery services who use our
platform to provide Mobility or Delivery services, or both.
Driver or restaurant earnings. Driver or restaurant
earnings refer to the net portion of the fare or the net portion of
the order value that a Driver or a restaurant retains,
respectively.
Driver incentives. Driver incentives refer to payments
that we make to Drivers, which are separate from and in addition to
the Driver’s portion of the fare paid by the consumer after we
retain our service fee to Drivers. For example, Driver incentives
could include payments we make to Drivers should they choose to
take advantage of an incentive offer and complete a consecutive
number of trips or a cumulative number of trips on the platform
over a defined period of time. Driver incentives are recorded as a
reduction of revenue.
Free cash flow. Free cash flow is a Non-GAAP measure. We
define free cash flow as net cash flows from operating activities
less capital expenditures.
Gross Bookings. We define Gross Bookings as the total
dollar value, including any applicable taxes, tolls, and fees, of:
Mobility rides; Delivery orders (in each case without any
adjustment for consumer discounts and refunds); Driver and Merchant
earnings; Driver incentives and Freight revenue. Gross Bookings do
not include tips earned by Drivers.
Monthly Active Platform Consumers (“MAPCs”). We define
MAPCs as the number of unique consumers who completed a Mobility or
New Mobility ride or received a Delivery order on our platform at
least once in a given month, averaged over each month in the
quarter. While a unique consumer can use multiple product offerings
on our platform in a given month, that unique consumer is counted
as only one MAPC.
Segment Adjusted EBITDA. We define each segment’s
Adjusted EBITDA as segment revenue less the following direct costs
and expenses of that segment: (i) cost of revenue, exclusive of
depreciation and amortization; (ii) operations and support; (iii)
sales and marketing; (iv) research and development; and (v) general
and administrative. Segment Adjusted EBITDA also reflects any
applicable exclusions from Adjusted EBITDA.
Segment Adjusted EBITDA margin. We define each segment’s
Adjusted EBITDA margin as the segment Adjusted EBITDA as a
percentage of segment Gross Bookings.
Take Rate. We define Take Rate as revenue as a percentage
of Gross Bookings.
Trips. We define Trips as the number of completed
consumer Mobility rides and Delivery orders in a given period. For
example, an UberX Share ride with three paying consumers represents
three unique Trips, whereas an UberX ride with three passengers
represents one Trip.
Definitions of Non-GAAP Measures
We collect and analyze operating and financial data to evaluate
the health of our business and assess our performance. In addition
to revenue, net income (loss), income (loss) from operations, and
other results under GAAP, we use: Adjusted EBITDA; Free Cash Flow;
Non-GAAP Costs and Operating Expenses; as well as, revenue growth
rates in constant currency, which are described below, to evaluate
our business. We have included these non-GAAP financial measures
because they are key measures used by our management to evaluate
our operating performance. Accordingly, we believe that these
non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating our operating results in
the same manner as our management team and board of directors. Our
calculation of these non-GAAP financial measures may differ from
similarly-titled non-GAAP measures, if any, reported by our peer
companies. These non-GAAP financial measures should not be
considered in isolation from, or as substitutes for, financial
information prepared in accordance with GAAP.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss), excluding (i)
income (loss) from discontinued operations, net of income taxes,
(ii) net income (loss) attributable to non-controlling interests,
net of tax, (iii) provision for (benefit from) income taxes, (iv)
income (loss) from equity method investments, (v) interest expense,
(vi) other income (expense), net, (vii) depreciation and
amortization, (viii) stock-based compensation expense, (ix) certain
legal, tax, and regulatory reserve changes and settlements, (x)
goodwill and asset impairments/loss on sale of assets, (xi)
acquisition, financing and divestitures related expenses, (xii)
restructuring and related charges and (xiii) other items not
indicative of our ongoing operating performance, including COVID-19
response initiatives related payments for financial assistance to
Drivers personally impacted by COVID-19, the cost of personal
protective equipment distributed to Drivers, Driver reimbursement
for their cost of purchasing personal protective equipment, the
costs related to free rides and food deliveries to healthcare
workers, seniors, and others in need as well as charitable
donations.
We have included Adjusted EBITDA because it is a key measure
used by our management team to evaluate our operating performance,
generate future operating plans, and make strategic decisions,
including those relating to operating expenses. Accordingly, we
believe that Adjusted EBITDA provides useful information to
investors and others in understanding and evaluating our operating
results in the same manner as our management team and board of
directors. In addition, it provides a useful measure for
period-to-period comparisons of our business, as it removes the
effect of certain non-cash expenses and certain variable charges.
To help our board, management and investors assess the impact of
COVID-19 on our results of operations, we are excluding the impacts
of COVID-19 response initiatives related payments for financial
assistance to Drivers personally impacted by COVID-19, the cost of
personal protective equipment distributed to Drivers, Driver
reimbursement for their cost of purchasing personal protective
equipment, the costs related to free rides and food deliveries to
healthcare workers, seniors, and others in need as well as
charitable donations from Adjusted EBITDA. Our board and management
find the exclusion of the impact of these COVID-19 response
initiatives from Adjusted EBITDA to be useful because it allows us
and our investors to assess the impact of these response
initiatives on our results of operations.
Adjusted EBITDA has limitations as a financial measure, should
be considered as supplemental in nature, and is not meant as a
substitute for the related financial information prepared in
accordance with GAAP. These limitations include the following:
- Adjusted EBITDA excludes certain recurring, non-cash charges,
such as depreciation of property and equipment and amortization of
intangible assets, and although these are non-cash charges, the
assets being depreciated and amortized may have to be replaced in
the future, and Adjusted EBITDA does not reflect all cash capital
expenditure requirements for such replacements or for new capital
expenditure requirements;
- Adjusted EBITDA excludes certain restructuring and related
charges, part of which may be settled in cash;
- Adjusted EBITDA excludes stock-based compensation expense,
which has been, and will continue to be for the foreseeable future,
a significant recurring expense in our business and an important
part of our compensation strategy;
- Adjusted EBITDA excludes other items not indicative of our
ongoing operating performance, including COVID-19 response
initiatives related payments for financial assistance to Drivers
personally impacted by COVID-19, the cost of personal protective
equipment distributed to Drivers, Driver reimbursement for their
cost of purchasing personal protective equipment, the costs related
to free rides and food deliveries to healthcare workers, seniors,
and others in need as well as charitable donations;
- Adjusted EBITDA does not reflect period to period changes in
taxes, income tax expense or the cash necessary to pay income
taxes;
- Adjusted EBITDA does not reflect the components of other income
(expense), net, which primarily includes: interest income; foreign
currency exchange gains (losses), net; gain (loss) on business
divestitures, net; unrealized gain (loss) on debt and equity
securities, net; and impairment of debt and equity securities;
and
- Adjusted EBITDA excludes certain legal, tax, and regulatory
reserve changes and settlements that may reduce cash available to
us.
Constant Currency
We compare the percent change in our current period results from
the corresponding prior period using constant currency disclosure.
We present constant currency growth rate information to provide a
framework for assessing how our underlying revenue performed
excluding the effect of foreign currency rate fluctuations. We
calculate constant currency by translating our current period
financial results using the corresponding prior period’s monthly
exchange rates for our transacted currencies other than the U.S.
dollar.
Non-GAAP Costs and Operating Expenses
Costs and operating expenses are defined as: cost of revenue,
exclusive of depreciation and amortization; operations and support;
sales and marketing; research and development; and general and
administrative expenses. We define Non-GAAP costs and operating
expenses as costs and operating expenses excluding: (i) stock-based
compensation expense, (ii) certain legal, tax, and regulatory
reserve changes and settlements, (iii) goodwill and asset
impairments/loss on sale of assets, (iv) certain acquisition,
financing and divestiture related expenses, (v) restructuring and
related charges and (vi) other items not indicative of our ongoing
operating performance, including COVID-19 response initiative
related payments for financial assistance to Drivers personally
impacted by COVID-19, the cost of personal protective equipment
distributed to Drivers, Driver reimbursement for their cost of
purchasing personal protective equipment, the costs related to free
rides and food deliveries to healthcare workers, seniors, and
others in need as well as charitable donations.
Free Cash Flow
We define free cash flow as net cash flows from operating
activities less capital expenditures.
Reconciliations of Non-GAAP Measures
Adjusted EBITDA
The following table presents reconciliations of Adjusted EBITDA
to the most directly comparable GAAP financial measure for each of
the periods indicated.
Three Months Ended March
31,
(In millions)
2021
2022
Adjusted EBITDA reconciliation:
Net loss attributable to Uber
Technologies, Inc.
$
(108
)
$
(5,930
)
Add (deduct):
Net income (loss) attributable to
non-controlling interests, net of tax
(14
)
12
Provision for (benefit from) income
taxes
185
(232
)
Loss (income) from equity method
investments
8
(18
)
Interest expense
115
129
Other (income) expense, net
(1,710
)
5,557
Depreciation and amortization
212
254
Stock-based compensation expense
281
359
Legal, tax, and regulatory reserve changes
and settlements
551
—
Goodwill and asset impairments/loss on
sale of assets
57
13
Acquisition, financing and divestitures
related expenses
36
14
Accelerated lease costs related to
cease-use of ROU assets
2
—
COVID-19 response initiatives
26
1
Loss on lease arrangements, net
—
7
Restructuring and related charges
—
2
Adjusted EBITDA
$
(359
)
$
168
Free Cash Flow
We define free cash flow as net cash flows from operating
activities less capital expenditures. The following table presents
reconciliation of free cash flow to the most directly comparable
GAAP financial measure for each of the periods indicated.
Three Months Ended March
31,
(In millions)
2021
2022
Free cash flow reconciliation:
Net cash provided by (used in) operating
activities
$
(611
)
$
15
Purchases of property and equipment
(71
)
(62
)
Free cash flow
$
(682
)
$
(47
)
Non-GAAP Costs and Operating Expenses
The following tables present reconciliations of Non-GAAP costs
and operating expenses to the most directly comparable GAAP
financial measure for each of the periods indicated.
Three Months Ended
(In millions)
March 31, 2021
December 31, 2021
March 31, 2022
Non-GAAP Cost of revenue exclusive of
depreciation and amortization reconciliation:
GAAP Cost of revenue exclusive of
depreciation and amortization
$
1,710
$
3,104
$
4,026
COVID-19 response initiatives
(11
)
(1
)
(1
)
Acquisition, financing and divestitures
related expenses
—
4
—
Non-GAAP Cost of revenue exclusive of
depreciation and amortization
$
1,699
$
3,107
$
4,025
Three Months Ended
(In millions)
March 31, 2021
December 31, 2021
March 31, 2022
Non-GAAP Operating Expenses
Non-GAAP Operations and support
reconciliation:
GAAP Operations and support
$
423
$
547
$
574
Restructuring and related charges
—
—
(2
)
Goodwill and asset impairments/loss on
sale of assets
—
(4
)
—
Acquisition, financing and divestitures
related expenses
(3
)
(3
)
(1
)
Stock-based compensation expense
(28
)
(31
)
(33
)
Non-GAAP Operations and support
$
392
$
509
$
538
Non-GAAP Sales and marketing
reconciliation:
GAAP Sales and marketing
$
1,103
$
1,262
$
1,263
Acquisition, financing and divestitures
related expenses
(3
)
—
—
COVID-19 response initiatives
(5
)
—
—
Stock-based compensation expense
(22
)
(24
)
(22
)
Non-GAAP Sales and marketing
$
1,073
$
1,238
$
1,241
Non-GAAP Research and development
reconciliation:
GAAP Research and development
$
515
$
558
$
587
Acquisition, financing and divestitures
related expenses
(13
)
(1
)
—
Goodwill and asset impairments/loss on
sale of assets
(42
)
(10
)
—
Stock-based compensation expense
(133
)
(180
)
(196
)
Non-GAAP Research and development
$
327
$
367
$
391
Non-GAAP General and administrative
reconciliation:
GAAP General and administrative
$
464
$
611
$
632
Legal, tax, and regulatory reserve changes
and settlements
49
67
—
Goodwill and asset impairments/loss on
sale of assets
(15
)
(86
)
(13
)
Acquisition, financing and divestitures
related expenses
(17
)
(17
)
(12
)
Accelerated lease costs related to
cease-use of ROU assets
(2
)
(3
)
—
Loss on lease arrangements, net
—
—
(7
)
Stock-based compensation expense
(98
)
(99
)
(108
)
Non-GAAP General and administrative
$
381
$
473
$
492
View source
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