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
SAN FRANCISCO--(BUSINESS WIRE )--Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2022.
Financial Highlights for First Quarter 2022
“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.”
Financial and Operational Highlights for First Quarter 2022
Monthly Active Platform Consumers (“MAPCs”)
Net loss attributable to Uber Technologies, Inc. (2)
Net cash provided by (used in) operating activities
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.
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.
Results by Offering and Segment
Q1 2022 Gross Bookings includes contributions from the acquisition of Transplace which closed on November 12, 2021.
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.
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.
Freight Revenue in Q1 2022 includes contributions from the acquisition of Transplace which closed on November 12, 2021.
Includes historical results of ATG and Other Technology Programs.
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.
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
Corporate G&A and Platform R&D (1), (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.
“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.
United States and Canada (“US&CAN”) (1)
Europe, Middle East and Africa ("EMEA") (2)
US&CAN Revenue in Q1 2022 includes contributions from the acquisition of Transplace which closed on November 12, 2021.
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.
Financial Highlights for the First Quarter 2022 (continued)
GAAP and Non-GAAP Costs and Operating Expenses
Operating Highlights for the First Quarter 2022
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.
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.
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.
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.
Restricted cash and cash equivalents
Prepaid expenses and other current assets
Restricted cash and cash equivalents
Liabilities, redeemable non-controlling interests and equity
Accrued and other current liabilities
Long-term debt, net of current portion
Total Uber Technologies, Inc. stockholders' equity
Total liabilities, redeemable non-controlling interests and equity
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
Cost of revenue, exclusive of depreciation and amortization shown separately below
Income (loss) before income taxes and income (loss) from equity method investments
Provision for (benefit from) income taxes
Income (loss) from equity method investments
Net loss including non-controlling interests
Less: net income (loss) attributable to non-controlling interests, net of tax
Net loss attributable to Uber Technologies, Inc.
Net loss per share attributable to Uber Technologies, Inc. common stockholders:
Weighted-average shares used to compute net loss per share attributable to common stockholders:
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash flows from operating activities
Net loss including non-controlling interests
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Loss (income) from equity method investments, net
Unrealized (gain) loss on debt and equity securities, net
Impairments of goodwill, long-lived assets and other assets
Impairment of equity method investment
Revaluation of MLU B.V. call option
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Prepaid expenses and other assets
Accrued expenses and other liabilities
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchases of property and equipment
Purchases of non-marketable equity securities
Proceeds from maturities and sales of marketable securities
Proceeds from sale of non-marketable equity securities
Acquisition of businesses, net of cash acquired
Net cash used in investing activities
Cash flows from financing activities
Principal repayment on Careem Notes
Principal payments on finance leases
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents
Cash and cash equivalents, and restricted cash and cash equivalents
Reclassification from assets held for sale during the period
The following table presents other income (expense), net (in millions):
Foreign currency exchange gains (losses), net
Unrealized gain (loss) on debt and equity securities, net (2)
Impairment of equity method investment (3)
Revaluation of MLU B.V. call option (4)
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.
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.
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.
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.
The following table summarizes total stock-based compensation expense by function (in millions):
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.
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.
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:
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.
We define free cash flow as net cash flows from operating activities less capital expenditures.
The following table presents reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measure for each of the periods indicated.
Net loss attributable to Uber Technologies, Inc.
Net income (loss) attributable to non-controlling interests, net of tax
Provision for (benefit from) income taxes
Loss (income) from equity method investments
Legal, tax, and regulatory reserve changes and settlements
Goodwill and asset impairments/loss on sale of assets
Acquisition, financing and divestitures related expenses
Accelerated lease costs related to cease-use of ROU assets
Loss on lease arrangements, net
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.
Net cash provided by (used in) operating activities
Purchases of property and equipment
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.
Non-GAAP Cost of revenue exclusive of depreciation and amortization reconciliation:
GAAP Cost of revenue exclusive of depreciation and amortization
Acquisition, financing and divestitures related expenses
Non-GAAP Cost of revenue exclusive of depreciation and amortization
Non-GAAP Operations and support reconciliation:
Goodwill and asset impairments/loss on sale of assets
Acquisition, financing and divestitures related expenses
Non-GAAP Sales and marketing reconciliation:
Acquisition, financing and divestitures related expenses
Non-GAAP Research and development reconciliation:
Acquisition, financing and divestitures related expenses
Goodwill and asset impairments/loss on sale of assets
Non-GAAP General and administrative reconciliation:
Legal, tax, and regulatory reserve changes and settlements
Goodwill and asset impairments/loss on sale of assets
Acquisition, financing and divestitures related expenses
Accelerated lease costs related to cease-use of ROU assets
Loss on lease arrangements, net
Investors and analysts: investor@uber.com Media: press@uber.com
Investors and analysts: investor@uber.com Media: press@uber.com