Gross Bookings reached an all-time high of
$19.5B, up 24% year-over-year
Net loss of $(108) million and Adjusted EBITDA
of $(359) million
Uber Technologies, Inc. (NYSE: UBER) today announced financial
results for the quarter ended March 31, 2021.
Financial Highlights for First Quarter 2021
- Gross Bookings grew 24% year-over-year (“YoY”) to $19.5
billion, or 22% on a constant currency basis, with Mobility Gross
Bookings of $6.8 billion (-38% YoY) and Delivery Gross Bookings of
$12.5 billion (+166% YoY).
- Revenue of $2.9 billion and Mobility Revenue of $853 million
were reduced by a $600 million accrual made for the resolution of
historical claims in the UK relating to the classification of
drivers. Delivery Revenue of $1.7 billion grew 28% QoQ and 230%
YoY.
- Revenue, excluding the UK accrual, of $3.5 billion grew 11% QoQ
and 8% YoY, and Mobility Revenue, excluding the UK accrual, of $1.5
billion declined 1% QoQ and 41% YoY.
- Net loss attributable to Uber Technologies, Inc. was $108
million, which includes $281 million in stock-based compensation
expense. Net loss benefited from a $1.6 billion gain from the
divestiture of ATG, partly offset by the $600 million UK
accrual.
- Adjusted EBITDA of $(359) million improved by $95 million QoQ
and by $253 million YoY, representing a (1.8)% margin as a
percentage of Gross Bookings and a (12.4)% margin as a percentage
of revenue.
- Mobility Adjusted EBITDA of $298 million, up $5 million QoQ and
down $283 million YoY, representing 4.4% margin as a percentage of
Mobility Gross Bookings and a 34.9% margin as a percentage of
Mobility Revenue (20.5% margin as a percentage of Mobility Revenue
excluding the UK accrual).
- Delivery Adjusted EBITDA of $(200) million, down $55 million
QoQ but up $113 million YoY, representing a (1.6)% margin as a
percentage of Delivery Gross Bookings and a (11.5)% margin as a
percentage of Delivery Revenue.
- Unrestricted cash, cash equivalents and short-term investments
were $5.7 billion at the end of the first quarter.
“Uber is starting to fire on all cylinders, as more consumers
are riding with us again while continuing to use our expanding
delivery offerings,” said Dara Khosrowshahi, CEO. “We will continue
to innovate and find new ways to deepen engagement with our
customers, as the only global platform that helps you go wherever
you need and get whatever you want.”
“We outperformed both our Gross Bookings and Adjusted EBITDA
outlook, with Mobility trends improving through the quarter and
continued elevated growth for our Delivery business, combined with
disciplined operational execution,” said Nelson Chai, CFO. “Uber is
very well positioned to drive long-term value, with improving
EBITDA performance, significant liquidity, and increasingly
valuable minority investments.”
First Quarter 2021 Financial
and Operational Highlights
Three Months Ended March
31,
(In millions, except percentages)
2020
2021
% Change
% Change (Constant Currency
(1))
Monthly Active Platform Consumers
(“MAPCs”)
103
98
(5)
%
Trips
1,661
1,447
(13)
%
Gross Bookings
$
15,776
$
19,536
24
%
22
%
Revenue
$
3,248
$
2,903
(11)
%
(11)
%
Revenue Excluding the UK Accrual (1)
$
3,248
$
3,503
8
%
6
%
Net loss attributable to Uber
Technologies, Inc. (2)
$
(2,936)
$
(108)
96
%
Adjusted EBITDA (1)
$
(612)
$
(359)
41
%
(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
$277 million and $281 million in Q1 2020 and Q1 2021,
respectively.
Results by Offering and Segment
Gross Bookings
Three Months Ended March
31,
(In millions, except percentages)
2020
2021
% Change
% Change (Constant
Currency)
Gross Bookings:
Mobility
$
10,874
$
6,773
(38)
%
(36)
%
Delivery
4,683
12,461
166
%
157
%
Freight
198
302
52
%
52
%
All Other (1)
21
—
**
**
Total
$
15,776
$
19,536
24
%
22
%
(1)
Includes ATG and Other Technology Programs
and historical results of New Mobility.
**
Percentage not meaningful.
Revenue
Three Months Ended March
31,
(In millions, except percentages)
2020
2021
% Change
% Change (Constant
Currency)
Revenue (1):
Mobility
$
2,467
$
853
(65)
%
(63)
%
Delivery
527
1,741
230
%
215
%
Freight
199
301
51
%
51
%
All Other
55
8
**
**
Total
$
3,248
$
2,903
(11)
%
(11)
%
(1)
Uber Revenues and Mobility Revenues were
reduced by a $600 million accrual made for the resolution of
historical claims in the UK relating to the classification of
drivers.
**
Percentage not meaningful.
Revenue Excluding the UK
Accrual
Three Months Ended March
31,
(In millions, except percentages)
2020
2021
% Change
% Change (Constant
Currency)
Revenue Excluding the UK Accrual (1),
(2):
Mobility
$
2,467
$
1,453
(41)
%
(41)
%
Delivery
527
1,741
230
%
215
%
Freight
199
301
51
%
51
%
All Other
55
8
**
**
Total Revenue Excluding the UK
Accrual
$
3,248
$
3,503
8
%
6
%
(1)
Uber Revenues and Mobility Revenues were
reduced by a $600 million accrual made for the resolution of
historical claims in the UK relating to the classification of
drivers.
(2)
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.
Take Rates
Three Months Ended March
31,
2020
2021
Mobility
22.7
%
12.6
%
Delivery
11.3
%
14.0
%
Total
20.6
%
14.9
%
Take Rates Excluding the UK
Accrual
Three Months Ended March
31,
2020
2021
Mobility
22.7
%
21.5
%
Delivery
11.3
%
14.0
%
Total
20.6
%
17.9
%
Adjusted EBITDA and Segment Adjusted
EBITDA
Three Months Ended March
31,
(In millions, except percentages)
2020
2021
% Change
Segment Adjusted EBITDA:
Mobility (1)
$
581
$
298
(49)
%
Delivery
(313)
(200)
36
%
Freight
(64)
(29)
55
%
All Other
(171)
(11)
**
Corporate G&A and Platform R&D
(2), (3)
(645)
(417)
35
%
Adjusted EBITDA (1), (4)
$
(612)
$
(359)
41
%
(1)
Adjusted EBITDA and Mobility Adjusted
EBITDA exclude the $600 million accrual made for the resolution of
historical claims in the UK relating to the classification of
drivers, consistent with Uber’s accounting practices.
(2)
Excludes stock-based compensation
expense.
(3)
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.
(4)
“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)
2020
2021
% Change
United States and Canada
$
2,075
$
1,849
(11)
%
Latin America ("LatAm")
478
302
(37)
%
Europe, Middle East and Africa ("EMEA")
(1)
473
225
(52)
%
Asia Pacific ("APAC")
222
527
138
%
Total
$
3,248
$
2,903
(11)
%
(1)
EMEA revenue and total revenue were
reduced by a $600 million accrual made for the resolution of
historical claims in the UK relating to the classification of
drivers.
Financial Highlights for the First Quarter 2021
(continued)
Mobility
- Gross Bookings of $6.8 billion: Mobility Gross Bookings
were flat QoQ and declined 36% YoY on a constant currency basis,
with APAC down 14% YoY, LatAm down 21% YoY, EMEA down 43% YoY, and
U.S. & Canada down 43% YoY.
- Revenue of $853 million; Revenue excluding UK accrual at
$1.45 billion: In March, Uber announced that it will treat all
UK drivers as “workers”, a special classification under UK labor
law, going forward. Pursuant to this change, drivers that use
Uber’s platform will earn at least the minimum wage (known as the
National Living Wage) for time spent actively working, be paid
holiday pay, and eligible drivers will be enrolled into a pension
plan. Additionally, Uber has launched a process to resolve
historical claims from UK drivers relating to their classification
under UK law. Mobility revenues were reduced by $600 million due to
the accrual made for the resolution of historical claims in the UK
relating to the classification of drivers. Excluding the UK
accrual, revenue of $1.45 billion declined 1% QoQ and 41% YoY.
- Take rate of 12.6%; take rate excluding UK accrual at
21.5%: Take rate declined 1,010 basis points (bps) YoY with a
890 bps adverse impact from the UK accrual. Take rate excluding UK
accrual was 21.5%, down 20bps QoQ and down 120 bps YoY.
- Adjusted EBITDA of $298 million: Adjusted EBITDA
improved $5 million QoQ and Adjusted EBITDA margin reached 4.4% of
Gross Bookings, compared to 4.3% in Q4 2020 and 5.3% in Q1
2020.
Delivery
- Gross Bookings of $12.5 billion: Gross Bookings grew 24%
QoQ and grew 157% YoY on a constant currency basis, with EMEA up
178% YoY, U.S. & Canada up 179% YoY, LatAm up 144% YoY, and
APAC up 87% YoY.
- New Verticals reached $3 billion Gross Bookings run
rate: Uber’s New Verticals (non-food delivery such as grocery,
convenience, and alcohol) business continued to scale, with Gross
Bookings reaching a $3 billion annualized run rate in March, up 77%
QoQ, driven by geographical expansion, strong customer demand and
the completion of our Cornershop acquisition in Mexico.
- Revenue of $1.74 billion: Revenue grew 28% QoQ and grew
230% YoY. Take rate of 14.0% grew 50 bps QoQ and grew 270 bps YoY.
The YoY expansion was driven by higher volumes, higher basket sizes
and improved network efficiencies. Additionally, we realized a 140
bps YoY benefit from business model changes in some countries that
reclassify certain payments and incentives as Cost of Revenue.
- Adjusted EBITDA of $(200) million: Adjusted EBITDA
improved $113 million YoY. Compared to Q4 2020, Adjusted EBITDA was
$55 million lower, driven by the consolidation of Postmates,
investments in New Verticals, and investments in courier supply in
March. Delivery Adjusted EBITDA margin was at (1.6)% as a
percentage of Gross Bookings, compared to (1.4)% in Q4 2020 and
(6.7)% in Q1 2020.
Freight, All Other, and Corporate
- Freight delivered accelerating growth and improving EBITDA
margins: Freight revenue growth accelerated to +51% YoY (55%
excluding the divested Europe business) while improving adjusted
EBITDA margins 2,250 bps YoY and 340 bps QoQ as the business
continues to scale its carrier network and improved automation of
the load lifecycle.
- All Other: All Other Adjusted EBITDA of $(11) million
improved YoY as a result of the divestments of ATG and Uber
Elevate, which closed in January.
- Corporate G&A and Platform R&D expenses improved to
$(417) million: This compared to $(489) million in Q4 2020, and
$(645) million in Q1 2020. The YoY improvement was attributable to
lower headcount, lower external spend and lower tax accruals from a
reduction in Mobility business. On a QoQ basis, the improvement was
driven by disciplined cost management with slower headcount growth
and reduced external spend, and higher expenses in Q4 2020
resulting from certain one-time legal matters.
GAAP and Non-GAAP Costs and Operating Expenses
- Cost of revenue excluding D&A: GAAP cost of revenue
increased $269 million QoQ and $219 million YoY. Non-GAAP cost of
revenue grew $271 million QoQ and $213 million YoY on an absolute
dollar basis, driven by an increase in Delivery people payments and
incentives in certain markets, an increase in Freight carrier
payments, partially offset by a decrease in insurance costs.
- GAAP and Non-GAAP operating expenses (Non-GAAP excludes
pro forma adjustments, such as stock-based compensation and
restructuring charges):
- Operations and support: GAAP operations and support
increased $54 million QoQ and declined $80 million YoY. Non-GAAP
operations and support grew by $34 million QoQ and declined $81
million YoY, attributable to lower employee headcount costs from
cost reduction actions in 2020.
- Sales and marketing: GAAP sales and marketing grew $65
million QoQ and $218 million YoY. Non-GAAP sales and marketing grew
$48 million QoQ and grew $202 million YoY, as a result of higher
marketing and promotion spend in our Delivery business.
- Research and development: GAAP research and development
grew $32 million QoQ and declined $130 million YoY. Non-GAAP
research and development declined $15 million QoQ and $151 million
YoY, driven by lower employee headcount costs, which was primarily
driven by the sales of JUMP and our ATG business in the second
quarter of 2020 and first quarter of 2021, respectively.
- General and administrative: GAAP general and
administrative declined $67 million QoQ and $395 million YoY. GAAP
general and administrative declined YoY primarily attributed to
impairments recognized in the first quarter of 2020 and a net
decrease in legal, tax, and regulatory reserve changes and
settlements. Non-GAAP general and administrative declined $113
million QoQ and declined $195 million YoY, primarily attributable
to a decrease in employee headcount costs as well as a decline in
overall taxes.
Operating Highlights for the First Quarter 2021
Platform
- Trips of 1.45 billion: Trips on platform were flat QoQ
and 13% below Q1 2020 levels, with continued growth in Delivery
trips offsetting declines in Mobility trips.
- Monthly Active Platform Consumers (“MAPC”) reached 98
million: MAPCs grew 5% QoQ and declined 5% YoY to 98 million,
with Delivery MAPC growing over 70% YoY. On average, our monthly
active platform consumers spent approximately $66 per month and
used our platform approximately five times per month during the
quarter ended March 31, 2021.
- Active drivers and couriers on the platform reached 3.5
million: Approximately 3.5 million drivers and couriers used
our platform for work during the quarter, up 4% QoQ but down 22%
YoY.
- Eats Pass evolution: In late April, Uber announced the
addition of new benefits across Delivery and Mobility to Eats Pass
in the US. In addition to discounted restaurant, grocery and
alcohol delivery, consumers are now able to take advantage of a 10%
discount on 3 Uber rides each month, further differentiating Eats
Pass from competitive membership offerings.
- Uber for Business (U4B): Gross Bookings from our U4B
business grew roughly 10% QoQ, with QoQ improvements in both
Mobility and Delivery products. Eats on Uber for Business was
adopted by several enterprise customers including The Coca-Cola
Company, Morgan Stanley, and Samsung.
- Marriott Bonvoy partnership: Uber and Marriott announced
a 3-year partnership that enables consumers to earn Marriott Bonvoy
points on select Uber trips and deliveries on Uber Eats. The
partnership brings together two world-class platforms and offers
consumers the opportunity to earn free hotel stays through the ways
they use Uber. Marriott Bonvoy is one of the world’s largest
loyalty programs with nearly 140 million members.
Mobility
- Hailables expansion: Hailable products like taxis,
auto-rickshaws and motorbikes drove strong QoQ growth during the
quarter, and unlocked new markets such as Turkey and Barcelona.
Hailables accounted for a double digit percentage of Mobility
first-time riders and first-time drivers.
- Transit: Uber Transit announced three new
Software-as-a-Solution (SaaS) transit programs, in partnership with
Denver RTD, Cecil Transit (MD) and Porterville Transit (CA)
agencies.
- Safety: Uber is continuing to require all drivers and
riders to wear masks during Uber rides and launched a US
partnership with Clorox to help provide drivers with cleaning
supplies. In addition, we launched the Industry Sharing Safety
Program with Lyft, which enables companies to exchange basic
information about drivers and delivery people who have been
deactivated for serious sexual assault or physical assault
fatalities to help prevent these individuals from operating on
another platform.
- Improving vaccine access: Uber has made it easier for
drivers to navigate the vaccination process with streamlined
appointment booking through our partnership with Walgreens. Uber,
PayPal, and Walgreens created the Vaccine Access Fund to help
provide free rides to people in underserved communities. People can
support the Vaccine Access Fund by donating to PayPal Giving Fund,
which is a registered 501(c)(3) charity, including through the Uber
app. The three companies have contributed $11 million to the fund
for rides to vaccination sites.
Delivery
- Ads rollout: Ads geographic expansion continued, with a
rollout to the UK, Brazil and Chile in Q1, bringing the offerings
to a total to 9 countries. Active advertising stores grew to
69K.
- Merchants on the platform exceeded 700K: Active Delivery
merchants on Uber Eats grew 76% YoY. Notable restaurant additions
included Mr.Beast Burger, Applebee’s Cosmic Wings, and Smoothie
King (US); COFFEE.KAN (Japan); Grupo Hunan (Mexico). Notable
non-food merchant additions included Rite Aid and Gopuff (US);
Rexall (Canada); Casino Group (France); Ace Kitano and Kakuyasu
(Japan); GPA (Brazil); Thirsty Liquor and Metcash/IGA (ANZ).
- Uber Direct expansion: Uber’s off marketplace delivery
offerings (with demand originating on the partner’s app or website)
continued to expand with several notable partnerships signed during
the quarter, including Walgreens and Shake Shack (US); Nike, Carso,
and Alsea (LatAm).
- Gopuff partnership: Uber and Gopuff have entered into an
agreement to launch a new convenience offering within Uber Eats.
Starting in June, consumers can access more than 2,500 items in
Gopuff’s inventory available for rapid delivery directly from the
Uber Eats app. This is the first deal of its kind for both
companies—the first partnership with a vertically integrated
delivery business for Uber and the first time Gopuff has powered an
essentials delivery offering for a partner.
- Uber Eats launch in Germany: Uber Eats announced it will
launch its delivery service in Berlin, with a broader expansion
across Germany expected over the next several months. Germany is a
large and underserved market, and Uber expects to introduce
consumers to a far broader selection of merchants, with a
consistent, fast and reliable delivery experience. Uber expects
Delivery to complement its growing Mobility offering in this high
priority market.
Freight and Corporate
- Freight’s technology helped shippers navigate the volatile
Q1 market: Continued growth of our carrier network enabled us
to provide access to stable capacity and maintain service
reliability in the tightest market conditions on record.
- Freight launched self-serve committed capacity: Allows
carriers to secure multiple loads over an extended period of time
for a fixed price. This in-app feature enables smaller carriers
access to consistent and reliable freight, expanding our matching
capabilities between all types of shippers and carriers.
- Term loan refinancing: We entered into a refinancing
transaction under which we borrowed $2.6 billion under our 2016
Term Loan Agreement, the proceeds of which were used to repay in
full all previously outstanding term loans under our 2016 and 2018
Senior Secured Term Loan agreements. The $2.6 billion term loan is
comprised of (i) a $1.1 billion tranche with a maturity date of
February 2027 and (ii) a $1.5 billion tranche with a maturity date
of April 2025, and the interest rate for the aggregate term loan
amount is LIBOR plus 3.50% per annum, subject to a floor of
0.00%.
- Renewable energy purchasing agreement: On March 16, we
announced a renewable energy purchasing agreement to purchase 10MW
of electricity per year from the Azure Sky wind farm in Texas. Uber
will be able match the electricity consumption from our US offices
with clean, renewable energy, taking us one step closer to meeting
our goal of becoming a zero emissions company by 2040.
Recent Developments
- Close of Autocab acquisition: On April 12, 2021, Uber
closed the previously announced acquisition of Autocab. Autocab
provides private hire and taxi operators with technology to run
their business, including booking and dispatch software, and also
connects them with trips through their iGo marketplace. Every month
thousands of people open the Uber app in places the company doesn’t
operate to try to get a trip. Through Autocab’s iGo marketplace,
Uber will be able to connect these riders with local operators who
choose to take their booking. In turn, operators should be able to
expand their operations and offer more earnings opportunities to
local drivers. Uber will also explore providing drivers with
additional revenue opportunities related to its platform for other
services, such as delivery.
- Uber and SK Telecom joint venture: On April 1, 2021,
Uber and T Map Mobility, a subsidiary of SK Telecom, launched their
joint venture, UT, in South Korea. UT will combine Uber and T Map
Mobility’s mobility services in South Korea.
Webcast and conference call information
A live audio webcast of our first quarter 2021 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 5, 2021 at 1:30 PM (PT) / 4:30 PM (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, including SEC filings, investor events, press and
earnings releases, and blogs, on our investor relations website
(https://investor.uber.com/).
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 15 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
delivery persons. 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, 2020 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; Revenue
Excluding the UK Accrual; Mobility Revenue Excluding the UK
Accrual; Non-GAAP Costs and Operating Expenses; Adjusted EBITDA
margin as a percentage of revenue; Mobility Adjusted EBITDA margin
as a percentage of Mobility revenue and Delivery Adjusted EBITDA as
a percentage of Delivery revenue 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.
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions)
(Unaudited)
As of December 31,
2020
As of March 31, 2021
Assets
Cash and cash equivalents
$
5,647
$
4,836
Short-term investments
1,180
819
Restricted cash and cash equivalents
250
247
Accounts receivable, net
1,073
1,075
Prepaid expenses and other current
assets
1,215
1,318
Assets held for sale
517
—
Total current assets
9,882
8,295
Restricted cash and cash equivalents
1,494
1,524
Collateral held by insurer
860
752
Investments
9,052
11,794
Equity method investments
1,079
1,127
Property and equipment, net
1,814
1,757
Operating lease right-of-use assets
1,274
1,267
Intangible assets, net
1,564
1,455
Goodwill
6,109
6,352
Other assets
124
332
Total assets
$
33,252
$
34,655
Liabilities, redeemable non-controlling
interests and equity
Accounts payable
$
235
$
232
Short-term insurance reserves
1,243
1,216
Operating lease liabilities, current
175
171
Accrued and other current liabilities
5,112
5,669
Liabilities held for sale
100
—
Total current liabilities
6,865
7,288
Long-term insurance reserves
2,223
2,224
Long-term debt, net of current portion
7,560
7,801
Operating lease liabilities,
non-current
1,544
1,531
Other long-term liabilities
1,306
1,740
Total liabilities
19,498
20,584
Redeemable non-controlling interests
787
473
Equity
Common stock
—
—
Additional paid-in capital
35,931
36,182
Accumulated other comprehensive income
(loss)
(535)
654
Accumulated deficit
(23,130)
(23,238)
Total Uber Technologies, Inc.
stockholders' equity
12,266
13,598
Non-redeemable non-controlling
interests
701
—
Total equity
12,967
13,598
Total liabilities, redeemable
non-controlling interests and equity
$
33,252
$
34,655
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,
2020
2021
Revenue
$
3,248
$
2,903
Costs and expenses
Cost of revenue, exclusive of depreciation
and amortization shown separately below
1,491
1,710
Operations and support
503
423
Sales and marketing
885
1,103
Research and development
645
515
General and administrative
859
464
Depreciation and amortization
128
212
Total costs and expenses
4,511
4,427
Loss from operations
(1,263)
(1,524)
Interest expense
(118)
(115)
Other income (expense), net
(1,795)
1,710
Income (loss) before income taxes and
loss from equity method investments
(3,176)
71
Provision for (benefit from) income
taxes
(242)
185
Loss from equity method investments
(12)
(8)
Net loss including non-controlling
interests
(2,946)
(122)
Less: net loss attributable to
non-controlling interests, net of tax
(10)
(14)
Net loss attributable to Uber
Technologies, Inc.
$
(2,936)
$
(108)
Net loss per share attributable to Uber
Technologies, Inc. common stockholders:
Basic
$
(1.70)
$
(0.06)
Diluted
$
(1.70)
$
(0.06)
Weighted-average shares used to compute
net loss per share attributable to common stockholders:
Basic
1,724,367
1,858,525
Diluted
1,724,367
1,858,525
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended March
31,
2020
2021
Cash flows from operating
activities
Net loss including non-controlling
interests
$
(2,946)
$
(122)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
128
212
Bad debt expense
22
23
Stock-based compensation
277
281
Gain on business divestitures
(154)
(1,684)
Deferred income taxes
(273)
120
Loss from equity method investments,
net
12
8
Unrealized (gain) loss on debt and equity
securities, net
114
(63)
Impairment of debt and equity
securities
1,863
—
Impairments of goodwill, long-lived assets
and other assets
193
16
Unrealized foreign currency
transactions
7
13
Other
10
65
Change in assets and liabilities, net of
impact of business acquisitions and disposals:
Accounts receivable
444
(35)
Prepaid expenses and other assets
29
(67)
Collateral held by insurer
92
108
Operating lease right-of-use assets
57
38
Accounts payable
(46)
(3)
Accrued insurance reserves
77
(27)
Accrued expenses and other liabilities
(320)
556
Operating lease liabilities
(49)
(50)
Net cash used in operating activities
(463)
(611)
Cash flows from investing
activities
Purchases of property and equipment
(198)
(71)
Purchases of marketable securities
(493)
(336)
Purchases of non-marketable equity
securities
(10)
(803)
Purchase of note receivable
—
(216)
Proceeds from maturities and sales of
marketable securities
100
696
Proceeds from sale of non-marketable
equity securities
—
500
Acquisition of businesses, net of cash
acquired
(1,346)
(28)
Return of capital from equity method
investee
91
—
Other investing activities
—
8
Net cash used in investing activities
(1,856)
(250)
Cash flows from financing
activities
Principal repayment on Careem Notes
—
(194)
Principal payments on finance leases
(60)
(47)
Other financing activities
(3)
15
Net cash used in financing activities
(63)
(226)
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
(156)
(46)
Net decrease in cash and cash equivalents,
and restricted cash and cash equivalents
(2,538)
(1,133)
Cash and cash equivalents, and
restricted cash and cash equivalents
Beginning of period
12,067
7,391
Reclassification from assets held for sale
during the period
—
349
End of period
$
9,529
$
6,607
Other Income (Expense), Net
The following table presents other income
(expense), net (in millions):
Three Months Ended March
31,
2020
2021
(Unaudited)
Interest income
$
38
$
5
Foreign currency exchange gains (losses),
net
(28)
(25)
Gain on business divestitures (1)
154
1,684
Unrealized gain (loss) on debt and equity
securities, net (2)
(114)
63
Impairment of debt and equity securities
(3)
(1,863)
—
Other, net
18
(17)
Other income (expense), net
$
(1,795)
$
1,710
(1)
During the three months ended March 31,
2020, gain on business divestitures represents a $154 million gain
on the sale of our Uber Eats India operations to Zomato Media
Private Limited (“Zomato”). During the three months ended March 31,
2021, gain on business divestitures represents a $1.6 billion gain
on the sale of our ATG Business to Aurora.
(2)
During the three months ended March 31,
2020 and 2021, we recorded changes to the fair value of investments
in securities accounted for under the fair value option.
(3)
During the three months ended March 31,
2020, we recorded an impairment charge of $1.9 billion, related to
our investment in Didi, and a $173 million allowance for credit
loss recorded on our investment in Grab.
Stock-Based Compensation
Expense
The following table summarizes
total stock-based compensation expense by function (in
millions):
Three Months Ended March
31,
2020
2021
(Unaudited)
Operations and support
$
25
$
28
Sales and marketing
14
22
Research and development
167
133
General and administrative
71
98
Total
$
277
$
281
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.
All Other. Includes ATG and Other Technology Programs and
historical results of New Mobility, former 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.
Gross Bookings. We define Gross Bookings as the total
dollar value, including any applicable taxes, tolls, and fees, of
Mobility and New Mobility rides, Delivery orders, and amounts paid
by Freight shippers, in each case without any adjustment for
consumer discounts and refunds, Driver and restaurant earnings, and
Driver incentives. 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.
Revenue Excluding the UK Accrual. Revenue Excluding the
UK Accrual is a Non-GAAP measure. We define revenue excluding the
UK accrual, and Mobility revenue excluding the UK accrual, as
revenue excluding a $600 million accrual made in the first quarter
of 2021 for the resolution of historical claims in the UK relating
to the classification of drivers.
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 revenue. Segment Adjusted EBITDA margin
demonstrates the margin that we generate after direct expenses. We
believe that each segment’s Adjusted EBITDA margin is a useful
indicator of the economics of our segments, as it does not include
indirect Corporate G&A and Platform R&D.
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 or New Mobility rides and Delivery orders in a
given period. For example, an UberPOOL 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), loss from operations, and other
results under GAAP, we use: Adjusted EBITDA; Revenue Excluding the
UK Accrual; Mobility Revenue Excluding the UK Accrual; Non-GAAP
Costs and Operating Expenses; Adjusted EBITDA margin as a
percentage of revenue; Mobility Adjusted EBITDA margin as a
percentage of Mobility revenue and Delivery Adjusted EBITDA as a
percentage of Delivery revenue as well as, revenue growth rates in
constant currency, which are described below, to evaluate our
business. We have included these non-GAAP financial measures
because they are key measures used by our management to evaluate
our operating performance. Accordingly, we believe that these
non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating our operating results in
the same manner as our management team and board of directors. Our
calculation of these non-GAAP financial measures may differ from
similarly-titled non-GAAP measures, if any, reported by our peer
companies. These non-GAAP financial measures should not be
considered in isolation from, or as substitutes for, financial
information prepared in accordance with GAAP.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss), excluding (i)
income (loss) from discontinued operations, net of income taxes,
(ii) net income (loss) attributable to non-controlling interests,
net of tax, (iii) provision for (benefit from) income taxes, (iv)
income (loss) from equity method investments, (v) interest expense,
(vi) other income (expense), net, (vii) depreciation and
amortization, (viii) stock-based compensation expense, (ix) certain
legal, tax, and regulatory reserve changes and settlements, (x)
goodwill and asset impairments/loss on sale of assets, (xi)
acquisition, financing and divestitures related expenses, (xii)
restructuring and related charges and (xiii) other items not
indicative of our ongoing operating performance, including COVID-19
response initiatives related payments for financial assistance to
Drivers personally impacted by COVID-19, the cost of personal
protective equipment distributed to Drivers, Driver reimbursement
for their cost of purchasing personal protective equipment, the
costs related to free rides and food deliveries to healthcare
workers, seniors, and others in need as well as charitable
donations.
We have included Adjusted EBITDA because it is a key measure
used by our management team to evaluate our operating performance,
generate future operating plans, and make strategic decisions,
including those relating to operating expenses. Accordingly, we
believe that Adjusted EBITDA provides useful information to
investors and others in understanding and evaluating our operating
results in the same manner as our management team and board of
directors. In addition, it provides a useful measure for
period-to-period comparisons of our business, as it removes the
effect of certain non-cash expenses and certain variable charges.
To help our board, management and investors assess the impact of
COVID-19 on our results of operations, we are excluding the impacts
of COVID-19 response initiatives related payments for financial
assistance to Drivers personally impacted by COVID-19, the cost of
personal protective equipment distributed to Drivers, Driver
reimbursement for their cost of purchasing personal protective
equipment, the costs related to free rides and food deliveries to
healthcare workers, seniors, and others in need as well as
charitable donations from Adjusted EBITDA. Our board and management
find the exclusion of the impact of these COVID-19 response
initiatives from Adjusted EBITDA to be useful because it allows us
and our investors to assess the impact of these response
initiatives on our results of operations.
Adjusted EBITDA has limitations as a financial measure, should
be considered as supplemental in nature, and is not meant as a
substitute for the related financial information prepared in
accordance with GAAP. These limitations include the following:
- Adjusted EBITDA excludes certain recurring, non-cash charges,
such as depreciation of property and equipment and amortization of
intangible assets, and although these are non-cash charges, the
assets being depreciated and amortized may have to be replaced in
the future, and Adjusted EBITDA does not reflect all cash capital
expenditure requirements for such replacements or for new capital
expenditure requirements;
- Adjusted EBITDA excludes stock-based compensation expense,
which has been, and will continue to be for the foreseeable future,
a significant recurring expense in our business and an important
part of our compensation strategy;
- Adjusted EBITDA excludes certain restructuring and related
charges, part of which may be settled in cash;
- Adjusted EBITDA excludes other items not indicative of our
ongoing operating performance, including COVID-19 response
initiatives related payments for financial assistance to Drivers
personally impacted by COVID-19, the cost of personal protective
equipment distributed to Drivers, Driver reimbursement for their
cost of purchasing personal protective equipment, the costs related
to free rides and food deliveries to healthcare workers, seniors,
and others in need as well as charitable donations;
- Adjusted EBITDA does not reflect period to period changes in
taxes, income tax expense or the cash necessary to pay income
taxes;
- Adjusted EBITDA does not reflect the components of other income
(expense), net, which primarily includes: interest income; foreign
currency exchange gains (losses), net; gain (loss) on business
divestitures, net; unrealized gain (loss) on debt and equity
securities, net; and impairment of debt and equity securities;
and
- Adjusted EBITDA excludes certain legal, tax, and regulatory
reserve changes and settlements that may reduce cash available to
us.
Adjusted EBITDA Margin as a Percentage of Revenue
We define Adjusted EBITDA margin as a percentage of revenue as
Adjusted EBITDA divided by revenue. Segment Adjusted EBITDA margin
as a percentage of revenue is segment Adjusted EBITDA divided by
segment revenue.
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.
Revenue Excluding the UK Accrual
We define revenue excluding the UK accrual, and Mobility revenue
excluding the UK accrual, as revenue, and Mobility revenue,
excluding a $600 million accrual made in the first quarter of 2021
for the resolution of historical claims in the UK relating to the
classification of drivers.
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)
2020
2021
Adjusted EBITDA reconciliation:
Net loss attributable to Uber
Technologies, Inc.
$
(2,936)
$
(108)
Add (deduct):
Net loss attributable to non-controlling
interests, net of tax
(10)
(14)
Provision for (benefit from) income
taxes
(242)
185
Loss from equity method investments
12
8
Interest expense
118
115
Other (income) expense, net
1,795
(1,710)
Depreciation and amortization
128
212
Stock-based compensation expense
277
281
Legal, tax, and regulatory reserve changes
and settlements
19
551
Goodwill and asset impairments/loss on
sale of assets
193
57
Acquisition, financing and divestitures
related expenses
10
36
Accelerated lease costs related to
cease-use of ROU assets
—
2
COVID-19 response initiatives
24
26
Adjusted EBITDA
$
(612)
$
(359)
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, 2020
December 31, 2020
March 31, 2021
Non-GAAP Cost of revenue exclusive of
depreciation and amortization reconciliation:
GAAP Cost of revenue exclusive of
depreciation and amortization
$
1,491
$
1,441
$
1,710
COVID-19 response initiatives
(5)
(13)
(11)
Non-GAAP Cost of revenue exclusive of
depreciation and amortization
$
1,486
$
1,428
$
1,699
Three Months Ended
(In millions)
March 31, 2020
December 31, 2020
March 31, 2021
Non-GAAP Operating Expenses
Non-GAAP Operations and support
reconciliation:
GAAP Operations and support
$
503
$
369
$
423
Restructuring and related charges
—
10
—
Acquisition, financing and divestitures
related expenses
(5)
(1)
(3)
Stock-based compensation expense
(25)
(20)
(28)
Non-GAAP Operations and support
$
473
$
358
$
392
Non-GAAP Sales and marketing
reconciliation:
GAAP Sales and marketing
$
885
$
1,038
$
1,103
Restructuring and related charges
—
1
—
Acquisition, financing and divestitures
related expenses
—
(1)
(3)
COVID-19 response initiatives
—
—
(5)
Stock-based compensation expense
(14)
(13)
(22)
Non-GAAP Sales and marketing
$
871
$
1,025
$
1,073
Non-GAAP Research and development
reconciliation:
GAAP Research and development
$
645
$
483
$
515
Restructuring and related charges
—
2
—
Acquisition, financing and divestitures
related expenses
—
(7)
(13)
Goodwill and asset impairments/loss on
sale of assets
—
—
(42)
Stock-based compensation expense
(167)
(136)
(133)
Non-GAAP Research and development
$
478
$
342
$
327
Non-GAAP General and administrative
reconciliation:
GAAP General and administrative
$
859
$
531
$
464
Legal, tax, and regulatory reserve changes
and settlements
(19)
117
49
Goodwill and asset impairments/loss on
sale of assets
(193)
(32)
(15)
Restructuring and related charges
—
1
—
Acquisition, financing and divestitures
related expenses
—
(34)
(17)
Accelerated lease costs related to
cease-use of ROU assets
—
(22)
(2)
Stock-based compensation expense
(71)
(67)
(98)
Non-GAAP General and administrative
$
576
$
494
$
381
Revenue Excluding the UK
Accrual
The following tables present
reconciliations of revenue excluding the UK accrual, and Mobility
revenue excluding the UK accrual, to the most directly comparable
GAAP financial measure for each of the periods indicated:
Three Months Ended March
31,
(In millions)
2020
2021
Revenue excluding the UK accrual
reconciliation:
Revenue
$
3,248
$
2,903
Add:
UK accrual
—
600
Revenue excluding the UK accrual
$
3,248
$
3,503
Three Months Ended March
31,
(In millions)
2020
2021
Mobility revenue excluding the UK
accrual reconciliation:
Mobility revenue
$
2,467
$
853
Add:
UK accrual
—
600
Mobility revenue excluding the UK
accrual
$
2,467
$
1,453
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