0001543151false--12-312022Q2http://fasb.org/us-gaap/2022#AccountingStandardsUpdate202006MemberP12M0.0123701P8Y00015431512022-01-012022-06-3000015431512022-08-02xbrli:shares00015431512021-12-31iso4217:USD00015431512022-06-30iso4217:USDxbrli:shares00015431512021-04-012021-06-3000015431512022-04-012022-06-3000015431512021-01-012021-06-300001543151us-gaap:NoncontrollingInterestMember2020-12-310001543151us-gaap:CommonStockMember2020-12-310001543151us-gaap:AdditionalPaidInCapitalMember2020-12-310001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001543151us-gaap:RetainedEarningsMember2020-12-310001543151uber:NonredeemableNoncontrollingInterestMember2020-12-3100015431512020-12-3100015431512020-01-012020-12-310001543151us-gaap:AdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001543151srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001543151us-gaap:CommonStockMember2021-01-012021-03-310001543151us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100015431512021-01-012021-03-310001543151us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001543151uber:NonredeemableNoncontrollingInterestMember2021-01-012021-03-310001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001543151us-gaap:RetainedEarningsMember2021-01-012021-03-310001543151us-gaap:NoncontrollingInterestMember2021-03-310001543151us-gaap:CommonStockMember2021-03-310001543151us-gaap:AdditionalPaidInCapitalMember2021-03-310001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001543151us-gaap:RetainedEarningsMember2021-03-310001543151uber:NonredeemableNoncontrollingInterestMember2021-03-3100015431512021-03-310001543151us-gaap:CommonStockMember2021-04-012021-06-300001543151us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001543151us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001543151us-gaap:RetainedEarningsMember2021-04-012021-06-300001543151us-gaap:NoncontrollingInterestMember2021-06-300001543151us-gaap:CommonStockMember2021-06-300001543151us-gaap:AdditionalPaidInCapitalMember2021-06-300001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001543151us-gaap:RetainedEarningsMember2021-06-300001543151uber:NonredeemableNoncontrollingInterestMember2021-06-3000015431512021-06-300001543151us-gaap:NoncontrollingInterestMember2021-12-310001543151us-gaap:CommonStockMember2021-12-310001543151us-gaap:AdditionalPaidInCapitalMember2021-12-310001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001543151us-gaap:RetainedEarningsMember2021-12-310001543151uber:NonredeemableNoncontrollingInterestMember2021-12-310001543151us-gaap:CommonStockMember2022-01-012022-03-310001543151us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-3100015431512022-01-012022-03-310001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001543151us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001543151us-gaap:RetainedEarningsMember2022-01-012022-03-310001543151uber:NonredeemableNoncontrollingInterestMember2022-01-012022-03-310001543151us-gaap:NoncontrollingInterestMember2022-03-310001543151us-gaap:CommonStockMember2022-03-310001543151us-gaap:AdditionalPaidInCapitalMember2022-03-310001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001543151us-gaap:RetainedEarningsMember2022-03-310001543151uber:NonredeemableNoncontrollingInterestMember2022-03-3100015431512022-03-310001543151us-gaap:CommonStockMember2022-04-012022-06-300001543151us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001543151us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001543151us-gaap:RetainedEarningsMember2022-04-012022-06-300001543151uber:NonredeemableNoncontrollingInterestMember2022-04-012022-06-300001543151us-gaap:NoncontrollingInterestMember2022-06-300001543151us-gaap:CommonStockMember2022-06-300001543151us-gaap:AdditionalPaidInCapitalMember2022-06-300001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001543151us-gaap:RetainedEarningsMember2022-06-300001543151uber:NonredeemableNoncontrollingInterestMember2022-06-300001543151uber:MobilityMember2021-04-012021-06-300001543151uber:MobilityMember2022-04-012022-06-300001543151uber:MobilityMember2021-01-012021-06-300001543151uber:MobilityMember2022-01-012022-06-300001543151uber:DeliveryMember2021-04-012021-06-300001543151uber:DeliveryMember2022-04-012022-06-300001543151uber:DeliveryMember2021-01-012021-06-300001543151uber:DeliveryMember2022-01-012022-06-300001543151uber:FreightMember2021-04-012021-06-300001543151uber:FreightMember2022-04-012022-06-300001543151uber:FreightMember2021-01-012021-06-300001543151uber:FreightMember2022-01-012022-06-300001543151uber:AllOtherRevenueMember2021-04-012021-06-300001543151uber:AllOtherRevenueMember2022-04-012022-06-300001543151uber:AllOtherRevenueMember2021-01-012021-06-300001543151uber:AllOtherRevenueMember2022-01-012022-06-300001543151uber:UnitedStatesAndCanadaMember2021-04-012021-06-300001543151uber:UnitedStatesAndCanadaMember2022-04-012022-06-300001543151uber:UnitedStatesAndCanadaMember2021-01-012021-06-300001543151uber:UnitedStatesAndCanadaMember2022-01-012022-06-300001543151srt:LatinAmericaMember2021-04-012021-06-300001543151srt:LatinAmericaMember2022-04-012022-06-300001543151srt:LatinAmericaMember2021-01-012021-06-300001543151srt:LatinAmericaMember2022-01-012022-06-300001543151us-gaap:EMEAMember2021-04-012021-06-300001543151us-gaap:EMEAMember2022-04-012022-06-300001543151us-gaap:EMEAMember2021-01-012021-06-300001543151us-gaap:EMEAMember2022-01-012022-06-300001543151srt:AsiaPacificMember2021-04-012021-06-300001543151srt:AsiaPacificMember2022-04-012022-06-300001543151srt:AsiaPacificMember2021-01-012021-06-300001543151srt:AsiaPacificMember2022-01-012022-06-300001543151uber:DeliveryFeesMember2021-04-012021-06-300001543151uber:DeliveryFeesMember2021-01-012021-06-300001543151uber:DeliveryFeesMember2022-04-012022-06-300001543151uber:DeliveryFeesMember2022-01-012022-06-3000015431512022-07-012022-06-3000015431512023-07-012022-06-300001543151uber:DidiEquitySecuritiesMember2021-12-310001543151uber:DidiEquitySecuritiesMember2022-06-300001543151uber:OtherEquitySecuritiesMember2021-12-310001543151uber:OtherEquitySecuritiesMember2022-06-300001543151uber:GrabEquitySecuritiesMember2021-12-310001543151uber:GrabEquitySecuritiesMember2022-06-300001543151uber:AuroraEquitySecuritiesMember2021-12-310001543151uber:AuroraEquitySecuritiesMember2022-06-300001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001543151us-gaap:FairValueMeasurementsRecurringMember2021-12-310001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-06-300001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-06-300001543151us-gaap:FairValueMeasurementsRecurringMember2022-06-300001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CallOptionMemberus-gaap:FairValueInputsLevel1Member2021-12-310001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CallOptionMemberus-gaap:FairValueInputsLevel2Member2021-12-310001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CallOptionMemberus-gaap:FairValueInputsLevel3Member2021-12-310001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CallOptionMember2021-12-310001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CallOptionMemberus-gaap:FairValueInputsLevel1Member2022-06-300001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CallOptionMemberus-gaap:FairValueInputsLevel2Member2022-06-300001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CallOptionMemberus-gaap:FairValueInputsLevel3Member2022-06-300001543151us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CallOptionMember2022-06-300001543151us-gaap:EquitySecuritiesMember2021-12-310001543151us-gaap:NotesReceivableMember2021-12-310001543151us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310001543151us-gaap:EquitySecuritiesMember2022-01-012022-06-300001543151us-gaap:NotesReceivableMember2022-01-012022-06-300001543151us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-01-012022-06-300001543151us-gaap:EquitySecuritiesMember2022-06-300001543151us-gaap:NotesReceivableMember2022-06-300001543151us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-06-300001543151uber:DidiEquitySecuritiesMember2022-04-012022-06-300001543151uber:MLUB.V.Member2021-12-310001543151uber:MLUB.V.Member2022-06-300001543151uber:MissionBay3And4Member2021-12-310001543151uber:MissionBay3And4Member2022-06-300001543151uber:OtherEquityMethodInvestmentsMember2021-12-310001543151uber:OtherEquityMethodInvestmentsMember2022-06-300001543151uber:MLUB.V.Member2022-01-012022-03-310001543151uber:MLUB.V.Memberus-gaap:GoodwillMember2022-06-300001543151uber:MLUB.V.Memberuber:IntangibleAssetsNetMember2022-06-300001543151uber:MLUB.V.Memberuber:DeferredTaxLiabilityMember2022-06-300001543151uber:MLUB.V.Memberuber:CumulativeCurrencyTranslationMember2022-06-300001543151uber:MLUB.V.Member2022-01-012022-06-300001543151uber:MLUB.V.Memberus-gaap:CallOptionMember2021-08-300001543151uber:MLUB.V.Memberus-gaap:CallOptionMember2022-06-300001543151us-gaap:FairValueMeasurementsRecurringMemberuber:MLUB.V.Memberus-gaap:CallOptionMember2021-12-310001543151uber:MLUB.V.Memberus-gaap:MeasurementInputExpectedTermMemberus-gaap:CallOptionMember2021-12-31xbrli:pure0001543151uber:MLUB.V.Memberus-gaap:CallOptionMemberus-gaap:MeasurementInputOptionVolatilityMember2021-12-310001543151uber:MLUB.V.Memberus-gaap:CallOptionMember2022-01-012022-03-310001543151uber:MLUB.V.Memberus-gaap:MeasurementInputExpectedTermMemberus-gaap:CallOptionMember2022-03-310001543151uber:MLUB.V.Memberus-gaap:CallOptionMemberus-gaap:MeasurementInputOptionVolatilityMember2022-03-310001543151uber:MobilityMember2021-12-310001543151uber:DeliveryMember2021-12-310001543151uber:FreightMember2021-12-310001543151uber:MobilityMember2022-01-012022-06-300001543151uber:DeliveryMember2022-01-012022-06-300001543151uber:FreightMember2022-01-012022-06-300001543151uber:MobilityMember2022-06-300001543151uber:DeliveryMember2022-06-300001543151uber:FreightMember2022-06-300001543151us-gaap:CustomerRelationshipsMember2021-12-310001543151us-gaap:CustomerRelationshipsMember2021-01-012021-12-310001543151us-gaap:TechnologyBasedIntangibleAssetsMember2021-12-310001543151us-gaap:TechnologyBasedIntangibleAssetsMember2021-01-012021-12-310001543151us-gaap:TrademarksAndTradeNamesMember2021-12-310001543151us-gaap:TrademarksAndTradeNamesMember2021-01-012021-12-310001543151us-gaap:PatentsMember2021-12-310001543151us-gaap:PatentsMember2021-01-012021-12-310001543151us-gaap:OtherIntangibleAssetsMember2021-12-310001543151us-gaap:OtherIntangibleAssetsMember2021-01-012021-12-310001543151us-gaap:CustomerRelationshipsMember2022-06-300001543151us-gaap:CustomerRelationshipsMember2022-01-012022-06-300001543151us-gaap:TechnologyBasedIntangibleAssetsMember2022-06-300001543151us-gaap:TechnologyBasedIntangibleAssetsMember2022-01-012022-06-300001543151us-gaap:TrademarksAndTradeNamesMember2022-06-300001543151us-gaap:TrademarksAndTradeNamesMember2022-01-012022-06-300001543151us-gaap:PatentsMember2022-06-300001543151us-gaap:PatentsMember2022-01-012022-06-300001543151us-gaap:OtherIntangibleAssetsMember2022-06-300001543151us-gaap:OtherIntangibleAssetsMember2022-01-012022-06-300001543151uber:A2025RefinancedTermLoanMemberus-gaap:SecuredDebtMember2021-12-310001543151uber:A2025RefinancedTermLoanMemberus-gaap:SecuredDebtMember2022-06-300001543151uber:A2027RefinancedTermLoanMemberus-gaap:SecuredDebtMember2021-12-310001543151uber:A2027RefinancedTermLoanMemberus-gaap:SecuredDebtMember2022-06-300001543151uber:A2025SeniorNoteMemberus-gaap:SeniorNotesMember2021-12-310001543151uber:A2025SeniorNoteMemberus-gaap:SeniorNotesMember2022-06-300001543151uber:SeniorNote2026Memberus-gaap:SeniorNotesMember2021-12-310001543151uber:SeniorNote2026Memberus-gaap:SeniorNotesMember2022-06-300001543151uber:SeniorNote2027Memberus-gaap:SeniorNotesMember2021-12-310001543151uber:SeniorNote2027Memberus-gaap:SeniorNotesMember2022-06-300001543151uber:SeniorNote2028Memberus-gaap:SeniorNotesMember2021-12-310001543151uber:SeniorNote2028Memberus-gaap:SeniorNotesMember2022-06-300001543151uber:SeniorNotes2029Memberus-gaap:SeniorNotesMember2021-12-310001543151uber:SeniorNotes2029Memberus-gaap:SeniorNotesMember2022-06-300001543151us-gaap:ConvertibleDebtMemberuber:A2025ConvertibleNoteMember2021-12-310001543151us-gaap:ConvertibleDebtMemberuber:A2025ConvertibleNoteMember2022-06-300001543151uber:RefinancedTermLoansMemberus-gaap:SecuredDebtMember2021-02-250001543151uber:A2027RefinancedTermLoanMemberus-gaap:SecuredDebtMember2021-02-250001543151uber:A2025RefinancedTermLoanMemberus-gaap:SecuredDebtMember2021-02-250001543151uber:A2025RefinancedTermLoanMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Member2022-06-300001543151uber:A2027RefinancedTermLoanMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Member2022-06-300001543151us-gaap:ConvertibleDebtMemberuber:A2025ConvertibleNoteMember2020-12-310001543151uber:DebtConversionTermsOneMemberus-gaap:ConvertibleDebtMemberuber:A2025ConvertibleNoteMember2020-12-012020-12-31uber:day0001543151uber:DebtConversionTermsTwoMemberus-gaap:ConvertibleDebtMemberuber:A2025ConvertibleNoteMember2020-12-012020-12-310001543151us-gaap:ConvertibleDebtMemberuber:A2025ConvertibleNoteMember2020-12-012020-12-310001543151us-gaap:AdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-01-010001543151us-gaap:ConvertibleDebtMemberuber:A2025ConvertibleNoteMemberus-gaap:FairValueInputsLevel2Member2022-06-300001543151uber:A2025SeniorNoteMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Member2022-06-300001543151uber:SeniorNote2026Memberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Member2022-06-300001543151uber:SeniorNote2027Memberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Member2022-06-300001543151uber:SeniorNote2028Memberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Member2022-06-300001543151uber:SeniorNotes2029Memberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Member2022-06-300001543151us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Member2022-06-300001543151us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-06-300001543151us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-04-040001543151us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-04-030001543151us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2021-12-310001543151us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2022-06-30utr:Rate0001543151us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001543151us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001543151us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-06-300001543151us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-300001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001543151us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300001543151us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300001543151uber:GrabEquitySecuritiesMember2021-01-012021-06-300001543151us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001543151us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001543151us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-06-300001543151us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-06-300001543151us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001543151us-gaap:AccumulatedTranslationAdjustmentMember2022-06-300001543151us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300001543151us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberuber:ApparateUSALLCMember2021-01-012021-06-300001543151uber:DidiEquitySecuritiesMember2021-01-012021-06-300001543151uber:DidiEquitySecuritiesMember2021-04-012021-06-300001543151uber:AuroraEquitySecuritiesMember2021-04-012021-06-300001543151uber:AuroraEquitySecuritiesMember2022-04-012022-06-300001543151uber:AuroraEquitySecuritiesMember2022-01-012022-06-300001543151uber:GrabEquitySecuritiesMember2022-04-012022-06-300001543151uber:GrabEquitySecuritiesMember2022-01-012022-06-300001543151uber:ZomatoMember2022-04-012022-06-300001543151uber:ZomatoMember2022-01-012022-06-300001543151uber:DidiEquitySecuritiesMember2022-01-012022-03-310001543151uber:MLUB.V.Member2022-01-012022-06-30uber:equityCompensationPlan0001543151us-gaap:StockAppreciationRightsSARSMember2021-12-310001543151us-gaap:EmployeeStockOptionMember2021-12-3100015431512021-01-012021-12-310001543151us-gaap:StockAppreciationRightsSARSMember2022-01-012022-06-300001543151us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001543151us-gaap:StockAppreciationRightsSARSMember2022-06-300001543151us-gaap:EmployeeStockOptionMember2022-06-300001543151us-gaap:RestrictedStockUnitsRSUMember2021-12-310001543151us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001543151us-gaap:RestrictedStockUnitsRSUMember2022-06-300001543151uber:OperationsAndSupportMember2021-04-012021-06-300001543151uber:OperationsAndSupportMember2022-04-012022-06-300001543151uber:OperationsAndSupportMember2021-01-012021-06-300001543151uber:OperationsAndSupportMember2022-01-012022-06-300001543151us-gaap:SellingAndMarketingExpenseMember2021-04-012021-06-300001543151us-gaap:SellingAndMarketingExpenseMember2022-04-012022-06-300001543151us-gaap:SellingAndMarketingExpenseMember2021-01-012021-06-300001543151us-gaap:SellingAndMarketingExpenseMember2022-01-012022-06-300001543151us-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300001543151us-gaap:ResearchAndDevelopmentExpenseMember2022-04-012022-06-300001543151us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-06-300001543151us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-06-300001543151us-gaap:GeneralAndAdministrativeExpenseMember2021-04-012021-06-300001543151us-gaap:GeneralAndAdministrativeExpenseMember2022-04-012022-06-300001543151us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-06-300001543151us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-06-300001543151uber:RestrictedStockAwardsRestrictedStockUnitsAndStockAppreciationRightsMember2022-06-300001543151uber:RestrictedStockAwardsRestrictedStockUnitsAndStockAppreciationRightsMember2022-01-012022-06-300001543151us-gaap:EmployeeStockOptionMember2021-04-012021-06-300001543151us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001543151us-gaap:EmployeeStockOptionMember2021-01-012021-06-300001543151us-gaap:RestrictedStockUnitsRSUMember2021-04-012021-06-300001543151us-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300001543151us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300001543151us-gaap:EmployeeStockMember2021-04-012021-06-300001543151us-gaap:EmployeeStockMember2022-04-012022-06-300001543151us-gaap:EmployeeStockMember2021-01-012021-06-300001543151us-gaap:EmployeeStockMember2022-01-012022-06-300001543151uber:A2025ConvertibleNoteMember2021-04-012021-06-300001543151uber:A2025ConvertibleNoteMember2022-04-012022-06-300001543151uber:A2025ConvertibleNoteMember2021-01-012021-06-300001543151uber:A2025ConvertibleNoteMember2022-01-012022-06-300001543151uber:TheCareemNotesMember2021-04-012021-06-300001543151uber:TheCareemNotesMember2022-04-012022-06-300001543151uber:TheCareemNotesMember2021-01-012021-06-300001543151uber:TheCareemNotesMember2022-01-012022-06-300001543151us-gaap:RedeemableConvertiblePreferredStockMember2021-04-012021-06-300001543151us-gaap:RedeemableConvertiblePreferredStockMember2022-04-012022-06-300001543151us-gaap:RedeemableConvertiblePreferredStockMember2021-01-012021-06-300001543151us-gaap:RedeemableConvertiblePreferredStockMember2022-01-012022-06-300001543151uber:IncrementalCommonSharesAttributableToSettleEquityForwardAgreementsMember2021-04-012021-06-300001543151uber:IncrementalCommonSharesAttributableToSettleEquityForwardAgreementsMember2022-04-012022-06-300001543151uber:IncrementalCommonSharesAttributableToSettleEquityForwardAgreementsMember2021-01-012021-06-300001543151uber:IncrementalCommonSharesAttributableToSettleEquityForwardAgreementsMember2022-01-012022-06-300001543151us-gaap:ConvertibleNotesPayableMember2021-04-012021-06-300001543151us-gaap:ConvertibleNotesPayableMember2022-04-012022-06-300001543151us-gaap:ConvertibleNotesPayableMember2021-01-012021-06-300001543151us-gaap:ConvertibleNotesPayableMember2022-01-012022-06-300001543151us-gaap:RestrictedStockUnitsRSUMember2021-04-012021-06-300001543151us-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300001543151us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300001543151us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001543151us-gaap:EmployeeStockOptionMember2021-04-012021-06-300001543151us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001543151us-gaap:EmployeeStockOptionMember2021-01-012021-06-300001543151us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001543151us-gaap:CommonStockSubjectToMandatoryRedemptionMember2021-04-012021-06-300001543151us-gaap:CommonStockSubjectToMandatoryRedemptionMember2022-04-012022-06-300001543151us-gaap:CommonStockSubjectToMandatoryRedemptionMember2021-01-012021-06-300001543151us-gaap:CommonStockSubjectToMandatoryRedemptionMember2022-01-012022-06-300001543151us-gaap:EmployeeStockMember2021-04-012021-06-300001543151us-gaap:EmployeeStockMember2022-04-012022-06-300001543151us-gaap:EmployeeStockMember2021-01-012021-06-300001543151us-gaap:EmployeeStockMember2022-01-012022-06-300001543151uber:WarrantsToPurchaseCommonStockMember2021-04-012021-06-300001543151uber:WarrantsToPurchaseCommonStockMember2022-04-012022-06-300001543151uber:WarrantsToPurchaseCommonStockMember2021-01-012021-06-300001543151uber:WarrantsToPurchaseCommonStockMember2022-01-012022-06-30uber:segment0001543151uber:MobilityMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001543151uber:MobilityMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001543151uber:MobilityMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001543151uber:MobilityMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001543151us-gaap:OperatingSegmentsMemberuber:DeliveryMember2021-04-012021-06-300001543151us-gaap:OperatingSegmentsMemberuber:DeliveryMember2022-04-012022-06-300001543151us-gaap:OperatingSegmentsMemberuber:DeliveryMember2021-01-012021-06-300001543151us-gaap:OperatingSegmentsMemberuber:DeliveryMember2022-01-012022-06-300001543151uber:FreightMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001543151uber:FreightMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001543151uber:FreightMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001543151uber:FreightMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001543151us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2021-04-012021-06-300001543151us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2022-04-012022-06-300001543151us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2021-01-012021-06-300001543151us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2022-01-012022-06-300001543151us-gaap:OperatingSegmentsMember2021-04-012021-06-300001543151us-gaap:OperatingSegmentsMember2022-04-012022-06-300001543151us-gaap:OperatingSegmentsMember2021-01-012021-06-300001543151us-gaap:OperatingSegmentsMember2022-01-012022-06-300001543151us-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001543151us-gaap:MaterialReconcilingItemsMember2022-04-012022-06-300001543151us-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001543151us-gaap:MaterialReconcilingItemsMember2022-01-012022-06-300001543151country:GB2015-10-282015-10-28uber:driver0001543151country:GB2021-03-162021-03-160001543151uber:Googlev.LevandowskiMember2019-03-262019-03-260001543151uber:JointAndSeveralLiabilityMember2019-03-262019-03-260001543151uber:Googlev.LevandowskiMember2020-02-072020-02-070001543151us-gaap:HerMajestysRevenueAndCustomsHMRCMember2022-03-142022-03-140001543151us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-310001543151us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-06-300001543151us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310001543151us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-06-300001543151uber:MooveMember2021-02-122021-02-1200015431512021-02-1200015431512021-02-122021-02-120001543151uber:FreightHoldingMember2021-12-310001543151uber:FreightHoldingMember2022-06-300001543151uber:A2018FreightHoldingPlanMember2021-12-310001543151uber:A2022FreightHoldingPlanMember2022-06-300001543151us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberuber:ApparateUSALLCMember2021-01-190001543151us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberuber:ApparateUSALLCMemberuber:AuroraEquitySecuritiesMember2021-01-190001543151us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberuber:ApparateUSALLCMemberuber:AuroraEquitySecuritiesMember2021-01-192021-01-190001543151us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberuber:ApparateUSALLCMember2021-01-192021-01-190001543151us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberuber:AuroraEquitySecuritiesMember2021-01-19

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________ 
FORM 10-Q
____________________________________________ 
(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____ to _____            
Commission File Number: 001-38902
____________________________________________ 
UBER TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
____________________________________________________________________________ 
Delaware 45-2647441
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1515 3rd Street
San Francisco, California 94158
(Address of principal executive offices, including zip code)
(415) 612-8582
(Registrant’s telephone number, including area code)
____________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.00001 per share UBER New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
The number of shares of the registrant's common stock outstanding as of August 2, 2022 was 1,979,918,174.



UBER TECHNOLOGIES, INC.
TABLE OF CONTENTS
Pages
2
4
Item 1.
4
4
5
6
7
9
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
1


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words 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 the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
our ability to successfully defend litigation and government proceedings brought against us, including with respect to our relationship with drivers and couriers, and the potential impact on our business operations and financial performance if we are not successful;
our ability to successfully compete in highly competitive markets;
our ability to effectively manage our growth and maintain and improve our corporate culture;
our expectations regarding financial performance, including but not limited to revenue, potential profitability and the timing thereof, ability to generate positive Adjusted EBITDA or Free Cash Flow, expenses, and other results of operations;
our expectations regarding future operating performance, including but not limited to our expectations regarding future Monthly Active Platform Consumers (“MAPCs”), Trips, Gross Bookings, and Take Rate;
our expectations regarding our competitors’ use of incentives and promotions, our competitors’ ability to raise capital, and the effects of such incentives and promotions on our growth and results of operations;
our anticipated investments in new products and offerings, and the effect of these investments on our results of operations;
our anticipated capital expenditures and our estimates regarding our capital requirements;
our ability to close and integrate acquisitions into our operations;
anticipated technology trends and developments and our ability to address those trends and developments with our products and offerings;
the size of our addressable markets, market share, category positions, and market trends, including our ability to grow our business in the countries we have identified as expansion markets;
the safety, affordability, and convenience of our platform and our offerings;
our ability to identify, recruit, and retain skilled personnel, including key members of senior management;
our expected growth in the number of platform users, and our ability to promote our brand and attract and retain platform users;
our ability to maintain, protect, and enhance our intellectual property rights;
our ability to introduce new products and offerings and enhance existing products and offerings;
our ability to successfully enter into new geographies, expand our presence in countries in which we are limited by regulatory restrictions, and manage our international expansion;
our ability to successfully renew licenses to operate our business in certain jurisdictions;
the impacts of contagious disease, such as COVID-19, or outbreaks of other viruses, disease or pandemics on our business, results of operations, financial position and cash flows;
the availability of capital to grow our business;
volatility in the business or stock price of our minority-owned affiliates;
our ability to meet the requirements of our existing debt and draw on our line of credit;
our ability to prevent disturbances to our information technology systems;
our ability to comply with existing, modified, or new laws and regulations applying to our business; and
our ability to implement, maintain, and improve our internal control over financial reporting.
Actual events or results may differ from those expressed in forward-looking statements. As such, you should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report
2


on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, operating results, prospects, strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q speak only as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
3


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
(Unaudited)
As of December 31, 2021 As of June 30, 2022
Assets
Cash and cash equivalents $ 4,295  $ 4,397 
Restricted cash and cash equivalents 631  526 
Accounts receivable, net of allowance of $51 and $73, respectively
2,439  2,459 
Prepaid expenses and other current assets 1,454  1,369 
Total current assets 8,819  8,751 
Restricted cash and cash equivalents 2,879  2,941 
Investments 11,806  4,572 
Equity method investments 800  521 
Property and equipment, net 1,853  1,861 
Operating lease right-of-use assets 1,388  1,481 
Intangible assets, net 2,412  2,122 
Goodwill 8,420  8,359 
Other assets 397  406 
Total assets $ 38,774  $ 31,014 
Liabilities, redeemable non-controlling interests and equity
Accounts payable $ 860  $ 810 
Short-term insurance reserves 1,442  1,449 
Operating lease liabilities, current 185  215 
Accrued and other current liabilities 6,537  6,471 
Total current liabilities 9,024  8,945 
Long-term insurance reserves 2,546  2,865 
Long-term debt, net of current portion 9,276  9,271 
Operating lease liabilities, non-current 1,644  1,711 
Other long-term liabilities 935  659 
Total liabilities 23,425  23,451 
Commitments and contingencies (Note 12)
Redeemable non-controlling interests 204  194 
Equity
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 1,949,316 and 1,976,225 shares issued and outstanding, respectively
—  — 
Additional paid-in capital 38,608  39,523 
Accumulated other comprehensive loss (524) (705)
Accumulated deficit (23,626) (32,157)
Total Uber Technologies, Inc. stockholders' equity 14,458  6,661 
Non-redeemable non-controlling interests 687  708 
Total equity 15,145  7,369 
Total liabilities, redeemable non-controlling interests and equity $ 38,774  $ 31,014 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2021 2022 2021 2022
Revenue $ 3,929  $ 8,073  $ 6,832  $ 14,927 
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below 2,099  5,153  3,809  9,179 
Operations and support 432  617  855  1,191 
Sales and marketing 1,256  1,218  2,359  2,481 
Research and development 488  704  1,003  1,291 
General and administrative 616  851  1,080  1,483 
Depreciation and amortization 226  243  438  497 
Total costs and expenses 5,117  8,786  9,544  16,122 
Loss from operations (1,188) (713) (2,712) (1,195)
Interest expense (115) (139) (230) (268)
Other income (expense), net 1,943  (1,704) 3,653  (7,261)
Income (loss) before income taxes and income (loss) from equity method investments 640  (2,556) 711  (8,724)
Provision for (benefit from) income taxes (479) 77  (294) (155)
Income (loss) from equity method investments (7) 17  (15) 35 
Net income (loss) including non-controlling interests 1,112  (2,616) 990  (8,534)
Less: net loss attributable to non-controlling interests, net of tax (32) (15) (46) (4)
Net income (loss) attributable to Uber Technologies, Inc. $ 1,144  $ (2,601) $ 1,036  $ (8,530)
Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders:
Basic $ 0.61  $ (1.32) $ 0.56  $ (4.36)
Diluted $ 0.58  $ (1.33) $ 0.52  $ (4.37)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic 1,875,156  1,964,304  1,866,830  1,957,127 
Diluted 1,955,975  1,968,882  1,949,750  1,960,871 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2021 2022 2021 2022
Net income (loss) including non-controlling interests $ 1,112  $ (2,616) $ 990  $ (8,534)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment 21  (200) 54  (181)
Change in unrealized gain on investments in available-for-sale securities —  1,162  — 
Other comprehensive income (loss), net of tax 27  (200) 1,216  (181)
Comprehensive income (loss) including non-controlling interests 1,139  (2,816) 2,206  (8,715)
Less: comprehensive loss attributable to non-controlling interests (32) (15) (46) (4)
Comprehensive income (loss) attributable to Uber Technologies, Inc. $ 1,171  $ (2,801) $ 2,252  $ (8,711)
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
Redeemable Non-Controlling Interests Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Non-Redeemable Non-Controlling Interests Total Equity
Shares Amount
Balance as of December 31, 2020 $ 787  1,849,794  $ —  $ 35,931  $ (535) $ (23,130) $ 701  $ 12,967 
Reclassification of the equity component of 2025 Convertible Notes to liability upon adoption of ASU 2020-06 —  —  —  (243) —  —  —  (243)
Exercise of stock options —  3,518  —  35  —  —  —  35 
Stock-based compensation —  —  —  287  —  —  —  287 
Issuance of common stock for settlement of Careem Convertible Notes —  2,872  —  158  —  —  —  158 
Issuance of common stock as consideration for acquisition —  505  —  28  —  —  —  28 
Issuance of common stock for settlement of RSUs —  10,924  —  —  —  —  —  — 
Shares withheld related to net share settlement —  (244) —  (14) —  —  —  (14)
Recognition of non-controlling interest upon acquisition 56  —  —  —  —  —  —  — 
Derecognition of non-controlling interests upon divestiture (356) —  —  —  —  —  (701) (701)
Unrealized gain on investments in available-for-sale securities, net of tax —  —  —  —  1,156  —  —  1,156 
Foreign currency translation adjustment —  —  —  —  33  —  —  33 
Net loss (14) —  —  —  —  (108) —  (108)
Balance as of March 31, 2021 473  1,867,369  —  36,182  654  (23,238) —  13,598 
Exercise of stock options —  2,454  —  40  —  —  —  40 
Stock-based compensation —  —  —  282  —  —  —  282 
Reclassification of share-based award liability to additional paid-in capital —  —  —  —  —  — 
Issuance of common stock under the Employee Stock Purchase Plan —  1,710  —  67  —  —  —  67 
Issuance of common stock for settlement of Careem Convertible Notes —  1,352  —  74  —  —  —  74 
Issuance of common stock for settlement of RSUs —  7,480  —  —  —  —  —  — 
Shares withheld related to net share settlement —  (55) —  (3) —  —  —  (3)
Recognition of non-controlling interest upon acquisition 76  —  —  —  —  —  —  — 
Re-measurement of non-controlling interest 1,052  —  —  (1,058) —  —  —  (1,058)
Unrealized gain on investments in available-for-sale securities, net of tax —  —  —  —  —  — 
Foreign currency translation adjustment —  —  —  —  21  —  —  21 
Net income (32) —  —  —  —  1,144  —  1,144 
Balance as of June 30, 2021 $ 1,569  1,880,310  $ —  $ 35,588  $ 681  $ (22,094) $ —  $ 14,175 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
Redeemable Non-Controlling Interests Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Non-Redeemable Non-Controlling Interests Total Equity
Shares Amount
Balance as of December 31, 2021 $ 204  1,949,316  $ —  $ 38,608  $ (524) $ (23,626) $ 687  $ 15,145 
 Exercise of stock options —  1,093  —  —  —  — 
 Stock-based compensation —  —  —  369  —  —  —  369 
 Issuance of common stock for settlement of RSUs —  9,569  —  —  —  —  —  — 
 Shares withheld related to net share settlement —  (316) —  (11) —  —  —  (11)
 Issuance of common stock for settlement of contingent consideration liability —  132  —  —  —  — 
 Foreign currency translation adjustment —  —  —  —  19  —  —  19 
 Net income (loss) —  —  —  —  (5,930) 10  (5,920)
Balance as of March 31, 2022 205  1,959,794  —  38,977  (505) (29,556) 697  9,613 
Exercise of stock options —  1,376  —  —  —  — 
Stock-based compensation —  —  —  484  —  —  —  484 
Issuance of common stock for settlement of RSUs —  12,146  —  —  —  —  —  — 
Issuance of common stock under the Employee Stock Purchase Plan —  2,988  —  59  —  —  —  59 
Shares withheld related to net share settlement —  (79) —  (2) —  —  —  (2)
Foreign currency translation adjustment (3) —  —  —  (200) —  —  (200)
Recognition of non-controlling interest upon capital investment 18  —  —  —  —  —  —  — 
Net income (loss) (26) —  —  —  —  (2,601) 11  (2,590)
Balance as of June 30, 2022 $ 194  1,976,225  $ —  $ 39,523  $ (705) $ (32,157) $ 708  $ 7,369 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months Ended June 30,
2021 2022
Cash flows from operating activities
Net income (loss) including non-controlling interests $ 990  $ (8,534)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 438  497 
Bad debt expense 49  51 
Stock-based compensation 553  829 
Gain on business divestiture (1,684) — 
Deferred income taxes (367) (267)
Loss (income) from equity method investments, net 15  (35)
Unrealized (gain) loss on debt and equity securities, net (1,975) 7,247 
Impairments of goodwill, long-lived assets and other assets 16  15 
Impairment of equity method investment —  182 
Revaluation of MLU B.V. call option —  (170)
Unrealized foreign currency transactions (2) 10 
Other 62  (2)
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable (149) (129)
Prepaid expenses and other assets (9) 58 
Collateral held by insurer 136  — 
Operating lease right-of-use assets 77  95 
Accounts payable 185  (45)
Accrued insurance reserves 21  326 
Accrued expenses and other liabilities 762  414 
Operating lease liabilities (70) (88)
Net cash provided by (used in) operating activities (952) 454 
Cash flows from investing activities
Purchases of property and equipment (128) (119)
Purchases of marketable securities (526) — 
Purchases of non-marketable equity securities (857) (14)
Purchase of notes receivable (218) — 
Proceeds from maturities and sales of marketable securities 1,143  — 
Proceeds from sale of non-marketable equity securities 500  — 
Acquisition of businesses, net of cash acquired (80) (59)
Other investing activities 17 
Net cash used in investing activities (149) (189)
Cash flows from financing activities
Principal repayment on Careem Notes (194) — 
Principal payments on finance leases (108) (108)
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 67  59 
Other financing activities 45  (59)
Net cash used in financing activities (190) (108)
9


Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents (98)
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents (1,286) 59 
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 $ 6,454  $ 7,864 
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
Cash and cash equivalents $ 4,443  $ 4,397 
Restricted cash and cash equivalents-current 324  526 
Restricted cash and cash equivalents-non-current 1,687  2,941 
Total cash and cash equivalents, and restricted cash and cash equivalents $ 6,454  $ 7,864 
Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amount capitalized $ 216  $ 253 
Income taxes, net of refunds 51  105 
Non-cash investing and financing activities:
Finance lease obligations 83  81 
Right-of-use assets obtained in exchange for lease obligations 59  245 
Ownership interest received in exchange for divestiture 1,018  — 
Conversion of convertible notes to common stock 232  — 
The accompanying notes are an integral part of these condensed consolidated financial statements.
10


UBER TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 – Description of Business and Summary of Significant Accounting Policies
Description of Business
Uber Technologies, Inc. (“Uber,” “we,” “our,” or “us”) was incorporated in Delaware in July 2010, and is headquartered in San Francisco, California. Uber is a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B. Uber develops and operates proprietary technology applications supporting a variety of offerings on its platform (“platform(s)” or “Platform(s)”). Uber connects consumers (“Rider(s)”) with independent providers of ride services (“Mobility Driver(s)”) for ridesharing services, and connects Riders and other consumers (“Eaters”) with restaurants, grocers and other stores (collectively, “Merchants”) with delivery service providers (“Couriers”) for meal preparation, grocery and other delivery services. Riders and Eaters are collectively referred to as “end-user(s)” or “consumer(s).” Mobility Drivers and Couriers are collectively referred to as “Driver(s).” Uber also connects consumers with public transportation networks. Uber uses this same network, technology, operational excellence and product expertise to connect shippers with carriers in the freight industry by providing carriers with the ability to book a shipment, transportation management and other logistics services. Uber is also developing technologies that will provide new solutions to everyday problems.
Our technology is used around the world, principally in the United States (“U.S.”) and Canada, Latin America, Europe, the Middle East, Africa, and Asia (excluding China and Southeast Asia).
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in our Annual Report on Form 10-K. The results for the interim periods are not necessarily indicative of results for the full year.
In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive loss, cash flows and the change in equity for the periods presented.
There have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022 that have had a material impact on our condensed consolidated financial statements and related notes.
Basis of Consolidation
Our condensed consolidated financial statements include the accounts of Uber Technologies, Inc. and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated. Refer to Note 13 – Variable Interest Entities for further information.
Use of Estimates
The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. Additionally, we considered the impacts of the coronavirus pandemic (“COVID-19”) on the assumptions and inputs (including market data) supporting certain of these estimates, assumptions and judgments. On an ongoing basis, management evaluates estimates, including, but not limited to: fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of amortizable long-lived assets; fair value of acquired intangible assets and related impairment assessments; impairment of goodwill; stock-based compensation; income taxes and non-income tax reserves; certain deferred tax assets and tax liabilities; insurance reserves; and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates.
11


Certain Significant Risks and Uncertainties - COVID-19
COVID-19 restrictions have had an adverse impact on our business and operations by reducing, in particular, the global demand for Mobility offerings. It is not possible to predict COVID-19’s cumulative and ultimate impact on our future business operations, results of operations, financial position, liquidity, and cash flows. The extent of the impact of COVID-19 on our business and financial results will depend largely on future developments, including: outbreaks or variants of the virus, both globally and within the United States; the administration, adoption and efficacy of vaccines globally; the impact on capital, foreign currencies exchange and financial markets; governmental or regulatory orders that impact our business; and whether the impacts may result in permanent changes to our end-users’ behavior, all of which are highly uncertain and cannot be predicted.
Recently Adopted Accounting Pronouncements
In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance,” which requires disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The standard is effective for public companies for fiscal years beginning after December 15, 2021. Early adoption is permitted. We adopted the ASU prospectively on January 1, 2022. The additional required annual disclosures are not expected to have a material impact on our consolidated financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted
In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination as if the acquiring entity had originated the contracts. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements.
In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which clarifies that contractual sale restrictions are not considered in measuring fair value of equity securities and requires additional disclosures for equity securities subject to contractual sale restrictions. The standard is effective for public companies for fiscal years beginning after December 15, 2023. Early adoption is permitted. This accounting standard update is not expected to have a material impact on our consolidated financial statements as the amendments align with our existing policy.
Note 2 – Revenue
The following tables present our revenues disaggregated by offering and geographical region. Revenue by geographical region is based on where the transaction occurred. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors (in millions):
Three Months Ended June 30, Six Months Ended June 30,
2021 2022 2021 2022
Mobility revenue (1)
$ 1,618  $ 3,553  $ 2,471  $ 6,071 
Delivery revenue (1)
1,963  2,688  3,704  5,200 
Freight revenue 348  1,832  649  3,656 
All Other revenue —  —  — 
Total revenue $ 3,929  $ 8,073  $ 6,832  $ 14,927 
(1) We offer subscription memberships to end-users including Uber One, Uber Pass, Rides Pass, and Eats Pass (“Subscription”). We recognize Subscription fees ratably over the life of the pass. We allocate Subscription fees earned to Mobility and Delivery revenue on a proportional basis, based on usage for each offering during the respective period.
Three Months Ended June 30, Six Months Ended June 30,
2021 2022 2021 2022
United States and Canada ("US&CAN") $ 1,984  $ 4,936  $ 3,833  $ 9,498 
Latin America ("LatAm") 307  481  609  913 
Europe, Middle East and Africa ("EMEA") 929  1,846  1,154  2,973 
Asia Pacific ("APAC") 709  810  1,236  1,543 
Total revenue $ 3,929  $ 8,073  $ 6,832  $ 14,927 
12


Revenue
Mobility Revenue
We derive revenue primarily from fees paid by Mobility Drivers for the use of our platform(s) and related services to facilitate and complete mobility services and, in certain markets, revenue from fees paid by end-users for connection services obtained via the platform. Mobility revenue also includes immaterial revenue streams such as our financial partnerships products.
During the first quarter of 2022, we modified our arrangements in certain markets and, as a result, concluded we are responsible for the provision of mobility services to end-users in those markets. We have determined that in these transactions, end-users are our customers and our sole performance obligation in the transaction is to provide transportation services to the end-user. We recognize revenue when a trip is complete. In these markets where we are responsible for mobility services, we present revenue from end-users on a gross basis, as we control the service provided by Drivers to end-users, while payments to Drivers in exchange for mobility services are recognized in cost of revenue, exclusive of depreciation and amortization.
Delivery Revenue
We derive revenue for Delivery from Merchants’ and Couriers’ use of the Delivery platform and related service to facilitate and complete Delivery transactions.
Additionally, in certain markets where we are responsible for delivery services, delivery fees charged to end-users are also included in revenue, while payments to Couriers in exchange for delivery services are recognized in cost of revenue. In these markets, we recognized revenue from end-users of $174 million and $262 million for the three and six months ended June 30, 2021, respectively, and revenue from end-users of $344 million and $585 million for the three and six months ended June 30, 2022, respectively. We also recognized cost of revenue for these delivery transactions, exclusive of depreciation and amortization of $536 million and $889 million for the three and six months ended June 30, 2021, respectively, and cost of revenue of $940 million and $1.7 billion for the three and six months ended June 30, 2022, respectively.
Delivery also includes advertising revenue from sponsored listing fees paid by merchants and brands in exchange for advertising services.
Freight Revenue
Freight revenue consists of revenue from freight transportation services provided to shippers. During the fourth quarter of 2021, we completed the acquisition of Tupelo Parent, Inc. (“Transplace”), and as a result, our Freight revenue now also includes revenue from transportation management.
All Other Revenue
Prior to 2022, All Other revenue primarily includes collaboration revenue related to our Advanced Technologies Group (“ATG”) business and revenue from our New Mobility offerings and products.
Contract Balances and Remaining Performance Obligation
Contract liabilities represent consideration collected prior to satisfying our performance obligations. As of June 30, 2022, we had $150 million of contract liabilities included in accrued and other current liabilities as well as other long-term liabilities on the condensed consolidated balance sheet. Revenue recognized from these contracts during the three and six months ended June 30, 2021 and 2022 was not material.
Our remaining performance obligation for contracts with an original expected length of greater than one year is expected to be recognized as follows (in millions):
Less Than or Equal To 12 Months Greater Than 12 Months Total
As of June 30, 2022
$ 33  $ 115  $ 148 
Note 3 – Investments and Fair Value Measurement
Investments
Our investments on the condensed consolidated balance sheets consisted of the following (in millions):
13


As of
December 31, 2021 June 30, 2022
Non-marketable equity securities:
Didi $ —  $ 1,669 
Other (1)
315  298 
Marketable equity securities:
Didi 2,838  — 
Grab 3,821  1,356 
Aurora 3,388  575 
Other 1,312  548 
Note receivable from a related party (1)
132  126 
Investments $ 11,806  $ 4,572 
(1) These balances include certain investments recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2021 As of June 30, 2022
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial Assets
Non-marketable equity securities $ —  $ —  $ 32  $ 32  $ —  $ —  $ 12  $ 12 
Marketable equity securities 11,359  —  —  11,359  2,479  —  —  2,479 
Note receivable from a related party —  —  132  132  —  —  126  126 
Total financial assets $ 11,359  $ —  $ 164  $ 11,523  $ 2,479  $ —  $ 138  $ 2,617 
Financial Liabilities
MLU B.V. Call Option (1)
$ —  $ —  $ 193  $ 193  $ —  $ —  $ 23  $ 23 
Total financial liabilities $ —  $ —  $ 193  $ 193  $ —  $ —  $ 23  $ 23 
(1) For further information, see Note 4 – Equity Method Investments.
As of June 30, 2022, our Didi investment, which was previously classified as a marketable equity security with a readily determinable fair value (Level 1) in the table presenting our financial assets and liabilities measured at fair value on a recurring basis, has been classified as a non-marketable equity security and is measured at fair value on a non-recurring basis with a readily available price based on significant other observable inputs (Level 2). For further information, see the section titled “Didi Investment” below.
During the six months ended June 30, 2022, we did not make any other transfers between the levels of the fair value hierarchy.
We measure certain investments at fair value. Level 1 instrument valuations are based on quoted market prices of the identical underlying security. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations are valued based on unobservable inputs and other estimation techniques due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such financial instruments.
As of December 31, 2021 and June 30, 2022, our Level 3 non-marketable equity securities and note receivable from a related party primarily consist of common stock investments, preferred stock investments and convertible secured notes that may be converted into common or preferred stock in privately held companies without readily determinable fair values.
Depending on the investee’s financing activity in a reporting period, management’s estimate of fair value may be primarily derived from the investee’s financing transactions, such as the issuance of preferred stock to new investors. The price in these transactions generally provides the best indication of the enterprise value of the investee. Additionally, based on the timing, volume, and other characteristics of the transaction, we may supplement this information by using other valuation techniques, including the guideline public company approach. The guideline public company approach relies on publicly available market data of comparable companies and uses comparative valuation multiples of the investee’s revenue (actual and forecasted), and therefore, unobservable input used in this valuation technique primarily consists of short-term revenue projections.
14


Once the fair value of the investee is estimated, an option-pricing model (“OPM”), a common stock equivalent (“CSE”) method or a hybrid approach is employed to allocate value to various classes of securities of the investee, including the class owned by us. The model involves making assumptions around the investees’ expected time to liquidity and volatility.
An increase or decrease in any of the unobservable inputs in isolation, such as the security price in a significant financing transaction of the investee, could result in a material increase or decrease in our estimate of fair value. Other unobservable inputs, including short-term revenue projections, time to liquidity, and volatility are less sensitive to the valuation in the respective reporting periods, as a result of the primary weighting on the investee’s financing transactions. In the future, depending on the weight of evidence and valuation approaches used, these or other inputs may have a more significant impact on our estimate of fair value.
We determine realized gains or losses on the sale of equity on a specific identification method.
Financial Assets and Liabilities Measured at Fair Value Using Level 3 Inputs
The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2022, using significant unobservable inputs (Level 3) (in millions):
Non-marketable Equity Securities Note Receivables MLU B.V. Call Option
Balance as of December 31, 2021 $ 32  $ 132  $ 193 
Change in fair value
Included in earnings (20) (6) (170)
Balance as of June 30, 2022 $ 12  $ 126  $ 23 
Assets Measured at Fair Value on a Non-Recurring Basis
Non-Financial Assets
Our non-financial assets, such as goodwill, intangible assets and property and equipment are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominantly on Level 3 inputs.
Non-Marketable Equity Securities
Our non-marketable equity securities are investments in privately held companies without readily determinable fair values. The carrying value of our non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the condensed consolidated statement of operations. Non-marketable equity securities are classified within Level 3 in the fair value hierarchy because we estimate the fair value of these securities based on valuation methods, including the CSE and OPM methods, using the transaction price of similar securities issued by the investee adjusted for contractual rights and obligations of the securities we hold.
Didi Investment
In the second quarter of 2022, Didi completed their delisting from the New York Stock Exchange (“NYSE Delisting”). We concluded the ordinary shares held by us did not have a readily determinable fair value and should be accounted for under the measurement alternative method. As of June 30, 2022, Didi American Depositary Shares (“ADS”) continue to be traded in the over-the-counter (“OTC”) market. We determined that the Didi ADS were similar to the ordinary shares held prior to the NYSE Delisting. We then measured the investment to fair value based on the closing share price of the ADS on the OTC market on June 30, 2022 as an observable transaction for similar securities. As a result, we recognized an unrealized gain of $259 million in other income (expense), net in our condensed consolidated statement of operations during the three months ended June 30, 2022.
We did not record any other material unrealized or realized gains or losses for our non-marketable equity securities measured at fair value on a non-recurring basis during the three and six months ended June 30, 2021 and 2022.
The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):
As of
December 31, 2021 June 30, 2022
Initial cost basis $ 279  $ 1,692 
Upward adjustments 263 
Downward adjustments (including impairment) —  — 
Total carrying value at the end of the period $ 283  $ 1,955 
15


Note 4 – Equity Method Investments
The carrying value of our equity method investments were as follows (in millions):
As of
December 31, 2021 June 30, 2022
MLU B.V. $ 751  $ 471 
Mission Bay 3 & 4 38  34 
Other 11  16 
Total equity method investments $ 800  $ 521 
MLU B.V. Investment
We review for impairment whenever factors indicate that the carrying value of the equity method investment may not be recoverable. During the first quarter of 2022, we determined that our investment in MLU B.V. was other-than-temporarily impaired, and recorded an impairment charge of $182 million in other income (expense), net in the condensed consolidated statement of operations. The impairment was primarily due to consensus projections of a protracted recession of the Russian economy as a result of Russia's invasion of Ukraine. To determine the fair value of our investment in MLU B.V., we utilized a market approach referencing revenue multiples from publicly traded peer companies.
MLU B.V. Basis Difference
Included in the carrying value of MLU B.V. is the basis difference, net of amortization, between the original cost of the investment and our proportionate share of the net assets of MLU B.V. The carrying value of the equity method investment is primarily adjusted for our share in the income or losses of MLU B.V. on a one-quarter lag basis and amortization of basis differences. Equity method goodwill and intangible assets, net of accumulated amortization are also adjusted for currency translation adjustments representing fluctuations between the functional currency of the investee, the Ruble and the U.S. Dollar. The Ruble appreciated against the U.S. dollar by approximately 64% between March 31, 2022 and June 30, 2022. The movement in exchange rates will be reflected in the carrying value of the investment with a corresponding adjustment to other comprehensive income (loss) in our condensed consolidated financial statements at September 30, 2022, as we record our share of MLU B.V.’s earnings and reflect our share of MLU B.V.'s net assets on a one-quarter lag basis.
The table below provides the composition of the basis difference (in millions):
As of June 30, 2022
Equity method goodwill $ 320 
Intangible assets, net of accumulated amortization 43 
Deferred tax liabilities (11)
Cumulative currency translation adjustments (141)
Basis difference $ 211 
We amortize the basis difference related to the intangible assets over the estimated useful lives of the assets that gave rise to the difference using the straight-line method. The weighted-average life of the intangible assets is approximately 3.0 years as of June 30, 2022. Equity method goodwill is not amortized.
MLU B.V. Call Option
On August 30, 2021, we granted Yandex an option (“MLU B.V. Call Option”) to acquire our remaining equity interest in MLU B.V. during a two-year period as part of the agreement with Yandex to restructure our joint ventures in 2021. The MLU B.V. Call Option is recorded as a liability in accrued and other current liabilities on our condensed consolidated balance sheets and measured at fair value on a recurring basis with changes in fair value recorded in other income (expense), net in the condensed consolidated statements of operations. The exercise price of the MLU B.V. Call Option is approximately $1.8 billion, subject to certain adjustments based on the timing of the option exercise.
As of December 31, 2021, the fair value of the MLU B.V. Call Option is $193 million. To determine the fair value of the MLU B.V. Call Option as of December 31, 2021, we used a lattice model which simulated multiple scenarios of the exercise behaviors and the corresponding strike prices over the term of the call option. Key inputs to the lattice model were: the underlying business value; option term of 1.7 years; volatility of 50%; risk-free interest rates; and strike price (Level 3).
As of June 30, 2022, the fair value of the MLU B.V. Call Option is $23 million, including the recognition of a $181 million gain for the fair value change during the three months ended March 31, 2022. To determine the fair value of the MLU B.V. Call Option as of March 31, 2022, we used a lattice model which simulated multiple scenarios of the exercise behaviors and the corresponding strike prices over the term of the call option. Key inputs to the lattice model were: the underlying business value, which decreased
16


significantly due to the conflict between Russia and Ukraine; option term of 1.4 years; volatility of 65%; risk-free interest rates; and strike price (Level 3). We recognized an immaterial loss for the fair value change during the three months ended June 30, 2022.
Note 5 – Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying value of goodwill by reportable segment for the six months ended June 30, 2022 (in millions):
Mobility Delivery Freight Total Goodwill
Balance as of December 31, 2021 $ 2,581  $ 4,401  $ 1,438  $ 8,420 
Acquisitions 64  —  —  64 
Measurement period adjustment —  — 
Reclass to Assets held for sale (16) —  —  (16)
Foreign currency translation adjustment (111) (1) —  (112)
Balance as of June 30, 2022 $ 2,518  $ 4,400  $ 1,441  $ 8,359 
Intangible Assets
The components of intangible assets, net as of December 31, 2021 and June 30, 2022 were as follows (in millions, except years):
Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years
December 31, 2021
Consumer, Merchant and other relationships $ 1,868  $ (294) $ 1,574  9
Developed technology 922  (269) 653  5
Trade names and trademarks 222  (47) 175  6
Patents 15  (7) 7
Other (3) 0
Intangible assets $ 3,032  $ (620) $ 2,412 
Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years
June 30, 2022
Consumer, Merchant and other relationships $ 1,840  $ (419) $ 1,421  9
Developed technology 919  (389) 530  5
Trade names and trademarks 221  (64) 157  6
Patents 15  (8) 6
Other 10  (3) 0
Intangible assets $ 3,005  $ (883) $ 2,122 
Amortization expense for intangible assets subject to amortization was $104 million and $139 million for the three months ended June 30, 2021 and 2022, respectively. Amortization expense for intangible assets subject to amortization was $196 million and $283 million for the six months ended June 30, 2021 and 2022, respectively.
17


The estimated aggregate future amortization expense for intangible assets subject to amortization as of June 30, 2022 is summarized below (in millions):
Estimated Future Amortization Expense
Year Ending December 31,
Remainder of 2022 $ 240 
2023 359 
2024 303 
2025 264 
2026 202 
Thereafter 747 
Total $ 2,115 
Note 6 – Long-Term Debt and Revolving Credit Arrangements
Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages):
As of
December 31, 2021 June 30, 2022 Effective Interest Rates Maturities
2025 Refinanced Term Loan $ 1,448  $ 1,440  3.8  % April 4, 2025
2027 Refinanced Term Loan 1,090  1,084  3.8  % February 25, 2027
2025 Senior Note 1,000  1,000  7.7  % May 15, 2025
2026 Senior Note 1,500  1,500  8.1  % November 1, 2026
2027 Senior Note 1,200  1,200  7.7  % September 15, 2027
2028 Senior Note 500  500  7.0  % January 15, 2028
2029 Senior Note 1,500  1,500  4.7  % August 15, 2029
2025 Convertible Notes 1,150  1,150  0.2  % December 15, 2025
Total debt 9,388  9,374 
Less: unamortized discount and issuance costs (85) (76)
Less: current portion of long-term debt (27) (27)
Total long-term debt $ 9,276  $ 9,271 
2016 and 2018 Senior Secured Term Loans Refinancing
On February 25, 2021, we entered into a refinancing transaction under which we borrowed $2.6 billion pursuant to an amendment to the 2016 Senior Secured Term Loan agreement, the proceeds of which were used to repay in full all previously outstanding loans under the 2016 Senior Secured Term Loan agreement and the 2018 Senior Secured Term Loan agreement. The $2.6 billion is comprised of (i) a $1.1 billion tranche with a maturity date of February 25, 2027, replacing the 2016 Senior Secured Term Loan as a Refinancing Term Loan (the “2027 Refinanced Term Loan”), and (ii) a $1.5 billion tranche with a maturity date of April 4, 2025, replacing the 2018 Senior Secured Term Loan as an Incremental Term Loan (the “2025 Refinanced Term Loan”). The refinancing transaction qualified as a debt modification that did not result in an extinguishment.
The 2025 Refinanced Term Loan and the 2027 Refinanced Term Loan are guaranteed by certain of our material domestic restricted subsidiaries. The 2025 Refinanced Term Loan and the 2027 Refinanced Term Loan agreements contain customary covenants restricting our and certain of our subsidiaries’ ability to incur debt, incur liens and undergo certain fundamental changes. We were in compliance with all covenants as of June 30, 2022. The loan is secured by certain of our intellectual property and equity of certain material foreign subsidiaries.
The fair values of our 2025 Refinanced Term Loan and 2027 Refinanced Term Loan were $1.4 billion and $1.1 billion, respectively, as of June 30, 2022 and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.
2025 Convertible Notes
In December 2020, we issued $1.15 billion aggregate principal amount of 0% convertible senior notes due in 2025 (the “2025 Convertible Notes”), including the exercise in full by the initial purchasers of the 2025 Convertible Notes of their option to purchase up to an additional $150 million principal amount of the 2025 Convertible Notes. The 2025 Convertible Notes were issued in a private
18


placement to qualified institutional buyers pursuant to Rule144A under the Securities Act. The 2025 Convertible Notes will mature on December 15, 2025, unless earlier converted, redeemed or repurchased.
Holders of the 2025 Convertible Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 15, 2025 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined below) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call such notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the applicable redemption date; or (iv) upon the occurrence of specified corporate events. On or after September 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances.
As of June 30, 2022, none of the conditions permitting the holders of the 2025 Convertible Notes to convert their notes early had been met. Therefore, the 2025 Convertible Notes are classified as long-term.
The initial conversion rate is 12.3701 shares of common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $80.84 per share of common stock. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid special interest.
Upon conversion of the 2025 Convertible Notes, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. We may not redeem the notes prior to December 20, 2023. We may redeem for cash all or any portion of the notes, at our option, on or after December 20, 2023 if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date.
The indenture governing the 2025 Convertible Notes does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries.
Prior to the adoption of ASU 2020-06, the proceeds from the issuance of the 2025 Convertible Notes were allocated between the conversion feature recorded as equity and the liability for the notes themselves. The difference of $243 million between the principal amount of the 2025 Convertible Notes and the liability component (the “debt discount”) was amortized to interest expense using the effective interest method over the term of the 2025 Convertible Notes. The equity component of the 2025 Convertible Notes was included in additional paid-in capital in the consolidated balance sheet as of December 31, 2020 and was not remeasured as it continued to meet the conditions for equity classification. To determine the fair value of the liability component of the 2025 Convertible Notes as of the pricing date, we used the binomial model with inputs of time to maturity, conversion ratio, our stock price, risk free rate and volatility.
Effective January 1, 2021, we early adopted ASU 2020-06 using the modified retrospective approach. The adoption of this standard resulted in a decrease to additional paid-in capital of $243 million and an increase to our 2025 Convertible Notes by the same amount. At adoption, there was no adjustment recorded to the opening accumulated deficit. As a result of the adoption, starting on January 1, 2021, interest expense is reduced as a result of accounting for the 2025 Convertible Notes as a single liability measured at its amortized cost.
The fair value of our 2025 Convertible Notes was $924 million as of June 30, 2022 and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.
Senior Notes
The 2025, 2026, 2027, 2028 and 2029 Senior Notes (collectively “Senior Notes”) are guaranteed by certain of our material domestic restricted subsidiaries. The indentures governing the Senior Notes contain customary covenants restricting our and certain of our subsidiaries’ ability to incur debt and incur liens, as well as certain financial covenants specified in the indentures. We were in compliance with all covenants as of June 30, 2022.
The following table presents the fair values of our Senior Notes as of June 30, 2022, and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input (in millions):
19


As of June 30, 2022
2025 Senior Note $ 995 
2026 Senior Note 1,496 
2027 Senior Note 1,172 
2028 Senior Note 464 
2029 Senior Note 1,231 
Total $ 5,358 
The following table presents the amount of interest expense recognized relating to the contractual interest coupon and amortization of the debt discount and issuance costs with respect to our long-term debt, for the three and six months ended June 30, 2021 and 2022 (in millions):
Three Months Ended June 30, Six Months Ended June 30,
2021 2022 2021 2022
Contractual interest coupon $ 109  $ 124  $ 220  $ 257 
Amortization of debt discount and issuance costs 10 
Total interest expense from long-term debt $ 112  $ 128  $ 230  $ 265 
Revolving Credit Arrangements
We have a revolving credit agreement initially entered in 2015 with certain lenders, which provides for $2.3 billion in credit maturing on June 13, 2023 (“Revolving Credit Facility”). On April 4, 2022, we entered into an amendment to our Revolving Credit Facility to, among other things, (i) provide for approximately $2.2 billion of revolving credit commitments, (ii) extend the maturity date for the commitments and loans from June 13, 2023 to April 4, 2027, (iii) reduce the minimum liquidity covenant from $1.5 billion to $1.0 billion, (iv) replace the London Interbank Offered Rate (“LIBOR”) based interest rate with a Secured Overnight Financing Rate (“SOFR”) based interest rate, and (v) make certain other changes to the negative covenants under the amended revolving credit agreement. The Revolving Credit Facility may be guaranteed by certain of our material domestic restricted subsidiaries based on certain conditions. The credit agreement contains customary covenants restricting our and certain of our subsidiaries’ ability to incur debt, incur liens, and undergo certain fundamental changes, as well as maintain a certain level of liquidity specified in the contractual agreement. The credit agreement also contains customary events of default. The Revolving Credit Facility also contains restrictions on the payment of dividends. As of June 30, 2022, there was no balance outstanding on the Revolving Credit Facility.
Letters of Credit
As of December 31, 2021 and June 30, 2022, we had letters of credit outstanding of $749 million and $722 million, respectively, of which the letters of credit that reduced the available credit under the Revolving Credit Facility were $247 million and $213 million, respectively.
20


Note 7 – Supplemental Financial Statement Information
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets were as follows (in millions):
As of
December 31, 2021 June 30, 2022
Prepaid expenses $ 459  $ 250 
Other receivables 553  615 
Other 442  504 
Prepaid expenses and other current assets $ 1,454  $ 1,369 
Accrued and Other Current Liabilities
Accrued and other current liabilities were as follows (in millions):
As of
December 31, 2021 June 30, 2022
Accrued legal, regulatory and non-income taxes $ 2,187  $ 2,230 
Accrued Drivers and Merchants liability 1,187  1,279 
Income and other tax liabilities 376  427 
Commitment to issue unsecured convertible notes in connection with Careem acquisition 238  235 
Other 2,549  2,300 
Accrued and other current liabilities $ 6,537  $ 6,471 
Other Long-Term Liabilities
Other long-term liabilities were as follows (in millions):
As of
December 31, 2021 June 30, 2022
Deferred tax liabilities $ 365  $ 103 
Other 570  556 
Other long-term liabilities $ 935  $ 659 
Accumulated Other Comprehensive Income (Loss)
The changes in composition of accumulated other comprehensive income (loss), net of tax, were as follows (in millions):
Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total
Balance as of December 31, 2020 $ (581) $ 46  $ (535)
Other comprehensive income (loss) before reclassifications (1)
54  1,162  1,216 
Amounts reclassified from accumulated other comprehensive income (loss) —  —  — 
Other comprehensive income (loss) 54  1,162  1,216 
Balance as of June 30, 2021 $ (527) $ 1,208  $ 681 
(1) During the six months ended June 30, 2021, unrealized gains on available-for-sale securities, net of tax relates to pre-tax unrealized gains of $1.3 billion for the change in fair value of our investment in Grab. To determine the fair value of our investment in Grab as of June 30, 2021, we utilized a hybrid approach, incorporating a CSE method along with an OPM. The CSE method assumes an if-converted scenario (for example an initial public offering (“IPO”) or a special purpose acquisition company transaction), where the OPM approach allocates equity value to individual securities within the investees’ capital structure based on contractual rights and preferences.
21


Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total
Balance as of December 31, 2021 $ (524) $ —  $ (524)
Other comprehensive income (loss) before reclassifications (181) —  (181)
Amounts reclassified from accumulated other comprehensive income (loss) —  —  — 
Other comprehensive income (loss) (181) —  (181)
Balance as of June 30, 2022 $ (705) $ —  $ (705)
Other Income (Expense), Net
The components of other income (expense), net were as follows (in millions):
Three Months Ended June 30, Six Months Ended June 30,
2021 2022 2021 2022
Interest income $ 13  $ 17  $ 18  $ 28 
Foreign currency exchange gains (losses), net —  (38) (25) (28)
Gain on business divestiture (1)
—  —  1,684  — 
Unrealized gain (loss) on debt and equity securities, net (2)
1,912  (1,677) 1,975  (7,247)
Impairment of equity method investment (3)
—  —  —  (182)
Revaluation of MLU B.V. call option (4)
—  (11) —  170 
Other, net 18  (2)
Other income (expense), net $ 1,943  $ (1,704) $ 3,653  $ (7,261)
(1) During the six months ended June 30, 2021, gain on business divestiture primarily represents a $1.6 billion gain on the sale of Apparate USA LLC (“Apparate” or the “ATG Business”) to Aurora Innovation, Inc. (“Aurora”) in January 2021. Refer to Note 15 – Divestiture for further information.
(2) During the three and six months ended June 30, 2021, unrealized gain (loss) on debt and equity securities, net primarily represents a $1.4 billion gain on our Didi investment and a $471 million gain on our Aurora Investments in the second quarter of 2021.
During the three and six months ended June 30, 2022, unrealized gain (loss) on debt and equity securities, net primarily represents a $1.1 billion and $2.8 billion loss, respectively, on our Aurora Investments, a $520 million and $2.5 billion loss, respectively, on our Grab investment, a $245 million and $707 million loss, respectively, on our Zomato investment, and a $1.4 billion loss on our Didi investment in the first quarter of 2022, partially offset by a $259 million gain on our Didi investment in the second quarter of 2022.
(3) During the six months ended June 30, 2022, impairment of equity method investment represents a $182 million impairment loss recorded on our MLU B.V. equity method investment. Refer to Note 4 – Equity Method Investments for further information.
(4) During the six months ended June 30, 2022, revaluation of MLU B.V. call option represents a $170 million net gain for the change in fair value of the call option granted to Yandex (“MLU B.V. Call Option”). Refer to Note 4 – Equity Method Investments for further information.
22


Note 8 – Stockholders' Equity
Equity Compensation Plans
We maintain four equity compensation plans that provide for the issuance of shares of our common stock to our officers and other employees, directors, and consultants: the 2010 Stock Plan (the “2010 Plan”), the 2013 Equity Incentive Plan (the “2013 Plan”), the 2019 Equity Incentive Plan (the “2019 Plan”), and the 2019 Employee Stock Purchase Plan (the “ESPP”), which have all been approved by stockholders. Following our IPO in 2019, we have only issued awards under the 2019 Plan and the ESPP, and no additional awards will be granted under the 2010 and 2013 Plans. These plans provide for the issuance of incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), stock appreciation rights (“SARs”), restricted stock awards, restricted stock units (“RSUs”), performance-based awards, and other awards (that are based in whole or in part by reference to our common stock).
Stock Option and SAR Activity
A summary of stock option and SAR activity for the six months ended June 30, 2022 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years):
SARs Outstanding Number of SARs Options Outstanding Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value
As of December 31, 2021 157  24,253  $ 11.84  4.35 $ 735 
Granted 421  $ 33.89 
Exercised (3) (2,383) $ 4.16 
Canceled and forfeited (1) (161) $ 13.59 
As of June 30, 2022 159  22,130  $ 13.07  3.94 $ 249 
Vested and expected to vest as of June 30, 2022 148  16,035  $ 8.77  3.29 $ 219 
Exercisable as of June 30, 2022 148  16,035  $ 8.77  3.29 $ 219 
RSU Activity
The following table summarizes the activity related to our RSUs for the six months ended June 30, 2022 (in thousands, except per share amounts):
Number of Shares Weighted-Average
 Grant-Date Fair
 Value per Share
Unvested and outstanding as of December 31, 2021 71,461  $ 41.91 
Granted 71,960  $ 32.24 
Vested (21,855) $ 38.55 
Canceled and forfeited (9,929) $ 38.85 
Unvested and outstanding as of June 30, 2022 111,637  $ 36.58 
Stock-Based Compensation Expense
Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function (in millions):
Three Months Ended June 30, Six Months Ended June 30,
2021 2022 2021 2022
Operations and support $ 38  $ 40  $ 65  $ 73 
Sales and marketing 19  28  42  50 
Research and development 149  277  282  473 
General and administrative 66  125  164  233 
Total $ 272  $ 470  $ 553  $ 829 
As of June 30, 2022, there was $4.1 billion of unamortized compensation costs related to all unvested awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.79 years.
23


The tax benefits recognized in the condensed consolidated statement of operations for stock-based compensation arrangements were not material during the three and six months ended June 30, 2021 and 2022, respectively.
Note 9 – Income Taxes
We compute our quarterly income tax expense/(benefit) by using a forecasted annual effective tax rate and adjust for any discrete items arising during the quarter. We recorded an income tax expense/(benefit) of $(479) million and $(294) million for the three and six months ended June 30, 2021, respectively, and $77 million and $(155) million for the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2021, the income tax benefit was primarily driven by the deferred China and U.S. tax impact related to our investment in Didi, the deferred tax impact related to our investment in Aurora, and to a lesser extent, by the benefit from our U.S. losses and current tax on our foreign earnings. During the three months ended June 30, 2022, the income tax expense was primarily driven by the current tax on our foreign earnings, offset by the deferred U.S. tax impact related to our investments in Aurora, Zomato, and Grab. During the six months ended June 30, 2022, the income tax benefit was primarily driven by the deferred U.S. tax impact related to our investments in Aurora, Grab, Didi, and Zomato, offset by current tax on our foreign earnings. The primary differences between the effective tax rate and the federal statutory tax rate are due to the deferred U.S. taxes related to our investments in Aurora, Grab, Didi and Zomato, the valuation allowance on our U.S. and Netherlands' deferred tax assets, and foreign tax rate differences.
During the six months ended June 30, 2022, the amount of gross unrecognized tax benefits increased by $77 million, none of which would impact the effective tax rate due to the valuation allowance against certain deferred tax assets.
We are subject to taxation in the U.S. and various state and foreign jurisdictions. We are also under routine examination by federal, various states, and foreign tax authorities. We believe that adequate amounts have been reserved in these jurisdictions. To the extent we have tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state, or foreign tax authorities to the extent utilized in a future period. For our major tax jurisdictions, the tax years 2004 through 2022 remain open; the major tax jurisdictions are the U.S., Brazil, Netherlands, the United Kingdom (“UK”), and Australia.
Although the timing of the resolution and/or closure of audits is highly uncertain, we do not expect any material changes to our unrecognized tax benefits within the next 12 months. Given the number of years remaining subject to examination and the number of matters being examined, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits.
In the event we experience an ownership change within the meaning of Section 382 of the Internal Revenue Code (“IRC”), our ability to utilize net operating losses, tax credits, and other tax attributes may be limited. The most recent analysis of our historical ownership changes was completed through June 30, 2022. Based on the analysis, we do not anticipate a current limitation on the tax attributes.
Note 10 – Net Income (Loss) Per Share
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the periods presented. Diluted net income (loss) per share is computed by giving effect to all potential weighted average dilutive common stock. The dilutive effect of outstanding awards and convertible securities is reflected in diluted net income (loss) per share by application of the treasury stock method or if-converted method, as applicable.
We take into account the effect on consolidated net income (loss) per share of dilutive securities of entities in which we hold equity interests that are accounted for using the equity method.
24


The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts):
Three Months Ended June 30, Six Months Ended June 30,
2021 2022 2021 2022
Basic net income (loss) per share:
Numerator
Net income (loss) including non-controlling interests $ 1,112  $ (2,616) $ 990  $ (8,534)
Net loss attributable to non-controlling interests, net of tax (32) (15) (46) (4)
Net income (loss) attributable to common stockholders $ 1,144  $ (2,601) $ 1,036  $ (8,530)
Denominator
Basic weighted-average common stock outstanding 1,875,156  1,964,304  1,866,830  1,957,127 
Basic net income (loss) per share attributable to common stockholders (1)
$ 0.61  $ (1.32) $ 0.56  $ (4.36)
Diluted net income (loss) per share:
Numerator
Net income (loss) attributable to common stockholders $ 1,144  $ (2,601) $ 1,036  $ (8,530)
Net loss attributable to Freight Holding convertible common shares non-controlling interest, net of tax (10) (12) (18) (39)
Cumulative dividends to Freight Holding convertible preferred shares non-controlling interest, net of tax —  —  — 
Interest expense, amortization of debt discount and issuance costs of 2025 Convertible Notes and Careem Notes —  — 
Diluted net income (loss) attributable to common stockholders $ 1,140  $ (2,613) $ 1,023  $ (8,569)
Denominator
     Number of shares used in basic net income (loss) per share computation 1,875,156  1,964,304  1,866,830  1,957,127 
     Weighted-average effect of potentially dilutive securities:
Stock options 17,785  —  18,808  — 
RSUs 31,485  —  36,651  — 
Warrants 87  —  88  — 
Common shares issued for ESPP 160  —  192  — 
Assumed incremental shares to settle forward obligation for Freight Holding Series A unit holders 1,900  —  2,281  — 
Assumed redemption of Freight Holding convertible common shares, non-controlling interest 1,268  4,578  1,306  3,744 
Assumed redemption of Freight Holding preferred shares, non-controlling interest 6,891  —  —  — 
2025 Convertible Notes 14,226  —  14,226  — 
Careem Notes 7,017  —  9,368  — 
     Diluted weighted-average common stock outstanding 1,955,975  1,968,882  1,949,750  1,960,871 
Diluted net income (loss) per share attributable to common stockholders (1)
$ 0.58  $ (1.33) $ 0.52  $ (4.37)
(1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate.
The following potentially dilutive outstanding securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):
25


Three Months Ended June 30, Six Months Ended June 30,
2021 2022 2021 2022
Freight Holdings contingently redeemable preferred stock —  17,674  7,743  17,674 
Incremental shares to settle forward obligation —  2,149  —  2,149 
Convertible notes —  18,503  —  18,503 
RSUs 18,594  111,637  17,230  111,637 
Stock options 249  22,130  15  22,130 
Common stock subject to repurchase —  3,380  —  3,380 
Shares committed under ESPP