Uber Technologies, Inc. · NYSE:UBER
Uber Technologies — Q3 2023 Earnings Presentation
29 slides from Uber Technologies's earnings presentation, Nov 7, 2023
Slide 1: Uber Technologies, Inc. Q3 2023 Earnings Supplemental Data
Uber Technologies, Inc. November 7, 2023 Q3 2023 Earnings Supplemental Data 1
Slide 2: Non-GAAP Financial Measures Disclosure
Non-GAAP Financial Measures Disclosure To supplement our financial information, which is prepared and We believe that both management and investors benefit from For more information on these non-GAAP financial measures, presented in accordance with generally accepted accounting referring to these no
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements relationships with drivers and couriers, and the impact of the regarding our future business expectations, which involve risks global economy, including rising inflation and interest rates. In and uncertainties. Actual
Slide 4: Platform and Business Highlights
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q3 2023 Earnings 4
Slide 5: Platform Highlights
Platform Highlights Taxis Membership Advertising 15 million members Launched taxi products in New York City and Launched Uber One in Colombia, Peru Expanded in-car tablet advertising to Los Angeles, giving riders an upfront fare and Portugal, now available in 18 markets new US markets and Post Check
Slide 6: Product Spotlight: Uber Moto
Product Spotlight: Uber Moto Expanding our addressable market by innovating through low-cost products • Available in select cities across 20 countries • Trips up 100%+ YoY¹ • Significant earner base, with Uber Moto active drivers up 60%+ YoY¹ • Strong customer acquisition channel, as 40% of Uber Mot
Slide 7: Financial and Operational Highlights
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q3 2023 Earnings 7
Slide 8: Operating Metrics
Operating Metrics In Millions +15% 137 142 124 131 130 MAPCs MAPCs Growth YoY Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Trips 1,953 2,104 2,124 2,282 2,441 +25% Trips Growth YoY Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Monthly Trips / MAPC 5.3 5.4 5.4 5.6 5.7 Note 1: MAPCs is the number of unique consu
Slide 9: Gross Bookings
Gross Bookings $ in Millions $35,281 $33,601 $30,749 $31,408 $29,119 +20% Gross Bookings Constant Currency Growth YoY Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 26% 19% 19% 16% 21% % Growth YoY 32% 26% 22% 18% 20% % Constant Currency Growth YoY Note 1: We define Gross Bookings as the total dollar value
Slide 10: Revenue
Revenue $ in Millions $9,230 $9,292 $8,823 $8,607 $8,343 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 72% 49% 29% 14% 11% % Growth YoY 81% 59% 33% 17% 10% % Constant Currency Growth YoY Note 1: Refer to page 27 (“Business Model Change Impacts to Revenue”) for more details Q3 2023 Earnings Note 2: See Non
Slide 11: Adjusted EBITDA
Adjusted EBITDA $ in Millions 3.1% 2.7% +$576M 2.4% $1,092 2.2% 1.8% $916 $761 $665 $516 YoY improvement in Adjusted EBITDA Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Adjusted EBITDA Margin as a % of Gross Bookings Note 1: We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from
Slide 12: Segment Details
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q3 2023 Earnings 12
Slide 13: Mobility Highlights
Mobility Highlights $ in Millions $17,903 +30% $16,728 $13,684 $14,894 $14,981 Gross Bookings % Constant Currency Growth YoY 45% 37% 43% 28% 30% 29.3% Gross Bookings Constant 28.9% 27.9% 27.8% 28.3% Currency Growth YoY $4,894 $5,071 $4,136 $4,330 $3,822 Revenue % Constant Currency Growth YoY 83% 94%
Slide 14: Delivery Highlights
Delivery Highlights $ in Millions +$232M $15,595 $16,094 $14,315 $15,026 Gross $13,684 Bookings % Constant Currency Growth YoY 13% 14% 12% 14% 16% YoY improvement in 20.6% Adjusted EBITDA 20.2% 20.5% 19.6% 18.2% Revenue $2,931 $3,093 $3,057 $2,935 % Constant Currency $2,770 Growth YoY 33% 33% 29% 17
Slide 15: Freight Highlights
Freight Highlights $ in Millions $1,751 $1,540 $1,400 $1,279 $1,286 Revenue % Constant Currency Growth YoY 336% 43% (23%) (30%) (27%) $1 ($8) ($23) ($14) ($13) Adjusted EBITDA 0.1% (0.5%) (1.1%) (1.0%) (1.6%) Adjusted EBITDA: Segment Adjusted EBITDA Margin as a % of Revenue Q3 2022 Q4 2022 Q1 2023 Q
Slide 16: Condensed Consolidated Financials
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q3 2023 Earnings 16
Slide 17: Condensed Consolidated Statements of Operations
Three Months Ended Sept 30, Nine Months Ended Sept 30, Condensed 2022 2023 2022 2023 Consolidated Revenue $8,343 $9,292 $23,270 $27,345 Costs and expenses Statements of Cost of revenue, exclusive of depreciation and amortization shown separately below 5,173 5,626 14,352 16,400 Operations and support
Slide 18: Condensed Consolidated Balance Sheets
As of December 31, As of September 30, Condensed 2022 2023 Consolidated Assets Cash and cash equivalents $4,208 $4,448 Balance Sheets Short-term investments 103 725 Restricted cash and cash equivalents 680 833 (Unaudited) Accounts receivable, net Prepaid expenses and other current assets 2,779 1,479
Slide 19: Condensed Consolidated Balance Sheets (Continued)
Continued: As of December 31, As of September 30, Condensed 2022 2023 Consolidated Liabilities, redeemable non-controlling interests and equity Accounts payable $728 $799 Balance Sheets Short-term insurance reserves 1,692 1,823 Operating lease liabilities, current 201 174 (Unaudited) Accrued and oth
Slide 20: Summary of liquidity position and equity stakes
Summary of liquidity position and equity stakes Liquidity Position Equity Stakes (Carrying value) Uber’s Ownership Position $5.1B Other $0.4B ~12% Joby $0.2B Aurora $0.8B ~14% Unrestricted cash, cash equivalents, Grab $1.9B ~22% $5.2B and short-term investments ~4% Didi $1.8B ~29% Note 1: Liquidity
Slide 21: Condensed Consolidated Statements of Cash Flows
Three Months Ended Sept 30, Nine Months Ended Sept 30, Condensed Cash flows from operating activities 2022 2023 2022 2023 Consolidated Net income (loss) including non-controlling interests Adjustments to reconcile net income (loss) to net cash provided by operating activities: ($1,204) $219 ($9,738)
Slide 22: Condensed Consolidated Statements of Cash Flows (Continued)
Continued: Three Months Ended Sept 30, Nine Months Ended Sept 30, Condensed 2022 2023 2022 2023 Consolidated Cash flows from investing activities Purchases of property and equipment ($74) ($61) ($193) ($168) Statements of Purchases of non-marketable equity securities - (22) (14) (42) Purchases of ma
Slide 23: Non-GAAP Reconciliations
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q3 2023 Earnings 23
Slide 24: Adjusted EBITDA Reconciliation (Unaudited)
Adjusted EBITDA Reconciliation (Unaudited) $ in Millions Three Months Ended Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 Mobility $898 $1,012 $1,060 $1,170 $1,287 Delivery 181 241 288 329 413 Freight 1 (8) (23) (14) (13) Corporate G&A and Platform R&D (564) (580) (564) (569) (595) Adj
Slide 25: Non-GAAP Costs and Operating Expenses Reconciliations
Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited) $ in Millions Three Months Ended Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 Revenue $8,343 $8,607 $8,823 $9,230 $9,292 GAAP Cost of Revenue, excluding D&A 5,173 5,307 5,259 5,515 5,626 Acquisition, financing, and dive
Slide 26: Non-GAAP Costs and Operating Expenses Reconciliations (Continued)
Continued: Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited) $ in Millions Three Months Ended Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 GAAP Sales and marketing $1,153 $1,122 $1,262 $1,218 $941 Restructuring and related charges - - (1) - (1) Stock-based compensation
Slide 27: Business Model Change Impact on Revenue
Business Model Change Impact on Revenue $ in Millions Three Months Ended Mobility Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 Business model changes since Q1’20 have triggered changes in classification of certain costs, $13,684 $14,894 $14,981 $16,728 $17,903 Gross Bookings including
Slide 28: Business Model Change Impact on Cost of Revenue
Business Model Change Impact on Cost of Revenue $ in Millions Three Months Ended Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 GAAP Cost of Revenue $5,173 $5,307 $5,259 $5,515 $5,626 Non-GAAP Cost of Revenue1 $5,168 $5,307 $5,259 $5,515 $5,639 Non-GAAP Cost of Revenue (% of Gross Booki
Slide 29: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $ in Millions Three Months Ended Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 Free Cash Flow reconciliation: Net cash provided by (used in) operating activities 432 (244) 606 1,190 996 Purchases of property and equipment (74) (59) (57) (50) (61) Free Cash