Slide 1: Uber Technologies, Inc. Q4 2023 Earnings Supplemental Data
Uber Technologies, Inc. February 7, 2024 Q4 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 Q4 2023 Earnings 4
Slide 5: Platform Highlights
Platform Highlights Mobility New Products Membership Advertising Portfolio 19 million members Members generate 30% of Gross Bookings UberX Share Taxi Uber Connect Uber Rent Uber Valet Carshare Launched new features and announced Launched Uber One in seven new markets, Launched Sponsored Items on Ube
Slide 6: Financial and Operational Highlights
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q4 2023 Earnings 6
Slide 7: Operating Metrics
Operating Metrics In Millions +15% 150 137 142 131 130 MAPCs MAPCs Growth YoY Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 +24% 2,601 2,441 2,282 2,104 2,124 Trips Trips Growth YoY Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Monthly Trips / MAPC 5.4 5.4 5.6 5.7 5.8 Note 1: MAPCs is the number of unique consu
Slide 8: Gross Bookings
Gross Bookings $ in Millions $37,575 $35,281 $33,601 $30,749 $31,408 +21% Gross Bookings Constant Currency Growth YoY Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 19% 19% 16% 21% 22% % Growth YoY 26% 22% 18% 20% 21% % Constant Currency Growth YoY Note 1: We define Gross Bookings as the total dollar value
Slide 9: Revenue
Revenue $ in Millions $9,936 $9,230 $9,292 $8,823 $8,607 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 49% 29% 14% 11% 15% % Growth YoY 59% 33% 17% 10% 13% % Constant Currency Growth YoY Note 1: Refer to page 26 (“Business Model Change Impacts to Revenue”) for more details Q4 2023 Earnings Note 2: See Non
Slide 10: Adjusted EBITDA
Adjusted EBITDA $ in Millions 3.4% +$618M 3.1% $1,283 2.7% 2.4% $1,092 2.2% $916 $761 $665 YoY improvement in Adjusted EBITDA Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Adjusted EBITDA Margin as a % of Gross Bookings Note 1: We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) fr
Slide 11: Segment Details
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q4 2023 Earnings 11
Slide 12: Mobility Highlights
Mobility Highlights $ in Millions $19,285 +28% $16,728 $17,903 $14,894 $14,981 Gross Bookings % Constant Currency Growth YoY 37% 43% 28% 30% 28% 29.3% Gross Bookings Constant 28.9% 28.7% 27.8% 28.3% Currency Growth YoY $5,071 $5,537 $4,894 $4,136 $4,330 Revenue % Constant Currency Growth YoY 94% 78%
Slide 13: Delivery Highlights
Delivery Highlights $ in Millions +$235M $17,011 $15,595 $16,094 $14,315 $15,026 Gross Bookings % Constant Currency Growth YoY 14% 12% 14% 16% 17% YoY improvement in 20.6% Adjusted EBITDA 20.5% 19.6% 18.2% 18.3% Revenue $2,931 $3,093 $3,057 $2,935 $3,119 % Constant Currency Growth YoY 33% 29% 17% 5%
Slide 14: Freight Highlights
Freight Highlights $ in Millions $1,540 $1,400 $1,279 $1,286 $1,280 Revenue % Constant Currency Growth YoY 43% (23%) (30%) (27%) (17%) ($8) ($23) ($14) ($13) ($14) Adjusted EBITDA Adjusted EBITDA: Segment Adjusted (0.5%) (1.1%) (1.0%) (1.1%) EBITDA Margin as a % of Revenue (1.6%) Q4 2022 Q1 2023 Q2
Slide 15: Condensed Consolidated Financials
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q4 2023 Earnings 15
Slide 16: Condensed Consolidated Statements of Operations
Three Months Ended Dec 31, Year Ended Dec 31, Condensed 2022 2023 2022 2023 Consolidated Revenue $8,607 $9,936 $31,877 $37,281 Costs and expenses Statements of Cost of revenue, exclusive of depreciation and amortization shown separately below 5,307 6,057 19,659 22,457 Operations and support 605 702
Slide 17: Condensed Consolidated Balance Sheets
As of December 31, As of December 31, Condensed 2022 2023 Consolidated Assets Cash and cash equivalents $4,208 $4,680 Balance Sheets Short-term investments 103 727 Restricted cash and cash equivalents 680 805 (Unaudited) Accounts receivable, net Prepaid expenses and other current assets 2,779 1,479
Slide 18: Condensed Consolidated Balance Sheets (Continued)
Continued: As of December 31, As of December 31, Condensed 2022 2023 Consolidated Liabilities, redeemable non-controlling interests and equity Accounts payable $728 $790 Balance Sheets Short-term insurance reserves 1,692 2,016 Operating lease liabilities, current 201 190 (Unaudited) Accrued and othe
Slide 19: Summary of liquidity position and equity stakes
Summary of liquidity position and equity stakes Liquidity Position Equity Stakes (Carrying value) Uber’s Ownership Position $6.1B Other $0.4B Joby $0.2B ~12% Aurora $1.4B ~14% Unrestricted cash, ~21% Grab $1.8B cash equivalents, $5.4B and short-term investments ~4% Didi $2.2B ~29% Note 1: Liquidity
Slide 20: Condensed Consolidated Statements of Cash Flows
Three Months Ended Dec 31, Year Ended Dec 31, 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 (used in) operating activities: $600 $1,700 ($9,138)
Slide 21: Condensed Consolidated Statements of Cash Flows (Continued)
Continued: Three Months Ended Dec 31, Year Ended Dec 31, Condensed Cash flows from investing activities 2022 2023 2022 2023 Consolidated Purchases of property and equipment Purchases of non-marketable equity securities ($59) - ($55) (10) ($252) (14) ($223) (52) Statements of Purchases of marketable
Slide 22: Non-GAAP Reconciliations
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q4 2023 Earnings 22
Slide 23: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (Unaudited) $ in Millions Three Months Ended Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 Dec 31, ‘23 Mobility $1,012 $1,060 $1,170 $1,287 $1,446 Delivery 241 288 329 413 476 Freight (8) (23) (14) (13) (14) Corporate G&A and Platform R&D (580) (564) (569) (595) (625
Slide 24: Non-GAAP Costs and Operating Expenses Reconciliations
Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited) $ in Millions Three Months Ended Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 Dec 31, ‘23 Revenue $8,607 $8,823 $9,230 $9,292 $9,936 GAAP Cost of Revenue, excluding D&A 5,307 5,259 5,515 5,626 6,057 Legal, tax, and regulatory reser
Slide 25: Non-GAAP Costs and Operating Expenses Reconciliations (Continued)
Continued: Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited) $ in Millions Three Months Ended Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 Dec 31, ‘23 GAAP Sales and marketing $1,122 $1,262 $1,218 $941 $935 Restructuring and related charges - (1) - (1) (1) Stock-based compensation
Slide 26: Business Model Change Impact on Revenue
Business Model Change Impact on Revenue $ in Millions Three Months Ended Mobility Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 Dec 31, ‘23 Business model changes since Q1’20 have triggered changes in classification of certain costs, $14,894 $14,981 $16,728 $17,903 $19,285 Gross Bookings including
Slide 27: Business Model Change Impact on Cost of Revenue
Business Model Change Impact on Cost of Revenue $ in Millions Three Months Ended Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 Dec 31, ‘23 GAAP Cost of Revenue $5,307 $5,259 $5,515 $5,626 $6,057 Non-GAAP Cost of Revenue1 $5,307 $5,259 $5,515 $5,639 $6,048 Non-GAAP Cost of Revenue (% of Gross Booki
Slide 28: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $ in Millions Three Months Ended Dec 31, ‘22 Mar 31, ‘23 Jun 30, ‘23 Sep 30, ‘23 Dec 31, ‘23 Free Cash Flow reconciliation: Net cash provided by (used in) operating activities (244) 606 1,190 996 823 Purchases of property and equipment (59) (57) (50) (61) (55) Free Cash