Slide 1: Uber Technologies, Inc. Q1 2023 Earnings Supplemental Data
Uber Technologies, Inc. May 2, 2023 Q1 2023 Earnings Supplemental Data
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 Q1 2023 Earnings 4
Slide 5: Platform Highlights
Platform Highlights Redesigned Uber App Mobility Airport Innovation Advertising Updates include a new home screen, Expanded Uber Reserve availability Introduced Post Checkout ads, more personalization, and a new way and rolled out Business Comfort; enabling non-Eats merchants to to track the live pr
Slide 6: Driver engagement at an all-time high, with strong earnings levels
Driver engagement at an all-time high, with strong earnings levels Monthly Supply Hours per Active Driver Weekly Earnings per Active Driver (US & Canada, Indexed to Jan 2019)1 2 (US & Canada, Indexed to Jan 2019)3 4 15,000% 203% 194% +43% (Q1 2023 vs. Q1 2019) +17% 185% (Q1 2023 vs. Q1 176% 2019) 16
Slide 7: Newer rider cohorts engaging and spending more on Uber
Newer rider cohorts engaging and spending more on Uber Average Monthly Trips per Mobility MAPC Average Monthly Spend per Mobility MAPC (US) (US, Indexed to 2019 Year 1 spend) Year 1 Year 2 Year 3 Year 4 Year 1 Year 2 Year 3 Year 4 2019 Cohort 5.4 4.8 4.6 4.7 2019 Cohort 100% 101% 107% 113% 2020 Coho
Slide 8: Long runway for Delivery penetration, with Uber well-positioned globally
Long runway for Delivery penetration, with Uber well-positioned globally Further penetration Cross-sell, Further adoption of of restaurant engagement growth Uber membership category with New Verticals 3% 12% 27% Uber food delivery FY’22 GB as % of Of Delivery users who order Of total global GB2 with
Slide 9: Financial and Operational Highlights
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q1 2023 Earnings 9
Slide 10: Operating Metrics
Operating Metrics In Millions +13% 131 130 122 124 115 MAPCs MAPCs Growth YoY Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Trips 1,713 1,872 1,953 2,104 2,124 +24% Trips Growth YoY Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Monthly Trips / MAPC 5.0 5.1 5.3 5.4 5.4 Note 1: MAPCs is the number of unique consu
Slide 11: Gross Bookings
Gross Bookings $ in Millions $30,749 $31,408 $29,078 $29,119 $26,449 +22% Gross Bookings Constant Currency Growth YoY Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 35% 33% 26% 19% 19% % Growth YoY 39% 36% 32% 26% 22% % Constant Currency Growth YoY Note 1: We define Gross Bookings as the total dollar value
Slide 12: Revenue
Revenue $ in Millions $8,607 $8,823 $8,343 $8,073 $6,854 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 136% 105% 72% 49% 29% % Growth YoY 141% 111% 81% 59% 33% % Constant Currency Growth YoY Note 1: a) Q1’22 Revenue includes a $754 million net benefit related to business model changes in select markets ac
Slide 13: Adjusted EBITDA +$593M
Adjusted EBITDA $ in Millions 1.8% 2.2% 2.4% $761 +$593M $665 YoY improvement in 1.3% Adjusted EBITDA $516 $364 0.6% $168 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Adjusted EBITDA Margin as a % of Gross Bookings Note 1: We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from d
Slide 14: Segment Details
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q1 2023 Earnings 14
Slide 15: Mobility Highlights
Mobility Highlights $ in Millions +43% $13,684 $14,894 $14,981 $13,364 $10,723 Gross Bookings % Constant Currency Growth YoY 62% 57% 45% 37% 43% Gross Bookings Constant 28.9% 23.5% 26.6% 27.9% 27.8% Currency Growth YoY $4,136 $4,330 $3,553 $3,822 $2,518 Revenue % Constant Currency Growth YoY 201% 12
Slide 16: Delivery Highlights
Delivery Highlights $ in Millions +$258M $14,315 $15,026 $13,903 $13,876 $13,684 Gross Bookings % Constant Currency Growth YoY 15% 12% 13% 14% 12% YoY improvement in Adjusted EBITDA 20.2% 20.5% 20.6% 19.4% 18.1% Revenue $2,931 $3,093 % Constant Currency $2,512 $2,688 $2,770 Growth YoY 49% 43% 33% 33
Slide 17: Freight Highlights
Freight Highlights $ in Millions $1,824 $1,832 $1,751 $1,540 $1,400 Revenue % Constant Currency Growth YoY 506% 427% 336% 43% (23%) $2 $5 $1 ($8) ($23) 0.1% 0.3% 0.1% (0.5%) Adjusted (1.6%) EBITDA Adjusted EBITDA: Segment Adjusted EBITDA Margin as a % of Revenue Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 20
Slide 18: Condensed Consolidated Financials
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q1 2023 Earnings 18
Slide 19: Condensed Consolidated Statements of Operations
Three Months Ended March 31, Condensed 2022 2023 Consolidated Revenue $6,854 $8,823 Costs and expenses Statements of Cost of revenue, exclusive of depreciation and amortization shown separately below 4,026 5,259 Operations and support 574 640 Operations Sales and marketing 1,263 1,262 Research and d
Slide 20: Condensed Consolidated Balance Sheets
As of December 31, As of March 31, Condensed 2022 2023 Consolidated Assets Cash and cash equivalents $4,208 $4,045 Balance Sheets Short-term investments 103 121 Restricted cash and cash equivalents 680 897 (Unaudited) Accounts receivable, net Prepaid expenses and other current assets 2,779 1,479 2,5
Slide 21: Condensed Consolidated Balance Sheets (Continued)
Continued: As of December 31, As of March 31, Condensed 2022 2023 Consolidated Liabilities, redeemable non-controlling interests and equity Accounts payable $728 $712 Balance Sheets Short-term insurance reserves 1,692 1,658 Operating lease liabilities, current 201 193 (Unaudited) Accrued and other c
Slide 22: Summary of liquidity position and equity stakes
Summary of liquidity position and equity stakes Liquidity Position Equity Stakes (Carrying value) Uber’s Ownership Position $5.4B Other $1.1B ~11% Joby $0.1B Aurora $0.4B ~14% Grab $1.6B ~26% Unrestricted cash, $4.2B cash equivalents, and short-term ~4% investments Didi $2.2B ~31% Note 1: Liquidity
Slide 23: Condensed Consolidated Statements of Cash Flows
Three Months Ended March 31, Condensed 2022 2023 Consolidated Cash flows from operating activities Net loss including non-controlling interests ($5,918) ($157) Statements of Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 254 207 Cash Flo
Slide 24: Condensed Consolidated Statements of Cash Flows (Continued)
Continued: Three Months Ended March 31, Condensed 2022 2023 Consolidated Cash flows from investing activities Purchases of property and equipment (62) (57) Statements of Purchases of non-marketable equity securities (13) - Purchases of marketable securities - (846) Cash Flows Proceeds from maturitie
Slide 25: Non-GAAP Reconciliations
Platform and Business Highlights Financial and Operational Highlights Segment Details Condensed Consolidated Financials Non-GAAP Reconciliations Q1 2023 Earnings 25
Slide 26: Adjusted EBITDA Reconciliation (Unaudited)
Adjusted EBITDA Reconciliation (Unaudited) $ in Millions Three Months Ended Mar 31, ‘22 Jun 30, ‘22 Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 Mobility $618 $771 $898 $1,012 $1,060 Delivery 30 99 181 241 288 Freight 2 5 1 (8) (23) Corporate G&A and Platform R&D (482) (511) (564) (580) (564) Adjusted EBITDA
Slide 27: Non-GAAP Costs and Operating Expenses Reconciliations
Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited) $ in Millions Three Months Ended Mar 31, ‘22 Jun 30, ‘22 Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 Revenue $6,854 $8,073 $8,343 $8,607 $8,823 GAAP Cost of Revenue, excluding D&A 4,026 5,153 5,173 5,307 5,259 COVID-19 response initiatives (1
Slide 28: Non-GAAP Costs and Operating Expenses Reconciliations (Continued)
Continued: Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited) $ in Millions Three Months Ended Mar 31, ‘22 Jun 30, ‘22 Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 GAAP Sales and marketing $1,263 $1,218 $1,153 $1,122 $1,262 Restructuring and related charges - - - - (1) Stock-based compensation
Slide 29: Revenue Excluding UK Accrual Reconciliations
Revenue Excluding UK Accrual Reconciliations $ in Millions Three Months Ended Mar 31, ‘22 Jun 30, ‘22 Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 Revenue Excluding UK Accrual reconciliation Revenue 6,854 8,073 8,343 8,607 8,823 Add back: UK Accrual - 97 - - - Revenue Excluding UK Accrual $6,854 $8,170 $8,34
Slide 30: Business model change impact on Cost of Revenue
Business model change impact on Cost of Revenue $ in Millions Three Months Ended Mar 31, ‘22 Jun 30, ‘22 Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 Non-GAAP Cost of Revenue $4,025 $5,153 $5,168 $5,307 $5,259 Delivery business model change impact* $740 $942 $1,010 $1,116 $1,123 Mobility business model chang
Slide 31: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $ in Millions Three Months Ended Mar 31, ‘22 Jun 30, ‘22 Sep 30, ‘22 Dec 31, ‘22 Mar 31, ‘23 Free Cash Flow reconciliation: Net cash provided by (used in) operating activities 15 439 432 (244) 606 Purchases of property and equipment (62) (57) (74) (59) (57) Free Cash Fl