Uber Technologies, Inc. · NYSE:UBER
Uber Technologies — Investor Day (February 2024)
82 slides from Uber Technologies's investor day presentation, Feb 14, 2024
Slide 1: Investor Update
INVESTOR UPDATE February 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements regarding, among other things, our future business expectations, products, strategies and goals, including the future financial, strategic and operating performance of the Company. These forward-looking statements conta
Slide 3: Company Overview
COMPANY OVERVIEW Investor Update 3
Slide 4: We reimagine the way the world moves for the better
Company Overview Committed to our mission We reimagine the way the world moves for the better Investor Update 4
Slide 5: We've proven out our platform's promise
Company Overview We’ve proven out our 91M $50B IPO¹ Monthly Active Gross Bookings platform’s promise — Platform Consumers Q4’18 and we’re just getting ($1.8B) started Adjusted EBITDA² 150M $138B 2023 Monthly Active Gross Bookings Platform Consumers Q4’23 $4.1B Adjusted EBITDA² 1. FY’18 is the first
Slide 6: An outstanding management team committed to relentless innovation and improvement
An outstanding management team committed to relentless innovation and improvement Dara Khosrowshahi Prashanth Mahendra-Rajah Jill Hazelbaker Nikki Krishnamurthy Tony West Chief Executive Officer Chief Financial Officer Senior Vice President, Marketing & Chief People Officer Senior Vice President, Ch
Slide 7: As we've scaled, our platform has shown enormous power
Company Overview As we’ve scaled, our platform has shown enormous power Breadth of offerings Shared and Renowned brand and with unmatched compounding differentiated Operational excellence global scale marketplace tech membership program Consumer and earner impact Financial impact Best-in-class exper
Slide 8: Consumers are using more of our products and spending more
Company Overview Consumers are using more of our products and spending more on our platform More than a third of monthly Multi-product consumers spend over 3x consumers¹ are multi-product² more than single-product consumers³ 34% 3.4x 21% 3.0x Q4’21 Q4’23 Average single-product consumer Average multi
Slide 9: Cross-promotion at scale drives efficiencies in CAC
Company Overview Cross-promotion at scale drives efficiencies in CAC The Mobility and Delivery apps are meaningful The cost of incremental acquisition is channels of growth for one another 50% that of paid channels2 We have a dedicated product team building our cross-promotion paths 31% of Delivery
Slide 10: Growing Uber One member base driving higher engagement
Company Overview Growing Uber One member base driving higher engagement 19M 30% 3.4x 3x member growth since Total Gross Bookings Member vs. non Q4’21 Coverage¹ member monthly spend² 45% Delivery Gross Bookings Coverage 1. Percentage of Mobility and Delivery Gross Bookings coming from members as of D
Slide 11: Driver and courier engagement remains strong
Company Overview Driver and courier engagement remains strong; more ways to flexibly earn via the Uber Driver app Single driver app = higher retention1… …and higher engagement2 +19pp Delivery-only +1pp Mobility-only 1.7x Delivery-only 1.1x Mobility-only Delivery-only Mobility-only Cross-platform Del
Slide 12: Uber's platform provides for low cost supply acquisition
Company Overview Uber’s platform provides for low cost supply acquisition Courier acquisition and upsell is 50% ~20% of Mobility driver first trips come of the cost of new driver acquisition1 from the courier pool New / Resurrected Courier Acquisition Drivers & Upsell Investor Update 1. US data as o
Slide 13: Business platform: more ways for partners to reach customers
Company Overview Business platform: more ways for partners to reach customers Uber Uber Uber Uber Advertising for Business Health Direct Connect Investor Update 13
Slide 14: Advertisers reach unique consumers across Uber's advertising ecosystem
Company Overview Advertisers reach unique consumers and drive action across Uber’s advertising ecosystem From awareness… …to action Video Journey Ad in Homepage Billboard Post-Checkout Ad in Uber App Video Tablet Ad with Video & QR Code in Uber Eats App Uber Eats App Investor Update 14
Slide 15: Power of our shared technical platform
Company Overview Power of our shared technical platform: more data, more capabilities Identity Dispatching Infrastructure Maps Pricing Unified login, authorization, Upfront assignment, queuing, Storage, indexing/search, Routing/navigation, Dynamic pricing/surge personalization batching, positioning
Slide 16: Massive data sets and shared architecture enhance AI capabilities
Company Overview Massive data sets and shared architecture enhance AI capabilities Efficient Marketplace Personalization Matching, Routing, Dispatch, Eats Feed, Search, Rides Pricing, Incentives 20K models trained 10M peak predictions per month per second Risk & Safety ID verification, Fraud & GenAI
Slide 17: Core business and shared tech are clearly extensible
Company Overview Core business and shared tech are clearly extensible: multiple multi-billion dollar adjacencies, with more to come Grocery Uber & Retail Reserve ~2x¹ Advertising UberX ~10x¹ Last-mile logistics And Hailables Enterprise more… solutions ~4x¹ Online food And more… Travel delivery Inves
Slide 18: Driving sustainable earnings growth at scale
Company Overview Driving sustainable earnings growth at scale 3-Year Outlook Gross Bookings Growth Primarily driven by MAPCs and Trips per 1 Mid to high teens CAGR MAPC growth (Constant currency ) Healthy profitability expansion, while 2 Adjusted EBITDA Growth High 30s% to 40% CAGR opportunistically
Slide 19: What sets us apart
Company Overview What sets us apart Leading global platform Substantial and At a financial inflection to go anywhere and get sustainable growth turbocharged by anything opportunities platform benefits Category-defining leadership Further penetration of market Robust Adjusted EBITDA serving multiple
Slide 20: Mobility
MOBILITY Make every journey better Investor Update 20
Slide 21: Industry-leading scale, making every journey better
Mobility Industry-leading scale, making every journey better Growth Profitability Market Leadership ~$70B in Gross Bookings ~$5B in Adjusted EBITDA 2 Global player operating (+32% YoY)¹ in >70 countries $69B $5.0B $42B $1.5B 10/10 Category leader in all top 10 countries 2018 2019 2020 2021 2022 2023
Slide 22: Mobility is firing on all cylinders
Mobility Mobility is firing on all cylinders New geographies: “Unlock” markets now delivering $3B Gross Bookings annual run rate2 Supply +75% +56% Drivers1 Vehicles1 Expanding use cases: 15% → 30% of Trips on non-UberX products1 Low cost products: Moto + Auto account for 13% of consumer first Trips
Slide 23: We keep adding fuel to the Mobility growth algorithm
Mobility We keep adding fuel to the Mobility growth algorithm Gross Mobility # of Trips per Bookings Gross Consumers Consumer per Trip Bookings More Demand More Supply # of Supply Hours Drivers per Driver Investor Update 23
Slide 24: Success in Mobility starts with drivers
Mobility Success in Mobility starts with drivers, the engine of growth Local, on-the-ground operational execution Tech innovation and power of the has significantly increased our driver base platform → structural supply advantage +75% + Upfront fares & destination + Earnings transparency + Multi-gig
Slide 25: Driver growth will come from traditional base and new pools of supply
Mobility Driver growth will come from both traditional base and new pools of supply Uber is the platform of choice Uber + Taxi = Better Together Fleet partnerships add in a growing gig economy high-quality and highly engaged supply Driver Platform Preference1 ✔ New York City ✔ London ✔ San Francisco
Slide 26: Even in mature markets, we are growing consumers at a strong pace
Mobility Even in our most mature markets, we are growing consumers at a strong pace — with lots of runway left Matching the higher penetration rates in our portfolio is a tens-of-billions of Gross Bookings opportunity Monthly consumer penetration Average monthly consumers1 / Total population 18+ Res
Slide 27: Plenty of headroom to increase consumers across key use cases
Mobility We still have plenty of headroom to increase consumers across our key use cases Airports is a $10B business, but we are still Uber for Business serves 170K orgs globally, <10% penetrated1 on global airport Trips but we are still <10% penetrated in the SAM4 Global scale Better Matching fuels
Slide 28: Unlocking new demographic segments will step change consumer growth
Mobility Unlocking new demographic segments will further step change consumer growth Teens product materially expands our market Uber Health and Call-to-Ride bring on more older adults > 30M Global new consumers if Teens usage rate = GenPop1 1-833-USE-UBER Safety, independence, and peace of mind Inv
Slide 29: Planting seeds for consumer growth in huge new countries
Mobility We’re planting the seeds for consistent consumer growth in huge new countries where Uber is not yet a verb Spain Japan Argentina ~2X ~2X ~11X $1B 20211 ↓ 2021 2023 2021 2023 2021 2023 $3B 20231 Germany South Korea Italy ~2X ~10X ~4X 2021 2023 2021 2023 2021 2023 1. Q4 Gross Bookings annual
Slide 30: Low frequency consumers represent a huge opportunity to increase engagement
Mobility A high proportion of low frequency consumers represents a huge opportunity to increase engagement ~50% of consumers take only 1-2 Trips per month If all 1x consumers became 2x consumers = 40% +$4B annual Gross Bookings % of Monthly Consumers 20% 0% 1-2x 3-4x 5-6x 7-8x 9x+ Investor Update 1.
Slide 31: Multi-product strategy to displace personal car ownership
Mobility Our multi-product strategy to expand use cases is key to our vision to displace personal car ownership From a small set of core use cases to Consumers who use Uber for 2+ use cases are more being relevant on all journeys engaged overall - both on new products & UberX UberX Black Gross Booki
Slide 32: Low cost products unlock daily engagement
Mobility Vast majority of global trips happen below the price point of UberX; low cost products unlock daily engagement Structurally lowering costs via: Low cost products unlock higher frequency Less Expensive Cost Efficiency Mobility Monthly Trips per Form Factors of Sharing Consumer4 Shuttle Moto
Slide 33: Product portfolio serves consumer needs at various price points
Mobility Our product portfolio serves consumer needs at various price points and delivers balanced growth in average fare Managing balanced growth across low cost and premium India Case Study products supports modest average fare growth over time Premium Gross Bookings offerings Standard SUV offerin
Slide 34: Autonomous vehicles will significantly expand our TAM
Mobility Autonomous vehicles will significantly expand our TAM 2 Lower average fare in turn leads to 1 Lower cost / mile on AV leads more consumers and higher engagement to lower average fare Gross Mobility # of Trips per Bookings Gross Consumers Consumer per Trip Bookings More Demand More Supply #
Slide 35: Leading AV companies are choosing Uber as autonomous platform partner
Mobility Leading AV companies are choosing Uber as the best autonomous platform partner to bring AVs to market Mobility Delivery Freight Uber offers the greatest value for AV partners ● Hybrid network of autonomous and human drivers → expedites AV commercialization while maintaining reliability and
Slide 36: Key Takeaways
Mobility Key Takeaways Compounding Supply engine is New geographies Balanced AV platform growth while delivering and and segments, product partner of improving margin will continue to expanded use portfolio choice shaping via cost structure power core cases, and scaled supports the autonomous discip
Slide 37: Delivery
DELIVERY Deliver a better day Investor Update 37
Slide 38: Delivery keeps delivering
Delivery Delivery keeps delivering Growth Profitability Market Leadership ~$65B in Gross Bookings ~$1.5B in Adjusted EBITDA 2 7 leading positions in our top 10 (+15% YoY)¹ countries $1.5B $1.5B $64B $8B ($0.6B) 10/10 Top countries by Gross Bookings saw 2018 2019 2020 2021 2022 2023 2018 2019 2020 20
Slide 39: Strong execution across our operational input metrics
Delivery Strong execution across our operational input metrics Expanding Use Cases: +8% +11% 14% of Delivery consumers ordering Grocery & Retail monthly, up 6 pp² Consumers1 Trips Per Consumer1 Growing Membership: Increased Membership coverage by over 20 pp to 45%² Scaling Merchant Tools³: +19% +29%
Slide 40: Significant progress on bottom line with multiple levers
Delivery Significant progress on bottom line with multiple levers to continue driving profit expansion Consumer Incentives1 Courier Cost per Trip2 Operating Costs3 % of Gross Bookings % of Gross Bookings ~200 bps -5% ~200 bps Q4’21 Q4’23 Q4’21 Q4’23 Q4’21 Q4’23 1. Uber's outlay towards consumer prom
Slide 41: Consistent execution across growth building blocks
Delivery Consistent execution across our growth building blocks will compound top line for the long-term Gross Delivery # of Trips per Bookings Gross Consumers Consumer per Trip Bookings Supply (Merchant and Earner Partners) Investor Update 41
Slide 42: Plenty of headroom to increase monthly consumers
Delivery We have plenty of headroom to increase monthly consumers Higher Penetrated Countries % of TAM1 Lower Penetrated Countries % of TAM1 Q4’21 Penetration Q4’23 Penetration Q4’21 Penetration Q4’23 Penetration 22% Only ~35% of Annual Consumers engage monthly 8% 7% 2% Monthly Consumers Annual Cons
Slide 43: Adding new merchants attracts and engages new consumers
Delivery Adding new merchants attracts and engages new consumers — we are still early in capturing the opportunity Active Merchants and Merchant TAM1 <30% <10% <20% <10% <25% <5% <45% <35% <50% <25% United States Mexico France Spain United Kingdom Germany Taiwan (ROC) Canada Australia Chile Active Q
Slide 44: Membership is a powerful tool to grow engagement
Delivery Membership is a powerful tool to grow engagement We’ve substantially grown Membership As Membership coverage grows in a coverage of Delivery Gross Bookings country, consumer engagement increases¹ 45% Trips / Consumer 23% Dec‘21 Dec’23 Member Gross Bookings as % of Total Delivery Investor Up
Slide 45: Investments in consumer experience drive engagement and retention
Delivery Investments in the consumer experience drive increased engagement and retention In-app experience Affordability Reliability - 420 bps Simplified Navigation Universal search and easy access for location, cart, ~25% Categories & Filters Frictionless page filtering Carousel-Based Feed New caro
Slide 46: Building a world class Grocery & Retail product
Delivery We’re building a world class Grocery & Retail product to expand into new use cases and categories Consumer Retention1 Seamless search experience Easily navigate thousands of merchants and SKUs across Grocery & Retail via filters and universal search +580 bps Prominent brand placement Drivin
Slide 47: Grocery & Retail grows purchasing occasions
Delivery Grocery & Retail grows the number of purchasing occasions and helps to further increase engagement Indexed Trips per consumer by Delivery consumer type1 3.7x 3.0x 1.0x Only Food Delivery Food Delivery and Food Delivery and Consumer Grocery & Retail Consumer Grocery & Retail Member Investor
Slide 48: Direct expands our TAM and complements our marketplace
Delivery Direct expands our TAM and complements our marketplace 18 Active markets ~3.5x Increase in Direct Trips1 Parcel Delivery Big & Bulky Package Returns >60% of Direct Trips are non-restaurant deliveries Investor Update 1. Q4’23 vs. Q4’21 48
Slide 49: Marketing tools, ads and offers drive value for merchants
Delivery Our marketing tools, ads and offers, drive value for our merchants and advertising partners ~5% Total spend on ads and merchant offers as % of Gross Bookings1,2 Best-in-class country >10% of Gross Bookings >8x Average Return on Ad Spend3 Sponsored Listings Ads in Search Merchant Offers CPG
Slide 50: Key Takeaways
Delivery Key Takeaways Delivering There is still ample We continue to We have the levers Our Delivery accelerating top opportunity in our make broad-based in place to platform unlocks line and substantial core business. We gains in our compound growth. growth and margin margin expansion are early in
Slide 51: Economic Impact & Regulatory Progress
ECONOMIC IMPACT & REGULATORY PROGRESS Investor Update 51
Slide 52: Uber's impact on the world is greater than ever
Economic Impact & Regulatory Process Uber’s impact on the world is greater than ever 6.8M 70+ Flexible work is more important than ever Drivers & Couriers Countries 9 out of 10 drivers and couriers say they would not keep driving or $280B+ $61.9B delivering if it didn’t offer flexibility2 Driver & C
Slide 53: Innovating and improving the driver and courier experience
Economic Impact & Regulatory Process To ensure we remain the platform of choice for flexible work, we’re always innovating and improving the driver and courier experience Upfront Fares Record my Deactivation & Destinations Ride review Investor Update 53
Slide 54: Defining the future of work: flexibility with benefits and protections
Economic Impact & Regulatory Process Defining the future of work: flexibility with benefits and protections Investor Update 54
Slide 55: 235,000 taxi drivers in 33 countries are earning on Uber
Economic Impact & Regulatory Process 235,000 taxi drivers in 33 countries are earning on Uber In 2023, taxi drivers globally earned In San Francisco, for example, taxi In Buenos Aires, we found that drivers $1.6B by accepting trips via Uber. Using drivers who take UberX trips earned on tripled their
Slide 56: Coming soon
Economic Impact & Regulatory Process Coming soon Investor Update 56
Slide 57: World's largest zero-emission vehicle rideshare platform
Economic Impact & Regulatory Process Monthly Active ZEV Drivers (Global) World’s largest ~7x 126K zero-emission vehicle rideshare platform We have more than 126,000 monthly active zero-emission vehicle drivers, doubling from this time last year and completing 287 million 18K Trips over the last thre
Slide 58: Uber drivers going electric 7x faster than regular motorists
Economic Impact & Regulatory Process Uber drivers have become the world’s early adopters of EVs, going electric 7x faster than regular motorists Investor Update 58
Slide 59: Investing in sustainability is also good for business
Economic Impact & Regulatory Process Investing in sustainability isn’t just the right thing to do, it’s also good for business 62% of Gen Z prefer to buy 54% are willing to pay 10% from sustainable brands1 more for sustainable products1 Environment is a top concern among Alpha and Gen Z2 1. Source:
Slide 60: Cities Earners Taxis
Economic Impact & Regulatory Process Cities Earners Taxis Investor Update 60
Slide 61: Delivering Profitable Growth
DELIVERING PROFITABLE GROWTH Investor Update 61
Slide 62: Why Uber
Delivering Profitable Growth Uniquely positioned Building a more at the intersection of the positive world with digital and physical world an enormous impact Why Uber Network effects Opportunity to extend supported by industry profitable growth and leading marketplace strengthen capital technology a
Slide 63: Significant growth and momentum since IPO
Delivering Profitable Growth Significant growth and momentum since IPO Gross Bookings Adjusted EBITDA 1 $4.1B +2.8x $138B +$6B +$88B $115B $1.7B $90B ($0.8B) 2.9% $65B $58B 1.5% $50B ($1.8B) ($2.5B) ($2.7B) (0.9%) (3.7%) (4.2%) (4.4%) 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 2 Mob
Slide 64: Compelling financial track record
Delivering Profitable Growth Compelling financial Adjusted EBITDA Profitability track record (Q3’21) Positive Free Cash Flow (Q2’22) Growth at scale 20%+ Gross Bookings CAGR GAAP Operating Profitability (Q2’23) (2021-2023) Met or exceeded Gross Bookings and Adjusted EBITDA expectations for 8 straigh
Slide 65: Driving sustainable earnings growth at scale
Delivering Profitable Growth Driving sustainable earnings growth at scale 3-Year Outlook Gross Bookings Growth Primarily driven by MAPCs and Trips per 1 Mid to high teens CAGR MAPC growth (Constant currency ) Healthy profitability expansion, while 2 Adjusted EBITDA Growth High 30s% to 40% CAGR oppor
Slide 66: It all starts with the power of the platform
Delivering Profitable Growth It all starts with the power of the platform Renowned brand Breath of offerings and differentiated More affordable price points with unmatched membership global scale program B2B Operating Power New age groups leverage of the Platform Emerging market products + Higher Tr
Slide 67: Key growth drivers
Delivering Profitable Growth Key growth drivers Gross Bookings Model Consumers Engagement Spend Monthly Active Platform Consumers Monthly Trips per MAPC Gross Bookings per Trip = Gross Bookings (“MAPCs”) Investor Update 67
Slide 68: Still in very early stages of penetrating our large TAMs
Delivering Profitable Growth Still in very early stages of penetrating our large TAMs MAPC Growth1 Our Opportunity 15% CAGR Future Drivers New and emerging <5% 140M 123M geographies 107M 102M New consumer 82M monthly consumer demographics 80M penetration2 Expanded use cases 2018 2019 2020 2021 2022
Slide 69: Deepening engagement by getting consumers to use Uber more
Delivering Profitable Growth Deepening engagement by getting consumers to use Uber more Monthly Trips per MAPC1 Growth Our Opportunity 6% CAGR Future Drivers <50% 5.7 5.6 5.5 Multi-product use 5.1 5.2 Membership 5.0 of MAPCs use Uber only once or twice per month Data-led product improvements 2018 20
Slide 70: GAAP operating profitability achieved in Q2'23
Delivering Profitable Growth GAAP operating profitability achieved in Q2’23 GAAP Operating Income (Loss)1 3.4% 1,2 Adjusted EBITDA $1,283 3.1% Adjusted EBITDA Margin3 $916 $1,092 2.7% $761 $665 2.4% $652 2.2% $516 $364 $394 1.8% $326 $168 1.3% ($142) ($262) 0.6% ($495) ($482) ($713) 1. Figures in mi
Slide 71: A majority of our top markets are profitable
Delivering Profitable Growth A majority of our top markets are profitable, and have increased profitability in the last two years Adj. EBITDA Margin2 85% of Top Countries1 FY’23 Profitable x Profitable Margins Expanded Demonstrating power of the platform 7% 85% of Top Countries 2% Improved Margins A
Slide 72: Significant progress on bottom line with multiple initiatives
Delivering Profitable Growth Significant progress on bottom line with multiple initiatives to continue driving profit expansion Support1 Cost of Payments2 R&D and G&A (Non-GAAP)3 (% of GBs) (% of GBs) (% of GBs) ~280 bps Future margin expansion drivers Support Unlock Generative AI opportunities to i
Slide 73: Free Cash Flow has reached an inflection point
Delivering Profitable Growth Free Cash Flow has reached an inflection point 90%+ (% of Adj. EBITDA) Adjusted EBITDA1 Free Cash Flow1 Free Cash Flow Conversion2 ~60% (% of Adj. EBITDA) $5.0B $3.0B ($7.1B) ($10.4B) 2018 - 2020 2021 - 2023 2024 - 2026 1. See Non-GAAP Reconciliations Investor Update 2.
Slide 74: Drivers of Free Cash Flow as % of Adjusted EBITDA
Delivering Profitable Growth Drivers of Free Cash Flow as % of Adjusted EBITDA Adjusted EBITDA → Profit growth from high 30s % to 40% (3-year CAGR) → Cash taxes increase as profitability grows in select markets Interest & Taxes → Reduce cost of debt as credit improves and earn income on growing inve
Slide 75: Capital Allocation Framework
Delivering Profitable Growth Capital Allocation Framework Uber’s capital allocation is centered around strong levels of liquidity for growth and a focus on long-term total shareholder return Responsibly deploying capital on organic investments Prioritize and acquisition opportunities that are aligne
Slide 76: Summary investment highlights
Delivering Profitable Growth Summary investment highlights Strong financial track Mid to high teens Gross Operational rigor to Disciplined capital record of sustained Bookings CAGR, continue driving allocation framework growth and profitability supported by massive outsized profitability and focused
Slide 77: Non-GAAP Reconciliations
Non-GAAP Reconciliations Investor Update 77
Slide 78: Adjusted EBITDA Reconciliation (Unaudited)
Adjusted EBITDA Reconciliation (Unaudited) $ in millions Year Ended December 31, 2018 2019 2020 2021 2022 2023 Adjusted EBITDA ($1,847) ($2,725) ($2,528) ($774) $1,713 $4,052 Add (deduct): Legal, tax, and regulatory reserve changes and settlements (340) (353) 35 (526) (732) (9) Goodwill and asset im
Slide 79: Adjusted EBITDA Reconciliation (Unaudited)
Financial Framework Adjusted EBITDA Reconciliation (Unaudited) $ in millions Three Months Ended March 31, June 30, Sept 30, Dec 31, March 31, June 30, Sept 30, Dec 31, 2022 2022 2022 2022 2023 2023 2023 2023 Adjusted EBITDA $168 $364 $516 $665 $761 $916 $1,092 $1,283 Add (deduct): Legal, tax, and re
Slide 80: Free Cash Flow Reconciliation (Unaudited)
Financial Framework Free Cash Flow Reconciliation (Unaudited) $ in millions Year Ended December 31, 2018 2019 2020 2021 2022 2023 Net cash provided by (used in) operating activities (1,541) (4,321) (2,745) (445) 642 3,585 Purchases of property and equipment (558) (588) (616) (298) (252) (223) Free C
Slide 81: Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited)
Financial Framework Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited) $ in millions Year Ended December 31, 2019 2020 2021 2022 2023 GAAP Research and development $4,836 $2,205 $2,054 $2,798 $3,164 Payroll tax on IPO stock-based compensation (53) - - - - Restructuring and related cha
Slide 82: Uber
Uber