10-QPeriod: Q1 FY2022

Uber Technologies, Inc Quarterly Report for Q1 Ended Mar 31, 2022

Filed May 5, 2022For Securities:UBER

Summary

Uber Technologies, Inc. reported a significant increase in revenue for the first quarter of 2022, driven by strong performance in its Mobility and Freight segments, the latter boosted by the acquisition of Transplace. Total revenue surged by 136% year-over-year to $6.85 billion. Despite the revenue growth, the company reported a substantial net loss of $5.93 billion, heavily impacted by a pre-tax unrealized loss of $5.6 billion on debt and equity securities, primarily related to investments in Grab, Aurora, Didi, and Zomato. The company also saw an improvement in its operational efficiency, with Adjusted EBITDA turning positive at $168 million, a significant swing from the previous year's loss of $359 million, driven by strong Mobility Adjusted EBITDA and a turnaround in Delivery Adjusted EBITDA. Key operational metrics also showed positive trends, with Monthly Active Platform Consumers (MAPCs) growing 17% year-over-year to 115 million and Trips increasing by 18% year-over-year to 1.71 billion. Gross Bookings saw a robust 35% increase year-over-year to $26.4 billion. The company ended the quarter with a solid cash position of $4.2 billion in unrestricted cash and cash equivalents. Investors should note the significant impact of investment valuations on net income, while appreciating the core business's improving operational profitability as indicated by Adjusted EBITDA.

Financial Highlights

50 data points
Beta

Revenue

$6.85B

Net Income

-$5.93B

-86.5% Net Margin

EPS (Diluted)

$-3.04

Total Assets

$32.81B

Cash & Equivalents

$4.18B

Free Cash Flow

-$47.00M

Financial Statements
Beta
Revenue$6.85B
R&D Expenses$587.00M
Operating Expenses$7.34B
Operating Income-$482.00M
Interest Expense$302.00M
Net Income-$5.93B
EPS (Basic)$-3.03
EPS (Diluted)$-3.04
Shares Outstanding (Basic)1.95B
Shares Outstanding (Diluted)1.96B

Key Highlights

  • 1Revenue increased significantly by 136% to $6.85 billion, driven by strong performance in Mobility and the Freight acquisition.
  • 2Net loss widened to $5.93 billion, primarily due to a $5.6 billion pre-tax unrealized loss on investments in marketable securities.
  • 3Adjusted EBITDA turned positive, reaching $168 million, a substantial improvement from a loss of $359 million in the prior year.
  • 4Mobility segment revenue more than doubled, increasing 195% year-over-year, and Mobility Adjusted EBITDA grew 107%.
  • 5Delivery segment revenue increased by 44% year-over-year, and Delivery Adjusted EBITDA shifted from a loss to a profit.
  • 6Gross Bookings grew 35% year-over-year to $26.4 billion, indicating strong demand across platforms.
  • 7The company ended the quarter with $4.2 billion in unrestricted cash and cash equivalents, maintaining a healthy liquidity position.

Frequently Asked Questions

Uber's revenue increased by 136% to $6.85 billion primarily due to a strong recovery in its Mobility segment, a significant increase in Freight revenue driven by the acquisition of Transplace, and business model changes in the UK that positively impacted Mobility revenue.

The substantial net loss of $5.93 billion was largely due to a significant pre-tax unrealized loss of $5.6 billion on debt and equity securities. This unrealized loss is primarily attributed to the decrease in fair value of Uber's investments in companies like Grab, Aurora, Didi, and Zomato during the quarter.

Uber's operational performance showed significant improvement, with Adjusted EBITDA turning positive at $168 million for the quarter, compared to a loss of $359 million in the same period last year. This improvement was driven by strong growth in Mobility Adjusted EBITDA and a turnaround in Delivery Adjusted EBITDA from a loss to a profit.

Uber ended the quarter with $4.2 billion in unrestricted cash and cash equivalents. The company stated that its existing cash balance, along with its available line of credit, is sufficient to fund its anticipated cash requirements through at least the next 12 months.