10-QPeriod: Q2 FY2023

Uber Technologies, Inc Quarterly Report for Q2 Ended Jun 30, 2023

Filed August 2, 2023For Securities:UBER

Summary

Uber Technologies, Inc. (UBER) reported strong results for the second quarter of 2023, demonstrating significant top-line growth and a return to profitability. Revenue increased by 14% year-over-year to $9.2 billion, driven by robust demand across its Mobility and Delivery segments, with Gross Bookings growing 18% on a constant currency basis. Notably, the company swung from an operating loss in the prior year's quarter to an operating income of $326 million, and achieved a net income of $394 million attributable to Uber Technologies, Inc. This positive financial performance was bolstered by substantial improvements in Adjusted EBITDA, which reached $916 million, reflecting increased profitability in both the Mobility and Delivery segments. Key drivers of this improvement include strong growth in Mobility Gross Bookings, up 28% year-over-year on a constant currency basis, and Delivery Gross Bookings, up 14% year-over-year. The company also highlighted operational efficiencies and strategic investments contributing to its financial turnaround. Despite headwinds in the Freight segment, which saw a revenue decline, Uber's core businesses are showing resilience and strong growth momentum. The company ended the quarter with a healthy liquidity position, boasting $5.5 billion in unrestricted cash, cash equivalents, and short-term investments, providing a solid foundation for future growth and strategic initiatives.

Financial Highlights

53 data points
Beta

Revenue

$9.23B

Net Income

$394.00M

4.3% Net Margin

EPS (Diluted)

$0.18

Total Assets

$34.07B

Cash & Equivalents

$5.00B

Free Cash Flow

$1.14B

Financial Statements
Beta
Revenue$9.23B
R&D Expenses$808.00M
Operating Expenses$8.90B
Operating Income$326.00M
Interest Expense$148.00M
Net Income$394.00M
EPS (Basic)$0.19
EPS (Diluted)$0.18
Shares Outstanding (Basic)2.03B
Shares Outstanding (Diluted)2.08B

Key Highlights

  • 1Revenue grew 14% year-over-year to $9.2 billion.
  • 2Gross Bookings increased 16% year-over-year to $33.6 billion (18% constant currency).
  • 3Mobility Gross Bookings grew 28% year-over-year on a constant currency basis.
  • 4Delivery Gross Bookings grew 14% year-over-year on a constant currency basis.
  • 5Achieved net income attributable to Uber Technologies, Inc. of $394 million, compared to a net loss of $2.6 billion in the prior year.
  • 6Adjusted EBITDA more than doubled to $916 million, up 152% year-over-year.
  • 7Ended the quarter with $5.5 billion in unrestricted cash, cash equivalents, and short-term investments.

Frequently Asked Questions

Uber reported a net income attributable to Uber Technologies, Inc. of $394 million for the second quarter of 2023. This marks a significant improvement from the net loss of $2.6 billion in the same period of 2022. The company also achieved an operating income of $326 million, swinging from an operating loss of $713 million in Q2 2022.

The Mobility segment showed strong growth, with Gross Bookings up 28% year-over-year on a constant currency basis. The Delivery segment also performed well, with Gross Bookings increasing 14% year-over-year on a constant currency basis. The Freight segment experienced a revenue decline of 30% year-over-year due to macroeconomic headwinds.

Uber ended the second quarter of 2023 with $5.5 billion in unrestricted cash, cash equivalents, and short-term investments. This healthy liquidity position provides ample financial flexibility for ongoing operations and strategic investments.

The improved financial performance was driven by strong growth in Gross Bookings across its Mobility and Delivery segments, significant increases in Adjusted EBITDA (up 152% year-over-year), and operational efficiencies. The company's strategic focus on core businesses and management of expenses contributed to the positive results.