10-QPeriod: Q3 FY2023

Uber Technologies, Inc Quarterly Report for Q3 Ended Sep 30, 2023

Filed November 7, 2023For Securities:UBER

Summary

Uber Technologies, Inc. reported strong financial results for the third quarter of 2023, demonstrating significant growth and improved profitability. Revenue increased by 11% year-over-year to $9.3 billion, driven by robust demand across its Mobility and Delivery segments. Gross Bookings saw a substantial 21% increase to $35.3 billion, signaling healthy platform activity. The company achieved a significant turnaround in its operational performance, reporting income from operations of $394 million, a substantial improvement from the prior year's loss. Adjusted EBITDA also more than doubled, reaching $1.1 billion, reflecting enhanced operational efficiency and cost management. Free cash flow for the first nine months of the year was strong at $2.6 billion, indicating healthy cash generation. The company ended the quarter with $5.2 billion in unrestricted cash, cash equivalents, and short-term investments, providing a solid liquidity position.

Financial Highlights

53 data points
Beta

Revenue

$9.29B

Net Income

$221.00M

2.4% Net Margin

EPS (Diluted)

$0.10

Total Assets

$35.95B

Cash & Equivalents

$4.45B

Free Cash Flow

$905.00M

Financial Statements
Beta
Revenue$9.29B
R&D Expenses$797.00M
Operating Expenses$8.90B
Operating Income$394.00M
Interest Expense$151.00M
Net Income$221.00M
EPS (Basic)$0.11
EPS (Diluted)$0.10
Shares Outstanding (Basic)2.04B
Shares Outstanding (Diluted)2.11B

Key Highlights

  • 1Revenue grew 11% year-over-year to $9.3 billion.
  • 2Gross Bookings increased by 21% to $35.3 billion, with Mobility up 30% and Delivery up 16% year-over-year on a constant currency basis.
  • 3Uber turned profitable from operations, reporting $394 million in income from operations, compared to a $495 million loss in the prior year's quarter.
  • 4Adjusted EBITDA more than doubled to $1.1 billion, up 112% year-over-year, driven by strong performance in both Mobility and Delivery segments.
  • 5Net income attributable to Uber Technologies, Inc. was $221 million, a significant improvement from a net loss of $1.2 billion in the prior year quarter.
  • 6Free cash flow for the first nine months of 2023 was $2.6 billion, a substantial increase from $693 million in the same period last year.
  • 7The company ended the quarter with $5.2 billion in unrestricted cash, cash equivalents, and short-term investments.

Frequently Asked Questions

Uber's revenue for the third quarter of 2023 was $9.3 billion, an increase of 11% compared to the same period in 2022.

The Mobility segment saw revenue increase by 33% year-over-year, with Mobility Adjusted EBITDA profit up 43%. The Delivery segment's revenue grew 6%, with Delivery Adjusted EBITDA profit increasing by 128%. The Freight segment experienced a revenue decline of 27% year-over-year, reflecting challenging market conditions.

Uber reported a significant improvement in profitability, achieving income from operations of $394 million for the third quarter of 2023, a substantial swing from a $495 million loss in the prior year's quarter. Net income attributable to Uber Technologies, Inc. was $221 million, compared to a net loss of $1.2 billion in the prior year quarter.

Uber generated strong cash flow, with net cash provided by operating activities of $2.8 billion for the first nine months of 2023. Free cash flow for the same period was $2.6 billion, significantly higher than the $693 million reported in the prior year. The company ended the quarter with a healthy $5.2 billion in unrestricted cash, cash equivalents, and short-term investments.