10-QPeriod: Q1 FY2024

Uber Technologies, Inc Quarterly Report for Q1 Ended Mar 31, 2024

Filed May 8, 2024For Securities:UBER

Summary

Uber Technologies, Inc. (UBER) reported robust revenue growth in the first quarter of 2024, with total revenue reaching $10.13 billion, a 15% increase year-over-year. This growth was primarily driven by a strong performance in the Mobility segment, which saw a 30% increase in revenue, reflecting higher trip volumes. The Delivery segment also demonstrated resilience, with a 4% revenue increase, while the Freight segment experienced an 8% revenue decline due to market conditions. Despite revenue growth, the company reported a net loss attributable to Uber Technologies, Inc. of $654 million, compared to a loss of $157 million in the prior year. This widened net loss was significantly impacted by a substantial pre-tax unrealized loss of $721 million on debt and equity securities, largely due to declines in the fair value of investments in Aurora, Grab, and Didi. However, excluding these investment impacts and other non-recurring items, Adjusted EBITDA showed significant improvement, increasing by 82% year-over-year to $1.38 billion, indicating strong underlying operational profitability.

Financial Highlights

52 data points
Beta

Revenue

$10.13B

Net Income

-$654.00M

-6.5% Net Margin

EPS (Diluted)

$-0.32

Total Assets

$39.60B

Cash & Equivalents

$5.02B

Free Cash Flow

$1.36B

Financial Statements
Beta
Revenue$10.13B
R&D Expenses$790.00M
Operating Expenses$9.96B
Operating Income$172.00M
Interest Expense$127.00M
Net Income-$654.00M
EPS (Basic)$-0.31
EPS (Diluted)$-0.32
Shares Outstanding (Basic)2.08B
Shares Outstanding (Diluted)2.08B

Key Highlights

  • 1Revenue increased by 15% to $10.13 billion, driven by strong Mobility segment performance.
  • 2Mobility revenue grew 30% year-over-year, supported by increased trip volumes.
  • 3Delivery revenue increased by 4%, with higher delivery orders and basket sizes contributing to growth.
  • 4Freight revenue decreased by 8% due to challenging market conditions.
  • 5Net loss attributable to Uber Technologies, Inc. widened to $654 million, heavily influenced by a $721 million unrealized loss on investments.
  • 6Adjusted EBITDA surged by 82% to $1.38 billion, demonstrating significant operational profitability improvement.
  • 7Net cash provided by operating activities more than doubled to $1.42 billion.

Frequently Asked Questions

Uber reported total revenue of $10.13 billion for the first quarter of 2024, representing a 15% increase compared to the same period in the prior year. This growth was primarily driven by a 30% increase in Mobility revenue, fueled by higher trip volumes, and a 4% increase in Delivery revenue.

The company reported a net loss of $654 million attributable to Uber Technologies, Inc. This was significantly impacted by a pre-tax unrealized loss of $721 million on debt and equity securities, primarily due to fair value adjustments on investments in Aurora, Grab, and Didi. Excluding these investment-related impacts, the company's operational performance, as measured by Adjusted EBITDA, showed significant improvement.

The Mobility segment was a strong performer, with revenue up 30% and Adjusted EBITDA profit up 40%. The Delivery segment also showed positive momentum, with revenue up 4% and Adjusted EBITDA profit up 83%. The Freight segment, however, experienced an 8% revenue decrease due to prevailing market conditions.

Uber's financial health is further supported by its cash flow. Net cash provided by operating activities significantly increased to $1.42 billion for the first quarter of 2024, a 134% increase year-over-year. Free cash flow also saw a substantial increase, reaching $1.36 billion.