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Uber Technologies Revenue Up 72%

November 5, 2021

Uber Technologies reported financial results for the quarter ended September 30, 2021. The firm had a loss per share of $1.28 but only 33 cents was expected. As to revenue, Uber reported $4.8 billion with $4.4 billion expected.

“Our early and decisive investments in driver growth are still paying dividends, with drivers steadily returning to the platform, leading to further improvement in the consumer experience,” said Dara Khosrowshahi, CEO. “This is especially important as Mobility reignites. Mobility Gross Bookings are up 18 percent over just the last two months and this Halloween weekend surpassed 2019 levels.”

“While we recognize it’s just a step, reaching total-company Adjusted EBITDA profitability is an important milestone for Uber,” said Nelson Chai, CFO. “Not only did our Mobility business recover to pre-COVID margins this quarter, our core restaurant delivery business was profitable on an Adjusted EBITDA basis for the first time as well, bringing the full Delivery segment close to breakeven.”

“Our early and decisive investments in driver growth are still paying dividends, with drivers steadily returning to the platform, leading to further improvement in the consumer experience,” said Dara Khosrowshahi, CEO. “This is especially important as Mobility reignites. Mobility Gross Bookings are up 18 percent over just the last two months and this Halloween weekend surpassed 2019 levels.”

Financial Highlights for Third Quarter 2021
  • Gross Bookings grew 57% year-over-year (“YoY”) to $23.1 billion, or 53% on a constant currency basis, with Mobility Gross Bookings of $9.9 billion (+67% YoY) and Delivery Gross Bookings of $12.8 billion (+50% YoY). Trips during the quarter grew 39% YoY to 1.64 billion, or nearly 18 million trips per day on average.
  • Revenue grew 72% YoY to $4.8 billion, or 69% on a constant currency basis. Revenue benefited from a $123 million accrual release for the resolution of historical claims in the UK relating to the classification of drivers. Note that this benefit is excluded from Adjusted EBITDA.
  • Mobility take rate of 22.3% included a 120 basis points (“bps”) positive impact from the UK accrual release. Excluding that benefit, Mobility take rate recovered 240 bps QoQ to 21.1% driven by a tapering of elevated driver supply investments in Q2. Delivery take rate expanded 220 bps QoQ and 410 bps YoY to 17.4%. Ongoing business model changes in certain Delivery markets benefited take rate by 400 bps in the quarter.
  • Net loss attributable to Uber Technologies, Inc. was $2.4 billion, which includes a $2.0 billion net headwind (pre-tax) from revaluation of Uber’s equity investments, primarily due to an unrealized loss of $3.2 billion (pre-tax) related to the revaluation of Uber’s Didi equity investment, partially offset by aggregate unrealized gains related to the revaluation of Uber’s Zomato, Aurora, and Joby stakes. Additionally, net loss includes $281 million in stock-based compensation expense.
  • Adjusted EBITDA of $8 million, up $517 million QoQ and $633 million YoY, to deliver Uber’s first Adjusted EBITDA profitable quarter as a public company.
  • Mobility Adjusted EBITDA of $544 million, up $365 million QoQ and $299 million YoY. Mobility Adjusted EBITDA margin as a percentage of Mobility Gross Bookings reached 5.5%, up from 2.1% in Q2 2021 and 4.1% in Q3 2020.
  • Delivery Adjusted EBITDA of $(12) million, improved by $149 million QoQ and by $171 million YoY. Delivery Adjusted EBITDA margin as a percentage of Delivery Gross Bookings, approached breakeven at (0.1)%, up from (1.2)% in Q2 2021 and (2.1)% in Q3 2020.
  • Unrestricted cash and cash equivalents were $6.5 billion at the end of the third quarter.

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