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Uber's second-quarter results beat on ride-sharing demand

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4 Key Takeaways From Uber's Earnings Call

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After Uber Technologies ( UBER ) reported mixed first-quarter results sending shares lower in intraday trading Wednesday, executives joined the company's earnings call to discuss its financial results, future plans for expansion, and partnerships with autonomous vehicle companies that could provide growth opportunities.

Equity Investments Could Continue To Drag on Uber's Bottom Line

Executives suggested Wednesday that Uber's equity investments could continue to impact its bottom line in the coming quarters, though underlying operations are still expected to grow, and pointed to other metrics like free cash flow and adjusted earnings before some expenses as other indicators of Uber's path to consistent profitable growth.

"Our GAAP net income may continue to see swings from quarter-to-quarter due to the large size of equity stakes on our balance sheet," CEO Dara Khosrowshahi said in prepared remarks released Wednesday morning.

Uber reported a net loss in the first quarter of $654 million, largely due to charges like a $721 million million pre-tax headwind related to "net unrealized losses related to the revaluation of Uber’s equity investments." The company also had a $527 million charge in the quarter for legal costs and settlements.

However, Uber highlighted on the call that its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was a record-high $1.4 billion, up 82% from the year-ago period as gross bookings rose, and projected continued gross bookings growth in the second quarter.

The Impact of Autonomous Vehicles and Robotaxis

The rise of autonomous vehicles has raised concerns for some investors and analysts wondering if Uber could be negatively impacted if companies like Tesla potentially roll out a competing service once it reveals its robotaxi at an event later this summer that could allow users to book rides directly through Tesla.

However, Khosrowshahi worked to address those concerns on Wednesday's call, saying that Uber plans to partner with companies both big and small as the autonomous vehicle technology continues to develop. He said the company believes that "it'll be great for Uber" as the technology has the potential to bring safer rides and lower costs for consumers, which could bring a wider customer base to Uber.

He also said that Uber's existing systems like its ability to book trips at scale and process payments in a number of countries make the company an attractive partner for the autonomous vehicle companies, or even owners of autonomous vehicles who could make passive income by renting out the cars for Uber trips.

Like any new technology, Khosrowshahi said autonomous vehicles will take time to develop and has regulatory hurdles to clear before it's adopted at scale, and in that time Uber could see a mix of human drivers and autonomous vehicles.

Opportunities With Instacart Partnership, International Growth

In its quarterly report and prepared remarks from executives, Uber said it is seeing strong growth in a number of international markets, especially in rides to and from airports as travel demand has also increased with pandemic restrictions in the rearview mirror.

"We’re seeing strong traction in key international markets like Japan, Spain, Canada, and France through both new member acquisition and improved member retention," Khosrowshahi said regarding membership growth for Uber One, the company's combined subscription service for Uber and Uber Eats.

The company also recently rolled out autonomous delivery robots for Uber Eats customers in Japan, the first international market to get the autonomous service.

The executives spoke about the partnership between Uber Eats and Instacart ( CART ) the companies announced Tuesday as well, bringing Uber Eats' network of delivery workers and connections to restaurants to Instacart's app.

"We’ll be able to reach new consumers who are currently not active on Uber Eats, giving us an opportunity to improve our category position in key areas like the suburbs," Khosrowshahi said.

Looking Ahead to Next Week's Annual GO-GET Event

Khosrowshahi and CFO Prashanth Mahendra-Rajah also highlighted company's annual "GO-GET" event next week on May 15, where Uber is expected to announce new products or features.

In the 2023 event, Uber announced features like family accounts that allowed teenagers to have Uber profiles that parents can monitor, the ability to reserve car seats for Uber rides, and a phone number to call and book a ride, which allows people without smartphones to use Uber without having the app.

Mahendra-Rajah said in Wednesday's call that the theme of next week's event will be "Togetherness," and that it will showcase new products, features, and partnerships.

Uber shares were down 9.1% at $64.02 as of 12:50 p.m. ET Wednesday following the company's earnings call, though they remained higher for this year, having gained about 4% since the start of 2024.

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Uber Technologies. " Q1 2024 Prepared Remarks ."

Uber Technologies. " Uber Announces Results for First Quarter 2024 ."

Uber Technologies. " Frequently asked questions, What is Uber One? "

Uber Technologies. " Uber Eats to Power Restaurant Delivery on Instacart ."

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Uber Beats Expectations as Rideshare Demand Remains Strong

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Uber Technologies, Inc. (UBER) Q1 2024 Earnings Call Transcript

Uber Technologies, Inc. ( NYSE: UBER ) Q1 2024 Earnings Conference Call May 8, 2024 8:00 AM ET

Company Participants

Deepa Subramanian - VP, IR & Corporate Finance Dara Khosrowshahi - CEO Prashanth Mahendra-Rajah - CFO

Conference Call Participants

Justin Post - Bank of America Brian Nowak - Morgan Stanley Douglas Anmuth - JPMorgan Eric Sheridan - Goldman Sachs Nikhil Devnani - Bernstein Mark Mahaney - Evercore James Lee - Mizuho Securities

Thank you for standing by. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Uber Q1 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Deepa Subramanian, VP of Investor Relations and Corporate Finance. You may begin.

Deepa Subramanian

Thank you, operator. Good morning, and thank you for joining us today and welcome to Uber's first quarter 2024 earnings presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi; and CFO, Prashanth Mahendra-Rajah.

During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures including a reconciliation of GAAP to non-GAAP measures are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com.

Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law.

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as the risks and uncertainties described in our most recent Form 10-K and in other filings made with the SEC.

We published our quarterly earnings press release, prepared remarks and supplemental slides to our investor relations website earlier today and we ask you to review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara.

With that, let me hand it over to Dara.

Dara Khosrowshahi

Thanks, Deepa. Our results this quarter once again demonstrate our ability to deliver consistent profitable growth at scale. Uber is also at solid start in 2024 with trips up 21% year-on-year consistent with our gross bookings growth rate on a constant currency basis. Our audience expanded by 15%, while frequency grew 6% underpinned by 7.1 million drivers and couriers on our platform.

At the same time, record adjusted EBITDA of $1.4 billion grew 82% year-over-year and we generated $4.2 billion of free cash flow over the last trailing -- over the trailing 12 months. We're making good progress on many of the initiatives we laid out for 2024 in our last earnings call. Demand for Uber remains strong and just last week, we hit another best week ever for gross bookings, and we expect to deliver another quarter of over 20% year-on-year growth on a custom currency basis in Q2.

With that, operator, can you open up for questions?

Question-and-Answer Session

Thank you. We will now conduct a question-and-answer session. [Operator Instructions] Your first question comes from the line of Justin Post with Bank of America. Your line is open.

Justin Post

Thank you for taking my question. I guess, Dara, a lot of press on Tesla and robo taxi efforts lately. How are you thinking about AV impact on Uber and potential for new competition? And then maybe Prashanth, it looks like stable bookings growth outlook in the low-20s in the second quarter excluding FX. Anything to call out on headwinds or tailwinds and any changes to your outlook mid to high-teens growth as you think about bookings in the second quarter? Thank you.

Prashanth, you want to talk the second question first?

Prashanth Mahendra-Rajah

Yeah. Let me get that one out of the way, Justin. Thank you for the question. So just to recap for how we'd like folks to think about our gross bookings. Remember, the growth algorithm is audience, which is a measure of how many users of the product frequency, how often are they using the product and then, of course, pricing.

Dara just mentioned that for the first quarter, we had very strong audience growth, up 15%, great growth in frequency as well, up 6% and pricing relatively flattish. So we see similar trends expected for the second quarter and that's what's implied in the guide in terms of the composition of that growth algorithm.

Demand for the products remain strong. I think, we're expecting another quarter a pretty consistent scale top line growth of over 20%. Actually, if you think of the guide that we gave for Q2, it's almost identical, not -- both at the midpoint and at the range to what we gave for Q1, so very consistent performance and we're exactly where we want to be with respect to the three year CAGR outlook that we gave you in February.

Maybe just a little bit of color on the Q2 guide. We included in the press release some notes on FX headwind. So I did want to call that out. We've got about 5 percentage points of headwind to mobilities year-over-year gross booking growth, primarily coming from the Argentine peso. So said another way, we still expect mobility to grow in the mid-20s range at a constant currency basis.

I'll also highlight that in the prepared remarks, I made a comment about this. We expect mobilities adjusted EBITDA margins to be down slightly quarter-over-quarter, given that we did hold back some investments in Q1 and we would not do the same here for Q2. So with that, let me pass to Dara and he can take the AV question.

Yeah, Justin. In terms of AVs and our strategy, it really remains the same. First thing I would say is that we think that the AV technology at maturity is going to be very good for the industry. It'll be great for Uber. It holds a promise of safer rides. It holds a promise of expanding the marketplace by lowering prices and making mobility delivery available for a wider swap of the population. And usually when we see kind of lower prices for any service, you see higher adoption for a service and that really is the promise of AV.

At the same time, we think that the technology is going to take a lot of time to develop. Obviously, there has to be regulatory framework to put in place. And as the technology develops, we think that actually you're not going to make a jump from one tech human drivers fully to AV. There's going to be a relatively long period, a transition period that happens where, for example, on Uber, you see it now. You have a combination of human drivers fulfilling certain rides or deliveries or even loads on the trucking side along with AVs as well.

And over a period of time, you'll see kind of the penetration of AVs increase. I think it's very difficult to predict that period of time, but really what we bring is the systems that we put in place, the pricing, matching, routing, algorithms, the payments systems that we have on a global basis, as well as the demand that we bring that enables us to partner with these AV providers to really drive utilization of their assets. This is very expensive tech that's been developed over a long time.

And if you are an AV fleet owner or you are an individual owner of a car, whether that's a Tesla or another kind of car, you're just going to make more money and make a higher kind of return on your investment if you plug in your AVs into the Uber ecosystem and into Uber demand. So we think we bring a lot to the table. We're looking to partner with the AV industry. I do think that there's a good amount of excitement over some of the newer technologies and kind of the imitation models that we see in terms of AV. And you see that promise with Tesla at FSD.

It looks like a great product and also you see that same promise in a lot of smaller players, whether that's a wave in the U.K. who got funded for $1 billion a lobby that, for example, we have investments in. These imitation learning models have a lot of promise over kind of the more classic heuristic based development that you saw with AV and we think it's going to allow more players into the marketplace.

We think it's going to reduce the amount of capital required to develop these systems over a long period of time. And we're looking to partner with big players and small players. And again, as this technology develops, we think we will be a big partner in it and we think ultimately it will benefit AV players and it'll benefit ourselves and riders and eaters as well.

You're welcome. Next question?

Your next question comes from the line of Brian Nowak with Morgan Stanley. Your line is open.

Brian Nowak

Thanks for taking my questions. Good morning. I have two. The first one, Prashanth, I wanted to go back to the comment in the prepared remarks that you just referenced about intentionally holding back some investments with lower ROI. Can you just sort of help us impact it a little bit? What areas of investments did you hold back on and sort of how do we think about the driver versus rider incentives or investment strategies if you go throughout the course of the year to drive durable growth?

And then the second one sort of wanted to hone in a little bit on Latin America. There's been some comments from one of your competitors in Latin America about potentially pulling back investment there. One, I'd be curious to hear about what you're seeing in Latin America and just remind us what was the base case outlook for Latin America in the Analyst Day guidance that we got in February. Thanks.

Thanks, Brian. Let me start then. So maybe as a reminder, when we think about investments on a quarterly basis across the market, we think about investments as what do we need to do to encourage drivers and couriers to come onto the platform, what can we do to be helpful to bring merchants to the platform and then lastly, what can we do to encourage consumers. So we rotate among those three on a quarterly basis based on what we are trying to drive in the different markets in which we operate.

For the first quarter in mobility because of the seasonality trends in the first quarter, the return we get on some of those investment dollars tends to be lower than we see later in the quarter just because of seasonal patterns. And because that ROI is lower, it didn't make sense for us to put as much into the first quarter as we would in other quarters. So you'll see us ramp that back up in 2Q.

We called it out purely to keep folks from running too far ahead with enthusiasm on mobility margin improvement. We are very confident that mobility is still on a great trend for continuous margin improvement. But just from a timing standpoint, we wanted to acknowledge some of the lumpiness that you are likely to see.

Yeah. And I think in terms of Latin America and the competitive environment there, first thing I'd say, I'm assuming you're asking about mobility. We're seeing very healthy mobility volume growth in Latin America in the mid-20s. So we like the market and we certainly like the volumes that we're seeing there.

I would say that while I think you're referring to Didi, they signaled a bit more capital discipline, we're not seeing that as of yet. We see DiDi being highly competitive in the marketplace and spending into the marketplace quite aggressively. Listen, it could be temporary. It might be driven by their desire to show international growth as the China markets have slowed down a bit as the prep for the IPO, but it's difficult for us to speculate on that.

And I'd say, we've seen this behavior before, Brian. And we have a very strong record of effectively responding to defend our category position. When our competitors spend up and we do the same thing, and typically, we're much more efficient than our competition in terms of financial efficiency, network efficiency, etc. But at this point, we see DiDi leaning in, certainly not leaning out. And we are leaning in as a response, just like we do with other competitors all around the world.

The good news for us is, we have a very strong P&L when you see our margins continue to increase, so we have lots of pockets of investments to reach into, but we are going to be aggressive.

Brian, just to shout off for the note last week, just to shout off for the note last week, I thought that was nice and we're very much aligned with the more public participants in this market, the better it is for everyone.

Thank you, both.

All right. Thank you. Next question, operator?

Your next question comes from the line of Doug Anmuth with JPMorgan. Your line is open.

Douglas Anmuth

Thanks for taking the questions. I just wanted to go back to the detail that you saw in monthly trips for MAPC in 1Q. Just hoping you could unpack that a little bit in terms of LatAm and some of the holiday impact there and what that means in 2Q. And then, Dara, can you just talk more about your delivery strategy in the suburbs, the key levers to success there? And then how you think the Instacart partnership fits in as well?

Yeah. Let me take the first part of that. So again, the Mobility gross bookings growth for the first quarter was -- on a constant currency basis was 26%. Included in that 26% is about 1 point, whether you look at it sequentially or on a year-over-year basis that came from us deconsolidating the non-ridesharing portion of our Careem business in December. Remember that used to be included in Mobility's results. And when we split that out, you have it in the compares, but you don't have it in Q1. So that's roughly about 1 point.

And then from a more seasonal impact, we'd call out two items. First, in Latin America, last year, we saw stronger demand in Brazil around Carnival that we did not see recur in Q1 of this year. And then from a timing standpoint, both Easter and Ramadan shifted on us between the quarters. So again, on a comp basis that creates some lumpiness.

But overall, I would say that we are very much remain confident on the growth of the Mobility business. Again, mid-20s year-over-year at constant currency for Q2, sort of very consistent with what was done in Q1. And the -- as we mentioned in Dara's opening remarks, audience and frequency are both strong at the overall Uber level and remain very strong at the individual LOB levels.

Yeah. And Doug, in terms of our suburban strategy for Eats, it's very similar to our general strategy for our Delivery business on a global basis. We're very happy about our growth rates here 17% constant currency growth rates for the second quarter in a row. Our U.S. growth rates are higher than that. The U.S. and Canada growth rates are actually higher than that, which we're quite happy about.

And generally, we are growing faster in the suburbs than we are in urban destinations, where we have higher penetration. And it's about in the basics right. Building an audience and a brand, increasing selection, making sure we've got pricing right and making sure the quality of the service continues to be high. And really with the Instacart deal that we have, represents the addition of very high quality and highly targeted audience, suburban audience, to the Uber Eats ecosystems and to our merchants.

And we think that additional demand from this high end consumer is going to be welcomed by our merchants. And at the same time, we continue to increase, for example, penetration with Domino's and a bunch of other merchants in the suburbs. So we think that we're well positioned to continue to grow into the servers, and we definitely think that the Instacart deal puts us in a better position for growth going forward in the suburbs.

All right, Doug. You’re welcome. Operator, next question.

Your next question comes from the line of Eric Sheridan with Goldman Sachs. Your line is open.

Eric Sheridan

Thank you for taking the question. Maybe a two-parter on Uber One. Would love to learn anything that you've sort of continued to evolve and develop with respect to Uber One internationally as some of those markets have rolled out and they've begun to scale the longer Uber One has been available in some of the more overseas markets?

And second, you have the call out in the prepared remarks around the subscription revenue run rate, what do you see as some of the biggest white spaces to drive more subscription revenue, but also continue to add more value and depth to Uber One at the subscription layer in terms of incentivizing adoption? Thank you.

Yeah. Before Dara jumps into that, I just want to remind everyone on what the -- is being referred to. We announced in the prepared remarks that our Uber One membership fees are now in excess of $1 billion. So that's a -- that's the first time we've called that out, but it's a big way point for us on our way to continue driving that.

Yeah, Eric. In terms of our strategy for Uber One internationally, it's largely the same as our strategy domestically and globally. It's a global product. We see penetration of Uber One consistently increasing in the U.S., Canada and internationally. Members are now generating 32% of Mobility and Delivery gross bookings, which are nicely up year-over-year. It's over 45% in delivery gross bookings, where generally kind of were more highly penetrated.

And I'll remind folks that members spend 3.4 times as much as non-members per month. So it is a great vehicle for us to drive adoption and drive really attachment with our various services as well. We are kind of working on a bunch of pretty exciting new initiatives. One that I would call out is continuing to optimize on the use of Uber Cash on the Mobility side. On Delivery, you get a discount on -- you don't have a delivery fee, you got a discount on your food often.

With Mobility, you get back Uber Cash. And actually, 25% of Uber Cash earned on Mobility in the U.S., for example is being redeemed on Delivery, and that's up from the mid-teens when we originally rolled out the benefit. Business riders also get Uber Cash, which is pretty cool. And we're seeing over 60% of the Uber Cash that's earned on mobility actually redeemed on Delivery as well.

So we think that membership is a powerful lever in terms of general penetration into our marketplace and the frequency growth that we're seeing, but it's also a great lever in terms of using Uber Cash and introducing more of our users to the Delivery benefit as well.

In terms of Mobility, we do think that we can penetrate more deeply into Mobility and like we're now introducing cashback accelerators, where you can increase the cash back in month for any product to the extent that we're trying to drive a product or quest that encourage users to use more premium products as well, but carry higher margins for us. You will see more member exclusive coming up where members have exclusive access to events and experiences, which will kind of surprise and delight our members.

And then lastly, I would say that we are now moving more of our members on a global basis to annual pass. Annual pass actually resulted in significantly higher retention rates. So we'll cut the -- our members are able to save money, so to speak, and we see it in the retention benefits. And that has resulted in retention increasing nearly 200 basis points on a year-on-year basis in March, for example. So there's a lot going on.

We think we are -- there's a ton of white space as it relates to our membership product. We're very pleased with $1 billion in revenue, but we think that there's a lot more growth there in membership generally and in terms of membership revenue.

Great. Thank you.

Your are very welcome. Next question.

Your next question comes from the line of Nikhil Devnani with Bernstein. Your line is open.

Nikhil Devnani

Hi. Thanks for taking the question. Dara, I wanted to ask about U.S. rideshare growth. First, is it keeping pace with your mid-20s growth overall for the business? And then second, can you talk a bit more about where the growth is coming from? Obviously, the service is not new anymore. So it feels like it's more frequency led, but is there still a healthy supply -- or healthy funnel, sorry, of new customer acquisition that you're still finding maybe it's suburbs or smaller cities or new demos, however you want to frame it? But just your overall thoughts on how this growth sustains would be very helpful. Thank you.

Yeah. I see in terms of U.S. Mobility growth, we don't disclose U.S. versus non-U.S. But obviously, by the overall numbers that you see in terms of our Mobility growth, 26% on a year-on-year basis compared to 28% last quarter and 100 basis points of kind of slowdown was because of Careem on a comparable basis. These are very, very high growth rates, and the U.S. is our largest market in terms of gross bookings. So we wouldn't be able to grow at these rates, so to speak, without the U.S. growth being very, very healthy.

In terms of where Mobility growth is coming from, I'd say the significant. The most significant part of growth is coming from audience. Our MAPC growth in Mobility was up 17% on a year-on-year basis. Overall, 15%. So the audience growth for Mobility is actually growing faster. And one particular area of growth that we're seeing is our new products. When you look at our hailables product, U4B, our new health business, Reserve, UberX Share, all of these products kind of our new growth fats are growing 80% year-on-year.

But at the same time, over 20% of our new customers are coming from this new product category as well. So it's a good business. It's growing very, very quickly, but it's also introducing a whole new audience into our marketplace. Last thing that I would add is that with the pandemic, I think a lot of people who are kind of commuting to work, etc., stopped commuting. We have lost some of our most frequent customers. We see the weekday commute use case being particularly strong as people are coming back to work.

Some folks may not like that, but we love it here at Uber, people getting back to work and getting back to the office. So there is an audience who kind of stopped using us as frequently as they used to. We were kind of a daily habit. And hopefully, we will see that audience come back, and we’re seeing evidence of that in terms of the weekday volumes being super strong.

Thanks, Dara.

You’re welcome. Next question, operator.

Your next question comes from the line of Ross Sandler with Barclays. Your line is open.

Ross Sandler

Great. The prepared remarks flagged a bunch of new features in the advertising business, enterprise features. So can you guys give us an update on where we are with the non-restaurant advertising as a percentage of just the total advertising ARR? And then somewhat related, with the new Instacart partnership, can we sell advertising against that engagement? And I guess just how does the Instacart partnership change your own -- your kind of O&O efforts in U.S. grocery and how are the unit economics going to work in this partnership? Thank you.

Ross, it's Prashanth. Let me start just with a couple of data points and then hand off to Dara. First, as a reminder to everyone, we hit a $900 million run rate for advertising in Q4 of 2023. We do not break that down between Delivery and Mobility. And then on the Instacart arrangement, as Dara had mentioned and we discussed yesterday, when folks click through Instacart and they come to the Uber Eats WebView app, that was our ads and those are our -- that's our space to use and monetize. So with that, let me pass off to Dara to make some more comments.

Yeah. In terms of the non-restaurant advertising, listen, it's still really in nascent stages. So we talked about restaurant advertising getting to 2% of gross bookings. We actually think that our sponsored items, product, for example, grocery, can get the higher percentages of that. Instacart, for example, we think, is in the mid-2s in terms of advertising as a percentage of gross bookings. And we fully launched out our sponsored items in the U.S. and Canada, and now we're scaling it in eight additional priority markets in 2024.

So I'd say like sponsored items is where we were in sponsored listings for restaurants three years ago. We gave you a very clear growth map to $1 billion in terms of revenue, and we're going to beat that this year. And we're quite confident we can start moving in a similar direction as it relates to non-restaurant-sponsored items in the grocery space. We're already active with about 500 top CPG brands, and we're seeing very strong retention as we expand. And really, it's going to be about the growth of the underlying Grocery platform.

As we increase Grocery audience, this last quarter about 15% of our monthly actives on Eats bought from Grocery. That's up nicely on a year-on-year basis. As that audience increases, we think we can monetize that audience with the base business. But with advertising just as we've done with restaurants, and we think it's -- it can be an enormous opportunity, and it can be a high-margin opportunity as well.

I would also point out that we’re quite bullish on a Rider ads. We’re seeing very strong engagement from riders, a click-through rate of about 2.5%, more than 2.5% compared to an industry average of less than 1%. So video ads and tablets continue to be a very promising growth area for us, and we’re quite happy to see the progress there. All right. Operator next question.

Your next question comes from the line of Mark Mahaney with Evercore. Your line is open.

Mark Mahaney

Thanks. Two questions, please. I think in the prepared remarks, you talked about delivery, MAPC growth accelerating in markets like the U.S. Can you go into the why MAPC growth accelerated for you? And then secondly, in Delivery, Grocery and Retail Delivery, can you talk about what impact that's having on segment margins or what the unit economics are there -- are like there or yes, how much of a drag or when do you see a path to profitability? And maybe it's already there for those two segments, but just talk about the impact of those two segments on the Delivery's overall profitability. Thank you very much.

Yeah, Mark. So in terms of delivery growth and audience growth, this has been pretty consistent, right? We've accelerated the growth rate of our Delivery business. It was growing closer to 10% early last year. It's now growing in the teens. And we think the nature of that growth is improving as well, which is most of the growth last year was on price. Now actually, price is a relatively small portion of the growth, and audience and frequency are the largest portion of the growth in Delivery. And it is about just getting the basics right. It's about having a great service, having a significant selection, or selection.

Active merchants is up 12% on a year-on-year basis. It's about improving pricing. So for example, merchant-funded promos, these are merchants put in promos, pricing promos into the marketplace in order to drive volumes. Those are up 100 basis points on a year-on-year basis. Again, lowering effective price to the consumer. And then it's about quality. We continue to improve our defect rates. All that adds up to higher frequency, higher retention of audience. And we continue to spend aggressively in terms of marketing our brand. We think the Uber Eats brand is a top brand out there.

And then on top of that, of course, we've got the unique platform benefits of our Mobility business that continues to grow audience, throwing over some of that audience to our Delivery business. So this is all part of the formula that we have and this journey that we've been on over the past couple of years. We're able to do so while we're increasing margins because of the efficiency that we are getting in our marketplace, because of the efficiency, the kind of structural benefits that the platform brings and we see no signs of that slowing down. Prashant, do you want to talk about grocery retail?

Yeah. I'll take the last part of that. So we remain very positive on grocery and retail. The business growth remains quite strong. GPs are up about 40% on a constant currency basis. Once again, 40%, so very strong top line there. And despite that very strong growth, we were still able to expand our Delivery EBITDA margins by about 20% sequentially, and that was partly contributed to by improvement in the profitability of the grocery business. So it is still not where we want it to be. It's still not at a positive EBITDA margin, but it is improving both year-over-year and sequentially, and we feel very good about the path we have to getting to profitability on Grocery.

It's going to come from a couple of items. First, the power of the platform, which we refer to quite frequently here. About 15% of our Delivery users are ordering on our own groceries, and that's up set from where we left Q4. Continuing to see opportunities on ads, which are great margin accretive for us as we bring those CPG players into the platform for Grocery advertising. Being able to lower some of the consumer promotions we have. So overall, a number of different drivers. And we think that Grocery will eventually be a very strong part of the overall portfolio. With that, I think we have time for our final question, operator. So if we could go to that.

Thank you. Your final question comes from the line of James Lee with Mizuho. Your line is open.

Yeah. Thanks for taking my question. Two here on Delivery. Can you guys give us an update on maybe the European economy regulation, maybe what policy we should pay attention to, and how should we think about implication of labor costs? And maybe on the U.S. side, can we get a sense of the impact of minimum wage in Seattle and New York on GP and EBITDA and how do you guys plan to mitigate impact going forward? Thanks.

Yeah. As far as the EU platform work directive, lawmakers essentially voted to maintain a status quo there, with platform worker status continuing to be decided on a country-by-country basis. Member states have until mid-2026 to implement that. And we think that the deal is really unlikely to bring major changes to the current situation in the vast majority of EU countries.

And for us, our view remains the same, which is, we believe that we should bring kind of the flexibility that [indiscernible] brings to couriers, to drivers in the marketplace, along with certain protections that we kind of talk to and have discussions with on a local basis. So we really don't see any changes coming in terms of the EU.

In terms of the Seattle and New York, I think some of the regulation that we've seen has actually been very unpopular with couriers, restaurants and customers. So for example, we saw in Seattle, which is a relatively small market, we saw Delivery order volumes decreasing by 45%, which has resulted in courier wait time actually increasing 50% on a year-on-year basis.

So couriers may be making more per order, but they're getting a lot less orders, which has resulted in 30% of active couriers actually leaving the platform, which I think is certainly not what the city council had in mind. So we're actually seeing the city council in Seattle, for example, bring reform in Seattle to make the standard lower and much more viable for the platforms. We're not there yet.

But there's a vote coming up in -- I think it's actually tomorrow, and we think we'll have a positive outcome there. And it's important that it's a positive outcome for couriers and restaurants and customers, because certainly, the Seattle -- the regulation that has been in place in Seattle has clearly been poor regulation that has hurt the people that they're supposed to protect.

We'll see what happens in New York City. Unfortunately, again, in New York City, we have had to essentially slot couriers, and we've got a waitlist of over 20,000 carriers who want to be on the platform. But because of that regulation, we've had to reduce the number of couriers on the platform by close to 25%, so the standard when in place. So less people get to earn in New York, we don't think that's a good thing.

Now again, we have been able to absorb the financial hit of all these different regulations in our platform. You've seen in our profitability, which is up over 80% in Uber Eats on a year-on-year basis. So we're a big company. We have a lot of markets. We're quite diversified. Our technology continues to drive a more effective marketplace that allows us to absorb these regulations.

But I think couriers in New York City who want to work, couriers in Seattle who want to work, they're getting hit hard by these regulations, and we're hoping that kind of regulators see the right path going forward because, so far, regulation has definitely hurt the people that it's supposed to protect.

Okay. Before Dara wraps it up, I wanted to remind everyone next week is our annual Uber GO/GET. This is our event which showcases new products and features across both the Mobility and Delivery. Obviously, we're not going to get ahead of the announcements, but our theme is togetherness.

And in addition to the product piece, we've got a great fireside chat with Dara and Maria Shriver (ph). This will be in New York. So if any of you are looking to get out of the office, please reach out to Deepa and we can see what space we have. If you do join us, my only request is you travel by Uber. And with that, let me have Dara wrap it up.

I like it. My CFO is upselling and thank you, everyone, for joining us on the call, and a huge thank you for the Uber teams. There's a ton of work that goes into all of the new products that we're launching into the products that we'll be talking about and GO/Get, and into delivering the kind of growth and profitability that we've seen from Uber over the past couple of years. So a big thank you for the team for continuing to deliver this quarter.

Thanks, everyone. Talk to you next quarter.

This concludes today's conference call. Thank you for joining. You may now disconnect your lines.

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Uber highlights autonomous vehicle efforts now that Tesla’s in its rearview mirror

Uber reported strong second-quarter results, with gross bookings and net profit both up decently. But the company has chosen to highlight the success of its autonomous vehicle effort, likely to assuage investors concerned about incoming competition from Tesla, which aims to reveal its first robotaxi in October .

Uber said in its second-quarter results statement that the number of trips performed by autonomous vehicles rose 6x from a year earlier — up from what the company didn’t say. And, the first thing Uber highlighted in its presentation deck was AVs in a section titled, “Autonomous Vehicle Spotlight.” It detailed how the ride-hail and delivery giant has the right utilization, consumer experience and go-to-market expertise to “drive the greatest value for AV partners.”

Tesla CEO Elon Musk has repeatedly described Tesla’s future robotaxi network as having a similar business model to Uber and Airbnb, where Tesla owners could add their properly equipped vehicles to the carmaker’s own ridesharing app. In places where there aren’t enough people to share their cars, Tesla would provide a dedicated fleet of robotaxis. 

Uber noted in its investor deck that having a hybrid network of autonomous and human drivers “enables consistent, high-quality and reliable consumer experiences across all geographies, 24/7.” 

The company began partnering with Waymo, Alphabet’s autonomous vehicle subsidiary, in October 2023 to offer robotaxi rides in Phoenix. That progressed to autonomous deliveries in the city in April.  

Uber CEO Dara Khosrowshahi said on Tuesday’s earnings call that he’s confident Uber will be able to “acquire AV content…on a global basis.”

“The fact is, this is not turning out to be a winner-take-all market,” continued Khosrowshahi. “Originally, I think that was the concept, and why Uber wanted to develop the technology itself.”

Uber has had a checkered past with AV development, one that’s been tainted by trade secret theft allegations and a fatal accident . The company began its AV journey in 2015 with a strategic partnership with Carnegie Mellon University’s National Robotics Center, which became Uber Advanced Technologies Group (ATG). A year later, Uber acquired a self-driving truck startup called Otto — a startup founded by one of Google’s star engineers, Anthony Levandowski, along with three other Google veterans — and then subsequently shuttered its trucking tech unit to focus on self-driving cars.

Bringing Otto on board resulted in Waymo accusing Levandowski of stealing trade secrets, which were then used by Uber. The case ended in a settlement in 2018 , and the following year, Uber spun out Uber ATG after closing $1 billion in funding from Toyota. In 2020, Uber sold off the subsidiary to autonomous vehicle startup Aurora Innovation.

Now, Uber’s plan is firmly based in partnering with other AV companies, which is in line with the company’s broader asset-light business model.

Khosrowshahi noted Tuesday that every OEM is investing in some sort of L2 or L3 technology (advanced driver assistance systems that can handle some automated driving tasks). He also said that Uber thinks there will be many AV providers as newer imitation learning technologies take hold and create a “new wave of AV” at a “substantially lower capital cost than was necessary historically.”

“If there are many, many AV providers, the marketplace — and our marketplace is by far the largest global marketplace, from a mobility, delivery and then freight, as well — the marketplace will have a very, very strong position,” said Khosrowshahi.

Uber did not share how many autonomous trips it has performed in the second quarter or over the past year, but its count doesn’t just fall to robotaxis.

The company has also partnered with sidewalk delivery robot companies Serve Robotics and, more recently, Cartken to deliver food autonomously on the Uber Eats network.

Uber is also counting autonomous freight shipments in the total AV trip count. The company partnered with AV trucking company Waabi in September 2023, and the two companies have been doing commercial pilots between Dallas and Houston with a driver behind the wheel for the last 11 months. More recently, Uber Freight signed a multiyear deal with Aurora Innovation , another AV trucking startup, that will see the latter’s autonomous driving tech being offered on the Uber Freight network through 2030.

None of the companies with active Uber partnerships — Waymo, Waabi, Serve — responded immediately to provide comment.

Uber said it would announce more details on its AV plans in the coming months. 

That could include its recent deal with BYD to bring 100,000 new EVs onto the platform in Latin America, Europe, Canada, Australia and New Zealand. The tie-up will give drivers discounts on BYD vehicle purchases or rentals, and the two companies will also collaborate on “future BYD autonomous-capable vehicles” to be deployed on Uber’s platform. 

“BYD has committed to very, very significant investments in the AV space,” said Khosrowshahi on Tuesday’s earnings call. “And judging from what they have accomplished in the EV space, I would make a bet on them in AV, as well.”

In June, BYD announced a $14 billion investment in autonomous vehicle technology.

Investor response to Uber’s results has been positive. Uber’s shares were up 6% in premarket trading at the time of writing, and are climbing back to levels it traded on last Thursday, before the broader stock markets tumbled. 

Uber also reported better-than-expected gross bookings in Q2, which rose 19% to $39.95 billion, slightly higher than the $39.7 billion predicted by analysts. In adjusted terms, Uber recorded net profit of $1.57 billion, again ahead of the $1.5 billion that analysts projected. Uber also said quarterly operating profits hit a record. 

Uber forecast third-quarter bookings between $40.25 billion to $41.75 billion, and said it expected headwinds to the tune of $400 million due to the recent strengthening of the dollar compared to other currencies. 

This article has been updated to reflect comments Uber’s CEO Dara Khosrowshahi made during Tuesday’s earnings call, as well as more context about Uber’s history with autonomous vehicles. The article was originally published at 5:20 a.m. PT.

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Uber technologies inc (uber) q1 2024 earnings: surpasses revenue estimates with robust growth.

Revenue: Reported at $10.1 billion, marking a 15% increase year-over-year, aligning with estimates of $10,112.14 million.

Net Loss: Recorded a net loss of $654 million, including significant unrealized losses from equity investments, contradicting the estimated net income of $503.10 million.

Adjusted EBITDA: Achieved $1.4 billion, an 82% surge from the previous year, demonstrating strong profitability improvements.

Free Cash Flow: Generated $1.4 billion, indicating robust operational efficiency and cash generation capabilities.

Gross Bookings: Grew by 20% year-over-year to $37.7 billion, driven by a 25% increase in Mobility Gross Bookings and an 18% rise in Delivery Gross Bookings.

Trips: Increased by 21% year-over-year to 2.6 billion, reflecting continued growth in platform engagement and usage.

Monthly Active Platform Consumers (MAPCs): Expanded by 15% year-over-year to 149 million, showcasing growing consumer adoption and platform reach.

Warning! GuruFocus has detected 3 Warning Sign with UBER.

On May 8, 2024, Uber Technologies Inc ( NYSE:UBER ) disclosed its financial results for the first quarter of 2024, revealing significant growth and operational achievements. The company's detailed performance was outlined in its 8-K filing . Uber, known for its dynamic platform that connects riders with drivers and facilitates food deliveries, operates in over 63 countries and serves more than 150 million users monthly.

Fiscal Performance Highlights

Uber's Q1 2024 results demonstrated a robust year-over-year growth with Gross Bookings surging by 20% to $37.7 billion, and an impressive 21% increase on a constant currency basis. This growth was driven by a 25% increase in Mobility Gross Bookings and an 18% rise in Delivery Gross Bookings. The company's revenue saw a 15% increase to $10.1 billion, aligning closely with analyst estimates of $10,112.14 million.

Despite facing challenges from business model changes which impacted revenue growth by 8 percentage points, Uber managed a significant turnaround in its operational income, reporting $172 million compared to a loss in the previous year. However, the company recorded a net loss of $654 million, influenced by a $721 million net headwind from the revaluation of equity investments.

Strategic Achievements and Operational Efficiency

Uber's CEO, Dara Khosrowshahi, highlighted the consistent, profitable growth, underpinned by a record $1.4 billion in Adjusted EBITDA, an 82% increase year-over-year. This growth is attributed to an expanded user base and increased trip frequency, with Monthly Active Platform Consumers (MAPCs) growing by 15% to 149 million and trips increasing by 21% to 2.6 billion.

The company also reported strong cash flow metrics, with operating cash flow reaching $1.4 billion and free cash flow also at $1.4 billion. This financial health supports Uber's ongoing investments in innovation and market expansion, including autonomous mobility and delivery services, enhancing long-term growth prospects.

Future Outlook

Looking ahead to Q2 2024, Uber anticipates Gross Bookings to be between $38.75 billion and $40.25 billion, representing an 18% to 23% growth on a constant currency basis. Adjusted EBITDA is expected to be between $1.45 billion and $1.53 billion, marking a significant year-over-year increase. These projections reflect Uber's confidence in its operational strategies and market demand.

Uber's Q1 2024 performance underscores its resilience and adaptability in a dynamic market. With strategic expansions and a robust financial position, Uber is well-poised to maintain its growth trajectory and strengthen its market leadership. Investors and stakeholders can anticipate continued progress as the company advances its multi-year growth framework and capitalizes on emerging opportunities.

For detailed insights and further information, visit Uber's investor relations website or consult their latest financial filings.

Explore the complete 8-K earnings release ( here ) from Uber Technologies Inc for further details.

This article first appeared on GuruFocus .

News release details

Uber announces results for first quarter 2023.

Gross Bookings grew 19% year-over-year and 22% year-over-year on a constant currency basis Mobility and Delivery Adjusted EBITDA margins at all-time quarterly highs O perating cash flow of $606 million; Record free cash flow of $549 million

SAN FRANCISCO--(BUSINESS WIRE)-- Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2023.

Financial Highlights for First Quarter 2023

• Gross Bookings grew 19% year-over-year (“YoY”) to $31.4 billion, or 22% on a constant currency basis, with Mobility Gross Bookings of $15.0 billion (+40% YoY or +43% YoY constant currency) and Delivery Gross Bookings of $15.0 billion (+8% YoY or +12% YoY constant currency). Trips during the quarter grew 24% YoY to 2.1 billion, or approximately 24 million trips per day on average.
• Revenue grew 29% YoY to $8.8 billion, or 33% on a constant currency basis, with Revenue growth significantly outpacing Gross Bookings growth due to a change in the business model for our UK Mobility business.
• Net loss attributable to Uber Technologies, Inc. was $157 million, which includes a $320 million net benefit (pre-tax) primarily due to net unrealized gains related to the revaluation of Uber’s equity investments.
• Adjusted EBITDA of $761 million, up $593 million YoY. Adjusted EBITDA margin as a percentage of Gross Bookings was 2.4%, up from 0.6% in Q1 2022. Incremental margin as a percentage of Gross Bookings was 12.0% YoY.
• Net cash provided by operating activities was $606 million and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $549 million.
• Unrestricted cash, cash equivalents, and short-term investments were $4.2 billion at the end of the first quarter.

"We significantly accelerated Q1 trip growth to 24% from 19% last quarter, with Mobility trip growth of 32%, as a result of improved earner and consumer engagement,” said Dara Khosrowshahi, CEO. “Looking ahead, we are focused on extending our product, scale and platform advantages to sustain market-leading top and bottom-line growth beyond 2023."

"We delivered record profitability and free cash flow in Q1, and we are poised to expand profitability again in Q2,” said Nelson Chai, CFO. “We continued to actively manage our balance sheet, exiting our equity position in Yandex.Taxi and refinancing our term loans, and remain focused on disciplined capital allocation over the coming years."

Outlook for Q2 2023

For Q2 2023, we anticipate:

• Gross Bookings of $33.0 billion to $34.0 billion
• Adjusted EBITDA of $800 million to $850 million

Financial Highlights for the First Quarter 2023 (continued)

• Gross Bookings of $15.0 billion: Mobility Gross Bookings grew 43% YoY on a constant currency basis. On a sequential basis, Mobility Gross Bookings grew 1% quarter-over-quarter (“QoQ”).
• Revenue of $4.3 billion: Mobility Revenue grew 72% YoY and 5% QoQ. The YoY increase was primarily driven by a $1.1 billion benefit related to a UK business model change that classifies most driver payments and incentives as cost of revenue. Mobility Take Rate of 28.9% increased 540 bps YoY and increased 110 bps QoQ. The UK business model change impacting revenue represented a 750 bps net benefit to Take Rate in the quarter.
• Adjusted EBITDA of $1.1 billion: Mobility Adjusted EBITDA increased $442 million YoY and $48 million QoQ. Mobility Adjusted EBITDA margin was 7.1% of Gross Bookings compared to 5.8% in Q1 2022 and 6.8% in Q4 2022. Mobility Adjusted EBITDA margin improvement YoY was primarily driven by better cost leverage from higher volume.
• Gross Bookings of $15.0 billion: Delivery Gross Bookings grew 12% YoY on a constant currency basis. Delivery Gross Bookings in US&CAN were up 11% YoY and in all other markets were up 12% YoY on a constant currency basis.
• Revenue of $3.1 billion: Delivery Revenue grew 23% YoY and 6% QoQ. Take Rate of 20.6% grew 250 bps YoY and grew 10 bps QoQ. Business model changes in some countries that classify certain payments and incentives as cost of revenue benefited Delivery Take Rate by 430 bps in the quarter (compared to 400 bps benefit in Q1 2022 and 480 bps benefit in Q4 2022).
• Adjusted EBITDA of $288 million: Delivery Adjusted EBITDA grew $258 million YoY and $47 million QoQ, driven by higher volumes and increased Advertising revenue, as well as decreased marketing costs. Delivery Adjusted EBITDA margin as a percentage of Gross Bookings reached 1.9%, compared to 0.2% in Q1 2022 and 1.7% in Q4 2022.
• Revenue of $1.4 billion: Freight Revenue declined 23% YoY and 9% QoQ driven by lower revenue per load and volume, both a consequence of the challenging freight market cycle.
• Adjusted EBITDA loss of $23 million: Freight Adjusted EBITDA declined $25 million YoY and $15 million QoQ. Freight Adjusted EBITDA margin as a percentage of Gross Bookings declined 1.7 percentage points YoY to (1.6)%.
• Corporate G&A and Platform R&D: Corporate G&A and Platform R&D expenses of $564 million, compared to $482 million in Q1 2022, and $580 million in Q4 2022. On a YoY basis, Corporate G&A and Platform R&D remained flat as a percentage of Gross Bookings.

GAAP and Non-GAAP Costs and Operating Expenses

• Cost of revenue excluding D&A: GAAP cost of revenue equaled non-GAAP cost of revenue and was $5.3 billion, representing 16.7% of Gross Bookings, compared to 15.2% and 17.3% in Q1 2022 and Q4 2022, respectively. On a YoY basis, non-GAAP cost of revenue as a percentage of Gross Bookings increased due to the classification of certain Delivery and Mobility payments as cost of revenue attributable to business model changes in some countries.
• Operations and support: GAAP operations and support was $640 million. Non-GAAP operations and support was $591 million, representing 1.9% of Gross Bookings, compared to 2.0% and 1.8% in Q1 2022 and Q4 2022, respectively. On a YoY basis, non-GAAP operations and support as a percentage of Gross Bookings decreased due to improved fixed cost leverage.
• Sales and marketing: GAAP sales and marketing was $1.3 billion. Non-GAAP sales and marketing was $1.2 billion, representing 3.9% of Gross Bookings, compared to 4.7% and 3.6% in Q1 2022 and Q4 2022, respectively. On a YoY basis, non-GAAP sales and marketing as a percentage of Gross Bookings decreased due to a decrease in consumer discounts, credits and refunds.
• Research and development: GAAP research and development was $775 million. Non-GAAP research and development was $474 million, representing 1.5% of Gross Bookings, compared to 1.5% in both Q1 2022 and Q4 2022, respectively. As a percentage of Gross Bookings, non-GAAP research and development remained flat on a YoY and QoQ basis.
• General and administrative: GAAP general and administrative was $942 million. Non-GAAP general and administrative was $501 million, representing 1.6% of Gross Bookings, compared to 1.9% and 1.7% in Q1 2022 and Q4 2022, respectively. On a YoY basis, non-GAAP general and administrative as a percentage of Gross Bookings decreased due to improved fixed cost leverage.

Operating Highlights for the First Quarter 2023

• Monthly Active Platform Consumers (“MAPCs”) reached 130 million: MAPCs grew 13% YoY to 130 million, driven by continued improvement in consumer activity for our Mobility offerings.
• Trips of 2.1 billion: Trips on our platform grew 24% YoY, driven by both Mobility and Delivery growth. Both Mobility and Delivery trips were up QoQ.
• Supporting earners: Drivers and couriers earned an aggregate $13.7 billion (including tips) during the quarter, with earnings up 26% YoY, or 30% on a constant currency basis.
• Membership: Returned to the Super Bowl stage for the third year to launch our latest campaign “One Hit for Uber One.” Uber One continued to experience ongoing adoption and our member base in US & Canada reached an all-time high.
• Uber app redesign: Launched the redesigned Uber app, focused on driving cross-platform usage across Mobility and Delivery, and making our “Go Anywhere, Get Anything” differentiator even easier. Updates include a new home screen, more personalization, and a new way to track the live progress of a ride without opening the app.
• Advertising: Expanded our advertising formats with the addition of Post Checkout ads on Uber Eats, enabling non-Eats merchants to advertise in the app. In addition, launched a self-service platform for cartop ads, giving drivers a way to earn more revenue and spotlight local businesses. Active advertising merchants during the quarter exceeded 345K.
• Cloud migration: Announced long-term partnerships with Google Cloud and Oracle to migrate our infrastructure to the cloud. These strategic partnerships include other areas of collaboration with Google and Oracle.
• Annual Environmental, Social, and Governance Report: Published our annual Environmental, Social, and Governance Report in April, which highlights our perspectives on the ESG issues that matter most to the people who earn on, move on, or invest in our platform, as well as our approach to People and Culture and our broader diversity, equity, and inclusion initiatives.
• Uber Reserve expansion: Building on strong traction in other regions for Uber Reserve, expanded product availability to new markets in EMEA. In addition, expanded Reserve feature availability across many cities, including launching Economy products in New York City.
• Taxis: Launched Uber Taxi in new markets including Munich, Germany; Tromsö, Norway; Palermo, Italy; the metropolitan area of São Paulo, Brazil; and more. Uber Taxi is now available in Argentina in all cities where Uber is available, and 100% of New York City taxi supply is now connected to Uber.
• Airport product bundle: Announced a series of new products and features aimed at making airport travel experiences smoother than ever, including new Uber Reserve features, Business Comfort expansion, in-app directions to pickup, and walking ETAs.
• Earner and rider safety: Expanded the opt-in audio recording feature to more than half of the US and all of Canada, giving riders and drivers the option to initiate an audio recording during a trip through the Safety Toolkit in their Uber app.
• Electric Vehicle (“EV”) updates: Expanded Comfort Electric to 14 new markets across the US and Canada, bringing us to 40 North American markets where riders can use Uber to go electric. In addition, signed agreements with bp to provide access to reliable and convenient charging and Tata Motors to bring 25,000 EVs onto Uber’s platform.
• Micromobility partnership: Announced a multi-market commercial partnership with Tembici, a leader in micromobility across Latin America, to make bikes and electric bikes available directly in the Uber app.
• Grocery courier experience: Rolled out new features to improve the Shop and Pay experience for grocery couriers across the US, including suggested substitutions for out of stock items, digital payments, and enhanced upfront order clarity.
• New Verticals merchant selection: Expanded our New Verticals selection around the world, as we launched PetSmart as a retail partner in the US; grocery delivery with Coles, Australia’s second-largest grocer; a convenience partnership with Mexican pharmacy Benavides; and alcohol delivery from all serviceable locations of the Liquor Control Board of Ontario (“LCBO”) in Canada.
• Uber Eats at Venues: Announced new functionality that allows sports fans to order concessions directly to their seats at Yankee Stadium, building upon mobile ordering for pickup at venues including Minute Maid Park, Capital One Arena, Angel Stadium and PayPal Park. In addition, signed a new partnership with Tampa International Airport to facilitate mobile ordering before boarding a flight.
• Certified Virtual Restaurant Program: Announced new quality standards and a new Certified Virtual Restaurant Program in the US to make virtual restaurant operations more streamlined and effective for merchants, and to create a more consistent, reliable virtual restaurants experience for consumers who use Uber Eats.
• Courier electrification: Introduced new partnerships to support zero-emission modes of transportation for delivery couriers, including working with Gachaco to provide rapid battery replacement for three-wheelers in Japan; Lumala to improve e-cycle availability for Uber Eats couriers in Sri Lanka; and HumanForest to give Uber Eats couriers full access to its e-bike and e-moped fleet in London.
• Electric truck pilot partnership with WattEV and CHEP: Announced a strategic partnership with WattEV to deploy electric trucks on select routes in Southern California. CHEP was the first shipper to participate in the pilot, which serves as an important milestone in electric freight transportation and established Uber Freight’s first EV deployment.
• Refinanced Term Loans: Refinanced Uber’s 2025 and 2027 term loans, extending the full $2.5 billion to a 2030 maturity.

Recent Developments

• Yandex stake sale: In April 2023, we entered into and closed on a definitive agreement to sell our remaining equity interest in MLU B.V., our joint venture with Yandex, to Yandex for $702.5 million in cash.
• Careem Super App investment: In April 2023, we entered into a series of agreements with Emirates Telecommunication Group Company (“e&”) whereby e& will contribute $400 million into the Careem non-ridesharing businesses (“Careem Super App”) in exchange for a majority equity interest.

Webcast and conference call information

A live audio webcast of our first quarter ended March 31, 2023 earnings release call will be available at https://investor.uber.com/ , along with the earnings press release and slide presentation. The call begins on May 2, 2023 at 5:00 AM (PT) / 8:00 AM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site.

We also provide announcements regarding our financial performance and other matters, including SEC filings, investor events, press and earnings releases, on our investor relations website ( https://investor.uber.com/ ), and our blogs ( https://uber.com/blog ) and Twitter accounts (@uber and @dkhos), as a means of disclosing material information and complying with our disclosure obligations under Regulation FD.

Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 39 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Forward-Looking Statements

This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: competition, managing our growth and corporate culture, financial performance, investments in new products or offerings, our ability to attract drivers, consumers and other partners to our platform, our brand and reputation and other legal and regulatory developments, particularly with respect to our relationships with drivers and couriers and the impact of the global economy, including rising inflation and interest rates. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our Annual Report on Form 10-K for the year ended December 31, 2022 and subsequent quarterly reports and other filings filed with the Securities and Exchange Commission from time to time. All information provided in this release and in the attachments is as of the date of this press release and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

Non-GAAP Financial Measures

To supplement our financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we use the following non-GAAP financial measures: Adjusted EBITDA; Free cash flow; Non-GAAP Costs and Operating Expenses as well as, revenue growth rates in constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results.

We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.

There are a number of limitations related to the use of non-GAAP financial measures. In light of these limitations, we provide specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.

For more information on these non-GAAP financial measures, please see the sections titled “Key Terms for Our Key Metrics and Non-GAAP Financial Measures,” “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” included at the end of this release. In regards to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking non-GAAP Adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items. These items include, but are not limited to, significant legal settlements, unrealized gains and losses on equity investments, tax and regulatory reserve changes, restructuring costs and acquisition and financing related impacts.

Other Income (Expense), Net

The following table presents other income (expense), net (in millions):

Stock-Based Compensation Expense

The following table summarizes total stock-based compensation expense by function (in millions):

Key Terms for Our Key Metrics and Non-GAAP Financial Measures

Adjusted EBITDA. Adjusted EBITDA is a Non-GAAP measure. We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from discontinued operations, net of income taxes, (ii) net income (loss) attributable to non-controlling interests, net of tax, (iii) provision for (benefit from) income taxes, (iv) income (loss) from equity method investments, (v) interest expense, (vi) other income (expense), net, (vii) depreciation and amortization, (viii) stock-based compensation expense, (ix) certain legal, tax, and regulatory reserve changes and settlements, (x) goodwill and asset impairments/loss on sale of assets, (xi) acquisition, financing and divestitures related expenses, (xii) restructuring and related charges and (xiii) other items not indicative of our ongoing operating performance, including COVID-19 response initiatives related payments for financial assistance to Drivers personally impacted by COVID-19, the cost of personal protective equipment distributed to Drivers, Driver reimbursement for their cost of purchasing personal protective equipment, the costs related to free rides and food deliveries to healthcare workers, seniors, and others in need as well as charitable donations. Our board and management find the exclusion of the impact of these COVID-19 response initiatives from Adjusted EBITDA to be useful because it allows us and our investors to assess the impact of these response initiatives on our results of operations.

Adjusted EBITDA margin . We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of Gross Bookings. We define incremental margin as the change in Adjusted EBITDA between periods divided by the change in Gross Bookings between periods.

COVID-19 response initiatives. To support those whose earning opportunities have been depressed as a result of COVID-19, as well as communities hit hard by COVID-19, we implemented several initiatives, including, in particular, payments for financial assistance to Drivers personally impacted by COVID-19, the cost of personal protective equipment distributed to Drivers, Driver reimbursement for their cost of purchasing personal protective equipment, the costs related to free rides and food deliveries to healthcare workers, seniors, and others in need as well as charitable donations. The payments for financial assistance to Drivers personally impacted by COVID-19 and Driver reimbursement for their cost of purchasing personal protective equipment are recorded as a reduction to revenue. The cost of personal protective equipment distributed to Drivers, the costs related to free rides and food deliveries to healthcare workers, seniors, and others in need as well as charitable donations are recorded as an expense in our costs and expenses.

Driver(s). The term Driver collectively refers to independent providers of ride or delivery services who use our platform to provide Mobility or Delivery services, or both.

Driver or restaurant earnings. Driver or restaurant earnings refer to the net portion of the fare or the net portion of the order value that a Driver or a restaurant retains, respectively. These are generally included in aggregate Drivers and couriers earned amounts.

Driver incentives. Driver incentives refer to payments that we make to Drivers, which are separate from and in addition to the Driver’s portion of the fare paid by the consumer after we retain our service fee to Drivers. For example, Driver incentives could include payments we make to Drivers should they choose to take advantage of an incentive offer and complete a consecutive number of trips or a cumulative number of trips on the platform over a defined period of time. Driver incentives are recorded as a reduction of revenue or cost of revenue, exclusive of depreciation and amortization. These incentives are generally included in aggregate Drivers and couriers earned amounts.

Free cash flow. Free cash flow is a Non-GAAP measure. We define free cash flow as net cash flows from operating activities less capital expenditures.

Gross Bookings. We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of: Mobility rides; Delivery orders (in each case without any adjustment for consumer discounts and refunds); Driver and Merchant earnings; Driver incentives and Freight Revenue. Gross Bookings do not include tips earned by Drivers. Gross Bookings are an indication of the scale of our current platform, which ultimately impacts revenue.

Monthly Active Platform Consumers (“MAPCs”). We define MAPCs as the number of unique consumers who completed a Mobility ride or received a Delivery order on our platform at least once in a given month, averaged over each month in the quarter. While a unique consumer can use multiple product offerings on our platform in a given month, that unique consumer is counted as only one MAPC.

Segment Adjusted EBITDA. We define each segment’s Adjusted EBITDA as segment revenue less the following direct costs and expenses of that segment: (i) cost of revenue, exclusive of depreciation and amortization; (ii) operations and support; (iii) sales and marketing; (iv) research and development; and (v) general and administrative. Segment Adjusted EBITDA also reflects any applicable exclusions from Adjusted EBITDA.

Segment Adjusted EBITDA margin . We define each segment’s Adjusted EBITDA margin as the segment Adjusted EBITDA as a percentage of segment Gross Bookings.

Take Rate. We define Take Rate as revenue as a percentage of Gross Bookings.

Trips. We define Trips as the number of completed consumer Mobility rides and Delivery orders in a given period. For example, an UberX Share ride with three paying consumers represents three unique Trips, whereas an UberX ride with three passengers represents one Trip. We believe that Trips are a useful metric to measure the scale and usage of our platform.

Definitions of Non-GAAP Measures

We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to revenue, net income (loss), income (loss) from operations, and other results under GAAP, we use: Adjusted EBITDA; Free cash flow; Non-GAAP Costs and Operating Expenses; as well as, revenue growth rates in constant currency, which are described below, to evaluate our business. We have included these non-GAAP financial measures because they are key measures used by our management to evaluate our operating performance. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Our calculation of these non-GAAP financial measures may differ from similarly-titled non-GAAP measures, if any, reported by our peer companies. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP.

Adjusted EBITDA

We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from discontinued operations, net of income taxes, (ii) net income (loss) attributable to non-controlling interests, net of tax, (iii) provision for (benefit from) income taxes, (iv) income (loss) from equity method investments, (v) interest expense, (vi) other income (expense), net, (vii) depreciation and amortization, (viii) stock-based compensation expense, (ix) certain legal, tax, and regulatory reserve changes and settlements, (x) goodwill and asset impairments/loss on sale of assets, (xi) acquisition, financing and divestitures related expenses, (xii) restructuring and related charges and (xiii) other items not indicative of our ongoing operating performance, including COVID-19 response initiatives related payments for financial assistance to Drivers personally impacted by COVID-19, the cost of personal protective equipment distributed to Drivers, Driver reimbursement for their cost of purchasing personal protective equipment, the costs related to free rides and food deliveries to healthcare workers, seniors, and others in need as well as charitable donations.

We have included Adjusted EBITDA because it is a key measure used by our management team to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and certain variable charges. To help our board, management and investors assess the impact of COVID-19 on our results of operations, we are excluding the impacts of COVID-19 response initiatives related payments for financial assistance to Drivers personally impacted by COVID-19, the cost of personal protective equipment distributed to Drivers, Driver reimbursement for their cost of purchasing personal protective equipment, the costs related to free rides and food deliveries to healthcare workers, seniors, and others in need as well as charitable donations from Adjusted EBITDA. Our board and management find the exclusion of the impact of these COVID-19 response initiatives from Adjusted EBITDA to be useful because it allows us and our investors to assess the impact of these response initiatives on our results of operations.

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:

• Adjusted EBITDA excludes certain recurring, non-cash charges, such as depreciation of property and equipment and amortization of intangible assets, and although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
• Adjusted EBITDA excludes stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy;
• Adjusted EBITDA excludes certain restructuring and related charges, part of which may be settled in cash;
• Adjusted EBITDA excludes other items not indicative of our ongoing operating performance, including COVID-19 response initiatives related payments for financial assistance to Drivers personally impacted by COVID-19, the cost of personal protective equipment distributed to Drivers, Driver reimbursement for their cost of purchasing personal protective equipment, the costs related to free rides and food deliveries to healthcare workers, seniors, and others in need as well as charitable donations;
• Adjusted EBITDA does not reflect period to period changes in taxes, income tax expense or the cash necessary to pay income taxes;
• Adjusted EBITDA does not reflect the components of other income (expense), net, which primarily includes: interest income; foreign currency exchange gains (losses), net; gain (loss) on business divestitures, net; unrealized gain (loss) on debt and equity securities, net; and impairment of debt and equity securities; and
• Adjusted EBITDA excludes certain legal, tax, and regulatory reserve changes and settlements that may reduce cash available to us.

Constant Currency

We compare the percent change in our current period results from the corresponding prior period using constant currency disclosure. We present constant currency growth rate information to provide a framework for assessing how our underlying revenue performed excluding the effect of foreign currency rate fluctuations. We calculate constant currency by translating our current period financial results using the corresponding prior period’s monthly exchange rates for our transacted currencies other than the U.S. dollar.

Free Cash Flow

We define free cash flow as net cash flows from operating activities less capital expenditures.

Non-GAAP Costs and Operating Expenses

Costs and operating expenses are defined as: cost of revenue, exclusive of depreciation and amortization; operations and support; sales and marketing; research and development; and general and administrative expenses. We define Non-GAAP costs and operating expenses as costs and operating expenses excluding: (i) stock-based compensation expense, (ii) certain legal, tax, and regulatory reserve changes and settlements, (iii) goodwill and asset impairments/loss on sale of assets, (iv) certain acquisition, financing and divestiture related expenses, (v) restructuring and related charges and (vi) other items not indicative of our ongoing operating performance, including COVID-19 response initiative related payments for financial assistance to Drivers personally impacted by COVID-19, the cost of personal protective equipment distributed to Drivers, Driver reimbursement for their cost of purchasing personal protective equipment, the costs related to free rides and food deliveries to healthcare workers, seniors, and others in need as well as charitable donations.

Reconciliations of Non-GAAP Measures

The following table presents reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measure for each of the periods indicated:

The following table presents reconciliations of free cash flow to the most directly comparable GAAP financial measure for each of the periods indicated:

The following tables present reconciliations of Non-GAAP costs and operating expenses to the most directly comparable GAAP financial measure for each of the periods indicated:

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Email Alert Sign Up Confirmation Global citizenship US political engagement U.S. Political Activities 2021 U.S. Political Activities 2022 U.S. Political Activities H1 2023 Uber vs. driving jobs Uber for Business Uber Freight Uber Health Advanced Technologies Group Accessibility Facebook (Opens in new window) Twitter (Opens in new window) Youtube (Opens in new window) Linkedin (Opens in new window) Instagram (Opens in new window) You're reading a free article with opinions that may differ from The Motley Fool's Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More 3 Things to Know About Uber Before You Buy the Stock Uber beat Wall Street revenue and earnings per share estimates during the last quarter. Network effects help protect Uber’s competitive position. The possible introduction of fully autonomous driving technology could impact Uber. Motley Fool Issues Rare “All In” Buy Alert Uber Technologies The leading ride-hailing and delivery service is posting strong financial results. Uber ( UBER 0.43% ) just reported its financial results for the second quarter (ended June 30), and the market was pleased. The company beat Wall Street estimates for revenue and diluted earnings per share (EPS), sending the stock sharply higher immediately following the announcement. Despite shares of this transportation-as-a-service company trading at a forward price-to-earnings (P/E) ratio of 30 (as of Aug. 7), you might be considering adding Uber to your portfolio. Before doing so, here are three things you should know about the business. 1. Incredible momentum During the latest quarter, revenue jumped 16% year over year. This was driven by gross bookings rising 19% and the monthly active user (MAU) count up 14%. "The Uber consumer has never been stronger -- more people are using the platform, and more frequently, than ever before -- while drivers and couriers earned a new all-time high of $17.9 billion over the quarter," CEO Dara Khosrowshahi said in the press release. The business is becoming more fiscally responsible, showing that it can leverage its cost base. Operating expenses increased 11%, much lower than the sales gain. Consequently, the operating margin expanded from just 3.5% in Q2 2023 to 7.4% in the latest period. Uber's latest financial results continue the company's impressive momentum. Shares have soared 165% since the start of 2023, crushing the S&P 500 and the Nasdaq Composite Index . The market is clearly enthusiastic about this business and its prospects. It's really not difficult to see why. All of Uber's key metrics, including revenue, operating income, gross bookings, and MAUs, are all significantly higher than they were in Q3 2019. The pandemic was a disruptor for many companies, but there were some that came out much stronger on the other end. Uber falls squarely into this category. 2. Competitive strength With the rise of the internet, we've seen new types of so-called platform enterprises pop up. And these are some of the most successful businesses in the world. Think about Alphabet and Meta Platforms , for example. Or look at Airbnb and Etsy , which benefit from the power of global network effects . Uber is slightly different. Its key competitive strength comes from localized network effects. If you lived in Denver, Colorado, the pool of drivers in Rome, Italy wouldn't help you at all. But in the markets Uber operates in, the more riders and drivers it has, the more valuable the platform becomes for all stakeholders. Having a first-mover advantage has helped Uber as well, making it extremely difficult for a new entrant to steal market share. 3. Autonomous future There might be no bigger threat to Uber's long-term viability than the possibility that we will see fully autonomous vehicles one day. To be clear, I mean cars that don't even come equipped with a steering wheel, and ones that don't require their passengers to be alert. The positive outlook is that this could benefit Uber. It's a leading ride-hailing app that consumers have built an affinity toward. And that's probably why Alphabet's Waymo partners with Uber. On the other hand, what if Alphabet or Tesla one day launch their own ride-hailing service, completely bypassing Uber? As long as the technology works and is safe, I think these services could take off provided they offer rides at much lower costs than what Uber does now. For what it's worth, we're probably still a long way off from this technology being available. And there will be regulatory and consumer-confidence hurdles as well that can delay mass adoption. If you're considering buying Uber shares, you have now learned some valuable information about the business that can help you make a better decision. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Neil Patel and his clients have no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Airbnb, Alphabet, Etsy, Meta Platforms, Tesla, and Uber Technologies. The Motley Fool has a disclosure policy . Related Articles Premium Investing Services Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. SI SWIMSUIT SUBSCRIBE NOW Olympic Women's Golf Final Medalists, Results, Scores: Lydia Ko Wins Gold, U.S. Misses Podium Jeff ritter | aug 10, 2024. Lydia Ko is golden, and she made history for New Zealand along the way. Ko, 27, entered the round tied for the lead and surged with three front-nine birdies to take the lead outright. But she made a double bogey on the 13th hole to drop from three shots ahead to one over Germany's Esther Henseleit, who finished off a 66 about an hour before Ko to post 8 under and apply pressure. But Ko held on through Le Golf Nationals watery closing holes, avoiding trouble and make four consecutive pars to arrive at the par-5 closing hole with that one-shot lead. Ko laid up on the par 5, knocked a wedge to 6 feet and buried the biride putt to make it a two-shot victory. Henseleit won silver. China's Xiyu Lin finished another shot back to take bronze. With the win, Ko adds a gold medal to her silver from the Rio Olympics in 2016 and bronze from Tokyo in 2021. She's the only golfer with an Olympic medal of every color. The win also earned her enough career points to meet the LPGA's Hall of Fame criteria, locking up her spot among the game's all-time greats. For the United States, defending gold medalist Nelly Korda finished 1 under par. Rose Zhang struggled while playing in the final group, shooting a 74 to miss a shot at bronze by three, and Lilia Vu finished 5 over for the event. Here are the final results for the 2024 women's Olympic golf competition: 2024 Women's Olympic Golf Final Standings GOLD: Lydia Ko, New Zealand SILVER: Esther Henseleit, Germany (-8) BRONZE: Xiyu Lin, China (-7) T4: Bianca Pagdanganan, Miyu Yamashita, Amy Yang, Hannah Green (-6) 8: Wei-Ling Hsu (-5) T9: Maja Stark, Ruoning Yin, Rose Zhang (-4) T13: Albane Valenzuela, Dottie Ardina, Azahara Munoz, Brooke Henderson, Ashleigh Buhai (-3) T18: Peiyun Chien, Celine Boutier, Atthaya Thitikul, Morgane Metraux (-2) T22: Minjee Lee, Pia Babnik, Nelly Korda (-1) T25: Jin Young Ko, Hyo Joo Kim (Even) T27: Charley Hull, Linn Grant (+1) T29: Aditi Ashok, Emma Spitz, Gabby Lopez, Celine Borge, Manon De Roey, Patty Tavatanakit (+2) 35: Alexandra Forsterling (+4) T36: Nanna Koerstz Madsen, Georgia Hall, Lilia Vu (+5) 39: Stephanie Meadow (+6) 40: Shannon Tan (+7) 41: Klara Davidson Spilkova (+8) T42: Perrine Delacour, Alena Sharp (+9) T44: Emily Kristine Pedersen, Paula Reto, Anne van Dam (+11) T47: Madelene Stavnar, Sarah Schober (+12) T49: Carlota Ciganda, Ana Belac, Diksha Dagar (+13) 52: Ines Laklalech (+15) 53: Alessandra Fanali (+16) 54: Yuka Saso (+17) T55: Sara Kouskova, Ashley Lau (+18) 57: Ursula Wikstrom (+19) 58: Maria Fassi (+21) 59: Leona Maguire (+23) 60: Noora Komulainen (WD) JEFF RITTER Jeff Ritter is the managing director of golf content for Sports Illustrated. He has more than 20 years experience in sports media and has covered more than 30 major championships. In 2020 he joined Morning Read to help spark its growth and eventual acquisition by SI in 2022. He helped launch Golf Magazine’s first original, weekly e-magazine and served as its top editor. He also launched Golf's “Films” division, the magazine’s first long-form video storytelling franchise, and his debut documentary received an Edward R. Murrow Award for sports reporting. Ritter has earned first-place awards for his work from the Society of American Travel Writers, the MIN Magazine Awards and the Golf Writers Association of America. He received a bachelor’s from the University of Michigan and a master’s from the Medill School of Journalism at Northwestern University. A native Michigander, he remains a die-hard Wolverines fan and will defend Jim Harbaugh until the bitter end. Follow Jeff_Ritter 332 IMAGES Uber Results Presentation Deck Uber Results Presentation Deck Uber Results Presentation Deck Uber Results Presentation Deck Uber Results Presentation Deck Uber Results Presentation Deck COMMENTS Uber Announces Results for First Quarter 2024 Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2024. "Our results this quarter once again demonstrate our ability to deliver consistent, profitable growth at scale," said Dara Khosrowshahi, CEO. "More than 7 million people now choose to earn flexibly on Uber every month, with driver ... Uber Announces Results for Second Quarter 2024 Gross Bookings grew 19% year-over-year and 21% year-over-year on a constant currency basis Income from operations of $796 million; Adjusted EBITDA of $1.6 billion, up 71% year-over-year Operating cash flow of $1.8 billion; Free cash flow of $1.7 billion Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended June 30, 2024. "Uber's growth engine ... Uber Announces Results for Fourth Quarter and Full Year 2023 Fourth quarter operating cash flow of $823 million; Free cash flow of $768 million. Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter and full year ended December 31, 2023. "2023 was an inflection point for Uber, proving that we can continue to generate strong, profitable growth at scale," said Dara ... Uber Technologies Inc (UBER) Q1 2024 Earnings Call Transcript Uber Technologies Inc reported a 21% year-on-year increase in trips, aligning with a consistent gross bookings growth rate on a constant currency basis. The company expanded its audience by 15% ... Uber Posts First Annual Profit Since Its IPO Photo: Mario Tama/Getty Images. Uber Technologies posted its first full-year profit as a public company last year and projected continued growth in the first quarter of 2024, marking the end of an ... Uber Announces Results for First Quarter 2024 SAN FRANCISCO, May 08, 2024 -- ( BUSINESS WIRE )--Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2024. "Our results this quarter once again ... Uber Technologies (UBER) Q2 2024 Earnings Call Transcript Thank you for joining us today, and welcome to Uber's second quarter 2024 earnings presentation. On the call today, we have Uber CEO Dara Khosrowshahi; and CFO Prashanth Mahendra-Rajah. Uber Technologies (UBER) Q4 2023 Earnings Call Transcript UBER earnings call for the period ending December 31, 2023. Image source: The Motley Fool. Uber Technologies ( UBER 0.61%) Q4 2023 Earnings Call. Feb 07, 2024, 8:00 a.m. ET. Uber Technologies (UBER) Q1 2024 Earnings Call Transcript Good morning, and thank you for joining us today, and welcome to Uber's first-quarter 2024 earnings presentation. On the call today, we have Uber CEO, Dara Khosrowshahi; and CFO, Prashanth ... Uber Announces Results for Fourth Quarter and Full Year 2022 SAN FRANCISCO--(BUSINESS WIRE)-- Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter and full year ended December 31, 2022. Financial Highlights for Fourth Quarter 2022. Gross Bookings grew 19% year-over-year ("YoY") to $30.7 billion, or 26% on a constant currency basis, with Mobility Gross Bookings of $14.9 billion (+31% YoY or +37% YoY constant currency ... Uber Announces Date of Fourth Quarter 2023 Results Conference Call and Uber Technologies, Inc. (NYSE: UBER) will hold its quarterly conference call to discuss its fourth quarter 2023 financial results on Wednesday, Februa ... presentations, and webcasts. About Uber ... Uber reports better-than-expected earnings and revenue for second quarter Uber reported earnings and revenue that topped estimates for its second quarter. Uber Announces Results for Fourth Quarter and Full Year 2023 SAN FRANCISCO, February 07, 2024 -- ( BUSINESS WIRE )--Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter and full year ended December 31, 2023. "2023 was an ... PDF Uber Technologies, Inc. February 7, 2024 Q4 2023 Earnings Q4 2023 Earnings $ in Millions Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 $37,575 $35,281 $33,601 $30,749 $31,408 % Growth YoY Note 1: We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of Mobility rides, Delivery orders, and amounts paid by Freight shippers, in each case without any adjustment for consumer discounts and refunds, Uber Technologies, Inc. (NYSE:UBER) Q4 2023 Earnings Call Transcript Alax Wang: Thank you, Krista. Thank you for joining us today, and welcome to Uber's Fourth Quarter and Full Year 2023 Earnings Presentation. On the call today we have Uber CEO, Dara Khosrowshahi ... Uber Shares Jump as Company Returns to Profitability Uber Technologies'UBER-0.68% decrease; red down pointing triangle shares rose Tuesday after the company said it had returned to profitability on the back of solid growth in its ride-share and ... Uber reports first-quarter results that beat expectations for revenue Revenue: $10.13 billion vs. $10.11 billion expected by LSEG. Uber's revenue grew 15% in its first quarter from $8.82 billion a year prior. The company reported $37.65 billion in gross bookings ... Uber's second-quarter results beat on ride-sharing demand Uber's second-quarter results beat Wall Street estimates on the back of steady demand for its ride-sharing and food-delivery services, sending the company's shares up 5% on Tuesday. 4 Key Takeaways From Uber's Earnings Call Mahendra-Rajah said in Wednesday's call that the theme of next week's event will be "Togetherness," and that it will showcase new products, features, and partnerships. Uber shares were down 9.1% ... Uber Technologies, Inc. (UBER) Q4 2023 Earnings Call Transcript SA Transcripts. 148.31K Follower s. Uber Technologies, Inc. ( NYSE: UBER) Q4 2023 Earnings Conference Call February 7, 2024 8:00 AM ET. Company Participants. Alax Wang - Head, Investor Relations ... Uber Posts Earnings Beat as Rideshare Demand Remains Strong Shares of Uber jumped as much as 7.3% after trading opened in New York before paring back to 4.7%. Uber's results also spurred a rally for rival Lyft Inc., whose stock rose as much as 3.8% ... Uber Announces Results for Third Quarter 2023 SAN FRANCISCO--(BUSINESS WIRE)-- Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended September 30, 2023. Financial Highlights for Third Quarter 2023. Gross Bookings grew 21% year-over-year ("YoY") to $35.3 billion, or 20% on a constant currency basis, with Mobility Gross Bookings of $17.9 billion (+31% YoY or +30% YoY constant currency) and Delivery ... Uber Beats Expectations as Rideshare Demand Remains Strong Uber's results also spurred a rally for rival Lyft Inc., whose stock rose as much as 3.8% before also retreating. ... In its press materials and supplemental presentation slides, Uber also ... Uber Technologies, Inc. (UBER) Q1 2024 Earnings Call Transcript Follow. Uber Technologies, Inc. (NYSE:UBER) Q1 2024 Earnings Conference Call May 8, 2024 8:00 AM ET. Company Participants. Deepa Subramanian - VP, IR & Corporate Finance. Dara Khosrowshahi - CEO ... Uber highlights autonomous vehicle efforts now that Tesla's in its Uber reported strong second-quarter results, with gross bookings and net profit both up decently. ... And, the first thing Uber highlighted in its presentation deck was AVs in a section titled ... Uber Technologies Inc (UBER) Q1 2024 Earnings: Surpasses Revenue Uber's Q1 2024 results demonstrated a robust year-over-year growth with Gross Bookings surging by 20% to $37.7 billion, and an impressive 21% increase on a constant currency basis. This growth was ... Uber Announces Results for First Quarter 2023 Gross Bookings grew 19% year-over-year and 22% year-over-year on a constant currency basis Mobility and Delivery Adjusted EBITDA margins at all-time quarterly highs O perating cash flow of $606 million; Record free cash flow of $549 million Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2023. Financial Highlights for First Quarter 2023 ... 3 Things to Know About Uber Before You Buy the Stock Uber's latest financial results continue the company's impressive momentum. Shares have soared 165% since the start of 2023, crushing the S&P 500 and the Nasdaq Composite Index. The market is ... Olympic Women's Golf Final Medalists, Results, Scores: Lydia Ko Wins Here are the final results for the 2024 women's Olympic golf competition: 2024 Women's Olympic Golf Final Standings. GOLD: Lydia Ko, New Zealand. SILVER: Esther Henseleit, Germany (-8) Wedbush Just Raised its Price Target on These 7 Stocks: August 12, 2024 However, in the post-earnings investor presentation, management provided promising updates on community growth and balance sheet improvement. ... Uber Technologies (NYSE: UBER) ... The results ... assignment essay homework paper phd report resume review speech thesis