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Uber Announces Results for Fourth Quarter and Full Year 2023

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 ...

Business Wire

Fourth quarter trips and monthly active platform consumers grew 24% and 15% year-over-year, respectively
Fourth quarter Gross Bookings grew 22% year-over-year and 21% year-over-year on a constant currency basis
Fourth quarter net income of $1.4 billion; Income from operations of $652 million; Record Adjusted EBITDA margin
Fourth quarter operating cash flow of $823 million; Free cash flow of $768 million

SAN FRANCISCO: 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 Khosrowshahi, CEO. “Our audiences are larger and more engaged than ever, with our platform powering an average of nearly 26 million daily trips last year.”

“Uber’s platform advantages and disciplined investment in new growth opportunities resulted in record engagement and accelerating Gross Bookings in Q4,” said Prashanth Mahendra-Rajah, CFO. “We’re looking forward to sharing more about our strategy and capital allocation plans at our Investor Update next week.”

Financial Highlights for Fourth Quarter 2023

  • Gross Bookings grew 22% year-over-year (“YoY”) to $37.6 billion, or 21% on a constant currency basis, with Mobility Gross Bookings of $19.3 billion (+29% YoY or +28% YoY constant currency) and Delivery Gross Bookings of $17.0 billion (+19% YoY or +17% YoY constant currency). Trips during the quarter grew 24% YoY to 2.6 billion, or approximately 28 million trips per day on average.
  • Revenue grew 15% YoY to $9.9 billion, or 13% on a constant currency basis. Combined Mobility and Delivery revenue grew 22% YoY to $8.7 billion, or 20% on a constant currency basis.
  • Income from operations was $652 million, up $794 million YoY and $258 million quarter-over-quarter (“QoQ”).
  • Net income attributable to Uber Technologies, Inc. was $1.4 billion, which includes a $1.0 billion net tailwind (pre-tax) primarily due to net unrealized gains related to the revaluation of Uber’s equity investments.
  • Adjusted EBITDA of $1.3 billion, up $618 million YoY. Adjusted EBITDA margin as a percentage of Gross Bookings was 3.4%, up from 2.2% in Q4 2022.
  • Net cash provided by operating activities was $823 million and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $768 million.
  • Unrestricted cash, cash equivalents, and short-term investments were $5.4 billion at the end of the fourth quarter.

Outlook for Q1 2024

For Q1 2024, we anticipate:

  • Gross Bookings of $37.0 billion to $38.5 billion
  • Adjusted EBITDA of $1.26 billion to $1.34 billion

Financial and Operational Highlights for Fourth Quarter 2023

 

 

Three Months Ended December 31,

 

 

 

 

(In millions, except percentages)

 

 

2022

 

 

 

2023

 

% Change

 

% Change

(Constant Currency (1))

 

 

 

 

 

 

 

 

 

Monthly Active Platform Consumers (“MAPCs”)

 

 

131

 

 

 

150

 

15

%

 

 

Trips

 

 

2,104

 

 

 

2,601

 

24

%

 

 

Gross Bookings

 

$

30,749

 

 

$

37,575

 

22

%

 

21

%

Revenue

 

$

8,607

 

 

$

9,936

 

15

%

 

13

%

Income (loss) from operations

 

$

(142

)

 

$

652

 

**

 

 

 

Net income attributable to Uber Technologies, Inc. (2)

 

$

595

 

 

$

1,429

 

140

%

 

 

Adjusted EBITDA (1)

 

$

665

 

 

$

1,283

 

93

%

 

 

Net cash provided by (used in) operating activities (3)

 

$

(244

)

 

$

823

 

**

 

 

 

Free cash flow (1), (3)

 

$

(303

)

 

$

768

 

**

 

 

 

(1)

See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

(2)

Q4 2022 net income includes a $756 million net benefit (pre-tax) from revaluations of Uber’s equity investments. Q4 2023 net income includes a $1.0 billion net benefit (pre-tax) from revaluations of Uber’s equity investments.

(3)

Net cash used in operating activities and free cash flow for Q4 2022 includes an approximately $733 million cash outflow related to the settlement of outstanding HMRC VAT claims for periods prior to our UK business model change on March 14, 2022.

** Percentage not meaningful.

Full Year 2023 Financial and Operational Highlights

 

 

Year Ended December 31,

 

 

 

 

(In millions, except percentages)

 

 

2022

 

 

 

2023

 

% Change

 

% Change

(Constant Currency)

 

 

 

 

 

 

 

 

 

Trips

 

 

7,642

 

 

 

9,448

 

24

%

 

 

Gross Bookings

 

$

115,395

 

 

$

137,865

 

19

%

 

20

%

Revenue

 

$

31,877

 

 

$

37,281

 

17

%

 

18

%

Income (loss) from operations

 

$

(1,832

)

 

$

1,110

 

**

 

 

 

Net income (loss) attributable to Uber Technologies, Inc. (2)

 

$

(9,141

)

 

$

1,887

 

**

 

 

 

Adjusted EBITDA (1)

 

$

1,713

 

 

$

4,052

 

137

%

 

 

Net cash provided by operating activities (3)

 

$

642

 

 

$

3,585

 

**

 

 

 

Free cash flow (1), (3)

 

$

390

 

 

$

3,362

 

**

 

 

 

(1)

See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

(2)

Net loss for the year ended December 31, 2022 includes a $7.0 billion net headwind (pre-tax) from revaluations of Uber’s equity investments.

Net income for the year ended December 31, 2023 includes a $1.6 billion net benefit (pre-tax) from revaluations of Uber’s equity investments.

(3)

Net cash provided by operating activities and free cash flow for the year ended December 31, 2022 includes an approximately $733 million cash outflow related to the settlement of outstanding HMRC VAT claims for periods prior to our UK business model change on March 14, 2022.

Net cash provided by operating activities and free cash flow during the year ended December 31, 2023 includes an approximately $622 million cash outflow related to payments of HMRC VAT for multiple assessments for the period of March 2022 to March 2023.

** Percentage not meaningful.

Results by Offering and Segment

Gross Bookings

 

 

Three Months Ended December 31,

 

 

 

 

(In millions, except percentages)

 

 

2022

 

 

2023

 

% Change

 

% Change

(Constant Currency)

 

 

 

 

 

 

 

 

 

Gross Bookings:

 

 

 

 

 

 

 

 

Mobility

 

$

14,894

 

$

19,285

 

29

%

 

28

%

Delivery

 

 

14,315

 

 

17,011

 

19

%

 

17

%

Freight

 

 

1,540

 

 

1,279

 

(17

)%

 

(17

)%

Total

 

$

30,749

 

$

37,575

 

22

%

 

21

%

Revenue

 

 

Three Months Ended December 31,

 

 

 

 

(In millions, except percentages)

 

 

2022

 

 

2023

 

% Change

 

% Change

(Constant Currency)

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

Mobility (1), (3)

 

$

4,136

 

$

5,537

 

34

%

 

31

%

Delivery (2), (3)

 

 

2,931

 

 

3,119

 

6

%

 

4

%

Freight

 

 

1,540

 

 

1,280

 

(17

)%

 

(17

)%

Total

 

$

8,607

 

$

9,936

 

15

%

 

13

%

(1)

Mobility Revenue in Q4 2023 was negatively impacted by business model changes in some countries that classified certain sales and marketing costs as contra revenue by $207 million. These changes negatively impacted Mobility revenue YoY growth by 5 percentage points.

(2)

Delivery Revenue in Q4 2023 was negatively impacted by business model changes that classi

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