Uber Announces Results for Fourth Quarter and Full Year 2023
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--(BUSINESS WIRE)--February 07, 2024--
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 % Change (Constant
percentages) 2022 2023 % Change 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 % Change
percentages) 2022 2023 % 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 % Change
percentages) 2022 2023 % 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 % Change
percentages) 2022 2023 % 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 classified certain sales and marketing costs as contra
revenue by $322 million. These changes negatively impacted Delivery
revenue YoY growth by 11 percentage points.
(3) Combined Mobility and Delivery 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 $529 million.
These changes negatively impacted combined Mobility and Delivery
revenue YoY growth by 7 percentage points.
Revenue Margin
Three Months Ended December 31,
-------------------------------------
2022 2023
------------- ----------- ----- ---------- -----
Mobility (1) 27.8% 28.7%
Delivery (2) 20.5% 18.3%
(1) Mobility Revenue Margin in Q4 2023 was negatively impacted by business
model changes in some countries that classified certain sales and
marketing costs as contra revenue by 110 bps.
(2) Delivery Revenue Margin in Q4 2023 was negatively impacted by business
model changes that classified certain sales and marketing costs as
contra revenue by 190 bps.
Adjusted EBITDA and Segment Adjusted EBITDA