FINANCIAL RESULTS / TRAFFIC RESULTS/ M&A

Uber Announces Results for FY 2024

Uber One member base reached 30 million, growing roughly 60% YoY. Launched Uber One membership plans in 6 new countries, bringing the total number of countries with Uber One membership plans to 34, including all Delivery countries. Additionally, launched Uber One for Students to new countries across the EMEA, APAC, and LatAm regions.

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Uber

Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter and full year ended December 31, 2024.

“Uber ended 2024 with our strongest quarter ever, as growth accelerated across MAPCs, trips, and Gross Bookings,” said Dara Khosrowshahi, CEO. “Our performance has been powered by rapid innovation and execution across multiple priorities, including the massive opportunity presented by autonomous vehicles. We enter 2025 with clear momentum and will continue to be relentless against our long-term strategy.”

“Record demand in both Mobility and Delivery helped us grow Gross Bookings faster than the high end of our guidance, and we closed out 2024 exceeding our three-year outlook for Gross Bookings, Adjusted EBITDA, and free cash flow,” said Prashanth Mahendra-Rajah, CFO. “We believe we remain undervalued despite these strong fundamentals, and plan to be active and opportunistic buyers of our stock.”

Financial Highlights for Fourth Quarter 2024

• Gross Bookings grew 18% year-over-year (“YoY”) to $44.2 billion, or 21% on a constant currency basis, with Mobility Gross Bookings of $22.8 billion (+18% YoY or +24% YoY constant currency) and Delivery Gross Bookings of $20.1 billion (+18% YoY or +18% YoY constant currency). Trips during the quarter grew 18% YoY to 3.1 billion, or approximately 33 million trips per day on average.
• Revenue grew 20% YoY to $12.0 billion, or 21% on a constant currency basis. Combined Mobility and Delivery revenue grew 23% YoY to $10.7 billion, or 24% on a constant currency basis.
• Income from operations was $770 million, up $118 million YoY.
• Net income attributable to Uber Technologies, Inc. was $6.9 billion, which includes a $6.4 billion benefit from a tax valuation release and a $556 million benefit (pre-tax) due to net unrealized gains related to the revaluation of Uber’s equity investments.
• Adjusted EBITDA grew 44% YoY to $1.8 billion. Adjusted EBITDA margin as a percentage of Gross Bookings was 4.2%, up from 3.4% in Q4 2023.
• Net cash provided by operating activities was $1.8 billion and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $1.7 billion.
• Unrestricted cash, cash equivalents, and short-term investments were $7.0 billion at the end of the fourth quarter. We redeemed $2.0 billion of our outstanding debt in Q4 2024.

Outlook for Q1 2025

For Q1 2025, we anticipate:

• Gross Bookings of growth of 17% to 21% YoY on a constant currency basis.
  • This translates to reported Gross Bookings of $42.0 billion to $43.5 billion as our outlook assumes a roughly 5.5 percentage point currency headwind to total reported YoY growth (including a roughly 7 and 4 percentage point currency headwind to Mobility and Delivery growth, respectively).
• Adjusted EBITDA of $1.79 billion to $1.89 billion, which represents 30% to 37% YoY growth.

Mobility

• Revenue of $6.9 billion:Mobility Revenue grew 25% YoY and 8% quarter-over-quarter (“QoQ”). The YoY increase was primarily attributable to an increase in Mobility Gross Bookings due to an increase in Trip volumes. Mobility Revenue Margin of 30.3% increased 160 bps YoY and decreased 20 bps QoQ.
• Adjusted EBITDA of $1.8 billion:Mobility Adjusted EBITDA increased 22% YoY, and Mobility Adjusted EBITDA margin was 7.8% of Gross Bookings compared to 7.5% in Q4 2023 and 8.0% in Q3 2024. Mobility Adjusted EBITDA margin improvement YoY was primarily driven by cost leverage from higher volume.

Delivery

• Revenue of $3.8 billion: Delivery Revenue grew 21% YoY and 9% QoQ. The YoY increase was primarily attributable to an increase in Delivery Gross Bookings due to an increase in Trip volumes, and an increase in advertising revenue. Delivery Revenue Margin of 18.7% increased 40 bps YoY and 10 bps QoQ.
• Adjusted EBITDA of $727 million: Delivery Adjusted EBITDA increased 53% YoY, and Delivery Adjusted EBITDA margin was 3.6% of Gross Bookings, compared to 2.8% in Q4 2023 and 3.4% in Q3 2024. Delivery Adjusted EBITDA margin improvement YoY was primarily driven by cost leverage from higher volume and increased advertising revenue.

Freight

• Revenue of $1.3 billion:Freight Revenue was flat YoY and decreased 3% QoQ. Revenue was flat YoY driven by a decrease in revenue per load as a result of the challenging freight market cycle, partially offset by an increase in volume.
• Adjusted EBITDA loss of $22 million: Freight Adjusted EBITDA decreased $8 million YoY. Freight Adjusted EBITDA margin as a percentage of Gross Bookings decreased 60 bps YoY to (1.7%).

Corporate

• Corporate G&A and Platform R&D:Corporate G&A and Platform R&D expenses of $632 million, compared to $625 million in Q4 2023, and $601 million in Q3 2024. Corporate G&A and Platform R&D as a percentage of Gross Bookings decreased 20 bps YoY and remained flat QoQ. The YoY decrease was primarily due to improved fixed cost leverage.

GAAP and Non-GAAP Costs and Operating Expenses

• Cost of revenue excluding D&A: GAAP cost of revenue was $7.2 billion. Non-GAAP cost of revenue was $7.2 billion, representing 16.4% of Gross Bookings, compared to 16.1% and 16.5% in Q4 2023 and Q3 2024, respectively. On a YoY basis, non-GAAP cost of revenue as a percentage of Gross Bookings increased primarily due to an increase in insurance expense.
• GAAP and Non-GAAP operating expenses(Non-GAAP operating expenses exclude certain amounts as further detailed in the “Reconciliations of Non-GAAP Measures” section):
  • Operations and support: GAAP operations and support was $678 million. Non-GAAP operations and support was $624 million, representing 1.4% of Gross Bookings, compared to 1.7% and 1.6% in Q4 2023 and Q3 2024, 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 $1.2 billion. Non-GAAP sales and marketing was $1.2 billion, representing 2.7% of Gross Bookings, compared to 2.4% and 2.6% in Q4 2023 and Q3 2024, respectively. On a YoY basis, non-GAAP sales and marketing as a percentage of Gross Bookings increased due to an increase in consumer promotion spend.
  • Research and development:GAAP research and development was $785 million. Non-GAAP research and development was $525 million, representing 1.2% of Gross Bookings, compared to 1.3% and 1.2% in Q4 2023 and Q3 2024, respectively. On a YoY basis, non-GAAP research and development as a percentage of Gross Bookings decreased due to improved fixed cost leverage.
  • General and administrative:GAAP general and administrative was $1.1 billion. Non-GAAP general and administrative was $550 million, representing 1.2% of Gross Bookings, compared to 1.5% and 1.3% in Q4 2023 and Q3 2024, respectively. On a YoY basis, non-GAAP general and administrative as a percentage of Gross Bookings decreased due to a decrease in employee headcount costs.

Operating Highlights for the Fourth Quarter 2024

Platform

• Monthly Active Platform Consumers (“MAPCs”): MAPCs was 171 million, an increase of 14% YoY.
• Trips: Trips on our platform grew 18% YoY to 3.1 billion. Monthly trips per MAPC reached an all-time high and grew 3% YoY to 6.0.
• Supporting earners: Drivers and couriers earned an aggregate $20.0 billion (including tips) during the quarter, with earnings up 16% YoY, or 22% on a constant currency basis.
• Autonomous deployments and partnerships:Launched autonomous ride-hailing service in Abu Dhabi in partnership with WeRide, marking the first time autonomous vehicles are available on the Uber platform outside of the US.Additionally, began delivering Uber Eats orders in Austin and Dallas via autonomous sidewalk robots in partnership with Avride, and in Osaka in partnership with Cartken. Lastly, formed a joint initiative with NVIDIA to collaborate on new solutions to support the development of AI-powered autonomous driving technology.
• Membership: Uber One member base reached 30 million, growing roughly 60% YoY. Launched Uber One membership plans in 6 new countries, bringing the total number of countries with Uber One membership plans to 34, including all Delivery countries. Additionally, launched Uber One for Students to new countries across the EMEA, APAC, and LatAm regions.
• Delta partnership: This spring, Uber will become Delta’s exclusive rideshare and delivery partner in the US. Uber customers will have the opportunity to earn Delta SkyMiles on qualifying Uber rides and Uber Eats orders.
• AI enhancements:Significantly expanded application of AI to assist with customer service requests, providing support agents with summaries of customer comments, guidance on resolution steps, and personalized reply suggestions.

Mobility

• Focus on affordability:Launched UberX Share at 10 major airports in the US and internationally. Additionally, expanded Uber Shuttle service to LaGuardia Airport, adding a new stop from downtown Manhattan, and increased service during peak times.
• Uber for Teens expansion:Expanded Uber for Teens to 26 new countries across the EMEA, APAC, and LatAm regions. Uber Teens is now live in over 50 countries, covering the vast majority of our global Trip volumes. Also launched Teen profiles, enabling teens to use their own payment methods and cash.
• Uber Business Black:Launched Uber Business Black in the US, UK and Brazil, a new ride type for corporate travelers featuring luxury vehicles, increased flexibility, and first class customer service.
• Taxi expansion: In Japan, partnered with a leading taxi dispatch provider that will bring up to 20,000 vehicles onto the platform. Demand in Japan remains robust, driven by increasing usage by domestic riders as well as international travelers.
• Refreshed Uber Courier service: Rebranded and redesigned Uber Connect as Uber Courier to better reflect the variety of use cases the service provides. Also expanded the Saver feature in the US and Mexico, and launched a scheduling feature globally.

Delivery

• SNAP EBT payment acceptance: US customers can now use their SNAP EBT benefits to order groceries from participating locations through the Uber Eats app, starting with Albertsons Companies-owned brands and Walgreens locations nationwide.
• Uber Direct momentum:Expanded partnership between Uber Direct and Toast Delivery Services, allowing restaurants on Toast’s platform to save on delivery fees, expand their delivery radius, and leverage Uber’s extensive delivery network. Partnered with several additional merchants, including P.F. Chang’s in the US as well as Burger King in the UK, hardware retailer Bunnings in Australia, and our first Uber Direct partnership in Poland with Media Markt.
• Grocery & Retail fulfillment enhancements:Launched new Shopper Pick & Pack feature in select markets, providing flexibility for earners to solely shop for orders and hand deliveries off to couriers. Also introduced functionality to redirect orders if the selected store is temporarily closed or low on inventory. Lastly, completed a tech migration enabling merchants using their employees for order fulfillment to utilize the same fulfillment technology as Uber’s earners.
• Festive holiday features:Launched several features over the holidays, including a holiday shopping hub, Christmas tree delivery in partnership with Lowe’s, and Uber Carolers in select cities.

Freight

• Broker Access: Launched Broker Access, a new capacity-as-a-service solution that provides freight brokers with direct access to Uber Freight’s technology platform and network of fully vetted carriers. The program streamlines load booking and execution, provides end-to-end load visibility, and mitigates fraud.

Recent Developments

• Accelerated share repurchase: In January 2025, entered into an accelerated share repurchase (“ASR”) agreement to repurchase $1.5 billion shares of Uber common stock, as part of our previously announced $7.0 billion share repurchase authorization.

Webcast and conference call information

A live audio webcast of our fourth quarter ended December 31, 2024 earnings release call will be available at https://investor.uber.com/, along with the earnings press release and slide presentation. The call begins on February 5, 2025 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 X accounts (@uber and @dkhos), as a means of disclosing material information and complying with our disclosure obligations under Regulation FD.

About Uber

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 58 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 most recent quarterly report on Form 10-Q for the quarter ended September 30, 2024 and subsequent annual reports, 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.

Source: Uber