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 ...
Autore: 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
Outlook for Q1 2024
For Q1 2024, we anticipate:
Financial and Operational Highlights for Fourth Quarter 2023 | |||||||||||||
|
| Three Months Ended December 31, |
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(In millions, except percentages) |
|
| 2022 |
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| 2023 |
| % Change |
| % Change (Constant Currency (1)) | ||
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Monthly Active Platform Consumers (“MAPCs”) |
|
| 131 |
|
|
| 150 |
| 15 | % |
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| |
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 |
| ** |
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|
(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, |
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(In millions, except percentages) |
|
| 2022 |
|
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| 2023 |
| % Change |
| % Change (Constant Currency) | ||
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|
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|
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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 |
| ** |
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|
(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, |
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(In millions, except percentages) |
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| 2022 |
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| 2023 |
| % Change |
| % Change (Constant Currency) | ||
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Gross Bookings: |
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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, |
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(In millions, except percentages) |
|
| 2022 |
|
| 2023 |
| % Change |
| % Change (Constant Currency) | ||
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Revenue: |
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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 Visualizza la versione completa sul sito
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