Uber Q3 Report 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 Gross Bookings of $16.1 billion (+18% YoY or +16% YoY constant currency). Trips during the quarter grew 25% YoY to 2.4 billion, or approximately 27 million trips per day on average.
• Revenue grew 11% YoY to $9.3 billion, or 10% on a constant currency basis. Combined Mobility and Delivery revenue grew 21% YoY to $8.0 billion, or 20% on a constant currency basis.
• Income from operations was $394 million, up $889 million YoY and $68 million quarter-over-quarter (“QoQ”).
• Net income attributable to Uber Technologies, Inc. was $221 million, which includes a $96 million headwind (pre-tax) primarily due to net unrealized losses related to the revaluation of Uber’s equity investments.
• Adjusted EBITDA of $1.1 billion, up $576 million YoY. Adjusted EBITDA margin as a percentage of Gross Bookings was 3.1%, up from 1.8% in Q3 2022. Incremental margin as a percentage of Gross Bookings was 9.3% YoY.
• Net cash provided by operating activities was $966 million and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $905 million, which includes a $622 million cash outflow related to the payment of an HMRC VAT assessment.
• Unrestricted cash, cash equivalents, and short-term investments were $5.2 billion at the end of the third quarter.