Uber Announces Results for First Quarter 2021
Uber Technologies reported Q1 2021 financial results with gross bookings of $19.5 billion, a 24% YoY increase. Mobility gross bookings fell 38% YoY to $6.8 billion, while delivery bookings surged 166% to $12.5 billion. Revenue stood at $2.9 billion, impacted by a $600 million UK accrual, but grew to $3.5 billion without it. Uber incurred a net loss of $108 million, which included $281 million in stock-based compensation. Adjusted EBITDA improved by 41% YoY to $(359) million, showing potential for recovery. Unrestricted cash totaled $5.7 billion at quarter-end.
- Gross bookings increased 24% YoY to $19.5 billion.
- Delivery gross bookings rose 166% YoY to $12.5 billion.
- Adjusted EBITDA improved by $95 million QoQ and $253 million YoY.
- Unrestricted cash, cash equivalents, and short-term investments totaled $5.7 billion.
- Mobility gross bookings declined 38% YoY.
- Revenue was $2.9 billion, down 11% YoY, impacted by a $600 million UK accrual.
- Mobility revenue fell 65% YoY to $853 million.
Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2021.
Financial Highlights for First Quarter 2021
-
Gross Bookings grew
24% year-over-year (“YoY”) to$19.5 billion , or22% on a constant currency basis, with Mobility Gross Bookings of$6.8 billion (-38% YoY) and Delivery Gross Bookings of$12.5 billion (+166% YoY). -
Revenue of
$2.9 billion and Mobility Revenue of$853 million were reduced by a$600 million accrual made for the resolution of historical claims in the UK relating to the classification of drivers. Delivery Revenue of$1.7 billion grew28% QoQ and230% YoY. -
Revenue, excluding the UK accrual, of
$3.5 billion grew11% QoQ and8% YoY, and Mobility Revenue, excluding the UK accrual, of$1.5 billion declined1% QoQ and41% YoY. -
Net loss attributable to Uber Technologies, Inc. was
$108 million , which includes$281 million in stock-based compensation expense. Net loss benefited from a$1.6 billion gain from the divestiture of ATG, partly offset by the$600 million UK accrual. -
Adjusted EBITDA of
$(359) million improved by$95 million QoQ and by$253 million YoY, representing a (1.8)% margin as a percentage of Gross Bookings and a (12.4)% margin as a percentage of revenue. -
Mobility Adjusted EBITDA of
$298 million , up$5 million QoQ and down$283 million YoY, representing4.4% margin as a percentage of Mobility Gross Bookings and a34.9% margin as a percentage of Mobility Revenue (20.5% margin as a percentage of Mobility Revenue excluding the UK accrual). -
Delivery Adjusted EBITDA of
$(200) million , down$55 million QoQ but up$113 million YoY, representing a (1.6)% margin as a percentage of Delivery Gross Bookings and a (11.5)% margin as a percentage of Delivery Revenue. -
Unrestricted cash, cash equivalents and short-term investments were
$5.7 billion at the end of the first quarter.
“Uber is starting to fire on all cylinders, as more consumers are riding with us again while continuing to use our expanding delivery offerings,” said Dara Khosrowshahi, CEO. “We will continue to innovate and find new ways to deepen engagement with our customers, as the only global platform that helps you go wherever you need and get whatever you want.”
“We outperformed both our Gross Bookings and Adjusted EBITDA outlook, with Mobility trends improving through the quarter and continued elevated growth for our Delivery business, combined with disciplined operational execution,” said Nelson Chai, CFO. “Uber is very well positioned to drive long-term value, with improving EBITDA performance, significant liquidity, and increasingly valuable minority investments.”
First Quarter 2021 Financial and Operational Highlights |
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Three Months Ended March 31, |
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(In millions, except percentages) |
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2020 |
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2021 |
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% Change |
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% Change
|
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|
|
|
|
|
|
|
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|
||||||
Monthly Active Platform Consumers (“MAPCs”) |
|
103 |
|
|
98 |
|
|
(5) |
% |
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|
|||
Trips |
|
1,661 |
|
|
1,447 |
|
|
(13) |
% |
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|||
Gross Bookings |
|
$ |
15,776 |
|
|
$ |
19,536 |
|
|
24 |
% |
|
22 |
% |
Revenue |
|
$ |
3,248 |
|
|
$ |
2,903 |
|
|
(11) |
% |
|
(11) |
% |
Revenue Excluding the UK Accrual (1) |
|
$ |
3,248 |
|
|
$ |
3,503 |
|
|
8 |
% |
|
6 |
% |
Net loss attributable to Uber Technologies, Inc. (2) |
|
$ |
(2,936) |
|
|
$ |
(108) |
|
|
96 |
% |
|
|
|
Adjusted EBITDA (1) |
|
$ |
(612) |
|
|
$ |
(359) |
|
|
41 |
% |
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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. |
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(2) |
Net loss attributable to Uber Technologies, Inc. includes stock-based compensation expense of |
Results by Offering and Segment |
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Gross Bookings |
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Three Months Ended March 31, |
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(In millions, except percentages) |
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2020 |
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2021 |
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% Change |
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% Change
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Gross Bookings: |
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Mobility |
|
$ |
10,874 |
|
|
$ |
6,773 |
|
|
(38) |
% |
|
(36) |
% |
Delivery |
|
4,683 |
|
|
12,461 |
|
|
166 |
% |
|
157 |
% |
||
Freight |
|
198 |
|
|
302 |
|
|
52 |
% |
|
52 |
% |
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All Other (1) |
|
21 |
|
|
— |
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** |
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** |
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Total |
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$ |
15,776 |
|
|
$ |
19,536 |
|
|
24 |
% |
|
22 |
% |
(1) |
Includes ATG and Other Technology Programs and historical results of New Mobility. |
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** |
Percentage not meaningful. |
Revenue |
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|
Three Months Ended March 31, |
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(In millions, except percentages) |
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2020 |
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2021 |
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% Change |
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% Change
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Revenue (1): |
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Mobility |
|
$ |
2,467 |
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|
$ |
853 |
|
|
(65) |
% |
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(63) |
% |
Delivery |
|
527 |
|
|
1,741 |
|
|
230 |
% |
|
215 |
% |
||
Freight |
|
199 |
|
|
301 |
|
|
51 |
% |
|
51 |
% |
||
All Other |
|
55 |
|
|
8 |
|
|
|
** |
|
|
** |
||
Total |
|
$ |
3,248 |
|
|
$ |
2,903 |
|
|
(11) |
% |
|
(11) |
% |
(1) |
Uber Revenues and Mobility Revenues were reduced by a |
|
** |
Percentage not meaningful. |
Revenue Excluding the UK Accrual |
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|
Three Months Ended March 31, |
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(In millions, except percentages) |
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2020 |
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2021 |
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% Change |
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% Change
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Revenue Excluding the UK Accrual (1), (2): |
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Mobility |
|
$ |
2,467 |
|
|
$ |
1,453 |
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|
(41) |
% |
|
(41) |
% |
Delivery |
|
527 |
|
|
1,741 |
|
|
230 |
% |
|
215 |
% |
||
Freight |
|
199 |
|
|
301 |
|
|
51 |
% |
|
51 |
% |
||
All Other |
|
55 |
|
|
8 |
|
|
|
** |
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|
** |
||
Total Revenue Excluding the UK Accrual |
|
$ |
3,248 |
|
|
$ |
3,503 |
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|
8 |
% |
|
6 |
% |
(1) |
Uber Revenues and Mobility Revenues were reduced by a |
|
(2) |
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. |
|
** |
Percentage not meaningful. |
Take Rates |
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Three Months Ended March 31, |
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2020 |
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2021 |
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Mobility |
|
22.7 |
% |
|
12.6 |
% |
Delivery |
|
11.3 |
% |
|
14.0 |
% |
Total |
|
20.6 |
% |
|
14.9 |
% |
Take Rates Excluding the UK Accrual |
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Three Months Ended March 31, |
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2020 |
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2021 |
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Mobility |
|
22.7 |
% |
|
21.5 |
% |
Delivery |
|
11.3 |
% |
|
14.0 |
% |
Total |
|
20.6 |
% |
|
17.9 |
% |
Adjusted EBITDA and Segment Adjusted EBITDA |
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Three Months Ended March 31, |
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(In millions, except percentages) |
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2020 |
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2021 |
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% Change |
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Segment Adjusted EBITDA: |
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Mobility (1) |
|
$ |
581 |
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|
$ |
298 |
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|
(49) |
% |
Delivery |
|
(313) |
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|
(200) |
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|
36 |
% |
||
Freight |
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(64) |
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|
(29) |
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|
55 |
% |
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All Other |
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(171) |
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(11) |
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** |
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Corporate G&A and Platform R&D (2), (3) |
|
(645) |
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|
(417) |
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|
35 |
% |
||
Adjusted EBITDA (1), (4) |
|
$ |
(612) |
|
|
$ |
(359) |
|
|
41 |
% |
(1) |
Adjusted EBITDA and Mobility Adjusted EBITDA exclude the |
|
(2) |
Excludes stock-based compensation expense. |
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(3) |
Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change. |
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(4) |
“Adjusted EBITDA” is a non-GAAP measure as defined by the SEC. 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. |
|
** |
Percentage not meaningful. |
Revenue by Geographical Region |
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|
Three Months Ended March 31, |
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(In millions, except percentages) |
|
2020 |
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2021 |
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% Change |
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United States and Canada |
|
$ |
2,075 |
|
|
$ |
1,849 |
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|
(11) |
% |
Latin America ("LatAm") |
|
478 |
|
|
302 |
|
|
(37) |
% |
||
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FAQ
What were Uber's Q1 2021 gross bookings?
Uber reported gross bookings of $19.5 billion for Q1 2021, a 24% increase YoY.
How did Uber's delivery segment perform in Q1 2021?
Uber's delivery gross bookings increased by 166% YoY to $12.5 billion in Q1 2021.
What was Uber's net loss in Q1 2021?
Uber's net loss attributable to the company was $108 million in Q1 2021.
How did the UK accrual impact Uber's revenue?
The $600 million UK accrual reduced Uber's revenue to $2.9 billion for Q1 2021, down 11% YoY.
What was the state of Uber's cash reserves at the end of Q1 2021?
At the end of Q1 2021, Uber had $5.7 billion in unrestricted cash, cash equivalents, and short-term investments.
Uber Technologies, Inc.
NYSE:UBERUBER RankingsUBER Latest NewsOct 31, 2024
Uber Announces Results for Third Quarter 2024
UBER Stock Data
149.42B
2.10B
0.18%
83.7%
2.36%
Software - Application
Services-business Services, Nec
United States of America
SAN FRANCISCO
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