Uber Technologies Inc
For the period ended Jun 30, 2024. Filed Aug 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 6, 2024
UBER$68.59-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-08.
0001543151-24-000020
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-06.
0001543151-24-000027
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 157 previous paragraphs and 186 current paragraphs.
114 unchanged; 40 reworded; 25 added; 2 removed; 1 previous and 7 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (25)
Current report
Highlights for the Second Quarter 2024
Current report
Adjusted EBITDA profit was $1.6 billion, up $654 million compared to the same period in 2023. Mobility Adjusted EBITDA profit was $1.6 billion, up $397 million compared to the same period in 2023. Delivery Adjusted EBITDA profit was $588 million, up $259 million compared to the same period in 2023.
Current report
Revenue increased$1.5 billion, or 16%, primarily attributable to an increase in Gross Bookings of 19%. The increase in Gross Bookings was primarily driven by an increase in Mobility Trip volumes. The increase in revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue growth by $386 million and $299 million across Mobility and Delivery, respectively.
Current report
Operations and support expenses increased $18 million, or 3%, primarily attributable to a $22 million increase in employee headcount costs, a $9 million increase in stock-based compensation, and a $6 million increase in external contractor expenses, partially offset by an $18 million decrease in Driver background check costs.
Current report
Sales and marketing expenses decreased $103 million, or 8%, primarily attributable to a $173 million decrease in consumer discounts, promotions, credits and refunds to $399 million compared to $572 million in the same period in 2023, partially offset by a $67 million increase in indirect advertising and marketing. The decrease in consumer discounts, promotions, credits and refunds includes: a decrease of $685 million, primarily attributed to business model changes in some countries that classified certain sales and marketing costs as contra revenue, partially offset by a $511 million increase in consumer discounts, promotions, credits and refunds spend globally.
Current report
Research and development expenses decreased $48 million, or 6%, primarily attributable to a $40 million decrease in stock-based compensation and an $11 million decrease in employee headcount costs.
Current report
General and administrative expenses increased $462 million, or 32%, primarily attributable to a $355 million increase in legal-related accruals and expenses and an $82 million increase in other corporate expenses.
Current report
Depreciation and amortization expenses decreased $35 million, or 17%, primarily attributable to a$29 million decrease in amortization and depreciation expenses due to various acquired intangible and fixed assets becoming fully amortized and depreciated during the period.
Current report
Interest expense decreased by $49 million, or 16%, primarily attributable to the partial pay down of our 2030 Refinanced Term Loans and extinguishment of the 2025 Senior Notes in the last quarter of 2023.
Current report
** Percentage not meaningful.
Current report
Unrealized gain (loss) on debt and equity securities, net decreased by $1.1 billion primarily represents changes in the fair value of our equity securities. During the six months ended June 30, 2023, unrealized gain on debt and equity securities, net primarily includes: $521 million unrealized gain on our Aurora investment; a $177 million unrealized gain on our Joby investment; a $113 million unrealized gain on our Grab investment; partially offset by a $104 million unrealized loss on our Didi investment.
Current report
Provision for income taxes decreased by $8 million primarily driven by our foreign operations.
Current report
** Percentage not meaningful.
Current report
The changes in income (loss) from equity method investments were not material.
Current report
For thesix months ended June 30, 2024 compared to the same period in 2023, Mobility revenue increased $2.5 billion, or 28%, and Mobility Adjusted EBITDA profit increased $816 million, or 37%.
Current report
Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 24%, driven by an increase in Trip volumes. The increase in Mobility revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue growth by $714 million.
Current report
For thesix months ended June 30, 2024 compared to the same period in 2023, Delivery revenue increased $357 million, or 6%, and Delivery Adjusted EBITDA profit increased $499 million, or 81%.
Current report
Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 17%, driven by an increase in Trip volumes. The increase in Delivery revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue growth by $713 million.
Current report
Freight revenue remained flat primarily attributable to flat Freight Gross Bookings due to an increase in volume, offset by lower revenue per load.
Current report
Freight Adjusted EBITDA improvement was primarily attributable to a $7 million decrease in operating expenses, partially offset by a $3 million increase in Freight Carrier payments recorded in cost of revenue, exclusive of depreciation and amortization.
Current report
For thesix months ended June 30, 2024 compared to the same period in 2023, Freight revenue decreased $122 million, or 5%, and Freight Adjusted EBITDA increased $4 million, or 11%.
Current report
Share Repurchase Program
Current report
In February 2024, our board of directors authorized the repurchase of up to $7.0 billion in shares of our outstanding common stock (the “Share Repurchase Program”). The timing, manner, price and amount of any repurchases are determined by the discretion of management, depending on market conditions and other factors. Repurchases may be made through open market purchases and accelerated share repurchases. The exact number of shares to be repurchased by us, if any, is not guaranteed. Depending on market conditions and other factors, these repurchases may be commenced or suspended at any time or periodically without prior notice. As of June 30, 2024, we had $6.7 billion available to repurchase shares pursuant to our Share Repurchase Program. For additional information, see Note 8 – Stockholders' Equity in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Current report
Freight Series A Preferred Stock
Current report
On October 6, 2023, the 2020 Freight Series A Investor exercised their right to require that either Freight Holding conduct an IPO or we redeem them at the Freight Series A Liquidation Preference, amounting to $849 million. Upon the redemption date in October 2024, we expect to settle the 2020 Freight Series A Investor’s Freight Series A preferred stock in cash. For additional information, see Note 14 – Non-Controlling Interests in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Removed paragraphs (2)
Previous report
Highlights for the First Quarter 2024
Previous report
Adjusted EBITDA was $1.4 billion, up $621 million compared to the same period in 2023. Mobility Adjusted EBITDA profit was $1.5 billion, up $419 million compared to the same period in 2023. Delivery Adjusted EBITDA profit was $528 million, up $240 million compared to the same period in 2023. These increases were partially offset by a $40 million increase in Corporate G&A and Platform R&D costs, year-over-year.
Reworded paragraphs (40)
Previous wording
In the first quarter of 2024, our MAPCs were 149 million, growing 15% compared to the same period in 2023.
Current wording
In the second quarter of 2024, our MAPCs were 156 million, growing 14% compared to the same period in 2023.
Previous wording
Overall Gross Bookings increased to $37.7 billion in the first quarter of 2024, up 20%, or 21% on a constant currency basis, compared to the same period in 2023. Mobility Gross Bookings grew 26% year-over-year, on a constant currency basis primarily due to an increase in Trip volumes. Delivery Gross Bookings grew 17% year-over-year, on a constant currency basis, primarily driven by an increase in delivery orders and higher basket sizes. Freight Gross Bookings decreased 9% year-over-year, on a constant currency basis, due to lower revenue per load as a result of the challenging freight market cycle.
Current wording
Overall Gross Bookings increased to $40 billion in the second quarter of 2024, up 19%, or 21% on a constant currency basis, compared to the same period in 2023. Mobility Gross Bookings grew 27% year-over-year, on a constant currency basis primarily due to an increase in Trip volumes. Delivery Gross Bookings grew 17% year-over-year, on a constant currency basis, primarily driven by an increase in Trip volumes. Freight Gross Bookings decreased 1% year-over-year, on a constant currency basis.
Previous wording
Revenue was $10.1 billion, up 15% year-over-year, primarily attributable to an increase in Gross Bookings of 20%. The increase in Gross Bookings was primarily driven by an increase in Mobility Trip volumes. The increase in revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue by $328 million and $414 million across Mobility and Delivery, respectively.
Current wording
Revenue was $10.7 billion, up 16% year-over-year, primarily attributable to an increase in Gross Bookings of 19%. The increase in Gross Bookings was primarily driven by an increase in Mobility Trip volumes. The increase in revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue growth by $386 million and $299 million across Mobility and Delivery, respectively.
Previous wording
Net loss attributable to Uber Technologies, Inc. was $654 million, which includes the unfavorable impact of a pre-tax unrealized loss on debt and equity securities, net of $721 million primarily related to a $505 million unrealized loss on our Aurora investment, a $123 million unrealized loss on our Grab investment, and a $69 million unrealized loss on our Didi investment.
Current wording
Net income attributable to Uber Technologies, Inc. was $1.0 billion, which includes the favorable impact of a pre-tax unrealized gain on debt and equity securities, net of $333 million primarily related to a $220 million unrealized gain on our Grab investment and a $178 million unrealized gain on our Didi investment.
Previous wording
We ended the quarter with $5.8 billion in unrestricted cash, cash equivalents and short-term investments.
Current wording
We ended the quarter with $6.3 billion in unrestricted cash, cash equivalents, and short-term investments.
Previous wording
Interest expense consists primarily of interest expense associated with our outstanding debt, including accretion of debt discount. For additional detail related to our debt obligations, see Note 5 – Long-Term Debt and Revolving Credit Arrangements in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.
Current wording
Interest expense consists primarily of interest expense associated with our outstanding debt, including accretion of debt discount and issuance costs. For additional detail related to our debt obligations, see Note 6 – Long-Term Debt and Revolving Credit Arrangements in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.
Previous wording
•Foreign currency exchange losses, net, which consist primarily of remeasurement of transactions and monetary assets and liabilities denominated in currencies other than the functional currency at the end of the period.
Current wording
•Foreign currency exchange gains (losses), net, which consist primarily of remeasurement of transactions and monetary assets and liabilities denominated in currencies other than the functional currency at the end of the period.
Previous wording
The following discussion and analysis is for the three months ended March 31, 2024 compared to the same period in 2023.
Current wording
The following discussion and analysis is for the three and six months ended June 30, 2024 compared to the same period in 2023.
Previous wording
Revenue increased$1.3 billion, or 15%, primarily attributable to an increase in Gross Bookings of 20%. The increase in Gross Bookings was primarily driven by an increase in Mobility Trip volumes. The increase in revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue by $328 million and $414 million across Mobility and Delivery, respectively.
Current wording
Revenue increased 2.8 billion, or 15%, primarily attributable to an increase in Gross Bookings of 19%. The increase in Gross Bookings was primarily driven by an increase in Mobility Trip volumes. The increase in revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue growth by $714 million and $713 million across Mobility and Delivery, respectively.
Previous wording
Cost of revenue, exclusive of depreciation and amortization, increased $909 million, or 17%, mainly due to a $337 million increase in insurance expense primarily due to an increase in miles driven in our Mobility business, a $329 million increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Mobility Gross Bookings, and a $178 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Delivery Gross Bookings in certain markets.
Current wording
Cost of revenue, exclusive of depreciation and amortization, increased $1.9 billion, or 17%, mainly due to a $636 million increase in insurance expense primarily due to an increase in miles driven in our Mobility business, a $612 million increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Mobility Gross Bookings, and a $323 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Delivery Gross Bookings in certain markets.
Previous wording
Operations and support expenses increased $45 million, or 7%, primarily attributable to a $29 million increase in stock-based compensation, a $16 million increase in employee headcount costs, and a $7 million increase in external contractor expenses, partially offset by a $11 million decrease in driver background check costs.
Current wording
Operations and support expenses increased $63 million, or 5%, primarily attributable to a $38 million increase in stock-based compensation, a $38 million increase in employee headcount costs, and a $13 million increase in external contractor expenses, partially offset by a $29 million decrease in Driver background check costs.
Previous wording
Sales and marketing expenses decreased $345 million, or 27%, primarily attributable to a $335 million decrease in consumer discounts, promotions, credits and refunds to $306 million compared to $641 million in the same period in 2023. The decrease in consumer discounts, promotions, credits and refunds is primarily attributed to business model changes in some countries that classified certain sales and marketing costs as contra revenue totaling $742 million, partially offset by a $407 million increase in consumer discounts, promotions, credits and refunds spend globally.
Current wording
Sales and marketing expenses decreased $448 million, or 18%, primarily attributable to a $508 million decrease in consumer discounts, promotions, credits and refunds to $705 million compared to $1.2 billion in the same period in 2023. The decrease in consumer discounts, promotions, credits and refunds includes: a decrease of $1.4 billion, primarily attributed to business model changes in some countries that classified certain sales and marketing costs as contra revenue, partially offset by a $919 million increase in consumer discounts, promotions, credits and refunds spend globally.
Previous wording
Research and development expenses increased $15 million, or 2%, primarily attributable to a $9 million increase stock-based compensation and an $8 million increase in employee headcount costs.
Current wording
Research and development expenses decreased $33 million, or 2%, primarily attributable to a $31 million decrease in stock-based compensation.
Previous wording
General and administrative expenses increased $267 million, or 28%, primarily attributable to a $303 million increase in legal-related accruals and expenses, partially offset by a $45 million decrease in employee headcount costs.
Current wording
General and administrative expenses increased $195 million, or 40%, primarily attributable to a $100 million increase in other corporate expenses, a $52 million increase in legal-related accruals and expenses, and a $26 million increase in employee headcount costs.
Previous wording
Depreciation and amortization expenses decreased $17 million, or 8%, primarily attributable to a$21 million decrease in amortization expenses due to various acquired intangible assets becoming fully amortized in 2023.
Current wording
Depreciation and amortization expenses decreased $52 million, or 13%, primarily attributable to a $55 million decrease in amortization expenses due to various acquired intangible and fixed assets becoming fully amortized and depreciated during the period.
Previous wording
Interest income increased by $72 million primarily attributable to a larger investment portfolio and higher yields compared to the same period in 2023.
Current wording
Interest income increased by $69 million primarily attributable to a larger investment portfolio and higher yields compared to the same period in 2023.
Previous wording
Unrealized gain (loss) on debt and equity securities, net decreased by $1.0 billion primarily due to changes in the fair value of our equity securities. In the first quarter of 2023, unrealized gain on debt and equity securities, net, primarily includes: a $357 million unrealized gain on our Didi investment and a $54 million unrealized gain on our Aurora investment, partially offset by a $113 million unrealized loss on our Grab investment.
Current wording
Unrealized gain (loss) on debt and equity securities, net decreased by $53 million primarily due to changes in the fair value of our equity securities. In the second quarter of 2023, unrealized gain on debt and equity securities, net, primarily includes: a $466 million unrealized gain on our Aurora investment; a $225 million unrealized gain on our Grab investment; a $151 million unrealized gain on our Joby investment; partially offset by a $461 million unrealized loss on our Didi investment.
Previous wording
In the first quarter of 2024, unrealized loss on debt and equity securities, net, primarily includes: a $505 million unrealized loss on our Aurora investment, a $123 million unrealized loss on our Grab investment, and a $69 million unrealized loss on our Didi investment. For additional information, refer to Note 3 – Investments and Fair Value Measurement in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.
Current wording
In the second quarter of 2024, unrealized gain on debt and equity securities, net, primarily includes: a $220 million unrealized gain on our Grab investment, and a $178 million unrealized gain on our Didi investment. For additional information, refer to Note 3 – Investments and Fair Value Measurement in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.
Previous wording
Provision for income taxes decreased by $26 million primarily due to the deferred U.S. tax impact related to our investment in Aurora.
Current wording
Provision for income taxes decreased by $34 million primarily driven by our foreign operations and the deferred U.S. tax impact related to our investment in Aurora.
Previous wording
Three Months Ended March 31, 2024 Compared with the Same Period in 2023
Current wording
Three and Six Months Ended June 30, 2024 Compared with the Same Periods in 2023
Previous wording
For the three months ended March 31, 2024 compared to the same period in 2023, Mobility revenue increased $1.3 billion, or 30%, and Mobility Adjusted EBITDA profit increased $419 million, or 40%.
Current wording
For the three months ended June 30, 2024 compared to the same period in 2023, Mobility revenue increased $1.2 billion, or 25%, and Mobility Adjusted EBITDA profit increased $397 million, or 34%.
Previous wording
Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 25%, driven by an increase in Trip volumes. The increase in Mobility revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue by $328 million.
Current wording
Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 23%, driven by an increase in Trip volumes. The increase in Mobility revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue growth by $386 million.
Previous wording
Mobility Adjusted EBITDA profit increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $337 million increase in insurance expense primarily due to an increase in miles driven and a $329 million increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization.
Current wording
Mobility Adjusted EBITDA profit increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $299 million increase in insurance expense primarily due to an increase in miles driven and a $283 million increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization.
Previous wording
For the three months ended March 31, 2024 compared to the same period in 2023, Delivery revenue increased $121 million, or 4%, and Delivery Adjusted EBITDA profit increased $240 million, or 83%.
Current wording
For the three months ended June 30, 2024 compared to the same period in 2023, Delivery revenue increased $236 million, or 8%, and Delivery Adjusted EBITDA profit increased $259 million, or 79%.
Previous wording
Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 18%, driven by an increase in delivery orders and higher basket sizes. The increase in Delivery revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue by $414 million.
Current wording
Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 16%, driven by an increase in Trip volumes. The increase in Delivery revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue growth by $299 million.
Previous wording
Delivery Adjusted EBITDA profit increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by a $178 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization and a $68 million increase in insurance expense primarily due to an increase in miles driven.
Current wording
Delivery Adjusted EBITDA profit increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by a $145 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization.
Previous wording
For the three months ended March 31, 2024 compared to the same period in 2023, Freight revenue decreased $116 million, or 8%, and Freight Adjusted EBITDA increased$2 million, or 9%.
Current wording
For the three months ended June 30, 2024 compared to the same period in 2023, Freight revenue decreased $6 million, and Freight Adjusted EBITDA increased $2 million, or 14%.
Previous wording
Freight Adjusted EBITDA loss decreased primarily attributable to a $108 million decrease in Freight Carrier payments recorded in cost of revenue, exclusive of depreciation and amortization, partially offset by a$116 million decrease in Freight revenue.
Current wording
Freight Adjusted EBITDA improvement was primarily attributable to a $104 million decrease in Freight Carrier payments recorded in cost of revenue, exclusive of depreciation and amortization, partially offset by a $122 million decrease in Freight revenue.
Previous wording
Gross Bookings. We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of: Mobility rides, Delivery orders (in each case without any adjustment for consumer discounts and refunds); Driver and Merchant earnings; Driver incentives and Freight revenue. Gross Bookings do not include tips earned by Drivers. Gross Bookings are an indication of the scale of our current platform, which ultimately impacts revenue.
Current wording
Gross Bookings. We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of: Mobility rides, Delivery orders (in each case without any adjustment for consumer discounts and refunds, Driver and Merchant earnings, and Driver incentives) and Freight revenue. Gross Bookings do not include tips earned by Drivers. Gross Bookings are an indication of the scale of our current platform, which ultimately impacts revenue.
Previous wording
Adjusted EBITDA. See the section titled “Reconciliations of Non-GAAP Financial Measures” for our definition and a reconciliation of net loss attributable to Uber Technologies, Inc. to Adjusted EBITDA.
Current wording
Adjusted EBITDA. See the section titled “Reconciliations of Non-GAAP Financial Measures” for our definition and a reconciliation of net income attributable to Uber Technologies, Inc. to Adjusted EBITDA.
Previous wording
Adjusted EBITDA profit was $1.4 billion, improving $621 million from an Adjusted EBITDA profit of $761 million from the same period in 2023. The improvement was primarily attributable to a $419 million increase in Mobility Adjusted EBITDA profit and a $240 million improvement in Delivery Adjusted EBITDA profit, partially offset by a $40 million increase in Corporate G&A and Platform R&D costs.
Current wording
Adjusted EBITDA profit was $3.0 billion, improved $1.3 billion from an Adjusted EBITDA profit of $1.7 billion from the same period in 2023. The improvement was primarily attributable to a $816 million increase in Mobility Adjusted EBITDA profit and a $499 million improvement in Delivery Adjusted EBITDA profit, partially offset by a $44 million increase in Corporate G&A and Platform R&D costs.
Previous wording
The following table presents a reconciliation of net loss attributable to Uber Technologies, Inc., the most directly comparable GAAP financial measure, to Adjusted EBITDA for each of the periods indicated:
Current wording
The following table presents a reconciliation of net income attributable to Uber Technologies, Inc., the most directly comparable GAAP financial measure, to Adjusted EBITDA for each of the periods indicated:
Previous wording
Net cash provided by operating activities was $1.4 billion for the three months ended March 31, 2024, primarily consisting of $663 million of net loss, adjusted for certain non-cash items, which primarily included: $721 million in unrealized losses on debt and equity securities, net; $484 million of stock-based compensation expense; and $194 million of depreciation and amortization expense. In addition, cash consumed by working capital decreased by $575 million. The decrease in cash consumed by working capital was primarily driven by an increase in our accrued insurance reserves and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets.
Current wording
Net cash provided by operating activities was $3.2 billion for the six months ended June 30, 2024, primarily consisting of $345 million of net income, adjusted for certain non-cash items, which primarily includes: $939 million of stock-based compensation expense; $388 million in unrealized losses on debt and equity securities, net; and $375 million of depreciation and amortization expense. In addition, cash consumed by working capital decreased by $1.1 billion. The decrease in cash consumed by working capital was primarily driven by an increase in our accrued insurance reserves and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets.
Previous wording
Net cash provided by operating activities was $606 million for the three months ended March 31, 2023, primarily consisting of $157 million of net loss, adjusted for certain non-cash items, which primarily included: $470 million of stock-based compensation expense; $320 million in unrealized gains on debt and equity securities, net; and $207 million of depreciation and amortization expense as well as a $258 million decrease in cash consumed by working capital. The decrease in cash consumed by working capital was primarily driven by an increase in our accrued insurance reserves and a decrease in accounts receivable, partially offset by a decrease in accrued expenses and other current liabilities.
Current wording
Net cash provided by operating activities was $1.8 billion for the six months ended June 30, 2023, primarily consisting of $237 million of net income, adjusted for certain non-cash items, which primarily includes: $974 million of stock-based compensation expense; $415 million depreciation and amortization expense; $78 million in impairment of goodwill, long-lived assets and other assets; and a $74 million loss from sale of investment, partially offset by $706 million in unrealized gains from equity securities. In addition, cash consumed by working capital decreased by $609 million. The decrease in cash consumed by working capital was primarily driven by an increase in our accrued insurance reserves and a decrease in accounts receivable, partially offset by a decrease in accrued expenses and other current liabilities and increase in prepaid expenses and other assets.
Previous wording
Net cash used in investing activities was $242 million for the three months ended March 31, 2024, primarily consisting of purchases of marketable securities of $2.0 billion, purchases of non-marketable equity securities of $174 million, and $57 million in purchases of property and equipment, partially offset by proceeds from maturities and sales of marketable securities of $2.0 billion.
Current wording
Net cash used in investing activities was $1.9 billion for the six months ended June 30, 2024, primarily consisting of purchases of marketable securities of $5.3 billion, purchases of non-marketable equity securities of $232 million, and $156 million in purchases of property and equipment, partially offset by proceeds from maturities and sales of marketable securities of $3.9 billion.
Previous wording
Net cash used in investing activities was $399 million for the three months ended March 31, 2023, primarily consisting of purchases of marketable securities of $846 million, and $57 million in purchases of property and equipment, partially offset by proceeds from maturities and sales of marketable securities of $500 million.
Current wording
Net cash provided by investing activities was $9 million for the six months ended June 30, 2023, primarily consisting of proceeds from maturities and sales of marketable securities of $1.6 billion and $703 million proceeds from the sale of an equity method investment, partially offset by purchases of marketable securities of $2.2 billion, and $107 million in purchases of property and equipment.
Previous wording
Net cash used in financing activities was $100 million for the three months ended March 31, 2024, primarily consisting of $42 million of principal payments of finance leases.
Current wording
Net cash used in financing activities was $291 million for the six months ended June 30, 2024, primarily consisting of $325 million of repurchases of common stock and $77 million of principal payments of finance leases, partially offset by $103 million in proceeds from the issuance of common stock under the Employee Stock Purchase Plan.
Previous wording
Net cash used in financing activities was $107 million for the three months ended March 31, 2023, primarily consisting of $40 million of principal payments of finance leases and a $16 million net cash outflow related to our 2030 Refinanced Term Loans, comprised of (i) $1.1 billion cash inflow from the issuance of the 2030 Refinanced Term Loans, net of issuance costs, from new lenders and additional principal from existing lenders; (ii) a $1.1 billion cash outflow of principal payments on the 2025 Refinanced Term Loan and 2027 Refinanced Term Loan to exiting lenders and lower principal from existing lenders. For additional information on our 2030 Refinanced Term Loans, see Note 5 – Long-Term Debt and Revolving Credit Arrangements in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Current wording
Net cash used in financing activities was $65 million for the six months ended June 30, 2023, primarily consisting of $82 million of principal payments of finance leases and a $16 million net cash outflow related to our 2030 Refinanced Term Loans, comprised of (i) $1.1 billion cash inflow from the issuance of the 2030 Refinanced Term Loans, net of issuance costs, from new lenders and additional principal from existing lenders; (ii) a $1.1 billion cash outflow of principal payments on the 2025 Refinanced Term Loan and 2027 Refinanced Term Loan to exiting lenders and lower principal from existing lenders. The total outflow was offset by $85 million in proceeds from the issuance of common stock under the Employee Stock Purchase Plan. For additional information on our 2030 Refinanced Term Loans, see Note 6 – Long-Term Debt and Revolving Credit Arrangements in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Previous wording
As of March 31, 2024, $2.6 billion of our $5.0 billion in cash and cash equivalents was held by our foreign subsidiaries. Cash held outside the United States may be repatriated, subject to certain limitations, and would be available to be used to fund our domestic operations. Repatriation of funds may result in immaterial tax liabilities. We believe that our existing cash balance in the United States is sufficient to fund our working capital needs in the United States. We are in compliance with our debt and line of credit covenants as of March 31, 2024, including by meeting our reporting obligations. We also believe that our sources of funding and our available line of credit will be sufficient to satisfy our currently anticipated cash requirements including capital expenditures, working capital requirements, collateral requirements, potential acquisitions, potential prepayments of contested indirect tax assessments (“pay-to-play”), and other liquidity requirements through at least the next 12 months. We intend to continue to evaluate and may, in certain circumstances, take preemptive action to preserve liquidity.
Current wording
We believe that our existing cash balance in the United States is sufficient to fund our working capital needs in the United States. We are in compliance with our debt and line of credit covenants as of June 30, 2024, including by meeting our reporting obligations. We also believe that our sources of funding and our available line of credit will be sufficient to satisfy our currently anticipated cash requirements including capital expenditures, working capital requirements, collateral requirements, potential acquisitions, potential prepayments of contested indirect tax assessments (“pay-to-play”), and other liquidity requirements through at least the next 12 months. We intend to continue to evaluate and may, in certain circumstances, take preemptive action to preserve liquidity.
Previous wording
We have received multiple assessments from the HMRC disputing our application of VAT Order 1987 application for the period of March 2022 to September 2023, totaling approximately $981 million (£781 million) for unpaid VAT. Uber paid the assessments in order to proceed with the appeal process. The payments do not represent our acceptance of the assessments. The payments are recorded as a receivable because we believe that we will be successful in our appeal, upon which, the full amount of our payments will be returned to us with interest upon completion of the appeals process. We expect to receive additional assessments related to prior or future periods, which we will be required to pay in order to continue with the appeals process. Any payments are expected to decrease operating cash flow and have no impact on our results of operations. We plan to vigorously defend our application of the VAT Order 1987 and are waiting to obtain hearing dates from the Tax Tribunal.
Current wording
We have received multiple assessments from the HMRC disputing our application of VAT Order 1987 for the period of March 2022 to December 2023, totaling approximately $1.2 billion (£957 million) for unpaid VAT. Uber paid the assessments in order to proceed with the appeal process. The payments do not represent our acceptance of the assessments. The payments are recorded as a receivable because we believe that we will be successful in our appeal, upon which, the full amount of our payments will be returned to us with interest upon completion of the appeals process. We expect to receive additional assessments related to prior or future periods, which we will be required to pay in order to continue with the appeals process. Any payments are expected to decrease operating cash flow and have no impact on our results of operations. We plan to vigorously defend our application of the VAT Order 1987 and are waiting to obtain hearing dates from the Tax Tribunal.
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Current report — wording carried from elsewhere
Cost of revenue, exclusive of depreciation and amortization, increased $973 million, or 18%, mainly due to a $299 million increase in insurance expense primarily due to an increase in miles driven in our Mobility business, a $283 million increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Mobility Gross Bookings in certain markets, a $145 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, as a result of increased Delivery Gross Bookings in certain markets, and an $88 million increase in credit card processing costs, as a result of increased Gross Bookings.
Current report — wording carried from elsewhere
Interest income increased by $141 million primarily attributable to a larger investment portfolio and higher yields compared to the same period in 2023.
Current report — wording carried from elsewhere
During the six months ended June 30, 2024, unrealized loss on debt and equity securities, net primarily includes: a $522 million unrealized loss on our Aurora investment; partially offset by a $109 million gain on our Didi investment and a $96 million gain on our Grab investment. For additional information, refer to Note 3 – Investments and Fair Value Measurement in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.
Current report — wording carried from elsewhere
Mobility Adjusted EBITDA profit increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $636 million increase in insurance expense primarily due to an increase in miles driven and a $612 million increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization.
Current report — wording carried from elsewhere
Delivery Adjusted EBITDA profit increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by a $323 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization.
Current report — wording carried from elsewhere
Adjusted EBITDA profit was $1.6 billion, improving $654 million from an Adjusted EBITDA profit of $916 million from the same period in 2023. The improvement was primarily attributable to a $397 million increase in Mobility Adjusted EBITDA profit and a $259 million improvement in Delivery Adjusted EBITDA profit.
Current report — wording carried from elsewhere
As of June 30, 2024, $2.4 billion of our $4.5 billion in cash and cash equivalents was held by our foreign subsidiaries. Cash held outside the United States may be repatriated, subject to certain limitations, and would be available to be used to fund our domestic operations. Repatriation of funds may result in immaterial tax liabilities.
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Previous report — wording carried elsewhere
Income (loss) from equity method investments decreased by an immaterial amount.