Uber Technologies Inc
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
View on SEC.govAbout this filing
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.
Sep 30, 2024 · Filed Oct 31, 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 2024-06-30; filed 2024-08-06.
0001543151-24-000027
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0001543151-24-000036
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 186 previous paragraphs and 192 current paragraphs.
120 unchanged; 56 reworded; 11 added; 10 removed; 0 previous and 5 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 (11)
Current report
(3) Net cash provided by operating activities and free cash flow during the nine months ended September 30, 2023 reflected an approximately $622 million (£493 million) cash outflow related to the payment of an HMRC VAT assessment during the third quarter of 2023.
Current report
Highlights for the Third Quarter 2024
Current report
Adjusted EBITDA profit was $1.7 billion, up $598 million compared to the same period in 2023. Mobility Adjusted EBITDA profit was $1.7 billion, up $395 million compared to the same period in 2023. Delivery Adjusted EBITDA profit was $628 million, up $215 million compared to the same period in 2023.
Current report
Revenue increased$1.9 billion, or 20%, primarily attributable to an increase in Gross Bookings of 16%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes. The increase in revenue was partially offset by Mobility business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted Mobility revenue growth by $149 million.
Current report
Research and development expenses decreased $23 million, or 3%, primarily attributable to a $42 million decrease in stock-based compensation, partially offset by a $19 million increase in employee headcount costs.
Current report
General and administrative expenses decreased $16 million, or 2%, primarily attributable to a $12 million decrease in stock compensation, a $9 million decrease in other corporate expenses, and a $3 million decrease in employee headcount costs, partially offset by a $12 million increase in external contractor expenses.
Current report
During the nine months ended September 30, 2024, unrealized gain on debt and equity securities, net primarily includes: a $505 million unrealized gain on our Aurora investment; a $432 million gain on our Didi investment; a $230 million gain on our Grab investment, and a $113 million unrealized gain on our Delivery Hero investment. For additional information, refer to Note 3 –
Current report
Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 17%, driven by an increase in 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 Mobility revenue growth by $149 million.
Current report
Mobility revenue increased primarily attributable to an increase in Mobility Gross Bookings of 21%, driven by an increase in 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 Mobility revenue growth by $863 million.
Current report
Debt Redemptions
Current report
On September 12, 2024, we exercised the call option for a partial redemption of the 2027 Senior Note. As a result, we reclassified the $500 million called for redemption from long-term debt to accrued and other current liabilities on our condensed consolidated balance sheet as of September 30, 2024. The partial redemption was completed on October 3, 2024. In addition, on October 2, 2024, we exercised the call option to redeem the $1.5 billion 2026 Senior Note, with the redemption scheduled for November 1, 2024. For additional information, 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.
Removed paragraphs (10)
Previous report
Highlights for the Second Quarter 2024
Previous 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.
Previous 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.
Previous 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.
Previous report
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 report
** Percentage not meaningful.
Previous report
Provision for income taxes decreased by $8 million primarily driven by our foreign operations.
Previous report
** Percentage not meaningful.
Previous report
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 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.
Reworded paragraphs (56)
Previous wording
In the second quarter of 2024, our MAPCs were 156 million, growing 14% compared to the same period in 2023.
Current wording
In the third quarter of 2024, our MAPCs were 161 million, growing 13% compared to the same period in 2023.
Previous 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.
Current wording
Overall Gross Bookings increased to $41.0 billion in the third quarter of 2024, up 16%, or 20% on a constant currency basis, compared to the same period in 2023. Mobility Gross Bookings grew 24% 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 increased 2% year-over-year, on a constant currency basis.
Previous 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.
Current wording
Revenue was $11.2 billion, up 20% year-over-year, primarily attributable to an increase in Gross Bookings of 16%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes. The increase in revenue was partially offset by Mobility business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted Mobility revenue by $149 million.
Previous 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.
Current wording
Net income attributable to Uber Technologies, Inc. was $2.6 billion, which includes the favorable impact of a pre-tax unrealized gain on debt and equity securities, net of $1.7 billion primarily related to a $1.0 billion unrealized gain on our Aurora investment, a $322 million unrealized gain on our Didi investment, a $141 million unrealized gain on our Delivery Hero investment, and a $134 million unrealized gain on our Grab investment.
Previous wording
We ended the quarter with $6.3 billion in unrestricted cash, cash equivalents, and short-term investments.
Current wording
We ended the quarter with $9.1 billion in unrestricted cash, cash equivalents, and short-term investments. Subsequent to the third quarter of 2024, we redeemed $2.0 billion of our outstanding debt. We exercised the call option for a partial, $500 million redemption of the 2027 Senior Note, which was completed on October 3, 2024. In addition, on October 2, 2024, we exercised the call option to redeem the $1.5 billion 2026 Senior Note, with the redemption scheduled for November 1, 2024. For additional information, 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
In addition, the Organisation for Economic Co-operation and Development (“OECD”) has led international efforts among approximately 140 countries and taxing jurisdictions to propose and implement changes to numerous long-standing tax principles, including a framework that imposes a minimum tax rate of 15% in each taxing jurisdiction. Under this guidance, we will be required to determine a combined effective tax rate for all entities located in a jurisdiction. If the jurisdictional effective tax rate determined under these rules is less than 15%, a top-up tax will be due to bring the jurisdictional effective tax rate up to 15%. We are continuing to monitor the pending implementation of these rules by individual countries and the potential impact on our business. We expect the provisions effective in 2024 to have an insignificant impact on our tax obligations for 2024.
Current wording
In addition, the Organisation for Economic Co-operation and Development has led international efforts among approximately 140 countries and taxing jurisdictions to propose and implement changes to numerous long-standing tax principles, including a framework that imposes a minimum tax rate of 15% in each taxing jurisdiction. Under this guidance, we will be required to determine a combined effective tax rate for all entities located in a jurisdiction. If the jurisdictional effective tax rate determined under these rules is less than
Previous wording
The following discussion and analysis is for the three and six months ended June 30, 2024 compared to the same period in 2023.
Current wording
The following discussion and analysis is for the three and nine months ended September 30, 2024 compared to the same period in 2023.
Previous 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.
Current wording
Revenue increased $4.7 billion, or 17%, primarily attributable to an increase in Gross Bookings of 18%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery 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 $863 million and $713 million across Mobility and Delivery, respectively.
Previous 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.
Current wording
Cost of revenue, exclusive of depreciation and amortization, increased $1.1 billion, or 20%, mainly due to a $362 million increase in insurance expense primarily due to an increase in insurance rate per mile in our Mobility business, a $316 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 $169 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, a $78 million increase in credit card processing costs, as a result of increased Gross Bookings, and a $32 million increase in Freight carrier payments.
Previous wording
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 wording
Cost of revenue, exclusive of depreciation and amortization, increased $3.0 billion, or 18%, mainly due to a $998 million increase in insurance expense primarily due to an increase in insurance rate per mile in our Mobility business, a $928 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 $492 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 a $217 million increase in credit card processing costs, as a result of increased Gross Bookings.
Previous wording
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 wording
Operations and support expenses increased $4 million, or 1%, primarily attributable to a $22 million increase in employee headcount costs, partially offset by a $14 million decrease in Driver background check costs and a $5 million decrease in other operating expenses.
Previous 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.
Current wording
Operations and support expenses increased $67 million, or 3%, primarily attributable to a $60 million increase in employee headcount costs, a $39 million increase in stock-based compensation, and a $13 million increase in external contractor expenses, partially offset by a $44 million decrease in Driver background check costs.
Previous 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.
Current wording
Sales and marketing expenses increased $155 million, or 16%, primarily attributable to a $91 million increase in consumer discounts, promotions, credits and refunds to $358 million compared to $267 million in the same period in 2023, and a $51 million increase in indirect advertising and marketing. The increase in consumer discounts, promotions, credits and refunds includes: a $239 million increase in consumer discounts, promotions, credits and refunds spend globally, partially offset by a decrease of $149 million, primarily attributed to Mobility business model changes in some countries that classified certain sales and marketing costs as contra revenue.
Previous wording
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 wording
Sales and marketing expenses decreased $293 million, or 9%, primarily attributable to a $417 million decrease in consumer discounts, promotions, credits and refunds to $1.1 billion compared to $1.5 billion in the same period in 2023, partially offset by an $102 million increase in indirect advertising and marketing. The decrease in consumer discounts, promotions, credits and refunds includes: a decrease of $1.6 billion, primarily attributed to business model changes in some countries that classified certain sales and marketing costs as contra revenue, partially offset by a $1.2 billion increase in consumer discounts, promotions, credits and refunds spend globally.
Previous wording
Research and development expenses decreased $33 million, or 2%, primarily attributable to a $31 million decrease in stock-based compensation.
Current wording
Research and development expenses decreased $56 million, or 2%, primarily attributable to a $73 million decrease in stock-based compensation, partially offset by a $15 million increase in employee headcount costs.
Previous wording
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 wording
General and administrative expenses increased $446 million, or 21%, primarily attributable to a $362 million increase in legal-related accruals and expenses and a $73 million increase in other corporate expenses.
Previous wording
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 wording
Depreciation and amortization expenses decreased $26 million, or 13%, primarily attributable to a$24 million decrease in amortization and depreciation expenses due to various acquired intangible and fixed assets becoming fully amortized and depreciated during the period.
Previous 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.
Current wording
Depreciation and amortization expenses decreased $78 million, or 13%, primarily attributable to a $76 million decrease in amortization expenses due to various acquired intangible and fixed assets becoming fully amortized and depreciated during the period.
Previous wording
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 wording
Interest expense decreased by $72 million, or 15%, 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. For additional information, 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
Interest income increased by $141 million primarily attributable to a larger investment portfolio and higher yields compared to the same period in 2023.
Current wording
Interest income increased by $65 million primarily attributable to a larger investment portfolio compared to the same period in 2023.
Previous wording
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 wording
Unrealized gain (loss) on debt and equity securities, net increased by $1.8 billion primarily due to changes in the fair value of our equity securities. During the three months ended September 30, 2023, unrealized loss on debt and equity securities, net, primarily includes: a $194 million unrealized loss on our Aurora investment; a $97 million unrealized loss on our Joby investment; partially offset by a $132 million unrealized gain on our Didi investment, and a $59 million unrealized gain on our Grab investment.
Previous wording
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 wording
During the three months ended September 30, 2024, unrealized gain on debt and equity securities, net, primarily includes: a $1.0 billion unrealized gain on our Aurora investment; a $322 million unrealized gain on our Didi investment; a $141 million unrealized gain on our Delivery Hero investment, and a $134 million unrealized 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.
Previous wording
Interest income increased by $69 million primarily attributable to a larger investment portfolio and higher yields compared to the same period in 2023.
Current wording
Interest income increased by $206 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 $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.
Current wording
Unrealized gain (loss) on debt and equity securities, net increased by $666 million primarily due to changes in the fair value of our equity securities. During the nine months ended September 30, 2023, unrealized gain on debt and equity securities, net primarily includes: $327 million unrealized gain on our Aurora investment; a $171 million unrealized gain on our Grab investment; a $79 million unrealized gain on our Joby investment, and a $29 million unrealized gain on our Didi investment.
Previous 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.
Current wording
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 $34 million primarily driven by our foreign operations and the deferred U.S. tax impact related to our investment in Aurora.
Current wording
Provision for income taxes increased by $198 million primarily driven by our foreign operations and the deferred U.S. tax impact related to our investments in Aurora and Didi.
Previous wording
Three and Six Months Ended June 30, 2024 Compared with the Same Periods in 2023
Current wording
Three and Nine Months Ended September 30, 2024 Compared with the Same Periods in 2023
Previous 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%.
Current wording
For the three months ended September 30, 2024 compared to the same period in 2023, Mobility revenue increased $1.3 billion, or 26%, and Mobility Adjusted EBITDA profit increased $395 million, or 31%.
Previous 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.
Current wording
Mobility Adjusted EBITDA profit increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $362 million increase in insurance expense primarily due to an increase in insurance rate per mile, a $316 million increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, a $60 million increase in network costs, a $50 million increase in credit card processing costs, and a $27 million increase in headcount costs.
Previous wording
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 wording
For thenine months ended September 30, 2024 compared to the same period in 2023, Mobility revenue increased $3.9 billion, or 27%, and Mobility Adjusted EBITDA profit increased $1.2 billion, or 34%.
Previous wording
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 wording
Mobility Adjusted EBITDA profit increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $998 million increase in insurance expense primarily due to an increase in insurance rate per mile, a $928 million increase in Driver payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, a $142 million increase in credit card processing costs, a $112 million increase in network costs, and a $105 million increase in headcount costs.
Previous 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%.
Current wording
For the three months ended September 30, 2024 compared to the same period in 2023, Delivery revenue increased $535 million, or 18%, and Delivery Adjusted EBITDA profit increased $215 million, or 52%.
Previous 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.
Current wording
Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 16%, driven by an increase in Trip volumes, and a 79% increase in advertising revenue.
Previous 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.
Current wording
Delivery Adjusted EBITDA profit increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by a $169 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, a $57 million increase in insurance expense primarily due to an increase in miles driven, a $51 million increase in indirect advertising and marketing, and a $31 million increase in credit card processing costs.
Previous wording
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 wording
For thenine months ended September 30, 2024 compared to the same period in 2023, Delivery revenue increased $892 million, or 10%, and Delivery Adjusted EBITDA profit increased $714 million, or 69%.
Previous wording
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 wording
Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 17%, driven by an increase in Trip volumes, and a 76% increase in advertising revenue. 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 Delivery revenue growth by $713 million.
Previous wording
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 wording
Delivery Adjusted EBITDA profit increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by a $492 million increase in Courier payments and incentives that are recorded in cost of revenue, exclusive of depreciation and amortization, a $147 million increase in insurance expense primarily due to an increase in miles driven, an $83 million increase in credit card processing costs, and a $70 million increase in indirect advertising and marketing.
Previous 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%.
Current wording
For the three months ended September 30, 2024 compared to the same period in 2023, Freight revenue increased $23 million, or 2%, and Freight Adjusted EBITDA declined $6 million, or 46%.
Previous wording
Freight revenue remained flat primarily attributable to flat Freight Gross Bookings due to an increase in volume, offset by lower revenue per load.
Current wording
Freight revenue increased primarily attributable to a 2% increase in Freight Gross Bookings due to an increase in revenue per load.
Previous wording
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 wording
Freight Adjusted EBITDA declined primarily attributable to a $32 million increase in Freight Carrier payments recorded in cost of revenue, exclusive of depreciation and amortization, partially offset by a$23 million increase in revenue and a $3 million decrease in external contractor expense.
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Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
In addition, there is a reasonable possibility that we will have sufficient evidence to release a significant portion of the valuation allowance in the Netherlands within the next 12 months. However, our judgment regarding future earnings and the exact timing and amount of any valuation allowance release are subject to change due to many factors, including future market conditions and the ability to successfully execute our business plans.
Current report — wording carried from elsewhere
15%, a top-up tax will be due to bring the jurisdictional effective tax rate up to 15%. We are continuing to monitor the pending implementation of these rules by individual countries and the potential impact on our business. We expect the provisions effective in 2024 to have an insignificant impact on our tax obligations for 2024.
Current report — wording carried from elsewhere
Provision for income taxes increased by $164 million primarily driven by our foreign operations and the deferred U.S. tax impact related to our investments in Aurora, Didi, and Grab.
Current report — wording carried from elsewhere
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 report — wording carried from elsewhere
As of September 30, 2024, there have been no material changes outside the ordinary course of business to the contractual obligations, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.