Uber Technologies Inc

Previous wording

(2) See the section titled “Certain Key Metrics and Non-GAAP Financial Measures” for more information.

Current wording

(2) See the section titled “Certain Key Metrics” for more information.

Previous wording

In the third quarter of 2024, our MAPCs were 161 million, growing 13% compared to the same period in 2023.

Current wording

In the first quarter of 2025, our MAPCs were 170 million, growing 14% compared to the same period in 2024.

Previous 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.

Current wording

Overall Gross Bookings increased to $42.8 billion in the first quarter of 2025, up 14%, or 18% on a constant currency basis, compared to the same period in 2024. Mobility Gross Bookings grew 20% year-over-year, on a constant currency basis primarily due to an increase in Mobility Trip volumes. Delivery Gross Bookings grew 18% year-over-year, on a constant currency basis, primarily driven by an increase in Delivery Trip volumes. Freight Gross Bookings decreased 1% year-over-year, on a constant currency basis.

Previous 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.

Current wording

Revenue was $11.5 billion, up 14% year-over-year, primarily attributable to an increase in Gross Bookings of 14%. The increase in Gross Bookings was primarily driven by an increase in Mobility and Delivery Trip volumes.

Previous 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.

Current wording

Net income attributable to Uber Technologies, Inc. was $1.8 billion, which includes the favorable impact of a pre-tax unrealized gain on debt and equity securities, net of $51 million primarily related to changes in the fair value of our equity securities, including: a $155 million unrealized gain on our Didi investment, a $137 million unrealized gain on our Aurora investment, partially offset by a $102 million unrealized loss on our Grab investment, and a $139 million net unrealized loss on our other investments.

Previous wording

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 wording

Adjusted EBITDA was $1.9 billion, up $486 million compared to the same period in 2024. Mobility Adjusted EBITDA was $1.8 billion, up $274 million compared to the same period in 2024. Delivery Adjusted EBITDA was $763 million, up $235 million compared to the same period in 2024. These increases were partially offset by a $37 million increase in Corporate G&A and Platform R&D costs, year-over-year.

Previous 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.

Current wording

We ended the quarter with $6.0 billion in unrestricted cash, cash equivalents, and short-term investments.

Previous wording

We would expect revenue to fluctuate on an absolute dollar basis for the foreseeable future based upon factors such as Trip volume, Driver supply, macroeconomic conditions, global travel activities and management pricing and promotional activities. During the year ended December 31, 2023, we implemented a business model change in certain major markets resulting in end-users becoming our customers. Promotions to end-users considered customers are recognized as contra-revenue while promotions to end-users not considered customers are recognized as sales and marketing expenses.

Current wording

We would expect revenue to fluctuate on an absolute dollar basis for the foreseeable future based upon factors such as Trip volume, Driver supply, macroeconomic conditions, global travel activities and management pricing and promotional activities.

Previous wording

For additional discussion related to our revenue, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates - Revenue Recognition” as well as “Note 1 – Description of Business and Summary of Significant Accounting Policies - Revenue Recognition,” and “Note 2 – Revenue” to our audited consolidated financial statements included in our Annual Report Form 10-K for the year ended December 31, 2023 and Note 2 – Revenue in this Quarterly Report in Form 10-Q.

Current wording

For additional discussion related to our revenue, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates - Revenue Recognition” as well as “Note 1 – Description of Business and Summary of Significant Accounting Policies - Revenue Recognition” and “Note 2 – Revenue” to our audited consolidated financial statements included in our Annual Report Form 10-K for the year ended December 31, 2024, and Note 8 – Segment Information and Geographic Information 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

We expect that cost of revenue, exclusive of depreciation and amortization, will fluctuate on an absolute dollar basis for the foreseeable future in line with Trip volume changes on the platform.

Current wording

We expect that cost of revenue, exclusive of depreciation and amortization, will fluctuate on an absolute dollar basis for the foreseeable future primarily driven by Trip volume changes on the platform.

Previous wording

We would expect general and administrative expenses to vary from period to period on an absolute dollar basis, but decrease as a percentage of revenue as we achieve improved fixed cost leverage and efficiencies in our internal support functions.

Current wording

We would expect general and administrative expenses to increase on an absolute dollar basis for the foreseeable future as our business continues to grow and Trip volume increases, but decrease as a percentage of revenue as we achieve improved fixed cost leverage and efficiencies in our internal support functions. General and administrative expenses as a percentage of revenue may vary from period to period as a percentage of revenue due to the variability of legal and regulatory-related expenses.

Previous wording

Depreciation and amortization expenses primarily consist of depreciation on buildings, site improvements, computer and network equipment, software, leasehold improvements, furniture and fixtures, and amortization of intangible assets. Depreciation includes expenses associated with buildings, site improvements, computer and network equipment, and furniture, fixtures, as well as leasehold improvements. Amortization includes expenses associated with our capitalized internal-use software and acquired intangible assets.

Current wording

Depreciation and amortization expenses primarily consist of depreciation on buildings, site improvements, computer and network equipment, software, leasehold improvements, furniture and fixtures, and amortization of intangible assets. Depreciation includes expenses associated with buildings, site improvements, computer and network equipment, furniture and fixtures, as well as leasehold improvements. Amortization includes expenses associated with our capitalized internal-use software and acquired intangible assets.

Previous 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.

Current wording

Interest expense consists primarily of interest expense associated with our outstanding debt, including amortization of debt discount and issuance costs. For additional detail related to our debt obligations, see Note 3 – Long-Term Debt and 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

Based on available evidence, management believes it is not more-likely-than-not that the net U.S., Netherlands, and other non-material jurisdictions’ deferred tax assets will be fully realizable. In these jurisdictions, we have recorded a valuation allowance against net deferred tax assets. We regularly review the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, excess tax benefits related to stock-based compensation, the expected timing of the reversals of existing taxable temporary differences and tax planning strategies by jurisdiction. Our judgment regarding future profitability may change due to many factors, including future market conditions and the ability to successfully execute our business plans and/or tax planning strategies.

Current wording

Furthermore, based on available evidence, we believe it is more-likely-than-not that the Netherlands’ net deferred tax assets will not be fully realizable. We will continue to maintain a valuation allowance against these net deferred tax assets. We regularly review the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing taxable temporary differences and tax planning strategies by jurisdiction.

Previous wording

Based on our assessment of current income and anticipated future earnings, there is a reasonable possibility that we will have sufficient evidence to release a significant portion of the valuation allowance in the U.S. 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, the ability to successfully execute our business plans, and the amount of stock-based compensation tax deductions available in the future.

Current wording

Based on our assessment of current income and anticipated future earnings, 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 is subject to change due to many factors, including future market conditions and the ability to successfully execute our business plans and/or tax planning strategies. Release of the valuation allowance would result in the recognition of net deferred tax assets on our consolidated balance sheet and would result in an income tax benefit in the period the release is recorded.

Previous 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

Current 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 2025 to have an insignificant impact on our tax obligations for 2025.

Previous wording

The following discussion and analysis is for the three and nine months ended September 30, 2024 compared to the same period in 2023.

Current wording

The following discussion and analysis is for the three months ended March 31, 2025 compared to the same period in 2024.

Previous 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.

Current wording

Cost of revenue, exclusive of depreciation and amortization, increased $769 million, or 12%, mainly due to a $238 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 $197 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven in our Mobility business, 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, and a $54 million increase in credit card processing costs, as a result of increased Gross Bookings.

Previous 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.

Current wording

Operations and support expenses decreased $17 million, or 2%, primarily attributable to a decrease in stock-based compensation.

Previous wording

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 wording

Research and development expenses increased $25 million, or 3%, primarily attributable to a $63 million increase in employee headcount costs, partially offset by a $35 million decrease in stock-based compensation.

Previous 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.

Current wording

General and administrative expenses decreased $552 million, or 46%, primarily attributable to a decrease in legal-related accruals and expenses.

Previous 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.

Current wording

Depreciation and amortization expenses decreased $19 million, or 10%, primarily attributable to various acquired intangible assets becoming fully amortized during the period.

Previous 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.

Current wording

Unrealized gain (loss) on debt and equity securities, net increased by $772 million primarily due to changes in the fair value of our equity securities. During the three months ended March 31, 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.

Previous 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.

Current wording

During the three months ended March 31, 2025, unrealized gain on debt and equity securities, net, primarily includes: a $155 million unrealized gain on our Didi investment, a $137 million unrealized gain on our Aurora investment, partially offset by a $102 million unrealized loss on our Grab investment, and a $139 million net unrealized loss on our other investments. For additional information, refer to Note 2 – 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

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%.

Current wording

For the three months ended March 31, 2025 compared to the same period in 2024, Mobility revenue increased $863 million, or 15%, and Mobility Adjusted EBITDA increased $274 million, or 19%.

Previous 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.

Current wording

Mobility Adjusted EBITDA increased primarily attributable to an increase in Mobility Gross Bookings, partially offset by a $238 million increase in Driver payments and incentives recorded in Mobility Platform Participant direct transaction costs, a $197 million increase in insurance expense primarily due to an increase in insurance rate per mile and miles driven, a $60 million increase in network costs, a $38 million increase in credit card processing costs as a result of increased Gross Bookings, and a $19 million increase in employee headcount costs, recorded in Mobility other expense.

Previous 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%.

Current wording

For the three months ended March 31, 2025 compared to the same period in 2024, Delivery revenue increased $563 million, or 18%, and Delivery Adjusted EBITDA increased $235 million, or 45%.

Previous 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.

Current wording

Delivery revenue increased primarily attributable to an increase in Delivery Gross Bookings of 15%, driven by an increase in Trip volumes, and a $124 million 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 $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.

Current wording

Delivery Adjusted EBITDA increased primarily attributable to an increase in Delivery revenue including advertising, partially offset by a $178 million increase in Courier payments and incentives recorded in Delivery Platform Participant direct transaction costs, a $48 million increase in employee headcount costs, a $42 million increase in indirect advertising and marketing, a $17 million increase in insurance expense primarily due to an increase in miles driven, and a $15 million increase in credit card processing costs as a result of increased Gross Bookings, recorded in Delivery other expense.

Previous 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%.

Current wording

For the three months ended March 31, 2025 compared to the same period in 2024, Freight revenue decreased $24 million, or 2%, and Freight Adjusted EBITDA improved $14 million, or 67%.

Previous wording

Freight revenue decreased primarily attributable to a 3% decrease in Freight Gross Bookings due to lower revenue per load as a result of the challenging freight market cycle, partially offset by an increase in volume.

Current wording

Freight revenue decreased primarily attributable to a 2% decrease in Freight Gross Bookings due to lower revenue per load as a result of the challenging freight market cycle.

Previous wording

Freight Adjusted EBITDA remained flat, primarily attributable to a $99 million decrease in revenue partially offset by a $72 million decrease in Freight Carrier payments recorded in cost of revenue, exclusive of depreciation and amortization, and a $21 million decrease in other operating expenses.

Current wording

Freight Adjusted EBITDA improved primarily attributable to a $24 million decrease in Freight Carrier payments recorded in Freight Platform Participant direct transaction costs and a $13 million decrease in Freight other expenses, partially offset by a$24 million decrease in revenue.

Previous 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:

Current wording

The following table presents a reconciliation of net income (loss) 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 $5.4 billion for the nine months ended September 30, 2024, primarily consisting of $2.9 billion of net income, adjusted for certain non-cash items, which primarily includes: $1.4 billion of stock-based compensation expense, and $561 million of depreciation and amortization expense; partially offset by $1.3 billion in unrealized gains on debt and equity securities, net. In addition, cash consumed by working capital decreased by $1.6 billion. The decrease in cash consumed by working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the Non-Income Tax Matters section below.

Current wording

Net cash provided by operating activities was $2.3 billion for the three months ended March 31, 2025, primarily consisting of $1.8 billion of net income, adjusted for certain non-cash items, which primarily includes: $435 million of stock-based compensation expense; $412 million of deferred income taxes; $178 million of depreciation and amortization expense; $51 million in unrealized gains on debt and equity securities, net, as well as a $478 million increase in cash from working capital. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the “Non-Income Tax Matters” section below.

Previous wording

Net cash provided by operating activities was $2.8 billion for the nine months ended September 30, 2023, primarily consisting of $456 million of net income, adjusted for certain non-cash items, which primarily includes: $1.5 billion of stock-based compensation expense; $620 million depreciation and amortization expense; $77 million in impairment of goodwill, long-lived assets and other assets; and a $74 million loss from sale of investment, partially offset by $610 million in unrealized gains from equity securities. In addition, cash consumed by working capital decreased by $496 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 current liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets. In addition, net cash provided by operating activities reflects a cash outflow of £493 million (approximately $622 million) related to the payment of an HMRC VAT assessment during the third quarter of 2023. For additional information on this matter, refer to Note 12 – Commitments and Contingencies in the notes to condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Current 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; $194 million of depreciation and amortization expense, as well as a $575 million increase in cash from working capital. The increase in cash from working capital was primarily driven by an increase in our accrued insurance reserves primarily due to liabilities recorded during the period exceeding claims paid out, and accrued expenses and other liabilities, partially offset by an increase in accounts receivable and prepaid expenses and other assets primarily due to tax matters recorded as a receivable in other assets described in the “Non-Income Tax Matters” section below.

Previous wording

Net cash used in investing activities was $4.6 billion for the nine months ended September 30, 2024, primarily consisting of purchases of marketable securities of $9.7 billion, purchases of non-marketable equity securities of $288 million, and $198 million in purchases of property and equipment, partially offset by proceeds from maturities and sales of marketable securities of $5.8 billion.

Current wording

Net cash used in investing activities was $542 million for the three months ended March 31, 2025, primarily consisting of purchases of marketable securities of $2.5 billion, purchases of non-marketable equity securities of $179 million, and $74 million in purchases of property and equipment, partially offset by proceeds from maturities and sales of marketable securities of $2.4 billion.

Previous wording

Net cash used in investing activities was $2.4 billion for the nine months ended September 30, 2023, primarily consisting of purchases of marketable securities of $5.9 billion and $168 million in purchases of property and equipment, partially offset by proceeds from maturities and sales of marketable securities of $3.0 billion and $721 million proceeds from the sale of an equity method investment.

Current 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.

Previous wording

Net cash used in financing activities was $141 million for the nine months ended September 30, 2023, primarily consisting of $118 million of principal payments of finance leases, $25 million principal payments on Careem Notes 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 reduce principal owed to 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 –

Current 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 on finance leases.

Previous wording

As of September 30, 2024, $2.8 billion of our $6.2 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.

Current wording

As of March 31, 2025, $2.7 billion of our $5.1 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.

Previous wording

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 September 30, 2024, we had $6.3 billion available to repurchase shares pursuant to the 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 wording

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.