Uber(US:UBER)2024-08-06 20:09Financial Performance - Revenue for the three months ended June 30, 2024, was $10,700 million, representing a 15.9% increase from $9,230 million in the same period of 2023[13]. - Net income attributable to Uber Technologies, Inc. for the three months ended June 30, 2024, was $1,015 million, compared to $394 million for the same period in 2023, marking a significant increase of 157.4%[13]. - The company reported a Gross Bookings increase, with the six months ended June 30, 2024, reaching $20,831 million, up from $18,053 million in the same period of 2023[13]. - Net income for the six months ended June 30, 2024, was $345 million, up from $237 million in the same period of 2023, representing a 45.6% increase[24]. - Total revenue for the six months ended June 30, 2024, reached $20.83 billion, compared to $18.05 billion in the same period of 2023, reflecting a growth of 15.4%[34]. - Mobility revenue for the six months ended June 30, 2024, was $11.77 billion, an increase from $9.22 billion in the same period of 2023, marking a 27.7% rise[34]. - Delivery revenue for the six months ended June 30, 2024, was $6.51 billion, up from $6.15 billion in the same period of 2023, indicating a growth of 5.8%[34]. - Total Segment Adjusted EBITDA for Q2 2024 was $2,143 million, an increase from $1,485 million in Q2 2023, marking a 44% growth[92]. - Mobility segment Adjusted EBITDA for Q2 2024 was $1,567 million, up from $1,170 million in Q2 2023, indicating a 34% increase[92]. - Delivery segment Adjusted EBITDA for Q2 2024 was $588 million, compared to $329 million in Q2 2023, showing a 78% increase[92]. Assets and Liabilities - Total current assets increased from $11,297 million as of December 31, 2023, to $12,483 million as of June 30, 2024[9]. - Total liabilities rose from $26,017 million as of December 31, 2023, to $27,731 million as of June 30, 2024, indicating a 6.6% increase[9]. - Cash and cash equivalents decreased from $4,680 million as of December 31, 2023, to $4,497 million as of June 30, 2024[9]. - The total equity of Uber Technologies, Inc. increased from $12,028 million as of December 31, 2023, to $13,152 million as of June 30, 2024, showing a growth of 9.3%[10]. - The accumulated deficit as of June 30, 2024, was $30,233 million, reflecting ongoing financial challenges[22]. - The company reported a net cash used in investing activities of $1.92 billion for the six months ended June 30, 2024, compared to a net cash provided of $9 million in the same period of 2023[24]. - The company had letters of credit outstanding of $1.2 billion as of June 30, 2024, an increase from $975 million as of December 31, 2023[65]. - Accrued and other current liabilities increased to $6.981 billion as of June 30, 2024, from $6.458 billion as of December 31, 2023[68]. Cash Flow - Cash flows from operating activities for the six months ended June 30, 2024, were $3.24 billion, compared to $1.80 billion in the same period of 2023, showing an increase of 80%[24]. - Cash and cash equivalents at the end of the period were $4.50 billion, down from $4.99 billion at the beginning of the period[26]. - The company reported a foreign currency translation adjustment loss of $(41) million for the six months ended June 30, 2024[24]. Stock-Based Compensation - Stock-based compensation for the six months ended June 30, 2024, was $939 million, slightly down from $974 million in the same period of 2023[24]. - The company reported stock-based compensation expense of $455 million for the three months ended June 30, 2024, compared to $504 million for the same period in 2023, a decrease of 9.7%[78]. - As of June 30, 2024, there were $3.8 billion of unamortized compensation costs related to unvested awards, expected to be recognized over a weighted-average period of approximately 2.81 years[78]. Legal and Regulatory Matters - The company is currently involved in various legal and regulatory matters, with potential liabilities that could impact financial results if resolved unfavorably[94]. - Proposition 22 allows drivers to maintain their status as independent contractors under California law, effective December 16, 2020[95]. - The California Supreme Court upheld Proposition 22 as constitutional on July 25, 2024, after a series of legal challenges[97]. - The Massachusetts Attorney General lawsuit was resolved on June 27, 2024, with the case dismissed and amounts accrued recorded in current liabilities[98]. - Uber has recorded approximately $1.2 billion (£957 million) in unpaid VAT assessments from HMRC for the period of March 2022 to December 2023[104]. - The company intends to vigorously defend its classification of drivers as independent contractors amid ongoing legal challenges[99]. Investments and Acquisitions - The company plans to acquire Foodpanda Taiwan for approximately $950 million, expected to close in the first half of 2025, pending regulatory approval[29]. - The investment in Delivery Hero amounted to $300 million for approximately 8.4 million shares, with a pending acquisition of Foodpanda Taiwan[42]. - Uber acquired a 30% minority interest in Moove for $185 million contingent on future performance, alongside a term loan of $213 million due February 2026[113][114]. Future Outlook - The company anticipates continued investments in new products and offerings to enhance operational performance and market competitiveness[5]. - The company expects continued growth in the Mobility and Delivery segments, driven by increased consumer demand and market expansion strategies[90]. - The company is focused on expanding its presence in identified markets and managing international expansion amidst regulatory challenges[5]. - Uber's financial performance expectations include maintaining profitability and generating positive Adjusted EBITDA or Free Cash Flow[5].