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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________ 
FORM 10-Q
____________________________________________ 
(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____ to _____            
Commission File Number: 001-38902
____________________________________________ 
UBER TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
____________________________________________________________________________ 
Delaware 45-2647441
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1515 3rd Street
San Francisco, California 94158
(Address of principal executive offices, including zip code)
(415) 612-8582
(Registrant’s telephone number, including area code)
____________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.00001 per share UBER New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
The number of shares of the registrant's common stock outstanding as of November 3, 2021 was 1,940,118,248.



UBER TECHNOLOGIES, INC.
TABLE OF CONTENTS
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Item 1.
Item 1A.
Item 2.
Item 6.
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
the impacts of COVID-19 or other future pandemics on our business, results of operations, financial position and cash flows;
our ability to successfully defend litigation and government proceedings brought against us, including with respect to our relationship with drivers and couriers, and the potential impact on our business operations and financial performance if we are not successful;
our ability to successfully compete in highly competitive markets;
our ability to effectively manage our growth and maintain and improve our corporate culture;
our expectations regarding financial performance, including but not limited to revenue, potential profitability and the timing thereof, ability to generate positive Adjusted EBITDA, expenses, and other results of operations;
our expectations regarding future operating performance, including but not limited to our expectations regarding future Monthly Active Platform Consumers (“MAPCs”), Trips, Gross Bookings, and Take Rate;
our expectations regarding our competitors’ use of incentives and promotions, our competitors’ ability to raise capital, and the effects of such incentives and promotions on our growth and results of operations;
our anticipated investments in new products and offerings, and the effect of these investments on our results of operations;
our anticipated capital expenditures and our estimates regarding our capital requirements;
our ability to close and integrate acquisitions into our operations;
anticipated technology trends and developments and our ability to address those trends and developments with our products and offerings;
the size of our addressable markets, market share, category positions, and market trends, including our ability to grow our business in the countries we have identified as expansion markets;
the safety, affordability, and convenience of our platform and our offerings;
our ability to identify, recruit, and retain skilled personnel, including key members of senior management;
our expected growth in the number of platform users, and our ability to promote our brand and attract and retain platform users;
our ability to maintain, protect, and enhance our intellectual property rights;
our ability to introduce new products and offerings and enhance existing products and offerings;
our ability to successfully enter into new geographies, expand our presence in countries in which we are limited by regulatory restrictions, and manage our international expansion;
our ability to successfully renew licenses to operate our business in certain jurisdictions;
the availability of capital to grow our business;
volatility in the business or stock price of our minority-owned affiliates;
our ability to meet the requirements of our existing debt and draw on our line of credit;
our ability to prevent disturbance to our information technology systems;
our ability to comply with existing, modified, or new laws and regulations applying to our business; and
our ability to implement, maintain, and improve our internal control over financial reporting.
Actual events or results may differ from those expressed in forward-looking statements. As such, you should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our
2


business, financial condition, operating results, prospects, strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q speak only as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
(Unaudited)
As of December 31, 2020 As of September 30, 2021
Assets
Cash and cash equivalents $ 5,647  $ 6,482 
Short-term investments 1,180  — 
Restricted cash and cash equivalents 250  414 
Accounts receivable, net of allowance of $55 and $43, respectively
1,073  1,333 
Prepaid expenses and other current assets 1,215  1,455 
Assets held for sale 517  — 
Total current assets 9,882  9,684 
Restricted cash and cash equivalents 1,494  2,894 
Collateral held by insurer 860  — 
Investments (including amortized cost of debt securities of $2,281 and $2,281)
9,052  12,239 
Equity method investments 1,079  971 
Property and equipment, net 1,814  1,781 
Operating lease right-of-use assets 1,274  1,218 
Intangible assets, net 1,564  1,278 
Goodwill 6,109  6,447 
Other assets 124  372 
Total assets $ 33,252  $ 36,884 
Liabilities, redeemable non-controlling interests and equity
Accounts payable $ 235  $ 310 
Short-term insurance reserves 1,243  1,379 
Operating lease liabilities, current 175  168 
Accrued and other current liabilities 5,112  6,269 
Liabilities held for sale 100  — 
Total current liabilities 6,865  8,126 
Long-term insurance reserves 2,223  2,577 
Long-term debt, net of current portion 7,560  9,279 
Operating lease liabilities, non-current 1,544  1,488 
Other long-term liabilities 1,306  1,129 
Total liabilities 19,498  22,599 
Commitments and contingencies (Note 13)
Redeemable non-controlling interests 787  229 
Equity
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 1,849,794 and 1,918,591 shares issued and outstanding, respectively
—  — 
Additional paid-in capital 35,931  37,281 
Accumulated other comprehensive income (loss) (535) 1,168 
Accumulated deficit (23,130) (24,518)
Total Uber Technologies, Inc. stockholders' equity 12,266  13,931 
Non-redeemable non-controlling interests 701  125 
Total equity 12,967  14,056 
Total liabilities, redeemable non-controlling interests and equity $ 33,252  $ 36,884 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2021 2020 2021
Revenue $ 2,813  $ 4,845  $ 7,974  $ 11,677 
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below 1,298  2,438  3,713  6,247 
Operations and support 365  475  1,450  1,330 
Sales and marketing 924  1,168  2,545  3,527 
Research and development 493  493  1,722  1,496 
General and administrative 711  625  2,135  1,705 
Depreciation and amortization 138  218  395  656 
Total costs and expenses 3,929  5,417  11,960  14,961 
Loss from operations (1,116) (572) (3,986) (3,284)
Interest expense (112) (123) (340) (353)
Other income (expense), net 151  (1,832) (1,688) 1,821 
Loss before income taxes and loss from equity method investments (1,077) (2,527) (6,014) (1,816)
Provision for (benefit from) income taxes 23  (101) (215) (395)
Loss from equity method investments (8) (13) (27) (28)
Net loss including non-controlling interests (1,108) (2,439) (5,826) (1,449)
Less: net loss attributable to non-controlling interests, net of tax (19) (15) (27) (61)
Net loss attributable to Uber Technologies, Inc. $ (1,089) $ (2,424) $ (5,799) $ (1,388)
Net loss per share attributable to Uber Technologies, Inc. common stockholders:
Basic $ (0.62) $ (1.28) $ (3.33) $ (0.74)
Diluted $ (0.62) $ (1.28) $ (3.33) $ (0.75)
Weighted-average shares used to compute net loss per share attributable to common stockholders:
Basic 1,755,029  1,898,954  1,739,488  1,877,655 
Diluted 1,755,029  1,898,954  1,739,488  1,878,997 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2021 2020 2021
Net loss including non-controlling interests $ (1,108) $ (2,439) $ (5,826) $ (1,449)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment 137  24  (268) 78 
Unrealized gain on investments in available-for-sale securities 62  463  10  1,625 
Other comprehensive income (loss), net of tax 199  487  (258) 1,703 
Comprehensive income (loss) including non-controlling interests (909) (1,952) (6,084) 254 
Less: comprehensive loss attributable to non-controlling interests (19) (15) (27) (61)
Comprehensive income (loss) attributable to Uber Technologies, Inc. $ (890) $ (1,937) $ (6,057) $ 315 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
Redeemable Non-Controlling Interests Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Accumulated Deficit Non-Redeemable Non-Controlling Interests Total Equity
Shares Amount
Balance as of December 31, 2019 $ 311  1,716,681  $ —  $ 30,739  $ (187) $ (16,362) $ 682  $ 14,872 
Exercise of stock options —  4,359  —  14  —  —  —  14 
Stock-based compensation —  —  —  285  —  —  —  285 
Issuance of common stock for settlement of RSUs —  8,917  —  —  —  —  —  — 
Shares withheld related to net share settlement —  (107) —  (3) —  —  —  (3)
Unrealized loss on investments in available-for-sale securities, net of tax —  —  —  —  (60) —  —  (60)
Foreign currency translation adjustment —  —  —  —  (148) —  —  (148)
Distributions to non-controlling interests (3) —  —  —  —  —  (4) (4)
Net income (loss) (18) —  —  —  —  (2,936) (2,928)
Balance as of March 31, 2020 290  1,729,850  —  31,035  (395) (19,298) 686  12,028 
Exercise of stock options —  3,106  —  —  —  — 
Stock-based compensation —  —  —  143  —  —  —  143 
Issuance of common stock under the Employee Stock Purchase Plan —  3,265  —  82  —  —  —  82 
Issuance of common stock for settlement of RSUs —  9,778  —  —  —  —  —  — 
Shares withheld related to net share settlement —  (42) —  (1) —  —  —  (1)
Unrealized gain on investments in available-for-sale securities, net of tax —  —  —  —  —  — 
Foreign currency translation adjustment —  —  —  —  (257) —  —  (257)
Distributions to non-controlling interests (3) —  —  —  —  —  (5) (5)
Net income (loss) (5) —  —  —  —  (1,775) (1,767)
Balance as of June 30, 2020 282  1,745,957  —  31,267  (644) (21,073) 689  10,239 
Exercise of stock options —  1,430  —  —  —  — 
Stock-based compensation —  —  —  191  —  —  —  191 
Issuance of common stock for settlement of RSUs —  10,791  —  —  —  —  —  — 
Shares withheld related to net share settlement —  (356) —  (11) —  —  —  (11)
Unrealized gain on investments in available-for-sale securities, net of tax —  —  —  —  62  —  —  62 
Foreign currency translation adjustment —  —  —  —  137  —  —  137 
Issuance of common stock as consideration for acquisitions —  2,995  —  96  —  —  —  96 
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Recognition of non-controlling interest on acquisition 290  —  —  —  —  —  —  — 
Distributions to non-controlling interests (1) —  —  —  —  —  (1) (1)
Net income (loss) (22) —  —  —  —  (1,089) (1,086)
Balance as of September 30, 2020 $ 549  1,760,817  $ —  $ 31,549  $ (445) $ (22,162) $ 691  $ 9,633 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
Redeemable Non-Controlling Interests Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Non-Redeemable Non-Controlling Interests Total Equity
Shares Amount
Balance as of December 31, 2020 $ 787  1,849,794  $ —  $ 35,931  $ (535) $ (23,130) $ 701  $ 12,967 
Reclassification of the equity component of 2025 Convertible Notes to liability upon adoption of ASU 2020-06 —  —  —  (243) —  —  (243)
Exercise of stock options —  3,518  —  35  —  —  —  35 
Stock-based compensation —  —  —  287  —  —  —  287 
Issuance of common stock for settlement of Careem Convertible Notes —  2,872  —  158  —  —  —  158 
Issuance of common stock as consideration for acquisition —  505  —  28  —  —  —  28 
Issuance of common stock for settlement of RSUs —  10,924  —  —  —  —  —  — 
Shares withheld related to net share settlement —  (244) —  (14) —  —  —  (14)
Recognition of non-controlling interest upon acquisition 56  —  —  —  —  —  —  — 
Derecognition of non-controlling interests upon divestiture (356) —  —  —  —  —  (701) (701)
Unrealized gain on investments in available-for-sale securities, net of tax —  —  —  —  1,156  —  —  1,156 
Foreign currency translation adjustment —  —  —  —  33  —  —  33 
Net loss (14) —  —  —  —  (108) —  (108)
Balance as of March 31, 2021 473  1,867,369  —  36,182  654  (23,238) —  13,598 
Exercise of stock options —  2,454  —  40  —  —  —  40 
Stock-based compensation —  —  —  282  —  —  —  282 
Reclassification of share-based award liability to additional paid-in capital —  —  —  —  —  — 
Issuance of common stock under the Employee Stock Purchase Plan —  1,710  —  67  —  —  —  67 
Issuance of common stock for settlement of Careem Convertible Notes —  1,352  —  74  —  —  —  74 
Issuance of common stock for settlement of RSUs —  7,480  —  —  —  —  —  — 
Shares withheld related to net share settlement —  (55) —  (3) —  —  —  (3)
Recognition of non-controlling interest upon acquisition 76  —  —  —  —  —  —  — 
Re-measurement of non-controlling interest 1,052  —  —  (1,058) —  —  —  (1,058)
Unrealized gain on investments in available-for-sale securities, net of tax —  —  —  —  —  — 
Foreign currency translation adjustment —  —  —  —  21  —  —  21 
Net income (loss) (32) —  —  —  —  1,144  —  1,144 
Balance as of June 30, 2021 1,569  1,880,310  —  35,588  681  (22,094) —  14,175 
Exercise of stock options —  2,088  —  17  —  —  —  17 
Stock-based compensation —  —  —  292  —  —  —  292 
Issuance of common stock for settlement of RSUs —  9,696  —  —  —  —  —  — 
Shares withheld related to net share settlement —  (149) —  (6) —  —  —  (6)
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Issuance of common stock for settlement of contingent consideration liability —  1,364  —  63  —  —  —  63 
Issuance of restricted stock awards, subject to repurchase, in connection with acquisition of non-controlling interest —  4,641  —  —  —  —  —  — 
Acquisition of non-controlling interest (1,327) 20,641  —  1,327  —  —  —  1,327 
Recognition of non-controlling interest upon sale of Freight Holding preferred stock —  —  —  —  —  —  125  125 
Unrealized gain on investments in available-for-sale securities, net of tax —  —  —  —  463  —  —  463 
Foreign currency translation adjustment —  —  —  —  24  —  —  24 
Net loss (13) —  —  —  —  (2,424) —  (2,424)
Balance as of September 30, 2021 $ 229  1,918,591  $ —  $ 37,281  $ 1,168  $ (24,518) $ 125  $ 14,056 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended September 30,
2020 2021
Cash flows from operating activities
Net loss including non-controlling interests $ (5,826) $ (1,449)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 395  656 
Bad debt expense 51  75 
Stock-based compensation 591  834 
Gain on business divestitures, net (127) (1,684)
Gain from sale of investments —  (171)
Deferred income taxes (272) (482)
Loss from equity method investments, net 27  28 
Unrealized loss on debt and equity securities, net 123  56 
Impairment of debt and equity securities 1,690  — 
Impairments of goodwill, long-lived assets and other assets 372  16 
Unrealized foreign currency transactions 44  12 
Other (3) 50 
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable 380  (354)
Prepaid expenses and other assets 159  (229)
Collateral held by insurer 259  860 
Operating lease right-of-use assets 274  116 
Accounts payable (34) 71 
Accrued insurance reserves (16) 490 
Accrued expenses and other liabilities 77  891 
Operating lease liabilities (104) (124)
Net cash used in operating activities (1,940) (338)
Cash flows from investing activities
Purchases of property and equipment (493) (218)
Purchases of marketable securities (1,493) (1,113)
Purchases of non-marketable equity securities (10) (857)
Purchase of notes receivable (85) (242)
Proceeds from maturities and sales of marketable securities 801  2,291 
Proceeds from sale of non-marketable equity securities —  500 
Proceeds from sale of equity method investments and grant of related call option —  800 
Acquisition of businesses, net of cash acquired (1,536) (111)
Return of capital from equity method investee 91  — 
Other investing activities 48  17 
Net cash provided by (used in) investing activities (2,677) 1,067 
Cash flows from financing activities
Issuance of senior notes, net of issuance costs 1,492  1,485 
Principal repayment on Careem Notes (891) (195)
Principal payments on finance leases (175) (166)
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Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 82  67 
Proceeds from sale of subsidiary preferred stock units —  125 
Other financing activities (25) 50 
Net cash provided by financing activities 483  1,366 
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents (167) (45)
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents (4,301) 2,050 
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period 12,067  7,391 
Reclassification from assets held for sale during the period —  349 
End of period $ 7,766  $ 9,790 
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
Cash and cash equivalents $ 6,154  $ 6,482 
Restricted cash and cash equivalents-current 218  414 
Restricted cash and cash equivalents-non-current 1,394  2,894 
Total cash and cash equivalents, and restricted cash and cash equivalents $ 7,766  $ 9,790 
Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amount capitalized $ 296  $ 319 
Income taxes, net of refunds 68  71 
Non-cash investing and financing activities:
Finance lease obligations 190  115 
Ownership interest received in exchange for divestitures 171  1,018 
Conversion of convertible notes to common stock —  232 
Common stock issued in connection with acquisitions 96  967 
Issuance of Careem Notes including the holdback amount 1,634  — 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 – Description of Business and Summary of Significant Accounting Policies
Description of Business
Uber Technologies, Inc. (“Uber,” “we,” “our,” or “us”) was incorporated in Delaware in July 2010, and is headquartered in San Francisco, California. Uber is a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B. Uber develops and operates proprietary technology applications supporting a variety of offerings on its platform (“platform(s)” or “Platform(s)”). Uber connects consumers (“Rider(s)”) with independent providers of ride services (“Mobility Driver(s)”) for ridesharing services, and connects Riders and other consumers (“Eaters”) with restaurants, grocers and other stores (collectively, “Merchants”) with delivery service providers (“Couriers”) for meal preparation, grocery and other delivery services. Riders and Eaters are collectively referred to as “end-user(s)” or “consumer(s).” Mobility Drivers and Couriers are collectively referred to as “Driver(s).” Uber also connects consumers with public transportation networks. Uber uses this same network, technology, operational excellence and product expertise to connect shippers with carriers in the freight industry. Uber is also developing technologies that will provide new solutions to solve everyday problems.
Our technology is used around the world, principally in the United States (“U.S.”) and Canada, Latin America, Europe, the Middle East, Africa, and Asia (excluding China and Southeast Asia).
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2020, included in our Annual Report on Form 10-K. The results for the interim periods are not necessarily indicative of results for the full year.
In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive loss, cash flows and the change in equity for the periods presented.
There have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 1, 2021 that have had a material impact on our condensed consolidated financial statements and related notes, except for an update reflecting the new accounting standard related to debt with conversion and other options.
In March 2020, the World Health Organization declared the outbreak of the coronavirus disease COVID-19 (“COVID-19”) a pandemic. COVID-19 continues to impact market and economic conditions globally. The evolving nature of the COVID-19 pandemic and the extent of its impact across industries and geographies, including the duration of the spread of the outbreak and any resurgences of the outbreak or variants of the virus, continue to be uncertain and cannot be predicted.
Basis of Consolidation
Our condensed consolidated financial statements include the accounts of Uber Technologies, Inc. and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated. Refer to Note 14 – Variable Interest Entities for further information.
Use of Estimates
The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis, management evaluates estimates, including, but not limited to: the incremental borrowing rate (“IBR”) applied in lease accounting; fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of long-lived assets; fair value of acquired intangible assets and related impairment assessments; impairment of goodwill; stock-based compensation; income taxes and non-income tax reserves; certain deferred tax assets and tax liabilities; insurance reserves; and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates. The level of uncertainties and volatility in the global financial markets and economies resulting from the pandemic as well as the uncertainties related to the impact of the pandemic on us and our investees' operations and financial performance means that these estimates may change in future periods, as new events occur and additional information is obtained.
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Certain Significant Risks and Uncertainties - COVID-19
Various governments continue to implement, lift, and in some regions reinstate restrictions, including business activities and travel restrictions. These restrictions have had an adverse impact on our business and operations by reducing, in particular, the global demand for Mobility offerings, while accelerating the growth of our Delivery offerings. COVID-19 has produced uncertainty around the world and it is not possible to predict the COVID-19 pandemic’s cumulative and ultimate impact on our future business operations, results of operations, financial position, liquidity, and cash flows. The extent of the impact of the pandemic on our business and financial results will depend largely on future developments, including the duration of the spread of the outbreak and any resurgences of the outbreak or variants of the virus, both globally and within the United States, the administration, adoption and efficacy of vaccines in the United States and internationally, the impact on capital, foreign currencies exchange and financial markets, governmental or regulatory orders that impact our business and whether the impacts may result in permanent changes to our end-users’ behavior, all of which are highly uncertain and cannot be predicted.
Collateral Held by Insurer
Collateral held by insurer represents funds held by James River Group companies (“James River”). These funds, previously held in a trust account, were withdrawn by James River during the fourth quarter of 2019 upon notice of cancellation of their insurance policies (primarily auto insurance policies) issued to one of our subsidiaries. As of December 31, 2020, the funds served as collateral for us and our subsidiary’s current and future claim settlement obligations under the indemnification agreements for these insurance policies as included in insurance reserves on the condensed consolidated balance sheet. Accordingly, the amount withdrawn is presented as collateral held by insurer on the condensed consolidated balance sheet as of December 31, 2020.
During the third quarter of 2021, in connection with a legacy auto insurance transfer as described below, James River returned funds, previously presented as collateral held by insurer, to the trust account where the funds were previously held. Accordingly, the funds were reclassified from collateral held by insurer to non-current restricted cash and cash equivalents on our condensed consolidated balance sheet as of September 30, 2021.
Legacy Auto Insurance Transfer
On September 27, 2021, Aleka Insurance, Inc., our wholly-owned captive insurance subsidiary, entered into a Loss Portfolio Transfer Reinsurance Agreement (the “LPTA”) with James River effective July 1, 2021. Pursuant to the LPTA, our captive insurance subsidiary reinsured certain automobile liability insurance risks relating to activity on our platform between 2013 and 2019 in exchange for payment by James River to our captive insurance subsidiary of a premium in the amount of $345 million (“Premium”). Subsequent to the LPTA, we retain substantially all of the liabilities on these policies when taken together with previous risk transfer arrangements. In connection with the LPTA, claims currently administered by James River will be transferred to a third-party claims administrator for ongoing handling (the “Transferred Claims”) at our expense. The liabilities associated with the Transferred Claims were re-evaluated as of September 30, 2021, and adverse development was recognized on certain of those liabilities. During the third quarter of 2021, we recognized a $103 million charge in our condensed consolidated statements of operations consisting of the difference between the Premium and the assumed liabilities (including the cost of future claims administration), expenses associated with the LPTA, and the adverse development on the Transferred Claims.
Recently Adopted Accounting Pronouncements
In January 2020, the FASB issued ASU 2020-01, “Investments-Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815,” which clarifies the interaction of the accounting for equity investments under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. We adopted the new standard on January 1, 2021 on a prospective basis. The adoption of the new standard did not have a material impact on our condensed consolidated financial statements.
In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which reduced the number of models used to account for convertible instruments, amends the accounting for certain contracts in an entity’s own equity that would have previously been accounted for as derivatives and modifies the diluted earnings per share calculations for convertible instruments. We early adopted the new standard on January 1, 2021 on a modified retrospective basis. Refer to Note 7 – Long-Term Debt and Revolving Credit Arrangements for the impact of adoption on our 2025 Convertible Notes and Note 11 – Net Income (Loss) Per Share for the impact on our earnings per share calculation.
Recently Issued Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued. The standard is effective upon issuance through December 31, 2022 and may be applied at the beginning of the interim period that includes March 12, 2020 or any date thereafter. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements.
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Note 2 – Revenue
The following tables present our revenues disaggregated by offering and geographical region. Revenue by geographical region is based on where the transaction occurred. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2020 2021 2020 2021
Mobility revenue $ 1,364  $ 2,205  $ 4,618  $ 4,676 
Delivery revenue 1,136  2,238  2,548  5,942 
Freight revenue 288  402  698  1,051 
All Other revenue 25  —  110 
Total revenue $ 2,813  $ 4,845  $ 7,974  $ 11,677 
Three Months Ended September 30, Nine Months Ended September 30,
2020 2021 2020 2021
United States and Canada $ 1,598  $ 2,648  $ 4,798  $ 6,481 
Latin America ("LatAm") 302  390  993  999 
Europe, Middle East and Africa ("EMEA") 590  1,064  1,421  2,218 
Asia Pacific ("APAC") 323  743  762  1,979 
Total revenue $ 2,813  $ 4,845  $ 7,974  $ 11,677 
Revenue
Mobility Revenue
We derive revenue primarily from fees paid by Mobility Drivers for the use of our platform(s) and related service to facilitate and complete Mobility transactions.
In certain markets, we charge end-users a fee for connection services obtained via the platform. We recognized total revenue of $61 million and $253 million associated with these fees for the three and nine months ended September 30, 2020, respectively, and total revenue of $90 million and $216 million for the three and nine months ended September 30, 2021, respectively.
Mobility revenue also includes immaterial revenue streams such as our Uber for Business (“U4B”) and financial partnership products.
Delivery Revenue
We derive revenue for Delivery from Merchants’ and Couriers’ use of the Delivery platform and related service to facilitate and complete Delivery transactions.
Additionally, in certain markets where we are responsible for delivery services, delivery fees charged to end-users are also included in revenue, while payments to Couriers in exchange for delivery services are recognized in cost of revenue. In these markets, we recognized revenue from end-users of $28 million and $49 million for the three and nine months ended September 30, 2020, respectively, and revenue from end-users of $228 million and $490 million for the three and nine months ended September 30, 2021, respectively. We also recognized cost of revenue for these delivery transactions, exclusive of depreciation and amortization of $119 million and $269 million for the three and nine months ended September 30, 2020, respectively, and cost of revenue of $642 million and $1.5 billion for the three and nine months ended September 30, 2021, respectively.
Subscription Offering
We offer subscription memberships to end-users including Uber Pass, Rides Pass, and Eats Pass (“Subscription”). We recognize Subscription fees ratably over the life of the pass. We allocate Subscription fees earned to our segments on a proportional basis, based on usage for each segment during the respective period.
Freight Revenue
Freight revenue consists of revenue from freight transportation services provided to shippers.
All Other Revenue
All Other revenue primarily includes collaboration revenue related to our Advanced Technologies Group (“ATG”) business and revenue from our New Mobility offerings and products.
ATG collaboration revenue was related to a three-year joint collaboration agreement we entered into in 2019. During the first
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quarter of 2021, we completed the sale of Apparate USA LLC (“Apparate” or the “ATG Business”) to Aurora Innovation, Inc. (“Aurora”). Refer to Note 17 – Divestiture for further information.
New Mobility offerings and products provided users access to rides through a variety of modes, including dockless e-bikes and e-scooters (“New Mobility”), platform incubator group offerings and other immaterial revenue streams. After the JUMP divestiture during the second quarter of 2020, revenue from New Mobility products, including dockless e-bikes, was no longer material.
Contract Balances and Remaining Performance Obligation
Contract liabilities represents consideration collected prior to satisfying the performance obligations. As of September 30, 2021, we had $195 million of contract liabilities included in accrued and other current liabilities as well as other long-term liabilities on the condensed consolidated balance sheet. Revenue recognized from these contracts during the three and nine months ended September 30, 2020 and 2021 was not material.
Our remaining performance obligation for contracts with an original expected length of greater than one year is expected to be recognized as follows (in millions):
Less Than or
Equal To 12 Months
Greater Than
12 Months
Total
As of September 30, 2021
$ 46  $ 138  $ 184 
Note 3 – Investments and Fair Value Measurement
Investments
Our investments on the condensed consolidated balance sheets consisted of the following (in millions):
As of
December 31, 2020 September 30, 2021
Classified as short-term investments:
Marketable debt securities (1):
Commercial paper $ 457  $ — 
U.S. government and agency securities 429  — 
Corporate bonds 294  — 
Short-term investments $ 1,180  $ — 
Classified as investments:
Non-marketable equity securities:
Didi $ 6,299  $ 4,126 
Aurora (2)
—  2,250 
Other (3)
329  307 
Non-marketable debt securities:
Grab (4)
2,341  4,089 
Marketable equity securities —  1,386 
Note receivable from a related party 83  81 
Investments $ 9,052  $ 12,239 
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.
(2) For further information, see the section titled “Aurora Investments” below and Note 17 – Divestiture.
(3) These balances include certain investments recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments.
(4) Recorded at fair value with changes in fair value recorded in other comprehensive income (loss), net of tax, unless subject to credit loss.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
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As of December 31, 2020 As of September 30, 2021
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial Assets
Money market funds $ 2,386  $ —  $ —  $ 2,386  $ 4,214  $ —  $ —  $ 4,214 
Commercial paper —  611  —  611  —  —  —  — 
U.S. government and agency securities —  542  —  542  —  —  —  — 
Corporate bonds —  323  —  323  —  —  —  — 
Non-marketable debt securities —  —  2,341  2,341  —  —  4,089  4,089 
Non-marketable equity securities —  —  52  52  —  4,126  2,278  6,404 
Marketable equity securities —  —  —  —  1,386  —  —  1,386 
Note receivable from a related party —  —  83  83  —  —  81  81 
Total financial assets $ 2,386  $ 1,476  $ 2,476  $ 6,338  $ 5,600  $ 4,126  $ 6,448  $ 16,174 
Financial Liabilities
MLU B.V. Call Option (1)
$ —  $ —  $ —  $ —  $ —  $ —  $ 230  $ 230 
Total financial liabilities $ —  $ —  $ —  $ —  $ —  $ —  $ 230  $ 230 
(1) For further information, see Note 4 – Equity Method Investments.
Didi Investment
During the first quarter of 2021, we completed the sale of $500 million of our Didi shares and realized immaterial gains from this transaction. In addition, we recorded unrealized gains of $71 million from remeasurement of the carrying value of the remaining Didi shares under the measurement alternative during the three months ended March 31, 2021.
On June 30, 2021, Didi started trading on the New York Stock Exchange, therefore our investment in preferred shares of Didi, which was previously accounted for under the measurement alternative on a non-recurring basis, had a readily determinable fair value and therefore changed to an investment measured at fair value on a recurring basis. As of September 30, 2021, our Didi investment in preferred shares has been converted to ordinary shares and classified as a non-marketable equity security due to a restriction on trading of ordinary shares. As of September 30, 2021, the fair value of our Didi investment is based on readily available pricing sources for comparable instruments, adjusted by a discount for lack of marketability due to the restriction on trading the shares (Level 2). During the three and nine months ended September 30, 2021,we recognized an unrealized loss of $3.2 billion and $1.7 billion, respectively, on this investment in other income (expense), net in our condensed consolidated statements of operations.
Zomato Investment
In July 2021, Zomato Media Private Limited (“Zomato”), in which we held preferred shares that were previously classified as non-marketable equity securities and accounted for under the measurement alternative on a non-recurring basis, completed its initial public offering (“IPO”) in India. As of September 30, 2021, our Zomato investment has been converted to ordinary shares and classified as a marketable equity security with a readily determinable fair value (Level 1) in the table presenting our financial assets and liabilities measured at fair value on a recurring basis. During the three and nine months ended September 30, 2021, we recognized an unrealized gain of $994 million on this investment in other income (expense), net in our condensed consolidated statements of operations. As of September 30, 2021, the carrying value of the investment was $1.1 billion. Our investment is subject to a lock-up period in which our ability to sell is restricted until July 2022.
During the nine months ended September 30, 2021, we did not make any transfers between the levels of the fair value hierarchy.
The following table summarizes the amortized cost and fair value of our debt securities with a stated contractual maturity or redemption date (in millions):
  As of September 30, 2021
  Amortized Cost Fair Value
Within one year $ —  $ — 
One year through five years 2,281  4,089 
Total $ 2,281  $ 4,089 
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities at fair value on a recurring basis (in millions):
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  As of December 31, 2020 As of September 30, 2021
  Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value
Commercial paper $ 611  $ —  $ —  $ 611  $ —  $ —  $ —  $ — 
U.S. government and agency securities 542  —  —  542  —  —  —  — 
Corporate bonds 322  —  323  —  —  —  — 
Non-marketable debt securities 2,281  60  —  2,341  2,281  1,808  —  4,089 
Total $ 3,756  $ 61  $ —  $ 3,817  $ 2,281  $ 1,808  $ —  $ 4,089 
As of December 31, 2020 and September 30, 2021, there were no allowance for credit losses related to our available-for-sale debt securities.
We measure our cash equivalents and certain investments at fair value. Level 1 instrument valuations are based on quoted market prices of the identical underlying security. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations are valued based on unobservable inputs and other estimation techniques due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such financial instruments.
As of December 31, 2020 and September 30, 2021, our Level 3 non-marketable debt securities and non-marketable equity securities primarily consist of common stock investments and preferred stock investments in privately held companies without readily determinable fair values.
Depending on the investee’s financing activity in a reporting period, management’s estimate of fair value may be primarily derived from the investee’s financing transactions, such as the issuance of preferred stock to new investors. The price in these transactions generally provides the best indication of the enterprise value of the investee. Additionally, based on the timing, volume, and other characteristics of the transaction, we may supplement this information by using other valuation techniques, including the guideline public company approach. The guideline public company approach relies on publicly available market data of comparable companies and uses comparative valuation multiples of the investee’s revenue (actual and forecasted), and therefore, unobservable input used in this valuation technique primarily consists of short-term revenue projections.
Once the fair value of the investee is estimated, an option-pricing model (“OPM”), a common stock equivalent (“CSE”) method or a hybrid approach is employed to allocate value to various classes of securities of the investee, including the class owned by us. The model involves making assumptions around the investees’ expected time to liquidity and volatility.
An increase or decrease in any of the unobservable inputs in isolation, such as the security price in a significant financing transaction of the investee, could result in a material increase or decrease in our estimate of fair value. Other unobservable inputs, including short-term revenue projections, time to liquidity, and volatility are less sensitive to the valuation in the respective reporting periods, as a result of the primary weighting on the investee’s financing transactions. In the future, depending on the weight of evidence and valuation approaches used, these or other inputs may have a more significant impact on our estimate of fair value.
We determine realized gains or losses on the sale of equity and debt securities on a specific identification method.
Grab Investment
To determine the fair value of our investment in Grab as of September 30, 2021, we utilized a hybrid approach, incorporating a CSE method along with an OPM. The CSE method assumes an if-converted scenario (for example an IPO or a special purpose acquisition company (“SPAC”) transaction), where the OPM approach allocates equity value to individual securities within the investees’ capital structure based on contractual rights and preferences. As a result of the valuation performed, we recognized pre-tax unrealized gains of $497 million and $1.7 billion on this investment during the three and nine months ended September 30, 2021, respectively, in other comprehensive income (loss), net of tax in our condensed consolidated statements of comprehensive income (loss).
The following table summarizes information about the significant unobservable inputs used in the fair value measurement for our Grab investment as of September 30, 2021:
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Fair value method Relative weighting Key unobservable inputs
OPM 40% Transaction price per share $6.16
Volatility 64%
Estimated time to liquidity 1.25 years
Market adjustment 5%
CSE 60% Discount rate 25%
Estimated time to liquidity
0.25 years
Aurora Investments
On January 19, 2021, we completed the sale of our ATG Business to Aurora. As consideration for the sale of our ATG Business to Aurora, we received common stock in Aurora. Concurrently, we invested in Aurora’s preferred stock. For further information, refer to Note 17 – Divestiture.
We hold one seat on Aurora’s board of directors and have the ability to hold a second seat, which, along with our common and preferred stock ownership (our “Aurora Investments”) generate significant influence. We elected to apply the fair value option to our Aurora common stock and preferred stock investments in order to provide consistency of accounting treatment to our Aurora Investments. The Aurora Investments are measured at fair value on a recurring basis with changes in fair value reflected in other income (expense), net, in the condensed consolidated statements of operations.
The fair value of the Aurora Investments as of September 30, 2021 was determined by a hybrid approach, incorporating a CSE method along with an OPM, weighted at 50% and 50%, respectively, as a result of an announced SPAC merger. The CSE method assumes an if-converted scenario (for example a SPAC), where the OPM approach allocates equity value to individual securities within the investees’ capital structure based on contractual rights and preferences. Significant unobservable inputs to the OPM were volatility of 66% and time to liquidity of 4.25 years. As a result of the valuation performed, we recognized unrealized gains of $102 million and $573 million on this investment in other income (expense), net in our condensed consolidated statements of operations during the three and nine months ended September 30, 2021, respectively.
Summarized financial information for Aurora for the six months ended June 30, 2021, the most recent period available, is as follows (in millions):
Results of Operations Data Six Months Ended June 30, 2021
Total operating expenses $ 373 
Loss from operations (373)
Net loss (370)
Balance Sheet Data As of June 30, 2021
Current assets $ 808 
Total assets 2,796 
Current liabilities 72 
Total liabilities 254 
Redeemable convertible preferred stock 2,161 
Financial Assets and Liabilities Measured at Fair Value Using Level 3 Inputs
The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of September 30, 2021, using significant unobservable inputs (Level 3) (in millions):
Non-marketable
Debt Securities
Non-marketable Equity Securities Note Receivables MLU B.V. Call Option
Balance as of December 31, 2020 $ 2,341  $ 52  $ 83  $ — 
Total net gains (losses)
Included in earnings —  549  (2) — 
Included in other comprehensive income (loss) 1,748  —  —  — 
Purchases —  1,677  —  — 
Issuance —  —  —  230 
Balance as of September 30, 2021 $ 4,089  $ 2,278  $ 81  $ 230 
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Assets Measured at Fair Value on a Non-Recurring Basis
Non-Financial Assets
Our non-financial assets, such as goodwill, intangible assets and property and equipment are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominantly on Level 3 inputs.
Non-Marketable Equity Securities
Our non-marketable equity securities are investments in privately held companies without readily determinable fair values. The carrying value of our non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the condensed consolidated statements of operations. Non-marketable equity securities are classified within Level 3 in the fair value hierarchy because we estimate the fair value of these securities based on valuation methods, including the CSE and OPM methods, using the transaction price of similar securities issued by the investee adjusted for contractual rights and obligations of the securities we hold.
We did not record any realized gains or losses for our non-marketable equity securities measured at fair value on a non-recurring basis during the three and nine months ended September 30, 2020 and 2021.
The following is a summary of unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded in other income (expense), net in the condensed consolidated statements of operations, and included as adjustments to the carrying value of non-marketable equity securities (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2020 2021 2020 2021
Upward adjustments $ —  $ —  $ —  $ 71 
Downward adjustments (including impairment) —  —  (1,690) — 
Total unrealized gain (loss) for non-marketable equity securities $ —  $ —  $ (1,690) $ 71 
The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):
As of
December 31, 2020 September 30, 2021
Initial cost basis $ 6,282  $ 279 
Upward adjustments 1,984  — 
Downward adjustments (including impairment) (1,690) — 
Total carrying value at the end of the period $ 6,576  $ 279 
Note 4 – Equity Method Investments
The carrying value of our equity method investments were as follows (in millions):
As of
December 31, 2020 September 30, 2021
MLU B.V. $ 1,001  $ 927 
Mission Bay 3 & 4 41  38 
Other 37 
Total equity method investments $ 1,079  $ 971 

MLU B.V. and Uber Russia/CIS Operations
On August 30, 2021, we entered into an agreement (the “Framework Agreement”) with Yandex N.V. (“Yandex”) to restructure our joint ventures, MLU B.V. and Yandex Self Driving Group B.V. (“SDG”). Pursuant to the Framework Agreement, we completed the sale of our entire equity interest in SDG and 4.5% of equity interest in MLU B.V. to Yandex during the third quarter of 2021 (collectively, the “Initial Closing”). In addition, Yandex is expected to spin-off by way of demerger from MLU B.V. the Yandex.Eats, Yandex.Lavka and Yandex.Delivery businesses (“Demerger”). Immediately following the Demerger, Yandex will acquire all of our equity interest in such demerged businesses (“Demerger Share Closing”). If the Demerger Share Closing does not occur by December
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31, 2021 (with a certain 30-day extension), we will instead transfer an additional 6.7% stake of our MLU B.V. ownership to Yandex. The total consideration payable by Yandex to us in respect of the Framework Agreement is approximately $1.0 billion in cash, of which (i) $800 million was paid during the third quarter of 2021, and (ii) $200 million will be paid at the Demerger Share Closing, which is expected to occur in the fourth quarter of 2021.
At the Initial Closing during the third quarter of 2021, we allocated consideration of $276 million to the sale of 4.5% of equity interest in MLU B.V. and we recognized a gain of $106 million in other income (expense), net on our condensed consolidated statement of operations during the three months ended September 30, 2021. As of September 30, 2021, our equity ownership interest in MLU B.V. was reduced to 29%. The consideration allocated and gains recognized for the sale of our entire equity interest in SDG were not material. In addition, we recognized a liability of $212 million in accrued and other current liabilities on our condensed consolidated balance sheet as of September 30, 2021 for the consideration allocated to a prepayment received for the Demerger Share Closing.
In connection with the Framework Agreement, we granted Yandex an option (“MLU B.V. Call Option”) to acquire our remaining equity interest in MLU B.V. during the two-year period following the Initial Closing. The initial exercise price of the MLU B.V. Call Option is approximately $2.0 billion, subject to certain adjustments based on the successful closing of the Demerger Share Closing and the timing of the option exercise. As of September 30, 2021, we allocated consideration of $230 million to the MLU B.V. Call Option, which is recorded as a liability in accrued and other current liabilities on our condensed consolidated balance sheet. The MLU B.V. Call Option is measured at fair value on a recurring basis with changes in fair value recorded in other income (expense), net in the condensed consolidated statements of operations. To determine the fair value of the MLU B.V. Call Option as of September 30, 2021, we used a lattice model which simulated multiple scenarios of the exercise behaviors and the corresponding strike prices over the term of the call option. Key inputs to the lattice model were underlying business value, option term, volatility, risk-free interest rates, and dividend yield (Level 3).
Included in the carrying value of MLU B.V. is the basis difference, net of amortization, between the original cost of the investment and our proportionate share of the net assets of MLU B.V. The carrying value of the equity method investment is primarily adjusted for our share in the income or losses of MLU B.V. on a one-quarter lag basis and amortization of basis differences. Equity method goodwill and intangible assets, net of accumulated amortization are also adjusted for currency translation adjustments representing fluctuations between the functional currency of the investee, the Ruble and the U.S. Dollar.
The table below provides the composition of the basis difference (in millions):
As of September 30, 2021
Equity method goodwill $ 698 
Intangible assets, net of accumulated amortization 60 
Deferred tax liabilities (13)
Cumulative currency translation adjustments (130)
Basis difference $ 615 
We amortize the basis difference related to the intangible assets over the estimated useful lives of the assets that gave rise to the difference using the straight-line method. The weighted-average life of the intangible assets is approximately 3.4 years as of September 30, 2021. Equity method goodwill is not amortized. The investment balance is reviewed for impairment whenever factors indicate that the carrying value of the equity method investment may not be recoverable. As of September 30, 2021, we determined that there was no impairment of our investment of MLU B.V.
Note 5 – Leases    
The components of our lease expense were as follows (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2020 2021 2020 2021
Lease cost
Finance lease cost:
      Amortization of assets $ 53  $ 53  $ 146  $ 166 
      Interest on lease liabilities 12 
Operating lease cost 170  70  381  220 
Short-term lease cost 14 
Variable lease cost 21  24  83  66 
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Sublease income (1) (3) (2) (4)
Total lease cost $ 251  $ 148  $ 634  $ 463 
We did not enter into nor commence any new material operating or finance leases during the three and nine months ended September 30, 2021. The assumptions used to value leases for the periods presented were as follows:
As of
December 31, 2020 September 30, 2021
Weighted-average remaining lease term
     Operating leases 16 years 16 years
     Finance leases 2 years 2 years
Weighted-average discount rate
     Operating leases 7.0  % 7.1  %
     Finance leases 5.4  % 4.5  %
Maturities of lease liabilities were as follows (in millions):
As of September 30, 2021
Operating Leases Finance Leases
Remainder of 2021 $ 29  $ 47 
2022 310  145 
2023 284  44 
2024 238  17 
2025 189 
Thereafter 2,109  — 
Total undiscounted lease payments 3,159  254 
Less: imputed interest (1,503) (11)
Total lease liabilities $ 1,656  $ 243 
As of September 30, 2021, we had additional operating leases and finance leases, primarily for corporate offices and servers, that have not yet commenced of $568 million and $15 million, respectively. These operating and finance leases will commence between fiscal years 2021 and 2023 with lease terms ranging from 1 year to 11 years.

Note 6 – Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2021 (in millions):
Mobility Delivery Freight Total Goodwill
Balance as of December 31, 2020 $ 2,562  $ 3,547  $ —  $ 6,109 
Acquisitions 127  53  —  180 
Measurement period adjustment (1)
(2) 183  —  181 
Foreign currency translation adjustment (18) (5) —  (23)
Balance as of September 30, 2021 $ 2,669  $ 3,778  $ —  $ 6,447 
(1) Refer to Note 16 – Business Combinations.
Intangible Assets
The components of intangible assets, net as of December 31, 2020 and September 30, 2021 were as follows (in millions, except years):
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Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years
December 31, 2020
Rider and Merchant relationships $ 1,007  $ (81) $ 926  8
Developed technology 529  (69) 460  2
Trade names and trademarks 183  (16) 167  7
Patents 15  (6) 8
Other (3) 0
Intangible assets $ 1,739  $ (175) $ 1,564 
Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years
September 30, 2021
Rider and Merchant relationships $ 1,054  $ (222) $ 832  7
Developed technology 495  (206) 289  2
Trade names and trademarks 184  (37) 147  7
Patents 15  (7) 7
Other (3) 0
Intangible assets $ 1,753  $ (475) $ 1,278 
Amortization expense for intangible assets subject to amortization was $32 million and $105 million for the three months ended September 30, 2020 and 2021, respectively. Amortization expense for intangible assets subject to amortization was $85 million and $301 million for the nine months ended September 30, 2020 and 2021, respectively.
The estimated aggregate future amortization expense for intangible assets subject to amortization as of September 30, 2021 is summarized below (in millions):
Estimated Future Amortization Expense
Year Ending December 31,
Remainder of 2021 $ 112 
2022 363 
2023 199 
2024 148 
2025 130 
Thereafter 313 
Total $ 1,265 
Impairment of Definite-Lived Intangible and Long-Lived Assets
The following table presents the definite-lived intangible and long-lived asset impairment charges recorded in the condensed consolidated statements of operations by asset class during the three and nine months ended September 30, 2020 (in millions):
Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020
Intangible assets $ —  $ 23 
Property and equipment 50  140 
Operating lease right-of-use assets 26  76 
Intangible assets $ 76  $ 239 
During the three months ended September 30, 2020, we exited, and made available for sublease, certain leased offices, primarily due to the City of San Francisco's extended shelter-in-place orders. This decision resulted in asset impairments of $76 million.
During the three and nine months ended September 30, 2021, we did not record any impairments of definite-lived intangible or long-lived assets.
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Note 7 – Long-Term Debt and Revolving Credit Arrangements
Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages):
As of
December 31, 2020 September 30, 2021 Effective Interest Rates Maturities
2016 Senior Secured Term Loan $ 1,101  $ —  —  %
2018 Senior Secured Term Loan 1,463  —  —  %
2025 Refinanced Term Loan —  1,451  3.8  % April 4, 2025
2027 Refinanced Term Loan —  1,093  3.8  % February 25, 2027
2025 Senior Note 1,000