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FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(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

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 ☐

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  ☒

						Pages
			Special Note Regarding Forward-Looking Statements			2
			PART I - FINANCIAL INFORMATION			4
Item 1.			Financial Statements (unaudited)			4
			Condensed Consolidated Balance Sheets as of December 31, 2021 and September 30, 2022			4
			Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2022			5
			Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2021 and 2022			6
			Condensed Consolidated Statements of Redeemable Non-Controlling Interests and Equity for the Three and Nine Months Ended September 30, 2021 and 2022			7
			Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2022			10
			Notes to Condensed Consolidated Financial Statements			12
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			35
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			53
Item 4.			Controls and Procedures			54
			PART II - OTHER INFORMATION			54
Item 1.			Legal Proceedings			54
Item 1A.			Risk Factors			55
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			92
Item 6.			Exhibits			92
			Signatures			94

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:

•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 or Free Cash Flow, 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 impacts of contagious disease, such as COVID-19, or outbreaks of other viruses, disease or pandemics on our business, results of operations, financial position and cash flows;

•the impact of the global economy, including rising inflation and interest rates;

•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 disturbances 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-

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.

						As of December 31, 2021						As of September 30, 2022
Assets
Cash and cash equivalents						$	4,295					$	4,865
Restricted cash and cash equivalents						631						593
Accounts receivable, net of allowance of $51 and $80, respectively						2,439						2,468
Prepaid expenses and other current assets						1,454						1,442
Total current assets						8,819						9,368
Restricted cash and cash equivalents						2,879						3,176
Investments						11,806						3,643
Equity method investments						800						902
Property and equipment, net						1,853						1,942
Operating lease right-of-use assets						1,388						1,405
Intangible assets, net						2,412						1,992
Goodwill						8,420						8,300
Other assets						397						384
Total assets						$	38,774					$	31,112
Liabilities, redeemable non-controlling interests and equity
Accounts payable						$	860					$	774
Short-term insurance reserves						1,442						1,433
Operating lease liabilities, current						185						189
Accrued and other current liabilities						6,537						6,624
Total current liabilities						9,024						9,020
Long-term insurance reserves						2,546						3,036
Long-term debt, net of current portion						9,276						9,268
Operating lease liabilities, non-current						1,644						1,626
Other long-term liabilities						935						762
Total liabilities						23,425						23,712
Commitments and contingencies (Note 12)
Redeemable non-controlling interests						204						430
Equity
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 1,949,316 and 1,990,396 shares issued and outstanding, respectively						—						—
Additional paid-in capital						38,608						40,020
Accumulated other comprehensive loss						(524)						(410)
Accumulated deficit						(23,626)						(33,363)
Total Uber Technologies, Inc. stockholders' equity						14,458						6,247
Non-redeemable non-controlling interests						687						723
Total equity						15,145						6,970
Total liabilities, redeemable non-controlling interests and equity						$	38,774					$	31,112

						Three Months Ended September 30,												Nine Months Ended September 30,
						2021						2022						2021						2022
Revenue						$	4,845					$	8,343					$	11,677					$	23,270
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below						2,438						5,173						6,247						14,352
Operations and support						475						617						1,330						1,808
Sales and marketing						1,168						1,153						3,527						3,634
Research and development						493						760						1,496						2,051
General and administrative						625						908						1,705						2,391
Depreciation and amortization						218						227						656						724
Total costs and expenses						5,417						8,838						14,961						24,960
Loss from operations						(572)						(495)						(3,284)						(1,690)
Interest expense						(123)						(146)						(353)						(414)
Other income (expense), net						(1,832)						(535)						1,821						(7,796)
Loss before income taxes and income (loss) from equity method investments						(2,527)						(1,176)						(1,816)						(9,900)
Provision for (benefit from) income taxes						(101)						58						(395)						(97)
Income (loss) from equity method investments						(13)						30						(28)						65
Net loss including non-controlling interests						(2,439)						(1,204)						(1,449)						(9,738)
Less: net income (loss) attributable to non-controlling interests, net of tax						(15)						2						(61)						(2)
Net loss attributable to Uber Technologies, Inc.						$	(2,424)					$	(1,206)					$	(1,388)					$	(9,736)
Net loss per share attributable to Uber Technologies, Inc. common stockholders:
Basic						$	(1.28)					$	(0.61)					$	(0.74)					$	(4.96)
Diluted						$	(1.28)					$	(0.61)					$	(0.75)					$	(4.97)
Weighted-average shares used to compute net loss per share attributable to common stockholders:
Basic						1,898,954						1,979,299						1,877,655						1,964,483
Diluted						1,898,954						1,979,299						1,878,997						1,968,228

						Three Months Ended September 30,												Nine Months Ended September 30,
						2021						2022						2021						2022
Net loss including non-controlling interests						$	(2,439)					$	(1,204)					$	(1,449)					$	(9,738)
Other comprehensive income, net of tax:
Change in foreign currency translation adjustment						24						295						78						114
Change in unrealized gain on investments in available-for-sale securities						463						—						1,625						—
Other comprehensive income, net of tax						487						295						1,703						114
Comprehensive income (loss) including non-controlling interests						(1,952)						(909)						254						(9,624)
Less: comprehensive income (loss) attributable to non-controlling interests						(15)						2						(61)						(2)
Comprehensive income (loss) attributable to Uber Technologies, Inc.						$	(1,937)					$	(911)					$	315					$	(9,622)

						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						—									—						—						4																											—						—						—						4
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						—									—						—						—																											6						—						—						6
Foreign currency translation adjustment						—									—						—						—																											21						—						—						21
Net income						(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)
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

						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, 2021						$	204								1,949,316						$	—					$	38,608					$	(524)					$	(23,626)					$	687					$	15,145
Exercise of stock options						—									1,093						—						6						—						—						—						6
Stock-based compensation						—									—						—						369						—						—						—						369
Issuance of common stock for settlement of RSUs						—									9,569						—						—						—						—						—						—
Shares withheld related to net share settlement						—									(316)						—						(11)						—						—						—						(11)
Issuance of common stock for settlement of contingent consideration liability						—									132						—						5						—						—						—						5
Foreign currency translation adjustment						—									—						—						—						19						—						—						19
Net income (loss)						1									—						—						—						—						(5,930)						10						(5,920)
Balance as of March 31, 2022						205									1,959,794						—						38,977						(505)						(29,556)						697						9,613
Exercise of stock options						—									1,376						—						5						—						—						—						5
Stock-based compensation						—									—						—						484						—						—						—						484
Issuance of common stock for settlement of RSUs						—									12,146						—						—						—						—						—						—
Issuance of common stock under the Employee Stock Purchase Plan						—									2,988						—						59						—						—						—						59
Shares withheld related to net share settlement						—									(79)						—						(2)						—						—						—						(2)
Foreign currency translation adjustment						(3)									—						—						—						(200)						—						—						(200)
Recognition of non-controlling interest upon capital investment						18									—						—						—						—						—						—						—
Net income (loss)						(26)									—						—						—						—						(2,601)						11						(2,590)
Balance as of June 30, 2022						194									1,976,225						—						39,523						(705)						(32,157)						708						7,369
Exercise of stock options						—									894						—						5						—						—						—						5
Stock-based compensation						—									—						—						494						—						—						—						494
Issuance of common stock for settlement of RSUs						—									13,355						—						—						—						—						—						—
Issuance of Freight subsidiary preferred stock						250									—						—						—						—						—						—						—
Recognition of non-controlling interest upon issuance of subsidiary stock						—									—						—						—						—						—						5						5
Shares withheld related to net share settlement						—									(78)						—						(2)						—						—						—						(2)
Foreign currency translation adjustment						(6)									—						—						—						295						—						—						295
Net income (loss)						(8)									—						—						—						—						(1,206)						10						(1,196)
Balance as of September 30, 2022						$	430								1,990,396						$	—					$	40,020					$	(410)					$	(33,363)					$	723					$	6,970

						Nine Months Ended September 30,
						2021						2022
Cash flows from operating activities
Net loss including non-controlling interests						$	(1,449)					$	(9,738)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization						656						724
Bad debt expense						75						76
Stock-based compensation						834						1,311
Gain on business divestitures						(1,684)						(14)
Gain from sale of investments						(171)						—
Deferred income taxes						(482)						(251)
Loss (income) from equity method investments, net						28						(65)
Unrealized loss on debt and equity securities, net						56						7,797
Impairments of goodwill, long-lived assets and other assets						16						15
Impairment of equity method investment						—						182
Revaluation of MLU B.V. call option						—						(180)
Unrealized foreign currency transactions						12						25
Other						50						5
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable						(354)						(219)
Prepaid expenses and other assets						(229)						(57)
Collateral held by insurer						860						—
Operating lease right-of-use assets						116						142
Accounts payable						71						(80)
Accrued insurance reserves						490						485
Accrued expenses and other liabilities						891						897
Operating lease liabilities						(124)						(169)
Net cash provided by (used in) operating activities						(338)						886
Cash flows from investing activities
Purchases of property and equipment						(218)						(193)
Purchases of marketable securities						(1,113)						—
Purchases of non-marketable equity securities						(857)						(14)
Purchase of notes receivable						(242)						—
Proceeds from maturities and sales of marketable securities						2,291						376
Proceeds from sale of non-marketable equity securities						500						—
Proceeds from sale of equity method investments and grant of related call option						800						—
Proceeds from business divestiture						—						26
Acquisition of businesses, net of cash acquired						(111)						(59)
Other investing activities						17						(4)
Net cash provided by investing activities						1,067						132
Cash flows from financing activities
Issuance of senior notes, net of issuance costs						1,485						—
Principal repayment on Careem Notes						(195)						—
Principal payments on finance leases						(166)						(147)

Proceeds from the issuance of common stock under the Employee Stock Purchase Plan						67						59
Proceeds from issuance and sale of subsidiary stock units						125						255
Other financing activities						50						(63)
Net cash provided by financing activities						1,366						104
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents						(45)						(293)
Net increase in cash and cash equivalents, and restricted cash and cash equivalents						2,050						829
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period						7,391						7,805
Reclassification from assets held for sale during the period						349						—
End of period						$	9,790					$	8,634
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
Cash and cash equivalents						$	6,482					$	4,865
Restricted cash and cash equivalents-current						414						593
Restricted cash and cash equivalents-non-current						2,894						3,176
Total cash and cash equivalents, and restricted cash and cash equivalents						$	9,790					$	8,634
Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amount capitalized						$	319					$	390
Income taxes, net of refunds						71						149
Non-cash investing and financing activities:
Finance lease obligations						115						176
Right-of-use assets obtained in exchange for lease obligations						90						228
Ownership interest received in exchange for divestiture						1,018						—
Conversion of convertible notes to common stock						232						—
Common stock issued in connection with acquisitions						967						—

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 (“Shipper(s)”) with carriers (“Carrier(s)”) in the freight industry by providing Carriers with the ability to book a shipment, transportation management and other logistics services. Uber is also developing technologies that will provide new solutions to 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, 2021 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, 2021, 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, 2021 filed with the SEC on February 24, 2022 that have had a material impact on our condensed consolidated financial statements and related notes.

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 13 – Variable Interest Entities for further information.

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. Additionally, we considered the impacts of the coronavirus pandemic (“COVID-19”) on the assumptions and inputs (including market data) supporting certain of these estimates, assumptions and judgments. On an ongoing basis, management evaluates estimates, including, but not limited to: fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of amortizable 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.

Certain Significant Risks and Uncertainties - COVID-19

COVID-19 restrictions have had an adverse impact on our business and operations by reducing, in particular, the global demand for Mobility offerings. It is not possible to predict COVID-19’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 COVID-19 on our business and financial results will depend largely on future developments, including: outbreaks or variants of the virus, both globally and within the United

Recently Adopted Accounting Pronouncements

In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance,” which requires disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The standard is effective for public companies for fiscal years beginning after December 15, 2021. Early adoption is permitted. We adopted the ASU prospectively on January 1, 2022. The additional required annual disclosures are not expected to have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination as if the acquiring entity had originated the contracts. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which clarifies that contractual sale restrictions are not considered in measuring fair value of equity securities and requires additional disclosures for equity securities subject to contractual sale restrictions. The standard is effective for public companies for fiscal years beginning after December 15, 2023. Early adoption is permitted. This accounting standard update is not expected to have a material impact on our consolidated financial statements as the amendments align with our existing policy.

In September 2022, the FASB issued ASU 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose sufficient information about the program. The amendments do not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, except for the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements.

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,
						2021						2022						2021						2022
Mobility revenue (1)						$	2,205					$	3,822					$	4,676					$	9,893
Delivery revenue (1)						2,238						2,770						5,942						7,970
Freight revenue						402						1,751						1,051						5,407
All Other revenue						—						—						8						—
Total revenue						$	4,845					$	8,343					$	11,677					$	23,270

(1) We offer subscription memberships to end-users including Uber One, 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 Mobility and Delivery revenue on a proportional basis, based on usage for each offering during the respective period.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2021						2022						2021						2022
United States and Canada ("US&CAN")						$	2,648					$	5,000					$	6,481					$	14,498
Latin America ("LatAm")						390						518						999						1,431
Europe, Middle East and Africa ("EMEA")						1,064						1,878						2,218						4,851
Asia Pacific ("APAC")						743						947						1,979						2,490
Total revenue						$	4,845					$	8,343					$	11,677					$	23,270

We derive revenue primarily from fees paid by Mobility Drivers for the use of our platform(s) and related services to facilitate and complete mobility services and, in certain markets, revenue from fees paid by end-users for connection services obtained via the platform. Mobility revenue also includes immaterial revenue streams such as our financial partnerships products.

During the first quarter of 2022, we modified our arrangements in certain markets and, as a result, concluded we are responsible for the provision of mobility services to end-users in those markets. We have determined that in these transactions, end-users are our customers and our sole performance obligation in the transaction is to provide transportation services to the end-user. We recognize revenue when a trip is complete. In these markets where we are responsible for mobility services, we present revenue from end-users on a gross basis, as we control the service provided by Drivers to end-users, while payments to Drivers in exchange for mobility services are recognized in cost of revenue, exclusive of depreciation and amortization.

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 $228 million and $490 million for the three and nine months ended September 30, 2021, respectively, and revenue from end-users of $349 million and $934 million for the three and nine months ended September 30, 2022, respectively. We also recognized cost of revenue for these delivery transactions, exclusive of depreciation and amortization of $642 million and $1.5 billion for the three and nine months ended September 30, 2021, respectively, and cost of revenue of $1.0 billion and $2.7 billion for the three and nine months ended September 30, 2022, respectively.

Delivery also includes advertising revenue from sponsored listing fees paid by merchants and brands in exchange for advertising services.

Freight Revenue

Freight revenue consists of revenue from freight transportation services provided to Shippers. During the fourth quarter of 2021, we completed the acquisition of Tupelo Parent, Inc. (“Transplace”), and as a result, our Freight revenue now also includes revenue from transportation management.

All Other Revenue

Prior to 2022, All Other revenue primarily includes collaboration revenue related to our Advanced Technologies Group (“ATG”) business and revenue from our New Mobility offerings and products.

Contract Balances and Remaining Performance Obligation

Contract liabilities represent consideration collected prior to satisfying our performance obligations. As of September 30, 2022, we had $141 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, 2021 and 2022 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, 2022						$	29					$	111					$	140

Our investments on the condensed consolidated balance sheets consisted of the following (in millions):

						As of
						December 31, 2021						September 30, 2022
Non-marketable equity securities:
Didi						$	—					$	1,029
Other (1)						315						308
Marketable equity securities:
Didi						2,838						—
Grab						3,821						1,409
Aurora						3,388						665
Other						1,312						116
Note receivable from a related party (1)						132						116
Investments						$	11,806					$	3,643

(1) 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.

						As of December 31, 2021 (1)																								As of September 30, 2022
						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Financial Assets
Money market funds						$	3,214					$	—					$	—					$	3,214					$	730					$	—					$	—					$	730
Non-marketable equity securities						—						—						32						32						—						—						5						5
Marketable equity securities						11,359						—						—						11,359						2,190						—						—						2,190
Note receivable from a related party						—						—						132						132						—						—						116						116
Total financial assets						$	14,573					$	—					$	164					$	14,737					$	2,920					$	—					$	121					$	3,041
Financial Liabilities
MLU B.V. Call Option (2)						$	—					$	—					$	193					$	193					$	—					$	—					$	13					$	13
Total financial liabilities						$	—					$	—					$	193					$	193					$	—					$	—					$	13					$	13

(1) During the third quarter of 2022, we determined that the balance of money market funds as of December 31, 2021, disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022, was incorrectly disclosed as zero in the fair value level hierarchy table. There were no impacts to our: balance of cash and cash equivalents; restricted cash and cash equivalents; restricted cash and cash equivalents, non-current; financial position; liquidity; results of operations; comprehensive loss; cash flows; or the change in equity. We determined this to be an immaterial error. The December 31, 2021 balance of money market funds in the table above has been revised to $3.2 billion. As of both March 31, 2022 and June 30, 2022, the money market funds balance in the fair value level hierarchy table should have been $3.1 billion. As of September 30, 2022, the decrease in money market funds was primarily driven by reinvesting funds into cash deposits.

(2) For further information, see Note 4 – Equity Method Investments.

Didi

As of September 30, 2022, our Didi investment, which was previously 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, is classified as a non-marketable equity security and is measured at fair value on a non-recurring basis with a readily available price based on significant other observable inputs (Level 2). For further information, see the section titled “Didi Investment” below.

Zomato

During the third quarter of 2022, we completed the sale of $418 million of our entire stake in Zomato Media Private Limited (“Zomato”) ordinary shares for net proceeds of $376 million and recognized an immaterial loss from this transaction in other income (expense), net in our condensed consolidated statement of operations.

Fair Value Hierarchy

During the nine months ended September 30, 2022, we did not make any other transfers between the levels of the fair value hierarchy.

We measure 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, 2021 and September 30, 2022, our Level 3 non-marketable equity securities and note receivable from a related party primarily consist of common stock investments, preferred stock investments and convertible secured notes that may be converted into common or preferred stock 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 on a specific identification method.

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, 2022, using significant unobservable inputs (Level 3) (in millions):

												Non-marketable Equity Securities						Note Receivables						MLU B.V. Call Option
Balance as of December 31, 2021												$	32					$	132					$	193
Change in fair value
Included in earnings												(27)						(16)						(180)
Balance as of September 30, 2022												$	5					$	116					$	13

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.

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 statement of operations. Certain 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

Didi Investment

In the second quarter of 2022, Didi completed their delisting from the New York Stock Exchange (“NYSE Delisting”). We concluded the ordinary shares held by us did not have a readily determinable fair value and should be accounted for under the measurement alternative method. As of September 30, 2022, Didi American Depositary Shares (“ADS”) continue to be traded in the over-the-counter (“OTC”) market. We determined that the Didi ADS were similar to the ordinary shares held prior to the NYSE Delisting. We then measured the investment to fair value based on the closing share price of the ADS on the OTC market on September 30, 2022 as an observable transaction for similar securities. As a result, we recognized an unrealized loss of $641 million and $1.8 billion during the three and nine months ended September 30, 2022, respectively, in other income (expense), net in our condensed consolidated statement of operations.

We did not record any other material unrealized or 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, 2021 and 2022.

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, 2021						September 30, 2022
Initial cost basis						$	279					$	1,694
Upward adjustments						4						279
Downward adjustments (including impairment)						—						(641)
Total carrying value at the end of the period						$	283					$	1,332

The carrying value of our equity method investments were as follows (in millions):

						As of
						December 31, 2021						September 30, 2022
MLU B.V.						$	751					$	849
Mission Bay 3 & 4						38						34
Other						11						19
Total equity method investments						$	800					$	902

MLU B.V. Investment

During 2018, we closed a transaction that contributed the net assets of our Uber Russia/CIS operations into a newly formed private limited liability company (“MLU B.V.”), with Yandex and us holding ownership interests in MLU B.V.

We review for impairment whenever factors indicate that the carrying value of the equity method investment may not be recoverable. During the first quarter of 2022, we determined that our investment in MLU B.V. was other-than-temporarily impaired, and recorded an impairment charge of $182 million in other income (expense), net in the condensed consolidated statement of operations. The impairment was primarily due to consensus projections of a protracted recession of the Russian economy as a result of Russia's invasion of Ukraine. To determine the fair value of our investment in MLU B.V., we utilized a market approach referencing revenue multiples from publicly traded peer companies.

MLU B.V. Basis Difference

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 and the U.S. Dollar.

The functional currency of the investee appreciated against the U.S. dollar by approximately 64% between March 31, 2022 and June 30, 2022. Given we account for the MLU B.V. investment on a one-quarter lag basis, we recognized a $352 million currency translation adjustment in other comprehensive income (loss) in our condensed consolidated statement of comprehensive income (loss) during the three months ended September 30, 2022.

The functional currency of the investee depreciated against the U.S. dollar by approximately 8% between June 30, 2022 and September 30, 2022. The movement in exchange rates will be reflected in the carrying value of the investment with a corresponding adjustment to other comprehensive income (loss) in our consolidated financial statements at December 31, 2022.

The table below provides the composition of the basis difference (in millions):

						As of September 30, 2022
Equity method goodwill						$	320
Intangible assets, net of accumulated amortization						37
Deferred tax liabilities						(10)
Cumulative currency translation adjustments						40
Basis difference						$	387

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 3.0 years as of September 30, 2022. Equity method goodwill is not amortized.

MLU B.V. Call Option

On August 30, 2021, we granted Yandex an option (“MLU B.V. Call Option”) to acquire our remaining equity interest in MLU B.V. during a two-year period as part of the agreement with Yandex to restructure our joint ventures in 2021. The MLU B.V. Call Option is recorded as a liability in accrued and other current liabilities on our condensed consolidated balance sheets and 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. As of September 30, 2022, the exercise price of the MLU B.V. Call Option is approximately $1.9 billion, subject to certain adjustments based on the timing of the option exercise.

As of December 31, 2021, the fair value of the MLU B.V. Call Option was $193 million. To determine the fair value of the MLU B.V. Call Option as of December 31, 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: the underlying business value; option term of 1.7 years; volatility of 50%; risk-free interest rates; and strike price (Level 3).

As of September 30, 2022, the fair value of the MLU B.V. Call Option was $13 million. We recorded a $180 million net gain for the fair value change during the nine months ended September 30, 2022. To determine the fair value of the MLU B.V. Call Option as of September 30, 2022, 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: the underlying business value; option term of 0.94 years; volatility of 65%; risk-free interest rates; and strike price (Level 3).

The following table presents the changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2022 (in millions):

						Mobility						Delivery						Freight						Total Goodwill
Balance as of December 31, 2021						$	2,581					$	4,401					$	1,438					$	8,420
Acquisitions						64						—						—						64
Measurement period adjustment						—						—						1						1
Divestiture						(16)						—						—						(16)
Foreign currency translation adjustment						(167)						(2)						—						(169)
Balance as of September 30, 2022						$	2,462					$	4,399					$	1,439					$	8,300

The components of intangible assets, net as of December 31, 2021 and September 30, 2022 were as follows (in millions, except years):

						Gross Carrying Value						Accumulated Amortization						Net Carrying Value						Weighted Average Remaining Useful Life - Years
December 31, 2021
Consumer, Merchant and other relationships						$	1,868					$	(294)					$	1,574					9
Developed technology						922						(269)						653						5
Other						242						(57)						185						6
Intangible assets						$	3,032					$	(620)					$	2,412