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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 March 31, 2022
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)
____________________________________________________________________________ 
Delaware45-2647441
(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)
(415612-8582
(Registrant’s telephone number, including area code)
____________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.00001 per shareUBERNew 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 May 2, 2022 was 1,963,660,253.



UBER TECHNOLOGIES, INC.
TABLE OF CONTENTS
Pages
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Item 1A.
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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 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-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
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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, 2021As of March 31, 2022
Assets
Cash and cash equivalents$4,295 $4,184 
Restricted cash and cash equivalents631 543 
Accounts receivable, net of allowance of $51 and $64, respectively
2,439 2,476 
Prepaid expenses and other current assets1,454 1,462 
Total current assets8,819 8,665 
Restricted cash and cash equivalents2,879 2,865 
Investments11,806 6,247 
Equity method investments800 624 
Property and equipment, net1,853 1,853 
Operating lease right-of-use assets1,388 1,439 
Intangible assets, net2,412 2,269 
Goodwill8,420 8,435 
Other assets397 415 
Total assets$38,774 $32,812 
Liabilities, redeemable non-controlling interests and equity
Accounts payable$860 $862 
Short-term insurance reserves1,442 1,415 
Operating lease liabilities, current185 209 
Accrued and other current liabilities6,537 6,166 
Total current liabilities9,024 8,652 
Long-term insurance reserves2,546 2,709 
Long-term debt, net of current portion9,276 9,273 
Operating lease liabilities, non-current1,644 1,681 
Other long-term liabilities935 679 
Total liabilities23,425 22,994 
Commitments and contingencies (Note 12)
Redeemable non-controlling interests204 205 
Equity
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 1,949,316 and 1,959,794 shares issued and outstanding, respectively
  
Additional paid-in capital38,608 38,977 
Accumulated other comprehensive loss(524)(505)
Accumulated deficit(23,626)(29,556)
Total Uber Technologies, Inc. stockholders' equity14,458 8,916 
Non-redeemable non-controlling interests687 697 
Total equity15,145 9,613 
Total liabilities, redeemable non-controlling interests and equity$38,774 $32,812 
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 March 31,
20212022
Revenue$2,903 $6,854 
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below1,710 4,026 
Operations and support423 574 
Sales and marketing1,103 1,263 
Research and development515 587 
General and administrative464 632 
Depreciation and amortization212 254 
Total costs and expenses4,427 7,336 
Loss from operations(1,524)(482)
Interest expense(115)(129)
Other income (expense), net1,710 (5,557)
Income (loss) before income taxes and income (loss) from equity method investments71 (6,168)
Provision for (benefit from) income taxes185 (232)
Income (loss) from equity method investments(8)18 
Net loss including non-controlling interests(122)(5,918)
Less: net income (loss) attributable to non-controlling interests, net of tax(14)12 
Net loss attributable to Uber Technologies, Inc.$(108)$(5,930)
Net loss per share attributable to Uber Technologies, Inc. common stockholders:
Basic$(0.06)$(3.03)
Diluted$(0.06)$(3.04)
Weighted-average shares used to compute net loss per share attributable to common stockholders:
Basic1,858,525 1,953,989 
Diluted1,858,525 1,957,731 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
Three Months Ended March 31,
20212022
Net loss including non-controlling interests$(122)$(5,918)
Other comprehensive income, net of tax:
Change in foreign currency translation adjustment33 19 
Change in unrealized gain on investments in available-for-sale securities1,156  
Other comprehensive income, net of tax1,189 19 
Comprehensive income (loss) including non-controlling interests1,067 (5,899)
Less: comprehensive income (loss) attributable to non-controlling interests(14)12 
Comprehensive income (loss) attributable to Uber Technologies, Inc.$1,081 $(5,911)
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 InterestsCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitNon-Redeemable Non-Controlling InterestsTotal Equity
SharesAmount
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 acquisition56 — — — — — — — 
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 
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 InterestsCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitNon-Redeemable Non-Controlling InterestsTotal Equity
SharesAmount
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 $9,613 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended March 31,
20212022
Cash flows from operating activities
Net loss including non-controlling interests$(122)$(5,918)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization212 254 
Bad debt expense23 18 
Stock-based compensation281 359 
Gain on business divestiture(1,684) 
Deferred income taxes120 (281)
Loss (income) from equity method investments, net8 (18)
Unrealized (gain) loss on debt and equity securities, net(63)5,570 
Impairments of goodwill, long-lived assets and other assets16 13 
Impairment of equity method investment 182 
Revaluation of MLU B.V. call option (181)
Unrealized foreign currency transactions13 (15)
Other65 5 
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable(35)(26)
Prepaid expenses and other assets(67)(20)
Collateral held by insurer108  
Operating lease right-of-use assets38 42 
Accounts payable(3)8 
Accrued insurance reserves(27)134 
Accrued expenses and other liabilities556 (72)
Operating lease liabilities(50)(39)
Net cash provided by (used in) operating activities(611)15 
Cash flows from investing activities
Purchases of property and equipment(71)(62)
Purchases of marketable securities(336) 
Purchases of non-marketable equity securities(803)(13)
Purchase of notes receivable(216) 
Proceeds from maturities and sales of marketable securities696  
Proceeds from sale of non-marketable equity securities500  
Acquisition of businesses, net of cash acquired(28)(59)
Other investing activities8 (1)
Net cash used in investing activities(250)(135)
Cash flows from financing activities
Principal repayment on Careem Notes(194) 
Principal payments on finance leases(47)(62)
Other financing activities15 (51)
Net cash used in financing activities(226)(113)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents(46)20 
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Net decrease in cash and cash equivalents, and restricted cash and cash equivalents(1,133)(213)
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period7,391 7,805 
Reclassification from assets held for sale during the period349  
End of period$6,607 $7,592 
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
Cash and cash equivalents$4,836 $4,184 
Restricted cash and cash equivalents-current 247 543 
Restricted cash and cash equivalents-non-current1,524 2,865 
Total cash and cash equivalents, and restricted cash and cash equivalents$6,607 $7,592 
Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amount capitalized$84 $135 
Income taxes, net of refunds22 41 
Non-cash investing and financing activities:
Finance lease obligations21 46 
Right-of-use assets obtained in exchange for lease obligations45 132 
Ownership interest received in exchange for divestiture1,018  
Conversion of convertible notes to common stock158  
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 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.
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: 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. We considered the impacts of the COVID-19 pandemic on the assumptions and inputs (including market data) supporting certain of these estimates, assumptions and judgments, in particular, our impairment assessment related to the determination of the fair values of certain investments and equity method investments as well as goodwill and the recoverability of long-lived assets. 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.
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.
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 March 31,
20212022
Mobility revenue (1)
$853 $2,518 
Delivery revenue (1)
1,741 2,512 
Freight revenue301 1,824 
All Other revenue8  
Total revenue$2,903 $6,854 
(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 March 31,
20212022
United States and Canada ("US&CAN")$1,849 $4,562 
Latin America ("LatAm")302 432 
Europe, Middle East and Africa ("EMEA")225 1,127 
Asia Pacific ("APAC")527 733 
Total revenue$2,903 $6,854 
Revenue
Mobility Revenue
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.
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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.
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 $88 million and $241 million for the three months ended March 31, 2021 and 2022, respectively. We also recognized cost of revenue for these delivery transactions, exclusive of depreciation and amortization of $339 million and $740 million for the three months ended March 31, 2021 and 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 March 31, 2022, we had $155 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 months ended March 31, 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 March 31, 2022
$25 $121 $146 
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, 2021March 31, 2022
Non-marketable equity securities (1)
$315 $306 
Marketable equity securities:
Didi2,838 1,410 
Grab3,821 1,876 
Aurora3,388 1,682 
Other1,312 843 
Note receivable from a related party (1)
132 130 
Investments$11,806 $6,247 
(1) These balances include certain investments recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments.
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Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2021As of March 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Non-marketable equity securities$ $ $32 $32 $ $ $21 $21 
Marketable equity securities11,359   11,359 5,811   5,811 
Note receivable from a related party  132 132   130 130 
Total financial assets$11,359 $ $164 $11,523 $5,811 $ $151 $5,962 
Financial Liabilities
MLU B.V. Call Option (1)
$ $ $193 $193 $ $ $12 $12 
Total financial liabilities$ $ $193 $193 $ $ $12 $12 
(1) For further information, see Note 4 – Equity Method Investments.
During the three months ended March 31, 2022, we did not make any 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 March 31, 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 March 31, 2022, using significant unobservable inputs (Level 3) (in millions):
Non-marketable Equity SecuritiesNote ReceivablesMLU B.V. Call Option
Balance as of December 31, 2021$32 $132 $193 
Change in fair value
Included in earnings(11)(2)(181)
Balance as of March 31, 2022$21 $130 $12 
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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 statement 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 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 months ended March 31, 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, 2021March 31, 2022
Initial cost basis$279 $281 
Upward adjustments4 4 
Downward adjustments (including impairment)  
Total carrying value at the end of the period$283 $285 
Note 4 – Equity Method Investments
The carrying value of our equity method investments were as follows (in millions):
As of
December 31, 2021March 31, 2022
MLU B.V.$751 $574 
Mission Bay 3 & 438 37 
Other11 13 
Total equity method investments$800 $624 
MLU B.V. Investment
We reviewed for impairment whenever factors indicate that the carrying value of the equity method investment may not be recoverable. During the three months ended March 31, 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, the Ruble and the U.S. Dollar. The Ruble depreciated against the U.S. dollar by approximately 15% between December 31, 2021 and March 31, 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 condensed consolidated financial statements at June 30, 2022, as we record our share of MLU B.V.’s earnings and reflect our share of MLU B.V.'s net assets on a one-quarter lag basis.
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The table below provides the composition of the basis difference (in millions):
As of March 31, 2022
Equity method goodwill$320 
Intangible assets, net of accumulated amortization48 
Deferred tax liabilities(13)
Cumulative currency translation adjustments(70)
Basis difference$285 
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 3.1 years as of March 31, 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. The exercise price of the MLU B.V. Call Option is approximately $1.8 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 is $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 March 31, 2022, the fair value of the MLU B.V. Call Option is $12 million, including the recognition of a $181 million gain for the fair value change during the three months ended March 31, 2022. To determine the fair value of the MLU B.V. Call Option as of March 31, 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, which decreased significantly due to the conflict between Russia and Ukraine; option term of 1.4 years; volatility of 65%; risk-free interest rates; and strike price (Level 3).
Note 5 – Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying value of goodwill by reportable segment for the three months ended March 31, 2022 (in millions):
MobilityDeliveryFreightTotal Goodwill
Balance as of December 31, 2021$2,581 $4,401 $1,438 $8,420 
Acquisitions64   64 
Measurement period adjustment  5 5 
Foreign currency translation adjustment(56)2  (54)
Balance as of March 31, 2022$2,589 $4,403 $1,443 $8,435 
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Intangible Assets
The components of intangible assets, net as of December 31, 2021 and March 31, 2022 were as follows (in millions, except years):
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Remaining Useful Life - Years
December 31, 2021
Consumer, Merchant and other relationships$1,868 $(294)$1,574 9
Developed technology922 (269)653 5
Trade names and trademarks222 (47)175 6
Patents15 (7)8 7
Other5 (3)2 0
Intangible assets$3,032 $(620)$2,412 
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Remaining Useful Life - Years
March 31, 2022
Consumer, Merchant and other relationships$1,856 $(362)$1,494 9
Developed technology924 (325)599 5
Trade names and trademarks222 (55)167 6
Patents15 (8)7 6
Other5 (3)2 0
Intangible assets$3,022 $(753)$2,269 
Amortization expense for intangible assets subject to amortization was $92 million and $144 million for the three months ended March 31, 2021 and 2022, respectively.
The estimated aggregate future amortization expense for intangible assets subject to amortization as of March 31, 2022 is summarized below (in millions):
Estimated Future Amortization Expense
Year Ending December 31,
Remainder of 2022$381 
2023363 
2024306 
2025266 
2026203 
Thereafter