10-Q 1 uber-20240331.htm 10-Q uber-20240331
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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, 2024
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.)
1725 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 6, 2024 was 2,089,520,408.



UBER TECHNOLOGIES, INC.
TABLE OF CONTENTS
Pages
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
1


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,” “goal,” “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 expectations regarding financial performance, including but not limited to revenue, achieving or maintaining profitability, ability to generate or maintain 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 Revenue Margin (defined as revenue as a percentage of Gross Bookings);
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 ability to effectively manage our growth and maintain and improve our corporate culture;
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;
our ability to successfully respond to global economic conditions, 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 entities;
our ability to meet the requirements of our existing debt and draw on our line of credit;
our ability to prevent disturbances, including cybersecurity incidents, to our information technology systems;
our ability to comply with existing, modified, or new laws and regulations applying to our business;
the impact of contagious disease or outbreaks of viruses, disease or pandemics on our business, results of operations, financial position and cash flows; and
our ability to implement, maintain, and improve our internal control over financial reporting.
2


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 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.
3


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, 2023As of March 31, 2024
Assets
Cash and cash equivalents$4,680 $5,019 
Short-term investments727 744 
Restricted cash and cash equivalents805 808 
Accounts receivable, net of allowance of $91 and $89, respectively
3,404 3,708 
Prepaid expenses and other current assets1,681 1,795 
Total current assets11,297 12,074 
Restricted cash and cash equivalents1,519 2,157 
Restricted investments4,779 4,812 
Investments6,101 5,587 
Equity method investments353 354 
Property and equipment, net2,073 2,033 
Operating lease right-of-use assets1,241 1,216 
Intangible assets, net1,425 1,335 
Goodwill8,151 8,089 
Other assets1,760 1,942 
Total assets$38,699 $39,599 
Liabilities, redeemable non-controlling interests and equity
Accounts payable$790 $833 
Short-term insurance reserves2,016 2,082 
Operating lease liabilities, current190 184 
Accrued and other current liabilities6,458 6,894 
Total current liabilities9,454 9,993 
Long-term insurance reserves4,722 5,346 
Long-term debt, net of current portion9,459 9,457 
Operating lease liabilities, non-current1,550 1,520 
Other long-term liabilities832 784 
Total liabilities26,017 27,100 
Commitments and contingencies (Note 11)
Redeemable non-controlling interests654 651 
Equity
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 2,071,144 and 2,086,247 shares issued and outstanding, respectively
  
Additional paid-in capital42,264 42,743 
Accumulated other comprehensive loss(421)(437)
Accumulated deficit(30,594)(31,248)
Total Uber Technologies, Inc. stockholders' equity11,249 11,058 
Non-redeemable non-controlling interests779 790 
Total equity12,028 11,848 
Total liabilities, redeemable non-controlling interests and equity$38,699 $39,599 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


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,
20232024
Revenue$8,823 $10,131 
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below5,259 6,168 
Operations and support640 685 
Sales and marketing1,262 917 
Research and development775 790 
General and administrative942 1,209 
Depreciation and amortization207 190 
Total costs and expenses9,085 9,959 
Income (loss) from operations(262)172 
Interest expense(168)(124)
Other income (expense), net292 (678)
Loss before income taxes and income (loss) from equity method investments(138)(630)
Provision for income taxes55 29 
Income (loss) from equity method investments36 (4)
Net loss including non-controlling interests(157)(663)
Less: net loss attributable to non-controlling interests, net of tax (9)
Net loss attributable to Uber Technologies, Inc.$(157)$(654)
Net loss per share attributable to Uber Technologies, Inc. common stockholders:
Basic$(0.08)$(0.31)
Diluted$(0.08)$(0.32)
Weighted-average shares used to compute net loss per share attributable to common stockholders:
Basic2,009,557 2,078,467 
Diluted2,009,557 2,080,168 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
Three Months Ended March 31,
20232024
Net loss including non-controlling interests$(157)$(663)
Other comprehensive loss, net of tax:
Change in foreign currency translation adjustment(155)(8)
Change in unrealized loss on investments in available-for-sale debt securities (8)
Other comprehensive loss, net of tax(155)(16)
Comprehensive loss including non-controlling interests(312)(679)
Less: comprehensive loss attributable to non-controlling interests (9)
Comprehensive loss attributable to Uber Technologies, Inc.$(312)$(670)
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
Three Months Ended March 31, 2023
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, 2022$430 2,005,486 $ $40,550 $(443)$(32,767)$734 $8,074 
Exercise of stock options— 1,208 — 5 — — — 5 
Stock-based compensation— — — 482 — — — 482 
Issuance of common stock for settlement of RSUs— 12,708 — — — — — — 
Shares withheld related to net share settlement— (208)— (7)— — — (7)
Foreign currency translation adjustment— — — — (155)— — (155)
Net income (loss)(11)— — — — (157)11 (146)
Balance as of March 31, 2023$419 2,019,194 $ $41,030 $(598)$(32,924)$745 $8,253 

Three Months Ended March 31, 2024
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, 2023$654 2,071,144 $ $42,264 $(421)$(30,594)$779 $12,028 
Exercise of stock options— 2,421 — 18 — — — 18 
Stock-based compensation— — — 493 — — — 493 
Issuance of common stock for settlement of RSUs— 13,160 — — — — — — 
Shares withheld related to net share settlement— (478)— (36)— — — (36)
Unrealized loss on investments in available-for-sale debt securities, net of tax— — — — (8)— — (8)
Foreign currency translation adjustment(2)— — — (8)— — (8)
Recognition of non-controlling interest upon capital investment19 — — — — — — — 
Net income (loss)(20)— — — — (654)11 (643)
Other— — — 4 — — — 4 
Balance as of March 31, 2024$651 2,086,247 $ $42,743 $(437)$(31,248)$790 $11,848 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended March 31,
20232024
Cash flows from operating activities
Net loss including non-controlling interests$(157)$(663)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization207 194 
Bad debt expense20 26 
Stock-based compensation470 484 
Deferred income taxes10 (16)
Loss (income) from equity method investments, net(36)4 
Unrealized (gain) loss on debt and equity securities, net(320)721 
Impairments of goodwill, long-lived assets and other assets67  
Unrealized foreign currency transactions83 150 
Other4 (59)
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable168 (422)
Prepaid expenses and other assets(119)(322)
Operating lease right-of-use assets52 46 
Accounts payable(7)46 
Accrued insurance reserves350 693 
Accrued expenses and other liabilities(142)590 
Operating lease liabilities(44)(56)
Net cash provided by operating activities606 1,416 
Cash flows from investing activities
Purchases of property and equipment(57)(57)
Purchases of non-marketable equity securities (174)
Purchases of marketable securities(846)(2,029)
Proceeds from maturities and sales of marketable securities500 2,030 
Proceeds from sale of equity method investment 9 
Other investing activities4 (21)
Net cash used in investing activities(399)(242)
Cash flows from financing activities
Issuance of term loans and notes, net of issuance costs1,121  
Principal repayment on term loan and notes(1,137)(6)
Principal payments on finance leases(40)(42)
Other financing activities(51)(52)
Net cash used in financing activities(107)(100)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents16 (94)
Net increase in cash and cash equivalents, and restricted cash and cash equivalents116 980 
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period6,677 7,004 
End of period$6,793 $7,984 
8


Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
Cash and cash equivalents$4,045 $5,019 
Restricted cash and cash equivalents-current897 808 
Restricted cash and cash equivalents-non-current1,851 2,157 
Total cash and cash equivalents, and restricted cash and cash equivalents$6,793 $7,984 
Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amount capitalized$157 $142 
Income taxes, net of refunds22 71 
Non-cash investing and financing activities:
Finance lease obligations120 2 
Right-of-use assets obtained in exchange for lease obligations12 25 
The accompanying notes are an integral part of these condensed consolidated financial statements.
9


UBER TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 (“Shipper(s)”) with carriers (“Carrier(s)”) in the freight industry. Uber is also developing technologies designed to provide new solutions to solve everyday problems.
Our technology is used around the world, principally in the United States (“U.S.”) and Canada, Latin America, Europe (excluding Russia), 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, 2023 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, 2023, 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 income (loss), cash flows and the change in equity for the periods presented.
There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 15, 2024 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 12 – 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.
Recently Adopted Accounting Pronouncements
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. We adopted the ASU on January 1, 2024. The additional required disclosures did not have a material impact on our condensed consolidated financial statements.
10


Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which will add required disclosures of significant expenses for each reportable segment, as well as certain other disclosures to help investors understand how the chief operating decision maker (“CODM”) evaluates segment expenses and operating results. The new standard will also allow disclosure of multiple measures of segment profitability, if those measures are used to allocate resources and assess performance. The amendments will be effective for public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The standard will be effective for public companies for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statement disclosures.
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,
20232024
Mobility revenue (1)
$4,330 $5,633 
Delivery revenue (1)
3,093 3,214 
Freight revenue1,400 1,284 
Total revenue$8,823 $10,131 
(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,
20232024
United States and Canada ("US&CAN")$5,132 $5,473 
Latin America ("LatAm")565 710 
Europe, Middle East and Africa ("EMEA")2,094 2,756 
Asia Pacific ("APAC")1,032 1,192 
Total revenue$8,823 $10,131 
Revenue
Mobility Revenue
We derive revenue 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.
Additionally, in certain markets where we are responsible for Mobility services, fees charged to end-users are also included in revenue, 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 and, in certain markets, revenue from fees paid by end-users for connection services obtained via the platform.
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, exclusive of depreciation and amortization. Delivery also includes advertising revenue from sponsored listing fees paid by Merchants and brands in
11


exchange for advertising services.
Freight Revenue
Freight revenue consists of revenue from freight transportation services provided to shippers.
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, 2023March 31, 2024
Classified as short-term investments:
Marketable debt securities (1):
U.S. government and agency securities$253 $166 
Commercial paper288 308 
Corporate bonds181 265 
Certificates of deposit5 5 
Short-term investments$727 $744 
Classified as restricted investments:
Marketable debt securities (1):
U.S. government and agency securities$4,426 $4,507 
Commercial paper17 30 
Corporate bonds77 86 
Certificates of deposit259 189 
Restricted investments$4,779 $4,812 
Classified as investments:
Non-marketable equity securities:
Didi$2,245 $2,176 
Other (2)
329 542 
Marketable equity securities:
Grab1,806 1,683 
Aurora (3)
1,425 919 
Other170 138 
Note receivable from a related party (2)
126 129 
Investments$6,101 $5,587 
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.
(2) 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.
(3) In connection with Aurora’s November 2021 initial public offering, we are subject to a lock-up agreement in which our ability to sell or transfer our shares in Aurora is partially restricted until November 2025.
12


Assets Measured at Fair Value on a Recurring Basis
The following table presents our financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2023As of March 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,153 $ $ $1,153 $1,377 $ $ $1,377 
U.S. government and agency securities 4,840  4,840  5,026  5,026 
Commercial paper 351  351  362  362 
Corporate bonds 263  263  352  352 
Certificates of deposit 266  266  194  194 
Non-marketable equity securities      5 5 
Marketable equity securities3,401   3,401 2,740   2,740 
Note receivable from a related party  126 126   129 129 
Total financial assets$4,554 $5,720 $126 $10,400 $4,117 $5,934 $134 $10,185 
As of December 31, 2023 and March 31, 2024, the amortized cost of our debt securities measured at fair value on a recurring basis approximates fair value. We did not record any material unrealized gains or losses, or credit losses as of December 31, 2023 and March 31, 2024. The weighted-average remaining maturity of our debt securities was less than one year as of March 31, 2024.
During the three months ended March 31, 2024, we did not make any transfers into or out of Level 3 of the fair value hierarchy.
Fair Value Hierarchy
We measure our cash equivalents and certain investments at fair value. Level 1 instrument valuations are based on quoted market prices of the identical underlying security. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations are 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, 2023 and March 31, 2024, our Level 3 non-marketable equity securities and note receivable from a related party primarily consist of common 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 and debt securities on a specific identification method.
13


Financial Assets Measured at Fair Value Using Level 3 Inputs
The following table presents a reconciliation of our financial assets measured and recorded at fair value on a recurring basis as of March 31, 2024, using significant unobservable inputs (Level 3) (in millions):
Non-marketable Equity SecuritiesNote Receivable
Balance as of December 31, 2023$ $126 
Change in fair value
Included in earnings5 3 
Balance as of March 31, 2024$5 $129 
Assets Measured at Fair Value on a Non-Recurring Basis
Non-Financial Assets
Our non-financial assets, such as goodwill, intangible assets and property and equipment are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominantly on Level 3 inputs.
Non-Marketable Equity Securities
Our non-marketable equity securities are investments in privately held companies without readily determinable fair values. The carrying value of our non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the condensed consolidated statements of operations. 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 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.
Didi Investment
As of December 31, 2023 and March 31, 2024, we measured the fair value of our Didi investment based on the closing share price of the Didi American Depositary Shares on the over-the-counter market as an observable transaction for similar securities. During the three months ended March 31, 2023 and 2024, we recognized an unrealized gain of $357 million and an unrealized loss of $69 million, respectively, in other income (expense), net in our condensed consolidated statements 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 months ended March 31, 2023 and 2024.
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, 2023March 31, 2024
Initial cost basis$1,727 $1,933 
Upward adjustments1,960 1,964 
Downward adjustments (including impairment)(1,113)(1,184)
Total carrying value at the end of the period$2,574 $2,713 
Note 4 – Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying value of goodwill by segment for the three months ended March 31, 2024 (in millions):
MobilityDeliveryFreightTotal Goodwill
Balance as of December 31, 2023$2,337 $4,369 $1,445 $8,151 
Foreign currency translation adjustment(61)(2)1 (62)
Balance as of March 31, 2024$2,276 $4,367 $1,446 $8,089 
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Intangible Assets
The components of intangible assets, net were as follows (in millions, except years):
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Remaining Useful Life - Years
December 31, 2023
Consumer, Merchant and other relationships$1,800 $(697)$1,103 8
Developed technology890 (621)269 5
Trade name, trademarks and other154 (101)53 4
Intangible assets$2,844 $(1,419)$1,425 
Gross Carrying Value
Accumulated Amortization
Net Carrying Value
Weighted Average Remaining Useful Life - Years
March 31, 2024
Consumer, Merchant and other relationships$1,791 $(742)$1,049 8
Developed technology889 (649)240 5
Trade name, trademarks and other146 (100)46 4
Intangible assets$2,826 $(1,491)$1,335 
Amortization expense for intangible assets subject to amortization was $94 million and $85 million for the three months ended March 31, 2023 and 2024, respectively.
The estimated aggregate future amortization expense for intangible assets subject to amortization as of March 31, 2024 is summarized below (in millions):
Estimated Future Amortization Expense
Year Ending December 31,
Remainder of 2024$206 
2025248 
2026186 
2027171 
2028127 
Thereafter395 
Total$1,333 
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Note 5 – Long-Term Debt and Revolving Credit Arrangements
Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages):
As of
December 31, 2023March 31, 2024Effective Interest RatesMaturities
2030 Refinanced Term Loans1,986 1,980 8.3 %March 3, 2030
2026 Senior Note1,500 1,500 8.1 %November 1, 2026
2027 Senior Note1,200 1,200 7.7 %September 15, 2027
2028 Senior Note500 500 7.0 %January 15, 2028
2029 Senior Note1,500 1,500 4.7 %August 15, 2029
2025 Convertible Notes1,150 1,150 0.2 %December 15, 2025
2028 Convertible Note1,725 1,725 1.1 %December 1, 2028
Total debt9,561 9,555 
Less: unamortized discount and issuance costs(77)(73)
Less: current portion of long-term debt(25)(25)
Total long-term debt$9,459 $9,457 
2030 Refinanced Term Loans
In March 2023, we entered into two refinancing transactions pursuant to an amendment to the 2016 Senior Secured Term Loan Agreement. On March 3, 2023, we entered into a refinancing transaction under which we borrowed $1.75 billion (“First Closing”), the proceeds of which were used to repay in full the outstanding 2025 Refinanced Term Loan of $1.4 billion and $317 million of the outstanding 2027 Refinanced Term Loan. On March 14, 2023, we entered into the second refinancing transaction under which we borrowed $761 million (“Second Closing”), the proceeds of which were used to repay in full the outstanding 2027 Refinanced Term Loan. The Second Closing constituted an additional term loan in the same tranche as the First Closing (collectively, the “2030 Refinanced Term Loans”). In November 2023, we used a portion of the net proceeds from our 2028 Convertible Notes offering, described below, to pay down $500 million of our 2030 Refinanced Term Loans. The partial extinguishment did not result in any changes to the terms of our 2030 Refinanced Term Loans.
The 2030 Refinanced Term Loans have a maturity date of March 3, 2030. The interest rate for the 2030 Refinanced Term Loans is Secured Overnight Financing Rate (“SOFR”) subject to a floor of 0.00%, plus 2.75% per annum. The refinancing transactions qualified as both a debt modification and debt extinguishment. As a result, we recognized an immaterial loss on debt extinguishment during the three months ended March 31, 2023 in other income (expense), net, in our condensed consolidated statement of operations. The refinancing transactions resulted in: (i) $1.1 billion cash inflow from the issuance of the 2030 Refinanced Term Loans, net of issuance costs, from new lenders and additional principal from existing lenders; (ii) a $1.1 billion cash outflow of principal payments on the 2025 Refinanced Term Loan and 2027 Refinanced Term Loan to exiting lenders and lower principal from existing lenders. The cash inflow and cash outflow are recorded within cash flows from financing activities in our condensed statement of cash flows during three months ended March 31, 2023.
The 2030 Refinanced Term Loans are guaranteed by certain of our material domestic restricted subsidiaries. The 2030 Refinanced Term Loans agreements contain customary covenants restricting our and certain of our subsidiaries’ ability to incur debt, incur liens and undergo certain fundamental changes. We were in compliance with all covenants as of March 31, 2024. The loan is secured by certain of our intellectual property and equity of certain material foreign subsidiaries.
The fair value of our 2030 Refinanced Term Loans was $2.0 billion as of March 31, 2024 and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.
2025 Convertible Notes
In December 2020, we issued $1.15 billion aggregate principal amount of 0% convertible senior notes due in 2025 (the “2025 Convertible Notes”), including the exercise in full by the initial purchasers of the 2025 Convertible Notes of their option to purchase up to an additional $150 million principal amount of the 2025 Convertible Notes. The 2025 Convertible Notes were issued in a private placement to qualified institutional buyers pursuant to Rule144A under the Securities Act. The 2025 Convertible Notes will mature on December 15, 2025, unless earlier converted, redeemed or repurchased.
Holders of the 2025 Convertible Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 15, 2025 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days
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ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined in the indenture governing the 2025 Convertible Notes) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call such notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the applicable redemption date; or (iv) upon the occurrence of specified corporate events. On or after September 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances.
As of March 31, 2024, none of the conditions permitting the holders of the 2025 Convertible Notes to convert their notes early had been met. Therefore, the 2025 Convertible Notes are classified as long-term.
The initial conversion rate is 12.3701 shares of common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $80.84 per share of common stock. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid special interest.
Upon conversion of the 2025 Convertible Notes, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. We may redeem for cash all or any portion of the notes, at our option if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date.
The indenture governing the 2025 Convertible Notes does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries.
The fair value of our 2025 Convertible Notes was $1.3 billion as of March 31, 2024 and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.
Amendments to 2025 Convertible Notes
On November 24, 2023, we entered into the First Supplemental Indenture (the “First Supplemental Indenture”), to an indenture, dated as of December 11, 2020 (the “Base Indenture”), by and between us and the U.S. Bank Trust Company, National Association, as trustee, governing our outstanding 2025 Convertible Notes. Pursuant to the First Supplemental Indenture, we irrevocably elected (i) to eliminate our option to choose Physical Settlement (as defined in the Base Indenture) on any conversion of the 2025 Convertible Notes that occurs on or after the date of the First Supplemental Indenture, (ii) Cash Settlement or Combination Settlement (each as defined in the Base Indenture) as the Settlement Method of any conversion of the 2025 Convertible Notes and (iii) that, with respect to any Combination Settlement for a conversion of the 2025 Convertible Notes, the Specified Dollar Amount (as defined in the Base Indenture) that will be settled in cash per $1,000 principal amount of the 2025 Convertible Notes will be no lower than $1,000.
2028 Convertible Notes and Capped Call Transactions
2028 Convertible Notes
In November 2023, we issued $1.73 billion aggregate principal amount of 0.875% convertible senior notes due in 2028 (the “2028 Convertible Notes”), including the exercise in full by the initial purchasers of the 2028 Convertible Notes of their option to purchase up to an additional $225 million principal amount of the 2028 Convertible Notes. The 2028 Convertible Notes were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The interest is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2024, and the notes will mature on December 1, 2028, unless earlier converted, redeemed or repurchased. The net proceeds from this offering were approximately $1.70 billion, after deducting the debt issuance costs. We used a portion of the net proceeds from this offering to fund the cost of entering into the capped call transactions, described below. Additionally, we used the remainder of the net proceeds, along with cash on hand, to redeem all of our outstanding 2025 Senior Notes and partially pay down our 2030 Refinanced Term Loans.
Holders of the 2028 Convertible Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2028 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on March 31, 2024 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined in the indenture governing the 2028 Convertible Notes) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call such notes for redemption, at any time
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prior to the close of business on the scheduled trading day immediately preceding the applicable redemption date; or (iv) upon the occurrence of specified corporate events. On or after September 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances.
As of March 31, 2024, none of the conditions permitting the holders of the 2028 Convertible Notes to convert their notes early had been met. Therefore, the 2028 Convertible Notes are classified as long-term.
The initial conversion rate is 13.7848 shares of the common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $72.54 per share of the common stock. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest.
Upon conversion of the 2028 Convertible Notes, we must pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the notes being converted.
We may not redeem the notes prior to December 5, 2026. We may redeem for cash all or any portion of the notes, at our option, on or after December 5, 2026, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
The indenture governing the 2028 Convertible Notes does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries.
The fair value of our 2028 Convertible Notes was $2.1 billion as of March 31, 2024 and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.
Capped Calls
In connection with the issuance of the 2028 Convertible Notes, we entered into privately negotiated capped call transactions (“the Capped Calls”) with certain of the initial purchasers of the 2028 Convertible Notes or their respective affiliates (the “option counterparties”) at a cost of approximately $141 million. The Capped Calls cover, subject to anti-dilution adjustments, the number of shares of our common stock initially underlying the 2028 Convertible Notes. By entering into the Capped Calls, we expect to reduce the potential dilution to our common stock (or, in the event a conversion of the 2028 Convertible Notes is settled in cash, to reduce our cash payment obligation) in the event that at the time of conversion of the 2028 Convertible Notes the trading price of our common stock price exceeds the conversion price of the 2028 Convertible Notes.
The initial cap price of the Capped Calls was approximately $95.81 per share, which represents a premium of 75% over the last reported sale price of our common stock of $54.75 on the New York Stock Exchange on November 20, 2023, and is subject to certain adjustments under the terms of the Capped Calls. The Capped Calls were included in additional paid-in capital in the condensed consolidated balance sheet as of December 31, 2023, with no remeasurement in subsequent periods as it meets the conditions for equity classification.
Senior Notes
The 2026, 2027, 2028 and 2029 Senior Notes (collectively “Senior Notes”) are guaranteed by certain of our material domestic restricted subsidiaries. The indentures governing the Senior Notes contain customary covenants restricting our and certain of our subsidiaries’ ability to incur debt and incur liens, as well as certain financial covenants specified in the indentures. We were in compliance with all covenants as of March 31, 2024.
The following table presents the fair values of our Senior Notes as of March 31, 2024, and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input (in millions):
As of March 31, 2024
2026 Senior Note1,521 
2027 Senior Note1,231 
2028 Senior Note502 
2029 Senior Note1,427 
Total$4,681 
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The following table presents the amount of interest expense recognized relating to the contractual interest coupon and amortization of the debt discount and issuance costs with respect to our long-term debt, for the three months ended March 31, 2023 and 2024 (in millions):
Three Months Ended March 31,
20232024
Contractual interest coupon$147 $123 
Amortization of debt discount and issuance costs7 4 
Total interest expense from long-term debt$154 $127 
Revolving Credit Arrangements
We have a revolving credit agreement initially entered into during 2015 with certain lenders, which provides for $2.3 billion in credit maturing on June 13, 2023 (“Revolving Credit Facility”). On April 4, 2022, we entered into an amendment to our Revolving Credit Facility to, among other things, (i) provide for approximately $2.2 billion of revolving credit commitments, (ii) extend the maturity date for the commitments and loans from June 13, 2023 to April 4, 2027, (iii) reduce the minimum liquidity covenant from $1.5 billion to $1.0 billion, (iv) replace the London Interbank Offered Rate (“LIBOR”) based interest rate with a SOFR based interest rate, and (v) make certain other changes to the negative covenants under the amended revolving credit agreement. The Revolving Credit Facility may be guaranteed by certain of our material domestic restricted subsidiaries based on certain conditions. The credit agreement contains customary covenants restricting our and certain of our subsidiaries’ ability to incur debt, incur liens, and undergo certain fundamental changes, as well as maintain a certain level of liquidity specified in the contractual agreement. We were in compliance with all covenants in the Revolving Credit Facility as of March 31, 2024. The credit agreement also contains customary events of default. The Revolving Credit Facility also contains restrictions on the payment of dividends.
On July 28, 2023, we entered into a joinder agreement to our Revolving Credit Facility to add an incremental revolving loan lender and increase the available commitments under the Revolving Credit Facility by an aggregate principal amount of $250 million. The joinder agreement brings the total revolver capacity to approximately $2.5 billion. There were no changes to the pricing or maturity of the Revolving Credit Facility.
As of March 31, 2024, there was no balance outstanding on the Revolving Credit Facility.
In February 2023, Uber Freight Holding Corporation (“Freight Holding”) entered into a $300 million senior secured asset-based revolving credit facility guaranteed by the assets of Freight Holding. As of March 31, 2024, there was no balance outstanding on Freight Holding’s revolving credit facility.
Letters of Credit
For purposes of securing obligations related to leases and other contractual obligations, we also maintain an agreement for letters of credit, which is collateralized by our Revolving Credit Facility and reduces the amount of credit available. As of December 31, 2023 and March 31, 2024, we had letters of credit outstanding of $975 million and $1.2 billion, respectively, of which the letters of credit that reduced the available credit under the Revolving Credit Facility were $287 million and $378 million, respectively.
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Note 6 – Supplemental Financial Statement Information
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets were as follows (in millions):
As of
December 31, 2023March 31, 2024
Prepaid expenses$400 $366 
Other receivables717 754 
Other564 675 
Prepaid expenses and other current assets$1,681 $1,795 
Accrued and Other Current Liabilities
Accrued and other current liabilities were as follows (in millions):
As of
December 31, 2023March 31, 2024
Accrued legal, regulatory and non-income taxes$1,044 $1,593 
Accrued Drivers and Merchants liability1,996 2,297 
Accrued compensation and employee benefits710 326 
Income and other tax liabilities684 675 
Commitment to issue unsecured convertible notes in connection with Careem acquisition128 128 
Other1,896 1,875 
Accrued and other current liabilities$6,458 $6,894 
Other Long-Term Liabilities
Other long-term liabilities were as follows (in millions):
As of
December 31, 2023March 31, 2024
Deferred tax liabilities$56 $38 
Other776 746 
Other long-term liabilities$832 $784 
Accumulated Other Comprehensive Income (Loss)
The changes in composition of accumulated other comprehensive income (loss), net of tax, were as follows (in millions):
Foreign Currency Translation AdjustmentsUnrealized Gains (Losses) on Available-for-Sale Securities, Net of TaxTotal
Balance as of December 31, 2022$(443)$ $(443)
Other comprehensive income (loss) before reclassifications(155) (155)
Amounts reclassified from accumulated other comprehensive income (loss)   
Other comprehensive income (loss)(155) (155)
Balance as of March 31, 2023$(598)$ $(598)
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Foreign Currency Translation AdjustmentsUnrealized Gains (Losses) on Available-for-Sale Securities, Net of TaxTotal
Balance as of December 31, 2023$(426)$5 $(421)
Other comprehensive income (loss) before reclassifications(8)(8)(16)
Amounts reclassified from accumulated other comprehensive income (loss)   
Other comprehensive income (loss)(8)(8)(16)
Balance as of March 31, 2024$(434)$(3)$(437)
Other Income (Expense), Net
The components of other income (expense), net were as follows (in millions):
Three Months Ended March 31,
20232024
Interest income$87 $159 
Foreign currency exchange losses, net(94)(164)
Unrealized gain (loss) on debt and equity securities, net (1)
320 (721)
Other, net(21)48 
Other income (expense), net$292 $(678)
(1) During the three months ended March 31, 2023, unrealized gain on debt and equity securities, net primarily represents changes in the fair value of our equity securities, primarily including: a $357 million unrealized gain on our Didi investment and a $54 million unrealized gain on our Aurora investment, partially offset by a $113 million unrealized loss on our Grab investment.
During the three months ended March 31, 2024, unrealized loss on debt and equity securities, net primarily represents changes in the fair value of our equity securities, primarily including: a $505 million unrealized loss on our Aurora investment, a $123 million unrealized loss on our Grab investment, and a $69 million unrealized loss on our Didi investment.

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Note 7 – Stockholders' Equity
Equity Compensation Plans
We maintain four equity compensation plans that provide for the issuance of shares of our common stock to our officers and other employees, directors, and consultants: the 2010 Stock Plan (the “2010 Plan”), the 2013 Equity Incentive Plan (the “2013 Plan”), the 2019 Equity Incentive Plan (the “2019 Plan”), and the 2019 Employee Stock Purchase Plan (the “ESPP”), which have all been approved by stockholders. Following our initial public offering (“IPO”) in May 2019, we have only issued awards under the 2019 Plan and the ESPP, and no additional awards will be granted under the 2010 and 2013 Plans. These plans provide for the issuance of incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), stock appreciation rights (“SARs”), restricted stock awards, restricted stock units (“RSUs”), performance-based awards, and other awards (that are based in whole or in part by reference to our common stock).
Stock Option and SAR Activity
A summary of stock option and SAR activity for the three months ended March 31, 2024 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years):
SARs Outstanding Number of SARsOptions Outstanding Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)Aggregate Intrinsic Value
As of December 31, 2023123 12,641 $20.03 2.79$535 
Granted 227 $81.03 
Exercised(67)(2,403)$8.23 
Canceled and forfeited (484)$34.68 
As of March 31, 202456 9,981 $23.44 2.70$538 
Vested and expected to vest as of March 31, 202456 8,777 $21.40 2.22$491 
Exercisable as of March 31, 202456 8,777 $21.40 2.22$491 
RSU Activity
The following table summarizes the activity related to our RSUs for the three months ended March 31, 2024 (in thousands, except per share amounts):
Number of SharesWeighted-Average
 Grant-Date Fair
 Value per Share
Unvested and outstanding as of December 31, 202390,827 $34.49 
Granted22,693 $76.02 
Vested(13,170)$35.17 
Canceled and forfeited(2,783)$35.80 
Unvested and outstanding as of March 31, 202497,567 $44.17 
Stock-Based Compensation Expense
Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function (in millions):
Three Months Ended March 31,
20232024
Operations and support$38 $67 
Sales and marketing24 21 
Research and development290 299 
General and administrative118 97 
Total$470 $484 
As of March 31, 2024, there was $4.2 billion of unamortized compensation costs related to all unvested awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.96 years.
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The tax benefits recognized in the condensed consolidated statements of operations for stock-based compensation arrangements were not material during the three months ended March 31, 2023 and 2024, respectively.
Share Repurchase Authorization
In February 2024, our board of directors authorized the repurchase of up to $7.0 billion in shares of our outstanding common stock. The timing, manner, price and amount of any repurchases are determined by the discretion of management, depending on market conditions and other factors. Repurchases may be made through open market purchases and accelerated share repurchases. The exact number of shares to be repurchased by us, if any, is not guaranteed. Depending on market conditions and other factors, these repurchases may be commenced or suspended at any time or periodically without prior notice.
Note 8 – Income Taxes
We compute our quarterly income tax expense/(benefit) by using a forecasted annual effective tax rate and adjust for any discrete items arising during the quarter. We recorded an income tax expense/(benefit) of $55 million and $29 million for the three months ended March 31, 2023 and 2024, respectively. During the three months ended March 31, 2023, the income tax expense was primarily driven by our foreign operations. During the three months ended March 31, 2024, the income tax expense was primarily driven by our foreign operations, offset by the deferred U.S. tax impact related to our investment in Aurora. The primary differences between the effective tax rate and the federal statutory tax rate are due to the valuation allowance on our U.S. and Netherlands' deferred tax assets and foreign tax rate differences.
During the three months ended March 31, 2024, the amount of gross unrecognized tax benefits increased by $75 million, of which approximately $3 million of unrecognized tax benefits, if recognized, would impact the effective tax rate. The remaining $72 million of unrecognized tax benefits would not impact the effective tax rate due to the valuation allowance against certain deferred tax assets.
We are subject to taxation in the U.S. and various state and foreign jurisdictions. We are also under routine examination by federal, various state and foreign tax authorities. We believe that adequate amounts have been reserved in these jurisdictions. To the extent we have tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state or foreign tax authorities to the extent utilized in a future period. For our major tax jurisdictions, the tax years 2007 through 2024 remain open; the major tax jurisdictions are the U.S., Brazil, Netherlands, and the United Kingdom (“UK”).
Although the timing of the resolution and/or closure of audits is highly uncertain, it is reasonably possible that the balance of gross unrecognized tax benefits could significantly change in the next 12 months. Given the number of years remaining subject to examination and the number of matters being examined, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. Any changes to unrecognized tax benefits recorded as of March 31, 2024 that are reasonably possible to occur within the next 12 months are not expected to be material.
In the event we experience an ownership change within the meaning of Section 382 of the Internal Revenue Code (“IRC”), our ability to utilize net operating losses, tax credits and other tax attributes may be limited. The most recent analysis of our historical ownership changes was completed through March 31, 2024. Based on the analysis, we do not anticipate a current limitation on the tax attributes.
Based on available evidence, management believes it is not more-likely-than-not that the net U.S., Netherlands, and other non-material jurisdictions’ deferred tax assets will be fully realizable. In these jurisdictions, we have recorded a valuation allowance against net deferred tax assets. We regularly review the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, excess tax benefits related to stock-based compensation, the expected timing of the reversals of existing taxable temporary differences and tax planning strategies by jurisdiction. Our judgment regarding future profitability may change due to many factors, including future market conditions and the ability to successfully execute our business plans and/or tax planning strategies.
Based on our assessment of current income and anticipated future earnings, there is a reasonable possibility that we will have sufficient evidence to release a significant portion of the valuation allowance in the U.S. within the next 12 months. However, our judgment regarding future earnings and the exact timing and amount of any valuation allowance release are subject to change due to many factors, including future market conditions, the ability to successfully execute our business plans, and the amount of stock-based compensation tax deductions available in the future.
Release of the valuation allowance would result in the recognition of net deferred tax assets on our consolidated balance sheet and would result in an income tax benefit in the period the release is recorded.
Note 9 – Net Income (Loss) Per Share
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Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the periods presented. Diluted net income (loss) per share is computed by giving effect to all potential weighted average dilutive common stock. For diluted net income (loss) per share, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities by application of the if-converted method, as applicable.
We take into account the effect on consolidated net income (loss) per share of dilutive securities of entities in which we hold equity interests that are accounted for using the equity method.
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts):
Three Months Ended March 31,
20232024
Basic net loss per share:
Numerator
Net loss including non-controlling interests$(157)$(663)
Net loss attributable to non-controlling interests, net of tax (9)
          Net loss attributable to common stockholders$(157)$(654)
Denominator
Basic weighted-average common stock outstanding2,009,557 2,078,467 
Basic net loss per share attributable to common stockholders (1)
$(0.08)$(0.31)
Diluted net loss per share:
Numerator
     Net loss attributable to common stockholders$(157)$(654)
Assumed net loss attributable to Uber Technologies, Inc. upon redemption of Freight Holding convertible common shares, non-controlling interest (16)
     Diluted net loss attributable to common stockholders$(157)$(670)
Denominator
     Number of shares used in basic net loss per share computation2,009,557 2,078,467 
     Weighted-average effect of potentially dilutive securities:
Assumed redemption of Freight Holding convertible common shares, non-controlling interest 1,701 
     Diluted weighted-average common stock outstanding2,009,557 2,080,168 
Diluted net loss per share attributable to common stockholders (1)
$(0.08)$(0.32)
(1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate.
The following potentially dilutive outstanding securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):
Three Months Ended March 31,
20232024
Freight Series A contingently redeemable preferred stock25,017 10,594 
RSUs134,524 97,567 
Stock options19,219 9,981 
Common stock subject to repurchase2,219 28 
Shares committed under ESPP3,266 2,589 
Warrants to purchase common stock73 73 
Convertible notes16,996 2,321 
Total201,314 123,153 
24


Note 10 – Segment Information and Geographic Information
We determine our operating segments based on how the chief operating decision maker (“CODM”) manages the business, allocates resources, makes operating decisions and evaluates operating performance.
Our three operating and reportable segments are as follows:
Segment
Description
MobilityMobility products connect consumers with Drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Mobility also includes activity related to our financial partnerships products and advertising.
Delivery
Delivery offerings allow consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered. In certain markets, Delivery provides offerings for grocery, alcohol, and convenience store delivery as well as select other goods. We refer to the grocery, alcohol, convenience and retail categories collectively as Grocery & Retail. Delivery also includes advertising.
Freight
Freight connects Carriers with Shippers on our platform, and gives Carriers upfront, transparent pricing and the ability to book a shipment. Freight also includes transportation management and other logistics services offerings.
For information about how our reportable segments derive revenue, as well as revenue grouped by offerings and geographical region, refer to Note 2 – Revenue.
Our segment operating performance measure is Segment Adjusted EBITDA. The CODM does not evaluate operating segments using asset information and, accordingly, we do not report asset information by segment. Segment Adjusted EBITDA is defined as revenue less the following expenses: cost of revenue, operations and support, sales and marketing, and general and administrative and research and development expenses associated with our segments. Segment Adjusted EBITDA also excludes non-cash items or items that management does not believe are reflective of our ongoing core operations (as shown in the table below).
The following table provides information about our segments and a reconciliation of total Segment Adjusted EBITDA to income (loss) from operations (in millions):
Three Months Ended March 31,
20232024
Segment Adjusted EBITDA:
Mobility$1,060 $1,479