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

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____ to _____            
Commission File Number: 001-38902
____________________________________________ 
UBER TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
____________________________________________________________________________ 
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 November 3, 2021 was 1,940,118,248.



UBER TECHNOLOGIES, INC.
TABLE OF CONTENTS
Pages
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
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,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
the impacts of COVID-19 or other future pandemics on our business, results of operations, financial position and cash flows;
our ability to successfully defend litigation and government proceedings brought against us, including with respect to our relationship with drivers and couriers, and the potential impact on our business operations and financial performance if we are not successful;
our ability to successfully compete in highly competitive markets;
our ability to effectively manage our growth and maintain and improve our corporate culture;
our expectations regarding financial performance, including but not limited to revenue, potential profitability and the timing thereof, ability to generate positive Adjusted EBITDA, expenses, and other results of operations;
our expectations regarding future operating performance, including but not limited to our expectations regarding future Monthly Active Platform Consumers (“MAPCs”), Trips, Gross Bookings, and Take Rate;
our expectations regarding our competitors’ use of incentives and promotions, our competitors’ ability to raise capital, and the effects of such incentives and promotions on our growth and results of operations;
our anticipated investments in new products and offerings, and the effect of these investments on our results of operations;
our anticipated capital expenditures and our estimates regarding our capital requirements;
our ability to close and integrate acquisitions into our operations;
anticipated technology trends and developments and our ability to address those trends and developments with our products and offerings;
the size of our addressable markets, market share, category positions, and market trends, including our ability to grow our business in the countries we have identified as expansion markets;
the safety, affordability, and convenience of our platform and our offerings;
our ability to identify, recruit, and retain skilled personnel, including key members of senior management;
our expected growth in the number of platform users, and our ability to promote our brand and attract and retain platform users;
our ability to maintain, protect, and enhance our intellectual property rights;
our ability to introduce new products and offerings and enhance existing products and offerings;
our ability to successfully enter into new geographies, expand our presence in countries in which we are limited by regulatory restrictions, and manage our international expansion;
our ability to successfully renew licenses to operate our business in certain jurisdictions;
the availability of capital to grow our business;
volatility in the business or stock price of our minority-owned affiliates;
our ability to meet the requirements of our existing debt and draw on our line of credit;
our ability to prevent disturbance to our information technology systems;
our ability to comply with existing, modified, or new laws and regulations applying to our business; and
our ability to implement, maintain, and improve our internal control over financial reporting.
Actual events or results may differ from those expressed in forward-looking statements. As such, you should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our
2


business, financial condition, operating results, prospects, strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q speak only as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
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, 2020As of September 30, 2021
Assets
Cash and cash equivalents$5,647 $6,482 
Short-term investments1,180  
Restricted cash and cash equivalents250 414 
Accounts receivable, net of allowance of $55 and $43, respectively
1,073 1,333 
Prepaid expenses and other current assets1,215 1,455 
Assets held for sale517  
Total current assets9,882 9,684 
Restricted cash and cash equivalents1,494 2,894 
Collateral held by insurer860  
Investments (including amortized cost of debt securities of $2,281 and $2,281)
9,052 12,239 
Equity method investments1,079 971 
Property and equipment, net1,814 1,781 
Operating lease right-of-use assets1,274 1,218 
Intangible assets, net1,564 1,278 
Goodwill6,109 6,447 
Other assets124 372 
Total assets$33,252 $36,884 
Liabilities, redeemable non-controlling interests and equity
Accounts payable$235 $310 
Short-term insurance reserves1,243 1,379 
Operating lease liabilities, current175 168 
Accrued and other current liabilities5,112 6,269 
Liabilities held for sale100  
Total current liabilities6,865 8,126 
Long-term insurance reserves2,223 2,577 
Long-term debt, net of current portion7,560 9,279 
Operating lease liabilities, non-current1,544 1,488 
Other long-term liabilities1,306 1,129 
Total liabilities19,498 22,599 
Commitments and contingencies (Note 13)
Redeemable non-controlling interests787 229 
Equity
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 1,849,794 and 1,918,591 shares issued and outstanding, respectively
  
Additional paid-in capital35,931 37,281 
Accumulated other comprehensive income (loss)(535)1,168 
Accumulated deficit(23,130)(24,518)
Total Uber Technologies, Inc. stockholders' equity12,266 13,931 
Non-redeemable non-controlling interests701 125 
Total equity12,967 14,056 
Total liabilities, redeemable non-controlling interests and equity$33,252 $36,884 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020202120202021
Revenue$2,813 $4,845 $7,974 $11,677 
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below1,298 2,438 3,713 6,247 
Operations and support365 475 1,450 1,330 
Sales and marketing924 1,168 2,545 3,527 
Research and development493 493 1,722 1,496 
General and administrative711 625 2,135 1,705 
Depreciation and amortization138 218 395 656 
Total costs and expenses3,929 5,417 11,960 14,961 
Loss from operations(1,116)(572)(3,986)(3,284)
Interest expense(112)(123)(340)(353)
Other income (expense), net151 (1,832)(1,688)1,821 
Loss before income taxes and loss from equity method investments(1,077)(2,527)(6,014)(1,816)
Provision for (benefit from) income taxes23 (101)(215)(395)
Loss from equity method investments(8)(13)(27)(28)
Net loss including non-controlling interests(1,108)(2,439)(5,826)(1,449)
Less: net loss attributable to non-controlling interests, net of tax(19)(15)(27)(61)
Net loss attributable to Uber Technologies, Inc.$(1,089)$(2,424)$(5,799)$(1,388)
Net loss per share attributable to Uber Technologies, Inc. common stockholders:
Basic$(0.62)$(1.28)$(3.33)$(0.74)
Diluted$(0.62)$(1.28)$(3.33)$(0.75)
Weighted-average shares used to compute net loss per share attributable to common stockholders:
Basic1,755,029 1,898,954 1,739,488 1,877,655 
Diluted1,755,029 1,898,954 1,739,488 1,878,997 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020202120202021
Net loss including non-controlling interests$(1,108)$(2,439)$(5,826)$(1,449)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment137 24 (268)78 
Unrealized gain on investments in available-for-sale securities62 463 10 1,625 
Other comprehensive income (loss), net of tax199 487 (258)1,703 
Comprehensive income (loss) including non-controlling interests(909)(1,952)(6,084)254 
Less: comprehensive loss attributable to non-controlling interests(19)(15)(27)(61)
Comprehensive income (loss) attributable to Uber Technologies, Inc.$(890)$(1,937)$(6,057)$315 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
Redeemable Non-Controlling InterestsCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitNon-Redeemable Non-Controlling InterestsTotal Equity
SharesAmount
Balance as of December 31, 2019$311 1,716,681 $ $30,739 $(187)$(16,362)$682 $14,872 
Exercise of stock options— 4,359 — 14 — — — 14 
Stock-based compensation— — — 285 — — — 285 
Issuance of common stock for settlement of RSUs— 8,917 — — — — — — 
Shares withheld related to net share settlement— (107)— (3)— — — (3)
Unrealized loss on investments in available-for-sale securities, net of tax— — — — (60)— — (60)
Foreign currency translation adjustment— — — — (148)— — (148)
Distributions to non-controlling interests(3)— — — — — (4)(4)
Net income (loss)(18)— — — — (2,936)8 (2,928)
Balance as of March 31, 2020290 1,729,850  31,035 (395)(19,298)686 12,028 
Exercise of stock options— 3,106 — 8 — — — 8 
Stock-based compensation— — — 143 — — — 143 
Issuance of common stock under the Employee Stock Purchase Plan— 3,265 — 82 — — — 82 
Issuance of common stock for settlement of RSUs— 9,778 — — — — — — 
Shares withheld related to net share settlement— (42)— (1)— — — (1)
Unrealized gain on investments in available-for-sale securities, net of tax— — — — 8 — — 8 
Foreign currency translation adjustment— — — — (257)— — (257)
Distributions to non-controlling interests(3)— — — — — (5)(5)
Net income (loss)(5)— — — — (1,775)8 (1,767)
Balance as of June 30, 2020282 1,745,957  31,267 (644)(21,073)689 10,239 
Exercise of stock options— 1,430 — 6 — — — 6 
Stock-based compensation— — — 191 — — — 191 
Issuance of common stock for settlement of RSUs— 10,791 — — — — — — 
Shares withheld related to net share settlement— (356)— (11)— — — (11)
Unrealized gain on investments in available-for-sale securities, net of tax— — — — 62 — — 62 
Foreign currency translation adjustment— — — — 137 — — 137 
Issuance of common stock as consideration for acquisitions— 2,995 — 96 — — — 96 
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Recognition of non-controlling interest on acquisition290 — — — — — — — 
Distributions to non-controlling interests(1)— — — — — (1)(1)
Net income (loss)(22)— — — — (1,089)3 (1,086)
Balance as of September 30, 2020$549 1,760,817 $ $31,549 $(445)$(22,162)$691 $9,633 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
Redeemable Non-Controlling 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, 2021473 1,867,369  36,182 654 (23,238) 13,598 
Exercise of stock options— 2,454 — 40 — — — 40 
Stock-based compensation— — — 282 — — — 282 
Reclassification of share-based award liability to additional paid-in capital— — — 4 — — — 4 
Issuance of common stock under the Employee Stock Purchase Plan— 1,710 — 67 — — — 67 
Issuance of common stock for settlement of Careem Convertible Notes— 1,352 — 74 — — — 74 
Issuance of common stock for settlement of RSUs— 7,480 — — — — — — 
Shares withheld related to net share settlement— (55)— (3)— — — (3)
Recognition of non-controlling interest upon acquisition76 — — — — — — — 
Re-measurement of non-controlling interest1,052 — — (1,058)— — — (1,058)
Unrealized gain on investments in available-for-sale securities, net of tax— — — — 6 — — 6 
Foreign currency translation adjustment— — — — 21 — — 21 
Net income (loss)(32)— — — — 1,144 — 1,144 
Balance as of June 30, 20211,569 1,880,310  35,588 681 (22,094) 14,175 
Exercise of stock options— 2,088 — 17 — — — 17 
Stock-based compensation— — — 292 — — — 292 
Issuance of common stock for settlement of RSUs— 9,696 — — — — — — 
Shares withheld related to net share settlement— (149)— (6)— — — (6)
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Issuance of common stock for settlement of contingent consideration liability— 1,364 — 63 — — — 63 
Issuance of restricted stock awards, subject to repurchase, in connection with acquisition of non-controlling interest— 4,641 — — — — — — 
Acquisition of non-controlling interest(1,327)20,641 — 1,327 — — — 1,327 
Recognition of non-controlling interest upon sale of Freight Holding preferred stock— — — — — — 125 125 
Unrealized gain on investments in available-for-sale securities, net of tax— — — — 463 — — 463 
Foreign currency translation adjustment— — — — 24 — — 24 
Net loss(13)— — — — (2,424) (2,424)
Balance as of September 30, 2021$229 1,918,591 $ $37,281 $1,168 $(24,518)$125 $14,056 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended September 30,
20202021
Cash flows from operating activities
Net loss including non-controlling interests$(5,826)$(1,449)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization395 656 
Bad debt expense51 75 
Stock-based compensation591 834 
Gain on business divestitures, net(127)(1,684)
Gain from sale of investments (171)
Deferred income taxes(272)(482)
Loss from equity method investments, net27 28 
Unrealized loss on debt and equity securities, net123 56 
Impairment of debt and equity securities1,690  
Impairments of goodwill, long-lived assets and other assets372 16 
Unrealized foreign currency transactions44 12 
Other(3)50 
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable380 (354)
Prepaid expenses and other assets159 (229)
Collateral held by insurer259 860 
Operating lease right-of-use assets274 116 
Accounts payable(34)71 
Accrued insurance reserves(16)490 
Accrued expenses and other liabilities