Gross Bookings grew 26% year-over-year and 32%
year-over-year on a constant currency basis Mobility Gross
Bookings, Adjusted EBITDA and Adjusted EBITDA margin at all-time
quarterly highs Operating cash flow of $432 million; Free cash flow
of $358 million
Uber Technologies, Inc. (NYSE: UBER) today announced financial
results for the quarter ended September 30, 2022.
Financial Highlights for Third Quarter 2022
- Gross Bookings grew 26% year-over-year (“YoY”) to $29.1
billion, or 32% on a constant currency basis, with Mobility Gross
Bookings of $13.7 billion (+38% YoY or +45% YoY constant currency)
and Delivery Gross Bookings of $13.7 billion (+7% YoY or +13% YoY
constant currency). Trips during the quarter grew 19% YoY to 1.95
billion, or approximately 21 million trips per day on average.
- Revenue grew 72% YoY to $8.3 billion, or 81% on a constant
currency basis, with Revenue growth significantly outpacing Gross
Bookings growth due to the acquisition of Transplace by Uber
Freight and a change in the business model for our UK Mobility
business.
- Net loss attributable to Uber Technologies, Inc. was $1.2
billion, which includes a $512 million net headwind (pre-tax)
primarily due to net unrealized losses related to the revaluations
of Uber’s equity investments. Additionally, net loss includes $482
million in stock-based compensation expense.
- Adjusted EBITDA of $516 million, up $508 million YoY. Adjusted
EBITDA margin as a percentage of Gross Bookings was 1.8%, up from
0% in Q3 2021.
- Net cash provided by operating activities was $432 million, and
free cash flow, defined as net cash flows from operating activities
less capital expenditures, was $358 million.
- Unrestricted cash and cash equivalents were $4.9 billion at the
end of the third quarter.
“Our global scale and unique platform advantages are working
together to drive more profitable growth, with Gross Bookings
growth of 32% and record Adjusted EBITDA of $516 million,” said
Dara Khosrowshahi, CEO. “Even as the macroeconomic environment
remains uncertain, Uber’s core business is stronger than ever.”
"Strong demand for our offerings, better marketplace efficiency,
and our asset-light platform helped to deliver Adjusted EBITDA well
above our guidance, even as foreign exchange and inflationary
headwinds impact all global businesses,” said Nelson Chai, CFO. “We
remain focused on excellent execution and disciplined cost
management to deliver on our growth and profitability commitments
for the coming years.”
Outlook for Q4 2022
For Q4 2022, we anticipate:
- Gross Bookings to grow 23% to 27% YoY on a constant currency
basis, with an expected 7 percentage point YoY currency headwind,
translating to a range of $30.0 billion to $31.0 billion
- Adjusted EBITDA of $600 million to $630 million
Financial and Operational Highlights
for Third Quarter 2022
Three Months Ended September
30,
(In millions, except percentages)
2021
2022
% Change
% Change
(Constant Currency
(1))
Monthly Active Platform Consumers
(“MAPCs”)
109
124
14
%
Trips
1,641
1,953
19
%
Gross Bookings
$
23,113
$
29,119
26
%
32
%
Revenue
$
4,845
$
8,343
72
%
81
%
Net loss attributable to Uber
Technologies, Inc. (2)
$
(2,424
)
$
(1,206
)
50
%
Adjusted EBITDA (1)
$
8
$
516
**
Net cash provided by operating activities
(3)
$
614
$
432
(30
)%
Free cash flow (1), (3)
$
524
$
358
(32
)%
(1)
See “Definitions of Non-GAAP
Measures” and “Reconciliations of Non-GAAP Measures” sections
herein for an explanation and reconciliations of non-GAAP measures
used throughout this release.
(2)
Net loss attributable to Uber
Technologies, Inc. includes stock-based compensation expense of
$281 million and $482 million in Q3 2021 and Q3 2022, respectively.
Net loss also includes a $2.0 billion net headwind (pre-tax) and a
$512 million net headwind (pre-tax) from revaluations of Uber’s
equity investments in Q3 2021 and Q3 2022, respectively.
(3)
Net cash provided by operating
activities and free cash flow in Q3 2021 benefited by a net amount
of $1.0 billion as a result of significant cash impacts related to
a legacy auto insurance transfer.
**
Percentage not meaningful.
Results by Offering and Segment
Gross Bookings
Three Months Ended September
30,
(In millions, except percentages)
2021
2022
% Change
% Change (Constant
Currency)
Gross Bookings:
Mobility
$
9,883
$
13,684
38
%
45
%
Delivery
12,828
13,684
7
%
13
%
Freight (1)
402
1,751
**
**
Total
$
23,113
$
29,119
26
%
32
%
(1)
Q3 2022 Gross Bookings includes
contributions from the acquisition of Transplace which closed on
November 12, 2021.
**
Percentage not meaningful.
Revenue
Three Months Ended September
30,
(In millions, except percentages)
2021
2022
% Change
% Change (Constant
Currency)
Revenue:
Mobility (1)
$
2,205
$
3,822
73
%
83
%
Delivery (2)
2,238
2,770
24
%
33
%
Freight (3)
402
1,751
**
**
Total
$
4,845
$
8,343
72
%
81
%
(1)
Mobility Revenues in Q3 2021
benefited from a $123 million accrual release for the resolution of
historical claims in the UK relating to the classification of
drivers. Mobility Revenue in Q3 2022 benefited by a net amount of
$1.1 billion from business model changes in the UK.
(2)
Delivery Revenue in Q3 2021 and
Q3 2022 benefited from business model changes in some countries
that classify certain payments and incentives as cost of revenue by
$519 million and $683 million, respectively.
(3)
Freight Revenue in Q3 2022
includes contributions from the acquisition of Transplace which
closed on November 12, 2021.
**
Percentage not meaningful.
Take Rates
Three Months Ended September
30,
2021
2022
Mobility (1)
22.3
%
27.9
%
Delivery (2)
17.4
%
20.2
%
Total
21.0
%
28.7
%
(1)
Mobility Take Rate in Q3 2022
includes a 770 bps net benefit from business model changes in the
UK. Excluding this impact, Mobility Take Rate would be 20.2%.
Mobility Take Rate was also adversely impacted by pass-through fuel
surcharges implemented through Q3 2022 in various markets
globally.
(2)
Delivery Take Rate in Q3 2021 and
Q3 2022 benefited from business model changes in some countries
that classify certain payments and incentives as cost of revenue by
400 bps and 500 bps, respectively.
Adjusted EBITDA and Segment Adjusted
EBITDA
Three Months Ended September
30,
(In millions, except percentages)
2021
2022
% Change
Segment Adjusted EBITDA:
Mobility
$
544
$
898
65
%
Delivery
(12
)
181
**
Freight
(35
)
1
**
Corporate G&A and Platform R&D
(1), (2)
(489
)
(564
)
(15
)%
Adjusted EBITDA (3)
$
8
$
516
**
(1)
Excludes stock-based compensation
expense.
(2)
Includes costs that are not
directly attributable to our reportable segments. Corporate G&A
also includes certain shared costs such as finance, accounting,
tax, human resources, information technology and legal costs.
Platform R&D also includes mapping and payment technologies and
support and development of the internal technology infrastructure.
Our allocation methodology is periodically evaluated and may
change.
(3)
“Adjusted EBITDA” is a non-GAAP
measure as defined by the SEC. See “Definitions of Non-GAAP
Measures” and “Reconciliations of Non-GAAP Measures” sections
herein for an explanation and reconciliations of non-GAAP measures
used throughout this release.
**
Percentage not meaningful.
Revenue by Geographical Region
Three Months Ended September
30,
(In millions, except percentages)
2021
2022
% Change
United States and Canada (“US&CAN”)
(1)
$
2,648
$
5,000
89
%
Latin America ("LatAm")
390
518
33
%
Europe, Middle East and Africa ("EMEA")
(2)
1,064
1,878
77
%
Asia Pacific ("APAC")
743
947
27
%
Total
$
4,845
$
8,343
72
%
(1)
US&CAN Revenue in Q3 2022
includes contributions from the acquisition of Transplace which
closed on November 12, 2021.
(2)
EMEA Revenue in Q3 2022 benefited
by a net amount of $1.1 billion from Mobility business model
changes in the UK.
Financial Highlights for the Third Quarter 2022
(continued)
Mobility
- Gross Bookings of $13.7 billion: Mobility Gross Bookings
grew 45% YoY on a constant currency basis. On a sequential basis,
Mobility Gross Bookings grew 2% quarter-over-quarter (“QoQ”), with
growth in all geographic regions.
- Revenue of $3.8 billion: Mobility Revenue grew 73% YoY
and 8% QoQ. The YoY increase was primarily driven by a $1.1 billion
benefit related to a UK business model change that classifies most
driver payments and incentives as cost of revenue. Mobility Take
Rate of 27.9% increased 560 bps YoY and 130 bps QoQ. The UK
business model change impacting revenue represented a 770 bps net
benefit to Take Rate in the quarter. Additionally, Mobility Take
Rate was adversely impacted by pass-through fuel surcharges
implemented through Q3 2022 in various markets globally.
- Adjusted EBITDA of $898 million: Mobility Adjusted
EBITDA increased $354 million YoY and $127 million QoQ. Mobility
Adjusted EBITDA margin was 6.6% of Gross Bookings compared to 5.5%
in Q3 2021 and 5.8% in Q2 2022. Mobility Adjusted EBITDA margin
improvement YoY was primarily driven by better cost leverage from
higher volume, and a meaningful reduction in driver supply
investments.
Delivery
- Gross Bookings of $13.7 billion: Delivery Gross Bookings
grew 13% YoY on a constant currency basis. Delivery Gross Bookings
in US & Canada were up 19% YoY and in all other markets were up
8% YoY on a constant currency basis.
- Revenue of $2.8 billion: Delivery Revenue grew 24% YoY
and 3% QoQ. Take Rate of 20.2% grew 280 bps YoY and grew 80 bps
QoQ. Business model changes in some countries that classify certain
payments and incentives as cost of revenue benefited Delivery Take
Rate by 500 bps in the quarter (compared to 400 bps benefit in Q3
2021 and 510 bps benefit in Q2 2022).
- Adjusted EBITDA of $181 million: Delivery Adjusted
EBITDA grew $193 million YoY and $82 million QoQ, driven by higher
volumes, increased Ads revenue, and improved network efficiencies.
Delivery Adjusted EBITDA margin as a percentage of Gross Bookings
reached 1.3%, compared to (0.1)% in Q3 2021 and 0.7% in Q2
2022.
Freight
- Revenue of $1.8 billion: Freight Revenue grew 336% YoY
and declined 4% QoQ. Freight Revenue includes contributions from
the acquisition of Transplace which closed on November 12,
2021.
- Adjusted EBITDA of $1 million: Freight Adjusted EBITDA
grew $36 million YoY but declined $4 million QoQ. Freight Adjusted
EBITDA margin as a percentage of Gross Bookings improved 8.8
percentage points YoY to 0.1% driven by increased marketplace
efficiency on our digital platform and strong sales momentum in our
Transportation Management business.
Corporate
- Corporate G&A and Platform R&D: Corporate
G&A and Platform R&D expenses of $564 million, compared to
$489 million in Q3 2021, and $511 million in Q2 2022. On a YoY
basis, Corporate G&A and Platform R&D decreased as a
percentage of Gross Bookings due to cost control and improved fixed
cost leverage.
GAAP and Non-GAAP Costs and Operating Expenses
- Cost of revenue excluding D&A: GAAP cost of revenue
was $5.2 billion. Non-GAAP cost of revenue was also $5.2 billion,
representing 17.7% of Gross Bookings, compared to 10.1% and 17.7%
in Q3 2021 and Q2 2022, respectively. On a YoY basis, non-GAAP cost
of revenue as a percentage of Gross Bookings increased due to the
classification of certain Delivery and Mobility payments as cost of
revenue attributable to business model changes in some countries
and the acquisition of Transplace.
- GAAP and Non-GAAP operating expenses (Non-GAAP operating
expenses exclude certain amounts as further detailed in the
“Reconciliations of Non-GAAP Measures” section):
- Operations and support: GAAP operations and support was
$617 million. Non-GAAP operations and support was $576 million,
representing 2.0% of Gross Bookings, compared to 1.9% and 2.0% in
Q3 2021 and Q2 2022, respectively. On a YoY basis, non-GAAP
operations and support as a percentage of Gross Bookings increased
due to higher headcount costs and higher driver background check
costs.
- Sales and marketing: GAAP sales and marketing was $1.2
billion. Non-GAAP sales and marketing was $1.1 billion,
representing 3.9% of Gross Bookings, compared to 5.0% and 4.1% in
Q3 2021 and Q2 2022, respectively. On a YoY basis, non-GAAP sales
and marketing as a percentage of Gross Bookings decreased due to
improved cost leverage with Gross Bookings growth outpacing sales
and marketing expense growth. Additionally, Gross Bookings mix
shifted towards Mobility, which carry lower associated sales and
marketing costs, while Delivery sales and marketing benefited from
lower promotional spend.
- Research and development: GAAP research and development
was $760 million. Non-GAAP research and development was $468
million, representing 1.6% of Gross Bookings, compared to 1.5% and
1.5% in Q3 2021 and Q2 2022, respectively.
- General and administrative: GAAP general and
administrative was $908 million. Non-GAAP general and
administrative was $488 million, representing 1.7% of Gross
Bookings, compared to 2.0% and 1.6% in Q3 2021 and Q2 2022,
respectively. On a YoY basis, non-GAAP general and administrative
as a percentage of Gross Bookings decreased due to improved fixed
cost leverage.
Operating Highlights for the Third Quarter 2022
Platform
- Monthly Active Platform Consumers (“MAPCs”) reached 124
million: MAPCs grew 14% YoY and 2% QoQ to 124 million, with
Mobility MAPCs up 22% YoY and 4% QoQ, driven by continued
improvement in consumer activity for our Mobility offerings.
- Trips of 1.95 billion: Trips on our platform grew 19%
YoY and 4% QoQ, with Mobility trips up 25% YoY and 6% QoQ and
low-single digit YoY growth in Delivery trips.
- Membership: Launched a new celebrity campaign in the US
to promote Uber One, our single cross-platform membership program,
featuring exclusive offers for Uber One members.
- Supporting earners: Drivers and couriers earned an
aggregate $10.8 billion (excluding tips) during the quarter, with
earnings up 25% YoY. In addition, announced a partnership with
Marqeta, Mastercard and Branch to power the Uber Pro Card, an
enhanced loyalty and payments experience that helps drivers and
couriers save on gas, fees, and other expenses, including up to 10%
cashback on gas and up to 12% back on EV charging.
- Ads: Formally launched Uber's advertising division and
unveiled Journey Ads, an engaging way for brands to connect with
riders during their trip. Drizly launched Drizly Ads, making it one
of the few alcohol marketplaces where partners can run full funnel
advertising. Active advertising merchants during the quarter
exceeded 250K.
- Motional partnership: Announced a partnership with
Motional to deploy autonomous vehicles (AVs) on the Uber network
across ride-hail and delivery. This 10-year, multimarket agreement
is expected to create one of the largest deployments of AVs on a
major ride-hail network and will support Uber’s zero-emissions
goal. We will launch a pilot program later this year using
Motional’s Hyundai Ioniq 5 AVs, in preparation for fully driverless
rides.
- Nuro partnership: Announced a 10-year partnership with
Nuro, a leading autonomous vehicle company, for autonomous
deliveries in Mountain View, California and Houston, Texas starting
this fall.
Mobility
- Uber Reserve LatAm and MENA expansion: Building on
strong traction in other regions for Uber Reserve, expanded product
availability to many markets across Latin America including
Argentina, Brazil, Chile, Costa Rica, Panama, the Dominican
Republic, Paraguay, Puerto Rico and Uruguay. In addition, expanded
Reserve feature availability in Saudi Arabia, Qatar and Egypt.
- Redesigned Safety Toolkit: Shared our new Uber Safety
Toolkit, featuring “Live Help” from an ADT Safety Agent and the
expansion of Text to 911.
- Electric Vehicle (“EV”) partnerships: Announced
partnership with EV provider Moove, bringing 10,000 EVs to London
by 2025. In addition, announced partnership with Stellantis and
Free2Move in France and bp Pulse in the UK. In October, announced
partnership with Splend in Australia, bringing 500 premium EVs to
driver partners in NSW to own, with the majority delivered before
year end and the remainder arriving in early 2023.
- Uber Comfort Electric expansion: Announced a national
expansion of Comfort Electric to 24 cities across the US in
addition to Vancouver, Canada.
- Taxis: Launched Uber Taxi in new markets including New
York City; Paris, France; the Ota Ward of Tokyo and Okinawa, Japan;
Brussels, Belgium; and Mendoza, Argentina.
- Uber Health ANZ launch: Launched Uber Health in
Australia and New Zealand, the first markets outside of the US.
This expansion enables ANZ healthcare organizations to use the Uber
Health dashboard to coordinate and manage transport for
patients.
Delivery
- Reopening impact: Delivery demonstrated stable consumer,
merchant and courier metrics against tough YoY comps as COVID-19
restrictions continued to ease around the world. Delivery MAPCs and
basket size grew 3% YoY and 4% YoY respectively, while order
frequency was flat YoY. Active merchants grew 11% YoY to nearly
870K in Q3. Globally, active couriers grew 7% YoY, and grew 19% YoY
in the US.
- Toast and Clover partnerships: Announced industry-first
Uber Eats self sign up (“SSU”) product integrations with
point-of-sale systems Toast and Clover to help restaurants and
other merchants onboard to our platform in a more streamlined
way.
- US & Canada New Verticals selection: Announced the
addition of Office Depot/Office Max and The Body Shop to Uber Eats
retail selection in the US and Dollarama in Canada, increasing the
availability of more on-demand delivery of must-have items.
- UK New Verticals partnerships: Announced that Co-op, the
supermarket chain, and Boots, the healthcare retailer, have joined
the Uber Eats platform. In addition, we announced that Iceland, the
supermarket, has expanded its partnership with Uber Eats to 890
stores across the UK.
- Uber Eats Market UK: Announced the launch of Uber Eats
Market, a new quick commerce proposition from Uber Eats in the UK,
in which we team up with the grocer, Iceland, to offer rapid
delivery of everyday grocery essentials. The offering combines Uber
Eats’ technology and courier network with Iceland’s expertise in
managing the retail stores and inventory.
- Leafly cannabis delivery launch: Announced partnership
with Leafly in Toronto which will enable Leafly’s licensed cannabis
retailers to be added to the Uber Eats marketplace for the purposes
of safe, convenient cannabis delivery.
Freight
- Uber Freight and Transplace integration: Integrated the
Uber Freight and Transplace organizations into a combined team and
logistics platform. The combined organization will offer more
services and technology advancements to customers while maintaining
service, transparency, and accountability.
- Record Transportation Management (“TM”) performance:
Delivered record TM performance on a trailing-twelve-month basis
with our largest ever annual deal value won, highest ever win-rate,
and largest ever forward pipeline. Use cases for TM solutions
continue to grow amidst supply chain headwinds, as shippers look to
efficiently manage, plan and procure within their freight
networks.
Equity investments
- Zomato stake sale: Completed the sale of our entire
equity stake in Zomato for net proceeds of approximately $376
million in August 2022.
Recent developments
- UK tax settlement: On October 31, 2022, we resolved all
outstanding HMRC VAT claims related to periods prior to our model
change on March 14, 2022. We do not expect any significant impact
to the income statement as we have adequate reserves recorded as of
September 30, 2022, related to this resolution. We expect a cash
outflow of approximately GBP 615 million during Q4 2022 for this
resolution.
Webcast and conference call information
A live audio webcast of our third quarter ended September 30,
2022 earnings release call will be available at
https://investor.uber.com/, along with the earnings press release
and slide presentation. The call begins on November 1, 2022 at 5:00
AM (PT) / 8:00 AM (ET). This press release, including the
reconciliations of certain non-GAAP measures to their nearest
comparable GAAP measures, is also available on that site.
We also provide announcements regarding our financial
performance and other matters, including SEC filings, investor
events, press and earnings releases, on our investor relations
website (https://investor.uber.com/), and our blogs
(https://uber.com/blog) and Twitter accounts (@uber and @dkhos), as
a means of disclosing material information and complying with our
disclosure obligations under Regulation FD.
About Uber
Uber’s mission is to create opportunity through movement. We
started in 2010 to solve a simple problem: how do you get access to
a ride at the touch of a button? More than 36 billion trips later,
we're building products to get people closer to where they want to
be. By changing how people, food, and things move through cities,
Uber is a platform that opens up the world to new
possibilities.
Forward-Looking Statements
This press release contains forward-looking statements regarding
our future business expectations which involve risks and
uncertainties. Actual results may differ materially from the
results predicted, and reported results should not be considered as
an indication of future performance. Forward-looking statements
include all statements that are not historical facts and can be
identified by terms 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 similar
expressions and the negatives of those terms. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These risks, uncertainties and other
factors relate to, among others: the outcome of a tax case before
the UK tax authority related to classification as a transportation
provider, competition, managing our growth and corporate culture,
financial performance, investments in new products or offerings,
our ability to attract drivers, consumers and other partners to our
platform, our brand and reputation, other legal and regulatory
developments, particularly with respect to our relationships with
drivers and couriers, developments in the COVID-19 pandemic and the
resulting impact on our business and operations, and the impact of
the global economy, including rising inflation and interest rates.
For additional information on other potential risks and
uncertainties that could cause actual results to differ from the
results predicted, please see our Annual Report on Form 10-K for
the year ended December 31, 2021 and subsequent quarterly reports
and other filings filed with the Securities and Exchange Commission
from time to time. All information provided in this release and in
the attachments is as of the date of this press release and any
forward-looking statements contained herein are based on
assumptions that we believe to be reasonable as of this date. Undue
reliance should not be placed on the forward-looking statements in
this press release, which are based on information available to us
on the date hereof. We undertake no duty to update this information
unless required by law.
Non-GAAP Financial Measures
To supplement our financial information, which is prepared and
presented in accordance with generally accepted accounting
principles in the United States of America (“GAAP”), we use the
following non-GAAP financial measures: Adjusted EBITDA; Free cash
flow; Non-GAAP Costs and Operating Expenses as well as, revenue
growth rates in constant currency. The presentation of this
financial information is not intended to be considered in isolation
or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP. We use these
non-GAAP financial measures for financial and operational
decision-making and as a means to evaluate period-to-period
comparisons. We believe that these non-GAAP financial measures
provide meaningful supplemental information regarding our
performance by excluding certain items that may not be indicative
of our recurring core business operating results.
We believe that both management and investors benefit from
referring to these non-GAAP financial measures in assessing our
performance and when planning, forecasting, and analyzing future
periods. These non-GAAP financial measures also facilitate
management’s internal comparisons to our historical performance. We
believe these non-GAAP financial measures are useful to investors
both because (1) they allow for greater transparency with respect
to key metrics used by management in its financial and operational
decision-making and (2) they are used by our institutional
investors and the analyst community to help them analyze the health
of our business.
There are a number of limitations related to the use of non-GAAP
financial measures. In light of these limitations, we provide
specific information regarding the GAAP amounts excluded from these
non-GAAP financial measures and evaluating these non-GAAP financial
measures together with their relevant financial measures in
accordance with GAAP.
For more information on these non-GAAP financial measures,
please see the sections titled “Key Terms for Our Key Metrics and
Non-GAAP Financial Measures,” “Definitions of Non-GAAP Measures”
and “Reconciliations of Non-GAAP Measures” included at the end of
this release. In regards to forward looking guidance, we are not
able to reconcile the forward-looking non-GAAP Adjusted EBITDA
measure to the closest corresponding GAAP measure without
unreasonable efforts because we are unable to predict the ultimate
outcome of certain significant items. These items include, but are
not limited to, significant legal settlements, unrealized gains and
losses on equity investments, tax and regulatory reserve changes,
restructuring costs and acquisition and financing related
impacts.
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions)
(Unaudited)
As of December 31,
2021
As of September 30,
2022
Assets
Cash and cash equivalents
$
4,295
$
4,865
Restricted cash and cash equivalents
631
593
Accounts receivable, net
2,439
2,468
Prepaid expenses and other current
assets
1,454
1,442
Total current assets
8,819
9,368
Restricted cash and cash equivalents
2,879
3,176
Investments
11,806
3,643
Equity method investments
800
902
Property and equipment, net
1,853
1,942
Operating lease right-of-use assets
1,388
1,405
Intangible assets, net
2,412
1,992
Goodwill
8,420
8,300
Other assets
397
384
Total assets
$
38,774
$
31,112
Liabilities, redeemable non-controlling
interests and equity
Accounts payable
$
860
$
774
Short-term insurance reserves
1,442
1,433
Operating lease liabilities, current
185
189
Accrued and other current liabilities
6,537
6,624
Total current liabilities
9,024
9,020
Long-term insurance reserves
2,546
3,036
Long-term debt, net of current portion
9,276
9,268
Operating lease liabilities,
non-current
1,644
1,626
Other long-term liabilities
935
762
Total liabilities
23,425
23,712
Redeemable non-controlling interests
204
430
Equity
Common stock
—
—
Additional paid-in capital
38,608
40,020
Accumulated other comprehensive loss
(524
)
(410
)
Accumulated deficit
(23,626
)
(33,363
)
Total Uber Technologies, Inc.
stockholders' equity
14,458
6,247
Non-redeemable non-controlling
interests
687
723
Total equity
15,145
6,970
Total liabilities, redeemable
non-controlling interests and equity
$
38,774
$
31,112
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,
2021
2022
2021
2022
Revenue
$
4,845
$
8,343
$
11,677
$
23,270
Costs and expenses
Cost of revenue, exclusive of depreciation
and amortization shown separately below
2,438
5,173
6,247
14,352
Operations and support
475
617
1,330
1,808
Sales and marketing
1,168
1,153
3,527
3,634
Research and development
493
760
1,496
2,051
General and administrative
625
908
1,705
2,391
Depreciation and amortization
218
227
656
724
Total costs and expenses
5,417
8,838
14,961
24,960
Loss from operations
(572
)
(495
)
(3,284
)
(1,690
)
Interest expense
(123
)
(146
)
(353
)
(414
)
Other income (expense), net
(1,832
)
(535
)
1,821
(7,796
)
Loss before income taxes and income
(loss) from equity method investments
(2,527
)
(1,176
)
(1,816
)
(9,900
)
Provision for (benefit from) income
taxes
(101
)
58
(395
)
(97
)
Income (loss) from equity method
investments
(13
)
30
(28
)
65
Net loss including non-controlling
interests
(2,439
)
(1,204
)
(1,449
)
(9,738
)
Less: net income (loss) attributable to
non-controlling interests, net of tax
(15
)
2
(61
)
(2
)
Net loss attributable to Uber
Technologies, Inc.
$
(2,424
)
$
(1,206
)
$
(1,388
)
$
(9,736
)
Net loss per share attributable to Uber
Technologies, Inc. common stockholders:
Basic
$
(1.28
)
$
(0.61
)
$
(0.74
)
$
(4.96
)
Diluted
$
(1.28
)
$
(0.61
)
$
(0.75
)
$
(4.97
)
Weighted-average shares used to compute
net loss per share attributable to common stockholders:
Basic
1,898,954
1,979,299
1,877,655
1,964,483
Diluted
1,898,954
1,979,299
1,878,997
1,968,228
UBER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2022
2021
2022
Cash flows from operating
activities
Net loss including non-controlling
interests
$
(2,439
)
$
(1,204
)
$
(1,449
)
$
(9,738
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
218
227
656
724
Bad debt expense
26
25
75
76
Stock-based compensation
281
482
834
1,311
Gain on business divestitures
—
(14
)
(1,684
)
(14
)
Gain from sale of investments
(171
)
—
(171
)
—
Deferred income taxes
(115
)
16
(482
)
(251
)
Loss (income) from equity method
investments, net
13
(30
)
28
(65
)
Unrealized loss on debt and equity
securities, net
2,031
550
56
7,797
Impairments of goodwill, long-lived assets
and other assets
—
—
16
15
Impairment of equity method investment
—
—
—
182
Revaluation of MLU B.V. call option
—
(10
)
—
(180
)
Unrealized foreign currency
transactions
14
15
12
25
Other
(12
)
7
50
5
Change in assets and liabilities, net of
impact of business acquisitions and disposals:
Accounts receivable
(205
)
(90
)
(354
)
(219
)
Prepaid expenses and other assets
(220
)
(115
)
(229
)
(57
)
Collateral held by insurer
724
—
860
—
Operating lease right-of-use assets
39
47
116
142
Accounts payable
(114
)
(35
)
71
(80
)
Accrued insurance reserves
469
159
490
485
Accrued expenses and other liabilities
129
483
891
897
Operating lease liabilities
(54
)
(81
)
(124
)
(169
)
Net cash provided by (used in) operating
activities
614
432
(338
)
886
Cash flows from investing
activities
Purchases of property and equipment
(90
)
(74
)
(218
)
(193
)
Purchases of marketable securities
(587
)
—
(1,113
)
—
Purchases of non-marketable equity
securities
—
—
(857
)
(14
)
Purchase of notes receivable
(24
)
—
(242
)
—
Proceeds from maturities and sales of
marketable securities
1,148
376
2,291
376
Proceeds from sale of non-marketable
equity securities
—
—
500
—
Proceeds from sale of equity method
investments and grant of related call option
800
—
800
—
Proceeds from business divestiture
—
26
—
26
Acquisition of businesses, net of cash
acquired
(31
)
—
(111
)
(59
)
Other investing activities
—
(7
)
17
(4
)
Net cash provided by investing
activities
1,216
321
1,067
132
Cash flows from financing
activities
Issuance of senior notes, net of issuance
costs
1,485
—
1,485
—
Principal repayment on Careem Notes
—
—
(195
)
—
Principal payments on finance leases
(58
)
(39
)
(166
)
(147
)
Proceeds from the issuance of common stock
under the Employee Stock Purchase Plan
—
—
67
59
Proceeds from issuance and sale of
subsidiary stock units
125
255
125
255
Other financing activities
4
(4
)
50
(63
)
Net cash provided by financing
activities
1,556
212
1,366
104
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
(50
)
(195
)
(45
)
(293
)
Net increase in cash and cash equivalents,
and restricted cash and cash equivalents
3,336
770
2,050
829
Cash and cash equivalents, and
restricted cash and cash equivalents
Beginning of period
6,454
7,864
7,391
7,805
Reclassification from assets held for sale
during the period
—
—
349
—
End of period
$
9,790
$
8,634
$
9,790
$
8,634
Other Income (Expense), Net
The following table presents components of other income
(expense), net (in millions):
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2022
2021
2022
(Unaudited)
Interest income
$
10
$
38
$
28
$
66
Foreign currency exchange gains (losses),
net
(13
)
(48
)
(38
)
(76
)
Gain on business divestitures (1)
—
14
1,684
14
Unrealized loss on debt and equity
securities, net (2)
(2,031
)
(550
)
(56
)
(7,797
)
Impairment of equity method investment
(3)
—
—
—
(182
)
Revaluation of MLU B.V. call option
(4)
—
10
—
180
Other, net
202
1
203
(1
)
Other income (expense), net
$
(1,832
)
$
(535
)
$
1,821
$
(7,796
)
(1)
During the nine months ended
September 30, 2021, gain on business divestitures primarily
represents a $1.6 billion gain on the sale of Apparate USA LLC
(“Apparate” or the “ATG Business”) to Aurora Innovation, Inc.
(“Aurora”) in January 2021.
(2)
During the three and nine months
ended September 30, 2021, unrealized loss on debt and equity
securities, net primarily represents a $3.2 billion loss and $1.7
billion net loss, respectively, on our Didi investment, partially
offset by a $994 million gain on our Zomato investment recognized
during the third quarter of 2021, a $102 million and $573 million
gain, respectively, on our Aurora investments, as well as a $73
million and $56 million net gain, respectively, on our other
investments in securities accounted for under the fair value
option.
During the three months ended
September 30, 2022, unrealized loss on debt and equity securities,
net primarily represents a $641 million loss on our Didi
investment, partially offset by a $90 million gain on our Aurora
investments recognized during the third quarter of 2022.
During the nine months ended
September 30, 2022, unrealized loss on debt and equity securities,
net primarily represents a $2.7 billion net loss on our Aurora
investments, a $2.4 billion net loss on our Grab investment, a $1.8
billion net loss on our Didi investment, a $747 million change of
fair value on our Zomato investment, as well as a $106 million net
loss on our other investments in securities accounted for under the
fair value option.
(3)
During the nine months ended
September 30, 2022, impairment of equity method investment
represents a $182 million impairment loss recorded on our MLU B.V.
equity method investment.
(4)
During the nine months ended
September 30, 2022, revaluation of MLU B.V. call option represents
a $180 million net gain for the change in fair value of the call
option granted to Yandex (“MLU B.V. Call Option”).
Stock-Based Compensation Expense
The following table summarizes total stock-based compensation
expense by function (in millions):
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2022
2021
2022
(Unaudited)
Operations and support
$ 42
$ 41
$ 107
$ 114
Sales and marketing
18
26
60
76
Research and development
152
292
434
765
General and administrative
69
123
233
356
Total
$ 281
$ 482
$ 834
$ 1,311
Key Terms for Our Key Metrics and Non-GAAP Financial
Measures
Adjusted EBITDA. Adjusted EBITDA is a Non-GAAP measure.
We define Adjusted EBITDA as net income (loss), excluding (i)
income (loss) from discontinued operations, net of income taxes,
(ii) net income (loss) attributable to non-controlling interests,
net of tax, (iii) provision for (benefit from) income taxes, (iv)
income (loss) from equity method investments, (v) interest expense,
(vi) other income (expense), net, (vii) depreciation and
amortization, (viii) stock-based compensation expense, (ix) certain
legal, tax, and regulatory reserve changes and settlements, (x)
goodwill and asset impairments/loss on sale of assets, (xi)
acquisition, financing and divestitures related expenses, (xii)
restructuring and related charges and (xiii) other items not
indicative of our ongoing operating performance, including COVID-19
response initiatives related payments for financial assistance to
Drivers personally impacted by COVID-19, the cost of personal
protective equipment distributed to Drivers, Driver reimbursement
for their cost of purchasing personal protective equipment, the
costs related to free rides and food deliveries to healthcare
workers, seniors, and others in need as well as charitable
donations. Our board and management find the exclusion of the
impact of these COVID-19 response initiatives from Adjusted EBITDA
to be useful because it allows us and our investors to assess the
impact of these response initiatives on our results of
operations.
Adjusted EBITDA margin. We define Adjusted EBITDA margin
as Adjusted EBITDA as a percentage of Gross Bookings.
COVID-19 response initiatives. To support those whose
earning opportunities have been depressed as a result of COVID-19,
as well as communities hit hard by COVID-19, we implemented several
initiatives, including, in particular, payments for financial
assistance to Drivers personally impacted by COVID-19, the cost of
personal protective equipment distributed to Drivers, Driver
reimbursement for their cost of purchasing personal protective
equipment, the costs related to free rides and food deliveries to
healthcare workers, seniors, and others in need as well as
charitable donations. The payments for financial assistance to
Drivers personally impacted by COVID-19 and Driver reimbursement
for their cost of purchasing personal protective equipment are
recorded as a reduction to revenue. The cost of personal protective
equipment distributed to Drivers, the costs related to free rides
and food deliveries to healthcare workers, seniors, and others in
need as well as charitable donations are recorded as an expense in
our costs and expenses.
Driver(s). The term Driver collectively refers to
independent providers of ride or delivery services who use our
platform to provide Mobility or Delivery services, or both.
Driver or restaurant earnings. Driver or restaurant
earnings refer to the net portion of the fare or the net portion of
the order value that a Driver or a restaurant retains,
respectively.
Driver incentives. Driver incentives refer to payments
that we make to Drivers, which are separate from and in addition to
the Driver’s portion of the fare paid by the consumer after we
retain our service fee to Drivers. For example, Driver incentives
could include payments we make to Drivers should they choose to
take advantage of an incentive offer and complete a consecutive
number of trips or a cumulative number of trips on the platform
over a defined period of time. Driver incentives are recorded as a
reduction of revenue.
Free cash flow. Free cash flow is a Non-GAAP measure. We
define free cash flow as net cash flows from operating activities
less capital expenditures.
Gross Bookings. We define Gross Bookings as the total
dollar value, including any applicable taxes, tolls, and fees, of:
Mobility rides; Delivery orders (in each case without any
adjustment for consumer discounts and refunds); Driver and Merchant
earnings; Driver incentives and Freight revenue. Gross Bookings do
not include tips earned by Drivers.
Monthly Active Platform Consumers (“MAPCs”). We define
MAPCs as the number of unique consumers who completed a Mobility or
New Mobility ride or received a Delivery order on our platform at
least once in a given month, averaged over each month in the
quarter. While a unique consumer can use multiple product offerings
on our platform in a given month, that unique consumer is counted
as only one MAPC.
Segment Adjusted EBITDA. We define each segment’s
Adjusted EBITDA as segment revenue less the following direct costs
and expenses of that segment: (i) cost of revenue, exclusive of
depreciation and amortization; (ii) operations and support; (iii)
sales and marketing; (iv) research and development; and (v) general
and administrative. Segment Adjusted EBITDA also reflects any
applicable exclusions from Adjusted EBITDA.
Segment Adjusted EBITDA margin. We define each segment’s
Adjusted EBITDA margin as the segment Adjusted EBITDA as a
percentage of segment Gross Bookings.
Take Rate. We define Take Rate as revenue as a percentage
of Gross Bookings.
Trips. We define Trips as the number of completed
consumer Mobility or New Mobility rides and Delivery orders in a
given period. For example, an UberX Share ride with three paying
consumers represents three unique Trips, whereas an UberX ride with
three passengers represents one Trip.
Definitions of Non-GAAP Measures
We collect and analyze operating and financial data to evaluate
the health of our business and assess our performance. In addition
to revenue, net income (loss), income (loss) from operations, and
other results under GAAP, we use: Adjusted EBITDA; Free cash flow;
Non-GAAP Costs and Operating Expenses; as well as, revenue growth
rates in constant currency, which are described below, to evaluate
our business. We have included these non-GAAP financial measures
because they are key measures used by our management to evaluate
our operating performance. Accordingly, we believe that these
non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating our operating results in
the same manner as our management team and board of directors. Our
calculation of these non-GAAP financial measures may differ from
similarly-titled non-GAAP measures, if any, reported by our peer
companies. These non-GAAP financial measures should not be
considered in isolation from, or as substitutes for, financial
information prepared in accordance with GAAP.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss), excluding (i)
income (loss) from discontinued operations, net of income taxes,
(ii) net income (loss) attributable to non-controlling interests,
net of tax, (iii) provision for (benefit from) income taxes, (iv)
income (loss) from equity method investments, (v) interest expense,
(vi) other income (expense), net, (vii) depreciation and
amortization, (viii) stock-based compensation expense, (ix) certain
legal, tax, and regulatory reserve changes and settlements, (x)
goodwill and asset impairments/loss on sale of assets, (xi)
acquisition, financing and divestitures related expenses, (xii)
restructuring and related charges and (xiii) other items not
indicative of our ongoing operating performance, including COVID-19
response initiatives related payments for financial assistance to
Drivers personally impacted by COVID-19, the cost of personal
protective equipment distributed to Drivers, Driver reimbursement
for their cost of purchasing personal protective equipment, the
costs related to free rides and food deliveries to healthcare
workers, seniors, and others in need as well as charitable
donations.
We have included Adjusted EBITDA because it is a key measure
used by our management team to evaluate our operating performance,
generate future operating plans, and make strategic decisions,
including those relating to operating expenses. Accordingly, we
believe that Adjusted EBITDA provides useful information to
investors and others in understanding and evaluating our operating
results in the same manner as our management team and board of
directors. In addition, it provides a useful measure for
period-to-period comparisons of our business, as it removes the
effect of certain non-cash expenses and certain variable charges.
To help our board, management and investors assess the impact of
COVID-19 on our results of operations, we are excluding the impacts
of COVID-19 response initiatives related payments for financial
assistance to Drivers personally impacted by COVID-19, the cost of
personal protective equipment distributed to Drivers, Driver
reimbursement for their cost of purchasing personal protective
equipment, the costs related to free rides and food deliveries to
healthcare workers, seniors, and others in need as well as
charitable donations from Adjusted EBITDA. Our board and management
find the exclusion of the impact of these COVID-19 response
initiatives from Adjusted EBITDA to be useful because it allows us
and our investors to assess the impact of these response
initiatives on our results of operations.
Adjusted EBITDA has limitations as a financial measure, should
be considered as supplemental in nature, and is not meant as a
substitute for the related financial information prepared in
accordance with GAAP. These limitations include the following:
- Adjusted EBITDA excludes certain recurring, non-cash charges,
such as depreciation of property and equipment and amortization of
intangible assets, and although these are non-cash charges, the
assets being depreciated and amortized may have to be replaced in
the future, and Adjusted EBITDA does not reflect all cash capital
expenditure requirements for such replacements or for new capital
expenditure requirements;
- Adjusted EBITDA excludes certain restructuring and related
charges, part of which may be settled in cash;
- Adjusted EBITDA excludes stock-based compensation expense,
which has been, and will continue to be for the foreseeable future,
a significant recurring expense in our business and an important
part of our compensation strategy;
- Adjusted EBITDA excludes other items not indicative of our
ongoing operating performance, including COVID-19 response
initiatives related payments for financial assistance to Drivers
personally impacted by COVID-19, the cost of personal protective
equipment distributed to Drivers, Driver reimbursement for their
cost of purchasing personal protective equipment, the costs related
to free rides and food deliveries to healthcare workers, seniors,
and others in need as well as charitable donations;
- Adjusted EBITDA does not reflect period to period changes in
taxes, income tax expense or the cash necessary to pay income
taxes;
- Adjusted EBITDA does not reflect the components of other income
(expense), net, which primarily includes: interest income; foreign
currency exchange gains (losses), net; gain (loss) on business
divestitures, net; unrealized gain (loss) on debt and equity
securities, net; and impairment of debt and equity securities;
and
- Adjusted EBITDA excludes certain legal, tax, and regulatory
reserve changes and settlements that may reduce cash available to
us.
Constant Currency
We compare the percent change in our current period results from
the corresponding prior period using constant currency disclosure.
We present constant currency growth rate information to provide a
framework for assessing how our underlying revenue performed
excluding the effect of foreign currency rate fluctuations. We
calculate constant currency by translating our current period
financial results using the corresponding prior period’s monthly
exchange rates for our transacted currencies other than the U.S.
dollar.
Non-GAAP Costs and Operating Expenses
Costs and operating expenses are defined as: cost of revenue,
exclusive of depreciation and amortization; operations and support;
sales and marketing; research and development; and general and
administrative expenses. We define Non-GAAP costs and operating
expenses as costs and operating expenses excluding: (i) stock-based
compensation expense, (ii) certain legal, tax, and regulatory
reserve changes and settlements, (iii) goodwill and asset
impairments/loss on sale of assets, (iv) certain acquisition,
financing and divestiture related expenses, (v) restructuring and
related charges and (vi) other items not indicative of our ongoing
operating performance, including COVID-19 response initiative
related payments for financial assistance to Drivers personally
impacted by COVID-19, the cost of personal protective equipment
distributed to Drivers, Driver reimbursement for their cost of
purchasing personal protective equipment, the costs related to free
rides and food deliveries to healthcare workers, seniors, and
others in need as well as charitable donations.
Free Cash Flow
We define free cash flow as net cash flows from operating
activities less capital expenditures.
Reconciliations of Non-GAAP Measures
Adjusted EBITDA
The following table presents reconciliations of Adjusted EBITDA
to the most directly comparable GAAP financial measure for each of
the periods indicated.
Three Months Ended September
30,
Nine Months Ended September
30,
(In millions)
2021
2022
2021
2022
Adjusted EBITDA reconciliation:
Net loss attributable to Uber
Technologies, Inc.
$
(2,424
)
$
(1,206
)
$
(1,388
)
$
(9,736
)
Add (deduct):
Net income (loss) attributable to
non-controlling interests, net of tax
(15
)
2
(61
)
(2
)
Provision for (benefit from) income
taxes
(101
)
58
(395
)
(97
)
Loss (income) from equity method
investments
13
(30
)
28
(65
)
Interest expense
123
146
353
414
Other (income) expense, net
1,832
535
(1,821
)
7,796
Depreciation and amortization
218
227
656
724
Stock-based compensation expense
281
482
834
1,311
Legal, tax, and regulatory reserve changes
and settlements
(98
)
283
593
651
Goodwill and asset impairments/loss on
sale of assets
—
—
57
17
Acquisition, financing and divestitures
related expenses
23
19
85
39
Accelerated lease costs related to
cease-use of ROU assets
—
—
2
—
COVID-19 response initiatives
10
—
51
1
Loss on lease arrangements, net
—
—
—
7
Restructuring and related charges
—
—
—
2
Legacy auto insurance transfer
103
—
103
—
Mass arbitration fees, net
43
—
43
(14
)
Adjusted EBITDA
$
8
$
516
$
(860
)
$
1,048
Free cash flow
We define free cash flow as net cash flows from operating
activities less capital expenditures. The following table presents
a reconciliation of free cash flow to the most directly comparable
GAAP financial measure for each of the periods indicated.
Three Months Ended September
30,
Nine Months Ended September
30,
(In millions)
2021
2022
2021
2022
Free cash flow reconciliation:
Net cash provided by (used in) operating
activities (1)
$
614
$
432
$
(338
)
$
886
Purchases of property and equipment
(90
)
(74
)
(218
)
(193
)
Free cash flow (1)
$
524
$
358
$
(556
)
$
693
(1)
During each of the periods
indicated for 2021, net cash provided by (used in) operating
activities, and free cash flow, benefited by a net amount of $1.0
billion as a result of cash impacts related to a legacy auto
insurance transfer.
Non-GAAP Costs and Operating Expenses
The following tables present reconciliations of Non-GAAP costs
and operating expenses to the most directly comparable GAAP
financial measure for each of the periods indicated.
Three Months Ended
(In millions)
September 30, 2021
June 30, 2022
September 30, 2022
Non-GAAP Cost of revenue exclusive of
depreciation and amortization reconciliation:
GAAP Cost of revenue exclusive of
depreciation and amortization
$
2,438
$
5,153
$
5,173
Acquisition, financing and divestitures
related expenses
(4
)
—
(5
)
Legacy auto insurance transfer
(101
)
—
—
Non-GAAP Cost of revenue exclusive of
depreciation and amortization
$
2,333
$
5,153
$
5,168
Three Months Ended
(In millions)
September 30, 2021
June 30, 2022
September 30, 2022
Non-GAAP Operating Expenses
Non-GAAP Operations and support
reconciliation:
GAAP Operations and support
$
475
$
617
$
617
Legacy auto insurance transfer
(2
)
—
—
Stock-based compensation expense
(42
)
(40
)
(41
)
Non-GAAP Operations and support
$
431
$
577
$
576
Non-GAAP Sales and marketing
reconciliation:
GAAP Sales and marketing
$
1,168
$
1,218
$
1,153
Acquisition, financing and divestitures
related expenses
(1
)
—
—
COVID-19 response initiatives
(2
)
—
—
Stock-based compensation expense
(18
)
(28
)
(26
)
Non-GAAP Sales and marketing
$
1,147
$
1,190
$
1,127
Non-GAAP Research and development
reconciliation:
GAAP Research and development
$
493
$
704
$
760
Acquisition, financing and divestitures
related expenses
(3
)
—
—
Stock-based compensation expense
(152
)
(277
)
(292
)
Non-GAAP Research and development
$
338
$
427
$
468
Non-GAAP General and administrative
reconciliation:
GAAP General and administrative
$
625
$
851
$
908
Legal, tax, and regulatory reserve changes
and settlements
(25
)
(271
)
(283
)
Goodwill and asset impairments/loss on
sale of assets
—
(4
)
—
Acquisition, financing and divestitures
related expenses
(15
)
(6
)
(14
)
Mass arbitration fees, net
(43
)
14
—
Stock-based compensation expense
(69
)
(125
)
(123
)
Non-GAAP General and administrative
$
473
$
459
$
488
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221101005350/en/
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