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Tech Stock News Bite - Uber (NYSE: UBER) Fourth Quarter and Full Year 2023 Results


February 7, 2024 ( Newswire) ( Tech/Mobility Stock News Bite - Uber Technologies, Inc. (NYSE: UBER) announced financial results for the quarter and full year ended December 31, 2023.

"2023 was an inflection point for Uber, proving that we can continue to generate strong, profitable growth at scale," said Dara Khosrowshahi, CEO. "Our audiences are larger and more engaged than ever, with our platform powering an average of nearly 26 million daily trips last year."

"Uber's platform advantages and disciplined investment in new growth opportunities resulted in record engagement and accelerating Gross Bookings in Q4," said Prashanth Mahendra-Rajah, CFO. "We're looking forward to sharing more about our strategy and capital allocation plans at our Investor Update next week."

Financial Highlights for Fourth Quarter 2023

Gross Bookings grew 22% year-over-year ("YoY") to $37.6 billion, or 21% on a constant currency basis, with Mobility Gross Bookings of $19.3 billion (+29% YoY or +28% YoY constant currency) and Delivery Gross Bookings of $17.0 billion (+19% YoY or +17% YoY constant currency). Trips during the quarter grew 24% YoY to 2.6 billion, or approximately 28 million trips per day on average.

Revenue grew 15% YoY to $9.9 billion, or 13% on a constant currency basis. Combined Mobility and Delivery revenue grew 22% YoY to $8.7 billion, or 20% on a constant currency basis.

Income from operations was $652 million, up $794 million YoY and $258 million quarter-over-quarter ("QoQ").

Net income attributable to Uber Technologies, Inc. was $1.4 billion, which includes a $1.0 billion net tailwind (pre-tax) primarily due to net unrealized gains related to the revaluation of Uber's equity investments.

Adjusted EBITDA of $1.3 billion, up $618 million YoY. Adjusted EBITDA margin as a percentage of Gross Bookings was 3.4%, up from 2.2% in Q4 2022.

Net cash provided by operating activities was $823 million and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $768 million.

Unrestricted cash, cash equivalents, and short-term investments were $5.4 billion at the end of the fourth quarter.

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