Uber Reports Fourth-Quarter and Full-Year 2021 Results

  • Gross bookings of $25.9 billion were up 51% year on year and exceeded the upper end of the guidance range.
  • $892 million in net income, including a $1.4 billion net benefit from Uber’s equity investments.
  • Adjusted EBITDA of $86 million exceeded guidance, with Delivery achieving Adjusted EBITDA profitability in Q4.

Uber Technologies, Inc. (NYSE: UBER) has released its financial results for the fourth quarter and fiscal year ended December 31, 2021.

1. Gross Bookings increased 51 percent year over year (“YoY”) to $25.9 billion, or 50 percent in constant currency, with Mobility Gross Bookings increasing 67 percent YoY and Delivery Gross Bookings increasing 34 percent YoY. Trips increased by 23% year on year to 1.77 billion, or roughly 19 million trips per day on average.

2. Revenue increased by 83 percent year on year to $5.8 billion, or 82 percent in constant currency terms.

3. Uber Technologies, Inc. reported $892 million in net income, which included a $1.4 billion net benefit (pre-tax) relating to Uber’s equity investments. It is primarily due to aggregate unrealized gains related to the revaluation of Uber’s Grab and Aurora equity investments, partially offset by an unrealized loss related to the revaluation of Uber’s Didi equity investment. In addition, a stock-based compensation expense of $334 million is included in net income.

4. Adjusted EBITDA of $86 million was up $540 million year on year. The adjusted EBITDA margin as a percentage of Gross Bookings was 0.3 percent, up from (2.6%) percent in the fourth quarter of 2020.

5. Adjusted EBITDA for Mobility was $575 million, up $282 million year on year. Mobility Adjusted EBITDA margin was 5.1 percent as a percentage of Mobility Gross Bookings, up from 4.3 percent in Q4 2020.

6. Adjusted EBITDA of $25 million, up $170 million year on year. The Delivery Adjusted EBITDA margin as a percentage of Delivery Gross Bookings reached 0.2 percent, up from (1.4) percent in the fourth quarter of 2020.

7. At the end of the fourth quarter, unrestricted cash and cash equivalents totaled $4.3 billion.

“Our results show how far we’ve come since the pandemic started,” CEO Dara Khosrowshahi remarked. The Omicron version started to affect our business in late December, but Mobility is already beginning to recover, with gross bookings up 25% month-over-month in the most recent week.                        

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