UBER Q1 2021 Earnings

Call Details

• Call Title: Uber Technologies, Inc. Q1 2021 Earnings Call
• Date: May 5, 2021 at 8:30 PM UTC
• Management Team:
  • Dara Khosrowshahi (Chief Executive Officer)
  • Nelson Chai (Chief Financial Officer)
  • Tony West (Chief Legal Officer)
  • Balaji Krishnamurthy (Head of Investor Relations)

Call Summary

Financial Performance

• Total company adjusted EBITDA improved by $253 million year-on-year and by $95 million quarter-on-quarter.
• Q1 GAAP net loss was $108 million after recognizing a $1.6 billion gain from the ATG divestiture and a $600 million UK accrual.
• The company ended Q1 with approximately $5.7 billion of unrestricted cash, cash equivalents, and short-term investments.
• Uber accessed over $2.0 billion from its revolver during the quarter.
• Minority investments on the balance sheet were recorded at nearly $13.0 billion at quarter end.
• Adjusted EBITDA outlook remains targeted to reach profitability in the second half of 2021.

Guidance

• Mobility take rates are expected to decline sequentially to roughly 20% in Q2, which will pressure mobility adjusted EBITDA in Q2.
• Delivery is expected to drive sequential improvements in delivery EBITDA through the remainder of the year despite ongoing elevated investments.
• Q2 corporate G&A and platform R&D are expected to increase to between $450 million and $480 million due to headcount investments.
• The company is on track to deliver $200 million in run-rate Postmates synergies by year-end.
• The company expects to reach delivery adjusted EBITDA break-even by year-end.
• The company expects total company adjusted EBITDA profitability in the second half of 2021, subject to operating levers and reopening cadence.