UBER Q3 2022 Earnings

Call Details

• Call Title: Uber Technologies, Inc. Q3 2022 Earnings Call
• Date: November 1, 2022 at 12:00 PM UTC
• Management Team:
  • Balaji Krishnamurthy (Head of Investor Relations)
  • Dara Khosrowshahi (Chief Executive Officer)
  • Nelson Chai (Chief Financial Officer)

Call Summary

Financial Performance

• Gross bookings grew 32% year-on-year in Q3 2022.
• EBITDA (non-GAAP) was $516 million for Q3 2022, described as an all-time high and materially above the company's guidance range.
• Free cash flow for Q3 2022 was $358 million, and year-to-date free cash flow was $693 million.
• The company reported over $1 billion in adjusted EBITDA so far in the year.
• Revenue figures on a GAAP basis were not disclosed on the call.
• The company presented both GAAP and non-GAAP measures and referenced reconciliations in its press release and SEC filings.

Guidance

• The company issued Q4 EBITDA guidance described as showing strong incremental progression, but the call did not disclose the specific Q4 EBITDA dollar or range.
• The company reiterated company-level incremental margin target of 7% as its near-term North Star and stated it is ahead of that target for 2022.
• Executives expressed increased confidence in delivering the 2024 EBITDA targets, citing three quarters of data and outperformance to date.
• The company said delivery is expected to be stable to up a little in Q4, but no specific growth rates for Q4 were disclosed.
• The company did not announce any changes to pricing surcharges or pass-throughs during the call and said it was not making changes in response to peers at this time.
• Foreign exchange weakness and the strength of the dollar were called out as material headwinds to reported growth and margins.