UBER Q4 2021 Earnings

Call Details

• Call Title: Uber Technologies, Inc. Q4 2021 Earnings Call
• Date: February 9, 2022 at 10:00 PM UTC
• Management Team:
  • Dara Khosrowshahi (Chief Executive Officer)
  • Nelson Chai (Chief Financial Officer)
  • Balaji Krishnamurthy (Head of Investor Relations)

Call Summary

Financial Performance

• Gross bookings were $25.9 billion in Q4 2021 and came in at the high end of the guidance range.
• The company reported adjusted EBITDA of $86 million in Q4 2021 on a non-GAAP basis.
• MAPCs reached $118 million in Q4 2021, an all-time high for the metric.
• Mobility gross bookings grew 67% year over year in Q4 2021 with a mobility adjusted EBITDA margin of 5.1% of mobility gross bookings, up 80 basis points year over year.
• Mobility take rate declined 160 basis points year over year, which the company attributed primarily to driver supply investments.
• Delivery gross bookings grew 33% year over year and delivery delivered a $25 million segment-adjusted EBITDA profit in Q4 2021, including the first adjusted EBITDA profit in the U.S. and Canada.
• The company ended Q4 with $4.3 billion of cash and cash equivalents and equity stakes marked at $12.5 billion, which produced a $1.4 billion net GAAP income tailwind in the quarter.

Guidance

• For Q1 2022 the company expects total company gross bookings of $25 to $26 billion, representing year-over-year growth of 28% to 33%.
• For Q1 2022 the company expects a total company adjusted EBITDA profit between $100 million and $130 million.
• The company estimates Omicron-related demand impacts of $1 to $1.2 billion of drag on Q1 gross bookings.
• TransPlace is expected to contribute approximately $600 million of incremental freight gross bookings in Q1 2022 relative to Q4 2021.
• For full year 2022 the company reiterated expected incremental EBITDA margins of around 10% of gross bookings for mobility and over 5% for delivery, and expects freight to generate positive adjusted EBITDA in 2022.
• The company will continue to invest in platform R&D while expecting to achieve healthy leverage on R&D spend through 2022.