Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38902 | |
Entity Registrant Name | UBER TECHNOLOGIES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-2647441 | |
Entity Address, Address Line One | 1515 3rd Street | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94158 | |
City Area Code | 415 | |
Local Phone Number | 612-8582 | |
Title of 12(b) Security | Common Stock, par value $0.00001 per share | |
Trading Symbol | UBER | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,979,918,174 | |
Entity Central Index Key | 0001543151 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 4,397 | $ 4,295 |
Restricted cash and cash equivalents | 526 | 631 |
Accounts receivable, net of allowance of $51 and $73, respectively | 2,459 | 2,439 |
Prepaid expenses and other current assets | 1,369 | 1,454 |
Total current assets | 8,751 | 8,819 |
Restricted cash and cash equivalents | 2,941 | 2,879 |
Investments | 4,572 | 11,806 |
Equity method investments | 521 | 800 |
Property and equipment, net | 1,861 | 1,853 |
Operating lease right-of-use assets | 1,481 | 1,388 |
Intangible assets, net | 2,122 | 2,412 |
Goodwill | 8,359 | 8,420 |
Other assets | 406 | 397 |
Total assets | 31,014 | 38,774 |
Liabilities, redeemable non-controlling interests and equity | ||
Accounts payable | 810 | 860 |
Short-term insurance reserves | 1,449 | 1,442 |
Operating lease liabilities, current | 215 | 185 |
Accrued and other current liabilities | 6,471 | 6,537 |
Total current liabilities | 8,945 | 9,024 |
Long-term insurance reserves | 2,865 | 2,546 |
Long-term debt, net of current portion | 9,271 | 9,276 |
Operating lease liabilities, non-current | 1,711 | 1,644 |
Other long-term liabilities | 659 | 935 |
Total liabilities | 23,451 | 23,425 |
Commitments and contingencies (Note 12) | ||
Redeemable non-controlling interests | 194 | 204 |
Equity | ||
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 1,949,316 and 1,976,225 shares issued and outstanding, respectively | 0 | 0 |
Additional paid-in capital | 39,523 | 38,608 |
Accumulated other comprehensive loss | (705) | (524) |
Accumulated deficit | (32,157) | (23,626) |
Total Uber Technologies, Inc. stockholders' equity | 6,661 | 14,458 |
Non-redeemable non-controlling interests | 708 | 687 |
Total equity | 7,369 | 15,145 |
Total liabilities, redeemable non-controlling interests and equity | $ 31,014 | $ 38,774 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 73 | $ 51 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, authorized (in shares) | 5,000,000,000 | 5,000,000,000 |
Common stock, issued (in shares) | 1,976,225,000 | 1,949,316,000 |
Common Stock, outstanding (in shares) | 1,976,225,000 | 1,949,316,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 8,073 | $ 3,929 | $ 14,927 | $ 6,832 |
Costs and expenses | ||||
Cost of revenue, exclusive of depreciation and amortization shown separately below | 5,153 | 2,099 | 9,179 | 3,809 |
Operations and support | 617 | 432 | 1,191 | 855 |
Sales and marketing | 1,218 | 1,256 | 2,481 | 2,359 |
Research and development | 704 | 488 | 1,291 | 1,003 |
General and administrative | 851 | 616 | 1,483 | 1,080 |
Depreciation and amortization | 243 | 226 | 497 | 438 |
Total costs and expenses | 8,786 | 5,117 | 16,122 | 9,544 |
Loss from operations | (713) | (1,188) | (1,195) | (2,712) |
Interest expense | (139) | (115) | (268) | (230) |
Other income (expense), net | (1,704) | 1,943 | (7,261) | 3,653 |
Income (loss) before income taxes and income (loss) from equity method investments | (2,556) | 640 | (8,724) | 711 |
Provision for (benefit from) income taxes | 77 | (479) | (155) | (294) |
Income (loss) from equity method investments | 17 | (7) | 35 | (15) |
Net income (loss) including non-controlling interests | (2,616) | 1,112 | (8,534) | 990 |
Less: net loss attributable to non-controlling interests, net of tax | (15) | (32) | (4) | (46) |
Net income (loss) attributable to Uber Technologies, Inc. | $ (2,601) | $ 1,144 | $ (8,530) | $ 1,036 |
Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders: | ||||
Basic (in dollars per share) | $ (1.32) | $ 0.61 | $ (4.36) | $ 0.56 |
Diluted (in dollars per share) | $ (1.33) | $ 0.58 | $ (4.37) | $ 0.52 |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: | ||||
Basic (in shares) | 1,964,304 | 1,875,156 | 1,957,127 | 1,866,830 |
Diluted (in shares) | 1,968,882 | 1,955,975 | 1,960,871 | 1,949,750 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) including non-controlling interests | $ (2,616) | $ 1,112 | $ (8,534) | $ 990 |
Other comprehensive income (loss), net of tax: | ||||
Change in foreign currency translation adjustment | (200) | 21 | (181) | 54 |
Change in unrealized gain on investments in available-for-sale securities | 0 | 6 | 0 | 1,162 |
Other comprehensive income (loss) | (200) | 27 | (181) | 1,216 |
Comprehensive income (loss) including non-controlling interests | (2,816) | 1,139 | (8,715) | 2,206 |
Less: comprehensive loss attributable to non-controlling interests | (15) | (32) | (4) | (46) |
Comprehensive income (loss) attributable to Uber Technologies, Inc. | $ (2,801) | $ 1,171 | $ (8,711) | $ 2,252 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY - USD ($) shares in Thousands, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Redeemable Non-Controlling Interests | Common Stock | Additional Paid-In Capital | Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Non-Redeemable Non-Controlling Interests |
Beginning Balance at Dec. 31, 2020 | $ 787 | ||||||||
Redeemable Non-Controlling Interests | |||||||||
Recognition of non-controlling interest upon acquisition | 56 | ||||||||
Derecognition of non-controlling interests upon divestiture | $ (701) | (356) | $ (701) | ||||||
Net income (loss) | (14) | ||||||||
Ending Balance at Mar. 31, 2021 | 473 | ||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 1,849,794 | ||||||||
Beginning balance at Dec. 31, 2020 | 12,967 | $ (243) | $ 0 | $ 35,931 | $ (243) | $ (535) | $ (23,130) | 701 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 3,518 | ||||||||
Exercise of stock options | 35 | 35 | |||||||
Stock-based compensation | 287 | 287 | |||||||
Issuance of common stock for settlement of Careem Convertible Notes (in shares) | 2,872 | ||||||||
Issuance of common stock for settlement of Careem Convertible Notes | 158 | 158 | |||||||
Issuance of common stock as consideration for acquisitions (in shares) | 505 | ||||||||
Issuance of common stock as consideration for acquisition | 28 | 28 | |||||||
Issuance of common stock for settlement of RSUs (in shares) | 10,924 | ||||||||
Shares withheld related to net share settlement (in shares) | (244) | ||||||||
Shares withheld related to net share settlement | (14) | (14) | |||||||
Derecognition of non-controlling interests upon divestiture | (701) | (356) | (701) | ||||||
Unrealized gain on investments in available-for-sale securities, net of tax | 1,156 | 1,156 | |||||||
Foreign currency translation adjustment | 33 | 33 | |||||||
Net income (loss) | (108) | (108) | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 1,867,369 | ||||||||
Ending balance at Mar. 31, 2021 | 13,598 | $ 0 | 36,182 | 654 | (23,238) | 0 | |||
Beginning Balance at Dec. 31, 2020 | 787 | ||||||||
Ending Balance at Jun. 30, 2021 | 1,569 | ||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 1,849,794 | ||||||||
Beginning balance at Dec. 31, 2020 | 12,967 | $ (243) | $ 0 | 35,931 | $ (243) | (535) | (23,130) | 701 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Unrealized gain on investments in available-for-sale securities, net of tax | 1,162 | ||||||||
Foreign currency translation adjustment | 54 | ||||||||
Ending balance (in shares) at Jun. 30, 2021 | 1,880,310 | ||||||||
Ending balance at Jun. 30, 2021 | 14,175 | $ 0 | 35,588 | 681 | (22,094) | 0 | |||
Beginning Balance at Mar. 31, 2021 | 473 | ||||||||
Redeemable Non-Controlling Interests | |||||||||
Recognition of non-controlling interest upon acquisition | 76 | ||||||||
Re-measurement of non-controlling interest | (1,058) | 1,052 | (1,058) | ||||||
Net income (loss) | (32) | ||||||||
Ending Balance at Jun. 30, 2021 | 1,569 | ||||||||
Beginning balance (in shares) at Mar. 31, 2021 | 1,867,369 | ||||||||
Beginning balance at Mar. 31, 2021 | 13,598 | $ 0 | 36,182 | 654 | (23,238) | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 2,454 | ||||||||
Exercise of stock options | 40 | 40 | |||||||
Stock-based compensation | 282 | 282 | |||||||
Reclassification of share-based award liability to additional paid-in capital | 4 | 4 | |||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 1,710 | ||||||||
Issuance of common stock under the Employee Stock Purchase Plan | 67 | 67 | |||||||
Issuance of common stock for settlement of Careem Convertible Notes (in shares) | 1,352 | ||||||||
Issuance of common stock for settlement of Careem Convertible Notes | 74 | 74 | |||||||
Issuance of common stock for settlement of RSUs (in shares) | 7,480 | ||||||||
Shares withheld related to net share settlement (in shares) | (55) | ||||||||
Shares withheld related to net share settlement | (3) | (3) | |||||||
Re-measurement of non-controlling interest | (1,058) | 1,052 | (1,058) | ||||||
Unrealized gain on investments in available-for-sale securities, net of tax | 6 | 6 | |||||||
Foreign currency translation adjustment | 21 | 21 | |||||||
Net income (loss) | 1,144 | 1,144 | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 1,880,310 | ||||||||
Ending balance at Jun. 30, 2021 | $ 14,175 | $ 0 | 35,588 | 681 | (22,094) | 0 | |||
Beginning Balance at Dec. 31, 2021 | 204 | ||||||||
Redeemable Non-Controlling Interests | |||||||||
Net income (loss) | 1 | ||||||||
Ending Balance at Mar. 31, 2022 | 205 | ||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 1,949,316 | 1,949,316 | |||||||
Beginning balance at Dec. 31, 2021 | $ 15,145 | $ 0 | 38,608 | (524) | (23,626) | 687 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 1,093 | ||||||||
Exercise of stock options | 6 | 6 | |||||||
Stock-based compensation | 369 | 369 | |||||||
Issuance of common stock for settlement of RSUs (in shares) | 9,569 | ||||||||
Shares withheld related to net share settlement (in shares) | (316) | ||||||||
Shares withheld related to net share settlement | (11) | (11) | |||||||
Issuance of common stock for settlement of contingent consideration liability (in shares) | 132 | ||||||||
Issuance of common stock for settlement of contingent consideration liability | 5 | 5 | |||||||
Foreign currency translation adjustment | 19 | 19 | |||||||
Net income (loss) | (5,920) | (5,930) | 10 | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 1,959,794 | ||||||||
Ending balance at Mar. 31, 2022 | $ 9,613 | $ 0 | 38,977 | (505) | (29,556) | 697 | |||
Beginning Balance at Dec. 31, 2021 | 204 | ||||||||
Ending Balance at Jun. 30, 2022 | 194 | ||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 1,949,316 | 1,949,316 | |||||||
Beginning balance at Dec. 31, 2021 | $ 15,145 | $ 0 | 38,608 | (524) | (23,626) | 687 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Unrealized gain on investments in available-for-sale securities, net of tax | 0 | ||||||||
Foreign currency translation adjustment | $ (181) | ||||||||
Ending balance (in shares) at Jun. 30, 2022 | 1,976,225 | 1,976,225 | |||||||
Ending balance at Jun. 30, 2022 | $ 7,369 | $ 0 | 39,523 | (705) | (32,157) | 708 | |||
Beginning Balance at Mar. 31, 2022 | 205 | ||||||||
Redeemable Non-Controlling Interests | |||||||||
Recognition of non-controlling interest upon capital investment | 18 | ||||||||
Net income (loss) | (26) | ||||||||
Ending Balance at Jun. 30, 2022 | 194 | ||||||||
Beginning balance (in shares) at Mar. 31, 2022 | 1,959,794 | ||||||||
Beginning balance at Mar. 31, 2022 | 9,613 | $ 0 | 38,977 | (505) | (29,556) | 697 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 1,376 | ||||||||
Exercise of stock options | 5 | 5 | |||||||
Stock-based compensation | 484 | 484 | |||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 2,988 | ||||||||
Issuance of common stock under the Employee Stock Purchase Plan | 59 | 59 | |||||||
Issuance of common stock for settlement of RSUs (in shares) | 12,146 | ||||||||
Shares withheld related to net share settlement (in shares) | (79) | ||||||||
Shares withheld related to net share settlement | (2) | (2) | |||||||
Unrealized gain on investments in available-for-sale securities, net of tax | 0 | ||||||||
Foreign currency translation adjustment | (200) | $ (3) | (200) | ||||||
Net income (loss) | $ (2,590) | (2,601) | 11 | ||||||
Ending balance (in shares) at Jun. 30, 2022 | 1,976,225 | 1,976,225 | |||||||
Ending balance at Jun. 30, 2022 | $ 7,369 | $ 0 | $ 39,523 | $ (705) | $ (32,157) | $ 708 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net income (loss) including non-controlling interests | $ (8,534) | $ 990 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 497 | 438 |
Bad debt expense | 51 | 49 |
Stock-based compensation | 829 | 553 |
Gain on business divestiture | 0 | (1,684) |
Deferred income taxes | (267) | (367) |
Loss (income) from equity method investments, net | (35) | 15 |
Unrealized (gain) loss on debt and equity securities, net | 7,247 | (1,975) |
Impairments of goodwill, long-lived assets and other assets | 15 | 16 |
Impairment of equity method investment | 182 | 0 |
Revaluation of MLU B.V. call option | (170) | 0 |
Unrealized foreign currency transactions | 10 | (2) |
Other | (2) | 62 |
Change in assets and liabilities, net of impact of business acquisitions and disposals: | ||
Accounts receivable | (129) | (149) |
Prepaid expenses and other assets | 58 | (9) |
Collateral held by insurer | 0 | 136 |
Operating lease right-of-use assets | 95 | 77 |
Accounts payable | (45) | 185 |
Accrued insurance reserves | 326 | 21 |
Accrued expenses and other liabilities | 414 | 762 |
Operating lease liabilities | (88) | (70) |
Net cash provided by (used in) operating activities | 454 | (952) |
Cash flows from investing activities | ||
Purchases of property and equipment | (119) | (128) |
Purchases of marketable securities | 0 | (526) |
Purchases of non-marketable equity securities | (14) | (857) |
Purchase of notes receivable | 0 | (218) |
Proceeds from maturities and sales of marketable securities | 0 | 1,143 |
Proceeds from sale of non-marketable equity securities | 0 | 500 |
Acquisition of businesses, net of cash acquired | (59) | (80) |
Other investing activities | 3 | 17 |
Net cash used in investing activities | (189) | (149) |
Cash flows from financing activities | ||
Principal repayment on Careem Notes | 0 | (194) |
Principal payments on finance leases | (108) | (108) |
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | 59 | 67 |
Other financing activities | (59) | 45 |
Net cash used in financing activities | (108) | (190) |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | (98) | 5 |
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents | 59 | (1,286) |
Cash and cash equivalents, and restricted cash and cash equivalents | ||
Beginning of period | 7,805 | 7,391 |
Reclassification from assets held for sale during the period | 0 | 349 |
End of period | 7,864 | 6,454 |
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets | ||
Cash and cash equivalents | 4,397 | 4,443 |
Restricted cash and cash equivalents-current | 526 | 324 |
Restricted cash and cash equivalents-non-current | 2,941 | 1,687 |
Total cash and cash equivalents, and restricted cash and cash equivalents | 7,864 | 6,454 |
Cash paid for: | ||
Interest, net of amount capitalized | 253 | 216 |
Income taxes, net of refunds | 105 | 51 |
Non-cash investing and financing activities: | ||
Finance lease obligations | 81 | 83 |
Right-of-use assets obtained in exchange for lease obligations | 245 | 59 |
Ownership interest received in exchange for divestiture | 0 | 1,018 |
Conversion of convertible notes to common stock | $ 0 | $ 232 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Note 1 – Description of Business and Summary of Significant Accounting Policies Description of Business Uber Technologies, Inc. (“Uber,” “we,” “our,” or “us”) was incorporated in Delaware in July 2010, and is headquartered in San Francisco, California. Uber is a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B. Uber develops and operates proprietary technology applications supporting a variety of offerings on its platform (“platform(s)” or “Platform(s)”). Uber connects consumers (“Rider(s)”) with independent providers of ride services (“Mobility Driver(s)”) for ridesharing services, and connects Riders and other consumers (“Eaters”) with restaurants, grocers and other stores (collectively, “Merchants”) with delivery service providers (“Couriers”) for meal preparation, grocery and other delivery services. Riders and Eaters are collectively referred to as “end-user(s)” or “consumer(s).” Mobility Drivers and Couriers are collectively referred to as “Driver(s).” Uber also connects consumers with public transportation networks. Uber uses this same network, technology, operational excellence and product expertise to connect shippers with carriers in the freight industry by providing carriers with the ability to book a shipment, transportation management and other logistics services. Uber is also developing technologies that will provide new solutions to everyday problems. Our technology is used around the world, principally in the United States (“U.S.”) and Canada, Latin America, Europe, the Middle East, Africa, and Asia (excluding China and Southeast Asia). Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in our Annual Report on Form 10-K. The results for the interim periods are not necessarily indicative of results for the full year. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive loss, cash flows and the change in equity for the periods presented. There have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022 that have had a material impact on our condensed consolidated financial statements and related notes. Basis of Consolidation Our condensed consolidated financial statements include the accounts of Uber Technologies, Inc. and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated. Refer to Note 13 – Variable Interest Entities for further information. Use of Estimates The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. Additionally, we considered the impacts of the coronavirus pandemic (“COVID-19”) on the assumptions and inputs (including market data) supporting certain of these estimates, assumptions and judgments. On an ongoing basis, management evaluates estimates, including, but not limited to: fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of amortizable long-lived assets; fair value of acquired intangible assets and related impairment assessments; impairment of goodwill; stock-based compensation; income taxes and non-income tax reserves; certain deferred tax assets and tax liabilities; insurance reserves; and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates. Certain Significant Risks and Uncertainties - COVID-19 COVID-19 restrictions have had an adverse impact on our business and operations by reducing, in particular, the global demand for Mobility offerings. It is not possible to predict COVID-19’s cumulative and ultimate impact on our future business operations, results of operations, financial position, liquidity, and cash flows. The extent of the impact of COVID-19 on our business and financial results will depend largely on future developments, including: outbreaks or variants of the virus, both globally and within the United States; the administration, adoption and efficacy of vaccines globally; the impact on capital, foreign currencies exchange and financial markets; governmental or regulatory orders that impact our business; and whether the impacts may result in permanent changes to our end-users’ behavior, all of which are highly uncertain and cannot be predicted. Recently Adopted Accounting Pronouncements In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance,” which requires disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The standard is effective for public companies for fiscal years beginning after December 15, 2021. Early adoption is permitted. We adopted the ASU prospectively on January 1, 2022. The additional required annual disclosures are not expected to have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination as if the acquiring entity had originated the contracts. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which clarifies that contractual sale restrictions are not considered in measuring fair value of equity securities and requires additional disclosures for equity securities subject to contractual sale restrictions. The standard is effective for public companies for fiscal years beginning after December 15, 2023. Early adoption is permitted. This accounting standard update is not expected to have a material impact on our consolidated financial statements as the amendments align with our existing policy. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 2 – Revenue The following tables present our revenues disaggregated by offering and geographical region. Revenue by geographical region is based on where the transaction occurred. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Mobility revenue (1) $ 1,618 $ 3,553 $ 2,471 $ 6,071 Delivery revenue (1) 1,963 2,688 3,704 5,200 Freight revenue 348 1,832 649 3,656 All Other revenue — — 8 — Total revenue $ 3,929 $ 8,073 $ 6,832 $ 14,927 (1) We offer subscription memberships to end-users including Uber One, Uber Pass, Rides Pass, and Eats Pass (“Subscription”). We recognize Subscription fees ratably over the life of the pass. We allocate Subscription fees earned to Mobility and Delivery revenue on a proportional basis, based on usage for each offering during the respective period. Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 United States and Canada ("US&CAN") $ 1,984 $ 4,936 $ 3,833 $ 9,498 Latin America ("LatAm") 307 481 609 913 Europe, Middle East and Africa ("EMEA") 929 1,846 1,154 2,973 Asia Pacific ("APAC") 709 810 1,236 1,543 Total revenue $ 3,929 $ 8,073 $ 6,832 $ 14,927 Revenue Mobility Revenue We derive revenue primarily from fees paid by Mobility Drivers for the use of our platform(s) and related services to facilitate and complete mobility services and, in certain markets, revenue from fees paid by end-users for connection services obtained via the platform. Mobility revenue also includes immaterial revenue streams such as our financial partnerships products. During the first quarter of 2022, we modified our arrangements in certain markets and, as a result, concluded we are responsible for the provision of mobility services to end-users in those markets. We have determined that in these transactions, end-users are our customers and our sole performance obligation in the transaction is to provide transportation services to the end-user. We recognize revenue when a trip is complete. In these markets where we are responsible for mobility services, we present revenue from end-users on a gross basis, as we control the service provided by Drivers to end-users, while payments to Drivers in exchange for mobility services are recognized in cost of revenue, exclusive of depreciation and amortization. Delivery Revenue We derive revenue for Delivery from Merchants’ and Couriers’ use of the Delivery platform and related service to facilitate and complete Delivery transactions. Additionally, in certain markets where we are responsible for delivery services, delivery fees charged to end-users are also included in revenue, while payments to Couriers in exchange for delivery services are recognized in cost of revenue. In these markets, we recognized revenue from end-users of $174 million and $262 million for the three and six months ended June 30, 2021, respectively, and revenue from end-users of $344 million and $585 million for the three and six months ended June 30, 2022, respectively. We also recognized cost of revenue for these delivery transactions, exclusive of depreciation and amortization of $536 million and $889 million for the three and six months ended June 30, 2021, respectively, and cost of revenue of $940 million and $1.7 billion for the three and six months ended June 30, 2022, respectively. Delivery also includes advertising revenue from sponsored listing fees paid by merchants and brands in exchange for advertising services. Freight Revenue Freight revenue consists of revenue from freight transportation services provided to shippers. During the fourth quarter of 2021, we completed the acquisition of Tupelo Parent, Inc. (“Transplace”), and as a result, our Freight revenue now also includes revenue from transportation management. All Other Revenue Prior to 2022, All Other revenue primarily includes collaboration revenue related to our Advanced Technologies Group (“ATG”) business and revenue from our New Mobility offerings and products. Contract Balances and Remaining Performance Obligation Contract liabilities represent consideration collected prior to satisfying our performance obligations. As of June 30, 2022, we had $150 million of contract liabilities included in accrued and other current liabilities as well as other long-term liabilities on the condensed consolidated balance sheet. Revenue recognized from these contracts during the three and six months ended June 30, 2021 and 2022 was not material. Our remaining performance obligation for contracts with an original expected length of greater than one year is expected to be recognized as follows (in millions): Less Than or Equal To 12 Months Greater Than 12 Months Total As of June 30, 2022 $ 33 $ 115 $ 148 |
Investments and Fair Value Meas
Investments and Fair Value Measurement | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Value Measurement | Note 3 – Investments and Fair Value Measurement Investments Our investments on the condensed consolidated balance sheets consisted of the following (in millions): As of December 31, 2021 June 30, 2022 Non-marketable equity securities: Didi $ — $ 1,669 Other (1) 315 298 Marketable equity securities: Didi 2,838 — Grab 3,821 1,356 Aurora 3,388 575 Other 1,312 548 Note receivable from a related party (1) 132 126 Investments $ 11,806 $ 4,572 (1) These balances include certain investments recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions): As of December 31, 2021 As of June 30, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Non-marketable equity securities $ — $ — $ 32 $ 32 $ — $ — $ 12 $ 12 Marketable equity securities 11,359 — — 11,359 2,479 — — 2,479 Note receivable from a related party — — 132 132 — — 126 126 Total financial assets $ 11,359 $ — $ 164 $ 11,523 $ 2,479 $ — $ 138 $ 2,617 Financial Liabilities MLU B.V. Call Option (1) $ — $ — $ 193 $ 193 $ — $ — $ 23 $ 23 Total financial liabilities $ — $ — $ 193 $ 193 $ — $ — $ 23 $ 23 (1) For further information, see Note 4 – Equity Method Investments. As of June 30, 2022, our Didi investment, which was previously classified as a marketable equity security with a readily determinable fair value (Level 1) in the table presenting our financial assets and liabilities measured at fair value on a recurring basis, has been classified as a non-marketable equity security and is measured at fair value on a non-recurring basis with a readily available price based on significant other observable inputs (Level 2). For further information, see the section titled “Didi Investment” below. During the six months ended June 30, 2022, we did not make any other transfers between the levels of the fair value hierarchy. We measure certain investments at fair value. Level 1 instrument valuations are based on quoted market prices of the identical underlying security. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations are valued based on unobservable inputs and other estimation techniques due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such financial instruments. As of December 31, 2021 and June 30, 2022, our Level 3 non-marketable equity securities and note receivable from a related party primarily consist of common stock investments, preferred stock investments and convertible secured notes that may be converted into common or preferred stock in privately held companies without readily determinable fair values. Depending on the investee’s financing activity in a reporting period, management’s estimate of fair value may be primarily derived from the investee’s financing transactions, such as the issuance of preferred stock to new investors. The price in these transactions generally provides the best indication of the enterprise value of the investee. Additionally, based on the timing, volume, and other characteristics of the transaction, we may supplement this information by using other valuation techniques, including the guideline public company approach. The guideline public company approach relies on publicly available market data of comparable companies and uses comparative valuation multiples of the investee’s revenue (actual and forecasted), and therefore, unobservable input used in this valuation technique primarily consists of short-term revenue projections. Once the fair value of the investee is estimated, an option-pricing model (“OPM”), a common stock equivalent (“CSE”) method or a hybrid approach is employed to allocate value to various classes of securities of the investee, including the class owned by us. The model involves making assumptions around the investees’ expected time to liquidity and volatility. An increase or decrease in any of the unobservable inputs in isolation, such as the security price in a significant financing transaction of the investee, could result in a material increase or decrease in our estimate of fair value. Other unobservable inputs, including short-term revenue projections, time to liquidity, and volatility are less sensitive to the valuation in the respective reporting periods, as a result of the primary weighting on the investee’s financing transactions. In the future, depending on the weight of evidence and valuation approaches used, these or other inputs may have a more significant impact on our estimate of fair value. We determine realized gains or losses on the sale of equity on a specific identification method. Financial Assets and Liabilities Measured at Fair Value Using Level 3 Inputs The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2022, using significant unobservable inputs (Level 3) (in millions): Non-marketable Equity Securities Note Receivables MLU B.V. Call Option Balance as of December 31, 2021 $ 32 $ 132 $ 193 Change in fair value Included in earnings (20) (6) (170) Balance as of June 30, 2022 $ 12 $ 126 $ 23 Assets Measured at Fair Value on a Non-Recurring Basis Non-Financial Assets Our non-financial assets, such as goodwill, intangible assets and property and equipment are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominantly on Level 3 inputs. Non-Marketable Equity Securities Our non-marketable equity securities are investments in privately held companies without readily determinable fair values. The carrying value of our non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the condensed consolidated statement of operations. Non-marketable equity securities are classified within Level 3 in the fair value hierarchy because we estimate the fair value of these securities based on valuation methods, including the CSE and OPM methods, using the transaction price of similar securities issued by the investee adjusted for contractual rights and obligations of the securities we hold. Didi Investment In the second quarter of 2022, Didi completed their delisting from the New York Stock Exchange (“NYSE Delisting”). We concluded the ordinary shares held by us did not have a readily determinable fair value and should be accounted for under the measurement alternative method. As of June 30, 2022, Didi American Depositary Shares (“ADS”) continue to be traded in the over-the-counter (“OTC”) market. We determined that the Didi ADS were similar to the ordinary shares held prior to the NYSE Delisting. We then measured the investment to fair value based on the closing share price of the ADS on the OTC market on June 30, 2022 as an observable transaction for similar securities. As a result, we recognized an unrealized gain of $259 million in other income (expense), net in our condensed consolidated statement of operations during the three months ended June 30, 2022. We did not record any other material unrealized or realized gains or losses for our non-marketable equity securities measured at fair value on a non-recurring basis during the three and six months ended June 30, 2021 and 2022. The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions): As of December 31, 2021 June 30, 2022 Initial cost basis $ 279 $ 1,692 Upward adjustments 4 263 Downward adjustments (including impairment) — — Total carrying value at the end of the period $ 283 $ 1,955 |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Note 4 – Equity Method Investments The carrying value of our equity method investments were as follows (in millions): As of December 31, 2021 June 30, 2022 MLU B.V. $ 751 $ 471 Mission Bay 3 & 4 38 34 Other 11 16 Total equity method investments $ 800 $ 521 MLU B.V. Investment We review for impairment whenever factors indicate that the carrying value of the equity method investment may not be recoverable. During the first quarter of 2022, we determined that our investment in MLU B.V. was other-than-temporarily impaired, and recorded an impairment charge of $182 million in other income (expense), net in the condensed consolidated statement of operations. The impairment was primarily due to consensus projections of a protracted recession of the Russian economy as a result of Russia's invasion of Ukraine. To determine the fair value of our investment in MLU B.V., we utilized a market approach referencing revenue multiples from publicly traded peer companies. MLU B.V. Basis Difference Included in the carrying value of MLU B.V. is the basis difference, net of amortization, between the original cost of the investment and our proportionate share of the net assets of MLU B.V. The carrying value of the equity method investment is primarily adjusted for our share in the income or losses of MLU B.V. on a one-quarter lag basis and amortization of basis differences. Equity method goodwill and intangible assets, net of accumulated amortization are also adjusted for currency translation adjustments representing fluctuations between the functional currency of the investee, the Ruble and the U.S. Dollar. The Ruble appreciated against the U.S. dollar by approximately 64% between March 31, 2022 and June 30, 2022. The movement in exchange rates will be reflected in the carrying value of the investment with a corresponding adjustment to other comprehensive income (loss) in our condensed consolidated financial statements at September 30, 2022, as we record our share of MLU B.V.’s earnings and reflect our share of MLU B.V.'s net assets on a one-quarter lag basis. The table below provides the composition of the basis difference (in millions): As of June 30, 2022 Equity method goodwill $ 320 Intangible assets, net of accumulated amortization 43 Deferred tax liabilities (11) Cumulative currency translation adjustments (141) Basis difference $ 211 We amortize the basis difference related to the intangible assets over the estimated useful lives of the assets that gave rise to the difference using the straight-line method. The weighted-average life of the intangible assets is ap proximately 3.0 years as of June 30, 2022. Equity method goodwill is not amortized. MLU B.V. Call Option On August 30, 2021, we granted Yandex an option (“MLU B.V. Call Option”) to acquire our remaining equity interest in MLU B.V. during a two-year period as part of the agreement with Yandex to restructure our joint ventures in 2021. The MLU B.V. Call Option is recorded as a liability in accrued and other current liabilities on our condensed consolidated balance sheets and measured at fair value on a recurring basis with changes in fair value recorded in other income (expense), net in the condensed consolidated statements of operations. The exercise price of the MLU B.V. Call Option is approximately $1.8 billion, subject to certain adjustments based on the timing of the option exercise. As of December 31, 2021, the fair value of the MLU B.V. Call Option is $193 million. To determine the fair value of the MLU B.V. Call Option as of December 31, 2021, we used a lattice model which simulated multiple scenarios of the exercise behaviors and the corresponding strike prices over the term of the call option. Key inputs to the lattice model were: the underlying business value; option term of 1.7 years; volatility of 50%; risk-free interest rates; and strike price (Level 3). As of June 30, 2022, the fair value of the MLU B.V. Call Option is $23 million, including the recognition of a $181 million gain for the fair value change during the three months ended March 31, 2022. To determine the fair value of the MLU B.V. Call Option as of March 31, 2022, we used a lattice model which simulated multiple scenarios of the exercise behaviors and the corresponding strike prices over the term of the call option. Key inputs to the lattice model were: the underlying business value, which decreased |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 5 – Goodwill and Intangible Assets Goodwill The following table presents the changes in the carrying value of goodwill by reportable segment for the six months ended June 30, 2022 (in millions): Mobility Delivery Freight Total Goodwill Balance as of December 31, 2021 $ 2,581 $ 4,401 $ 1,438 $ 8,420 Acquisitions 64 — — 64 Measurement period adjustment — — 3 3 Reclass to Assets held for sale (16) — — (16) Foreign currency translation adjustment (111) (1) — (112) Balance as of June 30, 2022 $ 2,518 $ 4,400 $ 1,441 $ 8,359 Intangible Assets The components of intangible assets, net as of December 31, 2021 and June 30, 2022 were as follows (in millions, except years): Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years December 31, 2021 Consumer, Merchant and other relationships $ 1,868 $ (294) $ 1,574 9 Developed technology 922 (269) 653 5 Trade names and trademarks 222 (47) 175 6 Patents 15 (7) 8 7 Other 5 (3) 2 0 Intangible assets $ 3,032 $ (620) $ 2,412 Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years June 30, 2022 Consumer, Merchant and other relationships $ 1,840 $ (419) $ 1,421 9 Developed technology 919 (389) 530 5 Trade names and trademarks 221 (64) 157 6 Patents 15 (8) 7 6 Other 10 (3) 7 0 Intangible assets $ 3,005 $ (883) $ 2,122 Amortization expense for intangible assets subject to amortization was $104 million and $139 million for the three months ended June 30, 2021 and 2022, respectively. Amortization expense for intangible assets subject to amortization was $196 million and $283 million for the six months ended June 30, 2021 and 2022, respectively. The estimated aggregate future amortization expense for intangible assets subject to amortization as of June 30, 2022 is summarized below (in millions): Estimated Future Amortization Expense Year Ending December 31, Remainder of 2022 $ 240 2023 359 2024 303 2025 264 2026 202 Thereafter 747 Total $ 2,115 |
Long-Term Debt and Revolving Cr
Long-Term Debt and Revolving Credit Arrangements | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Revolving Credit Arrangements | Note 6 – Long-Term Debt and Revolving Credit Arrangements Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages): As of December 31, 2021 June 30, 2022 Effective Interest Rates Maturities 2025 Refinanced Term Loan $ 1,448 $ 1,440 3.8 % April 4, 2025 2027 Refinanced Term Loan 1,090 1,084 3.8 % February 25, 2027 2025 Senior Note 1,000 1,000 7.7 % May 15, 2025 2026 Senior Note 1,500 1,500 8.1 % November 1, 2026 2027 Senior Note 1,200 1,200 7.7 % September 15, 2027 2028 Senior Note 500 500 7.0 % January 15, 2028 2029 Senior Note 1,500 1,500 4.7 % August 15, 2029 2025 Convertible Notes 1,150 1,150 0.2 % December 15, 2025 Total debt 9,388 9,374 Less: unamortized discount and issuance costs (85) (76) Less: current portion of long-term debt (27) (27) Total long-term debt $ 9,276 $ 9,271 2016 and 2018 Senior Secured Term Loans Refinancing On February 25, 2021, we entered into a refinancing transaction under which we borrowed $2.6 billion pursuant to an amendment to the 2016 Senior Secured Term Loan agreement, the proceeds of which were used to repay in full all previously outstanding loans under the 2016 Senior Secured Term Loan agreement and the 2018 Senior Secured Term Loan agreement. The $2.6 billion is comprised of (i) a $1.1 billion tranche with a maturity date of February 25, 2027, replacing the 2016 Senior Secured Term Loan as a Refinancing Term Loan (the “2027 Refinanced Term Loan”), and (ii) a $1.5 billion tranche with a maturity date of April 4, 2025, replacing the 2018 Senior Secured Term Loan as an Incremental Term Loan (the “2025 Refinanced Term Loan”). The refinancing transaction qualified as a debt modification that did not result in an extinguishment. The 2025 Refinanced Term Loan and the 2027 Refinanced Term Loan are guaranteed by certain of our material domestic restricted subsidiaries. The 2025 Refinanced Term Loan and the 2027 Refinanced Term Loan agreements contain customary covenants restricting our and certain of our subsidiaries’ ability to incur debt, incur liens and undergo certain fundamental changes. We were in compliance with all covenants as of June 30, 2022. The loan is secured by certain of our intellectual property and equity of certain material foreign subsidiaries. The fair values of our 2025 Refinanced Term Loan and 2027 Refinanced Term Loan were $1.4 billion and $1.1 billion, respectively, as of June 30, 2022 and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input. 2025 Convertible Notes In December 2020, we issued $1.15 billion aggregate principal amount of 0% convertible senior notes due in 2025 (the “2025 Convertible Notes”), including the exercise in full by the initial purchasers of the 2025 Convertible Notes of their option to purchase up to an additional $150 million principal amount of the 2025 Convertible Notes. The 2025 Convertible Notes were issued in a private placement to qualified institutional buyers pursuant to Rule144A under the Securities Act. The 2025 Convertible Notes will mature on December 15, 2025, unless earlier converted, redeemed or repurchased. Holders of the 2025 Convertible Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 15, 2025 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined below) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call such notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the applicable redemption date; or (iv) upon the occurrence of specified corporate events. On or after September 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances. As of June 30, 2022, none of the conditions permitting the holders of the 2025 Convertible Notes to convert their notes early had been met. Therefore, the 2025 Convertible Notes are classified as long-term. The initial conversion rate is 12.3701 shares of common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $80.84 per share of common stock. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid special interest. Upon conversion of the 2025 Convertible Notes, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. We may not redeem the notes prior to December 20, 2023. We may redeem for cash all or any portion of the notes, at our option, on or after December 20, 2023 if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date. The indenture governing the 2025 Convertible Notes does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries. Prior to the adoption of ASU 2020-06, the proceeds from the issuance of the 2025 Convertible Notes were allocated between the conversion feature recorded as equity and the liability for the notes themselves. The difference of $243 million between the principal amount of the 2025 Convertible Notes and the liability component (the “debt discount”) was amortized to interest expense using the effective interest method over the term of the 2025 Convertible Notes. The equity component of the 2025 Convertible Notes was included in additional paid-in capital in the consolidated balance sheet as of December 31, 2020 and was not remeasured as it continued to meet the conditions for equity classification. To determine the fair value of the liability component of the 2025 Convertible Notes as of the pricing date, we used the binomial model with inputs of time to maturity, conversion ratio, our stock price, risk free rate and volatility. Effective January 1, 2021, we early adopted ASU 2020-06 using the modified retrospective approach. The adoption of this standard resulted in a decrease to additional paid-in capital of $243 million and an increase to our 2025 Convertible Notes by the same amount. At adoption, there was no adjustment recorded to the opening accumulated deficit. As a result of the adoption, starting on January 1, 2021, interest expense is reduced as a result of accounting for the 2025 Convertible Notes as a single liability measured at its amortized cost. The fair value of our 2025 Convertible Notes was $924 million as of June 30, 2022 and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input. Senior Notes The 2025, 2026, 2027, 2028 and 2029 Senior Notes (collectively “Senior Notes”) are guaranteed by certain of our material domestic restricted subsidiaries. The indentures governing the Senior Notes contain customary covenants restricting our and certain of our subsidiaries’ ability to incur debt and incur liens, as well as certain financial covenants specified in the indentures. We were in compliance with all covenants as of June 30, 2022. The following table presents the fair values of our Senior Notes as of June 30, 2022, and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input (in millions): As of June 30, 2022 2025 Senior Note $ 995 2026 Senior Note 1,496 2027 Senior Note 1,172 2028 Senior Note 464 2029 Senior Note 1,231 Total $ 5,358 The following table presents the amount of interest expense recognized relating to the contractual interest coupon and amortization of the debt discount and issuance costs with respect to our long-term debt, for the three and six months ended June 30, 2021 and 2022 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Contractual interest coupon $ 109 $ 124 $ 220 $ 257 Amortization of debt discount and issuance costs 3 4 10 8 Total interest expense from long-term debt $ 112 $ 128 $ 230 $ 265 Revolving Credit Arrangements We have a revolving credit agreement initially entered in 2015 with certain lenders, which provides for $2.3 billion in credit maturing on June 13, 2023 (“Revolving Credit Facility”). On April 4, 2022, we entered into an amendment to our Revolving Credit Facility to, among other things, (i) provide for approximately $2.2 billion of revolving credit commitments, (ii) extend the maturity date for the commitments and loans from June 13, 2023 to April 4, 2027, (iii) reduce the minimum liquidity covenant from $1.5 billion to $1.0 billion, (iv) replace the London Interbank Offered Rate (“LIBOR”) based interest rate with a Secured Overnight Financing Rate (“SOFR”) based interest rate, and (v) make certain other changes to the negative covenants under the amended revolving credit agreement. The Revolving Credit Facility may be guaranteed by certain of our material domestic restricted subsidiaries based on certain conditions. The credit agreement contains customary covenants restricting our and certain of our subsidiaries’ ability to incur debt, incur liens, and undergo certain fundamental changes, as well as maintain a certain level of liquidity specified in the contractual agreement. The credit agreement also contains customary events of default. The Revolving Credit Facility also contains restrictions on the payment of dividends. As of June 30, 2022, there was no balance outstanding on the Revolving Credit Facility. Letters of Credit As of December 31, 2021 and June 30, 2022, we had letters of credit outstanding of $749 million and $722 million, respectively, of which the letters of credit that reduced the available credit under the Revolving Credit Facility were $247 million and $213 million, respectively. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Statement Information | Note 7 – Supplemental Financial Statement Information Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets were as follows (in millions): As of December 31, 2021 June 30, 2022 Prepaid expenses $ 459 $ 250 Other receivables 553 615 Other 442 504 Prepaid expenses and other current assets $ 1,454 $ 1,369 Accrued and Other Current Liabilities Accrued and other current liabilities were as follows (in millions): As of December 31, 2021 June 30, 2022 Accrued legal, regulatory and non-income taxes $ 2,187 $ 2,230 Accrued Drivers and Merchants liability 1,187 1,279 Income and other tax liabilities 376 427 Commitment to issue unsecured convertible notes in connection with Careem acquisition 238 235 Other 2,549 2,300 Accrued and other current liabilities $ 6,537 $ 6,471 Other Long-Term Liabilities Other long-term liabilities were as follows (in millions): As of December 31, 2021 June 30, 2022 Deferred tax liabilities $ 365 $ 103 Other 570 556 Other long-term liabilities $ 935 $ 659 Accumulated Other Comprehensive Income (Loss) The changes in composition of accumulated other comprehensive income (loss), net of tax, were as follows (in millions): Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2020 $ (581) $ 46 $ (535) Other comprehensive income (loss) before reclassifications (1) 54 1,162 1,216 Amounts reclassified from accumulated other comprehensive income (loss) — — — Other comprehensive income (loss) 54 1,162 1,216 Balance as of June 30, 2021 $ (527) $ 1,208 $ 681 (1) During the six months ended June 30, 2021, unrealized gains on available-for-sale securities, net of tax relates to pre-tax unrealized gains of $1.3 billion for the change in fair value of our investment in Grab. To determine the fair value of our investment in Grab as of June 30, 2021, we utilized a hybrid approach, incorporating a CSE method along with an OPM. The CSE method assumes an if-converted scenario (for example an initial public offering (“IPO”) or a special purpose acquisition company transaction), where the OPM approach allocates equity value to individual securities within the investees’ capital structure based on contractual rights and preferences. Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2021 $ (524) $ — $ (524) Other comprehensive income (loss) before reclassifications (181) — (181) Amounts reclassified from accumulated other comprehensive income (loss) — — — Other comprehensive income (loss) (181) — (181) Balance as of June 30, 2022 $ (705) $ — $ (705) Other Income (Expense), Net The components of other income (expense), net were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Interest income $ 13 $ 17 $ 18 $ 28 Foreign currency exchange gains (losses), net — (38) (25) (28) Gain on business divestiture (1) — — 1,684 — Unrealized gain (loss) on debt and equity securities, net (2) 1,912 (1,677) 1,975 (7,247) Impairment of equity method investment (3) — — — (182) Revaluation of MLU B.V. call option (4) — (11) — 170 Other, net 18 5 1 (2) Other income (expense), net $ 1,943 $ (1,704) $ 3,653 $ (7,261) (1) During the six months ended June 30, 2021, gain on business divestiture primarily represents a $1.6 billion gain on the sale of Apparate USA LLC (“Apparate” or the “ATG Business”) to Aurora Innovation, Inc. (“Aurora”) in January 2021. Refer to Note 15 – Divestiture for further information. (2) During the three and six months ended June 30, 2021, unrealized gain (loss) on debt and equity securities, net primarily represents a $1.4 billion gain on our Didi investment and a $471 million gain on our Aurora Investments in the second quarter of 2021. During the three and six months ended June 30, 2022, unrealized gain (loss) on debt and equity securities, net primarily represents a $1.1 billion and $2.8 billion loss, respectively, on our Aurora Investments, a $520 million and $2.5 billion loss, respectively, on our Grab investment, a $245 million and $707 million loss, respectively, on our Zomato investment, and a $1.4 billion loss on our Didi investment in the first quarter of 2022, partially offset by a $259 million gain on our Didi investment in the second quarter of 2022. (3) During the six months ended June 30, 2022, impairment of equity method investment represents a $182 million impairment loss recorded on our MLU B.V. equity method investment. Refer to Note 4 – Equity Method Investments for further information. (4) During the six months ended June 30, 2022, revaluation of MLU B.V. call option represents a $170 million net gain for the change in fair value of the call option granted to Yandex (“MLU B.V. Call Option”). Refer to Note 4 – Equity Method Investments for further information. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Note 8 – Stockholders' Equity Equity Compensation Plans We maintain four equity compensation plans that provide for the issuance of shares of our common stock to our officers and other employees, directors, and consultants: the 2010 Stock Plan (the “2010 Plan”), the 2013 Equity Incentive Plan (the “2013 Plan”), the 2019 Equity Incentive Plan (the “2019 Plan”), and the 2019 Employee Stock Purchase Plan (the “ESPP”), which have all been approved by stockholders. Following our IPO in 2019, we have only issued awards under the 2019 Plan and the ESPP, and no additional awards will be granted under the 2010 and 2013 Plans. These plans provide for the issuance of incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), stock appreciation rights (“SARs”), restricted stock awards, restricted stock units (“RSUs”), performance-based awards, and other awards (that are based in whole or in part by reference to our common stock). Stock Option and SAR Activity A summary of stock option and SAR activity for the six months ended June 30, 2022 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years): SARs Outstanding Number of SARs Options Outstanding Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value As of December 31, 2021 157 24,253 $ 11.84 4.35 $ 735 Granted 6 421 $ 33.89 Exercised (3) (2,383) $ 4.16 Canceled and forfeited (1) (161) $ 13.59 As of June 30, 2022 159 22,130 $ 13.07 3.94 $ 249 Vested and expected to vest as of June 30, 2022 148 16,035 $ 8.77 3.29 $ 219 Exercisable as of June 30, 2022 148 16,035 $ 8.77 3.29 $ 219 RSU Activity The following table summarizes the activity related to our RSUs for the six months ended June 30, 2022 (in thousands, except per share amounts): Number of Shares Weighted-Average Unvested and outstanding as of December 31, 2021 71,461 $ 41.91 Granted 71,960 $ 32.24 Vested (21,855) $ 38.55 Canceled and forfeited (9,929) $ 38.85 Unvested and outstanding as of June 30, 2022 111,637 $ 36.58 Stock-Based Compensation Expense Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Operations and support $ 38 $ 40 $ 65 $ 73 Sales and marketing 19 28 42 50 Research and development 149 277 282 473 General and administrative 66 125 164 233 Total $ 272 $ 470 $ 553 $ 829 As of June 30, 2022, there was $4.1 billion of unamortized compensation costs related to all unvested awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.79 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes We compute our quarterly income tax expense/(benefit) by using a forecasted annual effective tax rate and adjust for any discrete items arising during the quarter. We recorded an income tax expense/(benefit) of $(479) million and $(294) million for the three and six months ended June 30, 2021, respectively, and $77 million and $(155) million for the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2021, the income tax benefit was primarily driven by the deferred China and U.S. tax impact related to our investment in Didi, the deferred tax impact related to our investment in Aurora, and to a lesser extent, by the benefit from our U.S. losses and current tax on our foreign earnings. During the three months ended June 30, 2022, the income tax expense was primarily driven by the current tax on our foreign earnings, offset by the deferred U.S. tax impact related to our investments in Aurora, Zomato, and Grab. During the six months ended June 30, 2022, the income tax benefit was primarily driven by the deferred U.S. tax impact related to our investments in Aurora, Grab, Didi, and Zomato, offset by current tax on our foreign earnings. The primary differences between the effective tax rate and the federal statutory tax rate are due to the deferred U.S. taxes related to our investments in Aurora, Grab, Didi and Zomato, the valuation allowance on our U.S. and Netherlands' deferred tax assets, and foreign tax rate differences. During the six months ended June 30, 2022, the amount of gross unrecognized tax benefits increased by $77 million, none of which would impact the effective tax rate due to the valuation allowance against certain deferred tax assets. We are subject to taxation in the U.S. and various state and foreign jurisdictions. We are also under routine examination by federal, various states, and foreign tax authorities. We believe that adequate amounts have been reserved in these jurisdictions. To the extent we have tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state, or foreign tax authorities to the extent utilized in a future period. For our major tax jurisdictions, the tax years 2004 through 2022 remain open; the major tax jurisdictions are the U.S., Brazil, Netherlands, the United Kingdom (“UK”), and Australia. Although the timing of the resolution and/or closure of audits is highly uncertain, we do not expect any material changes to our unrecognized tax benefits within the next 12 months. Given the number of years remaining subject to examination and the number of matters being examined, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. In the event we experience an ownership change within the meaning of Section 382 of the Internal Revenue Code (“IRC”), our ability to utilize net operating losses, tax credits, and other tax attributes may be limited. The most recent analysis of our historical ownership changes was completed through June 30, 2022. Based on the analysis, we do not anticipate a current limitation on the tax attributes. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Note 10 – Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the periods presented. Diluted net income (loss) per share is computed by giving effect to all potential weighted average dilutive common stock. The dilutive effect of outstanding awards and convertible securities is reflected in diluted net income (loss) per share by application of the treasury stock method or if-converted method, as applicable. We take into account the effect on consolidated net income (loss) per share of dilutive securities of entities in which we hold equity interests that are accounted for using the equity method. The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Basic net income (loss) per share: Numerator Net income (loss) including non-controlling interests $ 1,112 $ (2,616) $ 990 $ (8,534) Net loss attributable to non-controlling interests, net of tax (32) (15) (46) (4) Net income (loss) attributable to common stockholders $ 1,144 $ (2,601) $ 1,036 $ (8,530) Denominator Basic weighted-average common stock outstanding 1,875,156 1,964,304 1,866,830 1,957,127 Basic net income (loss) per share attributable to common stockholders (1) $ 0.61 $ (1.32) $ 0.56 $ (4.36) Diluted net income (loss) per share: Numerator Net income (loss) attributable to common stockholders $ 1,144 $ (2,601) $ 1,036 $ (8,530) Net loss attributable to Freight Holding convertible common shares non-controlling interest, net of tax (10) (12) (18) (39) Cumulative dividends to Freight Holding convertible preferred shares non-controlling interest, net of tax 3 — — — Interest expense, amortization of debt discount and issuance costs of 2025 Convertible Notes and Careem Notes 3 — 5 — Diluted net income (loss) attributable to common stockholders $ 1,140 $ (2,613) $ 1,023 $ (8,569) Denominator Number of shares used in basic net income (loss) per share computation 1,875,156 1,964,304 1,866,830 1,957,127 Weighted-average effect of potentially dilutive securities: Stock options 17,785 — 18,808 — RSUs 31,485 — 36,651 — Warrants 87 — 88 — Common shares issued for ESPP 160 — 192 — Assumed incremental shares to settle forward obligation for Freight Holding Series A unit holders 1,900 — 2,281 — Assumed redemption of Freight Holding convertible common shares, non-controlling interest 1,268 4,578 1,306 3,744 Assumed redemption of Freight Holding preferred shares, non-controlling interest 6,891 — — — 2025 Convertible Notes 14,226 — 14,226 — Careem Notes 7,017 — 9,368 — Diluted weighted-average common stock outstanding 1,955,975 1,968,882 1,949,750 1,960,871 Diluted net income (loss) per share attributable to common stockholders (1) $ 0.58 $ (1.33) $ 0.52 $ (4.37) (1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate. The following potentially dilutive outstanding securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Freight Holdings contingently redeemable preferred stock — 17,674 7,743 17,674 Incremental shares to settle forward obligation — 2,149 — 2,149 Convertible notes — 18,503 — 18,503 RSUs 18,594 111,637 17,230 111,637 Stock options 249 22,130 15 22,130 Common stock subject to repurchase — 3,380 — 3,380 Shares committed under ESPP 2,719 6,886 2,296 6,886 Warrants to purchase common stock — 73 — 73 Total 21,562 182,432 27,284 182,432 |
Segment Information and Geograp
Segment Information and Geographic Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Information | Note 11 – Segment Information and Geographic Information We determine our operating segments based on how the chief operating decision maker (“CODM”) manages the business, allocates resources, makes operating decisions and evaluates operating performance. Our three operating and reportable segments are as follows: Segment Description Mobility Mobility products connect consumers with Drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Mobility also includes activity related to our Financial Partnerships and Transit offerings. Delivery Delivery offerings allow consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered. In certain markets, Delivery also includes offerings for grocery, alcohol and convenience store delivery as well as select other goods. Freight Freight connects carriers with shippers on our platform, and gives carriers upfront, transparent pricing and the ability to book a shipment. Freight also includes transportation management and other logistics services offerings. For information about how our reportable segments derive revenue, as well as revenue grouped by offerings and geographical region, refer to Note 2 – Revenue. Our segment operating performance measure is segment adjusted EBITDA. The CODM does not evaluate operating segments using asset information and, accordingly, we do not report asset information by segment. Segment adjusted EBITDA is defined as revenue less the following expenses: cost of revenue, operations and support, sales and marketing, and general and administrative and research and development expenses associated with our segments. Segment adjusted EBITDA also excludes non-cash items or items that management does not believe are reflective of our ongoing core operations (as shown in the table below). The following table provides information about our segments and a reconciliation of the total segment adjusted EBITDA to loss from operations (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Segment adjusted EBITDA: Mobility $ 179 $ 771 $ 477 $ 1,389 Delivery (161) 99 (361) 129 Freight (41) 5 (70) 7 All Other — — (11) — Total segment adjusted EBITDA (23) 875 35 1,525 Reconciling items: Corporate G&A and Platform R&D (1), (2) (486) (511) (903) (993) Depreciation and amortization (226) (243) (438) (497) Stock-based compensation expense (272) (470) (553) (829) Legal, tax, and regulatory reserve changes and settlements (140) (368) (691) (368) Goodwill and asset impairments/loss on sale of assets — (4) (57) (17) Acquisition, financing and divestitures related expenses (26) (6) (62) (20) Accelerated lease costs related to cease-use of ROU assets — — (2) — COVID-19 response initiatives (15) — (41) (1) Loss on lease arrangements, net — — — (7) Restructuring and related charges — — — (2) Mass arbitration fees, net — 14 — 14 Loss from operations $ (1,188) $ (713) $ (2,712) $ (1,195) (1) Excluding stock-based compensation expense. (2) Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 – Commitments and Contingencies Contingencies From time to time, we are a party to various claims, non-income tax audits and litigation in the normal course of business. As of December 31, 2021 and June 30, 2022, we had recorded aggregate liabilities of $2.2 billion, of which $1.3 billion relate to non-income tax matters in accrued and other current liabilities on the condensed consolidated balance sheets for all of our legal, regulatory and non-income tax matters that were probable and reasonably estimable. We are currently party to various legal and regulatory matters that have arisen in the normal course of business and include, among others, alleged independent contractor misclassification claims, Fair Credit Reporting Act (“FCRA”) claims, alleged background check violations, pricing and advertising claims, unfair competition claims, intellectual property claims, employment discrimination and other employment-related claims, Telephone Consumer Protection Act (“TCPA”) claims, Americans with Disabilities Act (“ADA”) claims, data and privacy claims, securities claims, antitrust claims, challenges to regulations, and other matters. We have existing litigation, including class actions, Private Attorney General Act lawsuits, arbitration claims, and governmental administrative and audit proceedings, asserting claims by or on behalf of Drivers that Drivers are misclassified as independent contractors. In connection with the enactment of California State Assembly Bill 5 (“AB5”), we have received and expect to continue to receive - in California and in other jurisdictions - an increased number of misclassification claims. With respect to our outstanding legal and regulatory matters, based on our current knowledge, we believe that the ultimate amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on our business, financial position, results of operations, or cash flows. The outcome of such legal matters is inherently unpredictable and subject to significant uncertainties. If one or more of these matters were resolved against us for amounts in excess of management's expectations, our results of operations, financial condition or cash flows could be materially adversely affected. Driver Classification California Attorney General Lawsuit In January 2020, AB5 went into effect. AB5 codifies a test to determine whether a worker is an employee under California law. The test is referred to as the “ABC” test, and was originally handed down by the California Supreme Court in Dynamex Operations v. Superior Court in 2018. Under the ABC test, workers performing services for a hiring entity are considered employees unless the hiring entity can demonstrate three things: the worker (A) is free from the hiring entity’s control, (B) performs work that is outside the usual course of the hiring entity’s business, and (C) customarily engages in the independent trade, work or type of business performed for the hiring entity. On May 5, 2020, the California Attorney General, in conjunction with the city attorneys for San Francisco, Los Angeles and San Diego, filed a complaint in San Francisco Superior Court against Uber and Lyft, Inc. (“Lyft”). The complaint alleges drivers are misclassified, and seeks an injunction and monetary damages related to the alleged competitive advantage caused by the alleged misclassification of drivers. On August 10, 2020, the Court issued a preliminary injunction order, prohibiting us from classifying drivers as independent contractors and from violating various wage and hour laws. The injunction was stayed pending appeal. On October 22, 2020, the Court of Appeal affirmed the lower court’s ruling, and we filed a petition for review of the decision with the California Supreme Court. The petition was based upon the passage of Proposition 22 by California voters in November 2020, and requested that the Court of Appeal opinion be vacated because AB5’s application to Uber was superseded by Proposition 22. Proposition 22 was a state ballot initiative that provides a framework for drivers that use platforms like ours to qualify as independent workers. As a result of the passage of Proposition 22, Drivers are able to maintain their status as independent contractors under California law, and we and our competitors are required to comply with the provisions of Proposition 22. Proposition 22 went into effect on December 16, 2020. The California Supreme Court declined the petition for review on February 10, 2021. The lawsuit was returned to the trial court following the appellate proceedings on February 22, 2021. On April 12, 2021, the California Attorney General, Uber and Lyft filed a stipulation to dissolve the preliminary injunction with the trial court. On April 16, 2021, the trial court signed an order granting the stipulation. Although the preliminary injunction has been dissolved, the lawsuit remains ongoing relating to claims by the California Attorney General for periods prior to enactment of Proposition 22. We have petitioned to stay this matter pending coordination with other California employment related matters, which was granted and a coordination judge was assigned. Since the assignment of the coordination judge, the case remains stayed as to discovery. We intend to continue to vigorously defend ourselves. Our chances of success on the merits are still uncertain and any reasonably possible loss or range of loss cannot be estimated. In addition, in January 2021, a petition was filed with the California Supreme Court by several drivers and a labor union alleging that Proposition 22 is unconstitutional, which was denied. The same drivers and labor union have since filed a similar challenge in California Superior Court, and in August 2021, the Alameda County Superior Court ruled that Proposition 22 is unconstitutional. On September 21, 2021, the State of California filed an appeal of that decision with the California Court of Appeal and the Protect App-Based Drivers and Services organization, who intervened in the matter, has also filed an appeal. Massachusetts Attorney General Lawsuit On July 9, 2020, the Massachusetts Attorney General filed a complaint in Suffolk County Superior Court against Uber and Lyft. The complaint alleges Drivers are employees, and are entitled to protections under the wage and labor laws. The complaint was served on July 20, 2020 and Uber filed a motion to dismiss the complaint on September 24, 2020, which was denied on March 25, 2021. A summary judgment motion was filed in September 2021, and we filed a motion in which we argue that the motion is premature. The court granted our motion to defer the summary judgment motion on January 12, 2022. Our chances of success on the merits are still uncertain and any reasonably possible loss or range of loss cannot be estimated. Swiss Social Security Reclassification Several Swiss administrative bodies have issued decisions in which they classify Drivers as employees of Uber Switzerland, Rasier Operations B.V. or of Uber B.V. for social security or labor purposes. We are challenging each of them before the Social Security and Administrative Tribunals. In April 2021, a ruling was made that Uber Switzerland could not be held liable for social security contributions. The litigations with regards to Uber B.V. and Raiser Operations B.V. are still pending for years 2014 to 2019. In January 2022, the Social Security Tribunal of Zurich reclassified drivers who have used the App in 2014 as dependent workers of Uber BV and Rasier Operations BV from a social security standpoint, but this ruling has been appealed before the Federal Tribunal and has no impact on our current operations. On June 3, 2022, the Federal Tribunal issued two rulings by which both Drivers and Couriers in the canton of Geneva are classified as employees of Uber BV and Uber Switzerland GmbH. Following this ruling, we received a request for information from the SVA Zürich that states that Couriers shall be considered employees for social security purposes since the launch of Uber Eats. The ultimate resolution of the matters before the social security authorities is uncertain and the amount accrued for those matters is recorded within accrued and other current liabilities on the condensed consolidated balance sheet as of June 30, 2022. Aslam, Farrar, Hoy and Mithu v. Uber B.V., Uber Britannia Ltd. and Uber London Ltd. On October 28, 2015, a claim by 25 Drivers, including Mr. Y. Aslam and Mr. J. Farrar, was brought in the UK Employment Tribunal against us asserting that they should be classified as “workers” (a separate category between independent contractors and employees) in the UK rather than independent contractors. The tribunal ruled on October 28, 2016 that Drivers were workers whenever our App is switched on and they are ready and able to take trips based on an assessment of the App in July 2016. The Court of Appeal rejected our appeal in a majority decision on December 19, 2018. We appealed to the Supreme Court and a hearing at the Supreme Court took place in July 2020. On February 19, 2021, the Supreme Court of the UK upheld the tribunal ruling that the Drivers using the App in 2016 were workers for UK employment law purposes. Damages include back pay including holiday pay and minimum wage, which will be assessed and quantified at a future hearing. On March 16, 2021, we announced that more than 70,000 Mobility drivers in the UK will be treated as workers, earning at least the National Living Wage when driving with Uber. They will also be paid for holiday time and all those eligible will be automatically enrolled into a pension plan. We have also completed a settlement process with drivers in the UK to proactively resolve historical claims relating to their classification under UK law. Our portal for drivers to register for a settlement of historical holiday pay and national minimum wage liabilities closed on July 22, 2021 and we have extended offers to all drivers eligible for settlement who are not already represented by an attorney and have made payments to the drivers who accepted our offers. Compensation hearings will take place for claimants who have not settled their historic claims, where the tribunal will assess our position on the correct approach to working time, expenses, and holiday pay. On June 23, 2021, we received a compliance notice from the UK pension regulator to facilitate our auto-enrollment implementation. We have completed the enrollment of eligible drivers in the UK into a pension plan. While the ultimate resolution of these matters is uncertain, we have recorded an accrual for these matters within accrued and other current liabilities on the condensed consolidated balance sheet as of June 30, 2022. Other Driver Classification Matters Additionally, we have received other lawsuits and governmental inquiries in other jurisdictions, and anticipate future claims, lawsuits, arbitration proceedings, administrative actions, and government investigations and audits challenging our classification of Drivers as independent contractors and not employees. We believe that our current and historical approach to classification is supported by the law and intend to continue to defend ourselves vigorously in these matters. However, the results of litigation and arbitration are inherently unpredictable and legal proceedings related to these claims, individually or in the aggregate, could have a material impact on our business, financial condition, results of operations and cash flows. Regardless of the outcome, litigation and arbitration of these matters can have an adverse impact on us because of defense and settlement costs individually and in the aggregate, diversion of management resources and other factors. State Unemployment Taxes New Jersey Department of Labor In 2018, the New Jersey Department of Labor (“NJDOL”) opened an audit reviewing whether Drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply from 2014 through 2018. The NJDOL made an assessment on November 12, 2019, against both Rasier and Uber. Both assessments were calculated through November 15, 2019, but only calculated the alleged contributions, penalties, and interests owed from 2014 through 2018. The NJDOL has provided several assessments from February through October 2021. We have submitted payment for the principal revised amount of the assessment and have since reached agreement on the remaining amounts allegedly owed from 2014 through 2018. The NJDOL has expressed its intention to audit later years. The ultimate resolution of the matter is uncertain and the amount accrued for those matters is recorded within accrued and other current liabilities on the condensed consolidated balance sheet as of June 30, 2022. California Employment Development Department In 2014, the California employment development department (“CA EDD”) opened an audit to review whether drivers should be treated as employees or independent contractors. The department issued an assessment in 2016 for the periods of 2013 - 2015 and we have since reached an agreement with the CA EDD for this period. In 2022, we have received requests for information related to an audit of a subsequent period, which covers the fourth quarter of 2017 through the fourth quarter of 2020. The ultimate resolution of the matter is uncertain and the amount accrued for those matters is recorded within accrued and other current liabilities on the condensed consolidated balance sheets as of June 30, 2022. Google v. Levandowski & Ron; Google v. Levandowski On October 28, 2016, Google filed arbitration demands against each of Anthony Levandowski and Lior Ron, former employees of Google, alleging breach of their respective employment agreements with Google, fraud and other state law violations (due to soliciting Google employees and starting a new venture to compete with Google’s business in contravention of their respective employment agreements). Google sought damages, injunctive relief, and restitution. On March 26, 2019, following a hearing, the arbitration panel issued an interim award, finding against each of Google’s former employees and awarding $127 million against Anthony Levandowski and $1 million for which both Anthony Levandowski and Lior Ron are jointly and severally liable. In July 2019, Google submitted its request for interest, attorneys fees, and costs related to these claims. The Panel’s Final Award was issued on December 6, 2019. On February 7, 2020, Ron and Google entered into a settlement agreement and mutual release to satisfy the corrected final award in the amount of approximately $10 million. Uber paid Google on behalf of Ron pursuant to an indemnification obligation. In March 2020, Levandowski pleaded guilty to criminal trade secret charges and filed for bankruptcy. Levandowski claimed that Uber was obligated to indemnify him. Former President Trump pardoned Levandowski from the trade secret conviction. Uber filed a proof of claim in the bankruptcy court, and Levandowski additionally asserted a claim against Uber alleging that Uber failed to perform its obligations under an agreement with Otto Trucking, LLC. For these claims, Uber and Levandowski reached a confidential settlement, which was approved by the court from the bench on April 21, 2022, along with Levandowski’s bankruptcy plan. Taxing authorities have appealed the orders related to tax issues and plan confirmation but did not appeal the settlement approval. Uber is not a party to those appeals. The taxing authorities’ chances of success on the merits are still uncertain and any reasonably possible loss or range of loss is immaterial. Non-Income Tax Matters We recorded an estimated liability for contingencies related to non-income tax matters and are under audit by various domestic and foreign tax authorities with regard to such matters. The subject matter of these contingent liabilities and non-income tax audits primarily arises from our transactions with Drivers, as well as the tax treatment of certain employee benefits and related employment taxes. In jurisdictions with disputes connected to transactions with Drivers, disputes involve the applicability of transactional taxes (such as sales, value added and similar taxes) to services provided, as well as the applicability of withholding tax on payments made to such Drivers. We are involved in a proceeding in the UK about our historic operating model in the UK involving HMRC, the tax regulator in the UK, which is seeking to classify us as a transportation provider. Being classified as a transportation provider would result in a VAT (20%) on Gross Bookings or on the service fee that we charge Drivers prior to March 14, 2022. HMRC is considering a number of factors including our contractual Driver, Rider and intercompany arrangements, and HMRC is also expected to consider the UK Supreme Court’s February 19, 2021 ruling on Drivers’ worker classification, in determining whether we should be classified as a provider of transportation services. HMRC may update its assessment, which we would then review and discuss with HMRC. If we do not reach a satisfactory resolution after exhausting HMRC’s review and appeals process, we would still be able to argue our case anew in the UK Tax Court, which may require the up-front payment to the Tax Court (“pay-to-play”) of any final HMRC assessment to be held in escrow. We continue to believe that we have meritorious defense in these proceedings. As of March 14, 2022, we modified our operating model in the UK, such that as of that date Uber UK is a merchant of transportation and is required to remit VAT on Gross Bookings, which we are remitting under the Value Added (Tour Operators) Order 1987. As part of our ongoing discussions with HMRC we anticipate that they will review our VAT remittance as a merchant of transportation. Our estimated liability is inherently subjective due to the complexity and uncertainty of these matters and the judicial processes in certain jurisdictions, therefore, the final outcome could be materially different from the estimated liability recorded. Other Legal and Regulatory Matters We have been and continue to be subject to various government inquiries and investigations surrounding the legality of certain of our business practices, compliance with antitrust, Foreign Corrupt Practices Act and other global regulatory requirements, labor laws, securities laws, data protection and privacy laws, consumer protection laws, environmental laws, and the infringement of certain intellectual property rights. We have investigated and continue to investigate many of these matters and we are implementing a number of recommendations to our managerial, operational and compliance practices, as well as strengthening our overall governance structure. In many cases, we are unable to predict the outcomes and implications of these inquiries and investigations on our business which could be time consuming, costly to investigate and require significant management attention. Furthermore, the outcome of these inquiries and investigations could negatively impact our business, reputation, financial condition and operating results, including possible fines and penalties and requiring changes to operational activities and procedures. Indemnifications In the ordinary course of business, we often include standard indemnification provisions in our arrangements with third parties. Pursuant to these provisions, we may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with their activities or non-compliance with certain representations and warranties made by us. In addition, we have entered into indemnification agreements with our officers, directors, and certain current and former employees, and our certificate of incorporation and bylaws contain certain indemnification obligations. It is not possible to determine the maximum potential loss under these indemnification provisions / obligations because of the unique facts and circumstances involved in each particular situation. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 13 – Variable Interest Entities Variable interest entities (“VIEs”) are legal entities that lack sufficient equity to finance their activities without future subordinated financial support. Consolidated VIEs We consolidate VIEs in which we hold a variable interest and are the primary beneficiary. We are the primary beneficiary because we have the power to direct the activities that most significantly impact the economic performance of these VIEs. As a result, we consolidate the assets and liabilities of these VIEs. Total assets included on the condensed consolidated balance sheets for our consolidated VIEs as of December 31, 2021 and June 30, 2022 were $3.9 billion and $4.1 billion, respectively. Total liabilities included on the condensed consolidated balance sheets for these VIEs as of December 31, 2021 and June 30, 2022 were $1.0 billion and $1.3 billion, respectively. Freight Holding As of June 30, 2022, we own the majority of the issued and outstanding capital stock of Freight Holding and report a non-controlling interest as further described in Note 14 – Non-Controlling Interests. Careem Qatar The assets and operations in Careem Qatar had not been transferred to us as of June 30, 2022. Transfer of the assets and operations of Careem Qatar will be subject to a delayed closing pending timing of regulatory approval. We have rights to all residual interests in the Careem Qatar entity which is considered a variable interest. We are exposed to losses and residual returns of the Careem Qatar entity through the right to all of the proceeds from either the divestiture or the eventual legal transfer, upon regulatory approval, of the Careem Qatar entity. Unconsolidated VIEs We do not consolidate VIEs in which we hold a variable interest but are not the primary beneficiary because we lack the power to direct the activities that most significantly impact the entities’ economic performance. Our carrying amounts of both assets and liabilities recognized on the condensed consolidated balance sheets related to unconsolidated VIEs was $598 million as of December 31, 2021 and $587 million as of June 30, 2022 and represents our maximum exposure to loss associated with the unconsolidated VIEs. Lime Neutron Holdings, Inc. (“Lime”) is incorporated in Delaware for the purpose of owning and operating a fleet of dockless e-bikes and e-scooters for short-term access use by consumers for personal transportation. On May 7, 2020, we entered into a series of transactions and agreements with Lime to divest our JUMP business and acquired ownership in Lime comprised of Lime Common Stock, Lime 1-C Preferred Stock, Lime 1-C Preferred Stock Warrants, and the Lime Convertible Note (collectively, the “2020 Lime Investments”). We are exposed to Lime’s economic risks and rewards through our ownership of the 2020 Lime Investments, which represent variable interests. Moove Garment Investments S.L. dba Moove (“Moove”) is a vehicle fleet operator in Spain. On February 12, 2021, we entered into and completed a series of agreements with Moove including (i) an equity investment, through preferred shares, in which we acquired a 30% minority interest in Moove from its current shareholders at closing and up to approximately $185 million contingent on future performance of Moove and certain other conditions through the eight |
Non-Controlling Interests
Non-Controlling Interests | 6 Months Ended |
Jun. 30, 2022 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Note 14 – Non-Controlling Interests Freight Holding As of December 31, 2021 and June 30, 2022, we owned 78% and 78%, respectively of the issued and outstanding capital stock of our subsidiary Freight Holding, or 75% and 77%, respectively on a fully-diluted basis if all common shares reserved for issuance under our Freight Holding employee incentive plan were issued and outstanding. The minority stockholders of Freight Holding include: (i) holders of Freight Holding’s Series A and A-1 Preferred Stock; (ii) holders of common equity awards issued under the employee equity incentive plans; and (iii) employees who hold fully vested shares. As of December 31, 2021, under the 2018 Freight Holding Equity Incentive Plan (the “2018 Freight Holding Plan”), a total of 99.8 million shares of Freight Holding were reserved, of which 85.0 million shares were available for grant and issuance. 2022 Freight Holding Plan In May 2022, Freight Holding adopted the 2022 Freight Holding Equity Incentive Plan (the “2022 Freight Holding Plan”). The 2022 Freight Holding Plan serves as the successor to the 2018 Freight Holding Plan. Awards previously granted under the 2018 Freight Holding Plan remain outstanding and governed by the terms of the 2018 Freight Holding Plan. As of June 30, 2022, a total of 85.0 million shares of Freight Holding were reserved, of which 67.4 million shares were available for grant and issuance under the 2022 Freight Holding Plan. |
Divestiture
Divestiture | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestiture | Note 15 – Divestiture Divestiture of ATG Business to Aurora On January 19, 2021, we completed the previously announced sale of our ATG Business, a subsidiary focused on the development and commercialization of autonomous vehicle technology, to Aurora. As a result, our controlling interest and the non-controlling interests in the ATG Business were settled, and ownership of the ATG Business transferred to Aurora. As consideration for the sale, Aurora issued Series U-1 preferred shares to the third-party investors of the ATG Business to settle their ATG Series A Stated Liquidation Preference of $1.1 billion, which had previously been recorded as redeemable and non-redeemable non-controlling interests on our condensed consolidated balance sheet prior to this transaction. We received the residual consideration from the sale as the only common unit holder of the ATG Business in the form of Aurora common shares valued at $1.3 billion, representing 22% of fully-diluted (25% undiluted) ownership interest of Aurora. Concurrently, we invested $400 million in Aurora in exchange for Aurora Series U-2 convertible preferred shares, representing 4% of fully-diluted (5% undiluted) ownership interest of Aurora. We do not consolidate Aurora under either the VIE or the voting interest model. We entered into a commercial agreement with Aurora pursuant to which the parties will collaborate with best efforts to launch and commercialize self-driving vehicles on our ridesharing network. We also allowed unvested RSUs for Uber stock held by employees of the ATG Business that transferred to Aurora to continue to vest over the next 12 months contingent upon the employee remaining at Aurora. As a result, we initially recognized liabilities of $315 million as consideration for these future obligations to Aurora. The sale of the ATG Business did not represent a strategic shift that would have had a major effect on our operations and financial results, and therefore does not qualify for reporting as a discontinued operation. Our ATG Business was included in the ATG and Other Technology Programs segment prior to this transaction. Beginning in the first quarter of 2021, results of ATG and Other Technology Programs are included within All Other. The resulting gain on disposal was recorded in other income (expense), net in the condensed consolidated statement of operations. The following table presents the gain on sale of the ATG Business (in millions): Six Months Ended June 30, 2021 Fair value of common shares received $ 1,277 Derecognition of ATG Business' non-controlling interests 1,057 Liability recognized for future obligations (315) Net consideration received for sale of the ATG Business 2,019 Carrying value of net assets transferred (375) Gain on the sale of the ATG Business $ 1,644 |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in our Annual Report on Form 10-K. The results for the interim periods are not necessarily indicative of results for the full year. In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive loss, cash flows and the change in equity for the periods presented. There have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022 that have had a material impact on our condensed consolidated financial statements and related notes. |
Basis of Consolidation | Basis of ConsolidationOur condensed consolidated financial statements include the accounts of Uber Technologies, Inc. and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated. Refer to Note 13 – Variable Interest Entities for further information. |
Use of Estimates | Use of EstimatesThe preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. Additionally, we considered the impacts of the coronavirus pandemic (“COVID-19”) on the assumptions and inputs (including market data) supporting certain of these estimates, assumptions and judgments. On an ongoing basis, management evaluates estimates, including, but not limited to: fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of amortizable long-lived assets; fair value of acquired intangible assets and related impairment assessments; impairment of goodwill; stock-based compensation; income taxes and non-income tax reserves; certain deferred tax assets and tax liabilities; insurance reserves; and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates. |
Certain Significant Risks and Uncertainties - COVID-19 | Certain Significant Risks and Uncertainties - COVID-19 COVID-19 restrictions have had an adverse impact on our business and operations by reducing, in particular, the global demand for Mobility offerings. It is not possible to predict COVID-19’s cumulative and ultimate impact on our future business operations, results of operations, financial position, liquidity, and cash flows. The extent of the impact of COVID-19 on our business and financial results will depend largely on future developments, including: outbreaks or variants of the virus, both globally and within the United States; the administration, adoption and efficacy of vaccines globally; the impact on capital, foreign currencies exchange and financial markets; governmental or regulatory orders that impact our business; and whether the impacts may result in permanent changes to our end-users’ behavior, all of which are highly uncertain and cannot be predicted. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance,” which requires disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The standard is effective for public companies for fiscal years beginning after December 15, 2021. Early adoption is permitted. We adopted the ASU prospectively on January 1, 2022. The additional required annual disclosures are not expected to have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination as if the acquiring entity had originated the contracts. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which clarifies that contractual sale restrictions are not considered in measuring fair value of equity securities and requires additional disclosures for equity securities subject to contractual sale restrictions. The standard is effective for public companies for fiscal years beginning after December 15, 2023. Early adoption is permitted. This accounting standard update is not expected to have a material impact on our consolidated financial statements as the amendments align with our existing policy. |
Net Income (Loss) Per Share | Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the periods presented. Diluted net income (loss) per share is computed by giving effect to all potential weighted average dilutive common stock. The dilutive effect of outstanding awards and convertible securities is reflected in diluted net income (loss) per share by application of the treasury stock method or if-converted method, as applicable. We take into account the effect on consolidated net income (loss) per share of dilutive securities of entities in which we hold equity interests that are accounted for using the equity method. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present our revenues disaggregated by offering and geographical region. Revenue by geographical region is based on where the transaction occurred. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Mobility revenue (1) $ 1,618 $ 3,553 $ 2,471 $ 6,071 Delivery revenue (1) 1,963 2,688 3,704 5,200 Freight revenue 348 1,832 649 3,656 All Other revenue — — 8 — Total revenue $ 3,929 $ 8,073 $ 6,832 $ 14,927 (1) We offer subscription memberships to end-users including Uber One, Uber Pass, Rides Pass, and Eats Pass (“Subscription”). We recognize Subscription fees ratably over the life of the pass. We allocate Subscription fees earned to Mobility and Delivery revenue on a proportional basis, based on usage for each offering during the respective period. Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 United States and Canada ("US&CAN") $ 1,984 $ 4,936 $ 3,833 $ 9,498 Latin America ("LatAm") 307 481 609 913 Europe, Middle East and Africa ("EMEA") 929 1,846 1,154 2,973 Asia Pacific ("APAC") 709 810 1,236 1,543 Total revenue $ 3,929 $ 8,073 $ 6,832 $ 14,927 |
Schedule of Remaining Performance Obligation | Our remaining performance obligation for contracts with an original expected length of greater than one year is expected to be recognized as follows (in millions): Less Than or Equal To 12 Months Greater Than 12 Months Total As of June 30, 2022 $ 33 $ 115 $ 148 |
Investments and Fair Value Me_2
Investments and Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Marketable and Non-Marketable Securities | Our investments on the condensed consolidated balance sheets consisted of the following (in millions): As of December 31, 2021 June 30, 2022 Non-marketable equity securities: Didi $ — $ 1,669 Other (1) 315 298 Marketable equity securities: Didi 2,838 — Grab 3,821 1,356 Aurora 3,388 575 Other 1,312 548 Note receivable from a related party (1) 132 126 Investments $ 11,806 $ 4,572 (1) These balances include certain investments recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments. |
Schedule of Assets and Liabilities Measured on Recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions): As of December 31, 2021 As of June 30, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Non-marketable equity securities $ — $ — $ 32 $ 32 $ — $ — $ 12 $ 12 Marketable equity securities 11,359 — — 11,359 2,479 — — 2,479 Note receivable from a related party — — 132 132 — — 126 126 Total financial assets $ 11,359 $ — $ 164 $ 11,523 $ 2,479 $ — $ 138 $ 2,617 Financial Liabilities MLU B.V. Call Option (1) $ — $ — $ 193 $ 193 $ — $ — $ 23 $ 23 Total financial liabilities $ — $ — $ 193 $ 193 $ — $ — $ 23 $ 23 (1) For further information, see Note 4 – Equity Method Investments. |
Schedule of Reconciliation Using Significant Unobservable Inputs, Assets | The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2022, using significant unobservable inputs (Level 3) (in millions): Non-marketable Equity Securities Note Receivables MLU B.V. Call Option Balance as of December 31, 2021 $ 32 $ 132 $ 193 Change in fair value Included in earnings (20) (6) (170) Balance as of June 30, 2022 $ 12 $ 126 $ 23 |
Schedule of Securities without Readily Determinable Fair Value | The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions): As of December 31, 2021 June 30, 2022 Initial cost basis $ 279 $ 1,692 Upward adjustments 4 263 Downward adjustments (including impairment) — — Total carrying value at the end of the period $ 283 $ 1,955 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The carrying value of our equity method investments were as follows (in millions): As of December 31, 2021 June 30, 2022 MLU B.V. $ 751 $ 471 Mission Bay 3 & 4 38 34 Other 11 16 Total equity method investments $ 800 $ 521 The table below provides the composition of the basis difference (in millions): As of June 30, 2022 Equity method goodwill $ 320 Intangible assets, net of accumulated amortization 43 Deferred tax liabilities (11) Cumulative currency translation adjustments (141) Basis difference $ 211 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Value of Goodwill by Segment | The following table presents the changes in the carrying value of goodwill by reportable segment for the six months ended June 30, 2022 (in millions): Mobility Delivery Freight Total Goodwill Balance as of December 31, 2021 $ 2,581 $ 4,401 $ 1,438 $ 8,420 Acquisitions 64 — — 64 Measurement period adjustment — — 3 3 Reclass to Assets held for sale (16) — — (16) Foreign currency translation adjustment (111) (1) — (112) Balance as of June 30, 2022 $ 2,518 $ 4,400 $ 1,441 $ 8,359 |
Components of Intangible Assets, Net | The components of intangible assets, net as of December 31, 2021 and June 30, 2022 were as follows (in millions, except years): Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years December 31, 2021 Consumer, Merchant and other relationships $ 1,868 $ (294) $ 1,574 9 Developed technology 922 (269) 653 5 Trade names and trademarks 222 (47) 175 6 Patents 15 (7) 8 7 Other 5 (3) 2 0 Intangible assets $ 3,032 $ (620) $ 2,412 Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life - Years June 30, 2022 Consumer, Merchant and other relationships $ 1,840 $ (419) $ 1,421 9 Developed technology 919 (389) 530 5 Trade names and trademarks 221 (64) 157 6 Patents 15 (8) 7 6 Other 10 (3) 7 0 Intangible assets $ 3,005 $ (883) $ 2,122 Amortization expense for intangible assets subject to amortization was $104 million and $139 million for the three months ended June 30, 2021 and 2022, respectively. Amortization expense for intangible assets subject to amortization was $196 million and $283 million for the six months ended June 30, 2021 and 2022, respectively. |
Estimated Aggregate Amortization Expense for Intangible Assets Subject to Amortization | The estimated aggregate future amortization expense for intangible assets subject to amortization as of June 30, 2022 is summarized below (in millions): Estimated Future Amortization Expense Year Ending December 31, Remainder of 2022 $ 240 2023 359 2024 303 2025 264 2026 202 Thereafter 747 Total $ 2,115 |
Long-Term Debt and Revolving _2
Long-Term Debt and Revolving Credit Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Debt | Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages): As of December 31, 2021 June 30, 2022 Effective Interest Rates Maturities 2025 Refinanced Term Loan $ 1,448 $ 1,440 3.8 % April 4, 2025 2027 Refinanced Term Loan 1,090 1,084 3.8 % February 25, 2027 2025 Senior Note 1,000 1,000 7.7 % May 15, 2025 2026 Senior Note 1,500 1,500 8.1 % November 1, 2026 2027 Senior Note 1,200 1,200 7.7 % September 15, 2027 2028 Senior Note 500 500 7.0 % January 15, 2028 2029 Senior Note 1,500 1,500 4.7 % August 15, 2029 2025 Convertible Notes 1,150 1,150 0.2 % December 15, 2025 Total debt 9,388 9,374 Less: unamortized discount and issuance costs (85) (76) Less: current portion of long-term debt (27) (27) Total long-term debt $ 9,276 $ 9,271 |
Fair Value of Senior Notes | The following table presents the fair values of our Senior Notes as of June 30, 2022, and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input (in millions): As of June 30, 2022 2025 Senior Note $ 995 2026 Senior Note 1,496 2027 Senior Note 1,172 2028 Senior Note 464 2029 Senior Note 1,231 Total $ 5,358 |
Schedule of Debt Expense | The following table presents the amount of interest expense recognized relating to the contractual interest coupon and amortization of the debt discount and issuance costs with respect to our long-term debt, for the three and six months ended June 30, 2021 and 2022 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Contractual interest coupon $ 109 $ 124 $ 220 $ 257 Amortization of debt discount and issuance costs 3 4 10 8 Total interest expense from long-term debt $ 112 $ 128 $ 230 $ 265 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets were as follows (in millions): As of December 31, 2021 June 30, 2022 Prepaid expenses $ 459 $ 250 Other receivables 553 615 Other 442 504 Prepaid expenses and other current assets $ 1,454 $ 1,369 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities were as follows (in millions): As of December 31, 2021 June 30, 2022 Accrued legal, regulatory and non-income taxes $ 2,187 $ 2,230 Accrued Drivers and Merchants liability 1,187 1,279 Income and other tax liabilities 376 427 Commitment to issue unsecured convertible notes in connection with Careem acquisition 238 235 Other 2,549 2,300 Accrued and other current liabilities $ 6,537 $ 6,471 |
Schedule of Other Long-Term Liabilities | Other long-term liabilities were as follows (in millions): As of December 31, 2021 June 30, 2022 Deferred tax liabilities $ 365 $ 103 Other 570 556 Other long-term liabilities $ 935 $ 659 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in composition of accumulated other comprehensive income (loss), net of tax, were as follows (in millions): Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2020 $ (581) $ 46 $ (535) Other comprehensive income (loss) before reclassifications (1) 54 1,162 1,216 Amounts reclassified from accumulated other comprehensive income (loss) — — — Other comprehensive income (loss) 54 1,162 1,216 Balance as of June 30, 2021 $ (527) $ 1,208 $ 681 (1) During the six months ended June 30, 2021, unrealized gains on available-for-sale securities, net of tax relates to pre-tax unrealized gains of $1.3 billion for the change in fair value of our investment in Grab. To determine the fair value of our investment in Grab as of June 30, 2021, we utilized a hybrid approach, incorporating a CSE method along with an OPM. The CSE method assumes an if-converted scenario (for example an initial public offering (“IPO”) or a special purpose acquisition company transaction), where the OPM approach allocates equity value to individual securities within the investees’ capital structure based on contractual rights and preferences. Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax Total Balance as of December 31, 2021 $ (524) $ — $ (524) Other comprehensive income (loss) before reclassifications (181) — (181) Amounts reclassified from accumulated other comprehensive income (loss) — — — Other comprehensive income (loss) (181) — (181) Balance as of June 30, 2022 $ (705) $ — $ (705) |
Other Income (Expense), Net | The components of other income (expense), net were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Interest income $ 13 $ 17 $ 18 $ 28 Foreign currency exchange gains (losses), net — (38) (25) (28) Gain on business divestiture (1) — — 1,684 — Unrealized gain (loss) on debt and equity securities, net (2) 1,912 (1,677) 1,975 (7,247) Impairment of equity method investment (3) — — — (182) Revaluation of MLU B.V. call option (4) — (11) — 170 Other, net 18 5 1 (2) Other income (expense), net $ 1,943 $ (1,704) $ 3,653 $ (7,261) (1) During the six months ended June 30, 2021, gain on business divestiture primarily represents a $1.6 billion gain on the sale of Apparate USA LLC (“Apparate” or the “ATG Business”) to Aurora Innovation, Inc. (“Aurora”) in January 2021. Refer to Note 15 – Divestiture for further information. (2) During the three and six months ended June 30, 2021, unrealized gain (loss) on debt and equity securities, net primarily represents a $1.4 billion gain on our Didi investment and a $471 million gain on our Aurora Investments in the second quarter of 2021. During the three and six months ended June 30, 2022, unrealized gain (loss) on debt and equity securities, net primarily represents a $1.1 billion and $2.8 billion loss, respectively, on our Aurora Investments, a $520 million and $2.5 billion loss, respectively, on our Grab investment, a $245 million and $707 million loss, respectively, on our Zomato investment, and a $1.4 billion loss on our Didi investment in the first quarter of 2022, partially offset by a $259 million gain on our Didi investment in the second quarter of 2022. (3) During the six months ended June 30, 2022, impairment of equity method investment represents a $182 million impairment loss recorded on our MLU B.V. equity method investment. Refer to Note 4 – Equity Method Investments for further information. (4) During the six months ended June 30, 2022, revaluation of MLU B.V. call option represents a $170 million net gain for the change in fair value of the call option granted to Yandex (“MLU B.V. Call Option”). Refer to Note 4 – Equity Method Investments for further information. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Summary of Stock Options and SAR Activity | A summary of stock option and SAR activity for the six months ended June 30, 2022 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years): SARs Outstanding Number of SARs Options Outstanding Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value As of December 31, 2021 157 24,253 $ 11.84 4.35 $ 735 Granted 6 421 $ 33.89 Exercised (3) (2,383) $ 4.16 Canceled and forfeited (1) (161) $ 13.59 As of June 30, 2022 159 22,130 $ 13.07 3.94 $ 249 Vested and expected to vest as of June 30, 2022 148 16,035 $ 8.77 3.29 $ 219 Exercisable as of June 30, 2022 148 16,035 $ 8.77 3.29 $ 219 |
Schedule of Restricted Stock Units Activity | The following table summarizes the activity related to our RSUs for the six months ended June 30, 2022 (in thousands, except per share amounts): Number of Shares Weighted-Average Unvested and outstanding as of December 31, 2021 71,461 $ 41.91 Granted 71,960 $ 32.24 Vested (21,855) $ 38.55 Canceled and forfeited (9,929) $ 38.85 Unvested and outstanding as of June 30, 2022 111,637 $ 36.58 |
Schedule of Stock-Based Compensation Expense by Function | The following table summarizes total stock-based compensation expense by function (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Operations and support $ 38 $ 40 $ 65 $ 73 Sales and marketing 19 28 42 50 Research and development 149 277 282 473 General and administrative 66 125 164 233 Total $ 272 $ 470 $ 553 $ 829 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income (Loss) Per Share | The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Basic net income (loss) per share: Numerator Net income (loss) including non-controlling interests $ 1,112 $ (2,616) $ 990 $ (8,534) Net loss attributable to non-controlling interests, net of tax (32) (15) (46) (4) Net income (loss) attributable to common stockholders $ 1,144 $ (2,601) $ 1,036 $ (8,530) Denominator Basic weighted-average common stock outstanding 1,875,156 1,964,304 1,866,830 1,957,127 Basic net income (loss) per share attributable to common stockholders (1) $ 0.61 $ (1.32) $ 0.56 $ (4.36) Diluted net income (loss) per share: Numerator Net income (loss) attributable to common stockholders $ 1,144 $ (2,601) $ 1,036 $ (8,530) Net loss attributable to Freight Holding convertible common shares non-controlling interest, net of tax (10) (12) (18) (39) Cumulative dividends to Freight Holding convertible preferred shares non-controlling interest, net of tax 3 — — — Interest expense, amortization of debt discount and issuance costs of 2025 Convertible Notes and Careem Notes 3 — 5 — Diluted net income (loss) attributable to common stockholders $ 1,140 $ (2,613) $ 1,023 $ (8,569) Denominator Number of shares used in basic net income (loss) per share computation 1,875,156 1,964,304 1,866,830 1,957,127 Weighted-average effect of potentially dilutive securities: Stock options 17,785 — 18,808 — RSUs 31,485 — 36,651 — Warrants 87 — 88 — Common shares issued for ESPP 160 — 192 — Assumed incremental shares to settle forward obligation for Freight Holding Series A unit holders 1,900 — 2,281 — Assumed redemption of Freight Holding convertible common shares, non-controlling interest 1,268 4,578 1,306 3,744 Assumed redemption of Freight Holding preferred shares, non-controlling interest 6,891 — — — 2025 Convertible Notes 14,226 — 14,226 — Careem Notes 7,017 — 9,368 — Diluted weighted-average common stock outstanding 1,955,975 1,968,882 1,949,750 1,960,871 Diluted net income (loss) per share attributable to common stockholders (1) $ 0.58 $ (1.33) $ 0.52 $ (4.37) (1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive outstanding securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Freight Holdings contingently redeemable preferred stock — 17,674 7,743 17,674 Incremental shares to settle forward obligation — 2,149 — 2,149 Convertible notes — 18,503 — 18,503 RSUs 18,594 111,637 17,230 111,637 Stock options 249 22,130 15 22,130 Common stock subject to repurchase — 3,380 — 3,380 Shares committed under ESPP 2,719 6,886 2,296 6,886 Warrants to purchase common stock — 73 — 73 Total 21,562 182,432 27,284 182,432 |
Segment Information and Geogr_2
Segment Information and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table provides information about our segments and a reconciliation of the total segment adjusted EBITDA to loss from operations (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Segment adjusted EBITDA: Mobility $ 179 $ 771 $ 477 $ 1,389 Delivery (161) 99 (361) 129 Freight (41) 5 (70) 7 All Other — — (11) — Total segment adjusted EBITDA (23) 875 35 1,525 Reconciling items: Corporate G&A and Platform R&D (1), (2) (486) (511) (903) (993) Depreciation and amortization (226) (243) (438) (497) Stock-based compensation expense (272) (470) (553) (829) Legal, tax, and regulatory reserve changes and settlements (140) (368) (691) (368) Goodwill and asset impairments/loss on sale of assets — (4) (57) (17) Acquisition, financing and divestitures related expenses (26) (6) (62) (20) Accelerated lease costs related to cease-use of ROU assets — — (2) — COVID-19 response initiatives (15) — (41) (1) Loss on lease arrangements, net — — — (7) Restructuring and related charges — — — (2) Mass arbitration fees, net — 14 — 14 Loss from operations $ (1,188) $ (713) $ (2,712) $ (1,195) (1) Excluding stock-based compensation expense. (2) Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change. |
Divestiture (Tables)
Divestiture (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Gain on Sale of Business | The following table presents the gain on sale of the ATG Business (in millions): Six Months Ended June 30, 2021 Fair value of common shares received $ 1,277 Derecognition of ATG Business' non-controlling interests 1,057 Liability recognized for future obligations (315) Net consideration received for sale of the ATG Business 2,019 Carrying value of net assets transferred (375) Gain on the sale of the ATG Business $ 1,644 |
Revenue - Summary (Details)
Revenue - Summary (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 8,073 | $ 3,929 | $ 14,927 | $ 6,832 |
United States and Canada ("US&CAN") | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,936 | 1,984 | 9,498 | 3,833 |
Latin America ("LatAm") | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 481 | 307 | 913 | 609 |
Europe, Middle East and Africa ("EMEA") | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,846 | 929 | 2,973 | 1,154 |
Asia Pacific ("APAC") | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 810 | 709 | 1,543 | 1,236 |
Mobility revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,553 | 1,618 | 6,071 | 2,471 |
Delivery revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,688 | 1,963 | 5,200 | 3,704 |
Freight revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,832 | 348 | 3,656 | 649 |
All Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 8 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Cost of revenue, exclusive of depreciation and amortization | $ 5,153 | $ 2,099 | $ 9,179 | $ 3,809 |
Contract liabilities | 150 | 150 | ||
Delivery Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue excluding vehicle solutions revenue | 344 | 174 | 585 | 262 |
Cost of revenue, exclusive of depreciation and amortization | $ 940 | $ 536 | $ 1,700 | $ 889 |
Revenue - Contract Balances and
Revenue - Contract Balances and Remaining Performance Obligation (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Contract liabilities | $ 150 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, amount | 148 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, amount | $ 33 |
Performance period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, amount | $ 115 |
Performance period |
Investments and Fair Value Me_3
Investments and Fair Value Measurement - Investments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Note receivable from a related party | $ 126 | $ 132 |
Investments | 4,572 | 11,806 |
Didi | ||
Marketable Securities [Line Items] | ||
Non-marketable equity securities | 1,669 | 0 |
Marketable equity securities: | 0 | 2,838 |
Grab | ||
Marketable Securities [Line Items] | ||
Marketable equity securities: | 1,356 | 3,821 |
Aurora | ||
Marketable Securities [Line Items] | ||
Marketable equity securities: | 575 | 3,388 |
Other | ||
Marketable Securities [Line Items] | ||
Non-marketable equity securities | 298 | 315 |
Marketable equity securities: | $ 548 | $ 1,312 |
Investments and Fair Value Me_4
Investments and Fair Value Measurement - Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financial Assets | ||
Non-marketable equity securities | $ 1,955 | $ 283 |
Recurring | ||
Financial Assets | ||
Non-marketable equity securities | 12 | 32 |
Marketable equity securities | 2,479 | 11,359 |
Note receivable from a related party | 126 | 132 |
Total financial assets | 2,617 | 11,523 |
Financial Liabilities | ||
Total financial liabilities | 23 | 193 |
Recurring | Call Option | ||
Financial Liabilities | ||
MLU B.V. Call Option | 23 | 193 |
Recurring | Level 1 | ||
Financial Assets | ||
Non-marketable equity securities | 0 | 0 |
Marketable equity securities | 2,479 | 11,359 |
Note receivable from a related party | 0 | 0 |
Total financial assets | 2,479 | 11,359 |
Financial Liabilities | ||
Total financial liabilities | 0 | 0 |
Recurring | Level 1 | Call Option | ||
Financial Liabilities | ||
MLU B.V. Call Option | 0 | 0 |
Recurring | Level 2 | ||
Financial Assets | ||
Non-marketable equity securities | 0 | 0 |
Marketable equity securities | 0 | 0 |
Note receivable from a related party | 0 | 0 |
Total financial assets | 0 | 0 |
Financial Liabilities | ||
Total financial liabilities | 0 | 0 |
Recurring | Level 2 | Call Option | ||
Financial Liabilities | ||
MLU B.V. Call Option | 0 | 0 |
Recurring | Level 3 | ||
Financial Assets | ||
Non-marketable equity securities | 12 | 32 |
Marketable equity securities | 0 | 0 |
Note receivable from a related party | 126 | 132 |
Total financial assets | 138 | 164 |
Financial Liabilities | ||
Total financial liabilities | 23 | 193 |
Recurring | Level 3 | Call Option | ||
Financial Liabilities | ||
MLU B.V. Call Option | $ 23 | $ 193 |
Investments and Fair Value Me_5
Investments and Fair Value Measurement - Fair Value of Unobservable Inputs, Assets and Liabilities (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
MLU B.V. Call Option | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 193 |
Change in fair value | |
Change in fair value | (170) |
Ending balance | 23 |
Non-marketable Equity Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | 32 |
Change in fair value | |
Included in earnings | (20) |
Ending balance | 12 |
Note Receivables | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | 132 |
Change in fair value | |
Included in earnings | (6) |
Ending balance | $ 126 |
Investments and Fair Value Me_6
Investments and Fair Value Measurement - Narrative (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
Didi | |
Marketable Securities [Line Items] | |
Equity securities, unrealized gain (loss) | $ 259 |
Investments and Fair Value Me_7
Investments and Fair Value Measurement - Change In Equity Securities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Initial cost basis | $ 1,692 | $ 279 |
Upward adjustments | 263 | 4 |
Downward adjustments (including impairment) | 0 | 0 |
Total carrying value at the end of the period | $ 1,955 | $ 283 |
Equity Method Investments - Car
Equity Method Investments - Carrying Value (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 521 | $ 800 |
MLU B.V. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 471 | 751 |
Mission Bay 3 and 4 | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 34 | 38 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 16 | $ 11 |
Equity Method Investments - Nar
Equity Method Investments - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Aug. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Impairment of equity method investment | $ 0 | $ 0 | $ 182 | $ 0 | |||
Revaluation of call option | (11) | $ 0 | 170 | $ 0 | |||
Call Option | Recurring | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
MLU B.V. Call Option | 23 | $ 23 | $ 193 | ||||
MLU B.V. | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Impairment of equity method investment | $ 182 | ||||||
Weighted average remaining useful life (in years) | 3 years | ||||||
MLU B.V. | Call Option | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
MLU B.V. Call Option, exercise period | 2 years | ||||||
MLU B.V. Call Option, exercise price | 1,800 | $ 1,800 | |||||
MLU B.V. Call Option | $ 23 | $ 23 | |||||
Revaluation of call option | $ 181 | ||||||
MLU B.V. | Call Option | Recurring | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
MLU B.V. Call Option | $ 193 | ||||||
MLU B.V. | Call Option | Option term | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
MLU B.V. Call Option, measurement input | 1.4 | 1.7 | |||||
MLU B.V. | Call Option | Option volatility | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
MLU B.V. Call Option, measurement input | 0.65 | 0.50 |
Equity Method Investments - Bas
Equity Method Investments - Basis Difference (Details) - MLU B.V. $ in Millions | Jun. 30, 2022 USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | $ 211 |
Equity method goodwill | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | 320 |
Intangible assets, net of accumulated amortization | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | 43 |
Deferred tax liabilities | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | (11) |
Cumulative currency translation adjustments | |
Schedule of Equity Method Investments [Line Items] | |
Basis difference | $ (141) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 8,420 |
Acquisitions | 64 |
Measurement period adjustment | 3 |
Reclass to Assets held for sale | (16) |
Foreign currency translation adjustment | (112) |
Goodwill, ending balance | 8,359 |
Mobility | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 2,581 |
Acquisitions | 64 |
Measurement period adjustment | 0 |
Reclass to Assets held for sale | (16) |
Foreign currency translation adjustment | (111) |
Goodwill, ending balance | 2,518 |
Delivery | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 4,401 |
Acquisitions | 0 |
Measurement period adjustment | 0 |
Reclass to Assets held for sale | 0 |
Foreign currency translation adjustment | (1) |
Goodwill, ending balance | 4,400 |
Freight | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,438 |
Acquisitions | 0 |
Measurement period adjustment | 3 |
Reclass to Assets held for sale | 0 |
Foreign currency translation adjustment | 0 |
Goodwill, ending balance | $ 1,441 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 3,005 | $ 3,032 |
Accumulated Amortization | (883) | (620) |
Net Carrying Value | 2,122 | 2,412 |
Consumer, Merchant and other relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,840 | 1,868 |
Accumulated Amortization | (419) | (294) |
Net Carrying Value | $ 1,421 | $ 1,574 |
Weighted Average Remaining Useful Life - Years | 9 years | 9 years |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 919 | $ 922 |
Accumulated Amortization | (389) | (269) |
Net Carrying Value | $ 530 | $ 653 |
Weighted Average Remaining Useful Life - Years | 5 years | 5 years |
Trade names and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 221 | $ 222 |
Accumulated Amortization | (64) | (47) |
Net Carrying Value | $ 157 | $ 175 |
Weighted Average Remaining Useful Life - Years | 6 years | 6 years |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 15 | $ 15 |
Accumulated Amortization | (8) | (7) |
Net Carrying Value | $ 7 | $ 8 |
Weighted Average Remaining Useful Life - Years | 6 years | 7 years |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 10 | $ 5 |
Accumulated Amortization | (3) | (3) |
Net Carrying Value | $ 7 | $ 2 |
Weighted Average Remaining Useful Life - Years | 0 years | 0 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 139 | $ 104 | $ 283 | $ 196 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Estimated Future Amortization (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2022 | $ 240 |
2023 | 359 |
2024 | 303 |
2025 | 264 |
2026 | 202 |
Thereafter | 747 |
Total | $ 2,115 |
Long-Term Debt and Revolving _3
Long-Term Debt and Revolving Credit Arrangements - Components of Debt (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total debt | $ 9,374 | $ 9,388 |
Less: unamortized discount and issuance costs | (76) | (85) |
Less: current portion of long-term debt | (27) | (27) |
Total long-term debt | 9,271 | 9,276 |
Secured Loans | 2025 Refinanced Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,440 | 1,448 |
Effective interest rate | 3.80% | |
Secured Loans | 2027 Refinanced Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,084 | 1,090 |
Effective interest rate | 3.80% | |
Senior Note | 2025 Senior Note | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,000 | 1,000 |
Effective interest rate | 7.70% | |
Senior Note | 2026 Senior Note | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,500 | 1,500 |
Effective interest rate | 8.10% | |
Senior Note | 2027 Senior Note | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,200 | 1,200 |
Effective interest rate | 7.70% | |
Senior Note | 2028 Senior Note | ||
Debt Instrument [Line Items] | ||
Total debt | $ 500 | 500 |
Effective interest rate | 7% | |
Senior Note | 2029 Senior Note | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,500 | 1,500 |
Effective interest rate | 4.70% | |
Convertible Notes | 2025 Convertible Notes | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,150 | $ 1,150 |
Effective interest rate | 0.20% |
Long-Term Debt and Revolving _4
Long-Term Debt and Revolving Credit Arrangements - Narrative (Details) | 1 Months Ended | |||||||||
Dec. 31, 2020 USD ($) day $ / shares Rate | Jun. 30, 2022 USD ($) | Apr. 04, 2022 USD ($) | Apr. 03, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Feb. 25, 2021 USD ($) | Jan. 01, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Decrease to additional paid-in capital | $ (12,967,000,000) | $ (7,369,000,000) | $ (9,613,000,000) | $ (15,145,000,000) | $ (14,175,000,000) | $ (13,598,000,000) | ||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Decrease to additional paid-in capital | 243,000,000 | |||||||||
Additional Paid-In Capital | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Decrease to additional paid-in capital | (35,931,000,000) | (39,523,000,000) | $ (38,977,000,000) | (38,608,000,000) | $ (35,588,000,000) | $ (36,182,000,000) | ||||
Additional Paid-In Capital | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Decrease to additional paid-in capital | 243,000,000 | $ 243,000,000 | ||||||||
Secured Loans | Refinanced Term Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | $ 2,600,000,000 | |||||||||
Secured Loans | 2027 Refinanced Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | 1,100,000,000 | |||||||||
Secured Loans | 2027 Refinanced Term Loan | Level 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair Value of long-term debt | 1,100,000,000 | |||||||||
Secured Loans | 2025 Refinanced Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | $ 1,500,000,000 | |||||||||
Secured Loans | 2025 Refinanced Term Loan | Level 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair Value of long-term debt | 1,400,000,000 | |||||||||
Convertible Notes | 2025 Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | $ 1,150,000,000 | |||||||||
Stated interest rate | 0% | |||||||||
Additional principal amount | $ 150,000,000 | |||||||||
Conversion ratio | Rate | 1.23701% | |||||||||
Conversion price (in dollars per share) | $ / shares | $ 80.84 | |||||||||
Redemption price (in percent) | 1% | |||||||||
Interest costs capitalized | $ 243,000,000 | |||||||||
Convertible Notes | 2025 Convertible Notes | Debt Conversion Terms One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Threshold trading days | day | 20 | |||||||||
Threshold consecutive trading days | day | 30 | |||||||||
Threshold percentage of stock price trigger | 1.30% | |||||||||
Convertible Notes | 2025 Convertible Notes | Debt Conversion Terms Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Threshold trading days | day | 5 | |||||||||
Threshold consecutive trading days | day | 10 | |||||||||
Threshold percentage of stock price trigger | 0.98% | |||||||||
Convertible Notes | 2025 Convertible Notes | Level 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair Value of long-term debt | 924,000,000 | |||||||||
Line of Credit | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing capacity | 2,300,000,000 | $ 2,200,000,000 | ||||||||
Line of credit balance | 0 | |||||||||
Prior minimum liquidity covenant | $ 1,000,000,000 | $ 1,500,000,000 | ||||||||
Line of Credit | Letters of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of credit outstanding | 722,000,000 | 749,000,000 | ||||||||
Letters of credit outstanding that will reduce the available credit under facilities | $ 213,000,000 | $ 247,000,000 |
Long-Term Debt and Revolving _5
Long-Term Debt and Revolving Credit Arrangements - Fair Value of Senior Notes (Details) - Level 2 - Senior Note $ in Millions | Jun. 30, 2022 USD ($) |
Debt Instrument [Line Items] | |
Fair Value of long-term debt | $ 5,358 |
2025 Senior Note | |
Debt Instrument [Line Items] | |
Fair Value of long-term debt | 995 |
2026 Senior Note | |
Debt Instrument [Line Items] | |
Fair Value of long-term debt | 1,496 |
2027 Senior Note | |
Debt Instrument [Line Items] | |
Fair Value of long-term debt | 1,172 |
2028 Senior Note | |
Debt Instrument [Line Items] | |
Fair Value of long-term debt | 464 |
2029 Senior Note | |
Debt Instrument [Line Items] | |
Fair Value of long-term debt | $ 1,231 |
Long-Term Debt and Revolving _6
Long-Term Debt and Revolving Credit Arrangements - Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||||
Contractual interest coupon | $ 124 | $ 109 | $ 257 | $ 220 |
Amortization of debt discount and issuance costs | 4 | 3 | 8 | 10 |
Total interest expense from long-term debt | $ 128 | $ 112 | $ 265 | $ 230 |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 250 | $ 459 |
Other receivables | 615 | 553 |
Other | 504 | 442 |
Prepaid expenses and other current assets | $ 1,369 | $ 1,454 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued legal, regulatory and non-income taxes | $ 2,230 | $ 2,187 |
Accrued Drivers and Merchants liability | 1,279 | 1,187 |
Income and other tax liabilities | 427 | 376 |
Commitment to issue unsecured convertible notes in connection with Careem acquisition | 235 | 238 |
Other | 2,300 | 2,549 |
Accrued and other current liabilities | $ 6,471 | $ 6,537 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred tax liabilities | $ 103 | $ 365 |
Other | 556 | 570 |
Other long-term liabilities | $ 659 | $ 935 |
Supplemental Financial Statem_6
Supplemental Financial Statement Information - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 9,613 | $ 13,598 | $ 15,145 | $ 12,967 |
Other comprehensive income (loss) | (200) | 27 | (181) | 1,216 |
Ending balance | 7,369 | 14,175 | 7,369 | 14,175 |
Grab | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Included in other comprehensive income (loss) | 1,300 | |||
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (505) | 654 | (524) | (535) |
Other comprehensive income (loss) before reclassifications | (181) | 1,216 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Other comprehensive income (loss) | (181) | 1,216 | ||
Ending balance | (705) | 681 | (705) | 681 |
Foreign Currency Translation Adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (524) | (581) | ||
Other comprehensive income (loss) before reclassifications | (181) | 54 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Other comprehensive income (loss) | (181) | 54 | ||
Ending balance | (705) | (527) | (705) | (527) |
Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 0 | 46 | ||
Other comprehensive income (loss) before reclassifications | 0 | 1,162 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 1,162 | ||
Ending balance | $ 0 | $ 1,208 | $ 0 | $ 1,208 |
Supplemental Financial Statem_7
Supplemental Financial Statement Information - Other Income (Expenses), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jan. 19, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Interest income | $ 17 | $ 13 | $ 28 | $ 18 | ||
Foreign currency exchange gains (losses), net | (38) | 0 | (28) | (25) | ||
Gain on business divestiture | 0 | 0 | 0 | 1,684 | ||
Unrealized gain (loss) on debt and equity securities, net | (1,677) | 1,912 | (7,247) | 1,975 | ||
Impairment of equity method investment | 0 | 0 | 182 | 0 | ||
Revaluation of call option | (11) | 0 | 170 | 0 | ||
Other, net | 5 | 18 | (2) | 1 | ||
Other income (expense), net | (1,704) | 1,943 | (7,261) | 3,653 | ||
Grab | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Unrealized gain (loss) on debt and equity securities, net | (520) | (2,500) | ||||
Aurora | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Unrealized gain (loss) on debt and equity securities, net | (1,100) | 471 | (2,800) | |||
Didi | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Unrealized gain (loss) on debt and equity securities, net | 259 | $ (1,400) | $ 1,400 | 1,400 | ||
MLU B.V. | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Impairment of equity method investment | 182 | |||||
Zomato | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Unrealized gain (loss) on debt and equity securities, net | $ (245) | $ (707) | ||||
Apparate | Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on business divestiture | $ 1,644 | $ 1,600 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ in Billions | 6 Months Ended |
Jun. 30, 2022 USD ($) equityCompensationPlan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity compensation plans | equityCompensationPlan | 4 |
Restricted Stock Awards, Restricted Stock Units, and Stock Appreciation Rights | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unamortized compensation costs | $ | $ 4.1 |
Weighted-average recognition period (in years) | 2 years 9 months 14 days |
Stockholders' Equity - SAR and
Stockholders' Equity - SAR and Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Weighted-Average Exercise Price Per Share | ||
Weighted-Average Exercise Price Per Share, Outstanding (in dollars per share) | $ / shares | $ 11.84 | |
Weighted-Average Exercise Price Per Share, Granted (in dollars per share) | $ / shares | 33.89 | |
Weighted-Average Exercise Price Per Share, Awards exercised (in dollars per share) | $ / shares | 4.16 | |
Weighted-Average Exercise Price Per Share, Awards canceled and forfeited (in dollars per share) | $ / shares | 13.59 | |
Weighted-Average Exercise Price Per Share, Outstanding (in dollars per share) | $ / shares | 13.07 | $ 11.84 |
Weighted-Average Exercise Price Per Share, Vested and expected to vest (in dollars per share) | $ / shares | 8.77 | |
Weighted-Average Exercise Price Per Share, Exercisable (in dollars per share) | $ / shares | $ 8.77 | |
Weighted-Average Remaining Contractual Life (in years) | ||
Weighted-Average Contractual Life, Outstanding (in years) | 3 years 11 months 8 days | 4 years 4 months 6 days |
Weighted-Average Contractual Life, Vested and expected to vest (in years) | 3 years 3 months 14 days | |
Weighted-Average Contractual Life, Exercisable (in years) | 3 years 3 months 14 days | |
Aggregate Intrinsic Value, Outstanding | $ | $ 249 | $ 735 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 219 | |
Aggregate Intrinsic Value, Exercisable | $ | $ 219 | |
SARs Outstanding Number of SARs | ||
SARs Outstanding Number of SARs | ||
Shares outstanding (in shares) | 157 | |
Granted (in shares) | 6 | |
Awards exercised (in shares) | (3) | |
Awards Canceled and Forfeited (in shares) | (1) | |
Shares outstanding (in shares) | 159 | 157 |
Vested and expected to vest (in shares) | 148 | |
Exercisable (in shares) | 148 | |
Options | ||
Options Outstanding Number of Shares | ||
Options outstanding (in shares) | 24,253 | |
Granted (in shares) | 421 | |
Awards exercised (in shares) | (2,383) | |
Awards canceled and forfeited (in shares) | (161) | |
Options outstanding (in shares) | 22,130 | 24,253 |
Vested and expected to vest (in shares) | 16,035 | |
Exercisable (in shares) | 16,035 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Units Activity (Details) - RSUs shares in Thousands | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Number of Shares | |
Shares outstanding (in shares) | shares | 71,461 |
Awards granted (in shares) | shares | 71,960 |
Awards vested (in shares) | shares | (21,855) |
Awards Canceled and Forfeited (in shares) | shares | (9,929) |
Shares outstanding (in shares) | shares | 111,637 |
Weighted-Average Grant-Date Fair Value per Share | |
Weighted-Average Grant-Date Fair Value per Share, Unvested and Outstanding (in dollars per share) | $ / shares | $ 41.91 |
Weighted-Average Grant-Date Fair Value per Share, Granted (in dollars per share) | $ / shares | 32.24 |
Weighted-Average Grant-Date Fair Value per Share, Vested (in dollars per share) | $ / shares | 38.55 |
Weighted-Average Grant-Date Fair Value per Share, Canceled and Forfeited (in dollars per share) | $ / shares | 38.85 |
Weighted-Average Grant-Date Fair Value per Share, Unvested and Outstanding (in dollars per share) | $ / shares | $ 36.58 |
Stockholders' Equity - Stock-Ba
Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 470 | $ 272 | $ 829 | $ 553 |
Operations and support | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 40 | 38 | 73 | 65 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 28 | 19 | 50 | 42 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 277 | 149 | 473 | 282 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 125 | $ 66 | $ 233 | $ 164 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Provision for (benefit from) income taxes | $ 77 | $ (479) | $ (155) | $ (294) |
Unrecognized tax benefits that would not impact effective tax rate | $ 77 | $ 77 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator | ||||
Net income (loss) including non-controlling interests | $ (2,616) | $ 1,112 | $ (8,534) | $ 990 |
Net loss attributable to non-controlling interests, net of tax | (15) | (32) | (4) | (46) |
Net income (loss) attributable to common stockholders | $ (2,601) | $ 1,144 | $ (8,530) | $ 1,036 |
Denominator | ||||
Basic weighted-average common stock outstanding (in shares) | 1,964,304 | 1,875,156 | 1,957,127 | 1,866,830 |
Basic net loss per share attributable to common stockholders (in dollars per share) | $ (1.32) | $ 0.61 | $ (4.36) | $ 0.56 |
Numerator | ||||
Net income (loss) attributable to common stockholders | $ (2,601) | $ 1,144 | $ (8,530) | $ 1,036 |
Net loss attributable to Freight Holding convertible common shares non-controlling interest, net of tax | (12) | (10) | (39) | (18) |
Cumulative dividends to Freight Holding convertible preferred shares non-controlling interest, net of tax | 0 | 3 | 0 | 0 |
Interest expense, amortization of debt discount and issuance costs of 2025 Convertible Notes and Careem Notes | 0 | 3 | 0 | 5 |
Diluted net income (loss) attributable to common stockholders | $ (2,613) | $ 1,140 | $ (8,569) | $ 1,023 |
Denominator | ||||
Basic weighted-average common stock outstanding (in shares) | 1,964,304 | 1,875,156 | 1,957,127 | 1,866,830 |
Warrants (in shares) | 0 | 87 | 0 | 88 |
Assumed incremental shares to settle forward obligation for Freight Holding Series A unit holders (in shares) | 0 | 1,900 | 0 | 2,281 |
Assumed redemption of Freight Holding common shares, non-controlling interest (in shares) | 4,578 | 1,268 | 3,744 | 1,306 |
Assumed redemption of Freight Holding preferred shares, non-controlling interest (in shares) | 0 | 6,891 | 0 | 0 |
Diluted weighted-average common stock outstanding (in shares) | 1,968,882 | 1,955,975 | 1,960,871 | 1,949,750 |
Diluted weighted-average common stock outstanding (in shares) | 1,968,882 | 1,955,975 | 1,960,871 | 1,949,750 |
Diluted net loss per share attributable to common stockholders (in dollars per share) | $ (1.33) | $ 0.58 | $ (4.37) | $ 0.52 |
2025 Convertible Notes | ||||
Denominator | ||||
Convertible debt (in shares) | 0 | 14,226 | 0 | 14,226 |
The Careem Notes | ||||
Denominator | ||||
Convertible debt (in shares) | 0 | 7,017 | 0 | 9,368 |
Stock options | ||||
Denominator | ||||
Stock options, RSU's, and ESPP (in shares) | 0 | 17,785 | 0 | 18,808 |
RSUs | ||||
Denominator | ||||
Stock options, RSU's, and ESPP (in shares) | 0 | 31,485 | 0 | 36,651 |
Shares committed under ESPP | ||||
Denominator | ||||
Stock options, RSU's, and ESPP (in shares) | 0 | 160 | 0 | 192 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Antidilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 182,432 | 21,562 | 182,432 | 27,284 |
Freight Holdings contingently redeemable preferred stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 17,674 | 0 | 17,674 | 7,743 |
Incremental shares to settle forward obligation | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,149 | 0 | 2,149 | 0 |
Convertible notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 18,503 | 0 | 18,503 | 0 |
RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 111,637 | 18,594 | 111,637 | 17,230 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 22,130 | 249 | 22,130 | 15 |
Common stock subject to repurchase | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 3,380 | 0 | 3,380 | 0 |
Shares committed under ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 6,886 | 2,719 | 6,886 | 2,296 |
Warrants to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 73 | 0 | 73 | 0 |
Segment Information and Geogr_3
Segment Information and Geographic Information - Summary (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of operating segments | segment | 3 | |||
Number of reportable segments | segment | 3 | |||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ (243) | $ (226) | $ (497) | $ (438) |
Stock-based compensation expense | (470) | (272) | (829) | (553) |
Loss from operations | (713) | (1,188) | (1,195) | (2,712) |
Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total segment adjusted EBITDA | 875 | (23) | 1,525 | 35 |
Segments | Mobility | ||||
Segment Reporting Information [Line Items] | ||||
Total segment adjusted EBITDA | 771 | 179 | 1,389 | 477 |
Segments | Delivery | ||||
Segment Reporting Information [Line Items] | ||||
Total segment adjusted EBITDA | 99 | (161) | 129 | (361) |
Segments | Freight | ||||
Segment Reporting Information [Line Items] | ||||
Total segment adjusted EBITDA | 5 | (41) | 7 | (70) |
Segments | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Total segment adjusted EBITDA | 0 | 0 | 0 | (11) |
Reconciling items: | ||||
Segment Reporting Information [Line Items] | ||||
Corporate G&A and Platform R&D | (511) | (486) | (993) | (903) |
Depreciation and amortization | (243) | (226) | (497) | (438) |
Stock-based compensation expense | (470) | (272) | (829) | (553) |
Legal, tax, and regulatory reserve changes and settlements | (368) | (140) | (368) | (691) |
Goodwill and asset impairments/loss on sale of assets | (4) | 0 | (17) | (57) |
Acquisition, financing and divestitures related expenses | (6) | (26) | (20) | (62) |
Accelerated lease costs related to cease-use of ROU assets | 0 | 0 | 0 | (2) |
COVID-19 response initiatives | 0 | (15) | (1) | (41) |
Loss on lease arrangements, net | 0 | 0 | (7) | 0 |
Restructuring and related charges | 0 | 0 | (2) | 0 |
Mass arbitration fees, net | $ 14 | $ 0 | $ 14 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Mar. 14, 2022 | Mar. 16, 2021 driver | Feb. 07, 2020 USD ($) | Mar. 26, 2019 USD ($) | Oct. 28, 2015 driver | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Loss Contingencies [Line Items] | |||||||
Loss contingency accrual | $ 2,200 | $ 2,200 | |||||
Non-income tax, current | $ 1,300 | $ 1,300 | |||||
United Kingdom | |||||||
Loss Contingencies [Line Items] | |||||||
Number of defendants | driver | 25 | ||||||
Number of drivers treated as workers (more than) | driver | 70,000 | ||||||
HMRC | |||||||
Loss Contingencies [Line Items] | |||||||
Value-added-tax percentage | 20% | ||||||
Google v. Levandowski | |||||||
Loss Contingencies [Line Items] | |||||||
Settlement amount awarded to other party | $ 10 | $ 127 | |||||
Joint and Several Liability | |||||||
Loss Contingencies [Line Items] | |||||||
Settlement amount awarded to other party | $ 1 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions | Feb. 12, 2021 | Jun. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | |||
Assets | $ 31,014 | $ 38,774 | |
Liabilities | 23,451 | 23,425 | |
Capital contribution contingent on regulatory approval | $ 185 | ||
Term of contingent consideration (in years) | 8 years | ||
Loan receivable issued | $ 213 | ||
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | 4,100 | 3,900 | |
Liabilities | 1,300 | 1,000 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | $ 587 | $ 598 | |
Moove | |||
Variable Interest Entity [Line Items] | |||
Ownership interest (percent) | 30% |
Non-Controlling Interests (Deta
Non-Controlling Interests (Details) - shares shares in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Freight Holding | ||
Noncontrolling Interest [Line Items] | ||
Ownership percentage in non-controlling interest | 78% | 78% |
Diluted ownership percentage in non-controlling interest | 77% | 75% |
2018 Freight Holding Plan | ||
Noncontrolling Interest [Line Items] | ||
Shares reserved (in shares) | 99.8 | |
Shares available for grant and issuance (in shares) | 85 | |
2022 Freight Holding Plan | ||
Noncontrolling Interest [Line Items] | ||
Shares reserved (in shares) | 85 | |
Shares available for grant and issuance (in shares) | 67.4 |
Divestiture - Narrative (Detail
Divestiture - Narrative (Details) - Not Discontinued Operations $ in Millions | Jan. 19, 2021 USD ($) |
Aurora | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Fair value of common shares received | $ 1,277 |
Apparate | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Derecognition of ATG Business' non-controlling interests | $ 1,057 |
Vesting term (in months) | 12 months |
Liability recognized for future obligations | $ 315 |
Apparate | Aurora | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Fair value of common shares received | $ 1,300 |
Equity interest received, diluted (in percent) | 22% |
Equity interest received, basic (in percent) | 25% |
Additional investment | $ 400 |
Additional equity interest received, diluted (in percent) | 4% |
Additional equity interest received, basic (in percent) | 5% |
Divestiture - Gain on sale (Det
Divestiture - Gain on sale (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jan. 19, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (Loss) on business divestitures, net | $ 0 | $ 0 | $ 0 | $ 1,684 | |
Apparate | Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Derecognition of ATG Business' non-controlling interests | $ 1,057 | ||||
Liability recognized for future obligations | (315) | ||||
Net consideration received for sale of the ATG Business | 2,019 | ||||
Carrying value of net assets transferred | (375) | ||||
Gain (Loss) on business divestitures, net | 1,644 | $ 1,600 | |||
Aurora | Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Fair value of common shares received | 1,277 | ||||
Aurora | Apparate | Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Fair value of common shares received | $ 1,300 |
Uncategorized Items - uber-2022
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2020-06 [Member] |