The company’s gross bookings increased by 21% YoY on a constant-currency basis, driven by a 14% expansion in monthly active platform consumers (MAPC) and a 6% increase in trip frequency per MAPC, both at all-time highs. 

Uber also achieved record adjusted EBITDA, up 71% YoY, and free cash flow totalling $4.8 billion over the past twelve months.

The growth of the company was carefully planned with initiatives including new services like Uber Caregiver, scheduled UberX Share rides, and Uber Shuttle, increasing multi-product usage among 35% of its consumers, up 4 percentage points YoY. 

The platform supported a record 7.4 million monthly drivers and couriers, whose earnings grew 23% YoY, while mobility supply hours per driver reached an all-time high.

Uber’s mobility sector saw 27% YoY growth in gross bookings, with contributions from Latin America and Asia-Pacific regions, particularly Brazil, Australia, and India. 

The company improved its travel experience with innovations such as enhanced in-app airport features and introduced travel-focused products like Uber XXL.

In the delivery sector, gross bookings increased 17% YoY, with strong order growth across income cohorts in the U.S. and increased merchant selection by 13% YoY. Uber continually improves delivery affordability and profitability through higher merchant-funded offers and algorithmic advancements.

While freight gross bookings were flat YoY due to industry headwinds, the company increased partnerships with companies like Aurora and expanded Uber Freight’s presence in Mexico. The company’s membership programs, including Uber One for Students, saw effective growth, enhancing engagement and retention.

Uber’s advertising business reached a revenue run-rate of over $1 billion, with strong adoption of Sponsored Listings on Uber Eats and mobility advertising growth through video Journey Ads.

Uber’s autonomous vehicle (AV) trips grew 6x YoY, with airport curbside drop-off launching at Phoenix Sky Harbor International Airport in partnership with Waymo.

The company’s record financial performance included $40 billion in gross bookings, a 17% YoY revenue increase to $10.7 billion, and a record adjusted EBITDA margin of 3.9% of gross bookings.

For Q3, Uber anticipates gross bookings between $40.25 billion and $41.75 billion, showing 18% to 23% YoY growth, and adjusted EBITDA between $1.58 billion and $1.68 billion, representing 45% to 54% YoY growth. Despite currency fluctuations, Uber is still optimising its P&L and further scaling GAAP profitability.

Highlights from the report 

• The company’s Gross Bookings grew 35% year-over-year (“YoY”) to $26.4 billion, or 39% on a constant currency basis, with Mobility Gross Bookings of $10.7 billion (+58% YoY) and Delivery Gross Bookings of $13.9 billion (+12% YoY). Trips during the quarter grew 18% YoY to 1.71 billion, or approximately 19 million trips per day on average.

• Revenue grew 136% YoY to $6.9 billion, or 141% on a constant currency basis, with Revenue growth significantly outpacing Gross Bookings growth primarily due to the acquisition of Transplace by Freight, a change in the business model for our UK Mobility business, and an easier comparison in Q1 2021 due to the accrual for historical claims in the UK.

• Net loss attributable to Uber Technologies, Inc. was $5.9 billion, which includes a $5.6 billion headwind (pre-tax) relating to Uber’s equity investments, primarily due to aggregate unrealized losses related to the revaluation of Uber’s Grab, Aurora, and Didi stakes. Additionally, net loss includes $359 million in stock-based compensation expenses.

• Adjusted EBITDA of $168 million, up $527 million YoY. Adjusted EBITDA margin as a percentage of Gross Bookings was 0.6%, up from (1.8)% in Q1 2021. This translates to 7.6% on a YoY incremental margin basis, as a percentage of Gross Bookings.

• Net cash provided by (used in) operating activities was $15 million, up $626 million YoY. Free cash flow, defined as net cash flows from operating activities less capital expenditures, was an outflow of $47 million, improving $635 million YoY.

• Unrestricted cash and cash equivalents were $4.2 billion at the end of the first quarter.

Speaking on the result, Dara Khosrowshahi, CEO of Uber said:

“Our results demonstrate just how much progress we’ve made navigating out of the pandemic and how the power of our platform is differentiating our business performance.

In April, Mobility Gross Bookings exceeded 2019 levels across all regions and use cases. There’s never been a more exciting time to innovate at Uber and we’re focused on executing our strategy to grow our platform profitably.”

“We are pleased with our Q1 results, with outperformance of our quarterly guidance and strong incremental margins,” said Nelson Chai, CFO. “With free cash flow approaching breakeven in Q1, we now expect to generate meaningful positive free cash flows for full-year 2022.”