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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________ 
FORM 10-Q
____________________________________________ 
(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____ to _____            
Commission File Number: 001-38902
____________________________________________ 
UBER TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
____________________________________________________________________________ 
Delaware45-2647441
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1515 3rd Street
San Francisco, California 94158
(Address of principal executive offices, including zip code)
(415612-8582
(Registrant’s telephone number, including area code)
____________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.00001 per shareUBERNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
The number of shares of the registrant's common stock outstanding as of April 27, 2023 was 2,023,827,162.



UBER TECHNOLOGIES, INC.
TABLE OF CONTENTS
Pages
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
1


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
our ability to successfully defend litigation and government proceedings brought against us, including with respect to our relationship with drivers and couriers, and the potential impact on our business operations and financial performance if we are not successful;
our ability to successfully compete in highly competitive markets;
our ability to effectively manage our growth and maintain and improve our corporate culture;
our expectations regarding financial performance, including but not limited to revenue, potential profitability and the timing thereof, ability to generate positive Adjusted EBITDA or Free Cash Flow, expenses, and other results of operations;
our expectations regarding future operating performance, including but not limited to our expectations regarding future Monthly Active Platform Consumers (“MAPCs”), Trips, Gross Bookings, and Take Rate;
our expectations regarding our competitors’ use of incentives and promotions, our competitors’ ability to raise capital, and the effects of such incentives and promotions on our growth and results of operations;
our anticipated investments in new products and offerings, and the effect of these investments on our results of operations;
our anticipated capital expenditures and our estimates regarding our capital requirements;
our ability to close and integrate acquisitions into our operations;
anticipated technology trends and developments and our ability to address those trends and developments with our products and offerings;
the size of our addressable markets, market share, category positions, and market trends, including our ability to grow our business in the countries we have identified as expansion markets;
the safety, affordability, and convenience of our platform and our offerings;
our ability to identify, recruit, and retain skilled personnel, including key members of senior management;
our expected growth in the number of platform users, and our ability to promote our brand and attract and retain platform users;
our ability to maintain, protect, and enhance our intellectual property rights;
our ability to introduce new products and offerings and enhance existing products and offerings;
our ability to successfully enter into new geographies, expand our presence in countries in which we are limited by regulatory restrictions, and manage our international expansion;
our ability to successfully renew licenses to operate our business in certain jurisdictions;
the impact of contagious disease, such as COVID-19, or outbreaks of other viruses, disease or pandemics on our business, results of operations, financial position and cash flows;
our ability to successfully respond to global economic conditions, including rising inflation and interest rates;
the availability of capital to grow our business;
volatility in the business or stock price of our minority-owned affiliates;
our ability to meet the requirements of our existing debt and draw on our line of credit;
our ability to prevent disturbances to our information technology systems;
our ability to comply with existing, modified, or new laws and regulations applying to our business; and
our ability to implement, maintain, and improve our internal control over financial reporting.
2


Actual events or results may differ from those expressed in forward-looking statements. As such, you should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, operating results, prospects, strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q speak only as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
3


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
(Unaudited)
As of December 31, 2022As of March 31, 2023
Assets
Cash and cash equivalents$4,208 $4,045 
Short-term investments103 121 
Restricted cash and cash equivalents680 897 
Accounts receivable, net of allowance of $80 and $92, respectively
2,779 2,571 
Prepaid expenses and other current assets1,479 1,562 
Total current assets9,249 9,196 
Restricted cash and cash equivalents1,789 1,851 
Restricted investments1,614 1,964 
Investments4,401 4,718 
Equity method investments870 740 
Property and equipment, net2,082 2,142 
Operating lease right-of-use assets1,449 1,335 
Intangible assets, net1,874 1,766 
Goodwill8,263 8,185 
Other assets518 554 
Total assets$32,109 $32,451 
Liabilities, redeemable non-controlling interests and equity
Accounts payable$728 $712 
Short-term insurance reserves1,692 1,658 
Operating lease liabilities, current201 193 
Accrued and other current liabilities6,232 6,120 
Total current liabilities8,853 8,683 
Long-term insurance reserves3,028 3,412 
Long-term debt, net of current portion9,265 9,257 
Operating lease liabilities, non-current1,673 1,629 
Other long-term liabilities786 798 
Total liabilities23,605 23,779 
Commitments and contingencies (Note 11)
Redeemable non-controlling interests430 419 
Equity
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 2,005,486 and 2,019,194 shares issued and outstanding, respectively
  
Additional paid-in capital40,550 41,030 
Accumulated other comprehensive loss(443)(598)
Accumulated deficit(32,767)(32,924)
Total Uber Technologies, Inc. stockholders' equity7,340 7,508 
Non-redeemable non-controlling interests734 745 
Total equity8,074 8,253 
Total liabilities, redeemable non-controlling interests and equity$32,109 $32,451 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
(Unaudited)
Three Months Ended March 31,
20222023
Revenue$6,854 $8,823 
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below4,026 5,259 
Operations and support574 640 
Sales and marketing1,263 1,262 
Research and development587 775 
General and administrative632 942 
Depreciation and amortization254 207 
Total costs and expenses7,336 9,085 
Loss from operations(482)(262)
Interest expense(129)(168)
Other income (expense), net(5,557)292 
Loss before income taxes and income from equity method investments(6,168)(138)
Provision for (benefit from) income taxes(232)55 
Income from equity method investments18 36 
Net loss including non-controlling interests(5,918)(157)
Less: net income (loss) attributable to non-controlling interests, net of tax12  
Net loss attributable to Uber Technologies, Inc.$(5,930)$(157)
Net loss per share attributable to Uber Technologies, Inc. common stockholders:
Basic$(3.03)$(0.08)
Diluted$(3.04)$(0.08)
Weighted-average shares used to compute net loss per share attributable to common stockholders:
Basic1,953,989 2,009,557 
Diluted1,957,731 2,009,557 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
Three Months Ended March 31,
20222023
Net loss including non-controlling interests$(5,918)$(157)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment19 (155)
Change in unrealized gain (loss) on investments in available-for-sale debt securities  
Other comprehensive income (loss), net of tax19 (155)
Comprehensive loss including non-controlling interests(5,899)(312)
Less: comprehensive income (loss) attributable to non-controlling interests12  
Comprehensive loss attributable to Uber Technologies, Inc.$(5,911)$(312)
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
Three Months Ended March 31, 2022
Redeemable Non-Controlling InterestsCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitNon-Redeemable Non-Controlling InterestsTotal Equity
SharesAmount
Balance as of December 31, 2021$204 1,949,316 $ $38,608 $(524)$(23,626)$687 $15,145 
Exercise of stock options— 1,093 — 6 — — — 6 
Stock-based compensation— — — 369 — — — 369 
Issuance of common stock for settlement of RSUs— 9,569 — — — — — — 
Shares withheld related to net share settlement— (316)— (11)— — — (11)
Issuance of common stock for settlement of contingent consideration liability— 132 — 5 — — — 5 
Foreign currency translation adjustment— — — — 19 — — 19 
Net income (loss)1 — — — — (5,930)10 (5,920)
Balance as of March 31, 2022$205 1,959,794 $ $38,977 $(505)$(29,556)$697 $9,613 


Three Months Ended March 31, 2023
Redeemable Non-Controlling InterestsCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitNon-Redeemable Non-Controlling InterestsTotal Equity
SharesAmount
Balance as of December 31, 2022$430 2,005,486 $ $40,550 $(443)$(32,767)$734 $8,074 
Exercise of stock options— 1,208 — 5 — — — 5 
Stock-based compensation— — — 482 — — — 482 
Issuance of common stock for settlement of RSUs— 12,708 — — — — — — 
Shares withheld related to net share settlement— (208)— (7)— — — (7)
Foreign currency translation adjustment— — — — (155)— — (155)
Net income (loss)(11)— — — — (157)11 (146)
Balance as of March 31, 2023$419 2,019,194 $ $41,030 $(598)$(32,924)$745 $8,253 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended March 31,
20222023
Cash flows from operating activities
Net loss including non-controlling interests$(5,918)$(157)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization254 207 
Bad debt expense18 20 
Stock-based compensation359 470 
Deferred income taxes(281)10 
Income from equity method investments, net(18)(36)
Unrealized (gain) loss on debt and equity securities, net5,570 (320)
Impairments of goodwill, long-lived assets and other assets13 67 
Impairment of equity method investment182  
Revaluation of MLU B.V. call option(181) 
Unrealized foreign currency transactions(15)83 
Other5 4 
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable(26)168 
Prepaid expenses and other assets(20)(119)
Operating lease right-of-use assets42 52 
Accounts payable8 (7)
Accrued insurance reserves134 350 
Accrued expenses and other liabilities(72)(142)
Operating lease liabilities(39)(44)
Net cash provided by operating activities15 606 
Cash flows from investing activities
Purchases of property and equipment(62)(57)
Purchases of non-marketable equity securities(13) 
Purchases of marketable securities (846)
Proceeds from maturities and sales of marketable securities 500 
Acquisition of businesses, net of cash acquired(59) 
Other investing activities(1)4 
Net cash used in investing activities(135)(399)
Cash flows from financing activities
Issuance of term loans and notes, net of issuance costs 1,121 
Principal repayment on term loan and notes(6)(1,137)
Principal payments on finance leases(62)(40)
Other financing activities(45)(51)
Net cash used in financing activities(113)(107)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents20 16 
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents(213)116 
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period7,805 6,677 
8


End of period$7,592 $6,793 
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
Cash and cash equivalents$4,184 $4,045 
Restricted cash and cash equivalents-current543 897 
Restricted cash and cash equivalents-non-current2,865 1,851 
Total cash and cash equivalents, and restricted cash and cash equivalents$7,592 $6,793 
Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amount capitalized$135 $157 
Income taxes, net of refunds41 22 
Non-cash investing and financing activities:
Finance lease obligations46 120 
Right-of-use assets obtained in exchange for lease obligations132 12 
The accompanying notes are an integral part of these condensed consolidated financial statements.
9


UBER TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 (“Shipper(s)”) with carriers (“Carrier(s)”) in the freight industry. Uber is also developing technologies designed to provide new solutions to solve 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, 2022 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, 2022, 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 our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 21, 2023 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 12 – 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. 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.
Recently Adopted Accounting Pronouncements
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 it 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. We adopted the ASU on January 1, 2023 and will apply the guidance prospectively for future acquisitions.
10


In September 2022, the FASB issued ASU 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose sufficient information about the program. The amendments do not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, except for the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. We adopted the ASU on January 1, 2023.
Recently Issued Accounting Pronouncements Not Yet Adopted
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.
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 March 31,
20222023
Mobility revenue (1)
$2,518 $4,330 
Delivery revenue (1)
2,512 3,093 
Freight revenue1,824 1,400 
Total revenue$6,854 $8,823 
(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 March 31,
20222023
United States and Canada ("US&CAN")$4,562 $5,132 
Latin America ("LatAm")432 565 
Europe, Middle East and Africa ("EMEA")1,127 2,094 
Asia Pacific ("APAC")733 1,032 
Total revenue$6,854 $8,823 
Revenue
Mobility Revenue
We derive revenue primarily from fees paid by Mobility Drivers for the use of our platform(s) and related service 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.
Additionally, in certain markets where we are responsible for Mobility services, fees charged to end-users are also included in revenue, 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, exclusive of depreciation and amortization. Delivery also includes advertising revenue from sponsored listing fees paid by Merchants and brands in exchange for advertising services.
11


Freight Revenue
Freight revenue consists of revenue from freight transportation services provided to Shippers.
Contract Balances and Remaining Performance Obligation
Contract liabilities represent consideration collected prior to satisfying our performance obligations. As of March 31, 2023, we had $125 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 months ended March 31, 2022 and 2023 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 March 31, 2023
$21 $102 $123 
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, 2022March 31, 2023
Classified as short-term investments:
Marketable debt securities (1):
U.S. government and agency securities$44 $52 
Commercial paper46 55 
Corporate bonds13 14 
Short-term investments$103 $121 
Classified as restricted investments:
Marketable debt securities (1):
U.S. government and agency securities$1,614 $1,954 
Commercial paper 6 
Corporate bonds 4 
Restricted investments$1,614 $1,964 
Classified as investments:
Non-marketable equity securities:
Didi$1,802 $2,159 
Other (2)
312 310 
Marketable equity securities:
Grab1,726 1,613 
Aurora364 418 
Other87 111 
Note receivable from a related party (2)
110 107 
Investments$4,401 $4,718 
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.
(2) 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
12


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, 2022As of March 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,005 $ $ $1,005 $870 $ $ $870 
U.S. government and agency securities 1,975  1,975  2,114  2,114 
Commercial paper 76  76  81  81 
Corporate bonds 15  15  23  23 
Non-marketable equity securities  3 3   4 4 
Marketable equity securities2,177   2,177 2,143   2,143 
Note receivable from a related party  110 110   107 107 
Total financial assets$3,182 $2,066 $113 $5,361 $3,013 $2,218 $111 $5,342 
Financial Liabilities
MLU B.V. Call Option
$ $ $2 $2 $ $ $2 $2 
Total financial liabilities$ $ $2 $2 $ $ $2 $2 
As of December 31, 2022 and March 31, 2023, the amortized cost of our debt securities measured at fair value on a recurring basis approximates fair value. We did not record any material unrealized gains or losses, or credit losses as of December 31, 2022 and March 31, 2023. The weighted-average remaining maturity of our debt securities was less than one year as of March 31, 2023.
During the three months ended March 31, 2023, we did not make any transfers into or out of Level 3 of the fair value hierarchy.
Fair Value Hierarchy
We measure our cash equivalents and 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, 2022 and March 31, 2023, our Level 3 non-marketable equity securities and note receivable from a related party primarily consist of common stock investments, redeemable 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 and debt securities on a specific identification method.
Financial Assets and Liabilities Measured at Fair Value Using Level 3 Inputs
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The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of March 31, 2023, using significant unobservable inputs (Level 3) (in millions):
Non-marketable Equity SecuritiesNote ReceivableMLU B.V. Call Option
Balance as of December 31, 2022$3 $110 $2 
Change in fair value
Included in earnings1 (3) 
Balance as of March 31, 2023$4 $107 $2 
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 statements of operations. Certain 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
On March 31, 2023, we measured the fair value of our Didi investment based on the closing share price of the Didi American Depositary Shares on the over-the-counter market as an observable transaction for similar securities. As a result, we recognized an unrealized gain of $357 million during the three months ended March 31, 2023 in other income (expense), net in our condensed consolidated statement of operations.
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 months ended March 31, 2022 and 2023.
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, 2022March 31, 2023
Initial cost basis$1,700 $1,702 
Upward adjustments1,052 1,409 
Downward adjustments (including impairment)(641)(646)
Total carrying value at the end of the period$2,111 $2,465 
Note 4 – Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying value of goodwill by reportable segment for the three months ended March 31, 2023 (in millions):
MobilityDeliveryFreightTotal Goodwill
Balance as of December 31, 2022$2,421 $4,405 $1,437 $8,263 
Loss on disposal(9)  (9)
Foreign currency translation and other adjustments(76)2 5 (69)
Balance as of March 31, 2023$2,336 $4,407 $1,442 $8,185 
Intangible Assets
The components of intangible assets, net were as follows (in millions, except years):
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Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Remaining Useful Life - Years
December 31, 2022
Consumer, Merchant and other relationships$1,825 $(506)$1,319 9
Developed technology921 (517)404 5
Trade name, trademarks and other247 (96)151 6
Intangible assets$2,993 $(1,119)$1,874 
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Remaining Useful Life - Years
March 31, 2023
Consumer, Merchant and other relationships$1,804 $(549)$1,255 9
Developed technology921 (551)370 5
Trade name, trademarks and other247 (106)141 6
Intangible assets$2,972 $(1,206)$1,766 
Amortization expense for intangible assets subject to amortization was $144 million and $94 million for the three months ended March 31, 2022 and 2023, respectively.
The estimated aggregate future amortization expense for intangible assets subject to amortization as of March 31, 2023 is summarized below (in millions):
Estimated Future Amortization Expense
Year Ending December 31,
Remainder of 2023$271 
2024295 
2025262 
2026200 
2027184 
Thereafter547 
Total$1,759 
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Note 5 – 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, 2022March 31, 2023Effective Interest RatesMaturities
2025 Refinanced Term Loan$1,433 $  %
2027 Refinanced Term Loan1,078   %
2030 Refinanced Term Loans 2,505 7.9 %March 3, 2030
2025 Senior Note1,000 1,000 7.7 %May 15, 2025
2026 Senior Note1,500 1,500 8.1 %November 1, 2026
2027 Senior Note1,200 1,200 7.7 %September 15, 2027
2028 Senior Note500 500 7.0 %January 15, 2028
2029 Senior Note1,500 1,500 4.7 %August 15, 2029
2025 Convertible Notes1,150 1,150 0.2 %December 15, 2025
Total debt9,361 9,355 
Less: unamortized discount and issuance costs(69)(73)