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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, 2021
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 May 3, 2021 was 1,871,760,070.



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:
the impacts of COVID-19 or other future pandemics on our business, results of operations, financial position and cash flows;
our ability to successfully defend litigation and government proceedings brought against us, including with respect to our relationship with drivers and delivery persons, 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, 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 availability of capital to grow our business;
our ability to meet the requirements of our existing debt and draw on our line of credit;
our ability to prevent disturbance 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.
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
2


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, 2020As of March 31, 2021
Assets
Cash and cash equivalents$5,647 $4,836 
Short-term investments1,180 819 
Restricted cash and cash equivalents250 247 
Accounts receivable, net of allowance of $55 and $57, respectively
1,073 1,075 
Prepaid expenses and other current assets1,215 1,318 
Assets held for sale517  
Total current assets9,882 8,295 
Restricted cash and cash equivalents1,494 1,524 
Collateral held by insurer860 752 
Investments (including amortized cost of debt securities of $2,281 and $2,281)
9,052 11,794 
Equity method investments1,079 1,127 
Property and equipment, net1,814 1,757 
Operating lease right-of-use assets1,274 1,267 
Intangible assets, net1,564 1,455 
Goodwill6,109 6,352 
Other assets124 332 
Total assets$33,252 $34,655 
Liabilities, redeemable non-controlling interests and equity
Accounts payable$235 $232 
Short-term insurance reserves1,243 1,216 
Operating lease liabilities, current175 171 
Accrued and other current liabilities5,112 5,669 
Liabilities held for sale100  
Total current liabilities6,865 7,288 
Long-term insurance reserves2,223 2,224 
Long-term debt, net of current portion7,560 7,801 
Operating lease liabilities, non-current1,544 1,531 
Other long-term liabilities1,306 1,740 
Total liabilities19,498 20,584 
Commitments and contingencies (Note 12)
Redeemable non-controlling interests787 473 
Equity
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 1,849,794 and 1,867,369 shares issued and outstanding, respectively
  
Additional paid-in capital35,931 36,182 
Accumulated other comprehensive income (loss)(535)654 
Accumulated deficit(23,130)(23,238)
Total Uber Technologies, Inc. stockholders' equity12,266 13,598 
Non-redeemable non-controlling interests701  
Total equity12,967 13,598 
Total liabilities, redeemable non-controlling interests and equity$33,252 $34,655 
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,
20202021
Revenue$3,248 $2,903 
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below1,491 1,710 
Operations and support503 423 
Sales and marketing885 1,103 
Research and development645 515 
General and administrative859 464 
Depreciation and amortization128 212 
Total costs and expenses4,511 4,427 
Loss from operations(1,263)(1,524)
Interest expense(118)(115)
Other income (expense), net(1,795)1,710 
Income (loss) before income taxes and loss from equity method investments(3,176)71 
Provision for (benefit from) income taxes(242)185 
Loss from equity method investments(12)(8)
Net loss including non-controlling interests(2,946)(122)
Less: net loss attributable to non-controlling interests, net of tax(10)(14)
Net loss attributable to Uber Technologies, Inc.$(2,936)$(108)
Net loss per share attributable to Uber Technologies, Inc. common stockholders:
Basic$(1.70)$(0.06)
Diluted$(1.70)$(0.06)
Weighted-average shares used to compute net loss per share attributable to common stockholders:
Basic1,724,367 1,858,525 
Diluted1,724,367 1,858,525 
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,
20202021
Net loss including non-controlling interests$(2,946)$(122)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment(148)33 
Change in unrealized gain (loss) on investments in available-for-sale securities(60)1,156 
Other comprehensive income (loss), net of tax(208)1,189 
Comprehensive income (loss) including non-controlling interests(3,154)1,067 
Less: comprehensive loss attributable to non-controlling interests(10)(14)
Comprehensive income (loss) attributable to Uber Technologies, Inc.$(3,144)$1,081 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
Redeemable Non-Controlling InterestsCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitNon-Redeemable Non-Controlling InterestsTotal Equity
SharesAmount
Balance as of December 31, 2019$311 1,716,681 $ $30,739 $(187)$(16,362)$682 $14,872 
Exercise of stock options— 4,359 — 14 — — — 14 
Stock-based compensation— — — 285 — — — 285 
Issuance of common stock for settlement of RSUs— 8,917 — — — — — — 
Shares withheld related to net share settlement— (107)— (3)— — — (3)
Unrealized loss on investments in available-for-sale securities, net of tax— — — — (60)— — (60)
Foreign currency translation adjustment— — — — (148)— — (148)
Distributions to non-controlling interests(3)— — — — — (4)(4)
Net loss(18)— — — — (2,936)8 (2,928)
Balance as of March 31, 2020$290 1,729,850 $ $31,035 $(395)$(19,298)$686 $12,028 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
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, 2020$787 1,849,794 $ $35,931 $(535)$(23,130)$701 $12,967 
Reclassification of the equity component of 2025 Convertible Notes to liability upon adoption of ASU 2020-06— — — (243)— — (243)
Exercise of stock options— 3,518 — 35 — — — 35 
Stock-based compensation— — — 287 — — — 287 
Issuance of common stock for settlement of Careem Convertible Notes— 2,872 — 158 — — — 158 
Issuance of common stock as consideration for acquisition— 505 — 28 — — — 28 
Issuance of common stock for settlement of RSUs— 10,924 — — — — — — 
Shares withheld related to net share settlement— (244)— (14)— — — (14)
Recognition of non-controlling interest upon acquisition56 — — — — — — — 
Derecognition of non-controlling interests upon divestiture(356)— — — — — (701)(701)
Unrealized gain on investments in available-for-sale securities, net of tax— — — — 1,156 — — 1,156 
Foreign currency translation adjustment— — — — 33 — — 33 
Net loss(14)— — — — (108) (108)
Balance as of March 31, 2021$473 1,867,369 $ $36,182 $654 $(23,238)$ $13,598 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended March 31,
20202021
Cash flows from operating activities
Net loss including non-controlling interests$(2,946)$(122)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization128 212 
Bad debt expense22 23 
Stock-based compensation277 281 
Gain on business divestitures(154)(1,684)
Deferred income taxes(273)120 
Loss from equity method investments, net12 8 
Unrealized (gain) loss on debt and equity securities, net114 (63)
Impairment of debt and equity securities1,863  
Impairments of goodwill, long-lived assets and other assets193 16 
Unrealized foreign currency transactions7 13 
Other10 65 
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable444 (35)
Prepaid expenses and other assets29 (67)
Collateral held by insurer92 108 
Operating lease right-of-use assets57 38 
Accounts payable(46)(3)
Accrued insurance reserves77 (27)
Accrued expenses and other liabilities(320)556 
Operating lease liabilities(49)(50)
Net cash used in operating activities(463)(611)
Cash flows from investing activities
Purchases of property and equipment(198)(71)
Purchases of marketable securities(493)(336)
Purchases of non-marketable equity securities(10)(803)
Purchase of note receivable (216)
Proceeds from maturities and sales of marketable securities100 696 
Proceeds from sale of non-marketable equity securities 500 
Acquisition of businesses, net of cash acquired(1,346)(28)
Return of capital from equity method investee91  
Other investing activities 8 
Net cash used in investing activities(1,856)(250)
Cash flows from financing activities
Principal repayment on Careem Notes (194)
Principal payments on finance leases(60)(47)
Other financing activities(3)15 
Net cash used in financing activities(63)(226)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents(156)(46)
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Net decrease in cash and cash equivalents, and restricted cash and cash equivalents(2,538)(1,133)
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period12,067 7,391 
Reclassification from assets held for sale during the period 349 
End of period$9,529 $6,607 
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
Cash and cash equivalents$8,165 $4,836 
Restricted cash and cash equivalents-current 193 247 
Restricted cash and cash equivalents-non-current1,171 1,524 
Total cash and cash equivalents, and restricted cash and cash equivalents$9,529 $6,607 
Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amount capitalized$91 $84 
Income taxes, net of refunds36 22 
Non-cash investing and financing activities:
Ownership interest received in exchange for the divestitures171 1,018 
Conversion of convertible notes to common stock 158 
Issuance of Careem Notes including the holdback amount1,634  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UBER TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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 (“Delivery People”) 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 Delivery People 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. Uber is also developing technologies that will 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, 2020 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by GAAP for complete financial statements. 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, 2020, included in our Annual Report on Form 10-K.
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, 2020 filed with the SEC on March 1, 2021 that have had a material impact on our condensed consolidated financial statements and related notes, except for an update reflecting the new accounting standard related to debt with conversion and other options.
In March 2020, the World Health Organization declared the outbreak of the coronavirus disease COVID-19 (“COVID-19”) a pandemic. COVID-19 has rapidly impacted market and economic conditions globally. The evolving nature of COVID-19 pandemic and the extent of its impact across industries and geographies, including the duration and spread of the outbreak, continue to be uncertain and cannot be predicted. Therefore, the results of operations for the three months ended March 31, 2020 and 2021 may not be indicative of the results to be expected for subsequent quarters and the full fiscal year.
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. On an ongoing basis, management evaluates estimates, including, but not limited to: the incremental borrowing rate (“IBR”) applied in lease accounting; 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. The level of uncertainties and volatility in the global financial markets and economies resulting from the pandemic as well as the uncertainties related to the impact of the pandemic on us and our investees' operations and
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financial performance means that these estimates may change in future periods, as new events occur and additional information is obtained.
Certain Significant Risks and Uncertainties - COVID-19
In an attempt to limit the spread of the virus, various governmental restrictions have been implemented, including business activities and travel restrictions, and “shelter-at-home” orders, that have had an adverse impact on our business and operations by reducing, in particular, the global demand for Mobility offerings. In light of the evolving nature of COVID-19 and the uncertainty it has produced around the world, it is not possible to predict the COVID-19 pandemic’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 the pandemic on our business and financial results will depend largely on future developments, including the duration of the spread of the outbreak both globally and within the United States, including whether there will be further resurgences of COVID-19 in various regions, the distribution of vaccines in various regions, 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-user’ behavior, all of which are highly uncertain and cannot be predicted.
Recently Adopted Accounting Pronouncements
In January 2020, the FASB issued ASU 2020-01, “Investments-Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815,” which clarifies the interaction of the accounting for equity investments under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. We adopted the new standard on January 1, 2021 on a prospective basis. The adoption of the new standard did not have a material impact on our condensed consolidated financial statements.
In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which reduced the number of models used to account for convertible instruments, amends the accounting for certain contracts in an entity’s own equity that would have previously been accounted for as derivatives and modifies the diluted earnings per share calculations for convertible instruments. We early adopted the new standard on January 1, 2021 on a modified retrospective basis. Refer to Note 6 – Long-Term Debt and Revolving Credit Arrangements for the impact of adoption on our 2025 Convertible Notes and Note 10 – Net Income (Loss) Per Share for the impact on our earnings per share calculation.
Recently Issued Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued. The standard is effective upon issuance through December 31, 2022 and may be applied at the beginning of the interim period that includes March 12, 2020 or any date thereafter. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements.
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,
20202021
Mobility revenue$2,467 $853 
Delivery revenue527 1,741 
Freight revenue199 301 
All Other revenue55 8 
Total revenue$3,248 $2,903 
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Three Months Ended March 31,
20202021
United States and Canada$2,075 $1,849 
Latin America ("LatAm")478 302 
Europe, Middle East and Africa ("EMEA")473 225 
Asia Pacific ("APAC")222 527 
Total revenue$3,248 $2,903 
Revenue from Contracts with Customers
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 transactions.
In certain markets, we charge end-users a fee for connection services obtained via the platform. We recognized total revenue $149 million and $45 million associated with these fees for the three months ended March 31, 2020 and 2021, respectively.
Mobility revenue also includes immaterial revenue streams such as our Uber for Business (“U4B”) and financial partnerships products.
Delivery Revenue
We derive revenue for Delivery from Merchants’ and Delivery People’s 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 Delivery People in exchange for delivery services are recognized in cost of revenue. In these markets, we recognized revenue from end-users of $1 million and $88 million for the three months ended March 31, 2020 and 2021, respectively, and cost of revenue, exclusive of depreciation and amortization of $54 million and $339 million for the three months ended March 31, 2020 and 2021, respectively, for these delivery transactions.
Freight Revenue
Freight revenue consists of revenue from freight transportation services provided to shippers.
All Other Revenue
All Other revenue primarily includes collaboration revenue related to our Advanced Technologies Group (“ATG”) business and revenue from our New Mobility offerings and products.
ATG collaboration revenue was related to a three-year joint collaboration agreement we entered into in 2019. During the first quarter of 2021, we completed the sale of Apparate USA LLC (“Apparate” or the “ATG Business”) to Aurora Innovation, Inc. (“Aurora”). Refer to Note 16 – Divestiture for further information.
New Mobility offerings and products provided users access to rides through a variety of modes, including dockless e-bikes and e-scooters (“New Mobility”), platform incubator group offerings and other immaterial revenue streams. After the JUMP divestiture during the second quarter of 2020, revenue from New Mobility products, including dockless e-bikes, were no longer material.
Contract Balances and Remaining Performance Obligation
Contract liabilities represents consideration collected prior to satisfying the performance obligations. As of March 31, 2021, we had $220 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, 2020 and 2021 was not material.
Our remaining performance obligation 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, 2021
$67 $153 $220 
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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, 2020March 31, 2021
Classified as short-term investments:
Marketable debt securities (1):
Commercial paper$457 $338 
U.S. government and agency securities429 322 
Corporate bonds294 159 
Short-term investments$1,180 $819 
Classified as investments:
Non-marketable equity securities:
Didi$6,299 $5,876 
Aurora (2)
 1,677 
Other (3)
329 569 
Non-marketable debt securities:
Grab (4)
2,341 3,591 
Note receivable from a related party83 81 
Investments$9,052 $11,794 
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.
(2) For further information, see the section titled “Aurora Investments” below and Note 16 – Divestiture.
(3) 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.
(4) Recorded at fair value with changes in fair value recorded in other comprehensive income (loss), net of tax, unless subject to credit loss.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2020As of March 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$2,386 $ $ $2,386 $2,155 $ $ $2,155 
Commercial paper 611  611  440  440 
U.S. government and agency securities 542  542  322  322 
Corporate bonds 323  323  181  181 
Non-marketable debt securities  2,341 2,341   3,591 3,591 
Non-marketable equity securities  52 52   1,723 1,723 
Note receivable from a related party  83 83   81 81 
Total financial assets$2,386 $1,476 $2,476 $6,338 $2,155 $943 $5,395 $8,493 
During the three months ended March 31, 2021, we did not make any transfers between the levels of the fair value hierarchy.
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The following table summarizes the amortized cost and fair value of our debt securities with a stated contractual maturity or redemption date (in millions):
 As of March 31, 2021
 Amortized CostFair Value
Within one year$931 $932 
One year through five years2,292 3,602 
Total$3,223 $4,534 
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities at fair value on a recurring basis (in millions):
 As of December 31, 2020As of March 31, 2021
 Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$611 $ $ $611 $440 $ $ $440 
U.S. government and agency securities542   542 322   322 
Corporate bonds322 1  323 180 1  181 
Non-marketable debt securities2,281 60  2,341 2,281 1,310  3,591 
Total$3,756 $61 $ $3,817 $3,223 $1,311 $ $4,534 
As of December 31, 2020 and March 31, 2021, there were no allowance for credit losses related to our available-for-sale debt securities.
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, 2020 and March 31, 2021, our Level 3 non-marketable debt securities and non-marketable equity securities primarily consist of common stock investments and preferred stock investments 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.
Grab Investment
To determine the fair value of our investment in Grab as of March 31, 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. As a result of the valuation performed, we recognized unrealized gains of $1.3 billion in other comprehensive income (loss), net of tax in our condensed consolidated statement of comprehensive income (loss) during the three months ended March 31, 2021.
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The following table summarizes information about the significant unobservable inputs used in the fair value measurement for our Grab investment as of March 31, 2021:
Fair value methodRelative weightingKey unobservable inputs
OPM45%Transaction price per share$6.16
Volatility67%
Estimated time to liquidity1.5 years
CSE55%Discount rate25%
Estimated time to liquidity
0.5 - 1 years
Aurora Investments
On January 19, 2021, we completed the sale of our ATG Business to Aurora. As consideration for the sale of our ATG Business to Aurora, we received common stock in Aurora. Concurrently, we invested in Aurora in exchange for Aurora preferred stock. For further information, refer to Note 16 – Divestiture.
We hold one seat on Aurora’s board of directors and have the ability to hold a second seat, which, along with our common and preferred stock ownership (our “Aurora Investments”) generate significant influence. We elected to apply the fair value option to our Aurora common stock and preferred stock investments in order to provide consistency of accounting treatment to our Aurora Investments. The Aurora Investments are measured at fair value on a recurring basis with changes in fair value reflected in other income (expense), net, in the condensed consolidated statements of operations.
The fair value of the Aurora Investments as of March 31, 2021 of $1.7 billion was determined by referencing a recent financing transaction used as an input to an OPM. Other key unobservable inputs to the OPM were volatility of 65% and time to liquidity of 4.75 years.
Financial Assets Measured at Fair Value Using Level 3 Inputs
The following table presents a reconciliation of our financial assets measured and recorded at fair value on a recurring basis as of March 31, 2021, using significant unobservable inputs (Level 3) (in millions):
Non-marketable
Debt Securities
Non-marketable Equity SecurityNote Receivables
Balance as of December 31, 2020$2,341 $52 $83 
Total net gains (losses)
Included in earnings (6)(2)
Included in other comprehensive income (loss)1,250   
Purchases 1,677  
Balance as of March 31, 2021$3,591 $1,723 $81 
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 and primarily relate to our investments in Didi. 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. 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.
During the three months ended March 31, 2021, we completed the sale of $500 million of our Didi shares and realized immaterial gains from this transaction. Since this transaction qualified as an observable price change in orderly transactions for an identical or similar investment of the same issuer, we recorded immaterial unrealized gains from remeasurement of the carrying value of the remaining Didi shares based on the selling price of the shares in this transaction during the three months ended March 31, 2021.
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We did not record any 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, 2020.
The following is a summary of unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded in other income (expense), net in the condensed consolidated statements of operations, and included as adjustments to the carrying value of non-marketable equity securities (in millions):