Uber (UBER) March 2021 total company Gross Bookings reached highest monthly level in the company’s nearly 12-year history

Uber (NYSE: UBER) disclosed:

Uber Technologies, Inc. (“Uber”) today announced that in March 2021 total company Gross Bookings reached the highest monthly level in the company’s nearly 12-year history. The company’s Mobility business posted its best month since March 2020, crossing a $30 billion annualized Gross Bookings run-rate, with average daily Gross Bookings up 9% month-over-month. The company’s Delivery business set another all-time record, crossing a $52 billion annualized Gross Bookings run-rate in March, growing more than 150% year-over-year.

As vaccination rates increase in the United States, we are observing that consumer demand for Mobility is recovering faster than driver availability, and consumer demand for Delivery continues to exceed courier availability. On April 7, Uber announced that it is increasing investments in driver incentives to improve driver availability in the near-term. We continue to believe that Uber is on track to reach quarterly Adjusted EBITDA profitability in 2021.

UK Update

Uber announced on March 16, 2021 that, effective March 17, 2021, private-hire drivers using its Mobility platform in the United Kingdom will be treated as workers. Subsequently, Uber has announced a historical claims settlement process to UK drivers. As a result, Uber expects to record a significant accrual related to these historical claims and other related costs in its first quarter 2021 results. Consistent with Uber’s accounting practices, the majority of the accrual is expected to reduce reported first quarter total company and Mobility revenues and revenue take rates, but will be excluded from Adjusted EBITDA results.

The information set forth under this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as otherwise expressly stated in such filing.

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