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Uber Announces $1.5 Billion Accelerated Share Repurchase Program

By: via Business Wire

Uber Technologies, Inc. (NYSE: UBER) today announced that it has entered into an accelerated share repurchase (“ASR”) agreement with Bank of America, N.A. (the “dealer”) to repurchase $1.5 billion of shares of Uber common stock, as part of its previously announced $7.0 billion share repurchase authorization.

“We are entering 2025 with considerable momentum and expect to continue scaling our free cash flows significantly, enabling us to return meaningful capital to shareholders while still investing in growth,” said Prashanth Mahendra-Rajah. “Our stock is undervalued relative to the strength of our business, and we plan to accelerate our buybacks under the existing authorization as a result. This ASR represents a value-enhancing deployment of capital, retiring over one percent of our market cap.”

Under the ASR agreement, on January 6, 2025, Uber will pay $1.5 billion to the dealer and expects to receive an initial delivery of 18,578,727 shares of Uber common stock, representing approximately 80% of the shares of Uber common stock it expects to repurchase under the ASR agreement. The total number of shares to be repurchased by Uber pursuant to the ASR agreement will be based on the volume-weighted average price of Uber common stock on specified dates during the term of the ASR agreement, less a discount, and subject to customary adjustments pursuant to the terms and conditions of the ASR agreement.

The transactions under the ASR agreement are expected to be completed during the first quarter of 2025.

Forward-Looking Statements

This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. These statements include, but are not limited to, statements concerning the terms, timing and completion of the accelerated share repurchase program, and expectations regarding free cash flow and future share repurchases. Actual results may differ materially from the results predicted. Forward-looking statements include all statements that are not historical facts and can be identified by terms 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 similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For information on potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our annual report on Form 10-K for the year ended December 31, 2023 and subsequent quarterly reports and other filings filed with the Securities and Exchange Commission from time to time. All information provided in this release is as of the date of this press release and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

About Uber

Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 55 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

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