Stock Analysis on Net
Stock Analysis on Net

Uber Technologies Inc. (NYSE:UBER)

Analysis of Investments

Microsoft Excel

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Uber Technologies Inc., adjustment to net income (loss) attributable to Uber Technologies, Inc.

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) attributable to Uber Technologies, Inc. (as reported) 1,887 (9,141) (496) (6,768) (8,506)
Add: Change in unrealized gain (loss) on investments in available-for-sale debt securities 5 — (46) 2 4
Net income (loss) attributable to Uber Technologies, Inc. (adjusted) 1,892 (9,141) (542) (6,766) (8,502)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Uber Technologies Inc., adjusted profitability ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net Profit Margin
Reported net profit margin 5.06% -28.68% -2.84% -60.76% -60.13%
Adjusted net profit margin 5.07% -28.68% -3.11% -60.74% -60.10%
Return on Equity (ROE)
Reported ROE 16.77% -124.54% -3.43% -55.18% -59.94%
Adjusted ROE 16.82% -124.54% -3.75% -55.16% -59.92%
Return on Assets (ROA)
Reported ROA 4.88% -28.47% -1.28% -20.35% -26.78%
Adjusted ROA 4.89% -28.47% -1.40% -20.35% -26.77%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Uber Technologies Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Uber Technologies Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Uber Technologies Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Uber Technologies Inc., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Uber Technologies, Inc. 1,887 (9,141) (496) (6,768) (8,506)
Revenue 37,281 31,877 17,455 11,139 14,147
Profitability Ratio
Net profit margin1 5.06% -28.68% -2.84% -60.76% -60.13%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 1,892 (9,141) (542) (6,766) (8,502)
Revenue 37,281 31,877 17,455 11,139 14,147
Profitability Ratio
Adjusted net profit margin2 5.07% -28.68% -3.11% -60.74% -60.10%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Net profit margin = 100 × Net income (loss) attributable to Uber Technologies, Inc. ÷ Revenue
= 100 × 1,887 ÷ 37,281 = 5.06%

2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Uber Technologies, Inc. ÷ Revenue
= 100 × 1,892 ÷ 37,281 = 5.07%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Uber Technologies Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Uber Technologies, Inc. 1,887 (9,141) (496) (6,768) (8,506)
Total Uber Technologies, Inc. stockholders’ equity 11,249 7,340 14,458 12,266 14,190
Profitability Ratio
ROE1 16.77% -124.54% -3.43% -55.18% -59.94%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 1,892 (9,141) (542) (6,766) (8,502)
Total Uber Technologies, Inc. stockholders’ equity 11,249 7,340 14,458 12,266 14,190
Profitability Ratio
Adjusted ROE2 16.82% -124.54% -3.75% -55.16% -59.92%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROE = 100 × Net income (loss) attributable to Uber Technologies, Inc. ÷ Total Uber Technologies, Inc. stockholders’ equity
= 100 × 1,887 ÷ 11,249 = 16.77%

2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to Uber Technologies, Inc. ÷ Total Uber Technologies, Inc. stockholders’ equity
= 100 × 1,892 ÷ 11,249 = 16.82%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Uber Technologies Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Uber Technologies, Inc. 1,887 (9,141) (496) (6,768) (8,506)
Total assets 38,699 32,109 38,774 33,252 31,761
Profitability Ratio
ROA1 4.88% -28.47% -1.28% -20.35% -26.78%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 1,892 (9,141) (542) (6,766) (8,502)
Total assets 38,699 32,109 38,774 33,252 31,761
Profitability Ratio
Adjusted ROA2 4.89% -28.47% -1.40% -20.35% -26.77%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROA = 100 × Net income (loss) attributable to Uber Technologies, Inc. ÷ Total assets
= 100 × 1,887 ÷ 38,699 = 4.88%

2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to Uber Technologies, Inc. ÷ Total assets
= 100 × 1,892 ÷ 38,699 = 4.89%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Uber Technologies Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.