Stock Analysis on Net
Stock Analysis on Net

Uber Technologies Inc. (NYSE:UBER)

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

Uber Technologies Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Goodwill 8,151 8,263 8,420 6,109 167
Consumer, Merchant and other relationships 1,800 1,825 1,868 1,007 —
Developed technology 890 921 922 529 94
Trade name, trademarks and other 154 247 242 203 19
Intangible assets, gross carrying value 2,844 2,993 3,032 1,739 113
Accumulated amortization (1,419) (1,119) (620) (175) (42)
Intangible assets, net carrying value 1,425 1,874 2,412 1,564 71
Goodwill and intangible assets 9,576 10,137 10,832 7,673 238

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).

Item Description The company
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Uber Technologies Inc. goodwill decreased from 2021 to 2022 and from 2022 to 2023.
Intangible assets, net carrying value Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Uber Technologies Inc. intangible assets, net carrying value decreased from 2021 to 2022 and from 2022 to 2023.
Goodwill and intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Uber Technologies Inc. goodwill and intangible assets decreased from 2021 to 2022 and from 2022 to 2023.

Adjustments to Financial Statements: Removal of Goodwill

Uber Technologies Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 38,699 32,109 38,774 33,252 31,761
Less: Goodwill 8,151 8,263 8,420 6,109 167
Total assets (adjusted) 30,548 23,846 30,354 27,143 31,594
Adjustment to Total Uber Technologies, Inc. Stockholders’ Equity
Total Uber Technologies, Inc. stockholders’ equity (as reported) 11,249 7,340 14,458 12,266 14,190
Less: Goodwill 8,151 8,263 8,420 6,109 167
Total Uber Technologies, Inc. stockholders’ equity (adjusted) 3,098 (923) 6,038 6,157 14,023
Adjustment to Net Income (loss) Attributable To Uber Technologies, Inc.
Net income (loss) attributable to Uber Technologies, Inc. (as reported) 1,887 (9,141) (496) (6,768) (8,506)
Add: Goodwill impairment charge — — 73 100 —
Net income (loss) attributable to Uber Technologies, Inc. (adjusted) 1,887 (9,141) (423) (6,668) (8,506)

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).

Uber Technologies Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Uber Technologies Inc., adjusted financial 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 5.06% -28.68% -2.42% -59.86% -60.13%
Total Asset Turnover
Reported total asset turnover 0.96 0.99 0.45 0.33 0.45
Adjusted total asset turnover 1.22 1.34 0.58 0.41 0.45
Financial Leverage
Reported financial leverage 3.44 4.37 2.68 2.71 2.24
Adjusted financial leverage 9.86 — 5.03 4.41 2.25
Return on Equity (ROE)
Reported ROE 16.77% -124.54% -3.43% -55.18% -59.94%
Adjusted ROE 60.91% — -7.01% -108.30% -60.66%
Return on Assets (ROA)
Reported ROA 4.88% -28.47% -1.28% -20.35% -26.78%
Adjusted ROA 6.18% -38.33% -1.39% -24.57% -26.92%

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).

Financial 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 total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Uber Technologies Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted 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., Financial 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 for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 1,887 (9,141) (423) (6,668) (8,506)
Revenue 37,281 31,877 17,455 11,139 14,147
Profitability Ratio
Adjusted net profit margin2 5.06% -28.68% -2.42% -59.86% -60.13%

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 × 1,887 ÷ 37,281 = 5.06%

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 Total Asset Turnover

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)
Revenue 37,281 31,877 17,455 11,139 14,147
Total assets 38,699 32,109 38,774 33,252 31,761
Activity Ratio
Total asset turnover1 0.96 0.99 0.45 0.33 0.45
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenue 37,281 31,877 17,455 11,139 14,147
Adjusted total assets 30,548 23,846 30,354 27,143 31,594
Activity Ratio
Adjusted total asset turnover2 1.22 1.34 0.58 0.41 0.45

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 Total asset turnover = Revenue ÷ Total assets
= 37,281 ÷ 38,699 = 0.96

2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 37,281 ÷ 30,548 = 1.22

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Uber Technologies Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Financial Leverage

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)
Total assets 38,699 32,109 38,774 33,252 31,761
Total Uber Technologies, Inc. stockholders’ equity 11,249 7,340 14,458 12,266 14,190
Solvency Ratio
Financial leverage1 3.44 4.37 2.68 2.71 2.24
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 30,548 23,846 30,354 27,143 31,594
Adjusted total Uber Technologies, Inc. stockholders’ equity 3,098 (923) 6,038 6,157 14,023
Solvency Ratio
Adjusted financial leverage2 9.86 — 5.03 4.41 2.25

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 Financial leverage = Total assets ÷ Total Uber Technologies, Inc. stockholders’ equity
= 38,699 ÷ 11,249 = 3.44

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Uber Technologies, Inc. stockholders’ equity
= 30,548 ÷ 3,098 = 9.86

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 for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 1,887 (9,141) (423) (6,668) (8,506)
Adjusted total Uber Technologies, Inc. stockholders’ equity 3,098 (923) 6,038 6,157 14,023
Profitability Ratio
Adjusted ROE2 60.91% — -7.01% -108.30% -60.66%

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. ÷ Adjusted total Uber Technologies, Inc. stockholders’ equity
= 100 × 1,887 ÷ 3,098 = 60.91%

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 for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 1,887 (9,141) (423) (6,668) (8,506)
Adjusted total assets 30,548 23,846 30,354 27,143 31,594
Profitability Ratio
Adjusted ROA2 6.18% -38.33% -1.39% -24.57% -26.92%

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 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. ÷ Adjusted total assets
= 100 × 1,887 ÷ 30,548 = 6.18%

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