Analysis of Geographic Areas
Uber Technologies Inc. operates in 2 regions: United States and All other countries.
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- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2019
- Total Asset Turnover since 2019
- Price to Sales (P/S) since 2019
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Area Asset Turnover
Uber Technologies Inc., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries |
Based on: 10-K (reporting date: 2024-12-31), 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).
The annual geographic area asset turnover data reflects the efficiency with which assets are utilized to generate revenue within two distinct regions: the United States and all other countries, over a five-year period.
- United States
- The asset turnover ratio demonstrates a consistent upward trend throughout the analyzed period. Starting at 2.07 in 2020, the ratio increased to 3.03 in 2021, marking a significant rise. This upward momentum continued with the ratio reaching 5.59 in 2022, showing an accelerated improvement. Subsequent years saw further increases to 6.25 in 2023 and 7.77 in 2024, indicating a continual enhancement in asset efficiency. This persistent growth suggests ongoing improvements in asset utilization within the United States market, potentially reflecting better operational performance or increased revenue generation relative to asset base.
- All other countries
- Asset turnover ratios for all other countries start from a higher base compared to the United States, at 20.07 in 2020. The ratio exhibits strong growth over the years, rising sharply to 33.59 in 2021, then to 43.38 in 2022. This upward trend accelerates further in 2023 and 2024, reaching 55.87 and 63.88 respectively. These figures indicate a highly efficient use of assets across the company's international operations, with a more pronounced increase compared to the domestic market. The consistent rise suggests expanding operational scale or improved revenue productivity relative to assets in these international regions.
- Comparative Analysis
- While both geographic areas show increasing asset turnover ratios, all other countries consistently demonstrate significantly higher ratios than the United States throughout the period. The ratio in all other countries is approximately 10 times larger than the U.S. figure initially and this gap persists, albeit slightly narrowing by 2024. Both regions exhibit strong growth trajectories, but the pace and scale of improvement in all other countries are more pronounced, underscoring a potential focus on expanding and optimizing assets internationally.
Overall, the data illustrates a positive trend in asset efficiency globally, with international operations leading in asset turnover performance. The upward trajectory in both regions suggests effective management and utilization of assets to foster revenue growth over time.
Area Asset Turnover: United States
Uber Technologies Inc.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Long-lived assets, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Area asset turnover = Revenue ÷ Long-lived assets, net
= ÷ =
- Revenue
- The revenue demonstrates a strong upward trend over the five-year period. Starting at US$6,082 million in 2020, the figure increased significantly to US$21,429 million by 2024. This represents a cumulative growth of over threefold, indicating robust expansion in the geographic area during these years. The most pronounced rise occurred between 2021 and 2022, where revenue nearly doubled from US$9,058 million to US$17,953 million. The growth rate moderated slightly afterwards but remained positive, with steady increases in 2023 and 2024.
- Long-lived assets, net
- The net value of long-lived assets exhibited a modest fluctuation across the five-year span. Beginning at US$2,940 million in 2020, the value increased slightly to US$3,210 million in 2022 before decreasing in subsequent years to US$2,757 million by 2024. This pattern suggests a possible divestment or depreciation of assets after 2022, indicating a reduction in the asset base supporting operations within the area.
- Area asset turnover
- Area asset turnover displayed a pronounced improvement over the period, indicating increasing efficiency in utilizing assets to generate revenue. The ratio increased from 2.07 in 2020 to 7.77 in 2024, showing a nearly fourfold enhancement in asset productivity. Significant jumps were observed particularly between 2021 and 2022, and then continuing upwards, reflecting the company’s ability to generate more revenue per unit of asset in the geographic area.
Area Asset Turnover: All other countries
Uber Technologies Inc.; All other countries; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Long-lived assets, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Area asset turnover = Revenue ÷ Long-lived assets, net
= ÷ =
- Revenue
- There is a consistent and substantial increase in revenue over the five-year period, starting from 5,057 million US dollars in 2020 and rising to 22,549 million US dollars in 2024. This indicates strong growth momentum, with revenue more than quadrupling in this timeframe.
- Long-lived assets, net
- The net value of long-lived assets shows a gradual upward trend, increasing from 252 million US dollars in 2020 to 353 million US dollars in 2024. This moderate growth suggests steady investment in fixed assets corresponding with business expansion.
- Area asset turnover
- This ratio demonstrates a significant improvement, rising from 20.07 in 2020 to 63.88 in 2024. The increase indicates that the company is generating substantially more revenue per unit of long-lived assets, reflecting enhanced operational efficiency or better utilization of fixed assets over time.
Revenue
Uber Technologies Inc., revenue by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries | |||||
| Total |
Based on: 10-K (reporting date: 2024-12-31), 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).
- Revenue Trends by Geographic Area
- The revenue from the United States demonstrates consistent growth over the five-year period. Starting at $6,082 million in 2020, the revenue increased significantly to $9,058 million in 2021. This upward trend continued sharply in 2022 with $17,953 million, followed by more moderate growth in 2023 at $18,620 million, and reaching $21,429 million in 2024. The growth trajectory suggests strong market performance and increasing revenue generation in the U.S. region.
- Revenues from all other countries also showed a notable increase during the same period. Beginning at $5,057 million in 2020, revenue grew substantially to $8,397 million in 2021. In 2022, there was a further substantial rise to $13,924 million, with continued growth to $18,661 million in 2023 and peaking at $22,549 million in 2024. This reflects expanding international market presence and increasing contribution to total revenues.
- Total Revenue Pattern
- The total revenue, representing the sum of the two regions, showcases an overall upward trend, consistent with the growth observed in both domestic and international markets. Total revenue grew from $11,139 million in 2020 to $17,455 million in 2021, followed by a substantial jump to $31,877 million in 2022. This momentum continued with revenue reaching $37,281 million in 2023 and further increasing to $43,978 million in 2024. The data indicates robust overall growth and effective expansion strategies across geographic areas.
- Comparative Insights
- While both geographic segments show strong growth, the data indicate that revenue from the United States tends to maintain a slightly higher absolute value compared to all other countries, despite the latter's rapid growth rate. From 2020 through 2024, the proportionate revenue growth in international markets is marginally higher, suggesting increased market penetration or expansion benefits outside the United States.
- The revenue growth rates in both regions accelerate significantly between 2021 and 2022, indicating a period of substantial business scaling. The growth rates moderate somewhat in the subsequent years but remain strongly positive. This pattern could reflect the impact of strategic initiatives, market recovery, or expansion efforts during this timeframe.
Long-lived assets, net
Uber Technologies Inc., long-lived assets, net by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries | |||||
| Total |
Based on: 10-K (reporting date: 2024-12-31), 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).
The analysis of the annual geographic area long-lived assets, net data reveals several notable trends across the periods examined.
- United States
- The net value of long-lived assets in the United States initially showed an upward trend, increasing from 2,940 million USD in 2020 to a peak of 3,210 million USD in 2022. However, a decline followed, with the value dropping to 2,980 million USD in 2023 and further decreasing to 2,757 million USD in 2024. This suggests a reduction in long-lived assets or possible asset impairments or disposals occurring in the most recent years after a period of growth.
- All other countries
- This segment exhibited a steady increase in net long-lived assets throughout the period. Starting at 252 million USD in 2020, there was a slight decline in 2021 to 250 million USD, but subsequent years showed a consistent rise to 321 million USD in 2022, 334 million USD in 2023, and 353 million USD in 2024. This pattern indicates ongoing investment or asset accumulation outside the United States.
- Total Long-lived Assets
- The total net value of long-lived assets follows a pattern reflective of the combined geographic areas. There was growth from 3,192 million USD in 2020, reaching a maximum of 3,531 million USD in 2022. Subsequently, the total declined to 3,314 million USD in 2023 and further to 3,110 million USD in 2024. This aggregate trend highlights a peak in asset value in 2022, with a contraction thereafter primarily driven by the decline in the U.S. segment.
Overall, the data reflects a strategic shift or asset reallocation, with the United States experiencing a reduction in net long-lived assets in the later years while other countries show gradual asset growth. The combined effect resulted in a peak in asset values in 2022 followed by a downward adjustment subsequently.