Introduction
Uber Technologies, Inc.(UBER) had three reportable segments: Mobility, Delivery and Freight. Mobility, Delivery and Freight platform offerings each address large, fragmented markets.
Mobility
Uber’ s Mobility offering connects consumers with a wide range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and more—helping customers go almost anywhere they need.
Delivery
Uber’ s Delivery offering allows consumers to search for and discover the best of local commerce—from restaurants to grocery, alcohol, convenience and other retailers—order a meal or other items, and either pick-up at the restaurant or have it delivered.
Freight
Freight connects Carriers with Shippers’ shipments available on our platform, and gives Carriers upfront, transparent pricing and the ability to book a shipment with the touch of a button.
Asset structure analysis
Uber reported total assets of $38.7 billion as of December 31, 2023, up from $32.1 billion as of December 31, 2022.
The company’s assets are relatively dispersed.
As of December 31,2023, total current assets were $11.3 billion, which accounted for 29% of total assets.
As of December 31,2023, cash and cash equivalents was $4.7 billion, short-term investment was $0.72 billion, restricted cash and cash equivalents was $0.8 billion, accounts receivable, net was $3.4 billion and repaid expense and other current assets were $1.68 billion.
In the non-current asset section, restricted cash and cash equivalents was $1.5 billion, restricted investment was $4.78 billion, investments were $6.1 billion, equity method investments were $0.35, property and equipment, net was $2 billion, operating lease right-of-use assets were $1.25 billion, intangible assets, net were $1.4 billion, goodwill was $8.1 billion and other assets were $1.7 billion as of December 31,2023.
The amount of goodwill consisted of 20.9% of total assets, which results from acquisitions.
We could see that investment and acquisition are of importance.
Liquidity and solvency analysis
As of December 31,2023, the current ratio is about 1:1, indicating liquidity may be tight.
The debt ratio was 67%. If goodwill is excluded from total assets, the debt ratio will reach 85%.
There is a good news. Net cash provided by operating activities was $3.6 billion in 2023, which would provide effective support to the balance sheet.
Profitability analysis
Uber’ s revenue reached $17.5 billion, $31.9 billion and $37.3 billion in 2021, in 2022 and in 2023, respectively.
Uber ‘s revenue in 2022 was up 82.3% y-o-y.
Uber’ s revenue in 2023 was up 17% y-o-y.
Revenue
| Year Ended December 31, | % Change | |||||||||||||||||||
| (In millions, except percentages) | 2022 | 2023 | ||||||||||||||||||
| Mobility | $ | 14,029 | $ | 19,832 | 41 | % | ||||||||||||||
| Delivery | 10,901 | 12,204 | 12 | % | ||||||||||||||||
| Freight | 6,947 | 5,245 | (24) | % | ||||||||||||||||
| Total revenue | $ | 31,877 | $ | 37,281 | 17 | % | ||||||||||||||
Uber has three reportable segments: Mobility, Delivery and Freight.
Mobility’s revenue was $19.8 billion in 2023, up 41%, compared with $14 billion in 2022.
Delivery’s revenue was $12.2 billion in 2023, up 12%, compared with $10.9 billion in 2022.
Freight’s revenues was $5.2 billion in 2023, down 24%, compared with $6.9 billion in 2022.
We can see that Mobility’s revenue made of 53% of total assets in 2023 and the growth of Mobility is the highest.
Segment adjusted EBITDA excludes non-cash items, certain transactions that are not indicative of ongoing segment operating performance and/or items that management does not believe are reflective of our ongoing core operations.
| Year Ended December 31, | % Change | |||||||||||||||||||
| (In millions, except percentages) | 2022 | 2023 | ||||||||||||||||||
| Mobility | $ | 3,299 | $ | 4,963 | 50 | % | ||||||||||||||
| Delivery | 551 | 1,506 | 173 | % | ||||||||||||||||
| Freight | — | (64) | ** | |||||||||||||||||
| Corporate G&A and Platform R&D (1), (2) | (2,137) | (2,353) | (10) | % | ||||||||||||||||
| Adjusted EBITDA (3) | $ | 1,713 | $ | 4,052 | 137 | % | ||||||||||||||
The rate of Mobility’s EBITDA to Mobility’s revenue was 25.2% in 2023.
The rate of Delivery’s EBITDA to Delivery’ s revenue was 12.3% in 2023.
The Mobility is the most profitable business.
Summary
We reckon that $80 billion or $38.5 per share is a buy time.