Uber Technologies, Inc. (UBER)

Sector: Technology|Industry: Software - Application|Market Cap: $126.20B|Employees: 30.4K


Uber Technologies, Inc. operates a technology platform connecting riders with drivers for ridesharing services, and eaters with merchants and couriers for delivery services. The company also connects shippers with carriers for freight services, leveraging its massive network, leading technology, and operational excellence to power movement. Uber holds a leading market position in many of its operating regions, including the U.S. and Canada, Latin America, and Europe.

  1. Filings
  2. Company Profile

Business Summary

Uber Technologies, Inc. ("Uber") operates as a technology platform, facilitating movement of people and goods. It connects consumers with independent providers of ride services (Mobility), restaurants and delivery service providers (Delivery), and shippers with carriers in the freight industry (Freight). Uber's technology operates in approximately 70 countries, primarily in North America, Latin America, Europe (excluding Russia), the Middle East, Africa, and Asia (excluding China and Southeast Asia).

Uber's competitive advantages include its massive network, leading technology in marketplace, routing, and payments, operational excellence through regional teams, and product expertise focused on user experience and safety. The platform's network effects enhance the customer experience, attracting new users and deepening engagement, which in turn grows network scale and liquidity.

Uber faces competition from various companies in each segment, including personal vehicle ownership, traditional transportation services, and other ridesharing companies (Mobility); other delivery services, restaurants offering their own delivery, and traditional grocers (Delivery); and freight brokers and managed transportation providers (Freight).

Key Statistics

  • Employees: 30,400 (as of December 31, 2023)
  • Geographic Footprint: Approximately 70 countries
  • Headquarters: San Francisco, California
  • Founded: 2009 (Incorporated in 2010)
  • Number of locations/facilities: Information not available in the provided 10-K
  • Revenue: $37.3 billion (FY2023)
  • Market Capitalization: $87.9 Billion (as of June 30, 2023)
  • Key Subsidiaries or brands: Uber Eats, Uber Freight, Careem, Cornershop, Drizly, Postmates, (Minority-owned entities: Didi, Grab, Lime, Aurora)

Leadership

  • CEO: Dara Khosrowshahi
  • CFO: Prashanth Mahendra-Rajah
  • Board Chairman: Ronald Sugar
  • Other Key Executives: Tony West (Chief Legal Officer), Nelson Chai (prior CFO), Nikki Krishnamurthy (Chief People Officer), Chief Information Security Officer, Chief Privacy Officer, Head of Platform Engineering, EU Data Protection Officer

Tenure and detailed professional background for all executives are not available in the provided section of the 10-K.

Key Financial Metrics

  • Annual Revenue: $37.281 billion (FY2023)
  • Net Income: $1.887 billion (FY2023)
  • Market Capitalization: $87.9 billion (as of June 30, 2023)
  • Total Assets: $38.699 billion (FY2023)
  • Number of Employees: 30,400 (as of December 31, 2023)
  • Key Financial Highlights (FY2023):
    • Gross Bookings increased 19% YoY
    • Mobility Gross Bookings up 32% YoY (constant currency)
    • Delivery Gross Bookings up 15% YoY (constant currency)
    • Freight Gross Bookings down 25% YoY (constant currency)
    • Adjusted EBITDA $4.1 billion, up $2.3 billion YoY

Products and Services

Uber offers a range of services across three main segments:

  • Mobility: Ridesharing, carsharing, micromobility, rentals, public transit, taxis, and more. Also includes financial partnerships products and advertising.
  • Delivery: On-demand meal delivery from restaurants, grocery delivery, alcohol delivery, convenience items, and retail delivery. Also includes advertising opportunities.
  • Freight: Managed transportation and logistics network connecting shippers and carriers, offering upfront pricing, shipment booking, and real-time tracking. Also provides transportation management and other logistics solutions.

Key Business Segments

  • Mobility: $19.832 billion in revenue (FY2023), Adjusted EBITDA $5.0 billion (FY2023)
  • Delivery: $12.204 billion in revenue (FY2023), Adjusted EBITDA $1.5 billion (FY2023)
  • Freight: $5.245 billion in revenue (FY2023), Adjusted EBITDA loss of $0.064 billion (FY2023)

Business Strategy

Uber's strategy focuses on leveraging its technology platform, massive network, and operational expertise to expand its presence in existing and new markets and introduce new product offerings. The company aims to enhance user engagement and grow its network scale and liquidity. Key initiatives include expanding into new geographies, developing autonomous vehicle technologies, and offering marketplace-centric advertising solutions.

Growth strategies include attracting and retaining platform users through incentives, discounts, and promotions, as well as investing in research and development to innovate and introduce new products and offerings. Uber also pursues strategic acquisitions and divestitures to complement and streamline its business.

Industry Context

Uber operates in the mobility, delivery, and logistics industries, which are characterized by intense competition, low barriers to entry, and rapid technological advancements. Key market trends affecting the business include evolving regulations regarding driver classification, increasing data privacy concerns, and the development of autonomous vehicle technologies.

Major competitors vary by segment and include established companies like Lyft, Ola, Didi, and Bolt (Mobility); Amazon, DoorDash, and Instacart (Delivery); and C.H. Robinson and DHL (Freight).

Risk Factors

  • Driver Classification: Ongoing legal challenges to the classification of drivers as independent contractors could lead to significant additional expenses and operational changes.
  • Competition: Intense competition in all operating segments could negatively impact market share, revenue, and profitability.
  • Profitability: Uber has incurred significant losses since inception and may not achieve or maintain profitability due to increasing operating expenses and investments in new offerings.
  • Data Privacy and Security: Data breaches or unauthorized access to user data could result in significant liabilities, reputational damage, and business disruption.
  • Regulation: Extensive and evolving regulations related to ridesharing, delivery services, data privacy, and labor laws could adversely affect operations and financial results.

Last Updated

2024-02-15

(Generated from latest 10-K filing)