Summary
Uber Technologies, Inc. (UBER) filed its 2020 10-K on March 1, 2021, detailing a year significantly impacted by the COVID-19 pandemic. While Mobility Gross Bookings saw a substantial decline due to reduced travel, the Delivery segment experienced explosive growth, more than doubling its Gross Bookings year-over-year, largely driven by stay-at-home orders. This shift in demand helped offset some of the Mobility segment's losses, though overall revenue decreased by 14% compared to 2019. The company also made significant strategic moves, including the divestiture of its Advanced Technologies Group (ATG) business focused on autonomous vehicles to Aurora Innovation, Inc., and completing several key acquisitions, such as Postmates and Cornershop, to strengthen its Delivery and broader platform offerings. Uber's net loss attributable to the company improved by 20% year-over-year, reflecting cost-saving measures and increased operational efficiencies, particularly in the Delivery segment's Adjusted EBITDA margin.
Financial Highlights
54 data points| Revenue | $11.14B |
| R&D Expenses | $2.21B |
| Operating Expenses | $16.00B |
| Operating Income | -$4.86B |
| Interest Expense | $463.00M |
| Net Income | -$6.77B |
| EPS (Basic) | $-3.86 |
| EPS (Diluted) | $-3.86 |
| Shares Outstanding (Basic) | 1.75B |
| Shares Outstanding (Diluted) | 1.75B |
Key Highlights
- 1Mobility Gross Bookings declined significantly by 44% (constant currency) in 2020 due to the COVID-19 pandemic's impact on travel, although recovery was seen in the latter half of the year.
- 2Delivery Gross Bookings surged by 110% (constant currency), more than doubling from 2019, driven by increased demand for food and grocery delivery services during the pandemic.
- 3Overall revenue decreased by 14% to $11.1 billion in 2020 compared to $13.0 billion in 2019, primarily due to the pandemic's impact on Mobility.
- 4The company reported a net loss attributable to Uber Technologies, Inc. of $6.8 billion, an improvement of 20% from the $8.5 billion net loss in 2019.
- 5Uber completed several significant acquisitions in 2020, including Postmates, Cornershop (controlling interest), and Routematch, aimed at bolstering its Delivery and transit capabilities.
- 6The divestiture of the Advanced Technologies Group (ATG) business focused on autonomous vehicles was announced and completed in early 2021, with Uber investing in the acquiring company, Aurora Innovation, Inc.
- 7Adjusted EBITDA loss improved by 7% to $2.5 billion in 2020, with Delivery Adjusted EBITDA loss decreasing by 36% and Mobility Adjusted EBITDA showing a profit of $1.2 billion despite lower Gross Bookings.