10-KPeriod: FY2021

Uber Technologies, Inc Annual Report, Year Ended Dec 31, 2021

Filed February 24, 2022For Securities:UBER

Summary

Uber Technologies, Inc.'s 2021 10-K filing reveals a significant year of recovery and strategic growth. The company saw substantial increases in Gross Bookings, driven by a strong rebound in Mobility and continued acceleration in Delivery, with Delivery revenue growing 114% year-over-year. Significant acquisitions in 2021, including Cornershop, Drizly, and Transplace, were integrated to bolster the Delivery and Freight segments, respectively. While the company reported a substantial reduction in net loss compared to the prior year, primarily due to gains from divestitures, it continues to navigate operational complexities, including driver classification challenges and a competitive landscape. Investors should note the company's ongoing investment in growth initiatives alongside efforts to improve profitability and operational efficiency.

Financial Highlights

54 data points
Beta

Revenue

$17.45B

Net Income

-$496.00M

-2.8% Net Margin

EPS (Diluted)

$-0.29

Total Assets

$38.77B

Cash & Equivalents

$4.29B

Free Cash Flow

-$743.00M

Financial Statements
Beta
Revenue$17.45B
R&D Expenses$2.05B
Operating Expenses$21.29B
Operating Income-$3.83B
Interest Expense$483.00M
Net Income-$496.00M
EPS (Basic)$-0.26
EPS (Diluted)$-0.29
Shares Outstanding (Basic)1.89B
Shares Outstanding (Diluted)1.90B

Key Highlights

  • 1Gross Bookings increased by 56% in 2021 to $90.4 billion, demonstrating a strong recovery across key segments.
  • 2Delivery revenue grew by 114% year-over-year, significantly outpacing Mobility revenue growth, highlighting the platform's diversification.
  • 3Net loss attributable to Uber Technologies, Inc. narrowed significantly to $496 million, a 93% improvement from 2020, partly due to gains from business divestitures.
  • 4Adjusted EBITDA loss improved by $1.8 billion to a loss of $774 million, indicating progress towards operational profitability.
  • 5The company completed several strategic acquisitions in 2021: Cornershop (grocery delivery), Drizly (alcohol delivery), and Transplace (freight management), aimed at expanding service offerings and market reach.
  • 6Mobility Adjusted EBITDA turned profitable, reaching $1.6 billion, while the Delivery segment's Adjusted EBITDA loss improved by 60% to $348 million.

Frequently Asked Questions

In 2021, Uber reported a significant increase in Gross Bookings, up 56% to $90.4 billion. Revenue grew 57% to $17.5 billion. The net loss attributable to Uber Technologies, Inc. narrowed substantially to $496 million, a 93% improvement from the previous year. Adjusted EBITDA loss also improved significantly, reducing by $1.8 billion to $774 million.

Key growth drivers included a strong recovery in the Mobility segment, with Gross Bookings up 36% year-over-year, and continued acceleration in the Delivery segment, where Gross Bookings grew 66%. The acquisitions of Cornershop, Drizly, and Transplace also contributed to expanding service offerings and revenue potential.

Uber highlighted several risks, including potential reclassification of drivers as employees which could significantly increase costs, intense competition across its segments, dependence on driver and consumer supply, regulatory challenges in various jurisdictions, and potential impacts from cybersecurity threats and data privacy concerns. The company also noted the ongoing impact of the COVID-19 pandemic on travel behavior and driver supply.