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Uber Financials 2018-2023
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(in millions)
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2018201920202021202220232024E2025E2026E2027E2028E
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GMV $ 49,799 $ 65,001 $ 57,897 $ 90,415 $ 115,395 $ 137,865 $ 161,302 $ 188,723 $ 220,806 $ 258,343 $ 302,262
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Revenue $ 10,433 $ 13,000 $ 11,139 $ 17,455 $ 31,877 $ 37,281 $ 43,619 $ 51,034 $ 59,710 $ 69,860 $ 81,737
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Revenue / GMV (%age)20.95%20.00%19.24%19.31%27.62%27.04%
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Cost of Revenue4,7866,0615,1549,35119,65922,457
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Gross Profit $ 5,647 $ 6,939 $ 5,985 $ 8,104 $ 12,218 $ 14,824 $ 17,448 $ 20,414 $ 23,884 $ 27,944 $ 32,695
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Gross Margin (%age)54.13%53.38%53.73%46.43%38.33%39.76%
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Gross Profit / GMV (%age)11.34%10.68%10.34%8.96%10.59%10.75%
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Operational Expense $ 8,680 $ 15,535 $ 10,848 $ 11,938 $ 14,050 $ 13,714 $ 14,537 $ 15,409 $ 16,334 $ 17,314 $ 18,352
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Operating Profit $ (3,033) $ (8,596) $ (4,863) $ (3,834) $ (1,832) $ 1,110 $ 2,911 $ 5,005 $ 7,550 $ 10,631 $ 14,342
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Stock based compensation $ 170 $ 4,596 $ 827 $ 1,168 $ 1,793 $ 1,935
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Adjusted EBITDA $ (1,847) $ (2,725) $ (2,528) $ (774) $ 1,713 $ 4,052 $ 30,690 $ 30,866 $ 28,735 $ 23,539 $ 14,342
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Net income $ 997 $ (8,506) $ (6,768) $ (496) $ (9,141) $ 1,887
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FCF from operations $ (1,541) $ (4,321) $ (2,745) $ (445) $ 642 $ 3,585
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FCF from operations / Adj Ebitda
83.43%158.57%108.58%57.49%37.48%88.47%
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Change from 2022 to 2023Assumptions for Estimates
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GMV $ 22,470 Revenue Growth17%
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Revenue $ 5,404 Operational Expense Growth6%
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Gross Profit $ 2,606 Gross Margin40%
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Incremental Gross Margin (%)48.22%
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Operational Expense $ (336)
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Operating Profit $ 2,942
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Incremental Operating Margin54.44%
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Adjusted EBITDA $ 2,339
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Net income $ 11,028
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FCF from operations $ 2,943
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