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Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit
Net Operating Profit after Taxes (NOPAT)
Cash Operating Taxes
Invested Capital
Cost of Capital
Economic Spread Ratio
Economic Profit Margin

Uber Technologies Inc., economic profit calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net operating profit after taxes (NOPAT)¹	2,401)	(9,117)	(819)	(6,617)	(8,247)
Cost of capital²	16.06%	15.14%	15.02%	15.80%	15.47%
Invested capital³	15,670)	16,340)	16,078)	21,038)	20,469)

Economic profit⁴	(115)	(11,591)	(3,235)	(9,940)	(11,413)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2023 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 2,401 – 16.06% × 15,670 = -115

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Item	Description	The company
Economic profit	Economic profit is a measure of corporate performance computed by taking the spread between the return on invested capital and the cost of capital, and multiplying by the invested capital.	Uber Technologies Inc. economic profit decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Uber Technologies Inc., NOPAT calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to Uber Technologies, Inc.	1,887)	(9,141)	(496)	(6,768)	(8,506)
Deferred income tax expense (benefit)¹	26)	(441)	(692)	(266)	(88)
Increase (decrease) in allowance for doubtful accounts²	11)	29)	(4)	21)	—)
Increase (decrease) in restructuring and related charges accrual³	—)	(1)	(2)	3)	—)
Increase (decrease) in equity equivalents⁴	37)	(413)	(698)	(242)	(88)
Interest expense	633)	565)	483)	458)	559)
Interest expense, operating lease liability⁵	115)	124)	123)	120)	122)
Adjusted interest expense	748)	689)	606)	578)	681)
Tax benefit of interest expense⁶	(157)	(145)	(127)	(121)	(143)
Adjusted interest expense, after taxes⁷	591)	544)	478)	457)	538)
Interest income	(484)	(139)	(37)	(55)	(234)
Investment income, before taxes	(484)	(139)	(37)	(55)	(234)
Tax expense (benefit) of investment income⁸	102)	29)	8)	12)	49)
Investment income, after taxes⁹	(382)	(110)	(29)	(43)	(185)
Net income (loss) attributable to noncontrolling interest	269)	3)	(74)	(20)	(6)
Net operating profit after taxes (NOPAT)	2,401)	(9,117)	(819)	(6,617)	(8,247)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Elimination of deferred tax expense. See details »

² Addition of increase (decrease) in allowance for doubtful accounts.

³ Addition of increase (decrease) in restructuring and related charges accrual.

⁴ Addition of increase (decrease) in equity equivalents to net income (loss) attributable to Uber Technologies, Inc..

⁵ 2023 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 1,740 × 6.60% = 115

⁶ 2023 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 748 × 21.00% = 157

⁷ Addition of after taxes interest expense to net income (loss) attributable to Uber Technologies, Inc..

⁸ 2023 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 484 × 21.00% = 102

⁹ Elimination of after taxes investment income.

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Item	Description	The company
NOPAT	Net operating profit after taxes is income from operations, but after removement of taxes calculated on cash basis that are relevant to operating income.	Uber Technologies Inc. NOPAT decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Uber Technologies Inc., cash operating taxes calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Provision for (benefit from) income taxes	213)	(181)	(492)	(192)	45)
Less: Deferred income tax expense (benefit)	26)	(441)	(692)	(266)	(88)
Add: Tax savings from interest expense	157)	145)	127)	121)	143)
Less: Tax imposed on investment income	102)	29)	8)	12)	49)
Cash operating taxes	242)	375)	319)	184)	227)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Cash operating taxes	Cash operating taxes are estimated by adjusting income tax expense for changes in deferred taxes and tax benefit from the interest deduction.	Uber Technologies Inc. cash operating taxes increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Uber Technologies Inc., invested capital calculation (financing approach)

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current portion of long-term debt	25)	27)	27)	27)	27)
Finance leases liabilities, current	156)	115)	191)	177)	165)
Long-term debt, net of current portion	9,459)	9,265)	9,276)	7,560)	5,707)
Finance leases liabilities, non-current	322)	284)	43)	120)	143)
Operating lease liability¹	1,740)	1,874)	1,829)	1,719)	1,719)
Total reported debt & leases	11,702)	11,565)	11,366)	9,603)	7,761)
Total Uber Technologies, Inc. stockholders’ equity	11,249)	7,340)	14,458)	12,266)	14,190)
Net deferred tax (assets) liabilities²	(116)	(139)	303)	779)	977)
Allowance for doubtful accounts³	91)	80)	51)	55)	34)
Restructuring and related charges accrual⁴	—)	—)	1)	3)	—)
Equity equivalents⁵	(25)	(59)	355)	837)	1,011)
Accumulated other comprehensive (income) loss, net of tax⁶	421)	443)	524)	535)	187)
Redeemable non-controlling interests	654)	430)	204)	787)	311)
Non-redeemable non-controlling interests	779)	734)	687)	701)	682)
Adjusted total Uber Technologies, Inc. stockholders’ equity	13,078)	8,888)	16,228)	15,126)	16,381)
Construction in progress⁷	(203)	(219)	(157)	(170)	(863)
Marketable securities⁸	(8,907)	(3,894)	(11,359)	(3,521)	(2,810)
Invested capital	15,670)	16,340)	16,078)	21,038)	20,469)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Addition of capitalized operating leases.

² Elimination of deferred taxes from assets and liabilities. See details »

³ Addition of allowance for doubtful accounts receivable.

⁴ Addition of restructuring and related charges accrual.

⁵ Addition of equity equivalents to total Uber Technologies, Inc. stockholders’ equity.

⁶ Removal of accumulated other comprehensive income.

⁷ Subtraction of construction in progress.

⁸ Subtraction of marketable securities.

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Item	Description	The company
Invested capital	Capital is an approximation of the economic book value of all cash invested in going-concern business activities.	Uber Technologies Inc. invested capital increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Uber Technologies Inc., cost of capital calculations

Dec 31, 2023

	Capital (fair value)¹	Weights					Cost of capital
Equity²	169,006)	169,006)	÷	180,546)	=	0.94	0.94	×	16.86%	=	15.78%
Long-term debt and finance leases liabilities³	9,800)	9,800)	÷	180,546)	=	0.05	0.05	×	5.30% × (1 – 21.00%)	=	0.23%
Operating lease liability⁴	1,740)	1,740)	÷	180,546)	=	0.01	0.01	×	6.60% × (1 – 21.00%)	=	0.05%
Total:	180,546)					1.00					16.06%

Based on: 10-K (reporting date: 2023-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt and finance leases liabilities. See details »

⁴ Operating lease liability. See details »

Dec 31, 2022

	Capital (fair value)¹	Weights					Cost of capital
Equity²	68,739)	68,739)	÷	79,972)	=	0.86	0.86	×	16.86%	=	14.49%
Long-term debt and finance leases liabilities³	9,359)	9,359)	÷	79,972)	=	0.12	0.12	×	5.73% × (1 – 21.00%)	=	0.53%
Operating lease liability⁴	1,874)	1,874)	÷	79,972)	=	0.02	0.02	×	6.60% × (1 – 21.00%)	=	0.12%
Total:	79,972)					1.00					15.14%

Based on: 10-K (reporting date: 2022-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt and finance leases liabilities. See details »

⁴ Operating lease liability. See details »

Dec 31, 2021

	Capital (fair value)¹	Weights					Cost of capital
Equity²	68,152)	68,152)	÷	79,844)	=	0.85	0.85	×	16.86%	=	14.39%
Long-term debt and finance leases liabilities³	9,863)	9,863)	÷	79,844)	=	0.12	0.12	×	5.25% × (1 – 21.00%)	=	0.51%
Operating lease liability⁴	1,829)	1,829)	÷	79,844)	=	0.02	0.02	×	6.70% × (1 – 21.00%)	=	0.12%
Total:	79,844)					1.00					15.02%

Based on: 10-K (reporting date: 2021-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt and finance leases liabilities. See details »

⁴ Operating lease liability. See details »

Dec 31, 2020

	Capital (fair value)¹	Weights					Cost of capital
Equity²	101,084)	101,084)	÷	111,443)	=	0.91	0.91	×	16.86%	=	15.29%
Long-term debt and finance leases liabilities³	8,640)	8,640)	÷	111,443)	=	0.08	0.08	×	6.82% × (1 – 21.00%)	=	0.42%
Operating lease liability⁴	1,719)	1,719)	÷	111,443)	=	0.02	0.02	×	7.00% × (1 – 21.00%)	=	0.09%
Total:	111,443)					1.00					15.80%

Based on: 10-K (reporting date: 2020-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt and finance leases liabilities. See details »

⁴ Operating lease liability. See details »

Dec 31, 2019

	Capital (fair value)¹	Weights					Cost of capital
Equity²	56,626)	56,626)	÷	64,576)	=	0.88	0.88	×	16.86%	=	14.78%
Long-term debt and finance leases liabilities³	6,231)	6,231)	÷	64,576)	=	0.10	0.10	×	7.01% × (1 – 21.00%)	=	0.53%
Operating lease liability⁴	1,719)	1,719)	÷	64,576)	=	0.03	0.03	×	7.10% × (1 – 21.00%)	=	0.15%
Total:	64,576)					1.00					15.47%

Based on: 10-K (reporting date: 2019-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt and finance leases liabilities. See details »

⁴ Operating lease liability. See details »

Uber Technologies Inc., economic spread ratio calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Economic profit¹	(115)	(11,591)	(3,235)	(9,940)	(11,413)
Invested capital²	15,670)	16,340)	16,078)	21,038)	20,469)
Performance Ratio
Economic spread ratio³	-0.74%	-70.94%	-20.12%	-47.25%	-55.76%
Benchmarks
Economic Spread Ratio, Competitors⁴
FedEx Corp.	-3.80%	-3.56%	-0.77%	-5.74%	-8.38%
Union Pacific Corp.	-0.81%	1.03%	0.18%	-1.40%	0.00%
United Parcel Service Inc.	4.41%	15.59%	21.37%	-8.73%	2.72%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Economic profit. See details »

² Invested capital. See details »

³ 2023 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -115 ÷ 15,670 = -0.74%

⁴ Click competitor name to see calculations.

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Performance ratio	Description	The company
Economic spread ratio	The ratio of economic profit to invested capital, also equal to the difference between return on invested capital (ROIC) and cost of capital.	Uber Technologies Inc. economic spread ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Uber Technologies Inc., economic profit margin calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Economic profit¹	(115)	(11,591)	(3,235)	(9,940)	(11,413)
Revenue	37,281)	31,877)	17,455)	11,139)	14,147)
Performance Ratio
Economic profit margin²	-0.31%	-36.36%	-18.53%	-89.23%	-80.67%
Benchmarks
Economic Profit Margin, Competitors³
FedEx Corp.	-2.93%	-2.53%	-0.59%	-4.77%	-6.38%
Union Pacific Corp.	-2.06%	2.46%	0.49%	-4.18%	0.00%
United Parcel Service Inc.	2.21%	6.96%	9.75%	-3.42%	1.33%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Economic profit. See details »

² 2023 Calculation
Economic profit margin = 100 × Economic profit ÷ Revenue
= 100 × -115 ÷ 37,281 = -0.31%

³ Click competitor name to see calculations.

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Performance ratio	Description	The company
Economic profit margin	The ratio of economic profit to sales. It is the company profit margin covering income efficiency and asset management. Economic profit margin is not biased in favor of capital-intensive business models, because any added capital is a cost to the economic profit margin.	Uber Technologies Inc. economic profit margin deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Uber Technologies Inc. (NYSE:UBER)

Economic Value Added (EVA)

Economic Profit

Net Operating Profit after Taxes (NOPAT)

Cash Operating Taxes

Invested Capital

Cost of Capital

Economic Spread Ratio

Economic Profit Margin