Uber (UBER) 5 May 222022 Q1 Earnings call transcript

Company Profile

Participants

Balaji Krishnamurthy	Head of Investor Relations
Dara Khosrowshahi	Chief Executive Officer
Nelson Chai	Chief Financial Officer
Brian Nowak	Morgan Stanley
Douglas Anmuth	JPMorgan Chase & Co.
Eric Sheridan	Goldman Sachs Group, Inc.
Justin Post	Bank of America Merrill Lynch
Mark Mahaney	Evercore ISI
Lloyd Walmsley	UBS
Ross Sandler	Barclays Bank PLC
Deepak Mathivanan	Wolfe Research, LLC
James Lee	Mizuho Securities USA LLC
John Blackledge	Cowen and Company, LLC

Call transcript

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Operator

Good morning. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Uber First Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator Mr. of you Head conference. begin Investor Krishnamurthy, may Relations, your Balaji

Balaji Krishnamurthy

Emma. us XXXX first joining you earnings and Thanks, for Uber's today, Thank welcome to presentation. quarter

CFO, Uber the Dara On we have today, Khosrowshahi; call and Nelson Chai. CEO,

today's non-GAAP measures. and both financial we present During call, GAAP will

non-GAAP supplemental each regarding measures, slides to filings the SEC, to and which disclosures included is in investor.uber.com. reconciliation of including our Additional are a the of posted these GAAP non-GAAP measures press release, with

are numbers Certain as these be reminder, and presentation may on change. a As terms are believe, can to subject unaudited and may. Such statements and such be intend identified by statements this in expect, forward-looking this call statements.

from these statements, do not obligation update undertake required we place to forward-looking any reliance not law. should as forward-looking today, statements. except undue make materially statements Actual by we any forward-looking and You differ on results may

review earning XXXX, documents, and Relations We made cause forward-looking annual when press ended filings to issued and about Form December more published results an as those haven't in the hour prepared recent about in differ that supplemental uncertainties website the the for XX-K ask release, with SEC to to a on if we the and actual refer XX, slides you other risks to described Investor quarterly press remarks from may our materially release available. as please well most our And For factors report today information year we already. statements, ago. you

to let the With brief me it We Dara. opening over call will remarks that, following questions, Dara. open hand to from

Dara Khosrowshahi

resoundingly on record impacts of After bottom of line. and out a two top business, results quarter Thanks, affirm unpredictable across Balaji. strong and that a we We on the the emerging strong our are QX pandemic. sometimes path Board the persistent our years with across delivered results very

us has apart last from over product and Our operational the set growth, years focus on two excellence pack. the innovation profitable

innovating new team faster demonstrating offerings turbulence in reopening rollout continuing despite expect topline remained while as to and all is has world all both execution, and see. Delivery macro XXXX. and phenomenal is margins Mobility resilient growing surprise demand positively accretive profitability demand a us the supply we growth that record Our and rapidly expand than we competitors to to through delivering

Finally, Freight well. profitable first as quarter reached its

keenly is placing are a value the We rates profits expanding interest that market generating companies on as high aware and rise.

are this industry leading in respect. the We

strong that over the Our two the we profitable bottom and on in in past focus QX. delivered lines has top years resulted growth

our significant platform We from globally leadership and scale and are us confident that scaled our position, profitability to allow will deliver investors as rightly and growth our platforms. durable global expect technology advantages innovation

margins to With industry-leading and more about are to questions. that We cash all disciplined go with actions strategy. a generation, our necessary to continue we deliver optimism along that, and taking free to bring as determined never team to a been optimistic are let's execute prospects, allocation to flow fruition. to capital committed We’ve

Operator

today comes of with question Stanley. from Morgan Your Brian you. Thank the first [Operator Instructions] line Nowak

is line open. Your now

Brian Nowak

questions. the taking I for two. Thanks Great. have

accelerate are seeing adoption, Any The the updates you've the and you're ability out users half. of anything for your one, user on past, some confidence you sort to what potentially Anything your the shared the weaker you there first the business seeing consumer? the on or second the what just that seeing stats multi-product and about you and comment a one, of is delivery Dara, wondering, in adoption on in one. through the your in of delivery of integration et in cetera. in first drivers. And drivers, past, just cross-platform I on the growth offering acceleration of gives was call sort on from cross-platform about expected of some users cohort, on benefits XX% a to you're continue users Thanks. back

Dara Khosrowshahi

Yes, definitely.

it what at well. usage, Investor then Uber riders as cross-platform us we and platform. the only number that ultimately is coming membership and riders those strong our gives with plan, mobility One as of new what interesting really mobility you offers we're globally to which both is new offerings offerings, through with plan that grocery remains to went mobility consistent Eats, Day. our the And membership up, are opportunity far delivery opening as of seeing mobility are to the As to that factors upsell our on then And to is the and significant that

kind a of that our what membership coming really we upsell can of and seeing then is products then new in ultimately well. cross-platform audience swelling So we're as essentially

U.S. I investments optimistic non-members. and One super launched, We We and Germany. in members we're launches all there. So more number And other up balance will the already making of we're X.Xx that the got about remind for everyone the that of launches obviously, Uber the of announced a platform We've year. teed than Mexico in potential the spend

to bring efforts are not the on has down on earn can same there we move how in monoline One other you Then Uber Uber The can. platform, customers to in on out the the lock-in have platform And over So then but increase about over our into that's provides and already formula formula earners platform. truly is say globally, cross-platform the a our as significant. rolling or side. it's success again. in we about and as them to over, the applying come new deliver, very, now And to way the in, side most earner and the sign-up we player investors that cross-sell we invisible no the side, to drive bring we into membership, that been very spend them We cross-sell cost-platform. we you we I'd talked the and

the at least or challenges U.S. competitors lean last looking think I into heard of to supply. You night, having one driver our in

Our and Canada are April. the active drivers in a XX% on year-on-year in U.S. up basis

bringing year-over-year anyway, think that to April. Uber it's platform. and And And a that's structural on new as XXX% Eats, in both we're they the we because on as drivers locally, shape can were advantage but proving to or form versus we Uber platform not a what be in earn up as Rides, competition the see and not New Uber can then as drivers ultimately globally. from

Brian Nowak

And half then delivery? question back for on

Dara Khosrowshahi

Yes.

back the Of really is for and goes, it comps. course, the half reopenings delivery European about

example, bit tougher. is a It delivery little of It the for comps some the mobility spectacular business. France, countries, is reopening. So news makes for

us a growth think we And team accelerate. I And delivered QX similar on you've QX. say we're seen rates as to and see we So QX to also think then you'll expect for what we've going QX to I do.

in half. So we're second confident pretty acceleration the of

Uber factor with essentially on the stack. see on we stack substantial but is customer the along that half affect Albertsons are verticals, the Eats the conversion now with substantial other experience, going Eats and early, Uber to very terms of very, launching platform. second actually very The new recently, Cornershop, native of that's native we deal, in It's we the grocery see improvements in improvements

which high half going growth is growth rates the already So again significantly second us that the pretty second accelerate year. of we to delivery that as think rate gives is in the the the half in the U.S. confidence year, of

Brian Nowak

Dara. Thanks, Great.

Dara Khosrowshahi

Sure.

Next question?

Operator

Your question Anmuth line next JPMorgan. the comes Doug of with from

Your open. now line is

Douglas Anmuth

the for to just Thanks side, wanted mobility taking questions. product on the I two ask Dara.

there. and upfront a rollout about Just efforts fare about timing with so how reimagined key the UberX of the and the far the Thanks. talk key if points differentiation? also bit destination benefits then you And little and around some of Share, could info that's and

Dara Khosrowshahi

Yes, absolutely.

destination, the back most business that drivers upfront pricing and And significant you our As far that earners the take the to built, and amount the the taxi and days. is. we was say, get of of based on our a based is for don't is complaints the from know time origins based if pricing from, same different as value how a the destination. let's destination ride, of go that where maybe the and time on of was that upfront they originally And very this the fact may which driver distance. But comes destination, one distance on

you're off, that's person going into airport San the from you're the a Central ride. pretty get and to ride drop valuable if going Francisco a So as you soon as

earners. minutes, think If does system, the that's your that's distance, you equally. empty time not passenger, earner. same into XX on neighborhood ride if and serve charges a outskirts drive say, a to priced rides purely the of And carry certainly time two the a have of and that's essentially are best to and interest or the those XX you're let's not We in an valuable particularly our bug wasting it and for, distance, back then

ride, of destination system, with our now So the especially information we what the new the is. display full

based Our willing very drivers algorithms huge experience also because accept goes essentially able earner of that signal, mobility pricing clearing for has is to technology that think so cancellation it knows how trip earners better platform. that fair so let's a have of the way, invisible a experience you, of about to once or of system, not There's that is, that This has is been systems kind out thing companies upfront very, huge trip you that say, change with, is the allows been ML invisible riders our that fare. from as it's down introducing understand It's in It's one earner or like on up, hone of I'll to there's price an the quite something of order rates, business kind of that and earner a drivers to they there's but this developing of business. signal from a actually back business of outskirts we're behavior trip the of earns pick that we're this knowledge of are show make that in empty, truly a works price to getting sure the the where into period the up Uber the lot our multi-product this from going come and pricing – Last to trip will fundamental optimistic there's system pricing it go starting feedback then the tell great work to so on us some the say benefits on, and it to a our not exactly adolescence to the being then now has data we get take take I'll that that this based the the using a debugging learnings accepting. business, already fundamentally are what change. destination big all of upfront That other, a fair, apply delivery we've trips instead lot improves partners the driver fare time. their as also side kind price we're on to but market to delivery well. trip into as the and one multi-platform, go show and to amount positive. what open is about we a because consumer of scratch, is, where exactly passing to have they're amount Delivery accepting upfront from value and those algorithmic

the applying of learnings marketplace UberX excited about constantly business. we're thinking team, worlds technology about And team, super for best of both advantages far to the lots a having a single then the as one as Share, and single other. So

the order I economics would that Share, upfront you pool the matched the model to trip. be hoping and we would UberX were With is the a misaligned, that your discount. which which of of higher in for with the batched is discount to be resolve interest expect. rider Uber trip, trip pool to right, the on interest are get when And want there's another matched rider, an not obviously achieve looking to a you Uber older that issue think Share, with and a had, we're rider ask fundamental

sudden very, expand encouraged the XX and very there. are we're and system this looking interests next signal to at we're the launch early about So of seeing in to will and markets all continue quarter, aligned UberX of we from a kind in that by Share we're

fare are upfront Share where in about lot of areas we're going the excited areas and and for So a innovation there's quite teams. that both UberX

Douglas Anmuth

you, Thank Dara.

Dara Khosrowshahi

welcome. You're

line the with from comes question next Your question? Next Eric Goldman Sheridan of Sachs.

Your open. line is now

Eric Sheridan

taking the question. Thanks can. if Maybe two, for I

most for the Uber the delivery a are business On the little vertical Thanks businesses and with it U.S. delivery earners talked versus lines grew, the it broadly competitive in those how the expansion if most and experience competition standalone years you the right you mobility where talk categories business? a next to you the And vis-à-vis get rate, more think at about bit is business, right important to some into very the categories, the as important up a from over them the than apps then earners landscape as being markets of platform of on you app the especially see and about platform? folded wrong out versus especially yourself where Can you, you so look you that high standpoint, scale of in more much. couple getting standalone the

Dara Khosrowshahi

Sure.

or more a who platform because may in accrues earn, you they and couriers more earner typically we stay a and more They to radius than the I last on earners their neighborhood side, think including food and want right drive hours drivers, or delivering U.S. the little to earners certain necessarily don't stay particular were money in tips. at day. look to the want as XX for want we to on may that because increasingly make however to for quarter again, now example, $XX, now our in drivers want within earnings on they

high, great for earnings are super is super, which So earners.

do courier the which to competition our well, from side, that wouldn't there's in flexible earners couriers we our plenty what we've a way that, got it's say of huge amount appreciate. very On of earn, can competitors and tell I a as

on and So of the XX% seen year-on-year U.S. active basis a year-on-year. we and XX% the number globally up couriers up in have Canada

food better year-on-year up which and distances because in one of cost of multi have. we been way a business more looking It apps, essentially payments, cost our reduce just about to that we versus far to super get consumer that a and drive time and And of as revenue. carry then and achieve go coupled. the shape optimize as treat And Google, loosely way we've food, as to time call one because down best identity, the result very essentially it's that it or the algorithms marketplace, coupled, And that is the of it efficiency family as looking really same terms got take they're engineering got WhatsApp, per we multiple better they're amount with to in it, to of same have our the So excellent. Eats same worlds. side, it higher Instagram in to delivery we're your the consistently we're doing we your is rates, customer in get achieve have to the the seeing app on are both in thing the They've good cetera. you're whether Mail. actually plenty and as better. Same Think there sign ups Facebook consumer drizzly, fair marketplace we're routing experience, upside of same, come and take Uber get and et app apps. rates Uber, increase in is thing, the kind your Facebook true has identity a of and experiences able is you Cornershop, and is transaction Google that our in density couriers. the same net and Google Again, costs way they batching you anything. and Google and have we Maps We're et continue it cetera, relates is pick doesn't That

we're across we're you We going Uber it's at delivery that platform into now apps one promote we're excited. if cross riders flows We're on the membership Eats rides, able within all reopening And We're to our which super promoting same resurrect super save it's fees. those back Eats that excited One through each. to working. app. other. to app, work. to the Uber the something Actually, the the is cross each to got app, time You've constantly cross rides actually starting And about. sure frankly, promoting that weren't we're see signal on On

each the learning of time, front to figure the out cross promo, algorithms apps And in imagine, other, use drinks each put the can for you the is to other. machine all than example. talk promote to maybe So best at We different right the person what occasion. right promotion lunchtime,

of we and earners, relates more, a on to on we super backend, other know based think are. opportunities And different as none on where it players essentially time what profile, based advantage Uber our structural will sign-up of in single on app has over On a we super the the that's and earn earn what which very, based on you offer day, app. significant and you based to industry, are a your we more very to are you model. about And opportunities

Eric Sheridan

for the Thanks color. all

Dara Khosrowshahi

You bet.

question? Next

Operator

line of question Justin from next Your Bank America. the Post with comes of

now Your line open. is

Justin Post

you. stuff Great. months? at on when what to going you talk And your Thank use robust mobility six to I talked on just challenges next and at opening over be prepared incentives. then about given Can regulatory Lyft, the look and hopes you a the you're cases. they pretty driver about remarks, manage new supply-demand guess, some how interesting dynamics the

kind trajectory? you're of and to to now you've cases signal car you. kind rentals the is that Just there's see kind positive that of now the some feel business real getting if decided use on of there, here progress Thank kind if and Does of regulatory, hump why core travel. like over want you expand a on to

Dara Khosrowshahi

it year. last this is of the our to on surprise. We need were number platform new nor the drivers on nothing Listen, is Justin, a Yes. increase

earner QX If sign-up last signal terms we in aggressively up and of saw improving flow, you we incentives welcoming followed very the driver were improving leaned tons in platform the higher rate driver rides on the platform, et sooner of And our because And first to earners supply. trip. opportunities, checks, sign-up terms see initially giving and We can with product, with or we we mobility in and earning often we delivery very that on Uber or delivery opportunities remember, of the the of then with in earn can with tons regulations We an of incentives early. background year, the of to the then cetera. our into innovation terms faster opportunities. family get them can drivers investment than

we're So having to And at experiences you're able where early. documents we've your really into their in to really, the with our systems. earner of, money same time, for upload engage that example, pockets invested instead

having companies, you connect cetera. it destinations well. sometimes and wrong. go insurance essentially DMVs, will talked We We you the or versus documents and automatically APIs, work as And for and works upload doesn't may right as about to document it do the sometimes out get build those et upfront those earners we hard sometimes

feel watching retention on the we've supply and being have We're constantly a the dignity improving. as innovating for building earner that platform future. on So We're well earners, is prepared for we treating hours. them constantly pivoted the Earner activity earner-centric, supply-demand and is company with company. very, for we and respect the dynamics. an to been earners thinking improving. This just building has for experience, about know Engagement watching very versus been you year the for

said, good know have. as we we supply our improve. earner to about general, driver as have feel in we we That position ever So our

drivers We're so keep platform. earnings number number are the to on we're have as engagement on focusing because levels focused drivers increasing the resurrecting a new on well, platform high. and We of on of the increasing

balance machine with there's all algorithm a at levels the a engineering to of to as us we of in of but use targets it ML of ahead us it the level I'd playing do all of optimizing, our far regulatory order So us, year. as use level, level, new for the at that's Like the incentives, new work lot And cases. process rolling. then operational the to work really cases this, well hit all this team example, And are rolling. is aggressive know say at technical offense. the and in has driver the is earner for the at

throwing to cases. Eats from from amount We to one the Groceries, and We trust cross Eats promote products. have essential seen huge the know cetera. other to how use from with service and cross-platform Rides, our et to frequency a of comfort initiatives There's

you We have understand are. where your identity. We

your payment cetera. et have details, We

rental supply customer because new as use continue trust So are, more areas travel those as just built acquired with for bookings growth to MAPCs like essentially car adding or and or engagement more retain we our areas our able And increase already with already customer, engage the new customers those monetize we us. such taxi, customer. cases we've they're adding natural we're to have The a the we're our able customers to because result.

So it's that a win front. win, kind win, on of

Justin Post

you. Thank Great.

Dara Khosrowshahi

Next question?

Operator

the from Evercore. question line comes with of Mark next Mahaney Your

Your is now open. line

Mark Mahaney

please. been retail across marketing, lot Thanks. Two of There's so industry. focus least the on at questions, a

Omicron secondly, are what was growth Investor on could just was to sequential that. Day, little going know give into laid you think of should hit. goal think revenue? a terms And any – that a the advertising about an out So I then the update that you on a numbers, your update at bit in on the to putting lot quarter? happen what you I of of together where MAPCs MAPC us next think anyway decline, I

back you to where balance you. to of it's a MAPCs Thank the So through grow expect to the year? reasonable point

Dara Khosrowshahi

to continue post-Omicron. which the Yes. seeing we're second absolutely growth first, I'll start accelerate one, is, MAPC

for million, XX% at year-on-year MAPC XX% were quarter. $XXX up MAPCs up or quarter the million, they were a $XXX for the for on growth was basis. up March, So while example, In

the we anything MAPC MAPC mobility so balance the and as to very seeing expect we're and continue to expect of driver, into into see see especially a accelerate if April grow big reopening on QX. absolutely MAPC side, to that second growth So very, accelerate quarter. the to and the acceleration We build

as our we the out laid continued strength business Investor a are the during on business As targets basis. we to on than we And year-on-year there, track goes, far Day. very hit tripled much that advertising essentially more

Mark Mahaney

Thank you.

Dara Khosrowshahi

welcome. You're

question? Next

Operator

Your next UBS. of the question with from comes line Lloyd Walmsley

open. now is line Your

Lloyd Walmsley

I Thanks. if can. Two,

can where about classification back the the Mobility you get UK one, Just return you could now of kind flow business you the is great. to under journey? for script, that and talk trading? UK, capital position the back full-year. profitability? talked that profitability would VAT And And the the and on levels kind about the first, prior are that charges? worker path of on share for do think, given to about shares Can where second and are how Any we expecting you your you to the on where Anything of cash free the positive potential cash in be be update think then

Nelson Chai

the do second So after. will Dara first, and do one the Lloyd, UK I'll

we’re year. to coming out flow to that billion you still know, trails early that, EBITDA $X I add going know Day were pandemic. we're a on ample let the you making We by this about a largely on Investor covered liquidity. we focus As clear on free cash sure

free what's certainly we'll why positive. year. now, we confidence have that's cash flow on the We in right free encourage going the that to market towards to all we and flow be so this being And recognize given get cash statement make positive the

it'll very this we think think important about cycle. we as be So

going capital be about right. future, certainly in down think we to open the to return we As it,

we're to – that So don't we capital. hoarding paid get not get recognized we going for

about think in liquidity past, that as of will important of levers. one But the capital as As at think the debt. as you there our on you things know, extending you pragmatic the maybe taken want amount to certainly to look of taken improve know, some capital every and both those the we we and terms was opportunity on and I return again, reducing walk that in debt we've we've it importantly. And do

point hear positive you'll about think expect next to flow more we we'll And And we so year. year, declare to think get this then about important where could as but I cash understand into it free that to we this go be was I return. capital this

this very come I you of equity of stakes, think were of if think liquidity. those due they while down, good many restrictions year. And expire, during they're lockup sources the mark-to-market or if you our of will course

have And trade on well, sources we'll so return where of plenty to as depending markets capital.

Dara Khosrowshahi

far with the vehicle I XX goes, progress granted we've think terrific. now UK. worker we as And status. recently as compliant let's license Yes. hire We private the which been move a UK to We're in And say, make merchant tremendous the model. for months, operator is

every leader to Our is operator's a that relationship something XXXX fleet to environmental real London, move with to committed license absolutely in second in firmly it our of the none, condition for to goal impact believe and a City Citycon's merchant. we're is electrifying we're by and We that behind.

of TfL so, We do have very, they will some very has enforce competitors the not seen rules. those been that but clear our

ones other. but timing, just for So can't it that happen. it to playfield the a of law way or level the one ignoring we accruing they're pay the later We the you or are either matter a is think just is time. going And sooner going liability, to tell are

As it relates to our business very strong. ground, the our position is on CIPD

solid confident relates position category it returned and to our profitability. business to very we're So has our as

we into profitability healthy the the year. balance the of in UK, Now see and improving

Lloyd Walmsley

All right. Thanks guys.

Dara Khosrowshahi

You're welcome.

question? Next

Operator

Your of from next line Sandler Ross Barclays. question the with comes

line now Your open. is

Ross Sandler

guys. Hey,

picture big kind questions. of Just two

on First side. delivery the is

these there's XP whether I a a grocery, or think and store delivery concepts convenience on debate new are better dark So business model.

second convenience XP, businesses but taxi So or started build would in it how of eventually? most XP out do the grocery sense partnerships. view know make on is you question I your that? And to then

partnerships rides? in So you those Thanks XXXX. every economics unit Can Uber on a impact just said about the I want by taxi on you might how planet lot. think talk you the

Dara Khosrowshahi

absolutely. Yes,

eaters As grocery is fast. first and versus think to experience to goal far goes want as a versus it XP it want shoppers their far our our provide goal as who so great they and groceries I XP as as XP, XP, our – our of all relates

a All getting inside suggests of is of that groceries our an your data hour experience. spectacular

the we I of area, whether can to lot a of an partners. are. grocery out. XX anything, a debates a to learned our a which got think where in in grocery is France, the essentially model. spectacular minutes get folks example, years partnerships what adjusting move or our which XX And number of minutes, We half XX they reducing they to minute they're which minutes is in with with the that a to taking day they do we an huge experience through their day partnership everything they've that Carrefour, hour have more experience, for reducing or believe or their of there's we bunch XX This the are be times experience. it's is where XX, as of see delightful for They're space, And XX and and hour. shoppers that delivery half grocery goods is have we player if and

leases, you benefits avoid have a of the to we're believe that – able the get all terms opening cities. stores through experiential XXX% bunch to essentially of over fast of kind grocery a we that in So of capital and make of investments up partnership

the the in software a network it certainly real think are around few the unrivaled good supply bunch We're of our more a better audiences and and real In have team, addition, physical network a at build, of cities world. building That's globe, do we there. we good to that on with any defocusing and that matching of make a way. the the we best time time doesn't at. building out broadly, what dark in stores and We we we're frankly, what demand top are layer

that up everything the we and partnering we signal that see we're is essentially now, So XP see right on all positive.

members. of We got a the audience, we this in are At way we because intellectually we make want have and Taiwan think to running route a ever in in some to way we've few If limited very understand tests go. a have be counterfactual to switch, the partnership point, Japan, that we curious. just to sure millions is countries we

think go see should if of to going especially the So we the relates right it's signal as be any to, much to ever it team. we we we don't vertical, defocusing vertical now but that easier need

for of lot call us beginning folks initiative. the at on terms In U.S. about, and driver bringing supply is have taxi, talked this no-brainer, we talked important think a a one an is how the we've this of incredibly of which globally is and in

relative X.X X happened. never that the X.X going taxis earners. million about all think taxis partner have. X have We technology. it that world. globally, we taxis, your are help days you're serves think earners underutilized to days is that street and total the We Uber Like, that Internet were on of taxis hail our pretends to million dependent we million arm the the These waving versus technology think with that can We that are those relates to There a earners hail as over. total retailer them these the just think million and better taxis we around is and typically who to on street Uber any be are like entity

all drivers, we're for a is be it can that the our taxi benefit benefit taxi So They and the They it want seeing et of partners benefit be want together, can it our in a and for this be time cetera. us, owners, fleet for demand. this understand technology. we're can a the of benefit benefit

are City country big and York markets New how excited set the win, I we've to Japan build relates now for coming to as experience out we another kind confidence you U.S. a a an So this as the is how been in and benefit up while. experience Korea a the signing a by experience Japan taxi. and in this to Spain have that company. city. understand is taxi win, And being of and it taxis global We're that optimize our other city we opportunity, at you to the with win, million Spain, and built of built out of X we our and for and We're going on as This about San by and obviously well. a a bunch it's sure global a rider in country, Francisco. we've make taxis announcements analysts product in and Like, want investors been But the basis.

get incredibly opportunity excited and we going to team it's is the a So on. think huge

Next question?

Operator

comes of Wolfe question Research. next Mathivanan Your line the Deepak from with

now open. Your is line

Deepak Mathivanan

Great. Thanks for taking the questions.

given meaningful have competitive first, on So advantage you a competitors. that your driver Dara, supply the with side rideshare position versus

that's you you underlying product seeing consumer of Eats, category Now to talk what issues. competition. second levels the terms retention delivery very our the at so churn mean, then to talk better every resilient. maybe opportunities growth? fears feels of about on or gain much. opportunity accelerated you're share? Thanks of it can space, share? frequency that to prices how investors Can And Food the now form has versus about on I the in the usage is pandemic seeing from about reversal have benefit some do Can like is think you manage one been gain and bookings due you

Dara Khosrowshahi

Yes, absolutely.

mixed gaining gaining as you for example, a some and I'll or the significant be in a could and skew for reopenings very, to competition, high for business naturally it because growing us isn't It's tend priority Uber of rates, category category at right travel far travel versus share very category. of happening share As the our the on now. is we the shift, tell travel,

coming obviously kinds pretty consumer of the and Uber platform the share U.S. kind So travels these business, et cetera, in to we are is that lot, observing in we're most end, the some And higher observing is beneficiary share of we're around that's for consumer maybe and quickly, a gain travels frankly, it of world, the that. gains. an countries a

I growth it, think the growth achieve Our of share competitors focus is our gaining we're profitable, because and able the while to versus call profitable durable on power platform. of

say, we such business And grow we to or opportunity durably to has focused really are that in terms hail-ables, happening. it high quite have we're kind lean lower as add naturally share into, or the so competitors itself. of care of whether vehicles, share to taxi as a lot we're competitors although not on, that's and our the of And capacity it's cost of three-wheelers let's segments, take been focus will constructive less share It's it's and something on or cetera, two-wheelers, taken the the itself, care gains. et product, new

far X% year-on-year, As listen, you reopening up impact MAPCs when delivery frequency, year-on-year. frequency and up as up X% year-on-year, sizes look the X% was basket at business, our were delivery were

bringing of on of So of as innovation, and business. the relates are that earners core margins to business the and down, the able then density platform our network for because to delivery it the transaction metrics positive driving we're improve all the drive more the of the to cost

our by So we're be that happy our cross-platform see, usage booking that think into assisted the also One to of higher gross we penetration frequency a and going members and we with space. trends is our Uber

We is One are and Uber low we of And the frequency generally low penetration some for compared to members of members. higher One Uber still competitors. our us see with

that we are natural in folks seeing headwinds some that maybe can reopening. that's the of a think the tailwind So combat some

Deepak Mathivanan

you Thank much. so it. Got

Dara Khosrowshahi

questions. answer, Well, by the question answer and answer I on the margins. I to taxi way, I note, all didn't didn't one want

to geography. relates margins margins, all, it first by as differ of So taxi

the margins In seen lower, at with then of our be time. U.S., to say, that of margins taxi business. increase So Japan markets, for in quite or but we've some the we've companies with attractive able – done start that some rest consistent consistently in a are margins should developing our over example, we're let's and at the deals the are markets, taxi margins period lower

drive higher incremental and So we're looking seen what that investors in the growth past growth, to as we deliver, above those, X, and deliver incremental of profitability Reserve core to the our when margins kind of hands I on that looking MAPC let's that two or the order different constantly some for deliver taxi, in margins. products incremental business Eats, would as et Uber growth, mobility Black, two-wheelers, healthy we execution you've think XX% we topline use are years our over We'll the all balancing and very, couple XX% relates invest et to XX% quarters it have to of such And cetera. the the cetera to our than EBITDA call about durable those especially and in right. growth the levers products, nowadays. are say, our All three-wheelers, will or very tend hopefully order to

Next question?

Operator

of Our from next James comes question the line with Lee Mizuho.

open. now is line Your

James Lee

questions. my taking for Thanks Great.

and And drivers the conversation you ongoing from on State, in friction here. ongoing resolve? Just pretty And maybe Did maybe, can strong New recent what are key talk the also Thanks. the Dara, help move wins given Washington also these York support Massachusetts. conversation can with update in along? your you're looking the regulatory you a follow-up about to victory

Dara Khosrowshahi

these that James, they That's want platform. question. for on move contractors. the most helping independent reason important drivers the is Hi, The and earn factor forward anything. Drivers above thanks prize that our flexibility is why conversations to be

I the a have in can you think U.S., you knows want job, job. everybody a if

not healthy it's is and a opportunities flexible job, full-time work getting a want you If opportunities problem opportunity, but work a job, our unique.

have want, fortunately Zoom the previously. maybe pretty now can want, lot work work a can world a in work And you appreciate et for flexibility, in for that, of work where competitors, you can powerful. you you our flexibility where I value can think collar us, they appreciate that It's You you when or white also way they workers unfortunately, more couldn't cetera.

regulators it flexibility, state. state minimum other earnings to to other it's and other protections may New to and any want state more as that and drivers which good the overwhelmingly or relates benefits, want change and whether or what So benefits is York drivers are news aware they more of state, want

or on regulatory So the don't is know there, but York when generally, New kind way the having momentum would you to But other. promising discussions never regulatory comment I one positive. specifically, that move of say want we're wins the I

that initiative out see in have ballot there. You Washington, we in a Massachusetts,

there, but And very get cities. have our to New we're look negotiated predict Massachusetts. negotiated will settlement we'll Massachusetts, can't see confident we settlement in Certainly, in the go these in hopefully, are but We prospects confident like essentially, to a time. ballot, and if York the a we to to of have we

James Lee

Thanks so much.

Dara Khosrowshahi

Welcome.

Balaji Krishnamurthy

last question, the operator. Take

Dara Khosrowshahi

Last right. question. All

Operator

last Our with of Cowen. John comes question from the today line Blackledge

Your line is now open.

John Blackledge

quarter What half pre-COVID where you. year? cases in and quarter kind grocery to on and the then as are discuss gross close reopening were key any And delivery we mobility was the is we the of and delivery, the saw questions. headroom progress particularly Great. the quarter just the percent that in the first you use just toward that quarter the through back a And first as in Thank look what volumes Thanks. of versus as in there bookings Two and other gap, year? rides round second the levels? the the of what

Nelson Chai

recovery room pretty the cases in levels. high-XXs much our there, seen versus all of rides U.S. in globally. fully And were levels. the fact, a we're still travel, but We're in use in really with in pre-pandemic business some recovery recovered terms We we've including come trip where still back, airport line has have in pre-pandemic on than we actually So XX% even basis, more

very a we So on seeing side. were strong mobility reopening very, the

Dara Khosrowshahi

And on delivery side?

Nelson Chai

a we're there. verticals. seeing who new growth delivery We're higher we're As than to and than completed delivery in very, last And early $X the new signal on very goes, the really really, way on billion. users verticals integrating when in month a new you there. be Uber native also seeing look as of far XX% Uber And verticals strong ARRs experience Eats, promising ordered trip less continued March, were of as

think So upselling there's upside there's there. XXX huge the opportunity verticals eaters left to young, That potential but basis and is our there. essentially ton very of up is we very, year-on-year, of a number that opportunities points new

John Blackledge

you. Thank

Balaji Krishnamurthy

wrap We Great. right. can All there. up

Dara Khosrowshahi

expecting call super, the to a of Uber All right. QX in We're super team. quarter. more was and on you, us QX. great for everyone, the Thank that joining work strong

showing we're and in a that the and where execution profit of expect generation some is about. healthy this our generation we're to execution for year that up in separation financials this cash flow think up excited also period, profile of coming show we quarter very, against see a very terms growth competitors and that I terms free to in starting

we'll joining for talk to everyone thanks and quarter. So you next

Operator

call. This conference attending. Thank concludes for you today's

now disconnect. You may

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