Uber (UBER) 31 Oct 242024 Q3 Earnings call transcript

Company Profile

Participants

Deepa Subramanian	executive
Dara Khosrowshahi	executive
Prashanth Mahendra-Rajah	executive
Eric Sheridan	analyst
Brian Nowak	analyst
Douglas Anmuth	analyst
Justin Post	analyst
Mark Stephen Mahaney	analyst
Ronald Josey	analyst
Nikhil Devnani	analyst
Ross Sandler	analyst
Benjamin Black	analyst

Call transcript

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Operator

Hello, and welcome to the Uber Third Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Deepa Subramanian, Vice President, Investor Relations.

You may begin.

Deepa Subramanian

Thank you, operator. Thank you for joining us today, and welcome to Uber's Third Quarter 2024 Earnings Presentation.

we CEO, today, CFO, Khosrowshahi; call Mahendra-Rajah. Prashanth the have Dara Uber and On

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

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

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

press the most recent about made information section differ the please more with our release materially risks For described today SEC. in from the statements, we well as other and that results issued may in filings the uncertainties as cause actual forward-looking Form to to factors and XX-K refer

slides prepared quarterly our you documents published We already. and if we you earlier review supplemental earnings Investor ask those haven't release and Relations website today, remarks, to press our

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

Dara Khosrowshahi

a Uber constant up record Thanks, strong gross of another delivered with Deepa. XX% profitable growth yet currency. quarter in quarter, bookings year-on-year

more powered and also new people records GAAP all-time than and are operating was as high This more generated often. more performance by an $X in We profits using of billion. more frequency Uber audience places

during More XX now members, million Uber, year-on-year. more deliver up with are platform continues earning quarter. Uber people than to than billion now $XX XX% underlying strengthen, drive, people One X.X Our more million than shop the

can hand over strategy as we great year-on-year, team briefly to like And partners to grew allocation bring Q&A, for the go and XX to Our Uber our another their it the understanding our XX% to AV advertising significant plans. deployment reiterate to to capital is value I'd nearly Thanks working autonomous are clearly quarter. our Parashanth business before approach.

Prashanth Mahendra-Rajah

Thank you, Dara.

earnings jump an our as to investor back share capital Let me reminder to repurchase quarter in my we quickly at welcome with third that a as the framework presented I the call. update wanted of well add allocation update February. on program our in

Our investing and capital unchanged, allocation capital remain future shareholders. responsibly growth priorities returning in to

front, with organic annual now On of user are expansion, plan GB, increase opportunity membership increasing of with we less us, of the a efforts. On our portfolio amount growth coming the our into geographic billion capital through $XX frequency, fast-growing repo populated we returns, have including in at huge especially our lastly, front and we quarters. markets, believe products, densely including of new steadily in still which cooking share to

reduction XXXX. Specifically, to share towards way work we intend count a in durable our

to we M&A, value on want rigorous I touch and quickly extraordinary to that Now disciplined, mindset M&A creation for all reviewed never remain been emphasize opportunities has are higher. bar and a with Uber's

deal we said, the all, that enviable today. are is best having position in As at a Dara do to has and not deal

you, exceptional commitment of our while organic path continue firm of sticking are we So on to our excited returns. our to to growth capital shareholder,

let open questions. to back for Deepa So with call hand that, me the to it

Deepa Subramanian

can the please? have Sarah, question, we first

Operator

Eric Your the comes Sheridan first of from question Goldman line with Sachs.

Eric Sheridan

years in as ahead? opportunity that stimulating building supply in some come go set, demand scaling as of Could The should well the And to back the little concept dynamics in markets. also operational how we bit capital both in you policy. letter want markets? about commentary, around dense the dense to the around be especially a I less allocation deeper the less introduced of but thinking the you

Dara Khosrowshahi

XX%, a tertiary well. been York, continue and recognizing XX% of U.S., it's start growth on into us, We there. Generally, take outside the continuously, of it seen be Sao But in Delivery. itself company noncore market, we you if middle so the et the demand. than not well. And of growing higher in the cetera, this and especially that the secondary In sometimes cetera. core the at the now cities, less opportunity. our it's New faster cities, city majority biggest cities started our centers is for ourselves as as the we've really suburbs Paulo, of with largest and started frankly, et think And Mobility big as boroughs and cities, or market of source look Uber a terrific for focus Eric. areas properly Yes, the extending almost true for of to dense York New has the core in the it's than accidentally, Delivery of earlier.

all and selection and So we we've in actively And then of said, service are necessary And we to people very, supply, And giving significant, cycle, at extended that making services and in really busy. on cycle see now We're quartile you looking the the think focus like to, Delivery, Delivery. in that building all U.S. set that's ETAs, demand are areas. the to dense by less deliver those to really And the started but the that that this to we Australia, mobility in then in density those in over or is demand getting we're the in not terms focusing improving in supply together, of are that that starting getting we of of those kind couriers the couriers opportunity areas. starts there better the accelerate and levels and better sure liquidity, liquidity both both investing all add and Mobility areas areas out of just world. increasing positive investing U.K., We've to very itself.

a tailwind early X to terms over hopefully think years to be next days will is and than our it in that. I growth focus the even we -- core think both but and Mobility business So it's X and it more a And Delivery. of of

Operator

Your line Morgan with next of the from question Brian Stanley. comes Nowak

Brian Nowak

I have X.

U.S. the little That's would gave be sort tenure shy growth in U.S. thought versus U.S. a at drill the look outlook of areas bit Dara, to for investor since rides. how wanted where rides you're contribution in trended mobility where your any First or sort you come sort the that growing? rides update. at of of to has investor the has the trends. you X the business changed of little all, I outlook over there a Are first the sort you on anything exceeded update? of business bookings of And more to in U.S. your

from Vaymo Phoenix second Anything around partnership of the early that on sort market? incremental Arizona to and the sort share just And on of volume of Vaymo. one, you Uber in can signs

Dara Khosrowshahi

Sure. Absolutely.

a So It's our keeps of market, our that largest of growth, XX% on GBs, profitability. gift less in U.S. XX% of the mobility U.S. our terms the than our but giving. has than of generally kind little been more

So the grow business thrive. to and continues

seeing really in the U.S. in in past a that states costs on trends. like or in the increase passed increase are the is insurance commercial couple And X California. public One have we've especially increases happened have cost, New that high, in those of over We very are as -- Jersey substantial very, the terms been where we of insurance costs years. very

seen. as from which we've up, seen It's -- as price competitor as transaction And on different the those than of And consumers, kind that we've seen typical costs, down pass well. no the we've is we same what growth one GBs, a the elasticity one. the is As slows our usually bit. elasticity goes for do actually,

We are stronger seeing weekend than weekday growth as well. growth

So back to people are work. definitely getting back

the not is I in out Business especially strong. in of they strong, enterprises, think really I'm U.S. or as well. And both very very a growing definitely seeing consumers Uber then not, XX%. we're Like not for signs to transit any well. Teens to bright but spot a trading go is are over consumers it's is number choose of systems product share the our is That as really but our very business down. newer of system Uber more maybe then bring price strong, system selling to demographic like our and as up as and investing For new quickly of into hours, match weekend terms in well. sensitive like to whether party We're Overall, it's selling weekday our terms little to what this is, into very, in health, selling sure rates increase. shuttles continue kind to products

is slowdowns that in past. cost market So we've optimistic transactions the kinds elasticity in those insurance definitely on done based resulting of that increases how terms developing, U.S. we of we're expected but experimentation the overall, in the in quite are

to continue drivers, routes, to kind because a at drive lot we're taking go but of safer to is insurance try because while slow-moving that encouraging safer rate, that's a terms the the normalizing up, think drivers I action lower to so news we market them insurance more down, target, in get to speak, speak. of costs will those to go to safely good expect a so cost the both and is up of

So of Arizona of the incrementality, pretty then optimistic in markets autonomous really U.S. to in general too and Brian, to in it's overall terms soon and second point, at in terms this Phoenix, question tell. your going forward. And

very are terrific. We there. rating that is experience. Vaymo the delightful experience number at We It's very, with out know high levels. have absolutely modest of vehicles Riders Vaymo driver their relatively a

And love it bringing the so forth. we experience is that

you're it's in the those I whether And only next in happy international pretty Vaymo but as expansion autonomous with Atlanta. I different expansions our I markets year, you think with and or our that in partners incrementality and test will to AV we're many on be side. of and we then remind autonomous to We're we markets. about, we're partnerships there's significant the other XX are in relates to And the too, expansion real it really not. optimistic But see got Austin and of partnership, sit. see not AV will a think get we is you, domestic we've where going expanding the starting that will hundreds with Vaymos Vaymo going

Operator

comes question JPMorgan. next from Anmuth with Your Doug

Douglas Anmuth

little ways providers? with a here seeing efficiencies to on AV can talk your you're I'm frequency drive doing going able some And Francisco tech of bit, fleet in just that be greater in is And just perhaps loyalty the San AV. to about about call stick talk you then volume, you San Vaymo? Francisco? anything you'll in that in AV goals notable that to and impact maybe market Dara, or there any for from out could world some more ups

Dara Khosrowshahi

definitely. Yes,

supply and the practices of hours kind come have and for fleets So generally, mobility partnering about is in that's terms we a background of dedicated of And we and is fleet fleets. building to years fleet of have supply Typically, operations this us. from our ops our with working ops, been XX% up global years.

So of as they example, tend and Spain, of to is kind in which as countries to And well dedicated work and terrific. the many many countries Europe for in multiple longer shifts with were fleets us, we well. these work is the other They in in and hours. supply U.S. drivers terms

So for is built, fleets operations fleet to we able to be utilization for to high tools we that special cetera. something their fleet on demand, drive our have cars example, based et be manage of able to

of we're think a utilization to advantage an our for also their more cleaning logistics to of cars be so player the global care a fleet and more take local cost-effective space. to there's complex these charging, demand practice efficient way AV the platform, happens really think And platform of global we and advantages as a to expensive, think in we partners being Housing, extending drive fleets, AV that operations this a like kind to the establishing just we well. way can

out just another platform be demand of hopefully, get can operation started way excited with And and best we to expand So want AV we're operational which really we and there. kind it's from the there. Vaymo, local to in for

position in all streets In digits where the terms time. And of San here have areas them we is in the do the digits. operates, high see on Vaymo single that the low double category or Francisco, Vaymo we see

It's in seeing partnership or been there. competing comfort is our more of any generally it, at we've a effect terms and call one We it's great bit And other. a price a, X. type a of of of with product, a The aren't electric happy out the to dominant going -- a well. [indiscernible], price And consumers premium cities forward. the to and Waymo that And Frisco for of our start them San partnership like we Austin. compete that be with extend Atlanta forward way we're in really very as hopefully, build Lyft. with But will together to in and kind

Operator

Bank from is question with Next Justin America. Post of

Justin Post

the go unusual anything think XX%. points that growth tougher on we to do go strong those decelerated But bookings Mobility. in in take about anything are then where surprised just as the and to rates mobility comp. know I you forward? X quite a were margins there How quarter? incremental guess it's the I or And of drivers and you you

Prashanth Mahendra-Rajah

Yes.

Justin, I'll take that. the of first part

of So QX. how of the maybe with recap let's did start sort for we

Xx that growth. rate with leverage, the of on at the quarter bookings now we then majority that we've that's And So EBITDA able as at the XX% came able get at audience almost really And fourth quarters, financial several the are constant gross currency. at growth. fourth. gross audience the last to leverage it of been XX% drive at bookings of remember, clocking to and That XX% frequency our growing has for least from driving frequency

where on seeing pricing I the year-over-year be comment down in what well. lines a prepared we the the less is the bit driven we trips Really what in impact deceleration to of of level, is remarks, sort Mobility the of QX speak we're little QX -- by headed. sort with LOB about similar saw Your think, at to as

efforts a the don't expect should from making sort increase you with to see -- from what insurance of the the affordability QX we side, to QX in in for again, of little of you as So line pricing, some delivery see trip on as with as QX impacting size. we're benefits activity you saw both benefit less much well basket bit be drive don't -- year-on-year you the in

to Mobility constant XX% and of a very good low QX of the in then And at we probably continues currency flattish is on still margin sort grow overall, So of feel growing this kind think large a rate. would a say that I business EBITDA range in basis that sequentially.

Operator

Mahaney from Mark Your with Evercore. next question is

Mark Stephen Mahaney

on things Okay. I'll double-click just costs. X the insurance

problem just talk primarily challenge, global those where Dara, costs? there that a is insurance -- rising Is about, specific problem? that are state and are market international U.S. those So markets? is in Or -- a

then let's advertising too. little bit about And talk a then

-- rate robust. points sustainability where that XX%, particularly The that's you doing at you you're of that sustainability you're delivery there pretty about So and is Or growth you're opportunities growth that? XX%. -- as very high think The side, markets lead most do X%. are? of of where think and bookings the on well under the Are got you markets you've several the percentage

path that adoption. about talk of Just

Prashanth Mahendra-Rajah

take going you, I'm Mark. to and ads. Dara take Thank This Prashant. is to going is insurance

up in this U.S. but was that -- was year-over-year to So steady XX% a pick last and rider on insurance. is to about we've the motor the that provide where The vehicle insurance pretty way quarter drivers September, us talked starting insurance our for prior this rider And -- on is is moderate. -- they seen no quarters primarily insurance The U.S. are increase again we for for CPI that to a then different. their in when trip. when up in in phenomenon we

of Dara think earlier the XXs I peaked back that low in questions. it on the one spring. of sort mentioned the in Remember, in

the times, last have, significantly So [indiscernible] continue program the some states, we as driving that of have success able this. see as And for -- which look pretty putting where principle unchanged has of risk Texas, X really we've insurance there's to and forward said includes we lot I'd cost we our initiatives in increase, to of in been deployment our been insurance to a to the sort we've seen to as actually drive includes at of And our the Georgia, X the of that effort we're help safety with the we compared a those that but examples. what we insurance relationships we've curve rate on bend in management technologies down X XXXX, over to modulated cost expect have years. that many say a couple

we pass along cost pass increases, We cost insurance and decreases. insurance along

on see us those our as pass we riders. make benefits you'll to continue insurance, on progress So to

Let your me Dara on take advertising. to to pass question off

Dara Khosrowshahi

absolutely. Yes,

business. So advertising, to very, in of gross that growth said pleased always with advertising Delivery, in were X% plus the We've very obviously get it we're of the can our bookings mid-X%.

X% right this in and So between point. X% at we're

So bidding so for the small we're monetizable for one little making to the choices to session, and business of or high-quality user were good kind a are able continues to CPC to our X showing no number We're of bit progress the into That there. per businesses. little business experience ads load if advertising kind And I the well. the of with increase ad high-quality generally well. categories: We're split to progress is really, really kind because placement targeted. increasing really of impressions users user as restaurant penalty different

small of kind very high at grow rates. business SMB, very, continues our business, So to medium CPC

Our growing lower penetration enterprise advertisers, well. quickly generally but SMB than that is little as with bit a is

looking target to the And that some enterprises, lunch, are might or might of example, that be incremental. target of net new for the to for consumers, they're segments or looking might consumers be larger be that they're breakfast, they're looking different day, different thinner that

tools the the that enterprises And based This on out for focused we're we're our bringing of in sophisticated then the is on product become time, in world are see that there tool And of Cokes ads big And buy product. looking on that increase and we're more to there, these in to and partners product. advertisers. again, we very, are good business in, markets We're our brands the bigger of absolutely share cetera, in we're Pepsis building advertise of progress the brands building getting grocery business optimistic necessary be cetera. that are a development who early for launching their keep for sponsored marketplace. we're order grocery our about there. X really And the of bit at in have And set big for grocery et out then we're our different to enterprise tracking, we to there. we terms the groceries. CPGs, just the growth kind very the making global So can mature targeting, our to now, rates team. And quite an that the and same number with really listing et our

And we're about then mobility our the area journey that other These are our excited pretty is ads. advertising.

We are very, space of very Click-through advertisers. rates industry to Xx really to kind of restricting averages. that that are high-quality Xx

the which of We're So is the quality. kind ad -- a the experience, our getting as focus of the not on attention advertising which there very result to is careful hurt is riders. rider of

offerings We a are the to vehicles partnership -- about we to recently Solutions T-Mobile with bring XX,XXX our TV Advertising Journey across U.S. announced

So to that another we be advertising start optimistic our solutions jump think we're that will mobility well quite as about.

well. is we for tablets, increase think earnings earn opportunity terrific that's the that more increase to but drivers of for in these as for margins, ability to example, quality with and think the driver it extent mobility we life, advertising improves us an Ultimately, a cars their also thing to their

ahead of mobility X solutions. listings us teams So have very or we and room pleased tech the or whether are think in we team sponsor all are delivering, plenty journey of areas, CPC midway growth and and this along with it's for how ad

Operator

from question Next Citi. with Ron Josey is

Ronald Josey

Dara, quarter, stick delivery [indiscernible] million we think in side to the reached map season letter little on a frequencies? highs. exceeded said here all-time the frequency I the just driving Maybe, what's understand and bit in I $XX the wanted

offer. has and just coming just Can one. about much question Or the are grocery want number everything evolved to to delivery. for on that's investments the I given around bit new just how you maps on I and talk guess more so Uber verticals, that understand little that And has a restaurants? to newer awareness pretty

across just Uber then your And members just to One driving the XX thoughts on other on greater frequency initiatives million We'd XX%. X platform. frequency globally, hear trips up question on overall. number love teen

So on overall X is frequency. on X is delivery,

Dara Khosrowshahi

Yes, absolutely.

So in a on in of [indiscernible] quarter pleased delivery, It's listen, audience, side XX% delivery it's terms the results. listen, bookings. growth And category. big on terms with is -- the all, another of we're first of of gross

And business I continues maybe think category I main new is surprise audience, Uber mobility significantly in would the is bringing Eats it the say, to assisted on well. the growth ourselves. line that by many, the including as

our Mobility mobility in now between And differentiator we on marketplaces, unique Mobility cross-promoting delivery, an right from also top with it the increasingly business have tab of actively and have Eats and well. users is which We Delivery to as our

a we our increasing is audience continuing and increasing a of and world new X/X we resonating, with a audience that are advertising of lower-cost as very the it's with of around Eats top message business, Mobility about kind to Uber from landing markets. platform. a and much that's and that XX audience obviously increasing all spend obviously Delivery comes message So engaged the in brand is and the our -- invest of in result XX category position gain But

more increase, of hearing very in about we're continue making and errors resulting increasing is in of continues us, happy X So unfulfilled category in selection, not are service, number the sure what you getting quality sure then wanted gains just to decrease. frequency, that it or terms that for And deliveries, position terms is rates on-time to about. us people making of that

happens, can of the which call The consumer situations kind want to in better continuing for you, look more avoid happens, that where you those customer we cause experience. with grind alternatives. if or people something stay you So to terms something unexpected that, want are to a poor are, it of and happens to experience you

we part experience spend year-on-year, well. And as are on membership. of up it our can members business higher well. as Xx nonmembers. then Retention momentum more rates XX% to as And is that improved, Members see then that XX the you members, have once for focus relates with than core million the

both very in our top it's you all well. increase, can of the terms see well. the versus improving to as our and And margins together -- I in and position results category So competitors it continue line coming think our

Operator

Your next comes Bernstein. Nikhil question with from Devnani

Nikhil Devnani

Thanks commentary and to capital more for seems autonomous delivery dark on other in whether or of a the of capital for it's vehicles, approach like efficient. say, the partnership opted business, areas It stores allocation. you've

And So I your a how just remind versus acquisition guess, new in or further core expansion in makes to transition your where adjacent better with buying could vertical into does the right market? you considering think is you us fit about path around and autonomous diversification mind? of a new the now way that Uber opportunities happening set partnering What business priority platform your an the a vehicles?

Prashanth Mahendra-Rajah

when in to opportunity going makes kind Thanks, trade-offs just do allocation a refresher capital I'll I'm to to make sure let of those going thinking parts. are sense. how between We're then give do about to about on Nikhil. we talk how partnership we the do everyone this X Dara

reminder about of a on I going to call, We've [indiscernible] us. investments everyone, We've what's and #X mobility opportunity got with growth at focused responsible plenty talked strategy, aligned like free the priority as of start just ahead our of the drive Delivery. So things this side, on the the on organic to flow. cash said is

the have both business. products. And of sort and [indiscernible] We spans which our then direct groceries platform, have we our terrific

much of IG, expecting. And focus than goal a we were grade. to year, this getting investment February, got it we of said really hit in In is there to great excess actually we and We us important back shareholders. to to return now also faster was we us. had liquidity us, which QX accomplishment that the a of really on allows for capital

M&A, high but and really it's and to we will be have selectively bar, a value strategic accretive. both So to going to evaluate continue it's financially

that great its example a an given think a think accretive strategically high $XXX is where about million Foodpanda Taiwan likelihood incremental deal financially, EBITDA that, we was win clear membership I pretty we close. And very market with after for how where it coverage. Eats great is the and both of in Uber a the terrific get shortly is then we'll frequency such

capital but count And And we vehicle I on to going this I feel opening, So be want good get again, reduction restate at a our made now beyond to in program primary is in to that, pretty shareholders. it. XXXX. repo share the that. The back that the we're point

to make So pass partnerships when now sense. do Dara get into having said back to that, I'll

Dara Khosrowshahi

Yes.

or generally, or we when whether is, can et an versus look ourselves: really get of partner like one bunch do. into So want area, it they're is second add there And at tech-first these related with example retailers And then we business fulfill a just millions our company, and like to Apple. to what we core? to Is focus? when these rather that services value? for to ask whatever cetera, the fulfilling direct we of a substantially [indiscernible], And them complement area segments, extend segment, acquisitions, concluded to their can looked in couldn't of value retailers proper It an Walmart actively and the are example, product a we, a we that them, add reach example, at some they we get really, with we'd all then for is an out certain doing, as are serving into partner retailers there. of allows their we for to that

business, can't it it [indiscernible] were if that add we'll [indiscernible] core be look of autonomous investments that and of focus making. operations, can't autonomous, they we in of a local but to allows partner them and substantial the for our is uniquely we world wasn't we do, example So we are value, which the them company operations, bring the to where can our monetize demand all complement, is if which the

adjacencies. platform, In started because we typically on the We've different with of and grocery. we look how will into the We've we we -- terms will obviously, -- at of typically them, food. of adjacencies delivery, power experiment with gone

on You're X-wheelers adjacencies. to with test cetera, and retail kinds of all we deeper and into some started cars, of and continue we'll trains, mobility, as well. and we're buses out to local and et getting us with of going these going kind see And any and X-wheelers

Typically, month, from expertise get and frequent, can we as look can our for meaning behaviors that benefit in also multiple are well. interactions of you real-time per local logistics terms

given to ability that when change noon unlike our on is. know even from and don't on match to retailers, like X inventory to service, what p.m. substantially a.m. pricing out based inventory traditional a we're many can X Our day we our price

inventory very makes of a a and the quick very, that and So inventory able the real-time challenging, that then side side. price interesting in to of be it to our scan we on operate. scan market It to enough problem but demand do technical we both kind have really every that supply

So here. there was them businesses. capability, to be bring that's where we where and things frequent to matching organically advantage like highly take typically, look where circumstances of to and local the interaction built a to or tends built can we'll And we act. pricing where can of customer Eats first, ton our build logistics value We've organically. and are

is Prashanth in acquisitions be those right we then at because building DNA something But as shop So bar at see we return said, if acquisitions. quite this And will the very for again, disciplined investment high look of on terms of will of the like part organically we company. now. really our interesting,

Operator

The next with Sandler Barclays. is Ross from question

Ross Sandler

going to the back autonomous Just questions.

the of you conceivably behind an Tesla much Uber why you on Robotaxi in road not about investor see being fleets you you evolving? the Is future? how option Why second an companies and on talk specifically? next guess do broader? of partnership, see wave market cities? X that When Vaymo only and guys in on Vaymo the then Wave. Could are the And tier and the that So I something

Dara Khosrowshahi

get what anytime terms cities, with really city there's in Ross, many players, and you of the And of to Yes, liquidity X the both and other want in proper map as AV originations a destinations. cities kind map well you different to is a need launch. Vaymo that and

into that these investment an there's So launching goes cities.

your in kind city in depots, that a it And cetera, in infrastructure, on want hopefully, proper thin. in the sense mapping, cities getting your to make it. of we into a a you from to XX XX getting et cities attractive very there. to return are launch and into Way with can your cities Vaymo thought or go So X investment go capital. you And so start these ourselves that doesn't

now right Austin make they focus the will. Atlanta is the to we work way that and sure that really, But believe that

In terms of hard generalize. other really players there, out it's to

Vaymo leader well. many technology. certainly around cars players the And clearly this in but developing China is world, in as I there are these who are cities other that the in industry. are live many the think

of And price of and the is partnerships deployments at players of And far after the in best think other -- see so network, autonomous we all with the partners a go we've many, many of coming many lives up of that with kind both extending so locally across I ecosystem utilization are out will to the partner 'XX. a to terms potential the expand partners speak, making U.S. driving that will our on of autonomous bunch in of opportunity. to more significant you shown saving outside some And reasonable terms that the think because safer partners. of available and different drivers continue just by so mobility the I that Uber but with potential these many terms working in market, of in going are there, people to and

to So stay going tuned, more you're launches see up. coming

Prashanth Mahendra-Rajah

final our question take we'll Sara, now.

Operator

the question Benjamin of comes Black final Bank. Your from line Deutsche with

Benjamin Black

partnerships? you need one consumer your a in it's for Uber the drive the exclusive? points Do deteriorating. confidence that not that you What future on the bit talk give of the is just the supplement direction terms markets? track way right to the is in sort of you travel some larger to how then of deal, with little the broader to proof Is Direct. that state penetration? it's And deeper your landscape, Darden that some you investments And about you business for environment structure second think or do KPIs of of incremental about Can of guys macro favorable

Dara Khosrowshahi

Yes.

generally, on I especially isn't services. strong. [indiscernible]. services consumer to demand continues So where be think still on Spend

pretty travel, I think results. reported I think night, all last example, strong players service for Booking.com, So

retention well. pie, enjoying providers all-time if you our of services our frequency audience us, look an Delivery. this. of the Delivery similar And at is in up all for and is to an consumer something So Mobility signs both not of kind that in year-on-year past any It's as down couple seeing globally are We're in at. is quarters all-time high, trade we look

bucket and the all our ordering of $X the from markets. top own versus kind ratings are terms of in in $X eaters more So the bucket

example, grew at Mobility, like you the is grew when look looks consumer strong. it and bookings that. then is And a solid International gross in for U.S., faster they which number. So XX%, the And very actually than U.S.

about. are to then be is as strong, something continue see we which markets international happy well. to very, continue on spend And the So quite strong corporate very very side we that

new XX% XX% continue business is we UXB there. and to accounts, black of is of kind not well, penetrate down continue and constant We're are existing cetera. which growth currency actually any seeing very growth premium, signs rates strong. to as grow about of accounts UXB trade comfort, but into as et our

for the stay -- signs they hoping So we're and consumer now, that all certainly way. the are consumer that strong,

actually. terms in aggressively in Direct, invest then continue of we to And Direct

partnerships partners the -- Darden. see You the with

some the not of some depends. really we hard are want It's are partnerships have generalize. And exclusive exclusive. partners. multiple and There It who players that to some are

business are that that the we direct benefits think nature. I the one bring in in we global of

partner, ecosystem Tokyo no them -- the and there's can can one one international any in we partner tech we and York, deliver integrate there we as especially us are and in their with we New can global can for for very do. else has really in well. global scope -- few deliver that brands, who So them And into

to relates one extension offer And fastest-growing more But business. same-day and that real parts us Direct, sign partnerships services just direct the we deepen our as It's engineering think partnerships. it a of of we're the more parts the our opportunity fundamental fulfillment ecosystem as the up forward. beyond capabilities of our also for of terms going of in our delivery of potential continuing we into kind actively there and headcount increasing to

huge of Deepa I to the that's and what think report the joining. So Prashant everyone, of Street. and efforts thank you I all for the Uber that to team you, kind A Thank for undergird it.

and to for Another think in looking I we're a strong good going QX. some the be couple closing forward to And we're short, on quarter, talking out XXXX investors of with a

Prashanth Mahendra-Rajah

couple Boston Francisco San to the Yes. Miami, weeks. going in be Thank over next and We're you, Dara. of Toronto,

with please to We'd corresponds anyone's out that you. if depot. interest, reach see to So love

Dara Khosrowshahi

All right. Thanks, everyone.

Operator

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

may now disconnect. You

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