Uber (UBER) 1 Nov 222022 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Uber Third 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

my Krishnamurthy. turn Sir, now to conference Mr. Balaji please pleasure is today's to over It go ahead.

Thank third presentation. operator. welcome you, you us joining Thank today, to Uber's quarter earnings XXXX for and

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

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

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

As these subject are and to unaudited change. a numbers reminder, may be

Certain statements be call Such expect, in identified this forward-looking can may. this and presentation believe, and statements as intend are on by such terms statements.

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

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

opening following questions brief to remarks Dara. call the a open will from We

Dara. With me that, over let it hand to

well guidance and flow million. $XXX bookings uncertain XX% delivered Despite Thanks, cash year-on-year, another gross our of EBITDA yet of range and an high the Balaji. million, up free $XXX global ability considerable cash strong again with strong with quarter deliver solid EBITDA all-time free Uber exchange growth strong to foreign that our healthy flow remain and issued and generation. shows QX confident and top line we in environment bottom economic incremental progression guidance above headwinds,

to reopening; are adjusted over gross cash be the build us. far company spending month broadly, how profits bookings. services. seen ever and best that our fourth mobility continue to travel billion several of With We've meaningful of year, million are this and more scale in confident represent are advantages ability to back free Cities combining performance $X we've to generate of October this tailwinds flow in a trends $XXX this in trends continued our EBITDA momentum. retail tracking global our our is these Underlying consumer so and unique and we're for with shift booming for quarter from platform total on into demonstrated

With that, call the open to let's questions.

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

open. is line Your

Thanks for two. taking my have questions. I

quarter The backdrop. first Dara, trends. The given guidance the bookings you one, particularly solid, the mentioned really seems fourth

bigger changes picture That's one. down seeing acting sign eats, across one curious, any your maybe And are of within Just behavior differences MAPCs. consumer all cohorts, of second what your a income or or any rides, one. at the you weakening U.S., Just the trade the kind of in consumer in then how first they're Europe?

bit using users infrequent pretty I who apart a think still lower high-frequency a times and users, break business if about few more we per is MAPCs, to are lot us philosophically a little rides to Thanks. a few five those times the of the users, four, platform there's frequency month. between strategy talk years get next just you the that key Can month? users the sort of three, the lower-frequency

Absolutely.

services strong, but and part seeing investors. strong we signs been on, frankly, going is we can not retail we any closely And to communicate So and any can both not only Brian, the everything beneficiary imagine consumer now, over consumer as we're And have with signs it for that very spending consumer our the internally and is of looking are you of of spending that. so weakness. right from to that is shifting

we've as mobility, on not opening leading are with world. jumps we I Again, we've the looked other. looked if Even delta up, from income looked to Seasonal in any down. income as with slowing see one have no kind way terms seeing economies, any trends continue there's consumers specifically Europe any any as per mobility the our or behavior. inflation So weakness. signs of showing rider think observing not of see and an European things absolutely same. And in of at the We're also weakness to if at basis far there's higher the trips riders to weakness we're remain Western lower

bit foreign factor the been a able well. of biggest to look financials The is of consistent that's and profit bookings platform makes remains the lower as the obviously but you dollar exchange frequency and as hurts we've U.S. our the something active that's affecting When stated business, monthly per only against at consistent, it delivery our strength remains well, our as and ordering abroad and that not margins, saw, gross we that consumer Really, overcome. the QX. accelerated in delivery

forward. on the So going cautious as any to now, as we on going while right overhead. goes, are We're signal, seeing we across cautious business seeing But we're be far have cautious for signal. to the We're board. looked to going costs. strength going We're be not be

frequency active move absolutely far of platform As consumer consumers, has in the from, X.X if trips say, earlier it's Generally, growth. if that from let's the X.X an we year. can significant you look that the low-frequency lower of average at our consumer, to consumers increased will monthly – number our use see we per very higher as frequency, true high-frequency, to go

on now Uber So XX we engagement is is are seeing One which factors our membership members. say over three there. program, there I'd consumers of higher One, the well million platform. are

now additional We launched in are markets.

they that to continue global and have as well. benefits delivery launch. benefits I now both mobility basis And benefits think and that One on markets Uber has eight in we're unique in a are

Uber that is driving definitely So a frequency. One is product

for Second cross-sell. us is

alcohol consumers well. into then We food into now delivery, cross-selling grocery as back and are consumers actively mobility grocery, actually consumers, to delivery

per of the have and to of for all cross-sell have growth drive are designed as bookings to taxis, growth product Hailables, two-wheelers, frequency. generally some drive customers that put also And we well. the So lower-cost This healthy higher us we it retention you and also initiatives across drives all three-wheelers increase, When then is together, the platform new gross as frequency drive audience. and well. continues that it

frequency us tools we and that got we there's of on a side. the the So think ton we've upside like for

question. Next

Dara. Great. Thanks,

Sure.

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

Your is open. line

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

and house. economy towards of That's number with to of Brian's how the in caused elements regulatory on in we volatility gig a only news years? Dara, proposal question, the terms how the First, it of a updated that flow then evolve, the around maybe your current not that sector. state evolve the business from lot but latest couple one. terms that and landscape asking of of pivoting the in weeks a saw the us next over department number might respect proposal your views last And side couple of might in the the of two, Can give in it world delivery your you labor of but mixture

be delivery that to grow the seeing on about continues want in widening impact there think some next weakens. of delivery Are how XX the if to will we the front lot be should consumer anything a Thanks. the out maybe frequency? of of that how And cases about use flag in delivery thinking or to cadence concern some as consumer months? terms and you of XX delivery muting you of I the the

absolutely. Yes,

which it which Department would of significantly. it grew was us NAV's framework is thing first during reclassify So D-Test. include the workers, it to Obama's relates effectively the a as in framework any And doesn't rulemaking, to Labor we you doesn't returns tell I presidency,

the that on right? provide very, And going liberal So level, XX% is a believe will XX for it have the of ourselves working in we state. rule that passed look at Prop with California votes a when we state-by-state focus the stability making, in forward. really very we

the levels very recognizes of are robust. that I of earnings flexibility everybody think independent contractors, value

the having we that think on some really earners a level state state preserving our protections finding contractors way goal robust dialogue providing and a that I are forward. and level, on about robust having independent appropriate dialogue is And flexibility, right dialogue a we're the the also for then is

to a in shape I is nature governments. us And say going bumpy to dialogue, would is but of trend we point, favor big to in the local the We that road a it at the have obviously, always with have responsibility for be and is be this our issue continue going is going forward work dialogue. to

consumer product again, delivery, at this don't are frequency When a stable. now for at monthly one well. our of us. we other way see up, out XX% It's basis as signs eaters or is of are we weakness any watching something we're sizes on look our About that Basket point. the using grocery

So there. segment. within penetrate our at rates Uber engagement we delivery higher membership And are driving higher One to continues

watching continues be the not delivery. well. a for bit quarter. this this we're QX, as out of it. stable you bit et expect up point, it be I rate to weakness. It a for So And definitely We're to to little growth we stable, think seeing see little cetera, At

Next question please.

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

Your is line open.

mobility you've guess a if first XXXX? did kind from think. just of contained can be up help breaking I That of that us go drivers go you categories. good Can delivery plan see the cost get done corporate think the I keep there? your over drivers some through in the we job couple about next to a And down growth overhead years? you. quarter-over-quarter, then you three Thank thing. of Could you here bit And to thanks. Great, in would the

Yes.

very accelerated So I quarter. at remained growth delivery bit North look last if growth, our America volumes a you think little healthy. this

bookings And a Europe, currency well. of basis actually, gross we America, So acceleration as XX%. a bookings then constant North slight in terms in saw grew gross on

source, delivery, I from new driven rate steady eaters. eaters on it's have coming of side. based all source, new in a the growth so front. obviously, think significant a mobility adding And is on And the on we The in

TikTok Facebook, many apps. merchant of Google, cost eats combined as eaters and our also at provides business mobility service, about it's quarter Our q about to new

of merchants on are merchants year-on-year. platform, the number XXX,XXX all-time up high we of an are on about it's now merchants XX% number And of platform. in So at about terms the the the

number bit of higher. growth of bookings Gross bookings that our a well. merchants, being So growth merchants as again, gross that growth little mirrors

frequency the new supply, the with adding with Eats, growth merchants, and with that we're really the Uber see is and So adding we driving eaters it's One. demand new we're business of about and which along

you to talk about want Nelson, overhead?

corporate bit on a it yes, quarter. continue to increase overhead So, We closely. the monitor did obviously little in quite the

year-on-year deliver if you is is because And businesses a so well. what gross trying the as did a on points do fact a our we're that basis bit are really leverage are basis, uncertain despite costs, XX more about of bookings. quite actually the our on environment managing focus doing operating percentage recognize to Internally we of will, we little we that

you to continue we're to operating be to So expect the should deliver us to continue leverage. going disciplined,

to of full As making sure that as X% level. that at you about the your ahead right way we about North think expect deliver is know, we're margins you incremental the company we know, we that as and And us, now ahead total of for XXXX. a talked be Star that

Great. Dara. Thanks, Thanks, Nelson.

you. Sir question. next Thank

is question next from Your Anmuth of Morgan. J.P. Doug with the line

Your line is open.

rate, which something questions. second, to there. on step the the just could entertain you too the XXX fairs was about Thanks. destination the up There bps early for upfront get I and is XX.X%, talk mobility the And higher take mobility then for functionality about read Thanks just drivers. drivers on sequentially, if side. key the

global XXXX and take destinations it up satisfaction. highs. basis, will are Drivers, to I were a first fairs Sure. will as take it big positive Nelson a Listen, relates at on front and now the as the second. driver

what that historically. now is XX% And have of down number where If it number is drivers versus driver you versus recovered we're almost U.S., is look the of at XX%. we that was drivers seeing have the we XX% the is XXXX. churn about But up

driver earnings is So as driver more the an on other a We've And words, engaged in are $XX drivers being the average on drivers hours year-on-year many the hour much average our about are up on U.S. XX% talked in basis. platform. driving well. engagement, on how

we're and destinations, we that that We marketplace, information terms are trends into the more our earnings, drivers driver remain in very terms of So platform healthy additional combining for the the on trends. still very flexibility very, busy very that is see the see driver for the and and and But the doing supply you healthy robust continued upfront get add platform can trends our engagement high. that in competitive of so. we preference very,

worked So, that really to from destinations, as the product experience to innovations we're has onboarding, driving customer to upfront service, driver of well. safety our bunch to improve team the the a

a is there innovation on it's their So definitely and platform. lot on, in preference terms driver front, going showing the of for of our

model of in regarding a as change gets more in little business bit quarter, it mobility about because we've the and all, rate in first that UK March. the a so take Yes, occurred of challenging talked last

to was mobility reported take rate And so XX.X%. our

would UK of been change, the rate merchant adjust take that model the XX.X%. about you impact underlying out have If the

did On And XX% fuel the the close quarter-over-quarter. been XXX rate because basis again, quarter-on-quarter. the was the basis, about underlying impact underlying take would points to increase relatively take a constant charge have rate the

As of the P&L. the Mobility top we've rate on improving We been line EBITDA focused really segment actually as for getting, take demonstrating X.X% margin improve. in we're view to and growth we importantly continuing QX guide the but both just of continuing more you, to was which of margins one and levers are the trying

bottom number levers our focus line we dimensions. sure like really again, and of deliver we And so targets. make And across different against a a lot top we have of to feel

question. Next

both. you Thank

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

Your line is open.

Hey Nelson.

EBITDA last that in top you've are through, so Day, the long-term back comment Analyst wanted the And above year. hundred to this that X.X%. the target guys XX points several February. up showed performing follow-up EBITDA this go about on some Just rides. flow already, At the seen you of markets basis margin that

break in about you of are it further those is top could markets So going or XX talk are just it kind that pulling are that even up ones the up that the XX%, what's like, overall, is top the the than the below margin closer driving think towards And it do guys Like or even potentially still that in Thanks higher? what's could on any to rides? a improvement in long-term be average the color moving you long-term, goal? EBITDA lot. it's XX%

as say that's the about we've the number of a would board. guide. across talk we I and kind talked So, XX%, it's

getting So, a) of last we've leverage what our talked of bringing the base; we're we're b) seeing a is managing we on. some are investments about because: lot cost the made terms year supply in

be to adding So able we're supply. in efficient terms that of more

And that so really number kind continue have of are year And of markets improve. board. next XX% I above extremely the are to that do below And a we well. number. that it's highlighted across ones are top that the continue Those to countries

in And so an our we've just improvement seen overall marketplace.

if our on think seen then Our ability you it, have our and we of actually line against as lot geographies to the confidence targets quarterly strongly it's overachieve all year. quite of put across now. business out is going a particularly And bottom you've this again, the right our key about

quarters And we're again, XXXX as out The line. if is We've the well. them numbers line. laying We've operating we our bottom anything hit them targets over the into in exceeded quite about on think business February. on those largely three top

how bottom that you not line XX% it's about and is the right are folks XX%, probably overall actually of years because operating the think business out. three But or the more now. number we confident terms the above it's hitting so below in And as marketplace just

margins, some of the continue of margin to the able the I this in newer Ross, while incremental mobility portfolio. healthy in And that we're just invest drive products incremental we to kind add

in invest rides, we taxi, shared As in we et reserve, capacity as cetera. we in invest as invest high UXB vehicles,

profitability, the we said. delivering while and base are had as us higher that reinvesting very, is strong is new actively So we're in invest but leverage very Nelson products levers, growth inflecting allows to business showing in

All right.

Next question, please.

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

open. Your line is

Two Thanks. I can. if

in all rationalizing business targets, of there confident of macro? such in cost XXXX macro, regardless given on in the kind that side kind just competition the enough the the of First questions EBITDA are around levers you're

their action added one you higher and similar the second make costs. related, could somewhat sense for surcharge a insurance to retired a then course energy might pass new And for what And along Do Lyft think mean charge recently of P&L? Thanks. Uber? that

incremental you leverage think so bets. we're this, of and about growth to we're company against we've first terms X% yes, the so Dara Okay, or you to improve some been the of we're investing telling the over-deliver all, that in level, while and to able said, able pull margins continue as deliver in if to leverage,

confident delivering so, November here again, number three of frankly, And in data have sit the terms we versus we're XX us. probably in we more as today February, even because of EBITDA quarters behind

of competitive the part is also including operating now. And right environment we so well macro are quite and the the environment

delivering confident think terms we the EBITDA XX we number. yes, are very of So in

I tell know We In terms surcharge doing. attention. what of the would close is we are Lyft what obviously they pay you

making not our based by to as continue And they're very, we'll going on But well are point, make we time. that wouldn't we are change would something We to some to that as top make we strong any very trying again, And but continue you we're as sure a not we beneficial bottom it are at to results at not tell change this can official again, marketplace, drive a evaluate. our that balance an delivering line. line obviously have effect, It's again, marketplace. doing.

that's to high our really investments. on job XX% And a our we basis, And to global as waiting a global global improve that, up of a were add and to focus billion, $XX.X to earnings from drivers the lean couriers our supply and run operation as Lloyd, is a on responsible be Earnings our to of deliver basis the we're where all-time of And earners investors. much situation. where on business our is just our obviously kind now some can right basis. possible also

exactly like versus own strategy. going we we're to some So our right our of where focus are strategy we now, as competitors’ Nelson said, on and

Okay, thank you.

You welcome. are

Next question.

Your Research. from Deepak Wolfe next Mathivanan with is question

Your line is open.

Great. questions. the Thanks for taking

couple a ones. So

calmed elaborate even very of batching more per as you scale continuing unpack last margins of Is First, cost on any the driving factors with year. It's the to you period can trip factors? Eats’ in down? a Can that's the kind other the incremental are strong, you investment there XQ? be like linked or platform sort through happening and it changing

ours question, you some Are counter of elements, the second maybe regions? helping weaker about the world then starting you being helped supply Dara, And with becoming talk kind across by can supply to of potentially and sort certain macro in certain driver of like the in weakening see driver countries? cyclical macro

of so first all, I'll the Deepak, take Okay, first part.

profitability we courier look of So, as this tech what conscious a done true. team our in both planned. year the previously delivered work expanding we as well if you know that you some benefited We than pivot as the QX faster play what our that improving efficiency. we've at from delivery terms made And in has very towards will guidance is

margins. And that driver in the of driving is single terms incremental in delivery of so terms probably biggest operating,

will changed. are a ones The profitability, our as the as secondarily, amount of funding and margins have have on to environment constructive trying if a the lot the then follow you not you we competitors competitive incentive know, lead are drive that our public, also fair and then gotten has to And line. that more trying still

So really much are on more competing we platform.

seeing progression. are growth, of the both benefits think our about margin but our And you so EBITDA that as importantly you

continue drive managing And to so Dara leverage that base really said, us our you to get expect cost our of we should and sure because as scale we internally, to off platform. committed are making

on is global basis. getting across driver a the healthier board terms in Deepak, of that supply

driver there think lean into a I supply. is are One factors. we couple

driver So be high continue while they incentives at to are easing levels.

drivers bring billions We driver are board. to dollars in incentives on investing of

tech auto is take having your trip of to fetching documents driver that your have into as onboarded the we making to documents, and to is significantly onboarding of getting drivers invested in as a conversion opposed gone actually well. Second, work that flows, those ton There of first improving onboarding has our pictures signups flows.

play macro wages very, in driver in environment and we're the seem be drivers role sign that think now combine up, making Average in afford healthy inflation U.S. environment. in it their do are per right? does inflationary very real levels; solid who the an least more earnings said at earnings coming with to on-board seeing. be XX% I the then groceries, fairly of over hour, that to engaged are helping And helps the $XX the Right? U.S. weak where a decision them did environment comfortable to our their It as relates are those

the environment I think and technology also helping, behind although So is we as investments driver that do factor pretty well. macro do in both the important made a we that incentives think are

please. Next question,

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

open. line is Your

or wanted what product – the are that do XX Uber else Thanks. One? to million XX One on The questions. Uber you what the value do big customers compelling, you from members proposition XX Uber make productivity I million? go – One, more such to ahead Like ask you unlocks two can what to

to where they and today? get from where it improved to to to Thanks. driver and in secondly, if are those to back of were is then back and now you things talked to about done Are continue still back XXXX it on seen drivers be in of with surge is improvement like in kind performance, get par that mobile; to on active with ETAs improve you've And par the was mobility not the back the levels ETAs. it surge what then supply productivity back metrics September needs

Sure. Absolutely.

we're is launching there out markets always young only We're – are very other in on but markets, is And as So are would that stress discounts so delivery who only already we're still players this trying we ranging product a Mark, the is benefits remember, to and eight thing now a as to strong a well, just are proposition product the it is the there. opening the markets product. I think Uber this benefits. one delivery up Like as One offering with we improve competitively their far are competition superior we as especially offering from that is are mobility X% side, price as – well. who XX% and which is

So as is to we're we it, have to you million with XX product able be confident there. put the out product to to there. go million million from that XX already XX the The

are we push we best but in and Do of with, audience basis. get to on on Do a a membership there in you audience – in Uber One One put is, during million definitely for delivery that terms going audience think invest have a product matter XX the audience. event? example an Those a have, we And mobility priority marketing can that going obviously We experiment that get are benefits with we million, benefits. XX grocery that Now we a matching to as pickup we the time. experiential are and Uber can that you audience of global out priority is airports? a

seeing comfortable the levels are minutes but a it driver growing takes ETAs, are now of and new on investment higher they would average improve we average to call who's We're it a In healthy range. teens. range, with terms to which coming six Generally were being our levels at running of on-boarded generally more say simply are I rates, level and those is in at a in the XX% high-XXs get very is the down. ETAs supply year. surge call we function they it to surge hours are more supply. and on-boarding as are five-minute What engaged range. drivers last and And running then are continued comfortable supply than

surge we we're we and on improve get five going. confident to the closer our way, the as directionally marketplaces we'll well minutes, and of balance supply XX% we're levels we're below – where the think So ETAs demand

Okay. Dara. Thank you,

welcome. You're

question. Next

Citi. Your line Ron of next from question is Josey the with

Your open. line is

a the for question. earlier I time just Thanks I on and Destination. pricing more And and on taking the distance. recently go follow-up talked past into in about Great. so to question you Maybe Upfront than variables think wanted Fares you Dara, that just

more to besides then to little charging can bunch on Upfront $X here, algorithm about a sales and XXXX, $XXX needed And quarter. $X run-rate the about to distance force verticals time this to but the So we talk you maybe just million Talk billion by and talked variables Fairs? haven't much or Thank tools us from bit us on launch at advertising a what's a of perspective get that billion? you. about

Yes. Sure, Ron.

you well. a can are supply location that in up is there lower as then or So triple the variable to distance location, variables. drivers supply and to that that time going have drivers definitely the One if If low in are price there lot in the of is of drivers price you're location, right?

another as ride predict well. also will at the being We chances of the their destination

utilization that we And call a high does So so ride of lower. ride head it, another pickup? If up? in a is price would some miles right? basics, likely for will driver to the to far then would driver highly How is price it's need then have that going drive we of also that case dead large driver the amount have which the the

time what's be as looking six for well If and ability or at the access is might miles those with five we mile, it will the they to in it's cancel pricing that then rate they higher if price they lower. what possible wasn't upfront actually fairs, accept like previously will algorithm won't price the show it then destination. case give is. into Drivers were and is call be it's a distance half it our time then will If that signal our when a and also or and a upfront didn't distance fare

algorithms live to based Now determine that and working pricing – into acceptance well. or that the not driver as is our we rates, signal as on goes pricing see

higher this is to the on with throughput satisfaction on driver's well. a – of side higher marketplace driver All the as combining

happy about something we're pretty clearly So drivers the and that it's signal love.

$X in confident assumptions. competitors getting of marketplace X% of XXXX advertising are that are XXXX, a as dollars terms implies that number. and out short bookings of the put percentage advertising with we billion the gross of were numbers In by We terms think what – targets that we're very based we see X%, in to on $X conservative billion of

get we that. to growth So advertising we if beyond will think have even $X think the in we billion, we

are now new that excited opens advertising have surfaces that our We the mobility surface. launched – up Journey Ads up the services new to we open on front,

getting as with excellent onto demo because far premium well. consumers surface of that unique are that surface as mobility high pretty some and advertisers very very well attracted we're the very, We as engagement tracking ads, as those

high So building we billion, along multi-billion the are us. $X way think, a again, is well and to the that step dollar that way the one on to of just business the I point $X not for our billion billion business; is $X

you, Thank Dara.

welcome. You're

Next question.

line of Cowen. next John with Your question from Blackledge is the

line Your is open.

the mobility in you both questions; just pre-pandemic? could Hi. share discuss first highs compared Great. you Thank And about mobility volumes you. could to Uber's delivery? and you. the talk Thank then position on Two market

Sure.

and world, position very position the category generalize were delivery, mobility, on our strong. if around operate of terms to is and our we category In mobility I all but

U.S., across improving at delivery we to very, either for category all then we percent last far that's strong Australia, gross quarter-on-quarter UK or position only our our and the with category as position at close And we've month time the been us and space, our position particularly have believe of on the – in are We in improved. booking side very as us highs goes. improved XX-plus if is category strong not stable

is So vice position and to of the the and platform the in which we global because great. because able margins versa, improve are a is of delivery where gain category now of significantly, power is business and pretty to the mobility scale pushing, business, of nature consumers sending the the position of we're

Second question?

about we're versus on recovery, a globally. So terms globally recovered than more pre-pandemic levels trip XX% on in recovered basis of we're And so mobility. XXX%

us. pretty back So we again, of runway again ahead the business nicely good see and come

you. Thank

We question will last take one please.

comes question Your with final of Oppenheimer. the line Helfstein Jason from

Your line is open.

Thank you.

only use do guess, suggests only transportation elaborate need in think delivery we you the a proxy, UK you delivery Europe you do differences do you in Or think in mobility U.S.? Europe users? only to So to mobility users. structural are work you multiples as than higher versus users can but users these and what that are Thanks. there I our convert

Yes.

for as being users never the delivery cases use actually terms platform, we who of example, have So mobility of users I great to used able users mobility promise cross really to mobility now really And are well. mobility delivery drive offering think or either in it's who've promote churned we're promos, in terms those and so before. seeing

at the promote in benefits in is higher just delivery, then the of the that is we et we delivery markets. other And of you example, Obviously have. the your well can and number in business of percentage well. the business free is a look a other let's on mobility benefit And delivery London, London, Newcastle Uber lead the UK cetera for not One Manchester, our One when cities, Europe say while are world for discounts product benefits Liverpool, but as that is much other is Uber in but as mobility

of think power So with we started promotion, the really we delivery. mobility promoting cross

developing. delivery So of very potential promoting back that have terms think that early a we is we we're mobility absolutely in

Thanks.

for thank you joining. Well right. All everyone

very happy to strong strong quarter deliver and growth of healthy line line well. very, are as top bottom We another growth

to there are the I Nelson, the work hard on Uber and doing who are of about employees talk but ground. thousands it Balaji get

talking them you with and course thank be won't we then of to whom to special you. earners to here our quarter. forward you to next So Look talking

Ladies and call. this gentlemen, conference today's concludes

now disconnect. may You