Uber (UBER) 8 Feb 232022 Q4 Earnings call transcript

Thank you, Angela. Thank you for joining us today and welcome to Uber's fourth quarter 2022 presentation.

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

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

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

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

this this forward-looking results as as statement and forward-looking statement. statements should presentation materially we Certain today, except may on by from and law. in reliance undue statement any on forward-looking statement. and and can identified to not place not intend do Such be update Actual call required but expect, we such believe, may, you statements forward-looking undertake differ these any obligation make are

report differ made may today For year the to statement, for from about most filings risks the XX, on factors December more described public. ended annual refer well as information cause and the Form that actual please XX-K uncertainties in issue results went other to our and materially for press SEC XXXX, as the release in forward-looking recent

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

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

that, hand it over to With let Dara. me

Adjusted year-on-year Thanks, QX, with XX% incremental EBITDA quarter sixth ever and Balaji. delivered quarter constant row exceeded we on high-end $XXX of margin in strong a adjusted guidance delivered currency of bookings We for the million gross our of basis. the EBITDA our strongest of in XX%. a

platform never Uber platform through X.X world, we're advertising membership. the crossed time laser-focused million this for time, Put the all-time We exceeded stronger phones great new X quarterly on At for reached we're the and platform around making We've has consumer modes and Uber simply, our building history. another making the in our first the progress quarter. base best trips, billion with several people earning $XXX on million advantage high. over our same on and Mobility Uber been earners,

prospects. are year But more to to trip profitability We're record in I'm yet and accelerating resilient. great continue complacent, confident high entering the from than is uncertainty, with XXXX. our of we momentum. Mobility far ever deliver another ourselves year to standards remains in growth and growth macroeconomic any hold we'll Despite Delivery and

With that, questions. it up to open let's

Angela, questions? please, have do you

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

Thanks elements so much. in a and if XXXX build could. about the and business? about aligned growth the pushing the a think collection you an wider should adoption leaning to behind do thinking be I active as Maybe array to how How sort of of two between either products as Dara, have of Uber questions, to the of approach product and versus we One product? subscription the And think of forward product. Mobility, element we subscription Delivery driving around letting maybe versus just virality of create you subscription moat assets you around

And then organizations. obviously, of and the elements themes been within earnings has season recurring cutting cost during of efficiency the one continued more

on incremental the so efficiency some You but the especially much. be your to views inside margin inside about we laid should costs guys of company's strategy, thinking have organization, broader an respect Thanks structure? the with cost how out corporate

Eric. absolutely, Yeah,

It's Uber the membership is we terrific Uber terms a One, of think So in one. One program. only

If content. benefits, you that One think about as the about think we Uber

terrific. Mobility XX than over subscriptions similar nearly any has and subscription. which doubled is for One got million movement membership content other We subscriptions in the having members XXXX, with up, Uber So best of terms

active. here are I mean, One. we Uber efforts quite are pushing our And

You'll see delivery on it our services.

nonmembers to offer, monthly do times in the Members amount innovate basis. results see benefits the spend quite You'll Mobility X.X we And we of it that monthly spectacular. are service. are on the that continuing and our pretty on terms a actively

retention member than And stickiness. non-member retention. great is creates it XX% greater So

So member, in-period, the growth member than the in-period that a in the significant lifetime moat actually offer loss-making creates acquire the But discounts value for of which significant and over the are we that membership we initial opportunity our a the member, in is because business. greater of months a that X.Xx.

You increase. from you'll of members continue bookings our to moat our a our from gross actively membership about In see that example, bookings XX% of U.S. as members. come and continue from bookings the it's see will percentage counts coming XX% we to of continue membership Globally, increase to for the gross And develop will Delivery, well. come now.

Nelson, do talk want cost? you about to

Sure.

call our action as Mobility company's And XXXX. XX%. was we actually us, recall April in recall, was business if XXXX, for here you probably to So in over you moment gross bookings. business And that down sat was as of XX% the our then, Eric, back of

unfortunately, So XX% we over go we out we costs headcount. did let our of over as to you pretty acted recall, And of businesses. during have of that of We decisively billion time, $X shuttered down bunch took our a infrastructure.

been really efficiency focused we've So since on then.

XXXX, CNBC, about And you've our year. talking achieved about in we mentioned heard now, to some again, that in at metric flow we achieved And again, out GAAP lay cash to positive some we're hard think achieve the metric. Last on continue Dara profit in I free profitability, expect that wanted being really at we we point being and operating year, to later that in and XXXX. year. we think And I point push talked the metric. us plans, for EBITDA

it. mentioned this laser-focused done done on margins, because efficiently Now we've we've been and -- incremental and focused we we've you this on cost,

relatively flat our in headcount many XX%, few to gross our about companies $XXX our of back be the billion we've billion grown years, Freight go that time. period over the from will headcount build had this business, year. over bookings to And you if the even XXXX past the $XX excluding last the So year. went And largely

some been So Delivery areas just of it's on certainly And has tax, that efficiency. think been beneficial. business. see about some you Where can the as in well heads that selectively, we've growth as sales folks and hired

at So to the last laid drive Day. is our goal margins really we income Investor out year

the of just And all on raise quarter. the incremental the the metrics on. that year against well, the side. overachieved as profitability continue you're which we've which guidance And seeing quite us we're going off saw leverage to think to for mentioned, driving you is Dara I cost first started why is again, our throughput base, the margins

Thank Great. you.

question? Next

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

I have for Thanks my questions. two. taking

on on The frequency first and one platform. the engagement

good You've made really progress.

I most per on frequency below Dara in levels I trips the sort is, of the you're, still frequency month Now versus think levels you think, think made used guess XXXX the you question X where I get peak talk back beyond? year, about XXXX. to but drivers getting key X.X have 'XX last to do And per how progress, about throughout that of to the sort and that rider up? about

on we are second the why elevated dynamics think go incremental Thanks. timish Delivery then incremental Delivery margins in of sort in Day above is at shouldn't one Anything deliver we And margin nature the about throughout The should to to these the as as stay continue or Analyst competitive XXXX? levels one incremental that margins. targets. your different

will. Dara -- one I'll that. handle part first the handle I'll the of second So

by. year. about the margins But areas, been It's think business, about over think the the especially we about yeah, in if last trying it's maybe have private very three the And marketplace. from profitability, a driven path been with to And you the companies on we the follow been focus we've Delivery XX% really of did external pleased our efficiency by has to on lot the incremental right, that you really as money if been come benefited to fact So are throughput. four. harder players

will believe there, and that So certainly has continue. benefit been we that

quarter improving a amount transaction. gains call step of bit And really on our think the own improvement a I of recall, our per it we where technology we saw in there. a fair talked efficiency little function Our you'll about cost third

so and on we've And like that's -- that, the again, things that and seen to we and batching expect on benefit that. we do,

new frankly, then the on And augmented margins business. we've

the we targets out. that business And so laid our to Ads continues outperform

the three is margins driving And mentioned incremental there. of really combination of that you so all those the

don't improvement we the And changing necessarily much. of down. certainly -- pace them so The will see slow will so

of frequency that of I trips, point there are in four factors really to. the terms would then And

all, we about talked our First membership just of program.

we of up. mathematically, just coverage As the tend who increase who members and the base frequently, frequency number in to members our member to tend more, buy drive more buy of you're to going

Second platform. power of is for us the the

or and personalized and Delivery, well. Mobility free to sending platform traffic way essentially in cross-promoting a the from are other as one cheaper We targeted constantly between

AI intelligent and to opportunities And should and us so driven expect upsell more way you learning. machine by cross-sell in an for

breadth the the of is we third that product offer. The

that have Reserve actually shift with cost, us. a Mobility, trips of XX% for with are Reserve happened we otherwise. So And for example, has wouldn't they been low estimate Reserve huge and incremental,

so other are The upsell, XX% speak. more profitable than are on-demand to They trips.

is higher new that example frequency are driving we adding another at on selection, Grocery products of as well. higher

reopening, services last benefiting shift of products not from the least certainly is is right? The then And and to spend us.

a of is more, and out shopping to going cetera, business more, So et in getting dinner people there terms helping that tailwind is our people well. as people out,

see And increase environment membership, of to why shouldn't we new And reason our over frequency, that hit time. products, see exceed really and that we frequency. it's platform, that no helping there's over period expect all-time of I to macro period continue a So time. the then that's or X.X%, highs a

you Thank both. Great.

You're welcome.

question? Next

Barclays. comes Ross Your from next question Sandler with

Hey, guys.

and that Just fare about a the shipped. question you upfront technology upfront destination

in noted conversion. increase you a saw you X% So letter the that about in

look And some the upfront? overall that do forward does lot. terms could over just technology -- How as guess the in you've that around innovation the that as be of you I what impact? next you've a to couple like So done in see of Thanks updates of future, as with years, magnitude shipped compared in context that. others past this other impactful you

is predict in terms releases background They one not make know or of impact. our training models, fare know out fares to to through right. ever. what an It Ross, takes the number sure in want that the partners. it is as it's to important will markets tell accept driver feature process But destination They particular by in want one to various difficult that And got information work requested huge drivers the largest to it been not. the upfront very going that it part It's of amount be. they to testing to what and was of a upfront going the you has a or of be. to trip want whether destinations the we upfront I

in home that in whether drivers upfront through reduction trips that to of feature a are number going not. world. are of been or to just -- because marketplace, the now for has is throughput cancellations, it drive not the run marketplace the accept around we now are or no expanding the This able in terms they And improved us a or that the we're

So And we did it out market. percentage now, launched And market rolling in a for of in by continue roll rates much fulfillment we've than we're and see we it we outside of by to London, UK London. the example, out higher previously. now carefully will market

to at our are our Uber. We're power to very would never engineers predict So But with. going very, difficult feature. what this underestimate happy come engineers the I with up of

coming So hopefully, upfront fares like hit another have we will up.

Next question?

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

questions, Two please. Thanks.

having would these rolling the fairs globally. Thank you of Mobility just particular, out most in destinations about impact? the upfront the newer talk And timing about impact as of You products. of single then and out Which talk you. those,

Yeah, absolutely.

So biggest has one I'd for Reserve. the us been say

XX% growth. those about were products at look introduced, about bookings gross If but new quarter, is EBITDA portfolio And sorry, of that growing products year-on-year. of XXX% bookings, new for -- $X our for it's overall portfolio wish about and it the gross the accounted that you I billion at EBITDA, we've of

travel larger being We opens will So up. it over is be larger to billion. Reserve especially is product, talked one. a it a $X biggest terrific of our And and portion continue as It about the overall bookings.

about there about trips are to we And then the capture traveling are those back, to that trips. if and us. X coming you and X.X Typically, think hotel from available four of to

car. and there's environment runway for think two continue to low-cost to Share, get grow a significant we very our passengers opportunity person the us to I very, or This Reserve. product. the in also is UberX So three am for condition dream interested efficient into of still as in better well. the more and It's to for our of our for marketplace terms the that's in beautiful a thing trips is have an And That the all terms would of EV. be in shared environment.

number or hailable taxis. not million should three of world. bus, X.X and want the one a the or wheelers, the van a right? of And to especially in we or vehicles it. kind then car source are think There that's that available are over certainly ultimately, base on-demand million And wheelers, vehicles a in and truck vehicle, hailables hailables, two up of that or to Share every are big part the but and are of things people or movement we Uber It's taxis. last a least wire whether are is around huge about power XX vehicle power, -- a it's They world, we single vehicles because a delivery world move and drivers all taxis we

please? question, Next

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

one question. Nelson. thanks for my taking Dara one for Yeah, and for Maybe

On and some takes of from the that, some things. think updates as outlook maybe 'XX, last you that, there's for think Any you and FX I gave headwinds year? puts about other on the been some and that

of and in how minimum fee driver then, changes maybe Nelson, in thinking could about impact in a those the And issues maybe the costs, you're New cost you the The cover quarter. York insurance potential 'XX. Thanks. couple

maybe to I'll them. both answer Well, of try

constant incremental terms think don't gotten the give necessarily currency recall. bottom against thinking guidelines mean, We as profitability. out 'XX do we've you on you about now. FX, as our overdelivered laid that The last we're into the it, margins the So has of FX in We better year, put line, particularly we 'XX. I right and the We numbers.

versus deliver at some is think operating will this we continue to Our well focus to out. that continue are GAAP again, make path. laid we sure And to on we targets again, we point do And profit trying that year. focused the we

have those things we costs, In that terms the of continue some are mitigate. of to just to

lot Specifically has X%, sure new again, of with making has into to just will on do a transparency, New just is set York, marketplace. it with The rule the a lot to of the it it that absorbed get correct.

our on line And line in the would just progress then more on terms your we've single I insurance. per I we you Insurance, of in one the insurance has industry right, the on is the scrubbed whole lot actuarial continues of because worked is And the -- repair item. different, work. electronics. built with line mirror $XXX market to the is as tell item we've a Because question on reducing going market. what's trip. broadly now cost on company with frankly item one all that do is was $XX that's insurance made every the having haven't to fact companies do A the that much to be hard even the now it it a that, A the rearview car are lot the the think, challenges of

part of earners, obviously, our And that so are ecosystem. frankly, and we,

in As that. again, to job to they one will a when We've But driving of continue teams efficiencies you come. good on know, that. terms continue able think haven't with about spends you the managing that. our lot quarter we we on go we me been that through we'll time be done working and the optimize, to in out, insurance our take actually done good a other we've I item of our But Dara pretty be focus and job line a P&L, every if how in and of do think charges

and and trained. is complex -- we that the models have our second question very a we're that to neglected And rolling It that this terms I make upfront just of rollout of answer in out, are sure fares to I properly is product destinations. realized Mark's

would rollout to globally appropriate. which in various So end by we UK, be on continue that in full in rolled to appropriate. where expect middle issues, out roll a we upfront rollout Depending would cetera, the et expect end it's of the where regulatory we will across roll markets not them and But it fare the our markets in are a roll it in of of the I destination out and markets year by of in out. in year, markets this we'll countries. be all I major may out can the able

Next question, please?

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

Thanks. the wanted efficiencies, questions. optimization? Delivery marketing incentive for just advertising across I some help perhaps taking Thanks the split on circle to improvement just the back Can network you and us, margins. Nelson out of

No.

look on We So focused delivered incremental term. it, laid above way what we've we about delivering certainly we're margins talking the at been long have that out.

the continue to for going deliver we're look across. try to to against expect efficiencies total continue and to X% to We company,

there are And regarding of the so efficiently of let incentives. that are to making very running do what we actions sure terms them that some is and try that running in were took I you deliberate know we marketplaces more

of tech those we deployed. of Some the just the we And year, on it we last deployed the saw trip. in half benefits first per cost really is and tech that

then And things. business again, some talked new we've about

And continue where we've example, to grow. seen so easiest the that Ads is

Ads business, growth, continue and we'll the the -- the the continue grow benefits and So accelerate we to to margins. to so see in expect

continue we'll run efficient think to marketplace. an I

yeah, to businesses. drive we to that margins those invest we'll should so time continue But I think in And trying expect back also remember, you in. spend

that in perspective. we've in. growth Japan invested invested some markets again, number and a now we've from talked And category So we There's position like we've about Japan are it.

what -- going try exactly want the margin too to of don't profitability. we're doing. be prescriptive the as and in So growth as balance And -- well to I we're to terms how we manage the both

million basis. that active rate, and we that's merchant advertising, year-on-year based percentage folks auctions on XX% we we at And on Ads, But who a I the the side that on if have have, number passed of you for are our in think in merchants active merchants only advertisers look XX% penetration, run on the the like our increasing on. of $XXX there, are annual of Delivery out just going

substantial there's think we So business. to advertising our upside

billion to that committed revenue against and $X in are very XXXX, We well we target. by very, progressing

So really the in to see the business, we've which to $XX, on also see our relates Mobility, X%, put it pretty of some our business, over through upside, on Mobility expect seen as CPMs Delivery both, is Ads in way, which amazing. more by encouraging Journey app, signal you but you should rates

a of actually where the We'll is tops that et class cetera. car put drivers on earnings for everyone. then really new the of about drivers' the as then in us we're And advertisings We'll products excited those and sell get the greater of basis, that products, well. a a the translate on networks. for the and run out more works platform out tablets, it essentially monthly is But to pretty and those our to goal dependable more advertising marketplace into will dollars pockets. Uber which more drivers for works goal And a

both. Thank you

You bet.

question? Next

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

for taking question. the Great. Thanks

of markets there first, two. on kind So the of you're large already levels, this this but should still in in side? for we pre-COVID penetration, UK, below like reason some in think weekly broad about user above like lag active U.S. seems it's on how kind the Is like any user And it the markets

to we can be that guy color into should your comp And would then SBC think in there compensation asked for you question, of go about XXXX? be thoughts share had the helpful. target kind levels cycle, but on the I how the as high-level we Any the Nelson, annual

the then Yeah. Coast. The can SPC. really and trailing the I'll reason Nelson trends for start is U.S. talk on West the user

the tale look two you at coasts. it's if So really of a U.S.,

we Miami Houston, or are If the at it levels New or world. levels. in Atlanta the most pretty see off the Franciscos, pace on our a you et really much are else York the pre-COVID and cetera, example, that San above Angeleses well. for Austin, Coast Los country is the a North, of trailing the coast, is as off our at that and look an But the Seattles, neighbors everywhere XXXX Canada, in West in U.S. of Portlands, are

levels daily So Coast well. the of looks Coast I trips U.S., wouldn't And The West on basis about are recovering. talked generalize is the as great. we a having, we in non-West approach January, in in U.S. Mobility Kind pre-COVID

direction, trends So right behind in all the definitely Coast the global the West leaving moving the on a U.S. basis. the are is recoveries but

So regarding stock-based comp.

our recognize, be What headcount of that compensation. So I we of employee including are employment regarding be relatively would is amount we -- West noise stable there on looking is and compensation. fair particularly Coast say at a will cost to year. the stock-based our all parts structure, expect our levels We this

businesses. management We performance to will of continue focus on all across our

other that some you we now that, of year. and marketplace. action the during Freight in saw business be happen that Freight so of in the specific in to there'll course And took pockets the And January our some the will

you build change time any won't to manage judiciously. see very that our headcount going because for demonstrable think in we to are certainly I a it But takes comp out. stock-based long

then profit, the part I thing is start in of to that, it are calculation. is would add we the operating trying obviously focusing on because GAAP only And

recognize that And as we so well.

on line and the with and focus will now forward. EBITDA can about you we as have move cash And you that that, the we've envision our flow, so as free made amount progress think of there, focus

you Thank helpful. very That’s both.

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

Thanks. I can. Two, if

just Uber First, One. on

trade-off strong Uber look through that like in the a dollars profit CAC would contributions and But plan? of spend like of that that the about pickup in much non-member? talked a quickly. margin kind for LTV One cost, versus for nice pretty start-up You is a And like you're how members a clearly covers once what

you yet think the benefiting from pricing or if do take extent the we're better get some you that is about on of how And secondly, better think supply? slower at And rate you do to Thanks. growth? Mobility economic see then seeing and driver and eventually side, the supply all that,

One to data an because Lloyd, Look, member too information, of is of that that's between there I that on unprofitable. a in get driving of we can One imagine, just get order second a want Uber trade-off Uber be don't particulars order the if One for you But margin. that year One much really Uber who member the around be bunch as sits actively Uber It's into Yeah. member the year, trade-off frequency, a One on penetration. generally will Uber value average and will And profitable, we're making and where proprietary. and

as imagine, a on merchants you the Uber out audience a is side both base, it gets And very, moves, Another attractive let's very and for audience. services, benefit business high-demo spends is have as in house, demographic, that Delivery as advantage of the advertisers an our that of that percentage One relates to Uber One valuable audience to for the exposure of One to is increasing willing merchant well. members that it's pay our say, that we merchant and base Uber can our have, most to our

levels driver up supply, driver very healthy, a basis. XX% year-on-year are of very, terms In are supply on Drivers right?

that so can from New year-on-year have coming XX% has to coming in And the more on been driver factor is drivers that consider, a a about an they are are that live platform inflationary world. of we to up that is to money count what basis. heard on afford they XX% inflation our make on them

be could environment So there. tailwind we the a economic think that certainly

Brazil seen see driver been recessions, trip out Mexico where terms we that and some through in has through environment of in helping volumes. past, have And has in been the economies of is definitely weak a we some economic get in supply tailwind weaker our terms markets recessions,

seeing. that's to if what we're difficult tell It's

been on -- You'll we'll quickly, for Uber we as XX driver platform remember lot per earners. you delivering quickly. for to once hour. now, have are improving on money upsell driving in $XX then a that Then utilized Come focused earnings our a have very we months very, make of

of they're year-on-year high terms levels. So very, increased a basis at XX% in Driver very currency. on by constant earnings

earnings we levels drivers just think service tailwind. that and the is our providing I So the a are

all In we where addition together, to environment down. coming economic And service there. surge in results it a the are out levels put it

XX%. in levels in are So under are coming the in U.S. surge January, as minutes in X.X are U.S. ETAs well. for down. the about ETAs January example,

a exactly itself lot healthy So at same the getting what the earning marketplace is well we more time, want. drivers is and are which

Okay, thank you.

You're welcome.

Next question?

line a comes Josey Next of Ron question with Citi. from

thanks on we're question. constantly taking what growth, in or Delivery, growth challenges. we're the January demand on accelerating given I talking questions Delivery side And, the guess hearing here, February-March. Dara about getting on just from expected for and Great, for macro in

think things how the maybe Thank You specific, category letter, Uber in growth isn't and much or Delivery et this habitual in mentioned you as convenience, as mentioned, great do of cetera, along better those here competition as adoption, you lines? you.

significantly lot benefit been said, than faster growing globally. of pandemic. the pretty Well, we overall us if I are more that that other from at That certainly generally, think than a has but categories resilient terms in many post-pandemic, sense. certainly look category so are They you that of unhealthy make of sense in we Certainly of the sense Delivery in terms back seeing line. didn't category, Europe, any the in category the top the make they line, spend in levels from pull our that what we're past, may bottom didn't competitors

Instagram, from quarter us more than we're from at power do the about from for a cheap audience, and we Facebook Rides combined eaters, our a the and cost. new our of platform, business. benefiting Delivery, of rides app we Remember, Google in very from And get

is Delivery a that advantage significant So is that our business. very assisting structural

Mobility only we're well. out business You've that got seen transaction, our that as membership, starting membership with We're you've retention business, optimization is then the ad scale. well. that again, on both more Mobility which player is to then there higher Delivery adding tech, around benefits that is per cost an higher our spend as frequency And and has and building

forward. And We that four So more resilient as is on the wouldn't outgrow has do should allowing the the categories of expect going seeing. generally that continue those think well. forward anything been outgrow which we Delivery in other category all to factors, of going to I based than environment category, combination the I change think, us to we're

Thank Dara. you,

Thanks, next question?

from with Jefferies. of comes the question John Next line Colantuoni

taking thanks questions. for Hi, my

you to in share into category Uber continues Mobility assuming and driver how a advantage see you've help sort past deliver markets? further technology are a investments growth. could moved One bookings Maybe And to shared some are that of the So permanent driving pandemic. shifts, in gains could impressive made that recovery allowing usage you as you share certain that broader to seeing starting for evidence ongoing have drive in give if us sense the you you effect are in playing are shifts versus and network leverage supply competitive your just

And own freight. and then expectations, our to puts that some driven bit for were you quarter, just delta how takes have freight a in discuss compared question it of but own to and drove EBITDA expectations. what expectations the behind your could could Bookings second Thanks. about fourth in relative your

Yeah, in and permanent competitive say, never that my to. advantage the a thing we seen don't is I'd John life, first I've expect

category Mobility, that advantages category of we we're in are a and getting the gaining have we terms certainly in the So U.S. positions business position, and

and push ton make cetera. but in et Australia, of We're of and they've to which it doesn't sense We before UK, are one Europe competitors a in back. we done them whatsoever, spent our in the France, seeing money seem and any

efficiency win category We're strategy spend platform power technology we just way for fares that's that counted the we're like of bottom more to our our grow driving. to a to of category are and some money maybe And that's of it raise. the is a upfront destinations, we're you you're strong way. profit the in see thing and with using don't and using strategy money much call, and like strategy. using trapped leverage line margins how was And than a well. while more continue we membership want And could when increase the profitable, you the position faster that competitors if we so right us top-line money right as only kind consider you the It spending

the data feedback to target demand, the That driver our right to positive gain can to demand more rider, on can position of to a of happening. whether loop that margins. that continue don't so we the that that we take so now, going while more driver leading loop have right match is leading we of So reserved kind supply improving seeing on-demand. to But or we we it's And to are more stay to toes feedback category are granted. for minute right

get seeing last us. foot have are continue best really results over in But really been year, take that and that off advantage we starts the minute half we're now is really, the our to trends the minute year competitor the And an good. the our the for good. a a to We'll gas, first

So we of don't take any for granted. it

to Nelson, want go? you if

freight. regarding Sure, the

the in on the we business business watching business same to as numbers there's December The yes, you and fair little Transplace and XXXX. wish going are. what's of broadly the so amount business to trends we the everything Tupelo continues continues last So bit nature bought We know, more we're do Yes, in the But be you cyclical year a integrating well, as Transplace were resilient better of with fourth industry. the to spent a of going on. freight quarter. in a

we've good our on small out historically we need what brands, shared presence, as a brand Freight job to shippers. the And business really some Uber build to out where using and national the really done midsized time and Freight of with very some more tech, its and seen what call particularly focused -- drive Uber tech our our I'd spend is has

do on getting traction so to us that's continue We cycle overwhelming now. tweaks. some organizational the there, we've we're is but And that doing our expect freight the see that And right business. to industry going broadly impact you'll some going more made right now on

in And And so where to continue country. more would freight business versus lag a have we ago business broadly much will versus in a this that it was likely different hoped. year certainly dynamic where

we now. Operator, you. question our will take Thank last

Your of comes Devnani last from with question the Nikhil line Bernstein.

questions. my taking for thanks Hi,

couple quite has good. promotional please. leverage Looks on a spending the Just like been

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So half can one it. of the Dara and second I'll start on first the handle

balancing So our and focused again, efficiency. delivering growth we're and our really on

about to took talked XXXX. in path. our when we big been I our call that's action And So

efficiency. on company, So focused been we've a and as growth

goal make We to six And achieve believe quarters. last overachieve recognize which that is our targets them, put or out I the have, if we sure last you about against think we we year.

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with ad, is very expensive Uber Superbowl our see a into product to You One ad One, that's very, with growth of ours. Uber strategic that drive in an us leading

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color. the Appreciate Thanks.

All right.

of you and bet. joining Thank Yeah, for you thank Uber quarter us. without be possible. was company. year XXXX really, would good for be everyone, it. delivering you that's team, thank our another who earners better you, And XXXX the them, Thank for the even you, year. think this Huge none big an to I we're looking everyone. a great really to for

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

disconnect. may now You