Uber (UBER) 7 Feb 242023 Q4 Earnings call transcript

Good morning. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Uber Fourth Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Alex Wang, Head of Investor Relations. Alex, you may begin your conference.

Christa. you, Thank joining Quarter for and to welcome Thank Full us Year Fourth and XXXX Uber's you today, Earnings Presentation.

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

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

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

Certain this forward-looking and statements. this on are statements call in presentation

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

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

We Investor over and remarks published Dara. you those our quarterly haven't Dara slides documents following we the to that, brief if from website me already. to let questions today, Relations to remarks opening ask review call you With prepared it and supplemental and open earlier We Prashanth. earnings hand press release, our to

audience $XXX to consumer activity with exceeded QX fourth time, outlook engagement million. healthy our trends the same quarter Trip billion quarter Alex. year-on-year of Thanks, was standout adjusted bookings world. operating as and $X.X the a powered income growth for GAAP in strong cap around of record remained all the year. outpaced EBITDA by At a off standout growth row, gross of XX% a QX

And we outlook now -- to momentum another inflection Uber, that providing can QX we're pace strong and here's These company innovation our ahead. with forward exciting seeing I'm to growth results was looking point execution. the I'm profitable by demonstrate XXXX of reliable energized proving an back, across year scale. XXXX at tremendous continue and starting Looking I'm in the generate for Prashant. that

Dara. earnings call. add And welcome Thank to let my you, me our QX

reminder, and a on investor strategy plans. As to Wednesday, view capital our will we hosting next present update allocation week an of February an updated XX, be

you our kindly quarter that and questions today And focused the such, questions. results. As keep that, year XXXX we your let's ask fourth call on full with to open

Your question first [Operator from Doug line of JPMorgan. Instructions] Anmuth the comes from

and shift key top about 'XX? you you income meaningful more you and As off investment you've your achieve do priorities more an to income driven some come most you're grown enter XX% just How GAAP talk focused product? on? and XXXX, you've Can strategic that as of flow. cash are what the of Uber net everyday areas to And become operating where bookings positive free

Great Yes. question, Doug.

is healthy good forget the with be So up was the drives health can in year-on-year because basics. think up news that first you broaden that and for to that I same. were the about engagement XX% to overall engagement continues average with never on also platform is of of number those drivers have we The -- XX%. being what drivers the marketplace remains engagement and strategy on of have drivers that terms mobility, certain the it's we and about the largely foremost, I number supply road position, our making the us, If of

utilized So staying the hour they drivers got as And as as we healthy. of earning and for platform longer, in who the U.S., we've the $XX long drivers business. that per on are for are example, heart stays platform still -- are, the the

We have more people coming in.

for got better taxis new those enterprise and more Reserve in for year. low-cost travel that our products. as the and for example, business actually locations, nice with a in X-wheelers. we've early reliability who platform base and initiatives of that UXB product then showing augmenting that's This strength we're time, same newer the to for place, At pay number X-wheelers folks willing well are is

So gaining position of and by competitors fast these many typically you've faster-growing products. category base that's then augmented business rates, against growing got at some a

similar, In reliability delivery, is adding it's more sure very which excellent. is making services restaurants, of the

very that's accelerate million-plus healthy in rate You've $XXX told next $X such rates. well. a significantly would new be from this seen already is you And now margins rate grocery, at growing its to that increasing business that. which services year, We're billion business $X XX% billion rate of actually top is and just as QX to as surpass we then run run line which a advertising, growth XX%, going which year. while by at And run augmented

So undergirded by the again, power And these as all add line by exciting both margin that augmented be is new businesses and then it strong base top business the going of well. to platform. of

that have riders and drivers store time. go up First their to at platform, on that's to of couriers matching deliver are the something a all grocery foremost, or and algos pick home matching we at technology

all driven users buy technical across program, continues platform. like So by is the platform, to to up And which that's and then, who then routing membership platform doing the increase our million XX of it's across which matching cross-selling factors AI course, Uber a members. other

order UberX an don't. order say, who on will an than Eats, average Let's those more they Xx in if Uber take

these as increasing competition a we're global than think as you look and scale see, faster forward, of each I can basis. the it's more of on growing we efforts same of because So the

well. continue We improve possibilities profitable, now that margins. that we're to And as other creates

be next kind this with just as we're I I'll year, if of happy. same -- numbers, bigger So what the think year is that's

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

and more as spreading move see out activity Maybe activity looking into we were share driving you into XXXX. an on exiting it 'XX, mobility there out utility on market 'XX. globe. the the geographic broader should improved of call you elements that question linking up with either if delivery to Doug's wanted following or Curious around elements and deeper areas One we any keep Uber more position of around eye And

quite what grew to gross that, business, is markets. growth we're Yes, example, XX I'll position top Delivery. its bookings this of accelerated actually is category Delivery year, happy Eric. in What again which our XX start see And out with for

from in improves from which that making the the that more It's it us portion -- late. growth excess mostly you platform, right, consumers, rides the is the is the well, is power couriers, more the again, free of And membership category. sure of basics, in is So But making business. improve to of delivery free selection, our and from larger the larger continues traffic you our errors with is sure see as that partially your of don't of close get and terms bringing program course, Eats the then, service which reliability the business Uber food to and in significant substantially rides. traffic be great in execution of adding or that then bringing more getting of team a

XX% basket of up, drives membership, up frequency. up, that from delivery about is at coming is you frequency bookings are gross And size look is Now audience as and well. if Delivery, just mathematically

versus growth transaction growth. comes it's growth very last more Last to was this growth pricing year. year growth broad -- growth from the transactional and the year of relative and more is coming So growth pricing

the Now, other is really way that And it's broad. around.

up strong growth Latin Korea remains were standouts very say would very Asia very Australia I broad seen we had Pacific. the we've come particularly world, America and mobility, again, is starting strong in to APAC, cetera. The is Japanese strong. around Taiwan, growth, et market In strong, the but super

So all of these are markets strong.

for is India category is and a augmented in product It's there, larger X-wheelers. incredibly it's a then super position lot really our cost And are Latin with a think lower a that that motto. growth player, It's it's by is we strong healthy. we trip big and us of the newer the America, we're I think making versus progress product competitor gaining hero. two-wheelers there

Latin American as growth was up absolutely So trip ever. stand

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

sort lot increasing you about increasing Dara. overall on of XXXX into areas and in How investment turn mouth Prashanth. you wows do you've have operationally of are to X. of invest more for and and to a you key what [indiscernible]. frequency continue I One and sort platform. from talked the us perspective, engagement to talk for wows period One over just an about to sort need Dara, Can do the the operationally? that

had and the And the then you've second of hood. Prashanth, of under top a the little one, now time on sort hood

of about versus the to internally underappreciated sort to are us company or you talk now surprising most Just maybe X the know things better. gotten of think you've X sort that little externally a and of

sexy of reliable the predictable single factor I I of being every occasion. frequency, think about. a your frequency of like stuff talk bunch service there's terms and absolutely. Listen, Yes, for most I in that is that single day there. know a But terms in important is every people phraseology

for sure sure ETAs XX% in it's of sessions. direction And let's right especially are is at right the surge are the moving in in constructive of mobility, direction. making say, moving both levels, that So that making less and than, QX, typically those they're

delivery, we of that minutes. sure a just delivery we deliver taking for a to XX if XX you're drink, any in errors terms in minutes, out making et And promise cetera, then make missing

So the basics. I think those are

users the around often is to users or more those for with more back we as stick tend one and than product, come tend platform, engage is see advantage Now the that of we our advantages the longer. have which one to

are up. we now a have So using we essentially of algorithms number is that team that and promotions there lined AI have a

Starbucks. going a coffee commuting breakfast, you you're work may if to that to we at know pick have for a to up for we So work, if promotion you're

we for don't and It family get you you dinner, by If will you're there. be order know from your say, we you X:XX, home home around when may order time why the coming that's it's a work, and pizza.

with there occasions occasions, right price. the target we person at different right that right of can the offer All these are the

because throw promotion. say, from, the like time And of of it's of that is I'd this and let's promotion algorithmically the All there programming, X/X now X/X it's gone pretty another is powerful driven. time,

stay mathematically, significantly members the a do to a turns it frequency. direction. the right mathematically just as to in for of more want Members higher The becomes you means a personalized, a customers million longer is around second buy just frequency much take algorithmic the for members We've the up higher it bookings, last membership, which gross power of for and going Prashanth, for And that of and year-on-year percentage frequently. targeted As account would stick more, moves too, tailwind basis. got I increases. again, on point us generally it's are is, that more they XX will make longer just platform and transact percentage question?

and softball for a Brian, you Great. giving thank start Right. me with. to

if I'll the growth driving just but over Uber. surprising I now your growth. that the the very think on kind observations profitable the I for say comes And growth the my and of walls conviction about X years use, found last over expression, coming is level hood continue -- I experiencing in really most just and been of organization using that's company. So I the has what building companies significant encouraging mission-driven this plans very, that earners leverage. has months but profit partners excitement often learning I'm energy runway the of under focus around have a products is they within on tremendous the to someone just expression of organization couple next it's and other it tech that for for lot not the for with X very also there's sure within say users, making a hear focusing and know a an would that, internal you the

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

mobility pretty bounced nicely XX%. Great. to margin Dara, the incremental back

a this around quarter, You bit. said last the guys on would move

lower higher how we as forward? share the that on about do but drives outlook like think these reserve, So margin. which new has areas And margin, going has or taxi

to come how mobility change, starts think in the those we forward? about going and incrementals do mix As

Yes, to take I'm going question. that

take you off be able over generate better think us the just EBIT because proxy focus to about us quarters. generating I'll for really allows we generate revenue want really of we maybe flow. I a that's a incremental to ability we're going we'd margins, to for like to minute we're the cash the -- platform, growth, given to power pretty it with incremental metric talk share we're about better EBIT go dollar And margin. to forward, coming Having that, growth, absolute the into dollar talk a jump said to growth I our of before specifically on to do excited our leverage So as that

also sequentially that bounce to and around And QX, make. incremental a in bit on reminder, and a grew based referring the margins as the for little you're we business. that decisions on based that mobility So can mix investment

on areas EBITDA investments going acceleration in less growth our making that in to, but put to But profitability that to pressure -- feel margins. on I whether incremental are continue much wouldn't a margins of in referred incremental that to margins. But is remember overall something be We Uber continued too falls some So for continued expansion new growth incremental you be the the put overall, such for focus very are overall little be that we to of up. pull that going will always it as company that. bets comfortable probably look geographies or going margins, that

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

we couple things of on. I'll a get Great. questions a ton ask of

First, just do for on growth do ability how UberX? drive on see think that any a to do you is in you pricing you with And mostly or maybe pricing that mobility and for Where 'XX? issues you And that? headwind growth. see are

March anything, just then about XQ? X or we thinking the think rates insurance, If is in to the month higher up you're step need in confirm can second, and And about? you maybe how in on guidance

Yes, absolutely.

to year. pricing in So basis on you -- pricing, year pre-COVID now Justin, probably but similarly levels, when Uber in flat the I terms of to other been And mobility up year-on-year go kind for other back compared products. has think relatively the of a of full of mobility this really a products, has I bunch think XXs, to the we're cost like many we're increased

So so the in getting at is the to drive right overall the prices which currency position and in our sure you are now growing transactional work we more at XX% gross cost of our And growth. they're actively a on we position. We efficient and levers, basis. the cetera, is actively sure work in bookings that XX% terms numbers, constant that growing can our own growth to supply minority et can that see company price make keep of overall transactions make

is and terms a well, So cars black who of speak. reserve. nicer a products then, premium of the actively a or consumer, are and doing lid on for or different in the we're targeting we're course, then price, as of for pay segment to developing to or to cost-conscious reliability certain And we're of three-wheelers looking more offering some two-wheelers countries. so in some folks in, UberX other And demographics higher keep what Share there's of the willing

new growing be And at see you this think the rate is for point at as B halls, We factor anything, that all the of products the faster billion space, year-on-year growing than is see and a you can we're this if on So then price a of is XX% cetera, growth. continues restricting $XX growth that and company to we on portfolio that basis. et the now run And have of very don't top it's course, category. strong. building very,

at talk So the we look to that Prashanth, got while same healthy insurance? top coming want very to year vectors place levels and delivering do think growth in are at the grow you line we've margins continuing this we the strong, time. to forward

Yes. Not really, but I'll take that question.

we insurance we'll automotive So behalf a our on maybe that liability as remember -- reminder, say of that drivers. provide

that And in provide facing we a that we has benefit is pricing. space cost been it's this build our a pressure. into to significant Certainly, turn, So them.

from be companies. inputs personal both similar commercial insurance the and from auto ore the output going You're seeing to

data As to had vehicle CPI point, we print, year-over-year. latest say you XX% up point a which the we'd motor insurance

number So manage of more inflationary to our environment, this in we a taking are actively steps costs.

can technology. can things I'd of audio before evidence call drive drivers really the includes environment giving challenging that approaching be recording left to trips, use intersections, we out the they're that that which to reducing we've about to liability, that to that turns, and like us. access can technology in so enabling safety there First, talked alerts during helpful have data we when And be video both

an have we excellent management addition, In risk program.

-- helpful maintain or necessary, and are a carriers We have to is markets insurance our when insurance relationships that partnership is where But it there and particularly company, pricing with harder as longer have we good in risk particular we over for retain locality. be a we what could these more geography term. us well captive own a our allows

on state. policy regulatory that the on we've working on strong got team a by side, reforms lastly, then is And state really

the So legislation might weeks, active this well. And of some a also turnover fairly expected see state. so Virginia which the willing in you Florida, put other activity and including that that California up. a really of educate indicated to our to open on where we've in state states to about $XX into an states, level And helping some high progress, innovation we've new legislatures California, opportunity positive Georgia, the Uber to XX is on for seats there's identify level the of million on going seen last seen at much we're business-friendly working have as legislatures really some good number given we're that's as pack, or we focused in in as couple are

question, the overall these to going priced that's multiple got all of the insurance U.S., -- headwind. I factor. into to at the per level, going We've kind mitigation XXXX that your cost really, continue the we're the guide. for to say at is up Justin, cost Wrapping certainly of that trip efforts that would to a And be

giving. be outlook should the in you we're reflected to So all expect that

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

questions, me ask X Let please.

surprises? better parts thought what it's or ago. been done that X advertising the growth, been best platforms have kind do revenue you? you the the What advertising of maybe the we than for growth a On biggest think all of year have you What

a it's Uber XX And It's you time, more can of -- have be really more in some not not but give number. you what more a of got, -- over that whistles, and functionality Prime new whatever, good features and consumers I million would it. and know you've added would bells that's features terms just just Can users. great us then sense functionality of One, really a kind incremental product those to like of appreciate. really

Absolutely.

we're in and the on ads. Mark, executing So terms what we've terrific not I'd of ads, surprised because with a side happy side, very have been they both promised. and the tech the that they progress say on got sales we're team

system spend that is Now, ad earning or Uber And advertisers the the are on the week platform. week wants bringing XXX,XXX That they're frankly, restaurant something increase into on getting on return interest seeing. that are get to onto These neighborhood that It's ad And our a biggest businesses spend by amount we're you're the the absolutely we'll sales up businesses it's focused platforms. We to -- them. are week. your on the to area to advertisers investment, your a advertising more their and platform your based on smaller we our majority it's on. and in their revenue, XX% in if making of X%. the Xx Xx bid a a now $XXX of is our of $XXX $XXX that about These still increase advertising on our from advertising them on puts dollar advertisers certain who strength that average, advertise increase spend. on about for business got

customers only to target eaten may clients. whistles. may are example, on they a want as with target Some look areas example, sometimes clients bring new wanted additional enterprise and an for to haven't daypart, certain to one they before. faster-growing -- our who of and of target certain advertisers, that CPG establishment at or want They enterprise want big consumers they They the bells demographic. to want advertising Enterprise for may of breakfast

advertisers business, more CPGs, ad of incrementality a fastest-growing as grocery grocery on the they're they the of companies, out sponsored business, reporting for well. X more mature of for our items building this And out, on those these especially part Instacart. more much at which tool set shelves grocery the CPG advertise reporting we're kinds So then in of spend of segments Albertsons, for advertising is example, they now, are for in in right built in advertising we the the

those rebuilding audience kinds an but quickly. very, global them get in of only So front essentially, is to audience very products growing that's Eats Uber of not we're in

who ads, who of advertiser out, a business to going impressionable, who and in of a These then, had, wants continues our audience are should CPG advertising QX. advertising app any on And in branded, brand part our frankly, get who global mobile. CPM well. growing So may the Uber the there's journey That higher higher-level grow, terrific course, are team kind audience. of are and as see growing is a front that audience of people which and

kind When or at members We which membership of a reduces free about, increases that of end the had holiday our really moved the of you on we're annual Sprint Uber promos of members. to of the membership, had turnover We the a of bit memberships trials. year. the excited kind bunch One at very look retention

team available right launching more all are of now, that over countries. say XX increase in membership world. has the like sure countries, features I'd upsell focus that in making been So retention the We're the annual

to if those Next in to for ready front But when we're airport, stay say and some announce the save whistles. customer delights an more of in I or if surprises let's say, on year, them. upsell bells mobility terms but I and see it's surprising you will and tuned. an want would you're the delighting

earlier, And just bookings coming again, wrap data across there just to XX want that XX% about is members out gross to million back out he are to our mentioned. delivery have, put you And again, members. to up, I some pointed from the so of maybe XX numbers that the that countries

elemental it to frequency, is So growth which the driving algorithm. the definitely is

Citi. next comes the Your Ron from of question Josey from line

ones, Maybe I delivery sticking Prashanth. with X retail. deeper Dara and the -- and dive on maybe side, grocery specific wanted to

I with saw and to is infrastructure integrating overall about around talk within grocery that grocery are in think run the bookings the to Uber think now update Would Maybe delivery out now built us Dara about I how billion the and a rate. I gross $X progress think to food forward? again forward. frequency given big going you And conversations a teens. usage going improve opportunity love as on

I markets. think sort where now to talk we in is demand about the teens saw that Uber expanding us newer to that states, But of go. here for and might

Yes, absolutely.

far gross and upsell very of and is And Uber grocery there. $X the focus the retail you have that As happy we're Like to as customer. the grocery we said, really, billion Eats progress now retail with bookings. goes, on

and fully gross is business Our retail native. now

leading We is of sunset many upsell team shop haven't sense retail now grocery parts at the the and the the eater. corner grocery have business. that all actually team. at is and to occasions, about our That world. that, over showing But right We certainly

that and from So you of It's introduce the Eats a very to order, for want completed nearby your et you liquor maybe can way retail. cetera. natural those bottle a some after grocery or example, want wine in dessert, you've store a customer Uber occasions

or you your do look we'll shop well. that There's to supermarket after to do do corner. want top-up what And shop then around to the Do a that you on as supermarket is promote. a weekly want do

now move increasing including getting year. retailers And to eaters of the continue on you more tackling, lot a And It's order see who basic a it's percentage up that steadily, the number up also retail. So to grocery and of XX%. board. that throughout will is we're

driven So we've that's essentially what again.

grocery from things of we'll the kind do big and retail. Prashanth, want philosophy get to about there, Teen. talk Uber and to expect We you then investment

the access we we're we about built groceries. Yes, that power the when unit to is and the the to headed good the pretty is clearly platform direction levers that fulfillment about the obtain have of feel allows to at for profitable scale we we've level, us will business. We of into very efficiency think network A the this a and how that economics the grow have given others couple Ron, courier I hard which think out.

to attractive In we access on grocery business, a for roughly monthly can also platform, the set. with advertise potentially users, a very to to much broader platform but to addition, provide XXX come advertisers the have

that in point than going it this will I'll for is be say feel business XXXX, get unit not business economics black, going we to So in is a better to to while good doing a be this where that it be the XXXX. us. great for will was

the the And on So last in we trajectory is our before go up going have Dara teens right finish direction. then question. let's to

to product invite the teen can is Teens, Obviously, parent teen, out parent I the the tell Uber new a you a to use our as has On that of favorite Teen product. one of all-time there. of kind

a teens, of adults. as that's shouldn't And frequency We frequency surprise, be of markets. continue use in is that just in terms I very as it we're of thing to of the expand seeing actually interesting team the X high guess, of be a number

teen. So the product, to and the their product inviting is day to that once the on product product. they a is the teens get around. use can And that your ratings worry. sometimes that a on a make pin longest, pick who rest to have sure the are the teen the best That that up you been car. drivers There is, They love they teen reason are their -- think the only I very platform safe are really ones the hands every get why is right automatic what it dispatch there assure best have parents -- who in the can gets

that You contact know sure you they when stops any know when picked just the cetera. track make directly questions as parent dropped you have your you're a to can they can car get driver team case off and et that in get automatically up, about, and worried

it safety on So first we've product to an a those the is pretty industry into out-of-the-box we're really number a think I is for been teams turn Teen, their of mobility. comes that make which of be that an choice in led innovations hit. that has comfortable once absolute amalgamation Uber with tech going And that the grown-ups,

this -- also tomorrow. that but today, So terms satisfaction, today for frequency product in of is product a and designed a is but that's looking to is growth not that a just it's customer product great

Deepak Our Mathivanan final comes of Research. from Wolfe question the line from

Can Dara, more fares integrate to been UberX the products this you Great. mobility expand U.S. a huge and in XXXX. it perhaps markets range factor live XXXX. and about opportunities international also of definitely into quarters for now has beyond a it's in a been with upfront in few wider talk the

then grocery XX product or a opportunities you retail the through on to key And product even do some just of side. the accelerate and What vertical? building build-out And see for grocery follow-up maybe out acquisitions? are the partnerships initiatives

Yes.

So upfront the markets. in out investors side terms rollout the fares with delivery of I'll of other upfront upfront remind rolled of in U.S. And fares originally on fares, actually the we're number of the and business. pleased a very that we our to

to because is, wasn't determined is asking to well for the that could that which where kind want knowledge be of a as for mobility built they're we that off that the know going issue of what delivery were upfront knowing on the where couriers, fares on available. my there product, and dropping based I this terms of So working was work #X product is, out fare in destination was picking up, drivers

debut again, fares. side first just mobility something power And the U.S. the innovate platform of do on side example and way love of they're which were side. finds we on to that there, the the And that that, it's its information on the delivery is drivers we upfront absolutely the the destination getting. in So the delivery an

want actually, upfront tuning on whether fares, on on don't go they're going, some in say of some know the trips, airport, focused drivers it fares as some drivers trips are observed terms want trips go that they're understanding want of I'd accepting globally, or upfront that accepting is some cetera. their some now idiosyncratic we're to you quite we drivers less not that where want in some who What product launching There and are et long to itself. the suburbs, are that short that to trips, terms desires.

we actually is really that they're drivers different on their targeting behavioral price us. based forward. a the right right win-win-win. trip I focus which preferences is driver, at different X is better what that going a showing think on right the of So can offering That based to do patterns trips, the or

data from the The the estimates have. just of single the drivers now of nature right that to price And the upfront point we kind that is time trips at gets of rider the also more and efficient. the every seeing say have they fares, and who gone more it wait players on and would I are that for time network you've want to and kind skills accrues distance, based the flat data of trip driver, amount lower,

We're in We doing have estimates make estimates. of point making point point globally. else. it We mobility delivery. these these of estimates and more these both anyone We're more than

anyone AI algorithms to are time to and than So is of all our going to be accurate that which to period absolutely going an more equal, able accrue learn be else's, be us. going able advantage things are over to more a to being is

it's product merchant new actually to initiatives, focus -- grocery the build again, out of for terms I is us continuing base. think our In

world. to all over the sign continue We merchants up new

Some Sprouts the and were Italy loss farmer wins market, of big U.S. well. Sprout as in the

areas searchable. for. in the can of catalog this get continue the that on basics think milk, And searchability to we better So merchants mature all the I a the as looking while we for that think more catalog, we're I terms better. One our is And just We're grocery add the in the in excited chocolate we of quite to have do in world, choice sure you do eventually on catalog exactly the get there. what will think about to the And get you're the potential profitability. that and and continue of grow is business focused marketplace. that search very over when and you then is driving And making one

now closing session. will management our remarks. concludes it That back question-and-answer I turn to for

Thank you, Christa.

you today. thank So joining for us all

announcement. the Q&A, a organizational to As share up I want we quick wrap did

leading role will of business, to career Subramaniam, wanted responsibilities finance IR you'll a his our scope coming Uber, I exceptional them Deepa that her but know part his job development gradual announce be Delivery both working who here be addition Alex at to scope the talent be I'm be former CFO of that the an quarters. with expanding for This has in will of IR and the As incredible of the IR. in you VP to done some delighted transition, in Wang, FP&A be Corporate will include let Finance. And expanding to to

me So your please of week. next in both. you join to forward again to appreciate Look we And them talking congratulating time. all

participation, call. now This conference you today's Thank may your for you disconnect. and concludes