Uber (UBER) 6 Aug 242024 Q2 Earnings call transcript

Welcome to the Uber Q2 2024 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Deepa Subramanian, Vice President, Investor Relations, Corporate Finance. Please go ahead.

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

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

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

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

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

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

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

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

hand Dara. With it over that, let me to

growth. for Thanks, on XX% a ability quarter QX growth Deepa. was demonstrated Gross another consistent bookings grew constant trip Uber our at with further and record to basis, scale. deliver profitable currency

operating frequency grew we grew At and XX% income. supported XX% Our globally. EBITDA GAAP the drivers record while audience adjusted couriers quarterly generated X.X time, expanded X%, by million same and year-on-year

questions address there there proud head results Q&A. before are that of, I These X but I that to strong also we're are into we want understand out big super

what consumer the and would on in in of the strength the a seeing great today, Uber recession. shape. is Based how we're consumer perform First, Uber

ever ever. than bigger and services our is audience than Our using more frequently

down trading softness perform because our cohort. the we're well higher we're across current not of Where seeing materialize, nature consumers macroeconomic can or our income, countercyclical tend to Uber be fears of any the While any income that platform. confident

On in growth, for riders the investing consumers. like on down mobility and ours performance are the brings improves selection and side, channels supply delivery and merchants affordability for driver side, reliability; improving for prices more

In point the first-time number over in was fact, QX, of on quarters. consumers Eats the X past at than Uber any the in higher U.S.

so continue top It's operating One that more XX% much more than line made consistent clear membership, now habitual of is to while by drive many growth expanding Uber We'll bookings. delivery gross assumed, which covers GAAP our even delivery income.

Our track the confidence in any discipline we and making of build investors scenario. commitments capital then our give to muscle perform that operational record and well exceeding should

to scale. AV looking Second, autonomous. Put is simply, deploy to value uniquely offer tremendous positioned their players technology at for Uber

operation than XX XX And of predictions ETA hail We While million may more lost amount in year a X average mundanely, huge is approximately the seem our tech our million X trips of complexity. possible alone. network support because makes hour and simple, marketplace minutes. million ride we of last per per that items a technology globally just second. obscures more over handled That's roughly

to building acquiring expect. valleys customers a used without will key AV provide a managing ensure invest be as or utilization. also activity. and of have ride factor being the capital while towards the as assets AV need players that commercialization demand Uber AV that expensive asset in are to day that their peaks delivers daily close reliability know also will weekly players consumers that hours possible, We to XX tech the marketplace needing and at to can standard hail enormous come

discussions late-stage months. players announcements Uber AV will weeks to have for our That's and We're that AV the we'll with to in team to additional players be of more global an indispensable great for say partner quarter. Thanks all the coming Uber platform, in all join sorts. and another

With open questions. operator, call for let's that, the

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

I X. have

AV. first appreciate I color any The extra Question of, in the more more on we strategy even unit relative incrementality of color from what of press sort Dara, around the of sort one on in seeing you're detail rides your what reinvesting on the of the release. think and the versus partnership? How of dollars sort delivering is And profitability? philosophically, drive do sort AV economics? growth to about Arizona

to versus you what's frequency sort apart about driving little one on the in second drivers, growth you're for talk growth And on specifically. the bit just seeing mobility of break what mobility? that a then quarter so can us MAPC Can mobility we

Sure, for the Thanks absolutely, question. Brian.

we we with So our operations want want significantly able I should. and develop that hold AV because players to believe is that able that to out to Arizona I kind run higher what without see as of specifically a to we have is on look network players to we et the at broadly don't that than see, utilization when are they're XP AV basis. the more the a Waymo do speak we partner there, our network, cetera, as these utilization partner obviously, any various But confidentiality,

significantly than is XP higher utilization XP utilization. So

stores, demand have Domino's speak. or they also to to is of I why a it's about the if of But a direct McDonald's consumers. drive marketplace, so Starbucks -- to us, the they role fixed it's a think mean work the channels marketplace to end, the of or demand, the role utilization marketplace with in And to assets. you through the their works now bring more

increasing and think, AV rate think drive on We we And that able is average same to of utilization players, as which mobility, higher we and exceeds long we incrementality, utilization can the numbers we possible, kinds will significantly we're the to rate global numbers. take will the those those insurance we as including true the believe you'd exceed think XX% for utilization. not take so be that that of XX%, drive charge we utilization around drive, utilization have or that costs is are

now, the right definitely working. math the are So and economics

drop I autonomous dynamic offs think is, a dispatch to bring are drop-off thing determine and it's can same player drop points. an is where that situations dispatch we succeed. within we where that drop able we they benefit can autonomous allow effectively the So pickups circumstances to And then pickup model that pickup should these if we're players the off for pickup with? a special easy, off we additional with when that is what particular complex circumstances? route the will block, the or point or are essentially have play The know or the human some dispatch has in players to the

quite be And market. that as we have is second discussions lots we've this that to to marketplace hybrid a consume and continue you this -- it part that data trying with most want of as developing early And the one? how it. Prashanth, players the all, autonomous regulators in out think will largest of will will AV do I other think are players that take we humans out -- and winner-take-all had the is don't all will encouraging. said, have and figure long period to there. exactly So be during regulate as to will We liquid pretty

Thanks, Dara. will. I

Brian, growth. mobility your was question think, I on

restating outlook and just QX. I'll we start QX for how maybe with did our So for

QX, do we a at the year-over-year very So at growth. it printed, constant for that strong results if XX% currency, you

you I dig For QX, you currency into take better, from would why repeat back framework in we again, couple and have in on basis. talked should business, that's coming But the to we you constant of a when the of mobility we're a for gave that items. or confidence about in such looking over sort years February we a at mid-teens range, X that mobility growing be the mid-XXs the that do

point still couple GO-GET we we're folks TAM that XX% On massive a and to the about those are a after. this of XX at countries. drive X and can expand XX have years, Maybe for earlier that our find to across than of think less as is in. innovation, penetration define monthly our pretty who year, we I we areas we consumers, to new to top TAM user talked demographics over continuing is and helpful is continuing data that continue believe we that We're go folks product and on side,

lot of run a So to room there.

key be our will frequency, folks platform. our to many engage Another how how be driver which understand -- monthly I the with actives monthly think times actives

month. call our reliability so the trips of a improve X looking to when to you benefits take about X per to an able of continuing that one half at products, get Uber, new course, Only for and, you riders you're time we're for that membership. launching of are We

to use of plenty to frequent a more again, So upside this there drive continue daily as case.

AV think I versus profits. strategy had our you to newer about let's reinvest Brian, into we asked to say, our growth then, lean are to And able products. Generally, drive,

So in developing for X-wheelers which look are in of number if you a Latin America countries. at Moto, example,

in newer UberX taxis, faster get shared business. those or look product, vehicle at than Share, our we base X than you where a If more the passenger growing products even are

to new those into the targeting, -- while reinvest will years, our CPT have than to our us increasing we products, same This are newer something technology, profit to AV we're cost in able think scale, our profit products. envelope in part of terms but able business, AV to lower and terms is overall been leverage to substantially of the of that equation. one base of be margins. is as are margins improvements we their doing for And base, we've able allow we a be

look over along So liquidity X just something path build operating to to I next that able X years. to profits because not over in the be have we'll that AV the that's we lot XX substantial -- years. the been And going for make past the don't marketplace kind a continue of in fine of to from we're is to

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

can can more perhaps you BYD Dara, the talk time? markets just as new tie AV that into then into the global and of importance over EVs about bring partnership you how

drivers just quarter? EBITDA talk and in path if what the more about And the the Prashanth, on confidence clear upside retail grocery in well? delivery, to of profitability, profit then gives the there as you And good could you

Yes, absolutely, Doug.

is for with initiative start BYD. of an important fleet I'll us. The incredibly our So electrification

to driver look speed driver you the switch Uber at of to Xx switching because EVs, that well. miles are. if drivers And also the around kind a regular it's drive if -- there's are you that driver, normal over drivers Xx drivers Uber, over are Uber to electric as We want an of Uber any

very BYD, that after as to any go drivers is that over hoping #X after hesitate we're affordability. a EVs fact segment why it's move going none you terms cost can in kind us well. targeted to and is help look BYD is at some governments there. quality, we're So out second The when that to really of the And and of manufacturer reason

the partnership. very, excited We're very with

We always and there. And being the having we about we we're -- of over a to are Uber a see. leaders terrific markets our to partner BYD new global most out team are believe onto in BYD to important some platform is across EVs going terms be sport, of XXX,XXX change bring climate just going as we've talked climate

and AV space, BYD judging EVs bet not has as the would investments is significant But that making AV a I to and -- they in very EV them very, in would much them committed AVs. we're have in AV looking on with very on what space. billions, accomplished recently, both from in the well. More in to forward the make investment partnering the And they're I

go on. Prashanth,

Yes.

think So question I was delivery your profitability. on

we for incremental attention margins, don't incremental to quarter delivery, terrific for the draw second we a in although did XX% So quarter. to pretty have margins

a around So context putting little that.

in through clearly has drive We delivery. per profitability improvements. to the many terms we that includes tune built the -- as benefits per scale in seeing cost cost and continues the business, to the still continuing that levers of of drive some team that that That we're transaction have trip runs to operational it are down tech delivery incredible

We've got advertising. great in improvements

are and remarks, in drag a on running to and $X now I our costs with delivery rate segment. mentioned refunds prepared which tech a like on the of of basis, think and operationally appeasements, other a billion to some the that's run continuing find reduce of bit both in we still excess ways

have good The to very fact that seeing how a were continuing growth indicator grocery really profitability that to strong in delivery of much able growth grow we while we're profitability. is strong in

than grocery despite that I points faster up think delivery. XX a delivery rate EBITDA substantially is was basis growing sequentially, like at and

points In of we using customer that's of cost those bring is down of grocery in the drive got grocery the retention acquisition as costs Eats seeing and We've the our customers efficiencies. about what profitability, now it's we've can talked platform, improving. power and the past. on about grocery, using basis It XX% up of the year-over-year XXX we're are year, middle also the

mentioned then the or and consumer starting, improving, couple promotions I add mentioned our also mentioned also more ads of the merchants a We platform. driving revenue. is on to we're down press grocers. And think I also more that given the we And to other and continuing Costco. release in prepared remarks, selection

continuing you be X-year on where a we all are to our and business. in for to So in gave all, story track grocery things strong our is model, delivery

grocery retail and trend that Obviously, we countries. a that's are than new retail on kind very more ad of high-margin basis. on and continuing expand year-on-year CPG into a spend encouraging our product very product, a now Just one to of and bunch is on tripled grocery

So is there the terrific momentum to see.

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

if set the consumers of supply what for time? think longer how for as more into last relationship experience of X, increased comments, the Building increased the it you I you potential layer to on delivery to a of and frequency coming the utility, continue term platform longer about for the over could, back you delivery period network the growth Maybe business. means evolving about and what learn do

some How industry a consolidation dynamics market market side? and lot on asset also the globe. you countries of some portfolio and delivery positioning of seen current your you're the the rationalization against the in on side, seeing think of we've delivery do then on about around the those And marketing capital

Yes, Eric.

adjacent started we're TAM, so promising do to terms of growth retail. retail. the we is we've but than grocer is getting believe food of expand bigger category the delivery it to ability online incredibly TAM got relates seeing So is the as online delivery, runway The especially and actually grocer a in long delivery our food not long-term grocer just and retail only and in what into and we're

on million have now the up merchants We it's X.X platform, XX%.

place. item favorite of to kind marketing most countries optimization who every under to average choice, their for searching merchant, Our more of dessert in for very conversion third-party is consumers as And merchant low, it merchant against in penetration still because a we time each gives tends restaurant well add relates another XX%. improve well. as we have us are or search actually market favorite And to engine engine or channels search diversity

merchants full eater against. very June and choice merchant way all we're year-on-year every in very, just in in item conversion, to results And basis. marketplace. single in it penetration market actually on up of add long are a new So the retention globally region, a And being mega in terms another

growth. run a now, rate for there's long very, right we very So believe

the us, of membership add well, more this use for kind the single user whether grocery spend a products now the way, the delivery buying And benefit top products multiproduct which transact from platform, XX% more marketplace, consumers add in the more on on of on bookings. you to it's as and our we over using product user delivery consumers mobility more our retail, it. that, to or is And The more Xx product multiproduct adds then of than they consumers. a

So the strong. volumes are

I are our to having we're volumes. think into are some going the of our for way kind there We strong to into strong not to volumes, come. fundamentals time earning way be buy And

ability operates in it's or that of of probably the other function markets we're made could we're ago, a We've basis. the position every or shipping execution we and the gained power X years X platform. to markets that a in our exit do. a either portfolio. the our great position. think if delivery operations a didn't few the player and we of to technology platform ago, mobility XX We as no It's terms the year-on-year as X on who our In move the years of both of strategic #X; delivery be #X top broad global we decision team, and There's a had #X category then the or to #X,

so So I we're and very happy think themselves. with our speak, the to portfolio, speak results for

is. learn shows someone as surprised Eric, up business now food stickiness how anniversary delivery business very It my who's got been coming is is in great data surprised was the that the improving. X-year to habitual. I'm on And that we've I -- soon, sticky

better quarters of data, terms look I gets it quarter X and think of I X, in retention. every eater back

the what we're seeing follow there's to So trajectory in clearly mobility.

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

you downturn for mobility have you consumer I wonder maybe or scenario. a and to expect happen rides, as bookings profitability? would price looking from trade What as lower could if if the revisit we recession the do impact or down downturn on bigger a far

it maybe talk areas, with Or higher to on deals the looks are happens when sign And business you then, impacts you independent about, you've model contractor turned like deals, cost what Prashanth, deals? you of those it your could Massachusetts, but fees? signing what those and other cover can the in corner

in of a et cetera. of has scenario a circumstances these indicator on a a job been the market. bunch see mobility, downturn of the is weak LatAm terms downturn we -- kind cyclical number in And consumer of through Yes, downturn of Justin, a usually, markets. trends, leading

side significantly utilized might markets, tell. hour. it's hour market, it. drivers very very for the example, platform, to improves. supply our might very, weaker mobility job We're In per some U.S., per $XX the a utilized is be seeing average flexible difficult a for there's earnings in We typically, when work Western the But not, of on we driver

the So are per highly hour it's strong. flexible, and utilized earnings

So typically, see driver is what we supply. improvement in

surge compelling. becomes supply ETAs volumes quite sticky. a comes driver as As And result, down, typically improves, the itself turn service to be improve, more out

In those brings delivery. in of, for essentially XX% Share, discounts such let's say, UberX prices we whom actively and addition and to of, program And right? to X-wheelers trends, all membership of let's provide we're in an affordability, down are X-wheelers both mobility say, UberX of XX% The well. price investing and the products as as investing

I has in thrive perform very, kind to we I team think So And a the execution we'll that needed. can market. we and downturns. be any be and capability of they've we're trends in do able to And that adjust think that upturns as of watching able to kind listen, believe very proven quickly,

Massachusetts? Prashanth, want do you talk about to

will. Yes. I

also how maybe for Justin, to folks operating we on in start just I'll market different that have broad framework folks. of X just our models reminding by sort we go

have that built we Uber, level independent where agreements So most to think over and traditional Massachusetts, company which for of And referred model that we've adapted time, IC+ was we to some the is contractor, the model, you into and provide then what how is is now to which the of that's people enter largely on. the benefits.

global And then or of fleet execution handles independent some on ground, company feeding use actual the the there demand. an as where we sort serve are that the and in-city demand we in-country still the a them countries or the model

platform, includes or measure Massachusetts, Attorney time and as we of set specifically on General medical a family reached leave that So settled health a certain care, earners how with in for how that we standards we on the well. benefits deal the define

of The very that, valid in we're As done a we dropped against like Uber, Massachusetts, had the our Investor as action February California. General for consequence is operating in plenty a on in their factor no issue said pursuit in successfully and longer consequence focus in costs. runway will we model back that of of But we've our Day, to Massachusetts. have on into still operational we that Attorney

the continue So runway our operating that for we we built there's down of believe costs support push of continue while us points to we option to cost for out payments variety those make drive through Uber basis grind and to ahead affordable the this continue the into measures to of to to and a an plenty that will all. sort costs other continue be market, will structure that that

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

I Dara, vehicles. a on wanted autonomous ask to X-parter

would the really your First, can understand mornings math how peak hours demand of during partners. at the and the core utilization is evenings? help of that imagine takes around much you value peak rideshare prop us and to I place

us world then the a compete a choose And but more sides, for to not directly. they to partnership makes second, there model lot providers to sense choose of where is partner, both

How around, second partnerships question scenario? choose not what is So Uber for partnerships? plan players I guess, is that extend the to in B event you my engage navigate or the in leading do that

absolutely. Yes,

we able So rush very during of the haven't cetera. either and through kind disclosed mornings a in actually both supply, obviously, on, terms cetera. or trough, going of basis when incentives, And obviously, through peak are going there geographic supply, significant et during in home ways, a are numbers, drivers positioning and surge our very, after shape there's basis, hour temporal and et peaks on concert if while to the we we a drinks, demand demand at on to and hours, need

costs pay we then there take more incentive during don't when are is those The that will structure, need for variable our essentially those supply, we out. we news periods incentives us, and can good through peak

So basis. we match we're have able a to to shape essentially model a supply where variable demand in

car I in of at there periods. is you pay the all so for an car of that to the the amortization during overhead world, and times, all the kind AV car the think have

valleys and a hybrid a kind more we robots that think network pure-play handle and humans can both network. the that can than So much effectively consists -- of peaks of

having, if think investing on confident of why global it to Originally, technology are single OEM acquire I partnerships, basis. that Nikhil, the be would that, that that content, a of highly But wanted concept LX call tell we this is based able a highly, to cetera, we're The is Uber not is the a being conversations was every you, in terms et I AV winner-take-all LX AV itself. want In you turning on technology. to some or develop market. out fact to

If imagination at a have we that technology that of through learning the tech of of of lower at necessary you folks learning can cost newer believe wave taken technologies kind LLMs, introduce new of historically. AV terms same was potentially coming through capital imitation look some in the that imitation substantially

So AV well, the global are we think from be If there providers, and AV many very, our to both marketplace, freight going many many, many, will as marketplace mobility, position. are and the providers. there delivery have far marketplace then the is largest very by marketplace marketplace, strong a

necessary. So don't be that B see any plan a at signal will we this point,

forward. Also have we Waymo, that with take there investments right working a to and going AV the strategic have AV in is kind make note for that plan players. A players other plan are example, Aurora, number of and of that we investments investments, we're sure

mentioned to B I'd far, see And that the we remarks, you'll partnerships next think market have plan see will I And in in say good. my so announce months. the and as So and I necessary. more isn't will weeks

next Your with John comes the from of Jefferies. Colantuoni, question line

does what tell has and we about in pre-COVID the to driving more ago about frequency multiproduct over frequency I through a progressed cohorts. was disclosure adoption? higher the some than frequency, cohorts had to provided showing mobility And usage that U.S. the cohorts you -- year? curious mobility progression past keep recent back over could opportunity go lower that How progress across Given you on if Canada continued the year

suggests second, how investments like XX% in in And the a which balancing last $X you the offerings, over more quarter. year-on-year listings of year. a merchant-funded sponsored is in bit exiting run deceleration grew advertising are about growth, XX% really over rate Talk billion versus strong, which restaurants from XX% but mentioned

a X-wheelers, in some while going hailables, at Share, UberX John, the helped products, you that at when of multiproduct terms mobility than frequency higher absolutely as membership what specifically products, and significantly say call look up when look frequency for we by X-wheelers, look is of cetera. When we're frequency, would it, overall the numbers on is the absolutely of, at helped disclose X the they're mobility well. I both So newer lower-cost frequency It looks is basis. to not you frequency by delivery, it the usage, of products like, et year-on-year

whether customers, are high whether us mobility at look at delivery So in new income, numbers income, very, frequency the for you constructive. cohorts, and very look low both you

You talk want to about ads, Prashanth?

Sure.

think question, question again, on that offers, seeing the I how on are So in the merchant-funded impact on business? an John, -- was your we in offers for -- or -- we are general, how

So I would tell think you in to about it X elements.

to is are First, merchant-funded them helpful to question we're it being from their strong their attack asking. able that drive see actually to folks drive, cooperation affordability and very a using need demand, we as the merchants in offers very way for to address

growth come different It you putting onto platform. a could that a spend tech amount, to them apply strong is that of and they be extremely It things in the a buy X, certain creative to And offers. want be, seeing in We're how be allowing the we of off. variety quite percentage could hey, merchant-funded if X. can through the you that a So that have when. they're get certain use get

think I us. something that's unique that's to quite

in really more And very and good that, seeing are we of SMBs as in large lean growth. are And more time of think a concerns seeing support around I their our are growth when enterprise this. the what's macro we with seeing business in of some strong a customers, there's result happening a

would merchant at I we're a folks say sign more it's also folks that think a we versus on category category the I'd that the shopping at sign. dollar when what single side, are continuing we look at to shopping categorized the or as levels see expensive $X have

the because of So to folks by supported some is we that not RFOs enabling we're that are the or down again offers restaurant-funded seeing at SMBs trading being them support.

of what And retail, advertising. bookings then just X% the core percent. target in user think consumer X-plus a now increasing terms well based listings a and in grocer formats we is of number see We're ad delivery is for The over with really of competitors, And monetization actually bit that placements doing. The and of we the hurt terms that impressions continues number on pretty target X% session introducing significantly. what and listings that part growth We the through through monetizable of certainly business. gross we of think us new is the doesn't experience. per a see search focus sponsored in what for be Amazon way smart the increasing We of on over the achievable. sponsored had can right

think have sure a make the targeted is to merchants out time, complement for hold you because we listings audience about our and then a those kind merchant of improve our conversion is And same merchant-funded for improve offers, offers tend sponsored a of at tends if to eater experience audience. and price that reach to So advertising of particular to way to listings, sponsored as well. the nature

a back from offers money we is to strategic a merchants overall their merchant-funded and for listings sponsored with offers but the affordability very working marketplace. to drive what way For to forth merchant-funded sponsored profitability, Uber listings part business in of improve to think more are. the targeted are in to move profitable be and important achieve goals the Uber, we're our increasingly, a And able of

job. the is team doing So a great

impressive sales out product ship team, invest teams there. technical to continue some our in and pretty the to continue We

is, we XX% merchant-funded restaurant-funded you or me year-over-year. Let have grown before that offers give offers globally, shared and haven't X metric

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

ride getting One on talked for more ads. follow-up X.X% of gross hail to We've about ads. bookings

advertising hail talk the status late? ride but business ads we about of your So I of delivery quite a bit, side know what's

And what you're letter initial little Instacart kind a more of you read. thus mentioned provide from partnership? on the then the color Could the Instacart seeing far

Yes, absolutely.

So we mobility ads, target for of haven't the terms the of in introduced gross percentage bookings.

premium very the in that to first. resulting to compared very, excellent with experience over them advertiser. that riders. looking extent we come people ad an are the to want averages very and that experience X.X% sensitive advertising X%. for experience rider are engagement make that the some to strong us, less fact for an is from are that, And to industry We than the the we are rates Uber some excellent ride it's a introduce sure brands that Click-through to for And of also

think advertising more quantity. quality formats our we focus focus positive think And measurement and going that investments forward. on ad introducing, continue I are attribution for for us, I ad and The in contribution we'll then very of partner. that also targeting capabilities of terms newer the improving that So in versus very, is is

to progress very, percent target put because with rider first. the we're comes a of I here, So want experience very don't happy the but the

base the of the In our from sizes, trends terms very than of come there. a lot Instacart and there, kind the and of we're It talked about suburban matches higher Instacart encouraged basket penetration. markets. being We seeing XX% Instacart's geographic demand trends baskets by the of we're kind

excellent an the think do partnership has we the the is been from say So volume I'd of strong. so And incrementality that one. Instacart far, quite

of went Maybe just quarter live where is to the app. in a we Instacart second on only live Eats Uber reminder the 'XX, folks,

So days. it's still early

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

please. questions, Two

markets in are how go is do absolute And expense going line bookings to forward? On XX%, that XX%, comment, it this as for about would that's My that or a even Prashanth, I helpful. And there lead you How think made able penetration the overall in and you percentage could your that are where now? kind had you've you're -- in in that and Are of you ago, about a said then than how also have under recall is be those could high talk Like incentives clues you there a TAM Is you more high go seen of like particular those subsidies less there. what markets? you you the subsidies go? forward? I been a be about that growth penetration. any you've that incentives -- year leverage flat drivers you've and said going think something to dollars? higher going markets was markets, consumers but tell and that where than so could seen XX% little assume we're you TAM nice to earlier, had your

the you Thank for Yes. question.

penetration TAM, the good U.K., in a I reference if was we're with bookings. gross help that's of you TAM seeing to $XX worth or United the an example frame that that think billion to the to another States in move

the rate by to X% it moving call So current our run X%-or-so just of the U.K. U.S. to

So the is there. opportunity we know

great We that think, really I is as have in expand number seeing continue and also, are metric feed for reliability geographies is a Brazil impressive seeing that going where continue -- frequency really Brazil, mobility how to I growth. that's think, we is we're provide another The great a runway. into explosive to we more confidence to to products availability, more our continue markets example

your into demand, of balancing but all is sentiment historically a in the at at be position a not and about -- global That is is may would global is. the overall as supply And we it supply level question, that today true say has which sort in markets, level it been. than I second better think links that a

our those us to the greatly within pivot I we into, Uber is exceed to as pivot team, ability that gave do areas our of they is challenges, that into to allows demand. we that could think, leadership many incentive and What dollars one dollars have financial fund you. those so And we framework the faces driving

continuing but incentives terms we right time ensure the making of the future growth products. of are for market that in is make much the sure that So on liquid, decisions allocation spent capital providing also fund term to near to is are we continue both that to need right the to

as metric. and that launched may here product help ask which I to our I we've is with an teens example, one the Deepa me think

was -- you up up if I Deepa? Yes, -- number base, user that remembering is launched, -- trips, investment that product. new that increase that was takes done to that trips were awareness you've about but up. But takes sorry, it's relatively XXX%, right? teens it a think -- some the up Is that I am that's the product -- it XXX%. and once Was we've

are So make on. continue it's that the we a think trade-offs those decision -- to I

no, -- Hungary. up This quarter, we and opened we quarter, opened we opened last Luxembourg; up Hungary up sorry,

as into as existing we're So new countries new in geographies areas. well expanding to continuing find

So that high-teens next you gave within make trying framework to balance to to over GB XX% years. growth look stay XXs to high while for us we the that mid- great to continue X of with EBITDA operating driving

And I back think it with turn that, we're going Dara. to wrap -- we'll you, to the call. Did we and

much, investors and Prashanth the talk team Deepa a all for accomplishments get consistent Yes. the the you to very joining the call. Uber. the wouldn't of And you to had and team, huge Thank the at but technical and markets, teams about at I it's markets. to everyone, thank Uber of without And teams certainly kind Team good contributing. the who in actually on bad we've that have uncertain ground, deliver the we the everyone execution markets, execution

So big thank you to Team Uber.

reminder, in quarters. on And going in we're to Europe in and the coming Chicago, -- just be in the West a New York Coast, in

So very reach to want to Deepa, accessible us. folks, out for you so if see

Awesome. We'll quarter. you again. talk you Thank next to

conference concludes We thank today's call. for joining. This you

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