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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: I think, you know, the streets kind of mild quickly

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Speaker 2: focused on growth, the slow down in growth. But I

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Speaker 2: think what's interesting about Uber and in its multi offerings, right,

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Speaker 2: is that that can be different in different geographies. Was

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Speaker 2: there somewhere specifically in the world where ride sharing slowed

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Speaker 2: down and you can identify a reason for it, or

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Speaker 2: there were pockets where you were stronger in particular businesses

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Speaker 2: in certain countries around the world.

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Speaker 1: Actually, the growth for US this quarter has been remarkably

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Speaker 1: consistent with the last quarter. Trip growth. Trips came in

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Speaker 1: three billion trips in the quarter, which is a pretty

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Speaker 1: extraordinary number, up eighteen percent on a year on year basis.

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Speaker 1: Where you did see a slowdown is on growth bookings growth.

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Speaker 1: Gross bookings growth slowed down a bit from Q four,

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Speaker 1: and that was essentially because of price. You know, we

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Speaker 1: think as a company the best way to grow is

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Speaker 1: to increase audience, increase your frequency. Our audience was up

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Speaker 1: fourteen percent, frequencies was up three percent. But as we

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Speaker 1: saw the opportunity to reduce increases in pricing, especially as

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Speaker 1: it related to insurance costs in the US, which have

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Speaker 1: been increasing at pretty extraordinary rates. It forced us to

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Speaker 1: pass on those cost increases to consumers. We're seeing the

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Speaker 1: increasing insurance costs start to modulate. You know, we now

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Speaker 1: give incentives to our drivers to drive more safely. We

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Speaker 1: give them a safety score, so to speak. There has

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Speaker 1: been some insurance reform in a couple of states and

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Speaker 1: that's essentially allowed us to reduce any increases in pricing.

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Speaker 1: Pricing was flat year on year in Q one versus

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Speaker 1: last quarter, or was up four percent. We think that's

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Speaker 1: actually very healthy for the consumer. And what we're able

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Speaker 1: to do is not pass on these price increases but

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Speaker 1: really increased profitability. Profitability was one point nine billion dollars

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Speaker 1: in EBIT a thirty five percent year on year record

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Speaker 1: free cash flow as well. So we're very very happy

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Speaker 1: with the growth that we're seeing and hopefully there'll be

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Speaker 1: more to come.

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Speaker 3: Let's just talk about the leavers to pull in the

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Speaker 3: growth that you're seeing and indeed in margins, because this

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Speaker 3: economic environment doesn't make it feel like any more pricing

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Speaker 3: can be passed on to a consumer. Is that what

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Speaker 3: you're feeling, Well, it's not.

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Speaker 1: I do think that we have passed on pricing to

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Speaker 1: the consumer and the business as you have you seen,

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Speaker 1: has scaled really well. We just want to do everything

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Speaker 1: that we can to keep everyday low prices for the consumer,

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Speaker 1: both in mobility and delivery, to really drive that frequency growth.

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Speaker 1: Frequency now in terms of engagement with our platform is

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Speaker 1: six transactions per month on average. It continues to grow.

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Speaker 1: And for example, one of the areas that we're really

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Speaker 1: focused on is our Uber one membership program. We got

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Speaker 1: over thirty million members. It gives you a discount to

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Speaker 1: use Uber more. So again, the more we can pass

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Speaker 1: on discounts to the consumers, the more they become attached

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Speaker 1: to the platform, both in rides and delivery, the better

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Speaker 1: long term growth we've got ahead of us.

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Speaker 2: There are I'm a loyal Uber one subscriber and I

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Speaker 2: think I see I think I see the net benefit

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Speaker 2: right on top of what I spend to b one

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Speaker 2: and I'm in that key category of US ride share,

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Speaker 2: which is so profitable for you. What I think would

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Speaker 2: help the audience understand Uber's business better is is that

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Speaker 2: something the boost margins for you Uber one or is

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Speaker 2: it another incentive? I also get sort of the AMEX

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Speaker 2: credit card benefit each month, right, and it's really hard

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Speaker 2: to understand that as a mechanism for Uber to drive

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Speaker 2: profit or if you're just giving more away.

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Speaker 1: Well, it absolutely is driving profit in that the average

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Speaker 1: consumer becomes more profitable for us in dollar terms once

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Speaker 1: they become a member, so members are worth more. It

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Speaker 1: is driving long term profitability. Now there is a hit

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Speaker 1: to profit margins, right, which is the for that consumer.

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Speaker 1: We're passing on savings to you. And what happens is

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Speaker 1: is that the Uber one member starts transacting much more.

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Speaker 1: On average, Uber one members transact three times more than

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Speaker 1: non members, They retain fifteen percent higher, they tend to

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Speaker 1: cross shop a lot more. About half of our Uber

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Speaker 1: one members use both their mobility product and our delivery

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Speaker 1: product as well. But they're doing so because of the savings.

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Speaker 1: But then what we're doing now is we're also introducing

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Speaker 1: experiential benefits, so you get a priority dispatch, for example

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Speaker 1: in airports as a benefit of being an Uber one member.

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Speaker 1: So when you look long term, it absolutely is driving

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Speaker 1: revenue growth, is driving booking's growth, is driving profitability growth.

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Speaker 1: But we do give up some margins to that member

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Speaker 1: to keep them kind of working with us, and we're

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Speaker 1: definitely seeing it in terms of frequency and the amount

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Speaker 1: of spend on a platform.

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Speaker 3: Dar let's talk about airports. Let's talk about international travelers

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Speaker 3: a little bit more, because Americans are traveling and they're

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Speaker 3: spending elsewhere, and you'll see it coming up in your data.

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Speaker 3: What about people coming here in America and are you

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Speaker 3: seeing Canadians others starting to shun trips.

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Speaker 1: Yeah, so our airport's business and travel business continues to

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Speaker 1: be a real star in our portfolio. Airports has consistently

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Speaker 1: been growing. Airport trips tend to be more premium, so

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Speaker 1: you have more comfort cars or black cars as well.

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Speaker 1: But we are seeing it effect in terms of the

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Speaker 1: international traveler coming into the US. Canada, for example, Canada

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Speaker 1: travel coming into the US was weaker than Canada to

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Speaker 1: travel to other parts of the world. The great thing

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Speaker 1: about our position is, you know, we're kind of capturing

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Speaker 1: that business. Anyway, if they go to the UK, if

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Speaker 1: they go to France, they if they go to many

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Speaker 1: of the countries in which we operate, we're still going

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Speaker 1: to there's still going to be uber customers and they're

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Speaker 1: still going to get that air per pickup. But those

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Speaker 1: airport pickups internationally growing faster than the airport pickups locally,

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Speaker 1: we are seeing that trend.

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Speaker 3: I want to go globe a little bit more as

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Speaker 3: well when it comes to potential M and A opportunities

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Speaker 3: because we're looking at what's just occurred in the UK

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Speaker 3: door dash stuffing up delivery for example, you're talking about

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Speaker 3: the cross pollination of driver to delivery. Are you thinking

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Speaker 3: doubling down on delivery anymore? Inorganic growth rather than just organic?

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Speaker 1: Well, I think what's a great accomplishment of the team

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Speaker 1: here at Uber is that the vast majority of our

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Speaker 1: growth has been organically. We established ourselves globally and now

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Speaker 1: seventy plus country countries organically. We built our European business

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Speaker 1: from the ground up. We started the business there and

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Speaker 1: we also started Uber Eats organically as well. So the

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Speaker 1: capability of this team to innovate and to be a

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Speaker 1: big scale company but then grow businesses from scratch is

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Speaker 1: pretty extraordinary. We now see. We've always said that the

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Speaker 1: advantage that we have as a company is we are

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Speaker 1: globe in nature, and we compete with a bunch of

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Speaker 1: subscale local players, and we're multi platform. We have both

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Speaker 1: rides and the eats business feeding each other. With this

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Speaker 1: Uber one membership program that is really second to none,

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Speaker 1: and we're seeing the competitor, the competitors having to go

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Speaker 1: out and acquire companies inorganically. I think it shows that

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Speaker 1: our strategy is working. I'd always rather innovate them by

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Speaker 1: and I think Uber is a kind of company that

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Speaker 1: is continuing to innovate in all the sectors that we're in.

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Speaker 2: That applies to autonomous driving or a future robotaxi service, right.

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Speaker 2: You know, Uber positions itself as a distribution platform and

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Speaker 2: fleet manager. So in the first instance, there are how

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Speaker 2: do you react to that partnership between Wai Moo and

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Speaker 2: Toyota and how do you think that that will serve

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Speaker 2: Uber's platform going forward.

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Speaker 1: Yeah, we absolutely believe in the power of partnership and

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Speaker 1: we're incredibly bullish about the possibilities of av You know,

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Speaker 1: this is going to be a multi trillion dollar opportunity.

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Speaker 1: Av's are going to be safer than humans. We absolutely

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Speaker 1: believe we need superhuman safety as it relates to av's

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Speaker 1: and we have a great partnership with Weimo. Weimo for us.

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Speaker 1: We launch in Austin. It's been an incredibly successful partnership.

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Speaker 1: We're about to launch in Atlanta as well. So when

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Speaker 1: we see these partnerships of Weimo, let's say, with Toyota,

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Speaker 1: to bring the Weimo driver to you know, hopefully every

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Speaker 1: single Toyota or personally owned vehicles, we think that's a

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Speaker 1: great thing. It's a great thing in terms of vehicles

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Speaker 1: being safer on the streets. But to the extent that

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Speaker 1: those Toyotas are bought by fleets, we think that we

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Speaker 1: as a distribution partner, can really drive the most utilization.

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Speaker 1: We think those autonomous toyotas could be on the Uber

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Speaker 1: network and based on what we're seeing in Austin with Weimo,

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Speaker 1: if they're on the Uber network, they are going to

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Speaker 1: be super, super busy.

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Speaker 2: What are you seeing in Austin is a case study

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Speaker 2: DAR in terms of the percentage of rides completed in

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Speaker 2: that geofense geography that are robotaxi versus human driven. And

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Speaker 2: it's an expensive enterprise, but what's the margin profile like

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Speaker 2: of an autonomous ride versus a human driven ride.

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Speaker 1: Yeah. Absolutely, so we're very encouraged by the launch. It

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Speaker 1: is still early. We have about one hundred vehicles on

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Speaker 1: the road and that's increasing every week as the operations

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Speaker 1: continue to evolve. What we're seeing is very very high

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Speaker 1: utilization of these vehicles. The average WEIMO vehicle on Uber

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Speaker 1: is busier than ninety nine percent of human drivers in

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Speaker 1: terms of completed trips per vehicle per week, which is

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Speaker 1: pretty extraordinary, and we think that there's a potential for

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Speaker 1: it to grow as a percentage of our total rides.

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Speaker 1: It's still a small percentage, but that's because we don't

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Speaker 1: have enough vehicles on the road. So I think as

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Speaker 1: a vehicle count expands, it will be a higher percentage

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Speaker 1: of our overall business. And then in terms of margins,

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Speaker 1: today autonomous vehicles are very expensive. We invest, along with

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Speaker 1: Uber significantly in safety. So the margins of an autonomous

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Speaker 1: vehicle in terms of the commercialization of that business, are

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Speaker 1: lower than the margins of our base business. But we

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Speaker 1: always believe that you've got to invest in innovation. You know,

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Speaker 1: Uber each started as an unprofitable enterprise. For years now

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Speaker 1: it's making billions of dollars. Margins continue to increase, So

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Speaker 1: at the beginning stages of any enterprise in partnership, you've

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Speaker 1: got to invest. We are in investment mode and autonomous

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Speaker 1: and with a portfolio that we can have, we can

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Speaker 1: invest in innovation, but at the same time deliver record

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Speaker 1: breaking profits, you know, quarter after quarter, year after year.

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Speaker 3: How do you want to place yourself in that value

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Speaker 3: chain as well? A little bit, Dara, because your very

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Speaker 3: asset light, but will you have to invest more in

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Speaker 3: the infrastructure and the offering of charging and also you're

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Speaker 3: going outside of the realm of mobility to offer your

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Speaker 3: AI services for example as well, how much more do

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Speaker 3: you want to add on.

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Speaker 1: And make that well? It is we are very asset light,

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Speaker 1: and we are going to both invest and partner in

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Speaker 1: some of these areas. So for example, we have fleet

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Speaker 1: partners who focus on charging the vehicles, repairing in terms

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Speaker 1: of having depots, etc. It will be a combination for

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Speaker 1: us of both investment, direct investment and partnerships as we

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Speaker 1: build this ecosystem. Again, there's going to be a trillion

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Speaker 1: dollar plus ecosystem, and I think we can play a

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Speaker 1: key part in the development of that ecosystem. And then

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Speaker 1: you're absolutely right. We're very, very excited about the power

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Speaker 1: of AI in multiple dimensions and we do have a

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Speaker 1: really promising business that we're building Uber ai solutions where

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Speaker 1: actually we're using our drivers and other experts for example,

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Speaker 1: to rate models. We can operate this globally. We've got

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Speaker 1: over eight and a half million people earning on our platform,

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Speaker 1: and we're just extending that platform not just to drive

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Speaker 1: folks around, not just to deliver, but also train AI models,

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Speaker 1: translate language, et cetera. We think it's a really really

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Speaker 1: exciting new business that we're building with our partners as well.

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Speaker 3: And let's just go to that global footprint for a moment.

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Speaker 3: Because you recently increased your partnership with Reride, which is

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Speaker 3: over in China for example. It's about expanding in Europe

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Speaker 3: and other countries from an av perspective, But how easy

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Speaker 3: or hard is it to make deals with the Chinese

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Speaker 3: right now in this geopolitical environment.

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Speaker 1: Well, we Ride has been a terrific partner. I wouldn't

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Speaker 1: generalize in terms of the Chinese. You know, we have

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Speaker 1: terrific relationships with Reride, with Pony, We've had really really

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Speaker 1: promising talks with bay Do as well. The fact is

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Speaker 1: that these Chinese companies are run by entrepreneurs who want

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Speaker 1: to grow, who want to innovate, and they're innovating incredible speed,

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Speaker 1: and we want to be part of that innovation and

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Speaker 1: we want to grow in partnership in the right markets.

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Speaker 1: I do think that we will be working with Chinese

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Speaker 1: av players in Europe, in the Middle East, in the

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Speaker 1: rest of the world, and then obviously here in the

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Speaker 1: US we want to be partnering up with local players

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Speaker 1: like Weima.

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Speaker 3: And lastly, it's a sensitive one, Dara, but we talked

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Speaker 3: about how well, perhaps there are fewer travelers coming from

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Speaker 3: Canada into the United States as such a pin up

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Speaker 3: US brand. Are you finding any reticence geographically from international

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Speaker 3: users in this time where perhaps well America's brand is

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Speaker 3: getting hit a little bit.

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Speaker 1: It feels it's something that we've asked ourselves, but we

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Speaker 1: don't see any signal there whatsoever. And I think what's

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Speaker 1: great about Uber is that we're the ultimate local company. Yes,

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Speaker 1: we're a global brand, but the fact is that when

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Speaker 1: you get into that car, you're getting into a car

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Speaker 1: with a local entrepreneur. The majority of the fair goes

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Speaker 1: to to drivers as well, so we are kind of

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Speaker 1: the flow of funds is very very local. We work

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Speaker 1: with the local merchants in your city, so it's not

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Speaker 1: only local in terms of countries, but it's actually local

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Speaker 1: in terms of the cities in which we operate. We are,

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Speaker 1: you know, the ultimate global local company if you want

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Speaker 1: to call it that, and I think it shows in

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Speaker 1: the results, and you know, we're big believers in the

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Speaker 1: US brand. We're obviously going through a periative change. The

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Speaker 1: long term, we absolutely believe that the relationship between the

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Speaker 1: US and the rest of the world will continue to

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Speaker 1: be strong and we want to be a part of

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Speaker 1: that