WEBVTT - Uber CEO Talks Driverless Car Growth and Earnings

0:00:02.520 --> 0:00:07.080
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

0:00:07.360 --> 0:00:09.319
<v Speaker 2>I think, you know, the streets kind of mild quickly

0:00:09.400 --> 0:00:13.200
<v Speaker 2>focused on growth, the slow down in growth. But I

0:00:13.200 --> 0:00:16.440
<v Speaker 2>think what's interesting about Uber and in its multi offerings, right,

0:00:16.520 --> 0:00:19.400
<v Speaker 2>is that that can be different in different geographies. Was

0:00:19.440 --> 0:00:24.000
<v Speaker 2>there somewhere specifically in the world where ride sharing slowed

0:00:24.000 --> 0:00:26.800
<v Speaker 2>down and you can identify a reason for it, or

0:00:26.840 --> 0:00:30.120
<v Speaker 2>there were pockets where you were stronger in particular businesses

0:00:30.440 --> 0:00:31.960
<v Speaker 2>in certain countries around the world.

0:00:33.080 --> 0:00:35.760
<v Speaker 1>Actually, the growth for US this quarter has been remarkably

0:00:35.800 --> 0:00:38.879
<v Speaker 1>consistent with the last quarter. Trip growth. Trips came in

0:00:38.960 --> 0:00:41.120
<v Speaker 1>three billion trips in the quarter, which is a pretty

0:00:41.120 --> 0:00:45.120
<v Speaker 1>extraordinary number, up eighteen percent on a year on year basis.

0:00:45.440 --> 0:00:48.680
<v Speaker 1>Where you did see a slowdown is on growth bookings growth.

0:00:48.720 --> 0:00:50.960
<v Speaker 1>Gross bookings growth slowed down a bit from Q four,

0:00:51.479 --> 0:00:53.960
<v Speaker 1>and that was essentially because of price. You know, we

0:00:54.000 --> 0:00:56.760
<v Speaker 1>think as a company the best way to grow is

0:00:56.800 --> 0:01:01.200
<v Speaker 1>to increase audience, increase your frequency. Our audience was up

0:01:01.240 --> 0:01:05.000
<v Speaker 1>fourteen percent, frequencies was up three percent. But as we

0:01:05.080 --> 0:01:10.520
<v Speaker 1>saw the opportunity to reduce increases in pricing, especially as

0:01:10.520 --> 0:01:15.000
<v Speaker 1>it related to insurance costs in the US, which have

0:01:15.160 --> 0:01:19.319
<v Speaker 1>been increasing at pretty extraordinary rates. It forced us to

0:01:19.360 --> 0:01:23.040
<v Speaker 1>pass on those cost increases to consumers. We're seeing the

0:01:23.080 --> 0:01:28.480
<v Speaker 1>increasing insurance costs start to modulate. You know, we now

0:01:28.959 --> 0:01:32.679
<v Speaker 1>give incentives to our drivers to drive more safely. We

0:01:32.760 --> 0:01:35.640
<v Speaker 1>give them a safety score, so to speak. There has

0:01:35.720 --> 0:01:39.480
<v Speaker 1>been some insurance reform in a couple of states and

0:01:39.520 --> 0:01:43.640
<v Speaker 1>that's essentially allowed us to reduce any increases in pricing.

0:01:43.680 --> 0:01:46.720
<v Speaker 1>Pricing was flat year on year in Q one versus

0:01:46.959 --> 0:01:49.360
<v Speaker 1>last quarter, or was up four percent. We think that's

0:01:49.360 --> 0:01:53.040
<v Speaker 1>actually very healthy for the consumer. And what we're able

0:01:53.080 --> 0:01:56.280
<v Speaker 1>to do is not pass on these price increases but

0:01:56.360 --> 0:02:01.000
<v Speaker 1>really increased profitability. Profitability was one point nine billion dollars

0:02:01.000 --> 0:02:04.240
<v Speaker 1>in EBIT a thirty five percent year on year record

0:02:04.280 --> 0:02:07.520
<v Speaker 1>free cash flow as well. So we're very very happy

0:02:07.560 --> 0:02:09.840
<v Speaker 1>with the growth that we're seeing and hopefully there'll be

0:02:09.840 --> 0:02:10.320
<v Speaker 1>more to come.

0:02:10.840 --> 0:02:12.760
<v Speaker 3>Let's just talk about the leavers to pull in the

0:02:12.760 --> 0:02:15.640
<v Speaker 3>growth that you're seeing and indeed in margins, because this

0:02:15.840 --> 0:02:19.480
<v Speaker 3>economic environment doesn't make it feel like any more pricing

0:02:19.520 --> 0:02:21.280
<v Speaker 3>can be passed on to a consumer. Is that what

0:02:21.320 --> 0:02:23.480
<v Speaker 3>you're feeling, Well, it's not.

0:02:23.919 --> 0:02:25.920
<v Speaker 1>I do think that we have passed on pricing to

0:02:25.960 --> 0:02:29.640
<v Speaker 1>the consumer and the business as you have you seen,

0:02:29.800 --> 0:02:33.120
<v Speaker 1>has scaled really well. We just want to do everything

0:02:33.160 --> 0:02:36.079
<v Speaker 1>that we can to keep everyday low prices for the consumer,

0:02:36.400 --> 0:02:40.800
<v Speaker 1>both in mobility and delivery, to really drive that frequency growth.

0:02:40.800 --> 0:02:44.480
<v Speaker 1>Frequency now in terms of engagement with our platform is

0:02:44.840 --> 0:02:49.640
<v Speaker 1>six transactions per month on average. It continues to grow.

0:02:50.000 --> 0:02:52.240
<v Speaker 1>And for example, one of the areas that we're really

0:02:52.240 --> 0:02:55.839
<v Speaker 1>focused on is our Uber one membership program. We got

0:02:55.840 --> 0:02:58.760
<v Speaker 1>over thirty million members. It gives you a discount to

0:02:58.960 --> 0:03:01.720
<v Speaker 1>use Uber more. So again, the more we can pass

0:03:01.760 --> 0:03:05.280
<v Speaker 1>on discounts to the consumers, the more they become attached

0:03:05.360 --> 0:03:08.640
<v Speaker 1>to the platform, both in rides and delivery, the better

0:03:08.720 --> 0:03:10.400
<v Speaker 1>long term growth we've got ahead of us.

0:03:11.280 --> 0:03:13.919
<v Speaker 2>There are I'm a loyal Uber one subscriber and I

0:03:14.360 --> 0:03:17.240
<v Speaker 2>think I see I think I see the net benefit

0:03:17.400 --> 0:03:19.880
<v Speaker 2>right on top of what I spend to b one

0:03:20.240 --> 0:03:23.959
<v Speaker 2>and I'm in that key category of US ride share,

0:03:24.280 --> 0:03:27.120
<v Speaker 2>which is so profitable for you. What I think would

0:03:27.120 --> 0:03:31.080
<v Speaker 2>help the audience understand Uber's business better is is that

0:03:31.240 --> 0:03:34.040
<v Speaker 2>something the boost margins for you Uber one or is

0:03:34.040 --> 0:03:36.560
<v Speaker 2>it another incentive? I also get sort of the AMEX

0:03:36.560 --> 0:03:39.440
<v Speaker 2>credit card benefit each month, right, and it's really hard

0:03:39.720 --> 0:03:42.760
<v Speaker 2>to understand that as a mechanism for Uber to drive

0:03:42.880 --> 0:03:44.760
<v Speaker 2>profit or if you're just giving more away.

0:03:45.920 --> 0:03:50.000
<v Speaker 1>Well, it absolutely is driving profit in that the average

0:03:50.040 --> 0:03:55.080
<v Speaker 1>consumer becomes more profitable for us in dollar terms once

0:03:55.160 --> 0:03:58.760
<v Speaker 1>they become a member, so members are worth more. It

0:03:58.840 --> 0:04:02.160
<v Speaker 1>is driving long term profitability. Now there is a hit

0:04:02.200 --> 0:04:06.280
<v Speaker 1>to profit margins, right, which is the for that consumer.

0:04:06.360 --> 0:04:09.600
<v Speaker 1>We're passing on savings to you. And what happens is

0:04:09.600 --> 0:04:13.960
<v Speaker 1>is that the Uber one member starts transacting much more.

0:04:14.160 --> 0:04:18.080
<v Speaker 1>On average, Uber one members transact three times more than

0:04:18.120 --> 0:04:22.080
<v Speaker 1>non members, They retain fifteen percent higher, they tend to

0:04:22.120 --> 0:04:24.800
<v Speaker 1>cross shop a lot more. About half of our Uber

0:04:24.839 --> 0:04:28.719
<v Speaker 1>one members use both their mobility product and our delivery

0:04:28.720 --> 0:04:32.120
<v Speaker 1>product as well. But they're doing so because of the savings.

0:04:32.400 --> 0:04:35.120
<v Speaker 1>But then what we're doing now is we're also introducing

0:04:35.160 --> 0:04:39.760
<v Speaker 1>experiential benefits, so you get a priority dispatch, for example

0:04:40.600 --> 0:04:43.440
<v Speaker 1>in airports as a benefit of being an Uber one member.

0:04:43.839 --> 0:04:46.800
<v Speaker 1>So when you look long term, it absolutely is driving

0:04:46.839 --> 0:04:51.960
<v Speaker 1>revenue growth, is driving booking's growth, is driving profitability growth.

0:04:52.240 --> 0:04:54.880
<v Speaker 1>But we do give up some margins to that member

0:04:55.240 --> 0:04:58.240
<v Speaker 1>to keep them kind of working with us, and we're

0:04:58.240 --> 0:05:00.880
<v Speaker 1>definitely seeing it in terms of frequency and the amount

0:05:00.920 --> 0:05:01.920
<v Speaker 1>of spend on a platform.

0:05:02.120 --> 0:05:05.120
<v Speaker 3>Dar let's talk about airports. Let's talk about international travelers

0:05:05.160 --> 0:05:08.520
<v Speaker 3>a little bit more, because Americans are traveling and they're

0:05:08.560 --> 0:05:11.960
<v Speaker 3>spending elsewhere, and you'll see it coming up in your data.

0:05:12.080 --> 0:05:14.080
<v Speaker 3>What about people coming here in America and are you

0:05:14.120 --> 0:05:16.520
<v Speaker 3>seeing Canadians others starting to shun trips.

0:05:17.480 --> 0:05:20.719
<v Speaker 1>Yeah, so our airport's business and travel business continues to

0:05:20.760 --> 0:05:24.640
<v Speaker 1>be a real star in our portfolio. Airports has consistently

0:05:24.680 --> 0:05:27.920
<v Speaker 1>been growing. Airport trips tend to be more premium, so

0:05:28.000 --> 0:05:30.800
<v Speaker 1>you have more comfort cars or black cars as well.

0:05:31.320 --> 0:05:33.640
<v Speaker 1>But we are seeing it effect in terms of the

0:05:33.720 --> 0:05:38.680
<v Speaker 1>international traveler coming into the US. Canada, for example, Canada

0:05:38.720 --> 0:05:43.200
<v Speaker 1>travel coming into the US was weaker than Canada to

0:05:43.240 --> 0:05:46.320
<v Speaker 1>travel to other parts of the world. The great thing

0:05:46.360 --> 0:05:49.040
<v Speaker 1>about our position is, you know, we're kind of capturing

0:05:49.040 --> 0:05:51.200
<v Speaker 1>that business. Anyway, if they go to the UK, if

0:05:51.200 --> 0:05:53.640
<v Speaker 1>they go to France, they if they go to many

0:05:53.680 --> 0:05:56.280
<v Speaker 1>of the countries in which we operate, we're still going

0:05:56.320 --> 0:05:58.960
<v Speaker 1>to there's still going to be uber customers and they're

0:05:59.000 --> 0:06:01.360
<v Speaker 1>still going to get that air per pickup. But those

0:06:01.400 --> 0:06:05.880
<v Speaker 1>airport pickups internationally growing faster than the airport pickups locally,

0:06:05.960 --> 0:06:07.000
<v Speaker 1>we are seeing that trend.

0:06:07.360 --> 0:06:09.080
<v Speaker 3>I want to go globe a little bit more as

0:06:09.080 --> 0:06:11.480
<v Speaker 3>well when it comes to potential M and A opportunities

0:06:11.839 --> 0:06:13.920
<v Speaker 3>because we're looking at what's just occurred in the UK

0:06:14.320 --> 0:06:17.120
<v Speaker 3>door dash stuffing up delivery for example, you're talking about

0:06:17.120 --> 0:06:20.200
<v Speaker 3>the cross pollination of driver to delivery. Are you thinking

0:06:20.279 --> 0:06:24.160
<v Speaker 3>doubling down on delivery anymore? Inorganic growth rather than just organic?

0:06:25.160 --> 0:06:28.440
<v Speaker 1>Well, I think what's a great accomplishment of the team

0:06:28.480 --> 0:06:30.920
<v Speaker 1>here at Uber is that the vast majority of our

0:06:30.920 --> 0:06:34.760
<v Speaker 1>growth has been organically. We established ourselves globally and now

0:06:34.880 --> 0:06:39.920
<v Speaker 1>seventy plus country countries organically. We built our European business

0:06:40.000 --> 0:06:42.880
<v Speaker 1>from the ground up. We started the business there and

0:06:43.000 --> 0:06:46.520
<v Speaker 1>we also started Uber Eats organically as well. So the

0:06:46.640 --> 0:06:50.120
<v Speaker 1>capability of this team to innovate and to be a

0:06:50.160 --> 0:06:53.800
<v Speaker 1>big scale company but then grow businesses from scratch is

0:06:54.279 --> 0:06:57.400
<v Speaker 1>pretty extraordinary. We now see. We've always said that the

0:06:57.400 --> 0:06:59.640
<v Speaker 1>advantage that we have as a company is we are

0:06:59.680 --> 0:07:02.599
<v Speaker 1>globe in nature, and we compete with a bunch of

0:07:02.680 --> 0:07:07.520
<v Speaker 1>subscale local players, and we're multi platform. We have both

0:07:07.600 --> 0:07:11.080
<v Speaker 1>rides and the eats business feeding each other. With this

0:07:11.920 --> 0:07:15.600
<v Speaker 1>Uber one membership program that is really second to none,

0:07:16.000 --> 0:07:19.840
<v Speaker 1>and we're seeing the competitor, the competitors having to go

0:07:19.960 --> 0:07:24.120
<v Speaker 1>out and acquire companies inorganically. I think it shows that

0:07:24.160 --> 0:07:27.400
<v Speaker 1>our strategy is working. I'd always rather innovate them by

0:07:27.480 --> 0:07:29.440
<v Speaker 1>and I think Uber is a kind of company that

0:07:29.640 --> 0:07:33.160
<v Speaker 1>is continuing to innovate in all the sectors that we're in.

0:07:34.160 --> 0:07:38.840
<v Speaker 2>That applies to autonomous driving or a future robotaxi service, right.

0:07:38.880 --> 0:07:42.880
<v Speaker 2>You know, Uber positions itself as a distribution platform and

0:07:43.000 --> 0:07:46.120
<v Speaker 2>fleet manager. So in the first instance, there are how

0:07:46.160 --> 0:07:49.240
<v Speaker 2>do you react to that partnership between Wai Moo and

0:07:49.320 --> 0:07:52.679
<v Speaker 2>Toyota and how do you think that that will serve

0:07:52.840 --> 0:07:54.360
<v Speaker 2>Uber's platform going forward.

0:07:55.080 --> 0:07:57.800
<v Speaker 1>Yeah, we absolutely believe in the power of partnership and

0:07:57.840 --> 0:08:02.880
<v Speaker 1>we're incredibly bullish about the possibilities of av You know,

0:08:02.920 --> 0:08:06.120
<v Speaker 1>this is going to be a multi trillion dollar opportunity.

0:08:06.200 --> 0:08:09.240
<v Speaker 1>Av's are going to be safer than humans. We absolutely

0:08:09.280 --> 0:08:13.240
<v Speaker 1>believe we need superhuman safety as it relates to av's

0:08:13.560 --> 0:08:17.400
<v Speaker 1>and we have a great partnership with Weimo. Weimo for us.

0:08:17.440 --> 0:08:21.400
<v Speaker 1>We launch in Austin. It's been an incredibly successful partnership.

0:08:21.680 --> 0:08:24.720
<v Speaker 1>We're about to launch in Atlanta as well. So when

0:08:24.760 --> 0:08:27.440
<v Speaker 1>we see these partnerships of Weimo, let's say, with Toyota,

0:08:27.920 --> 0:08:31.520
<v Speaker 1>to bring the Weimo driver to you know, hopefully every

0:08:31.520 --> 0:08:34.640
<v Speaker 1>single Toyota or personally owned vehicles, we think that's a

0:08:34.679 --> 0:08:36.600
<v Speaker 1>great thing. It's a great thing in terms of vehicles

0:08:36.640 --> 0:08:39.560
<v Speaker 1>being safer on the streets. But to the extent that

0:08:39.600 --> 0:08:43.560
<v Speaker 1>those Toyotas are bought by fleets, we think that we

0:08:44.080 --> 0:08:47.400
<v Speaker 1>as a distribution partner, can really drive the most utilization.

0:08:47.480 --> 0:08:50.880
<v Speaker 1>We think those autonomous toyotas could be on the Uber

0:08:50.920 --> 0:08:54.200
<v Speaker 1>network and based on what we're seeing in Austin with Weimo,

0:08:54.600 --> 0:08:56.720
<v Speaker 1>if they're on the Uber network, they are going to

0:08:56.760 --> 0:08:58.520
<v Speaker 1>be super, super busy.

0:08:59.520 --> 0:09:01.839
<v Speaker 2>What are you seeing in Austin is a case study

0:09:01.920 --> 0:09:05.520
<v Speaker 2>DAR in terms of the percentage of rides completed in

0:09:05.559 --> 0:09:11.199
<v Speaker 2>that geofense geography that are robotaxi versus human driven. And

0:09:11.400 --> 0:09:14.440
<v Speaker 2>it's an expensive enterprise, but what's the margin profile like

0:09:14.840 --> 0:09:17.679
<v Speaker 2>of an autonomous ride versus a human driven ride.

0:09:18.240 --> 0:09:21.880
<v Speaker 1>Yeah. Absolutely, so we're very encouraged by the launch. It

0:09:21.920 --> 0:09:25.280
<v Speaker 1>is still early. We have about one hundred vehicles on

0:09:25.360 --> 0:09:31.160
<v Speaker 1>the road and that's increasing every week as the operations

0:09:31.200 --> 0:09:34.720
<v Speaker 1>continue to evolve. What we're seeing is very very high

0:09:34.800 --> 0:09:38.839
<v Speaker 1>utilization of these vehicles. The average WEIMO vehicle on Uber

0:09:40.000 --> 0:09:43.000
<v Speaker 1>is busier than ninety nine percent of human drivers in

0:09:43.080 --> 0:09:46.840
<v Speaker 1>terms of completed trips per vehicle per week, which is

0:09:46.880 --> 0:09:49.360
<v Speaker 1>pretty extraordinary, and we think that there's a potential for

0:09:49.720 --> 0:09:52.720
<v Speaker 1>it to grow as a percentage of our total rides.

0:09:53.080 --> 0:09:55.720
<v Speaker 1>It's still a small percentage, but that's because we don't

0:09:55.720 --> 0:09:58.760
<v Speaker 1>have enough vehicles on the road. So I think as

0:09:58.800 --> 0:10:04.160
<v Speaker 1>a vehicle count expands, it will be a higher percentage

0:10:04.280 --> 0:10:07.439
<v Speaker 1>of our overall business. And then in terms of margins,

0:10:07.679 --> 0:10:14.240
<v Speaker 1>today autonomous vehicles are very expensive. We invest, along with

0:10:14.360 --> 0:10:18.600
<v Speaker 1>Uber significantly in safety. So the margins of an autonomous

0:10:18.679 --> 0:10:22.520
<v Speaker 1>vehicle in terms of the commercialization of that business, are

0:10:22.640 --> 0:10:25.600
<v Speaker 1>lower than the margins of our base business. But we

0:10:25.679 --> 0:10:28.600
<v Speaker 1>always believe that you've got to invest in innovation. You know,

0:10:28.679 --> 0:10:33.600
<v Speaker 1>Uber each started as an unprofitable enterprise. For years now

0:10:33.679 --> 0:10:37.520
<v Speaker 1>it's making billions of dollars. Margins continue to increase, So

0:10:37.920 --> 0:10:41.000
<v Speaker 1>at the beginning stages of any enterprise in partnership, you've

0:10:41.040 --> 0:10:44.120
<v Speaker 1>got to invest. We are in investment mode and autonomous

0:10:44.720 --> 0:10:47.240
<v Speaker 1>and with a portfolio that we can have, we can

0:10:47.360 --> 0:10:51.320
<v Speaker 1>invest in innovation, but at the same time deliver record

0:10:51.360 --> 0:10:54.840
<v Speaker 1>breaking profits, you know, quarter after quarter, year after year.

0:10:55.400 --> 0:10:57.760
<v Speaker 3>How do you want to place yourself in that value

0:10:57.840 --> 0:11:00.400
<v Speaker 3>chain as well? A little bit, Dara, because your very

0:11:00.440 --> 0:11:03.160
<v Speaker 3>asset light, but will you have to invest more in

0:11:03.200 --> 0:11:06.160
<v Speaker 3>the infrastructure and the offering of charging and also you're

0:11:06.200 --> 0:11:08.560
<v Speaker 3>going outside of the realm of mobility to offer your

0:11:08.600 --> 0:11:11.600
<v Speaker 3>AI services for example as well, how much more do

0:11:11.600 --> 0:11:12.319
<v Speaker 3>you want to add on.

0:11:12.360 --> 0:11:16.600
<v Speaker 1>And make that well? It is we are very asset light,

0:11:16.920 --> 0:11:20.840
<v Speaker 1>and we are going to both invest and partner in

0:11:20.880 --> 0:11:23.560
<v Speaker 1>some of these areas. So for example, we have fleet

0:11:23.600 --> 0:11:31.360
<v Speaker 1>partners who focus on charging the vehicles, repairing in terms

0:11:31.360 --> 0:11:34.720
<v Speaker 1>of having depots, etc. It will be a combination for

0:11:34.800 --> 0:11:40.280
<v Speaker 1>us of both investment, direct investment and partnerships as we

0:11:40.320 --> 0:11:42.520
<v Speaker 1>build this ecosystem. Again, there's going to be a trillion

0:11:42.559 --> 0:11:45.680
<v Speaker 1>dollar plus ecosystem, and I think we can play a

0:11:45.840 --> 0:11:49.600
<v Speaker 1>key part in the development of that ecosystem. And then

0:11:49.640 --> 0:11:53.640
<v Speaker 1>you're absolutely right. We're very, very excited about the power

0:11:53.679 --> 0:11:58.160
<v Speaker 1>of AI in multiple dimensions and we do have a

0:11:58.600 --> 0:12:02.680
<v Speaker 1>really promising business that we're building Uber ai solutions where

0:12:02.760 --> 0:12:05.840
<v Speaker 1>actually we're using our drivers and other experts for example,

0:12:05.880 --> 0:12:10.560
<v Speaker 1>to rate models. We can operate this globally. We've got

0:12:10.640 --> 0:12:14.079
<v Speaker 1>over eight and a half million people earning on our platform,

0:12:14.440 --> 0:12:19.000
<v Speaker 1>and we're just extending that platform not just to drive

0:12:19.040 --> 0:12:22.320
<v Speaker 1>folks around, not just to deliver, but also train AI models,

0:12:22.400 --> 0:12:25.320
<v Speaker 1>translate language, et cetera. We think it's a really really

0:12:25.360 --> 0:12:29.240
<v Speaker 1>exciting new business that we're building with our partners as well.

0:12:29.400 --> 0:12:32.079
<v Speaker 3>And let's just go to that global footprint for a moment.

0:12:32.200 --> 0:12:36.480
<v Speaker 3>Because you recently increased your partnership with Reride, which is

0:12:36.520 --> 0:12:39.320
<v Speaker 3>over in China for example. It's about expanding in Europe

0:12:39.320 --> 0:12:42.880
<v Speaker 3>and other countries from an av perspective, But how easy

0:12:43.000 --> 0:12:45.400
<v Speaker 3>or hard is it to make deals with the Chinese

0:12:45.480 --> 0:12:47.080
<v Speaker 3>right now in this geopolitical environment.

0:12:48.280 --> 0:12:52.240
<v Speaker 1>Well, we Ride has been a terrific partner. I wouldn't

0:12:52.280 --> 0:12:55.960
<v Speaker 1>generalize in terms of the Chinese. You know, we have

0:12:56.200 --> 0:13:02.560
<v Speaker 1>terrific relationships with Reride, with Pony, We've had really really

0:13:02.600 --> 0:13:05.280
<v Speaker 1>promising talks with bay Do as well. The fact is

0:13:05.320 --> 0:13:08.920
<v Speaker 1>that these Chinese companies are run by entrepreneurs who want

0:13:08.960 --> 0:13:14.959
<v Speaker 1>to grow, who want to innovate, and they're innovating incredible speed,

0:13:15.280 --> 0:13:17.160
<v Speaker 1>and we want to be part of that innovation and

0:13:17.200 --> 0:13:20.800
<v Speaker 1>we want to grow in partnership in the right markets.

0:13:20.880 --> 0:13:23.400
<v Speaker 1>I do think that we will be working with Chinese

0:13:23.480 --> 0:13:26.200
<v Speaker 1>av players in Europe, in the Middle East, in the

0:13:26.200 --> 0:13:28.480
<v Speaker 1>rest of the world, and then obviously here in the

0:13:28.600 --> 0:13:32.000
<v Speaker 1>US we want to be partnering up with local players

0:13:32.000 --> 0:13:32.480
<v Speaker 1>like Weima.

0:13:33.160 --> 0:13:35.520
<v Speaker 3>And lastly, it's a sensitive one, Dara, but we talked

0:13:35.520 --> 0:13:38.839
<v Speaker 3>about how well, perhaps there are fewer travelers coming from

0:13:38.840 --> 0:13:41.560
<v Speaker 3>Canada into the United States as such a pin up

0:13:41.800 --> 0:13:46.920
<v Speaker 3>US brand. Are you finding any reticence geographically from international

0:13:47.040 --> 0:13:50.800
<v Speaker 3>users in this time where perhaps well America's brand is

0:13:50.840 --> 0:13:51.760
<v Speaker 3>getting hit a little bit.

0:13:51.800 --> 0:13:55.880
<v Speaker 1>It feels it's something that we've asked ourselves, but we

0:13:55.920 --> 0:13:58.880
<v Speaker 1>don't see any signal there whatsoever. And I think what's

0:13:58.920 --> 0:14:01.720
<v Speaker 1>great about Uber is that we're the ultimate local company. Yes,

0:14:01.800 --> 0:14:04.360
<v Speaker 1>we're a global brand, but the fact is that when

0:14:04.400 --> 0:14:06.880
<v Speaker 1>you get into that car, you're getting into a car

0:14:07.679 --> 0:14:11.480
<v Speaker 1>with a local entrepreneur. The majority of the fair goes

0:14:11.559 --> 0:14:15.800
<v Speaker 1>to to drivers as well, so we are kind of

0:14:15.840 --> 0:14:18.800
<v Speaker 1>the flow of funds is very very local. We work

0:14:18.840 --> 0:14:21.320
<v Speaker 1>with the local merchants in your city, so it's not

0:14:21.400 --> 0:14:23.800
<v Speaker 1>only local in terms of countries, but it's actually local

0:14:23.840 --> 0:14:26.640
<v Speaker 1>in terms of the cities in which we operate. We are,

0:14:26.760 --> 0:14:29.600
<v Speaker 1>you know, the ultimate global local company if you want

0:14:29.600 --> 0:14:31.360
<v Speaker 1>to call it that, and I think it shows in

0:14:31.440 --> 0:14:34.520
<v Speaker 1>the results, and you know, we're big believers in the

0:14:34.600 --> 0:14:38.400
<v Speaker 1>US brand. We're obviously going through a periative change. The

0:14:38.520 --> 0:14:41.720
<v Speaker 1>long term, we absolutely believe that the relationship between the

0:14:41.800 --> 0:14:44.160
<v Speaker 1>US and the rest of the world will continue to

0:14:44.160 --> 0:14:46.040
<v Speaker 1>be strong and we want to be a part of

0:14:46.080 --> 0:14:46.160
<v Speaker 1>that