WEBVTT - BTech BONUS: A Conversation with the Uber CEO

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<v Speaker 1>From the heart of where innovation, money and power colli

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<v Speaker 1>in Silicon Valley and beyond. This is Bloomberg Technology with

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<v Speaker 1>Emily Jay. I'm Emily jan in Las Vegas for the

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<v Speaker 1>retail event of the year, Shop Talk, where brands from

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<v Speaker 1>around the world have gathered to talk about the future

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<v Speaker 1>of commerce. I caught up with Uber CEO Dara Kazra

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<v Speaker 1>Shah earlier to talk about everything from their vision to

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<v Speaker 1>create a super app to Ukraine and inflation. Here's what

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<v Speaker 1>he had to say. So, I understand this is your

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<v Speaker 1>first shop Talk, this is my first shop Talk. Welcome,

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<v Speaker 1>thank you, Thank you very much. Um. A few years ago,

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<v Speaker 1>you wouldn't expect the CEO of Uber to be at

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<v Speaker 1>a conference talking about the future of retail. Many things

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<v Speaker 1>have changed in a few years. Indeed, so why are

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<v Speaker 1>you here. Why do you believe Uber is the future

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<v Speaker 1>of retail? Well, I don't think that we're the future

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<v Speaker 1>of retail, but we can certainly help drive the future

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<v Speaker 1>of retail. If you step back on demand has completely

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<v Speaker 1>reshaped transportation, It's completely reshaped e commerce. You know, Amazon

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<v Speaker 1>as kind of the the big player there and we

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<v Speaker 1>are right in the middle of reshaping it. In terms

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<v Speaker 1>of local commerce goes. It is happening right now, and

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<v Speaker 1>we can be a force and essentially we can bring

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<v Speaker 1>all of the fulfillment technology that we have on a

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<v Speaker 1>local basis, pricing, matching, routing, etcetera, and use it to

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<v Speaker 1>power our local merchant partners to essentially out Amazon Amazon

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<v Speaker 1>on a local basis. So the goal is to be

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<v Speaker 1>sort of an anti Amazon, Like, if you can get

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<v Speaker 1>it there in two hours, that's a lot faster than

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<v Speaker 1>two hours, which what Amazon is doing now. Correct. I

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<v Speaker 1>think Amazon had an unfair advantage and they built a

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<v Speaker 1>national essentially fulfillment network, a vertical fulfillment network, and create

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<v Speaker 1>an incredible business as a result of it. And I

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<v Speaker 1>think now you're seeing technologies like Shopify come in, the

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<v Speaker 1>stripes come in, etcetera. We are think of us essentially

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<v Speaker 1>as a local Shopify. We can help you power your

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<v Speaker 1>local online commerce. And the Uber platform and the Uber

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<v Speaker 1>audience is unrivaled in the world. So I think that

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<v Speaker 1>not only can we use their technology to power local merchants,

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<v Speaker 1>but we can bring to them an audience that no

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<v Speaker 1>other player can. Shopify CEO Toby Luca told me, if

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<v Speaker 1>Amazon is building an empire we're arming the rebels. How

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<v Speaker 1>would you put it, We're arming the local rebels. So

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<v Speaker 1>the question is how Amazon has has a huge advantage.

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<v Speaker 1>They've got all of these gistics centers. You are barely

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<v Speaker 1>cracking the grocery market, which is, you know, a pick

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<v Speaker 1>and pack operational model, which is different than just picking

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<v Speaker 1>up food and dropping it off. So tell me about

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<v Speaker 1>the how well. I think the how is, First of all,

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<v Speaker 1>the local logistics UH has been built out right. The

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<v Speaker 1>boxers are there, are grocery partners. Our retail partners have

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<v Speaker 1>built out an incredible infrastructure that they've invested in over many,

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<v Speaker 1>many years. Our technology essentially allows that infrastructure to be

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<v Speaker 1>tied into your local home. And for us, what's unique

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<v Speaker 1>about us is that we're the only go get platform

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<v Speaker 1>out of the world, and especially in a world that's

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<v Speaker 1>opening up. Whether a consumer comes to your store and

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<v Speaker 1>wants the shop in person, or whether that person wants

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<v Speaker 1>to get that good delivered at home within an hour,

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<v Speaker 1>we're neutral. We can power both and essentially we can

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<v Speaker 1>be that omni channel partner for the local merch gents UH,

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<v Speaker 1>and we do well whether the consumer comes to you

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<v Speaker 1>or whether we use our delivery network and the largest

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<v Speaker 1>set of couriers drivers in the world to get it

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<v Speaker 1>to your home. Again, we're neutral and we can power

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<v Speaker 1>both use cases. Now, Cousin Greg from Succession tells me

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<v Speaker 1>that Uber can gets me a lot of things these days,

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<v Speaker 1>including things that I shouldn't eat. Um, I believe we

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<v Speaker 1>have a clip of cousin Greg. Let's take a listen

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<v Speaker 1>to what he had to say. You can now get

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<v Speaker 1>anything delivered with Uber eats. But take it from me,

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<v Speaker 1>that doesn't mean you can eat anything. He gets. Burger

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<v Speaker 1>that is a neat. Paper towels, don't eats. Bottle of vino,

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<v Speaker 1>eats by drinking Nanna's eats every morning. Dog toy, don't

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<v Speaker 1>eat unless you're a good boy. Toothpaste that's a stumper.

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<v Speaker 1>This game just got really hard. It's yeah, it's a neat,

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<v Speaker 1>but it's a don't swallows that's my favorite camp fancy

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<v Speaker 1>is that was that improvised or written? Did he just

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<v Speaker 1>don't know? Apparently he's a very funny guy. Um, this

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<v Speaker 1>is a big marketing campaign for you. I think if

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<v Speaker 1>unless you've been living under a rock, you have seen

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<v Speaker 1>one of these ads. How much did this campaign cost

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<v Speaker 1>and is it paying off. Isn't driving people to the

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<v Speaker 1>platform who didn't know about this whole don't eat things? Oh?

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<v Speaker 1>Absolutely no. The awareness of Eats now not being not

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<v Speaker 1>being just about food, but about being everything other than

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<v Speaker 1>food as well has increased substantially within our audience. And

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<v Speaker 1>if you step back, you know we are that kind

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<v Speaker 1>of call it the the local operating system for every

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<v Speaker 1>everyday life as a consumer. Wherever you want to go,

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<v Speaker 1>whatever you want to get, we can get it to you.

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<v Speaker 1>And what we found is we're able to transition from

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<v Speaker 1>being a mobility only company we were eight to the

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<v Speaker 1>food game. Right, we were not one of the early

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<v Speaker 1>entrance in the food game. We now with Uber Eats

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<v Speaker 1>are at a fifty billion dollar run rate and growth

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<v Speaker 1>bookings were the biggest player in terms of food globally

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<v Speaker 1>outside of China. And we're seeing the same kind of behavior,

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<v Speaker 1>which is the Uber customer who said, oh you can

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<v Speaker 1>take me someplace, Now you can give me my food.

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<v Speaker 1>They're saying, oh, you can give me my groceries. Wow,

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<v Speaker 1>you can get me dog food, etcetera. So we're seeing

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<v Speaker 1>the behavior of our customers because of the frequency and

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<v Speaker 1>the habits that were forming with them. We've got their identity.

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<v Speaker 1>We already have their payments information. We probably know where

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<v Speaker 1>you live. We have more drivers and couriers than anyone

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<v Speaker 1>else because they are driving a courier just from a functional,

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<v Speaker 1>everyday easy standpoint. Consumers are coming to a platform and

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<v Speaker 1>they keep uh deepening their relationship with US. Earners have

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<v Speaker 1>many more opportunities to earn and as merchants, you now

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<v Speaker 1>have acts says to this incredible customer base. Whether you

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<v Speaker 1>want to access it through the marketplace, whether you want

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<v Speaker 1>to use our advertising platform, or if you just want

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<v Speaker 1>to fulfillment platform, Hey give us local logistics, logistics and

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<v Speaker 1>I want to sell through my own platform as well.

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<v Speaker 1>We're completely flexible working anyway with merchants, and we take

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<v Speaker 1>this very very seriously. So today you're announcing a new

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<v Speaker 1>deal with BP, which gets you obviously BP of the

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<v Speaker 1>BP also a network of convenience stores. What does this

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<v Speaker 1>get you, Well, this is our first global convenience partnership

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<v Speaker 1>with BP. We started working with them on a local

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<v Speaker 1>basis and growing from there. We essentially now work with

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<v Speaker 1>them in five different countries and we're going to be

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<v Speaker 1>wiring up over the next two to three years. Three

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<v Speaker 1>thousand BP convenience locations, and this is all about getting

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<v Speaker 1>anything you want within thirty minutes, which is proving out

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<v Speaker 1>to be a delightful experience. The the key in turn

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<v Speaker 1>MS of that fast delightful experience is it gets you

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<v Speaker 1>in the door for the appointment viewing. If you can

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<v Speaker 1>get me ice cream, you know in fifteen minutes, you

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<v Speaker 1>will have a much higher shot of than getting me

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<v Speaker 1>the big basket shopping the appointment viewing, which is what

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<v Speaker 1>corner Shop has done, and we're bringing onto the uberes platform.

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<v Speaker 1>So could it get a deal for your drivers on gas?

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<v Speaker 1>That's a big question. Well, you've seen us now uh

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<v Speaker 1>introduce a searcharge in the US, and there are various

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<v Speaker 1>different approaches that we are taking internationally as well. Um.

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<v Speaker 1>You know, we look at the cost of driving for

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<v Speaker 1>our drivers or couriers who use our platform pretty seriously

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<v Speaker 1>and we will look to offset those costs either through

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<v Speaker 1>a pass through like the fuel searcharge, which goes a

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<v Speaker 1>hundred percent to drivers and couriers, or through deals with merchants.

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<v Speaker 1>And you can bet that we're having discussions with PP

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<v Speaker 1>as well. Okay, so that could happen. Of course it

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<v Speaker 1>could happen, and I would say, it's not only in

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<v Speaker 1>terms of fuel, but it's also thinking about electrification, how

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<v Speaker 1>you know, the um recharging evs on a local basis

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<v Speaker 1>as well as going to be an area. So we're

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<v Speaker 1>having all of these discussions with many players around the globe.

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<v Speaker 1>So let's talk about these gas prices seven dollars over

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<v Speaker 1>seven dollars in southern California. How much higher are you

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<v Speaker 1>prepared for them to go? And how long do you

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<v Speaker 1>think this is going to last? You can't know, one

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<v Speaker 1>can predict the future, but I do think that we're

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<v Speaker 1>certainly hoping that the worst of gas prices is behind us,

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<v Speaker 1>and we will look to be a partner with drivers,

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<v Speaker 1>with couriers, and with merchants, because in the end, it

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<v Speaker 1>is in our interests for people to move around in

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<v Speaker 1>the cities. While inflation is serious and real, we haven't

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<v Speaker 1>had we haven't seen it have any kind of a

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<v Speaker 1>material effect on business. People are getting now tons of

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<v Speaker 1>people here, people are ordering, it's, etcetera. So we've done

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<v Speaker 1>our part in order to lessen the financial bite on

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<v Speaker 1>our earners and we'll see where we go from there. Still,

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<v Speaker 1>you've got drivers who say it's not enough. They were

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<v Speaker 1>already struggling to make ends meet. This really hurts and

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<v Speaker 1>this searcharges. I understand it goes through May eleventh. What

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<v Speaker 1>happens after May eleventh? I think it depends. It depends

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<v Speaker 1>on where fuel prices are. Hopefully, if these terrible events

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<v Speaker 1>in Ukraine resolve themselves, we will have some relief. But

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<v Speaker 1>we're definitely gonna look at it, and if we don't

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<v Speaker 1>see relief, then we'll determine how to go forward. It's

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<v Speaker 1>in our interest for our earners to earn a good,

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<v Speaker 1>flexible living that they're satisfied with. You know, you are

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<v Speaker 1>also the CEO of Expedia in an earlier era. I mean,

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<v Speaker 1>what is your assessment of the scale of Obviously we're

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<v Speaker 1>facing massive geopolitical uncertainty, a humanitarian cry. What's your assessment

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<v Speaker 1>of the economic crisis that we're facing with inflation is

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<v Speaker 1>at fourty year highs? Inflation is is uh real? And

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<v Speaker 1>I think anyone who says that it is going to

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<v Speaker 1>go away, I think it's kidding themselves. At this point, UM,

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<v Speaker 1>we haven't seen any signs of inflation abating. You know,

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<v Speaker 1>I think that it's first of all, it is in

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<v Speaker 1>everyone's humanitarian interest to UM make this conflict, come to

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<v Speaker 1>an end, come to a peaceful end. I think if

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<v Speaker 1>we are successful there and the early signal seems to

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<v Speaker 1>be good, uh, then I think the set up for

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<v Speaker 1>worldwide economic growth is actually really strong. Right. The reopening

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<v Speaker 1>is a real Consumers are spending. They have been flushed

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<v Speaker 1>with government essentially subsidies. We have to now replace those

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<v Speaker 1>government subsidies with economic subsidies, and that means local economic activity.

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<v Speaker 1>The more people get out there, the more the aonomic

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<v Speaker 1>subsidies kind of take over, so to speak, and we

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<v Speaker 1>can grow the economy, not at the rates that we

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<v Speaker 1>have let's say last year, but at rates above inflation.

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<v Speaker 1>That's certainly the goal, and we can be a part

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<v Speaker 1>of that. What kind of activity are you seeing? If

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<v Speaker 1>you know we're not just facing gas prices, but inflation

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<v Speaker 1>and ongoing pandemic. How is that impacting prices, rides, deliveries,

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<v Speaker 1>and demand. So activity at this point is very robust,

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<v Speaker 1>that's it. At higher prices, but we're seeing and if

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<v Speaker 1>you look at our commerce business, we're seeing essentially best

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<v Speaker 1>months ever. Even in our mobility business continues to hit

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<v Speaker 1>post pandemic records, and the same for a delivery business.

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<v Speaker 1>So we are benefiting from a secular trend right, more

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<v Speaker 1>people want more on demand local services and or transportation.

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<v Speaker 1>So I think as an entity, we are benefiting from

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<v Speaker 1>secular tail winds and habits moving over to our platform. Uh.

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<v Speaker 1>That probably maybe hiding some weakness, but within our business

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<v Speaker 1>and within our ecosystem, we're not seeing any kind of weakness. Uh,

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<v Speaker 1>And we think our merchant partners can benefit from that. Now,

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<v Speaker 1>a lot of people don't may not realize that eats

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<v Speaker 1>and rides are almost the same size, and they seem

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<v Speaker 1>to be growing in tandem two point four versus two

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<v Speaker 1>point three billion dollars as of the fourth quarter. With

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<v Speaker 1>this bet on retail, do you see eats and donat

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<v Speaker 1>becoming bigger than rides? And how much bigger that is? Actually,

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<v Speaker 1>that is absolutely the goal. So so four perspective. Our

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<v Speaker 1>Uber ees business four years ago was that a forty

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<v Speaker 1>was that a four billion dollar gross bookings run rate.

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<v Speaker 1>It's now at a fifty billion dollar plus gross bookings

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<v Speaker 1>run rate, and only four years our retail business gross

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<v Speaker 1>ring retail business, Corner Shop and our new verticals are

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<v Speaker 1>at a four billion dollar run rate. So I've told

0:14:01.760 --> 0:14:04.400
<v Speaker 1>my team four years from now, you better be a

0:14:04.480 --> 0:14:07.200
<v Speaker 1>fifty otherwise the CEO is going to be very disappointed.

0:14:07.240 --> 0:14:10.000
<v Speaker 1>Name of you. So that that business and the uber

0:14:10.240 --> 0:14:13.600
<v Speaker 1>the eats mainline food business continues to grow. But just

0:14:13.679 --> 0:14:17.920
<v Speaker 1>for perspective, we added over a hundred and twenty thousand

0:14:18.679 --> 0:14:23.280
<v Speaker 1>UH non food merchants in the US just this uh

0:14:23.480 --> 0:14:26.880
<v Speaker 1>this last year. So as we add, what we see

0:14:26.920 --> 0:14:29.840
<v Speaker 1>is as we get more merchants connected into our platform

0:14:29.960 --> 0:14:32.680
<v Speaker 1>and the content is there, the ease of use of

0:14:32.720 --> 0:14:37.600
<v Speaker 1>our platform from rides to food to now donates um

0:14:37.760 --> 0:14:41.200
<v Speaker 1>takes over and consumers start to go back and forth

0:14:41.840 --> 0:14:44.680
<v Speaker 1>throughout the platform. And is it bigger than rides? Ultimately?

0:14:45.240 --> 0:14:47.440
<v Speaker 1>I know these are your two children, but you're asking

0:14:47.440 --> 0:14:50.080
<v Speaker 1>me to choose to my two children. Uh, they certainly

0:14:50.120 --> 0:14:52.200
<v Speaker 1>have a chance of being bigger than rides. If you

0:14:52.240 --> 0:14:56.480
<v Speaker 1>look at the total addressable market of food and local commerce,

0:14:56.800 --> 0:14:59.440
<v Speaker 1>they are bigger than mobility. But it's going to be

0:14:59.480 --> 0:15:04.160
<v Speaker 1>a great race and I win either way. UM, what

0:15:04.360 --> 0:15:08.080
<v Speaker 1>are the unit economics of retail and how are they

0:15:08.120 --> 0:15:12.120
<v Speaker 1>different from food and grocery? And what are you learning

0:15:12.760 --> 0:15:16.640
<v Speaker 1>from all of these other you know, logistical initiatives that

0:15:16.640 --> 0:15:19.080
<v Speaker 1>you've had to this point. So generally, we're able to

0:15:19.120 --> 0:15:22.240
<v Speaker 1>make the unit economics work more so than our competitors

0:15:22.280 --> 0:15:25.400
<v Speaker 1>because the cost of customer acquisition for us is essentially

0:15:25.560 --> 0:15:29.760
<v Speaker 1>zero because we have the largest global audience out there,

0:15:30.120 --> 0:15:35.280
<v Speaker 1>and we already have built a logistics commerce ecosystem that's

0:15:35.440 --> 0:15:39.680
<v Speaker 1>highly efficient against our competitors. So on the retail side,

0:15:39.720 --> 0:15:44.440
<v Speaker 1>early on, our unit costs are or our unit profitability

0:15:44.640 --> 0:15:47.280
<v Speaker 1>is going to be early on, Diminimus, We're not looking

0:15:47.320 --> 0:15:49.440
<v Speaker 1>to make money here. We're looking to partner up with

0:15:49.440 --> 0:15:52.880
<v Speaker 1>our merchants and essentially get you our audience as quickly

0:15:52.920 --> 0:15:56.920
<v Speaker 1>as possible and drive your logistics costs as low as possible.

0:15:58.000 --> 0:16:00.840
<v Speaker 1>This then erode some of the profitability aggress that delivery

0:16:00.840 --> 0:16:06.840
<v Speaker 1>has made. We are essentially the growth and the incremental

0:16:06.880 --> 0:16:11.480
<v Speaker 1>profitability from our mobility and our heats business are more

0:16:11.520 --> 0:16:13.640
<v Speaker 1>than enough to pay for the investments that we're making

0:16:13.640 --> 0:16:16.680
<v Speaker 1>in retail. Uh So, overall, what we talked about with

0:16:16.720 --> 0:16:22.440
<v Speaker 1>investors is a target of five billion dollars and ebida

0:16:22.480 --> 0:16:27.280
<v Speaker 1>in um within the scope of the growth right beyond

0:16:27.360 --> 0:16:30.880
<v Speaker 1>that being significant, so we can invest and we can

0:16:30.880 --> 0:16:33.160
<v Speaker 1>grow both top line and bottom line at the same time.

0:16:33.240 --> 0:16:36.320
<v Speaker 1>So there still seem to be questions about the longer

0:16:36.400 --> 0:16:39.680
<v Speaker 1>term sustainability of the delivery model. Uber shares are down,

0:16:39.880 --> 0:16:42.760
<v Speaker 1>Door too, shares are down. Instat Cart just dropped its

0:16:42.840 --> 0:16:48.640
<v Speaker 1>valuation from billion dollars. Is there going to be consolidation here?

0:16:48.680 --> 0:16:52.200
<v Speaker 1>And I know there are even many more competitors globally,

0:16:52.280 --> 0:16:55.000
<v Speaker 1>but can all of these companies survive? I think there

0:16:55.040 --> 0:16:58.200
<v Speaker 1>will be consolidation. I mean four perspective. There isn't a

0:16:58.240 --> 0:17:02.320
<v Speaker 1>single mobility or deliver replayer outside of the US that's profitable.

0:17:03.160 --> 0:17:05.680
<v Speaker 1>So a lot of them are making promises about being profitable,

0:17:05.720 --> 0:17:08.640
<v Speaker 1>but they're not profitable. We are, on an Ibada basis

0:17:08.920 --> 0:17:12.400
<v Speaker 1>profitable outside of the US and globally, both in mobility

0:17:12.480 --> 0:17:15.000
<v Speaker 1>and with a delivery business. So we have gone to

0:17:15.080 --> 0:17:17.520
<v Speaker 1>that profitably. We have a scale in an audience that

0:17:17.600 --> 0:17:20.720
<v Speaker 1>no one else has, and we made their early investments

0:17:20.760 --> 0:17:25.040
<v Speaker 1>in globalizing. Unlike other companies. It's very expensive early onto

0:17:25.119 --> 0:17:30.159
<v Speaker 1>to globalize. Uh. So there will be consolidation. Uh. And

0:17:30.240 --> 0:17:33.119
<v Speaker 1>I think because of our size and scope, were you know,

0:17:33.119 --> 0:17:35.200
<v Speaker 1>a few yards ahead of the competition at this point.

0:17:35.480 --> 0:17:41.359
<v Speaker 1>Uber has rapid delivery exposure through go Puff. Can rapid

0:17:41.400 --> 0:17:46.280
<v Speaker 1>delivery for retail exist? And how might Uber get into it.

0:17:46.400 --> 0:17:50.359
<v Speaker 1>Absolutely so. We are for example, partnering of with Carrefour

0:17:50.800 --> 0:17:55.960
<v Speaker 1>in France to power rapid delivery. I think rapid delivery

0:17:56.160 --> 0:18:02.919
<v Speaker 1>should be a part of every local grocery players offerings.

0:18:03.560 --> 0:18:06.040
<v Speaker 1>UM it can be set up, we think, in a

0:18:06.160 --> 0:18:10.480
<v Speaker 1>capital light way and we can essentially help our local

0:18:10.520 --> 0:18:14.800
<v Speaker 1>partners power local delivery in a very very light way,

0:18:14.880 --> 0:18:18.639
<v Speaker 1>and we can get that thirty minutes delivery time that is,

0:18:19.240 --> 0:18:22.760
<v Speaker 1>you know, the delight meter up at a level that

0:18:22.920 --> 0:18:27.040
<v Speaker 1>matches competition. Absolutely, the delight meter. I like it. Um.

0:18:27.080 --> 0:18:32.399
<v Speaker 1>Amazon has streamlined their logistics operation with the help of robotics,

0:18:32.760 --> 0:18:36.080
<v Speaker 1>and I know that Uber walked away sold it's sold

0:18:36.080 --> 0:18:39.040
<v Speaker 1>itself driving car business, but still has a stake very much.

0:18:39.760 --> 0:18:43.240
<v Speaker 1>Do you see a role for robotics here for robotic

0:18:43.400 --> 0:18:49.200
<v Speaker 1>delivery help? Absolutely so. Uh. We think that the first

0:18:49.359 --> 0:18:51.480
<v Speaker 1>probably use case that you're going to see in scale

0:18:51.520 --> 0:18:54.679
<v Speaker 1>is going to be in trucking. Highway driving is a

0:18:54.680 --> 0:18:58.280
<v Speaker 1>lot easier to solve than let's a city driving, and Aurora,

0:18:58.359 --> 0:19:01.119
<v Speaker 1>whom we're partnered with, is very much focused on that

0:19:01.200 --> 0:19:04.960
<v Speaker 1>kind of driving. And then you will see essentially that

0:19:05.040 --> 0:19:08.680
<v Speaker 1>kind of automation find its way into other parts of

0:19:08.720 --> 0:19:12.000
<v Speaker 1>the ecosystem. Same thing with grocery. Right now, automation makes

0:19:12.000 --> 0:19:19.320
<v Speaker 1>sense uh in larger essential um warehouses and over perdo time,

0:19:19.320 --> 0:19:21.800
<v Speaker 1>as it becomes more economical, you see automation make its

0:19:21.840 --> 0:19:24.640
<v Speaker 1>way into essentially every day. So what does that mean

0:19:24.680 --> 0:19:28.240
<v Speaker 1>for drivers? What it means for drivers is that you're

0:19:28.240 --> 0:19:30.720
<v Speaker 1>gonna have robot drivers and you're gonna have people drivers.

0:19:30.760 --> 0:19:33.920
<v Speaker 1>And what you see with automation is that automation takes

0:19:34.000 --> 0:19:39.560
<v Speaker 1>care of the simple, repeatable, low value tasks and humans

0:19:39.640 --> 0:19:42.840
<v Speaker 1>can focus on the more complex, high value tasks as well.

0:19:43.119 --> 0:19:46.160
<v Speaker 1>That will be true in our logistics ecosystem as well.

0:19:46.359 --> 0:19:48.760
<v Speaker 1>There's this drama or the robot's going to replace people

0:19:49.320 --> 0:19:52.640
<v Speaker 1>over and over again. Robots augment people and we think

0:19:52.640 --> 0:19:54.720
<v Speaker 1>that will be true and transportation, and it will be

0:19:54.760 --> 0:19:57.359
<v Speaker 1>true in logistics as well. So here's a big question.

0:19:58.000 --> 0:20:01.879
<v Speaker 1>It's still called Uber eats. It's if you're delivering stuff

0:20:01.920 --> 0:20:04.800
<v Speaker 1>that you don't eat as well. Do we need a

0:20:04.800 --> 0:20:07.280
<v Speaker 1>new name? It's working, but you know, we're going to

0:20:07.359 --> 0:20:10.200
<v Speaker 1>think about it certainly that this actually the big air

0:20:10.240 --> 0:20:13.840
<v Speaker 1>campaign was a big test, right is can the eats

0:20:13.880 --> 0:20:17.760
<v Speaker 1>brand expand? And right now the signal that we're hearing

0:20:18.000 --> 0:20:20.359
<v Speaker 1>is a very very loud yes. So do you? I

0:20:20.400 --> 0:20:24.280
<v Speaker 1>mean Uber eats and donates? Does that work? Uh? Uber

0:20:24.320 --> 0:20:28.040
<v Speaker 1>eats and be careful don Maybe you'll have to ask

0:20:28.040 --> 0:20:31.720
<v Speaker 1>cousin grab um. So give us as we close, give

0:20:31.800 --> 0:20:34.679
<v Speaker 1>us the vision five years out, how will Uber be

0:20:34.680 --> 0:20:39.600
<v Speaker 1>different five years out? Essentially, we are going to build

0:20:39.880 --> 0:20:43.240
<v Speaker 1>that local operating system for everyday life. Anywhere you want

0:20:43.240 --> 0:20:46.159
<v Speaker 1>to go, whether you want to use an Uber or

0:20:46.200 --> 0:20:47.800
<v Speaker 1>you want to use a taxi, or you want to

0:20:47.880 --> 0:20:50.320
<v Speaker 1>use a bus, or you want to use subway, will

0:20:50.359 --> 0:20:53.040
<v Speaker 1>get you the best way there, will identify the best way,

0:20:53.400 --> 0:20:56.920
<v Speaker 1>make it absolutely smooth and delightful. Anything you want to get,

0:20:57.280 --> 0:21:00.479
<v Speaker 1>whether it's food or groceries or pet food or makeup,

0:21:01.160 --> 0:21:03.640
<v Speaker 1>essentially you will be able to get in your home

0:21:03.680 --> 0:21:08.000
<v Speaker 1>as well. And we will open up our technology so

0:21:08.040 --> 0:21:12.400
<v Speaker 1>that our merchant partners can plug into that OS anyway

0:21:12.400 --> 0:21:14.480
<v Speaker 1>they want. All right, we'll have to catch up again

0:21:15.080 --> 0:21:19.760
<v Speaker 1>five years out of times before, hopefully Dara Kasra Shai, everyone,

0:21:19.960 --> 0:21:20.320
<v Speaker 1>thank you