1 00:00:00,120 --> 00:00:02,280 Speaker 1: We now want to bring in Bloomberg's Emily Chang, who 2 00:00:02,279 --> 00:00:06,200 Speaker 1: is standing by with Uber CEO Dara Koshersaui Shanali thank 3 00:00:06,240 --> 00:00:10,680 Speaker 1: you and Dara, thank you for joining us today again. Obviously, look, 4 00:00:10,720 --> 00:00:13,120 Speaker 1: you can see that growth is continuing on both sides 5 00:00:13,119 --> 00:00:15,640 Speaker 1: of the business pretty strong. But that net loss I 6 00:00:15,640 --> 00:00:19,079 Speaker 1: think was disappointing for some investors after the progress you made. 7 00:00:19,120 --> 00:00:21,439 Speaker 1: Shares are down, lift shares on the other hand, are up. 8 00:00:21,720 --> 00:00:23,720 Speaker 1: What is the message to investors this morning? 9 00:00:24,680 --> 00:00:26,560 Speaker 2: Well, I think the message to investors is that we 10 00:00:26,680 --> 00:00:31,360 Speaker 2: continue to deliver on consistently strong top line growth and 11 00:00:31,400 --> 00:00:37,199 Speaker 2: then outsize outsized profitability growth. You saw trips for US 12 00:00:37,240 --> 00:00:39,640 Speaker 2: increase twenty one percent on a year on your basis, 13 00:00:39,640 --> 00:00:42,199 Speaker 2: we're at a run rate of more than ten billion 14 00:00:42,320 --> 00:00:46,240 Speaker 2: trips on an annual basis, which is pretty incredible. Gross 15 00:00:46,320 --> 00:00:49,200 Speaker 2: booking screwed twenty one percent as well. On a constant 16 00:00:49,240 --> 00:00:53,000 Speaker 2: currency basis. Our ibidah came in at one point four 17 00:00:53,040 --> 00:00:57,080 Speaker 2: billion dollars, up eighty two percent, and that also translated 18 00:00:57,080 --> 00:00:59,360 Speaker 2: into free cash row, so free cashrow one point four 19 00:00:59,400 --> 00:01:03,400 Speaker 2: billion four point two billion. Over the past twelve months. 20 00:01:03,720 --> 00:01:07,760 Speaker 2: We did swing to a loss, but the significant factor 21 00:01:07,760 --> 00:01:11,040 Speaker 2: behind that loss was actually the value of our equity stakes. 22 00:01:11,040 --> 00:01:13,280 Speaker 2: Some of them have been marked down, and you know, 23 00:01:13,319 --> 00:01:15,720 Speaker 2: markets go up and markets go down. We can't control that. 24 00:01:16,240 --> 00:01:18,640 Speaker 2: What we can't control is are we building a big 25 00:01:18,680 --> 00:01:22,120 Speaker 2: business mobility and delivery business on a global basis? Are 26 00:01:22,200 --> 00:01:26,040 Speaker 2: there more customers coming to us? Our audience grew fifteen percent, 27 00:01:26,480 --> 00:01:29,240 Speaker 2: frequency group six percent. So I think as long as 28 00:01:29,240 --> 00:01:34,240 Speaker 2: we continue to deliver on our service, on the promise 29 00:01:34,360 --> 00:01:40,160 Speaker 2: of mobility everywhere delivery of food and grocery, et cetera, 30 00:01:40,760 --> 00:01:41,960 Speaker 2: will be more than fined. 31 00:01:42,920 --> 00:01:46,520 Speaker 1: Gap operating profit dropped by you know, in part due 32 00:01:46,560 --> 00:01:50,320 Speaker 1: to what you described as regulatory reserve changes and settlement. 33 00:01:50,480 --> 00:01:52,760 Speaker 1: What are some of the headwinds that you're seeing and 34 00:01:52,880 --> 00:01:54,760 Speaker 1: monitoring well. 35 00:01:54,600 --> 00:01:58,880 Speaker 2: I think some of these settlements are for issues that 36 00:01:59,120 --> 00:02:03,200 Speaker 2: have occurred in the past, and what we're trying to 37 00:02:03,200 --> 00:02:06,720 Speaker 2: do now is operate in a way that takes into 38 00:02:06,920 --> 00:02:11,200 Speaker 2: account all of our stakeholders, our writers, our drivers or eaters, 39 00:02:11,240 --> 00:02:13,680 Speaker 2: as well as regulators. And what we're trying to do 40 00:02:13,800 --> 00:02:16,320 Speaker 2: is kind of try to clean up some of these 41 00:02:16,360 --> 00:02:19,840 Speaker 2: past liabilities and move forward and doing the right thing 42 00:02:19,880 --> 00:02:20,480 Speaker 2: for everybody. 43 00:02:21,600 --> 00:02:25,679 Speaker 1: I spoke with you and Instacart CEO Figcimo yesterday, And 44 00:02:26,080 --> 00:02:29,200 Speaker 1: obviously your new partnership is a bigger deal now that 45 00:02:29,280 --> 00:02:32,320 Speaker 1: I know that it's not just exclusive to Instacart. Can 46 00:02:32,360 --> 00:02:34,840 Speaker 1: you talk about some of the other partnerships and services 47 00:02:34,840 --> 00:02:38,000 Speaker 1: that you could potentially plug in to Uber Eats, like 48 00:02:38,520 --> 00:02:42,280 Speaker 1: I'm thinking Netflix or YouTube or TikTok. 49 00:02:43,560 --> 00:02:45,959 Speaker 2: Well, we're really focused right now on making this work 50 00:02:46,000 --> 00:02:49,919 Speaker 2: on Instacart, and this all started from our building essentially 51 00:02:50,000 --> 00:02:53,000 Speaker 2: with our Uber app, kind of a super app of sorts. 52 00:02:53,080 --> 00:02:56,160 Speaker 2: You can come to Uber and you can order food 53 00:02:56,840 --> 00:03:00,240 Speaker 2: off of the eats tab on Uber. That business has 54 00:03:00,280 --> 00:03:04,200 Speaker 2: been growing significantly. Consumers love it and you know, if 55 00:03:04,240 --> 00:03:05,840 Speaker 2: they want to go to eat app, they can, If 56 00:03:05,840 --> 00:03:07,680 Speaker 2: they want to eat on the Uber app, they can 57 00:03:07,760 --> 00:03:10,240 Speaker 2: as well. That led us to the discussions that we 58 00:03:10,320 --> 00:03:14,280 Speaker 2: had with Fiji that we talked about. The focus right 59 00:03:14,320 --> 00:03:20,680 Speaker 2: now is really making sure that our Instacart partnership works right. 60 00:03:20,680 --> 00:03:24,600 Speaker 2: Instacart has very very strategic customer base in the suburbs 61 00:03:25,000 --> 00:03:27,560 Speaker 2: where we're already growing, but we want to grow faster 62 00:03:28,160 --> 00:03:30,440 Speaker 2: and really that's going to be the focus. But the 63 00:03:30,520 --> 00:03:36,120 Speaker 2: technology that we build allows us to essentially embed in 64 00:03:36,520 --> 00:03:40,920 Speaker 2: an absolutely first rate Uber Eats experience into other apps 65 00:03:40,960 --> 00:03:44,400 Speaker 2: as well, So you could imagine embedding in entertainment apps 66 00:03:44,520 --> 00:03:49,120 Speaker 2: or sports apps, etc. And when you're hungry, ordering eats 67 00:03:49,200 --> 00:03:52,920 Speaker 2: run in that app. So that is absolutely something that 68 00:03:53,000 --> 00:03:55,440 Speaker 2: we could deliver technically as a result of a great 69 00:03:55,520 --> 00:03:58,440 Speaker 2: job of our engineers. But right now the focus is 70 00:03:58,720 --> 00:04:02,520 Speaker 2: let's make instacart work. I'm sure there'll be some growing pains, 71 00:04:02,520 --> 00:04:04,280 Speaker 2: There'll be some tuning to do in terms of the 72 00:04:04,320 --> 00:04:06,440 Speaker 2: tech and the experience, and then we'll go from there. 73 00:04:07,200 --> 00:04:10,680 Speaker 1: Interesting. You know, there's this Tesla robotaxi news out of China, 74 00:04:10,840 --> 00:04:16,960 Speaker 1: and obviously your story with autonomous vehicles has been a 75 00:04:17,000 --> 00:04:20,000 Speaker 1: little up and down. Will we ever see Tesla robotaxis 76 00:04:20,080 --> 00:04:21,480 Speaker 1: on order on Uber. 77 00:04:22,279 --> 00:04:25,039 Speaker 2: Well, we would certainly welcome it. You know, our view 78 00:04:25,320 --> 00:04:27,839 Speaker 2: as it relates to autonomous is this is a technology 79 00:04:27,839 --> 00:04:32,200 Speaker 2: that holds great promise both in terms of expanding our marketplace, 80 00:04:32,360 --> 00:04:36,880 Speaker 2: lowering prices, making transportation available safely to more and more people. 81 00:04:37,320 --> 00:04:41,720 Speaker 2: It's taken much much longer than anyone imagined. We don't 82 00:04:41,760 --> 00:04:44,920 Speaker 2: operate in China, So to the extent that Tesla operates 83 00:04:44,920 --> 00:04:48,400 Speaker 2: a robotaxi fleet in China, that's not something that we 84 00:04:48,440 --> 00:04:51,920 Speaker 2: would engage in. But what we have told the av 85 00:04:52,080 --> 00:04:56,000 Speaker 2: industry is that we're here to partner and you can 86 00:04:56,120 --> 00:04:59,360 Speaker 2: essentially plug in your vehicles as long as they're safe, 87 00:04:59,400 --> 00:05:02,760 Speaker 2: as long as regulators are aligned as well. Into our 88 00:05:02,800 --> 00:05:05,279 Speaker 2: network and the demand that we bring and all the 89 00:05:05,320 --> 00:05:08,720 Speaker 2: services that we built in terms of matching and routing 90 00:05:09,760 --> 00:05:13,440 Speaker 2: and pricing, we can bring that all to you day one. 91 00:05:13,960 --> 00:05:16,960 Speaker 2: That results in higher utilization. You know, your cars will 92 00:05:16,960 --> 00:05:20,240 Speaker 2: get more rides. And if there's a Tesla owner, a 93 00:05:20,279 --> 00:05:23,400 Speaker 2: car owner who wants to put his or her car 94 00:05:24,080 --> 00:05:27,200 Speaker 2: into the Uber network, they'll make more money than if 95 00:05:27,200 --> 00:05:29,440 Speaker 2: it wasn't in the network. So we'd love to work 96 00:05:29,480 --> 00:05:32,200 Speaker 2: with all players. We have a lot of respect for Tesla. 97 00:05:32,240 --> 00:05:34,080 Speaker 2: There are a lot of Tesla's in our fleet already, 98 00:05:34,440 --> 00:05:38,120 Speaker 2: so we'd absolutely welcome safe Tesla autonomous cars in our 99 00:05:38,160 --> 00:05:38,600 Speaker 2: fleet too. 100 00:05:39,560 --> 00:05:42,040 Speaker 1: And you know, I'm hearing just anecdotally more and more 101 00:05:42,080 --> 00:05:44,760 Speaker 1: people who are taking weimo. And you do have a 102 00:05:44,760 --> 00:05:47,120 Speaker 1: partnership with Weimo, can you tell us a little bit 103 00:05:47,120 --> 00:05:50,600 Speaker 1: more about how that partnership works financially speaking, Like, does 104 00:05:50,640 --> 00:05:53,919 Speaker 1: Weimo get paid a fee for referring rights to Uber? 105 00:05:54,040 --> 00:05:57,320 Speaker 1: Do you operate a fleet of Weaimo's, Like, what's in 106 00:05:57,360 --> 00:06:00,320 Speaker 1: it for you as an aggregator. 107 00:06:00,800 --> 00:06:04,760 Speaker 2: Yeah, it's we don't disclose the financials so to speak. 108 00:06:05,080 --> 00:06:08,640 Speaker 2: We operate with Waimo in Phoenix, and actually we operate 109 00:06:08,680 --> 00:06:11,400 Speaker 2: both on the mobility side and on the delivery side. 110 00:06:11,440 --> 00:06:15,440 Speaker 2: So Weymo's and Phoenix are taking uber riders and they're 111 00:06:15,480 --> 00:06:19,159 Speaker 2: actually now delivering food to eaters as well as we 112 00:06:19,240 --> 00:06:22,680 Speaker 2: expand the use cases there. And I think what you 113 00:06:22,720 --> 00:06:25,320 Speaker 2: can imagine the model being, and this is not specific 114 00:06:25,360 --> 00:06:28,800 Speaker 2: to Weemo, is just like theirs. We have a take 115 00:06:28,880 --> 00:06:33,359 Speaker 2: rate with human drivers, right about seventy nine percent of 116 00:06:33,400 --> 00:06:38,680 Speaker 2: our gross bookings go to drivers and couriers and merchants 117 00:06:38,800 --> 00:06:41,599 Speaker 2: and we keep about twenty one percent of it. That 118 00:06:41,920 --> 00:06:45,200 Speaker 2: kind of a model will be true for autonomous as well, 119 00:06:45,520 --> 00:06:48,640 Speaker 2: so we will have a fair take rate. We will 120 00:06:48,720 --> 00:06:52,200 Speaker 2: drive a ton of business to these autonomous players. And again, 121 00:06:52,279 --> 00:06:54,440 Speaker 2: what we're already seeing with some of our partners is 122 00:06:54,760 --> 00:07:00,000 Speaker 2: higher utilization, more business for the driver so to speak, 123 00:07:00,200 --> 00:07:02,960 Speaker 2: whether that driver is a human or ultimately a robot. 124 00:07:03,800 --> 00:07:05,640 Speaker 1: Uber is such a bell weather for what's going on 125 00:07:05,680 --> 00:07:09,000 Speaker 1: in the global economy. Inflation has stalled at a rate 126 00:07:09,040 --> 00:07:12,040 Speaker 1: that some folks feel is too high. What's your read 127 00:07:12,080 --> 00:07:16,000 Speaker 1: on the broader economy and especially in an election year. 128 00:07:16,720 --> 00:07:19,520 Speaker 2: Yeah, Emily, I'd say so far, so good. We read 129 00:07:19,560 --> 00:07:21,240 Speaker 2: all the news that you do, and we talk to 130 00:07:21,880 --> 00:07:25,560 Speaker 2: many many partners out there. We're not taking price, so 131 00:07:25,600 --> 00:07:27,200 Speaker 2: to speak, or we want to take as little price 132 00:07:27,240 --> 00:07:30,480 Speaker 2: as we as we can. Our transactions grew twenty one percent. 133 00:07:30,480 --> 00:07:33,320 Speaker 2: Our growth bookings grew twenty one percent. We want to 134 00:07:33,360 --> 00:07:38,120 Speaker 2: grow based on expanding our audience and increasing frequency. And 135 00:07:38,200 --> 00:07:39,960 Speaker 2: when we look at our customer base, you look at 136 00:07:40,000 --> 00:07:43,840 Speaker 2: the volumes twenty one percent growth this quarter. Next quarter, 137 00:07:43,960 --> 00:07:46,320 Speaker 2: the midpoint of our guidance, it's between twenty and twenty 138 00:07:46,360 --> 00:07:49,920 Speaker 2: one percent growth as well. So we see very consistent growth. 139 00:07:50,280 --> 00:07:54,640 Speaker 2: We don't see consumers trading down. We don't see eaters 140 00:07:54,720 --> 00:07:58,360 Speaker 2: trading down. At this point, we do see a lot 141 00:07:58,400 --> 00:08:01,400 Speaker 2: of strength in terms of ourber for business business so 142 00:08:01,480 --> 00:08:04,000 Speaker 2: to speak. Corporations are getting back to work. We see 143 00:08:04,000 --> 00:08:07,880 Speaker 2: a lot of strength during workday commute, et cetera. People 144 00:08:07,960 --> 00:08:09,880 Speaker 2: are going back to the office, maybe a little more 145 00:08:09,920 --> 00:08:12,600 Speaker 2: slowly than we'd like, but people are definitely going back 146 00:08:12,600 --> 00:08:16,000 Speaker 2: to the office. So at this point we don't see 147 00:08:16,000 --> 00:08:19,000 Speaker 2: signs of consumer weakness. You know, there are some merchant 148 00:08:19,040 --> 00:08:23,800 Speaker 2: partners who we talk to who are focused more on 149 00:08:25,040 --> 00:08:28,440 Speaker 2: lower value or cheaper products, et cetera. They may be 150 00:08:28,600 --> 00:08:32,640 Speaker 2: feeling it, but at this point, Uber volumes remain healthy 151 00:08:32,880 --> 00:08:35,760 Speaker 2: and kind of the nature of that volume remains healthy 152 00:08:35,760 --> 00:08:36,120 Speaker 2: as well. 153 00:08:36,720 --> 00:08:38,640 Speaker 1: And just last quick question I have to ask you 154 00:08:38,640 --> 00:08:42,920 Speaker 1: about Uber teen. I'm a mom, you're a dad. You know, 155 00:08:43,160 --> 00:08:46,559 Speaker 1: obviously this could be game changing for working parents. How 156 00:08:46,559 --> 00:08:49,480 Speaker 1: big a business can this be? And why should I 157 00:08:49,480 --> 00:08:50,959 Speaker 1: trust my kid with you? 158 00:08:51,880 --> 00:08:54,360 Speaker 2: Well, we think it can be a very large business, 159 00:08:54,360 --> 00:08:56,840 Speaker 2: and it's turning out to be a very large business 160 00:08:57,280 --> 00:09:00,600 Speaker 2: as well. And the reason is, you know, Uber has 161 00:09:01,640 --> 00:09:06,040 Speaker 2: we think industry leading safety characteristics that really no one 162 00:09:06,040 --> 00:09:08,559 Speaker 2: else has. So with teen, first of all, you as 163 00:09:08,559 --> 00:09:13,880 Speaker 2: a parent have to invite your team. When we offer 164 00:09:14,200 --> 00:09:19,160 Speaker 2: uber teen as a service to only the best rated drivers, 165 00:09:19,200 --> 00:09:21,640 Speaker 2: there's a pin to make sure that your team is 166 00:09:21,679 --> 00:09:24,640 Speaker 2: getting into the right Uber. You can track the uber 167 00:09:24,800 --> 00:09:27,240 Speaker 2: as a parent. You know, I track my kids as well. 168 00:09:27,480 --> 00:09:30,080 Speaker 2: It's a great experience. Make sure they're picked up okay, 169 00:09:30,440 --> 00:09:33,600 Speaker 2: make sure they're dropped off okay, And you can reach 170 00:09:33,679 --> 00:09:37,000 Speaker 2: out to the driver directly as well. So all of 171 00:09:37,040 --> 00:09:40,400 Speaker 2: these safety features put together, I think you know help 172 00:09:40,480 --> 00:09:43,480 Speaker 2: will help put parents mind at ease. It's been one 173 00:09:43,520 --> 00:09:47,240 Speaker 2: of our most beloved launches out there, and right now 174 00:09:47,280 --> 00:09:49,960 Speaker 2: we're just looking to expand in into more markets because 175 00:09:50,000 --> 00:09:51,600 Speaker 2: the demand is absolutely there. 176 00:09:52,559 --> 00:09:54,920 Speaker 1: All right, got it. I haven't tried it yet, but 177 00:09:55,000 --> 00:09:59,319 Speaker 1: I think maybe you just can. Miss Thank you, Dara, 178 00:09:59,679 --> 00:10:01,760 Speaker 1: Thank you so much for joining us as always, really 179 00:10:01,760 --> 00:10:02,400 Speaker 1: appreciate it.