Uber Technologies, Inc Q3 FY2024 earnings call

• Uber had a record quarter of profitable growth with gross bookings up 20% in constant currency and all-time high GAAP operating profits over $1 billion. - More than 7.8 million people earn with Uber, and over 25 million are Uber One members. - Advertising business grew nearly 80% year-on-year. - Autonomous strategy is working with 14 AV partners. - Capital allocation priorities: responsibly invest in future growth, return capital to shareholders, steadily increase share repurchase, and remain disciplined in M&A with a focus on value creation.

Uber delivered a strong quarter with gross bookings up 20% year-on-year in constant currency. The advertising business grew nearly 80% year-on-year. More than 7.8 million people drive, deliver, or shop with Uber, earning over $18 billion during the quarter. Over 25 million people are Uber One members, up 70% year-on-year. The mobility and delivery segments showed growth, with underlying platform strengthening.

• Plan to steadily increase share repurchase in coming quarters and work towards a durable share count reduction in 2025. - Expect insurance cost increases to moderate, though they will continue. - Mobility trip activity expected to be in line with Q3 with less pricing benefit.

• Insurance cost increases have led to slowdown in transaction growth due to consumer elasticity. - Macro environment uncertainties could impact consumer spending and business performance.

Q: What's driving delivery map season frequencies, initiatives on frequency?

A: Delivery growth strong, audience from Mobility, focus on customer experience, membership with 25M members up 70% Y/Y driving frequency.

Q: Partnering vs buying into new verticals, adjacent opportunities?

A: Prashanth said focus on responsible organic investments, Dara said partner if can't uniquely add value, experiment with adjacencies focusing on frequent interactions and local logistics.

Q: Vaymo partnership, why 2 cities, other AV players?

A: Launching in 2 cities to ensure proper liquidity, Vaymo leader, other AV players deploying, more launches coming in 2025.

Q: Broader consumer landscape, Uber Direct, Darden deal?

A: Consumer demand strong, no trade down in Delivery, continue to invest aggressively in Uber Direct, partnerships vary depending on partner needs.