Uber Technologies Inc Q1 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Doug Anmuth - J.P. Morgan Securities LLC - Analyst : Thanks for taking questions. I have two. First, just on mobility, as you've worked to keep prices low, curious what kind of elasticity you think you're seeing in terms of the response and how that's showing up in rides. And then on AV, you talked about almost 100 cars in Austin on the way to 100. What are you seeing there in terms of the utilization of those Waymos relative to some of their other markets? Thanks.

Question: Eric Sheridan - Goldman Sachs & Company, Inc. - Analyst : Thank you so much for taking the question. I want to know if we could go a little bit deeper on the broader competitive landscape. If you could give us a bit of an update on what you're seeing competitively, especially around either pricing dynamics or incenting supply and demand across both mobility and delivery, and if there are any specific geos you wanted to call out from a competitive intensity standpoint? Thank you.

Question: Brian Nowak - Morgan Stanley & Co. LLC - Analyst : Great. Thanks for taking my questions. I have two: one on Austin and one on US mobility. Just going back to Austin, Dara, can you sort of walk us through how you're thinking about a size of a fleet or an internal timeline or target when Austin, Waymo, combined with often human drivers could sort of better be matched supply-demand to drive incremental volumes to Uber overall. When do you think that could happen? And then the second one, maybe just kind of drilling a little more into US mobility. Any update on sort of how quickly US mobility is growing and how the suburbs versus the more urban areas are trending? Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 07, 2025 / 12:00PM, UBER.N - Q1 2025 Uber Technologies Inc Earnings Call

Question: Ross Sandler - Barclays Capital - Analyst : Great. Just a question on the delivery margin and a call-out you guys made in the prepared remarks. So you said that restaurant delivery has profit margins that are modestly lower than UberX profit margin. So that's an interesting nugget in itself. I guess the question is looking at that, what does that say about the cadence of margin expansion at grocery and retail? I think you also said that that part is at a 2018 kind of equivalent maturity. And then how much of the restaurant margin being way up there is because of advertising just because of the time and market and the usual kind of retention cadence, et cetera. Any thoughts on that?

Question: Mark Mahaney - Evercore ISI Institutional Equities - Analyst : Okay. Thanks. I'll try to. First, just on the insurance headwinds, do you feel like that's mostly behind you? Now just talk about where you think ongoing leverage against insurance costs are, and is that something that's kind of structural to the industry? Or are those things -- kind of workarounds or improvements that you've been able to do? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 07, 2025 / 12:00PM, UBER.N - Q1 2025 Uber Technologies Inc Earnings Call And then Dara, in terms of AV partners, and you've got a pretty good view on all the different offerings that are out there. Waymo is doing a fantastic job. Who do you think is coming -- who do you think in the marketplace is closest to Waymo now in terms of having the ability to roll out at a decent scale, a true AV experience? Thanks.

Question: Justin Post - BofA Securities, Inc. - Analyst : Great. Thanks. Just like a question on the macro. You mentioned maybe slower airport trips, but any impact on mobility, rides, or pricing or delivery, lower AOVs or anything like that on the macro are contemplated going forward? And then can you give us an update on competition in Bay Area and San Francisco -- sorry, Bay Area in LA. I know those are areas where Waymo is operating. Just any update on the competition there. Thank you.

Question: Ken Gawrelski - Wells Fargo Securities, LLC - Analyst : Thank you. Two if I may, please. First, maybe one for Prashanth. Given the affordability initiatives and the commentary on insurance, but also your kind of preview of the GO-GET event later this month, could you talk about the impact potentially on mobility margins in the second half of this year and beyond? And then one for Dara, please. If you could talk -- expand a little bit more about your view of the AV landscape kind of both inside the US and outside the US. When do you see software-enabled AV solutions as a scaled commercial option? Thank you.

Question: Shweta Khajuria - Wolfe Research, LLC - Analyst : Thanks a lot for taking my questions. I have two on delivery, please. Dara, could you please talk about your affordability efforts? In your letter, you talked to four key areas and affordability was one of them. So if you could please expand on that, that would be great. And then the second is just, in Europe, in particular, we have seen now you have a majority stake, you just announced. And then DoorDash announced Deliveroo. So could you please talk to that market? How fast is it growing? What is the competitive landscape look like there? And how do you view consolidation? Thanks a lot.

Question: Michael Morton - MoffettNathanson LLC - Analyst : Good morning, everybody. Thank you for the question. One on delivery and then one on mobility. First, delivery, as we see the continued adoption of these large language models introducing shopping experiences, they seem to be preferring different retailers than, let's just say, the two giants of which we're all aware of. And it seems like a natural opportunity for Uber to work in partnership with these retailers you already work with to deliver the local inventory. So Dara, I was curious any possibility of partnerships with the ChatGPTs of the world? And then I think one for Prashanth on the sparse markets. Could you talk about the duration of this opportunity and the ability to continue offsetting some of the natural deceleration you've seen in some of your urban markets? And then maybe help investors think about the margin profile of the sparse mobility markets compared to your core kind of urban markets? Thank you so much.

Question: Nikhil Devnani - Bernstein Institutional Services LLC - Analyst : Hi. Thanks for taking my questions. I have two on mobility, please. First, how should we think about the slope of deceleration in mobility gross bookings over the next year? Q1 stepped down by several points, and maybe that's just pricing and mix given the trip growth comments, but how do we get comfortable with mobility bookings not decelerating more aggressively here in the quarters to come? And then separately, a follow-up on the less dense markets. do you think the frequency opportunity in these markets is the same as your larger cities? I would imagine there's far more car ownership and some reliability differences. So how do you think about the opportunity set on a frequency basis relative to your core urban centers? Thank you.

Question: Nikhil Devnani - Bernstein Institutional Services LLC - Analyst : Thank you, both.