Uber Technologies Inc Q3 2024 Earnings Call Transcript

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

Question: Eric Sheridan - Goldman Sachs Group, Inc. - Analyst : The commentary, especially around the capital allocation policy. I want to come back to the concept you introduced in the letter around less dense markets. Could you go a little bit deeper in both the opportunity set, but also some of the operational dynamics of building supply as well as stimulating demand in less dense markets? And how we should be thinking about that scaling in the years ahead?

Question: Brian Nowak - Morgan Stanley - Analyst : I have two. First of all, I wanted to sort of drill in a little bit more to the US Mobility bookings trends. Dara, you sort of look at how the business has trended since your investor update. Are there any areas where you're sort of exceeded or come in a little shy versus where you thought the US rides business would be growing? And has anything changed in sort of your outlook for US rides contribution to growth over the tenure of the outlook that you gave at the investor update? That's the first one on US rides. And the second one, just on Phoenix and sort of Arizona around Vaymo. Anything you can share on sort of early signs of incremental volume to Uber from the Vaymo partnership in that market?

Question: Douglas Anmuth - JPMorgan Chase & Co - Analyst : I'm going to stick with AV. Dara, can you just talk more about your goals here in doing fleet ups in AV world and some of the ways that you'll be able to drive some greater efficiencies for AV tech providers? And then maybe you could just talk about San Francisco a little bit, perhaps any impact that you're seeing in that market from Vaymo? And is there anything notable to call out on volume, frequency or loyalty in San Francisco? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 31, 2024 / 12:00PM, UBER.N - Q3 2024 Uber Technologies Inc Earnings Call

Question: Justin Post - BofA Securities, Inc. - Analyst : I guess just go to Mobility bookings decelerated 3 points to 24%. I know it's a tougher comp. But anything unusual or anything that surprised you in the quarter? And then the incremental take rates and margins were quite strong in Mobility. How do you think about where you are on those and the drivers of growth there as we go forward?

Question: Mark Stephen Mahaney - Evercore ISI Institutional Equities - Analyst : Okay. I'll just double-click 2 things on the insurance costs. So Dara, just talk about, are those -- where are those in international markets? Is that primarily a US market problem and specific state problem? Or is there -- is that a global challenge, rising insurance costs? And then let's talk about advertising a little bit too. So that growth is pretty robust. The sustainability -- that's very high growth rate that you're doing 70%, 80%. The sustainability of that? Or as you think about the opportunities and -- particularly on the Delivery side, where do you think you are? Are there lead markets where you've got you're at several percentage points of bookings and most of the markets you're well under 1%. Just talk about that path of adoption.

Question: Ronald Josey - Citigroup Inc. - Analyst : Maybe, Dara, I wanted to stick on the Delivery side a little bit here and understand just what's driving the map season frequencies? I think we said in the letter [mapsy] exceeded $50 million in the quarter, frequency reached all-time highs. And so I just want to understand on the Delivery. Can you talk about just how are new maps coming on for restaurants? Or has that evolved a little bit more to newer verticals, just given the investments and awareness around grocery and pretty much everything that Uber has to offer. I guess that's question number one. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 31, 2024 / 12:00PM, UBER.N - Q3 2024 Uber Technologies Inc Earnings Call And then question number 2 on frequency overall. 25 million Uber One members globally, teen trips up 40%. We'd just love to hear your thoughts on just other initiatives on driving greater frequency across the platform. So one is on Delivery, two is on overall frequency.

Question: Nikhil Devnani - Sanford C. Bernstein & Co. - Analyst : Thanks for the commentary on capital allocation. It seems like in other areas of the business, whether it's dark stores and delivery or autonomous vehicles, you've opted for more of a partnership approach to say, capital efficient. So I guess, could you just remind us how you think about partnering versus buying your way into a new vertical or a new market? What makes an acquisition a better path in your mind? And where does further expansion and diversification of the Uber platform to adjacent opportunities fit in your priority set right now considering the transition that is happening around the core business with autonomous vehicles? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 31, 2024 / 12:00PM, UBER.N - Q3 2024 Uber Technologies Inc Earnings Call