Uber Technologies Inc at Barclays Global Technology Conference Summary

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

Question: Ross Sandler - Barclays - Analyst : <_ALACRA_META_ABSTRACT>I guess just to kick things off. So you've been in the role for about a year. What have you learned? What are the biggest takeaways over that year?

Question: Ross Sandler - Barclays - Analyst : So I think in talking to investors since the last quarter results, there's two primary issues people are flagging. One is just the pace of ride-hail gross bookings growth deceleration, and second is what's going on with robotaxi. So I'm going to skip the first one and come back to it, but a couple big news items, or I don't know if they're big, but news items overnight. Maybe could you address the Yipit report that came out that showed in the operating zone for Waymo in San Francisco, showed kind of approaching Lyft level, 20% share. And then it kind of had you guys a steady kind of like downward market share line. So just accuracy of that or not would be helpful.

Question: Ross Sandler - Barclays - Analyst : And the other piece of news that came out on this front was Cruise officially announced they were throwing in the towel. I think most people expected that. We actually hosted a Barclays AV summit a couple of weeks ago, and some folks from these types of REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 11, 2024 / 9:20PM, UBER.N - Uber Technologies Inc at Barclays Global Technology Conference companies were kind of prognosticating that it looks like it's just going to be Waymo and Tesla on the pure AV at scale for maybe the next five years in market. I know there's other participants, but that's a little different than what Dara has described as like his vision of how all this is going to evolve. So I guess just could you -- do you agree with that kind of timeline? And if so or if not, like where does this leave you with future partnership opportunities around this Waymo? You've got two cities. Can you just talk about that?

Question: Ross Sandler - Barclays - Analyst : And just kind of going a little deeper on that last point. You've got the Austin, Atlanta partnership with Waymo. What are your goals there? I guess how does that differ from the Phoenix setup? And when you're pricing out this fleet management ground operation, like do you make money on these trips? How do we think about that?

Question: Ross Sandler - Barclays - Analyst : And not to like overly confuse everybody, including myself, but you guys are an investee in Moove, and recent news there was that they're actually going to be doing fleet management for Waymo in Miami and Phoenix. So I guess what are they providing that you guys are providing? Or are you involved with them at all on the plan?

Question: Ross Sandler - Barclays - Analyst : Understood. Okay. And if we just kind of step up a level from the minutia and we look at the way that the international robotaxi market is evolving compared to the US, which is the greater opportunity for Uber and what are some of the differences?

Question: Ross Sandler - Barclays - Analyst : Okay. And moving on from robotaxi, finally. Sorry about that.

Question: Ross Sandler - Barclays - Analyst : So the other issue was the pace of the ride-hail gross bookings decel. So are there any items you'd flag that are kind of driving this decel as we kind of leave 3Q, head into 4Q? And Lyft talked about more of a consistent growth rate, so just anything that you're seeing near term.

Question: Ross Sandler - Barclays - Analyst : Yeah. That's great. And you just touched on this one other point that came up on the last call around some price elasticity that's showing up in the business as we kind of pass through insurance costs. You guys haven't talked about this much in the past, but it's not that surprising. I guess how are we offsetting that? Is this an issue? What do we feel about pricing in general?

Question: Ross Sandler - Barclays - Analyst : Yeah. Sounds great. Okay. Shifting gears to Uber One. So we've got over 25 million subscribers, a big differentiator for you guys. Could you just talk about how adoption has been in different markets, either US or international? And is the adoption curve contingent on like category position, breadth of offering in those markets? Like what are some of the key factors driving that adoption?

Question: Ross Sandler - Barclays - Analyst : Okay. Just in the last few minutes -- few seconds here. On delivery, can we just talk about the CAGR between core restaurant and new verticals like grocery and convenience going over the next couple of years? And then has the Instacart partnership allowed you to gain market share in some of those overlap markets with DoorDash in the suburbs?

Question: Ross Sandler - Barclays - Analyst : All right. We're out of time. This is great, Prashanth.