Uber Technologies Inc at Morgan Stanley Technology, Media & Telecom Conference Transcript

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

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : So maybe let me just start with your prioritization and as you go through your day, your week, your diary, what are you spending most of your time with now focused on strategically to make sure Uber is best positioned for the next 3, 5, 10 years?

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : It's a great overview. Let me start by following up on AVs. I know you've had a lot of discussions about AVs.

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : Yeah, it is. I mean so let's -- some investors who may be a little more skeptical of Uber's competitive positioning within AV and autonomous will say, we're going from a world where we have a marketplace of millions of drivers to a future world where you may have two or three main players that either operate the software or are the main network running AVs in the United States. Therefore, there's a risk that either, A, Uber could be disrupted or, B, the unit economics with two or three partners as opposed to millions are going to be inferior. What is your counterargument to that? And how do you think about the key execution points to ensure that, that doesn't happen?

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : Okay. And then you mentioned deploying some of your own balance sheet and some of your own capital buying EV-related assets on the last conference call. Maybe just walk us through some of the key types of assets you're focused on investing in. How do we think about size, timing and what are the new investments?

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : All right. One more on AV, then we will get to the core. You mentioned a couple of the catalysts upcoming. We're going to have Austin sometime this month, we think. And then over the course of the summer, Atlanta, with the Waymo-Uber exclusive partnership. It's early. I know it's very early in the AV ecosystem. But as these markets launch, what are the main KPIs you're focused on internally to ensure success for both you and Waymo to continue and extend these partnerships?

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : Yeah. A lot of people tracking a lot of data --

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : A lot of data flying around. Okay. Let's talk about the core.

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : Really flying over counting the Waymos. All right. So the core business, I think it's -- when you laid out the multiyear outlook for the core on mid- to high teens growth, 30% to 40% EBITDA margins, really healthy free cash flow conversion. The business has actually proven, in some cases, even more durable than certainly I thought early on. So maybe two parts to the first part. If you step back from your Analyst Day outlook to now, what aspects of the core have actually proven to be ahead of schedule, where you're executing even better than you thought you would have from a top line perspective?

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : And what about the other side of the coin when you -- when you go back to your Analyst Day outlook of how you thought growth would come through? What are areas where perhaps you're not quite executing where you thought you would be? And how do you think about ways to course correct or how you need to execute where you thought you would be in some areas?

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : There's a lot of ways to try to slice up the P&L externally. I think one of the questions that I often get is the durability of growth in the core US Mobility business. We think it's still growing mid- to high teens. I love your reaction to that. And then secondly, is the 70-30 market. I know you have so many initiatives keep driving growth. Talk about the durability of that type of growth.

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : What about international? I mean it's interesting, and I think through what investors talk about on Wall Street. I feel like AVs come up, US Mobility, Eats. And then people are going to ask about international. This is a $40 billion to $50 billion business.

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : So what areas of international do you think are most underappreciated? And what are the keys to forward growth in the international side on Mobility?

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : Right. You mentioned the cost base as one area you have potential improvement. Let me ask you about GPU-enabled machine learning or GenAI-like technologies or -- we're 2.5 years into this GPU and GenAI discussion now. Can you give us some examples of technologies you're using internally now that you weren't, call it, three years ago? And any way you can quantify the benefits you're seeing or some benefits from GPUs? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 03, 2025 / 10:35PM, UBER.N - Uber Technologies Inc at Morgan Stanley Technology, Media & Telecom Conference

Question: Brian Nowak - Morgan Stanley & Co LLC - Analyst : Yeah. Great. Well, that's a good place to wrap. There's a lot to stay on top of, including over the course of the next month with Austin. Great to see you, Dara. Thanks for coming.