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F500-2021-281-Uber Technologies

Although best known for its ridesharing services, the technology company also offers food delivery, package delivery, and freight transportation in over 900 metropolitan areas worldwide. Uber dropped 53 spots in the Fortune 500 this year, as its revenue slid 21% in 2020 despite huge, pandemic-driven growth in its Uber Eats food delivery service. The company reported a $6.8 billion loss for 2020, but its stock delivered a 72% return for the year as investors bought into Uber's long-term growth potential.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-228-Uber

The ride-hailing, food-delivery, and mobility company founded in 2009 makes its <em>Fortune</em> 500 debut in 2020, despite losing $8.5 billion in 2019. The company's technology is available in 69 countries.

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Uber is a global tech company specializing in mobility and delivery services. Best known for its consumer ride-hailing platform, Uber also offers food delivery through Uber Eats, freight logistics with Uber Freight, and electric bike and scooter rentals in select markets. By using real-time technology, Uber makes transportation more accessible, efficient, and convenient for riders and drivers alike. Uber’s app continues to be a transport mainstay in cities around the world.

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Uber Technologies (UBER): Company Profile, Stock Price, News, Rankings

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Uber Technologies

uber technologies

and welcome to the Uber First Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I would now like to turn the conference over to Balaji Krishnamurti, Vice President, Strategic Finance and Investor Relations. You may begin.

Thank you, operator. Thank you for joining us today, and welcome to Uber's first quarter twenty twenty five earnings presentation. On the call today, we have Uber's CEO, Dara Khuzrashai and CFO, Prashant Mahendra Raja. During today's call, we will present both GAAP and non GAAP financial measures. Additional disclosures regarding these non GAAP measures, including a reconciliation of GAAP to non GAAP measures are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com.

Certain statements in this presentation and on this call are forward looking statements. You should not place undue reliance on forward looking statements, and actual results may differ materially from these forward looking statements. We do not undertake any obligation to update any forward looking statements we make today, except as required by law. For more information about factors that may cause actual results to differ materially from forward looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our most recent Form 10 ks and in our other filings made with the SEC. We published our quarterly earnings press release, prepared remarks and supplemental slides to our Investor Relations website earlier today, and we ask you to review those documents if you haven't already.

We will open the call to questions following brief opening remarks from Dara. With that, let me hand it over to Dara.

Thanks, Balaji. We're off to a strong start this year against the dizzying backdrop of headlines on trade and economic policy. Each component of our multiyear growth framework is humming. Our audience grew 14% to 170,000,000 monthly active consumers. Engagement strength continued with trips up 18% and with retention rates hitting all time highs globally.

And gross bookings grew in line with trips fueled by strength across both mobility and delivery. We see this as robust healthy growth, growth that's not coming growth that's coming from engagement and frequency not just price. We think that's the right way to maximize long term free cash flow per share. And in Q1, we generated record adjusted EBITDA of $1,900,000,000 up 35% year on year and free cash flow of $2,300,000,000 The Uber team has been a major execution mode. We launched with Waymo in Austin with around 100 cars that are all exceptionally utilized.

We announced five AD partnerships with deployments to come in The U. S, Europe and The Middle East. We signed a partnership with OpenTable to integrate dining, delivery transportation for our customers and we went live with our Delta SkyMiles partnership. And we announced the acquisition of Trendy Algo to supercharge our future growth in Turkey and that is all just in the last two months. Looking ahead, our Q2 outlook should underscore our expectation to reliably deliver more of the same strong top line growth combined with even stronger profitability growth setting us well for the seasonally stronger second half of the year.

my team, feel great about where we stand. We're on solid footing with a clear strategy and ambitions that have never been higher. And that's why I'm emphasizing that good is not going to be good enough. We need to be great to continue to deliver for the people and cities that we serve and of course for all of you. So with that, let's get some questions going.

Thank you. Your first question comes from the line of Doug Anmuth with JPMorgan. Please go ahead.

I have two. First, just on Mobility as you work 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 hundreds. What are you seeing there in terms of utilization of those Waymo's relative to some

Yeah. Absolutely. So Doug, on mobility, the elasticity that we're seeing is similar to the past, know, usually for dollar of increase in terms of price transactions are negatively affected. Now there's short term elasticity and long term elasticity. There's elasticity that you see in session, and then we think there's longer term elasticity, which is as you tend to kind of get used to prices not increasing as much as they were in the past couple of years, how does your how do your habits change?

How does sessioning change? So we're happy with the results that we saw in terms of the pricing that we were able to deliver to the consumers as we saw saw the insurance headwinds ease ease a little bit, and hopefully, we'll keep that going. There was also kind of a mix shift in terms of trips, a bit more growth internationally than The US, especially in the travel sector that affected overall price mix, so to speak. But so far, I'd say so good in terms of elasticity. In terms of AV in in Austin, we're very, very encouraged with what we're seeing.

Obviously, Waymo has a safety track record second to none. Consumers are loving the product. Often rates are very, very healthy, and the ratings are healthy. The team on the ground is doing a terrific job in terms of repairs and cleaning and recharging the cars, etcetera, to make sure that the Waymo's are available for rides. And then when the Waymo's are available for rides, they are very, very busy.

So we're seeing very high utilization of the vehicles in terms of trips per vehicle per day. As a matter of fact, the average Waymo in Austin is busier than 99% of Austin Drivers is defined by kind of the number of trips per day per waymo as well. So very, very encouraging early days. We are going to continue to increase the vehicle count in Austin, and we're super excited for expansion in Atlanta as well as some of the other AV announcements that we've made and the expansion that we see both in The U. S.

And especially outside The U. S. As well.

Your next question comes from the line of Eric Sheridan with Goldman Sachs. Please go ahead.

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 were any specific geos you wanted to call out from a competitive intensity standpoint? Thank you.

Yeah. Eric, this these markets continue to be very competitive on a global basis. In terms of mobility, we've got a strong competitor domestically here in Lyft. I think we're more focused on competing with each other on service, on quality. Obviously, insurance is something that's hit both of us as well.

So I'd say the competitive intensity in The US is pretty consistent. And then internationally, of course, we got both in Europe and DD and Latin America. They're strong competitors. They continue to focus on expansion. I think as you see about our results, you know, we're the number one player in the vast majority of markets in which we operate.

And even at a very competitive market, our category position continues to be market leading. And then the same in delivery as well. Obviously, The US market is highly competitive. We're seeing terrific growth both in terms of top line, in terms of margin, in terms of our grocery and retail business that accelerated this quarter versus last quarter. And then you are seeing some consolidation in the sector, in the food delivery sector.

You know, we were early to the game in terms of growing internationally organically. We're seeing some consolidation happening inorganic consolidation happening and that's to be expected in markets that are as large and as competitive as ours. So I'd say no change. We can't rest for a second. And because of our global position and because of the unique platform that we have, we think we can, hold our own and then some.

Your next question comes from the line of Brian Nowak with Morgan Stanley. Please go ahead.

I have two, one on Austin and one on U. S. 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 Austin 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 U. S. Mobility. Any update on sort of how quickly U. S.

Mobility is growing and sort of how the suburbs versus the more urban areas are trending? Thanks.

Yeah. Brian, in terms of Austin, we're really focused on making sure that the experience every single day is an excellent experience. We're absolutely growing the fleets. It's going to be over a hundred vehicles soon based on the trends that we're seeing. And really, the focus is on keeping the utilization of the vehicles at the high levels that we're seeing and making sure that, safety and customer experience, aren't compromised in in any way.

At this point, we're not really a goal and often isn't necessarily for incremental trips one way or the other. It's just to make sure that every single ride is the perfect ride. What we see over the long term is if we provide a service that is highly reliable, where the every single trip is exceptional, prices are reasonable, ETAs are predictable, then over a period of time, the business grows, and we are able to gain category position, And we see more consumers kind of coming onto our onto our platform. The fact is that, you know, less than 20% of adults 18 18 and over use our platform on a regular basis. So we think there's plenty of room for growth.

So the focus right now is kind of day to day making sure we get it right and making sure that the streets of Austin are safe.

Yeah. Brian, it's Krishna. I'll take the I'll take the second part, and that it was on, on mobility growth. So maybe we'll let's have let's have set some context, for the, for the last couple quarters, I think three quarters now, we've had about 19% year over year trip growth. So very strong trip growth.

And as we look at what we've incorporated into the guide, we're thinking that it should be around the same and that, we're fortunate it's still very heavily led by audience growth. When we look at that conversion from trip growth to GB growth, we are starting to see the gap between trips and gross bookings narrow a bit because we've been able to pass along lower insurance costs, primarily here in The US. You might remember we indicated that in the latter part of the year that that we would expect better insurance costs in this year, and that's exactly how it's turning out. The other item that, that, Dara made mention of earlier in one of his answers is we are seeing a slightly higher mix of international trips, and that's a bit due to that lower inbound US travel, which which comes with lower gross bookings per trip. But despite sort of the this mix shift, you'll notice that we were able to print all time high margins for the for the quarter.

So, we're able to really continue to pass those insurance costs through. There's no economic impact of that, to our shareholders, and we're able to put the margins, and continue to show that sort of margin accretion story. And then lastly, I think you asked a bit about growth in the suburbs, versus the urban. A metric that we're we're now able to share is that sparser markets, which are growing, at a faster rate than our core, are represent about 20 on a trip basis, for for mobility. So we're continuing to see, great growth in those sparser markets because it's growing faster, but it's also a sizable percentage of the overall mobility volume.

Your next question comes from the line of Ross Sandler with Barclays. Please go ahead.

Great. Just 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 modestly lower than UberX profit margins. So that's an interesting, nugget in itself. I guess the question is,

that say about the cadence of margin expansion at grocery and retail? I think you also said that that part, is is at a 2018 kind of equivalent maturity. And then how much of the restaurant margin, you know, being way up there is because of advertising just because of time in market and, you know, the usual kind of retention cadence, etcetera? Any thoughts on that?

Sure. Thank you, Ross. It's Prashant. I'll go ahead and take that. So delivery has been a pretty incredible profit story for us.

If you if you look at the results for the quarter, delivery margins are at 3.7% of GBs. That's up 70 bps, versus where it was just a year ago. Very strong expansion. Now that margin expansion is primarily being driven by advertising and the leverage we're getting, just from the scale, the OpEx leverage that we get from scale. And that's been a fairly consistent driver of what's been behind the margin expansion over the last couple quarters.

The the item that I'd probably highlight there is that the the, our cost per trip, continues to show great improvement. That's the benefit of the scale we have declining. It's declined both quarter over quarter and year over year. In the delivery profitability numbers, that includes our grocery and retail, which, which you made reference to. Remember that we said in q four of last year, grocery and retail hit breakeven for variable contribution, and in q one, it's now starting to accrete at variable contribution levels.

So that that grocery and retail business has has great upside, and it's gonna continue to grow both, as a result of advertising, but also as we continue to improve selection. I will call out one item that may not be notable to everyone is incremental margins for delivery in q one were 9%. So just, you know, on with that very strong top line growth, it's a reflection of what just the earnings power of this business can be with continuing to to see that that opportunity to drive margin expansion. Having said that, as we've said consistently in in our calls, we need to always find a balance between growing profitability and growing the top line. So, I don't want to overcommit to a, the growth in delivery profitability.

We're looking for steady margin expansion so we can continue to invest in growing the top line of the business given that we have so many opportunities to invest in. Next question, please.

Your next question comes from the line of Mark Mahaney with Evercore. Please go ahead.

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?

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? And then, Dara, in terms of AV partners and you've

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 in the marketplace is closest to Waymo now in terms of having the ability to roll out at, you know, a decent scale a true, AV experience? Thanks.

So why don't you take the the Waymo one first and then I'll close with insurance.

Yeah. Sure. Mark, it's it's hard to tell exactly who has what capability because AV is is still very, very early in terms of its development. I tell you that listen, in in China, you have AV product that has is in market today from WeRide, who's a partner in Abu Dhabi and and Dubai and expanding in 15 countries. Pony, whom we expect to introduce to The Middle East sometime in Baidu as well.

These they have essentially AVs running in Chinese cities right now, very challenging traffic conditions and conditions generally. And then there are a lot of other players that are showing incredible promise as well. You know, we announced a partnership with Main Mobility, with VW, with Momenta as well where we expect to see an AV development deployment in Europe as well and AV rod. So this is this is a technology that has been proven. Waymo was definitely the leader there, but there are many other players, investing in the space, and we expect to see, you know, a number of successful companies in the space, hopefully partnering with us.

Yeah. So, Mark, on the on the insurance question, I remember in, in q four of last year, we indicated that that for 02/2025, we thought insurance, increases would moderate and more likely be in the high single, perhaps low teens area. And, and we, we actually overestimated it. CPI print for March was coming in at 7% year over year, and that's the lowest we've seen in almost three years. So as we think about our US mobility insurance cost expectation for the balance of the year, we're thinking that it will continue to be, a very modest headwind of, of high single digits, through 02/2025, and that is meaningfully lower than we've seen in the last two years.

And certainly given the rate of growth for The US mobility business, that's gonna create some leverage for us. But as I said in my, prior response, we intend to pass those, those, opportunities, to consumers. Now where we are getting, some incremental, strength from the from the great efforts of our team are in in a few areas. First, on safety tech, some great innovation that, we're driving in this space, including giving our drivers insight into how their driving behavior, is is being scored. And that is now live in all US markets, and drivers are responding very favorably to being able to understand their, their actions like speeding, harsh braking, acceleration, etcetera.

So that's, that's one element that we've now deployed across The US. On the policy side, which has also been an area that we've been talking about for a while, we're getting some great momentum there. For example, in, in just in this first quarter, a court reform bill, is in Georgia awaiting the governor's signature. And if, if we get through that, that's gonna be a meaningful step to combat some of the legal system abuse and is going to help us continue to drive down insurance costs over time. And we have other, bills, in other states like Nevada and Texas and continue to have some good discussions in other areas.

So overall, I think that, that the energy that we're spending on insurance both because we have a captive that allows us to create tension on pricing. We have an organization of engineers that's really working on finding new technologies, and the efforts that we're doing on the policy side are gonna continue to make this a a more favorable situation for us than it has been over the past couple of years.

And, Mark, I just stress on the on the policy angle that, you know, US drivers are not, less safe than drivers internationally. The cost of insurance that has to be paid on to consumers outside of The US is de minimis compared to The US. So this is just it's it's a huge part of inflation that consumers are experiencing. We're hoping that local policymakers and and the administration in place, you know, want to fight inflation as much as we do because really this inflation is caused by abuse of the legal system. It's entirely unnecessary and we're hoping that policymakers can work with us to bring prices down for consumers and more of the fares going into the drivers' pockets.

Your next question comes from the line of Justin Post with Bank of America. Please go ahead.

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 or contemplated going forward? And then can you give us an update on competition in Bay Area and San Francisco I'm sorry, Bay Area and LA?

I know those are areas where Waymo's operating. Any update on the competition there? Thank you.

Yeah. Absolutely. So in in terms of macro, Justin, we're watching it pretty closely. We don't see any signals that that I describe as significant. Audience growth is very consistent with last quarter up 14%.

Frequency is is consistent as well. We are looking to modulate price increases, and and you saw that in our results as well. But we're not seeing, like, you know, basket sizes continue to increase. So I think that would be a leading indicator to the extent that there was macro uncertainty. We're not seeing trade downs in terms of the kinds of restaurants that our eaters are are eating at.

So it's it's absolutely something that we're watching, but we don't see any signal as of yet in terms of the consumer. And remember, the categories that we operate in, know, these are restaurants, transportation, grocery tend to be categories that are quite consistent even during periods of macro uncertainty. So I think from a relative standpoint, we're a little bit less subject to these issues. But right now, we don't see any signal whatsoever and hopefully it will remain the same. You kind of see that in the guidance, which is pretty consistent in terms of top line with this quarter.

In terms of San Francisco and LA, the competitive environment, pretty stable, Justin. We're not seeing any change there. We are very supportive of Mayor Lurie's plans to kinda get San Francisco going again, We think that will benefit all of the competitors in that marketplace.

Your next question comes from the line of Ken Gorelski with Wells Fargo. Please go ahead.

Thank you. Two if I may please. First maybe one for Sean. 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 in inside The US and outside The US. When do you see software enabled AV solutions as a as a scale commercial option? Thank you.

Yeah, Ken. So let me I I I'm reluctant to guide, for the second half, but I can say this, that, that we are committed to continually showing steady margin improvement on a year over year basis. But as we've said many times, we're gonna we're gonna manage the p and l across both lines of businesses and striking that really tough balance of investing for growth when we have so many opportunities to invest in while continuing to to drive the the profitability of the company. We we shared some pretty strong, profit expansion in the mobility, business this quarter on a sequential basis and on a year over year basis. I would not, take that as an indicator for how you wanna model the balance of year.

I think that, steady margin expansion throughout the throughout, the the cycle of this company on a year over year basis is how you wanna how you wanna model us out.

Yeah. In terms of AV, we're seeing a ton of innovation in in the marketplace that we're actually quite excited about. And and generally, you see, you know, really, I would say AV tech was based on heuristics, a bunch of if thens based on different scenarios that were being built. And we're seeing players like Waymo and a number of others, you know, move more and more the heuristics logic into large transformer models to create more flexibility, better scalability, better cost, etcetera. And those kinds of models also have the benefit of not having to be overfipped to a particular compute or hardware or sensor stacks as well.

They're generalizable in terms of where they drive, and they're more generalizable in terms of the hardware kit that's necessary, the sensor kit, etcetera. So that is all moving in the right direction as far as separating the software stack from the hardware stack. I think a lot of you probably saw the announcement of Waymo partnering up with, with Toyota. That's just indicative we think of where AV is going, which is you've got, pure play software developers, increasingly, offering, more sophisticated, AV platforms, to the OEMs around the world and a world in which, you know, ten years from now, every single new car sold, comes with level four, level five AV, we think is a terrific outcome in terms of safety for the streets and also our platform which will allow, you know, any player, any owner of those vehicles, whether it's financial institutions, etcetera, to monetize those vehicles at the highest utilization so that they've got the lowest cost of capital. So the direction that we're seeing is absolutely it's very encouraging.

There are some players out there that are are pure, call it, next generation large models, end to end models as well. You know, these are the waves or the lobbies of the world in in trucking or momenta as well. And that is a more pure AI kind of direction, which has been incredibly promising in terms of the pace of development and, again, the generalizability of the software both in terms of where it's driving and the hardware kits as well. So the innovation that we see is is pretty incredible. We are obviously working with many of these partners around the world.

I think we've got a excellent point of view as to who the leaders are, and you're seeing us partner with many of the leaders in the industry. So hopefully more to come. And, you know, we've announced, I think, five partnerships in the past week. It is coming fast and furious, and and the the innovation and the development there is pretty exciting for us.

Your next question comes from the line of Shweta Khajuria with Wolfe Research. Please go ahead.

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'd be great. And then the second is just in Europe in particular, have seen now you have a majority stake you just announced and then DoorDash announced deliveries.

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.

Yeah. Absolutely. So in terms of delivery, we we are very focused on affordability as it relates to delivery as well. And the two efforts that I would point out, you know, one is membership. So membership essentially is, our, lowering prices, no delivery fee, for example, for members, and and for the most loyal, customers that that we've got.

Members tend to have high retention. They spend three times more than, than nonmembers as well. And our membership program now with 30,000,000 members is delivering billions of discounts, so to speak, for for those members. And our penetration of membership continues to increase on delivery. It's over 60% now.

And in certain markets, it's it's at the 70 plus percent, mark as well. So we think, you know, more members getting better deals, getting more discounts is is a good thing, and and that's part of our business that continues to grow. The second area of focus that I point out are what we call merchant funded offers. These are essentially offers that merchants can put into the system. I just enjoyed one a couple of nights ago.

It's kind of buy one, get one free or other kinds of discounts. Merchants like those discounts because, you know, their cost of food isn't necessarily they they get to kind of use the cost of food as as the discount, and and and they can enjoy a margin on their on their food. And we're seeing higher and higher percentages of merchant funded offers in the marketplace. Merchants who who put these offers into the marketplace increase their visibility in the marketplace and are able to increase their sales in the marketplace as well. We're seeing growth in both and we think that is partially responsible for the consistently high gross bookings growth that we're seeing in delivery both in The U.

S. And internationally as well. And then to your question in terms of competition, especially in Europe, we're really, really happy about our results in Europe. We recently, we believe, got to the number one category position in The UK with Eats entirely organically. We didn't have to buy our way into Glory, so to speak.

France remains a top market for us, and we think that Germany, for example, is a market that holds a significant amount of promise. I think we launched in Germany Three To Four Years ago and our category position continues to increase in Germany as we invest in that market both on the mobility and delivery side. So we're seeing very encouraging trends in Europe. And frankly, it's not a surprise to see some of our competitors, look to expand there inorganically. We like organic expansion more.

Uber Technologies (UBER) Q1 2025 Earnings Call Transcript

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