Post Labor Day, we expect to see strong volume. ![]() So seasonality looks like it's reverted to 2019. And now we're seeing a Labor Day bump that looks, from a seasonal standpoint, exactly like we did in 2019 as well. We've seen exactly what we expected there. So for example, we expected August trip volume to be pretty consistent with July trip volume. I'd say on the demand side on mobility, so far so good, which is the business is coming back into a situation where it's relatively predictable. But then increasingly, I noticed investors are also asking where are we going beyond the comparisons to 2019 to grow the business over the medium to long term? We're still talking about demand relative to 2019. Maybe give us a quick update on how you're thinking about the demand trends you're seeing in the business. Now we're getting into back to work, back-to-school. Obviously, you saw the type of travel we saw in the summer. ![]() Maybe sticking with the mobility business first. So there's a lot to follow up in mind in there. ![]() We're the biggest player in most of the markets in which we operate, certainly on mobility in many markets on delivery as well, all within the environment of capital becoming much more dear, so to speak, which we think should help us competitively because we're certainly seeing consolidation in the marketplaces and a competitive environment that is - that's a pretty positive competitive moat for us. We're the only player that is multiplatform, so there are business model advantages over that.Īnd we're at scale. We're in a position where we're the only global player, so we have a lot of diversification. So when I look big picture at the company, while the environment certainly is uncertain in terms of inflation, in terms of rates, et cetera, from an operating standpoint, the business is operating on all cylinders. And then we're locking in our users with a membership program on the rider side and then a pro loyalty program on the driver side as well. What are the advantages of Uber and Uber Eats being together in the same family? And what you're seeing now is the power of the platform in terms of Uber users, our driving Uber users over to Uber Eats, and then our onboarding earners from Uber Eats onto Uber Mobility, we kind of have this positive circle going on in terms of the Uber business and the Uber Eats business working together. Over the last quarter, we drove 12% incremental EBITDA margins well above the target that we put forward of 7%.Īnd I think the pandemic also put us in a position where we had to really invest in the power of the platform. And I think that certainly showed this year. So we exited some other businesses, Autonomous, which we merged with Aurora and a few other noncore businesses as well and generally drove much higher cost discipline as it relates to the business. We decided we have to focus on the core of the business. We're now in a position where we're not only delivering high growth rates on the deliver side but now it's driving profitability as well on the delivery side, which we can talk about later. Our delivery business and mobility business are now at scale, at about the same size. We pivoted, as everyone knows, from mobility to delivery. But I do think in hindsight, we're coming out of this pandemic in unquestionably stronger position than we were going into the pandemic. Hopefully, we'll never have to go through a pandemic again. Maybe just level set for investors on where the company sits now after what you've had to go through over the last couple of years. You've made decisions about capital allocation, about investing for growth, but also rationalizing the cost base. But in terms of taking a step back, obviously, you've been through a number of years of operational challenges as we've gone through the pandemic. On that note, Dara, maybe just taking a step back, I think, it would be super helpful - I don't know if we can lower this just a little bit, this seems really loud. ![]() I am very happy to see everyone in person and hopefully, you all took Ubers to this meeting. This is our first combination of the TMT and Communacopia conference here in San Francisco, and we're super happy to have everyone here, including the person next to me - that got really loud, Dara Khosrowshahi, CEO of Uber. Welcome to Goldman Sachs Communacopia + Technology Conference. So for those who don't know me, my name is Eric Sheridan. ( NYSE: UBER) Goldman Sachs Communacopia + Technology Conference 2022 Septem12:15 PM ET
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