Top 5 Statements from Uber’s Earnings Call

1. On Revenue and Cash Flow: 

"Uber delivered another strong quarter with gross bookings and an annualized run rate of $116 billion, an all-time high; EBITDA of $364 million another all-time high and well above our guidance range; and positive free cash flow for the first time ever of $382 million." - Dara Khosrowshahi, CEO

2. On Competition:

"But at the same time, from a competitive standpoint, there's no question that this operating environment is stronger for us. We are able to, in this environment, I think, show our capital discipline, as you've seen in terms of the margin increase and free cash flow generation as well… So in an environment where capital discipline becomes more important, I think the larger players, and we are the largest players, the most diversified players, and we're definitely more diversified than anyone else as far as the kinds of businesses that we are and our global footprint. And then the players who have true platform advantages, which, again, as Uber, really start coming to the floor. So when we look at the competitive environment, this is the strongest we felt competitively globally since Nelson and I have probably started here. And hopefully, the overall environment will get better, and the competitive environment will continue as is." - Dara Khosrowshahi, CEO

3. On Macro: 

"Despite the uncertain global economic environment and considerable foreign exchange headwinds, we've issued Q3 EBITDA guidance that shows strong incremental progression, and we remain confident in our ability to deliver healthy top and bottom line growth, strong margin improvement and yes, free cash flow, all the while continuing to responsibly invest in technical innovation, earner satisfaction and durable long-term growth.

"As I've said before, we continue to benefit from a secular increase in the on-demand transportation of people and things, as well as a shift back from retail spend to services spend, and we continue -- and we intend to continue capitalizing on these growth tailwinds in a profitable manner." - Dara Khosrowshahi, CEO

4. On Drivers: 

"Then you've seen us invest in our driver experience chiefly with a number of new innovations, including showing your destination upfront, showing your full fair upfront, new innovations like Trip Radar. And now we're rolling out a new Uber Pro loyalty program that gets drivers up to 2% to 6% off when they use our debit card for using in buying gas. That's all about the driver experience as well. And then on the incentive side as a result of just onboarding experience getting better drivers, being able to earn multiple ways on Uber and overall utilization being at very, very high levels, that has resulted in high driver earnings. So drivers at the U.S. who are cross-dispatching are earning about $30 an hour, which is very attractive earnings and drivers who are in Mobility only that tends to pay higher are making $37 per utilized hour as a result of the strong economics. This is all the while our taking driver incentives down as a percentage of overall bookings as we drive more efficiency through the system. So right now, the machine is working, and we're a very, very competitive place to earn and it's showing in the driver retention numbers." - Dara Khosrowshahi, CEO

5. On Inflation: 

"Over 70% of drivers say inflation has played a part in their decision to come on to the platform." - Dara Khosrowshahi, CEO

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