UBER Bernstein TMT 2026

Okay. Good afternoon, everyone. Thank you for joining. My name is Nikhil Devnani.

I'm Bernstein's U.S. emerging Internet analyst. I cover a range of marketplace businesses for us here at Bernstein, including Uber. It's my great pleasure today to have with me Balaji Krishnamurthy, Uber's newly appointed CFO. Balaji, welcome to the SDC.

Thank you.

Before we get started, I want to remind everyone to please refer to the Investor Relations website from Uber for any disclosures. And if you would like to submit questions for this session, you can do so via the QR codes available to you. Now Uber needs no introduction. I'm sure everyone in this room is a consumer, but just to set the stage a little bit, the business is truly a global scaled platform now doing about $190 billion plus in gross bookings volume, supporting over 200 million monthly active customers.

And there's a lot that I want to get into regarding the core business very soon. But I do feel it's most topical to start with the news that hit over the weekend regarding Uber's reported interest in Delivery Hero. Now I know Balaji, there's only so much you can really talk about at this point on this issue.

But we've looked at this deal from our point of view as well. Strategically, it's interesting. It's also a relatively large deal. So I would just love your perspective and some commentary on why this might be the right use of capital for Uber really at this point in time because I think there's a lot of demands on the business today.

There's organic investments you're making. There's AV investments you're making, you have a capital return program you can lean into as well. So why would a combination like this make sense for Uber today? nc,dvsfd&.v ARAf OTujm Njuddm,u N.u1

Great. So maybe I'll start by talking about our approach to capital allocation, our M&A philosophy, and then I'll touch on Delivery Hero specifically to the extent that I can comment on it. So if you think about the approach to capital allocation that we have taken, it's been consistent, and I'll just remind everyone how we think about this. The first priority for us is reinvestment into the core organic efforts that we have.

And we've been in a very, very fortunate position that with the scale that Nikhil just alluded to, we've still been able to find a number of growth