UBER Morgan Stanley TMT 2026

[Presentation] All right. Well, thank you for the video Balaji. It's good to see you. Congrats on the new role.

Thank you. Thank you for hosting me.

Of course. Now let me first do the disclosures. Please note that all important disclosures, including personal holdings disclosures and Morgan Stanley disclosures appear on the Morgan Stanley public website at www.morganstanley.com/researchdisclosures. They are also available at the registration desk.

Some of the statements made today by Uber may be considered forward-looking. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Any forward-looking statements made today by the company are based on assumptions as of today, and Uber undertakes no obligation to update them. Please refer to Uber Forms 10-K for a discussion of risk factors that may impact actual results.

You've been with the company for 6 -- over 6 years, newly minted CFO. So first, let me say congratulations to you. There are a lot of factors to talk about with the company, with the core businesses, with the future of autonomous driving. So we have a lot to cover.

Honored to do your first fireside as a CFO officially.

It's a kind of you. So let me ask you. So let's sort of level set. You're in the new role now.

How should we think about changes with capital allocation, strategic focus, the way you're thinking about sort of balancing capital returns versus investment and the overall cash flow?

Yes. So I think to level set, if you think about my role for the last few years, it has been leading our P&L for mobility and delivery. So really setting the P&L strategy and capital allocation for the 2 largest businesses that Uber has. So from that standpoint, as I think about our capital allocation direction, I think about this more as a refinement versus the reformation of what we've been doing, and you should expect that most of what we've been doing continues, right?

So when I think about the capital allocation priorities for us, they fall into 5 separate pillars, and I'll just go through them quickly. The first one is that we will continue to make disciplined reinvestments into our core business. And effectively, what we're trying to do there is to ensure that we are investing to maximize the lifetime value of our