UBER UBS TMT 2025

I think we're going to go ahead and get started. I'm Stephen Ju with the UBS U.S. Internet team. Sitting to my left is, of course, the CFO of Uber, Prashanth Mahendra-Rajah. So welcome back to the conference.

Thank you. Great to be here.

Yes.

I have a different role. I have the privilege of having one of the collectors' items, which was the last vest they gave out at this conference, which was before Credit Suisse imploded. So I have that saved. I don't know how many of you saved yours, but if you remember the one from the -- I think it was the 35th anniversary.

Yes. I think it was the 25th anniversary, and it's somewhere deep in the closet in my office. I don't care bring it out. So great to see you.

And so just kind of get started with the core business. The overall delivery and mobility gross bookings growth has been stronger than Uber had projected. I'm happy you were wrong there at the 2024 Analyst Day. So what have been the biggest sort of upside drivers versus what you had thought at the time?

Sure, sure. So maybe start with a reminder that back in February, we set a 3-year CAGR framework where we said the -- our view was that the top line or gross bookings would grow in the mid- to high teens, and then we would drive leverage off of that for EBITDA to grow in the high 30s to 40%. So you look back at this last quarter, third quarter, we grew 21% at gross bookings level.

We're at a $50 billion run rate now. So the business really is humming along. And when we look at sort of what's behind that strong growth, it's really the -- what's sort of reassuring to me is that it is very broad-based. It is across multiple products, it's across multiple geographies.

Probably, the most challenging question I get from investors is what's driving the growth. And it's an unsatisfying answer when you say everything, but it really is a reflection of just how diversified and strong we are experiencing right now. If we look at sort of particularly where have we been making some investments that are really helping to support that and why we feel good about sort of the position we're in, I think we like the investments that we continue to make on quality.

So the consumer experience is really