Thanks a lot. It’s truly up to them. Thanks. We are focused on our own service, making sure that our reliability or dependability, the average time to order, etc., all of these areas continue to improve. And if so, what's the status update? Generally, our penetration in the cities or larger cities is higher than our penetration in the suburbs. Tech-driven solutions can provide value to shippers and carriers, and we've seen this through the strong growth of digital channels like API-tendered loads and adoption of other SaaS solutions like Uber freight enterprise. Data is a real-time snapshot *Data is delayed at least 15 minutes. It is an area that, as we look to Postmates, they actually to do a very, very good job of. Excluding the driver appreciation award, our take rate was down 140 basis points as Delivery, which had the lower take rate, became a larger part of the business. We think that’s healthy competition, and we like our position as it relates to brand and the service and what kind of a service our technology can deliver. Nelson Chai: (50:45) Sure. Thank you. Regardless of the ultimate shape of the recovery curve, I’m confident that the work we’ve done have ensured that we’re well positioned. Interested in any insight into how that carries over to the food delivery business post some of the consolidation that we've seen there. Please go ahead. The fact that all of us are on these calls right now, we're all sitting in our own different homes. Curious to hear how you see that playing out over the next few quarters and how that relates to your outlook for take rates on the mobility side in 2021? Mexico is one of Cornershop's leading markets. I would love your perspective on that as well. The adjusted EBITDA loss for the quarter was $104 million. We should be adding benefits to gig work to make it better, not getting rid of it altogether in favor of an employment-only system. And we do expect that much of it will be passed along. We saw mobility GBs improve 10% month on month versus September to down 44% year on year. First, I think you provided a little bit of a trading update for mobility for the December quarter. Nearly 40% of our top 50 enterprise accounts are new since March, driven by increased demand for new products, including specialized commute offerings and guest products such as vouchers. In many markets we’ve seen the restaurants with their own couriers actually end up calling Uber Eats couriers around 30% of the time, demonstrating the unique advantages that we bring and one that we believe will hasten the shift towards the delivery model. So, we like where we stand, but we, like everyone else, are waiting for the world to open up. We want to have a dialogue with governments and other states. If we’re not profitable, that’s specifically because we’re trying to achieve something strategically, whether it’s a growth target or we’re trying to expand the number of categories that we’re in, et cetera. Lat Am and APAC led the recovery, offset by slower gains in the US and Canada, with a modest contraction in EMEA driven by the new lockdown orders. What do you see in frequency and retention for Eats customers relative to pre-COVID levels that informs you about your ability to kind of retain some of this GMV that you're seeing right now longer term? And there's so much strategic fit between those businesses. And would love if there's any incremental color you can share in terms of what's making that up in terms of whether it's just returning users, new users? In the UK, we continued to expand our national footprint outwards from our leading position in London, delivering gross bookings growth of nearly 200%. So I would like to say it's operating in a vacuum. And I really do think it is in terms of the technology that we have invested there. Just looking at excess driver incentives, they went up a bit this quarter. Obviously you got DoorDash, you’ve got Grub Hub. The new eaters in the second quarter, over 50%. Your next question comes from the line of Mark Shmulik of Bernstein. That represents $81 million and 33 percent point quarter-over-quarter improvement respectively On to Freight, which grew ANR to $211 million and adjusted EBITDA was a loss of $49 million. Next question. In Q3, we had over 10 delivery countries adjusted EBITDA breakeven or better. Operations and support decreased to 12% from 13% of ANR and was down $119 million on an absolute dollar basis, reflecting the headcount reduction actions taken in the second quarter. I guess what I’m trying to get at is, as go to kind of a structural change in work from home, there is the possibility that we will just have fewer work commutes structurally going forward, so just comment on that adjusting that risk that that part of your business is just going to be structurally under pressure for the next couple of years as we just commute less. We also have Kent Schofield, and this is Emily Reuter from the Investor Relations team. I'll start with the second, and Nelson, if you can then finish up with the first as far as the economics go. So, we're able to build a grocery business with an audience already and really deepen that engagement with the audience. We’re going to use the same exact learning to build the adjacent categories. Speaker 7: (49:47) No significant change. That growth rate is staggeringly high. We’re a subscriber or a subscription provider of leads to those drivers. Nelson Chai: (16:21) Pierre Ferragu -- New Street Research -- Analyst. So, thank you very much to team Uber, and we'll talk to you next quarter. We did all of this with consistent improvement in the unit economics of this business in each quarter of this year. In hindsight, the fact that we doubled down on this category as aggressively as we did for the past two, three years, it's either foresight or being lucky, and it's probably a combination of both. We are now in a position to do this for two apps in two very large segments. So in terms of the growth trends, our map user up 70% in the second quarter year-over-year, accelerating in July. So, I guess this is not that much scaling out that is going to improve profitability in delivery. Like Dara, I’m very pleased with our execution in an evolving environment. Nelson Chai: (14:07) You should not place undue reliance on forward-looking statements. So we are seeing that play out, and we’re even hearing in India, which you know in past calls, we would call out because how challenging it is even in the market like India today the unit economics are improving as we see it through our investment in Zomato. Dara Khosrowshahi: (54:29) Please go ahead. Thank you. Ladies and gentlemen, thank you for standing by and welcome to the Uber Technologies, Inc. Q2 2020 Earnings Conference Call. Speaker 2: (21:16) So we see upside as it relates to our take rate. Benjamin Black -- Evercore ISI -- Analyst. And welcome to the Uber Technologies, Q3 2020 Earnings Conference Call. Uber and Lyft see revenue drops and massive net loss. Uber misses on revenue, $3.13B vs. $3.20B estimated, political fight to preserve their business model. A double-digit percentage of folks who use the rides app now are just using kind of the Eats web view inside of the rides app, which we think is a great sign. Speaker 3: (29:08) If restrictions continue or need to be reimposed, our Delivery business will compensate, and as a scaled global player, we get the benefit of recovery whenever and wherever it happens, even if some cities and countries lag behind others. Adjusted net revenue is a non-GAAP measurement that measures revenue minus driver incentives, driver referral payments, and the cost of reimbursing drivers for Covid 19 protection equipment. Yeah. Then the second one, congrats on Prop 22. We're investing in mass transit and many other bikes and scooters in our partnership with Lime. Book us up if you want to get back to work safely and affordably with your coworkers. Dara Khosrowshahi: (51:58) Dara Khosrowshahi: (12:23) So you might see some services that allow you to pay grocery as a separate category. And we don't believe based on the models we run that it will have a material impact in terms of demand. We could not have anticipated. So, as we continue to grow the business, as we continue to move our competitive position, again, we think that we will be there. Could you do the same thing with Eats -- or I'm sorry, you did for mobility, but not for delivery. So again, what we've talked about is the fact -- and the earlier question, we talked about, what is it about the countries where we're profitable today. So, what happens in countries where we are profitable, we have a very strong, what we call, competitive position, you call market share across a number of the key cities in the country. Dara Khosrowshahi: (48:36) On to freight, which grew ANR 32% to $288 million, and adjusted EBITDA was a loss of $73 million. So, I think the grocery and pharma will have negative effects on margin going forward. Dara Khosrowshahi: (02:05) It was more along the lines of the revenue margin for the delivery business over the next couple of quarters, just given the favorable mix shift to the SMB restaurant. But you also know that we recently raised 500 million from Greenbriar at a roughly 3.3 billion valuation. So, in terms of driver supply, the first thing I want to make sure that people understand is the take rate is relatively flat year over year despite some of the shortages and the US mix being a smaller percentage of the total. So, we're leaning forward pretty strongly as it relates to Cornershop. All comparisons are year over year and on a constant-currency basis, unless otherwise noted. Nelson Chai: (13:19) And how do we think about Eats bookings trends into the third quarter? Non- GAAP cost of revenues, excluding D&A, decreased to 46% from 51% of ANR. First of all, can you give us a sense of your outlook for the competitive environment in the US market as you bring housemaids on board and ramp up new services, but also see competitors that may have quite a bit of capital to deploy in aggressive incentives in the states? Okay. Listen - 04:59. Dara Khosrowshahi: (06:34) You’re welcome. We are pleased with the progress in our Freight business as we continue to invest in technology to drive efficiency in the logistics industry. After the speakers’ presentation, there will be a question-and-answer session. And it's introducing a new, a whole new segment to Eats, and it's kind of a growth channel that we have that some of our competition clearly doesn't have. As a variety of health orders and border policies limited travel and commuting, however, Uber users ordered more meals for delivery via Uber Eats. We're very much focused on optimizing cost per trip and kind of the number of contacts that we have. As far as the debate goes, we stand firmly on the belief that pure play delivery companies can and will be profitable, and we think it’s a pretty easy answer. We talked about 560,000 restaurants being on the platform. So in those situations, sometimes we will take up incentive to make up for the dislocation. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Generally, in certain markets and the US being an example, as the markets come back, we're actually in more of an undersupply position than an oversupply position as these markets come back. Now, I'll provide additional segment detail on our segments, starting with mobility. We even have a subscription product for drivers where they can buy a subscription from us and secure a number of leads, and essentially that driver then secures leads and get 100% of the payment of any ride that they provide, and they can accept rides, they are not accepting rides. Dara Khosrowshahi: (22:58) I don’t expect it to change. This important question has now been settled in the most populous state in the country. In terms of liquidity, we ended the quarter with approximately $7.8 billion in unrestricted cash, cash equivalents and short-term investments with access to over $2 billion from our revolver providing us with ample liquidity to withstand the recovery ahead.
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