Uber Technologies, Inc.

Hello and welcome to the Uber second quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. And if you would like to ask a question during this time, please press star one on your telephone keypad. I would now like to turn the conference over to Balaji Krishnamurti, Vice President, Investor Relations. You may begin.

Thank you, Operator. Thank you for joining us today and welcome to Uber's second quarter 2025 earnings presentation. On the call today, we have Uber CEO Dara Khosrowshahi and CFO Prashant Mahindra Raja. During today's call, we will present both GAAP and non-GAAP financial measures and additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP and non-GAAP measures are included in the press release, supplemental slides and our filings with the SEC. each of which is posted to investor.uber.com. Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks and uncertainties described in our most recent Form 10-K and in other filings made with the SEC. We published our quarterly earnings press release, prepared remarks, and supplemental slides to our industrial relations website earlier today, and we ask you to review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara. With that, let me hand it over to Dara.

Thanks, Balaji. Q2 was another quarter of new records for Uber, as we achieved all-time highs in both audience and frequency. This powered robust growth in trips and gross bookings, both up 18%. We also reached new highs for adjusted EBITDA, GAAP operating income, and free cash flow. We're expecting more of the same strong performance in Q3 with another quarter of high teens growth bookings growth and low to mid 30s EBITDA growth. We've already made great progress harnessing the unique power of our platform to foster deeper engagement with our consumers who visited our apps nearly 30 billion times over the past 12 months. But we're just scratching the surface of what's possible. Today, fewer than one in five of our consumers are active across both mobility and delivery, and we believe this can and will go much higher over time. That's one of the reasons I'm super excited that Andrew McDonald has stepped into the role of COO. One of Mac's primary focus areas will be supercharging our platform strategy and the growth that it can bring, with our mobility and delivery leaders now reporting directly to him as well as the cross-platform efforts like advertising and autonomous. While we remain as focused as ever on our core business, we continue to push forward on building the future with AV, and Q2 was jam-packed. We expanded our operating zones in Austin with Waymo and Abu Dhabi with Reride, and we also launched exclusively with Waymo in Atlanta. And at the same time, we announced several new and expanded partnerships, including with Baidu, Lucid, Neuro, and Wave. Our autonomous momentum continues at Uber speed and will be ramping those deployments significantly over the next few quarters in the US and internationally. Simply put, we've never been more excited about what Uber is delivering today or the many opportunities ahead. That's why today we announced the new $20 billion share repurchase authorization as part of our sustained focus on value creation for shareholders. With that, let's go to questions.