Uber CEO Dara Khosrowshahi on Q2 results: The business continues to execute incredibly well

Summary

Uber CEO Dara Khosrowshahi discusses strong Q2 results with accelerating gross bookings, record free cash flow, and a resilient U.S. consumer. He details the company's investments in autonomous vehicles, partnerships with AV players and OEMs, and early utilization metrics that support a future financing model.

• Uber's gross bookings growth accelerated to 22%, adjusted EPS rose 35% YoY, and free cash flow hit a record $10B+ over 12 months.
• Insurance relief in California allowed price reductions, boosting booking acceleration in those markets.
• Consumer spending remains robust with no trade-down, generous tipping, and stable basket sizes.
• Earners' earnings per utilized hour increased 8% year-on-year, reflecting a tight blue-collar labor market.
• Uber is investing heavily in AV with 30+ AV partnerships and plans to be in 15 global markets by end of year.
• Early AV utilization is high at 20+ trips per vehicle per day, creating a compelling monetization model.
• Financing partnership with Santander will fund EVs and AVs, complementing initial on-balance-sheet investment.