Uber Technologies, Inc Q1 FY2026 Earnings Call

Hello, and welcome to the Uber First Quarter 2026 Earnings Conference Call. Operator instructions: I would now like to turn the conference over to Alax Wang, Head of Investor Relations. You may begin.

Thank you, Sarah. Thank you for joining us today, and welcome to Uber's First Quarter 2026 Earnings Presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi; and CFO, Balaji Krishnamurthy. During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to 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 Investor Relations website earlier today, and we ask you to review those documents if you haven't already. We will open up the call to questions following brief opening remarks from Dara. With that, let me hand it over to Dara.

Thanks, Alax. Uber had an exceptional start to 2026, driven by strong execution and a continued focus on product innovation. Despite a complex backdrop marked by war and weather, we delivered top line and profitability at or above the high end of our guidance. Gross bookings were up 21% year-on-year, reflecting the durability of our platform and that growth was once again trip and audience-led with our audience growing 17% alongside strong engagement. Our performance this quarter was balanced and broad-based. Mobility gross bookings accelerated to 20% with record margins. Delivery grew 23%, led by grocery and retail and supported by strong retention and freight returned to growth for the first time in nearly 2 years. Importantly, we're scaling this growth profitably. Non-GAAP EPS increased 44% year-over-year, more than twice as fast as our bookings growth, driven by disciplined cost management and operating leverage. We also generated strong free cash flow and returned a record $3 billion to shareholders through buybacks this quarter. We're also continuing to invest in the strength of our platform, which is compounding over time. We've now surpassed 50 million Uber One members and 10 million drivers and couriers globally, both important milestones that reflect strong customer loyalty and expanding number of earner opportunities on our platform. On the product front, our GO-GET event last week showcased how we're expanding Uber's role in everyday life across travel and local commerce. From hotel bookings and travel mode to new ways to shop and coordinate across our platform, these innovations are designed to deepen the everyday utility of our services and to build engagement and loyalty. We're also making strong progress across our strategic priorities, including autonomous, where we continue to believe a hybrid network will unlock significant long-term value. We now have more than 30 autonomous partners across Mobility and Delivery and are scaling deployments globally. AV Mobility trips grew more than 10x year-on-year, and we remain on track to be live in up to 15 cities by the end of the year, including new deployments in the U.S. And with the launch of Uber Autonomous Solutions, we're building the technical and operational infrastructure to help our partners commercialize faster. Looking ahead, our guidance reflects continued momentum, disciplined capital allocation and a clear focus on durable, profitable growth. And with that, operator, if we could open it up for questions.

Your first question comes from Doug Anmuth with JPMorgan.

Dara, can you talk about how the early benefits of insurance cost savings are playing out in L.A. and San Francisco? What gives you confidence in continued U.S. Mobility acceleration in 2026? And following up on GO-GET last week, how do you shift Uber users from a more on-demand mentality into booking hotels ahead of time, before they're needed?

Yes, absolutely, Doug. I'll start with GO-GET and then Balaji can jump in on insurance. We've always had an internal debate whether or not we can make the transition from on-demand kind of behaviors to more kind of preparing ahead, reserving ahead kind of behaviors. And it really started with the build of Uber Reserve. We have thought about Uber Reserve as a product that we would build mostly for airport travel. We had some kind of feedback from our users. Well, the reliability of Uber is awesome, but I absolutely knew that the driver was going to show up 15 minutes early, et cetera. It could reduce some of the stress as it related to travel. And of course, there was a great opportunity for us to continue to increase travel bookings. And we've consistently seen our Uber Reserve service growth rates continue to grow well in excess of the Mainline business. And as you know, the Mainline business is growing at healthy rates as well. The margins on Uber Reserve are higher. Customer satisfaction is very, very strong. And now we're developing the Reserve service, not just as a service for people to go to airports, but people to get picked up when they land in airports as well. The experience with Reserve for us demonstrated our ability to go from on-demand to planned services, so to speak. Travel is a very, very natural category for us to get into. Airports are about 15% of our Mobility gross bookings and 40% of, for example, our U.S. riders take trips outside of their home city. And globally, just last year, we had over 1.5 billion trips happening outside one of our users' home cities. So when you put that together, which is proving ourselves with Reserve, moving from on-demand to kind of planning ahead, and then the incredible audience and efficacy we have with the travel consumer, hotels was, of course, a very, very natural expansion for us. We're very happy to have a relationship with Expedia. Their inventory is second to none. So now we've got 700,000 hotels available on Uber as we speak. And we've taken most of the economics of that deal, and we are giving it back to our Uber One members. Uber One members get 10% Uber credits. There's a rolling list of 10,000 hotels where you get another 20% off as well. So really, the focus for us is drive that cross-platform activity, give a bunch of money back to Uber One members. And obviously, you've seen kind of the momentum that we've had with Uber One with over 50 million members growing 50%. The retention rates are higher. They spend 3x more. It's a unique advantage that we have over our competition. So we're very much looking forward to the product. We're really happy that the team put it together and happy about our partnership, and we're hoping hotels can be just as big as Reserve. Balaji, do you want to talk insurance?

Yes, sure. Thanks for the question, Doug. I'll level set first on where we are with our insurance journey. And as we said at the end of last year, we expect to see hundreds of millions of dollars of savings in our insurance line this year, thanks to the great work our policy teams have done as well as the tech improvements we have implemented in the market. In addition to that, we also had our auto insurance renewals that went into effect in March, and we've seen continued improvement in rates there, which is also with the improvement in the market conditions here for auto insurance, we have found opportunities to also offload more risk to third-party carriers. And with that favorable market environment, we've taken advantage of that opportunity. So all in all, it's putting us in a place where this will be the first year since COVID where we expect to see good leverage on our insurance cost line for the U.S. Mobility business. And as we've said before, our philosophy has been to return that goodness back to the market and consumers see improvement in the pricing environment for Uber rides on the system. So as a result of that, we are seeing really good elasticity. And as we would have expected, we've seen that price reduction translate to acceleration in trip growth. And the overall California market growth has accelerated. If you look at L.A., which is the market with the most significant insurance headwinds over the last few years, the trip growth trends there are significantly better than California and the rest of the country. And we expect to see this translating to accelerating U.S. business growth in 2026, as we've previously said, and we feel even more confident today than we did in December or January.

Your next question comes from Eric Sheridan with Goldman Sachs.

Maybe building on Doug's question, I wanted to go a little bit deeper in what you see as some of the critical technology investments you're making on the consumer-facing side to tie all of these services together and layer in elements of personalization and recommendation, so increasingly, consumers know how to find these services on your platforms. And how much over time do you think some of that behavior will be more agentic driven? And how does that again line up with what you're making on the investment side?

Yes, absolutely, Eric. So in terms of our tech investment and general investment, the one thing that I would highlight is it remains of utmost importance for us to get the basics right. That means reliability as it relates to Mobility, increasing selection of the kinds of rides that you can get and same thing, reliability and selection in Delivery. Those are the core precepts and we think we provide the best reliability and best selection, both Mobility and Delivery globally. And then once you do that, and by the way, we seek to improve that every single year, you can add on services on top of that. We think AI and agents provide a unique benefit in that. One of the challenges that we've had in the past in terms of offering all of these experiences on our app is that you have to build out user interfaces that are standard for all of your users. The fact is that different users like to interact with our services in different ways. If you have to build a fixed UI optimized for the average user on a global basis, there are some users who may not see what you've got to offer or may prefer to interact with you differently. AI solves that because essentially the way any user wants to interact with your services is up to that user. They can talk and ask for whatever they want: search for hotels, get an Uber to the airport, get an Uber from the airport to the hotel, and so on. The UI is whatever the user wants it to be. That creates unique opportunities for us to build out new services on our platform, and we think it also affords us the ability to drive cross-platform usage, which, as you know, is a very important strategic initiative of ours and a unique way in which we differentiate versus others. The growth of cross-platform consumers is growing 1.5 times faster than the overall growth of consumers. We're locking in consumers with our Uber One membership where they spend three times more than others. We're using AI to make sure that consumers can interact the way they want to. For example, Cart Assistant lets you take a picture of something you see on a table, in a store, or on a menu, and we'll create a shopping cart for you. Our earners can ask our AI agents questions about earnings, where they should go, when they should work, and you can get exact personalized answers. We're using larger models to upsell and offer products in a very personalized way. That can work in simple ways: three-quarters of the time when you get an Uber, we have preselected the destination for you. In other words, we anticipate where you're going to go and offer it as a card, and for three-quarters of rides we have successfully predicted with AI where we think you're likely to go, such as home after work. At the same time, we come up with upsells that delight and surprise you, like a hot cup of coffee waiting for you in an Uber Reserve when you're going to the airport. AI makes this all possible, and we're very early in the early innings and extremely excited about the potential it has for cross-platform usage on our platform.

And I'll just augment what Dara said. As you think about the cross-platform opportunity for us, we are also investing in new entry points on both our Rides and Eats app. And at GO-GET, we talked about One Search, as another feature that we are introducing that is basically universal search across the product. Just to paint a picture of the size of the prize here, we are already seeing nearly $15 billion of run rate gross bookings for our Delivery business coming from our Mobility app and 30% of our eligible mobility consumers have never even used Uber Eats yet. So there's a lot of headroom here.

Next question comes from Brian Nowak with Morgan Stanley.

I want to ask one about U.S. Suburban Delivery. You made a lot of progress on the Suburban Mobility side. Where are you on the overall Suburban Delivery business in terms of using Mobility growth to drive better Delivery growth as well? And second, Uber One has been quite strong quarter over quarter. Can you walk us through the drivers of Uber One's growth at this point in the quarter?

Sure, absolutely. So we're very happy with our development in terms of U.S. Suburban Delivery. But I'd tell you, Brian, it's very, very early innings. And I would actually expand this not just to U.S. Suburban Delivery, but to growth in sparse markets in the U.S., outside of the U.S., pretty much in every single country that we operate in. We're going out and acquiring selection. Generally, as we add selection to these markets, whether it's more drivers in your suburbs or outside of the big cities or it's more merchant selection in the U.S. suburbs or many other suburbs across the world, we're seeing that trip growth rates are growing two times faster generally in Mobility and Delivery in these sparse markets versus the core urban markets where we grew up as a company. This is a global playbook that we've got. It's about expanding selection. It's about investing in reliability. And it is also about tailoring our products. For example, we see a higher percentage of Reserve and Wait & Save. Grocery is very strong in suburbs as well. We think we're very early in terms of the selection and reliability improvements that we see in those markets. So lots to go. It's working in the U.S., and it's certainly working pretty much everywhere outside of the U.S. as well. In certain markets like Australia, the size of those sparse markets is about two times the size of the average sparse markets in other countries around the world. So we think there's a huge amount of potential here. In terms of Uber One and the growth here, it's continuing. I wouldn't say that it's any one item that's driving the growth of Uber One. It's 50 million members. It accounts for over 50% of our bookings now and is growing 50% year-on-year. We ended last year with 30 million members, so we've added 20 million members in just a single year, which is pretty extraordinary. Number one is the membership benefits themselves. The membership costs a similar amount as competitive membership programs, but we offer no delivery fees, and we offer credits on Mobility as well. The benefits of our membership program are structurally better than the benefits, we believe, of any other local membership program. We are also introducing benefits: we talked about hotels, getting 10% back on hotels. On a long weekend in New York City, that's getting $100 back, which pays for your entire Uber One membership for the year. We're increasing benefits so membership benefits are now going to work globally. We have a lot of global travelers and you get benefits for your global travel. We introduced new features like no fees above a $60 basket for Grocery as well. We're also going to run member days again, which has been a big feature for our members, delivering lots and lots of savings. We've seen this growth going on for a long time and we've kind of wondered when it's going to slow down. At this point, we don't see it slowing down, thanks to the innovation of the team that I'm very, very proud of.

Next question comes from Justin Post with Bank of America.

We'll go to AVs. I know Waymo is launched in a bunch of southern cities. Just wondering what you're seeing in those cities? Any changes to your growth rate? And then second, some real progress with partners during the quarter. What's kind of putting you over the top with like Zoox and others getting those deals done?

Yes, absolutely, Justin. We continue to believe autonomous vehicles are a huge opportunity for the entire industry. This is, we think, another $1 trillion total addressable market, and we don't see it as a winner-take-all market. We certainly see Waymo moving very quickly as we are moving very quickly. I'll remind you we expect to be in 15 markets by year-end and then significantly more going into next year with partners like Nuro, NVIDIA, and Zoox. So we're very happy about what's going on. Our Mobility business accelerated versus last quarter. Our U.S. Mobility business actually accelerated more than the overall business, and we anticipate U.S. Mobility will continue to accelerate for the balance of the year. At this point, we don't see any effect of the Waymo launches on our overall business. We continue to see strong performance in our businesses with Waymo in Austin and Atlanta. Driver earnings are up, and more drivers are joining those platforms. In markets where Waymo has been around for some time, like San Francisco and L.A., our category position in both cities is higher today than it was six months ago. This is an overall business of scale; the Mobility business continues to show very healthy trends, and we don't see any signs of that abating. Of course, we continue to invest aggressively in autonomous vehicles with our partnership model. Why are we having success signing partners? It's self-evident: we have demand, we have shown that utilization of these very expensive cars on our platform is higher, and we're excited to launch Uber Autonomous Solutions, which helps our AV partners focus on building the driver while we build everything else around them, from fleet management to data collection. We think we're in the very early innings and are very excited about the AV trends we're seeing.

Next question comes from Nikhil Devnani with Bernstein.

I had a couple, please. Balaji, maybe for you first. I appreciate the ROI framing in the letter. So you've clearly been investing behind the business and making some near-term margin trade-offs. What does the successful payback look like for Uber at the aggregate level? Is it this ability to compound at 20% for much longer? How do you think about that? And then maybe for Dara, the Santander deal announcement yesterday was interesting around financing. It looks like there's line of sight to financing AV fleets in the future as well. What has that broader conversation been like with those partners? And how do you think about integrating those partners into scaling these fleets over time?

All right. I can take the first one. Thanks for the question. The starting point is that this is a global, very broad business, so there isn't a single formula to decide ROI and payback periods for our investments. We're cognizant of that and take each product initiative on its own merits. Generally, we look for products that either drive incremental audience acquisition or frequency lifts, or that drive margins for the company. A helpful way to think about this is our barbell strategy. For Mobility, our lower-cost products drive 75% higher frequency than our core products, while our higher-fare premium products drive 3.5x higher profit growth for the company. All of these products also drive a 25% lift in first-time acquisition. By putting those fact patterns together, we're driving toward the highest lifetime value we can get from our investments. Payback periods vary: some products pay back instantly, others take a few quarters. But as a portfolio we can balance these investments to drive healthy top-line growth and deliver annual margin expansion, and we're pleased with the momentum we're delivering right now.

Yes. And as far as the Santander deal, it's something that we're very, very excited about. I think to step back for a second, in order for AV to scale and get into the hundreds of millions in terms of trip count, we really have to build out a whole ecosystem around the development of these AV drivers. And that ecosystem includes fleet management, it includes depots and charging and repair and cleaning. It includes financing. It includes insurance as well. And we're investing in that entire ecosystem. We talked about a new relationship that we're building with Hertz on the fleet management side. We have teams going out and securing depots in markets that we think are ready from a regulatory standpoint as well now. And we have been doing so to some extent and working with these fleets for some period of time as an increasing percentage of our drivers had moved from combustion vehicles to EVs as well. So these are muscles that we've built for some period of time. Financing and building out kind of financing for AVs is, to some extent, trickier because the residual value of these AVs is not something that is clear, right? There's a residual value for cars and used cars, there are very liquid markets for them. That is not true of AVs at this point, although it will be true. And for us, the advantage that we have is that AVs on our network have a very predictable use in terms of revenues or trips per vehicle per day, which at a premium to kind of 1P type networks and as a result, revenue per vehicle per day. And that kind of creates the circumstances where we think you can build a very, very healthy financing ecosystem. So we can build AV, but we can also build a capital-light essentially. We're really happy to work with Santander that has been incredibly innovative in this field on a global basis. And then on insurance, for example, we talked about a relationship with Marsh and Apollo as well to build out insurance. And we think actually AV insurance is going to be cheaper than human insurance because AVs ultimately will be safer as well. So we're investing in the whole ecosystem, very happy with the Santander relationship, and we're looking forward to building from there.

Next question comes from John Colantuoni with Jefferies.

Starting with AI spending, where you already bumped up your original full-year budget not long after the first quarter ended. When thinking about how you're approaching layering AI capabilities into workflows, are you viewing them as more supplementing or replacing existing processes just to give a sense for how much those investments are incremental to the existing spend? And second, maybe you could talk a little bit about any notable market share trends across your top 10 Delivery and Mobility markets. And maybe talk a little bit about what's helping you deliver leverage across Delivery specifically while growth is simultaneously benefiting from faster growth in some lower-margin offerings like Grocery and Retail.

Yes, absolutely. So we're seeing the use of AI just grow at unbelievable rates, and you're seeing it in the market rates in the market as well. We're certainly seeing it within our company. I think if you look at Uber, we have been using AI tools, whether it's for pricing or matching or routing for years and years. We're kind of very comfortable in the real world, which is a probabilistic world versus a deterministic world. So using these AI tools and building with these AI tools, it's just kind of how we build and how we build for many, many years. So we're seeing uptake of these tools, whether it's our legal team or marketing team or developers and we think it's creating kind of employees with superpowers. And I would say that it's important to note that AI, for example, our engineers don't just write code. There's a lot more that goes into it. There's prototyping ideas and design ideas with designers and PM. There's certainly coding activity, which AI helps with. There's reviewing and testing your code, whether it's an AI agent reviewing that code and then humans as well to make sure that there's a proper code review before you check in that code, whether it's being on call and making sure that all the systems are running or it's maintenance, it's migrating code or improving kind of performance of that code. AI is helping our engineers and our employees across the company become more efficient to move faster across the board in almost every single step of building. And we are seeing it. Like if we look at the number of code commits per engineer, it's increasing. The number of lines per code is increasing. About 10% of our code now is committed. That committed is built by agents, autonomous agents out there. Obviously, we check the code before it gets committed. So I think you should just look at AI as an accelerator for us, for every company. It means that our investment in AI tools and infrastructure is increasing. That will be offset by slower headcount growth. But if every person in this company can increase their throughput by 20%, 30%, 50%, 100% then I think metering headcount growth and leaning in on AI investment is going to be well worth it. And Balaji, do you want to talk about the competitive environment?

Yes, I'll get there. And just one last comment on AI. Candidly, when we set up budgets for 2026 in November, we underestimated the amount of impact the AI tools could have. In December, new models arrived, so we've increased our investment here. As Dara said, we are trading that off against incremental headcount growth, which we noted in the remarks as well. On delivery competition, as we noted in the earnings materials, we are seeing our delivery position improve substantially across the globe. Thinking about our top 10 markets, especially in the U.S., we are continuing to invest in our sparse markets expansion and expect to see results over time. In international markets, we are on an offensive footing. In Europe, where we are seeing increased competitive intensity from both DoorDash and Prosus as they expand into the market, we've held our own quite well. In addition to defending our core positions, we are expanding in the market. We've announced expansion into seven new markets. Just this morning we launched in Finland and we are already at the number one position on the App Store there. We will continue to enter other large markets in the region. In APAC, we are seeing very good trends in Australia, Japan and Taiwan. Australia has been a standout despite being highly penetrated. As we've entered sparser markets, we've reaccelerated that business back to 30% growth. Similarly, in Japan we are seeing very good trends as well.

Next question comes from Ron Josey with Citi.

Maybe one on AV and another one on just trips growth. On AV, Dara, getting back to your comment on just how everything needs to come together, charging, insurance, financing, et cetera. As we reach services in 15 cities by the end of this year, just would love to hear your thoughts on perhaps what are the bottlenecks or are there bottlenecks as we scale supply and demand really grows across these cities more as more services launch. And then on trip growth in San Fran and L.A., I think we talked about it improving meaningfully. Talk to us a little bit more about the drivers here. I know we mentioned greater affordability insurance, but just wondering if you're seeing perhaps greater adoption of Uber One and cross-platform usage in those cities specifically and using that as a guide for others.

Yes, absolutely. In terms of getting to market and scaling in market, we continue to expand the number of partners we have. Our partnerships are very broad, from Zoox to Nuro, Lucid, Pony, WeRide and Baidu in international markets, and we expect them to keep broadening. Right now, the blockers are that we just need more cars on the road and we have to make sure these drivers are safe. Typically we introduce them with a safety driver and then remove the safety driver when our partners pass our safety case, as we have in Abu Dhabi and Dubai. At the same time, we must ensure we introduce autonomous vehicles into local markets with the appropriate dialogue, including regulators, which takes time. Regulators are asking the right questions, such as how AVs will interact when power goes out, in school zones, or with firefighters and other city services. The interaction between AVs and real life is critical. Questions about safety, congestion, and effects on work and drivers are important; we need those dialogues in both the digital AI space and the physical AI space as it relates to AVs. We want to be part of that dialogue and you will see us expanding our thinking there. This will take time in terms of scaling the business, fleet management, financing, insurance, and ensuring the right local regulatory conversations with all constituents affected by these societal changes. It will take time, but we think it is worth the investment. Balaji, do you want to talk about trips?

Yes. So on SF and LA, we already talked about this even in the Q4 earnings release that we were seeing the impact of incremental AV adoption in the market as being expansionary for ridesharing in the cities in aggregate. And as Dara mentioned, our category position in these markets has also expanded over the last 6 months, which has had an accelerating impact on the sort of trajectory we're seeing there. Looking ahead, all of the comments I made earlier about insurance-driven goodness as well will show up in the trip trajectory that you should see in these markets. So not only are we seeing these healthy trends in the market today, we expect that the acceleration should continue as we go through the rest of the year.

Your last question comes from Michael Morton with MoffettNathanson.

I wanted to talk about an inbound question we're getting from investors a lot, and that's a greater risk to marketplaces direct relationship with their users as we could see an adoption of personal agents going forward. So the view is someone is going to talk to their personal agent that either Meta or Google builds and they say, order me a rideshare ride with the fastest ETA or order me pizza from my favorite place, and they never interact with their go-to apps and you get like abstracted away. Could you talk about Uber's approach to this, how you're viewing the risk, if there's like some preventative measures in your terms of services or any ways to push back around those fears?

Yes, absolutely. So I think the first thing that I would say is we are building an indispensable, what we view as an indispensable local service. And the breadth that we have in terms of operating in over 70 countries and many of them, both Mobility and Delivery is really unparalleled. And we continue to make investments in engagement of our users and our earners as well with the 50 million Uber One members that we talked about growing 50% year-on-year. So that engagement that they have is a real direct and deep engagement that they have with us. First thing I'd say is we are investing in these agents, and we are investing in these AI tools, and we're seeing kind of the interaction directly with our agents be the first use case. That's a magical use case. And I talked about this earlier in the call, like 3/4 of the time, for example, the Mobility, we're guessing, we can anticipate where you're going to go. So it's just kind of a one-push button, our agent knows, "Hey, Balaji, time to go home, right, for you." And those are kind of unique benefits that we bring. At the same time, we are working and talking to many of these third-party agents. We have a great market position. So we're able to kind of often dictate the terms of trade in those discussions. I think you know that I came from the travel industry many, many years ago, and there were fears, for example, in travel in terms of metasearch and this layer above the travel companies. And as the Travel business consolidated with an Expedia or Booking and Airbnb, which are incredible companies, most of the value of those front ends accrued to the large players, the consolidated players, Expedia, the Airbnbs and the Booking.com. So we've kind of seen this movie before. As long as we are building terrific core products, we think we will get more than our fair share of consumers coming direct to our services. We will build in APIs to whether it's an Apple or an OpenAI or a Claude or Gemini, we will work with these agents as well. But I think we'll continue to see that the majority of our transactions come direct. We saw the same theme play out in metasearch. I don't know if folks remember, but at one point, even Google Maps had kind of comparison shopping between Uber and Lyft, and it wasn't the same experiences coming direct to the app. So we're very confident that AI is going to empower entirely new experiences, but we think the majority of those experiences are going to come direct to us. All right. So I think that's it. Thank you very much for joining the call. Huge thank you to the Uber teams who delivered another terrific quarter for us. And another thank you to our partners, whether it's our earners, couriers, drivers and also merchants who make this all possible. Thank you very much for joining, and I look forward to talking to you in the next couple of quarters.

This concludes today's conference call. Thank you for joining. You may now disconnect.