1/ $UBER with a strong report, finally seeing meaningful profitability (and importantly FCF). GBV +33%, EBITDA $364m (4.5% rev margin, 1.3% GBV margin) $382m of FCF, and reaffirm long term ability to hit $5B of EBITDA (with $4B+ of FCF) in 2024 
2/ Driver supply has improved, wait times down, % of trips surged also down (and both trending towards pre-covid levels). Doing this while avg driver earning well >$30/hr in the US. This is a sustainably profitable business now.
3/ Delivery business in transition from hyper-growth -> profitability and digesting the "covid bump". $UBER US delivery +21% in Q2 (and active couriers +53% Y/Y playing catch up). Helps that they're seeing a rationalization of the competitive environment. (#RIP 15min delivery)
4/ Metrics on UberOne are big and growing, 10m members (8% of MAPCs) generating 23% of GBV. Spend 2.7x more than non-members. Focus so far has been on delivery w/ mobility benefits coming.
5/ Re: macro they haven't seen any discernable trends based on income level or inflation. The impacts they do see are from covid or covid/WFH mindset (Japan, west coast US). @dhkos said this is the strongest he has felt on the competitive environment for $UBER since he joined.
6/ In conclusion, $UBER is seeing
1) continued strong growth (>30%)
2) rapidly expanding margins (on delivery and mobility) 3) material FCF generation
4) network effects across the business
1) continued strong growth (>30%)
2) rapidly expanding margins (on delivery and mobility) 3) material FCF generation
4) network effects across the business
• • •
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