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Uber CEO Dara Khosrowshahi on earnings: It was a strong quarter on top and bottom lines - YouTube
Channel: CNBC Television
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this the growth is up 105 percent cash
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flow is now positive derrick lots of
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sorry you are a miracle worker you said
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that the goal post had moved in a may
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letter and i and that you needed to show
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that you were making money and and i i
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said this is one guy who will do it
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how'd you do it well listen i i will say
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that it wasn't just the main uh letter
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this is the it's a bunch of work that
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we've done over the past couple of years
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and the main letter for us was symbolic
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in saying hey this is real we're going
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to drive profitability and you've seen
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the results right which is the top line
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is strong 29.1 billion dollars in terms
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of gross bookings up 36 constant
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currency uh ebitda 364 million dollars
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well above our guidance range it's 800
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million better than what it was last
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year and then of course show me the
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money free cash flow for the first time
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ever 382 million in free cash flow so it
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was a really really strong quarter but
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what's important to me is it was a
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strong quarter of both top line and
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bottom line right now i thought was
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interesting is that there's a big
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lots of changes in the industry um your
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delivery business great the number of
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people want to be drivers great the the
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ev's great i mean you've just checked
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box after box after box that a lot of
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people doubted that you and i know your
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team could do
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uh this is a rather quick turn so was
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the underlying business always great or
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did everything start going your way at
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the same time you said you know what we
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got we got to start doing a cash flow i
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think we've always been the leader in
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our category now you talk about the
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economic weakness and there's a lot of
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talk there but there has been a shift
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from spend on retail to spend on
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services right and we are the ultimate
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service company and the world is
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reopening our mobility business is
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hitting it out of the park not only in
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terms of top line and bottom line but
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also in terms of competitive position
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and in a market where
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more capital discipline is needed
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you know we think that accrues to the
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biggest player to the biggest brands
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uber we're the most diversified we're an
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all-weather company if a market's closed
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then delivery does great when the market
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opens up the uber mobility does great as
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well so this is actually in a funny way
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a capital
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disciplined marketplace is the perfect
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market for uber to compete in
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what's going on with uh driver supply
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right courier base is all-time high yes
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it seems like the other day all we
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talked about was shortage of drivers
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when's autonomous eventually coming to
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rescue us from this conundrum this this
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crucible well it's still we're still
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working very very hard in terms of our
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driver supply and there are three
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elements that we've worked on one is
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driver onboarding make it easier for
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drivers to come on board and one of the
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structural advantages that we have is
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you can come on to deliver for eats it's
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a lot easier and quicker then we'll
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graduate over to mobility and the money
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that you can make in mobility right now
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it's uh 37
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an hour in the u.s for drivers who are
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driving for mobility so it's substantial
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the second is work on the experience
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once you're on the platform you're
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earning well how's experience our
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customer service is better we've just
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innovated on showing upfront destination
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you know where you're going you know the
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price that you're getting that was the
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number one complaint that drivers had
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and we've innovated and responded as
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well and then of course the earnings
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help in this environment as well where
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do you think they're coming from are
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they already employed uh do they are
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they
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did they are they coming off of a job or
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how is where do you think the supply is
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feeding from so we have five million
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earners on our platform so they come
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from all walks of life some of them have
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another job some of them are returning
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to the workforce as well one constant
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factor that we see is that 72 percent of
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our drivers say that inflation
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and being able to pay for your groceries
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or being able to pay for your kids
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expenses etc played a part in their
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decision to come onto the platform and
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we think having flexible lucrative work
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uh like uber available it's good for the
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economy
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