Uber Technologies (UBER) Bernstein 42nd Annual Strategic Decisions Conference summary

Capital allocation and M&A strategy

• Prioritizes reinvestment in core organic growth, with gross bookings up 1.7x and free cash flow up 10x over three years.

• AV investments are a key focus, aiming to future-proof and expand total addressable market.

• Selective M&A targets assets that expand TAM, enhance distribution, or add technical capabilities, with strict ROI and integration criteria.

• Holds a 37% stake in Delivery Hero, viewing certain markets as complementary and accretive if acquired at a reasonable price.

• Excess capital is returned to shareholders via buybacks, maintaining disciplined financial policy and leverage.

International and delivery business outlook

• Holds leading positions in key international markets like Canada, UK, France, Australia, Taiwan, and Japan, with high margins and strong growth.

• Delivery business in underpenetrated and sparser markets continues to expand, with grocery and retail segments accelerating growth.

• International delivery markets such as Japan and Australia are growing at 20%+ and 30%+ year-over-year, respectively.

Financial performance and strategic priorities

• Achieved 20% top-line CAGR and 50% profit CAGR over the past three years, exceeding prior targets.

• Q2 outlook projects 18–22% gross bookings growth and continued margin expansion.

• Focus remains on platform investment, product innovation, and disciplined cost management to sustain mid-to-high teens growth.