Dara Khosrowshahi

So there's a bunch of experimentation that had to be done, which is what are the right surfaces, what are the right messages, how do you target it, how often do you target it, et cetera.

So there's a bunch of machinery that you have to build to do this stuff successfully and for the benefit that Eats gets to be significantly larger than the detriment that Rides gets and to not get in the way of the Rides experience. You know, like you don't want to screw up that experience.

So there's a bunch of machinery that you have to build to do this stuff successfully and for the benefit that Eats gets to be significantly larger than the detriment that Rides gets and to not get in the way of the Rides experience. You know, like you don't want to screw up that experience.

So to the question of why is it happening now, is one, it looks great on paper, but then to build the machinery to actually do it effectively takes time. And then if Eats has this new customer acquisition source, every year, new customers for Eats account for less than 10% of the overall business, because it's a big repeat business. So in year one, hey, is it nice? Yeah, it's nice.

So to the question of why is it happening now, is one, it looks great on paper, but then to build the machinery to actually do it effectively takes time. And then if Eats has this new customer acquisition source, every year, new customers for Eats account for less than 10% of the overall business, because it's a big repeat business. So in year one, hey, is it nice? Yeah, it's nice.

But it doesn't really show up to investors, external investors. But then once, you know, it's the saying compounding is the seventh wonder of the world, the eighth wonder of the world. What's happening now is the compounding is happening, right? So we've had like three years of the machinery working. So one year may not be noticeable, two years may not be noticeable, but three, four years

But it doesn't really show up to investors, external investors. But then once, you know, it's the saying compounding is the seventh wonder of the world, the eighth wonder of the world. What's happening now is the compounding is happening, right? So we've had like three years of the machinery working. So one year may not be noticeable, two years may not be noticeable, but three, four years

what we're doing is essentially our margins are growing faster than our competition because we have a bunch of proprietary traffic that's coming over. And then on the ride side, there's proprietary supply coming over from eats again, compounding.

what we're doing is essentially our margins are growing faster than our competition because we have a bunch of proprietary traffic that's coming over. And then on the ride side, there's proprietary supply coming over from eats again, compounding.

Yes. I mean, it, it is, we are a supply led business at this point. Uh, Probably two years ago, we could have added 25% more drivers and couriers into the platform. They would all be like super busy instantly. Right now, our supply generally is growing faster than demand because it's catching up to demand. And the average driver who's on the platform

Yes. I mean, it, it is, we are a supply led business at this point. Uh, Probably two years ago, we could have added 25% more drivers and couriers into the platform. They would all be like super busy instantly. Right now, our supply generally is growing faster than demand because it's catching up to demand. And the average driver who's on the platform

is working more because the experience is better, earnings levels are really good. So at this point, probably supply is still trailing demand by 5% or so, but the marketplace is now getting to a point where it's balanced. But it's that compounding that really starts working.

is working more because the experience is better, earnings levels are really good. So at this point, probably supply is still trailing demand by 5% or so, but the marketplace is now getting to a point where it's balanced. But it's that compounding that really starts working.

No, because one of our core philosophies is this is an open platform. And if your background check comes in okay, et cetera, then you can have access to earnings opportunities. That's a core belief for us. The economics take care of themselves, right?

No, because one of our core philosophies is this is an open platform. And if your background check comes in okay, et cetera, then you can have access to earnings opportunities. That's a core belief for us. The economics take care of themselves, right?

When you look at mid cycle, long cycle, if earnings come down on the platform, then it becomes a less attractive platform to drivers and they will do something else. There is this counter cyclicality about our marketplace, which is during really good times, it becomes harder for us to recruit drivers. So the cost of supply goes up.

When you look at mid cycle, long cycle, if earnings come down on the platform, then it becomes a less attractive platform to drivers and they will do something else. There is this counter cyclicality about our marketplace, which is during really good times, it becomes harder for us to recruit drivers. So the cost of supply goes up.

So while revenue and gross bookings are growing and unit volumes are strong, our supply base becomes more expensive. During softer economic times, you get more drivers coming into the platform. ETAs come down, prices come down, the price becomes cheaper, so actually our unit volumes accelerate. So if you look like our Q1 unit volumes, they grew 24% versus 19% in Q4.

So while revenue and gross bookings are growing and unit volumes are strong, our supply base becomes more expensive. During softer economic times, you get more drivers coming into the platform. ETAs come down, prices come down, the price becomes cheaper, so actually our unit volumes accelerate. So if you look like our Q1 unit volumes, they grew 24% versus 19% in Q4.

So we accelerated trip growth, which is not something that you see at our scale, but it's some of this stuff working out.