Dara Khosrowshahi

It's just transportation of stuff. You can't ask me that.

You're like, choose between your children. Like, is it George or is it Donnie? Like, come on. You can't be serious.

You're like, choose between your children. Like, is it George or is it Donnie? Like, come on. You can't be serious.

So, I will answer somewhat seriously, which is... High take rates are dangerous. So our job as a company is to grow volume as much as we can as fast as we can and make our shareholders happy enough, minimizing the take rate, which is taking as much of that dollar and giving it to drivers and couriers. Like last quarter, gross bookings grew over 22% or so, which is really good.

So, I will answer somewhat seriously, which is... High take rates are dangerous. So our job as a company is to grow volume as much as we can as fast as we can and make our shareholders happy enough, minimizing the take rate, which is taking as much of that dollar and giving it to drivers and couriers. Like last quarter, gross bookings grew over 22% or so, which is really good.

Money that drivers and couriers, including tips made on the platform, grew by 30% higher. And at the same time, we were able to expand our margins, be free cash flow positive. So the design spec that we're building is, how do you torture the organization? Because sometimes it is torture.

Money that drivers and couriers, including tips made on the platform, grew by 30% higher. And at the same time, we were able to expand our margins, be free cash flow positive. So the design spec that we're building is, how do you torture the organization? Because sometimes it is torture.

Watch every single nickel and dime, be incredibly efficient in everything that you do, automate everything, get fraud out of the system, etc., so that you can actually operate a business at scale at the lowest take rate possible. Like talking about Booking.com and one thing that we learned, when I started Expedia, Expedia's take rate was 25% and Booking's take rate was 15.

Watch every single nickel and dime, be incredibly efficient in everything that you do, automate everything, get fraud out of the system, etc., so that you can actually operate a business at scale at the lowest take rate possible. Like talking about Booking.com and one thing that we learned, when I started Expedia, Expedia's take rate was 25% and Booking's take rate was 15.

And over like a torturous 13 years, we took Expedia's take rate from 25% to the teens. It was like 17, I think, or so when I left. And those are like pure margin dollars that you're taking out. Like there's no goodness that comes out of it And so it's just really hard work to do.

And over like a torturous 13 years, we took Expedia's take rate from 25% to the teens. It was like 17, I think, or so when I left. And those are like pure margin dollars that you're taking out. Like there's no goodness that comes out of it And so it's just really hard work to do.

And as a result, we're pretty hardcore, which is any quarter I can deliver anything on the bottom line if I can move my take rate up a little bit. But it's too easy. It's too tempting.

And as a result, we're pretty hardcore, which is any quarter I can deliver anything on the bottom line if I can move my take rate up a little bit. But it's too easy. It's too tempting.

And so we're very hardcore about like, no, no, no. We got to keep take rate low. And you got to do the hard work to be able to keep take rate low. So I'd say I take the 20% take rate business. Yeah. Like, it's more lasting. The growth can go on for much, much longer.

And so we're very hardcore about like, no, no, no. We got to keep take rate low. And you got to do the hard work to be able to keep take rate low. So I'd say I take the 20% take rate business. Yeah. Like, it's more lasting. The growth can go on for much, much longer.

And it takes oxygen out of the room, right? It's like what's it saying? Fat pigs get slaughtered, right?

And it takes oxygen out of the room, right? It's like what's it saying? Fat pigs get slaughtered, right?

Yes, exactly. And you don't want to put yourself in that position. It's very tempting. It's very, very easy. There's this temptation, obviously, this quarterly kind of treadmill that you're on, et cetera. And there's like you can make someone happy by increasing take rate and throwing it to the bottom line. And we really, really culturally try to resist that notion.

Yes, exactly. And you don't want to put yourself in that position. It's very tempting. It's very, very easy. There's this temptation, obviously, this quarterly kind of treadmill that you're on, et cetera. And there's like you can make someone happy by increasing take rate and throwing it to the bottom line. And we really, really culturally try to resist that notion.

And I don't know if it's misunderstood, but it's certainly something that's top of mind for us is that we ultimately, the future of the business as it stands now depends on our building the best platform for earners. And it goes to like the take rate, right? If the take rate goes up too much, then we're taking too much of profit. the service, et cetera.