Welcome to the 2026 annual meeting of stockholders for Uber Technologies, Inc. I'd now like to turn it over to Dr. Ron Sugar, Independent Chairperson of Uber's Board of Directors. Thank you, operator. This meeting will now come to order. I'm Ron Sugar, Independent Chairperson of the Board of Directors of Uber Technologies Incorporated. I will preside as Chair at this meeting, and Tony West, our Chief Legal Officer and Corporate Secretary, will serve as Secretary of the meeting. Along with my fellow directors and executive officers of the company, I would like to welcome you to our 2026 annual meeting of stockholders. We appreciate your attendance, your interest, and your support of Uber. This annual meeting of stockholders is held pursuant to the bylaws of the company and written notice to all stockholders. I'll remind stockholders to kindly observe the rules of conduct for this meeting, which are posted on the virtual meeting site, and some of which I'll highlight now. The only business matters to be conducted at the annual meeting are the matters set forth in the notice of annual meeting of stockholders and 2026 proxy statement dated March 23rd, 2026. Only our stockholders of record as of the record date, March 12th, 2026, are permitted to vote. We have allotted time for Q&A to allow us to answer questions from as many stockholders as possible. We've received questions in advance of the meeting and will go through them before moving to live questions if time permits. If we can get to live questions during the meeting, we will limit each stockholder to one question with 2 minutes for each question. We do not intend to address any questions that are, among other things, irrelevant to the business of the company or to the business of the annual meeting, derogatory or otherwise in bad taste, or not otherwise suitable for the conduct of the annual meeting. Subject to the rules described above, we will post answers to a representative list of questions that we are unable to get to on our Investor Relations website following the meeting. Recording of the annual meeting is strictly prohibited. I'd like to first introduce you to each of our directors who are standing for election today. Dara Khosrowshahi, who also serves as our Chief Executive Officer. Revathi Advaithi, Turqi Alnowaiser, Nikesh Arora, Ursula Burns, Bob Eckert, Mandy Ginsberg, John Thain, Alexander Wynaendts, and myself, Ron Sugar. Also attending this meeting are representatives of PricewaterhouseCoopers, our independent registered accounting firm. Now, I will turn it over to Tony for the formal portion of today's meeting. Tony? Thanks, Ron. I'm Tony West, the company's Chief Legal Officer and Corporate Secretary. We're conducting this meeting in accordance with our bylaws and the rules of conduct, which are posted on the virtual meeting site. We have received an affidavit of mailing from Broadridge Financial Solutions, certifying that notice of this meeting was given and sent to stockholders of record as of March 12th, 2026, via the notice of internet availability of proxy material, which Broadridge commenced distributing to stockholders on March 23rd, 2026. In addition, the board of directors has appointed Kathy Whedon to serve as the Independent Inspector of the election for this meeting. Her oath of office is with the secretary of the meeting and will be included with the minutes of this meeting. I also have a copy of the 2025 annual report, which includes financial statements certified by PwC. A copy of this annual report was sent or made available to each stockholder entitled to vote at this meeting, and an electronic copy of the annual report is available on the website used to access this meeting. The notice of meeting and the affidavit of mailing, together with the attachments, and the 2025 annual report will be filed with the minutes of this meeting. On March 12th, 2026, the record date of this annual meeting, there were outstanding and entitled to vote a total of 2,036,824,858 shares of common stock. I've been informed by the Inspector of Election that there are 1,686,351,087 shares of stock represented by proxy, or approximately 83% of all of the shares entitled to vote at this annual meeting. The shares so represented exceed 50% of the total shares entitled to vote at this meeting and thus constitute a quorum present to conduct our meeting today. The polls for voting on matters described in our proxy statement for presentation at the annual meeting are now open. All Uber stockholders entitled to vote at this meeting have the ability to do so. If you're a stockholder entitled to vote and have not yet voted, or if you want to change your previously cast vote, please do so via the website used to access this meeting. Please remember that if you've already voted by proxy, it's not necessary to vote again. After voting has concluded on all matters on the agenda, we will close the polls, and the Inspector of Election will provide her preliminary report. We'll now move to a review of the proposals. First proposal is the election of directors. It comes before this meeting. At this meeting, we are seeking to elect the 10 directors listed in the proxy statement for a one-year term expiring at the 2027 annual meeting of stockholders. Information about the nominees is contained in the proxy statement. Since no other nominations were received prior to the deadline established by the company's bylaws, no additional nominations may be made at this meeting, and I declare the nominations to be closed. We did not receive any questions on this proposal prior to the meeting. Are there any questions on this proposal now? I'll pause briefly for any questions. Seeing none, we'll move to the next proposal. Proposal 2 asks stockholders to approve an advisory resolution on the fiscal year 2025 compensation of the named executive officers, all as described in our proxy statement. Now, this proposal is advisory. Although non-binding, the vote will provide information to our compensation committee and to our board of directors regarding investor sentiment about our executive compensation philosophy, policies, and practices, which they will be able to consider when making future executive compensation decisions. We did not receive any questions on this proposal prior to the meeting. Are there any questions on this proposal now? I'll pause briefly for any questions. Seeing none, we'll move to the next proposal. Proposal 3 asks stockholders to approve an advisory resolution on how often we should seek an advisory vote on the compensation of our named executive officers. Stockholders have the option of recommending an advisory vote every year, every 2 years, or every 3 years. The board of directors recommends that the stockholders approve holding future advisory votes on the compensation of our named executive officers on an annual basis. This proposal is advisory. Although non-binding, the vote will provide information to our Compensation Committee and our Board of Directors regarding investor sentiment about the frequency with which our investors would like to approve on an advisory basis the compensation of the company's named executive officers. We did not receive any questions on this proposal prior to the meeting. Are there any questions on this proposal now? I'll pause briefly for any questions. Seeing none, we'll move on to the next proposal. The next matter to come before the meeting is the ratification of the appointment of PwC as the company's independent registered public accounting firm. The Board of Directors recommends the ratification of the appointment of PwC to serve as the company's independent registered public accounting firm and to audit the company's financial statements for the fiscal year ending December 31st, 2026. We did not receive any questions on this proposal prior to the meeting. Are there any questions on this proposal now? I'll pause briefly for any questions. Seeing none, we'll move on now. The polls are about to close, so if you've not yet voted, please do so. I'll pause for 3 minutes to allow votes to be cast, and during this time, we'll play a video clip highlighting Uber's platform. [Presentation] Since everyone has had the opportunity to vote, the polls are now closed. The Inspector of Election has delivered her preliminary report, and I'll now announce the preliminary results. Mr. Chairman, based on the Inspector of Election's preliminary report, the following are the meeting results, including the preliminary vote counts. Each of the 10 nominees for director has been duly elected as a director of the company to serve for a 1-year term that will expire in 2027 with approval of more than a majority of votes cast. The resolution on an advisory basis for the compensation of our named executive officers for fiscal year 2025 has been approved by approximately 94% of votes present and entitled to vote. The stockholders have approved the resolution on an advisory basis for the frequency of future say on pay votes to take place every year with approval of approximately 99% of votes cast. The ratification of the appointment of PwC as the company's independent registered public accounting firm has been approved with an approval of approximately 98% of votes present and entitled to vote. We will file the final report of the Inspector of Election with the records of this meeting. We expect to report the results of the voting on a Form 8-K to be filed with the SEC within four business days of this meeting. Now, Ron, I'll turn it back to you. Thanks, Tony. That concludes the formal portion of this meeting. The formal meeting is now adjourned. I will now turn it over to Dara to provide a business presentation followed by our Q&A session. Dara? Thank you, Ron. I'm Dara Khosrowshahi, Uber's Chief Executive Officer. Before we start, I'd like to pause for a minute here to allow you to review the disclaimers in regard to this presentation. First, I'd like to start by thanking everyone for joining us today and supporting our company. Our mission at Uber is to reimagine the way the world moves for the better. Today, Uber is in many places already is an indispensable part of local commerce and movement. We build the world's largest mobility and delivery platform, spanning over 70 countries and 15,000 cities, through which we serve multiple multi-trillion dollar TAMs across mobility, delivery, and freight. The scale and the power of our platform have never been stronger. We ended 2025 serving over 200 million monthly consumers who use our platform on average over 6x per month. We partner with 1.3 million merchants and offer flexible earnings opportunities to nearly 10 million drivers and couriers. Our mobility and delivery businesses are each generating over $100 billion in annualized gross bookings with record profitability and margins. We're proud of the execution and the innovation that has gotten us to this point, even as we are still very early in our stage of customer acquisition journey across consumers and merchants, which continues to be the primary contributor of our growth. Uber is a compounder of scale. Over the past 4 years, we've grown our gross bookings from $115 billion in 2022 to $193 billion in 2025. In fact, 2025 was our fifth consecutive year of at least 20% constant currency gross bookings growth. Just as importantly, we've demonstrated that we can grow profitably. Our adjusted EBITDA grew 5x in that same window, reaching a record $8.7 billion in 2025. We also generated nearly $10 billion in free cash flow in 2025, representing over a 100% conversion from adjusted EBITDA. This financial strength allowed us to return over $6.5 billion to our shareholders through share repurchases, driving a 2% year-over-year reduction in our diluted share count. We've exhausted our not grow $7 billion share repurchase program and are aggressively executing against our additional $20 billion authorization that we announced last August. The combination of profitable growth at scale, strong cash flows, and accelerating capital returns puts us in rarefied air for companies our size, and we're delivering all of this while capitalizing on new technological breakthroughs in AI and making disciplined investments across our businesses to capture the massive long-term opportunities ahead, including in autonomous, which I'll speak more about shortly. Our momentum accelerated as we closed out the year. In Q4 alone, we delivered a record-breaking quarter with strength across all of our key operational and financial metrics. Our platform facilitated 3.8 billion trips, up 22%, which translates into over 40 million trips per day. This trip growth entirely powered our gross bookings growth of 22%, reaching $54.1 billion. We achieved an all-time high adjusted EBITDA of $2.5 billion, reflecting a 4.6% margin as a percentage of gross bookings. This helped generate a record $9.8 billion of trailing 12 months free cash flow, representing a 112% conversion from adjusted EBITDA. Two years ago, we gave you a 3-year outlook, and I'm pleased to report that we're currently exceeding every target that we set for gross bookings, adjusted EBITDA growth, and free cash flow conversion. Importantly, we remain on track to deliver on our commitments in the final year of our outlook. While the macro backdrop is rapidly evolving, we view our business as one that can sustain industry-leading growth at ever-increasing scale while continuing to drive substantial operating leverage to the bottom line and capital returns to shareholders. Our unique advantage lies in the strength and diversity of our platform. We know that users who engage across both Uber and Uber Eats are significantly more valuable. Cross-platform users generate more than 3x the gross bookings and profitability of single-product users. Over the past few years, we made deliberate investments to create a more seamless, integrated experience and to make it easier for consumers to discover and engage with our products, including through our Uber One membership program, the largest of its kind in areas where we operate. Uber One members surpassed 46 million in Q4, growing a remarkable 55% year-on-year. As a result of our cross-platform efforts, we're seeing strong momentum with 40% of eligible consumers engaging with multiple products. We know we've got plenty of runway to go. Only 20% of eligible consumers are using both mobility and delivery products monthly. We're excited to continue to deliver a more integrated, compelling experience to provide a better platform for our users. Let's talk about the next frontier, autonomous vehicles. 2025 was a turning point. We're proving that Uber is an indispensable partner for AV developers. We began scaling autonomous vehicles on the Uber platform, formed new partnerships across the AV ecosystem, and deepened our relationship with our existing partners. We believe AVs will unlock a multi-trillion-dollar opportunity for Uber, and we're already seeing proof points of the value that we can provide as a leading global mobility platform. In cities like Austin and Atlanta, AVs are driving faster category growth and accelerating both rider acquisition and frequency. On top of that, these cities are delivering about 30% higher AV trips per vehicle per day and 25% ETAs than other 1P deployments, demonstrating the power of Uber's network in driving superior utilization at scale. By combining our global marketplace, demand density, and operation expertise with autonomous technology, we're well-positioned to drive increased efficiency and improve the customer experience across our platform. Looking ahead to the future of AVs in our mobility business, our goal is clear, to be the largest facilitator of AV trips globally by 2029. We're already making strong progress toward this goal with AVs live in our platform in eight cities globally. By the end of 2026, we expect to be facilitating AV trips in as many as 15 cities with a balanced U.S. and international mix. Our AV strategy is platform-driven and partner-centric, bringing together more than 25 leading players across mobility, delivery, and freight in hardware, self-driving technology, and fleet management to create a scalable and flexible ecosystem. Fundamentally, while AVs will transform how trips are supplied, they will not change how demand is aggregated. As we've seen across multiple technological shifts, as supply fragments and capabilities commoditize, the platform that delivers the highest utilization and the best customer experience captures a disproportionate share of value. We believe Uber is uniquely positioned to lead in this transition. Now, I'd like to close out by looking ahead. To ensure we remain the category leader, we're focused on six strategic areas to guide our team's priorities and plans in the coming years. While Uber has been very successful since going public, all great technology companies have to be able to deliver both on their commitments today while building for an evolving future. These are areas of focus that can be thought of as a blueprint for our business to ensure we remain the best destination to go anywhere and get anything. I'll briefly touch on each of these areas. First, we're deliberately evolving our focus from the customer's next trip to their entire lifetime experience on Uber. This philosophy underpins a platform initiative that I mentioned earlier and includes unifying the functionality in our apps to cater to use cases across mobility and delivery, along with investing in our Uber One membership program to drive lifetime loyalty. Second, we're building for a hybrid future. As excited as we are for AVs, we're confident that the medium-term future for mobility and delivery entails a hybrid network with both human drivers and AVs on the road. To that end, we're evolving our technology and algorithms to dynamically manage a hybrid marketplace. Our newly launched Uber Autonomous Solutions was designed with this future in mind, a comprehensive suite of unique services and capabilities to commercialize AVs in complex environments. Third, we're expanding our delivery platform beyond just food delivery to local commerce. While we're proud to have built a more than $80 billion annual global food delivery business, we have our sights set on a much larger $10 trillion grocery and retail market, enabling consumers to get almost anything locally and on-demand. We're driving this growth by expanding our selection to include leading retailers across categories, deepening the integration of our grocery and retail offering within our core apps, and investing to increase awareness and adoption. Fourth, we're evolving the earner experience. The 9.7 million monthly drivers and couriers on the Uber platform are instrumental in making our platform one of the leading global destinations for flexible earnings. Yet the vast majority of earners only engage with our platform via one modality, whether that be completing rides or deliveries. Over the coming years, we'll look to convert more couriers to drivers and vice versa, while also unlocking new ways to earn on our platform. For example, our recent launch of Uber AI Solutions provides new earnings opportunities, such as completing tasks to help train AI models. Fifth, we're deepening partnerships with our merchants. We're a key source of demand for the 1.3 million merchants that are available on our platform. We're focused on expanding our relationships with merchants, retailers, and advertisers by improving our products and tools and expanding new channels like Uber Direct, Pickup, Dine Out, and online ordering to help drive incremental demand. Finally, we are going all in on generative AI. AI and machine learning have been a part of Uber's DNA for over a decade, enabling millions of predictions per second that underpin our complex network. Over the past few years, generative AI has unlocked new ways to enhance both employee productivity and the user experience. We're seeing major potential for cost efficiencies, improved productivity, and a better experience as we embed intelligence deeply into every part of Uber's platform. We have the scale, we have the momentum, and we have the right strategy. I've never been more energized about our ability to innovate and deliver value to our shareholders, our partners, and the millions of people who rely on Uber every day. Thank you for your continued trust in Uber. With that, Tony, let's open up for questions. All right. Thanks, Dara. I now invite you to ask any questions you may have regarding the company and its business. Please follow the instructions provided on the virtual meeting screen. We'll attempt to answer as many questions as time allows. As a reminder, if we're unable to answer any questions pertinent to the meeting due to time constraints, we'll post answers to a representative set of questions after this meeting on our investor relations page, which you can find at investor.uber.com. As noted in the rules of conduct, only appropriate questions will be addressed. With that, we will first turn to questions submitted by stockholders prior to the meeting. The first question is from Robert Filtreau. I'm concerned about the number of lawsuits filed against the company for sexual assaults and violence committed by drivers. Can you describe what the company is doing to minimize or eliminate these incidents and to improve the screening of the drivers who are permitted to carry passengers? Yeah, very important question. Robert, we take safety concerns, including reports of sexual assault and violence very, very seriously. Safety is embedded into everything that we do here at Uber, and we're committed to leading on safety through continuous improvement in lots of innovative features, initiatives, and then also education programs in partnership with experts. We've invested billions of dollars and significant board and management time and attention into strengthening safety across our platform. Since 2017, our screening and integrity controls have prevented approximately 3.5 million individuals from joining or remaining on the platform. In 2018, we partnered with screenings provider Checkr to co-develop a continuous monitoring product. We're the first rideshare company to check for new reported criminal charges and the first company to deploy that product in market. In addition, we've developed advanced identity verification tools, including live photo and document authentication, real-time ID checks to help ensure that the driver behind the wheel is the one that we've screened, and of course, stronger detection of and action on potential account sharing, which is prohibited and results in account deactivation. We continue to build industry-leading safety features, reporting channels, and verification systems for both drivers and riders, while also helping lead cross-industry efforts such as the Industry Sharing Safety Program to prevent bad actors from moving from one platform to the other. I'm happy to say that these efforts are producing results. According to our most recent reporting, which covers 2021 and 2022, of the over 1.8 billion trips completed in the U.S. on the Uber platform, 99.9998% have ended without a reported critical safety incident, and 99.9% have ended without any reported safety incident whatsoever. Additionally, the rate of reported serious sexual assaults on the Uber platform has decreased by approximately 44% since the publication of our first safety report. As we shared in our 26th government strategy report, again, 99.9% of all trips and deliveries globally ended without a reported safety incident. Despite these achievements, we remain dedicated to continuous improvement, recognizing that even one incident is unacceptable, so we continue to invest here. At Uber, we know that our work on safety is never done, and we're committed to continuously investing in and evolving a rigorous safety approach. We are committed to making sure that safety enhancements will have a practical and positive impact on users of our platform and, of course, the communities that we serve. Thanks, Robert, for that important question. The next one is from Mark Pearson: When will Uber recognize the business need for merit-based selection of board members? Mark, thank you for this question. Our board is committed to ensuring that the right mix of skills, background, and experience is represented on your board and its committees. As described in our proxy statement, director candidates are evaluated through a structured process that considers professional experience, relative relevant industry expertise, leadership capabilities, the ability to commit time, and alignment with our long-term stockholder interests, and their expected contributions to the board. Uber's nominating and governance committee identifies and recommends high-quality candidates who collectively bring a complementary mix of skills and perspectives. In addition, the board conducts annual evaluations covering the full board, its committees, and individual director performance. These evaluations support ongoing feedback. They assess effectiveness and identify opportunities for continuous improvement by all of us. We believe our rigorous selection criteria, the regular performance evaluation process, and annual shareholder voting, such as what we're doing today, reflects a merit-based approach to board composition and long-term value. As an example, in 2025, we continued to strengthen the board depth. We welcomed Nikesh Arora as an independent director and are benefiting now from his expertise in cybersecurity and artificial intelligence. We believe few leaders are as well-positioned as Nikesh to augment the board's oversight in these areas, strengthening our platform resilience and supporting long-term shareholder value. Mark, thanks for the question. The next one is from Lars Dyrhagen. Dara, much of Uber's model relies on very large numbers of independent earners making small reversible participation decisions over time. From a management perspective, what distinguishes signals that indicate normal, healthy flexibility and participation from signals that suggest participation is becoming structurally fragile, meaning that tuning incentives or product features may no longer be sufficient at the system level? From a management perspective, we look at our marketplace health through metrics that are directly disclosed in our filings. These are trips, monthly active platform consumers, and driver and courier counts and earnings trends. We closely monitor many, many other data points internally, including ETA and surge levels, incentive spend, as well as earner engagement and satisfaction metrics by market, by time, et cetera, across many, many dimensions. I'd start by saying that we ended 2025 with really strong marketplace health and earner trends. We ended the year with 9.7 million active drivers and couriers on the platform. That's a record high, growing almost as fast as our overall gross bookings. For context, we added over 1.5 million earners on the platform in 2025 alone, which really highlights the attractiveness of our platform as a leading destination for flexible earnings. We often say that our business is supply-led, and it's true. Our earners are the lifeblood of our platform. The more earners we've got, the better the experience for our consumers, the more demand we can attract, which results in more earnings opportunities for drivers and couriers. It's a virtuous cycle, and we've seen that play out over the past few years as the number of earners on our platform has compounded with driver demand, which then spurs more earners to join the platform, and so on. It's a positive feedback loop that we talk about. As it relates to incentives, as a reminder, we manage a broad pool of incentive dollars that we flex depending on a variety of factors, including supply and demand balance, competition, and new product rollouts, amongst others. If we roll out a new product, we might use incentives to get people to try that product, pull back the incentives once consumers have used that product for a while. As a result of our balanced, healthy supply position over the past couple of years, we've been able to shift more incentives to the demand side to drive engagement, which of course, indirectly benefits our earners too because of their increased earnings opportunities. Now, incentives aren't the only lever that we have to encourage healthy earner participation on the platform. We're continuing to innovate on products, features, tools that improve the earner experience and build on what earners tell us that they want. I'd highlight the expansion of women preferences as one really exciting recent example. We're also cognizant of the macro backdrop, in response to the recently rising fuel prices, we've instituted several fuel incentives to help earners manage through this period of volatility. Thanks, Lars. Dara, we have another question for you from Sean Ridley. What is the trajectory outlook for autonomous vehicle performance in 2027? Will ROIs show substantial progress? Yeah, we're super excited about the trajectory of AVs, not just in 2027, the longer term as well. To recap for folks, we've got partnerships with over 25 AV companies across mobility, delivery, and freight already, and we've got several live deployments both in the U.S. and internationally with multiple partners. We've learned a lot from our AV deployment so far, and they have us feeling even more convinced that AVs will unlock a huge market opportunity for Uber and that the strengths of our global platform are uniquely well-positioned to commercialize AVs at scale. Thinking about what you should look for, first I'll start with 2026 and then move to 2027. We've already announced several new and expanded partnerships already this year, including with AV technology partners, OEMs, automobile manufacturers, and also fleet managers. We talked about how we expect to have AV mobility deployments live in as many as 15 cities globally by the end of 2026, and we're already making exciting progress there with recent launches in the U.S., in Las Vegas with Motional, as well as our driver out deployment in Dubai with WeRide. We've got more exciting launches to come as we move through the year, and we're looking forward to sharing more as we have more to announce. Now as we look at 2027, we expect to continue building on our momentum and continue to scale our AV deployments in more cities with more partners and of course, with more vehicles. We'll keep a keen eye on ROI of these deployments, ensuring that technology is being safely deployed, that the economics make sense for all the parties involved, and the operational pieces are in place to ensure that these deployments are ready for commercial service. We're very confident and excited about the progress of the ecosystem, which is only accelerating with the advent of AI and simulation technology. At the same time, we know that it's gonna take some time for AVs to meaningful scale, and there are lots of pieces in what we call the AV puzzle that have to come in place to launch AVs in any given market. That's why our hybrid network of humans and AVs, we believe, will be best positioned to lead this transition. We've included a lot of additional details on our AV strategy, our vision for the AV future, and we're already seeing live in our deployments, in our investor materials that you can find on our investor relations website. I'd encourage all of our shareholders to take a look, as we are very excited about what we're building and for the potential of AVs to transform mobility safely. Dara, along that same theme, Rosanna Murphy asks, autonomous vehicle strategy requires a long-term perspective. Would you walk your shareholders through the key stages of AV deployment and the expected timelines? Yeah, absolutely. In the near term, our focus is on building a reliable baseload supply of AVs that can consistently serve demand during the lowest point of the weekly demand curve. As you can imagine, depending on the time of day of week, our demand fluctuates pretty significantly, including special events that may happen. In markets like Austin, we're already seeing that play out with AVs experiencing steady utilization even as overall demand fluctuates. This first stage is about expanding into additional markets and establishing that same dependable baseline. Now, as you scale, the priority shifts to lowering vehicle platform costs and expanding the total addressable market. At this juncture, we're gonna be looking to pass savings on to consumers in the form of lower prices, which we think is going to drive broader adoption of rideshare and grow the total pie. Certainly what we saw in the early days of rideshare adoption. Over the long term, we can envision AVs representing a majority of supply in certain markets. That timeline is largely dependent on how quickly OEMs can ramp up productions, which remains a key industry constraint. A really important differentiator for us is utilization. A challenge that the whole industry is gonna have, and particularly 1P-only operators, with fully AV supply, is how you keep these vehicles productive during the off-peak hours. Our global scaled hybrid network of human drivers positions us very, very well to deploy AVs across use cases and maintain higher utilization throughout the day, even when demand is lower. That network density and flexibility positions us to uniquely maximize asset efficiency as we see AV supply scaling. Ron, this question's for you from Theodore Hubbard. How is the board evolving its oversight and expertise to keep pace with risks like AVs and AI? Thanks for the question, Theodore. The board takes a structured and evolving approach to overseeing emerging risks, and I would also add opportunities such as autonomous vehicles and AI. Oversight is embedded across multiple layers of our governance framework. For AVs, management, including our global head of autonomous mobility and delivery, regularly updates the full board on strategy, growth, industry developments, regulatory engagement, and the expansion of our partnerships. In parallel, our audit committee receives updates on AV-related risks and reports back to the full board, ensuring consistent visibility and accountability. For AI, the board receives regular updates on the company's use and governance of these technologies, including key developments in strategy, risk management, and regulatory engagement. This layered approach allows us to support innovation while maintaining strong oversight, transparency, and adaptability as the technology evolves. We're also very deliberate about board composition. As mentioned earlier, with the addition of Nikesh and several other members of our board, we have a significant capability on the board to engage with management in oversight of these areas. We also ask the board to regularly get additional education through briefings from internal leaders and external experts to stay current on the emerging risks and opportunities of these new technologies. Great. Dara, next question's from Wilma Sanders for you. How much cross-platform synergy actually exists? Wilma, the short answer is we think there's a ton of opportunity here, and we're just scratching the surface of this opportunity to leverage our platform and drive deeper engagement with our consumers. Little bit of context, I talked a bit about this earlier. Roughly 20% of customers in active markets, these are markets where we have both mobility and delivery running at the same time, use both mobility and delivery monthly. That number is much higher in our top markets, so it suggests that there's more room to grow, so to speak. These cross-platform users are really valuable to our business. In fact, they've got 35% higher retention rates, and they spend about 3 x as much as single product users. Once consumers engage across these multiple use cases, they tend to stay longer, and they use our services more frequently. The combination of higher retention, increased engagement, greater lifetime value ultimately supports a more durable long-term growth for the business, and that's why we're focused on areas like our membership program, which generated tremendous momentum in 2025, exiting the year with 46 million members and growing 55% year-on-year, as well as other new features in our apps to encourage cross-platform adoption and leveraging AI to improve our ability to surface the right option for the right consumer at the right time. If you watched, for example, our GO-GET presentation, you saw one of the new features of your being able to order coffee, hot cup of coffee waiting for you along with your Uber Reserve. That is, you know, it will be a delightful experience, we think for the rider, but it also introduces to that rider the fact that we can get you food delivery, food pickup as well, which hopefully will drive cross-platform usage. That's a small example of the kind of opportunity that we've got here. Thanks, Wilma. Dara, Justin Wiley asks, Uber has made several recent acquisitions like SpotHero, Getir's delivery business and Blacklane. What do these moves signal about Uber's long-term strategy? Yeah. First, let me spend just a minute recapping our philosophy around M&A. We've got tremendous organic growth opportunities in the business that are aligned with our growth strategy, and we expect organic growth to drive the vast majority of our total growth. It certainly has for the past 5 - 10 years of the company. When it comes to acquisition, our bar is very high, and every deal we do requires both strategic rationale and financial accretion. Again, kind of the strategy for M&A is, first of all, not to need M&A, to depend on organic growth. Now, as a function of this dis-discipline M&A approach, our focus is on acquisitions that are more tuck-in or bolt-on in nature or help us enter new countries that are easier to get into via acquisition than launching in that country organically. You can think of our acquisition of Getir's delivery business as a good example of that. It's going to bolster our footprint in Turkey, which is a really compelling market for us. By combining Getir with Trendyol GO, which is a Turkish delivery asset that we acquired last year and is performing exceptionally well, we can increase selection, we can drive consumer demand for our merchants, and we can deepen our presence in a market that we are very committed to. Our other acquisitions highlight our intentions of building a comprehensive platform by expanding both vertically and horizontally. This goes to actually the last question on cross-platform adoption, so to speak. Our acquisition of Blacklane marks our continued expansion into luxury and executive travel. It's a fast-growing segment that's driven by demand for planned, high-quality transportation services. Premium travel is one of the most exciting growth areas of Uber's business. We wanna offer the widest selection of options to meet our riders where they are, from their everyday commute to luxury rides. Blacklane fits in perfectly at the premium end of our spectrum and will be a big part of our U for B enterprise business as well. SpotHero brings parking into the Uber platform, extending Uber's role beyond rides to the broader end-to-end journey. Over time, we'll plan to offer a native in-app parking reservation experience on Uber, powered by SpotHero, with a focus on parking for commuters as well as events, venues, and airports. As you can imagine, a lot of people are taking Ubers to those events. Parking operators working with SpotHero are gonna benefit from our access to our large consumer base and network of vehicle charging and fleet partners. Dara, the next question is from Remy Gordon: What are the most important investments Uber is making to ensure sustainable longer-term growth? Yeah. I'll highlight four key investment areas where we see a lot of opportunity to drive long-term growth. First, I'll start with our core business and specifically what we call our growth bets portfolio in both mobility and delivery. On delivery, you can think about grocery and retail and our efforts into expanding into last mile commerce. Grocery and retail has a massive $10 trillion TAM as we continue to invest in selection, affordability, and consumer acquisition to make Uber the top destination, not just for food delivery, but for grocery and other retail categories as well. It's the get anything part of our strategy. On mobility, we're also investing in new products across what we call our barbell strategy. Those are low-cost products like Wait and Save and Moto, and then on the other side, premium products like Reserve, Black, and mostly Elite. The lower cost products often drive consumer acquisition, and then the premium products drive margin, and we're constantly kind of trading off between the two. Second for us is cross-platform that we've talked to a couple times, and really shifting our focus to maximizing consumer lifetime value, not just focusing on the next trip. Approximately 20% of our monthly platform consumers are cross-platform in countries that have both delivery and mobility, and we're investing in product and promos, et cetera, to drive that cross-platform adoption higher. And then of course, areas like membership are another contributor to driving cross-platform. Third for us is expanding into new geographies and markets. A lot of people think we're in kind of every country out there, not yet. Hopefully we will be soon. Sparse markets are a big part of our market expansion. These are markets that may be within a country that we operate in broadly, but where service has historically been nonexistent or unreliable. We're making investments in these markets on both mobility and delivery to grow selection and supply, improve reliability, and to tailor our product selection to cater to these sparser markets. Examples of that might be Reserve and Wait and Save. You might use Reserve to make sure that Uber is going to be there for you for an airport trip, for example, if you live in the suburbs of a city, for example. We're also entering new countries. altogether, we've recently re-entered Morocco Rides, and we're also getting into seven new markets in delivery, including the Nordics, Eastern European countries like Romania and Austria, and a re-entry into Argentina that we're very excited about. Lastly, of course, AVs are a major area of focus and investment. AVs today lose money in our P&L, but I'd note that these losses are relatively small given the subscale nature of our AV business, as compared to our core business. As a result, these operating losses can be absorbed within our P&L. We think that over time, AV operations will be profitable, just like how we scaled other new products in our portfolio that started off loss-making, or at a lower margin than our core business, and over a period of time, we've kind of proven our ability to march those margins up and obviously build a very, very profitable business over time. Those are some of the areas that we're focused on, and I'm sure we'll be looking for more areas for long-term growth focus. Dara, staying with that last point you just mentioned, Vince Childress asks, "Can you give us an update on how AV deployment— excuse me, on how AV development is going relative to your expectations and targets, and how are you measuring progress? Yeah, we kind of look at our progress across two primary dimensions. First is the scale of each deployment, and then the second for us is network performance. We've got a large in-house tech and product team that are staffed with ex Waymo, Cruise, ATG engineers who are intimately familiar with the AV space, often having worked in it in the past, and are spending a significant amount of time and effort to evaluate the right set of partners for us and have a line of sight towards commercialization, and who are then tracking progress against our safety and technological milestones for each and every partner. As it relates to scale, we're tracking against two key targets that we've highlighted for investors to hold us to. The first, in the short term, which is by the end of 2026, we expect to be facilitating AV trips in as many as 15 cities globally with a roughly even split of the U.S. and international cities. We're excited about this pipeline of deployments. You may have seen a bunch of announcements over the past few months related to new and expanded partnerships with our AV partners, as well of course, some anticipated future deployments. If we look at the long term, by the end of 2029, we have stated our intention to be the largest facilitator of AV trips in the world. We're confident that we've got the scale, partnerships, and platform to deliver against that target. At the same time, beyond scale, we fundamentally believe that Uber provides the highest asset efficiency and revenue generation capabilities for our AV partners. We provided some nuggets of that in our Q4 earnings materials, showing that AVs integrated into the Uber network are proving to be meaningfully more productive and reliable than standalone deployments, delivering approximately 30% higher utilization, and 25% ETAs as well for the rider. That really highlights the value that we add into the AV ecosystem, and combined with some of our in-house efforts to advance the ecosystem, including a recently announced Uber AV Labs and Uber Autonomous Solutions, which positions us well to be a critical player going forward in the AV ecosystem. Dara, our next question is from Nick Cassidy. With the launch of Uber Elite and acquisition of Blacklane, it seems like the company is leaning into more luxury offerings. What led the company down this path, and what do the next few years look like for these offerings? Yeah. We've got a strong suite of mobility products, and we're constantly innovating and expanding to make sure that there's products we can meet our users where they are and tailor to how they're looking to use our products and what matters most to them. You can think about it, as I mentioned before, is our barbell strategy, right? It's expanding lower cost, more affordable products that appeal to more price-sensitive consumers, and drive frequency and also new customer acquisition. In the middle, we've got like a UberX product that many of you hopefully know and are familiar with. Of course, on the premium end, we're expanding our offerings there to cater to consumers who are looking for that elevated experience. As a reminder, our premium products tend to carry higher profit margins, which are important as we utilize these dollars to invest across the platform to drive affordability and adoption, including our low-cost portfolio. Of course, the premium products also carry higher pay for our earners, which is a win-win-win. The consumer gets a great experience, earner can earn more for their time, and as a company, we can recognize higher margins. The recent launch for us of Elite and the acquisition of Blacklane fits in really well with the premium end of our spectrum. Premium is one of the fastest-growing areas of our business, particularly in use cases like executive travel and pre-booked trips, which is what excites us into expanding into high-quality chauffeur services where reliability and service standards are absolutely critical and demand is growing globally. You know, frankly, it's not an area where historically we've had a strong an offering. We listen to our consumers a ton and our both our kind of regular consumers and of course our U for B business consumers have expressed a want for more of these premium type experiences, and we think the launch of Uber Elite and the acquisition of Blacklane build on that strategy by expanding into more high-quality chauffeur services. We're super excited about these acquisitions. We're super excited about the organic growth possible, we very much thank our consumers and our Uber for Business business customers for giving us the feedback that we're responding to. Dara, I think our last question, goes to Greta Lorenz. Where does Uber see the most friction in the rider experience, and what investments are being made to address it? Yeah. I'd say we're very much focused on the rider experience, and the biggest areas that we look at are reliability, quality, and pricing. On the reliability side, our platform is maintaining kind of a real-time balance between supply and demand, which obviously drives reliability. When supply is constrained, then riders may face longer wait times, and higher prices and a weaker matching experience. We're constantly adjusting prices to achieve the highest reliability for the highest number of consumers possible. Of course, Wait and Save is for folks who can afford to or, you know, have some time and can wait for a more attractive time when reliability isn't necessarily what we want it to be. Consistency is another big one. We are very focused on driving driver quality, and really making sure that we respond to every single incident, or any negative rider experience with appropriate customer service. We think we're, you know, the innovation that we see in the AI space will allow us to achieve the right experience at the right time at better cost, and we think actually, better experience levels. Finally, pricing is a really important part of user satisfaction. We talked a little bit about that, which is, we're very focused on driving affordability through expanding lower cost product like shared rides, like Moto, which are 2-wheelers, Auto, which are 3-wheelers in a number of markets and of course, Wait and Save. In the U.S. specifically, we made really good progress by bending the cost of insurance in markets like California, which is helping to reduce prices in those key markets that have been pressurized in the past by high insurance costs, which have been, you know, a real plague on the whole industry in terms of commercial insurance prices. Thanks, Dara. Let me turn it over to Ron to close us out. Thanks, Tony, and thank you, Dara. It's now time for us to wrap up. I wanna take this opportunity to again thank all the stockholders who joined us today for their participation. Thank you all for your support of Uber. Have a great day. This now concludes the meeting. Thank you for joining, and have a pleasant day.