Uber's second quarter financial report for 2025 showed record levels of user engagement and transaction volume, with adjusted EBITDA, GAAP operating income, and free cash flow all reaching new highs. Looking ahead, Uber expects to continue strong growth in the third quarter, planning to deepen platform strategies, drive integration of mobility and delivery services, and accelerate the deployment of autonomous driving technology. In addition, Uber announced a $20 billion stock buyback plan to enhance shareholder value.

Discussed the challenges in implementing platform strategy, including cross-business promotion and optimizing consumer experience. Emphasized the value of multi-business users, such as higher retention rates and profits. Mentioned the application of AI in personalized promotion, as well as the development direction of super applications, aiming to achieve highly customized and collaborative user experience.

The significant growth of the Uber platform in this quarter was discussed, especially by introducing low-cost products such as motorbikes and high-end services to attract different consumer groups, successfully expanding its user base. In addition, the trend of users using multiple services within the platform was mentioned, and it was noted that there are still a large number of untapped potential users in key markets, indicating that the growth potential is still significant. Regarding the use of Waymo's autonomous driving cars, although no specific updates were given, their importance in the Uber network was emphasized. Overall, Uber is maintaining its growth momentum through a diversified product strategy and audience expansion, with no signs of growth slowing down.

Uber discussed its 60% growth rate and 36 million membership, emphasizing significant achievements in the delivery field, but slower growth in the mobile sector. They introduced a new feature, 'Surge Savings,' to improve user experience, while pointing out that the commercialization of autonomous vehicles (AV) is still in its early stages, but the company will remain at the forefront.

The conversation discussed the great performance of Waymo's autonomous driving service in Austin and Atlanta, especially in terms of completing trips far more frequently than the average driver. Mention was made of partnerships with Lucid and Nora, clarifying that capital investment is not a burden but a key driver for product commercialization. Looking ahead, the company plans to accelerate product commercialization and explore the model of owning assets and leasing to fleet operators to achieve long-term development.

The dialogue emphasizes cooperation with leading software and hardware companies such as Neuro and Lucid, as well as investment strategies in the field of autonomous driving. By increasing the number of drivers in the ecosystem, including robots and autonomous drivers, service quality and platform value can be enhanced. The focus is on cash flow and capital allocation capabilities, as well as capital return plans after proving the economic benefits of autonomous driving vehicles. Collaboration is seen as a catalyst for driving market development, especially by taking equity positions in software and ecosystem players to accelerate their development and enhance company reputation.

The conversation revolves around Uber's investment strategy, emphasizing the establishment of credibility with financing partners through the recovery of minority equity returns, optimization of capital structure, and investments in real estate, facilities, and vehicles. It mentions Uber's consistent investment approach, which involves initial losses in the market and product early stages, followed by profitability through scaling and accumulated experience. Additionally, it announced a $200 billion cash return plan to prioritize shareholder returns, ensuring that investment decisions align with shareholder interests.

Discussed the importance of accelerating OEM cooperation and hardware platform construction in the field of AVS, mentioned progress in negotiations with several OEMs, and expected to announce collaborations in the coming years. At the same time, pay attention to the impact of companies like Tesla expanding on the market, emphasize their own competitiveness in platform advantages and supply-demand balance, and look forward to the broad prospects of the AVS market.

The discussion focused on the positive response of consumers to the slowdown in pricing growth, pointing out that although there may be short-term impacts after lowering prices, in the long run it increases user retention, especially in the US market. At the same time, the company shared details of its stock buyback plan, emphasizing the strong performance of cash flow generation and planning to reduce the number of shares through ongoing buyback activities. It is expected that this trend will continue in the coming years.

Discussed the vehicle commitment scale in the OEM partnership relationship in the next few years, emphasizing that the majority of the cash will be used for shareholder returns, with the remaining portion to be used to support ecosystem development. At the same time, the asset-light partnership model with Waymo and the importance of its expansion into new cities were explored, indicating that the current focus is on ensuring the success of existing city deployments and looking forward to more collaboration opportunities in the future.

The conversation delved into various forms of collaboration including agency models, asset ownership models, and software licensing models, emphasizing the importance of risk sharing and profit sharing. At the same time, it analyzed the potential economic benefits of purchasing vehicles, especially considering the comprehensive advantages of integrating vehicles with software. Looking to the future, the market will present a variety of collaboration models to meet the needs of different partners, building a stronger and more flexible economic and operational ecosystem.

Discussed Uber's 'dumbbell' strategy in the market, which focuses on both low-cost and high-end markets. In the short term, high-end markets such as corporate businesses and high-reliability services have shown higher profitability. In the long term, although low-cost products currently affect profit margins, they are seen as a larger market opportunity. In addition, Uber is exploring externalizing its technological capabilities, such as data licensing, to develop new sources of revenue, but the specific scale is not clear.

The dialogue discussed the implementation of a dual-track strategy to enhance mobile and delivery services, including priority delivery options to meet different customer needs. It also mentioned applying data collection capabilities to the AV field to accelerate market entry, as well as optimizing resource utilization and profit structure through separating advertising and direct business models.

As a working platform, Uber not only provides traditional job opportunities such as driving for nearly five million users, but also expands its platform capabilities to AI related fields such as data annotation, map annotation, and algorithm optimization through the Uber AI Solutions department. This model utilizes the core advantage of the platform, which is to distribute tasks to global workers, thereby promoting global AI technology development. The company is actively exploring the external application of more platform functions.

Thanks to all teams for their outstanding performance during the quarter, especially the Biology and Prashant teams for their contributions in ensuring smooth day-to-day operations and creating another excellent quarter together. Looking forward to continuing to work together and achieve great results in the next quarter.