Uber at JPMorgan Conference: Strategic Growth and Challenges

On Thursday, 15 May 2025, Uber Technologies Inc. (NYSE:UBER) showcased its strategic vision at the 53rd Annual JPMorgan Global Technology, Media and Communications Conference. CEO Dara Khosrowshahi highlighted Uber’s resilience in economic fluctuations and its ambitious growth strategies, while also addressing challenges such as high insurance costs. The company remains confident in meeting or exceeding its midterm financial targets.

Key Takeaways

• Uber is on track or ahead of its midterm targets, projecting significant growth in gross bookings and EBITDA.
• The company’s membership program has grown to over 30 million members, driving affordability and frequency.
• Insurance costs consume a substantial portion of fares, prompting Uber to advocate for regulatory reforms.
• Autonomous vehicle initiatives with Waymo are progressing, with plans for expansion into new markets.
• Uber’s delivery segment is experiencing consistent growth, with a focus on grocery and retail expansion.

Financial Results

• Uber projects mid-to-high teens growth in gross bookings and mid-30s to 40% growth in EBITDA.
• Over 90% of EBITDA is expected to convert into free cash flow.
• Audience growth reached 14% last quarter, with a 3% increase in frequency.
• Delivery revenue has consistently grown between 17% and 18% over the past seven quarters.
• Advertising revenue surpassed $1 billion, marking a growth of over 50% year-over-year.

Operational Updates

• Delivery order transactions increased by 15% last quarter, with Uber leading in 8 out of its top 10 markets.
• 60% of delivery gross bookings come from members, with a notable rise in grocery and retail adoption.
• Mobility pricing is being managed with a focus on reducing insurance costs to enhance affordability.
• Autonomous vehicle operations with Waymo in Austin are exceeding targets, with expansion plans for Atlanta.

Future Outlook

• Uber plans to scale growth bets such as Reserve, two-wheelers, Uber for Business, and grocery/retail delivery.
• The company aims to expand autonomous vehicle operations through partnerships in new markets.
• Efforts to shape human driver supply through strategic messaging and incentives during non-peak times.
• Uber envisions building a financial ecosystem around autonomous vehicles, potentially involving external financial partners.

Q&A Highlights

• Uber is committed to lowering mobility pricing, with insurance costs as a primary focus.
• The autonomous vehicle strategy emphasizes safety and customer experience through strategic partnerships.
• CEO Dara Khosrowshahi highlighted the importance of regulatory reform in reducing insurance-related costs.

For more detailed insights, readers are invited to refer to the full conference call transcript.

Full transcript - 53rd Annual JPMorgan Global Technology, Media and Communications Conference:

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Alright. We’re going to go ahead and get started. I’m Doug Anmuth, JPMorgan’s Internet analyst. We’re very pleased to have with us Uber’s CEO, Daragh Hazrashahi. Uber’s mission is to create opportunity through movement.

Uber is a global leader in two secular growth industries, ride sharing and food delivery. Last year, the company generated $163,000,000,000 in gross bookings along with nearly $7,000,000,000 of free cash flow. Dara has been CEO of Uber since 2017. He was previously CEO of Expedia and prior to that CFO of IAC Travel. So welcome, Dara.

Daragh Khosrowshahi, CEO, Uber: having me. Great to be here.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Absolutely. All right. Let’s start high level. It’s been more than a year since Uber provided its midterm targets at the twenty twenty four Investor Day. What’s changed most in the business since then?

And how do you feel the company is progressing toward those goals?

Daragh Khosrowshahi, CEO, Uber: Well, I think the good news is that anytime you give multiyear projections, there’s some danger of things changing or things going off course one way or the other, And we’re right on track. Just as a reminder for folks out there, we talked about mid to high teens growth as it relates to gross bookings. And then obviously margins leveraging quite nicely in terms of EBITDA growing mid-30s to 40%. And then substantial free cash flow generation as a percentage of EBITDA, more than 90% of EBITDA we thought would be moving into free cash flow. And we are on track or ahead of essentially all of those targets.

If you look at our business, we think that the growth levers continue to be huge. We’re relatively underpenetrated. Typically in most markets less than 15 less than 5% actually of the adult population in markets use us on a monthly basis. And the growth formula that we see is increasing audience, increasing frequency, and then hopefully price being a neutral in terms of gross bookings growth. We don’t want to pass on price unless we have to or we’re just passing on costs to the consumer.

If you look at last quarter for example, audience grew 14%, very healthy and consistent with last quarter, frequency grew 3%. We just keep improving the quality of service, so to speak, higher penetration of membership, which drives frequency structurally. And then again, on the pricing side, there has been some inflation in, for example, mobility pricing over the past couple of years in The U. S. And we’re trying to keep that inflation in check as much as possible, something that you saw in the last quarter.

Couple of priorities for us that we’re working on right now. Number one is driving affordability. Again, you saw last quarter in terms of mobility pricing essentially being flat on a year on year basis. Our membership program, for example, is a very significant affordability lever. We’re giving our members a discount and trading that for much, much higher frequency and better retention.

Membership, we now have over 30,000,000 members and delivery membership penetration is at 60%. Best of breed for us today is 70%. So we think we’ve got a good amount of penetration left as it relates to membership. On our Eats business, for example, we’re driving a higher and higher percentage of merchant funded offers. These are offers that essentially are funded by our merchants, and merchants might be buy one get one free, it might be spend $15 get another $10 etcetera.

These offers essentially drive merchant business up, and because merchants get to pay in their goods, it’s a really nice benefit for the consumer and limited cost to the merchant. So that’s one big angle that we’re going after. Second big angle that we’re going after is increasing our penetration markets. This is a really important initiative for the company that started with food, going to the suburbs, going to secondary tertiary markets, and actually now is extended into mobility as well. And for example, now 20% of mobility GBs are coming from these less dense markets, and the growth rate in these less dense markets is significantly higher than the growth rate in the core.

And we think the potential in these less dense markets is very, very significant. Third big growth driver that we’re pushing is continuing to scale our growth bets. These are bets like Reserve, two wheelers and three wheelers, Uber for business, halibles, taxis generally, on the food side, it’s our direct business, which is delivery as a service, or grocery and retail. All of them are scaling in terms of size, and the margin for those growth bets is lower than the base margin that we have for, let’s say, our base business, online food delivery business, ex business, but the margins continue to increase in that business. And then of course, autonomous, which is we think a huge TAM extender, safer way eventually of transportation, still have some work to do in terms of cost and scaling that business.

But we think that the promise that we’re seeing and the alliances and relationships that we’re building there are absolutely best of breed. So I’d say so far so good. I think in this case not much changing is good news for us, because these were pretty ambitious targets. And we think that in any environment, strong economy, medium economy, weak economy, tariffs, no tariffs, I think we’re a pretty safe bet.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Let’s hit on that point just on macro a little bit. You talked about on the 1Q call that Uber was recession resistant. How do you think about the degree of resilience of the business? And do you manage any differently in a potentially tougher environment?

Daragh Khosrowshahi, CEO, Uber: Yes, mean you have to manage different in a potentially tougher environment, but I think there are multiple angles as it relates to the resiliency that you see in our business. First I would say that the categories that we’re in, food, transportation, grocery, historically, if you look at historical cycles, the spend levels in those categories during down cycles tends to be much less variable than other categories. So if you’re not doing well or you’re going through a recession, you may put off the European trip, you may put off the home improvement, but you’re still going to treat yourself to that nice Friday night take the folks out for dinner or order a nice Uber Eats dinner. So one is either we got lucky or good, you can debate, but we’re in a bunch of really good categories. Second for us as it relates to geographic, is we have incredible geographic diversity.

We operate in 70 countries, over 50% of our bookings come outside of The U. S. We’re not really subject to tariffs because we’re the ultimate local business, you know, the money that comes from a Boston consumer goes to a Boston restaurant, or the vast majority goes to a Boston Driver. So we’re not really subject to all the tariff talk going on, obviously we hope for the best. So that’s kind of another differentiator for us.

Third for us is that our business model and our expenses are about 75% variable. This is a very, very low fixed cost business, and I think coming out of COVID, for example, which was the biggest shock to the system, I think a quarter after peak of COVID, our mobility business was profitable. I think that’s something that no one would have protected. And then last and certainly not least, is that our revenue and our costs tend to be correlated in economic cycles. So you can imagine in a weak economy, to the extent that consumer spend gets weaker, employment gets weaker as well, which would mean that the cost of our sourcing drivers, couriers would generally come down.

So in stronger markets, both of them kind of shift up and down. In weaker markets, they also shift up and down. So you look at these categories, the categories that we operate in, our geographic diversification not being subject to tariffs, our variable cost structure, and the fact that our revenue and costs are correlated you know, makes for a pretty good combination. And I think the team at Uber has gone through a lot. People said we could never be profitable, think we’ve disproven that.

And then some, we’ve gone through COVID, navigated really, really well. So I think when and if there is a significant economic cycle, I’m confident that the team can execute around that.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Okay, great. Let’s shift gears, talk about delivery. The top line has remained very strong over the past several quarters. You’ve continued to gain category position in most markets. How should we think about the delivery growth algorithm and how does it differ across core and then with grocery and retail?

Daragh Khosrowshahi, CEO, Uber: Yeah, absolutely. So we’ve been very, very happy with our performance in delivery. We’re actually seeing order transaction growth rates accelerating. The last quarter transaction growth rates were about 15%, which is very, very strong. Our frequency continues to be at or near all time highs, obviously assisted by the membership program as well.

And if you look at the top line, we’ve been growing our top line in terms of gross bookings 17% to 18% pretty consistently over the past seven quarters. So this has been a very, very consistently growing business. We believe that we have grown our category position in 10 out of our top 10 markets. We’re now category position one in eight of our top 10 markets as well. So all of these metrics, both competitively and top line, is working out well.

I think we’ve been able to demonstrate obviously very, very strong leverage in terms of profitability growth. And this comes from just better densification and more efficiency as it relates to the cost of our logistics network. It relates to relatively fixed cost base. The business is growing on the top line, but the fixed cost base of the businesses is quite fixed. And then you add on top of that our advertising business, which is growing at very significant rates, well over $1,000,000,000 in terms of revenue, growing over 50%, and this is very, very high margin business.

So we’re confident about the top line. Structurally we’re set up really, really well in terms of the bottom line. As it relates to the growth formula, honestly the growth formula is pretty simple. Number one is we want to keep improving the core service itself, which means average time of delivery, error rates, selection, the speed of search, the quality of search as we build out larger models. All of these metrics are moving the right way.

You can’t actually point to a causation between, let’s say, less error rates and higher frequency, but there’s definitely a correlation. We know that it’s the right thing to do, and the quality of the service continues to improve. That’s number one. Number two is affordability and price. And the big levers there are membership programs, 60% of gross bookings coming from members that get locked into our ecosystem, so to speak.

Obviously they want to be locked into the ecosystem because they’re getting a great deal. And then merchant funded offers, these are the offers that I talked about, and a higher and higher percentage of our gross bookings is coming from merchant funded offers. Generally foot traffic to restaurants has looked like it’s weakened a little bit. There’s no weakness at all seen in terms of delivery, and so kind of the merchants are leaning into the channel that is working out really well. And then the third big push for us is grocery and retail.

The grocery and retail category is larger than the online food delivery category. This is about we are increasing selection there as far as the number of merchants that we have. We introduced Dollar General, Home Depot, there are some really exciting announcements coming up. As we improve the selection for grocery and retail, we’re seeing a higher, higher percentage of online food delivery consumers trying out grocery and retail. It was about 18% of our audience on Eats tried out grocery and retail.

It’s up to 30% in certain markets, so we think we have a good running room there. And one interesting factor that we’re seeing with grocery and retail is it’s actually when we first got into grocery and retail, I kind of thought about it as an upsell channel. Let’s take people who are buying food, let’s get them shopping convenience, and then we’ll get them kind of doing their weekly shop and driving basket sizes higher. In the retail category, actually now there are retail occasions that we can really merchandise around that are attracting either big time audience of our established audience to the site, or attracting new audience. And for example, Valentine’s Day is an example, Mother’s Day was our best week ever as it related to grocery and retail.

So that business is getting to be a higher percentage of our overall, it’s accelerated for two quarters running, it is variable contribution profitable, not EBITDA profitable yet, and it will be too soon to drive EBITDA profitability. We see a small advertising business there that is now ready to scale with our Instacart partnership in The U. S. In particular. Ton of promise there very, very early as it relates to the growth.

So we’re quite pleased and we think the growth runway for our Eats business is quite significant.

Unidentified speaker: Okay, great.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Let’s talk mobility. You’ve consistently grown the business at a 20% rate and expanded margins. There is some noise in the first half just as pricing is lower than expected. Can you talk about the drivers here and then how you expect that to play out through ’25?

Daragh Khosrowshahi, CEO, Uber: Yeah, we think actually pricing being lower, I know it’s a little bit strange as it relates to talking to companies philosophically, but I think one of the things that separates technology companies from maybe some other companies is that we actively try to drive pricing lower. And it’s a really important philosophy for us at Uber because it just drives, kind of increases our overall total addressable market. The biggest factor as it related to pricing on mobility that is starting to shift is the cost of insurance. As you know, insurance costs, the commercial insurance costs across many, many industries, but especially the transportation industry has increased significantly over the past couple of years, double digits. Same thing has happened to us, and we passed on those costs to our consumers.

Unfortunately we’ve had to. We’re seeing those insurance headwinds start to ease. One is the market generally is starting to ease, so market CPI for insurance for the first time in a while increased single digits as opposed to double digits, then we are taking some steps to improve our own insurance results. One is we continue to choose safer paths, avoiding left turns, avoiding areas where there’s a high probability of some accident. So these are kind of product improvements that we’re making.

Another product improvement that we’re quite excited about is that safer drivers, we’re now scoring drivers based on their driving behavior. These are kind of third party safety scores. And what we see is, as we score drivers, they start driving

Unidentified speaker: better.

Daragh Khosrowshahi, CEO, Uber: And it’s very very specific as to the amount of harsh braking, the amount of harsh turnings, etcetera, speed ups, slow down. And we are now attaching the safety score and generally driver quality to driver earnings. Higher quality, safer drivers will get paid more per match, so to speak, and will get more matches than the opposite. So that is also driving driver behavior towards safety. And then last but not least is the regulatory environment.

States are very, very aware of insurance costs skyrocketing, and so we’ve seen some very encouraging regulatory trends in a number of states, Georgia for example, a couple of others coming, and we hope for those regulatory trends to continue. All of that has translated into our internal insurance costs and the headwinds that we had easing, and we’ve essentially passed on that easing to consumers. So if you look at our mobility growth, transaction growth was very similar to what it was in the past. Audience growth, frequency growth have been quite consistent. We just were able to ease the pricing growth that we’ve had in the past.

I think what you should expect going forward, at least the next quarter, is transaction growth to be broadly similar. And then really the question in gross bookings growth for mobility is, do we need to pass on pricing or do we not need to pass on pricing? I’m hoping for the latter. Okay, great.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Let’s talk about autonomous. AV, the biggest discussion and really debate when it comes to the Uber story. We’re also now about a year into an elevated level of focus and rollouts. What do you think has changed most in the AB narrative over the past twelve months?

Daragh Khosrowshahi, CEO, Uber: Well, think what’s changed is that a bunch of speculation is starting to be kind of shaped by reality and the execution of the business. I think you’ve seen us now be very, very active as it relates to our partnerships with autonomous providers. We’ve always said that as the largest kind of mobility platform in the world, one of the largest delivery platforms in the world, and then one of the largest logistics freight platforms in the world, those are the three biggest use cases as it relates to autonomy. So every player who is developing autonomous technology, we think, should be working with us across use cases, so to speak. So we really have a view into autonomous and technology and the development of the technology that no one else in the industry structurally can have.

And what we’re seeing is really encouraging, which is multiple players are developing this technology and whereas the technology has taken much longer, I think, than most people expect it to develop, the software capabilities are absolutely getting there. Waymo is absolutely leading the pack. They are the first in. They have an incredible bar for safety and quality. And we’re very, very happy with our launch in Austin with Waymo.

This was we had ambitious targets as it relates to our Austin launch, and the early metrics that we see are better than those ambitious targets, especially as it relates to the uptime of the vehicles and making sure that our fleet management services are as good as they need to be. And thank you to the Waymo team because they kind of taught us some of their best practices that they’ve learned in the cities in which they operate. And then, of course, the utilization of the vehicles and the customer love for the Waymo product absolutely is there. Customers love it. It’s safe.

The utilization of the vehicles is very high. And then we’re seeing that customers are opting in for AV at a high rate, and the second time an even higher rate once they’ve taken an AV trip. So this is a really, really good product out there. And then really what we’re looking to do is continue to expand our scope with alliances, with all of the players in the industry who pass our safety bar, so to speak. And you’ve seen a bunch of announcements, announcement with Pony, dot ai, WeRide, Momenta, VW, May Mobility, and hopefully more announcements to come and more launches in markets both in The U.

S. And outside of The U. S. So the trend that we see in autonomous is very strong. We’re a long way away from commercializing, we’re a long way away from scaling, but the early signal that we see is quite encouraging.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Okay. Just as the number of vehicles in Austin ramps, and you’ve talked about fleet going from nearly 100 today to hundreds over the coming months, how do you manage the mix of AVs and human drivers, especially at some of the lower demand times like early morning? Yes, definitely. So one is

Daragh Khosrowshahi, CEO, Uber: that the number of vehicles in Austin is going to increase as the operational domain for kind of safety for the Waymo’s in Austin continues to increase. By the way, we’re also launching Atlanta, is something that we’re really excited about. Have a kind of the way that we manage demand to various aspects of our marketplace is something that’s controlled by this dynamic dispatch layer that we’ve got. For example, most human drivers like longer trips than shorter trips. All the getting in and out is annoying, the waiting time, etcetera.

So our Waymo vehicles are tending to do more shorter trips than longer trips inside of that operating domain. And we think as it relates to the number of vehicles that we have and the number of vehicles that we are scaling up, we’ll be able to manage kind of human demand or human supply and way more supply in a constructive way as we go forward. I do think that during some kind of non peak times, call it 2AM, three AM, four AM in the morning, the number of human drivers that we will need are going to be significantly decreased, and we can essentially message that to our drivers, we can shape our incentives in a way to essentially shape supply, human supply, because we only need to pay drivers when we use those drivers, when they’re utilized. So I think there’s some supply shaping that we will undertake, but we’re very, very experienced in terms of supply shaping. Surge is essentially supply shaping, it’s getting drivers out during the times that we want, in the places that we want.

So this is something that we’ve done for a very, very long time and we’re quite confident of the path forward, so to speak.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Sticking with autonomous, so you provide marketplace as well as fleet operations in some markets with Waymo. How do we think about the current structure of the business model, how that could evolve, and then the degree to which you’re willing to use your balance sheet to invest in the AV ecosystem?

Daragh Khosrowshahi, CEO, Uber: Well, I stress that we’re very, very early as it relates to the ecosystem. Right now we want to prove that this product works, we want to make sure that customers love the product, and above all, we want to make sure that it’s safe. Ultimately, as it relates to the business model, we think that there are going to be various layers as it relates to the business model. There will be the demand layer, and we think we’re going to be the biggest demand pipe, so to speak. But there will also be certain players who have a direct channel.

Waymo is going have a direct channel to demand as well. Then you’re going to have a software layer. This is the driver. And again, Waymo, WeRide, etcetera might be the driver. And you’re seeing kind of this software layer develop as an example would be the Waymo relationship with Toyota.

They’re kind of licensing their software to Toyota, which is one of the leading players out there. Then there’s an operator. This is a fleet operator who is housing the cars, recharging the cars, cleaning cars, etcetera. We have very, very strong relationships with many fleet operators around the world. Fleets already represent about 15% of our overall supply hours, so to speak, on a global basis.

So this is something that we have scaled, and we are now demonstrating our fleet operations capability in Austin, and we will in many other cities, usually through partnership. Then there will be kind of the owners of the vehicles themselves, and then there’ll be vehicle financing. In the early parts of this developing the business model, we or fleets will invest in these vehicles to kind of prove out the economics and, again, prove out the quality and the safety. Over a long period of time we anticipate that these vehicles are going to be owned by financial players, just like Marriott doesn’t own their own hotels and there’s a whole financial ecosystem that owns these hotels and finances these hotels. We think a similar financial ecosystem is going to develop on the fleet side.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Okay. So related to the AV investments, earlier this week we saw you monetize your stake in Aurora. Can you just talk about the rationale there?

Daragh Khosrowshahi, CEO, Uber: Yeah, absolutely. We’ve been clear, first of all, that we over the long term we’re going to look to generally monetize many of the equity stakes that we have on our books. And Aurora was one of the largest equity investments that we had on our books, so we thought it was opportunistic to monetize the part of our Aurora stake through what’s a pretty creative financial mechanism. To be clear, we are huge believers in Aurora, we’re huge believers in Chris Ermson, and I would expect us, we still have a very substantial equity stake in Aurora, we got to monetize some of it at what is going be premium over the market price of Aurora, so that was attractive to us. But I anticipate being a holder of Aurora stock for some time to come for the foreseeable future, because we really believe in what Chris and team are building.

At the same time, this was an opportunity for us to essentially take some of the capital that we already have in our equity stakes, and use it as funding for some of the investments that we may make in AV. And if you think about the investments that we’re making in the AV stake, there are kind of three categories of investment. One is we’re investing in some of the software providers to give them support. These are strategic stakes, these are good alliances that we’re building, and these are very capable companies. We ride or Pony, Aurora is an example, Wabi is another example.

Example. We will have a portfolio of equity stakes in a number of these parties. Second, as I talked about, is investment in the AV ecosystem. And this may be investments in fleets who operate or own cars, or it may be investments in some cars as we establish a financial model that we talked about. And then the third is operating costs of running Waymo in Austin, or running a WeRide in Abu Dhabi.

In the early days, we’re not going be making money on a variable basis on these trips. It’s a de minimis number of trips, so it’s not a big number overall as it relates to P and L, but that’s another area that we’re going to be investing. But we thought it was an opportune time, and again Aurora is going be a very big investment for us for some time to come. This is just part of some constructive financial structuring that Prashanth and team undertook that we’re very happy about.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Okay. I want to talk about insurance for a minute. You’ve been advocating for insurance reforms in The U. S, especially in California. How should we think about the possibility of insurance rates coming down in some of those states?

And are you seeing anything early on just as it relates to auto tariffs?

Daragh Khosrowshahi, CEO, Uber: Yeah, so as it relates to insurance, we think that the regulatory environment is finally moving in the right direction. Inflation is something that consumers rightly hate, insurance has been a big part, has been one of the most inflationary parts of what consumers and businesses have had to pay, and businesses typically pass it on as we have. So we are seeing some encouraging regulatory trends in Florida, in Georgia, in Nevada. California and New Jersey are quite problematic. About 30 plus percent of the average Uber fare is eaten up by insurance, much of which comes from fraudulent legal practices, abusive legal practices, stage accidents, etcetera.

I don’t want to throw out a number, but it is significant. And we think that we have a very compelling case to make to the legislatures that this is just a cost that consumers are bearing and they shouldn’t bear, And that if we have regulatory reform, we can bring prices down, which means more business for our driver base and lower cost for consumers. And I think that’s something that’s very, very easy to get behind.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Okay, great. We’re going wrap up with a quick word association, so just whatever comes to mind. Affordability,

Daragh Khosrowshahi, CEO, Uber: hugely important.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: Macro, don’t care. Waymo, great partner. Uber One, lots of growth ahead. Advertising, yummy. Margins.

Higher. Tesla. Let’s see. Insurance. Hopefully coming lower.

Grocery.

Daragh Khosrowshahi, CEO, Uber: Very, very exciting and early.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: And free cash flow?

Daragh Khosrowshahi, CEO, Uber: Give me some.

Doug Anmuth, JPMorgan’s Internet analyst, JPMorgan: All right.

Unidentified speaker: Leave it there.

Unidentified speaker: Thank you, Thank you.

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