Uber第二季度业绩强劲，分析师表示值得强力买入

Core Viewpoint - Uber has transformed into a "cash cow" with significantly improved financial health and stable free cash flow generation, leading analysts to rate it as "strong buy" rather than just "buy" [1] Financial Performance - In Q2, Uber's revenue exceeded expectations by $230 million, and GAAP EPS surpassed expectations by $0.01, showcasing impressive long-term performance despite not being outstanding in the short term [2] - Key performance indicators (KPIs) such as monthly user growth rate increased from 14% to 15%, and ride frequency grew by 18%, indicating sustained growth potential amid intensifying competition [2] - Total bookings and revenue both grew by 18% [3] - Adjusted EBITDA rose by 35% year-over-year, with a profit margin increase of 0.6 percentage points compared to Q2 2024, highlighting strong cash generation capabilities [4] Cash Flow and Projections - Over the past 12 months, Uber generated $8.5 billion in free cash flow, with an adjusted EBITDA growth rate of 35% and a market capitalization of $180 billion, indicating robust financial health [4] - The outlook for Q3 is strong, with total bookings expected to grow by 17% to 21%, and adjusted EBITDA projected to increase by 30% to 36% [5] Ecosystem Development - Uber is evolving from two main businesses (ride-hailing and food delivery) to a broader platform, with Uber One membership service becoming a key growth driver, boasting 36 million members and a 60% year-over-year increase [6] - Members of Uber One spend three times more than non-members, enhancing customer loyalty and reducing competitive risks [6] Future Investments - Uber is focusing on autonomous vehicles, partnering with over 20 companies, including Waymo and Lucid Group, to establish itself as a leading commercial platform in the industry [7] - The company has sufficient cash flow to support investments in new technologies while providing substantial returns to shareholders [9] - A $20 billion stock buyback plan has been approved, reflecting a commitment to both future investments and shareholder value [9] Internal Rate of Return - Under reasonable assumptions, Uber's internal rate of return (IRR) could reach around 10%, with potential for higher returns if revenue growth and profit margins exceed expectations [10]