Financial Data and Key Metrics Changes - The company reported strong performance in Q1 2025, with significant year-over-year growth in EBITDA profit dollars, indicating a healthy financial position [34][36][40] - The net revenue margin decreased quarter-on-quarter due to increased affordability initiatives and a mix shift in the business, but expectations for Q2 indicate a recovery in margins [39][44][121] Business Line Data and Key Metrics Changes - The new verticals business, including grocery, showed strong growth with an increasing number of monthly active users (MAUs) and improved order frequency [23][24][25] - The grocery segment is becoming a larger component of the overall business, with increasing basket sizes driven by consumer habituation [120] Market Data and Key Metrics Changes - The company is expanding its international presence, particularly in Europe, with the acquisition of Deliveroo expected to enhance its market share and operational scale [11][21][79] - The competitive landscape in Europe remains challenging, but the company believes it can leverage its experience to improve Deliveroo's performance [40][46] Company Strategy and Development Direction - The company is focused on maximizing long-term profit dollars rather than optimizing unit margins, emphasizing the importance of scale and operational efficiency [36][46][78] - The strategy includes investing in affordability initiatives across all categories and geographies to enhance customer value and drive growth [115] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the food delivery market, noting that consumer behavior remains stable despite external economic pressures [12][13] - The company is optimistic about its growth trajectory, particularly in the grocery sector, and expects to be volume share leaders in the coming year [59][121] Other Important Information - The company has a minimum cash requirement of approximately $1 billion for working capital, with excess cash allocated for strategic investments [93] - The acquisition of SevenRooms is seen as a way to enhance the company's marketing capabilities and expand its service offerings beyond restaurants [92][96] Q&A Session Summary Question: Can you discuss the international competitive landscape and the growth of the European market? - Management highlighted the strong track record in international markets and the potential for scale through the acquisition of Deliveroo, which will enhance their presence in Europe [11][12][21] Question: Has the philosophy on M&A changed with recent acquisitions? - Management confirmed that the bar for M&A remains high, focusing on whether acquisitions increase the addressable market or enhance the existing portfolio [20][21] Question: What factors are driving increased spend per customer in grocery? - The company noted that increased selection and improved product quality are key drivers of customer spending, with a significant portion of MAUs now ordering groceries [23][24][25] Question: Can you elaborate on the affordability initiatives and their impact on margins? - Management clarified that the goal is to grow profit dollars rather than optimize margin percentages, with affordability initiatives aimed at driving order volume [39][44][121] Question: What is the vision for DashPass moving forward? - The company views DashPass as a membership program that will evolve to connect local businesses with consumers more effectively, enhancing its utility [71][72] Question: How does the company plan to address competitive intensity in grocery? - Management emphasized a focus on improving product offerings and customer experience, believing that investments in quality and service will drive competitive advantage [60][61]

Financial Data and Key Metrics Changes - The company reported strong performance in Q1 2025, with significant year-over-year growth in EBITDA profit dollars, indicating a healthy financial position [34][36]. - The net revenue margin experienced a quarter-on-quarter decline, attributed to seasonal factors and increased affordability initiatives [40][43]. Business Line Data and Key Metrics Changes - The new verticals business, including grocery, showed strong growth with an increase in monthly active users (MAUs) and order frequency, indicating successful customer engagement [24][25]. - The grocery segment is becoming a larger component of the overall business, with increasing basket sizes driven by consumer habituation [121]. Market Data and Key Metrics Changes - The company is focusing on expanding its market share in Europe, particularly through the acquisition of Deliveroo, which is expected to enhance its competitive positioning in the region [11][12]. - The competitive landscape in Europe remains challenging, but the company believes it can leverage its experience to improve Deliveroo's performance [46][102]. Company Strategy and Development Direction - The company aims to maximize long-term profit dollars rather than focusing solely on unit margins, emphasizing the importance of scale in generating profits [76][102]. - The strategy includes investing in affordability initiatives across all categories and geographies to enhance customer value and drive growth [116]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the food delivery market, noting that consumer behavior remains stable despite external economic pressures [12][13]. - The company is optimistic about its growth trajectory, particularly in the grocery sector, and expects to maintain leadership in order volume share [58][60]. Other Important Information - The company has a minimum cash requirement of approximately $1 billion for working capital, with excess cash allocated for strategic investments [93]. - The acquisition of SevenRooms is seen as an opportunity to expand the company's service offerings beyond restaurants, potentially enhancing its marketing capabilities [92][96]. Q&A Session Summary Question: Can you discuss the international competitive landscape and the growth of the European market? - Management highlighted the strong track record in international markets and the potential for scale through the Deliveroo acquisition, which could enhance local commerce products [11][12]. Question: What factors are driving increased spend per customer in grocery? - The increase in spend is attributed to broader use cases and improved product quality, with a focus on expanding selection and enhancing customer experience [24][25][56]. Question: How does the company view the impact of tariffs and pricing strategies? - Management noted that current tariffs have not significantly affected consumer behavior, and the company is focused on maintaining affordability and quality [12][13]. Question: What is the company's approach to acquisitions and how does it impact earnings? - The company maintains a high bar for M&A, focusing on opportunities that expand the addressable market and enhance operational capabilities [20][22]. Question: Can you elaborate on the affordability initiatives and their impact on margins? - The affordability initiatives are designed to drive overall profit dollars rather than optimize margin percentages, with expectations for improved take rates in the future [40][43]. Question: What is the vision for DashPass and its evolution? - DashPass is viewed as a membership program aimed at maximizing utility for consumers, with ongoing improvements to enhance its value proposition [70][71].

Doordash said the all-cash acquisition of SevenRooms, a New York City-based data platform for restaurants and hotels to manage booking information, will close in the second half of 2025. British food delivery service Deliveroo said Tuesday that they have agreed to a deal with Doordash worth $3.9 billion. "We believe both SevenRooms and Deliveroo will expand our ability to build world class services that increase our potential to grow local commerce and support our financial goals," Doordash said in a releas ...

DoorDash said on Tuesday it has agreed to buy its U.K. rival Deliveroo for about £2.9 billion (around $3.29 billion), as the U.S. food delivery company seeks to expand into new markets. DoorDash will pay Deliveroo shareholders 180 pence per share, which represents a premium of 44% over the latter's share price on 4 April, when the U.S. firm approached with its acquisition offer, the companies said. The deal would give DoorDash access to nine new markets in Europe, where Deliveroo operates in primarily. The ...

LONDON — British food delivery firm Deliveroo on Monday said it has agreed to a takeover offer from American rival DoorDash that values the company at £2.9 billion ($3.9 billion).Deliveroo, which lets users order hot meals and groceries via an app, said its board agreed to an offer from DoorDash to acquire all issued and to be issued shares in the company for 180 pence a share.That marks a 44% premium to Deliveroo's closing price on April 4, the last business day prior to DoorDash's initial offer letter.Del ...

Investment Rating - The report maintains a "Buy" rating for both JD and Meituan, indicating favorable risk-reward scenarios for investors [1][10][13]. Core Insights - JD's food delivery service has ramped up quickly, achieving 10 million daily orders within two months, which is significant compared to Meituan's approximately 65 million daily orders [1][12]. - The report outlines three potential scenarios for JD's future in the food delivery market, ranging from losing scale due to subsidy pullbacks to becoming the second-largest player [1][9][18]. - Meituan is expected to maintain its leadership in food delivery due to its extensive merchant coverage and established user base [10][11]. Summary by Sections JD's Market Entry and Performance - JD's food delivery service has seen rapid growth, doubling its daily orders from 5 million to 10 million in a short period [12][28]. - The company has implemented a Rmb10 billion subsidy program to attract users and has a zero-commission policy for new merchants [28][29]. - JD's long-term commitment to food delivery is supported by strategic investments and management changes [2][10]. Competitive Landscape - The food delivery market is becoming increasingly fragmented, with Meituan and Ele.me responding to JD's entry with their own competitive strategies [2][29]. - Meituan's unique competitive advantages include its large local service merchant network and a strong in-house delivery system [10][11]. - The report anticipates that the competitive dynamics will evolve as JD and Alibaba continue to invest in their food delivery operations [7][10]. Financial Projections and Valuations - The report projects significant upside potential for both JD and Meituan, with target price increases of 56% for Meituan and 53% for JD over the next 12 months [1][26]. - JD's potential EBIT impact varies across scenarios, with estimates ranging from Rmb7 billion to Rmb14 billion depending on market performance [8][9][18]. - Meituan's food delivery is valued at HK$83 per share, based on projected daily orders and EBIT per order [11][60]. Scenario Analysis - Scenario 1 suggests JD could shrink to below 5 million daily orders if subsidies are removed, leading to a significant EBIT impact [9][15]. - Scenario 2 maintains JD's order volume at 8-12 million per day, resulting in a moderate EBIT drag [9][17]. - Scenario 3 envisions JD becoming the second-largest player with daily orders reaching approximately 20 million, significantly impacting both JD and Meituan's EBIT [8][19]. Market Dynamics and Future Outlook - The report highlights the ongoing competition and strategic responses from Meituan and Ele.me, indicating a need for continuous adaptation in the market [2][29]. - JD's entry into food delivery is expected to shift the competitive landscape, with implications for pricing and market share among the key players [1][7][10].

Financial Data and Key Metrics Changes - Uber's gross bookings grew 20% annually from $65 billion in 2019 to $163 billion in 2024, with adjusted EBITDA improving by over $9 billion to reach $6.5 billion in profits in 2024 [37] - In Q4 2024, gross bookings increased 21% year-on-year on a constant currency basis to $44.2 billion, while adjusted EBITDA grew 44% year-on-year to $1.8 billion [39] - The company achieved its first quarter of over $1 billion in GAAP operating income and converted adjusted EBITDA to free cash flow at over 90% rates [37][39] Business Line Data and Key Metrics Changes - The mobility and delivery businesses showed strong growth, with significant increases in trips and gross bookings [39] - The Uber One membership program reached 30 million members by the end of 2024, up approximately 60% year-on-year [40] - Uber Eats crossed $20 billion in gross bookings in a single quarter for the first time, achieving record highs in adjusted EBITDA and adjusted EBITDA margin [87] Market Data and Key Metrics Changes - Uber operates in over 70 countries and more than 15,000 cities, serving multiple multi-trillion dollar markets across mobility, delivery, and logistics [36] - The company has over 171 million monthly active platform consumers and 8 million earners [39] Company Strategy and Development Direction - Uber aims to be the default choice for the movement of people and things, focusing on building best-in-class products and leveraging its platform for customer acquisition [36][38] - The company plans to enhance its mobility and delivery services, expand in low-density markets, and innovate with AI to improve customer experience [44] - Uber is committed to advancing its autonomous vehicle strategy, with multiple partnerships and a focus on safety and operational excellence [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining industry-leading growth despite evolving macroeconomic conditions, with expectations for mid to high teens gross bookings CAGR and high thirties to 40% adjusted EBITDA CAGR through 2026 [42] - The company is focused on delivering commitments to shareholders while navigating economic challenges, emphasizing the importance of affordability and service quality [44][100] Other Important Information - Uber's executive compensation is aligned with performance and market levels, with a focus on attracting and retaining top talent [48][50] - The company has not declared or paid cash dividends, prioritizing share buybacks and reinvestment in growth [75][76] Q&A Session Summary Question: Why is executive compensation so high at Uber? - The board ensures compensation is competitive to attract and retain top executives, aligning incentives with shareholder interests [48] Question: What are Uber's strategies for ensuring fair compensation and support for drivers? - Uber focuses on transparency, providing tools for drivers to make informed decisions, and advocating for safety and fair earnings opportunities [51][54] Question: What steps has Uber taken to maximize and increase driver earnings? - Uber has seen drivers earn a record $72 billion globally, up 22% year-on-year, and continues to introduce features to enhance driver experience and earnings [57][58] Question: Why did you allow your CEO and Uber to donate $2 million to the inauguration of Trump? - Uber has consistently donated to inaugural funds to demonstrate support for major moments in civic life [59] Question: When will Uber start paying a dividend? - Uber does not expect to declare or pay cash dividends in the near future, focusing on share buybacks and reinvestment [75][76] Question: What measures is Uber taking to ensure safety as EVs are integrated into the platform? - Uber emphasizes high safety standards for autonomous vehicles, requiring them to be significantly safer than human drivers [78][79] Question: What markets outside of the United States have seen success with the Uber for teens program? - Brazil has shown strong growth in the Uber for teens program, approaching U.S. trip volumes despite launching later [83] Question: What are the next overall metrics that you plan to surpass in the Uber Eats category? - Uber Eats aims for continued high teens growth, expanding merchant selection and improving delivery reliability [87] Question: What initiatives are you most excited about to drive adoption of Uber One membership? - Uber One membership has grown significantly, with new benefits being introduced to enhance user engagement and retention [90] Question: What is Uber's broader partnership strategy? - Uber seeks to deepen loyalty and engagement through partnerships across various business lines, enhancing value for users and merchants [94][96] Question: How do economic downturns affect earner sign-ups and engagement on the Uber platform? - Historical data suggests that driver supply tends to increase during economic downturns, improving service reliability and consumer experience [100]

作 者丨陶力 编 辑丨张伟贤 摄 影丨梁远浩 阿里是否愿意长期烧钱，仍是一个巨大的问号。 京东和美团在外卖市场打得火热时，饿了么有了强势的底牌。 4月3 0日， 淘宝天猫旗下即时零售业务"小时达"正式升级为"淘宝闪购" ，并在淘宝a p p首页 Ta b以"闪购"一级流量入口展示，首日上线5 0个城市，后续还会在5月6日推广至全国。除了日 常品类， 重点在于淘宝将可以提供餐饮外卖服务。 与此同时，饿了么还宣布了"百亿补贴"计划。这是2 0 1 8年收购饿了么以来，阿里提供的最核 心"武器"。以至于有饿了么内部人士直言，"对我们肯定是天大的喜讯！ 不仅是多了一个大的 流量来源，更重要的是我们有更足的底气和资本去拓展合作，面对品牌多了一张牌。" 看似突然的决定，其实并不是拍脑袋的冲动， 而是阿里对旗下即时零售业务的充分整合。动 机可以归纳为三点：强化对饿了么的流量支持、巩固即时零售的防御阵地，以及应对京东、 美团扩张带来的挑战。 外卖市场的竞争本质上是流量之争。美团凭借高频的外卖业务，构建整个本地生活服务的生 态 ， 而 饿 了 么 在 阿 里 的 体 系 内 长 期 处 于 " 陪 跑 " 状 态 。 尽 管 ...

April 2025 Disclaimer Non-IFRS Financial Measures This document and the investor webcast include references to non-IFRS financial measures, which include: Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, Total Segment Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, cash liquidity and net cash liquidity. Grab uses Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, Total Segment Adjusted EBITDA, and Adjusted EBITDA margin for financial and oper ...

San Francisco-basedUber Technologies ((UBER) is the dominant ride-sharing company in North America and internationally. Uber has expanded its business into Canada, Latin America, Europe, the Middle East, and Asia (ex-China). Through its mobile application and vast network of drivers, Uber offers various services to customers based on details like the number of riders, vehicle style, and pets. In addition, Uber has diversified into the delivery business. The company faces some bad news and goods news ahead o ...