uber earnings call q1 2020

There is no reason to think that structurally post-COVID anything is going to change, I think Germany has done a great job of opening up their market so to speak. Yes. My objective is based on the old Wayne Gretzky quote, ‘skate to where the puck is going, not where it has been.’For Uber that means tight focus in three key areas. We have an incredible opportunity, it's not a new opportunity, but it just got a lot bigger and it's called Eats. I mean, it’s – I’d say they're smaller markets, but the trends definitely look better, but also anything to add there?Yeah, yeah, no, I don't know. Importantly, global Rides gross bookings and ANR on a constant currency basis and excluding shared rides were growing in the mid 20% and high 20% respectively during the months of January and February.Rides adjusted EBITDA of $581 million were 23.5% of ANR, in the months January and February, Rides is producing a record 30% adjusted EBITDA margin. But it's too early to tell at this point. So, certainly the passage of time seems to be pushing trends in the positive direction. Dara, you talked about the 40% of US and Canada drivers who crossed this path [Phonetic] to Eats in April.

GAAP cost of revenues excluding D&A of 1.8 billion decreased to 50% from 54% of revenue in Q1 of 2019. You may now disconnect. The market seems to like rationalization, and I think ultimately the markets are going to drive long-term behavior, but you know, the category got bigger and capital chases the category and certainly growth is at a premium right now. And we are looking at technologies such as for example, our selfie technology, where we make sure that the driver who has been – who signed up is the actual driver who's driving, we can use that technology, for example, potentially, to make sure that the driver is wearing a mask where appropriate.So, we're absolutely exploring technology and you need a combination of technology, logistics, and local knowhow in order to operate safely at the kind of scale that we do on a Global basis. Obviously U.S., Mexico, and London, what you're seeing there, are there opportunities for you to take some share here in this environment? We're going to have our day in court. Since seven weeks I updated you last on the state of our business. We're now focused much more on PPE, making sure that our drivers have masks, shipping -- cleaning supplies, advising riders on the norms for them to ride as well because we want everyone to be safe.Riders wearing masks, we are encouraging them to wear mask, encouraging them to wash hands, etc. Our next question comes from Jason Helfstein with Oppenheimer.Two questions I guess.

Quarter-over-quarter our spend remained relatively flat, but increased as a percentage of adjusted net revenue, due to the top line pressure and COVID-19.

So, I think on the on the restaurant supply front, we are making progress, we are not satisfied. So, I think we've consistently shown leadership and we're there for them and you know, we're not going to stop them from working on any other platform or using any other platform or an open platform, but I think if we're consistent, we take care of them and we give them an opportunity to earn, I think we'll be just fine.As far as our ATG investments, listen, I think this is from a long-term standpoint. Quarter-over-quarter our spend remained relatively flat, but increased as the percentage of adjusted net revenue due to the top line pressure in COVID-19.

Nelson, do you want to talk about the head count and how much comes from back end or how much comes back as demand comes back?I would be happy to do. GAAP EPS was a loss of $1.70 and compares to a loss of $2.23 in Q1 of 2019. Thank you.Yeah, so in terms of the Eats growth, it is sustainable. And I think that it's going to benefit them. We do expect that as business continues to grow, I don't think we will, you'll see us adding back at that same level.

Finally, we expect our shared rides will be less important in the near term. So, when we talk about the revenue margin opportunity for Eats that's really a revenue margin opportunity for the pure play. This represents a significant 150 basis point improvement quarter-on-quarter, which puts us well on our path to achieving our 15% long-term take rate target.

This is also going to be possible on Eats. And so that really is driving the take rate improvement that we're seeing and that we should continue to expect to see into the second and third quarter.We're seeing this, we're seeing higher basket sizes. Of course given the deal we announced today with Lime, the vast majority of these losses will move off of our P&L.

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