 Uber’s Gross Bookings grew 21% YoY to $44.2 bn in 4Q24, driven by 24% YoY growth in the Mobility segment, and 18% YoY growth in Delivery, all on a constant currency basis. By the end of 2024, Uber averaged 33 million trips per day on its platform. The company reported its strongest quarterly results to date. Uber’s Monthly Active Platform Consumers (MAPCs) reached 171mn in 4Q24, up 14% YoY. Members in Uber One grew to 30 mn, making a 60% YoY increase with 5mn new members added in 4Q24 alone. The mobility segment delivered 24% YoY growth in Gross Bookings in 4Q, supported by a 26% YoY increase in active driver supply. Uber for Business, the company’s premium offering, saw Gross Bookings rise 50% YoY, serving over 200,000 corporate clients. Uber for Teen bookings increased by 50% QoQ in 4Q, following the product expansion to more than 50 countries. UberX Share Gross Bookings were launched at 10 major airports. Uber emphasized its commitment to improving affordability, driven by a stronger labor market, balanced driver supply, lower inflationary pressure, and slower insurance cost growth. Better affordability may drive demand further. The Delivery segment’s Gross Bookings rose 18% YoY to $20bn in 4Q, supported by MACP growth and increased membership adoption. Uber noted stronger delivery trends in the US, UK, Canada, and Mexico. Gross Bookings faced foreign currency headwinds, primarily due to the devaluation of the Argentine peso, Brazilian real, and Mexican peso, resulting in a 25% currency headwind to Uber’s LatAm Gross Bookings YoY. Revenue margins were 30.3% for Mobility and 18.7% for Delivery segments in 4Q, driving a 24.8% YoY revenue increase in Mobility to $6,911mn, and a 21% YoY revenue growth in Delivery to $3,773mn in 4Q24. Freight revenue remained flat at $1,275mn. Total revenue reached $11,959mn in 4Q, up 20% YoY. Uber’s Adjusted EBITDA reached $1,842mn in 4Q, up 43.6% YoY, including $1,769mn from Mobility and $727mn from Delivery. The adjusted EBITDA includes $419mn in stock-based compensation for the quarter, down 10.7%. The company generated $6.9bn of free cash flow in 4Q24. Uber reported $6,002mn in tax benefits, bringing net income to $6,901mn in 4Q. The number of shares used for Basic EPS calculation increased by 2.2% YoY.  Uber sees significant potential in AV technology, targeting a $1trln AV market in the US alone. The company acknowledges that AV commercialization will take time, as it requires progress in safety records, regulatory framework, cost-effective scaled hardware, on-the-ground operational excellence, and optimized network utilization to manage consumer demand. Uber expects AV costs to fall below the human-driven rides, which is approximately $2/mile in the US on the Uber platform. Uber is well positioned to support AV partners to achieve the scale of operations and lower costs. Uber is launching its AV rides in partnership with Waymo in Austin and Atlanta and introduced an autonomous ride-hailing service in Abu Dhabi in collaboration with WeRide. Uber Eats is delivering orders via autonomous sidewalk robots in partnership with Avride and Cartken.  Uber anticipates Gross Bookings growth of 17-21% YoY in 1Q25, reaching $42.0-43.5 bn, factoring in an expected 5.5% currency headwind. Adjusted EBITDA is projected to reach $1.79-1.89bn, up 30-37% YoY. Following the review of our forecasts, we have updated our 12-month price target to $84.9 from $83.7 per share, maintaining our BUY rating.