Uber is the world’s largest provider of on-demand ridesharing services. It connected passengers with drivers, completed journeys over billions of miles and, at the end of September 2024, had 161 million customers using its ride-sharing or food delivery services at least once a month. We view Uber as a leader in the rapidly growing markets for ride-hailing and delivery services, which we expect to grow at least 15% annually through 2032. The company faces competition from players such than Lyft (primarily in the US), but Uber is the clearly superior network.