Vid i dont consider myself a journalist. Ofegin to take on the life an interviewer, even though i have a day job running a private equity firm. What is it that makes somebody tick . You have been the ceo of hoover for how long now . Two years. I love it. David the company was not a public company. You have taken it public. You received a lot of public via about the ipo. The company has a higher market capitalization, roughly 72 billion. Then any company in american capitalism history except for facebook, this short a time after the ipo. Why are so many people criticizing you for having a 72 billion market cap . Many i think there are critics for a large company. That is a fact of life. What is different about some of the companies of our generation going public, unicorns, we have stayed private for longer. We have raised more money over a longer time. We havecome public, bigger scale than companies that went public, the last generation of companies. My view is, we wanted to go public. We needed to make sure we are wellcapitalized. Now the time is to put your head down and get the real work done. Vid after the company did go public, it did go down by about 11 which is a record decline after an ipo. Did you think the Investment Bankers did not price it correctly . I love how this interview is starting to read timing is aligned with the president s tariff wars the same day. We got caught up in a bit of a market swirl, and there is nothing you can do about that. Be aterm, the market can voting machine but longterm, it is a weighing machine. I am very confident we will appreciate. David how did you come here . Id you take an uber . Dara need professional security. But we are taking goobers all ubers all over the place. David do they know who you are . Is about 5050. David i make sure i am very polite. Ask them how they are doing . Cany to be as nice as i because im trying to improve my liberating uber rating. David you said people should not slam the doors. Ra if you are driving a car, the car is an asset of yours. Have 3 million drivers. Almost 4 million. 63 countries, 585 cities. Dara you have been briefed impressively. , is ithe u. S. Increasing . Dara it is increasing and every single market. The last quarter we announced wet in a exchange basis, grew 41 . Of an impressive ace of bookings. At biginess is growing scale, impressive rates. Avid you did lose a billion dollars during the previous quarter. How much longer can you lose 1 billion a quarter and keep going . Dara we have a significant amount of cash in the bank. Capitalizedis low to keep investing. The markets we are going after, the transportation of people, food, they represent 16 trillion markets we are going after. R, the look at even ube rideshare business, typically we are addressing no more than 2 of the population of these countries. We think it is time to lean forward. The business itself can be quite profitable, we are confident of that. , four years will be profitable. Avid if i wanted to have rideshare, why should i pick uber versus your competitors . We have a lot of competitors that are good at what we do. We typically in most markets, pretty much every market, we have the greatest number of drivers. You are probably going to get the best eta. The quickest driver to pick you up. The choices we have are impressive. Have transit schedules. We want to move from a ride hail to your transportation partner. We are going to give you all the information we have. To get there with a tradeoff of time, convenience, and price. David you have many different businesses. Ridesharing is the one you are most famous for. More profitable is uber eats. Ara right sharing is ridesharing is more profitable. Uber eats is 20 . It is growing over 100 in a year on year basis. We are the largest food delivery player. We entered this business three years ago. It is about 20 of our booking. Eat is in 500 cities. Most populars the food . Dara Fried Chicken is magic. I am covering that in my next business review. In thea lot of People Company owned more stock than you. Do you think you are underpaid . I would never claim that i am underpaid. Vid you have your scooter business and electric bike business. It is in about 25 cities. Dara khosrowshahi david you have one that is manufactured for you . Building one that is manufactured for us. Some people say they are dangerous. Dara we are watching it carefully. We are working on technologies to modulate those issues. When they get to busy parts of town, we will slow them down. Some, early on, they went as high as 20 miles per hour. Determine working to responsible speeds. Launched you have launched a new product. Toa it is from new york jfk. David is there great demand . Dara we will see. Going to jfk during rush hour hour is a mess. What we are trying to what are you supposed to do . How much does it cost . About 200. Downtown new york to jfk, it is to 200 cost close anyway. The magic is we are bringing in users from thousands of going to jfk and matching three or four users and putting them in the same vehicle. Thatpeople drive alone and is a huge waste of our roads. Gas, et cetera. A product where we matched 234 riders. See is they are going to be replaced by generation of vertical power and lending. They will eventually be driverless. We are going to start with pilots. Expect that in the Aviation Industry in general. They are taking a look at either computers assisting pilots more or goring pilotless. Talk about your driverless or a thomas business. You took a lot of people from carnegie mellon. You have said recently you think it is not owing to happen so weekly as people have previously have said. How long will it be before you are program is one where there is no drivers . 15 plus years. It will take a long time. There is a drama around robots replacing humans. The reality is, the better thing than humans and robots alone are humans and robots working together. Robots are well designed for replacing repetitive predictable behaviors. Driving is not repetitive or predictable, but there are subset of roads that are. We will make sure safety comes first. We are building our program working with third parties as well in a context of a network. Tests set and scientists know what are the easiest trips in d. C. . Avoid around about. Stay away from airports. Stay in areas that are well mapped. There are set of routes that are easy to drive. What we will see is, we will get the machines to do the simple stuff. We will have the humans do the difficult stuff. The two are going to coexist 41015 years versus the drama the press reports. Your 15 answer was intended to mean no drivers at all. You expect to have some within the next year or two. Next five years. It is going to be in a limited way. You spun off your Thomas Company to a separate company. Dara khosrowshahi recruit wherewe created a company we were able to bring in some investors. Toyota, a huge oem. A toyota company. Very Strong Manufacturing kits and sensors and other parts of the car. Was about building these Autonomous Vehicles at scale. Mazda and in softbank. Softbank is your biggest single investor. They went in above or right where you are . Below. They got a decent deal. David when was the Company First started . Started ninefirst years ago by garrett camp who is an entrepreneur and still on the board. Guy. An unbelievably smart he brought in travis. Teamed and travis really up to build this thing. David many of the people there at the beginning own a lot of stock. A lot of people in more stock than you do. Do you think you are underpaid . You are taking it public and you do not own as much as some people working for you. Dara i would never claim i am underpaid. Tell gary barrett you are interviewing for this . Dara i did very early. I have him to think for pretty much everything in my professional career. I could not bear the possibility of just hearing about this from some news report. He was the first person i called. David you grew up not in the u. S. Dara i was born in iran. I left in 1978. I was nine years old. This was when the iranian revolution happened. My family was an industrial family, well off. Overthrown,h was folks thought my family were no longer welcome and iran. We went to france to wait until things calmed down and things never calmed down. We went from france to irvington, new york. We stayed in my uncles house. Inent to high school tarrytown new york. David and then you went to brown. Bioelectricald engineering. Then threw it all away. David you didnt want to go into private equity. Invest in Investment Banking was good enough. Dara it was a question of how people i wanted to be and it was a little less evil. Have gone intod hedge funds. You are minding your own business and then you go to work for barry diller. A grunt analyst on a deal for him. Against a big battle. It was a backandforth. Wanted. Ot we put up the big fight. I got to know him. I said if i ever have the chance to work for that person, i want to work for that person. David ultimately, one of the companies he owned was expedia. Dara i went to work for him as the deal person. We bought hotels. Com and expedia. They were part of the family to some extent because the deals i did. David he became the ceo of expedia. Did you have experience . Why did he think he think it would be good . Dara he was desperate. We were in a situation where one of the founders of expedia who was running it decided this stuff happens naturally building a company is different than managing it. Decided, i am not up for the ceo big anymore. Can you find a replacement . Idea, i raised my hand and he said yes. You stock board gave options worth 180 billion. Dara i guess they did based on theoretical value. While you are doing a good job, somebody asked you to interview for the job of being the ceo of uber. Did you say, i already have a job . I gotat first when called, i said, no way. I talked to a couple of friends. You dont get too many chances as a professional or otherwise to work at and especially lead a company that i think is a part of how we live life. Is ais case, this onceinalifetime opportunity. David did you tell barry diller you are interviewing . Dara i did very early. I couldnt keep it a secret. I have barry to thank for pretty much everything in my professional career, and i could not bear the possibility of his m learning about this from some news report. He was pretty unhappy at the beginning. Then he called me back. We had a series of conversations. He said, i understand why you are doing this. Let me know how you can be helpful. He was genuinely helpful. David he did not remind you of the hundred 80 million in stock options. Dara he understood the reason was not necessarily monetary. You are replacing travis kalanick. He was still on your board. Was it awkward to be the ceo replacing somebody on the board . I am on the board of expedia. I am the former ceo. Pickeds a new ceo who i. Ho is the board ceo being a former ceo, it is little weird sitting there and having someone else do something differently with your baby. Baby. Eels like traviss it is a little weird. You know what . You get out of the way. I think travis has done the same. Isnt weird . Yes. Are we respectful and comfortable. Is he there for me . Yes. David what is the biggest challenge you see the Company Facing . With a common challenge some of the Largest Technology companies out there. There is an increasing Regulatory Burden coming on some of the tech companies. Some of it deserved. I wanted to buy into a company like yours. Dara i think you have some extra money, dont you . David why should i buy your stock . Is it likely to go up . Dara i have no idea where it is going next week or next month. Over a long time, we are the cusp of a transportation revolution. We are we are the player that is global. We are multi product in terms of moving people, food, things. I will tell you, many of our competitors are going to do great. This is about replacing car ownership. Redefining how cities are shaped. What would you like the average person who is listening to know about uber . We essentially want to be your partner in terms of everyday life in a city. When you want to go to work, we want to be there. When you come back, we want to be there. We want to be there to feed you. We want to be your everyday utility and your use. We will do so in a responsible way. This is a company that wants to be great but once to do good for the world as well and we know we have a lot of work ahead of us. 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