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Super in depth. Well done! I’ve been buying a lot of this over the past 10 trading days.

One thing I’d add which we’re not able to quantify yet is the effect of share repurchases. Dara made it a point to call out they will begin aggressive share buybacks starting in 2025 and expect total share count reduction going forward. This will become a compounding machine.

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Good price to be buying at!

And indeed, share buybacks are great news for investors as well. Uber is no diluting shareholder and will soon start to reward us! Its cash flows are growing rapidly, and I believe this is putting these to good use.

Honestly, many of these negatives (i.e., dilution, unprofitability, cash-burning) have disappeared by now. Indeed, this is turning into a real compounding machine.

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Absolutely. I’ve been on the sidelines for years waiting to see them get to where they’re at. Massive global scale, profitable with expanding margins, and so many verticals they can grow into.

Morgan Stanley is calling for FCF/share CAGR of 26% 2025-2027. That’s def a machine 😏

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