We cut our 12-month target to $81 from $93 on a P/E of 35x our 2025 EPS (18x our 2025 FCF). We cut our 2024 EPS to $1.00 from $2.22 and 2025’s to $2.32 from $3.63. Gross bookings grew 20%, led by strong growth in Mobility (+26%) and Delivery (+18%). Trips grew 21%, driven by a 15% rise in MAPC and a 6% uptick in frequency (trips/MAPC). Despite top-line strength, net loss widened to $654M (LPS of $0.31 vs. $0.08) due to a $72M unrealized loss from equity investment reevaluation. Yet, UBER demonstrated operating leverage, with 82% growth in adj-EBITDA to $1.4B and $4.2B trailing-12-month FCF generation. Key growth drivers include UberOne’s 45% penetration of delivery of gross bookings, new affordable offerings like Moto and Xshare for volume, and grocery growth. We also like Instacart’s partnership expanding consumer reach, complementing geographic expansion and multi-product portfolio. UBER’s geographic expansion, new user segments, and multi-product portfolio position it well to drive growth and profitability.