I own a material amount of $UBER, and if the wife thought she could stop hearing about it, she was WRONG. One of the first things that should jump out to you from 4Q results is that user counts were very strong. The first chart way down below is quarterly MAPC y/y, which the last several quarters has been accelerating. Not bad for a company at such massive scale and n.b. that most SS models assume MAPC growth rates decelerate, as that's a natural starting point assumption. There are several squishy reasons one could imagine why MAPC might be outperforming. Generally speaking, two sided marketplaces benefit from liquidity so they often have accelerating returns to scale. Eats is a more luxury good so it should be later in its maturation curve. Int'l expansion. Millennials are fiscally irre
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