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Exhibit 99.1 — Uber’s Acquisition of Postmates Conference Call (Form 8-K, July 6, 2020)

Summary

Exhibit 99.1 is the transcript of an Uber conference call on the agreement to acquire Postmates. The call participants listed include Dara Khosrowshahi (CEO & Director) and Nelson Chai (Chief Financial Officer), followed by analysts from firms including Morgan Stanley, Goldman Sachs Group Inc. and Barclays Bank PLC. Khosrowshahi says Uber signed an agreement to acquire Postmates in an all-stock transaction valued at approximately $2.65 billion. Khosrowshahi also says that, based on preliminary results, Eats gross bookings grew just over 100% year-on-year in Q2, and that Rides gross bookings declined roughly 75% year-on-year in Q2. The remarks state a belief that Uber can achieve over $200 million of run rate synergies 1 year after close.

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“Exhibit 99.1 — Uber’s Acquisition of Postmates Conference Call (Form 8-K, July 6, 2020).” Original at www.sec.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/exhibit-99-1-uber-technologies-inc-form-8-k-july-6-2020-call-transcrip-c089fb1add/, SHA-256 f0436cc979b7a80114e609a55f50f386f023609928462134e6663510521bc4d4.

Full text

Exhibit 99.1

Call Participants

EXECUTIVES

Dara Khosrowshahi

CEO & Director

Emily Maher

Head of Investor Relations

Nelson Juseuk Chai

Chief Financial Officer

ANALYSTS

Brian Nicholas Fitzgerald Wells Fargo Securities, LLC, Research Division

Brian Thomas Nowak

Morgan Stanley, Research Division

Heath Patrick Terry Goldman Sachs
Group Inc., Research Division

Mark Stephen F. Mahaney RBC Capital
Markets, Research Division

Pierre C. Ferragu

New Street Research LLP

Ross Adam Sandler Barclays Bank PLC,
Research Division

Steven Bryant Fox

Fox Advisors LLC

1

Presentation

Operator

Ladies
and gentlemen, thank you for standing by, and welcome to the Uber's Acquisition of
Postmates Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today,
Emily Reuter, Investor Relations.

Emily Maher

Head of Investor Relations

Thank you, operator. Good morning, everybody,
and welcome to today's conference call regarding Uber's agreement to acquire Postmates. On the call today, we have Dara Khosrowshahi
and Nelson Chai. We also have Kent Schofield, and this is Emily Reuter from the Investor Relations team. We will start today with
remarks from Dara and Nelson and then host a brief Q&A session. We have allotted 30 minutes for this call.

Certain statements on this call may be deemed
to be forward-looking statements concerning the proposed transaction and other matters related to Uber and Postmates that are
subject to risks and uncertainties. Actual results may differ materially from these forward-looking statements, and we do not
undertake any obligation to update any forward-looking statements we make today. For more information about factors that may cause
actual results to differ materially from forward-looking statements, please refer to the risks and uncertainties included in our
SEC filings, including our filings on Form 10-K, 10-Q and 8-K.

In addition, in connection with the proposed
transaction, we will file with the SEC a registration statement on Form S-4 to include a prospectus of Uber. Investors are urged
to carefully read the registration statement and other relevant documents to be filed with the SEC in their entirety when they
become available as they will contain important information about Uber-Postmates' proposed transaction and related matters.

Investors will be able to obtain free copies
of the registration statement and other documents filed with the SEC through the website maintained by the SEC at www.sec.gov and
on our Investor Relations website at investor.uber.com. You can find today's press
release, a deal-focused investor presentation and any additional materials to be filed by Uber with the SEC in connection with
the proposed transaction on investor.uber.com.

With that, let me hand it over to Dara.

Dara Khosrowshahi

CEO & Director

Thanks, Emily. I'm excited to announce that
we signed an agreement to acquire Postmates in an all-stock transaction valued at approximately $2.65 billion. This acquisition
is going to allow us to drive continued growth, improve our operating efficiency and accelerate our path to profitability through
this combination of Uber and Postmates' scale, technology and complementary geographic strengths.

Before I talk more about the deal, I wanted
to provide a brief update on our Eats business and our views on food delivery category more broadly. Globally, the food delivery
ecosystem is large, dynamic, highly competitive and growing quickly. Consumers and restaurants have been shifting towards delivery
before COVID-19, but the pandemic has accelerated these trends, rapidly attracting new customers and restaurants, including many
that have previously not considered ordering or offering food delivery. We believe this shift in many ways is structural and will
continue past the immediate crisis.

The performance of our Uber Eats business
reflects these wider trends. We've seen record volumes with strong growth throughout April, May and June. Based on preliminary
results, we expect that Eats' gross bookings grew just over 100% year-on-year in Q2. We're in the unique position of having the
Eats business to significantly offset headwinds in our Rides business, which saw gross bookings decline roughly 75% year-on-year
in Q2 with a steady recovery to less than 60% year-on-year decline as of the last few days, with recovery varied by geography and
with some countries having recovered to year-on-year growth.

2

We believe the success of Uber Eats over the
last 4 years from 0 to the largest food delivery service by gross bookings outside of China year-to-date 2020 was in large part
due to the power of our global brand and our delivery model, which connects restaurants with a network of drivers and delivery
people. We've continued to extend our strong position in urban areas, engage with some of our most valuable customers with an
additional Uber service beyond ridesharing. It has now achieved a leading category categories in dozens of the biggest cities
around the world, including London, Paris, Lisbon, Tokyo, Taipei,
Sydney, Toronto, Mexico City and many others.

In the U.S., we have a leading position in a
number of major metropolitan markets. Importantly, we continue to gain category position in New York City. And while we've seen
significant growth across the city, we're particularly pleased with our growth outside of Manhattan, which represents nearly 2/3
of the NYC online food delivery market by gross bookings and has grown much faster than Manhattan over the past several quarters.

Some of these cities were large, profitable
strongholds for established competitors who have historically been focused on a marketplace or 2P model. Our success in these areas
is a resounding endorsement of the value of our delivery model that our delivery model brings to consumers, restaurants and delivery
people through increased selection and network efficiencies. It's clearer than ever to us that the logistics side of the equation
will continue to play a prominent role in the growth of this category. Our business is a technology-enabled game of inches. It
takes time and a relentless focus on execution, but as we start benefiting from strong [ flywheel ] effects, our model starts to
turn profitably.

While we continue to invest in our business
in the U.S. in a number of competitive markets, our Eats business is now profitable on an adjusted EBITDA basis in 2 of our top
5 Eats countries by gross bookings. We're confident that we can continue to make progress towards breakeven and beyond on our
Eats business both organically and inorganically. Of course, consolidation could naturally accelerate that progress.

3

We
said that we would be a consolidator for the right assets at the right price, which brings us today to the announcement
with Postmates. This transaction combines our Rides and Eats platform and deep logistics expertise with Postmates' brand and distinctive
delivery assets in the U.S. I want to spend a few minutes highlighting some of the valuable and differentiated products, technology
and expertise that Postmates will bring to Uber, including $643 million in Q1 gross
bookings, growing over 67% year-on- year and over 50% quarter-on-quarter in Q2; a geographic presence with strength in the U.S.
Southwest, including Los Angeles, Las Vegas, Orange County,
Phoenix and San Diego that complements our existing Eats presence; differentiated restaurant selection of over 115,000
partner restaurants, a number of which are new to the Uber Eats platform, including relationships with popular local hero brands
such as Sugarfish, Tocaya Organica, Ono Hawaiian BBQ and Sweetfin; a well-loved brand
with over 10 million loyal active customers who placed an order in the last 12 months ending March 31; industry-leading delivery
efficiency and batching at nearly 3 deliveries per hour in established geographies, which we intend to leverage through combined
dispatch efforts to further improve our own delivery efficiency; a sizable subscription base with 30% of orders coming from Postmates
Unlimited; technology and operations to facilitate delivery for non-partner merchants that's much more reliable for consumers
and delivery people and significantly less disruptive for merchants than the approach of many competitors; and an accelerated
delivery as a service effort, which complements our own efforts on grocery and B2C delivery.

The combination of Uber Eats and Postmates
is also expected to drive significant efficiencies and cost savings that will allow us to bring benefits to all sides of the marketplace,
including consumers and restaurants. We believe we can achieve over $200 million of run rate synergies 1 year after close. Additionally,
we believe that over time, we can offer wider selection and lower prices for consumers, generate increased demand, lower costs,
streamlined operations with fewer tablets for restaurants and provide more work opportunities and improved earnings for delivery
people. We believe all of this will ultimately drive value for Uber as well.

And with that, I'll turn it over to Nelson for more
details on the transaction.

Nelson Juseuk Chai

Chief Financial Officer

Thanks, Dara. Turning
now to the details of the transaction. The transaction is valued at approximately $2.65 billion on a fully diluted basis, subject
to net debt adjustments. Postmates' stockholders will receive 100% cash consideration. Uber common stock issued in the transaction
will be valued at $31.45 based on Uber's 10-day VWAP as of June 29, 2020.

Postmates' stockholders representing more
than 55% of its outstanding shares have committed to approve the transaction. Uber is committed to provide bridge financing to
Postmates during the process of obtaining regulatory approval. Postmates will be combined with the Uber Eats business unit led
by Pierre- Dimitri Gore-Coty, Vice President of our Delivery business.

We estimate synergies to be over $200 million
of run rate savings 1 year after close driven by efficiencies in G&A, sales and marketing, courier utilization and payment
fees. We believe the combination accelerates our path to profitability. We expect to provide more details on the efficiencies we'll
be able to achieve as well as other acquisition-related financial impacts once the deal closes.

In terms of process and timing, the transaction
is subject to customary closing positions, including applicable regulatory approval. As such, we expect to close the transaction
in Q1 of 2021.

I'm sorry, I think I
said that the transaction was cash. It's all stock. I apologize, I misspoke. And with that, let's move to Q&A. Please be mindful
that we will not comment on Q2 performance, so please keep questions focused on this transaction. Operator, please open the line
for questions.

4

Question and Answer

Operator

[Operator Instructions] Our first question this morning
comes from Brian Nowak from Morgan Stanley.

Brian Thomas Nowak

Morgan Stanley, Research Division

I have 2. Just the first one, could you give
us any rough idea on the Postmates current EBITDA profit or loss run rate just so we have an idea for the way to think about the
business after the synergies? Then the second one, just on the efficiency, 3 orders -- nearly 3 orders per courier per hour is,
I think, is pretty strong. Maybe talk to us about what drives that. Is there anything differentiated with Postmates' tech stack
or the routing technology or anything that you can leverage from that perspective to maybe make Uber Eats run even more efficiently?

Dara Khosrowshahi

CEO & Director

Brian, thanks for the question. We're not going
to disclose Postmates' run rate at this point, although I can tell you that the business was getting much closer to profits on
a run rate basis. And the company under Bastian's leadership was feeling very, very good about the direction. We think with synergies,
this will be a profitable deal for us if you look at the deal on a stand-alone basis.

In terms of the Postmates --- the number
of transactions per hour, we -- what they've done is very,
very impressive. As a smaller player in the field, I think the team was very focused on making sure that they have the most
efficient cost base that they could. Part of what Postmates does quite effectively is their batching technology.
And because they have a pretty good concentration in a smaller number of markets, L.A.,
Orange County, the markets that we went over,
they can use their technologies to batch quite efficiently.

And I think that we are certainly going to
talk to them, and I'm sure that this is a technology that can be leveraged across Uber and Uber Eats on a global basis. And they
got a number of tips per drop, so to speak, so delivery -- so their earnings increase as well. And for restaurants, it brings
them more business because it reduces essentially the cost of delivery.

Operator

Our next question comes from Brian Fitzgerald from
Wells Fargo.

Brian Nicholas Fitzgerald

Wells Fargo Securities, LLC, Research Division

Just looking at some of the numbers from a
-- [ second ] measure. It looks like the combined entity will have leadership positions in L.A., Atlanta, Phoenix, those are strong;
Miami; #2 in New York; and San Fran, I call it half market share there. So can you talk a little bit about how you view entering
those 2 cities in particular? And maybe are -- is -- [ states ] seeing any of this kind of feedback from local officials about
take rates and "Hey, you're extracting a toll from these restaurants while they're under duress?"

Dara Khosrowshahi

CEO & Director

Sorry, which 2 cities in particular were you pointing
out?

Brian Nicholas Fitzgerald

Wells Fargo Securities, LLC, Research Division

San Fran and New York.

5

Dara Khosrowshahi

CEO & Director

Okay. Listen, I think first of all, when you
look at the market and the size of the market, we really believe that the market is much bigger than, let's say, the traditional
delivery players, right? Like we look at -- grocery is a category. There's a lot of hot food being delivered. We look at essentials
as a category that we are going to go after as well. So make no mistake. When we look at the category, for us, it started with
food, but it's much more expansive than that. It's essentials, it's grocery.

And by the way, we expect the grocery players
and players in kind of adjacent categories as well as the big restaurants themselves to get into our category as well. So while
we have good share in those markets, we kind of view the market share and the market much more broadly than the category positions
that most of these services measure.

In terms of NYC and SF, there are very big
players there. We are going to be a decent player in those markets as well. We don't think we're going to have any particular trouble
in those markets because they're very competitive. They've got some big players and again, big players in both the traditional
restaurant category as well as grocery, et cetera.

So I think that this is a deal that, again,
it's going to be good for us. It's going to be good for restaurants, it's going to be good for delivery people. And while I'm sure
we will have plenty of discussions on a local basis, I don't see any kind of big red flags, so to speak.

Operator

Our next question comes from Mark Mahaney from RBC.

Mark Stephen F. Mahaney

RBC Capital Markets, Research Division

Two questions, please. Could you double-click
a little bit more on the $200 million of run rate synergies? And Nelson, I think you just went through the list pretty quickly,
but spend a little bit more time on how you came up with those numbers. And then you talked about the transaction accelerating
the path to profitability. You may not quantify it, but are we talking about a couple of months, a couple of quarters, anything
that puts a little more color around how -- that rate of acceleration?

Nelson Juseuk Chai

Chief Financial Officer

No, the market opportunity...

Dara Khosrowshahi

CEO & Director

Is that...

Nelson Juseuk Chai

Chief Financial Officer

Dara, I got it. So Mark, as I said in my
prepared comments, we'll spend a little bit more time as we get closer to. But we went through their financials quite closely
and obviously ours as well. And so we obviously see pretty straightforward integration opportunities here. As you know, we'll
continue with -- Postmates has a tremendous following in the markets in where they are, and so we'll continue to do that. But
it's actually a relatively straightforward G&A, sales and marketing, kind of standard playbook-type stuff that you'll see
us continue to execute there. So again, I think from that perspective, again, we'll give more color, as I said.

In terms of accelerating the path to
profitability, I think both businesses continue to benefit for what's going on regarding -- outside in the world and COVID
and how it's pushed forward a lot of food delivery. Their business has continued to do quite well. They've continued to
narrow their loss, if you will. We continue to grow our business, as Dara said, and we look forward to talking about our
business more when we do our second quarter earnings. We put the -- a line in the sand next year regarding profitability. And
our ability to get there is predicated a little bit, a lot on recovery more broadly, but certainly on improving our Eats
economics, which we believe we are doing.

6

Operator

Our next question comes from Steven Fox from Fox Advisors.

Steven Bryant Fox

Fox Advisors LLC

Just as a follow-up to everything you've talked
about. Can you maybe expand on the competitive environment as you implement more technology into the delivery system and network?
Is there certain advantages you think you come out of that with -- relative to all the entrants that you cited?

Dara Khosrowshahi

CEO & Director

Sure. I think that one huge advantage that
we have is the same technology stack that essentially is powering our Uber rides service is the -- and many of the elements of
that technology stack in terms of our routing, our mapping, our pricing. Even if you look at batching, which is taking 2 or 3 or
4 orders up and delivering it, which creates -- increases efficiency, that technology is broadly similar to our Pool -- UberPool
technology, which isn't running now because of COVID.

But a lot of the underlying technology, the
matching technology that we got comes out of the Uber ride service and is being built on top of that core service for Uber Eats,
and that just provides an enormous advantage in terms of the talent that you can hire as far as the engineers go, the efficiency
of the systems and your ability to drive more and more efficiency out of these systems in a way that some of our competitors can't.

When you put that together with some of
the really smart work that we've seen from Postmates -- and we really like the combination there. And I think that team has been
very scrappy, very entrepreneurial, and we can use some of the learnings of their systems and build on top of our systems in order
to build a better service overall for everyone involved.

And then on the competitive sector, listen,
these are big markets. We expect competition in this category for many, many years to come. And because of the innovation of Postmates,
kind of the over-the-top service that they built where they essentially deliver anything, not just food but groceries, pharmacy,
et cetera, we think that's a very promising area. We've been developing our own over-the-top services as well in order to broaden
our offering.

And really, the vision for us is to become
an everyday service. And your being able to use Uber rides to go any place in a city, however you want to get there, whether it's
with a car or a taxi or mass transit, or if you want anything delivered to your home within a couple of hours, you can come to
Uber Eats. And if it's food, it's great, but if you want groceries, pharmacy, again, any other category, you can have it delivered
to your home as well.

So Postmates, we think, is a great step
along that vision. Any place you want to go, anything you want to deliver to your home, Uber is going to be there with you. And
we think these everyday frequent interactions create habit, create a connection with customers.

We talked about Postmates Unlimited, their subscription
service. Our subscription service as well was growing at very, very rapid rates. And we think over a period of time, we can have
a technological edge, we can have a brand edge and we can just have a frequency edge over the other competitors out there. But
we think it's -- these are big, big markets. And again, we'll be running against a lot of competitors as we look to build our own
service.

Steven Bryant Fox

Fox Advisors LLC

Great. That's extremely helpful. Good luck with the
transaction.

7

Operator

Our next question comes from Ross Sandler from Barclays.

Ross Adam Sandler

Barclays Bank PLC, Research Division

So Dara, you mentioned that Postmates has really
good efficiency metrics in terms of fleet or delivery cost per order. So the question is, I guess, how wide is the gap in delivery
efficiency between Postmates and Uber? And is there technology that Postmates is using that you could deploy on the Uber Eats side
to potentially improve the delivery efficiency on both sides of the house? And I guess what do you think is the long-term opportunity
to increase take rate at both Postmates and at Uber Eats from that?

Dara Khosrowshahi

CEO & Director

Yes,
absolutely. So in terms of the delivery efficiency,
we do think that there's real potential there. Now I will caution you that not all delivery networks are born equal in that
the geography in which you operate is -- can significantly differ, let's say,
how much you can batch the routing, the number of drops per hour. Obviously,
even more concentrated, let's say, the geography is, like the L.A. area, the more you
can -- the more aggressive you can be with this kind of batching.

That said, we do think that we at Uber have the
opportunity to batch more and to increase our own efficiency metrics and the efficiencies of the deal. The synergies of the deal
that we talked about, the $200 million plus, don't include significant numbers as it relates to network efficiency. If we're able
to draw significant numbers on network efficiencies, the synergies can be substantially beyond the $200 million. We wanted to
be conservative in our planning as we are in every part of our business. But again, the network efficiency, we think, is -- has
potential, and that potential can actually improve on the synergies that we talked to you about.

In terms of take rate, et cetera, I wouldn't
expect any significant moves on the take rate front. As you know, take rates in general have been moving up for us. I think our
take rate is very low considering that the cost of delivery generally is [ contra ] revenue for us. And the deal isn't about increasing
take rates. This deal is actually about creating kind of larger industrial logic and efficiencies that will allow us to actually
keep take rates low, as low as we can for restaurants and grocery partners because that is essentially a great way to, from a long-term
perspective, grow the business going forward. We will build tools like advertising, for example, for restaurants who want more
promotion on the network one way or the other. But I actually think that this is a pretty good way of keeping take rates nice and
low because this is a very, very large TAM that's ahead of us.

Operator

Our next question comes Pierre Ferragu from New Street
Research.

Pierre C. Ferragu

New Street Research LLP

Dara, I was wondering if you could share your
thoughts on how you see the U.S. market evolving from here. So now if I look at the latest numbers, Postmates is #1. You guys are
-- sorry, I meant DoorDash is #1. You guys with this combination will be 2/3 of their size. And we'll still have GrubHub as the
#3 and for now like on the share trajectory.

So my question was do you think there is room
for further consolidation of user experience in the last few weeks that regulation is going to prevent that? And so do you think
the U.S. market becomes like a 3- player market? And then if that's the case, is that the kind of environment that you had implied
in your 30% EBITDA margin -- contribution margin target and your [ 16% ] take rate target for it?

Dara Khosrowshahi

CEO & Director

8

Yes,
Pierre. This is -- it's very difficult to speculate where the U.S. market is going, and I certainly wouldn't think that it is going
to reduce from 3 to 2. And remember, I do think the way that we view this category
is very broad. Ourselves, DoorDash, I'm actually not sure about GrubHub, are all looking to get into adjacent categories and really
looking to power local commerce and different types of delivery to the home. This is a business that Amazon is in. This is a business
that Walmart is in.

So I do think that kind of the category and the
markets are going to start overlapping with a lot of other players -- the TAMs here, the total addressable markets are huge. I
think that there is plenty of room in the U.S. markets. And if you want to stick to the traditional players, I think that there
is room for 3 players. It's a big enough market, and there is room certainly for 3 players to be profitable and to do very well.

That said, we like our position. We're
never satisfied, but we think that this Postmates deal gets us stronger in the U.S. I think it brings a terrific brand, a really
strong management team and the opportunity to increase efficiencies. And we think that it puts us in a very strong position going
forward in what is our largest market.

Operator

Our final question comes from Heath Terry from Goldman
Sachs.

Heath Patrick Terry

Goldman Sachs Group Inc., Research Division

Dara, Postmates has obviously been one of
the more aggressive in the market in terms of customer acquisition with the ubiquitous $100 cards at restaurants as their primary
strategy there. I'm wondering how that factored into you and the team's view on the value of their customers, sort of the sustainability
of their customers, both in terms of the asset at Postmates and then also the impact that maybe having Postmates as a more rational
competitor to Uber Eats within the company would have on the overall value of the business.

Dara Khosrowshahi

CEO & Director

Well, I think that Postmates, for us, we've
always admired Postmates, I guess, begrudgingly from afar in that it was a competitor who was able to compete aggressively and
to be a leader in some very important markets with a much smaller capital base than a lot of its competition, including ourselves.
And I think that they did it with some aggressive tactics, but I think they've also built a great brand. It's a very scrappy brand
out there. They have a number of great kind of top, top local restaurants. It's seen as a very local kind of brand that has real
substance behind it. We really like what they've done with their subscription program.

So I do think that some of these tactics
that they brought to bear, these are the tactics of great entrepreneurs. And these
are tactics that we can learn from as well and we can take into our company as we build our services. So we like what they've done.
We like some of these tactics, and you can expect to see some of these tactics at
Uber Eats. And of course, you can expect us to continue to do what we're doing.

Again, for a little perspective, we have gone
from essentially 0. And in Eats -- from the Eats side, pretty much 100% organically, until now, have built the largest food delivery
company outside of China and the world. So we think the combination of kind of Uber Eats' scale, hyper-growth on top of the technology
platform that we've got here, and then some of the really good work that Postmates has done in terms of delivery efficiency and
in terms of just building a really terrific brand that resonates with millennials, we think, is just a wonderful combination. And
it's a combination that will work for restaurants, that will work for consumers and will work for couriers as well. So we're pretty
excited about it.

I think that's it. Emily, anything else to add?

Emily Maher

Head of Investor Relations

9

No, that's it. Thank you all for joining this morning.

Dara Khosrowshahi

CEO & Director

All right. Thank you very much for joining.
We're thrilled to move forward on this transaction. Congratulations to the folks who worked on this deal and congratulations to
the Postmates folks. Thank you.

Operator

Ladies and gentlemen, this concludes today's conference
call. Thank you for participating. You may now disconnect.

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