Q2 2024 Uber Technologies Inc Earnings Call Transcript
Key Points
- Uber Technologies Inc (UBER) reported a record quarter with gross bookings growing 21% on a constant currency basis.
- Adjusted EBITDA grew 71% year-on-year, demonstrating strong profitability.
- The company generated record quarterly GAAP operating income.
- Uber's audience expanded by 14%, with frequency growing by 6%, supported by 7.4 million drivers and couriers globally.
- Uber One membership now covers 50% of delivery gross bookings, enhancing customer loyalty and recurring revenue.
- Concerns about how Uber Technologies Inc (UBER) would perform in a recession, despite current strong consumer metrics.
- The company faces challenges in maintaining profitability while investing in new products like autonomous vehicles (AVs).
- There is uncertainty around the regulatory environment for AVs, which could impact future growth and deployment.
- The cost structure may be impacted by new agreements with independent contractors, such as the recent deal in Massachusetts.
- Market consolidation and rationalization in the delivery sector could pose competitive challenges.
Welcome to the Uber Q2 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Deepa Subramanian, Vice President, Investor Relations, Corporate Finance. Please go ahead.
Thank you, operator. Thank you for joining us today, and welcome to Uber's second quarter 2024 earnings presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi; and CFO, Prashanth Mahendra-Rajah.
During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com.
Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements,
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