Q1 2024 Uber Technologies Inc Earnings Call Transcript
Key Points
- Uber Technologies Inc reported a 21% year-on-year increase in trips, aligning with a consistent gross bookings growth rate on a constant currency basis.
- The company expanded its audience by 15% and saw a frequency growth of 6%, supported by 7.1 million drivers and couriers.
- Record adjusted EBITDA of $1.4 billion, representing an 82% growth year-over-year.
- Generated $4.2 billion of free cash flow over the trailing 12 months.
- Strong demand for Uber's services continues, with expectations to deliver over 20% year-on-year growth in Q2 on a constant currency basis.
- Facing potential new competition from autonomous vehicle (AV) technologies and companies like Tesla.
- Foreign exchange headwinds, particularly from the Argentine peso, expected to impact Mobility's year-over-year gross booking growth by about 5 percentage points.
- Investments in Q1 were held back due to lower ROI expectations from seasonal trends, which might affect short-term growth.
- Regulatory challenges in markets like Seattle and New York impacting courier operations and platform economics.
- Grocery and retail segments of the Delivery service are still not profitable, although margins are improving.
Thank you for standing by. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Uber Q1 2024 Earnings Conference Call.
(Operator Instructions) I would now like to turn the conference over to Deepa Subramanian, VP of Investor Relations and Corporate Finance. You may begin.
Thank you, operator. Good morning, and thank you for joining us today, and welcome to Uber's First 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
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