Uber Technologies, Inc. (NYSE:UBER) Q4 2023 Earnings Call Transcript February 7, 2024
Uber Technologies, Inc. beats earnings expectations. Reported EPS is $0.673, expectations were $0.15. UBER isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning. My name is Krista, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the Uber Fourth Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. I would now like to turn the conference over to Alex Wang, Head of Investor Relations. Alex, you may begin your conference.
Alax Wang: Thank you, Krista. Thank you for joining us today, and welcome to Uber’s Fourth Quarter and Full Year 2023 Earnings Presentation. On the call today we have Uber CEO, Dara Khosrowshahi; and CFO, Prashanth Mahendra-Rajah. During today’s call, we’ll 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 and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law.
For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our most recent Form 10-K and other filings made with the SEC. We published our quarterly earnings press release, prepared remarks and supplemental slides to our Investor Relations website earlier today, and we ask you to review those documents if you haven’t already. We will open the call to questions following brief opening remarks from Dara and Prashanth. With that, let me hand it over to Dara.
Dara Khosrowshahi: Thanks, Alex. Q4 was a standout quarter to cap off a standout year. Trip growth of 24% year-on-year outpaced gross bookings growth for the fourth quarter in a row, powered by strong audience trends and record engagement as consumer activity remained healthy all-around the world. At the same time adjusted EBITDA of $1.3 billion exceeded our Q4 outlook with GAAP operating income of $652 million. Looking back, 2023 was an inflection point for Uber providing — proving that we can continue to generate strong profitable growth at scale. These results in our Q1 outlook demonstrate that we’re starting 2024 with tremendous momentum and reliable execution. I’m energized by the pace of innovation I’m seeing across the company and I’m looking forward to another exciting year ahead. And now here’s Prashanth.
Prashanth Mahendra-Rajah: Thank you, Dara. And let me add my welcome to our Q4 earnings call. As a reminder, we will be hosting an Investor Update next week on Wednesday, February 14th to present an updated view of our strategy and capital allocation plans. As such, we kindly ask that you keep your questions today, focused on our fourth quarter and full year 2023 results. And with that, let’s open the call to questions.
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