Uber Technologies, Inc. (NYSE:UBER) Q1 2024 Earnings Call Transcript May 8, 2024
Uber Technologies, Inc. misses on earnings expectations. Reported EPS is $-0.32 EPS, expectations were $0.2203. 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: 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. 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] I would now like to turn the conference over to Deepa Subramanian, VP of Investor Relations and Corporate Finance. You may begin.
Deepa Subramanian: 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 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 the risks and uncertainties described in our most recent Form 10-K and in 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. With that, let me hand it over to Dara.
Dara Khosrowshahi: Thanks, Deepa. Our results this quarter once again demonstrate our ability to deliver consistent profitable growth at scale. Uber is also at solid start in 2024 with trips up 21% year-on-year consistent with our gross bookings growth rate on a constant currency basis. Our audience expanded by 15%, while frequency grew 6% underpinned by 7.1 million drivers and couriers on our platform. At the same time, record adjusted EBITDA of $1.4 billion grew 82% year-over-year and we generated $4.2 billion of free cash flow over the last trailing — over the trailing 12 months. We’re making good progress on many of the initiatives we laid out for 2024 in our last earnings call. Demand for Uber remains strong and just last week, we hit another best week ever for gross bookings, and we expect to deliver another quarter of over 20% year-on-year growth on a custom currency basis in Q2. With that, operator, can you open up for questions?
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