UBER Q1 2024 Earnings

Call Details

• Call Title: Uber Technologies, Inc. Q1 2024 Earnings Call
• Date: May 8, 2024 at 12:00 PM UTC
• Management Team:
  • Dara Khosrowshahi (Chief Executive Officer)
  • Prashanth Mahendra-Rajah (Chief Financial Officer)
  • Deepa Subramanian (Vice President, Investor Relations and Corporate Finance)

Call Summary

Financial Performance

• Trips were up 21% year-on-year on a constant currency basis in Q1.
• Gross bookings growth for Mobility was 26% year-on-year on a constant currency basis in Q1.
• Audience expanded 15% year-on-year and frequency grew 6% year-on-year in Q1 across the platform.
• Adjusted EBITDA was a record $1.4B and grew 82% year-over-year in Q1 on a non-GAAP basis.
• Uber reported $4.2B of free cash flow over the trailing 12 months.
• The platform had 7.1 million drivers and couriers on the platform in Q1.

Guidance

• The company expects to deliver another quarter of over 20% year-on-year growth on a constant currency basis in Q2.
• Mobility is expected to grow in the mid-20s on a constant currency basis in Q2 after adjusting for FX impacts.
• The company disclosed about five percentage points of FX headwind to mobility year-over-year gross booking growth driven primarily by the Argentine peso.
• Mobility adjusted EBITDA margins are expected to be down slightly quarter-over-quarter in Q2 due to a planned ramp-up of investments that were held back in Q1.
• The Q2 guide midpoint and range are almost identical to the Q1 guide midpoint and range according to the call commentary.
• The company reaffirmed alignment with the three-year CAGR outlook provided at the February analyst day.