UBER Q4 2024 Earnings

Call Details

• Call Title: Uber Technologies, Inc. Q4 2024 Earnings Call
• Date: February 5, 2025 at 1:00 PM UTC
• Management Team:
  • Dara Khosrowshahi (Chief Executive Officer)
  • Prashanth Mahendra-Rajah (Chief Financial Officer)
  • Deepa Subramanian (Vice President, Investor Relations)

Call Summary

Financial Performance

• Gross bookings grew 21% on a constant currency basis in Q4 2024 versus the prior year.
• Adjusted EBITDA grew 60% year-over-year for the full year 2024 on a non-GAAP basis.
• Company reported an EBITDA margin of 7.8% of gross bookings in the quarter, which was up 30 basis points year-over-year.
• Annual free cash flow conversion as a percentage of EBITDA was 106% for 2024 versus the prior indication of 90+%.
• Mobility gross bookings growth was 24% in Q4 on a constant currency basis.
• Uber One membership increased by 5 million in the quarter to 30 million members, which is up nearly 60% year-over-year.

Guidance

• Q1 2025 constant currency gross bookings guidance is 17% to 21% growth versus the prior-year quarter.
• The Q1 guidance incorporates expected FX headwinds and one-time impacts including leap year lapping, Los Angeles fires, and unusual weather.
• Prashanth stated that Q1 guidance includes an expected FX headwind of about 5.5 percentage points versus closer to 3 points of FX headwind in Q4.
• Prashanth communicated that Q1 guidance implies roughly 33% at the midpoint for EBITDA leverage on that growth.
• Prashanth estimated that normalizing for leap year and unusual weather would add roughly one to two percentage points to gross bookings growth in Q1.
• Company reiterated expectation for continued profit expansion alongside top-line growth in 2025.