Uber Technologies, Inc. (NYSE:UBER) Q1 2024 Earnings Conference Call May 8, 2024 8:00 AM ET

Company Participants

Deepa Subramanian - VP, IR & Corporate Finance
Dara Khosrowshahi - CEO
Prashanth Mahendra-Rajah - CFO

Conference Call Participants

Justin Post - Bank of America
Brian Nowak - Morgan Stanley
Douglas Anmuth - JPMorgan
Eric Sheridan - Goldman Sachs
Nikhil Devnani - Bernstein
Mark Mahaney - Evercore
James Lee - Mizuho Securities

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.