Q4 2024 Uber Technologies Inc Earnings Call Transcript
Key Points
- Uber Technologies Inc (UBER) reported accelerated growth in audience, trips, and gross bookings, exceeding their own expectations.
- The Uber One membership program saw significant growth, adding 5 million members in the quarter, reaching a total of 30 million members, up nearly 60% year over year.
- Adjusted EBITDA grew 60% year over year, surpassing the company's high 30% to 40% CAGR target.
- Uber Technologies Inc (UBER) achieved an annual free cash flow as a percentage of EBITDA of 106%, exceeding their target of 90%-plus.
- The company is well-positioned in the autonomous vehicle (AV) space, with strategic investments and partnerships, including a collaboration with Waymo in Austin.
- The commercialization of autonomous vehicle technology is expected to take significantly longer than anticipated.
- Uber Technologies Inc (UBER) faces foreign exchange headwinds, with a notable impact on top-line growth due to currency depreciation in key markets like Argentina, Mexico, and Brazil.
- Insurance costs remain a challenge, although there is some easing in the consumer price index for motor vehicle insurance.
- The company is experiencing higher insurance costs, which partially offset the benefits from supply incentives and operating cost leverage.
- The scale of AV deployments is currently very small, limiting the immediate impact on Uber Technologies Inc (UBER)'s overall business.
Hello and welcome to the Uber fourth-quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Deepa Subramanian, Vice President, Investor Relations. You may begin.
Thank you, operator. Thank you for joining us today, and welcome to Uber's fourth-quarter and full-year 2024 earnings presentation. On the call today, we have Uber 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
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