Uber Technologies : Q1 2024 Earnings Prepared Remarks

Uber Technologies, Inc.

Q1 2024 Prepared Remarks

May 8, 2024

Dara Khosrowshahi, CEO

Our Q1 results once again highlight our ability to deliver consistent, compounding, and proftable growth at scale. Trip growth of 21% year-over-year (YoY) was in line with Gross Bookings growth on a constant-currency basis, fueled by audience (MAPC) growth of 15% and frequency (trips per MAPC) growth of 6%. To meet this growing demand, we continue to make Uber the world's best platform for fexible work, with 7.1 million drivers and couriers earning $16.6 billion during the quarter, up 24% YoY on a constant-currency basis. Strong topline growth combined with continued cost discipline helped us reach new records for both Adjusted EBITDA (up 82% YoY) and free cash fow ($4.2 billion for the trailing twelve months).

Demand for Uber remains robust across our platform, supported by our improving marketplace experience, the continued shift of consumer spending from goods to services, and the secular trend towards on-demand transportation and delivery. But we certainly don't take that strength for granted, and we are strategically reinvesting to scale new growth vectors, with Moto, Shared Rides, and Grocery & Retail as particular standouts this quarter. Our broader growth portfolio is not only growing quickly but is also seeing improved proftability with scale. It's also attracting new consumers, now accounting for over 20% of frst trips on our platform globally.

Yesterday, we also announced that Uber Eats will now power restaurant delivery on the Instacart app. For us, this partnership is about playing ofense to fnd another growth vector for our US Delivery audience. We'll be able to reach new consumers who are currently not active on Uber Eats, giving us an opportunity to improve our category position in key areas like the suburbs. It's important to note that this partnership relies on the tech we had already used to seamlessly integrate Uber Eats into the Uber app; going forward, we can leverage this same tech for similar channel partnerships.

As we outlined at our Investor Update earlier this year, we expect the power of our platform to diferentiate our operating and fnancial performance, supporting a Gross Bookings CAGR in the mid to high teens, with over twice that in Adjusted EBITDA growth over the next three years. Our teams continue to execute well against our key strategic priorities, and we've built a unique combination of scale, technology, and operations. We're encouraged by our momentum, as evidenced by our expectation for another quarter of 20%+ YoY growth on a constant-currency basis. We also recently initiated our share buyback program as part of our focus on value creation for shareholders. I am excited for what's ahead, and we'll have more product and partnership news to share at our annual GO-GET event on May 15.

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Mobility

We generated Mobility Gross Bookings growth of 26% YoY on a constant-currency basis, driven primarily by trip growth, alongside Adjusted EBITDA growth of 40% YoY. We continue to see healthy audience growth of 17% due to continued penetration into new geographies and expansion of new use cases, along with consistent frequency growth. (Note that the divestiture of certain Careem non-ridesharing businesses, which were previously recorded in the Mobility segment, was a headwind of roughly 100 bps to Mobility YoY growth on a constant-currency basis).

Airport growth, especially internationally, was particularly strong, as travel remained healthy for both consumers and businesses. And we are all ofcially getting back to work: workday session growth consistently outpaced leisure, holiday, and late-night session growth, while managed Uber for Business Gross Bookings were up over 40% YoY. Supporting this growth has been our ongoing focus on product and technical innovations in the Uber Driver app, with Mobility active drivers up 29% YoY and continued improvement in supply hours per driver. Notably, India crossed 1 million drivers for the frst time ever in March, becoming the third country globally to do so.

To drive user growth and win more of their daily trips, we are focused on increasing our penetration of core use cases, while also expanding into new consumer segments. Shared Rides Gross Bookings were up over 6x YoY as we continued to optimize the product. For example, we rolled out an improved user interface to better set rider expectations during the matching process, giving us more time to make matches and improving overall matching efciency. We further scaled our taxi ofering in Q1, signifcantly growing taxis in New York City and Los Angeles and ofcially launching Black Cabs on Uber in London. Within Uber for Business, we continue to see strong adoption of premium products, with 50% of corporate travel activity on Uber happening on products like Business Comfort, Uber Black, and Reserve.

We also continued to make our platform more electric and sustainable in Q1 through product expansions and partnerships. In New York City, we launched Comfort Electric, bringing the product to nearly 60 cities globally. Further, we launched the Emissions Savings feature, allowing riders to track the emissions they have avoided by choosing Uber Green or Comfort Electric. Globally, about 146,000 monthly active drivers completed nearly 67 million trips in zero-emission vehicles during Q1, with both more than doubling YoY.

Delivery

Delivery Gross Bookings increased 17% YoY on a constant-currency basis, with YoY growth stable sequentially and Adjusted EBITDA margin reaching an all-time high. We continue to see a majority of our Delivery Gross Bookings growth coming from audience and frequency growth, with a moderating impact from pricing. In fact, Delivery MAPC YoY growth accelerated across many of our top markets, notably the US, Canada, and Mexico, and order frequency reached an

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all-time high. On the supply side, we reached a milestone of over 1 million active merchants, up 12% YoY.

We continue to drive audience growth both through product innovation and strategic partnerships. On the product side, we've made great strides, both by continuing to optimize the Uber Eats app, and by launching new features like Live Location Sharing, which shares a consumer's location with their courier to make the drop-of process faster. On the partnership front, we've tripled the number of Domino's stores live on Uber Eats to more than 11,500 locations across 20 countries. Domino's has proven to be a valuable partner in bringing new customers to Uber Eats, and our annual run-rate Gross Bookings from Domino's stores has more than tripled since July, with the US, Taiwan, and the UK driving the majority of that growth. In the US, Domino's extensive footprint has enabled outsized growth in less dense suburban areas, and our partnership with Instacart will also bring our leading selection to millions of new households.

While we're thrilled to partner with Instacart on restaurant delivery, make no mistake: we remain committed to executing against our Grocery & Retail strategy, which serves a huge global and still underpenetrated category. In Q1, we continued to make progress on grocery selection, bringing on merchants like Weis Markets, Fresh Thyme Market, and Carlie C's in the US. Consumers can now beneft from grocery loyalty programs while shopping on Uber Eats, with in-app access to member prices and discounts at certain grocery merchants. And we are making steady progress on driving cross-sell and improved consumer retention, with 15% of Delivery users ordering Grocery & Retail (up over 300 bps YoY). We continue to expect Grocery & Retail top-line momentum, coupled with technical and operational improvements, to drive sustainable unit economics and improving proftability. You can expect more news on the grocery front in the coming weeks.

Freight

Consistent with our outlook, Freight Gross Bookings were stable sequentially and remained pressured by near-termcategory-wide headwinds. In Q1, we rolled out new features aimed at providing greater value, fexibility and insights to carriers and shippers. We announced the national expansion of Powerloop, Uber Freight's drop-and-hook capacity solution, alongside new capabilities that further optimize freight networks. We also unveiled new Uber Freight Transportation Management System (TMS) features that provide accurate, real-time visibility for all shipments. We continue to monitor near-term category challenges and remain confdent that Freight's technology, shipper platform, and marketplace fywheel will drive a long-term cost advantage and proftable growth over time.

Platform initiatives

We continued to make steady progress on Uber One adoption, with members now generating 32% of combined Mobility and Delivery Gross Bookings in March. We're seeing strong traction in

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key international markets like Japan, Spain, Canada, and France through both new member acquisition and improved member retention. Member retention increased nearly 200 bps YoY as we increased Annual Plan adoption and rolled out efective features like Member Welcome Quests, which encourage free trial members to convert to paid by ofering Uber Cash after they complete a certain number of orders, as well as the ability to pause a membership. Subscription fees now exceed a $1 billion run-rate, and we're excited to layer on more benefts and member-only exclusives that will add value to the program over time.

We are also pleased with the progress we have made scaling and adding new capabilities to our advertising business. In Q1, we expanded our enterprise toolset with the global launch of our new custom creative hub, allowing enterprise advertisers to quickly launch campaigns with personalized creative. This tool is especially helpful for advertisers looking to highlight a particular cuisine, target certain dayparts or keywords, or run creative testing. We also made progress on the Mobility front, expanding video Journey Ads to 12 countries and in-car tablets to more than 50 US cities. As we scale, we're seeing advertisers like Molson Coors leverage the full suite of advertising capabilities across our platform. For example, they're utilizing Journey Ads to ofer vouchers to legal drinking age (LDA) riders on their way to bars, restaurants and stadiums; building brand awareness by using Post-Checkout Ads and in-app billboards; and ensuring LDA consumers have a path to purchase through Sponsored Items.

Autonomous vehicles

Building on our successful Waymo partnership ofering fully autonomous rides on Uber in Phoenix, we recently expanded to autonomous deliveries on Uber Eats. We also expanded our partnership with Cartken and partnered with Mitsubishi Electric for autonomous robot deliveries in Japan, the frst international market to have autonomous delivery on Uber Eats. These launches continue to ofer tremendous insights for marketplace reliability and partnership constructs that will allow us to scale multi-market deployments to meaningfully drive category growth. In Q1, Uber supported tens of thousands of monthly autonomous trips via our platform, and we are making strong progress building important ancillary service oferings like customer support and feet operations. We remain confdent in our ability to best aggregate autonomous demand. Our scale means we can bring a massive consumer base, industry-leading matching and routing technology, comprehensive regulatory expertise, in addition to relationships with over a million merchants; in turn, that means our AV partners can ensure their vehicles are highly utilized, resulting in better economics for them, while delivering an excellent experience to consumers.

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Prashanth Mahendra-Rajah, CFO

Financial recap

Q1 marked another strong quarter for Uber. Gross Bookings growth remained consistent at 21% YoY on a constant-currency basis (22% excluding Freight), as we generated Gross Bookings of $37.7 billion. We landed just shy of our guidance midpoint, with softer Mobility activity in LatAm as we lapped heightened demand during Carnival last year, coupled with the impact of holidays shifting into Q1 of this year. Foreign exchange was a headwind of roughly $205 million YoY or roughly 70 bps. We grew our revenue by 15% YoY on a constant-currency basis to $10.1 billion, which includes a 8 percentage point YoY headwind related to business model changes. As a reminder, certain business model changes, which have no impact on proftability, negatively impacted revenue reporting by $742 million. We expect to lap the majority of these business model changes in the second half of this year.

We converted this strong top-line growth into solid proftability, with all-time high Adjusted EBITDA of $1.4 billion, up 82% YoY, and a record Adjusted EBITDA margin of 3.7% of Gross Bookings, an increase of 130 bps YoY. We intentionally held back some of our in-market Mobility investments with lower ROI as Q1 is typically a lighter quarter due to seasonal Mobility rider behaviors. We remain focused on striking the right balance between growth and proftability, and running Uber to deliver on the 3-year fnancial framework we set in February.

On a GAAP basis, we generated income from operations of $172 million; income from operations declined sequentially primarily due to discrete legal and regulatory reserve changes and settlements. As we continue to improve our GAAP earnings quality, we are pleased to be resolving several legacy matters allowing us to focus on the future. Net loss for the quarter was $654 million, which included a $721 million unrealized pre-tax loss related to the revaluation of our equity investments. Our GAAP net income may continue to see swings from quarter-to-quarter due to the large size of equity stakes on our balance sheet.

Turning to our cash fow, we generated $1.4 billion of free cash fow (FCF) in Q1. On a trailing twelve month basis, we generated $4.2 billion of FCF, compared to Adjusted EBITDA of $4.7 billion, representing a conversion of nearly 90%. We are pleased with our underlying FCF generation, demonstrating the signifcant earnings power of the business. As a reminder, FCF conversion can fuctuate on a quarterly basis due to working capital seasonality and the timing of cash payments, among other factors, and we encourage investors to evaluate our FCF on an annual basis.

Capital structure

We continue to maintain a strong liquidity position, ending the quarter with $5.8 billion in unrestricted cash, cash equivalents, and short-term investments. In addition, our equity stakes

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were marked at $5.6 billion, several of which are publicly listed. These equity stakes provide us with strategic insights while maintaining economic exposure, and we aim to maximize long-term value for Uber and our shareholders.

We remain on a clear path to an investment grade credit rating, which continues to be an important part of our overall capital structure focus. We will continue to methodically ramp FCF over the coming years, while being disciplined on capital allocation and managing our capital structure. As such, we will have a high bar for any M&A opportunities, and our organic growth eforts will keep a critical eye on healthy unit economics as we continue to scale globally.

As we generate excess cash, returning capital to shareholders is now a key focus, and we have started share repurchases against our inaugural authorization of $7 billion. As a reminder, we will be thoughtful as it relates to the pace of our buyback and will consider it in the context of our other capital allocation priorities. We have started with actions that partially ofset stock-based compensation and work our way towards a consistent reduction in share count.

Outlook

Based on quarter-to-date trends, for Q2:

• We expect Gross Bookings between $38.75 billion and $40.25 billion, growing 18% to 23% YoY on a constant-currency basis.
• • Our outlook assumes a roughly 3 percentage point currency headwind to total reported YoY growth, including a roughly 5 percentage point currency headwind to Mobility's reported YoY growth.
• We expect Adjusted EBITDA of $1.45 billion to $1.53 billion, which represents 58% to 67% YoY growth.

Forward-Looking Statements Disclaimer

These prepared remarks include both GAAP and non-GAAP fnancial 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 flings 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 difer 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.

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For more information about factors that may cause actual results to difer materially from forward-looking statements, please refer to the press release we issued today and in other flings made with the SEC.

All Q1 growth rates refect year-over-year growth and are on a constant-currency basis, unless otherwise noted. Lastly, we ask you to review our earnings press release for a detailed Q1 fnancial review and our Q1 supplemental slides deck for additional disclosures that provide context on recent business performance.

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