Uber Technologies, Inc.

Good morning. My name is Emma and I will be your conference operator today. At this time, I would like to welcome everyone to the Uber first quarter 2022 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press the star one. Thank you. Mr. Balaji Krishnamurthy, Head of Investor Relations, you may begin your conference.

Thanks, Emma. Thank you for joining us today and welcome to Uber's first quarter 2022 earnings presentation. On the call today, we have Uber CEO Dara Khosrowshahi and CFO Nelson Che. 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. As a reminder, these numbers are unaudited and may be subject to change. Certain statements in this presentation and on this call are forward-looking statements. Such statements can be identified by terms such as believe, expect, intend, and make. 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 annual report on Form 10-K for the year ended December 31, 2021, and in other filings made with the SEC when available. We published a quarterly earnings press release, prepared remarks, and supplemental slides to our investor relations website about an hour ago, 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.

Thanks, Balaji. We delivered a very strong quarter across the board with record results on the top and bottom line. After two years of persistent and sometimes unpredictable impacts across our business, our Q1 results resoundingly affirm that we're on a strong path emerging out of the pandemic. Our focus on profitable growth, product innovation, and operational excellence over the last two years has set us apart from the pack. Our mobility team is demonstrating phenomenal execution, growing both demand and supply faster than competitors and rapidly innovating to roll out new creative offerings, all while delivering record margins despite the macro turbulence that we all see. Delivery is continuing to surprise us positively as demand has remained resilient in a reopening world, and we expect top line growth and profitability to expand through 2022. Finally, freight reached its first profitable quarter as well. We're keenly aware that the market is placing a high value on companies generating and expanding profits as interest rates rise. We're leading the industry in this respect. Our focus over the past two years on profitable growth has resulted in the strong top and bottom lines that we delivered in Q1. We're confident that our leadership position, our global scale, and our innovation and platform advantages will allow us to deliver significant profitability and durable growth as investors rightly expect from globally scaled technology platforms. We're committed to taking all necessary actions to continue to deliver industry-leading margins and free cash flow generation along with a disciplined capital allocation strategy. We've never been more optimistic about a prospect, and we're determined to execute as a team to bring that optimism to fruition. With that, let's go to questions.