Uber Technologies, Inc.

your questions, simply press star one again. I would now like to turn the conference over to Deepa Subramanian, VP of Investor Relations and Corporate Finance. You may begin.

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 CEO Dara Khosrowshahi and CFO Prashant Mahendra Raja. 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.

Thanks, Deepa. Our results this quarter once again demonstrate our ability to deliver consistent, profitable growth at scale. Uber is off to a 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. At the same time, record-adjusted EBITDA of $1.4 billion grew 82% year-over-year. And we generated $4.2 billion of free cash flow over the last trailing 12 months. We're making good progress on many of the initiatives we laid out for 2024 in our last earnings call. Demand for Uber remains strong. And just last week, we hit another best week ever for gross bookings. And we expect to deliver another quarter of over 20% year-on-year growth on a constant currency basis in Q2.