Uber Technologies, Inc.

Finance.

Please go ahead. Thank you, operator. Thank you for joining us today and welcome to Uber's second 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 publish our quarterly earnings press release, prepared remarks, and supplemental slides to our investor relations website earlier today, and we ask you 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. Q2 was another record quarter for Uber and further demonstrated our ability to deliver profitable growth at scale. Gross bookings grew 21% on a constant currency basis, consistent with trip growth. Our audience expanded 14% while frequency grew 6%, supported by 7.4 million drivers and couriers globally. At the same time, adjusted EBITDA grew 71% year on year, and we generated record quarterly GAAP operating income. These are super strong results that we're proud of, but I also understand there are two big questions out there that I want to address before we head into Q&A. First, the strength of the consumer and how Uber would perform in a recession. Based on what we're seeing today, the Uber consumer is in great shape. Our audience is bigger than ever and using our services more frequently than ever. While our consumers tend to be higher income, we're not seeing any softness or trading down across any income cohort. With the current macroeconomic fears to materialize, we're confident that Uber can perform well because of the counter-cyclical nature of our platform. On the mobility side, more driver supply brings down prices for riders and improves reliability. And on the delivery side, merchants are investing in performance channels like ours for growth, improving selection and affordability for consumers. In fact, in Q2, the number of first-time consumers on Uber Eats in the US was higher than at any point over the past five quarters. It's clear that delivery is much more habitual than many assumed, made even more so by our Uber One membership, which now covers 50% of delivery gross bookings. We'll continue to draw up consistent top line growth while expanding GAAP operating income. Our track record of making and then exceeding our commitments should give investors confidence that we built the capital discipline and operational muscle to perform well in any scenario. Second, Autonomous. Put simply, Uber is uniquely positioned to offer tremendous value for AV players looking to deploy their technology at scale. While the operation of a ride hail network may seem simple, our technology obscures a huge amount of complexity. We support roughly 1 million trips per hour, and our average ETA globally is approximately four minutes. That's possible because of Marketplace tech that makes over 10 million predictions per second. And more mundanely, we handle more than 25 million lost items in just last year alone. We also know that a key factor in AV commercialization will be asset utilization. AV players will need to ensure that their expensive assets are being used as close to 24 hours a day as possible, while also managing the daily and weekly peaks and valleys of ride hail activity. Uber can provide enormous demand without AV players needing to invest capital towards acquiring customers or building the marketplace tech that delivers reliability at the standard that consumers have come to expect. Let's also say that Uber will be an indispensable partner for AV players of all sorts. We're in late stage discussions with additional global AV players to join our platform, and we'll have more announcements in the coming weeks and months. Thanks to the Uber team for another great quarter. With that, operator, let's open the call for questions.