Uber Technologies, Inc.

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, 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 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. So the theme of this quarter is acceleration. We accelerated growth in audience, trips, and the top line. Gross bookings growth on a constant currency basis beat even our own expectations coming in above the high end of our guidance. This performance was powered by strong product innovation across our platform, driving multi-product use to an all-time high of 37% of Uber cut consumers. It was also a stellar few months for Uber One membership program, where we added 5 million members in the quarter, bringing our total member base to 30 million, up nearly 60% year on year. We're now one year into the three-year outlook we presented to investors last February, and I'm pleased to say that in 2024, we cleanly exceeded our commitments on all three components of that framework. Gross bookings grew 21% versus our commitment to mid to high teens, constant currency CAGR. Adjusted EBITDA grew 60% year-on-year versus the high 30s to 40% CAGR. An annual free cash flow conversion as a percentage of EBITDA was 106%. versus our indication of 90 plus percent. We're thrilled with this performance and have started 2025 with a lot of momentum. Despite FX headwinds, we expect continued strong growth in Q1 with 17 to 21% constant currency gross bookings growth and continued profit expansion. Lastly, word on autonomous. I'd encourage everyone to read our prepared remarks and supplemental slides where we spend some more time this quarter sharing our perspective on the state of AVs. The key takeaway is that while AV technology is advancing, commercialization will take significantly longer, and we have conviction that Uber will be the indispensable go-to-market partner for AV players. This is undoubtedly one of our top priorities, and we're investing a lot of technical, strategic, and management attention to this topic with lots more to come. Just today, we announced that Austin residents can sign up for our interest list right in their Uber app to increase their chances of matching with Waymo AV when we launch next month. With that, operator, let's take your questions.