Uber Technologies, Inc.

strategic finance, and investor relations. You may begin.

Thank you, operator. Thank you for joining us today, and welcome to Uber's first quarter 2025 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, and actual results may differ materially from these forward-looking statements. 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 risks and uncertainties described in our most recent Form 10-K and in our other filings made with the SEC. We published our quarterly earnings press release, prepared remarks, and supplemental slides to our Industrial 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, Balaji. We're off to a strong start this year against a dizzying backdrop of headlines on trade and economic policy. Each component of our multi-year growth framework is humming. Our audience grew 14% to 170 million monthly active consumers. Engagement strength continued with trips up 18% and with retention rates hitting all-time highs globally. And gross bookings grew in line with trips, fueled by strength across both mobility and delivery. We see this as robust, healthy growth, growth that's coming from engagement and frequency, not just price. We think that's the right way to maximize long-term free cash flow per share. And in Q1, we generated record adjusted EBITDA of 1.9 billion, up 35% year on year, and free cash flow of 2.3 billion. The Uber team has been a major execution mode. We launched with Waymo in Austin with around 100 cars that are all exceptionally utilized. We announced five AV partnerships with deployments to come in the US, Europe, and the Middle East. We signed a partnership with OpenTable to integrate dining, delivery, and transportation for our customers. And we went live with our Delta SkyMiles partnership. And we announced the acquisition of Trendy Algo to supercharge our future growth in Turkey. And that is all just in the last two months. Looking ahead, our Q2 outlook should underscore our expectation to reliably deliver more of the same strong top-line growth combined with even stronger profitability growth, setting us well for the seasonally stronger second half of the year. And as I said to my team, I feel great about where we stand. We're on solid footing with a clear strategy and ambitions that have never been higher. And that's why I'm emphasizing that good is not going to be good enough. We need to be great to continue to deliver for the people and cities that we serve. And of course, for all of you. So with that, let's get some questions going.