![]() ![]() So, we will be managing our cost structure to the opportunities ahead and also with a very strong, kind of dose of discipline. And then you look at our EBITDA that we delivered well above street expectations, well above our guidance, and the forward EBITDA 800 million to 850 million that we guided to again even at the low-end above what street expectations were. And I think the results speak for themselves in terms of our bookings growth, acceleration on a quarter-on-quarter basis. So, I think as far as the cost structure goes, listen, we manage the cost structure dynamically based on the environment that we're seeing. Do you believe you need to tighten up the cost structure anymore and how do you balance those considerations with product and growth? And then secondly, just in terms of AI, you talked about improvements on ETAs and onboarding, what are some of the other ways you envision AI driving the consumer experience for Uber? Dara, good EBITDA upside the 549 million in free cash flow and talking about GAAP operating income this year, I think headcount is flat-to-down this year. Our first question comes from Doug Anmuth from JPMorgan. With that, let's open up the call for questions. The Uber platform has never been stronger, our own expectations have never been higher, and we’re excited to leave no doubt as to the scope of our ambitions for exceptionally profitable growth. We're working to accelerate our path to GAAP net income by optimizing our entire P&L every single line item.ĭespite any macroeconomic uncertainty, I'm more confident than ever in our prospects and remain committed to best-of-breed cash flow growth. Even as we performed well, we're acutely aware that expectations have only continued to increase for scale platforms, blackouts. Over the past two years, we’ve consistently delivered results that have exceeded both investor expectations and our own internal plans. Adjusted EBITDA of 761 million, exceeding the high end of our guidance, and we delivered incremental adjusted EBITDA margin of 12% and record free cash flow of 549 million. Trips outpaced gross bookings growth and accelerated to 24% growth from 19% last quarter. Uber is off to a strong start in 2023, with gross bookings up 22% year-on-year at constant currency. We will open the call to questions following brief opening remarks from Dara. And we ask you to review those documents if you haven't already. ![]() We published our quarterly earnings press release, prepared remarks, and supplemental slides to our Investor Relations website earlier today. Actual results may differ materially from these forward-looking statement and we do not undertake any obligation to update any forward-looking statement we make today, except as required by law.įor more information about factors that may cause actual results to differ materially from forward-looking statement, please refer to the press release we issued today, as well as 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. You should not place undue reliance on forward-looking statement. Such statements can be identified by terms such as belief, expect, intend and may. Certain statements in this presentation and on this call are forward-looking statement. Additional disclosures regarding these non-GAAP measures, including the 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 .Īs a reminder, these numbers are unaudited and may be subject to change. During today's call, we will present both GAAP and non-GAAP financial measures. On the call today we have Uber’s CEO, Dara Khosrowshahi and CFO, Nelson Chai. Thank you for joining us today and welcome to Uber's first quarter 2023 earnings presentation. I would now like to turn the call over to Balaji Krishnamurthy, Head of Investor Relations. As a reminder, this conference call is being recorded. After the speakers' presentation, we will conduct a question-and-answer session. All participants are in a listen-only mode. Good morning and welcome to Uber Technologies, Inc.’s Q1 2023 Earnings Conference Call. ( NYSE: UBER) Q1 2023 Earnings Conference Call 8:00 AM ETīalaji Krishnamurthy - Head, Investor Relationsĭara Khosrowshahi - Chief Executive Officer
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