$Uber Technologies, Inc.(UBER)$
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Uber Technologies, Inc. (NYSE:UBER) Q4 2023 Earnings Conference Call February 7, 2024 8:00 AM ET
Company Participants
Alax Wang - Head, Investor Relations
Dara Khosrowshahi - Chief Executive Officer
Prashanth Mahendra-Rajah - Chief Financial Officer
Conference Call Participants
Douglas Anmuth - JPMorgan
Eric Sheridan - Goldman Sachs
Brian Nowak - Morgan Stanley
Ross Sandler - Barclays
Justin Post - Bank of America
Mark Mahaney - Evercore
Ron Josey - Citi
Deepak Mathivanan - Wolfe Research
Operator
Good morning. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Uber Fourth Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
I would now like to turn the conference over to Alex Wang, Head of Investor Relations. Alex, you may begin your conference.
Alax Wang
Thank you, Krista. Thank you for joining us today, and welcome to Uber's Fourth Quarter and Full Year 2023 Earnings Presentation. On the call today we have Uber CEO, Dara Khosrowshahi; and CFO, Prashanth Mahendra-Rajah.
During today's call, we'll 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 risks and uncertainties described in our most recent Form 10-K and 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 and Prashanth.
With that, let me hand it over to Dara.
Dara Khosrowshahi
Thanks, Alex. Q4 was a standout quarter to cap off a standout year. Trip growth of 24% year-on-year outpaced gross bookings growth for the fourth quarter in a row, powered by strong audience trends and record engagement as consumer activity remained healthy all-around the world. At the same time adjusted EBITDA of $1.3 billion exceeded our Q4 outlook with GAAP operating income of $652 million.
Looking back, 2023 was an inflection point for Uber providing -- proving that we can continue to generate strong profitable growth at scale. These results in our Q1 outlook demonstrate that we're starting 2024 with tremendous momentum and reliable execution. I'm energized by the pace of innovation I'm seeing across the company and I'm looking forward to another exciting year ahead.
And now here's Prashanth.
Prashanth Mahendra-Rajah
Thank you, Dara. And let me add my welcome to our Q4 earnings call. As a reminder, we will be hosting an Investor Update next week on Wednesday, February 14th to present an updated view of our strategy and capital allocation plans. As such, we kindly ask that you keep your questions today, focused on our fourth quarter and full year 2023 results.
And with that, let's open the call to questions.
Question-and-Answer Session
Operator
[Operator Instructions] Your first question comes from the line of Doug Anmuth from JP Morgan. Please go ahead.
Douglas Anmuth
Thanks so much for taking the question. As you come off of 2023, we have grown bookings 20% and achieved positive GAAP operating income and net income and driven meaningful free cash flow. Can you just talk more about your top priorities as you enter 2024? How you shift Uber to become more of an everyday product and what are some of the key strategic investment areas that you're most focused on? Thanks.
Dara Khosrowshahi
Yes, great question, Doug. So, I think for us, the good news is that, the strategy remains largely the same. If I were to broaden in terms of Mobility, first and foremost, it's about making certain that our supply position, the number of drivers that we have on the road and engagement of those drivers continues to be healthy because that is what drives overall marketplace health. And you can never forget about the basics. The number of drivers we have on the platform was up 30% year-on-year. With engagement, average -- engagement also being up 10%. So we still drivers of the heart of the business. And as long as we've got drivers who are earning as they are, for example, in the US $33 per utilized hour and staying on the platform for longer that platform stays healthy. We have more people coming in.
At the same time we're augmenting that base platform with a number of new initiatives that we've got in place, newer products. This thesis are you for be enterprise business that's actually showing nice strength early in the year. Reserve for folks who are willing to pay more for better reliability for those travel locations. For example, low cost product as well and then taxis and two-wheelers and three-wheelers. So you've got a base business that's growing at fast rates. Typically, gaining category position against many competitors. And then, augmented by some of these faster-growing products.
In delivery it's very similar, which is, adding more restaurants, making sure the reliability of services is excellent. You've seen that business actually accelerate its growth from 16% topline to 17%, while significantly increasing margins as well. And that's augmented by new services such as grocery, which is now $7 billion run-rate and growing at very healthy rates. And then advertising, which we told you would be a $1 billion run-rate business next year, which is going to surpass that. We're already at a $900 million plus run-rate just in Q4 of this year.
So again, strong base business, augmented by these new exciting businesses that add both top-line and margin as well. And then all of it is going to be undergirded by the power of the platform. First and foremost that their technology platform, all of the algos we have that are matching drivers to riders or matching couriers to go pick up something at a grocery store and deliver to home on time. So it's a technical platform that's doing all the matching, routing driven by AI. And then other factors like our membership program, which is up to 19 million members. And then, of course, cross-selling across the platform, which continues to increase Uber users who buy across platform, let's say, if they are taking UberX and order on Uber Eats will on average order three times more than those who don't.
So I think as we look forward, it's more of the same and increasing the scale of each of these efforts, because as you can see we're growing faster than competition on a global basis. We continue to improve margins. And now that we're profitable, that creates other possibilities as well. So I think that's what we're, kind of, if next year is the same as this year just with bigger numbers, I'll be happy.
Douglas Anmuth
Great. Thank you. Dara.
Dara Khosrowshahi
You're welcome.
Operator
Your next question comes from the line of Eric Sheridan from Goldman Sachs. Please go ahead.
Uber Technologies, Inc. (NYSE:UBER) Q4 2023 Earnings Conference Call February 7, 2024 8:00 AM ET
Company Participants
Alax Wang - Head, 投资者关系
达拉·克什罗沙西 - 首席执行官
Prashanth Mahendra-Rajah - 财务总监
Conference Call Participants
Douglas Anmuth - 摩根大通
埃里克·谢里丹 - 高盛公司
Brian Nowak - 摩根士丹利
Ross Sandler - 巴克莱
贾斯汀·普斯特 - 美国银行
Mark Mahaney - Evercore马克·马哈尼 - 安银集团
Ron Josey - 花旗银行
Deepak Mathivanan - Wolfe Research
Operator
早上好。我叫Krista，今天我将是您的电话会议操作员。现在，我想欢迎大家参加Uber第四季度收益电话会议。为防止任何背景噪音，所有线路都已静音。在发言结束后，将进行问答环节。【操作员指示】谢谢。
我现在愿意把会议交给王先生，投资者关系主管。王先生，你可以开始你的会议。
Alax Wang
谢谢Krista。感谢您今天的加入，欢迎参加优步2023年第四季度和全年财报发布会。今天我们的通话中有优步首席执行官达拉•科什罗瓦希和首席财务官普拉山特•马亨德拉-拉贾。
在今天的电话会议中，我们将介绍通用公认会计准则（GAAP）和非通用公认会计准则（non-GAAP）财务指标。有关这些非通用公认会计准则指标的额外披露，包括GAAP与非GAAP指标的对照表，均包含在新闻稿、补充幻灯片和我们向美国证券交易委员会提交的文件中，这些都已发布在投资者网站 investor.uber.com 上。
本演示和电话中的某些陈述属于前瞻性陈述，您不应过分依赖前瞻性陈述。实际结果可能与这些前瞻性陈述存在重大差异，我们不承担更新今天所做任何前瞻性陈述的义务，除非法律要求。有关可能导致实际结果与前瞻性陈述存在重大差异的因素的更多信息，请参阅我们今天发布的新闻稿，以及在我们最近的10-K表格和提交给美国证券交易委员会（SEC）的其他文件中所描述的风险和不确定性。
我们今天早些时候在投资者关系网站上发布了我们的季度业绩新闻稿、准备好的发言以及附加幻灯片，请您在还没有阅读这些文件的情况下进行审阅。在达拉和普拉桑斯发表简短开场发言之后，我们将开启提问环节。
好的，让我把话筒交给达拉。
Dara Khosrowshahi
谢谢，Alex。第四季度是一个出色的季度，为了结束一个出色的一年。24%的行程增长同比增长，超过了四个季度的总票的增长，这得益于强劲的受众趋势和创纪录的参与度，因为全球范围内的消费者活动保持良好。同时，13亿美元的调整后的EBITDA超过了我们第四季度的预期，而GAAP的营业收入为6.52亿美元。
回顾过去，2023年对于Uber来说是一个转折点——证明我们可以持续以规模化的方式实现强劲的盈利增长。我们对于2024年第一季度的展望结果显示，我们以强劲的势头和可靠的执行开始了这一年。我对公司各个部门所展现的创新速度感到充满活力，期待着即将到来的又一个激动人心的一年。
现在是Prashanth。
Prashanth Mahendra-Rajah
谢谢你，Dara。让我补充一下，欢迎大家参加我们第四季度收益电话会议。提醒大家，我们将于下周三，2月14日举行投资者更新会议，介绍我们的最新战略和资本配置计划。因此，我们请求大家今天把问题集中在我们2023年第四季度和全年的业绩上。
随着此话题，让我们开始接受问题。
Question-and-Answer Session
Operator
抱歉，我无法提供对投资者电话的实时翻译和解释。
Douglas Anmuth
非常感谢您提出问题。随着我们迈入2023年，我们的订单增长了20％，实现了积极的GAAP营业收入和净收入，并带动了有意义的自由现金流。您能否详细谈谈您步入2024年的首要任务？您将如何调整优步，使其成为更普遍的产品？您最关注的一些关键战略投资领域是哪些？谢谢。
Dara Khosrowshahi
是的，很棒的问题，道格。所以，我认为对我们来说，好消息是，战略基本上还是不变的。如果要在移动性方面广义地讲，首要任务是确保我们的供应状况良好，我们在路上的司机人数以及他们的参与度要保持健康，因为这是推动整个市场健康的关键。你永远不能忘记基础。我们平台上的司机人数同比增加了30%。在参与度方面，平均参与度也增加了10%。所以我们依然视司机为业务的核心。只要我们有司机能像现在这样赚钱，比如在美国每小时$33，并且能在平台上停留更长时间，平台就能保持健康。我们就会吸引更多人加入。
与此同时，我们正在通过一些新的举措来加强这个基础平台，我们已经推出了一些新产品。这个论点是，对于那些愿意为出行地点的更可靠性支付更多费用的企业客户来说，今年初的表现非常出色。也为愿意为更好的可靠性支付更多费用的出行者提供服务。例如，还有低成本产品，出租车，两轮和三轮车。因此，你拥有一个以快速速度增长的基础业务。通常情况下，在许多竞争对手中获得了行业地位。此外，还有一些增长更快的产品来增强业务。
在外卖服务方面，我们的目标是不断增加餐厅资源，确保服务的可靠性达到卓越水平。您可以看到，我们的业务实际上加速增长，销售额从16%增长到了17%，同时利润率也有显著提高。这得益于诸如杂货配送这样的新服务，目前已经达到了每年70亿美元的营业额，并且增长速度非常可观。此外，我们之前告诉您广告服务明年将达到10亿美元的年度营业额，但实际情况将超过这一数字。仅在今年第四季度，我们广告业务的营业额已经超过9亿美元。
因此，强大的基础业务再加上这些新的令人兴奋的业务，不仅增加了营业额，也提高了利润率。而且所有这些都将受到平台的支持。首先也是最重要的是他们的技术平台，所有的算法都是用来匹配司机和乘客或者匹配快递员去杂货店取货然后按时送货到家的。这是一个由人工智能驱动的技术平台，进行匹配和路线规划。另外还有我们的会员计划，目前已有达到1900万会员。当然，还有跨平台的交叉销售，这持续增加了在Uber平台上购买的用户，比如说，如果他们乘坐UberX并在Uber Eats订餐的话，平均会比那些没有这样操作的用户多下单三倍。
所以我觉得，展望未来，我们会继续做同样的事，并增加每项努力的规模，因为你可以看到，在全球范围内，我们的增长速度快于竞争对手。我们不断改善利润率。而且现在我们是盈利的，这也创造了其他可能性。所以我认为，如果明年和今年一样，只是数字更大，我会感到满意。
Douglas Anmuth
太好了。谢谢您。
Dara Khosrowshahi
不客气。
Operator
你的下一个问题来自高盛的Eric Sheridan先生，请问。
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