Monthly Active Platform Consumers (MAPCs) were 149 million, growing 15% compared to the same period in 2023, and Trips were 2.6 billion, growing 21% compared to the same period in 2023.

Mobility Gross Bookings grew 26% year-over-year, on a constant currency basis, while Delivery Gross Bookings grew 17% year-over-year, and Freight Gross Bookings decreased 9% year-over-year, on a constant currency basis.

The increase in revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue by $328 million and $414 million across Mobility and Delivery, respectively.

Operations and support expenses increased 7% year-over-year, while revenue increased 15%, indicating improved efficiency in supporting platform users.

Sales and marketing expenses decreased 27% year-over-year, primarily attributable to business model changes in some countries that classified certain sales and marketing costs as contra revenue.

General and administrative expenses increased 28% year-over-year, primarily attributable to a $303 million increase in legal-related accruals and expenses, partially offset by a $45 million decrease in employee headcount costs.

The classification of Drivers is currently being challenged in courts, by legislators and by government agencies in the United States and abroad, and could result in significant additional expenses for compensating Drivers.

The mobility, delivery, and logistics industries are highly competitive, with well-established and low-cost alternatives that have been available for decades, low barriers to entry, low switching costs, and well-capitalized competitors in nearly every major geographic region.

We have experienced and may experience security or data privacy breaches or other unauthorized or improper access to, use of, alteration of or destruction of our proprietary or confidential data, employee data, or platform user data.

The 15% year-over-year growth in MAPCs and 21% year-over-year growth in Trips suggests continued adoption of the platform despite intense competition.

To remain competitive in certain markets, we have in the past lowered, and may continue to lower, fares or service fees, and we have in the past offered, and may continue to offer, significant Driver incentives and consumer discounts and promotions.

The increase in revenue was partially offset by business model changes in some countries that classified certain sales and marketing costs as contra revenue, which negatively impacted revenue by $328 million and $414 million across Mobility and Delivery, respectively.

Operations and support expenses increased 7% year-over-year, while revenue increased 15%, indicating improved efficiency in supporting platform users.

Sales and marketing expenses decreased 27% year-over-year, primarily attributable to business model changes in some countries that classified certain sales and marketing costs as contra revenue.

Depreciation and amortization expenses decreased 8% year-over-year, primarily attributable to a $21 million decrease in amortization expenses due to various acquired intangible assets becoming fully amortized in 2023.

Research and development expenses increased 2% year-over-year, primarily attributable to a $9 million increase stock-based compensation and an $8 million increase in employee headcount costs.

We have made substantial investments to develop new offerings and technologies, and we intend to continue investing significant resources in developing new technologies, tools, features, services, products and offerings.

Our growing use of artificial intelligence and machine learning may present additional risks, including risks associated with algorithm development or use, the tools and data sets used, and/or a complex, developing regulatory environment.

In February 2024, our board of directors authorized the repurchase of up to $7.0 billion in shares of our outstanding common stock.

We have made substantial investments to develop new offerings and technologies, and we intend to continue investing significant resources in developing new technologies, tools, features, services, products and offerings.

In November 2023, we used a portion of the net proceeds from our 2028 Convertible Notes offering to pay down $500 million of our 2030 Refinanced Term Loans.

We face climate change related physical and transition risks, which include risks associated with market shifts toward more sustainable or renewable forms of energy and energy conservation.

We have made certain climate-related commitments, including our commitment to 100% renewable electricity for our U.S. offices by 2025, our commitment to net zero climate emissions from corporate operations by 2030, and our commitment to be a net zero company by 2040.

Increased attention to, and evolving expectations regarding, environment, social and governance and sustainability matters may impact our business, reputation and liabilities, including in the context of certain commitments we have made.

The mobility, delivery, and logistics industries are highly competitive, with well-established and low-cost alternatives that have been available for decades, low barriers to entry, low switching costs, and well-capitalized competitors in nearly every major geographic region.

We are subject to numerous legal and regulatory risks that could have an adverse impact on our business and future prospects.

Our performance is subject to economic conditions and their impact on levels of discretionary consumer spending.