優步 (UBER) 2019 Q1 法說會逐字稿

Good afternoon. My name is Christine, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Uber Technologies, Inc. Q1 2019 Earnings Conference Call. (Operator Instructions)

午安.我叫克莉絲汀，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Uber Technologies, Inc. 歡迎各位。2019年第一季財報電話會議。（操作說明）

Kent Schofield, Head of Investor Relations, you may begin your conference.

投資人關係主管肯特‧斯科菲爾德，你可以開始你的會議了。

Thank you, Christine, and thank you for joining us today, and welcome to Uber Technologies' Q1 2019 Earnings Presentation. On the call today, we have Dara Khosrowshahi, CEO; Nelson Chai, CFO; and this is Kent Schofield, Head of Investor Relations.

謝謝克莉絲汀，也謝謝您今天加入我們，歡迎參加優步科技2019年第一季財報發表會。今天參加電話會議的有：執行長 Dara Khosrowshahi；財務長 Nelson Chai；這位是投資者關係主管 Kent Schofield。

During this 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, is included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com. I will remind you that these numbers are unaudited and may be subject to change.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。有關這些非GAAP指標的更多披露信息，包括GAAP指標與非GAAP指標的調節表，均包含在新聞稿、補充幻燈片和我們向美國證券交易委員會提交的文件中，這些文件均已發佈在investor.uber.com上。我在此提醒各位，這些數據未經審計，可能會有所變動。

Certain statements in this presentation and on this call may be deemed to be forward-looking statements. Such statements can be identified by terms such as believe, expect, intend and may. 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.

本次簡報和電話會議中的某些陳述可能被視為前瞻性陳述。這類陳述可以透過「相信」、「期望」、「打算」和「可能」等字眼來識別。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異，我們不承擔更新今天所作任何前瞻性陳述的義務。

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 including in the section under the caption Risk Factors and management's discussion and analysis of financial condition and results of operations in our filed prospectus filed with the SEC in connection with our IPO on May 13, 2019.

有關可能導致實際結果與前瞻性聲明存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿，以及我們在 2019 年 5 月 13 日向美國證券交易委員會提交的與首次公開募股 (IPO) 相關的招股說明書中“風險因素”部分以及管理層對財務狀況和經營業績的討論和分析中的風險和不確定性。

Following prepared remarks today, we will open the call to questions.

今天在發表完準備好的演講後，我們將開放提問環節。

With that, let me hand it over to Dara.

那麼，就讓我把麥克風交給達拉吧。

Kent, thank you. Welcome, everyone, to our first earnings conference call as a public company. We're very excited. Our IPO earlier this month was an important moment for Uber, and it was the culmination of nearly a decade of work to build the network, product, technology and operational excellence that power our global platform today. It's also the result of more recent changes, including our adoption of a world-class governance standards, an update to our cultural values and a shift towards long-term partnership with cities, regulators and the millions of people and organizations who use our technology to earn income or grow their business every day.

肯特，謝謝你。歡迎各位參加我們作為上市公司的首次財報電話會議。我們非常興奮。本月初的 IPO 對 Uber 來說是一個重要的時刻，也是我們近十年來建立網路、產品、技術和卓越營運的成果，這些都為我們今天的全球平台提供了動力。這也是近期一系列變革的結果，包括我們採用世界一流的治理標準、更新文化價值觀，以及轉向與城市、監管機構和每天使用我們技術來賺取收入或發展業務的數百萬個人和組織建立長期合作夥伴關係。

While I'm proud of what we've achieved with our IPO, I've told our teams that it is ultimately just one moment in a much longer journey. We have an even greater duty to create long-term value for investors, our customers, our employees and our many stakeholders. We'll do this by making Uber the platform -- by making the Uber platform a one-stop shop for the movement of people and powering local commerce around the world at a massive scale, over 700 cities and 63 countries.

雖然我為我們透過 IPO 所取得的成就感到自豪，但我已經告訴我們的團隊，這最終只是漫長旅程中的一個瞬間。我們更有責任為投資者、客戶、員工和眾多利害關係人創造長期價值。我們將透過把 Uber 打造成平台來實現這一目標——將 Uber 平台打造成一站式人員流動服務平台，並在 700 多個城市和 63 個國家/地區大規模推動本地商業發展。

Today, we're pleased to report another quarter of strong growth, demonstrating the continued success of our platform strategy. Q1 '19 gross bookings grew 34% year-on-year on a reported basis and 41% year-on-year on a constant currency basis and excluding divestitures, producing an annualized run rate of $59 billion.

今天，我們很高興地宣布又一個季度實現了強勁成長，證明了我們平台策略的持續成功。2019 年第一季總預訂量按報告基準年增 34%，以固定匯率基準（不含資產剝離）年增 41%，年化運作率為 590 億美元。

Our monthly active platform consumers, or MAPCs, grew an impressive 33% year-on-year to 93 million. However, those 93 million MAPCs represent only 2% of the population in the 63 countries where we operate our Ridesharing products and an even smaller percent of the population in those countries where they use Eats -- where they Uber Eats. We believe our platform model allows us to acquire, engage and retain customers with a cost as well as efficiency and effectiveness advantage over our addressable, typically monoline, competitors. These efforts are just getting started as we penetrate into a $12 trillion total addressable market.

我們的每月活躍平台用戶（MAPC）年增了驚人的 33%，達到 9,300 萬。然而，這 9,300 萬 MAPC 僅占我們經營叫車產品的 63 個國家人口的 2%，而對於使用 Uber Eats（即 Uber Eats）的國家來說，這一比例甚至更小。我們相信，我們的平台模式使我們能夠以成本、效率和效果優勢來獲取、吸引和留住客戶，而我們的目標客戶通常是單一產品線的競爭對手。這些努力才剛開始，我們正在進軍一個總價值 12 兆美元的潛在市場。

Now on to Q1 '19 platform updates. In Ridesharing, Q1 gross bookings grew 22% year-on-year and 29% on a constant currency basis and excluding some divestitures. Some Ridesharing highlights. Part of our commitment to increasing driver engagement and satisfaction, we launched Uber Pro, our driver rewards program in 15 cities in Q1 and now have expanded across the U.S. Among other things, we're helping drivers to lower their operating costs with gas and car maintenance discounts. We're also providing access to tuition-free college education at Arizona State University Online for qualifying drivers or, if they choose, a member of their family. Meanwhile, we're growing our partnerships with Hertz, Fair, Localiza and other vehicle suppliers to enable more drivers to use Uber if they don't have access to a vehicle, which is one of the biggest inhibitors for potential drivers to earn on our platform.

接下來是2019年第一季的平台更新。在叫車領域，第一季總預訂量年增 22%，以固定匯率計算（不包括部分資產剝離）成長 29%。一些拼車亮點。為了提高司機參與度和滿意度，我們在第一季於 15 個城市推出了 Uber Pro 司機獎勵計劃，現在該計劃已擴展到全美各地。除其他事項外，我們還透過汽油和汽車保養折扣幫助司機降低營運成本。我們還為符合條件的司機或其家庭成員提供亞利桑那州立大學在線免學費大學教育的機會。同時，我們正在加強與 Hertz、Fair、Localiza 和其他車輛供應商的合作，以便讓更多沒有車輛的司機也能使用 Uber，這是潛在司機在我們平台上賺錢的最大障礙之一。

For riders, we've launched Uber Rewards across the U.S. to recognize and reward our most loyal consumers. Leveraging the breadth of our platform, consumers can earn points using Ridesharing and Eats towards benefits that make their everyday Uber experience even better, including price protection for specific routes, priority pickups at airports and free Eats deliveries. Consumer satisfaction with Uber rewards has been over 85%.

為了回饋乘客，我們已在美國各地推出了 Uber Rewards 計劃，以表彰和獎勵我們最忠實的消費者。利用我們平台的廣泛優勢，消費者可以透過共乘和外帶賺取積分，兌換各種福利，讓他們的日常 Uber 體驗更加美好，包括特定路線的價格保護、機場優先接送和免費外帶配送。消費者對 Uber 獎勵的滿意度超過 85%。

In Ridesharing marketplace tech, we implemented a new dispatch optimization model that's able to use a 10x denser graph that allows us to dramatically increase the potential rider and driver payers to enable lower ETAs.

在叫車市場技術方面，我們實施了一種新的調度最佳化模型，該模型能夠使用密度高 10 倍的圖，從而大幅增加潛在的乘客和司機付費用戶，以縮短預計到達時間。

In the U.S., our gross bookings category position on a dollar basis has been stable at 70, plus or minus 2 percentage points, versus our largest competitor since Q1 of '18. In Q1 of '19 specifically, our category position was stable at 69%. We've more recently seen signs of competition becoming more focused on brand and product versus incentives, which is a trend that has continued into Q2 '19 and we think -- which is a healthy trend for the business.

在美國，自 2018 年第一季以來，我們以美元計算的總預訂量排名一直穩定在 70%，與我們最大的競爭對手相比，上下浮動 2 個百分點。具體來說，在 2019 年第一季度，我們的品類地位穩定在 69%。我們最近看到，競爭的重點更多地放在品牌和產品上，而不是激勵措施上，這一趨勢一直延續到 2019 年第二季度，我們認為這對企業來說是一個健康的趨勢。

In Latin America, our category position has been stable since the beginning of the year, and we've seen a stabilization of competitive intensity as well. We continue to maintain that -- we continue to maintain what we estimate to be a large per-trip efficiency advantage over our largest competitor in the region, and we've improved our competitive response to new rollouts by other players in the market. We're also in the early stages of rolling out Eats in the region, which will allow us to uniquely capitalize on the synergies between the 2 offerings as we're the only company in Lat Am that offers both rides and Eats.

在拉丁美洲，自年初以來，我們的品類地位一直保持穩定，競爭強度也趨於穩定。我們繼續保持這一優勢——我們繼續保持著我們估計比該地區最大的競爭對手更大的單次行程效率優勢，並且我們提高了對市場上其他參與者新推出的產品的競爭反應能力。我們目前也正處於在該地區推出 Eats 服務的早期階段，這將使我們能夠獨特地利用這兩項服務之間的協同效應，因為我們是拉丁美洲唯一一家同時提供出行和外賣服務的公司。

Now on to our Eats business, which grew 109% year-on-year during Q1 to $3.1 billion in gross bookings and at 117% on a constant currency basis excluding divestitures. This growth is impressive on its own but even more so that Q1 '19 represents year-over-year growth over Q1 of last year, which is a quarter at which we believe Eats became the largest online meal delivery player outside of China. Our 2018 goal of improved restaurant selection was achieved with 220,000 restaurants on the platform at the end of '18, and we continue to add selection at an aggressive pace. We'll continue to improve restaurant selection including the launch of self-service sign-up portals as well as our new aggregator business model that allows restaurants to use their own couriers to deliver to consumers.

現在來說說我們的外賣業務，該業務在第一季同比增長 109%，總預訂額達到 31 億美元；按固定匯率計算（不包括資產剝離），同比增長 117%。這一增長本身就令人印象深刻，但更令人印象深刻的是，2019 年第一季與去年第一季相比實現了同比增長，而我們認為 Eats 正是在去年第一季成為中國以外最大的線上送餐平台。我們在 2018 年設定的改善餐廳選擇的目標已經實現，到 2018 年底，平台上已有 22 萬家餐廳，我們將繼續以積極的步伐增加選擇。我們將繼續改進餐廳選擇，包括推出自助註冊入口網站以及我們新的聚合商業模式，該模式允許餐廳使用自己的快遞員向消費者送貨。

In the U.S., we continue to see great extension of our platform into suburban markets that are oftentimes earlier in their engagement cycle with rideshare. We have a strong category position in Japan where -- which we think will be a spearhead for -- sorry, we have a strong category position in Eats in Japan, which we think will be a spearhead for our Ridesharing business, and we continue to make category position gains in EMEA. Last and certainly not least, we expanded our Starbucks partnership to 7 large U.S. cities and now have begun international pilots.

在美國，我們繼續看到我們的平台向郊區市場大幅擴展，這些市場通常處於與叫車互動的早期階段。我們在日本的餐飲領域擁有強大的品類地位，我們認為這將成為我們共享出行業務的先鋒——抱歉，我們在日本的餐飲領域擁有強大的品類地位，我們認為這將成為我們共享出行業務的先鋒，並且我們在歐洲、中東和非洲地區繼續取得品類地位的提升。最後，也是非常重要的一點，我們將與星巴克的合作關係擴展到了美國 7 個大城市，現在已經開始進行國際試點。

Now a bit on our Other Bets segment, which grew Q1 gross bookings by 230% year-on-year to $132 million. Uber Freight continued to make rapid progress in building our logistics on-demand platform throughout Q1, with growth for the quarter exceeding 200% year-on-year. More and more large, global enterprise shippers are beginning to benefit from Uber Freight's vast carrier network, transparency, real-time pricing and more, with many notable new customers joining Q1 such as CVS, Cisco, Pepco and Heineken. To better support our enterprise shippers and further integrate into their supply chains, we've announced a strategic partnership with SAT, providing customers seamless access to the Uber Freight network, enabling real-time booking and on-demand freight capacity 24/7.

現在來看看我們的其他投注業務板塊，該板塊第一季的總預訂額年增 230%，達到 1.32 億美元。在第一季度，Uber Freight 在建立隨選物流平台方面持續取得快速進展，該季度年增超過 200%。越來越多全球大型的企業托運人開始受惠於 Uber Freight 龐大的承運商網路、透明度、即時定價等優勢，第一季就有許多知名新客戶加入，例如 CVS、思科、Pepco 和喜力。為了更好地支援我們的企業托運人並進一步融入他們的供應鏈，我們宣布與 SAT 建立策略合作夥伴關係，為客戶提供無縫存取 Uber Freight 網路的途徑，以實現全天候即時預訂和按需貨運能力。

Now on to New Mobility. The quarter began with the release of a new version of the JUMP eBike in January, featuring next-generation hardware that improves connectivity, is more durable and has a swappable battery. New Mobility gross bookings grew strong quarter-over-quarter as we carried out continued expansion across the U.S. for both bikes and scooters and our first movement into a European market, a focus that has continued in Q2. We also launched our first public transit product in partnership with the City of Denver, which has shown early positive results as well as furthering the expansion of Uber's platform of non-ridesharing products.

接下來我們來談談新型出行方式。本季開始，1 月發布了新版 JUMP 電動自行車，該車配備了新一代硬件，提高了連接性，更加耐用，電池可更換。隨著我們在美國持續擴張自行車和滑板車業務，以及首次進軍歐洲市場，新出行業務的總預訂量環比強勁增長，這一重點在第二季度得以延續。我們也與丹佛市合作推出了首款大眾運輸產品，該產品已取得初步正面成果，並進一步拓展了 Uber 的非共乘產品平台。

Lastly, on our ATG group, Toyota, DENSO and SoftBank Vision Fund agreed to invest $1 billion, implying a $7.25 billion valuation for Uber ATG on a post-money basis, which we expect to close in July 2019. This investment and expanded commercial partnership will further deepen ATG-Toyota collaboration and add DENSO's expertise for next-generation autonomous vehicles. The investment and agreement is a great recognition of the progress that our team has made to date.

最後，關於我們的 ATG 集團，豐田、電裝和軟銀願景基金同意投資 10 億美元，這意味著 Uber ATG 投後估值將達到 72.5 億美元，我們預計該投資將於 2019 年 7 月完成。這項投資和擴大的商業合作關係將進一步深化 ATG 與豐田的合作，並增加 DENSO 在下一代自動駕駛汽車方面的專業知識。這項投資和協議是對我們團隊迄今為止所取得進展的極大認可。

Our in-house efforts remain focused on the commercialization of autonomous vehicles within our network. This includes developing our own autonomous driving software and hardware stack, but it also includes making our network ready to deploy other partners' autonomous technologies of which Toyota and Daimler have already been announced.

我們內部的努力仍然集中在我們網路內自動駕駛汽車的商業化。這包括開發我們自己的自動駕駛軟體和硬體堆疊，但也包括使我們的網路做好準備，部署其他合作夥伴的自動駕駛技術，豐田和戴姆勒已經宣布了相關技術。

Now I'll pass it on to Nelson to cover the Q1 financials in some detail.

現在我將把這個任務交給納爾遜，讓他詳細介紹第一季的財務狀況。

Thanks, Dara. Now on to Q1 2019, which, as a reminder, came in at or near the high end of the financial ranges we provided last month in our prospectus. Our GAAP revenue of $3.1 billion was up 20% year-over-year. Our GAAP constant revenue, excluding D&A, of $1.7 billion increased to 54% from 45% of revenue in Q1 of 2018. Our GAAP EPS was a loss of $2.26 per share compared to a gain of $1.84 in Q1 2018, which benefited from a $3.2 billion gain attributable to the Grab and Yandex transactions that closed during the quarter. As a reminder, and per the language in our prospectus, we expect a large stock-based compensation charge in Q2 associated with restricted stock units that vested in conjunction with our IPO.

謝謝你，達拉。現在來看 2019 年第一季度，需要提醒的是，該季度業績達到或接近我們上個月在招股說明書中提供的財務範圍的高端。我們的GAAP營收為31億美元，年增20%。不計折舊和攤銷，我們的 GAAP 固定收入為 17 億美元，佔 2018 年第一季營收的 45% 至 54%。我們的 GAAP 每股盈餘為虧損 2.26 美元，而 2018 年第一季則為獲利 1.84 美元，這得益於當季完成的 Grab 和 Yandex 交易帶來的 32 億美元收益。再次提醒大家，根據招股說明書中的措辭，我們預計第二季將產生一筆與 IPO 時歸屬的限制性股票單位相關的巨額股票薪酬費用。

For the remainder of the call, I will discuss key operational metrics as well as non-GAAP financial measures, excluding pro forma adjustments, unless otherwise noted.

在本次電話會議的剩餘時間裡，我將討論關鍵營運指標以及非GAAP財務指標（不包括備考調整），除非另有說明。

First, our total company global trips of 1.5 billion grew 36% year-over-year, excluding our Q1 '18 divestitures in Southeast Asia and Russia. Growth was driven by Eats and Eats-related trips growing globally in excess of 80% year-over-year and by strong Ridesharing performance, particularly in Latin America. MAPCs grew 33% year-over-year to $93 million. We continue to see strong new MAPC additions to the platform via Uber Eats and NeMo. Total company gross bookings grew 34% to $14.6 billion. On a constant currency and ex divestiture basis, bookings grew 41% year-over-year. As a reminder, we report our businesses as 2 segments: core platform, which includes Ridesharing and Uber Eats; and Other Bets, which includes Freight, our logistics platform, and New Mobility, which are our bikes and scooters. ATG, our autonomous driving effort, is included in research and development.

首先，我們公司全球旅行總數達到 15 億人次，年增 36%，不包括我們在 2018 年第一季在東南亞和俄羅斯的資產剝離。成長主要得益於全球餐飲及餐飲相關旅遊年增超過 80%，以及強勁的共乘業務表現，尤其是在拉丁美洲。MAPC 年增 33%，達到 9,300 萬美元。我們持續看到 Uber Eats 和 NeMo 等公司為該平台帶來強勁的新增 MAPC 業務。公司總預訂額成長 34%，達到 146 億美元。以固定匯率和不計剝離資產計算，預訂量年增 41%。再次提醒，我們的業務分為兩個部分：核心平台，包括叫車和 Uber Eats；以及其他業務，包括我們的物流平台 Freight 和我們的自行車和滑板車等新型出行方式。我們的自動駕駛專案 ATG 屬於研發範疇。

Adjusted net revenue, or ANR, of $2.8 billion was up 14% year-over-year. ANR was up 18% on a constant currency basis. Core platform ANR of $2.6 billion was up 10% year-over-year. Core platform ANR was 14% year-over-year on a constant currency basis. Ridesharing ANR was up 10% year-over-year. Eats ANR was up 31%. And they were up 14% and 32% year-over-year, again, on a constant currency and ex divestiture basis.

經調整後的淨收入（ANR）為 28 億美元，年增 14%。以固定匯率計算，ANR成長了18%。核心平台 ANR 為 26 億美元，較去年同期成長 10%。核心平台 ANR 以固定匯率計算年增 14%。共乘平均淨收入較去年同期成長 10%。Eats ANR 成長了 31%。以固定匯率和剔除資產剝離的影響，它們分別年增了 14% 和 32%。

Our ANR as a percentage of gross bookings declined 400 basis points year-over-year to 18% primarily due to Eats, which has a lower take rate than Ridesharing growing as a percentage of the core mix, in particular in India where increased incentives to consumers, drivers and restaurants drove nearly half of the year-over-year decline in Uber Eats take rate to 8% from 12% a year ago; additionally, an increase in the use of Ridesharing driver incentives, in particular in the U.S. and Latin America to compete with other companies in the category.

我們的 ANR 佔總預訂量的百分比同比下降 400 個基點至 18%，主要原因是 Uber Eats 的佣金率低於網約車，而網約車在核心業務組合中的佔比卻在增長，尤其是在印度，由於對消費者、司機和餐廳的激勵措施增加，導致 Uber Eats 的佣金率同比下降近一半，從一年前的 12% 降至 12% 8%；此外，叫車司機激勵措施的使用增加，尤其是在美國和拉丁美洲，是為了與該類別中的其他公司競爭。

In Q2 2019, we expect core platform ANR as a percentage of gross bookings to improve sequentially from Q1 due in part to increased rationality in U.S. ridesharing industry that Dara mentioned earlier and new Uber Eats service and small basket fees launched in the U.S. at the end of the quarter. We expect these benefits to continue into the back half of 2019 and result in ANR year-over-year growth rates to accelerate.

2019 年第二季度，我們預計核心平台 ANR 佔總預訂量的百分比將比第一季度有所改善，部分原因是 Dara 之前提到的美國叫車行業更加理性，以及 Uber Eats 新服務和小額訂單費用在本季度末在美國推出。我們預計這些好處將持續到 2019 年下半年，並導致 ANR 年增速加速。

Non-GAAP cost of revenues, excluding D&A, increased to 50% from 42% of ANR, and it was a flat at 9.4% with Q1 2018 as a percentage of gross bookings. Cost of revenue was flat as a percentage of gross bookings as improvements in insurance costs were offset by an increase in cost of revenues due to Freight and NeMo's growth or merchant model where Freight partners' payment and NeMo's scooter hardware and fuel costs are included in cost of revenue.

非GAAP收入成本（不包括折舊和攤提）佔ANR的比例從42%上升至50%，佔總預訂額的比例與2018年第一季持平，為9.4%。由於 Freight 和 NeMo 的成長或商家模式（其中 Freight 合作夥伴的付款以及 NeMo 的滑板車硬體和燃料成本都包含在收入成本中），保險成本的改善被收入成本的增加所抵消，因此收入成本佔總預訂額的百分比保持不變。

We continue to make progress on payments and are realizing efficiencies through our efforts. Additionally, we have expanded our launch of Uber Cash, our closed-loop digital wallet to Mexico and Brazil, in an effort to provide a more seamless payment experience and help our customers save more money.

我們在支付方面持續取得進展，並透過我們的努力提高了效率。此外，我們已將我們的閉環數位錢包 Uber Cash 的推出範圍擴大到墨西哥和巴西，旨在提供更順暢的支付體驗，幫助我們的客戶節省更多資金。

On the insurance front, we launched a way for drivers to file an incident report in-app through a series of simple steps where they provide information and upload photos. This allows Uber and our insurance partners to respond promptly and more effectively to provide support to drivers and riders.

在保險方面，我們推出了一種讓司機透過一系列簡單的步驟在應用程式內提交事故報告的方式，他們可以在其中提供資訊並上傳照片。這使得 Uber 和我們的保險合作夥伴能夠更迅速、更有效地為司機和乘客提供支援。

Turning to operating expenses. Operations and support increased to 16% from 15% of adjusted net revenue and decreased to 3% from 3.4% of gross bookings versus Q1 of 2018. The decrease as a percentage of gross bookings was primarily due to improved platform leverage, which has -- which more than offset Eats growing as a percentage of our mix. Although we view it as a long-term operational execution opportunity for Eats, the online food delivery industry has higher support contact rates than Ridesharing.

接下來談談營運費用。營運和支援費用佔調整後淨收入的比例從 15% 增加到 16%，佔總預訂額的比例從 3.4% 下降到 3%（與 2018 年第一季相比）。佔總預訂量百分比的下降主要是由於平台槓桿作用的提高，這抵消了 Eats 在我們業務組合中所佔比例的成長。雖然我們認為這是 Eats 的長期營運執行機會，但線上食品配送產業的客戶支援聯繫率高於叫車產業。

Sales and marketing increased to 36% from 26% of adjusted net revenue, an increase from 6.9% from 5.8% of gross bookings in Q1 2018. This increase as a percentage of gross bookings was primarily due to increased consumer promotions as well as increased advertising and marketing head count. Similar to improving incentive trends we discussed in the U.S. and Lat Am in Ridesharing, we expect to deploy fewer consumer promotions in Q2 of 2019 resulting in sales and marketing as a percentage of gross bookings and ANR to decline in Q2 2019.

銷售和行銷費用佔調整後淨收入的比例從 26% 增至 36%，佔 2018 年第一季總預訂額的比例從 5.8% 增至 6.9%。佔總預訂量百分比的增長主要是由於消費者促銷活動的增加以及廣告和行銷人員數量的增加。與我們在美國和拉丁美洲討論的叫車激勵趨勢的改善類似，我們預計 2019 年第二季將減少消費者促銷活動，導致 2019 年第二季銷售和行銷費用佔總預訂量和 ANR 的百分比下降。

Now on to core platform contribution margin. As a reminder, our core platform contribution margin as a percentage of ANR and demonstrates the margin that we generate after the direct expenses related to our Ridesharing and Uber Eats businesses are deducted. What it does not include is indirect, unallocated R&D and G&A expenses, including ATG and other technology programs.

接下來分析核心平台貢獻利潤率。提醒一下，我們的核心平台貢獻毛利佔年度淨收入的百分比，表示扣除與我們的叫車和 Uber Eats 業務相關的直接費用後，我們所產生的毛利。但它不包括間接的、未分配的研發和一般管理費用，包括 ATG 和其他技術項目。

During Q1 2019, we invested on our Ridesharing category leadership through product improvements and competitive pricing relative to competitors that we continue to try to use capital to mitigate our efficiency and effectiveness advantages. Due to this investment, our core platform contribution in Q1 was negative 4% as a percentage of ANR, down from positive 18% in Q1 of 2018.

2019 年第一季度，我們透過產品改進和相對於競爭對手的有競爭力的價格，投資鞏固了我們在共享出行領域的領先地位，我們將繼續嘗試利用資本來削弱我們在效率和效益方面的優勢。由於這項投資，我們第一季的核心平台貢獻佔年度淨收入的 4%，低於 2018 年第一季的 18%。

We remain confident in the long-term model's leverage because in our top 5 countries, our gross bookings during Q1 2019, our core platform contribution margin ranged from negative 10% to positive 54% even as Eats remains in investment mode in all of these countries. Given improving competitive dynamics in U.S. Ridesharing and relative stability in Lat Am, we expect contribution margins to improve sequentially in Q2 2019 and for the remainder of the year.

我們對長期模式的槓桿作用仍然充滿信心，因為在我們排名前 5 名的國家/地區，2019 年第一季我們的總預訂量，核心平台貢獻利潤率在 -10% 到 +54% 之間，即使 Eats 在所有這些國家/地區仍然處於投資模式。鑑於美國叫車市場競爭態勢的改善以及拉丁美洲市場的相對穩定，我們預計 2019 年第二季及之後全年的利潤率將逐週提高。

R&D increased to 15% from 14% of ANR and decreased to 2.8% from 3.1% of gross bookings in Q1 2018. The decline year-over-year as a percentage of gross bookings was primarily due to lower ATG, external engineering and equipment spend more than offsetting continued R&D head count additions.

研發支出佔 ANR 的比例從 2018 年第一季的 14% 增加到 15%，佔總預訂額的比例從 2018 年第一季的 3.1% 下降到 2.8%。年比下降佔總預訂量的百分比主要是由於 ATG、外部工程和設備支出減少，超過了研發人員持續增加帶來的效益。

G&A increased to 15% from 14% of adjusted net revenue and decreased to 2.8% from 3.2% of gross bookings in Q1 2018. The decline year-over-year as a percentage of gross bookings primarily relates to the timing of litigation spend and legal and tax reserves as we continue to invest in the systems and infrastructures needed to be a public company during the first quarter.

2018 年第一季度，一般及行政費用佔調整後淨收入的比例從 14% 增至 15%，佔總預訂額的比例從 3.2% 降至 2.8%。年比下降佔總預訂量的百分比主要與訴訟支出以及法律和稅務準備金的撥付時間有關，因為我們在第一季繼續投資於成為上市公司所需的系統和基礎設施。

Our Q1 2019 adjusted EBITDA loss was $869 million. We've been consistent in our communication that 2019 will be an investment year with a focus on our global platform expansion, long-term product and technology differentiation.

我們 2019 年第一季調整後 EBITDA 虧損為 8.69 億美元。我們一直強調，2019 年將是投資年，重點是全球平台擴張、長期產品和技術差異化。

In terms of liquidity, we ended the quarter with approximately $5.7 billion in unrestricted cash. The net IPO proceeds will be captured in our Q2 2019 financials, and we expect to receive the $1 billion in aggregate proceeds from Toyota, DENSO and SoftBank in July 2019.

就流動性而言，本季末我們擁有約 57 億美元的非限制性現金。IPO淨收益將計入我們2019年第二季的財務報表，我們預計在2019年7月收到來自豐田、電裝和軟銀的10億美元總收益。

As a reminder, at the end of March, we reached an agreement to acquire Careem, a ridesharing delivery and payment company operating in Middle East, North Africa and Pakistan, for $3.1 billion, consisting of $1.4 billion of cash and $1.7 billion in convertible notes. The acquisition of Careem is subject to applicable regulatory approvals and expected to close in January 2020.

提醒一下，3 月底，我們達成協議，以 31 億美元收購 Careem，這是一家在中東、北非和巴基斯坦運營的叫車配送和支付公司，其中包括 14 億美元的現金和 17 億美元的可轉換債券。收購 Careem 尚需獲得相關監管部門的批准，預計將於 2020 年 1 月完成。

We look forward to starting our regular quarterly cadence with you. Dara?

我們期待與您開始定期的季度溝通。達拉？

All right. Thank you, Nelson. Sometimes simplicity is a beautiful thing. And while the canvas that we operate against can seem complex, our story is simple. We're the global player. We are the largest player in personal mobility. Our brand, our technology, our operational platform all give us structural advantages versus the monoline players. We have a generational and demographic wave behind us, and our job is to grow fast at scale and more efficiently for a long, long time. And while the markets that we compete in are and will remain competitive, we like what we see. Our IPO was an important step in our evolution but just a step. Our teams are focused, motivated, talented and very, very determined to prove Uber's value to our shareholders.

好的。謝謝你，納爾遜。有時候，簡單也是一種美。雖然我們所處的環境看起來很複雜，但我們的故事卻很簡單。我們是全球性企業。我們是個人出行領域中最大的企業。我們的品牌、技術和營運平台都賦予了我們相對於單一業務參與者的結構性優勢。我們已經經歷了世代和人口結構的變化浪潮，我們的任務是長期、有效率地實現快速、規模化成長。雖然我們所處的市場現在和將來都會保持競爭狀態，但我們對目前的情況感到滿意。我們的IPO是我們發展歷程中的重要一步，但只是一步而已。我們的團隊目標明確、積極進取、才華橫溢，並且非常、非常堅定地要向股東證明 Uber 的價值。

With that, we're ready for some Q&A.

接下來，我們將進入問答環節。

Thanks, Dara. Operator, you can open it up for questions.

謝謝你，達拉。操作員，您可以開啟提問環節。

(Operator Instructions) Your first question comes from the line of Brian Nowak from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的布萊恩·諾瓦克。

I have 2. Just the first one on rideshare MAPCs, can you sort of talk to us big picture about what you think the biggest hurdle you have to overcome to continue to drive fast rideshare MAPC growth in some of your oldest markets in the U.S. whether it's price, density? And how do you do that? What are your strategies in place to kind of continue to grow MAPCs?

我有兩個問題。第一個問題是關於共享出行MAPC的，您能否從宏觀角度談談您認為在美國一些最老的市場中，要繼續推動共享出行MAPC的快速增長，您必須克服的最大障礙是什麼？無論是價格還是密度？那你具體是怎麼做到的呢？你們有哪些策略來繼續發展MAPC？

Then the second one on Uber Rewards, any color on early learnings there, comments on frequency of users that are using that product? And how do you think about pushing that more globally over time?

接著是關於 Uber Rewards 的第二個問題，能否分享一下早期使用體驗，以及使用者使用產品的頻率？那麼，您如何看待隨著時間的推移在全球範圍內推廣這項理念？

Sure. Just as far as our core rideshare markets, I think as it relates to audience or MAPCs, first of all, there is the natural expansion that is happening. You look at -- one is there's expansion from the city cores to the city suburbs. That is naturally happening. For example, in New York City now, over 50% of our rides don't originate or end in Manhattan. And that was very much not true 3 or 4 years ago. So you see there's kind of a natural expansion from the cores into the suburbs.

當然。就我們的核心叫車市場而言，我認為就受眾或行動廣告投放量而言，首先，存在著自然擴張的趨勢。你看——一是城市中心向城市郊區擴張。這是自然而然發生的。例如，在紐約市，超過 50% 的行程並非從曼哈頓出發或到達曼哈頓。而三、四年前，情況完全不是這樣。所以你看，這是一種從市中心自然擴張到郊區的過程。

The second for us is that you've got kind of the newer millennial generation that is not particularly interested in owning a car. I think the stats are something like 26% of 16-year-olds got their licenses, and that compares to double what it was just 20, 30 years ago. So we do have this urbanization happening on a global basis. We've got this generational wave that is just not interested in car ownership, and all of that absolutely helps us.

對我們來說，第二個原因是，新一代的千禧世代對擁有汽車並沒有特別的興趣。我認為統計數據顯示，大約有 26% 的 16 歲青少年獲得了駕照，而 20 到 30 年前這個數字是現在的兩倍。所以，全球確實正在發生都市化進程。我們現在面臨著這樣一股對擁有汽車不感興趣的世代浪潮，而這絕對對我們有利。

Then I think that you look at our other businesses that we're growing, including Eats and our scooter business, the New Mobility business, 50% of our Eats customers actually don't use rides. So whereas the rides business is a very strong audience creator for the Eats business, now as Eats expands, especially into some of these suburbs, Eats is finding new customers for us, which, first of all, are going to be customers for Eats, but these are customers that then we can up-sell into the rides business as well.

然後我認為，看看我們正在發展的其他業務，包括外帶和我們的滑板車業務，也就是新的出行業務，我們外送客戶中有 50% 實際上並沒有使用乘車服務。因此，雖然叫車業務是外送業務非常強大的受眾創造者，但隨著外送業務的擴張，尤其是在一些郊區，外送業務正在為我們找到新的客戶，這些客戶首先會成為外賣業務的客戶，但我們也可以將這些客戶向上銷售到網約車業務中。

And then the scooter business for us, bikes and -- eBikes and scooters, are finding yet another generation of usually younger customers who are in the center of cities. And what we're finding is that with our New Mobility products, we're actually -- of the customers who use our NeMo products, they are typically underpenetrated in terms of using our rides product. So it's a whole new customer base. Sometimes, they have used our rides products, and we're kind of reactivating them. Sometimes, they weren't using rides at all. So it's reaching into yet another new customer segment and it's also reaching into a different type of trip, a trip that's typically less than 5 miles.

然後，我們的滑板車業務，以及自行車和電動自行車和滑板車，又找到了另一個世代通常是更年輕的客戶，他們居住在城市中心。我們發現，在使用我們新出行產品的客戶中，實際上，在使用我們出行產品的客戶中，他們的出行產品滲透率通常較低。所以這是一個全新的客戶群。有時，他們曾經使用過我們的乘車產品，而我們現在正在重新啟動這些產品。有時，他們根本不搭乘遊樂設施。因此，它正在開拓另一個新的客戶群體，同時也開拓了一種不同的出行方式，即通常不到 5 英里的出行。

And then you see us also penetrating into transit and other areas with our marketplace strategy, which is really getting into every single use case that you would want as far as transportation and usually cheaper use cases. So this is POOL, this is a Express POOL and then these are transit partnerships that we have which are for our folks who want to spend $4 or $5 or even $1 or $2 per ride.

然後您會看到我們也透過市場策略滲透到交通運輸和其他領域，這實際上是為了滿足您在交通運輸方面可能想要的每一個用例，而且通常是更便宜的用例。所以這是 POOL，這是快速 POOL，然後這些是我們與公共交通合作夥伴的合作項目，這些項目面向那些願意每次乘車花費 4 美元、5 美元，甚至 1 美元或 2 美元的乘客。

So that's all within a country. And then also keep in mind that we have 6 target countries: Germany, Argentina, Japan, South Korea, Spain and Italy. These are countries that we believe that we can open up. We think that Uber is a worthy service in those countries, and we think that there's a regulatory opening in those countries, so to speak. It will take some time. Those countries will represent a 20% increase in population or MAPC potential. And there are many, many other countries that either we're not in or we had to get out of: Finland, Norway, Slovakia, the Czech Republic, et cetera. So all of this kind of increases the overall population, et cetera.

所以，以上內容都發生在一個國家內部。此外，請記住我們有 6 個目標國家：德國、阿根廷、日本、韓國、西班牙和義大利。我們認為可以對以下這些國家開放。我們認為 Uber 在這些國家是一項值得推廣的服務，我們認為這些國家在監管方面有一定的開放空間。這需要一些時間。這些國家將代表人口或MAPC潛力成長20%。還有許多其他國家，我們要不是沒有進入，就是不得不退出：芬蘭、挪威、斯洛伐克、捷克共和國等等。所以所有這些都會增加總人口等等。

So I think on the MAPC side, there are -- there isn't one silver bullet, but there are many, many levers, and we have teams working against each of these levers to continue to increase MAPCs not just for the rides business but the overall Uber platform as well.

所以我認為在 MAPC 方面，沒有一勞永逸的辦法，但有很多很多槓桿，我們有團隊針對每個槓桿開展工作，以繼續提高 MAPC，不僅針對乘車業務，也針對整個 Uber 平台。

And the second question was about Rewards, is that right? Was it about the Rewards incentive?

第二個問題是關於獎勵的，對嗎？是因為獎勵激勵機制嗎？

Yes.

是的。

I think in terms of Rewards, on the consumer side, we are going pretty aggressively in the U.S., and we're seeing very good early signal, and we're seeing very high consumer satisfaction. The other great thing about Rewards is that it knits our various services together. You've also seen that we have a subscription product on the rides side, and you can anticipate our being more aggressive in tying in our different products across our subscription products as well. So we're very happy with the early results from Rewards. But it is early, and we think that's a product that we can optimize pretty significantly going forward. And we're certainly looking at launches outside of the U.S., although we haven't announced anything yet.

我認為就獎勵機製而言，在消費者方面，我們在美國採取了非常積極的策略，我們看到了非常好的早期跡象，消費者滿意度也非常高。獎勵計劃的另一個優點是它將我們的各種服務整合在一起。您也已經看到我們在遊樂設施方面推出了訂閱產品，您可以預見，我們將更加積極地把我們不同的產品整合到我們的訂閱產品中。我們對獎勵計劃的初步結果非常滿意。但現在還處於早期階段，我們認為這款產品未來還有很大的優化空間。我們當然也在考慮在美國以外地區推出產品，儘管我們目前還沒有宣布任何消息。

Your next question comes from the line of Heath Terry from Goldman Sachs.

你的下一個問題出自高盛的希斯·特里之口。

Just a couple of things. You made the point in the press release of continuing to see signs of less aggressive pricing by some of your ridesharing competitors. Just curious, to the extent that you can elaborate on that, how universal that is in terms of geography, how much of that is in the U.S. versus some of the other more important markets to you?

就兩件事。你在新聞稿中指出，一些叫車競爭對手的定價策略明顯缺乏競爭力。我很好奇，您能否詳細說明一下，就地域而言，這種現象的普遍程度如何？其中有多少發生在美國，又有多少發生在其他對您來說更重要的市場？

And then on the Eats side of the business, obviously with headlines about competitors raising more money in this space, Dara, curious about your view on how or what type of consolidation is going to happen within the Eats category and to what degree Uber potentially takes part in that in some way.

然後，在外賣業務方面，顯然有新聞報道稱競爭對手在這個領域籌集了更多資金，Dara，我很想知道你對外賣領域將如何或以何種方式進行整合的看法，以及 Uber 可能以何種方式參與其中。

Sure. I think on the competitive front, listen, there is no universal. Every single country is different. And we'd be here for 0.5 hour if we described the competitive position in every country.

當然。我認為在競爭方面，聽著，沒有放諸四海皆準的規則。每個國家都不一樣。如果我們要描述每個國家的競爭地位，恐怕要花上半小時。

I think some important ones. In the U.S., if you listened to the Lyft conference call, for example, they talked about competing more on brand. And I think that competing more on brand and product is, call it, a healthier mode of competition than just throwing money at a challenge. So we have seen that pencil out into the market, so to speak. And we are obviously operating independently, but I'd say we like what we see on the competitive front in the U.S., which is our largest market.

我認為其中一些很重要。例如，在美國，如果你聽了 Lyft 的電話會議，你會發現他們談到了要更多地在品牌方面競爭。我認為，與其僅僅依靠砸錢來應對挑戰，不如在品牌和產品方面競爭，這是一種更健康的競爭方式。所以，我們已經看到這種產品進入市場了。我們顯然是獨立運營的，但我想說，我們對在美國（我們最大的市場）的競爭情況感到滿意。

In South America and Brazil, Mexico, et cetera, we certainly saw a competitive entry by DiDi and some other players, and we're seeing it stabilize at this point. And so again, will things get better or worse, we can't predict. But I think that sitting here today versus where we were 3 months ago, we're always uncomfortable in our chairs, but we're less uncomfortable, so to speak. And I think we have more of a handle on the competitive situation, and I think we feel net better. Now that can get worse or better, but I'd say today, we feel better on the competitive front overall on a global basis.

在南美洲、巴西、墨西哥等地，我們確實看到了滴滴和其他一些玩家的激烈競爭，目前市場正在趨於穩定。所以，情況會好轉還是惡化，我們無法預測。但我認為，與三個月前相比，我們今天坐在這裡，雖然仍然會感到不舒服，但可以說，我們的不舒服程度有所減輕。我認為我們對競爭情勢有了更清晰的認識，整體感覺也更好了。情況可能會變得更糟也可能變得更好，但就目前而言，從全球範圍來看，我們在競爭方面整體上感覺更好了。

I think in -- as it relates to Eats and the landscape there in food delivery, listen, there's a lot of capital coming in because it is a huge category. And there are some folks that believe that the category, the food category, can be larger than the rides category. And if that's true -- and by the way, it could be true, in China, it looks like it is larger than the rides category, that would be an enormous win for us. But today, it does -- it is challenging in that there are many players that are well funded, they're well operated and they're competing to win. But we're the biggest player outside of China. We love our team. We love our technology. And the platform that we have and the ability of our rides business to, one, has built a brand that is very, very recognizable but also move riders from eaters, is considerable.

我認為，就 Eats 和外送行業而言，由於這是一個龐大的行業，所以有很多資本湧入。有些人認為，食品類別的規模可以比遊樂設施類別的規模更大。如果這是真的——順便說一句，這可能是真的，在中國，它看起來比遊樂設施類別還要大——那對我們來說將是一個巨大的勝利。但如今情況確實如此——挑戰在於，許多玩家資金雄厚、運作良好，而且都在競相取勝。但我們是中國以外最大的參與者。我們熱愛我們的團隊。我們熱愛我們的科技。我們擁有的平台以及我們的旅遊業務的能力，一方面，它創造了一個非常非常知名的品牌，另一方面，它還能吸引乘客從食客那裡轉移出去，這非常了不起。

And I will tell you that we’re very, very early in the stages of exploring the many, many ways in which our rides business can help continue to build our Eats business and vice versa, by the way.

順便說一句，我還要告訴你們，我們目前還處於探索如何利用我們的出行業務來幫助發展我們的外賣業務，反之亦然的非常非常早期的階段。

So will there be consolidation? Yes. I think there will absolutely be consolidation. We are not in a hurry in that I think that whether consolidation happens sooner or later, we will be kind of the biggest player on a global basis. We like our competitive chances. We love the advantage that we have as it relates to the platform. So we will play a consolidating part if it makes sense for our shareholders from a long-term perspective. But it's kind of a plan B because our plan A, which is an organic plan, is a great plan, and we feel very strongly about it.

那麼會出現整合嗎？是的。我認為肯定會出現行業整合。我們並不著急，我認為無論整合早晚發生，我們都將成為全球最大的參與者之一。我們對自己在競爭中的優勢充滿信心。我們非常喜歡我們在平台上所擁有的優勢。因此，如果從長遠角度來看這對我們的股東有利，我們將發揮整合作用。但這算是備選方案，因為我們的首選方案（即有機成長方案）非常棒，我們對它充滿信心。

Your next question comes from the line of Ross Sandler from Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Two questions from me, guys. So on the rides incentives issues, so you mentioned it did come down a little bit. I guess the question is, as those come down on the rider side and as prices or fares increase, how sensitive are GV volumes and GV growth rates in rides to increasing prices? And are you seeing anything new in the current quarter relative to the first quarter on rides GV growth?

我有兩個問題。關於遊樂設施獎勵問題，正如你所提到的，獎勵確實有所下降。我想問的是，隨著乘客需求下降，價格或票價上漲，乘車總流量和乘車總增長率對價格上漲的敏感度如何？與第一季相比，您在本季是否觀察到遊樂設施總價值成長的任何新變化？

And then the second question is on Eats. So I think there's a perception out there that the Eats take rate is coming down because of some of your larger QSR deals. But Nelson, you mentioned India, so can you parse the Eats take rate compression between India and maybe other factors like building out selection and any update on the Eats business post the pricing changes in March?

第二個問題是關於 Eats 的。所以我覺得外界有一種看法，認為 Eats 的分成比例下降是因為你們與一些大型快餐連鎖店達成了交易。但 Nelson，你提到了印度，那麼你能否分析一下印度 Eats 的分成率壓縮與其他因素（例如擴大選擇範圍）以及 3 月份價格調整後 Eats 業務的最新進展？

Sure, so this is Nelson. In terms of on the rides side, we haven't really, right? And so the only place that we are watching is New York. And as you know, there are mandated pricing moves that have happened, and we've been passing it on, so we have seen that increase. It's been less about a category position story for us, but pricing has increased. And I think it probably does have ultimately some impact in terms of how gross bookings grow in the category there, but our position's quite strong there. Beyond that, we haven't seen it too much.

沒錯，這就是納爾遜。就遊樂設施方面而言，我們還沒有真正做到，對吧？因此，我們唯一關注的地方就是紐約。如您所知，已經出現了強制性的價格調整，我們也已經將這些調整轉嫁給了消費者，所以我們看到了價格上漲。對我們來說，這與其說是品類定位的問題，不如說是價格上漲的問題。我認為這最終可能會對該類別的總預訂量成長產生一定影響，但我們在該領域的地位相當穩固。除此之外，我們沒怎麼看過。

Regarding your question about Eats, yes India is an investment market for us, right? And so there's 2 things going on there. It's going quite -- it's growing very, very quickly. There are 2 competitors that are very aggressive on -- including ourselves. We are doing well and holding our own, but it is a net market in that we are funding both the eater, the courier as well as the restaurant in terms of building the business.

關於您提出的關於印度美食的問題，是的，印度對我們來說是一個投資市場，對嗎？所以，這裡有兩件事正在發生。它發展得很快——成長速度非常非常快。有兩家競爭對手非常咄咄逼人——其中也包括我們自己。我們目前經營狀況良好，保持自己的地位，但這是一個淨市場，因為我們在業務發展方面既為食客、外賣員也為餐廳提供資金。

As I mentioned in my prepared remarks, if you think about a 400 basis point difference in terms of our contribution -- our take rate, sorry, in -- year-over-year in Uber Eats, it was half of it. And the other half was really about increasing restaurant selection, increasing incentives for our restaurant partners. And that was the difference between how we're going there.

正如我在準備好的發言稿中提到的，如果你考慮到我們在 Uber Eats 的貢獻率（抱歉，是我們的分成率）同比下降了 400 個基點，那相當於下降了一半。另一半則主要集中在增加餐廳選擇、提高對餐廳合作夥伴的激勵措施。這就是我們前往那裡的方式與以往的不同之處。

In terms of how the business is going now, it continues to grow well. As Dara mentioned, it's more of a market-by-market situation. It's growing very, very quick, fast as you saw from our results. And we continue to do well. But I would say that there are certain markets where there are well-funded competitors that are growing. And you see in the U.S. where we have a competitor that's well-funded and growing quite quickly, we are growing fast as well, but they are growing in the category position faster than us.

就目前的業務發展狀況而言，它仍在穩步成長。正如達拉所提到的，這更多取決於各個市場的具體情況。它的增長速度非常非常快，正如您從我們的結果中看到的那樣。我們繼續保持良好的發展勢頭。但我認為，在某些市場中，資金雄厚的競爭對手正在不斷發展壯大。你看，在美國，我們有一個資金雄厚、發展迅速的競爭對手，我們自身發展也很快，但他們在品類地位上的成長速度比我們快。

But we should also expect, Nelson, correct me if I'm wrong, which is our take rate for Eats is on the way up…

但我們也應該預料到，納爾遜，如果我沒記錯的話，我們的外送轉換率正在上升…

Correct.

正確的。

More the balance of the year versus the other way. So we've -- this should be the low watermark, and then you should see take rate for Eats increase over the balance of the year.

一年中剩餘的時間更多，而不是相反。所以，這應該是最低點，然後你應該會看到 Eats 的轉換率在今年餘下的時間裡上升。

And then your last question was on the new service fees. And so they've just started, but they've been well received. We haven't seen any impact on the business. As Dara said, you'll see the take rates improve through the balance of the year, and you should see the ANR increase as well as you think through the balance of the year in terms of the growth rates.

那麼，您最後一個問題是關於新的服務費的。他們雖然才剛起步，但已經受到好評了。我們尚未看到對業務的任何影響。正如達拉所說，你會看到在今年剩餘的時間裡，收款率會提高，而且隨著成長率在今年剩餘的時間裡持續成長，你也應該會看到平均淨收入 (ANR) 增加。

And Ross, just to your first question around rationalization and the competitive environment, you alluded to this but just to be clear, it impacts take rate, it impacts sales and marketing as you think about driver and rider side and all of that. But just want to be clear on that side.

羅斯，關於你提出的第一個問題，即合理化和競爭環境，你提到了這一點，但為了更清楚地說明，它會影響成交率，影響銷售和營銷，因為你要考慮到司機和乘客這方面等等。但我想把這方面確認清楚。

Your next question comes from the line of Mark May from Citi.

你的下一個問題來自花旗銀行的馬克‧梅。

Can you hear me? Okay. You touched on this a minute ago, but I think New York City is a top 5 market, I believe, for you, and there have been some very recent changes there. So just curious if you could comment on how, if at all, the recent changes in New York City, including the new fees and the limits on growing supply, if that's impacted the market -- the growth in the market at all recently and if so, how we should think about that.

你聽得到我嗎？好的。你剛才也提到了這一點，但我認為紐約市是你心目中的前五大市場，而且最近也發生了一些變化。所以，我很好奇您能否評論一下，紐約市最近的變化，包括新的收費和對供應增長的限制，是否對市場產生了影響——最近市場的增長是否受到了影響，如果有影響，我們應該如何看待這種情況。

And then secondly, more of a housekeeping question. Regarding the guidance on sales and marketing leverage for Q2, is that on a bookings or an ANR basis? And would you expect that to persist in the second half?

其次，還有一個比較瑣碎的問題。關於第二季銷售和行銷槓桿的指導意見，是基於訂單量還是年應收帳款額（ANR）？你認為這種情況會在下半季持續嗎？

Yes, sure. In terms of -- I'll take the first question, Nelson will take the second question. In terms of New York City, listen, the -- our business is pretty darn resilient. And the changes made in New York City, while we don't think that they are consumer friendly, and the caps, et cetera, we certainly don't think that they're driver partner friendly, our business has proven out to be pretty resilient. So it is translating into pretty substantial price increases to the consumer, to the rider. We have seen that affect trip volumes definitely because there is some price sensitivity as it relates to any product, and ours is not excepted. But overall, if you look at the dollar growth rate in New York, it's still a healthy city for us.

當然可以。關於──我來回答第一個問題，納爾遜來回答第二個問題。就紐約市而言，聽著，我們的業務韌性相當強。紐約市的這些變化，我們認為對消費者並不友好，而收費上限等等，我們當然也不認為對司機夥伴友好，但我們的業務已經證明具有相當強的韌性。因此，這最終會導致消費者和騎士的物價大幅上漲。我們已經看到，這肯定會影響出行量，因為任何產品都存在一定的價格敏感性，我們的產品也不例外。但總的來說，如果你看一下紐約的美元成長率，它對我們來說仍然是一個健康的城市。

We do think we're still proponents of comprehensive reform in terms of congestion pricing, kind of more market-based regulation. We do want to be constructive here. And in a city with too much traffic and lots of cars standing still, it doesn't serve us, it doesn't serve our riders, it doesn't serve our drivers as well. So the -- our service has certainly shown its resilience. We think the environment can get better. But New York continues to grow for us and continues to grow at a healthy pace on a dollar volume standpoint.

我們仍支持對擁堵收費進行全面改革，採取更以市場為基礎的監管方式。我們希望在這裡提出建設性的意見。在一個交通擁擠、車輛擁擠的城市裡，這樣做對我們、對我們的乘客、對我們的司機都沒有好處。所以——我們的服務確實展現了強大的韌性。我們認為環境可以變得更好。但紐約市場對我們來說持續成長，從美元交易量來看，也持續保持健康的成長速度。

And then, Mark, it's Nelson. On your second part of the question. Yes, we expect that our core platform ANR as a percent of gross bookings to improve sequentially. And then we do expect, as we think through the back half of '19, we're going to see those benefits continue as well as an acceleration year-over-year of our adjusted net revenue.

然後，馬克，是納爾遜。關於你問題的第二部分。是的，我們預期核心平台平均淨收入佔總預訂量的百分比將逐週增加。然後我們預計，隨著我們展望 2019 年下半年，這些好處將會持續，同時我們的調整後淨收入也將逐年加速成長。

Sorry, I was referring to sales and marketing leverage.

抱歉，我指的是銷售和行銷槓桿作用。

Yes. So that leverage was against -- will be against -- it'll be against both. But really, the point was about gross bookings.

是的。所以這種槓桿作用過去是、現在是、未來都會對雙方都不好。但實際上，重點在於總預訂量。

And Mark, that was a little bit to the prior question in that as you think about sales and marketing, you think about promotions to the rider and you think about rationalization, generally, that has an impact there as well.

馬克，這和之前的問題有點關係，因為當你考慮銷售和行銷時，你會想到向騎手進行促銷，你會想到合理化，一般來說，這也會產生影響。

Your next question comes from the line of Mark Mahaney from RBC.

你的下一個問題來自加拿大皇家銀行的馬克‧馬哈尼。

Two questions. One, Dara, could you -- you touched briefly on synergies between Ridesharing and Eats. Could you talk a little bit more about the strategy to try to generate more of those synergies over time? And then, Nelson, could you talk about any new insights you have in terms of getting leverage against insurance costs, which seem to be a material component of COGS, any new insights there?

兩個問題。達拉，您能否簡單提及共乘和外帶之間的綜效？您能否再詳細談談如何隨著時間的推移，努力產生更多這樣的綜效？那麼，納爾遜，您能否談談在應對保險成本方面有什麼新的見解？保險成本似乎是銷售成本的重要組成部分，您在這方面有什麼新的見解嗎？

Sure, Mark. I don't want to give away too much in terms of competitive strategy going forward, but suffice it to say that we are starting to experiment in ways in which we can up-sell our rides customers to Eats deals in a way that, to be plainspoken, isn't annoying and in a way that is beneficial to our riders. And we are seeing some very, very encouraging early signal. Usually, if you got a core product, then obviously you can imagine that our app has a relatively limited space to promote other things to do other than get a ride. Usually, there's a plus or minus to your putting in a promotion to do something else. And what we found is that with rides and Eats, we've got very talented tech and product team, and we're seeing early signal where essentially, you can have very little, if any, cannibalization of a ride and throw a significant amount of potential demand onto the Eats side. And these are very early experimentation results and again are very much V-1 but are showing us signal that creates a good amount of excitement for us in-house.

當然可以，馬克。我不想過多透露未來的競爭策略，但可以肯定的是，我們正在嘗試以某種方式向我們的乘車乘客推銷 Eats 的優惠，坦白說，這種方式不會令人反感，而且對我們的乘客有利。我們看到了一些非常非常令人鼓舞的早期跡象。通常情況下，如果你有一個核心產品，那麼很顯然你可以想像，我們的應用程式除了叫車之外，在推廣其他功能方面的空間相對有限。通常來說，把升職機會換成其他工作，有利有弊。我們發現，在旅遊和外賣方面，我們擁有非常有才華的技術和產品團隊，而且我們看到了早期跡象，表明出行服務幾乎不會受到任何蠶食，同時還能為外賣業務帶來大量潛在需求。這些都是非常早期的實驗結果，而且目前還處於 V-1 階段，但它們所展現的訊號讓我們公司內部感到非常興奮。

There are also ways for us to tie the businesses together as it relates to the loyalty program, which we're pretty early on in, as it relates to subscriptions, as it relates to promotions, et cetera, on the back end, which again, we're fairly early in the experimentation stage.

我們也可以採取一些措施，將各個業務連結起來，例如忠誠度計畫（我們目前還處於早期階段）、訂閱、促銷等等，以及後端方面（同樣，我們也處於實驗階段）。

So I think that I don't want to give away too much, but there's a whole host of activity that the teams are focused on. And really, what we're looking to do is significantly increase the percentage of our MAPCs that use both products and when we see customers using more than one product, their engagement with the platform more than doubles. So not only does the engagement with Uber increase but their engagement with our individual products increases as well, so it's kind of a win-win-win.

所以我覺得我不宜透露太多，但各個團隊正在專注於進行一系列活動。實際上，我們希望大幅提高同時使用這兩款產品的 MAPC 的比例，當我們看到客戶使用不只一款產品時，他們與平台的互動度會翻倍以上。這樣一來，不僅使用者與 Uber 的互動會增加，他們與我們各個產品的互動也會增加，所以這算是三贏。

And then, Mark, on insurance, there's not a step-function improvement. I would say it's more a grinding out. And so what we've done over time is the team has built a great actuary book. And so what that enables us to do is a couple of things. First of all, you shouldn't see quarter-to-quarter noise in our accruals, and that's actually pretty important. It allows us also to go in and work with -- a lot of the national carriers now are trying to bid business, so that is helpful. You heard in my prepared comments how we're leveraging technology and data to help in terms of the incident response times. And so a great way to also help outcomes is to make sure you have really good, fast incident response, which we're doing.

馬克，關於保險，並沒有出現階躍式的改善。我覺得更像是一場艱苦的磨練。因此，隨著時間的推移，我們的團隊已經建立了一個非常優秀的精算業務。因此，這使我們能夠做到兩件事。首先，您不應該在我們的應計項目中看到季度間的波動，這實際上非常重要。這也讓我們能夠參與其中並與許多國家級運營商合作——現在很多國家級運營商都在競標業務，所以這很有幫助。在我的發言稿中，你們已經聽到了我們如何利用技術和數據來縮短事件回應時間。因此，確保擁有真正良好、快速的事件回應能力也是改善結果的好方法，而我們正在這樣做。

And then the one -- yes, the one thing I would tell you is that over time, insurance, while there is a little bit of a service fee in the U.S. to offset, it's largely impacting the U.S. rideshare business. So it'll continue to become a smaller part of the overall P&L as other parts of the business continue to grow quickly. So that would be my takeaway. And so I think you'll see us continue to grind out productivity out of insurance.

然後還有一點——是的，我要告訴你們的是，隨著時間的推移，保險雖然在美國有一些服務費可以抵消，但它對美國的網約車業務產生了很大的影響。因此，隨著公司其他業務的快速成長，它在整體損益表中的佔比將繼續下降。這就是我的主要觀點。所以我認為你會看到我們繼續努力提高保險業的生產力。

Your next question comes from the line of Lloyd Walmsley from Deutsche Bank.

你的下一個問題來自德意志銀行的勞埃德‧沃姆斯利。

This is Kunal for Lloyd. Two, if I may. One, what are the nuances associated with the market that are currently generating over 50% contribution margins? And if you're already getting more than 50% contribution margins in one market, how do you see that kind of -- how do you see contribution margins in the future in other markets?

這是庫納爾給勞埃德的。如果可以的話，我想說兩個。第一，目前市場中哪些細微差別能夠產生超過 50% 的貢獻利潤率？如果你在一個市場已經獲得了超過 50% 的貢獻毛利率，那麼你如何看待未來在其他市場的貢獻毛利率呢？

And second, with regard to lower costs that will open up the TAM, how do you -- what are the key elements to getting pricing lower absent a shift to autonomous? Is POOL really growing in the right mix enough to lower the price meaningfully? Or are there other pathways to lowering the pricing?

其次，關於降低成本以擴大市場規模的問題，在不轉向自動駕駛的情況下，降低價格的關鍵要素是什麼？POOL 的成長是否真的足以在合適的組合中實現顯著的價格下降？或是有其他降低價格的方法嗎？

Sure, absolutely. On contribution margin?

當然可以。就貢獻毛利而言？

Yes, so I'll start on the contribution margin. So I think in the markets where we have high contribution margin, we are -- we have very strong category position. We have good take rates. And so what I mean by that is the adjusted net revenue as a percent of gross billings that tends to be higher. And then in those markets, believe it or not, there are -- there is competition, but we have done a good job in terms of how the market has evolved. And so we have very, very strong position from that standpoint.

是的，那我先從邊際貢獻開始。所以我認為，在那些我們貢獻毛利率高的市場，我們擁有非常強大的品類地位。我們的成交率很高。我的意思是，調整後的淨收入佔總帳單金額的百分比往往會更高。然後，信不信由你，在這些市場中，確實存在競爭，但就市場的發展而言，我們做得很好。因此，從這個角度來看，我們擁有非常非常強大的地位。

What you'll see over time is as the markets continue to evolve, you'll see us continue, particularly on the rideshare side, focus more on contribution, and you'll see us get more efficient. And so we'll get the scale benefits of just the -- our global scale versus everyone else's to deploy technology and operations. You'll see us continue to grind out some of the productivity metrics we're going to work on, on things like insurance and things like payments and other things.

隨著時間的推移，隨著市場的不斷發展，你會看到我們，尤其是在叫車領域，會更加重視貢獻，你會看到我們變得更有效率。因此，我們將獲得規模優勢——我們的全球規模相對於其他所有人在技術和營運部署方面的規模優勢。你會看到我們繼續努力完善一些我們正在研究的生產力指標，例如保險、支付和其他方面。

And then as Dara and I mentioned, the one wildcard is going to be, market-by-market, what happens from a competitive position. And so while we feel comfortable sitting here today and looking into the next couple of quarters, those things can change. But as we see through those things, that will happen. And then the last part of it, because again this is a core contribution metric, is the -- how Eats continues to evolve. In that one -- in the specific market where you mentioned that we have a very strong market position, we have a strong -- we have a good Eats business as well. And again, while we're not going to disclose where that place is, there are markets where we're -- again, we have good core contribution margins across the globe, and you'll see us continue to give you more highlights as the quarters continue here.

然後，正如我和達拉所提到的那樣，最大的變數在於，每個市場的具體情況，競爭地位將如何變化。因此，雖然我們今天坐在這裡展望未來幾季時感到比較安心，但這些情況可能會改變。但從這些事情來看，那件事終將發生。最後一部分，因為這又是一個核心貢獻指標，是 Eats 如何持續發展。在那一點——也就是您提到的我們擁有非常強大的市場地位的特定市場中，我們擁有強大的——我們的外賣業務也很好。再次重申，雖然我們不會透露具體地點，但我們在全球各地都擁有良好的核心貢獻利潤率，隨著季度的推進，我們將繼續為您帶來更多亮點。

Yes. And I guess the other way that I'd put it is the markets with high contribution margins, we don't consider to be outliers. The outliers were the U.S. where our company went through some very, very significant challenges as it related to brand and what has frankly been a strong competitor in Lyft. And so the U.S. is an outlier as far as the scale business that hasn't yet achieved very strong contribution margins. There are markets like Latin America where we've got a competitor come in more recently. But from a structural standpoint actually, this is a business that we believe can be very significantly contribution margin positive, and the one outlier is in the U.S. And in the U.S., we suffered some brand damage that's very unusual. That's going to take some time to repair. And now I think in the U.S., we're in a competitive position with the other player where the competition is going to be more healthy. It's going to be based on brand and product and technology, which we think is the right place to compete versus throwing money at a problem.

是的。換句話說，我們並不認為貢獻率高的市場是異常值。例外情況是美國，我們公司在那裡遇到了一些非常非常重大的挑戰，這與品牌以及 Lyft 這個強大的競爭對手有關。因此，就規模化業務而言，美國是一個例外，它尚未實現非常強勁的利潤率。有些市場，像是拉丁美洲，我們最近才迎來了競爭對手。但從結構角度來看，我們認為這項業務的貢獻毛利率可以非常顯著地為正，唯一的例外是美國。在美國，我們遭受了一些非常不尋常的品牌損害。修復這需要一些時間。現在我認為在美國，我們與其他競爭者處於競爭地位，這種競爭將更加健康。它將以品牌、產品和技術為基礎，我們認為這才是正確的競爭方式，而不是一味地砸錢解決問題。

I think on the other question as to low cost, et cetera, listen, I think that there are many different ways in which we take on low cost. First of all, as it relates to the POOL product, what we're really focused on is be more efficient and increasing the match rates as it relates to each trip, and it means being smarter about which trips we match and then also the introduction of Express POOL that essentially adds waiting and then adds walking to the equation in order to increase the match rate as well.

關於低成本等問題，我認為有很多不同的方法可以降低成本。首先，就 POOL 產品而言，我們真正關注的是提高效率，提高每次行程的匹配率，這意味著要更聰明地匹配哪些行程，然後推出 Express POOL，這實際上增加了等待時間和步行時間，以提高匹配率。

Historically, we have priced POOL quite aggressively in order to create liquidity in the marketplace, in order to create the opportunity to match. Now actually, I'd say the majority of the work is in improving our matching capabilities versus using pricing to increase liquidity.

從歷史上看，我們對 POOL 的定價相當激進，目的是在市場上創造流動性，從而創造匹配的機會。實際上，我認為大部分工作在於提高我們的配對能力，而不是透過定價來增加流動性。

Beyond POOL and Express POOL, we're investing in high-capacity vehicles, either we call it Uber Shuttle or Uber Bus that we've launched in a number of markets. This is about taking matching to the next level. 10 riders in a single vehicle, 15 riders in a single vehicle, we think we will do this ourselves over a long term, and we may also partner up with governments, do kind of public-private partnerships to be a part of the transportation solution for the cities in which we operate. Beyond that, our having public transport. We talked about the integration in Denver. We've integrated London public transit into our app as well. And while that's not strictly our product that we will be marketing, it's another essentially search or another occasion by which users will come to our app to learn what's the best way to get from point A to B. And if every user every day in every city is opening up our app in the morning when they want to get some place, then good things are going to happen over a period of time.

除了 POOL 和 Express POOL 之外，我們還在投資高容量車輛，我們稱之為 Uber Shuttle 或 Uber Bus，我們已經在多個市場推出了這些車輛。這是將匹配提升到一個新的水平。一輛車搭載 10 名乘客，一輛車搭載 15 名乘客，我們認為我們將長期自行進行這項工作，我們也可能會與政府合作，進行某種公私合作，成為我們營運所在城市的交通解決方案的一部分。除此之外，我們還有大眾運輸。我們討論了丹佛的融合問題。我們已將倫敦公共交通系統整合到我們的應用程式中。雖然這並非我們重點推廣的產品，但用戶仍會透過搜尋或查詢的方式存取我們的應用，以了解從 A 點到 B 點的最佳路線。如果每個城市的每個用戶每天早上在需要出遊時都打開我們的應用，那麼假以時日，必將帶來正面的影響。

So we don't think there's any kind of magic lever here, but we are putting more against these different modes of transportation. And then you add to that eBikes, scooters, both through our own products and through our partnership with Lime and we're looking at partnering with other players as well, you just have the whole transportation ecosystem on one app, all your information fully integrated with the loyalty program beneath it, we think that's a very, very powerful product, but it will take time for all of this to come together.

所以我們認為這裡沒有什麼神奇的槓桿，但我們正在加強反對這些不同的交通方式。再加上電動自行車、滑板車（包括我們自己的產品以及與 Lime 的合作），我們還在考慮與其他公司合作，這樣一來，整個交通生態系統就都集中在一個應用程式裡了，所有資訊都與底層的會員計劃完全整合。我們認為這是一個非常強大的產品，但這一切都還需要時間才能真正實現。

Your next question comes from the line of Kahn Masha from HSBC.

你的下一個問題來自匯豐銀行的 Kahn Masha 的一條線。

I'm interested in your payments strategy. You mentioned you're introducing payments wallet in emerging markets. Are these cash products you mentioned going to be used only for Uber ecosystem? Or can they be used for remittances and outside Uber platform? Can you just talk a little bit about that?

我對你目前的支付策略很感興趣。您提到您正在新興市場推出支付錢包。您提到的這些現金產品是否僅用於 Uber 生態系統？或者它們可以用於匯款以及在 Uber 平台之外使用嗎？能稍微談談這方面嗎？

Sure. So the start of our payments is really on productivity right now. And so 87% of the transactions that happen on Uber are done with a swipe. And so what we're doing right now is really focus -- the team is really focused on trying to drive down some of the costs, and we're going to -- you're going to see those benefits. And those are both in terms of core process improvements, we've improved some of our cash collections in arrears, fraud prevention. There's all sorts of different operating things as we continue to focus on productivity. And so that's going on right now. And we're seeing the benefits now, and you'll continue to see the benefits throughout the year moving forward.

當然。所以，我們目前的付款重點其實是生產力。因此，Uber 上 87% 的交易都是透過滑動完成的。因此，我們現在真正專注於——團隊真正專注於努力降低一些成本，我們將——你們將會看到這些好處。這兩點都屬於核心流程改進方面，我們改進了一些拖欠款項的催收和詐欺預防工作。隨著我們不斷專注於提高生產力，營運中涉及各種不同的事項。所以，這件事現在正在發生。現在我們已經看到了這些好處，而且在接下來的一年中，你們也將繼續看到這些好處。

The second thing we did launch, and which I mentioned, is a closed-loop wallet. And this is really to help in certain markets like Brazil, which is really a cash market for us. And it really helps in terms of a lot of cases because in the U.S., we really worry about riders. In Brazil, we have to really focus on driver safety. And so because drivers -- there are incidents with drivers there getting robbed or they're getting carjacked, and so the more and more you can move away from cash is beneficial. Additionally, we do see that if you have Uber cash credit on your account, you will use our -- the service additionally.

我們推出的第二項產品，也是我之前提到的，都是一個閉環錢包。這確實有助於像巴西這樣的某些市場，對我們來說，巴西市場實際上是一個現金市場。而且這在很多情況下都很有幫助，因為在美國，我們真的很擔心騎士。在巴西，我們必須真正重視駕駛安全。所以，因為司機們——那裡經常發生司機被搶劫或被劫車的事件，所以越少使用現金就越有利。此外，我們發現，如果您的帳戶中有 Uber 現金餘額，您也會使用我們的服務。

The last thing is really just we are evaluating how open we go in terms of our wallet, which I think was your question. And I would say that's an opportunity we're looking at now. You did notice that PayPal invested as part of our IPO. And so we are talking to a number of different partners, and we are going to those own -- that owned process internally now of how open we want to be. You can envision that when a company that is growing, as Dara said now, the run rate of the business is over -- is approaching $60 billion a year in terms of billings this year. There's a lot of opportunity that we see ahead on it, and so we're just working through that now. The real takeaway right now is just a focus on the productivity side, which we're getting, and you'll see in our results.

最後一點其實就是我們在評估我們在資金方面願意投入多少，我想這才是你的問題。我認為這是我們目前正在考慮的一個機會。您應該已經注意到，PayPal參與了我們IPO的投資。因此，我們正在與許多不同的合作夥伴進行洽談，並且我們正在內部自行製定流程，以確定我們希望保持多高的開放程度。你可以想像，當一家公司像達拉現在所說的那樣發展壯大時，其業務的運行速度已經接近——今年的營業額接近 600 億美元。我們看到未來有很多機會，所以我們現在正在努力把握這些機會。目前真正的重點在於提高生產力，而我們也朝著這個方向努力，你會在我們的成果中看到這一點。

Your next question comes from the line of Youssef Squali from SunTrust.

你的下一個問題來自 SunTrust 的 Youssef Squali。

You mentioned a couple of times now that competition is more going to be focused on brand and products. Maybe you can flesh that out a little bit. Brand competition could also be a pretty expensive proposition, so maybe if you can just help us understand what you mean exactly by that, that will be helpful.

您已經多次提到，未來的競爭將更加集中在品牌和產品方面。或許你可以再詳細闡述。品牌競爭也可能是一項相當昂貴的舉措，所以如果您能幫我們理解您具體指的是什麼，那就太好了。

And also, if maybe you can just give us an update on the -- those 6 markets where it's been more difficult to do business in, particularly in Germany. I think the last time, you mentioned that you had started making some headway there, so any help there would be helpful.

另外，能否請您向我們介紹一下那六個市場（特別是德國）的最新情況，在這些市場開展業務比較困難。我想上次你提到你在那方面已經取得了一些進展，所以任何幫助都會很有幫助。

Sure. When I talk about brand and product, really it's shorthand for talking about the quality of the service: what are your average ETAs, what are your ETAs, kind of P90 ETAs; how do you make sure that every single customer interaction is a great interaction; what's the quality of the vehicles; and your driver partners, are they happy, are they hospitable; how's your pricing, how consistent is your pricing; how are your match rates, et cetera. So really kind of when you think about our services, there's a cost of customer acquisition, how are you bringing customers into the funnel, we think we have an advantage because we essentially are acquiring customers across multiple verticals.

當然。當我談到品牌和產品時，實際上是指談論服務品質：你們的平均預計到達時間是多少？你們的預計到達時間是？例如 P90 預計到達時間？你們如何確保每一次客戶互動都是愉快的互動？車輛的品質如何？你們的司機夥伴是否滿意，是否熱情好客？你們的定價如何？定價是否穩定？你們的匹配率如何？等等。所以，當你真正考慮我們的服務時，你會發現獲取客戶是有成本的，你是如何將客戶引入銷售漏斗的？我們認為我們有優勢，因為我們基本上是在多個垂直領域中獲取客戶。

Second is how long are your customers staying with you, how loyal are they. We think that with our loyalty programs, with subscriptions, with payments, with wallets, we have now all the tools, again, against a multitude of different products that we can offer one consumer so that we think that we've got kind of a structural loyalty advantage over the other players.

其次，你的客戶會和你維持多久的合作關係，他們的忠誠度如何。我們認為，憑藉我們的會員計劃、訂閱、付款和電子錢包，我們現在擁有所有必要的工具，可以向一位消費者提供多種不同的產品，因此我們認為我們在結構上的忠誠度優勢優於其他競爭對手。

And then we're constantly iterating and improving our experience and our technology in order to make sure that it's best-of-breed in terms of your ETAs, your pricing, your routing, how quickly do you get from point A to B and all the different choices that we offer you as well.

然後，我們不斷迭代和改進我們的體驗和技術，以確保在預計到達時間、定價、路線規劃、從 A 點到 B 點的速度以及我們為您提供的所有不同選擇方面，它都是一流的。

So we think that's a great area for us to compete in. And listen, the Uber brand is a brand that everybody knows all around the world, and we've already built 2 multibillion-dollar services on the Uber brand, and we think Freight will be a third.

所以我們認為這是一個非常適合我們競爭的領域。聽著，Uber 品牌是全世界人盡皆知的品牌，我們已經基於 Uber 品牌打造了兩項價值數十億美元的服務，我們認為貨運將成為第三個項目。

So we like competition as it relates to kind of brand product technology. And we think that over the long term, our being the bigger player, our being the global player and our being the multiproduct player is going to put us in a very good position where competition is not just about dollars.

所以，我們喜歡品牌產品技術領域的競爭。我們認為，從長遠來看，我們作為規模更大的企業、全球性企業和多產品企業，將使我們處於非常有利的地位，競爭不僅僅關乎金錢。

Now if it is about dollars, we're going to push back as hard as anyone pushes us as well. I think...

如果問題出在金錢上，我們也會像任何人對我們施壓一樣，堅決反擊。我認為...

The 6 countries that…

這六個國家…

Yes, the 6 countries, I'd highlight -- listen, each of these countries is unique in its own way. Germany for us is a country that has been a significant investment. I've been to Germany already 3 times. We are kind of growing in Germany the right way. It takes longer to build a service to some extent based on the regulations there, but we are very happy with the growth rates in Germany. We're very happy with the quality of the service there. And we think that the regulations are headed in the right direction so that we can build a larger service and in a way that ultimately is better for the city. Germany has regulations, for example, of return to base where if a private-hired driver takes you out to the airport, he or she has to come back to base empty. That doesn't make any sense especially in a country like Germany that is such a leader in all the environmental issues that they play in. So hopefully, over a period of time, they will recognize that.

是的，我要重點介紹這 6 個國家──聽著，這 6 個國家各有特色。德國對我們來說是一個投資金額龐大的國家。我已經去過德國3次了。我們在德國的發展方式還不錯。在某種程度上，由於當地的法規限制，建立服務需要更長的時間，但我們對德國的成長率非常滿意。我們對那裡的服務品質非常滿意。我們認為這些法規正朝著正確的方向發展，以便我們能夠建立更大的服務體系，最終對城市更有利。例如，德國有規定，如果私人僱用的司機送您去機場，則該司機必須空車返回基地。這完全說不通，尤其是在德國這樣一個在所有環境議題上都處於領先地位的國家。所以希望隨著時間的推移，他們能夠認識到這一點。

In Japan, which is the largest taxi market in the world, we are launching in partnership with taxis. And we're building out our product suite as it relates to taxi partners. We're going out and having really good discussions with taxi partners, and we're signing up taxi partners and kind of building a service the organic way. And we are optimistic about the potential of Japan as a market and the potential of taxi as a partner there. There are some kind of creative ways in which we're working with taxi which we think can result in pretty good services there as well. The Olympics are clearly a consideration for the government. And again, I think that we can play a constructive part in building out a great business there.

在日本這個世界上最大的計程車市場，我們將與計程車公司合作推出這項服務。我們正在完善與計程車合作夥伴相關的產品套件。我們正在與計程車合作夥伴進行深入的交流，並與他們簽約，以一種自然而然的方式建立起一項服務。我們對日本市場的潛力以及計程車作為合作夥伴在日本的潛力持樂觀態度。我們正在嘗試一些創意的方式來與計程車業合作，我們認為這些方式也能帶來相當不錯的服務。奧運顯然是政府考慮的因素之一。而且，我認為我們可以在那裡為打造一個偉大的企業發揮建設性作用。

Argentina is another market for us that is showing us a very, very strong signal. And I think it's one of the absolute bright lights in South America. And it's mostly a cash market at this point but we think has a ton of potential.

阿根廷市場也向我們發出了非常強烈的訊號。我認為它是南美洲最耀眼的亮點之一。目前這主要是一個現金市場，但我們認為它潛力巨大。

There are some markets, Italy is very slow in developing. Spain, Barcelona, for example, has taken a step back. So all of these markets have their positives and negatives, but I think that overall, they're going to be a net positive. And when I look out 5 years forward, I think that they will be real contributors into our ecosystem.

有些市場，義大利的發展速度非常緩慢。例如，西班牙巴塞隆納已經退步了。所以所有這些市場都有各自的優點和缺點，但我認為總體而言，它們會帶來淨收益。展望未來五年，我認為他們將成為我們生態系統的真正貢獻者。

Your next question comes from the line of David Dillon from SMBC Nikko.

你的下一個問題來自SMBC Nikko的David Dillon的台詞。

Really nice improvement on the Freight side, the 200% growth. Can you share the number of trips there? I know you gave some information on the carriers and the drivers and the shippers, but is there any additional metrics you can provide there if possible?

貨運方面有了非常顯著的提升，成長了200%。能否告知一下去那裡的旅行次數？我知道您提供了一些關於承運人、司機和托運人的信息，但如果可以的話，您能否提供一些其他指標？

Actually, no. We're actually not giving that kind of information out. But look, we've seen good signal there. We're pretty confident in terms of the ability to grow out there. We're seeing it just because we see all the same-store sales that we're getting with these national shippers. We continue to build out our routes. And as you know, the key to building a good freight business is building kind of supply/demand across routes, which we're building. We're not optimized yet, we're not big enough yet, but we're seeing very, very good traction there.

實際上，並非如此。我們實際上不會透露這類資訊。但是你看，我們在那裡看到了良好的訊號。我們對未來的發展能力相當有信心。我們之所以看到這種情況，是因為我們看到了與這些全國性貨運公司合作後，同店銷售額的成長。我們將繼續拓展我們的航線。如您所知，建立良好貨運業務的關鍵在於建立跨路線的供需關係，而我們正在努力做到這一點。我們還沒有達到最佳狀態，規模也不夠大，但我們看到了非常非常好的發展動能。

And then look, we'll look forward to talking more about Freight. Again, it's -- we've been in the business a little over 1.5 years or so. And again, we think that we'll continue to grow -- the growth will continue to exceed 200% for the year.

然後，我們期待進一步討論貨運問題。再說一遍，我們從事這個行業大概一年半多一點。我們再次認為我們將繼續成長——今年的成長率將繼續超過 200%。

I'd say just to add a little bit of color. In general, if you looked last year, Freight was probably -- the overall logistics business was in an undersupply position. This year, there's more supply out there. There are more trucks out there, so pricing has come down. So the real focus of the Freight team now is to really focus on bringing in demand and going out and signing up the enterprise shippers. And that sales team is really, really knocking it out of the park. They are bringing in a lot of names. And usually -- well, not usually, almost without exception, when we bring in a new name, we service them very well. We've won a bunch of kind of Shipper of the Year awards, et cetera, and then we build the business. So you're going to see our sales team out there. They're knocking on doors. And fortunately, the doors are opening at this point.

我覺得只是為了增添一點色彩。總的來說，如果你回顧去年的情況，貨運可能會——整個物流業都處於供不應求的狀態。今年，市場上的供應量更大。市場上卡車數量增多，所以價格也隨之下降了。因此，貨運團隊現在的真正重點是真正專注於引入需求，並走出去與企業托運人簽約。銷售團隊的表現真是太棒了！他們引入了很多名字。通常情況下（好吧，不總是，幾乎毫無例外），當我們引入一個新名字時，我們會為他們提供非常好的服務。我們贏得了許多年度最佳托運人之類的獎項，然後我們發展壯大了業務。所以你會看到我們的銷售團隊在外面。他們正在挨家挨戶敲門。幸運的是，現在機會之門正在敞開。

Yes. And the only thing I'd add is that one of the real win points for us is just it's a very manual business if you know the Freight business. And so we're able to automate it, and so our -- the enterprise shippers like that. So whether the shipment creation stats -- like 87% of the time, it's done electronically, the pricing is done almost 80% electronically, and even the booking is done almost 80% electronically. And so that wins. And so we're seeing those benefits out there. And as Dara mentioned, the sales team's been going after it, and so we're seeing good signal right now.

是的。我唯一要補充的是，對我們來說真正的優勢之一在於，如果你了解貨運業，就會知道這是一個非常依賴人工的行業。因此，我們能夠實現自動化，因此我們的企業托運人喜歡這種方式。因此，無論是貨運創建統計（大約 87% 的時間都是電子化的），定價（大約 80% 的時間都是電子化的），甚至預訂（大約 80% 的時間都是電子化的）。所以它贏了。因此，我們已經看到了這些益處。正如達拉所提到的那樣，銷售團隊一直在努力爭取，所以我們現在看到了一個很好的跡象。

Great. Thank you, everyone. Thank you for the questions today, and thank you, everyone, for joining us. And we look forward to catching up with you soon. Thank you.

偉大的。謝謝大家。感謝大家今天提出的問題，也感謝各位的參與。我們期待盡快與您見面。謝謝。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。