優步 (UBER) 2019 Q1 法說會逐字稿

Good afternoon.

下午好。

My name is Christine, and I'll be your conference operator today.

我的名字是克里斯汀，今天我將成為您的會議接線員。

At this time, I would like to welcome everyone to the Uber Technologies, Inc.

在這個時候，我想歡迎大家加入 Uber Technologies, Inc.。

Q1 2019 Earnings Conference Call.

2019 年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

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

Kent Schofield，投資者關係主管，您可以開始您的會議了。

Thank you, Christine, and thank you for joining us today, and welcome to Uber Technologies' Q1 2019 Earnings Presentation.

謝謝你，克里斯汀，感謝你今天加入我們，歡迎來到 Uber Technologies 的 2019 年第一季度收益報告。

On the call today, we have Dara Khosrowshahi, CEO; Nelson Chai, CFO; and this is Kent Schofield, Head of Investor Relations.

在今天的電話會議上，我們有首席執行官 Dara Khosrowshahi；尼爾森柴，首席財務官；我是投資者關係主管 Kent Schofield。

During this call, we will present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

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.

有關這些非 GAAP 措施的其他披露，包括 GAAP 與非 GAAP 措施的對賬，包含在新聞稿、補充幻燈片和我們向 SEC 提交的文件中，每一份文件都發佈到investor.uber.com。

I will remind you that these numbers are unaudited and may be subject to change.

我會提醒您，這些數字未經審計，可能會發生變化。

Certain statements in this presentation and on this call may be deemed to be forward-looking statements.

本演示文稿和本次電話會議中的某些陳述可能被視為前瞻性陳述。

Such statements can be identified by terms such as believe, expect, intend and may.

此類陳述可以通過相信、預期、打算和可能等術語來識別。

You should not place undue reliance on forward-looking statements.

您不應過分依賴前瞻性陳述。

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.

實際結果可能與這些前瞻性陳述存在重大差異，我們不承擔更新我們今天所做的任何前瞻性陳述的任何義務。

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陳述大不相同的因素的更多信息，請參閱我們今天發布的新聞稿以及風險和不確定性，包括標題風險因素和管理層對財務的討論和分析下的部分我們於 2019 年 5 月 13 日向美國證券交易委員會提交的與我們的首次公開募股有關的招股說明書中的經營狀況和結果。

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

在今天準備好的發言之後，我們將開始提問。

With that, let me hand it over to Dara.

有了這個，讓我把它交給達拉。

Kent, thank you.

肯特，謝謝。

Welcome, everyone, to our first earnings conference call as a public company.

歡迎大家參加我們作為上市公司的第一次收益電話會議。

We're very excited.

我們非常興奮。

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.

本月早些時候，我們的首次公開募股對 Uber 來說是一個重要時刻，它是我們近十年努力建立網絡、產品、技術和卓越運營的成果，為我們今天的全球平台提供動力。

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.

這也是近期變化的結果，包括我們採用世界級的治理標準、更新我們的文化價值觀以及轉向與城市、監管機構以及使用我們技術的數百萬人和組織建立長期合作夥伴關係。每天賺取收入或發展業務。

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.

雖然我為我們在 IPO 中取得的成就感到自豪，但我告訴我們的團隊，這最終只是漫長旅程中的一瞬間。

We have an even greater duty to create long-term value for investors, our customers, our employees and our many stakeholders.

我們更有責任為投資者、我們的客戶、我們的員工和我們的眾多利益相關者創造長期價值。

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.

我們將通過讓優步成為平台來做到這一點——通過讓優步平台成為人員流動的一站式商店，並為全球 700 多個城市和 63 個國家的大規模本地商業提供動力。

Today, we're pleased to report another quarter of strong growth, demonstrating the continued success of our platform strategy.

今天，我們很高興地報告又一個季度的強勁增長，展示了我們平台戰略的持續成功。

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.

19 年第一季度的總預訂量在報告的基礎上同比增長 34%，在不包括資產剝離的固定貨幣基礎上同比增長 41%，產生 590 億美元的年化運行率。

Our monthly active platform consumers, or MAPCs, grew an impressive 33% year-on-year to 93 million.

我們的月度活躍平台消費者或 MAPC 同比增長 33%，達到 9300 萬。

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.

然而，這 9300 萬個 MAPC 僅占我們運營拼車產品的 63 個國家/地區人口的 2%，而在他們使用 Eats 的國家（他們使用 Uber Eats 優食）的人口中，這一比例甚至更小。

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.

我們相信，我們的平台模式使我們能夠以相對於我們可尋址的（通常是單一的）競爭對手的成本以及效率和有效性優勢來獲取、吸引和留住客戶。

These efforts are just getting started as we penetrate into a $12 trillion total addressable market.

隨著我們進入 12 萬億美元的總潛在市場，這些努力才剛剛開始。

Now on to Q1 '19 platform updates.

現在到 19 年第一季度平台更新。

In Ridesharing, Q1 gross bookings grew 22% year-on-year and 29% on a constant currency basis and excluding some divestitures.

在拼車業務中，第一季度的總預訂量同比增長 22%，按固定匯率計算增長 29%，不包括一些資產剝離。

Some Ridesharing highlights.

一些拼車亮點。

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.

作為我們提高司機參與度和滿意度的承諾的一部分，我們在第一季度在 15 個城市推出了我們的司機獎勵計劃 Uber Pro，現在已經擴展到美國。除其他外，我們正在幫助司機降低汽油和汽車的運營成本維修折扣。

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.

我們還在亞利桑那州立大學在線為符合條件的司機或（如果他們選擇）其家庭成員提供免學費的大學教育。

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.

與此同時，我們正在加強與 Hertz、Fair、Localiza 和其他車輛供應商的合作夥伴關係，以使更多司機在無法使用車輛的情況下使用優步，這是潛在司機在我們的平台上賺錢的最大障礙之一平台。

For riders, we've launched Uber Rewards across the U.S. to recognize and reward our most loyal consumers.

對於乘客，我們在美國推出了 Uber Rewards，以表彰和獎勵我們最忠實的消費者。

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.

利用我們平台的廣泛性，消費者可以使用拼車和 Eats 賺取積分，以獲得讓他們的日常 Uber 體驗更加美好的福利，包括特定路線的價格保護、機場優先取貨和免費 Eats 送貨。

Consumer satisfaction with Uber rewards has been over 85%.

消費者對優步獎勵的滿意度超過 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 Ridesharing 市場技術中，我們實施了一種新的調度優化模型，該模型能夠使用 10 倍密集的圖表，使我們能夠顯著增加潛在的騎手和司機支付者，以實現更低的 ETA。

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.

在美國，與 18 年第一季度以來我們最大的競爭對手相比，我們按美元計算的總預訂類別頭寸穩定在 70 正負 2 個百分點。

In Q1 of '19 specifically, our category position was stable at 69%.

具體來說，在 19 年第一季度，我們的類別排名穩定在 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.

我們最近看到競爭的跡象越來越集中於品牌和產品而不是激勵措施，這種趨勢一直持續到 19 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.

在拉丁美洲，自今年年初以來，我們的品類地位一直保持穩定，我們也看到了競爭強度的穩定。

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.

我們繼續保持這一點——我們繼續保持我們估計的相對於我們在該地區最大的競爭對手的巨大每次旅行效率優勢，並且我們改進了對市場上其他參與者新推出的競爭反應。

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.

我們還處於在該地區推出 Eats 的早期階段，這將使我們能夠獨特地利用這兩種產品之間的協同效應，因為我們是拉美地區唯一一家同時提供遊樂設施和美食的公司。

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.

現在談談我們的 Eats 業務，該業務在第一季度的總預訂量同比增長 109% 至 31 億美元，在不包括資產剝離的固定貨幣基礎上增長 117%。

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.

這一增長本身就令人印象深刻，但更令人印象深刻的是，19 年第一季度比去年第一季度實現了同比增長，我們認為在這一季度，Eats 成為中國以外最大的在線送餐公司。

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.

我們 2018 年改進餐廳選擇的目標已在 18 年底實現，平台上有 220,000 家餐廳，我們將繼續以積極的步伐增加選擇。

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.

我們將繼續改進餐廳選擇，包括推出自助註冊門戶以及我們的新聚合商業務模式，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.

在美國，我們繼續看到我們的平台向郊區市場的巨大擴展，這些市場通常在他們與拼車的參與週期中處於早期階段。

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.

我們在日本擁有強大的品類地位——我們認為這將成為先鋒——抱歉，我們在日本的 Eats 擁有強大的品類地位，我們認為這將成為我們拼車業務的先鋒，我們將繼續在歐洲、中東和非洲地區取得類別地位。

Last and certainly not least, we expanded our Starbucks partnership to 7 large U.S. cities and now have begun international pilots.

最後同樣重要的是，我們將與星巴克的合作夥伴關係擴展到美國 7 個大城市，現在已經開始國際試點。

Now a bit on our Other Bets segment, which grew Q1 gross bookings by 230% year-on-year to $132 million.

現在是我們的其他投注部分，第一季度總預訂量同比增長 230% 至 1.32 億美元。

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.

優步貨運在整個第一季度繼續在構建我們的物流按需平台方面取得快速進展，該季度同比增長超過 200%。

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.

越來越多的大型全球企業托運人開始受益於 Uber Freight 龐大的承運人網絡、透明度、實時定價等，許多值得注意的新客戶加入了第一季度，例如 CVS、思科、Pepco 和喜力。

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.

為了更好地支持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 建立戰略合作夥伴關係，為客戶提供無縫訪問優步貨運網絡，實現 24/7 實時預訂和按需貨運能力。

Now on to New Mobility.

現在到新移動。

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.

本季度開始於 1 月份發布的新版 JUMP eBike，採用下一代硬件，可改善連接性、更耐用且具有可更換電池。

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.

New Mobility 的總預訂量環比增長強勁，因為我們在美國繼續擴大自行車和踏板車業務，並首次進軍歐洲市場，這一重點在第二季度繼續保持。

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.

我們還與丹佛市合作推出了我們的第一個公共交通產品，該產品已顯示出早期的積極成果，並進一步擴展了優步的非拼車產品平台。

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.

最後，在我們的 ATG 集團，豐田、電裝和軟銀願景基金同意投資 10 億美元，這意味著優步 ATG 的投後估值為 72.5 億美元，我們預計將於 2019 年 7 月完成。

This investment and expanded commercial partnership will further deepen ATG-Toyota collaboration and add DENSO's expertise for next-generation autonomous vehicles.

這項投資和擴大的商業合作夥伴關係將進一步深化 ATG 與豐田的合作，並增加電裝在下一代自動駕駛汽車方面的專業知識。

The investment and agreement is a great recognition of the progress that our team has made to date.

投資和協議是對我們團隊迄今為止取得的進展的極大認可。

Our in-house efforts remain focused on the commercialization of autonomous vehicles within our network.

我們的內部工作仍然專注於我們網絡內自動駕駛汽車的商業化。

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.

這包括開發我們自己的自動駕駛軟件和硬件堆棧，但也包括讓我們的網絡準備好部署豐田和戴姆勒已經宣布的其他合作夥伴的自動駕駛技術。

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

現在我將把它傳遞給尼爾森，以詳細介紹第一季度的財務狀況。

Thanks, Dara.

謝謝，達拉。

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.

現在到 2019 年第一季度，提醒一下，它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。

Our GAAP revenue of $3.1 billion was up 20% year-over-year.

我們的 GAAP 收入為 31 億美元，同比增長 20%。

Our GAAP constant revenue, excluding D&A, of $1.7 billion increased to 54% from 45% of revenue in Q1 of 2018.

我們的 GAAP 固定收入（不包括 D&A）為 17 億美元，從 2018 年第一季度佔收入的 45% 增加到 54%。

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.

我們的 GAAP 每股收益虧損 2.26 美元，而 2018 年第一季度的收益為 1.84 美元，這得益於該季度結束的 Grab 和 Yandex 交易帶來的 32 億美元收益。

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.

提醒一下，根據我們招股說明書中的措辭，我們預計第二季度與我們的首次公開募股相關的限制性股票單位相關的大量股票補償費用。

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.

在電話會議的其餘部分，除非另有說明，否則我將討論關鍵運營指標以及非公認會計準則財務指標，不包括備考調整。

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.

首先，我們公司的全球旅行總數為 15 億次，同比增長 36%，不包括我們在 18 年第一季度在東南亞和俄羅斯的剝離。

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.

增長的動力來自於 Eats 和 Eats 相關的全球旅行同比增長超過 80% 以及強勁的拼車錶現，尤其是在拉丁美洲。

MAPCs grew 33% year-over-year to $93 million.

MAPC 同比增長 33%，達到 9300 萬美元。

We continue to see strong new MAPC additions to the platform via Uber Eats and NeMo.

我們繼續看到通過 Uber Eats 和 NeMo 向平台添加強大的新 MAPC。

Total company gross bookings grew 34% to $14.6 billion.

公司總預訂量增長 34% 至 146 億美元。

On a constant currency and ex divestiture basis, bookings grew 41% year-over-year.

在固定貨幣和資產剝離的基礎上，預訂量同比增長 41%。

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.

提醒一下，我們將我們的業務報告為 2 個部分：核心平台，包括拼車和 Uber Eats；和其他賭注，其中包括我們的物流平台 Freight 和我們的自行車和踏板車 New Mobility。

ATG, our autonomous driving effort, is included in research and development.

ATG 是我們的自動駕駛項目，也包含在研發中。

Adjusted net revenue, or ANR, of $2.8 billion was up 14% year-over-year.

調整後的淨收入 (ANR) 為 28 億美元，同比增長 14%。

ANR was up 18% on a constant currency basis.

按固定匯率計算，ANR 上漲了 18%。

Core platform ANR of $2.6 billion was up 10% year-over-year.

核心平台 ANR 為 26 億美元，同比增長 10%。

Core platform ANR was 14% year-over-year on a constant currency basis.

按固定貨幣計算，核心平台 ANR 同比增長 14%。

Ridesharing ANR was up 10% year-over-year.

拼車 ANR 同比增長 10%。

Eats ANR was up 31%.

Eats ANR 上漲了 31%。

And they were up 14% and 32% year-over-year, again, on a constant currency and ex divestiture basis.

在固定匯率和資產剝離的基礎上，它們同比分別增長了 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%，這主要是由於 Eats 的使用率低於 Ridesharing 在核心組合中的百分比增長，特別是在印度，那裡增加了對消費者、司機和餐館推動了 Uber Eats 同比下降的近一半，從一年前的 12% 降至 8%；此外，拼車司機獎勵的使用增加，特別是在美國和拉丁美洲，以與該類別的其他公司競爭。

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.

在 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環比增長，部分原因是 Dara 之前提到的美國拼車行業的合理性增加，以及最終在美國推出的新 Uber Eats 服務和小籃子費用本季度。

We expect these benefits to continue into the back half of 2019 and result in ANR year-over-year growth rates to accelerate.

我們預計這些好處將持續到 2019 年下半年，並導致 ANR 同比增長率加快。

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.

不包括 D&A 的非 GAAP 收入成本從占 ANR 的 42% 增加到 50%，與 2018 年第一季度佔總預訂量的百分比持平，為 9.4%。

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.

收入成本佔總預訂量的百分比持平，因為保險成本的改善被收入成本的增加所抵消的收入。

We continue to make progress on payments and are realizing efficiencies through our efforts.

我們繼續在支付方面取得進展，並通過我們的努力實現效率。

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.

此外，我們將閉環數字錢包 Uber Cash 的推出範圍擴大到墨西哥和巴西，以提供更加無縫的支付體驗並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.

在保險方面，我們推出了一種方式，讓司機通過一系列簡單的步驟在應用程序內提交事故報告，在這些步驟中，他們提供信息和上傳照片。

This allows Uber and our insurance partners to respond promptly and more effectively to provide support to drivers and riders.

這使優步和我們的保險合作夥伴能夠及時、更有效地做出響應，為司機和乘客提供支持。

Turning to operating expenses.

轉向運營費用。

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.

與 2018 年第一季度相比，運營和支持從占調整後淨收入的 15% 增加到 16%，從占總預訂量的 3.4% 下降到 3%。

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.

佔總預訂量百分比的下降主要是由於平台槓桿率的提高，這足以抵消 Eats 在我們組合中所佔百分比的增長。

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.

儘管我們將其視為 Eats 的長期運營執行機會，但在線食品配送行業的支持聯繫率高於 Ridesharing。

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.

銷售和營銷從占調整後淨收入的 26% 增加到 36%，從 2018 年第一季度佔總預訂量的 5.8% 增加到 6.9%。

This increase as a percentage of gross bookings was primarily due to increased consumer promotions as well as increased advertising and marketing head count.

這一增長佔總預訂量的百分比主要是由於消費者促銷活動的增加以及廣告和營銷人數的增加。

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.

與我們在美國和拉美在 Ridesharing 中討論的改善激勵趨勢類似，我們預計在 2019 年第二季度部署較少的消費者促銷活動，導致銷售和營銷佔總預訂量的百分比和 ANR 在 2019 年第二季度下降。

Now on to core platform contribution margin.

現在談談核心平台的邊際貢獻。

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.

提醒一下，我們的核心平台貢獻利潤率佔 ANR 的百分比，並顯示了我們在扣除與拼車和 Uber Eats 業務相關的直接費用後產生的利潤率。

What it does not include is indirect, unallocated R&D and G&A expenses, including ATG and other technology programs.

它不包括間接的、未分配的研發和 G&A 費用，包括 ATG 和其他技術計劃。

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.

在 2019 年第一季度，我們通過產品改進和相對於競爭對手的有競爭力的定價來投資於我們的拼車類別領導地位，我們繼續嘗試利用資本來降低我們的效率和有效性優勢。

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.

由於這項投資，我們在第一季度的核心平台貢獻佔 ANR 的百分比為負 4%，低於 2018 年第一季度的正 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.

我們對長期模式的影響力仍然充滿信心，因為在我們排名前 5 的國家/地區，我們在 2019 年第一季度的總預訂量中，我們的核心平台貢獻率從負 10% 到正 54% 不等，儘管 Eats 在所有這些國家仍處於投資模式.

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.

鑑於美國拼車競爭動態改善以及拉美地區相對穩定，我們預計 2019 年第二季度和今年剩餘時間的邊際貢獻將依次提高。

R&D increased to 15% from 14% of ANR and decreased to 2.8% from 3.1% of gross bookings in Q1 2018.

研發從占 ANR 的 14% 增加到 15%，從 2018 年第一季度的總預訂量的 3.1% 下降到 2.8%。

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.

佔總預訂量百分比的同比下降主要是由於 ATG、外部工程和設備支出的下降，抵消了持續增加的研發人員數量。

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.

G&A 從占調整後淨收入的 14% 增加到 15%，從 2018 年第一季度的總預訂量的 3.2% 下降到 2.8%。

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.

佔總預訂量的百分比同比下降主要與訴訟支出的時間以及法律和稅收儲備有關，因為我們在第一季度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.

我們 2019 年第一季度調整後的 EBITDA 虧損為 8.69 億美元。

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.

我們一直在溝通中表示，2019 年將是投資年，重點是我們的全球平台擴張、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.

在流動性方面，我們在本季度末擁有約 57 億美元的非限制性現金。

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.

IPO 淨收益將反映在我們 2019 年第二季度的財務報表中，我們預計將在 2019 年 7 月從豐田、電裝和軟銀收到 10 億美元的總收益。

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.

提醒一下，在 3 月底，我們達成了一項協議，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拼車交付和支付公司，其中包括 14 億美元的現金和 17 億美元的可轉換票據.

The acquisition of Careem is subject to applicable regulatory approvals and expected to close in January 2020.

對 Careem 的收購須經適用的監管批准，預計將於 2020 年 1 月完成。

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

我們期待與您一起開始我們的定期季度節奏。

Dara?

達拉？

All right.

好的。

Thank you, Nelson.

謝謝你，尼爾森。

Sometimes simplicity is a beautiful thing.

有時簡單是一件美好的事情。

And while the canvas that we operate against can seem complex, our story is simple.

雖然我們操作的畫布看起來很複雜，但我們的故事很簡單。

We're the global player.

我們是全球玩家。

We are the largest player in personal mobility.

我們是個人出行領域最大的參與者。

Our brand, our technology, our operational platform all give us structural advantages versus the monoline players.

我們的品牌、我們的技術、我們的運營平台都為我們提供了與單線玩家相比的結構優勢。

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.

我們身後有一個世代和人口浪潮，我們的工作是在很長很長一段時間內實現規模化和更高效的快速增長。

And while the markets that we compete in are and will remain competitive, we like what we see.

雖然我們競爭的市場正在並將繼續保持競爭力，但我們喜歡我們所看到的。

Our IPO was an important step in our evolution but just a step.

我們的首次公開募股是我們發展的重要一步，但只是一步。

Our teams are focused, motivated, talented and very, very determined to prove Uber's value to our shareholders.

我們的團隊專注、積極、有才華，並且非常非常決心向我們的股東證明 Uber 的價值。

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

有了這個，我們已經準備好進行一些問答了。

Thanks, Dara.

謝謝，達拉。

Operator, you can open it up for questions.

接線員，你可以打開它來提問。

(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 Brian Nowak。

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?

我有 2 個。只是關於拼車 MAPC 的第一個，你能不能和我們談談你認為在美國一些最古老的市場繼續推動拼車 MAPC 快速增長所必須克服的最大障礙是什麼？它的價格，密度？

And how do you do that?

你是怎麼做到的？

What are your strategies in place to kind of continue to grow MAPCs?

您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?

然後是 Uber Rewards 上的第二個，那裡有關於早期學習的任何顏色，對使用該產品的用戶頻率的評論？

And how do you think about pushing that more globally over time?

您如何看待隨著時間的推移將其推向全球？

Sure.

當然。

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.

就我們的核心拼車市場而言，我認為與受眾或 MAPC 相關，首先，自然擴張正在發生。

You look at -- one is there's expansion from the city cores to the city suburbs.

你看 - 一個是從城市核心到城市郊區的擴張。

That is naturally happening.

這是自然發生的。

For example, in New York City now, over 50% of our rides don't originate or end in Manhattan.

例如，現在在紐約市，我們超過 50% 的遊樂設施並非始發於或結束於曼哈頓。

And that was very much not true 3 or 4 years ago.

這在 3 或 4 年前是非常不正確的。

So you see there's kind of a natural expansion from the cores into the suburbs.

所以你看到有一種從核心到郊區的自然擴張。

The second for us is that you've got kind of the newer millennial generation that is not particularly interested in owning a car.

對我們來說，第二個是你有一種對擁有汽車並不特別感興趣的新一代千禧一代。

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.

我認為統計數據大約是 26% 的 16 歲青少年獲得了駕照，而這比 20、30 年前翻了一番。

So we do have this urbanization happening on a global basis.

因此，我們確實在全球範圍內發生了這種城市化。

We've got this generational wave that is just not interested in car ownership, and all of that absolutely helps us.

我們已經有了對汽車所有權不感興趣的這一代人，所有這些都對我們有幫助。

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.

然後我認為你看看我們正在發展的其他業務，包括 Eats 和我們的踏板車業務、New Mobility 業務，我們 50% 的 Eats 客戶實際上不使用遊樂設施。

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.

因此，儘管遊樂設施業務是 Eats 業務的強大受眾創造者，但現在隨著 Eats 的擴張，尤其是在其中一些郊區，Eats 正在為我們尋找新客戶，首先，這些客戶將成為 Eats 的客戶，但我們也可以將這些客戶追加銷售到遊樂設施業務中。

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.

然後我們的踏板車業務，自行車以及電動自行車和踏板車，正在尋找另一代通常位於城市中心的年輕客戶。

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.

我們發現，對於我們的 New Mobility 產品，我們實際上是 - 在使用我們的 NeMo 產品的客戶中，他們通常在使用我們的遊樂設施產品方面滲透不足。

So it's a whole new customer base.

所以這是一個全新的客戶群。

Sometimes, they have used our rides products, and we're kind of reactivating them.

有時，他們使用了我們的遊樂設施產品，而我們正在重新激活它們。

Sometimes, they weren't using rides at all.

有時，他們根本不使用遊樂設施。

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.

因此，它正在觸及另一個新的客戶群，它也在觸及一種不同類型的旅行，這種旅行通常不到 5 英里。

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.

然後你會看到我們還通過我們的市場戰略滲透到交通運輸和其他領域，這真的進入了你想要的每一個用例，就運輸而言，通常是更便宜的用例。

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.

所以這是 POOL，這是一個 Express POOL，然後這些是我們擁有的公共交通合作夥伴關係，適用於希望每次騎行花費 4 美元或 5 美元甚至 1 美元或 2 美元的人們。

So that's all within a country.

所以這一切都在一個國家之內。

And then also keep in mind that we have 6 target countries: Germany, Argentina, Japan, South Korea, Spain and Italy.

然後還要記住，我們有 6 個目標國家：德國、阿根廷、日本、韓國、西班牙和意大利。

These are countries that we believe that we can open up.

這些是我們認為可以開放的國家。

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.

我們認為優步在這些國家是一項有價值的服務，我們認為這些國家有監管開放，可以這麼說。

It will take some time.

這需要一些時間。

Those countries will represent a 20% increase in population or MAPC potential.

這些國家的人口或 MAPC 潛力將增加 20%。

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.

還有很多很多其他國家要么我們沒有進入，要么我們不得不離開：芬蘭、挪威、斯洛伐克、捷克共和國等等。

So all of this kind of increases the overall population, et cetera.

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，沒有一個靈丹妙藥，但有很多很多的槓桿，我們有團隊針對這些槓桿中的每一個進行工作，以繼續增加 MAPC，不僅是為了遊樂設施業務，而且整個優步平台也是如此。

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

第二個問題是關於獎勵的，對嗎？

Was it about the Rewards incentive?

是關於獎勵激勵嗎？

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.

我認為在獎勵方面，在消費者方面，我們在美國非常積極，我們看到了非常好的早期信號，我們看到了非常高的消費者滿意度。

The other great thing about Rewards is that it knits our various services together.

Rewards 的另一個優點是它將我們的各種服務結合在一起。

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.

您還看到我們在遊樂設施方面有一個訂閱產品，您可以預見我們會更加積極地在我們的訂閱產品中捆綁我們的不同產品。

So we're very happy with the early results from Rewards.

因此，我們對 Rewards 的早期結果感到非常滿意。

But it is early, and we think that's a product that we can optimize pretty significantly going forward.

但現在還為時過早，我們認為這是一個我們可以在未來進行相當大優化的產品。

And we're certainly looking at launches outside of the U.S., although we haven't announced anything yet.

我們當然正在考慮在美國以外的地方推出產品，儘管我們還沒有宣布任何事情。

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

您的下一個問題來自高盛的 Heath Terry。

Just a couple of things.

只是幾件事。

You made the point in the press release of continuing to see signs of less aggressive pricing by some of your ridesharing competitors.

您在新聞稿中指出，您的一些拼車競爭對手繼續看到定價不那麼激進的跡象。

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?

只是好奇，在某種程度上，你可以詳細說明，這在地理方面有多普遍，美國相對於其他一些對你來說更重要的市場有多少？

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 Eats 業務方面，顯然有關於競爭對手在這個領域籌集更多資金的頭條新聞，Dara 很好奇你對 Eats 類別中將如何或哪種類型的整合以及優步可能採取何種程度的看法以某種方式參與其中。

Sure.

當然。

I think on the competitive front, listen, there is no universal.

我認為在競爭方面，聽著，沒有普遍性。

Every single country is different.

每個國家都是不同的。

And we'd be here for 0.5 hour if we described the competitive position in every country.

如果我們描述每個國家的競爭地位，我們會在這裡待 0.5 小時。

I think some important ones.

我認為一些重要的。

In the U.S., if you listened to the Lyft conference call, for example, they talked about competing more on brand.

例如，在美國，如果你聽過 Lyft 電話會議，他們會談到更多的品牌競爭。

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.

而且我認為，在品牌和產品上進行更多的競爭是一種更健康的競爭方式，而不僅僅是在挑戰上投入金錢。

So we have seen that pencil out into the market, so to speak.

因此，可以這麼說，我們已經看到那支鉛筆進入了市場。

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.

而且我們顯然是獨立運營的，但我想說我們喜歡我們在美國競爭前沿看到的東西，這是我們最大的市場。

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.

在南美和巴西、墨西哥等地，我們當然看到了滴滴和其他一些參與者的競爭進入，我們看到它在這一點上穩定下來。

And so again, will things get better or worse, we can't predict.

同樣，事情會變得更好或更糟，我們無法預測。

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.

但我認為，與 3 個月前相比，今天坐在這裡，我們總是在椅子上不舒服，但可以這麼說，我們不那麼不舒服。

And I think we have more of a handle on the competitive situation, and I think we feel net better.

而且我認為我們對競爭形勢有更多的把握，而且我認為我們感覺更好。

Now that can get worse or better, but I'd say today, we feel better on the competitive front overall on a global basis.

現在情況可能會變得更糟或更好，但我今天要說的是，我們在全球範圍內的整體競爭方面感覺更好。

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.

我認為——因為它與外賣和食品配送領域的格局有關，聽著，有很多資本進來，因為它是一個巨大的類別。

And there are some folks that believe that the category, the food category, can be larger than the rides category.

有些人認為食品類別可以比遊樂設施類別更大。

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.

如果這是真的 - 順便說一句，它可能是真的，在中國，它看起來比遊樂設施類別更大，這對我們來說將是一個巨大的勝利。

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.

但今天，它確實如此——這是具有挑戰性的，因為有許多資金充足的玩家，他們運作良好，他們正在競爭獲勝。

But we're the biggest player outside of China.

但我們是中國以外最大的參與者。

We love our team.

我們愛我們的團隊。

We love our technology.

我們熱愛我們的技術。

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.

我們擁有的平台和我們的遊樂設施業務的能力，一個，已經建立了一個非常非常知名的品牌，但也可以讓騎手從食客中脫穎而出，這是相當可觀的。

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.

我會告訴你，順便說一句，我們的遊樂設施業務可以幫助我們繼續建立我們的 Eats 業務，反之亦然，我們正處於探索很多很多方式的早期階段。

So will there be consolidation?

那麼會有整合嗎？

Yes.

是的。

I think there will absolutely be consolidation.

我認為絕對會有整合。

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.

我們並不著急，因為我認為無論遲早發生整合，我們都將成為全球最大的參與者。

We like our competitive chances.

我們喜歡我們的競爭機會。

We love the advantage that we have as it relates to the platform.

我們喜歡與平台相關的優勢。

So we will play a consolidating part if it makes sense for our shareholders from a long-term perspective.

因此，如果從長遠角度來看，這對我們的股東有意義，我們將發揮整合作用。

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.

但它是一種 B 計劃，因為我們的 A 計劃是一個有機計劃，是一個偉大的計劃，我們對此感覺非常強烈。

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

您的下一個問題來自巴克萊銀行的羅斯桑德勒。

Two questions from me, guys.

伙計們，我有兩個問題。

So on the rides incentives issues, so you mentioned it did come down a little bit.

所以關於遊樂設施激勵問題，所以你提到它確實下降了一點。

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?

我想問題是，隨著乘客方面的下降以及價格或票價的上漲，GV 數量和遊樂設施的 GV 增長率對價格上漲有多敏感？

And are you seeing anything new in the current quarter relative to the first quarter on rides GV growth?

相對於第一季度，您在本季度看到任何關於遊樂設施 GV 增長的新情況嗎？

And then the second question is on Eats.

然後第二個問題是關於吃的。

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.

因此，我認為人們認為，由於您的一些較大的 QSR 交易，Eats 的採用率正在下降。

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?

但是尼爾森，你提到了印度，所以你能分析一下印度之間的外賣率壓縮以及其他因素，比如建立選擇和外賣業務的任何更新發布 3 月份的定價變化嗎？

Sure, so this is Nelson.

當然，這就是尼爾森。

In terms of on the rides side, we haven't really, right?

在遊樂設施方面，我們真的沒有，對吧？

And so the only place that we are watching is New York.

所以我們唯一關注的地方是紐約。

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.

如您所知，已經發生了強制性定價舉措，我們一直在傳遞它，所以我們看到了這種增長。

It's been less about a category position story for us, but pricing has increased.

對我們來說，這不是關於類別位置的故事，而是價格上漲了。

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.

而且我認為它最終可能確實會對那裡的總預訂量增長產生一些影響，但我們在那裡的地位相當強大。

Beyond that, we haven't seen it too much.

除此之外，我們還沒有看到太多。

Regarding your question about Eats, yes India is an investment market for us, right?

關於你關於 Eats 的問題，是的，印度對我們來說是一個投資市場，對吧？

And so there's 2 things going on there.

所以那裡發生了兩件事。

It's going quite -- it's growing very, very quickly.

它進展順利——增長非常非常快。

There are 2 competitors that are very aggressive on -- including ourselves.

有兩個競爭對手非常激進——包括我們自己。

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.

我們做得很好並擁有自己的公司，但這是一個淨市場，因為我們在建立業務方面為食客、快遞員和餐廳提供資金。

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.

正如我在準備好的評論中提到的那樣，如果您考慮一下我們的貢獻（我們的錄取率，對不起，在 Uber Eats 中的同比）有 400 個基點的差異，那是它的一半。

And the other half was really about increasing restaurant selection, increasing incentives for our restaurant partners.

另一半實際上是關於增加餐廳選擇，增加對我們餐廳合作夥伴的激勵。

And that was the difference between how we're going there.

這就是我們去那裡的方式之間的區別。

In terms of how the business is going now, it continues to grow well.

就目前的業務情況而言，它繼續保持良好增長。

As Dara mentioned, it's more of a market-by-market situation.

正如 Dara 所提到的，這更像是一個逐個市場的情況。

It's growing very, very quick, fast as you saw from our results.

正如您從我們的結果中看到的那樣，它的增長非常非常快。

And we continue to do well.

我們繼續做得很好。

But I would say that there are certain markets where there are well-funded competitors that are growing.

但我想說的是，在某些市場，有資金充足的競爭對手正在成長。

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.

你會看到在美國，我們有一個資金充足且增長很快的競爭對手，我們也在快速增長，但他們在類別位置上的增長速度比我們快。

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

但我們也應該期待，尼爾森，如果我錯了，請糾正我，這是我們對 Eats 的接受率正在上升的過程......

Correct.

正確的。

More the balance of the year versus the other way.

與其他方式相比，今年的餘額更多。

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.

所以我們 - 這應該是低水位線，然後你應該看到 Eats 的接受率在今年的餘額中增加。

And then your last question was on the new service fees.

然後你的最後一個問題是關於新的服務費。

And so they've just started, but they've been well received.

所以他們才剛剛開始，但他們受到了好評。

We haven't seen any impact on the business.

我們還沒有看到對業務的任何影響。

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.

正如 Dara 所說，您會看到在今年餘下的時間裡採用率有所提高，並且您應該看到 ANR 的增加，以及您在今年餘下的增長率方面的想法。

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.

羅斯，關於你關於合理化和競爭環境的第一個問題，你提到了這一點，但為了清楚起見，它會影響接受率，它會影響銷售和營銷，因為你考慮到司機和騎手方面等等。

But just want to be clear on that side.

但只是想清楚這一點。

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

您的下一個問題來自花旗的 Mark May。

Can you hear me?

你能聽到我嗎？

Okay.

好的。

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.

您在一分鐘前談到了這一點，但我認為紐約市是前 5 名市場，我相信，對您來說，那裡最近發生了一些變化。

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.

所以只是好奇你是否可以評論一下紐約市最近的變化，包括新的費用和對供應增長的限制，如果這影響了市場——最近市場的增長，如果所以，我們應該怎麼想。

And then secondly, more of a housekeeping question.

其次，更多的是一個家務問題。

Regarding the guidance on sales and marketing leverage for Q2, is that on a bookings or an ANR basis?

關於第二季度銷售和營銷槓桿的指導，是基於預訂還是基於 ANR？

And would you expect that to persist in the second half?

你認為這種情況會在下半年持續下去嗎？

Yes, sure.

是的，當然。

In terms of -- I'll take the first question, Nelson will take the second question.

就-- 我會回答第一個問題，Nelson 會回答第二個問題。

In terms of New York City, listen, the -- our business is pretty darn resilient.

就紐約市而言，聽著，我們的業務非常有彈性。

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.

紐約市所做的改變，雖然我們不認為它們對消費者友好，而且帽子等等，我們當然不認為它們對駕駛員合作夥伴友好，但事實證明我們的業務很漂亮有彈性的。

So it is translating into pretty substantial price increases to the consumer, to the rider.

因此，對於消費者和騎手來說，它正在轉化為相當大的價格上漲。

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.

我們已經看到這肯定會影響旅行量，因為它與任何產品都存在一定的價格敏感性，我們也不例外。

But overall, if you look at the dollar growth rate in New York, it's still a healthy city for us.

但總的來說，如果你看看紐約的美元增長率，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.

我們確實認為我們仍然支持在擁堵收費方面進行全面改革，一種更加基於市場的監管。

We do want to be constructive here.

我們確實希望在這裡具有建設性。

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.

在一個交通擁堵、汽車停擺的城市裡，它不為我們服務，不為我們的騎手服務，也不為我們的司機服務。

So the -- our service has certainly shown its resilience.

所以——我們的服務肯定表現出它的彈性。

We think the environment can get better.

我們認為環境可以變得更好。

But New York continues to grow for us and continues to grow at a healthy pace on a dollar volume standpoint.

但紐約繼續為我們增長，並從美元數量的角度繼續以健康的速度增長。

And then, Mark, it's Nelson.

然後，馬克，是尼爾森。

On your second part of the question.

關於你問題的第二部分。

Yes, we expect that our core platform ANR as a percent of gross bookings to improve sequentially.

是的，我們預計我們的核心平台 ANR 佔總預訂量的百分比將依次提高。

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.

然後我們確實期望，正如我們在 19 年下半年的思考那樣，我們將看到這些好處繼續存在，並且我們調整後的淨收入同比增長。

Sorry, I was referring to sales and marketing leverage.

抱歉，我指的是銷售和營銷槓桿。

Yes.

是的。

So that leverage was against -- will be against -- it'll be against both.

因此，這種影響力是反對——將反對——這將反對兩者。

But really, the point was about gross bookings.

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，這與之前的問題有點關係，因為當您考慮銷售和營銷時，您會考慮對騎手的促銷活動，並且通常會考慮合理化，這也會產生影響。

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

您的下一個問題來自 RBC 的 Mark Mahaney。

Two questions.

兩個問題。

One, Dara, could you -- you touched briefly on synergies between Ridesharing and Eats.

一，達拉，你能不能——你簡要地談到了 Ridesharing 和 Eats 之間的協同作用。

Could you talk a little bit more about the strategy to try to generate more of those synergies over time?

你能多談談隨著時間推移產生更多協同效應的策略嗎？

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?

然後，尼爾森，你能否談談你在獲得保險成本槓桿方面的任何新見解，這似乎是 COGS 的重要組成部分，有什麼新見解嗎？

Sure, Mark.

當然，馬克。

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.

我不想在未來的競爭戰略方面放棄太多，但我只想說，我們開始嘗試將我們的遊樂設施客戶追加銷售給 Eats 交易的方式，直言不諱，不煩人，並且對我們的騎手有益。

And we are seeing some very, very encouraging early signal.

我們看到了一些非常非常令人鼓舞的早期信號。

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.

通常，如果你有一個核心產品，那麼顯然你可以想像我們的應用程序有一個相對有限的空間來推廣除了搭車之外的其他事情。

Usually, there's a plus or minus to your putting in a promotion to do something else.

通常，你為做其他事情而升職是有利或不利的。

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.

我們發現，在遊樂設施和餐飲方面，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的信號，基本上，你可以很少（如果有的話）對遊樂設施進行蠶食並投入大量資金對Eats的潛在需求。

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.

這些都是非常早期的實驗結果，同樣是非常多的 V-1，但它們向我們展示了一種信號，它為我們內部帶來了極大的興奮。

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.

我們還有一些方法可以將業務聯繫在一起，因為它與忠誠度計劃有關，我們很早就開始了，因為它與訂閱有關，因為它與後端的促銷等有關，這又是，我們還處於實驗階段的早期。

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.

所以我認為我不想放棄太多，但是團隊專注於大量活動。

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.

實際上，我們希望做的是顯著增加使用這兩種產品的 MAPC 的百分比，當我們看到客戶使用一種以上的產品時，他們對平台的參與度會增加一倍以上。

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.

因此，不僅與 Uber 的互動增加了，他們對我們個人產品的互動也增加了，所以這是一種雙贏的局面。

And then, Mark, on insurance, there's not a step-function improvement.

然後，馬克，在保險方面，沒有階躍功能改進。

I would say it's more a grinding out.

我會說這更像是一種磨合。

And so what we've done over time is the team has built a great actuary book.

因此，隨著時間的推移，我們所做的就是團隊編寫了一本很棒的精算書。

And so what that enables us to do is a couple of things.

因此，這使我們能夠做幾件事。

First of all, you shouldn't see quarter-to-quarter noise in our accruals, and that's actually pretty important.

首先，您不應該在我們的應計項目中看到季度間的噪音，這實際上非常重要。

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.

它還允許我們進入並與之合作——許多國家航空公司現在都在嘗試競標業務，所以這很有幫助。

You heard in my prepared comments how we're leveraging technology and data to help in terms of the incident response times.

您在我準備好的評論中聽到了我們如何利用技術和數據來幫助縮短事件響應時間。

And so a great way to also help outcomes is to make sure you have really good, fast incident response, which we're doing.

因此，幫助取得成果的一個好方法是確保您擁有真正良好、快速的事件響應，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.

然後是 - 是的，我要告訴你的一件事是，隨著時間的推移，保險雖然在美國有一點服務費可以抵消，但它在很大程度上影響了美國的拼車業務。

So it'll continue to become a smaller part of the overall P&L as other parts of the business continue to grow quickly.

因此，隨著業務的其他部分繼續快速增長，它將繼續成為整體損益表的一小部分。

So that would be my takeaway.

所以這將是我的外賣。

And so I think you'll see us continue to grind out productivity out of insurance.

所以我想你會看到我們繼續從保險中降低生產力。

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

您的下一個問題來自德意志銀行的 Lloyd Walmsley。

This is Kunal for Lloyd.

這是勞埃德的庫納爾。

Two, if I may.

二，如果可以的話。

One, what are the nuances associated with the market that are currently generating over 50% contribution margins?

一，與當前產生超過 50% 邊際貢獻的市場相關的細微差別是什麼？

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?

如果你已經在一個市場上獲得了超過 50% 的邊際貢獻，你如何看待這種情況——你如何看待其他市場未來的邊際貢獻？

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?

其次，關於將打開 TAM 的降低成本，在沒有轉向自動駕駛的情況下，降低定價的關鍵因素是什麼？

Is POOL really growing in the right mix enough to lower the price meaningfully?

POOL 真的在正確的組合中增長到足以顯著降低價格嗎？

Or are there other pathways to lowering the pricing?

還是有其他降低價格的途徑？

Sure, absolutely.

當然，絕對。

On contribution margin?

關於邊際貢獻？

Yes, so I'll start on the contribution margin.

是的，所以我將從邊際貢獻開始。

So I think in the markets where we have high contribution margin, we are -- we have very strong category position.

所以我認為在我們具有高邊際貢獻的市場中，我們擁有非常強大的類別地位。

We have good take rates.

我們有很好的錄取率。

And so what I mean by that is the adjusted net revenue as a percent of gross billings that tends to be higher.

所以我的意思是調整後的淨收入佔總賬單的百分比往往更高。

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.

然後在這些市場中，不管你信不信，存在競爭，但我們在市場演變方面做得很好。

And so we have very, very strong position from that standpoint.

因此，從這個角度來看，我們的立場非常非常強大。

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.

隨著時間的推移，你會看到隨著市場的不斷發展，你會看到我們繼續發展，特別是在拼車方面，更加關注貢獻，你會看到我們變得更有效率。

And so we'll get the scale benefits of just the -- our global scale versus everyone else's to deploy technology and operations.

因此，我們將獲得規模優勢——我們的全球規模與其他所有人的規模相比，以部署技術和運營。

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.

你會看到我們繼續研究我們將要研究的一些生產力指標，比如保險、支付和其他事情。

And then as Dara and I mentioned, the one wildcard is going to be, market-by-market, what happens from a competitive position.

然後正如 Dara 和我提到的，一個通配符將是逐個市場，從競爭地位發生的事情。

And so while we feel comfortable sitting here today and looking into the next couple of quarters, those things can change.

因此，儘管我們今天坐在這裡並展望接下來的幾個季度感到很自在，但這些事情可能會發生變化。

But as we see through those things, that will happen.

但是當我們看透這些事情時，那將會發生。

And then the last part of it, because again this is a core contribution metric, is the -- how Eats continues to evolve.

然後它的最後一部分，因為這又是一個核心貢獻指標，是 - Eats 如何繼續發展。

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.

在那個 - 在你提到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 - 我們也擁有良好的 Eats 業務。

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.

再說一次，雖然我們不打算透露那個地方在哪裡，但我們在某些市場——再一次，我們在全球擁有良好的核心貢獻率，你會看到我們繼續為你提供更多亮點，因為宿舍在這裡繼續。

Yes.

是的。

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.

而且我想我會說的另一種方式是具有高邊際貢獻的市場，我們不認為是異常值。

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.

異常值是美國，我們公司在那裡經歷了一些非常、非常重大的挑戰，因為它與品牌有關，坦率地說是 Lyft 的強大競爭對手。

And so the U.S. is an outlier as far as the scale business that hasn't yet achieved very strong contribution margins.

因此，就尚未實現非常強勁的邊際貢獻的規模業務而言，美國是一個異常值。

There are markets like Latin America where we've got a competitor come in more recently.

在拉丁美洲等市場，我們最近有競爭對手進入。

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.

但實際上，從結構的角度來看，這是一項我們認為可以非常顯著地貢獻邊際收益的業務，而一個異常值是在美國。在美國，我們遭受了一些非常不尋常的品牌損害。

That's going to take some time to repair.

這需要一些時間來修復。

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.

現在我認為在美國，我們與其他球員處於競爭地位，競爭將會更加健康。

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.

它將基於品牌、產品和技術，我們認為這是競爭而不是花錢解決問題的正確場所。

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.

我認為關於低成本等問題的另一個問題，聽著，我認為我們有許多不同的方式來處理低成本問題。

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.

首先，由於它與 POOL 產品有關，我們真正關注的是提高效率並提高與每次旅行相關的匹配率，這意味著更聰明地了解我們匹配的旅行以及介紹Express POOL 本質上增加了等待，然後將步行添加到等式中，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.

從歷史上看，我們對 POOL 進行了相當激進的定價，以便在市場上創造流動性，從而創造匹配的機會。

Now actually, I'd say the majority of the work is in improving our matching capabilities versus using pricing to increase liquidity.

現在實際上，我想說大部分工作是提高我們的匹配能力，而不是使用定價來增加流動性。

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.

除了 POOL 和 Express POOL，我們還在投資大容量車輛，我們稱之為 Uber Shuttle 或 Uber Bus，我們已在多個市場推出。

This is about taking matching to the next level.

這是關於將匹配提升到一個新的水平。

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.

單車 10 名乘客，單車 15 名乘客，我們認為我們將長期自己做這件事，我們也可能與政府合作，建立公私合作夥伴關係，成為交通解決方案的一部分對於我們經營所在的城市。

Beyond that, our having public transport.

除此之外，我們還有公共交通工具。

We talked about the integration in Denver.

我們談到了在丹佛的整合。

We've integrated London public transit into our app as well.

我們也將倫敦公共交通整合到我們的應用程序中。

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.

雖然這並不是我們將要營銷的嚴格意義上的產品，但它本質上是另一種搜索或另一種場合，用戶將通過它來我們的應用程序了解從 A 點到 B 點的最佳方式。如果每個用戶每天在每個city 在早上他們想去某個地方時打開我們的應用程序，那麼好事情會在一段時間內發生。

So we don't think there's any kind of magic lever here, but we are putting more against these different modes of transportation.

所以我們認為這裡沒有任何神奇的槓桿，但我們對這些不同的交通方式採取了更多措施。

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.

然後您通過我們自己的產品以及與 Lime 的合作夥伴關係添加電動自行車、踏板車，我們也在考慮與其他參與者合作，您只需在一個應用程序上擁有整個交通生態系統，您的所有信息都完全集成有了它下面的忠誠度計劃，我們認為這是一個非常非常強大的產品，但所有這些都需要時間才能融合在一起。

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

您的下一個問題來自匯豐銀行的 Kahn Masha。

I'm interested in your payments strategy.

我對您的付款策略感興趣。

You mentioned you're introducing payments wallet in emerging markets.

您提到您正在新興市場推出支付錢包。

Are these cash products you mentioned going to be used only for Uber ecosystem?

您提到的這些現金產品是否僅用於優步生態系統？

Or can they be used for remittances and outside Uber platform?

或者它們可以用於匯款和在 Uber 平台之外使用嗎？

Can you just talk a little bit about that?

你能談談這個嗎？

Sure.

當然。

So the start of our payments is really on productivity right now.

因此，我們付款的開始實際上是現在的生產力。

And so 87% of the transactions that happen on Uber are done with a swipe.

因此，在 Uber 上發生的 87% 的交易都是通過滑動完成的。

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.

所以我們現在正在做的是真正的專注——團隊真的專注於試圖降低一些成本，我們將——你會看到這些好處。

And those are both in terms of core process improvements, we've improved some of our cash collections in arrears, fraud prevention.

這些都是在核心流程改進方面，我們已經改進了一些拖欠現金的收集，防止欺詐。

There's all sorts of different operating things as we continue to focus on productivity.

當我們繼續關註生產力時，有各種不同的操作事物。

And so that's going on right now.

所以現在正在發生。

And we're seeing the benefits now, and you'll continue to see the benefits throughout the year moving forward.

我們現在看到了好處，而且您將在接下來的一年中繼續看到這些好處。

The second thing we did launch, and which I mentioned, is a closed-loop wallet.

我們推出的第二件事，也是我提到的，是一個閉環錢包。

And this is really to help in certain markets like Brazil, which is really a cash market for us.

這確實有助於巴西等某些市場，這對我們來說確實是一個現金市場。

And it really helps in terms of a lot of cases because in the U.S., we really worry about riders.

它在很多情況下確實有幫助，因為在美國，我們真的很擔心騎手。

In Brazil, we have to really focus on driver safety.

在巴西，我們必須真正關注駕駛員安全。

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.

所以因為司機 - 那裡有司機被搶劫或被劫車的事件，所以你可以越來越多地遠離現金是有益的。

Additionally, we do see that if you have Uber cash credit on your account, you will use our -- the service additionally.

此外，我們確實看到，如果您的帳戶中有 Uber 現金信用，您將額外使用我們的服務。

The last thing is really just we are evaluating how open we go in terms of our wallet, which I think was your question.

最後一件事實際上只是我們正在評估我們在錢包方面的開放程度，我認為這是你的問題。

And I would say that's an opportunity we're looking at now.

我想說這是我們現在正在尋找的機會。

You did notice that PayPal invested as part of our IPO.

您確實注意到 PayPal 作為我們 IPO 的一部分進行了投資。

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.

因此，我們正在與許多不同的合作夥伴進行交談，我們將討論那些自己的 - 現在內部擁有的流程，我們希望變得多麼開放。

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.

你可以想像，當一家正在成長的公司，正如 Dara 現在所說的那樣，業務的運行速度已經結束——就今年的賬單而言，每年接近 600 億美元。

There's a lot of opportunity that we see ahead on it, and so we're just working through that now.

我們看到了很多機會，所以我們現在正在努力解決這個問題。

The real takeaway right now is just a focus on the productivity side, which we're getting, and you'll see in our results.

現在真正的收穫只是關注我們正在獲得的生產力方面，您將在我們的結果中看到。

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

您的下一個問題來自 SunTrust 的 Youssef Squali。

You mentioned a couple of times now that competition is more going to be focused on brand and products.

您現在多次提到競爭將更多地集中在品牌和產品上。

Maybe you can flesh that out a little bit.

也許你可以稍微充實一下。

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.

品牌競爭也可能是一個相當昂貴的提議，所以如果你能幫助我們理解你的確切含義，那將會很有幫助。

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.

此外，如果您可以向我們提供有關這 6 個更難開展業務的市場的最新信息，尤其是在德國。

I think the last time, you mentioned that you had started making some headway there, so any help there would be helpful.

我想上次你提到你已經開始在那裡取得一些進展，所以那裡的任何幫助都會有所幫助。

Sure.

當然。

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.

當我談論品牌和產品時，實際上是談論服務質量的簡寫：您的平均 ETA 是多少，您的 ETA 是什麼，P90 ETA 的種類；你如何確保每一次客戶互動都是一次很好的互動？車輛質量如何；和你的司機夥伴，他們快樂嗎，他們好客嗎？您的定價如何，定價的一致性如何；你的匹配率如何，等等。

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.

因此，當您考慮我們的服務時，確實存在客戶獲取成本，您如何將客戶帶入渠道，我們認為我們具有優勢，因為我們本質上是在多個垂直領域獲取客戶。

Second is how long are your customers staying with you, how loyal are they.

其次是您的客戶與您在一起多久，他們的忠誠度如何。

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.

我們認為，通過我們的忠誠度計劃、訂閱、支付、錢包，我們現在擁有所有工具，同樣，我們可以為一個消費者提供多種不同的產品，因此我們認為我們有一種結構性忠誠度優於其他玩家。

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經驗和技術，以確保它在您的 ETA、定價、路線、從 A 點到 B 點的速度等方面是同類產品中最好的我們也為您提供不同的選擇。

So we think that's a great area for us to compete in.

所以我們認為這對我們來說是一個很好的競爭領域。

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.

聽著，Uber 品牌是一個全世界都知道的品牌，我們已經在 Uber 品牌上建立了 2 個價值數十億美元的服務，我們認為 Freight 將是第三個。

So we like competition as it relates to kind of brand product technology.

所以我們喜歡競爭，因為它與品牌產品技術有關。

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.

我們認為，從長遠來看，我們是更大的參與者，我們是全球參與者，我們是多產品參與者，這將使我們處於非常有利的位置，競爭不僅僅是金錢。

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

現在，如果它是關於美元的，我們將像任何人推動我們一樣努力反擊。

I think...

我認為...

The 6 countries that…

這6個國家...

Yes, the 6 countries, I'd highlight -- listen, each of these countries is unique in its own way.

是的，我要強調這 6 個國家——聽著，這些國家中的每一個都有自己獨特的方式。

Germany for us is a country that has been a significant investment.

對我們來說，德國是一個重大投資的國家。

I've been to Germany already 3 times.

我已經去過德國 3 次了。

We are kind of growing in Germany the right way.

我們正在以正確的方式在德國成長。

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.

根據那裡的規定，在某種程度上建立服務需要更長的時間，但我們對德國的增長率感到非常滿意。

We're very happy with the quality of the service there.

我們對那裡的服務質量非常滿意。

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.

我們認為這些法規正朝著正確的方向發展，這樣我們就可以建立更大的服務，並以最終對城市更好的方式。

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.

例如，德國有返回基地的規定，如果私人司機帶你去機場，他或她必須空著返回基地。

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.

這沒有任何意義，尤其是在像德國這樣在他們所參與的所有環境問題上都處於領先地位的國家。

So hopefully, over a period of time, they will recognize that.

所以希望在一段時間內，他們會認識到這一點。

In Japan, which is the largest taxi market in the world, we are launching in partnership with taxis.

在世界上最大的出租車市場日本，我們正在與出租車合作推出。

And we're building out our product suite as it relates to taxi partners.

我們正在構建與出租車合作夥伴相關的產品套件。

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.

我們正在與出租車合作夥伴進行非常好的討論，我們正在與出租車合作夥伴簽約，並以有機的方式建立服務。

And we are optimistic about the potential of Japan as a market and the potential of taxi as a partner there.

我們對日本作為市場的潛力以及出租車作為合作夥伴的潛力持樂觀態度。

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.

我們與出租車合作有一些創造性的方式，我們認為這也可以帶來很好的服務。

The Olympics are clearly a consideration for the government.

奧運會顯然是政府的考慮因素。

And again, I think that we can play a constructive part in building out a great business there.

再一次，我認為我們可以在那裡建立一個偉大的業務發揮建設性的作用。

Argentina is another market for us that is showing us a very, very strong signal.

對我們來說，阿根廷是另一個市場，它向我們展示了一個非常非常強烈的信號。

And I think it's one of the absolute bright lights in South America.

我認為它是南美最亮的燈之一。

And it's mostly a cash market at this point but we think has a ton of potential.

目前它主要是一個現金市場，但我們認為有很大的潛力。

There are some markets, Italy is very slow in developing.

有一些市場，意大利發展非常緩慢。

Spain, Barcelona, for example, has taken a step back.

例如，西班牙巴塞羅那退後了一步。

So all of these markets have their positives and negatives, but I think that overall, they're going to be a net positive.

因此，所有這些市場都有其積極和消極的一面，但我認為總體而言，它們將是淨積極的。

And when I look out 5 years forward, I think that they will be real contributors into our ecosystem.

當我展望未來 5 年時，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.

您的下一個問題來自 SMBC Nikko 的 David Dillon。

Really nice improvement on the Freight side, the 200% growth.

貨運方面的改進非常好，增長了 200%。

Can you share the number of trips there?

可以分享一下去那裡的次數嗎？

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?

我知道您提供了有關承運人、司機和托運人的一些信息，但如果可能的話，您是否可以提供其他指標？

Actually, no.

實際上，沒有。

We're actually not giving that kind of information out.

我們實際上並沒有提供這種信息。

But look, we've seen good signal there.

但是看，我們在那裡看到了良好的信號。

We're pretty confident in terms of the ability to grow out there.

我們對在那裡成長的能力非常有信心。

We're seeing it just because we see all the same-store sales that we're getting with these national shippers.

我們看到它只是因為我們看到了我們與這些國家托運人一起獲得的所有同店銷售。

We continue to build out our routes.

我們繼續建立我們的路線。

And as you know, the key to building a good freight business is building kind of supply/demand across routes, which we're building.

如您所知，建立良好貨運業務的關鍵是建立跨路線的供需關係，這是我們正在建設的。

We're not optimized yet, we're not big enough yet, but we're seeing very, very good traction there.

我們還沒有優化，我們還不夠大，但我們看到了非常非常好的牽引力。

And then look, we'll look forward to talking more about Freight.

然後看，我們期待更多地談論貨運。

Again, it's -- we've been in the business a little over 1.5 years or so.

再說一次，我們從事這項業務已經有 1.5 年多一點的時間了。

And again, we think that we'll continue to grow -- the growth will continue to exceed 200% for the year.

再一次，我們認為我們將繼續增長——今年的增長將繼續超過 200%。

I'd say just to add a little bit of color.

我想說只是添加一點顏色。

In general, if you looked last year, Freight was probably -- the overall logistics business was in an undersupply position.

總的來說，如果你看一下去年，貨運可能是——整個物流業務處於供不應求的狀態。

This year, there's more supply out there.

今年，那裡有更多的供應。

There are more trucks out there, so pricing has come down.

那裡有更多的卡車，所以價格下降了。

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.

所以現在貨運團隊的真正重點是真正專注於引入需求，走出去和簽約企業托運人。

And that sales team is really, really knocking it out of the park.

那個銷售團隊真的，真的把它趕出了公園。

They are bringing in a lot of names.

他們帶來了很多名字。

And usually -- well, not usually, almost without exception, when we bring in a new name, we service them very well.

通常——嗯，不是通常，幾乎沒有例外，當我們引入一個新名字時，我們會很好地為他們服務。

We've won a bunch of kind of Shipper of the Year awards, et cetera, and then we build the business.

我們贏得了一系列年度托運人獎等等，然後我們建立了業務。

So you're going to see our sales team out there.

所以你會看到我們的銷售團隊在那裡。

They're knocking on doors.

他們在敲門。

And fortunately, the doors are opening at this point.

幸運的是，此時門正在打開。

Yes.

是的。

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.

我唯一要補充的是，如果您了解貨運業務，那麼對我們來說真正的贏點之一就是這是一項非常手工的業務。

And so we're able to automate it, and so our -- the enterprise shippers like that.

所以我們能夠自動化它，所以我們的企業托運人就是這樣。

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.

因此，無論是發貨創建統計數據——比如 87% 的時間，它是通過電子方式完成的，定價是近 80% 是電子方式完成的，甚至預訂也是近 80% 是電子方式完成的。

And so that wins.

這樣就贏了。

And so we're seeing those benefits out there.

所以我們看到了這些好處。

And as Dara mentioned, the sales team's been going after it, and so we're seeing good signal right now.

正如 Dara 所說，銷售團隊一直在努力，所以我們現在看到了良好的信號。

Great.

偉大的。

Thank you, everyone.

謝謝大家。

Thank you for the questions today, and thank you, everyone, for joining us.

感謝您今天提出的問題，也感謝大家加入我們。

And we look forward to catching up with you soon.

我們期待很快與您聯繫。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。