優步 (UBER) 2019 Q2 法說會逐字稿

Good day.

再會。

My name is Jericka, and I will be your conference operator today.

我的名字是 Jericka，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 Q2 2019 Earnings Conference Call.

在這個時候，我想歡迎大家參加優步 2019 年第二季度收益電話會議。

(Operator Instructions) It is now my pleasure to turn today's program over to Mr. Kent Schofield.

（操作員說明）現在我很高興將今天的節目交給 Kent Schofield 先生。

Sir, the floor is yours.

先生，地板是你的。

Thank you, operator.

謝謝你，接線員。

Thank you for joining us today, and welcome to Uber Technologies' Q2 2019 Earnings Presentation.

感謝您今天加入我們，並歡迎參加 Uber Technologies 的 2019 年第二季度收益報告。

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 today's call, we will present both GAAP and non-GAAP financial measures.

在今天的電話會議中，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 on filings with our -- 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美國證券交易委員會提交的文件中，每個文件都發佈到investor.uber.com .

I'll 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 included in the sections under the captions Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations in our final prospectus filed with the SEC in connection with our IPO on May 13, 2019, as well as our first quarter Form 10-Q that was filed on June 4, 2019.

有關可能導致實際結果與前瞻性陳述產生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標題風險因素和管理層對財務的討論和分析下的部分中包含的風險和不確定性我們於 2019 年 5 月 13 日向 SEC 提交的與我們的 IPO 相關的最終招股說明書以及我們於 2019 年 6 月 4 日提交的第一季度表格 10-Q 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。

Thanks, Kent.

謝謝，肯特。

We're proud of the progress we made in Q2 '19 towards becoming the platform of choice for the movement of people and powering global commerce all around over the world.

我們為我們在 19 年第二季度在成為人員流動的首選平台和推動全球商業發展方面取得的進展感到自豪。

During the quarter, we continued to produce strong growth in gross bookings across all of our platform offerings with overall growth of 37% year-on-year at constant currency, producing a $63 billion annual run rate.

在本季度，我們所有平台產品的總預訂量繼續強勁增長，按固定匯率計算，總預訂量同比增長 37%，年營業額達 630 億美元。

Our adjusted net revenue, or ANR, was $2.9 billion, up 12% year-on-year, excluding a driver appreciation award noncash made in connection with our IPO.

我們調整後的淨收入 (ANR) 為 29 億美元，同比增長 12%，不包括與我們的 IPO 相關的非現金司機升值獎勵。

And on a constant currency basis, ANR accelerated nicely, up 26%, powered by strongly monthly active platform consumers, or MAPC, growth of 30%.

在固定貨幣基礎上，ANR 加速增長，增長了 26%，這得益於每月活躍的平台消費者或 MAPC 增長 30%。

Our MAPC growth has continued into the second half of the year, and we're proud to announce that we passed 100 million MAPCs in the month of June.

我們的 MAPC 增長一直持續到下半年，我們很自豪地宣布，我們在 6 月份超過了 1 億個 MAPC。

Note that we expect ANR growth to continue to accelerate beyond the 30% mark in constant currency during the back half of the year as we continue to grow MAPCs, increase multi-offering users, improve take rates sequentially and with the help of easier comps in the prior year periods.

請注意，我們預計 ANR 增長將在下半年繼續加速超過 30% 的固定貨幣，因為我們將繼續增長 MAPC、增加多提供用戶、連續提高獲取率以及在更容易的補償的幫助下前一年期間。

Our Q2 '19 adjusted EBITDA loss came in at $656 million, a big improvement versus Q1 and handily beating our own internal plan due to strong execution of our teams across the businesses.

我們 19 年第二季度調整後的 EBITDA 虧損為 6.56 億美元，與第一季度相比有了很大改善，並且由於我們的團隊在整個業務中的強大執行力，輕鬆擊敗了我們自己的內部計劃。

The competitive environment and our position in the ridesharing space continues to be stable to improve.

競爭環境和我們在拼車領域的地位繼續穩定提升。

We will take some of that improvement to continue to lean into our Eats business, where we see plenty of competition and significant capital investment but incredible potential.

我們將採取一些改進措施，繼續向我們的外賣業務傾斜，我們看到了激烈的競爭和大量的資本投資，但潛力巨大。

While you often have to make tradeoffs in life, we believe that we can continue to invest aggressively in growth while driving efficiencies from scale by building great tech to improve effectiveness and from good old-fashioned focus on the bottom line.

雖然您經常不得不在生活中做出取捨，但我們相信，我們可以繼續積極投資於增長，同時通過構建偉大的技術來提高效率並從老式的對底線的關注中提高效率。

Our much improved core platform contribution of $220 million in Q2 was driven by increased focus on products, service, tech and brand differentiation in the U.S. and Latin America ridesharing categories, a more effective deployment of incentives, greater efficiency in shared rides and a focus on higher-margin products.

我們在第二季度的核心平台貢獻顯著提高，達到了 2.2 億美元，這是因為我們更加關注美國和拉丁美洲拼車類別的產品、服務、技術和品牌差異化，更有效地部署激勵措施，提高共享遊樂設施的效率以及專注於利潤率更高的產品。

Our share-ride teams are focusing more of their energy and tech capabilities in driving share ride efficiency rather than simply discounting for volume.

我們的拼車團隊將更多的精力和技術能力集中在提高拼車效率上，而不是簡單地為數量打折。

This is resulting in a mix shift into more profitable UberX volumes.

這導致混合轉向更有利可圖的 UberX 銷量。

We'll continue to innovate in the shared-ride space with exciting new products such as nonstop shared rides, much more sophisticated pricing algorithms and some pretty interesting innovations coming up in the second half of the year.

我們將繼續在共享乘車領域進行創新，推出令人興奮的新產品，例如不間斷共享乘車、更複雜的定價算法以及今年下半年即將推出的一些非常有趣的創新。

We're also ramping up our emphasis on consumer segmentation.

我們還加強了對消費者細分的重視。

Uber Rewards, which you will recall became available to 100% of U.S. rides and Eats consumers in March, has seen great momentum.

Uber Rewards，你會記得，它在 3 月份向 100% 的美國乘車和餐飲消費者提供，勢頭強勁。

Enrolled users are about twice as likely to use both rides and Eats than unenrolled users.

已註冊用戶使用遊樂設施和餐飲服務的可能性是未註冊用戶的兩倍。

Uber Rewards is just one part of a broader suite of loyalty products, including Uber Cash, our Uber-branded credit card, and ongoing experimentation with subscription products in rides and Eats.

優步獎勵只是更廣泛的忠誠度產品套件的一部分，包括優步現金、優步品牌的信用卡，以及正在進行的乘車和餐飲訂閱產品試驗。

Uber Comfort, our new premium economy offering, has been a hit and continues to roll out globally.

Uber Comfort 是我們新推出的高級經濟艙產品，它大受歡迎，並繼續在全球推廣。

And our Uber for Business solution suite grew quite strongly at 60% on a year-on-year basis.

我們的 Uber for Business 解決方案套件同比增長 60%，增幅相當強勁。

Finally, our Uber Health platform that helps improve assets to health-care organizations grew at over 400% year-on-year this quarter.

最後，我們幫助改善醫療機構資產的優步健康平臺本季度同比增長超過 400%。

Now moving to Eats.

現在搬到吃。

Q2 '19 MAPC growth of over 140% helped drive 98% year-on-year gross bookings growth at constant currency to $3.4 billion, while our take rate improved 240 basis points over our Q1 take rate.

19 年第二季度 MAPC 增長超過 140% 幫助推動按固定匯率計算的 98% 同比總預訂量增長至 34 億美元，而我們的接受率比第一季度的接受率提高了 240 個基點。

We made significant progress in expanding restaurant selection with over 315,000 restaurant partners now on the platform at the end of the quarter.

截至本季度末，我們在擴大餐廳選擇方面取得了重大進展，目前平台上有超過 315,000 家餐廳合作夥伴。

We launched several Eats product features during the quarter, including pilots to test subscription-pricing strategies with our most engaged users.

我們在本季度推出了多項 Eats 產品功能，包括與我們最活躍的用戶一起測試訂閱定價策略的試點。

We continue to work on improving restaurant onboarding efficiency by reducing friction, including point-of-sale integrations through partnerships such as Olo and custom integration via our own APIs.

我們繼續致力於通過減少摩擦來提高餐廳的入職效率，包括通過 Olo 等合作夥伴的銷售點集成以及通過我們自己的 API 進行的定制集成。

And lastly, we enabled even more ways for restaurants to engage Eats customers through new options like dine-in, pickup and the ability to use their own delivery personnel.

最後，我們通過堂食、取貨和使用自己的送貨人員等新選項，為餐廳提供了更多吸引 Eats 客戶的方式。

We continue to be the #1 or 2 player in online food delivery category in multiple geographies, including the U.S., Japan, France, Mexico, Australia and New Zealand.

我們繼續在多個地區（包括美國、日本、法國、墨西哥、澳大利亞和新西蘭）的在線食品配送類別中排名第一或第二。

And in the back half of 2019, we'll continue to invest in our most strategic Eats markets, lean in on core marketing programs with partners such as McDonald's and Starbucks, and accelerate our innovation and restaurant selection engine.

在 2019 年下半年，我們將繼續投資我們最具戰略意義的外賣市場，依靠與麥當勞和星巴克等合作夥伴的核心營銷計劃，並加速我們的創新和餐廳選擇引擎。

We continue to invest and innovate in our Other Bets segment, growing Q2 gross bookings by 160% year-on-year at constant currency to $132 million.

我們繼續在其他賭注領域進行投資和創新，按固定匯率計算，第二季度的總預訂量同比增長 160% 至 1.32 億美元。

Uber Freight continued to see impressive growth and great progress in Q2 despite soft market conditions.

儘管市場環境疲軟，優步貨運在第二季度繼續取得令人矚目的增長和巨大進步。

And NeMo trips grew triple digits quarter-on-quarter as we launched in 11 new markets, including Paris and Berlin, which have quickly become 2 of our best-performing cities.

隨著我們在包括巴黎和柏林在內的 11 個新市場推出，NeMo 的旅行量環比增長了三位數，這兩個市場已迅速成為我們表現最好的兩個城市。

Finally, in our Advanced Technologies Group, we unveiled our first production car capable of self-driving with Volvo's newest XC90 SUV.

最後，在我們的先進技術小組中，我們推出了第一輛能夠搭載沃爾沃最新 XC90 SUV 的自動駕駛量產車。

Direct from the factory, the platform is designed with a chassis ready to integrate into ATG's self-driving system.

該平台直接從工廠設計，配備可集成到 ATG 自動駕駛系統的底盤。

And now on to Nelson for some more details on the numbers.

現在請納爾遜了解有關數字的更多詳細信息。

Thanks, Dara.

謝謝，達拉。

During Q2, our GAAP revenue was $3.2 billion, up 14% year-over-year.

在第二季度，我們的 GAAP 收入為 32 億美元，同比增長 14%。

Our GAAP cost of revenue excluding D&A of $1.7 billion increased from 55% from 48% of revenue in Q2 of 2018.

我們不包括 D&A 的 GAAP 收入成本為 17 億美元，從 2018 年第二季度佔收入的 48% 增加到 55%。

GAAP EPS was a loss $4.72, which was impacted by a $3.9 billion stock-based compensation charge due to restricted stock units that vested as part of our IPO and compares to a loss of $2.01 in Q2 of 2018.

GAAP EPS 虧損 4.72 美元，這受到了 39 億美元的股票補償費用的影響，這是由於作為我們 IPO 的一部分歸屬的限制性股票單位，而 2018 年第二季度虧損 2.01 美元。

For the remainder of the call, unless otherwise noted, I will discuss key operational metrics as well as non-GAAP financial measures excluding pro forma adjustments, such as our $299 million driver appreciation award and the $3.9 billion stock-based compensation charge, both related to the IPO.

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不包括備考調整的非 GAAP 財務措施，例如我們 2.99 億美元的司機升值獎勵和 39 億美元的股票薪酬費用，兩者都與到首次公開募股。

First, our total company global trips of 1.7 billion grew 35% year-over-year.

首先，我們公司的全球旅行總數為 17 億次，同比增長 35%。

Growth was driven principally by international growth in rides and Eats.

增長主要由遊樂設施和餐飲的國際增長推動。

MAPCs grew 30% year-over-year to 99 million.

MAPC 同比增長 30%，達到 9900 萬。

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 31% to $15.8 billion and, on a constant currency basis, grew 37% year-over-year, continued solid growth in Ridesharing gross bookings growth across all our regions led by the U.S. and Latin America.

公司總預訂量增長 31% 至 158 億美元，按固定匯率計算，同比增長 37%，以美國和拉丁美洲為首的所有地區的 Ridesharing 總預訂量持續穩健增長。

Eats gross booking growth was driven by strong year-over-year growth in U.S. and Canada and APAC despite the significant amount of capital that is poured into the space.

Eats 的總預訂量增長是由美國、加拿大和亞太地區的強勁同比增長推動的，儘管該領域投入了大量資金。

Adjusted net revenue, or ANR, excluding the driver appreciation award, was $3.2 billion, which was up 26% on a constant currency basis.

不包括司機升值獎勵的調整後淨收入或 ANR 為 32 億美元，按固定匯率計算增長 26%。

Core platform ANR excluding the driver appreciation reward was $3 billion or up 22% on a constant currency basis.

不包括司機升值獎勵的核心平台 ANR 為 30 億美元，按固定匯率計算增長 22%。

Core Ridesharing ANR was up 7% year-over-year, and Eats ANR was up 56% year-over-year.

Core Ridesharing ANR 同比增長 7%，Eats ANR 同比增長 56%。

And they were up 20% and 60% year-over-year, respectively, on a constant currency basis.

按固定匯率計算，它們分別同比增長 20% 和 60%。

Our core platform ANR as a percentage of gross bookings was 19% versus 21% in Q2 of 2018 primarily due to Eats, which has a lower take rate than Ridesharing, growing as a larger percentage of core mix, and the year-over-year increase in user ridesharing incentives particularly in the U.S. and Latin America.

我們的核心平台 ANR 佔總預訂量的百分比為 19%，而 2018 年第二季度為 21%，這主要是由於 Eats 的使用率低於 Ridesharing，其在核心組合中的比例更大，並且同比增長增加用戶拼車激勵措施，特別是在美國和拉丁美洲。

We did increase our core ANR take rate to 19% versus 18% in Q1 this year reflecting more favorable economic conditions in U.S. ridesharing industry and improved share ride efficiency, and the new service fee structure in Uber Eats in the U.S., which was launched at the end of Q1, which drove the significant quarter-over-quarter take rate improvement to 10.2% from 7.8%.

我們確實將我們的核心 ANR 收取率從今年第一季度的 18% 提高到 19%，這反映了美國拼車行業更有利的經濟條件和提高了共享乘車效率，以及 Uber Eats 在美國推出的新服務費結構，該結構於第一季度末，這推動了從 7.8% 到 10.2% 的顯著環比增長。

Non-GAAP cost of revenues excluding D&A increased to 47% from 43% of ANR and was flat with Q2 2018 at 9% as a percentage of gross bookings.

不包括 D&A 的非 GAAP 收入成本從 ANR 的 43% 增加到 47%，與 2018 年第二季度持平，佔總預訂量的百分比為 9%。

Cost of revenue was flat as a percentage of gross bookings as improvement in insurance and payment costs were offset by an increase in cost of revenue due to Freight's and NeMo's gross or merchant model where Freight partner payments and NeMo's scooter hardware and field costs are included in our cost of revenue.

收入成本佔總預訂量的百分比持平，因為保險和支付成本的改善被收入成本的增加所抵消，原因是 Freight 和 NeMo 的總或商業模式，其中 Freight 合作夥伴付款和 NeMo 的滑板車硬件和現場成本包括在我們的收入成本。

Now turning to non-GAAP operating expenses.

現在轉向非公認會計原則的運營費用。

Operations and support increased to 14% from 13% on an adjusted net revenue and remained flat at 2.9% of gross bookings since the second quarter of last year, reflecting Eats' higher support contact rates offsetting efficiency and ride support.

由於調整後的淨收入，運營和支持從 13% 增加到 14%，自去年第二季度以來一直保持在總預訂量的 2.9%，這反映了 Eats 更高的支持聯繫率抵消了效率和乘車支持。

Sales and marketing increased 31% -- to 31% from 26% of ANR and increased to 6.2% from 5.7% of gross bookings versus the second quarter of 2018.

與 2018 年第二季度相比，銷售和營銷增長了 31%——從占 ANR 的 26% 增至 31%，並從占總預訂量的 5.7% 增至 6.2%。

This increase was primarily due to increased consumer promotion as well as increased advertising and marketing headcount.

這一增長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。

However, promotion expense was down quarter-over-quarter, particularly in the U.S., which helped drive the sequential improvement in the second quarter of 2019 from the first quarter 2019.

然而，促銷費用環比下降，尤其是在美國，這有助於推動 2019 年第二季度較 2019 年第一季度的環比改善。

In July, we put in place a more centralized structure for our global marketing team in an effort to quickly and efficiently build a more consistent external brand narrative across audiences, products and regions.

7 月，我們為我們的全球營銷團隊建立了一個更加集中的結構，以努力快速有效地在受眾、產品和地區建立更一致的外部品牌敘述。

As part of this, we made the difficult decision to let go of around 400 marketing personnel, about 1.5% of our total headcount.

作為其中的一部分，我們做出了解僱大約 400 名營銷人員的艱難決定，約占我們總人數的 1.5%。

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 is a percentage of core platform ANR and demonstrates the margin that we generate after direct expenses related to our Ridesharing and Uber Eats businesses but does not include indirect unallocated R&D and G&A expenses, including ATG and other technology programs and our Other Bets segment.

提醒一下，我們的核心平台貢獻利潤率是核心平台 ANR 的百分比，表明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，但不包括間接未分配的研發和 G&A 費用，包括 ATG 和其他技術程序和我們的其他投注部分。

Our core platform contribution margin in Q2 was 8% as a percentage of ANR.

我們在第二季度的核心平台貢獻率為 ANR 的 8%。

While this is down versus a year ago, strong execution against our internal plan, improvements in shared ride's efficiency and improved dynamics in certain markets led to an impressive 1,200 basis point improvement quarter-over-quarter versus the first quarter of this year.

雖然這與一年前相比有所下降，但我們的內部計劃的強有力執行、共享乘車效率的提高以及某些市場的動態改善導致與今年第一季度相比，環比提高了 1,200 個基點。

R&D remained flat at 14% of ANR and decreased to 2.9% from 3% of gross bookings in the second quarter of 2018.

研發佔 ANR 的比例保持在 14%，並從 2018 年第二季度佔總預訂量的 3% 降至 2.9%。

G&A decreased to 14% from 15% of ANR and decreased to 2.8% from 3.3% of gross bookings in the second quarter of last year, but we continue to invest in the systems and infrastructure needed to be a public company.

G&A 從占 ANR 的 15% 降至 14%，從去年第二季度佔總預訂量的 3.3% 降至 2.8%，但我們繼續投資於成為上市公司所需的系統和基礎設施。

We are seeing leverage across our platform.

我們在我們的平台上看到了影響力。

In Q2 2019, adjusted EBITDA loss was $656 million.

2019 年第二季度，調整後的 EBITDA 虧損為 6.56 億美元。

We handily beat our internal EBITDA plan due to strong execution of our teams across the business.

由於我們整個業務團隊的強大執行力，我們輕鬆擊敗了內部 EBITDA 計劃。

We know we have a lot more work to do here, and we continue to focus on balancing investments and profitability improvement.

我們知道我們在這方面還有很多工作要做，我們將繼續專注於平衡投資和提高盈利能力。

In terms of liquidity, we ended the quarter with approximately $11.7 billion in unrestricted cash and cash equivalents and $13.7 billion in both restricted and unrestricted cash and cash equivalents.

在流動性方面，我們在本季度末擁有約 117 億美元的非限制性現金和現金等價物，以及 137 億美元的限制性和非限制性現金及現金等價物。

We received $1 billion in aggregate proceeds from Toyota, DENSO and SoftBank in July of 2019, so this will be reflected on our Q3 2019 balance sheet.

2019 年 7 月，我們從豐田、電裝和軟銀獲得了 10 億美元的總收益，因此這將反映在我們 2019 年第三季度的資產負債表中。

Now I will wrap up by providing guidance and comments for the first time as a public company.

現在，我將作為上市公司首次提供指導和評論。

For 2019 gross bookings, we expect constant currency growth of 31% to 35% year-over-year, which translates to an estimated range of $65 billion to $67 billion.

對於 2019 年的總預訂量，我們預計固定匯率同比增長 31% 至 35%，這意味著估計範圍為 650 億美元至 670 億美元。

Based on June month end rates, our constant currency growth represents about $64 billion to $66 billion in recorded gross bookings.

根據 6 月份的月末匯率，我們的固定貨幣增長代表著記錄的總預訂量約為 640 億美元至 660 億美元。

We continue to see the rideshare markets remain stable for the balance of the year and monitor closely the competitive dynamics.

我們繼續看到拼車市場在今年餘下時間保持穩定，並密切關注競爭動態。

The Eats market will continue to be competitive as competitors have raised funds investment growth in this fast-growing category.

隨著競爭對手在這個快速增長的類別中籌集資金投資增長，Eats 市場將繼續競爭。

We will continue to invest, including in the fourth quarter of 2019, when seasonal currier costs increase, and expect to see continued strong growth for the balance of the year.

我們將繼續投資，包括在 2019 年第四季度，屆時季節性快遞成本會增加，並預計今年餘下時間將繼續強勁增長。

As a reminder, competitive intensity for our platform most directly impacts take rates and sales and marketing expense.

提醒一下，我們平台的競爭強度最直接影響費率以及銷售和營銷費用。

That being said, we expect adjusted net revenue growth rates to improve in the back half of the year.

話雖如此，我們預計調整後的淨收入增長率將在今年下半年有所改善。

For 2019 adjusted EBITDA, we expect a loss of a range between $3.2 billion and $3 billion.

對於 2019 年調整後的 EBITDA，我們預計虧損在 32 億美元至 30 億美元之間。

As we are a newly public company, we're also providing additional guidance.

由於我們是一家新上市的公司，我們還提供了額外的指導。

For Q3 2019 stock-based compensation, we expect an expense of $450 million to $500 million, and we expect our Q3 2019 basic and diluted weighted average share count to be 1.7 billion to 1.725 billion shares.

對於 2019 年第三季度基於股票的薪酬，我們預計支出為 4.5 億至 5 億美元，我們預計 2019 年第三季度基本和稀釋加權平均股數為 17 億至 17.25 億股。

This full year EBITDA guidance reflects continued investments in Eats, Other Bets, ATG and our infrastructure.

這一全年 EBITDA 指導反映了對 Eats、Other Bets、ATG 和我們的基礎設施的持續投資。

We believe the profitability of the rides business will prove out.

我們相信游樂設施業務的盈利能力將得到證明。

In fact, in the second quarter, if we take our rides contribution and deduct all of the corporate overhead, which includes the unallocated expenses and tech supporting the entire company, excluding ATG, the loss would have been approximately $100 million in the quarter.

事實上，在第二季度，如果我們將我們的遊樂設施貢獻並扣除所有公司管理費用，其中包括未分配的費用和支持整個公司的技術，不包括 ATG，那麼該季度的虧損將約為 1 億美元。

Now back over to Dara for the wrap-up of the call.

現在回到 Dara 結束通話。

Thank you very much, Nelson.

非常感謝你，尼爾森。

We're pleased with our progress this quarter.

我們對本季度的進展感到滿意。

We hope to deliver more for you.

我們希望為您提供更多。

And with that, let's open up for questions.

有了這個，讓我們敞開心扉回答問題。

Great.

偉大的。

Thanks, Dara.

謝謝，達拉。

Operator, we are now ready for questions.

接線員，我們現在可以提問了。

(Operator Instructions) Your first question comes from the line of Justin Post with Bank of America Merrill Lynch.

（操作員說明）您的第一個問題來自美國銀行美林公司的 Justin Post。

I guess, Dara, looking at the results, your bookings and riders close to in line but large beat on the profitability.

我猜，Dara，看看結果，你的預訂量和乘客數接近一致，但盈利能力大大超過。

How are you thinking about balancing the ability to drive the top line bookings versus drive the bottom line?

您如何考慮平衡推動頂線預訂與推動底線的能力？

How do you balance that?

你如何平衡它？

And then when you think about some of the new competitors entering in London, could that make that decision different going forward?

然後，當您考慮一些進入倫敦的新競爭對手時，這會使該決定在未來有所不同嗎？

And how do you feel about the London situation right now?

您如何看待倫敦現在的局勢？

Hey, Justin.

嘿，賈斯汀。

Good question.

好問題。

Listen, I think you know that the balance between the top and bottom line is more of an art rather than a science.

聽著，我想你知道頂線和底線之間的平衡更像是一門藝術而不是一門科學。

So if I told you that we had kind of a scientific formula that we're solving for here, we'd be lying to you.

所以，如果我告訴你我們有某種科學公式可以在這裡求解，那我們就是在騙你。

That said, if you look at our trip growth on a year-on-year basis, trip growth was 37% Q3 of '18; 37%, Q4; 36%, Q1; 35%, Q2.

也就是說，如果您查看我們的旅行同比增長，旅行增長為 18 年第三季度的 37%； 37%，第四季度； 36%，第一季度； 35%，第二季度。

So it's just, at these kinds of scale, it's rare to find this kind of growth.

所以只是，在這種規模下，很難找到這種增長。

And we do think that, as we look at our marketing spend, our incentive spend, how we can leverage the business going forward, we think that there's the opportunity to scale our expenses or be more efficient with our incentive spend or be more efficient with our marketing spend, really double down on less smaller kind of projects and doubling down on the channels that are really working for us.

而且我們確實認為，當我們審視我們的營銷支出、激勵支出以及我們如何利用未來的業務時，我們認為有機會擴大我們的開支，或者通過我們的激勵支出提高效率，或者提高效率我們的營銷支出，實際上是在規模較小的項目上加倍投入，在真正為我們工作的渠道上加倍投入。

So we actually think that if we do our jobs right, there are always tradeoffs to be made in life, but I think that we can make the tradeoffs where we can scale expenses and/or get far more efficient in our marketing and incentive spend while improving the bottom line of the company.

因此，我們實際上認為，如果我們把工作做好，生活中總會做出權衡，但我認為我們可以做出權衡，這樣我們可以擴大開支和/或在營銷和激勵支出方面變得更有效率，同時提高公司的底線。

And listen, we're very confident that this company at maturity can be cash flow positive, and the team is focused on being able to drive big-time growth at the top line while getting more efficient on all parts of the business.

聽著，我們非常有信心，這家成熟的公司可以實現正現金流，團隊專注於能夠推動收入的大幅增長，同時在業務的各個方面提高效率。

I think as far as the London competition goes, listen, the -- London is a great market for us.

我認為就倫敦的競爭而言，聽著，倫敦對我們來說是一個很好的市場。

We are trying our best to be excellent partners with TfL, the regulator there, and intend to continue to build our business in a constructive way.

我們正在盡最大努力與那裡的監管機構 TfL 成為優秀的合作夥伴，並打算繼續以建設性的方式建立我們的業務。

The new competition that we're seeing in London are, frankly, competitors that we're familiar with.

坦率地說，我們在倫敦看到的新競爭對手是我們熟悉的競爭對手。

We've been competing against those players in Paris for many, many years.

多年來，我們一直在巴黎與那些球員競爭。

Our position in Paris is very, very strong.

我們在巴黎的地位非常非常強大。

It's quite a constructive market for us.

這對我們來說是一個非常有建設性的市場。

So with a category like Ridesharing, we're going to have multiple competitors in every country that we compete in.

因此，對於像拼車這樣的類別，我們將在我們競爭的每個國家/地區擁有多個競爭對手。

We're going to have multiple competitors in large markets like Paris and London.

我們將在巴黎和倫敦等大市場擁有多個競爭對手。

But so far, we're not seeing anything in London that's a surprise or unexpected that we're not seeing in 20 other cities all around the world.

但到目前為止，我們在倫敦沒有看到任何令人驚訝或出乎意料的事情，而我們在世界各地的其他 20 個城市都沒有看到。

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

你的下一個問題來自高盛集團的希思特里。

Dara, on the last earnings call, you talked about earning -- or about the market share in ride hailing sort of reaching a point of stability.

達拉，在上一次財報電話會議上，你談到了收入——或者說叫車服務的市場份額達到了穩定點。

I'm curious, as you look at the competitive markets and the rate of growth on some of your main competitors, particularly in markets like the U.S., what's it take to get to that point of stability?

我很好奇，當你看到競爭激烈的市場和一些主要競爭對手的增長率時，特別是在美國這樣的市場，要達到穩定點需要什麼？

Is it a -- just a matter of time?

這只是時間問題嗎？

Is it a matter of more investment?

是不是更多投資的問題？

And sort of how do you -- whether it's bookings or revenues across the space, sort of how do you think of what qualifies as stability?

你如何看待——無論是整個空間的預訂量還是收入，你如何看待什麼才是穩定的？

Yes.

是的。

I think it's -- listen, we -- when we look at the Ridesharing category, our top competitor in this category is car ownership and other ways of getting around.

我認為這是 - 聽著，我們 - 當我們查看 Ridesharing 類別時，我們在該類別中的最大競爭對手是擁有汽車和其他出行方式。

And when I look at how we are faring against car ownership, we're faring very well.

當我看到我們在反對汽車所有權方面的表現時，我們的表現非常好。

And we continue to invest in products, continuing to kind of improve efficiency of our POOL product.

我們繼續投資於產品，繼續提高我們 POOL 產品的效率。

You've seen us bring in transit choices, a whole other host of ways that people can get around their city so that this younger generation that is coming of age, unlike myself, has 0 need to own a car.

你已經看到我們帶來了交通選擇，這是人們可以在他們的城市中出行的其他多種方式，這樣即將成年的年輕一代，與我不同，擁有汽車的需求為零。

That said, within our category of Ridesharing, we are going to have multiple competitors.

也就是說，在我們的拼車類別中，我們將有多個競爭對手。

We and Lyft are big-time competitors here and have been for some period of time.

我們和 Lyft 是這裡的重要競爭對手，並且已經有一段時間了。

And for now, we are seeing generally category positions that are stable, and we're focused on improving profitability in this market as many -- and many other markets around the world.

就目前而言，我們看到總體上是穩定的類別位置，我們專注於提高這個市場的盈利能力 - 以及世界各地的許多其他市場。

And based on what we read, Lyft seems to be focused in a similar way.

根據我們讀到的內容，Lyft 似乎也以類似的方式專注。

But as you know, competitive environments can change.

但如您所知，競爭環境可能會發生變化。

But the big picture is we want to be there any way you want to get around your city, and I think we're well on a path to do so in a profitable way.

但總體而言，我們希望以任何你想在你的城市中穿梭的方式出現，我認為我們正走在一條有利可圖的道路上。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one on the U.S. Eats.

我有 2 個。U.S. Eats 上的第一個。

Curious to hear about sort of any impact at all from elasticity associated with that service fee.

很想知道與該服務費相關的彈性帶來的任何影響。

And how do you think about potentially rolling it out to other markets in the back half or into next year?

您如何看待可能在下半年或明年將其推廣到其他市場？

And then India Eats, I remember last quarter you called it out as one of the headwinds to overall ANR.

然後是 India Eats，我記得上個季度你把它稱為整體 ANR 的不利因素之一。

Is there any update on India Eats in the quarter?

本季度是否有關於 India Eats 的最新消息？

And how do you think about strategic options to improve your ability to more profitably grow in that market?

您如何考慮戰略選擇，以提高您在該市場實現更高利潤增長的能力？

Yes.

是的。

I think on the U.S. and elasticity as it relates to the service fee, we're constantly testing and learning.

我認為在美國和與服務費相關的彈性方面，我們一直在測試和學習。

What we found is, as you can see from the take rate improvement, this is 2 quarters in a row where you're seeing very, very substantial take rate improvement on the Eats side.

我們發現，正如您從獲取率提高中所看到的那樣，這是連續兩個季度，您在 Eats 方面看到了非常、非常顯著的獲取率提高。

The team is executing well.

團隊執行良好。

They're focused.

他們很專注。

There is due to be some elasticity, but what I can tell you is that the improvements that we are seeing in our take rate from a revenue standpoint and from a profitability standpoint are significantly in excess of any business that we might be losing on the top line.

由於存在一定的彈性，但我可以告訴你的是，從收入的角度和盈利能力的角度來看，我們在收取率方面看到的改進大大超過了我們可能在頂部失去的任何業務線。

And of course, this is within the context of the top line of our Eats business growing bookings at 90-plus percent on a year-over-year basis.

當然，這是在我們的 Eats 業務營收同比增長 90% 以上的背景下。

So we think that at this scale and at these kinds of top lines, the kind of tradeoff decisions that we're making are the right tradeoff decisions, and frankly, they're not too difficult to make.

所以我們認為，在這種規模和這些類型的頂線上，我們正在做出的權衡決策是正確的權衡決策，坦率地說，它們並不太難做出。

We will look at taking some of these learnings in different markets.

我們將著眼於在不同的市場中吸取其中的一些經驗。

Every single market is its own -- has its own character, has its own competitive environment.

每一個市場都是它自己的——有它自己的特點，有它自己的競爭環境。

So at this point, we can't point to a specific plan or a rollout plan.

所以在這一點上，我們不能指向一個具體的計劃或推出計劃。

There are certain markets where we'll introduce the fees, and there are certain markets where we won't.

我們會在某些市場引入費用，而在某些市場我們不會。

And we'll be pretty disciplined and data driven in our approach to every single market.

在我們對待每個市場的方法中，我們將非常自律並以數據為導向。

In terms of India, it's a big market on the rideshare side in India.

就印度而言，這是印度拼車方面的一個大市場。

We're very happy with the results there both in terms of category position, the top line and especially the bottom line.

我們對類別位置、頂線，尤其是底線方面的結果感到非常滿意。

And we're taking some of those lessons and extending them into the Eats category.

我們正在吸取其中的一些教訓，並將它們擴展到 Eats 類別。

Right now, the market is very, very competitive.

目前，市場競爭非常非常激烈。

There are a few very strong competitors there.

那裡有一些非常強大的競爭對手。

Generally, I would tell you that we want to be the #1 or #2 in every single market.

一般來說，我會告訴你，我們希望成為每個市場的第一或第二。

Right now in India, we're the #3.

現在在印度，我們是第三名。

And so the team knows there's a big lift ahead of them, but we're in the game.

所以球隊知道他們前面有很大的提升，但我們在比賽中。

And I think India, what's great about India is we have a local team there.

我認為印度，印度的偉大之處在於我們在那裡有一支本地團隊。

We've got a great engineering team there.

我們在那裡擁有一支優秀的工程團隊。

We're kind of a local company in India.

我們是印度的一家本地公司。

We've proven our ability to win in rides, and my expectation is the same on the Eats side.

我們已經證明了我們在遊樂設施中獲勝的能力，我對 Eats 的期望是一樣的。

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

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just one clarification and then a question around that.

只是一個澄清，然後是一個圍繞它的問題。

So if we back out the $287 million shares for the riders -- or for the drivers in 2Q, your rides net revenue or adjusted net revenue was $2.6 billion and take rate 21.3%.

因此，如果我們將 2.87 億美元的股票用於騎手——或第二季度的司機，你的乘車淨收入或調整後的淨收入為 26 億美元，利率為 21.3%。

So just want to clarify that, that's actually accurate and the right way to handle that $287 million.

所以只想澄清一下，這實際上是準確的，也是處理這 2.87 億美元的正確方法。

And then if so, that take rate's up 100 bps or so sequentially, and you mentioned that it's going to go up in the back half.

然後，如果是這樣，則該匯率會連續上漲 100 個基點左右，並且您提到它將在後半部分上漲。

So what's driving up the rides take rate?

那麼是什麼推動了遊樂設施的使用率？

Is it the U.S.?

是美國嗎？

Is it Brazil getting less bad?

巴西變得不那麼糟糕了嗎？

Any color on what's happening with rides take rate both in 2Q and back half this year.

今年第 2 季度和後半期的遊樂設施發生的任何顏色都將佔據上風。

Hey, Ross, I think you've gotten the numbers right.

嘿，羅斯，我認為你的數字是對的。

Nelson, correct me if I'm wrong.

尼爾森，如果我錯了，請糾正我。

Yes, that's right.

是的，這是正確的。

I think, listen, on the take rate, we don't want to get into particulars as far as market by market.

我認為，聽著，關於利率，我們不想逐個市場地進入細節。

But I think the characterization, which is the competitive environment in most of the markets in which we're competing with are stable or improving or our competitive tactics are improving.

但我認為，我們競爭的大多數市場的競爭環境是穩定的或正在改善的，或者我們的競爭策略正在改善。

I think that's a generalization that is true in most of the markets out there in the rides category.

我認為這是一個概括，在遊樂設施類別的大多數市場中都是正確的。

And that is translating into take rates that are an improvement quarter-on-quarter.

這轉化為比上一季度有所改善的錄取率。

And if things remain the same, we think those trends are healthy and we'll take them.

如果情況保持不變，我們認為這些趨勢是健康的，我們會接受它們。

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

您的下一個問題來自德意志銀行的 Lloyd Walmsley。

Two if I can.

可以的話就兩個。

First, Dara, you mentioned some interesting innovations coming in the second half.

首先，Dara，你提到下半年會有一些有趣的創新。

Is there anything you can share with us on kind of where those might fall or any specifics there would be great.

您有什麼可以與我們分享的關於那些可能會落在哪里或任何細節會很棒的東西。

And then just secondly, SoftBank's in the process of raising a second Vision Fund.

其次，軟銀正在籌集第二隻願景基金。

They continue to put money in the competitor.

他們繼續向競爭對手投入資金。

So just wondering what kind of dialogue you might have with them to try to bring about more of a healthy market in the space.

因此，只是想知道您可能會與他們進行什麼樣的對話，以嘗試在該領域帶來更多健康的市場。

Anything you could share would be great.

你能分享的任何東西都會很棒。

Yes, Lloyd, I would -- the marketing team would kill me if I steal their thunder as far as the innovation goes on the POOL side.

是的，Lloyd，我會——如果我在 POOL 方面的創新中搶走他們的風頭，營銷團隊會殺了我。

But on the shared-ride category, listen, one of the keys with shared rides is you have to create matching efficiency.

但是在共享乘車類別中，聽著，共享乘車的關鍵之一是您必須創造匹配效率。

And we were the pioneer in shared rides to begin with.

我們是共享遊樂設施的先驅。

We were the pioneer in shared rides, the product in shared rides where you walk and wait in order to create greater matching efficiencies.

我們是共享遊樂設施的先驅，該產品是共享遊樂設施中的產品，您可以在其中步行和等待，以創造更高的匹配效率。

And you should expect more of that pioneering and innovative spirit in share rides going forward.

而且，您應該期待在未來的共享出行中擁有更多的開拓和創新精神。

We're already experimenting in high-capacity vehicles, for example, Uber Bus, Uber Van, to kind of take sharing from 2 or 3 people on a back seat to 10 people in a van, which we think benefits riders.

我們已經在大容量車輛上進行試驗，例如 Uber Bus、Uber Van，將後座的 2 或 3 人共享到麵包車的 10 人，我們認為這對騎手有利。

It benefits cities.

它有利於城市。

It benefits the environment.

它有利於環境。

And there's a whole lot of technical kind of innovation and investment that has to go into matching.

並且有很多技術類型的創新和投資必須進行匹配。

It's a category that, because of our volumes and basically every single market that we compete with on the rides side we're the largest player, shared rides tend to be a category where our network effects are amplified.

這是一個類別，由於我們的數量和基本上我們在遊樂設施方面競爭的每個市場，我們都是最大的參與者，共享遊樂設施往往是我們的網絡效應被放大的一個類別。

So we want to invest technically behind those network effects, and I think you'll see kind of more matching tech coming up in the back half of the year that we think will hopefully take us to kind of the next growth phase of shared rides.

因此，我們希望在這些網絡效應背後進行技術投資，我認為您會在今年下半年看到更多匹配的技術出現，我們認為這些技術有望將我們帶入共享遊樂設施的下一個增長階段。

I think as far as SoftBank and the Vision Fund 2.0, we're as awe-inspired as everyone else as far as SoftBank's ability to raise capital and put that capital to work.

我認為就軟銀和願景基金 2.0 而言，就軟銀籌集資金並將其投入使用的能力而言，我們和其他所有人一樣令人敬畏。

And I said it the first time, which is I'm really happy that SoftBank is a partner of ours.

我第一次這麼說，我很高興軟銀是我們的合作夥伴。

I'm even slightly happier now that SoftBank is a partner of ours because a partner that's global that has that much capital is someone that you want to have with you.

現在軟銀是我們的合作夥伴，我什至有點高興，因為擁有這麼多資金的全球合作夥伴是您想與您在一起的人。

And SoftBank has been a great partner, and I think they'll continue to be a good partner going forward.

軟銀一直是一個很好的合作夥伴，我認為他們將繼續成為一個很好的合作夥伴。

We are sensitive as to industry dynamics, so when we talk to SoftBank, we talk about things that are relevant to us, and we leave the investment up to them.

我們對行業動態很敏感，所以當我們與軟銀交談時，我們會談論與我們相關的事情，並將投資留給他們。

Your next question comes from the line of Ron Josey with JMP Securities.

您的下一個問題來自 JMP 證券公司的 Ron Josey。

I wanted to ask a little bit more.

我想再問一點。

I think, Dara, you talked about increased consumer promotions this quarter -- sorry more effective deployment of incentives this quarter.

我想，Dara，你談到了本季度增加的消費者促銷活動——抱歉，本季度更有效地部署了激勵措施。

Just want to understand a little bit more particularly as you talked about promotion spend down and some sequential improvement.

只是想更具體地了解一下，因為您談到了促銷支出的減少和一些連續的改進。

So just any information around promotions and incentives would be helpful.

因此，任何有關促銷和激勵措施的信息都會有所幫助。

Yes.

是的。

I think it's -- we don't want to get into too many details because this is -- you're entering into competitive categories.

我認為這是 - 我們不想進入太多細節，因為這是 - 你正在進入競爭類別。

But I think there are 2 factors going on.

但我認為有兩個因素在發生。

One is there's always spend that is kind of on the inefficient side of incrementality.

一個是總有一些支出在增量的低效方面。

Kind of the next dollar that you put to work, the incremental return tends to be worse.

你投入的下一塊錢，增量回報往往更糟。

And we've got our engineers and marketing folks always looking for the least efficient incremental spend and then testing and learning their way into more efficient types of spend going forward.

我們讓我們的工程師和營銷人員一直在尋找效率最低的增量支出，然後測試和學習他們的方式，以適應未來更有效的支出類型。

So you've got kind of engineers and marketers rinsing and repeating there.

所以你有那種工程師和營銷人員在那裡沖洗和重複。

And I do think that we are coming with types of incentives that are designed not just to drive volume for the next week, but they're designed to drive volume for the next month or 2 months and increasingly investing more in programs like our loyalty program, both Uber Pro on the -- on our driver side but then Uber Rewards, which are designed to essentially invest money for loyalty that carries over for not months but hopefully years.

我確實認為我們將推出各種類型的激勵措施，這些激勵措施不僅旨在推動下週的銷量，而且旨在推動下個月或 2 個月的銷量，並越來越多地投資於我們的忠誠度計劃等計劃，Uber Pro 在我們的司機方面，然後是 Uber Rewards，它們的目的是從本質上為忠誠度投資，這種忠誠度可以延續數月而不是數年。

So it's a continuing process.

所以這是一個持續的過程。

At the same time, we are seeing the competitive environment in general be more constructive.

與此同時，我們看到總體上競爭環境更具建設性。

And listen, that always helps as well.

聽著，這總是有幫助的。

The combination of better science, better marketing and a more constructive environment we think makes for a decent to hopefully better-than-decent second half for us.

我們認為，更好的科學、更好的營銷和更有建設性的環境相結合，為我們帶來了一個體面的，甚至有望超過體面的下半年。

Your next question comes from the line of John Blackledge with Cowen.

您的下一個問題來自 John Blackledge 與 Cowen 的對話。

Two questions.

兩個問題。

First, just curious about the pricing environment in the U.S., thoughts on ability to raise price and/or potential for raising price as we (inaudible) through the year on the Ridesharing side.

首先，只是對美國的定價環境感到好奇，對我們（聽不清）全年在拼車方面的提價能力和/或提價潛力的想法。

And then just second on the marketing team change, just any early thoughts on how it may impact brand spend or customer acquisition spend?

然後只是營銷團隊變化的第二個，關於它如何影響品牌支出或客戶獲取支出的任何早期想法？

Hey, John.

嘿，約翰。

As far as the pricing power and pricing in general in the U.S., we're constantly testing and learning in terms of pricing.

就美國的定價能力和總體定價而言，我們一直在定價方面進行測試和學習。

I do think that we have pricing power as a category.

我確實認為我們作為一個類別具有定價權。

As to what's the best way to exercise that pricing power one way or the other, I think is -- remains to be seen, and we don't want to talk too much about kind of what our intentions are going forward.

至於以一種或另一種方式行使定價權的最佳方式是什麼，我認為還有待觀察，我們不想過多談論我們未來的意圖。

But I think as a service, we have pricing power, and I think it will inure to our ability to grow this business for many, many years to come.

但我認為，作為一項服務，我們擁有定價權，我認為這將有助於我們在未來很多很多年裡發展這項業務。

As far as marketing and what we're doing, listen, the -- part of the design around the restructuring of the marketing team was really looking at where we came from.

就營銷和我們正在做的事情而言，聽著，圍繞營銷團隊重組的設計的一部分是真正著眼於我們來自哪裡。

Really, the marketing team grew organically.

真的，營銷團隊有機地成長了。

And based on kind of the history of how Uber grew up, Uber was very decentralized from a local base of businesses essentially, business leaders and city leaders who were their own CEOs.

根據優步成長的歷史，優步本質上是非常分散的本地企業基礎，企業領導者和城市領導者是他們自己的首席執行官。

And over a period of time, as businesses grow, as they become more consistent, it makes sense to centralize some of the capabilities.

並且在一段時間內，隨著業務的增長，隨著它們變得更加一致，集中一些功能是有意義的。

And the decentralization that served us very, very well early on in our development as a company, to some extent, hurt us is as we think about how we tune our marketing teams for the next 5 years.

權力下放在我們公司發展的早期非常非常好地為我們服務，在某種程度上傷害了我們，因為我們考慮如何在未來 5 年調整我們的營銷團隊。

A significant amount of marketing, as you can imagine, happens, for example, online, on big online global systems: Google, Facebook, Twitter, Snapchat, et cetera.

您可以想像，大量的營銷活動發生在例如在線、大型在線全球系統上：谷歌、Facebook、Twitter、Snapchat 等。

These are all essentially technical global platforms, and to have a bunch of local teams, all of whom are starting from square one, engaging with these technical global platforms in their own ways and reinventing the wheel, didn't make sense.

這些本質上都是技術性全球平台，擁有一堆本地團隊，他們都從一開始就以自己的方式與這些技術性全球平台打交道並重新發明輪子，這是沒有意義的。

So the reorganization is about improving effectiveness, and it's about thinking about where we're going to be for the next 5 years of the company versus where we come from.

因此，重組是為了提高效率，也是為了思考公司未來 5 年的發展方向與我們來自哪裡。

And I think, listen, my expectation is that our marketing spend -- I can't speak to the -- for the second half of the year, but our marketing spend for the next few years is actually going to both increase and be more effective as a result of the changes that we're making in the marketing organization.

而且我認為，聽著，我的期望是我們的營銷支出——我不能說——在今年下半年，但我們未來幾年的營銷支出實際上會增加而且更多由於我們在營銷組織中所做的改變而有效。

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

您的下一個問題來自 RBC Capital Markets 的 Mark Mahaney。

Next question comes from the line of Brad Erickson with Needham & Company.

下一個問題來自於 Needham & Company 的 Brad Erickson。

I think there's a fair amount of work being done at the city and local government level around the world to understand, I guess, the effect that mobility platforms are having on broader transportation in those cities.

我認為世界各地的城市和地方政府都在做大量的工作，以了解移動平台對這些城市更廣泛的交通的影響。

So relative to some of those works that are ongoing and the conversations you all are having with those cities and local governments, how should we think about any impact either positive or negative if and as supply of TNCs are controlled in more cities here going forward?

因此，相對於其中一些正在進行的工作以及你們與這些城市和地方政府的對話，如果未來更多城市控制跨國公司的供應，我們應該如何看待任何積極或消極的影響？

Listen, I think that it's -- every conversation that we're having with every city is different, so it's difficult to give you a global answer.

聽著，我認為是——我們與每個城市的每次對話都是不同的，所以很難給你一個全球性的答案。

In general, what I can tell you is that the great news is that we're actually having dialogue and constructive dialogue with many of the cities and many of the transportation authorities in these cities.

總的來說，我可以告訴你的是，好消息是我們實際上正在與許多城市和這些城市的許多交通當局進行對話和建設性對話。

So if you look at London, for example, we have a clean air plan and a plan to actually fund electrifying our fleet, which is obviously great for the environment.

因此，以倫敦為例，我們有一個清潔空氣計劃和一個實際資助我們機隊電氣化的計劃，這顯然對環境很有好處。

I think it's great for London.

我認為這對倫敦來說很棒。

It's great for consumers, and it's great for us.

這對消費者來說很棒，對我們來說也很棒。

And that is a result of terrific dialogue with the city.

這是與這座城市進行精彩對話的結果。

We are now in dialogue with multiple transit operators, and we have a transit product that's live that is actually feeding demand into public transit, which we think is, again, a good thing for us.

我們現在正在與多家交通運營商進行對話，我們有一個實時的交通產品，它實際上正在為公共交通提供需求，我們認為這對我們來說也是一件好事。

It's a good thing for the city.

這對這座城市來說是件好事。

And it's certainly a great thing for public transit as well.

這對於公共交通來說當然也是一件好事。

We are now having active dialogue in terms of sharing our data.

我們現在正在就共享數據進行積極對話。

Obviously, we don't share any personal data for riders but sharing aggregated traffic data that will allow cities to design more effectively for the next 5 years in a smarter, better way.

顯然，我們不會共享任何乘客的個人數據，而是共享聚合的交通數據，這些數據將使城市能夠在未來 5 年內以更智能、更好的方式進行更有效的設計。

So I think the dialogue that we're having, this dialogue will turn into what we think are constructive results.

所以我認為我們正在進行的對話，這種對話將變成我們認為具有建設性的結果。

There are some cities with whom the dialogue, unfortunately, we think is not constructive.

不幸的是，我們認為與一些城市的對話沒有建設性。

New York is one of them.

紐約就是其中之一。

But I think that the majority of these conversations are positive, and we want to be a partner and the best partner for cities going forward as it relates to their transportation solutions for the next 10 years.

但我認為這些對話中的大多數都是積極的，我們希望成為未來城市的合作夥伴和最佳合作夥伴，因為這關係到他們未來 10 年的交通解決方案。

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

您的下一個問題來自 RBC Capital Markets 的 Mark Mahaney。

Sorry about that.

對於那個很抱歉。

Could we just talk about -- Dara, could you talk a little bit about the 2 regulatory fronts, New York City, what's happened to demand, the profitability of the Uber platform in New York City over the last couple of months as these series of changes have been introduced?

我們能不能談談 - Dara，你能談談紐約市的兩個監管方面，需求發生了什麼，過去幾個月紐約市優步平台的盈利能力，因為這一系列是否引入了變化？

And then just comment on the likelihood or the outcome materiality with these -- the California -- the pending legislation in California about changing people from contract to full-time employees and what kind of impact that could have.

然後就這些可能性或結果的重要性發表評論 - 加利福尼亞 - 加利福尼亞州關於將人們從合同工轉變為全職員工的未決立法以及可能產生的影響。

If you could address both of those, please.

如果你能解決這兩個問題，請。

Yes.

是的。

Sure, Mark.

當然，馬克。

So listen, I think that a lot of the changes that are -- have been introduced or potentially introduced in New York City, we just don't agree with.

所以聽著，我認為紐約市已經引入或可能引入的許多變化，我們只是不同意。

The city's essentially introducing another medallion system.

該市基本上引入了另一個獎章系統。

And if you've read any of the articles in The New York Times, that, that system is ripe for abuse by people in power.

如果你讀過《紐約時報》上的任何一篇文章，那這個系統已經成熟，可以被當權者濫用了。

And it's happened in the past, and the city could be setting itself up again.

它發生在過去，這座城市可能會重新建立起來。

If you look at our business in New York, it's pretty healthy, and it continues to grow.

如果你看看我們在紐約的業務，它非常健康，而且還在繼續增長。

The problem is that we are growing fastest in areas of the city where you've got consumers who can afford significantly higher prices and the price increases that we have had to put forward in the city, while areas like East New York or Wakefield, Bronx or Central Harlem are not growing because consumers there can't afford the increases in prices, and as a result, we're making kind of mobility unavailable to them.

問題是我們在城市中增長最快的地區有消費者可以承受更高的價格以及我們不得不在城市中提出的價格上漲，而像東紐約或韋克菲爾德、布朗克斯這樣的地區或中央哈林區沒有增長，因為那裡的消費者無法承受價格上漲，因此，我們正在為他們提供某種流動性。

So I think anyone who thinks that the changes that -- who tells you that the changes in New York City are good is full of malarkey, frankly.

因此，坦率地說，我認為任何認為紐約市的變化是好的變化的人都充滿了惡意。

And de Blasio -- even de Blasio appointed TLC commissioners, they acted over the objection of the city council and drivers and editorial boards and community groups and even a former TLC chair and transit expert.

而白思豪——甚至白思豪任命了 TLC 專員，他們不顧市議會、司機、編輯委員會和社區團體的反對，甚至是前 TLC 主席和交通專家的反對。

So we think -- frankly, we don't get it, but we are doing our best in New York City.

所以我們認為——坦率地說，我們不明白，但我們正在紐約市盡力而為。

I think one of the issues that we hold dear as it relates to Uber and our system is that Uber has always been an open-labor system.

我認為與 Uber 和我們的系統相關的一個問題是我們非常重視的一個問題，那就是 Uber 一直是一個開放的勞動力系統。

We've always been available to anybody who wants to find labor on our system, make money on our system any which way they can.

我們一直為任何想在我們的系統上找到勞動力、想通過我們的系統賺錢的人提供他們可以做的任何事情。

And the new rules could potentially restrict where, when, how drivers can work, and we just don't think that's good for New Yorkers.

新規則可能會限制司機的工作地點、時間和方式，我們只是認為這對紐約人不利。

As far as California and AB5.

就加利福尼亞和AB5而言。

Listen, if AB5 passes, it'll simply be a qualification of existing law.

聽著，如果 AB5 通過，它只是現有法律的一個條件。

It doesn't immediately transform drivers into employees.

它不會立即將司機轉變為員工。

It just changes kind of the legal test in the court.

它只是改變了法庭上的法律測試。

We think that there's a better way forward.

我們認為有更好的前進方式。

The fact is that our drivers consistently tell us that the reason why they value Uber is they value their freedom.

事實上，我們的司機一直告訴我們，他們重視優步的原因是他們重視自由。

They're their own boss.

他們是自己的老闆。

They run their own business.

他們經營自己的生意。

They can drive for us or not drive for us whenever they want, however they want.

他們可以隨心所欲地為我們開車或不為我們開車，隨心所欲。

And we do think that there's a better path forward that would allow drivers to keep their status -- independent status but add the kind of protections that, frankly, we think are good protections.

我們確實認為有一條更好的前進道路可以讓司機保持他們的地位——獨立地位，但增加了坦率地說，我們認為是很好的保護的那種保護。

These are like minimum earnings and benefits and a voice in kind of decisions as it relates to the systems that would affect their livelihood.

這些就像最低收入和福利，以及在與影響他們生計的系統相關的決策中的發言權。

So we think there's a win-win there.

所以我們認為那裡是雙贏的。

And we're having dialogue with various parties to hopefully get to a win-win, and we think that will be the way forward.

我們正在與各方進行對話，希望能夠實現雙贏，我們認為這將是前進的道路。

So stay tuned.

所以請繼續關注。

We're hoping that the dialogue is a constructive dialogue, but it's early.

我們希望對話是建設性的對話，但現在還為時過早。

Your next question comes from the line of Michael Graham with Canaccord.

您的下一個問題來自 Canaccord 的 Michael Graham。

I just wanted to ask on public transit again.

我只是想再次詢問公共交通。

You mentioned launching in London and Boston.

你提到在倫敦和波士頓推出。

Any update on rider engagement with that part of the platform either in those cities or in some of the places you've been a little bit longer.

無論是在這些城市還是在您使用時間稍長的某些地方，有關騎手參與該平台部分的任何更新。

And is this a city relations thing primarily and a rider convenience thing?

這主要是城市關係的事情和騎手便利的事情嗎？

Or is there a business opportunity there as well in a direct way?

或者那裡也有直接的商機？

Yes.

是的。

Michael, it's very early.

邁克爾，現在很早。

But what we're seeing, which is super encouraging, is that transit options and, frankly, more options, more transportation options in our app increase engagement with the Uber app.

但我們看到的非常令人鼓舞的是，我們的應用程序中的交通選擇，坦率地說，更多的選擇，更多的交通選擇增加了與優步應用程序的參與度。

So it's more transit, more bikes and scooters, even in certain cases like Uber Bus, et cetera, all of these additions -- for example, taxi is a very, very fast-growing category for us in certain parts of the world as well.

所以它更多的是公共交通，更多的自行車和踏板車，甚至在某些情況下，比如優步巴士等，所有這些增加——例如，在世界某些地區，出租車對我們來說也是一個非常非常快速增長的類別.

As we add in more transportation options, we become a factor in a larger percentage of the population's transportation decisions.

隨著我們增加更多的交通選擇，我們成為人口交通決策中更大比例的因素。

We have a great product and technical team that can build these solutions in an artful, simple way that, over a period of time, learn about you and can personalize the choices for you.

我們擁有一支優秀的產品和技術團隊，可以以巧妙、簡單的方式構建這些解決方案，在一段時間內了解您並為您個性化選擇。

So the transit option is just one way in which we are increasing our relevance to a greater number of consumers on a global basis, and we are seeing it in higher engagement in the app specifically with London and some of the other areas where we've grown transit.

因此，公交選項只是我們在全球範圍內增加與更多消費者相關性的一種方式，我們看到它在應用程序中的參與度更高，特別是在倫敦和我們已經使用的其他一些地區成長過境。

And listen, we think it's good for consumers.

聽著，我們認為這對消費者有好處。

We think it's good for us.

我們認為這對我們有好處。

And we think it's good for mass transit and the city as well.

我們認為這對公共交通和城市都有好處。

So this one's a win-win-win.

所以這個是雙贏的。

But it's pretty early, and we think there's going to be a lot of kind of testing and learning going forward as we build these products.

但現在還為時過早，我們認為在我們構建這些產品的過程中將會有很多測試和學習。

Your next question comes from the line of Benjamin Black with Evercore ISI.

您的下一個問題來自 Benjamin Black 與 Evercore ISI 的系列。

I'm just wondering if you could give us an update on the 6 focus countries.

我只是想知道您是否可以向我們介紹 6 個重點國家的最新情況。

Where are you seeing meaningful traction, where the incremental work to be done?

您在哪裡看到有意義的牽引力，在哪裡需要完成增量工作？

What does the competitive environment look like in some of these countries?

其中一些國家的競爭環境如何？

Yes.

是的。

Sure, we can certainly give you a quick tour around the countries.

當然，我們當然可以讓您快速遊覽這些國家。

Listen, Argentina is a very strong market for us.

聽著，阿根廷對我們來說是一個非常強大的市場。

Buenos Aires continues to be one of our biggest- and fastest-growing markets in the world.

布宜諾斯艾利斯仍然是我們在世界上最大和增長最快的市場之一。

And we think that there's good, constructive regulatory momentum in the country, and we hope to build on that momentum.

我們認為該國存在良好的建設性監管勢頭，我們希望在這種勢頭的基礎上再接再厲。

Germany is another great market for us.

德國是我們的另一個大市場。

We are building our business in Germany in the right way as it relates to rideshare.

我們正在以正確的方式在德國建立與拼車相關的業務。

What's interesting is that we've launched our JUMP bikes in Berlin, and they've been spectacular.

有趣的是，我們已經在柏林推出了 JUMP 自行車，它們非常壯觀。

They've been a huge hit in the city.

他們在這座城市大受歡迎。

I think that bike ridership in Europe is more prevalent, and we're certainly seeing it with our product as well.

我認為歐洲的自行車騎手更為普遍，我們當然也可以在我們的產品中看到這一點。

And what you'll see with us in Germany is an expansion into more cities, both on the ride side and on the bike side as well.

您將在德國看到我們向更多城市的擴張，無論是在騎行方面還是在自行車方面。

And listen, we're actually -- we're getting into Germany with Freight as well.

聽著，我們實際上 - 我們也正在通過貨運進入德國。

So Germany, we think is going to be a pretty interesting market for us.

所以德國，我們認為對我們來說將是一個非常有趣的市場。

Japan and Korea are a couple of other markets.

日本和韓國是其他幾個市場。

These are taxi-heavy markets.

這些是出租車密集的市場。

We think that regulatory -- the regulatory environment in both markets is continuing to improve, although we have a long way to go to build the rides -- big rides business.

我們認為監管——兩個市場的監管環境正在繼續改善，儘管我們要建立遊樂設施——大型遊樂設施業務還有很長的路要走。

I will tell you that our Eats business in Japan is doing incredibly well.

我會告訴你，我們在日本的 Eats 業務做得非常好。

And in Japan, I think we will be an Eats first and then rides second business, which is terrific.

在日本，我認為我們將首先成為 Eats，然後再成為第二家企業，這非常棒。

It goes to some of the flexibility that we have in our model as far as introducing the Uber brand into a market and then expanding the definition what that -- of what Uber means to consumers in that market.

它涉及我們模型中的一些靈活性，例如將優步品牌引入市場，然後擴展定義——優步對該市場的消費者意味著什麼。

Spain has had good parts and bad parts.

西班牙有好的部分和壞的部分。

Barcelona -- the regulations in Barcelona and a couple of the eastern regions were not great.

巴塞羅那——巴塞羅那和一些東部地區的規定不是很好。

But honestly, the rest of Spain is doing incredibly well.

但老實說，西班牙其他地區的表現令人難以置信。

We're growing well there in the ride category, and we're starting to invest in Eats as well.

我們在乘車領域發展良好，我們也開始投資於 Eats。

And so that's going well.

所以進展順利。

So I think most of the story around these markets are strong.

所以我認為這些市場的大部分故事都很強大。

Italy is an area where we haven't really developed a big business there.

意大利是一個我們還沒有真正在那裡開展大業務的地區。

But I'll take where we are, and I'd say 5 of the 6 countries, these are some pretty big countries.

但我會選擇我們所處的位置，我會說 6 個國家中的 5 個，這些都是一些相當大的國家。

They're all going to take a lot of work, but they're all showing promise in different ways.

他們都會做很多工作，但他們都以不同的方式表現出承諾。

Your next question comes from the line of Justin Patterson with Raymond James.

你的下一個問題來自賈斯汀帕特森和雷蒙德詹姆斯的對話。

Maybe a big-picture one.

也許是一張大圖。

Dara, you've been involved with a variety of Internet businesses over the course of your career.

Dara，在您的職業生涯中，您參與了各種互聯網業務。

Could you talk about how scaling Uber differs from traditionally online businesses and how we should think through the time line toward reaping those financial benefits?

您能否談談規模化 Uber 與傳統的在線業務有何不同，以及我們應該如何思考如何通過時間線來獲得這些經濟利益？

And then as a quick follow-up, can you provide an update around how you're thinking about opportunities around payments?

然後作為快速跟進，您能否提供有關您如何考慮付款機會的最新信息？

Sure.

當然。

I'll take the first, and Nelson, maybe you can take on the payment side.

我會拿第一個，尼爾森，也許你可以在付款方面。

Listen, I think that there are ways in which Uber is a unique beast and then ways in which it's like any other business.

聽著，我認為優步在某些方面是一頭獨特的野獸，在某些方面它就像任何其他業務一樣。

I think that there's the meme around, which is can Uber ever be profitable.

我認為周圍有一個迷因，那就是優步能否盈利。

I've certainly heard that meme along with others.

我當然和其他人一起聽說過這個模因。

And I'll tell you, we have a business in the rides area that has a 20-plus percent take rate, which is a very, very strong take rate.

我會告訴你，我們在遊樂設施領域的業務有 20% 以上的錄取率，這是一個非常非常高的錄取率。

And a business at scale the way we are a global business at scale that has network effect with a 20-plus percent take rate I believe has the potential and if we execute should turn out to be a spectacular business long term.

一個規模化的企業，就像我們是一個具有網絡效應的全球性企業一樣，具有 20% 以上的接受率，我相信它具有潛力，如果我們執行的話，長期來看應該會成為一項壯觀的業務。

And I think that the same goes for Eats, and we're making bets in a lot of other categories that carry with them incredible potential.

我認為 Eats 也是如此，我們正在對許多其他具有難以置信潛力的類別下注。

So it's hard to compare Uber to other businesses because it's a unique entity.

因此，很難將優步與其他企業進行比較，因為它是一個獨特的實體。

It's one of those rare brands in the world.

它是世界上罕見的品牌之一。

I think what's very interesting about Uber is that we're a digital and physical business.

我認為優步的有趣之處在於我們是一家數字和實體企業。

And so the connectivity between the digital and the physical world and local regulatory bodies and that the presence that we need in every single city and the difference in kind of local customs, all of those are amplified as it relates to this business which that makes it all the more interesting and, to some extent, also makes for pretty interesting barriers for entry once you build the business.

因此，數字世界和物理世界以及當地監管機構之間的聯繫，以及我們在每個城市所需要的存在以及當地習俗的差異，所有這些都被放大了，因為它與這項業務有關，這使得它更有趣的是，在某種程度上，一旦你建立了業務，也會為進入壁壘帶來相當有趣的障礙。

So it's -- I think that myself and my team are well prepared, but I think we're very, very early in this incredible journey.

所以它 - 我認為我自己和我的團隊已經做好了充分的準備，但我認為我們在這個令人難以置信的旅程中非常非常早。

But Nelson, do you want to talk on payments?

但是尼爾森，你想談談付款嗎？

The only thing I'd add on that is if you listen to the script -- at the end of the script, when I talked about our rides contribution in the second quarter, and so we had a very strong second quarter on the rides contribution.

我唯一要補充的是，如果你聽劇本的話——在劇本的最後，當我談到我們在第二季度的遊樂設施貢獻時，我們在遊樂設施貢獻方面的第二季度表現非常強勁.

And again, if you again deducted that -- from that what we call our corporate overhead, which is all the unallocated corporate overhead and tech supporting the entire company excluding what we invest in ATG, the loss would have been $100 million.

再一次，如果你再次扣除這一點——我們稱之為公司管理費用，即所有未分配的公司管理費用和支持整個公司的技術，不包括我們對 ATG 的投資，損失將是 1 億美元。

So it should give you a little bit of sense of the path to profitability on the rides business.

因此，它應該讓您對遊樂設施業務的盈利之路有所了解。

And then, obviously, we'll have plenty of dialogue on some of the other bets we're making, whether it would be in Eats or in Freight or in NeMo or around autonomous.

然後，很明顯，我們將就我們正在進行的其他一些賭注進行大量對話，無論是在 Eats 還是 Freight 或 NeMo 還是圍繞自動駕駛。

But it should give you guys a sense of kind of the path we're moving and we talk about healthy growth in the market environment.

但這應該讓你們了解我們正在走的道路，我們談論市場環境中的健康增長。

Your second question on payments, we continue to make good progress.

關於付款的第二個問題，我們繼續取得良好進展。

I would say the team has done a very, very good job in terms of reducing some of the payment card fees.

我會說團隊在減少一些支付卡費用方面做得非常非常好。

A lot of it is working with our partners, and we've been able to reduce some of the things.

其中很多是與我們的合作夥伴合作，我們已經能夠減少一些事情。

And it literally has been better than we would have expected both on a quarter-on-quarter and a year-on-year basis.

它實際上比我們預期的季度環比和同比要好。

As we move towards the next phase of the payments, we are going to be testing broadening out some of the capabilities, particularly in Latin America.

隨著我們進入下一階段的支付，我們將測試擴大一些能力，特別是在拉丁美洲。

And again, we think this will have beneficial impact, particularly in terms of driver retention as we offer more tools to allow them to kind of operate every day and also try to take cash out of some markets like Brazil, where we think that also provides some safety benefit.

再一次，我們認為這將產生有益的影響，特別是在司機保留方面，因為我們提供了更多的工具讓他們每天都在運作，並嘗試從巴西等一些市場中提取現金，我們認為這也提供了一些安全利益。

Your next question comes from the line of Jason Helfstein with Oppenheimer.

你的下一個問題來自 Jason Helfstein 和 Oppenheimer。

It's just 2 questions.

這只是2個問題。

Anything you can share to help us understand the early impact of the loyalty program and its impact on repeat usage or retention?

您可以分享什麼來幫助我們了解忠誠度計劃的早期影響及其對重複使用或保留的影響嗎？

And then just around Eats.

然後就在吃附近。

Do you expect to deploy batching and other dynamics to improve Eats delivery efficiency in the near term?

您是否期望在短期內部署批處理和其他動態來提高 Eats 交付效率？

Or is that something more longer term given the complexity to do that?

或者考慮到這樣做的複雜性，這是更長期的事情嗎？

Yes.

是的。

Jason, as far as our loyalty programs go, we are definitely observing what I call interesting behavior with our consumers.

Jason，就我們的忠誠度計劃而言，我們肯定在觀察我所說的與消費者的有趣行為。

We're really looking for increased retention, increased spend.

我們真的在尋求增加留存率，增加支出。

So we're seeing both.

所以我們兩者都看到了。

I think that identifying cause -- causal versus correlative behavior is harder and takes time.

我認為識別原因——因果行為與相關行為更難，也需要時間。

But as you can expect from our -- the expansion of our loyalty program in the U.S. and into other markets, you should assume that we're expanding it because we like what we see.

但是，正如您對我們在美國和其他市場的忠誠度計劃的擴展所期望的那樣，您應該假設我們正在擴展它，因為我們喜歡我們所看到的。

As far as Eats batching goes, we're batching our orders now.

就 Eats 批處理而言，我們現在正在批處理我們的訂單。

It's -- and we're using kind of efficiency in the marketplace.

它是——我們正在市場上使用某種效率。

And I think that you should expect to see more batching going forward as we create increased matching the same way that we build POOL over the past couple of years.

而且我認為你應該期望看到更多的批處理，因為我們創建了更多的匹配，就像我們在過去幾年中構建 POOL 的方式一樣。

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

您的下一個問題來自匯豐銀行的 Masha Kahn。

Wanted to ask you about some user reports about you going to grocery delivery, if you could comment on that.

想問你一些關於你去雜貨店送貨的用戶報告，如果你能對此發表評論。

And the other one from the Eats perspective, what makes it very interesting as a country from a unit economics perspective, like which country you like better than the others?

另一個從 Eats 的角度來看，從單位經濟學的角度來看，是什麼讓一個國家非常有趣，比如你比其他國家更喜歡哪個國家？

Could you maybe characterize some of the aspects of what makes Eats a good business in a certain market?

您能否描述一下使 Eats 在某個市場上成為良好業務的某些方面？

Yes.

是的。

Masha, as far as grocery, I don't want to comment too much other than we have said in the past that we are going to look at additional categories that are -- can take advantage of the fulfillment network essentially that we are building and can give our couriers and drivers higher utilization and higher work especially during nonpeak times as it relates to driving.

Masha，就雜貨店而言，我不想過多評論，只是我們過去說過，我們將研究其他類別——可以利用我們正在建立的履行網絡，可以為我們的快遞員和司機提供更高的利用率和更高的工作量，尤其是在與駕駛相關的非高峰時段。

So grocery could be one of those categories hypothetically.

因此，假設雜貨店可能是這些類別之一。

And once we have something to announce, we'll definitely tell you about it.

一旦我們有什麼要宣布的，我們一定會告訴你的。

But it's something that we could take a look at.

但這是我們可以看看的東西。

Nelson, do you want to talk on...?

尼爾森，你想談談……嗎？

Sure.

當然。

It tends to be more on a city by city than just straight country, and a lot of it just has to do with how fast we're in there and then our competitive position.

它往往更多地是在一個城市一個城市，而不僅僅是一個直的國家，而且很大程度上與我們在那裡的速度以及我們的競爭地位有關。

So what I would say is that you heard us talk about a 10.2% take rate, if you will, for Eats in the second quarter.

所以我想說的是，你聽到我們談論第二季度的 Eats 的 10.2% 的錄取率，如果你願意的話。

If you look at the top 5 cities around the world where we are, those take rates range between 8% and 16%.

如果你看看我們所在的世界前 5 個城市，這些城市的稅率在 8% 到 16% 之間。

And so you'll see -- we do have some markets, and somebody asked earlier about India, where you have a very, very low or negative take rate.

所以你會看到——我們確實有一些市場，有人早些時候問過印度，那裡的錄取率非常、非常低或為負。

But again, we think it can be an attractive business in a lot of those different parts of the market.

但同樣，我們認為它在市場的許多不同部分都可能是一項有吸引力的業務。

And so in most of the markets we're in, and we have some where we have very, very strong category position, those tend to be the ones where you'll see that, those kinds of high take rates and contributions.

因此，在我們所在的大多數市場中，我們有一些我們擁有非常非常強大的類別地位，那些往往是你會看到的那些高接受率和貢獻的市場。

Your last question comes from the line of David Dillon with SMBC.

您的最後一個問題來自 SMBC 的 David Dillon。

Just following up on that ATG.

只是跟進那個 ATG。

You had nice expansion there on the take rate despite the more competitive pricing environment you're talking about and new competitors coming to market.

儘管您正在談論更具競爭力的定價環境以及新的競爭對手進入市場，但您的採用率仍然取得了不錯的增長。

And just kind of triangulating that with what you said about Japan and nice growth there.

只是用你所說的日本和那裡的良好增長來進行三角測量。

Would you expect that take rate to have -- to be sustainable here or possibly continue to expand in the back half of '19?

您是否期望該利率能夠在此處可持續發展，或者可能在 19 年下半年繼續擴大？

Yes.

是的。

It's Nelson.

是納爾遜。

We are -- we hope so, right?

我們是——我們希望如此，對吧？

And so again, we put in the service fee in the U.S. at the end of the first quarter, and so we think that'll be a little bit of a tailwind as we continue on the back half of the year.

同樣，我們在第一季度末將美國的服務費計入其中，因此我們認為隨著我們在下半年的繼續，這將是一個小小的順風。

Obviously, we'll continue to watch India.

顯然，我們將繼續關注印度。

So if you think about the fact that our take rate was 10.2%, ex India, it probably would have been another 100 basis points or so.

因此，如果您考慮我們的利率為 10.2%（不包括印度）這一事實，可能還會再增加 100 個基點左右。

The one thing that we do watch is there is seasonality in the fourth quarter.

我們要注意的一件事是第四季度存在季節性。

Particularly, it has to do with drivers and couriers.

特別是，它與司機和快遞員有關。

And so we will have to watch that in terms of what impact it is.

因此，我們將不得不觀察它的影響。

But we do think over time that we'll be able to continue to improve in terms of our take rates.

但我們確實認為，隨著時間的推移，我們將能夠繼續提高我們的錄取率。

So with that, thank you, everyone, for joining us.

因此，感謝大家加入我們。

I wanted to give a special thank you to all of our Uber employees all around the world.

我想特別感謝我們在世界各地的所有 Uber 員工。

This is our first full quarter as a public company.

這是我們作為上市公司的第一個完整季度。

We're entering a different phase now, Uber.

我們現在進入了一個不同的階段，優步。

From an execution basis, I think that everyone is putting their best foot forward, and I think it certainly showed this quarter with revenue accelerating and bottom line getting better.

從執行的基礎上看，我認為每個人都在全力以赴，而且我認為這肯定表明本季度收入加速和底線變得更好。

And I think the team would be not satisfied with anything but these kinds of results going forward.

而且我認為團隊不會對未來的這些結果感到滿意。

So thank you again for joining us, and we'll talk to you next quarter.

因此，再次感謝您加入我們，我們將在下個季度與您交談。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。