優步 (UBER) 2019 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Uber Q3 2019 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to Emily Reuter, Investor Relations.

女士們，先生們，感謝您的支持，歡迎參加優步 2019 年第三季度收益電話會議。 （操作員說明）我現在想將會議交給投資者關係部的 Emily Reuter。

Thank you for joining us today, and welcome to Uber Technologies Third Quarter 2019 Earnings Presentation. On the call today, we have Dara Khosrowshahi and Nelson Chai. We also have Kent Schofield, and this is Emily Reuter from the Investor Relations team.

感謝您今天加入我們，歡迎來到 Uber Technologies 2019 年第三季度收益報告。在今天的電話會議上，我們有 Dara Khosrowshahi 和 Nelson Chai。我們還有 Kent Schofield，這是來自投資者關係團隊的 Emily Reuter。

During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com. I'll remind you that these numbers are unaudited and may be subject to change.

在今天的電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。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。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. Such statements can be identified by terms such as believe, expect, intend and may. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today. 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 section under the caption Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations in our prospectus filed with the SEC in connection with our IPO on May 13, 2019, as well as our second quarter Form 10-Q that was filed on August 9, 2019. Following prepared remarks today, we will open the call to questions.

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。此類陳述可以通過相信、預期、打算和可能等術語來識別。您不應過分依賴前瞻性陳述。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。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部分中包含的風險和不確定性我們於 2019 年 5 月 13 日向美國證券交易委員會提交的與我們的 IPO 相關的招股說明書中的經營狀況和結果，以及我們於 2019 年 8 月 9 日提交的第二季度表格 10-Q。在今天準備好的評論之後，我們將開放提問。

With that, let me hand it over to Dara.

有了這個，讓我把它交給達拉。

Thanks, Emily, and thank you all for joining today. I'm pleased about our continued progress towards unlocking value from our platform and fulfilling our vision of becoming the operating system for consumers' everyday lives in cities around the world.

謝謝，艾米麗，謝謝大家今天的加入。我很高興我們在從我們的平台釋放價值和實現我們成為世界各地城市消費者日常生活操作系統的願景方面不斷取得進展。

First, I'll discuss our Rides business, which reached 2 very significant milestones in Q3. We achieved $1 billion in weekly gross bookings, and we generated Rides adjusted EBITDA of $631 million, up 52% year-on-year. Importantly, Rides adjusted EBITDA now more than covers our corporate overhead, which consists of $623 million in corporate G&A and platform R&D spend.

首先，我將討論我們的遊樂設施業務，該業務在第三季度達到了兩個非常重要的里程碑。我們實現了 10 億美元的每週總預訂量，我們產生了 6.31 億美元的遊樂設施調整後 EBITDA，同比增長 52%。重要的是，Rides 調整後的 EBITDA 現在已經超過了我們的企業管理費用，其中包括 6.23 億美元的企業 G&A 和平台研發支出。

We continue to be the rides leader in every region in which we operate, growing or maintaining category position in our most important markets, including the U.S., LatAm and the U.K., while significantly improving our Rides adjusted EBITDA margins from 17.8% of ANR in Q3 2018 to 22% in this quarter.

我們繼續成為我們運營所在的每個地區的遊樂設施領導者，在我們最重要的市場（包括美國、拉美和英國）中增長或保持類別地位，同時顯著提高我們的遊樂設施調整後 EBITDA 利潤率，從第三季度的 ANR 的 17.8% 2018 年本季度為 22%。

Moving forward, we expect to drive continued top line and margin growth by investing in our marketplace, doubling down on our premium product offerings as well as continued financial discipline. For example, investment in our enterprise product has driven Uber for Business growth exceeding 70%, while the expansion of our premium Comfort product to more than 150 cities globally has been a win for riders and drivers.

展望未來，我們預計通過投資我們的市場、加倍提供優質產品以及持續的財務紀律來推動持續的收入和利潤率增長。例如，對我們企業產品的投資推動 Uber for Business 增長超過 70%，而我們的優質 Comfort 產品擴展到全球 150 多個城市對乘客和司機來說都是雙贏的。

Additionally, we made meaningful progress on a number of our high-priority markets such as Germany, Japan and Argentina. Our teams are confident that they can drive strong top and bottom line growth over the next several years.

此外，我們在德國、日本和阿根廷等一些高優先級市場取得了有意義的進展。我們的團隊有信心在未來幾年推動強勁的營收和利潤增長。

Second, our Eats business continues to expand globally, with gross bookings growing 77% and ANR growing 109% year-on-year on a constant currency basis as a result of continued improvement in our take rate, which grew to 10.7% from 9% this quarter last year. Our strategy for Eats is simple: invest aggressively into markets where we're confident we can establish or defend #1 or #2 position over the next 18 months. We believe that the scale and strength of our global brand, our planned expansion into new local commerce categories like grocery and the power of our platform to cross-promote and drive loyalty within our product lines all afford us superior acquisition and per-transaction economics compared to monoline local players.

其次，我們的外賣業務繼續在全球擴張，總預訂量同比增長 77%，ANR 同比增長 109%，這是由於我們的接受率持續提高，從 9% 增長到 10.7%去年這個季度。我們的 Eats 策略很簡單：積極投資於我們有信心在未來 18 個月內確立或捍衛第一或第二位置的市場。我們相信，我們全球品牌的規模和實力、我們計劃擴展到雜貨等新的本地商業類別，以及我們的平台在我們的產品線中交叉推廣和提高忠誠度的能力，都為我們提供了卓越的收購和每筆交易的經濟性單線本地玩家。

Many of the startups in the food category have been trying to use cheap capital to buy their way to growth. But we've seen the capital is getting more expensive and can run dry, whereas platform leadership is both far cheaper and more permanent when coupled with excellent execution. We believe that the online food delivery category could undergo the same move to more favorable market conditions that we have observed in Rides as companies contend with public market investors.

食品領域的許多初創公司一直在試圖利用廉價資本來購買他們的增長之路。但是我們已經看到資本變得越來越昂貴並且可能會枯竭，而平台領導力在加上出色的執行力時既便宜又持久。我們認為，隨著公司與公開市場投資者的競爭，在線食品配送類別可能會經歷與我們在 Rides 中觀察到的更有利的市場條件相同的轉變。

A few weeks ago, we announced the majority investment in Cornershop, a leading provider of online grocery delivery in Mexico and Chile. Given the tremendous synergies between restaurant delivery and grocery, we see significant value in adding an already established and highly successful grocery after our platform, further solidifying Uber as the operating system for everyday life in Latin America and potentially beyond. Our recent announcement that we will begin showing Rides, Eats and other services side-by-side in 1 app demonstrates the clear advantages of our platform approach. We can more quickly and efficiently attract and retain customers as well as deepen their engagement by linking and cross-promoting all of our offerings. It's early days, but we've already launched products like Uber Pass, a subscription that provides all-in-1 savings like ride protection, $0 delivery fee on Uber Eats orders and more for customers in 10 cities.

幾週前，我們宣布對墨西哥和智利領先的在線雜貨配送提供商 Cornershop 進行多數投資。鑑於餐廳外賣和雜貨店之間的巨大協同效應，我們認為在我們的平台之後添加一個已經建立且非常成功的雜貨店具有重要價值，進一步鞏固 Uber 作為拉丁美洲及其他地區日常生活的操作系統。我們最近宣布，我們將開始在 1 個應用程序中並排顯示 Rides、Eats 和其他服務，這證明了我們平台方法的明顯優勢。通過鏈接和交叉推廣我們所有的產品，我們可以更快、更有效地吸引和留住客戶，並加深他們的參與度。現在還為時過早，但我們已經推出了 Uber Pass 等產品，該訂閱可為 10 個城市的客戶提供多合一的節省，例如乘車保護、Uber Eats 訂單的 0 美元送貨費等。

Similarly, Uber Rewards, which reached 18 million subscribers in the U.S. in just 6 months since launch, should drive increased loyalty as consumers accumulate and use Uber Rewards across our platform.

同樣，Uber Rewards 自推出以來僅 6 個月就在美國達到 1800 萬訂戶，隨著消費者在我們的平台上積累和使用 Uber Rewards，應該會提高忠誠度。

Finally, we're focused on turning our Rides users into Eats users and, as part of the changes we made to our marketing organization, have structured teams around seizing high-potential opportunities like this.

最後，我們專注於將 Rides 用戶轉變為 Eats 用戶，並且作為我們對營銷組織所做更改的一部分，我們圍繞抓住此類高潛力機會組建了團隊。

Lastly, a word on regulations. To ensure the best outcome for riders, drivers and the cities in which we operate, we continue to be focused on positive, productive engagement with regulators all around the world. It's important to remember where we came from. When we launched peer-to-peer Ridesharing in 2013, California was the only place in the world with regulations on the books. Fast forward to today, just 6 years later, nearly every major market in the world has recognized and licensed our service. Nonetheless, regulations in California have generated a lot of interest over the past few months, so I want to briefly address our situation there.

最後，說一下法規。為確保乘客、司機和我們運營所在城市獲得最佳結果，我們將繼續專注於與世界各地的監管機構進行積極、富有成效的合作。重要的是要記住我們來自哪裡。當我們在 2013 年推出點對點拼車服務時，加利福尼亞是世界上唯一一個有相關規定的地方。快進到今天，僅僅 6 年後，世界上幾乎每個主要市場都認可並許可了我們的服務。儘管如此，在過去的幾個月裡，加州的法規引起了很多人的興趣，所以我想簡要介紹一下我們那裡的情況。

For context, California represents 9% of our global Rides and Eats gross bookings but a negligible amount of our Rides and Eats adjusted EBITDA, respectively. We continue to focus on a path that we believe provides a very attractive option for drivers and couriers, where they retain flexibility but gain important new protections like health care subsidies and minimum earnings standards. Together with Lyft and DoorDash, we're putting a ballot measure to California voters in November 2020 that proposes just such a model.

就上下文而言，加利福尼亞州占我們全球 Rides 和 Eats 總預訂量的 9%，但在我們的 Rides 和 Eats 調整後 EBITDA 中所佔的比例可以忽略不計。我們將繼續專注於一條我們認為為司機和快遞員提供了非常有吸引力的選擇的道路，他們保留了靈活性，但獲得了重要的新保護，如醫療保健補貼和最低收入標準。與 Lyft 和 DoorDash 一起，我們將在 2020 年 11 月向加利福尼亞選民提出一項投票措施，以提出這種模式。

I also want to highlight the significant progress we made on policy across the world this year: positive independent contractor rulings from both the U.S. via Department of Labor letter in April and Brazilian federal governments; the passage of a mobility law in France, which includes a reaffirmation of independent classification; and a return to Vancouver after 7 years away. Generally speaking, our priorities remain the same: secure regulations that allow the business to grow and enable individuals to find flexible earnings opportunities on our platform.

我還想強調今年我們在全球政策方面取得的重大進展：美國和巴西聯邦政府通過勞工部 4 月份的信函做出了積極的獨立承包商裁決；法國通過了一項流動法，其中包括重申獨立分類；並在 7 年後返回溫哥華。一般來說，我們的優先事項保持不變：確保法規能夠讓業務增長並使個人能夠在我們的平台上找到靈活的盈利機會。

Before I turn it over to Nelson for details on the numbers, I want to speak to the excellent progress we made on Rides since our IPO as this was our best quarter ever and the first in which we've disclosed our segment-level EBITDA. In just 2 quarters since our IPO, we made a lot of progress. Since Q1, we've doubled Q3 Rides ANR to 24% on a constant currency basis. That's ANR growth to 24% on a constant currency basis. We improved our ride take rate by 200 basis points to 22.8%, producing an incremental $300 million in Q3 '19 ANR. Our transaction growth, along with a better take rate, have improved ANR by $500 million, $400 million of which flowed through to Rides adjusted EBITDA. This represents an 80% incremental EBITDA flow-through, increasing adjusted EBITDA margins from 8% to 22% in just 2 quarters. We've achieved this with an improved framework on capital allocation, efficiency, capability and cost control.

在我把它交給尼爾森了解這些數字的細節之前，我想談談自 IPO 以來我們在 Rides 方面取得的出色進展，因為這是我們有史以來最好的季度，也是我們第一次披露我們的細分市場級 EBITDA。自首次公開募股以來僅兩個季度，我們就取得了很大進展。自 Q1 以來，我們將 Q3 Rides ANR 翻倍至 24%（按固定匯率計算）。在固定貨幣基礎上，ANR 增長到 24%。我們將乘車率提高了 200 個基點，達到 22.8%，在 19 年第三季度的 ANR 中增加了 3 億美元。我們的交易增長以及更高的採用率使 ANR 提高了 5 億美元，其中 4 億美元流向了 Rides 調整後的 EBITDA。這意味著 EBITDA 流量增加了 80%，調整後的 EBITDA 利潤率在短短兩個季度內從 8% 提高到 22%。我們通過改進的資本分配、效率、能力和成本控制框架實現了這一目標。

As an example, we again reduced insurance and payments, the 2 biggest components of our cost of revenue quarter-on-quarter and year-on-year as a percentage of gross bookings. We did all of this and achieved the same quarter-on-quarter top line growth rate this Q3 as Q3 of last year despite a $2 billion increase in gross bookings for the quarter.

例如，我們再次減少了保險和付款，這是我們收入成本的兩個最大組成部分，環比和同比佔總預訂量的百分比。儘管該季度的總預訂量增加了 20 億美元，但我們做到了所有這些，並在第三季度實現了與去年第三季度相同的季度收入增長率。

To be clear, we're not done by a long shot in our Rides segment, and we are, as we speak, applying the same level of rigor to all of our other segments, including Eats. We've already made some tough decisions regarding our head count and resource allocation to make sure we've got the very best teams working against the highest-return projects, and we'll continue to be disciplined and efficient with our capital.

需要明確的是，我們在 Rides 領域並沒有完全完成，而且正如我們所說，我們正在對我們所有的其他領域（包括 Eats）應用同樣的嚴格程度。我們已經就員工人數和資源分配做出了一些艱難的決定，以確保我們擁有最優秀的團隊來應對最高回報的項目，並且我們將繼續保持紀律和高效地利用我們的資金。

Our current target with a ton of hard work from all of our teams is to get to total company EBITDA profitability for the full year 2021 as we see the benefits of global scale and efficiency and the best tech talent out there. The world's magical companies are the ones that can compound top line growth at massive scale, improve margins, allocate capital efficiency and do the right thing for all of their constituencies. We're working hard to be one of those magical companies.

我們目前的目標是通過我們所有團隊的大量努力，在 2021 年全年實現公司的 EBITDA 總盈利，因為我們看到了全球規模和效率以及最好的技術人才的好處。世界上神奇的公司能夠實現大規模的收入增長、提高利潤率、分配資本效率並為所有支持者做正確的事情。我們正在努力成為那些神奇的公司之一。

And now to Nelson for more details on the numbers.

現在向尼爾森了解有關數字的更多詳細信息。

Thanks, Dara.

謝謝，達拉。

Before continuing with our financial results, I wanted to describe some of the changes we've made to our reporting. We now provide greater visibility into our business by reporting on 5 segments. For each of these segments, we are providing gross bookings, revenue, adjusted net revenue, segment adjusted EBITDA. Our historical total company results remain unchanged. Our segment adjusted EBITDA measures replace what was previously reported as contribution profit and loss and maintains the same definition and includes all of the segment's direct costs with contra revenue, cost of revenue, support and operations, sales and marketing and G&A and R&D directly related to these respective segments, which represents a majority of our total G&A and R&D spend. For further information on these changes and to address any questions on bridging our old and new segments, please see the supplemental slides posted on investor.uber.com. For the remainder of this discussion, all growth rates reflect year-over-year growth unless otherwise noted.

在繼續我們的財務業績之前，我想描述一下我們對報告所做的一些更改。現在，我們通過報告 5 個細分市場來提高對我們業務的可見性。對於這些細分市場中的每一個，我們都提供總預訂量、收入、調整後的淨收入、細分市場調整後的 EBITDA。我們的歷史總公司業績保持不變。我們分部調整後的 EBITDA 措施取代了之前報告的貢獻損益，並保持相同的定義，並包括所有分部的直接成本與對沖收入、收入成本、支持和運營、銷售和營銷以及 G&A 和研發直接相關這些各自的部分，占我們總 G&A 和研發支出的大部分。有關這些變化的更多信息以及解決有關連接我們的新舊細分市場的任何問題，請參閱在investor.uber.com 上發布的補充幻燈片。對於本討論的其餘部分，除非另有說明，否則所有增長率均反映同比增長。

Now on to our GAAP results for Q3 2019. Our GAAP revenue was $3.8 billion, up 30%. GAAP cost of revenue excluding D&A of $1.9 billion decreased to 48.8% from 51.3% of revenue in Q3 of 2018. GAAP EPS was a loss of $0.68 compared to a loss of $2.21 in Q3 of 2018.

現在來看我們 2019 年第三季度的 GAAP 業績。我們的 GAAP 收入為 38 億美元，增長 30%。不包括 D&A 的 GAAP 收入成本為 19 億美元，從 2018 年第三季度佔收入的 51.3% 下降至 48.8%。GAAP 每股收益為 0.68 美元，而 2018 年第三季度為虧損 2.21 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 stock-based compensation and the onetime driver appreciation award associated with the IPO in the second quarter of 2019.

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 GAAP 財務措施，不包括備考調整，例如基於股票的薪酬和與 2019 年第二季度 IPO 相關的一次性司機升值獎。 2019 年。

Our total company global trips of 1.8 billion grew 31%. Global trip growth continues to be a significant driver of our overall growth in gross bookings. MAPCs or monthly active platform consumers were 103 million, up 26%. We continue to see strong new MAPC additions to the platform via Eats and Rides.

我們公司的全球旅行總數為 18 億次，增長了 31%。全球旅行增長仍然是我們總預訂量整體增長的重要推動力。 MAPC 或月活躍平台消費者為 1.03 億，增長 26%。我們繼續看到通過 Eats and Rides 向平台添加強大的新 MAPC。

Total company gross bookings were $16.5 billion, growing 29% or 32% on a constant currency basis. Adjusted net revenue or ANR was $3.5 billion, which is up 35% on a constant currency basis. Our ANR take rate was 21.5% of gross bookings, up 60 basis points year-over-year and 140 basis points quarter-over-quarter.

公司總預訂額為 165 億美元，按固定匯率計算增長 29% 或 32%。調整後的淨收入或 ANR 為 35 億美元，按固定匯率計算增長 35%。我們的 ANR 接受率為總預訂量的 21.5%，同比增長 60 個基點，環比增長 140 個基點。

Non-GAAP cost of revenues excluding D&A decreased to 45% from 47% of ANR and decreased to 9.7% from 9.9% as a percentage of gross bookings.

不包括 D&A 的非 GAAP 收入成本佔 ANR 的比例從 47% 下降到 45%，佔總預訂量的百分比從 9.9% 下降到 9.7%。

Insurance and payments as a percentage of gross bookings improved quarter-over-quarter and year-over-year. This was partially offset by an increase in cost of revenue due to Freight and NeMo's gross or -- merchant model, where Freight partner payments and NeMo's scooter hardware and fuel costs are included in our cost of revenue.

保險和支付佔總預訂量的百分比環比和同比都有所改善。這部分被貨運和 NeMo 的總收入成本增加所抵消，或者 - 商業模式，其中貨運合作夥伴付款和 NeMo 的踏板車硬件和燃料成本包含在我們的收入成本中。

Turning now to non-GAAP operating expenses. First, I'll start with operations and support and sales and marketing, which are 100% allocated to our 5 business segments. Operations and support was stable at 13% of adjusted net revenue and has been stable at 3% of gross bookings since the third quarter of 2018, reflecting ongoing Rides support efficiency improvements, offset by a mix shift to a higher percentage of Eats transactions, which carry with them a higher contact rate. Going forward, we will look to automate a higher percentage of these customer service tickets and are already seeing reductions in contact rates month-over-month.

現在轉向非公認會計原則的運營費用。首先，我將從運營和支持以及銷售和營銷開始，它們 100% 分配給我們的 5 個業務部門。運營和支持穩定在調整後淨收入的 13%，自 2018 年第三季度以來一直穩定在總預訂量的 3%，這反映了持續的遊樂設施支持效率提高，但被混合轉變為更高比例的 Eats 交易所抵消，這隨身攜帶更高的接觸率。展望未來，我們將尋求自動化這些客戶服務票證的更高比例，並且已經看到聯繫率逐月下降。

Sales and marketing increased to 30% from 28% of adjusted net revenue and increased to 6.5% from 5.9% of gross bookings versus the third quarter of 2018. This increase was primarily due to increased consumer promotions as well as increased advertising and marketing spend prior to our Q3 head count reduction.

與 2018 年第三季度相比，銷售和營銷從占調整後淨收入的 28% 增加到 30%，從占總預訂量的 5.9% 增加到 6.5%。這一增長主要是由於消費者促銷活動的增加以及之前的廣告和營銷支出增加到我們第三季度的裁員人數。

R&D decreased to 13% from 14% of adjusted net revenue and decreased to 2.8% from 3% of gross bookings due to slower growth in ATG expenses. We expect to get leverage on total R&D over the long term.

由於 ATG 費用增長放緩，研發從占調整後淨收入的 14% 降至 13%，從占總預訂量的 3% 降至 2.8%。從長遠來看，我們預計將在總體研發方面發揮作用。

G&A was flat at 15% of adjusted net revenue and remained flat at 3.1% of gross bookings versus Q3 of 2018. It was flat as a percentage of our top line as a result of public company infrastructure investment. We expect that G&A will grow significantly more slowly than our top line.

與 2018 年第三季度相比，G&A 與 2018 年第三季度持平，佔調整後淨收入的 15%，佔總預訂量的 3.1%。由於上市公司基礎設施投資，它占我們收入的百分比持平。我們預計 G&A 的增長速度將明顯低於我們的收入。

Our Q3 2019 total adjusted EBITDA loss was $585 million. We handily beat our internal plan due to the strong execution of our team. We know we have a lot more work to do here, and we'll continue to focus on balancing investment with profitability improvement.

我們 2019 年第三季度調整後的 EBITDA 總虧損為 5.85 億美元。由於我們團隊的強大執行力，我們輕鬆完成了內部計劃。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與盈利能力的提高。

Now I'll provide additional detail on our segments. First on the Rides side. Rides gross bookings of $12.8 billion grew 22% at constant currency led by the U.S. and LatAm, respectively. Rides ANR of $2.9 billion grew 24% at constant currency, driven by more favorable market dynamics in the U.S., stability in LatAm beginning in 2019 and improved shared rides efficiency. Rides adjusted EBITDA was $631 million or 22% of Rides ANR. This represented a quarterly record on an absolute dollars and margins basis with 270 basis points and 420 basis point margin improvements quarter-over-quarter and year-over-year, respectively, as a percentage of ANR.

現在，我將提供有關我們細分市場的更多詳細信息。首先在遊樂設施方面。按固定匯率計算，遊樂設施總預訂量分別增長 22%，美國和拉美分別為 128 億美元。 29 億美元的遊樂設施 ANR 按固定匯率計算增長了 24%，這得益於美國更有利的市場動態、拉丁美洲從 2019 年開始的穩定以及共享遊樂設施效率的提高。 Rides 調整後的 EBITDA 為 6.31 億美元，佔 Rides ANR 的 22%。這代表了以絕對美元和利潤率為基礎的季度記錄，佔 ANR 的百分比分別環比和同比分別提高了 270 個基點和 420 個基點。

During Q3 2019, the adjusted EBITDA margins for the top 5 Rides countries by gross bookings range from 17% to 62% as a percent of ANR. There's nothing structurally different about the highest-margin country that would prevent other countries from matching as market dynamics become more favorable over time.

在 2019 年第三季度，按總預訂量計算的前 5 個遊樂設施國家/地區的調整後 EBITDA 利潤率佔 ANR 的百分比在 17% 到 62% 之間。隨著市場動態隨著時間的推移變得更加有利，利潤率最高的國家在結構上沒有什麼不同會阻止其他國家匹配。

On Eats, gross bookings of $3.7 billion grew 77% at constant currency driven by growth in APAC and the U.S. and Canada, which was our largest absolute dollar growth driver despite category growth slowing in some core metros. Eats ANR was $392 million, up 109% on a constant currency basis due to the ongoing benefit from the service fee structure launched in the U.S. in Q1 of 2019. Eats adjusted EBITDA was a loss of $316 million or negative 81% of ANR and negative 8.6% of gross bookings.

在 Eats 上，在亞太地區以及美國和加拿大的增長推動下，按固定匯率計算的總預訂量增長了 77%，這是我們最大的絕對美元增長驅動力，儘管一些核心大都市的類別增長放緩。由於 2019 年第一季度在美國推出的服務費結構持續受益，Eats 的 ANR 為 3.92 億美元，按固定匯率計算增長 109%。Eats 調整後的 EBITDA 為虧損 3.16 億美元，即 ANR 的負 81% 和負總預訂量的 8.6%。

We have nearly 100 Eats cities that are adjusted EBITDA margin-positive. With that said, given the large private capital inflows into the online food delivery category, competition has been fierce in some markets. To underscore the levels of promotion and incentives by privately funded players, approximately 15% of our Eats gross bookings make up over half of our adjusted EBITDA margin loss.

我們有近 100 個 Eats 城市的調整後 EBITDA 利潤率為正。話雖如此，鑑於大量私人資本流入在線食品配送領域，一些市場的競爭一直很激烈。為了強調私人資助玩家的促銷和激勵水平，我們大約 15% 的 Eats 總預訂量占我們調整後 EBITDA 利潤率損失的一半以上。

Our decision recently to exit the South Korean market demonstrates our willingness to exit markets with low ROI.

我們最近決定退出韓國市場表明我們願意退出投資回報率較低的市場。

Our Freight business grew ANR over 78%, and adjusted EBITDA was a loss of $81 million. Freight growth was driven by load volume increases of over 100% in spite of soft market conditions. Freight continues to rapidly take share in the large U.S. market while providing excellent service that lays the groundwork for long-term shipper partnerships.

我們的貨運業務的 ANR 增長超過 78%，調整後的 EBITDA 虧損 8100 萬美元。儘管市場條件疲軟，貨運量增長超過 100% 推動了貨運增長。貨運繼續在美國龐大的市場中迅速佔據份額，同時提供出色的服務，為長期的托運人合作夥伴關係奠定基礎。

Our team continues to automate what were high-touch phone-driven tasks to scale our enterprise relationships and increasingly our self-serve small shipper platform and to expand our carrier footprint across individual as well as fleet owners.

我們的團隊繼續將高接觸電話驅動的任務自動化，以擴展我們的企業關係並增加我們的自助小型托運人平台，並擴大我們在個人和車隊所有者中的承運人足跡。

Our Other Bets segment had ANR of $38 million and an adjusted EBITDA loss of $72 million. Other Bets, which consists primarily of our JUMP e-bikes and scooters, continues to be a strong consumer acquisition channel. We also continue to achieve improvements to unit economics.

我們的其他投注部門的 ANR 為 3800 萬美元，調整後的 EBITDA 虧損為 7200 萬美元。主要由我們的 JUMP 電動自行車和踏板車組成的其他 Bets 仍然是一個強大的消費者獲取渠道。我們還繼續改進單位經濟性。

ATG adjusted EBITDA was a loss of $124 million. Based on this quarter's level of investment, the recent $1 billion investment in ATG covers about 8 quarters of spend. The first engineers from Toyota and DENSO are now colocated with our ATG teams in Pittsburgh, demonstrating Toyota's commitment to this partnership. We also announced that ATG will begin manual testing and mapping in Dallas in early November.

ATG 調整後的 EBITDA 虧損 1.24 億美元。根據本季度的投資水平，最近對 ATG 的 10 億美元投資涵蓋了大約 8 個季度的支出。來自豐田和電裝的第一批工程師現在與我們在匹茲堡的 ATG 團隊同處一地，這表明了豐田對這一合作夥伴關係的承諾。我們還宣布 ATG 將於 11 月初在達拉斯開始手動測試和繪圖。

In Q3 2019, corporate G&A and platform R&D of $623 million, which represents the G&A and R&D not allocated to 1 of our 5 segments, grew 24%. This is made up of G&A and engineering functions that support the entire platform, including infrastructure payments, brand and customer support technologies.

2019 年第三季度，企業 G&A 和平台研發 6.23 億美元，即未分配到我們 5 個部門中的 1 個部門的 G&A 和研發，增長了 24%。這由支持整個平台的 G&A 和工程功能組成，包括基礎設施支付、品牌和客戶支持技術。

In terms of liquidity, we ended the quarter with approximately $12.7 billion in unrestricted cash and cash equivalents, an increase of $1 billion over last quarter. The increase was driven by the $1 billion in aggregate proceeds from the investment in ATG and proceeds from our $1.2 billion senior notes offering, which closed in September.

在流動性方面，我們在本季度末擁有約 127 億美元的非限制性現金和現金等價物，比上一季度增加了 10 億美元。這一增長是由對 ATG 投資的 10 億美元總收益和我們在 9 月結束的 12 億美元優先票據發行的收益推動的。

Now I will wrap up providing guidance and comments. We are narrowing our 2019 gross bookings to constant currency growth of 35 to 30 -- 33% to 35% year-over-year, up from the 31% to 35% year-over-year guidance given on the second quarter conference call. Based on September month-end rates, our constant currency growth represents about $64 billion to $65 billion in reported gross bookings.

現在我將結束提供指導和評論。我們正在將 2019 年的總預訂量縮小至 35 至 30 的恆定貨幣增長率——同比增長 33% 至 35%，高於第二季度電話會議上給出的同比增長 31% 至 35% 的指導。根據 9 月份的月末匯率，我們的固定匯率增長代表了報告的總預訂量約為 640 億美元至 650 億美元。

Please note that we expect to provide 2020 annual guidance on our Q4 2019 earnings call. For your modeling purposes, please keep in mind that our largest foreign currencies are the Brazilian real, the U.K. pound, Australian dollar, Mexican peso, Canadian dollar, euro, Indian rupee and Argentinian peso. Given the rapid improvement in Rides take rates through Q3 2019, we do not expect typical Q4 seasonality to cause quarter-over-quarter decline in take rates.

請注意，我們預計將在 2019 年第四季度財報電話會議上提供 2020 年年度指導。出於建模目的，請記住，我們最大的外幣是巴西雷亞爾、英鎊、澳元、墨西哥比索、加元、歐元、印度盧比和阿根廷比索。鑑於到 2019 年第三季度的乘車率快速提高，我們預計第四季度的典型季節性不會導致乘車率環比下降。

The Eats market will continue to be competitive as players have raised funds to invest in growth in this fast-growing category. We will continue to invest, including in Q4 of 2019, when seasonal courier costs increase and we expect category take rates to contract quarter-over-quarter.

隨著玩家籌集資金投資於這個快速增長的類別的增長，Eats 市場將繼續具有競爭力。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，我們預計類別收取率將環比收縮。

We expect adjusted net revenue growth rate to continue to accelerate into Q4, coming in close to 40%. For 2019 adjusted EBITDA, we now expect a loss of $2.9 billion to $2.8 billion, reflecting a $250 million improvement at the midpoint from prior guidance of $3.2 billion to $3.0 billion.

我們預計調整後的淨收入增長率將在第四季度繼續加速，接近 40%。對於 2019 年調整後的 EBITDA，我們現在預計虧損 29 億美元至 28 億美元，反映出中點比之前指導的 32 億美元至 30 億美元增加了 2.5 億美元。

We are also providing additional guidance. For the fourth quarter of 2019 stock-based compensation, we expect to expense $250 million to $300 million. And we expect our Q4 2019 basic and diluted weighted average share count to be 1.7 billion to 1.725 billion.

我們還提供額外的指導。對於 2019 年第四季度的股票薪酬，我們預計支出 2.5 億至 3 億美元。我們預計我們 2019 年第四季度的基本和稀釋加權平均股數為 17 億至 17.25 億股。

As we finalize our 2020 plan, we remain particularly focused on identifying additional operating efficiencies across all of our operating expenses. While we will continue to invest in our business to achieve long-term top line growth, as Dara mentioned, we are targeting EBITDA profitability on a fully consolidated basis for the full year 2021. We will confirm our 2020 guidance on our Q4 call.

在我們最終確定 2020 年計劃時，我們仍然特別關注在我們所有的運營費用中確定額外的運營效率。正如 Dara 所說，雖然我們將繼續投資於我們的業務以實現長期收入增長，但我們的目標是在 2021 年全年完全合併的基礎上實現 EBITDA 盈利能力。我們將在第四季度電話會議上確認我們的 2020 年指導。

With that, let's open it up for questions.

有了這個，讓我們打開它來提問。

(Operator Instructions) Your first question comes from the line of Jason Helfstein with Oppenheimer.

（操作員說明）您的第一個問題來自 Jason Helfstein 和 Oppenheimer。

Maybe the first one, and I don't know if you can comment on it, but clearly, a lot of questions around this lockup. If there's anything you can say about discussions you may be having with shareholders to try to manage the lockup. Secondly, we did see a kind of disappointing Eats in the quarter from a gross bookings basis. You did allude to competitive factors, but yes, we did see a better take rate. So are you kind of managing the outcome in Eats ANR relative to Eats gross bookings?

也許是第一個，我不知道你是否可以評論它，但很明顯，圍繞這個鎖定有很多問題。如果您對可能與股東進行的討論有什麼可以說的，以嘗試管理鎖定。其次，從總預訂量來看，我們確實在本季度看到了一種令人失望的 Eats。你確實提到了競爭因素，但是是的，我們確實看到了更好的接受率。那麼，相對於 Eats 總預訂量，您是否在管理 Eats ANR 中的結果？

So Jason, I'll take the first one. The one thing I did want to say is I made a comment on my guidance regarding the rapid improvement in Rides take rate through Q3 2019. So I just want to clarify. So we do not expect -- or we do expect, sorry, the Q4 seasonality to cause some quarter-over-quarter declines. So I just want to make sure I clarify that for the record. Regarding your first question on lockup, yes, it is true that there are a lot of shares that are going to become unlocked on Wednesday. And yes, you can assume that we've had a lot of dialogue and very active dialogue with a lot of the shareholders that we have. I can't really comment on what each -- any individual shareholder will do. I would tell you that we have very good and constructive dialogue with long-term shareholders. As you know, there are a number of different holders who have been in the stock for a long time, and so you should expect that people will react rationally.

所以傑森，我會拿第一個。我確實想說的一件事是，我對我關於到 2019 年第三季度騎行率快速提高的指導發表了評論。所以我只想澄清一下。因此，我們不期望 - 或者我們確實期望，抱歉，第四季度的季節性會導致一些季度環比下降。所以我只是想確保我澄清這一點，以便記錄在案。關於您關於鎖定的第一個問題，是的，確實有很多股票將在周三解鎖。是的，您可以假設我們已經與我們擁有的許多股東進行了很多對話和非常積極的對話。我無法真正評論每個人 - 任何個人股東會做什麼。我會告訴你，我們與長期股東進行了非常好的和建設性的對話。如您所知，有許多不同的持有者長期持有該股票，因此您應該期望人們會做出理性的反應。

As you also know, we've had a lot of very good long-term holders come into the stock. And again, we've had very constructive dialogue as well there. And so obviously, there's a lot of supply that's going to hit the marketplace, and we don't know what's going to really happen. But you can rest assured we've taken whatever steps we can to have the dialogue that we need to with most of the parties.

你也知道，我們有很多非常好的長期持有者進入股票。再一次，我們在那裡也進行了非常有建設性的對話。很明顯，有很多供應將進入市場，我們不知道會發生什麼。但你可以放心，我們已採取一切措施與大多數各方進行我們需要的對話。

Yes. And I think on your Eats questions in terms of the tradeoffs, listen, there are always tradeoffs that you make in terms of investment and growth. Taken in perspective though, this is Eats grew 77% bookings on a year-on-year basis. ANR was up 109% year-on-year as well. We are still, knowing our own numbers, the largest player globally, ex China, despite some Twitter speak from some of our competitors. So the scale of Eats is still very significant. And we will actively make tradeoffs in this business. We absolutely believe in the ultimate size of the Eats platform. But as we said, we are going to make tradeoffs. We're going to shoot to get to #1 and #2 in every market that we're in. If we can't make it to that level, we'll look to dispose or we'll get out of the market. And once we get to that #1 or #2 position, we think the power of the platform, the Uber brand, our ability for the Rides business and the Eats business to work together to acquire customers and to retain customers will just be advantage over the other competitors out there.

是的。而且我認為關於權衡方面的 Eats 問題，聽著，你總是在投資和增長方面做出權衡。不過，從長遠來看，Eats 的預訂量同比增長了 77%。 ANR 也同比增長 109%。儘管我們的一些競爭對手在 Twitter 上發表了一些言論，但我們仍然知道我們自己的數字，是全球最大的參與者（中國除外）。所以Eats的規模還是很可觀的。我們會在這個業務上積極權衡。我們絕對相信 Eats 平台的終極規模。但正如我們所說，我們將做出權衡。我們將努力在我們所處的每個市場中達到#1 和#2。如果我們不能達到那個水平，我們將尋求出售或退出市場。一旦我們達到第一或第二的位置，我們認為平台的力量、優步品牌、我們為 Rides 業務和 Eats 業務合作獲取客戶和留住客戶的能力將比那裡的其他競爭對手。

So are we going to be disciplined about growth? Absolutely. We did lean in, in Q3, and Eats will continue to lean in for the balance of the year. But we are seeing some of the market rationalization, some early signs of market rationalization and discipline. And we think that will be a positive factor for everyone involved.

那麼，我們會在增長方面受到紀律處分嗎？絕對地。我們確實在第三季度進行了調整，而 Eats 將在今年餘下時間繼續進行調整。但我們看到了一些市場合理化，市場合理化和紀律的一些早期跡象。我們認為這對所有相關人員來說都是一個積極因素。

Your next question is 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. Just the first question just on the comments around full year 2021 profitability. I was wondering if you could sort of -- would you talk us through a little bit the biggest sources of leverage you still see in the P&L as you kind of go down the consolidated P&L to get us to profitability in 2021? And how do you think about Rides' profitability improving and Eats' gain to breakeven over that period? And then Dara, just to kind of go back to your question about potential rationalization in Eats. Any help at all on what signs you are seeing -- or what regions of the globe you are seeing early encouraging signs of rationalization there?

我有 2。只是關於 2021 年全年盈利能力的評論的第一個問題。我想知道你是否可以——你會告訴我們一些你仍然在損益表中看到的最大槓桿來源，因為你會降低綜合損益表以使我們在 2021 年實現盈利嗎？您如何看待 Rides 在此期間盈利能力的提高和 Eats 的盈虧平衡？然後是 Dara，回到你關於 Eats 潛在合理化的問題。對您看到的跡像有什麼幫助 - 或者您在全球哪些地區看到了早期令人鼓舞的合理化跡象？

So I'll take the first part and then Dara will take the second part. So with the new disclosure, you can get a sense of the big pools that we're investing in, the 5 different segments. Yes, we do -- we have seen the markets continue to improve on the Rides side of the business. We believe that they will continue to be constructive, and so I think you'll see further improvement there. We do believe that -- and Dara will comment a little bit on where we think Eats will go over time. I would caution and say that at least over the next couple of quarters, we still see a lot of money flowing into that segment. But as you know, when we were on the road, we talked to investors about the opportunity, the potential for the Rides business to become much more constructive. And we've seen over a couple of quarters how quickly it has improved. And so we think there's a road map out there regarding that.

因此，我將參加第一部分，然後 Dara 將參加第二部分。因此，通過新的披露，您可以了解我們正在投資的大型資金池，即 5 個不同的細分市場。是的，我們這樣做了——我們已經看到市場在遊樂設施方面繼續改善。我們相信它們將繼續具有建設性，因此我認為您會看到那裡的進一步改進。我們確實相信 - Dara 會評論我們認為隨著時間的推移，Eats 會走向何方。我會警告並說，至少在接下來的幾個季度中，我們仍然看到大量資金流入該領域。但如你所知，當我們在路上時，我們與投資者討論了機會，以及遊樂設施業務變得更具建設性的潛力。我們已經看到了幾個季度的改進速度。所以我們認為有一個關於這方面的路線圖。

Regarding some of the investments we're making, whether it be in e-bikes and e-scooters or Freight and others, as you know, we are investing in a number of different bets, like we call them internally. And we do expect some either rationalization or optimization of those bets as we continue to go down and move towards 2021. And so we're still in the middle of our planning mode, but that is definitely where we're headed.

關於我們正在進行的一些投資，無論是電動自行車和電動踏板車還是貨運和其他，如您所知，我們正在投資許多不同的賭注，就像我們在內部所說的那樣。隨著我們繼續走下坡路並邁向 2021 年，我們確實希望對這些賭注進行合理化或優化。所以我們仍處於計劃模式的中間，但這絕對是我們前進的方向。

Yes. And I think on the Eats side, certainly one sign that we're seeing that's encouraging is our take rates continuing to move up for Eats. And we think ultimately the mature business model for Eats will have take rates that are significantly higher than the take rates that you see now. We're not counting on rationalization near term in Q4, but we do think that all of these markets need to rationalize. And as Nelson talked about, the Rides rationalization has happened much faster, I think, than anyone expected. And we have a ton under our own control as far as our own business model, how we use technology and automation to drive per unit margins, how we make sure that we scale on an operating basis in terms of our overhead and our G&A and how we get more efficient. I think we've demonstrated some of that in our Rides EBITDA improvements in Q3 and. And frankly, we think that there's a long way to go both for our Rides segment and our Eats segment going forward. We've got plans, and now we've got to execute, but we're confident that we can do so.

是的。而且我認為在 Eats 方面，我們看到的一個令人鼓舞的跡象當然是我們對 Eats 的收取率繼續上升。我們認為，Eats 的成熟商業模式最終將獲得比您現在看到的高得多的獲取率。我們不指望在第四季度短期內合理化，但我們確實認為所有這些市場都需要合理化。正如 Nelson 所說，我認為 Rides 的合理化發生得比任何人預期的要快得多。就我們自己的商業模式而言，我們有很多東西在我們自己的控制之下，我們如何使用技術和自動化來提高單位利潤率，我們如何確保在運營基礎上擴展我們的管理費用和 G&A 以及如何我們變得更有效率。我認為我們已經在第三季度的 Rides EBITDA 改進中展示了其中的一些內容。坦率地說，我們認為我們的 Rides 細分市場和 Eats 細分市場還有很長的路要走。我們有計劃，現在我們必須執行，但我們有信心做到這一點。

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

你的下一個問題來自高盛的希思特里。

Just one thing I wanted to clarify on the 2021 profitability. Was that '20 profitability in 2021, meaning for the full year or for a quarter or at some point in 2021? And then, Nelson, when you look at the expense reductions that you've been able to take during the third quarter, is there a way that you can quantify for us sort of where the run rate of efficiencies that you've been able to achieve are? So not what we saw in Q3, but if you were to look at sort of the full quarter or maybe even sort of full year impact of those efficiencies, are those cost reductions sort of where you are now in the way that you're -- what you've been able to achieve there? And then I guess, back on the profitability in 2021 question, is there a level of revenue or a level of scale that is assumed in that math of -- for the company that you'd be willing to share that's implied for that degree of profitability?

關於 2021 年的盈利能力，我只想澄清一件事。那是 2021 年的 20 年盈利能力，意味著全年還是一個季度或 2021 年的某個時候？然後，尼爾森，當您查看您在第三季度能夠採取的費用削減措施時，您有沒有一種方法可以為我們量化您能夠實現的效率運行率實現的是？所以不是我們在第三季度看到的，但如果你要看看這些效率的整個季度甚至全年的影響，這些成本降低是不是你現在的方式 - - 你在那裡取得了什麼成就？然後我猜，回到 2021 年的盈利能力問題，是否存在某種數學假設的收入水平或規模水平——對於你願意分享的公司來說，這是隱含的那種程度的盈利能力？

Well, so first of all, Heath, the -- just to clarify the point in terms of the profitability. We -- for the whole year on a fully incorporated basis is the statement. In terms of actually seeing some of the benefits, it's actually incorporated into the guidance. And so as you know, we've improved our guidance for the full year. And as we think about walking towards the 2021 target, obviously that's included as we think about efficiency. Where you really see some of the benefits from it is this leverage we're going to get over our corporate infrastructure. So the company has been building, and the corporate overhead has been building to catch up to the growth of the company. And so you've seen, as I mentioned, 24% quarter -- year-over-year in the third quarter versus the third quarter of last year. You're going to start seeing those numbers starting to grow at much smaller digits, and you're going to see the growth continue. And so you'll start getting some of that leverage.

好吧，首先，希思，只是為了澄清盈利能力方面的觀點。我們 - 在完全合併的基礎上全年是聲明。就實際看到一些好處而言，它實際上已納入指導。如您所知，我們已經改進了全年的指導。當我們考慮朝著 2021 年目標邁進時，顯然這包括在我們考慮效率的時候。您真正看到的一些好處是我們將克服我們的公司基礎設施的這種槓桿作用。所以公司一直在建設，公司管理費用一直在建設，以趕上公司的發展。正如我所提到的，您已經看到，第三季度與去年第三季度相比，季度同比增長 24%。您將開始看到這些數字開始以小得多的數字增長，並且您將看到增長繼續。因此，您將開始獲得一些影響力。

You heard Dara say insurance costs, and costs like that continued to improve, and payments cost. And so we'll continue to grind it out, and you've heard me talk about it. We don't think there's a big magic bullet. We're just continuing to grind it out quarter-over-quarter. You won't see us take big charges on for insurance like others do. We're going to -- it's included in our EBITDA, and then we're going to just continue to focus on the execution there. And so it's not really a magic, it's X, Y or Z. It's a continuation of us executing the plan. You're seeing some of the semblance of it on the Rides business and some of the commentary in particular that Dara made in his prepared remarks. And then as Dara mentioned, we do see a path on the Eats side of the business down the road.

你聽 Dara 說保險成本，以及類似的成本持續改善，以及支付成本。所以我們會繼續研究它，你已經聽到我談論它了。我們認為沒有大的靈丹妙藥。我們只是繼續按季度進行研究。您不會看到我們像其他人那樣為保險收取高額費用。我們將 - 它包含在我們的 EBITDA 中，然後我們將繼續專注於那裡的執行。所以這並不是真正的魔法，它是 X、Y 或 Z。這是我們執行計劃的延續。您會在 Rides 業務中看到它的一些相似之處，尤其是 Dara 在他準備好的評論中發表的一些評論。然後正如 Dara 提到的，我們確實在 Eats 的業務方面看到了一條道路。

And Heath, just to add a little bit more there. I think it's -- this is almost across the board. We think that we can significantly improve cost of sales as a percentage of revenue. We think that we can improve our marketing spend and spend on incentives as a percentage of revenue as well, both in terms of the market rationalizing, but our teams becoming much more effective in segmenting our consumer base, in using targeted marketing in order to reach the right person at the right time. This company has been growing so fast over such a long period of time in so many countries that the teams really haven't been able to capture our breadth and optimize. We now have team members going against every single P&L line item with specific projects, et cetera, to make sure that we can optimize and scale at the same time. We've done it with the Rides business already. There's more goodness to come, we believe, and we believe we can kind of run the same play on Eats and the other businesses as well. So the teams are pretty focused. This stuff is not theoretical. There's execution ahead of us, but we absolutely think we can pull this off.

還有希思，只是在那兒多加一點。我認為這是 - 這幾乎是全面的。我們認為我們可以顯著提高銷售成本佔收入的百分比。我們認為我們可以提高我們的營銷支出和激勵支出佔收入的百分比，無論是在市場合理化方面，但我們的團隊在細分我們的消費者群方面變得更加有效，在使用有針對性的營銷以達到對的時間對的人。這家公司在如此長的一段時間內在如此多的國家發展得如此之快，以至於團隊真的無法抓住我們的廣度並進行優化。我們現在有團隊成員針對特定項目等的每一個損益項目，以確保我們可以同時優化和擴展。我們已經在 Rides 業務上做到了。我們相信，未來還會有更多好處，我們相信我們也可以在 Eats 和其他業務上開展同樣的工作。所以團隊非常專注。這東西不是理論上的。我們面前有執行，但我們絕對認為我們可以完成。

Your next question is from the line of Justin Post with Bank of America Merrill Lynch.

您的下一個問題來自美國銀行美林的賈斯汀·波斯特。

So for MAPCs and trips, a little bit below some of the Street estimates out there. Were there any divestitures in there? Or were there some pullback in some of your incentives and maybe you feel better about the quality of your customers? Can you talk about that? And then you are guiding EBITDA of $1.4 billion above Street numbers in '21, which is a loss of 1.4. What does that mean for your growth rates as we look out the next couple of years? Are you going to have to give up some growth to get to those types of numbers?

因此，對於 MAPC 和旅行來說，略低於一些華爾街的估計。那裡有剝離嗎？或者你的一些激勵措施是否有一些回落，也許你對客戶的質量感覺更好？你能談談嗎？然後你在 21 年引導 EBITDA 比街道數字高出 14 億美元，這是 1.4 的損失。展望未來幾年，這對您的增長率意味著什麼？您是否將不得不放棄一些增長才能獲得這些類型的數字？

Yes. I think as far as our trip growth goes, again, to keep things in perspective, a 31% trip growth, 1.8 billion trips on a quarterly basis. These are very large numbers at significant scale. I think if I were to point some of the areas where we are making certain tradeoffs as it relates to trip growth versus profitability, one would be our shared ride segment, for example. We were losing significant sums in terms of our shared rides, really discounting. And I think that the product and technology teams are much more focused on driving shared ride efficiency, building out new product like Express POOL, which we were way ahead of the competition, that allows our consumers to essentially walk to a destination or wait. Products like UberX for less that give you discount kind of last in, first out, et cetera. So the focus really is to drive lower rates based on the best technology out there versus just driving lower rates and growth through discounting. Building the tech is harder work, but we think ultimately building the tech creates kind of deeper competitive advantages over the other players out there, and we think we simply have the best out there, and we're certainly investing much more than any of the kind of local players can.

是的。我認為，就我們的旅行增長而言，再次從長遠來看，旅行增長 31%，即每季度 18 億次旅行。這些數字非常大，規模很大。我認為，如果我要指出我們在旅行增長與盈利能力之間進行某些權衡的一些領域，例如，我們的共享乘車部分就是其中之一。我們在共享遊樂設施方面損失了大量資金，真的很打折。而且我認為產品和技術團隊更專注於提高共享乘車效率，開發像 Express POOL 這樣的新產品，我們在競爭中遙遙領先，讓我們的消費者基本上可以步行到目的地或等待。像 UberX 這樣的產品價格更低，可以為您提供後進先出等折扣。因此，真正的重點是基於現有最好的技術來降低利率，而不是僅僅通過折扣來降低利率和增長。構建技術是一項艱鉅的工作，但我們認為最終構建技術會比其他玩家創造更深層次的競爭優勢，我們認為我們只是擁有最好的，而且我們的投資肯定比任何本地玩家可以的那種。

In terms of our 2021 targets, we will -- these are targets at this point, and we haven't given formal guidance for 2021. But I will tell you that this will -- we believe that we will be in a position to deliver very strong, both top line and bottom line growth. As a company at scale, there will always be tradeoffs that we have to make, but we're prepared to make those tradeoffs. And I think those kinds of tough tradeoffs actually are positive for the culture of the company. So we want to be working on the very best ideas, not just the average ideas.

就我們 2021 年的目標而言，我們將——這些是目前的目標，我們還沒有給出 2021 年的正式指導。但我會告訴你，這將——我們相信我們將能夠實現非常強勁，無論是頂線還是底線增長。作為一家規模龐大的公司，我們總是需要做出權衡，但我們已準備好做出這些權衡。而且我認為這些艱難的權衡實際上對公司文化是積極的。因此，我們希望致力於最好的想法，而不僅僅是一般的想法。

Our next question is from the line of Mark Mahaney with RBC.

我們的下一個問題來自 RBC 的 Mark Mahaney。

Okay. 2 questions, please. Rationalization in the Rides business in different geographies, there's a lot of evidence that it's occurring in North America. To what extent do you see that rationalization in other geographic markets? And then, Dara, could you talk about the synergies between Rides and Eats to the extent that the business model needs it? To what extent you've already seen it? Any data points there would be helpful.

好的。 2個問題，請。不同地區的遊樂設施業務的合理化，有很多證據表明它正在北美髮生。您認為其他地域市場的合理化程度如何？然後，Dara，你能談談 Rides 和 Eats 之間的協同效應，達到商業模式需要的程度嗎？你已經在多大程度上看到了它？那裡的任何數據點都會有所幫助。

Sure, Mark. In terms of rationalization, I think it's a combination of both rationalization and just more effective execution on the teams. We are in almost every single market out there. We have 2, 3, 4, 5 competitors out there. They are pushing very hard, but the fact is we've got the biggest network out there. We have the best brand. We have technology that we build on a global basis that we can roll out. And I think that our teams are executing better. And I think that the network effects that you've talked about are showing themselves. I think that some competitors were able to kind of buy their way or spend their way, which might have hidden some of the network effects of this model. When the spending goes out, then you see how well teams can execute. And I think our teams are executing well. So we're seeing rationalization in the U.S. We see lots of competitor behavior all over the world, but we can execute in a competitive environment. And I think that we are demonstrating that.

當然，馬克。在合理化方面，我認為這是合理化和團隊更有效執行的結合。我們幾乎涉足每一個市場。我們有 2、3、4、5 個競爭對手。他們非常努力，但事實是我們擁有最大的網絡。我們有最好的品牌。我們擁有可以在全球範圍內構建的技術，並且可以推廣。而且我認為我們的團隊執行得更好。我認為你談到的網絡效應正在顯現。我認為一些競爭對手能夠以他們的方式購買或消費，這可能隱藏了這種模式的一些網絡效應。當支出用完時，您就會看到團隊的執行情況。而且我認為我們的團隊執行得很好。因此，我們在美國看到了合理化。我們在世界各地看到了許多競爭對手的行為，但我們可以在競爭激烈的環境中執行。我認為我們正在證明這一點。

As far as the synergies of the Rides and Eats business, you see it now in app that we're testing with the Rides business. When you open the app we're testing, you open up the Rides app, you have the opportunity to order your food. We have run some promotional campaigns, for example, with certain of our partners, McDonald's, where McDonald's gets to cross-promote their brand to our Rides owners. The loyalty program that we have encompasses both Rides and Eats, 18 million members in less than a year of launch in the U.S. as well. And we do believe that our customer acquisition costs and retention are superior to our competitors out there, which again is a benefit of the platform coming together. We think this will prove out over a period of time, but we're seeing really good early signal.

至於 Rides 和 Eats 業務的協同效應，您現在可以在我們正在與 Rides 業務測試的應用程序中看到它。當您打開我們正在測試的應用程序時，您打開了 Rides 應用程序，您就有機會點餐。我們已經開展了一些促銷活動，例如，與我們的某些合作夥伴麥當勞合作，麥當勞可以向我們的遊樂設施所有者交叉推廣他們的品牌。我們的忠誠度計劃包括 Rides 和 Eats，在不到一年的時間裡在美國推出了 1800 萬會員。而且我們確實相信我們的客戶獲取成本和保留率優於我們的競爭對手，這再次是平台整合的好處。我們認為這將在一段時間內得到證明，但我們看到了非常好的早期信號。

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

您的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just one on Eats and then one on the Rides, if I can. So you had a comment about the 15% of Eats' GBs driving over half the EBITDA losses, which was pretty helpful. Can you guys talk about how far off the U.S. business is from breakeven? And I guess what does the barbell look like? If you take like Australia on one end and India on the other end, how wide are the goalposts in the Eats business in terms of profitability? And then on Rides, if you look at something like Brazil that's gone from profitable to negative, and we know there was an acquisition from a competitor and a lot of investment behind that, but is something like that common that you're seeing across your other Rides markets? You mentioned the top 5 and 17% to 62%. I guess how sticky are those country-level EBITDA margins over time? That would be helpful.

如果可以的話，只有一個在 Eats 上，然後一個在 Rides 上。因此，您對 Eats 的 15% 的 GB 驅動了一半以上的 EBITDA 損失發表了評論，這非常有幫助。你們能談談美國企業離盈虧平衡有多遠嗎？我猜槓鈴是什麼樣的？如果你一方面像澳大利亞，另一方面像印度，那麼就盈利能力而言，Eats 業務的目標有多寬？然後在 Rides 上，如果你看看像巴西這樣從盈利轉為負數的公司，我們知道有來自競爭對手的收購以及背後的大量投資，但你在整個公司中都看到了類似的情況其他遊樂設施市場？你提到了前 5 名和 17% 到 62%。我想隨著時間的推移，這些國家級 EBITDA 利潤率的粘性如何？那會很有幫助。

So in terms of the question on contribution margins, yes, the barbell is pretty wide, right, between a place like in India and a place like in Australia. So yes, you got that right. I think in some of them, it's more -- there are places inside the U.S. which we would say is a place we're investing where we have positive EBITDA margins. And so it's a little bit more city by city than it's just pure country by country. But yes, I think you have the barbell about right. As you know, the Eats take rates in the top 5 cities in Q2 were kind of 8% to 16%. And you see us continuing to make improvement there at least in Q3. And so there's no magic to it. It's just -- it is a little bit based on the competitive situation. And then we are taking the right actions, as Dara said, and then we're very committed to really being 1 or 2 in all the markets. And you're going to see us take action accordingly to get there or not. And so I think what we did in South Korea is also indicative. Do you want to comment on the Rides?

所以就邊際貢獻的問題而言，是的，槓鈴相當寬，對，在印度這樣的地方和澳大利亞這樣的地方之間。所以，是的，你沒看錯。我認為在其中一些，它更多——在美國境內有一些地方，我們會說這是我們正在投資的地方，我們有正的 EBITDA 利潤率。所以它是一個城市一個城市，而不是一個國家一個國家。但是，是的，我認為你的槓鈴是對的。如您所知，第二季度前 5 個城市的 Eats 取餐率約為 8% 至 16%。你看到我們至少在第三季度繼續在那裡改進。所以它沒有魔法。只是 - 它有點基於競爭情況。然後，正如 Dara 所說，我們正在採取正確的行動，然後我們非常致力於在所有市場中真正成為 1 或 2。你會看到我們採取相應的行動來實現或不實現。所以我認為我們在韓國所做的也具有指示性。你想評論遊樂設施嗎？

Yes. I think on our Rides business, listen, there's -- as I said, lots of competition out there. But we are profitable in essentially almost every single mega region out there that we operate in. And we are seeing, I would say, more predictability around our Rides business. Although there are competitive flare-offs in every single market. For example, we've seen competition enter London. But -- and I think the teams are just executing better. If you went kind of back, 2 or 3 years back, there are certain markets where we were the only competitor out there. I don't think there are any markets like that. So just competition is a way of life, and the teams adjust. And I think our teams are just executing much better than they were in what is a new, tough environment. But I like where our margins are headed in that environment.

是的。我認為在我們的遊樂設施業務中，聽著，正如我所說，那裡有很多競爭。但我們幾乎在我們經營的每一個大型區域都盈利。而且我們看到，我想說的是，我們的遊樂設施業務更具可預測性。儘管每個市場都有競爭的爆發。例如，我們已經看到競爭進入倫敦。但是——而且我認為球隊的表現更好。如果你回到 2 或 3 年前，在某些市場上我們是唯一的競爭對手。我不認為有這樣的市場。所以只有競爭是一種生活方式，團隊會調整。而且我認為我們的團隊比在一個新的、艱難的環境中執行得要好得多。但我喜歡我們的利潤在那種環境下的發展方向。

And by Nelson's remarks, when you've got markets that are today 60-plus percent in terms of adjusted EBITDA, that gives you kind of a road map as to where we think we can take certainly not every single country or every single mega region. It just shows you that there's plenty of margin upside left in the business even with competition out there.

根據尼爾森的說法，當你的市場在調整後的 EBITDA 方面達到 60% 以上時，這為你提供了一個路線圖，說明我們認為我們可以採取的方向肯定不是每個國家或每個大型地區.它只是向您表明，即使存在競爭，業務仍有很大的利潤空間。

Your next question is from the line of Youssef Squali with SunTrust.

您的下一個問題來自 SunTrust 的 Youssef Squali。

Two questions here, please. Not to beat a dead horse here on Eats, but does profitability in 2021, the way you're defining it, requires profitability or at least break even in the Eats business by that date? Or does it just basically assume somewhat of the improving environment? And then second, can you talk maybe about your experience in New York City and maybe growth there post the hikes that we've been seeing over the last, call it, 6 months or so, just perhaps as a proxy of what may happen if and when AB5 were to go through?

請問這裡有兩個問題。不要在 Eats 上打死馬，而是 2021 年的盈利能力，按照你定義的方式，是否需要盈利，或者至少在那個日期之前在 Eats 業務中實現盈虧平衡？或者它只是基本上假設了一些改善的環境？其次，您能否談談您在紐約市的經歷，以及我們過去看到的加息之後的增長，稱之為 6 個月左右，也許只是作為一個代表，如果AB5什麼時候通過？

So again, we don't want to get too stuck on 2021. As Dara said, we're still in the process of working through it. What I would tell you, it does not predicate that Eats has to be either profitable or breakeven on an EBITDA margin basis. The commentary we made was on a consolidated basis for all of Uber, and that is really what the target is. And so I don't want to get too detailed in terms of each of the lines, but it does not necessarily predicate that Eats has to be profitable or breakeven in 2021.

再說一次，我們不想太拘泥於 2021 年。正如 Dara 所說，我們仍在努力解決這個問題。我要告訴你的是，這並不意味著 Eats 必須在 EBITDA 利潤率的基礎上實現盈利或盈虧平衡。我們所做的評論是針對所有 Uber 的，而這正是我們的目標。因此，我不想就每條線都過於詳細，但這並不一定預示著 Eats 必須在 2021 年實現盈利或盈虧平衡。

Yes. And I think as far as our New York City growth, we have seen significant price increases in New York City to the consumer out there. But the business is certainly growing from a booking standpoint, those price increases are slowing down trip growth. Although for -- if you look at the last 6 months, trip growth is still up on a year-on-year basis in New York for the 6-month period. We are definitely seeing the increased prices affect neighborhoods that might be in transit deserts that are more price sensitive. And we don't think that's a good thing for New York, and it's certainly not a good thing for those neighborhoods. But the New York, call it, example shows a business that continues to grow, and it's quite resilient to the environment around it.

是的。而且我認為就我們紐約市的增長而言，我們已經看到紐約市對消費者而言價格大幅上漲。但從預訂的角度來看，業務肯定在增長，這些價格上漲正在減緩旅行增長。儘管對於 - 如果您查看過去 6 個月，在 6 個月期間，紐約的旅行增長仍然同比增長。我們肯定看到價格上漲影響了可能處於對價格更敏感的過境沙漠中的社區。而且我們認為這對紐約來說不是一件好事，對那些社區來說這當然不是一件好事。但是，稱之為紐約的例子顯示了一個持續增長的業務，並且它對周圍的環境非常有彈性。

Ultimately, there's a lot of demand for transportation, and we're becoming kind of a more fundamental part of everyone's lives. And then our adding other services such as metro just kind of creates more occasions for people to come on to the app whether they want to take an Uber or whether they want to take a pool or whether, in many cases, they want to take public transit.

最終，對交通的需求很大，我們正在成為每個人生活中更重要的一部分。然後我們添加其他服務（例如地鐵）只是為人們創造了更多使用該應用程序的機會，無論他們是想乘坐優步還是想乘坐游泳池，或者在很多情況下，他們是否想公開過境。

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

您的下一個問題來自匯豐銀行的 Masha Kahn。

I noticed you launched Uber Money. Can you talk a little bit about your vision for Uber Money, let's say, 5 years from now? What is it going to look like? Are you planning to go into merchant acquiring? And second question, can you comment on how much of a drag India was on your ANR this quarter?

我注意到你推出了 Uber Money。您能否談談您對 Uber Money 的願景，比如說，5 年後？它會是什麼樣子？您是否打算進入商家收單？第二個問題，您能否評論一下本季度印度對您的 ANR 造成了多大的拖累？

So I'll take the first question -- the second question first. And so I have talked about on the Eats side of the business the type of drag. And so the Eats ANR was 10.7% in Q3, so it was about a 0.4% drag in terms of the numbers. So if India wasn't in there, it would have been closer to 11.1%. Regarding where we are on Money, we had Peter Hazlehurst, who's leading the Money team for us, had a presentation in Las Vegas. And what we really are focused on right now is really enhancing the opportunity for drivers on our platform. And what I would say is that as you think about what constituency that is, making sure that they can get paid quickly matters a lot. And so for many of the drivers -- and so for many people who work in the workplace, you know you're getting paid every other week, and that's probably okay. For many of our drivers, it's how can we get them paid quicker. And so a lot of the initiatives we're talking about right now are really helping them through that process.

所以我先回答第一個問題——第二個問題。因此，我在 Eats 的業務方面談到了拖累的類型。因此，第三季度 Eats 的 ANR 為 10.7%，因此從數字上看，拖累了大約 0.4%。因此，如果印度不在那裡，它會接近 11.1%。關於我們在 Money 上的位置，我們讓負責我們 Money 團隊的 Peter Hazlehurst 在拉斯維加斯進行了演示。我們現在真正關注的是真正增加我們平台上司機的機會。我要說的是，當您考慮那是什麼選區時，確保他們能夠快速獲得報酬非常重要。所以對於許多司機來說——對於許多在工作場所工作的人來說，你知道你每隔一周就會得到一次報酬，這可能沒問題。對於我們的許多司機來說，我們如何才能更快地讓他們得到報酬。因此，我們現在談論的許多舉措確實在幫助他們完成這一過程。

Many of our drivers were unbanked. And so by creating the Uber Wallet and allowing them to have the opportunity to have an Uber debit card, we're working on tools that allows them to get paid every day or after every trip. We have other tools that provides them a little bit of opportunity. And to the extent they need $50 to go get gas so they can go drive, and so we're creating tools like that really around enhancing and helping our driver partners.

我們的許多司機都沒有銀行賬戶。因此，通過創建 Uber 錢包並讓他們有機會擁有 Uber 借記卡，我們正在開發工具，讓他們每天或每次旅行後都能獲得報酬。我們還有其他工具可以為他們提供一點機會。在某種程度上，他們需要 50 美元才能獲得汽油，以便他們可以開車，所以我們正在創造類似的工具，真正圍繞增強和幫助我們的司機合作夥伴。

Beyond that, we obviously are doing a lot in terms of what we can do with business development -- from a business development side in terms of lowering our payments cost. And we are exploring different opportunities, as you know. But it's too early for me to comment beyond really trying to create and really build out a great product for our drivers. And if you think about the amount of funds that flows through our system, we think there's a big opportunity there. And we think there's a good opportunity to really help them in terms of giving them the cash that they need, which is immediately, and then give them purchasing power and then also help them save on things, whether it be gas or service or other -- think insurance and other things that we can help leverage our buying power. So that's kind of where we are today. We obviously are looking beyond it. It would be premature for me to comment beyond that.

除此之外，我們顯然在業務發展方面做了很多工作——從業務發展方面降低我們的支付成本。如您所知，我們正在探索不同的機會。但是，除了真正嘗試為我們的車手創造和真正打造一款出色的產品之外，我現在評論還為時過早。如果您考慮流經我們系統的資金量，我們認為那裡有很大的機會。而且我們認為這是一個很好的機會，可以真正幫助他們，立即為他們提供所需的現金，然後給予他們購買力，然後幫助他們節省開支，無論是汽油、服務還是其他—— - 想想保險和其他我們可以幫助利用我們購買力的東西。這就是我們今天所處的位置。我們顯然正在超越它。我現在發表評論還為時過早。

Yes. I think we're the first company to stream real-time earnings at the kind of scale that we are, which is pretty exciting, as Nelson said.

是的。我認為我們是第一家以我們現在的規模提供實時收益的公司，正如尼爾森所說，這非常令人興奮。

Next question is from the line of Itay Michaeli with Citi.

下一個問題來自花旗的 Itay Michaeli。

Just 2 financial questions for me. First just, Nelson, hoping if you can walk us a bit more into the sequential Q4 EBITDA loss. It seems like your ANR will accelerate from Q3 per your guidance. Maybe just walk us through the widening loss expectation for Q4. And then just secondly, any change to kind of long term, I think, 25% adjusted EBITDA margin target for the business as a whole?

對我來說只有兩個財務問題。首先，尼爾森，希望你能帶領我們更多地了解第四季度的 EBITDA 連續虧損。根據您的指導，您的 ANR 似乎將從第三季度開始加速。也許只是讓我們了解第四季度不斷擴大的虧損預期。其次，我認為對整個業務的 25% 調整後 EBITDA 利潤率目標的長期變化有什麼影響？

So we haven't changed any of the long-term targets. And as Dara mentioned earlier, we'll comment more specifically in the Q4 call as we think about 2020 guidance. As you think about Q4, yes, it does assume a little bit of an uptick versus where we finished in Q3. There is going to be some more investment probably on the Eats side of the business given the marketplace. And then additionally, we are investing in other things, and you might just see kind of the full year effect of some of the ads that we've made through the course of the year. And so those really are kind of what it characterizes. There are parts of our business that does have some seasonal changes inside -- that increases costs. So typically, driver and courier costs in Q4 can go up as well. And so that's all kind of embedded inside of kind of what you're implying for Q4.

所以我們沒有改變任何長期目標。正如 Dara 之前提到的，在考慮 2020 年指導時，我們將在第四季度電話會議中更具體地發表評論。當您考慮第四季度時，是的，它確實假設與我們在第三季度完成的相比略有上升。鑑於市場，可能會在業務的 Eats 方面進行更多投資。此外，我們還在其他方面進行投資，您可能會看到我們在這一年中製作的一些廣告的全年效果。所以這些確實是它的特點。我們業務的某些部分內部確實存在一些季節性變化——這會增加成本。因此，通常情況下，第四季度的司機和快遞成本也會上漲。所以這一切都嵌入到你對第四季度的暗示中。

So I think year-on-year is going to be pretty attractive. But quarter-on-quarter, you might see some seasonal effects. But the year on year-on-year that we see in Q4 is going to be pretty strong.

所以我認為同比將非常有吸引力。但是季度環比，您可能會看到一些季節性影響。但我們在第四季度看到的同比增長將非常強勁。

Your next question is 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 questions if I can. First, can you talk a little bit more about the progress in some of the newer markets? Dara, I think you called out Germany, Japan and Argentina in your prepared remarks. But if you can give us a better sense of what products are driving that strength. And then maybe any other markets where you see things opening up over the next year or so? And then second one, Dara, you've been focused on reducing kind of parts of the company to make it more nimble. Wondering just how much left there is to do there and how you feel the organization is responding in terms of becoming a little bit more efficient.

如果可以的話，有兩個問題。首先，您能多談談一些新市場的進展嗎？ Dara，我想你在準備好的發言中提到了德國、日本和阿根廷。但是，如果您能讓我們更好地了解哪些產品正在推動這種力量。然後也許還有其他市場，你認為在接下來的一年左右會開放？然後是第二個，Dara，你一直專注於減少公司的某些部分以使其更加靈活。想知道還有多少工作要做，以及您覺得組織在提高效率方面的反應如何。

Sure. Absolutely. So Germany is -- just talking about Germany, Japan, Argentina. We're very optimistic on Germany. The growth rates there are very significant. Year-on-year growth rates over 100% in Germany on the Rides side of the business. We've also introduced JUMP bikes in Germany as well. And Europe, to some extent, is kind of the center of the micro mobility revolution that we're seeing. And we're seeing incredible response to JUMP both in Germany and on balance in many European cities as well. And we've got a government working group on ride-sharing reform, which is in progress. And listen, we think that we're a more efficient environmentally friendly way to move in Germany. There are some, for example, laws that don't allow us to pool in Germany, which really makes no sense. And we're confident that with constructive dialogue and a continued investment in engaging with lawmakers in Germany, we can get to a win for Germany. We can get to a win for customers, and which will also lead eventually to a win for Uber as well.

當然。絕對地。所以德國——只是在談論德國、日本、阿根廷。我們對德國非常樂觀。那裡的增長率非常顯著。德國的 Rides 業務同比增長率超過 100%。我們還在德國推出了 JUMP 自行車。在某種程度上，歐洲是我們所看到的微型移動革命的中心。我們看到德國和許多歐洲城市對 JUMP 的反應令人難以置信。我們有一個關於拼車改革的政府工作組，該工作組正在進行中。聽著，我們認為在德國搬家是一種更有效的環保方式。例如，有些法律不允許我們在德國進行集資，這真的沒有意義。我們相信，通過建設性對話和持續投資與德國立法者的接觸，我們可以為德國贏得勝利。我們可以為客戶贏得勝利，這也將最終為優步帶來勝利。

For us, Japan is a very promising market. It's kind of a taxi-first market. I'd say the lead in Japan is actually our Uber Eats product. Our category position in Uber Eats continues to improve significantly year-on-year. We are definitely leaning into the Japanese market as it relates to Eats, and we think Japan can be one of the very strong markets out there and certainly a market where we have the potential to get to that #1 position and a big kind of #1, strategic #1 for us. We're diligently working in Japan. As it relates to the Rides business, growth is over 60% on a year-on-year basis, and we just launched Fukuoka for our tenth taxi market in Japan as well. It will take time. Japan always takes time, but we're doing it the right way with the right relationships in Japan on the Rides side.

對我們來說，日本是一個非常有前景的市場。這是一個出租車優先市場。我想說日本的領先實際上是我們的 Uber Eats 產品。我們在 Uber Eats 的品類排名同比繼續顯著提高。我們肯定傾向於日本市場，因為它與 Eats 相關，我們認為日本可以成為那裡非常強大的市場之一，當然也是一個我們有潛力達到 #1 位置和## 1，我們的戰略#1。我們在日本努力工作。由於與 Rides 業務相關，同比增長超過 60%，我們剛剛在日本的第十個出租車市場推出了福岡。需要花時間。日本總是需要時間，但我們正在以正確的方式在日本與遊樂設施方面建立正確的關係。

Argentina for us is one of our fastest-growing markets. Although I will tell you that with the change in government, et cetera, we are being measured in our expectations. We want to make sure that we engage with the new policymakers and continue kind of the right dialogue, which is how do we make sure that we are providing a service that is a benefit for the cities in which we operate, benefit for riders and drivers alike and, most importantly, safe for all parties involved. So Argentina has, to date, been quite positive, and we'll be working kind of with the new government out there to make sure that we are considered kind of a good actor or a positive actor out there.

對我們而言，阿根廷是我們增長最快的市場之一。儘管我會告訴你，隨著政府等方面的變化，我們的期望正在被衡量。我們希望確保我們與新的政策制定者接觸並繼續進行正確的對話，這就是我們如何確保我們提供的服務有利於我們經營所在的城市，有利於乘客和司機一樣，最重要的是，對所有相關方都是安全的。所以到目前為止，阿根廷一直非常積極，我們將與那裡的新政府合作，以確保我們被認為是一個好的演員或積極的演員。

As you know, in the U.K., we continue to have dialogue with TfL, working closely with them. And again, when I look at the regulatory framework on a global basis, we always have ups or downs, but the teams are making investments. And I think more and more cities and countries around the world are coming to the conclusion that Uber is a good thing for their country, and Uber's a good thing for their city as well.

如您所知，在英國，我們繼續與倫敦交通局進行對話，與他們密切合作。再一次，當我從全球範圍看監管框架時，我們總是有起有落，但團隊正在投資。我認為世界上越來越多的城市和國家得出這樣的結論：優步對他們的國家來說是一件好事，優步對他們的城市也是一件好事。

As far as making kind of certain moves in terms of how we work, listen, we're just -- this company grew very fast. And in the early years, the -- kind of the most important factor was speed to market, who got there earliest and who scaled the fastest. And so there wasn't a lot of focus on how do you make sure that you work efficiently, how do you make sure that the teams are working together, how do you make sure that you reduce duplicate work that might not be adding value. It was absolutely the right set of priorities for the time. Our priorities are changing. And now we can deliver scale growth, which is technology-enabled and leading to profits in 2021 on an EBITDA basis. That's a focus of the company. And I think that requires more coordination, and that absolutely will allow us to automate some tasks that were done manually and also get rid of duplication that wasn't adding value. And we think that we've got kind of a road map ahead of us, and we're pretty confident that we can execute both top line and bottom line as a result.

至於在我們的工作方式方面採取某些措施，聽著，我們只是——這家公司發展得非常快。在早期，最重要的因素是上市速度，誰最早到達那裡，誰擴張最快。因此，沒有太多關注如何確保自己高效工作，如何確保團隊一起工作，如何確保減少可能不會增加價值的重複工作。這絕對是當時正確的優先事項。我們的優先事項正在發生變化。現在我們可以實現規模增長，這是由技術驅動的，並在 2021 年以 EBITDA 為基礎實現利潤。這是公司的一個重點。而且我認為這需要更多的協調，這絕對可以讓我們自動化一些手動完成的任務，並擺脫沒有增加價值的重複。而且我們認為我們面前有一個路線圖，我們非常有信心我們可以同時執行頂線和底線。

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

您的下一個問題來自 Justin Patterson 和 Raymond James。

Great. On Uber Rewards, 20 million is a solid start. I know it's early, but could you talk about how these users differ from nonloyalty members with respect to engagement? And how important is it that you -- towards the profitability target, that you create more monogamous users with loyalty being one of the factors to get there?

偉大的。在 Uber Rewards 上，2000 萬是一個良好的開端。我知道現在還為時過早，但您能否談談這些用戶在參與度方面與非忠誠會員有何不同？你對盈利目標有多重要，你創造更多一夫一妻制的用戶，忠誠度是實現目標的因素之一？

Justin, we are seeing early signs from our loyalty members in terms of higher engagement, higher use of our products, higher cross-platform utilization as well. I will caution, it is very early. We have just launched, and there's a ton of optimization ahead of us in terms of the loyalty program, how do we optimize the customer experience, how do we make sure that we remind our users when they are able to -- when they get a benefit. I think there's a lot more that we can do there. And then how do we encourage users to cross-pollinate between one of our services to another service out there. So we think there's a long road ahead of us, and we're very, very early here. In terms of our forecast going forward, we think that building, increasing customer engagement, deepening loyalty and being more efficient in terms of customer acquisition costs and segmentations absolutely are a part of the path to profitability. But the teams have a plan that they're executing to, and we're confident that we can get goodness there.

賈斯汀，我們從忠誠會員那裡看到了更高參與度、更高產品使用率以及更高跨平台利用率方面的早期跡象。我會警告，現在還為時過早。我們剛剛推出，在忠誠度計劃方面還有大量優化工作擺在我們面前，我們如何優化客戶體驗，我們如何確保我們在用戶能夠做到時提醒他們——當他們獲得益處。我認為我們可以在那裡做更多的事情。然後我們如何鼓勵用戶在我們的一項服務與另一項服務之間進行交叉授粉。所以我們認為我們前面還有很長的路要走，而且我們來得非常非常早。就我們未來的預測而言，我們認為建立、增加客戶參與度、加深忠誠度以及在客戶獲取成本和細分方面更高效絕對是盈利之路的一部分。但是球隊有一個他們正在執行的計劃，我們相信我們可以在那裡取得好成績。

And your last question will come from the line of Brad Erickson with Needham & Company.

您的最後一個問題將來自與 Needham & Company 的 Brad Erickson。

Just a follow-up on the Eats business. I guess related to the comment earlier, the 15% of Eats bookings doing, I guess, half the losses, do any of those markets in those 15% of bookings fall into situations where you're not the #1 or 2 position? So just wondering if there's a chance that you exit some of those at some point, as you said. And I guess just more broadly, in cases where you're not a 1 or a 2-player or can't get there in 12 to 18 months, disposing is the only option you've mentioned so far in the call, but maybe talk how proactively you might use M&A to try and improve your position in those certain markets.

只是對 Eats 業務的跟進。我想與之前的評論有關，我猜 15% 的 Eats 預訂做了一半的損失，這 15% 的預訂中的任何一個市場是否會陷入您不是第一或第二位置的情況？所以只是想知道你是否有可能在某個時候退出其中的一些，正如你所說的那樣。而且我想更廣泛地說，如果您不是 1 或 2 人或無法在 12 到 18 個月內到達那裡，處置是您迄今為止在電話中提到的唯一選擇，但也許談談您可能如何積極主動地使用併購來嘗試提高您在這些特定市場中的地位。

Yes. So yes, there are some markets where we're not 1 or 2 that are in there right now. Yes, we are going to look at both disposing as well as using M&A as potential levers. We are going to lean in, and we're doing a lot of work right now from an allocation perspective across all our businesses. And so the teams are working pretty hard in terms of creating these maps, as we think about resource allocation. And so we are going to work through it. We are -- it is going to take the 12 to 18 months like you said. We are going to look at all the different levers that we have. Our commitment is to lean in if we think we can win or be 1 or 2. And if we think we can't, we're going to be good stewards of capital, and so we will make the appropriate choices. We've been working pretty hard in terms of that framework, and the teams are working hard on it right now. And so yes, our goal is to execute against those plans.

是的。所以，是的，有些市場我們現在不是第一個或第二個。是的，我們將把處置和使用併購作為潛在的槓桿。我們將採取行動，從我們所有業務的分配角度來看，我們現在正在做很多工作。因此，當我們考慮資源分配時，團隊在創建這些地圖方面非常努力。所以我們要解決它。我們是——就像你說的那樣，這將需要 12 到 18 個月。我們將研究我們擁有的所有不同的槓桿。我們的承諾是，如果我們認為自己能贏或成為 1 或 2 人，我們就會努力。如果我們認為我們不能，我們將成為資本的好管家，因此我們將做出適當的選擇。我們在這個框架方面一直在努力工作，團隊現在正在努力工作。所以是的，我們的目標是執行這些計劃。

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

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

Great. Just 2 questions. On AB5, just curious, is there any -- do you expect any impact in 2020? I know the ballot measure is in November. Just curious about that and just longer-term implications. And then second question, just the rationale and potential for grocery delivery with the recent Cornershop deal.

偉大的。就2個問題。關於 AB5，只是好奇，是否有任何 - 你預計 2020 年會有什麼影響嗎？我知道投票措施是在 11 月。只是對此感到好奇，只是對長期影響感到好奇。然後是第二個問題，最近的 Cornershop 交易的雜貨配送的基本原理和潛力。

Sure. Listen, on AB5, we've been living under this law for 1.5 years in California since the Dynamex decision, and we've always existed with AB5 like ABC test in Massachusetts, New Jersey, Connecticut. These are pretty big markets for us. And we know states like New York and Washington, they've already suggested that they want to pursue gig worker protections, and we're happy to work with them on solutions that look similar to the ballot measure that we file. This has protections, representation, pay standards as well. We're not afraid of these conversations. And at the same time, we're not afraid to defend our model if those conversations turn out to be unsuccessful. And I'm hoping that the U.S. politicians would be willing to work with our industry, our partners to get to progressive new models that are win-win, that frankly they're already being established in Europe. But if not, we'll continue to aggressively defend our drivers' right to flexibility. It's always the #1 reason why our drivers value our platform. The vast majority of our drivers are not full-time drivers. And we think that not only do they value that flexibility, but we should actively make sure that we defend that flexibility, and we would look to provide private benefits where we can to improve their lives as well. So this is going to take dialogue. We're up for that dialogue. And one way or the other, we think that our model will thrive and grow.

當然。聽著，在 AB5 上，自從 Dynamex 做出決定以來，我們在加利福尼亞州已經在這項法律下生活了 1.5 年，而且我們一直在馬薩諸塞州、新澤西州和康涅狄格州進行 AB5 測試，就像 ABC 測試一樣。這些對我們來說是相當大的市場。我們知道像紐約和華盛頓這樣的州，他們已經建議他們想要保護零工，我們很高興與他們合作，尋找類似於我們提交的投票措施的解決方案。這也有保護、代表、薪酬標準。我們不害怕這些對話。同時，如果這些對話不成功，我們也不害怕捍衛我們的模型。我希望美國政界人士願意與我們的行業、我們的合作夥伴合作，以獲得雙贏的進步新模式，坦率地說，他們已經在歐洲建立起來。但如果不是這樣，我們將繼續積極捍衛我們司機的靈活性權利。這始終是我們的司機重視我們平台的第一大原因。我們的絕大多數司機都不是全職司機。我們認為，他們不僅重視這種靈活性，而且我們應該積極確保我們捍衛這種靈活性，並且我們會尋求在可能的情況下提供私人福利來改善他們的生活。所以這需要對話。我們準備好進行對話了。不管怎樣，我們認為我們的模式會蓬勃發展。

As far as Cornershop goes, we think that grocery is a very high-frequency use case. It has significantly high basket sizes. We were very impressed with the Cornershop team. And as you can expect, we meet with everybody in our industry and in adjacent categories as well, and we were just super impressed with this team that has been able to build out a great product with actually pretty limited capital out there. So what we -- the opportunity that we see is you have a product that has been highly optimized over a long period of time, and we get to put that product through our sales channels, so to speak. We get to expose it to our customers, and we've seen it. When we expose our Eats product to our Rides customers, good things happen. When we expose transit to our Rides customers, good things happen. We did the same thing with grocery. We think with Cornershop, we will start in Latin America to make sure that it's working. That's -- we obviously have a very big position in Latin America. And we will expose Cornershop grocery as well as other products to our Eats customers and our Rides customers in Latin America. If it works there, and we're pretty darn confident that it will, we'll look to extend it. But first, it will be within the LatAm markets where Cornershop has a ton of experience. And this is just about putting a great product against a huge audience that is already engaged with all the payments, all the identity, all of that stuff taken care of. So taking out a ton of friction that a bunch of our competitors have to deal with. So we're pretty excited. It's a great team, and we're really looking forward to welcoming them to the Uber family.

就 Cornershop 而言，我們認為雜貨店是一個非常高頻的用例。它的籃子尺寸很大。我們對 Cornershop 團隊印象深刻。正如您所料，我們會見了我們行業和相鄰類別的每個人，我們對這個團隊印象非常深刻，他們能夠用非常有限的資金打造出一款出色的產品。所以我們 - 我們看到的機會是你有一個在很長一段時間內高度優化的產品，可以說，我們可以通過我們的銷售渠道將該產品投放。我們將它暴露給我們的客戶，我們已經看到了。當我們向 Rides 客戶展示我們的 Eats 產品時，好事就會發生。當我們向 Rides 客戶公開公交時，好事就會發生。我們對雜貨店做了同樣的事情。我們認為通過 Cornershop，我們將從拉丁美洲開始，以確保它有效。那是 - 我們顯然在拉丁美洲擁有非常重要的地位。我們將向拉丁美洲的 Eats 客戶和 Rides 客戶展示 Cornershop 雜貨店和其他產品。如果它在那里工作，並且我們非常有信心它會，我們將尋求擴展它。但首先，它將在 Cornershop 擁有豐富經驗的拉丁美洲市場。這只是將一個偉大的產品與已經參與了所有支付、所有身份、所有這些事情的龐大受眾進行對比。因此，消除了我們的許多競爭對手必須處理的大量摩擦。所以我們很興奮。這是一支偉大的團隊，我們非常期待歡迎他們加入 Uber 大家庭。

So with that, thank you, everyone, for joining us for the call. I think Q3 was another strong example of the Uber team executing. We're excited about the 2021 consolidated EBITDA profitability target that we have out there. And we hope that we've shown you that we can execute against not just delivering top line growth but also top line growth with discipline. We could only do so with the really, really hard work of all of our employees on a global basis and also the partnership of the cities that we work with and our drivers, et cetera. None of this will be possible without them. But we think we're on a good path, and we thank you for your interest in this call. And we'll hopefully have more to talk to you down the road. Thank you.

因此，感謝大家加入我們的電話會議。我認為第三季度是 Uber 團隊執行力的另一個有力例子。我們對我們制定的 2021 年合併 EBITDA 盈利目標感到興奮。我們希望我們已經向您展示了我們不僅可以實現頂線增長，而且可以通過紀律實現頂線增長。我們只有在全球範圍內所有員工的真正、真正辛勤工作以及與我們合作的城市和我們的司機等的合作夥伴關係下才能做到這一點。沒有他們，這一切都不可能實現。但我們認為我們正走在良好的道路上，我們感謝您對這次電話會議的興趣。我們希望以後能和你有更多的交流。謝謝你。

Thank you. Ladies and gentlemen, this does conclude today's conference call. Thank you for participating. You may now disconnect.

謝謝你。女士們先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。