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，感謝各位的耐心等待，歡迎參加優步2019年第三季財報電話會議。 （操作說明）現在我將會議交給投資者關係部門的艾米莉·羅伊特。

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.

感謝您今天參加本次會議，歡迎來到優步科技2019年第三季財報電話會議。今天出席會議的有達拉·科斯羅薩西和納爾遜·柴，還有肯特·斯科菲爾德，以及來自投資者關係團隊的艾米麗·羅伊特。

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.

在今天的電話會議上，我們將同時介紹GAAP和非GAAP財務指標。有關這些非GAAP指標的更多披露信息，包括GAAP指標與非GAAP指標的調節表，均包含在新聞稿、補充幻燈片以及我們向美國證券交易委員會（SEC）提交的文件中，這些文件均已發佈在investor.uber.com網站上。需要提醒各位的是，這些數據未經審計，可能會有所變動。

Certain statements in this presentation and on this call may be deemed to be forward-looking statements. Such statements can be identified by terms such as believe, expect, intend and may. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today. 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.

本次簡報和電話會議中的某些陳述可能被視為前瞻性陳述。此類陳述可透過諸如「相信」、「預期」、「打算」和「可能」等字眼來識別。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異，我們不承擔更新今天所作任何前瞻性陳述的義務。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿，以及我們在2019年5月13日向美國證券交易委員會提交的首次公開募股（IPO）招股說明書中“風險因素”和“管理層對財務狀況和經營業績的討論與分析”部分所列的風險和不確定性，以及我們於2019年第二季的第二季。今天的發言結束後，我們將開放問答環節。

With that, let me hand it over to Dara.

那麼，就讓我把麥克風交給達拉吧。

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.

謝謝艾米莉，也謝謝各位今天到場。我很高興我們不斷取得進展，致力於釋放平台價值，並實現我們的願景——成為全球城市消費者日常生活的作業系統。

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，我想談談我們的旅遊業務，該業務在第三季取得了兩個非常重要的里程碑式成就。我們實現了每週10億美元的毛預訂額，並且出行業務的調整後EBITDA達到6.31億美元，年增52%。更重要的是，出行業務的調整後EBITDA現在完全可以涵蓋我們的公司營運成本，其中包括6.23億美元的公司一般及行政費用和平台研發支出。

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.

我們繼續保持在所有營運區域的出行服務領先地位，在包括美國、拉丁美洲和英國在內的最重要的市場中，我們不斷增長或保持行業領先地位，同時大幅提高出行服務調整後 EBITDA 利潤率，從 2018 年第三季度的 17.8% 提高到本季度的 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，我們期望透過加大對市場平台的投入、強化高端產品以及持續保持穩健的財務管理，推動營收和利潤率的持續成長。例如，對企業級產品的投資已推動 Uber for Business 實現超過 70% 的成長，而高端舒適旅遊產品在全球 150 多個城市的拓展，也為乘客和司機帶來了許多益處。

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、日本和阿根廷等多個重點市場也取得了顯著進展。我們的團隊有信心在未來幾年內實現強勁的營收和利潤成長。

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，我們的外送業務在全球持續擴張，總預訂量較去年同期成長77%，以固定匯率計算的年淨收入年增109%，這主要得益於佣金率的持續提升，本季佣金率從去年同期的9%成長至10.7%。我們的外送策略很簡單：在未來18個月內，積極投資於我們有信心能夠確立或鞏固第一或第二地位的市場。我們相信，憑藉我們全球品牌的規模和實力、我們計劃拓展到新的本地商業領域（例如食品雜貨）以及我們平台在產品線內進行交叉推廣和提升用戶忠誠度的強大能力，與單一線下本地競爭對手相比，我們能夠獲得更優的獲客成本和單筆交易收益。

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.

許多食品業的新創公司一直試圖利用低成本資金來實現成長。但我們發現，資金成本越來越高，而且很容易枯竭；相比之下，平台領先地位不僅成本更低，而且如果能與卓越的執行力相結合，則更為持久。我們認為，隨著企業與公開市場投資者競爭，線上食品配送產業可能會像叫車產業一樣，迎來更有利的市場環境。

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Cornershop進行多數股權投資，Cornershop是墨西哥和智利領先的線上雜貨配送服務商。鑑於餐飲配送和雜貨配送之間存在巨大的協同效應，我們認為在我們的平台基礎上增加一家已經成熟且非常成功的雜貨配送服務具有巨大的價值，這將進一步鞏固Uber作為拉丁美洲乃至全球日常生活運營平台的地位。我們最近宣布將在一個應用程式中並排顯示出行、外帶和其他服務，這充分體現了我們平台模式的優勢。透過關聯和交叉推廣我們所有的產品和服務，我們可以更快、更有效率地吸引和留住客戶，並加深客戶參與度。雖然目前還處於早期階段，但我們已經推出了Uber Pass等產品，這是一項訂閱服務，為10個城市的客戶提供包括乘車保障、Uber Eats訂單免運費等在內的多項優惠。

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 個月就在美國擁有了 1800 萬用戶，隨著消費者在我們的平台上累積和使用 Uber Rewards，應該能夠提高用戶忠誠度。

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，我們專注於將我們的乘車用戶轉化為外帶用戶，並且作為我們對行銷組織進行調整的一部分，我們組建了團隊來抓住像這樣的高潛力機會。

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，我想談談監管問題。為了確保乘客、司機以及我們營運所在城市都能獲得最佳結果，我們始終致力於與世界各地的監管機構保持積極有效的溝通。我們必須銘記我們的發展歷程。 2013年，當我們推出點對點共乘服務時，加州是全球唯一制定了相關法規的地方。而如今，僅僅六年後，全球幾乎所有主要市場都已認可並批准了我們的服務。儘管如此，加州的監管問題在過去幾個月引起了廣泛關注，因此我想簡要地談談我們在加州的現狀。

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.

作為參考，加州的訂單總額占我們全球叫車和外送業務總訂單額的9%，但其調整後EBITDA佔比卻微乎其微。我們將繼續致力於為司機和配送員提供極具吸引力的選擇，讓他們在保持靈活性的同時，獲得重要的保障，例如醫療補貼和最低收入標準。我們將與Lyft和DoorDash合作，在2020年11月向加州選民提交提案，旨在推行這種模式。

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.

我還想重點介紹我們今年在全球政策方面取得的顯著進展：美國勞工部4月份的信函以及巴西聯邦政府都對獨立承包商做出了積極的裁決；法國通過了一項流動性法案，其中重申了獨立承包商的分類；以及我們在離開溫哥華7年後重返溫哥華。總的來說，我們的工作重點仍然不變：制定有利於業務發展的完善法規，並讓個人在我們平台上找到靈活的收入機會。

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.

在將具體數字交給 Nelson 之前，我想先談談自 IPO 以來我們在叫車業務方面取得的卓越進展。這是我們有史以來業績最好的一個季度，也是我們首次揭露分部 EBITDA 資料。自 IPO 以來短短兩個季度，我們就取得了顯著進步。與第一季相比，第三季叫車業務的調整後收入 (ANR) 以固定匯率計算翻了一番，達到 24%。這意味著以固定匯率計算，ANR 成長了 24%。我們的乘車成功率提高了 200 個基點，達到 22.8%，為 2019 年第三季 ANR 帶來了 3 億美元的增量。交易量的成長以及更高的乘車成功率，使 ANR 增加了 5 億美元，其中 4 億美元計入了叫車業務的調整後 EBITDA。這意味著 EBITDA 增量成長了 80%，在短短兩個季度內，調整後 EBITDA 利潤率從 8% 提升至 22%。我們透過改進資本配置、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，我們再次降低了保險和支付費用，這兩項費用是我們營收成本中佔總預訂額比例最高的兩項，無論按季度環比還是同比計算均有所下降。儘管本季總預訂額增加了20億美元，但我們仍然實現了與去年同期相同的營收季增率。

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，我們在旅遊領域的努力遠未結束，而且我們目前正以同樣的嚴謹態度對待所有其他業務板塊，包括餐飲業務。我們已經就人員配置和資源分配做出了一些艱難的決定，以確保最優秀的團隊能夠專注於回報最高的項目，我們將繼續保持資金的合理高效使用。

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，在全體團隊的共同努力下，實現公司2021年全年EBITDA獲利。我們看到了全球規模、效率以及頂尖技術人才帶來的巨大優勢。世界上真正優秀的公司能夠大規模地實現營收成長，提高利潤率，優化資本配置，並對所有利害關係人負責。我們正努力成為這樣一家優秀的公司。

And now to Nelson for more details on the numbers.

現在請納爾遜為大家帶來更多關於這些數字的細節。

Thanks, Dara.

謝謝你，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.

在繼續介紹我們的財務表現之前，我想先說明我們對報告方式所做的一些調整。現在，我們透過報告五個業務板塊來提高業務透明度。對於每個業務板塊，我們提供總預訂量、收入、調整後淨收入和板塊調整後 EBITDA。我們公司歷史總業績維持不變。板塊調整後 EBITDA 指標取代了先前報告的貢獻損益，並沿用了相同的定義，包括與各業務板塊直接相關的所有直接成本，以及抵減收入、收入成本、支持和運營、銷售和市場營銷、一般及行政費用和研發費用，這些費用占我們一般及行政費用和研發總支出的大部分。有關這些調整的更多信息，以及關於新舊業務板塊銜接的任何問題，請參閱 investor.uber.com 上發布的補充幻燈片。除非另有說明，本文後續討論中的所有成長率均指同比增長。

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.

接下來是2019年第三季的GAAP業績。我們的GAAP營收為38億美元，年增30%。不計折舊攤銷的GAAP營收成本為19億美元，佔營收的比例從2018年第三季的51.3%降至48.8%。 GAAP每股虧損0.68美元，2018年第三季虧損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.

在本次電話會議的剩餘時間裡，除非另有說明，我將討論關鍵營運指標以及非GAAP財務指標，但不包括備考調整，例如股票選擇權激勵和與2019年第二季IPO相關的單次司機獎勵。

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.

公司全球總出行量達18億人次，成長31%。全球出行量的成長仍然是推動我們整體預訂總額成長的重要動力。月活躍平台用戶（MAPC）達1.03億，成長26%。我們持續看到「美食出發」服務為平台帶來大量新增MAPC用戶。

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，較去年成長29%，以固定匯率計算成長32%。調整後淨收入（ANR）為35億美元，以固定匯率計算成長35%。我們的ANR分成率為總預訂金額的21.5%，較去年同期成長60個基點，較上季成長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.

不計折舊和攤銷的非GAAP收入成本佔ANR的比例從47%下降到45%，佔總預訂額的比例從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.

保險和支付費用佔總預訂額的比例環比和年比均有所改善。但由於 Freight 和 NeMo 採用的「總收入或商家」模式，收入成本增加，部分抵銷了上述改善。在這種模式下，Freight 合作夥伴的付款以及 NeMo 的滑板車硬體和燃料成本均計入了我們的收入成本。

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.

接下來談談非GAAP營運費用。首先，我將從營運與支援以及銷售與行銷開始，這兩項費用100%分配給我們的5個業務部門。營運與支援費用穩定在調整後淨收入的13%，自2018年第三季以來一直穩定在總預訂量的3%，這反映了出行服務支援效率的持續提升，但同時也被外賣交易比例的增加所抵消，外賣交易的聯繫率也更高。展望未來，我們將致力於提高客戶服務工單的自動化處理率，目前已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.

銷售和行銷費用佔調整後淨收入的比例從 28% 增至 30%，佔總預訂額的比例從 5.9% 增至 6.5%（與 2018 年第三季相比）。這一增長主要是由於消費者促銷活動增加，以及在第三季度裁員之前廣告和行銷支出增加所致。

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.

研發支出佔調整後淨收入的比例從14%降至13%，佔總訂單金額的比例從3%降至2.8%，主要原因是ATG費用成長放緩。我們預期長期來看，研發總支出將獲得槓桿效應。

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.

經調整淨收入的15%與去年同期持平，總預訂量的3.1%也與2018年第三季持平。由於上市公司基礎設施投資，其佔總收入的比例也與去年同期持平。我們預計，總收入的成長速度將遠低於總收入的成長速度。

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年第三季調整後EBITDA虧損總額為5.85億美元。由於團隊的出色執行，我們輕鬆超越了內部計劃。我們深知還有很多工作要做，並將繼續致力於平衡投資與獲利能力提升。

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.

現在我將詳細介紹我們的業務板塊。首先是出行服務板塊。旅遊服務總預訂額達1,28億美元，以固定匯率計算成長22%，主要得益於美國和拉丁美洲市場的強勁成長。行程服務調整後淨收入（ANR）達29億美元，以固定匯率計算成長24%，主要得益於美國市場動態的改善、拉丁美洲市場自2019年以來的穩定以及共享出行效率的提升。行程服務調整後EBITDA為6.31億美元，佔旅遊服務ANR的22%。無論從絕對金額或利潤率來看，這都創下了季度新高，利潤率（佔ANR的百分比）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.

2019年第三季度，以總預訂量排名的前五大出行服務國家的調整後EBITDA利潤率佔年度淨收入的比例在17%至62%之間。利潤率最高的國家並無任何結構性差異，不會阻礙其他國家在市場動態日趨有利的情況下達到同樣的水準。

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.

Eats 平台總預訂額達 37 億美元，以固定匯率計算成長 77%，主要得益於亞太地區以及美國和加拿大市場的成長。儘管部分核心都會地區的品類成長放緩，但亞太和美國及加拿大市場仍是我們最大的絕對美元成長驅動因素。 Eats 平台調整後淨收入 (ANR) 為 3.92 億美元，以固定匯率計算成長 109%，這主要得益於 2019 年第一季在美國推出的服務費結構帶來的持續收益。 Eats 平台調整後 EBITDA 虧損 3.16 億美元，分別佔 ANR 的 81% 和總預訂額的 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.

我們旗下近百個外送平台的調整後 EBITDA 利潤率為正。儘管如此，鑑於大量私人資本湧入線上外送領域，部分市場的競爭異常激烈。為了凸顯私人投資企業提供的推廣和激勵措施力度，我們外送平台約 15% 的總訂單額卻造成了超過一半的調整後 EBITDA 利潤損失。

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，這顯示我們願意退出投資報酬率低的市場。

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.

我們的貨運業務年均營收成長超過78%，但調整後EBITDA虧損8,100萬美元。儘管市場環境疲軟，貨運量仍成長超過100%，推動了貨運業務的成長。貨運業務在美國龐大的市佔率持續快速成長，同時提供卓越的服務，為與托運人建立長期合作關係奠定了基礎。

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.

我們的團隊不斷將以前需要大量電話溝通的任務自動化，以擴大我們的企業關係，並日益完善我們的自助式小型托運人平台，同時擴大我們在個人和車隊所有者中的承運商覆蓋範圍。

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「其他業務」板塊年淨收入為3,800萬美元，調整後EBITDA虧損7,200萬美元。 「其他業務」板塊主要包括我們的JUMP電動自行車和滑板車，仍然是一個強勁的消費者獲取管道。此外，我們也持續改善單位經濟效益。

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。根據本季的投資水平，近期對ATG的10億美元投資大約可以涵蓋8季的支出。豐田和電裝的首批工程師現已加入我們在匹茲堡的ATG團隊，這反映了豐田對此合作的承諾。我們也宣布，ATG將於11月初在達拉斯啟動手動測試和地圖繪製工作。

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，公司一般及行政費用和平台研發支出為6.23億美元，成長了24%，這部分支出代表了未分配到我們5個業務部門之一的一般及行政費用和研發支出。這部分支出包括支援整個平台的一般及行政和工程職能，涵蓋基礎設施支付、品牌和客戶支援技術。

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.

流動性方面，本季末我們持有約127億美元的非限制性現金及現金等價物，較上季增加10億美元。這項成長主要得益於對ATG投資所得的10億美元收益，以及9月完成的12億美元高級票據發行所得款項。

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.

現在我將結束我的指導和評論。我們將2019年總預訂量成長預期調整為以固定匯率計算成長35%至30%，即年增33%至35%，高於第二季電話會議所給予的年增31%至35%的預期。根據9月底的匯率，我們以固定匯率計算的成長相當於約640億美元至650億美元的已公佈總預訂量。

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年第四季財報電話會議上提供2020年全年業績指引。為了方便您進行建模，請注意我們主要使用的外幣包括巴西雷亞爾、英鎊、澳元、墨西哥比索、加幣、歐元、印度盧比和阿根廷比索。鑑於2019年第三季乘車服務收費率的快速提升，我們預計第四季不會出現典型的季節性因素導致收費率季減。

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.

由於各企業已籌集資金投資於此快速成長的品類，外送市場競爭將持續激烈。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將上升，我們預計該品類的佣金率將季減。

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.

我們預計調整後淨收入成長率將在第四季度繼續加速，接近 40%。對於 2019 年調整後 EBITDA，我們現在預計虧損 29 億美元至 28 億美元，較之前 30 億美元至 32 億美元的預期中位數改善了 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.

我們也提供補充指引。預計2019年第四季股票選擇權費用支出為2.5億美元至3億美元。預計2019年第四季基本及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.

在最終確定2020年計畫之際，我們仍將重點放在提升所有營運費用的效率。正如Dara所提到的，我們將繼續投資業務以實現長期營收成長，但我們的目標是在2021年全年實現完全合併的EBITDA獲利。我們將在第四季財報電話會議上確認2020年的業績指引。

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

那麼，接下來就進入提問環節。

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

（操作說明）你的第一個問題來自 Jason Helfstein 與 Oppenheimer 的對話。

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?

或許可以先問第一個問題，我不知道您是否方便就此發表評論，但顯然，關於此次禁售期有很多疑問。您能否透露一下您與股東就如何應對禁售期進行的討論？其次，從總預訂量來看，本季Eats業務的表現確實令人失望。您提到了競爭因素，但我們的確看到佣金率有所提高。那麼，您是否在調整Eats業務的淨收入與總預訂量之間的關係？

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.

傑森，我先回答第一個問題。我想說的是，我之前提到過，2019年第三季乘車率將快速提升。所以我想澄清一下。我們預計——或者說，我們預計，第四季度的季節性因素會導致一些環比下降。所以我想在此澄清一下。關於你的第一個問題，也就是禁售期，是的，確實有很多股票將在周三解禁。而且，你可以認為我們已經與許多股東進行了非常積極的溝通。我無法評論每個股東的具體行為。但我可以告訴你，我們與長期股東保持著非常良好且富有建設性的溝通。如你所知，有很多股東長期持有我們的股票，所以你可以預期他們的反應會比較理性。

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.

如您所知，我們有很多非常優秀的長期投資者買入了股票。而且，我們也與他們進行了非常有建設性的對話。顯然，市場上將會有大量的股票供應，我們無法預測最終結果。但您可以放心，我們已經採取了一切必要的措施，與大多數相關方進行必要的對話。

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。關於您提到的 Eats 的權衡取捨問題，我想說，投資和成長總是需要權衡取捨的。但從整體來看，Eats 的預訂量年增了 77%，平均每日收入 (ANR) 也比去年同期成長了 109%。根據我們自己的數據，儘管一些競爭對手在推特上發表了一些言論，但我們仍然是中國以外全球最大的外送平台。所以 Eats 的規模仍然非常可觀。我們會積極地在這個業務中權衡取捨。我們堅信 Eats 平台最終能夠達到的規模。但正如我們所說，我們會做出權衡。我們的目標是在我們進入的每個市場都佔據第一或第二的位置。如果我們無法達到這個目標，我們會考慮出售或退出該市場。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、我們的乘車業務和外賣業務協同合作獲取和留住客戶的能力，都將使我們比其他競爭對手更具優勢。

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.

所以我們會保持成長的穩健嗎？當然。我們在第三季確實加大了投入，Eats 也將在今年剩餘時間內繼續保持這種勢頭。但我們也看到了一些市場趨於理性的跡象，有些市場趨於理性和穩健的早期跡象。我們認為這對所有相關方來說都是一個正面因素。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

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?

我有兩個問題。第一個問題是關於2021年全年盈利能力的評論。我想請您簡要介紹一下，在您分析合併損益表以實現2021年盈利的過程中，您認為目前最大的槓桿來源是什麼？您如何看待Rides業務盈利能力的提升以及Eats業務在同期實現盈虧平衡的前景？另外，Dara，回到您之前關於Eats業務潛在合理化的問題。您能否提供一些信息，例如您觀察到的跡象，或者您在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.

所以我先講第一部分，然後Dara講第二部分。透過新的揭露，大家可以大致了解我們正在投資的五大板塊。是的，我們看到出行業務的市場持續改善。我們相信市場會繼續保持積極態勢，所以我認為你們會看到這方面進一步的提升。我們確實相信這一點——Dara會就外送業務的未來發展方向做一些評論。我想提醒大家，至少在接下來的幾個季度裡，我們仍然會看到大量資金流入這個板塊。但正如你們所知，我們在出差期間與投資者討論了出行業務的機會和發展潛力，認為它有望變得更加穩健。而且我們已經看到，在過去的幾個季度裡，它的改善速度非常快。所以我們認為，這方面已經有了明確的發展路線圖。

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、電動滑板車，還是貨運等其他領域，正如您所知，我們正在進行多項不同的投資，就像我們內部所說的那樣。隨著我們繼續前進並邁向2021年，我們預計會對這些投資進行一些合理化或優化。因此，我們目前仍處於規劃階段，但這無疑是我們未來的發展方向。

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。我認為就外送業務而言，一個令人鼓舞的跡像是我們的佣金率持續上升。我們認為，最終成熟的外送業務模式的佣金率將遠高於目前的水平。我們並不指望在第四季度短期內實現業務合理化，但我們認為所有這些市場都需要進行合理化。正如尼爾森所說，我認為出行業務的合理化速度遠超預期。就我們自身的業務模式而言，我們有許多可以掌控的因素，例如如何利用技術和自動化來提高單位利潤率，如何確保我們在營運層面實現規模化，控制管理費用和一般及行政費用，以及如何提高效率。我認為我們在第三季出行業務的 EBITDA 改善已經展現了部分成果。坦白說，我們認為無論是出行業務或外送業務，未來還有很長的路要走。我們已經制定了計劃，現在需要執行，但我們有信心能夠做到。

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年的獲利能力，我想澄清一點。您說的2021年的獲利能力是指全年、某個季度還是2021年某個時間點的獲利能力？另外，Nelson，考慮到您在第三季採取的成本削減措施，您能否量化一下您目前所取得的效率提升幅度？我們指的不是第三季的具體情況，而是這些效率提升措施對整個季度甚至全年的影響。您目前的成本削減幅度是否達到了預期？還有，關於2021年的獲利能力，您能否透露一下，在計算獲利能力時，公司需要達到怎樣的收入水平或規模才能實現這一目標？

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.

首先，希思，關於獲利能力，我想澄清一下。我們指的是全年完全合併後的獲利情況。至於實際的收益，這些收益實際上已經納入了我們的績效指引。如您所知，我們已經提高了全年的業績指引。當我們展望2021年的目標時，顯然，我們在考慮效率提升時也考慮到了這一點。您真正能從中受益的地方在於，我們將利用公司基礎設施的槓桿效應。公司一直在發展，而公司營運成本也在不斷增長，以跟上公司的發展步伐。正如我剛才提到的，第三季年增了24%。您會看到這些數字開始以更小的數字成長，並且成長勢頭將會持續。因此，您將開始感受到這種槓桿效應的好處。

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.

你們都聽Dara說過，保險成本以及類似的費用一直在改善，支付成本也是如此。所以我們會繼續努力，你們也聽我說過。我們認為沒有什麼靈丹妙藥。我們只是繼續每個季度都穩步前進。你們不會看到我們像其他公司一樣提列巨額保險費用。保險費用已計入我們的EBITDA，我們會繼續專注於執行。所以這並非什麼靈丹妙藥，也不是什麼X、Y或Z之類的神奇之舉。這只是我們持續執行計劃的結果。你們已經從出行業務以及Dara在事先準備好的發言稿中看到一些成效。正如Dara所提到的，我們也看到了外送業務未來的發展方向。

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.

希思，我再補充一點。我認為——這幾乎適用於所有方面。我們相信，我們可以大幅降低銷售成本佔收入的比例。我們也相信，我們可以降低行銷支出和激勵支出佔收入的比例，這既體現在市場理性化方面，也體現在我們的團隊在細分消費者群體、運用精準行銷於恰當時機觸達恰當人群方面變得更加高效。這家公司在如此長的時間裡，在如此多的國家/地區實現瞭如此快速的成長，以至於團隊一直未能充分把握其廣度並進行優化。現在，我們有團隊成員針對損益表中的每項具體項目進行深入研究，以確保我們能夠在優化和規模化的同時實現成長。我們已經在出行業務中做到了這一點。我們相信，未來會有更多好消息，我們也相信我們可以在外賣和其他業務中運用同樣的策略。所以，團隊的工作非常專注。這些都不是紙上談兵。前面還有執行的環節，但我們絕對相信我們能夠成功。

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

你的下一個問題來自美國銀行美林證券的賈斯汀波斯特。

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?

所以，MAPC和旅行方面的業績略低於華爾街的一些預期。這其中是否涉及資產剝離？或者你們是否縮減了一些激勵措施，也許你們對客戶品質更有信心了？能否談談這方面？另外，你們預計2021年的EBITDA將比華爾街的預期高出14億美元，這意味著虧損14億美元。展望未來幾年，這對你們的成長率意味著什麼？為了達到這樣的目標，你們是否需要犧牲一些成長？

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。就我們的出行成長而言，為了更清楚地說明問題，我們季度出行量成長了31%，達到18億次。這些都是規模龐大的數字。如果要指出我們在出行成長和獲利能力之間所做的權衡，我認為其中之一就是我們的共乘業務。之前，我們在共乘方面虧損嚴重，不得不大幅降價。我認為，產品和技術團隊現在更專注於提升共乘效率，開發像Express POOL這樣的新產品。 Express POOL是我們遙遙領先的產品，它允許乘客步行到目的地或選擇等候。還有像UberX這樣的產品，提供折扣，例如後進先出等等。所以，我們的重點是利用最先進的技術來降低價格，而不是只透過降價和降價來追求成長。開發這項技術更難，但我們認為，最終開發這項技術會讓我們比其他競爭對手擁有更深的競爭優勢，我們認為我們擁有最好的技術，而且我們的投資肯定比任何本地競爭對手都多得多。

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.

關於我們2021年的目標，目前這些只是目標，我們尚未給出2021年的正式業績指引。但我可以告訴大家，我們相信屆時我們將能夠實現非常強勁的營收和利潤成長。作為一家規模龐大的公司，我們總是會面臨一些權衡取捨，但我們已做好應對這些取捨的準備。我認為，這些艱難的權衡取捨其實對公司文化是有益的。因此，我們希望致力於最優秀的創意，而不僅僅是平庸的創意。

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

我們的下一個問題來自加拿大皇家銀行的馬克·馬哈尼。

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。請問兩個問題。關於旅遊業務在不同地區的合理化，有許多證據顯示北美地區正在發生這種情況。您認為其他地區市場在多大程度上也出現了這種合理化？另外，Dara，您能否談談旅遊和餐飲業務之間的協同效應，以及這種協同效應在多大程度上是商業模式所必需的？您目前觀察到的綜效有多大？任何相關數據都將很有幫助。

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。就合理化而言，我認為這是合理化和團隊執行力提升的結合。我們幾乎涉足所有市場。我們有兩三個、四、五個競爭對手。他們都在全力以赴，但事實是我們擁有最大的網路。我們擁有最好的品牌。我們擁有可以全球推廣的自主研發技術。而且我認為我們的團隊執行力更強了。我認為你提到的網路效應正在顯現。我認為一些競爭對手能夠透過金錢或資金投入來獲得優勢，這可能掩蓋了我們這種模式的部分網路效應。當資金投入實際營運時，你就能看出團隊的執行力如何。我認為我們的團隊執行得很好。所以我們在美國看到了合理化。我們看到世界各地都存在著許多競爭對手的行為，但我們能夠在競爭激烈的環境中有效執行。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.

至於旅遊和餐飲業務的協同效應，您現在就能在我們正在測試的出行應用程式上看到。當您打開我們正在測試的應用程式時，同時也會打開出行應用，這樣您就可以訂餐了。我們已經進行了一些推廣活動，例如與麥當勞等合作夥伴合作，讓麥當勞向我們的出行用戶推廣他們的品牌。我們的會員忠誠度計畫涵蓋旅遊和餐飲業務，在美國推出不到一年就擁有了1800萬會員。我們相信，我們的客戶獲取成本和留存率都優於競爭對手，這再次體現了平台整合的優勢。我們認為這一點需要一段時間才能得到驗證，但目前我們已經看到了非常積極的早期跡象。

Your next question is 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 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，我想分別談談外送和旅遊業務。您之前提到外送業務15%的業務造成了超過一半的EBITDA虧損，這很有幫助。您能否談談美國業務距離損益兩平還有多遠？我想了解整個業務的獲利模式是怎麼樣的？如果把澳洲放在一端，印度放在另一端，外送業務的獲利目標範圍有多大？再說說行業務，例如巴西，它從盈利轉為虧損，我們知道這是被競爭對手收購後投入了大量資金，但這種情況在其他出行市場是否普遍存在？您提到了前五大市場，以及17%到62%的利潤率。我想了解這些國家層級的EBITDA利潤率隨時間推移的穩定性如何？這很有幫助。

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，關於貢獻毛利率的問題，是的，差距確實很大，例如印度和澳洲之間有很大的差異。所以，你說得對。我認為在某些地區，差距更大——例如美國的一些地區，我們投資的這些地區EBITDA利潤率為正。所以，這更多的是因城市而異，而不是單純因國家而異。但是，是的，我認為你對差距的分析基本上正確。如你所知，第二季前五大城市的外送收入佔比在8%到16%之間。而且你可以看到，至少在第三季度，我們在這方面仍在持續改進。所以，這沒有什麼神奇之處。這在一定程度上取決於競爭情況。正如Dara所說，我們正在採取正確的措施，而且我們致力於在所有市場中保持第一或第二的位置。你會看到我們根據市場情況採取相應的行動，以達到或未能達到這個目標。所以我認為我們在韓國的做法也具有一定的參考價值。您想對這些遊樂設施發表一下看法嗎？

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。就我們的旅遊業務而言，正如我所說，競爭非常激烈。但我們在幾乎所有營運的大都會地區都實現了盈利。而且，我認為我們的旅遊業務的可預測性也越來越高。儘管每個市場都存在競爭加劇的情況。例如，我們看到競爭對手進入了倫敦市場。但是，我認為我們的團隊執行得更好了。如果你回顧兩三年前，在某些市場，我們是唯一的競爭對手。我認為現在不會再有這樣的市場了。競爭是常態，團隊會做出調整。我認為我們的團隊在這種新的、充滿挑戰的環境中，執行得比以前好得多。但我對目前利潤率的發展趨勢感到滿意。

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.

根據納爾遜的說法，當某些市場的調整後 EBITDA 佔比超過 60% 時，這為我們指明了未來的發展方向，當然，這並非適用於每個國家或每個大區。這表明，即使面臨激烈的競爭，該業務仍有很大的利潤提升空間。

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

你的下一個問題來自 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?

這裡有兩個問題。我不想老生常談，但您所說的2021年盈利，是指外賣業務到那時實現盈利，還是至少要達到收支平衡？還是僅僅是指市場環境有所改善？第二個問題，您能否談談您在紐約市的經驗，以及過去六個月左右的漲價之後，紐約市的成長情況？這或許可以作為AB5法案通過後可能出現情況的一個參考。

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.

所以，我們不想過於糾結於2021年。正如Dara所說，我們仍在研究和實施過程中。我想說的是，這並不意味著Eats必須在EBITDA利潤率方面實現盈利或損益平衡。我們先前的評論是基於Uber整體的合併數據，而這才是我們的目標。因此，我不想過多地討論每項指標的細節，但這並不意味著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。就我們在紐約市的成長而言，我們看到紐約市的消費者支付的價格顯著上漲。但從預訂量來看，業務確實在成長，只是價格上漲減緩了出行量的成長。不過，如果你看一下過去六個月的數據，紐約的出行量年增率仍然很高。我們確實看到，價格上漲影響了那些交通不便、對價格更敏感的社區。我們認為這對紐約來說不是好事，對這些社區來說更是如此。但紐約的例子表明，這項業務仍在持續成長，並且對周圍環境具有很強的適應能力。

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.

歸根究底，人們對交通出行有著巨大的需求，而我們也逐漸成為人們生活中不可或缺的一部分。此外，我們不斷增加地鐵等其他服務，這無疑會為人們使用我們的應用程式創造更多機會，無論他們是想乘坐優步、共乘，還是在許多情況下，想搭乘大眾運輸工具。

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

你的下一個問題來自瑪莎汗與匯豐銀行的合作計畫。

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?

我注意到你們推出了 Uber Money。能否談談你們對 Uber Money 的願景，比如說五年後的發展？它會是什麼樣子？你們是否打算進軍商家收單業務？第二個問題，能否談談本季印度市場對你們年度淨收入 (ANR) 的影響程度？

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——其實先回答第二個問題。我之前已經談到了外送業務方面受到的拖累。第三季外送業務的平均淨收入 (ANR) 為 10.7%，因此從數字上看，拖累幅度約為 0.4%。如果排除印度市場，這個數字會接近 11.1%。關於我們在「支付」方面的進展，負責我們「支付」團隊的 Peter Hazlehurst 在拉斯維加斯做了一場演講。我們目前真正關注的是提升我們平台上司機的收益機會。我想說的是，考慮到司機群體，確保他們能夠快速獲得報酬至關重要。對許多駕駛者來說——就像許多上班族一樣，他們通常每隔一週才能拿到一次工資，這或許還可以接受。但對於我們的許多司機來說，他們關心的是如何更快拿到報酬。因此，我們現在討論的許多舉措確實在幫助他們度過這個過程。

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.

我們很多司機都沒有銀行帳戶。因此，我們創建了 Uber 錢包，讓他們有機會擁有 Uber 借記卡，並開發一些工具，讓他們能夠每天或每次行程結束後獲得報酬。我們也提供其他一些工具，為他們提供一些便利。例如，如果他們需要 50 美元來加油，以便繼續開車，我們就會開發這些工具，真正是為了提升和幫助我們的司機夥伴。

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，我們顯然在業務拓展方面做了很多工作——從降低支付成本的角度來看。如您所知，我們也在探索各種不同的機會。但現在談論這些還為時過早，我們正在努力為司機打造一款優秀的產品。考慮到我們系統中資金的流動規模，我們認為這裡蘊藏著巨大的商機。我們認為，我們有機會真正幫助他們，讓他們立即獲得所需的現金，增強他們的購買力，並幫助他們節省開支，無論是汽油、服務還是其他方面——例如保險和其他我們可以利用購買力來節省的費用。這就是我們目前的狀況。當然，我們也在展望未來。現在談更多還為時過早。

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如此大規模即時發布收益的公司，這非常令人興奮，正如納爾遜所說。

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

下一個問題來自 Itay Michaeli 在花旗銀行的職位。

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?

我有兩個財務方面的問題。首先，Nelson，希望您能詳細解釋一下第四季EBITDA季比虧損的情況。根據您的指引，ANR（調整後淨利）似乎會從第三季開始擴大。能否請您解釋一下第四季虧損預期擴大的原因？其次，關於公司整體25%的長期調整後EBITDA利潤率目標，是否有任何變動？

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.

所以我們並沒有改變任何長期目標。正如Dara先前所提到的，我們將在第四季財報電話會議上更具體地討論2020年的業績指引。說到第四季度，是的，我們預計會比第三季末略有成長。考慮到市場環境，我們可能會在外送業務方面增加一些投資。此外，我們還在其他方面進行投資，您可能會看到我們全年投放的一些廣告在全年產生的影響。這些因素大致反映了我們第四季的業績特徵。我們業務的某些部分會受到季節性因素的影響，這會增加成本。通常情況下，第四季司機和快遞員的成本也會上漲。這些因素都包含在您對第四季業績的預測之中。

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.

所以我認為年比來看會相當不錯。但環比來看，可能會受到一些季節性因素的影響。不過，第四季年比數據將會非常強勁。

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

你的下一個問題來自德意志銀行的勞埃德‧沃姆斯利。

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，我想問兩個問題。首先，您能否詳細談談一些新興市場的進展？ Dara，我記得您在準備的演講稿中提到了德國、日本和阿根廷。但您能否更詳細地介紹哪些產品推動了這些市場的成長？另外，您認為未來一年左右還有哪些市場會迎來發展機會？其次，Dara，您一直致力於精簡公司部門，以提高公司的靈活性。我想知道這方面還有多少工作要做，以及您認為公司在提高效率方面目前的進展如何。

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。絕對的。就拿德國來說吧——就拿德國、日本和阿根廷來說。我們對德國市場非常樂觀。那裡的成長率非常顯著。在德國，我們出行業務的年增長率超過100%。我們也在德國推出了JUMP共享單車。某種程度上，歐洲是這場微出行革命的中心。我們看到JUMP在德國以及許多其他歐洲城市都獲得了令人難以置信的迴響。我們還有一個政府工作小組正在推動共享出行改革。而且，我們認為在德國，我們的出行方式更有效率、更環保。例如，德國的一些法律不允許我們共乘，這實在令人費解。我們相信，透過建設性的對話，並持續投入資源與德國立法者溝通，我們能夠實現對德國有利、對客戶有利，最終也將使Uber受益。

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，日本是一個非常有發展潛力的市場。它基本上是一個以出租車為主的市場。我認為，我們在日本的領先產品實際上是Uber Eats。我們在Uber Eats的品類地位逐年顯著提升。我們正大力拓展日本市場，尤其是在外送業務方面。我們認為日本可以成為全球最強勁的市場之一，我們完全有潛力成為市場第一，而且是真正意義上的戰略第一。我們正在日本市場積極耕耘。至於叫車業務，我們的年增長率超過60%，我們剛剛在福岡推出了服務，這是我們在日本的第十個計程車市場。這需要時間。在日本，發展總是需要時間，但我們在日本叫車領域正以正確的方式，建立正確的合作關係，穩步前進。

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.

阿根廷是我們成長最快的市場之一。不過，隨著政府更迭等因素，我們對未來的預期有所調整。我們希望與新的政策制定者保持溝通，繼續進行有效的對話，確保我們提供的服務能夠惠及我們營運所在的城市、乘客和司機，最重要的是，保障所有相關方的安全。到目前為止，阿根廷市場對我們持積極態度，我們將與新政府合作，確保我們被視為當地的積極合作夥伴。

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，我們一直與倫敦交通局 (TfL) 保持對話，並密切合作。此外，從全球範圍來看，監管框架總是會有起伏，但相關團隊一直在進行投資。我認為，世界各地越來越多的城市和國家逐漸意識到，優步對他們的國家和城市都有益處。

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.

至於在工作方式方面採取哪些具體舉措，聽著，我們公司發展非常迅速。在早期，最重要的因素是產品上市速度，誰能先搶佔市場，誰能最快規模化。因此，我們並沒有太多關注如何確保高效工作，如何確保團隊協作，以及如何減少可能不創造價值的重複工作。這在當時絕對是正確的優先事項。但我們的優先事項正在改變。現在，我們可以實現規模化成長，這種成長由技術驅動，並有望在2021年實現基於EBITDA的獲利。這是公司的重點。我認為這需要更多的協調，而這將使我們能夠自動化一些以前需要手動完成的任務，並消除那些不創造價值的重複工作。我們認為我們已經有了清晰的發展路線圖，並且非常有信心能夠實現營收和利潤的雙贏。

Your next question is 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·詹姆斯的系列文章。

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?

太好了。 Uber Rewards 的 2,000 萬用戶是個不錯的開始。我知道現在還處於早期階段，但您能否談談這些用戶與非會員在用戶參與度上有何不同？對您而言，為了實現獲利目標，培養更多忠誠度較高的用戶有多重要？忠誠度是實現獲利目標的關鍵因素之一。

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，我們已經從忠誠會員那裡看到了一些早期跡象，例如更高的參與度、更高的產品使用率以及更高的跨平台使用率。但我必須提醒大家，現在還處於非常早期的階段。我們剛推出忠誠度計劃，還有很多優化工作要做，例如如何優化客戶體驗，如何確保在用戶獲得福利時及時提醒他們。我認為我們在這方面還有很多可以改進的地方。此外，我們也要考慮如何鼓勵使用者在我們不同的服務之間進行跨平台使用。所以，我們認為未來的路還很長，我們現在還處於非常非常早期的階段。展望未來，我們認為，提升客戶參與度、加深客戶忠誠度以及提高客戶獲取成本和細分效率，絕對是獲利的關鍵。我們的團隊正在執行既定的計劃，我們有信心能夠取得理想的成果。

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

最後一個問題將來自 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.

關於外送業務，我還有一些後續問題。我想結合您之前提到的，外送訂單中約有15%的訂單虧損，我猜這部分虧損佔了總訂單量的一半。在這15%的訂單中，是否有任何市場的情況是，您並非排名第一或第二？所以我想知道，正如您所說，您是否有可能在某個時候退出其中一些市場。更廣泛地說，如果您並非排名第一或第二，或者在12到18個月內無法達到這一目標，您在電話會議中提到的唯一選擇是出售業務，但您能否談談如何積極主動地利用併購來改善您在這些特定市場的地位？

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，確實有一些市場我們目前並非第一或第二。是的，我們會考慮出售現有資產以及利用併購作為潛在的槓桿。我們會全力以赴，目前正在從資源配置的角度對所有業務進行大量工作。因此，團隊正在努力繪製資源配置圖，以便更好地進行資源分配。我們會逐步推進這項工作。正如您所說，這需要12到18個月的時間。我們會檢視所有可用的槓桿。我們的承諾是，如果我們認為能夠取勝或成為第一或第二，我們將全力以赴。如果我們認為無法取勝，我們將妥善管理資本，做出適當的選擇。我們一直在努力建立這個框架，團隊目前也正在為此努力。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.

你的下一個問題將出自約翰·布萊克利奇與考恩的淵源。

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.

好的。我只有兩個問題。關於AB5法案，我很好奇，您預計它會對2020年產生什麼影響嗎？我知道這項提案將在11月進行投票表決。我只是好奇它會帶來哪些影響，以及更長遠的後果。第二個問題，關於最近Cornershop的收購案，您認為它對生鮮配送的推動作用和潛力是什麼？

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，關於AB5法案，自從Dynamex案判決以來，我們在加州已經遵守這項法律一年半了。在麻薩諸塞州、新澤西州和康乃狄克州，我們一直都像ABC測試一樣，在AB5法案下運作。這些市場對我們來說都非常重要。我們知道像紐約州和華盛頓州這樣的州已經表示希望推動零工經濟從業者的權益保護，我們很樂意與他們合作，尋求與我們提交的公投提案類似的解決方案。我們的提案涵蓋了權益保護、代表權和薪酬標準等內容。我們並不害怕這些對話。同時，如果這些對話最終失敗，我們也不會害怕捍衛我們的模式。我希望美國政界人士願意與我們的產業和合作夥伴攜手，共同探索雙贏的進步新模式，坦白說，這種模式在歐洲已經初見成效。但如果他們不這樣做，我們將繼續積極捍衛我們司機靈活工作的權利。這始終是我們司機重視我們平台的首要原因。我們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捍衛這種靈活性，並盡可能提供私人福利來改善他們的生活。因此，這需要對話。我們樂於進行對話。無論如何，我們相信我們的模式將會蓬勃發展。

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，我們認為雜貨是使用頻率非常高的場景，而且平均每筆訂單的金額也相當大。我們對 Cornershop 團隊印象深刻。正如您所料，我們會與業內以及相關領域的每個人會面，而這個團隊在資金相當有限的情況下打造出如此出色的產品，著實讓我們驚嘆不已。因此，我們看到的機會在於，他們擁有一個經過長期高度優化的產品，而我們可以將這款產品透過我們的銷售管道推廣出去。我們可以將它展示給我們的客戶，而且我們已經看到了這一點。當我們把 Eats 產品推廣給我們的 Rides 用戶時，效果顯著。當我們把公共交通產品推廣給我們的 Rides 使用者時，效果也很好。我們對雜貨產品也採取了同樣的策略。我們認為，對於 Cornershop，我們將首先在拉丁美洲進行試點，以確保其有效性。顯然，我們在拉丁美洲擁有非常重要的地位。我們將把 Cornershop 的雜貨產品以及其他產品推廣給我們在拉丁美洲的 Eats 用戶和 Rides 用戶。如果效果不錯（我們對此非常有信心），我們會考慮擴大規模。但首先，我們會先在拉丁美洲市場試水，因為Cornershop在該領域擁有豐富的經驗。這相當於將優秀的產品推向一個龐大的用戶群，而這個群體已經習慣了支付、身份驗證等所有環節。這樣一來，就能消除許多競爭對手面臨的諸多障礙​​。所以我們非常興奮。這是一個很棒的團隊，我們非常期待他們加入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.

那麼，感謝各位參加本次電話會議。我認為第三季再次有力地證明了優步團隊的執行力。我們對2021年合併EBITDA獲利目標感到非常興奮。我們希望已經向大家證明，我們不僅能夠實現營收成長，而且能夠以嚴謹的態度實現營收成長。這一切都離不開我們全球全體員工的辛勤付出，以及我們合作的城市、司機等各方的鼎力支持。沒有他們的付出，這一切都無法實現。我們相信我們正走在正確的道路上，並感謝大家對本次電話會議的關注。希望以後有機會與大家進一步交流。謝謝。

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

謝謝。女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。