優步 (UBER) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Uber Technologies, Inc.

女士們，先生們，感謝您的支持，歡迎來到 Uber Technologies, Inc.

Fourth Quarter 2019 Earnings Conference Call.

2019 年第四季度收益電話會議。

(Operator Instructions) After the speaker's presentation, there will be a question-and-answer session.

（操作員說明）演講者演講結束後，將進行問答環節。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your first speaker today, Emily Reuter, Investor Relations.

我現在想將會議交給您今天的第一位發言人，投資者關係部的 Emily Reuter。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線員。

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

感謝您今天加入我們，並歡迎參加 Uber Technologies 的 2019 年第四季度收益報告。

On the call today, we have Dara Khosrowshahi and Nelson Chai.

在今天的電話會議上，我們有 Dara Khosrowshahi 和 Nelson Chai。

We also have Kent Schofield, and this is Emily Reuter from the Investor Relations team.

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.

在今天的電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com.

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

Please note that we have also posted our 2020 investor presentation on our Investor page.

請注意，我們還在我們的投資者頁面上發布了 2020 年投資者演示文稿。

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

我會提醒您，這些數字未經審計，可能會發生變化。

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

本演示文稿和本次電話會議中的某些陳述可能被視為前瞻性陳述。

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

此類陳述可以通過相信、預期、打算和可能等術語來識別。

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

您不應過分依賴前瞻性陳述。

Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today.

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

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties included in the 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 third quarter Form 10-Q that was filed on November 5, 2019.

有關可能導致實際結果與前瞻性陳述產生重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及標題風險因素和管理層對財務的討論和分析部分中包含的風險和不確定性我們於 2019 年 5 月 13 日向 SEC 提交的與 IPO 相關的招股說明書以及我們於 2019 年 11 月 5 日提交的第三季度 10-Q 表格中的經營狀況和結果。

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

在今天準備好的發言之後，我們將開始提問。

For the remainder of the discussion, all growth rates reflect year-over-year growth, unless otherwise noted.

對於討論的其餘部分，除非另有說明，否則所有增長率都反映了同比增長。

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 us today.

謝謝，艾米麗，謝謝大家今天加入我們。

2019 was a major milestone year for Uber.

2019 年是 Uber 具有里程碑意義的一年。

We achieved $65 billion in gross bookings, up 35%.

我們實現了 650 億美元的總預訂量，增長了 35%。

We crossed the 100 million mark for MAPCs, reaching 111 million in the fourth quarter.

我們的 MAPC 突破了 1 億大關，在第四季度達到了 1.11 億。

And we increased the number of consumers using both Rides and Eats by 68%.

我們同時使用 Rides 和 Eats 的消費者數量增加了 68%。

We grew adjusted net revenue 28% to $13 billion, with growth accelerating from 18% in Q1 to 43% in Q4.

我們調整後的淨收入增長 28% 至 130 億美元，增長從第一季度的 18% 加速至第四季度的 43%。

We improved totally quarterly adjusted EBITDA by over $200 million year-over-year or by 14 percentage points as a percentage of adjusted net revenue.

我們的季度調整後 EBITDA 同比增長超過 2 億美元，佔調整後淨收入的百分比提高了 14 個百分點。

In 2020, we expect to see adjusted EBITDA losses to continue to decline.

2020年，我們預計調整後的EBITDA虧損將繼續下降。

To me, these results are a validation of the strategy we set in 2019.

對我來說，這些結果是對我們在 2019 年制定的戰略的驗證。

We'll continue to relentlessly execute our plans for each of our businesses in 2020.

2020 年，我們將繼續堅持不懈地執行我們每項業務的計劃。

In Rides, we generated $742 million in Rides adjusted EBITDA in the fourth quarter, covering our corporate overhead by $98 million.

在 Rides，我們在第四季度產生了 7.42 億美元的 Rides 調整後 EBITDA，為我們的公司管理費用支付了 9800 萬美元。

We exited 2019 at a $3 billion run rate for Rides adjusted EBITDA, with ANR growth continuing to accelerate in Q4.

我們以 30 億美元的 Rides 調整後 EBITDA 運行率退出 2019 年，第四季度 ANR 增長繼續加速。

We grew gross bookings in our high priority markets, Argentina, Germany, Italy, Japan, South Korea and Spain, by 4x the rate of overall Rides GB growth.

我們在阿根廷、德國、意大利、日本、韓國和西班牙等高優先市場的總預訂量增長了 4 倍於 Rides GB 的整體增長率。

We expanded our set of products serving high-value consumers and use cases, including the launch of Uber Comfort, which drove premium rides growth of 55% in Q4; and Uber for Business, which achieved $1.2 billion in gross bookings in Q4.

我們擴展了服務於高價值消費者和用例的產品系列，包括推出 Uber Comfort，推動第四季度的高端乘車增長 55%；以及 Uber for Business，其在第四季度的總預訂量達到了 12 億美元。

We also continue pursuing low-cost products such as 2- and 3-wheelers and are using our superior matching capabilities and data models to drive more efficient shared rides products.

我們還繼續追求低成本產品，例如 2 輪和 3 輪車，並利用我們卓越的匹配能力和數據模型來推動更高效的共享乘車產品。

In Eats, we steadily delivered on our strategy to be #1 or #2 in every market by leaning into our investment in some countries and exiting others.

在 Eats 中，我們通過在某些國家/地區進行投資並退出其他國家/地區，穩步實施我們在每個市場中成為第一或第二的戰略。

We grew gross bookings by over 70% and are now in first or second position in well over half of our countries reflecting the significant majority of our gross bookings, including the U.S., U.K., France, Mexico and Japan.

我們的總預訂量增長了 70% 以上，現在在我們超過一半的國家/地區排名第一或第二，這反映了我們佔總預訂量的絕大部分，包括美國、英國、法國、墨西哥和日本。

The divestiture of our Eats business in India and our exit from Eats in South Korea are recent examples of our strategic discipline.

剝離我們在印度的 Eats 業務以及我們退出韓國的 Eats 是我們戰略紀律的最新例子。

We also saw promising results in the U.S., our largest Eats market.

我們還在我們最大的 Eats 市場美國看到了可喜的成果。

We grew our U.S. Eats business 44% to $1.7 billion in GBs and maintained a strong #2 position.

我們的美國外賣業務增長了 44%，達到 17 億美元（GB），並保持了強勁的第二位。

At the same time, we increased our U.S. take rate 500 basis points year-over-year to the mid-teens despite a competitive environment.

與此同時，儘管環境競爭激烈，但我們將美國的利率同比提高了 500 個基點至十幾歲。

In 2020, we'll continue to follow the Rides playbook, focusing on turning the dial towards healthy growth, market leadership and margin expansion, significantly curtailing losses throughout the year with Q4 2019 and Q1 2020 reflecting peak investment for our Eats business.

2020 年，我們將繼續遵循 Rides 手冊，專注於將錶盤轉向健康增長、市場領導地位和利潤率擴張，並在 2019 年第四季度和 2020 年第一季度大幅減少全年虧損，這反映了我們 Eats 業務的投資高峰。

In our Freight and Other Bets segments, we're focused on responsible expansion with a heavy focus on unit economics.

在我們的貨運和其他投注領域，我們專注於負責任的擴張，重點關注單位經濟。

We'll continue to be thoughtful and disciplined in allocating capital by weighing growth, ROI and the impact on total company profitability to determine the appropriate investment in each of these segments.

我們將繼續通過權衡增長、投資回報率和對公司總體盈利能力的影響來確定對這些細分市場的適當投資，從而在分配資本時保持深思熟慮和自律。

In our Advanced Technologies Group, having completed $1 billion in funding, we expanded mapping and data collection efforts to 5 cities and continue to make progress towards an autonomous future with plans to expand our on-road testing of cars in autonomous mode with a vehicle operator present in select cities.

在我們的先進技術集團中，已經完成了 10 億美元的融資，我們將地圖繪製和數據收集工作擴展到了 5 個城市，並繼續朝著自動駕駛的未來取得進展，併計劃擴大與車輛運營商一起在自動駕駛模式下對汽車的道路測試出現在部分城市。

Just this week, we were issued a permit which gives us the ability to resume testing in California.

就在本週，我們獲得了許可證，使我們能夠在加利福尼亞恢復測試。

In 2020, we'll continue to drive our road map for ATG through the hard work of our dedicated employees, Pittsburgh, San Francisco, Denver and Toronto, alongside the support from our investors and partners such as Toyota and DENSO.

2020 年，我們將在匹茲堡、舊金山、丹佛和多倫多的敬業員工的辛勤工作以及豐田和電裝等投資者和合作夥伴的支持下，繼續推動 ATG 的路線圖。

I also want to touch on the regulatory environment.

我還想談談監管環境。

We're a boots on the ground business with a physical presence in every market in which we operate.

我們是一家腳踏實地的企業，在我們經營的每個市場都有實體存在。

Regulation has been and always will be a constant for us.

對我們來說，監管一直是並將永遠是不變的。

And while our dialogue with regulators is ongoing as it should be, we have, by and large, moved away from the question of whether ridesharing should exist to more nuanced questions around taxes, fees and driver status.

雖然我們與監管機構的對話仍在進行中，但總的來說，我們已經從拼車是否應該存在的問題轉向稅收、費用和司機身份等更細微的問題。

We've achieved significant wins this year, including the successful lawsuit against the cruising cap in New York, expansion into several additional states in Mexico, movement on reform in Korea, continued growth in Japan and Germany, and just yesterday, a positive ruling on employment classification from Brazil's highest labor court.

今年我們取得了重大勝利，包括在紐約成功提起針對巡航上限的訴訟、擴展到墨西哥的其他幾個州、韓國的改革運動、日本和德國的持續增長，以及就在昨天，一項積極的裁決巴西最高勞工法院的就業分類。

We firmly believe we share many of the same goals of the cities in which we operate.

我們堅信，我們與我們經營所在的城市有許多相同的目標。

That's why we'll continue to work in a positive, collaborative manner while, at the same time, defending the interest of drivers, riders and others who rely on the Uber platform.

這就是為什麼我們將繼續以積極、協作的方式開展工作，同時捍衛依賴 Uber 平台的司機、乘客和其他人的利益。

Lastly, we believe that a more disciplined capital environment will be favorable for our business going forward, but we aren't just sitting here hoping for a better environment.

最後，我們相信更加規範的資本環境將有利於我們的業務向前發展，但我們不只是坐在這里希望有一個更好的環境。

We're making proactive changes to achieve significant cost leverage for both Rides and Eats through a focused operating playbook, including: improve machine learning algos and further automation and targeting of our incentive and online marketing spend; stronger tracking and focus for our offline marketing campaigns; the reduction of defect rates and improved self-service tools to improve customer sentiment as well as contact ratios; continued improvement in payment costs; improve matching, routing, pricing algos to increase our marketplace efficiency, allowing our drivers to earn more per active hour; and tech-enabled automation as well as good old-fashioned cost control to leverage our operational cost structure across the board.

我們正在做出積極的改變，以通過專注的運營手冊為 Rides 和 Eats 實現顯著的成本槓桿，包括：改進機器學習算法以及進一步自動化和定位我們的激勵和在線營銷支出；加強對線下營銷活動的跟踪和關注；降低缺陷率並改進自助服務工具，以改善客戶情緒和聯繫率；支付成本持續改善；改進匹配、路由、定價算法，以提高我們的市場效率，讓我們的司機每活躍小時賺取更多；和技術支持的自動化以及良好的老式成本控制，以全面利用我們的運營成本結構。

With many of the onetime changes from 2019 behind us, we're excited to sharpen our focus on execution to grow our business at massive scale, innovate faster than anyone else, improve margins considerably, allocate our capital effectively and efficiently and do the right thing for all of our constituencies, ultimately driving to excellent revenue growth and profitability.

隨著 2019 年的許多一次性變化已經過去，我們很高興能夠更加專注於執行，以大規模發展我們的業務，比其他任何人都更快地進行創新，大幅提高利潤率，有效和高效地分配我們的資本並做正確的事對於我們所有的選區，最終推動實現出色的收入增長和盈利能力。

Our progress in 2019 and our 2020 plans gives me the confidence to challenge our teams to accelerate our EBITDA profitability target from full year 2021 to Q4 2020.

我們在 2019 年的進展和 2020 年的計劃讓我有信心挑戰我們的團隊，以將我們的 EBITDA 盈利目標從 2021 年全年加速到 2020 年第四季度。

It's important to emphasize that we plan to achieve this profitability target assuming only modest improvements in the current competitive environment and without the assumption of any significant changes to our current portfolio of businesses.

重要的是要強調，我們計劃實現這一盈利目標，假設當前競爭環境僅適度改善，並且不假設我們當前的業務組合發生任何重大變化。

Further, long term, we remain confident about achieving our overall company adjusted EBITDA margin of 25%.

此外，從長期來看，我們仍然有信心實現公司整體調整後 EBITDA 利潤率 25%。

Specifically, we expect Rides to deliver adjusted EBITDA margin of 45% with a 25% take rate, and our Eats business to deliver adjusted EBITDA margin of 30% with a 15% take rate.

具體來說，我們預計 Rides 將實現 45% 的調整後 EBITDA 利潤率，採用率為 25%，我們的 Eats 業務將實現調整後的 EBITDA 利潤率為 30%，採用率為 15%。

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。

Now on to our GAAP results for Q4 2019.

現在來看我們 2019 年第四季度的 GAAP 結果。

Our GAAP revenue of $4.1 billion was up 37%.

我們 41 億美元的 GAAP 收入增長了 37%。

GAAP cost of revenues, excluding D&A, of $1.9 billion decreased to 47% from 54% of revenues in Q4 2018.

GAAP 收入成本（不包括 D&A）為 19 億美元，從 2018 年第四季度佔收入的 54% 降至 47%。

GAAP EPS was a loss of $0.64 and compares to a loss of $1.97 in Q4 of 2018.

GAAP EPS 虧損 0.64 美元，而 2018 年第四季度虧損 1.97 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.

在電話會議的其餘部分，除非另有說明，否則我將討論關鍵運營指標以及非公認會計原則財務指標，不包括基於股票的薪酬等備考調整。

Our total company global trips of 1.9 billion grew 28%.

我們公司的全球旅行總數為 19 億次，增長了 28%。

Global trips were driven primarily by growth in Eats and international Rides, particularly in Latin America.

全球旅行主要是由餐飲和國際遊樂設施的增長推動的，尤其是在拉丁美洲。

Monthly active platform consumers were 111 million, up 22% year-over-year or 8% quarter-over-quarter.

月度活躍平台消費者為 1.11 億，同比增長 22%，環比增長 8%。

Our rewards program reached over 25 million members across U.S., Latin America and Australia.

我們的獎勵計劃覆蓋了美國、拉丁美洲和澳大利亞的超過 2500 萬會員。

Total company gross bookings of $18.1 billion, growing 28% or 30% on a constant currency basis.

公司總預訂額為 181 億美元，按固定匯率計算增長 28% 或 30%。

Adjusted net revenue, or ANR, was $3.7 billion, up 43% on a constant currency basis.

調整後的淨收入（ANR）為 37 億美元，按固定匯率計算增長 43%。

Our ANR take rate was 20.6% of gross bookings, up 190 basis points year-over-year.

我們的 ANR 接受率為總預訂量的 20.6%，同比增長 190 個基點。

Non-GAAP cost of revenue, excluding D&A, decreased to 43% from 50% of ANR.

不包括 D&A 的非 GAAP 收入成本從 ANR 的 50% 降至 43%。

Insurance and payments as a percentage of ANR improved quarter-over-quarter and year-over-year.

保險和支付佔 ANR 的百分比環比和同比均有所改善。

Turning now to non-GAAP operating expense.

現在轉向非公認會計原則的運營費用。

Operations and support decreased year-over-year to 13% from 15% of adjusted net revenue, reflecting continued Rides support efficiency improvements, offset by a mix shift to Eats transactions, which we're seeking to automate further.

運營和支持從調整後淨收入的 15% 同比下降至 13%，這反映了持續的 Rides 支持效率提高，但被我們正在尋求進一步自動化的 Eats 交易的混合轉變所抵消。

Sales and marketing decreased to 33% from 35% of adjusted net revenue versus Q4 of 2018.

與 2018 年第四季度相比，銷售和營銷佔調整後淨收入的 35% 下降至 33%。

This decrease is primarily due to optimization in performance marketing spend, partially offset by an increase in promotion spend, primarily related to Uber Eats.

這一下降主要是由於績效營銷支出的優化，部分被促銷支出的增加所抵消，主要與 Uber Eats 相關。

R&D decreased to 13% from 14% of ANR in Q4 2018 and G&A decreased to 15% from 18% of ANR versus the year ago quarter.

研發從 2018 年第四季度佔 ANR 的 14% 下降到 13%，與去年同期相比，G&A 從占 ANR 的 18% 下降到 15%。

Quarter-over-quarter, our spend increased slightly due to elevated professional services spend we expect to gain leverage across 2020.

由於我們預計在 2020 年將獲得槓桿作用，專業服務支出增加，因此我們的支出環比略有增加。

Our Q4 2019 total company adjusted EBITDA loss was $615 million.

我們 2019 年第四季度的公司調整後 EBITDA 總虧損為 6.15 億美元。

Q4 and Q1, as I had mentioned on earlier calls, reflect the peak of our investment in Eats, and we expect total company adjusted EBITDA loss to shrink starting in Q2.

正如我在之前的電話會議中提到的那樣，第四季度和第一季度反映了我們對 Eats 的投資高峰，我們預計公司調整後的 EBITDA 總虧損將從第二季度開始縮小。

Now I'll provide additional detail on our segments.

現在，我將提供有關我們細分市場的更多詳細信息。

First on Rides.

首先是遊樂設施。

Rides gross bookings of $13.5 billion grew 20% on a constant currency basis, led by the U.S. and Latin America.

按固定匯率計算，遊樂設施總預訂量為 135 億美元，增長 20%，其中美國和拉丁美洲居首。

Rides ANR of $3 billion grew 32% on a constant currency basis, driven by continued favorable market dynamics in the U.S., stability in Latin America since the beginning of 2019 and increased focus on shared rides efficiency.

受美國持續有利的市場動態、拉丁美洲自 2019 年初以來的穩定以及對共享乘車效率的日益關注的推動，乘車 ANR 為 30 億美元，按固定匯率計算增長了 32%。

Rides adjusted EBITDA was $742 million or 24.4% of Rides ANR.

Rides 調整後的 EBITDA 為 7.42 億美元，佔 Rides ANR 的 24.4%。

This represented a quarterly record on an absolute dollars and margin basis with a 240 basis point improvement quarter-over-quarter as a percentage of ANR.

這代表了以絕對美元和利潤率為基礎的季度記錄，環比提高了 240 個基點，佔 ANR 的百分比。

Eats gross bookings of $4.4 billion grew 73% on a constant currency basis, driven by continued trip growth in both the U.S. and international markets, combined with higher average gross bookings per trip.

在美國和國際市場的持續旅行增長以及每次旅行的平均總預訂量增加的推動下，Eats 的總預訂量為 44 億美元，按固定匯率計算增長了 73%。

We maintained a strong #2 position in the U.S. for the third straight quarter, only 4 years from our market entry, with Eats gross bookings in the U.S. of $1.7 billion growing 44% year-over-year.

我們連續第三個季度在美國保持強勁的第二位，距我們進入市場僅 4 年，Eats 在美國的總預訂量為 17 億美元，同比增長 44%。

Eats ANR was $415 million, up 154% on a constant currency basis due to pricing changes in the U.S., coupled with benefits from lower courier costs in the second half of the year.

Eats ANR 為 4.15 億美元，按固定匯率計算增長 154%，原因是美國的定價變化，以及下半年快遞成本降低帶來的好處。

Excluding Eats India, which we divested to Zomato in January of this year, Eats take rate was 10.1% for the quarter.

不包括我們在今年 1 月剝離給 Zomato 的 Eats India，該季度的 Eats 採用率為 10.1%。

Eats adjusted EBITDA was a loss of $461 million or negative 111% of ANR.

Eats 調整後的 EBITDA 虧損 4.61 億美元或 ANR 的負 111%。

Excluding Eats India, Eats adjusted EBITDA would have been a loss of $418 million.

不包括 Eats India，Eats 調整後的 EBITDA 將虧損 4.18 億美元。

Eats take rate declined sequentially, consistent with our outlook, driven by seasonal cost increases as well as our investments in competitive markets to strengthen and grow our leading position.

受季節性成本增加以及我們在競爭激烈的市場投資以加強和發展我們的領先地位的推動，外賣率連續下降，與我們的展望一致。

On Freight, we grew ANR over 75% and adjusted EBITDA was a loss of $55 million.

在貨運方面，我們的 ANR 增長超過 75%，調整後的 EBITDA 虧損 5500 萬美元。

Freight growth was driven by volume growth of 89%, offsetting lower pricing from market tightening.

貨運增長是由 89% 的貨運量增長推動的，抵消了市場緊縮導致的價格下降。

Our Freight business continued to expand its offerings to carriers, including in-app bundles, which allowed carriers to book multiple loads at once, thereby reducing empty miles versus non-Uber Freight matched bundles.

我們的貨運業務繼續向運營商擴展其產品，包括應用內捆綁包，它允許運營商一次預訂多件貨物，從而與非優步貨運匹配的捆綁包相比，減少了空里程。

Our Other Bets segment had ANR of $35 million and an adjusted EBITDA loss of $67 million.

我們的其他投注部門的 ANR 為 3500 萬美元，調整後的 EBITDA 虧損為 6700 萬美元。

Q4 represents a seasonal trough for bikes and scooter business due to weather.

由於天氣原因，第四季度是自行車和踏板車業務的季節性低谷。

We continue to focus on building a sustainable and scalable business that serves as an important acquisition and engagement channel for our core transportation consumers.

我們將繼續專注於建立可持續和可擴展的業務，作為我們核心運輸消費者的重要收購和參與渠道。

JUMP won permits to expand in key markets such as Washington, D.C. and 4 markets across Australia and New Zealand.

JUMP 獲得了在華盛頓特區等主要市場以及澳大利亞和新西蘭的 4 個市場進行擴張的許可。

Our permit win in D.C. will make us the largest combined dockless fleet operator in the city across bikes and scooters.

我們在華盛頓特區獲得的許可證將使我們成為該市最大的自行車和踏板車聯合無碼頭車隊運營商。

ATG adjusted EBITDA was a loss of $130 million.

ATG 調整後的 EBITDA 虧損 1.3 億美元。

And in Q4 2019, the corporate G&A and platform R&D of $644 million, which represents the G&A and R&D not allocated to 1 of our 5 segments, increased 13%.

而在 2019 年第四季度，6.44 億美元的企業 G&A 和平台研發（即未分配給我們 5 個部門中的 1 個部門的 G&A 和研發）增長了 13%。

In terms of liquidity, we ended the quarter with approximately $11.3 billion in cash and cash equivalents and short-term investments.

在流動性方面，我們在本季度末擁有約 113 億美元的現金和現金等價物以及短期投資。

Across a number of our businesses, we use M&A as an important strategic tool and most notably with our acquisition of Careem.

在我們的許多業務中，我們將併購作為重要的戰略工具，最引人注目的是我們對 Careem 的收購。

We also announced the acquisition of a majority stake in Cornershop to bring grocery delivery to millions of consumers on the Uber platform beginning in Latin America.

我們還宣布收購 Cornershop 的多數股權，以便從拉丁美洲開始，在 Uber 平台上為數百萬消費者提供雜貨配送服務。

This transaction is expected to close in Q2 2020, subject to regulatory approval.

該交易預計將於 2020 年第二季度完成，但需獲得監管部門的批准。

We will continue to explore ways in which M&A can accelerate or derisk our path to profitability.

我們將繼續探索併購可以加速或消除我們盈利之路的方式。

Now I'll wrap up by providing guidance and some relative context.

現在我將通過提供指導和一些相關背景來結束。

We remain committed to delivering profitable growth for all of our stakeholders, both investing for long-term growth and expansion while ensuring discipline with our capital allocation strategy.

我們仍然致力於為所有利益相關者實現盈利增長，既投資於長期增長和擴張，同時確保我們的資本分配戰略的紀律。

In the second half of 2019, we began the process of streamlining our footprint with a single-minded focus on profitable, global leadership in our core businesses.

2019 年下半年，我們開始精簡我們的足跡，一心一意地專注於我們核心業務的盈利性和全球領先地位。

Most notably, we rationalized our shared rides product.

最值得注意的是，我們合理化了我們的共享遊樂設施產品。

And in Eats, we exited 2 significant markets with elevated losses.

在 Eats 中，我們退出了兩個虧損較大的重要市場。

While we've already started demonstrating strong profitability improvements, we view 2020 as a truly transformational year, beyond which we believe we will emerge with stabilized gross bookings and revenue growth, continued focus on leveraging our cost base and positive EBITDA.

雖然我們已經開始展示強勁的盈利能力改善，但我們認為 2020 年是真正轉型的一年，我們相信在此之後，我們將實現穩定的總預訂量和收入增長，繼續專注於利用我們的成本基礎和積極的 EBITDA。

Importantly, as we continue to eliminate bookings that are essentially empty calories in 2020, we expect to expand take rates and EBITDA margins, resulting in slightly lower gross bookings growth.

重要的是，隨著我們在 2020 年繼續消除本質上是空卡路里的預訂，我們預計將擴大收取率和 EBITDA 利潤率，從而導致總預訂增長略有下降。

With that context in mind, we expect 2020 reported gross bookings of $75 billion to $80 billion, reflecting constant currency growth of 17% to 25% and reported growth of 15% to 23% with an FX headwind of roughly 150 basis points.

考慮到這一背景，我們預計 2020 年報告的總預訂量為 750 億美元至 800 億美元，反映了 17% 至 25% 的恆定貨幣增長和 15% 至 23% 的增長，外匯逆風約為 150 個基點。

This outlook includes the modest positive impact from our acquisition of Careem and modest negative impact from our Eats divestiture in India.

這一前景包括我們收購 Careem 帶來的適度積極影響和我們在印度剝離 Eats 帶來的適度負面影響。

Further, while Q1 is typically our slowest sequential quarter growth, we expect gross bookings to modestly decline sequentially in Q1 2020, primarily driven by year-over-year declines in the shared rides product and the divestiture mentioned earlier.

此外，雖然第一季度通常是我們環比增長最慢的季度，但我們預計 2020 年第一季度的總預訂量將環比小幅下降，這主要是由於共享遊樂設施產品的同比下降和前面提到的剝離。

Starting in 2020, in the spirit of further improving transparency, we will be providing ANR outlook as well.

從 2020 年開始，本著進一步提高透明度的精神，我們也將提供 ANR 展望。

We believe this disclosure should allow investors visibility into the top line metric that our business leaders are measured against internally.

我們認為，這一披露應該讓投資者能夠了解我們的業務領導者在內部衡量的頂級指標。

We expect adjusted net revenue of $16 billion to $17 billion in 2020, reflecting constant currency growth of 26% to 34% and reported growth of 24% to 32%.

我們預計 2020 年調整後的淨收入為 160 億美元至 170 億美元，反映了 26% 至 34% 的固定匯率增長和 24% 至 32% 的報告增長。

Our ANR outlook implies a take rate improvement of roughly 150 basis points year-on-year.

我們的 ANR 前景意味著利率同比提高約 150 個基點。

We expect Q1 take rates to be relatively in line with the Q4 take rate, consistent with our normal seasonal trends.

我們預計第一季度的收取率將與第四季度的收取率相對一致，與我們正常的季節性趨勢一致。

For 2020 adjusted EBITDA, we expect a loss of $1.45 billion to $1.25 billion.

對於 2020 年調整後的 EBITDA，我們預計虧損 14.5 億美元至 12.5 億美元。

Further, we expect Q1 EBITDA loss to be similar to Q4 2019 levels with similar investment levels in Eats.

此外，我們預計第一季度 EBITDA 損失將與 2019 年第四季度的水平相似，而 Eats 的投資水平也相似。

Beyond Q1, we are expecting a meaningful improvement in profitability throughout the year, including in Uber Eats.

在第一季度之後，我們預計全年盈利能力將顯著提高，包括 Uber Eats。

As Dara stated, based on our visibility into 2020 trends, we are pulling forward our profitability expectations and now plan to end 2020 with Q4 marking our first EBITDA positive quarter.

正如 Dara 所說，基於我們對 2020 年趨勢的了解，我們正在推進我們的盈利預期，現在計劃到 2020 年結束，第四季度標誌著我們的第一個 EBITDA 正數季度。

We recognize the significant work remaining to get to this milestone and our teams are focused on executing our plan.

我們認識到要達到這個里程碑還需要做大量的工作，我們的團隊正專注於執行我們的計劃。

Finally, we expect stock-based compensation of $300 million to $350 million in Q1, and we expect our Q1 2020 basic and diluted weighted average share count to be 1.725 billion to 1.75 billion.

最後，我們預計第一季度的股票薪酬為 3 億至 3.5 億美元，我們預計 2020 年第一季度的基本和稀釋加權平均股數為 17.25 億至 17.5 億股。

And now with that, we're happy to take questions.

現在，我們很高興回答問題。

(Operator Instructions) Your first question comes from Heath Terry from Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Heath Terry。

Great.

偉大的。

Dara, when you look at the things that are driving demand particularly in the Rides business in the U.S. and globally, anything in particular that you would point to?

Dara，當您查看推動需求的因素時，特別是在美國和全球的 Rides 業務中，您會特別指出什麼？

You've obviously been able to improve profitability in that business significantly.

您顯然已經能夠顯著提高該業務的盈利能力。

What's allowing you to keep demand at these levels even as you bring profitability up?

是什麼讓您在提高盈利能力的同時將需求保持在這些水平？

We know pricing has obviously been a lever there.

我們知道定價顯然是一個槓桿。

Have you been surprised by the level of inelasticity of demand?

您對需求的無彈性程度感到驚訝嗎？

And is there anything else besides that, that you would point to?

除此之外，您還有什麼要指出的嗎？

Yes.

是的。

Heath, I think the most important factor that I'd point to is that, we're moving from a society that was dependent on transportation based on owned assets to a society that is going to depend on Transportation as a Service based on shared assets.

希思，我認為我要指出的最重要的因素是，我們正在從一個依賴於基於自有資產的交通運輸的社會轉變為一個將依賴於基於共享資產的交通即服務的社會.

So there's a very, very consistent tailwind that we have in the U.S. and across the world and that tailwind is going to serve us well and continues to serve us well going forward.

因此，我們在美國和世界各地都有非常非常一致的順風，順風將為我們提供良好的服務，並將繼續為我們提供良好的服務。

And I think people are changing the way that they live.

我認為人們正在改變他們的生活方式。

They're changing certainly the way that they get around.

他們肯定會改變他們的出行方式。

And especially the younger generation is not a generation that associates car ownership with freedom, they associate noncar ownership with freedom, using our services.

尤其是年輕一代不是將擁有汽車與自由聯繫在一起的一代，他們將非汽車所有權與使用我們的服務的自由聯繫在一起。

In addition to that, we continue to execute on the base business.

除此之外，我們繼續在基礎業務上執行。

We do think that we've got some pricing power and we are putting that pricing power in a careful way into the markets.

我們確實認為我們擁有一些定價權，並且我們正在謹慎地將這種定價權投入市場。

We're investing pretty aggressively in our premium product.

我們非常積極地投資於我們的優質產品。

When you look at Comfort and the launch across the world, when you look at our enterprise business, both in terms of U4B and Uber for Health, they're growing at very, very attractive rates.

當您查看 Comfort 和在全球範圍內推出的產品時，當您查看我們的企業業務時，無論是 U4B 還是 Uber for Health，它們都以非常非常有吸引力的速度增長。

There are a number of countries that I mentioned, our growth countries, Argentina, Germany, Japan, Spain, et cetera, where we think the regulatory framework, which hasn't been constructive in the past, can be constructive than the past.

我提到了許多國家，我們的增長國家，阿根廷、德國、日本、西班牙等，我們認為過去沒有建設性的監管框架比過去更有建設性。

And we're kind of growing in those businesses in the right way, in those countries in the right way, so to speak.

可以這麼說，我們正在以正確的方式在這些業務中、在那些國家以正確的方式發展。

We think 2- and 3-wheelers are very, very big opportunities for us going forward, especially in emerging markets.

我們認為 2 輪和 3 輪車對我們來說是非常非常大的機會，尤其是在新興市場。

And we think that once we rebase our shared rides segment, reprice it, I think our shared rides business will continue to grow because we're growing based on improving the efficacy of matching algorithms versus just growing through pricing.

而且我們認為，一旦我們重新調整我們的共享遊樂設施細分市場並重新定價，我認為我們的共享遊樂設施業務將繼續增長，因為我們的增長是基於提高匹配算法的效率而不是僅僅通過定價來增長。

So you put it all together and we're confident that the Rides business will continue to be a strong top line growth company and our ability to drive margins, which you've seen in 2019, is certainly going to continue in 2020 as well.

因此，您將所有這些放在一起，我們相信 Rides 業務將繼續成為一家強勁的收入增長公司，我們在 2019 年看到的提高利潤率的能力肯定會在 2020 年繼續保持下去。

Your next question comes from Brian Nowak from 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 one on the full year bookings guide, the $75 billion to $80 billion was really helpful.

我有 2 個。只是全年預訂指南中的第一個，750 億到 800 億美元真的很有幫助。

Just talk us through how you think about the growth of the Rides bookings within that guidance.

只需告訴我們您如何看待該指南中的遊樂設施預訂量的增長。

And I know there's a lot of moving pieces in the Rides bookings between pooling and Lat Am and everything else, sort of talk us through some of the puts and takes in Rides bookings that we should make or we consider and how you're thinking about that growth this year.

而且我知道在拼車和拉美之間的遊樂設施預訂中有很多動人的部分以及其他一切，通過一些我們應該進行或我們考慮的看跌和接受遊樂設施預訂與我們交談，以及您的想法今年的增長。

And then on Eats, Dara, it sounds like a very healthy improvement in take rates as well as growth in the U.S. Talk to us about how you think about the keys to continuing to grow at this type of rate in the U.S. on the Eats side.

然後在 Eats，Dara，這聽起來像是在美國的錄取率和增長方面非常健康的改善。請與我們談談您如何看待在 Eats 方面在美國繼續以這種速度增長的關鍵.

Is it more supply?

是供應更多嗎？

Is it discounting?

打折了嗎？

What are the growth strategies in the U.S. Eats business?

美國外賣業務的增長策略是什麼？

I'll start with the U.S. Eats and then Nelson can get into the Rides guide, so to speak, or the GB guide.

我將從 U.S. Eats 開始，然後 Nelson 可以進入 Rides 指南，可以這麼說，或 GB 指南。

I think the most important factor as it relates to the growth of the U.S. business has really been about selection.

我認為與美國業務增長相關的最重要因素實際上是關於選擇。

We have been very focused on improving the selection and the number of restaurants that we have in our Eats segment.

我們一直非常專注於改善我們在 Eats 部門擁有的餐廳的選擇和數量。

If you look overall, we've got almost 400,000 active restaurants.

如果您總體來看，我們有近 400,000 家活躍的餐廳。

This is up 78% on a year-on-year basis.

這比去年同期增長了 78%。

And we've added independents and we've added a number of big chains and big names as well.

而且我們增加了獨立的人，我們也增加了一些大連鎖店和大牌。

And I think that the improvement on selection, combined with our technology, over-the-top technology that allows us to essentially list restaurants, whether we have a direct relationship with them or not, is allowing us to improve kind of our addressable footprint.

而且我認為，選擇的改進，結合我們的技術，讓我們能夠從本質上列出餐廳的頂級技術，無論我們是否與他們有直接關係，都讓我們能夠改善我們的可尋址足跡。

And that, combined with, again, the tailwind of more and more people wanting the convenience of getting delivery in their home, I think, has combined to have a pretty strong top line and a pretty solid #2 position in the U.S.

而且，我認為，再加上越來越多的人希望在家中獲得送貨的便利，再加上順風順風，我認為，這已經結合起來，在美國擁有相當強勁的收入和相當穩固的第二位。

So we like what we see.

所以我們喜歡我們所看到的。

I think that at some point, the growth rates, you get to the law of large numbers, but I think that the Eats team executed well in Q4.

我認為在某些時候，增長率，你會得到大數定律，但我認為 Eats 團隊在第四季度執行得很好。

Q1, we're going to continue to lean in.

Q1，我們將繼續傾斜。

And then really the back half of 2020 is one where we want to combine growth, but also improve margins with the Eats business.

然後真的是 2020 年下半年，我們希望將增長結合起來，同時通過 Eats 業務提高利潤率。

Yes.

是的。

And in terms of the Rides growth, I mean, you've heard us talk before.

就遊樂設施的增長而言，我的意思是，你以前聽過我們的談話。

I mean, by definition, the law of large numbers does take hold.

我的意思是，根據定義，大數定律確實成立。

And as you know, our business does over $1 billion a week in terms of gross bookings.

如您所知，我們的業務每週總預訂量超過 10 億美元。

So I think you can tell in the guidance, we recognize the fact that we're not doing the empty calories.

所以我認為你可以在指導中說，我們認識到我們沒有做空卡路里的事實。

And I think you've heard that both in Dara's comments as well as mine, but we recognize the fact that we're going to really be focused on having profitability today.

我想你已經在 Dara 和我的評論中聽到了這一點，但我們認識到我們今天將真正專注於盈利這一事實。

You know in past calls, we've talked about the fact that we've de-emphasized shared rides.

你知道在過去的電話會議中，我們已經討論過我們不再強調共享遊樂設施的事實。

And that is positive as well.

這也是積極的。

We do actually look at our trip growth as well as our gross bookings growth.

我們確實關注我們的旅行增長以及我們的總預訂量增長。

And so while the gross bookings growth based on the guidance we gave you would suggest is below 20%, the trip growth is still above it.

因此，雖然根據我們給您的指導建議，總預訂量增長低於 20%，但旅行增長仍然高於它。

And so we continue to look at both.

所以我們繼續關注兩者。

But again, we're really focused on optimizing the system right now.

但同樣，我們現在真正專注於優化系統。

And if anything, because we are trying to take the empty calories out, we are definitely much focused on that.

如果有的話，因為我們正試圖消除空卡路里，我們肯定會非常關注這一點。

And so I think that is reflective in the overall guidance that we're giving.

所以我認為這反映在我們提供的整體指導中。

Your next question comes from Justin Post from Bank of America Merrill Lynch.

您的下一個問題來自美銀美林的 Justin Post。

Dara, a couple of questions for you.

達拉，有幾個問題要問你。

Pretty optimistic long-term margin targets and take rates.

相當樂觀的長期保證金目標和利率。

What are you seeing in your business that gives you confidence in those long-term margins?

您在業務中看到了什麼讓您對這些長期利潤充滿信心？

Is it specific markets you're seeing or is it the broad improvement you've seen over the last 6 months?

是您看到的特定市場還是您在過去 6 個月中看到的廣泛改善？

And then secondly, getting to EBITDA profitability in Q4, certainly higher than Street numbers, do you worry at all that, that kind of boxes you in and limits your flexibility?

其次，在第四季度達到 EBITDA 盈利能力，肯定高於街道數據，您是否擔心，這種限制您並限制您的靈活性？

And is there any cushion in there if there's some adverse regulatory stuff?

如果有一些不利的監管因素，那裡有什麼緩衝嗎？

Yes.

是的。

I think talking about the margin numbers and Q4, the assumption as it relates to Q4 and profitability is that the environment doesn't change significantly one way or the other.

我認為談論利潤率數字和第四季度，與第四季度和盈利能力相關的假設是環境不會以一種或另一種方式發生顯著變化。

So there may be short-term bumps one way or the other, and we will deal with them.

因此，可能會有一種或另一種方式的短期顛簸，我們會處理它們。

We are assuming a world that doesn't change significantly.

我們假設一個不會發生重大變化的世界。

And we're challenging the team internally to get to profitability and we think that just as we challenge the team internally, we're going to communicate it to our investors.

我們正在內部挑戰團隊以實現盈利，我們認為就像我們在內部挑戰團隊一樣，我們將把它傳達給我們的投資者。

And my take is, we expect to execute.

我的看法是，我們希望執行。

And it's not a single lever that's going to get us there, it's multiple levers.

將我們帶到那裡的不是單一的槓桿，而是多個槓桿。

And is it boxing us in?

它是在給我們打拳擊嗎？

It's boxing us in to execute effectively as a team.

作為一個團隊，它使我們能夠有效地執行。

And I'll take on that challenge.

我會接受這個挑戰。

And I think we will take on that challenge.

我認為我們將迎接這一挑戰。

Just to give you a little bit of context as to our ability to execute, if you look at our Rides business Q4 to Q4, our Rides business grew ANR about $700 million -- a little bit below $700 million in terms of revenue.

只是為了給你一點關於我們執行能力的背景，如果你看看我們的遊樂設施業務第四季度到第四季度，我們的遊樂設施業務的 ANR 增長了約 7 億美元——就收入而言略低於 7 億美元。

And over the same period, with a $700 million increase in ANR, they delivered a $550 million increase in EBITDA.

在同一時期，隨著 ANR 增加 7 億美元，他們的 EBITDA 增加了 5.5 億美元。

So that's an 80% flow-through of incremental EBITDA from revenue growth to EBITDA growth.

所以這是從收入增長到 EBITDA 增長的 80% 的增量 EBITDA 流動。

In order for us to hit Q4, if you look at, for example, the midrange of our revenue growth, let's say it's the midrange of our revenue growth, you would have about $1 billion to $1.1 billion of additional revenue Q4 next year versus Q4 this year.

為了讓我們達到第四季度，例如，如果你看一下我們收入增長的中檔，假設這是我們收入增長的中檔，明年第四季度與第四季度相比，你將有大約 10 億至 11 億美元的額外收入今年。

And in order to get to breakeven, you need to drop about 55% of that incremental ANR to the bottom line.

為了達到收支平衡，您需要將增量 ANR 的大約 55% 降至底線。

So we've executed on the Rides side 80%.

所以我們已經在遊樂設施方面執行了 80%。

Our expectation is going forward we're going to continue to lean forward and we will invest in big time growth areas of the business, but we do think that this is a team that has shown its capability to drop 80% to the bottom line.

我們的預期是向前發展，我們將繼續向前傾斜，我們將投資於業務的重大增長領域，但我們確實認為這是一個已經顯示出能夠將 80% 降至底線的團隊。

And I think that our pushing ourselves to drop 55% to the bottom line is not asking for too much.

而且我認為我們推動自己將底線下降 55% 並沒有要求太多。

And it does provide us flexibility to invest where appropriate to really work the operating costs appropriately and then pull back where it just doesn't make sense to invest.

它確實為我們提供了靈活性，可以在適當的地方進行投資，以真正適當地降低運營成本，然後在沒有意義的地方撤回投資。

Got it.

知道了。

And then on the long term, are there some markets that really give you confidence in those long term take rates and margin targets?

然後從長遠來看，是否有一些市場真正讓你對這些長期利率和保證金目標充滿信心？

Yes.

是的。

I think on the margin targets long term, the Rides business, you've seen the Rides business essentially move in the right direction, so we're pretty confident of the Rides long-term margins.

我認為從長期的利潤目標來看，遊樂設施業務，你已經看到遊樂設施業務基本上朝著正確的方向發展，所以我們對遊樂設施的長期利潤率非常有信心。

When I look at Eats, for example, our U.S. business, the take rates are not quite up to our 15% take rate, but they're certainly getting much closer.

例如，當我查看我們在美國的業務 Eats 時，接受率並沒有完全達到我們 15% 的接受率，但它們肯定越來越接近。

And when we look at kind of the operating cost work that we've done on the Rides business, if we run the same play that we do in Eats, we're confident that we can hit those kinds of long-term margins.

當我們審視我們在 Rides 業務中所做的運營成本工作時，如果我們運行與 Eats 相同的遊戲，我們有信心能夠達到這些長期利潤。

Your next question comes from Ross Sandler from Barclays.

您的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just one on Rides and one on Eats.

只有一個在 Rides 上，一個在 Eats 上。

So you mentioned that single rider trip volume was 3 points higher than total, which would imply that you've already chopped a lot of wood on UberPOOL in 2019.

所以你提到單人出行量比總出行量高 3 個百分點，這意味著你在 2019 年已經在 UberPOOL 上砍了很多木頭。

So are these low calories that you're talking about taking out in 2020, is that more shared ride decel?

那麼，您所說的在 2020 年消耗的這些低卡路里是不是更多的共享乘車減速？

Is it single rider couponing?

是單人優惠券嗎？

Any color on what's incremental for '20 versus what we saw in '19 already?

與我們在 19 年看到的相比，20 年的增量有什麼顏色嗎？

And then on Eats, just a question, high level, like the Australia market is very profitable for you guys.

然後關於 Eats，只是一個問題，高水平，比如澳大利亞市場對你們來說是非常有利可圖的。

Is that because of the density, because of something unique in terms of the fee structure or simply because it's far less competitive?

那是因為密度，是因為收費結構的獨特之處，還是僅僅因為它的競爭力要低得多？

And how can the U.S. ever look like that without consolidation?

如果沒有整合，美國怎麼可能看起來像這樣？

Ross, as far as the Rides segment and shared rides, et cetera, I'd say we started chopping real wood in shared rides in Q3, Q4.

羅斯，就遊樂設施和共享遊樂設施等而言，我想說我們在第三季度和第四季度開始在共享遊樂設施中砍伐實木。

So we will continue to have tougher comps on a trips basis with shared rides in Q1, Q2.

因此，我們將在第一季度和第二季度繼續通過共享遊樂設施進行更嚴格的旅行組合。

And then Q3 and Q4, you're going to get to comps that reflect the kind of long-term growth rates that we expect there.

然後是第三季度和第四季度，您將獲得反映我們預期的長期增長率的比較。

I think in Australia, as far as the business goes there, it's just a really good market for us.

我認為在澳大利亞，就業務而言，這對我們來說是一個非常好的市場。

The market, it looks like a Western market as far as the structures go, payment structures, et cetera.

市場，就結構、支付結構等而言，它看起來像一個西方市場。

And I think we just have a team on the ground that's executed really well.

而且我認為我們只有一支執行得非常好的實地團隊。

And when a team on the ground executes really well, you get really great top lines and very, very healthy margin levels.

當一支球隊在場上的表現非常出色時，你會得到非常好的頂線和非常非常健康的利潤率水平。

And the only thing I'd add is, we do have some cities, even here in the U.S., where we have a profile that resembles what you're suggesting in Australia.

我唯一要補充的是，我們確實有一些城市，甚至在美國這裡，我們的個人資料類似於你在澳大利亞建議的內容。

Yes.

是的。

And then remember, too, that Australia, we do have 3 competitors.

然後還要記住，澳大利亞，我們確實有 3 個競爭對手。

So you should assume that basically every market that we compete, that we are operating in, we have anywhere from 2 to 4 competitors.

所以你應該假設基本上我們競爭的每個市場，我們經營的市場，我們都有 2 到 4 個競爭對手。

It's the nature of this market.

這是這個市場的本質。

These are very, very large TAMs to go after.

這些都是非常非常大的 TAM。

And we don't believe that there'll be a single winner take it all, but we believe that we're in a unique position because of our global scale and because we're #1 in most of the markets that we operate in and because we're multi-product that have a structural margin advantage which we can either take to the bottom line or deliver a better service with or drive kind of stronger revenue margins than our competition.

而且我們不相信會有一個贏家通吃，但我們相信，由於我們的全球規模以及我們在我們經營的大多數市場中排名第一，我們處於獨特的位置並且因為我們是具有結構性利潤率優勢的多產品，我們可以將其帶到底線或提供更好的服務或推動比我們的競爭對手更高的收入利潤率。

Your next question comes from Mark Mahaney from RBC.

您的下一個問題來自 RBC 的 Mark Mahaney。

Okay.

好的。

Two things.

兩件事情。

One, Dara, could you talk a little bit about synergies that you've seen between Rides and Eats and potential synergies you think you can generate between those 2?

一，Dara，你能談談你在 Rides 和 Eats 之間看到的協同作用，以及你認為你可以在這兩者之間產生的潛在協同作用嗎？

And then secondly, spend a little time just talking about some of the products that you've rolled out.

其次，花點時間談談你推出的一些產品。

I don't know if there's any read-throughs yet from some of the driver changes that you've made in California.

我不知道您在加利福尼亞所做的一些驅動程序更改是否有任何通讀。

And I don't mean in terms of complying with regulations or whatever, I mean in terms of whether drivers are more interested in driving with Uber because of those changes.

而且我的意思不是遵守法規或其他方面，我的意思是司機是否因為這些變化而對與優步一起開車更感興趣。

And likewise, on the rider side, some of the product changes, some of the loyalty programs, what have you seen that's indicated which of these product changes have worked well from a rider perspective and which haven't worked well?

同樣，在騎手方面，一些產品變化，一些忠誠度計劃，你看到了什麼表明從騎手的角度來看，這些產品變化中哪些運作良好，哪些運作不佳？

Sure.

當然。

Absolutely.

絕對地。

So in terms of the synergies go, I'd say there's no single magical win.

所以就協同效應而言，我想說沒有單一的神奇勝利。

It's a combination of a number of factors that we're putting together.

這是我們將許多因素放在一起的組合。

So one is our cross-promoting our services together.

所以一個是我們一起交叉推廣我們的服務。

We now have subscription programs that are Rides only, Eats only in Uber as well.

我們現在有僅限 Rides 的訂閱計劃，Uber 也有僅限 Eats 的訂閱計劃。

We have a loyalty program that goes across the various products as well.

我們有一個忠誠度計劃，它也適用於各種產品。

All of those coming together are significantly increasing the number of consumers who use both of our services.

所有這些聚集在一起顯著增加了使用我們兩種服務的消費者數量。

And whereas early on, if a rider was using 2 of our services, the number of transactions per month was about 2x with a single user.

而在早期，如果一個騎手使用我們的 2 項服務，那麼單個用戶每月的交易量大約是 2 倍。

Now that number is closer to 3x.

現在這個數字接近 3 倍。

So the returns on higher usage of our products are actually going from a 2x to a 3x, which for us is very, very encouraging.

因此，我們產品更高使用率的回報實際上是從 2 倍到 3 倍，這對我們來說非常非常令人鼓舞。

The number of loyalty program members that we have is 25 million and growing because we're expanding that program on a global basis.

我們擁有的忠誠度計劃成員數量為 2500 萬，並且還在不斷增長，因為我們正在全球範圍內擴展該計劃。

And then I would never underestimate 2 very important factors.

然後我永遠不會低估兩個非常重要的因素。

One is the power of the Uber brand.

一是優步品牌的力量。

Everyone knows that.

每個人都知道這一點。

You probably already have an account with us.

您可能已經在我們這裡有一個帳戶。

You probably have a credit card with us, et cetera.

您可能在我們這裡有一張信用卡，等等。

It's very, very easy to sign up.

註冊非常非常容易。

I think riders and drivers trust us across the world.

我認為全世界的車手和司機都信任我們。

And then the leverage that we're getting on our technology spend.

然後是我們對技術支出的影響。

We can spend more than anyone else in terms of driving innovation and in terms of big data, having the most sophisticated matching and pricing algorithms out there.

在推動創新和大數據方面，我們可以比其他任何人花費更多，擁有最複雜的匹配和定價算法。

And at the same time, I think our technology spend as a percentage of revenue and our G&A and our overhead cost as a percentage of revenue can be advantaged versus the other players.

同時，我認為我們的技術支出佔收入的百分比以及我們的 G&A 和我們的間接費用佔收入的百分比與其他參與者相比可能具有優勢。

It's just the scale advantage that we have.

這只是我們擁有的規模優勢。

So we got a customer advantage, we've got a brand advantage and we've got just a scale advantage, all of which play a part in our model going forward.

所以我們有客戶優勢，我們有品牌優勢，我們只有規模優勢，所有這些都在我們未來的模式中發揮作用。

And then as far as your questions on drivers, et cetera, in California, the changes that we made.

然後就您對加利福尼亞州司機等問題提出的問題，以及我們所做的更改。

It's too soon to tell at this point.

在這一點上說還為時過早。

The drivers are reacting quite well to the increase in information that they're receiving.

司機們對他們收到的信息的增加反應很好。

On average, the service levels as it relates to riders have gone a little worse as far as the predictability of getting a ride.

平均而言，就乘車的可預測性而言，與乘客相關的服務水平有所下降。

That's something that we're working through pretty carefully.

這是我們正在非常仔細地處理的事情。

Prices in California are up more than, let's say, the rest of the country as a result of the combination of these factors.

由於這些因素的綜合作用，加利福尼亞州的價格比全國其他地區的價格上漲幅度更大。

So some of these changes are resulting in higher prices to the end customer, but it's very early and there's a lot of work to do going forward.

因此，其中一些變化導致最終客戶的價格上漲，但現在還為時過早，未來還有很多工作要做。

Your next question comes from Eric Sheridan from UBS.

您的下一個問題來自瑞銀的 Eric Sheridan。

Maybe 2, if I can.

也許2，如果可以的話。

Dara, when you think about the Rides business long term, how are you thinking about the parts of the penetration curve that can be unlocked through either product innovation or pricing dynamic moves over time?

Dara，當您從長遠角度考慮 Rides 業務時，您如何看待可以通過產品創新或定價動態變化解鎖的滲透曲線部分？

I think one of the biggest questions we get is just sort of how the industry continues to evolve towards disrupting car ownership, mass transit, things that can push the S-curve penetration higher over the next sort of 5 to 10 years.

我認為我們遇到的最大問題之一就是該行業如何繼續朝著破壞汽車所有權、公共交通以及可以在未來 5 到 10 年內推高 S 曲線滲透率的方向發展。

And then on the Eats side of the business, maybe using the U.S. as an example.

然後在業務的 Eats 方面，也許以美國為例。

Curious how you see the supply dynamics, the relationships with the food industry developing over the next couple of years and how wide a skew there might be in some of the economics of the partnerships you see that evolve in that side of the business?

想知道您如何看待供應動態、與未來幾年發展的食品行業的關係，以及您看到的在該業務方面發展的合作夥伴關係的某些經濟學可能存在多大程度的偏差？

Yes.

是的。

Absolutely.

絕對地。

So I think that when we look at the Rides business, there are 4 broad growth vectors.

所以我認為，當我們審視 Rides 業務時，有 4 個廣泛的增長向量。

One is geographic growth.

一是地域增長。

We talked about markets that were not as penetrated in that we will drive penetration, the Germanys, the Argentinas, the Spains of the world.

我們談到了尚未滲透的市場，我們將推動滲透，德國、阿根廷、世界上的西班牙。

Second for us is using technology and improve matching algorithms to improve the efficiency of the marketplace.

其次對我們來說是使用技術和改進匹配算法來提高市場的效率。

And that is, we think we're just in a much better place than anyone else.

也就是說，我們認為我們只是在一個比其他任何人都好得多的地方。

We've got higher market density.

我們有更高的市場密度。

We've got more data than anyone else.

我們擁有的數據比其他任何人都多。

That efficiency, we can either deliver to the driver or we can deliver to the rider depending on what we think the best kind of growth driver is.

這種效率，我們可以提供給司機，也可以提供給騎手，這取決於我們認為最好的增長動力是什麼。

Third area for us is to drive low cost.

我們的第三個領域是推動低成本。

And low cost for us is 2-wheelers, 3-wheelers, shared rides, once we reprice those shared rides, and then introducing new products like transit, bike, scooters into our portfolio as well.

對我們來說，低成本是 2 輪車、3 輪車、共享遊樂設施，一旦我們重新定價這些共享遊樂設施，然後將新產品（如公交、自行車、踏板車）也引入我們的產品組合。

So it's a combination of low cost and marketplace that introduces, we think, very, very significant TAM to us.

所以它是低成本和市場的結合，我們認為，對我們來說，非常非常重要的 TAM。

And then last but not least is the enterprise segment.

最後但並非最不重要的是企業部門。

This is Uber for Business.

這是企業版優步。

This is segmenting our customer base, our premium customer base, both in terms of service levels and the kind of product that we have out there.

這是在服務水平和我們現有的產品類型方面對我們的客戶群、我們的優質客戶群進行細分。

It's less of a factor in terms of bookings growth, but it's a very significant factor in terms of margin growth.

就預訂增長而言，這不是一個因素，但就利潤率增長而言，它是一個非常重要的因素。

You put it all together, and we think we have a very balanced kind of growth profile, both top and bottom line going forward.

你把這一切放在一起，我們認為我們有一個非常平衡的增長概況，無論是未來的頂線還是底線。

As far as the Eats business goes, we think there's plenty of room to run.

就 Eats 業務而言，我們認為還有很大的發展空間。

We've been really focused on improving selection.

我們一直專注於改進選擇。

I would say that we made big moves in selection in the second half of the year.

我會說，我們在下半年的選拔上有很大的動作。

So I do think that there's some year-over-year comping on the Eats side, especially in the first half of the year.

因此，我確實認為 Eats 方面存在一些年復一年的競爭，尤其是在今年上半年。

And we still think we're in the very early innings.

而且我們仍然認為我們處於早期階段。

We talk a little bit about, for example, in Australia, where our Eats business on a top line basis is comparable to our Rides business.

例如，我們談了一點，在澳大利亞，我們的 Eats 業務在收入基礎上與我們的 Rides 業務相當。

Right now, it's not even close to that on a global basis.

現在，在全球範圍內，它甚至還沒有接近這一點。

So we think that our Eats business has a long way to go.

所以我們認為我們的外賣業務還有很長的路要走。

Your next question comes from Doug Anmuth from JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

Just had 2. First on Eats, you talked about leaning in more in 1Q and getting more leverage in the back half of the year.

剛剛有 2 個。首先在 Eats 上，您談到了在第一季度更多地傾斜，並在今年下半年獲得更多槓桿。

Can you just talk, Dara, about how far behind you think Eats is on the rationalization path relative to the ridesharing industry?

Dara，你能談談你認為 Eats 相對於拼車行業在合理化道路上落後多遠嗎？

And then second, can you just talk about your early kind of findings around subscriptions and how that's working across both Rides and Eats?

其次，您能否談談您在訂閱方面的早期發現以及它在 Rides 和 Eats 中的運作方式？

Yes.

是的。

As far as the rationalization goes, it's very tough to predict how markets are going to move.

就合理化而言，很難預測市場將如何變動。

But if we kind of step back the same time last year, you'll remember that in our Rides segment we leaned in pretty aggressively Q4 and Q1 and then you've seen what happened in the second half as it related to Rides margin improvement.

但是，如果我們在去年的同一時間退後一步，您會記得在我們的遊樂設施領域，我們在第四季度和第一季度非常積極地傾斜，然後您已經看到下半年發生的事情，因為它與遊樂設施利潤率的提高有關。

It was quite substantial.

這是相當可觀的。

It's difficult to predict what's going to happen in the Eats segment.

很難預測 Eats 細分市場會發生什麼。

We do see signs of rationalization in the marketplace.

我們確實看到了市場合理化的跡象。

You see it with IPOs coming in.

隨著 IPO 的到來，你會看到它。

You just see it everywhere.

你只是到處都能看到。

So while it's impossible for us to predict short-term timing, I think the long-term rationalization trends are there.

因此，雖然我們無法預測短期時機，但我認為長期合理化趨勢是存在的。

And I think we, as a team, have demonstrated a track record of being able to drive rationalization internally and really being able to drive margins internally with the Rides side.

而且我認為，作為一個團隊，我們已經證明了能夠在內部推動合理化並真正能夠在 Rides 方面推動內部利潤率的往績記錄。

And the Eats team is running the same exact play.

Eats 團隊也在進行同樣的比賽。

They're just about a year behind the Rides side.

他們只比 Rides 方面晚了大約一年。

And appropriately so because we wanted to lean into growth on the Eats side.

這樣做是恰當的，因為我們希望在 Eats 方面實現增長。

As far as subscription goes, it's very early, but the results on subscription rides have been promising for a long time.

就訂閱而言，現在還為時過早，但訂閱遊樂設施的結果長期以來一直很有希望。

We really just launched Eats subs in a few markets pretty recently.

我們真的是最近才在幾個市場推出了 Eats 潛艇。

And there are markets where it accounts for more than 10% of volume.

在某些市場，它佔交易量的 10% 以上。

So we're pretty encouraged by what we see with Eats subs.

因此，我們對 Eats 潛艇所看到的情況感到非常鼓舞。

And then really, the other area that we're very, very early in the optimization of is buying kind of an across Uber subscription product as well.

然後真的，我們在優化中非常非常早期的另一個領域是購買一種跨優步訂閱產品。

So I think, really, 2020 is going to be the year of subscriptions at Uber.

所以我認為，真的，2020 年將成為 Uber 的訂閱年。

Your next question comes from Mark Shmulik from Bernstein.

您的下一個問題來自 Bernstein 的 Mark Shmulik。

Just a follow-on on market rationalization and some of the recent investments and divestments that have happened.

只是市場合理化以及最近發生的一些投資和撤資的後續行動。

Where are we on that journey in terms of further kind of rationalization from an investment, divestment point of view?

從投資、撤資的角度來看，在進一步合理化的過程中，我們在哪裡？

And as we think about some of that guidance that was shared, does that include or expect to include additional kind of movements in that space?

當我們考慮一些共享的指導時，這是否包括或期望在該領域包括其他類型的運動？

And then a follow-on question, if I can, around Eats.

如果可以的話，然後是關於 Eats 的後續問題。

We talked a little bit about how it's behind, but there's quite aggressive, both take rate and EBITDA targets coming up.

我們談到了它是如何落後的，但是有相當激進的，包括利率和 EBITDA 目標。

How does it get there?

它是如何到達那裡的？

Is this a little bit of just flexing kind of pricing?

這只是一種靈活的定價方式嗎？

Is there a scale-up of the ad product?

廣告產品是否有放大？

Or how do we think about the different components that will drive that?

或者我們如何考慮將驅動它的不同組件？

So on the first point in terms of the guidance, that is basically our internal plan.

所以關於指導的第一點，這基本上是我們的內部計劃。

So we don't really build in a lot of M&A divestiture.

所以我們並沒有真正建立很多併購資產剝離。

That being said, we do have a capital allocation process that we go through, both for Rides and Eats.

話雖這麼說，我們確實有一個資本分配過程，無論是對於 Rides 還是 Eats。

And we are working closely with the team in terms of making capital choices.

在做出資本選擇方面，我們正在與團隊密切合作。

And so you should expect that we'll continue to make choices.

因此，您應該期望我們將繼續做出選擇。

You should expect us to continue to be active in that as we go through it.

當我們經歷它時，你應該期望我們繼續積極參與。

There may be situations where we're in 2 marketplaces and we have to pick, right?

在某些情況下，我們在 2 個市場中，我們必須選擇，對嗎？

But we are committed to being 1 or 2. We're taking action against that.

但我們致力於成為 1 或 2。我們正在對此採取行動。

And you should also expect that if there's an opportunity for us to lean in to win a market that we think we want to be in that you should expect that action as well.

而且您還應該期望，如果我們有機會傾斜以贏得我們認為我們想要進入的市場，那麼您也應該期望這種行動。

So when I gave you the guidance, it was really our internal plan based on organically where we are today with the same set of businesses.

因此，當我為您提供指導時，這實際上是我們的內部計劃，它基於我們今天與同一組業務的有機結合。

But that being said, we know we have a lot of levers at our disposal, and you should expect that it's incumbent upon the management team to deliver against the guidance.

但話雖如此，我們知道我們有很多槓桿可供使用，您應該期望管理團隊有責任根據指導進行交付。

And then as far as the second question as to our confidence in long-term margins, listen, we have big markets in the Eats business that are pretty close to the long-term revenue margin.

然後至於第二個問題，即我們對長期利潤率的信心，聽著，我們在外賣業務中擁有非常接近長期利潤率的大市場。

So that gives us confidence.

所以這給了我們信心。

We do think that there's opportunity with media, et cetera, that could actually help attain margins above our long-term guidance, but we don't want to count on it.

我們確實認為媒體等方面存在機會，這實際上可以幫助獲得高於我們長期指導的利潤率，但我們不想指望它。

And then on the EBITDA side, you can imagine just the cost side of the business is much more predictable and we already have over 100 U.S. and international cities that are segment EBITDA positive in Eats today.

然後在 EBITDA 方面，您可以想像，業務的成本方面更加可預測，我們今天已經有 100 多個美國和國際城市的 EBITDA 為正。

And seeing that road map, our Rides road map, these cities that are positive today gives us a lot of confidence as it relates to long-term Eats margins.

看到那張路線圖，我們的 Rides 路線圖，今天這些積極的城市給了我們很大的信心，因為它與長期的 Eats 利潤有關。

Your next question comes from Itay Michaeli from Citi.

您的下一個問題來自花旗的 Itay Michaeli。

Just a two-part question on ATG, one financial and one strategic.

只是關於 ATG 的兩部分問題，一個是財務問題，一個是戰略問題。

On the financial, I was hoping you could dimension what you're assuming in terms of ATG spend, both this year as well as in the longer term.

在財務方面，我希望你能衡量你在 ATG 支出方面的假設，無論是今年還是長期。

And a strategic question just around timing of when you expect to enter the kind of hybrid market of human drivers and AVs, I guess thoughts on potential partnerships.

還有一個戰略問題，就在你預計何時進入人類司機和自動駕駛汽車的混合市場的時機，我想是關於潛在合作夥伴的想法。

And also, just the overall competitive environment in AV just with one of your competitors in San Francisco suggesting that they might be ready to actually deploy Level 4 in the next couple of years.

此外，僅 AV 的整體競爭環境與您在舊金山的一個競爭對手錶明他們可能已準備好在未來幾年內實際部署 4 級。

Just an update there would be helpful.

只是那裡的更新會有所幫助。

Yes.

是的。

So in terms of from a modeling standpoint, I wouldn't expect a demonstrable difference over the next year or 2 regarding ATG.

因此，從建模的角度來看，我預計未來一兩年內 ATG 不會有明顯的差異。

There may be some increase, but it won't be significant.

可能會有一些增加，但不會很大。

And so I don't think you're going to see a big step-up there.

所以我認為你不會在那裡看到很大的進步。

And as you know, and Dara mentioned in his script, we did raise funds last summer, which effectively prefunded about 18 months of the ATG development.

如你所知，Dara 在他的劇本中提到，我們確實在去年夏天籌集了資金，有效地為大約 18 個月的 ATG 開發提供了資金。

And so I think you should expect us to continue to lean in there on ATG.

所以我認為你應該期望我們繼續依靠 ATG。

That being said, I'll let Dara kind of talk more competitively what we're seeing out there.

話雖如此，我會讓 Dara 更有競爭力地談論我們在外面看到的東西。

Yes.

是的。

I think the comment that I'll make is, we don't think Level 4 for a autonomous service that's also trying to develop a network is actually commercially viable.

我認為我要發表的評論是，我們不認為 4 級自治服務也試圖開發網絡實際上是商業上可行的。

What we've experienced is, you need to have 99-plus percent availability essentially for a daily use case for folks to use you over and over again.

我們的經驗是，對於日常用例，您需要有 99% 以上的可用性，以便人們一遍又一遍地使用您。

So Level 4 doesn't cut it, unless you own a network, and unless you operate a network or unless you partner with a network.

因此，除非您擁有網絡，並且除非您運營網絡或除非您與網絡合作，否則第 4 級不會削減它。

That is actually the key of why we think that ATG is in a unique place to succeed and why we're very much up for partnering players who may deploy Level 4 and can take advantage of our network to do so.

這實際上是我們認為 ATG 在一個獨特的地方取得成功的關鍵，以及為什麼我們非常願意與可能部署 Level 4 並可以利用我們的網絡這樣做的玩家合作。

So I think that's kind of definitionally to what we've been talking about.

所以我認為這對我們一直在談論的內容有一定的定義。

Level 4 is coming.

4級來了。

It's coming in the next couple of years.

它會在未來幾年內到來。

We will be a part of that.

我們將成為其中的一部分。

The Level 4 and a network together, we believe, is the only commercially viable product out there.

我們相信，Level 4 和網絡一起是唯一商業上可行的產品。

And we're uniquely situated to play a very important part in that game.

我們處於獨特的位置，可以在這場比賽中發揮非常重要的作用。

Your next question comes from Lloyd Walmsley from Deutsche Bank.

您的下一個問題來自德意志銀行的 Lloyd Walmsley。

Two, if I can.

二，如果可以的話。

Just first, can you talk broadly about just trends in the competitive environment in the Rideshare segment?

首先，您能否廣泛談談拼車領域競爭環境的趨勢？

Are there any markets where you're seeing competition tick back up or is it continuing to move in the right direction in the U.S. and globally?

您是否看到任何市場競爭加劇，或者它是否在美國和全球繼續朝著正確的方向發展？

And then the second question just on the 150 basis point take rate improvement in guidance.

然後第二個問題只是對 150 個基點採取利率改善的指導。

Can you give us a sense for how much of that is going to come from Food Delivery versus Rideshare?

您能否告訴我們其中有多少將來自外賣和拼車？

And is that a function at all of like price increases or just simply rolling back existing driver incentives?

這是一個完全像價格上漲的功能，還是只是簡單地回滾現有的司機激勵措施？

Anything you can share there.

你可以在那里分享的任何東西。

Yes.

是的。

I'd say, as far as the competitive environment in the U.S., from a long-term standpoint, the competitive environment has been constructive, has rationalized.

我想說，就美國的競爭環境而言，從長期的角度來看，競爭環境是建設性的，已經合理化了。

In the past month or so, we've seen Lyft, our competitor, probably be on balance more aggressive in terms of discounting and incentives.

在過去一個月左右的時間裡，我們看到我們的競爭對手 Lyft 在折扣和激勵方面可能更加激進。

We'll see where that leads.

我們會看到這會導致什麼。

We think from our standpoint, we've spoken about margins and making sure that our investment in marketing, incentives, et cetera, is an investment that makes sense from a return on invested capital basis and are being constructive as it relates to margins going forward.

我們認為，從我們的角度來看，我們已經談到了利潤率，並確保我們在營銷、激勵等方面的投資是一項從投資資本回報率來看是有意義的投資，並且在與未來的利潤率相關時具有建設性.

On a global basis, we have multiple competitors in every single city.

在全球範圍內，我們在每個城市都有多個競爭對手。

Sometimes competition ebbs, sometimes it flows.

有時競爭會退潮，有時會平息。

I'd say it's largely constructive.

我會說這在很大程度上是建設性的。

And we believe that kind of our future is in our hands because we're the ones, as the largest player around the globe, who's kind of setting the standard, so to speak.

我們相信我們的未來掌握在我們手中，因為我們是全球最大的參與者，可以說是在設定標準。

Nelson, you want to answer the second question?

尼爾森，你想回答第二個問題嗎？

Yes.

是的。

With regard to take rate, I mean, I think it's going to happen both on Rides and Eats.

關於採取率，我的意思是，我認為這將發生在 Rides 和 Eats 上。

Just as an example, and you heard me in my comments, our Eats take rate in the fourth quarter was 9.5%.

舉個例子，你在我的評論中聽到了，我們在第四季度的 Eats 採用率為 9.5%。

But if you exclude India, and as you know, we sold our Indian Eats business, now that increased to the 10.1%.

但是，如果您排除印度，並且如您所知，我們出售了我們的印度外賣業務，現在這一比例增加到了 10.1%。

So I think as we think about how we continue to work through, as we think about our capital allocation strategy, we are highly confident we'll be able to increase our Eats take rate.

所以我認為，當我們考慮如何繼續工作時，當我們考慮我們的資本配置策略時，我們非常有信心能夠提高我們的 Eats 採用率。

The Rides will just be continuing to play out what we've already been doing.

遊樂設施將繼續發揮我們已經在做的事情。

And so we do expect that, that will increase as well.

所以我們確實預計，這也會增加。

And it's really not one big thing.

這真的不是一件大事。

It's the combination of both and just getting more efficiency in terms of how we're spending.

這是兩者的結合，只是在我們的支出方式方面獲得了更高的效率。

Your next question comes from Ron Josey from JMP Securities.

您的下一個問題來自 JMP Securities 的 Ron Josey。

Dara, I wanted to ask a little bit more about Eats and contribution margin as take rates get to that 15% level.

Dara，我想問更多關於 Eats 和邊際貢獻的信息，因為獲取率達到了 15% 的水平。

And I ask only because earlier today GRUB talked about relatively low margins on QSR and non-partner orders and the comment earlier today that you added a lot of non-partners to the business within Eats.

我之所以這麼問，是因為今天早些時候 GRUB 談到 QSR 和非合作夥伴訂單的利潤率相對較低，並且今天早些時候評論說你在 Eats 的業務中增加了很多非合作夥伴。

So just can you talk a little bit about maybe contribution margins on partners and non-partners on the network?

所以你能談談網絡上合作夥伴和非合作夥伴的邊際貢獻嗎？

And really, how would those margins expand over time as we get to that profitability?

真的，隨著我們獲得盈利能力，這些利潤將如何隨著時間的推移而擴大？

Yes, Ron, our non-partner volume for Eats is very, very small as a percentage of our overall volume.

是的，羅恩，我們在 Eats 的非合作夥伴的銷量在我們總銷量的百分比中非常非常小。

This is a new feature that the team built out really in Q4.

這是團隊在第四季度真正構建的一項新功能。

We're being careful in rolling out the feature because we want to make sure that the delivery times, the delivery qualities continue to be at the levels of excellence that we insist on.

我們在推出該功能時非常小心，因為我們希望確保交付時間和交付質量繼續保持在我們堅持的卓越水平。

So I would not assume that non-partner revenues are a significant percentage of our volume certainly in Q4.

因此，我不會假設非合作夥伴收入在第四季度肯定占我們銷量的很大一部分。

Next year, we are going to build up our non-partner volume, but we'll make sure that we do it in a way that makes sense both for the top line and the bottom line.

明年，我們將增加我們的非合作夥伴銷量，但我們將確保我們以一種對收入和利潤都有意義的方式來做這件事。

Your next question comes from Jason Helfstein from Oppenheimer.

您的下一個問題來自 Oppenheimer 的 Jason Helfstein。

Maybe ask about California.

也許問一下加利福尼亞。

What have you learned since making product changes in California?

自從在加利福尼亞進行產品更改後，您學到了什麼？

What's driver feedback, rider feedback and how has it changed usage and spending?

什麼是駕駛員反饋、騎手反饋以及它如何改變使用和支出？

Jason, again, I would stress that it's very, very early.

傑森，我要再次強調，現在非常非常早。

Driver feedback has been positive in terms of the information, the empowerment that I think our driver partners feel.

就信息而言，駕駛員的反饋是積極的，我認為我們的駕駛員合作夥伴感受到了授權。

I think that the service itself, prices have increased more than they have nationally.

我認為服務本身的價格上漲幅度超過了全國范圍。

So I think from a rider standpoint, the service on balance has gotten more expensive.

因此，我認為從騎手的角度來看，總體而言，服務變得更加昂貴。

But it's very, very early.

但現在非常非常早。

And I would comment, too, that AB5 in general for a number of contractors, et cetera, has created a huge amount of uncertainty.

我還要評論說，AB5 總體上對於許多承包商等來說已經造成了巨大的不確定性。

We rolled out these changes to be very clear about our position as a platform and to make sure that our drivers have the freedom to choose when and if they want to work.

我們推出這些更改是為了非常清楚我們作為平台的地位，並確保我們的司機可以自由選擇何時以及是否想工作。

We're going to be working through -- we want this to be a win-win for our drivers and for the riders on our platform.

我們將繼續努力——我們希望這對我們的車手和我們平台上的車手來說是雙贏的。

And we're going to be iterating to get there.

我們將不斷迭代以達到目標。

Short term, it's been, I'd say, net negative for riders and it's possibly a net positive for drivers.

短期內，我想說，這對車手來說是淨負面的，對司機來說可能是淨正面的。

Hopefully, we can get to a win-win situation.

希望我們能達到雙贏的局面。

Your next question comes from Youssef Squali from SunTrust.

您的下一個問題來自 SunTrust 的 Youssef Squali。

Dara, on Careem in the Middle East or North Africa, could you please tell us a bit more about that business, how big is it, growth rate, profitability?

Dara，在中東或北非的 Careem，您能否告訴我們更多有關該業務的信息，它有多大，增長率，盈利能力？

And anything either from a technology or product standpoint that they have that you can leverage or vice versa?

從他們擁有的技術或產品的角度來看，您可以利用的任何東西，反之亦然？

And on the Eats business, I think you said earlier that you are #1 or #2 in every market in roughly half of the countries in which you operate, which means roughly half of the countries where you operate you're not #1, #2.

關於 Eats 業務，我認為您之前說過，在您經營的大約一半的國家/地區的每個市場中，您都是第一或第二，這意味著您在經營的國家中大約有一半不是第一， #2。

What does that mix look like in your base case projection of breaking even by Q4?

在您對第四季度收支平衡的基本情況預測中，這種組合是什麼樣的？

So this is Nelson.

這就是納爾遜。

So on Careem, we're actually not breaking that out.

所以在 Careem 上，我們實際上並沒有打破這一點。

As you know, the deal just closed.

如你所知，交易剛剛結束。

And I think over time, we'll probably give some more disclosure around it.

我認為隨著時間的推移，我們可能會圍繞它進行更多披露。

But right now, we're not going to break that out.

但現在，我們不會打破它。

We know that will be positive in terms of its impact on the business.

我們知道這將對業務產生積極影響。

The team has actually done a very good job in terms of building out their marketplace.

該團隊實際上在建立他們的市場方面做得非常好。

There are some things we can learn from there that the teams are working on right now, but it's really too early to tell because remember the deal just closed a few weeks ago.

我們可以從那裡學到一些團隊現在正在研究的東西，但現在說還為時過早，因為請記住幾週前剛剛完成的交易。

Yes.

是的。

I'd say on the Careem side, we've talked about the steps that we made as it relates to the power of the platform and the super app strategy.

我想說的是，在 Careem 方面，我們已經討論了我們所採取的步驟，因為它與平台的力量和超級應用戰略有關。

The Careem team is absolutely looking to drive the super app strategy in the Middle East.

Careem 團隊絕對希望在中東推動超級應用戰略。

I think some of these developing markets, that particular strategy has great potential.

我認為在這些發展中的市場中，這種特定的策略具有巨大的潛力。

We see incredible innovation from that local team across a number of services, including payments as well.

我們看到該本地團隊在多項服務（包括支付）方面進行了令人難以置信的創新。

So I think that we're going to be learning from the Careem team and they're going to be learning from us.

所以我認為我們會向 Careem 團隊學習，他們也會向我們學習。

They've made real investments in their driver relations, Captains in Careem speak -- so to speak.

他們已經在他們的司機關係上進行了真正的投資，Careem 的隊長說——可以這麼說。

And again, that's something that we can learn from.

再說一次，這是我們可以學習的東西。

We really want to deepen our relationship with our earners around the world, and we've seen really interesting activity from the Careem team that we can all learn from.

我們真的想加深與世界各地收入者的關係，我們已經看到 Careem 團隊的非常有趣的活動，我們都可以從中學習。

As far as our Eats business, #1 and #2, we've been really encouraged by our trends that we saw in Q4.

就我們的 Eats 業務而言，#1 和#2，我們在第四季度看到的趨勢確實令我們感到鼓舞。

We definitely leaned in to get to more #1s and #2s.

我們肯定傾向於獲得更多的＃1和＃2。

And I think next year we expect more of the same.

我認為明年我們期待更多相同的事情。

We've been gaining category position in most of the countries in which we operate.

我們已經在我們經營的大多數國家/地區獲得了類別地位。

And we're pretty confident that by the end of next year, we're going to be #1 or #2 with the vast majority of our volume.

而且我們非常有信心，到明年年底，我們將以絕大多數的銷量成為第一或第二。

Most of it will be organic and some of it will be inorganic, both on the buy and sell side.

其中大部分是有機的，其中一些是無機的，無論是在買方還是賣方。

Your next question comes from John Blackledge from Cowen.

您的下一個問題來自 Cowen 的 John Blackledge。

On Uber for Business, the growth was stellar.

在 Uber for Business 上，增長非常出色。

It was about 9% of the Rides gross bookings.

這約佔遊樂設施總預訂量的 9%。

Could you just discuss how that mix might change over time, kind of any differences in penetration U.S. versus non-U.

您能否討論一下這種組合如何隨著時間的推移而變化，美國與非美國在滲透率方面的任何差異。

S. markets and the margin profile for Uber for Business kind of relative to the overall Rides segment margin?

美國市場和 Uber for Business 的利潤率相對於整個 Rides 細分市場的利潤率是多少？

Yes.

是的。

I think the trend for Uber for Business is pretty simple which is, it's going to be a higher percentage of our bookings going forward and certainly a higher percentage of revenue.

我認為 Uber for Business 的趨勢非常簡單，那就是，我們未來的預訂量將更高，當然收入的比例也會更高。

On average, the Uber for Business has a higher premium share.

平均而言，Uber for Business 的溢價份額更高。

And our premium business is higher margin than, let's say, our X or other products.

我們的優質業務比我們的 X 或其他產品的利潤率更高。

We are going to be investing relatively heavily in growing the U4B sales force.

我們將在發展 U4B 銷售隊伍方面進行相對大量的投資。

We have a more mature and larger sales force in the U.S. versus, let's say, Europe and some of the other countries.

與歐洲和其他一些國家相比，我們在美國擁有更成熟、更大的銷售隊伍。

So expect us to lean in on the sales force.

所以期待我們依靠銷售人員。

Usually, when you expand a sales force upfront, that's probably negative margins or, call it, breakeven margins.

通常，當您預先擴大銷售隊伍時，這可能是負利潤率，或者稱之為盈虧平衡利潤率。

But then the lifetime value that our sales teams bring in over 3, 4, 5 years make a lot of sense.

但是，我們的銷售團隊在 3、4、5 年內帶來的生命週期價值就很有意義了。

And then when we do look at the retention of U4B customers, the retention rates are substantially higher than, call it, leisure customers or non-U4B customers.

然後，當我們查看 U4B 客戶的保留率時，保留率大大高於休閒客戶或非 U4B 客戶。

So long term, as U4B becomes a higher percentage of our business, expect our marketing efficiencies to improve.

從長遠來看，隨著 U4B 成為我們業務的更高比例，預計我們的營銷效率會提高。

Your next question comes from James Lee from Mizuho.

您的下一個問題來自瑞穗的 James Lee。

Dara, I was wondering if you can give more color on the competition in Lat Am.

達拉，我想知道你是否可以為拉丁美洲的比賽提供更多色彩。

You talk about that market being more stable since 2019.

您談到該市場自 2019 年以來更加穩定。

We heard that Didi recently entered into some new markets.

我們聽說滴滴最近進入了一些新市場。

Any new learnings there?

那裡有什麼新的學習嗎？

Are you doing well because your competitor is now more disciplined or are you responding faster to their marketing initiatives?

您做得好是因為您的競爭對手現在更自律，還是您對他們的營銷計劃反應更快？

And also, Dara, can you give an update on your status on U.K. regulatory situation there, how you expect that to play out?

另外，Dara，您能否提供有關英國監管情況的最新信息，您希望它如何發揮作用？

Sure.

當然。

Absolutely.

絕對地。

So in terms of our Lat Am markets, I think it's a combination.

所以就我們的拉丁美洲市場而言，我認為這是一個組合。

I think, generally, the competitive environment remains quite competitive, but more stable on a year-on-year basis.

我認為，總體而言，競爭環境仍然相當具有競爭力，但同比更加穩定。

Didi is a competitor that we do not take for granted.

滴滴是我們不認為理所當然的競爭對手。

They're very good at what they do.

他們非常擅長他們的工作。

But if you look at our numbers, for example, our ANR growth rate in Lat Am was pretty significant on a year-on-year basis, and it turned positive and very nicely positive.

但是，如果您查看我們的數據，例如，我們在拉美的 ANR 增長率與去年同期相比非常顯著，並且轉為正數並且非常好。

So we like the trends that we see in the Lat Am markets.

所以我們喜歡我們在拉丁美洲市場看到的趨勢。

We think that we are more effective in our response.

我們認為我們的反應更有效。

And we think that in terms of year-on-year, the market is much more predictable.

而且我們認為，就同比而言，市場更具可預測性。

Lat Am represents our fastest-growing mega-region.

拉美是我們發展最快的大區。

And from a trips basis, it is the largest region that we have on the Rides side as well.

從旅行的角度來看，它也是我們在遊樂設施方面最大的地區。

So we're quite optimistic there.

所以我們對此非常樂觀。

And then in London, as far as regulatory goes, we're going to have our day in court.

然後在倫敦，就監管而言，我們將在法庭上度過我們的一天。

We respectfully disagree with the TfL's conclusions.

我們恭敬地不同意倫敦交通局的結論。

I'll remind you that 2 years ago in court, we won the right to operate in London.

我會提醒你，兩年前在法庭上，我們贏得了在倫敦經營的權利。

And I think that our safety levels, our service levels are across the board, significantly, significantly improved versus where they were 2 years ago.

而且我認為我們的安全水平，我們的服務水平與兩年前相比，得到了顯著、顯著的提高。

The team is very focused on executing on safety around the world.

該團隊非常專注於在全球範圍內執行安全。

And I think the London team especially is focused on it.

我認為倫敦團隊特別關注它。

So we expect that our day in court will be positive, but we know that we got to make the case.

所以我們希望我們在法庭上的日子會是積極的，但我們知道我們必須證明這一點。

In the meantime, we operate in London as we have as always, and we continue to optimize our business.

與此同時，我們一如既往地在倫敦開展業務，並繼續優化我們的業務。

And it's like any other day in London as far as our operations go.

就我們的運營而言，這就像在倫敦的任何其他日子一樣。

Well, thank you very much, everyone, for joining.

好的，非常感謝大家的加入。

We really appreciate your being here.

我們非常感謝您來到這裡。

I think 2019 was a big, big year for us.

我認為 2019 年對我們來說是重要的一年。

We know that we've got a lot to deliver on 2020, but the team is confident and the team is psyched to execute and to also build a great company and provide a great service for all of our users.

我們知道在 2020 年我們有很多事情要做，但團隊充滿信心，團隊樂於執行，並建立一家偉大的公司，為我們所有的用戶提供優質的服務。

Thanks very much for joining us.

非常感謝您加入我們。

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

女士們，先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。