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. Fourth Quarter 2019 Earnings Conference Call. (Operator Instructions) After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions)

女士們、先生們，感謝你們的支持，歡迎來到 Uber Technologies, Inc.。2019 年第四季財報電話會議。（操作員指示）演講者演講結束後，將有一個問答環節。（操作員指示）

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

現在，我想將會議交給今天的第一位發言者，投資者關係部門的 Emily Reuter。請繼續。

Thank you, operator. Thank you for joining us today, and welcome to Uber Technologies' Fourth 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.

謝謝您，接線生。感謝您今天加入我們，歡迎參加 Uber Technologies 2019 年第四季財報。今天的電話會議由 Dara Khosrowshahi 和 Nelson Chai 主持。我們還有肯特‧斯科菲爾德 (Kent Schofield)，這是投資者關係團隊的艾米莉‧路透 (Emily Reuter)。

During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com. Please note that we have also posted our 2020 investor presentation on our Investor page. I'll remind you that these numbers are unaudited and may be subject to change.

在今天的電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。有關這些非公認會計準則 (non-GAAP) 指標的額外揭露，包括公認會計準則 (GAAP) 與非公認會計準則 (non-GAAP) 指標的調節，均包含在新聞稿、補充投影片和我們向美國證券交易委員會 (SEC) 提交的文件中，每份文件均發佈在 investor.uber.com 上。請注意，我們也在投資者頁面上發布了 2020 年投資者介紹。我要提醒您，這些數字未經審計，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 third quarter Form 10-Q that was filed on November 5, 2019.

本簡報和電話會議中的某些陳述可能被視為前瞻性陳述。此類陳述可以透過相信、期望、打算和可能等術語來識別。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做的任何前瞻性陳述的任何義務。有關可能導致實際結果與前瞻性陳述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於 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) 招股說明書以及我們於 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成果的討論和分析”標題下的部分中包含的風險和不確定性，以及我們在第三季度提交第 101 月 101 月的部分中包含的風險和不確定性，以及我們於第三季度 101 月 101 月 101 月的部分中包含的風險和不確定性。

Following prepared remarks today, we will open the call to questions. For the remainder of the discussion, all growth rates reflect year-over-year growth, unless otherwise noted.

今天，在準備好發言之後，我們將開始提問。在接下來討論中，除非另有說明，所有成長率均反映同比成長。

With that, let me hand it over to Dara.

說完這些，讓我把它交給達拉 (Dara)。

Thanks, Emily, and thank you all for joining us today.

謝謝，艾米麗，也謝謝大家今天加入我們。

2019 was a major milestone year for Uber. We achieved $65 billion in gross bookings, up 35%. We crossed the 100 million mark for MAPCs, reaching 111 million in the fourth quarter. And we increased the number of consumers using both Rides and Eats by 68%. We grew adjusted net revenue 28% to $13 billion, with growth accelerating from 18% in Q1 to 43% in Q4. 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. In 2020, we expect to see adjusted EBITDA losses to continue to decline. To me, these results are a validation of the strategy we set in 2019. We'll continue to relentlessly execute our plans for each of our businesses in 2020.

2019 年對 Uber 來說是一個重要的里程碑。我們的總預訂量達到 650 億美元，成長 35%。我們的 MAPC 數量突破了 1 億大關，第四季達到了 1.11 億。同時使用 Rides 和 Eats 服務的消費者數量增加了 68%。我們的調整後淨收入成長 28%，達到 130 億美元，成長率從第一季的 18% 加速到第四季的 43%。我們的季度調整後 EBITDA 年比去年同期成長了 2 億多美元，佔調整後淨收入的百分比提高了 14 個百分點。2020 年，我們預計調整後的 EBITDA 損失將持續下降。對我來說，這些結果是對我們在2019年制定的策略的驗證。2020年，我們將繼續堅持不懈地執行各項業務的計畫。

In Rides, we generated $742 million in Rides adjusted EBITDA in the fourth quarter, covering our corporate overhead by $98 million. We exited 2019 at a $3 billion run rate for Rides adjusted EBITDA, with ANR growth continuing to accelerate in Q4. 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. 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. 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.

在 Rides 業務方面，我們在第四季度實現了 7.42 億美元的 Rides 調整後 EBITDA，涵蓋了我們 9,800 萬美元的公司管理費用。2019 年結束時，Rides 調整後 EBITDA 的運作率為 30 億美元，ANR 成長在第四季持續加速。我們在阿根廷、德國、義大利、日本、韓國和西班牙等優先市場的總預訂量成長是英國 Rides 整體成長率的 4 倍。我們擴展了服務高價值消費者和用例的產品系列，包括推出 Uber Comfort，推動第四季優質乘車量成長 55%；以及 Uber for Business，第四季總預訂量達到 12 億美元。我們也繼續追求兩輪車和三輪車等低成本產品，並利用我們卓越的匹配能力和數據模型來推動更有效率的共享乘車產品。

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. 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. The divestiture of our Eats business in India and our exit from Eats in South Korea are recent examples of our strategic discipline. We also saw promising results in the U.S., our largest Eats market. We grew our U.S. Eats business 44% to $1.7 billion in GBs and maintained a strong #2 position. 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. 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.

在 Eats 領域，我們透過在一些國家加大投資並退出其他國家，穩步實現了在每個市場都佔據第一或第二的策略。我們的總預訂量增加了 70% 以上，目前在超過一半的國家中排名第一或第二，其中包括美國、英國、法國、墨西哥和日本，這些國家佔據了我們總預訂量的絕大部分。我們在印度的 Eats 業務的剝離以及我們在韓國的 Eats 業務的退出都是我們戰略紀律的最新體現。我們在最大的外送市場美國也取得了可喜的表現。我們的美國外送業務成長了 44%，達到 17 億美元，並保持了強勁的第二地位。同時，儘管競爭激烈，我們仍將美國的利率比去年同期提高了 500 個基點，達到十五六個百分點。2020 年，我們將繼續遵循 Rides 策略，專注於實現健康成長、市場領導地位和利潤率擴張，大幅減少全年虧損，其中 2019 年第四季和 2020 年第一季是我們 Eats 業務投資的高峰期。

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

在我們的貨運和其他業務領域，我們專注於負責任的擴張，並專注於單位經濟效益。我們將繼續深思熟慮並嚴格分配資本，權衡成長、投資回報率和對公司整體獲利能力的影響，以確定每個部門的適當投資。

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

在我們的先進技術集團，我們已經完成了 10 億美元的融資，將地圖繪製和數據收集工作擴展到 5 個城市，並繼續朝著自動駕駛的未來邁進，計劃在選定的城市擴大我們在自動駕駛模式下的道路測試，並配備車輛操作員。就在本週，我們獲得了許可證，使我們能夠在加州恢復測試。2020 年，我們將繼續透過匹茲堡、舊金山、丹佛和多倫多敬業員工的辛勤工作以及豐田和 DENSO 等投資者和合作夥伴的支持，推動 ATG 的發展路線圖。

I also want to touch on the regulatory environment. We're a boots on the ground business with a physical presence in every market in which we operate. Regulation has been and always will be a constant for us. 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. 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. We firmly believe we share many of the same goals of the cities in which we operate. 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.

我還想談談監管環境。我們是一家腳踏實地的企業，在開展業務的每個市場都有實體存在。監管一直是我們不變的原則，而且永遠如此。雖然我們與監管機構的對話仍在繼續，但總的來說，我們已經從共乘是否應該存在的問題轉移到有關稅收、費用和駕駛員身份等更細微的問題。我們今年取得了重大勝利，包括在紐約成功起訴巡航上限、在墨西哥拓展至其他幾個州、在韓國推動改革、在日本和德國繼續增長，以及就在昨天，巴西最高勞工法院就就業​​分類做出的積極裁決。我們堅信，我們與我們開展業務的城市有著許多相同的目標。這就是為什麼我們將繼續以積極、協作的方式開展工作，同時維護司機、乘客和其他依賴 Uber 平台的人的利益。

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. 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.

最後，我們相信更規範的資本環境將有利於我們未來的業務發展，但我們並不是只是坐在這裡希望環境會變得更好。我們正在採取積極主動的改變，透過有針對性的營運策略，為乘車和外賣業務實現顯著的成本槓桿，包括：改進機器學習演算法，進一步實現激勵和在線營銷支出的自動化和定位；加強對線下營銷活動的跟踪和關注；降低缺陷率和改進自助服務工具，以改善客戶情緒和聯繫率；持續降低支付成本；改進匹配、路線和定價演算法，以提高我們的市場效率，使我們的司機每活躍小時的收入更高；以及技術支援的自動化以及良好的傳統成本控制，以全面利用我們的營運成本結構。

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.

2019 年的許多一次性變革已經過去，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，比任何人都更快地進行創新，大幅提高利潤率，有效、高效地分配我們的資本，為我們所有的支持者做正確的事情，最終推動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. 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. Further, long term, we remain confident about achieving our overall company adjusted EBITDA margin of 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.

我們在 2019 年取得的進展以及 2020 年的計劃讓我有信心挑戰我們的團隊，將我們的 EBITDA 盈利目標從 2021 年全年加速到 2020 年第四季度。值得強調的是，我們計劃在當前競爭環境僅略有改善且不假設當前業務組合發生任何重大變化的情況下實現這一盈利目標。此外，從長遠來看，我們仍然有信心實現公司整體調整後的 EBITDA 利潤率達到 25%。具體來說，我們預期 Rides 業務的調整後 EBITDA 利潤率為 45%，佣金率為 25%，而 Eats 業務的調整後 EBITDA 利潤率為 30%，佣金率為 15%。

Now to Nelson for more details on the numbers.

現在請納爾遜提供有關這些數字的更多詳細資訊。

Thanks, Dara.

謝謝，達拉。

Now on to our GAAP results for Q4 2019. Our GAAP revenue of $4.1 billion was up 37%. GAAP cost of revenues, excluding D&A, of $1.9 billion decreased to 47% from 54% of revenues in Q4 2018. GAAP EPS was a loss of $0.64 and compares to a loss of $1.97 in Q4 of 2018.

現在來看看我們 2019 年第四季的 GAAP 業績。我們的 GAAP 收入為 41 億美元，成長了 37%。不包括折舊及攤銷前的 GAAP 收入成本為 19 億美元，從 2018 年第四季的 54% 下降至 47%。GAAP EPS 虧損 0.64 美元，而 2018 年第四季虧損 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.

在電話會議的剩餘時間裡，除非另有說明，我將討論關鍵營運指標以及非公認會計準則財務指標，但不包括股票薪酬等形式調整。

Our total company global trips of 1.9 billion grew 28%. Global trips were driven primarily by growth in Eats and international Rides, particularly in Latin America. Monthly active platform consumers were 111 million, up 22% year-over-year or 8% quarter-over-quarter. Our rewards program reached over 25 million members across U.S., Latin America and Australia. Total company gross bookings of $18.1 billion, growing 28% or 30% on a constant currency basis. Adjusted net revenue, or ANR, was $3.7 billion, up 43% on a constant currency basis. Our ANR take rate was 20.6% of gross bookings, up 190 basis points year-over-year.

我們公司全球旅行總數達到 19 億人次，成長了 28%。全球旅行主要受到餐飲和國際乘車業務成長的推動，尤其是在拉丁美洲。平台月活躍用戶數為1.11億，較去年成長22%，較上季成長8%。我們的獎勵計劃涵蓋美國、拉丁美洲和澳洲的 2500 多萬會員。公司總預訂額達 181 億美元，以固定匯率計算成長 28% 或 30%。調整後淨收入（ANR）為 37 億美元，以固定匯率計算成長 43%。我們的 ANR 接受率為總預訂量的 20.6%，較去年同期成長 190 個基點。

Non-GAAP cost of revenue, excluding D&A, decreased to 43% from 50% of ANR. Insurance and payments as a percentage of ANR improved quarter-over-quarter and year-over-year.

非公認會計準則收入成本（不包括折舊及攤提）從 ANR 的 50% 降至 43%。保險和付款佔 ANR 的百分比比上一季和去年同期都有所提高。

Turning now to non-GAAP operating expense. 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. Sales and marketing decreased to 33% from 35% of adjusted net revenue versus Q4 of 2018. This decrease is primarily due to optimization in performance marketing spend, partially offset by an increase in promotion spend, primarily related to Uber Eats. 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. Quarter-over-quarter, our spend increased slightly due to elevated professional services spend we expect to gain leverage across 2020.

現在談談非公認會計準則營業費用。營運和支援佔調整後淨收入的比例從 15% 同比下降至 13%，這反映了乘車支援效率的持續提高，但被向 Eats 交易的混合轉變所抵消，我們正在尋求進一步實現自動化。與 2018 年第四季相比，銷售和行銷佔調整後淨收入的比例從 35% 下降至 33%。這一下降主要是由於績效行銷支出的優化，但主要與 Uber Eats 相關的促銷支出的增加部分抵消了這一下降。與去年同期相比，研發費用佔 ANR 的比例從 2018 年第四季的 14% 下降至 13%，一般及行政費用佔 ANR 的比例從 18% 下降至 15%。與上一季相比，我們的支出略有增加，原因是專業服務支出增加，我們預計 2020 年將獲得槓桿作用。

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

我們公司 2019 年第四季調整後的 EBITDA 總虧損為 6.15 億美元。正如我在之前的電話會議上提到的那樣，第四季度和第一季反映了我們對 Eats 的投資達到頂峰，我們預計公司調整後的 EBITDA 虧損總額將從第二季開始縮小。

Now I'll provide additional detail on our segments. First on Rides. Rides gross bookings of $13.5 billion grew 20% on a constant currency basis, led by the U.S. and Latin America. 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. Rides adjusted EBITDA was $742 million or 24.4% of Rides ANR. 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.

現在我將提供有關我們各個部分的更多詳細資訊。首先是 Rides。以美國和拉丁美洲為主的出行總預訂金額達到 135 億美元，以固定匯率計算成長了 20%。30 億美元的 ANR 乘車收入按固定匯率計算增長了 32%，這得益於美國市場持續向好、自 2019 年初以來拉丁美洲的穩定以及對共享乘車效率的日益關注。Rides 調整後的 EBITDA 為 7.42 億美元，佔 Rides ANR 的 24.4%。這代表了絕對美元和利潤率的季度記錄，以 ANR 百分比計算，環比提高了 240 個基點。

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. 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. 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. Excluding Eats India, which we divested to Zomato in January of this year, Eats take rate was 10.1% for the quarter. Eats adjusted EBITDA was a loss of $461 million or negative 111% of ANR. Excluding Eats India, Eats adjusted EBITDA would have been a loss of $418 million. 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.

Eats 的總預訂量達 44 億美元，按固定匯率計算增長了 73%，這得益於美國和國際市場旅行次數的持續增長，以及每次旅行的平均總預訂量增加。進入美國市場僅四年時間，我們已連續第三個季度在美國保持強勁的第二名的位置，Eats 在美國的總預訂額為 17 億美元，同比增長 44%。Eats ANR 為 4.15 億美元，以固定匯率計算成長 154%，這得益於美國的價格變化，加上下半年快遞成本降低的好處。不包括我們今年 1 月剝離給 Zomato 的 Eats India，本季 Eats 的佣金率為 10.1%。Eats 調整後的 EBITDA 虧損 4.61 億美元，即 ANR 的負 111%。不包括 Eats India，Eats 調整後的 EBITDA 將虧損 4.18 億美元。外送成交率環比下降，與我們的預期一致，原因是季節性成本增加以及我們在競爭激烈的市場中進行的投資，以加強和擴大我們的領先地位。

On Freight, we grew ANR over 75% and adjusted EBITDA was a loss of $55 million. Freight growth was driven by volume growth of 89%, offsetting lower pricing from market tightening. 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.

在貨運方面，我們的 ANR 成長了 75% 以上，調整後的 EBITDA 虧損 5,500 萬美元。貨運量成長 89%，推動了貨運量的成長，抵消了市場緊縮導致的運價下降。我們的貨運業務繼續向承運商提供更多服務，包括應用內捆綁服務，這使得承運商可以一次預訂多個貨物，從而減少與非 Uber 貨運匹配捆綁服務的空載里程。

Our Other Bets segment had ANR of $35 million and an adjusted EBITDA loss of $67 million. Q4 represents a seasonal trough for bikes and scooter business due to weather. 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.

我們的其他投資部門的 ANR 為 3,500 萬美元，調整後 EBITDA 虧損為 6,700 萬美元。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。我們持續致力於打造永續發展和可擴展的業務，作為我們核心交通消費者的重要取得和參與管道。

JUMP won permits to expand in key markets such as Washington, D.C. and 4 markets across Australia and New Zealand. Our permit win in D.C. will make us the largest combined dockless fleet operator in the city across bikes and scooters.

JUMP 獲得了在華盛頓特區等主要市場以及澳大利亞和紐西蘭的 4 個市場擴張的許可。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無樁車隊營運商。

ATG adjusted EBITDA was a loss of $130 million. 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%.

ATG 調整後的 EBITDA 虧損 1.3 億美元。2019 年第四季度，企業一般行政費用和平台研發費用為 6.44 億美元，佔未分配給我們 5 個部門之一的一般行政費用和研發費用，增加了 13%。

In terms of liquidity, we ended the quarter with approximately $11.3 billion in cash and cash equivalents and short-term investments. Across a number of our businesses, we use M&A as an important strategic tool and most notably with our acquisition of Careem. 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. This transaction is expected to close in Q2 2020, subject to regulatory approval. We will continue to explore ways in which M&A can accelerate or derisk our path to profitability.

在流動性方面，本季末我們擁有約 113 億美元的現金、現金等價物和短期投資。在我們的多項業務中，我們將併購作為重要的策略工具，其中最顯著的就是對 Careem 的收購。我們也宣布收購 Cornershop 的多數股權，從拉丁美洲開始為 Uber 平台上的數百萬消費者提供雜貨配送服務。該交易預計將於 2020 年第二季完成，但需獲得監管部門的批准。我們將繼續探索透過併購加速或降低獲利風險的方法。

Now I'll wrap up by providing guidance and some relative context. 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. 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. Most notably, we rationalized our shared rides product. And in Eats, we exited 2 significant markets with elevated losses. 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.

現在我將透過提供指導和一些相關背景來結束本文。我們始終致力於為所有利害關係人實現獲利性成長，既投資於長期成長和擴張，又確保資本配置策略的紀律性。2019 年下半年，我們開始精簡業務佈局，一心一意專注於核心業務的獲利和全球領導地位。最值得注意的是，我們合理化了我們的共享乘車產品。在外賣領域，我們退出了兩個重要的市場，損失慘重。雖然我們已經開始展現出強勁的盈利能力提升，但我們認為 2020 年是真正的轉型之年，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，並繼續專注於利用我們的成本基礎和正的 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. 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. This outlook includes the modest positive impact from our acquisition of Careem and modest negative impact from our Eats divestiture in India. 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.

重要的是，隨著我們在 2020 年繼續消除本質上是空熱量的預訂，我們預計佣金率和 EBITDA 利潤率將會擴大，從而導致總預訂量增長略有下降。考慮到這一背景，我們預計 2020 年報告的總預訂額將達到 750 億美元至 800 億美元，反映出 17% 至 25% 的固定匯率增長和 15% 至 23% 的報告增長，外匯逆風約為 150 個基點。這一前景包括我們收購 Careem 帶來的適度積極影響以及我們在印度剝離 Eats 業務帶來的適度消極影響。此外，雖然第一季通常是我們連續成長最慢的季度，但我們預計 2020 年第一季的總預訂量將環比小幅下降，主要原因是共享乘車產品的同比下降以及前面提到的資產剝離。

Starting in 2020, in the spirit of further improving transparency, we will be providing ANR outlook as well. We believe this disclosure should allow investors visibility into the top line metric that our business leaders are measured against internally. 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%. Our ANR outlook implies a take rate improvement of roughly 150 basis points year-on-year. We expect Q1 take rates to be relatively in line with the Q4 take rate, consistent with our normal seasonal trends.

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。我們相信，這項揭露應該可以讓投資人了解我們企業領導者內部衡量的頂線指標。我們預計 2020 年調整後淨收入將達到 160 億美元至 170 億美元，反映出 26% 至 34% 的固定匯率成長率和 24% 至 32% 的報告成長率。我們的 ANR 展望意味著接受率將比去年同期提高約 150 個基點。我們預期第一季的接受率將與第四季的接受率基本一致，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. Further, we expect Q1 EBITDA loss to be similar to Q4 2019 levels with similar investment levels in Eats. Beyond Q1, we are expecting a meaningful improvement in profitability throughout the year, including in Uber Eats.

對於 2020 年調整後的 EBITDA，我們預計虧損為 14.5 億美元至 12.5 億美元。此外，我們預計第一季的 EBITDA 虧損將與 2019 年第四季的水準相似，且對 Eats 的投資水準也相似。除了第一季之外，我們預計全年獲利能力將有顯著提升，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. We recognize the significant work remaining to get to this milestone and our teams are focused on executing our plan.

正如 Dara 所說，基於我們對 2020 年趨勢的預見性，我們正在提前實現盈利預期，併計劃在 2020 年底第四季度實現我們的第一個 EBITDA 正值季度。我們意識到要實現這一里程碑還有很多工作要做，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，我們預計第一季的股票薪酬為 3 億至 3.5 億美元，我們預計 2020 年第一季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，我們很樂意回答問題。

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

（操作員指示）您的第一個問題來自高盛的 Heath Terry。

Great. 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? You've obviously been able to improve profitability in that business significantly. What's allowing you to keep demand at these levels even as you bring profitability up? We know pricing has obviously been a lever there. Have you been surprised by the level of inelasticity of demand? And is there anything else besides that, that you would point to?

偉大的。達拉，當您看到推動需求的因素，特別是美國和全球的乘車業務需求時，您會特別指出什麼嗎？顯然，您已經能夠大幅提高該業務的獲利能力。是什麼讓您在提高獲利能力的同時還能保持需求處於這樣的水平？我們知道定價顯然是一個槓桿。您是否對需求的缺乏彈性程度感到驚訝？除此之外，您還有什麼要指出的嗎？

Yes. 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. 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. And I think people are changing the way that they live. They're changing certainly the way that they get around. And especially the younger generation is not a generation that associates car ownership with freedom, they associate noncar ownership with freedom, using our services.

是的。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基於自有資產的交通運輸的社會轉變為一個依賴基於共享資產的交通運輸即服務的社會。因此，我們在美國和世界各地都擁有非常持續的順風，這種順風將對我們有利，並且在未來將繼續對我們有利。我認為人們正在改變他們的生活方式。他們確實在改變出行方式。尤其是年輕一代，他們並不將擁有汽車與自由聯繫在一起，而是將不擁有汽車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. We do think that we've got some pricing power and we are putting that pricing power in a careful way into the markets. We're investing pretty aggressively in our premium product. 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. 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. And we're kind of growing in those businesses in the right way, in those countries in the right way, so to speak. We think 2- and 3-wheelers are very, very big opportunities for us going forward, especially in emerging markets. 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.

除此之外，我們也繼續執行基礎業務。我們確實認為我們擁有一定的定價權，而且我們正在謹慎地將這種定價權投入市場。我們正在大力投資我們的高端產品。當您查看 Comfort 及其在全球的發布時，當您查看我們的企業業務（無論是 U4B 還是 Uber for Health）時，您會發現它們的成長速度非常非常有吸引力。我提到的許多國家，我們的成長型國家，阿根廷、德國、日本、西班牙等等，我們認為這些國家過去的監管框架並不具有建設性，但可以比過去更具建設性。可以說，我們在這些國家、以正確的方式發展這些業務。我們認為兩輪車和三輪車對於我們未來發展來說是一個非常大的機會，特別是在新興市場。我們認為，一旦我們重新調整共享乘車細分市場並重新定價，我們的共享乘車業務將繼續成長，因為我們的成長是基於提高匹配演算法的效率，而不是僅僅透過定價來實現的。

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.

所以，綜合考慮所有這些因素，我們相信，Rides 業務將繼續成為一家收入成長強勁的公司，而且我們在 2019 年看到的利潤率提升能力肯定也會在 2020 年繼續保持。

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. Just talk us through how you think about the growth of the Rides bookings within that guidance. 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. 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. Is it more supply? Is it discounting? What are the growth strategies in the U.S. Eats business?

我有 2 個。僅全年預訂指南中的第一個，750 億美元到 800 億美元確實很有幫助。請告訴我們您如何看待該指導範圍內的乘車預訂量增長。我知道共乘、拉美和其他所有方面的乘車預訂中有很多變動因素，請您向我們介紹一下我們在乘車預訂中應該做出或考慮的一些利弊，以及您對今年的增長有何看法。然後關於 Eats，Dara，聽起來美國的接受率和成長都有非常健康的改善。請跟我們談談您認為在美國 Eats 方面繼續以這種速度成長的關鍵是什麼。是不是供應量更多了？有打折嗎？美國餐飲業務的成長策略是什麼？

I'll start with the U.S. Eats and then Nelson can get into the Rides guide, so to speak, or the GB guide. I think the most important factor as it relates to the growth of the U.S. business has really been about selection. We have been very focused on improving the selection and the number of restaurants that we have in our Eats segment. If you look overall, we've got almost 400,000 active restaurants. This is up 78% on a year-on-year basis. And we've added independents and we've added a number of big chains and big names as well. 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. 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.

我將從美國美食開始，然後納爾遜可以進入遊樂指南，或者英國指南。我認為與美國業務成長相關的最重要因素實際上是選擇。我們一直非常注重改善我們的餐飲部門的餐廳選擇和數量。從整體來看，我們有近 40 萬家活躍餐廳。與去年同期相比，成長了 78%。我們增加了獨立店，也增加了一些大型連鎖店和知名品牌。我認為，選擇的改進，加上我們的技術，使我們能夠列出餐館，無論我們是否與它們有直接關係，都使我們能夠改善我們的可尋址足跡。而且，我認為，再加上越來越多的人希望享受送貨上門的便利，這一切共同促成了該公司在美國取得了相當強勁的營收和穩固的第二大地位。

So we like what we see. 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. Q1, we're going to continue to lean in. And then really the back half of 2020 is one where we want to combine growth, but also improve margins with the Eats business.

所以我們喜歡我們所看到的。我認為在某個時候，成長率會遵循大數定律，但我認為 Eats 團隊在第四季表現良好。Q1，我們將繼續努力。那麼，2020 年下半年我們確實希望結合成長，同時提高 Eats 業務的利潤率。

Yes. And in terms of the Rides growth, I mean, you've heard us talk before. I mean, by definition, the law of large numbers does take hold. And as you know, our business does over $1 billion a week in terms of gross bookings. So I think you can tell in the guidance, we recognize the fact that we're not doing the empty calories. 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. You know in past calls, we've talked about the fact that we've de-emphasized shared rides. And that is positive as well. We do actually look at our trip growth as well as our gross bookings growth. 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. And so we continue to look at both. But again, we're really focused on optimizing the system right now. And if anything, because we are trying to take the empty calories out, we are definitely much focused on that. And so I think that is reflective in the overall guidance that we're giving.

是的。關於 Rides 的成長，您之前已經聽過我們談論過。我的意思是，根據定義，大數定律確實成立。如您所知，我們每週的總預訂額超過 10 億美元。所以我認為你可以在指導中看到，我們認識到我們沒有攝取空熱量。我想你們已經在達拉和我的評論中聽到了這一點，但我們認識到今天我們將真正專注於盈利。您知道，在過去的通話中，我們討論過我們不再強調共乘的事實。這也是積極的。我們確實關注我們的旅行成長以及我們的總預訂量成長。因此，雖然根據我們給您的指導，總預訂量成長率可能低於 20%，但旅行成長率仍然高於這一水平。因此我們繼續關注這兩者。但再次強調，我們現在真正關注的是優化系統。而且，如果有什麼不同的話，那就是因為我們正在嘗試去除空熱量，所以我們肯定會非常注意這一點。所以我認為這反映了我們給出的整體指導。

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賈斯汀波斯特 (Justin Post)。

Dara, a couple of questions for you. Pretty optimistic long-term margin targets and take rates. What are you seeing in your business that gives you confidence in those long-term margins? Is it specific markets you're seeing or is it the broad improvement you've seen over the last 6 months?

達拉，我問你幾個問題。長期保證金目標和利率相當樂觀。您在業務中看到了什麼讓您對長期利潤率充滿信心？您看到的是特定市場還是過去 6 個月中看到的普遍改善？

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

其次，第四季度的 EBITDA 獲利能力肯定高於華爾街的數據，您是否擔心這會限制您的靈活性？如果出現一些不利的監管因素，是否有緩衝空間？

Yes. 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. So there may be short-term bumps one way or the other, and we will deal with them. We are assuming a world that doesn't change significantly. 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. And my take is, we expect to execute. And it's not a single lever that's going to get us there, it's multiple levers. And is it boxing us in? It's boxing us in to execute effectively as a team. And I'll take on that challenge. And I think we will take on that challenge.

是的。我認為談論利潤率數字和第四季度時，與第四季度和盈利能力相關的假設是環境不會發生重大變化。因此，短期內可能會出現一些問題，但我們會加以解決。我們假設世界不會有重大變化。我們正在內部挑戰團隊以實現盈利，我們認為，就像我們內部挑戰團隊一樣，我們也會將這項挑戰傳達給我們的投資者。我的看法是，我們希望執行。這不是單一的槓桿就能幫助我們實現這一目標的，而是需要多個槓桿的共同作用。這是否限制了我們？它限制了我們作為一個團隊有效地執行任務。我會接受這個挑戰。我認為我們將接受這項挑戰。

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. And over the same period, with a $700 million increase in ANR, they delivered a $550 million increase in EBITDA. So that's an 80% flow-through of incremental EBITDA from revenue growth to EBITDA growth. 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. And in order to get to breakeven, you need to drop about 55% of that incremental ANR to the bottom line.

為了讓您稍微了解我們的執行能力，如果您看一下我們的乘車業務第四季度至第四季度的數據，我們的乘車業務增長了約 7 億美元——就收入而言略低於 7 億美元。而在同一時期，ANR 增加了 7 億美元，EBITDA 增加了 5.5 億美元。因此，增量 EBITDA 的 80% 流向了從收入成長到 EBITDA 成長的階段。為了讓我們達到第四季的目標，如果你看一下我們營收成長的中間範圍，假設這是我們營收成長的中間範圍，那麼與今年第四季相比，明年第四季的營收將增加約 10 億美元至 11 億美元。為了達到收支平衡，您需要將增量 ANR 的約 55% 降至底線。

So we've executed on the Rides side 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. And I think that our pushing ourselves to drop 55% to the bottom line is not asking for too much. 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.

因此，我們在 Rides 方面的執行率已達到 80%。我們的期望是，我們將繼續向前邁進，並將投資於業務的重大成長領域，但我們確實認為，這是一支已展現出將 80% 的利潤降至底線的能力的團隊。我認為，我們強迫自己將利潤降低 55% 的要求並不過分。它確實為我們提供了靈活性，讓我們可以在適當的地方進行投資，真正合理地計算營運成本，然後在沒有意義的地方撤資。

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

知道了。那麼從長期來看，是否存在一些市場真正讓您對長期利率和保證金目標充滿信心？

Yes. 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. 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. 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.

是的。我認為，就長期利潤率目標而言，Rides 業務基本上朝著正確的方向發展，因此我們對 Rides 的長期利潤率非常有信心。以 Eats 為例，我們的美國業務的佣金率雖然還沒有達到 15% 的水平，但肯定已經非常接近了。當我們回顧我們在乘車業務上所做的營運成本工作時，如果我們採用與外送業務相同的做法，我們有信心能夠實現那種長期利潤率。

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. 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. So are these low calories that you're talking about taking out in 2020, is that more shared ride decel? Is it single rider couponing? Any color on what's incremental for '20 versus what we saw in '19 already?

只有一個關於 Rides，一個關於 Eats。所以你提到單人乘客出行量比總出行量高出 3 個百分點，這意味著你在 2019 年已經在 UberPOOL 上取得了很大進展。那麼，您所說的 2020 年低卡路里飲食是指更多的共享出行減排嗎？這是單人騎乘優惠券嗎？與我們已經看到的 19 年相比，20 年的增量有哪些？

And then on Eats, just a question, high level, like the Australia market is very profitable for you guys. Is that because of the density, because of something unique in terms of the fee structure or simply because it's far less competitive? And how can the U.S. ever look like that without consolidation?

然後關於 Eats，我有一個問題，高層，例如澳洲市場對你們來說非常有利可圖。這是因為密度，還是因為費用結構的獨特性，或只是因為競爭力太弱？如果沒有整合，美國怎麼會變成這樣？

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

羅斯，就乘車業務和共享乘車等而言，我想說我們在第三季和第四季開始在共享乘車領域取得實質進展。因此，我們將在第一季和第二季繼續對共乘乘車的出行情況進行更嚴格的比較。然後，在第三季度和第四季度，您將看到反映我們預期的長期成長率的比較數據。

I think in Australia, as far as the business goes there, it's just a really good market for us. The market, it looks like a Western market as far as the structures go, payment structures, et cetera. And I think we just have a team on the ground that's executed really well. And when a team on the ground executes really well, you get really great top lines and very, very healthy margin levels.

我認為，就澳洲的業務而言，這對我們來說是一個非常好的市場。就結構、支付結構等而言，該市場看起來像是西方市場。我認為我們擁有一支執行力非常出色的實地團隊。當一個實地團隊表現得非常好時，你就會獲得非常好的收入和非常非常健康的利潤水準。

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. Yes.

我唯一想補充的是，我們確實有一些城市，甚至在美國，其概況與您建議的澳洲的情況相似。是的。

And then remember, too, that Australia, we do have 3 competitors. So you should assume that basically every market that we compete, that we are operating in, we have anywhere from 2 to 4 competitors. It's the nature of this market. These are very, very large TAMs to go after. 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.

然後還要記住，在澳大利亞，我們確實有 3 個競爭對手。所以你應該假設，基本上我們參與競爭、我們經營的每個市場都有 2 到 4 個競爭對手。這就是這個市場的本質。這些都是非常非常大的 TAM。我們不相信會出現一個贏家通吃的情況，但我們相信，由於我們擁有全球規模，並且在我們運營的大多數市場中都排名第一，而且我們擁有多種產品，因此我們處於獨特的地位，我們可以利用這種優勢實現盈利，或者提供更好的服務，或者實現比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. Two things. 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?

好的。兩件事。首先，達拉，您能否談談您所看到的 Rides 和 Eats 之間的協同效應，以及您認為可以在這兩者之間產生的潛在協同效應？

And then secondly, spend a little time just talking about some of the products that you've rolled out. I don't know if there's any read-throughs yet from some of the driver changes that you've made in California. 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. 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?

其次，花一點時間談談您推出的一些產品。我不知道你們在加州做出的一些駕駛員變更是否已經得到通讀。我並不是指遵守法規或其他什麼，而是指駕駛者是否會因為這些變化而更有興趣為 Uber 開車。同樣，從乘客角度來看，一些產品變化、一些忠誠度計劃，您看到了什麼，從乘客角度來看，哪些產品變化效果很好，哪些效果不好？

Sure. Absolutely. So in terms of the synergies go, I'd say there's no single magical win. It's a combination of a number of factors that we're putting together. So one is our cross-promoting our services together. We now have subscription programs that are Rides only, Eats only in Uber as well. We have a loyalty program that goes across the various products as well. All of those coming together are significantly increasing the number of consumers who use both of our services. 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. Now that number is closer to 3x. 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.

當然。絕對地。因此，就協同效應而言，我認為不存在單一的神奇勝利。這是我們綜合考慮的多種因素。一是共同交叉推廣我們的服務。我們現在有僅限乘車和僅限 Uber 飲食的訂閱計劃。我們還有一個涵蓋各種產品的忠誠度計劃。所有這些結合在一起，大大增加了使用我們兩種服務的消費者數量。而在早期，如果一個乘客同時使用我們的兩項服務，那麼每個使用者每個月的交易次數大約是單一使用者的 2 倍。現在這個數字接近 3 倍。因此，我們產品使用率提高帶來的回報實際上是從 2 倍增加到 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. And then I would never underestimate 2 very important factors. One is the power of the Uber brand. Everyone knows that. You probably already have an account with us. You probably have a credit card with us, et cetera. It's very, very easy to sign up. I think riders and drivers trust us across the world. And then the leverage that we're getting on our technology spend. 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. 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. It's just the scale advantage that we have. 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.

我們的忠誠度計劃會員數量已達 2500 萬，並且還在不斷增長，因為我們正在全球擴展該計劃。然後我永遠不會低估兩個非常重要的因素。一是Uber品牌的力量。每個人都知道這一點。您可能已經擁有我們的帳戶。您可能有我們的信用卡等等。註冊非常非常簡單。我認為全世界的乘客和司機都信任我們。然後我們在技術支出上獲得槓桿作用。在推動創新和大數據方面，我們可以投入比任何人更多的資金，擁有最先進的匹配和定價演算法。同時，我認為我們的技術支出佔收入的百分比以及我們的一般行政費用和間接費用佔收入的百分比與其他參與者相比具有優勢。這只是我們擁有的規模優勢。因此，我們擁有客戶優勢、品牌優勢和規模優勢，所有這些都將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. It's too soon to tell at this point. The drivers are reacting quite well to the increase in information that they're receiving. On average, the service levels as it relates to riders have gone a little worse as far as the predictability of getting a ride. That's something that we're working through pretty carefully. Prices in California are up more than, let's say, the rest of the country as a result of the combination of these factors. 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.

至於您關於加州司機等方面的問題，以及我們所做的改變。現在下結論還為時過早。司機們對他們所收到的越來越多的信息反應良好。平均而言，就乘車的可預測性而言，與乘客相關的服務水準有所下降。我們正在非常認真地研究這個問題。由於這些因素的共同作用，加州的物價漲幅比全國其他地區都要大。因此，其中一些變化會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. 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? 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.

如果可以的話，也許是 2。Dara，當您從長遠角度考慮 Rides 業務時，您如何看待可以透過產品創新或價格動態調整解鎖的滲透曲線部分？我認為我們面臨的最大問題之一是，該行業如何繼續演變，顛覆汽車所有權、公共交通等，從而在未來 5 到 10 年內推動 S 曲線滲透率進一步提高。

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

然後關於 Eats 業務方面，也許以美國為例。您是否好奇，您如何看待未來幾年的供應動態、與食品業的關係發展，以及您認為在該業務領域發展的一些合作夥伴關係的經濟效益可能出現多大的偏差？

Yes. Absolutely. So I think that when we look at the Rides business, there are 4 broad growth vectors. One is geographic growth. We talked about markets that were not as penetrated in that we will drive penetration, the Germanys, the Argentinas, the Spains of the world.

是的。絕對地。因此，我認為，當我們審視乘車業務時，有 4 個廣泛的成長方向。一是地理成長。我們討論了尚未滲透的市場，我們將推動滲透，例如德國、阿根廷、西班牙等國家。

Second for us is using technology and improve matching algorithms to improve the efficiency of the marketplace. And that is, we think we're just in a much better place than anyone else. We've got higher market density. We've got more data than anyone else. 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.

第二，我們要利用技術，改進匹配演算法，提高市場效率。也就是說，我們認為自己比其他人處境好得多。我們的市場密度更高。我們擁有的數據比任何人都多。我們可以將這種效率提供給司機，也可以提供給乘客，這取決於我們認為最好的成長動力是什麼。

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

我們的第三個領域是降低成本。對我們來說低成本的是兩輪車、三輪車、共乘乘車，一旦我們重新定價這些共乘乘車，然後將大眾運輸、自行車、踏板車等新產品引入我們的產品組合。因此，我們認為低成本和市場的結合為我們帶來了非常非常重要的 TAM。

And then last but not least is the enterprise segment. This is Uber for Business. 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. It's less of a factor in terms of bookings growth, but it's a very significant factor in terms of margin growth. You put it all together, and we think we have a very balanced kind of growth profile, both top and bottom line going forward.

最後但同樣重要的是企業部門。這是 Uber 商務版。這是對我們的客戶群、優質客戶群的細分，既包括服務水平，也包括我們提供的產品類型。就預訂量成長而言，這不是一個重要因素，但就利潤率成長而言，這是一個非常重要的因素。綜合考慮所有這些因素，我們認為，無論從營收或淨利潤來看，我們都將擁有非常均衡的成長態勢。

As far as the Eats business goes, we think there's plenty of room to run. We've been really focused on improving selection. I would say that we made big moves in selection in the second half of the year. So I do think that there's some year-over-year comping on the Eats side, especially in the first half of the year. And we still think we're in the very early innings. 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. Right now, it's not even close to that on a global basis. So we think that our Eats business has a long way to go.

就 Eats 業務而言，我們認為還有很大發展空間。我們一直致力於改善選擇。我想說我們在下半年的選擇上做出了重大舉措。因此我確實認為，外送方面會有一些同比變化，尤其是在今年上半年。我們仍然認為我們處於非常早期的階段。例如，我們談到在澳洲的情況，我們的 Eats 業務的營收與我們的 Rides 業務相當。目前，從全球範圍來看，這一數字還遠遠沒有達到。所以我們認為我們的 Eats 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. Can you just talk, Dara, about how far behind you think Eats is on the rationalization path relative to the ridesharing industry?

剛剛有 2 個。首先關於 Eats，您談到在第一季投入更多，並在下半年獲得更多槓桿。達拉，您能否談談，您認為 Eats 在合理化道路上相對於共乘產業落後了多少？

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，您能否談談您早期關於訂閱的發現以及它在 Rides 和 Eats 中是如何運作的？

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

是的。就合理化而言，很難預測市場將如何變動。但如果我們回顧去年同期，您會記得，在我們的乘車業務部門，我們在第四季度和第一季度表現相當積極，然後您會看到下半年發生的事情，因為它與乘車利潤率的提高有關。這是相當可觀的。

It's difficult to predict what's going to happen in the Eats segment. We do see signs of rationalization in the marketplace. You see it with IPOs coming in. You just see it everywhere. So while it's impossible for us to predict short-term timing, I think the long-term rationalization trends are there. 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. And the Eats team is running the same exact play. They're just about a year behind the Rides side. And appropriately so because we wanted to lean into growth on the Eats side.

很難預測外賣領域未來會發生什麼事。我們確實看到了市場合理化的跡象。您可以從 IPO 中看到這一點。你隨處都可以看到它。因此，雖然我們無法預測短期時間，但我認為長期合理化趨勢是存在的。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，並且能夠真正在 Rides 方面提高內部利潤率的能力。Eats 團隊也採取了同樣的做法。他們僅比 Rides 落後約一年。這是理所當然的，因為我們希望在 Eats 方面實現成長。

As far as subscription goes, it's very early, but the results on subscription rides have been promising for a long time. We really just launched Eats subs in a few markets pretty recently. And there are markets where it accounts for more than 10% of volume. So we're pretty encouraged by what we see with Eats subs. 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. So I think, really, 2020 is going to be the year of subscriptions at Uber.

就訂閱而言，現在還為時過早，但訂閱乘車的結果長期以來一直令人鼓舞。我們最近才剛在幾個市場推出了 Eats 潛水艇堡。在某些市場中，其銷售量佔比超過 10%。因此，我們對 Eats 潛艇的表現感到非常鼓舞。然後實際上，我們在優化的非常早期階段的另一個領域是購買某種跨 Uber 訂閱產品。所以我認為，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伯恩斯坦的馬克·施穆里克 (Mark Shmulik)。

Just a follow-on on market rationalization and some of the recent investments and divestments that have happened. Where are we on that journey in terms of further kind of rationalization from an investment, divestment point of view? 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?

這只是市場合理化和最近發生的一些投資和撤資的後續行動。從投資、撤資的角度來看，我們在進一步合理化上處於什麼位置？當我們思考所分享的一些指導時，它是否包括或預期包括該領域的其他類型的動作？

And then a follow-on question, if I can, around Eats. We talked a little bit about how it's behind, but there's quite aggressive, both take rate and EBITDA targets coming up. How does it get there? Is this a little bit of just flexing kind of pricing? Is there a scale-up of the ad product? Or how do we think about the different components that will drive that?

如果可以的話，我接下來想問一個關於 Eats 的後續問題。我們稍微談論了它是如何落後的，但它是相當積極的，無論是接受率還是 EBITDA 目標都即將實現。它如何到達那裡？這是否只是一種彈性定價？廣告產品是否有擴大規模？或者我們如何考慮推動這項進程的不同因素？

So on the first point in terms of the guidance, that is basically our internal plan. So we don't really build in a lot of M&A divestiture. That being said, we do have a capital allocation process that we go through, both for Rides and Eats. And we are working closely with the team in terms of making capital choices. And so you should expect that we'll continue to make choices. You should expect us to continue to be active in that as we go through it. There may be situations where we're in 2 marketplaces and we have to pick, right? But we are committed to being 1 or 2. We're taking action against that. 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.

因此，就指導而言的第一點，這基本上是我們的內部計劃。因此，我們實際上並沒有進行大量的併購剝離。話雖如此，我們確實有一個資本配置流程，無論是針對乘車還是餐飲。我們在資本選擇方面與團隊密切合作。所以你應該預料到我們會繼續做出選擇。您應該期望我們在處理此問題的過程中繼續保持積極態度。可能存在我們身處兩個市場並且必須做出選擇的情況，對嗎？但我們致力於成為 1 或 2。我們正在採取行動。而且您也應該預料到，如果我們有機會贏得我們認為我們想要進入的市場，您也應該預料到我們會採取這種行動。

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. 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.

因此，當我向您提供指導時，這實際上是我們的內部計劃，基於我們目前在同一組業務上的有機狀況。但話雖如此，我們知道我們有很多可用的槓桿，你應該預料到管理團隊有責任按照指導方針行事。

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. So that gives us confidence. 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.

至於第二個問題，即我們對長期利潤率的信心，聽著，我們在 Eats 業務中擁有很大的市場，非常接近長期收入利潤率。這給了我們信心。我們確實認為，媒體等方面存在機會，實際上可以幫助我們實現高於長期指導的利潤率，但我們不想依賴它。

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. 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.

然後在 EBITDA 方面，你可以想像業務的成本方面更加可預測，而且我們目前在 Eats 業務中已經有超過 100 個美國和國際城市的分部 EBITDA 為正。看到這個路線圖，我們的乘車路線圖，這些城市今天都表現積極，這讓我們對長期的 Eats 利潤率充滿信心。

Your next question comes from Itay Michaeli from Citi.

您的下一個問題來自花旗銀行的 Itay Michaeli。

Just a two-part question on ATG, one financial and one strategic. 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. 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. 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. Just an update there would be helpful.

關於 ATG 的問題有兩個部分，一個是財務問題，一個是策略問題。在財務方面，我希望您能夠衡量您對今年以及長期 ATG 支出的假設。關於您預計何時進入人類駕駛員和自動駕駛汽車混合市場的策略問題，我想考慮潛在的合作夥伴關係。此外，就 AV 領域的整體競爭環境而言，您在舊金山的競爭對手錶示，他們可能準備在未來幾年內真正部署 4 級自動駕駛汽車。只要有更新就會有幫助。

Yes. So in terms of from a modeling standpoint, I wouldn't expect a demonstrable difference over the next year or 2 regarding ATG. There may be some increase, but it won't be significant. And so I don't think you're going to see a big step-up there. 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. And so I think you should expect us to continue to lean in there on ATG. That being said, I'll let Dara kind of talk more competitively what we're seeing out there.

是的。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。可能會增加，但不會很明顯。因此我認為你不會看到那裡出現大的進步。如你所知，達拉在他的劇本中提到，我們去年夏天確實籌集了資金，這實際上為 ATG 開發的約 18 個月提供了預先資助。因此我認為你應該期待我們繼續依靠 ATG。話雖如此，我會讓達拉以更具競爭力的方式談論我們所看到的情況。

Yes. 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. 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. 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. 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. So I think that's kind of definitionally to what we've been talking about. Level 4 is coming. It's coming in the next couple of years. We will be a part of that. The Level 4 and a network together, we believe, is the only commercially viable product out there. And we're uniquely situated to play a very important part in that game.

是的。我想我要說的是，我們認為對於試圖開發網路的自主服務來說，4 級實際上並不具有商業可行性。我們的經驗是，您需要擁有 99% 以上的可用性，以便人們在日常使用中重複使用您。因此，除非您擁有一個網絡，除非您經營一個網絡，或者除非您與一個網絡合作，否則第 4 級是行不通的。這實際上是我們認為 ATG 處於獨特成功位置的關鍵，也是我們非常願意與可能部署 4 級並可以利用我們的網路來實現這一目標的玩家合作的原因。所以我認為這在某種程度上就是我們一直在談論的定義。第四級即將到來。它將在未來幾年內問世。我們將參與其中。我們相信，Level 4 和網路結合是唯一具有商業可行性的產品。我們擁有獨特的優勢，可以在這場遊戲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. Just first, can you talk broadly about just trends in the competitive environment in the Rideshare segment? 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?

如果可以的話，兩個。首先，能否大致談談共乘領域競爭環境的趨勢？您是否看到美國和全球市場上的競爭正在回升，或者競爭是否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. Can you give us a sense for how much of that is going to come from Food Delivery versus Rideshare? And is that a function at all of like price increases or just simply rolling back existing driver incentives? Anything you can share there.

第二個問題是關於指導利率提高 150 個基點的問題。您能否告訴我們其中有多少來自食品配送和共乘服務？這是否相當於漲價了，還是只是簡單地取消現有的駕駛員激勵措施？您可以在那裡分享任何內容。

Yes. 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. In the past month or so, we've seen Lyft, our competitor, probably be on balance more aggressive in terms of discounting and incentives. We'll see where that leads. 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.

是的。我想說，就美國的競爭環境而言，從長遠來看，競爭環境是建設性的、合理化的。在過去一個月左右的時間裡，我們發現我們的競爭對手 Lyft 在折扣和激勵方面可能總體上更加積極。我們將拭目以待。我們認為，從我們的角度來看，我們已經討論了利潤率，並確保我們在行銷、激勵等方面的投資是從投資資本回報率角度來看有意義的投資，並且對未來的利潤率具有建設性。

On a global basis, we have multiple competitors in every single city. Sometimes competition ebbs, sometimes it flows. I'd say it's largely constructive. 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.

在全球範圍內，我們在每個城市都有多個競爭對手。有時競爭會減​​弱，有時競爭會加劇。我想說它在很大程度上是建設性的。我們相信，我們的未來掌握在我們自己手中，因為作為全球最大的參與者，我們可以說是標準的製定者。

Nelson, you want to answer the second question?

尼爾森，你想回答第二個問題嗎？

Yes. With regard to take rate, I mean, I think it's going to happen both on Rides and Eats. Just as an example, and you heard me in my comments, our Eats take rate in the fourth quarter was 9.5%. But if you exclude India, and as you know, we sold our Indian Eats business, now that increased to the 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.

是的。至於接受率，我的意思是，我認為這將在 Rides 和 Eats 上發生。舉個例子，正如您在我的評論中聽到的那樣，我們第四季度的 Eats 接受率為 9.5%。但如果不包含印度，而且如你所知，我們出售了印度餐飲業務，那麼現在這一比例就增加到了 10.1%。因此，我認為，當我們思考如何繼續努力時，當我們思考我們的資本配置策略時，我們非常有信心提高我們的 Eats 費率。

The Rides will just be continuing to play out what we've already been doing. And so we do expect that, that will increase as well. And it's really not one big thing. It's the combination of both and just getting more efficiency in terms of how we're spending.

Rides 活動將繼續進行我們已經在做的事情。因此我們確實預計，這數字也會增加。這確實不是什麼大事。這是兩者的結合，只是讓我們的支出更有效率。

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. 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. So just can you talk a little bit about maybe contribution margins on partners and non-partners on the network? And really, how would those margins expand over time as we get to that profitability?

Dara，當佣金率達到 15% 的水平時，我想再問一些有關 Eats 和貢獻利潤率的問題。我之所以問這個問題，是因為今天早些時候 GRUB 談到了 QSR 和非合作夥伴訂單的利潤率相對較低，並且今天早些時候你們還提到在 Eats 業務中增加了很多非合作夥伴。那麼，您能否稍微談談網路上合作夥伴和非合作夥伴的貢獻利潤？那麼，當我們實現獲利時，利潤率實際上會如何隨著時間而擴大？

Yes, Ron, our non-partner volume for Eats is very, very small as a percentage of our overall volume. This is a new feature that the team built out really in Q4. 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. So I would not assume that non-partner revenues are a significant percentage of our volume certainly in Q4. 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.

是的，羅恩，我們 Eats 的非合作夥伴交易量占我們整體交易量的比例非常非常小。這是團隊在第四季真正打造的新功能。我們在推出該功能時非常謹慎，因為我們希望確保交付時間和交付品質繼續保持我們堅持的卓越水平。因此，我認為非合作夥伴收入不會占到我們第四季總收入的很大一部分。明年，我們將擴大非合作夥伴業務量，但我們將確保以對營收和利潤都有意義的方式進行。

Your next question comes from Jason Helfstein from Oppenheimer.

您的下一個問題來自奧本海默公司的 Jason Helfstein。

Maybe ask about California. What have you learned since making product changes in California? What's driver feedback, rider feedback and how has it changed usage and spending?

也許可以詢問有關加州的情況。自從在加州進行產品變革以來，您學到了什麼？什麼是司機回饋、乘客回饋以及它如何改變使用情況和支出？

Jason, again, I would stress that it's very, very early. Driver feedback has been positive in terms of the information, the empowerment that I think our driver partners feel. I think that the service itself, prices have increased more than they have nationally. So I think from a rider standpoint, the service on balance has gotten more expensive. But it's very, very early. And I would comment, too, that AB5 in general for a number of contractors, et cetera, has created a huge amount of uncertainty. 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. 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. And we're going to be iterating to get there.

傑森，我要再次強調，現在還太早。就訊息和我認為我們的司機合作夥伴感受到的授權而言，司機的回饋是正面的。我認為服務本身的價格漲幅比全國範圍內的漲幅還要大。因此我認為從乘客的角度來看，整體而言服務費用變得更高了。但現在還為時過早。而且我還想評論一下，AB5 總體上對許多承包商等來說已經造成了巨大的不確定性。我們推出這些變化是為了明確我們作為平台的定位，並確保我們的司機可以自由選擇何時工作以及是否工作。我們將努力實現這一目標——我們希望這對我們平台上的駕駛者和乘客來說是雙贏的。我們將不斷迭代以達到這一目標。

Short term, it's been, I'd say, net negative for riders and it's possibly a net positive for drivers. Hopefully, we can get to a win-win situation.

從短期來看，我認為這對乘客來說是負面的，但對司機來說可能是一個正面的。希望我們能夠實現雙贏。

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

Dara，關於中東或北非的 Careem，您能否向我們詳細介紹該業務，包括其規模、成長率和獲利能力？從技術或產品角度來看，他們有什麼可以供您利用的嗎？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. What does that mix look like in your base case projection of breaking even by Q4?

關於 Eats 業務，我記得您之前說過，在您開展業務的大約一半國家/地區中，您在每個市場都排名第一或第二，這意味著在您開展業務的大約一半國家/地區中，您並不是排名第一或第二。在您預計的第四季度實現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. So on Careem, we're actually not breaking that out. As you know, the deal just closed. And I think over time, we'll probably give some more disclosure around it. But right now, we're not going to break that out. We know that will be positive in terms of its impact on the business. The team has actually done a very good job in terms of building out their marketplace. 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.

這就是尼爾森。因此在 Careem 上，我們實際上並沒有突破這一點。如您所知，交易剛剛完成。我認為隨著時間的推移，我們可能會對此做出更多披露。但現在我們不會公開這一點。我們知道這將對業務產生正面的影響。該團隊在拓展市場方面確實做得非常出色。我們可以從中了解到一些團隊目前正在努力的事情，但現在下結論還為時過早，因為記得這筆交易幾週前才剛完成。

Yes. 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. The Careem team is absolutely looking to drive the super app strategy in the Middle East. I think some of these developing markets, that particular strategy has great potential. We see incredible innovation from that local team across a number of services, including payments as well. So I think that we're going to be learning from the Careem team and they're going to be learning from us. They've made real investments in their driver relations, Captains in Careem speak -- so to speak. And again, that's something that we can learn from. 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.

是的。我想說，在 Careem 方面，我們已經討論了與平台功能和超級應用策略相關的措施。Careem 團隊絕對希望推動中東地區的超級應用策略。我認為，在一些發展中市場中，這種特定的策略具有巨大的潛力。我們看到本地團隊在包括支付在內的多項服務方面做出了令人難以置信的創新。所以我認為我們將向 Careem 團隊學習，他們也將向我們學習。他們在司機關係方面進行了真正的投資，Careem 的車長們這麼說——可以這麼說。再次強調，這是我們可以學習的地方。我們確實希望加深與世界各地收入者的關係，我們已經看到 Careem 團隊進行了非常有趣的活動，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. We definitely leaned in to get to more #1s and #2s. And I think next year we expect more of the same. We've been gaining category position in most of the countries in which we operate. 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. Most of it will be organic and some of it will be inorganic, both on the buy and sell side.

就我們的 Eats 業務（排名第一和第二）而言，第四季度看到的趨勢確實讓我們感到鼓舞。我們確實傾向於獲得更多的第一名和第二名。我認為明年我們期待更多類似的情況。我們在開展業務的大多數國家都已獲得了類別地位。我們非常有信心，到明年年底，我們的銷量將位居第一或第二。無論買方或賣方，大部分都是有機的，有些則是無機的。

Your next question comes from John Blackledge from Cowen.

您的下一個問題來自 Cowen 公司的 John Blackledge。

On Uber for Business, the growth was stellar. It was about 9% of the Rides gross bookings. Could you just discuss how that mix might change over time, kind of any differences in penetration U.S. versus non-U. S. markets and the margin profile for Uber for Business kind of relative to the overall Rides segment margin?

Uber for Business 的成長十分驚人。這約佔 Rides 總預訂量的 9%。您能否討論一下這種組合隨著時間的推移會發生怎樣的變化，以及美國和非美國市場的滲透率有何差異？美國市場和 Uber for Business 的利潤率相對於整體乘車業務的利潤率有何不同？

Yes. 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. On average, the Uber for Business has a higher premium share. And our premium business is higher margin than, let's say, our X or other products. We are going to be investing relatively heavily in growing the U4B sales force. We have a more mature and larger sales force in the U.S. versus, let's say, Europe and some of the other countries. So expect us to lean in on the sales force. Usually, when you expand a sales force upfront, that's probably negative margins or, call it, breakeven margins. But then the lifetime value that our sales teams bring in over 3, 4, 5 years make a lot of sense. 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. So long term, as U4B becomes a higher percentage of our business, expect our marketing efficiencies to improve.

是的。我認為 Uber for Business 的趨勢非常簡單，那就是未來它的預訂量將佔更高比例，當然營收佔比也會更高。平均而言，Uber for Business 的保費份額較高。我們的高端業務的利潤率比我們的 X 或其他產品要高。我們將投入相對較大的資金來擴大 U4B 銷售團隊。與歐洲和其他一些國家相比，我們在美國擁有更成熟、更龐大的銷售團隊。因此，我們期望能夠依靠銷售團隊。通常，當您預先擴大銷售團隊時，這可能是負利潤率，或稱為損益平衡利潤率。但我們的銷售團隊在 3、4、5 年內帶來的終身價值是非常有意義的。然後，當我們觀察 U4B 客戶的保留率時，我們發現其保留率明顯高於休閒客戶或非 U4B 客戶。因此，從長遠來看，隨著 U4B 在我們業務中所佔的比例越來越大，我們的行銷效率預計會提高。

Your next question comes from James Lee from Mizuho.

您的下一個問題來自瑞穗的詹姆斯李。

Dara, I was wondering if you can give more color on the competition in Lat Am. You talk about that market being more stable since 2019. We heard that Didi recently entered into some new markets. Any new learnings there? Are you doing well because your competitor is now more disciplined or are you responding faster to their marketing initiatives? And also, Dara, can you give an update on your status on U.K. regulatory situation there, how you expect that to play out?

達拉，我想知道您是否可以詳細介紹拉丁美洲的比賽情況。您說自 2019 年以來市場更加穩定。我們聽說滴滴最近進入了一些新的市場。有什麼新知嗎？您之所以表現良好，是因為您的競爭對手現在更加自律，還是因為您對他們的行銷措施反應更快？另外，達拉，您能否介紹一下英國監管情況的最新情況，您預計情況會如何發展？

Sure. Absolutely. So in terms of our Lat Am markets, I think it's a combination. I think, generally, the competitive environment remains quite competitive, but more stable on a year-on-year basis. Didi is a competitor that we do not take for granted. They're very good at what they do. 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. So we like the trends that we see in the Lat Am markets. We think that we are more effective in our response. And we think that in terms of year-on-year, the market is much more predictable. Lat Am represents our fastest-growing mega-region. And from a trips basis, it is the largest region that we have on the Rides side as well. So we're quite optimistic there.

當然。絕對地。因此，就我們的拉丁美洲市場而言，我認為這是一種組合。我認為，總體而言，競爭環境仍然相當激烈，但同比更加穩定。滴滴是我們不會視為理所當然的競爭對手。他們非常擅長他們所做的事情。但是如果你看一下我們的數據，你會發現我們在拉丁美洲的 ANR 成長率與去年同期相比相當顯著，並且變成正值，而且是非常好的正值。所以我們喜歡拉丁美洲市場的趨勢。我們認為我們的應對措施更為有效。我們認為，從年比來看，市場更有可預測。拉丁美洲是我們發展最快的大區域。從出行量來看，這也是我們在乘車方面最大的區域。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. We respectfully disagree with the TfL's conclusions. I'll remind you that 2 years ago in court, we won the right to operate in London. And I think that our safety levels, our service levels are across the board, significantly, significantly improved versus where they were 2 years ago. The team is very focused on executing on safety around the world. And I think the London team especially is focused on it. So we expect that our day in court will be positive, but we know that we got to make the case. In the meantime, we operate in London as we have as always, and we continue to optimize our business. And it's like any other day in London as far as our operations go.

然後在倫敦，就監管而言，我們將在法庭上接受審判。我們尊重但不同意倫敦交通局的結論。我提醒大家，兩年前我們在法庭上贏得了在倫敦經營的權利。我認為，與兩年前相比，我們的安全水準和服務水準都有了顯著提升。該團隊非常注重在世界範圍內執行安全政策。我認為倫敦隊尤其關注這一點。因此，我們期望在法庭上度過的一天會是積極的，但我們知道我們必須提出自己的理由。同時，我們一如既往地在倫敦開展業務，並不斷優化我們的業務。就我們的營運而言，這就像倫敦的其他日子一樣。

Well, thank you very much, everyone, for joining. We really appreciate your being here. I think 2019 was a big, big year for us. 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. Thanks very much for joining us.

好吧，非常感謝大家的參與。我們非常感謝您來到這裡。我認為 2019 年對我們來說是非常重要的一年。我們知道，2020 年我們有很多事情要做，但團隊充滿信心，並且熱衷於執行，打造一家偉大的公司，為我們所有的用戶提供優質的服務。非常感謝您加入我們。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。