優步 (UBER) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Uber Third Quarter 2022 Earnings Conference Call. (Operator Instructions).

女士們，先生們，謝謝你們的支持。我的名字是布倫特，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加優步 2022 年第三季度收益電話會議。 （操作員說明）。

It is now my pleasure to turn today's conference over to Mr. Balaji Krishnamurthy. Sir, please go ahead.

現在我很高興將今天的會議交給巴拉吉·克里希那穆爾蒂先生。先生，請繼續。

Thank you, operator. Thank you for joining us today, and welcome to Uber's third quarter 2022 earnings presentation. On the call today, we have Uber CEO, Dara Khosrowshahi; and CFO, Nelson Chai.

謝謝你，接線員。感謝您今天加入我們，歡迎觀看優步 2022 年第三季度財報。在今天的電話會議上，我們有 Uber 首席執行官 Dara Khosrowshahi；和首席財務官Nelson Chai。

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. As a reminder, these numbers are unaudited and may be subject to change.

在今天的電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。有關這些非 GAAP 措施的其他披露，包括 GAAP 與非 GAAP 措施的對賬，包含在新聞稿、補充幻燈片和我們向 SEC 提交的文件中，每一份文件都發佈到investor.uber.com。提醒一下，這些數字未經審計，可能會發生變化。

Certain statements in this presentation and on this call are 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, except as required by law.

本演示文稿和本次電話會議中的某些陳述是前瞻性陳述。此類陳述可以通過相信、預期、打算和可能等術語來識別。您不應過分依賴前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異，除法律要求外，我們不承擔更新我們今天做出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 described in our most recent annual report on Form 10-K for the year ended December 31, 2021, and in other filings made with the SEC when available.

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我們最近的 10-K 表格年度報告中描述的風險和不確定性。 2021 年 12 月 31 日，以及向 SEC 提交的其他文件（如果有）。

We published our quarterly earnings press release, prepared remarks and supplemental slides to our Investor Relations website earlier today, and we ask you to review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara.

我們今天早些時候在我們的投資者關係網站上發布了季度收益新聞稿、準備好的評論和補充幻燈片，如果您還沒有查看這些文件，我們要求您查看這些文件。我們將在 Dara 簡短的開場白之後開始提問。

With that, let me hand it over to Dara.

有了這個，讓我把它交給達拉。

Thanks, Balaji. Uber delivered yet another strong quarter, with gross bookings up 32% year-on-year, EBITDA of $516 million, an all-time high and well above our guidance range and solid free cash flow of $358 million. Despite the uncertain global economic environment and considerable foreign exchange headwinds, we again issued Q4 EBITDA guidance that shows strong incremental progression and remain confident in our ability to deliver healthy top and bottom line growth, with strong free cash flow generation.

謝謝，巴拉吉。優步又一個強勁的季度，總預訂量同比增長 32%，EBITDA 為 5.16 億美元，創歷史新高，遠高於我們的指導範圍，自由現金流為 3.58 億美元。儘管全球經濟環境不確定且外匯逆風相當大，但我們再次發布了第四季度 EBITDA 指引，顯示出強勁的增量進展，並對我們實現健康的頂線和底線增長以及產生強勁的自由現金流的能力充滿信心。

Underlying this performance are several trends that represent tailwinds for us: cities are reopening, travel is booming and more broadly, a continued shift of consumer spending from retail back to services. We've seen these trends continue into the fourth quarter, with October tracking to be our best month ever for Mobility and total company gross bookings. With over $1 billion in adjusted EBITDA and $693 million in free cash flow so far this year, we've demonstrated how our global scale and unique advantages of our platform are combining to generate meaningful profits, and we're confident in our ability to build on this momentum.

這種表現的背後是對我們來說代表順風的幾個趨勢：城市正在重新開放，旅行正在蓬勃發展，更廣泛地說，消費者支出持續從零售轉向服務。我們已經看到這些趨勢持續到第四季度，10 月將成為我們有史以來最好的移動和公司總預訂量月份。今年到目前為止，我們的調整後 EBITDA 超過 10 億美元，自由現金流達到 6.93 億美元，我們已經展示了我們的全球規模和我們平台的獨特優勢如何結合起來產生可觀的利潤，我們對我們建立的能力充滿信心在這個勢頭上。

With that, let's open the call to questions.

有了這個，讓我們打開問題的電話。

(Operator Instructions) Your first question comes from the line of Brian Nowak with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Brian Nowak。

I have two. The first one, Dara, you mentioned the fourth quarter bookings trends. The guidance seems really solid, particularly given the backdrop. Just kind of curious, are you seeing any changes in consumer behavior or trade down or differences in what your income cohorts, how they're acting across Rides, Eats, U.S., Europe? Just any sign at all of weakening within the consumer of your MAPCs. That's the first one.

我有兩個。第一個，Dara，你提到了第四季度的預訂趨勢。指導似乎真的很可靠，特別是考慮到背景。只是有點好奇，您是否看到消費者行為或貿易下降或收入群體的任何變化，他們在遊樂設施、餐飲、美國、歐洲的表現如何？只是任何跡象表明你的 MAPC 的消費者正在減弱。那是第一個。

And then the second one, maybe a bigger picture one. I think if we break apart the Rides business, a little bit between high-frequency users and the lower-frequency users, there's still a lot of MAPCs who are pretty infrequent users a few times a month. Can you just talk to us about sort of philosophically over the next few years, the key strategy is to get those lower-frequency users using the platform 3, 4, 5 more times per month?

然後是第二個，也許是更大的圖景。我認為，如果我們將 Rides 業務分開，在高頻用戶和低頻用戶之間進行一點劃分，仍然有很多 MAPC 每月很少使用幾次。你能和我們談談未來幾年的哲學嗎？關鍵策略是讓那些頻率較低的用戶每月多使用 3、4、5 次平台？

Absolutely. So Brian, as you can imagine with everything going on, we have been looking very closely for any signs both internally and so that we can communicate to our investors. And right now, frankly, we're not seeing any signs of consumer weakness. And part of it is that the consumer spending is strong. And not only is consumer spending strong but is shifting over from retail to services, and we are the beneficiary of that. So on Mobility, we've looked at our Mobility consumers from an income basis to see if there's any delta in behavior. We're not seeing any kind of jumps one way or the other.

絕對地。所以布萊恩，正如你可以想像的那樣，我們一直在內部密切關注任何跡象，以便我們可以與我們的投資者溝通。現在，坦率地說，我們沒有看到任何消費者疲軟的跡象。部分原因是消費者支出強勁。不僅消費者支出強勁，而且正在從零售轉向服務，我們是其中的受益者。因此，在 Mobility 上，我們從收入基礎上觀察了我們的 Mobility 消費者，看看他們的行為是否存在差異。我們沒有看到任何形式的跳躍。

Seasonal trends remain the same. Even lower-income riders continue to have higher trips per rider as things are opening up, showing absolutely no signs of slowing down. And we've also specifically looked at Europe with inflation, with the European economies, I think, leading in terms of weakness as far as the Western world. Again, we've looked to see if there's any weakness and we're not observing any weakness.

季節性趨勢保持不變。隨著事情的開放，即使是低收入的騎手也繼續有更高的每位騎手的行程，絕對沒有放緩的跡象。我們還專門研究了歐洲的通貨膨脹，我認為歐洲經濟在疲軟方面領先於西方世界。同樣，我們已經查看是否有任何弱點，我們沒有觀察到任何弱點。

Really, the biggest factor that's affecting our financials is foreign exchange and the strength of the dollar that makes our stated gross bookings lower and obviously hurts our profit margins, but that's something that we've been able to overcome.

確實，影響我們財務的最大因素是外彙和美元的強勢，這使得我們的總預訂量降低，顯然損害了我們的利潤率，但這是我們能夠克服的。

When we look at Delivery as well, the Delivery business, as you saw, accelerated a bit against Q2. The frequency of ordering per monthly active platform consumer remains consistent, and it remains consistent not only in the U.S. and abroad as well. So while we have looked for signal, we're not seeing any signal. We're going to be cautious going forward. We're going to be cautious on costs. We're going to be cautious on overhead. But as far as the business goes, right now, we are seeing strength across the board.

當我們也看一下交付時，如您所見，交付業務與第二季度相比略有加速。每個月活躍平台消費者的訂購頻率保持一致，不僅在美國和國外也保持一致。因此，雖然我們一直在尋找信號，但我們沒有看到任何信號。我們將謹慎行事。我們將對成本保持謹慎。我們將對開銷保持謹慎。但就業務而言，現在，我們看到了全面的實力。

As far as the consumers go, high-frequency, low-frequency consumers, it's absolutely true that if we can move our consumer use from lower frequency to higher frequency, we will see very significant growth. Generally, if you look at our -- the number of trips per monthly active platform consumer, that has increased to an average of 5.3 from, let's say, 5.0 earlier in the year. So we are seeing higher engagement of consumers on the platform. I'd say there are 3 factors there. One is our membership program, Uber One, which is now well over 10 million members. We are now launched in additional markets. I think we're in 8 markets now on a global basis and continue to launch. And Uber One has benefits that are unique in that they have both Delivery benefits and Mobility benefits as well. So Uber One is definitely a product that is driving frequency.

就消費者而言，高頻、低頻消費者，如果我們能夠將消費者的使用從低頻轉移到高頻，我們將看到非常顯著的增長。一般來說，如果你看看我們的 - 每個月活躍平台消費者的旅行次數，已經從今年早些時候的 5.0 次增加到平均 5.3 次。因此，我們看到消費者在平台上的參與度更高。我想說有3個因素。一個是我們的會員計劃，Uber One，現在有超過 1000 萬會員。我們現在在其他市場推出。我認為我們現在在全球範圍內有 8 個市場並繼續推出。優步一號的獨特優勢在於它們同時具有交付優勢和移動優勢。所以Uber One絕對是一款驅動頻率的產品。

Second for us is cross-sell. We are actively cross-selling delivery, consumers, food delivery consumers into grocery, grocery consumers into alcohol and then actually back now to Mobility as well. So all of the cross-sell that we have across the platform continues to increase, drive new customers and also drive retention as well. And then for us, also some of the growth initiatives that we have are designed to drive frequency. This is hailables and taxis, 2-wheelers, 3-wheelers and lower-cost product as well. When you put it all together, it drives healthy gross bookings growth and generally higher frequency per audience. So we like the tools that we've got, and we think there's a ton of upside for us on the frequency side.

第二個是交叉銷售。我們正在積極交叉銷售外賣、消費者、食品外賣消費者到雜貨店、雜貨店消費者到酒類，然後實際上現在又回到移動性。因此，我們在整個平台上的所有交叉銷售都在繼續增加，推動新客戶的增長，同時也提高了保留率。然後對我們來說，我們的一些增長計劃也旨在推動頻率。這也是應召車和出租車、2 輪車、3 輪車和低成本產品。當你把它們放在一起時，它會推動健康的總預訂量增長，並且每個觀眾的頻率普遍更高。所以我們喜歡我們擁有的工具，我們認為在頻率方面對我們有很大的好處。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

Maybe two, if I can. First, Dara, we saw a proposal from the labor department in the last couple of weeks, and it caused a lot of volatility in the news flow around the sector. Can you give us your latest, updated views on not only how that proposal might evolve but your current state of the world in terms of the regulatory landscape with respect to the gig economy and how that might evolve in terms of a mixture of elements in your business over the next couple of years? That's number one.

如果可以的話，也許兩個。首先，Dara，我們在過去幾週看到了勞工部的一項提案，它在該行業的新聞流中引起了很大的波動。您能否向我們提供您最新的最新觀點，不僅包括該提案可能如何演變，還包括您當前在零工經濟監管環境方面的世界狀況，以及根據您的混合要素如何演變？未來幾年的生意？那是第一名。

And then number two, maybe asking Brian's question, but pivoting it towards that Delivery side of the house. I think there continues to be a lot of concern about how Delivery will grow if the consumer weakens. Are you seeing anything on the consumer front that you want to flag in terms of the delivery cadence or the delivery frequency? And how should we be thinking about some of the widening out of use cases in Delivery as maybe muting some of that impact in the next 12 to 18 months?

然後是第二個，也許問布萊恩的問題，但把它轉向房子的交付側。我認為如果消費者減弱，交付將如何增長仍然存在很多擔憂。您是否在消費者方面看到了任何您想要在交付節奏或交付頻率方面進行標記的內容？我們應該如何考慮交付中的一些擴大用例，因為可能會在未來 12 到 18 個月內消除一些影響？

Yes, absolutely. So as it relates to the Department of Labor rulemaking, first thing I would tell you is it effectively returns us to the framework during Obama's presidency, which was a framework in which we grew significantly. And it doesn't reclassify any workers, doesn't include an ABC test. So when we look at the rulemaking, we believe that it will provide for stability going forward.

是的，一點沒錯。因此，當它與勞工部規則制定有關時，我要告訴你的第一件事是，它有效地讓我們回到了奧巴馬總統任期內的框架，這是一個我們顯著增長的框架。而且它不會對任何工人進行重新分類，不包括 ABC 測試。因此，當我們審視規則制定時，我們相信它將為未來提供穩定性。

And really the focus that we have ourselves is working on a state-by-state level, right? Prop 22 in California passed with 58% of the votes in a very, very liberal state. I think everybody recognizes that the value of the flexibility of independent contractors, earnings levels are very robust. And I think the dialogue that we're having on a state level, really our goal, and we are finding that the dialogue is a robust dialogue on a state level about preserving flexibility, having robust earners and then also providing some protections appropriate for independent contractors is the right way forward.

實際上，我們自己的重點是在逐個州的層面上工作，對嗎？加利福尼亞州的第 22 號提案在一個非常非常自由的州以 58% 的選票通過。我想每個人都認識到獨立承包商靈活性的價值，收入水平非常穩健。我認為我們在州一級進行的對話，確實是我們的目標，我們發現對話是在州一級進行的關於保持靈活性、擁有強大的收入者以及提供一些適合獨立人士的保護的強有力的對話。承包商是正確的前進方向。

We continue to have dialogue. And I say the trend is in our favor at this point, but it is -- the road is going to be bumpy. And for us, the nature of work is always going to be a big issue that we have a responsibility to shape going forward in dialogue, obviously, with local governments.

我們繼續進行對話。我說在這一點上趨勢對我們有利，但它是 - 道路將是崎嶇不平的。對我們來說，工作的性質始終是一個大問題，我們有責任在與地方政府的對話中塑造未來。

When we look at Delivery, again, we don't see any signs one way or the other of consumer weakness at this point. It's something that we're watching out for us. Basket sizes are up, frequency is stable. About 10% of our eaters on a monthly basis now are using our grocery product as well. So we are driving higher engagement there. And Uber One membership continues to penetrate at higher rates within our Delivery segment.

當我們再次查看交付時，我們在這一點上沒有看到任何消費者疲軟的跡象。這是我們要注意的事情。籃子尺寸增加，頻率穩定。現在，我們每月約有 10% 的食客也在使用我們的雜貨產品。因此，我們正在那裡推動更高的參與度。 Uber One 會員資格繼續以更高的速度滲透到我們的配送領域。

So you see the growth rate of Delivery. It continues to be stable, et cetera, a little bit this quarter. And I think for Q4, we expect it to be stable to up a little bit as well. At this point, we're not seeing weakness. We're definitely watching out for it.

因此，您會看到 Delivery 的增長率。本季度它繼續保持穩定，等等。我認為對於第四季度，我們預計它也會穩定上升一點。在這一點上，我們沒有看到弱點。我們肯定會注意它。

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

您的下一個問題來自美國銀行的 Justin Post。

I guess you've done a good job breaking down the Mobility drivers in 3 categories. Can you help us think about Delivery growth from here to get to your plan in'24? That would be the first thing. And then we did see corporate overhead go up a bit quarter-over-quarter, I think. Could you just go through some of the drivers there? And if you can kind of keep that cost contained over the next couple of years.

我想您已經很好地將移動性驅動因素分為 3 個類別。您能幫我們考慮一下從這裡開始的交付增長，以實現您在 24 年的計劃嗎？那將是第一件事。然後我們確實看到企業管理費用比上一季度有所增加，我認為。你能通過那裡的一些司機嗎？如果你能在接下來的幾年裡控制住這個成本。

Yes. so I think if you look at Delivery growth, our growth accelerated a little bit this last quarter. North America volumes remained very healthy. So North America, gross bookings grew 19%. And then in Europe, actually, we saw a slight acceleration in terms of gross bookings on a constant currency basis as well. And so I think on Delivery, it's all steady on the front. The growth rate is driven based on adding in new eaters. And obviously, we have a source, a significant source, of new eaters coming in from the Mobility side.

是的。所以我認為如果你看一下交付增長，我們的增長在上個季度略有加速。北美的銷量仍然非常健康。因此，北美的總預訂量增長了 19%。然後在歐洲，實際上，我們看到在固定貨幣基礎上的總預訂量略有加速。所以我認為在交付時，一切都在前面穩定。增長率是基於增加新的食客來驅動的。顯然，我們有一個來源，一個重要來源，來自移動端的新食客。

Our Mobility business provides as many new eaters to our Eats service, Google, Facebook, TikTok combined at about 1/4 of cost. And it's also about merchant apps. So we are now at an all-time high in terms of the number of merchants on the platform. And the number of merchants are -- it's about 870,000 merchants on the platform, up about 11% year-on-year. So again, that number of merchants, that growth of merchants mirrors our gross bookings growth as well, gross bookings growth being a little bit higher.

我們的移動業務以大約 1/4 的成本為我們的 Eats 服務、Google、Facebook、TikTok 提供了盡可能多的新食客。它也與商家應用程序有關。因此，就平台上的商家數量而言，我們現在處於歷史最高水平。商戶數量——平台商戶約87萬家，同比增長約11%。因此，商家的數量，商家的增長也反映了我們的總預訂量增長，總預訂量增長略高一些。

So with Eats, it's about demand and supply, and we're adding new eaters and we're adding new merchants, which is really driving the growth of the business along with the frequency that we see with Uber One. Nelson, do you want to talk about overhead?

因此，對於 Eats，這是關於需求和供應的，我們正在增加新的食客，我們正在增加新的商家，這確實推動了業務的增長以及我們在 Uber One 上看到的頻率。尼爾森，你想談談開銷嗎？

So on the corporate overhead, yes, it did increase a little bit in the quarter. We obviously continue to monitor it quite closely. And so on a year-on-year basis, we actually did deliver about 20 basis points of leverage as a percentage of gross bookings. Internally, what we're doing is we really are trying to focus on managing our costs. if you will, because we do recognize that the environment is a little bit more uncertain despite the fact that our businesses are operating quite well. So you should expect us to continue to be disciplined, and we're going to continue to deliver the operating leverage.

因此，在公司管理費用方面，是的，該季度確實有所增加。我們顯然會繼續密切監視它。因此，與去年同期相比，我們實際上確實提供了大約 20 個基點的槓桿，佔總預訂量的百分比。在內部，我們正在做的是我們真的在努力專注於管理我們的成本。如果您願意，因為我們確實認識到，儘管我們的業務運作良好，但環境還是有點不確定。因此，您應該期望我們繼續遵守紀律，我們將繼續提供運營槓桿。

As you know, for us, the north star right now is making sure that we deliver the 7% incremental margins that we talked about at a total company level. And as you know, we're ahead of that and expect to be way ahead of that as we think about full year 2022.

如您所知，對我們來說，北極星現在正在確保我們提供我們在整個公司層面談到的 7% 的增量利潤率。如您所知，我們領先於這一點，並希望在我們考慮 2022 年全年時能夠領先於它。

Your next question is from the line of Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

I just have two on the Mobility side. I was hoping to get just the early read on upfront fares and destination functionality for drivers. And then second, if you could just talk about the higher Mobility take rate to 27.9%, which was up about 130 bps sequentially, the key drivers there.

我在移動端只有兩個。我希望能提前了解司機的前期票價和目的地功能。其次，如果您可以談論更高的流動性採取率至 27.9%，即連續上漲約 130 個基點，這是關鍵驅動因素。

Sure. I'll take the first, and Nelson will take the second. Listen, upfront fares are a -- upfront fares and destinations are a big positive as it relates to driver satisfaction. Drivers now on a global basis were at 2019 highs. If you look at the U.S., the number of drivers that we have is now about 80% recovered versus 2019, but the number of drivers we have is up 37%. And what we're seeing is that driver churn is down almost 20% versus where it was historically, so drivers are much more engaged on the platform. We talked about driver earnings being $36 an hour on average in the U.S. as well. And the driver engagement, in other words, how many hours are our drivers driving on average, is up 16% on a year-on-year basis.

當然。我會拿第一個，納爾遜會拿第二個。聽著，預付票價是一個 - 預付票價和目的地是一個很大的積極因素，因為它與駕駛員滿意度有關。現在，全球驅動因素處於 2019 年的高位。如果你看看美國，與 2019 年相比，我們現在擁有的司機數量恢復了約 80%，但我們擁有的司機數量增加了 37%。我們看到的是，與歷史水平相比，司機流失率下降了近 20%，因此司機在平台上的參與度要高得多。我們談到在美國，司機的平均收入也是每小時 36 美元。司機的參與度，也就是我們的司機平均駕駛多少小時，同比增長了 16%。

So the robust earnings, the continued flexibility and additional information that you get in terms of upfront destinations, that is combining for very, very healthy supply trends. We can still have more drivers into the marketplace, and we're busy doing so. But the trends that we see are very healthy, and the competitive trends that we see in terms of driver engagement on our platform and driver preference for our platform remain very, very high.

因此，強勁的收益、持續的靈活性和您在前期目的地方面獲得的額外信息，結合在一起形成了非常非常健康的供應趨勢。我們仍然可以有更多的驅動程序進入市場，我們正忙於這樣做。但是我們看到的趨勢是非常健康的，而且我們在平台上的駕駛員參與度和駕駛員對我們平台的偏好方面看到的競爭趨勢仍然非常非常高。

So the product team has really worked to improve the driver experience, from onboarding to the upfront destinations to our customer service to a bunch of safety innovations that we're driving as well. So there's a lot of innovation going on, on the driver front, and it's definitely showing in terms of their preference for our platform.

因此，產品團隊確實致力於改善駕駛員體驗，從入職到前期目的地再到我們的客戶服務，再到我們也在推動的一系列安全創新。因此，在駕駛員方面進行了很多創新，並且肯定會顯示出他們對我們平台的偏好。

Yes. So first of all, regarding the take rate of Mobility, as we've talked about in the last quarter, it gets a little bit more challenging because of a business model change in the U.K. that occurred in March. So our reported Mobility take rate was 27.9%. If you adjusted out the impact of the U.K. merchant model change, the underlying take rate would have been about 20.2%. On an underlying basis, the take rate did increase about 100 basis points quarter-on-quarter. And again, the underlying take rate would have been closer to 22% because the fuel charge impact was relatively constant quarter-over-quarter.

是的。因此，首先，關於 Mobility 的使用率，正如我們在上個季度談到的那樣，由於英國 3 月份發生的商業模式變化，它變得更具挑戰性。因此，我們報告的流動性採用率為 27.9%。如果您調整了英國商家模式變化的影響，則基本採取率約為 20.2%。在基本基礎上，採取率確實環比增加了約 100 個基點。再一次，由於燃料費用的影響環比相對穩定，潛在的收取率將接近 22%。

As we've been trying to guide you, we actually view take rate as just one of the levers of the P&L. We really are focused on demonstrating both growth at the top line, but more importantly, continuing improving margins which we're getting. The segment EBITDA margin for Mobility in Q3 was 6.6% and continuing to improve. And so we're really focused across a number of different dimensions. And again, we feel like we have a lot of levers to make sure we deliver against our top and bottom line targets.

正如我們一直試圖指導您的那樣，我們實際上將獲取率視為損益表的槓桿之一。我們確實專注於展示收入的增長，但更重要的是，繼續提高我們獲得的利潤率。第三季度移動業務部門的 EBITDA 利潤率為 6.6%，並繼續改善。所以我們真的專注於許多不同的維度。再一次，我們覺得我們有很多槓桿來確保我們實現我們的頂線和底線目標。

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

您的下一個問題來自巴克萊銀行的羅斯桑德勒。

Nelson, I just want to follow up on that last comment about the Rides EBITDA flow-through, so the 6.6%. At Analyst Day, you guys showed that some of the top 20 markets that are performing above the long-term target already back in February, and you've seen this EBITDA margin go up several hundred basis points this year. So could you just talk about like what's pulling up the overall? Is it that those top markets that are in the top 20 are going up even further than 13%? Or is it the ones that are kind of below the average, closer to breakeven moving towards that long-term goal? Like any color on what's driving the EBITDA margin improvement in Rides. And do you guys think it's still 11% in the long term? Or could it be potentially higher?

尼爾森，我只是想跟進關於遊樂設施 EBITDA 流通的最後一條評論，即 6.6%。在分析師日，你們展示了 2 月份表現超過長期目標的前 20 個市場中的一些市場，並且你們已經看到今年 EBITDA 利潤率上升了數百個基點。那麼你能談談是什麼拉動了整體嗎？是不是前 20 名中的那些頂級市場的漲幅甚至超過了 13%？或者是那些低於平均水平、接近盈虧平衡、朝著長期目標邁進的那些？就像推動遊樂設施 EBITDA 利潤率提高的任何顏色一樣。你們認為從長遠來看它仍然是 11% 嗎？還是可能更高？

So we talk about 10%, and that's the number we've kind of talked as a guide. I would say it's across the board. So what we're seeing is we are getting leverage because, a, we're managing our cost base; b, we've talked a lot about some of the investments we made last year in terms of bringing the supply on. So we're able to be more efficient in terms of adding that supply. And so it's really across the board. Those top markets that I kind of highlighted continue to do extremely well. And actually, we have a number of countries that are above that 10% number. And the ones that are below are continuing to improve. And so we've just seen an overall improvement in our marketplace.

所以我們談論 10%，這就是我們所說的作為指導的數字。我會說它是全面的。所以我們看到的是我們正在獲得影響力，因為，a，我們正在管理我們的成本基礎； b，我們已經談了很多關於我們去年在增加供應方面所做的一些投資。因此，我們能夠在增加供應方面更有效率。所以它真的是全面的。我強調的那些頂級市場繼續表現得非常好。實際上，我們有一些國家的比例高於 10%。下面的那些正在繼續改進。因此，我們剛剛看到我們的市場整體有所改善。

Our business is actually going quite strongly across all of our key geographies right now. And again, it's a lot of the confidence we have as you think about our ability to put out our quarterly targets and then overachieve against it, particularly on the bottom line, as you've seen this year. And again, if anything, as we think about our '24 targets, we're 3 quarters in just laying out those numbers in February. We've largely hit them on the top line. We've over-exceeded them on the bottom line. The business is operating quite well, and so we probably are more confident in terms of hitting that bottom line number if you think about 3 years out. But it's not just because it's the folks below the 10% or above the 10%, it's actually the overall marketplace and how the business is operating right now.

現在，我們的業務實際上在我們所有的主要地區都發展得非常強勁。再說一次，當您考慮我們制定季度目標然後超額完成目標的能力時，我們很有信心，特別是在底線方面，正如您今年所看到的那樣。再說一次，如果有的話，當我們考慮我們的 '24 目標時，我們在 2 月份僅列出這些數字就需要 3 個季度。我們在很大程度上達到了他們的最高水平。我們已經超過了他們的底線。該業務運作良好，因此如果您考慮 3 年後，我們可能更有信心達到該底線數字。但這不僅僅是因為低於 10% 或高於 10% 的人，實際上是整個市場以及企業目前的運營方式。

And Ross, I'll just add that we're able to drive this kind of incremental margin, the healthy incremental margin while we continue to invest in some of the newer products in the Mobility portfolio. As we invest in taxi, as we invest in Reserve, as we invest in U4B high-capacity vehicles, shared rides, et cetera. So we are actively reinvesting in growth levers but the base business is inflecting and is showing very, very strong leverage that allows us to invest in new products while we're delivering higher profitability, as Nelson said.

羅斯，我只想補充一點，我們能夠推動這種增量利潤，健康的增量利潤，同時我們繼續投資於移動產品組合中的一些新產品。當我們投資出租車、投資 Reserve、投資 U4B 大容量車輛、共享遊樂設施等時。因此，正如尼爾森所說，我們正在積極地對增長槓桿進行再投資，但基礎業務正在發生變化，並且顯示出非常非常強大的槓桿作用，這使我們能夠在提供更高盈利能力的同時投資新產品。

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

您的下一個問題來自 UBS 的 Lloyd Walmsley。

Two, if I can. First, just given all the questions around macro, are there enough levers in the business on the cost side in kind of rationalizing competition such that you're confident in the 2024 EBITDA targets kind of regardless of macro? And then second one somewhat related, Lyft recently retired their energy surcharge and added a new charge to pass along higher insurance costs. Do you think a similar course of action might make sense for Uber? And what could that mean for the P&L?

二，如果可以的話。首先，考慮到所有關於宏觀的問題，企業在成本方面是否有足夠的槓桿來合理化競爭，以至於您對 2024 年的 EBITDA 目標充滿信心，而不管宏觀如何？然後第二個有點相關，Lyft 最近取消了他們的能源附加費，並增加了一項新費用來轉嫁更高的保險成本。你認為類似的做法對 Uber 是否有意義？這對損益表意味著什麼？

So first of all, in terms of leverage, yes, we've been telling you this. And if you think about the levers that we're able to pull, as Dara said, we're able to continue to improve and deliver or over-deliver against the 7% incremental margins at a company level while we're investing in some growth sets. And so we are -- frankly, we find more confident in terms of delivering the '24 EBITDA number as we sit here today in November versus even February because again, we have 3 quarters of data behind us. And including the -- part of the macro environment is also the competitive environment, and so we are operating quite well right now. So yes, we think we're going to -- we are very confident in terms of delivering the '24 EBITDA number.

所以首先，就槓桿而言，是的，我們一直在告訴你這一點。而且，如果您考慮一下我們能夠拉動的槓桿，正如 Dara 所說，我們能夠繼續改進並交付或超額交付，而我們正在投資一些公司層面的 7% 增量利潤率增長集。所以我們 - 坦率地說，我們在提供 '24 EBITDA 數字方面更有信心，因為我們今天坐在 11 月而不是 2 月，因為我們再次擁有 3 個季度的數據。包括宏觀環境的一部分也是競爭環境，所以我們現在運作得很好。所以是的，我們認為我們會 - 我們對提供 '24 EBITDA 數字非常有信心。

In terms of the Lyft surcharge, what I would tell you is we obviously know what they're doing. We pay close attention. We are not making any changes at this time. It's not that we wouldn't at some point. That obviously would have a beneficial effect. But again, we are trying to balance our marketplace (inaudible) drive an efficient marketplace. And as you can tell by our results, we are delivering very, very strong bottom line as well as top line. And again, we'll continue to evaluate it. But again, we're not going to make a change based on something that they're doing.

就 Lyft 附加費而言，我要告訴你的是，我們顯然知道他們在做什麼。我們密切關注。我們目前沒有進行任何更改。這並不是說我們不會在某個時候。這顯然會產生有益的影響。但同樣，我們正在努力平衡我們的市場（聽不清）推動一個高效的市場。從我們的結果可以看出，我們提供了非常非常強大的底線和頂線。同樣，我們將繼續對其進行評估。但同樣，我們不會根據他們正在做的事情做出改變。

And Lloyd, I'll just add that right now, the focus of the business is really to improve our supply situation. And that's kind of where we're waiting some of our investments. Earnings from our earners on a global basis were $10.8 billion, up 25% all-time high on a global basis. I mean our job is to run a lean operation where we can deliver as much earnings as possible to our drivers and couriers on a global basis and also obviously be responsible to our investors. So right now, exactly as Nelson said, we like where we are, and we're going to focus on our own strategy versus some of our competitors' strategy.

勞埃德，我現在就補充一點，業務的重點實際上是改善我們的供應狀況。這就是我們正在等待我們的一些投資的地方。我們在全球範圍內的收入為 108 億美元，在全球範圍內增長了 25% 的歷史新高。我的意思是我們的工作是進行精益運營，我們可以在全球範圍內為我們的司機和快遞員提供盡可能多的收入，並且顯然也對我們的投資者負責。所以現在，正如納爾遜所說，我們喜歡我們所處的位置，我們將專注於我們自己的戰略，而不是我們的一些競爭對手的戰略。

Your next question is from Deepak Mathivanan with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

So a couple ones. First, can you unpack each incremental margins in 3Q? It's continuing to be very strong, even as you kind of come through the investment period last year. Can you elaborate the factors driving cost per trip down? Is it more sort of like a batching and changing with scale that's happening on the platform? Or are there any other underlying factors?

所以一對。首先，你能解開第三季度的每個增量利潤嗎？它繼續非常強勁，即使你去年經歷了投資期。您能否詳細說明導致每次旅行成本下降的因素？它更像是平台上發生的批量和隨規模變化的變化嗎？還是有其他潛在因素？

And then second question, Dara, maybe can you talk about some of the kind of countercyclical elements potentially helping driver supply with macro becoming weaker across the world in certain countries? Are you starting to see sort of like the driver supply and hours being helped by weakening macro in certain regions?

然後是第二個問題，Dara，您能否談談在某些國家/地區的宏觀經濟疲軟的情況下，可能有助於驅動因素供應的一些逆週期因素？您是否開始看到某些地區的宏觀經濟疲軟有助於推動司機的供應和工作時間？

So first off, Deepak, I'll take the first part. So as you know, we made a very conscious pivot towards expanding delivery profitability faster than we previously planned. And if you look about what we've delivered this year as well as what the guidance is in the Q4, that will play true. We benefited both from the work that our tech team has done in terms of improving our currency -- our courier efficiency. And so that is probably the single biggest driver in terms of operating, in terms of driving incremental delivery margins.

所以首先，Deepak，我會講第一部分。如您所知，我們非常有意識地轉向以比我們之前計劃的更快的速度擴大交付盈利能力。如果您查看我們今年交付的內容以及第四季度的指導，那將是正確的。我們的技術團隊在改善我們的貨幣——我們的快遞效率方面所做的工作，都讓我們受益匪淺。因此，這可能是運營方面的最大驅動力，就推動增量交付利潤率而言。

And then secondarily, there's -- we still have a fair amount on the incentive line. The competitive environment has gotten more constructive, if you will, as a lot of our competitors are also trying to follow our lead in trying to drive profitability. And then the ones that are not public, as you know, the funding marks that have changed. So we really are competing much more on platform. And so you're seeing the benefits of that as you think about both our growth, but importantly, our EBITDA margin progression. And so you should expect us to continue to drive that because as Dara said, internally, we are committed to managing our cost base and really making sure we get leverage off of our scale platform.

其次，還有 - 我們仍然有相當數量的激勵線。如果您願意的話，競爭環境變得更具建設性，因為我們的許多競爭對手也在努力追隨我們的步伐，努力提高盈利能力。然後是那些不公開的，如你所知，資金標記已經改變。所以我們真的在平台上競爭得更多。因此，當您考慮我們的增長，但重要的是，我們的 EBITDA 利潤率增長時，您會看到這樣做的好處。所以你應該期望我們繼續推動這一點，因為正如 Dara 所說，在內部，我們致力於管理我們的成本基礎，並真正確保我們從我們的規模平台中獲得槓桿作用。

And then Deepak, in terms of driver supply, that is getting healthier across the board on a global basis. I think there are a couple of factors. One is we lean into driver supply. So driver incentives, while they are easing, continue to be at high levels. We are investing billions of dollars in driver incentives to bring drivers on board.

然後迪帕克，在司機供應方面，在全球範圍內變得越來越健康。我認為有幾個因素。一是我們傾向於司機供應。因此，駕駛員激勵措施雖然有所放鬆，但仍處於較高水平。我們正在投資數十億美元用於激勵司機，以吸引司機加入。

Second is we have invested significantly in our onboarding flows, auto fetching documents as opposed to you're having to take pictures of your documents, improving the conversion of driver sign-ups to actually drivers getting onboarded and making that first trip as well. There is a ton of tech work that has gone into those onboarding flows. And then I do think the macro environment does seem to be helping combined with the solid earnings that we're seeing, right? Average driver in the U.S. making $36 per engaged hour. Those are very, very healthy earnings levels.

其次，我們在入職流程上投入了大量資金，自動獲取文檔而不是您必須為您的文檔拍照，改進了司機註冊到實際司機入職的轉換，以及進行第一次旅行。這些入職流程中有大量的技術工作。然後我確實認為宏觀環境似乎確實有助於結合我們所看到的穩健收益，對吧？美國司機平均每小時收入 36 美元。這些都是非常非常健康的收入水平。

And in the U.S., at least over 70% of our drivers who are coming on board now said that inflation did play a role in their decision to sign up, right? It helps them afford their groceries, be more comfortable in an environment where real wages are fairly weak as it relates to the inflationary environment. So we do think the macro environment is helping, although I do think that the investments that we made both in technology and behind driver incentives are also a pretty important factor as well.

在美國，現在至少 70% 以上的新司機表示，通貨膨脹確實在他們決定簽約的過程中發揮了作用，對吧？它幫助他們買得起他們的雜貨，在與通貨膨脹環境相關的實際工資相當疲軟的環境中更加舒適。所以我們確實認為宏觀環境是有幫助的，儘管我確實認為我們在技術和司機激勵背後的投資也是一個非常重要的因素。

Your next question is from the line of Mark Mahaney with Evercore ISI.

您的下一個問題來自與 Evercore ISI 的 Mark Mahaney。

I wanted to ask 2 productivity questions. The Uber One, what do you -- what else can you do to make the Uber One value proposition more compelling such that you go from 10 million customers, members to 20 million or 30 million? Like what are the big unlocks ahead on Uber One?

我想問 2 個生產力問題。優步一號，你還能做什麼——你還能做些什麼來讓優步一號的價值主張更具吸引力，讓你從 1000 萬客戶、會員增加到 2000 萬或 3000 萬？比如 Uber One 的大解鎖是什麼？

And then secondly, you talked about driver supply is now back on par with mobile -- the active drivers is back on par with September '19 levels, and that you've seen improvement in things like surge and ETAs. Are surge and ETAs, are those metrics back to where they were back then? And if not, what still needs to be done to kind of continue to improve the performance, the productivity of Mobility to get it back to where it was and to get it improved from today?

其次，您談到驅動程序供應現在恢復到與移動設備相當的水平——活躍驅動程序恢復到 19 年 9 月的水平，並且您已經看到激增和 ETA 等方面的改善。激增和預計到達時間，這些指標是否回到了當時的水平？如果沒有，還需要做些什麼來繼續提高性能、Mobility 的生產力以使其回到原來的位置並從今天開始改進？

Sure, Absolutely. So Mark, the one thing that I would stress is we think Uber One is already there. Like we're always trying to improve the product as well. But remember, this is a very young product. We're still launching markets. So we're now in 8 markets, and it is the only product out there. We price competitively with other players who are offering Delivery-only benefits. And we are offering delivery benefits that are just as strong as our competition and discounts ranging from 5% to 10% on the Mobility side, which is a far superior proposition, especially as markets are opening up as well. So we're confident with the product as we have this to be able to go from 10 million to 20 million to the 30 million that you put out there. The product is already there.

當然，絕對。所以馬克，我要強調的一件事是我們認為優步一號已經存在。就像我們一直在努力改進產品一樣。但請記住，這是一個非常年輕的產品。我們仍在推出市場。所以我們現在有 8 個市場，而且它是唯一的產品。我們與提供僅交付優惠的其他參與者相比具有競爭力的價格。我們提供的交付優勢與我們的競爭對手一樣強大，在移動性方面的折扣從 5% 到 10% 不等，這是一個非常優越的提議，尤其是在市場開放的情況下。因此，我們對產品充滿信心，因為我們有能力從 1000 萬到 2000 萬再到您推出的 3000 萬。該產品已經存在。

Now we are going to invest in experiential benefits. Do you get priority pickup in airports? Do you get priority matching, for example, during an event? Those are definitely benefits that we are going to experiment with. But Uber One as is, is the best membership product out there on a global basis. And obviously, with the audience that we have, we have a mobility audience and a delivery audience and a grocery audience that we can put -- that we can push Uber One in terms of a marketing audience. We think that 20 million, 30 million are a matter of time.

現在我們將投資於體驗式福利。你在機場有優先接機嗎？例如，在活動期間，您是否獲得優先匹配？這些絕對是我們要試驗的好處。但優步一號是全球最好的會員產品。顯然，對於我們擁有的受眾，我們有移動受眾、送貨受眾和雜貨店受眾，我們可以在營銷受眾方面推動 Uber One。我們認為2000萬、3000萬隻是時間問題。

In terms of surge and ETAs, they are coming down. Generally, I would say surge levels now are running at a high 20% to 30% range. We're more comfortable with range, call it, in the teens. ETAs on average, are running, call it, 6 minutes. And we are more comfortable in the 5-minute range. What it takes to get to those levels is simply continued investment in supply, and we are seeing our supply improve. And generally, supply hours are growing at very healthy rates, which is a function of new drivers onboarding, but then the average driver who's onboarded being engaged at a higher level than they were last year. So as we improve the supply-demand balance of the marketplaces and we're well on our way, we think we'll get surge levels below 20% and ETA is closer to 5 minutes. Directionally, we're confident where we're going.

就激增和預計到達時間而言，它們正在下降。一般來說，我會說現在的浪湧水平在 20% 到 30% 的範圍內運行。在青少年時期，我們對范圍更滿意，稱之為。平均而言，ETA 正在運行，調用它，6 分鐘。而且我們在 5 分鐘範圍內更舒服。達到這些水平所需要的只是對供應的持續投資，我們看到我們的供應有所改善。一般來說，供應時間以非常健康的速度增長，這是新司機入職的一個函數，但是新入職的司機的平均參與度比去年更高。因此，隨著我們改善市場的供需平衡並且我們進展順利，我們認為激增水平將低於 20%，ETA 接近 5 分鐘。從方向上講，我們對前進的方向充滿信心。

Your next question is from the line of Ron Josey with Citi.

您的下一個問題來自 Citi 的 Ron Josey。

Maybe Dara, I wanted to follow up on a question really on upfront fares and destinations. And I think in the past or recently, you talked about just variables that go into pricing more so than just time and distance. So can you talk to us a little more about just the variables on the algorithm besides time and distance on upfront fares? And then we haven't talked much about advertising here, but $350 million run rate, targeting $1 billion by '24, a bunch of launch in this quarter. Talk to us about what's needed from a tools and maybe verticals or a sales force perspective to get to that $1 billion?

也許達拉，我想跟進一個關於前期票價和目的地的問題。而且我認為在過去或最近，您談論的只是影響定價的變量，而不僅僅是時間和距離。那麼，除了前期票價的時間和距離之外，您能否與我們多談談算法中的變量？然後我們在這裡並沒有過多地談論廣告，而是 3.5 億美元的運行率，目標是到 24 年達到 10 億美元，在本季度推出大量產品。與我們談談從工具、垂直或銷售團隊的角度需要什麼才能達到 10 億美元？

Yes. Sure, Ron. So time and distance, there were definitely variables. One variable is the supply of drivers in that location, right? If there are a lot of drivers in that location, you can price the trip a little lower. Or if the supply of drivers is low in that location, then you're going to have to price up as well. We will also predict the chances of there being another ride at the destination as well. So is the driver going to have a large amount of deadhead miles, call it, in which case we would price up? If it's highly likely that the driver will have another ride so that utilization is high, then we will price that ride lower.

是的。當然，羅恩。所以時間和距離，肯定是有變數的。一個變量是那個地方的司機供應，對吧？如果該位置有很多司機，您可以將行程價格降低一點。或者，如果該地區的司機供應不足，那麼您也將不得不提高價格。我們還將預測在目的地還有另一次騎行的機會。那麼司機會不會有大量的空頭里程，稱之為，在這種情況下我們會定價嗎？如果司機很有可能會再乘坐一次，因此利用率很高，那麼我們會降低該次乘坐的價格。

And then also some of the basics, right? How far does a driver need to drive for the pickup? If it's 0.5 mile, then price might be lower. If it's, call it, 5 or 6 miles, then the price will be higher as well. And then also, our ability to show the upfront fare and our looking at what the excess rate is for those upfront fares, give a signal into a pricing algorithm that wasn't possible with time and distance previously.

然後還有一些基礎知識，對吧？司機需要開多遠才能上車？如果是 0.5 英里，那麼價格可能會更低。如果是，稱它為 5 或 6 英里，那麼價格也會更高。此外，我們顯示預付票價的能力以及我們查看這些預付票價的超額率的能力，為定價算法提供了一個信號，這在以前的時間和距離上是不可能的。

When we are talking distance, it is what it is. Drivers will accept or they won't. Actually in that case, they would cancel if they didn't like the destination. Now we see live signal as to is our pricing working or not based on driver acceptance rates, and that goes into the algorithm that determine pricing as well. All of this is combining to a higher throughput marketplace with higher satisfaction on the driver side as well. So we're pretty happy about the signal. And it's clearly something that drivers love.

當我們談論距離時，它就是這樣。司機會接受或不接受。實際上在那種情況下，如果他們不喜歡目的地，他們會取消。現在我們看到實時信號表明我們的定價是否基於駕駛員接受率，這也進入了確定定價的算法。所有這一切都與更高的吞吐量市場相結合，同時駕駛員方面的滿意度也更高。所以我們對這個信號很滿意。這顯然是司機喜歡的東西。

In terms of advertising, we're very confident, the targets that we put in terms of getting to $1 billion were based on what we think are conservative assumptions. We see competitors out in the marketplace with advertising dollars as a percentage of gross bookings of 2%. $1 billion by 2024, it implies numbers that are short of that 2% number. So we think even if we get to $1 billion, we think we will have growth in advertising beyond that. We are now excited to open up new surfaces, new surfaces on the advertising front. Our journey ads that we have launched that opens up the Mobility surface. We are getting very, very excellent engagement as far as Mobility consumers with those ads, and we're attracting some pretty premium advertisers onto that surface as well because of the unique surface that attracted very high demo as well. So we are well on our way to that $1 billion. And I think, again, the $1 billion is not the high point of that business. The $ 1 billion is just one step along the way to building a multibillion dollar business for us.

在廣告方面，我們非常有信心，我們設定的達到 10 億美元的目標是基於我們認為的保守假設。我們看到市場上的競爭對手的廣告收入佔總預訂量的 2%。到 2024 年將達到 10 億美元，這意味著數字低於 2%。所以我們認為，即使我們達到 10 億美元，我們認為我們的廣告業務也會增長。我們現在很高興在廣告方面開闢新的表面，新的表面。我們推出的旅程廣告打開了移動性的表面。就移動消費者而言，我們對這些廣告的參與度非常非常好，而且我們也將一些非常優質的廣告商吸引到該表面上，因為獨特的表面也吸引了非常高的演示。因此，我們正朝著這 10 億美元的目標邁進。我再次認為，10 億美元並不是該業務的最高點。 10 億美元只是為我們建立數十億美元業務的第一步。

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

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

Two questions. First, just could you discuss Uber's market share positioning in both Mobility and Delivery? And then on Mobility, could you talk about the volumes compared to the highs of pre-pandemic?

兩個問題。首先，您能否談談優步在移動性和交付方面的市場份額定位？然後關於流動性，您能否談談與大流行前高點相比的交易量？

Sure. In terms of our category position in Mobility and Delivery, we operate all around the world. But if I were to generalize, on Mobility, our category position is very strong. We are at close to, if not at, all-time highs. In U.S., Australia, the U.K., particularly, is very, very strong with us -- strong for us as far as category position goes. And then on the Delivery side, we have improved our category position quarter-on-quarter, and either we've been stable or improving our category position across 75-plus percent of our gross bookings base. And in the last month, we believe that's only improved.

當然。就我們在移動性和交付領域的類別定位而言，我們在世界各地開展業務。但如果我概括地說，在移動性方面，我們的類別地位非常強大。我們接近（如果不是）歷史最高點。在美國、澳大利亞、英國，尤其是對我們來說非常非常強大——就類別位置而言，對我們來說非常強大。然後在交付方面，我們的品類排名環比有所改善，我們在總預訂量中的 75% 以上要么保持穩定，要么改善了品類定位。在上個月，我們相信這只會有所改善。

So we are in a position now because of the scale of the business, because of the global nature of the business and the part of the platform where Mobility is pushing, is sending consumers to Delivery and vice versa, we're able to gain category position and improve margins pretty significantly, which is great.

因此，由於業務的規模，由於業務的全球性以及 Mobility 推動的平台部分，我們現在處於一個位置，正在將消費者發送到交付，反之亦然，我們能夠獲得類別定位並顯著提高利潤率，這很棒。

So in terms of recovery, so we're more than 100% recovered versus pre-pandemic levels globally in Mobility, and we're about 94% recovered on a trip basis globally. So again, the business has come back nicely. And again, we see a pretty good runway ahead of us.

因此，就恢復而言，與全球流動性大流行前的水平相比，我們的恢復率超過了 100%，在全球範圍內，我們的出行恢復率約為 94%。因此，業務又恢復得很好。再一次，我們看到了一條非常好的跑道。

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

您的最後一個問題來自 Jason Helfstein 與 Oppenheimer 的對話。

So our work suggests that Delivery-only users in Europe, and we use U.K. as a proxy, but are multiples higher than Mobility-only users? I guess can you elaborate what do you think you need to do to convert these Delivery-only users to Mobility users? Or do you think there are structural differences in transportation in Europe versus the U.S.?

因此，我們的工作表明歐洲的僅限交付用戶，我們使用英國作為代理，但比僅限移動用戶的倍數高嗎？我想您能詳細說明一下您認為將這些僅交付用戶轉換為移動用戶需要做什麼嗎？還是您認為歐洲與美國的交通運輸存在結構性差異？

Yes. So I think in terms of those users, it's really the platform. So we are now offering Mobility promos, for example, to Delivery users who either have churn or Mobility users who've never used Mobility before. And we're seeing really great promise in terms of Delivery actually being able to cross-promote and drive Mobility use cases as well.

是的。所以我認為就這些用戶而言，它確實是平台。因此，我們現在提供 Mobility 促銷，例如，向有流失的 Delivery 用戶或以前從未使用過 Mobility 的 Mobility 用戶提供。我們在交付方面看到了真正的巨大希望，實際上也能夠交叉推廣和推動移動用例。

And then Uber One is the other product that we have. Obviously, the lead benefit for Uber One is free delivery, discounts on your delivery as well. But the Mobility benefits are benefits that we can promote in Europe and other markets. And when you look at the U.K., for example, a much higher percentage of our Mobility business is less in London, while the Delivery business is not just in London but is in a number of other cities, the Manchesters, Liverpools, Newcastles, et cetera, of the world as well. So we seek the power of cross-promotion. We started with Mobility really promoting Delivery. So we think Delivery promoting Mobility back is absolutely a potential that we have, but we're very early in terms of developing.

然後 Uber One 是我們擁有的另一款產品。顯然，Uber One 的主要好處是免費送貨，送貨也有折扣。但流動性優勢是我們可以在歐洲和其他市場推廣的優勢。例如，當您查看英國時，我們的移動業務在倫敦的比例要高得多，而交付業務不僅在倫敦，而且在許多其他城市，曼徹斯特、利物浦、紐卡斯爾等等等，世界也是如此。所以我們尋求交叉推廣的力量。我們從 Mobility 開始真正促進交付。因此，我們認為 Delivery 促進 Mobility back 絕對是我們擁有的潛力，但我們在發展方面還處於早期階段。

All right. Well, thank you, everyone, for joining. We are very, very happy to deliver another healthy quarter of strong top line growth and strong bottom line growth as well. Nelson, Balaji, did not get to talk about it, but there are thousands of Uber employees who are doing the hard work on the ground, so a special thank you to them. And then, of course, our earners with whom we want to be here talking to you. Look forward to talking to you next quarter.

好的。嗯，謝謝大家的加入。我們非常非常高興能夠實現又一個健康的季度強勁的收入增長和強勁的底線增長。 Balaji 的 Nelson 沒來得及談論這件事，但有成千上萬的 Uber 員工在當地做著艱苦的工作，所以要特別感謝他們。然後，當然，我們希望在這裡與您交談的收入者。期待下個季度與您交談。

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。您現在可以斷開連接。