優步 (UBER) 2023 Q1 法說會逐字稿

Good morning, and welcome to Uber Technologies, Inc.'s Q1 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

早上好，歡迎來到 Uber Technologies, Inc. 的 2023 年第一季度收益電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。

I would now like to turn the call over to Balaji Krishnamurthy, Head of Investor Relations. Thank you. Please go ahead.

我現在想把電話轉給投資者關係主管 Balaji Krishnamurthy。謝謝。請繼續。

Thank you, operator. Thank you for joining us today, and welcome to Uber's First Quarter 2023 Earnings Presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi; and CFO, Nelson Chai.

謝謝你，運營商。感謝您今天加入我們，歡迎觀看優步 2023 年第一季度收益演示。在今天的電話會議上，我們有 Uber 的首席執行官 Dara Khosrowshahi；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 措施的額外披露，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美國證券交易委員會提交的文件中，每一份文件都發佈在 investor.uber.com 上。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, 2022, 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最新的 10-K 表格年度報告中描述的風險和不確定性。 2022 年 12 月 31 日，以及在可用時向美國證券交易委員會提交的其他文件。

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，我們會要求您查看。在 Dara 簡短的開場白之後，我們將開始提問。

With that, let me hand it over to Dara.

有了這個，讓我把它交給達拉。

Thanks, Balaji. Uber's off to a strong start in 2023, with gross bookings up 22% year-on-year, constant currency. Trips outpaced gross bookings growth and accelerated to 24% growth from 19% last quarter. Adjusted EBITDA of $761 million exceeded the high end of our guidance. And we delivered strong incremental adjusted EBITDA margin of 12% and record free cash flow of $549 million.

謝謝，巴拉吉。優步在 2023 年開局強勁，總預訂量同比增長 22%（固定匯率）。旅行超過總預訂量增長，並從上一季度的 19% 加速增長至 24%。調整後的 EBITDA 為 7.61 億美元，超出了我們指引的上限。我們實現了 12% 的強勁增量調整後 EBITDA 利潤率和創紀錄的 5.49 億美元自由現金流。

Over the past 2 years, we've consistently delivered results that have exceeded both investor expectations and our own internal plans. Even as we perform well, we're acutely aware that expectations have only continued to increase for scale platforms like ours. We're working to accelerate our path to GAAP net income by optimizing our entire P&L, every single line item. Despite any macroeconomic uncertainty, I'm more confident than ever in our prospects and remain committed to best-of-breed cash flow growth.

在過去的 2 年裡，我們一直交付超出投資者預期和我們自己的內部計劃的結果。即使我們表現良好，我們也敏銳地意識到，人們對像我們這樣的規模平台的期望只會繼續增加。我們正在努力通過優化我們的整個 P&L，每一個項目來加快我們實現 GAAP 淨收入的道路。儘管存在任何宏觀經濟不確定性，但我對我們的前景比以往任何時候都更有信心，並將繼續致力於實現最佳的現金流增長。

The Uber platform has never been stronger. Our own expectations have never been higher, and we're excited to leave no doubt as to the scope of our ambitions for exceptionally profitable growth.

Uber 平台從未如此強大。我們自己的期望從未如此之高，我們很高興能夠毫無疑問地證明我們實現超高利潤增長的雄心壯志。

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

有了這個，讓我們打開問題的電話。

(Operator Instructions) Our first question comes from Doug Anmuth from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Doug Anmuth。

Dara, good EBITDA upside, the 400 -- $549 million in free cash flow, and talking about GAAP operating income this year, I think headcount flat to down this year. Do you believe you need to tighten up the cost structure anymore? And how do you balance those considerations with product and growth?

達拉，良好的 EBITDA 上升空間，400 - 5.49 億美元的自由現金流，並談到今年的 GAAP 營業收入，我認為今年的員工人數持平或下降。您是否認為您需要再收緊成本結構？您如何平衡這些考慮因素與產品和增長？

And then secondly, just in terms of AI, you talked about improvements on ETAs and onboarding. What are some of the other ways you envision AI driving the consumer experience for Uber?

其次，就 AI 而言，您談到了 ETA 和入職方面的改進。您認為 AI 還可以通過哪些其他方式推動 Uber 的消費者體驗？

Yes, absolutely. So I think as far as the cost structure goes, listen, we manage the cost structure dynamically based on the environment that we're seeing. And I think the results speak for themselves in terms of our bookings growth, trip acceleration on a quarter-on-quarter basis. And then you look at our EBITDA that we delivered, well above Street expectations, well above our guidance. And the forward EBITDA, $800 million to $850 million that we guided to, again, even at the low end, above what Street expectations were.

是的，一點沒錯。所以我認為就成本結構而言，聽著，我們根據我們所看到的環境動態地管理成本結構。我認為結果不言而喻，我們的預訂量增長，環比旅行加速。然後你看看我們交付的 EBITDA，遠高於華爾街的預期，遠高於我們的指導。我們指導的遠期 EBITDA 為 8 億至 8.5 億美元，即使在低端，也高於華爾街的預期。

So we will be managing our cost structure to the opportunities ahead and also with a very strong kind of dose of discipline. So even in a market where we're gaining category position, we expect our headcount to be flat to down for the balance of the year. And that is going to be our starting point as we go into next year as well.

因此，我們將根據未來的機會管理我們的成本結構，並採取非常嚴格的紀律。因此，即使在我們獲得類別地位的市場中，我們預計我們的員工人數在今年餘下時間將持平或下降。這也將成為我們進入明年的起點。

So I think you're going to see pretty extraordinary leverage in terms of the top line and bottom line. The incremental EBITDA that we delivered this last quarter was 12%, which is well above the 7% target that we talked about. And if you look at our guidance, the incremental EBITDA that we're talking about for Q2 was about 10%, which remains well above our targets.

所以我認為你會在頂線和底線方面看到非常非凡的槓桿作用。我們上個季度交付的增量 EBITDA 為 12%，遠高於我們談到的 7% 目標。如果你看一下我們的指引，我們談論的第二季度增量 EBITDA 約為 10%，這仍然遠高於我們的目標。

If the business slows down, and we don't expect it to slow down materially, we will adjust. And I think Nelson, myself, the rest of the team have demonstrated the ability to deliver in good markets and bad markets. Remember, we're -- this is not a fair weather company. We've been through a lot of difficult things. We came out of COVID. So just the muscles, the P&L muscles were there.

如果業務放緩，而且我們預計不會大幅放緩，我們將進行調整。我認為尼爾森、我自己和團隊的其他成員都展示了在好的市場和壞的市場中交付的能力。請記住，我們 - 這不是一家天氣晴朗的公司。我們經歷了很多艱難的事情。我們擺脫了 COVID。所以只有肌肉，損益肌肉就在那裡。

And hopefully, you'll remember, early last year before everyone else was raising alarms about the reality of today's capital markets and the discipline needed, we raised the alarms internally, and we took action early so that we didn't have to be reactive like a lot of other tech companies have been. So like we're innovating, we're building while a bunch of people are restructuring, and I think that's a good position to be in.

希望你會記得，去年年初，在其他人對當今資本市場的現實和需要的紀律發出警報之前，我們在內部發出了警報，我們及早採取了行動，這樣我們就不必做出反應就像許多其他科技公司一樣。所以就像我們在創新，我們在建設，而一群人在重組，我認為這是一個很好的位置。

As far as AI goes, we are looking full stack at AI. I think a lot of people obviously want to talk about the sexy kind of new consumer applications. I would tell you that I think that the earliest and most significant effect that AI is going to have on our company is going to have to -- is actually going to be as it relates to our developer productivity.

就人工智能而言，我們正在尋找人工智能的全棧。我認為很多人顯然想談論性感的新消費者應用程序。我會告訴你，我認為人工智能將對我們公司產生的最早和最顯著的影響將不得不——實際上是因為它與我們的開發人員生產力有關。

Some of the tools that we're seeing in terms of copilot are going to allow our devs to kind of be super devs and to be able to innovate more, build more, faster, having copilot along with them. And that will essentially leverage and accelerate innovation across the platform, and this is with a platform that I think is innovating faster than anyone else.

我們在副駕駛方面看到的一些工具將允許我們的開發人員成為超級開發人員，並且能夠進行更多創新，構建更多，更快，並與他們一起進行副駕駛。這將從根本上利用和加速整個平台的創新，而且我認為這是一個創新速度比其他任何人都快的平台。

I think on the cost side, you can see chat bots powering a lot more experiences as opposed to, let's say, live agents. I think the quality of those chatbot experiences is going to increase with AI, with a voice stack in, be more human, that can -- interactions that can be more complex, et cetera.

我認為在成本方面，您可以看到聊天機器人提供了更多的體驗，而不是比方說現場代理。我認為這些聊天機器人體驗的質量會隨著 AI、語音堆棧的加入而提高，變得更加人性化，這可以——交互可以更複雜，等等。

And then we will look to surprise and delight. Pick me up at the airport, I'm arriving in American Flight 260 on Tuesday. And we will know who you are, where your home is, what kind of cars you like, et cetera, and AI can power those kinds of experiences. So it's going to go from productivity to cost to delight, and we're thrilled. It's like -- it's a wonderful ploy that hopefully will return significantly going forward for the company.

然後我們會期待驚喜和喜悅。來機場接我，我將於週二乘坐美國 260 航班抵達。我們會知道你是誰，你的家在哪裡，你喜歡什麼樣的車，等等，而人工智能可以為這些體驗提供動力。所以它將從生產力到成本再到愉悅，我們很激動。這就像——這是一個絕妙的策略，有望為公司帶來顯著的回報。

Our next question comes from Ross Sandler from Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Congrats. A question on the rides take rate. So you mentioned in the prepared remarks that both rider and driver incentives were down pretty nicely in the U.S. and your category position is stable. So is that the primary driver of the improvement in rides take rate? I mean kind of looking forward, how much more room do you see to kind of continue that trend of reducing incentives while holding category share?

恭喜。關於乘車率的問題。所以你在準備好的評論中提到，在美國，騎手和司機的激勵措施都下降得很好，你的類別地位很穩定。那麼，這是提高乘車率的主要驅動力嗎？我的意思是有點期待，您認為在保持類別份額的同時繼續減少激勵措施的趨勢還有多少空間？

Yes. So as Dara mentioned, we optimize our marketplace in order to both make sure that we are driving and overachieving against the guidance that we put out on the bottom line. But certainly, we also want to try to allocate and drive growth on the top line as well. And so right now, things are working quite well if you look at both the top line as well as the bottom line growth in the quarter.

是的。因此，正如 Dara 提到的那樣，我們優化了我們的市場，以確保我們正在推動並超額完成我們在底線上提出的指導。但當然，我們也想嘗試分配和推動收入增長。所以現在，如果你同時看一下本季度的收入和利潤增長，情況就會很好。

And so I would say it's a combination of both. So we leaned in a lot, as you know, last year in terms of bringing drivers back. And so the marketplace is much more healthy from a supply perspective. So periodically, we will put in some more incentive on -- to continue to drive demand.

所以我會說這是兩者的結合。因此，如您所知，去年我們在召回司機方面做了很多努力。因此，從供應的角度來看，市場更加健康。因此，我們將定期提供更多激勵措施——繼續推動需求。

And again, what I would say is that we work very hard at balancing our marketplace because it's not just delivering the EBITDA and the free cash flow that we're promising, but we are trying to continue to grow the company at scale. And so you saw that our gross bookings were up 22% on a constant basis, and the Mobility business is even higher. And so as we go into next year, what's actually exciting about it is our trip growth is actually accelerating faster. And again, that -- for us, that's our marketplace working.

再一次，我要說的是，我們非常努力地平衡我們的市場，因為它不僅提供我們承諾的 EBITDA 和自由現金流，而且我們正在努力繼續擴大公司規模。所以你看到我們的總預訂量持續增長 22%，而移動業務甚至更高。因此，當我們進入明年時，真正令人興奮的是我們的旅行增長實際上加速得更快。再一次，對我們來說，這就是我們的市場運作。

And so again, you'll see us continue to toggle back between the 2. And our focal point really is on continuing to drive our company at scale on the top line and over deliver against our commitments on the bottom.

因此，你會再次看到我們繼續在兩者之間切換。我們的重點實際上是繼續在頂線大規模推動我們的公司，並在底部兌現我們的承諾。

And Ross, just to add one point is part of the take rate increase that you saw Q4 to Q1 on the Mobility business is seasonal. Q4 tends to be very, very busy from a demand perspective. So we put more money, so to speak, into incentives to make sure that supply is balanced. Q1 usually demand is a bit lower and supply is elevated. Therefore, we can take down incentives, which has the effect of increasing our take rate.

羅斯，只是要補充一點，你看到移動業務的第四季度到第一季度的增長率是季節性的。從需求的角度來看，第四季度往往非常非常繁忙。因此，可以說，我們將更多資金用於激勵措施，以確保供應平衡。第一季度通常需求略低，供應增加。因此，我們可以取消激勵措施，從而提高我們的接受率。

If you take a look, if you ignore the merchant model, kind of the accounting adjustments that we had, our take rate kind of Q4 to Q1 went from, call it, 21.4% to 21.1%. So there's a slight decrease slight-- sorry, it was the other way, 21 -- [1 through 21.4%, 21.1%]. So there's a slight increase in take rate, but most of that is seasonal. And really, it's as Nelson said, we're managing for the entire P&L, and take rate is just one element of the P&L.

如果你看一下，如果你忽略商家模型，我們進行的會計調整，我們的第 4 季度到第 1 季度的採用率從 21.4% 到 21.1%。所以略有下降——抱歉，相反，21——[1 到 21.4%，21.1%]。所以採用率略有增加，但大部分是季節性的。實際上，正如尼爾森所說，我們正在管理整個損益表，而採用率只是損益表的一個要素。

Yes. So what Dara is referencing is the business model change in the U.K. that happened last March, and so you're seeing that overlap, which -- that was -- what Dara pointed out.

是的。所以 Dara 所指的是英國去年 3 月發生的商業模式變化，所以你看到了重疊，這就是 Dara 指出的。

Our next question comes from Brian Nowak from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, I appreciate the new -- the rider cohort data in the slide deck. I'd be curious to hear a little more detail about which use cases or products are sort of driving this strong new user cohort frequency and spend behavior that you're using, that you're seeing.

我有 2 個。第一個，我很欣賞新的——幻燈片中的車手隊列數據。我很想知道更多關於哪些用例或產品正在推動您正在使用的這種強大的新用戶群組頻率和消費行為的更多細節，您正在看到。

And then the second one on Delivery, you're talking about acceleration in the business is really healthy. Can you just talk to us about which products or regions are driving that acceleration and how we should think about that over the course of the year?

然後是關於交付的第二個，你說的是業務加速真的很健康。您能否與我們談談哪些產品或地區正在推動這種加速，以及我們在這一年中應該如何考慮這一點？

Yes. Brian, in terms of the Mobility cohorts, which are positive kind of on a year-on-year basis and then the newer cohorts are actually even more healthy in terms of frequency, it comes really from the amalgamation of all of the work that we are doing on the platform.

是的。布賴恩，就流動性群組而言，它與去年同期相比是積極的，然後較新的群組實際上在頻率方面更加健康，這實際上來自我們所有工作的融合正在平台上做。

Supply is strong. ETAs are coming down, surge came down from Q4 to Q1, and that's resulting in higher conversion rates in terms of how many sessions does the rider have and do they convert on that session. So the quality of the marketplace has clearly had an effect. But at the same time, we're innovating and we're adding a ton of new products and choices for the rider as well.

供應強勁。 ETA 正在下降，激增從第四季度下降到第一季度，這導致了更高的轉化率，即騎手有多少會話以及他們在該會話中是否轉換。因此，市場質量顯然產生了影響。但與此同時，我們正在創新，我們也為騎手增加了大量新產品和選擇。

Reserve is an example, I talked about 20% now of our airport drop-offs being Reserve trips. And what we're finding is that Reserve has a combination of riders who used to use our on-demand marketplace now using Reserve to make sure that they're kind of guaranteed availability or guaranteed a much higher reliability. But it's also bringing new riders into the system as well that are -- is a use case travel that is a strong use case with high average fares as well. So I think it's a combination of marketplace health and innovation around new use cases that is driving the frequency that we are seeing.

Reserve 就是一個例子，我現在談到了 20% 的機場送機是 Reserve 旅行。我們發現，Reserve 有一群騎手，他們過去使用我們的按需市場，現在使用 Reserve 來確保他們的可用性或保證更高的可靠性。但它也為系統帶來了新的乘客——這是一個用例旅行，它是一個強大的用例，平均票價也很高。所以我認為這是市場健康和圍繞新用例的創新的結合，正在推動我們看到的頻率。

In terms of Delivery, as far as the growth there and the acceleration drivers, one is just that we had Omicron comps earlier in the year. So if you look at January, Delivery volumes were a bit lighter just because of comps. And then we saw acceleration going into February and March, and we expect strong growth for the balance of the year.

在交付方面，就那裡的增長和加速驅動因素而言，一個就是我們在今年早些時候擁有 Omicron comps。因此，如果您看一下 1 月份，交貨量會因為補償而減少一些。然後我們看到 2 月和 3 月加速增長，我們預計今年餘下時間將實現強勁增長。

And the other factor in terms of Delivery is, again, the customer cohort data is actually quite healthy. Burner, eater retention, has improved significantly. So eaters are staying with the platform. Frequency is up and a higher percentage of our eaters and riders, but especially eaters, are members. And as you know, members spend 4x the amount that nonmembers do. So all of that is adding up to continued healthy growth for the platform, both on the Mobility side and on the Eats side as well.

交付方面的另一個因素是，客戶群體數據實際上非常健康。 Burner，食客保留，有明顯改善。所以食客們都留在了平台上。頻率增加了，我們的食客和騎手的比例更高，但尤其是食客，是會員。如您所知，會員的消費金額是非會員的 4 倍。因此，所有這些都有助於該平台在移動端和 Eats 端持續健康增長。

Our next question comes from Eric Sheridan from Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe following up on that with 2 on the Delivery side of the equation. Dara, you called out in the letter, improving your category position in large markets. Can you give us a little bit better sense of what you see as the key investments to improve category position are and how investors should think about the growth output or the yield from those investments looking out over the medium to long term?

也許在等式的交付方面跟進 2。達拉，你在信中呼籲，提高你在大型市場的品類地位。您能否讓我們更好地了解您認為改善類別地位的關鍵投資是什麼，以及投資者應該如何考慮中長期的增長產出或這些投資的收益率？

And then second, with respect to the Delivery business, how should we think about market share dynamics broadly in the Delivery business versus where you see yourself as the best positioned to compete where there's an overlap between the Uber One subscription and the Mobility business where that might put you on a competitive footing that's different than markets where that may not be as prevalent?

其次，關於交付業務，我們應該如何考慮交付業務中廣泛的市場份額動態，以及你認為自己最有競爭力的領域，在 Uber One 訂閱和移動業務之間存在重疊的地方可能會讓您處於與可能不那麼普遍的市場不同的競爭地位？

Yes, absolutely, Eric. So I think on the Delivery side, we're seeing the result of a couple, of factors. First of all, we've got the power of the platform in that we have our Mobility business that is actively upselling our Mobility customers to our Eats products. The audience that we have on the Mobility business is the largest audience in the world in terms of any of our mobility competitors. And we're the only players who -- scale players who are kind of upselling from Mobility to Delivery and then vice versa.

是的，當然，埃里克。所以我認為在交付方面，我們看到了幾個因素的結果。首先，我們擁有該平台的力量，因為我們的移動業務正在積極向我們的移動客戶銷售我們的 Eats 產品。就我們的任何移動競爭對手而言，我們在移動業務方面擁有的受眾是世界上最大的受眾。我們是唯一的參與者 - 規模化的參與者從流動性到交付，然後反之亦然。

So against our competitors who are monologue competitors, who are delivery-only competitors, we have a source of low-cost traffic, significantly low-cost traffic. Our Mobility business sends us more customers than we get from Facebook and Google and Snap and all of these different platforms combined, and that's just a structural advantage that we have against the overall market, certainly against our competitors.

因此，與我們的競爭對手相比，他們是獨白的競爭對手，他們是只交付的競爭對手，我們有一個低成本流量來源，非常低成本的流量。我們的移動業務為我們帶來的客戶比我們從 Facebook、谷歌和 Snap 以及所有這些不同平台的總和還要多，這只是我們相對於整個市場，當然是相對於我們的競爭對手的結構性優勢。

And then I think we are executing particularly well, algorithmically as it relates to improving our marketplace efficiency on the Delivery side, higher percentage of batching orders and using deep learning techniques to drive down cost per transaction on the Delivery side. You add on top of that our advertising product, which continues to grow at high rates. Advertisers are up 70% year-on-year using our platform, and you get some pretty powerful economic drivers that's allowing us to deliver the kind of bottom line that you saw on our Delivery business, which is well ahead of estimates while getting category position in 9 of our top 10 markets on a global basis.

然後我認為我們在算法上執行得特別好，因為它與提高我們在交付方面的市場效率、更高比例的批處理訂單以及使用深度學習技術來降低交付方面的每筆交易成本有關。你再加上我們的廣告產品，它繼續以高速增長。使用我們平台的廣告商同比增長 70%，並且您獲得了一些非常強大的經濟驅動力，這使我們能夠提供您在我們的交付業務中看到的那種底線，這在獲得類別位置的同時遠遠超過預期在我們全球前 10 大市場中的 9 個。

So I think that it's happening broadly. It's not 5 out of 10, it's not 9 out of 10 markets where we're gaining category position. And I do think it's the power of the platform. And again, we see it in almost every single market out there.

所以我認為它正在廣泛發生。這不是 10 個市場中的 5 個，也不是 10 個市場中的 9 個我們正在獲得類別地位。我確實認為這是平台的力量。再一次，我們幾乎在每個市場都看到它。

Our next question comes from Justin Post from Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

Nelson, maybe just give us an update on the EBITDA progress. If you take $850 million times 4, you're already over a $3 billion run rate. What are the drivers to get over $5 billion here? Is it network efficiencies? Marketing spend? Leverage on personnel? How are you thinking about the growth from here? And then I noticed you had some interesting comments on the taxi business. Just at high level, how much that's helping your mobility growth.

尼爾森，也許只是給我們更新 EBITDA 進展。如果你用 8.5 億美元乘以 4，你的運行率已經超過 30 億美元。在這裡獲得超過 50 億美元的驅動因素是什麼？是網絡效率嗎？營銷支出？對人員的槓桿作用？您如何看待從這裡開始的增長？然後我注意到你對出租車行業有一些有趣的評論。在高層次上，這對您的流動性增長有多大幫助。

Okay. So I'll handle the first half of it. So again, when we put out the targets last year, our expectation was to at least achieve them on the top line, but over deliver on the bottom, and that we're 5 quarters into putting out a [12-month] plan. And I think history shows that we've overachieved every quarter, and we intend to continue to do so.

好的。所以我會處理它的前半部分。再次重申，當我們去年制定目標時，我們的期望是至少在頂線實現這些目標，但在底線超額交付，而且我們已經用了 5 個季度來製定 [12 個月] 計劃。而且我認為歷史表明我們每個季度都超額完成，我們打算繼續這樣做。

So again, if you take the Q2 trajectory, which is actually what you're referencing, we don't stop there, right? So we're continuing to invest in our marketplace and continuing to grow the marketplace. And we actually are optimizing every single line of the P&L, and we're seeing those benefits.

所以再一次，如果你採用 Q2 軌跡，這實際上是你所引用的，我們不會就此止步，對吧？因此，我們將繼續投資我們的市場並繼續發展市場。我們實際上正在優化 P&L 的每一行，我們看到了這些好處。

And so last year, we talked a lot about the cost per trip benefits we're getting on Delivery. This year, you heard us talk a little bit about RNA and some of the benefits we can have there. And these are big dollars. And so the platform really is operating quite well.

所以去年，我們談了很多關於我們在送貨上獲得的每次旅行成本的好處。今年，您聽到我們談論了一些關於 RNA 的話題，以及我們可以從中獲得的一些好處。這些都是大筆錢。因此，該平台確實運行良好。

And so like what we're doing is we work with our teams and work with our product, our tech folks to make sure we're just optimizing the platform. So to be able to grow 22% constant currency at our scale year-over-year, it's hard, right, it's tremendous, what we're doing here and be able to deliver the incrementals.

因此，就像我們正在做的那樣，我們與我們的團隊合作，與我們的產品、我們的技術人員合作，以確保我們只是在優化平台。因此，為了能夠以我們的規模同比增長 22% 的固定貨幣，這很難，對，這是巨大的，我們在這裡所做的並能夠提供增量。

So I think what you should think through is more about where we think we're going to end up next year, understanding that we think we'll continue to outpace on the bottom line. And you heard the commentary about the -- we think we recall percent incremental margins in Q1. Right now, if you look at the midpoint of the guidance, it's 10%.

所以我認為你應該考慮的更多是我們認為我們明年會在哪裡結束，了解我們認為我們將繼續超越底線。你聽到了關於 - 我們認為我們記得第一季度增量利潤率百分比的評論。現在，如果你看一下指導的中點，它是 10%。

So our expectation is that we'll continue to do better and importantly, generate a lot of free cash flow that we think is going to ramp in the coming quarters. So while we're not touching upon new guidance for '24 or the out years, hopefully, we're building track record to show you that the company is really operating at a high level right now.

因此，我們的期望是我們將繼續做得更好，重要的是，產生大量我們認為將在未來幾個季度增加的自由現金流。因此，雖然我們沒有觸及 24 年或未來幾年的新指導，但希望我們正在建立跟踪記錄，向您展示公司目前確實在高水平運營。

And then as it relates to the taxi market, we don't disclose, let's say, taxi bookings. When we look at hailables which is taxi 2-wheelers, 3-wheelers in certain markets, that's a business that's already over $1 billion. But really, the way that we look at our portfolio is a set of growth bets that we're making.

然後因為它與出租車市場有關，我們不會透露，比方說，出租車預訂。當我們看一下某些市場上的出租車 2 輪車、3 輪車時，這是一項已經超過 10 億美元的業務。但實際上，我們看待我們的投資組合的方式是我們正在進行的一系列增長押注。

These are taxi, 2-wheelers, 3-wheelers, low-cost, our UberX Share, high-capacity vehicles that we're investing in, our Uber for Business, Uber for Health and then newer products like Reserve that are creating entirely kind of new instances for our riders to use the service. If you add up all those growth bets, we're about a $6 billion run rate growing at 100% year-on-year.

這些是出租車、兩輪車、三輪車、低成本、我們的 UberX Share、我們正在投資的大容量車輛、我們的 Uber for Business、Uber for Health，然後是像 Reserve 這樣正在創造完全友好的新產品為我們的騎手使用該服務的新實例。如果你把所有這些增長押注加起來，我們的運行率約為 60 億美元，同比增長 100%。

So we talked about when we put together a growth platform, we talked about 50% of our growth coming from our base business, 35% of our growth coming from new bets, 15% growth coming from certain international expansion. It's the traditional Uber business, but with its list. And if you look at our growth bets, our growth bets were about 10% of our volume in Q1, they're about 20% of our growth in Q1, and they also account for 20% of new riders coming on to the platform.

所以我們談到當我們建立一個增長平台時，我們談到我們 50% 的增長來自我們的基礎業務，35% 的增長來自新的賭注，15% 的增長來自某些國際擴張。這是傳統的優步業務，但有它的清單。如果你看一下我們的增長押注，我們的增長押注約佔第一季度銷量的 10%，約佔第一季度增長的 20%，而且它們還佔進入該平台的新騎手的 20%。

So not only are they a big part of our growth and kind of a new business segment that we're building while we're introducing an entirely new audience to the Uber platform, and those new riders tend to use other products. They'll come in on U for B, they'll use this mainline, they'll come in on low-cost and then they'll treat themselves to an UberX or Comfort as well.

因此，它們不僅是我們增長的重要組成部分，而且是我們在向 Uber 平台引入全新受眾時正在建立的一種新業務領域，而且這些新乘客往往會使用其他產品。他們會使用 U for B，他們會使用這條主線，他們會以低成本進入，然後他們也會讓自己享受 UberX 或 Comfort。

So we see taxi as a part of a portfolio. Nelson and his team are constantly allocating capital to the base business, to the growth bets as well in a dynamic way to deliver the kinds of top lines and then excellent bottom lines that you're seeing.

因此，我們將出租車視為投資組合的一部分。尼爾森和他的團隊不斷將資金分配給基礎業務、增長押注以及以動態的方式提供您所看到的各種頂線和出色的底線。

So think about our GBs are up 22% on a constant basis just to go back to that. And our EBITDA is up 4x year-over-year. And so again, I think that we really are pulling all the levers to make sure we deliver top and bottom line growth. And so again, I think we're both very confident that we'll continue to do that in the coming quarters.

因此，想想我們的 GB 不斷增長 22% 只是為了回到那個。我們的 EBITDA 同比增長 4 倍。因此，我再次認為，我們確實在動用所有槓桿，以確保我們實現頂線和底線增長。因此，我認為我們都非常有信心在未來幾個季度繼續這樣做。

Our next question comes from Lloyd Walmsley from UBS.

我們的下一個問題來自瑞銀集團的 Lloyd Walmsley。

Two, if I can. First, just kind of continuing on the last question. I appreciate the color on hailables and the new formats. I guess on that international side of the medium-term growth, what is the update, the latest update on some of the markets you flagged at the Analyst Day, like South Korea, Spain and Germany.

兩個，如果可以的話。首先，繼續最後一個問題。我很欣賞冰雹的顏色和新格式。我想在中期增長的國際方面，更新是什麼，你在分析師日標記的一些市場的最新更新，如韓國、西班牙和德國。

And then second one, following up on some of the earlier Delivery questions, like how much do you think of the benefit you guys are seeing in terms of market share as a function of product improvements versus maybe more discipline across the competitive landscape, just with the rising cost of capital you flagged, I think, Japan in particular. But like anything -- do you feel like those are also part of the benefit and like where are we in seeing the benefit of just a more rational competitive landscape?

然後是第二個，跟進一些早期的交付問題，比如你認為你們在市場份額方面看到的好處有多大，作為產品改進的功能，而不是在競爭格局中可能更多的紀律，只是你提到的資本成本上升，我認為，尤其是日本。但就像任何事情一樣——你是否覺得這些也是好處的一部分，就像我們在哪裡看到更合理的競爭格局的好處？

Yes. I'll start. In terms of the international markets, a couple that I would call out are Spain, Germany and Turkey. Spain is a highly regulated market but we're having a ton of success in terms of adding supply into our marketplace. Earnings are strong, demand is strong, and Spain is growing at very significant rates. And we believe we're gaining category position in Spain.

是的。我會開始。就國際市場而言，我要提到的幾個是西班牙、德國和土耳其。西班牙是一個受到高度監管的市場，但我們在增加市場供應方面取得了巨大成功。收入強勁，需求旺盛，西班牙經濟增長速度非常快。我們相信我們正在西班牙獲得類別地位。

Same with Germany. It's a market that we started on probably around 4 years ago, and then it's developed very well. We're playing by the rules. And Germany is the largest GDP in Europe, so it's a very, very large market to go after. And we're seeing promise both on the Mobility side and the Delivery side in Germany. We're happy with that development.

德國也一樣。這是我們大約 4 年前開始的市場，然後發展得非常好。我們在按規則行事。德國是歐洲最大的 GDP，因此它是一個非常非常大的市場。我們在德國的移動端和交付端都看到了希望。我們對這一發展感到滿意。

A couple of other markets are Turkey, where Turkey is the taxi market, and our innovating around hailables and building our taxi products has allowed us to penetrate into that market as well. And then Argentina as well showing real promise in South America.

其他幾個市場是土耳其，土耳其是出租車市場，我們圍繞招呼車進行創新和打造出租車產品也讓我們能夠滲透到該市場。然後阿根廷在南美也表現出了真正的希望。

We're seeing with South Korea and Japan, the market development there is slower than we'd like, frankly, and it's partially because of regulatory issues as it relates to dynamic pricing, et cetera. We're not really -- we're not able to kind of flex all of the muscles of the marketplace of what makes Uber great, especially on the pricing side. We think pricing reform there will benefit drivers. So we think it's absolutely something that will help out the market, but it's taking a little more time than we would like.

我們在韓國和日本看到，坦率地說，那裡的市場發展比我們希望的要慢，部分原因是與動態定價等相關的監管問題。我們不是真的——我們無法發揮市場的所有力量，讓 Uber 變得偉大，尤其是在定價方面。我們認為那裡的價格改革將使司機受益。所以我們認為這絕對會幫助市場，但它比我們想要的要多一點時間。

And then Nelson, do you want to talk about the second?

然後尼爾森，你想談談第二個嗎？

Yes. So on the Delivery, so yes, you're partially correct. I think the rationalization of the marketplace is driven by the higher cost of capital. As you know, we've led in terms of trying to drive companies towards profitability. And frankly, for me, companies need to make free cash flow. And so we've led from the front on that. And certainly, everybody has had to follow given where the market is right now.

是的。所以在交付方面，是的，你是部分正確的。我認為市場的合理化是由更高的資本成本驅動的。如您所知，我們在努力推動公司實現盈利方面處於領先地位。坦率地說，對我來說，公司需要產生自由現金流。因此，我們在這方面處於領先地位。當然，鑑於目前的市場情況，每個人都必須跟進。

And so we are seeing the benefit of having a bigger and, frankly, a more efficient platform, but -- and it's allowing us to really make progress in certain marketplaces like most of Asia and particularly the U.K. are big call outs in the first quarter. And importantly, what's important now is that right now, if you look at our top 20 delivery markets, so overall on delivery, we're generating 2% EBITDA margin. We're profitable in 15 of our top 20. And actually 6 of our top 20 markets today in the first quarter are already above our long-term targets.

因此，我們看到了擁有一個更大、坦率地說更高效的平台的好處，但是——它讓我們能夠在某些市場上真正取得進展，比如亞洲大部分地區，尤其是英國，它們在第一季度大受歡迎.重要的是，現在重要的是，如果你看看我們前 20 大交付市場，那麼在交付方面，我們正在產生 2% 的 EBITDA 利潤率。我們在前 20 大市場中有 15 個實現盈利。實際上，第一季度我們今天排名前 20 的市場中有 6 個已經超過了我們的長期目標。

So we're growing our markets, our category position. We're gaining -- we're growing at the top line, and we're delivering on the bottom line. I think that's just a good formula. But certainly, the overall cost of capital increases and what's going on in the broader world has helped when you have the broadest and the most efficient platform and one where we have the benefit of going cross-platform.

所以我們正在發展我們的市場，我們的品類地位。我們正在獲得 - 我們正在增長，我們正在實現底線。我認為這只是一個很好的公式。但可以肯定的是，當您擁有最廣泛、最高效的平台以及我們可以從跨平台中獲益的平台時，總體資本成本會增加，而更廣闊的世界正在發生的事情會有所幫助。

Our next question comes from Mark Mahaney from Evercore.

我們的下一個問題來自 Evercore 的 Mark Mahaney。

I wanted to ask about 2 questions on the advertising side, what traction you're seeing for advertising on the mobility side? And then in terms of the Uber One program in the prepared comments, you talked about seeing really nice traction, record high levels in North America. Could you talk about in the rest of the world? And also kind of the what -- if they're product development areas you want to lean into to make the Uber One program even more attractive.

我想問關於廣告方面的 2 個問題，您認為移動方面的廣告有何吸引力？然後就準備好的評論中的 Uber One 計劃而言，你談到看到非常好的牽引力，在北美創下歷史新高。你能談談在世界其他地方嗎？還有什麼——如果它們是你想要涉足的產品開發領域，以使 Uber One 計劃更具吸引力。

Yes, absolutely. So we are very happy overall with our ad products. We talked about the number of advertisers who are using our products, growing 70% to 345,000 businesses. And the majority of our revenue is, to be clear, is on Uber Eats. And it's obviously a big growing platform along with the new products that we're launching, all the new vertical assets with sponsored items in the U.S. that are designed for CPG advertisers.

是的，一點沒錯。所以我們對我們的廣告產品總體上非常滿意。我們談到了使用我們產品的廣告商數量，增長了 70%，達到 345,000 家企業。需要明確的是，我們的大部分收入來自 Uber Eats。它顯然是一個巨大的增長平台以及我們推出的新產品，所有新的垂直資產在美國為 CPG 廣告商設計的讚助項目。

We continue to see strong momentum on the mobility side with Journey Ads. And these Journey Ads are getting us premium CPMs because if you think about the Uber rider, this is a very high demographic rider. They tend to be younger, so obviously, more open to first-rate brands and advertising. They tend to be mobile, they tend to be urban. And they go places. They are moving and they are spending. So we are seeing very high CPMs as it relates to our mobility advertisers.

我們繼續看到 Journey Ads 在移動方面的強勁勢頭。這些旅程廣告為我們帶來了優質的每千次展示費用，因為如果你想想優步乘客，這是一個人口眾多的乘客。顯然，他們往往更年輕，對一流品牌和廣告更開放。他們傾向於移動，他們傾向於城市化。他們去的地方。他們在搬家，他們在消費。因此，我們看到與我們的移動廣告客戶相關的每千次展示費用非常高。

One of the newer products that we're quite excited about are cartops that you see in certain cities like New York City, and also tablets that we're launching in certain cities as well. These are newer formats. And what's exciting about these new formats is that they are a way for us to improve driver earnings.

我們非常興奮的新產品之一是您在某些城市（如紐約市）看到的 cartops，以及我們也在某些城市推出的平板電腦。這些是較新的格式。這些新形式令人興奮的是，它們是我們提高司機收入的一種方式。

So for example, with cartop, the driver who has a cartop, will make an average of $100 extra a week as it relates to those earnings. So if drivers are making more money, retention is higher, supply hours are higher. And they're happier and making more, which helps out the marketplace. So we're quite optimistic about our prospects there.

因此，例如，對於 cartop，擁有 cartop 的司機平均每週多賺 100 美元，因為這與這些收入相關。因此，如果司機賺更多的錢，保留率就會更高，供應時間也會更長。他們更快樂，賺得更多，這有助於市場。所以我們對那裡的前景非常樂觀。

As it relates to Uber One, I'd say strength across the board. We are -- the goal of Uber One is really we are giving a discount to our best customers in order to drive frequency. And we continue to see Uber One members spend 4x more than nonmembers, retention is 15% higher than nonmembers as well. And Uber One continues to be a higher and higher percentage of our bookings. It's about 27% now. And we have a target of driving that to 50-plus percent.

就 Uber One 而言，我想說的是全面的實力。我們 - Uber One 的目標實際上是我們為我們最好的客戶提供折扣以提高頻率。我們繼續看到 Uber One 會員的消費是非會員的 4 倍，保留率也比非會員高 15%。 Uber One 繼續在我們的預訂中所佔的比例越來越高。現在大約是27%。我們的目標是將這一比例提高到 50% 以上。

And in certain markets outside of the U.S., Uber One penetration is significantly higher than that 50% target. So that's not a theoretical target. That's a target that is absolutely achievable.

在美國以外的某些市場，Uber One 的滲透率遠高於 50% 的目標。所以這不是一個理論目標。這是一個絕對可以實現的目標。

And I will also add that Uber One members are profitable. And what we find is it's a very, very effective way essentially to drive frequency and higher engagement with our customer base.

我還要補充一點，Uber One 會員是有利可圖的。我們發現，這是一種非常非常有效的方式，本質上可以提高頻率並與我們的客戶群進行更高的互動。

Our next question comes from Deepak Mathivanan from Wolfe Research.

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

Great. Dara, your competitor in the U.S. is going through a transition currently. How do you think about the potential impact of this on the U.S. rideshare market? And philosophically, what is Uber's priority between kind of defending category position and profitability if, for some reason, competition intensifies in the space?

偉大的。 Dara，你在美國的競爭對手目前正在經歷轉型。您如何看待這對美國拼車市場的潛在影響？從哲學上講，如果由於某種原因該領域的競爭加劇，優步在捍衛類別地位和盈利能力之間的優先級是什麼？

And then a second question maybe for Nelson. You noted in response to a prior question that you intend to outperform on EBITDA. Certainly, the incremental margins have been great, but I wanted to ask if there was any update on your thinking on top line bookings for 2024. Since you provided the guidance at the Analyst Day, FX has been a headwind and some markets are in different trajectory. I wanted to ask if you have any updated thoughts on '24 top line growth.

然後第二個問題可能是給尼爾森的。您在回答先前的問題時指出，您打算在 EBITDA 上表現出色。當然，增量利潤率一直很高，但我想問一下您對 2024 年頂線預訂的想法是否有任何更新。自從您在分析師日提供指導以來，外匯一直是一個逆風，一些市場處於不同的狀態彈道。我想問您是否對 24 世紀的頂線增長有任何最新的想法。

So I'll go first and Dara can answer the competitive question second. So certainly, if you think about what we did in the first quarter, right, 22% constant currency and even 19% reported across our business is extremely strong, especially given some of the headwinds on freight. And if you just think about what we're doing in terms of the forecast in Q2. So we expect our core Mobility and Delivery businesses growth bookings to grow 18% to 22%, depending on where you are on the guidance on a constant currency basis.

所以我先來，然後 Dara 可以回答競爭性問題。所以當然，如果你考慮一下我們在第一季度所做的事情，那麼我們業務中 22% 的固定匯率甚至 19% 的報告都非常強勁，尤其是考慮到貨運方面的一些不利因素。如果你只是想一想我們在第二季度的預測方面所做的事情。因此，我們預計我們的核心移動和交付業務增長預訂將增長 18% 至 22%，具體取決於您在固定貨幣基礎上的指導。

So as we said, we are committed and we are able -- because we have been so efficient in terms of operating the business and getting the leverage, and we've been mindful about our costs to be able to invest back in some of the products that you've heard Dara talked about already today. And so we are seeing some of that meaningful benefit as we think about going into '24.

因此，正如我們所說，我們承諾而且我們有能力——因為我們在經營業務和獲得影響力方面一直非常高效，而且我們一直在關注我們的成本，以便能夠重新投資於一些您今天已經聽過 Dara 談論過的產品。因此，當我們考慮進入 24 世紀時，我們看到了一些有意義的好處。

And so again, we are trying to do both which is continue to invest in products that we think will enable us to deliver against the top line. But importantly, we expect to continue to do what we've been doing, which is over deliver against the bottom and generate a very, very strong free cash flow in the coming quarters.

因此，我們再次嘗試同時做這兩項工作，即繼續投資於我們認為將使我們能夠實現最高目標的產品。但重要的是，我們希望繼續做我們一直在做的事情，即超額交付底部並在未來幾個季度產生非常非常強勁的自由現金流。

And so again, I would just say that we spend a lot of time on capital allocation inside the company. And right now, the formula is working quite well because we're able to do both as well as, again, invest in new geographies and invest in new products. And I think you should just expect that to continue.

因此，我只想說，我們在公司內部的資本配置上花費了大量時間。現在，這個公式運作良好，因為我們既能做到，又能投資新地區和新產品。我認為你應該期待這種情況會繼續下去。

Yes. And Deepak, as far as the trade-off between CP and profitability, the first thing I would say is, I hope that we have demonstrated over the past 6, 7 quarters, that that's a false trade-off. We've been consistently gaining category position. And as you've seen, we've been delivering on profitability at a rate well in excess of our internal targets and in excess of external expectations, right, 12% this last quarter.

是的。而迪帕克，就 CP 和盈利能力之間的權衡而言，我首先要說的是，我希望我們在過去的 6、7 個季度中已經證明，這是一個錯誤的權衡。我們一直在不斷獲得類別地位。正如你所看到的，我們一直在以遠遠超過我們內部目標和外部預期的速度實現盈利，對，上個季度的 12%。

And again, Delivery -- delivering essentially record adjusted EBITDA of $288 million in adjusted EBITDA, over 20% incremental margins while gaining category position in 9 out of our 10 markets. And it's a combination of the team executing really well, our being the scale player, our being the global player and our having the power of the platform that our competitors don't.

再一次，交付——在調整後的 EBITDA 中實現了創紀錄的 2.88 億美元的調整後 EBITDA，增量利潤率超過 20%，同時在我們 10 個市場中的 9 個中獲得了類別地位。這是團隊執行得非常好、我們是規模參與者、我們是全球參與者以及我們擁有競爭對手所沒有的平台力量的結合。

As far as what we are seeing domestically with Lyft, obviously, they're going through a lot of changes. It's a very, very strong brand. It's not going anywhere. And what we're seeing is they're looking to price competitively with us. And we think that sets up a competitive environment where we're competing on brand and we're competing on service and ETAs and accuracy, reliability, et cetera. So we think it sets up a constructive competitive environment going forward.

就我們在國內看到的 Lyft 而言，顯然，他們正在經歷很多變化。這是一個非常非常強大的品牌。它不會去任何地方。我們所看到的是，他們正在尋求與我們競爭的價格。我們認為這建立了一個競爭環境，我們在品牌上競爭，我們在服務和 ETA 以及準確性、可靠性等方面競爭。因此，我們認為它為未來建立了一個建設性的競爭環境。

We haven't seen any signal otherwise. But I think you'll have to ask them that question when they report their earnings as far as what their strategy is going forward. But so far, what we see is constructive, and we don't see any reason why it would change. I do think a more disciplined marketplace. I think the market has said very, very clearly that the days of paying for share and essentially using shareholder money to buy share temporarily, those days are over. And so we think the overall competitive environment for tech generally, but especially in our market is going to be constructive going forward.

否則我們沒有看到任何信號。但我認為當他們報告他們的收益時，你必須問他們這個問題，就他們的戰略進展而言。但到目前為止，我們所看到的是建設性的，我們看不出有任何改變的理由。我確實認為一個更有紀律的市場。我認為市場已經非常非常清楚地表明，支付股份費用和基本上使用股東資金暫時購買股份的日子已經結束。因此，我們認為技術的整體競爭環境，尤其是在我們的市場中，將在未來具有建設性。

Our next question comes from John Colantuoni from Jefferies.

我們的下一個問題來自 Jefferies 的 John Colantuoni。

I wanted to look at the U.S. and Canada cohort figures again. I'm curious why frequency among the pre-COVID cohorts in 2022 was lower than the newer cohorts. Is there something about demographics or adoption of reserve for the newer cohorts or something else that's causing the higher frequency? And mainly, I'm curious if there's an opportunity to improve adoption of Reserve or Uber One in the older cohorts. And then second question -- sorry. Go ahead.

我想再看看美國和加拿大的隊列數據。我很好奇為什麼 2022 年 COVID 前人群的頻率低於新人群。是否有關於人口統計或為新隊列採用儲備或其他導致更高頻率的因素？主要是，我很好奇是否有機會提高老年群體對 Reserve 或 Uber One 的採用率。然後是第二個問題——抱歉。前進。

No, go ahead, go ahead. Ask your second question and then we'll...

不，繼續，繼續。問你的第二個問題，然後我們...

Yes. Just quickly on Freight. Freight has been falling short on expectations from industry headwinds. Can you just sort of update us on how you envision performance of that business trending throughout the year? And when you think about ROIC and capital allocation to build that business relative to your core Mobility and Delivery businesses, are you looking for opportunities to pare back a bit or even to look for strategic opportunities to monetize that business to help accelerate your path to GAAP profitability and investment grade?

是的。快點上貨運。運費一直低於行業逆風的預期。您能否向我們介紹一下您如何看待全年該業務趨勢的表現？當您考慮 ROIC 和資本分配以建立與您的核心移動和交付業務相關的業務時，您是在尋找機會削減一點，還是在尋找戰略機會將該業務貨幣化以幫助加速您的 GAAP 之路盈利能力和投資等級？

Yes, absolutely. So I think on the first one, a will take the second one. in terms of frequency of cohorts, we think it's exactly what you talked about, which is it's the product set. If you look at our product set today versus 2019, the breadth of product that we have available to our mobility riders is significantly higher than it was, whether it's Reserve or Reimagined, X Share, et cetera, there are just more opportunities for someone to use our product. And that's resulting in higher frequency kind of on a year-on-year basis.

是的，一點沒錯。所以我認為在第一個上，a 將接受第二個。就同類群組的頻率而言，我們認為這正是您所說的，即產品集。如果你看看我們今天與 2019 年的產品集，我們為機動車乘客提供的產品範圍明顯比以前多，無論是 Reserve 還是 Reimagined、X Share 等等，人們有更多機會使用我們的產品。這導致了同比更高的頻率。

But if you look at Eats cohort, the 2021 cohort, their frequency increases as well as we have healthy pricing, healthy availability and then newer products available for them. Also remember that our membership program, we think over a period of time, it's just mathematically going to drive higher frequency across the business, it will have a higher impact because the incrementality generally is higher for Delivery than Mobility, but it should also show up in mobility as well.

但是如果你看看 Eats 隊列，2021 年的隊列，他們的頻率增加了，而且我們有健康的定價、健康的可用性，然後為他們提供了更新的產品。還要記住我們的會員計劃，我們認為在一段時間內，它只是在數學上推動整個業務的更高頻率，它會產生更大的影響，因為交付的增量通常比移動性更高，但它也應該顯示出來在機動性方面也是如此。

So these are very, very strong, as you know, kind of frequency numbers. They're only getting better. And we think as we continue to innovate around new products, we should be able to have industry-leading frequency, especially since we are able to bring in users on a rides platform or Eats platform and cross-sell them in a way that no one else can.

如您所知，這些是非常非常強的頻率數字。他們只會越來越好。我們認為，隨著我們繼續圍繞新產品進行創新，我們應該能夠擁有行業領先的頻率，特別是因為我們能夠在乘車平台或 Eats 平台上引入用戶，並以一種無人能及的方式交叉銷售他們否則可以。

Nelson, do you want to talk Freight?

納爾遜，你想談談運費嗎？

Sure. So first of all on Freight, from a macro perspective, this is -- we are at a macro low in terms of the cycle. And so what happened was a lot of supply entered the market broadly. And a lot of the supply chain challenges that came during COVID have arrested. So right now, you're seeing a very oversupplied market, and so that really impacts rates. And it really impacts a combination of spot versus contract rates. And so that's actually going on globally. And you probably will see that as you think about other freight carriers and certainly in the brokerage space.

當然。因此，首先是貨運，從宏觀角度來看，這是 - 我們在周期方面處於宏觀低點。所以發生的事情是大量供應廣泛進入市場。 COVID 期間出現的許多供應鏈挑戰已經停止。所以現在，你看到的是一個供過於求的市場，這確實影響了利率。它確實影響了現貨與合同利率的組合。所以這實際上在全球範圍內發生。當您考慮其他貨運公司，當然還有經紀領域時，您可能會看到這一點。

In terms of its impact, as we think about the guidance that we put out, as we think about getting towards GAAP operating profit, those are all taken into account, into the guidance we make, into the statements we've made. And so while we think about from a capital allocation perspective, it is important to note that we raised excess external capital to fund Freight and we actually fund it separately. And in fact, even the employees of Freight are getting Freight equity as well. And so there's a separate board that manages it as well.

就其影響而言，當我們考慮我們提出的指導意見時，當我們考慮實現 GAAP 營業利潤時，這些都被考慮到了，在我們制定的指導方針中，在我們所做的陳述中。因此，當我們從資本配置的角度考慮時，重要的是要注意我們籌集了過多的外部資本來為 Freight 提供資金，而我們實際上是單獨為其提供資金的。事實上，甚至 Freight 的員工也獲得了 Freight 股權。因此，還有一個單獨的委員會來管理它。

So Freight really is something that we still believe in. The team continues to make progress in terms of digitizing a very analog business. We are in a very challenging part of the cycle. And again, we have a lot of optionality around it. But again, the team does make progress, and Leo and team are making very good progress in terms of some of the applications there. But again, we're in a tough part of the cycle and it has no impact, if you will, or minimal impact as we think about the guidance that we give at the corporate perspective in terms of generating both GAAP operating profit as well as free cash flow.

所以 Freight 確實是我們仍然相信的東西。團隊在數字化非常模擬的業務方面繼續取得進展。我們正處於週期中非常具有挑戰性的部分。再一次，我們有很多選擇。但同樣，團隊確實取得了進步，Leo 和團隊在某些應用程序方面取得了非常好的進展。但同樣，我們正處於週期的艱難階段，它沒有影響，如果你願意的話，或者影響很小，因為我們考慮我們從公司角度提供的指導，即產生 GAAP 營業利潤以及自由現金流。

I think just one other note going back to frequency to add. One of the reasons why we're quite optimistic about our frequency on the Mobility side is if you look at the 2019 cohort, actually UberPool, which was a high frequency, but extremely low-margin product, negative-margin product for us, was a much more significant part of the portfolio than UberX shares now.

我認為只是另一個要回到頻率上添加的註釋。我們對我們在移動方面的頻率非常樂觀的原因之一是，如果你看看 2019 年的隊列，實際上是 UberPool，它是一種高頻但利潤極低的產品，對我們來說是負利潤產品，是現在，它在投資組合中的份額比 UberX 的份額要大得多。

We are now launching UberX Share, I would say, in the right way, with economics that work. We are aligning incentives between the rider and the driver and ourselves in terms of pricing as well. So as we expand UberX Share, as consumers experience it, and we're seeing strong signal there, we think that could be an additional tailwind for frequency going forward in addition to general experience and the membership program.

我們現在推出 UberX Share，我想說，以正確的方式，經濟可行。我們也在定價方面調整了騎手和司機以及我們自己之間的激勵措施。因此，隨著我們擴大 UberX Share，隨著消費者的體驗，我們在那裡看到了強烈的信號，我們認為除了一般體驗和會員計劃之外，這可能會成為未來頻率的額外推動力。

Next question.

下一個問題。

This will be the last question.

這將是最後一個問題。

Our last question will come from Ron Josey from Citi.

我們的最後一個問題將來自花旗銀行的 Ron Josey。

I wanted to ask a little bit more about Uber One, just given it now accounts for 27% of gross bookings. Talk to us at a little bit more about the programs just to drive continued adoption of Uber One. And then in the letter, as it relates to Delivery, there was talk about investments around grocery, convenience, just newer verticals within delivery. Would love to hear the progress there as well.

我想多問一些關於 Uber One 的問題，因為它現在佔總預訂量的 27%。與我們多談談旨在推動 Uber One 持續採用的計劃。然後在這封與送貨相關的信中，談到了圍繞雜貨店、便利店以及送貨領域較新的垂直領域的投資。也很想听聽那裡的進展。

Yes, absolutely, Ron. So in terms of our Uber One program, while adoption of Uber One is incredibly important, we're actually more focused on retention. Any time that you build the membership program, it's easy to get, call it, initial numbers up. But if your retention statistics are not where kind of we want them to be, then at some point, you're going to hit a wall.

是的，當然，羅恩。因此，就我們的 Uber One 計劃而言，雖然採用 Uber One 非常重要，但我們實際上更關注保留。任何時候建立會員計劃，都很容易獲得，調用它，初始號碼。但是，如果您的保留統計數據不是我們希望的那樣，那麼在某個時候，您就會碰壁。

So actually, if you look at the team and what their priorities are, it's very much on retention, making sure that the experience of an Uber One member is first rate. If they get a delivery that's late, kind of we make it up for them. Making sure that even details like payments for renewals, payment failure rates are minimized, et cetera. All of this work that is kind of gritty work, kind of behind-the-scenes is actually our priority in making sure that we improve retention rates for our membership program.

所以實際上，如果你看看團隊以及他們的優先事項是什麼，它在很大程度上取決於保留，確保 Uber One 會員的體驗是一流的。如果他們收到遲到的送貨，我們會補償他們。確保連續訂付款、付款失敗率等細節都降至最低。所有這些工作都是艱鉅的工作，是幕後的工作，實際上是我們確保提高會員計劃保留率的首要任務。

If we improve retention rates, and we're quite confident that trends are definitely moving in the right direction, then you'll see overall membership continue to increase. And obviously, higher retention means half year members as well.

如果我們提高保留率，並且我們非常有信心趨勢肯定會朝著正確的方向發展，那麼您會看到整體會員人數繼續增加。顯然，更高的保留率也意味著半年會員。

So that really is the focus of the group. And it's definitely showing them with the increased penetration as it relates to our overall gross bookings, you will see more experiential benefits of the Uber One.

所以這確實是小組的重點。它肯定會向他們展示滲透率的提高，因為這與我們的總預訂量有關，你會看到 Uber One 帶來的更多體驗優勢。

Right now, it's all about discounts, and discounts are awesome. And a much higher percentage of our members just logically should be using the program because they will save a ton of money. But also, we will look for experiential benefits like a priority dispatch during certain periods to introduce into the program as well. Those are unique benefits that we can offer that really no one else can offer.

現在，一切都與折扣有關，而且折扣很棒。從邏輯上講，我們的會員中有更高比例的人應該使用該程序，因為他們將節省大量資金。而且，我們也會尋找一些體驗性的好處，比如在某些時期的優先派遣，也引入到這個項目中。這些是我們可以提供的獨特優勢，是其他任何人都無法提供的。

As far as new verticals, we're very, very optimistic on our progress there. We're now at -- in excess of a $5 billion annualized gross bookings run rate. The business is growing 30% year-on-year. And really, it's a disciplined investment path into the category. What we're most excited about is the product itself.

至於新的垂直領域，我們對我們在那裡的進展非常、非常樂觀。我們現在 - 超過 50 億美元的年度總預訂率。該業務同比增長30%。實際上，這是進入該類別的有紀律的投資途徑。我們最興奮的是產品本身。

We are introducing the native grocer experience to a much larger audience across the company. And as we have done that, we have seen the percentage of Uber Eats customers who then order from new verticals increase nicely. It's about up 300 basis points year-on-year, in terms of the percentage of Eats customers who use new verticals.

我們正在向全公司更多的受眾介紹本地雜貨店體驗。正如我們所做的那樣，我們已經看到從新的垂直領域訂購的 Uber Eats 客戶的百分比增加得很好。就使用新垂直行業的 Eats 客戶的百分比而言，同比增長約 300 個基點。

And then it's all about selection. It's about launching new retail partners, selection of like partners like Kohl's in Australia. They're the second largest grocer. As we add selection as experience continues to improve, those Eats customers who use new verticals are going to be happy and they're going to come back.

然後就是選擇了。這是關於推出新的零售合作夥伴，選擇像澳大利亞的 Kohl's 這樣的合作夥伴。他們是第二大雜貨店。當我們隨著體驗的不斷改善而增加選擇時，那些使用新垂直領域的 Eats 客戶將會很高興，他們會回來。

So the trend here is positive, but we have a very long way to go. Our ambition for new verticals are multiples of the $5 billion that we're at now, but it is going to take disciplined growth to get there. And I think by the results that you've seen, you have seen us able to invest in new products, like new verticals, but at the same time, deliver substantial increases in margins at the same time. And I think it will be more of the same going forward if we do our jobs.

所以這裡的趨勢是積極的，但我們還有很長的路要走。我們對新垂直領域的雄心壯志是我們目前 50 億美元的數倍，但要實現這一目標需要有紀律的增長。而且我認為，根據您所看到的結果，您已經看到我們能夠投資於新產品，例如新的垂直領域，但與此同時，同時實現了利潤率的大幅增長。而且我認為，如果我們做好自己的工作，未來的情況會更加相似。

Let's wrap it up there. Thank you, everyone, for joining.

讓我們把它包起來。謝謝大家的加入。

Thank you very much for joining, and we'll talk to you next quarter.

非常感謝您的加入，我們將在下個季度與您交談。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。