Uber 首席執行官達拉·科斯羅薩西 (Dara Khosrowshahi) 宣布,該公司首次實現 3.26 億美元的 GAAP 營業利潤,第一季度自由現金流超過 10 億美元。該公司專注於擴大營業收入和自由現金流,同時為未來增長進行嚴格的投資。首席財務官 Nelson Chai 將離開公司。
演講者討論了推動多年移動預訂實現個位數增長和兩位數增長的因素,強調受眾、頻率和價格是關鍵因素。他們還討論了配送業務的增長潛力以及與 Waymo 在自動駕駛汽車領域的合作關係。優步正在致力於產品創新、拓展國際市場並提高其移動業務的盈利能力。他們專注於為每一種可用的運輸車輛安裝線路,並瞄準英國的旅遊運營商市場。
演講者還討論了預付費用的積極影響、Uber 廣告業務的增長以及 Uber One 會員的增長。 Uber 仍致力於實現至少 7% 的增量利潤,並致力於維持強勁的資產負債表並增加自由現金流。
使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Hello, and welcome to Uber Q2 '23 Earnings Conference Call. (Operator Instructions)
您好,歡迎參加 Uber Q2 '23 收益電話會議。 (操作員說明)
I will now turn the conference over to Alax Wang, Head of Investor Relations. Please go ahead.
我現在將會議交給投資者關係主管 Alax Wang。請繼續。
Alaxandar Wang
Alaxandar Wang
Thank you, Sarah. Thank you for joining us today, and welcome to Uber's Second Quarter 2023 Earnings Presentation. On the call today, we have Uber CEO, Dara Khosrowshahi; and CFO, Nelson Chai.
謝謝你,莎拉。感謝您今天加入我們,歡迎觀看 Uber 2023 年第二季度收益演示。今天的電話會議由 Uber 首席執行官達拉·科斯羅薩西 (Dara Khosrowshahi) 主持。和首席財務官納爾遜柴。
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,我們將介紹公認會計準則和非公認會計準則的財務指標。有關這些非 GAAP 衡量標準的其他披露,包括 GAAP 與非 GAAP 衡量標準的調節,均包含在新聞稿、補充幻燈片和我們向 SEC 提交的文件中,每份文件均發佈在 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. 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. 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 Form 10-K and in other filings made with the SEC.
本演示文稿和本次電話會議中的某些陳述屬於前瞻性陳述。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,除非法律要求,否則我們不承擔更新我們今天做出的任何前瞻性陳述的義務。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息,請參閱我們今天發布的新聞稿以及我們最新的 10-K 表格和其他向公司提交的文件中描述的風險和不確定性。美國證券交易委員會。
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.
今天早些時候,我們在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。在達拉簡短的開場白後,我們將開始提問。
With that, let me hand it over to Dara.
那麼,讓我把它交給達拉。
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
Thanks, Alex. For most of our history, profitable wasn't the first thing that came up when you ask someone about Uber. In fact, many observers over the years boldly claim that we would never make any money. And I understood why they fell that way, the easy availability of capital over the past decade obscured the pure -- the poor unit economics of many businesses. But we knew they were wrong about Uber as did many of our investors who backed us over the years.
謝謝,亞歷克斯。在我們的大部分歷史中,當你向某人詢問 Uber 時,首先想到的並不是盈利。事實上,多年來許多觀察家大膽聲稱我們永遠賺不到錢。我理解為什麼它們會這樣下跌,過去十年容易獲得的資本掩蓋了許多企業糟糕的單位經濟效益。但我們知道他們對 Uber 的看法是錯誤的,多年來支持我們的許多投資者也是如此。
We reached 2 important milestones this quarter, which demonstrates the significant transformation we've undergone towards profitable growth. Our first-ever GAAP operating profit of $326 million and our first quarter of free cash flow over $1 billion, all the while delivering record platform engagement, strong top line growth and a new all-time high of $15.1 billion in total earnings for drivers and couriers on the platform.
本季度我們實現了兩個重要的里程碑,這表明我們在盈利增長方面經歷了重大轉變。我們的 GAAP 營業利潤首次達到 3.26 億美元,第一季度自由現金流超過 10 億美元,同時為司機和司機帶來創紀錄的平台參與度、強勁的營收增長以及 151 億美元的歷史新高。平台上的快遞員。
As we've said before, when it comes to fulfilling our mission and building a generational company, profitability is a means and not merely an end. There are very few businesses that can deliver both strong growth at our scale and continue to expand margins. We remain focused on scaling GAAP operating income and free cash flow while also making disciplined investments to appropriately fund growth initiatives that will carry us into the future.
正如我們之前所說,當談到履行我們的使命並建立一家世代相傳的公司時,盈利能力是一種手段,而不僅僅是目的。很少有企業能夠在我們的規模上實現強勁增長並繼續擴大利潤率。我們仍然專注於擴大公認會計準則營業收入和自由現金流,同時進行嚴格的投資,為將我們帶入未來的增長計劃提供適當的資金。
I also want to take a moment to thank Nelson, who we announced will be leaving Uber on January 5 after overseeing a smooth transition as we search for a new finance leader. Nelson has been a huge part of Uber's transformation over the past 5 years, taking us public, gearing the company to profitability through unprecedented times, establishing credibility and trust with our investor base and building a phenomenal team along the way. Nelson has been a trusted adviser for me personally, and I know that I speak for the entire company that we're grateful for everything he's done to establish such a strong foundation for a path forward and that we'll sorely miss hearing Nelson unplugged during our all-hands meetings.
我還想花點時間感謝 Nelson,我們宣布他將於 1 月 5 日離開 Uber,在我們尋找新的財務負責人的過程中,他負責監督 Uber 的順利過渡。過去 5 年裡,尼爾森在 Uber 的轉型中發揮了重要作用,他帶領我們上市,幫助公司在前所未有的時期實現盈利,在我們的投資者群體中建立了信譽和信任,並在此過程中建立了一支出色的團隊。尼爾森一直是我個人值得信賴的顧問,我知道我代表整個公司,我們感謝他為前進道路奠定堅實基礎所做的一切,並且我們將非常懷念聽到尼爾森在工作期間拔掉電源的聲音。我們的全體會議。
With that, let's open the call to questions.
接下來,讓我們開始提問。
Operator
Operator
(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布萊恩·諾瓦克(Brian Nowak)。
Brian Thomas Nowak - Research Analyst
Brian Thomas Nowak - Research Analyst
I have 2. The first one just on multiyear Mobility bookings growth. Dara, could you just sort of talk us through how we should be thinking through the key drivers of driving single-digit versus double-digit multiyear rides bookings? Is it users? Is it frequency? Is it pricing? How -- what is sort of the math or the schematic that we should be taking through to sort of keep that growing double digits?
我有 2 個。第一個是關於多年移動預訂增長的。達拉(Dara),您能告訴我們我們應該如何思考推動個位數和兩位數多年乘車預訂的關鍵驅動因素嗎?是用戶嗎?是頻率嗎?是定價嗎?我們應該通過什麼數學或原理圖來保持不斷增長的兩位數?
And then the second one, throughout the quarter, I know you did some interviews and podcasts around improving matching and conversion of the network. I'd be curious to hear about how you're using large language models now to better analyze the network. And how do you think about the potential to use them going forward to even drive higher matching across the overall network?
然後是第二個,在整個季度中,我知道您圍繞改善網絡的匹配和轉換進行了一些採訪和播客。我很想知道您現在如何使用大型語言模型來更好地分析網絡。您如何看待使用它們來推動整個網絡更高匹配度的潛力?
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
Yes, absolutely. Great questions, Brian. So in terms of Mobility growth and the formula there, I'd say, listen, it comes back to the basics, which is it comes to audience, frequency and price.
是的,一點沒錯。很好的問題,布萊恩。因此,就流動性增長和那裡的公式而言,我想說,聽著,它回到了基礎,即涉及受眾、頻率和價格。
And our audience, our overall MAPC growth has been 12% on a year-on-year basis for the platform. With Mobility, it's actually even stronger than that. And our frequency has consistently increased in terms of transactions per MAPC, 9% year-on-year. And if you think about audience and frequency, we think that we should be able to grow audience at strong, either high single digits, low double digits, as we introduce a host of new products out there and as we continue to expand internationally as well.
對於我們的受眾來說,該平台的整體 MAPC 同比增長了 12%。有了機動性,它實際上比這還要強大。就每 MAPC 交易量而言,我們的頻率持續增加,同比增長 9%。如果你考慮觀眾和頻率,我們認為隨著我們推出大量新產品以及繼續在國際上擴張,我們應該能夠以高個位數或低兩位數的強勁勢頭增加觀眾。
And frequency continues to increase, and it's not quite at all-time highs even at this point. And in terms of 5.6 uses per month. And if you look at certain markets like Brazil in Mobility alone, the frequency is over 7x a month. So we think we've got many, many years of increasing frequency. But again, as we add more products into the service and generally, the world goes more on demand.
而且頻率繼續增加,即使在這一點上也還沒有達到歷史最高水平。每月使用 5.6 次。如果您僅關注巴西等某些市場的移動性,您會發現頻率超過每月 7 次。所以我們認為我們已經有很多很多年的頻率不斷增加。但同樣,隨著我們在服務中添加更多產品,一般來說,世界會變得更加按需。
And then on top of that, you add inflation or pricing growth, call it, normalized pricing growth as well, we think we have a base business that can grow in the double digits. Again, audience, even if you say single digits, frequency, single digits, plus price in the single digits, you get to a double-digit growth rate for the base business.
除此之外,如果再加上通貨膨脹或價格增長,也可以稱之為標準化價格增長,我們認為我們的基礎業務可以實現兩位數增長。再說一次,觀眾們,即使你說單位數、頻率、單位數,加上單位數的價格,你的基礎業務也會達到兩位數的增長率。
Then on top of the base business, we have a number of new products out there. This is adding taxis, this is adding 2-wheelers, 3-wheelers, Uber Reserve, our enterprise product Uber for Business and Uber for health, for example, low-cost product when you look at UberX Share or high-capacity vehicles, that whole portfolio today is at a $8 billion gross bookings run rate. It's growing over 80% on a year-on-year basis. We said that going forward, that would account for about 35% of our growth, and certainly, it's growing a lot faster than the base business.
除了基礎業務之外,我們還推出了許多新產品。這是添加出租車,這是添加兩輪車、三輪車、Uber Reserve,我們的企業產品 Uber for Business 和 Uber for health,例如,當你查看 UberX Share 時的低成本產品或大容量車輛,目前整個投資組合的總預訂運行率為 80 億美元。同比增長超過80%。我們說過,展望未來,這將占我們增長的 35% 左右,當然,它的增長速度比基礎業務快得多。
And then on top of that, you have a number of international markets that historically we haven't been in or where we've got to shift our model, our traditional P2P model to different kinds of models, whether they're license models, taxi models, et cetera. This is Germany or Spain or Japan or Korea or Turkey, Argentina, a host of other countries out there, that pool of bookings is about $3 billion. It's growing well over 100%.
除此之外,還有許多我們歷史上從未涉足過的國際市場,或者我們必須將我們的模式、傳統的 P2P 模式轉變為不同類型的模式,無論它們是許可模式,出租車模型等。德國、西班牙、日本、韓國、土耳其、阿根廷以及其他許多國家,預訂總額約為 30 億美元。它的增長率遠遠超過 100%。
So when you add all that together, which is a base business where we're driving audience frequency, you get some pricing. You've got a portfolio of growth bets that are $8 billion growing over 100%. And then you got a portfolio of international territory countries that we're going into and continuing to expand into some big ones like Germany, you get to, I think, a growth formula that is in a solid double digits. And then combine that with the cost discipline that we've shown, we think that we can get very strong EBITDA growth for the foreseeable future in our Mobility business.
因此,當你把所有這些加在一起時,這是我們提高受眾頻率的基礎業務,你就會得到一些定價。您的增長投資組合達 80 億美元,增長超過 100%。然後,我們將進入國際領土國家的投資組合,並繼續擴展到德國等一些大國,我認為,您將獲得穩定的兩位數增長公式。然後將其與我們所展示的成本紀律相結合,我們認為在可預見的未來,我們的移動業務可以獲得非常強勁的 EBITDA 增長。
The second question in terms of large language models and matching, et cetera. So there are many different kinds of artificial intelligence, machine learning, et cetera, out there. The large language models are more focused on text and pictures, et cetera, kind of guessing what the next appropriate answer is. So they're not as extensible at this point into problems like pricing, matching, routing.
第二個問題涉及大語言模型和匹配等。因此,存在許多不同類型的人工智能、機器學習等。大型語言模型更關注文本和圖片等,有點猜測下一個合適的答案是什麼。因此,它們目前還不能擴展到定價、匹配、路由等問題。
Now those are platforms where we have been using machine learning, deep learning models for years and years and years. This is over the past 10 years. And as compute increases, as the amount of data that we have on the platform increases as we combine our data pool Mobility, Delivery data pool and the availability of couriers and drivers all in a single pool to be able to dispatch them to different jobs, whether it's a job of driving someone or going shopping for someone or delivering food, we just think we have the greatest amount of data out there, the greatest possible number of combinations out there and, I think, the best team in the world in terms of our marketplace capabilities and our ability to continue to innovate on these machine learning models.
現在,我們多年來一直在這些平台上使用機器學習、深度學習模型。這是過去10年的事了。隨著計算量的增加,隨著我們將數據池移動性、交付數據池以及快遞員和司機的可用性全部合併到一個池中,我們平台上的數據量也會增加,以便能夠將他們分派到不同的工作,無論是開車送人、為某人購物還是送外賣,我們只是認為我們擁有最大量的數據、最多可能的組合,而且我認為我們擁有世界上最好的團隊我們的市場能力以及我們在這些機器學習模型上持續創新的能力。
And it shows in our marketplace throughput. Our ETAs are stronger than our competitors. Our pricing optimizes more efficiently in terms of total marketplace throughput, and as a result, we're able to grow our Mobility business while delivering significant value to our drivers as well. And it shows in the end in our category position where we gain category position in 8 out of our top 10 markets.
它體現在我們的市場吞吐量上。我們的預計到達時間比我們的競爭對手更強。我們的定價在市場總吞吐量方面更有效地優化,因此,我們能夠發展我們的移動業務,同時也為我們的司機提供巨大的價值。最終我們的品類排名顯示,我們在前 10 個市場中的 8 個市場中獲得了品類排名。
So we're very confident of the top line growth. And the more data there is out there with the capabilities that we built in-house, the happier we are, so to speak.
因此,我們對營收增長非常有信心。可以說,我們內部構建的數據越多,我們就越高興。
Operator
Operator
Your next question comes from the line of Justin Post with Bank of America.
您的下一個問題來自美國銀行賈斯汀·波斯特的電話。
Justin Post - MD
Justin Post - MD
Maybe one on Delivery and one on AV partnership. Delivery, you're in the low double-digit growth. Obviously, nonrestaurant is helping a lot there. But can you talk about the state of the restaurant market? Is the reopening hurting growth rates? Do you expect acceleration from here? And how do you think about penetration in that market?
也許一項是關於交付,另一項是關於 AV 合作夥伴關係。交付,你正處於低兩位數的增長。顯然,非餐廳在這方面發揮了很大作用。但您能談談餐飲市場的狀況嗎?重新開放是否會損害增長率?您期望從這裡開始加速嗎?您如何看待該市場的滲透率?
And then second, maybe give us some details on the partnership with Waymo, how you're thinking about AVs as far as costs long term and maybe opening up the market to more riders versus potential competition from other companies?
其次,也許可以給我們一些關於與 Waymo 合作的細節,您如何考慮自動駕駛汽車的長期成本,以及可能向更多乘客開放市場以應對來自其他公司的潛在競爭?
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
Yes, absolutely. So when we look at the Delivery business, we're actually quite pleased with the trends there. Last quarter, we grew at about 12% constant currency. That accelerated to 14% constant currency this quarter. Certainly, New Verticals was a help, but we continue to drive higher frequency as a higher percentage of our bookings come from our members, as we improve the service, as we improve the average delivery times to our consumer as well. And generally, basket sizes are positive there.
是的,一點沒錯。因此,當我們審視交付業務時,我們實際上對那裡的趨勢非常滿意。上個季度,按固定匯率計算,我們的增長率約為 12%。本季度按固定匯率計算,這一數字加速至 14%。當然,新垂直領域是有幫助的,但我們繼續提高頻率,因為我們的預訂比例更高,來自我們的會員,我們改進了服務,也改進了向消費者的平均送貨時間。一般來說,籃子大小是正值。
So again, you break down the growth in terms of audience, frequency and price and all of those are positive factors in terms of our Delivery business. And going forward, we expect growth consistent with what we saw this quarter or accelerating even from this quarter as well, depending on the marketplace, the competitive position and how things shake out. But generally, we're quite confident of Delivery top line growth going forward.
再說一次,你可以細分受眾、頻率和價格方面的增長,所有這些都是我們的交付業務的積極因素。展望未來,我們預計增長將與本季度的情況一致,甚至從本季度開始還會加速,具體取決於市場、競爭地位以及情況如何。但總的來說,我們對未來交付收入的增長充滿信心。
And we think the penetration in these markets is very low. So in many of our developed markets there, significant markets there, we've wired up anywhere from 20% of restaurants to, call it, 40% of restaurants in a particular market. So if you think about just all of the inventory out there, these restaurants are in the marketplace, they've got loyal clients, they're servicing their local communities. And we think as we wire them up, then naturally more people want delivery because it's another way of staying connected. It's another way of getting great food whenever you want on an on-demand basis. So we think that with the very early penetration into the total restaurants in our major markets being, call it, a range of 20% to 40%, we've got a long, long runway ahead of us.
我們認為這些市場的滲透率非常低。因此,在我們的許多發達市場、重要市場中,我們已經為特定市場中 20% 到 40% 的餐廳進行了佈線。因此,如果你考慮一下所有的庫存,這些餐廳就在市場上,他們有忠實的客戶,他們為當地社區提供服務。我們認為,當我們將它們連接起來時,自然會有更多的人想要送貨,因為這是保持聯繫的另一種方式。這是您隨時按需獲取美味食物的另一種方式。因此,我們認為,隨著我們在主要市場的餐廳總數中很早就滲透到 20% 到 40%,我們前面還有很長很長的路要走。
In terms of AV, it's very, very early, and we are quite excited about the partnership with Waymo. We think they are best of breed in terms of their technical capabilities and their ambition to build in this business. It really is too soon to tell at this point what the economics are going to look like. We're quite focused on building out the product and really working with Waymo and our other autonomous partners because we do think we'll have a -- we're developing a portfolio of partners out there to have essentially a routing layer between when demand comes into the network to be able to determine on a real-time basis whether or not we should route that demand to a person or to one of our autonomous partners, including Waymo or others, Aurora and trucking, for example. We have many delivery partners out there.
就自動駕駛而言,現在還非常非常早,我們對與 Waymo 的合作感到非常興奮。我們認為,就技術能力和發展這一業務的雄心而言,他們是最好的。現在判斷經濟狀況確實還為時過早。我們非常專注於構建產品並真正與 Waymo 和我們的其他自動駕駛合作夥伴合作,因為我們確實認為我們將會有一個 - 我們正在開發一個合作夥伴組合,以便在需求之間本質上有一個路由層進入網絡,以便能夠實時確定我們是否應該將該需求發送給某人或我們的自動駕駛合作夥伴之一,例如 Waymo 或其他公司,例如 Aurora 和卡車運輸公司。我們有很多送貨合作夥伴。
That dynamic routing system should allow us to deliver a great service for the eater or the rider or the shipper and, at the same time, shift demand towards an autonomous player, but it's demand that they can serve as well. The pickup is really close to you. The drop off is really close to you. The O&D fit the capabilities that you built out.
這種動態路由系統應該使我們能夠為食客、騎手或託運人提供優質的服務,同時將需求轉向自主玩家,但要求他們也能提供服務。皮卡離你真的很近。下車地點離你真的很近。 O&D 適合您構建的功能。
So we're at the very, very early stages of building that technology, and we think we'll continue to build on our partnerships, whether it's Waymo or Serve or Aurora or Motional or Nuro or Volvo or Cartken. There are many, many players out there, and we really want to build and support a large autonomous ecosystem.
因此,我們正處於構建該技術的非常非常早期的階段,我們認為我們將繼續加強我們的合作夥伴關係,無論是 Waymo、Serve、Aurora、Motional、Nuro、Volvo 還是 Cartken。那裡有很多很多的參與者,我們真的想建立和支持一個大型的自治生態系統。
Operator
Operator
Your next question comes from the line of Mark Mahaney with Evercore ISI.
您的下一個問題來自 Evercore ISI 的 Mark Mahaney。
Mark Stephen F. Mahaney - Senior MD & Head of Internet Research
Mark Stephen F. Mahaney - Senior MD & Head of Internet Research
Okay. One on Uber One. And could you talk about the kind of product innovations that you're currently working on, you're thinking about for the next year or 2 to take that adoption of that to a higher level? I know you're rolling it out into more international markets. Can you talk about -- maybe is there a lead market where the Uber One -- in North America where the Uber One penetration is of users, so we could think about where that could go globally?
好的。優步一號 (Uber One) 上的一員。您能否談談您目前正在研究的產品創新類型,以及您正在考慮在未來一兩年內將其採用提升到更高水平的產品創新?我知道您正在將其推廣到更多的國際市場。你能談談——也許優步一號在北美有一個領先的市場,優步一號的用戶滲透率很高,所以我們可以考慮一下它可以在全球範圍內走向哪裡?
And then briefly on the Mobility revenue take rate, it looks like it was a record high, 29.3%. Is that sustainable? Is that -- or is there a reason to think that, that just kind of continues to move higher because of operational efficiencies?
然後簡單介紹一下移動收入佔比,看起來是歷史新高,29.3%。這是可持續的嗎?是不是——或者有理由認為,由於運營效率的提高,這種情況會繼續走高?
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
Nelson, do you want to take, take rate first?
尼爾森,你想先拿,拿費率嗎?
Nelson Juseuk Chai - CFO
Nelson Juseuk Chai - CFO
Yes. So first of all, Mark, you have -- if you -- the reported take rate was 29.3%. But if you adjust for the U.K. merchant model change, which happened a year ago, the underlying take rate was actually 21.1%, is actually down versus Q1. So on an underlying basis, the take rate decreased by 30 basis points if you actually boil through it all. And it's largely because we made some supply investments in some international markets, particularly LatAm and APAC.
是的。首先,馬克,如果你知道的話,報告的採用率為 29.3%。但如果你根據一年前發生的英國商家模式變化進行調整,基本採用率實際上為 21.1%,實際上比第一季度有所下降。因此,從根本上看,如果你真的經歷了這一切,那麼採取率會下降 30 個基點。這主要是因為我們在一些國際市場進行了一些供應投資,特別是拉丁美洲和亞太地區。
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
And then as far as Uber One goes, I'd say one area that we're quite excited about in addition to now expanding into 15 markets is the introduction of Uber Cash for our Mobility business. We think that Uber Cash is a better product for the consumer. One, the discount that we offer is higher because it creates more incrementality for the consumer out there, but it also allows the consumer to essentially earn cash on rides, but then spend it across the platform. They can spend that cash on Mobility, Delivery. If they earn on a business trip, for example, they can spend the money on a personal trip, which is pretty cool.
就 Uber One 而言,我想說,除了現在擴展到 15 個市場之外,我們非常興奮的一個領域是為我們的移動業務引入 Uber Cash。我們認為 Uber Cash 對消費者來說是更好的產品。第一,我們提供的折扣更高,因為它為消費者創造了更多增量,但它也允許消費者本質上通過乘車賺取現金,然後在平台上消費。他們可以將這些現金花在移動性和交付上。例如,如果他們通過商務旅行賺錢,他們就可以把錢花在個人旅行上,這非常酷。
So it's a very, very flexible way of spending. And we think it's a win-win. It's a win for the consumer because they could spend across the platform versus apply their discount just to, let's say, that Mobility trip. And it's a win for Uber because what we observe is that it drives increased incrementality as far as a membership benefit goes.
所以這是一種非常非常靈活的消費方式。我們認為這是雙贏的。這對消費者來說是一個勝利,因為他們可以在整個平台上消費,而不是僅僅將折扣應用於移動旅行。這對 Uber 來說是一場胜利,因為我們觀察到,就會員福利而言,它推動了增量的增加。
Some of the other areas in which we're working on membership is creating more benefits that aren't just, let say, discounts in nature to create, for example, an upgrade into a comfort or an upgrade into a Black or advantaged pickup in airports. So we think experiential benefits can really lock in that membership as well.
我們致力於會員資格的其他一些領域正在創造更多福利,而不僅僅是本質上的折扣,例如,升級為舒適版或升級為黑色版或優惠皮卡。機場。因此,我們認為體驗式福利也可以真正鎖定會員資格。
And then we're also working on some technical capabilities, for example, upselling members from a monthly membership to annual memberships that drive long-term retention. They don't necessarily drive the number of members or the, let's say, gross bookings penetration near term, but long-term they set up the membership platform to create longer retention, so to speak, over the platform.
然後我們還在研究一些技術能力,例如,將會員從月費會員升級為年費會員,以推動長期保留。他們不一定會在短期內推動會員數量或總預訂滲透率,但從長遠來看,他們建立會員平台是為了在平台上創造更長時間的保留。
Right now, membership is in the high 20s as far as gross bookings penetration across the platform, and delivery is in the mid-30s. But in Taiwan, for example, members account for significantly higher than 50% of our gross bookings. So that's really our aim. Our aim across the company on a global basis is getting to that 50% level. We are far from it. But we know that it can be done because we're doing it today in Taiwan, and it's really about continuing to expand globally and drive penetration across our user base.
目前,就整個平台的總預訂滲透率而言,會員資格已達到 20 多歲,配送量在 30 多歲。但以台灣為例,會員占我們總預訂量的比例明顯高於 50%。這確實是我們的目標。我們整個公司的目標是在全球範圍內達到 50% 的水平。我們離它還很遠。但我們知道這是可以做到的,因為我們今天在台灣正在這樣做,而且這實際上是為了繼續在全球範圍內擴張並推動對我們用戶群的滲透。
Operator
Operator
Your next question comes from the line of Ross Sandler with Barclays.
你的下一個問題來自巴克萊銀行的羅斯桑德勒。
Ross Adam Sandler - MD of Americas Equity Research & Senior Internet Analyst
Ross Adam Sandler - MD of Americas Equity Research & Senior Internet Analyst
On the topic of improving profitability, the incremental margin for Mobility continues to look pretty solid. As we look ahead towards Uber getting closer to that double-digit EBITDA margin target, what are the main drivers from here? Is that a function of just bringing the markets that are still a little bit below average closer to that average? Is it wearing in some of these new services? Any additional color on that would be helpful.
在提高盈利能力方面,移動業務的增量利潤看起來仍然相當穩健。當我們展望 Uber 越來越接近兩位數 EBITDA 利潤率目標時,主要驅動因素是什麼?這是否只是讓仍略低於平均水平的市場更接近平均水平的一個功能?它在某些新服務中是否存在磨損?任何額外的顏色都會有幫助。
And then second question is around new travel options. So in the U.K., you guys have recently added the ability to book train and bus tickets and a few other things. What's the early learnings from these efforts? And how do you view the longer-term opportunity around some of these new things outside of the core Mobility and Delivery business?
第二個問題是關於新的旅行選擇。因此,在英國,你們最近添加了預訂火車票和公共汽車票以及其他一些功能的功能。從這些努力中得到的早期經驗是什麼?您如何看待核心移動和交付業務之外的一些新事物的長期機會?
Nelson Juseuk Chai - CFO
Nelson Juseuk Chai - CFO
So Ross, I'll take the first one on Mobility profitability. And so as you know, we continue to march up the margin expansion, and we have over the previous quarters. We'll continue to do it. It may not be a straight line march. It will continue -- well, because there are some times where we'll make offensive investments in some either new products or new geographies. There are also going to be quarters where if you think about our profitability margin, we might invest a little bit more in drivers, but sometimes, insurance pops up as well as some other consumer incentives. But as you know, we are committed to continuing to march the Mobility profile up.
羅斯,我將選擇第一個關於移動盈利能力的問題。如您所知,我們繼續加大利潤率擴張力度,在前幾個季度中也是如此。我們將繼續這樣做。這可能不是直線行軍。它會繼續下去——嗯,因為有時我們會對一些新產品或新地區進行進攻性投資。在某些季度,如果你考慮到我們的利潤率,我們可能會在司機身上投入更多一點,但有時,保險以及其他一些消費者激勵措施也會出現。但如您所知,我們致力於繼續提升移動性形象。
It's really simple in terms of we are really levering our fixed cost base. As you know, we're really focused hard on both containing our fixed cost, getting leverage on all the variable cost items, including insurance. And then what we're doing is we are seeing some adoption of some really good new products like Reserve in some of these other areas. And so that -- what that really results in is margin expansion. And so -- and you should expect that the company will continue to maintain that kind of cost discipline margin expansion.
這非常簡單,因為我們確實在利用我們的固定成本基礎。如您所知,我們確實非常注重控制固定成本,並利用所有可變成本項目(包括保險)。然後我們正在做的是,我們看到一些非常好的新產品(例如 Reserve)在其他一些領域得到了採用。因此,這真正導致的是利潤率的擴大。因此,您應該期望該公司將繼續保持這種成本紀律的利潤率擴張。
Yes, there will be some markets where we have to continue to build on the expansions, particularly in some of the big growth markets like Germany and some other markets out there, but you should expect over time that those margins will continue to march up like they have been over the past period of time.
是的,在某些市場上,我們必須繼續擴張,特別是在一些大型增長市場,如德國和其他一些市場,但你應該預計,隨著時間的推移,這些利潤率將繼續上升,例如他們已經過去一段時間了。
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
And if you look at our efforts in the U.K., it's really borne out of 2 different trends that we observed. One is that generally, we just want to wire up every single vehicle in the world that's available to move people or things around, and you saw our efforts in terms of transit, for example, buses and subways and/or taxis that we used to compete with. Now we think we can -- we should have every single taxi on Earth on the platform. So that was one trend that we have been focused on, not just in the U.K. but around the world.
如果你看看我們在英國所做的努力,你會發現這確實是我們觀察到的兩種不同趨勢的結果。一個是,一般來說,我們只想連接世界上每一輛可用於運送人員或物品的車輛,您可以看到我們在交通方面的努力,例如,我們過去使用的公共汽車、地鐵和/或出租車與。。競爭。現在我們認為我們可以——我們應該讓地球上的每一輛出租車都停在這個平台上。因此,這是我們一直關注的趨勢之一,不僅在英國,而且在世界各地。
Second was, this, to some extent, is from my previous experiences, you look at tour operators in the U.K. that are providing, for example, coach transport to airports, et cetera, travel is a very important ecosystem for us, both in terms of pickups and drop-offs, and we have a very significant audience of international travelers and U.K. travelers. And we said, "Hey, why can't we go after this tour operator market?" And essentially, we are building up services that we think rival traditional tour operators with what I will call the Uber delight. We already know who you are. We know your identity. We know your payments. Tony West, the General Counsel, was saying last week, he was in the U.K., and he booked a Eurostar ticket beautifully effortlessly on the app.
其次,這在某種程度上是根據我以前的經驗得出的,你看看英國的旅行社,他們提供例如到機場的長途汽車交通等服務,旅行對我們來說是一個非常重要的生態系統,無論是在我們擁有大量國際旅客和英國旅客。我們說,“嘿,為什麼我們不能抓住這個旅遊運營商市場呢?”從本質上講,我們正在建立我們認為可以與傳統旅遊運營商相媲美的服務,我將其稱為“優步快樂”。我們已經知道你是誰了。我們知道你的身份。我們知道您的付款。總法律顧問托尼·韋斯特 (Tony West) 上週表示,他在英國,並且在應用程序上毫不費力地預訂了一張歐洲之星車票。
And frankly, early on in our experimentation with travel and the tour operator market, we're a little worried that would these additional products on the app distract the user from the mainline use case from I'm going to get from point A to B, I want to go to (inaudible), et cetera, just get me there. And what we're seeing more recently is that with the power of machine learning, we can offer the right product to the consumer at the right time. So when we know it's your morning commute on a Tuesday morning, we don't offer you the Eurostar, but when we think that you might be open to new and different ways of using the Uber and we want to be your kind of the operating system for everyday life, not just for you to go to work but to be that travel companion as well, we will extend those services, offer those services.
坦率地說,在我們對旅行和旅遊運營商市場進行實驗的早期,我們有點擔心應用程序上的這些附加產品是否會分散用戶對主線用例的注意力,從我將從 A 點到達 B 點,我想去(聽不清)等等,請帶我去那裡。我們最近看到的是,借助機器學習的力量,我們可以在正確的時間向消費者提供正確的產品。因此,當我們知道這是您週二早上的通勤時間時,我們不會為您提供歐洲之星,但當我們認為您可能願意接受新的、不同的 Uber 使用方式時,我們希望成為您的運營者日常生活的系統,不僅是為了你上班,也是為了成為你的旅行伴侶,我們將擴展這些服務,提供這些服務。
We've now expanded into flights as well. And we're actually seeing engagement with users being higher than we thought, and we're not seeing cannibalization of the base business. So we're quite hopeful of that business. And again, that tour operator market in the U.K. is a very, very large market that we can go after. Early signal is positive.
我們現在也擴展到航班領域。事實上,我們看到用戶的參與度比我們想像的要高,而且我們沒有看到基礎業務被蠶食。所以我們對這項業務充滿希望。再說一遍,英國的旅行社市場是一個非常非常大的市場,我們可以去追求。早期信號是積極的。
Operator
Operator
Your next question comes from the line of Doug Anmuth with JPMorgan.
您的下一個問題來自摩根大通的 Doug Anmuth。
Douglas Till Anmuth - MD
Douglas Till Anmuth - MD
Can you talk about the expansion of upfront fares and upfront destination and just the improvements that you're seeing for both drivers and riders at this point and then also where you are in fully rolling out the new shared rides experience for UberX Share, in particular?
您能否談談預付費用和預付費目的地的擴展,以及您目前為司機和乘客所看到的改進,以及您在全面推出 UberX Share 的新共享乘車體驗方面的進展,特別是?
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
Absolutely. So in terms of upfront fares, it's a process in terms of expansion, and we're very, very happy generally with our direction there. The most important factor is getting the upfront destination for the drivers so that they know they have all the information that they need in order to accept that trip or not accept that trip.
絕對地。因此,就預付費用而言,這是一個擴張的過程,我們對我們的方向總體上非常非常滿意。最重要的因素是為駕駛員提供預先目的地,以便他們知道自己擁有接受或不接受該行程所需的所有信息。
It's driving cancellations -- driver cancellations, which are, I think, the single worst experience for a rider. When you ask for an Uber, the driver accepts, you've been waiting for 4 minutes or 5 minutes, and then the driver cancels, that's a very, very negative experience because you have to start the cycle all over again. Cancels are down significantly because, again, the drivers who accept your trip accept it knowing much, much more.
這是駕駛取消——司機取消,我認為這對騎手來說是最糟糕的經歷。當你叫Uber時,司機接受了,你已經等了4分鐘或5分鐘,然後司機取消了,這是一種非常非常消極的經歷,因為你必須重新開始這個循環。取消次數大幅減少,因為接受您行程的司機接受您的行程時了解的信息非常多。
So from that standpoint, we see upfront prices as being a significant positive for the consumer experience. There are still things that we have to figure out. So for example, the upfront price and why we're offering a particular upfront price to a driver is something that we still have to work on, whether if it's for -- sometimes, we will provide a higher upfront price if the driver has a long pickup time, so has to drive for 10 minutes for a pickup, instead of 2 minutes for a pickup. We work that into the upfront price, but I don't feel like we're transparent enough in communicating that to the driver.
因此,從這個角度來看,我們認為前期價格對消費者體驗具有重大的積極作用。還有一些事情我們必須弄清楚。例如,預付費用以及我們為什麼向司機提供特定的預付費用是我們仍然需要解決的問題,無論是有時,如果司機有接載時間長,因此必須開車 10 分鐘才能接載,而不是 2 分鐘才能接載。我們將其計入預付費用,但我認為我們在與司機溝通時不夠透明。
We also have opportunities to improve our pricing in upfront pricing. So for example, if you take a trip to a place where the suburbs where you're less likely to have a ride back or you're more likely to deadhead back to work that into the upfront price in an algorithmic way. So we're getting a lot of visibility into driver acceptance rate or nonacceptance rates, and we are using that to power algorithms to more smartly price a trip, and then what we really have to do is communicate why we're pricing a trip at a certain price more effectively to drivers. So we're very, very optimistic.
我們還有機會提高前期定價的定價。舉例來說,如果您去一個郊區的地方旅行,您不太可能乘車返回,或者您更有可能直接返回,以算法的方式將其計入預付費用。因此,我們對司機接受率或不接受率有了很大的了解,我們正在使用它來支持算法,以更智能地為旅行定價,然後我們真正要做的就是傳達為什麼我們將旅行定價為一定的價格更有效地提供給司機。所以我們非常非常樂觀。
The marketplace metrics when we look at ETAs, when we look at conversion rates are -- and driver cancels are all moving in the right direction. And it's about building better algos and improving our pricing going forward, and that's something that is core to, let's say, the skill set of our marketplace team.
當我們查看預計到達時間、轉化率時,市場指標以及司機取消情況都在朝著正確的方向發展。這是關於構建更好的算法並改進我們未來的定價,這是我們市場團隊技能的核心。
In terms of UberX Share, we are quite positive in terms of the momentum for UberX Share. We are now expanding X in terms of the markets that we're in. We're now in over 50 markets. In New York -- I'm taking this call from New York, we do 100,000 weekly UberX trips every single week. So that product is expanding, and we are showing match rates of over 40% in certain cities in Vancouver or in Toronto, which is incredibly promising in terms of UberX Share being able to drive efficiency in terms of kind of distance efficiency that then we can translate to the consumer.
就 UberX Share 而言,我們對 UberX Share 的勢頭相當樂觀。我們現在正在擴大我們所在市場的規模。我們現在已涉足 50 多個市場。在紐約——我從紐約接聽這個電話,我們每週都會進行 100,000 次 UberX 出行。因此,該產品正在擴展,我們在溫哥華或多倫多的某些城市顯示了超過 40% 的匹配率,這在 UberX Share 能夠提高距離效率方面的效率方面非常有希望,然後我們可以翻譯給消費者。
The more data we get about routes and about which routes we have a high probability of matching and which routes we don't have a high probability of matching, we can improve our pricing. So for example, 30% of trips now are covered by what we call hot routes. A hot route is an upfront discount versus a post-match discount based on the likelihood of matching.
我們獲得的有關路線以及哪些路線匹配概率高以及哪些路線匹配概率不高的數據越多,我們就可以提高定價。舉例來說,現在 30% 的行程由我們所說的熱門路線覆蓋。熱門路線是基於匹配可能性的前期折扣與賽后折扣。
So I would say it's early, but the more combinations we have, the more matches we have in terms of the marketplace, the stronger X Share product becomes. Our U.S. competitor -- our significant U.S. competitor, Lyft, is out of that market. So we think, to some extent, this is a great opportunity for us to build out liquidity in shared trips. And it lowers prices for consumers, which is great. And it obviously lowers our environmental footprint and reduces congestion in cities as well, which we think, long term, is a very, very good reason to continue to invest in the product.
所以我想說現在還為時過早,但是我們擁有的組合越多,我們在市場上的匹配越多,X Share 產品就會變得越強大。我們的美國競爭對手——我們在美國的重要競爭對手 Lyft 已經退出了這個市場。所以我們認為,在某種程度上,這對我們來說是一個在共享出行中建立流動性的絕佳機會。它降低了消費者的價格,這很好。它顯然降低了我們的環境足跡,也減少了城市的擁堵,我們認為,從長遠來看,這是繼續投資該產品的一個非常非常好的理由。
Operator
Operator
Your next question comes from the line of Eric Sheridan with Goldman Sachs.
你的下一個問題來自高盛的埃里克·謝里丹(Eric Sheridan)。
Eric James Sheridan - Research Analyst
Eric James Sheridan - Research Analyst
Maybe a multi-parter on the advertising initiatives. As they continue to scale, what are some of your key learnings with respect the type of advertiser, the different industry verticals that are most attractive to coming in and allocating ad budget across your ad impressions? And how do you see the scaling of ad impressions, whether measured by top of the funnel, bottom of the funnel sort of brand versus conversion advertising and how they might scale, given the differences of engagement between the Mobility business and the Delivery business and the different consumer behavior you might see on those platforms?
也許是廣告活動的多方合作。隨著它們不斷擴大規模,您對廣告商類型、最有吸引力的不同行業垂直領域以及在廣告印像中分配廣告預算的關鍵了解是什麼?考慮到移動業務和交付業務之間的參與度差異,您如何看待廣告印象的擴展,是否通過漏斗頂部、漏斗底部的品牌與轉化廣告來衡量,以及它們如何擴展。您可能會在這些平台上看到不同的消費者行為?
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
Yes, Eric, that's quite a mouthful. So first of all, I would say in terms of our ad business, overall, when you add it all up, our run rate is exceeding about $650 million, and we're making very strong progress towards the $1 billion target that we have in 2024.
是的,埃里克,這實在是太拗口了。首先,我想說的是,就我們的廣告業務而言,總體而言,當您將其全部加起來時,我們的運行率超過了約 6.5 億美元,並且我們正在朝著 10 億美元的目標取得非常強勁的進展。 2024 年。
Today, the vast majority of our ad business are SMBs who were essentially bidding for higher position and higher productivity in the Uber marketplace. The return that they get on their ad spend ranges from 7x to 9x return on ad spend. So this is very, very healthy spend that is significantly profitable that essentially allows small and medium businesses to build their business on the Uber platform and something that we're quite excited about.
如今,我們的廣告業務絕大多數是中小型企業,他們本質上是在 Uber 市場中爭奪更高的位置和更高的生產力。他們獲得的廣告支出回報率為 7 倍到 9 倍。因此,這是非常非常健康的支出,利潤豐厚,本質上允許中小型企業在 Uber 平台上建立業務,這是我們非常興奮的事情。
Some of the new initiatives that we have now are, one, generally extending our reach with enterprise customers. Enterprise customers do have different needs than SMB customers. Typically, they're looking for more targeted advertisements or advertisements during certain times of day. For example, they might want lot of help during breakfast and now as much out, let's say, during dinner time when they're busy anyway.
我們現在採取的一些新舉措是:第一,總體上擴大了我們與企業客戶的接觸範圍。企業客戶確實有與中小企業客戶不同的需求。通常,他們會尋找更有針對性的廣告或一天中特定時間段的廣告。例如,他們可能在早餐時需要很多幫助,而現在,在晚餐時間,當他們很忙時,他們也可能需要很多幫助。
And so we are now in the process of building out tools that are specifically built for enterprise customers because as we look at enterprise penetration of their ad spend as a percentage of gross bookings and, call it, if we have a target about 2% of gross bookings in advertising, enterprise customers right now are significantly lower than that number. And we think building out targeting tools, both in terms of time but both -- but also customers, et cetera, for enterprises can increase the enterprise penetration in our marketplace. We think it's a huge, huge opportunity for us.
因此,我們現在正在構建專門為企業客戶構建的工具,因為當我們將企業廣告支出佔總預訂量的百分比視為企業滲透率時,如果我們的目標是約 2%目前企業客戶的廣告總預訂量明顯低於這個數字。我們認為,為企業構建目標工具,無論是在時間方面還是在客戶等方面,都可以提高企業在我們市場中的滲透率。我們認為這對我們來說是一個巨大的機會。
Then we think the third area that we're focused on are CPG advertisers. So we launched sponsored items in the last quarter, which enables CPG advertisers to feature priority products within the Uber Eats app. This is a partnership we have with Criteo. And CPGs spend billions of dollars in advertising, again, highly targeted advertisings for the specific products that they want to promote again to a specific audience that's typically a grocery audience that is -- that continues to grow.
然後我們認為我們關注的第三個領域是 CPG 廣告商。因此,我們在上個季度推出了贊助商品,這使 CPG 廣告商能夠在 Uber Eats 優食應用程序中展示優先產品。這是我們與 Criteo 的合作夥伴關係。 CPG 花費數十億美元進行廣告,再次針對他們想要向特定受眾(通常是持續增長的雜貨受眾)推銷的特定產品進行高度針對性的廣告。
And then certainly, last but not least, we have a bunch of other products, the one that I'll mention is our Journey Ads. Journey Ads essentially puts advertisers in front of our Mobility customer. This is a very, very high-end customer. The engagement with the ads is pretty high at a 3% click-through. And we're pretty excited to introduce video advertising as well to this, both Mobility, Eats, New Verticals audience as well.
當然,最後但並非最不重要的一點是,我們還有很多其他產品,我要提到的是我們的旅程廣告。旅程廣告本質上是將廣告商置於我們的移動客戶面前。這是一個非常非常高端的客戶。廣告的參與度相當高,點擊率為 3%。我們非常高興能夠向移動、餐飲、新垂直領域的受眾推出視頻廣告。
So there's a portfolio of products that we're building. Highest penetration is SMBs, but we're really building now the full portfolio of the product, including CPG advertisers, enterprise customers and then getting premium advertisers like Apple in front of our Mobility business as well.
因此,我們正在構建一個產品組合。滲透率最高的是中小型企業,但我們現在正在構建完整的產品組合,包括 CPG 廣告商、企業客戶,然後在我們的移動業務中吸引像蘋果這樣的優質廣告商。
Operator
Operator
Your next question comes from the line of Deepak Mathivanan with Wolfe Research.
您的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。
Deepak Mathivanan - Research Analyst
Deepak Mathivanan - Research Analyst
Great. One on Uber One and then another on New Verticals. On Uber One, memberships and volumes continue to be growing steadily. Are you also starting to see now the benefits on contribution margin and profitability as some of the earlier cohorts kind of mature and habituation becomes a part of it? How does profitability or maybe incremental margins of the subscriber base compare versus nonsubscribers at this time?
偉大的。一個是關於 Uber One,另一個是關於 New Verticals。 Uber One 的會員數量和數量持續穩定增長。隨著一些早期群體的成熟和習慣化成為其中的一部分,您現在是否也開始看到邊際貢獻和盈利能力方面的好處?目前訂戶群的盈利能力或增量利潤與非訂戶相比如何?
And then on the New Verticals, you noted that it's about 10% of the bookings inside Delivery. Can you give some color on what categories are driving growth primarily right now? And where do you see -- or where does New Verticals stand in terms of profitability versus the core restaurants business?
然後,在新垂直領域,您注意到大約 10% 的訂單來自外賣。您能否說明目前主要推動增長的類別是什麼?您認為新垂直行業與核心餐飲業務相比在盈利能力方面處於什麼位置?
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
Absolutely. So in terms of Uber One, we're less focused on profitability generally as we are in driving engagement and retention of the Uber One product. So Uber One members are profitable, but our profit margins from Uber One members are generally lower because we're delivering on discounts, let's say, delivery discounts are again cash back on the rise, but their lifetime value is significantly higher because members spend 4x the amount of nonmembers on a monthly basis and member retention is about 50% greater than nonmember retention.
絕對地。因此,就 Uber One 而言,我們一般不太關注盈利能力,因為我們致力於提高 Uber One 產品的參與度和保留率。因此,Uber One 會員是有利可圖的,但我們從 Uber One 會員那裡獲得的利潤率普遍較低,因為我們提供折扣,比如說,送貨折扣再次現金返還,但它們的終身價值明顯更高,因為會員花費了 4 倍每月非會員數量和會員保留率比非會員保留率高出約 50%。
So at this point, we're not really focused on driving member margins. We want to essentially deepen the penetration of members as a percentage of total gross bookings, both across Delivery and Mobility. Good news is that these members are profitable. I would say we will get to focusing on profitability a year or 2 years from now because right now, it's much more about engagement and the general experience.
因此,目前我們並沒有真正專注於提高會員利潤。我們希望從根本上加深會員在配送和移動領域的滲透率佔總預訂量的百分比。好消息是這些會員是有利可圖的。我想說,從現在起一年或兩年後,我們將開始關注盈利能力,因為現在,更多的是參與度和總體體驗。
In terms of New Verticals and the categories, the first New Verticals category that we penetrated was the convenience category. This is the small shopping cart, $20, $30. And obviously, we have a bunch of convenience merchants out there. We're now much more focused on grocery. These are large basket sizes, appointment viewing, coming back every week. So our grocery penetration continues to increase especially as we add new grocers into the New Verticals family. The Uber audience, we've got the largest audience of any platform out there, and we're finding that with our New Verticals partners, 90-plus percent of the traffic that they see from Uber is unique and differentiated from their own proprietary traffic or whatever partner that they have before us. So it's a huge new audience that comes in that is helping us penetrate into the grocery category that we're very excited about.
從新垂直品類和品類來看,我們首先滲透的新垂直品類是便利品類。這是小購物車,20 美元,30 美元。顯然,我們有很多便利商。我們現在更加關注食品雜貨。這些都是大籃子,預約觀看,每週回來。因此,我們的雜貨滲透率繼續增加,特別是當我們將新的雜貨店添加到新垂直系列中時。 Uber 受眾,我們擁有所有平台中最大的受眾,而且我們發現,通過我們的新垂直合作夥伴,他們從 Uber 看到的 90% 以上的流量是獨特的,並且與他們自己的專有流量不同或者他們在我們之前擁有的任何合作夥伴。因此,大量的新受眾正在幫助我們滲透到我們非常興奮的雜貨類別中。
The newest area of New Verticals that we're pretty excited about are also add-ons now. So these are in circumstances where we see you order from a restaurant and we know that we have other merchants close to that restaurant, especially -- and that courier essentially can go and pick up your food at the restaurant and then go pick up the add-on. We offer those add-ons to you. So depending on the circumstance, it might be an add-on from a 7-Eleven. It might be wine from a liquor store, or for me, which was -- this was my experience last week, it was ice cream and great ice cream from a small shop nearby.
我們非常興奮的新垂直領域的最新領域現在也是附加組件。因此,在這種情況下,我們看到您從一家餐廳訂購,並且我們知道該餐廳附近還有其他商家,特別是 - 而且快遞員基本上可以去餐廳取您的食物,然後去取貨-在。我們為您提供這些附加組件。因此,根據具體情況,它可能是 7-11 的附加服務。它可能是來自酒類商店的葡萄酒,或者對我來說,這是我上週的經歷,它是冰淇淋,來自附近一家小商店的美味冰淇淋。
Those add-ons really are an entree into sort of New Verticals world. And what we're seeing is as people order add-ons, one is this incremental volume into the platform, same couriers picking up the 2 packages, so it's pretty easy and quite delightful for the consumer. But at the same time, it introduces a consumer into this new family of products which now is responsible for the highest percentage of our audience ordering New Verticals on Eats, which is about 13%.
這些附加組件確實是進入新垂直世界的入口。我們看到的是,當人們訂購附加服務時,平台上的數量會增加,同樣的快遞員會收到 2 個包裹,所以這對消費者來說非常簡單且令人愉快。但與此同時,它將消費者引入了這個新的產品系列,目前在 Eats 上訂購 New Verticals 的受眾比例最高,約為 13%。
We think we have a long way to go there on New Verticals. From a profitability standpoint, we have a couple of countries that are already profitable in New Verticals. But overall, we're losing money on the overall portfolio. But you can see in our overall Delivery business, we're able to significantly improve margins as we take the scale of the business that we're achieving, the cost control of the business, reducing cost per transaction as the marketplace gets more liquid, we can invest some of that money into New Verticals, and at the same time, we can increase overall margin. So right now, we think we have a pretty good balance there, and we don't expect that to change.
我們認為在新垂直領域我們還有很長的路要走。從盈利能力的角度來看,我們有幾個國家已經在新垂直領域實現盈利。但總體而言,我們的整體投資組合正在虧損。但你可以在我們的整體交付業務中看到,我們能夠顯著提高利潤率,因為我們正在實現的業務規模,業務成本控制,隨著市場流動性的增加而降低每筆交易的成本,我們可以將其中一些資金投資到新垂直領域,同時,我們可以提高整體利潤率。所以現在,我們認為我們在這方面取得了很好的平衡,並且我們預計這種情況不會改變。
Operator
Operator
Your next question comes from the line of Nikhil Devnani with Bernstein.
你的下一個問題來自 Nikhil Devnani 和 Bernstein 的對話。
Nikhil Vijay Devnani - Research Analyst
Nikhil Vijay Devnani - Research Analyst
Dara, helpful to hear the comments on frequency in Mobility and see the slide on engagement, the ride type. When you look at that slide, it seems like clearly greater usage amongst kind of the lower-cost rides. So do you feel that you need to bring the overall cost of the service down to keep driving frequency higher? Or do you think that just the new ride types and supply improvements can kind of get you there even if prices are going up with inflation?
Dara,有助於聽到有關移動頻率的評論並查看有關參與度和乘車類型的幻燈片。當您查看這張幻燈片時,您會發現,在低成本遊樂設施中,使用率顯然更高。那麼您是否認為需要降低服務的總體成本以保持更高的駕駛頻率?或者您是否認為即使價格隨著通貨膨脹而上漲,僅僅新的乘車類型和供應改善就可以讓您實現這一目標?
And then maybe a second question on profitability. Incremental margins keep beating. When you think about this business beyond '24, is there any reason we shouldn't be holding you to that 7% or better framework still? Or is that something we can continue to anchor to?
然後可能是關於盈利能力的第二個問題。增量利潤持續增長。當您考慮 24 年後的這項業務時,我們是否有任何理由不應該讓您遵守 7% 或更好的框架?或者這是我們可以繼續錨定的東西?
Nelson Juseuk Chai - CFO
Nelson Juseuk Chai - CFO
So I'll start on the incremental margin. So look, we remain committed to at or above the 7% incremental margins that we've laid out previously. We are going to continue to balance it with continued investments in some of the growth initiatives that folks are asking about.
所以我將從增量保證金開始。因此,我們仍然致力於保持或高於我們之前製定的 7% 增量利潤率。我們將繼續平衡它與對人們詢問的一些增長計劃的持續投資。
If you look at the midpoint of our Q3 guidance, it implies 9% incremental margins. And if you think about how we perform, so we're halfway through the 3-year plan we talked about last February. And as you know, we've overachieved against those every quarter. And so you should expect that we will continue to do quite well against that framework. But yes, you should expect at least 7% incremental margins for the foreseeable future.
如果你看看我們第三季度指導的中點,它意味著 9% 的增量利潤。如果你考慮一下我們的表現,那麼我們去年二月討論的三年計劃已經完成了一半。如您所知,我們每個季度都取得了超額成績。因此,您應該期望我們將繼續在該框架上做得很好。但是,是的,在可預見的未來,您應該預期至少有 7% 的增量利潤。
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
Yes. Nikhil, in terms of your, the frequency question, in typical Uber fashion, I'd say, I think we want both in that, one, generally, as we find that as we increase the choice, the various ways of transportation to consumers regardless of whether it's low cost or high cost, we drive engagement. The average customer who uses more than one product on Uber spends significantly more than the customer who, let's say, only orders UberX. So I think that there's one set of activities that we have, which is just get you to buy multiple products, whether it's multiple Mobility products or combination of Mobility/Delivery products, that drives engagement and frequency on the platform.
是的。尼基爾,就你的頻率問題而言,以典型的優步方式,我想說,我認為我們想要兩者兼而有之,一是一般來說,因為我們發現,隨著我們增加選擇,消費者的各種交通方式無論是低成本還是高成本,我們都會推動參與度。在 Uber 上使用多種產品的客戶的平均支出明顯高於僅訂購 UberX 的客戶。因此,我認為我們有一組活動,就是讓您購買多種產品,無論是多種移動產品還是移動/交付產品的組合,從而提高平台上的參與度和頻率。
The second area that we have is membership. And just mathematically, as we increase the number of members that we have, as we increase membership retention and higher gross bookings penetration of members on the platform, members book more there, they spend 4x more, and the frequency is significantly higher. So mathematically, we will just get higher frequency as well.
我們的第二個領域是會員資格。從數學上講,隨著我們增加會員數量,隨著會員保留率的提高和會員在平台上的總預訂滲透率的提高,會員在那裡預訂的數量更多,他們的花費增加了 4 倍,而且頻率也明顯更高。因此從數學上講,我們也會獲得更高的頻率。
And then the third for us is low cost. And if you look at our low-cost product, high-capacity vehicles, Moto, which are 2-wheelers; UberX Share, all of those products have very high frequency. They become a part of everyday life for people. Often, they become the primary source of commute for some of our audience, and therefore, we do think that low cost can be a significant differentiator but a significant driver of increasing frequency around the globe. But I think it's all the above. And that's why we're quite confident that we can keep increasing audience and frequency and price to some extent on a comparable product-to-product basis over a long period of time.
對我們來說第三個是低成本。如果您看看我們的低成本產品、大容量車輛 Moto,它是兩輪車; UberX Share,所有這些產品的頻率都非常高。它們成為人們日常生活的一部分。通常,它們成為我們一些受眾的主要通勤來源,因此,我們確實認為低成本可能是一個顯著的差異化因素,也是全球頻率增加的重要驅動力。但我想,以上就是全部了。這就是為什麼我們非常有信心,我們可以在相當長的一段時間內,在可比較的產品與產品的基礎上,在一定程度上不斷增加觀眾、頻率和價格。
Operator
Operator
Your next question comes from the Lloyd -- sorry, the line of Lloyd Walmsley with UBS.
你的下一個問題來自勞埃德——抱歉,是勞埃德·沃姆斯利與瑞銀集團的電話。
Lloyd Wharton Walmsley - Analyst
Lloyd Wharton Walmsley - Analyst
Two questions, if I can. First, just looking at kind of your leverage ratio. It looks like it will be set to fall under 3x post next quarter based on the guide. Is that a magic number? Or is there a magic number for you all or ratings agencies after which you can actually start to return capital? How should we be thinking about that?
有兩個問題,如果可以的話。首先,看看你的槓桿率。根據該指南,下個季度的增長率似乎將降至 3 倍以下。這是一個神奇的數字嗎?或者對於你們所有人或評級機構來說,是否有一個神奇的數字,之後您就可以真正開始返還資本?我們應該如何思考這個問題?
And then second one, can you just give us your updated thoughts on the competitive dynamics in the U.S. rideshare market with competitor prices changing? Any impact on share or unit economics to flag out? And then there have been some reports on reduced booking fees of late. Anything to that or how should we think about that? Is that play into this competitive dynamic in the U.S. market?
第二個問題,您能否向我們介紹一下您對美國拼車市場競爭動態以及競爭對手價格變化的最新看法?對股份或單位經濟效益有何影響?最近有一些關於預訂費降低的報導。有什麼關係或者我們應該如何考慮這個問題?這是否會影響美國市場的競爭動態?
Nelson Juseuk Chai - CFO
Nelson Juseuk Chai - CFO
So I'll handle the first question. So you've heard us on previous calls that our first goal is to make sure that we have adequate cushion on our balance sheet. We've been clear about that from day 1 that we always have ample liquidity, which we do. You're starting to see the ramp on the free cash flow. That started last year, that you obviously saw this quarter and that we expect to continue for the out quarters.
那麼我來處理第一個問題。因此,您在之前的電話會議中聽到我們說,我們的首要目標是確保我們的資產負債表有足夠的緩衝。從第一天起,我們就明確表示我們始終擁有充足的流動性,我們確實做到了。你開始看到自由現金流的增加。這種情況從去年開始,您顯然在本季度看到了這種情況,我們預計在接下來的幾個季度中會繼續這種情況。
We are -- we have talked in the past about continuing to make progress towards investment grade. So that is important to us. It is not a gating item for which we're going to talk about a capital return or not because we do know that as you think about in the coming quarters and years that we will continue to ramp in terms of our available free cash. And so we will evaluate returning excess capital to shareholders as our cash flows ramp over the next few quarters and as we further monetize our equity stakes. So again, I just want to be clear that it's not a gating item, but we do -- we are going to continue to work towards investment grade, Lloyd.
我們過去曾談論過繼續在投資級方面取得進展。所以這對我們很重要。這不是一個我們要討論資本回報與否的門控項目,因為我們確實知道,正如您在未來幾個季度和幾年中所想到的那樣,我們將繼續增加可用的自由現金。因此,隨著未來幾個季度現金流量的增加以及我們進一步將股權貨幣化,我們將評估向股東返還多餘資本的情況。再次強調,我只是想澄清,這不是一個門控項目,但我們確實如此——我們將繼續努力實現投資級,勞埃德。
And as you know, we -- that's how we've managed from the start because it is important to make sure you have a very strong balance sheet. And we think it's a huge competitive advantage, our cost of capital versus anybody that wants to compete against us.
如您所知,我們從一開始就是這樣管理的,因為確保擁有非常強大的資產負債表非常重要。我們認為,與任何想要與我們競爭的人相比,我們的資本成本是一個巨大的競爭優勢。
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
And then in terms of share and booking fees, first of all, on the booking fees, I think there is some kind of a report from [Lyft] that I think it was in terms of booking fees. That data from what we can tell is inaccurate. So we have updated booking fees and generally rebalanced booking fees based on our insurance costs. Our booking fees cover a number of areas, but insurance costs are a significant portion of that.
然後就份額和預訂費用而言,首先,關於預訂費用,我認為 [Lyft] 有某種報告,我認為這是在預訂費用方面。我們所知的數據是不准確的。因此,我們更新了預訂費用,並根據我們的保險費用重新平衡了預訂費用。我們的預訂費用涵蓋多個領域,但保險費用佔其中的很大一部分。
And we've taken booking fees up in certain markets, for example, Los Angeles, where due to the tort environment and certain abuses, we think of these (inaudible) insurance costs are significantly higher than they are. Pretty much anywhere else in the country, we increased booking fees. And then in certain other markets, where we have seen effective tort reform, et cetera, Georgia or Virginia, we're able to take prices down for consumers, which is exactly what you want, which puts a higher percentage of, let's say, the earnings in driver pockets, which is terrific.
我們在某些市場提高了預訂費用,例如洛杉磯,由於侵權環境和某些濫用行為,我們認為這些(聽不清)保險費用明顯高於實際情況。在全國幾乎其他地方,我們都增加了預訂費。然後在某些其他市場,我們已經看到了有效的侵權改革,例如佐治亞州或弗吉尼亞州,我們能夠為消費者降低價格,這正是您想要的,這使得更高的比例,比方說,司機口袋裡的收入真是太棒了。
So that was a rebalancing and certainly wasn't as material as the report that we saw. I wouldn't expect any significant movement from that rebalancing. It's just -- it kind of creates more efficiency in the marketplace because we're reflecting the true cost of a trip versus averaging over significant volumes nationwide. So we think kind of the deaveraging of our platform generally for these costs is able to drive higher marketplace throughput at the right efficiency, which is a goal of that rebalancing.
所以這是一次重新平衡,當然不像我們看到的報告那麼重要。我預計這次重新平衡不會產生任何重大變化。只是——它在市場上創造了更高的效率,因為我們反映的是一次旅行的真實成本,而不是全國范圍內大量旅行的平均成本。因此,我們認為,我們的平台通常針對這些成本進行平均化,能夠以適當的效率推動更高的市場吞吐量,這是再平衡的目標。
In terms of our share, listen, Lyft is -- was not competitive in terms of pricing. 9 to 12 months ago, they've taken some tough actions, and they are competitive in pricing now. Generally, our pricing is quite comparable to Lyft. And that has resulted in a, I'd say, constructive competitive marketplace. Our category position in terms of gross bookings share continues to be at or close to all-time highs. But we have a competitor there who is a tough competitor, who now is competing effectively. And we think the U.S. is going to be a 2-player market for some period to come.
聽著,就我們的份額而言,Lyft 在定價方面沒有競爭力。 9到12個月前,他們採取了一些強硬行動,現在他們在定價方面具有競爭力。一般來說,我們的定價與 Lyft 相當。我想說,這導致了一個建設性的競爭市場。我們在總預訂量份額方面的類別地位繼續處於或接近歷史最高水平。但我們有一個競爭對手,他是一個強有力的競爭對手,現在正在有效地競爭。我們認為,在未來一段時間內,美國將成為一個兩人市場。
Operator
Operator
This concludes the question-and-answer session. I will now turn the call to Dara Khosrowshahi for closing remarks.
問答環節到此結束。我現在請達拉·科斯羅薩西 (Dara Khosrowshahi) 致閉幕詞。
Dara Khosrowshahi - CEO & Director
Dara Khosrowshahi - CEO & Director
All right. Everyone, thank you very much for joining us and a big, huge thank you to the Uber team and especially Nelson for taking us from -- through some big ups and big downs and to our first-ever profitable quarter in terms of GAAP operating income. Nelson and I get to talk about it, but it's the result of the work of thousands of employees here at Uber, who are the true heroes.
好的。大家,非常感謝你們加入我們,非常感謝 Uber 團隊,特別是尼爾森,感謝你們帶領我們經歷了一些大起大落,並實現了我們有史以來第一個按公認會計原則營業收入盈利的季度。尼爾森和我開始談論它,但這是 Uber 數千名員工的工作成果,他們是真正的英雄。
So hopefully, more to come. Lots of challenges ahead of us, but thank you to the team and a big thank you to Nelson.
所以希望未來還會有更多。我們面臨著很多挑戰,但感謝團隊,也非常感謝尼爾森。
Operator
Operator
This concludes today's conference call. Thank you for joining. You may now disconnect your lines.
今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。