優步 (UBER) 2023 Q3 法說會逐字稿

Good morning. My name is Briana, and I will be your conference operator today. At this time, I'd like to welcome you to Uber's Q3 2023 Earnings Conference Call. Please note that this call is being recorded.

早安.我叫 Briana，今天我將擔任你們的會議操作員。現在，我歡迎您參加 Uber 2023 年第三季財報電話會議。請注意，此通話正在錄音。

(Operator Instructions) I will now turn today's call over to Alex Wang, Head of Investor Relations. Please go ahead.

（操作員指示）我現在將今天的電話轉給投資人關係主管 Alex Wang。請繼續。

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

謝謝你，接線生。感謝您今天加入我們，歡迎觀看 Uber 2023 年第三季財報展示。今天的電話會議由 Uber 執行長 Dara Khosrowshahi 主持。和財務長納爾遜柴。

During today's call, we'll 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 衡量標準的其他揭露，包括GAAP 與非GAAP 衡量標準的調節，均包含在新聞稿、補充投影片和我們向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，可能會有所變動。

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 underwrite 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 other filings made with the SEC.

本簡報和本次電話會議中的某些陳述屬於前瞻性陳述。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性聲明有重大差異，除非法律要求，否則我們不承擔更新我們今天所做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近向 SEC 提交的 10-K 表格和其他文件中描述的風險和不確定性。

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，我們請您查看。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。

Thanks, Alex. Q3 marks another very strong quarter for Uber. Year-on-year trip growth accelerated to 25% from 22% in Q2, outpacing gross bookings growth for the third quarter in a row. Trip growth was powered by strong audience and frequency trends as consumer activity remains robust heading into our busiest period of the year.

謝謝，亞歷克斯。第三季標誌著 Uber 又一個非常強勁的季度。旅行年增率從第二季的 22% 加速至 25%，連續第三季超過總預訂成長。強勁的受眾和頻率趨勢推動了旅行成長，因為消費者活動在進入一年中最繁忙的時期仍然強勁。

Notably, monthly trips per MAPC continue to steadily increase matching our all-time high. At the same time, adjusted EBITDA exceeded our Q3 outlook and our adjusted EBITDA margin exceeded 3% for the first time. Simply put, the growth flywheel we built, coupled with rigorous cost discipline, is enabling us to generate strong leverage.

值得注意的是，每個 MAPC 的每月出行次數持續穩定成長，達到了歷史最高水準。同時，調整後的 EBITDA 超出了我們第三季的預期，調整後的 EBITDA 利潤率首次超過 3%。簡而言之，我們打造的成長飛輪，加上嚴格的成本紀律，使我們能夠產生強大的槓桿作用。

We're exiting the year with tremendous momentum and reliable execution. Our Q3 results and Q4 outlook demonstrate that Uber continues to drive profitable growth at scale. We remain focused on scaling GAAP operating income and free cash flow while also making disciplined investments to appropriately fund growth initiatives that will deliver long-term, sustainable financial value.

我們將以巨大的動力和可靠的執行力結束這一年。我們第三季的業績和第四季的前景表明，優步繼續大規模推動獲利成長。我們仍專注於擴大公認會計原則營業收入和自由現金流，同時進行嚴格的投資，為成長計畫提供適當的資金，從而實現長期、可持續的財務價值。

Finally, I want to recognize and thank Nelson for his immense contribution to the company and his partnership with me over the past 5 years. Looking ahead, I'm thrilled to welcome Prashanth as our new CFO starting tomorrow, and I'm confident that he'll continue to build upon the great foundation that Nelson has built.

最後，我要感謝 Nelson 在過去 5 年裡對公司做出的巨大貢獻以及與我的合作。展望未來，我很高興歡迎 Prashanth 從明天開始擔任我們的新財務官，我相信他將繼續在 Nelson 建立的偉大基礎上繼續發展。

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

接下來，讓我們開始提問。

(Operator Instructions) Our first question comes from Ross Sandler with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的羅斯桑德勒。

Just a couple of questions on the mobility business. Could you just flesh out a little bit more in detail what the drivers of the acceleration in mobility gross bookings were in the third quarter? And as we look out over the next few years, what do you see as the biggest drivers of sustainable mobility gross bookings growth now that we've kind of caught up with the pre-pandemic trip volume and frequency, what do you see for UberX versus the new areas?

只是關於行動業務的幾個問題。您能否更詳細說明一下第三季出行總預訂量加速成長的驅動因素是什麼？展望未來幾年，您認為可持續出行總預訂量成長的最大驅動因素是什麼，因為我們已經趕上了大流行前的出行量和頻率，您對 UberX 有何看法？與新領域相比？

Yes, absolutely, Ross. So in terms of Q3, listen, the quarter was strong across the board in every single geography, pretty much in every single product. But a couple of geographies to call out are the Asia Pacific regions and the LatAm regions. These areas accelerated pretty substantially on a year-on-year basis between Q3 and Q2 on big absolute numbers. And some of those countries were kind of very early in penetrating.

是的，絕對是，羅斯。因此，就第三季而言，聽著，該季度在每個地區、幾乎每個產品上都表現強勁。但值得注意的幾個地區是亞太地區和拉丁美洲地區。在第三季和第二季之間，這些領域的絕對數字比去年同期大幅成長。其中一些國家很早就開始滲透。

So for example, in Japan and South Korea, our penetration rate is miniscule compared to where we are in the rest of the world. And some of the newer products that we're building out, for example, hailable taxi are very large parts of the marketplace again in Japan and Taiwan and Hong Kong and South Korea.

例如，在日本和韓國，與世界其他地區相比，我們的滲透率微乎其微。我們正在開發的一些新產品，例如計程車，在日本、台灣、香港和韓國的市場中佔了很大的份額。

Then we got products like Moto, which are 2-wheelers that are growing very, very quickly in Latin America as well, in Brazil, and a number of other LatAm markets. So while the growth was pretty broad, I do think that the APAC and LatAm markets, in particular, were super strong, partially because of some of the newer products that we're rolling out. And then if you look more broadly, like we had a very, very strong summer augmented by travel.

然後我們推出了像 Moto 這樣的兩輪車產品，它們在拉丁美洲、巴西和許多其他拉丁美洲市場的成長非常非常快。因此，雖然成長相當廣泛，但我確實認為亞太地區和拉丁美洲市場特別強勁，部分原因是我們推出了一些新產品。然後，如果你看得更廣泛，就像我們度過了一個非常非常強勁的夏天，因為旅行而變得更加豐富。

As you know, travel has been absolutely booming, leisure travel, and Uber has a very high penetration of all the travel consumer. And then what we're seeing now back-to-school is also going very, very strong. So that absolutely added to our Q3 strength and acceleration that frankly surprised us in terms of its strength. In terms of the mobility business and kind of the growth construct, how do we think about the mobility business going forward multiyear, we tend to look at the business from a business construct and then from a user construct, right?

如您所知，旅行、休閒旅行絕對蓬勃發展，而 Uber 在所有旅行消費者中的滲透率非常高。我們現在看到的返校情況也非常非常強勁。因此，這絕對增加了我們第三季的實力和加速度，坦白說，它的實力讓我們感到驚訝。就行動業務和成長結構的類型而言，我們如何看待未來多年的行動業務，我們傾向於從業務結構，然後從用戶結構來看待業務，對吧？

So from a business construct, #1 driver for growth, and this is of the core UberX business that grew over 20% on a year-on-year basis, is about adding more drivers to the platform. We added -- we're now at 6.5 million earners on our platform, up over 30% on a year-on-year basis. And this is a supply-led marketplace. As we add more drivers, the marketplace gets more liquid, ETAs come down, surge come down, that pushes essentially demand. So adding more drivers essentially drives the marketplace.

因此，從業務結構來看，成長的第一大驅動力，也就是年成長超過 20% 的 UberX 核心業務，就是在平台上增加更多驅動力。我們補充道，目前我們平台上的收入者已達 650 萬人，較去年同期成長超過 30%。這是一個供應主導的市場。隨著我們增加更多的驅動因素，市場的流動性會增加，預計到達時間會下降，激增也會下降，這本質上推動了需求。因此，添加更多驅動程式本質上會推動市場發展。

Then on top of that base business, we have the new growth initiatives that we have, these are businesses that we've really built in the past 5 years, essentially from 0. These are hailables products, taxi, 3-wheelers, 2-wheelers, our Uber for Business product that is actually seeing some strength now, which is great, our UberX Share and low-cost products such as high-capacity vehicles and then reserve as well. That collective is now $9 billion and is growing over 80% on a year-on-year basis.

然後，在該基礎業務之上，我們還有新的成長計劃，這些是我們在過去5 年中真正建立的業務，基本上是從0 開始的。這些是可叫車產品、計程車、三輪車、 2- Wheelers，我們的 Uber 商業產品，現在實際上已經看到了一些實力，這很好，我們的 UberX Share 和低成本產品，如大容量車輛，然後也可以預訂。該總額目前已達到 90 億美元，且年增超過 80%。

And then on top of that, you've got international markets with very big GDPs, where, as you know, we just weren't in those markets 5 years ago, and we've tuned our business model to be able to penetrate into those markets. These are the Germany, Spain, Argentina that grew more than 150% on a year-on-year basis, Japan, South Korea and Turkey. So really, you've got kind of a base business that's driven by supply.

最重要的是，你擁有 GDP 非常大的國際市場，正如你所知，我們 5 年前還沒有進入這些市場，我們已經調整了我們的商業模式，以便能夠滲透到這些市場那些市場。這些國家分別是年增超過150%的德國、西班牙、阿根廷、日本、韓國和土耳其。事實上，你已經有了一個由供應驅動的基礎業務。

On top of that, you have a bunch of new products that are big $9 billion annual run rate growing over 80%. And then you've got these international markets, which are big GDP markets that we've got very low penetration too. So that's the business construct. And then the other way that we look at the business is actually from a consumer view, and that's about driving new audience, driving frequency and then price as well.

最重要的是，你還有一堆新產品，年運行率高達 90 億美元，成長超過 80%。然後還有這些國際市場，這些市場是 GDP 的大市場，但我們的滲透率也很低。這就是業務結構。然後，我們看待業務的另一種方式實際上是從消費者的角度來看，那就是吸引新的受眾，提高頻率，然後是價格。

So if you think about audience, all of these new markets, the international markets that we're getting to, many of them are entirely new audiences. Or when we introduce taxi into a small village in the U.K., that's a new audience that comes on to our platform.

因此，如果你考慮受眾，所有這些新市場，我們即將進入的國際市場，其中許多都是全新的受眾。或者，當我們將計程車引入英國的一個小村莊時，就會有新的受眾進入我們的平台。

Then when we think about audience, we think about demographics. So for example, for the high-income consumer, we're introducing products like Reserve, where you can pay more for higher reliability and we're seeing that Reserve usage is actually incremental. And then for lower-income consumers, we're introducing like UberX Share, high-capacity vehicles, et cetera.

然後，當我們考慮受眾時，我們會考慮人口統計。例如，對於高收入消費者，我們推出了 Reserve 等產品，您可以為更高的可靠性支付更多費用，而且我們發現 Reserve 使用實際上是增量的。然後，對於低收入消費者，我們推出了 UberX Share、高容量車輛等。

So demographically, we're expanding; internationally, we're expanding. And then we also look at age. So like we introduced Uber for teens, for younger consumers, turns out teens tend to use Uber just as much as adults do, which is great. And we think they'll continue to use it as they grow up. So that's the audience kind of construct for us, which is global, income level and age, and we have products specifically for all 3 of those.

從人口角度看，我們正在擴張；在國際上，我們正​​在擴張。然後我們還要看年齡。就像我們為青少年和年輕消費者推出 Uber 一樣，事實證明青少年和成年人一樣傾向於使用 Uber，這很好。我們認為他們長大後會繼續使用它。這就是我們所建構的受眾群體，即全球性的、收入水平和年齡的受眾，我們有專門針對這三個方面的產品。

And then when you get into frequency, only 1/3 of our annual users use us on a monthly basis. So our job is to increase that 1/3. Membership is a very, very big driver there. As you -- we got now 15 million Uber One members. Members spent 4x more than nonmembers. So as we penetrate into, the membership frequency naturally increases.

當你考慮頻率時，只有 1/3 的年度用戶每個月使用我們。所以我們的工作就是增加 1/3。會員資格是一個非常非常大的驅動力。正如您一樣，我們現在擁有 1500 萬 Uber One 會員。會員的消費是非會員的 4 倍。那麼隨著我們深入，會員頻率自然就增加了。

All of the use cases that we're introducing like Reserve, drive frequency as well, and then what we're also seeing is that users who use more than 1 product on mobility and delivery tend to spend more on the platform. They spend up to 3x more, for example, in mobility, if they take 2 different products as well. That drives frequency as well.

我們引入的所有用例，例如預訂、駕駛頻率，然後我們還看到，在行動和交付方面使用超過 1 個產品的用戶往往會在平台上花費更多。例如，如果他們同時使用 2 種不同的產品，那麼他們在移動性方面的支出將增加 3 倍。這也會驅動頻率。

And then price this year essentially has been flattish, and that's a good thing. But I think going forward, you can expect our services to grow price along with inflation as well. So if you're driving audience, driving frequency and then prices kind of we're price takers, so to speak, you get to a pretty good growth construct over the long term.

今年的價格基本上持平，這是一件好事。但我認為，展望未來，您可以預期我們的服務價格也會隨著通貨膨脹而上漲。因此，如果你能吸引觀眾、提高頻率，然後提高價格，那麼我們就是價格接受者，可以這麼說，長遠來看，你會獲得相當好的成長結構。

Our next question comes from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·諾瓦克。

I have 2 sort of somewhat higher level, Dara. First of all, I want to ask you is sort of on the types of machine learning or data analytics that you've done on the platform so far. Give us some examples of where you'd be able to improve matching, improve conversion on the platform? And where do you still see more opportunities to improve that as you kind of look into '24?

我有 2 個級別稍高的 Dara。首先，我想問您到目前為止在該平台上完成的機器學習或資料分析的類型。請給我們舉一些例子，說明您可以在哪些方面改善平台上的配對、提高轉換率？當你展望 24 世紀時，你還能在哪些方面看到更多改進的機會？

And then the second one, there's been a lot written in the press about new potential product extensions, travel, you mentioned B2B, et cetera. As you look at these, which of these new potential products sort of have you most excited that could move the needle over the next couple of years?

然後是第二個，媒體上有很多關於新的潛在產品擴展、旅行、你提到的 B2B 等的文章。當您看到這些產品時，您最興奮的是哪些新的潛在產品可以在未來幾年內取得進展？

Yes, absolutely, Brian. So I think on the ML front, it's actually hard to say where ML can improve because it's pretty much in every part of our business. Like we've been developing and using machine learning for many, many years now. Just a couple of examples might be like earner on-boarding, right? You take that for granted.

是的，絕對是，布萊恩。因此，我認為在機器學習方面，實際上很難說機器學習可以在哪些方面進行改進，因為它幾乎存在於我們業務的每個部分。就像我們多年來一直在開發和使用機器學習一樣。舉幾個例子，像是賺取收入者入職，對吧？你認為這是理所當然的。

But actually, now what we're using is we're using machine learning technology to -- like computer vision to essentially allow the machines to recognize documents more reliably, transcribe them accurately so that your onboarding experience and the time to onboard could be reduced drastically, errors can be reduced as well. So essentially, machines can read these documents better than humans can. That's one example.

但實際上，現在我們使用的是機器學習技術，就像電腦視覺一樣，本質上允許機器更可靠地識別文檔，準確地轉錄它們，以便減少您的入職體驗和入職時間錯誤也可以大大減少。因此本質上，機器可以比人類更好地閱讀這些文件。這就是一個例子。

On the productivity front, we're rolling out GitHub Copilot for software developers. We have already seen, because of investments that we've made in our tooling, our average software developer is much more productive now than they were 2 years ago, and we think that GitHub Copilot will improve productivity and hopefully will also reduce mistakes on the platform as well. So they will have ML algorithms debug developer code before that code kind of is tested, et cetera. So we think that's -- that can increase the productivity of our business as well.

在生產力方面，我們正在為軟體開發人員推出 GitHub Copilot。我們已經看到，由於我們對工具進行了投資，我們的普通軟體開發人員現在的生產力比兩年前要高得多，我們認為 GitHub Copilot 將提高生產力，並有望減少錯誤平台也是如此。因此，他們將在測試程式碼之前使用機器學習演算法來調試開發人員程式碼，等等。所以我們認為這也可以提高我們業務的生產力。

We're pretty excited about conversational support. So these are large language-based tools that essentially help our customer service agents. They will go through customer history, they will get details about the particular issue that the customer might be calling about or chatting about, and we'll be giving recommendations on what to do based on our policies all around the world.

我們對對話支援感到非常興奮。因此，這些是基於語言的大型工具，本質上可以幫助我們的客戶服務代理。他們將瀏覽客戶歷史記錄，獲得有關客戶可能打電話或談論的特定問題的詳細信息，我們將根據我們在世界各地的政策提供有關應採取的措施的建議。

Humans have to kind of go through all these kinds of policies. Now machines do, they give humans a recommendation. And eventually, then machines are going to be talking with our customers on the front line as well.

人類必須經歷所有這些類型的政策。現在機器可以，它們給人類推薦。最終，機器也將與我們第一線的客戶交談。

And then on the delivery marketplace and the mobility marketplace, we've been using advanced machine learning algos for routing, for matching, for pricing, all of these algos generally improve on a year-on-year basis and accrue hundreds of millions of dollars of either incremental bookings, I'd call it VC neutral or can improve matching algorithms to reduce, let's say, cost per transaction on the delivery space. So these are just some of the areas where ML is working out.

然後在交付市場和行動市場上，我們一直在使用先進的機器學習演算法來進行路由、匹配和定價，所有這些演算法通常都在逐年改進，並累積了數億美元無論是增量預訂，我將其稱為風險投資中立，或可以改進匹配演算法以降低交付空間的每筆交易成本。這些只是機器學習正在研究的一些領域。

And listen, for us, ML is a powerful technology, period. But because we're the largest player in the world, we are gathering more data, far more customers across a wider range of behaviors than anybody else. So we think in a world where ML becomes more important, Uber becomes competitively stronger, so to speak, because of the set of data that we have that's really unmatched and unrivaled, including customers who are engaging both in the mobility and the delivery marketplace. So it's pretty powerful.

聽著，對我們來說，機器學習是一項強大的技術。但因為我們是世界上最大的參與者，所以我們比其他任何人都收集了更多的數據、更多的客戶以及更廣泛的行為。因此，我們認為，在機器學習變得更加重要的世界中，Uber 的競爭力會變得更強，可以這麼說，因為我們擁有真正無與倫比的數據集，包括參與行動和交付市場的客戶。所以它非常強大。

In terms of the other use cases that we're seeing, listen, Uber for Business is something that's very, very promising. We continue to penetrate into the corporate space. It's great to see companies now get their travelers on the road again and we definitely saw an uptake there.

就我們看到的其他用例而言，Uber for Business 是非常非常有前途的。我們持續滲透到企業領域。很高興看到公司現在再次讓旅行者上路，我們確實看到了這一點。

But with Uber for Business, we're also looking at verticals like health and transit as well that are very, very healthy and hold a ton of promise. For me, travel is something that's very much in my heart because of my old Expedia days. And we've talked about travel being a very, very strong kind of signal for Uber and travelers typically using Uber because of our global footprint.

但對於企業版 Uber，我們也關注健康和交通等垂直產業，這些產業非常非常健康，並且前景廣闊。對我來說，旅行是我心中最重要的事情，因為我過去的 Expedia 日子。我們已經討論過，對於 Uber 和旅行者來說，旅行是一個非常非常強烈的信號，因為我們的足跡遍及全球，旅行者通常會使用 Uber。

Kind of perspective here. In 2022, nearly 700 million trips globally were taken by consumer that's out of their primary city, which is pretty amazing. And every quarter, about 20% of our users took a domestic trip outside of their primary city. So our users, they're high-income earners, they tend to travel a lot and that becomes a good kind of segment for us to target.

這裡有一種觀點。 2022 年，全球消費者離開其主要城市進行了近 7 億次旅行，這是相當驚人的。每個季度，大約 20% 的用戶都會在主要城市以外的地方進行國內旅行。因此，我們的用戶是高收入者，他們往往經常旅行，這成為我們的一個很好的目標群體。

We've done so in the U.K. where we're quite optimistic about our travel business in the U.K. and some of the early signals that we see, for example, in the U.K., you can book trains and buses, 60% of train and coach users and 25% of our flight users are now repeat users on Uber as well. So they try the product because we have a big audience. But more importantly, they're coming back to the product, which is great. So we got multiple avenues for growth and travel and business are just one amongst many honestly.

我們在英國就這麼做了，我們對英國的旅遊業務非常樂觀，我們看到的一些早期信號，例如在英國，你可以預訂火車和巴士，60%的火車和巴士長途汽車用戶和25% 的航班用戶現在也是Uber 的重複用戶。所以他們嘗試這個產品是因為我們有大量的受眾。但更重要的是，他們又回到了產品上，這很棒。因此，我們有多種成長途徑，老實說，旅行和商務只是其中之一。

Our next question comes from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的艾瑞克·謝裡丹。

And first, thanks to Nelson for all the insights and conversations over the years. Thanks, and wishing you best going forward. Maybe Dara, I think 2 bigger picture ones for you. One on Uber One. As it continues to scale globally and the base of subscribers continues to build, what are some of the early learnings that have now translated into scale about how you're thinking about bringing that subscription to market more globally than in the early years and what that might mean for the business in the years ahead? That's number one.

首先，感謝尼爾森多年來的見解和對話。謝謝，祝你一切順利。也許達拉，我想給你兩個更大的圖片。優步一號 (Uber One) 上的一員。隨著它在全球範圍內不斷擴展，訂閱者基礎不斷擴大，有哪些早期經驗現已轉化為規模，說明您如何考慮將訂閱推向比早年更全球化的市場，以及對未來幾年的業務可能意味著什麼？這是第一名。

And then on driver supply. We were in a very different position a year ago where you were using a lot of incentives on driver supply. As we come out of that period and things have normalized, how are you thinking about optimizing driver supply for efficiency, cost, maybe even insurance. So we should be thinking about that as an initiative going forward?

然後是驅動器供應。一年前我們的處境非常不同，當時我們在司機供應方面使用了大量激勵措施。當我們走出那個時期並且事情已經正常化時，您如何考慮優化司機供應以提高效率、成本甚至保險。那麼我們應該將其視為一項未來的舉措嗎？

Sure, Eric. So as far as Uber One goes and lessons learned there, honestly, the Uber One customer behavior has been pretty darn consistent in that Uber One consumers spend 4x the amount that nonmembers do on a monthly basis. And retention is more than 15% higher for members versus nonmembers. That pattern has remained.

當然，埃里克。因此，就 Uber One 的發展和從中吸取的經驗教訓而言，老實說，Uber One 客戶的行為非常一致，Uber One 消費者每月的支出是非會員的 4 倍。與非會員相比，會員的保留率高出 15% 以上。這種模式一直保留著。

There were some question as to, hey, as we expand the user base, is that 4x going to come down to a 3x, for example, but that hasn't happened. The 4x and the 15% retention have continued. The focus now for us with Uber One, I'd say is threefold. One is keep expanding geographically. And we just introduced Uber One into a couple of more markets as well. So now we've got 15 million members across 18 countries.

有人問，嘿，當我們擴大用戶群時，例如，4 倍是否會下降到 3 倍，但這還沒有發生。 4x 和 15% 的保留率仍在繼續。我想說，Uber One 現在的重點有三個。一是不斷擴大地域範圍。我們剛剛將 Uber One 引入了另外幾個市場。現在我們在 18 個國家擁有 1500 萬會員。

Number 2 is really focused on Uber One retention. And when you look at the Uber One benefits, the benefits are typically monetary in nature. So you get discounts on your food, you get delivery for free, you get cash back on mobility.

第二點真正關注的是 Uber One 的保留率。當您查看 Uber One 的福利時，您會發現這些福利通常是金錢性質的。因此，您可以享受食品折扣，免費送貨，還可以透過交通獲得現金回饋。

What we want to do going forward is also provide benefits that are nonmonetary in nature, let's say, advanced matching, upgrades to different cars or ahead of the queue matching when you get into an airport where there aren't that many cars around. Those are more nonmonetary benefits that we think that our members will very much appreciate.

我們未來想做的還包括提供非金錢性質的好處，比如說，高級匹配、升級到不同的汽車，或者當你進入周圍沒有那麼多汽車的機場時提前進行排隊匹配。我們認為我們的會員會非常欣賞這些更多的非金錢利益。

And the design spec there is to drive member retention. Retention levels are high but they can always get higher, and we always want to make sure that we're not kind of driving just member growth, we also want to drive retention as well.

設計規範旨在提高會員保留率。保留率很高，但總是可以更高，我們始終希望確保我們不僅僅推動會員成長，我們也希望提高保留率。

And the third area is really optimizing around our mobility use case. Delivery already members account for more than 40% of bookings. With mobility, it's in the mid-teens. It's much earlier in terms of penetration. And I think we can do a lot more in terms of the member experience for mobility users and just continuing to optimize that.

第三個領域是真正圍繞我們的行動用例進行最佳化。外送會員已佔預訂量的40%以上。加上流動性，也就十幾歲左右。就滲透而言，它要早得多。我認為我們可以在行動用戶的會員體驗方面做更多的事情，並繼續優化它。

Turning to the driver supply question. Our supply position is the best that it's been. We've got over 6.5 million earners. And I would say those earners are actually earning this quarter, $15.9 billion, which is up 23% on a constant currency basis.

轉向驅動電源問題。我們的供應狀況是有史以來最好的。我們有超過 650 萬收入者。我想說的是，這些賺錢者本季的實際收入為 159 億美元，以固定匯率計算成長了 23%。

So we're really proud of our being one of the largest earnings, if not the largest earnings platform in the world in a flexible way and the fact that earnings are actually going up faster than gross bookings, which is something that we're proud of. And at the same time, we're driving the bottom line and free cash flow for investors, that's super attractive as well.

因此，我們非常自豪我們能夠以靈活的方式成為世界上最大的收入平台之一，即使不是最大的收入平台，而且收入實際上比總預訂量增長得更快，這是我們感到自豪的事情的。同時，我們正在為投資者提高利潤和自由現金流，這也非常有吸引力。

That said, we are optimizing around our earners costs. So we don't have to lean into incentives the way that we did previously. So if you look at our incentive spend for earners, it's down about 41% on a year-on-year basis. Globally, it's down about 50% in the U.S. because with the liquidity of the marketplace kind of natural earnings levels are high at about $33 per utilized hour across the U.S. It's $50 here in New York City per utilized hours. So earning levels were high. That allows us to take incentives down.

也就是說，我們正在圍繞我們的獲利成本進行最佳化。因此，我們不必像以前那樣依靠激勵措施。因此，如果你看看我們對勞工階級的激勵支出，你會發現年減了約 41%。在全球範圍內，美國的收入下降了約 50%，因為市場的流動性使得全美的自然收入水平很高，約為每利用小時 33 美元。紐約市的每利用小時收入為 50 美元。所以收入水平很高。這使我們能夠減少激勵措施。

But we're also working on other parts of on-boarding efficiency. When we run a background check, for example, for a driver, and running a background check, if we qualify a driver, if we know that driver is highly, highly interested running a background check, if we don't think we can qualify, let's say, that earner delaying the background check that again delays expenses as well. So across the business up bringing earners on, not just incentives, we're looking to optimize the cost there and so far, so good.

但我們也在致力於提高入職效率的其他方面。例如，當我們對司機進行背景調查時，如果我們對司機進行背景調查，如果我們知道司機非常非常感興趣，如果我們認為我們沒有資格進行背景調查比方說，那個賺錢的人推遲了背景調查，這也同樣延後了開支。因此，在整個業務中，不僅僅是激勵措施，我們還希望優化成本，到目前為止，一切都很好。

Our next question comes from Ron Josey with Citi.

我們的下一個問題來自花旗銀行的 Ron Josey。

I wanted to ask a little bit more about the non-X gross bookings now at that $9 billion run rate growing 80%. Are any of these new offerings, talk to us about how these new opportunities are creating demand? And any other product specifically seeing greater demand versus others, meaning Reserve, Comfort, Green, UberX, things along those lines?

我想多問一些關於非 X 總預訂量的情況，目前 90 億美元的運行率增長了 80%。這些新產品有哪些，請與我們談談這些新機會如何創造需求？還有其他產品比其他產品有更大的需求，也就是說 Reserve、Comfort、Green、UberX 等類似產品？

Yes, absolutely. So these new products are definitely creating demand, and they create demand in different ways. So for example, hailables or taxi product, if you look at the number, the percentage of new customers coming in from hailables, it's about twice the percentage of gross bookings that taxi represents. That's because in a bunch of markets, actually, the only way we can penetrate into those markets is through taxi.

是的，一點沒錯。所以這些新產品肯定會創造需求，而且它們以不同的方式創造需求。例如，對於計程車或計程車產品來說，如果你看一下來自計程車的新客戶的百分比，它大約是計程車所代表的總預訂量百分比的兩倍。這是因為，實際上，在許多市場中，我們滲透到這些市場的唯一方法就是透過計程車。

Japan as an example. We have a very, very small, high-end peer-to-peer business. But we're going in partnering with taxis in Japan. We actually just joined the taxi association in Japan as well. And those taxies essentially are brand-new supply, introduced us to a whole new audience in Japan. And actually, the tourists coming into Japan as well kind of supports the local economy. So that's an entirely new audience. That's true in many parts of Argentina, in Turkey, where these new business models essentially are bringing new audience.

以日本為例。我們有一個非常非常小的高階點對點業務。但我們將與日本的計程車合作。其實我們也剛加入了日本的計程車協會。這些計程車本質上是全新的，向我們介紹了日本的全新受眾。事實上，來到日本的遊客也支持了當地的經濟。所以這是一個全新的觀眾。在阿根廷和土耳其的許多地方都是如此，這些新的商業模式基本上帶來了新的受眾。

The other one that I would point out too are low-cost products. So if you look at UberX Share, for example. It is taking some trips away from our UberX business. We do see kind of lower income move to UberX Share faster. So we think that's providing them relief based on kind of the economic hardships and all the inflation that we're seeing there. So we're absolutely seeing a higher penetration of UberX Share for lower-income consumers but it's also introducing us to a new audience as well.

我也想指出的另一件事是低成本產品。例如，如果你看看 UberX Share。它使我們的 UberX 業務減少了一些行程。我們確實看到較低收入的人更快轉向 UberX Share。因此，我們認為，基於我們所看到的經濟困難和通貨膨脹，這為他們提供了救濟。因此，我們確實看到 UberX Share 對於低收入消費者的滲透率更高，但它也為我們帶來了新的受眾。

Same thing in Moto. These are 2-wheelers in Latin America. And again, newer, lower income audience that previously couldn't afford Uber, now can afford Uber as well. So all of these either drive audience or frequency or both. And obviously, they're strategic in terms of our long-term growth formula.

摩託也有同樣的情況。這些是拉丁美洲的兩輪車。同樣，以前買不起 Uber 的新低收入受眾現在也能負擔得起 Uber。因此，所有這些要么會吸引觀眾，要么會增加頻率，或者兩者兼而有之。顯然，它們對我們的長期成長公式具有戰略意義。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

One for Dara and 1 for Nelson. Dara, what do you view as some of the primary compounding advantages you're currently achieving just across operational best practices? And where do you see the biggest opportunities going forward? And Nelson, you've improved profit significantly over the past year, incremental margin is now running at about 9% in 3Q. How are you thinking about key investments in hiring into '24?

一份給達拉，一份給尼爾森。 Dara，您認為您目前在營運最佳實踐中實現的一些主要複合優勢是什麼？您認為未來最大的機會在哪裡？ Nelson，過去一年你的利潤顯著提高，第三季的增量利潤率目前約為 9%。您如何看待 24 世紀招募方面的關鍵投資？

Absolutely, Doug. So in terms of the compounding advantages, I'll go back to what I was talking about in terms of machine learning, which is becoming a much more important part of the business. So we're just -- we have more data points in terms of opportunities to match riders to drivers or eaters to restaurants to couriers. And for example, if you take a look at our driver upfront pricing, the change that we made, it had a huge benefit for drivers, right?

絕對是，道格。因此，就複合優勢而言，我將回到我在機器學習方面所談論的內容，而機器學習正在成為業務中更重要的一部分。所以我們只是 - 我們有更多的數據點來將乘客與司機或食客與餐廳與快遞員進行匹配。例如，如果你看一下我們的司機預付費用，我們所做的改變，它對司機來說有巨大的好處，對嗎？

Drivers can see where their destination is and as a result, can accept or not accept that trip based on destination and upfront price that they see. It's a very, very powerful driver of the business. But it also is another opportunity for us to price out that trip. Previously, drivers are paid based on time and distance. Anyone can price based on time and distance.

駕駛者可以看到他們的目的地在哪裡，因此可以根據他們看到的目的地和預付費用接受或不接受該行程。這是業務的非常非常強大的驅動力。但這也是我們為這次旅行定價的另一個機會。此前，司機的薪水是根據時間和距離支付的。任何人都可以根據時間和距離定價。

So the amount of data that you have doesn't help you calculate a certain per mile rate and a certain time rate as well. So there's 0 kind of benefit to scale. Now in a world where drivers know their destination, we can price out that destination. We have more opportunities to price. We have more drivers than anyone else in the marketplace.

因此，您擁有的數據量並不能幫助您計算特定的每英里費率和特定的時間費率。所以規模化帶來的好處是零。現在，在駕駛者知道目的地的世界中，我們可以為該目的地定價。我們有更多的定價機會。我們擁有比市場上任何其他公司都多的司機。

So we'll be able to price out that trip and match it to a particular driver based on a bigger data set than anyone else in the world. That advantage compounds as our machine learning kind of platform learns more about different trips, which ones are accepted, which ones are not accepted, which ones are canceled as well.

因此，我們將能夠為該行程定價，並根據比世界上任何其他人都大的數據集將其與特定司機相匹配。隨著我們的機器學習平台更了解不同的旅行，哪些旅行被接受，哪些旅行不被接受，哪些旅行被取消，這種優勢變得更加複雜。

So all of our marketplace mechanisms in terms of routing, in terms of matching, in terms of pricing, now are essentially point estimates that we can train on a larger database than anyone else. If you look at payments, for example, we announced a great new partnership with PayPal and our ability to -- we're one of the largest players out there in terms of bookings, $35 billion in bookings in a quarter, growing at a rate that most players our size aren't growing.

因此，我們在路由、匹配、定價方面的所有市場機制現在本質上都是點估計，我們可以在比其他任何人都更大的資料庫上進行訓練。例如，如果你看一下支付，我們宣布與PayPal 建立良好的新合作夥伴關係，並且我們有能力——就預訂而言，我們是最大的參與者之一，一個季度的預訂量達到350 億美元，並且正在以驚人的速度成長。我們大多數球員的體型都沒有成長。

So on the payment side, for example, we think we can secure a lower payment cost than other players, that's going to compound. If you look at parts of our business like detecting fraudulent activity, there are lots of fraudsters out there. They are being armed by machine learning, and we can detect patterns across a greater set of use cases, both in mobility and delivery, so that we can identify, let's say, the bad folks from the good folks, differentiate them and reject the bad folks and have them maybe go try to steal from other platforms.

例如，在支付方面，我們認為我們可以確保比其他參與者更低的支付成本，這將會加劇。如果你看看我們的業務，例如偵測詐欺活動，你會發現那裡有很多詐欺者。它們由機器學習武裝起來，我們可以在移動和交付方面檢測更多用例的模式，這樣我們就可以識別出壞人與好人，區分他們並拒絕壞人人們可能會嘗試從其他平台竊取。

All of these different parts of the business are compounding in one way or the other. Many of them are powered by machine learning. And again, if you've got the most data in the world, your ML algos typically have an advantage over smaller players.

業務的所有這些不同部分都以一種或另一種方式複合。其中許多都是由機器學習提供支援的。再說一遍，如果您擁有世界上最多的數據，那麼您的機器學習演算法通常比較小的參與者俱有優勢。

So Doug, in terms of our ability to balance growth and profitability, as you know, since we went public, Dara and I have been talking about our capital allocation process, we laid out our 3-year targets last year. And if you look at the performance of the company, we've been in line with the top line and overachieved at the bottom every single quarter. And if you look at the guidance, again, it's very, very, very constructive, if you think about it.

因此，道格，就我們平衡成長和獲利能力而言，正如你所知，自從我們上市以來，達拉和我一直在談論我們的資本配置流程，我們去年制定了三年目標。如果你看看公司的業績，你會發現我們每季都與營收持平，並超越了谷底。如果你再一次看一下該指南，如果你仔細想想，它是非常、非常、非常有建設性的。

You heard Dara talk a lot about where the business is going and some of the growth, our mobility business, the gross bookings were up 30% in Q3. And that's why we're continuing to invest in the businesses. So if you think about it, where we are today on both delivering the bottom line but investing for the future, we're starting to see some of these new growth initiatives scale.

你聽到 Dara 談論了很多關於業務的發展方向和一些成長，我們的行動業務，第三季的總預訂量成長了 30%。這就是我們繼續投資這些業務的原因。因此，如果你想一想，我們今天既實現了盈利，又為未來進行了投資，我們開始看到其中一些新的成長計劃規模擴大。

New mobility products, sort of $9 billion gross bookings run rate. New verticals are at a $6 billion gross bookings run rate. So we're delivering the bottom line. We're delivering free cash flow. We've delivered GAAP operating income, as we've talked about over the past 3 years while driving a lot of top line growth. And so the business is in terrific shape as you think about how we're going into '24 and beyond.

新的行動產品，總預訂額約為 90 億美元。新垂直產業的總預訂金額達 60 億美元。所以我們正在提供底線。我們正在提供自由現金流。正如我們在過去三年中所討論的那樣，我們已經實現了 GAAP 營業收入，同時推動了營收的大幅成長。因此，當你想到我們將如何進入 24 世紀及以後時，我們的業務狀況非常好。

And again, we are balancing our capital allocation model. We probably do a little optimized to make sure we deliver on the bottom but we are able to fund certain growth initiatives. So we have a lot of confidence in terms of where we are. And as you heard from Dara's commentary on all the growth vectors we have, we're pretty bullish about where the company is headed.

再次，我們正在平衡我們的資本配置模型。我們可能會做一些優化，以確保我們能夠實現最低目標，但我們能夠為某些成長計劃提供資金。因此，我們對自己的處境充滿信心。正如您從 Dara 對我們擁有的所有成長向量的評論中聽到的那樣，我們非常看好公司的發展方向。

Our next question comes from Benjamin Black with Deutsche Bank.

我們的下一個問題來自德意志銀行的班傑明‧布萊克。

Great. You obviously scored a nice regulatory win in New York last week, but we still have the DOL on the EU platform directive, Prop 22 in California. So it would be great if you can give us sort of a lay of the land on the regulatory front? And do you feel comfortable operating sort of in any employment classification outcome?

偉大的。顯然，上週你們在紐約取得了很好的監管勝利，但我們仍然有勞工部關於歐盟平台指令、加州第 22 號提案的要求。如果您能為我們介紹一下監管方面的情況，那就太好了？您對任何就業分類結果感到滿意嗎？

And then just quickly, there are concerns around the crisis in the Middle East we've heard from other travel companies. Could you sort of help size your exposure there? And have you seen any impact to demand since the conflict began?

很快，我們就從其他旅遊公司聽到了對中東危機的擔憂。您能幫忙確定一下您在那裡的曝光度嗎？自衝突開始以來，您是否看到需求受到任何影響？

Sure. Absolutely. So in terms of the regulatory framework, the first thing I'd say is we can operate under any regulatory framework. So we think the right framework is the framework that preserves flexibility for drivers and couriers, while providing them protections.

當然。絕對地。所以就監管框架而言，我首先要說的是我們可以在任何監管框架下運作。因此，我們認為正確的框架是為司機和快遞員保留靈活性，同時為他們提供保護的框架。

And for example, our settlement with New York AG and the DOL provides for earners to be able to earn flexibly on the platform with minimum earnings and other protections as well, insurance protections, that we think is the right framework going forward. It's the same framework that voters voted for in Prop 22 in California.

例如，我們與紐約總檢察長和勞工部的和解協議規定，收入者能夠在平台上靈活賺取收入，並提供最低收入和其他保護，以及保險保護，我們認為這是未來的正確框架。這與加州選民在第 22 號提案中投票支持的框架相同。

And if I look big picture, generally, the world is moving towards this model, which is earn flexibly with benefits such as minimum earnings and other benefits out there that are important on a state-by-state basis or on a country-by-country basis. And for us, it's really entering into dialogue with all the constituencies to get to the right solution there.

如果我從大局來看，一般來說，世界正在朝著這種模式發展，這種模式可以靈活地賺取福利，例如最低收入和其他福利，這些福利對於每個州或每個國家都很重要。國家基礎。對我們來說，這實際上是與所有支持者進行對話，以找到正確的解決方案。

There are some markets where drivers are employees of, for example, fleets with which we do business. This is in some of our European businesses, European end markets. They are employees of fleets. We contract with these fleets, and these fleets are on our platform as well. And those markets are profitable as well.

在某些市場，司機是我們有業務往來的車隊的員工。這是我們的一些歐洲業務、歐洲終端市場。他們是車隊的員工。我們與這些車隊簽訂合同，這些車隊也在我們的平台上。這些市場也是有利可圖的。

The price to the end consumer is higher and drivers, frankly, miss the flexibility that they have in markets where independent contractor plus model is the right model going forward. So if I zoom out the regulatory framework that we see is not about whether or not we're in a market or not, whether or not we do business there or not. It's about whether or not our earners have flexibility to work on our platform, the way that they want to work on our platform, when they want to work on our platform, where they want to work on our platform and what the price is to the end consumer.

最終消費者的價格更高，坦白說，駕駛者錯過了他們在獨立承包商加模式是未來正確模式的市場中所擁有的靈活性。因此，如果我縮小監管框架，我們會看到，這與我們是否處於市場中、是否在市場中開展業務無關。這關係到我們的收入者是否能夠靈活地在我們的平台上工作、他們想要在我們平台上工作的方式、他們想要在我們平台上工作的時間、他們想要在我們平台上工作的位置以及價格是多少。最終消費者。

And generally, I would say that across the world, this -- there are absolute exceptions. Most countries, most states are moving in the direction of flexibility, plus benefits and protections.

一般來說，我想說的是，在世界各地，都有絕對的例外。大多數國家、大多數州都在朝著靈活性、福利和保護的方向發展。

And then in terms of the Middle East. So the Middle East is about -- represents about 2% of our overall gross bookings of the business. So it's a relatively small part of our business. Now certain parts of the Middle East are quite profitable. So it's a very attractive geography to us.

然後就中東而言。因此，中東地區約占我們業務總預訂量的 2% 左右。所以這只是我們業務中相對較小的一部分。現在中東某些地區的利潤相當可觀。所以這對我們來說是一個非常有吸引力的地理位置。

Generally, we are seeing some weakness in a couple of countries in the Middle East, Egypt, for example, is one that I would point out. But we don't operate in Israel. We don't operate in the West Bank, so we're not affected in any way directly. And any weakness that we see in the Middle East is very, very small compared to the rest of the business.

總的來說，我們看到中東一些國家存在一些弱點，例如我要指出的埃及。但我們不在以色列開展業務。我們不在西岸開展業務，因此不會受到任何直接影響。與其他業務相比，我們在中東看到的任何弱點都非常非常小。

We were a little worried. Will companies cut back on travel? Will people cut back just general on travel? And actually, with our Uber for Business segment, we're seeing travel spend up, whereas some of the company that we contracted with were saying either no travel or travel when necessary, now let's kind of use your judgment and we're seeing a bit of acceleration in our Uber for Business, which is quite encouraging going forward.

我們有點擔心。公司會減少旅行嗎？人們會減少一般旅行嗎？實際上，在我們的Uber for Business 業務部門中，我們看到旅行支出增加，而我們與之簽約的一些公司則表示要么不旅行，要么在必要時旅行，現在讓我們根據您的判斷，我們看到了我們的 Uber for Business 取得一些加速，這對未來來說是非常令人鼓舞的。

Our next question comes from Ken Gawrelski with Wells Fargo.

我們的下一個問題來自富國銀行的 Ken Gawrelski。

And let me reiterate. Thanks, Nelson, for the partnership over the years. Two questions, if I may. First, you talked about just broadening out a little bit on the macro side. I know you just talked about the Middle East specific exposure. But you could talk -- could you talk a little bit more broadly.

讓我重申一下。感謝尼爾森多年來的合作。如果可以的話，有兩個問題。首先，您談到在宏觀方面稍微擴大一點。我知道你剛才談到了中東的具體曝光。但你可以談談——你能說得更廣泛一點嗎？

Some of your travel-related peers have seen macro weakness more broadly in the Middle East into October. Why do you think ride share growth quarter-to-date hasn't been impacted? And then I guess maybe the bigger picture question there is how do you think more broadly about the economic sensitivity of the business?

一些與旅遊相關的同行已經看到中東地區到十月的宏觀經濟疲軟。為什麼您認為本季迄今的共乘成長沒有受到影響？然後我想也許更大的問題是你如何更廣泛地思考企業的經濟敏感度？

And then the second question, please, is if active driver growth continues to outpace trip growth, how do you think about balancing a potential take rate opportunity versus expanding use cases and growing the addressable market?

那麼第二個問題是，如果活躍司機的成長持續超過出行成長，您如何考慮平衡潛在的使用率機會與擴大用例和擴大潛在市場？

Yes. So in general, listen, we've been looking for pockets of consumer spending weakness across our platforms, both our mobility platform and delivery platform. We read the news, we watch CNBC just like anyone else. And frankly, we haven't found it.

是的。所以總的來說，聽著，我們一直在尋找我們平台上消費者支出的弱點，包括我們的行動平台和交付平台。我們像其他人一樣閱讀新聞、觀看 CNBC。坦白說，我們還沒有找到它。

I think part of the reason is that when you look at consumer spend, one, the U.S. consumer is incredibly strong. And two, I think within the consumer spend bucket, if you look at spend on services versus spend on retail, spend on services is still not back to where pre-pandemic spend was. So we do think that there -- the tailwind that we've seen in terms of spend on services continues, it could continue going forward. It's very difficult to predict. And what we have seen with Uber is that Uber is a local type of product.

我認為部分原因是，當你觀察消費者支出時，第一，美國消費者非常強勁。第二，我認為在消費者支出範圍內，如果你看看服務支出與零售支出，服務支出仍然沒有回到疫情前的水平。因此，我們確實認為，我們在服務支出方面看到的順風仍在繼續，並且可能會繼續向前發展。很難預測。我們在 Uber 上看到的是，Uber 是一種本地類型的產品。

So I do think that consumers during periods of elevated perceived risk, they sometimes pull back on higher, call it, higher spend product, whether it's renovating their house or booking a big vacation during uncertain times that they may not, but they still treat themselves to break food, Sushi delivered to them or they still go out to restaurants, they still go see their friends. So I think the local nature of our business makes us relatively resistant to macro uncertainty because it's usually the big, the large price product that get priced out first.

因此，我確實認為，消費者在感知風險較高的時期，有時會撤回更高的（所謂的）高消費產品，無論是翻修房屋還是在不確定的時期預訂大型假期，但他們仍然善待自己為了打破食物，壽司送給他們，或者他們仍然去餐館，他們仍然去看朋友。因此，我認為我們業務的本地性質使我們對宏觀不確定性相對有抵抗力，因為通常是大件、大價格的產品首先被定價。

In terms of active driver growth, we are -- active driver growth is absolutely growing faster at this point than trips. We generally want to keep take rate as low as possible because we think that's the right thing to do long term and kind of is the -- allows us to compound for a much longer time period.

就活躍駕駛員成長而言，我們認為，目前活躍駕駛員成長絕對比出行成長更快。我們通常希望保持盡可能低的利率，因為我們認為從長遠來看這是正確的事情，而且可以讓我們在更長的時間內複利。

Now incentives are (technical difficulty) of our take rate. And as we said, incentive spend has been down pretty substantially on a year-on-year basis. And so that is a tailwind on our take rate.

現在激勵是我們的採取率（技術難度）。正如我們所說，激勵支出較去年同期大幅下降。因此，這對我們的轉換率是有利的。

But otherwise, what we want to do is to maximize long-term free cash flow growth, maximize long-term earnings per share at the lowest take rate that we can because it drives us to be more efficient as a business going forward. So we try not to kind of push take rate opportunistically because the cycle is going to move the other way and when it moves the other way, it's really going to hurt if you're not structured with a low cost base.

但除此之外，我們想要做的是最大化長期自由現金流成長，以盡可能低的費率最大化長期每股收益，因為這促使我們在未來的業務中提高效率。因此，我們盡量不要機會主義地推動採取率，因為週期會向另一個方向移動，而當它向另一個方向移動時，如果你沒有以低成本為基礎構建，那麼真的會受到傷害。

Our next question comes from Michael Morton with MoffettNathanson.

我們的下一個問題來自邁克爾·莫頓和莫菲特·內桑森。

Wanted to talk a little bit about the new growth opportunities in mobility. In the past, Dara, you've spoken about aspiration for Reserve penetration of like total airport trips. And I'd love to know, we're seeing the product in the market for some time now, how you see this opportunity, how large it could get, Reserve as a percentage of airport bookings?

想談談行動領域的新增長機會。達拉（Dara）過去曾談到希望儲備航空滲透到整個機場旅行中。我很想知道，我們在市場上看到該產品已經有一段時間了，您如何看待這個機會，它的規模有多大，預訂佔機場預訂的百分比？

And then looking outside of travel and airport bookings, maybe the impact you think Reserve could have on the other aspects of the mobility business? And then just a second question, a quick one. On your advertising product, you've really made a lot of progress since rolling this out.

然後，除了旅行和機場預訂之外，您認為 Reserve 可能會對旅遊業務的其他方面產生什麼影響？然後是第二個問題，一個快速的問題。在您的廣告產品上，自從推出以來，您確實取得了很大的進步。

And I would love to learn some more about how you believe your offering meets the needs from large enterprises. It seems like there's a lot of demand for the large sophisticated enterprises, but they are more demanding when it comes to advertising solutions and the product has historically been overweight to kind of SMBs. So any update there would be great as well.

我很想多了解您認為您的產品如何滿足大型企業的需求。大型複雜企業似乎有很多需求，但他們對廣告解決方案的要求更高，而且該產品歷來對中小型企業來說過於重要。所以任何更新都會很棒。

Yes, absolutely. So in terms of Reserve, listen, Reserve is a very, very promising product, continues to grow at significant rates. But it's still pretty early in terms of Reserve development. We typically now account for 1 out of the 4 legs of the airport.

是的，一點沒錯。因此，就 Reserve 而言，聽著，Reserve 是一個非常非常有前途的產品，​​並且繼續以顯著的速度成長。但就儲備開發而言，現在還為時過早。我們現在通常佔據機場 4 個航段中的 1 個。

If you go to the airport, you get picked up and then you come back and you get picked up, et cetera, we typically only cover 1 out of those 4 legs. So we think that increased penetration at airport is absolutely a significant opportunity for us, and we're very early in that penetration.

如果您去機場，有人接您，然後回來也有人接您，等等，我們通常只承保這 4 條航段中的 1 條。因此，我們認為，機場滲透率的提高對我們來說絕對是一個重要的機會，而且我們處於這一滲透的早期階段。

I do think that Reserve as a product, while it's very good at picking up at your home, dropping off at the airport or picking up at your hotel and getting you to the airport on your way back, I think we can do a lot more in terms of experience for the rider who is arriving in the airport.

我確實認為 Reserve 作為一種產品，雖然它非常適合在家中接機、機場送機或在酒店接機並在您返回時送您前往機場，但我認為我們可以做更多的事情就到達機場的乘客的體驗而言。

We have you put in your flight information so that the driver knows when you're arriving. We automatically account for delays, et cetera. You can upload the information from your Hulu calendar onto our product, et cetera. So there's a lot that we've done.

我們讓您輸入航班信息，以便司機知道您何時到達。我們會自動考慮延誤等情況。您可以將 Hulu 日曆中的資訊上傳到我們的產品等。所以我們做了很多事。

There's some hyper optimization to be done in terms of arrivals and generally for airport pricing algorithms whereas we were pricing generally for the market, now we're focused on really the airport experience. And I think the airport experience in terms of finding where the pickup area is, the pricing, the supply that we have in airports is something that -- it's best of breed. But frankly, I think we can improve on.

在到達率和機場定價演算法方面需要進行一些超級優化，而我們通常是根據市場定價，現在我們真正關注的是機場體驗。我認為，在尋找接載區域、定價和機場供應方面的機場體驗是同類中最好的。但坦白說，我認為我們可以改進。

We are seeing some Reserve usage for other types of use cases, going out to dinner, et cetera. And there, we think it's about optimizing the premium that Reserve represents UberX versus the reliability. And there is a trade-off there. If you want the 99.9% reliability in Reserve, the premium over UberX on demand is going to be quite high.

我們看到一些 Reserve 用於其他類型的用例，例如出去吃飯等等。在那裡，我們認為這是為了優化 Reserve 代表 UberX 的溢價與可靠性。這其中存在一個權衡。如果您希望 Reserve 的可靠性達到 99.9%，那麼與 UberX on Demand 相比，溢價將會相當高。

And on a market-by-market basis and kind of on a consumer segment by consumer segment basis, we're trying to optimize what's that trade-off between price and reliability that can maximize our reserve volume. And again, we think there's a lot more optimization to be done there.

在逐個市場和逐一消費者細分的基礎上，我們正​​在努力優化價格和可靠性之間的權衡，從而最大限度地提高我們的儲備量。再說一遍，我們認為還有很多優化工作要做。

In terms of advertising for large entities, I think your question is spot on in that the majority of our ad revenue at this point is SMBs, et cetera. It's a pretty simple pay for audience and pay for additional business model. The return on ad sales are excellent. Return on ad sales are on average, anywhere from 7x to 10x your spend.

就大型實體的廣告而言，我認為您的問題是正確的，因為目前我們的廣告收入大部分來自中小企業等。這是一種非常簡單的觀眾付費和額外商業模式付費。廣告銷售的回報非常好。廣告銷售回報率平均為支出的 7 倍到 10 倍。

So this is a very profitable endeavor for our product, for our partners, which is great. We are building out more sophisticated technology for our larger advertisers that, frankly, we'll also offer to our smaller advertisers. They may be, for example, amongst other products, the ability to target new customers and then being able to track those new customers when they become repeat customers.

因此，對於我們的產品、對我們的合作夥伴來說，這是一項非常有利可圖的努力，這非常棒。我們正在為較大的廣告商開發更先進的技術，坦白說，我們也會向較小的廣告商提供這些技術。例如，在其他產品中，它們可能是瞄準新客戶的能力，然後當這些新客戶成為回頭客時能夠追蹤這些新客戶。

For grocery products, for example, is to integrate their membership and loyalty programs into Uber Eats so that their loyalty consumers can go direct or they can go through Eats and kind of in that way, they get to build the relationship with those loyalty members as well.

例如，對於雜貨產品來說，就是將他們的會員和忠誠度計劃整合到Uber Eats 中，這樣他們的忠誠消費者就可以直接去，或者他們可以透過Eats，以這種方式，他們可以與這些忠誠度會員建立關係，出色地。

We are working increasingly on building out tool sets that can help larger advertisers measure the incrementality of the advertising and not just the return on ad sales of that advertising as well. And then we're also helping our larger advertisers with dayparts. They may, for example, we've had certain larger advertisers. We really want to promote breakfast and want to go over promote breakfast because it's something we're introducing, and we allow kind of daypart targeting as well.

我們正在越來越多地致力於建立工具集，以幫助較大的廣告商衡量廣告的增量，而不僅僅是廣告的廣告銷售回報。然後，我們也透過時段為較大的廣告商提供協助。例如，他們可能有一些較大的廣告商。我們真的很想推廣早餐，並且想要過度推廣早餐，因為這是我們正在推出的東西，而且我們也允許某種時段定位。

So all of these are relatively newer tools, and we think those tools are going to get a higher penetration of the larger advertisers, both in our Uber Eats business, but just as importantly, CPG advertisers for our grocery business. And of course, we got into the branded business in our mobility segment and our delivery segment as well. So we think we're well on our way to $1 billion plus, which was our target for our ad business that we set a few years ago. And we continue to be very, very pleased with our progress.

因此，所有這些都是相對較新的工具，我們認為這些工具將在我們的Uber Eats 優食業務中的大型廣告商中獲得更高的滲透率，但同樣重要的是，在我們的雜貨業務中的CPG 廣告商中。當然，我們也進入了行動領域和交付領域的品牌業務。因此，我們認為我們正在順利實現 10 億美元以上的目標，這是我們幾年前設定的廣告業務目標。我們仍然對我們的進展感到非常非常滿意。

And there's a lot of potential in this business. So we're not nearly even midstream in terms of its development. Next question. I think we got 1 more.

這項業務有很大的潛力。因此，就其發展而言，我們幾乎還沒有處於中游階段。下一個問題。我想我們還有 1 個。

Our next question comes from Mark Mahaney with Evercore.

我們的下一個問題來自 Evercore 的 Mark Mahaney。

Two questions, please. You talked about this net headcount being down roughly 1% sequentially and looking for ways to demonstrate further operating leverage going forward. Are you at a point now where you can roughly keep headcount flattish or just growing low single-digit percent for the foreseeable future?

請教兩個問題。您談到淨員工人數環比下降了約 1%，並正在尋找方法來展示未來進一步的營運槓桿。現在您是否可以在可預見的未來大致保持員工人數持平或僅以較低的個位數百分比成長？

And then secondly, you talk about in the next earnings call, I think over next quarter, you're going to provide an update on returning capital to shareholders. Could you -- I know you'll make that announcement then, but what are the options, a reasonable range of options that investors should think about with that?

其次，您在下一次財報電話會議中談到，我認為在下個季度，您將提供有關向股東返還資本的最新資訊。我知道你會宣布這一消息，但是投資者應該考慮的選擇是什麼，合理範圍的選擇是什麼？

So in terms of the headcount, yes, Mark, we do believe that we can continue to move forward with flat or very small incremental headcount. And so that's what we are planning as we go forward. As you know, we've pretty held -- we've held pretty steadfast since 2019 in terms of where the headcount has been. And we continue to get that operating leverage, and you're seeing in the bottom line. And so the team is pushing hard to try to maintain that discipline because, again, we continue to try to deliver it.

因此，就員工人數而言，是的，馬克，我們確實相信我們可以繼續以持平或非常小的增量員工人數前進。這就是我們未來的計劃。如您所知，自 2019 年以來，我們在員工人數方面一直保持穩定。我們繼續獲得營運槓桿，你可以在利潤中看到。因此，團隊正在努力維持這種紀律，因為我們將繼續努力實現它。

While we're investing, by the way, in the growth that you heard Dara outline before, so we certainly can. But in terms of capital returns, so as you know, I'm handing the baton over to my able new partner over here, who's going to -- who's kind of stepping in tomorrow as CFO. So it's certainly one of the first priorities that he and Dara are going to walk through.

順便說一句，雖然我們正在投資您之前聽到達拉概述的增長，所以我們當然可以。但就資本回報而言，如您所知，我將把接力棒交給我這裡能幹的新合夥人，他將在明天擔任財務長。因此，這無疑是他和達拉要經歷的首要任務之一。

He's fortunate because he's getting a business that's in great shape, as you know. As you know, we are now eligible for S&P inclusion. And so it's really a matter from a corporate action perspective of an opportunity. We're well on our way to investment grade as well. So he'll get that benefit as well. And so he also understands the fact that capital return is something that's come up from investors.

他很幸運，因為如你所知，他的生意狀況良好。如您所知，我們現在有資格納入標準普爾。因此，從企業行動角度來看，這確實是一個機會問題。我們也正在邁向投資等級。所以他也會得到這個好處。所以他也明白資本回報是投資人帶來的。

We've been pretty workmanlike in terms of 2 years ago, we talked about getting to EBITDA profitability. Last year, we talked about getting to free cash flow. This year, we talked about getting to GAAP operating income at some point. And as you know, especially based on where our projections are, will be GAAP operating income for the full year.

兩年前，我們一直在談論如何實現 EBITDA 獲利。去年，我們討論了實現自由現金流。今年，我們討論了在某個時候實現 GAAP 營業收入的問題。如您所知，特別是根據我們的預測，全年的 GAAP 營業收入將是。

And so we know next year capital return will be a big question. And I know if you look at his background, he has a lot of experience in terms of doing it. You know the forms, whether it's buybacks or dividends, I think that he will look at the full suite and has a lot of experience in his past life doing it. So I'm confident that when he addresses investors in February, which I believe will be the next time, that he'll be ready to at least give a perspective on that for investors.

所以我們知道明年的資本回報將是一個大問題。我知道如果你看看他的背景，他在這方面有很多經驗。你知道這些形式，無論是回購還是股息，我認為他會考慮全套，並且在過去的生活中擁有很多這樣做的經驗。因此，我相信，當他在二月向投資者發表講話時（我相信這將是下一次），他將準備好至少為投資者提供對此的看法。

This will conclude our question-and-answer session. I will now turn the call back to Uber's CEO, Dara Khosrowshahi, for any closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回給 Uber 執行長 Dara Khosrowshahi，讓其結束語。

All right. Thank you, everyone, for joining us in this quarter. Huge thanks to the Uber team who keeps delivering with [flat or down] headcount, which is pretty amazing. They're working pretty hard. Thank you to our partners, our restaurant partners, earners without whom we wouldn't be able to deliver any of these services.

好的。感謝大家在本季加入我們。非常感謝 Uber 團隊，他們在員工人數持平或減少的情況下繼續交付，這真是太棒了。他們工作非常努力。感謝我們的合作夥伴，我們的餐廳合作夥伴，沒有他們，我們就無法提供任何這些服務。

And then a big thank you again, we said it before, but I'll say it again, to Nelson, who has been an incredible partner on this journey. I think Nelson was saving the best for last, and this is definitely the best. So thank you, Nelson, for everything you've contributed to the company. We wouldn't be here without you.

然後再次非常感謝你，我們之前說過，但我會再說一遍，對尼爾森，他是這段旅程中令人難以置信的合作夥伴。我認為尼爾森把最好的留到了最後，而這絕對是最好的。所以，謝謝你，尼爾森，謝謝你為公司所做的一切貢獻。沒有你我們就不會在這裡。

So first of all, I should say this. So I'm really, really proud of the collective work that we've all done over my 5 years. The company is really, really well positioned to continue to grow at scale to deliver increasing profitability and free cash flow. My hope is the company continues to maintain the discipline that's allowed us to deliver against our commitments.

首先，我應該這樣說。因此，我對我們五年來所做的集體工作感到非常非常自豪。該公司確實處於有利位置，可以繼續大規模成長，以提高獲利能力和自由現金流。我希望公司繼續保持紀律，使我們能夠兌現我們的承諾。

And I do want to thank Dara for his partnership and all of Uber because it's really given me an incredible opportunity, and I'm very proud of the work we've done together and to come into a company that's the verb and leave in such good shape, I think, is about all you can ask for. So again, I thank you. And I really thank Dara a lot for his partnership because we've been great partners over the 5 years.

我確實要感謝Dara 的合作以及Uber 的全體員工，因為這確實給了我一個難以置信的機會，我為我們共同完成的工作感到非常自豪，並且能夠進入一家這樣的公司，並以這樣的方式離開。我想，良好的體形就是你所能要求的一切。再次感謝您。我真的非常感謝 Dara 的合作，因為我們在過去 5 年裡一直是很好的合作夥伴。

All right. Thank you, everyone. Thank you, Nelson.

好的。謝謝大家。謝謝你，納爾遜。

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。您現在可以斷開連線。