優步 (UBER) 2023 Q4 法說會逐字稿

Good morning. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Uber Fourth Quarter Earnings Conference Call. (Operator Instructions)

早安.我叫克里斯塔，今天我將擔任你們的會議接線生。此時此刻，我歡迎大家參加 Uber 第四季財報電話會議。 （操作員說明）

I would now like to turn the conference over to Alex Wang, Head of Investor Relations. Alex, you may begin your conference.

我現在將會議交給投資者關係主管 Alex Wang。亞歷克斯，你可以開始你的會議了。

Thank you, Krista. Thank you for joining us today, and welcome to Uber's Fourth Quarter and Full Year 2023 Earnings Presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi; and CFO, Prashanth Mahendra-Rajah.

謝謝你，克里斯塔。感謝您今天加入我們，歡迎觀看 Uber 2023 年第四季和全年財報展示。今天的電話會議由 Uber 執行長 Dara Khosrowshahi 主持。財務長 Prashanth Mahendra-Rajah。

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.

在今天的電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。有關這些非 GAAP 措施的其他揭露（包括 GAAP 與非 GAAP 措施的調整）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。

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新的10-K 表格和其他向我們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 and Prashanth.

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。在達拉和普拉山斯簡短的開場白後，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. Q4 was a standout quarter to cap off a standout year. Trip growth of 24% year-on-year outpaced gross bookings growth for the fourth quarter in a row, powered by strong audience trends and record engagement as consumer activity remained healthy all around the world. At the same time, adjusted EBITDA of $1.3 billion exceeded our Q4 outlook with GAAP operating income of $652 million.

謝謝，亞歷克斯。第四季是一個出色的季度，為這一出色的一年畫上了圓滿的句號。由於全球消費者活動保持健康，強勁的受眾趨勢和創紀錄的參與度推動了旅行量同比增長 24%，連續第四季度超過總預訂量增長。同時，調整後 EBITDA 為 13 億美元，超過了我們第四季的預期，公認會計準則營業收入為 6.52 億美元。

Looking back, 2023 was an inflection point for Uber, providing -- proving that we can continue to generate strong, profitable growth at scale. These results and our Q1 outlook demonstrate that we're starting 2024 with tremendous momentum and reliable execution. I'm energized by the pace of innovation I'm seeing across the company and I'm looking forward to another exciting year ahead.

回顧過去，2023 年是 Uber 的轉捩點，證明我們可以繼續實現強勁、大規模的獲利成長。這些結果和我們的第一季展望表明，我們將以巨大的動力和可靠的執行力開啟 2024 年。我對整個公司的創新步伐感到充滿活力，並期待著未來又一個激動人心的一年。

And now here's Prashanth.

現在是普拉珊斯。

Thank you, Dara. And let me add my welcome to our Q4 Earnings Call. As a reminder, we will be hosting an investor update next week on Wednesday, February 14, to present an updated view of our strategy and capital allocation plans. As such, we kindly ask that you keep your questions today focused on our fourth quarter and full year 2023 results.

謝謝你，達拉。讓我對第四季財報電話會議表示歡迎。謹此提醒，我們將於下週 2 月 14 日星期三舉辦投資者更新會，介紹我們的策略和資本配置計劃的最新觀點。因此，我們懇請您今天將問題集中在我們第四季和 2023 年全年的業績上。

And with that, let's open the call to questions.

接下來，讓我們開始提問。

(Operator Instructions) Your first question comes from the line of Doug Anmuth from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Doug Anmuth。

As you come off of 2023, where you've grown bookings 20% and achieved positive GAAP operating income and net income and driven meaningful free cash flow. Can you just talk more about your top priorities as you enter '24? How will you shift Uber to become more of an everyday product? And what are some of the key strategic investment areas that you're most focused on?

2023 年結束時，您的預訂量增加了 20%，並實現了正的 GAAP 營運收入和淨利潤，並推動了有意義的自由現金流。進入 24 年後，您能多談談您的首要任務嗎？您將如何讓 Uber 成為日常產品？您最關注的一些關鍵策略投資領域是什麼？

Yes. Great question, Doug. So I think for us, the good news is that the strategy remains largely the same. If I were to broaden in terms of mobility, first and foremost, it's about making certain that our supply position, the number of drivers that we have on the road and engagement of those drivers, continues to be healthy because that is what drives overall marketplace health and you can never forget about the basics. The number of drivers we have on the platform was up 30% year-on-year with engagement average -- with engagement also being up 10%.

是的。好問題，道格。所以我認為對我們來說，好消息是策略基本上保持不變。如果我要擴大流動性，首先也是最重要的是要確保我們的供應狀況、道路上的司機數量以及這些司機的參與度繼續保持健康，因為這是推動整個市場的因素健康，你永遠不能忘記基礎知識。我們平台上的司機數量年增了 30%，平均參與度也增加了 10%。

So we still -- drivers are the heart of the business. And as long as we've got drivers who are earning as they are, for example in the U.S., $33 per utilized hour and staying on the platform for longer, that -- the platform stays healthy. We have more people coming in.

所以我們仍然——司機是業務的核心。只要我們的司機以實際收入（例如在美國）每使用一小時 33 美元並且在平台上停留的時間更長，那麼平台就會保持健康。我們還有更多的人進來。

At the same time, we're augmenting that base platform with a number of new initiatives that we've got in place, newer products. This is our U4B enterprise business that's actually showing nice strength early in the year. Reserve for folks who are willing to pay more for better reliability, for those travel occasions for example. Low-cost product as well. And then taxis and 2-wheelers and 3-wheelers. So you've got a base business that's growing at fast rates, typically gaining category position against many competitors, and then augmented by some of these faster-growing products.

同時，我們正在透過一系列新舉措和更新產品來增強該基礎平台。這是我們的 U4B 企業業務，實際上在今年年初就展現了不錯的實力。為那些願意支付更多費用以獲得更好可靠性的人（例如在旅行場合）預訂。也是低成本產品。然後是計程車、兩輪車和三輪車。因此，您的基礎業務正在快速成長，通常會在許多競爭對手中獲得類別地位，然後透過其中一些快速成長的產品來增強。

In delivery, it's very similar, which is adding more restaurants, making sure the reliability of services is excellent. You've seen that business actually accelerate its growth from 16% top line to 17% while significantly increasing margins as well. And that's augmented by new services, such as grocery, which is now $7 billion run rate and growing at very healthy rates. And then advertising, which we told you would be a $1 billion run rate business next year, which is going to surpass that. We're already at a $900 million-plus run rate just in Q4 of this year.

在交付方面，情況非常相似，即增加更多餐廳，確保服務的可靠性非常好。您已經看到，業務實際上從 16% 加速成長到 17%，同時利潤率也顯著提高。新的服務（例如食品雜貨）進一步增強了這一點，目前該服務的營業額為 70 億美元，並且正在以非常健康的速度成長。然後是廣告業務，我們告訴你明年的營業額將達到 10 億美元，這數字將超過這個數字。光是今年第四季度，我們的運行率就已超過 9 億美元。

So again, strong base business augmented by these new exciting businesses that add both top line and margin as well. And then all of it is going to be undergirded by the power of the platform. First and foremost, that's our technology platform, all of the algos we have that are matching drivers to riders or matching couriers to go pick up something at a grocery store and deliver at home on time. So it's a technical platform that's doing all the matching, routing driven by AI.

同樣，這些令人興奮的新業務增強了強大的基礎業務，同時也增加了營收和利潤。然後所有這一切都將得到平台的力量的支撐。首先也是最重要的，這是我們的技術平台，我們擁有的所有演算法都可以將司機與乘客匹配，或者匹配快遞員去雜貨店取貨並按時送貨到家。所以它是一個由人工智慧驅動的技術平台，負責完成所有的配對和路由。

And then other factors like our membership program, which is up to 19 million members. And then of course cross-selling across the platform, which continues to increase Uber users who buy across platform. Let's say, if they take an UberX in order an Uber Eats, will on average order 3x more than those who don't.

然後是其他因素，例如我們的會員計劃，該計劃擁有多達 1900 萬會員。當然還有跨平台的交叉銷售，這不斷增加跨平台購買的 Uber 用戶。比方說，如果他們使用 UberX 訂購 Uber Eats 優食，平均訂單量會比不使用 UberX 的人多 3 倍。

So I think as we look forward, it's more of the same and increasing the scale of each of these efforts because, as you can see, we're growing faster than competition on a global basis. We continue to improve margins. And now that we're profitable, that creates other possibilities as well.

因此，我認為，當我們展望未來時，每項努力的規模都會增加，因為正如您所看到的，我們在全球範圍內的成長速度快於競爭對手。我們繼續提高利潤率。現在我們已經獲利了，這也創造了其他可能性。

So I think that's what we're kind of -- if next year is the same as this year, just with bigger numbers, I'll be happy.

所以我認為這就是我們的情況——如果明年和今年一樣，只是數字更大，我會很高興。

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

您的下一個問題來自高盛的艾瑞克·謝裡丹。

Maybe following up on Doug's broader question and spreading it out around the globe. Curious if there were any geographic areas you wanted to call out exiting '24. And looking into '24, where you see elements of either improved market share position or elements of driving the utility around Uber One and linking more mobility activity with more delivery activity that we should keep an eye on as we move deeper into 2024.

也許可以跟進道格更廣泛的問題並將其傳播到全球各地。很好奇您是否想在“24”退出時指出任何地理區域。展望24 年，您會看到市場份額地位提高的因素，或圍繞Uber One 推動公用事業的因素，以及將更多出行活動與更多送貨活動聯繫起來的因素，隨著我們進入2024 年，我們應該密切注意這些因素。

Yes, Eric. What I'll start with is actually delivery. And what we're quite happy to see is that, for example, our delivery business, which again accelerated gross bookings growth this year, grew category position in 10 out of its top 10 markets.

是的，埃里克。我首先要講的是交付。我們非常高興地看到，例如，我們的送貨業務今年再次加速了總預訂量的成長，在前 10 個市場中的 10 個市場中的品類地位有所提高。

So the growth that you see from us in -- with delivery is substantially in excess of the category. It's partially and mostly the great execution of the team in terms of the basics, which is adding more selection, bringing in more consumers, bringing in more couriers, making sure that the reliability of the service improves and making sure that errors improve as well, you don't get your food late.

因此，您從我們那裡看到的交付量的增長大大超過了該類別。這部分且大部分是團隊在基礎方面的出色執行力，即增加更多選擇，引入更多消費者，引入更多快遞員，確保服務可靠性提高並確保錯誤也得到改善，你不會遲到的。

But then again, it is that power of the platform, right? Which is our Uber Eats business is getting significant free traffic from rides, or close to free traffic from rides. And then, of course, the membership program continues to be a larger and larger portion of our business. Now about 45% of delivery gross bookings are coming from membership, and that just mathematically drives frequency. And if you look at delivery, audience is up, frequency is up, basket size is up as well.

但話又說回來，這就是平台的力量，對吧？我們的 Uber Eats 優食業務正在從乘車中獲得大量免費流量，或接近免費乘車流量。當然，會員計劃仍然是我們業務中越來越大的一部分。現在，大約 45% 的外送總預訂量來自會員資格，從數學上講，這只是提高了頻率。如果你看一下投放情況，你會發現受眾增加了，頻率增加了，購物籃大小也增加了。

So the growth comes -- it's very broad growth, and more of the growth this year is coming from transactional growth versus pricing growth relative to last year. Last year was more pricing growth and transaction growth. Now it's the other way around. And that really is broad.

因此，成長來了——這是非常廣泛的成長，今年的成長更多來自交易成長，而不是相對於去年的定價成長。去年定價成長和交易成長更多。現在情況正好相反。這確實很廣泛。

In mobility, I would say standouts were Latin America and APAC. Again, we had very strong, broad growth around the world, but we've seen very strong growth particularly in the Asia Pacific. The Japanese market is super strong. Korea is starting to come up. Australia remains very strong, Taiwan, et cetera. So all of these markets are strong. I think it's augmented by taxis.

在流動性方面，我認為最突出的是拉丁美洲和亞太地區。同樣，我們在全球範圍內實現了非常強勁、廣泛的成長，但我們看到了非常強勁的成長，尤其是在亞太地區。日本市場超強勁。韓國開始崛起。澳洲仍然非常強大，台灣等等。所以所有這些市場都很強。我認為計程車的數量有所增加。

India for us is super strong and we are gaining category position versus our big competitor there, and we think we're the larger player. Making a lot of progress with 2-wheelers. And then in Latin America, it's really two-wheelers, Moto. It's a lower cost product that is the hero. It's a newer product. Trip growth there is incredibly healthy. So Latin American trip growth was absolutely standout this year.

印度對我們來說非常強大，與那裡的主要競爭對手相比，我們正在獲得類別地位，我們認為我們是更大的參與者。兩輪車取得了很大進展。然後在拉丁美洲，它實際上是兩輪車，Moto。這是一款成本較低的產品，這才是英雄。這是一個較新的產品。那裡的旅行增長非常健康。因此，今年拉丁美洲的旅遊成長絕對是引人注目的。

Your next question comes from the line of Brian Nowak from Morgan Stanley.

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

I have two. One for Dara, one for Prashanth. Dara, I mean, you've talked a lot over the 2023 period about sort of increasing frequency and increasing engagement on the overall platform. Can you just talk to us about sort of operationally and from an investment perspective, what are sort of the key areas you need to invest in to continue to turn more MAUs into WAUs and WAUs into DAUs, et cetera. How do you do that operationally?

我有兩個。一份給 Dara，一份給 Prashanth。 Dara，我的意思是，您在 2023 年期間談論了很多關於增加整個平台的頻率和參與度的問題。您能否從營運和投資的角度與我們談談，您需要投資哪些關鍵領域，以繼續將更多月活躍用戶轉化為每月活躍用戶，將每月活躍用戶轉化為日活躍用戶，等等。您如何在操作上做到這一點？

And then the second one, Prashanth, you've had a little time on top of the hood and now sort of under the hood. Just sort of talk to us about maybe 1 or 2 of the things that you think are most surprising and underappreciated internally versus externally now you've sort of gotten to know the company a little better.

然後是第二個，Prashanth，你在幕後花了不少時間，現在又在幕後了。只需與我們談談您認為內部與外部最令人驚訝和最不受重視的一兩件事，現在您已經對公司有了更多的了解。

Yes, absolutely. I like your phraseology there. Listen, I think in terms of frequency, I know there's a bunch of sexy stuff that people talk about. But the most important factor in terms of frequency is being a service that is reliable and predictable every single day for every single occasion.

是的，一點沒錯。我喜歡你那裡的措詞。聽著，我認為就頻率而言，我知道人們談論很多性感的東西。但就頻率而言，最重要的因素是每天針對每個場合提供可靠且可預測的服務。

So for mobility, it's making sure that ETAs are at constructive levels, making sure that surge typically is less than, let's say, 20% of sessions. And both of those are moving in the right direction. And especially in Q1, they're moving in the right direction. And then for delivery, just taking out any errors in terms of you're missing a drink, et cetera. Making sure that if we make a delivery promise of 25 minutes, we deliver in 25 minutes. So I think those are the basics.

因此，對於流動性而言，需要確保預計到達時間處於建設性水平，確保激增通常小於會話的 20%。兩者都在朝著正確的方向發展。尤其是在第一季度，他們正在朝著正確的方向前進。然後在送貨時，只需排除任何錯誤，例如您錯過了一杯飲料等。確保如果我們承諾 25 分鐘交貨，我們就會在 25 分鐘內交貨。所以我認為這些是基礎知識。

Now the advantage or one of the advantages that we have is the platform, which is, as we see our users engage with more than one product, those users tend to come back more often and tend to stick around for longer. So we have now a team that is essentially using AI algorithms and there are a number of promotions that we have lined up.

現在，我們擁有的優勢或優勢之一是平台，也就是說，當我們看到我們的用戶與不只一種產品互動時，這些用戶往往會更頻繁地回來，並且往往會停留更長時間。因此，我們現在擁有一個基本上使用人工智慧演算法的團隊，我們已經安排了許多促銷活動。

So if you're going to work, if we know that you're commuting to work, for breakfast, we may have a promotion for you to pick up a coffee at Starbucks. If you're coming home from work, and we know it's around 6:30, and that's when you order dinner, we may say, "Why don't you order a pizza? It will be home for your family by the time you get there."

因此，如果您要去上班，如果我們知道您要上下班吃早餐，我們可能會推出促銷活動，讓您在星巴克買一杯咖啡。如果您下班回家，我們知道現在是 6:30 左右，此時您點了晚餐，我們可能會說，“為什麼不點一份披薩呢？等您回家時，您的家人就到家了。”到達那裡。”

All of these occasions, there are different occasions that we can target the right person with the right offer at the right price. All of that now is algorithmically driven. And it's pretty powerful because it's gone from, I'd say, like programming, 1/3 of the time, let's throw this promotion; and 1/3 of the time, let's throw another promotion. As it turns algorithmic, as it becomes much more targeted and personalized, the power of the platform increases. And that generally just mathematically moves frequency the right direction.

所有這些場合，我們都可以在不同的場合以合適的價格為合適的人提供合適的報價。現在所有這些都是由演算法驅動的。它非常強大，因為我想說，它已經不再像編程一樣，有 1/3 的時間，讓我們進行這個促銷； 1/3的時間，讓我們再進行一次促銷。隨著它變得演算法化，變得​​更有針對性和個性化，平台的力量也會增強。這通常只是在數學上將頻率移動到正確的方向。

The last point that I would make is, again, membership, too, is it's just a tailwind for us for frequency. We've got 19 million members, up significantly on a year-on-year basis. Members buy more, they stay longer. And just mathematically, members will account for a higher percentage of gross bookings, which means a higher percentage of customers are going to stick around for longer and transact more frequently.

我要說的最後一點是，會員資格也只是我們頻率的順風車。我們擁有 1,900 萬會員，較去年同期大幅成長。會員購買更多，停留時間更長。從數學上講，會員將佔總預訂量的更高比例，這意味著更高比例的客戶將停留更長時間並更頻繁地進行交易。

Prashanth, do you want to take the second question?

Prashanth，你想回答第二個問題嗎？

Right. Great. Brian, and thank you for giving me a softball to start with. So if I think about kind of my observations over the last 3 months now under the hood, using your expression, I would say what I found most surprising is the -- just the level of excitement and energy within the organization and the focus they have on building products for users, for earners and for partners. It's a very mission-driven company. I know that's an expression you often hear a lot of tech companies use, but I'm really experiencing it within the 4 walls of Uber.

正確的。偉大的。布萊恩，謝謝你給了我一個壘球。因此，如果我想想過去 3 個月的觀察結果，用你的表達，我會說我發現最令人驚訝的是——組織內部的興奮和活力水平以及他們的關注點致力於為用戶、盈利者和合作夥伴打造產品。這是一家非常有使命感的公司。我知道這是許多科技公司常聽到的表達方式，但我確實在 Uber 的四面牆內體驗到了這一點。

I'll say the other learning that has been very, very encouraging for someone coming in is just the internal conviction and plans around driving profitable growth. And there's a tremendous runway that this organization has over the next couple of years to continue focusing not just on growth but also making sure that, that growth comes with significant profit leverage.

我想說的是，對於新加入的人來說，另一個非常非常令人鼓舞的學習就是圍繞著推動獲利成長的內在信念和計劃。在接下來的幾年裡，該組織擁有巨大的跑道，不僅可以繼續專注於成長，還可以確保成長伴隨著顯著的利潤槓桿。

Your next question comes from the line of Ross Sandler from Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Great. Dara, the mobility incremental margin bounced back pretty nicely to 10%. You guys said on the last quarter, this would move around a bit. So how do we think about the outlook on that going forward? And as these new areas like Reserve, which has higher margin, but taxi or shared rides has lower margin. As those come in and the mix starts to change, how do we think about mobility incrementals going forward?

偉大的。 Dara，流動性增量利潤率很好地反彈至 10%。你們在上個季度說過，情況會有所改變。那我們該如何看待未來的前景呢？像保護區這樣的新領域，其利潤率較高，但計程車或共乘的利潤率較低。隨著這些的出現和組合開始發生變化，我們如何看待未來的流動性增量？

Yes, I'm going to take that question. So before I jump into incremental margins, maybe I'll just take a minute to talk about -- as we go forward, we'd like to focus really on EBIT dollar growth, given the power of the platform, the leverage that we're generating off of our revenue growth. We're pretty excited about the absolute EBIT dollar growth we're going to be able to generate over the coming quarters. And we think that's a better metric for us because it allows us to really share with you a better proxy for our ability to generate cash flow.

是的，我要回答這個問題。因此，在我開始討論增量利潤之前，也許我會花一點時間談談——在我們前進的過程中，考慮到平台的力量和我們的槓桿作用，我們希望真正關注息稅前利潤的增長。重新利用我們的收入成長。我們對未來幾季能夠實現的息稅前利潤絕對成長感到非常興奮。我們認為這對我們來說是一個更好的指標，因為它使我們能夠真正與您分享一個更好的指標來衡量我們產生現金流的能力。

Having said that, I do want to talk specifically to incremental margin. So you're referring to that, in Q4, incremental margins grew sequentially for the mobility business. And as a reminder, that can bounce around a little bit based on mix and also based on the investment decisions that we make. So I wouldn't put too much focus on continued expansion of incremental margins.

話雖如此，我確實想具體談談增量保證金。所以你指的是，在第四季度，行動業務的增量利潤持續成長。提醒一下，這可能會根據組合以及我們做出的投資決策而略有反彈。因此，我不會太在意增量利潤的持續擴張。

We feel very comfortable that the overall incremental margins for Uber are going to continue to be something that is going to pull overall profitability of the company up. But remember that we will always be making investments areas that -- such as our growth bets that you referred to, whether it be Hailables or in new geographies that are going to put some pressure on that. But overall, look for continued growth in EBITDA margins, but probably a little less acceleration in incremental margins.

我們感到非常放心的是，優步的整體增量利潤將繼續提高公司的整體獲利能力。但請記住，我們將始終在那些領域進行投資，例如您提到的我們的成長押注，無論是 Hailables 還是新地區，都會對此施加一些壓力。但總體而言，預計 EBITDA 利潤率將持續成長，但增量利潤率的成長可能會稍慢一些。

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

您的下一個問題來自美國銀行的賈斯汀·波斯特。

Great. I'll ask a couple of things we get a ton of questions on. First, just on mobility pricing and ability to drive growth. Where do you think you are on that, mostly for UberX? And how do you see pricing in '24? And do you see that maybe is a headwind for growth, or any issues with that?

偉大的。我會問一些我們收到很多問題的問題。首先，僅關於行動定價和推動成長的能力。您認為您在這方面處於什麼位置，主要是針對 UberX？您如何看待 24 年的定價？您是否認為這可能是成長的阻力，或者有什麼問題嗎？

And then second, on insurance, can you just confirm 1 month is in higher rates, or in the March guidance? And how you're thinking about maybe the step up in 2Q? Is there anything we need to think about?

其次，在保險方面，您能否確認 1 個月的費率較高，或在 3 月的指導中？您如何考慮第二季的升級？有什麼需要我們思考的嗎？

Yes, absolutely. So I think in terms of mobility pricing, Justin, mobility pricing has been relatively flat on a year-on-year basis really for the full year this year. And kind of when you go back to pre-COVID levels, we're up now in the 20s, but compared to like a bunch of other products, we're probably -- I think the cost of Uber has increased similarly to many other products.

是的，一點沒錯。因此，我認為就行動定價而言，賈斯汀，今年全年的行動定價確實與去年同期相比相對持平。當你回到新冠疫情之前的水平時，我們現在已經上升到了 20 多歲，但與許多其他產品相比，我們可能 - 我認為 Uber 的成本與許多其他產品類似地增加了產品。

So we actively work to make sure our supply position is in the right position. We actively work to make sure our own cost levers, et cetera, are getting more efficient so that we can keep price at the prices that they're at now and drive the minority of our growth in terms of transactional growth. And you can see that in the overall numbers, which is overall company growing transactions 24% and gross bookings growing 21% on a constant currency basis.

因此，我們積極努力確保我們的供應位置處於正確的位置。我們積極努力確保我們自己的成本槓桿等變得更加有效，以便我們可以將價格保持在現在的價格，並在交易成長方面推動我們成長的一小部分。您可以從整體數據中看到，以固定匯率計算，公司整體交易量增加了 24%，總預訂量增加了 21%。

So we're actively looking to keep a lid on price, so to speak. And then what we're doing in terms of targeting different demographics is, there's a certain segment of folks who are willing to pay a premium for higher reliability or nicer cars in Black or Reserve. And then of course for the more cost-conscious consumer, we're offering UberX Share and some of the other products as well, two-wheelers or three-wheelers, in some of the developing countries.

因此，可以這麼說，我們正在積極尋求限制價格。然後，我們針對不同人群所做的事情是，有一部分人願意為更高可靠性或更好的黑色或儲備汽車支付溢價。當然，對於更注重成本的消費者，我們在一些發展中國家提供 UberX Share 和其他一些產品，兩輪車或三輪車。

So we don't see price at this point as a factor that is restricting growth. And if anything, you can see the growth of the company continues to be very, very strong, we think growing faster than the category. And then on top of this base, of course, you have all of the new products that we're building, U4B and Hailables, et cetera. That portfolio is now is at $11 billion run rate and it's growing 80% on a year-on-year basis.

因此，我們目前並不認為價格是限製成長的因素。如果有的話，你可以看到該公司的成長仍然非常非常強勁，我們認為成長速度超過了該類別。當然，在此基礎上，您還擁有我們正在建造的所有新產品，U4B 和 Haiables 等。該投資組合目前的運行速度為 110 億美元，並且年增 80%。

So we think the growth vectors that we've got in place are strong, and we look forward to continuing to grow the top line at very healthy levels this coming year while delivering margins at the same time.

因此，我們認為我們已經建立的成長向量是強大的，我們期待來年繼續以非常健康的水平成長收入，同時提供利潤。

Prashanth, do you want to talk insurance?

Prashanth，你想談談保險嗎？

Not really, but I'll take that question, yes. So as a reminder, maybe we'll say that -- remember that we provide automotive liability insurance on behalf of our drivers. So it's a benefit we provide to them. And in turn, we build that into our pricing.

不是真的，但我會回答這個問題，是的。因此，提醒一下，也許我們會說——請記住，我們代表司機提供汽車責任保險。所以這是我們為他們提供的好處。反過來，我們將其納入我們的定價中。

Certainly, this is a space that has been facing significant cost pressure. You're going to be seeing similar inputs from -- or output from both the personal and the commercial auto insurance companies. As a data point, we'd say -- we point you to the latest CPI print, which had motor vehicle insurance up 20% year-over-year. So in this more inflationary environment, we are taking a number of steps to actively manage our costs.

當然，這是一個一直面臨巨大成本壓力的領域。您將看到個人和商業汽車保險公司的類似輸入或輸出。作為一個數據點，我們會向您展示最新的消費者物價指數 (CPI)，其中機動車輛保險年增 20%。因此，在這個通膨加劇的環境中，我們正在採取一系列措施來積極管理我們的成本。

First, I'd call out that we can use the data that we have access to in the technology environment to really drive safety technology. And that includes things that we've talked about before, like reducing left turns, giving alerts to drivers when they're approaching challenging intersections, enabling both audio and video recording during trips so that there can be evidence of liability which can be helpful to us. In addition, we have an excellent risk management program. We are -- we have a good partnership with our carriers and we maintain these relationships over a longer term.

首先，我要指出的是，我們可以使用我們在技術環境中可以存取的資料來真正推動安全技術。這包括我們之前討論過的事情，例如減少左轉、在接近具有挑戰性的十字路口時向駕駛員發出警報、在行程期間啟用音訊和視訊記錄，以便有責任證據，這有助於我們。此外，我們還有出色的風險管理計劃。我們與我們的營運商有著良好的合作關係，並且我們將長期維持這些關係。

But what is helpful there as well is we have our own captive insurance company, and that allows us to retain more risk where necessary, particularly in harder insurance-pricing markets when it -- could it be for a particular geography or locality.

但也有幫助的是，我們擁有自己的自保保險公司，這使我們能夠在必要時保留更多風險，特別是在保險定價市場更加困難的情況下——可能是針對特定的地理位置或地區。

And then lastly, on the regulatory side, we've got a really strong policy team that is working on a reform -- on reforms state-by-state. So we've seen some good progress, positive legislation in Florida, in Virginia and Georgia, working on some other states as well. And we're also active in a number of states, including California.

最後，在監管方面，我們有一個非常強大的政策團隊正在致力於改革——逐州改革。因此，我們在佛羅裡達州、維吉尼亞州和喬治亞州看到了一些良好的進展和積極的立法，其他一些州也在努力。我們也在包括加州在內的許多州開展活動。

And you might have seen some activity on this in the last couple of weeks, where we see an opportunity to really educate the new legislators given there's a fairly high level of turnover that's expected at the state level, 40-or-so seats that are going to open up. And we've indicated that we're willing to put as much as $30 million into our Uber innovation pack, which is really focused on helping to identify business-friendly legislators for the California state.

在過去的幾周里，您可能已經看到了一些這方面的活動，我們看到了一個真正教育新立法者的機會，因為預計州一級的人員流動率相當高，大約有 40 個席位。即將開放。我們已經表示，我們願意在 Uber 創新包中投入多達 3000 萬美元，該創新包的真正重點是幫助加州找到有利於商業的立法者。

Wrapping up. At the kind of -- at the overall 2024 level, I would say that the insurance cost per trip for the U.S., that's certainly going to be a headwind. We've got these multiple cost-mitigation efforts that we're going to continue to factor. And really, Justin, to your question, all of that is priced into the guide. So you should expect all that to be reflected in the outlook we're giving.

包起來。就 2024 年的整體水平而言，我想說，美國每次旅行的保險費用肯定會是一個阻力。我們已經採取了多項降低成本的措施，並將繼續考慮。事實上，賈斯汀，對於你的問題，所有這些都已包含在指南中。因此，您應該期望所有這些都會反映在我們給出的前景中。

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

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

Let me ask 2 questions, please. On the advertising revenue growth, it's been better than maybe we all thought a year or 2 ago. What do you think have been the biggest kind of growth surprises? What parts of the advertising platforms that you have done the best for you?

請讓我問 2 個問題。在廣告收入成長方面，可能比我們一兩年前想像的還要好。您認為最大的成長驚喜是什麼？您在廣告平台的哪些部分做得最適合您？

And then in terms of Uber One, you've got, whatever, 19 million users. It's a really good number. I know it's a product that's kind of like Prime over time, can have more -- not more -- not just bells and whistles, but more really great features and functionality added to it. Can you just give us a sense of what some of those new incremental features and functionality would be that consumers would really appreciate?

然後就 Uber One 而言，無論如何，你已經擁有 1900 萬用戶。這是一個非常好的數字。我知道這是一款有點像 Prime 的產品，隨著時間的推移，它可以擁有更多——而不是更多——不僅僅是花哨的東西，而是添加更多真正出色的特性和功能。您能否讓我們了解消費者真正欣賞的一些新的增量特性和功能？

Absolutely. So Mark, in terms of ads, we're very happy with the progress on ads. I'd say that we're not surprised because we've got a terrific team both on the sales side and the tech side, and they have been executing what they promised.

絕對地。馬克，就廣告而言，我們對廣告方面的進展感到非常滿意。我想說，我們並不感到驚訝，因為我們在銷售方面和技術方面都有一支出色的團隊，而且他們一直在執行他們的承諾。

Now the biggest area of strength on advertising are still the smaller businesses that advertise on our platforms. These are your neighborhood restaurant who wants to get -- increase their business by 20% and puts in a certain dollar amount into the Uber ad system that we bid on for them. These advertisers, on average, are earning 8x their spend.

現在，廣告方面最大的優勢領域仍然是在我們平台上做廣告的小型企業。這些是您附近的餐廳，他們希望將業務增加 20%，並在我們為他們出價的 Uber 廣告系統中投入一定的資金。這些廣告商的平均收入是支出的 8 倍。

We got about 550,000 businesses now advertising on our platform. It's up 5%, and that is the majority of our advertising revenue. And it's about bringing on more advertisers onto the platform or getting them to increase spend. If you're making 8x your investment, well, increase your spend from $200 a week, to $300 a week, to $400 a week. That is absolutely something that we're focused on. And frankly, it's in the interest of our advertisers based on the return on ad sales that they're seeing.

現在大約有 55 萬家企業在我們的平台上做廣告。成長了 5%，這是我們廣告收入的大部分。這是為了吸引更多的廣告商進入該平台或讓他們增加支出。如果您的投資是原來的 8 倍，那麼請將您的支出從每週 200 美元增加到每週 300 美元，再增加到每週 400 美元。這絕對是我們關注的焦點。坦白說，根據廣告商所看到的廣告銷售回報，這符合他們的利益。

Some of the faster-growing areas of advertising are with enterprise clients and CPG clients. Enterprise advertisers, sometimes they look for additional bells and whistles. They want -- they may want to target a certain demographic. They may want to target a certain daypart, for example. One of our big enterprise consumers wanted to target breakfast, as an example. Or they may want to only bring on new customers who haven't eaten at that establishment before. So we're building out a much more mature tool set for those kinds of advertisers, more reporting, more reporting on incrementality of the ad spend as well.

一些成長較快的廣告領域是針對企業客戶和 CPG 客戶。企業廣告商有時會尋求額外的附加功能。他們想要——他們可能想要針對特定人群。例如，他們可能想要定位某個時段。例如，我們的一位大型企業消費者希望以早餐為目標。或者他們可能只想吸引以前沒有在該餐廳用餐過的新顧客。因此，我們正在為此類廣告商建立更成熟的工具集，更多報告，更多關於廣告支出增量的報告。

And then for CPG companies, especially in the grocery part of our business, which is one of the fastest-growing segments of the business, we built out, for example, sponsored items for grocery. These CPGs, they are advertising in Albertsons, they're advertising in the -- in grocery shelves at this -- Right Now. They advertise on Instacart.

然後，對於 CPG 公司，尤其是我們業務中成長最快的部門之一的雜貨部分，我們為雜貨製作了贊助商品。這些消費品，他們在艾伯森百貨公司做廣告，他們現在就在雜貨店貨架上做廣告。他們在 Instacart 上刊登廣告。

So essentially, we're rebuilding those kinds of products to get them in front of an audience, an Uber Eats audience that's not only global but is growing very, very quickly. So any CPG advertiser who wants a growing audience and a global growing audience should get in front of our audience.

因此，從本質上講，我們正在重建此類產品，以便將它們呈現在受眾面前，Uber Eats 優食的受眾不僅是全球性的，而且增長得非常非常快。因此，任何想要不斷增長的受眾以及全球不斷增長的受眾的 CPG 廣告商都應該走在我們受眾的前面。

And then of course there's our journey ads, which is advertising on mobile. These are people who are going out, who are impressionable, who may see kind of higher-level branded, higher CPM brand advertising in the Uber app as well. That part of the business continues to grow. And that team had frankly a terrific Q4.

當然還有我們的旅程廣告，就是在行動裝置上的廣告。這些人經常外出，容易受影響，他們也可能會在 Uber 應用程式中看到更高級別的品牌、更高每千次曝光費用的品牌廣告。這部分業務持續成長。坦白說，那支球隊第四季的表現非常出色。

When you look at membership, which we're very excited about, membership really had a bit of a sprint at the end of the year. We had kind of holiday promos on free trials. We moved a bunch of our Uber One members to annual memberships that reduces kind of the turnover or increases the retention of the members.

當你看看會員資格時，我們對此感到非常興奮，會員資格在年底確實經歷了一些衝刺。我們有一些免費試用的假期促銷活動。我們將一批 Uber One 會員轉為年度會員，這減少了營業額或提高了會員的留任率。

So right now, I'd say the focus of the team has been launching in more countries. We're in 25 countries. Making sure that features like annual membership, upsell that increase retention, are available all over the world.

所以現在，我想說團隊的重點是在更多國家推出。我們遍佈 25 個國家。確保年度會員資格、追加銷售等可提高保留率的功能在全球範圍內可用。

Next year, you will see some bells and whistles, I would say more on the mobility front, in terms of surprising and delighting the customer if it's an upsell or if you're, let's say, in an airport. But I want to save those surprises and delights for when we're ready to announce them. But stay tuned.

明年，你會看到一些花俏的東西，我想說更多的是在移動性方面，如果是追加銷售，或者如果你在機場，那就讓客戶感到驚訝和高興。但我想把這些驚喜和喜悅留到我們準備好宣布的時候。但請繼續關注。

And maybe just to wrap that up, just to put some numbers out there so that you have them. Again, 19 million members across the 25 countries that Dara mentioned. And again, I want to back to the data he pointed out earlier. About 45% of our delivery gross bookings is coming from members. So it is definitely driving the frequency which is elemental to the growth algorithm.

也許只是為了總結一下，只是把一些數字放在那裡，這樣你就可以得到它們。達拉提到的 25 個國家有 1900 萬會員。我想再次回到他之前指出的數據。我們約 45% 的配送總預訂量來自會員。因此，它肯定會驅動頻率，而頻率對於成長演算法至關重要。

Your next question comes from the line of Ron Josey from Citi.

您的下一個問題來自花旗集團的 Ron Josey。

Maybe 2 deeper-dive specific ones, Dara and Prashanth. I wanted to -- maybe sticking with the delivery side, on grocery and retail. I think I saw gross bookings are now in a $7 billion run rate. Maybe, Dara, talk to us about the progress with grocery now that I think the infrastructure is built out, and how you think about integrating grocery within delivery and food going forward.

也許有 2 個更深入的具體問題，Dara 和 Prashanth。我想——也許堅持在食品雜貨和零售領域的送貨方面。我想我看到總預訂量現在達到了 70 億美元。也許，達拉，現在我認為基礎設施已經建成，請和我們談談雜貨店的進展，以及您如何考慮將雜貨店與未來的配送和食品相結合。

And given the conversations around frequency as a big opportunity to improve overall usage going forward, would love to again update on Uber teens. I think we saw that is now expanding to newer markets. But here in The States, talk to us about demand for Uber teens and sort of where that might go.

鑑於圍繞頻率的討論是提高未來整體使用率的一個大機會，我很樂意再次更新有關 Uber 青少年的資訊。我認為我們看到它現在正在擴展到新的市場。但在美國，請與我們談談對 Uber 青少年的需求以及可能的走向。

Yes, absolutely. As far as grocery and retail goes, we're very happy with the progress there. Like you said, $7 billion of gross bookings. And really, the focus that we have now on grocery and retail is upsell to the Uber Eats customer.

是的，一點沒錯。就雜貨和零售而言，我們對那裡的進展感到非常滿意。正如您所說，總預訂量為 70 億美元。事實上，我們現在對食品雜貨和零售的關注重點是向 Uber Eats 優食客戶進行追加銷售。

Our grocery and retail business is now fully native. We have sunset the Cornershop app all over the world. We certainly haven't sunset that team. That team is now actually leading many parts of our grocery and retail business. But the upsell is about showing, at the right occasions, grocery, too, and eaters.

我們的雜貨和零售業務現在完全是本土化的。我們已經在世界各地關閉了 Cornershop 應用程式。我們當然還沒淘汰那支球隊。團隊現在實際上領導著我們雜貨和零售業務的許多部分。但追加銷售是為了在適當的場合展示雜貨和食客。

So for example, after you've completed your order, maybe you want a bottle of wine from a nearby liquor store or you want some dessert, et cetera. It's those occasions that can introduce in a very natural way the Uber Eats customer to grocery and retail.

例如，在您完成訂單後，也許您想從附近的酒類商店購買一瓶葡萄酒，或者想要一些甜點，等等。正是這些場合可以以非常自然的方式將 Uber Eats 優食顧客介紹給雜貨店和零售店。

And then what we'll look to do after that is promote. There's a supermarket around the corner. Do you want to do a top-up shop or do you want to do your weekly shop on that supermarket as well?

之後我們要做的就是推廣。拐角處有一家超市。您想要開一家儲值商店還是想在該超市進行每週一次的購物？

So it's a lot of basic tackling, including getting more retailers on board. And steadily, we're increasing the number of eaters who also order grocery and retail. It's now up to 14%. And that is a percentage that you will continue to see move up throughout the year. So that's essentially what we've driven. Again, we expect big things from grocery and retail.

因此，需要解決許多基本問題，包括讓更多零售商加入。我們正在穩步增加同時訂購雜貨和零售的食客數量。現在已經達到14%了。這個百分比全年都會持續上升。這基本上就是我們所推動的。我們再次對食品雜貨和零售業寄予厚望。

Prashanth, do you want to talk about kind of the investment philosophy there? And then we'll get to Uber teen.

Prashanth，您想談談那裡的投資理念嗎？然後我們將討論 Uber 青少年。

Yes, Ron, I think when we think about the unit economics groceries. We feel pretty good about the direction we're headed and how this will grow into a profitable business. A couple of the levers that we have access to is, clearly, the power of the platform allows us to efficiency at the fulfillment level, which is very hard for others to obtain given the scale that we have and the courier network that we've built out.

是的，羅恩，當我們考慮雜貨的單位經濟時，我想。我們對我們的發展方向以及如何發展成為一項盈利業務感到非常滿意。顯然，我們可以利用的幾個槓桿是，平台的力量使我們能夠提高履行水平的效率，考慮到我們擁有的規模和我們擁有的快遞網絡，這對其他人來說是很難獲得的建造出來的。

In addition, with roughly [150] monthly users, we can provide a very attractive platform to advertisers to come on to the platform, advertise for the grocery business, but also potentially have access to a much broader set.

此外，憑藉大約[150]個每月用戶，我們可以為廣告商提供一個非常有吸引力的平台，讓他們進入該平台，為雜貨業務做廣告，但也有可能接觸到更廣泛的群體。

So we feel good that unit economics will get to a point where this is going to be a great business for us. I'll say that for 2024, while this business will not be in the black, it is going to be doing better than it was in 2023. So the trajectory is going in the right direction.

因此，我們很高興單位經濟效益將達到一個對我們來說將是一項偉大業務的地步。我想說的是，到 2024 年，雖然這項業務不會實現盈利，但它會比 2023 年做得更好。所以軌跡正在朝著正確的方向發展。

And then let's have Dara finish up on teens before we go to our last question.

然後請達拉先講完青少年的問題，然後再討論最後一個問題。

On teens, as a parent of a teen, I can tell you that Uber teen is one of our all-time kind of favorite new product out there. Obviously, the parent has to invite the teen to use the product. We continue to expand in a number of markets.

對於青少年，作為青少年的家長，我可以告訴你，Uber teen 是我們一直以來最喜歡的新產品之一。顯然，家長必須邀請青少年使用該產品。我們繼續在多個市場擴張。

And one thing that's very interesting in terms of teen is that we're actually seeing the frequency of use of teens, I guess I shouldn't be a surprised, be just as high as the frequency of adults. So once teens get their hands on the product, and it is a very safe product, they use it every day to get around.

就青少年而言，一件非常有趣的事情是，我們實際上看到了青少年的使用頻率，我想我不應該感到驚訝，與成年人的使用頻率一樣高。因此，一旦青少年接觸到該產品，並且這是一種非常安全的產品，他們就會每天使用它來出行。

And I think what -- the reason why parents really love the product is, they are the ones that are inviting their teens to the product. They can rest assured that only the best drivers that are on the platform, who have been there the longest, who have the best ratings, can pick up a teen.

我認為，父母真正喜歡該產品的原因是，他們是邀請青少年使用該產品的人。他們可以放心，只有平台上最好的司機、在平台上工作時間最長、評分最高的司機才能接載青少年。

There is automatic pin dispatch to make sure that you -- your teen gets in the right car. That sometimes is a worry. You can track your teen automatically to make sure, know when they get picked up, know when they get dropped off. And you as a parent can directly contact that driver just in case you have any questions, if the car stops and you're worried about it, et cetera.

自動發送密碼可確保您—您的孩子坐上正確的車。這有時是一種擔憂。您可以自動追蹤您的孩子，以確保知道他們何時被接走、何時被送走。作為家長，您可以直接聯繫該司機，以防萬一您有任何疑問，如果汽車停下來而您擔心等等。

So the out of the box tech that comes with teen, which is really an amalgamation of a number of safety innovations that we've led on in the industry, make it a product that has been an absolute hit. And I think we're pretty comfortable that, once those teens turn into grown-ups, Uber is going to be their first choice for mobility.

因此，青少年附帶的開箱即用技術實際上是我們在行業中領先的許多安全創新的融合，使其成為絕對受歡迎的產品。我認為，一旦這些青少年長大成人，優步將成為他們旅行的首選，對此我們感到非常滿意。

So this is a product that today is a product that is looking great in terms of frequency and customer satisfaction, but it's also a product that's designed to -- for growth, not just today, but tomorrow.

因此，今天的產品在頻率和客戶滿意度方面看起來都很棒，但它也是一種旨在實現成長的產品，不僅是為了今天，而是為了明天。

Our final question comes from the line of Deepak Mathivanan from Wolfe Research.

我們的最後一個問題來自沃爾夫研究中心的 Deepak Mathivanan。

Great. Dara, upfront fares has been live in the U.S. for a few quarters now and has definitely been a huge factor in 2023. Can you talk about the opportunities to expand this into more international markets and also perhaps integrate it with a wider range of mobility products beyond UberX in 2024?

偉大的。 Dara，預付費在美國已經實施了幾個季度，這無疑是2023 年的一個重要因素。您能談談將其擴展到更多國際市場的機會嗎？或許還可以將其與更廣泛的行動產品整合2024 年超越 UberX？

And then just a follow-up on the grocery side. What are some of the key product initiatives for '24 for building out the grocery vertical? And do you see opportunities to accelerate product build-out and maybe even retail partnerships through acquisitions?

然後是雜貨店方面的後續行動。 '24 為建構雜貨垂直市場而採取的一些關鍵產品措施有哪些？您是否看到了透過收購加速產品建置甚至零售合作夥伴關係的機會？

Yes. So in terms of upfront fares, we're very pleased with the rollout of upfront fares in the U.S. and a number of other markets. And I'll remind our investors, too, that we actually originally rolled out upfront fares on the delivery side of the business. So delivery was -- built out upfront fares in terms of couriers, knowing where they're picking up, dropping off, of what the fare was going to be. Based on the knowledge there and kind of working on that product, we determined that this is a product that could work for mobility as well because the #1 issue that drivers were asking for is, I want to know where my destination is, which wasn't available.

是的。因此，就預付費用而言，我們對在美國和其他一些市場推出預付費用感到非常滿意。我還要提醒我們的投資者，我們實際上最初是在業務的交付方面推出預付費用。因此，送貨是根據快遞員預先支付的費用，知道他們在哪裡取貨、下車，以及費用是多少。根據那裡的知識和該產品的工作方式，我們確定這是一款也適用於移動出行的產品，因為司機要求的第一個問題是，我想知道我的目的地在哪裡，而不是在哪裡。不可用。

So it's just an example of the power of the platform there, which is something that we do on the delivery side and innovate on the delivery side, finds its way on the mobility side. And again, we were the first in the U.S. to debut upfront fares. And drivers absolutely love that, the destination information that they're getting.

所以這只是平台力量的一個例子，這是我們在交付方面所做的事情，並在交付方面進行創新，在移動方面找到了自己的出路。我們再次成為美國第一家推出預付費用的公司。司機們絕對喜歡他們獲得的目的地資訊。

I'd say on upfront fares, actually, we're less focused on launching it globally as we are on tuning the product itself. What you observed in terms of upfront fares, now that drivers know where they're going and whether they're accepting some trips or not accepting some trips, is understanding that drivers are quite idiosyncratic in terms of their desires. There are some drivers who want long trips, some that want short trips, some that want to go to airports, some that don't want to go the suburbs, et cetera.

我想說的是，關於預付費用，實際上，我們不太關注在全球範圍內推出它，因為我們正在調整產品本身。您在預付費用方面觀察到，現在司機知道他們要去哪裡以及他們是否接受某些行程，並且了解司機在他們的願望方面非常特殊。有些司機想要長途旅行，有些司機想要短途旅行，有些司機想去機場，有些司機不想去郊區，等等。

So I think that what we can do better is actually targeting of different trips to different drivers based on their preferences or based on behavioral patterns that they're showing us. That really is a focus going forward, offering the right trip at the right price to the right driver, which is a win-win-win. The rider wait time is lower, drivers are seeing the trips that they want at the right price and the network gets more and more efficient.

因此，我認為我們可以做得更好的實際上是根據不同司機的偏好或他們向我們展示的行為模式，針對不同的司機提供不同的行程。這確實是未來的一個重點，以合適的價格為合適的司機提供合適的行程，這是雙贏的。乘客等待時間更短，司機能夠以合適的價格看到他們想要的行程，而且網路變得越來越有效率。

And I would also say that the nature of upfront fares, you've gone from just flat time and distance to now kind of point estimates for every single trip based on the driver. It accrues to players who have the kind of data skills and the amount of data that we have. We have more of these point estimates. We make more of these point estimates than anyone else. We're making these point estimates both in mobility and delivery. We're doing it globally. So all things being equal, our AI algorithms are going to be able to learn more and are going to be able to be more accurate than anyone else's, which is an advantage that, over a period of time, is absolutely going to accrue to us.

我還要說的是，預付費用的本質是，你已經從單一的時間和距離變成了現在基於司機的每次行程的點估計。它屬於那些擁有我們所擁有的數據技能和數據量的玩家。我們有更多這樣的點估計。我們對這些點的估計比其他任何人都多。我們正在對流動性和交付進行這些點估計。我們正在全球範圍內這樣做。因此，在所有條件相同的情況下，我們的人工智慧演算法將能夠比其他人學到更多並且更準確，這是一個優勢，經過一段時間後，我們絕對會獲得這樣的優勢。

In terms of grocery new product initiatives. It's -- again, I think the focus for us is actually continuing to build out our merchant base. We continue to sign up new merchants all over the world. Some of the wins in the U.S. were Big Lots and Sprouts Farmer Market, [Italy] as well. So one is just driving the choice in the marketplace.

在雜貨新產品計劃方面。再次強調，我認為我們的重點實際上是繼續建立我們的商業基礎。我們繼續在世界各地簽約新的商家。 Big Lot 和 Sprouts Farmer Market（義大利）在美國也取得了一些成功。因此，人們只是推動市場的選擇。

And then I do think in terms of our catalog, one of the areas that we're quite focused on, is making sure that the catalog is mature and searchable. And when you search for chocolate milk, you get exactly what you're looking for. And I do think that the searchability of the catalog and a lot of the basics that we have in grocery can get better and better.

然後我確實認為就我們的目錄而言，我們非常關注的領域之一是確保目錄成熟且可搜尋。當您搜尋巧克力牛奶時，您將獲得您正在尋找的東西。我確實認為目錄的可搜尋性以及我們在雜貨店擁有的許多基礎知識可以變得越來越好。

We're very excited about the potential there. And as we continue to add on more merchants all over the world, we think this business will continue to grow and eventually get to profitability.

我們對那裡的潛力感到非常興奮。隨著我們繼續在世界各地增加更多商家，我們認為這項業務將繼續成長並最終實現盈利。

That concludes our question-and-answer session. I will now turn it back to management for closing remarks.

我們的問答環節到此結束。我現在將把它轉回管理層以供結束語。

Thank you, Krista. So thank you all for joining us today. As we wrap up the Q&A, I did want to share a quick organizational announcement. As part of career development for the exceptional finance talent here at Uber, Alex Wang, who has done an incredible job leading IR, will be expanding his scope to include some FP&A responsibilities in addition to his role in IR.

謝謝你，克里斯塔。感謝大家今天加入我們。當我們結束問答時，我確實想分享一個簡短的組織公告。作為Uber 傑出財務人才職業發展的一部分，亞歷克斯·王(Alex Wang) 在領導IR 方面做出了令人難以置信的工作，除了在IR 中的角色外，他還將擴大自己的職責範圍，包括一些FP&A 職責。

And I'm delighted to announce that Deepa Subramanian, the former CFO of our delivery business, will be expanding her scope to be the VP of IR and Corporate Finance.

我很高興地宣布，我們配送業務的前財務長 Deepa Subramanian 將擴大她的職責範圍，擔任 IR 和公司財務副總裁。

This will be a gradual transition, but I wanted to let you know that you'll be working with both of them in the coming quarters. So please join me in congratulating them both. And we appreciate your time. Look forward to talking to all of you again next week.

這將是一個漸進的過渡，但我想讓您知道，您將在接下來的幾個季度與他們一起工作。所以請和我一起祝賀他們兩個。我們感謝您的寶貴時間。期待下週再次與大家交談。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。