優步 (UBER) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Uber Q1 2024 Earnings Conference Call.

謝謝你的支持。我叫莎拉，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Uber 2024 年第一季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Deepa Subramanian, VP of Investor Relations and Corporate Finance. You may begin.

（操作員指示）我現在想將會議轉交給投資者關係和公司財務副總裁 Deepa Subramanian。你可以開始了。

Thank you, operator. Good morning, and thank you for joining us today, and welcome to Uber's First Quarter 2024 Earnings Presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi; and CFO, Prashanth Mahendra-Rajah.

謝謝你，接線生。早安，感謝您今天加入我們，歡迎參加 Uber 2024 年第一季財報展示。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 will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com.

在今天的電話會議中，我們將介紹公認會計準則和非公認會計準則的財務指標。有關這些非 GAAP 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 risks 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 the 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。實際風險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 表格和其他文件中描述的風險和不確定性。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. With that, let me hand it over to 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，我們要求您查看這些文件（如果您尚未查看）。在達拉簡短的開場白後，我們將開始提問。那麼，讓我把它交給達拉。

Thanks, Deepa. Our results this quarter once again demonstrate our ability to deliver consistent, profitable growth at scale. Uber is off to a solid start in 2024 with trips up 21% year-on-year, consistent with our gross bookings growth rate on a constant currency basis. Our audience expanded by 15%, while frequency grew 6%, underpinned by 7.1 million drivers and couriers on our platform. At the same time, record adjusted EBITDA of $1.4 billion grew 82% year-over-year, and we generated $4.2 billion of free cash flow over the last trailing -- over the trailing 12 months.

謝謝，迪帕。我們本季的業績再次證明了我們實現持續、大規模獲利成長的能力。優步 2024 年開局良好，行程量年增 21%，與我們以固定匯率計算的總預訂量成長率一致。在平台上 710 萬名駕駛者和快遞員的支持下，我們的受眾群體擴大了 15%，頻率增加了 6%。同時，創紀錄的調整後 EBITDA 達到 14 億美元，年增 82%，我們在過去 12 個月內創造了 42 億美元的自由現金流。

We're making good progress on many of the initiatives we laid out for 2024 in our last earnings call. Demand for Uber remains strong. And just last week, we hit another best week ever for gross bookings, and we expect to deliver another quarter of over 20% year-on-year growth on a constant currency basis in Q2.

我們在上次財報電話會議中為 2024 年制定的許多措施都取得了良好進展。對優步的需求依然強勁。就在上週，我們的總預訂量又創下了歷史最高紀錄，我們預計第二季以固定匯率計算，將再實現超過 20% 的年成長。

With that, operator, can you open up for questions?

那麼，接線員，您可以開放提問嗎？

(Operator Instructions) Your question comes from the line of Justin Post with Bank of America.

（操作員說明）您的問題來自美國銀行 Justin Post 的電話。

I guess, Dara, a lot of press on Tesla and robotaxi efforts lately. How are you thinking about AV impact on Uber and potential for new competition?

我想，達拉，最近有很多關於特斯拉和機器人計程車工作的媒體報導。您如何看待自動駕駛汽車對 Uber 的影響以及新競爭的潛力？

And then maybe, Prashanth, it looks like stable bookings growth outlook in the low 20s in the second quarter, excluding FX. Anything to call out on headwinds or tailwinds? And any changes to your outlook, mid- to high teens growth, as you think about bookings in the second quarter?

然後，Prashanth，第二季的預訂量成長前景看起來穩定在 20 左右，不包括外匯。逆風或順風有什麼需要注意的嗎？當您考慮第二季的預訂量時，您的展望（青少年中高成長）有何變化？

Prashanth, you want to talk to the second question first...

Prashanth，你想先談談第二個問題…

Yes, why don't I -- let me get that one out of the way, Justin, and thank you for the question. So just a recap for how we'd like folks to think about our gross bookings. Remember, the growth algorithm is audience, which is a measure of how many users of the product; frequency, how often are they using the product; and then, of course, pricing. Dara just mentioned that for the first quarter, we had very strong audience growth, up 15%. Great growth in frequency as well, up 6%. And pricing relatively flattish.

是的，我為什麼不——讓我把這個問題解決掉，賈斯汀，謝謝你的提問。簡單回顧一下我們希望人們如何看待我們的總預訂量。請記住，成長演算法是受眾，這是衡量產品有多少用戶的指標；頻率，他們使用該產品的頻率；當然，還有定價。 Dara 剛剛提到，第一季我們的觀眾成長非常強勁，成長了 15%。頻率也大幅成長，成長了 6%。而且定價相對持平。

So we see similar trends expected for the second quarter, and that's what's implied in the guide in terms of the composition of that growth algorithm. Demand for the products remains strong. I think we're expecting another quarter of pretty consistent scaled top line growth of over 20%. Actually, if you think of the guide that we gave for Q2, it's almost identical, both at the midpoint and at the range to what you gave -- what we gave for Q1. So very consistent performance, and we're exactly where we want to be with respect to the 3-year CAGR outlook that we gave you in February.

因此，我們預計第二季將出現類似的趨勢，這就是指南中關於成長演算法的組成所暗示的內容。對產品的需求依然強勁。我認為我們預計另一個季度的營收成長將保持穩定，超過 20%。實際上，如果您考慮我們為第二季度提供的指南，它在中點和範圍上都與您提供的指南（我們為第一季度提供的指南）幾乎相同。表現非常穩定，我們在 2 月向您提供的 3 年複合年增長率展望中也正是我們想要達到的目標。

Maybe just a little bit of color on the Q2 guide. We included in the press release some notes on FX headwinds. So we want -- I did want to call that out. We've got about 5 percentage points of headwind to Mobility's year-over-year gross booking growth, primarily coming from the Argentine peso. So said another way, we still expect Mobility to grow in the mid-20s range at a constant currency basis.

也許只是 Q2 指南上的一點色彩。我們在新聞稿中包含了一些有關外匯不利因素的說明。所以我們想要——我確實想指出這一點。 Mobility 的總預訂量年增率受到約 5 個百分點的阻力，主要來自阿根廷比索。換句話說，我們仍然預期移動性在固定貨幣基礎上將在 1920 年代中期成長。

I'll also highlight that in the prepared remarks, I made a comment about this, we expect Mobility's adjusted EBITDA margins to be down slightly quarter-over-quarter given that we did hold back some investments in Q1 and we would not do the same here for Q2. So with that, let me pass to Dara, and he can take the AV question.

我還要強調的是，在準備好的發言中，我對此發表了評論，鑑於我們確實在第一季度保留了一些投資，並且我們不會這樣做，因此我們預計Mobility 調整後的EBITDA 利潤率將環比略有下降這裡是第二季。那麼，讓我把這個交給 Dara，他可以回答 AV 問題。

Justin, in terms of AVs and our strategy, it really remains the same. First thing I would say is that we think that the AV technology at maturity is going to be very good for the industry. It will be great for Uber. It holds a promise of safer rides. It holds a promise of expanding the marketplace by lowering prices and making mobility, delivery available for a wider swath of the population. And usually, when we see kind of lower prices for any service, you see higher adoption for a service, and that really is the promise of AV.

賈斯汀，就自動駕駛汽車和我們的策略而言，它確實保持不變。我要說的第一件事是，我們認為成熟的自動駕駛技術將對整個產業非常有利。這對 Uber 來說將是件好事。它承諾提供更安全的乘車體驗。它承諾透過降低價格並為更廣泛的人群提供流動性和交付來擴大市場。通常，當我們看到任何服務的價格較低時，您會看到服務的採用率更高，這確實是 AV 的承諾。

At the same time, we think that the technology is going to take a lot of time to develop. Obviously, there has to be a regulatory framework to put in place. And as the technology develops, we think that actually you're not going to make a jump from one tech -- human drivers fully to AV. There's going to be a relatively long period, a transition period that happens. Where for example, on Uber, you see it now, you have a combination of human drivers during -- human drivers fulfilling certain rides or deliveries or even loads on the trucking side along with AVs as well. And over period of time, you'll see kind of the penetration of AVs increase. I think it's very difficult to predict that period of time.

同時，我們認為這項技術的開發需要大量時間。顯然，必須建立一個監管框架。隨著技術的發展，我們認為實際上你不會從人類駕駛員這項技術完全跳到自動駕駛技術。將會有一個相對較長的時期，過渡時期的發生。例如，在 Uber 上，你現在看到的是，人類司機與自動駕駛汽車一起完成某些乘車或送貨，甚至卡車運輸方面的負載。隨著時間的推移，您會看到自動駕駛汽車的滲透率增加。我認為很難預測那段時間。

But really, what we bring is the systems that we put in place, the pricing, matching, routing algorithms, the payments systems that we have on a global basis as well as the demand that we bring that enables us to partner with these AV providers to really drive utilization of their assets, this is very expensive tech that's been developed over a long time. And if you're an AV fleet owner or you are an individual owner of a car, whether that's a Tesla or another kind of car, you're just going to make more money and make a higher kind of return on your investment if you plug in your AVs into the Uber ecosystem and into Uber demand.

但實際上，我們帶來的是我們在全球範圍內部署的系統、定價、匹配、路由演算法、支付系統，以及我們帶來的使我們能夠與這些 AV 提供者合作的需求為了真正提高資產的利用率，這是一項非常昂貴的技術，已經開發了很長時間。如果您是 AV 車隊所有者或您是汽車的個人所有者，無論是特斯拉還是其他類型的汽車，如果您將您的自動駕駛汽車插入 Uber 生態系統並滿足 Uber 需求。

So we think we bring lots to the table. We're looking to partner with the AV industry. I do think that there's a good amount of excitement over some of the newer technologies and kind of the imitation models that we see in terms of AV. And you see that promise with Tesla's FSD. It looks like a great product. And also, you see that same promise in a lot of smaller players, whether that's a Wayve in the U.K. who got funded for $1 billion, a Waabi that, for example, we have investments in, these imitation learning models have a lot of promise over kind of the more classic heuristic-based development that you saw with AV.

所以我們認為我們可以帶來很多東西。我們正在尋求與 AV 行業合作。我確實認為，我們在自動駕駛方面看到的一些新技術和模仿模型令人非常興奮。你可以從特斯拉的 FSD 中看到這項承諾。它看起來是一個很棒的產品。而且，你會在許多較小的參與者身上看到同樣的承諾，無論是獲得 10 億美元資助的英國 Wayve，還是我們投資的 Waabi，這些模仿學習模型都有很大的前景與您在AV 中看到的更經典的基於啟發式的開發不同。

And we think it's going to allow more players into the marketplace. We think it's going to reduce the amount of capital required to develop these systems over a long period of time. And we're looking to partner with big players and small players. And again, as this technology develops, we think we will be a big partner in it, and we think, ultimately, it will benefit AV players and it will benefit ourselves and riders and eaters as well.

我們認為這將允許更多的參與者進入市場。我們認為這將減少長期開發這些系統所需的資金量。我們希望與大型企業和小型企業合作。再說一次，隨著這項技術的發展，我們認為我們將成為其中的重要合作夥伴，我們認為最終，它將有利於 AV 玩家，也將有利於我們自己、騎手和食客。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克（Brian Nowak）。

I have 2. The first one, Prashanth, I want to go back to that -- the comment in the prepared remarks that you just referenced about intentionally holding back some investments with lower ROI. Can you just sort of help us unpack it a little bit? What areas of investments did you hold back on? And sort of how do we think about the driver-versus-rider incentives or investment strategies as you go throughout the course of the year to drive durable growth?

我有 2. 第一個，Prashanth，我想回到那個 - 您剛才提到的關於故意阻止一些投資回報率較低的投資的評論。你能幫我們稍微解開一下嗎？您抑制了哪些領域的投資？當您全年推動持久成長時，我們如何考慮司機與乘客的激勵或投資策略？

Then the second one, sort of wanted to hone in a little bit on Latin America. There's been some comments from one of your competitors in Latin America about potentially pulling back investment there. One, I'd be curious to hear about your -- what you're seeing in Latin America. And just remind us, what was the base case outlook for Latin America in the Analyst Day guidance that we got in February?

然後第二個，有點想在拉丁美洲進行一些磨練。你們在拉丁美洲的一位競爭對手發表了一些評論，稱可能會撤回在那裡的投資。第一，我很想聽聽您在拉丁美洲所看到的情況。請提醒我們，我們在二月獲得的分析師日指導中拉丁美洲的基本情況前景是什麼？

Thanks, Brian. Let me start then. So maybe as a reminder, when we think about investments on a quarterly basis across the market, we think about investments as what do we need to do to encourage drivers and couriers to come on to the platform, what can we do to be helpful to bring merchants to the platform. And then lastly, what can we do to encourage consumers. So we rotate among those 3 on a quarterly basis based on what we are trying to drive in the different markets in which we operate.

謝謝，布萊恩。那我就開始吧。因此，也許提醒一下，當我們考慮整個市場的季度投資時，我們將投資視為我們需要做什麼來鼓勵司機和快遞員進入平台，我們可以做些什麼來幫助將商家引入平台。最後，我們可以做些什麼來鼓勵消費者。因此，我們根據我們在經營所在的不同市場中試圖推動的目標，每季在這三者之間進行輪調。

For the first quarter in Mobility, because of the seasonality trends in the first quarter, the return we get on some of those investment dollars tends to be lower than we see later in the quarter just because of seasonal patterns. And because that ROI is lower, it didn't make sense for us put as much into the first quarter as we would in other quarters. So you'll see us ramp that back up in 2Q. We called it out purely to keep folks from running too far ahead with enthusiasm on Mobility margin improvement. We are very confident that Mobility is still on a great trend for continuous margin improvement. But just from a timing standpoint, we didn't want to -- we wanted to acknowledge some of the lumpiness that you are likely to see.

對於行動領域的第一季度，由於第一季的季節性趨勢，我們從部分投資中獲得的回報往往低於我們在本季度稍後看到的回報，而僅僅是因為季節性模式。由於投資報酬率較低，我們在第一季投入的資金沒有其他季度那麼多。所以你會看到我們在第二季將其回升。我們提出這一點純粹是為了防止人們對提高移動性利潤率抱持過高的熱情。我們非常有信心，Mobility 仍處於利潤率持續提高的良好趨勢。但僅僅從時間的角度來看，我們不想——我們想承認你可能會看到的一些混亂。

Yes. And I think in terms of Latin America and the competitive environment there, first thing I'd say, I'm assuming you're asking about Mobility, we're seeing very healthy Mobility volume growth in Latin America, in mid-20s. So we like the market, and we certainly like the volumes that we're seeing there. I would say that while -- I think you're referring to DiDi, they signaled a bit more capital discipline, we're not seeing that as of yet. We see DiDi being highly competitive in the marketplace and spending into the marketplace quite aggressively. Listen, it could be temporary. It might be driven by their desire to show international growth as the China markets have slowed down a bit as the prep for the IPO, but it's difficult for us to speculate on that.

是的。我認為就拉丁美洲和那裡的競爭環境而言，我首先要說的是，我假設您問的是移動性，我們看到拉丁美洲的移動量在 20 年代中期出現了非常健康的增長。所以我們喜歡這個市場，當然也喜歡我們在那裡看到的銷售量。我想說的是，雖然我認為你指的是滴滴，他們暗示了更多的資本紀律，但我們目前還沒有看到這一點。我們看到滴滴在市場上競爭激烈，並且在市場上投入相當大。聽著，這可能是暫時的。這可能是因為他們希望展示國際成長，因為中國市場在準備首次公開募股時已經放緩了一些，但我們很難對此進行推測。

And I'd say, we've seen this behavior before, Brian. And we have a very strong record of effectively responding to defend our category position when our competitors spend up and we do the same thing, and typically, we're much more efficient than our competition in terms of financial efficiency, network efficiency, et cetera. But at this point, we see DiDi leaning in, certainly not leaning out. And we are leaning in as a response, just like we do with other competitors all around the world. The good news for us is we have a very strong P&L, you see our margins continue to increase, so we have lots of pockets of investments to reach into, but we are going to be aggressive.

我想說，我們以前見過這種行為，布萊恩。當我們的競爭對手花費大量資金而我們做同樣的事情時，我們有一個非常有效的反應來捍衛我們的類別地位，通常，我們在財務效率、網絡效率等方面比我們的競爭對手更有效率。但在這一點上，我們看到滴滴向前傾斜，當然不是向外傾斜。我們正在做出回應，就像我們對世界各地其他競爭對手所做的那樣。對我們來說，好消息是我們擁有非常強勁的損益表，你會看到我們的利潤率持續增加，因此我們有很多投資可以進行，但我們將積極進取。

Brian, just to shout out for the note last week, I thought that was nice. And we're very much aligned with the more public participants in this market, the better it is for everyone.

布萊恩，只是想大聲喊出上週的便條，我認為這很好。我們與這個市場的公眾參與者越多，對每個人來說就越好。

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

您的下一個問題來自摩根大通的 Doug Anmuth。

I just wanted to go back to the decel that you saw in monthly trips for MAPC in 1Q. Just hoping you could unpack that a little bit in terms of LatAm and some of the holiday impact there and what that means in 2Q.

我只是想回到您在第一季 MAPC 每月出行中看到的減速情況。只是希望您能從拉丁美洲的角度以及那裡的一些假期影響以及這在第二季度意味著什麼來解開這一點。

And then, Dara, can you just talk more about your Delivery strategy in the suburbs, the key levers to success there? And then how you think the Instacart partnership fits in as well?

然後，Dara，您能否更多地談談您在郊區的交付策略，這是那裡成功的關鍵槓桿？那麼您認為 Instacart 合作夥伴關係如何適合？

Yes. Let me take the first part of that. So again, the Mobility gross bookings growth for the first quarter was -- on a constant currency basis was 26%. Included in that 26% is about 1 point, whether you look at it sequentially or on a year-over-year basis, that came from us deconsolidating the non-ridesharing portion of our Careem business in December. Remember that used to be included in Mobility's results. And when we split that out, you have it in the compares, but you don't have it in Q1. So that's roughly about 1 point.

是的。讓我來談談第一部分。同樣，以固定匯率計算，第一季行動出行總預訂量成長了 26%。無論是按順序還是按年比較，這 26% 中大約有 1 個百分點，這來自於我們在 12 月取消了 Careem 業務的非共乘部分。請記住，這曾經包含在 Mobility 的結果中。當我們將其分開時，您可以在比較中找到它，但在第一季中沒有它。所以這大約是1分。

And then from a more seasonal impact, we'd call out 2 items. First, in Latin America, last year, we saw stronger demand in Brazil around Carnival that we did not see recur in Q1 of this year. And then from a timing standpoint, both Easter and Ramadan shifted on us between the quarters. So again, on a comp basis, that creates some lumpiness. But overall, I would say that we are very much -- remain confident on the growth of the Mobility business. Again, mid-20s year-over-year at constant currency for Q2. Sort of very consistent with what was done in Q1. And the -- as we mentioned in Dara's opening remarks, audience and frequency are both strong at the overall Uber level and remain very strong at the individual LOB levels.

然後，根據季節性影響，我們會列出 2 個項目。首先，在拉丁美洲，去年我們看到巴西狂歡節前後的需求強勁，但今年第一季我們沒有看到這種情況。然後從時間的角度來看，復活節和齋戒月在季度之間都發生在我們身上。因此，在補償的基礎上，這又造成了一些波動。但總的來說，我想說，我們對行動業務的成長仍然充滿信心。同樣，第二季以固定匯率計算，年比 20 多歲。與第一季所做的事情非常一致。正如我們在 Dara 的開場白中提到的，在 Uber 整體水平上，受眾和頻率都很強，在個別 LOB 水平上也仍然非常強勁。

Yes. And Doug, in terms of our suburban strategy for Eats, it's very similar to our general strategy for our Delivery business on a global basis. We're very happy about our growth rates here, 17% constant currency growth rates for the second quarter in a row. Our U.S. growth rates are higher than that -- our U.S. and Canada growth rates are actually higher than that, which we're quite happy about. And generally, we are growing faster in the suburbs than we are in urban destinations, where we have higher penetration.

是的。道格，就我們的 Eats 郊區策略而言，它與我們在全球範圍內的外賣業務的整體策略非常相似。我們對這裡的成長率感到非常高興，連續第二季的貨幣恆定成長率為 17%。我們美國的成長率高於這個水平——我們美國和加拿大的成長率實際上高於這個水平，我們對此感到非常高興。一般來說，我們在郊區的成長速度比在城市目的地的成長速度更快，而城市目的地的滲透率更高。

And it's about getting the basics right. Building an audience and a brand, increasing selection, making sure we've got pricing right and making sure the quality of the service continues to be high. And really with the Instacart deal that we have, represents the addition of a very high-quality and highly targeted audience, suburban audience, to the Uber Eats ecosystems and to our merchants. And we think that additional demand from this high-end consumer is going to be welcomed by our merchants. And at the same time, we continue to increase, for example, penetration with Domino's and a bunch of other merchants in the suburbs.

這是關於打好基礎。建立受眾群體和品牌，增加選擇，確保我們的定價正確，並確保服務品質持續保持高水準。實際上，我們與 Instacart 的交易代表著 Uber Eats 優食生態系統和我們的商家增加了一群高品質且針對性強的受眾（郊區受眾）。我們認為，來自高端消費者的額外需求將受到我們商家的歡迎。同時，我們繼續增加與達美樂和郊區其他一些商家的滲透。

So we think that we're well positioned to continue to grow into the suburbs, and we definitely think that the Instacart deal puts us in a better position for growth going forward in the suburbs.

因此，我們認為我們有能力繼續向郊區發展，而且我們絕對認為 Instacart 交易使我們在郊區的未來發展中處於更好的位置。

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

你的下一個問題來自高盛的艾瑞克‧謝裡丹（Eric Sheridan）。

Maybe a 2-parter on Uber One. Would love to learn anything that you've sort of continued to evolve and develop with respect to Uber One internationally as some of those markets have rolled out and they've begun to scale the longer Uber One has been available in some of the more overseas markets?

也許是 Uber One 上的兩人。我很想了解 Uber One 在國際上持續發展和發展的任何信息，因為其中一些市場已經推出，而且隨著 Uber One 在一些海外市場的運營時間越來越長，它們也開始擴大規模市場？

And second, you have the call out in the prepared remarks around the subscription revenue run rate, what do you see as some of the biggest white spaces to drive more subscription revenue, but also continue to add more value and depth to Uber One at the subscription layer in terms of incentivizing adoption?

其次，您在訂閱收入運行率的準備好的評論中提出了要求，您認為推動更多訂閱收入的最大空白是什麼，同時也繼續為 Uber One 增加更多價值和深度訂閱層在激勵採用方面有何作用？

Before Dara jumps into that, I just want to remind everyone on what the -- is being referred to. We announced in the prepared remarks that our Uber One membership fees are now in excess of $1 billion. So that's a -- that's the first time we've called that out, but it's a big waypoint for us on our way to continue driving that.

在達拉開始討論之前，我只想提醒大家，「-」指的是什麼。我們在準備好的發言中宣布，我們的 Uber One 會員費現已超過 10 億美元。所以這是我們第一次提出這一點，但對於我們繼續推動這一目標來說，這是一個重要的路點。

Yes, Eric, in terms of our strategy for Uber One internationally, it's largely the same as our strategy domestically and globally. It's a global product. We see penetration of Uber One consistently increasing in the U.S., Canada and internationally. Members are now generating 32% of Mobility and Delivery gross bookings, which are nicely up year-over-year. It's over 45% in Delivery gross bookings, where generally kind of were -- more highly penetrated. And I'll remind folks that members spend 3.4x as much as nonmembers per month. So it is a great vehicle for us to drive adoption and drive really attachment with our various services as well.

是的，艾瑞克，就我們 Uber One 的國際策略而言，它與我們在國內和全球的策略基本上相同。這是一個全球性的產品。我們看到 Uber One 在美國、加拿大和國際上的滲透率持續成長。目前，會員產生的行動和配送總預訂量佔 32%，較去年同期大幅成長。它佔外送總預訂量的 45% 以上，而這一比例通常更高。我要提醒大家的是，會員每個月的支出是非會員的 3.4 倍。因此，它對我們來說是一個很好的工具，可以推動我們的各種服務的採用和真正的依戀。

We are kind of working on a bunch of pretty exciting new initiatives. One that I would call out is continuing to optimize on the use of Uber Cash on the Mobility side. On Delivery, you get a discount on -- you don't have a delivery fee, you get a discount on your food often. With Mobility, you get back Uber Cash. And actually, 25% of Uber Cash earned on Mobility in the U.S., for example, is being redeemed on Delivery, and that's up from the mid-teens when we originally rolled out the benefit. Business riders also get Uber Cash, which is pretty cool. And we're seeing over 60% of the Uber Cash that's earned on Mobility actually redeemed on Delivery as well.

我們正在研究一系列非常令人興奮的新措施。我要指出的一點是繼續優化優步現金在移動方面的使用。送貨上門時，您可以獲得折扣——您無需支付送貨費，但您的食物經常會獲得折扣。透過 Mobility，您可以獲得 Uber Cash。事實上，例如，在美國，透過行動性賺取的 Uber 現金中有 25% 是在送貨上兌換的，這比我們最初推出這項福利時的十幾歲左右有所上升。商務乘客還可以獲得優步現金，這非常酷。我們發現，透過 Mobility 賺取的 Uber Cash 中，有 60% 以上實際上也在 Delivery 上兌換了。

So we think that membership is a powerful lever in terms of general penetration into our marketplace and the frequency growth that we're seeing, but it's also a great lever in terms of using Uber Cash and introducing more of our users to the Delivery benefit as well. In terms of Mobility, we do think that we can penetrate more deeply into Mobility and like we're now introducing cash-back accelerators, where you can increase the cash-back amount for any product to the extent that we're trying to drive a product or quest that encourage users to use more premium products as well but carry higher margins for us.

因此，我們認為，就我們市場的普遍滲透和我們所看到的頻率增長而言，會員資格是一個強大的槓桿，但在使用Uber Cash 並向更多用戶介紹交付福利方面，它也是一個很好的槓桿。在移動性方面，我們確實認為我們可以更深入地滲透到移動性方面，就像我們現在推出現金返還加速器一樣，您可以在其中增加任何產品的現金返還金額，達到我們想要推動的程度鼓勵用戶使用更多優質產品但為我們帶來更高利潤的產品或任務。

You will see more member exclusives coming up where members have exclusive access to events and experiences, which will kind of surprise and delight our members. And then lastly, I would say that we are now moving more of our members on a global basis to annual pass. Annual pass actually results in significantly higher retention rates. So we'll cut the -- our members are able to save money, so to speak, and we see it in the retention benefits. And that has resulted in retention increasing nearly 200 basis points on a year-on-year basis in March, for example.

您將看到更多會員專屬活動即將推出，會員可以獨家參加活動和體驗，這會讓我們的會員感到驚喜和高興。最後，我想說的是，我們現在正在將全球範圍內更多的會員轉為年卡。年票實際上會顯著提高保留率。因此，我們將削減——我們的會員能夠省錢，可以這麼說，我們在保留福利中看到了這一點。例如，這導致 3 月的保留率比去年同期增加了近 200 個基點。

So there's a lot going on. We think we are -- there's a ton of white space as it relates to our membership product. We're very pleased with $1 billion in revenue, but we think that there's a lot more growth there in membership generally and in terms of membership revenue.

所以發生了很多事情。我們認為我們的會員產品有大量的空白。我們對 10 億美元的收入感到非常滿意，但我們認為會員數量和會員收入方面還有更多增長。

Your next question comes from the line of Nikhil Devnani with Bernstein.

你的下一個問題來自 Nikhil Devnani 和 Bernstein 的對話。

Dara, I wanted to ask about U.S. rideshare growth. First, is it keeping pace with your mid-20s growth overall for the business? And then second, can you talk a bit more about where the growth is coming from? Obviously, the service is not new anymore. So it feels like it's more frequency led but is there still a healthy supply -- or healthy funnel, sorry, of new customer acquisition that you're still finding maybe it's suburbs or smaller cities or new demos, however you want to frame it. But just your overall thoughts on how this growth sustains would be very helpful.

達拉，我想問美國共乘的成長情況。首先，它是否與您 20 多歲的整體業務成長保持同步？其次，您能多談談成長的來源嗎？顯然，這項服務已經不是什麼新鮮事了。所以感覺它的頻率更高，但仍然有一個健康的供應——或者健康的漏斗，抱歉，你仍然發現新客戶的獲取，也許是郊區或較小的城市或新的演示，無論你想如何構建它。但只要你對這種成長如何持續的整體想法就會非常有幫助。

Yes. See, in terms of U.S. Mobility growth, we don't disclose U.S. versus non-U.S. But obviously, by the overall numbers that you see in terms of our Mobility growth, 26% on a year-on-year basis compared to 28% last quarter and 100 basis points of kind of slowdown was because of Careem on a comparable basis. These are very, very high growth rates, and the U.S. is our largest market in terms of gross bookings. So we wouldn't be able to grow at these rates, so to speak, without the U.S. growth being very, very healthy.

是的。請注意，就美國的流動性成長而言，我們沒有揭露美國與非美國的情況。上季100 個基點的放緩是由於Careem 在可比較基礎上造成的。這些成長率非常非常高，就總預訂量而言，美國是我們最大的市場。因此，可以說，如果美國的成長不是非常非常健康，我們就無法以這樣的速度成長。

In terms of where Mobility growth is coming from, I'd say the significant -- the most significant part of growth is coming from audience. Our MAPC growth in Mobility was up 17% on a year-on-year basis, overall, 15%. So the audience growth for Mobility is actually growing faster. And one particular area of growth that we're seeing is our new products. When you look at our Hailables product, U4B, our new Health business, Reserve, UberX Share, all of these products, kind of our new growth bets, are growing 80% year-on-year. But at the same time, over 20% of our new customers are coming from this new product category as well. So it's a good business. It's growing very, very quickly, but it's also introducing a whole new audience into our marketplace.

就行動性成長的來源而言，我想說最重要的成長部分來自受眾。我們行動領域的 MAPC 年比成長 17%，整體成長 15%。因此，Mobility 的受眾成長實際上成長得更快。我們看到的一個特殊的成長領域是我們的新產品。當你看看我們的 Haiables 產品、U4B、我們的新健康業務、Reserve、UberX Share 時，所有這些產品（我們新的成長賭注）都比去年同期成長 80%。但同時，我們超過 20% 的新客戶也來自這個新產品類別。所以這是一門好生意。它的成長非常非常快，但它也將全新的受眾引入我們的市場。

Last thing that I would add is that with the pandemic, I think a lot of people who were kind of commuting to work, et cetera, stopped commuting. We have lost some of our most frequent customers. We see the weekday commute use case being particularly strong as people are coming back to work. Some folks may not like that, but we love it here at Uber, people getting back to work and getting back to the office. So there is an audience who kind of stopped using us as frequently as they used to. We were kind of a daily habit. And hopefully, we will see that audience come back, and we're seeing evidence of that in terms of the weekday volumes being super strong.

我要補充的最後一件事是，隨著流感大流行，我認為許多通勤上班等的人停止了通勤。我們失去了一些最常光顧的客戶。我們發現，隨著人們重返工作崗位，工作日通勤用例尤其強勁。有些人可能不喜歡這樣，但我們喜歡 Uber，人們回到工作崗位並回到辦公室。因此，有些觀眾不再像以前那樣頻繁地使用我們。我們是一種日常習慣。希望我們能看到觀眾回來，我們也看到了平日銷售超強勁的證據。

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

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Great. The prepared remarks flagged a bunch of new features in the advertising business, enterprise features. So can you guys give us an update on where we are with the non-restaurant advertising as a percentage of just the total advertising ARR?

偉大的。準備好的演講指出了廣告業務中的一系列新功能、企業功能。那麼，你們能否向我們介紹非餐廳廣告佔總廣告 ARR 的百分比的最新情況？

And then somewhat related, with the new Instacart partnership, can we sell advertising against that engagement? And I guess just how does the Instacart partnership change your own -- your kind of O&O efforts in U.S. grocery? And how are the unit economics going to work in this partnership?

然後，透過新的 Instacart 合作夥伴關係，我們可以根據這種參與來銷售廣告嗎？我想 Instacart 的合作夥伴關係將如何改變您自己的——您在美國雜貨店的 O&O 努力？在這種夥伴關係中，單位經濟效益將如何發揮作用？

Ross, it's Prashanth. Let me start just with a couple of data points and then hand off to Dara. First, as a reminder to everyone, we hit a $900 million run rate for advertising in Q4 of 2023. We do not break that down between Delivery and Mobility.

羅斯，我是普拉山斯。讓我從幾個數據點開始，然後交給 Dara。首先，提醒大家，我們在 2023 年第四季的廣告營運費達到了 9 億美元。

And then on the Instacart arrangement, as Dara had mentioned and we discussed yesterday, when folks click through Instacart and they come to the Uber Eats WebView app, that was -- our ads and those are our -- that's our space to use and monetize. So with that, let me pass off to Dara to make some more comments.

然後關於Instacart 的安排，正如Dara 提到的和我們昨天討論的那樣，當人們點擊Instacart 並進入Uber Eats WebView 應用程式時，那就是——我們的廣告，那些是我們的——那就是我們使用和貨幣化的空間。因此，讓我請 Dara 發表更多評論。

Yes. In terms of the non-restaurant advertising, listen, it's still really in nascent stages. So we talked about restaurant advertising getting to 2% of gross bookings. We actually think that our sponsored items, product, for example, grocery, can get the higher percentages of that. Instacart, for example, we think, is in the mid-2s in terms of advertising as a percentage of gross bookings. And we fully launched out our sponsored items in the U.S. and Canada, and now we're scaling it in 8 additional priority markets in 2024.

是的。聽著，就非餐廳廣告而言，它仍處於起步階段。所以我們討論了餐廳廣告佔總預訂量的 2%。實際上，我們認為我們的贊助商品、產品（例如雜貨）可以獲得更高的百分比。例如，我們認為 Instacart 的廣告佔總預訂量的百分比處於 2 左右。我們在美國和加拿大全面推出了贊助項目，現在我們將在 2024 年將其擴展到另外 8 個優先市場。

So I'd say like sponsored items is where we were in sponsored listings for restaurants 3 years ago. We gave you a very clear growth map to $1 billion in terms of revenue, and we're going to beat that this year. And we're quite confident we can start moving in a similar direction as it relates to nonrestaurant-sponsored items in the grocery space. We're already active with about 500 top CPG brands, and we're seeing very strong retention as we expand. And really, it's going to be about the growth of the underlying grocery platform.

所以我想說，贊助計畫就是我們三年前在餐廳贊助清單中的位置。我們為您提供了非常清晰的營收成長圖，預計營收將達到 10 億美元，今年我們將超越這個目標。我們非常有信心我們可以開始朝著類似的方向前進，因為它涉及雜貨領域的非餐廳贊助商品。我們已經與大約 500 個頂級 CPG 品牌展開合作，隨著我們的擴張，我們看到了非常強勁的保留率。事實上，這將與基礎雜貨平台的成長有關。

As we increase grocery audience -- this last quarter about 15% of our monthly actives on Eats bought from grocery. That's up nicely on a year-on-year basis. As that audience increases, we think we can monetize that audience with the base business. But with advertising just as we've done with restaurants, and we think it's -- it can be an enormous opportunity, and it can be a high-margin opportunity as well.

隨著我們增加雜貨受眾——上個季度，我們在 Eats 上的每月活躍活動中約有 15% 是從雜貨店購買的。與去年同期相比，這一數字成長得很好。隨著受眾的增加，我們認為我們可以透過基礎業務將這些受眾貨幣化。但是，就像我們對餐廳所做的廣告一樣，我們認為這可能是一個巨大的機會，也可能是一個高利潤的機會。

I would also point out that we're quite bullish on a rider ads. We're seeing very strong engagement from riders, a click-through rate of about 2.5%, more than 2.5% compared to an industry average of less than 1%. So video ads and tablets continue to be a very promising growth area for us, and we're quite happy to see the progress there.

我還想指出，我們非常看好乘客廣告。我們看到騎士的參與度非常高，點擊率約 2.5%，高於 2.5%，而業界平均不到 1%。因此，影片廣告和平板電腦對我們來說仍然是一個非常有前途的成長領域，我們很高興看到這方面的進展。

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

您的下一個問題來自 Evercore 的 Mark Mahaney。

Two questions, please. I think in the prepared remarks, you talked about delivery, MAPC growth accelerating in markets like the U.S. Can you go into the -- why MAPC growth accelerated for you? And then secondly, in Delivery, grocery and retail delivery, can you talk about what impact that's having on segment margins or what the unit economics are there -- are like there? Or yes, how much of a drag or when do you see a path to profitability? And maybe it's already there for those 2 segments, but just talk about the impact of those 2 segments on the Delivery's overall profitability.

請教兩個問題。我認為在準備好的演講中，您談到了交付、美國等市場的 MAPC 成長加速。其次，在送貨、雜貨和零售送貨方面，您能否談談這對細分市場利潤率有何影響，或者單位經濟效益如何？或者是的，有多大的阻力或什麼時候你會看到獲利之路？也許這兩個部分已經存在，但只討論這兩個部分對交付整體獲利能力的影響。

Yes, Mark. So in terms of delivery growth and audience growth, this has been pretty consistent, right? We've accelerated the growth rate of our Delivery business. It was growing closer to 10% early last year. It's now growing in the teens. And we think the nature of that growth is improving as well, which is most of the growth last year was on price. Now actually, price is a relatively small portion of the growth, and audience and frequency are the largest portion of the growth in Delivery. And it is about just getting the basics right. It's about having a great service, having a significant selection, or selections. Active merchants is up 12% on a year-on-year basis.

是的，馬克。因此，就交付成長和受眾成長而言，這非常一致，對吧？我們加快了配送業務的成長速度。去年年初，該比例成長接近 10%。現在已經到了十幾歲了。我們認為成長的性質也在改善，去年的成長大部分來自價格。現在實際上，價格在成長中所佔的比例相對較小，而受眾和頻率是交付成長中最大的部分。這只是把基礎知識做好。這是關於提供優質的服務、提供重要的選擇。活躍商家較去年同期成長12%。

It's about improving pricing. So for example, merchant-funded promos, these are -- merchants put in promos, pricing promos into the marketplace in order to drive volumes. Those are up 100 basis points on a year-on-year basis. Again, lowering effective price to the consumer. And then it's about quality. We continue to improve our defect rates. All that adds up to higher frequency, higher retention of audience. And we continue to spend aggressively in terms of marketing our brand. We think the Uber Eats brand is a top brand out there. And then on top of that, of course, we've got the unique platform benefits of our Mobility business that continues to grow audience, throwing over some of that audience to our Delivery business.

這是關於改善定價。例如，商家資助的促銷活動，即商家投入促銷活動，在市場上為促銷活動定價，以提高銷售量。較去年同期成長 100 個基點。再次，降低消費者的有效價格。然後是質量。我們不斷提高缺陷率。所有這些都增加了觀眾的頻率和保留率。我們持續在品牌行銷方面投入大量資金。我們認為 Uber Eats 優食品牌是頂級品牌。當然，最重要的是，我們的行動業務擁有獨特的平台優勢，受眾不斷成長，並將其中一些受眾轉移到我們的交付業務。

So this is all part of the formula that we have in this journey that we've been on over the past couple of years. We're able to do so while we're increasing margins because of the efficiency that we are getting in our marketplace, because of the efficiency, the kind of structural benefits that the platform brings, and we see no signs of that slowing down. Prashanth, do you want to talk about grocery, retail?

因此，這就是我們在過去幾年的旅程中所採用的公式的一部分。我們能夠在增加利潤的同時做到這一點，因為我們在市場上獲得了效率，因為平台帶來的效率和結構性好處，而且我們沒有看到這種放緩的跡象。 Prashanth，您想談談雜貨、零售嗎？

Yes. I'll take the last part of that. So we remain very positive on grocery and retail. The business growth remains quite strong. GBs are up about 40% on a constant currency basis. Once again, 40%, so very strong top line there. And despite that very strong growth, we were still able to expand our Delivery EBITDA margins by about 20% sequentially, and that was partly contributed to by improvement in the profitability of the grocery business. So it is still not where we want it to be. It's still not at a positive EBITDA margin, but it is improving both year-over-year and sequentially, and we feel very good about the path we have to getting to profitability on grocery.

是的。我將採取最後一部分。因此，我們對雜貨和零售仍然非常樂觀。業務成長仍然相當強勁。以固定匯率計算，GB 上漲了約 40%。再次是 40%，因此營收非常強勁。儘管成長非常強勁，我們的配送 EBITDA 利潤率仍能較上季成長約 20%，這在一定程度上得益於雜貨業務獲利能力的改善。所以它仍然不是我們想要的地方。它的 EBITDA 利潤率仍然不是正值，但同比和環比都在改善，我們對雜貨實現盈利的道路感到非常滿意。

It's going to come from a couple of items. First, the power of the platform, which we refer to quite frequently here. About 15% of our Delivery users are ordering on -- are ordering groceries, and that's up set from where we left Q4. Continuing to see opportunities on ads, which are great margin accretive for us as we bring those CPG players into the platform for grocery advertising. Being able to lower some of the consumer promotions we have. So overall, a number of different drivers. And we think that grocery will eventually be a very strong part of the overall portfolio.

它將來自幾個項目。首先，我們在這裡經常提到的平台的力量。大約 15% 的外送用戶正在訂購雜貨，這是我們離開第四季時的情況。繼續看到廣告機會，當我們將這些 CPG 玩家引入雜貨廣告平台時，這對我們來說是巨大的利潤成長。能夠降低我們的一些消費者促銷活動。總的來說，有許多不同的驅動程式。我們認為雜貨最終將成為整體投資組合中非常重要的一部分。

With that, I think we have time for our final question, operator. So if we could go to that.

至此，我想我們有時間討論最後一個問題了，操作員。如果我們能做到這一點的話。

Your final question comes from the line of James Lee with Mizuho.

你的最後一個問題來自詹姆斯李和瑞穗的對話。

Two here on Delivery. Can you guys give us an update on maybe the European gig economy regulation, maybe what policy we should pay attention to, and how should we think about implication of labor costs? And maybe on the U.S. side, can we get a sense of the impact of minimum wage in Seattle and New York on GB and EBITDA? And how do you guys plan to mitigate impact going forward?

這裡有兩個送貨。你們能否為我們介紹一下歐洲零工經濟監管的最新情況，也許我們應該關注哪些政策，以及我們該如何考慮勞動成本的影響？或許在美國方面，我們能否了解西雅圖和紐約的最低工資對英國和 EBITDA 的影響？你們計劃如何減輕未來的影響？

Yes. As far as the EU platform work directive, EU lawmakers essentially voted to maintain a status quo there, with platform worker status continuing to be decided on a country-by-country basis. Member states have until mid-2026 to implement that. And we think that the deal is really unlikely to bring major changes to the current situation in the vast majority of EU countries. And for us, our view remains the same, which is we believe that we should bring kind of the flexibility that gig works brings to couriers, to drivers in the marketplace, along with certain protections that we kind of talk to and have discussions with on a local basis. So we really don't see any changes coming in terms of the EU.

是的。就歐盟平台工作指令而言，歐盟立法者基本上投票維持現狀，平台工作人員的地位繼續根據各國情況決定。成員國必須在 2026 年中期之前實施該計劃。而且我們認為該協議確實不太可能為絕大多數歐盟國家的現狀帶來重大改變。對我們來說，我們的觀點保持不變，那就是我們認為我們應該為市場上的快遞員和司機帶來零工工作帶來的靈活性，以及​​我們與之交談和討論的某些保護措施。因此，我們確實沒有看到歐盟方面有任何變化。

In terms of the -- Seattle and New York, I think some of the regulation that we've seen has actually been very unpopular with couriers, restaurants and customers. So for example, we saw in Seattle, which is a relatively small market for us, Delivery order volumes decreasing by 45%, which has resulted in courier wait time actually increasing 50% on a year-on-year basis. So couriers may be making more per order, but they're getting a lot less orders, which has resulted in 30% of active couriers actually leaving the platform, which I think is certainly not what the City Council had in mind.

就西雅圖和紐約而言，我認為我們所看到的一些規定實際上非常不受快遞公司、餐廳和顧客的歡迎。例如，我們看到在西雅圖這個對我們來說相對較小的市場，送貨訂單量減少了 45%，這導致快遞等待時間實際上比去年同期增加了 50%。因此，快遞員的每個訂單可能賺得更多，但他們收到的訂單卻少得多，這導致 30% 的活躍快遞員實際上離開了平台，我認為這肯定不是市議會的初衷。

So we're actually seeing the City Council in Seattle, for example, bring forward a reform in Seattle to make the standard lower and much more viable for the platforms. We're not there yet. But there's a vote coming up in -- I think it's actually tomorrow, and we think we'll have a positive outcome there. And it's important that it's a positive outcome for couriers and restaurants and customers, because certainly, the Seattle -- the regulation that has been in place in Seattle has clearly been poor regulation that has hurt the people that they're supposed to protect.

例如，我們實際上看到西雅圖市議會在西雅圖提出了一項改革，以降低平台的標準並使其更加可行。我們還沒到那兒。但即將進行投票——我認為實際上是明天，我們認為我們會在那裡取得積極的結果。重要的是，這對快遞公司、餐廳和顧客來說是一個積極的結果，因為當然，西雅圖——西雅圖實施的監管顯然是不完善的監管，傷害了他們應該保護的人。

We'll see what happens in New York City. Unfortunately, again, in New York City, we have had to essentially slot couriers, and we've got a waitlist of over 20,000 couriers who want to be on the platform. But because of that regulation, we've had to reduce the number of couriers on the platform by close to 25% since the standard went in place. So less people get to earn in New York, we don't think that's a good thing.

我們將看看紐約市會發生什麼。不幸的是，在紐約市，我們基本上必須對快遞員進行安排，我們已經有超過 20,000 名希望加入該平台的快遞員的候補名單。但由於這項規定，自該標準實施以來，我們不得不將平台上的快遞員數量減少了近 25%。所以在紐約賺錢的人越來越少，我們認為這不是一件好事。

Now again, we have been able to absorb the financial hit of all these different regulations in our platform. You've seen in our profitability, which is up over 80% in Uber Eats on a year-on-year basis. So we're a big company. We have a lot of markets. We're quite diversified. Our technology continues to drive a more effective marketplace that allows us to absorb these regulations. But I think couriers in New York City who want to work, couriers in Seattle who want to work, they're getting hit hard by these regulations, and we're hoping that kind of regulators see the right path going forward because, so far, regulation has definitely hurt the people that it's supposed to protect.

現在，我們再次能夠在我們的平台上吸收所有這些不同法規帶來的財務打擊。您已經看到了我們的盈利能力，Uber Eats 優食的盈利能力同比增長了 80% 以上。所以我們是一家大公司。我們有很多市場。我們相當多元化。我們的技術不斷推動市場變得更加有效，使我們能夠適應這些法規。但我認為紐約市想要工作的快遞員，西雅圖想要工作的快遞員，他們受到這些法規的沉重打擊，我們希望監管機構能夠看到正確的前進道路，因為到目前為止，監管肯定傷害了它應該保護的人。

Okay. Before Dara wraps it up, I wanted to remind everyone next week is our annual Uber GO-GET. This is our event which showcases new products and features across both the Mobility and Delivery. Obviously, we're not going to get ahead of the announcements, but our theme is togetherness. And in addition to the product piece, we've got a great fireside chat with Dara and Maria Shriver. This will be in New York. So if any of you are looking to get out of the office, please reach out to Deepa and we can see what space we have.

好的。在 Dara 結束之前，我想提醒大家下週是我們一年一度的 Uber GO-GET。這是我們的活動，展示行動和交付領域的新產品和功能。顯然，我們不會提前發佈公告，但我們的主題是團結。除了產品部分之外，我們還與 Dara 和 Maria Shriver 進行了一次精彩的爐邊對話。這將在紐約舉行。因此，如果你們中有人想要離開辦公室，請聯絡迪帕，我們可以看看我們有什麼空間。

If you do join us, my only request is you travel by Uber. And with that, let me have Dara wrap it up.

如果您加入我們，我唯一的要求是您乘坐優步出行。接下來，讓達拉總結。

I like it. My CFO is upselling. And thank you, everyone, for joining us on the call, and a huge thank you for the Uber teams. There's a ton of work that goes into all of the new products that we're launching, into the products that we'll be talking about in GO-GET, and into delivering the kind of growth and profitability that we've seen from Uber over the past couple of years. So a big thank you for the team for continuing to deliver this quarter.

我喜歡。我的財務長正在追加銷售。感謝大家加入我們的電話會議，也非常感謝 Uber 團隊。我們正在推出的所有新產品、我們將在 GO-GET 中討論的產品以及實現我們從 Uber 看到的那種增長和盈利能力都需要做大量的工作在過去的幾年裡。非常感謝團隊在本季持續交付成果。

Thanks, everyone. Talk to you next quarter.

感謝大家。下個季度再聊。

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

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。