優步 (UBER) 2024 Q2 法說會逐字稿

Welcome to the Uber Q2 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Deepa Subramanian, Vice President, Investor Relations, Corporate Finance. Please go ahead.

歡迎參加 Uber 2024 年第二季財報電話會議。 （操作員指示）我現在想將會議轉交給公司財務投資者關係副總裁 Deepa Subramanian。請繼續。

Thank you, operator. Thank you for joining us today, and welcome to Uber's second 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。感謝您今天加入我們，歡迎觀看 Uber 2024 年第二季財報。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 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。

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.

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。

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. 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.

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。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。

We will open the call to questions following brief opening remarks from Dara. With that, let me hand it over to Dara.

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. Q2 was another record quarter for Uber and further demonstrated our ability to deliver profitable growth at scale. Gross bookings grew 21% on a constant currency basis, consistent with trip growth. Our audience expanded 14% while frequency grew 6%, supported by 7.4 million drivers and couriers globally. At the same time, adjusted EBITDA grew 71% year-on-year and we generated record quarterly GAAP operating income.

謝謝，迪帕。第二季度是 Uber 另一個創紀錄的季度，進一步證明了我們實現大規模獲利成長的能力。以固定匯率計算，總預訂量增加了 21%，與旅行成長一致。在全球 740 萬名駕駛者和快遞員的支持下，我們的受眾人數增加了 14%，頻率增加了 6%。同時，調整後的 EBITDA 年成長 71%，我們產生了創紀錄的季度 GAAP 營業收入。

These are super strong results that we're proud of, but I also understand there are two big questions out there that I want to address before we head into Q&A. First, the strength of the consumer and how Uber would perform in a recession. Based on what we're seeing today, the Uber consumer is in great shape. Our audience is bigger than ever and using our services more frequently than ever.

這些是我們引以為傲的超強結果，但我也明白在我們進入問答之前我想解決兩個大問題。首先，消費者的實力以及優步在經濟衰退中的表現。根據我們今天所看到的情況，Uber 消費者的狀況良好。我們的受眾比以往任何時候都多，並且使用我們的服務的頻率也比以往任何時候都高。

While our consumers tend to be higher income, we're not seeing any softness or trading down across any income cohort. Where the current macroeconomic fears materialize, we're confident that Uber can perform well because of the countercyclical nature of our platform.

雖然我們的消費者往往收入較高，但我們沒有看到任何收入群體出現任何疲軟或消費下降。在當前宏觀經濟擔憂成為現實的情況下，我們相信優步能夠表現良好，因為我們平台的反週期性質。

On the mobility side, more driver supply brings down prices for riders and improves reliability. And on the delivery side, merchants are investing in performance channels like ours for growth, improving selection and affordability for consumers. In fact, in Q2, the number of first-time consumers on Uber Eats in the US was higher than at any point over the past five quarters.

在出行方面，更多的司機供應可以降低乘客的價格並提高可靠性。在交付方面，商家正在投資像我們這樣的績效管道以實現成長，改善消費者的選擇和負擔能力。事實上，第二季度，美國首次使用 Uber Eats 優食的消費者數量高於過去五個季度的任何時候。

It's clear that delivery is much more habitual than many assumed, made even more so by our Uber One membership, which now covers 50% of delivery gross bookings. We'll continue to drive consistent top-line growth while expanding GAAP operating income. Our track record of making and then exceeding our commitments should give investors confidence that we build the capital discipline and operational muscle to perform well in any scenario.

顯然，送貨比許多人想像的要普遍得多，我們的 Uber One 會員資格更是如此，目前該會員資格覆蓋了送貨總預訂量的 50%。我們將繼續推動營收持續成長，同時擴大 GAAP 營業收入。我們做出並超越承諾的記錄應該讓投資者相信我們建立了資本紀律和營運實力，可以在任何情況下表現良好。

Second, autonomous. Put simply, Uber is uniquely positioned to offer tremendous value for AV players looking to deploy their technology at scale. While the operation of a ride hail network may seem simple, our technology obscures a huge amount of complexity. We support roughly 1 million trips per hour and our average ETA globally is approximately four minutes. That's possible because of marketplace tech that makes over 10 million predictions per second. And more mundanely, we handled more than 25 million lost items in just last year alone.

第二，自治。簡而言之，Uber 具有獨特的優勢，可以為希望大規模部署其技術的 AV 玩家提供巨大價值。雖然叫車網路的操作看似簡單，但我們的技術掩蓋了巨大的複雜性。我們每小時支援約 100 萬次出行，全球平均預計到達時間約四分鐘。這是可能的，因為市場技術每秒可以做出超過 1000 萬次預測。更平常的是，光是去年我們就處理了超過 2500 萬件遺失物品。

We also know that a key factor in AV commercialization will be asset utilization. AV players will need to ensure that their expensive assets are being used as close to 24 hours a day as possible, while also managing the daily and weekly peaks and valleys of ride hail activity. Uber can provide enormous demand without AV players needing to invest capital towards acquiring customers or building the marketplace tech that delivers reliability at the standard that consumers have come to expect.

我們也知道，自動駕駛商業化的關鍵因素是資產利用率。 AV 玩家需要確保他們昂貴的資產盡可能每天 24 小時使用，同時還要管理每日和每週的叫車活動高峰和低谷。 Uber 可以提供巨大的需求，而 AV 玩家無需投入資金來獲取客戶或建立市場技術，以達到消費者期望的標準提供可靠性。

That's all to say that Uber will be an indispensable partner for AV players of all sorts. We're in late-stage discussions with additional global AV players to join our platform, and we'll have more announcements in the coming weeks and months. Thanks to the Uber team for another great quarter.

這就是說，Uber 將成為各類 AV 玩家不可或缺的合作夥伴。我們正在與更多的全球 AV 播放器進行後期討論，以加入我們的平台，我們將在未來幾週和幾個月內發布更多公告。感謝 Uber 團隊又一個出色的季度。

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

那麼，接線員，讓我們開始提問。

(Operator Instructions)

（操作員說明）

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

Thanks for taking my questions. I have two. The first one on AV. Dara, I appreciate the color and even the extra color in the press release. Question on sort of, any more detail on what you're seeing in Arizona around incrementality of rides from the partnership? How do we think about sort of the relative unit economics? And philosophically, what is your strategy of reinvesting dollars to sort of drive more AV growth versus sort of delivering profitability?

感謝您回答我的問題。我有兩個。第一個是AV。達拉，我很欣賞新聞稿中的顏色，甚至是額外的顏色。關於您在亞利桑那州看到的關於合作夥伴關係增量乘車的更多細節的問題？我們如何看待相對單位經濟學？從哲學上講，您的再投資策略是什麼，以推動自動駕駛業務的更多成長，而不是提供獲利能力？

And then the second one on mobility specifically. Can you talk to us a little bit about what you're seeing on mobility MAPC versus frequency growth drivers, just so we can sort of break apart what's driving that growth in the quarter for mobility? Thnks.

然後是第二個專門針對移動性的問題。您能否與我們談談您對行動性 MAPC 與頻率成長驅動因素的看法，以便我們能夠分析推動本季行動性成長的因素？謝謝。

Sure, absolutely, Brian. Thanks for the question. So I don't want to speak specifically to Arizona because obviously, we have Waymo as a partner there, and I want to hold confidentiality, et cetera, as any partner should. But when we look more broadly at our operations with the various AV players that we see, what we do see is that the utilization that these AV players are able to develop on our network is significantly higher than the utilization we believe that they're able to run out without a network, kind of 1P basis. So 3P utilization is significantly higher than 1P utilization.

當然，絕對，布萊恩。謝謝你的提問。所以我不想專門針對亞利桑那州，因為顯然，我們在那裡有 Waymo 作為合作夥伴，我想像任何合作夥伴一樣保守機密等等。但是，當我們更廣泛地審視我們所看到的各種AV 播放器的運作時，我們確實看到這些AV 播放器能夠在我們的網路上開發的利用率明顯高於我們認為它們能夠實現的利用率在沒有網路的情況下運行，有點1P的基礎。所以3P利用率明顯高於1P利用率。

And if you think about the role of the marketplace, the role of the marketplace is to drive utilization of fixed assets. I mean it's -- in the end, it's why a McDonald's or a Starbucks or a Domino's now works with us, they have direct channels to consumers. But they also work through the marketplace to bring demand, more demand to their stores, so to speak.

如果您考慮市場的作用，您會發現市場的作用是推動固定資產的利用率。我的意思是，歸根結底，這就是為什麼麥當勞、星巴克或達美樂現在與我們合作，他們有直接接觸消費者的管道。但可以這麼說，他們也透過市場來為他們的商店帶來需求，更多的需求。

And we think the same will be true of AV players, which is as long as we're able to drive higher utilization and the utilization that we drive, the incrementality, we think, significantly exceeds the take rate that we will charge on average for mobility, not including insurance costs or global take rate is around 20%, so you'd have to drive 25% increasing utilization. We believe that those utilization numbers are possible, and we think that we can exceed those kinds of utilization numbers.

我們認為 AV 播放器也是如此，只要我們能夠提高利用率，並且我們所推動的利用率，我們認為增量顯著超過我們平均收取的費用流動性（不包括保險費用）或全球採用率約為20 %，因此您必須推動利用率提高25%。我們相信這些利用率數字是可能的，並且我們認為我們可以超過這些利用率數字。

So right now, the economics and the math are definitely working. I think the additional benefit that we bring to these players is, we have a dynamic dispatch model that can determine where are the pickups and drop offs that an autonomous player can effectively play with? The pickup point is easy, it's within a block, same thing with the drop-off points.

所以現在，經濟學和數學肯定是有效的。我認為我們為這些玩家帶來的額外好處是，我們有一個動態調度模型，可以確定自主玩家可以有效地玩遊戲的接送地點在哪裡？上車點很容易，就在一個街區內，下車點也是如此。

And then what are the circumstances when we should dispatch human for particular pickup or drop off if the route is complex or the pickup or drop off has some special circumstances? So we're able to essentially allow autonomous players to dispatch in situations where we know that they will succeed.

那麼當路線複雜或接送有特殊情況時，什麼情況下需要派人專門接送呢？因此，我們基本上可以允許自主玩家在我們知道他們會成功的情況下進行調度。

So all in all, the early data is quite encouraging. And as I said, we've had lots of discussions with other players out there. We don't think this will be a winner-take-all market. And we think that we will continue to have the most liquid and largest marketplace that will consume -- that will be -- that will have humans and AV players as part of it during this pretty long hybrid period as autonomous is developing and regulators are trying to figure out exactly how to regulate it. Prashanth, do you want to take the second one?

總而言之，早期數據相當令人鼓舞。正如我所說，我們與其他玩家進行了很多討論。我們認為這不會是個贏家通吃的市場。我們認為，隨著自動駕駛技術的發展和監管機構的努力，我們將繼續擁有最具流動性和最大的消費市場，在這個相當長的混合時期，人類和自動駕駛汽車玩家將成為其中的一部分。弄清楚如何監管它。 Prashanth，你想拿第二個嗎？

I will. Thanks, Dara. I think, Brian, your question was on mobility growth. So maybe I'll start with just restating how we did for Q2 and our outlook for Q3. So for Q2, the results that we printed, if you do it at a constant currency, very strong at 27% year-over-year growth. For Q3, we're looking for sort of a repeat in that mid-20s range, again, on a constant currency basis.

我會。謝謝，達拉。布萊恩，我想你的問題是關於流動性的成長。因此，也許我會先重申我們第二季的表現以及第三季的前景。因此，對於第二季度，如果以固定匯率計算，我們公佈的結果非常強勁，較去年同期成長 27%。對於第三季度，我們希望在 1920 年代中期的範圍內重演，同樣是在固定匯率的基礎上。

But when you dig into why do we have such confidence in the mobility business, I would take you back to the framework we talked about in February, that mobility over the three years that we gave you should be growing at the mid-teens or better, and that's coming from a couple of items.

但是，當你深入探討為什麼我們對行動業務如此有信心時，我會帶你回到我們在二月份討論的框架，即我們為你提供的三年內移動性應該以十幾歲左右的速度增長或更好，這來自幾個項目。

On the user side, we still believe that we have a pretty massive TAM that we can go after. We're continuing to drive product innovation, and we talked about a couple of those at GO-GET earlier this year, and we're continuing to find new demographics and areas to continue to expand in. Maybe one data point on TAM that I think is helpful for folks is our monthly penetration of consumers, and we define that as folks who are over 18 years, is less than 20% across our top 10 countries. So a lot of room to run there.

在用戶方面，我們仍然相信我們擁有相當龐大的 TAM 值得我們追求。我們正在繼續推動產品創新，今年早些時候我們在GO-GET 上討論了其中的一些創新，並且我們正在繼續尋找新的人口統計和領域來繼續擴展。點我們認為對人們有幫助的是我們每個月的消費者滲透率，我們將其定義為 18 歲以上的消費者，在我們的前 10 個國家中不到 20%。所以那裡有很大的運行空間。

Another key driver will be frequency, which I think folks understand to be how our monthly actives -- how many times our monthly actives engage with the platform. We are launching new products, continuing to improve reliability so that when you call for an Uber, we're able to get you one at a time that you're looking for and, of course, the benefits of membership. Only about half of our riders take one to two trips per month. So again, plenty of upside there to continue to drive this as a more frequent daily use case.

另一個關鍵驅動因素是頻率，我認為人們將其理解為我們的每月活躍度——我們的每月活躍度與平台互動的次數。我們正在推出新產品，不斷提高可靠性，以便當您呼叫 Uber 時，我們能夠一次為您提供您想要的服務，當然還有會員福利。我們只有大約一半的乘客每月出遊一到兩次。再說一次，有很多好處可以繼續推動它成為更頻繁的日常用例。

And then, Brian, I think you had asked about our strategy to reinvest to drive, let's say, AV growth versus profits. Generally, we are able to lean into our newer products. So for example, if you look at Moto, which are two-wheelers in Latin America in a number of developing countries. If you look at our shared product, UberX Share, where we get more than one passenger in a vehicle or even taxis, those newer products are growing faster than the base business.

然後，布萊恩，我想你問過我們的再投資策略，以推動自動駕駛汽車的成長與利潤。一般來說，我們能夠傾向於使用我們的新產品。舉例來說，如果你看摩托羅拉，它是拉丁美洲許多發展中國家的兩輪汽車。如果你看看我們的共享產品 UberX Share，我們在一輛汽車甚至出租車上搭載不只一名乘客，這些新產品的成長速度比基礎業務更快。

And their margins are substantially lower than the base business, but we're able to -- as we scale, we are able to leverage our cost base, our technology, improvements in terms of targeting, in terms of CPT allow us to have a profit envelope to be able to reinvest into our newer products. AV is one of those new products, while overall increasing profit margins. This is something that we've been doing for years, and we think AV will be part of the same equation.

他們的利潤率大大低於基礎業務，但我們能夠——隨著規模的擴大，我們能夠利用我們的成本基礎、我們的技術、目標方面的改進、CPT 方面的改進，使我們能夠擁有利潤範圍能夠再投資到我們的新產品。 AV 是這些新產品之一，同時整體利潤率也在增加。這是我們多年來一直在做的事情，我們認為 AV 將成為同一方程式的一部分。

So I don't -- AV is not something that we're going to look to make substantial profits for -- from over the next 5 to 10 years. And that's just fine because we'll be able to build a lot of liquidity in the marketplace to kind of continue along the path that we have been operating in over the past five years.

所以我不認為——在未來 5 到 10 年內，我們不會希望透過 AV 賺取可觀利潤。這很好，因為我們將能夠在市場上建立大量的流動性，以繼續沿著我們過去五年的經營道路前進。

Great. Thank you, both.

偉大的。謝謝你們倆。

Thank you. Next question.

謝謝。下一個問題。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

Thanks so much for taking the questions. Dara, can you just talk more about the importance of the BYD partnership as you bring new EVs into global markets and then perhaps how that can tie into AV over time? And then Prashanth, just if you could talk more about the drivers of delivery, profitability, good upside there in the quarter? And what gives you the confidence on the clear path to EBITDA profit in grocery and retail as well? Thank you.

非常感謝您提出問題。 Dara，您能否多談談比亞迪合作關係在您將新電動車推向全球市場時的重要性，以及隨著時間的推移，這將如何與自動駕駛汽車結合？然後 Prashanth，您能否更多地談談本季度交付、盈利能力和良好上升空間的驅動因素？是什麼讓您對雜貨和零售業實現 EBITDA 利潤的明確途徑充滿信心？謝謝。

Yeah, absolutely, Doug. So I'll start with BYD. The electrification of our fleet is an incredibly important initiative for us. We are -- if you look at Uber, Uber drivers are switching over to electric 5 times kind of the speed that normal drivers are. And if there's any driver that you want to switch over to EVs, it's an Uber driver, because Uber drivers also drive around 5 times the miles of a regular driver as well.

是的，絕對是，道格。那麼我將從比亞迪開始。我們車隊的電氣化對我們來說是一項極為重要的舉措。如果你看看 Uber，你會發現 Uber 司機改用電動車的速度是一般司機的 5 倍。如果有任何司機想要改用電動車，那就是 Uber 司機，因為 Uber 司機的行駛里程也是一般司機的 5 倍左右。

So it's a very targeted segment that we're going after and we're hoping that kind of governments can help us go after as well. The number one reason why some drivers hesitate to move over to EVs is affordability. And the fact is that BYD, when you look at cost and quality, BYD is really second to none in terms of any manufacturer out there.

因此，這是我們正在追求的一個非常有針對性的細分市場，我們希望這類政府也能幫助我們追求這個目標。有些駕駛不願轉向電動車的首要原因是負擔能力。事實上，比亞迪，當你考慮成本和品質時，比亞迪在任何製造商中確實是首屈一指的。

We're very, very excited with the partnership. We are -- we believe we're going to bring over 100,000 new BYD EVs onto the Uber platform across some of our most important global markets out there. And we've always talked about climate being a team sport, we are going to be leaders in terms of climate change and having BYD as a partner is just terrific to see.

我們對此次合作感到非常非常興奮。我們相信，我們將在一些最重要的全球市場上將超過 100,000 輛新比亞迪電動車引入 Uber 平台。我們一直在談論氣候是一項團隊運動，我們將成為氣候變遷的領導者，有比亞迪作為合作夥伴真是太棒了。

More recently, BYD has committed to very, very significant investments in the AV space. And judging from what they have accomplished in the EV space, I would not -- I would make a bet on them in AV as well. But the investment that they're making in AV is in the billions, and we're very much looking forward to partnering with them on both EVs and AVs. Prashanth, go on.

最近，比亞迪承諾在自動駕駛領域進行非常非常重大的投資。從他們在電動車領域的成就來看，我不會——我也會在自動駕駛領域押注他們。但他們在自動駕駛方面的投資高達數十億美元，我們非常期待與他們在電動車和自動駕駛方面合作。普拉珊特，續。

Yeah. So I think your question was on delivery profitability. So although we don't to draw attention to incremental margins, we did have a pretty terrific quarter for incremental margins in delivery, 10% for the second quarter. So putting a little context around that.

是的。所以我認為你的問題是關於交付盈利能力。因此，儘管我們不想提請注意增量利潤，但我們的交付增量利潤確實有一個非常出色的季度，第二季度為 10%。因此，圍繞這一點提供一些背景資訊。

The -- we are clearly seeing the benefits of scale as it runs through the delivery business, and we still have many levers that we're continuing to tune to drive that profitability in delivery. That includes some incredible tech that the team has built that continues to drive down the cost per transaction, cost per trip in terms of operational improvements.

我們清楚地看到規模化的好處，因為它貫穿整個交付業務，我們仍然有許多槓桿可以繼續調整，以推動交付的盈利能力。其中包括該團隊開發的一些令人難以置信的技術，這些技術在營運改進方面不斷降低每筆交易的成本和每次旅行的成本。

We've got great improvements in advertising. I think we mentioned in the prepared remarks, that's now running in excess of $1 billion on a run rate basis, and continuing to find ways both operationally and with tech to reduce some of our other costs like refunds and appeasements, which are still a bit of a drag on the delivery segment.

我們在廣告方面有了很大的進步。我想我們在準備好的發言中提到，按運行率計算，現在的費用已超過10 億美元，並繼續尋找營運和技術方面的方法來減少我們的其他一些成本，例如退款和綏靖政策，這些成本仍然有點高。

The fact that we were able to grow delivery profitability while continuing to have very strong growth in grocery really is a good indicator of how much strong growth we're seeing in that profitability. I think delivery EBITDA was up like 25 basis points sequentially, and that is despite grocery growing at a substantially faster rate than delivery.

事實上，我們能夠提高送貨盈利能力，同時雜貨業務繼續保持強勁增長，這確實很好地表明了我們在盈利能力方面看到了多麼強勁的增長。我認為配送 EBITDA 環比成長了 25 個基點，儘管食品雜貨的成長速度遠快於配送。

In grocery profitability, it's what we've talked about in the past. It is using the power of the platform, we can bring down the customer acquisition costs and drive those cost efficiencies. We've got 15% of our Eats customers are now using grocery, that's up about 200 basis points year-over-year as of the middle of the year, and we're seeing retention on grocery also improving.

在雜貨盈利方面，這是我們過去討論過的。透過利用平台的力量，我們可以降低客戶獲取成本並提高成本效率。我們有 15% 的 Eats 客戶現在正在使用雜貨，截至今年年中，這一數字同比增長了約 200 個基點，而且我們看到雜貨的保留率也在提高。

I mentioned the ads revenue. And then also starting, given that our selection is improving, we're also driving down consumer promotions and continuing to add more and more merchants on to the platform. We mentioned Costco. And I think in the press release or prepared remarks, we also mentioned a couple of other grocers. So all in all, things are on track to where we gave you in our three-year model, and grocery is continuing to be a strong story for our delivery business.

我提到了廣告收入。然後，考慮到我們的選擇正在改善，我們也減少了消費者促銷活動，並繼續在平台上添加越來越多的商家。我們提到了好市多。我認為在新聞稿或準備好的評論中，我們還提到了其他幾家雜貨店。總而言之，事情正在朝著我們在三年模型中為您提供的方向發展，雜貨將繼續成為我們送貨業務的一個強勁故事。

Just one very encouraging trend on grocery and retail is that ad spend on grocery and retail more than tripled on a year-on-year basis. Obviously, that's a very high-margin product. And we are continuing to expand kind of our CPG product now into a bunch of new countries. So the momentum there is terrific to see.

雜貨和零售業一個非常令人鼓舞的趨勢是，雜貨和零售業的廣告支出比去年同期增長了兩倍多。顯然，這是一種利潤率非常高的產品。我們現在正在繼續將我們的 CPG 產品擴展到許多新的國家。因此，那裡的勢頭非常值得一看。

Next question, please.

請下一個問題。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the questions. Maybe two, if I could, coming back to the delivery business. Building on the last set of comments, how do you think about the potential longer term for increased utility, increased frequency as you layer more supply into the delivery network and what you continue to learn about the relationship of evolving the experience for consumers and what it means for platform growth over a longer period of time?

非常感謝您提出問題。如果可以的話，也許有兩個人會回到送貨業務。在最後一組評論的基礎上，您如何看待隨著您將更多供應納入交付網絡而增加效用、增加頻率的潛在長期潛力，以及您繼續了解的關於不斷發展消費者體驗的關係及其內容平台在較長時間內的成長意味著什麼？

And then also on the delivery side, we've seen a lot of market consolidation and market rationalization in some of the countries around the globe. How do you think about the asset portfolio on delivery and your current marketing positioning against some of those industry dynamics you're seeing on the capital side? Thanks so much.

然後在交付方面，我們在全球一些國家看到了很多市場整合和市場合理化。針對您在資本方面看到的一些行業動態，您如何看待交付的資產組合以及您目前的行銷定位？非常感謝。

Yeah, Eric. So what we're seeing in terms of delivery is that the long-term growth is incredibly promising and especially our ability to expand into the adjacent category of grocer and retail. The grocer and retail TAM is actually bigger than the online food delivery TAM. So not only do we believe we've got a long runway in online food delivery, but we're just getting started as it relates to grocer and retail.

是的，埃里克。因此，我們在交付方面看到的是，長期成長非常有希望，尤其是我們擴展到鄰近的雜貨店和零售類別的能力。雜貨店和零售 TAM 實際上比線上食品配送 TAM 更大。因此，我們不僅相信我們在線上食品配送方面已經有很長的路要走，而且我們才剛剛開始，因為它與雜貨店和零售有關。

We now have 1.1 million merchants on the platform, it's up 13%. Our merchant penetration in most countries still is very low, well under 50%. And every time we add a merchant, because we have more diversity of choice, average conversion tends to improve for consumers who are kind of searching for their favorite restaurant or favorite dessert place. And each merchant gives us actually another item to market against as it relates to search engine optimization or search engine marketing in third-party channels as well.

現在我們平台上有110萬商戶，成長了13%。我們在大多數國家的商家滲透率仍然很低，遠低於 50%。每次我們添加商家時，因為我們有更多的選擇，對於正在尋找自己最喜歡的餐廳或最喜歡的甜點店的消費者來說，平均轉換率往往會提高。每個商家實際上都為我們提供了另一個可供行銷的項目，因為它也與第三方管道中的搜尋引擎優化或搜尋引擎行銷相關。

So new merchants add conversion, choice and actually are another item to market against. And we're a very, very long way in terms of full merchant penetration in the marketplace. And it all results in eater retention being up globally in every single mega region, just in June on a year-on-year basis. So right now, we believe there's a very, very long run rate for growth.

因此，新商家增加了轉換率、選擇，實際上是市場上的另一個項目。就商家全面滲透市場而言，我們還有很長的路要走。這一切都導致全球每個大型地區的食客保留率都在上升，僅在 6 月就比去年同期成長。所以現在，我們相信有一個非常非常長期的成長速度。

The more consumers use our products in a multiproduct way, whether it's a mobility user using delivery or delivery user buying from grocery and retail, the more they transact on the platform, multiproduct consumers spend 3 times more than single product consumers.

消費者以多產品方式使用我們的產品越多，無論是使用送貨的行動用戶還是從雜貨店和零售店購買的送貨用戶，他們在平台上的交易就越多，多產品消費者的支出是單一產品消費者的3 倍。

And for us, the more products we add to the marketplace, the more kind of this benefit adds on to it. And then on top of that, you add our membership product as well, which is now over 50% of bookings. So the volumes are strong. We are not having to buy our way into strong volumes, we're kind of earning our way into strong volumes. And I think the fundamentals are going to be there for some time to come.

對我們來說，我們向市場添加的產品越多，這種好處就越多。除此之外，您還可以添加我們的會員產品，目前該產品佔預訂量的 50% 以上。所以銷量很強勁。我們不必透過購買來獲得強勁的銷量，我們可以透過賺錢來獲得強勁的銷售。我認為基本面將在未來一段時間內保持不變。

In terms of our portfolio. We had made the strategic decision a few years ago, it's probably three or four years ago, to exit markets that we didn't think we could either be the number one or number two; and if we're the number two, the ability to move to a number one position. We've gained category position delivery in every 1 of our top 10 markets on a year-on-year basis.

就我們的投資組合而言。幾年前，可能是三、四年前，我們就做出了策略決定，退出我們認為自己無法成為第一或第二的市場；如果我們是第二，就有能力移動到第一的位置。我們在前 10 個市場中的每一個市場都實現了逐年的品類排名交付。

It's a function of the great execution of our operations team, the technology that we're shipping and then the power of the platform. There's no other global player who operates both in mobility and delivery or as broad a platform as we do. So we're very happy with our portfolio, so to speak, and I think the results speak for themselves.

這取決於我們營運團隊的出色執行力、我們所提供的技術以及平台的力量。沒有其他全球參與者能夠像我們一樣同時經營行動和交付業務或擁有如此廣泛的平台。可以這麼說，我們對我們的產品組合非常滿意，我認為結果不言而喻。

Eric, as someone who's been in the business coming up now on my one-year anniversary soon, I'm surprised -- I was surprised to learn how sticky the food delivery business is. It is very habitual. And we've got great data that shows that stickiness is improving. I think I look back five, six quarters of data, and it gets better every quarter in terms of eater retention. So there's clearly the trajectory to follow what we're seeing in mobility.

艾瑞克（Eric），作為一個從事該行業的人，即將迎來我的一周年紀念日，我很驚訝 - 我很驚訝地發現食品配送業務的粘性如此之大。這是很習慣的。我們有大量數據表明黏性正在提高。我想我回顧了五、六個季度的數據，每個季度在食客保留率方面都變得更好。因此，我們在移動領域所看到的軌跡顯然是有的。

Appreciate it. Thank you.

欣賞它。謝謝。

You're welcome. Next question.

不客氣。下一個問題。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Thank you. I wonder if you could revisit the consumer downturn scenario. What would you expect to happen from mobility if we do have a recession or a bigger downturn as far as maybe trade down or looking for lower price rides, the impact on bookings and profitability? And then, Prashanth, maybe you could talk about, it looks like you've turned the corner on independent contractor deals in Massachusetts, other areas. But what happens to your cost when you sign those deals, and can you cover it with higher fees? Or what are the business model impacts of signing those deals? Thank you.

謝謝。我想知道您是否可以重新審視一下消費者低迷的情況。如果我們確實經歷了經濟衰退或更大的衰退，您預計流動性會發生什麼，就可能減少交易或尋找更低價格的乘車，對預訂和盈利能力的影響？然後，普拉山斯，也許你可以談談，看起來你已經在馬薩諸塞州和其他地區的獨立承包商交易上扭轉了局面。但是，當您簽署這些交易時，您的成本會發生什麼變化？或簽署這些交易對商業模式有何影響？謝謝。

Yeah, Justin, in terms of the consumer downturn scenario on mobility, we see these circumstances in a number of markets. LatAm has been through a bunch of cyclical trends, et cetera. And usually, a downturn, kind of the leading indicator of a downturn is a weak job market. We might be seeing it. In some of the Western markets, we might not, it's very difficult to tell.

是的，賈斯汀，就行動性消費者低迷的情況而言，我們在許多市場都看到了這種情況。拉丁美洲經歷了一系列週期性趨勢等等。通常，經濟低迷（經濟低迷的先行指標）是就業市場疲軟。我們可能會看到它。在一些西方市場，我們可能不會，這很難說。

But when there's a weaker job market, typically, our driver supply on the mobility side significantly improves. We're a very, very flexible work platform, average earnings per utilized hour for drivers in the US, for example, is $33 per utilized hour. So it's highly flexible, and the earnings per utilized hour are strong.

但當就業市場疲軟時，我們在出行方面的司機供應通常會顯著改善。我們是一個非常非常靈活的工作平台，例如，美國司機的平均每小時收入為 33 美元。因此它非常靈活，並且每小時的收入也很高。

So typically, what we see is improvement in driver supply. As driver supply improves, surge comes down, ETAs improve, the service itself becomes more compelling. And as a result, volumes typically turn out to be quite sticky. In addition to those trends, we are actively investing in affordability, right? The membership program essentially brings prices down for both mobility and delivery.

通常情況下，我們看到的是司機供應的改善。隨著駕駛者供應的改善、高峰的減少、預計到達時間的改善，服務本身變得更加引人注目。因此，交易量通常會變得非常黏性。除了這些趨勢之外，我們還積極投資於可負擔性，對吧？會員計劃本質上降低了移動和交付的價格。

And we're investing in products such as two-wheelers and three-wheelers and UberX Share, all of whom provide discounts of, let's say, 25% to 50% of, let's say, the price of an UberX as well. So we think that we can thrive in upturns and downturns. And I think that the team has proven that they've kind of execution capability to be able to perform in any kind of a market. And listen, we're watching trends very, very quickly, and I do believe we'll be able to adjust as needed.

我們正在投資兩輪車、三輪車以及 UberX Share 等產品，所有這些產品都提供 UberX 價格的 25% 到 50% 的折扣。因此，我們認為我們可以在經濟繁榮和低迷時期蓬勃發展。我認為該團隊已經證明他們具有能夠在任何類型的市場中發揮作用的執行能力。聽著，我們正在非常非常快地觀察趨勢，我相信我們能夠根據需要進行調整。

Prashanth, do you want to talk about Massachusetts?

Prashanth，你想談談麻薩諸塞州嗎？

Yeah. I will. Justin, maybe I'll also just start by just reminding folks that we have three different sort of broad models on how we go to market in our operating framework for folks. So we have the traditional independent contractor, which is how most people think of Uber, and that is the model that the company was largely built on. And then over time, we've adapted to now the IC+ model, which is what you referred to for Massachusetts, and that's where we enter into agreements to provide some level of benefits.

是的。我會。賈斯汀，也許我首先要提醒大家，我們對於如何在我們的營運框架中進入市場有三種不同的廣泛模型。所以我們有傳統的獨立承包商，這就是大多數人對 Uber 的看法，這也是該公司主要建立的模型。隨著時間的推移，我們現在已經適應了 IC+ 模式，這就是您提到的馬薩諸塞州的模式，我們就是在那裡簽訂協議以提供一定程度的福利。

And then there are still some countries that we use a fleet model where an independent company sort of handles the actual execution on the ground, and we serve as feeding them the global, or the in-country demand or the in-city demand. So specifically in Massachusetts, we reached a deal with the Attorney General that settled on a set of standards for earners that includes how we measure or how we define time on the platform, certain health care, family and medical leave benefits as well.

還有一些國家，我們使用車隊模式，由一家獨立公司處理實地的實際執行，我們為他們提供全球、國內或城市內的需求。因此，特別是在馬薩諸塞州，我們與總檢察長達成了一項協議，確定了一套針對收入者的標準，其中包括我們如何衡量或如何定義平台上的時間、某些醫療保健、家庭和病假福利。

As a consequence for that, the Attorney General dropped their action against Uber, and we're no longer in pursuit of a valid issue in Massachusetts, like we had very successfully done in California. The consequence of that is we will factor that into our operating model in Massachusetts. But as we've said back in February on our Investor Day, we still have plenty of runway to focus on operational costs.

因此，總檢察長放棄了對 Uber 的訴訟，我們不再像在加州那樣成功地在馬薩諸塞州尋求有效的問題。結果是我們將把這一點納入我們在馬薩諸塞州的營運模式中。但正如我們在二月的投資者日所說，我們仍然有足夠的空間來關注營運成本。

So while this will be built into the cost structure that we push to the market, we continue to believe that there's plenty of runway ahead for us to continue to drive down our operating costs through the support costs and payments and a variety of other measures that we continue to sort of grind out those basis points that will continue to make Uber an affordable option for all.

因此，雖然這將納入我們推向市場的成本結構中，但我們仍然相信，我們還有足夠的空間繼續透過支援成本和付款以及各種其他措施來降低我們的營運成本。點，使Uber 成為所有人都能負擔得起的選擇。

Great. Thank you.

偉大的。謝謝。

You're welcome. Next question, operator.

不客氣。下一個問題，操作員。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

Hi, thanks for taking my question. Dara, I wanted to ask a two-parter on autonomous vehicles. First, can you help us understand how much of the rideshare demand takes place during peak hours and mornings and evenings? I would imagine that utilization math around the peak is really at the core of your value prop to partners.

您好，感謝您提出我的問題。達拉，我想向兩人詢問有關自動駕駛汽車的問題。首先，您能否幫助我們了解有多少共乘需求發生在尖峰時段和早晚？我認為峰值周圍的利用率數學確實是您向合作夥伴提供價值的核心。

And then second, the partnership model makes a lot of sense to us for both sides, but there is a world where providers choose not to partner, they choose to compete more directly. So my second question is around, I guess, what the plan B is for Uber in the event that leading players choose not to extend partnerships or engage in partnerships? How do you navigate that scenario? Thank you.

其次，合作夥伴模式對我們雙方都很有意義，但在這個世界上，供應商選擇不合作，他們選擇更直接競爭。所以我的第二個問題是，如果領先的參與者選擇不擴大合作關係或參與合作關係，Uber 的 B 計畫是什麼？您如何應對這種情況？謝謝。

Yeah, absolutely. So in terms of peak and trough, while we haven't disclosed the numbers, there are very, very significant peaks during rush hour both ways, obviously, in the mornings and going at home during kind of after hours, drinks, et cetera. And we are able to shape demand and supply, actually demand through surge when we need to and supply, obviously, positioning our drivers through incentives, either on a temporal basis or on a geographic basis, if there's a concert going on, et cetera.

是的，絕對是。因此，就高峰和低谷而言，雖然我們沒有透露數字，但在高峰時段，雙向都有非常非常顯著的高峰，顯然，在早上和下班後回家、喝酒等等。我們能夠塑造需求和供應，實際上是在我們需要時透過激增需求和供應，顯然，透過激勵措施定位我們的司機，無論是在時間基礎上還是在地理基礎上，如果有音樂會的話，等等。

The good news there is that through our incentive structure, essentially those are variable costs for us. We will pay more during those peak periods and then when we don't need supply, we can take incentives out. So we have a model where essentially we're able to shape supply to match demand in a variable basis.

好消息是，透過我們的激勵結構，這些本質上是我們的可變成本。我們會在高峰期支付更多費用，然後當我們不需要供應時，我們可以取消激勵措施。因此，我們有一個模型，本質上我們能夠在可變的基礎上調整供應以匹配需求。

I think that in an AV world, the car is there at all times, so you kind of have to pay the overhead for the car and the amortization of the car during all periods. So we think kind of a hybrid network that can -- that consists of both humans and robots can handle the peaks and valleys much more effectively than a pure-play network.

我認為在自動駕駛世界中，汽車一直都在那裡，所以你必須支付汽車的管理費用以及汽車在所有時期的攤銷。因此，我們認為由人類和機器人組成的混合網路可以比純網路更有效地處理高峰和低谷。

In terms of AV partnerships, et cetera, I would tell you, Nikhil, that based on the conversations that we're having, we are highly, highly confident of being able to acquire AV content, if you want to call it that, on a global basis. The fact is this is not turning out to be a winner-take-all market. Originally, I think that was a concept why Uber wanted to develop the technology itself. But every single OEM is investing in some L2 or L3 technology.

在 AV 合作夥伴關係等方面，我想告訴你，Nikhil，根據我們正在進行的對話，我們非常非常有信心能夠獲得 AV 內容（如果你想這麼稱呼的話）全球基礎。事實是，這並不是一個贏家通吃的市場。最初，我認為這就是 Uber 想要自行開發技術的一個概念。但每個 OEM 都在投資一些 L2 或 L3 技術。

If you look at some of the newer tech coming in terms of imitation learning technologies that have taken kind of the imagination of folks through LLMs, that same technology we believe can potentially introduce a new wave of AV through imitation learning at substantially lower capital cost that was necessary historically.

如果你看看模仿學習技術方面的一些新技術，這些技術透過法學碩士激發了人們的想像力，我們相信同樣的技術有可能透過模仿學習以低得多的資本成本引入新一波的自動駕駛浪潮。

So we think there are going to be many, many AV providers. If there are many, many AV providers, the marketplace and our marketplace is by far the largest marketplace, global marketplace, both from mobility, delivery and then freight as well, the marketplace will have a very, very strong position. So at this point, we don't see any signal that a plan B will be necessary.

所以我們認為將會有很多很多的 AV 提供者。如果有很多很多的 AV 供應商、市場，而我們的市場是迄今為止最大的市場、全球市場，無論是從行動性、交付還是貨運方面來看，該市場都將擁有非常非常強大的地位。因此，目前我們沒有看到任何訊號表明有必要採取 B 計劃。

Also take note that we have investments, strategic investments and a number of AV players. Aurora, we're working with Waymo, for example, and there are other investments that we have in AV players to make sure that kind of plan A is the right plan going forward. So far, I'd say so good. And as I mentioned in my remarks, we will have more partnerships to announce in the next weeks and months. And I think the market will see and you'll see that plan B isn't necessary.

另請注意，我們有投資、策略性投資和一些 AV 播放器。例如，Aurora 正在與 Waymo 合作，我們還在 AV 播放器方面進行了其他投資，以確保 A 計劃是未來的正確計劃。到目前為止，我會說很好。正如我在演講中提到的，我們將在接下來的幾週和幾個月內宣布更多合作關係。我認為市場會看到，你會發現 B 計畫是沒有必要的。

Thanks, Dara.

謝謝，達拉。

You're very welcome. Next question, operator.

非常不客氣。下一個問題，操作員。

John Colantuoni, Jefferies.

約翰·科蘭托尼，杰弗里斯。

Great. Thanks for taking the questions. Given the continued progress on mobility frequency, I was curious if we could go back to some disclosure you provided about a year ago showing that pre-COVID cohorts in the US and Canada had lower frequency than more recent cohorts. How has mobility usage progressed over -- across cohorts over the past year? And what does that progression tell you about the opportunity to keep driving frequency higher through multiproduct adoption?

偉大的。感謝您提出問題。鑑於流動頻率的持續進展，我很好奇我們是否可以回顧一下您大約一年前提供的一些披露，顯示美國和加拿大的新冠疫情前人群的流動頻率低於最近的人群。過去一年裡，各群體的移動出行使用進展如何？這種進展告訴您什麼關於透過多產品採用來維持更高頻率的機會？

And second, the $1 billion in advertising run rate suggests over 50% growth, which is really strong, but a bit of a deceleration from more like 80% exiting last year. Talk about how restaurants are balancing investments in sponsored listings versus merchant-funded offerings, which you mentioned grew over 70% year-on-year in the quarter. Thanks.

其次，10 億美元的廣告投放率顯示成長超過 50%，這確實很強勁，但與去年的 80% 左右相比略有減速。談談餐廳如何平衡贊助清單與商家資助產品的投資，您提到該季度年增超過 70%。謝謝。

Sure, John. In terms of mobility frequency, while we're not going to disclose specifically what frequency looks like, I would say that when we look at lower-cost products, when you look at UberX Share, Hailables, two-wheelers, three-wheelers, the frequency of some of the newer products is significantly higher than the frequency of, call it, the X products, et cetera.

當然，約翰。就出行頻率而言，雖然我們不會特別透露頻率是什麼樣的，但我想說，當我們考慮低成本產品時，當你考慮 UberX Share、Hailables、兩輪車、三輪車時，一些較新產品的頻率明顯高於X 產品等的頻率。

When you look at the overall frequency numbers for both mobility and delivery, they're up on a year-on-year basis. It is absolutely helped by multiproduct usage, it is absolutely helped by membership as well. So whether you look at cohorts, whether you look at new customers, high income, low income, the frequency numbers for us in both mobility and delivery are very, very constructive. You want to talk about ads, Prashanth?

當您查看移動和交付的總體頻率數字時，您會發現它們逐年上升。多產品使用絕對有幫助，會員資格也絕對有幫助。因此，無論你看同類群體，無論你看新客戶、高收入、低收入，我們在流動性和交付方面的頻率數字都非常非常有建設性。 Prashanth，你想談談廣告嗎？

Sure. So I think the question -- your question, John, again, was on merchant-funded offers, how are we -- or on offers in general, how are we seeing that in -- on an impact for the business? So I would tell you to think about it in two elements. First, as we're able to drive, and we see very strong cooperation from merchants in using merchant-funded offers to drive their demand, it is actually being a very helpful way for them to address their need to attack the affordability question that folks are asking.

當然。所以我認為問題 - 約翰，你的問題又是關於商家資助的優惠，我們如何 - 或者一般來說，我們如何看待它 - 對業務的影響？所以我會告訴你從兩個要素來思考這個問題。首先，由於我們能夠推動，而且我們看到商家在使用商家資助的優惠來推動他們的需求方面進行了非常強有力的合作，這實際上是他們解決人們的負擔能力問題的一種非常有用的方式。

So that can come through a variety of different things that they're putting onto the platform. It could be a buy one, get one. It could be, hey, if you spend a certain amount, you get a certain percentage off. We're seeing extremely strong growth in the use of merchant-funded offers. And the tech that we have is allowing them to be quite creative in how they want to apply that and when.

因此，這可以透過他們在平台上放置的各種不同的東西來實現。可能是買一送一。嘿，如果您花費一定金額，您可能會獲得一定比例的折扣。我們看到商家資助的優惠的使用出現了極其強勁的增長。我們擁有的技術使他們能夠在如何以及何時應用該技術方面具有相當的創造力。

I think that's something that's quite unique to us. And as a result of that, we are seeing a very good support of their business growth. And in a time when I think there's more macro concerns around what's happening with some of the large enterprise customers, we are seeing our SMBs really lean in more and are seeing strong growth in this.

我認為這對我們來說是非常獨特的。因此，我們看到他們的業務成長得到了非常好的支持。當我認為人們對一些大型企業客戶所發生的事情有更多的宏觀擔憂時，我們看到我們的中小型企業確實在這方面投入更多，並且看到了強勁的成長。

I'd also say that when we look at the category levels that folks are shopping at on the merchant side, we're continuing to see folks shopping at what we would have categorized as a more expensive or I think it's a $2 sign category versus the single dollar sign. So we're again seeing folks not trading down at SMBs because some of that is being supported by the RFOs or the restaurant-funded offers that we are enabling them to support.

我還想說，當我們查看人們在商家方面購物的類別級別時，我們繼續看到人們在我們歸類為更昂貴的商品上購物，或者我認為這是2 美元的標誌類別，而不是2 美元的標誌類別。因此，我們再次看到人們不再在中小型企業進行降級消費，因為其中一些是由 RFO 或我們幫助他們支持的餐廳資助優惠提供的支持。

And then just on the sponsored listings part of the business. The growth continues pretty significantly. We're a bit over 1% of delivery gross bookings through advertising. We had a target of 2%-plus. We think that target is certainly achievable. And actually, for grocer and retail, we think that the number can be well over 2% based on what we see in terms of competitors, what we see in terms of what Amazon is doing.

然後只是業務的贊助清單部分。成長持續相當顯著。略高於 1% 的配送總預訂量是透過廣告實現的。我們的目標是 2% 以上。我們認為這個目標肯定是可以實現的。事實上，對於雜貨店和零售業來說，根據我們對競爭對手和亞馬遜所做的事情的了解，我們認為這個數字可能遠遠超過 2%。

The focus for us with sponsored listings right now is increasing the number of monetizable impressions per user session through introducing new ad formats and placements and really increasing the monetization of search in a smart way that doesn't hurt the core consumer experience. So we have hold out to make sure that advertising is a complement to our eater experience and at the same time, is a targeted way for merchants to reach our audience.

我們現在對贊助商清單的關注點是透過引入新的廣告格式和展示位置來增加每個用戶會話的可貨幣化展示次數，並以不損害核心消費者體驗的智慧方式真正增加搜尋的貨幣化。因此，我們堅持確保廣告能夠補充我們的食客體驗，同時成為商家接觸受眾的有針對性的方式。

And if you think about sponsored listings, sponsored listings tends to kind of improve audience for a particular merchant and then merchant-funded offers, because of the price nature of those offers tend to improve conversion as well. For Uber profitability, the sponsored listings business is more profitable for Uber, but we think merchant-funded offers are a very important strategic part of our drive to improve the affordability of the overall marketplace.

如果您考慮贊助列表，贊助列表往往會提高特定商家的受眾，然後是商家資助的優惠，因為這些優惠的價格性質也往往會提高轉換率。對於優步的獲利能力而言，贊助清單業務對優步來說更有利可圖，但我們認為商家資助的報價是我們提高整個市場承受能力的一個非常重要的策略部分。

And increasingly, we're working with merchants to be able to move money from sponsored listings to merchant-funded offers in a back and forth and in a targeted way to achieve what their goals are. So the team is doing a great job. We continue to invest in our sales team, and the technical teams continue to ship some pretty impressive product out there.

我們越來越多地與商家合作，以便能夠以有針對性的方式將資金從贊助清單轉移到商家資助的優惠，以實現他們的目標。所以團隊做得很好。我們繼續投資我們的銷售團隊，技術團隊繼續推出一些令人印象深刻的產品。

Let me give you one metric we haven't shared before and that is, globally, restaurant-funded offers or merchant-funded offers have grown 70% year-over-year.

讓我給你一個我們以前沒有分享過的指標，那就是，在全球範圍內，餐廳資助的優惠或商家資助的優惠同比增長了 70%。

Thank you, both.

謝謝你們倆。

All right. Can we get the next question? Thank you.

好的。我們可以得到下一個問題嗎？謝謝。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Hey, guys. One more follow-up on ads. We've talked about getting to 1.6% of gross bookings for ride hail ads. So I know we talk about delivery ads quite a bit, but what's the status of your ride hail side advertising business of late? And then the letter mentioned the Instacart initial kind of read. Could you provide a little more color on what you're seeing thus far from the Instacart partnership? Thank you.

大家好。廣告的另一個後續行動。我們已經討論過將叫車廣告佔總預訂量的 1.6%。所以我知道我們常常談論送貨廣告，但是最近你們的叫車廣告業務狀況如何？然後信中提到了 Instacart 最初的閱讀方式。您能否提供一些關於迄今為止您在 Instacart 合作夥伴關係中看到的情況的更多資訊？謝謝。

Yeah, absolutely. So for mobility ads, we haven't introduced the target in terms of the percentage of gross bookings. We are very, very sensitive to the fact that people come to Uber looking for a ride first. And to the extent that we introduce them to some of the premium brands that are advertising with us, we want to make sure that, that experience is an excellent experience for the rider and also an excellent experience for the advertiser.

是的，絕對是。因此，對於行動廣告，我們還沒有引入總預訂百分比的目標。我們對人們來到 Uber 首先是為了搭車這一事實非常非常敏感。就我們向他們介紹一些與我們一起做廣告的優質品牌而言，我們希望確保這種體驗對於騎士來說是一次出色的體驗，對於廣告商來說也是一次出色的體驗。

And it's resulting in some very strong ad engagement from riders. Click-through rates are over 2.5% compared to industry averages that are less than 1%. So I think for us, the focus is more on quality versus quantity. And I think that we'll continue that focus going forward.

這導致了騎士們非常強烈的廣告參與。點擊率超過 2.5%，而業界平均點擊率不到 1%。所以我認為對我們來說，重點更多的是品質而不是數量。我認為我們未來將繼續關注這一點。

The contribution of advertising is very, very positive in terms of newer ad formats that we are introducing, improving targeting capabilities and then also investments in measurement and attribution for our ad partner. So we're very, very happy with the progress here, but I don't want to put a percent target because the experience of the rider comes first.

就我們引入的新廣告格式、提高定位能力以及對我們廣告合作夥伴的衡量和歸因的投資而言，廣告的貢獻是非常非常積極的。所以我們對這裡的進展非常非常滿意，但我不想設定百分比目標，因為騎士的體驗是第一位的。

In terms of Instacart and the trends there, we're very encouraged by the trends there. We talked about Instacart baskets being 20% higher than our base basket sizes, and we're seeing the demand come from a lot of suburban markets. It kind of matches the Instacart's kind of geographic penetration. So we do think that the incrementality of the volume from Instacart is quite strong. And I'd say so far, the partnership has been an excellent one.

就 Instacart 及其趨勢而言，我們對那裡的趨勢感到非常鼓舞。我們談到 Instacart 購物籃的尺寸比我們的基本購物籃尺寸高 20%，我們看到需求來自許多郊區市場。這在某種程度上與 Instacart 的地理滲透力相匹配。所以我們確實認為 Instacart 的銷售增量是相當強勁的。我想說到目前為止，這種夥伴關係非常好。

And maybe just a reminder to folks, we only went live in the second quarter of '24, where Uber Eats is live on the Instacart app. So it's still early days.

也許只是提醒大家，我們是在 2024 年第二季才上線的，當時 Uber Eats 優食在 Instacart 應用程式上上線。所以現在還為時過早。

All right.

好的。

Can we take our final question?

我們可以回答最後一個問題嗎？

Yeah, sure.

好，當然。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

Okay. Thanks. Two questions, please. On the TAM comment, Prashanth, that you made earlier, I think you said in your TAM markets, less than 20% penetration. My recall is that about a year ago, you had said it was a little under 10%, so you've had nice growth there. Are there particular markets where you could -- like what are your lead markets? Like how high have you seen that penetration go? I assume that we're -- that you're going to be able to go higher than 20%, but any clues you've seen in the markets that you've been in to tell you how high that could go would be helpful.

好的。謝謝。請教兩個問題。 Prashanth，關於您之前發表的 TAM 評論，我想您說過在您的 TAM 市場中滲透率低於 20%。我記得大約一年前，你們說過略低於 10%，所以你們在那裡有很好的成長。是否存在您可以利用的特定市場—例如您的主要市場是什麼？例如您看到滲透率有多高？我假設我們能夠上漲超過 20%，但是您在您所在的市場中看到的任何線索都可以告訴您上漲的高度，這將會有所幫助。

And then could you also talk overall about subsidies and incentives for drivers and consumers and where those are now? And is this something that's kind of a flat line expense going forward? Is there more leverage as a percentage of bookings or even in absolute dollars? How do you think about those incentives and subsidies going forward? Thanks a lot.

然後您能否整體談談對司機和消費者的補貼和激勵措施以及這些補貼和激勵措施目前的情況？未來的支出是否會趨於平穩？佔預訂量的百分比甚至絕對美元是否有更多的槓桿？您如何看待未來的這些激勵措施和補貼？多謝。

Yeah. Thanks for the question. I think a good frame of reference or an example to help you with that TAM, if the United States was to move to the TAM penetration that we're seeing in the UK, that's worth another $13 billion in gross bookings. So call it 8% to 8%-or-so of our current run rate just by moving the US to the UK. So we know the opportunity is there.

是的。謝謝你的提問。我認為一個很好的參考框架或例子可以幫助您了解 TAM，如果美國要轉向我們在英國看到的 TAM 滲透率，那麼總預訂量將價值另外 130 億美元。因此，只需將美國轉移到英國，就可以將其稱為當前運行率的 8% 至 8% 左右。所以我們知道機會就在那裡。

We are seeing -- Brazil, I think, is another great example where we're seeing really explosive growth. The frequency in Brazil is a really impressive number that also, I think, is a great metric for how we have confidence that as we continue to feed more markets and continue to expand our mobility products availability, reliability into more geographies that's going to continue to provide runway.

我們看到——我認為巴西是另一個很好的例子，我們看到了真正的爆炸性增長。巴西的頻率是一個非常令人印象深刻的數字，我認為，這也是一個很好的指標，可以衡量我們如何有信心，隨著我們繼續滿足更多市場並繼續將我們的行動產品的可用性和可靠性擴展到更多地區，這些地區將繼續提供跑道。

And that sort of links into your second question, which is as we think about balancing supply and demand, the -- I would say the overall sentiment at a global level today is that supply is in a better position than it has historically been. That may not be true in all markets, but at a global level it is.

這與你的第二個問題有關，即當我們考慮平衡供需時，我想說，今天全球範圍內的整體情緒是，供應狀況比歷史上更好。並非所有市場都是如此，但在全球範圍內確實如此。

What that allows us to do is to pivot those incentive dollars into driving demand. And one of the challenges, I think, as the leadership team, Uber faces is we have so many areas that we could pivot those dollars into, and they greatly exceed our ability to fund within our financial framework that we gave you.

這使我們能夠將這些激勵資金轉向推動需求。我認為，作為領導團隊，優步面臨的挑戰之一是，我們有很多領域可以將這些資金投入其中，而這些領域遠遠超出了我們在我們為您提供的財務框架內提供資金的能力。

So much of the time is spent on capital allocation to ensure that we are both making decisions that are right for the near term in terms of continuing to make sure the market is liquid, but also providing the right incentives that we need to continue to fund future growth products.

大量時間花在資本配置上，以確保我們做出短期內正確的決策，繼續確保市場的流動性，同時提供我們需要繼續資助的正確激勵措施未來成長型產品。

I think our teens product as an example, which is one that we've launched, and I may ask Deepa to help me here with the metric. I think teens user base, if you -- is up -- was it up 100%, Deepa? Is that -- am I remembering the number right?

我認為我們的青少年產品就是一個例子，這是我們推出的產品，我可能會請 Deepa 幫我制定指標。我認為青少年用戶群，如果你 - 上升 - 上升了 100%，Deepa？那是──我沒記錯這個號碼嗎？

Yeah, up 100% was -- and that's a relatively new product that we've launched, but that takes that takes some investment to increase awareness about the product. But once you've done that ---sorry, it's trips, it was trips that were up. So it's -- those are the trade-offs I think that we continue to make a decision on.

是的，成長了 100%——這是我們推出的一個相對較新的產品，但這需要一些投資來提高對該產品的認知度。但一旦你做到了——對不起，這是旅行，這是旅行。所以我認為這些是我們繼續做出決定的權衡。

This quarter, we opened up Hungary -- sorry, no, we opened up Luxembourg, and last quarter, we opened up Hungary. So we're continuing to find new geographies as well as expanding in existing countries into new areas. So look for us to continue to make that balance while trying to stay within that great operating framework we gave you of driving mid- to high-teens GB growth with high 30% to 40% EBITDA over the next three years.

本季度，我們開放了匈牙利——抱歉，不，我們開放了盧森堡，上個季度，我們開放了匈牙利。因此，我們將繼續尋找新的地區，並在現有國家/地區擴展到新的領域。因此，期待我們繼續保持這種平衡，同時努力保持在我們為您提供的良好營運框架內，在未來三年內以 30% 至 40% 的 EBITDA 推動英國中高位成長。

Thank you, Prashanth.

謝謝你，普拉珊特。

And I think with that, we're going to wrap the call. Did we -- and we'll turn it back to you, Dara.

我想這樣我們就可以結束通話了。我們會嗎——我們會把它還給你，達拉。

Yeah. Thank you very much, everyone, for joining the call. And a huge thank you to the team at Uber. Prashanth and I and Deepa get to talk to investors about all the accomplishments and the consistent execution of the team, but it's actually the teams on the ground, the technical teams who deliver in good markets, bad markets, uncertain markets. And we certainly wouldn't have the kind of execution that we've had without everyone at Team Uber contributing. So big thank you to Team Uber.

是的。非常感謝大家加入此次通話。非常感謝 Uber 的團隊。 Prashanth、我和 Deepa 與投資者談論團隊的所有成就和一貫的執行力，但實際上是現場團隊、技術團隊在好的市場、壞的市場和不確定的市場中做出了貢獻。如果沒有 Uber 團隊每個人的貢獻，我們當然不會有這樣的執行力。非常感謝 Uber 團隊。

And just a reminder, we're going to be in -- on the West Coast, in Chicago, in New York and in Europe in the coming quarters. So very accessible for folks, so reach out to Deepa, if you want to see us.

提醒一下，未來幾季我們將在西海岸、芝加哥、紐約和歐洲開展業務。對於人們來說非常方便，如果您想見我們，請聯繫 Deepa。

Awesome. We'll talk to you next quarter. Thank you again.

驚人的。我們將在下個季度與您交談。再次感謝你。

This concludes today's conference call. We thank you for joining. You may now disconnect.

今天的電話會議到此結束。我們感謝您的加入。您現在可以斷開連線。