優步 (UBER) 2024 Q3 法說會逐字稿

Hello, and welcome to the Uber third quarter 2024 earnings conference call. (Operator Instructions). I would now like to turn the call over to Deepa Subramanian, Vice President, Investor Relations. You may begin.

您好，歡迎參加 Uber 2024 年第三季財報電話會議。 （操作員說明）。我現在想將電話轉給投資者關係副總裁 Deepa Subramanian。你可以開始了。

Thank you, operator. Thank you for joining us today, and welcome to Uber's third quarter 2024 earnings presentation. On the call today, we have Uber 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 年第三季財報。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 措施的其他揭露（包括 GAAP 與非 GAAP 措施的調整）包含在新聞稿、補充投影片和我們向 SEC 提交的文件中，每份文件均發佈在 Investor.uber.com 上。

Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law.

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 the forward-looking statements, please refer to the press release we issued today as well as the risks and uncertainties section described in our most recent Form 10-K and in other filings made with the SEC.

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部分與SEC 合作。

We published our quarterly earnings press release and prepared remarks, supplemental slides to our Investor Relations website earlier today, and we ask you review those documents if you haven't already. We will open the call to questions following beef opening remarks from Dara and Prashanth. 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並準備了評論和補充幻燈片，如果您還沒有查看這些文件，我們請您查看。在 Dara 和 Prashanth 的開場白之後，我們將開始提問。那麼，讓我把它交給達拉。

Thanks, Deepa. Uber delivered yet another strong quarter, a record quarter of profitable growth with gross bookings up 20% year-on-year in constant currency. We also generated an all-time high GAAP operating profits of more than $1 billion. This performance was powered by new records in audience and frequency as more people and more places are using Uber more often.

謝謝，迪帕。 Uber 又迎來了一個強勁的季度，獲利成長創下歷史新高，以固定匯率計算，總預訂量較去年同期成長 20%。我們還創造了超過 10 億美元的歷史最高 GAAP 營業利潤。隨著越來越多的人、越來越多的地方更頻繁地使用 Uber，觀眾數量和頻率都創下了新紀錄，為這場表演提供了動力。

Our underlying platform continues to strengthen, more than 7.8 million people now drive, deliver shop with Uber, earning more than $18 billion during the quarter. More than 25 million people are now Uber One members, up 70% year-on-year.

我們的基礎平台不斷增強，目前有超過 780 萬人透過 Uber 開車、送貨，本季收入超過 180 億美元。目前，Uber One 會員人數已超過 2,500 萬人，年增 70%。

Our advertising business grew nearly 80% year-on-year, and our autonomous strategy is working as our 14 AV partners are clearly understanding the significant value Uber can bring to their deployment plans. Thanks to the team for another great quarter. And before we go to Q&A, I'd like to hand it over to Parashanth to briefly reiterate our capital allocation approach.

我們的廣告業務年增了近 80%，我們的自主策略正在發揮作用，因為我們的 14 個 AV 合作夥伴清楚地了解 Uber 可以為其部署計劃帶來的重大價值。感謝團隊又創造了一個偉大的季度。在我們進行問答之前，我想將其交給 Parashanth 來簡要重申我們的資本配置方法。

Thank you, Dara. Let me add my welcome to our third quarter earnings call. I wanted to jump in quickly with an update on our share repurchase program as well as a reminder of the capital allocation framework that we presented at the investor update back in February. Our capital allocation priorities remain unchanged, responsibly investing in future growth and returning capital to shareholders.

謝謝你，達拉。讓我對第三季財報電話會議表示歡迎。我想快速介紹一下我們的股票回購計畫的最新情況，並提醒我們在二月的投資者更新中提出的資本配置框架。我們的資本配置優先事項保持不變，負責任地投資於未來成長並向股東返還資本。

On the growth front, we believe we still have a huge amount of organic opportunity in front of us, including our fast-growing portfolio of new products, which are now cooking at $20 billion of annual GB, with geographic expansion, especially into less densely populated markets, and lastly, with increasing user frequency, including through our membership efforts.

在成長方面，我們相信我們面前仍然有大量的有機機會，包括我們快速增長的新產品組合，目前這些產品的年產值高達 200 億美元，並且地域​​擴張，尤其是在人口密度較低的地區。稠密的市場，最後，用戶頻率不斷增加，包括透過我們的會員努力。

On capital returns, we plan to steadily increase our share repo in the coming quarters. Specifically, we intend to work our way towards a durable share count reduction in 2025.

在資本回報方面，我們計劃在未來幾季穩步增加股票回購。具體來說，我們打算努力在 2025 年實現持久的股份數量減少。

Now to quickly touch on M&A, we remain extraordinary disciplined, and I want to emphasize that all opportunities are reviewed with a rigorous value creation mindset and Uber's bar for M&A has never been higher. As Dara has said, the best deal is not having to do a deal at all, and we are in that enviable position today.

現在快速談一下併購，我們仍然保持著非凡的紀律，我想強調的是，所有機會都以嚴格的價值創造思維方式進行審查，Uber 的併購門檻從未如此高。正如達拉所說，最好的協議就是根本不必達成協議，而我們今天正處於令人羨慕的地位。

So we are excited to continue on our exceptional path of organic growth while sticking to our firm commitment to you, our shareholder, of capital returns. So with that, let me hand it back to Deepa to open the call for questions.

因此，我們很高興能夠繼續走我們獨特的有機成長之路，同時堅守我們對您（我們的股東）資本回報的堅定承諾。因此，讓我將其交還給迪帕以開始提問。

Sarah, can we have the first question, please?

莎拉，我們可以問第一個問題嗎？

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

The commentary, especially around the capital allocation policy. I want to come back to the concept you introduced in the letter around less dense markets. Could you go a little bit deeper in both the opportunity set, but also some of the operational dynamics of building supply as well as stimulating demand in less dense markets? And how we should be thinking about that scaling in the years ahead?

評論，尤其是圍繞資本配置政策的評論。我想回到您在信中介紹的關於密度較低的市場的概念。您能否更深入地了解機會集以及在不太密集的市場中建立供應以及刺激需求的一些營運動態？我們該如何考慮未來幾年的擴展？

Yes, Eric. We think it's a terrific opportunity. And frankly, sometimes we take ourselves for not recognizing it properly earlier. Uber started as a company in the middle of big cities, and our biggest cities, Sao Paulo, New York, et cetera. are continue to be the largest source of demand.

是的，埃里克。我們認為這是一個絕佳的機會。坦白說，有時我們會認為自己沒有更早正確地認識到這一點。 Uber 最初是一家位於大城市中心的公司，我們最大的城市是聖保羅、紐約等。仍是最大的需求來源。

But continuously, we've seen that growth outside of the core in the boroughs of New York now extending into the suburbs or in secondary and tertiary cities has been higher than the core itself almost accidentally, and this is true for Mobility and Delivery as well.

但我們不斷地看到，紐約各行政區核心區以外的成長現在延伸到郊區或二、三級城市，幾乎是意外地高於核心區本身，對於移動和交付來說也是如此。

And really for us, the start of our focus on less dense areas started with delivery. In the US, especially if you look at noncore cities, et cetera, it's 60%, 70% of the market, so the majority of the market there. Generally, it's growing faster than city centers as well. So we've really started focusing on improving selection in those areas. And then like you said, then building out the liquidity that's necessary in terms of both demand and supply, couriers and making sure that those couriers are busy.

對我們來說，真正關注人口密度較低的地區是從交付開始的。在美國，特別是如果你看看非核心城市等，它佔據了 60%、70% 的市場，所以大部分市場都在那裡。一般來說，它的成長速度也快於市中心。因此，我們確實開始專注於改善這些領域的選擇。然後就像你說的，然後建立需求和供應、快遞員所需的流動性，並確保這些快遞員忙碌。

And that kind of cycle, that positive cycle of investing in supply and demand together, increasing liquidity, getting better ETAs, getting better service levels starts to accelerate and add to itself. And we're starting to see that now in Delivery, but not just in the US. We've extended this focus in the UK, Australia, really all over the world.

這種循環，即供需共同投資、增加流動性、獲得更好的預計到達時間、獲得更好的服務水準的良性循環開始加速並不斷增強。我們現在開始在外賣領域看到這一點，但不僅僅是在美國。我們已將這項重點擴展到英國、澳洲乃至全世界。

We're looking at the density by quartile of all of the areas that we deliver to or all the areas that we are giving Mobility services to people to, and we are actively investing in those less dense areas. And we think the opportunity set there is very, very significant, both in Mobility and Delivery.

我們正在按四分位數查看我們提供服務的所有區域或我們向人們提供移動服務的所有區域的密度，並且我們正在積極投資於那些密度較低的區域。我們認為，無論是在移動性還是交付方面，那裡的機會都非常非常重要。

So we think it's early days and -- but it is a focus of both Mobility and Delivery. And I think it will be a tailwind to our core business in terms of growth over the next 2 to 3 years and hopefully even more than that.

因此，我們認為現在還處於早期階段，但它是行動性和交付的重點。我認為這將成為我們核心業務未來 2 到 3 年成長的順風車，甚至可能不只如此。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

I have two. First of all, I wanted to sort of drill in a little bit more to the US Mobility bookings trends. Dara, you sort of look at how the business has trended since your investor update. Are there any areas where you're sort of exceeded or come in a little shy versus where you thought the US rides business would be growing? And has anything changed in sort of your outlook for US rides contribution to growth over the tenure of the outlook that you gave at the investor update? That's the first one on US rides.

我有兩個。首先，我想深入了解美國的行動預訂趨勢。達拉（Dara），您大概了解了自投資者更新以來該業務的趨勢。與您認為美國遊樂設施業務會成長的領域相比，您是否在某些方面有些超出或有點害羞？在您在投資者更新中給予的展望期間，您對美國遊樂設施對成長的貢獻的展望有什麼變化嗎？這是美國遊樂設施上的第一個。

And the second one, just on Phoenix and sort of Arizona around Vaymo. Anything you can share on sort of early signs of incremental volume to Uber from the Vaymo partnership in that market?

第二個是在鳳凰城和亞利桑那州瓦伊莫附近。關於 Vaymo 合作關係在該市場為 Uber 帶來的增量流量的早期跡象，您有什麼可以分享的嗎？

Sure. Absolutely. So in terms of our US Mobility growth, the US generally has been kind of the gift that keeps on giving. It's our largest market, a little less than 50% of our GBs, but more than 50% of our profitability. So the business continues to grow and thrive. We are seeing in the US a couple of trends. One is that we've been very public in terms of the increase -- the substantial increase in commercial insurance costs really that have happened over the past 2 years.

當然。絕對地。因此，就我們美國的流動性成長而言，美國總體上是一種不斷贈送的禮物。這是我們最大的市場，略低於我們 GB 的 50%，但占我們獲利能力的 50% 以上。因此，業務不斷增長和繁榮。我們在美國看到了一些趨勢。一是我們在漲價方面一直非常公開——過去兩年商業保險費用確實大幅上漲。

And as we have passed on those increases in cost, especially in states where insurance costs are very, very high, like New Jersey or California. As we pass on those costs, we've seen the -- kind of the typical elasticity from consumers, which is as GBs, as price goes up, the transaction growth slows down a bit. And that elasticity is usually one for one. It's no different than what we've seen. And actually, we've seen our competitor do the same as well.

由於我們已經轉嫁了這些成本的增加，特別是在保險成本非常非常高的州，例如新澤西州或加利福尼亞州。當我們轉嫁這些成本時，我們看到了消費者的典型彈性，即隨著價格上漲，交易成長會稍微放緩。這種彈性通常是​​一對一的。這和我們看到的沒有什麼不同。事實上，我們已經看到我們的競爭對手也做了同樣的事情。

We are seeing weekday growth stronger than weekend growth as well. So people are definitely getting back to back work. I think like the weekend party hours, maybe consumers are a little more price sensitive in terms of whether they choose to go out or not, but weekday is very strong, and Uber For Business especially is very, very strong.

我們看到工作日的成長也強於週末的成長。所以人們一定會回去工作。我認為就像週末聚會時間一樣，消費者對於是否選擇外出可能對價格更加敏感，但工作日非常強勁，尤其是 Uber For Business 非常非常強勁。

Overall, it's up over 50%. I'm not sure what the US number is, but it's really strong, both in terms of selling to enterprises, selling to health, selling to transit systems as well. That is definitely a bright spot for our business as well.

整體而言，上漲了50%以上。我不確定美國的數字是多少，但它確實很強大，無論是在向企業銷售、向健康銷售還是向交通系統銷售方面。這對我們的業務來說絕對是一個亮點。

And then we're not really seeing any signs of consumers trading down. Like our share product is growing very quickly as match rates continue to increase. We're investing in newer products like Uber Teens to kind of bring in this new demographic into our system and then shuttles into our system as well. So overall, we're quite optimistic in terms of how the US market is developing, but those insurance cost increases are definitely resulting in the kinds of slowdowns in transactions that we expected based on elasticity experimentation that we've done in the past.

然後我們並沒有真正看到消費者減少消費的任何跡象。就像我們的共享產品隨著匹配率的不斷增加而快速成長一樣。我們正在投資 Uber Teens 等新產品，將這群新族群引入我們的系統，然後也進入我們的系統。因此，總的來說，我們對美國市場的發展非常樂觀，但保險成本的增加肯定會導致交易放緩，正如我們根據過去所做的彈性實驗所預期的那樣。

I think the good news is that while the insurance cost will continue to go up, we expect them to go up at a lower rate, so to speak, both because the market is normalizing and because we're taking a lot of action in terms of safer routes, safer drivers, encouraging drivers to drive more safely to try to get those insurance costs down, but that's kind of a slow-moving target, so to speak. So pretty optimistic in general in terms of the US markets overall going forward.

我認為好消息是，雖然保險成本將繼續上漲，但我們預計保險成本將以較低的速度上漲，可以這麼說，這既是因為市場正在正常化，也是因為我們在這方面採取了很多行動更安全的路線、更安全的駕駛員、鼓勵駕駛員更安全地駕駛以試圖降低保險成本，但可以說，這是一個緩慢移動的目標。整體而言，美國市場的未來發展相當樂觀。

And then to your second question in terms of autonomous and incrementality, in Arizona and Phoenix, at this point, Brian, it's really too soon to tell. We have relatively modest number of vehicles out there. We know that the experience with Vaymo is absolutely terrific. It's a delightful experience. Riders are rating their Vaymo driver at very, very high levels.

然後，關於你在亞利桑那州和鳳凰城的自主性和增量性方面的第二個問題，布萊恩，現在說還為時過早。我們的車輛數量相對較少。我們知道 Vaymo 的體驗絕對是非常棒的。這是一次令人愉快的經驗。車手對他們的 Vaymo 車手的評價非常非常高。

And so we love the experience that it is bringing forth. I think the real test is going to be the expansion of our partnership, and it's a significant expansion with Vaymo in Austin and Atlanta. We're starting next year, you're going to get Vaymos in the hundreds in those markets. And I think then we will see whether there's incrementality as it relates to autonomous or not.

因此，我們喜歡它所帶來的體驗。我認為真正的考驗將是我們合作夥伴關係的擴展，這是與 Vaymo 在奧斯汀和亞特蘭大的重大擴展。從明年開始，您將在這些市場上看到數百個 Vaymos。我想然後我們就會看到是否有與自主相關的增量。

But we're pretty optimistic where we sit. And I will remind you, too, that we've got 14 different AV partnerships and not only are we expanding with Vaymo that we're really happy about, but you will see expansions with many of our other autonomous partners in domestic and international markets on the AV side.

但我們對目前的情況非常樂觀。我還要提醒您，我們已經建立了14 個不同的AV 合作夥伴關係，我們不僅正在與Vaymo 進行擴展，對此我們感到非常高興，而且您還會看到我們在國內和國際市場上與許多其他自動駕駛夥伴進行擴展在AV方面。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

I'm going to stick with AV. Dara, can you just talk more about your goals here in doing fleet ups in AV world and some of the ways that you'll be able to drive some greater efficiencies for AV tech providers? And then maybe you could just talk about San Francisco a little bit, perhaps any impact that you're seeing in that market from Vaymo? And is there anything notable to call out on volume, frequency or loyalty in San Francisco?

我會堅持使用AV。 Dara，您能否多談談您在 AV 領域擴大車隊的目標，以及您能夠為 AV 技術提供者提高效率的一些方法？然後也許您可以簡單談談舊金山，也許您看到 Vaymo 對該市場產生了任何影響？舊金山在數量、頻率或忠誠度方面有什麼值得注意的地方嗎？

Yes, definitely. So generally, in terms of fleet ops, the background of ops is we have been partnering and working with fleets and building up our fleet operations kind of practices for years and years. Typically, we have about 15% of our global Mobility supply hours come from fleets. And this is a supply that's dedicated to us. So they tend to work longer hours. They were kind of multiple shifts in terms of drivers and the supply is dedicated to us, which is terrific.

是的，絕對是。因此，總的來說，就車隊營運而言，營運的背景是我們多年來一直與車隊合作並建立我們的車隊營運實務。通常情況下，我們的全球移動出行供應時間中約有 15% 來自車隊。這是專門為我們提供的。因此他們往往工作時間更長。就司機而言，他們是多班制，而且供應是專門為我們提供的，這非常棒。

And we work with these fleets in many countries in the US and Europe as well in Spain, for example, and many other countries as well. So fleet operations is something that we built, for example, we have special tools for fleets to be able to manage our fleet to be able to drive high utilization of their cars based on demand, et cetera.

我們與美國和歐洲許多國家以及西班牙和許多其他國家的這些車隊合作。因此，車隊營運是我們建造的，例如，我們為車隊提供特殊工具，以便能夠管理我們的車隊，以便能夠根據需求提高汽車的利用率，等等。

And so we're really extending this practice to the AV space. Housing, charging, cleaning cars can be expensive, and we think just like their advantages to a platform, a global platform being demand to drive the utilization of these AV fleets, we think there's also an advantage to a global player establishing fleet operations to take care of kind of the local complex logistics that happens in a more efficient way and we think more cost-effective way for our partners as well.

因此，我們確實將這種做法擴展到了 AV 領域。住房、充電、清潔汽車可能很昂貴，我們認為就像它們對平台的優勢一樣，全球平台需要推動這些自動駕駛車隊的利用，我們認為建立車隊運營的全球參與者也有優勢以更有效的方式處理當地複雜的物流，我們也認為對我們的合作夥伴來說更具成本效益的方式。

So it's just another way in which we want to be kind of the best demand and operational, local operation platform for AV out there. And we're really excited to get started with Vaymo, and hopefully, we can expand from there.

因此，這只是我們希望成為 AV 的最佳需求和營運、本地營運平台的另一種方式。我們非常高興能夠開始使用 Vaymo，並希望我們能夠以此為基礎進行擴展。

In terms of San Francisco, we see that Vaymo is on the streets here all the time. And in the areas where Vaymo operates, we do see them have category position in the high single digits or low double digits. We aren't seeing any effect in terms of our consumers one or the other. The price is generally at a bit of a premium to X. It's more of a, call it, a comfort electric type of a price out there. And it's a great product, and we've been competing with Lyft.

就舊金山而言，我們看到 Vaymo 一直出現在這裡的街道上。在 Vaymo 經營的地區，我們確實看到他們的類別排名處於高個位數或低兩位數。我們沒有看到對我們的消費者有任何影響。價格通常比 X 貴一點。這是一款很棒的產品，我們一直在與 Lyft 競爭。

And -- in San Frisco [Proper], we compete with Waymo as well. But we're very happy to kind of extend our partnership with them and really start to build together in cities like Atlanta and Austin. And hopefully, that will be the dominant way forward for that partnership going forward.

而且 - 在舊金山 [本地]，我們也與 Waymo 競爭。但我們非常高興能夠擴大與他們的合作夥伴關係，並真正開始在亞特蘭大和奧斯丁等城市共同建設。希望這將成為這種夥伴關係未來發展的主要方式。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

I guess just go to Mobility bookings decelerated 3 points to 24%. I know it's a tougher comp. But anything unusual or anything that surprised you in the quarter? And then the incremental take rates and margins were quite strong in Mobility. How do you think about where you are on those and the drivers of growth there as we go forward?

我猜移動出行預訂量下降了 3 個百分點，達到 24%。我知道這是一個更艱難的比賽。但是本季有什麼不尋常的事情或讓您感到驚訝的事情嗎？然後，行動領域的增量採用率和利潤率相當強勁。您如何看待我們在這些方面的進展以及我們前進的成長動力？

Yes. Justin, I'll take the first part of that. So maybe let's start with sort of the recap of how we did for Q3. So gross bookings at 20% on constant currency. And remember, that's our fourth quarter now of clocking at least 20% growth. That came from audience and frequency as it has for the last several quarters, audience really driving the majority of that at 13% frequency at fourth. And then with the leverage that we've been able to drive the financial leverage, we are able to get EBITDA growing at almost 3x the rate of gross bookings growth.

是的。賈斯汀，我先講第一部分。那麼，也許讓我們先回顧一下我們在第三季的表現。因此，以固定匯率計算，總預訂率為 20%。請記住，第四季度我們的成長率至少為 20%。這來自於過去幾季的觀眾和頻率，觀眾確實推動了其中的大部分，頻率為第四位的 13%。然後，利用我們能夠推動財務槓桿的槓桿作用，我們能夠使 EBITDA 以幾乎是總預訂成長率的 3 倍的速度成長。

Your comment on sort of where is Mobility headed. Really the -- we speak about the trips at the Q4 level, I think, in the prepared remarks, to be similar to what we saw in Q3 with a little bit of deceleration driven by less year-over-year pricing impact is sort of what we're seeing down the LOB lines as well.

您對行動發展方向的評論。實際上，我們談論的是第四季度的旅行，我認為，在準備好的評論中，與我們在第三季度看到的情況類似，由於同比定價影響較小而導致了一些減速，這有點像我們也看到了LOB 線的情況。

So again, you should expect trip activity for Q4 to be sort of in line with what we saw in Q3 with a little bit less benefit from pricing, both you don't see as much year-on-year increase from insurance in Q4 as well as on the Delivery side, you don't -- you see the -- some of the benefits of the efforts we're making to drive affordability impacting basket size.

因此，您應該預期第四季度的旅行活動與我們在第三季度看到的情況一致，但定價帶來的好處會少一些，您不會看到第四季度保險的同比增長那麼多在交付方面，您不會看到—我們為推動可負擔性所做的努力會帶來一些好處，從而影響籃子的大小。

So overall, we still feel kind of this is a large business that continues to grow at a very good rate. And I would say that think of Mobility growing sort of in the low 20% range on a constant currency basis in Q4 and then EBITDA margin probably flattish sequentially.

總的來說，我們仍然覺得這是一項繼續以非常好的速度成長的大型業務。我想說的是，考慮到第四季度流動性在固定貨幣基礎上增長了 20% 左右，然後 EBITDA 利潤率可能會連續持平。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

Okay. I'll just double-click 2 things on the insurance costs. So Dara, just talk about, are those -- where are those in international markets? Is that primarily a US market problem and specific state problem? Or is there -- is that a global challenge, rising insurance costs?

好的。我只需雙擊有關保險費用的兩件事。那麼達拉，請談談，這些產品在國際市場上在哪裡？這主要是美國市場問題和特定州問題嗎？或者保險成本上升是全球性挑戰嗎？

And then let's talk about advertising a little bit too. So that growth is pretty robust. The sustainability -- that's very high growth rate that you're doing 70%, 80%. The sustainability of that? Or as you think about the opportunities and -- particularly on the Delivery side, where do you think you are? Are there lead markets where you've got you're at several percentage points of bookings and most of the markets you're well under 1%. Just talk about that path of adoption.

然後我們也來談談廣告。所以這種成長是相當強勁的。永續性－這是非常高的成長率，70%、80%。那可持續性呢？或者當您思考機會時——特別是在交付方面，您認為自己處於什麼位置？是否存在一些領先市場，您的預訂量達到了幾個百分點，而大多數市場的預訂量遠低於 1%。只談採用的途徑。

Thank you, Mark. This is Prashant. I'm going to take insurance and Dara is going to take ads. So insurance is primarily a US phenomenon for us that -- where we provide insurance to our drivers when they are on their way for -- to pick up a rider and then again when the rider is on trip. The -- we talked about this in prior quarters that we've seen pretty steady increase in insurance.

謝謝你，馬克。這是普拉尚特。我要買保險，達拉要拿廣告。因此，保險對我們來說主要是一種美國現象，即我們在司機上路時為他們提供保險，以接載乘客，然後在乘客出行時再次提供保險。我們在前幾個季度談到這一點，我們看到保險業務相當穩定地成長。

And this last quarter was no different. The CPI for motor vehicle insurance in the US was up 16% year-over-year in September, but that is starting to moderate. I think Dara mentioned that earlier on in one of the questions. Remember, it peaked sort of in the low 20s back in the spring.

上個季度也不例外。 9 月美國機動車輛保險 CPI 年增 16%，但成長速度開始放緩。我認為達拉早些時候在其中一個問題中提到過這一點。請記住，它在春季的 20 多歲左右達到了頂峰。

So as we look forward to 2025, I'd say we expect the insurance cost to continue to increase, but at a pretty significantly modulated rate compared to what we've seen over the last 2 years. And as we've said many times, there's a lot of effort that we have to help drive that insurance cost down and really bend the curve that includes the deployment of safety technologies that we're putting in the risk management program we have, which includes sort of the relationships we have with our current parties and our captive insurance company.

因此，當我們展望 2025 年時，我想說，我們預計保險成本將繼續增加，但與過去兩年相比，增幅相當顯著。正如我們多次所說的，我們必須付出很多努力來幫助降低保險成本並真正彎曲曲線，其中包括我們在風險管理計劃中部署的安全技術，這包括我們與現有各方和自保保險公司的關係。

And perhaps most exciting is, the effort that we've been making on the regulatory side in driving some of those initiatives where we've actually been able to see success in insurance in a couple of states, Georgia, Texas, for 2 -- as 2 examples. And our our principle has been unchanged on this.

也許最令人興奮的是，我們在監管方面所做的努力推動了一些舉措，我們實際上已經在佐治亞州、德克薩斯州等幾個州看到了保險業的成功，2-作為2個例子。我們的原則在這一點上一直沒有改變。

We pass along insurance cost increases, and we pass along insurance cost decreases. So as we make progress on insurance, you'll see us continue to pass those benefits on to our riders. Let me pass off to Dara to take your question on advertising.

我們轉嫁保險費用的增加，我們轉嫁保險費用的減少。因此，隨著我們在保險方面取得進展，您會看到我們繼續將這些福利傳遞給我們的乘客。讓我請達拉回答你關於廣告的問題。

Yes, absolutely. So advertising, we're obviously very, very pleased with the growth of our advertising business. We've always said that in Delivery, it can get to 2% plus of gross bookings were in the mid-1%. So we're right in between 1% and 2% at this point. So we're making good progress there. And if I were to generally split our advertising business into kind of four different categories: one is the CPC kind of bidding for placement for small businesses. That business continues to progress really, really well.

是的，絕對是。因此，在廣告方面，我們顯然對廣告業務的成長感到非常非常滿意。我們總是說，在外賣方面，它可以達到總預訂量的 2% 以上，中間為 1%。所以目前我們的比例在 1% 到 2% 之間。所以我們在那裡取得了良好的進展。如果我將我們的廣告業務大致分為四個不同的類別：一類是針對小型企業的每次點擊費用競價投放。這項業務繼續進展得非常非常好。

We're able to increase the number of monetizable impressions per user session, so kind of increasing the ad load a little bit with little or no penalty to the user experience because the ads are really targeted. We're showing high-quality restaurant and high-quality choices to users as well.

我們能夠增加每個使用者會話的可獲利展示次數，因此稍微增加一點廣告負載，而不會影響使用者體驗，因為廣告確實具有針對性。我們也向用戶展示高品質的餐廳和高品質的選擇。

So our kind of SMB, small medium business, CPC business continues to grow at very, very high rates. Our penetration with enterprise is generally a little bit lower than SMB advertisers, but that is growing quickly as well. And some of the larger enterprises, they're looking to target different consumers, they're looking to target different segments of the day, for example, that might be breakfast, that might be lunch, that might be thinner or they're looking for consumers that are net new or incremental.

因此，我們的中小企業、中小型企業、CPC 業務繼續以非常非常高的速度成長。我們對企業的滲透率通常略低於中小企業廣告商，但也在快速成長。一些較大的企業，他們希望針對不同的消費者，他們希望針對一天中的不同部分，例如，可能是早餐，可能是午餐，可能是較瘦的，或者他們正在尋找對於新消費者或增量消費者。

So kind of the tools that we're building for enterprises are a bit more sophisticated in terms of tracking, targeting, et cetera. And we're making really good progress there with our ads team.

我們為企業建構的工具在追蹤、定位等方面更加複雜。我們的廣告團隊在這方面取得了非常好的進展。

And then we're really focused on our sponsored listing product. This is for groceries. And these are CPGs, et cetera, the Cokes and Pepsis of the world who can advertise on our grocery product in order to increase their share in our marketplace. And we're very, very early in the development of that product. We're launching about 8 different markets now, again, looking to mature tool set for the enterprise advertisers.

然後我們真正專注於我們的贊助清單產品。這是買雜貨的。這些是消費品公司，等等，世界上的可口可樂和百事可樂，他們可以在我們的雜貨產品上做廣告，以增加他們在我們市場上的份額。我們正處於該產品開發的非常非常早期的階段。我們現在再次推出約 8 個不同的市場，為企業廣告商尋找成熟的工具組。

And then at the same time, we just have to keep building our grocery business to be bigger and to become an absolutely necessary buy for the big brands out there, the big global brands out there. And based on the growth rates that we see in our grocery business and the number of partners that we're bringing in, we're quite optimistic that we are getting there.

同時，我們只需要繼續發展我們的雜貨業務，使其規模更大，並成為大品牌、全球大品牌絕對必要的收購對象。根據我們在雜貨業務中看到的成長率以及我們引入的合作夥伴數量，我們對實現這一目標非常樂觀。

And then the other area that we're pretty excited about is our Mobility advertising. These are our journey ads. We are really kind of restricting that space to very, very high-quality advertisers. Click-through rates are 2x to 3x that of industry averages. So the advertising is getting the attention of the riders. We're very careful there not to hurt the rider experience, which is -- which kind of is as a result of our focus on ad quality.

我們非常興奮的另一個領域是我們的行動廣告。這些都是我們的旅程廣告。我們確實將這個空間限制給非常非常高品質的廣告商。點擊率是行業平均的 2 到 3 倍。因此，廣告吸引了騎士的注意。我們非常小心，不要損害乘客的體驗，這是我們注重廣告品質的結果。

We are -- we recently announced a partnership with T-Mobile Advertising Solutions to bring our Journey TV offerings to about 50,000 vehicles across the US. So we think that will be another jump start to our Mobility advertising solutions as well that we're quite optimistic about.

我們最近宣布與 T-Mobile Advertising Solutions 建立合作夥伴關係，為全美約 50,000 輛汽車提供我們的 Journey TV 產品。因此，我們認為這也將是我們的行動廣告解決方案的另一個飛躍，我們對此非常樂觀。

Ultimately, we think Mobility advertising is an opportunity for us to increase margins, but also increase the ability for drivers to earn more with these tablets, for example, in their cars to the extent that it improves driver earnings and their quality of life, we think that's a terrific thing as well.

最終，我們認為行動廣告是我們增加利潤的一個機會，同時也提高了司機透過這些平板電腦賺取更多收入的能力，例如，在他們的汽車中，它可以提高司機的收入和他們的生活質量，我們我認為這也是一件了不起的事。

So very pleased with how the ad team and tech teams are delivering, and we think we are midway along this journey and have plenty of room for growth ahead of us in all three areas, whether it's CPC or sponsor listings or Mobility solutions.

我們對廣告團隊和技術團隊的交付方式感到非常滿意，我們認為我們正處於這一旅程的中間，並且在所有三個領域（無論是每次點擊費用、贊助商列表還是行動解決方案）都有很大的成長空間。

Ron Josey, Citi.

羅恩喬西，花旗銀行。

Maybe, Dara, I wanted to stick on the Delivery side a little bit here and understand just what's driving the map season frequencies? I think we said in the letter [mapsy] exceeded $50 million in the quarter, frequency reached all-time highs.

也許，達拉，我想在這裡稍微停留在交付方面，並了解是什麼推動了地圖季節頻率？我想我們在信中說過[mapsy]本季的收入超過了 5000 萬美元，頻率達到了歷史新高。

And so I just want to understand on the Delivery. Can you talk about just how are new maps coming on for restaurants? Or has that evolved a little bit more to newer verticals, just given the investments and awareness around grocery and pretty much everything that Uber has to offer. I guess that's question number one.

所以我只想了解交付。能談談餐廳的新地圖是如何推出的嗎？或者考慮到圍繞食品雜貨以及 Uber 提供的幾乎所有服務的投資和意識，這種情況是否已經發展到了新的垂直領域。我想這是第一個問題。

And then question number 2 on frequency overall. 25 million Uber One members globally, teen trips up 40%. We'd just love to hear your thoughts on just other initiatives on driving greater frequency across the platform. So one is on Delivery, two is on overall frequency.

然後是關於總體頻率的問題 2。全球 2,500 萬 Uber One 會員，青少年出遊量增加 40%。我們很想聽聽您對其他提高整個平台頻率的舉措的想法。因此，一是交付，二是整體頻率。

Yes, absolutely. So on Delivery, listen, we're pleased with the results. It's another quarter of 17% growth in terms of gross bookings. And listen, on the [mapsy] side in terms of audience, first of all, Delivery is -- it's a big category. I think the growth in the category continues to surprise many, maybe including ourselves. And it is the main line Uber Eats business that is bringing on the new audience, I would say, significantly assisted by Mobility as well.

是的，絕對是。所以在交付方面，聽著，我們對結果很滿意。總預訂量又增加了 17%。聽著，就受眾而言，首先，交付是——這是一個很大的類別。我認為該類別的成長繼續令許多人感到驚訝，也許包括我們自己。我想說的是，Uber Eats 的主線業務正在吸引新的受眾，這也得到了 Mobility 的大力協助。

We have the unique differentiator in our marketplaces, which is we have our Mobility business with an Eats tab right on top of it and also actively cross-promoting users between Mobility, And Delivery, and increasingly now from Delivery to Mobility as well. So about 1/3 of our new audience comes from a Mobility business, and it's a lower-cost audience and obviously very much engaged with the platform.

我們在市場上擁有獨特的優勢，那就是我們的行動業務在其頂部有一個「飲食」選項卡，並且還積極在行動和送貨之間交叉推廣用戶，而且現在越來越多地從送貨到移動。因此，我們大約 1/3 的新受眾來自行動業務，這是一個成本較低的受眾，顯然非常熱衷於該平台。

But we are continuing to invest in increasing advertising and increasing brand spend all around the world and the message that's landing with Uber Eats is obviously a message that is resonating, we gain category position as a result of kind of that increasing audience and Delivery in 10 -- of our top 10 markets.

但我們正在持續投資增加世界各地的廣告和增加品牌支出，而 Uber Eats 推出的訊息顯然是一個能引起共鳴的訊息，我們透過 10 年內不斷增加的受眾和交付獲得了品類地位。大市場。

So more people are hearing about us and it is resulting in category position gains that we're very happy about.

因此，越來越多的人聽說了我們，這導致我們非常高興地獲得了品類排名的提升。

And then for us, in terms of frequency, number 1 is just the quality of service, increasing selection, making sure that on-time rates continue to increase, making sure that unfulfilled or errors in terms of deliveries, not getting what you wanted continues to decrease. So we are continuing to kind of grind if you want to call it that, in terms of customer experience.

然後對我們來說，就頻率而言，第一就是服務質量，增加選擇，確保準時率繼續增加，確保交付方面的未履行或錯誤，沒有得到你想要的東西繼續存在減少。因此，如果你想這麼稱呼的話，我們將繼續在客戶體驗方面進行磨礪。

The better you are, the more people stay with you, and you want to avoid those situations where something happens, something unexpected happens or a poor experience happens, which can cause that consumer to look for alternatives.

你越好，就會有越多的人留在你身邊，你想要避免某些事情、意外事件或糟糕體驗的情況，這些情況可能會導致消費者尋找替代品。

And then once we have that core experience improved, then the focus is on membership. Members spend 3x more than nonmembers. Retention rates are higher for members as well. And with 25 million members, up 70% year-on-year, you can see the momentum as it relates to that part of our business as well.

一旦我們改善了核心體驗，我們的重點就是會員資格。會員的消費是非會員的 3 倍。會員的保留率也較高。擁有 2500 萬會員，年增 70%，您可以看到與我們這部分業務相關的勢頭。

So I think it's all coming together very well. And you can see it in the -- both the top line results and our margins continue to increase, and in terms of our category position improving versus our competitors as well.

所以我認為這一切都很好地結合在一起。你可以看到－營收結果和利潤率都在持續成長，而且我們的品類地位相對於競爭對手也有所提高。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

Thanks for the commentary on capital allocation. It seems like in other areas of the business, whether it's dark stores and delivery or autonomous vehicles, you've opted for more of a partnership approach to say, capital efficient.

感謝您對資本配置的評論。似乎在其他業務領域，無論是暗店和送貨還是自動駕駛汽車，您都選擇了更多的合作夥伴方式，即資本效率。

So I guess, could you just remind us how you think about partnering versus buying your way into a new vertical or a new market? What makes an acquisition a better path in your mind? And where does further expansion and diversification of the Uber platform to adjacent opportunities fit in your priority set right now considering the transition that is happening around the core business with autonomous vehicles?

所以我想，您能否提醒我們您如何看待合作與購買進入新垂直領域或新市場的方式？在您看來，是什麼讓收購成為更好的選擇？考慮到圍繞自動駕駛汽車核心業務正在發生的轉型，優步平台對鄰近機會的進一步擴張和多元化在您目前設定的優先事項中處於什麼位置？

Thanks, Nikhil. We're going to do this in two parts. I'm just going to do a refresher on how we are thinking about capital allocation to give everyone the opportunity to make sure then I'll let Dara kind of talk about how we do those trade-offs between when partnership makes sense.

謝謝，尼基爾。我們將分兩部分進行。我只是想回顧我們如何考慮資本配置，讓每個人都有機會確保然後我會讓達拉談談我們如何在合作有意義時進行權衡。

So just as a reminder to everyone, and I said this at the start of the call, our number one priority is responsible organic investments aligned with the growth strategy, focused on what's going to drive free cash flow. We've got plenty of opportunity ahead of us. We've talked about on the Mobility side, things like [halables] on Delivery. We have our groceries and our Direct business. And then we have the terrific [Uber B] platform, which sort of spans both products.

因此，提醒大家，我在電話會議開始時就說過了，我們的首要任務是與成長策略一致的負責任的有機投資，重點關注推動自由現金流的因素。我們前面有很多機會。我們已經討論了移動性方面的問題，例如交付方面的[halables]。我們有雜貨和直接業務。然後我們有很棒的 [Uber B] 平台，它涵蓋了這兩種產品。

Back in February, we also said liquidity was important to us, and we had a goal of getting to investment grade. We actually got there much faster than we were expecting. In Q3 of this year, we hit IG, which is a great accomplishment for us. And now it really allows us to focus on really the return of that excess capital to shareholders. So we will continue to selectively evaluate M&A, but it's a really high bar, and it's going to have to be both strategic value and financially accretive.

早在二月，我們就曾說過流動性對我們很重要，我們的目標是達到投資等級。事實上我們到達那裡的速度比我們預期的要快得多。今年第三季度，我們打入了IG，這對我們來說是一個偉大的成就。現在，它確實使我們能夠真正專注於將多餘資本回饋給股東。因此，我們將繼續有選擇地評估併購，但這是一個非常高的門檻，而且必須既具有策略價值又具有財務增值性。

I think Foodpanda is a terrific example of how we think about that, where it was a clear win both strategically where Taiwan is such a great market for Uber Eats given its high frequency and great membership coverage. And then financially, the deal is very accretive with the likelihood that we'll get an incremental $150 million in EBITDA pretty shortly after we close.

我認為Foodpanda 是我們如何看待這個問題的一個很好的例子，它在戰略上是一個明顯的勝利，因為台灣是Uber Eats 優食的一個巨大市場，因為它的高頻度和會員覆蓋率很高。從財務角度來看，這筆交易非常具有增值性，我們有可能在交易結束後不久獲得 1.5 億美元的 EBITDA 增量。

So beyond that, get our capital back to shareholders. And again, I made this point in the opening, but I want to restate it. The repo program is the primary vehicle on that. And now we feel pretty good that we're going to be at a share count reduction in 2025. So having said that, I'll pass back to Dara now to get into when do partnerships make sense.

除此之外，將我們的資本回饋給股東。我在開場白中再次強調了這一點，但我想重申。回購計劃是這方面的主要工具。現在我們感覺很好，我們將在 2025 年減少股份數量。

Yes. So generally, when we look at partner versus acquisitions, et cetera, or whether we want to actively get into an area, really, we ask ourselves: one is, can we really get into an area with a proper focus? Is it substantially related to the core? And then second is like can we add value? And the example of [Dark Stores], for example, we just concluded when we looked at that segment, there are millions of retailers out there. It is all they do.

是的。所以一般來說，當我們考慮合作夥伴與收購等問題，或者我們是否想積極進入一個領域時，我們真的會問自己：一是，我們真的能進入一個有適當重點的領域嗎？和核心有本質的關係嗎？第二個問題是我們可以增加價值嗎？以[暗店]為例，當我們研究該細分市場時，我們剛剛得出結論，那裡有數百萬家零售商。這就是他們所做的一切。

And we, as a tech-first company, couldn't add a bunch of value to what these retailers are doing, and we'd rather partner with them to extend their reach and then to complement their services in certain segments, for example, fulfilling for them, our Direct business that allows some of these retailers to fulfill whatever product that they're serving like a Walmart or an Apple.

作為一家技術優先的公司，我們無法為這些零售商正在做的事情增加很多價值，我們寧願與他們合作，擴大他們的影響力，然後補充他們在某些細分市場的服務，例如，為他們提供服務，我們的直接業務允許其中一些零售商提供他們提供的任何產品，例如沃爾瑪或蘋果。

So if we can't uniquely add value, if it can't be a core focus of the company we'll look to partner and for example of autonomous, we were in that business, but it wasn't kind of our main business and we decided to partner with a bunch of different players out there, the way most of the world, the cruise to the world, the [we ride] to the world, where autonomous is all we do, and we can bring them the complement, which is our demand and our operations, local operations, which allows them to monetize the substantial investments that they are making.

因此，如果我們不能獨特地增加價值，如果它不能成為公司的核心焦點，我們就會尋求合作夥伴，例如自動駕駛，我們從事該業務，但這不是我們的主要業務我們決定與一群不同的參與者合作，以世界上大多數地方的方式，到世界各地的郵輪，到世界各地的[我們騎行]，其中自主是我們所做的一切，我們可以為他們帶來補充，這是我們的需求和我們的運營，本地運營，這使他們能夠將正在進行的大量投資貨幣化。

In terms of adjacencies and how we look at them, we will typically -- because of the power of the platform, we will typically experiment with different adjacencies. We've -- on Delivery, obviously, we started with food. We've gone into grocery. You're going to see us getting deeper into any and all kinds of local retail as well. And with Mobility, we started with cars, and we're going on 2-wheelers and 3-wheelers and buses and trains, et cetera, and we'll continue to kind of test out some of these adjacencies.

就鄰接以及我們如何看待它們而言，我們通常會 - 由於平台的強大功能，我們通常會嘗試不同的鄰接。顯然，在送貨上，我們從食物開始。我們去了雜貨店。您還將看到我們更深入地涉足各種本地零售業。在移動性方面，我們從汽車開始，然後是兩輪車和三輪車、巴士和火車等等，我們將繼續測試其中一些鄰接項。

Typically, we look for behaviors that are frequent, meaning you can get multiple interactions per month, and also can benefit from our expertise in terms of real-time local logistics as well. Our ability to match and price based on inventory on a given day that can change substantially from 9 AM to Noon to 8 PM. When we're pricing out our service, unlike many like traditional retailers, we don't even know what our inventory is.

通常，我們會尋找頻繁的行為，這意味著您每個月可以獲得多次互動，並且也可以從我們在即時本地物流方面的專業知識中受益。我們根據特定日期的庫存進行匹配和定價的能力，從上午 9 點到中午到晚上 8 點，庫存可能會發生很大變化。當我們為我們的服務定價時，與許多傳統零售商不同，我們甚至不知道我們的庫存是多少。

So we have to kind of do a scan of our real-time inventory in every market that we operate. It makes it a very, very challenging, but really interesting technical problem to be able to scan that inventory quick enough and then price that both on the demand side and the supply side.

因此，我們必須對我們經營的每個市場的即時庫存進行掃描。能夠足夠快地掃描庫存，然後在需求方和供應方定價，這使得它成為一個非常非常具有挑戰性但非常有趣的技術問題。

So where there are circumstances where we can bring value to them and where the customer interaction tends to be highly frequent or can take advantage of our local logistics and pricing and matching capability, that's where we'll look to act.

因此，在某些情況下，我們可以為他們帶來價值，客戶互動往往非常頻繁，或者可以利用我們當地的物流、定價和匹配能力，這就是我們將採取行動的地方。

And first, typically, we like to build things organically. We've built a ton of businesses. Eats was built organically here. So building organically as part of the DNA of this company. And then if we see something really interesting, we will look at acquisitions. But again, like Prashanth said, we will be very disciplined in terms of those acquisitions because the bar for return on investment is quite high at our shop right now.

首先，通常我們喜歡有機地建造東西。我們已經建立了大量的業務。 Eats 就是在這裡有機建立起來的。因此，有機建構成為該公司 DNA 的一部分。然後，如果我們看到一些真正有趣的東西，我們就會考慮收購。但正如普拉山斯所說，我們在這些收購方面將非常嚴格，因為目前我們商店的投資報酬率相當高。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Just going back to the autonomous questions. So I guess on the Vaymo partnership, why only two cities? Why not something much broader? Is that an option in the future? And then you guys are an investor in Wave. Could you talk about how you see the second tier of the Robotaxi market behind Vaymo and Tesla evolving? When do you see that next wave of companies and fleets conceivably being on the road and on Uber specifically?

回到自主問題。所以我想在 Vaymo 夥伴關係中，為什麼只有兩個城市？為什麼不做更廣泛的事呢？未來有這樣的選擇嗎？然後你們就是 Wave 的投資者了。您能否談談您如何看待 Vaymo 和特斯拉之後的第二梯隊 Robotaxi 市場的發展？什麼時候會看到下一波公司和車隊出現在路上，特別是 Uber？

Yes, Ross, in terms of the two cities, really what you want to get is the proper liquidity in a city anytime that you launch. And with Vaymo as well and many other AV players, there's a need to kind of map different cities and map both originations and destinations. So there's an investment that goes into launching these cities. So it doesn't make sense to getting into 20 or 30 cities in kind of a thin way.

是的，羅斯，就這兩個城市而言，您真正想要的是在您啟動時在城市中獲得適當的流動性。對於 Vaymo 以及許多其他 AV 播放器，需要繪製不同城市的地圖以及出發地和目的地的地圖。因此，需要投資來建造這些城市。因此，以薄弱的方式進入 20 或 30 個城市是沒有意義的。

You want to go into a city with the proper investment in your depots, in your infrastructure, in your mapping, et cetera, so that you start getting a return on capital. And Vaymo and ourselves thought that these two cities are very attractive cities to launch it. And hopefully, we can go from there.

您希望進入一個城市，並在您的倉庫、基礎設施、測繪等方面進行適當的投資，以便您開始獲得資本回報。 Vaymo 和我們都認為這兩個城市是非常有吸引力的城市來推出它。希望我們可以從那裡開始。

But really, the focus right now is to make sure that Austin and Atlanta work the way that we believe that they will.

但實際上，現在的重點是確保奧斯汀和亞特蘭大按照我們相信的方式運作。

In terms of other players out there, it's really hard to generalize. I think that Vaymo is clearly the leader in the industry. But there are many other players who are developing this technology. And these cars are live in many cities around the world, certainly in China as well. And so you will see deployments of other autonomous partners on the Uber network, so to speak, outside the US coming up in '25.

就其他玩家而言，確實很難一概而論。我認為 Vaymo 顯然是該行業的領導者。但還有許多其他參與者正在開發這項技術。這些汽車遍布世界各地的許多城市，當然也包括中國。因此，您將在 25 年看到美國以外的 Uber 網路上其他自動駕駛合作夥伴的部署。

And I think that the autonomous kind of ecosystem will continue to expand across many different partners because the potential of the market, both in terms of saving a bunch of lives with safer drivers out there, but the potential in terms of extending Mobility and making available to many, many more people and -- at a reasonable price is just so significant that many players are going to go after that opportunity.

我認為，自動駕駛生態系統將繼續在許多不同的合作夥伴中擴展，因為市場的潛力，無論是透過更安全的駕駛員來拯救大量生命，還是在擴展移動性和提供可用方面的潛力對於很多很多人來說，合理的價格是如此重要，以至於許多玩家都會抓住這個機會。

And I think we've shown with all of our partnerships that we are by far the best partner in terms of driving utilization and working locally with some of these partners. So stay tuned, you're going to see more launches coming up.

我認為，我們已經透過所有合作夥伴證明，在推動利用率以及與其中一些合作夥伴進行本地合作方面，我們是迄今為止最好的合作夥伴。因此，請繼續關注，您將看到更多的發布。

Sara, we'll take our final question now.

薩拉，我們現在要回答最後一個問題。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Can you just talk a little bit about the broader consumer landscape, how favorable is the state of the macro environment for you in some of your larger markets? What proof points or KPIs do you guys track that give you confidence that it's not deteriorating.

您能簡單談談更廣泛的消費者格局嗎？你們追蹤了哪些證據點或 KPI 讓你們確信它沒有惡化。

And then the second one is on Uber Direct. Do you need to supplement that business with some incremental investments to drive deeper penetration? And in terms of your Darden deal, it's exclusive? Is that sort of the right way to think about the direction of travel for the structure of future partnerships?

第二個是 Uber Direct。您是否需要透過一些增量投資來補充該業務以推動更深的滲透？就你與達頓的交易而言，這是獨家的？這是思考未來夥伴關係結構發展方向的正確方法嗎？

Yes. So I think generally, consumer demand continues to be strong, especially on services. Spend on services still isn't where was pandemic. So I think all service players travel, for example, Booking.com, I think reported last night, pretty strong results. So all kind of services providers are enjoying this.

是的。所以我認為總的來說，消費者需求仍然強勁，尤其是在服務方面。服務支出仍然沒有達到大流行的水平。所以我認為所有旅遊服務提供者，例如 Booking.com，我認為昨晚報道的結果都相當強勁。因此，所有類型的服務提供者都在享受這一點。

And if you look for us, in our audience is an all-time pie, frequency is at an all-time high, our consumer retention is up globally year-on-year in both Mobility and Delivery similar to the past couple of quarters as well. We're not seeing any signs of trade down in Delivery. It's something that we look at. So eaters are ordering more from kind of the $2 bucket versus the $1 bucket in terms of our own ratings and in all top markets.

如果你尋找我們，我們的受眾群體是空前的，頻率處於歷史最高水平，我們的消費者保留率在全球範圍內的移動性和交付方面均同比上升，與過去幾個季度類似出色地。我們沒有看到交付貿易出現任何下降的跡象。這是我們關注的事情。因此，根據我們自己的評級以及所有頂級市場，食客從 2 美元桶中訂購的訂單量比 1 美元桶中的訂單量更多。

So it looks like the consumer is strong. And when you look at US and Mobility, gross bookings in the US, for example, they grew 17%, which is a very solid number. And then International actually grew faster than that. So international markets continue to be very, very strong, which is something that we are quite happy about. And then we continue to see very strong spend on the corporate side as well.

所以看起來消費者很強大。例如，當你看到美國和行動旅行時，美國的總預訂量增加了 17%，這是一個非常可靠的數字。而國際實際上的成長速度比這還要快。因此，國際市場繼續非常非常強勁，這是我們非常高興的事情。然後我們繼續看到企業方面的支出也非常強勁。

U4B growth rates are very strong. 50% constant currency growth as we continue to penetrate into new accounts, but actually existing accounts continue to grow as well, and about 50% of our U4B business is premium, which is kind of black and comfort, et cetera. We're not seeing any signs of trade down there. So for now, the consumer -- all the consumer signs are strong, and we're certainly hoping that they stay that way.

U4B 成長率非常強勁。隨著我們不斷滲透到新帳戶，貨幣持續增長 50%，但實際上現有帳戶也在繼續增長，我們的 U4B 業務大約 50% 是溢價，這是一種黑色和舒適等等。我們在那裡沒有看到任何貿易跡象。因此，就目前而言，消費者——所有消費者跡像都很強勁，我們當然希望它們保持這種狀態。

And then in terms of Direct, we continue to invest aggressively in Direct actually. You see the partners -- the partnerships with Darden. And some of the partnerships that we have are exclusive and some are not exclusive. It really depends. It's hard to generalize. There are some players who want multiple partners.

然後就 Direct 而言，我們實際上繼續積極投資 Direct。你會看到合作夥伴－與達頓的合作關係。我們的合作關係有些是排他性的，有些則不是排他性的。這確實取決於。很難一概而論。有些玩家想要多個夥伴。

I think one of the benefits that we bring in the Direct business that we are global in nature. So one partner, especially global brands, can partner with us and we can integrate into their tech ecosystem and we can deliver for them in New York, and we can deliver for them in any international -- in Tokyo as well. And there are very few -- there's no one else who really has the global scope that we do.

我認為我們在直接業務中帶來的好處之一是我們本質上是全球性的。因此，合作夥伴，尤其是全球品牌，可以與我們合作，我們可以融入他們的技術生態系統，我們可以在紐約為他們提供服務，我們也可以在東京為他們提供任何國際服務。而且很少人能夠真正擁有我們這樣的全球視野。

But as it relates to Direct, we're actively increasing our engineering headcount there and continuing to sign up more partnerships and also deepen our capabilities in terms of the services that we offer our partnerships. It's one of the fastest-growing parts of our business.

但就 Direct 而言，我們正在積極增加那裡的工程人員數量，並繼續簽署更多合作夥伴關係，並深化我們在為合作夥伴提供的服務方面的能力。這是我們業務中成長最快的部分之一。

And we think the extension of Direct beyond just same-day Delivery into kind of more fundamental parts of the fulfillment ecosystem as a real potential opportunity for us going forward.

我們認為，將直接服務擴展到履行生態系統的更基本部分，這對我們來說是一個真正的潛在機會。

So I think that's it. Thank you, everyone, for joining. A huge thank you to the Uber team for all of the efforts that undergird kind of what Prashant and I and Deepa report to the Street. Another good quarter, and we're looking forward to closing out 2024 with a strong Q4. And I think for short, we're going to be talking on some of the investors in a couple

所以我想就是這樣。謝謝大家的加入。非常感謝 Uber 團隊所做的一切努力，這些努力支撐了 Prashant、我和 Deepa 向華爾街報告的內容。又一個美好的季度，我們期待以強勁的第四季結束 2024 年。我想簡單來說，我們將討論一些投資者

Yes. Thank you, Dara. We're going to be in Toronto, Miami, Boston and San Francisco over the next couple of weeks. So if that corresponds with anyone's interest, please reach out to depot. We'd love to see you.

是的。謝謝你，達拉。未來幾週我們將前往多倫多、邁阿密、波士頓和舊金山。因此，如果這符合任何人的興趣，請聯絡 depot。我們很想見到你。

All right. Thanks, everyone.

好的。謝謝大家。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。