優步 (UBER) 2025 Q1 法說會逐字稿

Hello, and welcome to the Uber first-quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加 Uber 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Balaji Krishnamurthy, Vice President, Strategic Finance and Investor Relations. You may begin.

現在，我想將會議交給策略財務和投資者關係副總裁 Balaji Krishnamurthy。你可以開始了。

Thank you, operator. Thank you for joining us today and welcome to Uber's first-quarter 2025 earnings presentation. On the call today, we have Uber CEO, Dara Khosrowshahi; and CFO, Prashanth Mahendra-Rajah.

謝謝您，接線生。感謝您今天的加入我們，歡迎參加 Uber 2025 年第一季財報。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 GAAP 和非 GAAP 財務指標。有關這些非 GAAP 指標的額外揭露，包括 GAAP 與非 GAAP 指標的對賬，均包含在新聞稿、補充幻燈片以及我們向美國證券交易委員會 (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, and actual results may differ materially from these forward-looking statements. We do not undertake any obligation to update any forward-looking statements we make today, except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our most recent Form 10-K and in our other filings made with the SEC.

本簡報和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陳述有重大差異。除法律要求外，我們不承擔更新我們今天所做的任何前瞻性聲明的任何義務。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們最新的 10-K 表格和向美國證券交易委員會提交的其他文件中描述的風險和不確定性。

We published our quarterly earnings press release, prepared remarks, and supplemental slides to our Investor Relations website earlier today, and we ask you to review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara.

我們今天早些時候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，如果您還沒有查看過這些文件，我們請您查看一下。在達拉致簡短的開場白後，我們將開始提問。

With that, let me hand it over to Dara.

說完這些，讓我把它交給達拉 (Dara)。

Thanks, Balaji. We're off to a strong start this year against the dizzying backdrop of headlines on trade and economic policy. Each component of our multi-year growth framework is humming. Our audience grew 14% to 170 million monthly active consumers. Engagement strength continued with trips up 18% and with retention rates hitting all-time highs globally, and gross bookings grew in line with trips, fueled by strength across both mobility and delivery.

謝謝，巴拉吉。在令人眼花撩亂的貿易和經濟政策新聞背景下，我們今年取得了良好的開端。我們的多年成長框架的每個組成部分都在蓬勃發展。我們的受眾成長了 14%，達到每月 1.7 億活躍消費者。參與度持續增強，出遊次數增加 18%，全球留存率創歷史新高，在移動性和交付能力的推動下，總預訂量與出行次數同步增長。

We see this as robust, healthy growth. Growth that's not coming -- growth that's coming from engagement and frequency, not just price. We think that's the right way to maximize long-term free cash flow per share. And in Q1, we generated record adjusted EBITDA of $1.9 billion, up 35% year on year and free cash flow of $2.3 billion.

我們認為這是強勁、健康的成長。尚未實現的成長——成長來自於參與度和頻率，而不僅僅是價格。我們認為這是最大化每股長期自由現金流的正確方法。第一季度，我們的調整後息稅折舊攤銷前利潤 (EBITDA) 達到創紀錄的 19 億美元，年增 35%，自由現金流達到 23 億美元。

The Uber team has been in major execution mode. We launched with Waymo in Austin with around 100 cars that are all exceptionally utilized. We announced five AV partnerships with deployments to come in the US, Europe, and the Middle East.

Uber 團隊一直處於主要執行模式。我們在奧斯汀與 Waymo 合作推出了大約 100 輛汽車，這些汽車都得到了充分利用。我們宣布了五個 AV 合作夥伴關係，即將在美國、歐洲和中東部署。

We signed a partnership with OpenTable to integrate dining, delivery, and transportation for our customers, and we went live with our Delta SkyMiles partnership. And we announced the acquisition of Trendyol Go to supercharge our future growth in Turkey. And that is all just in the last two months. Looking ahead, our Q2 outlook should underscore our expectation to reliably deliver more of the same strong top-line growth, combined with even stronger profitability growth, setting us well for the seasonally stronger second half of the year.

我們與 OpenTable 簽署了合作協議，為我們的客戶整合餐飲、配送和交通，我們與 Delta SkyMiles 建立了合作夥伴關係。我們宣布收購 Trendyol Go，以增強我們在土耳其的未來成長。而這一切都發生在過去兩個月。展望未來，我們的第二季展望應強調我們的預期，即可靠地實現更多同樣強勁的營收成長，同時實現更強勁的獲利成長，為我們迎接季節性更強勁的下半年做好準備。

And as I said to my team, I feel great about where we stand. We're on solid footing with a clear strategy and ambitions that have never been higher. And that's why I'm emphasizing that good is not going to be good enough. We need to be great to continue to deliver for the people in cities that we serve and, of course, for all of you.

正如我對我的團隊所說的那樣，我對我們目前的狀況感到非常滿意。我們的基礎十分穩固，擁有明確的策略和前所未有的宏偉目標。這就是為什麼我要強調「好還不夠好」。我們需要做得更好，繼續為我們服務的城市的人民以及你們所有人提供服務。

So with that, let's get some questions going.

那麼，讓我們來提出一些問題。

Thank you. Operator, we're ready.

謝謝。接線員，我們準備好了。

Thank you.

謝謝。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Thanks for taking questions. I have two. First, just on mobility, as you've worked to keep prices low, curious what kind of elasticity you think you're seeing in terms of the response and how that's showing up in rides.

感謝您的提問。我有兩個。首先，僅就機動性而言，由於您一直努力保持低價，因此很好奇您認為就響應而言您看到了什麼樣的彈性，以及這在乘車方面是如何體現的。

And then on AV, you talked about almost 100 cars in Austin on the way to 100. What are you seeing there in terms of the utilization of those Waymos relative to some of their other markets? Thanks.

然後關於 AV，您談到奧斯汀即將達到 100 輛汽車的目標。相對於其他一些市場，您認為 Waymo 的利用率如何？謝謝。

Yeah. Absolutely. So Doug, on mobility, the elasticity that we're seeing is similar to the past, usually for dollar of increase in terms of price, transactions are negatively affected. Now there's short-term elasticity and long-term elasticity. There's elasticity that you see in session. And then we think there's longer-term elasticity, which is as you tend to kind of get used to prices not increasing as much as they were in the past couple of years, how do you have it change, how does sessioning change.

是的。絕對地。道格，就流動性而言，我們看到的彈性與過去相似，通常情況下，價格上漲會對交易產生負面影響。現在有短期彈性和長期彈性。您在會話中可以看到彈性。然後我們認為存在長期彈性，也就是說，當你傾向於習慣價格不像過去幾年那樣上漲那麼多時，你會讓它如何變化，會話如何變化。

So we're happy with the results that we saw in terms of the pricing that we were able to deliver to the consumers as we saw the insurance headwinds ease a little bit. And hopefully, we'll keep that going.

因此，我們對能夠向消費者提供的定價結果感到滿意，因為我們看到保險逆風有所緩解。希望我們能夠繼續保持下去。

There was also kind of a mix shift in terms of trips, a bit more growth internationally than the US, especially in the travel sector, that affected overall price mix, so to speak. But so far, I'd say, so good in terms of elasticity.

在旅行方面也出現了某種組合變化，國際成長比美國略高，尤其是在旅遊領域，可以說影響了整體價格組合。但到目前為止，我想說，彈性非常好。

In terms of AV in Austin, we're very, very encouraged with what we're seeing. Obviously, Waymo has a safety track record second to none. Consumers are loving the product. Opt-in rates are very, very healthy. And the ratings are healthy.

就奧斯汀的 AV 而言，我們對所看到的情況感到非常鼓舞。顯然，Waymo 的安全記錄無與倫比。消費者很喜歡該產品。選擇加入率非常非常健康。而且收視率也很好。

The team on the ground is doing a terrific job in terms of repairs and cleaning and recharging the cars, et cetera, to make sure that the Waymos are available for ride. And then when the Waymos are available for rides, they are very, very busy. So we're seeing very high utilization of the vehicles in terms of trips per vehicle per day. As a matter of fact, the average Waymo in Austin is busier than 99% of Austin drivers is defined by kind of the number of trips per day for Waymo as well.

地面團隊在維修、清潔和為汽車充電等方面做得非常出色，以確保 Waymo 可以正常行駛。當 Waymos 可以載客時，他們就會非常非常忙碌。因此，就每輛車每天的出行次數而言，我們看到車輛的使用率非常高。事實上，奧斯汀的 Waymo 平均比 99% 的奧斯汀司機更忙碌，這也是根據 Waymo 每天的旅行次數來定義的。

So very, very encouraging early days. We are going to continue to increase the vehicle count in Austin, and we're super excited for expansion in Atlanta as well as some of the other AV announcements that we've made and the expansion that we see both in the US and especially outside the US as well.

早期非常非常令人鼓舞。我們將繼續增加奧斯汀的汽車數量，我們對亞特蘭大的擴張以及我們發布的其他一些 AV 公告和我們在美國以及特別是美國以外看到的擴張感到非常興奮。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thank you so much for taking the question. I want to know if we could go a little bit deeper on the broader competitive landscape. If you could give us a bit of an update on what you're seeing competitively, especially around either pricing dynamics or incenting supply and demand across both mobility and delivery, and if there are any specific geos you wanted to call out from a competitive intensity standpoint? Thank you.

非常感謝您回答這個問題。我想知道我們是否可以更深入地了解更廣泛的競爭格局。您能否向我們介紹您所看到的競爭形勢，特別是定價動態或移動性和交付方面的供需激勵情況？從競爭強度的角度來看，您是否想指出一些特定的地理位置？謝謝。

Yeah. Eric, these markets continue to be very competitive on a global basis. In terms of mobility, we've got a strong competitor, domestically here in the [US]. I think we're more focused on competing with each other on service, on quality. Obviously, insurance is something that hit both of us as well. So I'd say the competitive intensity in the US is pretty consistent.

是的。艾瑞克，這些市場在全球範圍內仍然競爭激烈。在移動出行方面，我們在國內有一個強大的競爭對手，[我們]。我認為我們更注重在服務和品質方面的競爭。顯然，保險也對我們雙方都有影響。所以我認為美國的競爭強度是相當一致的。

And then internationally, of course, we got Bolt in Europe and DiDi in Latin America. They're strong competitors. They continue to focus on expansion, and I think as you see about our results, we're the number one player in the vast majority of markets in which we operate. And even at a very competitive market, our category position continues to be market-leading.

當然，在國際上，我們在歐洲推出了 Bolt，在拉丁美洲推出了滴滴。他們是強勁的競爭對手。他們繼續專注於擴張，我想正如您從我們的業績中看到的，我們在我們經營的絕大多數市場中都是第一大參與者。即使在競爭非常激烈的市場中，我們的產品類別仍保持市場領先地位。

And then the same in delivery as well. Obviously, the US market is highly competitive. We're seeing terrific growth both in terms of top line, in terms of margin, in terms of our grocery and retail business that accelerated this quarter versus last quarter. And then you are seeing some consolidation in the sector -- in the food delivery sector.

交付也同樣如此。顯然，美國市場競爭激烈。我們看到，無論是營業額、利潤率，還是食品雜貨和零售業務，本季的成長速度都比上一季加快了。然後你會看到該行業——食品配送業——出現了一些整合。

We were early to the game in terms of growing internationally organically. We're seeing some consolidation happening -- inorganic consolidation happening. And that's to be expected in markets that are as large and as competitive as ours.

在國際有機成長方面，我們處於領先地位。我們看到一些整合正在發生——無機整合正在發生。在像我們這樣規模龐大、競爭如此激烈的市場中，這是意料之中的事。

So I'd say no change. We can't rest for a second. And because of our global position and because of the unique platform that we have, we think we can hold our own and then some.

所以我認為沒有改變。我們一刻也不能休息。由於我們的全球地位以及我們擁有的獨特平台，我們認為我們可以保持自己的地位，甚至超越其他競爭對手。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

Great. Thanks for taking my questions. I have two: one on Austin and one on US mobility. Just going back to Austin, Dara, can you sort of walk us through how you're thinking about a size of a fleet or an internal timeline or target when Austin, Waymo, combined with often human drivers could sort of better be matched supply-demand to drive incremental volumes to Uber overall. When do you think that could happen?

偉大的。感謝您回答我的問題。我有兩個：一個關於奧斯汀，一個關於美國流動性。回到奧斯汀，達拉，您能否向我們介紹一下您如何考慮車隊規模或內部時間表或目標，屆時奧斯汀、Waymo 以及通常的人類駕駛員將如何更好地匹配供需，從而推動 Uber 整體銷量的增長。您認為什麼時候會發生這種情況？

And then the second one, maybe just kind of drilling a little more into US mobility. Any update on sort of how quickly US mobility is growing and how the suburbs versus the more urban areas are trending? Thanks.

第二個，可能只是對美國的流動性進行更深入的探究。有關於美國流動性成長速度以及郊區與城市地區趨勢的最新消息嗎？謝謝。

Yeah. Brian, in terms of Austin, we're really focused on making sure that the experience every single day is an excellent experience. We're absolutely growing the fleet. It's going to be over 100 vehicles soon based on the trends that we're seeing. And really, the focus is on keeping the utilization of the vehicles at the high levels that we're seeing and making sure that safety and customer experience aren't compromised in any way.

是的。布萊恩，就奧斯汀而言，我們真正專注於確保每一天的體驗都是一次美妙的體驗。我們絕對在擴大船隊規模。根據我們所看到的趨勢，這個數字很快就會超過 100 輛。實際上，重點是保持車輛的利用率處於我們所看到的高水平，並確保安全性和客戶體驗不會受到任何損害。

At this point, we're not really -- our goal in Austin isn't necessarily for incremental trips one way or the other. It's just to make sure that every single ride is a perfect ride.

目前，我們並不是真的——我們在奧斯汀的目標不一定是以某種方式進行增量旅行。這只是為了確保每次騎行都是完美的。

What we see over the long term is, if we provide a service that is highly reliable where the -- every single trip is exceptional, prices are reasonable, ETAs are predictable, then over a period of time, the business grows. And we are able to gain category position, and we see more consumers kind of coming on to our platform. The fact is that less than 20% of adults 18-plus -- 18 and over, use our platform on a regular basis. So we think there's plenty of room for growth.

從長遠來看，如果我們提供高度可靠的服務，即每一次行程都是卓越的、價格合理、預計到達時間可預測，那麼在一段時間內，業務就會成長。我們能夠獲得類別地位，並且我們看到越來越多的消費者加入我們的平台。事實上，只有不到 20% 的 18 歲以上的成年人定期使用我們的平台。因此我們認為還有很大成長空間。

So the focus right now is kind of day to day, making sure we get it right and making sure that the streets of Austin are safe. Want to talk to the second question?

因此，現在的重點是確保我們每天做對了，確保奧斯汀的街道是安全的。想談第二個問題嗎？

Yeah. Brian, it's Prashanth. I'll take the second part. And then it was on mobility growth. So maybe let's set some context for the last couple of quarters, I think three quarters now, we've had about 19% year-over-year trip growth. So very strong trip growth.

是的。布萊恩，我是 Prashanth。我將選擇第二部分。然後是流動性成長。所以也許我們可以先了解過去幾季的情況，我認為到現在已經三個季度了，我們的行程量比去年同期成長了約 19%。因此出行成長非常強勁。

And as we look at what we've incorporated into the guide, we're thinking that it should be around the same and that we're fortunate. It's still very heavily led by audience growth.

當我們回顧指南中的內容時，我們認為它應該大致相同，而且我們很幸運。它仍然在很大程度上受到觀眾成長的影響。

When we look at that conversion from trip growth to GB growth, we are starting to see the gap between trips and gross bookings narrow a bit because we've been able to pass along lower insurance costs primarily here in the US. You might remember, we indicated that in the latter part of the year that we would expect better insurance costs in this year, and that's exactly how it's turning out.

當我們觀察從旅行成長到 GB 成長的轉變時，我們開始看到旅行和總預訂量之間的差距有所縮小，因為我們能夠將較低的保險成本（主要在美國）轉嫁出去。您可能還記得，我們​​在今年下半年表示，我們預計今年的保險成本將會更好，事實也確實如此。

The other item that Dara made mention of earlier in one of his answers is we are seeing a slightly higher mix of international trips, and that's a bit due to that lower inbound US travel, which comes with lower gross bookings per trip. But despite sort of this mix shift, you'll notice that we were able to print all-time high margins for the quarter. So we're able to really continue to pass those insurance costs through. There's no economic impact of that to our shareholders, and we're able to put the margins and continue to show that sort of margin accretion story.

Dara 先前在一個回答中提到的另一件事是，我們看到國際旅行的比例略有增加，這在一定程度上是由於美國入境遊客減少，導致每次旅行的總預訂量減少。但儘管存在這種組合變化，您仍會注意到我們本季的利潤率仍創歷史新高。因此我們能夠真正繼續轉嫁這些保險成本。這對我們的股東沒有經濟影響，而且我們能夠保持利潤率並繼續呈現利潤率成長的勢頭。

And then lastly, I think you asked a bit about growth in the suburbs versus the urbans. A metric that we're now able to share is that sparser markets, which are growing at a faster rate than our core, represent about 20% on a trip basis for mobility. So we're continuing to see great growth in those sparser markets because it's growing faster, but it's also a sizable percentage of the overall mobility value.

最後，我想您問了一些關於郊區與城市發展的問題。我們現在可以分享的一個指標是，稀疏市場的成長速度比我們的核心市場更快，佔出行出行總量的 20% 左右。因此，我們繼續看到這些稀疏市場的巨大增長，因為它增長更快，但它也佔整體移動價值的相當大的比例。

We'll go the next question, operator.

接線員，我們來回答下一個問題。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great. Just a question on the delivery margin and a call-out you guys made in the prepared remarks. So you said that restaurant delivery has profit margins that are modestly lower than UberX profit margin. So that's an interesting nugget in itself.

偉大的。這只是關於交付保證金的一個問題，也是你們在準備好的評論中提出的一個呼籲。所以您說餐廳外送的利潤率略低於 UberX 的利潤率。這本身就是一個有趣的事實。

I guess the question is looking at that, what does that say about the cadence of margin expansion at grocery and retail? I think you also said that that part is at a 2018 kind of equivalent maturity.

我想問題在於，這說明雜貨和零售業利潤擴張的節奏如何？我想您也說過，該部分的成熟度相當於 2018 年。

And then how much of the restaurant margin being way up there is because of advertising just because of the time and market and the usual kind of retention cadence, et cetera. Any thoughts on that?

那麼，餐廳利潤率的大幅上升有多少是因為廣告，只是因為時間和市場以及通常的保留節奏等等。對此有什麼想法嗎？

Sure. Thank you, Ross. It's Prashanth. I'll go ahead and take that. So delivery has been a pretty incredible profit story for us. If you look at the results for the quarter, delivery margins are at 3.7% of GBs; that's up 70 bps versus where it was just a year ago, very strong expansion.

當然。謝謝你，羅斯。是 Prashanth。我會繼續接受它。因此，送貨對我們來說是一個非常令人難以置信的獲利故事。如果你看本季的結果，交付利潤率為 GB 的 3.7%；與一年前相比，這一數字上漲了 70 個基點，擴張勢頭非常強勁。

Now, that margin expansion is primarily being driven by advertising and the leverage we're getting just from the scale, the OpEx leverage that we get from scale. And that's been a fairly consistent driver of what's been behind the margin expansion over the last couple of quarters.

現在，利潤率的擴大主要受到廣告和我們從規模中獲得的槓桿作用的推動，即我們從規模中獲得的營運支出槓桿作用。這是過去幾季利潤率擴張的一個相當穩定的驅動因素。

The item that I'd probably highlight there is that the -- our cost per trip continues to show great improvement. That's the benefit of the scale we have declining -- it declined both quarter over quarter and year over year.

我可能要強調的一點是——我們的每次旅行成本繼續顯示出很大的改善。這就是我們規模下降帶來的好處——環比和同比都有所下降。

In the delivery profitability numbers, that includes our grocery and retail, which you made reference to, remember that we said in Q4 of last year, grocery and retail hit breakeven from variable contribution. And in Q1 is now starting to accrete at variable contribution levels. So that grocery and retail business has great upside, and it's going to continue to grow both as a result of advertising, but also as we continue to improve selection.

在配送獲利數據中，包括您提到的雜貨和零售，記得我們說過，在去年第四季度，雜貨和零售透過可變貢獻實現了收支平衡。且第一季的貢獻水準開始改變。因此，食品雜貨和零售業務具有很大的優勢，並且會繼續成長，這不僅是因為廣告，也是因為我們不斷改善選擇。

I will call out one item that may not be notable to everyone is incremental margin for delivery in Q1 were 9%. So with that very strong top-line growth, it's a reflection of what just the earnings power of this business can be with continuing to see that opportunity to drive margin expansion.

我要指出的一點可能不是每個人都注意到的是，第一季交付的增量利潤率為 9%。因此，憑藉如此強勁的營收成長，它反映了該業務的獲利能力，並將繼續看到推動利潤率擴張的機會。

Having said that, as we've said consistently in our calls, we need to always find a balance between growing profitability and growing the top line. So I don't want to overcommit the growth in delivery profitability. We're looking for steady margin expansion, so we continue to invest in growing the top line of the business, given that we have so many opportunities to invest in.

話雖如此，正如我們在電話會議中一貫所說的那樣，我們需要始終在提高盈利能力和增加收入之間找到平衡。所以我不想過度承諾交付獲利能力的成長。我們正在尋求利潤率的穩定成長，因此，鑑於我們擁有如此多的投資機會，我們將繼續投資於業務收入的成長。

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

Okay. Thanks. I'll try to. First, just on the insurance headwinds, do you feel like that's mostly behind you? Now just talk about where you think ongoing leverage against insurance costs are, and is that something that's kind of structural to the industry? Or are those things -- kind of workarounds or improvements that you've been able to do?

好的。謝謝。我會盡力的。首先，就保險業逆風而言，您是否覺得這些逆風基本上已經過去了？現在，您認為持續降低保險成本的槓桿作用在哪裡，這對產業來說是一種結構性因素嗎？或者這些事情是您能夠採取的解決方法或改進措施嗎？

And then Dara, in terms of AV partners, and you've got a pretty good view on all the different offerings that are out there. Waymo is doing a fantastic job. Who do you think is coming -- who do you think in the marketplace is closest to Waymo now in terms of having the ability to roll out at a decent scale, a true AV experience? Thanks.

然後，就 AV 合作夥伴而言，Dara，您對市場上的所有不同產品都有很好的了解。Waymo 做得非常出色。您認為誰會成為——您認為目前市場上誰最接近 Waymo，能夠大規模推出真正的 AV 體驗？謝謝。

Dara, why don't you take the Waymo one first, and then I'll close with insurance.

Dara，為什麼不先選擇 Waymo，然後我再用保險來結束。

Yeah. Sure. Mark, it's hard to tell exactly who has what capability because AV is still very, very early in terms of development. I'll tell you that - listen, in China, you have AV product that has -- is in market today from WeRide, who's a partner in Abu Dhabi and Dubai and expanding in 15 countries; Pony, whom we expect to introduce to the Middle East sometime and Baidu as well. These -- they have essentially AVs running in Chinese cities right now, very challenging traffic conditions and conditions generally.

是的。當然。馬克，很難確切地說出誰擁有什麼能力，因為 AV 在開發方面仍處於非常早期的階段。我告訴你，在中國，你有 AV 產品——目前由 WeRide 上市，WeRide 是阿布扎比和迪拜的合作夥伴，並且正在 15 個國家/地區擴張；我們期望將來能將 Pony 引入中東地區，同時還將引入百度。目前，中國城市中基本上都有自動駕駛汽車在運行，整體而言，交通狀況和環境都非常具有挑戰性。

And then there are a lot of other players that are showing incredible promise as well. We announced a partnership with May Mobility, with VW, with Momenta as well, where we expect to see an AV development deployment in Europe as well and AV ride.

還有很多其他球員也展現了令人難以置信的潛力。我們宣布與 May Mobility、大眾汽車和 Momenta 建立合作夥伴關係，我們希望在歐洲看到 AV 開發部署和 AV 駕駛。

So this is a technology that has been proven. Waymo is definitely the leader there, but there are many other players investing in the space. And we expect to see a number of successful companies in the space hopefully partnering with us.

所以這是一項已經被證實的技術。Waymo 無疑是該領域的領導者，但還有許多其他參與者在該領域進行投資。我們期望看到該領域的許多成功公司與我們合作。

Yeah. So Mark, on the insurance question, if you remember, in Q4 of last year, we indicated that for 2025, we thought insurance increases would moderate and more likely be in the high single, perhaps low-teens area, and we actually overestimated it. CPI print for March was coming in at 7% year over year, and that's the lowest we've seen in almost three years.

是的。馬克，關於保險問題，如果你還記得的話，在去年第四季度，我們曾表示，到 2025 年，我們認為保險增長將會放緩，更有可能處於高個位數，或許是低十位數的區間，但實際上我們高估了它。3 月 CPI 年漲 7%，這是近三年來的最低水準。

So as we think about our US mobility insurance cost expectation for the balance of the year, we're thinking that it will continue to be a very modest headwind of high single digits to 2025. And that is meaningfully lower than we've seen in the last two years. And certainly, given the rate of growth for the US mobility business, that's going to create some leverage for us. But as I said in my prior response, we intend to pass those opportunities to consumers.

因此，當我們考慮今年剩餘時間美國機動性保險成本預期時，我們認為到 2025 年，它仍將是一個非常溫和的個位數高阻力。這比過去兩年我們看到的要低得多。當然，考慮到美國行動業務的成長率，這將為我們創造一些優勢。但正如我先前的回應中所說，我們打算將這些機會傳遞給消費者。

Where we are getting some incremental strength from the great efforts of our team are in a few areas. First, on safety tech, a great innovation that we're driving in this space, including giving our drivers insight into how their driving behavior is being scored. And that is now live in all US markets, and drivers are responding very favorably to being able to understand their actions like speeding, harsh breaking, acceleration, et cetera. So that's one element that we've now deployed across the US.

我們團隊的巨大努力在一些領域為我們帶來了一些增量力量。首先，在安全技術方面，我們正在推動這一領域的一項偉大創新，包括讓我們的駕駛員了解他們的駕駛行為是如何被評分的。目前，這項技術已在美國所有市場投入使用，駕駛者對於能夠理解自己的行為（如超速、急煞車、加速等）的反應非常積極。這是我們目前在美國各地部署的一個要素。

On the policy side, which has also been an area that we've been talking about for a while, we're getting some great momentum there. For example, just in this first quarter, a tort reform bill is in Georgia, awaiting the Governor's signature. And if we get through that, that's going to be a meaningful step to combat some of the legal system abuse and is going to help us continue to drive down insurance costs over time. And we have other bills in other states like Nevada and Texas and continue to have some good discussions in other areas.

在政策方面，這也是我們一段時間以來一直在討論的領域，我們在這方面取得了巨大的進展。例如，就在今年第一季度，一項侵權行為改革法案正在喬治亞州等待州長簽署。如果我們能夠實現這一目標，這將是打擊法律制度濫用行為的重要一步，並將幫助我們隨著時間的推移繼續降低保險成本。我們在內華達州和德克薩斯州等其他州也提出了其他法案，並在其他地區繼續進行一些良好的討論。

So overall, I think that the energy that we are spending on insurance both because we have a captive that allows us to create tension on pricing, we have an organization of engineers that's really working on finding new technologies and the efforts that we're doing on the policy side are going to continue to make this a more favorable situation for us than it has been over the past couple of years.

所以總的來說，我認為我們在保險上投入的精力，因為我們有一個可以讓我們製造定價壓力的自保公司，我們有一個致力於尋找新技術的工程師組織，而且我們在政策方面所做的努力，將繼續使我們的處境比過去幾年更加有利。

And Mark, I just stress on the policy angle that US drivers are not less safe than drivers internationally. The cost of insurance that has to be paid on to consumers outside of the US is de minimis compared to the US.

馬克，我只是從政策角度強調，美國駕駛的安全性並不比國際駕駛者低。與美國相比，美國境外的消費者需要支付的保險費用微乎其微。

So this is just -- is a huge part of the inflation that consumers are experiencing. We're hoping that local policymakers and the administration in place want to fight inflation as much as we do because really this inflation is caused by abuse of the legal system. It's entirely unnecessary. And we're hoping that policymakers can work with us to bring prices down for consumers and more of the fares going into the driver's pockets. That we really think is a win-win.

所以這只是消費者正在經歷的通貨膨脹的很大一部分。我們希望當地政策制定者和現任政府能夠像我們一樣致力於抑制通貨膨脹，因為這種通貨膨脹實際上是由於濫用法律制度造成的。這完全沒有必要。我們希望政策制定者能夠與我們合作，降低消費者的價格，讓更多的車資進入駕駛者的口袋。我們確實認為這是一個雙贏的局面。

Justin Post, Bank of America.

美國銀行的賈斯汀·波斯特 (Justin Post)。

Great. Thanks. Just like a question on the macro. You mentioned maybe slower airport trips, but any impact on mobility, rides, or pricing or delivery, lower AOVs or anything like that on the macro are contemplated going forward?

偉大的。謝謝。就像關於宏的一個問題一樣。您提到機場航班速度可能會變慢，但未來是否會對流動性、乘車、定價或配送、降低 AOV 或宏觀方麵類似的情況產生影響？

And then can you give us an update on competition in Bay Area and San Francisco -- sorry, Bay Area in LA. I know those are areas where Waymo is operating. Just any update on the competition there. Thank you.

然後您能否向我們介紹灣區和舊金山——抱歉，是洛杉磯灣區的競爭情況？我知道這些是 Waymo 營運的地區。只是有關那裡的比賽的任何更新資訊。謝謝。

Yeah, absolutely. So in terms of macro, Justin, we're watching it pretty closely. We don't see any signals that I'd describe as significant. Audience growth is very consistent with last quarter, up 14%. Frequency is consistent as well.

是的，絕對是如此。因此，賈斯汀，從宏觀角度來看，我們正在密切關注。我們沒有看到任何我認為重要的訊號。觀眾成長與上一季非常一致，成長了 14%。頻率也一致。

We are looking to modulate price increases, and you saw that in our results as well. But we're not seeing -- basket size is continuing to increase. So I think that would be a leading indicator to the extent that there was macro uncertainty. We're not seeing trade downs in terms of the kinds of restaurants that our eaters are eating at. So it's absolutely something that we're watching but we don't see any signal as of yet in terms of the consumer.

我們正在尋求調節價格上漲，您也在我們的結果中看到了這一點。但我們並沒有看到——購物籃規模繼續增加。所以我認為這將成為宏觀不確定性的領先指標。就餐者就餐的餐廳種類而言，我們並沒有看到消費水準下降。所以這絕對是我們正在關注的事情，但就消費者而言，我們目前還沒有看到任何訊號。

And remember, the categories that we operate in -- these are restaurants, transportation, grocery tend to be categories that are quite consistent even during periods of macro uncertainty. So I think from a relative standpoint, we're a little bit less subject to these issues. But right now, we don't see any signal whatsoever. And hopefully, it will remain the same. And you kind of see that in the guidance, which is pretty consistent in terms of top line with this quarter.

請記住，我們經營的類別——餐廳、交通、雜貨，即使在宏觀不確定時期也往往相當穩定。因此我認為從相對的角度來看，我們不太受這些問題的影響。但目前，我們看不到任何訊號。希望它能保持不變。您可以從指導意見中看到這一點，就營收而言，這與本季的業績相當一致。

In terms of San Francisco and LA, the competitive environment, pretty stable, Justin. We're not seeing any change there. We are very supportive of Mayor Lurie's plans to kind of get San Francisco going again. And we think that will benefit all of the competitors in that marketplace.

就舊金山和洛杉磯而言，競爭環境相當穩定，賈斯汀。我們沒有看到那裡有任何變化。我們非常支持市長盧裡讓舊金山重新運作的計畫。我們認為這將使該市場的所有競爭對手受益。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Thank you. Two if I may, please. First, maybe one for Prashanth. Given the affordability initiatives and the commentary on insurance, but also your kind of preview of the GO-GET event later this month, could you talk about the impact potentially on mobility margins in the second half of this year and beyond?

謝謝。如果可以的話，請給我兩份。首先，也許是 Prashanth 的一個。鑑於可負擔性舉措和對保險的評論，以及您對本月晚些時候舉行的 GO-GET 活動的預覽，您能否談談這些舉措對今年下半年及以後的流動性利潤率的潛在影響？

And then one for Dara, please. If you could talk -- expand a little bit more about your view of the AV landscape kind of both inside the US and outside the US. When do you see software-enabled AV solutions as a scaled commercial option? Thank you.

還有一首是給達拉的。如果您可以談談—請進一步闡述您對美國國內和國外 AV 領域的看法。您何時將軟體支援的 AV 解決方案視為可擴展的商業選擇？謝謝。

Yeah. So let me -- I'm reluctant to guide for the second half, but I can say this that we are committed to continuingly showing steady margin improvement on a year-over-year basis. But as we've said many times, we're going to manage the P&L across both lines of businesses and striking that really tough balance of investing for growth when we have so many opportunities to invest in while continuing to drive the profitability of the company.

是的。因此，我不太願意對下半年做出預測，但我可以說，我們致力於繼續實現利潤率的同比穩步提升。但正如我們多次說過的那樣，我們將管理兩條業務線的損益，並在我們擁有如此多的投資機會的同時，在投資成長和繼續推動公司獲利能力之間取得真正艱難的平衡。

We shared some pretty strong profit expansion in the mobility business this quarter on a sequential basis and on a year-over-year basis. I would not take that as an indicator for how you want to model the balance of the year. I think that steady margin expansion throughout the cycle of this company on a year-over-year basis is how you want to model us out.

本季度，我們的行動業務利潤環比和同比均實現了相當強勁的成長。我不會將其作為如何模擬年度餘額的指標。我認為，我們希望公司在整個週期中利潤率逐年穩定成長。

In terms of AV, we're seeing a ton of innovation in the marketplace that we're actually quite excited about. And generally, you see -- early, I would say, AV tech was based on heuristics, a bunch of if thens based on different scenarios that were being built. And we're seeing players like Waymo and a number of others move more and more the heuristics logic into large transformer models to create more flexibility, better scalability, better cost, et cetera.

在 AV 方面，我們看到市場上出現了大量創新，我們對此感到非常興奮。一般來說，早期的 AV 技術是基於啟發式方法的，即基於正在建構的不同場景的一系列「如果」的推理。我們看到 Waymo 等公司和其他一些公司越來越多地將啟發式邏輯轉移到大型變壓器模型中，以創造更大的靈活性、更好的可擴展性、更好的成本等等。

And those kinds of models also have the benefit of not having to be over fed to a particular compute or hardware or sensor stacks as well. They are generalizable in terms of where they drive and the more generalizable in terms of the hardware kit that's necessary, the sensor kit, et cetera. So that is all moving in the right direction as far as separating the software stack from the hardware stack.

而這些類型的模型還有一個好處，就是不需要過度輸入到特定的計算、硬體或感測器堆疊中。它們在行駛範圍方面具有通用性，在所需的硬體套件、感測器套件等方面更具通用性。因此，就軟體堆疊與硬體堆疊的分離而言，一切都朝著正確的方向發展。

I think a lot of you probably saw the announcement of Waymo partnering up with Toyota. That's just indicative we think of where AV is going, which is you've got pure-play software developers increasingly offering more sophisticated AV platforms to the OEMs around the world. And a world in which 10 years from now, every single new car sold comes with Level 4, Level 5 AV, we think is a terrific outcome in terms of safety for the street and also our platform, which will allow any player, any owner of those vehicles, whether it's financial institutions, et cetera, to monetize those vehicles at the highest utilization so that they've got the lowest cost of capital.

我想很多人可能都看到了 Waymo 與豐田合作的公告。這只是顯示了我們對 AV 發展方向的思考，即純軟體開發商越來越多地向世界各地的 OEM 提供更複雜的 AV 平台。我們認為，10 年後，每輛售出的新車都將配備 4 級、5 級 AV，這對於道路安全和我們的平台來說都是一個很好的結果，這將允許任何參與者、這些車輛的任何所有者，無論是金融機構等，以最高的利用率將這些車輛貨幣化，從而獲得最低的資本成本。

So the direction that we're seeing is absolutely it's very encouraging. There are some players out there that are pure, call it, next-generation large models, end-to-end models as well. These are the Wayves or the Waabis of the world in trucking or Momenta as well. And that is a more pure AI kind of direction which has been incredibly promising in terms of the pace of development and again, the generalizability of the software, both in terms of where it's driving and the hardware kits as well.

因此，我們所看到的方向絕對是非常令人鼓舞的。有一些參與者是純粹的，稱之為下一代大型模型，也是端到端模型。這些人也是卡車運輸或 Momenta 領域的 Wayves 或 Waabis。這是一個更純粹的人工智慧方向，就發展速度和軟體的通用性而言，無論是在驅動方面還是在硬體套件方面，都具有令人難以置信的前景。

So the innovation that we see is pretty incredible. We are obviously working with many of these partners around the world. I think we've got an excellent point of view as to who the leaders are, and you're seeing us partner with many of the leaders in the industry.

所以我們看到創新是相當令人難以置信的。我們顯然正在與世界各地的許多合作夥伴合作。我認為我們對誰是領導者有著非常好的看法，而且你會看到我們與業內許多領導者合作。

So hopefully, more to come. And we've announced, I think, five partnerships in the past week. It is coming fast and furious. And the innovation and the development there is pretty exciting for us.

所以希望未來會有更多。我認為，我們在過去一周宣布了五個合作夥伴關係。它來得又快又猛。那裡的創新和發展令我們非常興奮。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Thanks a lot for taking my questions. I have two on delivery, please. Dara, could you please talk about your affordability efforts? In your letter, you talked to four key areas and affordability was one of them. So if you could please expand on that, that would be great.

非常感謝您回答我的問題。我有兩件要送貨，謝謝。Dara，您能談談您在經濟適用房方面的努力嗎？在您的信中，您談到了四個關鍵領域，而負擔能力就是其中之一。因此，如果您能詳細說明這一點，那就太好了。

And then the second is just, in Europe, in particular, we have seen now you have a majority stake, you just announced. And then DoorDash announced Deliveroo. So could you please talk to that market? How fast is it growing? What is the competitive landscape look like there? And how do you view consolidation? Thanks a lot.

第二點是，特別是在歐洲，我們看到你們現在擁有多數股權，你們剛剛宣布了這一點。然後 DoorDash 宣布推出 Deliveroo。那你能談談那個市場嗎？它成長得有多快？那裡的競爭格局是什麼樣的呢？您如何看待整合？多謝。

Yeah, absolutely. So in terms of delivery, we are very focused on affordability as it relates to delivery as well. And the two efforts that I would point out, one is membership. So membership essentially is our lowering prices, no delivery fee, for example, for members and for the most loyal customers that we've got.

是的，絕對是如此。因此，在交付方面，我們非常注重與交付相關的可負擔性。我想指出的兩項努力，一是會員資格。因此，會員資格本質上就是我們降低價格，例如，對於會員和我們最忠實的客戶，免收送貨費。

Members tend to have higher retention. They spend 3 times more than non-members as well. And our membership program now with 30 million members is delivering billions of discount, so to speak, for those members. And our penetration of membership continues to increase on delivery. It's over 60% now. And in certain markets, it's at the 70%-plus mark as well.

會員的保留率往往較高。他們的消費金額也比非會員高出三倍。我們的會員計劃目前擁有 3000 萬會員，為這些會員提供了數十億美元的折扣。我們的會員滲透率也持續增加。現在已經超過60%了。在某些市場，這一比例甚至達到 70% 以上。

So we think more members getting better deals, getting more discounts is a good thing. And that's part of our business that continues to grow.

因此我們認為更多會員獲得更好的優惠、獲得更多的折扣是一件好事。這是我們業務持續成長的一部分。

The second area of focus that I point out are what we call merchant-funded offers. These are essentially offers that merchants can put into the system. I just enjoyed one a couple of nights ago as kind of buy one, get one free or other kinds of discounts. Merchants like those discounts, because their cost of food isn't necessarily -- they get to kind of use the cost of food as the discount and they can enjoy a margin on their food.

我指出的第二個重點領域是所謂的商家資助優惠。這些本質上是商家可以放入系統中的優惠。幾天前我剛剛享受過一次買一送一或其他類型的折扣。商家喜歡這些折扣，因為他們的食品成本不一定是——他們可以使用食品成本作為折扣，並且可以享受食品的利潤。

And we're seeing higher and higher percentages of merchant-funded offers in the marketplace. Merchants who put these offers into the marketplace increase their visibility in the marketplace and are able to increase their sales in the marketplace as well. We're seeing growth in both, and we think that is partially responsible for the consistently high gross bookings growth that we're seeing in delivery, both in the US and internationally as well.

我們看到市場上商家資助的優惠比例越來越高。將這些優惠投放市場的商家可以提高他們在市場上的知名度，並且還可以增加他們在市場上的銷售量。我們看到這兩項業務都在成長，我們認為這在一定程度上導致了我們在美國和國際上交付業務的總預訂量持續高成長。

And then to your question, in terms of competition, especially in Europe, we're really, really happy about our results in Europe. We recently, we believe, got to the number one category position in the UK with Eats entirely organically. We didn't have to buy our way into glory, so to speak.

然後回答你的問題，就競爭而言，特別是在歐洲，我們對我們在歐洲的成績感到非常非常高興。我們相信，最近我們憑藉 Eats 完全自然地佔據了英國第一的品類位置。可以這麼說，我們不需要花錢就能獲得榮耀。

France remains a top market for us. And we think that Germany, for example, is a market that holds a significant amount of promise. I think we launched in Germany three to four years ago, and our category position continues to increase in Germany as we invest in that market, both on the mobility and delivery side.

法國仍然是我們最大的市場。我們認為，德國是一個擁有巨大潛力的市場。我想我們三、四年前就在德國推出了這項服務，隨著我們在行動和配送方面對德國市場的投資，我們在德國的品類地位持續提升。

So we're seeing very encouraging trends in Europe. And frankly, it's not a surprise to see some of our competitors look to expand there inorganically. We like organic expansion more. We've been investing for years in these marketplaces, and I think it shows in our results.

因此，我們看到歐洲出現了非常令人鼓舞的趨勢。坦白說，看到我們的一些競爭對手尋求在那裡進行無機擴張並不奇怪。我們更喜歡有機擴張。我們已經在這些市場投資多年，我認為我們的業績已經證明了這一點。

Michael Morton, SVB MoffettNathanson.

邁克爾·莫頓，SVB MoffettNathanson。

Good morning, everybody. Thank you for the question. One on delivery and then one on mobility. First, delivery, as we see the continued adoption of these large language models introducing shopping experiences, they seem to be preferring different retailers than, let's just say, the two giants of which we're all aware of. And it seems like a natural opportunity for Uber to work in partnership with these retailers you already work with to deliver the local inventory. So Dara, I was curious any possibility of partnerships with the ChatGPTs of the world?

大家早安。謝謝你的提問。一個是關於交付，另一個是關於移動性。首先，在配送方面，我們看到這些大型語言模型不斷被採用來引入購物體驗，他們似乎更喜歡與我們都知道的兩大巨頭不同的零售商。對於 Uber 來說，與這些已經合作過的零售商合作提供本地庫存似乎是一個自然的機會。所以 Dara，我很好奇是否有可能與世界上的 ChatGPT 建立合作夥伴關係？

And then I think one for Prashanth on the sparse markets. Could you talk about the duration of this opportunity and the ability to continue offsetting some of the natural deceleration you've seen in some of your urban markets? And then maybe help investors think about the margin profile of the sparse mobility markets compared to your core kind of urban markets? Thank you so much.

然後，我認為 Prashanth 會專注於稀疏市場。您能否談談這個機會的持續時間以及繼續抵消您在某些城市市場看到的自然減速的能力？然後也許可以幫助投資人思考稀疏流動性市場與核心城市市場相比的利潤狀況？太感謝了。

Yeah. I think on delivery and large language models, we're very, very early in terms of the development of these -- of the models and their application to consumer experiences or enterprise technology. And I wouldn't say that right now, our focus is to kind of push volume from one merchant to the other; it's really to focus on improving the customer experience.

是的。我認為，就交付和大型語言模型而言，我們在這些模型的開發及其在消費者體驗或企業技術中的應用方面還處於非常非常早期的階段。我現在不會這麼說，我們的重點是將交易量從一個商家推向另一個商家；它真正注重的是改善客戶體驗。

And it starts in smaller ways. So for example, we're using larger models in terms of our restaurant and grocery search so that we understand more about the context of the consumer. We get to know the consumer more, and we're able to surface better results, higher-quality results in terms of search, in terms of the sort order of restaurants that we're offering you or the promotions that we're offering you as well.

一切從細微之處開始。例如，我們在餐廳和雜貨店搜尋方面使用更大的模型，以便我們更好地了解消費者的背景。我們對消費者有了更多的了解，我們能夠在搜尋、我們向您提供的餐廳排序或我們向您提供的促銷活動方面提供更好的結果、更高品質的結果。

And then we absolutely are working with open AIs of the world and the other leading LLM and LLM companies in terms of some of the agents that are being built and being able to offer kind of an Uber experience that is seamless and delightful that you can talk to as well. I stress that it's very, very early in experimentation phase. And we're going to be working with them to understand what the possibilities are.

然後，我們絕對會與世界上的開放人工智慧和其他領先的 LLM 和 LLM 公司合作，共同建立一些代理，並能夠提供一種無縫且令人愉悅的 Uber 體驗，您也可以與之交談。我強調，現在還處於實驗階段的非常早期階段。我們將與他們合作，了解各種可能性。

We have unique access to transportation inventory. We are global. Obviously, we have human drivers. We have AV drivers. We have food available, grocery available. So I think we're kind of the partner of choice for many of these players.

我們擁有獲取運輸庫存的獨特途徑。我們是全球性的。顯然，我們有人類駕駛員。我們有 AV 驅動程式。我們有食物和雜貨。因此我認為我們是許多玩家的首選合作夥伴。

But right now, the focus is how do you build consumer experiences that are delightful? How do you make every single service of ours a little bit more optimized for consumers? And then we'll deal with the after-effects later in terms of merchant concentration. It's just not something we're focused on right now.

但現在的重點是如何打造令人愉悅的消費者體驗？如何讓我們的每項服務都針對消費者更優化？然後我們再處理商家集中度方面的後續影響。這不是我們現在關注的重點。

Prashanth, you want to take the other one?

Prashanth，你想拿另一個嗎？

I will. I'll take the second one. Thanks for the question, Michael. Maybe I could start with just a gentle correction to a comment you made about deceleration. It may surprise folks to know that the vast majority of our top 20 cities are still continuing to grow at double-digit rates. So we are still very -- still seeing very strong growth in our core areas.

我會。我要第二個。謝謝你的提問，麥可。也許我可以先對您關於減速的評論進行一些溫和的糾正。令人驚訝的是，我們排名前 20 位的城市中的絕大多數仍然保持著兩位數的成長速度。因此，我們的核心領域仍然保持著非常強勁的成長動能。

But what we do see is we see the opportunity to increase the length of time that that core business can grow at attractive rates by investing into these sparse markets. And we're already seeing great indications. For example, in mobility, I think I had already mentioned that 20% of our trips are now coming from sparser markets, and those are growing even faster than the urban core.

但我們確實看到，透過投資這些稀疏市場，我們看到了延長核心業務以有吸引力的速度成長的時間的機會。我們已經看到了很好的跡象。例如，在出行方面，我想我已經提到過，我們現在 20% 的出行來自較為稀疏的市場，而且這些市場的成長速度甚至比城市核心區還要快。

Having said all that, I think the way to maybe -- to capture all this is once these markets hit sort of the full investment profile and they're running well, margins are very much in line with what we see in our other markets. And the rate at which we're investing is we're launching hundreds of new cities in 2025.

話雖如此，我認為也許可以抓住這一切的方法是，一旦這些市場達到完整的投資狀況並且運作良好，利潤率就會與我們在其他市場看到的非常一致。按照我們的投資速度，到 2025 年我們將建造數百座新城市。

So there's plenty of room for us to run here. Obviously, there's an investment period before they achieve those more continuity level margin profiles, but that's all part of the growth opportunities that we see in front of us.

因此，我們在這裡有足夠的空間。顯然，在實現更具連續性的利潤率之前需要一段投資期，但這都是我們面前看到的成長機會的一部分。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼、伯恩斯坦。

Hi. Thanks for taking my questions. I have two on mobility, please. First, how should we think about the slope of deceleration in mobility gross bookings over the next year? Q1 stepped down by several points, and maybe that's just pricing and mix given the trip growth comments, but how do we get comfortable with mobility bookings not decelerating more aggressively here in the quarters to come?

你好。感謝您回答我的問題。請給我兩張有關移動性的。首先，我們該如何看待未來一年移動出行總預訂量的減速斜率？第一季下降了幾個百分點，考慮到旅行成長評論，這也許只是定價和組合問題，但我們如何才能放心，行動預訂在未來幾季不會進一步減速呢？

And then separately, a follow-up on the less dense markets. do you think the frequency opportunity in these markets is the same as your larger cities? I would imagine there's far more car ownership and some reliability differences. So how do you think about the opportunity set on a frequency basis relative to your core urban centers? Thank you.

然後分別對密度較低的市場進行跟進。您認為這些市場的航班頻率機會與大城市中的航班頻率機會相同嗎？我可以想像汽車擁有量會更大，而且可靠性也會有一些差異。那麼，您如何看待相對於核心城市中心而言，基於頻率的機會集？謝謝。

Thanks, Nikhil. I'll start and then hand off to Dara. I think the -- if you go back to the algorithm, it is bookings equals trips times our average price. And if you look at the strong growth that we've been putting up over the last several quarters, those have all been built on top of a 19% year-over-year trip growth for the last three quarters.

謝謝，尼基爾。我先開始，然後交給達拉。我認為——如果你回顧一下演算法，那就是預訂量等於旅行次數乘以我們的平均價格。如果你看一下我們過去幾季取得的強勁成長，你會發現這些都是建立在過去三個季度同比增長 19% 的基礎上的。

And our indication is that Q2 is going to be in a similar vein, the contributor to that -- to those -- trip growth continues to be heavily led by audience growth. And so that narrowing of the delta between trips and gross bookings is coming from, as I mentioned, a little bit of mix because we saw higher international mix and the favorable versus expected delta on insurance costs.

我們的跡象表明，第二季的情況也將類似，旅行成長的貢獻因素仍然主要來自遊客的成長。因此，正如我所提到的，旅行次數和總預訂量之間的差距縮小是由於混合因素造成的，因為我們看到了更高的國際混合度以及保險成本相對於預期的有利差距。

So we would sort of, I guess, softly let you think about balance of year, gross bookings should -- you shouldn't be looking for a deceleration. You should be looking for that trip growth to continue to be led heavily by audience growth. And then we'll have to see what -- where the pricing opportunities continue to be provided by insurance.

因此，我想，我們會讓你稍微思考一下今年的餘額，總預訂量應該——你不應該期待減速。您應該期待旅行量的增長繼續在很大程度上受到遊客量增長的推動。然後我們必須看看保險繼續提供什麼定價機會。

And, Nikhil, I'd just add in terms of mobility trip growth as well is that the base trip growth, the core trip growth is supercharged by the growth in less dense areas as well. And some of the growth [bets] that we've had in terms of lower-cost products, two-wheelers and three-wheelers are growing incredibly quickly.

尼基爾，我想補充一點，就出行成長而言，基本出行成長、核心出行成長也受到人口密度較低地區的成長的推動。我們在低成本產品、兩輪車和三輪車方面的一些成長[賭注]成長速度非常快。

Our taxi business continues to grow. We have -- we're not even close to the majority of taxis in the world. And as we add more taxi supply, trip growth continues to grow. It kind of extends the runway of our growth there.

我們的出租車業務持續成長。我們——我們甚至還沒有接近世界上大多數出租車的數量。隨著我們增加計程車供應，出行量也持續成長。這在某種程度上延伸了我們在那裡的成長空間。

And then, of course, shared rides, both in terms of high-capacity vehicles that bring the price envelope down and/or X Share, our products that essentially allow a single driver to serve multiple riders as well.

當然還有共乘乘車，包括可以降低價格的大容量車輛和/或 X Share，我們的產品基本上允許一名司機為多名乘客提供服務。

So we've got a business that continues to have a lot of growth runway. We're expanding into new markets, both geographically, but into less dense markets. And there's a whole portfolio of newer products that continue to grow faster than the core, so to speak, that have substantial runways ahead of them.

因此，我們的業務仍具有很大的成長空間。我們正在向新市場擴張，既包括地理位置上的，也包括人口密度較低的市場。而且，一系列新產品的成長速度都快於核心產品，可以說，它們還有很長的路要走。

In terms of frequency in the less dense areas, the -- our less dense initiative really started with delivery. And what we're seeing is that in those markets, you actually typically have families ordering, et cetera. And the frequency that we see in delivery continues to grow in both dense markets and less dense markets.

就人口密度較低地區的頻率而言，我們的人口密度較低計劃實際上是從配送開始的。我們看到的是，在這些市場中，通常都是家庭訂購等等。我們看到，無論是在密集市場或低密度市場，配送頻率都在持續成長。

So it's unclear as to whether our expansion into less dense markets would hurt frequency on the delivery side. It certainly -- frequency continues to increase in delivery. So we're very happy as it relates to those results.

因此，尚不清楚我們向密度較低的市場擴張是否會影響配送頻率。確實如此——交付頻率持續增加。因此，我們對這些結果感到非常高興。

On mobility, I do think that you're right. People will have -- car ownership will be higher in suburbs, et cetera. So I would expect frequency and mobility as we expand into these lower dense -- less dense areas to be a headwind. I do think that price will be a tailwind especially as it relates to reserve.

關於流動性，我確實認為你是對的。人們將會擁有——郊區的汽車擁有量將會更高，等等。因此，我預計，當我們向這些人口密度較低、人口密度較低的地區擴張時，頻率和流動性將成為一個阻力。我確實認為價格將起到順風作用，特別是當它與儲備有關時。

In some of these markets, people kind of use reserve in order to drive reliability in the suburb. About 40% of reserve trips are now not related to travel as well. So it's becoming kind of a everyday habit going out to dinner. And I do think that the concentration of reserve in these less dense markets is going to be higher than in urban markets as people are willing to pay a premium for higher reliability in these less dense markets. So I do think frequency will be lower, but I think pricing and margins as it relates to the product mix will be higher.

在某些市場中，人們會使用儲備來提高郊區的可靠性。現在約有40%的預訂行程也與旅行無關。因此，外出吃飯已成為一種日常習慣。我確實認為，這些密度較低的市場的儲備集中度將高於城市市場，因為人們願意為這些密度較低的市場的更高可靠性支付溢價。所以我確實認為頻率會更低，但我認為與產品組合相關的定價和利潤率會更高。

Thank you, both.

謝謝你們兩位。

All right. I think that's it, operator, for the call. Thank you, everyone, for joining us this quarter, and a huge thank you to the Uber team as well as our partners. None of this will be possible without the hard work of our team -- of the team. So thank you to the team, and we'll see you next quarter. And hopefully, this will be the start of a strong year for the company.

好的。接線生，我想這次通話就到這裡了。感謝大家本季加入我們，並衷心感謝 Uber 團隊以及我們的合作夥伴。如果沒有我們團隊的辛勤工作，這一切都不可能實現。感謝團隊，我們下個季度再見。希望這將是公司強勁發展的一年的開始。

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。