優步 (UBER) 2025 Q2 法說會逐字稿

Hello and welcome to the Uber second-quarter 2025 earnings conference call.

您好，歡迎參加 Uber 2025 年第二季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Balaji Krishnamurthy, Vice President, Investor Relations.

（操作員指示）現在，我想將會議交給投資者關係副總裁 Balaji Krishnamurthy。

You may begin.

你可以開始了。

Thank you, operator.

謝謝您，接線生。

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

感謝您今天的加入我們，歡迎參加 Uber 2025 年第二季財報。參加今天電話會議的有 Uber 執行長 Dara Khosrowshahi 和財務長 Prashanth Mahendra-Rajah。

During today's call, we will present both GAAP and non-GAAP financial measures. And additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP and 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 和非 GAAP 指標的對賬，都包含在新聞稿、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，這些文件均發佈在 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任何義務。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our most recent Form 10-K and in other filings made with the SEC. We published our quarterly earnings press release, prepared remarks, and supplemental slides to our Investor Relations website earlier today, and we ask you to review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara.

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。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.

謝謝，巴拉吉。

Q2 was another quarter of new records for Uber as we achieved all-time highs in both audience and frequency. This powered robust growth in trips in gross bookings, both up 18%. We also reached new highs for adjusted EBITDA, GAAP operating income and free cash flow. We're expecting more of the same strong performance in Q3 with another quarter of high teens gross bookings growth and low to mid-30s EBITDA growth.

第二季度是 Uber 再創紀錄的一個季度，我們的受眾數量和頻率都創下歷史新高。這推動了旅行次數和總預訂量的強勁增長，均增長了 18%。我們的調整後 EBITDA、GAAP 營業收入和自由現金流也達到了新高。我們預計第三季將維持同樣強勁的表現，總預訂量將再度達到高十幾個百分點的成長，EBITDA 也將再度達到 30% 到 35% 的成長率。

We've already made great progress harnessing the unique power of our platform to foster deeper engagement with our consumers who visited our apps nearly 30 billion times over the past 12 months, but we're just scratching the surface of what's possible. Today, fewer than 1 in 5 of our consumers are active across both Mobility and Delivery, and we believe this can and will go much higher over time.

我們已經取得了巨大的進步，利用我們平台的獨特力量來促進與消費者的更深入互動，過去 12 個月，我們的消費者訪問了我們的應用程式近 300 億次，但我們才剛剛觸及可能性的表面。如今，只有不到五分之一的消費者同時活躍於行動和配送領域，我們相信，隨著時間的推移，這個數字還會更高。

That's one of the reasons I'm super excited that Andrew McDonald has stepped into the role of COO. One of Mac's primary focus areas will be supercharging our platform strategy and the growth that it can bring with our mobility and delivery leaders now reporting directly to him as well as the cross-platform efforts like advertising and autonomous. While we remain as focused as ever on our core business, we continue to push forward on building the future with AV. And Q2 was jampacked. We expanded our operating zones in Austin with Waymo and Abu Dhabi with WeRide, and we also launched exclusively with Waymo in Atlanta.

這就是我對安德魯麥克唐納出任營運長感到非常興奮的原因之一。Mac 的主要關注領域之一將是增強我們的平台策略及其帶來的成長，我們的行動和交付領導者現在直接向他匯報，以及廣告和自主等跨平台工作。我們一如既往地專注於核心業務，同時繼續致力於透過 AV 打造未來。Q2 賽事十分熱門。我們與 Waymo 合作擴大了在奧斯汀的營運區域，與 WeRide 合作擴大了在阿布達比的營運區域，我們還與 Waymo 合作在亞特蘭大推出了獨家營運服務。

And at the same time, we announced several new and expanded partnerships, including with Baidu, Lucid, Neuro and Wayve. Our autonomous momentum continues at Uber speed and we'll be ramping those deployments significantly over the next few quarters in the US and internationally. To be put, we've never been more excited about what Uber is delivering today. or the many opportunities ahead.

同時，我們宣布了幾項新的和擴大的合作夥伴關係，包括與百度、Lucid、Neuro 和 Wayve 的合作。我們的自動駕駛動能持續以 Uber 的速度發展，我們將在未來幾季在美國和國際上大幅加大部署力度。換句話說，我們從未像現在這樣對 Uber 目前提供的服務和未來的眾多機會感到興奮。

That's why today, we announced a new $20 billion share repurchase authorization as part of our sustained focus on value creation for our shareholders. With that, let's go to questions.

這就是為什麼今天我們宣布了新的 200 億美元股票回購授權，作為我們持續關注為股東創造價值的一部分。好了，讓我們開始提問吧。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（操作員指示）高盛的 Eric Sheridan。

I want to follow up on this theme you introduced around platform initiatives in the letter. When you think about the success you're unlocking on the platform initiative side, how much of this in your early learnings continues to come down to consumer knowledge, array of supply or even affordability in terms of driving some of this cross-platform behavior. And as you're thinking as the company continues to evolve, how do you think about one single super app under the Uber brand as opposed to having multiple apps with different utility experiences for consumers.

我想跟進您在信中圍繞平台舉措介紹的主題。當你思考在平台計畫方面的成功時，你早期的學習成果有多少可以歸結為消費者知識、供應範圍甚至可負擔性，從而推動一些跨平台行為。隨著公司不斷發展，您認為 Uber 品牌下會推出一款超級應用，而不是為消費者提供多個具有不同實用體驗的應用程式。

Absolutely, Eric.

當然，埃里克。

It's a great question and something that, honestly, we're learning as we go. I think as it relates to platform, it's easy to talk about, but it's actually much harder to execute on the ground. A pixel that we place on the mobility app that is, for example, promoting delivery, a delivery feature could be reducing the experience of the mobility app itself. So we have to make sure that we are cross-promoting one service to the other mobility to our each business or each business to grocery user to retail in a way that is targeted and in a way that is adding value for the consumer.

這是一個很好的問題，老實說，我們正在邊走邊學。我認為，就平台而言，談論起來很容易，但實際上執行起來卻困難得多。例如，我們在行動應用程式上放置一個像素來推廣送貨，送貨功能可能會降低行動應用程式本身的體驗。因此，我們必須確保以有針對性的方式、為消費者增加價值的方式交叉推廣一項服務到另一項行動服務到我們的每個企業或每項企業到雜貨店用戶到零售店。

And the only way to get there is through super, super aggressive experimentation.

而實現這一目標的唯一方法就是透過極其積極的實驗。

The great news is that the -- those who kind of use both sides, both mobility and delivery, their retention rates are higher, they are 35% higher than single business consumers. They generate 3x the gross bookings and profits in single business consumers as well. And that then allows us to market more aggressively uniquely because the vast majority of our competition is only monoline in terms of the business that they run. So structurally, for a subset of consumers we can just pay more than anyone else can. And that structural advantage is going to continue to get better over a bit of time.

好消息是，那些同時使用行動和交付方式的人，他們的保留率更高，比單一商業消費者高出 35%。他們在單一商業消費者中也創造了 3 倍的總預訂量和利潤。這使我們能夠以更積極的獨特方式進行行銷，因為就其經營的業務而言，我們的絕大多數競爭對手都只從事單一業務。因此從結構上來說，對於一部分消費者，我們支付的費用比其他任何人都要多。而且這種結構優勢將會隨著時間的推移而不斷改善。

Now what we're seeing now is a lot of people talk about AI and some of the AI applications are just larger models, larger models that can take more contacts from a consumer history of that consumers use longer periods of time in terms of seasonality. And part of what we're seeing in terms of the cross-platform promotion is that we're able to pick kind of the right time to send a promotion to you. So on your way to work, maybe you pick up a Starbucks coffee with a promotion attached to it. Those kinds of magical experiences have to be hyper-personalized. And again, can be optimized as a result of a bunch of optimization and model kind of tuning work.

現在我們看到很多人談論人工智慧，而一些人工智慧應用只是更大的模型，更大的模型可以從消費者歷史中獲得更多的聯繫，而消費者在季節性方面使用的時間更長。就跨平台促銷而言，我們看到的部分情況是，我們能夠選擇合適的時間向您發送促銷訊息。因此，在您上班途中，也許您會買一杯帶有促銷訊息的星巴克咖啡。這些神奇的體驗必須高度個人化。再次，可以透過一系列最佳化和模型調整工作進行最佳化。

I do think that Andrew McDonald, Mac, we call them, heading both Mobility and Delivery kind of solve a structural problem because to some extent, the teams who are optimizing for the mobility app, they just want to optimize for Mobility and for Delivery, even though they're part of one company. Now both of those organizations are under one person, which structurally allows us to be more aggressive on the platform. And then as you know, our membership program is a huge part of the platform with Uber One 36 million members, and these members spend 3x more.

我確實認為，安德魯·麥克唐納（我們稱他們為 Mac）同時領導行動和交付部門解決了一個結構性問題，因為在某種程度上，針對行動應用進行優化的團隊只想針對行動和交付進行優化，即使他們屬於同一家公司。現在這兩個組織都由一個人管理，這從結構上讓我們在平台上更加積極主動。如你所知，我們的會員計畫是平台的重要組成部分，Uber One 擁有 3,600 萬會員，這些會員的消費額是平台的 3 倍。

We have been debating as to Eric, your question on the super app. We've been debating it internally. Now to some extent, when you go to the rides app, it is a super app. You'll see a -- you'll see a delivery tab on the rise app. We are building out our experience.

我們一直在討論 Eric 關於超級應用程式的問題。我們內部一直在討論這個問題。現在從某種程度上來說，當你使用乘車應用程式時，它是一個超級應用程式。您會看到——您會在 Rise 應用程式上看到一個交付標籤。我們正在累積我們的經驗。

If you look at our supplemental slides, which actually has delivery and grocery and a bunch of other choices on the ride app. And the rise at today drive $10 billion of bookings or delivery kind of bookings on the Mobility app. It's about 12% of annualized delivery gross bookings.

如果你看一下我們的補充幻燈片，你會發現乘車應用程式上實際上有送貨、雜貨和許多其他選擇。如今，這一增長推動了行動應用程式上 100 億美元的預訂或送貨類預訂。這約佔年度交付總預訂量的 12%。

So in some ways, we're slowly kind of moving towards a super app of source. But what we're trying to have is the best of both worlds, a highly tuned mobility app, a highly tuned delivery app, both of which talk to each other and take targeted moments to promote each other as opposed to kind of broad promotion that can seem like anti-consumer to some extent. This is a long journey. I think we're in the second inning. And with our product teams and our tech teams focused on it and Mac as the COO, I think the journey towards the fourth, fifth innings is going to be easier than the first two innings to speak.

因此從某種程度上來說，我們正在慢慢地向超級來源應用程式邁進。但我們想要的是兩全其美，一個高度優化的移動應用程序，一個高度優化的交付應用程序，這兩個應用程序可以相互交流，並利用有針對性的時刻來相互推廣，而不是某種程度上看起來像是反消費者的廣泛推廣。這是一段漫長的旅程。我認為我們已經進入第二局了。而且，由於我們的產品團隊和技術團隊專注於此，並且 Mac 擔任首席營運官，我認為第四、第五局的進程將比前兩局更容易。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

I have two. The first one on the core platform. So the MAPC growth up $10 million quarter-over-quarter and the Uber One member growth of $6 million quarter-over-quarter, both really good numbers, really good results. So the question is, is there any changes that sort of came through this quarter that drove that faster growth? And how do we think about the durability and the faster growth going forward?

我有兩個。核心平台上的第一個。因此，MAPC 環比增長 1000 萬美元，Uber One 會員環比增長 600 萬美元，這兩個數字都非常好，取得了非常好的結果。所以問題是，本季是否發生了一些變化，推動了更快的成長？我們如何看待未來的持久性和更快的成長？

And then secondly, on autonomous, star, think in the past, you've talked about the number of AV rides deployed across the network at $1.5 million last quarter. Any update on how large that is or ways we can think about quantifying the Waymo utilization on Uber's network?

其次，關於自動駕駛，想想過去，您曾談到上個季度在整個網路上部署的 AV 車輛數量為 150 萬美元。有沒有關於其規模的最新消息，或者我們可以考慮如何量化 Waymo 在 Uber 網路上的使用率？

Sure, absolutely.

當然，絕對是如此。

So, Brian, in terms of audience growth, which was super healthy at 15%. There are many ways in which we're expanding audience. But I'd say one of the ways that I will talk about is some of the lower-cost products that we're introducing. So for example, Moto, which are 2-wheelers that are coming in a bunch of our developing markets now it is over kind of $1.5 billion in gross bookings growing 40%.

所以，布萊恩，就觀眾成長而言，15% 的成長非常健康。我們透過多種方式擴大受眾群體。但我想說的是，我要談論的方式之一是我們推出的一些低成本產品。以 Moto 為例，這種兩輪車目前已進入我們許多發展中市場，其總預訂量已超過 15 億美元，成長率為 40%。

A bunch of them on the premium side as well, our premium business is now over $10 billion, growing 35% and our reserve business continues to grow 60%.

其中許多都是在保費方面，我們的保費業務現在超過 100 億美元，成長 35%，我們的儲備業務持續成長 60%。

So the strategy that you're seeing from us, which is to target consumers, different demographics, whether they're demographics in terms of income, whether they're demographics in terms of age, building a teens product, or building a product for an elder audience. These are new consumers that are coming on to our platform. And then when they come into our platform, we find that they use multiple products per the discussion that we have there. So we'll get someone in on Moto. But if it's date night or if it's raining, they'll use Uber X, and they start kind of get introduced into the platform as well. So we are very, very pleased in terms of audience.

因此，您從我們這裡看到的策略是針對不同人口統計數據的消費者，無論他們是按收入劃分的人口統計數據，還是按年齡劃分的人口統計數據，打造青少年產品，還是為老年受眾打造產品。這些都是加入我們平台的新消費者。然後，當他們進入我們的平台時，我們發現他們根據我們在那裡進行的討論使用了多種產品。所以我們會找人來加入 Moto。但如果是約會之夜或下雨，他們就會使用 Uber X，他們也會開始使用該平台。因此，我們對觀眾感到非常非常滿意。

And I would tell you that while a lot of people think, hey, everyone that I know uses Uber, et cetera, in our top 10 markets, for consumers who are 18 years and older, only about 20% of them come to us on a monthly basis. So there's a ton of audience that we can continue expanding into. And at this point, we're not seeing any signal whatsoever that audience growth is slowing down.

我想告訴你，雖然很多人認為，嘿，我認識的每個人都在我們的前 10 個市場中使用 Uber 等，但對於 18 歲及以上的消費者來說，只有大約 20% 的人每月都會來找我們。因此，我們可以繼續拓展大量的受眾。目前，我們還沒有看到任何表明觀眾成長正在放緩的跡象。

Uber One, we've been very, very happy about growing 60%, 36 million members. I think one of the differences that you're going to see in Uber One is. Uber One has always been a huge hit as it relates to Delivery. It has been a bit more difficult in terms of introducing it to the Mobility audience, the incremental use on delivery showed up on day one. But our mobility, the incrementality as a result of Uber One has been something that we had to work on.

Uber One 的會員數量增加了 60%，達到 3,600 萬，我們對此感到非常高興。我認為您將在 Uber One 中看到的一個不同之處是。Uber One 在送貨領域一直非常受歡迎。將其介紹給行動受眾方面有點困難，交付的增量使用在第一天就顯現出來了。但我們的移動性，以及 Uber One 帶來的增量，是我們必須努力的方向。

One of the newer products that we're very excited about is actually surge savings. This is the number-one product that our Mobility consumers have asked for. Surge is necessary for us to improve reliability across the network, but a lot of our users don't like it to be frank. So surge savings is an opportunity for members to say during those surges and kind of pay prices closer to what they're used to, and we think that can drive membership as well. So one of the reasons why you're seeing membership grow as fast as it grows is while it's highly optimized for Delivery, call it, 80% of where we're going to get to, in Mobility, it's like not nearly as optimized and we're very much earlier kind of in the path in terms of introducing membership to our mobility users and coming out with kind of spectacular products like the search savings that we talked about.

令我們非常興奮的新產品之一實際上是激增儲蓄。這是我們的行動消費者所要求的頭號產品。Surge 對於我們提高整個網路的可靠性是必要的，但坦白說，許多用戶並不喜歡它。因此，激增的節省為會員提供了一個機會，讓他們可以在激增期間支付更接近他們習慣的價格，我們認為這也可以推動會員人數的成長。因此，您看到會員數量增長如此之快的原因之一是，雖然它針對交付進行了高度優化，我們可以說它是我們要實現的 80% 的目標，但在移動性方面，它遠沒有那麼優化，而且我們在向移動用戶推出會員資格和推出諸如我們談到的搜索節省之類的驚人產品方面還處於早期階段。

So both early the teams are doing well, and we expect that execution to continue.

因此，兩支球隊早期都表現良好，我們預計這種表現將持續下去。

In terms of AV, it is very, very early. In terms of the development of AV. I think the commercialization is going to take time, but we're going to be in the lead in terms of commercialization. Austin launch continues to go really well in terms of utilization Atlanta launch has been -- it's early, but the Atlanta launch has been great. And in both cases, the average Waymo is busier than 99% of our drivers in terms of completed trips per day.

就 AV 而言，現在還處於非常非常早期的階段。就AV的發展而言。我認為商業化需要時間，但我們將在商業化方面處於領先地位。就利用率而言，奧斯汀的發布會繼續進行得很順利，而亞特蘭大的發布會雖然還為時過早，但亞特蘭大的發布會已經非常成功。在這兩種情況下，就每天完成的行程而言，Waymo 的平均繁忙程度都比 99% 的駕駛者高。

And then what we're also seeing is that having Waymo's as part of our product is -- it looks like it has kind of a positive halo effect on the overall system in terms of people being excited to use an AV, it's certainly showing up in Austin. Too early to show up in Atlanta, but it's something that we're looking at closely. And then obviously, beyond Waymo, there's a big ecosystem out there, [Mamability], Avride, Volkswagen, Neuro, Lucid and then a lot of players in the rest of the world, WeRide, Pony, Baidu, Wayve and Momenta. So lots of partnerships here. And really, the focus now is how do we bring this product to market as quickly as possible because it looks like from a consumer standpoint and from a safety standpoint, it's a real hit.

然後我們也看到，將 Waymo 作為我們產品的一部分，它似乎對整個系統產生了一種積極的光環效應，讓人們興奮地使用 AV，這肯定會在奧斯汀出現。現在出現在亞特蘭大還為時過早，但這是我們正在密切關注的事情。顯然，除了 Waymo 之外，還有一個龐大的生態系統，包括 [Mamability]、Avride、大眾、Neuro、Lucid，以及世界其他地區的許多參與者，如 WeRide、Pony、百度、Wayve 和 Momenta。這裡有很多合作夥伴。實際上，現在的重點是如何盡快將產品推向市場，因為從消費者和安全的角度來看，它確實很受歡迎。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特納桑森。

Thank you for the question.

謝謝你的提問。

Maybe a great time to follow up on those AV comments you just made. And I wanted to dig in a little bit on the Lucid and Neuro partnership that was announced. There were some investor concerns that this partnership, in particular, with the capital around it was a negative read-through for the relationship with Waymo and then also just capital intensity, a little surprising for the marketplaces. Could you maybe speak to why this might not be the best framework for thinking about that partnership?

這也許是跟進您剛發表的 AV 評論的好時機。我想深入了解 Lucid 和 Neuro 宣布的合作關係。一些投資者擔心，這種合作關係，特別是圍繞其的資本，會對與 Waymo 的關係帶來負面影響，而資本強度也會對市場產生一些意外。您能否解釋為什麼這可能不是思考這種合作關係的最佳框架？

And then some high-level thoughts on how you're envisioning owning some of the AV assets versus divesting them to fleet operators and how investors could expect to see this play out over the next several years?

然後，您能否從高層角度談談您設想如何擁有部分 AV 資產，而不是將其剝離給車隊營運商，以及投資者可以如何期待未來幾年的發展？

Yes, absolutely, Michael.

是的，絕對是，邁克爾。

Listen, we're very, very excited about the partnership with Neuro and Lucid Neuro is a leading software player, obviously, excellent management and Lucid as well, one of the leading AV manufacturers out there with great tech. So we think it's terrific. Listen, we I've said it before, we are a supply-led company. The more drivers there are in the ecosystem that we can amalgamate with our platform, the better our service becomes, and that applies with robotic and autonomous drivers as well.

聽著，我們對與 Neuro 和 Lucid 的合作感到非常興奮。 Neuro 是一家領先的軟體公司，顯然擁有出色的管理，而 Lucid 也是領先的 AV 製造商之一，擁有出色的技術。所以我們認為這很棒。聽著，我們之前說過，我們是一家供應主導的公司。我們的平台所融合的生態系統中的駕駛員越多，我們的服務就越好，這也適用於機器人和自動駕駛汽車。

So we are investing, absolutely investing in the software players and the hardware players to bring that to four and the fact that we are able to work with Neuro, Lucid speaks very well to AV supply going forward. The more supply there is, both humans and AVs, again, the better our platform is. And I think from our standpoint, the good news is that, as you've seen with our cash flow and our capital allocation, we can afford to invest aggressively in the autonomous space and at the same time, to return plenty of capital to our shareholders. So it's not either/or.

因此，我們正在投資，絕對投資於軟體廠商和硬體廠商，以將這一數字擴大到四家，而且我們能夠與 Neuro、Lucid 合作，這對未來的 AV 供應非常有利。人類和 AV 的供應越多，我們的平台就越好。我認為從我們的角度來看，好消息是，正如您從我們的現金流量和資本配置中看到的那樣，我們有能力在自主領域進行積極投資，同時為股東帶來大量資本回報。所以這不是非此即彼的問題。

I do think that you will see us do more deals like neuro lucid in the early days of autonomous as we're proving out the economics of the marketplace. How much can is based on the trips per day being at a 99th percentile in terms of utilization, that news is great. So once we prove out the revenue model, how much these cars can generate on a per day basis, there will be plenty of financing to go around third-party financing. We've talked to private equity players. We've talked to banks, et cetera.

我確實認為，你會看到我們在自主發展初期做更多像 Neuro Lucid 這樣的交易，因為我們正在證明市場的經濟性。可以有多少是基於每天的出行次數在利用率方面達到第 99 個百分位，這是一個好消息。因此，一旦我們證明了收入模式，這些汽車每天可以產生多少錢，就會有足夠的資金來繞過第三方融資。我們已經與私募股權投資者進行了交談。我們已經與銀行等進行了交談。

And while it will take some time, we're very confident that these assets are going to be financeable. And for us, we believe it's a competitive advantage for us to be able to use a relatively modest part of our cash flow to fund kind of the catalyst to get things started here. So we think it's great news. We've got obviously something approved to shareholders. We always do. But I think it reflects kind of the catalytic potential that we can bring to the market.

雖然這需要一些時間，但我們非常有信心這些資產是可以融資的。對我們來說，我們相信，能夠使用相對較少的現金流來資助啟動這項事業的催化劑，對我們來說是一種競爭優勢。所以我們認為這是個好消息。我們顯然已經向股東批准了一些事項。我們總是這麼做。但我認為這反映了我們可以為市場帶來的催化潛力。

Anything you want to talk to, Prashanth?

有什麼想跟 Prashanth 談談的嗎？

Maybe just to remind folks, as we've said in the past, that as we think about our investments in AV, you want to think about them in terms of where will we use capital to take equity positions in some of the software players or ecosystem players to help them kick start their development and where does Uber being part of their cap table sort of add to their credibility.

也許只是為了提醒大家，正如我們過去所說的那樣，當我們考慮對 AV 的投資時，您需要考慮我們將在哪裡使用資本來獲得一些軟體參與者或生態系統參與者的股權，以幫助他們啟動開發，以及 Uber 成為其股權結構表的一部分如何增加他們的信譽。

We're going to continue to recycle some of the proceeds from the minority stakes that we have to fund some of those investments. You've seen us do that already and expect us to continue to do more of that over the coming quarters.

我們將繼續回收少數股權的部分收益，用於資助部分投資。您已經看到我們這樣做了，並期望我們在未來幾季繼續做更多這樣的事。

Second, expect us to use some of our cash flow in a more capital structure as we may need to invest either in real estate, in facilities or as we announced with Lucid actually in vehicles. Exactly as Dara said, this is really to help us build our learning base and to build enough information for us to be able to engage more credibly with financing partners having run these at scale ourselves and then be able to bring them into the fold with real data on how they can earn a return in this space? And then lastly is obviously AVs today are not profitable. That has been a pretty consistent investment approach for Uber as we go into markets and go into products starting at a loss, we build scale, we build our experience. And then over time, we know exactly the levers that are necessary to turn to get that to profitability.

其次，我們預計將部分現金流用於更多的資本結構，因為我們可能需要投資房地產、設施，或者像我們與 Lucid 宣布的那樣，投資汽車。正如達拉所說，這確實有助於我們建立學習基礎，並積累足夠的信息，以便我們能夠更可信地與融資合作夥伴進行合作，自己大規模地運營這些項目，然後能夠通過真實的數據將他們納入其中，告訴他們如何在這個領域獲得回報？最後，顯然今天的 AV 尚無獲利。對 Uber 來說，這一直是相當一致的投資方法，我們進入市場並推出產品時都是虧損的，我們逐漸擴大規模，累積經驗。隨著時間的推移，我們就會確切地知道需要哪些槓桿才能獲利。

You've seen us do that in multiple growth bets as well as in the delivery business when we started and expect that to be the same for AV. I'll just call back to -- we announced a $20 billion authorization today in part to make it clear that returning the cash generated from this enterprise to shareholders remains our number-one concern. And so the investments that we're going to be making in this area are going to pay a sort of in comparison to that.

您已經看到我們在多個成長賭注以及剛起步的交付業務中都這樣做過，並期望 AV 也能做到這一點。我再說一次——我們今天宣布了一項 200 億美元的授權，部分原因是為了明確表示，將這項企業產生的現金返還給股東仍然是我們的首要任務。因此，我們在這個領域進行的投資將獲得與此相比的回報。

Justin Post, Bank of America.

美國銀行的賈斯汀·波斯特 (Justin Post)。

A couple of more questions on AVs. In the letter, you talked about we are increasingly focused on broadening OEM partnerships. So really, maybe talk about that and your partnership pipeline here for the next six months or so. And then second, with a lot of news about Tesla expanding, how do you think about that? And maybe just give us an update on your share and growth in the San Francisco and LA markets.

關於 AV 的另外幾個問題。在信中，您談到我們越來越注重擴大 OEM 合作夥伴關係。所以實際上，也許在接下來的六個月左右的時間裡，我們會在這裡討論這個問題以及你們的伴侶關係。第二，關於特斯拉擴張的新聞很多，您對此有何看法？也許您可以向我們介紹一下貴公司在舊金山和洛杉磯市場的份額和成長情況。

Yes, absolutely.

是的，絕對是。

So, Justin, in terms of OEMs, what we're seeing is that the development of software actually AD software has really been accelerated based on these larger AI models. There are some approaches that are kind of perception models interpreting the world and then prediction models that decide what to do. Some players like Tesla and wave, for example, are going with single models. But whatever the approach is, it is really accelerating in terms of time to market.

所以，賈斯汀，就 OEM 而言，我們看到的是，基於這些更大的 AI 模型，軟體開發（實際上是 AD 軟體）確實已經加速。有一些方法是用感知模型來解釋世界，然後用預測模型來決定要做什麼。例如，特斯拉和 Wave 等一些公司正在採用單一模式。但無論採用何種方法，它確實可以加快上市時間。

And we actually think the harder part of commercialization is going to be hardware, bringing on hardware platforms and hardware partners that can build these platforms at scale affordably because today, at least AV vehicles that are able to be deployed at scale are pretty expensive.

我們實際上認為商業化最困難的部分是硬件，引入硬體平台和可以以可承受的成本大規模構建這些平台的硬體合作夥伴，因為今天，至少能夠大規模部署的 AV 汽車相當昂貴。

We've obviously made the Lucid announcement. We are talking to all of the major OEMs in the space, and we're confident that over the next couple of years, we will have OEM partners. And again, because we bring a ton of demand, we've got a great balance sheet that we can invest in order to prove out the financing of these models, we think we're in a great position to do so. So stay tuned. You'll see more announcements with OEMs.

我們顯然已經發布了 Lucid 公告。我們正在與該領域所有主要的 OEM 廠商進行洽談，我們相信在未來幾年內我們將擁有 OEM 合作夥伴。而且，由於我們帶來了大量的需求，我們擁有出色的資產負債表，可以進行投資以證明這些模型的融資能力，我們認為我們處於非常有利的位置。敬請關注。您會看到更多與 OEM 相關的公告。

And then there are certain players like Baidu who also have established, not just software platforms but also hardware platforms that look to be effective at scale and quite affordably, which is terrific. The Apollo Go for is one example of that.

然後還有一些像百度這樣的公司，他們不僅建立了軟體平台，還建立了硬體平台，這些平台看起來規模化、價格合理，非常出色。Apollo Go 就是其中一個例子。

And then in terms of Tesla, listen, we see them on the streets right now, the deployment that we're observing is very, very small. So we haven't measured any change in terms of trends, both in Austin and/or San Francisco. It's something that we'll watch. And again, we said it before, this is a very, very big market. There will be no winner take all.

就特斯拉而言，聽著，我們現在在街上看到它們，我們觀察到的部署非常非常小。因此，我們沒有測量到奧斯汀和舊金山的任何趨勢變化。這是我們會關注的事情。我們之前也說過，這是一個非常非常大的市場。不會出現贏家通吃的狀況。

And I think you're going to see a lot of experimentation early on with lots of different models. Waymo's working with us, Waymo is going direct are working with a number of other players. You'll see a [Panamby] of models, but we are confident that based on our platform based on our ability to balance kind of supply and demand peaks and valleys we think we'll be the leading third-party platform out there. And with a market that is going to grow and expand the way AB promises to, I think, will be a winner, but we won't be the only winner.

我認為你將會在早期看到大量採用不同模型的實驗。Waymo 正在與我們合作，Waymo 正在直接與許多其他公司合作。你會看到一系列的[Panamby]模型，但我們相信，基於我們的平台，基於我們平衡供需高峰和低谷的能力，我們認為我們將成為領先的第三方平台。隨著市場按照 AB 承諾的方式不斷增長和擴張，我認為我們會成為贏家，但我們不會是唯一的贏家。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

I have two, one for Dara, one for Prashanth.

我有兩個，一個給 Dara，一個給 Prashanth。

Dara, just in terms of mobility, how are consumers responding to the pricing growth deceleration just tied to the moderating insurance pressures and guess what gives you confidence in US mobility trips accelerating in 3Q?

Dara，就出行而言，消費者對與保險壓力減緩相關的價格成長減速有何反應？您猜想是什麼讓您對第三季美國出行加速充滿信心？

And then Prashanth, is there any more color that you can add around the buyback and just kind of loosely how you think about overall time frame, just given that the $7 billion from a couple of years ago, kind of started somewhat slowly. It's ramped more now, but any more color there would be helpful.

然後 Prashanth，您能否就回購添加更多細節，以及您對整體時間框架的看法，考慮到幾年前的 70 億美元，回購開始得有些緩慢。現在它已經變得更加豐富了，但是如果能再多一些顏色的話會更有幫助。

Yes, Doug, in terms of -- I'll answer the first one.

是的，道格，就──我來回答第一個問題。

In terms of the response of pricing, it's been really positive. So there is a sensitivity to pricing on kind of a session level, right, if someone sees arrived for $20 and then sees arrive for $17, the conversion on those two sessions are going to be different. But there's also the person who saw the $17 ride has a greater proclivity of coming back to us 2 days later, 3 weeks later, et cetera. So there's kind of a delayed reaction to pricing we're now able to, with some of the data scientists out there who are really terrific, we're able to measure.

就定價反應而言，確實非常正面。因此，在會話層級上對定價有一種敏感性，對吧，如果有人看到 20 美元的到達價格，然後看到 17 美元的到達價格，那麼這兩個會話的轉換就會有所不同。但是，也有一些看到 17 美元車費的人更有可能在 2 天後、3 週後等等再來找我們。因此，我們現在能夠對定價做出某種延遲反應，借助一些非常出色的數據科學家，我們可以進行衡量。

And that's exactly what we're seeing in the US, which is if you measure kind of bringing prices down, and I think the good news here to be clear is we're just passing on these insurance savings. So our profit per ride in the US is up on a year-on-year basis. This is -- it's insurance money perhaps right to consumers. What we're seeing in the US is that there are some session benefits or in-session benefit, but there's a delayed benefit to consumers then coming back with a more and that's absolutely showing up in July, where transaction growth accelerated nicely versus Q2. And our expectation based on our being able to continue to pass on insurance savings for the balance of the quarter is that the same trends are going to show up in the balance of the quarter. The trends generally are getting better as the quarter progresses, which gives us confidence in Q2, and hopefully, that will continue into Q4 -- sorry, Q3 and then go into Q4.

這正是我們在美國看到的情況，如果你衡量價格下降的情況，我認為這裡的好消息是，我們只是在轉嫁這些保險所節省的費用。因此，我們在美國每次乘車的利潤都比去年同期成長。這也許是給消費者的保險金。我們在美國看到的情況是，有一些會話效益或會話期間效益，但對消費者而言，這種效益是延遲的，之後會有更多的效益，這在 7 月份絕對有所體現，7 月份的交易增長與第二季度相比有顯著加快。我們預計，基於我們能夠繼續將保險儲蓄轉嫁到本季度的餘額中，同樣的趨勢將在本季度的餘額中顯現出來。隨著季度的進展，趨勢總體上會變得更好，這讓我們對第二季度充滿信心，希望這種趨勢能夠持續到第四季度——抱歉，是第三季度，然後進入第四季度。

So, Doug, maybe a couple of points on the buyback to help folks understand how we think about it.

因此，道格，關於回購，我想談幾點，以幫助大家了解我們對此的看法。

As this business has inflected and we have started to generate meaningful cash flow, returning that cash to our shareholders is a key priority for us. We've already executed over 60% of our authorization from last spring, when it was originally authorized. So today's $20 billion is in addition to the roughly $3 billion that is yet to be executed. So I know that sometimes folks get confused on that.

隨著這項業務的發展以及我們開始產生有意義的現金流，將現金回饋給股東是我們的首要任務。自去年春季最初授權以來，我們已經執行了 60% 以上的授權。因此，今天的 200 億美元是尚未執行的約 30 億美元之外的金額。所以我知道有時人們會對此感到困惑。

So think of it as $23 billion to execute over the next couple of periods here. That represents about 12% of our market cap and really is a reflection of how great we feel about the cash flow generation that's in front of us. . So if you look at our history now, we've been allocating around 50% of our free cash flow to buybacks. I think that's a fair sort of way for you to think about how we will execute the capital return over the coming years.

因此，可以將其視為在接下來的幾個時期內要執行的 230 億美元。這約占我們市值的 12%，確實反映了我們對即將產生的現金流的樂觀態度。。因此，如果你回顧我們的歷史，你會發現我們一直將大約 50% 的自由現金流分配給回購。我認為這是一種公平的方式，讓您思考我們將如何在未來幾年實現資本回報。

That gives us also a good sort of way to benchmark how we want to design our programs every quarter. So you should expect this to be sort of a multiyear plan. We will be active every quarter. But of course, we always reserve the opportunity that if there is a meaningful dislocation, we're going to get very opportunistic in the market. And just a reminder that we made a commitment last year in our Investor Day that we were going to turn the curve and start reducing our share count.

這也為我們提供了一種很好的方法來衡量我們每季如何設計我們的程式。所以你應該預料到這將是一個多年計劃。我們每季都會積極行動。但當然，我們始終保留這樣的機會：如果出現嚴重的混亂，我們就會在市場上抓住機會。需要提醒的是，我們去年在投資者日做出承諾，我們將扭轉局面並開始減少我們的股票數量。

And now in the second quarter, we've actually taken share count down 1%, and you'll see that trend continue for the next couple of years.

現在，在第二季度，我們的股票數量實際上已經下降了 1%，而且你會看到這種趨勢將在未來幾年持續下去。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great. This is probably for chat, but could we put a dollar amount on the vehicle commitment from these OEM partnership deals over the next few years or is there a framework that we can think about this? Is this hundreds or thousands of vehicles per partnership I know the Lucid deal had that 20,000 vehicle commitment. Like how much do you think Uber will be taking on of that 20,000.

偉大的。這可能只是為了聊天，但是我們能否為未來幾年這些 OEM 合作協議中的車輛承諾設定一個金額，或者是否有一個我們可以考慮的框架？每個合作夥伴會生產數百或數千輛汽車嗎？我知道 Lucid 的交易承諾生產 20,000 輛汽車。您認為 Uber 會承擔這 20,000 人中的多少？

And then the second part of the question is just -- it seems like the Waymo partnership is more of an asset-light version of this. So how important is expanding with Waymo in new cities beyond the two that have been announced.

然後問題的第二部分是——看起來 Waymo 合作夥伴關係更像是一種輕資產版本。那麼，除了已經宣布的兩個城市之外，與 Waymo 合作拓展新城市有多重要？

I'm going to take the first part of that, and I'll let Dara take the second part of it. I think -- probably the best way to think about the investments, going back to, I think, what I said for Doug earlier, is we are committing that at least half of our cash flow generation over the coming years will go to share repurchase, and that's sort of the message we wanted to send with that very strong $20 billion share repurchase. We will recycle the proceeds from our minority stakes as best as those are opportunistic to allow us to fund some of the equity investments in our AV players.

我將負責第一部分，然後讓達拉負責第二部分。我認為——考慮投資的最好方式可能是，回到我之前對道格說的話，我們承諾未來幾年至少將一半的現金流用於股票回購，這就是我們想要透過 200 億美元強勁的股票回購傳達的訊息。我們將盡可能回收少數股權所得收益，因為這些收益可以讓我們為 AV 播放器的部分股權投資提供資金。

So for us, the -- what we've concluded is a modest redeployment of our free cash flow makes a big difference for the partners that we are working with. So I would think more about the impact that we can create with our partners which is outsized reflective of the amount of cash flow we're generating. So I wouldn't -- I don't want to give you a size on it except to say that you should be comfortable that a lot of our cash will continue to go back to shareholders. As Dara mentioned, I think earlier that -- or we might have been on CNBC this morning, that we will always continue to look at inorganic moves that make sense for us, like the [TrindleGo] deal that we did last quarter, which has been great for us on growth. And then beyond that, that leaves us some capacity continue to help build out this ecosystem?

因此，對我們來說，我們得出的結論是，適度重新部署我們的自由現金流對於與我們合作的合作夥伴來說意義重大。因此，我會更考慮我們能與合作夥伴共同創造的影響，而這種影響很大程度上反映了我們產生的現金流量。所以我不想——我不想給你一個具體的數字，但我要說的是，你應該放心，我們的大量現金將繼續返還給股東。正如達拉所提到的，我認為——或者我們今天早上可能在 CNBC 上說過，我們將始終繼續關注對我們有意義的無機舉措，例如我們上個季度完成的 [TrindleGo] 交易，這對我們的成長非常有利。除此之外，我們還有能力繼續幫助建構這個生態系統嗎？

And then with the question on Waymo, I'll let Dara take that one.

然後關於 Waymo 的問題，我請 Dara 來回答。

Yes, absolutely.

是的，絕對是。

So in general, in terms of Waymo, Ross, really our focus is making sure that we're executing incredibly well on the deployments that we have now, both in terms of Austin and Atlanta and both are going really well. We would love to have more Waymos on our platform, both in Austin and Atlanta and in additional cities. But I don't want to comment on when and if that's going to happen. But clearly, it's something that our consumers love.

因此，總的來說，就 Waymo 而言，羅斯，我們真正的重點是確保我們目前的部署能夠得到非常好的執行，無論是在奧斯汀還是亞特蘭大，而且進展都非常順利。我們希望有更多的 Waymo 加入我們的平台，無論是在奧斯汀、亞特蘭大或其他城市。但我不想評論這是否會發生以及何時會發生。但顯然，這是我們的消費者喜歡的東西。

And clearly, the Waymos on the Uber network are very, very busy and producing economic value. And so hopefully, we certainly know we're going to expand in the cities that we're in. And hopefully, we'll have more to tell you over a period of time.

顯然，Uber 網路上的 Waymo 非常繁忙，並且正在創造經濟價值。因此，我們希望能夠在我們所在的城市擴張。希望我們能在一段時間內向您透露更多資訊。

In terms of the specific business model, again, I don't want to comment on that. But I would tell you that we see kind of three different business models coming in generally depending on who we're working with. It's going to be what I would call the merchant model. And under a merchant model we will essentially pay a partner of certain dollars for -- per trip per day or $1 per day. And so the partner will have a kind of revenue that is very, very predictable.

對於具體的商業模式，我不想對此發表評論。但我想告訴你，我們通常會看到三種不同的商業模式，這取決於我們的合作夥伴。這就是我所說的商人模式。在商家模式下，我們基本上會向合作夥伴支付一定金額的費用——每次行程每天或每天 1 美元。因此，合作夥伴將獲得非常可預測的收入。

And we will take the risk on monetizing our network. And again, we have more demand than anyone else. So we will be able to, I think, sign up for revenue levels that other people just can't. So the merchant model really kind of creates an advantage for us.

我們將承擔將我們的網路貨幣化的風險。而且，我們的需求比任何人都多。因此我認為，我們能夠達到其他人無法達到的收入水準。因此，商家模式確實為我們創造了優勢。

Then there's an agency model. Agency model, think of it as a rev share. It's kind of the model that we have with our driver partners now. Driver takes a certain percentage, we take a certain take rate as well. and you essentially have a revenue share based on -- and if you do well in a market, that's great.

然後還有代理模式。代理模式，可以視為收入分成。這是我們目前與司機夥伴採用的模式。司機收取一定比例的費用，我們也收取一定的佣金率。你基本上可以根據這個比例獲得收入分成——如果你在某個市場上做得很好，那就太好了。

If you do less on a market, it's kind of risk sharing. Then there's another model which where we might or financing partner might own the assets and then essentially you're buying cars and then there will be a licensing model as it relates to the software. So there will be a -- whether it's monthly licensing or per mile licensing, you can imagine lots of different models out there. So those, I think, are how the marketplace is going to shape up. I think you'll see all three of those models in our marketplace over the next five years.

如果你在市場上做的少，這是一種風險分擔。然後還有另一種模式，我們或融資合作夥伴可能擁有資產，然後基本上你購買汽車，然後會有與軟體相關的許可模式。因此，無論是按月許可還是按英里許可，你都可以想像有很多不同的模式。所以我認為，這些就是市場將會如何形成。我認為未來五年內您將在我們的市場上看到這三種模式。

And it's going to depend on really the needs of our partner. But we're very confident as to being able to kind of build the most robust economic and operational ecosystem as it relates to within the Uber network.

這確實取決於我們合作夥伴的需求。但我們非常有信心能夠在 Uber 網路內建立最強大的經濟和營運生態系統。

Anything to add, Prashanth?

還有什麼要補充的嗎，Prashanth？

Yes, I think, Ross, maybe just circling back to the first answer I gave you. One element I probably should have added is I wouldn't conclude that by purchasing vehicles, the economics are going to be worse. In fact, our analysis is that the neuro lucid deal will probably yield better economics for us because of it's a collective deal and we just get the efficiencies of having the vehicle and having the software integration in there. So our view is actually, we're probably going to do better on that from an economic standpoint.

是的，羅斯，我想，也許只是回到我給你的第一個答案。我可能應該補充的一點是，我不會得出購買車輛會導致經濟狀況惡化的結論。事實上，我們的分析是，神經清醒交易可能會為我們帶來更好的經濟效益，因為這是一項集體交易，我們只是獲得了車輛和軟體整合的效率。因此，我們的觀點實際上是，從經濟角度來看，我們可能會做得更好。

Operator, we'll take the last question.

接線員，我們來回答最後一個問題。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Dara, you mentioned the barbell strategy within US mobility. I guess when you look across the spectrum of opportunities across the curve, where do you see the greatest incremental opportunity for mobility in the US? Is this more sort of on the lower-priced offering? Or is there still a lot of room to run on the higher end as well?

達拉，您提到了美國流動性中的槓鈴戰略。我想，當您縱觀整個曲線範圍內的各種機會時，您認為美國最大的流動性增量機會在哪裡？這是否更像是低價產品？或者在高端領域是否還有很大發展空間？

And then can you just dig a little bit deeper into your comments around externalizing your technical capabilities in the letter? Are you talking about data licensing opportunities within AV? And if so, how big could that become?

那麼，您能否更深入地談談您在信中關於對外展示您的技術能力的評論？您說的是 AV 中的資料授權機會嗎？如果是這樣，那麼規模會有多大？

Yes, absolutely. Ben, I'd say in terms of the barbell strategy, it is both. It is low cost and premium. I would say that premium is easier to execute on. there is clearly a consumer wants in terms of paying more for higher reliability.

是的，絕對是。本，我想說，就槓鈴策略而言，兩者兼具。成本低廉，品質優良。我想說，溢價更容易執行。消費者顯然願意為更高的可靠性支付更多的錢。

That's essentially what the reserve product is, and/or paying more for -- and as a car, which is kind of the premium product. I would also say that our Uber for Business is also growing nicely over 30% on a year-on-year basis. So I think premium near term in terms of profitability is -- has higher potential, call it, over the next three years. The lower-cost product is a harder product for us to pull off and because we have to kind of drive efficiency across the network. And one of those instantiations is wait and save where you accept lower reliability and as the results are able to pay less or our Uber share product where essentially your -- you will take maybe a longer ride, maybe a little bit of a detour sharing that car with someone else and again, saving money on that.

這基本上就是儲備產品，和/或支付更多費用——作為汽車，它是一種高端產品。我還要說的是，我們的 Uber for Business 業務年增率超過 30%。因此，我認為就獲利能力而言，短期溢價在未來三年內具有更高的潛力。對我們來說，生產低成本產品是比較困難的，因為我們必須提高整個網路的效率。其中一個例子是等待並節省，在這種情況下，您可以接受較低的可靠性，並且因此可以支付更少的費用，或者我們的 Uber 共享產品，本質上，您可能會乘坐更長的車程，也許會繞道而行，與其他人共享那輛車，從而再次節省金錢。

The lower-end product, I think, ultimately is kind of the greater opportunity in terms of trips, in terms of TAM. But over the next three years, our lower-end product, is costing us a margin that we think is appropriate in terms of the investments that we're making in our future.

我認為，就旅行和 TAM 而言，低端產品最終會帶來更大的機會。但在接下來的三年裡，我們的低端產品將花費我們一定的利潤，我們認為這對我們未來的投資是合理的。

Expect us to continue on the barbell strategy, and you'll see similar things as it relates to our delivery business. priority delivery paying up for priority delivery in order to get your delivery faster or accepting some delay in your delivery and again, saving some costs. So this barge strategy is something that we're using both in mobility and delivery and they both carry significant promise there. In terms of externalizing our tech capabilities, this is something that I'm really excited about. And just like a really simple example is our advertising business and our direct business.

希望我們繼續推行槓鈴策略，您會看到與我們的配送業務相關的類似情況。優先配送是指支付優先配送費用以便更快地獲得配送或接受配送延遲，從而再次節省一些成本。因此，我們在移動性和交付性方面都採用了這種駁船策略，它們都具有重要的前景。在將我們的技術能力外部化方面，這是我真正感到興奮的事情。一個非常簡單的例子就是我們的廣告業務和直接業務。

If you think about Uber Eats, there are two pieces of value that Uber Eats brings. There's audience to an SMB restaurants that it brings and in this fulfillment capability, which is getting the food to the home and we separated those two capabilities into an advertising business that's growing incredibly healthy, very, very high margin and a direct business where essentially we deliver on demand for our customers. who may have brought those consumers to their front door on their own through their own app.

如果你考慮一下 Uber Eats，你會發現 Uber Eats 帶來了兩點價值。它為中小型企業餐廳帶來了受眾，並在這種履行能力中，即將食物送到家中，我們將這兩種能力分為廣告業務和直接業務，廣告業務增長非常健康，利潤率非常高，直接業務基本上是我們根據需要為客戶送貨。客戶可能已經透過自己的應用程式將這些消費者帶到了家門口。

You should expect to see more of that. So for example, data collection for AV is absolutely something that we're working on. I'd say it's not really something that I'm looking to make profits on but really helping AV get to market faster. And then one area that we're really excited about is kind of one way to look at Uber is it is a platform for work. We've got almost 9 million people who are earning on our platform, and they can earn in different ways other than driving or transporting things.

您應該會看到更多這樣的情況。例如，我們正在致力於 AV 的資料收集。我想說的不是我真正想要從中獲利的東西，而是真正幫助 AV 更快進入市場。我們真正感到興奮的一個領域是，從某個角度來看，Uber 是一個工作平台。我們的平台上有近 900 萬人賺錢，除了駕駛或運輸物品外，他們還可以透過其他不同的方式賺錢。

An example of that is actually our Uber AI solutions, which is one of the really exciting parts of our business growing very quickly off of to smaller base I tell a team at this point. But they are engaging in data labeling, translation, map labeling, tuning algorithms, et cetera. And these are sometimes drivers on our platform, sometimes kind of specialists that we bring on to the platform but it's using the core Uber capability, which is sending out tasks to earners all over the world, you're just going to see a different kind of earner that is going to work for kind of the really exciting kind of AI developments that you see all over the world. So that is another example of our externalizing our platform and it's -- we are many conversations with their tech teams as to what else we can do with their platform capabilities globally. So something that we're quite excited about.

其中一個例子是我們的 Uber AI 解決方案，這是我告訴團隊的，這是我們業務中真正令人興奮的部分之一，它從較小的基礎上發展得非常迅速。但他們正在從事數據標記、翻譯、地圖標記、調整演算法等工作。這些人有時是我們平台上的司機，有時是我們帶到平台上的專家，但它使用的是 Uber 的核心功能，即將任務發送給世界各地的賺錢者，你會看到不同類型的賺錢者，他們將為你在世界各地看到的真正令人興奮的人工智能發展而工作。這是我們平台外部化的另一個例子，我們與他們的技術團隊進行了多次對話，討論我們還能在全球範圍內利用他們的平台功能做些什麼。所以我們對此感到非常興奮。

All right. I think is that anthology?

好的。我認為那是選集嗎？

Yes, let's drive it up there.

是的，我們開車去那裡吧。

All right, everyone. Thank you very much for joining us. We really appreciate your taking the time, and a big thank you to the Uber teams. (inaudible) and Prashanth and I get to talk about the results, but it's the teams on the ground who are delivering every day. So a special thank you to all the teams who delivered another great quarter for us.

好的，各位。非常感謝您加入我們。我們非常感謝您抽出時間，並衷心感謝 Uber 團隊。 （聽不清楚）我和 Prashanth 討論了結果，但每天在現場工作的是團隊。因此，特別感謝所有為我們帶來另一個出色季度的團隊。

Thanks, everyone, and we'll talk to you next quarter.

謝謝大家，我們下個季度再聊。

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。