優步 (UBER) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Uber Q4 2021 Earnings Conference Call. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待。我是布倫特，今天將擔任本次電話會議的接線生。現在，我謹代表優步公司歡迎各位參加2021財年第四季財報電話會議。 （接線生操作說明）

Thank you. I would now like to turn the call over to Mr. Balaji Krishnamurthy, Head of Investor Relations. Please go ahead.

謝謝。現在我將把電話交給投資者關係主管巴拉吉·克里希那穆提先生。請開始吧。

Thank you, operator. Thank you for joining us today, and welcome to Uber Technologies' fourth quarter 2021 earnings presentation. On the call today, we have Uber CEO, Dara Khosrowshahi; and CFO, Nelson Chai.

謝謝接線生。感謝您今天加入我們，歡迎參加優步科技2021財年第四季財報電話會議。今天出席會議的有優步執行長達拉·科斯羅薩西和財務長納爾遜·柴。

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. As a reminder, these numbers are unaudited and may be subject to change.

在今天的電話會議上，我們將同時提供GAAP和非GAAP財務指標。有關這些非GAAP指標的更多披露信息，包括GAAP指標與非GAAP指標的調節表，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，這些文件均已發佈在investor.uber.com網站上。請注意，這些數據未經審計，可能會有所變動。

Certain statements in this presentation and on this call are forward-looking statements. Such statements can be identified by terms such as believe, expect, intend and may. 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. 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 quarterly report on Form 10-Q for the quarter ended September 30, 2021, and in other filings made with the SEC when available.

本次簡報和電話會議中的某些陳述屬於前瞻性陳述。此類陳述通常包含「相信」、「預期」、「打算」和「可能」等字眼。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，我們不承擔更新今日所作任何前瞻性陳述的義務。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿，以及我們截至2021年9月30日的最新季度報告（10-Q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（如有）。

Following prepared remarks today, we will publish the prepared remarks on our Investor Relations website, and we will open the call to questions. For the remainder of this discussion, all fourth quarter growth rates reflect year-over-year growth and are on a constant currency basis unless otherwise noted.

今天，我們將發表事先準備好的演講稿，隨後會在投資者關係網站上公佈，並開放問答環節。除非另有說明，本次討論中所有第四季成長率均指年增速，且均以固定匯率計算。

Lastly, we ask you to review our earnings press release for a detailed Q4 financial review and our Q4 supplemental slides deck for additional disclosures that provide context on recent business performance.

最後，請您查閱我們的收益新聞稿，了解第四季度的詳細財務回顧；並查閱我們的第四季度補充幻燈片，了解更多披露信息，以便更好地了解近期業務表現。

With that, let me hand it over to Dara.

那麼，就讓我把麥克風交給達拉吧。

Thanks, Balaji. We had a strong quarter to close out 2021 on a high note. Our results continued to demonstrate both how eager people are to move around their cities as restrictions ease up and how delivery has become an important day -- important part of their daily lives. Gross bookings of $25.9 billion came in at the high end of our guidance range, with MAPCs of 118 million, reaching an all-time high. Continued strong execution by our team delivered $86 million of adjusted EBITDA, nicely above our guidance range.

謝謝巴拉吉。我們以強勁的業績為2021年畫下了圓滿的句點。我們的業績持續表明，隨著限制措施的逐步放寬，人們渴望在城市中自由出行，而外送配送也已成為他們日常生活中不可或缺的一部分。總訂單金額達到259億美元，處於我們預期範圍的高端，平均每單客流量（MAPC）達到1.18億，創歷史新高。團隊持續高效的執行力帶來了8,600萬美元的調整後EBITDA，遠遠超出預期。

In Q4, we continued to see strong recovery in our Mobility business. December gross bookings nearly recovered to 2019 levels and approached a $50 billion annual run rate in the first few weeks of the month.

第四季度，我們的旅遊業務持續強勁復甦。 12 月的總預訂量幾乎恢復到 2019 年的水平，並在當月的前幾週接近 500 億美元的年化運行率。

Meanwhile, Delivery volumes stayed strong as we continue to improve the profitability profile of that business. Delivery reported its first adjusted EBITDA profit, including for the first time in the U.S., even as Uber Eats became the fastest-growing delivery player in America.

同時，外送業務量維持強勁成長，我們持續提升該業務的獲利能力。外送業務首次實現調整後 EBITDA 獲利，其中包括美國市場的首次獲利，而 Uber Eats 也成為美國成長最快的外送平台。

Uber Freight closed the transformative acquisition with Transplace during the quarter. It's never been clearer that our supply chains are in dire need of technical innovation. And along with Transplace, Uber Freight, now at $1 billion quarterly run rate, is well positioned to bring digital-native change to the enormous logistics ecosystem.

Uber Freight在本季完成了Transplace的變革性收購。如今，我們的供應鏈迫切需要技術創新這一點比以往任何時候都更加清晰。憑藉Transplace，Uber Freight的季度營收已達10億美元，使其能夠更好地為龐大的物流生態系統帶來數位化變革。

Looking back at 2021, we had a great year. I can't say it went exactly as I predicted, but our teams have shown an incredible ability to remain agile and manage through change effectively. Despite COVID and all of its unpredictability, we now have reported our second adjusted EBITDA profitable quarter, and we expect to generate significant and improving profitability in 2022.

回顧2021年，我們取得了巨大的成功。雖然不能說一切都完全按照我的預期發展，但我們的團隊展現了驚人的敏捷性和應對變化的能力。儘管受到新冠疫情及其帶來的種種不確定性的影響，我們仍然實現了第二個經調整EBITDA盈利的季度，並預計2022年盈利能力將顯著提升。

Of course, COVID remains a part of our lives. We started to see some impact of the Omicron wave late in December. The silver lining is that the impacts are becoming more muted as we learn to live with the virus. Lockdowns are less strict, and vaccines are available across the world. Omicron also arrived at a time of year when we usually see seasonal declines. So while Mobility gross bookings decreased 21% from December to January, that's only about 10 points worse than what we typically see at this time of year. On a trips basis, the decline was even more muted, down just 15% month-on-month, with pricing coming down meaningfully as marketplace balance improved.

當然，新冠疫情仍然是我們生活的一部分。我們在12月下旬開始感受到Omicron疫情的影響。好消息是，隨著我們逐漸適應與病毒共存，疫情的影響力正在減弱。封鎖措施不再那麼嚴格，疫苗也已在全球普及。 Omicron疫情的到來正值我們通常會經歷季節性下滑的時期。因此，儘管12月至1月出行業務的總預訂量下降了21%，但這僅比往年同期下降了約10個百分點。就行程而言，降幅更為溫和，季減了15%，隨著市場供需平衡的改善，價格也顯著下降。

It appears that the Omicron impact on our Mobility business has come and gone relatively quickly, even faster than the global case counts. We're beginning to see several major economies in Europe relaxing COVID restrictions, including the U.K., the Netherlands, Denmark and Norway, with more countries expected to take similar actions soon. In the last 2 weeks, the Mobility recovery has rapidly resumed with both trips and gross bookings recovering and Mobility gross bookings last week up 25% month-on-month.

看來，Omicron 對我們旅遊業務的影響已經相對迅速地消退，甚至比全球病例數下降的速度還要快。我們看到歐洲幾個主要經濟體，包括英國、荷蘭、丹麥和挪威，開始放鬆新冠疫情限制措施，預計很快會有更多國家採取類似行動。過去兩週，旅遊業務迅速復甦，出行次數和總預訂量均有所回升，上週出行業務總預訂量較上季成長 25%。

I'll quickly touch on driver supply, which continues to improve. We made steady progress through product innovation, more targeted marketing and on-the-ground operational refinements to onboard more drivers and couriers faster. Nearly 325,000 people started to work on Uber in the quarter, bringing our total global active earner base to 4.4 million people, the largest it's been since the second quarter of 2020.

我簡單提一下司機供應情況，目前情況持續改善。我們透過產品創新、更精準的行銷以及實地營運優化，穩步推進司機和快遞員的快速進駐。本季新增近32.5萬名駕駛加入Uber平台，使我們的全球活躍收入者總數達到440萬人，創下自2020年第二季以來的最高紀錄。

One important call-out is that while the Omicron wave acted as a temporary deterrent to demand, supply has been much more stable. As a result, surge and wait times have improved to their lowest level in the year. Recent internal research has shown that Uber is by far the preferred choice amongst drivers, and we're confident that our marketplace will be more, not less balanced going forward.

值得注意的是，雖然歐米伽龍颶風暫時抑制了需求，但供應卻更穩定。因此，尖峰時段的等待時間和等待時間都降至年內最低。近期內部調查顯示，優步仍是駕駛者的首選平台，我們相信，未來我們的市場將會更加平衡，而非更加失衡。

Turning now to Delivery, which exceeded our expectations and performed better than we typically see in January, likely in part to Omicron. This relative overperformance has moderated just as the Mobility trends have improved. Overall trends continue to be very healthy, and there's no question now that Delivery's here stay, both in food and other verticals.

接下來談談外送業務，其表現超出預期，優於我們通常在1月份看到的表現，這可能部分歸功於Omicron。隨著移動出行趨勢的改善，這種相對超額收益有所放緩。整體趨勢依然非常健康，毫無疑問，外送業務將繼續存在，無論是在食品業還是其他垂直領域。

Delivery reached an important milestone in Q4, generating $25 million in segment-adjusted EBITDA and marking the first profitable quarter of many to come. And as I said on our last call with you, we view the turn to EBITDA profitability as a big moment but ultimately just a step along the way to creating a self-sustaining and incredibly valuable business. With this milestone accomplished, Delivery is well positioned to self-fund growth in grocery, retail and local commerce. And let me underscore, we expect significant EBITDA profit generation even after those investments.

配送業務在第四季度取得了重要里程碑式的進展，經調整後的EBITDA達到2500萬美元，標誌著我們實現了首個盈利季度，而這僅僅是未來多個盈利季度的開端。正如我在上次電話會議上所說，我們認為EBITDA扭虧為盈是一個重要的里程碑，但這只是我們打造一個能夠自我維持且極具價值的業務道路上的一個階段。隨著這一里程碑的達成，配送業務已做好充分準備，能夠透過自身資金支持在食品雜貨、零售和本地商業領域的成長。而且，我要強調的是，即使在這些投資之後，我們仍然預期能夠實現可觀的EBITDA利潤。

Finally, it's worth spending a few minutes on a couple of our growth initiatives across the company. Our Advertising business ended the year with around $225 million in run rate revenue, well above the $100 million target we laid out earlier this year. While much of the attention has been focused on sponsor listing for Uber Eats, we have a road map to build a much broader business, including in Mobility. We also closed the acquisition of Drizly during the quarter, which will be a nice addition to our advertising efforts.

最後，我們想花幾分鐘時間介紹一下公司的一些成長舉措。我們的廣告業務年化收入約 2.25 億美元，遠超過年初設定的 1 億美元目標。雖然大部分精力都集中在 Uber Eats 的贊助商名單上，但我們制定了拓展業務的路線圖，包括行動旅遊領域。此外，我們在本季完成了對 Drizly 的收購，這將有力地增強我們的廣告實力。

Our New Verticals businesses, which includes grocery, alcohol, convenience and other nonrestaurant efforts, grew nearly 10% quarter-on-quarter in Q4 on an organic basis, reaching a best month ever in December. We continue to make progress in improving nonrestaurant merchant selection in the U.S. And as a result, the U.S. grew at 3x the rate of our global New Verticals business during the quarter.

我們的新興垂直業務（包括食品雜貨、酒類、便利商店和其他非餐飲業務）在第四季度實現了近10%的環比有機增長，並在12月份創下了歷史最佳單月業績。我們持續致力於改善美國非餐飲商家的選擇。因此，本季美國新興垂直業務的成長速度是全球平均的三倍。

Internationally, we continue to have a strong lead in grocery and other verticals. We're working to build on that lead with new quick commerce offerings, and we're intentionally taking a partner-led approach here with encouraging signs of adoption. For example, in France, Carrefour Sprint stores have represented nearly 20% of New Verticals orders in Paris and with significantly higher per store productivity than other New Verticals merchants in market.

在全球範圍內，我們在食品雜貨和其他垂直領域繼續保持強勁的領先地位。我們正致力於透過新的快速商務服務來鞏固這項優勢，並有意採取以合作夥伴為主導的模式，目前已取得令人鼓舞的成效。例如，在法國，家樂福Sprint門市在巴黎的新垂直領域訂單量中佔近20%，且單店效率顯著高於市場上其他新垂直領域商家。

Uber for Business also reached a milestone during the quarter with managed U4B gross bookings surpassing its previous high from 2019 with well over $1 billion in annual run rate GBs. Over the next few years, U4B's enterprise offerings, which importantly spans both Mobility and Delivery, will significantly outpace our consumer business and become a meaningful contributor to growth and profitability.

Uber for Business在本季度也取得了里程碑式的成就，其管理的U4B總預訂量超過了2019年的歷史最高水平，年化收入超過10億美元。未來幾年，U4B的企業級業務（涵蓋出行和配送兩大領域）將顯著超越我們的消費者業務，並成為成長和獲利的重要貢獻者。

Before I hand it over to Nelson, a plug for everyone to tune into our Investor Day tomorrow morning, which you can live stream on our website. Over the past few quarters, we've talked a lot about the power of the platform and the potential for Uber's complementary services to contribute to lower cost of acquisition and higher lifetime value. We're looking forward to discussing our strategy, our plans for each of our businesses and the growing advantage of our platform in a lot more detail tomorrow.

在把發言權交給尼爾森之前，我想提醒大家明天上午收看我們的投資者日活動，屆時您可以在我們的網站上觀看直播。過去幾個季度，我們多次談到平台的強大功能，以及優步的配套服務如何幫助降低獲客成本並提升客戶終身價值。我們期待明天更詳細地探討我們的策略、各項業務的規劃以及我們平台日益增長的優勢。

Uber is emerging from the pandemic stronger than ever. As long as we execute on the opportunities in front of us, we're exceptionally well positioned to deliver strong, profitable growth with significant expansion in profitability and cash flow generation over the coming quarters and years.

Uber正從疫情中強勢復甦。只要我們把握住眼前的機遇，我們就有能力在未來幾季和幾年內實現強勁且獲利的成長，並顯著提升獲利能力和現金流。

Now over to Nelson.

現在輪到納爾遜了。

Thanks, Dara. Q4 was a strong quarter in all dimensions with solid gross bookings, adjusted EBITDA and margin performance for all of our businesses.

謝謝，達拉。第四季各方面表現都很強勁，我們所有業務的總訂單量、調整後EBITDA和利潤率均表現穩健。

Mobility gross bookings grew 67%, and the segment generated a healthy adjusted EBITDA margin of 5.1% of gross bookings, up 80 basis points year-over-year even as take rate declined 160 basis points year-over-year, primarily due to our driver supply investments. Excluding those investments, Mobility incremental margins would have approached 10% on a year-over-year basis. With marketplace balance in much better spot than at any point in 2021, we are confident that Mobility's incremental margins will improve meaningfully in 2022.

旅遊業務總訂單量成長 67%，調整後 EBITDA 利潤率達到總訂單量的 5.1%，較去年同期成長 80 個基點，儘管佣金率較去年同期下降 160 個基點，這主要是由於我們對司機供應的投資。若不計入這些投資，出行業務的增量利潤率將接近 10%。鑑於市場供需平衡狀況遠好於 2021 年的任何時期，我們有信心出行業務的增量利潤率將在 2022 年顯著提升。

Delivery gross bookings grew 33% and reached its first adjusted EBITDA profitable quarter with a $25 million EBITDA profit in Q4 as core food delivery profitability expanded to more than cover our investments into grocery and other new initiatives. Importantly, we recorded our first adjusted EBITDA profit for Delivery in the U.S. and Canada, expanding margins 180 basis points of gross bookings year-over-year while gaining category share in the U.S.

外送訂單總額成長33%，第四季實現調整後EBITDA獲利，達2,500萬美元，這是公司首次獲利。核心食品配送業務的獲利能力提升，足以涵蓋我們在雜貨和其他新業務領域的投資。值得注意的是，我們在美國和加拿大的外送業務首次實現調整後EBITDA盈利，毛訂單利潤率同比增長180個基點，同時在美國市場也獲得了更高的市場份額。

Freight closed the previously announced transaction of Transplace during Q4, significantly expanding Freight scale and the scope of our offering by combining Freight's digital freight brokerage technology with Transplace's managed transportation platform. Both Freight and Transplace are ending 2022 with strong momentum with healthy onboarding of new logos, and we are excited to demonstrate the potential of the combined asset.

Freight在第四季度完成了先前宣布的對Transplace的收購，透過將Freight的數位貨運代理技術與Transplace的運輸管理平台相結合，顯著擴大了Freight的規模和業務範圍。 Freight和Transplace在2022年底均保持強勁的發展勢頭，新客戶數量穩步增長，我們期待向大家展示合併後資產的巨大潛力。

Looking ahead to full year 2022, we continue to expect to deliver incremental EBITDA margins as a percentage of gross bookings of around 10% for Mobility and over 5% for Delivery. In addition, we expect Freight to generate positive adjusted EBITDA in 2022. While we continue to invest in platform R&D to ensure our products continue to be the best out there, we expect to deliver healthy leverage on that line as well. Taken together, those commitments translate to a meaningful profitability expansion for Uber in 2022.

展望2022年全年，我們預期出行業務的EBITDA利潤率佔總訂單額的百分比將分別成長約10%和5%以上，配送業務的EBITDA利潤率佔總訂單額的百分比也將成長。此外，我們預計貨運業務在2022年將實現正的調整後EBITDA。我們將繼續加大平台研發投入，以確保我們的產品始終保持市場領先地位，並預期該業務線也將實現穩健的槓桿效應。綜上所述，這些投入將使Uber在2022年實現顯著的獲利成長。

Turning to our balance sheet and liquidity position. We continue to maintain a strong liquidity position, ending the quarter with $4.3 billion of cash and cash equivalents, and our equity stakes were marked at $12.5 billion. We benefited from the change in value of Grab and Aurora as these companies reached liquidity milestones as well as gains from selling some of our interest in Yandex. These benefits were partially offset by the significant movement in Didi's stock from September 30 to December 31 as we marked down the value of our Didi stake by $1.3 billion. The net effect of these moves was a $1.4 billion tailwind to our GAAP net income.

接下來談談我們的資產負債表和流動性狀況。我們持續保持強勁的流動性，季末持有現金及現金等價物43億美元，股權價值為125億美元。 Grab和Aurora的價值變化使我們受益，因為這兩家公司都達到了流動性里程碑；此外，出售部分Yandex股份也為我們帶來了收益。但這些收益部分被滴滴股價在9月30日至12月31日期間大幅波動所抵消，因為我們將滴滴的股權價值下調了13億美元。最終，這些措施為我們的GAAP淨利潤帶來了14億美元的利多。

As I have previously noted, our GAAP net income may continue to see swings from quarter-to-quarter from the large equity stakes on our balance sheet. While we intend to monetize some of our financial stakes at an appropriate time, we have sufficient liquidity to give us the flexibility to maintain these positions with the aim of maximizing value for Uber and our shareholders.

正如我之前提到的，由於資產負債表上持有大量股權，我們的GAAP淨利潤可能會繼續出現季度波動。雖然我們計劃在適當的時候出售部分股權，但我們擁有充足的流動資金，可以靈活地維持這些持倉，以期為Uber和我們的股東創造最大價值。

I'll conclude my remarks with an update on recent business trends and Q1 outlook. It's important to note that typical seasonality during Q1 is for Mobility and Delivery trips and gross bookings to be flat quarter-over-quarter. Given Omicron-related demand impact, we expect Mobility gross bookings to decline quarter-over-quarter, while Delivery is likely to be flat to up modestly. In aggregate, we estimate these demand impacts to be $1 billion to $1.2 billion of drag in Q1 gross bookings.

最後，我將簡要介紹近期業務趨勢和第一季展望。值得注意的是，通常情況下，第一季出行和配送業務的訂單量和總預訂量會環比持平。但考慮到 Omicron 專案帶來的需求影響，我們預期出行業務的總預訂量將比去年同期下降，而配送業務則可能持平或略有成長。總體而言，我們估計這些需求影響將導致第一季總預訂量減少 10 億至 12 億美元。

Additionally, Q1 will represent the first full quarter of Transplace contributions, which is expected to add an incremental $600 million in quarter 1 to Freight gross bookings relative to Q4. Despite the meaningful gross bookings impact, we are confident that the breadth of our business will allow us to expand profitability.

此外，第一季將是Transplace業務貢獻的第一個完整季度，預計將為貨運總訂單金額帶來6億美元的增量，較第四季有所成長。儘管總訂單金額受到顯著影響，但我們相信，我們業務的廣度將使我們能夠提升獲利能力。

With that context for Q1, we expect total company gross bookings to be between $25 billion and $26 billion, representing year-over-year growth of 28% to 33%. And we expect total company adjusted EBITDA profit between $100 million and $130 million for the quarter.

基於上述背景，我們預計第一季公司總預訂額將在250億美元至260億美元之間，年增28%至33%。我們預計第一季公司調整後EBITDA利潤將在1億美元至1.3億美元之間。

With that, let's open it up to questions. Thank you.

那麼，接下來就是提問環節。謝謝。

(Operator Instructions) Your first question comes from the line of Doug Anmuth with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Doug Anmuth。

I just wanted to ask you about drivers and couriers. I think you talked about 4.4 million, and I believe that's relative to 5 million pre-COVID. Just curious kind of what the factors are maybe if you were at a similar level in terms of overall bookings, just what kind of efficiencies you might see relative to pre-COVID and whether you would need a similar kind of number of drivers and couriers at that point. And then also, if you could just talk a little bit about Uber One and what you're seeing early on here given a very compelling value proposition versus previous subscription offerings.

我只是想問關於司機和快遞員的問題。我記得您提到過440萬，我相信這是相對於疫情前的500萬而言的。我只是好奇，如果整體訂單量保持在類似的水平，那麼與疫情前相比，效率會有怎樣的提升？屆時是否還需要同樣數量的司機和快遞員？另外，您能否也談談Uber One，以及鑑於其極具吸引力的價值主張，與先前的訂閱服務相比，您目前觀察到的情況？

Yes, absolutely, Doug. So as it relates to drivers and couriers, first factor that we're seeing that's really encouraging is that the onboarding rate and onboarding conversion rates are happening much more successfully. This is because we essentially onboard earners and then we give them work opportunities rather than onboarding them either as a driver or as a courier. And as a result, earners can start earning much faster on our platform.

是的，沒錯，道格。就司機和快遞員而言，我們看到的第一個令人鼓舞的因素是，註冊率和註冊轉換率都顯著提高。這是因為我們主要是先讓用戶註冊成為平台用戶，然後再提供他們工作機會，而不是直接讓他們註冊成為司機或快遞員。因此，用戶能夠更快地在我們的平台上開始賺錢。

So we're seeing a lot of positive input into the platform. It's also great because earners can earn during a period when everyone is trying to get back on their feet without as much government help as we have previously. So it works out for everyone, and it definitely helps out for our marketplace. While we haven't done the specific analysis of like how many earners do we need on a GB basis, it's my strong instinct that our marketplace has gotten more efficient. This is because we are now cross-dispatching between driving people and driving things that creates higher utilization for earners and makes for a more efficient marketplace.

所以我們看到平台收到了很多正面的回饋。這很棒，因為在大家都在努力恢復正常生活，政府援助不如以往充足的時期，賺錢者仍然可以獲得收入。這對每個人都有好處，也絕對有助於我們的市場發展。雖然我們還沒有具體分析每個GB需要多少賺錢者，但我強烈感覺到我們的市場效率更高了。這是因為我們現在可以在載客和載貨之間進行交叉調度，從而提高了賺錢者的利用率，也使市場更有效率。

We're also seeing, on the Delivery side, as the marketplace grows and essentially densifies, we got more restaurants on the marketplace. We have more consumers ordering. And as a result, the average length of the delivery is coming down so that you -- essentially delivering is becoming more efficient from a network perspective.

我們也看到，在配送方面，隨著市場規模的擴大和密度的增加，平台上的餐廳數量增多，消費者訂購量也隨之增加。因此，平均配送時間正在縮短，從網路角度來看，配送效率顯著提高。

So network efficiency is up. The efficiency essentially relies -- the efficiency results in earners being busy a higher percentage of the time when they're looking for opportunities. And as you can see, kind of the marketplace metrics are coming down in terms of surge, in terms of ETAs, and delivery times are first rate. So the efficiency trends that we're seeing are quite encouraging.

因此，網路效率提高了。效率的提升主要體現在－效率的提升使得收入者在尋找機會時，有更高比例的時間處於忙碌狀態。正如你所看到的，市場指標，例如訂單高峰期和預計到達時間，都在下降，而且配送速度一流。所以我們看到的效率提升趨勢相當令人鼓舞。

As far as Uber One goes, it's very early. And last quarter, we talked about having over 6 million members around the world. And the early signal that we're seeing for Uber One is very encouraging. It's a consumer value proposition that's quite compelling because pricing is equal to the pricing of our competition but our content is better, right? It's just we have content in terms of free delivery and discounts on rides and the discounts on rides in a world that is increasingly opening, thank God, is going to become more and more valuable. So we believe we have a content advantage over our competition that is going to show up over time and is going to compound upon itself.

就 Uber One 而言，目前還處於非常早期的階段。上個季度，我們提到全球會員人數已超過 600 萬人。 Uber One 目前的早期發展動能非常令人鼓舞。它為消費者提供了極具吸引力的價值主張，因為定價與競爭對手持平，但我們的內容更勝一籌，對吧？我們提供免費送貨和乘車折扣等內容，而隨著世界日益開放，這些乘車折扣的價值也將與日俱增。因此，我們相信我們在內容方面擁有超越競爭對手的優勢，而這種優勢會隨著時間的推移而顯現，並不斷累積。

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

你的下一個問題來自高盛的艾瑞克·謝裡丹。

I know we're going to talk more longer term tomorrow, but just maybe taking a step back on some of the shorter-term dynamics. In terms of the Mobility business, we talked with one of your competitors last night about the dynamic of product mix and geo mix in the U.S. Can you give us a little bit of color on what you're seeing globally from geo mix and opened versus closed environment or product mix like airport rides versus business rides or elements of that in terms of how that might be driving elements of December into January? And how should we think about that as the quarter evolves?

我知道我們明天會討論更多長期問題，但或許可以先回顧一些短期動態。就旅遊業務而言，我們昨晚與你們的競爭對手探討了美國市場的產品組合和地理組合動態。能否請您簡要介紹一下，在全球範圍內，從地域組合、開放/封閉環境，或者產品組合（例如機場用車與商務用車）等方面，您觀察到的情況，以及這些因素如何影響12月到1月的業績？隨著本季的發展，我們該如何看待這些問題？

Yes, absolutely. I think generally, the trends that Lyft talked about during their call are fairly consistent with our trips. So for example, we saw airport GBs up about 200% year-on-year, about 175% in the U.S. In December, rides tend to get longer, holiday rides, et cetera. So we saw similar trends in terms of length of trip, et cetera, which certainly is encouraging. I'd say nothing significant there, one way or the other.

是的，完全正確。我認為Lyft在電話會議上提到的趨勢與我們的行程情況基本一致。例如，我們看到機場的包車訂單年增了約200%，美國地區成長了約175%。 12月份，行程往往會更長，因為假日出行量也會增加等等。因此，我們在行程時間等方面也看到了類似的趨勢，這當然令人鼓舞。我認為這方面沒有特別顯著的改變。

Your next question comes from the line of Justin Post with Bank of America.

你的下一個問題來自美國銀行的賈斯汀·波斯特。

Wonder if you could talk a little bit more about the driver incentives in the quarter and how you see kind of the take rates evolving. Is there some big upside there as you look forward to the next couple of years? And how that flows through the margins.

能否請您詳細談談本季的司機激勵措施，以及您如何看待佣金比例的變化？展望未來幾年，這方面是否有很大的成長空間？以及這些因素將如何影響利潤率？

So first of all, I think if you remember, Justin, when we did the Q3 call, we actually highlighted that was going to be the fact. And a lot of it just had to do with marketplaces opening and closing because of the pandemic. And so we knew when we talked to you that places like Australia were going to open, and then we are going to lean in. I think you heard in my prepared remarks, if you actually backed out for some of that, we would have seen the incremental margins that we've talked about, and there is a little bit of seasonality.

首先，賈斯汀，我想如果你還記得的話，我們在第三季財報電話會議上就強調這一點。這很大程度是因為疫情導致市場時而開放時而關閉。所以，我們當時就知道像澳洲這樣的地區將會開放，然後我們會加大投入。我想你從我準備好的發言稿中也聽到了，如果排除掉這些因素，我們就能看到之前提到的利潤增長，當然，其中也存在一些季節性因素。

But again, what I would say is that our goal is to make sure that we continue to overachieve both on the top line but as well as on the bottom line and the profitability and expanding the margins. And so we did that, and we knew we did that. And so because of that, we will take opportunities at some point to continue to build supply. We are entering this year, as you heard in our comments, in probably our best supply situation we've had since the pandemic started and certainly in 2021.

但我再次強調，我們的目標是確保在營收、利潤、獲利能力和利潤率方面都持續超越預期。我們做到了，而且我們也清楚這一點。正因如此，我們會在某個時候抓住機會繼續擴大供應。正如您剛才聽到的，我們今年的供應狀況可能是自疫情爆發以來，乃至2021年以來最好的。

And so again, we think that will be beneficial as we go into 2022. You'll hear us talk a little bit more about it. But yes, I think that you should -- we believe that we will see good margin expansion as we think about 2022.

所以，我們認為這在2022年將是有益的。我們會就此做更多討論。是的，我認為您應該關注－我們相信，展望2022年，利潤率將會顯著成長。

And Justin, I'd also remind you that we manage to EBITDA dollars and margins and free cash flow dollars and margins as a percentage of GB, and revenue margin is an input as part of it. There are algos that are constantly balancing between pricing in order to maximize getting the next ride and/or pricing -- driver side pricing that is optimal as well. So the revenue margin that you see, it's more of an output. Like at the end of the month or at the end of the quarter, we like look at our revenue margins, but we're managing to the business.

賈斯汀，我還想提醒你，我們管理的指標包括 EBITDA 金額和利潤率、自由現金流金額和利潤率佔總收入的百分比，而收入利潤率是其中的一個輸入指標。我們的演算法會不斷平衡定價策略，以最大限度地提高下一單訂單的獲取率，同時兼顧司機端的最優定價。所以你看到的收入利潤率更多的是一種輸出結果。例如在月底或季末，我們會查看營收利潤率，但我們的管理目標是業務的持續發展。

We're trying to maximize gross bookings. We're trying to maximize trips. And frankly, we're going to -- we're trying to maximize throughput. So our marketplace delivers maximum earnings to the earners on our marketplace because it means it becomes a much more attractive marketplace for earners to participate in.

我們致力於最大化總預訂量，最大化行程數，坦白說，我們還會努力最大化吞吐量。因此，我們的平台能夠為平台上的賺錢者帶來最大收益，因為它對賺錢者來說更具吸引力。

One area of upside, I would tell you that, you have seen in our Delivery margins, which is like Delivery growth was great, we were able to gain share and margins increased. It's because we're optimizing on cost per trip around as the network is densifying. Cost per trip is coming down pretty substantially, especially in the U.S., and we think there's more to come. And that's just pure goodness because couriers are busy, you're getting your food quickly, it's a revenue margin upside, and we can reinvest that revenue margin essentially and gaining share.

我想告訴大家，其中一個利好因素反映在我們的外送利潤率。外送業務成長迅猛，我們不僅擴大了市場份額，利潤率也隨之提升。這是因為我們不斷優化單次配送成本，同時網路覆蓋範圍也在不斷擴大。單次配送成本正在大幅下降，尤其是在美國，我們認為未來還有進一步降低的空間。這無疑是件好事，因為配送員的工作量很大，顧客可以快速收到餐食，從而提高收入利潤率。我們可以將這些利潤再投資，進一步擴大市場佔有率。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

Two, just a -- the first one, I wanted to ask about the category share gains in the U.S. food delivery. Any specific sort of adjustments you've made or strategic developments that you've done that have really sort of driven that? And how do you think about still existing low-hanging fruit areas to further improve the food delivery market share? And then secondly, Dara, just curious to hear kind of qualitatively how you think about some of the key drivers of the multiyear consumer rideshare side of the business, thinking through One and other pricing mechanisms, et cetera.

第二，首先，我想問一下你們在美國外送市場份額的成長情況。你們是否採取了任何具體的調整或策略性舉措來推動這項成長？你們認為還有哪些容易提升的領域可以進一步提高外送市場佔有率？其次，Dara，我很好奇你們如何看待未來幾年消費者共享出行業務的關鍵驅動因素，例如One平台和其他定價機制等等。

Sure. Absolutely. As far as the first question in the U.S. goes, I'd say it's just -- it's core execution. None of this is wizardry. Our selection in the U.S. is improving. Our selection in suburbs is getting much better. Still not where it needs to be, but it's getting much better. I talked about cost per trip coming down, which allows us to reinvest in the top line, whether it's in marketing or it's incentives. Membership as a percentage of our gross bookings is increasing, so we're getting more frequency coming through the system.

當然。絕對的。至於美國市場的第一個問題，我想說，關鍵在於核心執行力。這並非什麼魔法。我們在美國的房源選擇正在不斷改進。郊區的房源選擇也越來越好。雖然還沒達到理想狀態，但進步非常顯著。我之前提到過單次旅行成本的下降，這讓我們能夠將資金重新投入到營收成長中，無論是行銷還是激勵措施。會員預訂量佔總預訂量的比例正在上升，這意味著我們系統的客流量也在增加。

And something that we'll talk more about tomorrow is that the cross-platform activity across both Mobility and Delivery continues to increase. That is chiefly, at this point, benefiting the Delivery business. It's an attribute that is completely unique to Uber, and it is becoming more of a factor. So there's like these 3 kind of eaters that are coming through the system that aren't available to our competitors. New eaters as a percentage of our total gross bookings every quarter is actually pretty small because we have a really big base of eaters who are loyal to us who keep coming back.

我們明天會詳細討論的一點是，旅遊和配送兩大平台之間的跨平台活動持續成長。目前來看，這主要惠及了配送業務。這是優步獨有的優勢，影響越來越大。因此，有三種類型的顧客正在透過我們的系統湧入，而我們的競爭對手無法觸及這些顧客。每季新增顧客佔總訂單量的比例其實很小，因為我們擁有龐大的忠實顧客群體，他們會不斷回頭光顧。

But when you have new eaters quarter after quarter after quarter after quarter, it starts compounding. And we believe that we're starting to see the effects of that compounding happened last quarter and certainly this quarter, and we hope that it will continue. If it doesn't, we're not doing our jobs.

但是，當新顧客一個接一個地加入時，這種影響就會開始累積。我們相信，上個季度和本季已經開始看到這種累積效應，我們希望這種趨勢能持續下去。如果這種趨勢沒有持續下去，那就是我們的工作沒有做好。

And the only point I'd add is we did make a change in terms of our leadership in the U.S. at the beginning of the year. And he and his team deserve kudos because it really was a focus, and he and the team have come in and done a terrific job. And so again, we have a lot of confidence going into next year. And you're right, it wasn't for me just the fact that we continue to gain competitive positioning versus our competitors, but we did it in a way where we are now going to be profitable doing it. And so again, a lot of it goes to him and the team because we have a big team of folks here and they really operated well.

我唯一要補充的是，年初我們確實更換了美國地區的領導階層。他和他的團隊功不可沒，因為這確實是我們工作的重點，而且他們接手後做得非常好。所以，我們對明年充滿信心。你說得對，對我來說，重要的不僅是我們持續提升相對於競爭對手的競爭優勢，更重要的是，我們現在能夠獲利。所以，這很大程度上要歸功於他和他的團隊，因為我們擁有一支龐大的團隊，他們運作得非常好。

Your second point is on Mobility, I believe. And so the only thing I'd say there is I think tomorrow, you'll get a very, very good overview of our long-term strategy and then how it impacts our medium to long-term views, both in terms of compounding revenue as well as profitability.

我認為你的第二個要點是關於移動出行的。所以我只想說，我認為明天你會對我們的長期策略有一個非常全面的了解，以及它如何影響我們的中長期願景，包括複合收入和獲利能力。

Just as the marketplaces come back, here's one easy stat for you. We added 20 million new riders just in Q4 in our Mobility business. So if you think about the network effect and our ability to operate across our 10,000 cities and our leadership position, you can think about that leverage that we have globally that nobody else has. And so as the world is coming back, I think that we'll spend a lot of time tomorrow. Mac will spend a lot of tomorrow talking about how we're going to continue to grow at scale and a lot of the untapped areas that we're driving.

隨著市場復甦，這裡有一個簡單的數據供您參考。光是第四季度，我們的旅遊業務就新增了 2,000 萬用戶。考慮到我們的網路效應、覆蓋 1 萬個城市的營運能力以及我們的領先地位，您就能明白我們在全球範圍內擁有其他公司無法比擬的優勢。隨著世界經濟的復甦，我認為我們明天會花很多時間。 Mac 明天會重點討論我們將如何繼續保持規模化成長，以及我們正在開拓的眾多尚未開發的領域。

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

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

I wanted to talk about the Ads update. So you're running well ahead of plan with the $225 million annualized. Just your overall outlook on Advertising, how big that could be and maybe how Drizly coming into the fold might have jump started your...

我想聊聊廣告業務的最新進展。你們的年度廣告收入達到了2.25億美元，遠遠超出了預期。我想談談你們對廣告業務的整體展望，例如它能發展到多大規模，以及Drizly的加入可能對你們的業務成長起到了怎樣的推動作用…

Ross, you're coming through very muffled. But if you don't mind repeating the question, we'll try and get your response.

羅斯，你的聲音很悶。如果你不介意重複一遍問題，我們會盡量聽清楚你的回答。

Just the outlook from the Ads business and how Drizly might be helping accelerate that plan.

僅從廣告業務的角度展望，以及 Drizly 如何幫助加速這項計劃。

Ross, so the Ad business, we talked about hitting a $225 million run rate in Q4, well above our targets. The momentum in the business is great. Keep in mind that, that is -- the vast majority of that is Delivery, and we are building out ad products that run across Mobility and Delivery and grocery. Drizly is going to be a part of our ad operations.

羅斯，關於廣告業務，我們之前討論過第四季度實現 2.25 億美元的年化收入，遠超預期。業務發展勢頭強勁。需要注意的是，這其中絕大部分來自外送配送，而我們正在建構覆蓋出行、外賣和生鮮領域的廣告產品。 Drizly 也將成為我們廣告業務的一部分。

For example, Drizly advertising as a percentage of gross bookings is about 8%, which is pretty significant. That's not in the numbers that we read you out on because Drizly has been part of our numbers partially in Q4. But with the mix of higher grocery, higher alcohol, you should expect that to be essentially upside in terms of our Advertising revenue and the growth ahead.

例如，Drizly的廣告收入佔總預訂量的8%左右，這相當可觀。由於Drizly的營收在第四季才部分計入我們的業績，因此這部分數據並未包含在我們公佈的財報中。但考慮到食品雜貨和酒類銷售額的成長，預計這將顯著提升我們的廣告收入，並推動未來的成長。

Your next question comes from the line of Lloyd Walmsley with UBS.

你的下一個問題來自瑞銀集團的勞埃德‧沃姆斯利。

So I guess the first one, following up on Justin's question. So are you -- do you feel that you're largely done having to invest in driver supply? And I guess as more drivers come back into the marketplace and pricing comes down, do you see any of them kind of turning back off? Like is there more sensitivity from drivers to maintaining that higher prices? Or is it mostly just you stimulate to get them back on and then they stay on? And then the second one is it sounds like a big effort on improving the driver onboarding flow to get them on the road faster. I guess beyond that beginning period where maybe a driver can only drive for Delivery, are you seeing a big uptick in the percent of drivers that drive for both Delivery and Mobility on an ongoing basis that can kind of help drive that efficiency or sustain that efficiency?

第一個問題，是接著Justin的問題問的。您覺得現在基本上不需要再投資司機供應了嗎？隨著更多司機回歸市場，價格下降，您是否看到有司機退出？例如，司機對維持高價是否更加敏感？還是說，只要刺激他們回歸，他們就會一直待下去？第二個問題，聽起來你們在改善司機入職流程方面投入了大量精力，以便他們更快上路。我想，除了司機最初只能做配送的階段之外，您是否看到同時做配送和出行服務的司機比例大幅上升，從而有助於提高或維持效率？

Yes, absolutely. We watch driver retention trends very closely. And obviously, in January, with the Omicron wave, we wanted to make sure the demand came down, we were watching the number of drivers on the platform, the number of suppliers, et cetera. And what we've seen are pretty encouraging signs that drivers have stayed on the platform. In general, I would tell you that demand in the platform, both in terms of Mobility and Delivery, is a fast twitch muscle. It moves much faster. And supply -- earner supply on a platform, it's a slow switch muscle. It will respond -- it will respond more slowly than demand, so to speak.

是的，當然。我們非常密切地關注司機留存趨勢。顯然，在1月份的Omicron浪潮中，我們希望確保需求下降，因此我們一直在關注平台上的司機數量、供應商數量等等。我們看到了一些令人鼓舞的跡象，司機們仍然留在平台上。總的來說，我認為平台上的需求，無論是出行還是配送，都像肌肉一樣快速反應。它的變化速度遠遠超出需求。而平台上的供應——也就是收入來源——則像肌肉一樣反應遲緩。它的反應速度比需求慢得多。

Now that we're seeing the Omicron bounce back, we're pretty confident that our supply situation is looking good right now, and it's going to look good for the balance of the year, but it's always something that we're watching. And generally, retention rates are quite good.

現在我們看到 Omicron 的銷量已經回升，所以我們相當有信心目前的供應狀況良好，而且預計今年剩餘時間供應也會保持良好，但我們始終會密切關注。總的來說，用戶留存率相當不錯。

We are actively looking to sign up drivers -- a higher percentage of drivers to work across platform. And whereas our algorithms previously were, I'd say, more highly tuned towards Mobility-only or Delivery-only, our algorithms are now being tuned to the Uber marketplace and so are cross-dispatching in a much more fluid, elegant way. And that's only going to improve. These are, I would say, relatively early iterations. And you should expect to see more cross-platform activity, both on the consumer side but also on the earner side. And again, we'll have a lot more to say about that tomorrow at Investor Day.

我們正在積極招募司機——希望有更高比例的司機能夠跨平台工作。先前，我們的演算法更著重於出行或配送服務，而現在，我們正在調整演算法以適應優步市場，從而實現更流暢、更有效率的跨平台調度。而且，這種情況只會越來越好。我認為，這些目前還處於早期階段。您可以期待看到更多跨平台活動，無論是在消費者端還是在司機端。明天在投資者日上，我們將就此進行更詳細的闡述。

Your next question comes from the line of Brad Erickson with RBC Capital Markets.

你的下一個問題來自加拿大皇家銀行資本市場的布拉德‧艾瑞克森。

Nelson, I think you mentioned that you expect now over 5% of marginal Delivery bookings to drop to EBITDA. So it sounds like there's maybe a bit of a discretionary component there. I guess I was just wondering sort of what the philosophy is to allow that upside or any potential upside to flow through. Or will it be reinvested? And I guess if so, how.

尼爾森，我記得你提到過，預計超過5%的邊際交付訂單將計入EBITDA。所以聽起來這裡面可能包含一些酌情調整的因素。我只是想了解一下，你們的理念是什麼，允許這部分收益或任何潛在的收益流入市場？還是會進行再投資？如果是再投資，具體會如何操作？

So again, I think, as Dara mentioned earlier, so the 5% is incremental margins as we continue to grow the business. We're not optimizing for that number. We're optimizing to grow our gross bookings and to grow our bottom line, our adjusted EBITDA. And that is really just an output. Obviously, one we watch. I know you guys spend a lot of time watching it.

所以，正如Dara之前提到的，這5%的利潤率成長是隨著業務持續成長而帶來的增量利潤。我們並非以這個數字為目標，而是以提升總預訂量和淨利（調整後EBITDA）為目標。這其實只是一個產出指標，當然，我們會密切關注。我知道你們也花了很多時間關注它。

And so again, I'm really just trying to get some direction. We'll address a little bit more of the mid- to medium-term kind of modeling, if you will, tomorrow. But again, we do expect that we will -- the incremental margin will be around 5% for our Delivery business.

所以，我只是想了解一些方向。明天我們會更詳細地探討一下中期模型。但我們預計，配送業務的增量利潤率將在5%左右。

And we do think that the 5% represents a balanced viewpoint. It allows us to reinvest where we see growth ahead of us. It allows us to be quite competitive. Again, we have the platform advantage versus our competition, which is just a structural advantage that we have. And then it's also responsible to our shareholders because ultimately, we want to be a growth business, but we want to be a profitable growth business, and we want to be improving margins going forward.

我們認為5%的收益率代表了一種平衡的觀點。它使我們能夠將資金再投資於我們認為有成長潛力的領域，從而保持強大的競爭力。此外，我們擁有平台優勢，這是我們相對於競爭對手的結構性優勢。同時，這也是對股東負責的做法，因為我們最終的目標是成為一家成長型企業，但更希望成為一家獲利成長型企業，並持續提高利潤率。

Your next question comes from the line of Deepak Mathivanan with Wolfe Research.

你的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Great. Two quick ones. So first, following up on the driver incentives and incremental margins. You noted that you expect incremental margins on the rides business to be like 10% for '22. How should we generally think about the sensitivity of driver incentives through the year to that? Is that something that you can achieve even if markets come back in elevated strength globally and then maybe driver shortages kind of are more widespread geographically? And then sort of a second question on the Eats side. It seems like MAPCs, frequency, basket size were all stable quarter-to-quarter. Can you talk about whether there were any geographical discrepancies maybe in some countries where we've been reopened for a while compared to other markets?

好的。兩個問題，簡單問一下。首先，關於司機激勵和利潤率提升的問題。您提到預計2022年叫車業務的利潤率提升將達到10%左右。我們該如何看待這項成長對全年司機激勵的影響？即使全球市場強勁復甦，司機短缺的情況在地域上更普遍，您還能實現這個目標嗎？第二個問題是關於外送業務的。看起來平均每單收入（MAPC）、出單頻率和客單價都維持了季度穩定。您能否談談，在一些已經重新開放一段時間的國家，與其他市場相比，是否存在地理差異？

So first of all, in terms of your question on the drivers part, that is an annual number. And so there may be some quarter-to-quarter fluctuations because you're right, if Omicron -- if COVID has actually shown us anything, we expect the unexpected. And so we are highly confident we'll be able to manage that on an annual basis. There may be a quarter here or there.

首先，關於您提到的司機數量問題，這是一個年度數據。因此，季度之間可能會有一些波動，因為您說得對，如果說新冠疫情給我們帶來了什麼啟示的話，那就是我們應該預料到意想不到的情況。所以我們非常有信心能夠控制年度數據。可能偶爾會有一兩個季度出現波動。

And in terms of your question about our ability to do it, yes, we optimize our marketplace every single day across our 10,000 markets. And as you can tell from our -- what we achieved in Q4, we've gotten pretty good at it, particularly as the Mobility business has come back post pandemic. And so we feel pretty good about where we sit today. And so again, we're highly confident if you look at the past a couple of quarters in terms of our ability to generate the 10% incremental margin on the Mobility side.

至於您問的我們是否有能力做到這一點，答案是肯定的，我們每天都在優化我們遍布全球10,000個市場的平台。正如您從我們第四季的業績所看到的，我們在這方面做得相當出色，尤其是在疫情後出行業務復甦的情況下。因此，我們對目前的狀況感到非常滿意。再次強調，如果您回顧過去幾季的業績，我們非常有信心在旅遊領域實現10%的增量利潤。

And then I'd say on the MAPC side, we pretty much saw strength across the board. I mean if there are any call-outs, U.S. mobility MAPCs on a year-on-year basis because the U.S. had closed down on a comparable basis more than other geos was super strong. And even on a quarter-on-quarter basis, audience in Q4 for our Mobility business grew versus Q3. But it's been actually remarkably consistent. And the growth that you see in both Mobility and Delivery has been global. There are lots of ups and downs.

然後我想說，在行動應用行銷（MAPC）方面，我們看到幾乎所有業務都表現強勁。如果要特別指出的話，美國行動應用行銷（MAPC）的同比表現尤為突出，因為與其他地區相比，美國市場先前經歷了類似的停滯期。即使從季度環比來看，我們移動業務的受眾在第四季度也較第三季度有所增長。但實際上，整體成長動能非常穩定。行動和配送業務的成長都是全球性的。當然，市場也會有起伏。

But the really great thing that we're seeing now is that the diversification within our portfolio of Mobility and Delivery and then the geographic diversification allows us when something is weak, we can lean in to help things out. When one geo is particularly strong, we can take some of that strength and reinvest it in other areas. The diversification of our portfolio is really coming into play. And we kind of saw it in January. I mean no one wants to go through another COVID wave or the Omicron wave. The business was pretty darn resilient in January, which is why in Q1, you can see our guidance is stronger than Q4. That speaks to the portfolio approach really coming to the fore.

但我們現在看到的真正可喜之處在於，我們在出行和配送領域的多元化以及地理多元化，使我們能夠在某個業務疲軟時及時介入，彌補不足。當某個地區表現特別強勁時，我們可以將部分優勢重新投資到其他領域。我們多元化的投資組合正在發揮真正的作用。我們在1月就已經看到了這一點。畢竟，沒有人希望再經歷一次新冠疫情或Omicron事件的衝擊。 1月的業務表現相當穩健，這也是為什麼我們第一季的業績預期強於第四季的原因。這充分體現了投資組合策略的優勢。

Deepak, did we answer all of your questions?

迪帕克，我們回答了你所有的問題嗎？

Yes. I know that was a lot.

是的，我知道這很多。

Your next question comes from James Lee with the Mizuho Group.

下一個問題來自瑞穗集團的 James Lee。

I just want to get some regulatory update here. I think in the U.K., I think your license is up for renewal this quarter. And maybe how should we think about financial implications on the reclassification to worker class and also moving to merchant model? And also in the U.S., any update from the California appeal and the development in key states like New York and Massachusetts?

我想了解一些監管的最新情況。在英國，你們的營業執照好像這季就要到期了。另外，重新歸類為工人類以及轉為商家模式，會對財務方面產生哪些影響？還有，在美國，加州的上訴有什麼最新進展嗎？紐約州和麻薩諸塞州等關鍵州的情況又如何呢？

Yes, absolutely. I think on the U.K. license, we're in constructive dialogue with TfL. I'd say our relationship with the city of London is better than it's ever been. About 10% of our kilometers now in London are EV or clean, and we're looking to drive that up very actively in partnership with the city. So that relationship has really changed, and we're very hopeful that we get the license renewal, but we never take anything for granted. So we'll see, although we're pretty confident of our position.

是的，當然。我認為在英國的營運牌照問題上，我們與倫敦交通局（TfL）保持著建設性的對話。可以說，我們與倫敦市政府的關係比以往任何時候都好。目前，我們在倫敦的營運里程中約有10%是電動或清潔能源車輛，我們正積極尋求與市政府合作，進一步提高這一比例。因此，雙方的關係確實發生了變化，我們非常有信心能夠獲得牌照續期，但我們從不掉以輕心。所以，讓我們拭目以待，儘管我們對自身處境相當有信心。

The worker reclassification that we underwent in the U.K. was the right thing to do. There isn't a level playing field yet. We believe there should be a level playing field. We're paying for it financially now because our earners in the U.K. are workers, are getting lots of benefits that our competition essentially doesn't have to pay. But sometimes the right thing to do is expensive. And in this case, in the U.K., it's expensive. But we think with time, there will be a level playing field. There's no question about it. The only question is when it happens.

英國進行的工人重新分類是正確的做法。目前還沒有真正實現公平競爭。我們相信應該實現公平競爭。我們現在為此付出了經濟代價，因為我們在英國的員工是勞動者，他們享受許多競爭對手基本上不需要支付的福利。但有時，正確的事代價高昂。就英國而言，這樣做代價不菲。但我們相信，隨著時間的推移，公平競爭終將實現。這點毋庸置疑。唯一的問題是，它何時到來。

And I think like long term -- short term, being a good citizen, being a good company on the ground sometimes hurts financially. The long term, you get gains. We want to be in the U.K. We want to be in London for the next 10, 15, 20 years. And that means doing the right thing, and I think we are in the U.K. It will resolve itself. I can't tell you when.

我認為從長遠來看——短期來看，做一個好公民、做一個好公司有時會在經濟上造成損失。但從長遠來看，你會獲得回報。我們想留在英國，想在未來10年、15年、20年繼續留在倫敦。這意味著要做正確的事，而我認為我們目前在英國是正確的。問題最終會得到解決。但我無法告訴你具體時間。

I think as far as California goes, it's running through the process. We're very confident of our position. But I don't really have anything to share one way or the other.

我認為就加州而言，一切都在按部就班地進行。我們對自己的立場非常有信心。但我目前沒有什麼可以透露的。

Your next question comes from the line of Jason Helfstein with Oppenheimer.

你的下一個問題來自 Jason Helfstein 與 Oppenheimer 的對話。

I'm just going to ask one. Just when you think about Uber Pass and specifically restaurants and delivery, are there any deficits in capabilities or coverage in major markets versus your largest competitors and kind of how you think about that?

我只問一個問題。就您而言，當您想到 Uber Pass，特別是餐廳和外帶服務時，與最大的競爭對手相比，您在主要市場的能力或覆蓋範圍方面是否存在任何不足？您是如何看待這個問題的？

Yes, Jason. It's Uber One now. We still have to rebrand it. As far as coverage goes, our selection in urban markets, I think, is excellent and is on par or better than our competition, although it can always get better. I think it's a selection in suburbs. Our CP in suburbs still trails DoorDash. We are seeing our selection improve. We have reorganized our sales team to be much more local, to be on the ground to understand what that neighborhood restaurant is.

是的，Jason。現在叫 Uber One 了。我們還在進行品牌重塑。就覆蓋範圍而言，我認為我們在城市市場的選擇非常出色，與競爭對手持平甚至更勝一籌，當然還有提升空間。我認為郊區的選擇還有待提高。我們在郊區的覆蓋範圍仍然落後於 DoorDash。不過，我們看到郊區的選擇範圍正在改善。我們已經重組了銷售團隊，使其更加本地化，​​以便更深入地了解當地餐廳的情況。

And I'd say -- there may be a few exceptions, but the vast majority of restaurant partners want to work with more than one partner. And we are the second player but by far the biggest second player in the U.S. And we have a great sales team now, and our systems are much, much better in partnering up with those restaurants. So in the suburbs today, we do have certain gaps, and we're going to work really, really hard to make up for those gaps certainly by the end of 2022.

我想說——或許會有一些例外，但絕大多數餐廳合作夥伴都希望與不只一家公司合作。我們是第二大供應商，但卻是美國最大的第二大供應商。我們現在擁有一支優秀的銷售團隊，我們的系統在與餐廳合作方面也得到了極大的改進。因此，目前我們在郊區市場確實存在一些不足，我們將竭盡全力彌補這些不足，目標是在2022年底前實現。

Your next question comes from the line of Edward Yruma with KeyBanc Capital Markets.

你的下一個問題是來自 KeyBanc Capital Markets 的 Edward Yruma。

It seems like a lot of private capital is pushing into ultrafast delivery. I know you're even partnering with Gopuff private in the space. I guess kind of how do you view the space right now? And what do you partnership versus what do you do on your own?

似乎很多私人資本都在湧入超高速配送領域。我知道你們甚至在這個領域與 Gopuff 私募股權公司建立了合作關係。我想問您目前如何看待這個領域？你們的合作模式和獨立營運模式各有什麼不同？

Well, so as you know, we are right now primarily doing partnerships. And so we have a wonderful partnership with Carrefour in France as well. And we have a partnership with Gopuff here in the U.S. We are doing a little bit of testing on our own mainly because we do -- there's a couple of places in Taiwan and Japan where we're doing some testing. We want to understand the whole value prop and the different parts of the value chain.

如您所知，我們目前主要開展合作。我們在法國與家樂福建立了良好的合作關係，在美國也與 Gopuff 建立了合作關係。我們同時也在進行一些自主測試，主要是因為我們在台灣和日本的幾個地方進行測試。我們希望了解完整的價值主張以及價值鏈的各個環節。

I guess our view is that we definitely want to care about making sure that we have a good product delivered to our consumers. There is a lot of private capital at it. I do think over time that there will be some normalization between the private and the public markets, if you will. And so what I would say is you'll hear tomorrow, we are going after this new vertical space. We're doing it with primarily a partnership approach. And I think we are leveraging both our capabilities and trying to maintain more of an asset-light model, which I think will be beneficial.

我想我們的觀點是，我們當然希望確保為消費者提供優質的產品。目前有許多私人資本參與其中。我認為隨著時間的推移，私人市場和公共市場之間會逐漸趨於正常化。所以我想說的是，明天你們就會聽到，我們將進軍這個新的垂直領域。我們主要採用合作的方式。我認為我們正在充分利用雙方的優勢，並努力保持輕資產模式，我認為這將對我們有利。

I think the only thing to add to Nelson's commentary is that we have an enormous global footprint, which is unique amongst a lot of other players out there. We're in 32 delivery markets. And every single market has different regulatory issues. Every single city is different. And so the partner approach allows us to essentially penetrate into the many, many geographies and the many, many cities in which we operate faster in a capital-light way.

我認為唯一需要補充的是，除了納爾遜的評論之外，我們擁有龐大的全球商業版圖，這在眾多競爭對手中是獨一無二的。我們已涵蓋32個配送市場。每個市場都面臨不同的監管問題，每個城市的情況也各不相同。因此，這種合作模式使我們能夠以輕資產的方式，更快地滲透到我們營運所在的眾多地區和城市。

Our goal is with quick commerce -- to get quick commerce to as many eaters in the world as possible, as quickly as possible. We think we can move faster because we have partners who are on the ground. They understand cities -- the cities in which they operate in. They have a long history. And ultimately, we think the partner-led approach is a better approach. We'll see if that turns out to be true or not, but we're pretty confident in the early signal that we're seeing.

我們的目標是快速商業模式—盡快將快速商業模式帶給全球盡可能多的食客。我們認為，由於我們擁有實地合作夥伴，我們可以更快地推進業務。他們了解他們經營所在的城市，並且擁有豐富的經驗。最終，我們認為合作夥伴主導的模式是更優的選擇。未來結果如何，我們拭目以待，但我們對目前看到的初步跡象相當有信心。

Operator, we'll take one last question.

操作員，我們最後一個問題。

Your final question comes from the line of John Blackledge with Cowen.

你的最後一個問題來自約翰·布萊克利奇和考恩​​的系列文章。

Two questions. First, what were other delivery verticals outside of Eats as a percent of Delivery gross bookings in the fourth quarter? And then second, with the Car Next Door acquisition, could you discuss kind of the rationale? And do you expect to enter additional markets with that type of offering?

兩個問題。首先，第四季除外賣外，其他外送業務佔外送總訂單量的百分比是多少？其次，關於收購 Car Next Door，您能否談談收購的理由？您是否計劃將此類服務拓展到其他市場？

Yes, absolutely. I'll start the second one first. As far as Car Next Door goes, you'll hear more about this in Investor Day tomorrow. But we're essentially -- we want Uber rides to be a complete mobility solution. And that means essentially being there for you on any occasion where you need a car to ultimately replace first your second car but ultimately car ownership. And Car Next Door allows us to have relevancy for those situations where you need a car for -- over a weekend, et cetera. We have partnerships with Avis, Hertz, et cetera. Part of the magic of Uber is P2P, is managing a supply and demand kind of 2-sided marketplace.

當然可以。我先講第二個。至於「Car Next Door」服務，明天投資者日上會詳細介紹。但我們的目標是－我們希望Uber成為一個完整的出行解決方案。這意味著，無論何時何地，只要您需要用車，我們都能滿足您的需求，最終目標是取代您的第二輛車，甚至最終取代您擁有的汽車。 「Car Next Door」服務讓我們能夠滿足您在週末等需要用車時的需求。我們與Avis、Hertz等租車公司建立了合作關係。 Uber的成功之處在於其P2P模式，即管理一個供需平衡的雙邊市場。

Car Next Door is a 2-sided rental marketplace, great business in Australia. Australia is a spectacular market for us in both Mobility and Delivery. So it's coming into a market with a lot of strength. And yes, our ambition is absolutely to go global. And we have audience here, like this is the playbook that we run with New Verticals. We're going global with Eats. We went global -- and I think with peer-to-peer car rentals, yes, we'll go global. We'll make sure we do it in the right way.

Car Next Door 是一個雙邊租賃平台，在澳洲的業務非常成功。澳洲對我們來說是一個極具潛力的市場，無論是在出行或配送領域。因此，我們進入這個市場時就擁有強大的實力。是的，我們的目標是走向全球。我們在這裡擁有受眾群體，這正是我們拓展新業務的策略。我們已經透過 Eats 實現了全球擴張。我們已經走向了全球——我認為，在點對點汽車租賃領域，我們也會走向全球。我們會確保以正確的方式實現這一目標。

Nelson, do you want to talk about New Verticals as a percentage of GBs?

尼爾森，你想談談新垂直領域佔GB的百分比嗎？

Yes. So right, in the fourth quarter, New Verticals approached about a $4 billion run rate. And so if you think about it, in Q4, we were at $54 billion run rate for the total Delivery marketplace. So it's pretty simple math.

是的。沒錯，第四季度，新垂直領域的年化收入接近40億美元。所以你想想，第四季整個配送市場的年化收入達到了540億美元。所以這很容易算。

And I think one of the cool other metrics other than GBs that we measure is what percentage of our monthly active platform customers are ordering from New Verticals. So in Q4, about 12% of our monthly actives had a new vertical order in kind of our focus markets because we're not yet deep in every single market out there. That's another metric that we closely track. As that MAPC number goes up, gross bookings will go up as well.

我認為除了流量（GB）之外，我們衡量的另一個很棒的指標是：每月活躍用戶中有多少百分比來自新的垂直領域。例如，在第四季度，大約12%的每月活躍用戶在我們重點關注的市場中下了新的垂直領域訂單，因為我們還沒有深入到所有市場。這是我們密切關注的另一個指標。隨著每月平均訂單金額（MAPC）的成長，總訂單量也會隨之增加。

All right. That's it, everyone. Thank you very much for joining us on the call and just shout out to the Uber team. It's been a long year. I think the team really turned around in the second half. We delivered a great Q4, and I'm more confident than ever in our prospects for 2022 because of the work that the team has done. So thanks, everyone.

好了，就到這裡吧。非常感謝各位參加這次電話會議，也特別要感謝優步團隊。這一年過得很漫長。我認為團隊在下半年真正實現了扭轉局面。我們在第四季表現出色，也因為團隊的努力，我對2022年的前景比以往任何時候都更有信心。所以，謝謝大家。

Ladies and gentlemen, thank you for your participation. This concludes today's conference call. You may now disconnect.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束，您可以斷開連線了。