優步 (UBER) 2025 Q3 法說會逐字稿

Hello, and welcome to the Uber third quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Balaji Krishnamurthy, Vice President, Strategic Finance, Investor Relations. You may begin.

大家好，歡迎參加優步2025年第三季財報電話會議。（操作員指示）現在我將會議交給策略財務和投資者關係副總裁巴拉吉·克里希那穆提 (Balaji Krishnamurthy)。你可以開始了。

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

謝謝你，莎拉。感謝各位今天蒞臨，歡迎參加 Uber 2025 年第三季財報發表會。今天參加電話會議的有 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 to non-GAAP measures are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com.

在今天的電話會議上，我們將介紹 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 與非 GAAP 指標的調節表，均包含在新聞稿、補充幻燈片和我們向美國證券交易委員會提交的文件中，所有這些文件都已發佈在 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 vary -- 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.

本次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。實際結果可能有所不同—可能與這些前瞻性聲明有重大差異，除法律要求外，我們不承擔更新今天所作任何前瞻性聲明的義務。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our most recent Form 10-K and in other filings made with the SEC.

有關可能導致實際結果與前瞻性聲明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在最新的 10-K 表格和向美國證券交易委員會提交的其他文件中描述的風險和不確定性。

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

今天早些時候，我們已在投資者關係網站上發布了季度收益新聞稿、準備好的演講稿和補充幻燈片，如果您尚未查看這些文件，請盡快查看。Dara 將作簡短的開場白，之後我們將開始接受提問。那麼，就讓我把麥克風交給達拉吧。

Thanks, Balaji. Q3 was an outstanding quarter for Uber, driven by a powerful combination of innovation and execution. Trips grew 22%, marking our fastest growth since 2023. Both lines of business accelerated with mobility trips coring 21%, significantly exceeding our expectations. This top line strength was fueled by record audience and engagement, up 17% and 4%, respectively.

謝謝你，巴拉吉。在創新和執行的強大推動下，Uber 第三季表現出色。出行次數增加了 22%，創下自 2023 年以來的最快成長紀錄。兩項業務線均加速成長，其中出行出行業務成長 21%，遠超我們的預期。這一強勁的營收成長得益於創紀錄的觀眾人數和互動人數，分別成長了 17% 和 4%。

Gross bookings grew 21%, while average pricing remained relatively flat. This translated into record adjusted EBITDA and free cash flow, reinforcing our ability to deliver affordability for consumers while generating strong operating leverage. We're expecting more of the same strong performance in Q4 with another quarter of high teens gross bookings growth and low to mid-30s EBITDA growth.

總預訂量增加了 21%，而平均價格保持相對穩定。這轉化為創紀錄的調整後 EBITDA 和自由現金流，鞏固了我們為消費者提供可負擔產品並產生強大營運槓桿的能力。我們預計第四季度業績將繼續保持強勁勢頭，總預訂量將再次實現兩位數以上的成長，EBITDA 將實現 30% 左右的成長。

In fact, we hit a new record over Halloween weekend, this most recent Halloween with more than 130 million trips across Mobility and Delivery and generating more than $2 billion in gross bookings. While we're proud of what we built, we're even more focused on what comes next. As I often remind the team, great technology companies deliver today while building for tomorrow. To that end, we've defined six strategic areas of focus to guide our next phase.

事實上，我們在萬聖節週末創下了新的紀錄，最近的萬聖節期間，出行和配送業務的出行量超過 1.3 億次，總預訂額超過 20 億美元。雖然我們為我們所取得的成就感到自豪，但我們更關注接下來的發展。我常提醒團隊，優秀的科技公司在服務當下的同時，也為未來發展奠定基礎。為此，我們確定了六個策略重點領域，以指導我們的下一階段工作。

First, from Trip experience to Lifetime experience. We're deepening engagement across our platform with cross-platform consumers spending 3 times more and retaining 35% better than single product users. Second is building a hybrid future, seamlessly integrating human drivers and autonomous vehicles into a single marketplace, giving us unmatched flexibility and efficiency. Third, investing in local commerce, expanding rapidly into grocery retail now and an approximately $12 billion gross bookings run rate and growing significantly faster than restaurant delivery.

首先，從旅行體驗到人生體驗。我們正在加深用戶在我們平台上的參與度，跨平台消費者的消費額是單一產品用戶的 3 倍，用戶留存率也比單一產品用戶高出 35%。其次是建構混合未來，將人類駕駛和自動駕駛汽車無縫整合到單一市場中，賦予我們無與倫比的靈活性和效率。第三，投資本地商業，目前正迅速擴展到食品零售領域，毛預訂量年化約 120 億美元，成長速度明顯快於餐飲外送。

Fourth is multiple gigs. This is broadening earning opportunities for 9.4 million drivers and couriers, including new digital tasks powered by Uber AI solutions. Fifth is becoming a growth engine for merchants, helping our over 1.2 million merchant partners drive significant incremental sales through ads, offers and new demand channels like Uber Direct as well as new partnerships.

第四點是同時進行多場演出。這將為 940 萬名司機和快遞員拓寬收入機會，包括由 Uber AI 解決方案支援的新數位任務。Fifth 正在成為商家的成長引擎，幫助我們超過 120 萬商家合作夥伴透過廣告、優惠和 Uber Direct 等新需求管道以及新的合作夥伴關係，推動顯著的成長銷售額。

And then finally, Generative AI, embedding intelligence across Uber to enhance productivity, optimize our operations and deliver more personalized consumer experiences. You'll see us invest in these areas with our product, our people and our capital in the years ahead.

最後，我們將引入生成式人工智慧，將智慧技術融入 Uber 的各個方面，以提高生產力、優化營運並提供更個人化的消費者體驗。未來幾年，您將會看到我們在這些領域投入我們的產品、人才和資金。

They're designed to deepen customer relationships, grow our technology advantage and to extend the profitability flywheel that we built. The strong execution, a unified global platform and unmatched scale, we're building the next generation of Uber, one that's positioned to create lasting value for many, many years ahead.

它們旨在加深客戶關係，增強我們的技術優勢，並擴大我們建立的獲利飛輪效應。憑藉強大的執行力、統一的全球平台和無與倫比的規模，我們正在打造下一代 Uber，它將在未來許多年創造持久的價值。

With that, operator, why don't we start questions?

操作員，那我們開始提問吧？

Douglas Anmuth, JPMorgan.

道格拉斯·安穆斯，摩根大通。

Thanks for taking the questions. Dara, can you just talk about the path to increase the 20% of [MAP] season markets where you have mobility and delivery, they use Uber One and you talk about these drivers of cross-platform usage. And then could you expand on the recently announced NVIDIA partnership. Both of you have invested in several [baby] tech providers. You've also talked about deploying 100,000 vehicles. Can you talk about the time line and then who will own the fleet in that scenario? Thanks.

謝謝您回答問題。Dara，可以談談如何增加 [MAP] 旺季市場 20% 的份額嗎？在這些市場中，出遊和配送都比較便利，他們使用 Uber One，而你則談到了這些跨平台使用的驅動因素。那麼，您能否詳細介紹最近宣布的與英偉達的合作關係呢？你們兩個都投資了好幾家（嬰兒）科技公司。您也提到部署 10 萬輛汽車。您能談談時間表嗎？在這種情況下，艦隊的所有權將歸誰所有？謝謝。

Sure, absolutely. So in terms of cross-platform and the penetration there, as we talked about, about 20% of consumers where we operate both mobility and delivery because we know and operate mobility delivery in every single country that we operate in. Only 20% of consumers are active across both businesses. And for example, 30% of our mobility riders have never tried any Uber Eats offering and 75% have never tried gross in retail. And typically, where we see a higher penetration of that is in markets where mobility and delivery are particularly strong in terms of their penetration, Australia would be an example of that.

當然可以。因此，就跨平台和滲透率而言，正如我們所討論的，在我們同時運營移動出行和配送服務的地區，約有 20% 的消費者透過我們平台進行出行和配送，因為我們了解並運營我們在每個運營國家提供的移動出行配送服務。只有 20% 的消費者同時活躍於這兩個產業。例如，30% 的旅遊用戶從未嘗試過 Uber Eats 的任何服務，75% 的用戶從未嘗試過零售業的粗體字。通常情況下，我們在移動出行和配送滲透率特別高的市場會看到更高的滲透率，澳洲就是一個例子。

And so just mathematically, the cross-platform crossover is higher. What we have now done, what we're doing now is to set of specific programs to drive cross-platform behavior. So you'll see kind of [Top Tabs] and Rise and Uber Eats app to make it easier to transact across the various businesses. We're creating like personalized experiences to upsell based on context, let's say, [ride to eat]. If you're going to work, we'll offer you Starbucks on the way to work. That's a great incremental business for Starbucks and it's kind of a delightful experience for you as well.

因此，僅從數學角度來看，跨平台交叉率更高。我們現在所做的，以及我們正在做的，是製定一系列具體計劃來推動跨平台行為。所以你會看到類似 [頂部標籤] 和 Rise 以及 Uber Eats 應用程序，以便更輕鬆地在各個商家之間進行交易。我們正在創造類似個人化的體驗，以便根據具體情況進行追加銷售，比如說，[騎車去吃飯]。如果你要去上班，我們會在你上班途中提供星巴克咖啡。這對星巴克來說是一筆不錯的額外收入，對你來說也是個愉快的體驗。

And then, of course, membership is a huge factor in deepening kind of our own relationship with consumers, but then also introducing cross platform as well. So all of those are various ways to drive cross-platform the average cross-platform consumer is spending 3 times more than kind of monoline consumers. So it's just a mathematical and unique advantage that we have. And I think we're very, very early in terms of the innings in terms of driving cross-platform activity.

當然，會員制是加深我們與消費者關係的重要因素，同時也是引進跨平台合作的重要因素。以上都是推動跨平台消費的各種方式，平均而言，跨平台消費者的消費額是單一通路消費者的 3 倍。所以這是我們擁有的一個獨特的數學優勢。我認為，在推動跨平台活動方面，我們還處於非常非常早期的階段。

It's happening naturally. And again, a lot of innovation going on from the teams to make sure that when we target cross-platform usage, we're doing with kind of with the right context and not getting in the way of your just ordering pizza on a Friday night.

這是自然而然發生的。此外，團隊正在進行大量創新，以確保我們在瞄準跨平台使用時，是在正確的背景下進行的，而不是妨礙你在周五晚上訂購披薩。

In terms of NVIDIA, we are very, very excited about the partnership there. NVIDIA is creating with [Hyperion] like a reference architecture for [L4 ready] autonomous that they are going to make available to any OEM out there. And if you kind of step back and you think about the strategy, a future 10 years from now, where every single new car sold, is not only [L3 ready] if it's a personal car, but it's also [L4 ready] if you want to contribute that car to a ride-sharing platform like ours or fleets might buy those cars as well.

就與英偉達的合作而言，我們感到非常非常興奮。NVIDIA 正在利用 [Hyperion] 建立 [L4 就緒] 自動駕駛參考架構，並將向所有 OEM 廠商提供該架構。如果你退後一步，思考一下未來的策略，10 年後，每一輛售出的新車，如果是私家車，不僅要具備 [L3 級自動駕駛能力]，而且如果你想把這輛車貢獻給像我們這樣的共享出行平台，或者車隊也可能購買這些車輛，那麼它也必須具備 [L4 級自動駕駛能力]。

That is a very bright future for the world because it will make the world safer in terms of these autonomous vehicles being super safe, not getting distracted in terms of driving, but it's also very good for our ecosystem and that we will have already kind of supply of cars on our platform as well. And we are very early, but I think that we're quite confident in demonstrating that cars, L4 cars that are on our platform can drive higher revenue per car per day than cars than aren't on our platform.

這對世界來說是一個非常光明的未來，因為這些自動駕駛汽車超級安全，不會分散駕駛員的注意力，這將使世界更加安全；而且這對我們的生態系統也很有好處，因為我們的平台上也將已經有一定的汽車供應。雖然現在還處於非常早期的階段，但我認為我們很有信心證明，在我們平台上的 L4 級自動駕駛汽車，其每日每輛車的收入可以高於不在我們平台上的汽車。

So we think that the NVIDIA strategy and our strategy is very much aligned. We announced the relationship also with [Stellantis] with a initial 5,000 vehicles that are going to be powered by NVIDIA as well. But we expect that to scale significantly more going forward. We will use our -- again, NVIDIA is building the software as well. So it's a hardware platform, but NVIDIA is also investing in building out L4 software stack that will be than essentially distributable on any car using the [Hyperion 10] platform, which is a great reference architecture.

因此，我們認為英偉達的策略和我們的策略非常契合。我們也宣布與 [Stellantis] 建立合作關係，首批 5,000 輛汽車也將採用 NVIDIA 的技術支援。但我們預計未來這一趨勢將會顯著擴大。我們將使用我們自己的——同樣，NVIDIA 也在開發該軟體。所以它是一個硬體平台，但 NVIDIA 也在投資建構 L4 軟體堆疊，基本上可以分發到任何使用 [Hyperion 10] 平台的汽車上，這是一個很棒的參考架構。

And then in terms of who's going to own the fleet, we will -- we can lean in with our balance sheet early on to kind of establish the economics of these fleets. But eventually, we think that you're going to have -- just like you've got these REITs owning hotels, better yield vehicles, I think that you will see yield vehicles show up for fleets in terms of whether they're owned by private equity or public fleets out there. So we can lean in with our balance sheet, but we think that all these assets are going to be financialized over a period of time.

至於誰將擁有這些船隊，我們可以儘早利用我們的資產負債表來確定這些船隊的經濟效益。但最終，我們認為你會看到——就像現在有房地產投資信託基金擁有酒店一樣，更好的收益工具也會出現，我認為你會看到車隊也會出現收益工具，無論它們是由私募股權公司還是公共車隊擁有。所以我們可以加大對資產負債表的投入，但我們認為所有這些資產最終都會在一段時間內實現金融化。

So very excited about the partnership. Obviously, if there's one ally you want in the world in terms of AI or autonomous is NVIDIA and super excited to innovate with them.

非常高興能與大家合作。顯然，在人工智慧或自動駕駛領域，如果你想找一個盟友，那一定是英偉達，我非常期待與他們一起創新。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the questions. On the delivery side of the business, as you continue to widen out the array of what you're offering users, can you talk a little bit about how much of that is a stimulant to new user growth for Uber Eats or a driver of increased frequency across the broader platform, just to better understand where the sort of the output of the yield is showing up in the business.

非常感謝您回答這些問題。在業務配送方面，隨著你們不斷擴大為用戶提供的服務範圍，能否談談這其中有多少刺激了 Uber Eats 的新用戶增長，或者推動了整個平台用戶使用頻率的提高，以便更好地了解這些舉措在業務中帶來的產出。

And then on the AV side, maybe the building on Doug's question, where you've rolled out AVs today, what have you learned so far with respect to the impact of more supply on the road and how it helps either stimulate demand or impact on the pricing side? Thanks so much.

然後，關於自動駕駛汽車方面，也許可以回答 Doug 提出的問題，你們現在已經推出了自動駕駛汽車，到目前為止，你們了解到，增加道路上的供應量會對哪些方面產生影響，以及這如何幫助刺激需求或對價格產生影響？非常感謝。

Yes. Eric, it's Prashant. I'll take the first part of that on delivery and then let Dara address the AV side. We had a -- we're really thrilled with how the delivery business has accelerated. For the third quarter, it's the fastest growth we've seen in four years, four points of acceleration.

是的。艾瑞克，我是普拉尚特。我會負責交付的第一部分，然後讓 Dara 處理音視頻方面的問題。我們對快遞業務的快速發展感到非常興奮。第三季是四年來最快的成長速度，成長速度提高了四個百分點。

And it's really -- you're seeing that growth pretty broad across multiple markets. and it's coming from investments that we're making in a number of areas on improving the product.

而且，這種成長確實遍及多個市場，非常廣泛。這源自於我們在多個領域對產品改進所做的投資。

On the grocery and retail side specifically, we're very excited on how grocery and retail is leading to an introduction of folks into the online food delivery as well. And we're seeing great growth, and I think we have some data in our supplemental charts that show some of the statistics around that, which is gross and retail being a source of creating consumers for the online delivery, grocery and retail. It's a great TAM for us. I think in the prepared remarks, we may have mentioned that we're at now a $12 billion run rate, which is it's growing at a meaningfully faster rate than our online food delivery. And we'll continue to lean into that grocery retail business, which is now variable contribution positive.

具體到食品雜貨和零售方面，我們非常高興地看到食品雜貨和零售業正在引領人們進入線上食品配送領域。我們看到了巨大的成長，我認為我們的補充圖表中有一些數據顯示了相關的統計數據，即毛利和零售是線上配送、雜貨和零售的消費者來源。對我們來說，這是一個很棒的TAM。我認為在事先準備好的發言稿中，我們可能提到過，我們目前的年化收入為 120 億美元，這意味著它的成長速度明顯快於我們的線上食品配送業務。我們將繼續加大對食品零售業務的投入，目前已實現可變貢獻為正。

So it's helping us carry its own weight with high growth and really working quite complementary with delivery.

因此，它幫助我們實現了自身的高速成長，並且與交付環節形成了很好的互補作用。

And then as Dara just answered in Doug's question, it's a cross-platform strategy that we're working on to help folks move across all three of our LOBs.

正如 Dara 在 Doug 的問題中所回答的那樣，我們正在製定一項跨平台策略，以幫助人們在我們所有三個業務線之間遷移。

And then, Eric, in terms of how AVs are affecting the overall business, listen, it's very, very early, the biggest scale operations that we've got are with Waymo in Austin and Atlanta. And what we are seeing is that those markets are growing faster than other US markets. And this is in a Q3 where the US actually accelerated nicely Q3 over Q2.

然後，艾瑞克，關於自動駕駛汽車對整個業務的影響，聽著，現在還處於非常非常早期的階段，我們目前規模最大的營運是與 Waymo 在奧斯汀和亞特蘭大的合作。我們看到的是，這些市場的成長速度比美國其他市場更快。而且，美國經濟在第三季實際上比第二季有了顯著的加速成長。

So the overall US market is strong, but we're finding that, for example, growth in Phoenix often Atlanta was more than twice the rest of the US So that's certainly a good signal. What that has also led to is that driver earnings in those markets are super, super healthy as well.

因此，美國整體市場表現強勁，但我們發現，例如，鳳凰城和亞特蘭大的成長速度是美國其他地區的兩倍多，這無疑是一個好兆頭。這也導致這些市場的司機收入也非常非常可觀。

So in Austin, for example, where we have the most AVs on the ground, drive our earnings per hour actually outpaced the rest of the US So whether or not the growth in those markets is correlation or causal, it's too soon to tell. But the market certainly look healthy. Our partnership with Waymo continues to be excellent from an operational standpoint. Waymo utilization is still very, very high.

例如，在奧斯汀，我們擁有最多的自動駕駛汽車，每小時的收入實際上超過了美國其他地區。因此，這些市場的成長是相關性還是因果關係，現在下結論還為時過早。但市場看起來確實很健康。從營運角度來看，我們與 Waymo 的合作關係依然非常出色。Waymo 的利用率仍然非常非常高。

And what we're seeing is an overall market that's healthy as well, which is a really good signal as we transition to this hybrid network of AVs and human drivers.

我們看到的是整體市場狀況良好，這對於我們向自動駕駛汽車和人類駕駛員混合網路過渡來說是一個非常好的訊號。

All right, next question.

好的，下一個問題。

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

Thanks for taking my questions. I have two, one on Mobility and one on Delivery. The first one on Mobility, the US business seems to be doing very well again. Just curious for any further color on progress you're making in the urban versus suburban strategy or the sparse city strategy that you talked about call it, six or nine months ago, sort of drivers of that growth and the nice trip growth you're seeing in the US, urban versus suburban.

謝謝您回答我的問題。我有兩個職位，一個負責出行，一個負責配送。第一篇關於移動出行的文章指出，美國市場似乎再次表現良好。我很好奇您在城市與郊區戰略或您六個月前或九個月前提到的稀疏城市戰略方面取得的進展，以及您在美國看到的城市與郊區之間增長和宜居旅行增長的驅動因素。

Now in Food Delivery, any color you can give us about the European food delivery business. One of your competitors is going to be entering a couple of those markets potentially a little more aggressively to come. How do you sort of think about the key investment areas into '26 you're focused on in the European food delivery business? Thanks.

現在，在食品配送領域，您可以向我們介紹歐洲食品配送產業的任何情況。你的一個競爭對手可能會以更激進的方式進入其中幾個市場。您認為2026年歐洲食品配送業務的關鍵投資領域有哪些？謝謝。

Okay. Thanks, Brian. I'm going to handle the first question on mobility and then Dara will talk about competitors in the food delivery space.

好的。謝謝你，布萊恩。我將回答第一個關於旅行方面的問題，然後 Dara 將談談食品配送領域的競爭對手。

So the sparse geography strategy, which we had talked about. This originally, if you recall, this originally was an output of the work that we had led on focusing on how to increase our delivery business. And in that analysis and as we begin to look at how we can make better progress on delivery, we identified that there was more opportunities for us to continue to push on sparse geographies in the mobility area.

所以，我們之前討論過的稀疏地理戰略。如果你還記得的話，這最初是我們主導開展的關於如何增加配送業務的工作的成果。在分析過程中，當我們開始研究如何在交付方面取得更好的進展時，我們發現，在出行領域，我們還有更多機會繼續在稀疏的地區推進。

And the benefit that we're seeing there really is first, it's a very large footprint. So as we look across the globe here and similar for the US our sparse geographies are actually growing at about 1.5 times the rate of our denture market, and the penetration opportunity in these sparse markets continues to be quite high. We -- our rough take is that we're maybe 20% into what the opportunity is on the sparse market. So still lots of upside there.

我們看到的好處首先是，它的佔地面積非常大。因此，當我們放眼全球，美國的情況也類似，人口稀少的地區實際上正以約 1.5 倍的速度成長，而這些稀少市場的滲透機會仍然相當高。我們粗略估計，我們可能只抓住了稀缺市場機會的 20%。所以，這方面仍有很大的上漲空間。

And again, that's global numbers, but you're sort of seeing similar demographics for the US, which I think is where your question was.

再次強調，這是全球數據，但美國的人口結構也類似，我想這就是你問題所在。

So in focusing on the sparse geographies, we're really focused on three areas. It is on the expanding the availability of the product, increasing the reliability of the product and then ensuring that we have the right product fit. So for example, the wait and save product has been an excellent match for the sparse geographies because typically.

因此，在關注人口稀少的地區時，我們主要關註三個領域。關鍵在於擴大產品的供應範圍，提高產品的可靠性，並確保我們提供的產品能滿足客戶的需求。例如，等待和節省產品非常適合人口稀少的地區，因為通常情況下。

When you're in a more suburban environment -- you're in a situation where you don't mind waiting a little bit for your ride, which gives us the ability to find the right match and to compensate for the lower density of cars, which may be in that market. So all of that is continuing to feed the flywheel, and we feel very excited about how smart geographies are going to continue to provide growth for our US market for many quarters to come.

當你在郊區環境中時——你不會介意稍微等一會兒車，這讓我們能夠找到合適的匹配，並彌補該市場汽車密度較低的情況。因此，所有這些都在持續推動成長，我們非常高興看到智慧地理區域將在未來許多季度繼續為我們的美國市場帶來成長。

I'll hand here now to Dara to talk about the Delivery Competition environment.

現在我把麥克風交給 Dara，讓她談談外送競爭環境。

Yes, absolutely. So we are very happy about our position in Europe. We've got the leading position in Europe. We have become the number one player in the U.K. We've been the number one player in France for some period of time.

是的，絕對的。因此，我們對自身在歐洲的地位感到非常滿意。我們在歐洲佔據領先地位。我們已經成為英國排名第一的球員。我們也曾長期維持法國排名第一的球員的地位。

We're gaining category position very solidly in both Spain and Germany. I was visiting there last week to visit with the teams and understand a bit more with -- about the market. So the momentum in Europe and the profitability in Europe is excellent.

我們在西班牙和德國的品類地位都得到了非常穩固的提升。我上週去那裡拜訪了團隊，並更多地了解了市場情況。因此，歐洲市場的發展動能和獲利能力都非常出色。

And listen, food is a huge category. It's no surprise. This is [$2 trillion] TAM and food and kind of [$10 trillion] in grocery. So competition is going to be a fact. We have built a position in Europe organically and some of our competitors have had to buy their way into a European position, and that's always more difficult because it comes with a bunch of integration, mess, et cetera, that we don't have to deal with.

而且，食物是一個非常大的類別。這不足為奇。這是價值 2 兆美元的 TAM，食品和雜貨市場規模約為 10 兆美元。所以競爭是必然的。我們透過自身努力在歐洲建立了地位，而我們的一些競爭對手不得不透過購買來獲得歐洲地位，這總是更困難的，因為它伴隨著大量的整合、混亂等等，而我們不必處理這些問題。

And I think from our standpoint, we're going to do more of the same, which is it's all about expanding merchant selection and improving service, improving reliability in terms of delivering the food to you exactly as expected at the right time. we're going to use the power of the platform to drive cross-sell and membership as well. And then we're going to continue to kind of deepen our partnership with the ecosystem. You've seen announcements with [OpenTable Instacart, iFood] as well in Brazil, not in Europe, obviously, but in Brazil.

我認為從我們的角度來看，我們將繼續沿用之前的做法，即擴大商戶選擇範圍，提升服務質量，提高送餐的可靠性，確保食物在正確的時間以您期望的方式送達。我們也將利用平台的力量來推動交叉銷售和會員發展。然後我們將繼續深化與生態系統的合作關係。您可能已經在巴西看到了 [OpenTable Instacart, iFood] 的相關公告，顯然不是在歐洲，而是在巴西。

And I think the last thing that I would say is, we competed with a number of these players outside of the US We compete with [DoorDash] in many markets, in Australia, Japan, Canada and we've been gaining category position in those markets for some period of time. So competition against these players is nothing new. And certainly, in the US, in Europe and the rest of the world, we have been a category gainer for some period of time. while improving profitability, and I expect that to continue.

最後我想說的是，我們在美國以外也與許多競爭對手展開了競爭。我們在澳洲、日本、加拿大等許多市場與 DoorDash 競爭，並且在這些市場中已經佔據了一定的市場地位一段時間了。所以與這些球員的競爭並非新鮮事。當然，無論是在美國、歐洲或世界其他地區，我們已經連續一段時間保持品類成長，同時獲利能力也在不斷提高，我預計這種情況還會持續下去。

Great. All right, let's take another question.

偉大的。好的，我們來看下一個問題。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Great, thanks for taking my question. Just would love to hear you talk about the margin flow-through in the quarter if you made any extra investments? And then second, you're thinking about the investments you're going to need over the next 12, 18 months to really scale your AV business? And could that impact Mobility margins? Thank you.

太好了，謝謝你回答我的問題。如果您進行了任何額外投資，我很想聽聽您談談本季利潤率的轉換情況？其次，您是否在考慮未來 12 到 18 個月內，為了真正擴大您的影音業務規模，您需要進行哪些投資？這是否會影響移動出行市場的利潤率？謝謝。

Okay. Yes. Justin, I'll take the first one, and I'll let Dara sort of comment on that second one there. So maybe let's take a step back to reflect on third quarter. Our profit, our EBITDA was up 33% and year over year. And as a result, we hit an all-time high for our margins at 4.5% of [GB], which is up roughly 40 bps year over year. The outlook for Q4 is pretty consistent. Another rinse and repeat and we are tracking exactly where we want to be against the three year framework we gave you in February of '24, and that is mid- to high teens gross bookings growth and a high 30% to 40% EBITDA CAGR.

好的。是的。賈斯汀，第一個問題我來回答，第二個問題就讓達拉來評論吧。所以，或許我們應該回顧一下第三季的情況。我們的利潤，即 EBITDA，年增 33%。因此，我們的利潤率達到了歷史新高，為 4.5% [GB]，比去年同期成長了約 40 個基點。第四季的前景相當穩定。再重複一遍，我們就能準確地朝著我們在 2024 年 2 月提出的三年框架的目標前進，那就是實現 15% 到 10% 的毛預訂量增長和 30% 到 40% 的 EBITDA 複合年增長率。

We really are proud of how we've been able to drive profitable growth at scale here, both Mobility and Delivery are accelerating, and that's accelerating off of a pretty enormous base. So it is tough to really defy the law of large numbers. And with that growth, we're converting that into the strong profitability and generating a ton of cash, almost $9 billion on a trailing 12 month, which were which we're using to reduce share count.

我們非常自豪能夠在這裡實現規模化的獲利成長，出行和配送業務都在加速發展，而且這是在一個非常龐大的基數上實現的。所以，要真正違背大數定律是很困難的。隨著業務成長，我們將其轉化為強勁的獲利能力，並產生了大量的現金，過去 12 個月接近 90 億美元，我們正在利用這些現金來減少股票數量。

So we are very deliberately as we have said for several quarters now, we are very deliberately moderating the pace of our margin expansion. Over the last couple of years, we demonstrated that this enterprise and this business model can be profitable.

因此，正如我們過去幾季以來一直強調的那樣，我們正在非常謹慎地放緩利潤率擴張的速度。在過去的兩年裡，我們已經證明，這種企業和這種商業模式可以獲利。

We've taken our -- for example, we've taken our delivery business from when I joined in late '23 from like a low 2% EBITDA margin to now almost 4%. And that has been through to demonstrate that this is a great business. These are both great businesses. With that, we're now asking investors measure us on total profitability understand that we are committed to annual profit expansion year over year profit expansion for as far into the future as we can see. But we will sort of run the balance between the two product lines and on a sequential basis to make investments.

例如，自從我 2023 年底加入公司以來，我們的配送業務的 EBITDA 利潤率從 2% 左右提高到了現在的近 4%。事實證明，這是一家非常成功的企業。這兩家公司都很優秀。因此，我們現在要求投資者以整體獲利能力來衡量我們，並理解我們致力於在未來盡可能長時間內實現逐年利潤成長。但我們會平衡兩條產品線之間的關係，並依序進行投資。

And that's because we -- as we've said many times, we have so many exciting opportunities to invest in I won't go through a big laundry list here, but Dara has already mentioned the exciting things we see on cross platform. The investments we're making in affordability and low-cost product offerings is partly what is responsible for the acceleration in mobility that we're talking about.

這是因為我們——正如我們多次說過的那樣——我們有很多令人興奮的投資機會。我不會在這裡一一列舉，但達拉已經提到了我們在跨平台領域看到的令人興奮的事情。我們在提高產品可負擔性和降低成本方面所做的投資，在某種程度上促成了我們所說的出行方式的加速發展。

In some earlier questions, we talked about grocery and retail, which are being a great source of adding new consumers. So I could go on and on, but that's the model, and we're excited about the future. And I would just continue to remind investors focus on our overall profit dollar expansion and know that we are committed to grow that on an annual basis for as far into the future as we can see.

在先前的一些問題中，我們談到了食品雜貨和零售業，它們是增加新消費者的重要來源。我還可以繼續說下去，但這就是我們的模式，我們對未來充滿期待。我還要繼續提醒投資者關注我們整體利潤美元的成長，並且要知道，我們致力於在未來盡可能長的時間內實現年度利潤成長。

Let me now relate that among the many exciting investment opportunities to hand off to Dara to talk about investment opportunities in AV.

現在讓我把眾多令人興奮的投資機會交給 Dara，讓她談談 AV 領域的投資機會。

Yes, Justin, so just putting some perspective in terms of AV, is not profitable today. And any new product that we introduced into the marketplace starts off in a position where we're losing money, and we're unprofitable. And the pattern is the same every single time, introduce a new product, invest in building up supply of that product. Once we invest in building out that supply of that product, we build up liquidity in the ecosystem. And as we build up liquidity, we build more consumer demand as liquidity and reliability improves, consumer demand improves as does willingness to pay to improve.

是的，賈斯汀，所以從視聽設備的角度來看，目前來看並不獲利。我們推出的任何新產品一開始都會虧損，我們是不獲利的。每次都是同樣的模式：推出新產品，投資增加產品的供應。一旦我們投資擴大該產品的供應，我們就能在生態系統中建立流動性。隨著流動性的增加，消費者需求也會增加；流動性和可靠性的提高，消費者的需求和支付意願都會隨之提高。

Like that, we've done it 10 times, 15 times over and over again. And if you look at our strategy on the mobility business, it's a bit of a barbell strategy. So we've got kind of UberX, which is kind of the baseline business. And then we have some premium products like [U4B], Uber for business that has premium margins like black and reserve that also come with premium margins as well. And we use those premium margins to invest into some of the categories that we're trying to build our growth back, for example.

就這樣，我們重複了 10 次、15 次，一遍又一遍。如果你看看我們在旅遊業務方面的策略，你會發現它有點像啞鈴策略。所以我們現在有了類似 UberX 的服務，這算是我們的基礎業務。然後我們還有一些高階產品，例如 [U4B]，即 Uber for Business，它具有更高的利潤率，就像黑卡和尊享卡一樣，也具有更高的利潤率。例如，我們會利用這些溢價利潤投資於我們正在努力恢復成長的一些類別。

So this was taxi. It was 2-wheelers moto, three wheelers, autorickshaws in India is UberX share, for example. All of those products have been unprofitable when we launch. And as we build out liquidity kind of the profitability of those products improves, and frankly, we can turn those products profitable if we wanted tomorrow, but it's about the balance of investing in profitability and growth.

這就是出租車。例如，印度的兩輪摩托車、三輪車和自動人力車就是 UberX 共享旅遊服務。所有這些產品在上市之初都未能獲利。隨著我們不斷增加流動性，這些產品的獲利能力也會提高。坦白說，如果我們願意，明天就能讓這些產品獲利，但關鍵在於獲利能力和成長之間的平衡。

The same is true of AV here, which is as we're building out our supply base, we'll lose money in AV. I expect that AV won't be profitable for a few years going forward. And as we build liquidity, we can take margins up. Right now, it looks exactly like a number of our early products and kind of we can balance the overall margins of our mobility business with this barbell strategy of premium products, feeding some of our investment products and feeding some of the new growth bets.

AV領域的情況也是如此，隨著我們不斷擴大供應基礎，我們在AV領域將會虧損。我預計AV在未來幾年內不會獲利。隨著流動性的增加，我們可以提高保證金。目前來看，它與我們早期的一些產品非常相似，我們可以透過這種高端產品的槓鈴策略來平衡我們出行業務的整體利潤率，同時為我們的一些投資產品和一些新的成長投資提供資金。

As it relates to AV, we'll also use our balance sheet. We'll kind of invest in the AV ecosystem, various players. We will -- we have established a global kind of fleet network to make sure that they can clean the cars, recharge the cars, et cetera. And we're also investing in AV data collection and partnership with NVIDIA, so that we are collecting kind of ride share specific data that we can provide to our partners as well. So this is -- it's something we've done multiple times, and we expect to run the play again in AV in terms of the barbell strategy that we've got.

關於AV，我們也會用到我們的資產負債表。我們將對AV生態系統和各種參與者進行投資。我們將——我們已經建立了一個全球性的車隊網絡，以確保他們可以清潔車輛、為車輛充電等等。我們也在投資自動駕駛汽車數據收集，並與英偉達建立合作關係，以便收集一些共享出行相關的特定數據，並提供給我們的合作夥伴。所以，這是——我們已經多次做過的事情，我們預計在AV中再次使用我們現有的槓鈴策略。

Great, thank you.

太好了，謝謝。

Ron Josey with Citi.

Ron Josey，花旗銀行員工。

Great, thanks for taking the question. Maybe sticking with the investment theme, but a to your point on lifetime investments. I think in the letter, you talked about suggested some short-term investments for loyalty gains. Can you help us understand a little bit more on these loyalty gains on the Uber One benefits? Clearly, you've talked about cross-platform. And then back on US

太好了，謝謝你回答這個問題。或許可以繼續討論投資話題，但我想談談你關於終身投資的觀點。我認為你在信中提到過，可以建議進行一些短期投資來提高客戶忠誠度。您能否幫我們更詳細地了解 Uber One 會員權益中的這些忠誠度獎勵？顯然，你們已經討論過跨平台的問題了。然後又回到美國

trip growth which accelerated affordability, the [barbell] approach totally get it. Talk to us about insurance rates and then the benefits from newer driver or newer riders like seniors and teens. Thank you.

旅行成長加速了可負擔性，[槓鈴]方法完全理解了這一點。請與我們洽談保險費率，以及為新手駕駛或新手乘客（如老年人和青少年）提供的福利。謝謝。

Yes, absolutely. So we're very, very happy about our progress in Uber One. I think the last time that we talked to, we talked about 36 million members growing at healthy rates. That continues. So the penetration of Uber One's in terms of gross bookings, it's about 2/3 of gross bookings for our delivery business and continues to increase its gross bookings penetration in mobility as well.

是的，絕對的。我們對 Uber One 的進展感到非常滿意。我記得上次我們談到會員人數已達 3600 萬，並且正以健康的速度增長。這種情況仍在繼續。因此，Uber One 在總預訂量方面的滲透率，大約占我們配送業務總預訂量的 2/3，並且在出行領域的總預訂量滲透率也在持續提高。

And the benefits are there -- frankly, they're just the best benefits in the industry. You got 6% cash back on rides, no delivery fee up to 10% off of orders plus exclusive selection an upgrade to priority delivery and then kind of surprise and delight other moments as well that we give to our members.

而且福利待遇也確實不錯——坦白說，這些福利是業界最好的。乘車可享 6% 現金返還，免運費，訂單最高可享 10% 折扣，還有專屬精選商品、優先配送升級服務，以及我們為會員提供的其他驚喜和愉悅時刻。

The other good news for us is that when we look at membership cohorts, and membership retention, even though members the number of members is growing very, very fast, the cohorts actually in terms of retention continued to improve. Especially as we move a higher percentage of the users from monthly passes to annual passes as well. And then at the same time, we continue to roll out the program geographically. We're up in -- we're now in 42 countries versus 28 a year ago.

對我們來說，另一個好消息是，當我們觀察會員群體和會員留存率時，儘管會員數量增長非常非常快，但就留存率而言，各個群體實際上仍在不斷改善。尤其是隨著越來越多的用戶從月卡升級到年卡。同時，我們繼續在地域上推廣該計劃。我們現在的業務遍及 42 個國家，而一年前只有 28 個國家。

Now I would tell you that early on in the initial months when someone becomes a member, typically, that is profit negative for us because the discounts that we offer the member exceed the increment in terms of how much they use the product and/or how well we retain them. Both of those go up.

現在我要告訴你，在會員加入的最初幾個月裡，通常情況下，這對我們來說是虧損的，因為我們向會員提供的折扣超過了他們使用產品的數量和/或我們留住他們的程度所帶來的增量。這兩個指標都上升了。

As the members mature, six-plus months, then the members actually become profitable as well. So in the first six months, actually moving someone over to membership, especially moving someone who is already a high-frequency user, is a net negative. We still make money on those members, but it's a net negative in terms of margins. And then it becomes a net positive as the power of the platform comes in, cross platform comes in and the retention kicks in as well.

當成員成熟後（六個月以上），成員實際上也能獲利了。因此，在最初的六個月裡，將用戶轉移到會員制，尤其是將已經是高頻用戶的用戶轉移到會員制，實際上會帶來淨負面影響。我們仍然能從這些會員身上賺錢，但從利潤率來看，淨收益為負。然後，隨著平台的力量發揮作用，跨平台功能得以實現，用戶留存率也隨之提高，最終會帶來淨收益。

So it's just an example of kind of a near-term investments that we make to drive long-term engagement and long-term growth and the math behind those investments in terms of the lifetime value versus the cost of a member acquisition continues to improve.

所以這只是我們為推動長期參與和長期成長而進行的短期投資的一個例子，而這些投資背後的數學原理，即終身價值與會員獲取成本之間的比較，也在不斷改進。

As a result, we're also kind of investing in more partnerships to align our membership program with other membership programs. Obviously, we have a [best-in-breed] program with Amex, the consumer plan of spend. But you're also seeing like exclusive premium table reservations via [OpenTable], discounted or sometimes free Clear Plus memberships as well. So the power of the membership is actually getting stronger as we align with others in the industry as well.

因此，我們也正在加大投入，尋求更多合作關係，使我們的會員計劃與其他會員計劃保持一致。顯然，我們與美國運通合作推出了一項[業界最佳的]消費計畫。但你也能看到透過 [OpenTable] 預訂的專屬高級餐桌，以及折扣或有時免費的 Clear Plus 會員資格。隨著我們與業內其他機構的合作，會員的力量實際上正在增​​強。

Ron, I'll take the second part of that question on insurance. And 2025 really has been a very good year for us in terms of the progress that we've made. And maybe before I get into the elements, just a shout out to the cross-functional team across Uber US, who really has helped us in a number of different areas, make great progress in '25.

羅恩，關於保險問題的第二部分，我來回答。就我們所取得的進展而言，2025 年對我們來說確實是非常好的一年。在我深入探討具體因素之前，我想特別感謝 Uber 美國跨職能團隊，他們在許多不同領域給予了我們很大的幫助，使我們在 2025 年取得了巨大的進步。

So we've always talked about sort of three elements to our insurance strategy. And over the course of this year, all three have really contributed to what I think will be beneficial for us in '26 and as we go forward.

所以我們一直以來都把保險策略的三個要素放在一起討論。在今年的過程中，這三位都為我認為對我們2026年以及未來發展有利的事情做出了貢獻。

On the legislation side, we've had a number of great wins in a variety of different areas, Georgia, Nevada and then most recently, I think there's been a bit a bit of press on the wins in California, which will help specifically reduce the uninsured and underinsured motorist coverage limits that are applicable to us from $1 million down to $60,000 on an individual basis and $300,000 per accident. That is very beneficial for us in California, and it adds to the momentum that we've seen in a number of other states.

在立法方面，我們在各個領域都取得了一些重大勝利，例如喬治亞州、內華達州，以及最近在加州取得的勝利，我認為媒體對此進行了一些報導。這些勝利將有助於具體降低適用於我們的無保險和保險不足駕駛人責任險的賠償限額，從 100 萬美元降至個人 6 萬美元，每次事故 30 萬美元。這對我們加州來說非常有利，也增強了我們在其他一些州看到的勢頭。

On the tech side, we've talked about the driving insights dashboard, and this is a product that the tech team has developed that allows our drivers to get some intelligence and some performance feedback on what their driving behavior is doing. It helps alert them to [JackRabbit Starts] and hard braking, sharp turns and so forth. And by giving them this feedback, we are actually seeing drivers on their own sort of improve their driving behavior. And it's actually -- we've seen -- after we've introduced that visibility to drivers, we've seen more miles driven by those in the highest scoring bucket, which is an indicator that folks are adjusting their behavior to be safer drivers.

在技​​術方面，我們已經討論過駕駛洞察儀表板，這是技術團隊開發的一款產品，可以讓我們的駕駛員獲得一些關於他們駕駛行為的資訊和一些性能反饋。它有助於提醒他們注意 [JackRabbit 起步]、急煞車、急轉彎等情況。透過提供這些回饋，我們確實看到駕駛者主動改善了他們的駕駛行為。事實上，我們已經看到，在我們向駕駛員引入這種可見性之後，得分最高的駕駛員行駛的里程數更多了，這表明人們正在調整自己的行為，成為更安全的駕駛員。

And then the sort of the cherry on top of that is we've now introduced advantage mode into select cities, and we'll continue to roll that out and advantage mode actually provide some rewards to those drivers who are the -- who are improving their driving score.

更令人驚訝的是，我們現在已在部分城市推出了優勢模式，並將繼續推廣該模式。優勢模式實際上會為那些正在提高駕駛評分的駕駛員提供一些獎勵。

And then lastly, on the commercial side, by having a captive and having a top class team that is working on the commercial negotiations we have the ability to continue to keep our partnerships really at a stable level and also where need be, apply some tension on who holds the risk and who holds how much profitability our partners can share from that, and that allows us to keep tension on the cost side. So the result of all these efforts is that we expect that we're going to see hundreds of millions of dollars of savings. And we look to pass those savings on to customers through lower fares really across the US for next year.

最後，在商業方面，透過擁有專屬團隊和一流的商業談判團隊，我們能夠繼續保持合作夥伴關係的穩定水平，並在必要時，對風險承擔者和合作夥伴可以從中分享的利潤份額施加一些壓力，這使我們能夠在成本方面保持壓力。因此，所有這些努力的結果是，我們預計將節省數億美元。我們計劃明年在美國各地推出更低的票價，將這些節省的成本回饋給客戶。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Hey, guys, Just wanted to ask about the new multiple gig initiatives. So what are some of the areas that you're looking into for new work, new earnings potential? And stepping back, how it this initiative impact things like driver retention or overall profitability for Uber compared to just kind of operating only the two areas of earnings that we're in today? Thank you.

嘿，各位，我想問一下關於新的多兼職計劃。那麼，您目前在哪些領域尋找新的工作機會和新的收入來源呢？退一步講，與目前只經營這兩個獲利領域相比，這項舉措會對 Uber 的司機留存率或整體獲利能力產生怎樣的影響？謝謝。

Yes, absolutely. So just similar to the consumer where we see consumers using multiple platforms they retain better. They use our -- they get embedded with their platform more. The same is true for earners, which is to the extent that they use is for delivering and shopping, et cetera, or delivering and/or mobility. They're embedded with the platform or retain them for longer, et cetera.

是的，絕對的。就像消費者一樣，我們看到消費者使用多個平台時，他們的留存率會更高。他們使用我們的平台——他們與平台的融合度更高。對於賺錢者也是如此，他們使用網路進行送貨、購物等活動，或用於送貨和/或旅行。它們被嵌入到平台中，或被保留更長時間等等。

What kind of -- one way of looking at Uber, obviously, we are a logistics transformation platform in terms of moving people places or getting anything to your home or getting a truck to ship your goods.

從某個角度來看，Uber 顯然是一個物流轉型平台，它可以將人們送到不同的地方，或將任何東西送到你家，或安排卡車運送你的貨物。

Another way of looking at our platform is that we're a platform for work. And the first kind of work that we have gone after is transportation, but we can empower other kinds of work as well, which is what Uber AI solutions is all about the work that we are doing encompasses, training AI models, to rating both kind of voice audio responses to annotating videos from multiple sources for various players like security cameras and robots, for example, we're creating kind of judging query response pairs across various answers, AI answers.

換個角度來看我們的平台，我們就是一個工作平台。我們首先涉足的是交通運輸領域，但我們也可以賦能其他類型的工作，這正是 Uber AI 解決方案的核心。我們所做的工作涵蓋了訓練 AI 模型、對語音音訊回應進行評級、為來自多個來源的影片添加註釋（例如，為安全攝影機和機器人等各種參與者提供註釋），例如，我們正在創建一種能夠判斷各種答案（包括 AI 答案）的查詢回應對的方法。

And this kind of work is available to both earners who are on the platform all around the world. We need this work done in English, and we'll need it done in Spanish, we might need it done in many other languages as well. And it's another earnings opportunity for both our owners who are in place now, but also new earners who can come to the platforms.

世界各地的平台使用者都可以從事這類工作。我們需要用英語完成這項工作，也需要用西班牙語完成這項工作，可能還需要用其他多種語言完成這項工作。這不僅為現有業主提供了新的獲利機會，也為即將加入該平台的新業主提供了新的獲利機會。

Some of the rules require PhDs, for example, in physics in order to get the gig done, so to speak, and the pay for that kind of work is obviously higher. So this is, we think, one is it is an opportunity to provide more work as the nature of work changes going forward. We do think that it will provide more earnings opportunities for earners and kind of -- which is terrific. And we think this can ultimately be another profitable line of business for us. Uber AI solutions is we're landing a ton of customers, and it is kind of nascent in its operations right now, but the potential that we see is enormous.

有些規定要求必須擁有物理學博士學位才能勝任這項工作，而且這類工作的報酬顯然也更高。因此，我們認為，這既是創造更多工作機會的契機，也是隨著未來工作性質的改變而提供更多工作機會的契機。我們認為這將為勞工提供更多的收入機會，這真是太好了。我們認為這最終可以成為我們另一項有利可圖的業務。Uber AI 解決方案正在吸引大量客戶，目前其營運還處於起步階段，但我們看到的潛力是巨大的。

Next question please.

下一個問題。

John Colantuoni, Jefferies.

John Colantuoni，傑富瑞集團。

Great. Thanks for checking my questions. First, can you talk about any key capabilities provided by the [Toast] partnership? And how it fits into your broader framework for leveraging partnerships to help drive growth and profitability. And second, Prashanth, maybe you can talk about the rationale for shifting some of the non-GAAP metrics. And for the move from adjusted EBITDA to adjusted operating income, specifically does this have any reflection on your ramp in capital investments in the Autonomous Vehicle space? Thanks.

偉大的。感謝您查看我的問題。首先，您能否談談與[Toast]的合作關係所帶來的主要能力？以及它如何融入您利用合作夥伴關係來推動成長和盈利的更廣泛框架中。其次，Prashanth，或許你可以談談調整一些非GAAP指標的理由。從調整後的 EBITDA 到調整後的營業收入的轉變，具體而言，這是否會對你們在自動駕駛汽車領域的資本投資成長產生任何影響？謝謝。

Yes, absolutely. So in terms of [Toast], We're very, very happy about that partnership. They are a strategic partner. And obviously, [Toast] is kind of one of the leading point-of-sale offerings in the industry. What you will see in terms of toast is that a restaurant that is post enabled essentially will be automatically enabled for Eats as well.

是的，絕對的。所以就與[Toast]的合作而言，我們非常非常高興。他們是戰略合作夥伴。顯然，[Toast] 是業界領先的銷售點解決方案之一。就 Toast 而言，你會發現，如果一家餐廳啟用了貼文發布功能，那麼它基本上也會自動啟用 Eats 功能。

So the integration between Toast and Eats is going to be seamless. Menu uploads will be seamless. Picture uploads will be seamless. So we're actually using the data, the restaurant data that Toast is empowering and then moving that data directly across to Uber Eats. It's going to simplify kind of setting up your operation on Eats, it's going to simplify how you market on these and it's going to kind of save a bunch of time for those entrepreneurs who are building out our restaurant ecosystem.

因此，Toast 和 Eats 之間的整合將會非常無縫。菜單上傳將無縫銜接。圖片上傳將非常方便。所以，我們實際上是在使用 Toast 提供的餐廳數據，然後將這些數據直接傳輸到 Uber Eats。這將簡化您在 Eats 上的營運設置，簡化您在這些平台上的行銷方式，並為那些正在建立我們餐飲生態系統的企業家節省大量時間。

So I think it's just going to be a more seamless integrated experience that gets restaurants a lot more control, a lot more flexibility and allows them to launch on each immediately. We are also hoping to help Toast grow its international presence outside of the US Obviously, they're very, very strong in the US our footprint outside of the US, as you know, is much more mature. So we think this is kind of a win-win.

所以我認為這將帶來更無縫的整合體驗，讓餐廳擁有更大的控制權和靈活性，並允許他們立即在每個平台上推出服務。我們也希望協助 Toast 拓展其在美國以外的國際業務。顯然，他們在美國的業務非常非常強大，而我們在美國以外的業務，正如您所知，已經成熟得多。所以我們認為這算是一種雙贏。

For us, it gives us more footprint across cost ecosystem. And then for Toast, it helps them grow outside of the US as well. Prashanth, do you want to take the second?

對我們來說，這讓我們在成本生態系統中擁有更大的影響力。而對 Toast 來說，這也有助於他們在美國以外地區發展壯大。Prashanth，你想選第二個嗎？

Yes. Thanks. So yes, thanks for the question, John. So the rationale really is a reflection just as we, as a company, grow in size, scale and maturity, we want to provide investors with metrics that allow for better comparability across the alternative options they have on where to put their clients' capital and moving to an adjusted EPS model really allows for that ease of compare, and it reflects that we, as a management team, understand that there are real costs that come from depreciation from some of the software amortization, the stock-based comp, et cetera, that need to be reflected in the cost of our -- running the business as well as including really the benefits that come with reducing share count from returning the cash that this enterprise is generating to shareholders by repurchasing our shares.

是的。謝謝。是的，謝謝你的提問，約翰。因此，背後的邏輯在於，隨著我們公司規模、體積和成熟度的成長，我們希望為投資者提供指標，以便他們在選擇客戶資本投資方向時能夠更好地進行比較。採用調整後的每股盈餘模型確實能夠簡化這種比較，這也反映出我們管理團隊意識到，軟體攤提、股票選擇權等折舊會產生實際成本，這些成本需要反映在我們的營運成本中，同時也要包括透過回購股票將公司產生的現金回饋給股東，從而減少流通股數量所帶來的收益。

So nothing more to it than really I think it's a journey that all companies go through as they scale and become more meaningful in an investor portfolio. And then personally, I think as CFO, I like having the LOB leaders held to an adjusted operating income because there are choices that they make on, for example, talent decisions and location decisions, which can impact costs, such as stock-based compensation or depreciation, and those are real cost to the business and it helps to have that also in their consideration as they think about where they want to make their investments to continue to drive top line growth, but being mindful of our commitments to continue to grow profitability. So it's really just, I think, the appropriate evolution for the company given where we are.

所以其實也沒別的意思了，我認為這是所有公司在規模擴大、在投資人投資組合中變得更有價值時都會經歷的過程。就我個人而言，作為首席財務官，我認為應該讓各業務線的領導者關注調整後的營業收入，因為他們在人才決策和地點決策等方面做出的選擇會影響成本，例如股權激勵或折舊，這些都是企業的實際成本，在他們考慮如何投資以繼續推動營收增長的同時，也要考慮到我們持續提高盈利能力的承諾，這有助於他們做出決策。所以我覺得，就我們目前所處的位置而言，這確實是公司發展的適當方向。

All right. We'll take the last question, please.

好的。請回答最後一個問題。

Nikhil Devnani, Bernstein.

Nikhil Devnani，Bernstein。

Hi there, thank you for taking my question. I had a couple, please. So first, I wanted to follow up on the strong results in mobility. And I'm just wondering, did the upside primarily come from the moderation in insurance pressure? Or were there other network improvements that unlocked the growth in the quarter as well. I think the letter talks about driver supply and product uptake.

您好，感謝您回答我的問題。我要了兩份。首先，我想跟進一下在移動性方面取得的顯著成果。我只是想知道，上漲行情是否主要來自保險壓力的緩解？或者，是否還有其他網路方面的改進也促進了本季的成長？我認為這封信討論的是司機供應和產品接受度問題。

So just trying to understand the relative contribution from those additional factors and how they might continue to stack in your favor into '26? And then my second question is on AVs. Dara, can you speak a little bit about the scale and quality of real-world data that you're able to contribute? It seems like that's a core constraint for a lot of AV companies. and you can help chip away at that problem. So I'm curious to hear how you're going about tackling that. Thank you.

所以，我只是想了解這些額外因素的相對貢獻，以及它們在 2026 年可能如何繼續對你有利？我的第二個問題是關於防毒軟體的。Dara，可以談談你所能提供的真實世界數據的規模和品質嗎？這似乎是許多影音公司面臨的核心限制因素，而你可以幫忙解決這個問題。所以我很想知道你是如何著手解決這個問題的。謝謝。

Yes. Thanks, Nikhil. I'll take the first one .And it's very specific to mobility growth, I believe, is where you were asking. So the business is doing really well. Look, the investments we've made have -- are starting to come through at a great rate that the marketplace trends are strong.

是的。謝謝你，尼基爾。我選第一個我認為，你問的正是這一點，那就是它與出行成長密切相關。所以公司經營狀況非常好。你看，我們所做的投資已經開始以很快的速度產生回報，市場趨勢也很強勁。

The product innovation is giving us conviction. I think what we would like investors to really focus on is this growth is trips led, and that is the healthiest way to grow the business because it comes from expanding our audience, their mobility audience hit almost 150 million users. That is an all-time high for us. Our frequency growth was also very strong. So together, you're seeing the right drivers behind it.

產品創新給了我們信心。我認為我們希望投資者真正關注的是，這種成長是由旅行引領的，這是發展業務最健康的方式，因為它源於擴大我們的受眾群體，他們的行動用戶群已接近 1.5 億。這對我們來說是歷史最高紀錄。我們的頻率成長也非常強勁。所以，大家一起來看看背後的驅動力。

And it's coming from great growth on the core as well as the new product portfolio. So we still feel very confident as we look to 2026 and beyond. I mean, the metric that we -- that keeps us excited is -- for example, looking at our top 10 markets, only 10% of the adult population uses Uber on a monthly basis. So we have -- we continue to see great opportunity to continue to penetrate the TAM.

這得益於核心業務和新產品組合的強勁成長。因此，展望2026年及以後，我們仍然充滿信心。我的意思是，讓我們感到興奮的指標是——例如，看看我們前 10 名的市場，只有 10% 的成年人每月使用 Uber。因此，我們仍然看到巨大的機會繼續滲透到TAM市場。

And I think Dara has made reference to our [barbell] strategy and maybe just to help put that in perspective. UberX, which is really the core engine of our growth represents sort of about 2/3 of our trips. So when you look at the wins, you see the investments we've made in product innovation on the low cost, such as the [Moto] product, Wait and Save, the shuttle that we're running in New York, shared ride. All of those are making Uber more accessible to a broader population and helping us onboard new users, which is behind some of that audience growth.

我認為達拉提到了我們的（槓鈴）策略，也許只是為了幫助我們更好地理解這一點。UberX 是我們成長的核心引擎，約占我們出行量的 2/3。所以，當你回顧這些成功案例時，你會發現我們在低成本產品創新方面投入了大量資金，例如[Moto]產品、Wait and Save、我們在紐約運營的班車以及共享出行服務。所有這些都讓 Uber 更容易被更廣泛的人群所接受，並幫助我們吸引新用戶，這也是用戶群體成長的部分原因。

And then the investments that we're making in premium, which include the comfort, the black, I think we've made mention that we're working to launch an Uber Elite product in the next quarter or two. All of those help us to balance that overall profitability to allow us to continue to drive the margin expansion.

然後，我們在高端產品方面也進行了一些投資，包括舒適度、黑色等，我想我們已經提到過，我們正在努力在未來一兩個季度推出 Uber Elite 產品。所有這些都有助於我們平衡整體獲利能力，使我們能夠繼續推動利潤率的提升。

So overall, we feel great about the growth. And then sort of more specifically, if we think about what happened in third quarter, I would tell you that it was -- on the trip side, we had good growth internationally, LatAm and APAC, and we also had a great European summer travel that really helped out on trips.

總的來說，我們對成長情況感到非常滿意。更具體地說，如果我們回顧一下第三季度的情況，我會告訴你，在旅行方面，我們在國際市場、拉丁美洲和亞太地區都取得了良好的增長，而且歐洲夏季旅遊市場也非常火爆，這對旅行業務的開展起到了很大的幫助。

And then just in terms of helping you bridge from the high trip growth of 21% to 19% of [GB] growth, as I mentioned, that growth internationally, that puts a little bit of mix pressure down because, obviously, a trips outside the US and Canada are at a lower price point. So that puts a little bit of trip pressure as well.

然後，正如我所提到的，為了幫助您從 21% 的高旅行成長率過渡到 19% 的 [GB] 成長率，國際成長帶來了一些組合壓力，因為顯然，美國和加拿大以外的旅行價格較低。所以這也帶來了一點觸發壓力。

So I wouldn't really characterize what we saw in Q3 as one-off. We're now entering our busiest quarter. Dara already made opening comments on what a spectacular weekend we had for Halloween. So we feel good that 2026 is going to be another great year for Uber, and we'll continue to be a business that has the ability to generate high mid- to high-teens growth, convert that into great profitability, convert that into great cash and then use that to reduce share count. And that's the model we want people to get behind.

所以，我不會把第三季發生的事情描述為一次性事件。我們現在進入了最繁忙的季度。Dara已經發表了開場白，稱讚我們度過了一個精彩絕倫的萬聖節週末。因此，我們感覺 2026 年對 Uber 來說又將是輝煌的一年，我們將繼續保持高成長（15% 到 10% 之間）的能力，將其轉化為豐厚的利潤，再轉化為大量的現金，然後用這些現金來減少股份數量。而這正是我們希望大家支持的模式。

Right. And then in terms of AVs and collection of real world beta, we are collecting real data as we speak. The advantage that we have is we already run a rideshare network, and it's essentially putting a vehicle in place that is appropriate for collection of this real-world data.

正確的。至於自動駕駛汽車和真實世界測試版的收集，我們正在收集真實數據。我們的優勢在於我們已經經營一個共享出行網絡，這本質上是為收集這些真實世界的數據提供了一個合適的工具。

And as you can expect, the right share use case is particular in terms of pickups and drop-offs or the commonality of ligand drop-offs, stadiums, airports, et cetera. We have -- obviously, we're working very closely with our AV partners and the feedback that we're getting from them in terms of the value of the data and trading their models is very, very positive.

正如你所預料的那樣，合適的共享使用案例在取貨和送貨或配體投放的常見地點（體育場、機場等）方面具有特殊性。顯然，我們與我們的 AV 合作夥伴密切合作，他們就數據價值和模型交易給予的回饋非常積極。

And then the NVIDIA announcement for us is a marker to really scale the operations here. We are looking into building out a more robust sensor stack, for example, to get higher definition data quality across both camera and LiDAR for some of our partners. And we're not really restricted by scale because it's either a vehicle or it's a sensor suite that we can put on top of these vehicles.

對我們來說，NVIDIA 的公告標誌著我們真正擴大了業務規模。例如，我們正在研究建立更強大的感測器堆疊，以便為我們的一些合作夥伴在相機和雷射雷達方面獲得更高解析度的數據品質。而且我們並不受規模的限制，因為它要么是車輛，要么是我們可以安裝在這些車輛上的感測器套件。

We've got, for example, we'll probably work with some of our fleet partners as well as some [IC] drivers as well. So this is something that we can scale up essentially as much as we desire in partnership with NVIDIA and our other AV partners as well.

例如，我們可能會與一些車隊合作夥伴以及一些[IC]司機合作。因此，我們可以與 NVIDIA 和其他 AV 合作夥伴合作，根據我們的意願盡可能地擴大規模。

And again, we think that between the Hyperion hardware platform, NVIDIA working on for themselves, the multiple partnerships that we have, both in terms of Mobility and Delivery on AV and now our ability to collect data -- and then the [SIM] capabilities for many of these partners are much stronger in terms of collecting one piece of data and then running thousands of scenarios from that core piece of data. We think that's a terrific combination to bring AV to market as quickly as possible and obviously on the Uber platform. So very excited about the possibilities here.

我們再次認為，憑藉 Hyperion 硬體平台、NVIDIA 自身的研發、我們在行動和自動駕駛交付方面的多項合作關係，以及我們現在的數據收集能力——對於許多合作夥伴而言，[SIM] 功能在收集一條數據並基於該核心數據運行數千個場景方面要強大得多。我們認為這是一個絕佳的組合，可以盡快將自動駕駛汽車推向市場，而且顯然是在 Uber 平台上。我對這裡的一切可能性感到非常興奮。

All right. Thank you very much. Thank you for your questions, and thanks, everyone, for joining us and to the Uber teams, great quarter in terms of growth, both top line and bottom line. and hopefully, more to come. Thanks, everyone.

好的。非常感謝。感謝大家的提問，也感謝各位的參與。優步團隊，本季業績成長顯著，營收和獲利均有所提升，希望未來能有更大的成就。謝謝大家。

Talk to you soon.

回頭再聊。

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。感謝您的參與。您現在可以斷開連線了。