優步 (UBER) 2021 Q2 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Uber Q2 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Balaji Krishnamurthy, Head of Investor Relations. Please go ahead.

美好的一天，感謝您的支持，歡迎參加優步 2021 年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係主管 Balaji Krishnamurthy。請繼續。

Thank you, operator. Thank you for joining us today, and welcome to Uber Technologies' Second Quarter 2021 Earnings Presentation. On the call today, we have Uber CEO, Dara Khosrowshahi; and CFO, Nelson Chai.

謝謝你，接線員。感謝您今天加入我們，並歡迎參加 Uber Technologies 的 2021 年第二季度收益報告。在今天的電話會議上，我們有 Uber 首席執行官 Dara Khosrowshahi；和首席財務官Nelson Chai。

During today's call, we will use 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 in 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.

在今天的電話會議中，我們將同時使用 GAAP 和非 GAAP 財務指標。我們向美國證券交易委員會提交的文件中的新聞稿補充幻燈片中包含有關這些非公認會計原則措施的其他披露，包括公認會計原則與非公認會計原則措施的對賬，每個文件都發佈到investor.uber.com。提醒一下，這些數字未經審計，可能會發生變化。

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 annual report on Form 10-K for the year ended December 31, 2020 and in other filings made with the SEC when available.

本演示文稿和本次電話會議中的某些陳述是前瞻性陳述。此類陳述可以通過相信、預期、打算和可能等術語來識別。您不應過分依賴前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異，除法律要求外，我們不承擔更新我們今天做出的任何前瞻性陳述的任何義務。有關可能導致實際結果與前瞻性陳述產生重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們最近的 10-K 表格年度報告中描述的風險和不確定性。 2020 年 12 月 31 日以及向 SEC 提交的其他文件（如果有）。

Following prepared remarks today, we will publish the prepared remarks on our Investor Relations website, and we will open up the call to questions. For the remainder of the discussion, all second quarter growth rates reflect year-over-year growth and are on a constant currency basis unless otherwise noted. For July trends, we will be providing comparisons with July 2019 in addition to year-over-year trends. Lastly, we ask you to review our earnings press release for detailed Q2 financial review and our Q2 supplemental slide deck for a number of additional disclosures that provide context on recent business performance.

在今天準備好的評論之後，我們將在我們的投資者關係網站上發布準備好的評論，我們將開放提問電話。在接下來的討論中，除非另有說明，否則所有第二季度的增長率都反映了同比增長，並且是在固定貨幣基礎上進行的。對於 7 月的趨勢，除了同比趨勢外，我們還將提供與 2019 年 7 月的比較。最後，我們要求您查看我們的收益新聞稿，了解詳細的第二季度財務審查，以及我們的第二季度補充幻燈片，了解一些提供近期業務業績背景的額外披露。

With that, let me hand it over to Dara.

有了這個，讓我把它交給達拉。

Thanks, Balaji.

謝謝，巴拉吉。

On our last call with you, we said that we will lean into reignite driver and courier growth. We've done so aggressively, and we made significant progress, matching and balancing supply and demand market-by-market at the right times at the right places and at the right price is the key to our marketplace, and we do that better than anyone else in the world.

在我們與您的最後一次通話中，我們表示我們將依靠重新點燃驅動程序和快遞員的增長。我們做得非常積極，我們取得了重大進展，在正確的時間、正確的地點、以正確的價格匹配和平衡各個市場的供需是我們市場的關鍵，我們做得比世界上的任何其他人。

As a result of our driver-focused investments, everything from refreshed digital marketing to more attractive incentives to good old-fashioned phone calls to folks we haven't seen in a while, monthly active drivers and couriers in the U.S. organically increased by 420,000 from February to July, and we gained an additional 110,000 active couriers from a Postmates' migration. In particular, the number of Mobility drivers in the U.S. ended the quarter up 75% year-on-year in June.

由於我們以司機為中心的投資，從更新的數字營銷到更有吸引力的激勵措施，再到我們有一段時間沒見過的人的老式電話，美國每月活躍的司機和快遞員自然增加了 420,000 人。 2 月至 7 月，我們從 Postmates 的遷移中額外增加了 110,000 名活躍的快遞員。特別是在 6 月份，美國的出行司機數量在本季度末同比增長 75%。

We also made several operational and product improvements to the onboarding process that led to nearly 1/4 of new drivers signing up to both drive and deliver, and we cut courier onboarding time by over 90%. We continue to see strong earner momentum early in the second half of the year, and we've been able to taper our short-term incentives as we hit our stride.

我們還對入職流程進行了多項運營和產品改進，導致近 1/4 的新司機註冊了駕駛和送貨，我們將快遞員入職時間縮短了 90% 以上。今年下半年早些時候，我們繼續看到強勁的收入增長勢頭，並且隨著我們大踏步前進，我們已經能夠逐漸減少短期激勵措施。

The good news is that drivers increasingly want to get back on the road. In June, 60% of inactive drivers told us they intended to start driving again within a month. That's up from 40% in April, and 90% of drivers told us they expect to come back by September.

好消息是，司機越來越想重新上路。 6 月，60% 的不活躍司機告訴我們，他們打算在一個月內重新開始駕駛。這比 4 月份的 40% 有所上升，90% 的司機告訴我們，他們預計會在 9 月份回來。

We're also beginning to see marketplace metrics revert to normalcy in several markets, with surge levels and wait times back to nearly normal in Miami, Atlanta, Dallas, Houston and Phoenix. But in major cities like New York, San Francisco and L.A., demand continues to outplay supply and prices and wait times remain above our comfort levels.

我們也開始看到幾個市場的市場指標恢復正常，邁阿密、亞特蘭大、達拉斯、休斯頓和鳳凰城的激增水平和等待時間幾乎恢復正常。但在紐約、舊金山和洛杉磯等主要城市，需求繼續超過供應，價格和等待時間仍然高於我們的舒適水平。

Our investment in the earner experience is a fundamental cross-disciplinary and long-term initiative for our company from doubling down on our app quality to targeted and personalized reengagement campaigns, to completely redesigning our onboarding flow to make it easier and faster than ever to earn safely, to rolling out unique programs like free language learning from Rosetta Stone or free tuition with ASU, our earner super app is unique in the depth and breadth of earnings opportunities we can offer drivers and couriers globally. We have a lot of work to do, and it's on us to ensure Uber remains the most attractive and rewarding platform for on-demand work in the world.

我們對賺取者體驗的投資是我們公司的一項基本的跨學科和長期計劃，從加倍提高我們的應用程序質量到有針對性和個性化的重新參與活動，再到完全重新設計我們的入職流程以使其比以往更容易和更快地賺取安全地推出獨特的計劃，如從羅塞塔石碑免費學習語言或在亞利桑那州立大學免費學費，我們的收入超級應用程序在我們可以為全球司機和快遞員提供的收入機會的深度和廣度方面是獨一無二的。我們有很多工作要做，我們有責任確保優步仍然是世界上最有吸引力和最有價值的按需工作平台。

I also want to acknowledge the Delta variant. Thanks to the incredible effectiveness of the vaccines, we continue to see GB growth in our business from June to July despite the impact of the new variants. Where markets are recovering, our Mobility and Delivery businesses are emerging stronger together.

我還想承認 Delta 變體。由於疫苗令人難以置信的有效性，儘管受到新變種的影響，我們的業務在 6 月至 7 月期間繼續看到 GB 的增長。在市場復甦的地方，我們的移動和交付業務正在共同發展壯大。

As of last week, our total gross bookings in New York City, London and Paris, are over 30% higher than July 2019 as Mobility has made a nearly full recovery. Nelson will have more specifics, but we have confidence in our ability to manage through any scenario, just as we've done over the past 500-plus days.

截至上週，我們在紐約市、倫敦和巴黎的總預訂量比 2019 年 7 月高出 30% 以上，因為 Mobility 已經幾乎完全恢復。尼爾森會有更多細節，但我們對自己應對任何情況的能力充滿信心，就像我們在過去 500 多天所做的那樣。

Our ambition is to help people go anywhere and get anything. Whether they first came to Uber via Rides, Eats or Freight, consumers, merchants companies alike are increasingly getting used to doing more with Uber. During the pandemic, we've shown how each of our multiple business lines can provide a hedge against the others. But more exciting is how innovation in our product and brand is driving cross-pollination between our customer bases. In other words, our businesses do provide a hedge, but more importantly, strengthen one business can strengthen the others.

我們的目標是幫助人們去任何地方，得到任何東西。無論他們最初是通過 Rides、Eats 還是 Freight 來到 Uber，消費者和商家公司都越來越習慣於使用 Uber 做更多事情。在大流行期間，我們已經展示了我們的多個業務線中的每一個如何可以對沖其他業務線。但更令人興奮的是我們的產品和品牌創新如何推動我們客戶群之間的交叉授粉。換句話說，我們的業務確實提供了對沖，但更重要的是，加強一項業務可以加強其他業務。

You're well aware by now that the Rides app is acting like a free marketing engine for a delivery business. What may be less obvious is that Delivery is now increasingly driving consumer acquisition for Mobility. As because in many markets, especially suburbs and smaller towns, Eats is sometimes the first way consumers engage with Uber.

您現在很清楚，Rides 應用程序就像一個免費的送貨業務營銷引擎。可能不太明顯的是，交付現在越來越多地推動消費者對 Mobility 的收購。因為在許多市場，尤其是郊區和小城鎮，Eats 有時是消費者與 Uber 互動的第一種方式。

We've launched proactive efforts to convert these Eats first customers into Uber riders. And in Q2, over 20% of Mobility's first time riders in the U.S. and more than 40% of first-time riders in the U.K. were existing delivery consumers, with its contribution rapidly growing over the last year.

我們已積極努力將這些 Eats 的第一批顧客轉變為 Uber 乘客。在第二季度，Mobility 在美國超過 20% 的首次乘坐者和在英國超過 40% 的首次乘坐者是現有的送貨消費者，其貢獻在去年迅速增長。

Over time, we expect our growing New Verticals business to increasingly benefit from and contribute to our platform. Already over 3 million consumers are ordering groceries, convenience items, alcohol and more on Uber's app each month, and this is before we've even fully addressed the U.S. opportunity. Notably, consumers acquired through one of our New Verticals offerings spend more than twice as much as consumers acquired through our restaurant delivery offering. We're beginning to broadly roll out grocery power by Cornershop in the U.S. having doubled our footprint to more than 400 cities in the last few weeks and expect this to be the next pillar of growth for Uber.

隨著時間的推移，我們預計我們不斷增長的新垂直業務將越來越多地受益於我們的平台並為我們的平台做出貢獻。每個月已經有超過 300 萬消費者在優步的應用程序上訂購雜貨、便利用品、酒類等，而這還沒有完全抓住美國的機會。值得注意的是，通過我們的新垂直產品之一獲得的消費者的支出是通過我們的餐廳交付產品獲得的消費者的兩倍多。我們開始在美國廣泛推出 Cornershop 的雜貨業務，過去幾週我們的足跡翻了一番，覆蓋了 400 多個城市，並預計這將成為 Uber 的下一個增長支柱。

Underpinning all of this is our membership program. Just a year ago, we began to roll out Uber Pass in earnest and now drives 30% of delivery GBs in the U.S. and roughly 25% globally. Consumers who regularly engage with both Mobility and Delivery now account for nearly half of our total company gross bookings. For these consumers, in particular, pass is a no-brainer, and we see a long runway for increased adoption.

這一切的基礎是我們的會員計劃。就在一年前，我們開始認真推出 Uber Pass，現在在美國推動了 30% 的交付 GB，在全球推動了大約 25%。經常參與移動和交付的消費者現在占我們公司總預訂量的近一半。特別是對於這些消費者來說，通行證是一件輕而易舉的事，而且我們認為提高采用率還有很長的路要走。

We're also seeing the benefits of cross-platform synergies from merchants and other businesses. Uber remains the largest global on-demand delivery platform outside of China, with more than 750,000 monthly active merchants on our platform. And our leadership position continues to grow. We're now the category leader in 8 of our top 10 delivery markets with clear #2 positions in the U.S. and the U.K.

我們還看到了來自商家和其他企業的跨平台協同效應的好處。優步仍然是中國以外最大的全球按需配送平台，我們平台上每月有超過 750,000 家活躍商家。我們的領導地位不斷提高。我們現在是前 10 個交付市場中的 8 個的類別領導者，在美國和英國明確排名第二。

We're proud that Uber Eats, Postmates and Cornershops has helped many small businesses offset the loss of in-store traffic during the lockdowns. But as cities reopen, these merchants are discovering that delivery demand is additive even as in-store traffic comes back. Merchants have increasingly embraced their ads offerings to drive significant demand amplification at a reasonable cost.

我們很自豪 Uber Eats、Postmates 和 Cornershops 幫助許多小企業彌補了封鎖期間店內客流量的損失。但隨著城市重新開放，這些商家發現即使店內客流量回升，配送需求也會增加。商家越來越多地接受他們的廣告產品，以合理的成本推動顯著的需求增長。

Our original goal was to exit this year with $100 million of ads run rate revenue, but we now expect to surpass that goal and to end 2022 with at least $300 million in run rate revenue in high-margin ads.

我們最初的目標是在今年以 1 億美元的廣告運行率收入退出，但我們現在預計將超過該目標，到 2022 年底，高利潤廣告的運行率收入至少達到 3 億美元。

Beyond last-mile delivery, Uber is increasingly powering first and middle mile logistics with Uber Freight. Notably, roughly 50% of our Freight volumes come from grocery and consumer staple shippers. Freight has successfully disrupted the freight brokerage market with our innovative technology and is now one of the largest digital freight brokers globally, excluding China.

除了最後一英里的交付之外，優步越來越多地通過優步貨運為第一英里和中間英里的物流提供動力。值得注意的是，我們大約 50% 的貨運量來自雜貨和消費必需品托運人。 Freight 憑藉我們的創新技術成功顛覆了貨運經紀市場，現已成為除中國以外全球最大的數字貨運經紀商之一。

We believe there's a large opportunity to be the preferred end-to-end logistics partner for shippers. 80% of shipper decision-makers manage both full truckloads as well as last-mile shipping, and almost 60% of survey customers have last-mile needs. With the pending acquisition of Transplace, we have the potential to create the first end-to-end digital logistics platform that could one day power the movement of goods all the way from point of production to the consumer.

我們相信有很大的機會成為托運人首選的端到端物流合作夥伴。 80% 的托運人決策者同時管理整車和最後一英里的運輸，近 60% 的調查客戶有最後一英里的需求。隨著對 Transplace 的收購，我們有可能創建第一個端到端的數字物流平台，有朝一日可以推動貨物從生產點到消費者的全程運輸。

While none of us can predict the macro future or the effect of the Delta variant going forward, we continue to see Uber gaining momentum as we expand our services and footprint and become a bigger part of the daily local habits of millions of consumers, earners, merchants and shippers all over the world.

雖然我們誰都無法預測未來的宏觀未來或 Delta 變體的影響，但隨著我們擴大服務和足跡並成為數百萬消費者、收入者、世界各地的商人和托運人。

We see the path of sustainable and improving EBITDA profitability in the next 6 months, but it's our growth potential over the next 5 to 10 years that has me and the team excited and hungry to Uber on.

我們看到了未來 6 個月可持續和提高 EBITDA 盈利能力的道路，但正是我們未來 5 到 10 年的增長潛力讓我和團隊對 Uber 感到興奮和渴望。

Now over to Nelson.

現在轉到尼爾森。

Thanks, Dara.

謝謝，達拉。

As Dara mentioned, we are, of course, still seeing impacts from the virus. However, on balance, we continue to make good progress with total gross bookings growing from June and July. Mobility gross bookings were at a $39 billion run rate in July, with gross bookings up 6% month-over-month and 83% recovered versus July 2019. U.S. and Canada Mobility gross bookings were up 7% month-over-month and 76% recovered versus July 2019, while trips were up 9% month-over-month. EMEA and LATAM were nearly fully recovered on a gross bookings basis versus July 2019, while APAC was a mixed bag with New Zealand, Hong Kong and Japan growing versus July 2019, but India, Australia and Taiwan impacted by ongoing or new lockdowns.

正如達拉所說，我們當然仍然看到病毒的影響。然而，總的來說，我們繼續取得良好進展，總預訂量從 6 月和 7 月開始增長。 7 月份移動出行總預訂量為 390 億美元，環比增長 6%，與 2019 年 7 月相比恢復了 83%。美國和加拿大移動出行總預訂量環比增長 7% 和 76%與 2019 年 7 月相比有所恢復，而旅行量環比增長 9%。與 2019 年 7 月相比，歐洲、中東和非洲和拉丁美洲的總預訂量幾乎完全恢復，而亞太地區則喜憂參半，新西蘭、香港和日本與 2019 年 7 月相比有所增長，但印度、澳大利亞和台灣受到持續或新的封鎖的影響。

Delivery gross bookings were at a $51 billion run rate in July, with gross bookings up 4% month-over-month, up 56% year-over-year and up over 260% versus July of 2019. Delivery has remained relatively steady since March, even as cities reopened. We are witnessing very healthy trend lines in major markets like Sydney, New York and London, with Paris as an outlier where we have seen some modest pullback.

7 月份的交付總預訂量為 510 億美元，總預訂量環比增長 4%，同比增長 56%，與 2019 年 7 月相比增長超過 260%。自 3 月以來，交付量一直保持相對穩定，即使城市重新開放。我們在悉尼、紐約和倫敦等主要市場看到了非常健康的趨勢線，而巴黎則是一個異常值，我們看到了一些適度的回調。

Next, a word on M&A. Our business has a huge amount of organic momentum, and we will always aim to have the vast majority of our growth be organic. Indeed, our Delivery business has organically grown at a greater than 100% compound growth rate over the past 4 years.

接下來，談談併購。我們的業務具有巨大的有機增長勢頭，我們將始終致力於讓我們的絕大部分增長實現有機增長。事實上，我們的配送業務在過去 4 年中以超過 100% 的複合增長率有機增長。

At the same time, we do not hesitate to leverage M&A where appropriate, including both acquisitions and divestitures. Just as we divested several assets last year that, along with cost rationalization, helped improve our cost base by over $1 billion. We have also made several attractive acquisitions. For instance, our acquisition of Careem at has led the markets in the Middle East turning into some of our most profitable markets, operating well above our Mobility long-term margin targets.

同時，我們會在適當的情況下毫不猶豫地利用併購，包括收購和資產剝離。正如我們去年剝離了幾項資產，加上成本合理化，幫助我們將成本基礎提高了超過 10 億美元。我們還進行了幾項有吸引力的收購。例如，我們對 Careem at 的收購導致中東市場變成了我們最賺錢的一些市場，其運營遠高於我們的 Mobility 長期利潤率目標。

More recently, our acquisition of Postmates has helped us establish a #1 position in L.A., the second largest delivery market in the U.S., while allowing us to execute organically to establish category leadership in New York City at the same time. We have now largely completed the integration process and expect to deliver on our synergy targets that we laid out at the time of the acquisition.

最近，我們對 Postmates 的收購幫助我們在洛杉磯（美國第二大快遞市場）確立了第一的地位，同時讓我們能夠有機地執行以在紐約市建立類別領導地位。我們現在已經基本完成了整合過程，並希望實現我們在收購時制定的協同目標。

Turning to our balance sheet. The past several months have been eventful for Uber's equity investment portfolio as several of our portfolio companies took steps to become publicly traded entities, including DiDi, Zomato, Grab, Aurora and Joby. At the end of Q2, our equity stakes portfolio was carried at nearly $15 billion, for over $7 per Uber Share. As we have previously noted, some of these stakes are more strategic and others are more financial, with DiDi being the clearest example of the latter for us.

轉向我們的資產負債表。過去幾個月對優步的股權投資組合來說是多事之秋，因為我們的幾家投資組合公司採取措施成為上市實體，包括滴滴、Zomato、Grab、Aurora 和 Joby。在第二季度末，我們的股權投資組合接近 150 億美元，每股優步股票超過 7 美元。正如我們之前所指出的，其中一些股份更具戰略性，而另一些則更具財務性，滴滴是後者對我們來說最明顯的例子。

As we emerge from our post-IPO lockup restrictions, we will evaluate some of these positions as long as the market is reflecting a reasonable value for them. And as we have said previously, we don't intend to run an investment firm, but we have sufficient liquidity to ensure that we have the flexibility to maintain those positions with the aim of maximizing value for Uber and our shareholders.

隨著我們擺脫 IPO 後的鎖定限制，只要市場反映了這些頭寸的合理價值，我們就會評估其中的一些頭寸。正如我們之前所說，我們不打算經營一家投資公司，但我們有足夠的流動性來確保我們能夠靈活地維持這些頭寸，從而為優步和我們的股東實現價值最大化。

Finally, turning to outlook. We were very clear in the spring that our Mobility marketplace in the U.S. was not delivering the magical experience we have all taken for granted. As consumer demand returns faster than drivers as markets opened up, we emphasize that it was not okay and we will proactively invest to reenergize supply. As expected, these efforts impacted our margins and adjusted EBITDA in Q2. At the same time, we told investors that we have the levers available to achieve total company quarterly adjusted EBITDA profitability later this year. We remain committed to it.

最後，轉向展望。我們在春天非常清楚，我們在美國的移動市場並沒有提供我們都認為理所當然的神奇體驗。隨著市場的開放，消費者需求的回報快於驅動因素，我們強調這是不行的，我們將積極投資以重振供應。正如預期的那樣，這些努力影響了我們第二季度的利潤率和調整後的 EBITDA。同時，我們告訴投資者，我們有足夠的手段在今年晚些時候實現公司季度調整後的 EBITDA 總盈利。我們仍然致力於它。

The good news is driver supply has been growing, and our marketplace dynamics are improving. Drivers on our platform are earning more than other alternatives. Our gross bookings continue to grow, and in July, our margins are already improving, benefiting from an investment in Q2 to accelerate the flywheel.

好消息是驅動器供應一直在增長，我們的市場動態正在改善。我們平台上的司機的收入高於其他選擇。我們的總預訂量繼續增長，並且在 7 月份，我們的利潤率已經在提高，這得益於第二季度的投資以加速飛輪。

In July, new driver additions on Uber in the U.S. grew 30% month-over-month. That's right, 30% month-over-month even as we pulled back on incentives and improved our margins. As our investments taper, we expect Mobility to show strong leverage in the back half. For context, the major markets like Australia, Canada, France and UAE, where supply has organically recovering without significant investment from Uber, our Mobility EBITDA margin in Q2 exceeded long-range targets ranging from 46% to 67% of revenue.

7 月，優步在美國的新增司機數量環比增長 30%。沒錯，即使我們取消了激勵措施並提高了利潤率，月環比增長了 30%。隨著我們的投資逐漸減少，我們預計 Mobility 將在下半年表現出強大的槓桿作用。就背景而言，澳大利亞、加拿大、法國和阿聯酋等主要市場的供應在沒有優步大量投資的情況下有機恢復，我們第二季度的移動 EBITDA 利潤率超過了收入的 46% 至 67% 的長期目標。

In the U.S., our take rate in Miami, Atlanta, Dallas, Houston and Phoenix has nearly reverted to pre-COVID levels in July. We expect our Delivery business to continue to improve its bottom line while growing at scale. Our Delivery businesses outside the U.S. and Canada was just shy of breakeven in Q2, while we are consciously leaned into the U.S. to improve our category position. We expect to start [left] delivering on our Postmates synergy targets in Q3 and deliver additional leverage through improving network efficiencies and lower incentive spend across our global footprint.

在美國，我們在邁阿密、亞特蘭大、達拉斯、休斯頓和鳳凰城的錄取率在 7 月份幾乎恢復到疫情前的水平。我們預計我們的交付業務將在規模增長的同時繼續改善其底線。我們在美國和加拿大以外的快遞業務在第二季度幾乎沒有收支平衡，而我們有意識地向美國傾斜以改善我們的類別地位。我們預計將在第三季度開始 [left] 實現我們的 Postmates 協同目標，並通過提高網絡效率和降低我們全球足蹟的激勵支出來提供額外的槓桿作用。

We expect Freight to continue to grow and manage its investment levels for the balance of the year, and we will continue to manage our corporate overhead. Pre-COVID, we used to provide guidance around our expected annual gross bookings and adjusted EBITDA, which we believe provides investors with some transparency on our near-term goal without being overly focused on quarterly fluctuations. With our business emerging from the pandemic, we believe this quarter is the right time to return to providing guidance, around near-term trends. However, there is still a reasonable amount of uncertainty in the world. And as a result, we will provide guidance for Q3 on this call.

我們預計貨運在今年餘下時間將繼續增長並管理其投資水平，我們將繼續管理我們的企業管理費用。在 COVID 之前，我們曾經就我們的預期年度總預訂量和調整後的 EBITDA 提供指導，我們認為這為投資者提供了我們近期目標的一些透明度，而不會過度關注季度波動。隨著我們的業務擺脫大流行，我們相信本季度是圍繞近期趨勢重新提供指導的合適時機。然而，世界上仍然存在一定程度的不確定性。因此，我們將在此電話會議上為第三季度提供指導。

With that context, for Q3, we expect total company gross bookings to be between $22 billion and $24 billion and total company adjusted EBITDA to be better than the loss of $100 million. And for Q4, we expect to achieve total company EBITDA profitability.

在這種情況下，對於第三季度，我們預計公司總預訂額將在 220 億美元至 240 億美元之間，公司調整後的 EBITDA 總額將好於 1 億美元的虧損。對於第四季度，我們預計將實現公司的 EBITDA 總盈利。

And with that, let's open it up for questions.

有了這個，讓我們打開它來提問。

(Operator Instructions) Your first question is from Ross Sandler from Barclays.

（操作員說明）您的第一個問題來自 Barclays 的 Ross Sandler。

Just a question on 3Q for the Rides business. It looks like your EBITDA is going to swing up about $300 million to $350 million to about $500 million or so. So how should we think about the take rates in Rides in 3Q system-wide? You mentioned a few cities that are back into the pre-COVID level, but how do we think about overall take rate? And then what level of driver incentives are baked into that EBITDA run rate?

只是關於遊樂設施業務的 3Q 問題。看起來您的 EBITDA 將增加約 3 億美元至 3.5 億美元至約 5 億美元左右。那麼我們應該如何考慮 3Q 系統範圍內的 Rides 的獲取率呢？您提到了一些恢復到 COVID 之前水平的城市，但我們如何看待整體錄取率？然後，在 EBITDA 運行率中包含了多少級別的駕駛員激勵措施？

So Ross, as you heard in my prepared comments, we did give some update about what we're seeing in July. And you heard us talk mention not only growth, but that margins are improving. So if margins and take rates stay where they were just in July, so we just hold on, and then we've continued to grow our volume, as we expect, we'll be comfortably within the ranges that we're talking about there. So we're already seeing that pullback.

所以羅斯，正如你在我準備好的評論中聽到的那樣，我們確實提供了一些關於我們在 7 月份看到的情況的更新。您聽到我們談論的不僅是增長，而且利潤率也在提高。因此，如果利潤率和利率保持在 7 月份的水平，那麼我們就堅持下去，然後我們繼續增加我們的交易量，正如我們所期望的那樣，我們將輕鬆地處於我們正在談論的範圍內.所以我們已經看到了這種回調。

And I think you heard my stat that we increased new drivers on Uber platform in the U.S. by 30% between July versus June. And that's as we pulled back on incentives, because again, when we did this, we knew we wanted to build long-term sustainable profitability and growth. As you saw coming out of the pandemic, our marketplace wasn't operating efficiently or functioning correctly, and you heard it in my comments, so we invested on the supply side to get our marketplace healthy again, and we're seeing the benefits of that today.

我想你聽說過我的統計數據，我們在 7 月和 6 月之間在美國的 Uber 平台上增加了 30% 的新司機。這就是我們撤回激勵措施的原因，因為當我們這樣做時，我們知道我們想要建立長期可持續的盈利能力和增長。正如您所看到的大流行結束時，我們的市場運行不高效或運作不正常，您在我的評論中聽到了，所以我們在供應方面進行了投資，以使我們的市場再次健康，我們看到了今天。

So we are able to pull back on incentives. If you just look at where we are in July and you run that forward, we should be able to achieve that kind of range that you're talking about, which is why you saw when we put out the guidance on Q3 on the bottom line. And also in the investor deck, there's a chart on that, which hopefully provides some simple ranges to help guide in terms of where we're getting to.

因此，我們能夠撤回激勵措施。如果您只看一下我們在 7 月份的情況並繼續前進，我們應該能夠達到您所說的那種範圍，這就是您在我們在底線上發布第三季度指導時看到的原因.而且在投資者甲板上，還有一張圖表，希望能提供一些簡單的範圍來幫助指導我們要去哪裡。

Your next question is from Justin Post from Bank of America.

您的下一個問題來自美國銀行的 Justin Post。

I think there might be a little confusion on the investment levels at Uber versus frankly Lyft in the U.S. Can you explain why it might be a little bit different dynamics in the second quarter and why you may have a bigger profitability pivot? And then maybe if you can, give us an organic update on Delivery, maybe ex Postmates or some of the acquisitions, just how you did organically in the quarter.

我認為 Uber 的投資水平與坦率地說 Lyft 在美國的投資水平可能有些混淆。你能解釋一下為什麼第二季度的動態可能會有所不同，以及為什麼你的盈利能力可能會更大嗎？然後，如果可以的話，給我們一個關於交付的有機更新，也許是前 Postmates 或一些收購，就像你在本季度有機地做的那樣。

Yes, sure. Listen, we can't speak for Lyft. But I think on balance, we were super aggressive as it relates to driver acquisition levels. And when we compare the number of new drivers coming on to the platform quarter-on-quarter, month-on-month, the monthly active drivers directly against, at least the numbers that we heard from Lyft, our numbers are higher on a direct comparable basis.

是的，當然。聽著，我們不能代表 Lyft。但我認為，總的來說，我們非常激進，因為它與驅動程序的獲取水平有關。當我們將進入平台的新司機數量環比、環比、月度活躍司機直接與至少我們從 Lyft 聽到的數字進行比較時，我們的數字直接高於可比基礎。

So I think that if you compare our numbers to Lyft, again, we're not privy to their numbers. We invested early and aggressively, and we're seeing very positive momentum as a result of that early investment, and we've been able to pull back as it relates to incentives. And revenue margins in July have come up significantly over Q2 and the momentum that we see in driver and courier growth is continuing, if not strengthening. So that gives us a lot of confidence as it relates to Q4, Q3 in terms of revenue margins, take rate and in terms of EBITDA.

因此，我認為，如果您將我們的數據與 Lyft 進行比較，我們不會知道他們的數據。我們很早就進行了積極的投資，由於早期的投資，我們看到了非常積極的勢頭，我們已經能夠撤回與激勵相關的投資。 7 月份的收入利潤率在第二季度顯著上升，我們在司機和快遞員方面看到的增長勢頭正在持續，如果沒有加強的話。因此，這給了我們很大的信心，因為它與第四季度、第三季度的收入利潤率、收益率和 EBITDA 相關。

And we think the Q2 investment that we made was the right investment. And it puts us in very, very good stead as it relates to Q3 and Q4. As far as Eats goes, the vast majority of Eats' growth is organic. So broadly, we are seeing monthly active eaters on a global basis, up about 40% on a year-on-year basis. We are seeing basket sizes of about 10% on a yearly basis. We're seeing frequency of orders up as well. So the organic growth rates for Uber Eats is well over 50%, and most of that is really about continuing to build up audience on a year-on-year basis.

我們認為我們進行的第二季度投資是正確的投資。它使我們處於非常非常好的位置，因為它與第三季度和第四季度有關。就 Eats 而言，Eats 的絕大部分增長都是有機的。從廣義上講，我們在全球範圍內看到每月活躍的食客，同比增長約 40%。我們看到每年大約 10% 的籃子規模。我們也看到訂單頻率上升。因此，Uber Eats 的有機增長率遠遠超過 50%，其中大部分是為了繼續逐年增加受眾。

We're obviously happy with the Postmates acquisition in terms of being able to drive synergy value and getting to a #1 position in L.A. We're #1 in New York as well. But it's really about the organic growth, and it's about active eaters, it's about basket size and it's about orders per eater, and all of those are running positive for Q2, and we think they'll continue to run positive for Q3 and Q4.

我們顯然對 Postmates 的收購感到滿意，因為我們能夠推動協同價值並在洛杉磯排名第一。我們在紐約也排名第一。但這實際上與有機增長有關，與活躍的食客有關，與籃子的大小有關，與每個食客的訂單有關，所有這些都對第二季度產生積極影響，我們認為它們將繼續對第三季度和第四季度產生積極影響。

Your next question is from Brian Nowak from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

I have two. The first one is on sort of the -- Dara, the point around the investment in the drivers. I feel like we pay so much attention on these excess incentives. But when you're talking about marketing and onboard costs and background checks and vaccination, promotion and education, can you just help us better understand a little bit how big was the investment to bring on more drivers in the quarter? And how do we think about that throughout the course of the year, just we can sort of think about 2022, and hopefully, those costs are not as big of a burden?

我有兩個。第一個是關於-- Dara，關於對驅動程序的投資。我覺得我們非常關注這些過度的激勵措施。但是，當您談論營銷和車載成本以及背景調查以及疫苗接種、促銷和教育時，您能否幫助我們更好地了解本季度吸引更多司機的投資有多大？我們如何看待這一年的整個過程，只是我們可以考慮一下 2022 年，希望這些成本不會成為太大的負擔？

And then secondly, on Uber Pass, I appreciate the color on the volumes. Talk to us a little bit more about areas you think you've had some success in driving adoption of Uber Pass, in your mind, still low-hanging fruit areas to drive more adoption of that for riders as the Rides recovery continues?

其次，在 Uber Pass 上，我很欣賞卷上的顏色。與我們多談談您認為在推動 Uber Pass 採用方面取得了一些成功的領域，在您看來，隨著 Rides 恢復的繼續，仍然是低垂的果實領域，以推動乘客更多地採用它？

Yes. So in terms of driver acquisition spend, the heaviest driver acquisition spend and incentive spend that we think we will see and we saw was in Q2. We really have to take action very quickly because the marketplace was not at a place that we considered healthy and we wanted to lean in to get wait times down, to get surge levels down. And all of those metrics in general as far as surge and wait times are moving in the right direction. And in a bunch of cities, southern cities, et cetera, they're actually back to normal.

是的。因此，就駕駛員獲取支出而言，我們認為我們將看到並且我們看到的最重的駕駛員獲取支出和激勵支出是在第二季度。我們真的必須非常迅速地採取行動，因為市場不是我們認為健康的地方，我們希望減少等待時間，降低激增水平。總的來說，就激增和等待時間而言，所有這些指標都在朝著正確的方向發展。在許多城市，南部城市等等，它們實際上已經恢復正常。

And the vast majority of the spend as it relates to driver acquisition is really incentive. It's about putting dollars in front of drivers and our top 20 cities, drivers for Mobility are making over $40 an active hour, including just earnings and tips as well. So the good news is we're now in a good place where we're able to pull those investments back. If you look at July, volume growth will add about $200 million in EBITDA. Take rate improvements will add about $150 million in EBITDA, which gives us a lot of confidence as it relates to our Q3 numbers.

與司機獲取相關的絕大多數支出都是真正的激勵措施。這是關於在司機和我們排名前 20 的城市中投入資金，Mobility 的司機每小時可賺取超過 40 美元，包括收入和小費。所以好消息是我們現在處於一個能夠收回這些投資的好地方。如果您查看 7 月份，銷量增長將增加約 2 億美元的 EBITDA。提高利率將增加約 1.5 億美元的 EBITDA，這給了我們很大的信心，因為它與我們的第三季度數據相關。

And we're running positive, and these numbers aren't theoretical, they're based on actual July numbers. So I think from that standpoint, the investments were big, but the investments were well worth it, and we're on the positive side of the ledger, so to speak.

而且我們的結果是積極的，這些數字不是理論上的，它們是基於 7 月的實際數字。所以我認為從這個角度來看，投資很大，但投資非常值得，可以這麼說，我們處於分類賬的積極方面。

As far as Uber Pass goes, the most important factor for Uber Pass for us is what is the retention rate. And what we're seeing is after some optimization, building up the product, et cetera, the retention rate for our cohorts that are with us more than 6 months is now 98% retention rate on a month-on-month basis. So now that we have really perfected the product, driven the savings, et cetera, we can now lean into member growth. The vast majority of member growth is going to be organic. It's putting the product in front of both our riders and drivers. We think the Mobility business coming back is going to be a big benefit. And you heard us talk about how users who use both Mobility and Delivery account for more than 50% of our gross bookings on a global basis.

就 Uber Pass 而言，Uber Pass 對我們來說最重要的因素是留存率。我們看到的是，經過一些優化、構建產品等之後，與我們在一起超過 6 個月的同類群組的留存率現在是 98% 的月環比留存率。因此，既然我們已經真正完善了產品，推動了節省等等，我們現在可以依靠會員增長。絕大多數成員增長將是有機的。它將產品展示在我們的騎手和司機面前。我們認為移動業務的回歸將是一個很大的好處。您聽到我們談論了同時使用移動和交付的用戶如何占我們全球總預訂量的 50% 以上。

So now that we have the retention, we can step on the gas in terms of acquisition, but we're really going to take advantage of that 100 million monthly active platform customers and put what's a great product in front of them, and we think that we'll get a significant amount of organic traction there.

所以現在我們有了留存，我們可以在收購方面踩油門，但我們真的要利用每月 1 億活躍的平台客戶，把好的產品放在他們面前，我們認為我們將在那裡獲得大量的有機牽引力。

Your next question is from Mark Mahaney from ISI.

您的下一個問題來自 ISI 的 Mark Mahaney。

A question on the drivers. You mentioned those 2 numbers about the drivers up 75% year-over-year in June and up a couple of hundred thousand from February to July. With those drivers, can you tell how many of those are absolutely new drivers to the platform versus lapsed drivers or people who didn't drive during the COVID crisis and have come back?

關於司機的問題。你提到了這兩個數字，司機在 6 月同比增長 75%，從 2 月到 7 月增長了幾十萬。有了這些驅動程序，您能說出其中有多少是平台的絕對新驅動程序，而不是失效的驅動程序或在 COVID 危機期間沒有開車但又回來的人？

Yes, Mark, we can. And the majority of drivers who are coming back to the platform are what we call resurrected drivers. They've driven with us in the past, the #1 reason why they had not driven is because of safety concerns, vaccines, COVID, et cetera. As vaccination rates go up, we are seeing the resurrected drivers come back.

是的，馬克，我們可以。而大部分回歸平台的司機都是我們所說的複活司機。他們過去和我們一起開車，他們沒有開車的第一大原因是出於安全考慮、疫苗、COVID 等。隨著疫苗接種率的上升，我們看到復活的司機回來了。

So because of the size and scale of the business, we can reach into our database, and we're getting real momentum in terms of those resurrections coming back. So I think all the signs are quite positive.

因此，由於業務的規模和規模，我們可以訪問我們的數據庫，並且我們在這些復活方面獲得了真正的動力。所以我認為所有的跡像都是非常積極的。

And one quick follow-up question, please. Any comments -- updated comments on the regulatory outlook and particularly on the state of Massachusetts?

一個快速的後續問題，請。任何評論——關於監管前景的最新評論，特別是關於馬薩諸塞州的評論？

Yes. I think in the state of Massachusetts, listen, the -- we think the right answer is our IC+ model, right, which is independent contractor with benefits. Our drivers love it. Prop 22 has proven to be incredibly popular with California drivers. The vast majority of drivers prefer IC+ over employment, full-time employment.

是的。我認為在馬薩諸塞州，聽著，我們認為正確的答案是我們的 IC+ 模型，對，它是有利益的獨立承包商。我們的司機喜歡它。事實證明，22 號提案在加州司機中非常受歡迎。絕大多數司機更喜歡 IC+ 而不是全職工作。

And with Massachusetts, we're -- I think that voters in California voted for it because they had driver support. I see no reason why voters in Massachusetts are going to be any different. We absolutely prefer a legislative outcome in Massachusetts. But if we can't get there, we'll take it to the vote. And based on what happened in California, we're quite confident.

在馬薩諸塞州，我們 - 我認為加利福尼亞的選民投票支持它是因為他們得到了司機的支持。我看不出為什麼馬薩諸塞州的選民會有任何不同。我們絕對更喜歡馬薩諸塞州的立法結果。但如果我們不能到達那裡，我們將把它付諸表決。根據加利福尼亞發生的情況，我們非常有信心。

Your next question is from Doug Anmuth from JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

I just wanted to clarify on driver supply, I think, a few months ago, kind of your expectation was that things would kind of return to normal in the third quarter -- by the end of the third quarter. Is that kind of still what you're expecting here given your trajectory and the tapering that you've mentioned? And then second, on profitability, is that overall in Delivery profit in the fourth quarter? Just wanted to clarify there.

我只是想澄清一下司機的供應，我想，幾個月前，你的期望是在第三季度——到第三季度末，情況會恢復正常。考慮到你的軌跡和你提到的逐漸變細，這仍然是你所期待的嗎？其次，關於盈利能力，第四季度的整體交付利潤是否如此？只是想在那裡澄清一下。

On the fourth quarter, it's total company EBITDA profitability. And then even -- and the third quarter guidance was total company as well. So that includes all aspects of the business. But if you -- on my prepared comments, I just talked to the fact that we'll continue to make progress and improvement on Delivery. And we'll -- and again, we expect our EBITDA profitability of our Mobility business continue to improve. And again, we're pretty confident in terms of how we're doing it, which is why we put out the guidance for Q3.

在第四季度，它是公司的 EBITDA 總盈利能力。然後甚至 - 第三季度的指導也是整個公司。所以這包括業務的所有方面。但是，如果您——根據我準備好的評論，我剛剛談到了我們將繼續在交付方面取得進展和改進的事實。我們將 - 再次，我們預計我們的移動業務的 EBITDA 盈利能力將繼續提高。再一次，我們對我們如何做到這一點非常有信心，這就是我們發布第三季度指導的原因。

And I think if you look in the supplemental slide, you'll also see that our Delivery business outside of the U.S. is an inch away from EBITDA profitability. So again, this is in a theory where we're executing on it quite effectively. And we're confident in our stance to overall profitability.

而且我認為，如果您查看補充幻燈片，您還會看到我們在美國以外的交付業務與 EBITDA 盈利能力相差一英寸。再說一次，這是在一個我們非常有效地執行它的理論中。我們對我們對整體盈利能力的立場充滿信心。

And then lastly, you did mention something about driver supply returning. So what I would say is that you heard us both make comments in the prepared remarks that, again, we invested heavily in Q2. We're seeing the benefits even in July, which we talked about. The margins are improving. We're adding more drivers, and we've pulled back on incentives. And what I would suggest is that our ability to achieve those numbers is really just based on take rates where they are in July paying forward for the rest of the quarter.

最後，您確實提到了有關驅動程序供應返回的事情。所以我想說的是，你聽到我們都在準備好的評論中發表評論，我們再次在第二季度進行了大量投資。我們甚至在 7 月份就已經看到了這些好處，我們談到了這一點。利潤率正在改善。我們正在增加更多的驅動程序，我們已經撤回了激勵措施。我的建議是，我們實現這些數字的能力實際上只是基於他們在 7 月份為本季度剩餘時間支付的利率。

And I do think on driver supply, the other thing that I would add is it's not just a question of money. Listen, short term, we have to lean in as it relates to incentives and driver earnings are definitely high. And obviously, driving is a very flexible way to earn. But I would also underlie the operational and the tech improvements that we have made.

而且我確實考慮了驅動程序的供應，我要補充的另一件事是，這不僅僅是錢的問題。聽著，短期內，我們必須靠攏，因為它與激勵措施有關，而且司機的收入肯定很高。顯然，開車是一種非常靈活的賺錢方式。但我也會為我們所做的運營和技術改進奠定基礎。

So for example, now, we're testing the capability to bring on drivers. Usually when someone wants to drive a person, we have to do background checks, et cetera, and not just in the state that you live, in other states as well. We can onboard drivers very quickly to deliver food. And as we process all of the regulatory checks that we have to be very careful that we do on the ground in each state, we can then move them over to driving for the Mobility business as well.

例如，現在，我們正在測試引入驅動程序的能力。通常，當有人想開車時，我們必須進行背景調查等，不僅在您居住的州，在其他州也是如此。我們可以非常迅速地讓司機送餐。當我們處理所有監管檢查時，我們必須非常小心地在每個州進行實地檢查，然後我們可以將它們轉移到為移動業務推動。

And that has allowed the onboarding flows, the CRM campaigns that we are driving. The incentive technology has allowed us to move from a period of heavy spend and adding drivers to much less heavy spend, so to speak, and adding both couriers and drivers at the fastest pace that we have for the year. I mean July looks really good, and if August and September, anything like July, we will be in very, very good shape.

這使得我們正在推動的入職流程和 CRM 活動成為可能。激勵技術使我們能夠從大量支出和增加司機的時期轉變為更少的大量支出，可以這麼說，並以我們今年最快的速度增加快遞員和司機。我的意思是 7 月看起來非常好，如果 8 月和 9 月，像 7 月一樣，我們將處於非常非常好的狀態。

Your next question is from Brent Thill from Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

Any color just as it relates to pricing trends for the second half and how we should think about that. And Dara, on the Eats business, if you could just comment on the frequency. I know you had mentioned on the last call that there's perhaps a slowdown in terms of frequency. How are you thinking about that now as you look forward?

任何顏色都與下半年的定價趨勢以及我們應該如何思考有關。 Dara，關於 Eats 的業務，如果你能評論一下頻率的話。我知道你在上次電話會議中提到頻率可能會放緩。展望未來，您現在對此有何看法？

Yes. I'll start with the second first, which is we actually have not seen a material decrease in frequency as it relates to our Delivery business. And we think it's just because a higher portion of our Delivery customers are using the Pass. So we always thought that could be an offset, but we weren't sure of the relative offset between Pass because as nonmembers become Pass members and they have free trials, and especially if they -- when they graduate into paid membership in the next 6 month cohort that has a 98% retention, the number of orders per eater and riders -- and rides per rider goes up materially.

是的。我將從第二個開始，即我們實際上並沒有看到與我們的交付業務相關的頻率大幅下降。我們認為這只是因為我們的交付客戶中有更高的部分正在使用通行證。所以我們一直認為這可能是一個抵消，但我們不確定 Pass 之間的相對抵消，因為當非會員成為 Pass 會員並且他們可以免費試用，特別是如果他們 - 當他們在接下來的 6 年畢業成為付費會員時留存率為 98% 的月隊列、每位食客和騎手的訂單數量以及每位騎手的乘車量大幅上升。

So the question for us was, well, is the positive momentum of membership going to outdo, let's say, the negative of cities open up. And so far, that is the case. So that orders per eater has stayed very consistent. And people are going out, which is great. But we do think that order for eater, there will be a tailwind in terms of orders per eater as we continue to drive membership.

所以對我們來說，問題是，會員的積極勢頭是否會超過城市開放的消極勢頭。到目前為止，情況就是如此。因此，每個食客的訂單保持非常一致。人們都出去了，這很好。但我們確實認為，對於食客的訂單，隨著我們繼續推動會員發展，每位食客的訂單量將會順風順水。

As far as pricing trends in the second half, we are seeing -- in July and early August, we are seeing pricing ease. It's still up year-on-year, but the pace of the price increases looks like it's easing as we get into a more normalized supply situation, which we think is a great -- is a real positive for the marketplace.

就下半年的定價趨勢而言，我們看到了——在 7 月和 8 月初，我們看到了定價的緩和。它仍然同比上漲，但隨著我們進入更加正常的供應狀況，價格上漲的步伐似乎正在放緩，我們認為這很好 - 對市場來說是一個真正的積極因素。

Your next question is from Deepak Mathivanan from Wolfe Research.

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

Just a couple of ones. So first on Eats EBITDA, given the high incremental margins on this business, below the revenue margin, how much are you reinvesting into the business right now on nonfood and some of these other categories? And what are the trends -- underlying trends in terms of profitability of the core food business?

就幾個。首先是 Eats EBITDA，鑑於該業務的高增量利潤率，低於收入利潤率，您現在在非食品和其他一些類別的業務中再投資多少？以及核心食品業務盈利能力方面的趨勢是什麼？

And then second question, just to follow-up on the Rides take rate. In addition to U.S. growing, you also saw European markets recover during second quarter where the impact of driver incentives is somewhat low. So is the 280 basis point sequential decline in take rate predominantly from U.S., can you give some color on kind of quantifying it by geographical regions?

然後是第二個問題，只是為了跟進乘坐率。除了美國增長外，您還看到歐洲市場在第二季度復甦，司機激勵措施的影響略低。那麼，280 個基點的利率連續下降主要來自美國嗎？您能否就按地理區域對其進行量化給出一些顏色？

Yes. As far as delivery goes, we are spending a fair amount as it relates to grocery, new verticals, et cetera. Grocery and New Verticals account for about 5% to 6% of our overall GBs, and it's growing at pretty healthy rates. But we think that we can get to Delivery EBITDA profitability by the end of the year, including Grocery as well. So yes, we're leading into those parts of the business. But really, the Delivery story for us is as a larger percentage of our delivery customers are repeat customers. Our -- the incentives that we have to put into the marketplace, the marketing spend that we have to spend to the marketplace comes down.

是的。就送貨而言，我們在雜貨店、新的垂直領域等方面花費了相當多的錢。雜貨店和新垂直行業約占我們總 GB 的 5% 到 6%，並且正以相當健康的速度增長。但我們認為我們可以在年底前實現交付 EBITDA 盈利，包括雜貨店。所以是的，我們正在進入業務的這些部分。但實際上，我們的交付故事是因為我們的交付客戶中有很大一部分是回頭客。我們 - 我們必須投入市場的激勵措施，我們必須投入市場的營銷支出下降。

Generally in the U.S. and other markets as the marketplace becomes more efficient and we get kind of more frequency in the marketplace, we're able to drive the cost per trip down because couriers can batch -- we can batch 2 or 3 deliveries per courier. The time that they have to be on the trip reduces as we add more restaurants into the marketplace, et cetera.

一般來說，在美國和其他市場，隨著市場變得更有效率並且我們在市場上獲得更多的頻率，我們能夠降低每次旅行的成本，因為快遞員可以分批——我們可以為每個快遞員分批 2 或 3 次交付.隨著我們在市場上增加更多餐館等，他們必須在旅途中的時間減少了。

So the combination of marketing efficiencies that we get and cost per trip efficiencies that we get, allow us to continue to invest aggressively in growing our Delivery business, but at the same time, improving our margins as well and investing into the Grocery business.

因此，我們獲得的營銷效率和獲得的每次旅行成本效率相結合，使我們能夠繼續積極投資發展我們的送貨業務，但同時也提高了我們的利潤率並投資於雜貨業務。

Regarding your question on the take rates, you're right. In APAC and Latin America, we're not expecting any take rate changes, if you will. So much of the investment was in the U.S. and Canada, and there was actually some in Europe as well in order to get drivers back and help build supply.

關於你關於利率的問題，你是對的。在亞太地區和拉丁美洲，如果您願意的話，我們預計不會有任何收取率變化。大部分投資都在美國和加拿大，實際上歐洲也有一些投資，目的是讓司機回來並幫助建立供應。

Your next question is from John Blackledge from Cowen.

您的下一個問題來自 Cowen 的 John Blackledge。

Two questions. First, on the Delta variant, could you talk about Mobility trends in the recent weeks in areas where Delta variant has spiked and also the Delivery trends along the same lines? And then on Delivery, second question, how is Uber differentiating versus other competitors in grocery and other across different geos? And what's kind of the goal in the U.S., given you have had several scale players in that market?

兩個問題。首先，關於 Delta 變體，您能否談談最近幾週 Delta 變體飆升的地區的流動性趨勢以及類似的交付趨勢？然後在交付方面，第二個問題是，優步與其他競爭對手在雜貨店和其他不同地區的競爭對手有何不同？鑑於您在該市場擁有多個規模參與者，在美國的目標是什麼？

Yes. I think as it relates to Delta variant trends, where we have seen shutdowns, we see significant changes as it relates to the pattern of the business. So for example, if you look at our supplemental deck, Australia and Sydney, for example, where city shuts down, we see Mobility, obviously, take a hit, but we see essentially the opposite happen in the Delivery side of the business, that's a hedge that we talk about.

是的。我認為，由於它與 Delta 變體趨勢有關，我們已經看到了停工，我們看到了與業務模式相關的重大變化。因此，例如，如果您查看我們的補充平台，澳大利亞和悉尼，例如，在城市關閉的地方，我們看到 Mobility 顯然受到了打擊，但我們看到在業務的交付方面基本上發生了相反的情況，那就是我們談論的對沖。

And even net of the hedge, Mobility and Delivery tend to be up pretty significantly on a year-on-year basis, certainly, if we compare to 2019 volumes as well. Where we don't see where there aren't shutdowns, it's really hard to tell. It's -- people still want to go out, and there may be slight changes in behavior, but there are no material changes in behavior and kind of the underlying growth that we see in the business takes over. So certainly, the July trends that we saw relative to June were pretty encouraging. But no one can predict what's going to happen with Delta going forward. But so far, we're hedged and the trends that we're seeing are pretty good.

即使扣除對沖，流動性和交付量也往往同比顯著增長，當然，如果我們與 2019 年的交易量相比也是如此。我們看不到哪裡沒有停工，真的很難說。這是 - 人們仍然想出去，行為可能會有輕微的變化，但行為和我們在業務中看到的潛在增長沒有實質性變化。因此，可以肯定的是，我們看到的相對於 6 月份的 7 月份趨勢非常令人鼓舞。但沒有人能預測 Delta 未來會發生什麼。但到目前為止，我們是對沖的，我們看到的趨勢非常好。

As it relates to differentiating and delivery, listen, I think the differentiator that we have is the audience and the Uber platform, right? So we actually were late in the delivery game. We were one of the latest players to build up delivery business. We built it based on the Uber brand. The marketplace matching technology that we have, the pricing technology, routing, et cetera, 3/4 of essentially elements of what is a ride and what is delivery, ultimately, what's going to be a grocery, 3/4 of the elements that we're building in our stack are common elements that our engineers are coding. So we essentially get to have engineers working on common elements. We got bigger data sets than anyone else. We're able to train our algorithms over much larger data points -- global data points versus our competitors, which allow us to build a matching, routing incentives marketing engine that is more personalized and just has greater capabilities than anyone else.

因為它與差異化和交付有關，聽著，我認為我們擁有的差異化因素是受眾和優步平台，對吧？所以我們實際上在交付遊戲中遲到了。我們是建立快遞業務的最新參與者之一。我們基於 Uber 品牌構建了它。我們擁有的市場匹配技術、定價技術、路線等，3/4 的基本要素是什麼是乘車和什麼是交付，最終，什麼是雜貨店，3/4 的要素是我們'在我們的堆棧中構建的是我們的工程師正在編碼的常見元素。所以我們基本上可以讓工程師研究共同的元素。我們得到的數據集比其他任何人都大。我們能夠在更大的數據點上訓練我們的算法——全球數據點與我們的競爭對手相比，這使我們能夠構建一個匹配的、路由激勵營銷引擎，該引擎更加個性化並且比其他任何人都具有更大的功能。

At the same time, we have op teams on the ground in every single market. We understand the regulatory marketplace, the overheads that we have are much lighter than our competitors. It all translates into cost of customer acquisition is lower, lifetime value is higher because of the higher frequency accounts that we have with our customers and overheads are lower. So lower cost of customer acquisition, higher lifetime value, lower overheads and greater capabilities, that's the differentiator.

同時，我們在每個市場都有運營團隊。我們了解監管市場，我們擁有的管理費用比我們的競爭對手輕得多。這一切都轉化為客戶獲取成本更低，生命週期價值更高，因為我們與客戶的賬戶頻率更高，管理費用更低。因此，更低的客戶獲取成本、更高的生命週期價值、更低的間接費用和更強大的能力，這就是差異化因素。

We built -- Eats is now #1 and 8 out of the top 10 markets. And we think Grocery, we're off to a great start internationally. In the U.S., Instacart is a really strong competitor. I think in the U.S., we're going to be practical. We're going to build out our merchant base, and we're going to lean in on the rides and each audience to build up Grocery in the U.S., but it's a bigger audience than anyone else has. So we think that's a great asset to have.

我們建立了——Eats 現在在前 10 大市場中排名第 1 和第 8。我們認為雜貨店，我們在國際上有了一個良好的開端。在美國，Instacart 是一個非常強大的競爭對手。我認為在美國，我們將變得務實。我們將建立我們的商家基礎，我們將依靠遊樂設施和每個觀眾在美國建立雜貨店，但它的觀眾比其他任何人都多。因此，我們認為這是一項巨大的資產。

Your next question is from James Lee of Mizuho.

您的下一個問題來自瑞穗的 James Lee。

Can you give us an update on competition with DiDi given their issues with the regulatory bodies in China? Are you seeing them any pullback from their perspective on the international operations? I know you guys are competing within South America and EMEA, any update would be helpful.

鑑於滴滴與中國監管機構的問題，您能否向我們介紹一下與滴滴的競爭情況？從他們對國際業務的角度來看，您是否看到他們有任何回落？我知道你們正在南美和歐洲、中東和非洲地區競爭，任何更新都會有所幫助。

So as you know, it's happened very recently and quickly. So we actually really haven't seen anything material, if you will. Obviously, we compete with them, particularly in some parts of Latin America. We had a strong second quarter and continue to have -- do well as we're into July. We actually haven't seen anything, what I'd call material changes. There's always kind of fluctuations market-by-market or city-by-city, but nothing and nothing that I could attach to the broader questions surrounding DiDi.

如您所知，它發生在最近而且很快。所以我們實際上還沒有看到任何材料，如果你願意的話。顯然，我們與他們競爭，尤其是在拉丁美洲的某些地區。我們有一個強勁的第二季度，並繼續 - 像我們進入七月一樣表現良好。我們實際上沒有看到任何東西，我稱之為實質性變化。市場和城市之間總是存在波動，但我沒有任何東西可以附加到圍繞滴滴的更廣泛的問題上。

Next question is from Brad Erickson from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Brad Erickson。

Just one more on the driver incentives. I guess, can you just talk about the confidence level that you can continue to taper here? I think your main competitor here in the U.S. said they're going to keep those investment levels fairly high for the foreseeable future. And so I guess, just wondering how conservative are your expectations there as we look at what's contemplated into the Q4 guide and the profit target. And then the second one is just can you remind us just what's built in also to that profit target regarding advertising?

只是關於司機激勵措施的一項。我想，你能談談你可以在這裡繼續減少的信心水平嗎？我認為您在美國的主要競爭對手錶示，他們將在可預見的未來將這些投資水平保持在相當高的水平。所以我想，只是想知道當我們查看第四季度指南和利潤目標的預期時，你的期望有多保守。然後第二個問題是您能否提醒我們關於廣告的利潤目標也包含什麼內容？

So there isn't much more from a run rate standpoint on advertising. It's really coming from Mobility recovery. And so if you listen to my commentary, I really did center it, and the variability is really around the Mobility recovery or the continued recovery. We did notice that Lyft did increase some of their incentive spend both in June, but particularly in July. And as you heard from our commentary, based on the results in July, our business is quite strong, and our margins have come back.

因此，從廣告投放率的角度來看，沒有更多的東西。它真的來自移動性恢復。因此，如果您聽聽我的評論，我確實將其集中在了中心，而可變性實際上圍繞著流動性恢復或持續恢復。我們確實注意到 Lyft 確實在 6 月增加了一些激勵支出，尤其是在 7 月。正如您從我們的評論中聽到的那樣，根據 7 月份的結果，我們的業務非常強勁，我們的利潤率已經恢復。

And again, as I reiterated a few times on this call already, as we think about getting to the guidance that we gave you, it's really around not increasing our take rates, if you will, between now and the end of the quarter. It's just maintaining where they were today at this point in time in Q3 and then some expected increase on the volume side. So again, obviously, we can't predict the future, but we feel pretty good about what's going on now, and it's happening today in the marketplace where they are investing.

再一次，正如我在這次電話會議上多次重申的那樣，當我們考慮獲得我們給你的指導時，如果你願意的話，從現在到本季度末，實際上是在不提高我們的利率。它只是在第三季度的這個時間點保持今天的水平，然後在交易量方面出現一些預期的增長。同樣，顯然，我們無法預測未來，但我們對現在正在發生的事情感覺很好，而且今天正在他們投資的市場上發生。

As Dara mentioned, we invested early and often to build back our marketplace. And you do get the benefits of the flywheel. You did hear my comments about in July, how we added 30% new drivers, but that's really incrementalized. We're spending a lot more on incentives. And so we just got the flywheel going and we're getting the benefits from it. I'm not going to comment on what Lyft did and what they're going to do. But again, we feel pretty comfortable where our marketplace is today.

正如 Dara 提到的，我們很早就投資並經常重建我們的市場。你確實得到了飛輪的好處。你確實聽到了我在 7 月份的評論，我們如何增加 30% 的新驅動程序，但這確實是漸進式的。我們在激勵措施上花費了更多。因此，我們剛剛啟動了飛輪，並從中受益。我不會評論 Lyft 做了什麼以及他們將要做什麼。但同樣，我們對今天的市場感到非常自在。

And I think the other factor that I would also point out, Brad, is the incentives was the fastest lever that we could pull. But the improvements that we have made in terms of onboarding flow, the CRM campaigns that we're sending to resurrected drivers. We've done a bunch of testing and learning in terms of what incentives work and which ones don't. All of that is resulting in greater efficiency in terms of our being able to add incremental drivers at a lower cost and are being able to hold on to drivers because earnings are really high.

布拉德，我認為我還要指出的另一個因素是激勵措施是我們可以拉動的最快槓桿。但是我們在入職流程方面所做的改進，以及我們發送給復活司機的 CRM 活動。關於哪些激勵措施有效，哪些無效，我們已經進行了大量測試和學習。所有這一切都帶來了更高的效率，因為我們能夠以更低的成本添加增量驅動程序，並且能夠留住驅動程序，因為收益非常高。

The other factor that I would add is that, again, based on what we can see our spend versus Lyft spend, our base, we went in more aggressively. So I think that when we say we can taper, it's off of a more aggressive base. And if they're putting in incentives is probably off of a lower base. So there may not be that much of a difference, but the biggest factor is we now have the machine working.

我要補充的另一個因素是，再次，根據我們可以看到的支出與 Lyft 支出（我們的基礎）相比，我們更積極地投入。所以我認為，當我們說我們可以逐漸減少時，它的基礎更加激進。如果他們實施激勵措施，基數可能會更低。所以可能沒有那麼大的區別，但最大的因素是我們現在讓機器正常工作。

And listen, in July, we pulled back incentives and drive our acquisition and courier acquisition look really, really strong. So all we're giving you is giving you the facts and our capabilities are getting better. And we're getting smarter about how we're spending. And that's what gives us a lot of confidence going into Q3 and Q4.

聽著，在 7 月，我們取消了激勵措施，並推動我們的收購和快遞收購看起來非常非常強大。所以我們給你的只是給你事實，我們的能力正在變得更好。而且我們在如何支出方面變得越來越聰明。這就是讓我們對第三季度和第四季度充滿信心的原因。

Your next question is from Edward Yruma from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Edward Yruma。

I wanted to ask a question about rewards. I know you guys continue to innovate the program. I guess, how successful have you been in terms of driving incremental usage either on the Eats side or on the Rides side and maybe more importantly, getting a consumer to use both sides of the app?

我想問一個關於獎勵的問題。我知道你們會繼續創新這個項目。我想，你在推動 Eats 方面或 Rides 方面的增量使用方面取得了多大的成功，也許更重要的是，讓消費者使用應用程序的雙方？

Yes. So on average, the past customer is the number of trips, rides and food orders per customer on a monthly basis increases more than 50% on pre Pass, post Pass. So the added incrementality is pretty significant. We see a lot more crossover. And if you look at our supplemental slides, the percentage of our total gross bookings now come from Mobility and Delivery cross-platform users is close to 50% in the U.S. and the U.K. as well.

是的。所以平均而言，過去的客戶是每個客戶每月的旅行、乘車和食品訂單數量在 Pass 前後增加超過 50%。因此，增加的增量非常重要。我們看到了更多的交叉。如果您查看我們的補充幻燈片，我們現在總預訂量中來自移動和交付跨平台用戶的百分比在美國和英國也接近 50%。

So the Pass is really working. And the most important factor on the Pass is that 98% retention rate. It's a really strong product that's sticky, and that gives us the confidence to be able to lean in and grow the number of past members that we got.

所以通行證確實有效。 Pass 最重要的因素是 98% 的保留率。這是一個非常強大的產品，具有粘性，這讓我們有信心能夠依靠並增加我們獲得的過去成員的數量。

Got it. And do you think that, that helps keep the customer loyal to your platform versus shopping or other platforms from a price perspective?

知道了。你認為從價格的角度來看，與購物或其他平台相比，這有助於保持客戶對你的平台的忠誠度嗎？

It certainly shows up in the orders per month. It's our belief that it's not purely price. We really invest in the customer service. There are certainly savings. But listen, this is a well-worn path. Amazon Prime, I think, talked a bunch of players after the value of high-frequency type of interactions. And we're not inventing anything here.

它肯定會出現在每月的訂單中。我們相信這不僅僅是價格。我們真正投資於客戶服務。肯定有儲蓄。但是聽著，這是一條陳舊的道路。我認為，亞馬遜 Prime 在高頻類型交互的價值之後與一群玩家交談。我們並沒有在這裡發明任何東西。

The good news for us is our Pass structurally because of the delivery benefits, because of the rides benefits now, because of the grocery benefits, just structurally, our Pass can offer more than any other pass out there. And the upside that we can see from frequency is just structurally higher than any other player out there. So we think our Pass is the upside from it in terms of our business and the retention just a structurally different place versus any of our competitors.

對我們來說，好消息是我們的通票在結構上是因為交付優勢，因為現在的遊樂設施，因為雜貨店的好處，只是在結構上，我們的通票可以提供比任何其他通行證更多的東西。我們可以從頻率中看到的優勢在結構上比其他任何玩家都要高。因此，我們認為就我們的業務而言，我們的通行證是它的優勢，與我們的任何競爭對手相比，保留率只是一個結構上不同的地方。

Your next question is from Tom White of D.A. Davidson.

您的下一個問題來自 D.A. 的 Tom White。戴維森。

Great. I just was hoping you could comment maybe on your expectation for staying EBITDA profitable after the fourth quarter and maybe whether you really think you should. And I guess, specifically, I'm talking about the growing businesses in Grocery and other Delivery categories, how are you thinking about weighing on investing in those long-term, very large opportunities versus trying cater to public equity investors who would like to see some near-term profitability?

偉大的。我只是希望您能評論一下您對第四季度後保持 EBITDA 盈利的期望，以及您是否真的認為應該這樣做。我想，具體來說，我說的是雜貨和其他交付類別中不斷增長的業務，您如何考慮權衡投資那些長期的、非常大的機會，而不是試圖迎合希望看到的公共股權投資者一些近期的盈利能力？

So Tom, when we talk about getting the EBITDA profitability in Q4, our expectation is that we'll continue and it will be sustainable and growing as we continue to move forward into 2022. So we believe we'll have enough to invest along some of those other new verticals in those areas and reinvest back in. But we recognize the fact that one of the things we did, if you think about the approach we took this quarter, we invested ahead to build up our healthy marketplace so we can then get our margins back, have our businesses healthy and growing and profitable as we move towards EBITDA profitability. It's pretty important for the company and for Dara, for myself that we just sustainably build our business and continue to grow our bottom line as well.

所以湯姆，當我們談論在第四季度獲得 EBITDA 盈利能力時，我們的預期是我們將繼續前進，隨著我們繼續前進到 2022 年，它將是可持續的和增長的。所以我們相信我們將有足夠的資金進行一些投資在這些領域的其他新垂直領域中進行再投資。但我們認識到，我們所做的其中一件事，如果你考慮一下我們本季度採取的方法，我們提前投資以建立我們健康的市場，這樣我們就可以隨著我們向 EBITDA 盈利邁進，讓我們的利潤恢復，讓我們的業務健康成長並盈利。對公司、對 Dara 和我自己來說，我們只是可持續地建立我們的業務並繼續增加我們的底線，這一點非常重要。

I mean, Tom, just mathematically, the other factor that I would point to is our Mobility business is a $50-plus billion run rate without COVID. And we're seeing a number of markets back above 100% of '19 levels. At $50 billion, the Mobility margins as a percentage of gross bookings can be 10-plus percent and already is 10-plus percent at a bunch of markets. So the earning power today, without kind of growth on our Mobility business, is really it's a $5 billion earnings power today.

我的意思是，湯姆，就數學而言，我要指出的另一個因素是我們的移動業務是在沒有 COVID 的情況下運行 50 多億美元。我們看到許多市場回到了 19 年水平的 100% 以上。在 500 億美元的情況下，移動利潤率佔總預訂量的百分比可以達到 10% 以上，並且在許多市場中已經達到 10% 以上。所以今天的盈利能力，在我們的移動業務沒有增長的情況下，實際上是今天 50 億美元的盈利能力。

Delivery business, we have markets that are 5% of gross bookings today. So the earnings power of that business is another $2.5 billion while running overheads at, call it, $2 billion on a run rate basis. So the earnings power of this company is very, very significant. That allows us to invest in new businesses. It allows us to invest in new verticals, high-capacity vehicles, pool, rental, reserve. It allows us to invest in grocery, et cetera. And because of the scale of our business and because of the membership program, et cetera, that I talked about, we can invest aggressively and we can be EBITDA profitable, and we expect to increase margins for the foreseeable future.

交付業務，我們的市場佔今天總預訂量的 5%。因此，該業務的盈利能力是另外 25 億美元，而管理費用按運行率計算為 20 億美元。所以這家公司的盈利能力非常非常重要。這使我們能夠投資新業務。它使我們能夠投資於新的垂直領域、大容量車輛、池、租賃、儲備。它使我們能夠投資雜貨等。而且由於我們的業務規模以及我談到的會員計劃等，我們可以積極投資，我們可以實現 EBITDA 盈利，並且我們希望在可預見的未來增加利潤率。

And in a tough way, COVID kind of prepared us for this, we had to sharpen our kind of operating muscles. But this is not a raise to profitability and then oh my God, what are we going to do? This is raise the profitability and just keep growing and growing and growing. That is absolutely our goal, and I think we've got the earnings power to do it.

COVID以一種艱難的方式讓我們為此做好了準備，我們必須磨練我們的操作肌肉。但這並不是提高盈利能力，然後天哪，我們該怎麼辦？這是提高盈利能力，並保持增長、增長和增長。這絕對是我們的目標，我認為我們有盈利能力來做到這一點。

Your next question is from Steven Fox from Fox Advisors.

您的下一個問題來自 Fox Advisors 的 Steven Fox。

I was just wondering if you can follow up on a couple of comments, that one in particular as well as the comment about being practical when considering category expansion in the U.S. It seems like category expansion has a better return on your investment, and you could be aggressive while still protecting profit. So any longer-term thoughts on how to think of not just groceries but also the Drizly acquisition coming in other categories, as you invest into next year?

我只是想知道您是否可以跟進一些評論，尤其是關於在美國考慮類別擴展時實用的評論。似乎類別擴展對您的投資有更好的回報，您可以在保護利潤的同時積極進取。那麼，當您在明年投資時，關於如何不僅考慮雜貨，還考慮其他類別的 Drizly 收購的任何長期想法？

Yes. I think on the long term, I'd just point to Uber Eats. Listen, this is not made-up series, right? We built -- we were late in the delivery game. We built up Uber Eats using the engineering platform that we built on Mobility, putting a bunch of our great product people, engineers against it. We built up Freight organically. We're making a big acquisition, but that's another business that we built.

是的。我認為從長遠來看，我只會指向 Uber Eats。聽著，這不是編造的系列，對吧？我們建造了——我們在交付遊戲中遲到了。我們使用我們在 Mobility 上構建的工程平台建立了 Uber Eats，讓我們一群優秀的產品人員和工程師反對它。我們有機地建立了貨運。我們正在進行大規模收購，但這是我們建立的另一項業務。

Grocery and Drizly are very, very close to our Delivery business in terms of use cases. They cover the fast and frequent. People want their liquor fast. They want grocery fast, and they're also frequent use cases as well. So we are going to use the family of apps that we have to essentially cross-promote one service to the other at the right time, targeted to the right person using ML algorithms. They'll all have the same identity. They all have the same payment characteristics. We'll have fraud engines, routing engines, pricing engines, all of them running against a bigger dataset than anyone else can.

就用例而言，Grocery 和 Drizly 與我們的交付業務非常非常接近。他們涵蓋了快速和頻繁。人們想要他們的酒快。他們想要快速購買雜貨，而且它們也是常見的用例。因此，我們將使用一系列應用程序，我們必須在正確的時間將一項服務交叉推廣到另一項服務，並使用 ML 算法針對正確的人。他們都將擁有相同的身份。它們都具有相同的支付特徵。我們將擁有欺詐引擎、路由引擎、定價引擎，所有這些引擎都針對比其他任何人都更大的數據集運行。

So just if this is a play that we've run a bunch of times, and we're very, very confident that we can do the same for grocery and other categories as well.

所以只要這是我們已經運行了很多次的遊戲，我們非常非常有信心我們也可以為雜貨和其他類別做同樣的事情。

Great. And just to clarify, you said these new categories of 5% to 6% of delivery, bookings or total company bookings? I wasn't clear on that.

偉大的。澄清一下，你說這些新類別佔交付、預訂或公司總預訂量的 5% 到 6%？我不清楚。

Delivery bookings.

送貨預訂。

Next question is from Jason Helfstein from Oppenheimer.

下一個問題來自奧本海默的 Jason Helfstein。

Just two quick ones. One, just how are you thinking if unemployment benefits are extended, would that change your third quarter outlook? And then number two, I think kind of SoftBank's position on your stock has been causing headaches for many. Any thoughts about how that could get resolved?

只有兩個快速的。一，您如何看待如果延長失業救濟金，這會改變您第三季度的前景嗎？然後第二點，我認為軟銀在你的股票上的頭寸讓很多人頭疼。關於如何解決的任何想法？

Well, so first of all, in terms of our guidance is really just based on what we think is going to happen to the extent that benefits are extended, we will manage it. As you know, we've made really good strides right now in the current environment with the current plans in place. So no, we don't see any changes irrespective of benefits get extended or not.

好吧，首先，就我們的指導而言，我們的指導實際上只是基於我們認為在擴大福利的範圍內將會發生的事情，我們將對其進行管理。如您所知，我們現在在當前環境中取得了非常好的進展，並製定了當前的計劃。所以不，無論福利是否延長，我們都看不到任何變化。

We do see benefits in terms of folks coming back to drive when the benefits do expire. But that's more of an upside, if you will. In terms of SoftBank, it's hard for me to comment on SoftBank. There -- we have a good relationship with them. They're an investor. There's lots of stuff you read about what they're doing regarding some of their holdings, particularly given what's going on in China. I think much of it is done already. But again, they don't really call us for advice on how they're going to trade and what they're going to go do. But again, I think we're fine with whatever they end up doing so.

當福利到期時，我們確實看到了人們回來開車的好處。但這更像是一個好處，如果你願意的話。就軟銀而言，我很難評論軟銀。那裡——我們和他們關係很好。他們是投資者。你讀到很多關於他們正在做的關於他們的一些持股的事情，特別是考慮到中國正在發生的事情。我想很多事情已經完成了。但同樣，他們並沒有真正打電話給我們就他們將如何交易以及他們將要做什麼提供建議。但同樣，我認為無論他們最終這樣做，我們都很好。

Your next question is from [Richard Gosnani] from Bernstein.

您的下一個問題來自 Bernstein 的 [Richard Gosnani]。

A couple if I may. First, in the markets where you've invested aggressively, and you've seen driver supply improve, did you see market share gains follow against other competitors or alternatives in those regions? And then secondly, in terms of the users that you're adding, any way to dimension how many of these are new to altogether or just older users reactivating?

如果可以的話，一對夫婦。首先，在您積極投資的市場中，您已經看到驅動程序供應有所改善，您是否看到市場份額的增長緊隨這些地區的其他競爭對手或替代品？其次，就您要添加的用戶而言，有什麼方法可以衡量其中有多少是新用戶或只是舊用戶重新激活？

Yes. So in terms of the supply question again, yes. There's nothing in terms of are we gaining -- our -- what I would say is our -- we call it category position, you guys call it market share. It's very healthy and actually every region of our Mobility businesses. And it's either been stable to where it was in Q1 or has improved slightly in every major market. And again, whether it has to do with investment on bringing drivers back or just the competitive nature of the marketplaces or other factors if it is what it is, I can't draw a conclusion between different marketplaces. The team is actually doing quite well and executing given the pandemic and then again, people coming back.

是的。因此，就供應問題而言，是的。就我們是否獲得任何東西而言 - 我們的 - 我想說的是我們的 - 我們稱之為類別位置，你們稱之為市場份額。它非常健康，實際上是我們移動業務的每個區域。它要么穩定在第一季度的水平，要么在每個主要市場都略有改善。再說一次，無論是與吸引司機回來的投資有關，還是與市場的競爭性質或其他因素有關，如果是這樣的話，我無法在不同的市場之間得出結論。考慮到大流行，團隊實際上做得很好並且執行得很好，然後人們又回來了。

What was your second question? I'm sorry, I missed it.

你的第二個問題是什麼？對不起，我錯過了。

No worries. The second question was just on the users, the MAPC growth, any way to dimension, how many of these are new users to Uber altogether, how many are just reactivating older users?

不用擔心。第二個問題只是關於用戶，MAPC 的增長，以任何方式衡量，其中有多少是 Uber 的新用戶，有多少只是重新激活老用戶？

Yes. I'd say the majority of both our driver growth and new user growth tends to come from resurrection. Again, we've got the deepest database that any company has. So we can reach into that database when we reach into that database with essentially CRM campaigns. So it's very, very cheap to bring back those resurrected drivers. The second most significant area of growth is essentially the Rides business that are on the Eats. And then now the Eats business actually thrown to Rides and mixing new customers essentially that don't use the other product.

是的。我想說，我們的驅動增長和新用戶增長的大部分往往來自複活。同樣，我們擁有任何公司擁有的最深的數據庫。因此，當我們通過本質上是 CRM 活動進入該數據庫時，我們可以進入該數據庫。所以把那些復活的司機帶回來是非常非常便宜的。第二個最重要的增長領域基本上是 Eats 上的 Rides 業務。然後現在，Eats 業務實際上被拋給了 Rides，並混合了基本上不使用其他產品的新客戶。

And then the third channel is essentially new customers to the platform itself. So it's in that order. And listen, we have active initiatives in all three, and we can always do better. But certainly, the momentum that we're seeing is positive in all three.

然後第三個渠道本質上是平臺本身的新客戶。所以就按這個順序。聽著，我們在這三個方面都有積極的舉措，我們總是可以做得更好。但可以肯定的是，我們看到的勢頭在這三個方面都是積極的。

Operator, we have time for -- let's take the last.

接線員，我們有時間 - 讓我們採取最後一個。

Your question is from Youssef Squali from Truist Securities.

您的問題來自 Truist Securities 的 Youssef Squali。

I have one question for Dara and one question for Nelson. Dara, can you maybe speak to the driver supply and incentives in states that have ended federal employment benefits recently versus those that did not? How much of maybe the pullback that you're seeing maybe at least partially driven by that?

我有一個問題要問達拉，一個問題要問尼爾森。達拉，您能否談談最近終止聯邦就業福利的州與沒有終止聯邦就業福利的州的司機供應和激勵措施？你看到的回調有多少可能至少部分是由這個驅動的？

And then, Nelson, with profitability, a couple of quarters away now, literally around the corner. Can you maybe revisit long-term margins of the business across both Rides and Eats that you've shared with us pre COVID arguably, obviously. You're in a much, much better financial situation with all the cost savings, et cetera. So obviously, ex Grocery and ex Freight, two areas still of investment, if you can maybe just provide some color on that, that would be great.

然後，納爾遜，現在離盈利還有幾個季度，真的指日可待。您是否可以重新審視一下您在 COVID 之前與我們分享的 Rides 和 Eats 業務的長期利潤，很明顯。您的財務狀況要好得多，節省了所有成本等等。所以很明顯，前雜貨和前貨運，這兩個領域仍然是投資，如果你可以提供一些顏色，那就太好了。

So I'll go first. So we aren't updating any of our long-term margins today. We want to get through the pandemic and can come out. And then we understand that it's something that investors want. And so we will address that in New York shortly after. And I think Dara gave it at a very high level, the math as he went through it, and he used as a percent of GBs and to use 10% of gross bookings for Mobility and 5% for Delivery. And so I can't suggest that's not a good guidepost.

所以我先走了。因此，我們今天不會更新任何長期利潤率。我們想度過這場大流行病，並且可以出來。然後我們明白這是投資者想要的東西。因此，我們將在不久之後在紐約解決這個問題。而且我認為 Dara 給出了非常高的水平，他在計算時使用了 GB 的百分比，並將總預訂量的 10% 用於移動，5% 用於交付。所以我不能說這不是一個好的路標。

But again, we will formally take a look at it as we get through the pandemic. What we wanted to do is just make sure we navigate the recovery that's going on, particularly in terms of creating equilibrium in our marketplace, which is what we've been able to do through Q2 and we're starting to see the benefits in Q3.

但是，當我們度過大流行病時，我們將再次正式對其進行研究。我們想做的只是確保我們能夠駕馭正在進行的複蘇，特別是在我們的市場創造平衡方面，這是我們在第二季度能夠做到的，我們開始在第三季度看到收益.

Yes. And Youssef, back to your question on driver incentives. We have been leaning into driver incentives broadly in Q2. We have been able to pull back from driver incentives broadly in Q3, and we have been able to continue to acquire and/or resurrect new drivers broadly in July even as we pull back incentives just because the machinery and the targeting is working so much better.

是的。還有優素福，回到你關於司機激勵的問題。在第二季度，我們一直在廣泛地關注司機激勵措施。我們已經能夠在第三季度廣泛取消司機激勵措施，並且我們能夠在 7 月份繼續廣泛地收購和/或恢復新司機，即使我們撤回激勵措施只是因為機制和目標工作得更好.

In states that have ended UI, our marketplace balance in general is in a much healthier condition than states that have not ended UI. There's additional factor that's coming in, in the Delta variant now, which may throw things off. But it does seem to be a positive to us. We don't know if it's because of UI or other factors, but it seems positive. And our driving -- kind of driver incentive efficiency improvement has happened in states where UI has ended as well as states where UI continues.

在已經結束 UI 的州，我們的市場平衡總體上比沒有結束 UI 的州更健康。現在在 Delta 變體中還有一個額外的因素，這可能會讓事情變得糟糕。但這對我們來說似乎是積極的。我們不知道是因為 UI 還是其他因素，但似乎是積極的。而我們的駕駛——在 UI 已經結束的州以及 UI 繼續的州，都發生了一種駕駛員激勵效率的提高。

We can wrap it up, guys.

我們可以結束它，伙計們。

All right. Thank you, everyone, for joining us. And a lot of hard work from the team in Q2, and we see some pretty positive signals as it relates to Q3 and Q4. So thanks very much for joining us.

好的。謝謝大家加入我們。團隊在第二季度付出了很多努力，我們看到了一些與第三季度和第四季度相關的非常積極的信號。非常感謝您加入我們。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。