優步 (UBER) 2021 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the First Quarter 2021 Uber Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加優步2021財年第一季財報電話會議。 （操作說明）請注意，本次會議正在錄音。 （操作說明）

I would now like to hand the conference over to your speaker today, Balaji Krishnamurthy, Head of Investor Relations. Please go ahead.

現在我謹將會議交給今天的主講嘉賓，投資者關係主管巴拉吉·克里希那穆提先生。請開始吧。

Thank you, operator. Thank you for joining us today, and welcome to Uber's First Quarter 2021 Earnings Presentation. For the first time since the pandemic began, we are pleased to be broadcasting to you live from Uber's office in San Francisco.

謝謝接線生。感謝您今天收看我們的節目，歡迎收看優步2021財年第一季財報發表會。自從疫情爆發以來，我們首次榮幸地從優步舊金山辦公室為您進行現場直播。

On the call today, we have Uber's CEO, Dara Khosrowshahi; CFO, Nelson Chai; and Chief Legal Officer, Tony West. During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the press release, supplemental slides and in our filings with the SEC, each of which is posted to investor.uber.com.

在今天的電話會議上，優步首席執行官達拉·科斯羅薩西 (Dara Khosrowshahi)、首席財務官納爾遜·柴 (Nelson Chai) 和首席法務官托尼·韋斯特 (Tony West) 將出席。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指標與非GAAP指標的調節表，均包含在新聞稿、補充幻燈片以及我們向美國證券交易委員會 (SEC) 提交的文件中，所有這些文件都已發佈在 investor.uber.com 網站上。

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

再次提醒，這些數據未經審計，可能會有所變動。本次簡報和電話會議中的某些陳述屬於前瞻性陳述。此類陳述通常包含「相信」、「預期」、「打算」和「可能」等字眼。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異，除法律另有規定外，我們不承擔更新今日所作任何前瞻性陳述的義務。

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

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，以及我們在截至 2020 年 12 月 31 日的最新年度報告（表格 10-K）和向美國證券交易委員會提交的其他文件中描述的風險和不確定性（如有）。

Following prepared remarks today, we will open the call to questions. For the remainder of this discussion, all first quarter growth rates reflect year-over-year growth and are on a constant currency basis, unless otherwise noted. For April trends, we will be providing comparisons with April 2019 in addition to year-over-year trends. Lastly, we have included a detailed Q1 financial review in our earnings press release, and Nelson will not go over those details again.

在今天的演講結束後，我們將開放問答環節。除非另有說明，本次討論中所有第一季成長率均指年增速，且均以固定匯率計算。關於四月的趨勢，除了同比數據外，我們還將提供與2019年4月的比較。最後，我們在獲利新聞稿中已詳細回顧了第一季的財務狀況，Nelson將不再贅述。

With that, let me hand it over to Dara.

那麼，就讓我把麥克風交給達拉吧。

Thanks, Balaji, and thanks, everyone, for joining us today. We're finally seeing the light at the end of the tunnel. As vaccination rates arise, infections fall and restrictions lift, people quickly breathe sigh of relief and start moving again. There's pent-up demand to see family and friends. Offices, restaurants and bars are reopening, and even airports are seeing improved traffic. But it's important to recognize that the battle is certainly not over. Cases remain far too high in many places around the world with many tragic consequences. We will continue to do our part on the ground to help keep this virus wherever we can.

謝謝巴拉吉，也謝謝各位今天加入我們。我們終於看到了隧道盡頭的曙光。隨著疫苗接種率的提高、感染人數的下降和限制的解除，人們很快就鬆了一口氣，開始恢復正常活動。人們渴望與家人朋友團聚。辦公室、餐廳和酒吧正在重新開放，就連機場的客流量也在增加。但重要的是要認識到，這場戰鬥遠未結束。世界許多地方的病例仍然居高不下，造成了許多悲劇性的後果。我們將繼續在實地盡我們所能，並幫助控制疫情。

The actions we took last year and our team's hard work since then have uniquely positioned us to harness the recovery. Uber has already begun to fire on all cylinders. On a consolidated basis, we've returned to growth with Q1 our best quarter ever; April, our best month ever; and last week, our best week ever, in terms of gross bookings.

我們去年採取的行動以及團隊此後所付出的辛勤努力，使我們擁有了獨特的優勢來掌握復甦機會。優步已全面恢復成長。從整體來看，我們已重回成長軌道，第一季創歷史最佳業績；四月創歷史最佳業績；上週，就總預訂量而言，也創歷史最佳單週業績。

Even as we invested for growth, the benefits of scale and rigorous cost management drove an adjusted EBITDA improvement of $253 million year-on-year and $95 million quarter-on-quarter. We continue to have a strong balance sheet with significant liquidity and valuable and growing investments in several leading global Mobility, Delivery and Autonomous assets.

即使我們加大成長投入，規模效益和嚴格的成本控制也推動調整後 EBITDA 年成長 2.53 億美元，季增 9,500 萬美元。我們依然擁有穩健的資產負債表，流動性充裕，並在多個全球領先的出行、配送和自動駕駛資產領域擁有極具價值且不斷增長的投資。

Looking ahead, I'm confident that Uber will benefit from the complementary nature of our 2 large core opportunities, to help people go wherever they want and to get whatever they need. Just last week, we announced several new products focused on the recovery. You can now book a vaccine appointment at Walgreens and your ride there, all in the Uber app. We're also expanding our reserve product to Uber X and to airports, and our Uber rent product is bringing the magic of Uber to car rentals. You can now rent a car from providers like Avis and Hertz right in your Uber app. And with our new valet feature, someone will drop the car off at your house and pick it up whenever you want.

展望未來，我相信優步將受益於兩大核心業務的互補性，幫助人們前往任何想去的地方，滿足任何所需。就在上週，我們發布了幾款專注於經濟復甦的新產品。現在，您可以在優步App上預約在沃爾格林接種疫苗，並預訂前往沃爾格林的行程。我們也將預訂服務擴展到優步X和機場，而優步租車服務則將優步的便利體驗帶入汽車租賃領域。現在，您可以直接在優步App上從Avis和Hertz等租車公司租車。此外，我們全新的代客泊車服務會將車輛送到您家門口，並在您需要時隨時取車。

We've also added new benefits to Eats Pass, a new ride benefits to Eats Pass, further differentiating it from the competition. I'll dive into each of our segments now, starting with Mobility. The Mobility recovery started to pick pace -- pick up pace in March and improved further in April. With strong vaccination rates in several key markets, including the U.S., we're optimistic that this trend should accelerate going forward.

我們也為 Eats Pass 新增了多項權益，包括一項新的乘車優惠，進一步增強了其與競爭對手的差異化優勢。接下來，我將逐一介紹我們的業務板塊，首先是出行板塊。出行板塊的復甦步伐開始加快——3 月增速加快，4 月進一步改善。鑑於包括美國在內的幾個主要市場的疫苗接種率較高，我們樂觀地認為，這一趨勢未來將會加速發展。

In April, Mobility GBs were $31 billion annualized run rate, up roughly 280% year-on-year and 68% recovered versus April of 2019. U.S. regional trends continue to improve the most markets, with Miami now back to growth versus 2019, while New York City, New Jersey, Austin, Houston, Dallas, Atlanta, were all up 70% to 80% recovered versus 2019 GB levels. Overall, U.S. gross bookings improved 5% month-on-month in April and were 62% recovered versus April of 2019.

4月份，行動旅遊的年化運作率為310億美元，年成長約280%，較2019年4月恢復了68%。美國各地區的市場趨勢持續改善，邁阿密已恢復到2019年同期成長水平，而紐約、紐澤西、奧斯汀、休士頓、達拉斯和亞特蘭大等城市的業務量均較2019年同期水準恢復了70%至80%。整體而言，4月美國總預訂量較上季成長5%，較2019年4月恢復了62%。

Outside the U.S., we see significant improvement in several markets in APAC, including Australia, New Zealand, Taiwan and Hong Kong, which were all positive versus April 2019. In EMEA, we saw early signs of improvement after prolonged lockdowns in Q4 and Q1, with EMEA gross bookings up 10% month-on-month in April.

除美國以外，亞太地區的多個市場均出現顯著改善，包括澳洲、紐西蘭、台灣和香港，這些市場與2019年4月相比均實現了成長。在歐洲、中東和非洲地區（EMEA），在經歷了第四季度和第一季的長期封鎖後，我們看到了初步的復甦跡象，4月份EMEA地區的總預訂量環比增長了10%。

In particular, the U.K. started reopening in April, with our business seeing a strong recovery almost instantly, improving nearly 60% week-on-week in the first week of reopening. U.K. GBs are now over 80% recovered versus 2019.

尤其值得一提的是，英國從四月開始逐步重啟，我們的業務幾乎立即實現了強勁復甦，在重啟後的第一周就實現了近60%的環比增長。目前，英國的GB業務已恢復到2019年的80%以上。

In contrast, the extremely elevated case counts and the renewed lockdowns in India adversely impacted Mobility trends there. As riders come back to the platform, we're working hard to make sure that their second first trip is as magical as ever. One of our top priorities is to rebuild the driver base. Our research shows that drivers who left the platform last year primarily did so for 2 reasons: concerns about safety, and concerns about there being enough rider demand.

相較之下，印度極高的病例數和重新實施的封鎖措施對當地的旅行趨勢產生了不利影響。隨著乘客重返平台，我們正努力確保他們的第二次出行體驗依然如以往般美好。我們的首要任務之一是重建司機隊伍。我們的研究表明，去年離開平台的司機主要有兩個原因：一是擔心安全問題，二是擔心乘客需求不足。

On the safety front, we're working hard to improve vaccine access for drivers. And we've continued to enforce our mask policies and provide free PPE and other supplies that keep both drivers and riders safe. With demand currently outstripping supply, driver earnings are historically elevated levels. Meeting earnings for all online time before tips are around $37 an hour in New York City and Philadelphia, $36 an hour in Chicago and $33 an hour in Austin, just to name a few cities. We know that drivers often work simultaneously on other apps, so their total earnings are likely even higher. In other words, looking at the more appropriate measure of active time on Uber, median earnings are at or above $40 an hour in several U.S. cities. In several countries, including the U.S., we'll continue to lead in with targeted incentives for new and existing drivers to build up significant supply, which will enable us to achieve maximum velocity as the recovery plays out. Now turning to delivery, which continues to surpass our growth expectations.

在安全方面，我們正努力改善駕駛者接種疫苗的途徑。同時，我們也持續執行口罩政策，並提供免費的個人防護裝備和其他物資，以保障司機和乘客的安全。目前需求遠超供應，司機的收入已達到歷史新高。在紐約市和費城，司機在不計小費的情況下，每小時在線收入約為 37 美元；在芝加哥約為 36 美元；在奧斯汀約為 33 美元，以上僅列舉部分城市。我們知道，司機通常會同時使用其他平台，因此他們的總收入可能更高。換句話說，如果以 Uber 平台的活躍時間作為更合適的衡量標準，美國多個城市的司機收入中位數已達到或超過每小時 40 美元。在包括美國在內的多個國家，我們將繼續透過針對新舊司機的激勵措施來擴大供應，從而確保我們在經濟復甦過程中實現最大速度。接下來談談外送配送業務，這項業務的成長持續超出我們的預期。

Q1 gross bookings growth accelerated to roughly 160% year-on-year and reached a $52 billion annualized run rate in April. We improved our category position in several major markets, including the U.K., Canada, France, Spain, South Africa and Taiwan. In the U.S., our category position was stable with some improvement in urban markets in recent weeks. Notably, we continue to strengthen our category position in New York City and suburbs, driven by improving restaurant selection.

第一季總預訂量年增約160%，4月年化運行率達520億美元。我們在英國、加拿大、法國、西班牙、南非和台灣等多個主要市場提升了品類地位。在美國，我們的品類地位保持穩定，近幾週在城市市場有所提升。值得注意的是，在紐約市及其郊區，我們持續鞏固品類地位，這主要得益於餐廳選擇的改善。

We continue to broaden our delivery offerings beyond food as consumers become habituated to having anything delivered to their door. Our new verticals business expanded substantially during the quarter, with an annualized GB run rate nearly doubling from Q4 and reaching $3 billion in March. We're seeing improving traction in many markets, including France, U.K., the U.S., Canada, Japan, Chile, Brazil and Mexico. We signed several key partnerships over the past few months, including Rite Aid in the U.S., Rexall in Canada and Groupe Casino in France amongst many others.

隨著消費者逐漸習慣送貨上門，我們不斷拓展配送服務範圍，不再侷限於食品。本季度，我們的新垂直產業業務實現了顯著成長，年化英國業務量較第四季幾乎翻了一番，3月份達到30億美元。我們在包括法國、英國、美國、加拿大、日本、智利、巴西和墨西哥在內的多個市場都取得了顯著進展。過去幾個月，我們簽署了多項重要合作協議，其中包括與美國的Rite Aid、加拿大的Rexall以及法國的Groupe Casino等公司的合作。

We also announced an exclusive partnership with Gopuff that will expand our selection of convenience and everyday essential items directly from the EPA. To capitalize on these tailwinds, we remain in a period of elevated investments for the Delivery business, including leading into courier growth to serve robust demand. Additionally, our profitable markets, which generated over $135 million of EBITDA on just over $3 billion of gross bookings, give us additional flexibility to reinvest in growth markets. As a result, we remain on track to reaching EBITDA breakeven for delivery by year-end.

我們還宣布與 Gopuff 建立獨家合作夥伴關係，這將擴大我們直接從美國環保署 (EPA) 採購的便利商品和日常必需品的種類。為了充分利用這些利多因素，我們將繼續增加對配送業務的投資，包括擴大快遞業務以滿足強勁的需求。此外，我們獲利的市場（總訂單金額略高於 30 億美元，息稅折舊攤銷前利潤 (EBITDA) 超過 1.35 億美元）為我們提供了更大的靈活性，可以對成長型市場進行再投資。因此，我們仍有望在年底前實現配送業務的息稅折舊攤提前利潤 (EBITDA) 收支平衡。

Finally, turning to freight. With a renewed focus on the freight opportunity in the U.S., our team reached an important milestone during the quarter with the business registering its first positive variable contribution quarter, while delivering revenue growth acceleration to 51% as well as EBITDA margin expansion of 23 percentage points year-on-year.

最後，我們來談談貨運業務。隨著我們重新聚焦美國貨運市場機會，我們的團隊在本季度取得了重要的里程碑式進展：該業務實現了首個正的可變貢獻季度，同時營收成長加速至 51%，EBITDA 利潤率同比增長 23 個百分點。

Scale and automation has allowed us to achieve what we believe is industry-leading variable cost per load. Our ML and data capabilities have allowed us to tighten pricing and margins on a target route level, and we have diversified our product offering to new channels such as APIs directly providing shippers real-time pricing and our market access product that helps customers quickly and easily source unplanned capacity from the largest digital carrier network, all with one tap. We're confident about Uber Freights product market fit in a very large TAM opportunity. As the business continues to scale, we now have a clear line of sight to EBITDA profitability as well.

規模化和自動化使我們能夠實現業內領先的單次運輸可變成本。我們的機器學習和資料能力使我們能夠在目標路線層面優化定價和利潤率，並將產品線拓展至新的管道，例如直接為托運人提供即時定價的API，以及幫助客戶快速便捷地從最大的數位化承運商網路獲取臨時運力的市場准入產品，所有操作只需輕輕一點即可完成。我們對Uber Freight產品在龐大的潛在市場中的市場契合度充滿信心。隨著業務規模的不斷擴大，我們現在也對EBITDA獲利能力有了清晰的預期。

To sum up, I'm as excited as ever about the opportunity ahead for Uber. Our Delivery business continues to grow faster than anyone could have predicted. Our Mobility business is bouncing back in many markets around the world and freight is gaining share while improving margins. And because of actions we took this past year, we're returning to growth and even stronger, more focused and ultimately more profitable foundation.

總而言之，我對優步未來的發展機會依然充滿信心。我們的配送業務持續高速成長，遠超預期。我們的旅遊業務在全球多個市場強勁復甦，貨運業務也不斷擴大市場份額並提升利潤率。由於過去一年我們採取的各項舉措，我們正重回成長軌道，並擁有更加強大、更加專注、最終也更加盈利的基礎。

Now over to Nelson for some details and the financial outlook.

現在請納爾遜介紹一些細節和財務前景。

Thanks, Dara. I'll provide a high level recap on our performance during the quarter and our balance sheet before closing out with some outlook for Q2 and the rest of the year. For a detailed financial review of our Q1 results, please refer to the financial highlights section of our earnings press release.

謝謝，達拉。我將簡要回顧本季業績和資產負債表狀況，最後展望第二季及今年剩餘時間的業績。如需了解第一季業績的詳細財務分析，請參閱我們獲利新聞稿中的財務亮點部分。

Overall, Q1 performance was better than expectations we had outlined 3 months ago, and we are seeing our business trend in the right direction each week. We continue to execute well despite the slow start to Q1 from extended lockdowns in North America and Europe. And despite mobility gross bookings coming in roughly flat quarter-over-quarter and elevated growth investments in delivery, our disciplined cost management led to significant total company adjusted EBITDA improvement, meaningfully exceeding our prior outlook.

總體而言，第一季業績優於我們三個月前的預期，我們看到業務每週朝著正確的方向發展。儘管受北美和歐洲持續封鎖的影響，第一季開局緩慢，但我們依然保持了良好的執行力。雖然旅遊業務的總預訂量環比基本持平，且在配送方面的成長投資有所增加，但我們嚴格的成本控制使得公司調整後 EBITDA 顯著提升，遠超我們先前的預期。

We also made good progress on the Postmates integration, and we expect to substantially migrate Postmates merchants to the Uber Eats platform by midyear. We remain on track to deliver our expected $200 million in run rate synergies by year-end. One question we often been asked over the past few weeks is whether the mobility recovery has come at the expense of delivery demand? So far, at a high level, the answer appears to be no. We're seeing encouraging signs of a continued use in our Delivery business even as cities reopen.

我們在Postmates整合方面也取得了良好進展，預計將在年中前將大部分Postmates商家遷移到Uber Eats平台。我們仍有望在年底前實現預期的2億美元年度綜效。過去幾週，我們常被問到的一個問題是，出行市場的復甦是否以犧牲外送需求為代價？目前來看，答案是否定的。即使城市重新開放，我們也看到外送業務的使用率持續成長，令人鼓舞。

For example, in Sydney, we're dining fully reopened more than 2 months ago. Delivery trends remained healthy even as mobility has fully recovered and returned to growth versus 2019. In fact, delivery in Sydney continues to be a bigger business for us than mobility. Similarly, as New York City has partially reopened dining and other services, delivery demand has continued to expand. In general, as cities open back up, we appear to be retaining our active delivery consumers and their larger basket sizes, even if the frequency of ordering moderate somewhat.

例如，悉尼的餐飲業早在兩個多月前就已全面恢復營業。儘管出行已完全恢復並恢復到2019年的成長水平，但外送業務仍保持良好動能。事實上，在悉尼，外送業務的規模甚至超過了出行業務。同樣，隨著紐約市部分恢復餐飲和其他服務，外送需求也持續成長。總體而言，隨著城市逐步開放，我們似乎能夠留住活躍的外送用戶，他們的訂單量也更大，即使訂餐頻率有所下降。

Turning to the balance sheet. We recognized a $1.6 billion gain from our divestiture of our ATG business to Aurora during the quarter. Our Q1 GAAP net loss of $108 million benefited from this gain, partially offset by the $600 million U.K. accrual. We ended the quarter with approximately $5.7 billion in unrestricted cash, cash equivalents and short-term investments and have access to over $2 billion from our revolver, providing us with ample liquidity to manage through the recovery ahead.

接下來看一下資產負債表。本季度，我們確認了將ATG業務出售給Aurora所得的16億美元收益。第一季GAAP淨虧損1.08億美元得益於這筆收益，但部分被6億美元的英國應計項目所抵銷。本季末，我們持有約57億美元的非限制性現金、現金等價物和短期投資，並可動用超過20億美元的循環信貸額度，這為我們提供了充足的流動性，以應對未來的復甦。

In addition to our significant cash balance, Uber has several valuable minority investments that were recorded on our balance sheet at nearly $13 billion at the end of Q1. Over the past quarter, some of these companies have taken steps to become publicly traded, including Grab and Joby, and their press reports suggesting others may follow in the near future. While some of these investments are strategic and Uber will remain evolve for the foreseeable future, others likely will be significant sources of liquidity. We will provide -- we'll be proactive in maximizing the value from these investments for Uber and our shareholders.

除了我們雄厚的現金儲備外，Uber 還持有數項極具價值的少數股權投資，截至第一季末，這些投資已計入我們的資產負債表，總額近 130 億美元。過去一個季度，其中一些公司已採取措施上市，例如 Grab 和 Joby，相關新聞報導也表明，其他公司可能在不久的將來效仿。雖然部分投資具有戰略意義，Uber 在可預見的未來仍將持續發展，但其他投資很可能成為重要的流動性來源。我們將積極主動地為 Uber 和我們的股東實現這些投資價值的最大化。

I'll wrap up my comments with a few thoughts around our expectations for Q2 performance and some early views on the second half of 2021. In April, mobility gross bookings were at a $31 billion annualized run rate, up roughly 280% from April of last year and 68% recovered versus April of 2019. We expect the segment's recovery to continue to be driven by improving vaccination rates in the U.S. and several international markets more than offsetting headwinds in markets like India and Brazil.

最後，我想談談我們對第二季業績的預期，以及對2021年下半年的一些初步看法。 4月份，出行領域的總預訂量以年化率計算達310億美元，較去年4月成長約280%，較2019年4月恢復68%。我們預計，美國和多個國際市場疫苗接種率的提高將繼續推動該領域的復甦，並足以抵消印度和巴西等市場面臨的不利因素。

With demand continuing to outpace supply, we will be investing to revive the driver base during Q2. Consequently, we expect mobility take rates to decline sequentially to roughly 20%, which would also pressure mobility adjusted EBITDA in Q2.

由於需求持續超過供應，我們將在第二季加大投資以恢復司機隊伍。因此，我們預期出行服務分成比例將季減至約20%，這也將對第二季旅遊服務調整後的EBITDA構成壓力。

Turning to delivery, where gross bookings around a $52 billion annualized run rate, up over 100% from July of 2020. For the remainder of the year, I would remind you that delivery gross bookings year-over-year comparisons will become tougher as we continue to face significant forecasting uncertainty in predicting post reopening consumer behavior. Similar to mobility, delivery continues to see demand trends that are outpacing supply additions. That said, we expect our improving scale and network efficiencies to drive sequential improvements and delivery EBITDA through the rest of the year, even as we remain in investment mode for the segment.

再來看外送業務，其年化毛訂單金額約為 520 億美元，較 2020 年 7 月成長超過 100%。需要提醒各位的是，由於我們持續面臨預測疫情後消費者行為的巨大不確定性，今年剩餘時間裡，外帶毛訂單額的同比數據將更難進行比較。與旅遊領域類似，外送的需求成長持續超過供應成長。儘管如此，我們預計隨著規模和網路效率的提升，外送業務的 EBITDA 將在今年剩餘時間內持續成長，同時我們仍將繼續增加對該業務的投資。

Q2 corporate G&A and platform R&D should increase to between $450 million and $480 million, driven by headcount investments. And as Dara laid out during Q2, we are leaning in with investments to support the recovery in mobility and growth initiatives in delivery.

第二季企業一般及行政費用和平台研發支出預計將增至 4.5 億至 4.8 億美元，主要得益於人員增加的投資。正如 Dara 在第二季所闡述的，我們將加強投資力度，以支持出行領域的復甦和配送業務的成長。

Beyond Q2, we expect mobility delivery and total company EBITDA margins to significantly improve as mobility demand continues to recover and the marketplace approaches supply/demand balance. We remain on track to reaching adjusted EBITDA profitability in the second half of the year.

第二季之後，隨著旅遊需求持續復甦，市場供需趨於平衡，我們預期出行服務交付和公司整體 EBITDA 利潤率將顯著提升。我們仍有望在下半年實現調整後 EBITDA 獲利。

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

那麼，接下來就進入提問環節。

(Operator Instructions) Your first question comes from the line of Mark Mahaney from ISI Evercore.

（操作說明）您的第一個問題來自 ISI Evercore 的 Mark Mahaney。

Two questions, please. Dara, could you talk about -- provide an update on the synergies that you're seeing between the 2 segments, Mobility and Delivery and how you're tracking that? And secondly, since you've got Tony there, could we get some comments on how you -- the response or how you think about the risk related to the comments that the Labor Secretary, Marty Walsh made a week or 2 ago on gig employees and being treated as full time employees?

請問兩個問題。 Dara，您能否談談您目前觀察到的移動出行和配送這兩個業務板塊之間的協同效應，以及您是如何追蹤這些協同效應的？其次，既然Tony也在場，能否請您談談您對勞工部長Marty Walsh一兩週前關於零工經濟從業人員應被視為全職員工的言論有何看法？

Yes, absolutely. As far as the synergies between Mobility and Delivery, we're seeing very consistent trends. I think last time around, we talked about 13% of eats for -- or first-time eaters coming from Mobility, whether it's a super app or CRM notifications, et cetera. And we continue to see those trends. Even as the Eats business continues to get bigger and bigger, what I'm really curious to see, Mark, is what happens when mobility actually comes back to kind of full rank because the audience and the masses on the mobility side of the business will increase. And even though eats will be growing as well, hopefully, we'll continue to see similar trends going forward.

是的，絕對是如此。就行動端和外賣之間的協同效應而言，我們看到了非常穩定的趨勢。上次我們提到，13% 的外送用戶（或首次下單的用戶）是透過行動裝置平台下訂單的，無論是超級應用程式還是客戶關係管理通知等等。而且我們持續看到這種趨勢。馬克，即使外賣業務規模不斷擴大，我真正好奇的是，當行動端真正恢復到鼎盛時期時會發生什麼，因為行動端的用戶群將會擴大。雖然外送業務也會成長，但我們希望未來能繼續看到類似的趨勢。

And for perspective, the number of first-time eaters, for example, that our Mobility business delivers, is actually bigger than the number of first-time eaters that we get out of pay channels for our Delivery business. So as a competitor, we basically have all of our paid channels for free coming from a Mobility business, which is pretty phenomenal. And we think these cost synergies can continue.

舉例來說，我們行動業務帶來的首次用餐用戶數量，實際上比我們外送業務付費管道帶來的首次用餐用戶數量還要多。所以作為競爭對手，我們基本上所有付費管道的用戶都來自行動業務，這相當驚人。我們認為這種成本協同效應可以持續下去。

What we're now starting to explore and see are similar synergies, although we're a little less mature between Uber Eats and, for example, Cornershop in the markets where Cornershop has launched as well. So not only do we see our Mobility business driving Delivery and Eats, but we expect to see Delivery and Eats, then driving Cornershop, driving Drizly when that deal closes, et cetera, kind of this chain reaction between businesses. So we're pretty excited about it. And by no means do we think we are fully optimized as it relates to this kind of activity.

我們現在開始探索並看到類似的協同效應，儘管在Cornershop也已上線的市場，Uber Eats與Cornershop之間的合作還不夠成熟。因此，我們不僅看到出行業務帶動外賣和外賣業務的發展，而且預計外賣和外賣業務反過來也會帶動Cornershop的發展，並在交易完成後帶動Drizly的發展，以此類推，形成一種業務間的連鎖反應。我們對此感到非常興奮。當然，我們絕不認為我們在這類業務方面已經完全優化。

You can also expect that as our membership business grows, what we're trying to do is create more differentiation. And our Delivery membership will start leading into our Mobility membership, and we really think we will have the premier local get it within in our membership model anywhere and just a structural advantage that the other players can't match. Tony, do you want to talk -- do you want to answer the second question, please?

您也可以預期，隨著我們會員業務的成長，我們正在努力打造更大的差異化優勢。我們的配送會員服務將逐步過渡到出行會員服務，我們相信，我們的會員模式將提供首屈一指的本地化服務，讓用戶隨時隨地都能享受到我們的產品，並擁有其他競爭對手無法匹敵的結構性優勢。托尼，你想談談嗎？ ——請你回答第二個問題好嗎？

So I'm afraid I lost the connection. The second question was?

恐怕我連接斷了。第二個問題是？

Mark, can you repeat yourself?

馬克，你能再說一次嗎？

Yes. Tony, just the commentary or reaction to the Labor Secretary's comments about gig independent contractors should be treated as full-time employees. And just help us think through the risk associated with that? Or what are the end cases, how long it would take to get some sort of resolution on that issue?

是的。東尼，你只是想就勞工部長關於零工獨立承包商應被視為全職員工的言論發表一些評論或回應。你能幫我們分析一下這其中的風險嗎？或者說，最終結果會是什麼？這個問題需要多久才能得到某種解決方案？

Sure. Yes. Well, look, I think it should surprise no one that the Biden/Harris administration's approach on these issues is similar to the Obama/Biden administration's approach and -- which is obviously different from the last administration.

當然。是的。嗯，你看，我認為拜登/哈里斯政府在這些問題上的立場與奧巴馬/拜登政府的立場相似，這一點應該不會讓任何人感到驚訝——而奧巴馬/拜登政府的立場顯然與上一屆政府不同。

And I think that when we look at the makeup of the current administration, it's fair to say that there are individuals who have varying views on these issues. They're not all identical in their outlook. And we think that creates space for some meaningful dialogue. The fact that the labor department has said that they want to engage, take companies on this issue. The fact that they said just as latest today that they're not planning to offer new regulations for independent contractors in the near future. We think all of that creates sort of a real opportunity for a dialogue that can ultimately lead to a solution that gives gig workers, the protections they deserve while, preserving the innovation that gives them the flexibility that they desire.

我認為，縱觀本屆政府的組成，不難發現，他們對這些問題持有不同的觀點。他們的看法並不完全一致。我們認為這為有意義的對話創造了空間。勞工部已經表示，他們希望就此問題與企業溝通。就在今天，他們也表示，近期內不打算推出針對獨立承包商的新規。我們認為，所有這些都為對話創造了真正的契機，最終能夠找到一個解決方案，既能保障零工勞動者應有的權益，又能保留他們所渴望的靈活性和創新性。

So we think there's space here for a conversation, and we're -- we continue to kind of look for those opportunities to talk about opportunities for bolstering independent work with those kinds of benefits and protections.

所以我們認為這裡有對話的空間，我們——我們將繼續尋找機會，討論如何透過提供這類福利和保障來加強獨立工作。

And I think Mark, from my perspective, what comes through again and again, and any piece of research done by anybody is that independent workers want to stay independent. They do not want to be full-time employees. The #1 feature as it relates to gig work is flexibility and what we're talking about is taking it to the next level, which is providing flexibility and protections. We had the really important dialogue to have. And we think that if you listen to drivers and couriers, and then certainly, you listen to voters, the answer is pretty clear, which is flexibility and benefits of the answer going forward. And we hope to have that conversation.

我認為，馬克，從我的角度來看，反覆出現的訊息，以及任何人的研究都表明，獨立工作者希望保持獨立。他們不想成為全職員工。零工經濟最重要的特點是靈活性，而我們現在討論的是如何將這種靈活性提升到一個新的層次，即提供靈活性和保障。我們進行了一次非常重要的對話。我們認為，如果你傾聽司機和快遞員的心聲，當然，如果你傾聽選民的意見，答案非常明確，那就是靈活性和未來發展所需的福利。我們希望繼續進行這樣的對話。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

I have 2, one for Tony and one for Dara. Tony, just coming back to the labor discussion. I know you -- you're now living in California with Prop 22 situation for a while. You made some changes to the U.K. labor compensation this past quarter. Just talk to us about sort of what you've learned from operating in those 2 markets when you're thinking through driver liquidity and passing through pricing and just sort of managing a profitable network? How scalable those types of platforms -- those types of options could be?

我有兩個問題，一個給東尼，一個給達拉。托尼，我們再回到勞工問題的討論。我知道你——你現在住在加州，那裡有22號提案的影響。上個季度你對英國的勞工補償政策做了一些調整。跟我們說說你在這兩個市場運營的經驗吧，比如在考慮司機流動性、價格轉嫁以及如何管理一個盈利的網絡方面，你都學到了些什麼？這類平台——這類方案——的可擴展性如何？

Then the second one, Dara, as you talked about sort of the synergies across the platform. Any update on the number of members or subscribers you're seeing on the platform now and sort of how fast that side of the business is growing?

第二個問題，Dara，你剛剛提到了平台內部的綜效。關於目前平台的會員或訂閱用戶數量，以及這部分業務的成長速度，你有什麼最新的數據嗎？

So I'll answer -- sure. I'll start. Look, I think one of the things that we've learned is that the premise, and Dara touched on this in the last answer, the premise that earners on these gig platforms, particularly drivers, prefer independent work, prefer independent, that's borne out. And in Prop 22, you have in California, which is a very blue state, you have a model that was overwhelmingly approved by the voters. And so not only are voters listening to drivers and to earners on these platforms that are choosing independent work, we see that, that choice being made over and over again.

好的，我來回答。我先說。你看，我認為我們已經了解到的一點是，正如達拉在上一個回答中提到的，這些零工平台上的收入者，尤其是司機，更喜歡獨立工作，這一點得到了證實。在加州這個民主黨佔絕對優勢的州，22號提案就體現了一種模式，並獲得了選民的壓倒性支持。因此，選民不僅在傾聽駕駛者和這些平台上的收入者選擇獨立工作的聲音，而且我們看到，這種選擇正在一次又一次地被做出。

In the U.K., where we have -- we do have sort of a flexible third category that, frankly, we would like to see in other jurisdictions. There, we're finding that it's possible to have a solution where you can maintain the flexibility that earners repeatedly choose as well as the benefits and protections that people deserve. And so one of the things that we have learned is that it's a model that while you won't have a one-size-fits all in every single jurisdiction because every jurisdiction is very different, and you have a sort of a patchwork of different -- and different frameworks that you have to deal with.

在英國，我們確實有一個比較靈活的第三類工作模式，坦白說，我們希望其他司法管轄區也能採用這種模式。我們發現，這種模式既能保持收入者反覆選擇的彈性，又能提供人們應得的福利和保障，是完全可行的。因此，我們了解到，這種模式不可能適用於所有司法管轄區，因為每個司法管轄區的情況都截然不同，需要應對各種不同的框架。

The reality is, is that these kinds of solutions are workable solutions and they're real resolutions to this issue. And so we'd like to be able to see in other states and in other jurisdictions, solutions that draw upon some of the things we've seen in California, in the U.K. and in other places where we're able to kind of bolster independent work with these types of benefits and protections.

事實上，這些解決方案是切實可行的，也是解決這個問題的真正途徑。因此，我們希望在其他州和其他地區也能看到類似的解決方案，並借鑒我們在加州、英國和其他一些地方看到的經驗，透過提供這類福利和保障來加強獨立工作。

And then on membership, our -- the number of members continues to grow. This last quarter, we've been focused more actually on converting a higher percentage of our free trial membership into paid memberships, and we're making really good progress there. And what we continue to see as it relates to our members is that consistently, members and especially, paid members have much higher engagement metrics, much higher trips per month than nonmembers. And you can also see us kind of continuing to increase membership benefits in addition to ride benefits, for example, is our most recent deal with -- our most recent relationship with Gopuff, where you can also get Gopuff deliveries for free as well. So right now, the focus is free members to paid members and really starting to push the differentiation of the membership to continue to drive the increased engagement that we're seeing.

在會員方面，我們的會員數量持續成長。上個季度，我們更加重視將免費試用會員轉化為付費會員，並且在這方面取得了顯著進展。我們持續觀察到，會員，尤其是付費會員，其參與度指標和每月出行次數都遠高於非會員。此外，除了乘車福利之外，我們也持續提升會員權益，例如，我們最近與 Gopuff 合作，會員還可以享受 Gopuff 的免費送餐服務。因此，目前我們的重點是提高免費會員到付費會員的轉換率，並努力打造差異化的會員體驗，以持續提升會員參與度。

And Mark, this is Nelson. Let me just jump in on Tony's answer on Prop 22. So we did see a slight increase in costs, right, because of the benefits. And in the Mobility side, we've been able to pass on the regular cost to the rider. And again, we haven't seen any impact from a demand perspective. On the delivery side, we passed on much of the cost. And again, the -- we have not seen any impact from a demand perspective. And as you know, we've seen this before in places like New York as well. So as Tony said, we're going to continue our dialogue.

馬克，我是尼爾森。我來補充一下托尼關於22號提案的回答。我們確實看到成本略有上升，對吧？這是因為這項提案帶來了一些好處。在出行方面，我們已經能夠將常規成本轉嫁給乘客。而且，從需求角度來看，我們還沒有看到任何影響。在配送方面，我們也轉嫁了大部分成本。同樣，從需求角度來看，我們也沒有看到任何影響。如你所知，我們在紐約等地也遇到過這種情況。所以正如托尼所說，我們將繼續對話。

Yes. Clearly, our model has pricing power. And I think in markets, for example, like the U.K., what we're looking for is a level playing field and other light companies to do the right thing. And we think in the level playing field, we get the network advantage and the scale advantage and the global advantages that allow us to continue to be the #1 player in most of the areas that we focus on.

是的。顯然，我們的模式擁有定價權。我認為，在像英國這樣的市場，我們所尋求的是公平的競爭環境，以及其他規模較小的公司都能採取正確的做法。我們相信，在公平的競爭環境下，我們能夠獲得網路優勢、規模優勢和全球優勢，從而繼續在我們關注的大多數領域中保持領先地位。

Your next question comes from the line of Lloyd Walmsley from Deutsche Bank.

你的下一個問題來自德意志銀行的勞埃德‧沃姆斯利。

I guess one for Dara and one for Tony. Dara, Nelson, can you guys just help us understand a bit more on kind of driver supply challenges into the recovery? It seemed like the food delivery driver supply scaled up really well into the pandemic, but we're having more challenges with driver supply on the Mobility side? Is that just, during the pandemic drivers moved into food delivery? Is it that food delivery drivers aren't as applicable to unemployment insurance? Any -- I guess, anything you can share to give us a sense of where supply is coming back or if we have to wait until early December when the unemployment benefits start to tail off would be helpful?

我想這個問題應該分別問達拉和東尼。達拉、尼爾森，你們能不能幫我們了解疫情後司機供應面臨的挑戰？疫情期間，外送司機的供應似乎成長得很快，但出行服務的司機供應面臨更多挑戰。這是因為疫情期間司機都轉行去外送了嗎？還是因為外送司機不符合領取失業救濟金的條件？你們能否分享一些信息，讓我們了解一下司機供應情況，或者我們是否需要等到12月初失業救濟金開始減少的時候？

And then, Tony, since we have you, wondering if you can just give us sort of an update around the European regulatory environment. You guys, I think, have made some good progress in markets like Germany, but there have been other markets like Spain and Switzerland changing rules to the negative side. What's the latest on the outlook in Europe and at the kind of federal EU level around regulation?

東尼，既然你在，我想請你簡單介紹一下歐洲的監管環境。我認為你們在德國等市場取得了一些不錯的進展，但西班牙和瑞士等其他市場正在調整規則，使其朝著不利的方向發展。歐洲以及歐盟聯邦層級的監管前景如何？

Yes, sure. I'll -- I will start with the driver supply. Listen, I think that the way that I would describe it is that demand is a fast twitch muscle and supply, especially, driver supply is slow twitch. And both during times in which we see demand increasing at very high rates or decreasing. Now, for example, right after the pandemic, we see supply adjustments adjusting just slower. And the hurdle, so to speak, to drive people in terms of qualification, regulatory and other requirements, vehicle, right? The hurdles to becoming a driver generally of a person are higher than the hurdles to being a courier for food. So that it just -- it's a bit of a heavier lift, getting drivers on board, resurrecting drivers.

當然可以。我先來說說司機供應情況。聽著，我覺得可以這樣形容：需求就像快肌纖維一樣，而供應，尤其是司機供應，則像慢肌纖維一樣。無論是在需求高速成長或下降的時候，供應的調整速度都比較慢。例如，疫情剛結束的時候，我們看到供應的調整速度就慢了許多。而且，從資格、監管和其他要求，到車輛等等，成為司機的門檻更高，對吧？總的來說，成為司機的門檻比成為外賣員的門檻還要高。所以，招募司機，重新吸引司機，確實是更艱鉅的任務。

And as you can imagine, because of the safety concerns of COVID, there's a greater hesitation for some drivers to come on board to drive other people versus, again, drive food. So the courier supply adjusted pretty quickly. There were really no safety concerns, et cetera. That said, because our Eats business is growing so fast, and our growth even accelerated on top of very high rate last quarter, we need to bring on more couriers. We are seeing -- I think one of the advantages that we have in our network is that we have a cross dispatch between drivers who are just driving people and food, which is kind of a network advantage that we have. We're actually seeing our drivers drive less food and more people, right, because the demand for people that's higher, the earnings opportunities are higher now.

正如您所想，由於新冠疫情帶來的安全隱患，有些司機更不願意加入載客行列，而是更傾向於送餐。因此，配送員的供應很快就進行了調整。實際上，並沒有太多的安全顧慮等等。話雖如此，由於我們的外送業務成長迅猛，而且上個季度在原本就非常高的成長率基礎上進一步加速，我們需要招募更多配送員。我認為我們網路的一大優勢在於，我們允許司機在載客和送餐之間進行交叉調度，這可以說是我們網路的一大優勢。實際上，我們看到司機送餐的次數減少了，而載客的次數增加了，對吧？因為載客需求更高，收入機會也更高。

And we are seeing encouraging signs as it relates to more drivers coming back on, whether they're new drivers that we're recruiting to the platform or drivers that we're resurrecting and telling them to come back because their earnings opportunities are so high. So I do think that we are leaning in, and we have to lean in, but all of the operating metrics that we see are moving in the positive direction, and we think that this marketplace will rebalance as it has in the past. It will just take some time and some real focused operational effort, and I'm already seeing green shoots as a result of both. Tony, do you want to talk Europe?

我們看到了一些令人鼓舞的跡象，越來越多的司機回歸平台，無論是我們新招募的司機，還是我們重新召回的司機，因為他們的收入機會非常可觀。所以我認為我們正在全力以赴，而且我們必須全力以赴，我們看到的所有營運指標都在朝著積極的方向發展，我們相信這個市場會像過去一樣重新平衡。這需要一些時間和真正專注的營運努力，而我已經看到了這方面的積極跡象。東尼，你想聊聊歐洲嗎？

Sure. And look, I think, Lloyd, we are actively engaging with the policymakers all over the world. And Europe really is at the forefront of those efforts. And really -- it involves are reminding folks that our position is very much consistent with the end goals of regulators, who we think want to make sure that there is -- we're giving drivers the protections that they need, and we're doing that while retaining this flexibility.

當然。而且，我認為，勞埃德，我們正在積極與世界各地的政策制定者溝通。歐洲在這方面確實走在前面。實際上，這包括不斷提醒大家，我們的立場與監管機構的最終目標非常一致，我們認為監管機構希望確保——我們為司機提供他們所需的保護，同時我們也保持這種靈活性。

And in Europe, since we're talking, as I said before, we're talking about many different countries with different legal systems, with different forms of employment law, we won't see a one-size-fits-all kind of solution. But what we are finding is that in our engagement, we're able to make progress on having these kinds of conversations. And so for instance, last quarter, we published a white paper, which called on policymakers and platform companies and social representatives around Europe to come together to set a new standard for platform work.

在歐洲，如我之前所說，我們討論的是許多法律體系和勞動法形式各異的國家，因此不可能找到一勞永逸的解決方案。但我們發現，透過積極參與，我們能夠推動這類對話的進展。例如，上個季度，我們發布了一份白皮書，呼籲歐洲各地的政策制定者、平台公司和社會代表攜手合作，共同製定平台工作的新標準。

We've been hosting business roundtables with members, senior members of European governments. I participated in one just yesterday. So there are lots of efforts that we continue to engage in to try to get to a place where there's value for everyone in a resolution.

我們一直在與成員國以及歐洲各國政府高級官員舉辦商業圓桌會議。我昨天剛參加了一次。因此，我們一直在努力，力求達成對各方都有價值的解決方案。

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

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just want to follow-up on the driver/supply question and then one on Eats. So are there any other factors that might be holding back the supply besides the safety issues and stimulus and unemployment benefits? Like I know pre-pandemic, a lot of drivers would either rent cars or they would buy used cars in order to kind of come online. And it seems like both of those are kind of economical, even at $40 an hour, you can't rent the car these days. So are there other factors like that, that are holding back the supply? And any color there?

我想就司機/供應問題以及 Eats 的問題再補充一點。除了安全問題、經濟刺激方案和失業救濟金之外，還有其他因素可能導致供應不足嗎？我知道在疫情之前，很多司機為了接單會租車或買二手車。現在看來，即使時薪 40 美元，租車也比較划算。所以，除了這些，還有其他類似的因素導致供應不足嗎？有什麼內幕消息嗎？

And then on Eats, thanks for the charts on profitable versus unprofitable markets. The biggest function of the difference between those 2, the time in the market, the nature of the competition in the market? Or is it the pace of your new grocery and convenience offerings in some of those markets? Any color on what's driving the difference between the profitable versus unprofitable on the Eats side?

關於外送業務，感謝您提供的獲利市場與虧損市場的圖表。造成這兩種市場獲利與虧損差異的最大因素是市場進入時間、市場競爭性質，還是您在某些市場推出新的食品雜貨和便利商店產品的速度？能否詳細解釋外送業務中獲利與虧損市場差異的驅動因素？

Sure. I'll take the first one and Nelson can take the second. In terms of driver supply, the -- Ross, the big factors are safety and then earnings opportunities. I think that renting a car or car sourcing relative to the opportunity ahead of ourselves is pretty small. It will be low single digits as it relates to supply. And we do have programs to help drivers who want to secure cars, get cars both in the U.S. and outside of the U.S. The biggest issue is safety, and we think that issue is being dealt with as it relates to vaccines. And then the earnings opportunities are extraordinary.

當然。我來開第一個，尼爾森開第二個。至於司機供應方面——羅斯，最重要的因素是安全和收入機會。我認為，相對於我們未來的發展機會而言，租車或車輛採購的規模非常小。就供應量而言，它只會佔到個位數。我們確實有一些項目可以幫助想要獲得車輛的司機，無論是在美國境內還是境外。最大的問題是安全，我們認為隨著疫苗的普及，這個問題正在解決。而收入機會則非常可觀。

So again, the trends that we're seeing, like drivers are coming back exactly as we expected them to. Our -- the sign-ups are up on a week-on-week basis. And we do think that as we get into Q3, you're going to see the marketplace get back into balance, and we're certainly putting a lot of focus to making sure it does so. So I don't see rental being a problem at all. Next, Nelson, do you want to talk about...

所以，我們看到的趨勢，例如司機們正在回歸，正如我們預期的那樣。我們的註冊量也逐週增加。我們認為，進入第三季後，市場將會恢復平衡，我們也正在全力確保這一點。因此，我認為租車完全不會有問題。接下來，尼爾森，你想談談…

Yes. In terms of profitability, right now, 2 of our top 5 countries are profitable, and we have over 12 countries in total that are currently profitable. And what I would say that the characteristics are is we do have definitely a strong market position. We have good basket sizes, and we've been gaining momentum. And what I would tell you is around the world, we -- our business is actually operating at extremely high pace right now and doing really, really well. And we're really actually getting the leverage that we've talked about in the past.

是的。就獲利能力而言，目前我們前五大市場中有兩個實現了盈利，總共有超過12個國家實現了盈利。我認為我們的優勢在於，我們擁有強大的市場地位，客單價高，而且發展勢頭良好。我可以告訴大家的是，目前我們在全球的業務都在高速運轉，表現非常出色。我們也確實正在獲得之前提到的那種槓桿效應。

Our capital allocation model is working. So we've exited a number of countries last year, which we talked about on previous calls. And we're actually seeing the benefit because we're getting the scale in the marketplaces that we're operating in.

我們的資本配置模式行之有效。去年我們退出了多個國家，我們在之前的電話會議中也談到過這一點。我們確實看到了收益，因為我們在現有市場中獲得了規模優勢。

In terms of the marketplaces where we're still in investment mode, I would say they're highly competitive. Some of the companies are still private and some of -- they're all going public now and that actually is beneficial as well. But again, we think we actually have a good plan. And as you heard in my commentary, in Dara's commentary, as we think about going to the back half of the year, we are confident that our Delivery business can achieve profitability by year-end.

就我們目前仍在投資的市場而言，我認為競爭非常激烈。有些公司仍處於私有化階段，而有些公司——它們現在都在上市，這實際上也是有利的。但話說回來，我們認為我們確實有一個不錯的計劃。正如您在我和Dara的評論中聽到的那樣，展望下半年，我們有信心我們的配送業務能在年底前實現盈利。

And then just to add a little bit to what Nelson said, some of the patterns that we see in profitable versus unprofitable markets as -- and in more profitable markets, we're able to, on average, profitable markets have lower incentive spend, existing user incentive spend as a percentage of bookings. And this is because you kind of build a cohort of very, very loyal users, and they come back to you out of habit, not necessarily from price. Early on, you use price to really grow your user base.

我再補充一下Nelson的觀點，我們在獲利市場和虧損市場中觀察到的一些模式是——在獲利市場中，平均而言，現有用戶的激勵支出佔預訂量的比例較低。這是因為獲利市場已經建立了一群非常忠誠的用戶群體，他們會出於習慣而再次光顧，而不僅僅是因為價格。在早期階段，價格確實是擴大用戶群的主要手段。

Second is as your -- the percentage of existing users is much larger starts to deepen, your marketing becomes much more efficient because you don't need to kind of bring on as many new users because your existing users kind of come back again and again and again, which is terrific. And then as these businesses scale, we're able to scale overheads, and we're able to scale variable costs, the cost per transaction, cost of customer service, et cetera, all of these costs can start scaling.

其次，隨著現有用戶比例的大幅成長和業務的深入發展，你的行銷效率會大大提高，因為你不需要吸引那麼多新用戶，現有用戶會反覆回訪，這非常棒。然後，隨著這些業務規模的擴大，我們能夠相應地擴大營運成本和可變成本，例如每次交易的成本、客戶服務成本等等，所有這些成本都可以開始擴大。

So it's -- financially, it's incentives, it's marketing costs and then it's scale in terms of variable and fixed costs that get you to a profitable market. This is pretty consistent. And I think you can see in the chart that we have in the supplementals, both our profitable markets are getting more profitable. And our investment markets, we're having to invest less in, which means that the formula for us, the scale formula is absolutely working. It's not linear in every single country. But overall, we know exactly what we've got to do to get this business to profitability.

所以，從財務角度來看，是激勵措施、行銷成本，以及規模經濟（包括變動成本和固定成本）共同作用，最終實現市場獲利。這一點相當一致。我認為您可以在我們補充資料中的圖表中看到，我們兩個盈利市場的盈利能力都在不斷提升。而我們在投資市場的投入卻在減少，這意味著我們的規模經濟公式是完全有效的。當然，它並非在每個國家都呈現線性成長。但總的來說，我們非常清楚如何讓這項業務獲利。

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

你的下一個問題來自美國銀行的賈斯汀·波斯特。

Great. A couple of questions. Nelson, I'm just wondering, there's a lot of controversy about labor costs. But as you -- you've now had more experience with Prop 22 and you've had more time with the U.K. changes, any changes to your long-term margin assumptions for the rides or Mobility business versus a couple of years ago? Or do you think the elasticity or inelasticity in the market will help support that? And any offsets on other costs related to the increased benefits?

好的。我有幾個問題。尼爾森，我想問一下，關於勞動成本有很多爭議。但你現在對22號提案有了更多經驗，也更了解英國的政策變化，那麼與幾年前相比，你對出行服務或移動出行業務的長期利潤率預期是否有所改變？或者你認為市場的彈性（或缺乏彈性）會對此有所幫助？此外，增加的福利是否會影響其他相關成本？

And then second, maybe just Dara, the normal question. People are always interested in market share with competition. Any update on market share in Latin America or U.K. would be really helpful?

其次，也許只有達拉一個人會問，這是個很常規的問題。人們總是很關心市場佔有率和競爭對手的情況。如果能提供一些關於拉丁美洲或英國市場份額的最新信息，那就太好了。

So Justin, I'll start. So no, we don't see any changes in terms of our long-term targets. There has been some -- there is price elasticity in there. And then as you know, when we made those targets, we now run a much more efficient business. And so some of the actions that we took last year, some of the execution of our capital allocation model really allow us to kind of lean and get the leverage. And we're seeing that as the growth continues to come that we can get there, we are seeing the benefit that COVID has bought in terms of larger basket sizes.

賈斯汀，我先來。不，我們的長期目標沒有任何改變。當然，價格彈性確實存在。而且你也知道，自從我們設定了這些目標以來，我們的業務運作效率就大大提高。去年我們採取的一些措施，以及資本配置模型的執行，確實讓我們能夠精簡成本並獲得槓桿效應。隨著業務持續成長，我們看到，隨著新冠疫情帶來的客單價上漲，我們能夠實現這些目標。

And as you recall from quarters past, the single biggest determination is actually that. We're starting to see a little bit of early traction on the ads as well. So as you think about getting to the target profit margins on the delivery side of the business that will be an important part of it. But again, we do see that we're not kind of walking away from those margins right now. We're investing right now in terms of getting back in the post-COVID world. And so again, we are very optimistic, and I think you've heard from our commentary, we're pretty optimistic about where we stand right now.

正如您從前幾個季度了解到的，最重要的決定因素實際上就是這一點。我們也開始看到廣告業務出現了一些初步成效。因此，在考慮如何實現業務交付方面的目標利潤率時，這將是至關重要的一部分。但我們再次強調，我們目前並沒有放棄這些利潤率。我們正在投資，以期重返後疫情時代。所以，我們非常樂觀，我想您也從我們的評論中了解到，我們對目前的情況相當樂觀。

Yes. And Justin, as far as our category position, it's actually a good news story. We've maintained or improved our category position in a bunch of key markets: U.S., U.K., Australia, Brazil and France. I'd say the Mexico is -- continues to be quite competitive, both actually on the Mobility and Delivery side. So there's a big battle going on there. But we have local battles all the time when I kind of step out and look at the picture globally. The picture globally for our Mobility business and Delivery business is really better than it has been in the past 2 years. It really is improving and fundamentally looking pretty good.

是的。賈斯汀，就我們的品類地位而言，這其實是個好消息。我們在許多關鍵市場中維持或提升了品類地位，包括美國、英國、澳洲、巴西和法國。墨西哥市場競爭依然非常激烈，無論是在出行或配送領域。所以那裡競爭非常激烈。但當我跳出局限，從全球視角檢視時，就會發現我們始終面臨著各種局部競爭。就全球而言，我們的旅遊和配送業務狀況確實比過去兩年好得多。它正在穩步提升，基本面看起來相當不錯。

Your next question comes from the line of Doug Anmuth from JPMorgan.

你的下一個問題來自摩根大通的道格安穆斯。

Just on Delivery, we've seen some industry changes in terms of restaurant pricing recently. I just hope you could talk a little bit about your offering and just how you're thinking about your positioning into reopening? And then also any comments or expectations around commission caps and potential timing there for anything to ease?

就外賣而言，我們最近看到餐飲業的定價發生了一些變化。我想請您談談貴公司的服務，以及您如何考慮重新開業後的市場定位？另外，關於佣金上限以及何時可能放寬限制，您有什麼看法或預期？

Yes, absolutely. So in terms of restaurant pricing supply, we're -- we continue to lean into restaurant partner acquisition. We now have over 700,000 partner restaurants on a global basis. We expect to grow our restaurant supply base really for the next 5 years at least. Our penetration into many markets is still in early days. And clearly, I think restaurants are seeing the benefits of having delivery as a core part of their business.

是的，當然。就餐廳定價供應而言，我們—我們將繼續加強對餐廳合作夥伴的拓展力度。目前，我們在全球擁有超過70萬家合作餐廳。我們預計至少在未來五年內，餐廳供應基礎將持續成長。我們在許多市場的滲透仍處於起步階段。顯然，我認為餐廳已經意識到將外賣作為其核心業務所帶來的益處。

And even in a reopening scenario, we think that's a business that includes both walk in and Delivery is just fundamentally better business. And I think for us, what's interesting is we have a business -- our Mobility business that's all about getting people out, and we think we can establish some pretty interesting relationships with restaurants as it relates to getting them out and dine-in and some promotions there. And we can continue to have relationships with our restaurant partners on the Delivery side.

即使在重新開放的情況下，我們認為同時提供內用和外帶服務的業務模式本質上仍然更勝一籌。我認為對我們來說，有趣的是，我們擁有一項旨在鼓勵人們外出就餐的業務——我們的出行服務，我們相信可以與餐廳建立一些非常有趣的合作關係，引導人們外出就餐並開展一些促銷活動。同時，我們也可以繼續與外送合作夥伴保持合作關係。

We watch competition on a local basis as far as marketplace pricing goes. We think while everyone's approach is different, we think our pricing models are quite competitive with other players in the marketplace. And I do think that we are going to have a bit more of a focus on pickup. Our pickup business is actually a pretty small portion of our overall volume. And we think that building up our pickup opportunity, as it relates to our restaurant partners, is a pretty big opportunity going forward.

我們會密切關注本地市場定價方面的競爭。雖然每個人的策略都不盡相同，但我們認為我們的定價模式在市場上具有相當的競爭力。而且，我認為我們會更重視自提業務。目前，自提業務在我們整體業務量中所佔的比例還很小。我們認為，對於我們的餐廳合作夥伴而言，拓展自提業務是一個非常重要的未來發展機會。

And then as far as caps go, there -- the -- I think that it's going to differ city by city. We do think that we can adjust the business model where there are fee caps. Essentially, it forces us to increase delivery fees, which we have repeatedly seen as being a net negative as it relates to demand to our restaurant partners. But from a margin standpoint and from kind of a, call it, profitability per order standpoint, we can adjust the model as it relates to fee caps in markets where there are fee caps, there'll be higher delivery fees, which do hurt demand to restaurants in markets that don't have fee caps then the marketplace gets to a balance organically, so to speak. We think the better answer is let the market take care of themselves, but where there are fee caps, we can certainly adjust accordingly.

至於費用上限，我認為這會因城市而異。我們認為，在設有費用上限的情況下，我們可以調整商業模式。本質上，這迫使我們提高配送費，而我們已經多次發現，這對我們合作餐廳的需求會產生負面影響。但從利潤率的角度來看，或者說從每單盈利的角度來看，我們可以調整模式以應對設有費用上限的市場。在設有費用上限的市場，配送費會更高，這確實會損害餐廳的需求；而在沒有費用上限的市場，市場會自然而然地達到平衡。我們認為更好的方法是讓市場自行調節，但在設有費用上限的情況下，我們當然可以做出相應的調整。

Your next question comes from the line of Brent Thill from Jefferies.

你的下一個問題來自傑富瑞集團的布倫特·蒂爾。

This is John Byun for Brent Thill. Two questions. One, on the delivery side, is there a way to think about the trends or the growth rates between the core restaurant food versus everything else combined in terms of all the new initiatives? And then the second question, on the Mobility take rate going down in Q2. In terms of the factor, is that mainly for driver supply incentives? Or is there anything else to think about?

這裡是John Byun，代表Brent Thill提問。我有兩個問題。第一，就外送配送而言，能否分析一下核心餐飲產品與其他所有產品組合在所有新措施下的成長率趨勢？第二，關於第二季度行動端訂單佔比下降的問題。這主要是由於司機供應激勵措施減少嗎？還是有其他原因？

So I'll let Dara answer the first question. But on the second question, yes. As we said, we're leaning into the second quarter. We're leaning into supply both on the driver and the courier side. And so again, the commentary is really around that. So yes.

第一個問題就讓達拉來回答。至於第二個問題，是的。正如我們所說，我們正在全力投入第二季度。我們正在加強司機和快遞員兩方面的供應。所以，我們的評論也主要圍繞著這一點。是的。

Yes. And as far as the growth rate for food and new verticals, we talked about the new verticals being at a $3 billion run rate in terms of bookings. Our overall business is at over $52 billion run rate. So I think you can do the math as to the relative size. And the business accelerated Q1 over Q4 both overall, and if you just separate the food business on a stand-alone basis. So any way you look at it, the trends are our friends, so to speak, and we think the potential remains enormous.

是的。至於食品和新興垂直領域的成長率，我們之前提到過，新興垂直領域的預訂量已達到30億美元的年化收入。而我們整體業務的年化收入超過520億美元。所以我想你應該可以算出兩者的相對規模。而且，無論是整體業務還是單獨來看食品業務，第一季都比第四季成長更快。所以無論從哪個角度來看，趨勢對我們有利，我們認為未來的發展潛力依然巨大。

Your next question comes from the line of Tom White from D. A. Davidson.

你的下一個問題來自 D. A. Davidson 的 Tom White 的詩句。

There's been a lot of questions on the labor classification issue, but I guess I had a follow-up on Delivery and regulation there. I guess fee caps is one area that's seen kind of some -- obviously, increased activity, but there have been others that I think, Andrew Yang, the front-runner for the Mayor in New York is calling for you guys to -- food delivery platforms to share customer data.

關於勞動分類問題有很多疑問，但我還想就外送配送和監管方面做些後續跟進。費用上限方面，顯然出現了一些——更活躍的——活動，但還有其他方面，例如紐約市長候選人楊安澤呼籲外送平台共享客戶數據。

I guess maybe my question is just can you kind of characterize or share how you think about how food delivery regulation may evolve over the next few years? It just seems like regulators are starting to kind of pay attention a bit more and make some noise?

我想問的是，您能否大致描述一下或分享您對未來幾年食品配送監管可能發展方向的看法？感覺監管機構似乎開始更加關注這個問題，並且有所行動了？

Yes. Tom, I guess what I would tell you is that we've been regulated on a local basis as it relates to our Mobility business from day 1. And these are really important dialogues that you have to have with state regulators, with city regulators. We're guests in every city, we live there. The money flows are local in nature, right? And so we're a local business. And I think our experience on the Mobility side really prepares us uniquely to make sure that we enter constructive dialogue on the Delivery side. And usually, we already have relationships with local government and local regulators to begin with. So we welcome the dialogue. And again, I think that the business model -- we want to have a business model that aligns with the needs of cities going forward. So if you look at what we've done on safety and how we have been a leader as it relates to safety reporting. If you look at what we've done on sustainability. And our pledge is to essentially be all-electric by 2030 in many of our major markets and then 2040 all over the world.

是的。湯姆，我想告訴你的是，從一開始，我們的旅遊業務就一直受到當地的監管。與州監管機構和市級監管機構進行這些對話至關重要。我們就像每個城市的客人，我們住在那裡。資金流動本質上是本地化的，對吧？所以我們是一家本地企業。我認為我們在旅遊領域的經驗使我們能夠以獨特的優勢，確保在配送領域展開建設性的對話。通常情況下，我們一開始就已經與地方政府和監管機構建立了聯繫。所以我們歡迎對話。再次強調，我認為我們的商業模式——我們希望擁有一個能夠滿足城市未來需求的商業模式。看看我們在安全方面所做的工作，以及我們在安全報告方面如何發揮領導作用。看看我們在永續發展方面所做的工作。我們的承諾是，到 2030 年，我們在許多主要市場基本上實現全面電動化，然後到 2040 年，在全球範圍內實現全面電動化。

If you look at our leaning forward on IC+, right? These are all based on dialogue that we've had with regulators and thinking about kind of where the -- skating to where the puck is going versus where it's been. And I think delivery will be the same situation. It will create a model that not only can drive short term, but more importantly, it will create a model that can thrive long-term and a model that serves communities and service partners as well as our shareholders.

如果你看看我們對IC+的積極推進，對吧？這些都基於我們與監管機構的對話，以及對未來發展方向的思考——也就是我們關注的是冰球的運行軌跡，而不是它過去走過的路。我認為交付模式也會如此。它將創造一個不僅能推動短期成長，更重要的是，能長期蓬勃發展，並服務社區、服務合作夥伴以及我們股東的模式。

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

你的下一個問題來自奧本海默公司的傑森‧赫爾夫斯坦。

I guess I'll ask 2 questions. One, how do you know that kind of the changes you made in California that have increased pricing hasn't been a drag on demand given that we're still not in normal conditions, do you have like cohort data or something that tells you that? And then just secondly, can you just talk a bit more around grocery and kind of -- or will we be talking about that more kind of 18 to 24 months from now, particularly around the U.S. and the U.K. and kind of your role in that business?

我想問兩個問題。第一，鑑於目前情況仍未恢復正常，您如何確定您在加州實施的漲價措施沒有抑制需求？您是否有相關的數據或統計資料可以佐證這一點？第二，您能否再談談食品雜貨業，或者我們會在18到24個月後再詳細討論這個話題，特別是美國和英國的情況，以及您在這個行業中扮演的角色？

Yes, sure. I think on -- Jason, as far as the drag on demand, et cetera, listen, we can't predict exactly what's going to happen in the future. And you're absolutely right, which is if a future kind of patterns significantly differ from the patterns that we observed, then maybe things will be different. We are able to tell you when we look at pre-post, how the California markets have behaved versus, let's say, non-California markets. We don't see any significant difference in terms of trends in California versus outside of California would suggest to us that this isn't going to be a significant kind of economic change as far as growth rates, et cetera, go. And what we have seen consistently with our businesses is that we got pricing power, generally, and this is a service. And you want a service that is valued by consumers and generally, consumers are willing to pay more for. And we've seen that when we have raised prices in California, both for our Mobility business and for our Delivery business.

是的，當然。關於需求下降等等問題，Jason，我們無法準確預測未來會發生什麼事。你說得完全正確，如果未來的模式與我們觀察到的模式顯著不同，那麼情況可能會有所不同。我們可以透過比較前後數據，來了解加州市場與非加州市場的表現。就趨勢而言，我們沒有看到加州以外地區有任何顯著差異，這表明就成長率等方面而言，這不會帶來重大的經濟變化。我們從自身業務中一直看到，我們通常擁有定價權，而且這是一項服務。你需要的是一項消費者認可的服務，而消費者通常也願意為此支付更高的價格。我們已經看到，當我們提高加州旅遊業務和配送業務的價格時，情況確實如此。

And then I think the second question, grocery, how we'd be talking about it? Listen, grocery is a potentially significantly larger total addressable market than food. It is much earlier in the life cycle, development life cycle as far as percentage of grocery that has gone online. And for us, I think it's important to know that Grocery Is a global initiative for us. So we are going to -- we're going to be growing Grocery and Latin America Cornershop, we think can be the unquestioned leader, and Cornershop continues to gain share versus its competition because it's excellent service in a very, very efficient way.

那麼，第二個問題，關於食品雜貨，我們該如何看待它？要知道，食品雜貨的潛在市場規模遠大於食品市場。就線上銷售的食品雜貨比例而言，它還處於發展初期。對我們來說，我認為重要的是要明白，食品雜貨是我們一項全球性策略。因此，我們將發展食品雜貨業務，而我們認為，Cornershop在拉丁美洲市場能夠成為無可爭議的領導者。 Cornershop之所以能夠持續擴大市場份額，是因為它以非常有效率的方式提供卓越的服務。

In the U.S., we have a very strong competitor in Instacart and others. And I think the U.S. is going to be a battle that we're going to be in for some period of time. And then we're making really good progress in Europe and Australia and a number of other countries on the grocery front. So we expect grocery to be a pretty significant percentage of our business, 18 to 24 months ago -- a month from now and more importantly, really 5 years from now.

在美國，我們面臨Instacart等公司的強勁競爭。我認為在美國，這場競爭將會持續一段時間。同時，我們在歐洲、澳洲以及其他一些國家的食品雜貨業務方面取得了顯著進展。因此，我們預期食品雜貨業務在未來18到24個月內，以及更重要的，未來五年內，都將佔據我們業務的相當大比例。

Your next question comes from the line of John Blackledge from Cowen.

你的下一個問題來自考恩的約翰·布萊克利奇家族。

Two questions. First, on driver supply. Are there any key markets outside of the U.S. where you're seeing the driver supply issues? Or is it more kind of a U.S.-centric issue? And then on the Delivery efforts, as the Delivery offering evolves and scales to where the consumer can kind of get anything within an hour, how impactful will that be to kind of rising courier utilization rates?

兩個問題。首先是關於司機供應。除了美國以外，還有哪些主要市場有司機供應問題？還是說這個問題主要集中在美國？其次是關於配送服務。隨著配送服務的不斷發展和規模擴大，消費者幾乎可以在一小時內收到任何商品，這將對提高快遞員利用率產生多大的影響？

All right. So as it relates to the drivers, it is a U.S. issue. We do see in Mexico driver for shortages as well, although that has more to do with vehicles than it has to do with, call it, issues, safety or earnings. It's much more on the vehicle side, and we're working with vehicle partners to make it easier for drivers to essentially get cars to earn. But it's really, U.S. and Mexico, the rest of the world is much more in a state of balance, so to speak, than those 2 markets.

好的。就司機而言，這主要是美國的問題。墨西哥也存在司機短缺的情況，但這更多是車輛問題，而不是安全或收入問題。問題主要出在車輛方面，我們正在與車輛合作夥伴合作，讓駕駛者更容易獲得車輛來賺錢。但實際上，美國和墨西哥的情況比較特殊，世界其他地區的供需平衡程度要高得多。

And then as far as the Delivery offering. Listen, we think right now, actually, courier utilization is pretty high just because the amount of demand in the marketplace. But as you look at the Uber Eats business growing, our delivery as a service business growing, grocery growing, adding Drizly into the ecosystem as well. All of this is going to drive courier efficiency and courier utilization, which is going to improve our cost per transaction and the ability for our drivers and couriers to cross dispatch as needed, we think, gives us even a greater efficiency advantage versus our competition. So we do think that our cost per transaction trends, all else being equal, are going to improve over a period of time as we drive utilization. And our cross dispatch is a bit of a kind of unique model that we have that many of our other players -- many of the other players don't have.

至於配送服務方面，我們認為，目前由於市場需求旺盛，我們的配送員利用率已經相當高了。但隨著 Uber Eats 業務的成長、我們配送即服務業務的成長、生鮮雜貨業務的成長，以及 Drizly 的加入，所有這些都將提升配送員的效率和利用率，從而降低單筆交易成本。此外，我們的司機和配送員可以根據需要進行跨部門調度，我們認為這將使我們比競爭對手擁有更大的效率優勢。因此，我們認為，在其他條件不變的情況下，隨著利用率的提高，我們的單筆交易成本趨勢將會隨著時間的推移而改善。我們的跨部門調度模式是我們獨有的，許多其他競爭對手並不具備。

Your next question will come from the line of Pierre Ferragu from New Street.

你的下一個問題將來自新街的皮埃爾費拉古 (Pierre Ferragu) 一線。

This is Ben Harwood standing in for Pierre and bad coverage, so he asked me to speak for him. So we just have a question on the introduction of autonomous driving. How much progress have you made here to introduce autonomous cars in your platform? And then what kind of time line do you have in mind? What are your most advanced experiments in test at this stage? And when should we expect to hear more from you on this front?

我是班哈伍德，因為皮耶的報道不太好，所以他要我代他發言。我們今天的問題是關於自動駕駛技術的引入。你們在將自動駕駛汽車引入你們的平台方面取得了多大的進展？你們的計畫時間表是怎樣的？目前你們最先進的測試項目有哪些？我們什麼時候才能聽到更多關於這方面的消息？

Yes, Ben, on the autonomous side, we have established a very deep partnership with Aurora. Aurora, we think, has a leading team in the business. And the merger of ATG and Aurora, we think can move forward their efforts pretty considerably. Aurora's first kind of foray to autonomous is going to be in the Trucking segment. And that obviously creates potential as it relates to relationships with freight.

是的，本，在自動駕駛領域，我們與Aurora建立了非常深入的合作關係。我們認為Aurora擁有業界領先的團隊。 ATG與Aurora的合併，我們相信能夠大大推動他們的發展。 Aurora進軍自動駕駛領域的第一步將是卡車運輸領域。這顯然會為貨運業務帶來巨大的發展潛力。

And then Aurora is -- and trucking is more of a highway type of activity, which we think makes it kind of an earlier entrée or an easier entrée than trying to be being autonomous on a 100-mile highway trip is a lot easier, let's say, than being autonomous in busy city streets. That will be an entry into certain types of rideshare trips that, let's say, are easier and the advantage of our being able to dispatch appropriately to a human or to a robot is something that's unique to us and some of the other players in the industry, and then we'll go from there. But we are -- this is a technology that has to be safe. It's going to take time for this technology to hit the big time, so to speak, but we are absolutely in a position to be able to take advantage of autonomous when it's safe to come to market.

然後，Aurora——卡車運輸更像是一種高速公路類型的活動，我們認為這使得它更容易進入自動駕駛領域，或者說更容易實現。比如說，在100英里的高速公路上實現自動駕駛要比在繁忙的城市街道上實現自動駕駛容易得多。這將使我們能夠進入某些類型的共享出行領域，比如說，這些領域更容易實現自動駕駛。我們能夠根據情況將任務分配給人類司機或機器人，這是我們以及業內其他一些公司獨有的優勢，然後我們將繼續發展。但是，這項技術必須安全。這項技術需要時間才能真正普及，但我們絕對有能力在自動駕駛技術安全可靠地推向市場時充分利用它的優勢。

Operator, let's take our last question.

接線員，我們來回答最後一個問題。

Your final question today comes from the line of Itay Michaeli from Citi.

今天最後一個問題來自花旗銀行的伊泰·米凱利。

Just one quick one for me. On the adjusted EBITDA profitability target by year-end, I was hoping you could provide a bit more context in terms of the various business conditions you would need? And maybe talk about take rate and whether OpEx, you expect that to potentially go down from here? Or is there room to make some additional investments beyond Q2? Anything you can share in terms of the bridge that would be helpful.

我還有一個問題想請教一下。關於年底調整後 EBITDA 獲利目標，您能否詳細說明您需要滿足哪些業務條件？另外，能否談談轉換率以及營運支出是否會下降？或者第二季之後是否還有追加投資的空間？任何有助於我們實現目標的訊息都將不勝感激。

So Itay, we believe we have enough levers at our control in order to deliver against profitability in the back half of the year. We are -- as we said on the call, we are substantially leaning in, right, to both supply on the driver and the courier side to make sure we're there, particularly in the U.S., as the world continues to open. We feel really good about where we are. We executed flawlessly last year during a very difficult time to position the company to be where we are today.

所以，Itay，我們相信我們擁有足夠的資源和手段來實現下半年的獲利目標。正如我們在電話會議上所說，我們正在大力加強司機和快遞員的供應，以確保我們能夠及時到位，尤其是在美國，隨著世界經濟的逐步開放。我們對目前的狀況非常滿意。去年，在極度艱難的時期，我們完美地執行了各項計劃，使公司發展到今天的規模。

And so we know the levers now. We believe we can -- we have a very high degree of confidence, and we're going to pull the levers. So Dara and I and the rest of the management team is committed to pulling the leverage we need to make sure we get the profitability. And so again, it's not a bridge per se other than the fact that we know the levers we can pull together, and we will. And so we are definitively going to do what we need to do to get to profitability by the back half of the year.

所以我們現在知道了可以採取哪些措施。我們相信我們能做到——我們對此充滿信心，而且我們會採取這些措施。因此，我和達拉以及其他管理團隊成員都致力於採取必要的措施，確保獲利。所以，這本身並不是一座橋樑，而是因為我們知道可以共同採取哪些措施，而我們一定會這樣做。因此，我們一定會盡一切努力，在下半年獲利。

All right. Well, I think that's it. Thank you very much for joining everyone this quarter. Obviously, some green shoots starting to form, and it's great to see our -- having our best quarter ever in terms of bookings. I am looking very much forward to our reporting our best quarter ever in terms of revenue in the near future. Thanks for joining, everyone.

好了，我想就這些了。非常感謝大家本季的參與。顯然，一些復甦的跡像已經開始顯現，很高興看到我們的預訂量創下歷史新高。我非常期待在不久的將來，我們能夠公佈營收的歷史最佳季度業績。感謝大家的參與。

That concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您可以掛斷電話了。