優步 (UBER) 2021 Q1 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • 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)

    美好的一天,感謝您的支持。歡迎參加 2021 年第一季度優步收益電話會議。 (操作員說明)請注意,今天的會議正在錄製中。 (操作員說明)

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

    我現在想把會議交給你今天的演講者,投資者關係主管 Balaji Krishnamurthy。請繼續。

  • Balaji Krishnamurthy

    Balaji Krishnamurthy

  • 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.

    謝謝你,接線員。感謝您今天加入我們,歡迎觀看 Uber 2021 年第一季度收益報告。自大流行開始以來,我們很高興第一次在舊金山的優步辦公室向您直播。

  • 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,我們有 Uber 的首席執行官 Dara Khosrowshahi;首席財務官納爾遜·柴;和首席法律官 Tony West。在今天的電話會議中,我們將介紹 GAAP 和非 GAAP 財務指標。有關這些非 GAAP 措施的其他披露,包括 GAAP 與非 GAAP 措施的對賬,包含在新聞稿、補充幻燈片和我們提交給 SEC 的文件中,每一份文件都發佈到investor.uber.com。

  • 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.

    提醒一下,這些數字未經審計,可能會發生變化。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。

  • 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陳述存在重大差異的因素的更多信息,請參閱我們今天發布的新聞稿以及我們最近的截至季度的 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 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.

    在今天準備好的發言之後,我們將開始提問。對於本次討論的其餘部分,除非另有說明,否則所有第一季度增長率均反映同比增長,並以固定貨幣為基礎。對於 4 月的趨勢,除了同比趨勢外,我們還將提供與 2019 年 4 月的比較。最後,我們在收益新聞稿中包含了詳細的第一季度財務審查,尼爾森將不再贅述這些細節。

  • With that, let me hand it over to Dara.

    有了這個,讓我把它交給達拉。

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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,謝謝大家今天加入我們。我們終於看到了隧道盡頭的曙光。隨著疫苗接種率的提高、感染率的下降和限制的解除,人們很快鬆了一口氣,重新開始行動。與家人和朋友見面的需求被壓抑。辦公室、餐館和酒吧正在重新開放,甚至機場的交通也有所改善。但重要的是要認識到戰鬥肯定還沒有結束。世界上許多地方的病例仍然太高,造成了許多悲慘的後果。我們將繼續在當地儘自己的一份力量,盡我們所能幫助控制這種病毒。

  • 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我們團隊自那時以來的辛勤工作使我們能夠獨特地利用複蘇。優步已經開始全力以赴。在綜合基礎上,我們已經恢復增長,第一季度是有史以來最好的季度;四月,我們有史以來最好的月份;就總預訂量而言,上周是我們有史以來最好的一周。

  • 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.

    即使我們為增長進行投資,規模效益和嚴格的成本管理也推動調整後的 EBITDA 同比增長 2.53 億美元,環比增長 9500 萬美元。我們繼續擁有強大的資產負債表,具有可觀的流動性以及對全球領先的移動性、交付和自主資產的寶貴且不斷增長的投資。

  • 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我們兩大核心機會的互補性,幫助人們去任何他們想去的地方,並得到他們需要的任何東西。就在上週,我們宣布了幾款專注於復甦的新產品。您現在可以在 Uber 應用程序中預訂 Walgreens 的疫苗預約和您的乘車服務。我們還將我們的儲備產品擴展到 Uber X 和機場,我們的 Uber 租賃產品正在將 Uber 的魔力帶入汽車租賃。現在,您可以直接在優步應用中從 Avis 和 Hertz 等供應商處租車。借助我們新的代客泊車功能,有人會在您家還車,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.

    我們還為 Eats Pass 添加了新的福利,為 Eats Pass 提供了一項新的乘車福利,進一步使其在競爭中脫穎而出。我現在將深入探討我們的每個細分市場,從移動性開始。流動性複蘇開始加快步伐——在 3 月加快步伐,並在 4 月進一步改善。由於包括美國在內的幾個主要市場的疫苗接種率很高,我們樂觀地認為這一趨勢應該會加速向前發展。

  • 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,Mobility GB 的年化運行率為 310 億美元,同比增長約 280%,與 2019 年 4 月相比恢復了 68%。美國地區趨勢繼續改善最多的市場,邁阿密現在與 2019 年相比恢復增長,而與 2019 GB 水平相比,紐約市、新澤西州、奧斯汀、休斯敦、達拉斯、亞特蘭大的恢復量均增長了 70% 至 80%。總體而言,美國 4 月份的總預訂量環比增長 5%,與 2019 年 4 月相比恢復了 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.

    在美國以外,我們看到包括澳大利亞、新西蘭、台灣和香港在內的幾個亞太市場顯著改善,與 2019 年 4 月相比,這些市場都出現了積極的變化。在歐洲、中東和非洲,我們看到了在第四季度和第一季度長期封鎖後出現改善的早期跡象, EMEA 4 月份的總預訂量環比增長 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.

    特別是,英國於 4 月開始重新開放,我們的業務幾乎立即出現強勁復甦,在重新開放的第一周環比增長近 60%。與 2019 年相比,英國 GB 現已恢復 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.

    相比之下,印度極高的病例數和重新實施的封鎖對那裡的流動性趨勢產生了不利影響。隨著騎手回到平台,我們正在努力確保他們的第二次第一次旅行像以往一樣神奇。我們的首要任務之一是重建驅動程序基礎。我們的研究表明,去年離開平台的司機主要有兩個原因:擔心安全,以及擔心有足夠的乘客需求。

  • 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,我們正在努力改善駕駛員獲得疫苗的機會。我們繼續執行我們的口罩政策,並提供免費的 PPE 和其他用品,以確保司機和乘客的安全。由於目前需求超過供應,司機的收入處於歷史高位。在紐約市和費城,支付小費前所有在線時間的收入約為每小時 37 美元,芝加哥每小時 36 美元,奧斯汀每小時 33 美元,僅舉幾個城市。我們知道司機經常同時在其他應用程序上工作,因此他們的總收入可能更高。換句話說,從更合適的優步活躍時間衡量標準來看,美國幾個城市的收入中位數為每小時 40 美元或以上。在包括美國在內的幾個國家,我們將繼續引領有針對性的激勵措施,鼓勵新的和現有的驅動因素增加大量供應,這將使我們能夠在復蘇過程中實現最大速度。現在轉向交付,這繼續超出我們的增長預期。

  • 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.

    第一季度總預訂量同比增長約 160%,並在 4 月份達到 520 億美元的年化運行率。我們提高了在幾個主要市場的品類地位,包括英國、加拿大、法國、西班牙、南非和台灣。在美國,我們的類別地位穩定,最近幾周城市市場有所改善。值得注意的是,在改進餐廳選擇的推動下,我們繼續加強我們在紐約市和郊區的品類地位。

  • 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.

    隨著消費者習慣於將任何東西送到他們家門口,我們將繼續擴大我們的外賣服務範圍。我們新的垂直業務在本季度大幅擴張,年化 GB 運營率幾乎是第四季度的兩倍,並在 3 月份達到 30 億美元。我們看到許多市場的吸引力正在提高,包括法國、英國、美國、加拿大、日本、智利、巴西和墨西哥。在過去的幾個月裡,我們簽署了幾個重要的合作夥伴關係,包括美國的 Rite Aid、加拿大的 Rexall 和法國的 Groupe Casino 等等。

  • 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 EPA 提供的便利和日常必需品的選擇範圍。為了利用這些順風,我們仍處於對交付業務進行大量投資的時期,包括引領快遞業務增長以滿足強勁的需求。此外,我們有利可圖的市場(在總預訂額略高於 30 億美元的情況下產生了超過 1.35 億美元的 EBITDA),使我們能夠更加靈活地對增長型市場進行再投資。因此,我們仍有望在年底前實現 EBITDA 盈虧平衡。

  • 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,轉向貨運。隨著對美國貨運機會的重新關注,我們的團隊在本季度達到了一個重要的里程碑,該業務實現了第一個積極的可變貢獻季度,同時實現收入增長加速至 51% 以及 EBITDA 利潤率增長 23 個百分點比去年同期。

  • 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我們認為行業領先的每負載可變成本。我們的機器學習和數據能力使我們能夠在目標航線水平上收緊定價和利潤,並且我們將產品供應多樣化到新渠道,例如直接為托運人提供實時定價的 API 和我們的市場准入產品,可以快速輕鬆地幫助客戶從最大的數字運營商網絡中獲取計劃外容量,一鍵完成。我們對 Uber Freights 產品市場適合一個非常大的 TAM 機會充滿信心。隨著業務不斷擴大,我們現在對 EBITDA 盈利能力也有了清晰的認識。

  • 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,我對優步的未來機會一如既往地感到興奮。我們的交付業務繼續以超出任何人預期的速度增長。我們的移動業務正在全球許多市場反彈,貨運在提高利潤率的同時獲得份額。由於我們在過去一年採取的行動,我們正在恢復增長,甚至更強大、更專注、最終更有利可圖。

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

    現在請納爾遜了解一些細節和財務前景。

  • Nelson Juseuk Chai - CFO

    Nelson Juseuk Chai - CFO

  • 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。在結束對第二季度和今年剩餘時間的一些展望之前,我將對我們在本季度的表現和資產負債表進行高級回顧。有關我們第一季度業績的詳細財務回顧,請參閱我們收益新聞稿的財務摘要部分。

  • 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,第一季度的表現好於我們 3 個月前概述的預期,我們每週都看到我們的業務趨勢朝著正確的方向發展。儘管北美和歐洲的長期封鎖導致第一季度開局緩慢,但我們繼續表現良好。儘管出行總預訂量與季度環比大致持平,並且交付方面的投資增長有所增加,但我們嚴格的成本管理導致公司調整後的 EBITDA 總額顯著改善,大大超出了我們之前的預期。

  • 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 集成方面也取得了良好進展,我們預計到年中將 Postmates 商家大量遷移到 Uber Eats 平台。我們仍有望在年底前實現預期的 2 億美元運行率協同效應。過去幾週我們經常被問到的一個問題是,流動性的複蘇是否是以犧牲交付需求為代價的?到目前為止,在高層次上,答案似乎是否定的。即使城市重新開放,我們也看到我們的送貨業務繼續使用的令人鼓舞的跡象。

  • 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,在悉尼,我們的餐廳在 2 個多月前完全重新開放。即使移動性已完全恢復並與 2019 年相比恢復增長,交付趨勢仍然保持健康。事實上,與移動性相比,悉尼的交付對我們來說仍然是一個更大的業務。同樣,隨著紐約市部分重新開放餐飲和其他服務,外賣需求繼續擴大。總的來說,隨著城市重新開放,我們似乎保留了活躍的送貨消費者和他們更大的購物籃,即使訂購頻率有所緩和。

  • 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.

    轉向資產負債表。我們在本季度將 ATG 業務剝離給 Aurora 獲得了 16 億美元的收益。我們第一季度 GAAP 淨虧損 1.08 億美元受益於這一收益,部分被 6 億美元的英國應計收入所抵消。在本季度末,我們擁有約 57 億美元的非限制性現金、現金等價物和短期投資,並從我們的左輪手槍中獲得了超過 20 億美元的資金,為我們提供了充足的流動性來應對未來的複蘇。

  • 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.

    除了我們可觀的現金餘額外,優步還有幾項有價值的少數股權投資,截至第一季度末,我們的資產負債表上記錄了近 130 億美元。在過去的一個季度中,其中一些公司已採取措施上市,包括 Grab 和 Joby,他們的新聞報導暗示其他公司可能會在不久的將來跟進。雖然其中一些投資是戰略性的,優步在可預見的未來仍將繼續發展,但其他投資可能會成為流動性的重要來源。我們將提供——我們將積極主動地為優步和我們的股東從這些投資中獲得最大價值。

  • 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,我將圍繞我們對第二季度業績的預期以及對 2021 年下半年的一些初步看法發表一些看法。4 月,出行總預訂量為 310 億美元的年化運行率,比 4 月增長約 280%去年,與 2019 年 4 月相比恢復了 68%。我們預計該細分市場的複蘇將繼續受到美國和幾個國際市場疫苗接種率提高的推動,而不僅僅是抵消印度和巴西等市場的逆風。

  • 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.

    隨著需求繼續超過供應,我們將在第二季度投資以重振駕駛員群。因此,我們預計出行率將依次下降至約 20%,這也將給第二季度出行調整後的 EBITDA 帶來壓力。

  • 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.

    談到交付,總預訂量的年化運行率約為 520 億美元,比 2020 年 7 月增長了 100% 以上。在今年剩下的時間裡,我會提醒您,交付總預訂量的同比比較將變得更加艱難,因為我們在預測重新開放後的消費者行為方面繼續面臨重大的預測不確定性。與流動性類似,交付的需求趨勢繼續超過供應增長。也就是說,我們預計我們不斷提高的規模和網絡效率將推動連續改進和在今年剩餘時間內交付 EBITDA,即使我們仍處於該細分市場的投資模式。

  • 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.

    在員工人數投資的推動下,第二季度企業 G&A 和平台研發應增至 4.5 億美元至 4.8 億美元之間。正如 Dara 在第二季度所闡述的那樣,我們正在通過投資來支持流動性的複蘇和交付方面的增長計劃。

  • 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.

    在第二季度之後,我們預計隨著出行需求的持續復甦和市場接近供需平衡,出行交付和公司總 EBITDA 利潤率將顯著提高。我們仍有望在下半年實現調整後的 EBITDA 盈利能力。

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

    有了這個,讓我們打開它來提問。

  • Operator

    Operator

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

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

  • Mark Stephen F. Mahaney - Senior MD & Head of Internet Research

    Mark Stephen F. Mahaney - Senior MD & Head of Internet Research

  • 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?

    請教兩個問題。 Dara,您能否談談 - 提供您在移動性和交付這兩個細分市場之間看到的協同效應的最新情況以及您如何跟踪它?其次,既然托尼(Tony)在那裡,我們能否就您的反應或您對與勞工部長馬蒂沃爾什(Marty Walsh)一周或兩週前對零工員工的評論相關的風險的看法發表一些評論並被視為全職員工?

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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,一點沒錯。就移動性和交付之間的協同作用而言,我們看到了非常一致的趨勢。我想上次,我們談到了 13% 的吃東西——或者是第一次吃東西的人來自 Mobility,無論是超級應用程序還是 CRM 通知等等。我們繼續看到這些趨勢。即使 Eats 業務繼續變得越來越大,我真的很想看到,馬克,當移動性實際上恢復到某種程度時會發生什麼,因為移動性業務方面的觀眾和大眾會增加。儘管飲食也會增長,但希望我們將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.

    從角度來看,例如,我們的移動業務提供的首次用餐者的數量實際上大於我們從交付業務的付費渠道中獲得的首次用餐者的數量。因此,作為競爭對手,我們基本上所有的付費頻道都來自移動業務,這非常了不起。我們認為這些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.

    我們現在開始探索和看到的是類似的協同效應,儘管我們在 Uber Eats 和例如 Cornershop 推出的市場中的 Cornershop 之間還不夠成熟。因此,我們不僅看到我們的移動業務推動外賣和外賣,而且我們希望看到外賣和外賣,然後推動 Cornershop,在交易完成時推動 Drizly,等等,這種企業之間的連鎖反應。所以我們對此感到非常興奮。我們絕不認為我們已經完全優化,因為它與這種活動有關。

  • 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?

    您還可以期待,隨著我們會員業務的增長,我們正在努力做的是創造更多的差異化。我們的 Delivery 會員資格將開始引入我們的 Mobility 會員資格,我們真的認為我們將在任何地方的會員模式中讓首屈一指的本地人獲得它,這只是其他參與者無法比擬的結構優勢。托尼,你想談談嗎——你想回答第二個問題嗎?

  • Derek Anthony West - Senior VP, Chief Legal Officer & Corporate Secretary

    Derek Anthony West - Senior VP, Chief Legal Officer & Corporate Secretary

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

    所以我擔心我失去了聯繫。第二個問題是?

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • Mark, can you repeat yourself?

    馬克,你能重複一遍嗎?

  • Mark Stephen F. Mahaney - Senior MD & Head of Internet Research

    Mark Stephen F. Mahaney - Senior MD & Head of Internet Research

  • 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。托尼,只是對勞工部長關於零工獨立承包商的評論的評論或反應應該被視為全職員工。只是幫助我們思考與之相關的風險?或者最終情況是什麼,需要多長時間才能在該問題上獲得某種解決方案?

  • Derek Anthony West - Senior VP, Chief Legal Officer & Corporate Secretary

    Derek Anthony West - Senior VP, Chief Legal Officer & Corporate Secretary

  • 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。好吧,聽著,我認為拜登/哈里斯政府在這些問題上的做法與奧巴馬/拜登政府的做法相似,而且——這顯然與上屆政府不同,這應該不會讓任何人感到驚訝。

  • 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,當我們審視本屆政府的構成時,可以公平地說,有些人對這些問題有不同的看法。他們的前景並不完全相同。我們認為這為一些有意義的對話創造了空間。事實上,勞動部門已經表示他們要參與,在這個問題上採取公司。他們今天最新表示,他們不打算在不久的將來為獨立承包商提供新的規定。我們認為所有這一切都為對話創造了真正的機會,最終可以產生一個解決方案,為零工工人提供他們應得的保護,同時保留為他們提供所需靈活性的創新。

  • 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.

    因此,我們認為這裡有對話的空間,我們將繼續尋找那些機會來討論通過這些福利和保護來支持獨立工作的機會。

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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.

    而且我認為馬克,從我的角度來看,一次又一次的經歷,任何人所做的任何研究都是獨立工作者想要保持獨立。他們不想成為全職員工。與演出工作相關的 #1 功能是靈活性,我們正在談論的是將其提升到一個新的水平,即提供靈活性和保護。我們進行了非常重要的對話。我們認為,如果您聽取司機和快遞員的意見,當然,您也聽取選民的意見,答案就很明確了,這就是未來答案的靈活性和好處。我們希望進行這樣的對話。

  • Operator

    Operator

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

    您的下一個問題來自摩根士丹利的 Brian Nowak。

  • Brian Thomas Nowak - Research Analyst

    Brian Thomas Nowak - Research Analyst

  • 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 2 個,一個給 Tony,一個給 Dara。托尼,剛回到勞工討論。我知道你——你現在在加州生活了一段時間,有 22 號提案的情況。您在上個季度對英國的勞工薪酬進行了一些更改。當您考慮驅動因素流動性並通過定價以及管理盈利網絡時,請與我們談談您從這兩個市場的運營中學到的東西?這些類型的平台的可擴展性如何——這些類型的選項可能是什麼?

  • 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?

    然後是第二個,Dara,當你談到跨平台的協同效應時。您現在在平台上看到的成員或訂閱者數量的任何更新以及該業務的增長速度有多快?

  • Derek Anthony West - Senior VP, Chief Legal Officer & Corporate Secretary

    Derek Anthony West - Senior VP, Chief Legal Officer & Corporate Secretary

  • 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.

    所以我會回答——當然。我會開始的。看,我認為我們學到的一件事是前提,Dara 在上一個答案中談到了這一點,前提是這些演出平台上的收入者,尤其是司機,更喜歡獨立工作,更喜歡獨立,這得到了證實.在 22 號提案中,你在加利福尼亞州,這是一個非常藍的州,你有一個得到選民壓倒性支持的模式。因此,選民不僅在這些選擇獨立工作的平台上傾聽司機和收入者的意見,而且我們看到,這種選擇是一遍又一遍地做出的。

  • 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,我們確實有一種靈活的第三類,坦率地說,我們希望在其他司法管轄區看到。在那裡,我們發現有一種解決方案可以讓您保持收入者反複選擇的靈活性以及人們應得的福利和保護。所以我們學到的一件事是,它是一個模型,雖然你不會在每個司法管轄區都有一刀切的,因為每個司法管轄區都非常不同,你有一種不同的拼湊- 以及您必須處理的不同框架。

  • 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.

    現實情況是,這些類型的解決方案是可行的解決方案,它們是解決這個問題的真正解決方案。因此,我們希望能夠在其他州和其他司法管轄區看到利用我們在加利福尼亞、英國和其他我們能夠提供支持的地方看到的一些事情的解決方案使用這些類型的福利和保護進行獨立工作。

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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.

    然後在成員方面,我們的成員數量繼續增長。上個季度,我們實際上更專注於將更高比例的免費試用會員轉換為付費會員,我們在這方面取得了非常好的進展。我們繼續看到與我們的會員相關的是,會員,特別是付費會員的參與度指標要高得多,每月的旅行次數也比非會員高得多。您還可以看到,除了乘車福利之外,我們還在繼續增加會員福利,例如,這是我們最近與 Gopuff 達成的交易——我們與 Gopuff 的最新關係,您還可以免費獲得 Gopuff 送貨服務。所以現在,重點是免費會員與付費會員,並真正開始推動會員的差異化,以繼續推動我們所看到的參與度增加。

  • Nelson Juseuk Chai - CFO

    Nelson Juseuk Chai - CFO

  • 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,這是尼爾森。讓我直接回答托尼對 22 號提案的回答。所以我們確實看到成本略有增加,對,因為好處。在移動性方面,我們已經能夠將常規成本轉嫁給騎手。同樣,從需求的角度來看,我們沒有看到任何影響。在交付方面,我們轉嫁了大部分成本。再說一次,從需求的角度來看,我們沒有看到任何影響。如您所知,我們以前在紐約等地也看到過這種情況。正如托尼所說,我們將繼續我們的對話。

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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,我們的模型具有定價權。我認為在市場,例如,像英國,我們正在尋找的是一個公平的競爭環境和其他輕量級公司做正確的事情。我們認為,在公平的競爭環境中,我們獲得了網絡優勢、規模優勢和全球優勢,使我們能夠在我們關注的大部分領域繼續成為第一名。

  • Operator

    Operator

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

    您的下一個問題來自德意志銀行的 Lloyd Walmsley。

  • Lloyd Wharton Walmsley - Research Analyst

    Lloyd Wharton Walmsley - Research Analyst

  • 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?

    我猜一個給達拉,一個給托尼。達拉,尼爾森,你們能不能幫助我們更多地了解復甦中的驅動供應挑戰?似乎送餐司機的供應量在大流行中得到了很好的擴大,但我們在移動方面的司機供應方面面臨更多挑戰?這僅僅是在大流行期間,司機們轉而從事食品配送嗎?是不是送餐司機不適用於失業保險?任何——我想,你可以分享什麼讓我們了解供應在哪裡恢復,或者我們是否必須等到 12 月初失業救濟金開始減少的時候會有幫助?

  • 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?

    然後,托尼,既然我們有你,想知道你是否可以向我們提供有關歐洲監管環境的最新信息。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也在將規則轉向負面。歐洲和歐盟聯邦層面監管的最新前景如何?

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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.

    是的,當然。我會 - 我將從驅動程序供應開始。聽著,我認為我描述它的方式是需求是快速收縮的肌肉和供應,特別是驅動器供應是緩慢的收縮。在我們看到需求以非常高的速度增長或下降的時期。例如,現在,就在大流行之後,我們看到供應調整的調整速度變慢了。可以這麼說,在資格、監管和其他要求方面驅動人們的障礙是車輛,對嗎?通常成為一個人的司機的障礙比成為食品快遞員的障礙要高。所以它只是 - 這是一個更重的提升,讓司機上車,復活司機。

  • 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.

    正如你可以想像的那樣,由於 COVID 的安全問題,一些司機會更猶豫是否上車為其他人開車,而不是再次開車送食物。所以快遞供應調整得很快。真的沒有安全問題,等等。也就是說,由於我們的 Eats 業務增長如此之快,而且我們的增長甚至在上個季度非常高的速度之上加速,我們需要引入更多的快遞員。我們正在看到 - 我認為我們在網絡中擁有的優勢之一是我們在只是駕駛人和食物的司機之間進行交叉調度,這是我們擁有的一種網絡優勢。我們實際上看到我們的司機開車更少的食物和更多的人,對,因為對人的需求更高,現在的收入機會更高。

  • 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?

    我們看到了令人鼓舞的跡象,因為這與更多司機重新回歸有關,無論他們是我們正在為平台招募的新司機,還是我們正在復活並告訴他們回來的司機,因為他們的收入機會如此之高.所以我確實認為我們正在傾斜,我們必須傾斜,但我們看到的所有運營指標都在朝著積極的方向發展,我們認為這個市場將像過去一樣重新平衡。這只需要一些時間和一些真正集中的運營努力,而且我已經看到了兩者的結果。托尼,你想談談歐洲嗎?

  • Derek Anthony West - Senior VP, Chief Legal Officer & Corporate Secretary

    Derek Anthony West - Senior VP, Chief Legal Officer & Corporate Secretary

  • 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。看,我認為,勞埃德,我們正在積極與世界各地的政策制定者接觸。歐洲確實處於這些努力的最前沿。真的 - 它涉及提醒人們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存在 - 我們正在為司機提供他們需要的保護,我們正在在保持這種靈活性的同時做到這一點。

  • 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,正如我之前所說,因為我們在談論許多不同的國家,它們有不同的法律制度,有不同形式的僱傭法,我們不會看到一刀切的解決方案。但我們發現,在我們的參與中,我們能夠在進行此類對話方面取得進展。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齊心協力,為平台工作制定新標準。

  • 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.

    我們一直在與歐洲政府的成員和高級成員一起舉辦商業圓桌會議。我昨天才參加了一場。因此,我們繼續進行許多努力,試圖達到一個對每個人都有價值的解決方案。

  • Operator

    Operator

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

    您的下一個問題來自巴克萊銀行的羅斯桑德勒。

  • Ross Adam Sandler - MD of Americas Equity Research & Senior Internet Analyst

    Ross Adam Sandler - MD of Americas Equity Research & Senior Internet Analyst

  • 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?

    只想跟進司機/供應問題,然後跟進 Eats。那麼除了安全問題、刺激和失業救濟金之外,還有其他因素可能會阻礙供應嗎?就像我在大流行前所知道的那樣,很多司機要么租車,要么購買二手車,以便上網。看起來這兩種方式都很經濟,即使每小時 40 美元,這些天你也不能租車。那麼是否還有其他類似的因素阻礙了供應?那裡有什麼顏色嗎?

  • 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?

    然後在 Eats 上,感謝關於盈利與不盈利市場的圖表。兩者最大的不同之處在於,市場的時間,市場競爭的性質?或者是您在其中一些市場推出新雜貨和便利產品的步伐?是什麼導致了 Eats 的盈利與不盈利之間的差異?

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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。我會拿第一個,尼爾森可以拿第二個。在司機供應方面,--羅斯,主要因素是安全,然後是盈利機會。我認為相對於我們面前的機會而言,租車或汽車採購是非常小的。與供應有關,它將是低個位數。我們確實有計劃來幫助想要保護汽車的司機,在美國和美國以外的地方買車。最大的問題是安全,我們認為這個問題正在與疫苗有關的問題得到解決。然後是非同尋常的盈利機會。

  • 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...

    再說一次,我們看到的趨勢,比如司機正在完全按照我們的預期回歸。我們的 - 註冊人數每週都在增加。我們確實認為,隨著我們進入第三季度,您將看到市場恢復平衡,我們當然會非常關注確保它恢復平衡。所以我認為租金根本不是問題。接下來,尼爾森,你想談談...

  • Nelson Juseuk Chai - CFO

    Nelson Juseuk Chai - CFO

  • 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。就盈利能力而言,目前,我們排名前 5 的國家中有 2 個是盈利的,我們目前共有超過 12 個國家盈利。我想說的是,我們確實擁有強大的市場地位。我們有很好的籃筐尺寸,而且我們一直在獲得動力。我要告訴你的是,在世界各地,我們——我們的業務現在實際上正在以極高的速度運營,並且做得非常非常好。我們真的得到了我們過去談到的影響力。

  • 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正在發揮作用。所以我們去年已經退出了一些國家,我們在之前的電話會議中談到了這一點。我們實際上看到了好處,因為我們在我們經營的市場中獲得了規模。

  • 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.

    就我們仍處於投資模式的市場而言,我想說它們具有很強的競爭力。有些公司仍然是私有的,有些公司現在都上市了,這實際上也是有益的。但同樣,我們認為我們實際上有一個很好的計劃。正如你在我的評論中聽到的那樣,在 Dara 的評論中,當我們考慮到今年下半年時,我們有信心我們的交付業務可以在年底前實現盈利。

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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.

    然後只是補充一點納爾遜所說的,我們在盈利市場和不盈利市場中看到的一些模式 - 在更盈利的市場中,我們能夠平均而言,盈利市場的激勵支出較低,現有用戶獎勵支出佔預訂量的百分比。這是因為你建立了一群非常非常忠誠的用戶,他們會出於習慣而回到你身邊,不一定是價格。在早期,您使用價格來真正擴大您的用戶群。

  • 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.

    其次是隨著您的 - 現有用戶的百分比開始加深,您的營銷變得更加有效,因為您不需要帶來盡可能多的新用戶,因為您的現有用戶會一次又一次地回來再一次,這太棒了。然後隨著這些業務的擴展,我們能夠擴展管理費用,我們能夠擴展可變成本、每筆交易的成本、客戶服務成本等等,所有這些成本都可以開始擴展。

  • 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.

    所以它是——在財務上,它是激勵措施,它是營銷成本,然後是可變和固定成本方面的規模,讓你進入一個有利可圖的市場。這是相當一致的。而且我認為您可以在圖表中看到我們在補充文件中的圖表,我們的兩個有利可圖的市場都變得更加有利可圖。而我們的投資市場,我們不得不減少投資,這意味著我們的公式,規模公式絕對有效。它不是在每個國家都是線性的。但總的來說,我們確切地知道我們必須做些什麼才能讓這項業務盈利。

  • Operator

    Operator

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

    您的下一個問題來自美國銀行的 Justin Post。

  • Justin Post - MD

    Justin Post - MD

  • 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?

    偉大的。幾個問題。尼爾森,我只是想知道,關於勞動力成本有很多爭議。但是作為你——你現在對 Prop 22 有了更多的經驗,你有更多的時間來處理英國的變化,與幾年前相比,你對遊樂設施或移動業務的長期利潤率假設有什麼變化嗎?或者你認為市場的彈性或非彈性將有助於支持這一點嗎?與增加的福利相關的其他成本是否有任何抵消?

  • 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?

    然後第二個,也許只是達拉,一個正常的問題。人們總是對競爭中的市場份額感興趣。任何有關拉丁美洲或英國市場份額的最新信息真的會有幫助嗎?

  • Nelson Juseuk Chai - CFO

    Nelson Juseuk Chai - CFO

  • 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.

    那麼賈斯汀,我會開始。所以不,我們沒有看到我們的長期目標有任何變化。有一些——那裡有價格彈性。然後如您所知,當我們制定這些目標時,我們現在經營的業務效率更高。所以我們去年採取的一些行動,我們資本分配模型的一些執行確實讓我們能夠精益求精並獲得槓桿作用。我們看到,隨著我們能夠達到目標的持續增長,我們看到了 COVID 在更大的籃子尺寸方面帶來的好處。

  • 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.

    正如您從過去的幾個季度中回憶的那樣,最大的決心實際上就是這一點。我們也開始看到廣告的一些早期吸引力。因此,當您考慮在業務的交付方面達到目標利潤率時,這將是其中的重要組成部分。但同樣,我們確實看到我們現在並沒有遠離這些邊緣。我們現在正在投資以重返後 COVID 世界。再說一次,我們非常樂觀,我想你已經從我們的評論中聽到了,我們對我們現在的立場非常樂觀。

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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,就我們的類別定位而言,這實際上是一個好消息。我們在一系列主要市場保持或提高了我們的類別地位:美國、英國、澳大利亞、巴西和法國。我想說墨西哥 - 實際上在流動性和交付方面都非常具有競爭力。所以那裡正在進行一場大戰。但是當我走出去看看全局時,我們總是有局部的戰鬥。我們的移動業務和交付業務在全球範圍內的情況確實比過去 2 年要好。它確實在改善,基本上看起來還不錯。

  • Operator

    Operator

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

    您的下一個問題來自摩根大通的 Doug Anmuth。

  • Douglas Till Anmuth - MD

    Douglas Till Anmuth - MD

  • 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?

    就在交付時,我們最近在餐廳定價方面看到了一些行業變化。我只是希望您能談談您的產品以及您如何考慮重新開放的定位?然後還有關於佣金上限和潛在時機的任何評論或期望,以緩解任何事情嗎?

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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,一點沒錯。因此,就餐廳定價供應而言,我們繼續傾向於收購餐廳合作夥伴。我們現在在全球擁有超過 700,000 家合作餐廳。我們希望至少在未來 5 年內真正擴大我們的餐廳供應基礎。我們對許多市場的滲透仍處於初期階段。很明顯,我認為餐廳正在看到將送貨作為其業務核心部分的好處。

  • 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,我們認為這是一項包括步入式和交付在內的業務,從根本上來說是更好的業務。而且我認為對我們來說,有趣的是我們有一個業務——我們的移動業務就是讓人們出去,我們認為我們可以與餐館建立一些非常有趣的關係,因為它涉及到讓他們出去就餐和一些那裡的促銷活動。我們可以繼續在外賣方面與我們的餐廳合作夥伴建立關係。

  • 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.

    就市場定價而言,我們在當地觀察競爭。我們認為,雖然每個人的方法都不同,但我們認為我們的定價模式與市場上的其他參與者相當有競爭力。而且我確實認為我們將更多地關注皮卡。我們的皮卡業務實際上只占我們總銷量的一小部分。我們認為,建立與我們的餐廳合作夥伴相關的取貨機會是一個非常大的未來機會。

  • 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.

    然後就上限而言,我認為它會因城市而異。我們確實認為我們可以調整有費用上限的商業模式。從本質上講,它迫使我們提高送貨費,我們一再認為這是一個淨負面因素,因為它與對我們餐廳合作夥伴的需求有關。但從利潤的角度來看,從某種意義上說,每訂單的盈利能力,我們可以調整模型,因為它與有費用上限的市場的費用上限有關,會有更高的運費,這確實會損害需求到沒有費用上限的市場中的餐館,那麼市場就會有機地達到平衡,可以這麼說。我們認為更好的答案是讓市場自己照顧自己,但在有費用上限的地方,我們當然可以進行相應的調整。

  • Operator

    Operator

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

    您的下一個問題來自 Jefferies 的 Brent Thill。

  • Sang-Jin Byun - Equity Analyst

    Sang-Jin Byun - Equity Analyst

  • 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?

    這是 Brent Thill 的 John Byun。兩個問題。第一,在外賣方面,有沒有辦法考慮所有新舉措的核心餐廳食品與其他所有食品之間的趨勢或增長率?然後是第二個問題,關於第二季度下降的流動性採取率。就因素而言,主要是為了驅動供給激勵嗎?或者還有什麼要考慮的嗎?

  • Nelson Juseuk Chai - CFO

    Nelson Juseuk Chai - CFO

  • 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.

    所以我會讓 Dara 回答第一個問題。但在第二個問題上,是的。正如我們所說,我們正在進入第二季度。我們正在向司機和快遞員提供供應。再說一次,評論確實圍繞著這一點。所以是的。

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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。至於食品和新垂直市場的增長率,我們談到新垂直市場的預訂量為 30 億美元。我們的整體業務運行速度超過 520 億美元。所以我認為你可以對相對大小進行數學計算。總體而言,該業務在第一季度比第四季度加速,如果你只是將食品業務單獨分開的話。所以無論你怎麼看,趨勢都是我們的朋友,可以這麼說,我們認為潛力仍然巨大。

  • Operator

    Operator

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

    您的下一個問題來自 D. A. Davidson 的 Tom White。

  • Thomas Cauthorn White - Senior VP & Senior Research Analyst

    Thomas Cauthorn White - Senior VP & Senior Research Analyst

  • 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.

    關於勞工分類問題有很多問題,但我想我對那裡的交付和監管進行了跟進。我想費用上限是一個已經看到的一些領域——顯然,活動增加了,但我認為還有其他方面,紐約市長的領跑者安德魯·楊呼籲你們——食物共享客戶數據的交付平台。

  • 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?

    我想也許我的問題是你能否描述或分享你對未來幾年食品配送監管如何發展的看法?似乎監管機構開始更加關注並發出一些聲音?

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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,我想我要告訴你的是,我們從第一天起就與我們的移動業務相關,因此在當地受到監管。這些都是你必須與州監管機構和城市監管機構進行的非常重要的對話。我們是每個城市的客人,我們住在那裡。資金流動本質上是本地的,對嗎?所以我們是本地企業。而且我認為我們在移動方面的經驗確實讓我們做好了獨特的準備,以確保我們在交付方面進行建設性的對話。通常,我們已經與當地政府和當地監管機構建立了關係。所以我們歡迎對話。再說一次,我認為商業模式——我們希望有一個符合城市未來需求的商業模式。因此,如果您看看我們在安全方面所做的工作,以及我們如何成為與安全報告相關的領導者。如果您看看我們在可持續性方面所做的工作。我們的承諾是到 2030 年在我們的許多主要市場實現全電動化,然後到 2040 年在全世界實現全電動化。

  • 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.

    如果你看看我們在 IC+ 上的傾向,對吧?這些都是基於我們與監管機構進行的對話,並考慮到冰球的去向與過去的位置。我認為交付將是相同的情況。它將創建一個不僅可以推動短期的模式,更重要的是,它將創建一個可以長期繁榮的模式,以及一個為社區和服務合作夥伴以及我們的股東服務的模式。

  • Operator

    Operator

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

    您的下一個問題來自 Oppenheimer 的 Jason Helfstein。

  • Jason Stuart Helfstein - MD & Senior Internet Analyst

    Jason Stuart Helfstein - MD & Senior Internet Analyst

  • 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?

    我想我會問2個問題。一,你怎麼知道你在加利福尼亞所做的那種提高定價的改變並沒有拖累需求,因為我們仍然不處於正常狀態,你有類似的隊列數據或告訴你的東西嗎? ?其次,你能否多談談雜貨店之類的——或者我們會在 18 到 24 個月後談論更多,特別是在美國和英國,以及你在其中的角色商業?

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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。我想——傑森,就需求拖累等而言,聽著,我們無法準確預測未來會發生什麼。你是絕對正確的,如果未來的模式與我們觀察到的模式有很大不同,那麼事情可能會有所不同。當我們查看預發佈時,我們能夠告訴您加州市場與非加州市場的表現如何。我們沒有看到加州與加州以外地區的趨勢有任何顯著差異,這向我們表明,就增長率等而言,這不會是一種重大的經濟變化。我們一直看到我們的業務是我們擁有定價權,一般來說,這是一項服務。而且您想要一種受到消費者重視的服務,並且通常消費者願意為此支付更多費用。我們已經看到,當我們在加州提高價格時,我們的移動業務和交付業務都是如此。

  • 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.

    然後我想第二個問題,雜貨店,我們將如何談論它?聽著,雜貨市場是一個比食品大得多的潛在市場。就已經上線的雜貨店百分比而言,它在生命週期、開發生命週期中要早得多。對我們來說,我認為了解 Grocery 對我們來說是一項全球倡議很重要。所以我們將——我們將發展雜貨店和拉丁美洲的 Cornershop,我們認為可以成為毫無疑問的領導者,並且 Cornershop 繼續在競爭中獲得份額,因為它以非常、非常有效的方式提供優質服務。

  • 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,我們在 Instacart 和其他方面有一個非常強大的競爭對手。而且我認為美國將成為一場我們將在一段時間內參與的戰鬥。然後我們在歐洲和澳大利亞以及其他一些國家的雜貨店方面取得了非常好的進展。因此,我們預計在 18 到 24 個月前,雜貨店將占我們業務的很大一部分——從現在起一個月,更重要的是,從現在起 5 年後。

  • Operator

    Operator

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

    您的下一個問題來自 Cowen 的 John Blackledge。

  • John Ryan Blackledge - Head of Internet Research, MD & Senior Research Analyst

    John Ryan Blackledge - Head of Internet Research, MD & Senior Research Analyst

  • 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,關於驅動器供應。在美國以外的任何主要市場,您是否發現了驅動器供應問題?還是更像是一個以美國為中心的問題?然後在交付工作方面,隨著交付產品的發展和規模擴大到消費者可以在一小時內獲得任何東西的地方,這對快遞利用率的提高會有多大影響?

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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。因此,就司機而言,這是美國的問題。我們確實看到墨西哥司機也出現短缺,儘管這與車輛有關,而不是與問題、安全或收益有關。它更多的是在車輛方面,我們正在與車輛合作夥伴合作,以使駕駛員更容易從本質上獲得汽車來賺錢。但實際上,美國和墨西哥,世界其他地區比這兩個市場更處於平衡狀態。

  • 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.

    然後就交付產品而言。聽著,我們現在認為,實際上,快遞利用率非常高,只是因為市場需求量很大。但是當你看到 Uber Eats 業務增長時,我們的交付即服務業務也在增長,雜貨店也在增長,並將 Drizly 添加到生態系統中。所有這些都將提高快遞效率和快遞利用率,這將提高我們的每筆交易成本以及我們的司機和快遞員根據需要交叉調度的能力,我們認為,與我們的競爭對手相比,這給我們帶來了更大的效率優勢。因此,我們確實認為,在其他條件相同的情況下,我們的每筆交易成本趨勢將在一段時間內隨著我們提高利用率而提高。我們的交叉調度是一種獨特的模式,我們擁有許多其他玩家——許多其他玩家沒有。

  • Operator

    Operator

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

    您的下一個問題將來自新街的 Pierre Ferragu。

  • Benjamin Harwood - Research Analyst

    Benjamin Harwood - Research Analyst

  • 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?

    這是本·哈伍德(Ben Harwood)代表皮埃爾(Pierre)和糟糕的報導,所以他讓我為他說話。所以我們只是有一個關於引入自動駕駛的問題。您在平台中引入自動駕駛汽車方面取得了多大進展?然後你有什麼樣的時間線?在這個階段你最先進的測試實驗是什麼?我們什麼時候應該期待在這方面聽到更多來自你的消息?

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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,Ben,在自治方面,我們與 Aurora 建立了非常深厚的合作夥伴關係。我們認為,Aurora 在該行業擁有一支領先的團隊。而 ATG 和 Aurora 的合併,我們認為可以大大推進他們的努力。 Aurora 首次涉足自動駕駛領域將是卡車運輸領域。這顯然創造了與貨運關係相關的潛力。

  • 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 是 - 卡車運輸更像是一種高速公路類型的活動,我們認為這使它成為一種更早的入口或更容易的入口,而不是試圖在 100 英里的高速公路上實現自主駕駛要容易得多,讓我們說,而不是在繁忙的城市街道上自治。這將是進入某些類型的拼車旅行的入口,比方說,更容易,我們能夠適當地向人類或機器人派遣的優勢是我們和業內其他一些參與者所獨有的,然後我們將從那裡開始。但我們是——這是一項必須安全的技術。可以這麼說,這項技術要大放異彩需要時間,但我們絕對有能力在安全進入市場的情況下利用自動駕駛技術。

  • Balaji Krishnamurthy

    Balaji Krishnamurthy

  • Operator, let's take our last question.

    接線員,讓我們回答最後一個問題。

  • Operator

    Operator

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

    您今天的最後一個問題來自花旗的 Itay Michaeli。

  • Itay Michaeli - Director & Global Head of Autos Sector

    Itay Michaeli - Director & Global Head of Autos Sector

  • 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.

    對我來說只是一個快速的。關於年底調整後的 EBITDA 盈利目標,我希望您能就您需要的各種業務條件提供更多背景信息?也許談論採取率以及運營支出是否,您預計這可能會從這裡下降?或者是否有空間在第二季度之後進行一些額外的投資?您可以在橋樑方面分享的任何有用的東西。

  • Nelson Juseuk Chai - CFO

    Nelson Juseuk Chai - CFO

  • 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,我們相信我們有足夠的控制力來控制下半年的盈利能力。我們 - 正如我們在電話會議上所說的那樣,隨著世界的繼續開放,我們正在大力支持司機和快遞方面的供應,以確保我們在那裡,特別是在美國。我們對自己所處的位置感覺非常好。去年,在一個非常困難的時期,我們完美地執行了公司,使公司成為今天的樣子。

  • 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.

    所以我們現在知道槓桿了。我們相信我們可以 - 我們有非常高的信心,我們將拉動槓桿。因此,達拉和我以及管理團隊的其他成員都致力於發揮我們所需的槓桿作用,以確保我們獲得盈利。再說一次,它本身不是一座橋樑,除了我們知道我們可以拉在一起的槓桿這一事實,我們會的。因此,我們肯定會做我們需要做的事情,以在今年下半年實現盈利。

  • Dara Khosrowshahi - CEO & Director

    Dara Khosrowshahi - CEO & Director

  • 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.

    好的。嗯,我想就是這樣。非常感謝您在本季度加入大家。顯然,一些新芽開始形成,很高興看到我們 - 在預訂方面擁有有史以來最好的季度。我非常期待我們在不久的將來報告我們有史以來最好的季度收入。謝謝大家的加入。

  • Operator

    Operator

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

    今天的電話會議到此結束。您現在可以斷開連接。