優步 (UBER) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Uber Technologies' Q3 2020 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝您的耐心等待，歡迎參加優步科技2020年第三季財報電話會議。 （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, Ms. Emily Reuter, Investor Relations. Please go ahead.

現在我把會議交給今天的發言人，投資者關係部的艾米莉·羅伊特女士。請開始吧。

Thank you, operator. Thank you for joining us today, and welcome to Uber Technologies' Third Quarter 2020 Earnings Presentation. On the call today, we have Dara Khosrowshahi and Nelson Chai. We also have Balaji Krishnamurthy, and this is Emily Reuter from the Investor Relations team.

謝謝接線生。感謝您今天加入我們，歡迎參加優步科技2020年第三季財報電話會議。今天參加會議的有達拉·科斯羅薩西和納爾遜·柴，還有巴拉吉·克里希納穆提，我是投資者關係團隊的艾米麗·羅伊特。

During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com. I will remind you that these numbers are unaudited and may be subject to change.

在今天的電話會議上，我們將提供GAAP和非GAAP財務指標。有關這些非GAAP指標的更多披露信息，包括GAAP指標與非GAAP指標的調節表，均包含在新聞稿、補充幻燈片以及我們向美國證券交易委員會（SEC）提交的文件中，這些文件均已發佈在investor.uber.com網站上。我在此提醒各位，這些數據未經審計，可能會有所變動。

Certain statements in the presentation and on this call may be deemed to be 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. 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 included in the section under the caption Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K filed with the SEC on March 2, 2020, and in any subsequent Form 10-Qs and Form 8-Ks filed with the SEC.

本次簡報和電話會議中的某些陳述可能被視為前瞻性陳述。此類陳述可透過諸如「相信」、「預期」、「打算」和「可能」等字眼來識別。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，我們不承擔更新今天所作任何前瞻性陳述的義務。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿，以及我們在2020年3月2日向美國證券交易委員會（SEC）提交的10-K表格年度報告中“風險因素”和“管理層對財務狀況和經營業績的討論與分析”部分以及隨後向SEC提交的任何10-Q表格和8-K

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

在今天的演講結束後，我們將開放提問環節。除非另有說明，本次討論的其餘部分所有成長率均指年增速，並以固定匯率計算。

With that, let me hand it over to Dara.

那麼，就讓我把麥克風交給達拉吧。

Thanks, Emily, and thanks, everyone, for joining us today.

謝謝艾米莉，也謝謝大家今天加入我們。

It's hard to believe that it's been 8 months since I first spoke with you about the coronavirus pandemic. Without question, its impact on the world has been one of the most significant events of our lifetimes. And we've moved quickly as a company to respond. We've taken steps to prepare our Mobility business for any recovery scenario and to seize the vastly expanded opportunity ahead for our Delivery business, all while improving the overall health of the company by taking out more than $1 billion in fixed costs, strengthening our balance sheet and more rigorously allocating capital with a focus on our core segments.

難以置信，距離我第一次和大家談論新冠疫情已經過了8個月。毫無疑問，疫情對世界的影響是我們一生中最重大的事件之一。作為一家公司，我們迅速採取了應對措施。我們採取措施，使我們的旅遊業務為各種復甦情景做好準備，並抓住配送業務未來大幅成長的機會。同時，我們透過削減超過10億美元的固定成本、強化資產負債表以及更嚴格地配置資本，重點關注核心業務，從而改善了公司的整體健康狀況。

Despite the volatile environment, we've steadily recovered gross bookings throughout the last 2 quarters, with September run rate gross bookings reaching nearly $65 billion, down just 6% compared to last year. And despite the 50% decline in Mobility gross bookings, we ended Q3 with total company adjusted EBITDA only 7% lower than last year, and we expect to improve adjusted EBITDA year-on-year in Q4.

儘管市場環境動盪，但過去兩季我們的總預訂量穩步回升，9 月份的累計總預訂量接近 650 億美元，僅比去年同期下降 6%。儘管出行業務的總預訂量下降了 50%，但第三季末公司調整後 EBITDA 僅比去年同期下降 7%，我們預計第四季度調整後 EBITDA 將實現同比增長。

Whether consumers want to safely go someplace, somewhere in their city or get something delivered to their door in 30 minutes, Uber is becoming their go-to app. In September alone, over 80 million people generated more than 425 million trips or deliveries across our platform. What I'm even more proud of, though, is that we connected 3.2 million drivers and delivery people to earnings opportunities and over 560,000 restaurants and small businesses to their customers during an unprecedented economic crisis. I'll now dive into each of our core segments, starting with Mobility.

無論消費者是想安全出行、在城市內出行，還是想在30分鐘內收到送貨上門的商品，Uber 都正在成為他們的首選應用。光是在9月份，就有超過8,000萬用戶透過我們的平台完成了超過4.25億次出行或配送。然而，更令我感到自豪的是，在史無前例的經濟危機期間，我們幫助320萬名司機和配送員獲得了收入機會，並幫助超過56萬家餐廳和小企業與他們的顧客建立了聯繫。接下來，我將深入探討我們的各個核心業務板塊，首先是出行服務板塊。

Unsurprisingly, the Mobility recovery continues to be directly correlated with the level of lockdown restrictions in any given city. When cities start to move, so too does Uber. Mobility gross bookings continued to improve throughout the third quarter, nearly doubling from Q2 levels and down 50% year-on-year. We saw Mobility GBs improve 10% month-on-month versus September to down 44% year-on-year. That's October Mobility gross bookings. Lat Am and APAC led the recovery, offset by slower gains in the U.S. and Canada, with a modest contraction in EMEA driven by the new lockdown orders.

不出所料，出行領域的復甦與各城市的封鎖限製程度直接相關。城市開始復甦，優步的業務也隨之恢復。第三季旅遊業務總預訂量持續成長，較第二季幾乎翻了一番，但年減50%。 10月出行業務總預訂量較上季成長10%，年減44%。拉丁美洲和亞太地區引領了復甦，但美國和加拿大的成長放緩抵消了部分成長，而受新的封鎖令影響，歐洲、中東和非洲地區的業務則出現小幅下滑。

The U.S. has been an overall drag on our global recovery. As a point of comparison, Mobility GBs outside of the U.S. were down 34% in October versus down 55% in the U.S. But we have some bright spots even in the U.S. Since bringing the case count under control over the past few months, New York City has improved significantly, with bookings recovered to 63% of year ago levels in October. We're seeing Uber recover faster than taxi and public transit in the city, indicating a deep level of consumer trust we believe stems from the safety technology investments and the reliability of our service. New York City rider engagement is up double digits year-on-year, but it's particularly up during nonpeak hours, suggesting the emergence of new use cases. As of last week, while New York weekday commute and weekend gross bookings have recovered to roughly 85% of prior year levels, weekday gross bookings outside of commute hours have recovered to nearly 100% of prior year levels.

美國整體拖累了我們的全球復甦。作為對比，10月份美國以外地區的旅遊業務量下降了34%，而美國本土則下降了55%。但即便在美國，我們也看到了一些亮點。過去幾個月紐約市的疫情得到控制後，情況顯著改善，10月份的預訂量已恢復到去年同期水準的63%。我們看到，優步在紐約市的復甦速度超過了計程車和公共交通，這表明消費者對我們有著高度的信任，我們認為這源於我們在安全技術方面的投入以及我們服務的可靠性。紐約市乘客的參與度同比增長了兩位數，尤其是在非高峰時段，這表明新的使用場景正在湧現。截至上週，紐約工作日通勤和週末的總預訂量已恢復到去年同期水準的約85%，而工作日非通勤時段的總預訂量已恢復到去年同期水準的近100%。

Elsewhere, Brazil, our largest market on trips, recovered to 87% on prior year levels in October. We're seeing workday commute, weekend use cases nearly fully recovered year-on-year, with airports, of course, lagging. All early evidence we see makes it increasingly clear that it's a question of when, not if our Mobility business will recover. These trends give us the confidence that Mobility will fully recover as public health situation improves and as people return to Uber to get to work, go shopping or reunite with their friends or family.

在其他地區，巴西——我們最大的出行市場——10月份的出行量已恢復至去年同期的87%。我們看到，平日通勤和週末出行量幾乎已完全恢復至去年同期水平，當然，機場出行量仍相對落後。所有早期跡像都越來越清楚地表明，我們的旅遊業務復甦只是時間問題，而非是否復甦的問題。這些趨勢讓我們相信，隨著公共衛生狀況的改善，以及人們重新選擇優步出行上班、購物或與親朋好友團聚，出行業務將全面復甦。

Finally, it's important to note that we're continuing to invest in product innovation to drive growth. For instance, our taxi business grew nearly 20% year-on-year in Q3 and autorickshaws and motorbikes are recovering faster than the rest of our Mobility segment. We're leaning in and seeing strong momentum with Uber for Business. Nearly 40% of our top 50 enterprise accounts are new since March, driven by increased demand for new products, including specialized commute offerings and guest products such as vouchers.

最後，值得一提的是，我們正持續投資產品創新以推動成長。例如，我們的計程車業務在第三季度同比增長近20%，而三輪車和摩托車業務的復甦速度也超過了我們出行服務板塊的其他業務。我們正大力推動Uber for Business業務，並且取得了強勁的成長動能。自3月以來，我們前50大企業客戶中近40%都是新客戶，這主要得益於市場對新產品（包括專業通勤服務和代金券等客戶產品）需求的成長。

Now switching over to our Delivery business, which is benefiting from a massive structural shift in consumer behavior. As I've noted before, consumers are quickly becoming accustomed to the magic of having anything delivered to their door in 0.5 hour, much like the magic of having a car show up in a few minutes. It's my belief that the tailwinds behind this category are so strong that we can continue to deliver exceptional growth while also improving profitability.

現在讓我們來談談我們的配送業務，該業務正受益於消費者行為的巨大結構性轉變。正如我之前提到的，消費者正迅速習慣0.5小時內將任何商品送到家門口的便捷，就像幾分鐘內就能叫到車一樣。我相信，這一領域的成長勢頭強勁，我們能夠在保持卓越成長的同時，提升獲利能力。

In Q3, Delivery gross bookings accelerated to 135% annual growth rate and reached a $35 billion GB run rate. Adjusted net revenue nearly tripled year-on-year, expanding take rate to 13.3% and improving adjusted EBITDA margin as a percentage of ANR by more than 10 points quarter-on-quarter. This growth is coming not only through an influx of new users, but also from higher engagement from existing users, with Delivery MAPC growth over 70% and trip growth over 110%, excluding markets that we exited. Eater, restaurant, delivery driver retention all increased year-on-year and quarter-on-quarter. And we continue to add new eaters at an elevated level. We did all of this with consistent improvement in the unit economics of this business in each quarter of this year.

第三季度，外送業務總訂單量較去年同期成長135%，年化收入達350億美元。調整後淨收入較去年同期成長近三倍，利潤率提升至13.3%，調整後EBITDA利潤率（佔調整後淨收入的百分比）較上季提升超過10個百分點。這項成長不僅得益於新用戶的湧入，也得益於現有用戶參與度的提升。外送業務平均單次訂單量成長超過70%，單次訂單量成長超過110%（不包括我們已退出的市場）。食客、餐廳和外送率的留存率均實現了同比增長和環比增長。此外，我們持續保持較高的新增食客數量。所有這些成就的取得，都得益於今年每季該業務單位經濟效益的持續提升。

On the competitive front, we improved our category position in most major markets around the world, including growing GBs at triple digits year-on-year in several large markets, including the U.S., Canada, U.K., France, Spain, Japan, Taiwan, amongst others. In the U.K., we continued to expand our national footprint outwards from our leading position in London, delivering gross bookings growth of nearly 200%. On a trip basis, we're now only about 30% smaller than the reported numbers from Just Eats Takeaway. This compares to 60% smaller a year ago.

在競爭方面，我們在全球大多數主要市場提升了品類地位，包括在美國、加拿大、英國、法國、西班牙、日本、台灣等多個大型市場實現了同比增長三位數的訂單量。在英國，我們繼續以倫敦的領先地位為中心，向外拓展全國業務，總訂單量成長近200%。以單次行程計算，我們目前的訂單量僅比Just Eat Takeaway公佈的數據低約30%，而一年前則低了60%。

While the U.S. remains one of our most competitive markets globally, we made real progress in the quarter with GBs up roughly 123% year-on-year. We improved our position in 11 of the top 15 markets, including New York City, Chicago, Washington, D.C., Boston and Atlanta. Bookings in New York City grew more than 150%, sustaining our momentum from Q2, even as the city led the U.S. in reopening. We've also made meaningful progress in corporate ordering with our Uber for Business platform, adding new enterprise customers like Bank of America, Unilever and Citadel.

儘管美國仍然是我們全球競爭最激烈的市場之一，但我們在本季取得了顯著進展，業務量較去年同期成長約123%。我們在排名前15的市場中的11個市場提升了排名，包括紐約市、芝加哥、華盛頓特區、波士頓和亞特蘭大。紐約市的訂單量成長超過150%，延續了第二季的成長勢頭，即便該市在美國率先重啟經濟。此外，我們透過Uber for Business平台在企業訂單方面也取得了顯著進展，新增了美國銀行、聯合利華和Citadel等企業客戶。

We also leaned into a number of growth opportunities during the quarter. We closed our Cornershop transaction in all markets, excluding Mexico, and scaled our grocery business to over 30 markets, exceeding $1 billion in annual run rate. We expanded Uber Eats Pass to 4 additional countries, surpassing a combined 1 million paid members across Uber Pass and Eats Pass. We're particularly encouraged by the improved user trends we see with our Eats Pass members and will continue to roll out our other markets in Q4. Our ads offering is now live in the U.S. with over 30,000 restaurants running ad campaigns, many with significantly positive ROI.

本季度，我們也積極掌握了多項成長機會。我們完成了除墨西哥以外所有市場的 Cornershop 收購，並將我們的雜貨業務拓展至 30 多個市場，年化收入超過 10 億美元。我們將 Uber Eats Pass 擴展至 4 個國家/地區，Uber Pass 和 Eats Pass 的付費會員總數突破 100 萬。我們對 Eats Pass 會員用戶成長趨勢的改善尤為欣喜，並將於第四季繼續拓展至其他市場。我們的廣告服務現已在美國上線，超過 3 萬家餐廳正在投放廣告，其中許多廣告的投資報酬率都非常可觀。

Even with the substantial growth investments, we continue to make progress towards profitability. In Q3, we had over 10 Delivery countries adjusted EBITDA break even or better. While we recognize we still have enormous opportunity for growth and investment in the segment, we're confident that we can lean in and turn Delivery EBITDA profitable sometime next year.

即使投入巨資進行成長，我們仍在獲利方面取得持續進展。第三季度，超過10個國家的配送業務調整後EBITDA達到或超過損益平衡點。我們意識到該業務部門仍有龐大的成長和投資空間，但我們有信心全力以赴，爭取在明年某個時候實現配送業務EBITDA獲利。

Lastly, quick run on Proposition 22, which we're happy to say passed with a healthy margin in California. This important question has now been settled in the most populous state in the country. California voters listened to what the vast majority of drivers want, new benefits and protections with the same flexibility. Going forward, drivers and delivery people in California will be guaranteed a minimum earning standard, health care contributions, accident insurance, increased safety protections and more. We feel strongly that this is the right approach. We should be adding benefits to gig work to make it better, not getting rid of it altogether in favor of an employment-only system. That's why going forward, you'll see us more loudly advocate for new laws like Prop 22, which we believe strike the balance between preserving the flexibility that drivers value so much while adding protections that all gig workers deserve. Our proposal for a new pragmatic approach is supported by 82% of drivers and 76% of voters. And it's a priority for us to work with governments across the U.S. and the world to make this a reality.

最後，我們快速回顧一下22號提案，我們很高興地宣布，該提案在加州以較大優勢獲得通過。這個重要的問題如今已在美國人口最多的州解決。加州選民聽取了絕大多數駕駛者的訴求：在保持彈性的同時，獲得新的福利和保障。未來，加州的司機和送貨員將享有最低收入保障、醫療保險、意外保險、更完善的安全保障等等。我們堅信這是正確的方向。我們應該為零工經濟增加福利，使其更加完善，而不是為了建立純粹的僱用制度而徹底取消零工經濟。因此，未來我們將更加積極地倡導類似22號提案這樣的新法律，我們相信這些法律能夠在保留司機極為重視的靈活性的同時，為所有零工工作者提供應有的保障，從而達到平衡。我們提出的務實新方案得到了82%的司機和76%的選民的支持。我們將優先與美國乃至世界各國政府合作，共同實現這一目標。

To sum up, while the last 8 months have been tough, for me, for the team and for the millions of people and businesses who rely on our technology, I'm more optimistic than ever about Uber's future. The tough actions we took, the resilience we've demonstrated give me confidence that we'll emerge from the pandemic on an even stronger foundation, more nimble, more innovative and more relevant to people's lives than ever before.

總而言之，過去八個月對我個人、團隊以及數百萬依賴我們技術的個人和企業來說都非常艱難，但我對優步的未來比以往任何時候都更加樂觀。我們採取的果斷措施以及展現出的韌性讓我相信，我們將從疫情中走出來，擁有更加堅實的基礎，比以往任何時候都更加靈活、更具創新性，也更加貼近人們的生活。

Now over to Nelson for more details on the numbers.

現在請尼爾森為大家帶來更多關於這些數字的細節。

Thanks, Dara.

謝謝你，達拉。

In spite of the unpredictable environment, I'm pleased with our ability to adapt quickly to respond to the challenges of COVID, stabilizing the business in the case of Mobility and seizing new opportunities for Delivery, all with the relentless focus on cost discipline and a drive towards quarterly adjusted EBITDA profitability in 2021. I will now discuss key operational metrics as well as non-GAAP financial measures. All comparisons are year-over-year and on a constant currency basis, unless otherwise noted.

儘管環境變幻莫測，但我對我們能夠迅速適應並應對新冠疫情帶來的挑戰感到滿意。在旅遊業務方面，我們穩定了營運；在配送業務方面，我們抓住了新的機會。這一切都離不開我們對成本控制的持續關注，以及力爭2021年實現季度調整後EBITDA獲利的目標。接下來，我將討論關鍵營運指標以及非GAAP財務指標。除非另有說明，所有比較均以同比和固定匯率為基礎。

Total company gross bookings declined 8% but improved 44% quarter-over-quarter. Adjusted net revenue or ANR was $2.8 billion, down 19%, but again, up 47% versus the second quarter. Our ANR take rate was 19.1% of gross bookings, down 238 basis points year-over-year and up 32 basis points quarter-over-quarter. Non-GAAP cost of revenue, excluding D&A, increased to 46% from 45% of ANR, but down $320 million on an absolute basis, driven by lower volumes in our Mobility business, resulting in a decrease in insurance and payment costs.

公司總預訂量下降8%，但較上季成長44%。調整後淨收入（ANR）為28億美元，下降19%，但季增47%。 ANR佔總預訂量的19.1%，較去年同期下降238個基點，較上季上升32個基點。不計折舊攤提的非GAAP收入成本佔ANR的比例從45%上升至46%，但絕對值下降3.2億美元，主要原因是出行業務銷售下降，導致保險和支付成本降低。

Turning now to non-GAAP operating expenses, which include pro forma adjustments such as stock-based compensation and restructuring charges. Operations and support decreased to 12% from 13% of ANR and was down $119 million on an absolute dollar basis, reflecting the headcount reduction actions taken in the second quarter. Sales and marketing increased to 32% from 30% of ANR, but decreased $152 million on an absolute dollar basis as we saw lower marketing and promotion spend in our Mobility business. R&D increased to 14% from 13% of ANR but down $75 million, primarily driven by a decrease in people spend. G&A increased to 18% from 15% of ANR, but again, down 14% from a year ago. Quarter-over-quarter, our spend increased $76 million but improved as a percentage of ANR at 4 percentage points of continued top line recovery. Our Q3 2020 total company adjusted EBITDA loss was $625 million.

接下來來看非GAAP營運費用，其中包括股票選擇權激勵和重組費用等備考調整。營運和支援費用佔年度經常性收入（ANR）的比例從13%降至12%，絕對值減少了1.19億美元，這反映了第二季採取的裁員措施。銷售和行銷費用佔ANR的比例從30%升至32%，但絕對值減少了1.52億美元，原因是我們在行動業務領域的行銷和推廣支出有所下降。研發費用佔ANR的比例從13%升至14%，但減少了7,500萬美元，主要是因為人力成本的下降。一般及行政費用佔ANR的比例從15%升至18%，但與去年同期相比下降了14%。從季來看，我們的支出增加了7,600萬美元，但由於營收持續回升，其佔ANR的比例提高了4個百分點。 2020年第三季度，公司調整後EBITDA虧損總額為6.25億美元。

Now I'll provide additional segment detail on our segments, starting with Mobility. Mobility gross bookings of $5.9 billion improved 94% quarter-over-quarter and was down 50% year-over-year. And ANR of $1.4 billion improved 72% quarter-over-quarter and was down 51% year-on-year, while take rate of 23.1% improved year-over-year due to rationalization of incentive spend, mainly in the U.S. and in Canada. Despite a significant headwind to our top line performance, Mobility adjusted EBITDA was $245 million or 18% of Mobility ANR, improving $195 million quarter-on-quarter.

現在我將詳細介紹我們的各個業務板塊，首先是出行業務板塊。旅遊業務部門的總預訂額為59億美元，較上季成長94%，但較去年同期下降50%。年度淨收入（ANR）為14億美元，季增72%，但年減51%。由於主要在美國和加拿大地區優化了激勵支出，佣金率年增23.1%。儘管營收成長面臨許多不利因素，出行業務板塊的調整後EBITDA仍達到2.45億美元，佔出行業務年度淨收入的18%，季增1.95億美元。

Now to Delivery. We've seen continued tailwinds related to stay-at-home orders as well as the consolidation of Cornershop results this quarter, driving Delivery gross bookings to $8.6 billion, up 135%. Delivery ANR of $1.1 billion, up 191% due to an increase in food delivery orders, higher basket sizes from stay-at-home order demand, coupled with network efficiencies, mainly in the U.S. Delivery ANR take rate was 13.3%, up 256 basis points year-over-year and up 56 basis points quarter-over-quarter due to overall improvement in basket sizes and rationalization of incentive spend. Additionally, we realized an 80 basis point benefit year-over-year from business model changes in some countries that reclassify certain payments and incentives as cost of revenue. Delivery adjusted EBITDA was a loss of $183 million or negative 16.1% of ANR, but that represents a $49 million and 10% improvement quarter-over-quarter, respectively.

接下來是外送業務。居家隔離令帶來的持續利多以及本季Cornershop業績的合併，推動外送業務總訂單額達到86億美元，年增135%。外送業務調整後淨收入（ANR）達到11億美元，年增191%，主要得益於食品外送訂單量的成長、居家隔離令需求帶來的客單價提升，以及網路效率的提高（尤其是在美國）。外送業務ANR分成率為13.3%，較去年成長256個基點，較上季成長56個基點，主要得益於客單價的整體提升以及激勵支出的合理化。此外，部分國家的業務模式調整將某些付款和激勵重新歸類為營業成本，也帶來了80個基點的年成長。外送業務調整後EBITDA虧損1.83億美元，佔ANR的-16.1%，但季後分別改善了4,900萬美元和10%。

On to Freight, which grew ANR 32% to $288 million, and adjusted EBITDA was a loss of $73 million. Freight EBITDA margin improved nearly 12 percentage points year-over-year, but weakened 2 percentage points quarter-over-quarter. The shift in consumer consumption from services to goods as a result of COVID has led to a surge in demand for Freight. Combined with industry-wide driver shortages, this has led to a rise in market rates and pressure on margins across the industry and our Freight business. Despite the industry headwinds, we are encouraged by the progress made this year. Tech-driven solutions can provide value to shippers and carriers, and we've seen this through the strong growth of digital channels like API-tendered loads and adoption of other SaaS solutions like Uber Freight Enterprise. Over time, these real-time solutions will reduce our exposure to market volatility, while also delivering strong economics.

貨運業務方面，調整後淨收入成長32%至2.88億美元，調整後EBITDA虧損7,300萬美元。貨運業務EBITDA利潤率年增近12個百分點，但季減2個百分點。受新冠疫情影響，消費者消費重心從服務轉向商品，導致貨運需求激增。加之業普遍面臨司機短缺，市場價格上漲，整個產業及我們貨運業務的利潤率均承壓。儘管行業面臨諸多挑戰，但我們對今年取得的進展感到鼓舞。技術驅動的解決方案能夠為托運人和承運人創造價值，這一點已透過API招標貨運等數位化管道的強勁增長以及Uber Freight Enterprise等其他SaaS解決方案的普及得到印證。隨著時間的推移，這些即時解決方案將降低我們受市場波動的影響，同時帶來強勁的經濟效益。

On to ATG and other technology programs. The adjusted EBITDA loss for the quarter was $104 million. In Q3, we returned our test vehicles to the streets of Washington, D.C., in addition to continuing operations in the Pittsburgh market. Our Q3 2020 corporate G&A and platform R&D of $510 million, which represents the G&A and R&D not allocated to one of our segments, improved 18% and held relatively flat quarter-on-quarter on an absolute dollar basis. As a percentage of total ANR, corporate G&A and R&D improved 8 percentage points quarter-over-quarter as we saw fixed cost leverage from restructuring actions taken in Q2. As a reminder, platform R&D represents over 1/3 of the spend in the category, and corporate G&A also includes accrued sales taxes and other fees.

接下來談談ATG和其他技術項目。本季調整後的EBITDA虧損為1.04億美元。第三季度，除了繼續在匹茲堡市場開展業務外，我們還將測試車輛重新投入華盛頓特區的街道測試。 2020年第三季度，我們的公司一般及行政費用和平台研發支出為5.1億美元，該支出代表未分配至任何業務部門的一般及行政費用和研發支出，按絕對金額計算，環比增長18%，基本持平。以佔總調整後淨收入（ANR）的比例計算，公司一般及行政費用和研發支出環比增長8個百分點，這得益於我們在第二季度採取的重組措施帶來的固定成本槓桿效應。需要注意的是，平台研發支出佔該類別支出的三分之一以上，而公司一般及行政費用還包括應計銷售稅及其他費用。

In terms of liquidity, we ended the quarter with approximately $7.3 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.

就流動性而言，本季末我們擁有約 73 億美元的非限制性現金、現金等價物和短期投資，我們還可以從循環信貸額度中獲得超過 20 億美元的資金，這為我們提供了充足的流動性來應對未來的復甦。

Based on October trends, I'll provide a few comments around our expectations for Q4. In October, Mobility was at a $28 billion annualized gross bookings run rate. While we expect the recovery to continue, we would highlight 2 factors to consider in Q4. First, EMEA, which was our most recovered geography in Q3, started experiencing new lockdowns in October, including in France and U.K. EMEA Mobility gross bookings declined 3% month-over-month in October. And FX will continue to be a drag on year-on-year trends, particularly with Lat Am as our most recovered geography today. For context, the Brazilian real depreciated roughly 30% year-on-year, and we saw a 3-point adverse impact from FX in Q3.

根據十月份的趨勢，我將就我們對第四季的預期做一些說明。十月份，旅遊業務的年化毛預訂量為280億美元。雖然我們預計復甦勢頭將持續，但第四季有兩個因素值得關注。首先，歐洲、中東和非洲地區（EMEA）是我們第三季復甦最顯著的地區，但該地區在十月開始出現新的封鎖措施，包括法國和英國。 EMEA地區的旅遊業務毛預訂量在十月環比下降了3%。其次，匯率波動將繼續拖累同比趨勢，尤其是在拉丁美洲地區作為我們目前復甦最顯著的地區的情況下。作為參考，巴西雷亞爾年減了約30%，而我們在第三季也看到了匯率波動帶來的3個百分點的負面影響。

In October, Mobility gross bookings were down 44% year-over-year on a constant currency basis or down 47% year-over-year on a reported basis. We expect Mobility ANR take rates to be relatively flat year-on-year, consistent with normal seasonal declines, despite adverse geographical mix due to slower recovery in the U.S. For context, as a percentage of Mobility gross bookings, the U.S. is currently 10 percentage point lower than in 2019.

10月份，以固定匯率計算，旅遊業務總預訂量較去年同期下降44%；以報告匯率計算，較去年同期下降47%。儘管由於美國市場復甦緩慢導致地理分佈不利，我們預期出行業務的年化淨收入分成率將與去年同期基本持平，符合正常的季節性下滑趨勢。作為參考，目前美國市場佔出行業務總預訂量的百分比比2019年同期下降了10個百分點。

We expect Delivery adjusted EBITDA losses in Q4 to be similar to Q3 levels on an absolute basis, with sequential improvements beyond Q4. As a reminder, we are leaning into Delivery opportunities, including with incremental brand marketing spending in the U.S. and Europe as well as investments in our growing grocery business. We expect stock-based compensation in Q4 to be $200 million to $250 million.

我們預計第四季度配送業務調整後 EBITDA 虧損額將與第三季基本持平，但第四季之後將較上季改善。需要指出的是，我們正大力拓展配送業務，包括增加在美國和歐洲的品牌行銷支出，以及投資我們不斷成長的食品雜貨業務。我們預計第四季股權激勵支出為 2 億至 2.5 億美元。

Overall, I'm pleased with the health of the business today and the progress we have made throughout this year. Importantly, we are not letting up on our profitability goals, even with our Mobility gross booking still down significantly. In Q3, we produced $245 million in Mobility adjusted EBITDA, up nearly $200 million quarter-on-quarter. Put another way, this quarter's Mobility adjusted EBITDA margin of 18% was down only 4 percentage points year-on-year, demonstrating the structural improvements and profitability we have achieved despite the impact of the pandemic. Based on our current cost structure, we are confident that we can achieve total company adjusted EBITDA breakeven with Mobility gross bookings 10% to 20% lower than Q4 2019 levels, and we now expect Delivery to be breakeven sometime in 2021.

總體而言，我對公司目前的營運狀況以及今年的進展感到滿意。重要的是，即使出行業務的總訂單量仍然大幅下降，我們也不會放鬆獲利目標。第三季度，旅遊業務的調整後 EBITDA 為 2.45 億美元，較上季成長近 2 億美元。換句話說，本季出行業務的調整後 EBITDA 利潤率為 18%，年比僅下降 4 個百分點，這表明儘管受到疫情影響，我們仍然取得了結構性改進和盈利能力提升。基於我們目前的成本結構，我們有信心在出行業務總訂單量比 2019 年第四季度下降 10% 至 20% 的情況下，實現公司整體調整後 EBITDA 的盈虧平衡，並且我們現在預計配送業務將在 2021 年實現盈虧平衡。

With that, I'll open it up to questions.

接下來，我將開放提問環節。

(Operator Instructions) And your question will come from the line Brian Nowak of Morgan Stanley.

（操作員說明）您的問題將來自摩根士丹利的布萊恩·諾瓦克。

I have 2. Just the first one on the individual cities or markets where you've seen a sharper recovery in rides, can you just talk to us about what you're seeing in the competitive environment side for either drivers or riders? Then the second one, congrats on Prop 22. Congrats. Question on that, as we're sort of thinking about it, philosophically, talk to us about how you think about Prop 22 now impacting the pricing for the riders as well as strategies that could change the way you think about attracting drivers and maximizing their overall earnings.

我有兩個問題。第一個問題是關於您觀察到出行需求復甦較為明顯的城市或市場，您能否談談您在競爭環境中觀察到的情況，包括司機和乘客的狀況？第二個問題，恭喜22號提案獲得通過。恭喜！關於22號提案，我們目前正在思考這個問題，請您從根本上談談它對乘客價格的影響，以及您認為在吸引司機和最大化司機整體收入方面可以採取哪些策略。

All right. Thank you very much for the question. As far as the recovering markets and the competitive environment there, I'd say the environment is constructive, a couple of notes. Generally, in certain markets and the U.S. being an example, as the markets come back, we're actually in more of an undersupply position than an oversupply position as these markets come back. We have to make sure that drivers understand that it's safe to drive. I think that they're very comforted by the investments that we've made in technology and how clear we have been as it relates to our no mask, no ride policy, but it takes time. And these are human beings. And what's happening outside is very tough. So the driver supply coming back is a bit slower than we would want. Some would say that's a first-class problem, and we are putting some incentives into the market in order to make sure that drivers come back and they have great earnings opportunities during a period where economically more and more people need those earnings opportunities.

好的。非常感謝您的提問。關於市場復甦和競爭環境，我認為目前情況良好，有幾點需要說明。一般來說，在某些市場，例如美國，隨著市場復甦，我們實際上面臨的是供不應求而非供過於求。我們必須確保司機們明白開車是安全的。我認為，我們對技術方面的投資以及我們明確執行的「不戴口罩，不載客」政策讓他們感到非常安心，但這需要時間。畢竟，他們也是人。而且，外部環境非常艱辛。因此，司機供應的恢復速度比我們預期的要慢一些。有人認為這是一個棘手的問題，我們正在向市場注入一些激勵措施，以確保司機們能夠回歸，並在經濟形勢下，為越來越多的人提供收入機會的時期，為他們創造良好的收入前景。

As it relates to riders, what we are seeing is that the earlier cohort of riders who is coming back tends to be more price-sensitive. These are folks who have to come back to work. They don't have the option sometimes to stay home. And as a result, we're seeing a cohort that is more price-sensitive in general, which is a little bit different than what we've seen in the past, which will provide some margin pressure for us. Although I tell you, if you look at our margins now, we're more than making it up in terms of discipline, et cetera. So as the world returns to normal, we think there will be margin upside as the cohort of riders that kind of come back represent a more fulsome kind of example of the ridership that we had pre-pandemic. All that said, as it relates to the competitive environment, it's constructive, all the competitors are being rational, and we don't see that changing.

就騎士而言，我們觀察到，最早回歸的那批騎士往往對價格更加敏感。這些人必須重返工作崗位，有時他們沒有選擇待在家裡的權利。因此，我們看到這群騎士整體上對價格更加敏感，這與我們以往的情況略有不同，這將給我們帶來一定的利潤壓力。不過，我要說的是，如果你看看我們目前的利潤率，你會發現我們在紀律等方面已經彌補了這些壓力。因此，隨著世界逐漸恢復正常，我們認為利潤率將會上升，因為回歸的騎手群體更能代表疫情前的騎手數量。總而言之，就競爭環境而言，目前情況良好，所有競爭對手都保持理性，我們認為這種情況不會改變。

As far as your second question, Prop 22 increases and strategies. Listen, I think on Prop 22 for now, what we are really focused on is making sure that we do everything that we can to get the benefits that Prop 22 promises to drivers as quickly as possible. There's some calculation that you have to do in terms of minimum earnings standards, et cetera. So we are very much focused on the execution on Prop 22 as it relates to our drivers and drivers who use the platform. It may have some implication as it relates to rates, but we think that any effect that it has on rates will not have a significant effect on trip volumes one way or the other based on the kinds of sensitivities that we've seen in the past.

關於你的第二個問題，22號提案的增加與應對策略。聽著，我認為目前我們真正關注的是，盡一切努力確保盡快落實22號提案承諾給司機的各項福利。這其中涉及一些計算，例如最低收入標準等等。所以我們非常關注22號提案對我們平台司機和使用我們平台的司機的影響。它可能會對費率產生一些影響，但我們認為，根據我們過去觀察到的情況，它對費率的任何影響都不會對行程量產生顯著影響。

And your next question will come from the line of Heath Terry of Goldman Sachs.

你的下一個問題將來自高盛的希思·特里。

You mentioned the recovery that you're seeing in New York. As you look at the recovery in places like New York, Hong Kong, even what you were seeing in London before the more recent lockdowns, can you give us a sense in terms of the characterization of the type of customers that you're seeing, the level of activity, what you're seeing in terms of business versus leisure versus obviously the travel part, which is going to be smaller?

您提到了紐約的復甦情況。在您觀察紐約、香港等地的復甦情況，甚至包括最近封鎖前倫敦的情況時，您能否就您觀察到的顧客類型、活動水平、商務、休閒以及顯然規模較小的旅遊部分等方面，給我們一些描述？

And then what that sort of tells you about the pace of the recovery that we can expect in terms of other markets opening back up even as we start to see lockdowns like what we're seeing in Massachusetts happen. So just appreciate any sort of additional kind of insight around the ride-hailing business that you can share based on that. And then you mentioned sort of the rationality of competition. Interested in any insight into how that carries over to the food delivery business post some of the consolidation that we've seen there.

那麼，這又能告訴我們，在其他市場重新開放的同時，我們還能預期怎樣的復甦速度呢？即便我們開始看到像馬薩諸塞州這樣的地區再次實施封鎖。所以，非常感謝您能基於此分享任何關於叫車產業的額外見解。您剛才提到了競爭的理性。我很想了解，在經歷了一些整合之後，這種理性會如何影響外送產業。

Sure. As far as the shape of the recovery, I think, first of all, the shape of recovery, it's a city-by-city recovery that very much depends on the health situation on a local basis, which, as is patently obvious, we can't do anything about other than making sure that our platform is the safest transportation platform out there. And I really do think it is in terms of the technology that we have invested there.

當然。至於復甦的形態，我認為首先，復甦的形態取決於各個城市的具體情況，很大程度上取決於當地的疫情狀況。顯而易見，除了確保我們的平台是目前最安全的出行平台之外，我們對此無能為力。而且，我確實認為，就我們投入的技術而言，這一點至關重要。

We looked at kind of, well, does a recovery -- does commute come back faster, workday come back faster, weekend come back faster, et cetera? And on a global basis, there is no tale to tell, which I consider great, which is the business just comes back. And there are some markets where work use cases are coming back faster than nonwork use cases.

我們研究了諸如通勤、工作日、週末等活動的復甦情況，並分析了這些因素是否會更快恢復。從全球範圍來看，並沒有明確的規律可循，我認為這是件好事，因為業務自然會恢復。而且在某些市場，工作場景的復原速度確實比非工作場景更快。

The one interesting trend that we are seeing is, as I mentioned in New York, the kinds of use cases that riders are using to engage with Uber seem to be changing, and we are getting kind of a broader demand set at broader hours of the day. So people are using the service whereas they might have used it only in commute hours, they're kind of extending the hours, which might be just being more flexible in terms of how they live or might be entirely new use cases. Hey, I've got to go get groceries, and I'm going to use Uber.

正如我在紐約提到的，我們觀察到的一個有趣的趨勢是，乘客使用 Uber 的場景似乎正在發生變化，需求範圍更廣，使用時間也更靈活。以前人們可能只在通勤時間使用 Uber，現在他們延長了使用時間，這可能是因為他們的生活方式更加靈活，也可能是出現了全新的使用場景。例如，我去買菜，我就用 Uber。

The second factor that we are observing is that Uber is coming back faster than other transportation alternatives. I think we all want mass transit to come back. The mass transit systems in many cities have been in a very, very difficult state. We believe in mass transit with investments that we've made in Routematch, but we're seeing Uber, for example, come back much faster than mass transit.

我們觀察到的第二個因素是，Uber 的復甦速度比其他交通方式更快。我想我們都希望大眾運輸能夠恢復正常。許多城市的公共交通系統都面臨非常嚴峻的挑戰。我們對公共交通充滿信心，並在 Routematch 上進行了投資，但我們也看到，例如 Uber 的復甦速度遠超公共交通。

Same thing as it relates to taxi. For example, when we look at our volumes versus taxi in New York City, Uber is coming much faster than taxi, again, I think because of the investments we made on the platform, because of all the information that our riders have and our no mask, no ride policy, for example.

計程車業的情況也類似。例如，如果我們比較紐約市的客流量和出租車客流量，Uber 的發展速度遠超出租車，我認為這再次歸功於我們對平台的投入，歸功於我們為乘客提供的各種信息，以及我們“不戴口罩，不乘車”的政策等等。

So I think to sum it up, the evidence that we're seeing is, Uber comes back when cities come back. And if anything, Uber is an advantaged form of transportation versus alternatives as they come back. It's very early. Is this going to translate into long-term behavior? We're kind of seeing that food certainly translate into long-term behavior. So we like where we stand, but we, like everyone else, are waiting for the world to open up.

綜上所述，我們看到的證據表明，當城市復甦時，Uber也會復甦。而且，與其他交通方式相比，Uber在復甦過程中更具優勢。現在還處於早期階段。這是否會轉化為長期行為？我們看到，食品消費肯定會轉化為長期行為。所以我們對目前的狀況感到滿意，但和所有人一樣，我們也在等待世界完全開放。

As far as the food delivery space goes, again, nothing of note. We are focused on our own service, making sure that our reliability or dependability, the average time to order, et cetera, all of these areas continue to improve. We're very much focused on optimizing cost per trip and kind of the number of contacts that we have. And the result of all that, along with the Uber brand and are continuing to lean into the Uber brand with, for example, the Tonight I'll be Eating campaign, has resulted in our ability to improve margins and generally improve our competitive position over our competition. So nothing of note to call out on the competitive front one way or the other, other than we're growing faster than our competitors, and we're going to keep it that way.

至於外送領域，目前沒有什麼特別值得一提的。我們專注於自身服務，確保可靠性、平均下單時間等各方面持續提升。我們非常注重優化每次行程的成本和客戶互動量。所有這些努力，加上我們持續利用 Uber 品牌優勢（例如「今晚我要吃飯」活動），最終幫助我們提高了利潤率，並提升了我們在競爭中的整體地位。因此，在競爭方面沒有什麼特別值得一提的，除了我們的成長速度超過競爭對手，而且我們將繼續保持這一優勢。

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

你的下一個問題將來自美國銀行的賈斯汀·波斯特。

I guess I'll focus on the Delivery business. You're clearly kind of doubling down as a company, buying Cornershop and Postmates. But just give us a flavor of, do you think that business could be bigger than or similar to Rides at maturity? Secondly, I think you said you expected Delivery to be profitable next year, just want to double check that. And what's different about the cities that are profitable versus those that aren't? And then third, maybe a Cornershop update.

我想重點談談外送業務。你們公司顯然正在加倍投入，收購了 Cornershop 和 Postmates。請問，你們認為外送業務成熟後規模會超過或與叫車業務相當嗎？其次，我記得您說過預計外送業務明年就能獲利，我想再次確認。獲利的城市和不獲利的城市有什麼不同？第三，能否介紹一下 Cornershop 的最新狀況？

Sure. Absolutely. I'll start and then, Nelson, if you can take on the Delivery profitability question. As far as the delivery marketplace, listen, I think the TAM that we see in this segment is just as big as the transportation TAM. It is very, very significant. And the crisis, the pandemic crisis certainly has introduced new customers to the segment at a velocity that, frankly, we had not anticipated. We could not have anticipated. In hindsight, the fact that we doubled down on this category as aggressively as we did for the past 2, 3 years, it's either foresight or being lucky, and it's probably a combination of both.

當然。絕對沒問題。我先來，然後，尼爾森，你能談談配送獲利能力的問題嗎？就配送市場而言，我認為我們看到的這個領域的潛在市場規模與運輸領域一樣大。它非常非常可觀。而且，疫情危機無疑以我們始料未及的速度為這個領域帶來了新客戶。坦白說，我們根本無法預料到。事後看來，過去兩三年我們如此積極地加大對這個領域的投入，要么是先見之明，要么是運氣好，或許兩者兼而有之。

The point that I would make as it relates to Delivery and how big it can get is, the extraordinarily low penetration that we still have in terms of the restaurant universe being on the Eats platform. We talked about 560,000 restaurants being on the platform. In the U.S., we have about 30% of restaurants in the U.S. In the U.K., we've got about 16% of restaurants. In France, it's 15% of restaurants. In Mexico, Brazil, it's about 10% of restaurants. In Japan, it's less than 5% of restaurants on our service.

關於外送業務及其發展潛力，我想指出的一點是，目前外送平台上的餐廳覆蓋率仍然極低。我們之前提到過，目前平台上已有56萬家餐廳。在美國，這一比例約為30%；在英國，約16%；在法國，約15%；在墨西哥和巴西，約10%；在日本，這一比例甚至不到5%。

So that would tell you that the growth that we have going forward is going to be many multiples as we penetrate deeper and deeper into newer restaurants. Now I think that the incremental restaurant that we bring onto the platform probably is not going to be quite as productive as the restaurants already on the platform, but it just tells you that we're very, very early in the penetration here.

所以這說明，隨著我們不斷深入拓展新餐廳市場，未來的成長將會倍增。我認為，我們新引入平台的餐廳可能不會像平台上已有的餐廳那樣高效，但這只是說明我們目前的市場滲透還處於非常早期的階段。

I'm not going to make a call as to whether Mobility or Delivery are going to be bigger. I want those teams to fight it out. I think the great thing about Uber is that we've got both. We have a path to profitability for both, and we have a natural hedge as well as global scope that no other company is even close to. Nelson, do you want to talk about Delivery profitability, and then I'll end with Cornershop?

我不會預測出行業務和配送業務哪個會發展得更大。我希望這兩個團隊能夠展開競爭。我認為優步的優勢在於我們兩者兼具。我們兩個業務都有獲利的途徑，而且我們擁有天然的風險對沖機制和全球視野，這是其他公司根本無法比擬的。尼爾森，你想談談配送業務的獲利能力嗎？之後我再談Cornershop業務。

Sure. So what happens in countries where we are profitable, we have a very strong, what we call, competitive position, you call market share across a number of the key cities in the country. This leads to very, very good selection as well as mid-teens type take rates, which we've talked about how important that is in the past. It tends to be teams that are really executing well in terms of building the brand investment and then continue to make some of the operational improvements.

當然。在那些我們獲利的國家，我們擁有非常強大的競爭優勢，也就是你們所說的市場份額，涵蓋了該國的多個主要城市。這帶來了非常優質的產品選擇，以及十幾個百分點的轉換率，我們之前也強調過這一點的重要性。通常情況下，這些團隊在品牌建立投資方面執行得非常出色，並且持續改善營運。

And you've heard Dara actually call out the progress we're making in the U.K. And so that has all the makings of how you get a country to be very profitable like we have already in the system. So the result of all this is we tend to have really high customer loyalty and then we have this great experience. And so in France, for instance, we actually have a 24-minute average delivery time. And so we just really outperform everybody. And so again, there's nothing special. It's just the teams are doing a great job, and we think that we'll be able to bring more countries towards those type of metrics as we continue down the path.

你們也聽到了達拉對我們在英國取得的進展的讚揚。這具備了讓一個國家像我們一樣實現高獲利的所有要素。這一切的最終結果是，我們擁有極高的客戶忠誠度，並能提供卓越的客戶體驗。例如，在法國，我們的平均配送時間僅24分鐘。因此，我們的表現遠超其他競爭對手。所以，這並非什麼特別之處，只是團隊的出色工作。我們相信，隨著我們繼續努力，能夠讓更多國家達到類似的指標。

Great. And then as it relates to Cornershop, it's very early. We love the Cornershop team. And our grocery business now is a, combined between Cornershop and our Delivery platform, over $1 billion in run rate. We expect that to be multiples of that $1 billion next year. So we're leaning forward pretty strongly as it relates to Cornershop. We signed up a number of partners, [Southeastern] Grocers, Red Apple, Sainsbury's, many, many brands all around the world. And we think we're in the very, very early days.

太好了。至於Cornershop，現在還處於非常早期的階段。我們非常欣賞Cornershop團隊。目前，Cornershop和我們的配送平台加起來，我們的雜貨業務年化收入超過10億美元。我們預計明年這個數字將倍增。所以，我們對Cornershop的發展非常重視。我們已經簽約了多家合作夥伴，包括Southeastern Grocers、Red Apple、Sainsbury's以及全球許多其他品牌。我們認為，現在還處於非常非常早期的階段。

Note for investors that we have not closed Cornershop in Mexico. Mexico is one of Cornershop's leading markets. We are optimistic that we'll receive an approval from COFECE that has been undergoing a rigorous analysis here of the acquisition. We see the transaction benefits customers, merchants and earners and allow Uber Cornershop to just bring far more option to consumers for a service that's now classified as essential there. We're looking forward to getting into Mexico, hopefully, if COFECE approves the deal. And I think it will showcase Mexico as a real world-class hub for entrepreneurship and foreign investment.

請投資人注意，我們並未關閉Cornershop在墨西哥的業務。墨西哥是Cornershop的主要市場之一。我們樂觀地認為，墨西哥聯邦經濟合作與監管委員會（COFECE）將批准此次收購，該委員會一直在對此次收購進行嚴格的審查。我們認為，此交易將惠及消費者、商家和收入者，並使Uber Cornershop能夠為消費者提供更多選擇，尤其是在墨西哥，這項服務已被列為必需服務。我們期待進入墨西哥市場，前提是COFECE批准交易。我認為這將展現墨西哥作為世界級創業和外商投資中心的實力。

Our next question will come from the line of Mark Mahaney of RBC.

我們的下一個問題將來自加拿大皇家銀行的馬克·馬哈尼。

Yes, 2 questions, please. First, I think you provided a little bit of a trading update for Mobility for the December quarter. Could you do the same thing with Eats -- or I'm sorry, you did for Mobility, but not for Delivery. Any update on Delivery for the quarter? That growth rate is staggeringly high. Obviously, it's got to come down, but how do you think about the rate at which that comes down? And then, Dara, you mentioned a couple of times these kind of newer cases for Mobility different times of the day. Do you have just some basic examples of what those kind of newer cases of Mobility would be?

好的，請問兩個問題。首先，您之前簡要介紹了12月份季度的出行業務交易情況。可否也介紹一下外送業務？或者抱歉，您已經介紹了出行業務，但沒有介紹外送業務。請問外送業務本季有最新進展嗎？這個成長率高得驚人。顯然，它肯定會下降，但您認為下降的速度會是多少？另外，Dara，您之前幾次提到出行業務在不同時段可能會出現一些新的案例。您能否舉出幾個例子，說明一下這些新的案例具體指的是什麼？

So Mark, I'll handle Q4, and I'll let Dara talk about the use cases. So we do expect you'll continue to see the momentum continue kind of where we are today in the very healthy triple-digit kind of range. I was careful to provide guidance in terms of the segment EBITDA for the quarter in Q4, largely because we are investing behind the business that need [to be put]. So that business continues to do extremely well. We're very, very optimistic. We would not have made the commentary about profitability on Delivery at some point next year if we didn't see the efficiency as well as the consumer adoption that's going on.

馬克，我來負責第四季度，達拉會談談具體的應用案例。我們預計目前的成長動能將保持下去，並繼續保持在非常健康的三位數水準。我謹慎地沒有給出第四季度分部 EBITDA 的預期，主要是因為我們正在對需要投入的業務進行投資。這項業務持續表現非常出色。我們非常樂觀。如果我們沒有看到目前在效率和消費者接受度方面的提升，我們不會預測明年某個時候外送業務的獲利能力。

And Mark, in terms of the use cases, listen, they're very broad. And I haven't looked at it personally as to what the use cases are. What's interesting is that the number of trips per rider, not all ridership is back, but the riders who are starting to use our service, the trips per rider is up significantly. And during these kind of other times, the trips per rider is actually up double digits.

馬克，就應用場景而言，它們非常廣泛。我個人還沒有研究過具體的應用場景。有趣的是，雖然乘客數量還沒有完全恢復，但對於那些開始使用我們服務的乘客來說，每位乘客的旅行次數顯著增加。在其他類似時期，每位乘客的出行次數實際上增加了兩位數。

And I think, listen, if you live in a city, Uber is just a utility type of use case. People use it for all kinds of different uses. We've introduced hourly rentals. We've introduced the ability to deliver packages as well. So all of the new use cases that we're introducing essentially broaden the service, and we're certainly seeing that broadening translate into a greater use of the service in different times of the day.

我覺得，如果你住在城市裡，Uber 就是一種很實用的服務。人們用它來做各種各樣的事情。我們推出了按小時計費的租車服務，也推出了包裹遞送服務。所以，我們推出的所有新用途實際上都拓展了這項服務的範圍，而且我們確實看到，這種拓展轉化為一天中不同時段對這項服務的更高使用率。

Your next question comes from the line of Mark Shmulik of Bernstein.

你的下一個問題來自伯恩斯坦的馬克舒穆利克的理論。

A couple if I may. The first, you mentioned a bit about kind of what were some of the drivers behind the MAPC number. And would love to see if there's any incremental color you can share in terms of what's making that up in terms of whether it's just returning users, new users? I know you launched a new iOS app and like how that cross-sell might be going would be great to hear.

如果可以的話，我想問幾個問題。首先，您剛才提到了一些影響 MAPC 數據的主要因素。我很想了解一下，您能否進一步解釋一下這個數據是由哪些用戶構成的，例如是回頭客還是新用戶？我知道您發布了一款新的 iOS 應用程式，很想聽聽它的交叉銷售情況如何。

And then the second one is, as we think about the Delivery business, it sounds like ads is now up and running, grocery certainly and pharma as well. How do we think about the changing economics for the Delivery business with all of those kind of new businesses that are sitting within it?

其次，當我們思考配送業務時，廣告業務似乎已經全面展開，食品雜貨和醫藥業務也同樣如此。鑑於所有這些新興業務的湧現，我們該如何看待配送業務經濟格局的變化？

Sure. As far as MAPC goes, we're seeing very, very significant MAPC growth for the Delivery business as expected. The number of new eaters coming onto the platform remains at elevated levels. And the retention of those eaters has also increased on a year-on-year basis. So we got more eaters. They're staying longer. They're ordering more. And that translates into very, very strong MAPC growth. We're seeing a good MAPC bounce back on the Mobility side of the business. And Mobility is still, even with Delivery being at the elevated levels that it is, the Mobility business has a significantly higher number of MAPCs than Delivery. So Mobility for us, one, is coming back nicely with strong margins, but it's a great loudspeaker that we have as it relates to the new app.

當然。就每位用戶平均收入 (MAPC) 而言，如預期，我們看到外送業務的 MAPC 成長非常顯著。平台新用戶數量持續維持在高位，而且這些用戶的留存率也逐年提高。因此，我們擁有了更多用戶，他們停留時間更長，訂單量也更大。這轉化為非常強勁的 MAPC 成長。我們看到出行業務的 MAPC 也出現了良好的反彈。即使外送業務目前處於高位，出行業務的 MAPC 仍遠高於外送業務。因此，對我們來說，出行業務一方面正在強勁復甦，利潤率也很高，另一方面，它也是我們新應用推廣的有力佐證。

And what we're seeing happen is that with zero cannibalization of our Mobility business, we are able to introduce a whole new segment of Rides users to Uber Eats. And often, we see them coming back to Uber Eats within the Mobility app itself. So we actually, early on, we expected, well, we'll throw them to Uber Eats, download the app. Sometimes they'll use the Rides app. Sometimes they will use the Eats app. A double-digit percentage of folks who use the Rides app now are just using kind of the Eats web view inside of the Rides app, which we think is a great sign. This, we think, is a pretty strong advantage. It's increasing the frequency of use for our mainline Uber app. And it's introducing a new, a whole new segment to Eats, and it's kind of a growth channel that we have that some of our competition clearly doesn't have.

我們看到的情況是，在完全不影響旅遊業務的情況下，我們能夠將一大批出行用戶引入 Uber Eats。而且我們經常看到他們在出行應用程式內直接存取 Uber Eats。所以，我們一開始的預期是，用戶會先下載 Uber Eats 應用，然後透過旅遊應用程式下訂單，有時會使用旅遊應用程式，有時會使用外送應用程式。但現在，出行應用程式用戶中有兩位數比例的人直接在出行應用程式內使用 Uber Eats 的網頁版，我們認為這是一個非常好的跡象。我們認為這是一個非常強大的優勢。它提高了我們主線 Uber 應用的使用頻率，並為 Uber Eats 引入了一個全新的用戶群體，這是我們的一些競爭對手所沒有的成長管道。

In terms of the new businesses, the way I'd simplify it is, ads is clearly a very high-margin business and something that we're quite excited about. Grocery and pharma on balance are going to be lower margin than our mainline business because they're just not nearly as mature. So I think the grocery and pharma will have negative effects on margin going forward. Ads will have a positive effect. We think we have the capability as it relates to our portfolio to balance the investments and the growth to get our Delivery business to profitability next year.

就新業務而言，簡單來說，廣告顯然是一項利潤率非常高的業務，我們對此非常看好。食品雜貨和醫藥業務的利潤率總體上會低於我們的核心業務，因為它們的發展還不夠成熟。所以我認為，食品雜貨和醫藥業務未來會對利潤率產生負面影響。廣告業務則會帶來正面影響。我們認為，憑藉我們現有的業務組合，我們有能力平衡投資和成長，從而使我們的配送業務在明年實現盈利。

Next question will come from the line of Ross Sandler with Barclays.

下一個問題將來自巴克萊銀行的羅斯桑德勒。

Just back to Prop 22. You had provided some stats that if you had rolled this out in 2019, it would have cost you a little bit more in a blog post a few months ago. If we apply that to just the unit economics, you're already above the minimum wage in a lot of markets. So what's the incremental driver earnings or costs that you'll have to absorb post Prop 22 rolling out, I would say, in all U.S. markets? Maybe if you just do a per unit and then maybe a 2022 impact. And then back to the frequency and retention for Eats, Dara, you just mentioned that you're seeing a huge uptick. What do you see in frequency and retention for Eats customers relative to pre-COVID levels that informs you about your ability to kind of retain some of this GMV that you're seeing right now longer term? And anything that you're seeing in the data that suggests that the uptick is permanent versus temporary?

回到22號提案的話題。幾個月前，你在一篇部落格文章中提供了一些數據，顯示如果這項提案在2019年實施，成本會略有增加。如果我們只從單位經濟效益來看，在許多市場，你的收入已經高於最低工資標準。那麼，在22號提案實施後，你需要承擔的司機收入或成本增加是多少呢？我想說的是，在所有美國市場實施該提案後，你需要計算多少增量成本？或許你可以先計算單位成本，然後再計算2022年的影響。另外，Dara，你剛才提到Eats的消費頻率和用戶留存率出現了大幅成長。與疫情前相比，Eats用戶的消費頻率和留存率發生了哪些變化？這些變化如何反映出你能否長期維持目前看到的GMV成長？你從數據中觀察到的任何跡象表明，這種增長是永久性的還是暫時的？

I'll start with the second, and Nelson, if you can then finish up with the first as far as the economics go. As far as the frequency and retention, listen, it's going to be very difficult to kind of look forward. And one way in which we try to understand what's going to happen post-COVID is to compare markets like a New York or certain countries that have opened up, let's say, France before the lockdown, or are in the process of opening up in advance of the other countries and to see whether the retention metrics or the basket size, et cetera, whether these metrics go down.

我先從第二個問題開始，尼爾森，如果你可以的話，請你最後談談第一個問題，就經濟學方面而言。至於購買頻率和留存率，說實話，現在很難預測未來。我們嘗試了解新冠疫情后市場走向的一種方法是，比較像紐約這樣的市場，或者比較一些已經開放的國家，比如在封鎖前就開放的法國，或者正在比其他國家更早開放的國家，看看這些市場的留存率指標、客單價等等是否會下降。

And we haven't seen any evidence of that. There's no question that we are benefiting from the higher MAPCs, higher retention, higher basket size, higher frequency of order. As we look at the markets that have opened up, we don't see any significant degradation of any of those metrics. We'll watch as we go forward. There's no question in my mind that this represents fundamentally, there's a fundamental behavioral shift that has gone on. I think people aren't going to stop using Amazon. People aren't going to stop using Eats. And we're taking advantage of that not only to grow our mainline business, but also to get into local commerce adjacencies. And I think we're one of the very few companies in the world to be able to take advantage of that at this kind of scale. Nelson, do you want to talk Prop 22?

我們目前還沒有看到任何這方面的證據。毫無疑問，我們正受益於更高的平均每筆訂單金額 (MAPC)、更高的用戶留存率、更高的客單價和更高的訂單頻率。當我們觀察已經開放的市場時，我們沒有發現任何指標有顯著下滑。我們會繼續密切關注。在我看來，這從根本上代表著一種行為模式的轉變。我認為人們不會停止使用亞馬遜，也不會停止使用亞馬遜外送。我們正在利用這一點，不僅發展我們的主要業務，還進軍本地商業領域。我認為我們是世界上極少數能夠如此大規模地利用這一趨勢的公司之一。尼爾森，你想談談22號提案嗎？

Yes. So Ross, obviously, there's a lot of ifs and ands so it's difficult to really answer it. And so it's not because you have to do it based on certain volume. But obviously, it's very important that we maintain the independent contractor status. It will result in probably a 5% type increase in order to cover the incremental, whether it be minimums, whether it be incremental benefits. And we do expect that much of it will be passed along. Now it could be different depending on the city-by-city or the time of day. But again, as Dara said earlier, we do believe that it will be manageable. And we don't believe based on the models we run that it will have a material impact in terms of demand.

是的。羅斯，顯然，這裡面有很多不確定因素，所以很難給出確切的答案。這並不是說必須根據一定的工作量來決定。但很顯然，維持獨立承包商的身份非常重要。這可能會導致大約5%的成長，以彌補新增的最低工資和福利。我們預計大部分成長會轉嫁給員工。當然，具體情況可能會因城市或時段而異。但正如達拉之前所說，我們相信這是可以控制的。而且根據我們運行的模型，我們認為這不會對需求產生實質影響。

And this is specific to the Mobility business.

而且這專門針對出行業務。

Specific to Mobility, yes.

就移動出行而言，是的。

Your next question will come from the line of Eric Sheridan of UBS.

你的下一個問題將來自瑞銀集團的艾瑞克·謝裡丹。

Maybe one big picture one and one following up on Prop 22. From a big picture perspective, Dara, how should we be thinking about the type of behaviors you're seeing as the product set you offer to consumers continues to widen and the proposition continues to go a little bit deeper in terms of wallet share in local commerce? And what that might mean for sort of spend per customer on an annualized basis? Or maybe even reflecting it back to cost, whether you could see a large inflection point in terms of marketing ROI that might give you a differentiated edge versus your competitors.

或許可以先從宏觀角度分析一下，然後再跟進第22號提案。從宏觀角度來看，Dara，隨著你向消費者提供的產品種類不斷豐富，並且在本地商業中，你的產品定位也在不斷深入，力求在消費者錢包份額方面有所提升，我們應該如何看待你觀察到的這些行為？這會對每位客戶的年度消費量產生什麼影響？或者，從成本角度來看，行銷投資報酬率是否會出現一個重大轉折點，從而使你在競爭中脫穎而出？

And then on Prop 22, with the industry having one, how should we be thinking about what that means for either other states or maybe even a national solution? There's been a lot covered in the press on potential paths forward for the industry to be regulated, not in the form AB5 was, but maybe to find a middle ground here. I would love your perspective on that as well.

關於22號提案，鑑於該行業已經擁有一個提案，我們應該如何思考這對其他州和全國性解決方案意味著什麼？媒體已經報導了許多關於該行業未來監管路徑的可能性，並非採用AB5法案的形式，而是尋求一種折衷方案。我很想聽聽您的看法。

Absolutely. So Eric, what we see consistently is that as we add utility to both our mainline Uber app and our Eats app, the utility being just more to do in kind of an artful, well-designed way, the engagement with our app increases. So again, with our mainline app, as we add choices, et cetera, these choices don't cannibalize the mainline use of that. And we're very careful to make sure we test and learn and understand what the use cases are so that we're not getting in your way. But in general, as we increase utility, as we increase choice, engagement increases. And as engagement increases, then retention rates, et cetera, increase as well.

當然。艾瑞克，我們一直觀察到，隨著我們不斷提升 Uber 主應用程式和外送應用程式的功能性（這些功能性體現在設計巧妙、功能豐富的操作上），用戶對應用程式的參與度也會隨之提高。同樣，對於主應用，當我們增加更多選擇時，這些選擇並不會蠶食其原有功能。我們會非常謹慎地進行測試、學習和了解各種使用場景，確保不會對使用者造成任何不便。總而言之，隨著功能性和選擇的增加，用戶參與度也會隨之提高。而隨著參與度的提高，用戶留存率等指標也會隨之提升。

We are now in a position to do this for 2 apps in 2 very large segments. In Mobility, as far as getting deeper into Mobility, not just Rides, but we've got taxi product internationally. We're investing in mass transit and many other bikes and scooters in our partnership with Lime. So we're expanding into other use cases as it relates to transportation. So any time you want to go someplace, you come to us. We have the cross-promotion from our mainline Uber app into our Eats App. And with Eats now, we're expanding from just food now to grocery and pharmacy and other categories as well. And we're seeing, again, greater engagement, greater retention, higher spend as it relates to these consumers.

我們現在有能力在兩大細分領域的兩款應用程式中實現這一點。在旅遊領域，我們不僅深耕旅遊服務，也拓展了國際計程車業務。此外，我們也與 Lime 合作，投資大眾運輸以及眾多自行車和電動滑板車。因此，我們正在拓展與交通相關的其他應用場景。無論您想去哪裡，都可以使用我們的服務。我們已將 Uber 主應用程式的推廣活動同步到 Eats 應用。現在，Eats 的應用範圍已從單純的食品擴展到雜貨、藥品以及其他品類。我們再次看到，這些消費者的參與度、留存率和消費額都顯著提升。

We're underscoring this higher engagement with going out and launching Eats Pass and Uber Pass or subscription products. So subscription products essentially allow riders or eaters to get a discount for a subscription fee every month. We have over 1 million subscribers. We see the growth there as being very, very significant. And we see the frequency of our Eats Pass and Ride Pass subscribers move up a notch, a significant notch in terms of the number of times that they come back.

我們正透過推出 Eats Pass 和 Uber Pass 等訂閱產品來強調用戶參與度的提升。訂閱產品本質上是讓乘客或食客每月支付訂閱費用即可享受折扣。我們目前擁有超過 100 萬訂閱用戶，成長動能非常強勁。此外，我們也看到 Eats Pass 和 Uber Pass 訂閱用戶的回訪頻率顯著提升。

So I think that we've got this kind of a structured platform, 2 apps, one of which is making a transition from rides to all transportation, the other one that's making a transportation from grocery to all local commerce. The 2 of them essentially will be cross-promoting each other, and we will have a foundation of a payments platform, a routing platform but also a membership platform as well. We think this puts us in an enviable position on the competitive front, but it's a lot of work to do from the teams. It's not going to be a plus 50%. It's like all of this work gets you advantages of 2%, 3%, 4% in terms of customer acquisition and lifetime value on a quarter-by-quarter basis. But the compounding effect of all this, we think, puts us in a very, very strong competitive position.

所以我認為我們已經建立了一個結構化的平台，包含兩款應用程式。其中一款正在從叫車服務轉型為全方位交通運輸服務，另一款則正在從雜貨店服務轉型為全方位本地商業服務。這兩款應用程式將相互推廣，同時我們也將擁有一個支付平台、一個路線規劃平台以及一個會員平台作為基礎。我們認為這使我們在競爭中處於令人羨慕的地位，但這需要團隊付出大量努力。這不會帶來50%的直接成長。所有這些努力可能每季只能帶來2%、3%或4%的客戶獲取和終身價值提升。但我們認為，所有這些努力的累積效應將使我們擁有非常強大的競爭優勢。

As far as Prop 22 and your question as to its expansion. Listen, we have always come forward. We were the first to come forward with this IC-plus model, the idea that drivers deserve flexibility plus benefits. I wrote a New York Times op-ed about this. We want to have a dialogue with governments and other states. We have had really constructive dialogue in other countries like India just passed a legislation that we think was very constructive. So absolutely, we will have dialogue. And I think with dialogue, usually, you wind up at the right place, which is the middle ground. And we think just this IC-plus model, it has huge support with our drivers, it has huge support of the voters. And we think over the long term, it's going to win.

關於22號提案以及您提出的擴大適用範圍的問題，我想說，我們一直以來都積極發聲。我們率先提出了「IC+」模式，即司機應該享有彈性和福利。我曾就此在《紐約時報》發表過一篇評論文章。我們希望與各國政府和其他邦進行對話。我們在其他國家也進行過非常有建設性的對話，例如印度剛剛通過了一項我們認為非常有建設性的立法。所以，我們當然會進行對話。我認為，透過對話，最終總能找到正確的方向，也就是雙方都能接受的中間立場。我們認為，「IC+」模式得到了司機和選民的廣泛支持。我們相信，從長遠來看，它最終會獲得成功。

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

你的下一個問題將來自新街研究公司的皮埃爾·費拉古。

You can hear me well?

你聽清楚了嗎？

Yes.

是的。

Great. I was looking at your marginal economics between the second and the third quarter in the recovery. And it looks like if I look at Rides, you have like a marginal take rate if I take your ANM, like different growth in ANM divided by growth in bookings of 20%. And then on that, you have an EBITDA margin of about 35%. And so my question was, does that reflect well your economics outside of the U.S. because it looks like that's where you got most of your sequential growth? And should we expect once you grow sequentially with a stable mix, should we expect to start seeing your target profitability metrics, 25% take rate and 45% EBITDA margin, showing up on a marginal basis like that?

好的。我查看了你們第二季和第三季復甦期間的邊際經濟效益。看起來，如果我看一下「Rides」業務，你們的邊際分成率（以平均每千次收入增長率除以預訂量增長率計算）約為20%。然後，你們的EBITDA利潤率約為35%。所以我的問題是，這是否能很好地反映你們在美國以外地區的經濟效益，因為看起來你們的大部分環比增長都來自美國以外地區？一旦你們的環比成長保持穩定，我們是否可以預期，你們的目標獲利指標（25%的分成率和45%的EBITDA利潤率）能夠像這樣在邊際層面上體現出來？

So Pierre, thank you for the question. Yes, we are seeing continued improvement in the bottom line margin sequentially as the business starts coming back specifically on Mobility. If you listened to the first quarter call, we actually talked about the fact that if you looked at the February year-to-date number pre-COVID, we are actually getting to about a 30% margin as a percentage of ANR already. And so we knew, we were confident in terms of our ability to get to our longer-term margin targets because of the leverage we have.

皮埃爾，謝謝你的提問。是的，隨著業務的逐步復甦，特別是行動業務的復甦，我們看到淨利潤率持續較上季改善。如果你聽過第一季的電話會議，我們提到過，如果查看疫情前的2月份累積數據，我們的淨利潤率（佔年度經常性收入的百分比）實際上已經達到了30%左右。因此，我們憑藉自身的優勢，對實現長期利潤率目標充滿信心。

With the actions that we took on the productivity side, again, we feel confident that as the world recovers, and you've seen the quarter-over-quarter recovery, both at the top and the bottom line for our Mobility business, that we will be able to achieve those longer-term margins. Part of it is that the COVID recovery is real. And so obviously, as places like Paris and London go back into lockdown, that impacts the number of rides and how much people are going out. The fact that all of us are on these calls right now, we're all sitting in our own different homes. Again, so once we start moving around, we're confident we will get to our longer-term margins. Pre-COVID, we were already getting there on the Mobility side of the business. And so we do know, especially based on the actions we've taken that we will again. If you look at our Q3 performance, based on the Rides business being down 50% year-over-year, we think that it showed very good margin profile.

鑑於我們在生產力方面採取的措施，我們再次相信，隨著世界經濟復甦，正如您所看到的，我們的出行業務在營收和利潤方面都實現了季度環比復甦，我們將能夠實現長期利潤率目標。部分原因是新冠疫情後的復甦是真實存在的。顯然，隨著巴黎和倫敦等地再次封城，旅行量和人們的外出活動量都會受到影響。我們現在參加這些電話會議，都是因為大家都在各自家中。因此，一旦人們開始恢復出行，我們就有信心實現長期利潤率目標。在新冠疫情爆發前，我們在出行業務方面就已經取得了進展。因此，我們確信，尤其是在我們採取了相關措施之後，我們將再次實現這一目標。如果您看我們第三季的業績，儘管旅遊業務年減了50%，但我們認為其利潤率表現仍然非常出色。

And maybe a quick follow-up, a similar question on Delivery. So you increased revenues massively, more than doubled them, and you are still far from your target margin. So I guess this is not that much scaling out that is going to improve profitability in Delivery. So how should we expect that to come through going forward?

或許可以快速補充一下，關於外送業務也有類似的問題。你們的收入大幅成長，翻了一番還多，但離目標利潤率還差得很遠。所以我猜想，這種規模擴張並不能真正提升外送業務的獲利能力。那麼，我們該如何預期未來外送業務的獲利能力會得到改善呢？

So again, what we've talked about is the fact -- and the earlier question, we talked about, what is it about the countries where we're profitable today. As you know, our Delivery business, which is really the old Uber Eats business, is a little more than 4 years old. And so the business has grown tremendously. We run the largest food delivery business outside of China globally now. You've seen the tremendous growth we have. And so we've made tremendous improvement in terms of improving the bottom line on the efficiency side. We've talked in the past about getting towards those mid-teen type of take rates in that business, which we have in those countries. So as we continue to grow the business, as we continue to move our competitive position, again, we think that we will be there. But again, the path on the Delivery margins will take a little bit longer, just like it took in terms of getting there for the Rides part of the business.

所以，我們之前討論過的問題是──就像我們之前提到的，我們目前獲利的國家有哪些特色。如您所知，我們的外送業務（也就是之前的 Uber Eats 業務）已經運營了四年多。這項業務發展迅猛，如今我們經營著中國以外全球最大的外送平台。您也看到了我們驚人的成長。我們在提高效率、改善獲利方面取得了顯著進步。我們之前曾談到，希望這項業務的利潤率能達到目前在這些國家已經實現的 15% 左右。隨著業務的持續成長，隨著我們不斷提升競爭地位，我們相信最終能夠實現這個目標。但是，外送業務的利潤率提升之路會比先前實現目標之路稍長一些，就像我們之前實現叫車業務利潤率提升的過程一樣。

And I'll remind you that there are many markets where penetration, in terms of restaurant penetration is 10%, 15%, 20%. So we think that the right strategic way forward is to lean in on growth and drive profitability, and we can do both. We're in a great position to be able to deliver both.

我還要提醒各位，很多市場的餐廳滲透率只有10%、15%甚至20%。因此，我們認為正確的策略方向是著力發展並提升獲利能力，而我們完全可以做到這兩點。我們目前處於非常有利的位置，能夠同時實現這兩點。

And your next question will come from the line of Alex Potter of Piper Sandler.

你的下一個問題將來自 Piper Sandler 的 Alex Potter。

Maybe just a quick follow-up on that question. You talk about the areas where restaurant participation, you're at the 10%, 20%, 30% penetration rate. Regionally, are you talking primarily about suburbs there in the U.S.? And if so, what's the status update? And then I have one follow-up on Freight.

關於您剛才的問題，我還有一個後續問題。您提到餐廳參與率在10%、20%、30%的地區。從區域角度來看，您主要指的是美國郊區嗎？如果是的話，目前的最新情況如何？另外，我還有一個關於貨運方面的問題。

Generally, our penetration in the cities or larger cities is higher than our penetration in the suburbs. But again, like Nelson said, we really got into this business in a real way 4 years ago. So we just have lots of expansion room and greenfield in smaller cities, secondary cities, tertiary cities as well as suburbs. We are certainly making headway in the suburbs in the U.S. But there are areas like Japan, for example, where we were very much focused on Tokyo and some of the other big cities, but now we're growing at over 300%. And it is an expansion into secondary cities, but also outside of city proper in places like Japan as well. So the move to secondary cities, suburban move, it's not a U.S.-only effort. It really is a global effort. You had a Freight question?

一般來說，我們在城市或大城市的滲透率高於郊區。但正如尼爾森所說，我們真正開始大規模涉足這個行業是在四年前。因此，我們在小城市、二線城市、三線城市以及郊區都擁有巨大的擴張空間和發展潛力。我們在美國郊區的業務確實取得了進展。但在日本等地區，我們之前主要專注於東京和其他一些大城市，但現在我們的成長率超過了300%。這不僅體現在向二線城市的擴張，也體現在日本等地的城市郊區。因此，進軍二線城市和郊區並非美國獨有的舉措，而是一項全球性的戰略。您有關於貨運方面的問題嗎？

Yes. So I guess just on strategic fit. I mean, obviously, it makes a ton of sense. We talk about Eats basically in the same breath as Mobility and you can cross-sell. And there's so much strategic fit between those businesses. How do you see Freight fitting into that? Can you lever all of the work that you have and all of the great position that you have in other businesses into that business or is it more or less operating in a vacuum?

是的。所以我想就戰略契合度而言。我的意思是，這顯然很有道理。我們基本上把外賣和出行放在一起談，而且可以交叉銷售。這些業務之間有許多策略契合點。您認為貨運業務如何融入其中？您能否將您在其他業務中累積的所有經驗和優勢都運用到貨運業務中，還是說它基本上是孤立運作？

So I would like to say it's operating in a vacuum. So there is some back-end technology and stuff that we can do. But it is a little bit different because it is not a consumer-facing business. We think that Freight is a very attractive business. You know the progress we've made there. But you also know that we recently raised $500 million from Greenbriar at a roughly $3.3 billion valuation. And we believe that money and that investment will allow us to fund Freight until it's profitable.

所以我想說，它目前是獨立運作的。當然，我們可以做一些後端技術的工作。但它與面向消費者的業務略有不同。我們認為貨運業務非常有吸引力。您也知道我們在該領域的進展。此外，您也知道我們最近從 Greenbriar 融資 5 億美元，估值約為 33 億美元。我們相信，這筆資金和投資將使我們能夠為貨運業務提供資金，直到它實現盈利。

The business continues to scale and grow. And we love the fact that it's doing it, and we kind of judge it on its own. Would there ever be a point? I don't know. But right now, we kind of like what we're seeing from the Freight business right now. The freight marketplace went through a very challenging summer because of the increased demand in terms of trying to get goods shipped across the country. And there's a tight labor supply because of the $600 weekly stuff. But we're working through that. The business is getting better more globally. And so we'll see. So as you know, Uber has had a lot of different businesses. As you know, we've made decisions during the course of the year to really focus in on the core. And we continue to look at how Freight is operating today, and we'll continue to evaluate.

業務持續擴張成長。我們很高興看到它發展如此迅猛，並且我們也會根據自身情況來判斷。至於是否會有需要調整的時候？我不知道。但就目前而言，我們對貨運業務的發展狀況感到滿意。由於全國各地貨物運輸需求激增，貨運市場經歷了一個充滿挑戰的夏季。此外，由於每週600美元的最低工資標準，勞動力供應也十分緊張。但我們正在努力克服這些困難。業務在全球範圍內都在好轉。所以，讓我們拭目以待。如您所知，Uber 擁有眾多不同的業務。也如您所知，我們在過去一年中做出了一些決定，真正專注於核心業務。我們會持續關注貨運業務目前的營運情況，並進行評估。

I think the one other mention that I'll make is that, there's no question that Freight is benefiting from the marketplace technology, pricing technology, the technical staff and the infrastructure that we have. Now Freight is focused on really delivery from warehouse to store. Eats and our Delivery business is focused on delivery from store to last mile, to home. You can imagine a world that's not a world that will be here tomorrow, but we're not betting for tomorrow, right? We're betting for 3 to 5 years from now where we start chaining together warehouse to last mile. And again, I think it is a solution that we uniquely are suited to bring, and I think it would be a stage 2 or 3 if we get there.

我想補充一點，毫無疑問，我們的貨運業務受益於現有的市場技術、定價技術、技術人員和基礎設施。目前，貨運業務專注於從倉庫到門市的配送。而外帶和配送業務則專注於從門市到最後一公里（即送貨上門）的配送。你可以想像一個未來世界，雖然它不是明天就會出現，但我們並沒有為明天做打算，對吧？我們著眼於未來三到五年，屆時我們將開始將倉庫和最後一公里配送環節連接起來。再次強調，我認為這是我們獨有的解決方案，如果我們能夠實現這一目標，那將是我們業務發展的第二或第三階段。

We have time for one more question from Benjamin Black of Evercore ISI.

我們還有時間回答來自 Evercore ISI 的 Benjamin Black 的最後一個問題。

I had 2 quick ones here. So the first one, grocery. I'd be curious if you could talk about the longer-term opportunity you see in grocery from a top line and also from a margin standpoint and also from the perspective of driving either the Uber Pass just given that grocery is a higher frequency product. And then secondly, I know you guys mentioned driver supply has been tight on the Mobility side. Curious to hear how you see that playing out over the next few quarters and how that relates to your outlook for take rates on the Mobility side in 2021?

我這裡有兩個簡短的問題。第一個是關於生鮮雜貨的。我想請您談談您認為生鮮雜貨業務的長期發展機遇，包括營收成長、利潤率以及推廣 Uber Pass 的可能性，因為生鮮雜貨屬於高頻消費品。第二個問題是，我知道你們提到出行服務的司機供應一直很緊張。我想聽聽您如何看待未來幾季的司機供應情況，以及這與您對 2021 年出行服務佣金率的預期有何關聯？

Yes. I'll take the first one and Nelson can take the second one. Listen, I think as it relates to grocery, the asset that we have is we have a giant audience in terms of our both Mobility business and Delivery business. So we're able to build a grocery business with an audience already and really deepen that engagement with the audience. And so we think the grocery business can, again, increase engagement, increase retention. And when we look at Cornershop, for example, the percentage of Cornershop volume that comes from Cornershop members -- and by the way, we're going to have all of the different memberships talk to each other -- is much higher than the percentage of our volume that comes from Eats membership, for example, or our Rides membership.

是的。我負責第一個，尼爾森負責第二個。聽著，我認為就雜貨業務而言，我們的優勢在於我們在旅行和配送業務方面擁有龐大的用戶群。因此，我們能夠利用現有的用戶群來建立雜貨業務，並真正加深與用戶的互動。所以我們認為雜貨業務可以再次提升用戶參與度和留存率。例如，以 Cornershop 為例，來自 Cornershop 會員的訂單量佔比——順便說一句，我們會讓所有不同的會員群體之間互相溝通——遠高於來自 Eats 會員或 Rides 會員的訂單量佔比。

So we do think that the membership/subscription angle is a pretty substantive one as it relates to grocery. Grocery is never going to be a high margin type of a product, but it is a very, very high engagement product with big basket sizes. And we think it can be a very compelling part of the opportunity here. We're investing carefully. But again, having the fulfillment stack or having the routing stack or having the couriers or having the audience already gives us a pretty significant advantage in terms of investing and making the economics work for that category. Nelson, do you want to take the last one?

所以我們認為，就食品雜貨而言，會員/訂閱模式是一個非常重要的切入點。食品雜貨的利潤率永遠不會很高，但它的參與度非常高，而且客單價也很高。我們認為這可以成為此次投資中一個極具吸引力的機會。我們正在謹慎投資。但話說回來，我們已經擁有了物流配送系統、配送路線、快遞員以及用戶群體，這讓我們在投資和實現該品類的經濟效益方面擁有相當大的優勢。尼爾森，你想回答最後一個問題嗎？

Sure. So in terms of driver supply, the first thing I want to make sure that people understand is the take rate is relatively flat year-over-year despite some of the shortages and the U.S. mix being a smaller percentage of the total. So I would say that the driver supply improved during the quarter, still lags a little bit on the recovery.

當然。就司機供應而言，首先我想確保大家明白的是，儘管存在一些短缺，而且美國司機在總數中所佔比例較小，但司機接單率與去年同期相比基本持平。因此，我認為本季司機供應有所改善，但仍略微滯後於整體復甦。

In the U.S., what I would say, some of the imbalances are really more kind of weekend late night hours as people are starting to get out more. And then internationally, it's mainly because in places like Brazil and Latin America, where the marketplace and the demand has increased dramatically, trying to keep up with it. We think it's gotten better. We think there's a little bit more of an imbalance. I'm not going to really kind of comment too many quarters out because a lot of that's due to the recovery, both on the rider and the driver side, but it has improved versus the second quarter. I think a lot of it has to do with our efforts. I think people appreciate a lot of the safety efforts that we've taken, no mask, no ride, and some of the other enhancements that we've had to try to make drivers more comfortable. I think some of the stimulus as well has put people out there driving a little bit more. And so we are seeing it improve and particularly versus the last quarter.

在美國，我認為目前供需失衡主要體現在週末深夜時段，因為人們開始更多地外出活動。而在國際上，主要原因是像巴西和拉丁美洲這樣的地區，市場和需求急劇增長，我們一直在努力滿足這些需求。我們認為情況有所好轉，但供需失衡的情況仍然略有增加。我不會對未來幾季的情況妄下斷言，因為這很大程度上取決於乘客和司機雙方的復甦，但與第二季相比，情況確實有所改善。我認為這很大程度上歸功於我們的努力。人們認可我們採取的許多安全措施，例如「不戴口罩，不乘車」以及其他一些旨在提升司機舒適度的改進措施。我認為一些刺激措施也促使人們更選擇開車出遊。因此，我們看到情況正在改善，尤其與上個季度相比。

All right. I think that's the last question. Thank you, everyone, for joining us this quarter. And huge thank you to the Uber teams. Nelson and I get to talk to you about these numbers, but they're the ones who do all the work. So thank you very much to team Uber, and we'll talk to you next quarter.

好的，我想這是最後一個問題了。感謝各位本季參與我們的節目。也要特別感謝優步團隊。我和尼爾森負責向大家介紹這些數據，但真正付出努力的是他們。所以，非常感謝優步團隊，我們下個季度再見。

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

今天的電話會議到此結束。非常感謝您的參與。您可以斷開連線了。