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，感謝你們的支持，歡迎參加 Uber Technologies 的 2020 年第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Ms. Emily Reuter, Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係部的 Emily Reuter 女士。請繼續。

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.

謝謝你，接線員。感謝您今天加入我們，並歡迎參加 Uber Technologies 的 2020 年第三季度收益報告。在今天的電話會議上，我們有 Dara Khosrowshahi 和 Nelson Chai。我們還有 Balaji Krishnamurthy，這是投資者關係團隊的 Emily Reuter。

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、補充幻燈片和我們向 SEC 提交的文件中，每一份文件都發佈到investor.uber.com。我會提醒您，這些數字未經審計，可能會發生變化。

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.

演示文稿和本次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，我們不承擔更新我們今天所做的任何前瞻性陳述的任何義務。有關可能導致實際結果與前瞻性陳述產生重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及標題風險因素和管理層對財務的討論和分析部分中包含的風險和不確定性我們於 2020 年 3 月 2 日向 SEC 提交的 10-K 表格年度報告以及隨後向 SEC 提交的任何 10-Q 表格和 8-K 表格中的經營狀況和結果。

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.

在今天準備好的發言之後，我們將開始提問。對於本討論的其餘部分，除非另有說明，否則所有增長率均反映同比增長並以固定貨幣為基礎。

With that, let me hand it over to Dara.

有了這個，讓我把它交給達拉。

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

謝謝艾米麗，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.

很難相信自從我第一次與您談論冠狀病毒大流行以來已經 8 個月了。毫無疑問，它對世界的影響是我們一生中最重要的事件之一。作為一家公司，我們已經迅速採取行動做出回應。我們已採取措施讓我們的移動業務為任何復蘇情況做好準備，並為我們的交付業務抓住未來大幅擴大的機會，同時通過支出超過 10 億美元的固定成本來改善公司的整體健康狀況，加強我們的平衡表和更嚴格地分配資本，重點放在我們的核心部門。

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.

儘管環境動盪，但我們在過去兩個季度的總預訂量穩步回升，9 月份的總預訂量達到近 650 億美元，與去年相比僅下降 6%。儘管移動總預訂量下降了 50%，但我們在第三季度結束時，公司調整後的 EBITDA 總額僅比去年低 7%，我們預計第四季度調整後的 EBITDA 將同比改善。

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地去某個地方、他們所在城市的某個地方，還是想在 30 分鐘內把東西送到他們家門口，優步正在成為他們的首選應用程序。僅在 9 月，就有超過 8000 萬人通過我們的平台產生了超過 4.25 億次旅行或交付。不過，我更引以為豪的是，在前所未有的經濟危機期間，我們將 320 萬司機和送貨員與盈利機會和超過 560,000 家餐館和小企業的客戶聯繫起來。我現在將深入探討我們的每個核心部分，從移動性開始。

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，流動性恢復繼續與任何特定城市的封鎖限制水平直接相關。當城市開始移動時，優步也開始移動。在整個第三季度，出行總預訂量持續改善，幾乎是第二季度水平的兩倍，同比下降 50%。我們看到移動 GB 比 9 月環比增長 10%，同比下降 44%。這是 10 月份的移動總預訂量。拉美和亞太地區引領復甦，但被美國和加拿大的增長放緩所抵消，新的封鎖令推動了歐洲、中東和非洲地區的適度收縮。

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.

美國一直拖累我們的全球復甦。作為一個比較點，10 月份美國以外的移動 GB 下降了 34%，而美國下降了 55%。但即使在美國，我們也有一些亮點。自從過去幾個月控制了案件數量以來，紐約城市有了顯著改善，10 月份的預訂量恢復到去年同期水平的 63%。我們看到 Uber 在該市的恢復速度比出租車和公共交通要快，這表明我們認為消費者對安全技術的投資和我們服務的可靠性有著深厚的信任。紐約市的騎手參與度同比增長兩位數，但在非高峰時段尤其如此，這表明出現了新的用例。截至上週，雖然紐約的工作日通勤和周末總預訂量已恢復到去年的大約 85%，但通勤時間以外的工作日總預訂量已恢復到去年的近 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.

在其他地方，我們最大的旅行市場巴西在 10 月份恢復到去年同期水平的 87%。我們看到工作日通勤、週末用例幾乎同比完全恢復，當然，機場滯後。我們看到的所有早期證據都越來越清楚地表明，這是一個何時恢復的問題，而不是我們的移動業務是否會恢復的問題。這些趨勢讓我們相信，隨著公共衛生狀況的改善以及人們返回優步上班、購物或與朋友或家人團聚，移動出行將完全恢復。

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，值得注意的是，我們將繼續投資於產品創新以推動增長。例如，我們的出租車業務在第三季度同比增長近 20%，而自動人力車和摩托車的恢復速度快於我們移動業務的其他部分。 Uber for Business 的發展勢頭強勁。自 3 月以來，我們的前 50 名企業賬戶中有近 40% 是新賬戶，這是由於對新產品的需求增加，包括專門的通勤產品和代金券等客用產品。

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.

現在切換到我們的交付業務，該業務受益於消費者行為的巨大結構性轉變。正如我之前提到的，消費者很快就習慣了在 0.5 小時內將任何東西送到他們家門口的魔力，就像在幾分鐘內讓汽車出現的魔力一樣。我相信，這一類別背後的順風是如此強勁，以至於我們可以繼續實現非凡的增長，同時提高盈利能力。

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.

在第三季度，交付總預訂量加速至 135% 的年增長率，並達到 350 億美元 GB 的運行率。調整後的淨收入同比增長近兩倍，收益率擴大至 13.3%，調整後的 EBITDA 利潤率佔 ANR 的百分比環比提高了 10 個百分點以上。這種增長不僅來自新用戶的湧入，還來自現有用戶的更高參與度，交付 MAPC 增長超過 70%，行程增長超過 110%，不包括我們退出的市場。食客、餐廳、送貨司機的留存率均同比和環比增長。我們繼續在更高的水平上增加新的食客。我們在今年每個季度都持續改善了該業務的單位經濟性。

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，我們提高了我們在全球大多數主要市場的品類地位，包括在美國、加拿大、英國、法國、西班牙、日本、台灣等幾個大市場的 GB 銷量同比增長三位數。在其他人中。在英國，我們繼續從我們在倫敦的領先地位向外擴展我們的全國足跡，實現了近 200% 的總預訂量增長。在旅行的基礎上，我們現在只比 Just Eats Takeaway 報告的數字小 30% 左右。相比之下，一年前縮小了 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.

雖然美國仍然是我們在全球最具競爭力的市場之一，但我們在本季度取得了實際進展，GB 同比增長約 123%。我們提高了在前 15 個市場中的 11 個的地位，包括紐約市、芝加哥、華盛頓特區、波士頓和亞特蘭大。紐約市的預訂量增長了 150% 以上，維持了我們從第二季度開始的勢頭，儘管該市在美國重新開放方面處於領先地位。我們還通過我們的 Uber for Business 平台在企業訂購方面取得了有意義的進展，增加了美國銀行、聯合利華和 Citadel 等新的企業客戶。

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.

我們還在本季度抓住了一些增長機會。我們完成了除墨西哥以外所有市場的 Cornershop 交易，並將我們的雜貨業務擴展到 30 多個市場，年營業額超過 10 億美元。我們將 Uber Eats Pass 擴展到另外 4 個國家/地區，Uber Pass 和 Eats Pass 的付費會員總數超過了 100 萬。我們對我們的 Eats Pass 會員看到的改進的用戶趨勢感到特別鼓舞，並將在第四季度繼續推出我們的其他市場。我們的廣告產品現已在美國上線，有超過 30,000 家餐廳投放廣告活動，其中許多具有顯著的正投資回報率。

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.

即使有大量的增長投資，我們仍會繼續在盈利方面取得進展。在第三季度，我們有超過 10 個交付國調整後的 EBITDA 收支平衡或更好。雖然我們認識到我們在該領域仍有巨大的增長和投資機會，但我們相信我們可以在明年某個時候傾斜並實現交付 EBITDA 盈利。

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，快速運行第 22 號提案，我們很高興地說，該提案在加利福尼亞以可觀的優勢通過。這個重要的問題現已在該國人口最多的州得到解決。加州選民聽取了絕大多數司機的需求，新的福利和保護措施具有同樣的靈活性。展望未來，加州的司機和送貨員將獲得最低收入標準、醫療保健繳款、意外保險、增強的安全保護等。我們強烈認為這是正確的做法。我們應該為零工工作增加福利以使其變得更好，而不是完全擺脫它以支持僅限就業的系統。這就是為什麼展望未來，你會看到我們更加大聲地倡導像 Prop 22 這樣的新法律，我們認為在保持司機非常重視的靈活性和增加所有零工工人應得的保護之間取得平衡。我們提出的新務實方法的提議得到了 82% 的司機和 76% 的選民的支持。我們的首要任務是與美國和世界各地的政府合作，以實現這一目標。

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，雖然過去 8 個月對我、對團隊以及依賴我們技術的數百萬個人和企業來說都很艱難，但我對 Uber 的未來比以往任何時候都更加樂觀。我們採取的強硬行動、展現的韌性讓我相信，我們將在比以往任何時候都更強大、更靈活、更具創新性和更貼近人們生活的基礎上擺脫這場大流行病。

Now over to Nelson for more details on the numbers.

現在轉到尼爾森以獲取有關數字的更多詳細信息。

Thanks, Dara.

謝謝，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.

儘管環境不可預測，但我很高興我們能夠快速適應以應對 COVID 的挑戰，在移動性方面穩定業務並抓住新的交付機會，所有這些都不懈地關注成本紀律和推動 2021 年季度調整後的 EBITDA 盈利能力。我現在將討論關鍵運營指標以及非 GAAP 財務指標。除非另有說明，否則所有比較均以固定貨幣為基礎進行逐年比較。

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%，但環比增長 44%。調整後的淨收入或 ANR 為 28 億美元，下降 19%，但與第二季度相比再次增長 47%。我們的 ANR 接受率為總預訂量的 19.1%，同比下降 238 個基點，環比上升 32 個基點。非 GAAP 收入成本（不包括 D&A）從 ANR 的 45% 增加到 46%，但在絕對基礎上下降了 3.2 億美元，這是由於我們的移動業務量減少，導致保險和支付成本下降。

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.

現在轉向非公認會計原則的運營費用，其中包括備考調整，例如基於股票的薪酬和重組費用。運營和支持從 ANR 的 13% 降至 12%，按絕對美元計算減少了 1.19 億美元，這反映了第二季度採取的裁員行動。銷售和營銷佔 ANR 的比例從 30% 增加到 32%，但由於我們看到移動業務的營銷和促銷支出減少，因此按絕對美元計算減少了 1.52 億美元。研發從 ANR 的 13% 增加到 14%，但下降了 7500 萬美元，主要是由於人員支出減少。 G&A 從 ANR 的 15% 增加到 18%，但又比一年前下降了 14%。與上一季度相比，我們的支出增加了 7600 萬美元，但佔 ANR 的百分比提高了 4 個百分點，收入持續恢復。我們 2020 年第三季度公司調整後的 EBITDA 總虧損為 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，我將提供有關我們細分市場的其他細分市場詳細信息，從 Mobility 開始。移動總預訂額為 59 億美元，環比增長 94%，同比下降 50%。 14 億美元的 ANR 環比增長 72%，同比下降 51%，而由於激勵支出的合理化，主要在美國和加拿大的激勵支出同比增長 23.1% .儘管我們的營收表現面臨重大阻力，但 Mobility 調整後的 EBITDA 為 2.45 億美元，佔 Mobility ANR 的 18%，環比增加 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.

現在交貨。我們已經看到與居家訂單相關的持續順風以及本季度 Cornershop 業績的整合，推動交付總預訂量達到 86 億美元，增長 135%。外賣 ANR 為 11 億美元，增長 191%，原因是食品外賣訂單增加、居家訂單需求增加了購物籃大小，再加上網絡效率提高，主要是在美國。外賣 ANR 接受率為 13.3%，增長 256 個基點由於籃子規模的整體改善和激勵支出的合理化，同比增長 56 個基點，環比增長 56 個基點。此外，我們從一些國家的商業模式變化中實現了同比 80 個基點的收益，這些變化將某些付款和激勵措施重新分類為收入成本。交付調整後的 EBITDA 損失 1.83 億美元或 ANR 的負 16.1%，但環比分別增長 4900 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.

貨運方面，ANR 增長 32% 至 2.88 億美元，調整後的 EBITDA 虧損 7300 萬美元。貨運 EBITDA 利潤率同比提高近 12 個百分點，但環比下降 2 個百分點。由於新冠疫情，消費者消費從服務轉向商品，導致貨運需求激增。再加上全行業的司機短缺，這導致市場價格上漲，並對整個行業和我們的貨運業務的利潤率造成壓力。儘管存在行業逆風，但我們對今年取得的進展感到鼓舞。技術驅動的解決方案可以為托運人和承運人提供價值，我們已經通過 API 招標負載等數字渠道的強勁增長以及 Uber Freight Enterprise 等其他 SaaS 解決方案的採用看到了這一點。隨著時間的推移，這些實時解決方案將減少我們對市場波動的影響，同時也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.

關於 ATG 和其他技術計劃。本季度調整後的 EBITDA 虧損為 1.04 億美元。在第三季度，除了在匹茲堡市場繼續運營外，我們還將測試車輛送回了華盛頓特區的街道。我們 2020 年第三季度的企業 G&A 和平台研發為 5.1 億美元，代表未分配給我們某個細分市場的 G&A 和研發，增長 18%，按絕對美元計算，環比持平。由於我們在第二季度採取的重組行動中看到了固定成本槓桿，企業 G&A 和研發佔總 ANR 的百分比環比提高了 8 個百分點。提醒一下，平台研發佔該類別支出的 1/3 以上，企業 G&A 還包括應計銷售稅和其他費用。

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.

在流動性方面，我們在本季度末擁有約 73 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，為我們提供了充足的流動性來應對未來的複蘇。

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 10 月份的趨勢，我將圍繞我們對第四季度的預期發表一些評論。 10 月份，Mobility 的年化總預訂量為 280 億美元。雖然我們預計復甦將繼續，但我們將強調在第四季度需要考慮的兩個因素。首先，歐洲、中東和非洲地區是我們在第三季度恢復最多的地區，它在 10 月開始經歷新的封鎖，包括在法國和英國。歐洲、中東和非洲地區移動總預訂量在 10 月份環比下降 3%。外匯將繼續拖累同比趨勢，尤其是在拉美是我們今天恢復最多的地區。就背景而言，巴西雷亞爾同比貶值約 30%，我們看到第三季度外匯對我們造成了 3 個百分點的不利影響。

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，Mobility 的總預訂量按固定匯率計算同比下降 44%，或在報告的基礎上同比下降 47%。我們預計 Mobility ANR 與去年同期相比相對持平，與正常的季節性下降一致，儘管由於美國復甦放緩導致地域組合不利。就背景而言，作為 Mobility 總預訂量的百分比，美國目前為 10%點低於 2019 年。

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.

我們預計第四季度交付調整後的 EBITDA 損失絕對值與第三季度水平相似，第四季度之後將出現連續改善。提醒一下，我們正在尋找交付機會，包括在美國和歐洲增加品牌營銷支出以及對我們不斷增長的雜貨業務的投資。我們預計第四季度的股票薪酬為 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，我對今天業務的健康狀況以及我們今年全年取得的進展感到滿意。重要的是，我們並沒有放棄我們的盈利目標，即使我們的移動總預訂量仍然顯著下降。在第三季度，我們產生了 2.45 億美元的移動調整後 EBITDA，環比增長近 2 億美元。換句話說，本季度移動性調整後的 EBITDA 利潤率為 18%，同比僅下降 4 個百分點，這表明儘管受到大流行的影響，我們仍取得了結構性改善和盈利能力。根據我們目前的成本結構，我們有信心實現公司調整後的 EBITDA 盈虧平衡，移動總預訂量比 2019 年第四季度的水平低 10% 至 20%，我們現在預計交付將在 2021 年的某個時候實現盈虧平衡。

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

有了這個，我會提出問題。

(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 Brian Nowak。

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 2 個。只是在個別城市或市場上您看到遊樂設施出現較大幅度復甦的第一個，您能否與我們談談您在競爭環境方面對司機或乘客的看法？然後是第二個，恭喜 Prop 22。恭喜。關於這個問題，當我們在哲學上考慮它時，請與我們談談您如何看待 Prop 22 現在影響騎手的定價以及可能改變您對吸引司機和最大化他們的看法的策略整體收益。

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。就復甦的市場和那裡的競爭環境而言，我想說環境是建設性的，有幾點說明。一般來說，在某些市場（以美國為例），隨著市場的回歸，隨著這些市場的回歸，我們實際上處於供應不足的位置，而不是供應過剩的位置。我們必須確保司機明白駕駛是安全的。我認為他們對我們在技術方面的投資以及我們在不戴口罩、不乘車政策方面的明確程度感到非常欣慰，但這需要時間。而這些都是人。外面發生的事情非常艱難。因此，驅動器供應的恢復速度比我們想要的要慢一些。有人會說這是一個頭等問題，我們正在向市場投放一些激勵措施，以確保司機回來並在經濟上越來越多的人需要這些收入機會的時期內擁有巨大的收入機會。

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.

就車手而言，我們看到的是，較早回來的車手群體往往對價格更加敏感。這些人必須回來工作。他們有時沒有選擇留在家裡。因此，我們看到一個總體上對價格更加敏感的群體，這與我們過去看到的有點不同，這將為我們帶來一些利潤壓力。雖然我告訴你，如果你現在看看我們的利潤，我們不僅僅是在紀律等方面彌補它。因此，隨著世界恢復正常，我們認為會有一定的上漲空間，因為這種回歸的車手群體代表了我們在大流行前擁有的乘客人數的更豐富的例子。所有這一切，因為它與競爭環境有關，它是建設性的，所有的競爭者都是理性的，我們看不到這種變化。

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.

至於你的第二個問題，Prop 22 增加和策略。聽著，我認為現在關於 22 號提案，我們真正關注的是確保我們盡一切努力盡快獲得 22 號提案向駕駛員承諾的好處。您必鬚根據最低收入標準等進行一些計算。因此，我們非常關注 Prop 22 的執行，因為它與我們的司機和使用該平台的司機有關。它可能與費率有關，但我們認為它對費率的任何影響都不會對旅行量產生顯著影響，這取決於我們過去看到的敏感性類型.

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?

你提到了你在紐約看到的複蘇。當您看到紐約、香港等地的複蘇，甚至是您在最近的封鎖之前在倫敦看到的情況時，您能否就您所看到的客戶類型的特徵給我們一個感覺，活動水平，您在商務與休閒方面看到的情況與明顯的旅行部分相比，哪個會更小？

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.

然後，即使我們開始看到像馬薩諸塞州那樣的封鎖發生，這種情況也會告訴你其他市場重新開放時我們可以預期的複蘇速度。因此，請欣賞您可以基於此分享的有關乘車業務的任何其他類型的見解。然後你提到了競爭的合理性。有興趣了解如何將其延續到食品配送業務，發布我們在那裡看到的一些整合。

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。至於復甦的形式，我認為首先是複甦的形式，這是一個逐個城市的複蘇，很大程度上取決於當地的健康狀況，這很明顯，我們除了確保我們的平台是最安全的運輸平台外，我們無能為力。我真的認為這是我們在那裡投資的技術。

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.

我們看了一種，嗯，恢復了嗎——通勤回來得更快，工作日回來得更快，週末回來得更快，等等？在全球範圍內，沒有什麼故事可以講述，我認為這很好，這就是業務剛剛恢復。在某些市場中，工作用例比非工作用例恢復得更快。

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.

正如我在紐約所提到的，我們看到的一個有趣趨勢是，乘客用來與 Uber 互動的用例類型似乎正在發生變化，我們在更廣泛的時間裡獲得了更廣泛的需求。天。因此，人們正在使用該服務，而他們可能只在通勤時間使用它，但他們正在延長工作時間，這可能只是在他們的生活方式方面更加靈活，或者可能是全新的用例。嘿，我得去買雜貨，我要用優步。

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 的回歸速度比其他交通工具更快。我想我們都希望公共交通能回來。許多城市的公共交通系統一直處於非常非常困難的狀態。我們相信通過我們在 Routematch 上進行的投資的公共交通，但我們看到，例如，Uber 的回歸速度比公共交通要快得多。

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.

與出租車有關的事情相同。例如，當我們查看我們在紐約市的交通量與出租車時，優步的速度比出租車快得多，我認為這是因為我們在平台上進行的投資，因為我們的乘客擁有的所有信息以及我們沒有面具，禁止乘車政策，例如。

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.

所以我想總結一下，我們看到的證據是，當城市回歸時，優步就會回歸。如果有的話，優步是一種有優勢的交通方式，而不是當他們回來時的替代品。現在很早。這會轉化為長期行為嗎？我們有點看到食物肯定會轉化為長期行為。所以我們喜歡我們的立場，但我們和其他人一樣，都在等待世界開放。

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.

就食品配送空間而言，再一次，沒有什麼值得注意的。我們專注於我們自己的服務，確保我們的可靠性或可靠性、平均訂購時間等等，所有這些領域都在不斷改進。我們非常專注於優化每次旅行的成本和我們擁有的聯繫人數量。所有這一切的結果，連同優步品牌，並繼續向優步品牌傾斜，例如 Tonight I'll be Eating 活動，使我們有能力提高利潤率並總體上提高我們的競爭地位我們的競爭。因此，除了我們的增長速度比我們的競爭對手快，我們將保持這種方式之外，沒有什麼值得注意的。

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

您的下一個問題將來自美國銀行的 Justin Post。

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.

我想我會專注於交付業務。作為一家公司，你顯然是在加倍下注，收購 Cornershop 和 Postmates。但是，請給我們一個味道，您認為成熟的業務會比 Rides 更大或相似嗎？其次，我想你說過你預計 Delivery 明年會盈利，只是想仔細檢查一下。盈利的城市與不盈利的城市有何不同？然後是第三個，也許是 Cornershop 更新。

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。絕對地。我先開始，然後尼爾森，如果你能回答一下交付盈利能力的問題。至於交付市場，聽我說，我認為我們在這一領域看到的 TAM 與運輸 TAM 一樣大。這是非常非常重要的。這場危機，大流行危機無疑以坦率地說，我們沒有預料到的速度將新客戶引入該細分市場。我們無法預料。事後看來，我們像過去 2、3 年一樣積極地在這一類別上加倍投入，這要么是有遠見，要么是幸運，而且可能是兩者的結合。

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.

我要指出的一點是，它與外賣以及它的規模有關，就餐飲平台而言，我們仍然擁有極低的滲透率。我們談到平台上有 560,000 家餐廳。在美國，我們在美國擁有大約 30% 的餐廳。在英國，我們擁有大約 16% 的餐廳。在法國，這是 15% 的餐館。在墨西哥、巴西，它約佔餐館的 10%。在日本，我們服務的餐廳不到 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.

因此，這會告訴您，隨著我們越來越深入地進入新餐廳，我們的增長將成倍增長。現在我認為，我們帶到平台上的增量餐廳可能不會像平台上已經存在的餐廳那樣高效，但它只是告訴你，我們在這裡的滲透非常非常早。

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?

我不打算就流動性或交付是否會變得更大打電話。我希望這些球隊能夠與之抗爭。我認為優步的偉大之處在於我們兩者兼得。我們有一條通往兩者的盈利之路，我們擁有自然對沖以及全球範圍，這是任何其他公司都無法企及的。尼爾森，你想談談交付盈利能力，然後我會以 Cornershop 結束嗎？

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。那麼在我們盈利的國家會發生什麼，我們擁有非常強大的，我們所說的競爭地位，你稱之為該國許多主要城市的市場份額。這導致了非常非常好的選擇以及青少年類型的錄取率，我們已經討論過這在過去是多麼重要。往往是團隊在建立品牌投資方面表現出色，然後繼續進行一些運營改進。

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.

你已經聽說 Dara 實際上提到了我們在英國取得的進展。這就是你如何讓一個國家像我們已經在系統中那樣變得非常有利可圖的所有條件。所以這一切的結果是我們往往擁有非常高的客戶忠誠度，然後我們就有了很棒的體驗。例如，在法國，我們實際上有 24 分鐘的平均交貨時間。所以我們真的比所有人都好。再說一次，沒有什麼特別的。只是團隊做得很好，我們認為隨著我們繼續前進，我們將能夠讓更多國家採用這些類型的指標。

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.

偉大的。然後因為它與街角商店有關，現在還為時過早。我們喜歡 Cornershop 團隊。我們的雜貨業務現在是 Cornershop 和我們的交付平台之間的總和，運行率超過 10 億美元。我們預計明年將是 10 億美元的倍數。所以我們非常強烈地向前傾斜，因為它與 Cornershop 相關。我們簽約了許多合作夥伴，[Southeastern] Grocers、Red Apple、Sainsbury's，以及世界各地的許多品牌。我們認為我們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.

請注意，我們尚未關閉墨西哥的 Cornershop。墨西哥是 Cornershop 的主要市場之一。我們樂觀地認為，我們將獲得 COFECE 的批准，該公司一直在對此次收購進行嚴格分析。我們看到交易有利於客戶、商家和收入者，並允許 Uber Cornershop 為消費者提供更多選擇，以獲得現在被歸類為必不可少的服務。如果 COFECE 批准這筆交易，我們期待著進入墨西哥。我認為它將展示墨西哥作為一個真正的世界級創業和外國投資中心。

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

我們的下一個問題將來自 RBC 的 Mark Mahaney。

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?

是的，請回答 2 個問題。首先，我認為您為 Mobility 提供了 12 月季度的一些交易更新。你能對 Eats 做同樣的事情嗎？或者我很抱歉，你是為 Mobility 做的，但不是為 Delivery 做的。本季度交付的任何更新？這個增長率高得驚人。顯然，它必須下降，但你如何看待下降的速度？然後，Dara，您在一天中的不同時間多次提到 Mobility 的此類新案例。您是否有一些基本示例來說明那些較新的移動案例是什麼？

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.

所以馬克，我會處理第四季度，我會讓 Dara 談談用例。所以我們確實希望你會繼續看到我們今天在非常健康的三位數範圍內的勢頭。我小心翼翼地為第四季度的季度 EBITDA 提供了指導，主要是因為我們正在投資需要 [to be put] 的業務。因此，該業務繼續做得非常好。我們非常非常樂觀。如果我們沒有看到效率以及正在發生的消費者採用情況，我們就不會在明年某個時候就交付的盈利能力發表評論。

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，就用例而言，聽著，它們非常廣泛。而且我還沒有親自查看用例是什麼。有趣的是，每位乘客的出行次數（並非所有乘客）都恢復了，但開始使用我們服務的乘客，每位乘客的出行次數顯著增加。在這些其他時間裡，每位騎手的行程實際上是兩位數。

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.

我想，聽著，如果你住在城市裡，優步只是一種實用類型的用例。人們將它用於各種不同的用途。我們推出了按小時出租。我們還引入了遞送包裹的功能。因此，我們引入的所有新用例本質上都拓寬了服務，我們當然看到拓寬轉化為在一天中的不同時間更多地使用服務。

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

您的下一個問題來自 Bernstein 的 Mark Shmulik。

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，一對夫婦。首先，您提到了一些關於 MAPC 號碼背後的一些驅動因素。並且很想看看是否有任何增量顏色可以分享，無論是返回用戶還是新用戶？我知道你推出了一個新的 iOS 應用程序，並且喜歡交叉銷售的情況，我會很高興聽到這個消息。

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?

然後第二個是，當我們考慮交付業務時，聽起來廣告現在已經啟動並運行，當然還有雜貨店和製藥業。我們如何看待交付業務的經濟變化以及所有這些新業務？

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 MAPC 而言，正如預期的那樣，我們看到交付業務的 MAPC 增長非常非常顯著。進入平台的新食客數量仍處於較高水平。這些食客的留存率也逐年增加。所以我們有更多的食客。他們待得更久。他們訂購的更多。這轉化為非常非常強勁的 MAPC 增長。我們看到 MAPC 在業務的移動性方面出現了良好的反彈。移動性仍然存在，即使交付處於較高水平，移動業務的 MAPC 數量也明顯高於交付。因此，對於我們來說，Mobility 以強勁的利潤強勢回歸，但它是我們擁有的一款出色的揚聲器，因為它與新應用程序相關。

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.

我們所看到的情況是，隨著我們移動業務的零蠶食，我們能夠向 Uber Eats 引入一個全新的 Rides 用戶部分。我們經常看到他們在 Mobility 應用程序本身中回到 Uber Eats。所以實際上，我們很早就預料到，我們會把它們扔給 Uber Eats，下載應用程序。有時他們會使用 Rides 應用程序。有時他們會使用 Eats 應用程序。現在使用 Rides 應用程序的人中有兩位數的百分比只是在 Rides 應用程序內使用某種 Eats 網絡視圖，我們認為這是一個很好的跡象。我們認為，這是一個非常強大的優勢。它增加了我們主線 Uber 應用程序的使用頻率。它正在為 Eats 引入一個全新的全新細分市場，這是一種我們擁有的增長渠道，而我們的一些競爭對手顯然沒有。

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，我簡化的方式是，廣告顯然是一項非常高利潤的業務，我們對此感到非常興奮。總體而言，雜貨和製藥業務的利潤率將低於我們的主線業務，因為它們還不夠成熟。所以我認為雜貨和製藥將對未來的利潤率產生負面影響。廣告將產生積極影響。我們認為我們有能力在與我們的投資組合相關的情況下平衡投資和增長，以使我們的交付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?

回到第 22 號提案。您提供了一些統計數據，如果您在 2019 年推出此功能，幾個月前的博客文章會花費您更多。如果我們僅將其應用於單位經濟學，那麼在許多市場上，你已經超過了最低工資。那麼，在所有美國市場推出第 22 號提案後，您必須吸收的增量司機收入或成本是多少？也許如果你只做一個單位，然後可能是 2022 年的影響。然後回到 Eats 的頻率和留存率，Dara，你剛剛提到你看到了巨大的上升。相對於 COVID 之前的水平，您在 Eats 客戶的頻率和保留率方面看到了什麼，這告訴您您有能力保留您現在看到的長期 GMV？您在數據中看到的任何表明上升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.

我將從第二個開始，尼爾森，如果你能在經濟學上完成第一個。至於頻率和留存率，聽著，很難讓人期待。我們試圖了解 COVID 後會發生什麼的一種方法是比較紐約或某些已經開放的市場，比如在封鎖之前的法國，或者正在提前開放的過程中其他國家，看看是否保留指標或籃子大小等，這些指標是否下降。

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?

我們還沒有看到任何證據。毫無疑問，我們受益於更高的 MAPC、更高的留存率、更高的籃子規模和更高的訂單頻率。當我們觀察已經開放的市場時，我們沒有看到任何這些指標有任何顯著下降。我們將繼續前進。在我看來，毫無疑問，這從根本上代表了一種已經發生的根本性行為轉變。我認為人們不會停止使用亞馬遜。人們不會停止使用 Eats。我們正在利用這一點不僅發展我們的主線業務，而且還進入當地的商業鄰域。而且我認為我們是世界上為數不多的能夠以這種規模利用這一優勢的公司之一。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。所以羅斯，很明顯，有很多如果和和，所以很難真正回答。所以這不是因為你必鬚根據一定的數量來做。但顯然，保持獨立承包商的地位非常重要。它可能會導致類型增加 5%，以涵蓋增量，無論是最低限度，還是增量收益。我們確實希望其中的大部分會被傳遞。現在它可能會因城市或一天中的時間而有所不同。但是，正如 Dara 之前所說，我們確實相信這將是可控的。根據我們運行的模型，我們認為它不會對需求產生重大影響。

And this is specific to the Mobility business.

這是特定於移動業務的。

Specific to Mobility, yes.

特定於移動性，是的。

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

您的下一個問題將來自瑞銀的 Eric Sheridan。

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.

也許是一個大圖和一個跟進 22 號提案。從大圖的角度來看，達拉，隨著您向消費者提供的產品系列不斷擴大並且主張仍在繼續，我們應該如何考慮您所看到的行為類型在本地商業中的錢包份額方面更深入一點？這對於每位客戶的年度支出可能意味著什麼？或者甚至可以將其反映到成本上，您是否可以看到營銷投資回報率方面的大拐點，這可能會讓您與競爭對手相比具有差異化優勢。

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.

然後在第 22 號提案中，業界有一個，我們應該如何考慮這對其他州甚至國家解決方案意味著什麼？媒體報導了很多關於該行業受到監管的潛在路徑，而不是以 AB5 的形式，但可能在這裡找到一個中間立場。我也很喜歡你對此的看法。

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.

絕對地。所以 Eric，我們一直看到的是，隨著我們向主線 Uber 應用程序和 Eats 應用程序添加實用程序，實用程序只是更多地以一種巧妙的、精心設計的方式來做，我們的應用程序的參與度增加了。同樣，對於我們的主線應用程序，當我們添加選項等時，這些選項不會蠶食主線對它的使用。我們非常小心地確保我們測試、學習和理解用例是什麼，這樣我們就不會妨礙您。但總的來說，隨著我們增加效用，隨著我們增加選擇，參與度增加。隨著參與度的增加，保留率等也會增加。

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.

我們現在可以為 2 個非常大的細分市場中的 2 個應用程序執行此操作。在 Mobility 中，就更深入地了解 Mobility 而言，不僅僅是 Rides，而且我們在國際上也有出租車產品。通過與 Lime 的合作，我們正在投資於公共交通以及許多其他自行車和踏板車。因此，我們正在擴展到與運輸相關的其他用例。所以任何時候你想去某個地方，你來找我們。我們有從我們的主線 Uber 應用程序到我們的 Eats 應用程序的交叉促銷。通過 Eats now，我們正在從現在的食品擴展到雜貨店和藥房以及其他類別。我們再次看到，與這些消費者相關的參與度更高、留存率更高、支出更高。

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.

我們強調外出和推出 Eats Pass 和 Uber Pass 或訂閱產品的這種更高參與度。因此，訂閱產品本質上是允許騎手或食客每月獲得訂閱費的折扣。我們有超過 100 萬的訂閱者。我們認為那裡的增長非常非常重要。我們看到我們的 Eats Pass 和 Ride Pass 訂戶的頻率上升了一個檔次，就他們回來的次數而言，這是一個顯著的檔次。

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.

所以我認為我們有這樣一個結構化平台，有兩個應用程序，其中一個正在從乘車過渡到所有交通工具，另一個正在從雜貨店過渡到所有本地商業。他們兩個本質上是相互促進的，我們將有一個支付平台、一個路由平台以及一個會員平台的基礎。我們認為這讓我們在競爭前處於令人羨慕的位置，但團隊需要做很多工作。不會超過50%。就好像所有這些工作在客戶獲取和生命週期價值方面按季度為您帶來 2%、3%、4% 的優勢。但我們認為，所有這一切的複合效應使我們處於非常非常強大的競爭地位。

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.

至於 Prop 22 以及您對其擴展的問題。聽著，我們總是挺身而出。我們是第一個提出這種 IC-plus 模型的人，該模型認為駕駛員應該得到靈活性和好處。我為此寫了一篇《紐約時報》的專欄文章。我們希望與政府和其他國家進行對話。我們在印度等其他國家進行了非常建設性的對話，剛剛通過了一項我們認為非常有建設性的立法。因此，我們絕對會進行對話。而且我認為通過對話，通常你會在正確的地方結束，也就是中間地帶。我們認為只有這種 IC-plus 模型，它得到了我們司機的大力支持，得到了選民的大力支持。我們認為從長遠來看，它會贏。

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

您的下一個問題將來自 New Street Research 的 Pierre Ferragu。

You can hear me well?

你聽得清楚嗎？

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?

偉大的。我在看你在復甦的第二季度和第三季度之間的邊際經濟。如果我看一下游樂設施，如果我接受你的 ANM，你的接受率就像是邊際接受率，比如 ANM 的不同增長除以 20% 的預訂增長。然後，您的 EBITDA 利潤率約為 35%。所以我的問題是，這是否很好地反映了您在美國以外的經濟狀況，因為看起來這是您獲得大部分連續增長的地方？我們是否應該期望一旦您以穩定的組合連續增長，我們是否應該期望開始看到您的目標盈利指標、25% 的收益率和 45% 的 EBITDA 利潤率，以這樣的邊際基礎出現？

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，謝謝你的問題。是的，隨著業務開始特別是在移動性方面回歸，我們看到底線利潤率持續改善。如果您聽取了第一季度的電話會議，我們實際上談到了這樣一個事實，即如果您查看 COVID 之前的 2 月份年初至今的數字，我們實際上已經達到了大約 30% 的利潤率（佔 ANR 的百分比）。因此，我們知道，由於我們擁有的槓桿作用，我們對實現長期保證金目標的能力充滿信心。

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.

通過我們在生產力方面採取的行動，我們再次相信，隨著世界的複蘇，您已經看到我們移動業務的最高和最低季度環比復甦，我們將能夠實現這些長期利潤。部分原因是 COVID 恢復是真實的。很明顯，隨著巴黎和倫敦等地重新進入封鎖狀態，這會影響乘車次數和外出人數。事實上，我們所有人現在都在接聽這些電話，我們都坐在自己不同的家中。同樣，一旦我們開始四處走動，我們相信我們將獲得我們的長期利潤。在 COVID 之前，我們已經在業務的移動性方面達到了目標。所以我們確實知道，特別是基於我們已經採取的行動，我們將再次採取行動。如果你看看我們第三季度的表現，基於 Rides 業務同比下降 50%，我們認為它顯示出非常好的利潤率。

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?

也許是一個快速跟進，一個關於交付的類似問題。因此，您大幅增加了收入，翻了一番還多，但您仍遠未達到目標利潤率。所以我想這並沒有太多的擴展來提高交付的盈利能力。那麼，我們應該如何期待它在未來的發展中實現呢？

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.

再說一次，我們談論的是事實——我們之前談到的問題是，我們今天盈利的國家是什麼。如您所知，我們的外賣業務，實際上是舊的 Uber Eats 業務，已有 4 年多的歷史。因此，這項業務得到了極大的發展。我們現在在全球經營著中國以外最大的外賣業務。您已經看到了我們的巨大增長。因此，我們在提高效率方面的底線方面取得了巨大的進步。我們過去曾討論過在那些國家/地區擁有該業務的中等青少年類型的利率。因此，隨著我們繼續發展業務，隨著我們繼續提升我們的競爭地位，我們認為我們會在那裡。但同樣，交付利潤的路徑將需要更長的時間，就像到達那裡的遊樂設施部分業務一樣。

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.

我會提醒你，有很多市場的滲透率，就餐廳滲透率而言是 10%、15%、20%。因此，我們認為正確的戰略前進方向是依靠增長和提高盈利能力，我們可以兩者兼得。我們處於一個很好的位置，能夠同時提供這兩者。

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

您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.

也許只是對該問題的快速跟進。你談到餐廳參與的領域，你的滲透率分別是 10%、20%、30%。從區域上講，您主要是在談論美國的郊區嗎？如果是這樣，狀態更新是什麼？然後我有一個關於貨運的後續行動。

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我們在郊區的滲透率。但是，就像納爾遜所說的那樣，我們在 4 年前真正進入了這個行業。所以我們在小城市、二線城市、三線城市以及郊區擁有大量的擴展空間和綠地。我們當然在美國的郊區取得了進展。但也有像日本這樣的地區，例如，我們非常關注東京和其他一些大城市，但現在我們的增長率超過了 300%。它是向二線城市的擴張，但也在日本等城市以外的地方。因此，向二線城市、郊區移動，這不僅僅是美國的努力。這確實是一項全球性的努力。您有貨運問題嗎？

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。所以我想只是戰略契合。我的意思是，顯然，這很有意義。我們基本上將 Eats 與 Mobility 相提並論，您可以進行交叉銷售。這些業務之間存在如此多的戰略契合。您如何看待 Freight 適合這種情況？您能否將您擁有的所有工作以及您在其他業務中的所有重要職位都用於該業務，或者它或多或少是在真空中運作的？

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.

所以我想說它是在真空中運作的。所以我們可以做一些後端技術和東西。但它有點不同，因為它不是面向消費者的業務。我們認為貨運是一項非常有吸引力的業務。你知道我們在那裡取得的進展。但你也知道，我們最近以大約 33 億美元的估值從 Greenbriar 籌集了 5 億美元。我們相信，資金和投資將使我們能夠為 Freight 提供資金，直到它盈利為止。

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.

業務不斷擴大和增長。我們喜歡它正在這樣做的事實，我們會自行判斷它。會有什麼意義嗎？我不知道。但是現在，我們有點喜歡我們現在從貨運業務中看到的情況。由於試圖在全國范圍內運送貨物的需求增加，貨運市場經歷了一個非常具有挑戰性的夏季。由於每週 600 美元的東西，勞動力供應緊張。但我們正在努力解決這個問題。該業務在全球範圍內變得越來越好。我們拭目以待。如您所知，優步有很多不同的業務。如您所知，我們在這一年中做出了真正專注於核心的決定。我們將繼續關注 Freight 今天的運營情況，並將繼續進行評估。

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.

我想我要提到的另一件事是，毫無疑問，Freight 受益於我們擁有的市場技術、定價技術、技術人員和基礎設施。現在，Freight 專注於真正從倉庫到商店的交付。 Eats 和我們的送貨業務專注於從商店到最後一英里再到家的送貨服務。你可以想像一個明天不會出現的世界，但我們不會賭明天，對吧？從現在開始，我們將押注 3 到 5 年，從那時起，我們開始將倉庫鏈接到最後一英里。再說一次，我認為這是我們獨特的適合帶來的解決方案，如果我們到達那裡，我認為這將是第 2 或第 3 階段。

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

我們有時間再向 Evercore ISI 的 Benjamin Black 提出一個問題。

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?

我在這裡有兩個快速的。所以第一個，雜貨店。我很好奇您是否可以從收入和利潤的角度談論您在雜貨店看到的長期機會，以及從駕駛優步通行證的角度來看，因為雜貨店是一種更高頻率的產品。其次，我知道你們提到機動性方面的驅動程序供應緊張。想知道您如何看待未來幾個季度的情況，以及這與您對 2021 年移動性方面的利率前景有何關係？

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。我會拿第一個，尼爾森可以拿第二個。聽著，我認為與雜貨有關，我們擁有的資產是我們在移動業務和交付業務方面擁有龐大的受眾。因此，我們已經能夠與觀眾建立雜貨業務，並真正加深與觀眾的互動。因此，我們認為雜貨業務可以再次提高參與度，提高保留率。例如，當我們查看 Cornershop 時，來自 Cornershop 會員的 Cornershop 銷量百分比——順便說一下，我們將讓所有不同的會員互相交談——遠高於該百分比例如，我們的數量來自於 Eats 會員或我們的 Rides 會員。

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?

所以我們確實認為會員/訂閱角度是一個非常實質性的角度，因為它與雜貨有關。雜貨永遠不會是一種高利潤的產品，但它是一種非常非常高參與度的產品，具有很大的購物籃尺寸。我們認為這可能是這裡機會中非常引人注目的一部分。我們正在謹慎投資。但同樣，擁有履行堆棧或擁有路由堆棧或擁有快遞員或擁有觀眾已經在投資和使經濟學適用於該類別方面為我們提供了相當大的優勢。尼爾森，你想拿最後一個嗎？

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。因此，在司機供應方面，我想確保人們理解的第一件事是，儘管存在一些短缺，而且美國的混合比例較小，但與去年同期相比，採用率相對持平。所以我想說的是，本季度驅動器供應有所改善，但仍落後於復蘇。

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，我想說的是，隨著人們開始更多地外出，一些不平衡實際上更像是周末的深夜時間。然後在國際上，這主要是因為在巴西和拉丁美洲等市場和需求急劇增加的地方，試圖跟上它。我們認為它變得更好了。我們認為存在更多的不平衡。我不會真正評論太多季度，因為這在很大程度上是由於車手和車手方面的恢復，但與第二季度相比，情況有所改善。我認為這在很大程度上與我們的努力有關。我認為人們很欣賞我們採取的許多安全措施，不戴口罩，不乘車，以及我們必須嘗試使駕駛員更舒適的其他一些改進。我認為一些刺激措施也讓人們更多地開車。因此，我們看到它有所改善，尤其是與上一季度相比。

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。感謝大家在本季度加入我們。非常感謝優步團隊。尼爾森和我可以和你談談這些數字，但他們是做所有工作的人。因此，非常感謝 Uber 團隊，我們將在下個季度與您交談。

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。您現在可以斷開連接。