優步 (UBER) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Uber Technologies, Inc. Q2 2020 Earnings Conference Call. (Operator Instructions)

女士們、先生們，感謝您的耐心等待，歡迎參加優步科技公司2020年第二季財報電話會議。 （操作說明）

I would now like to hand the conference over to your speaker today. Thank you, Emily Reuter, Investor Relations, please go ahead, ma'am.

現在我把會議交給今天的演講嘉賓。謝謝您，艾米麗·羅伊特女士，投資者關係部，請您開始吧。

Thank you, operator.

謝謝接線生。

Thank you for joining us today, and welcome to Uber Technologies second quarter 2020 earnings presentation. On the call today, we have Dara Khosrowshahi and Nelson Chai. We also have Kent Schofield, and this is Emily Reuter from the Investor Relations team.

感謝您今天參加本次活動，歡迎來到優步科技2020年第二季財報電話會議。今天出席會議的有達拉·科斯羅薩西和納爾遜·柴，還有肯特·斯科菲爾德，以及來自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. Please note that we have also posted an updated 2020 investor presentation on our Investor page. I will remind you that these numbers are unaudited and may subject to change.

在今天的電話會議上，我們將同時介紹GAAP和非GAAP財務指標。有關這些非GAAP指標的更多披露信息，包括GAAP指標與非GAAP指標的調節表，均包含在新聞稿、補充幻燈片以及我們向美國證券交易委員會（SEC）提交的文件中，這些文件均已發佈在investor.uber.com網站上。請注意，我們也在投資者關係頁面上發布了更新後的2020年投資人簡報。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 this 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 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”部分和“管理層對財務狀況和經營業績的討論與分析”部分以及隨後向不確定性提交的任何10-Q表格和8-K-K

Following prepared remarks today, we'll open the call to questions. For the remainder of this discussion, all growth rates reflect year-over-year growth 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，本次討論中所有成長率均指年增速。

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 apologies to everyone about the technical difficulties to start with.

謝謝艾米莉，也向大家致歉，一開始就出現了技術問題。

On our last earnings call in May, I said that we were planning for a nonlinear recovery that vary geographically, and that's exactly what we've got, particularly across the U.S. where the reopening has been uneven at best. And while we would have all hoped that by now, we have a clear line of sight to the end of the pandemic, hope is not a strategy and it's my job to ensure that Uber is well prepared for any scenario.

在五月的上次財報電話會議上，我說我們正在為非線性復甦做準備，而且復甦進程會因地理而異。而實際情況也正是如此，尤其是在美國，各地的重啟進程充其量只能說是參差不齊。雖然我們都希望現在能夠清楚地看到疫情結束的跡象，但希望並非策略，我的職責是確保優步為任何可能出現的情況都做好了充分的準備。

Before I get into details on our Q2 results, I want to recap some of the actions that we've taken so far and the trends that we're seeing today. In the early days of the crisis, we moved at Uber speed to stabilize our mobility business and to capitalize on the enormous tailwinds behind delivery. More than 2/3 of our cost of revenue and OpEx, excluding stock-based comp, are not fixed. So simply, if the trip doesn't happen, most of the costs don't. That variable cost structure, coupled with a tough decision on headcount, meant that our mobility segment still generated $50 million in positive adjusted EBITDA profit in the quarter despite a 73% year-on-year drop in gross bookings. Meanwhile, our delivery segment saw massive acceleration, growing gross bookings 122% year-on-year, excluding exited markets, while improving margins 59 percentage points.

在詳細介紹第二季業績之前，我想先回顧一下我們迄今為止採取的一些措施以及目前觀察到的趨勢。在危機初期，我們以優步的速度行動，穩定了出行業務，並充分利用了外送業務帶來的巨大成長動力。我們超過三分之二的收入成本和營運支出（不包括股權激勵）都是非固定成本。簡而言之，如果行程取消，大部分成本就不復存在。這種可變成本結構，加上我們在人員配置方面做出的艱難決定，使得我們的出行業務部門在本季度仍實現了 5000 萬美元的調整後 EBITDA 利潤，儘管總訂單量同比下降了 73%。同時，我們的外送業務部門實現了大幅成長，總訂單量年增 122%（不包括已退出市場），利潤率也提高了 59 個百分點。

It's become clear that we have a hugely valuable hedge across our 2 core segments. There's a critical advantage in any recovery scenario. When travel restrictions lift, you know that mobility trips rebound. If restrictions continue or need to be reimposed, our delivery business will compensate. And as a scaled global player, we get the recovery whenever and wherever it happens, even if some cities and countries lag behind others.

很明顯，我們在兩大核心業務部門擁有極具價值的對沖優勢。這在任何復甦情景下都至關重要。一旦旅行限制解除，出行量自然會反彈。即使限制持續或需要重新實施，我們的配送業務也能彌補損失。作為一家規模龐大的全球性企業，無論何時何地經濟復甦，我們都能把握機遇，即便某些城市和國家的發展速度落後於其他國家。

We've leveraged these 2 factors to grow total company gross bookings at constant currency from the Q2 bottom of negative 45% year-on-year to about minus 12% in the month of July, driven by mobility being down 53% year-on-year and delivery up 134% year-on-year.

我們利用這兩個因素，使公司總預訂量（按固定匯率計算）從第二季度同比下降 45% 的低點增長到 7 月份的約 -12%，這主要得益於出行業務同比下降 53%，以及配送業務同比增長 134%。

The bottom line is that we've taken swift action on everything that's within our control, cutting more than $1 billion in annual fixed cost versus our Q4 plan, rapidly deploying new mobility products to meet changing needs and expanding delivery beyond food. We did this while innovating in safety to ensure that our core rides experience is ready for our customer's second trip. And as a side note, please, please, please wear a mask.

總之，我們已迅速採取行動，處理所有力所能及的事項，與第四季度計劃相比，年度固定成本削減超過10億美元，快速部署新的出行產品以滿足不斷變化的需求，並將配送範圍擴展到食品以外。同時，我們也在安全方面進行創新，以確保我們的核心出行體驗能夠滿足客戶的第二次出行需求。另外，請務必戴上口罩。

Regardless of the ultimate shape of the recovery curve, I'm confident that the work we've done is ensure that we're well positioned. Our actions have strengthened our foundation, brought renewed focus and energy to our core business and have seen us operating and innovating more effectively than ever before.

無論復甦曲線最終呈現何種形態，我堅信我們所做的工作已確保我們處於有利地位。我們的行動鞏固了公司的基礎，為核心業務注入了新的活力和動力，並使我們比以往任何時候都更有效率地營運和創新。

Now a bit more on the delivery business. At a roughly $30 billion annual gross bookings run rate at the end of Q2, delivery business alone is now as big as our Rides business was when I joined the company in 2017. We've essentially built a second Uber in under 3 years, with an accelerating growth profile, a global footprint and an enormous TAM. And while some of the recent surge in delivery due to COVID, I believe we're witnessing a much more profound shift in consumer behavior that will last well beyond the pandemic. Consumers are quickly becoming accustomed to the magic of having anything delivered to their door in half an hour, much like the magic of having a car show up in a few minutes. This is an opportunity that will be many times larger than even we expected and one that Uber is uniquely positioned to lead.

現在再詳細說說外送業務。截至第二季末，外送業務的年總訂單金額已達約300億美元，光是這一規模就與我2017年加入公司時的叫車業務規模相當。我們實際上在不到三年的時間內打造了第二個Uber，它擁有加速成長的勢頭、全球佈局和巨大的潛在市場。雖然近期外送業務的激增部分歸因於新冠疫情，但我認為我們正在見證消費者行為更深刻的轉變，這種轉變將持續到疫情之後。消費者正迅速習慣半小時內將任何物品送到家門口的便捷，就像幾分鐘內就能叫到車一樣。這是一個遠超我們預期的巨大機遇，而Uber擁有得天獨厚的優勢，能夠引領這項變革。

We've turned our natural advantages and a disciplined capital allocation framework into the #1 or #2 competitive position in the vast majority of our country. In the U.S., year-on-year GV growth accelerated to over 110%, with order volumes growing over 80% in nearly 100 million orders in Q2. We now have a strong position in a majority of the top 10 U.S. markets representing nearly half of the category's bookings. And I'm happy to report that we made significant gains in New York City, with gross bookings growing 120% year-on-year in Q2 and 150% year-on-year in June. We're now #1 in the outer boroughs, and we continue to narrow the gap in the end.

我們利用自身優勢和嚴謹的資本配置框架，在全國絕大多數地區都佔據了第一或第二的競爭地位。在美國，年成長率超過110%，第二季訂單量成長超過80%，接近1億筆。目前，我們在美國十大市場中的大多數市場都佔據了穩固的地位，這些市場的訂單量幾乎佔該類別總訂單量的一半。我很高興地宣布，我們在紐約市取得了顯著進展，第二季總訂單量年增120%，6月份年增150%。我們現在在紐約市外圍行政區排名第一，並且正在繼續縮小與最終市場的差距。

In July, we announced our intention to acquire Postmates, which achieved a $4 billion annualized gross bookings run rate in Q2. We believe this acquisition will continue to bolster a relatively smaller position in important cities like Los Angeles and across the U.S. Southwest and offer greater restaurant selection while increasing order density, improving delivery efficiency and reducing costs.

今年7月，我們宣布了收購Postmates的計畫。 Postmates在第二季實現了40億美元的年化毛訂單。我們相信，此次收購將繼續鞏固我們在洛杉磯等重要城市以及美國西南部地區的市場地位，並提供更多餐廳選擇，同時提高訂單密度、提升配送效率並降低成本。

Non-U.S. bookings account for 55% of delivery volumes. We're now in the #1 position in a number of strategic high-spend markets, which account for over 2/3 of our international bookings, including Australia, Canada, France, Japan and Mexico. In many other key markets, we have secured a #1 position in larger anchor cities such as London and Taipei, from which we can expand nationally. This strategy allows us to gain competitive share while improving margins. We're now adjusted EBITDA profitable in 2 of our top 5 international GV markets and expect to make meaningful progress towards profitability, not only country-by-country but for our entire delivery portfolio.

非美國地區的訂單量佔總配送量的55%。我們目前在多個策略性高消費市場中位居榜首，這些市場占我們國際訂單量的三分之二以上，包括澳洲、加拿大、法國、日本和墨西哥。在許多其他關鍵市場，我們在倫敦和台北等大型核心城市也佔據了領先地位，並以此為基礎向全國擴張。這項策略使我們能夠在提升利潤率的同時，獲得更具競爭力的市場份額。目前，我們在排名前五的國際市場中的兩個市場已實現調整後EBITDA盈利，並期望在盈利方面取得顯著進展，不僅在各個國家，而且在整個配送業務組合中都將如此。

In many of our international markets, much of our competition continues to come from aggregator incumbents who either don't want to enter the logistics of delivery or struggling to do so. By contrast, we offer restaurants the best of both worlds, using our couriers or use these couriers whenever demand outstrips your in-house delivery capacity, as has increasingly been the case during (inaudible). In many markets, we've seen that restaurants with their own couriers actually end up calling Uber Eats couriers about 30% of the time, demonstrating the unique advantages that we bring and one that we believe will hasten the shift towards a delivery model.

在許多國際市場，我們的大部分競爭對手仍然是那些不願意涉足配送物流或難以做到這一點的聚合平台。相較之下，我們為餐廳提供兩全其美的選擇：既可以使用我們的配送員，也可以在需求超過自身配送能力時使用我們的配送員，這種情況在（聽不清楚）期間越來越常見。在許多市場，我們發現，擁有自有配送員的餐廳最終約有 30% 的時間會選擇 Uber Eats 的配送員，這充分體現了我們獨特的優勢，我們相信這將加速向配送模式的轉變。

Using our existing network, we're moving quickly into new delivery as a service offering, which we see as a very high-potential opportunity. We piloted partnerships delivering home goods, pet supplies and pharmacy items. In other novel uses of our networks, our Uber Connect option lets consumers send small packages to friends and family via UberX drivers, a huge hit with Latin America with 3 million trips globally since early June. And just last month, following promising launches in Europe and Australia, we've expanded grocery to the U.S. this time in partnership with Cornershop. Cornershop has seen incredible traction in Latin America, and we're excited to bring a strong product and execution in the U.S.

利用我們現有的網絡，我們正迅速拓展新的配送服務，我們認為這是一個極具潛力的機會。我們已試辦合作，提供家居用品、寵物用品和藥品配送服務。此外，我們的網路還擁有其他創新用途，例如，Uber Connect 服務允許消費者透過 UberX 司機向親朋好友寄送小包裹，這項服務在拉丁美洲廣受歡迎，自 6 月初以來，全球已完成 300 萬次配送。就在上個月，繼在歐洲和澳洲取得良好開端後，我們與 Cornershop 合作，將雜貨配送業務拓展至美國。 Cornershop 在拉丁美洲取得了令人矚目的成績，我們很高興能將這款優秀的產品和高效的營運模式引入美國市場。

The COVID crisis has moved food delivery from a luxury to utility. And as we add more use cases, our service will move from a utility to daily need. As such, we're ramping up our subscription efforts, including nationwide allotments of Eats Pass, which combines free food and grocery delivery; and eventually, Uber Pass, which combines both Rides and Eats benefits in one monthly package. All of these activities has resulted in new customer acquisition, monthly active eaters, orders per eater, basket size and eater retention, all being up year-on-year and quarter-on-quarter, both globally, ex India, and in the U.S. This translates into something simple: more loyal and delighted eaters across the globe.

新冠疫情危機使外送服務從奢侈品轉變為必需品。隨著我們不斷拓展應用場景，我們的服務也將從必需品轉變為日常必需品。因此，我們正在加大訂閱推廣力度，包括在全國範圍內推廣 Eats Pass（包含免費食品和雜貨配送）；最終還將推出 Uber Pass（將乘車和外賣優惠整合到一個月度套餐中）。所有這些舉措都帶來了顯著的成效：全球（除印度外）和美國地區的新用戶獲取量、每月活躍用戶數、人均訂單量、客單價和用戶留存率均實現了同比增長和環比增長。這意味著：全球用戶忠誠度和滿意度都在不斷提升。

Finally, shifting to our mobility business, which I would describe as a tale of 10,000 cities. Our mobility recovery is clearly dependent on the public health situation in any given area. Asia, ex India is in the recovery lead. We've seen gross bookings of Hong Kong and New Zealand at times exceed pre-COVID highs. European trends have also been encouraging. France, Spain and Germany, amongst others, have improved to being down 35% or less year-over-year recently. The U.S. is lagging. The GV is down around 50% to 85% in our top markets, with cities like New York leading in the recovery and some West Coast cities like San Francisco and L.A. grow further behind.

最後，我們來談談出行業務，可以說是一場遍及萬座城市的「故事」。出行業務的復甦顯然取決於特定地區的公共衛生狀況。除印度以外的亞洲地區正處於復甦的前沿。我們看到香港和紐西蘭的預訂總額有時甚至超過了疫情前的高峰。歐洲的趨勢也令人鼓舞。法國、西班牙和德國等國的年減幅最近已收窄至35%或更低。美國則相對滯後。在我們主要市場，總預訂量下降了約50%至85%，其中紐約等城市在復甦方面處於領先地位，而舊金山和洛杉磯等一些西海岸城市則進一步落後。

Our global geographic footprint remains a huge advantage, and we're seeing evidence that confirms what we've always believed, that when cities move again, so does Uber. We'd observed that workday commute trips bounce back sharply after lockdowns lift, but it's not clear that weekend and social hour use cases return quickly, too, confirming the critical role Uber plays in people's lives.

我們遍佈全球的商業網絡仍然是一項巨大的優勢，而且我們看到的種種跡像也印證了我們一直以來的信念：當城市恢復活力時，Uber也會隨之復甦。我們觀察到，平日通勤出行在疫情封鎖解除後迅速反彈，但週末和社交時段的出行需求是否也能快速恢復尚不明朗，這也再次印證了Uber在人們生活中扮演的關鍵角色。

I'm also proud of the speed in which we reacted to extraordinary circumstances. Our long-standing focus on safety, let us lead the industry with our door-to-door safety standards, a combination of new technology like mass detection, shared responsibility through enforcement of our community guidelines, education from health experts and a partnership with leading brands like Clorox, eVTOL and Unilever. And thanks to our global scale, we've been able to purchase 30 million masks and other hygiene supplies for drivers with more to come.

我為我們應對特殊情況的迅速反應感到自豪。我們長期以來對安全的重視，使我們憑藉全程安全標準引領行業，這些標準結合了大規模檢測等新技術、透過執行社群準則實現的共同責任、健康專家的培訓以及與高樂氏、eVTOL 和聯合利華等領先品牌的合作。此外，由於我們的全球規模，我們已為司機採購了 3,000 萬個口罩和其他衛生用品，未來還將採購更多。

Our global scope not only provides diversification during uncertain times. It also allows us to lean in and invest more in technical innovation than our competitors. We recently focused on 3 areas. First, we built new products for new use cases: our hourly option lets you book one car for several hours so that you can run errands without having to request the trip at each stop along the way; and our Uber for business team has built a new shared ride solution, which matches only employees from the same company. Look us up if you want to get back to work safely and affordably with your coworkers.

我們的全球佈局不僅讓我們在充滿不確定性的時期多元化發展，也使我們能夠比競爭對手更積極地投入技術創新。我們近期將重點放在三個領域。首先，我們針對新的使用場景開發了新產品：我們的按小時計費選項允許您預訂一輛車數小時，這樣您就可以輕鬆完成各種任務，無需沿途每次都叫車；此外，我們的 Uber 企業團隊還開發了一種全新的共享出行解決方案，該方案僅匹配同一公司的員工。如果您想與同事一起安全、經濟地重返工作崗位，歡迎聯絡我們。

Second, we're doubling down on adding new vehicle types like taxis. We've see that taxi drivers have increased their time on Uber about 25% during the pandemic, and we believe we can help them find new sources of demand. We reached a big milestone with our taxi launch in Tokyo, and yesterday's acquisition of Autocab in the U.K. will deepen our taxi offering. We're also adding auto rickshas and motor bikes since we expect many riders in emerging markets to shift from public mini buses towards these lower-cost options.

其次，我們將加倍投入，增加計程車等新型車輛。我們發現，疫情期間計程車司機使用 Uber 的時間增加了約 25%，我們相信可以幫助他們找到新的客源。我們在東京推出計程車服務是一個重要的里程碑，而昨天收購英國 Autocab 將進一步豐富我們的計程車服務。此外，我們還將增加自動人力車和摩托車，因為我們預計新興市場的許多乘客將從公共小巴轉向這些更經濟實惠的選擇。

Third, we're becoming a key partner for transit agencies to help them deliver more efficient, accessible and equitable service. In June, we announced the first ever software deal to power on-demand transit in Marin County in California, and our acquisition of Routematch brings together Uber's expertise in on-demand mobility with Routematch's proven capabilities in the space.

第三，我們正成為公車機構的重要夥伴，幫助他們提供更有效率、更便利、更公平的服務。今年6月，我們宣布了首個為加州馬林縣提供按需出行服務的軟體交易；此外，我們收購Routematch，將Uber在按需出行領域的專業知識與Routematch在該領域的成熟能力相結合。

In sum, we're the global leader in ridesharing. We've leveraged our brand, our platform and our technical capabilities to organically build a food delivery business as big as ridesharing. We're now leveraging ridesharing to expand into every mobility category, and we're leveraging food delivery to build a real-time logistics engine for all local commerce at Uber scale. And we're doing it right now in your city and across the globe.

總而言之，我們是全球領先的叫車平台。我們充分利用自身品牌、平台和技術實力，逐步打造出與叫車規模相當的外送業務。如今，我們正利用叫車業務拓展至所有出行領域，並利用外送業務建構一個規模堪比 Uber 的即時物流引擎，服務所有本地商業活動。而這一切，我們正在您的城市乃至全球範圍內付諸實踐。

Now I'll bring Nelson for some more details on the numbers.

現在我請尼爾森來詳細說說這些數字。

Thanks, Dara. Thanks, Dara.

謝謝你，達拉。謝謝你，達拉。

I'm very pleased with our execution in an evolving environment. We continue to achieve adjusted EBITDA profitability in our mobility business, quickly grew and improved our delivery business margins, significantly tightened our cost structure and increased our focus on our core businesses. And coupled with our strong cash position, we are well positioned to withstand continued uncertainty while driving towards our stated profitability target.

我對我們在不斷變化的環境中所取得的業績非常滿意。我們的旅遊業務持續實現調整後 EBITDA 獲利，配送業務利潤率快速成長並顯著提升，成本結構大幅收緊，並更專注於核心業務。憑藉著強勁的現金流，我們有能力應對持續的不確定性，並朝著既定的獲利目標邁進。

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. Year-over-year comparisons for total company, mobility and delivery adjusted net revenue exclude the impact of our Q2 2019 driver appreciation award associated with our IPO.

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。公司整體、出行和配送業務的調整後淨收入的年比比較不包括我們2019年第二季與IPO相關的司機獎勵的影響。

Total company gross bookings declined 32%. Adjusted net revenue, or ANR, was $1.9 billion, down 37%, and our ANR take rate was 18.8% of gross bookings, up 53 basis points. Excluding the driver appreciation award, our take rate was down 140 basis points as delivery, which has a lower take rate, became a larger part of the business. Non-GAAP cost of revenues, excluding D&A, decreased to 46% from 51% of ANR. The decrease was primarily 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32%。調整後淨收入（ANR）為19億美元，下降37%，ANR分成率為總預訂量的18.8%，上升53個基點。若不計入司機獎勵，由於分成率較低的配送業務在公司業務中所佔比例增大，我們的分成率下降了140個基點。不計折舊攤提的非GAAP營業成本佔ANR的比例從51%降至46%。這一降幅主要源自於出行業務量下降，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 increased year-over-year to 19% from 16% of adjusted net revenue, however, was down $89 million on an absolute dollar basis, reflecting mitigating actions taken in the second quarter, offsetting loss of leverage on the top line.

現在來看非GAAP營運費用，其中包括股票選擇權費用和重組費用等備考調整。營運和支援費用年增至調整後淨收入的19%，而上年同期為16%。然而，以絕對美元計算，該費用下降了8,900萬美元，這反映了第二季採取的緩解措施，抵消了營收槓桿率的下降。

Sales and marketing increased to 36% from 34% of adjusted net revenue but was down $284 million as we saw lower marketing and promotion spend in our mobility business. R&D increased to 22% from 16% of ANR and was down $33 million, primarily driven by a decrease in people spend. And G&A increased to 22% from 15% of ANR and was down $9 million from a year ago. Quarter-over-quarter, our spend decreased $148 million but increased as a percentage of ANR due to top line pressure from COVID. Our Q2 2020 total adjusted EBITDA loss was $837 million.

銷售和行銷費用佔調整後淨收入的比例從34%增至36%，但由於行動業務的行銷和推廣支出減少，實際支出下降了2.84億美元。研發費用佔調整後淨收入的比例從16%增加到22%，但實際支出下降了3,300萬美元，主要原因是人力成本下降。一般及行政費用佔調整後淨收入的比例從15%增至22%，但較去年同期下降了900萬美元。與上一季相比，我們的支出減少了1.48億美元，但由於新冠疫情帶來的營收壓力，其佔調整後淨收入的比例有所上升。 2020年第二季調整後EBITDA虧損總額為8.37億美元。

Now I'll provide additional detail on our segments. Starting with mobility. Mobility gross bookings of $3 billion declined 73% and ANR of $793 million declined 68%, while take rate of 26% improved both year-over-year and quarter-over-quarter due to rationalization of incentive spend. Despite a significant headwind to our top line performance, mobility adjusted EBITDA was $50 million or 6.3% of mobility ANR.

現在我將詳細介紹我們的業務板塊。首先是出行業務。旅遊業務的總預訂額為30億美元，較去年同期下降73%；年化淨收入為7.93億美元，較去年同期下降68%。但由於激勵支出的合理化，佣金率較去年同期成長26%，較上季也有所提升。儘管營收面臨顯著挑戰，出行業務調整後的EBITDA仍達5,000萬美元，佔出行業務年化淨收入的6.3%。

Now on to delivery. We capitalized on the tailwinds related to stay-at-home orders, driving delivery gross bookings to $7 billion, up 113% or 122%, ex India and other markets that we have exited. Delivery ANR of $885 million was up 163% due to mix shift towards small and medium-sized restaurants, driving higher basket sizes, coupled with courier payment efficiencies, mainly in the U.S. Delivery ANR take rate was 12.7%, up 240 basis points year-over-year and up 140 basis points quarter-over-quarter due to overall improvement in basket sizes and rationalization of incentive spend. Additionally, we realize the benefit from exiting India earlier this year and are seeing an additional 80 basis points benefit from business model changes in some countries that reclassify certain payments and incentives as cost of revenue.

接下來談談外送業務。我們充分利用了居家隔離令帶來的利多因素，推動外送總訂單額達到70億美元，年增113%，若不計入印度及其他已退出市場，則同比增長122%。外送平均淨收入（ANR）達到8.85億美元，年增163%，這主要得益於客戶結構向中小餐廳轉移，從而提升了客單價，以及快遞員支付效率的提高（尤其是在美國）。外送平均淨收入分成率為12.7%，較去年成長240個基點，較上季成長140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，我們也受惠於今年稍早退出印度市場，由於部分國家的商業模式調整（將某些付款和激勵重新歸類為收入成本），我們預計還將獲得80個基點的額外收益。

Delivery adjusted EBITDA was a loss of $232 million or negative 26.2% of ANR. That represents an $81 million and 33% quarter-over-quarter improvement, respectively. On to freight, which grew ANR to $211 million, and adjusted EBITDA was a loss of $49 million. We are pleased with the progress in our freight business as we continue to invest in technology to drive efficiency in the logistics industry.

配送業務經調整後的 EBITDA 虧損 2.32 億美元，佔年度正常收入的 -26.2%。這分別比上一季改善了 8,100 萬美元和 33%。貨運業務方面，年度正常收入成長至 2.11 億美元，但經調整後的 EBITDA 虧損 4,900 萬美元。我們對貨運業務的進展感到滿意，並將繼續投資於技術，以提高物流業的效率。

Through recent partnerships with Oracle and Bluejay, our real-time pricing and booking API is now integrated into all major TMS providers, allowing shippers to create a more resilient supply chain in response to COVID and generating 200% quarter-over-quarter API revenue growth. Our machine learning algorithms enable more loads to be booked by carriers as bundles, reducing MP miles and improving utilization.

透過近期與 Oracle 和 Bluejay 的合作，我們的即時定價和預訂 API 已整合到所有主流運輸管理系統 (TMS) 供應商中，使托運人能夠建立更具韌性的供應鏈以應對新冠疫情，並實現了 API 收入環比增長 200%。我們的機器學習演算法使承運商能夠以捆綁方式預訂更多貨物，從而減少運輸里程並提高利用率。

On to ATG and other technology programs. The adjusted EBITDA loss for the quarter was $91 million. Following a brief period of simulation-only development, we are pleased that Uber ATG, restarted test track and public road operations for its self-driving vehicles in Pittsburgh this quarter after implementing a series of measures consistent with expert guidance to help mitigate the risk of spread of COVID-19.

接下來談談ATG和其他技術項目。本季調整後的EBITDA虧損為9,100萬美元。在經歷了一段短暫的模擬開發階段後，我們很高興地看到，Uber ATG在本季度已在匹茲堡重啟了自動駕駛車輛的測試跑道和公共道路運營。此前，該公司已採取一系列符合專家指導的措施，以幫助降低新冠病毒傳播的風險。

Finally, other bets. This segment consisted primarily of Jump, which we divested to Lime in May. Lime is now available through the Uber app in 50 cities, and Lime recently won operating permits in key cities like Paris, Chicago and Denver. After winding down our Jump operations this quarter, we are no longer reporting this segment.

最後，說說其他投資。這部分主要包括Jump，我們已於5月將其出售給Lime。 Lime目前已透過Uber應用程式在50個城市提供服務，並且最近在巴黎、芝加哥和丹佛等重要城市獲得了營運許可。本季我們已逐步結束Jump的運營，因此不再報告這部分業務。

In Q2 2020, corporate G&A and platform R&D of $492 million, which represents the G&A and R&D not allocated to one of our segments, decreased 21% due primarily to the layoffs we announced in May as well as lower accrued taxes associated with the decline in mobility. As mobility rebounds in Q3, we expect to see some absolute dollars grow modestly quarter-on-quarter.

2020年第二季度，公司一般及行政費用和平台研發支出為4.92億美元，該支出指未分配至任何業務部門的一般及行政費用和研發支出，同比下降21%，主要原因是我們在5月份宣布的裁員計劃以及與出行量下降相關的應計稅款減少。隨著出行量在第三季回升，我們預期該項支出將較上季小幅成長。

In terms of liquidity, we ended the quarter with approximately $7.8 billion in unrestricted cash, cash equivalents and short-term investments, and that is over $2 billion from our revolver, providing us with ample liquidity to withstand the recovery of.

就流動性而言，本季末我們擁有約 78 億美元的非限制性現金、現金等價物和短期投資，其中超過 20 億美元來自我們的循環信貸額度，這為我們提供了充足的流動性來應對經濟復甦。

Given the unique circumstances affecting our business in Q2, I'll provide a few context around our expectations for Q3 performance. We expect a mobility ANR take rate of 22% to 24%. As mobility recovers from the low of Q2, we are back to strategically investing in the business, including some incentives as drivers return to the platform. Where we land within this range will largely depend on the slope of the recovery in the U.S. relative to the rest of the world and the resulting business mix.

鑑於第二季業務受到的特殊影響，我將簡要說明我們對第三季業績的預期。我們預期出行業務的ANR（平均淨收入）分成率為22%至24%。隨著出行業務從第二季的低谷中復甦，我們將恢復對該業務的策略性投資，包括為司機重返平台提供一些激勵措施。最終分成率將主要取決於美國相對於世界其他地區的復甦速度以及由此產生的業務組合。

Given delivery's large margin improvement quarter-over-quarter, we expect Eats adjusted EBITDA absolute dollar losses in Q3 to be in line with Q2. We expect adjusted EBITDA margins to continue to improve in Q4. We expect stock-based compensation in each of Q3 and Q4 to be $200 million to $250 million after a decline in Q2 due to May's reductions in force.

鑑於外送業務利潤率將季比大幅提升，我們預計第三季 Eats 調整後 EBITDA 絕對美元虧損將與第二季持平。我們預計第四季度調整後 EBITDA 利潤率將持續改善。由於五月的裁員導致第二季股權激勵支出下降，我們預期第三季和第四季的股權激勵支出將分別在 2 億至 2.5 億美元之間。

All in all, despite the headwinds that COVID-19 has created for our business, we have a mobility business that still achieved profitability on an adjusted EBITDA basis despite being down significantly in the quarter. We have a delivery business that is quickly improving on all respects, both on the top line and on an adjusted EBITDA margin basis. We took decisive action on costs across the entire company, removing over $1 billion in annualized costs, including reducing the corporate G&A and platform R&D by over $150 million quarter-over-quarter, and we have a strong balance sheet to weather a bumpy recovery. All this taken together gives us continued confidence in our ability to achieve quarterly adjusted EBITDA profitability sometime in 2021.

總而言之，儘管新冠疫情給我們的業務帶來了許多不利影響，但我們的出行業務在調整後 EBITDA 的基礎上仍然實現了盈利，儘管本季度業績大幅下滑。我們的配送業務在各方面都在快速改善，無論是營收或調整後 EBITDA 利潤率。我們採取了果斷的成本控制措施，在全公司範圍內削減了超過 10 億美元的年度成本，其中包括環比削減超過 1.5 億美元的公司一般及行政費用和平台研發費用。此外，我們擁有穩健的資產負債表，足以應付可能出現的復甦波動。所有這些因素共同增強了我們對在 2021 年實現季度調整後 EBITDA 盈利的信心。

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

那麼，接下來就進入提問環節。

Operator, can we please take questions?

接線員，請問可以回答問題嗎？

(Operator Instructions) And your first question comes from the line of Ross Sandler with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的羅斯桑德勒。

Just a question on the food business. So I think there's been a lot of debate in the industry as to whether or not pure-play delivery companies like yours can turn a profit, and thanks for the additional details in those slides. Looks like that's happening in France and Belgium, but not yet anywhere else.

我有個關於餐飲業的問題。業界一直在爭論像貴公司這樣的純外送平台能否獲利，感謝您在幻燈片中提供的更多細節。看來這種情況在法國和比利時已經出現，但在其他地方還沒有。

So I guess, what are you doing in those 2 markets that is allowing for that profitability curve to move up? And where do we stand on that curve in the U.S.? And Nelson, you said it's going to be improved in 4Q. So what -- just from a timing perspective, when should we expect the food side of the business to get to that breakeven?

所以我想問的是，你們在這兩個市場採取了哪些措施，使得獲利曲線得以提升？在美國，我們目前的獲利曲線處於什麼位置？尼爾森，你說過第四季情況會有所改善。那麼，從時間角度來看，我們預期食品業務何時才能達到損益兩平點？

Yes, Ross. As far as the debate goes, we stand firmly on the belief that pure-play delivery companies can and will be profitable. And we think it's a pretty easy answer, but we don't think that debate is worthwhile, so to speak. It's only a question of when and it's only a question of what those long-term margins will be. We have laid out a long-term margin profile of 15% of ANR and about 33% of EBITDA. We wouldn't be doing it unless we felt confident there.

是的，羅斯。至於這場爭論，我們堅信純粹的配送公司能夠也必將獲利。我們認為答案顯而易見，因此這場爭論意義不大。問題只在於何時獲利，以及長期利潤率究竟如何。我們已訂定了長期利潤率目標，即年淨收入的15%和息稅折舊攤提前利潤的33%左右。如果我們對此沒有十足的把握，就不會訂定這樣的目標。

To be clear, Belgium is actually one of our smaller countries internationally, and we had said that we're profitable in 2 of our top 5 international countries. And there are a number of other countries that we are also profitable in, but we also wanted to make the point with investors that we're profitable in countries that count. So it's not just France and Belgium. It's other countries.

需要說明的是，比利時實際上是我們國際業務規模較小的國家之一，我們之前說過，在我們前五名的國際市場中，有兩個市場實現了盈利。當然，我們在其他一些國家也實現了盈利，但我們也想向投資者強調，我們在一些重要的國家實現了盈利。所以，不只是法國和比利時，還有其他國家。

And listen, I think as far as what we're doing, it's a combination of factors. The revenue margins are healthy. You've got a business that is either in CP 1 or CP 2 so that you can get real liquidity and -- on the delivery side in the marketplaces and can bring cost per transaction down. And in many of those markets, we have a very big eater base so that we don't need to lean into new eater acquisition as a percentage of our overall eater base quite as much as in Japan that's growing at 300%, 400%, where just -- we've got less than 5% of restaurants signed up, where you're really leading into new eaters and new restaurants as well.

聽著，我認為我們目前所做的事情是多種因素共同作用的結果。收入利潤率很健康。我們的業務要麼處於CP 1階段，要麼處於CP 2階段，因此可以獲得真正的流動性，而且在配送方面，我們可以降低單筆交易成本。在許多市場，我們擁有非常龐大的用戶群體，因此我們不需要像在日本那樣，在用戶成長速度高達300%、400%的情況下，投入大量資源來獲取新用戶。在日本，我們只有不到5%的餐廳加入了我們的平台，因此我們需要真正引導新用戶和新餐廳的加入。

But when we look from a structural basis or the margins of the business, you fast forward a couple of years now, we think we will be profitable in the vast majority of the countries in which we operate. If we're not profitable, it's specifically because we're trying to achieve something strategically, whether it's a growth target or we're trying to expand the number of categories that we're in, et cetera. So we land firmly on one side of the debate, and we have a lot of data internally and very high confidence in the teams to win that debate.

但從結構層面或業務利潤率來看，展望未來幾年，我們認為在絕大多數營運國家都能獲利。如果屆時尚未獲利，那一定是因為我們正在進行策略性目標的製定，例如實現成長目標或拓展產品類別等等。因此，我們立場堅定，並且擁有大量內部數據，對團隊贏得這場辯論也充滿信心。

And your next question comes from the line of Eric Sheridan with UBS.

你的下一個問題來自瑞銀集團的艾瑞克‧謝裡丹。

Maybe two, if I can. First, the parts of the world where Rides has begun to recover, curious if you could give us any granularity on whether the marketing efficiencies are coming through in the business. In this case, maybe the incremental ride is more profitable than it was in a pre-COVID world, either due to competitive intensity or some of the changes you've made in the business. And then the function of the world where you have the Eats asset and the Rides business, how have some of the cross-marketing efforts gone to bring people into the Eats side of the portfolio and generate a higher LTV of those users?

如果可以的話，我想問兩個問題。首先，在旅遊服務開始復甦的地區，您能否詳細說明行銷效率的提升是否已轉化為實際業務效益？在這種情況下，或許由於競爭加劇或您做出的一些業務調整，每次出行帶來的利潤比疫情前更高。其次，在您同時擁有外帶和出行業務的地區，您是如何透過交叉行銷活動吸引用戶使用外送服務，並提高這些用戶的終身價值的？

Eric. You can't generalize -- every single market is different and unique based on the competitive factors. That said, the actions that we took in end of Q1, Q2 on the cost side, we believe, have structurally improved the profitability of our mobility business. So all things being equal, we talked about in January for the first 2 months, our mobility business had a 30-plus-percent EBITDA margin. Those -- during those months, the mobility business would actually deliver a higher EBITDA margin evenly at 30%. But when we look at the competitive landscape, every single country is different. There are some countries where we're leaning into improved driver supply. There are some countries where some competitors are leaning in as well. But I -- but generally, when we look at our profit profile coming out of the crisis, we see it as constructive overall as it relates to the whole portfolio.

艾瑞克，你不能一概而論——每個市場都因競爭因素的不同而各有不同。話雖如此，我們相信，我們在第一季末和第二季末採取的成本控制措施，從根本上提升了我們出行業務的獲利能力。所以，在其他條件相同的情況下，正如我們在1月提到的，我們出行業務的前兩個月EBITDA利潤率超過30%。在那幾個月裡，出行業務的EBITDA利潤率實際上穩定在30%。但是，當我們審視競爭格局時，每個國家的情況都不一樣。在一些國家，我們正努力提升司機供應。而在其他國家，有些競爭對手也在積極佈局。但總的來說，當我們審視危機後的獲利狀況時，我們認為就整個業務組合而言，整體而言是正面的。

As far as the cross-marketing with -- has gone, as I think the story of it tells the tale, which is we've basically taken this business from single-digit billion to $30 billion run rate. It's all been organic. I think it has been on top of the mobility platform that we've had. It's a technical platform. It's an operations platform, and it's also a brand that we've built off of. We did mention in the last quarter that we have seen increasing cost dispatch rate between our Rides driver, so to speak, who are moving over to delivering for Eats. We especially see that in markets that have more of a suburban profile. And those cross-dispatch percentages remain elevated. Although as we see the mobility business come back, kind of you're seeing more of our drivers coming back and driving just on mobility. So the cross-dispatch is the magic on the supply side.

至於交叉行銷方面，我認為它的發展歷程已經說明了一切，我們基本上已經將這項業務的年化收入從幾十億美元提升到了300億美元。這一切都是自然而然實現的。我認為這得益於我們現有的旅遊平台。這是一個技術平台，一個營運平台，也是一個我們賴以建立的品牌。我們在上個季度提到過，我們發現我們的叫車司機（或者說，轉而為外帶平台送餐的司機）之間的成本調度率正在上升。尤其是在郊區化程度較高的市場，這種現象更為明顯。而且，這些交叉調度比例仍然很高。儘管我們看到出行業務正在復甦，但你也會看到越來越多的司機回歸，專門從事出行服務。因此，交叉調度是供應端的關鍵所在。

And then on the demand side, new eater acquisition remains very healthy. The number of eaters that we have per month remains healthy, and LTV is increasing actually pretty significantly because basket sizes are up. Number of orders per eater are up and retention rates are up. So when you put the combination of all three of those, higher basket size, higher retention, higher number of order per eater, then you've seen our revenue margins come up. Actually, all 4 of those factors point to a much, much significantly increased LTV on an eater basis. So like every single one of those trends is healthy, and we haven't seen any signs of slackening or weakening on any of those trends.

在需求方面，新用戶獲取依然非常健康。我們每月的用戶數量保持穩定，而且由於客單價、每位用戶的訂單數量和留存率的提升，用戶終身價值（LTV）實際上也在顯著增長。因此，當這三者（更高的客單價、更高的留存率和更高的每位用戶的訂單數量）結合起來時，我們就能看到我們的利潤率有所提高。事實上，這四個因素都指向了用戶終身價值的顯著提升。所以，所有這些趨勢都處於健康發展狀態，我們沒有發現任何放緩或減弱的跡象。

And Brian Nowak, your line is open.

Brian Nowak，你的線已接通。

Great. I have two. The first one, Dara, on delivery as a service sort of moving beyond eats and people. Curious to hear about some of the -- 1 or 2 of the key strategic steps in investments that you think of being the most important to overcome that you think are really going to help determine the timing of that business scaling and sort of your timing of when you can really realize that opportunity of delivery as a service.

太好了。我有兩個問題。第一個問題，Dara，是關於外帶即服務（Delivery as a Service）的，它超越了傳統餐飲和人員服務。我很想聽聽你認為在投資方面，哪些關鍵的策略步驟最為重要，需要克服哪些障礙，才能真正決定業務規模擴張的時機，以及何時才能真正抓住外送即服務的機會。

And then the second one on Eats just so we can sort of understand the underlying health of this business. Any help on how fast the number of eaters or delivery map -- is growing right now? And how do we think about Eats bookings trends into the third quarter?

其次，我們想了解 Eats 的營運狀況，以便更好地了解這項業務的潛在健康狀況。能否提供一些關於 Eats 用戶數量或配送地圖目前成長速度的資訊？以及我們如何看待 Eats 第三季的預訂趨勢？

Sure, Brian. As far as the kind of the strategic pillars that we need in order to expand into adjacent categories, it really is about supply and demand. So on the supply side now, we have over 10,000 partners who have partnered up with us. These are grocery stores, marketplaces, essential stores, et cetera. You first have to establish the supply into the marketplace. And frankly, with the environment being what it is, with home delivery just becoming an everyday use case for every single category, we're having -- we're not having a problem building out the supply on a local basis. But once you build up the supply, then you've got to build up the demand, and that's really where consumer habits come into play.

當然，布萊恩。至於我們需要哪些策略支柱才能拓展到鄰近領域，關鍵在於供需關係。目前，我們在供應方面擁有超過1萬家合作夥伴，包括雜貨店、電商平台、生活必需品商店等等。首先，你必須在市場上建立起供應管道。坦白說，鑑於目前的市場環境，送貨上門幾乎成了每個品類的日常消費，我們在本地化供應方面並沒有遇到任何問題。但是，一旦供應管道建立起來，接下來就必須建立需求，而這才是真正考驗消費者習慣的地方。

And consumer habits are actually difficult to change. So we are merchandising these new categories on the app in different ways. We have actually pretty useful experience on the mobility app, where we have been upselling what we call R2E riders to eaters. So we are having some experiences to how do you introduce a new product to an audience without cannibalizing that audience. We've been doing it for more than a year on the Ride to Eats side. So we're going to use the same exact experience on the Eats app in order to introduce eaters into the new categories.

消費者的習慣其實很難改變。所以我們正在用不同的方式在應用程式上推廣這些新類別。我們在出行應用程式上累積了相當寶貴的經驗，我們一直向外賣用戶推銷我們稱之為「R2E」（騎車到餐廳）的服務。因此，我們正在探索如何在不蠶食現有用戶群的情況下向用戶群推出新產品。我們在「Ride to Eats」（騎車到餐廳）方面已經實踐了一年多。所以我們將在外送應用程式上沿用同樣的經驗，引導使用者體驗這些新類別。

So you might see some services that allow you to take grocery as a separate category. You'll see grocery appearing as a new category on the Rides app. You'll also see essentials, et cetera, show up in the flow essentially as someone searches for food in their neighborhood on the app. So there are multiple, multiple ways in which we're starting to introduce this new category in order to make sure that an eater who comes to Eats finds the food that he or she is looking for, but also realize, "Oh, wow, look. I can get a pharmacy. I can get grocery. I can get everyday essentials in 30, 40 minutes with this app".

所以您可能會看到一些服務允許您將食品雜貨作為單獨的類別。您會在「出遊」應用程式中看到食品雜貨出現為新類別。您還會看到生活必需品等等出現在搜尋結果中，基本上就是當用戶在應用程式中搜尋附近食物時出現。因此，我們正在透過多種方式引入這一新類別，以確保使用“外賣”服務的用戶不僅能找到他們想要的食物，還能意識到：“哇，看！我可以用這個應用程序在30到40分鐘內買到藥品、食品雜貨和日常必需品。”

And it's a very differentiated use case from what's available elsewhere. It will take time, but I think you've seen the evidence of our moving from Rides to Eats, building this big Eats business. We're going to use the same exact learning to build the adjacent categories.

這與其他現有服務截然不同。這需要時間，但我相信您已經看到了我們從旅遊服務轉型到餐飲服務，並打造出龐大餐飲業務的成果。我們將運用同樣的經驗來建構相鄰的品類。

Now we're also acquiring the majority of Cornershop, which has been grocery -- which has been focused purely on grocery, has a great entrepreneurial team, has built a great business in Latin America, moving over all of those learnings because they're unique learnings in terms of taking and packing, et cetera, getting a team that solely focused on groceries. So you already have a best-of-breed solution and then introducing that best-of-breed solution to the millions of riders and eaters that we'd have is a great shortcut that was made possible as part of that acquisition. Nelson, do you want to answer the second question as far as growth trends?

現在我們也收購了Cornershop的大部分股份，這是一家專注於食品雜貨的公司，擁有一支優秀的創業團隊，並在拉丁美洲建立了成功的業務。我們將把所有這些經驗帶過來，因為這些經驗在收貨、打包等方面都是獨一無二的，而且我們擁有一支專注於食品雜貨的團隊。因此，我們已經擁有了一流的解決方案，而將這一一流的解決方案推廣給我們數百萬的騎手和食客，正是透過這次收購實現的捷徑。 Nelson，關於成長趨勢，你想回答第二個問題嗎？

Yes. Sure. So in terms of the growth trend, our maps are up 70% in the second quarter year-over-year, accelerating in July. The new eaters in the second quarter were up over 50%. We're seeing double-digit increases in basket size. And if you think about stay-at-home orders, we are -- one of the reasons that's driving our take rate improvement is just higher basket sizes. And so we are seeing good trends and seeing good trends even in July.

是的，當然。就成長趨勢而言，我們第二季的訂單量年增了70%，7月增速加快。第二季的新用戶數量成長超過50%。我們看到客單價實現了兩位數的成長。考慮到居家隔離令的影響，客單價的增加正是我們訂單量成長的原因之一。因此，我們看到了良好的成長趨勢，即使在7月也是如此。

And your next question comes from the line of Mark Mahaney with RBC.

你的下一個問題來自加拿大皇家銀行的馬克‧馬哈尼。

I want to ask about the Rides use cases and the recovery that you're seeing in those. I saw that slide you had about workday commute, social airport in Hong Kong, New Zealand and other markets. You think that's generally representative of what you could see? And I guess I want to -- what I'm trying to get at is as we go through kind of a structural change in work from home, there's the possibility that we will just have fewer work commutes structurally going forward. But so just comment on that -- addressing that risk.

我想問一下關於旅行服務的應用場景以及您觀察到的復甦情況。我看到了您之前展示的關於工作日通勤、香港、紐西蘭和其他市場機場社交旅行的幻燈片。您認為這是否具有普遍代表性？我想表達的是，隨著居家辦公模式的轉變，未來通勤行程可能會減少。請您就此談談您如何看待這種風險。

That part of your business is just going to be structurally under pressure for the next couple of years as we just commute less. And then what data you've seen so far that either supports or refutes that suggest that commute rides can come back quickly.

未來幾年，隨著通勤人數的減少，你這部分業務的結構性壓力將會持續存在。那麼，你目前掌握哪些資料能夠支持或反駁通勤出行可以快速恢復的觀點呢？

Yes, Mark. We've been desperately looking for trends to identify ways in which the future would be different from the past, and frankly, we haven't come up with any. So workday is back. Workday commute is back. Workday commute in a couple of these markets, Hong Kong, New Zealand, Sweden is already -- was already at certain points above kind of pre-COVID highs. So while the hypothesis of stay-at-home is a strong one, it's especially strong in tech corridors.

是的，馬克。我們一直在竭力尋找各種趨勢，試圖找出未來與過去不同的方向，坦白說，我們一無所獲。所以，平日又回來了。通勤也回來了。在香港、紐西蘭、瑞典等一些市場，通勤人數在某些時期甚至已經超過了新冠疫情前的水準。因此，儘管居家辦公的假設很有道理，尤其是在科技中心。

The reality that we're seeing is that as cities open up, then people get back to work, and that's the only pattern that we can discern at this point. We talked about travel continuing to be weak, although even travel in France, airport trips are looking like they're bouncing back. We'll be watching this closely.

我們看到的現實是，隨著城市開放，人們也陸續重返工作崗位，這是我們目前唯一能觀察到的趨勢。我們之前討論過旅行仍然疲軟，但即使在法國，機場旅行似乎也正在復甦。我們會密切關注這一趨勢。

Obviously, it'll be very interesting for us to see if people aren't going to commute as much as they did in the past. My belief, is that if they move from a big city to a smaller city, well, we're going to expand into the smaller cities. And if they don't go to work, people will kind of get out of their house, and Uber is going to be a consistent utility, a consistent way of folks to have access to mobility without having to pay thousands of dollars for a car and will be kind of an increasing and improving use case in people's lives.

顯然，人們是否會減少通勤次數，這將非常有趣。我認為，如果他們從大城市搬到小城市，那麼我們就會拓展到小城市。如果他們不去上班，人們就會走出家門，而優步將成為一種穩定的出行方式，讓人們無需花費數千美元買車就能獲得出行便利，並在人們的生活中扮演越來越重要的角色。

It may change the exact use cases by place, but we haven't seen any signs now that there would be any kind of permanent damage to the business. I'd say, on the contrary, based on some markets that have come back and have opened up, we've seen the business bounce right back.

雖然具體應用場景可能會因地理而異，但目前我們尚未看到任何跡象表明會對業務造成永久性損害。相反，根據一些已經復甦和開放的市場來看，業務已經迅速反彈。

And your next question is from the line of Justin Post with Bank of America.

你的下一個問題來自美國銀行的賈斯汀·波斯特。

I guess, Nelson, maybe you could help us understand the difference between the profitable delivery markets and the overall business, with margins down 26%. What are the big differences competitively? Or is it just maturity of the markets?

我想，納爾遜，或許你能幫我們理解一下獲利的配送市場和整體業務（利潤率下降了26%）之間的差異。它們在競爭方面的主要差異是什麼？還是只是市場成熟度的問題？

And then second, maybe you could give us, California -- this is maybe for Dara, AB5 legislation, a court update, and kind of how you're thinking about the ballot initiative rollout and advertising and how you think that rolls out here over the next 3 months.

其次，您能否談談加州的情況——這可能是為了達拉，關於AB5法案，法院的最新進展，以及您如何考慮投票倡議的推出和宣傳，以及您認為在接下來的3個月裡，這些工作將如何開展？

So Justin, I'll start, and then Dara will take the second question. Really, we've seen improvement across the overall delivery space, and you heard it in our upfront comments, and you see it in the press release. And if you think about what are the markets that are doing quite well, we have a very strong market position. It's a market that does have a very high propensity of 3P business, and the take rates are strong. And it's really that straightforward.

那麼，賈斯汀，我先來，然後達拉回答第二個問題。實際上，我們看到整個配送領域都有所改善，這一點我們在先前的發言中已經提到，在新聞稿中也能看到。想想哪些市場表現相當出色，我們擁有非常強大的市場地位。這是一個第三方業務佔比很高的市場，而且成交率也很高。情況就是這麼簡單明了。

And we're doing a better job in terms of operating the business and getting better efficiency. And so we are seeing that play out, and we're even hearing in India, which you know in past calls we would call out because of how challenging it is. Even in a market like India today, the unit economics are improving as we see through our investment in Zomato.

我們在業務運作和效率提升方面做得越來越好。我們已經看到了這些成效，甚至在印度也是如此。您也知道，我們在先前的電話會議中曾特別提到印度市場，因為它充滿挑戰。但正如我們透過對Zomato的投資所看到的，即使在今天的印度這樣的市場，單位經濟效益也在不斷改善。

So I think what you're seeing right now, at least in this COVID world, is the margins are improving. There's more reliance. There's more stay at home. There's more small businesses, and it really is driving better unit economics because of the basket sizes improving the take rates. And again, we believe that as we continue to do it, we will lean into certain marketplaces. We try to grow and take advantage of the growth, and you're seeing the tremendous growth we're having. But we are confident in terms of our profitability path in this business over the next couple of years.

所以我認為，至少在新冠疫情的影響下，目前的情況是利潤率正在提高。人們對線上購物的依賴增強，居家時間增多，小型企業也隨之發展，這些因素確實提高了單位經濟效益，因為客單價的提高提升了銷售轉換率。我們相信，隨著業務的持續發展，我們會更專注於某些特定的市場。我們努力實現成長，並充分利用成長帶來的機遇，而你們也看到了我們目前所取得的巨大成長。我們對未來幾年該業務的獲利前景充滿信心。

And then as far as AB5 Prop 22, listen, I think the point of Prop 22 for us is that we do think that there's a better way. The vast majority of drivers who drive either on our platform or on Lyft or couriers, et cetera, do so on a part-time basis, do not want to be employees and value the flexibility that they get using our platforms. And what we've offered with Prop 22, we think, is the best of both worlds, which is the flexibility that the vast majority of drivers want who use platforms like ours, along with protection -- social protections, wage protection, health care, et cetera, which we think now is an expectation of society, and it's completely appropriate to this new way of working.

至於AB5法案中的第22號提案，我想說的是，我們認為第22號提案的意義在於，我們相信有更好的解決方案。絕大多數在我們平台、Lyft或其他平台上開車或從事快遞等工作的司機都是兼職的，他們不想成為僱員，並且非常重視使用我們平台所帶來的靈活性。我們認為，第22號提案提供的方案能夠兼顧兩者的優勢：既能滿足絕大多數使用我們這類平台的司機所期望的靈活性，又能提供相應的保障——包括社會安全、工資保障、醫療保健等等。我們認為，這些保障如今已成為社會的普遍期望，並且完全符合這種新的工作方式。

So when we look at Prop 22, it makes all the sense in the world. It is actually what drivers want. We've got more than 75,000 drivers that are already supporting the campaign. And again, on a 4:1 margin, drivers prefer to remain independent, so we think it makes all the sense in the world.

所以，當我們審視22號提案時，它完全合理。這實際上正是司機們想要的。目前已有超過75,000名司機支持這項活動。而且，司機們以4比1的比例傾向於保持獨立運營，因此我們認為這項提案完全合理。

Now the ballot initiative is moving. We think we've got a great message. We've got terrific supporters in the community as well who actually care about drivers versus labor unions and politics. They actually are taking into account the wants and needs of drivers and safety -- ridership safety, prices, availability, of mobility to a wide swath of the cities. And we think it's a better position, and we're confident in our position as far as the ballot campaign goes.

現在，投票倡議正在推進。我們認為我們的理念非常有力。我們在社區也有許多支持者，他們真正關心司機，而不是工會和政治。他們真正考慮到了司機的需求和安全——乘客安全、價格、可用性以及在城市廣大地區旅行的便利性。我們認為這是一個更有利的立場，並且我們對目前的投票活動充滿信心。

In the courts, obviously, it's going to be up to the judiciary to determine whether AB5 applies to us. We have made significant changes to our business models. Riders pay drivers directly. Drivers have a full understanding of the ride before they make a decision to accept a ride or not accept the ride. Drivers can set their own price. We even have a product, a subscription product of drivers where they can buy a subscription from us and secure a number of leads. And essentially, that driver then secures leads and get 100% of the payment of any ride that they provide, and they can accept rides or not accept rides. It's completely up to them. We're essentially out of the transaction. We're a subscriber -- or a subscription provider leads to those drivers.

顯然，在法庭上，AB5法案是否適用於我們，將由司法部門裁定。我們已經對商業模式進行了重大調整。乘客直接向司機付款。司機在決定是否接單前，可以充分了解行程詳情。司機可以自行定價。我們甚至推出了司機訂閱服務，司機可以購買訂閱並獲得一定數量的潛在客戶。這樣一來，司機就能獲得潛在客戶，並獲得其所提供服務的全部收入，他們可以自由選擇是否接單。這完全取決於他們自己。我們基本上不再參與交易。我們只是訂閱方——或者說是為司機提供潛在客戶的訂閱服務提供者。

So we think we've got a great road as it relates to Prop 22. And we also think that we have a very strong position, which is based on fact and based on how we've changed our product in the courts as well. And time will tell whether or not the legislature or the voters and the courts agree with our position.

所以我們認為，就22號提案而言，我們已經找到了一條非常有利的道路。我們也認為，我們擁有非常堅定的立場，這既基於事實，也基於我們在法庭上對產品所做的改進。至於立法機構、選民和法院是否認同我們的立場，時間會給出答案。

Great. Maybe one follow-up. On the California market share situation, has some of the changes -- and I know we talked about it in the last call, impacted maybe U.S. market share in the last quarter?

好的。或許還有一個後續問題。關於加州市場份額的情況，一些變化——我知道我們在上次電話會議中討論過——是否對上個季度的美國市場份額產生了影響？

We think that some of the changes were a headwind as it relates to our market share in California. For example, acceptance rates for drivers went down in certain circumstances that a driver didn't want to pick them on up or drop someone off at a certain area. So we do think that our category position in California did hurt as a result of the changes. Now volumes are down. So it didn't have a significant effect on our overall trip volume. When we look at our category position on a nationwide basis in the U.S., it's pretty flat since January. No significant change.

我們認為，部分變化對我們在加州的市佔率造成了不利影響。例如，在某些情況下，司機不願接單或送客到特定區域，導致接單率下降。因此，我們認為這些變化確實影響了我們在加州的市場份額。目前，訂單量有所下降，但並未對我們的整體訂單量產生顯著影響。從全美範圍來看，自1月以來，我們的市佔率基本上保持穩定，沒有顯著變化。

And your next question comes from the line of Richard Kramer with Arete Research.

你的下一個問題來自 Arete Research 的 Richard Kramer。

A couple of questions. First of all, can you give us a sense of your outlook for the competitive environment in the U.S. market as you bring Postmates on board and ramp up new services, but also seeing competitors that may have quite a bit of capital to deploy in aggressive incentives in the states? And I'm just curious about your comment about resuming incentives in Rides. And how do you see the incentive environment in the U.S. playing out over the next few years? And then I'll have a follow-up after that.

我有幾個問題。首先，您能否談談您對美國市場競爭環境的看法？隨著Postmates的加入和新服務的拓展，以及競爭對手可能擁有大量資金在美國推出激進的激勵措施，您對此有何看法？另外，我對您之前提到的恢復乘車服務激勵措施很感興趣。您認為未來幾年美國的激勵環境會如何發展？之後我還會有一個後續問題。

Richard, I'll start with Rides, and I'll finish on delivery. Listen, I think on the rides market, what we've seen -- the pattern that we've seen and as it relates to the competitive environment is ourselves, our largest competitor, has transitioned from focusing on incentives to buy or establish share or category position to focusing on service and focusing on brand and focusing on technology to establish category position.

理查德，我先說說出行服務，最後再說說配送服務。聽著，我認為在出行市場，我們看到的模式——以及與競爭環境相關的模式——是我們自己，也就是我們最大的競爭對手，已經從專注於激勵措施來購買產品或建立市場份額或品類地位，轉變為專注於服務、品牌和技術來確立品類地位。

We think that's healthy competition, and we like our position as it relates to brand and service and what kind of service our technology can deliver. I don't expect it to change. I do think that in the early parts of the recovery in the U.S. we are seeing less drivers on balance come back onto the platform than elsewhere in the world. That could have something to do with unemployment checks. So we will be putting some incentives into the market.

我們認為這是良性競爭，我們對自身在品牌、服務以及科技所能提供的服務類型方面的地位感到滿意。我預計這種情況不會改變。但我認為，在美國經濟復甦初期，我們看到重返平台的駕駛人數總體上比世界其他地區少。這可能與失業救濟金有關。因此，我們將向市場注入一些激勵措施。

Nelson talked about revenue margin trends in Q3 versus Q2 in the mobility segment. That's because we intend to lean in a little bit to make sure that we have kind of the right kind of liquidity in the U.S. market. Outside of the U.S. competitive position again, there are certain flare-ups, but we're very confident. And overall, you see our mobility profitability in Q1. Even in a very tough quarter, we think our profitably profile will improve in Q2, Q3, Q4. We don't see -- Q3, Q4. We don't see any change there.

尼爾森談到了出行業務第三季與第二季相比的營收利潤率趨勢。這是因為我們打算加大力度，確保我們在美國市場擁有適當的流動性。在美國以外的市場，競爭格局雖然有些波動，但我們仍然非常有信心。總體而言，您可以看到我們在第一季的出行業務獲利能力。即使在非常艱難的季度，我們也認為我們的獲利狀況將在第二、三、四季有所改善。我們預計第三、四季不會有任何變動。

As far as the delivery segment goes, look, the U.S. is a very competitive market. Obviously, you've got DoorDash, you've got Grubhub, but then you've got Amazon in the marketplace. You've got grocery players, et cetera. This is a broad market. We don't define it as just food. As I said in my prepared remarks, we're really thinking about overall local commerce, and we see lots of competition. But also, we see a very large category, a historic kind of demand wave behind us. And we think within a competitive environment, we can have constructive margin profiles going forward.

就外送配送領域而言，美國市場競爭非常激烈。顯然，有DoorDash、Grubhub，還有亞馬遜這樣的電商巨頭。此外還有雜貨零售商等等。這是一個涵蓋面很廣的市場，我們不限於食品配送。正如我在事先準備好的演講稿中所說，我們真正關注的是整個本地商業，而且我們看到了激烈的競爭。但同時，我們也看到了一個非常龐大的市場，以及一波前所未有的需求浪潮。我們認為，在競爭激烈的環境下，我們未來能夠維持良好的利潤率。

Okay. And then just a quick follow-up on that. I mean, just looking at excess driver incentives, they went up a bit this quarter, and even though obviously, you had a very strong revenue growth. Can you give us a reflection of the way you're thinking about excess driver incentive for low-value local deliveries and balancing that with the ability to match those deliveries and still have them available in a short time frame? Apologies for the dog barking in the background.

好的。接下來我想快速問一下。我的意思是，就司機額外獎勵而言，這季度有所增加，儘管你們的營收成長非常強勁。您能否談談你們是如何考慮低價值本地配送的司機額外獎勵，以及如何在保證配送訂單及時到位和匹配訂單能力之間取得平衡的？抱歉，背景有狗叫聲。

No worries. Nelson, do you want to talk to that?

別擔心。納爾遜，你想跟它談談嗎？

Yes. Sure. So look, I think that, as you know, you saw from the top line that our top line grew tremendous and you saw me go through the statistics before. So it's not surprising on an absolute basis you're going to see that number go up. We are doing a better job in terms of courier efficiency in other parts of the country. Some of them are a little bit business model changes. So there have been a few countries where we've gone onshore and have seen the benefit of that in our courier efficiency. We will continue to focus on driving that and building the business.

是的，當然。你看，如你所看到的，我們的營收成長非常顯著，之前我也已經介紹過相關數據。所以，營收成長並不令人意外。我們在全國其他地區的快遞效率方面做得更好。其中一些措施涉及商業模式的調整。在一些國家，我們已經將部分業務轉移到本地，並看到了提高快遞效率的益處。我們將繼續專注於推動這一趨勢，並發展這項業務。

We don't manage the business for the next delivery. And we are trying to work with our tech teams to continue to allow us to batch more efficiently. But ultimately, we want to make sure we provide the best experience we can for the end users. So it's -- you'll see us continue to innovate, continue to work on it. It is an area that as we looked at Postmates, they're actually -- they do a very, very good job of. It's something that -- when we looked at what they were doing, it's something that we think they do very well. And so I think you'll see us continue to do a better job in terms of optimizing both batching and continuing to improve courier efficiency.

我們不會預先管理下一單的配送業務。我們正在與技術團隊合作，努力提高批量配送的效率。但最終，我們希望確保為終端用戶提供最佳體驗。因此，您會看到我們不斷創新，並持續改進。我們研究過 Postmates，他們在這領域做得非常出色。我們觀察過他們的做法，並認為他們在這方面做得很好。所以我相信，我們會繼續努力，在優化大量配送和提升快遞員效率方面做得更好。

And Rich, sometimes when we see a significant dislocation in demand, and this is a dislocation that was positive when COVID happened, we saw huge spikes in demand in many, many markets. We just had difficulty catching up in terms of couriers available and the dependability of the network. So in those situations, sometimes we will take up incentives to make up for the dislocation. Then the marketplace tends to start to get into some kind of equilibrium, and then you can start taking incentives down.

Rich，有時候當需求出現顯著波動時——例如新冠疫情期間，許多市場的需求都出現了大幅增長——我們很難跟上需求，無論是快遞員數量還是網路穩定性都難以滿足。所以，在這種情況下，我們有時會採取一些激勵措施來彌補需求的缺失。之後，市場往往會逐漸趨於平衡，這時我們就可以開始逐步減少誘因了。

So when we look at courier incentives, cost per transaction, now that we are more -- now that we see more of an equilibrium, now that more restaurants are joining our service so that we can batch more, we see cost of courier kind of moving in a constructive direction.

所以，當我們審視快遞員的激勵措施和每筆交易的成本時，現在我們看到了更多的均衡，現在有更多的餐廳加入我們的服務，以便我們可以批量處理更多訂單，我們看到快遞員的成本正朝著積極的方向發展。

Our next question comes from the line of Benjamin Black with Evercore ISI.

我們的下一個問題來自 Benjamin Black 與 Evercore ISI 的合作。

Great. You guys mentioned hitting profitability sometime in 2021. I'm just curious to hear what do you need to see to get comfortable in actually calling a quarter? Is it faster cadence of the rise in recovery? Or is it narrowing losses on the EAP side?

太好了。你們提到預計在2021年將獲利。我很好奇，你們需要看到哪些數據才能確定季度末已經獲利？是復甦步伐加快嗎？還是員工協助方案（EAP）方面的虧損收窄？

And then secondly, could you talk a little bit about your restaurant mix and how sticky have the SMB restaurants been on your platform during the recent reopening? And relatedly, how should we think about delivery revenue margins over the next couple of quarters?

其次，能否請您談談貴平台的餐廳組合，以及在最近的重新開業期間，中小餐廳在貴平台上的活躍度如何？另外，我們該如何看待未來幾季的配送收入利潤率？

So I'll start and I'll let Dara handle the back half of that question. So in terms of our path to profitability and our confidence, it is a number of different things. We believe we have enough things at our disposal. You saw us take the size of action in the second quarter. You saw us narrow our focus as a company in terms of our core businesses. At the end of the day, the single biggest driver of what quarter next year is really going to be on the COVID recovery and its impact on our mobility business.

那我先來，剩下的部分就交給達拉回答吧。關於我們實現盈利的路徑和我們的信心，這涉及到很多方面。我們相信我們擁有足夠的資源。你們也看到了我們在第二季採取的行動規模。你們也看到了我們公司在核心業務方面更加專注。歸根究底，明年哪個季度業績的最大驅動因素將取決於新冠疫情的復甦及其對我們出行業務的影響。

And so we have different scenarios out there depending on what outcome happens in terms of -- does the market recover, but is it going to stay where it is today, which is roughly down 50. Does it actually start improving? Let's say, it's down 25%. Does it actually get that book down 10? Or does it actually get back to 2019? And depending on where that recovery comes, that will really dictate the timing of '21.

因此，根據市場最終結果的不同，我們面臨不同的情境──市場是否會復甦？復甦後是否會維持目前的水平，也就是下跌約50%？市場是否會開始好轉？假設下跌25%，那麼跌幅是否會縮小到10%？或者是否會恢復到2019年的水準？復甦的程度將真正決定2021年的發展時機。

And so as we get a little bit more visibility, it seems like, particularly here in the U.S., things have only gotten murkier and not clear over the past few weeks here. But as that comes, we'll have a better view in terms of which quarter we think we'll get profitability. We are going to continue to build out and improve the economics of the delivery business. We will continue to invest in it, but we are going to continue to -- the investment there. And then you saw us take the decisive cost actions. So again, we will get a better sense as we have a better sense on the COVID recovery.

因此，隨著我們對情勢的了解逐漸加深，尤其是在美國，過去幾週似乎變得更加撲朔迷離。但隨著情勢逐漸明朗，我們將能更清楚地判斷哪個季度能夠獲利。我們將持續拓展並提升配送業務的經濟效益，並持續增加投資。同時，你們也看到了我們採取了果斷的成本控制措施。所以，隨著我們對新冠疫情復甦情況的了解不斷加深，我們也能更清楚地了解未來的發展前景。

Yes. And as far as the restaurant stickiness, so we did see some restaurant churn in April, and frankly, that was because some restaurants went through incredibly -- unfortunately, some of that went out of business or closed, essentially. Since then, when you look at May, June and July, we have seen restaurant retention rates that have been very, very high all around the world, really, a historical high.

是的。至於餐廳的顧客留存率，我們確實在四月份看到了一些餐廳的流失，坦白說，那是因為一些餐廳遭遇了非常嚴重的困境——不幸的是，其中一些餐廳倒閉了。但從那以後，當我們觀察五月、六月和七月的數據時，我們發現全球各地的餐廳留存率都非常高，達到了歷史新高。

I think that we've been just a much, much higher percentage of our restaurants business. You can see the dollars in gross bookings that we do in restaurants has gone up significantly on a year-on-year basis. We're introducing tools that restaurants can use, whether they want to launch their own site. We've introduced kind of notifications for restaurant managers so that they can -- if an order comes in that isn't accepted, et cetera, they know that there's more business out there for them.

我認為我們餐廳業務的佔比已經大幅提升。你可以看到，我們在餐廳的預訂總額比去年同期增長顯著。我們正在推出一些餐廳可以使用的工具，無論他們是否想建立自己的網站。我們也為餐廳經理推出了通知功能，這樣，如果收到未接受的訂單等等，他們就能知道還有更多商機。

So the engagement that we have with our restaurants has gone up, and as a result, the stickiness of our services with our restaurant is really close to all-time highs, if not, at all-time times. Was there a third question that you asked?

因此，我們與餐廳的互動度提高了，結果就是，我們服務的客戶黏性也接近歷史最高水平，甚至可能達到了歷史最高水平。您還有第三個問題嗎？

Yes. It was more along the lines of the revenue margin for the delivery business over the next couple of quarters just given the favorable mix and the shift to the restaurants.

是的。更確切地說，考慮到有利的產品組合和消費者向餐廳消費的轉變，未來幾季外送業務的利潤率預計會有所提高。

Yes. I think that we don't want to say quarter-to-quarter, but you've seen our take rates improve pretty consistently. We think that the take rate path is a positive path. So we see upside as it relates to our take rate. We talked about net revenue margin, long-term revenue margins of 15% for delivery business, and we're confident we can achieve those margins and potentially higher margins going forward.

是的。我們不想說季度環比，但你們也看到了，我們的佣金率一直在穩步提升。我們認為佣金率的發展趨勢是正面的。因此，我們看到了佣金率的上升空間。我們之前討論過淨收入利潤率，以及配送業務15%的長期收入利潤率目標，我們有信心實現這一目標，並且未來還有可能實現更高的利潤率。

You should note that Q4 from a seasonality basis has -- it's kind of pressurized on take rate. So on a year-on-year basis, it will be kind of Q4-over-Q4. Year-on-year, the trends are going to be -- should be positive. But from Q3 to Q4, there's usually some seasonality in Q4 as it relates to revenue margins.

需要注意的是，從季節性角度來看，第四季的銷售額會受到一定壓力。因此，從年比來看，第四季的銷售額會比去年同期有所成長。同比趨勢應該是正面的。但從第三季到第四季，第四季的營收利潤率通常會受到一些季節性因素的影響。

Operator, could we take the last question, please?

接線員，請問可以回答最後一個問題嗎？

It looks like we're missing the last question.

看來我們漏掉了最後一個問題。

All right, everyone. Thank you very much for joining us in Q2. It was a tough quarter, but I am just incredibly proud of how the teams executed. I think that we pivoted in a big way. We took some tough actions as it relates to costs. We said goodbye to some near and dear colleagues of ours, but we have secured the path forward. And while we can't predict the rate of recovery, we've got a business that is just moving in an incredibly positive direction as it relates to delivery.

好了，各位。非常感謝大家參與第二季的會議。第二季確實充滿挑戰，但我為團隊的出色表現感到無比自豪。我認為我們做出了重大調整。我們在成本控制方面採取了一些強硬措施。我們不得不與一些親密的同事告別，但我們已經為未來發展奠定了基礎。雖然我們無法預測復甦的速度，但就業務交付而言，我們的正朝著非常積極的方向發展。

And on the mobility side, we are seeing the bounce-back where countries are bouncing back. I think we've proven to you again and again that we can deliver and that when cities open up, Uber opens up.

在出遊方面，我們看到各國都在復甦。我認為我們已經一次又一次地向大家證明，我們能夠做到這一點，城市開放時，優步也會開放。

And we're very hopeful of what we see going forward within the context of a very, very tough environment. There has been this kind of hopeful look forward. It's only possible because of incredibly hard work of our employees and the drivers and couriers who are out there on the front line.

在如此艱難的環境下，我們對未來的發展充滿希望。這種樂觀的態度離不開我們員工、司機和快遞員們在前線付出的辛勤努力。

So many, many thanks to everyone involved, and thank you, everyone, for joining.

非常感謝所有參與人員，也感謝大家的參與。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。