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，感謝您的支持，歡迎參加 Uber Technologies, Inc. 2020 年第二季度收益電話會議。 （操作員說明）

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

我現在想把今天的會議交給你的演講者。謝謝投資者關係部的 Emily Reuter，請繼續，女士。

Thank you, operator.

謝謝你，接線員。

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.

感謝您今天加入我們，歡迎觀看 Uber Technologies 2020 年第二季度財報。在今天的電話會議上，我們有 Dara Khosrowshahi 和 Nelson Chai。我們還有 Kent Schofield，這是來自投資者關係團隊的 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. 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。請注意，我們還在我們的投資者頁面上發布了更新的 2020 年投資者演示文稿。我會提醒您，這些數字未經審計，可能會發生變化。

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狀況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 表格的年度報告和運營結果。

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.

在今天準備好的講話之後，我們將打開提問電話。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。

With that, let me hand it over to Dara.

有了這個，讓我把它交給達拉。

Thanks, Emily, and apologies to everyone about the technical difficulties to start with.

謝謝，Emily，並就開始遇到的技術困難向大家道歉。

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 5 月份的最後一次財報電話會議上，我說我們正計劃進行因地域而異的非線性複蘇，而這正是我們所擁有的，尤其是在美國，重新開放充其量是不平衡的。雖然我們都希望到現在為止，我們對大流行的結束有明確的看法，但希望不是一種策略，我的工作是確保優步為任何情況做好充分準備。

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.

在詳細介紹我們的第二季度業績之前，我想回顧一下我們迄今為止採取的一些行動以及我們今天看到的趨勢。在危機初期，我們以優步的速度行動，以穩定我們的移動業務，並利用交付背後的巨大順風。我們超過 2/3 的收入和運營成本（不包括基於股票的補償）不是固定的。很簡單，如果旅行沒有發生，大部分費用都不會發生。這種可變成本結構，加上對員工人數的艱難決定，意味著儘管總預訂量同比下降 73%，但我們的移動業務部門在本季度仍產生了 5000 萬美元的調整後 EBITDA 正利潤。與此同時，我們的配送業務大幅加速，不包括退出市場的總預訂量同比增長 122%，同時利潤率提高了 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 2 個核心領域擁有非常有價值的對沖。在任何恢復方案中都有一個關鍵優勢。當旅行限制解除時，您就知道出行出行會反彈。如果限制繼續或需要重新實施，我們的送貨業務將予以補償。作為一個規模化的全球參與者，我們無論何時何地都能實現復甦，即使一些城市和國家落後於其他城市和國家。

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.

在流動性同比下降 53% 的推動下，我們利用這兩個因素將公司總預訂量從第二季度的負 45% 同比增長到 7 月份的負 12% 左右-年交付量同比增長 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.

最重要的是，我們已經對我們控制範圍內的所有事情採取了迅速行動，與我們的第四季度計劃相比，每年削減了超過 10 億美元的固定成本，迅速部署了新的移動產品以滿足不斷變化的需求，並擴大了食品以外的交付。我們在安全創新的同時做到了這一點，以確保我們的核心遊樂設施體驗為客戶的第二次旅行做好準備。作為旁注，請，請，請戴上口罩。

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.

不管恢復曲線的最終形狀如何，我相信我們所做的工作是確保我們處於有利位置。我們的行動鞏固了我們的基礎，為我們的核心業務帶來了新的焦點和活力，並見證了我們比以往任何時候都更有效地運營和創新。

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.

現在多一點關於交付業務。在第二季度末，每年的總預訂量約為 300 億美元，僅交付業務現在就與我 2017 年加入公司時的乘車業務一樣大。我們在不到 3 年的時間里基本上建立了第二個優步，其中加速增長、全球足跡和巨大的 TAM。儘管最近由於 COVID 導致交付量激增，但我相信我們正在目睹消費者行為發生更深刻的轉變，這種轉變將持續到大流行之後。消費者很快就習慣了半小時內將任何東西送到他們家門口的魔力，就像汽車在幾分鐘內出現的魔力一樣。這是一個甚至比我們預期的要大很多倍的機會，也是 Uber 處於領先地位的獨特機會。

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.

我們已經將我們的自然優勢和嚴格的資本分配框架轉變為在我國絕大多數地區的第一或第二競爭地位。在美國，GV 同比增長加速至 110% 以上，第二季度近 1 億份訂單的訂單量增長超過 80%。我們現在在美國前 10 大市場的大部分市場中佔據強勢地位，佔該類別近一半的預訂量。我很高興地報告，我們在紐約市取得了顯著增長，第二季度的總預訂量同比增長 120%，6 月份同比增長 150%。我們現在在外圍區排名第一，最終我們將繼續縮小差距。

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.

7 月，我們宣布有意收購 Postmates，後者在第二季度實現了 40 億美元的年化總預訂量。我們相信，此次收購將繼續鞏固在洛杉磯和美國西南部等重要城市的相對較小的地位，並提供更多餐廳選擇，同時提高訂單密度、提高交付效率和降低成本。

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.

非美國預訂量佔交付量的 55%。我們現在在多個戰略性高消費市場中排名第一，占我們國際預訂量的 2/3 以上，包括澳大利亞、加拿大、法國、日本和墨西哥。在許多其他主要市場，我們在倫敦和台北等較大的主力城市中獲得了第一的位置，我們可以從這些城市擴展到全國。這一戰略使我們能夠在提高利潤率的同時獲得有競爭力的份額。我們現在在我們的前 5 個國際 GV 市場中的 2 個實現了調整後的 EBITDA 盈利，並期望在盈利方面取得有意義的進展，不僅是逐個國家，而且是我們的整個交付組合。

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.

在我們的許多國際市場中，我們的大部分競爭繼續來自聚合商的老牌企業，他們要么不想進入交付物流，要么正在努力這樣做。相比之下，我們為餐廳提供兩全其美的服務，使用我們的快遞員或在需求超出您的內部交付能力時使用這些快遞員，在（聽不清）期間越來越多的情況如此。在許多市場中，我們發現擁有自己快遞員的餐廳實際上在大約 30% 的時間裡都會致電 Uber Eats 快遞員，這表明了我們帶來的獨特優勢，並且我們認為這一優勢將加速向交付模式的轉變。

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.

使用我們現有的網絡，我們正在迅速進入新的交付即服務產品，我們認為這是一個非常有潛力的機會。我們試行了提供家居用品、寵物用品和藥房用品的合作夥伴關係。在我們網絡的其他新用途中，我們的 Uber Connect 選項讓消費者可以通過 UberX 司機向朋友和家人發送小包裹，自 6 月初以來在拉丁美洲擁有 300 萬次出行，這在拉丁美洲大受歡迎。就在上個月，繼在歐洲和澳大利亞推出有希望的產品之後，我們這次與 Cornershop 合作將雜貨店擴展到了美國。 Cornershop 在拉丁美洲看到了令人難以置信的吸引力，我們很高興能在美國帶來強大的產品和執行力。

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.

COVID 危機已將送餐服務從奢侈品轉變為實用工具。隨著我們添加更多用例，我們的服務將從實用程序轉變為日常需求。因此，我們正在加大訂閱力度，包括在全國范圍內分配 Eats Pass，它結合了免費食品和雜貨配送；最終，Uber Pass 將 Rides 和 Eats 的好處結合在一個月度套餐中。所有這些活動都帶來了新的客戶獲取、每月活躍的食客、每位食客的訂單、籃子大小和食客留存率，所有這些都在全球（印度除外）和美國同比和環比上升。這轉化為簡單的事情：全球範圍內更忠誠、更快樂的食客。

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，轉向我們的移動業務，我將其描述為 10,000 個城市的故事。我們的流動性恢復顯然取決於任何特定地區的公共衛生狀況。亞洲（除印度外）處於復甦的領先地位。我們已經看到香港和新西蘭的總預訂量有時超過 COVID 之前的高點。歐洲的趨勢也令人鼓舞。法國、西班牙和德國等國最近同比下降 35% 或更少。美國落後了。在我們的主要市場中，GV 下降了約 50% 至 85%，其中紐約等城市在復蘇中處於領先地位，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.

我們的全球地理足跡仍然是一個巨大的優勢，我們看到的證據證實了我們一直相信的事情，即當城市再次移動時，優步也會移動。我們觀察到，在解除封鎖後，工作日的通勤出行會急劇反彈，但尚不清楚週末和社交時間的用例是否也會迅速恢復，這證實了優步在人們生活中的關鍵作用。

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.

我也為我們對特殊情況做出反應的速度感到自豪。我們長期以來對安全的關注，讓我們以門到門的安全標準、結合大規模檢測等新技術、通過執行社區準則共同承擔責任、健康專家的教育以及與領先的合作夥伴關係引領行業Clorox、eVTOL 和聯合利華等品牌。由於我們的全球規模，我們已經能夠為司機購買 3000 萬個口罩和其他衛生用品，未來還會有更多。

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.

我們的全球範圍不僅在不確定時期提供多樣化。它還使我們能夠比競爭對手更傾向於技術創新並在技術創新上進行更多投資。我們最近專注於 3 個領域。首先，我們為新的用例構建了新產品：我們的每小時選項讓您可以預訂一輛車幾個小時，這樣您就可以跑腿，而無需在沿途的每一站請求行程；我們的 Uber 業務團隊構建了一個新的共享乘車解決方案，該解決方案只匹配來自同一公司的員工。如果您想與您的同事安全且經濟地重返工作崗位，請查找我們。

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，我們正在加倍努力增加出租車等新車型。我們看到，在大流行期間，出租車司機在優步上的使用時間增加了約 25%，我們相信我們可以幫助他們找到新的需求來源。我們在東京推出的出租車達到了一個重要的里程碑，昨天在英國收購 Autocab 將加深我們的出租車服務。我們還增加了自動人力車和摩托車，因為我們預計新興市場的許多騎手將從公共迷你巴士轉向這些低成本的選擇。

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，我們正在成為交通機構的重要合作夥伴，幫助他們提供更高效、更便捷和更公平的服務。 6 月，我們在加利福尼亞州馬林縣宣布了首個支持按需交通的軟件交易，我們對 Routematch 的收購將 Uber 在按需出行方面的專業知識與 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.

總之，我們是拼車領域的全球領導者。我們利用我們的品牌、我們的平台和我們的技術能力，有機地建立了一個像拼車一樣大的送餐業務。我們現在正在利用拼車擴展到每個移動類別，我們正在利用食品配送為優步規模的所有本地商業構建實時物流引擎。我們現在正在您所在的城市和全球範圍內開展這項工作。

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

現在我將帶尼爾森來了解有關數字的更多詳細信息。

Thanks, Dara. Thanks, Dara.

謝謝，達拉。謝謝，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的執行感到非常滿意。我們繼續在移動業務中實現調整後的 EBITDA 盈利能力，快速增長並提高了我們的交付業務利潤率，顯著收緊了我們的成本結構，並增加了我們對核心業務的關注。再加上我們強勁的現金狀況，我們有能力在實現既定盈利目標的同時承受持續的不確定性。

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.

我現在將討論關鍵的運營指標以及非 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。公司總數、流動性和交付調整後的淨收入的同比比較不包括與我們的 IPO 相關的 2019 年第二季度司機讚賞獎的影響。

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.

公司總預訂量下降了 32%。調整後的淨收入或 ANR 為 19 億美元，下降 37%，我們的 ANR 佔總預訂量的 18.8%，上升 53 個基點。不包括司機讚賞獎，我們的接受率下降了 140 個基點，因為接受率較低的交付成為業務的更大組成部分。不包括 D&A 的非 GAAP 收入成本從 ANR 的 51% 降至 46%。下降的主要原因是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 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.

現在轉向非公認會計原則的運營費用，其中包括基於股票的薪酬和重組費用等備考調整，運營和支持從調整後淨收入的 16% 同比增長至 19%，但下降了 8900 萬美元按絕對美元計算，反映了第二季度採取的緩解措施，抵消了槓桿率的損失。

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.

銷售和營銷從調整後淨收入的 34% 增加到 36%，但由於我們看到移動業務的營銷和促銷支出減少，因此下降了 2.84 億美元。研發從 ANR 的 16% 增加到 22%，減少了 3300 萬美元，主要是由於人員支出減少。 G&A 從 ANR 的 15% 增加到 22%，比一年前減少了 900 萬美元。與上一季度相比，我們的支出減少了 1.48 億美元，但由於 COVID 帶來的頂線壓力，我們的支出佔 ANR 的百分比有所增加。我們 2020 年第二季度的調整後 EBITDA 總虧損為 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，我將提供有關我們細分市場的更多詳細信息。從機動性開始。 30 億美元的移動性總預訂量下降了 73%，7.93 億美元的 ANR 下降了 68%，而由於激勵支出的合理化，26% 的使用率同比和環比均有所改善。儘管我們的頂線業績面臨重大不利因素，但移動調整後的 EBITDA 為 5000 萬美元，佔移動 ANR 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.

現在開始交貨。我們利用與居家訂單相關的順風，推動交付總預訂量達到 70 億美元，增長 113% 或 122%，不包括印度和我們已退出的其他市場。交付 ANR 為 8.85 億美元，增長 163%，原因是混合轉向中小型餐廳，推動更大的籃子尺寸，加上快遞支付效率，主要在美國交付 ANR 為 12.7%，同比增長 240 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 140 個基點。此外，我們意識到今年早些時候退出印度的好處，並看到一些國家的商業模式變化將某些付款和激勵措施重新歸類為收入成本，從而額外增加了 80 個基點。

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.

交付調整後的 EBITDA 損失 2.32 億美元或 ANR 的負 26.2%。這分別代表了 8100 萬美元和 33% 的季度環比增長。貨運方面，ANR 增長至 2.11 億美元，調整後的 EBITDA 虧損 4900 萬美元。我們對貨運業務的進展感到高興，因為我們將繼續投資於技術以提高物流行業的效率。

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.

通過最近與 Oracle 和 Bluejay 的合作，我們的實時定價和預訂 API 現在已集成到所有主要的 TMS 提供商中，使托運人能夠創建更具彈性的供應鏈以應對 COVID 並產生 200% 的季度環比 API 收入增長.我們的機器學習算法使承運人可以捆綁預訂更多負載，從而減少 MP 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.

關於 ATG 和其他技術計劃。本季度調整後的 EBITDA 虧損為 9100 萬美元。經過短暫的純模擬開發後，我們很高興 Uber ATG 在實施了一系列符合專家指導的措施以幫助降低風險後，本季度在匹茲堡重啟了其自動駕駛汽車的測試軌道和公共道路運營。 COVID-19 的傳播。

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，其他賭注。該部分主要由 Jump 組成，我們在 5 月將其剝離給 Lime。 Lime 現在可以通過 Uber 應用程序在 50 個城市使用，Lime 最近在巴黎、芝加哥和丹佛等主要城市獲得了運營許可。在本季度結束我們的 Jump 業務後，我們不再報告這一部分。

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.

在 2020 年第二季度，4.92 億美元的企業 G&A 和平台研發（代表未分配給我們某個部門的 G&A 和研發）下降了 21%，這主要是由於我們在 5 月份宣布的裁員以及與下降相關的應計稅款減少。流動性。隨著第三季度流動性的反彈，我們預計一些絕對美元將環比溫和增長。

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.

在流動性方面，我們在本季度末擁有約 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 億美元來自我們的左輪手槍，為我們提供了充足的流動性來承受復甦。

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.

鑑於影響我們第二季度業務的獨特情況，我將圍繞我們對第三季度業績的預期提供一些背景信息。我們預計移動 ANR 的採用率為 22% 至 24%。隨著移動性從第二季度的低點恢復，我們將重新對業務進行戰略投資，包括司機返回平台時的一些激勵措施。我們在這個範圍內的位置將在很大程度上取決於美國相對於世界其他地區的複蘇斜率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.

鑑於交付的利潤率環比大幅提高，我們預計 Eats 第三季度調整後的 EBITDA 絕對美元損失將與第二季度一致。我們預計調整後的 EBITDA 利潤率將在第四季度繼續改善。我們預計第三季度和第四季度的股票薪酬分別為 2 億至 2.5 億美元，而第二季度由於 5 月份的裁員而有所下降。

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 COVID-19 為我們的業務帶來了不利因素，但我們的移動業務在調整後的 EBITDA 基礎上仍實現了盈利，儘管本季度大幅下降。我們的送貨業務在各個方面都在迅速改善，無論是在收入還是在調整後的 EBITDA 利潤率基礎上。我們對整個公司的成本採取了果斷行動，消除了超過 10 億美元的年化成本，包括環比減少超過 1.5 億美元的企業 G&A 和平台研發成本，並且我們擁有強大的資產負債表來抵禦崎嶇不平的複蘇。所有這些加在一起使我們對在 2021 年某個時候實現季度調整後 EBITDA 盈利能力的能力充滿信心。

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

有了這個，讓我們打開它來提問。

Operator, can we please take questions?

接線員，我們可以提問嗎？

(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.

只是關於食品業務的問題。因此，我認為業界對像你們這樣的純配送公司是否可以盈利存在很多爭論，感謝這些幻燈片中提供的更多細節。看起來這種情況正在法國和比利時發生，但還沒有在其他任何地方發生。

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，你在這兩個市場做了什麼讓盈利曲線上升？在美國，我們站在這條曲線的哪個位置？尼爾森，你說它會在第四季度得到改善。那麼，從時間的角度來看，我們應該在什麼時候期望食品業務能夠達到盈虧平衡呢？

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。就辯論而言，我們堅信純粹的快遞公司能夠並且將會盈利。我們認為這是一個非常簡單的答案，但可以這麼說，我們認為辯論不值得。這只是時間的問題，也只是這些長期利潤將是多少的問題。我們制定了 ANR 的 15% 和 EBITDA 約 33% 的長期利潤率概況。除非我們在那裡感到有信心，否則我們不會這樣做。

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.

需要明確的是，比利時實際上是我們在國際上較小的國家之一，我們曾說過我們在前 5 個國際國家中的 2 個是盈利的。還有許多其他國家我們也在盈利，但我們也想向投資者表明我們在重要的國家盈利。所以不僅僅是法國和比利時。是其他國家。

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，我認為就我們所做的而言，這是多種因素的結合。利潤率是健康的。您的業務位於 CP 1 或 CP 2 中，這樣您就可以獲得真正的流動性，並且 - 在市場的交付方面，可以降低每筆交易的成本。在其中許多市場，我們有一個非常大的食客基數，因此我們不需要像日本那樣以 300%、400% 的速度增長新的食客占我們整體食客群的百分比，在哪裡——我們只有不到 5% 的餐廳簽約，你真的在引領新的食客和新的餐廳。

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.

但是，當我們從結構基礎或業務利潤率來看，你現在快進幾年，我們認為我們將在我們經營的絕大多數國家/地區盈利。如果我們沒有盈利，那是因為我們正試圖從戰略上實現某些目標，無論是增長目標還是我們試圖擴大我們所在類別的數量等等。因此，我們堅定地站在辯論的一邊，我們內部擁有大量數據，並且對贏得辯論的團隊非常有信心。

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

您的下一個問題來自瑞銀的 Eric Sheridan。

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，也許兩個。首先，Rides 已經開始復甦的世界部分地區，想知道您是否可以詳細說明營銷效率是否在業務中得到體現。在這種情況下，由於競爭強度或您在業務中所做的一些改變，增量乘車可能比在 COVID 之前的世界中更有利可圖。然後是你擁有 Eats 資產和 Rides 業務的世界的功能，一些交叉營銷工作如何將人們帶入投資組合的 Eats 方面並為這些用戶帶來更高的 LTV？

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.

埃里克。你不能一概而論——每個市場都是基於競爭因素的不同和獨特的。也就是說，我們認為，我們在第一季度末、第二季度在成本方面採取的行動從結構上提高了我們移動業務的盈利能力。因此，在所有條件相同的情況下，我們在一月份的前 2 個月談到，我們的移動業務的 EBITDA 利潤率超過 30%。那些 - 在這幾個月裡，移動業務實際上將提供更高的 EBITDA 利潤率，平均為 30%。但是當我們審視競爭格局時，每個國家都是不同的。在一些國家，我們傾向於改善司機供應。有些國家也有一些競爭對手在傾斜。但是我——但總的來說，當我們審視我們擺脫危機的利潤狀況時，我們認為它總體上具有建設性，因為它與整個投資組合有關。

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.

就交叉營銷而言，我認為它的故事講述了這個故事，我們基本上已經將這項業務從個位數的十億美元提高到了 300 億美元。這一切都是有機的。我認為它已經在我們擁有的移動平台之上。這是一個技術平台。它是一個運營平台，也是我們賴以建立的品牌。我們在上個季度確實提到，我們已經看到我們的 Rides 司機之間的成本分派率提高了，可以這麼說，他們正在轉向為 Eats 提供服務。我們特別看到在具有更多郊區形象的市場中。這些交叉調度百分比仍然很高。雖然我們看到移動業務回來了，但你會看到更多我們的司機回來並只是在移動上開車。因此，交叉調度是供應方面的魔力。

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.

然後在需求方面，新的食客收購仍然非常健康。我們每月的食客數量保持健康，LTV 實際上正在顯著增加，因為籃子的大小增加了。每個食客的訂單數量增加了，保留率也增加了。因此，當您將所有這三者結合起來時，更大的籃子尺寸、更高的保留率、更高的每位食客的訂單數量，那麼您就會看到我們的利潤率上升了。實際上，所有這 4 個因素都表明，以食客為基礎的 LTV 顯著增加。因此，就像這些趨勢中的每一個都是健康的一樣，我們還沒有看到任何這些趨勢放鬆或減弱的跡象。

And Brian Nowak, your line is open.

還有布賴恩諾瓦克，你的電話是開放的。

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.

偉大的。我有兩個。第一個是 Dara，作為一種服務提供，超越了吃和人。很想知道您認為最需要克服的投資中的 1 或 2 個關鍵戰略步驟，您認為這些步驟確實有助於確定業務擴展的時間安排以及您的時間安排當您真正意識到交付即服務的機會時。

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?

然後是關於 Eats 的第二個，這樣我們就可以了解這項業務的潛在健康狀況。關於食客數量或送貨地圖的速度有什麼幫助——現在正在增長嗎？我們如何看待第三季度的 Eats 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，布賴恩。至於我們需要什麼樣的戰略支柱來擴展到相鄰的類別，這實際上是關於供求關係。所以現在在供應方面，我們有超過 10,000 個合作夥伴與我們合作。這些是雜貨店、市場、必需品商店等。您首先必須建立市場供應。坦率地說，隨著環境就是這樣，送貨上門剛剛成為每個類別的日常用例，我們正在 - 我們在本地建立供應沒有問題。但是一旦你建立了供應，那麼你就必須建立需求，這就是消費者習慣發揮作用的地方。

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.

而消費者的習慣實際上是很難改變的。因此，我們以不同的方式在應用程序上推銷這些新類別。實際上，我們在移動應用程序上擁有非常有用的經驗，我們一直在向食客推銷我們稱之為 R2E 騎手的東西。所以我們有一些經驗，你如何在不蠶食觀眾的情況下向觀眾介紹新產品。我們在 Ride to Eats 方面已經做了一年多。因此，我們將在 Eats 應用程序上使用完全相同的體驗，以便將食客引入新的類別。

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".

因此，您可能會看到一些允許您將雜貨作為單獨類別的服務。您會看到雜貨店在 Rides 應用程序中顯示為一個新類別。當有人在應用程序上搜索他們附近的食物時，您還會看到基本信息等出現在流程中。因此，我們開始以多種方式引入這個新類別，以確保來到 Eats 的食客找到他或她正在尋找的食物，同時也意識到，“哦，哇，看。我可以買藥房。我可以買雜貨。使用這個應用程序，我可以在 30、40 分鐘內獲得日常必需品”。

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.

這是一個與其他地方可用的用例非常不同的用例。這需要時間，但我想你已經看到了我們從 Rides 轉向 Eats 的證據，建立了這個大的 Eats 業務。我們將使用相同的精確學習來構建相鄰的類別。

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?

現在我們還收購了 Cornershop 的大部分股份，該公司一直是雜貨店——它一直專注於雜貨店，擁有一支優秀的創業團隊，在拉丁美洲建立了偉大的業務，將所有這些知識轉移到其他地方，因為它們是在拿取和包裝等方面的獨特學習，讓一個只專注於雜貨的團隊。因此，您已經擁有了同類最佳的解決方案，然後將這一同類最佳的解決方案介紹給我們擁有的數百萬騎手和食客，這是作為收購的一部分成為可能的一條捷徑。尼爾森，你想回答關於增長趨勢的第二個問題嗎？

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。因此，就增長趨勢而言，我們的地圖在第二季度同比增長 70%，並在 7 月份加速。第二季度的新食客增長了 50% 以上。我們看到籃子規模出現了兩位數的增長。如果您考慮居家訂單，我們是 - 推動我們提高接受率的原因之一就是更大的籃子尺寸。因此，我們看到了良好的趨勢，甚至在 7 月也看到了良好的趨勢。

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

您的下一個問題來自 RBC 的 Mark Mahaney。

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 Rides 用例以及您在這些用例中看到的恢復情況。我看到了你關於工作日通勤、香港、新西蘭和其他市場的社交機場的幻燈片。你認為這通常代表你能看到的嗎？而且我想我想 - 我想要得到的是，當我們在家裡經歷一種結構性的變化時，有可能我們在結構上只會有更少的工作通勤。但是，請對此發表評論-解決該風險。

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.

在接下來的幾年裡，您的這部分業務將在結構上承受壓力，因為我們只是減少了通勤時間。然後，到目前為止，您所看到的支持或反駁的數據表明通勤乘車可以迅速恢復。

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。我們一直在拼命尋找趨勢來確定未來與過去不同的方式，坦率地說，我們還沒有想出任何方法。於是工作日又回來了。工作日通勤又回來了。在其中幾個市場，香港、新西蘭、瑞典的工作日通勤已經 - 已經在某些點上高於 COVID 之前的高點。因此，儘管“待在家裡”的假設是一個強有力的假設，但它在科技走廊中尤其強烈。

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，隨著城市的開放，人們就會重新開始工作，這是我們目前可以辨別的唯一模式。我們談到旅行繼續疲軟，儘管即使在法國旅行，機場旅行看起來也正在反彈。我們將密切關注此事。

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，我們很想看看人們是否不會像過去那樣頻繁地通勤。我的信念是，如果他們從大城市搬到小城市，那麼我們將擴展到小城市。如果他們不去上班，人們就會走出家門，而優步將成為一個穩定的公用事業公司，一種讓人們無需支付數千美元買車就能獲得機動性的一致方式並將成為人們生活中不斷增加和改善的用例。

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.

它可能會按地方改變確切的用例，但我們現在還沒有看到任何跡象表明會對業務造成任何形式的永久性損害。我會說，相反，基於一些已經恢復並開放的市場，我們已經看到業務反彈。

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

您的下一個問題來自美國銀行的 Justin Post。

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，尼爾森，也許你可以幫助我們了解盈利的交付市場和整體業務之間的差異，利潤率下降了 26%。競爭中最大的區別是什麼？還是只是市場的成熟？

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.

然後第二個，也許你可以給我們，加利福尼亞——這可能是為了 Dara，AB5 立法，法院更新，以及你如何看待投票倡議的推出和廣告，以及你認為它如何在這裡推出接下來的3個月。

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.

Justin，我先開始，然後 Dara 將回答第二個問題。確實，我們已經看到整個交付空間的改進，您在我們的前期評論中聽到了它，您在新聞稿中看到了它。如果您考慮一下哪些市場表現非常好，我們擁有非常強大的市場地位。這是一個確實有非常高的 3P 業務傾向的市場，並且接受率很高。這真的很簡單。

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.

我們在經營業務和提高效率方面做得更好。所以我們看到了這種情況，我們甚至在印度也聽到了，你知道在過去的電話中我們會因為它的挑戰性而大聲疾呼。即使在今天的印度這樣的市場中，從我們對 Zomato 的投資中可以看出，單位經濟正在改善。

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.

所以我認為你現在看到的，至少在這個 COVID 世界裡，利潤率正在提高。有更多的依賴。還有更多的留在家裡。有更多的小企業，它確實推動了更好的單位經濟，因為籃子規模提高了接受率。再一次，我們相信，隨著我們繼續這樣做，我們將進入某些市場。我們努力發展並利用增長，你會看到我們正在取得的巨大增長。但我們對未來幾年該業務的盈利路徑充滿信心。

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.

然後就 AB5 提案 22 而言，聽著，我認為 22 號提案對我們的意義在於我們確實認為有更好的方法。在我們的平台或 Lyft 或快遞公司等上開車的絕大多數司機都是兼職司機，他們不想成為員工，並重視他們使用我們平台所獲得的靈活性。我們認為，我們通過 Prop 22 提供的東西是兩全其美的，這是使用像我們這樣的平台的絕大多數司機想要的靈活性，以及保護——社會保護、工資保護、醫療保健等等，我們現在認為這是對社會的一種期望，完全適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.

因此，當我們查看 Prop 22 時，它在世界上都是有意義的。這實際上是司機想要的。我們已經有超過 75,000 名司機支持這項活動。再一次，以 4:1 的比例，司機更願意保持獨立，所以我們認為這在世界上都是有意義的。

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.

現在投票倡議正在發生變化。我們認為我們得到了一個很好的信息。我們在社區中也有非常棒的支持者，他們真正關心司機、工會和政治。他們實際上正在考慮駕駛員和安全的需求和需求——乘客安全、價格、可用性、大範圍城市的流動性。而且我們認為這是一個更好的位置，就選票活動而言，我們對自己的位置充滿信心。

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，將由司法機構來確定 AB5 是否適用於我們。我們對業務模式進行了重大改變。車手直接付錢給司機。司機在決定接車或不接車之前，對乘車有充分的了解。司機可以自行定價。我們甚至有一個產品，司機的訂閱產品，他們可以從我們這裡購買訂閱並獲得大量潛在客戶。本質上，該司機隨後獲得了潛在客戶並獲得了他們提供的任何乘車服務的 100% 的付款，他們可以接受或不接受乘車服務。這完全取決於他們。我們基本上沒有交易。我們是訂閱者——或者訂閱提供商會引導這些驅動程序。

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.

所以我們認為我們在第 22 號提案方面有一條很好的道路。我們還認為我們有一個非常強大的立場，這是基於事實以及我們如何在法庭上改變我們的產品。時間會證明立法機關或選民和法院是否同意我們的立場。

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?

偉大的。也許是一個後續。關於加利福尼亞的市場份額情況，是否有一些變化——我知道我們在上次電話會議中談到了它，可能影響了上個季度的美國市場份額？

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.

我們認為其中一些變化是不利的，因為它與我們在加利福尼亞的市場份額有關。例如，在某些情況下，司機的接受率會下降，因為司機不想在某個區域接他們或讓某人下車。因此，我們確實認為我們在加利福尼亞的類別地位確實因這些變化而受到損害。現在成交量下降了。所以它對我們的整體旅行量沒有顯著影響。當我們在美國全國范圍內查看我們的類別位置時，自 1 月份以來非常平穩。沒有顯著變化。

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

您的下一個問題來自於 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.

幾個問題。首先，您能否讓我們了解一下您對美國市場競爭環境的展望，因為您將 Postmates 加入進來並增加新服務，同時也看到競爭對手可能有相當多的資金可以部署在積極的激勵措施中在美國？我只是對您關於恢復 Rides 獎勵的評論感到好奇。您如何看待未來幾年美國的激勵環境？之後我會進行後續跟進。

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，我將從 Rides 開始，我將在交付時完成。聽著，我認為在遊樂設施市場上，我們所看到的——我們所看到的以及與競爭環境相關的模式是我們自己，我們最大的競爭對手，已經從專注於購買或建立份額的激勵轉變為品類定位向注重服務、注重品牌、注重技術確立品類定位。

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.

我們認為這是健康的競爭，我們喜歡我們的地位，因為它與品牌和服務以及我們的技術可以提供什麼樣的服務有關。我不指望它會改變。我確實認為，在美國復甦的早期階段，我們看到的平衡驅動因素比世界其他地方少。這可能與失業檢查有關。因此，我們將向市場投放一些激勵措施。

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.

Nelson 談到了移動領域第三季度與第二季度的收入利潤率趨勢。那是因為我們打算稍微傾斜一點，以確保我們在美國市場擁有合適的流動性。再次在美國的競爭地位之外，有一些突發事件，但我們非常有信心。總體而言，您會在第一季度看到我們的移動盈利能力。即使在一個非常艱難的季度，我們認為我們的盈利狀況將在第二季度、第三季度和第四季度有所改善。我們沒有看到 - 第三季度，第四季度。我們在那裡看不到任何變化。

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.

就配送領域而言，美國是一個競爭非常激烈的市場。顯然，你有 DoorDash，你有 Grubhub，但你有亞馬遜在市場上。你有雜貨玩家，等等。這是一個廣闊的市場。我們不把它定義為食物。正如我在準備好的講話中所說，我們真的在考慮整體本地商業，我們看到了很多競爭。而且，我們看到了一個非常大的類別，一個歷史性的需求浪潮在我們身後。我們認為，在競爭激烈的環境中，我們可以在未來擁有建設性的利潤率。

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。然後只是對此進行快速跟進。我的意思是，僅看看額外的司機激勵措施，他們在本季度略有上升，儘管很明顯，你的收入增長非常強勁。您能否向我們介紹一下您對低價值本地交付的過度司機激勵的思考方式，並在與這些交付相匹配並在短時間內仍然可用的能力之間取得平衡？為背景中的狗吠聲道歉。

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

不用擔心。尼爾森，你想和那個談談嗎？

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。所以看，我認為，如您所知，您從頂線看到我們的頂線增長巨大，並且您看到我之前查看過統計數據。因此，絕對而言，您會看到這個數字上升也就不足為奇了。我們在全國其他地區的快遞效率方面做得更好。其中一些是商業模式的一點點變化。因此，我們已經進入了一些國家，並且已經看到了我們在快遞效率方面的好處。我們將繼續專注於推動這一目標並建立業務。

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.

我們不為下一次交貨管理業務。我們正在努力與我們的技術團隊合作，繼續讓我們更有效地進行批處理。但最終，我們希望確保為最終用戶提供最佳體驗。所以它 - 你會看到我們繼續創新，繼續努力。當我們查看 Postmates 時，這是一個領域，他們實際上——他們做得非常非常好。這就是——當我們看到他們在做什麼時，我們認為他們做得很好。因此，我認為您會看到我們在優化批處理和繼續提高快遞效率方面繼續做得更好。

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，有時當我們看到需求出現嚴重錯位時，這種錯位在 COVID 發生時是積極的，我們看到許多市場的需求大幅飆升。我們只是在可用的快遞員和網絡的可靠性方面難以趕上。所以在這種情況下，有時我們會採取激勵措施來彌補錯位。然後市場趨於開始進入某種平衡，然後你就可以開始降低激勵措施。

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.

因此，當我們查看快遞員激勵措施時，每筆交易的成本，現在我們更多了——現在我們看到了更多的平衡，現在更多的餐館加入了我們的服務，以便我們可以批量增加，我們看到快遞員的成本朝著建設性的方向前進。

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 和 Evercore ISI 的系列。

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?

偉大的。你們提到了在 2021 年的某個時候實現盈利。我只是想知道你需要看到什麼才能在實際調用季度時感到舒服？復甦上升的節奏是否更快？還是在縮小 EAP 方面的損失？

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，您能否談談您的餐廳組合以及在最近重新開業期間，SMB 餐廳在您的平台上的粘性如何？與此相關的是，我們應該如何考慮未來幾個季度的交付收入利潤率？

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.

所以我會開始，讓 Dara 處理這個問題的後半部分。因此，就我們的盈利之路和信心而言，這是許多不同的事情。我們相信我們有足夠的東西可供使用。你看到我們在第二季度採取了行動。您看到我們在核心業務方面縮小了公司的重點。歸根結底，明年哪個季度的最大推動因素實際上將是 COVID 復甦及其對我們移動業務的影響。

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.

所以我們有不同的情景，具體取決於發生的結果——市場是否復甦，但它會保持今天的水平，大約下跌 50 美元。它真的開始改善了嗎？比方說，它下降了 25%。它真的讓那本書降了 10 分嗎？還是真的回到了 2019 年？取決於復蘇來自何處，這將真正決定 21 年的時機。

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，隨著我們的知名度有所提高，似乎，尤其是在美國，過去幾週這裡的情況變得更加模糊不清。但隨之而來的是，我們將更好地了解我們認為哪個季度將獲得盈利。我們將繼續擴大和改善配送業務的經濟性。我們將繼續對其進行投資，但我們將繼續——那裡的投資。然後你看到我們採取了果斷的成本行動。因此，再次，我們將獲得更好的感覺，因為我們對 COVID 恢復有更好的感覺。

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。就餐廳粘性而言，我們確實在 4 月份看到了一些餐廳流失，坦率地說，這是因為一些餐廳經歷了令人難以置信的 - 不幸的是，其中一些基本上已經倒閉或關閉。從那時起，當您查看 5 月、6 月和 7 月時，我們看到世界各地的餐廳保留率非常非常高，真的是歷史最高水平。

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.

我認為我們在餐廳業務中所佔的比例要高得多。您可以看到我們在餐廳的總預訂金額同比顯著增加。我們正在推出餐廳可以使用的工具，無論他們是否想推出自己的網站。我們已經為餐廳經理引入了某種通知，以便他們可以——如果收到的訂單不被接受，等等，他們知道還有更多的生意等著他們。

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，我們與餐廳的參與度上升了，因此，我們餐廳服務的粘性真的接近歷史最高點，如果不是，那麼在任何時候。你問了第三個問題嗎？

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。考慮到有利的組合和向餐廳的轉移，接下來幾個季度的送貨業務的收入利潤率更接近。

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。我認為我們不想說每個季度，但你已經看到我們的錄取率一直在提高。我們認為採取利率路徑是一條積極的路徑。因此，我們看到了上漲，因為它與我們的採取率有關。我們談到了交付業務的淨收入利潤率和 15% 的長期收入利潤率，我們相信我們可以實現這些利潤率以及未來可能更高的利潤率。

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.

您應該注意到，從季節性來看，第四季度有 - 它對採取率施加了壓力。因此，按年計算，這將是第四季度的第四季度。與去年同期相比，趨勢將是 - 應該是積極的。但從第三季度到第四季度，第四季度通常會有一些季節性，因為它與收入利潤率有關。

Operator, could we take the last question, please?

接線員，我們可以回答最後一個問題嗎？

It looks like we're missing the last question.

看起來我們錯過了最後一個問題。

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.

好吧，大家。非常感謝您在第二季度加入我們。這是一個艱難的季度，但我為球隊的執行方式感到無比自豪。我認為我們在很大程度上改變了方向。我們採取了一些與成本有關的強硬措施。我們告別了我們的一些親密和親愛的同事，但我們已經確保了前進的道路。雖然我們無法預測恢復速度，但我們的業務在交付方面正朝著令人難以置信的積極方向發展。

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.

在流動性方面，我們正在看到各國正在反彈的反彈。我想我們已經一次又一次地向你證明，我們可以提供服務，而且當城市開放時，優步就會開放。

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.

我們對在非常非常艱難的環境中看到的未來充滿希望。這種充滿希望的期待一直存在。這一切之所以成為可能，是因為我們的員工以及奮戰在前線的司機和快遞員的辛勤工作。

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

非常非常感謝所有參與的人，感謝大家的加入。

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。感謝您的參與。您現在可以斷開連接。