優步 (UBER) 2020 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for calling today's Uber Technologies Q1 2020 Earnings Conference Call. (Operator Instructions)

大家下午好，感謝您致電今天的 Uber Technologies 2020 年第一季度收益電話會議。 （操作員說明）

I will now turn the call over to our first speaker, Emily Reuter with Investor Relations. Ma'am, please go ahead.

我現在將把電話轉給我們的第一位發言人，投資者關係部的 Emily Reuter。女士，請繼續。

Thank you, operator. Thank you for joining us today, and welcome to Uber Technologies' First 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.

謝謝你，接線員。感謝您今天加入我們，並歡迎參加 Uber Technologies 的 2020 年第一季度收益報告。在今天的電話會議上，我們有 Dara Khosrowshahi 和 Nelson Chai。我們還有 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. I'll remind you that these numbers are unaudited and may be subject to change.

在今天的電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。有關這些非 GAAP 措施的其他披露，包括 GAAP 與非 GAAP 措施的對賬，包含在新聞稿、補充幻燈片和我們向 SEC 提交的文件中，每一份文件都發佈到investor.uber.com。我會提醒您，這些數字未經審計，可能會發生變化。

Certain statements in 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 the press release we issued today as well as risks and uncertainties included in the section under the caption Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K filed with the SEC on March 2, 2020, and in any subsequent Form 10-Qs and Form 8-Ks filed with the SEC.

本演示文稿和本次電話會議中的某些陳述可能被視為前瞻性陳述。此類陳述可以通過相信、預期、打算和可能等術語來識別。您不應過分依賴前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異，我們不承擔更新我們今天所做的任何前瞻性陳述的任何義務。有關可能導致實際結果與前瞻性陳述產生重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及標題風險因素和管理層對財務的討論和分析部分中包含的風險和不確定性我們於 2020 年 3 月 2 日向 SEC 提交的 10-K 表格年度報告以及隨後向 SEC 提交的任何 10-Q 表格和 8-K 表格中的經營狀況和結果。

Following prepared remarks today, we will open the call for questions. For the remainder of this discussion, all growth rates reflect year-over-year growth unless otherwise noted.

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

With that, let me hand it over to Dara.

有了這個，讓我把它交給達拉。

Thanks, Emily, and thank you all for joining us today.

謝謝，艾米麗，謝謝大家今天加入我們。

It's been 7 weeks since I updated you last on the state of our business. In that time, there have been some hopeful signs. Cities are beginning to open up or at the very least, plan for recovery, early but promising results in clinical trials for potential treatments and vaccines; and perhaps most inspiring of all, global solidarity in support of those on the front lines. But there remains a lot unknown. Clear that the cities, states and countries will take action to reopen at different speeds and in different ways, and there's little consensus over the right way to do it.

自從我上次向您更新我們的業務狀況以來已經 7 週了。在那個時候，已經出現了一些希望的跡象。城市開始開放或至少計劃恢復，在潛在治療方法和疫苗的臨床試驗中取得早期但有希望的結果；也許最鼓舞人心的是全球團結一致支持前線人員。但還有很多未知數。很明顯，城市、州和國家將以不同的速度和不同的方式採取行動重新開放，而正確的做法幾乎沒有共識。

Given this backdrop, I want to tell you how I'm managing Uber, both through this crisis and for the long term. My objective is based on the old Wayne Gretzky quote, skate to where the puck is going, not to where it's been. For Uber, that means tight focus in 3 key areas. First, while we have a very strong balance sheet, it's my job to ensure that remains the case regardless of how fast or slow the recovery is. Accordingly, we're taking a hard look at our overall cost structure and our other bets to ensure our core business of Rides and Eats emerges stronger than ever. We significantly reduced our marketing incentive spend and deferred real estate CapEx for planned offices in Chicago, Dallas and Mexico City.

在這種背景下，我想告訴你我是如何在這場危機中和長期管理優步的。我的目標是基於韋恩·格雷茨基（Wayne Gretzky）的老名言，滑到冰球要去的地方，而不是過去的地方。對於優步來說，這意味著要密切關註三個關鍵領域。首先，雖然我們的資產負債表非常強勁，但我的工作是確保無論復甦多快或多慢都能保持這種狀況。因此，我們正在認真審視我們的整體成本結構和其他賭注，以確保我們的 Rides and Eats 核心業務比以往任何時候都更加強大。我們顯著減少了營銷激勵支出，並推遲了芝加哥、達拉斯和墨西哥城計劃辦公室的房地產資本支出。

Careem, our wholly owned subsidiary in the Middle East, took the difficult step of reducing its workforce by 31%. Yesterday, consistent with lower trip volumes and a hiring freeze, we announced a reduction in our customer support and recruiting teams by more than 3,700 employees. And this morning, we announced that we're merging our JUMP unit into Lime. With this deal, Uber customers will still have access to bikes and scooters through our app, resulting in annual EBITDA savings of $160 million in addition to meaningful CapEx savings,

我們在中東的全資子公司 Careem 採取了艱難的步驟，將員工人數減少了 31%。昨天，與旅行量減少和招聘凍結相一致，我們宣布將我們的客戶支持和招聘團隊裁減 3,700 多名員工。今天早上，我們宣布將 JUMP 部門併入 Lime。通過這筆交易，優步客戶仍然可以通過我們的應用程序使用自行車和踏板車，除了有意義的資本支出節省外，每年還能節省 1.6 億美元的 EBITDA，

Altogether, the actions we've taken and the actions we intend to take in the near future will result in a reduction of more than $1 billion in annualized fixed cost versus our Q4 plan. Reaching profitability as soon as possible remains a strategic priority for us. We believe the disruption caused by COVID-19 will impact our time line by a matter of quarters and not years.

總之，與我們的第四季度計劃相比，我們已經採取的行動以及我們打算在不久的將來採取的行動將導致年化固定成本減少超過 10 億美元。盡快實現盈利仍然是我們的戰略重點。我們認為，COVID-19 造成的中斷將對我們的時間線產生幾個季度而不是幾年的影響。

Second, at a time when our Rides business is down significantly due to shelter in place, our Eats business is surging. We've seen an enormous acceleration in demand since mid-March with 89% year-over-year gross bookings growth in April, excluding India. And just last week, Eats crossed the $25 billion gross bookings annual run rate. Additionally, there's been a tremendous increase in restaurant sign-ups, leading up to rapid improvement in selection in major markets like the U.S. as well as behavioral shifts, like the willingness of -- on the part of fine-dining establishments to sign up for delivery. We believe these trends are here to stay and will result in an expansion of the entire category.

其次，在我們的 Rides 業務因避難所而大幅下滑的時候，我們的 Eats 業務卻在飆升。自 3 月中旬以來，我們看到需求大幅加速，4 月份的總預訂量同比增長 89%，不包括印度。就在上週，Eats 的年總預訂量突破了 250 億美元。此外，餐廳註冊人數大幅增加，導緻美國等主要市場的選擇迅速改善，以及行為轉變，例如高級餐廳註冊的意願送貨。我們相信這些趨勢將繼續存在，並將導致整個類別的擴張。

Some of you will recall my commitment on our Q3 2019 call to invest aggressively only in markets where we're confident we can establish or defend a #1 or #2 position. Consistent with that strategy, on Monday, we announced Eats will exit 8 countries. This move will allow us to redouble our efforts in markets with larger long-term potential and higher returns like the U.S. Improving Eats margin and cost structure over time, just as we did with Rides, remains a key priority, and we're seeing improvements due to larger order sizes, improved courier efficiency and more efficient marketing and customer acquisition.

你們中的一些人會記得我在 2019 年第三季度電話會議上的承諾，即只在我們有信心可以建立或捍衛第一或第二位置的市場進行積極投資。與該戰略一致，週一，我們宣布 Eats 將退出 8 個國家/地區。這一舉措將使我們能夠在美國等具有更大長期潛力和更高回報的市場加倍努力。隨著時間的推移改善 Eats 的利潤率和成本結構，就像我們對 Rides 所做的那樣，仍然是一個關鍵優先事項，我們正在看到改進由於更大的訂單量、更高的快遞效率以及更有效的營銷和客戶獲取。

Finally, I want to talk about what we're seeing in our Rides business today. And I won't sugarcoat it. COVID-19 has had a dramatic impact on Rides, with the business down globally around 80% in April. Still, there are some green shoots driving restrained optimism. We've seen week-on-week growth globally for the past 3 weeks. This week is tracking to be our fourth consecutive week of growth. Last week, we saw 9% trip growth and 12% gross bookings growth globally week-on-week. We believe the U.S. is off the bottom. U.S. gross bookings were up last week by 12% overall week-on-week, including New York City up 14%, San Francisco up 8%, Los Angeles up 10% and Chicago up 11%. Perhaps more interestingly, gross bookings in large cities across Georgia and Texas, these are 2 states that have started opening up significantly, are up substantially from the bottom at 43% and 50%, respectively. Hong Kong is back to 70% of precrisis gross bookings levels. And in India, we began operating again in designated green and orange zones, which account for more than 80% of the country's 733 districts. In France, a survey of riders, who are active before COVID, shows 2/3 expect to take their next Uber ride within a month. 90% expect to do the same in less than 3 months, and 98% of all riders say they will take a trip again, suggesting pre-COVID usage will build back steadily.

最後，我想談談我們今天在遊樂設施業務中看到的情況。我不會粉飾它。 COVID-19 對 Rides 產生了巨大影響，4 月份全球業務下降了 80% 左右。儘管如此，仍有一些萌芽推動了克制的樂觀情緒。過去 3 週，我們在全球範圍內看到了環比增長。本周有望成為我們連續第四周的增長。上週，我們看到全球旅行周環比增長 9%，總預訂量增長 12%。我們認為美國已經跌入谷底。上周美國總預訂量周環比增長 12%，其中紐約市增長 14%，舊金山增長 8%，洛杉磯增長 10%，芝加哥增長 11%。或許更有趣的是，喬治亞州和得克薩斯州大城市的總預訂量（這兩個州已經開始大幅開放）分別從底部大幅上升，分別為 43% 和 50%。香港已恢復到危機前總預訂量的 70%。在印度，我們再次開始在指定的綠色和橙色區域開展業務，這些區域佔該國 733 個地區的 80% 以上。在法國，一項針對在 COVID 之前活躍的乘客的調查顯示，2/3 的人預計將在一個月內乘坐下一次優步。 90% 的人預計會在不到 3 個月的時間內做到這一點，98% 的乘客表示他們將再次出行，這表明 COVID 之前的使用量將穩步回升。

Nevertheless, it's very early days. Our expectation is that the recovery will vary geographically and will be nonlinear, meaning we'll see some markets in recovery while others temporarily retreat. As the only truly scale global player, we think this represents an advantage, both in terms of revenue coming in as well as operational insights we can apply across markets. To date, we've seen that the rebound is led by weekday 9 to 5 trips, including commute use cases. For reference, in 2019, 80% of our gross bookings were delivered from trips in a user's home city, meaning people traveled around their own communities, and 95% from trips in a user's home country. We expect that a recovery led primarily by community trips will open up exciting new prospects for Uber for Business as companies look to move their employees to and from offices as well as partnership opportunities with transit agencies to move essential workers. We're aggressively pursuing both and already working with MTA in New York to do the latter.

儘管如此，現在還為時過早。我們的預期是，復甦將因地域而異，並且是非線性的，這意味著我們將看到一些市場正在復蘇，而另一些則暫時回落。作為唯一真正具有規模的全球參與者，我們認為這代表了一種優勢，無論是在收入方面，還是在我們可以跨市場應用的運營洞察力方面。迄今為止，我們已經看到反彈是由工作日的 9 到 5 次旅行導致的，包括通勤用例。作為參考，在 2019 年，我們 80% 的總預訂量來自用戶本國城市的旅行，這意味著人們在自己的社區中旅行，95% 來自用戶本國的旅行。我們預計，主要由社區旅行帶動的複蘇將為 Uber for Business 開闢令人振奮的新前景，因為公司希望將員工往返於辦公室，以及與交通機構建立合作夥伴關係的機會來運送必要的工人。我們正在積極地追求兩者，並且已經與紐約的 MTA 合作完成後者。

Now a bit more on our Q1 performance. Our Rides business experienced strong momentum through February with year-over-year gross bookings growth of nearly 20% for the 2-month period, consistent with Q4 '19. As the lockdowns began to affect our business in mid-March, we experienced trip and gross bookings declines of nearly 40%. And despite this sudden deterioration, we're able to maintain strong Q1 take rate of 22.8% and Rides adjusted EBITDA margin of 23.5% of adjusted net revenue, clearly demonstrating the variable cost structure of our Rides business.

現在更多地了解我們的第一季度表現。到 2 月份，我們的遊樂設施業務發展勢頭強勁，2 個月期間的總預訂量同比增長近 20%，與 19 年第四季度一致。隨著 3 月中旬封鎖開始影響我們的業務，我們的旅行和總預訂量下降了近 40%。儘管這種情況突然惡化，但我們能夠保持強勁的第一季度接受率 22.8%，並且 Rides 調整後的 EBITDA 利潤率為調整後淨收入的 23.5%，清楚地表明了我們 Rides 業務的可變成本結構。

Our Rides focus has now turned to recovery, specifically on providing safe experience for drivers and riders as they start to move around their communities again. And as we publicly confirmed several days ago, we're working through plans to require drivers and riders to wear masks or face coverings when using Uber in certain countries, including the U.S. As a category leader, we intend to continue to set the standard for safety moving forward.

我們的 Rides 重點現在已轉向恢復，特別是為司機和乘客提供安全體驗，因為他們開始再次在社區中移動。正如我們幾天前公開證實的那樣，我們正在製定計劃，要求司機和乘客在包括美國在內的某些國家/地區使用優步時戴上口罩或面罩。作為類別領導者，我們打算繼續為安全前行。

As the Rides business recovers, we believe we have a structural advantage for a number of reasons. Rides-only players have been disproportionately impacted. While our Rides bookings were down 80% in April, our total company is only off about 40% helped significantly by Eats. Eats has also allowed us to maintain high engagement with our existing customers and to bring in new customers on to our platform. This positions us to have a faster recovery than rides-only players. We also have a profitable Rides business globally with many non-U.S. markets that are higher margin, allowing us to cross-subsidize as necessary. Our marketplace will also enter recovery from a position of strength since we have a larger rider and driver base. Importantly, many drivers have spent their time on Uber during this period because we've been able to offer them an alternative source of work in food delivery. Finally, we expect that shared rides will be less important in the near term. This was historically a sweet spot for our primary competitor in the U.S. with around a 50% category position on shared rides.

隨著遊樂設施業務的複蘇，出於多種原因，我們相信我們具有結構性優勢。僅乘坐遊樂設施的玩家受到了不成比例的影響。雖然我們的遊樂設施預訂量在 4 月份下降了 80%，但在 Eats 的顯著幫助下，我們的整個公司僅下降了約 40%。 Eats 還使我們能夠與現有客戶保持高度互動，並將新客戶引入我們的平台。這使我們比只騎車的玩家恢復得更快。我們還在全球範圍內擁有盈利的 Rides 業務，其中許多非美國市場的利潤率更高，這使我們能夠在必要時進行交叉補貼。由於我們擁有更大的騎手和司機基礎，我們的市場也將從強勢地位中恢復。重要的是，在此期間，許多司機都在 Uber 上度過了他們的時間，因為我們已經能夠為他們提供送餐的替代工作來源。最後，我們預計共享遊樂設施在短期內將不那麼重要。從歷史上看，這對於我們在美國的主要競爭對手來說是一個甜蜜點，在共享遊樂設施中佔據了大約 50% 的類別位置。

Now turning to Eats, which performed extremely well in Q1, generating $4.7 billion gross bookings, up 54% year-on-year and accelerating net revenue to 124% growth year-on-year while expanding take rate to 11.3% and significantly reducing EBITDA loss to $313 million.

現在轉向 Eats，它在第一季度表現非常出色，產生了 47 億美元的總預訂量，同比增長 54%，淨收入同比增長加速至 124%，同時將獲取率擴大至 11.3%，並顯著降低 EBITDA虧損3.13億美元。

In addition to our core Eats product, we're seeing strong demand for grocery and convenience items. Given that, we've accelerated our plans, launching partnerships with supermarket chains and convenience stores around the world, allowing them to sell a limited menu of everyday essentials via our restaurant platform. From early March levels, grocery and convenience gross bookings increased 117% over the same period while active storefronts increased 34%, including Carrefour, one of Europe's largest supermarket chains.

除了我們的核心 Eats 產品外，我們還看到對雜貨和便利商品的強勁需求。鑑於此，我們加快了我們的計劃，與世界各地的連鎖超市和便利店建立了合作夥伴關係，允許他們通過我們的餐廳平台銷售有限的日常必需品菜單。從 3 月初的水平來看，雜貨店和便利店的總預訂量在同一時期增加了 117%，而活躍的店面增加了 34%，其中包括歐洲最大的連鎖超市之一家樂福。

Finally, in the next few months, we expect to close our acquisition of Cornershop, one of the largest grocery delivery platforms in Latin America, with operations in Chile, Mexico, Brazil as well as Toronto. Given the expected stickiness of grocery post-COVID and our footprint in Lat Am, we look forward to closing this transaction soon and creating an integrated product across the Cornershop, Uber and Uber Eats apps.

最後，在接下來的幾個月中，我們預計將完成對 Cornershop 的收購，Cornershop 是拉丁美洲最大的雜貨配送平台之一，在智利、墨西哥、巴西和多倫多都有業務。鑑於 COVID 後雜貨店的預期粘性以及我們在拉丁美洲的足跡，我們期待盡快完成這筆交易，並在 Cornershop、Uber 和 Uber Eats 應用程序中創建一個集成產品。

While no one could have predicted the swift and intense impact that COVID would have had on our lives and our business, I'm incredibly proud of the quick and decisive action our team has taken to respond to the ever-changing environment.

雖然沒有人能預料到 COVID 會對我們的生活和業務產生如此迅速而強烈的影響，但我為我們的團隊為應對不斷變化的環境而採取的迅速而果斷的行動感到無比自豪。

And now over to Nelson for more details on the numbers.

現在請納爾遜了解有關數字的更多詳細信息。

Thanks, Dara.

謝謝，達拉。

Now on to the GAAP results for Q1 2020 with comparisons year-over-year, unless otherwise noted. Our GAAP revenue of $3.5 billion was up 14%. GAAP cost of revenues, excluding D&A, of $1.8 billion decreased to 50% from 54% of revenue in Q1 of 2019. GAAP EPS was a loss of $1.70 and compares to a loss of $2.23 in Q1 of 2019. For the remainder of the call, unless otherwise noted, I will discuss key operational metrics as well as non-GAAP financial measures excluding pro forma adjustments such as stock-based compensation.

除非另有說明，否則現在是 2020 年第一季度的 GAAP 結果，並進行了同比比較。我們的 GAAP 收入為 35 億美元，增長了 14%。不包括 D&A 的 GAAP 收入成本為 18 億美元，從 2019 年第一季度佔收入的 54% 下降至 50%。GAAP 每股收益虧損 1.70 美元，而 2019 年第一季度虧損 2.23 美元。對於電話會議的剩餘時間，除非另有說明，否則我將討論關鍵運營指標以及非 GAAP 財務指標，不包括基於股票的薪酬等備考調整。

Our total global trips of 1.7 billion grew 7%. Global trips were driven primarily by growth in Eats, particularly in EMEA and Latin America. MAPCs were 103 million, up 11%. As a reminder, our MAPCs are calculated as an average during the 3 months of the quarter, and March was heavily impacted by the pandemic.

我們的全球旅行總數為 17 億人次，增長了 7%。全球旅行主要是由 Eats 的增長推動的，尤其是在 EMEA 和拉丁美洲。 MAPC為1.03億，增長11%。提醒一下，我們的 MAPC 是按本季度 3 個月的平均值計算的，而 3 月份受到大流行的嚴重影響。

Total company gross bookings of $15.8 billion grew 8% or 10% on a constant currency basis. Adjusted net revenue, or ANR, was $3.3 billion, up 19% on a constant currency basis. Our ANR take rate was 20.6% of gross bookings, up 180 basis points as both Rides and Eats improved take rates.

按固定匯率計算，公司總預訂額為 158 億美元，增長 8% 或 10%。調整後的淨收入（ANR）為 33 億美元，按固定匯率計算增長 19%。我們的 ANR 接受率為總預訂量的 20.6%，上升了 180 個基點，因為 Rides 和 Eats 都提高了接受率。

Non-GAAP cost of revenues, excluding D&A, decreased to 46% from 50% of ANR. Insurance and payments as a percent of ANR improved quarter-over-quarter and year-over-year.

不包括 D&A 的非 GAAP 收入成本從 ANR 的 50% 降至 46%。保險和支付佔 ANR 的百分比環比和同比均有所改善。

Turning now to non-GAAP operating expenses. Operations and support decreased year-over-year to 15% from 16% of adjusted net revenue, reflecting continued Rides support efficiency improvements, partially offset by a mix shift to Eats, where we are making progress automating customer support but where contact rates remained higher than Rides.

現在轉向非公認會計原則的運營費用。運營和支持從調整後淨收入的 16% 同比下降至 15%，反映了持續的 Rides 支持效率提高，部分被混合轉移到 Eats 所抵消，我們在自動化客戶支持方面取得了進展，但聯繫率仍然較高比遊樂設施。

Sales and marketing decreased to 26% from 36% of adjusted net revenue versus Q1 2019. This decrease is primarily due to lower marketing and promotion spend, particularly in Rides. R&D remained flat at 15% of adjusted net revenue. G&A increased to 18% from 15% of ANR versus the year ago quarter. Quarter-over-quarter, our spend remained relatively flat but increased as a percentage of adjusted net revenue due to the top line pressure of COVID-19. Our Q1 2020 total adjusted EBITDA loss of $612 million was a $257 million improvement year-over-year.

與 2019 年第一季度相比，銷售和營銷佔調整後淨收入的 36% 下降至 26%。這一下降主要是由於營銷和促銷支出減少，尤其是在遊樂設施方面。研發佔調整後淨收入的 15% 持平。與去年同期相比，G&A 從 ANR 的 15% 增加到 18%。與上一季度相比，我們的支出保持相對平穩，但由於 COVID-19 的收入壓力，佔調整後淨收入的百分比有所增加。我們 2020 年第一季度的總調整後 EBITDA 虧損為 6.12 億美元，同比增長 2.57 億美元。

Now I'll provide additional detail on our segments. Rides gross bookings of $10.9 billion declined 3% on a constant currency basis led by the U.S. due to the COVID-19 impact taking hold in March, offset by positive growth in Latin America and EMEA. Rides ANR of $2.5 billion grew 6% on a constant currency basis with take rate of 22.8%, which improved both year-over-year and quarter-over-quarter due to rationalization of incentive spend, mainly in the U.S. Importantly, global Rides gross bookings and ANR on a constant currency basis and excluding shared rides were growing in the mid-20% and high-20%, respectively, during the months of January and February. Rides adjusted EBITDA of $581 million or 23.5% of ANR. In the months January and February, Rides was producing a record 30% adjusted EBITDA margin.

現在，我將提供有關我們細分市場的更多詳細信息。由於 3 月份 COVID-19 的影響，以美國為首的固定貨幣基礎上，109 億美元的乘車總預訂量下降了 3%，但被拉丁美洲和歐洲、中東和非洲地區的正增長所抵消。 Rides ANR 為 25 億美元，按固定匯率計算，增長 6%，採用率為 22.8%，由於激勵支出的合理化（主要在美國），同比和環比均有所改善。重要的是，全球 Rides 總收入在 1 月和 2 月期間，按固定匯率計算且不包括拼車的預訂量和 ANR 分別增長了 20% 和 20% 左右。 Rides 調整後的 EBITDA 為 5.81 億美元或 ANR 的 23.5%。在 1 月和 2 月，Rides 的調整後 EBITDA 利潤率達到創紀錄的 30%。

Eats gross bookings of $4.7 billion grew 54% on a constant currency basis driven by continued tailwinds from stay-at-home orders in the U.S. and international markets. Eats ANR of $527 million, up 124% on a constant currency basis due to a mix shift towards small and medium-sized restaurants driving higher basket sizes, coupled with courier payment efficiencies, mainly in the U.S. Excluding Eats India, which we divested to Zomato in January of this year, Eats take rate was 11.6%. This represents a significant 150 basis point improvement quarter-on-quarter, which puts us well on our path to achieving our 15% long-term take rate target. Importantly, we are confident these take rate improvements are structural improvements.

在美國和國際市場居家訂單的持續推動下，Eats 的總預訂量為 47 億美元，按固定匯率計算增長了 54%。 Eats 的 ANR 為 5.27 億美元，按固定匯率計算增長 124%，原因是向中小型餐廳的混合轉變推動了更大的籃子規模，加上快遞支付效率，主要在美國，不包括我們剝離給 Zomato 的 Eats India今年 1 月，Eats 的取食率為 11.6%。這代表著季度環比顯著提高了 150 個基點，這使我們順利實現了 15% 的長期利率目標。重要的是，我們相信這些採用率的提高是結構性的改進。

Eats adjusted EBITDA loss was $313 million or negative 59.4% of ANR. That does represent a 50% or $148 million quarter-over-quarter improvement. Given this large improvement quarter-over-quarter, we expect Eats adjusted EBITDA losses in Q2 to be similar to Q1, which would be another year-over-year improvement despite Eats gross bookings likely coming in well above our plan. Furthermore, we expect adjusted EBITDA margins to continue to improve in Q3.

Eats 調整後的 EBITDA 虧損為 3.13 億美元，佔 ANR 的負 59.4%。這確實代表了 50% 或 1.48 億美元的季度環比增長。鑑於這一季度環比大幅改善，我們預計 Eats 第二季度調整後的 EBITDA 損失將與第一季度相似，儘管 Eats 的總預訂量可能遠高於我們的計劃，但這將是另一個同比改善。此外，我們預計調整後的 EBITDA 利潤率將在第三季度繼續改善。

Uber Freight grew ANR to $199 million and adjusted EBITDA loss of $64 million. Our Other Bets segment had ANR of $30 million and an adjusted EBITDA loss of $63 million. Of course, given the deal we announced today with Lime, the vast majority of these losses will move off of our P&L.

優步貨運將 ANR 增至 1.99 億美元，調整後的 EBITDA 虧損為 6400 萬美元。我們的其他投注部門的 ANR 為 3000 萬美元，調整後的 EBITDA 虧損為 6300 萬美元。當然，考慮到我們今天宣布與 Lime 達成的交易，這些損失中的絕大部分都將從我們的損益表中扣除。

ATG's adjusted net EBITDA was a loss of $108 million. And our Q1 2020 corporate G&A and platform R&D of $645 million, which represents the G&A and R&D not allocated to 1 of our 5 segments, increased 14%. In terms of liquidity, we ended the quarter with approximately $9 billion in cash and cash equivalents and short-term investments with access to over $2 billion from our revolver. Since then, we have paid $900 million of the $1.5 billion in Careem and Cornershop commitments for 2020 that we discussed on our March 19 call. We expect 2020 CapEx to be in the $550 million to $600 million range.

ATG 調整後的 EBITDA 淨額虧損 1.08 億美元。我們 2020 年第一季度的企業 G&A 和平台研發為 6.45 億美元，即未分配給我們 5 個部門中的 1 個部門的 G&A 和研發，增長了 14%。在流動性方面，我們在本季度末擁有大約 90 億美元的現金和現金等價物以及短期投資，從我們的左輪手槍中獲得了超過 20 億美元。從那時起，我們已經支付了我們在 3 月 19 日電話會議上討論的 2020 年 15 億美元的 Careem 和 Cornershop 承諾中的 9 億美元。我們預計 2020 年資本支出將在 5.5 億美元至 6 億美元之間。

In January and February, we produced a Rides segment EBITDA margin of 30% of ANR, a 22% year-over-year improvement over Q1 2019's margin of 8%, by focusing on efficiency and cost savings across the Rides P&L. In Eats, we continue to make progress demonstrated by our quarter-over-quarter segment EBITDA margin improvement of 46% as a percentage of ANR. We will continue to make progress towards our Eats long-term profitability targets.

在 1 月和 2 月，我們通過專注於整個 Rides P&L 的效率和成本節約，使 Rides 部門的 EBITDA 利潤率為 ANR 的 30%，比 2019 年第一季度的 8% 利潤率同比提高 22%。在 Eats，我們繼續取得進展，我們的季度環比 EBITDA 利潤率提高了 46%，佔 ANR 的百分比。我們將繼續朝著我們的 Eats 長期盈利目標取得進展。

And finally, while a lot remains unknown, you can expect us to continue to focus on liquidity, exercise prudent financial discipline and take actions to maintain our position of strength. Our goal remains the same: returning growth to business and achieving profitability for all of our stakeholders, which we are now planning to achieve on an adjusted EBITDA basis on a quarterly basis in 2021.

最後，雖然還有很多未知數，但您可以期待我們繼續關注流動性，實行審慎的財務紀律並採取行動保持我們的實力地位。我們的目標保持不變：恢復業務增長並為我們所有的利益相關者實現盈利，我們現在計劃在 2021 年按季度調整後的 EBITDA 實現這些目標。

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

有了這個，現在我將提出問題。

All right. Operator, can we get started?

好的。接線員，我們可以開始了嗎？

(Operator Instructions) Our first question comes from Brian Nowak with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Just the first one, Dara, I wanted to kind of pick your brain a little bit on the way you think about new business opportunities and the way the business overall can emerge and change post-COVID and into '21. You talked a little bit about grocery and essentials. Maybe talk to us about other opportunities you see and other investments you need to make to really capitalize on those. Then the second one, just around safety for riders and drivers. Maybe talk to us about how you think about using technology and innovation to really improve the safety of the rides for everyone.

我有 2 個。只有第一個，達拉，我想稍微了解一下您對新商機的思考方式以及整個業務可以出現並改變後 COVID 和 21 年的方式。你談到了雜貨和必需品。也許與我們談談您看到的其他機會以及您需要進行的其他投資才能真正利用這些機會。然後是第二個，關於騎手和司機的安全。也許與我們談談您如何看待使用技術和創新來真正提高每個人的遊樂設施的安全性。

Sure, Brian. Absolutely. So in general, as far as new business goes, there is a silver lining to this unbelievably tragic COVID virus, which is the business that we have of Eats and the category in general just looks like it is going to be substantially increased and some would say by multiples. And we had already signed up an agreement to buy the majority of Cornershop, which is a very big grocery player in Lat Am as well. And so we know the grocery segment. We've got a great team from Cornershop who's working on grocery. And essentially, we're going to bring Cornershop in when that deal closes and hopefully give the Cornershop audience the significant kind of exposure that our Rides app and our Eats app brings on a global basis. We haven't closed yet, so we don't have specific plans, but you can imagine the opportunity there. So as far as new opportunity goes, the new opportunities aren't a stretch. The big opportunity that we thought Eats was just got bigger. You can see that from the acceleration of our Q1 growth rates, which actually beat our own internal plans, and Q2 growth rates are substantially increased. And then with grocery, we've already started with some essentials as it relates to Eats. We've got grocery coming in. And then we're developing some new services such as Uber Connect and Uber Direct where retailers can send packages and also we can send B2B packages as well. So when you put this all together, actually the core business and the opportunities in the core business look much bigger, and we don't have to look far for very substantial continuing growth going forward. That's how we look at it.

當然，布賴恩。絕對地。因此，總的來說，就新業務而言，這種令人難以置信的悲劇性 COVID 病毒有一線希望，這是我們擁有的 Eats 業務，總體而言，該類別看起來將大幅增加，有些會用倍數說。我們已經簽署了收購 Cornershop 大部分股份的協議，這也是拉丁美洲一家非常大的雜貨店。所以我們知道雜貨市場。我們有一支來自 Cornershop 的優秀團隊，他們在雜貨店工作。本質上，我們將在交易完成時引入 Cornershop，並希望讓 Cornershop 的觀眾在全球範圍內獲得我們的 Rides 應用程序和 Eats 應用程序帶來的重要曝光率。我們還沒有關閉，所以我們沒有具體的計劃，但你可以想像那裡的機會。因此，就新機會而言，新機會並非遙不可及。我們認為 Eats 的大機會變得更大了。你可以看到，從我們第一季度增長率的加速，這實際上超過了我們自己的內部計劃，第二季度的增長率大幅提高。然後是雜貨店，我們已經從與 Eats 相關的一些必需品開始。我們有雜貨店進來。然後我們正在開發一些新服務，例如 Uber Connect 和 Uber Direct，零售商可以在其中發送包裹，我們也可以發送 B2B 包裹。因此，當你把這一切放在一起時，實際上核心業務和核心業務中的機會看起來要大得多，而且我們不必為未來非常可觀的持續增長而期待太遠。這就是我們看待它的方式。

And then as far as safety for riders and drivers go, we have been leaders in safety. Safety has been an absolute priority at this company ever since I joined. We were leaders in terms of safety for riders and drivers previously. And now we're absolutely looking at, it's a combination of logistics and technology. We're shipping millions of PPE and masks, cleaning supplies, et cetera, to our drivers to make sure that, that first drive and the second and continuing drives that our riders take are safe and they feel safe. And we are looking at technologies, such as, for example, our selfie technology, where we make sure that the driver who has been -- who signed up is the actual driver who's driving. We can use that technology, for example, potentially, to make sure that the driver is wearing a mask where appropriate. So we're absolutely exploring technology. And you need a combination of technology, logistics and local know-how in order to operate safely at the kind of scale that we do on a global basis. So we absolutely believe we're going to be the leaders in defining the safety of this platform going forward.

然後就車手和司機的安全而言，我們一直是安全領域的領導者。自從我加入這家公司以來，安全一直是這家公司的絕對優先事項。以前，我們在車手和司機的安全方面處於領先地位。現在我們絕對在看，它是物流和技術的結合。我們正在向我們的司機運送數以百萬計的個人防護裝備和口罩、清潔用品等，以確保我們的車手進行的第一次駕駛和第二次以及繼續駕駛是安全的，他們感到安全。我們正在研究技術，例如，我們的自拍技術，我們確保已經註冊的司機是實際駕駛的司機。例如，我們可以潛在地使用該技術來確保駕駛員在適當的情況下佩戴口罩。所以我們絕對在探索技術。您需要結合技術、物流和當地專業知識，才能以我們在全球範圍內開展的規模安全運營。因此，我們絕對相信我們將成為定義該平台未來安全性的領導者。

Our next question comes from Justin Post with Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

Can you talk about market share trends for Rides in your bigger businesses, obviously, U.S., maybe Mexico and London, what you're seeing there? And are there opportunities for you to take some share here in this environment? And then with travel, I know it's an important topic, airport trips. Can you talk about how important they are, just remind us on bookings and then how important they are for profitability?

您能否談談您的大型業務中 Rides 的市場份額趨勢，顯然是美國，也許是墨西哥和倫敦，您在那裡看到了什麼？在這種環境下，你有機會在這里分享嗎？然後是旅行，我知道這是一個重要的話題，機場旅行。你能談談它們有多重要嗎？只是提醒我們預訂，然後它們對盈利能力有多重要？

Sure. In terms of share dynamics -- and then Nelson will take the airport question. In terms of share dynamics, we did see early on, in this year, we made certain adjustments to our model in California to really solidify our position as a platform and solidify our position in terms of independent work, our drivers getting more information, the payments going directly to drivers, et cetera. And that did result in some loss in category position in California markets. We haven't seen substantial changes since. And frankly, with the business being down so much, the data is pretty sparse. In Mexico and the U.K., nothing -- I'd say the share, in general, has been pretty stable. There's lots of competitors out there, multiple competitors in both -- in the U.K. and in Mexico. But share trends and, I would say, the aggressiveness of promotions, et cetera, were pretty stable going into COVID. We haven't seen things change significantly during this period. And I think some of you may have heard our competitors saying, in general, kind of promotions are down. Couponing is down. And I think a lot of competitors are focused more on profitability. So we don't see much remarkable. Coming out of this crisis, we do think we have an advantage because we are engaged with customers and millions and millions of eaters today. That engagement is substantial. With grocery and other products, we're going to increase that engagement. Already with our drivers, for example, about 40% of our drivers who were active with Rides have been cross-dispatched to Eats in the month of April, which is an all-time high. So the engagement that we have gives us a structural advantage coming back from the crisis without having to spend a bunch of capital buying our way into category position, so to speak.

當然。在股票動態方面——然後尼爾森將回答機場問題。在份額動態方面，我們早些時候確實看到，今年，我們對我們在加利福尼亞的模式進行了一些調整，以真正鞏固我們作為平台的地位，鞏固我們在獨立工作方面的地位，我們的司機獲得更多信息，付款直接支付給司機等。這確實導致加州市場的品類地位有所下降。從那以後，我們還沒有看到實質性的變化。坦率地說，隨著業務大幅下滑，數據非常稀少。在墨西哥和英國，沒有什麼——我想說，總的來說，這個份額相當穩定。那裡有很多競爭對手，在英國和墨西哥都有多個競爭對手。但是分享趨勢，我想說，促銷活動的積極性等等，在進入 COVID 時非常穩定。在此期間，我們沒有看到情況發生顯著變化。我想你們中的一些人可能已經聽到我們的競爭對手說，總的來說，促銷活動減少了。優惠券下架了。而且我認為很多競爭對手更關注盈利能力。所以我們看不出有什麼了不起的。從這場危機中走出來，我們確實認為我們有優勢，因為我們今天與客戶和數以百萬計的食客互動。這種參與是實質性的。對於雜貨和其他產品，我們將增加這種參與度。例如，在我們的司機中，大約 40% 的活躍於 Rides 的司機在 4 月份被交叉派往 Eats，這是歷史最高水平。因此，我們的參與為我們提供了從危機中恢復過來的結構性優勢，而無需花費大量資金購買我們進入類別位置的方式，可以這麼說。

Nelson, you want to talk about airports?

尼爾森，你想談談機場嗎？

Yes. So Justin, airports are important to us. But as Dara said in his prepared remarks, 80% of our gross bookings are actually delivered from the user's home. So for us, airports are about 15% of our Rides gross bookings and about 16% of our Rides segment EBITDA. So it is important. And we do expect that, that recovery will take a little bit longer.

是的。賈斯汀，機場對我們很重要。但正如 Dara 在他準備好的評論中所說，我們 80% 的總預訂量實際上是從用戶家中交付的。因此，對我們而言，機場約占我們遊樂設施總預訂量的 15%，約佔遊樂設施部門 EBITDA 的 16%。所以這很重要。我們確實預計，復甦將需要更長的時間。

Our next question comes from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Dara, you mentioned that Georgia and Texas cities are up 50% from the bottom. So I assume that means they're 20% of peak, now up to 30% of peak. Does that sound right? And how does the curve on the recovery in those open cities look compared to Hong Kong at the same stage? And do you think that this Hong Kong, now that they're back to 70%, are they taking share from public transportation? Any color on that would be great.

達拉，你提到喬治亞州和德克薩斯州的城市從底部上漲了 50%。所以我認為這意味著它們是峰值的 20%，現在達到峰值的 30%。聽起來對嗎？與同期香港相比，這些開放城市的複蘇曲線如何？你認為這個香港，現在他們已經回到了 70%，他們會從公共交通中分一杯羹嗎？上面的任何顏色都會很棒。

Yes. Ross, it's too soon to tell regarding the share from transportation. I'll start with Hong Kong. The recovery is uneven. We've had certain weeks where Hong Kong was down 40% from peak, 50% from peak. Now it's definitely getting better. So time -- so certainly, the passage of time seems to be pushing trends in the positive direction. I think it's too early to say whether or not there is share being taken from public transport. In talking to many of our U4B customers, they are expressing some consternation at bringing back their employees and using public transport. So I'd say from a conversational basis, from feedback that we're getting, especially from our U4B customers, it does seem like commute is going to be the use case that's going to lead. And I wouldn't be surprised if there's some share shift from transit. But it's too early to tell at this point. I will also say that we believe that we can help transit come back. We absolutely believe in partnerships with transit agencies. You've seen us put transit on our app, but more and more, we're offering services to transit, for example, during off hours for MTA between midnight and I think it's 5 a.m., during hours when it just doesn't make sense to run a transit system and/or they might want to clean. So I do think that we can be a part of the solution. As to how cities get to move again, I think we'll be one of the early movers. And we're certainly going to look to partner with transit going forward.

是的。羅斯，現在說交通方面的份額還為時過早。我先從香港說起。復甦是不平衡的。我們有幾個星期，香港從峰值下降了 40%，從峰值下降了 50%。現在肯定越來越好了。所以時間——當然，時間的流逝似乎正在將趨勢推向積極的方向。我認為現在說公共交通是否有份額還為時過早。在與我們的許多 U4B 客戶交談時，他們對帶回員工和使用公共交通工具表示有些驚愕。所以我想說，從對話的基礎上，從我們得到的反饋，特別是來自我們的 U4B 客戶的反饋來看，通勤似乎將成為引領的用例。如果交通運輸有一些份額轉移，我不會感到驚訝。但在這一點上說還為時過早。我還要說，我們相信我們可以幫助過境回來。我們絕對相信與運輸機構的合作夥伴關係。您已經看到我們在我們的應用程序中添加了過境服務，但我們越來越多地提供過境服務，例如，在 MTA 的下班時間從午夜到凌晨 5 點，在那些根本無法實現的時段感覺運行運輸系統和/或他們可能想要清潔。所以我確實認為我們可以成為解決方案的一部分。至於城市如何再次遷移，我認為我們將成為先行者之一。我們當然會尋求與未來的運輸合作。

As far as Georgia and Texas, Nelson, do you know the particulars as to whether or what percentage of peak they are? I mean, it's -- I'd say they're smaller markets, but the trends definitely look better. But Nelson, anything to add there?

至於喬治亞州和得克薩斯州，納爾遜，您是否知道它們是否達到峰值或達到峰值百分比的細節？我的意思是——我會說它們是較小的市場，但趨勢肯定看起來更好。但是尼爾森，有什麼要補充的嗎？

Yes. Yes. No, I don't, Dara. Maybe Emily can follow up.

是的。是的。不，我沒有，達拉。也許艾米麗可以跟進。

Our next question comes from Heath Terry with Goldman Sachs.

我們的下一個問題來自高盛的 Heath Terry。

Dara, obviously, you've made a lot of progress on this commitment to rationalizing markets where you're not #1, #2. Do you have any sense for your competitors that fall into that category, the markets where they're not #1, #2? To what degree you're seeing or expect to see sort of similar action out of them? Obviously, I know you're not in their head, but to the extent that -- using your gut and your industry knowledge, sort of what you expect to see on that front? And any sense of timing that you might have?

達拉，很明顯，你在實現市場合理化的承諾方面取得了很大進展，而你不是#1，#2。您對屬於該類別的競爭對手有什麼感覺嗎？他們不是第一、第二的市場？你在多大程度上看到或期望看到他們採取類似行動？顯然，我知道你不在他們的腦海中，但在某種程度上 - 使用你的直覺和你的行業知識，你期望在這方面看到什麼？你可能有什麼時間感？

Yes. Heath, from a macro standpoint, I would say rationalization both in the rides category and in the food category has been the name of the game. All of these competitors have been burning money for a long time. We're really unique in the rides category of scale in that we're global in rides, very, very profitable. Our EBITDA margins were running over 30% as a percentage of ANR in Jan-Feb. And I think in the Eats category, in the food category, you were seeing a bunch of consolidation. There's a bunch of consolidation happening on a global basis where bigger players can not only provide better service for restaurants and consumers, but can provide a better service kind of on an economic basis that is sustainable.

是的。希思，從宏觀的角度來看，我會說遊樂設施類別和食品類別的合理化一直是遊戲的名稱。所有這些競爭對手都燒錢很長時間了。我們在遊樂設施類別中確實是獨一無二的，因為我們在遊樂設施方面是全球性的，非常非常有利可圖。我們的 EBITDA 利潤率在 1 月至 2 月占 ANR 的百分比超過 30%。而且我認為在飲食類別中，在食品類別中，您會看到一堆整合。在全球範圍內發生了一系列整合，更大的參與者不僅可以為餐館和消費者提供更好的服務，而且可以在可持續的經濟基礎上提供更好的服務。

I do think there's a question which is, this food delivery grocery category just got a lot bigger. There's a ton of new customers coming to this category. And what we've seen with the category is -- the biggest challenge is kind of new customer acquisition. Then there's very high frequency, very high satisfaction of the product. So we think there's just kind of this booster in terms of the category. My instinct is that the commercial and the capital kind of rationalization is still going to continue. But it is a big category and big categories that just got bigger tend to attract some capital. So my instinct is, you'll see similar plays from other players. The markets seem to lack rationalization. And I think ultimately the markets are going to drive long-term behavior. But the category got bigger and capital chases the category. And certainly, growth is at a premium right now. So we'll see. It's hard to be absolutely predictive.

我確實認為有一個問題是，這個食品配送雜貨類別變得更大了。有大量新客戶來到這個類別。我們在該類別中看到的是 - 最大的挑戰是新客戶的獲取。然後是非常高的頻率，非常高的產品滿意度。所以我們認為就類別而言，這只是一種助推器。我的直覺是，商業和資本的合理化仍將繼續。但它是一個大品類，剛剛變大的大品類往往會吸引一些資本。所以我的直覺是，你會看到其他球員的類似比賽。市場似乎缺乏理性。我認為最終市場將推動長期行為。但是這個品類變得更大了，資本追逐這個品類。當然，目前的增長非常寶貴。所以我們拭目以待。很難完全預測。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Dara, you talked about the 40% of U.S. and Canada drivers who've cross-dispatched to Eats in April. How do you ensure their loyalty as you come out of the crisis? And then secondly, just wanted to ask you about your investments in ATG, what your thinking is there during this time.

Dara，你談到了 40% 的美國和加拿大司機在 4 月份交叉派往 Eats。當您擺脫危機時，您如何確保他們的忠誠度？其次，只是想問一下你對 ATG 的投資，這段時間你的想法是什麼。

Yes, Doug. And the loyalty of both our riders and drivers is based on the service that we provide them. And we want to make sure that our drivers feel safe. And I do think that in the recovery scenario, as these countries open up, our platform is going to be an incredibly important platform for people to start earning again. So I think if we bring the volume and we have a structural advantage in that, our volume with Rides is not only going to come back. And we don't know exactly how fast it's going to come back, but it's on the comeback trail. But having Eats just provides a structural advantage. And ultimately, it's about the service that takes care of them in terms of safety and then it's the ability to earn again during a time when the economic damage to a lot of folks in need has been very, very significant. And you also remember that we were consistently first in, for example, providing our drivers with help if they were diagnosed with COVID or they had to shelter at home. So I think we've consistently shown leadership. And we're there for them, and we're not going to stop them from working on any other platform or using any other platform. We're an open platform. But I think if we're consistent, we take care of them and we give them an opportunity to earn, I think we'll be just fine.

是的，道格。我們的乘客和司機的忠誠度都基於我們為他們提供的服務。我們希望確保我們的司機感到安全。而且我確實認為，在復甦的情況下，隨著這些國家的開放，我們的平台將成為人們重新開始賺錢的一個非常重要的平台。所以我認為，如果我們帶來銷量並且我們在這方面具有結構優勢，那麼我們的 Rides 銷量不僅會回來。而且我們不確切知道它會以多快的速度回來，但它正在捲土重來。但擁有 Eats 只是提供了結構性優勢。歸根結底，這是關於在安全方面照顧他們的服務，然後是在對許多需要幫助的人造成經濟損失非常、非常重大的時期再次賺錢的能力。而且您還記得，例如，如果我們的司機被診斷出患有新冠病毒或不得不在家中避難，我們始終是第一批為他們提供幫助的人。所以我認為我們一直表現出領導力。我們為他們服務，我們不會阻止他們在任何其他平台上工作或使用任何其他平台。我們是一個開放的平台。但我認為，如果我們保持一致，我們會照顧他們並給他們賺錢的機會，我認為我們會沒事的。

As far as our ATG investments, listen, I think this is, from a long-term standpoint, ATG has always been a long-term investment. You could hypothesize that some people are going to feel safer with a car that is driven by a robot than a person. Our job #1 is to make sure that they feel safe with a person driving. But the fundamental ATG technology, its relevance, the market size hasn't changed. That said, in a market like this where capital is dear and we bring discipline to everything that we do, we are asking every part of the company, that includes ATG, to make sure that every dollar you spend is a dollar that brings a return, and that's going to include the ATG group as well as other groups.

至於我們的 ATG 投資，聽我說，我認為從長期的角度來看，ATG 一直是一項長期投資。你可以假設，有些人駕駛由機器人駕駛的汽車會比人駕駛更安全。我們的工作 #1 是確保他們在有人駕駛時感到安全。但是基本的 ATG 技術、它的相關性、市場規模並沒有改變。也就是說，在這樣一個資本寶貴的市場中，我們對我們所做的每一件事都採取紀律，我們要求公司的每一部分，包括 ATG，確保你花的每一美元都是帶來回報的美元，這將包括 ATG 組以及其他組。

Our next question comes from Eric Sheridan with UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

Maybe a few on Eats. Dara, wanted to get your perspective, as more supply comes into the Eats business, what you're seeing from a competitive dynamic on either driving demand on the user side and how sort of a more level playing field the supply in some markets is playing out in terms of end-market demand and market share? And then what does that mean to the long-term profitability of Eats?

也許有幾個關於 Eats 的。 Dara，想了解您的觀點，隨著更多的供應進入 Eats 業務，您從競爭動態中看到了什麼，無論是推動用戶方面的需求，還是某些市場的供應正在發揮更公平的競爭環境在終端市場需求和市場份額方面？那麼這對 Eats 的長期盈利能力意味著什麼？

Sure, Eric. In terms of supply, we are absolutely improving on the supply front, both on absolute basis and relative to our competitors as well. We've signed up Chipotle. We signed up Shake Shack. We've got Dunkin' on our platform as well. So there are big brands that are coming on to our platform that creates more demand. And the more choice we have, the more restaurants we have available for search, we see conversion going up. So I think on the restaurant supply front, we are making progress. We are not satisfied. We think that there's significant progress to be made. And what's interesting is, we're seeing the kind of acceleration in growth rates that we're seeing in April and it continues in May, if anything, it's improving, despite my belief and I think the team's belief that we can do better on the supply front. So if I were to characterize our Eats business, we're not fully optimized on supply. We're still signing up a ton of restaurants. These restaurants need us and we want to make sure we're there for them. And right now, the trends in terms of supply look very, very good.

當然，埃里克。在供應方面，我們在供應方面絕對有所改善，無論是絕對基礎還是相對於我們的競爭對手。我們已經註冊了 Chipotle。我們註冊了 Shake Shack。我們的平台上也有 Dunkin'。因此，有大品牌進入我們的平台，創造了更多需求。我們擁有的選擇越多，可供搜索的餐廳就越多，轉化率就會上升。所以我認為在餐廳供應方面，我們正在取得進展。我們不滿意。我們認為需要取得重大進展。有趣的是，我們看到了我們在 4 月份看到的那種增長速度的加速，並且在 5 月份繼續，如果有的話，它正在改善，儘管我相信並且我認為團隊相信我們可以做得更好供應方面。因此，如果我要描述我們的外賣業務，我們並沒有完全優化供應。我們還在簽約大量的餐廳。這些餐廳需要我們，我們要確保我們為他們服務。現在，供應方面的趨勢看起來非常非常好。

Now I do think that the big brands and the national brands or the global brands are really important elements of our marketplace. I would make sure folks know that our small and medium restaurants still account for the vast majority of our volume and are a big part or going to continue to be a big part of our volume going forward. So the big brands are kind of great customer acquisition vehicles. They have terrific food quality. They're safe. They bring a lot of folks in, but small and medium businesses and restaurants continue to be a significant part of our business and our growth going forward.

現在我確實認為大品牌和民族品牌或全球品牌是我們市場的重要組成部分。我會確保人們知道，我們的中小型餐廳仍然占我們銷量的絕大部分，並且是或將繼續成為我們未來銷量的重要組成部分。所以大品牌是一種很好的客戶獲取工具。他們有很棒的食物質量。他們是安全的。他們帶來了很多人，但中小型企業和餐館仍然是我們業務和未來增長的重要組成部分。

In terms of the margins, revenue margins, you've seen the trends, and I think we can continue to improve revenue margins. This is about, generally, SMBs have higher margins. We are improving our courier efficiencies. The more demand we have, kind of the more concentration, we can have a market. We can batch more couriers. Couriers kind of carrying more than one package, et cetera. And in general, better technology can improve our revenue margin as far as utilization goes as well. So I do think that the take rate improvements that you have seen are going to continue, and we're quite confident of that.

就利潤率、收入利潤率而言，你已經看到了趨勢，我認為我們可以繼續提高利潤率。這大約是，一般來說，中小型企業的利潤率更高。我們正在提高我們的快遞效率。我們的需求越多，越集中，我們就有市場。我們可以分批更多的快遞員。快遞員攜帶不止一個包裹，等等。總的來說，就利用率而言，更好的技術也可以提高我們的利潤率。所以我確實認為你所看到的採取率的提高會繼續下去，我們對此很有信心。

The only thing I would add is that you continue to see us exit nonperforming countries like we did earlier this week and like we did in India. And so we're going to continue to optimize and work hard on our capital allocation model.

我唯一要補充的是，你會繼續看到我們退出表現不佳的國家，就像我們本週早些時候所做的那樣，就像我們在印度所做的那樣。因此，我們將繼續優化並努力建立我們的資本配置模型。

And just to give folks a little more character on SMBs. Our SMB gross bookings grew at 3x the pace of our non-SMB business from February to April. So SMB is growing really, really quickly. And our SMB self-service business grew at 70%, which is like 5x the pace of non-SMB businesses over the same period. So this is SMB structurally. One is, we're helping a lot of these restaurants stay in business during incredibly difficult times. So it's like we're doing good, but it's also structurally good for the business going forward.

只是為了讓人們在 SMB 上有更多的個性。從 2 月到 4 月，我們的 SMB 總預訂量增長速度是非 SMB 業務的 3 倍。因此，SMB 的增長非常非常快。我們的中小企業自助服務業務增長了 70%，是同期非中小企業業務增速的 5 倍。所以這在結構上是 SMB。一是，我們正在幫助許多這樣的餐廳在極其困難的時期繼續營業。所以這就像我們做得很好，但它在結構上對未來的業務也有好處。

Our next question comes from Mark Shmulik with Bernstein.

我們的下一個問題來自 Mark Shmulik 和 Bernstein。

A couple, if I may. The first, you shared the stat around 40% of drivers being able to move over and support the Eats business. Any color in terms of the demand side and the customers? How many of those Uber ridesharing folks are now adopting and trying Eats? And then anything around cost of acquisition that you could talk about would be great around any discount offers versus like pre-COVID levels. How much inbound demand are you seeing would be great. And then for my second question, look, it's always tough to make headcount reductions. It sounds like a lot of the folks have been in the recruiting and customer service departments. How much of that headcount kind of comes back as demand comes back? And then are there any incremental efficiencies you see here with kind of the new way of doing business?

如果可以的話，一對夫婦。首先，您分享了大約 40% 的司機能夠轉移並支持 Eats 業務的統計數據。就需求方和客戶而言，有什麼顏色嗎？現在有多少 Uber 拼車人員正在採用和嘗試 Eats？然後，您可以談論的任何與購置成本有關的任何折扣優惠都將比 COVID 之前的水平更好。你看到多少入境需求會很棒。然後對於我的第二個問題，看，裁員總是很困難的。聽起來很多人都在招聘和客戶服務部門工作。隨著需求的恢復，有多少員工人數會回來？然後，您是否在這裡看到了一種新的經商方式帶來的任何增量效率？

Yes. Absolutely. As far as demand side, I don't want to disclose any particulars, but we have been using the Rides platform and we're getting more and more effective in using the Rides platform to cross-promote into Eats. You'll see that in some of the designs of our Rides app, which is, they'll be right upfront Rides and Eats and other categories. For example, grocery could be another category. Transit could be another category. So on the product side, we're getting much better. And I'd say, we are in the early innings of continuing to cross-promote different kinds of services. This is also going to be possible on Eats, again, grocery and some of the neighboring services as well. So we have seen substantial pickup. A higher and higher percentage of our Rides customers are using Eats. And I think that we're generally in the early innings there. The one exception I would tell you is, there are certain markets in Europe, for example, where restaurants have closed so restaurant supply is well down. So on those markets, you don't see as much of the cross-pollinization.

是的。絕對地。至於需求方面，我不想透露任何細節，但我們一直在使用 Rides 平台，並且我們在使用 Rides 平台交叉推廣到 Eats 方面變得越來越有效。您會在我們的 Rides 應用程序的一些設計中看到這一點，也就是說，它們將直接出現在 Rides 和 Eats 以及其他類別中。例如，雜貨店可能是另一個類別。過境可能是另一個類別。所以在產品方面，我們變得更好了。我想說，我們正處於繼續交叉推廣不同類型服務的早期階段。這也將在 Eats、雜貨店和一些鄰近的服務上實現。因此，我們看到了大幅回升。越來越多的 Rides 客戶使用 Eats。而且我認為我們通常處於早期階段。我要告訴你的一個例外是，例如，在歐洲的某些市場，餐館已經關閉，因此餐館供應量大大減少。因此，在這些市場上，您不會看到太多的異花授粉。

As far as the cost of acquisition trends go, we're seeing actually pretty hopeful trends. There's always a trade-off between cost of acquisition and then the amount of volume that you can bring in. So you can keep the same cost of acquisition and push volume or you can optimize for acquisition costs. In general, we are happy with our cost of acquisition. We continue to improve our technology there, our tracking there. We still think we have improvement ahead of us. And in general, we think we can be in a place where we are pushing for volume at the same customer acquisition cost or less and be able to improve revenue margins and EBITDA margins overall on our Eats business. It's just we're in a very good place. The teams are executing well and the technology and the capabilities are getting better and better. If you look at Eats, for example, monthly active platform consumers are up 50% year-on-year since Q1 of '19. And I don't think anyone on the team would say that we are doing as well as we can or should on the customer acquisition front.

就收購趨勢的成本而言，我們實際上看到了非常有希望的趨勢。在獲取成本和您可以帶來的數量之間總是需要權衡取捨。因此，您可以保持相同的獲取成本和推動量，或者您可以優化獲取成本。總的來說，我們對我們的購置成本感到滿意。我們繼續在那裡改進我們的技術，在那裡我們的跟踪。我們仍然認為我們還有進步。總的來說，我們認為我們可以以相同或更低的客戶獲取成本推動銷量，並能夠提高我們外賣業務的整體收入利潤率和 EBITDA 利潤率。只是我們在一個非常好的地方。團隊執行得很好，技術和能力越來越好。以 Eats 為例，自 19 年第一季度以來，每月活躍的平台消費者同比增長 50%。而且我認為團隊中的任何人都不會說我們在客戶獲取方面做得很好。

Nelson, you want to talk about the headcount and how much comes from back end or how much comes back as demand comes back?

尼爾森，你想談談員工人數，有多少來自後端，或者有多少是隨著需求的回歸？

No, no. I would be happy to. So yes, we did make the move. And as everybody knows, those are tough decisions that have to be made. We do expect that as business continues to grow, I don't think you'll see us adding back at that same level. As you know, the company's been very much focused on efficiency and what we call contactless service. And we've been seeing good marks there. And so you'll see us continue. And then the only other thing I'd want to add is that, we're continuing to look across our business and our platform for more efficiencies. And so you should make sure that as you get off the call that you hear that. I think the deal that you saw today that we did with Lime as well is also a good proxy. The reality is, the world has changed, right? And so we don't know when the recovery is going to be. We think we're very well positioned today. It's incumbent upon us to make sure we come out of this even stronger and better positioned. It's not lost upon us. We are going to take the actions that we think are necessary, that we continue to strengthen our core Rides and Eats businesses, and there's no sacred cows. And so we are going to look at everything across the whole platform. And so that is something that is going on right now.

不，不。我很樂意。所以是的，我們確實採取了行動。眾所周知，這些都是必須做出的艱難決定。我們確實希望隨著業務的持續增長，我認為您不會看到我們在同一水平上重新增加。如您所知，該公司非常注重效率和我們所說的非接觸式服務。我們在那裡看到了很好的成績。所以你會看到我們繼續。然後我想補充的唯一另一件事是，我們將繼續審視我們的業務和我們的平台，以提高效率。因此，您應該確保在您下線時聽到您的聲音。我認為你今天看到的我們與 Lime 達成的交易也是一個很好的代理。現實是，世界已經變了，對吧？所以我們不知道什麼時候會恢復。我們認為我們今天處於非常有利的位置。我們有責任確保我們走出這個更強大和更好的位置。它並沒有丟失在我們身上。我們將採取我們認為必要的行動，繼續加強我們的核心 Rides and Eats 業務，並且沒有神聖的奶牛。因此，我們將查看整個平台上的所有內容。這就是現在正在發生的事情。

Our next question comes from Jason Helfstein with Oppenheimer.

我們的下一個問題來自 Jason Helfstein 和 Oppenheimer。

I had 2 questions, I guess. On Eats, it looks like you're coming from a lower take rate than your peers. There's probably some mix issues when we look at consolidated, but just talk about what that means. You're kind of coming from low to higher and a lot of them are going from higher to lower and kind of what that does with your positioning with the restaurants. And then has there been any discussions on, as cities try to deal with social distancing, particularly dense cities, is there things that you can do to work with them, et cetera, that could work out in your favor?

我有2個問題，我猜。在 Eats 上，您的錄取率似乎低於同齡人。當我們查看合併時，可能存在一些混合問題，但只是談談這意味著什麼。你有點從低到高，其中很多是從高到低，這與你在餐廳的定位有關。然後有沒有討論過，當城市試圖處理社會疏離，特別是人口密集的城市時，你可以做些什麼來與他們合作，等等，對你有利？

So I'll take the first one and Dara will take the second part of that. So in terms of the margins, it is very difficult to look across the different Eats companies and compare because, as you know, many of them are either single geography or just a few. And as you know, we're global. And so we operate in over 50 countries. And so it's very, very difficult. And so as you know, we've been taking the actions to improve our Eats profitability, including the actions we took earlier this week and took the actions we took in the beginning of the year when we took our India business and sold it into Zomato. And so it is very difficult to do that. If you look peer on peer, there are some places in some countries where we are over-indexed against some of the large chains. And so that will tend to drive down the take rates versus a competitor that is more SMB. But as you heard from Dara's commentary, we're seeing tremendous growth as we continue to build up our SMB businesses as well as our customers, as well as even some of the smaller, higher-end businesses that are signing up now as a result of COVID-19. And so that really is driving the take rate improvement that we're seeing and that we should continue to expect to see into the second and third quarter. We're seeing this. We're seeing higher basket sizes. We are taking some operational steps on courier efficiency. And this will all translate into us continuing to make progress against our longer-term Eats target margins.

所以我會拿第一個，Dara 會拿第二部分。因此，就利潤率而言，很難對不同的 Eats 公司進行比較和比較，因為如你所知，它們中的許多要么是單一的地理區域，要么只是少數幾個。如您所知，我們是全球性的。因此，我們在 50 多個國家/地區開展業務。所以這非常非常困難。如您所知，我們一直在採取行動來提高我們的 Eats 盈利能力，包括我們本週早些時候採取的行動以及我們在今年年初採取的行動，當時我們將印度業務出售給 Zomato .所以很難做到這一點。如果您在同行中尋找同行，在某些國家/地區的某些地方，我們對某些大型連鎖店的索引過度。因此，與更多是 SMB 的競爭對手相比，這往往會降低採用率。但正如您從 Dara 的評論中聽到的那樣，我們看到了巨大的增長，因為我們繼續建立我們的 SMB 業務以及我們的客戶，甚至一些現在正在簽約的小型高端企業COVID-19 的。因此，這確實推動了我們所看到的採取率的提高，我們應該繼續期待看到第二和第三季度。我們看到了這一點。我們看到更大的籃子尺寸。我們正在對快遞效率採取一些操作措施。這一切都將轉化為我們繼續在我們的長期 Eats 目標利潤率方面取得進展。

Dara, you want to cover the other part of the question?

達拉，你想回答問題的另一部分嗎？

Yes. Absolutely. I think as far as social distancing and working either with cities or states or countries, listen, we're going to be responsible. We want to be part of the solution and not part of the problem. And you've seen that, for example, with our app. When there was shelter in place and someone tried to use the Uber app, we make sure that they really needed to use the Uber app. We're now focused much more on PPE, making sure that our drivers have masks, shipping cleaning supplies, advising riders on the norms for them to ride as well because we want everyone to be safe. Riders wearing masks or encouraging them to wear masks, encouraging them to wash hands, et cetera.

是的。絕對地。我認為，就社會疏遠和與城市、州或國家合作而言，聽著，我們將負責。我們希望成為解決方案的一部分，而不是問題的一部分。例如，您已經在我們的應用程序中看到了這一點。當有庇護所並且有人嘗試使用優步應用程序時，我們會確保他們確實需要使用優步應用程序。我們現在更加關注個人防護裝備，確保我們的司機有口罩，運送清潔用品，並就他們的騎行規範向乘客提供建議，因為我們希望每個人都安全。騎手戴口罩或鼓勵他們戴口罩，鼓勵他們洗手等等。

So we're a very big platform. And as part of being a big platform, we're going to work with cities, states and our constituencies to make sure that we are helping educate the public so that we can have a return to kind of the life that we all love but also do so in a responsible way. And we're absolutely going to be part of that solution. And as far as transit goes, again, you can see some of the partnerships that we're striking with transit agencies. We are going to be there step by step and to be part again of turning these cities back on but making sure that we're turning them back on in a safe way.

所以我們是一個非常大的平台。作為一個大平台的一部分，我們將與城市、州和我們的選區合作，以確保我們正在幫助教育公眾，以便我們能夠回歸到我們都熱愛的生活，但也以負責任的方式這樣做。我們絕對會成為該解決方案的一部分。就交通而言，您可以再次看到我們與交通機構建立的一些合作夥伴關係。我們將一步一步地在那裡，並再次成為重新開啟這些城市的一部分，但要確保我們以安全的方式重新開啟它們。

Our next question comes from Mark Mahaney with RBC.

我們的下一個問題來自 RBC 的 Mark Mahaney。

I want to ask about the extent to which this crisis has catalyzed new businesses, opportunities for Uber. And Dara, I think you've talked about this a little bit in the past, but you've got this network built up and the extent of expanding it beyond Eats into more packages. And you're doing it for essential services, but are there other commercial opportunities? And is this the catalyst that breaks out that opportunity for you?

我想問一下這場危機在多大程度上催生了新業務，為優步帶來了機遇。 Dara，我想你過去已經談過一點了，但是你已經建立了這個網絡，並將其擴展到 Eats 之外的更多套餐。你這樣做是為了基本服務，但還有其他商業機會嗎？這是為你帶來這個機會的催化劑嗎？

Yes, Mark. I think in these times of crisis, you have to keep things simple. We have an incredible opportunity. It's not a new opportunity, but it just got a lot bigger. And it's called Eats. And we have Rides, which is the only global player, #1 in basically everywhere that we operate with margin. So we're going to focus on that core because that core is really, really strong. And we think those 2 together can work incredibly well. There is a really interesting opportunity for Uber Eats business to get into grocery, both organically and with our acquisition of Cornershop. And then with both Rides and Eats, we are going to absolutely work on package delivery because we just think it's going to be a much bigger part of retail in general going forward, and we can play our part. So the good news is that the growth opportunity is in the core and we already have global scale in the core and we have great business leaders, great technical leaders in that core as well. And we're going to focus on that right now.

是的，馬克。我認為在這些危機時期，您必須保持簡單。我們有一個難以置信的機會。這不是一個新的機會，但它變得更大了。它被稱為Eats。我們有 Rides，它是唯一的全球玩家，基本上在我們以利潤運營的所有地方都排名第一。所以我們將專注於那個核心，因為那個核心非常非常強大。我們認為這兩者一起可以工作得非常好。 Uber Eats 有一個非常有趣的機會進入雜貨店，無論是有機地還是我們收購 Cornershop。然後對於 Rides 和 Eats，我們絕對會致力於包裹遞送，因為我們認為這將成為未來零售業的一個更大的部分，我們可以發揮自己的作用。所以好消息是增長機會在核心，我們已經在核心擁有全球規模，我們在這個核心擁有出色的業務領導者和技術領導者。我們現在將重點關注這一點。

Our next question comes from Lloyd Walmsley with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lloyd Walmsley。

I just wanted to just get an update on some of the kind of Clavis markets and any progress you made pre-COVID. And then is there any change in how you think about those markets coming out of COVID that you can give us an update on?

我只是想了解一些 Clavis 市場的最新情況以及您在 COVID 之前取得的任何進展。然後，您對 COVID 帶來的那些市場的看法是否有任何變化，您可以向我們提供最新信息？

Yes. We were making strong progress on the Clavis markets. Germany was a great highlight and they're growing at triple digits essentially pre-COVID. Argentina was a very promising market for us that was growing quickly. I'd say that our Clavis markets, in general, were growing about 70% on a pre-COVID basis. There's no reason to think that structurally post-COVID anything is going to change. I think Germany has done a great job of opening up their market, so to speak. And as these markets open up, we're going to open up with them and we're going to do so in a safe way.

是的。我們在 Clavis 市場上取得了長足的進步。德國是一個很大的亮點，它們基本上以三位數的速度增長，這基本上是在 COVID 之前。阿根廷對我們來說是一個非常有前景的市場，而且發展迅速。我想說的是，總體而言，我們的 Clavis 市場在 COVID 之前的基礎上增長了約 70%。沒有理由認為在 COVID 之後的結構上會發生任何變化。我認為德國在開放市場方面做得很好，可以這麼說。隨著這些市場的開放，我們將與他們一起開放，我們將以安全的方式這樣做。

Our next question comes from Youssef Squali with SunTrust.

我們的下一個問題來自 SunTrust 的 Youssef Squali。

This is Nate Mitchell on for Youssef. Dara, you've alluded to this in some of your remarks, but curious if you could comment maybe more specifically on how this new environment changes your positioning with the TfL.

這是優素福的內特米切爾。達拉，你在一些評論中提到了這一點，但很好奇你能否更具體地評論一下這個新環境如何改變你在倫敦交通局的定位。

Yes. We don't think that there's going to be a significant change with the TfL. We're going to have our day in court. We're confident of the changes that we made to the service. We think that we are setting a bar for safety. We have been setting a bar for safety. And I think we're improving on our own bar for safety. And now with COVID, we're going to keep upping the ante, so to speak, in terms of safety. We have a great partnership with the National Health Service to help while people are in need of help. It's tough to tell as to whether COVID is going to delay things one way or the other, but I don't think it substantially changes the relationship and we are confident of our position. And I think that we'll have our day in court and we like our chances.

是的。我們認為 TfL 不會發生重大變化。我們將在法庭上度過我們的一天。我們對我們對服務所做的更改充滿信心。我們認為我們正在設置安全標準。我們一直在設置安全標準。而且我認為我們正在改進我們自己的安全標準。現在有了 COVID，我們將在安全方面繼續加大賭注。我們與國家衛生服務局建立了良好的合作夥伴關係，可以在人們需要幫助時提供幫助。很難說 COVID 是否會以一種或另一種方式推遲事情，但我認為這不會顯著改變這種關係，我們對我們的立場充滿信心。而且我認為我們會在法庭上度過我們的一天，我們喜歡我們的機會。

We have a question from John Blackledge with Cowen.

我們有一個來自 John Blackledge 和 Cowen 的問題。

Two questions. On Eats, do you think the level of growth in April is sustainable as we round through the year potentially given people's concerns about eating out and despite a looming bad macro environment? And then on grocery, with the pandemic, online grocery demand has seemingly been pulled forward a couple of years as you alluded to, Dara. How are you going to address grocery delivery in the U.S. just given existing platforms and deals they have with large grocers?

兩個問題。在 Eats 方面，您認為 4 月份的增長水平是否可持續，因為我們全年可能會考慮到人們對外出就餐的擔憂以及儘管宏觀環境迫在眉睫的惡劣環境？然後在雜貨店，隨著大流行，在線雜貨店的需求似乎已經向前推進了幾年，正如你所提到的，達拉。鑑於他們與大型雜貨店的現有平台和交易，您將如何解決美國的雜貨配送問題？

Yes. So in terms of the Eats growth and is it sustainable, listen, it's very difficult to predict what's happening in these markets. It certainly does seem to be sustainable over this period. If anything, the trends with Eats are getting better. And the trends that we described in April were trends during periods in which some big European markets in terms of restaurants, et cetera, were closed. So we're optimistic of trends in the category. And we think that the capability of the team is only improving as well. We're very happy with the execution that we see. So did the category just get much bigger? Yes. Did millions and millions of new customers essentially try out the category? Yes. And are we in a superior position to be one of those services that they try and then continue to engage with? Yes. So I think we're in a great position, but I think it'll be foolish to try to predict particulars in terms of growth rates. We are optimistic as it relates to Eats.

是的。因此，就 Eats 的增長而言，它是否可持續，聽著，很難預測這些市場正在發生什麼。在此期間，它似乎確實是可持續的。如果有的話，Eats 的趨勢正在變得更好。我們在 4 月份描述的趨勢是一些大型歐洲市場（如餐館等）關閉期間的趨勢。因此，我們對該類別的趨勢持樂觀態度。而且我們認為團隊的能力也只會提高。我們對我們看到的執行感到非常滿意。那麼這個類別變得更大了嗎？是的。數以百萬計的新客戶是否基本上嘗試過該類別？是的。我們是否處於優勢地位，可以成為他們嘗試並繼續參與的服務之一？是的。所以我認為我們處於一個很好的位置，但我認為試圖預測增長率方面的細節是愚蠢的。我們對 Eats 持樂觀態度。

In general, on the grocery side, Cornershop is our big play there. We've announced that acquisition. Cornershop is quite focused in Latin America. You know that we have a very big Rides business in Latin America. So Latin America can be not only a big market but also high-margin market as well. And I think in the U.S. right now just the category is so big that we think that there's going to be room for more than one player and we have very big scale in terms of audience. We're in many of these cities already. So we just have the infrastructure to be able to get started in these cities if we choose to get started in these cities in a very low-cost way versus someone kind of starting up in the category. We saw kind of very, very strong early signs from grocery just with essentials. And I do think it's something that can scale and we can be one of the scale players, but we're going to do so in a careful way. We're not going to buy our way into share. We're going to earn our way. And I think we're in a pretty good position to earn our way.

總的來說，在雜貨店方面，Cornershop 是我們在那裡的重頭戲。我們已經宣布了這次收購。 Cornershop 非常專注於拉丁美洲。你知道我們在拉丁美洲有一個非常大的遊樂設施業務。所以拉美不僅是一個大市場，也是一個高利潤的市場。而且我認為現在在美國，這個類別是如此之大，以至於我們認為會有不止一個玩家的空間，而且我們在觀眾方面擁有非常大的規模。我們已經在許多這樣的城市。因此，如果我們選擇以非常低成本的方式在這些城市起步，而不是在該類別中起步，我們就擁有能夠在這些城市起步的基礎設施。我們從雜貨店中看到了一種非常非常強烈的早期跡象，只有必需品。而且我確實認為這是可以擴展的東西，我們可以成為規模參與者之一，但我們將以謹慎的方式這樣做。我們不會買進股票的方式。我們要按自己的方式賺錢。而且我認為我們處於一個很好的位置來贏得我們的方式。

We have a question from Brian Fitzgerald with Wells Fargo.

我們有一個來自富國銀行的 Brian Fitzgerald 的問題。

So my question is around this. To what degree are you seeing franchises allocate national advertising budget and spend to yourselves and the food delivery industry as a means to advertise, shifting budgets, supporting the medium and the industry? Case in point, for context, McDonald's requires, I think, 4% or 5% of gross sales to be spent on advertising. So that is something that, I think, would subsidize you guys and support you guys. So that's my question.

所以我的問題是圍繞這個。您認為特許經營商在多大程度上將國家廣告預算和支出分配給您自己和食品配送行業，作為宣傳、轉移預算、支持媒體和行業的一種手段？舉個例子，就上下文而言，我認為麥當勞要求將總銷售額的 4% 或 5% 用於廣告。因此，我認為這會補貼你們並支持你們。所以這就是我的問題。

Yes. Brian, it's a good question. I think in general the category, it makes a lot of sense. I mean, the national players are smart. They're incredible marketers. I mean, they build these incredible brand. And you can expect them to allocate brand to where the growth is. So I would absolutely not be surprised to see a McDonald's or a Chipotle or other national brands focus their advertising more on delivery. I don't think it's a hard sell right now. And I think that it's going to benefit them and it's going to benefit the category as well. I do think that, for us, advertising in general on Eats especially is a pretty interesting category. When I was in the olden days, when I was running Expedia, advertising in travel turned out to be a very fast-growing category that was incredibly high margin. You've seen leading players like Amazon that have built product search and then built advertising on top of product search as well. And I think that we've got the same opportunity with Eats. So when we talk about the revenue margin opportunity for Eats, that's really a revenue margin opportunity for the pure play. And we think that there's an advertising opportunity with Eats as well. Just as you see endcaps in supermarkets, you could see endcaps in the Eats feed, for example.

是的。布賴恩，這是個好問題。我認為總的來說這個類別很有意義。我的意思是，國家球員很聰明。他們是令人難以置信的營銷人員。我的意思是，他們建立了這些令人難以置信的品牌。你可以期望他們將品牌分配到增長的地方。因此，如果看到麥當勞、Chipotle 或其他民族品牌將廣告更多地放在外賣上，我絕對不會感到驚訝。我不認為現在很難賣。而且我認為這將使他們受益，並且也將使該類別受益。我確實認為，對我們來說，特別是在 Eats 上做廣告是一個非常有趣的類別。當我在過去經營 Expedia 時，旅遊廣告被證明是一個非常快速增長的類別，而且利潤率非常高。您已經看到像亞馬遜這樣的領先企業已經建立了產品搜索，然後也在產品搜索之上建立了廣告。我認為我們在 Eats 上也有同樣的機會。因此，當我們談論 Eats 的利潤率機會時，這確實是純遊戲的利潤率機會。我們認為 Eats 也有廣告機會。例如，正如您在超市中看到 endcaps 一樣，您也可以在 Eats 提要中看到 endcaps。

So it's early, but we have seen this play run before. And we have an excellent engineering team who can build pretty fast. And we're quite optimistic as far as the advertising opportunity inside of the Eats product and then eventually, it might go to the Rides product as well.

所以現在還早，但我們以前看過這部戲。我們擁有一支優秀的工程團隊，他們可以快速構建。就 Eats 產品內部的廣告機會而言，我們非常樂觀，最終，它也可能會出現在 Rides 產品中。

So with that, I think that's it. I would like to thank everyone for joining us at this extraordinary time. So we appreciate the time. And again, I do want to thank everyone at Uber, all the employees. I think this has been a very, very tough time, but I think that we, as a company, have risen to the occasion. There's a lot of hard work ahead of us. But I know that as a company, we're more than up for it. So thank you very much for joining. We'll talk to you next quarter, and stay safe.

因此，我認為就是這樣。我要感謝大家在這個特殊的時刻加入我們。所以我們珍惜時間。再一次，我要感謝優步的每一個人，所有員工。我認為這是一個非常非常艱難的時期，但我認為，作為一家公司，我們已經挺身而出。有很多艱苦的工作擺在我們面前。但我知道，作為一家公司，我們不遺餘力。所以非常感謝你的加入。我們將在下個季度與您交談，並保持安全。

That does conclude the conference call. You may now disconnect.

這確實結束了電話會議。您現在可以斷開連接。