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)

各位下午好，感謝各位撥打今天的優步科技2020年第一季財報電話會議。 （操作說明）

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

現在我將把電話交給第一位發言人，投資者關係部的艾米麗·羅伊特女士。女士，請開始吧。

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.

謝謝接線生。感謝您今天加入我們，歡迎參加優步科技2020年第一季財報電話會議。今天參加會議的有達拉·科斯羅薩西和納爾遜·柴，還有肯特·斯科菲爾德，我是投資者關係團隊的艾米麗·羅伊特。

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

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

Certain statements in this presentation and on this call may be deemed to be forward-looking statements. Such statements can be identified by terms such as believe, expect, intend and may. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties included in the section under the caption Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K filed with the SEC on March 2, 2020, and in any subsequent Form 10-Qs and Form 8-Ks filed with the SEC.

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

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

在今天的演講結束後，我們將開放提問環節。除非另有說明，本次討論中所有成長率均指年增速。

With that, let me hand it over to Dara.

那麼，就讓我把麥克風交給達拉吧。

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

謝謝艾米莉，也謝謝各位今天蒞臨。

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.

距離我上次向您報告公司業務狀況已經過了七週。在此期間，出現了一些令人鼓舞的跡象。有些城市開始逐步開放，或至少在製定復甦計畫；潛在療法和疫苗的臨床試驗也取得了初步但令人鼓舞的成果；或許最令人振奮的是，全球團結一致，支持奮戰在一線的人們。但仍有許多未知數。顯然，各個城市、州和國家將以不同的速度和方式採取行動重新開放，而且對於正確的做法也鮮有共識。

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.

有鑑於此，我想和大家分享我如何管理優步，包括如何應對當前的危機以及長遠發展。我的目標源自於韋恩‧格雷茨基的名言：「滑向冰球將要到達的地方，而不是它已經到達的地方。」對優步而言，這意味著要專注於三個關鍵領域。首先，雖然我們擁有非常穩健的資產負債表，但我的職責是確保無論經濟復甦的速度快慢，這一優勢都能得以維持。因此，我們正在認真審視整體成本結構和其他投資，以確保我們的核心業務——出行和外賣——能夠比以往任何時候都更加強勁地復甦。我們大幅削減了行銷激勵支出，並推遲了在芝加哥、達拉斯和墨西哥城建造辦公大樓的房地產資本支出計畫。

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 採取了艱難的措施，裁員 31%。昨天，由於出行量下降和招聘凍結，我們宣布裁減客戶支援和招募團隊 3700 多名員工。今天上午，我們宣布將 JUMP 部門併入 Lime。透過這項交易，Uber 用戶仍可透過我們的應用程式使用自行車和滑板車，這將每年節省 1.6 億美元的 EBITDA，並大幅降低資本支出。

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.

總而言之，我們已採取的措施以及近期計劃採取的措施將使我們的年度固定成本將比第四季度計劃減少超過10億美元。盡快實現盈利仍然是我們的策略重點。我們相信，新冠疫情造成的干擾只會對我們的時間表產生幾季的影響，而不是幾年。

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，在我們出行業務因居家隔離而大幅下滑之際，我們的外送業務卻蓬勃發展。自3月中旬以來，我們看到需求出現了巨大的成長，4月（不包括印度）的總預訂量比去年同期增加了89%。就在上週，外送業務的年化總預訂量突破了250億美元大關。此外，餐廳註冊數量也大幅增加，這促使美國等主要市場的餐廳選擇迅速改善，同時也帶來了行為上的轉變，例如，一些高檔餐廳也更願意註冊外帶服務。我們相信這些趨勢將會持續下去，並將推動整個品類的擴張。

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.

各位可能還記得，我在2019年第三季財報電話會議上承諾，只會對那些我們有信心能夠確立或鞏固第一或第二地位的市場進行積極投資。秉承這項策略，我們於週一宣布外送業務將退出8個國家。此舉將使我們能夠加倍投入美國等具有更大長期潛力和更高回報的市場。正如我們之前對乘車服務所做的那樣，逐步改善外送業務的利潤率和成本結構仍然是我們的首要任務。目前，由於訂單規模擴大、配送效率提高以及行銷和客戶獲取效率提升，我們已經看到了一些改善。

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，我想談談我們目前在出行業務方面的情況。我不會粉飾太平。新冠疫情對旅遊業務造成了巨大衝擊，4月全球業務量下降了約80%。儘管如此，一些復甦跡象仍然令人保持謹慎樂觀。過去三週，我們全球業務量均實現了環比成長。本周有望成為連續第四周成長。上週，全球出行量和總預訂量較上季分別成長了9%和12%。我們認為美國市場已經觸底反彈。上週美國總預訂量較上季成長了12%，其中紐約市成長14%，舊金山成長8%，洛杉磯成長10%，芝加哥成長11%。更值得注意的是，喬治亞州和德州這兩個已經開始大規模開放的州，其大城市的總預訂量分別從谷底大幅回升了43%和50%。香港的訂單總量已恢復至疫情前水準的70%。在印度，我們已在指定的綠色和橙色區域恢復運營，這些區域覆蓋了該國733個行政區的80%以上。在法國，一項針對疫情前活躍乘客的調查顯示，三分之二的乘客預計在一個月內再次使用Uber。 90%的乘客預計在三個月內再次使用，98%的乘客表示會再次使用，顯示疫情前的Uber使用量將穩定恢復。

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.

然而，現在還處於早期階段。我們預期復甦將因地域而異，且不會呈線性發展，這意味著一些市場將復甦，而另一些市場則會暫時回落。作為唯一真正具有規模的全球性企業，我們認為這為我們帶來了優勢，無論是在收入方面，還是在我們可以應用於各個市場的營運洞察方面。到目前為止，我們看到復甦主要由工作日朝九晚五的出行（包括通勤出行）推動。作為參考，2019 年，我們 80% 的總訂單來自用戶所在城市的出行，這意味著人們在其所在社區內出行；95% 的訂單來自用戶所在國家的出行。我們預計，以社區出行為主導的復甦將為 Uber for Business 帶來令人興奮的新前景，因為企業需要接送員工上下班，同時也需要與交通運輸機構合作，為第一線工作人員提供出行服務。我們正在積極推動這兩項合作，並且已經與紐約大都會運輸署 (MTA) 就後者展開合作。

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.

現在再詳細說說我們第一季的業績。我們的旅遊業務在2月份保持強勁成長勢頭，兩個月的總預訂量年增近20%，與2019年第四季持平。但隨著3月中旬封鎖措施開始影響我們的業務，我們的行程次數和總預訂量下降了近40%。儘管遭遇了這種突如其來的下滑，我們仍維持了第一季22.8%的強勁利潤率，以及出行業務調整後EBITDA利潤率（佔調整後淨收入的23.5%），這充分體現了我們出行業務的可變成本結構優勢。

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.

我們目前的旅遊服務重點已轉向復甦，特別是為駕駛和乘客提供安全的出行體驗，幫助他們恢復在社區內的出行。正如我們幾天前公開確認的那樣，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/地區使用優步服務時佩戴口罩或面罩。身為業界領導者，我們將繼續引領安全標準。

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.

隨著出行業務的復甦，我們相信自身在許多方面擁有結構性優勢。純粹出行服務平台受到的衝擊尤為嚴重。儘管4月我們的出行訂單量下降了80%，但公司整體訂單量僅下降了約40%，這主要得益於外送業務的強勁表現。外送業務也幫助我們維持了與現有客戶的高互動度，並吸引了新客戶加入我們的平台。這使我們比純出行服務平台能夠更快地復甦。此外，我們在全球範圍內擁有盈利的旅行業務，尤其是在許多利潤率更高的非美國市場，這使我們能夠在必要時進行交叉補貼。由於我們擁有龐大的乘客和駕駛群體，我們的平台也將以強勁的姿態進入復甦階段。值得注意的是，許多司機在此期間選擇在Uber平台工作，因為我們為他們提供了送餐這一新的工作機會。最後，我們預期共乘服務在短期內的重要性將會降低。從歷史上看，這曾是我們在美國的主要競爭對手的優勢所在，他們在共享出行領域佔據了約 50% 的市場份額。

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.

現在來看看 Eats，它在第一季表現非常出色，總預訂金額達到 47 億美元，年增 54%，淨收入年增 124%，同時佣金率提高到 11.3%，EBITDA 虧損大幅減少至 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.

除了我們的核心餐飲產品外，我們還看到消費者對食品雜貨和便利商品的需求強勁。有鑑於此，我們加快了相關計劃，與全球各地的連鎖超市和便利商店建立了合作關係，允許他們透過我們的餐飲平台銷售精選的日常必需品。與3月初相比，食品雜貨和便利商品的預訂總額增加了117%，活躍門市數量增加了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，我們預計將在未來幾個月內完成對 Cornershop 的收購。 Cornershop 是拉丁美洲最大的生鮮配送平台之一，業務遍及智利、墨西哥、巴西以及多倫多。鑑於疫情後生鮮配送業務的持續成長以及我們在拉丁美洲的業務佈局，我們期待盡快完成此次交易，並在 Cornershop、Uber 和 Uber Eats 應用上打造一體化產品。

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.

雖然沒有人能夠預料到新冠疫情會對我們的生活和事業產生如此迅速而猛烈的影響，但我為我們的團隊迅速果斷地應對不斷變化的環境而感到無比自豪。

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

現在請尼爾森為大家帶來更多關於這些數字的細節。

Thanks, Dara.

謝謝你，達拉。

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.

接下來是2020年第一季的GAAP業績，除非另有說明，所有數據均與去年同期進行比較。我們的GAAP營收為35億美元，年增14%。 GAAP營收成本（不計折舊攤銷）為18億美元，佔營收的比例從2019年第一季的54%下降至50%。 GAAP每股虧損1.70美元，2019年第一季虧損2.23美元。在接下來的電話會議中，除非另有說明，我將討論關鍵營運指標以及不包含備考調整（例如股權激勵）的非GAAP財務指標。

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.

全球總出行量達17億人次，成長7%。全球出行量的成長主要得益於外送業務的成長，尤其是在歐洲、中東和非洲地區以及拉丁美洲。平均每人每次出遊次數（MAPC）為1.03億次，成長11%。要注意的是，我們的MAPC是根據季度前三個月的平均值計算的，而3月份受疫情影響嚴重。

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.

公司總預訂額達158億美元，較去年成長8%，以固定匯率計算成長10%。調整後淨收入（ANR）為33億美元，以固定匯率計算成長19%。 ANR佣金率為總預訂額的20.6%，較上年同期成長180個基點，主要得益於旅遊和餐飲業務佣金率的提升。

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.

不計折舊攤提的非GAAP收入成本佔ANR的比例從50%下降至46%。保險和支付佔ANR的比例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.

接下來來看非GAAP營運費用。營運和支援費用佔調整後淨收入的比例同比下降，從16%降至15%，這反映了出行服務支援效率的持續提升，但部分被外送業務佔比的增加所抵消。我們在外送業務的客戶支援自動化方面取得了進展，但其客戶聯繫率仍然高於出行服務。

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.

銷售和行銷費用佔調整後淨收入的比例從2019年第一季的36%下降至26%。這一下降主要是由於行銷和推廣支出減少，尤其是在遊樂設施方面。研發費用佔調整後淨收入的比例不變，為15%。一般及行政費用佔調整後淨收入的比例從去年同期的15%上升至18%。環比來看，我們的支出基本上保持不變，但由於新冠疫情帶來的營收壓力，其佔調整後淨收入的比例有所上升。 2020年第一季調整後EBITDA虧損總額為6.12億美元，較上年同期改善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.

現在我將詳細介紹我們的業務板塊。受新冠疫情3月開始的影響，旅遊業務總預訂額為109億美元，以固定匯率計算下降3%，其中美國市場表現最為疲軟，但拉丁美洲和歐洲、中東及非洲地區的正成長抵消了部分影響。出行業務調整後淨收入（ANR）為25億美元，以固定匯率計算成長6%，佣金率為22.8%，年成長和季增均有所提升，主要得益於激勵支出的合理化調整，尤其是在美國。值得注意的是，1月和2月，全球旅遊業務總預訂額和調整後淨收入（以固定匯率計算，不包括共乘業務）分別成長了20%左右和20%以上。出發業務調整後EBITDA為5.81億美元，佔調整後淨收入的23.5%。 1月和2月，出行業務的調整後EBITDA利潤率創下30%的歷史新高。

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.

受美國和國際市場居家隔離令持續推動，Eats 的總訂單金額以固定匯率計算成長 54%，達到 47 億美元。 Eats 的年化淨收入 (ANR) 以固定匯率計算成長 124%，達到 5.27 億美元，這主要得益於客戶結構向中小餐廳轉移，從而提升了客單價，以及配送員支付效率的提高（尤其是在美國）。若不計入今年 1 月出售給 Zomato 的 Eats India 業務，Eats 的佣金率為 11.6%。這比上一季顯著提升了 150 個基點，使我們朝著實現 15% 的長期佣金率目標穩步邁進。更重要的是，我們相信這些佣金率的提升是結構性的改善。

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，佔年度正常收入的59.4%。這較上一季改善了50%，即1.48億美元。鑑於環比大幅改善，我們預計Eats第二季度的調整後EBITDA虧損將與第一季持平，儘管Eats的總預訂量可能遠超預期，但仍將實現同比改善。此外，我們預計第三季調整後的EBITDA利潤率將持續提升。

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.

Uber Freight 的年度淨收入成長至 1.99 億美元，調整後 EBITDA 虧損 6,400 萬美元。我們的其他業務部門的年度淨收入為 3,000 萬美元，調整後 EBITDA 虧損 6,300 萬美元。當然，鑑於我們今天宣布與 Lime 達成的交易，這些虧損中的絕大部分將從我們的損益表中移除。

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調整後的淨EBITDA虧損1.08億美元。我們2020年第一季的企業管理費用和平台研發支出為6.45億美元，該支出為未分配至我們五大業務板塊之一的管理費用和研發支出，較去年同期成長14%。流動性方面，截至本季末，我們持有約90億美元的現金及現金等價物和短期投資，並可從循環信貸額度中提取超過20億美元。此後，我們已支付了3月19日電話會議上討論的2020年Careem和Cornershop 15億美元承諾款項中的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.

1月和2月，我們透過專注於提升出行業務損益表的效率和降低成本，實現了出行業務板塊EBITDA利潤率佔年度經常性收入的30%，較2019年第一季的8%年增22%。在餐飲業務方面，我們持續取得進展，季減EBITDA利潤率佔年度經常性收入的46%。我們將繼續朝著餐飲業務的長期獲利目標邁進。

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，儘管仍有許多未知因素，但您可以預期我們將繼續專注於流動性，秉持審慎的財務紀律，並採取措施維持我們的優勢地位。我們的目標依然不變：恢復業務成長，並為所有利害關係人實現獲利，我們計劃在2021年按季度透過調整後EBITDA來實現這一目標。

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

接下來，我將開放提問環節。

All right. Operator, can we get started?

好的。接線員，我們可以開始了？

(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布萊恩·諾瓦克。

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.

我有兩個問題。第一個問題，達拉，我想請教你一些關於新商機以及後疫情時代到2021年整個產業發展趨勢的問題。你剛剛談到了食品雜貨和生活必需品。能不能跟我們說說你看到的其他商機，以及為了真正掌握這些商機需要進行哪些投資？第二個問題是關於乘客和司機的安全。能不能跟我們說說你如何看待利用科技和創新來真正提升所有人的出行安全？

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，布萊恩。絕對沒錯。總的來說，就新業務而言，這場令人難以置信的新冠疫情也帶來了一線希望，那就是我們的外賣業務以及整個品類看起來都將大幅增長，有些人甚至認為會增長數倍。我們已經簽署了收購Cornershop多數股權的協議，Cornershop也是拉丁美洲非常大型的食品雜貨公司。所以我們對食品雜貨領域非常了解。我們擁有一支來自Cornershop的優秀團隊，他們正在負責食品雜貨業務。基本上，一旦交易完成，我們將把Cornershop整合進來，希望能夠讓Cornershop的用戶獲得我們Rides和Eats應用程式在全球範圍內帶來的巨大曝光度。我們還沒有完成交易，所以還沒有具體的計劃，但你可以想像其中的機會。所以，就新機會而言，這些機會並不難得。我們原本就認為Eats的巨大機會現在變得更加巨大了。從我們第一季成長的加速可以看出，實際成長速度甚至超過了我們內部的預期，而第二季的成長速度更是大幅提升。在食品雜貨方面，我們已經開始在Eats平台上提供一些必需品。我們正在逐步引入食品雜貨業務。此外，我們也正在開發一些新服務，例如Uber Connect和Uber Direct，零售商可以透過這些服務寄送包裹，我們也可以寄送B2B包裹。綜上所述，我們的核心業務及其蘊藏的機會遠比想像中更大，我們無需費力就能在未來實現持續的顯著成長。這就是我們的看法。

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.

至於乘客和司機的安全，我們一直處於領先地位。自從我加入公司以來，安全一直是公司的絕對優先事項。我們之前在乘客和司機安全方面就處於領先地位。現在，我們正在全面探索物流和技術相結合的方案。我們正在向司機運送數百萬件個人防護裝備、口罩、清潔用品等，以確保乘客的第一次、第二次以及後續行程都是安全的，並且讓他們感到安心。我們也在研究一些技術，例如我們的自拍技術，它可以確保註冊的司機就是實際駕駛的司機。例如，我們可以利用這項技術來確保司機在適當情況下佩戴口罩。因此，我們正在積極探索各種技術。要在全球範圍內以我們這樣的規模安全運營，需要技術、物流和本地經驗的結合。因此，我們堅信，未來我們將繼續引領平台安全標準。

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

下一個問題來自美國銀行的賈斯汀·波斯特。

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?

您能否談談貴公司主要業務（例如美國、墨西哥和倫敦）的出行市場份額趨勢？您觀察到的情況如何？在這種環境下，貴公司是否有機會在這些地區擴大市場佔有率？另外，關於旅行，我知道這是一個重要的主題，尤其是機場出行。能否談談機場出遊的重要性？請您簡單介紹一下預訂情況以及機場出行對獲利能力的影響？

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。關於市佔率動態－接下來由Nelson來回答機場方面的問題。就市場份額動態而言，我們今年早些時候確實看到，我們對加州的模式進行了一些調整，以真正鞏固我們作為平台的地位，並鞏固我們在獨立工作方面的地位，讓我們的司機獲得更多信息，款項直接支付給司機等等。這確實導致我們在加州市場的品類地位下降。此後我們沒有看到實質的變化。坦白說，由於業務大幅下滑，數據非常有限。在墨西哥和英國，我認為市佔率總體上相當穩定。市場上有許多競爭對手，英國和墨西哥都有多家競爭對手。但在新冠疫情爆發之前，市佔率趨勢以及促銷力道等都相當穩定。在此期間，我們沒有看到任何顯著變化。我想你們中的一些人可能已經聽到我們的競爭對手說，總體而言，促銷力度有所下降。優惠券的使用量有所下降。而且我認為很多競爭對手更注重獲利能力。所以我們並沒有看到太多顯著的改變。但從這場危機中走出來，我們認為我們擁有優勢，因為我們與顧客以及數百萬的消費者保持著密切的聯繫。這種聯繫非常緊密。在食品雜貨和其他產品方面，我們將進一步提升這種連結。例如，在司機方面，4月我們約有40%的叫車司機被調派到外帶平台，創歷史新高。因此，這種緊密的聯繫使我們在危機後復甦時擁有結構性優勢，而無需花費大量資金去「買斷」市場地位。

Nelson, you want to talk about airports?

納爾遜，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，機場對我們來說很重要。但正如達拉在事先準備好的發言稿中所說，我們80%的總訂單實際上是從使用者家中送達的。所以對我們來說，機場訂單約占我們出行總訂單的15%，約占我們旅遊業務EBITDA的16%。因此，機場訂單確實很重要。我們也預計，機場訂單的復甦需要更長的時間。

Our next question comes from Ross Sandler with Barclays.

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州的城市客流量已經從谷底回升了50%。所以我理解這意味著它們已經恢復到高峰的20%，現在又回升到了30%。我的理解對嗎？這些開放城市的復甦曲線與香港在同一階段相比如何？你認為香港現在客流量已經恢復到高峰的70%，這是否會搶佔大眾運輸的市場份額？如果你能分享一下這方面的情況，那就太好了。

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，現在判斷交通運輸的市佔率還為時過早。我先說說香港的情況。復甦並不均衡。有些周香港的客流量比高峰期下降了40%，甚至50%。現在情況明顯好轉。所以，時間——當然，時間的推移似乎正在推動趨勢朝著正面的方向發展。我認為現在斷言公共交通的市場份額是否會被蠶食還為時過早。在與許多U4B客戶交流時，他們對讓員工重返工作崗位並使用公共交通工具表示擔憂。因此，從我們收到的回饋來看，尤其是來自U4B客戶的回饋，通勤似乎將成為主導的使用場景。如果公共交通的市場佔有率下降，我不會感到驚訝。但現在下結論還為時過早。我還想說，我們相信我們可以幫助大眾運輸復甦。我們堅信與公共交通機構建立夥伴關係的重要性。您已經看到我們在應用程式中添加了公交信息，但我們現在提供的服務越來越多，例如，在MTA的非運營時段（午夜到凌晨5點左右），也就是公交系統不方便運營或需要清潔的時段，我們會為公交系統提供服務。所以我認為我們可以成為解決方案的一部分。至於城市如何恢復正常運轉，我認為我們會是先行者之一。而且，我們肯定會在未來尋求與公車系統合作。

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?

關於喬治亞州和德克薩斯州，納爾遜，你知道它們的具體情況嗎？例如它們是否已經達到峰值，或是峰值佔比是多少？我的意思是，雖然它們的市場規模較小，但趨勢看起來確實好轉了。納爾遜，你還有什麼要補充的嗎？

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

是的。是的。不，我不知道，達拉。或許艾米麗可以跟進一下。

Our next question comes from Heath Terry with Goldman Sachs.

下一個問題來自高盛的希思·特里。

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，顯然，你在整合那些你並非第一或第二的市場方面取得了很大進展。你對那些同樣屬於這一類別（即他們並非第一或第二的市場）的競爭對手有什麼看法？你認為他們在多大程度上會採取類似的行動？當然，我知道你無法揣測他們的想法，但憑藉你的直覺和行業知識，你預期他們會採取什麼行動？你對具體的時機有什麼預判嗎？

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，從宏觀角度來看，我認為無論是遊樂設施還是餐飲領域，整合都是關鍵。所有這些競爭對手長期以來都在虧損。我們在遊樂設施領域規模上的獨特之處在於，我們是一家全球性企業，而且獲利能力非常強。 1-2月份，我們的EBITDA利潤率佔年度淨收入的30%以上。我認為在餐飲領域，也就是食品領域，出現了大量的整合。全球範圍內都在進行整合，規模更大的企業不僅能夠為餐廳和消費者提供更好的服務，而且還能以可持續的經濟方式提供更優質的服務。

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.

我認為現在存在一個問題，那就是食品配送雜貨這個品類規模已經大幅成長。大量新客戶湧入這個品類。我們觀察到，這個品類面臨的最大挑戰是獲取新客戶。此外，此品類的產品使用頻率很高，顧客滿意度也很高。因此，我們認為這無疑會推動該品類的發展。我的直覺是，商業和資本的合理化進程仍將持續。但這是一個龐大的品類，而規模不斷擴大的品類往往會吸引大量資本。所以我的直覺是，你會看到其他參與者採取類似的策略。市場似乎缺乏合理化。我認為最終市場將主導長期的發展趨勢。但品類規模的擴大也帶動了資本的湧入。當然，目前成長至關重要。所以，讓我們拭目以待。很難做出絕對的預測。

Our next question comes from Doug Anmuth with JPMorgan.

下一個問題來自摩根大通的道格·安穆斯。

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，你提到4月有40%的美國和加拿大司機轉而為Eats平台送餐。在疫情危機過後，你如何確保他們的忠誠？其次，我想問你對ATG的投資，你目前對此有何看法？

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。我們乘客和司機的忠誠度都建立在我們提供的服務之上。我們希望確保司機感到安全。我認為，隨著各國逐步開放，我們的平台將成為人們重新開始賺錢的重要平台。所以，我認為如果我們能夠提升客流量，並且在這方面擁有結構性優勢，那麼我們的乘車業務不僅會恢復，而且肯定會回升。我們雖然無法準確預測恢復速度，但它正在復甦的軌道上。而外送業務則提供了結構性優勢。歸根究底，關鍵在於我們提供的服務能夠保障乘客的安全，並讓他們在經濟遭受重創的時期重新獲得收入。您也記得，我們​​始終走在前列，例如，如果我們的司機確診新冠肺炎或需要居家隔離，我們會第一時間為他們提供幫助。所以我認為我們一直在展現領導力。我們會一直支持他們，也不會阻止他們在其他平台上工作或使用其他平台。我們是一個開放的平台。但我認為，如果我們始終如一，善待他們，並為他們提供賺錢的機會，一切都會好起來的。

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.

就我們對ATG的投資而言，我認為從長遠來看，ATG一直都是一項長期投資。你可以假設有些人會覺得機器人駕駛的汽車比真人駕駛的汽車更安全。我們的首要任務是確保他們對真人駕駛的汽車感到安全。但ATG的基本技術、其相關性、市場規模並沒有改變。話雖如此，在這樣一個資金寶貴的市場中，我們對所做的一切都秉持嚴謹的態度，因此我們要求公司的每個部門，包括ATG，確保每一分錢的投入都能帶來回報，這不僅適用於ATG團隊，也適用於其他團隊。

Our next question comes from Eric Sheridan with UBS.

下一個問題來自瑞銀集團的艾瑞克·謝裡丹。

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?

或許可以聊聊外送平台Eats。 Dara，我想聽聽你的看法，隨著更多外送供應進入Eats市場，你認為在用戶端需求成長方面，競爭格局發生了怎樣的變化？在某些市場，供應更加均衡，終端市場需求和市場佔有率又會受到怎樣的影響？這對Eats的長期獲利能力意味著什麼？

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。就供應而言，我們絕對在供應方面有所改進，無論從絕對數量還是相對於競爭對手來看都是如此。我們已經簽了Chipotle、Shake Shack，還有Dunkin'。這些大品牌進駐我們的平台，創造了更多需求。選擇越多，可供搜尋的餐廳就越多，轉換率自然也會上升。所以我認為，在餐廳供應方面，我們正在取得進展。但我們不滿足於現狀，我們認為還有很大的進步空間。有趣的是，我們看到4月份的成長速度在5月份仍在加速，甚至有所提升，儘管我和團隊都認為我們在供應方面還可以做得更好。所以，如果要概括我們的外送業務，那就是我們在供應方面還沒有完全優化。我們仍在積極簽約大量餐廳。這些餐廳需要我們，我們也希望確保能夠滿足他們的需求。就目前而言，供應方面的趨勢看起來非常好。

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，我認為大型品牌、全國性品牌或全球品牌確實是我們市場的重要組成部分。但我必須強調，中小餐館仍佔我們業務量的絕大部分，而且在未來仍將保持這一重要地位。大型品牌的確是絕佳的獲客管道，它們擁有卓越的食品質量，安全可靠，能夠吸引大量顧客。但中小餐館仍然是我們業務和未來成長的重要組成部分。

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.

就利潤率和營收利潤率而言，您已經看到了趨勢，我認為我們可以繼續提高營收利潤率。一般來說，中小企業的利潤率較高。我們正在提高快遞效率。需求越多，市場集中度越高，我們就能形成更大的市場。我們可以安排更多快遞員同時運送多個包裹等等。總的來說，更好的技術也能提高我們的營收利潤率，尤其是在利用率方面。所以我認為您看到的提貨率提升將會持續下去，我們對此非常有信心。

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，我們會繼續退出表現不佳的國家，就像本週早些時候以及在印度所做的那樣。因此，我們將繼續優化並努力改進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.

為了讓大家更清楚地了解中小企業的情況，我們想說明一下。從二月到四月，我們中小企業的總預訂量成長速度是同期非中小企業業務的三倍。所以中小企業的成長速度真的非常快。同時，我們中小企業的自助服務業務成長了70%，是同期非中小企業業務成長速度的五倍。這說明中小企業業務具有結構性優勢。一方面，我們幫助許多餐廳在極度艱難的時期維持營運。所以，這不僅對我們自身業務的持續發展起到了積極作用，而且對企業未來的結構性發展也大有裨益。

Our next question comes from Mark Shmulik with Bernstein.

下一個問題來自伯恩斯坦公司的馬克舒穆利克。

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，我想問幾個問題。首先，您提到大約有 40% 的司機能夠轉而支持 Eats 業務。關於需求方面和客戶狀況，您有什麼看法？有多少 Uber 司機現在正在嘗試 Eats？其次，關於獲客成本，您能否談談與疫情前相比的折扣優惠？您觀察到的新增需求量是多少？我的第二個問題是，裁員總是很困難的。聽起來很多裁員都集中在招募和客服部門。隨著需求的恢復，這些員工會有多少回歸？您認為這種新的業務模式在效率上有哪些提升？

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，當然。至於需求方面，我不想透露任何細節，但我們一直在使用旅遊平台，並且越來越有效地利用旅遊平台進行外帶交叉推廣。您會在我們的旅遊應用程式的一些設計中看到這一點，出行、外帶和其他類別會直接顯示在最前面。例如，雜貨可以作為另一個類別，交通出行也可以作為另一個類別。所以在產品方面，我們做得越來越好。我認為，我們目前還處於交叉推廣不同類型服務的初期階段。這在外賣平台上也同樣可行，例如雜貨和一些相關服務。我們已經看到顯著的成長。越來越多的出行用戶開始使用外送。我認為我們目前還處於起步階段。不過，我要指出一個例外，例如歐洲某些市場，那裡的餐廳已經關閉，所以餐廳供應量大幅下降。因此，在這些市場上，你不會看到那麼多的交叉授粉現象。

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.

就獲客成本趨勢而言，我們看到的其實相當樂觀。獲客成本和最終用戶量之間總是存在權衡。你可以保持獲客成本不變，同時提升用戶量；也可以優化獲客成本。總的來說，我們對目前的獲客成本感到滿意。我們會持續改進相關的技術和追蹤系統。我們仍然認為還有提升空間。總的來說，我們相信我們能夠在維持甚至降低獲客成本的同時提升用戶量，並提高外送業務的整體營收利潤率和 EBITDA 利潤率。我們目前處於非常有利的位置。團隊執行力強，技術和能力也不斷提升。例如，以外賣業務為例，自 2019 年第一季以來，平台月活躍用戶年增了 50%。我認為團隊中沒有人會認為我們在用戶獲取方面已經做得足夠好。

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，以及其中有多少來自後端，又有多少是隨著需求的恢復而增加的？

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。大家都知道，這些都是必須做出的艱難決定。我們預計，隨著業務的持續成長，我們不會再像以前那樣大規模地擴張。如您所知，公司一直非常注重效率和我們所謂的非接觸式服務。而且我們在這方面取得了不錯的成績。所以您會看到我們繼續這樣做。我唯一想補充的是，我們正在繼續審視我們的業務和平台，以尋求更高的效率。所以，您下電話會議後一定要聽聽這一點。我認為您今天看到的我們與Lime達成的交易也是一個很好的例子。現實情況是，世界已經發生了變化，對吧？所以我們不知道經濟何時才能復甦。我們認為我們目前處於非常有利的地位。我們有責任確保我們能夠從這場危機中變得更加強大，處於更有利的地位。我們對此心知肚明。我們將採取我們認為必要的措施，繼續加強我們的核心旅遊和外賣業務，沒有任何不可觸碰的領域。因此，我們將審視整個平台的所有面向。這就是我們目前正在進行的工作。

Our next question comes from Jason Helfstein with Oppenheimer.

我們的下一個問題來自奧本海默公司的傑森·赫爾夫斯坦。

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?

我想問兩個問題。關於 Eats，你們的佣金率似乎比同業低。從整合後的數據顯示來看，可能存在一些成分問題，請談談這意味著什麼。你們的佣金率是從低到高，而許多同行都是從高到低，這會對你們在餐廳中的定位產生什麼影響？另外，鑑於城市，特別是人口密集的城市，都在努力應對保持社交距離的措施，你們有沒有討論過可以採取哪些措施來配合這些措施，從而對你們有利？

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.

所以我先說第一部分，Dara 再說第二部分。就利潤率而言，很難對不同的外賣公司進行比較，因為正如您所知，它們中的許多要么只覆蓋單一地區，要么只覆蓋少數幾個地區。而我們是一家全球性公司，業務遍及 50 多個國家。因此，比較起來非常困難。您也知道，我們一直在採取措施提高外送業務的獲利能力，包括本週稍早採取的措施，以及年初將印度業務出售給 Zomato 時採取的措施。因此，比較起來非常困難。如果進行同業比較，在某些國家/地區，我們的市佔率相對於一些大型連鎖餐廳而言過高。這往往會拉低我們相對於中小企業競爭對手的佣金率。正如您從Dara的評論中聽到的，隨著我們不斷拓展中小企業業務和客戶群，以及一些受新冠疫情影響而加入的小型高端企業，我們看到了巨大的成長。這確實推動了我們目前看到的提成率提升，而且我們預計這一趨勢將在第二季和第三季繼續保持。我們已經看到了這一點。我們看到了更高的訂單金額。我們正在採取一些營運措施來提高配送效率。所有這些都將轉化為我們繼續朝著長期外送目標利潤率邁進。

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，當然。我認為，就保持社交距離以及與城市、州或國家合作而言，我們會盡到責任。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，您已經看到了這一點，我們的應用程式就是如此。在居家隔離期間，如果有人試圖使用優步應用程序，我們會確保他們確實需要使用。現在，我們更加重視個人防護裝備，確保我們的司機有口罩，運送清潔用品，並告知乘客乘車規範，因為我們希望每個人的安全。例如，鼓勵乘客戴上口罩，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，我們是一個非常龐大的平台。作為這樣一個龐大的平台，我們將與各城市、州以及我們的選民合作，確保我們能夠幫助公眾了解相關信息，從而讓我們能夠回歸到我們都熱愛的生活方式，同時也要以負責任的方式實現這一目標。我們絕對會成為解決方案的一部分。至於公共交通方面，正如您所看到的，我們正在與一些公共交通機構建立合作關係。我們將一步一步地參與這些城市的復甦進程中，並確保以安全的方式實現復甦。

Our next question comes from Mark Mahaney with RBC.

下一個問題來自加拿大皇家銀行的馬克·馬哈尼。

I want to ask about the 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?

我想問這場危機在多大程度上催生了新的業務，為優步帶來了新的機會。達拉，我想你之前也稍微談到過這一點，你們已經建立起一個龐大的網絡，並且正在將其擴展到優步外賣以外的更多服務領域。你們目前主要提供基本服務，但除此之外，還有其他的商業機會嗎？這場危機是否成為了你們開拓這些新機會的催化劑？

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。我認為在當前的危機時期，我們必須保持簡單。我們擁有一個絕佳的機會。這並非一個全新的機會，只是規模擴大了很多。這個機會就是 Uber Eats。此外，我們還有 Uber Rides，它是我們營運的所有地區中唯一一家全球領先的叫車平台，利潤率一直保持在第一。因此，我們將專注於此核心業務，因為它非常強大。我們認為這兩項業務結合起來能夠發揮巨大的作用。 Uber Eats 業務有一個非常好的機會進入雜貨領域，既可以透過自身發展，也可以透過收購 Cornershop 來實現。同時，我們將利用 Uber Rides 和 Uber Eats 兩大業務，大力發展包裹遞送業務，因為我們認為包裹遞送在未來零售業中將扮演越來越重要的角色，而我們也能貢獻一份力量。所以好消息是，成長機會就在核心業務中，而且我們已經擁有全球規模，核心業務中也擁有優秀的商業領袖和技術領袖。我們現在將專注於此。

Our next question comes from Lloyd Walmsley with Deutsche Bank.

下一個問題來自德意志銀行的勞埃德‧沃姆斯利。

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Clavis市場的一些最新情況，以及你們在新冠疫情前取得的進展。疫情過後，你們對這些市場的看法是否有改變，能否為我們介紹一下？

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市場取得了顯著進展。德國市場表現特別突出，在新冠疫情爆發前，其成長率基本上維持在三位數。阿根廷市場對我們來說也極具潛力，成長迅速。總的來說，在新冠疫情爆發前，我們的Clavis市場成長率約為70%。沒有理由認為疫情後市場結構會發生任何變化。我認為德國在市場開放方面做得非常出色。隨著這些市場的開放，我們也將同步開放，並且將以安全的方式進行。

Our next question comes from Youssef Squali with SunTrust.

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.

這裡是內特·米切爾，代替尤瑟夫發言。達拉，你在之前的發言中也提到過這一點，但我很好奇你是否可以更具體地談談，這種新環境會如何改變你在倫敦交通局的職位定位。

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。我們認為倫敦交通局（TfL）不會有重大改變。我們會在法庭上據理力爭。我們對服務所做的改進充滿信心。我們認為我們正在樹立安全標竿。我們一直在樹立安全標竿。而且我認為我們正在不斷提升自身的安全標準。現在有了新冠疫情，我們將繼續提高安全標準。我們與國家醫療服務體系（NHS）建立了良好的合作關係，以便在人們需要幫助時提供支援。很難說新冠疫情會以何種方式延緩進程，但我認為它不會實質地改變我們之間的關係，我們對自身的立場充滿信心。我認為我們會在法庭上據理力爭，而且我們很有信心。

We have a question from John Blackledge with Cowen.

我們收到來自考恩公司的約翰·布萊克利奇提出的問題。

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。關於外賣，考慮到人們對外食的擔憂以及潛在的宏觀經濟環境不佳，您認為4月份的成長水準能否持續到年底？另外，關於生鮮雜貨，正如您之前提到的，疫情似乎將線上生鮮雜貨需求提前了幾年。鑑於現有平台及其與大型超市的合作協議，您打算如何應對美國生鮮雜貨配送市場的問題？

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。關於外賣成長及其可持續性，說實話，很難預測這些市場的發展趨勢。但就目前來看，外送的成長似乎是可持續的。事實上，外送的成長趨勢正在好轉。我們在四月描述的趨勢，是在一些歐洲大型餐飲市場關閉期間出現的。因此，我們對這品類的發展趨勢持樂觀態度。而且我們認為團隊的能力也在不斷提升。我們對目前的執行情況非常滿意。那麼，外送品類是否規模大幅成長？是的。是否數百萬新用戶嘗試了這一品類？是的。我們是否處於有利地位，能夠成為他們嘗試後會持續使用的服務之一？是的。所以我認為我們處於非常有利的地位，但試圖預測具體的成長率是不明智的。我們對外賣的前景持樂觀態度。

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，在食品雜貨領域，Cornershop 是我們重點佈局的品牌。我們已經宣布了這項收購。 Cornershop 的業務主要集中在拉丁美洲。您也知道，我們在拉丁美洲擁有非常龐大的旅遊業務。因此，拉丁美洲不僅是一個大市場，也是一個高利潤市場。我認為，目前在美國，食品雜貨市場規模龐大，足以容納多家企業，而且我們在用戶群方面擁有巨大的規模優勢。我們已經在很多城市開展業務。因此，如果我們選擇進入這些城市，我們擁有相應的基礎設施，而且成本遠低於其他新創公司。我們已經看到，在生活必需品領域，食品雜貨市場出現了非常強勁的早期成長動能。我認為這個領域具有規模化潛力，我們可以成為規模化企業之一，但我們會謹慎行事。我們不會透過收購來獲取市場份額，而是透過自身的努力贏得市場。我認為我們處於一個相當有利的位置，能夠透過自己的努力獲得成功。

We have a question from Brian Fitzgerald with Wells Fargo.

我們收到來自富國銀行的布萊恩·菲茨傑拉德的提問。

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.

所以我的問題就圍繞著這一點。您認為連鎖餐廳在多大程度上會將全國廣告預算分配給自己和外送產業，以此作為宣傳推廣、調整預算、支持媒體和產業的手段？舉個例子，麥當勞要求將總銷售額的4%或5%用於廣告。我認為這筆錢可以補貼和支持你們。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，布萊恩，問得好。我認為從整體來看，這個產業的發展方向非常合理。我的意思是，那些全國性企業都很精明，他們的行銷能力非常強，打造了令人矚目的品牌。你可以預料到他們會把資源投入成長最快的領域。所以，如果麥當勞、Chipotle 或其他全國性品牌將廣告重點放在外賣上，我一點也不會感到驚訝。我認為現在推廣外賣並不難，而且我認為這對他們自身和整個產業都有好處。我認為，對我們來說，在 Eats 平台上投放廣告是一個非常有趣的領域。以前在 Expedia 工作的時候，旅遊廣告就是一個非常快速成長且利潤率極高的領域。像亞馬遜這樣的行業領導企業，先是建立了產品搜尋功能，然後又在此基礎上發展了廣告業務。我認為我們在 Eats 平台上也擁有同樣的機會。所以，當我們談到 Eats 的營收成長機會時，這其實是指純外送平台的營收成長機會。我們認為 Eats 也存在廣告機會。就像超市裡的貨架端頭一樣，你也可以在 Eats 的動態中看到類似的端頭廣告。

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.

現在還處於早期階段，但我們之前已經見過類似的策略。我們擁有優秀的工程團隊，能夠快速開發。我們對 Eats 產品中的廣告機會非常樂觀，最終，它也可能擴展到 Rides 產品。

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.

好了，我想就說到這裡。感謝大家在這個特殊時期與我們相聚。我們非常珍惜你們的時間。再次感謝優步的每一位員工。我認為這段時間非常非常艱難，但我相信我們公司已經克服了重重困難。未來還有很多艱鉅的工作要做，但我相信我們公司完全有能力應付。非常感謝大家的參與。我們下個季度再見，祝大家平安健康。

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

電話會議到此結束，您可以掛斷電話了。