優步 (UBER) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Greg and I will be your conference operator today. At this time, I would like to welcome everyone to today's Uber Q4 and full year 2025 earnings conference call.

感謝您的耐心等待。我叫格雷格，今天將由我擔任你們的會議接線生。在此，我謹代表 Uber 歡迎各位參加今日的 Uber 2025 年第四季及全年業績電話會議。

(Operator Instructions) I'd now like to turn the call over to Alex Wong, Senior Director of Investor Relations. Alex.

（操作員指示）現在我將把電話交給投資者關係高級總監 Alex Wong。亞歷克斯。

Thank you, Greg. Thank you all for joining us today and welcome to Uber's fourth quarter and full year 2025 earnings presentation. On the call today, we have Uber's CEO Dara Khosrowshahi; and CFO, Prashanth Mahendra-Rajah and incoming CFO Balaji Krishnamurthy.

謝謝你，格雷格。感謝各位今天蒞臨，歡迎參加 Uber 2025 年第四季及全年業績發表會。今天參加電話會議的有 Uber 的執行長 Dara Khosrowshahi；財務長 Prashanth Mahendra-Rajah 和即將上任的財務長 Balaji Krishnamurthy。

During today's call, we will present both GAAP and non-GAAP financial measures and 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.

在今天的電話會議上，我們將介紹 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 與非 GAAP 指標的調節表，均包含在新聞稿、補充幻燈片和我們向美國證券交易委員會提交的文件中，所有這些文件都已發佈在 investor.uber.com 上。

Certain statements in this presentation and on this call are forward-looking statements. 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, except as required by law.

本次簡報和電話會議中的某些陳述屬於前瞻性陳述。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性聲明有重大差異，除法律要求外，我們不承擔更新今天所作任何前瞻性陳述的義務。

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 described in our most recent Form 10-K and in other filings made with the SEC.

有關可能導致實際結果與前瞻性聲明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最新的 10-K 表格和向美國證券交易委員會提交的其他文件中描述的風險和不確定性。

We published our quarterly earnings press release, prepared remarks and supplemental slides to our Investor Relations website earlier today, and we ask you to review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara, Prashanth, Balaji. With that, let me hand it over to Dara.

今天早些時候，我們已在投資者關係網站上發布了季度收益新聞稿、準備好的演講稿和補充幻燈片，如果您尚未查看這些文件，請盡快查看。Dara、Prashanth 和 Balaji 將作簡短的開幕致辭，之後我們將開始接受提問。那麼，就讓我把麥克風交給達拉吧。

Thanks, Alex. Q4 was another great quarter for Uber. Trips on our platform accelerated again to a 15 billion annual run rate, and our audience grew to more than 200 million monthly active users. These healthy inputs drove exceptional outputs with gross bookings up 22% year-on-year.

謝謝你，亞歷克斯。第四季對優步來說又是一個非常棒的季度。我們平台上的旅行量再次加速成長，年運行率達到 150 億次，我們的用戶群成長到每月活躍用戶超過 2 億。這些健康的投入帶來了卓越的產出，總預訂量年增 22%。

Looking at 2025 in full, we had our fifth consecutive year of annual gross bookings over 20%. We generated $8.7 billion in adjusted EBITDA, up 35% and a phenomenal $9.8 billion in free cash flow, up 42%. We started 2026 with a ton of momentum, a scaled and profitable platform and a clear operating framework to generate durable growth. This gives us the confidence to make targeted growth-oriented investments aligned with the six strategic areas of focus that we outlined last quarter.

展望 2025 年，我們將連續第五年實現年度總預訂量超過 20%。我們實現了 87 億美元的調整後 EBITDA，成長了 35%；自由現金流更高達 98 億美元，成長了 42%。2026 年伊始，我們便擁有強勁的發展勢頭、規模化且盈利的平台以及清晰的營運框架，從而實現可持續增長。這讓我們有信心進行有針對性的、以成長為導向的投資，這些投資與我們上個季度概述的六個策略重點領域一致。

Of course, one of these areas is autonomous. At this time last year, we laid out our views on AVs in more depth, and we've done that again this quarter. With the benefit of learning from multiple AV deployments around the world, we're more convinced than ever that AVs will unlock a multi-trillion-dollar opportunity for Uber.

當然，這些地區中有一個是自治的。去年這個時候，我們更深入地闡述了我們對自動駕駛汽車的看法，本季我們又這樣做了。由於從世界各地多個自動駕駛汽車部署專案中汲取的經驗，我們比以往任何時候都更加確信，自動駕駛汽車將為 Uber 帶來數萬億美元的商機。

AVs amplify the fundamental strengths of our platform, global scale, deep demand density, sophisticated marketplace technology and decades of on-the-ground experience matching riders, drivers and vehicles, all in real time. We also understand that there are reasonable questions being asked and a debate being had about what autonomy means for Uber, both in the short term and the long term.

自動駕駛汽車 (AV) 增強了我們平台的基本優勢，包括全球規模、深厚的需求密度、先進的市場技術以及數十年來在即時匹配乘客、司機和車輛方面積累的實地經驗。我們也了解到，對於自動駕駛對 Uber 的短期和長期意義，人們提出了一些合理的問題，並展開了辯論。

I'd encourage everyone to read our prepared remarks and take a look at our supplemental slides where we lay out our latest views and why we believe our approach is proving to be the right one.

我鼓勵大家閱讀我們準備好的發言稿，並查看我們的補充幻燈片，其中闡述了我們最新的觀點以及我們為什麼認為我們的方法是正確的。

Finally, I want to take a moment to say thank you to Prashanth, who we announced this morning will be stepping down as CFO on February 16. The weather was getting to us the investment-grade status, spearheading our first share repurchase program or steering us through several acquisitions, Prashanth has been a great partner to me and the management team. I wish him all the best in a very exciting new opportunity that he will share more about very soon.

最後，我想藉此機會感謝 Prashanth，我們今天早上宣布他將於 2 月 16 日卸任財務長一職。天氣對我們造成了影響，使我們獲得了投資級地位，領導了我們的第一個股票回購計劃，或者指導我們完成了幾次收購，Prashanth 一直是我和我的管理團隊的優秀合作夥伴。我祝他在即將到來的激動人心的新機會中一切順利，他很快就會與大家分享更多細節。

I'm also thrilled that Balaji will be stepping up as CFO. Balaji won't be a stranger to many of you on the call that worked closely with him for a long time, and I'm confident that he is the right person for this job. He knows our business inside and out. He's a bold thinker and brilliant strategists and I'm super excited to have him join the management team at this important time for Uber.

我也很高興巴拉吉將升任財務長。對於在座的各位來說，巴拉吉並不陌生，因為你們當中許多人都曾與他密切合作過很長時間，我相信他是這份工作的合適人選。他對我們的業務瞭如指掌。他是一位思想大膽、策略卓越的領導者，我非常高興他能在 Uber 的這個重要時期加入管理團隊。

Now I'll hand over to Prashanth and Balaji to say a few words, and then we'll take your questions.

現在我將把發言權交給 Prashanth 和 Balaji，請他們說幾句，然後我們來回答大家的問題。

Thank you, Boss. First, I want to say thank you to Dara and the entire Uber management team. And of course, my heartfelt congratulations to Balaji, who I know will do a terrific job. Uber is a once in a generation company. It's a dynamic, fast-moving and innovative place, and I have loved every movement of my time here, and I am extremely bullish about its future.

謝謝老闆。首先，我要感謝 Dara 和整個 Uber 管理團隊。當然，我還要衷心祝賀巴拉吉，我知道他一定會做得非常出色。Uber是一家百年一遇的公司。這是一個充滿活力、發展迅速且富有創新精神的地方，我熱愛在這裡的每一段時光，並且我對它的未來充滿信心。

Over the holidays, I had a chance to take stock of where we were and all that we had achieved from delivering phenomenal growth at scale, achieving investment-grade status and returning significant cash to shareholders.

假期期間，我有機會盤點了我們所處的位置以及我們所取得的一切成就，包括實現了規模上的驚人增長、獲得了投資級地位以及向股東返還了大量現金。

At the same time, a new opportunity presented itself where I could serve America and get back to the country that has given me and my family so much. I look forward to sharing more on that soon. And in the meantime, I'll be working with Dara and Balaji to ensure both successful and seamless transition.

同時，一個新的機會擺在了我面前，我可以為美國服務，回到這個給予我和我的家人如此之多的國家。我期待盡快與大家分享更多相關資訊。同時，我將與達拉和巴拉吉合作，確保順利且平穩地完成過渡。

Now let me hand it over to Balaji.

現在讓我把麥克風交給巴拉吉。

Thank you, Prashanth, for everything you've done for Uber, and thank you, Dara, for the trust you're putting in me. It's an honor to step into this role at this moment. I'm lucky to be building from such a strong base and accelerating core business supported by a huge and increasingly active consumer earn-out merchant base, large and growing cash flows, which we can use strategically to invest into our future, and world-class talent that is innovating and executing at scale with a GO-GET it culture that is always pushing ahead.

Prashanth，謝謝你為 Uber 所做的一切；Dara，謝謝你對我的信任。此時此刻能夠擔任這個角色，我深感榮幸。我很幸運能夠從如此強大的基礎出發，並藉助龐大且日益活躍的消費者盈利支付商戶基礎、龐大且不斷增長的現金流（我們可以將其戰略性地用於投資未來）以及世界一流的人才（他們以積極進取的文化不斷創新和大規模執行），來加速核心業務的發展。

I look forward to working with Dara, the management team, our board and that all of you to solidify Uber's possession as a once in a generation company that stands the test of time.

我期待與達拉、管理團隊、董事會以及各位共同努力，鞏固 Uber 作為一家百年一遇、經得起時間考驗的公司的地位。

With that, we'll take your questions.

接下來，我們將回答您的問題。

Alright, operator.

好的，接線生。

(Operator Instructions) Justin Post, Bank of America.

（操作員說明）賈斯汀·波斯特，美國銀行。

Great. I guess I'll ask about the competitive environment on AVs and really appreciate all the slides and prepared remarks. Just wanted to think in the context of 30% of your bookings coming from major cities, which you outlined, how do you think about the impact of AV ramps from Tesla or Waymo in those cities on market share and your profitability? Just high level on those things.

偉大的。我想問關於視聽設備領域的競爭環境，非常感謝你們準備的所有投影片和演講稿。我想問的是，鑑於您提到的 30% 的預訂量來自主要城市，您認為特斯拉或 Waymo 在這些城市建造自動駕駛汽車坡道會對您的市場份額和盈利能力產生什麼影響？只是對這些事情有較高的了解而已。

Yes, definitely, Justin. So I think the good news on AV for us is that we view the introduction of AVs as actually an overall growth driver for the markets in which we operate, right? So San Francisco gross bookings for us have accelerated, where we are in Austin and Atlanta as well, our bookings have accelerated, new riders to the platform has -- is growing faster than the rest of the country. Frequency is super strong as well.

是的，當然，賈斯汀。所以我認為，對我們來說，自動駕駛汽車的好消息是，我們認為自動駕駛汽車的引入實際上是我們所在市場整體成長的驅動力，對吧？因此，我們在舊金山的總預訂量加速成長，我們在奧斯汀和亞特蘭大的預訂量也加速成長，平台上的新乘客成長速度比美國其他地區都要快。頻率也非常高。

So AVs in the marketplace whether they're competitive NSF or whether they're on our platforms like Austin and Atlanta are turning out to be net positive in growing the overall economic high or the economic pie available to boom, so to speak. So from that standpoint, when we look at AVs, it's fundamentally a positive opportunity as reflected in Waymo's latest valuation of $110 billion, which is pretty incredible on a pre-money basis. But this is not kind of a technology that is going to replace, it's going to augment.

因此，市場上的自動駕駛汽車，無論是像 NSF 那樣具有競爭力的，還是像奧斯汀和亞特蘭大那樣在我們平台上的，都對整體經濟增長或可做的經濟蛋糕的擴大產生了淨積極作用。因此從這個角度來看，當我們審視自動駕駛汽車時，它本質上是一個積極的機會，正如 Waymo 最新 1100 億美元的估值所反映的那樣，這在融資前是相當驚人的。但這並不是一種會取代現有技術的技術，而是一種會增強現有技術的技術。

And then when we see our own performance as it relates to AVs, we're seeing AVs on our platform at significantly higher utilization than kind of one-piece stand-alone platforms based on the publicly available data in that trips per vehicle per day are 30% higher, ETAs are better as well. So we know that the best product today out there in the market is an AV on the Uber platform as well.

然後，當我們看到我們自身在自動駕駛汽車方面的表現時，我們發現，根據公開數據，我們平台上的自動駕駛汽車利用率明顯高於一些獨立的單體平台，例如，每輛車每天的出行次數高出 30%，預計到達時間也更短。所以我們知道，目前市面上最好的產品也是 Uber 平台上的自動駕駛汽車。

And then if you look at the partnerships that we are setting up, whether it's a partnership with Waymo, or NVIDIA or newest partner, Waabi or Abride or Nuro and Lucid, which kind of have a production-ready car out there, we expect to be in 15 cities by the end of this year and then expanding beyond that as well, which should actually increase kind of the wave of kind of the AV business that we're seeing behind us. So from a top line basis, we see AV as a net positive for the ecosystem.

然後，看看我們正在建立的合作夥伴關係，無論是與 Waymo、NVIDIA 還是最新的合作夥伴 Waabi、Abride、Nuro 和 Lucid 的合作（這些公司都已經推出了量產車型），我們預計到今年年底將在 15 個城市開展業務，並進一步拓展，這實際上應該會推動我們目前看到的自動駕駛汽車業務的蓬勃發展。因此，從整體來看，我們認為自動駕駛汽車對生態系統來說是利大於弊的。

In terms of margins, I think AV is going to be very similar to other products out there, which is any time we introduce a newer product, we introduced it at a lower margin than, let's say, UberX or Uber Black or Uber Reserve as we're building our liquidity. And then over a period of time, margins improve.

就利潤率而言，我認為AV將與其他產品非常相似，也就是說，每當我們推出新產品時，我們的利潤率都會低於UberX、Uber Black或Uber Reserve等產品，因為我們需要建立流動性。然後隨著時間的推移，利潤率會提高。

And for example, in the deals that we're striking today with various partners, with AV partners at scale, we are going to have healthy economics based on current consumer fares and healthy economics mean positive economics. And these are deals that we're striking right now.

例如，在我們今天與各種合作夥伴，特別是與AV合作夥伴達成的大規模交易中，我們將基於當前的消費者票價獲得健康的經濟效益，而健康的經濟效益意味著積極的經濟效益。而這些正是我們目前正在達成的交易。

So from a margin standpoint, structurally, we think the AV kind of ecosystem will be a net positive to mobility generally. The margins that we're getting now are good positive margins, and they are fair for our partners and they're fair for us as well. And from a competitive standpoint, at this point, AVs really haven't scaled, right? We added 50 times the trips on the Uber platform. This last year than kind of the entire AV industry added as it scales up, we expect it to be competitive.

因此，從利潤率的角度來看，從結構上看，我們認為自動駕駛汽車生態系統對整體出行將產生淨正面影響。我們現在獲得的利潤率是良好的正利潤率，這對我們的合作夥伴和我們自己來說都是公平的。從競爭角度來看，目前自動駕駛汽車還沒有真正實現規模化，對吧？我們在 Uber 平台上的行程數量增加了 50 倍。去年，整個影音產業規模擴大，我們預期競爭將會非常激烈。

We think a lot of these players will be on our platform as they realize that utilization is structurally higher in a 3P platform. And listen, competition is nothing new for us. We're the multiproduct player we are everywhere. We are global as well. And then with the membership program that really gets people highly, highly engaged with our platform.

我們認為，隨著這些玩家意識到第三方平台的使用率結構性更高，許多玩家都會加入我們的平台。而且，競爭對我們來說並不陌生。我們是一家產品多元化、覆蓋範圍廣的公司。我們也是全球性的。然後，我們的會員計劃真正讓用戶高度、高度地參與我們的平台。

We're very confident in terms of what we will do in a competitive market, and we're very confident that we're going to be the first choice for kind of AV manufacturers and technology companies to put their assets on our platform.

我們對自己在競爭激烈的市場中將要做的事情非常有信心，我們也非常有信心，我們將成為AV製造商和科技公司將他們的資產放在我們平台上的首選。

And Justin, this is Balaji. One additional thing I'd add there is, while you asked about the top market, it's important to remember that 70% of the US is outside of the stock markets and nearly 75% of our US profits come from those markets. And that -- those numbers have been growing because those markets are growing faster than the top 20 cities.

賈斯汀，這位是巴拉吉。我還要補充一點，雖然你問到了頂級市場，但重要的是要記住，美國 70% 的人口不在股市中，而我們美國近 75% 的利潤都來自這些市場。而且，這些數字一直在成長，因為這些市場的成長速度比前 20 個城市都要快。

I think this is a very, very common misconception. We've heard many times that Uber's profit pools are concentrated in the top cities and it could not be further from the truth.

我認為這是一個非常非常常見的誤解。我們多次聽說優步的利潤池集中在幾大城市，但這與事實完全不符。

And as you think about where AVs in the near term, those non-top 20 markets are going to be unlikely to be addressed by AVs for a long time to come as well. So from our perspective, not only are we going to be well positioned in those markets to be the platform of choice for our AV partners. But for the remainder of the US, it is going to be played by traditional ridesharing operators such as Uber.

而且，在考慮自動駕駛汽車近期發展方向時，那些排名前 20 名的市場在很長一段時間內也不太可能被自動駕駛汽車所覆蓋。因此，從我們的角度來看，我們不僅將在這些市場中佔據有利地位，成為我們AV合作夥伴的首選平台。但對於美國其他地區而言，這項業務將由優步等傳統叫車業者來承擔。

And also, just to remind investors that 60% of our Mobility gross bookings are international outside of the US as well. So we have a big business in the US outside of the big cities, and we have an even bigger business outside of the US as it relates to mobility.

另外，也要提醒投資人，我們旅遊業務總預訂量中有 60% 來自美國以外的國際市場。因此，我們在美國大城市以外的地區擁有龐大的業務，而我們在美國以外的地區，尤其是在出行領域，擁有更大的業務。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

First, wishing the best going forward, Prashanth and congrats Balaji on the new role. I wanted to drill down a little bit in the shareholder letter, you talked about customer growth and the momentum you have coming out of 2025.

首先，祝福 Prashanth 未來一切順利，並祝賀 Balaji 榮任新職。我想更深入地探討一下股東信中的內容，您談到了客戶成長以及您在 2025 年之後的發展勢頭。

Can you lay out some of the strategic priorities and growth investments that are top of mind for you guys in terms of maintaining that momentum in terms of new users across your products and then also reflect on how Uber One can continue to evolve the customer lifetime relationship you have looking out over the next 12, 18 months?

能否請您列出一些策略重點和成長投資，以維持產品新用戶成長動能？此外，能否請您思考一下，在未來 12 到 18 個月內，Uber One 將如何繼續發展客戶終身關係？

Yes, absolutely. So we have been very, very happy in terms of our user growth. And in terms of the strategy behind the user growth, I laid out in terms of there's products, there's use cases, there's demographics and then there's geographies. And we are introducing products along each of those different segments. I look at the products, for example, our Moto product, it's a two-wheeler product.

是的，絕對的。所以，就用戶成長而言，我們非常非常滿意。至於用戶成長背後的策略，我將其分為產品、用例、人口統計和地理位置四個方面。我們正在針對每個不同的細分市場推出產品。我查看了產品，例如我們的 Moto 產品，它是一款兩輪車產品。

It is much more -- it's a lot cheaper and more affordable that is bringing on significant new segments to our audience. And then we're seeing on occasions, those Moto users, if it's raining, if they're on a date at night, they will upgrade to an UberX or other use cases. So just introducing newer products is one area where we get new consumers.

它不僅價格更低、更實惠，而且還為我們帶來了大量的新受眾群體。然後我們看到，有時，如果下雨，或晚上約會，摩托羅拉用戶會升級到 UberX 或其他使用場景。因此，推出新產品是我們獲得新客戶的一種方式。

And then there's new use cases, new use case might be reserved where we thought that reserve was actually going to serve people who wanted higher reliability, but it's also -- there's a whole customer base, much of them in the suburbs outside of the big cities that didn't find previously Uber reliability high enough for an airport trip for a time-sensitive trip.

此外，還有新的使用場景，新的使用場景可能是我們之前認為可以服務於那些想要更高可靠性的人的預留場景，但同時也有一大批客戶，他們大多居住在大城市郊區，他們以前覺得 Uber 的可靠性不夠高，無法滿足機場接送等時間緊迫的行程需求。

Now they do because we offer the reserve product, and so that is a product that has higher margins, has higher earnings for our drivers as well. At the same time, is introducing new customers into the flow.

現在他們確實這麼做了，因為我們提供備用產品，而備用產品利潤更高，我們的司機也能獲得更高的收入。同時，也在將新客戶引入流程。

Same thing for women preferred, same thing for teams, same thing for older demographic, kind of the simpler product that we have. All of these are introducing our economy newer use cases or different demographics that are coming to the platform.

對於女性用戶、團隊用戶、老年用戶群，我們推出的產品都比較簡單，這算是我們推出的比較簡單的產品。所有這些都為我們的經濟引入了新的應用場景或不同的用戶群體，他們正湧入這個平台。

And then last but not least, I'd say international and the growth that we see in the less dense markets that Balaji just referred to. This is growth outside of the mainline cities. Generally, growth in less dense markets is about 1.5 times to 2 times more than growth in the middle of the big cities. This is a result of, again, new supply coming on first and a new audience coming on after that supplies well. So we're very, very happy with the customer growth.

最後，我想說的是國際市場以及我們在巴拉吉剛才提到的那些人口密度較低的市場中所看到的成長。這是主要城市以外的成長。一般來說，人口密度較低的市場的成長速度大約是大城市中心地帶的 1.5 倍到 2 倍。這再次是由於新供應先出現，然後新受眾隨後出現，供應充足所致。我們對客戶成長非常非常滿意。

And at this point, we don't see any signal of it slowing down. And then, of course, what I started with, which is AVs are an entirely net use case. There are people who are curious about the product and then there are people who absolutely love the product, and we think AVs can be another opportunity for customer acquisition. Anything to add, Balaji to that?

目前來看，我們還沒有看到任何放緩的跡象。當然，我一開始就提到，AV 完全是一個網頁用例。有些人對產品感到好奇，有些人則非常喜歡這款產品，我們認為自動駕駛汽車可以成為另一個獲得客戶的機會。巴拉吉，還有什麼要補充的嗎？

I'd just say just adding some quantitative lens on everything Dara said. If you think about where the crux of our growth is coming from. It's still audience growth, which is very encouraging for where this business will go over the next few years. And looking at 2025, we started the year with MAPC growth at about 14% year-on-year. We ended the year with MAPC growth at 18% year-on-year, which is a very, very strong step up.

我只想說，應該從量化的角度來審視達拉所說的一切。想想我們成長的關鍵動力來自哪裡。觀眾人數仍在增長，這對於該行業未來幾年的發展來說是一個非常令人鼓舞的消息。展望 2025 年，我們年初的 MAPC 年成長率約為 14%。我們以18%的年均成長率結束了這一年，這是一個非常非常強勁的成長。

And there's a lot of runway in front of us still as, as you look at that MAPC number at over 202 million monthly actives, our annual active base is over 450 million, and we are continuing to improve our penetration of that base. As we're doing that, frequency, while it is growing at a slower rate, that is more a function of our cohorts coming on and maturing from there.

而且我們面前還有很大的發展空間，正如你所看到的，MAPC 的每月活躍用戶超過 2.02 億，我們的年度活躍用戶超過 4.5 億，我們正在繼續提高我們對這一用戶的滲透率。在我們進行這項工作的同時，雖然頻率增長速度較慢，但這更多是由於我們的用戶群體不斷加入並逐漸成熟所致。

What we are seeing is our new ride cohort, new ITA cohorts are exhibiting much stronger retention than prior US cohorts. And part of it is driven by our focus on early life cycle investments, we're ensuring that consumers were acquiring, retain better through the early part of their engagement with Uber's platform.

我們看到的是，我們新的騎行群體，新的ITA群體，其留存率比之前的美國群體要高得多。部分原因是由於我們對早期生命週期投資的重視，我們確保消費者在與 Uber 平台互動的早期階段能夠更好地獲取和留住用戶。

Then as we introduce them to multiple products that we are serving our consumers with, which at this point, 40% of consumers in Q4 were using more than one Uber product. And then finally, our membership program, which has been a key investment area and still is growing 55% year-on-year, that then supercharges that cohort that we are requiring. So there's a lot of runway here, and we feel pretty good about the investments we're making, we are being quite deliberate in measuring the LTV to CAC ratios on that.

然後，我們向他們介紹我們正在為消費者提供的多種產品，而此時，第四季有 40% 的消費者正在使用不只一種 Uber 產品。最後，我們的會員計畫一直是重要的投資領域，並且每年仍以 55% 的速度成長，這大大增強了我們所需的群體。所以這裡還有很大的發展空間，我們對正在進行的投資感到非常滿意，我們在衡量 LTV 與 CAC 比率方面也相當謹慎。

All right. Next question.

好的。下一個問題。

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

I have two. One on autonomous, one on capital returns. Dara, I appreciate all the color on autonomous in the letter. I wanted to give you one more shot to kind of repeat one of the other concerns. the history of technology with capital-intensive, heavy investment technologies often kind of shows the technology will migrate toward winner take most at scale.

我有兩個。一個關注自主性，一個關注資本回報。Dara，我很欣賞信中對「自主」一詞的各種生動描述。我想再給你一次機會，重申我之前提到的另一個問題。資本密集、高投資技術的歷史往往表明，這類技術最終會朝著贏家通吃的局面發展。

Can you just sort of walk us through why you don't think AV will go that way when safety is so important to scaling AV in the next 3, 5, 10 years? That's the first one.

您能否簡要解釋一下，為什麼您認為自動駕駛汽車在未來 3 年、5 年、10 年內不會朝著那個方向發展，因為安全對於自動駕駛汽車的規模化發展至關重要？這是第一個。

And then the second one, maybe for Balaji or Prashanth. I think throughout 2025, you talked about sort of a 50% free cash flow commitment to shareholders. Are you still sort of maintaining that philosophy? Or what is sort of the reinvestment versus capital return philosophy as we look at 2026?

然後第二個，可能是給巴拉吉或普拉桑特的。我認為在2025年，您曾談到要向股東承諾50%的自由現金流。你現在仍然堅持這種理念嗎？或者說，展望 2026 年，再投資與資本報酬的理念是什麼？

Yes. Absolutely. As it relates to AV and winner takes most, listen, I think this is true of technology platforms, and I would remind you that as it relates to mobility and now increasingly delivery, Uber is the winner who has taken most. And that wasn't always the case. It is because of how we built, the fact that we have this international footprint, the fact that we go broader than our competitors and the fact that we are a multiproduct and have built those products organically within the system.

是的。絕對地。至於自動駕駛汽車和贏家通吃的局面，聽著，我認為這對技術平台來說也是如此，而且我想提醒你，就出行領域以及現在日益增長的配送領域而言，優步是最大的贏家。但情況並非總是如此。這是因為我們的發展方式，因為我們擁有國際影響力，因為我們的業務範圍比競爭對手更廣，因為我們是一家多產品公司，而這些產品都是在系統內有機地發展起來的。

So we are the winner take most kind of product as it relates to mobility and delivery certainly outside of the US. I think hardware is fundamentally different in that if you look at the OEM industry, there are many, many car manufacturers, manufacturing is local, you have local champions, et cetera.

因此，就移動出行和配送而言，尤其是在美國以外地區，我們的產品屬於贏家通吃型產品。我認為硬體從根本上來說是不同的，如果你看看 OEM 行業，你會發現有很多很多汽車製造商，生產是本地化的，有本地的龍頭企業等等。

And if you look at the trend as it relates to AV, it looks more and more like our vision of the future, which is 10 years from now, every single car -- a new car sold, is going to have L4 or L3, full L3 and L4 software attached with it.

如果你觀察自動駕駛汽車的發展趨勢，它越來越像我們對未來的願景，也就是10年後，每一輛新車——每一輛售出的新車——都將配備L4或L3，完整的L3和L4軟體。

In that kind of a world, we think we have many, many suppliers, not just one or two suppliers, and if you look at AV now, there are multiple players who are getting to the finish line. Obviously, Waymo is -- while they're not finished, they are safer than humans, which is terrific.

在這樣的世界裡，我們認為我們有很多很多供應商，而不僅僅是一兩個供應商。如果你看看現在的AV產業，你會發現有很多廠商正在努力達成目標。顯然，Waymo 是——雖然它們還沒有完全成熟，但它們比人類更安全，這很棒。

You have players like Pony, you have WeRide, you've got Baidu in China who has developed AV-ready technology, whom we are partnering with outside of the US as well.

有像 Pony 這樣的公司，有像 WeRide 這樣的公司，還有中國的百度，他們開發了支援自動駕駛技術，我們也在美國以外與他們合作。

And then there are many other partners in the US, Lobby, Wayve in the UK, a Lobby in Canada, Wayve in the UK, Nuro here in the US and Ride in the US. And then, of course, the biggie NVIDIA that is developing a hardware platform, sensor staff compute stack, which we believe will be industry standard and now is actually building out full self-driving software as well.

此外，在美國還有許多其他合作夥伴，例如 Lobby、英國的 Wayve、加拿大的 Lobby、英國的 Wayve、美國的 Nuro 和美國的 Ride。當然，還有巨頭英偉達，它正在開發硬體平台、感測器和計算堆棧，我們相信這將成為行業標準，現在它實際上也在建立完全自動駕駛軟體。

So with all of the players in the space, the fact that it has been solved multiple times by multiple software providers with NVIDIA kind of setting an industry standard as well. We're very confident that one, AVs will be a net positive to the mobility sector.

因此，考慮到該領域的所有參與者，以及多家軟體供應商多次解決該問題的事實，NVIDIA 也在某種程度上建立了行業標準。我們非常有信心，自動駕駛汽車將對旅遊產業產生正面影響。

In other words, it will expand the category. And we are the winner take most player as it relates to 3P, and we think that the 3P kind of marketplace will be very, very large and will be very, very healthy. Balaji, do you want to take the second?

換句話說，它將擴大該類別。我們是第三方市場的贏家通吃者，我們認為第三方市場將會非常非常大，而且會非常非常健康。巴拉吉，你想選第二個嗎？

Sure. So we did lay out our capital allocation priorities in quite a lot of detail. But just to quickly summarize how we think about this. Our first priority is to ensure that we are meeting appropriate reinvestments behind the opportunity we're seeing in our core business. We are in a good position where even as we make those investments, we are throwing off a lot of cash as we said we were already generating about $10 billion of free cash flows, growing 40% as of the last year.

當然。因此，我們非常詳細地列出了我們的資本配置優先事項。但簡單概括一下我們對此的看法。我們的首要任務是確保我們對核心業務中看到的機會進行適當的再投資。我們目前處境良好，即使在進行這些投資的同時，我們也產生了大量的現金流，正如我們所說，我們已經產生了約 100 億美元的自由現金流，比去年增長了 40%。

So that gives us a lot of room to make investments in ensuring that we are advancing our AV strategy and potentially evaluating any selective bolt-on M&A opportunities as they come along.

因此，這給了我們很大的空間進行投資，以確保我們推進AV策略，並有可能評估任何出現的選擇性附加併購機會。

And then that still leaves us with a significant amount of cash that we can return to shareholders. So this is not a trough for us in the sense that we are choosing one or the other. We're able to do all of these things in parallel.

這樣一來，我們還能剩下相當可觀的現金，可以回饋給股東。所以，這對我們來說並不是一個進退兩難的困境，因為我們不是要在兩者之間做出選擇。我們可以同時做所有這些事情。

As to your question on whether we would be returning 50% of free cash flows? Based on our current visibility into what we're seeing as well as the fact that our stock remains really cheap, we will continue to be aggressive buyers of our stock, and you should expect that it continues at a steady cadence and we are on track to reducing our share count by a healthy amount as we go forward.

至於您提出的關於我們是否會返還 50% 自由現金流的問題？根據我們目前所看到的情況以及我們股票仍然非常便宜的事實，我們將繼續積極買入我們的股票，你們應該會預期我們會以穩定的節奏繼續買入，並且我們正按計劃逐步減少我們的股票數量。

And I think the good news here is with our free cash flow generation and our expectation of the free cash flow generation increasing going forward, we can do both. We can invest appropriately as it relates to growth. And then at the same time, we are going to continue reducing the share count because ultimately, all of us are shareholders, and we think right now the opportunity to buy back shares is pretty awesome. Next question.

我認為好消息是，憑藉我們目前的自由現金流產生能力以及未來自由現金流產生能力不斷增長的預期，我們可以同時做到這兩點。我們可以根據成長情況進行適當的投資。同時，我們將繼續減少股份數量，因為歸根結底，我們都是股東，我們認為現在回購股份的機會非常棒。下一個問題。

Mark Mahaney, Evercore.

Mark Mahaney，Evercore。

Two questions. You talked about acceleration in the US trips and gross bookings in '26. So that's a little bit unusual. You don't normally seek businesses at scale -- at your scale accelerating.

兩個問題。您談到了 2026 年美國旅行和總預訂量的加速成長。這有點不尋常。你通常不會去尋找規模化的企業——而是以你目前的規模加速發展的企業。

So just go through a couple of factors. The biggest reasons for confidence in that acceleration. And then I know this question has come up in the past. Your willingness to deploy capital into AV fleets like how capital -- any changes in your thinking about how capital intensively you want to run your AV business going forward?

所以，我們只需考慮以下幾個因素。對這種加速發展充滿信心的最大原因。我知道這個問題以前也出現過。您願意像現在這樣將資金投入自動駕駛汽車車隊嗎？ ——您對未來經營自動駕駛汽車業務的資金投入強度有什麼想法上的變化嗎？

Sure. Thanks, Mark. I'll take US acceleration and Dara will take the second question. So when you think about our US business, what we have been seeing for the last few years or until the beginning of 2025, we had a lot of inflationary impacts from insurance, in particular, in the US, which had -- which we have passed on to the market in the form of consumer pricing, and it was driving a slowdown in the business.

當然。謝謝你，馬克。我來回答美國加速的問題，Dara 來回答第二個問題。所以，當我們回顧我們在美國的生意時，就會發現過去幾年，直到 2025 年初，保險業，尤其是美國的保險業，受到了很大的通膨影響，而這些影響已經以消費者價格的形式轉嫁到了市場上，導致業務放緩。

But throughout the last year, we have held prices relatively consistent. And as we look forward with the amount of insurance reform and product-driven hundreds of millions of dollars of cost savings that we are seeing, we are in a position where insurance is going from a deleveraging cost item to something that gives us leverage, and that allows us to hold prices flat or better in certain markets.

但在過去一年中，我們一直保持價格相對穩定。展望未來，隨著保險改革和產品驅動帶來的數億美元成本節約，我們看到保險正在從一個降低槓桿作用的成本項目轉變為一個賦予我們槓桿作用的項目，這使我們能夠在某些市場保持價格不變甚至更低。

So that price consistency has a huge impact on long-term elasticity of demand. And the longer we can do this, the better the outcomes for us are, and we feel pretty good about our core business accelerating in the US as we do that. In addition to that, there is our barbell strategy that is also having a pretty meaningful impact on opportunities that we see here. We talked about both the low end and the high end, growing 40% in the last year.

因此，價格的穩定性對長期需求彈性有著巨大的影響。我們這樣做的時間越長，對我們來說結果就越好，我們感覺隨著我們這樣做，我們在美國的核心業務正在加速發展，這讓我們非常滿意。除此之外，我們的槓鈴策略也對我們在這裡看到的機會產生了相當重要的影響。我們討論了低端和高端市場，去年成長了 40%。

And that's true even in the US and products like Wait & Save are showing a lot of momentum as well as products on the other side, XXL, shuttle expansion, at airports.

即使在美國也是如此，像 Wait & Save 這樣的產品以及機場的 XXL、穿梭巴士擴張等其他產品都展現了很大的發展勢頭。

So I think there's a lot of opportunity on those products. And then finally, our expansion into sparse markets, which Dara already referred to earlier, which are growing as much as 1.5 times faster than dense markets, but only 20% of global mobility trips, there's a lot of opportunity in the US for us to improve reliability and target our product offerings in the sparse markets. Dara?

所以我認為這些產品有很多機會。最後，我們也要拓展到稀疏市場，如 Dara 前面提到的，這些市場的成長速度比密集市場快 1.5 倍，但僅佔全球出行量的 20%。在美國，我們有很多機會來提高可靠性，並針對稀疏市場推出我們的產品。達拉？

Yes. Mark, in terms of the investments that we're making in AV and the capital efficiency. One is we're certainly investing in the players in AV in terms of the software players in AV. So our latest investment was, for example, Waabi, which is a leading AV provider of trucks and getting into passenger mobility as well, which is terrific.

是的。馬克，就我們在AV領域的投資和資本效率而言。一方面，我們確實在AV領域的玩家，特別是AV領域的軟體玩家進行投資。例如，我們最近的投資對像是 Waabi，該公司是領先的自動駕駛卡車供應商，並且正在進入乘客出行領域，這非常棒。

And for example, as part of that investment, the first 25,000 passenger vehicles that they produce on their platform, will be exclusive on Uber as well.

例如，作為這項投資的一部分，他們在平台上生產的前 25,000 輛乘用車也將是 Uber 獨家銷售的。

So we are putting our capital up in order to guarantee supply going forward. And as I said, much of that supply is going to be on profitable economics which is terrific. And we will continue making these kinds of commitments, Nuro, Lucid, for example, and others to come.

因此，我們正在投入資金，以確保未來的供應。正如我所說，其中大部分供應都將以盈利為目的，這非常棒。我們將繼續做出這類承諾，例如與 Nuro、Lucid 等公司的合作，以及未來將推出的其他合作項目。

At the same time, we're talking with financial players. And the statistics that we're seeing as it relates to the production of AVs in terms of trucks per vehicle per day in terms of the utilization, the revenue generation of each vehicle and then, of course, the profitability of each vehicle, we work with fleet partners to run the fleet, clean them, keep them charged up, et cetera, repair them.

同時，我們也在與金融機構洽談。我們看到的統計數據與自動駕駛汽車的生產有關，例如每輛車每天的卡車數量、利用率、每輛車的收入以及每輛車的獲利能力。我們與車隊合作夥伴合作經營車隊，清潔車輛，保持車輛充電等等，並進行維修。

We have the largest fleet ecosystem in the world. And as a result, we will be able to scale those operations in a way and have a lower kind of variable cost base as we believe, and the largest global footprint than any player because we already are global.

我們擁有全球最大的車隊生態系統。因此，我們相信，我們將能夠以某種方式擴大這些業務規模，並擁有更低的變動成本基礎，而且由於我們已經是全球性企業，我們將擁有比其他企業更大的全球影響力。

As part of that, we are talking to financial institutions, private equity players, banks, et cetera, who are already, in some cases, lending to our fleet partners, these fleet partners usually are going out and buying EVs and that will transition to AVs as well.

作為其中的一部分，我們正在與金融機構、私募股權公司、銀行等進行洽談，在某些情況下，他們已經向我們的車隊合作夥伴提供貸款，這些車隊合作夥伴通常會購買電動車，而這種情況也將逐漸過渡到自動駕駛汽車。

So this is something that is absolutely going to happen. You will see news on kind of fleet financing for both AVs and EVs going forward. So while we will make commitments, and these commitments are for profitable economics, we do think that we will have a very, very healthy financing ecosystem, both in terms of equity and debt.

所以這件事一定會發生。未來您將會看到有關自動駕駛汽車和電動車隊融資方式的新聞。因此，雖然我們會做出承諾，而這些承諾是為了獲利，但我們確實認為我們將擁有一個非常非常健康的融資生態系統，無論是在股權融資還是債務融資方面。

Looks like Marriott doesn't have to own its hotels, you've got REITs that own their hotels and kind of making an appropriate return on equity, you will see the same thing in the future on fleets. We're very, very early on that path, but we're quite confident we're going to get there and the whole ecosystem is going to financialize just as you see data centers financialize as well.

看來萬豪酒店集團不必自己擁有酒店，有些房地產投資信託基金（REITs）擁有自己的酒店，並且能夠獲得適當的股本回報，未來在酒店集團方面也會看到同樣的情況。我們目前還處於非常非常早期的階段，但我們非常有信心能夠實現這一目標，整個生態系統也將像資料中心一樣實現金融化。

Congratulations, Balaji. Wishing you all the best.

恭喜你，巴拉吉。祝你一切順利。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

Just on AVs, can you talk about how you see data and simulation accelerating the path to market for those kinds of AV 2.0 software players. And then on the 15 markets that could be deployed by the end of this year, what are the key unlocks or hurdles just to get those up and running either through regulatory, manufacturing or safety or anything else?

僅就AV而言，您能否談談您如何看待數據和模擬加速AV 2.0軟體廠商進入市場？那麼，在今年年底前可以部署的 15 個市場中，要透過監管、製造、安全或其他任何方式啟動並運行，關鍵的解鎖因素或障礙是什麼？

Yes, absolutely, Doug. So we're very, very excited on the data and simulation space, generally, SIM capabilities with larger models with stronger compute, SIM capabilities in the industry are getting much, much stronger. Waabi, for example, who I talked about as one of the leading players as it relates to simulations.

是的，當然，道格。因此，我們對資料和模擬領域感到非常非常興奮，總的來說，SIM 功能（包括更大的模型和更強大的運算能力）在業界正變得越來越強大。例如，我之前提到的Waabi，他是模擬領域的領導者之一。

And what the newer SIM capability is able to do is take a piece of data and then run thousands of different SIM scenarios so that you can create the long-tail cases that can be so difficult in the real world, you can create them in simulation. You can have multiple kind of instances and branches to train your models and prepare them for the real world.

而新的 SIM 功能能夠獲取一段數據，然後運行數千個不同的 SIM 場景，這樣你就可以創建現實世界中非常困難的長尾案例，你可以在模擬中創建它們。您可以擁有多種類型的實例和分支來訓練您的模型，並使它們為現實世界做好準備。

Now the real world is different and the real world can create unexpected circumstances, like, for example, the San Francisco blackout where Waymo had a very, very difficult time negotiating, so to speak. So getting real-world data is incredibly important.

現在現實世界有所不同，現實世界可能會產生意想不到的情況，例如，舊金山大停電，Waymo 就不得不非常非常努力地應對。因此，獲取真實世界的數據至關重要。

And the good news is we're incredibly well positioned to do so. We're partnering with NVIDIA to kind of build a real-world data collection factory that's looking to collect over 3 million hours of real-world specific data to passenger AVs, pickups, drop offs, all of the things that Uber drivers have to all the complexity that Uber drivers have to deal with. We and NVIDIA are going to be collecting that data and then providing it to our partners as well.

好消息是，我們在這方面擁有得天獨厚的優勢。我們正在與 NVIDIA 合作，建立一個真實世界數據收集工廠，目標是收集超過 300 萬小時的真實世界特定數據，涵蓋乘客自動駕駛汽車、接送、以及 Uber 司機必須處理的所有複雜情況。我們和英偉達將收集這些數據，然後提供給我們的合作夥伴。

So if there's one area where the smaller player has a disadvantage, it is data but we and NVIDIA are teaming up to democratize AV data, real-world data and provide it to the entire AV ecosystem.

因此，如果說小玩家在哪個領域處於劣勢，那就是數據，但我們和英偉達正在攜手合作，實現自動駕駛數據、真實世界數據的民主化，並將其提供給整個自動駕駛生態系統。

You combine that with advanced simulation capability that many of our partners are developing or have and you get to a road map, a very fast road map to AV readiness for many, many players.

將此與我們許多合作夥伴正在開發或已經擁有的先進模擬能力結合起來，就能製定出一份路線圖，一份讓眾多玩家能夠快速做好自動駕駛準備的路線圖。

In terms of the 15 cities that we expect to be in, listen, these are -- you got to strike a deal with partners. Obviously, you have to make sure that there's capital for the vehicles. We are setting up depots, acquire real estate, making sure we have the charging infrastructure in place. And of course, our government relations team is working with the regulators on the ground to make sure that we're ready to go. And then, of course, we have to work with our partners on the safety case.

至於我們預計要進駐的 15 個城市，聽著，這些都是──你必須和合作夥伴達成協議。顯然，你必須確保有足夠的資金來購買車輛。我們正在設立充電站，購買房地產，確保充電基礎設施到位。當然，我們的政府關係團隊也與當地監管機構合作，確保我們做好充分準備。當然，接下來我們還要和合作夥伴一起探討安全問題。

Safety is incredibly important as it relates to AV. Usually, we will launch with a driver in vehicle and then over a period of time, like we have in Abu Dhabi, we will take drivers out of the vehicle and kind of have full AV capability. So we -- this is kind of machinery that we have built, and we're learning on. And I think that we're going to get faster as we go along here.

對於自動駕駛汽車而言，安全至關重要。通常情況下，我們會先推出配備駕駛員的車輛，然後隨著時間的推移，就像我們在阿布達比所做的那樣，我們會將駕駛員從車輛中移除，並實現完全的自動駕駛功能。所以，這是我們建造的一種機器，我們正在使用它來學習。我認為隨著時間的推移，我們的速度會越來越快。

And I would just add that while you're thinking about what it takes to launch, in parallel, we have to think about what it takes to scale as well. Launching will have all of the impediments and work that Dara talked about. But this is going to be a game of avoiding bottlenecks down the road.

我還要補充一點，在思考如何啟動產品的同時，我們也必須思考如何擴大規模。發表會遇到達拉提到的所有障礙和工作。但這將是一場避免未來瓶頸的遊戲。

So in parallel, we need OEMs to start ramping capacity. And as you've seen us talk about tens of thousands of vehicles already announced in a few partnerships, we will have a lot more of those kind of OEM relationships coming down the pipe.

因此，同時，我們需要原始設備製造商開始提高產能。正如你們所看到的，我們已經宣布透過一些合作關係推出數萬輛汽車，未來我們將與更多廠商建立類似的合作關係。

And over time, we expect those commitments to get financialized and for asset owners to take ownership of those. But in the first few years, we are going to be stepping in with some vehicle purchases as well.

隨著時間的推移，我們預計這些承諾將實現金融化，資產所有者將獲得這些資產的所有權。但在最初幾年，我們也會參與一些車輛採購。

Our next question.

我們的下一個問題。

Michael Morton, Moffettnathanson.

麥可莫頓，莫菲特納森森。

Congratulations on the -- Balaji. I was wondering AVs require investors to think about things long term. If you could talk about the different stages and the duration in which you expect them to play out. We're in stage one today, like launching a small launches in markets like San Francisco, can you talk about how we get to the tens of thousands of AVs on Uber's networks over the next several years? And I know it's a moving target, but how the market should expect that to play out?

恭喜巴拉吉。我一直在想，AV（價值型資產）是否要求投資人長期考慮。如果您能談談各個階段以及您預計它們會持續的時間就好了。我們目前處於第一階段，例如在舊金山等市場進行小規模推廣，您能否談談我們如何在未來幾年內實現 Uber 網路上數萬輛自動駕駛汽車的目標？我知道這是一個不斷變化的目標，但市場應該預期它會如何發展？

Sure. Thanks, Martin. I'll take this one. So as you think about these deployments, especially on Uber's network, what we are going to be solving for initially is to get baseload supply from AVs to meet the demand at the trough of the weak demand curve. So as you saw in the slide we have on the deployment in Austin, we are, at this point, able to deliver very, very consistent demand to the AVs on the roads in the market.

當然。謝謝你，馬丁。我選這個。因此，在考慮這些部署時，尤其是在 Uber 的網路上，我們最初要解決的問題是，如何從自動駕駛汽車獲得基礎負載供應，以滿足疲軟需求曲線低谷期的需求。正如您在我們關於奧斯汀部署情況的幻燈片中看到的那樣，目前我們能夠為市場上道路上的自動駕駛汽車提供非常、非常穩定的需求。

And if you think about the Saturday to Monday drop for our network, which is about 45% for AVs, that number is much more consistent, right? So we are able to do that and the first stage will be launching in multiple markets and getting to that kind of a consistent baseload supply.

如果你考慮到我們網路從週六到週一的流量下降，自動駕駛汽車的流量下降幅度約為 45%，這個數字就穩定得多，對吧？所以我們能夠做到這一點，第一階段將在多個市場推出，並達到穩定的基礎負荷供應。

As we move from that to larger scale, the goal for us there is going to be that the vehicle platform cost needs to come down, and it needs to be able to expand the TAM for us in a meaningful way because we should be able to lower cost to consumers at that stage.

隨著我們從小規模走向大規模，我們的目標是降低車輛平台成本，並以有意義的方式擴大我們的市場規模，因為在那個階段我們應該能夠降低消費者的成本。

And at that point, we can go beyond the trough level demand and start moving towards more medium levels there. Eventually in a very long term, we can think about a majority of supply coming from AVs in certain markets. But that future is far, far away given that the OEMs are on their production ramp goes.

到那時，我們就可以超越低谷需求水平，並開始朝著更中等的需求水準邁進。從長遠來看，在某些市場，自動駕駛汽車最終可能會成為大部分汽車供應來源。但鑑於汽車製造商正在逐步提高產量，那個未來還很遙遠。

So I think, again, going back to the question of how do we get to tens of thousands of vehicles? That question, the answer is going to be coming for every player out there. It will come down to how quickly OEMs can ramp production here.

所以，我認為，還是要回到我們如何才能擁有數萬輛汽車這個問題上來？這個問題，每個球員都會得到答案。最終取決於汽車製造商能否盡快提高這裡的產能。

And for OEMs, this is going to be a challenge where they have to think through novel new use case where they're thinking through tens of thousands of vehicles versus the millions of vehicles that they produce on their traditional cars. And off the commitments like the ones we are talking about with our partners will come in to play a big role there and financialization of those assets is important for us.

對於汽車製造商來說，這將是一個挑戰，他們必須思考新的應用場景，他們需要考慮數萬輛汽車，而不是像傳統汽車製造商那樣生產數百萬輛汽車。而我們與合作夥伴正在討論的那些承諾將在其中發揮重要作用，這些資產的金融化對我們來說至關重要。

And Mike, just one thing that I would add, if you really think about the game, one of the key elements is going to be what companies are able to utilize these cars in the troughs where they will largely not be busy and are having delivery and freight as part of our logistics ecosystem gives us an opportunity to actually use these vehicles at a structurally higher utilization than anyone else.

麥克，我還要補充一點，如果你仔細想想這場比賽，關鍵因素之一將是哪些公司能夠在客流低谷期利用這些車輛，在這些時段，車輛基本上不會繁忙，而我們的物流生態系統中的配送和貨運環節，為我們提供了一個機會，讓我們能夠以比其他任何人都更高的結構性利用率來使用這些車輛。

We have the network utilization. We've already dominated that our network is driving higher utilization even in a circumstance where supply is really low, as supply increases, the utilization advantage that we have, both on the mobility only network for delivery, for freight, for last mile delivery is going to be super interesting and it's a structural advantage that we have that's not available to any other play.

我們有網路利用率數據。我們已經證明，即使在供應非常低的情況下，我們的網路也能推動更高的利用率。隨著供應的增加，我們在純行動配送網路、貨運網路和最後一公里配送網路上所擁有的利用率優勢將非常有趣，這是我們擁有的其他任何公司都無法獲得的結構性優勢。

Greg, we'll take one last question, please.

格雷格，請容許我們回答最後一個問題。

John Colantuoni, Jefferies.

John Colantuoni，傑富瑞集團。

Starting with advertising. The advertising business has continued to see impressive growth with penetration and delivery now exceeding your prior target of 2%. Maybe you can update us on how you're thinking about the long-term potential of delivery advertising and any key opportunities you see to keep growing that business at a fast pace?

從廣告開始。廣告業務持續保持強勁成長勢頭，滲透率和投放量均已超過您先前設定的 2% 的目標。您能否向我們介紹一下您對外送廣告長期潛力的看法，以及您認為有哪些關鍵機會可以維持該業務的快速成長？

And second, with delivery growth accelerating to multiyear highs, maybe you could just talk about drivers of that faster growth and provide your perspective on sustainability in the coming quarters? Thanks.

其次，鑑於配送業務成長加速至多年來的最高水平，您能否談談推動這一快速成長的因素，並就未來幾季的可持續發展提供您的見解？謝謝。

Thanks, John. I'll take ads and Dara will take delivery. So on ads, we're very, very pleased with the momentum that we are seeing. As you rightly pointed out, we had many years ago talked about 2% as the potential ceiling for penetration with delivery advertising. What we are seeing is that the opportunity size here is potentially much larger.

謝謝你，約翰。我負責廣告投放，Dara負責送貨。所以，在廣告方面，我們對目前的發展動能非常非常滿意。正如您所指出的，我們多年前就討論過，投放廣告的滲透率上限可能為 2%。我們看到的是，這裡的機會規模可能會大得多。

And as we think through where we are on the journey with enterprises versus SMBs. SMBs -- SMB ad penetration is a lot higher than 2% and enterprise year-on-year growth is now outpacing SMB by a lot more.

當我們思考企業與中小企業的發展歷程時，我們目前處於哪個階段。中小企業－中小企業廣告滲透率遠高於 2%，而且企業廣告年增率現在遠超中小企業廣告。

So in a way, enterprise advertising is catching -- playing catch-up, and that means there's going to be a lot of runway here. At the same time, our products on grocery and retail and mobility are a lot more nascent, and there's going to be opportunity for us to grow there as well. Dara, you want to take delivery quickly?

從某種意義上說，企業廣告正在迎頭趕上，這意味著這裡還有很大的發展空間。同時，我們在食品雜貨、零售和旅遊領域的產品還處於起步階段，未來也有機會在這些領域發展壯大。達拉，你想盡快收貨嗎？

Yes, absolutely. So in terms of delivery, I'd say there are five factors as it relates to the growth rate. First, I would say, just the basics of selection. Our selection still in many countries is 30%, 40% of the addressable market or selection in the US, especially in less dense markets, in small and medium businesses is not where we want to be. So you will see -- you already saw an increase in terms of our acceleration in the number of merchants that we have on the platform.

是的，絕對的。所以就交付而言，我認為有五個因素與成長率有關。首先，我想說，先從選擇的基本知識講起。在許多國家，我們的產品選擇率仍然只有目標市場的 30% 到 40%；而在美國，尤其是在人口密度較低的市場，中小企業的產品選擇率並非我們想要達到的目標。所以你會看到——你已經看到我們平台上的商家數量成長速度加快了。

You should expect to continue to see that. We are continuing to invest in Salesforce, obviously enabled by AI, et cetera, so as efficient as can be. But our selection growth is accelerating. And as you grow selection, you have more items to sell. You have newer restaurants bring new audience, and at the same time, you increase conversion.

你應該預料到這種情況還會繼續發生。我們將繼續投資 Salesforce，顯然，人工智慧等技術也為此提供了支持，使其盡可能高效。但我們的選拔速度正在加快。隨著商品種類的增加，你就可以賣更多的商品了。新餐廳的開設可以吸引新的顧客群，同時也能提高轉換率。

So selection is number one, and we have plenty of selection to go through.

所以選擇是第一位的，而且我們有很多選擇需要篩選。

Second is growth in less dense areas, especially in the US, our category position in the suburbs is significantly lower than category position in the big cities, and we are making progress there as it relates to selection. And as it relates to just the reliability of the service, we are growing significantly faster in less dense areas and dense areas, both in the US and outside of the US.

其次是在人口密度較低的地區，尤其是在美國，我們的郊區市場地位明顯低於大城市的市場地位，但我們在選擇方面正在取得進展。就服務可靠性而言，無論是在美國還是在美國境外，我們在人口密度較低的地區和人口密度較高的地區都實現了顯著更快的增長。

Third is newer products that we're selling on Eats. I talked about this going to grocery retail. That's another $1 trillion opportunity, and we continue to add grocery partners. We've got 5 of the top 10 in the US. That is going to expand.

第三是我們在 Eats 上銷售的新產品。我談到了去食品零售店這件事。那又是一個價值 1 兆美元的機會，我們將繼續增加食品雜貨合作夥伴。在美國排名前十的球隊中，我們佔了五支。這個數字將會擴大。

We'll have announcements coming up. And then for example, we have newer announcements like multiyear exclusive with Kohl's that is the largest grocer in Australia that we're very happy to be partnering with. So newer products, along with selection is the third.

我們將陸續發佈公告。例如，我們還有一些新的公告，例如與澳洲最大的雜貨商 Kohl's 達成多年獨家合作協議，我們非常高興能與他們合作。因此，新產品和選擇範圍是第三個因素。

Fourth for us is membership, 46 million members growing faster than 50% and our members overall on the platform. This is not just delivery, but overall in the platform are getting close to 50% of gross bookings. We're not quite there, but we will pass 50%. And these members are super sticky, whether it's ordering food or ordering groceries or getting a charger of Best Buy or getting an AV ride. These are very, very sticky members.

第四點是會員數量，我們擁有 4,600 萬會員，成長速度超過 50%，而且我們平台上的會員總數也不斷增加。這不僅僅是配送，而是整個平台近 50% 的總預訂量。我們還沒完全達到目標，但我們會超過 50%。這些會員非常忠誠，無論是訂餐、訂購雜貨、在百思買購買充電器或乘坐自動駕駛汽車，他們都會購買。這些成員非常非常黏人。

And then last but not least, there is continued expansion into newer markets. Our international footprint on Eats is not quite what it is with our mobility business. Every time we launch Eats along with mobility, we just have a structural advantage over the other players. And we're able to grow category position. We are the number three in the UK.

最後，也是非常重要的一點，就是不斷向新興市場擴張。我們在 Eats 領域的國際影響力還不如我們在旅遊業務領域的影響力。每次我們推出 Eats 服務並同時提供行動服務時，我們就比其他競爭對手擁有結構性優勢。我們能夠提升品類地位。我們在英國排名第三。

We're number one, all organic. We launched from scratch in Germany and now are neck and neck with a top player in Germany in a lot of individual cities. So we have kind of -- Japan was another organic launch and we're by far the number one player in Japan.

我們是第一，所有產品都是有機產品。我們在德國白手起家，現在在許多城市都與德國的頂級企業並駕齊驅。所以，我們在日本的業務拓展是自然而然的，而且我們目前在日本是絕對的第一大玩家。

So there's still some international growth behind delivery, and I think those five elements, selection, less dense areas, newer products, retail membership and then some new international launches are going to position us to continue to grow top line at very healthy rates and increase our margins at the same time.

因此，配送業務在國際市場仍保持成長勢頭，我認為這五個要素——產品選擇、人口密度較低的地區、新產品、零售會員制以及一些新的國際產品發布——將使我們能夠繼續以非常健康的速度實現營收成長，同時提高利潤率。

All right. I think that is it. So thank you, everyone, for joining us on the call. Huge thank you for the Uber team on delivering another great, great year. And then another big thank you to Prashanth, we're helping us get through this journey, a very different company than it was when you joined.

好的。我想就是這樣了。謝謝大家參加這次電話會議。非常感謝 Uber 團隊又一次為我們帶來了精彩的一年。也要再次非常感謝 Prashanth，感謝他幫助我們度過這段旅程，公司現在和他剛加入時已經截然不同了。

And a lot of that is because of your leadership. And then I think you have prepared Balaji very, very well to carry on kind of what you started and get us to the next level. So big congrats to --

這很大程度上要歸功於您的領導。我認為你已經為巴拉吉做好了非常充分的準備，讓他能夠繼續你所開創的事業，並將我們帶到新的高度。所以，衷心祝賀——