優步 (UBER) 2026 Q1 法說會逐字稿

Hello, and welcome to the Uber first-quarter 2026 earnings conference call.

大家好，歡迎參加 Uber 2026 年第一季財報電話會議。

(Operator Instructions)

（接線員指示）

I would now like to turn the conference over to Alax Wang, Head of Investor Relations. You may begin.

現在我想把會議交給投資人關係主管 Alax Wang。您可以開始了。

Thank you, Sarah. Thank you for joining us today, and welcome to Uber's first-quarter 2026 earnings presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi; and CFO, Balaji Krishnamurthy.

謝謝你，Sarah。感謝各位今天加入我們，歡迎參加 Uber 2026 年第一季財報簡報。在今天的電話會議上，我們有 Uber 執行長 Dara Khosrowshahi，以及財務長 Balaji Krishnamurthy。

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. Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements.

在今天的電話會議中，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。關於這些非 GAAP 指標的額外揭露（包括 GAAP 與非 GAAP 指標之間的調節表）已包含於新聞稿、補充投影片以及我們向 SEC 提交的文件中；上述資料皆已發布於 investor.uber.com。本簡報與本次電話會議中的部分陳述屬於前瞻性陳述。您不應過度依賴前瞻性陳述。

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. 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.

實際結果可能與這些前瞻性陳述有重大差異；除法律要求外，我們不承擔更新今日所作任何前瞻性陳述的義務。關於可能導致實際結果與前瞻性陳述出現重大差異的因素，請參閱我們今日發布的新聞稿，以及我們最近一期 Form 10-K 與其他向 SEC 提交文件中所描述的風險與不確定性。

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 up the call to questions following brief opening remarks from Dara.

我們已於今日稍早在投資人關係網站發布本季財報新聞稿、預先準備的發言稿與補充投影片；若您尚未閱讀，敬請先行查閱。Dara 做完簡短開場後，我們將開放提問。

With that, let me hand it over to Dara.

接下來，我把時間交給 Dara。

Thanks, Alax. Uber had an exceptional start to 2026, driven by strong execution and a continued focus on product innovation. Despite a complex backdrop marked by war and weather, we delivered top line and profitability at or above the high end of our guidance. Gross bookings were up 21% year-on-year, reflecting the durability of our platform and that growth was once again trip and audience-led with our audience growing 17% alongside strong engagement. Our performance this quarter was balanced and broad-based.

謝謝你，Alax。Uber 在 2026 年有一個非常出色的開局，主要受惠於強勁的執行力以及對產品創新的持續聚焦。儘管外部環境複雜，包含戰爭與天候因素，我們仍在營收與獲利能力方面達到或高於指引區間的上緣。總預訂額年增 21%，反映我們平台的韌性；而成長再次由行程量與受眾帶動，受眾規模在高度互動的支持下成長 17%。本季表現均衡且涵蓋面廣。

Mobility gross bookings accelerated to 20% with record margins. Delivery grew 23%, led by grocery and retail and supported by strong retention and freight returned to growth for the first time in nearly two years. Importantly, we're scaling this growth profitably. Non-GAAP EPS increased 44% year-over-year, more than twice as fast as our bookings growth, driven by disciplined cost management and operating leverage. We also generated strong free cash flow and returned a record $3 billion to shareholders through buybacks this quarter.

移動出行（Mobility）總預訂額加速至 20%，且利潤率創新高。外送（Delivery）成長 23%，由雜貨與零售帶動，並受惠於強勁留存；貨運（Freight）則在近兩年來首次恢復成長。更重要的是，我們正以獲利的方式擴大這些成長。非 GAAP 每股盈餘（EPS）年增 44%，增速超過預訂額成長的兩倍，主要由嚴謹的成本管理與營運槓桿所驅動。我們也產生強勁的自由現金流，並於本季透過庫藏股回購向股東返還創紀錄的 30 億美元。

We're also continuing to invest in the strength of our platform, which is compounding over time. We've now surpassed 50 million Uber One members and 10 million drivers and couriers globally, both important milestones that reflect strong customer loyalty and expanding number of earner opportunities on our platform. On the product front, our GO-GET event last week showcased how we're expanding Uber's role in everyday life across travel and local commerce. From hotel bookings and travel mode to new ways to shop and coordinate across our platform, these innovations are designed to deepen the everyday utility of our services and to build engagement and loyalty.

我們也持續投資於平台實力，而這些投入會隨時間累積放大。我們目前已超過 5,000 萬名 Uber One 會員，以及全球 1,000 萬名駕駛與外送夥伴，這兩項重要里程碑反映了強勁的客戶忠誠度，以及平台上可獲得收入機會的持續擴張。在產品方面，我們上週的 GO-GET 活動展示了我們如何在旅遊與在地商務上擴大 Uber 在日常生活中的角色。從飯店預訂與旅遊模式，到在平台上購物與協調的新方式，這些創新旨在深化我們服務的日常效用，並建立互動與忠誠度。

We're also making strong progress across our strategic priorities, including autonomous, where we continue to believe a hybrid network will unlock significant long-term value. We now have more than 30 autonomous partners across Mobility and Delivery and are scaling deployments globally. AV Mobility trips grew more than 10x year-on-year, and we remain on track to be live in up to 15 cities by the end of the year, including new deployments in the US.

我們在各項策略優先事項上也取得強勁進展，包括自動駕駛領域；我們仍相信混合式網路將釋放顯著的長期價值。我們目前在移動出行與外送領域擁有超過 30 家自動駕駛合作夥伴，並正於全球擴大部署。自動駕駛（AV）移動出行行程量年增超過 10 倍；我們仍按計畫在年底前於多達 15 座城市上線，其中包含在美國的新部署。

And with the launch of Uber Autonomous Solutions, we're building the technical and operational infrastructure to help our partners commercialize faster. Looking ahead, our guidance reflects continued momentum, disciplined capital allocation, and a clear focus on durable, profitable growth. And with that, operator, if we could open it up for questions.

此外，隨著 Uber Autonomous Solutions 的推出，我們正在建立技術與營運基礎設施，協助合作夥伴更快實現商業化。展望未來，我們的指引反映持續的動能、嚴謹的資本配置，以及對於可持續、具獲利性的成長之明確聚焦。接下來，接線員，請開放提問。

(Operator instructions)

（接線員指示）

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通（JPMorgan）。

Dara, can you just talk about how the early benefits of insurance cost savings are playing out in L.A. and San Francisco? And what gives you the confidence in continued further US Mobility acceleration in '26? And then also just following up on GO-GET last week, how do you shift Uber users to more of an on-demand -- from more of an on-demand mentality into booking hotels ahead of time, ahead of when it's needed?

Dara，你能否談談保險成本節省在洛杉磯與舊金山的早期效益目前如何展現？另外，是什麼讓你對 2026 年美國移動出行（Mobility）持續進一步加速有信心？再者，延續上週 GO-GET 的話題，你們要如何把 Uber 使用者從較偏即時叫車（on-demand）的心態，轉變為提前預訂飯店、在需要之前就先完成預訂？

Yes, absolutely, Doug. I'll start with GO-GET and then Balaji can jump in on insurance. We've always had an internal debate whether or not we can make the transition from on-demand kind of behaviours to more kind of preparing ahead, reserving ahead kind of behaviours. And it really started with the build of Uber Reserve. We have thought about Uber Reserve as a product that we would build mostly for airport travel. We had some kind of feedback from our users. Well, the reliability of Uber is awesome, but I absolutely knew that the driver was going to show up 15 minutes early, et cetera.

是的，當然可以，Doug。我先從 GO-GET 談起，接著 Balaji 可以補充保險的部分。我們內部一直在辯論：我們是否能從即時（on-demand）這類行為，轉換到更偏向提前準備、提前預約的行為。這其實是從打造 Uber Reserve 開始的。我們原本把 Uber Reserve 視為主要為機場出行打造的產品。我們也收到一些使用者回饋：Uber 的可靠性很棒，但我就是希望能百分之百確定司機會提早 15 分鐘到，等等。

It could reduce some of the stress as it related to travel. And of course, there was a great opportunity for us to continue to increase travel bookings. And we've consistently seen our Uber Reserve service growth rates continue to grow well in excess of the Mainline business. And as you know, the Mainline business is growing at healthy rates as well. The margins on Uber Reserve are higher. Customer satisfaction is very, very strong. And now we're developing the Reserve service, not just as a service for people to go to airports, but people to get picked up when they land in airports as well.

這能降低與旅遊相關的一些壓力。當然，這也為我們持續提升旅遊預訂量帶來很大機會。我們一貫看到 Uber Reserve 的成長率持續遠高於主線（Mainline）業務。而如你所知，主線業務本身也以健康的速度成長。Uber Reserve 的利潤率更高，客戶滿意度非常、非常強。現在我們也在發展 Reserve 服務，不僅是讓人們前往機場，也包含在他們抵達機場後接送他們。

The experience with Reserve for us demonstrated our ability to go from on-demand to planned services, so to speak. Travel is a very, very natural category for us to get into. Airports are about 15% of our Mobility gross bookings and 40% of, for example, our US riders take trips outside of their home city. And globally, just last year, we had over 1.5 billion trips happening outside one of our users' home cities.

Reserve 的經驗向我們證明了，我們有能力從即時服務轉向可規劃的服務。旅遊對我們而言是一個非常、非常自然的切入類別。機場約占我們移動出行總預訂額的 15%；以美國為例，約有 40% 的乘客會在其居住城市以外搭乘行程。而在全球範圍內，僅去年我們就有超過 15 億趟行程發生在使用者居住城市以外。

So when you put that together, which is proving ourselves with Reserve, moving from on-demand to kind of planning ahead, and then the incredible audience and efficacy we have with the travel consumer, hotels was, of course, a very, very natural expansion for us. We're very happy to have a relationship with Expedia. Their inventory is second to none. So now we've got 700,000 hotels available on Uber as we speak.

把這些因素放在一起：我們透過 Reserve 證明了自己能從即時轉向提前規劃，再加上我們在旅遊消費者族群中擁有驚人的受眾規模與觸達效率，因此飯店當然是非常、非常自然的延伸。我們很高興能與 Expedia 建立合作關係；他們的庫存無與倫比。因此目前 Uber 上已提供 70 萬家飯店可供預訂。

And we've taken most of the economics of that deal, and we are giving it back to our Uber One members. Uber One members get 10% Uber credits. There's a rolling list of 10,000 hotels where you get another 20% off as well. So really, the focus for us is drive that cross-platform activity, give a bunch of money back to Uber One members. And obviously, you've seen kind of the momentum that we've had with Uber One with over 50 million members growing 50%.

而我們把這筆交易的大部分經濟利益回饋給 Uber One 會員。Uber One 會員可獲得 10% 的 Uber 點數回饋（Uber credits）。另外還有一份持續更新的 10,000 家飯店名單，可再享 20% 折扣。因此對我們而言，重點是推動跨平台的使用行為，回饋 Uber One 會員大量價值。顯然你也看到 Uber One 的動能：會員數超過 5,000 萬，成長 50%。

The retention rates are higher. They spend three times more. It's a unique advantage that we have over our competition. So we're very much looking forward to the product. We're really happy that the team put it together and happy about our partnership, and we're hoping hotels can be just as big as Reserve. Balaji, do you want to talk insurance?

留存率更高、消費金額是三倍。這是我們相較競爭對手的一項獨特優勢。因此我們非常期待這項產品。我們也很高興團隊把它整合完成，並對我們的合作夥伴關係感到滿意；我們希望飯店業務能像 Reserve 一樣大。Balaji，你要談談保險嗎？

Yes, sure. Thanks for the question, Doug. I'll level set first on where we are with our insurance journey. And as we said at the end of last year, we expect to see hundreds of millions of dollars of savings in our insurance line this year, thanks to the great work our policy teams have done as well as the tech improvements we have implemented in the market. In addition to that, we also had our auto insurance renewals that went into effect in March, and we've seen continued improvement in rates there, which is also with the improvement in the market conditions here for auto insurance, we have found opportunities to also offload more risk to third-party carriers.

是的，當然。謝謝你的提問，Doug。我先把我們在保險這段旅程目前的進展做個基準說明。正如我們在去年年底所說，我們預期今年在保險成本線上將看到數億美元的節省，這要歸功於我們保單團隊的出色工作，以及我們在市場中已落地的技術改進。除此之外，我們的汽車保險續約也已於3月生效，我們看到那裡的費率持續改善；同時，隨著汽車保險市場環境的改善，我們也找到了機會，將更多風險轉移給第三方承保機構。

And with that favourable market environment, we've taken advantage of that opportunity. So all in all, it's putting us in a place where this will be the first year since COVID where we expect to see good leverage on our insurance cost line for the US Mobility business. And as we've said before, our philosophy has been to return that goodness back to the market and consumers see improvement in the pricing environment for Uber rides on the system. So as a result of that, we are seeing really good elasticity.

在這樣有利的市場環境下，我們把握了這個機會。總體而言，這讓我們處於一個位置：這將是自 COVID 以來，我們首次預期在美國出行（US Mobility）業務的保險成本線上看到良好的槓桿效益。正如我們之前所說，我們的理念是把這些利好回饋給市場，讓消費者在系統上的 Uber 行程定價環境看到改善。因此，我們也看到了非常好的需求彈性。

And as we would have expected, we've seen that price reduction translate to acceleration in trip growth. And the overall California market growth has accelerated. If you look at L.A., which is the market with the most significant insurance headwinds over the last few years, the trip growth trends there are significantly better than California and the rest of the country. And we expect to see this translating to accelerating US business growth in 2026, as we've previously said, and we feel even more confident today than we did in December or January.

而且如我們所預期，我們看到降價已轉化為行程增長的加速。整體加州市場的增長也在加速。如果你看洛杉磯（L.A.），那是過去幾年保險逆風最顯著的市場，那裡的行程增長趨勢明顯優於加州其他地區以及全美其他地區。我們預期這將在 2026 年轉化為美國業務增長的加速，正如我們先前所說；而且我們今天的信心比 12 月或 1 月時更強。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Maybe building on Doug's question, I wanted to go a little bit deeper in what you see as some of the critical technology investments you're making on the consumer-facing side to tie all of these services together and layer in elements of personalization and recommendation, so increasingly, consumers know how to find these services on your platforms. And how much over time do you think some of that behaviour will be more agentic driven? And how does that again line up with what you're making on the investment side?

或許延續 Doug 的問題，我想更深入了解你們在面向消費者端所做的一些關鍵技術投資：如何把這些服務串聯起來，並疊加個人化與推薦等要素，讓消費者越來越知道如何在你們的平台上找到這些服務。以及隨著時間推移，你認為其中有多少行為會更由代理式（agentic）驅動？這又如何與你們在投資端的布局相匹配？

Yes, absolutely, Eric. So in terms of our tech investment and general investment, the one thing that I would highlight is it remains of utmost important for us to get the basics right. That means reliability as it relates to Mobility, increasing selection of the kinds of rides that you can get and same thing, reliability, and selection in Delivery. Those are kind of the core precepts and we think we provide the best reliability, best selection, both Mobility and Delivery globally.

是的，當然，Eric。就我們的技術投資與整體投資而言，我想強調的一點是：把基本功做好對我們仍然至關重要。這意味著在出行（Mobility）方面的可靠性、提升你能叫到的車種選擇；同樣地，在外送（Delivery）方面也要兼顧可靠性與選擇。這些是核心原則，我們認為在全球範圍內，我們在出行與外送兩端都提供了最佳的可靠性與最佳的選擇。

And then once you do that -- and by the way, we seek to improve that every single year, you can add on services on top of that. And we think AI and agents provide a unique benefit in that. One of the challenges that we've had in the past in terms of offering all of these experiences on our app is that you have to build out UIs that essentially user interfaces that are standard for all of your users. And the fact is that different users like to interact with our services in different ways.

而當你做到這些之後——順帶一提，我們每一年都力求持續改進——你就能在其上疊加更多服務。我們認為 AI 與代理（agents）在這方面提供了獨特的價值。過去我們在 App 上提供所有這些體驗時的一個挑戰是：你必須打造一套基本上對所有使用者都標準化的 UI，也就是使用者介面。但事實是，不同使用者喜歡以不同方式與我們的服務互動。

And so if you have to kind of build a fixed UI for the majority or the optimized average of your users on a global basis, there are some users who may not see what you've got to offer or may prefer to interact with you in a different way. AI solves all that because essentially, the way that any user wants to interact with your services is up to that user. They can talk and they can ask for whatever they want, "hey, search for hotels for me, get me an Uber to the airport, get me an Uber from the airport to the hotel, et cetera." And the UI is whatever the user wants that UI to be.

因此，如果你必須在全球範圍內為大多數使用者、或為「最佳化的平均使用者」打造一個固定 UI，就會有一些使用者看不到你提供的內容，或更偏好用不同方式與你互動。AI 解決了這一切，因為本質上，任何使用者想如何與你的服務互動，取決於使用者自己。他們可以用對話方式提出任何需求，例如：「嘿，幫我搜尋飯店、幫我叫一台 Uber 去機場、再幫我從機場叫一台 Uber 去飯店，等等。」而 UI 會是使用者希望它呈現的樣子。

That creates unique opportunities for us to build out new services on our platform, and we think also affords us the ability to drive cross-platform usage, which, as you know, is a very important strategic initiative of ours and a unique way in which we differentiate versus others. The growth of cross-platform consumers is growing 1.5 times faster than the overall growth of consumers. We're locking in consumers with our Uber One membership where they spend three times more than others. And we're using AI, one, to make sure that consumers can interact the way that they want to.

這為我們在平台上打造新服務創造了獨特機會，也讓我們有能力推動跨平台使用；如你所知，這是我們非常重要的策略性計畫，也是我們相較他人差異化的一個獨特方式。跨平台消費者的增長速度是整體消費者增長的 1.5 倍。我們透過 Uber One 會員把消費者鎖定下來，會員的消費金額是其他人的三倍。我們也在使用 AI：第一，確保消費者能以他們想要的方式互動。

So for example, Cart Assistant, you can just take a picture of something that you see on a table or in a store or on a menu, and we'll create a shopping cart for you. Our earners can ask our AI agents questions about earnings, where they should go, when they should work, et cetera, and you can get the exact personalized answers for you. And then we're using larger models to essentially upsell and offer products for you in a very, very personalized way. And that can work in very simple ways, like three quarters of the time when you get a ride on an Uber, we have preselected the destination for you.

例如 Cart Assistant，你只要拍一張你在桌上、店裡或菜單上看到的東西的照片，我們就會替你建立購物車。我們的接單者（earners）可以向我們的 AI 代理詢問關於收入、該去哪裡、何時該上線工作等問題，並獲得完全為你個人量身打造的答案。接著我們也使用更大型的模型，以非常、非常個人化的方式進行加購推薦並提供產品。而這也可以用很簡單的方式運作，例如：你在 Uber 叫車時，有四分之三的情況下，我們已經為你預先選好了目的地。

In other words, we anticipate where you're going to go. We offer it up as a card. And three quarters of the rides on Uber, we have successfully actually predicted with AI algorithms where we think you're likely to go. After work, you're probably going to go home, for example. and at the same time, come up with upsells that delight and surprise you like a hot cup of coffee waiting for you in that Uber Reserve when you're going to the airport.

換句話說，我們會預判你要去哪裡，並以卡片形式提供給你。在 Uber 上的行程中，有四分之三我們已經透過 AI 演算法成功預測出你可能要去的地方。比如下班後，你很可能要回家。同時，我們也能提出讓你驚喜、讓你覺得貼心的加購項目，例如當你要去機場、使用 Uber Reserve 時，車上已為你準備好一杯熱咖啡。

AI makes this all possible, and we're very, very early in the early innings, and we're extremely excited about the potential that it has for cross-platform usage on our platform.

AI 讓這一切成為可能，而我們仍然非常、非常早期，還在起步階段的前幾局；我們對它在我們平台上推動跨平台使用的潛力感到極度興奮。

And I'll just augment what Dara said. As you think about the cross-platform opportunity for us, we are also investing in new entry points on both our Rides and Eats app. And at GO-GET, we talked about One Search, as another feature that we are introducing that is basically universal search across the product. Just to paint a picture of the size of the prize here, we are already seeing nearly $15 billion of run rate gross bookings for our Delivery business coming from our Mobility app and 30% of our eligible mobility consumers have never even used Uber Eats yet. So there's a lot of headroom here.

我再補充 Dara 所說的。談到我們的跨平台機會，我們也正在於 Rides 與 Eats 兩個 App 上投資新的入口。在 GO-GET 上，我們談到了 One Search，這是我們正在推出的另一項功能，基本上是跨產品的通用搜尋。為了描繪這個機會的規模：我們已經看到外送（Delivery）業務接近 150 億美元的年化總預訂額（run rate gross bookings）來自我們的出行（Mobility）App，而且 30% 符合條件的出行消費者甚至從未使用過 Uber Eats。因此，這裡還有很大的成長空間。

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

I want to ask one about US Suburban Delivery. You made a lot of progress on the Suburban Mobility side. Where are you on sort of the overall Suburban Delivery business sort of using the Mobility growth to drive better Delivery growth as well? That's one.

我想問一個關於美國郊區外送（US Suburban Delivery）的问题。你們在郊區出行（Suburban Mobility）方面取得了很大進展。那在整體郊區外送業務上，你們目前進展如何？也就是利用出行的增長來帶動外送更好的增長？這是第一個。

And then two, the strength of the Uber One -- bless you -- the strength of Uber One was pretty strong. It seems like quarter-over-quarter. Can you just walk us through some of the drivers of growth of Uber One at this point in the quarter?

第二個，Uber One 的強勁表現——（保重／祝好）——Uber One 的強度相當不錯，看起來是季對季的。你能否帶我們梳理一下，本季截至目前 Uber One 增長的一些驅動因素？

Sure, absolutely. So we're very happy with the suburban -- with our development in terms of US Suburban Delivery. But I'd tell you, Brian, it's very, very early innings. And I would actually expand this not just to the US

當然，沒問題。所以我們對郊區——對我們在美國郊區外送方面的發展感到非常滿意。但我想告訴你，Brian，這仍然非常、非常早期。我也會把這不僅限於美國的

Suburban Delivery, but just growth in sparse markets in the US, outside of the US, pretty much in every single country that we operate in. We're going out and acquiring Selection. And generally, as we add selection to these markets, whether it's more drivers in your suburbs or outside of the big cities or it's more merchant selection in the US suburbs or many other suburbs across the world, we're seeing that trip growth rates are growing two times faster generally in Mobility and Delivery in these sparse markets versus the core urban markets where kind of we grew up as a company.

郊區外送，而是擴展到美國以及美國以外的稀疏市場（sparse markets）的增長，幾乎涵蓋我們營運的每一個國家。我們正在走出去並獲取「選擇」（Selection）。一般而言，當我們為這些市場增加選擇時——不論是在郊區或大城市以外增加更多司機，或是在美國郊區、以及全球許多其他郊區增加更多商家選擇——我們看到在這些稀疏市場中，出行與外送的行程增長率通常是核心都會市場的兩倍；而核心都會市場正是我們作為公司起家的地方。

So this is a global playbook that we've got. It's about expanding selection. It's about investing in reliability. And then it is also about tailoring our products. So for example, we see a higher percentage of Reserve and Wait & Save.

因此，這就是我們所擁有的一套全球作戰手冊。重點在於擴大選擇、投資於可靠性，並且也在於量身打造我們的產品。例如，我們看到 Reserve（預約）與 Wait & Save（等待省）所占比例更高。

Grocery is very strong in suburbs as well. And it's -- we think we're very early in terms of the selection and reliability improvements that we see in those markets. So lots to go. It's working in the US, and it's certainly working pretty much everywhere outside of the US as well.

雜貨在郊區同樣非常強勁。而且就我們在那些市場看到的選擇與可靠性改善而言——我們認為仍處於非常早期的階段。所以還有很大的成長空間。這套做法在美國有效，而且在美國以外幾乎所有地方也確實奏效。

And in certain markets like in Australia, the size of those sparse markets are about two times the size of the average sparse markets in other countries around the world. So we think there's a huge amount of potential here. In terms of Uber One and the growth here, it's continuing. So I wouldn't say that it's any one item that's driving the growth of Uber One. It's 50 million members.

而在某些市場，例如澳洲，那些稀疏市場的規模大約是全球其他國家平均稀疏市場的兩倍。因此我們認為這裡有非常巨大的潛力。就 Uber One 及其成長而言，仍在持續。所以我不會說 Uber One 的成長是由任何單一因素所驅動。它有 5,000 萬名會員。

It accounts for over 50% of our bookings now and growing 50% year-on-year. We ended (technical difficulty) with 30 million members. So we've added 20 million members in just a single year, which is pretty extraordinary. And number one is the membership benefits themselves.

它現在占我們預訂量（bookings）的 50% 以上，且年增 50%。我們在（技術問題）時以 3,000 萬名會員結束。因此我們在短短一年內新增了 2,000 萬名會員，這相當非凡。而第一個因素就是會員權益本身。

The membership costs a similar amount as competitive membership programs, but we offer you no delivery fees, and we offer you credits on Mobility as well. So just the benefits of our membership program are structurally better than the benefits, we believe, of any other membership program out there, local membership program. And then we are introducing benefits. We talked about hotels, getting 10% back on hotels. On a long weekend in New York City, that's getting $100 back, which pays for your entire Uber One membership for the year. We're also increasing benefits like membership benefits are now going to work globally.

會員費用與競爭對手的會員方案相近，但我們提供免外送費，並且也提供行動出行（Mobility）的點數回饋。因此，僅就我們會員方案的權益而言，我們相信其結構性優勢優於市面上任何其他會員方案、任何在地會員方案。接著我們也在導入更多權益。我們談到飯店，例如訂飯店可回饋 10%。在紐約市的一個長週末，這就能回饋 100 美元，等於支付你一整年的 Uber One 會員費。我們也在增加權益，例如會員權益現在將可在全球通用。

We have a lot of global travellers and you get benefits for your global travel. We introduced new features like no fees above $60 basket for Grocery as well. And then we're also going to run member days again, which has been a big feature for our members, delivering lots and lots of savings for the members. So we've seen this growth going on for a long time. We've kind of wondered when it's going to slow down. At this point, we don't see it slowing down, thanks to the innovation of the team that I'm very, very proud of.

我們有許多全球旅客，你在全球旅行時也能享有權益。我們也推出新功能，例如雜貨訂單購物籃金額超過 60 美元即可免手續費。然後我們也會再次舉辦會員日（member days），這一直是會員很重要的特色，能為會員帶來大量節省。這樣的成長已持續很長一段時間。我們也一直在想它何時會放緩。就目前而言，得益於我非常、非常引以為傲的團隊創新，我們沒有看到它放緩的跡象。

Justin Post, Bank of America.

Justin Post，美國銀行（Bank of America）。

We'll go to AVs. I know Waymo is launched in a bunch of southern cities. Just wondering what you're seeing in those cities. Any changes to your growth rate? And then second, some real progress with partners during the quarter. What's kind of putting you over the top with like Zoox and others getting those deals done?

我們來談自動駕駛（AV）。我知道 Waymo 已在多個南方城市上線。想請問你在那些城市看到什麼情況？你們的成長率有任何變化嗎？第二，這一季你們在合作夥伴方面取得一些實質進展。像 Zoox 等合作案能夠談成，背後是什麼讓你們更具優勢、促成交易落地？

Yes, absolutely, Justin. So we continue to believe AVs are huge opportunities for the entire industry. This is, we think, another $1 trillion TAM. And we don't see this as being a winner-take-all market. We certainly see Waymo moving very quickly as we are moving very quickly. And I'll remind you, we expect to be in 15 markets by year-end and then significantly more than that going into next year with partners like Nuro, like NVIDIA, like Zoox as well.

是的，當然，Justin。我們仍然相信自動駕駛（AV）對整個產業而言是巨大的機會。我們認為這是另一個 1 兆美元的 TAM（總可服務市場）。而且我們不認為這會是一個贏者通吃的市場。我們確實看到 Waymo 推進得非常快，同時我們也推進得非常快。我提醒大家，我們預期在年底前進入 15 個市場，並且在明年在 Nuro、NVIDIA、Zoox 等合作夥伴的協助下，進入的市場數量將顯著超過這個數字。

So we're very, very happy about what's going on there. Our Mobility business accelerated versus last quarter. Our US Mobility business actually accelerated more than the overall business, and we talked about the anticipation that US Mobility is going to continue to accelerate for the balance of the year.

因此我們對那邊的進展感到非常、非常滿意。我們的行動出行（Mobility）業務相較上一季加速成長。我們的美國 Mobility 業務實際上比整體業務加速得更多，而我們也談到，我們預期美國 Mobility 在今年剩餘時間將持續加速。

So at this point, we don't see any effect of the Waymo launches on our overall business. And we continue to see Waymo kind of the performance of our businesses with Waymo in Austin, Atlanta continue to be strong. Driver earnings are up, more drivers are joining those platforms as well. And then if you look at kind of markets where Waymo has been launching -- has been around for some period of time, San Francisco, and L.A., for example, our category position, both in San Francisco and L.A. is higher today than it was six months ago. So this is an overall business that is of scale, the overall Mobility business, we continue to see very, very healthy trends, and we don't see any signs of that abating at this point.

所以就目前而言，我們沒有看到 Waymo 上線對我們整體業務造成任何影響。我們也持續看到，在奧斯汀、亞特蘭大等有 Waymo 的市場，我們業務表現仍然強勁。司機收入上升，也有更多司機加入那些平台。同時，如果你看 Waymo 已經營運一段時間的市場——例如舊金山與洛杉磯——我們在舊金山與洛杉磯的品類地位（category position）今天都比六個月前更高。因此，這是一個具規模的整體業務——整體 Mobility 業務——我們持續看到非常、非常健康的趨勢，且目前沒有看到任何趨勢減弱的跡象。

And of course, we continue to invest in AV aggressively with our partnership model. And then I think, listen, why are we having success in signing up partners? I think it's self-evident, which is we've got demand. We have shown that the utilization of these cars, which are very, very expensive on our platform is higher. And then we're also very excited to talk about Uber with the launch of Uber Autonomous Solutions.

當然，我們也透過合作夥伴模式持續積極投資 AV。然後我想，聽著，為什麼我們在簽下合作夥伴方面能成功？我認為原因不言自明：我們有需求。我們已經證明，這些車非常、非常昂貴，但在我們平台上的利用率更高。並且我們也很興奮能談到 Uber 推出 Uber Autonomous Solutions（Uber 自動駕駛解決方案）。

which helps our AV partners focus on kind of building the driver, and we can build everything else around them, whether that's fleet management, helping them with data collect, et cetera. So we think we're very early innings here, and we're very excited about the AV trends that we're seeing.

這能幫助我們的 AV 合作夥伴專注於打造「駕駛（driver）」本身，而我們可以在其周邊建構其他一切，不論是車隊管理、協助他們進行資料收集等等。因此我們認為現在仍在非常早期的階段，而我們也對所看到的 AV 趨勢感到非常興奮。

Nikhil Devnani, Bernstein.

Nikhil Devnani，Bernstein。

I had a couple, please. Balaji, maybe for you first. I appreciate the ROI framing in the letter. So you've clearly been investing behind the business and making some near-term margin trade-offs. What does the successful payback look like for Uber at the aggregate level?

我有兩個問題。Balaji，可能先請教你。我很欣賞信中以 ROI（投資報酬率）來框架說明。所以你們顯然一直在加大投資於業務，並在短期做出一些利潤率取捨。對 Uber 而言，在整體層面成功的回收（payback）應該長什麼樣子？

Is it this ability to compound at 20% for much longer? How do you think about that? And then maybe for Dara, the Santander deal announcement yesterday was interesting around financing. It looks like there's line of sight to financing AV fleets in the future as well. What has that broader conversation been like with those partners? And how do you think about integrating those partners into scaling these fleets over time?

是指能夠在更長時間內以 20% 的速度複利成長嗎？你如何看待這件事？另外也許問 Dara：昨天宣布的 Santander 合作案在融資方面很有意思。看起來未來也有機會為 AV 車隊融資。你們與這些合作夥伴更廣泛的對話是什麼樣子？以及你如何看待把這些合作夥伴整合進來，隨時間推進擴大這些車隊規模？

All right. I can take the first one. So thanks for the question. And I think the starting position you should think about is this is a global, very broad business, and there isn't a single formula that would help us decide on ROI and payback period for the investments we are making. And we have to be cognizant of that, and we kind of take each product initiative on its own merits.

好，我可以先回答第一個。謝謝你的問題。我認為你應該從這個起點來看：這是一個全球性、非常廣泛的業務，並不存在一個單一公式能幫助我們決定我們所做投資的 ROI 與回收期。我們必須意識到這一點，並且我們會依各個產品計畫本身的價值來評估。

Generally, what we are looking for is either the products that we are investing behind should be able to drive incremental audience acquisition or frequency lifts and/or it needs to be able to drive margins for the company. And I think a good way to think about this instructively is to look at the barbell strategy that we have been executing. On our barbell for Mobility, the low-cost products that we've been investing behind, they drive 75% higher frequency than our core products.

一般而言，我們在尋找的是：我們所加碼投資的產品，應該能帶來增量的受眾獲取（audience acquisition）或使用頻率提升（frequency lifts），以及／或它需要能提升公司的利潤率。我認為一個很好的理解方式，是看我們一直在執行的「槓鈴策略（barbell strategy）」。在 Mobility 的槓鈴策略中，我們投資的低成本產品，其使用頻率比我們的核心產品高 75%。

And on the other end of the spectrum, our higher fare premium products drive 3.5 times higher profit growth for the company. And all of these products are driving 25% lift in first-time acquisition for us as well, right? So effectively, as you pair those kind of -- as you put those kind of fact patterns together, what you're driving towards is the highest lifetime value we can get for the investments we're making.

而在光譜的另一端，我們較高票價的高端產品，為公司帶來 3.5 倍更高的利潤成長。並且所有這些產品也都為我們帶來首次獲取（first-time acquisition）25% 的提升，對吧？因此，當你把這些事實樣態結合起來時，你所推動的目標，就是讓我們對所做投資取得最高的終身價值（lifetime value）。

The payback period will vary. There are certain products where you get the payback instantly, and there are others where it may take a few quarters. But as we think about this portfolio, we're able to balance it in a way where we can drive healthy growth on the top line, and we can show you healthy annual margin expansion for the company as well, and we are pretty happy to -- with the momentum that we're delivering right now.

回收期會有所不同。有些產品可以立即回收，而另一些可能需要幾個季度。當我們看待這個產品組合時，我們能以一種平衡的方式來配置，使我們能推動健康的營收（top line）成長，同時也能向你展示公司健康的年度利潤率擴張；而我們對目前所展現的動能也相當滿意。

Yes. And as far as the Santander deal, it's something that we're very, very excited about. I think to step back for a second, in order for AV to scale and get into the hundreds of millions in terms of trip count, we really have to build out a whole ecosystem around the development of these AV drivers. And that ecosystem includes fleet management, it includes depots and charging and repair and cleaning. It includes financing. It includes insurance as well. And we're investing in that entire ecosystem.

是的。至於 Santander 這筆交易，我們對此感到非常、非常興奮。我想先退一步說，為了讓 AV 規模化，並在行程數方面達到數億次的量級，我們確實必須圍繞這些 AV 駕駛的開發建立一整套生態系。而這個生態系包含車隊管理、場站（depot）以及充電、維修與清潔；也包含融資；同時也包含保險。我們正在投資於整個生態系。

We talked about a new relationship that we're building with Hertz on the fleet management side. We have teams going out and securing depots in markets that we think are ready from a regulatory standpoint as well now. And we have been doing so to some extent and working with these fleets for some period of time as an increasing percentage of our drivers had moved from combustion vehicles to EVs as well. So these are muscles that we've built for some period of time.

我們談到正在與 Hertz 在車隊管理端建立新的合作關係。我們也有團隊正在各個市場外出洽談並取得場站，這些市場從監管角度來看我們也認為已經準備就緒。某種程度上我們也已經這麼做了一段時間，並與這些車隊合作了一段期間，因為我們的駕駛中有越來越高的比例也從燃油車轉向電動車。因此，這些能力是我們在一段時間內逐步建立起來的。

Financing and building out kind of financing for AVs is, to some extent, trickier because the residual value of these AVs is not something that is clear, right? There's a residual value for cars and used cars, there are very liquid markets for them. That is not true of AVs at this point, although it will be true. And for us, the advantage that we have is that AVs on our network have a very predictable use in terms of revenues or trips per vehicle per day, which at a premium to kind of 1P type networks and as a result, revenue per vehicle per day.

融資以及為 AV 建立某種融資體系，在某種程度上更棘手，因為這些 AV 的殘值並不明確，對吧？汽車與二手車有殘值，而且有非常流動的市場；但目前 AV 並非如此，雖然未來會是。對我們而言，我們的優勢在於：在我們網路上的 AV，其使用情況在收入或每車每日行程數方面非常可預測；相較於某種 1P 類型的網路有溢價，因此也帶來每車每日收入。

And that kind of creates the circumstances where we think you can build a very, very healthy financing ecosystem. So we can build AV, but we can also build a capital-light essentially. We're really happy to work with Santander that has been incredibly innovative in this field on a global basis.

而這在某種程度上創造了我們認為可以建立非常、非常健康的融資生態系的條件。因此我們可以打造 AV，但同時也可以打造一個本質上更輕資本（capital-light）的模式。我們非常高興能與 Santander 合作；他們在全球範圍內在這個領域一直非常具創新性。

And then on insurance, for example, we talked about a relationship with Marsh and Apollo as well to build out insurance. And we think actually AV insurance is going to be cheaper than human insurance because AVs ultimately will be safer as well. So we're investing in the whole ecosystem, very happy with the Santander relationship, and we're looking forward to building from there.

再例如在保險方面，我們也談到與 Marsh 和 Apollo 的合作關係來建構保險。我們其實認為 AV 保險將會比人類駕駛保險更便宜，因為 AV 最終會更安全。因此我們正在投資整個生態系，對與 Santander 的合作關係非常滿意，也期待在此基礎上持續推進。

John Colantuoni, Jefferies.

John Colantuoni，Jefferies。

Starting with AI spending, where you already bumped up on your original full year budget not long after the first-quarter ended. When thinking about how you're approaching layering AI capabilities into workflows, are you viewing them as more supplementing or replacing existing processes to give -- just to give a sense for how much those investments are incremental to the existing spend?

先從 AI 支出談起，你們在第一季結束後不久就已經把原先的全年預算往上調了。當你們思考如何把 AI 能力分層導入工作流程時，你們是把它視為更多是在補強既有流程，還是在取代既有流程？我想了解一下，這些投資相對於既有支出有多少是增量的。

And second, maybe you could just talk a little bit about any notable market share trends across your top 10 Delivery and Mobility markets. And maybe talk a little bit about what's helping you deliver leverage across Delivery specifically while growth is simultaneously benefiting from faster growth in some lower-margin offerings like Grocery & Retail.

第二個問題，能否請你談談在你們前 10 大外送（Delivery）與移動出行（Mobility）市場中，有沒有任何值得注意的市占率趨勢？也請談談是什麼在幫助你們特別在外送業務上實現槓桿效益，同時成長又受惠於一些較低毛利的產品（例如雜貨與零售 Grocery & Retail）更快的成長。

Yes, absolutely. So we're seeing the use of AI just grow at unbelievable rates, and you're seeing it in the market rates in the market as well. We're certainly seeing it within our company. I think if you look at Uber, we have been using AI tools, whether it's for pricing or matching or routing for years and years. We're kind of very comfortable in the real world, which is a probabilistic world versus a deterministic world. So using these AI tools and building with these AI tools, it's just kind of how we build and how we build for many, many years.

是的，當然。所以我們看到 AI 的使用以難以置信的速度成長，你也在市場上看到這樣的成長速度。我們公司內部當然也看得到。我想如果你看 Uber，我們多年來一直在使用 AI 工具，不論是用於定價、配對或路線規劃。我們在真實世界（也就是機率性的世界，而非決定論的世界）裡其實相當得心應手。因此使用這些 AI 工具、用這些 AI 工具來打造產品，這就是我們一直以來的建構方式，而且已經很多很多年了。

So we're seeing uptake of these tools, whether it's our legal team or marketing team or developers and we think it's creating kind of employees with superpowers. And I would say that it's important to note that AI, for example, our engineers don't just write code. There's a lot more that goes into it. There's prototyping ideas and design ideas with designers and PM. There's certainly coding activity, which AI helps with.

所以我們看到這些工具的採用率在提升，不論是法務團隊、行銷團隊或開發者；我們認為這正在讓員工擁有某種「超能力」。我也想強調，舉例來說，AI 之於工程師並不只是寫程式碼而已，還有更多工作內容：包含想法原型與設計構想，與設計師和 PM 一起協作；當然也有寫程式的活動，而 AI 在這方面確實有幫助。

There's reviewing and testing your code, whether it's an AI agent reviewing that code and then humans as well to make sure that there's a proper code review before you check in that code, whether it's being on call and making sure that all the systems are running or it's maintenance, it's migrating code or improving kind of performance of that code. AI is helping our engineers and our employees across the company become more efficient to move faster across the board in almost every single step of building.

還有程式碼的審查與測試，不論是由 AI 代理（agent）來審查，或是由人來審查，以確保在提交（check in）程式碼之前有適當的 code review；也包含值班（on call）確保所有系統運作正常，或是維護、遷移程式碼、或提升程式碼效能。AI 正在幫助我們的工程師以及全公司員工提升效率，讓大家在幾乎每一個建構步驟上都能更快推進。

And we are seeing it. Like if we look at the number of code commits per engineer, it's increasing. The number of lines per code is increasing. About 10% of our code now is committed. That committed is built by agents, autonomous agents out there.

而我們確實看到了。例如，如果看每位工程師的程式碼提交（commit）數量，它在增加；每份程式碼的行數也在增加。我們現在大約有 10% 的程式碼提交，是由代理（agents）、也就是自主代理所產出並提交的。

Obviously, we check the code before it gets committed. So I think you should just look at AI as an accelerator for us, for every company. It means that our investment in AI tools and infrastructure is increasing. That will be offset by slower headcount growth. But if every person in this company can increase their throughput by 20%, 30%, 50%, 100% then I think metering headcount growth and leaning in on AI investment is going to be well worth it. And Balaji, do you want to talk about the competitive environment?

當然，在程式碼提交之前我們會先檢查。所以我認為你應該把 AI 視為我們、以及每家公司的一個加速器。這意味著我們在 AI 工具與基礎設施上的投資正在增加；而這會被較慢的人力（headcount）成長所抵銷。但如果公司裡每個人的產出能提升 20%、30%、50%、甚至 100%，那麼控制人力成長、並加大 AI 投資，我認為是非常值得的。Balaji，你要不要談談競爭環境？

Yes, I'll get there. And just one last comment on AI. I would say, candidly, when we set up budgets for 2026 in November, we underestimated the amount of impact the AI tools could have. And obviously, in December, we had new models come in. So we've re-upped our investment here. And as Dara said, we are trading that off against incremental headcount growth, which we noted in the remarks as well.

好的，我會談到。再補充一句關於 AI：坦白說，當我們在 11 月制定 2026 年預算時，我們低估了 AI 工具可能帶來的影響。而且很明顯地，12 月又有新模型推出。所以我們已經加碼了這方面的投資。正如 Dara 所說，我們也在這與額外的人力成長之間做取捨，我們在談話重點中也提到了。

On Delivery competition, so first of all, as we noted in the earnings materials, we are seeing our Delivery position improving quite substantially across the globe. We are -- as we think about our top 10 markets, really in the US, we are continuing to invest in our sparse markets expansion, and we expect to see results from that over time. In international markets, we are very much on an offensive footing. So if you think about Europe, where we are seeing an incremental level of competitive intensity from both DoorDash and Prosus as they have expanded into the market, we've held our own quite well.

關於外送競爭，首先，如同我們在財報資料中提到的，我們看到我們的外送地位在全球範圍內相當顯著地改善。當我們看前 10 大市場時，在美國，我們持續投資於我們在較稀疏市場（sparse markets）的擴張，並預期隨時間推進會看到成果。在國際市場，我們非常採取進攻姿態。所以如果你看歐洲，我們看到 DoorDash 與 Prosus 擴張進入市場後帶來額外的競爭強度，但我們守住了自己的表現。

And in addition to defending our core positions, we are on the offensive in the market. We've announced expansion to seven new markets. Just this morning, we launched in Finland. We are already at the number one position on the App Store there. And we've talked about the other large markets in the region that we will continue to go into.

而且除了捍衛我們的核心地位之外，我們也在市場上採取進攻。我們已宣布擴張到 7 個新市場。就在今天早上，我們在芬蘭上線；我們在那裡的 App Store 已經是第一名。我們也談到該區域其他大型市場，我們將持續進入。

In APAC, we are seeing very good trends in Australia, Japan, Taiwan. Australia has been a standout from its highly penetrated position. As we've gone into sparser markets, we've re-accelerated that business back to 30% growth. And similarly, in Japan, we're seeing very good trends as well.

在亞太地區（APAC），我們在澳洲、日本、台灣都看到非常好的趨勢。澳洲在高度滲透的基礎上表現特別突出。當我們進入較稀疏的市場後，我們讓該業務重新加速回到 30% 的成長。同樣地，在日本我們也看到非常好的趨勢。

Ron Josey, Citi.

Ron Josey，Citi。

Maybe one on AV and another one on just trips growth. On AV, Dara, getting back to your comment on just how everything needs to come together, charging, insurance, financing, et cetera. As we reach services in 15 cities by the end of this year, just would love to hear your thoughts on perhaps what are the bottlenecks or are there bottlenecks as we scale supply and demand really grows across these cities more as more services launch. And then on trip growth in San Fran and L.A., I think we talked about it improving meaningfully. Talk to us a little bit more about the drivers here.

我有一題關於 AV，另一題關於行程成長。關於 AV，Dara，回到你提到的「所有事情都必須到位」：充電、保險、融資等等。當我們在今年底前把服務擴展到 15 個城市時，很想聽聽你對於可能的瓶頸的看法，或是在我們擴大供給、且隨著更多服務上線而使這些城市的需求大幅成長時，是否存在瓶頸？另外，關於舊金山與洛杉磯的行程成長，我想我們談到它有顯著改善。請再多談談背後的驅動因素。

I know we mentioned greater affordability insurance, but just wondering if you're seeing perhaps greater adoption of Uber One and cross-platform usage in those cities specifically and using that as a guide for others.

我知道我們提到過更高的可負擔性保險，但我想請教的是，您是否在那些城市特別看到 Uber One 的採用率提高以及跨平台使用增加，並以此作為其他城市的參考指引。

Yes, absolutely. So in terms of getting to market and scaling in market, obviously, we're -- we continue to expand the number of partners that we have and our partnerships are very, very broad from Zoox to a Nuro/Lucid to Pony and WeRide and Baidu as well in international markets. And we think they'll continue to broaden. Right now, I'd say the blockers are -- we just need more cars on the road.

是的，絕對是。就進入市場並在市場中擴張而言，很明顯地，我們——我們持續擴大合作夥伴的數量，而且我們的合作非常、非常廣泛，從 Zoox 到 Nuro/Lucid，再到 Pony、WeRide，以及在國際市場的百度。我們也認為合作版圖會持續擴大。就目前而言，我會說主要的阻礙是——我們只是需要更多車輛上路。

We have to make sure that these drivers are safe. So usually, we introduce them with the safety driver, and then we'll take the safety driver out when our partners kind of pass our safety case as well, such as Abu Dhabi and Dubai as well.

我們必須確保這些駕駛是安全的。因此通常我們會先以安全駕駛員的方式導入，然後當我們的合作夥伴也通過我們的安全案例（safety case）後，我們就會把安全駕駛員撤出，例如在阿布達比和杜拜也是如此。

And at the same time, we have to make sure that we are introducing these autonomous vehicles into local markets with the appropriate dialogue with those local markets, making sure that we have dialogue with regulators, which will take time and regulators are kind of -- they're asking the right questions, which is how are AVs going to interact with -- in situations where the power goes out or interacting in school zones or working with firefighters, et cetera, in the city.

同時，我們也必須確保在將這些自動駕駛車輛導入當地市場時，能與當地市場進行適當的溝通對話，確保我們與監管機構保持對話；這需要時間，而監管機構也在——他們提出的是正確的問題，例如在停電情況下 AV 將如何互動，或是在學校區域的互動，或是在城市中與消防人員等的協作，等等。

Just the interaction between AVs and real life is something that is critical. Questions about safety, about congestion, about the effect on work and drivers as well. These are all important questions and dialogues that we have to have, both in the AI space, in the digital AI space and the physical AI space as it relates to AVs as well.

AV 與真實世界之間的互動是至關重要的。關於安全、關於壅塞、以及對工作與駕駛的影響等問題，都是重要的議題與對話。我們必須在 AI 領域、數位 AI 領域，以及與 AV 相關的實體 AI 領域中，進行這些對話。

We want to be a part of that dialogue. You'll see us kind of expanding on our thinking there. But this is going to take time, both in terms of scaling the business, fleet management, financing, insurance and also making sure that we have the right dialogue with regulators on a local basis and all the constituents that are going to be affected by these changes in our society. So it will take time, but we think it's worth investment. Balaji, do you want to talk about trips?

我們希望成為這些對話的一部分。你們會看到我們在這方面擴展我們的思考。不過，這將需要時間——不論是在擴大業務規模、車隊管理、融資、保險方面，還是在地方層級與監管機構以及所有將受社會變化影響的利害關係人，確保我們有正確的對話。因此這會需要時間，但我們認為值得投資。Balaji，你要談談行程（trips）嗎？

Yes. So on SF and LA, we already talked about this even in the Q4 earnings release that we were seeing the impact of incremental AV adoption in the market as being expansionary for ridesharing in the cities in aggregate. And as Dara mentioned, our category position in these markets has also expanded over the last six months, which has had an accelerating impact on the sort of trajectory we're seeing there.

好的。關於舊金山（SF）和洛杉磯（LA），我們其實在第四季財報新聞稿中就已談過：我們看到市場中 AV 逐步採用所帶來的影響，整體而言對這些城市的共乘需求是擴張性的。正如 Dara 提到的，我們在這些市場的品類地位在過去六個月也有所擴大，這也加速了我們在那裡所看到的走勢軌跡。

Looking ahead, all of the comments I made earlier about insurance-driven goodness as well will show up in the trip trajectory that you should see in these markets. So not only are we seeing these healthy trends in the market today, we expect that the acceleration should continue as we go through the rest of the year.

展望未來，我先前提到的、由保險驅動的正向效益，也會反映在你們應該會在這些市場看到的行程走勢上。因此，我們不僅在當前市場看到這些健康的趨勢，也預期隨著今年剩餘時間推進，這種加速應會持續。

Michael Morton, MoffettNathanson.

Michael Morton，MoffettNathanson。

I wanted to talk about an inbound question we're getting from investors a lot, and that's a greater risk to marketplaces direct relationship with their users as we could see an adoption of personal agents going forward. So the view is someone is going to talk to their personal agent that either Meta or Google builds and they say, order me a rideshare ride with the fastest ETA or order me pizza from my favourite place, and they never interact with their go-to apps and you get like abstracted away. Could you talk about Uber's approach to this, how you're viewing the risk, if there's like some preventative measures in your terms of services or any ways to push back around those fears?

我想談一個我們從投資人那裡經常收到的提問：隨著未來個人代理（personal agents）的採用，我們可能會看到市場平台與其用戶之間的直接關係面臨更大的風險。也就是說，有人會跟 Meta 或 Google 打造的個人代理對話，然後說：幫我叫一趟 ETA 最快的共乘，或幫我從我最喜歡的店訂披薩；他們就不再與他們常用的 App 互動，而你們就像被抽象化、被隔離在外。你能談談 Uber 對此的做法、你們如何看待這個風險、是否在服務條款中有一些預防措施，或有任何方式可以回應這些擔憂嗎？

Yes, absolutely. So I think the first thing that I would say is we are building an indispensable, what we view as an indispensable local service. And the breadth that we have in terms of operating in over 70 countries and many of them, both Mobility and Delivery is really unparalleled. And we continue to make investments in engagement of our users and our earners as well with the 50 million Uber One members that we talked about growing 50% year-on-year.

是的，絕對可以。我想我首先要說的是，我們正在打造一項不可或缺的——我們認為不可或缺的在地服務。我們在超過 70 個國家營運的廣度，而且其中許多國家同時涵蓋移動出行（Mobility）與外送（Delivery），確實是無可比擬的。我們也持續投資於提升用戶與賺取者（earners）的黏著度；我們提到的 5,000 萬名 Uber One 會員年增 50%，就是例證。

So that engagement that they have is a real direct and deep engagement that they have with us. First thing I'd say is we are investing in these agents, and we are investing in these AI tools, and we're seeing kind of the interaction directly with our agents be the first use case. That's a magical use case. And I talked about this earlier in the call, like three quarters of the time, for example, the Mobility, we're guessing, we can anticipate where you're going to go. So it's just kind of a one-push button, our agent knows, "hey, Balaji, time to go home, right, for you."

因此，他們的參與度是一種真正直接且深度的互動。我要說的第一點是：我們正在投資這些代理，也在投資這些 AI 工具；我們看到直接與我們的代理互動會是第一個使用案例。那是一個很神奇的使用案例。我在電話會議前面也提過，例如在移動出行方面，大約四分之三的時間，我們——我們可以預判你要去哪裡。所以基本上就是一鍵操作，我們的代理知道：「嘿，Balaji，該回家了，對吧，對你而言。」

And those are kind of unique benefits that we bring. At the same time, we are working and talking to many of these third-party agents. We have a great market position. So we're able to kind of often dictate the terms of trade in those discussions. I think you know that I came from the travel industry many, many years ago, and there were fears, for example, in travel in terms of metasearch and this layer above the travel companies.

這些是我們帶來的獨特優勢。同時，我們也正在與許多第三方代理合作並進行交流。我們擁有很強的市場地位，因此在這些討論中，我們往往能在某種程度上主導交易條件。我想你也知道，我很多很多年前來自旅遊產業，當時也曾有過擔憂，例如在旅遊領域，對於元搜尋（metasearch）以及位於旅遊公司之上的那一層平台的擔憂。

And as the Travel business consolidated with an Expedia or Booking and Airbnb, which are incredible companies, most of the value of those front ends accrued to the large players, the consolidated players, Expedia, the Airbnbs and the Booking.com.

而隨著旅遊業務整合，出現 Expedia、Booking 和 Airbnb 這些非常出色的公司，大多數前端的價值最終都歸於大型玩家、整合後的玩家——Expedia、Airbnb 以及 Booking.com。

So we've kind of seen this movie before. As long as we are building terrific core products, we think we will get more than our fair share of consumers coming direct to our services. We will build in APIs to whether it's an Apple or an OpenAI or a Claude or Gemini, we will work with these agents as well. But I think we'll continue to see that the majority of our transactions come direct. We saw the same theme play out in metasearch. I don't know if folks remember, but at one point, even Google Maps had kind of comparison shopping between Uber and Lyft, and it wasn't the same experiences coming direct to the app.

所以我們某種程度上以前就看過這部電影。只要我們持續打造卓越的核心產品，我們認為會有超過我們應得份額的消費者直接來到我們的服務。我們也會建立 API，不論是 Apple、OpenAI、Claude 或 Gemini，我們都會與這些代理合作。但我認為我們仍會看到我們的大多數交易是直接發生的。元搜尋也出現過同樣的主題。我不知道大家是否記得，但曾經有一段時間，甚至 Google Maps 也有在 Uber 和 Lyft 之間做比價導流，而直接進入 App 的體驗並不相同。

So we're very confident that AI is going to empower entirely new experiences, but we think the majority of those experiences are going to come direct to us.

因此我們非常有信心，AI 將賦能全新的體驗，但我們認為其中大多數體驗將會直接來到我們這裡。

All right. So I think that's it. Thank you very much for joining the call. Huge thank you to the Uber teams who delivered another terrific quarter for us. And another thank you to our partners, whether it's our earners, couriers, drivers and also merchants who make this all possible. Thank you very much for joining, and I look forward to talking to you in the next couple of quarters.

好的。我想就到這裡。非常感謝各位參與本次電話會議。也非常感謝 Uber 團隊，為我們交出又一個非常出色的季度表現。也再次感謝我們的合作夥伴，不論是我們的賺取者、外送員、駕駛，以及讓這一切成為可能的商家。非常感謝各位參與，我也期待在接下來幾個季度再與各位交流。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以中斷連線。