優步 (UBER) 2026 Q3 法說會逐字稿

Hello and welcome to Uber Q3 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Uber 2026 年第三季（Q3）財報電話會議。（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 third-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，歡迎參加 Uber 2026 年第三季財報簡報。今天與會的有 Uber 執行長 Dara Khosrowshahi，以及財務長 Balaji Krishnamurthy。

During today's call, we'll 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.

在今天的電話會議中，我們將同時提供 GAAP 與非 GAAP 財務衡量指標。關於這些非 GAAP 指標的額外揭露（包含 GAAP 與非 GAAP 指標的調節表），已收錄於新聞稿、補充投影片以及我們向美國證券交易委員會（SEC）提交的文件中；上述資料皆已發布於 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. 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.

本簡報及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。實際結果可能與這些前瞻性陳述存在重大差異；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。如需了解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 have it already. We will open 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、事先準備的講稿與補充投影片，並請各位在方便時先行閱讀這些文件（若您尚未閱讀）。在 Dara 簡短開場致詞後，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. Q3 was another strong quarter of growth and expanding profitability for Uber with record audience and engagement across our platform. We reached 215 million monthly active platform consumers who are using Uber more frequently than ever. That helped us deliver our fifth consecutive quarter of 20-plus percent year-over-year gross bookings growth alongside 35% growth in non-GAAP EPS and record trailing 12-month free cash flow of $10.4 billion.

謝謝，Alax。第三季對 Uber 而言又是一個成長強勁、獲利能力持續擴張的季度；我們的平台在受眾規模與互動度方面皆創下新高。我們的月活躍平台消費者達到 2.15 億人，使用 Uber 的頻率也比以往更高。這幫助我們達成連續第五個季度總預訂額（gross bookings）年增超過 20%，同時非 GAAP 每股盈餘（EPS）成長 35%，並創下過去 12 個月自由現金流（free cash flow）達 104 億美元的紀錄。

Mobility continue to see healthy growth, but came in below our expectations as a result of driver supply not keeping pace with strong consumer demand in several international markets. We're responding with targeted investments to improve driver availability and marketplace balance, and we saw an encouraging improvement in October. Our focus is on driving consistent growth while maintaining strong profitability of the business.

移動出行（Mobility）持續呈現健康成長，但由於在若干國際市場中，駕駛供給未能跟上強勁的消費者需求，表現低於我們的預期。我們正透過有針對性的投資來提升駕駛可用性並改善市場供需平衡，而我們在 10 月看到了令人鼓舞的改善。我們的重點是在維持業務強勁獲利能力的同時，推動穩健且一致的成長。

Delivery had another excellent quarter with gross bookings up 23% year over year and organic growth accelerated. Our investments in selection, affordability and reliability are making Uber Eats even more useful for everyday occasions, from restaurants, meals to weekly groceries and last-minute essentials. And with approximately 55 million Uber One members we're deepening consumer relationships across both mobility and delivery. Those direct consumer relationships are central to our approach to AI. We're using AI to make everyday transactions simpler and discovering more personalized while selectively exploring new distribution channels that can bring incremental demand.

外送（Delivery）本季同樣表現出色，總預訂額年增 23%，且有機成長加速。我們在品項選擇、可負擔性與可靠性方面的投資，讓 Uber Eats 在日常情境中更實用——從餐廳餐點到每週雜貨採買，以及臨時所需的生活必需品。此外，Uber One 會員約 5,500 萬名，我們正加深消費者在移動出行與外送兩大業務的關係。這些直接的消費者關係是我們 AI 策略的核心。我們正運用 AI 讓日常交易更簡單、探索更個人化的體驗，同時有選擇地探索可帶來增量需求的新分發渠道。

In ADs, our focus is shifting from partnerships and testing to driverless commercial service. We're excited for ZUK to launch on Uber in Las Vegas later this month, with Motional moving up to fully driverless operations soon thereafter. We expect approximately 700 fully driverless vehicles on Uber by year-end and more than 2,000 by the end of 2027. Just as importantly, we're focused on demonstrating utilization and economics that are needed to scale.

在 ADs 方面，我們的重點正從合作夥伴關係與測試，轉向無人駕駛的商業化服務。我們很期待 ZUK 於本月稍晚在拉斯維加斯於 Uber 平台上線，Motional 也將在不久後推進至完全無人駕駛營運。我們預期到年底，Uber 平台上將有約 700 輛完全無人駕駛車輛；到 2027 年底將超過 2,000 輛。同樣重要的是，我們專注於證明擴張所需的使用率與經濟效益。

As we enter Q4, our priorities are clear: improve mobility supply, build on deliveries momentum and deliver against our AD milestones, all while continuing to grow profitably.

進入第四季（Q4），我們的優先事項很明確：改善移動出行供給、延續外送動能並達成我們的 AD 里程碑，同時持續以獲利為前提推動成長。

Before I hand it off to the operator, I did also want to offer a special thanks to Jill Hazelbaker, our President and Chief Corporate Affairs Officer. After 10 years here at Uber, She's moving on to Open AI. It's a big win for them. It's a loss for us to lose someone like Jill. She's been such a big part of our culture, our company.

在把時間交給接線員之前，我也想特別感謝我們的總裁兼企業事務長 Jill Hazelbaker。在 Uber 服務 10 年後，她將前往 OpenAI。這對他們而言是一大收穫。對我們而言，失去像 Jill 這樣的人才是一項損失。她一直是我們文化與公司非常重要的一部分。

But fortunately, she has built a great team who get to step up to more senior positions, many of them working with me directly. So I want to personally thank Jill for her 10 years here She's helped me in innumerable ways both professionally and personally as well. She's been a great adviser is a big win for Open AI. And I'm really glad that the team that she built is ready to step up to bigger positions, which they fully deserve at the company. So a big thank you to Jill.

但幸運的是，她建立了一支很棒的團隊，能夠在更高階的職位上挺身而出，其中許多人會直接與我共事。因此，我想親自感謝 Jill 在這裡的 10 年。無論在專業或個人層面，她都以無數方式幫助了我。她一直是很棒的顧問，對 OpenAI 來說是一大收穫。而我也很高興她所建立的團隊已準備好承擔更重要的職務，這也是他們在公司完全應得的。再次非常感謝 Jill。

And with that, I will turn it over to the operator for questions.

接下來我把時間交給接線員進行提問。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

I want to come back to the parts of the letter and prepared remarks around EV fleet financing. Can you go a little bit deeper in terms of how we should be thinking about the balance sheet and incremental free cash flows that you want to put behind these efforts? And how should we be thinking about rates of return or aligning the economics with the commercial opportunity?

我想回到股東信與事先準備講稿中關於電動車（EV）車隊融資的部分。能否再深入說明一下，我們應如何看待資產負債表，以及你們希望投入這些計畫的增量自由現金流？另外，我們應如何思考報酬率，或如何讓經濟性與商業機會相匹配？

Thanks. Eric, I can take this. So I think we are ready to say a lot on the structures that we are working on just yet. But what I would point you to is the $1 billion financing arrangement that we had set up with Santander earlier in the year, that was focused on our traditional fleet partners that is a template for what we could be doing with our EV fleets as we go through the next few months. We are actively working on these kinds of setups.

謝謝。Eric，這題我可以回答。我想我們目前還不準備就正在推進的架構細節談太多。但我想提醒你注意的是，我們今年稍早與 Santander 建立的 10 億美元融資安排，當時聚焦於我們的傳統車隊合作夥伴；這可作為未來幾個月我們在 EV 車隊上可能採取作法的範本。我們正積極推進這類安排。

And specifically, you should expect that we will have announcements to make both on infrastructure financing, but also on vehicle financing as we go forward. So our long-run expectation is that this should be financed by third-party capital, not by Uber's balance sheet. And in the near term, as you've seen with the announcement that we had in the release that we will have about 700 driverless vehicles on our network this year, 2,000 by the end of next year. the capital deployment against those is fairly limited. But as we start scaling out into the 10,000-plus territory in 2028 and beyond, we want to bring in third-party capital against that, and we feel good about the ROI that the third parties can get them.

具體而言，接下來你應該會看到我們在基礎設施融資以及車輛融資方面都有公告。因此，我們的長期預期是：這些應由第三方資本提供融資，而非由 Uber 的資產負債表承擔。而在短期內，正如你在新聞稿中看到我們宣布今年網路上將有約 700 輛無人駕駛車、到明年底達 2,000 輛，對應的資本投入相對有限。但當我們在 2028 年及之後開始擴張到 1 萬輛以上的規模時，我們希望引入第三方資本來支持，我們也對第三方可取得的投資報酬率（ROI）感到樂觀。

And, Eric, just a little bit more for me, which is we do think that fleet financing for these cars is going to be somewhat unusual in that if you look at like fleet financing for rental car fleets, et cetera, they're all based on residual value of vehicles. And I think the residual value of EV vehicles isn't established yet. And so as a result, in the early days, we're going to take these vehicles on our balance sheet. We have a very strong balance sheet, are capable of doing so. And I think a lot of the fleet financing is going to be based on revenue -- kind of revenue potential of these fleets.

另外，Eric，我再補充一點：我們確實認為這些車的車隊融資會有些不同，因為如果你看租車車隊等的車隊融資，通常都建立在車輛殘值之上。而我認為電動車的殘值目前尚未被充分建立。因此在初期，我們會把這些車輛放在我們的資產負債表上。我們的資產負債表非常強健，有能力這麼做。而我認為相當一部分的車隊融資將會以營收——也就是這些車隊的營收潛力——為基礎。

And what we're able to demonstrate is that cars on our network get very, very high utilization and actually higher utilization on cars that aren't on our network. We show a 30% kind of utilization premium on our network, and we're able to do so very flexibly.

而我們能夠證明的是，在我們網路上的車輛有非常、非常高的使用率，而且實際上比不在我們網路上的車輛使用率更高。我們展示在我們網路上約有30%的使用率溢價，並且我們能以非常彈性的方式做到這一點。

So if there's a fleet that for some reason fails in terms of their operations, we can take that AV vehicle and put it under separate ownership and it will still earn on the Uber network, so to speak. So we think that the financing on the Uber network can have a real advantage in terms of cost of capital versus alternatives. And it is kind of a business model that we're working with to establish with partners. The reaction has been actually -- they're quite interested. They want to diversify away from data centers, so to speak.

因此，如果某個車隊因某些原因在營運上出現問題，我們可以把那輛自動駕駛（AV）車輛轉到獨立的所有權之下，而它仍然可以在 Uber 網路上賺取收益，可以這麼說。所以我們認為，在 Uber 網路上的融資，相較於其他替代方案，在資金成本（cost of capital）方面可以有實質優勢。而這也是我們正與合作夥伴一起推動建立的一種商業模式。實際上的反應是——他們相當有興趣。他們想要分散配置，某種程度上是遠離資料中心。

So we're quite optimistic on it, but we do have to establish the business model, the utilization advantages demonstrate that to the banks and then go from there.

所以我們對此相當樂觀，但我們確實需要建立商業模式，把使用率優勢向銀行證明，然後再從那裡往下推進。

Nikhil Devnani, Bernstein.

Bernstein 的 Nikhil Devnani。

I wanted to follow up on the international supply dynamic you called out. Just want to make sure, did something sort of change through the quarter? I think last time we had talked about Brazil, but it seems like there's a few more markets that are now reflecting this. So, if you could just elaborate on what you saw through the quarter, that would be helpful. And then also as we look forward, how should we be thinking about the supply side investments required because some of the variables called out, like immigration feel a little bit more persistent, so it would be helpful to understand just the degree and persistence of these investments as you try and reaccelerate the business.

我想追問一下你提到的國際供給動態。我只是想確認一下：這一季當中是否有什麼變化？我記得上次我們談到的是巴西，但看起來現在有更多市場也反映出這種情況。所以，如果你能更詳細說明這一季你們觀察到的狀況，會很有幫助。另外，展望未來，我們應該如何看待供給端所需的投資？因為你提到的一些變數，例如移民，感覺更像是較為持久的因素；因此，若能理解你們在試圖讓業務重新加速時，這些投資的幅度與持續性，會很有幫助。

Yes. Thank you, Nikhil. So I think -- what I would say is a lot of this is a continuation of the dynamics that we have seen through the year. And if you zoom out and look at the macro environment, with the escalation and the war in the Middle East, fuel cost impacts have been felt globally. Where it shows up most materially for us is in emerging markets where there is a level of price sensitivity on both the consumer and the driver side, and what we talked about last quarter in Brazil was specifically focused on Moto supply from delivery competition in the market. But through the last quarter, we have seen the elevated fuel price impact in markets like Brazil and India, in particular, quite meaningfully impacting the supply situation.

是的。謝謝你，Nikhil。我想——我會說，這其中很多都是我們今年以來所看到動態的延續。如果把視角拉遠、看整體宏觀環境，隨著中東局勢升溫與戰事，燃油成本的影響在全球都有所感受。對我們而言，影響最顯著的是新興市場，因為無論消費者端或司機端都存在一定程度的價格敏感度；而我們上季在巴西談到的，則是特別聚焦於市場中外送競爭對機車（Moto）供給的影響。但在上一季期間，我們確實看到燃油價格居高不下的影響，在巴西與印度等市場尤其明顯，對供給狀況造成了相當大的衝擊。

Similarly, the immigration dynamics have been in place through the year. But as we go through the back half of the year and we see elevated demand from the holiday season that you have coming through right now, which again, the demand picture is pretty strong. We see an elevated impact on the supply -- on the marketplace when the supply is short. So that's kind of what we are calling out in Canada as well.

同樣地，移民相關的動態今年以來一直存在。但當我們進入下半年，並看到目前假期旺季帶來的需求走高——而且需求面依然相當強勁——當供給不足時，我們會看到對供給——對整個市場（marketplace）的影響被放大。這也是我們在加拿大所特別指出的情況。

Now, this is a good problem where we are at the scale that we are operating at, and we still are running into supply constraints rather than demand constraints, and we know exactly how to address those kinds of challenges with the history that we have demonstrated. We're making targeted supply investments. So this is focused on driver acquisition, retention and engagement. And as we go through that kind of investment, we are already encouraged with the early signs of supply improvement we saw in October and supply our growth globally accelerated in October, including notable improvements in Brazil and India.

現在，這其實是個「好問題」：在我們目前的營運規模下，我們仍然遇到的是供給限制，而不是需求限制；而且基於我們過去已證明的經驗，我們也很清楚該如何應對這類挑戰。我們正在進行有針對性的供給投資。這主要聚焦在司機招募、留任與參與度（engagement）。而在推進這類投資的過程中，我們已經從10月看到供給改善的早期跡象而受到鼓舞；10月我們全球供給成長加速，其中包括巴西與印度的顯著改善。

So I think with all of that, you see our outlook, which is steady at the 18% to 22% growth range, which was studied from the last couple of quarters. So, we feel good about where we are. And the growth runway in front of us is extremely long over the last five years. We have doubled our eligible population penetration in our top 10 markets. But it's still at only 10%, right, so we feel really good about where we can go from there.

所以我想，綜合以上，你會看到我們的展望仍維持在18%到22%的成長區間，這與過去幾季所建立的趨勢一致。因此，我們對目前的狀況感到不錯。而我們前方的成長跑道在未來五年仍然非常長。在我們前十大市場中，我們的可觸及人口滲透率在過去五年已翻倍。但目前仍只有10%，對吧，所以我們對接下來能走到哪裡感到非常有信心。

I think just the additional factor that we are dealing with is a -- we obviously had a year-over-year pressure on supply, but then we also have seasonal pressure on supply as well, which is September, October, November, December, our kind of peak season for us, both in mobility and delivery -- and in some markets like Brazil, mobility and delivery depends on two-wheel supply, which for us is, for example, one of the examples of supply that we need to add.

我想我們正在面對的另一個額外因素是——我們顯然承受了供給的年對年壓力，但同時也有季節性的供給壓力；9月、10月、11月、12月是我們的旺季，無論是移動出行（mobility）還是外送（delivery）——而在像巴西這樣的一些市場，移動出行與外送都依賴二輪車供給；對我們而言，這就是例如我們需要補充的供給之一。

So those kind of intermingle. So it's a seasonal issue, and it's a year-on-year issue that are hitting together. We've got a good handle on it. We're very optimistic about the trends as we've seen in October and going into Q4. And again, this is not the first time we have dealt with this kind of situation.

所以這些因素會交織在一起。也就是季節性問題與年對年問題同時發生。我們已經很好地掌握了狀況。我們對10月所看到的趨勢以及進入第四季（Q4）的走勢都非常樂觀。而且再次強調，這不是我們第一次處理這類情況。

Brian Nowak, Morgan Stanley.

Morgan Stanley 的 Brian Nowak。

Maybe one on grocery. Just talk to us a little bit philosophically about the investments you need to make in grocery and retail to sort of further accelerate and compete in that business in the US. And -- how do you think about the need to have a larger 1P presence, so your own dark stores or your own sort of fulfillment operation?

我想問一個關於雜貨（grocery）問題。能否從更偏理念層面談談，你們在美國要進一步加速並在雜貨與零售業務中競爭，需要做哪些投資？以及——你們如何看待需要更大的 1P（第一方）布局，也就是自營的暗店（dark stores）或自營的履約（fulfillment）營運？

Yes, absolutely, Brian. So we're very excited about the progress of our grocery and retail business. We're a run rate now at $15 billion, run rate growing 40% a on a year-on-year basis. We think this is like a $10 trillion TAM. So it's an enormous market for us.

是的，當然可以，Brian。我們對雜貨與零售業務的進展感到非常興奮。我們目前的年化運行規模（run rate）已達150億美元，年對年成長40%。我們認為這是一個約10兆美元的總可服務市場（TAM）。所以對我們而言，這是一個極其龐大的市場。

And what we see from consumers is over and over is they want more stuff faster. They want everything faster. I think when Amazon brought overnight shipping, it was magic. And now next hour shipping is magic, and pretty soon people are going to expect everything in 15 minutes. And we play right into that area.

而我們從消費者那裡一再看到的是：他們想要更多東西、更快送達。他們希望所有東西都更快。我想當 Amazon 推出隔夜配送時，那是魔法般的體驗。而現在，一小時內配送是魔法；很快，人們會期待所有東西都能在15分鐘內送到。而我們正好切入了這個領域。

The areas of investment for us are really about selection, they're about affordability and they're about kind of consumer experience. On the selection side, we're very excited to expand to Costco nationwide. We also have added a number of international players, Target to Catlan, Priceline in Australia, Tesco in the U.K., really in Germany as well. So we continue to invest in selection. And as we add selection, we have more consumers coming online as well and also conversion rates improve.

對我們而言，投資重點主要在於品項選擇（selection）、可負擔性（affordability），以及整體消費者體驗。在品項選擇方面，我們非常期待把 Costco 擴展到全美。我們也新增了多家國際業者，從 Target 到（Catlan），澳洲的 Priceline、英國的 Tesco，德國也同樣如此。因此我們持續投資於品項選擇。而當我們增加選擇時，也會有更多消費者上線，同時轉換率也會提升。

We continue to invest in affordability, whether it's fresh off Tuesdays or -- for example, members not having any fees above $60 that our members are loving as well.

我們也持續投資於可負擔性，不論是「週二生鮮優惠」（fresh off Tuesdays），或——例如，會員在滿60美元以上不收取任何費用，這點也深受會員喜愛。

And then we continue to invest in product innovation as well to make sure that our pick pack is as accurate as the candy shopper. We're investing in shopper quality. So we are paying high-quality shoppers more. And we're also introducing technology, for example, where our shoppers will take a photo of an empty shelf to verify that the item that you're looking for isn't there. It also helps our consumers too because when they see the empty shelf, then they'll get a set, it's not the shoppers fall. It's just what they want. It wasn't there. And so it helps establish trust between both sides of the marketplace.

此外，我們也持續投資產品創新，以確保我們的揀貨與打包（pick pack）準確度能像「糖果買手」（candy shopper）一樣精準。我們正在投資於採購員（shopper）品質。因此，我們會支付高品質採購員更高的報酬。我們也在導入技術，例如讓採購員拍下空貨架的照片，以驗證你要找的商品確實不在架上。這也能幫助消費者，因為當他們看到空貨架時，就會理解這不是採購員的錯。只是他們想要的商品當下就是沒有。因此，這有助於在市場兩端之間建立信任。

So for us, it's just all about execution. As it relates to dark stores, our number-one priority has been to work with our partners and to help them grow their businesses. Now we're very excited as it relates to Delivery Hero. They have built a substantial Quick commerce and dark store business. And the benefit of dark stores is that you have a much better handle on inventory usually, your pick and pack success percentages, your found rates are much higher.

所以對我們而言，一切都在於執行力。就暗店（dark stores）而言，我們的首要優先事項一直是與合作夥伴合作並協助他們擴大業務。目前我們對 Delivery Hero 感到非常振奮。他們已建立起相當可觀的即時商務（Quick commerce）與暗店業務。而暗店的好處在於，通常你能更好地掌握庫存，你的揀貨與包裝成功率、找得到商品的比率都會高得多。

So quality goes up as a result of the vertical integration. And this is a part of the delivery hero hopeful potential acquisition that we're very excited about. That team has been building their Quick commerce business for well over seven, eight years. it's hit breakeven. It is growing at very attractive rates, and we're very excited to add that as part of our portfolio once we close the on delivery hero.

因此，隨著垂直整合，品質會提升。而這也是我們對於可能收購 Delivery Hero 這件事感到非常興奮的一部分。那個團隊打造他們的即時商務業務已經超過七、八年。它已達到損益兩平。它正以非常吸引人的速度成長，而一旦我們完成對 Delivery Hero 的交易，我們非常期待把這項業務納入我們的投資組合。

And just one additional comment on the doctor question. This is for us fit-for-purpose sort of solution, right? We will not -- we don't want to get into this business everywhere, but there are markets where it makes sense. As Dara mentioned, Delivery Hero has done a really good job with their Doco footprint in the Middle East. We are also in a position where we would be able to look at that business in Turkey, both with our existing presence in the market, but also with the tier transaction that we have done. And that business, again, is running near profitability and then we have organically experimented with this in Taiwan as well.

另外再補充一點關於「doctor」那個問題。對我們來說，這是一種「為特定目的量身打造」的解決方案，對吧？我們不會——我們不想在所有地方都投入這門生意，但在某些市場它是合理的。如 Dara 所提到，Delivery Hero 在中東的 Doco 版圖做得非常好。我們也有條件在土耳其評估那項業務，一方面我們在當地本來就有既有布局，另一方面我們也完成了 tier 這筆交易。而那項業務同樣接近獲利；此外，我們也在台灣以有機方式做過相關實驗。

So ultimately, it needs to be business that can be run well, has to meet the market conditions and has to have a good return on assets when you go into that sort of a field. So we'll be selective in where we engage with this. Otherwise, we would work with our grocery partners where experts are doing that in their own space.

所以歸根結底，這必須是一門能夠良好營運的業務，必須符合市場條件，而且當你進入那樣的領域時，資產報酬率必須良好。因此我們會選擇性地在適合的地方參與。否則，我們會與我們的雜貨合作夥伴合作，讓該領域的專家在他們自己的場域中去做。

Ron Josey, Citi.

Ron Josey，花旗。

Great. I want to ask a little bit more about the fully driverless rollout on 700 this year to 2,000 next year. Just help us understand a little bit on the geography, the TIV pace of rollout. I think you said 50-50 in the US international and how you're thinking about that?

很好。我想再多問一點關於今年將完全無人駕駛（fully driverless）擴張到 700 輛、明年到 2,000 輛的推進。請幫我們更了解一下地理分布、TIV 的推進節奏。我想你提到美國與國際各占 50-50，你們是怎麼思考的？

Yes, absolutely. So we're very excited. I mean, we got launches. Obviously, we're in market with Waymo already in the US. We're a market with (inaudible) and Baidu with no drivers in a number of international markets.

是的，當然。所以我們非常興奮。我的意思是，我們已經有上線的案子。很明顯地，我們在美國已經與 Waymo 在市場上運行。我們也在多個國際市場與（聽不清）以及百度進行無人駕駛營運。

We expect to launch Zuk and Motional, as we mentioned, in Vegas this year. And then next year, we expect to add (inaudible) in California and then in Houston as well in Texas, at least early on in 2027. These are fully driverless commercial rides and (inaudible) middle of the year in Texas as well. And internationally, we expect to add Pony and Momenta to our no vehicle operator kind of inventory.

如我們提到的，我們預期今年會在拉斯維加斯上線 Zuk 和 Motional。然後明年，我們預期會在加州新增（聽不清），並且也會在德州休士頓上線，至少在 2027 年初期。這些都是完全無人駕駛的商業載客服務，並且（聽不清）也會在年中於德州推出。在國際市場方面，我們預期會把小馬智行（Pony）與 Momenta 納入我們「無車輛操作員」類型的運力庫存。

In late 2017, I do think we are going to be doing kind of testing rides -- vehicle operator testing rides with (inaudible), with Rivian, hopefully with abi as well and also wave outside of the US. So, there's going to -- the partner strategy and the Penacoli of all these partners are really going to start adding up, and we're quite confident of getting to the 2,000 vehicles in 2027. But the real goal is to get to tens of thousand vehicles -- tens of thousands of vehicles and '28 and beyond and really scaling the ecosystem. And we are in market in these markets. We have relationships with the cities.

在 2017 年底，我確實認為我們將會進行某種測試行程——也就是由車輛操作員進行的測試行程，與（聽不清）合作、與 Rivian 合作，希望也能與 abi 合作，並且在美國以外也會與 wave 合作。因此，合作夥伴策略以及所有這些合作夥伴的「Penacoli」（原文如此）將會開始累積成效，而我們相當有信心在 2027 年達到 2,000 輛車。但真正的目標是在 2028 年及之後達到數萬輛——數以萬計的車輛，並真正擴大整個生態系。而我們已在這些市場中運營。我們與各城市都有合作關係。

We have operations in those markets. We don't have to build demand. The demand is already there. So we think we can launch very quickly at very high utilizations for our partners, which makes us even more optimistic about the opportunity here.

我們在那些市場都有營運。我們不需要去建立需求。需求已經存在。因此我們認為可以非常快速地上線，並為合作夥伴帶來非常高的使用率，這也讓我們對這個機會更加樂觀。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Can you hear me?

你們聽得到我嗎？

Yes.

聽得到。

Sorry about that. Let me try two, please. The first is on AV unit economics. So -- in the illustrative example that you gave, 30% increase in paid cuts with a 23% decrease in fixed costs. And even if answer to pay the transaction fee or take rate to Uber, that would still be -- that would still be additive to them. So my question is, how durable is that a 30% increase in bake trips that you would add? How durable is that advantage as you think long term in AV?

抱歉。我想請問兩個問題。第一個是關於自動駕駛（AV）的單位經濟。所以——在你給的示例中，付費行程增加 30%，固定成本下降 23%。即使要支付交易費或給 Uber 的抽成（take rate），對他們而言仍然——仍然是增益。所以我的問題是，你們所說能增加 30% 付費行程的這個幅度有多可持續？當你們從長期角度看 AV 時，這個優勢有多持久？

And then the second question I have is on just your capital allocation strategy, you talked about that in your letter. There's no change there. in terms of your priorities, and you don't expect M&A -- further M&A until the year-end or after. But I guess, how are you -- what was the rationale for (inaudible)? How are you thinking about capital allocation in general when you think about mobility and delivery as well as AV going forward?

第二個問題是關於你們的資本配置策略，你們在股東信裡談到過。那裡沒有改變。就你們的優先順序而言，而且你們預期在年底之前或之後才會有進一步的併購（M&A）。但我想問，（聽不清）的決策理由是什麼？當你們展望未來的移動出行與外送，以及 AV 時，你們整體上是如何思考資本配置的？

Sure. Thanks, Shweta. I'll take the first one, Dara is going to jump in on the second one. So on the utilization lift, I would start by saying we believe it's a very durable advantage for Uber. And maybe just for context, when we are talking about the 30% lift here, we are comparing Uber's deployments on a hybrid basis in the US with mature 1P deployments, right? And these mature 1P deployments have the advantage of mix in that they include San Francisco, which is a uniquely favorable market for AV deployments today. As that deployment scale broadens out, we expect that 1P deployments will likely have utilization that will be worse than what they're seeing in San Francisco. And in fact, what you're seeing on the ground today is exactly that.

好的。謝謝，Shweta。我先回答第一個，第二個 Dara 會補充。關於使用率提升，我會先說我們相信這對 Uber 來說是一個非常可持續的優勢。也許補充一下背景：當我們談到這裡的 30% 提升時，我們是在把 Uber 在美國以混合模式部署的表現，與成熟的 1P（第一方）部署做比較，對吧？而這些成熟的 1P 部署在組合上有優勢，因為其中包含舊金山——這是目前對 AV 部署特別有利的市場。隨著部署規模擴大到更廣泛的市場，我們預期 1P 部署的使用率很可能會比他們在舊金山看到的更差。事實上，你現在在第一線看到的情況正是如此。

Both for Waymo and Tesla, their trips per vehicle per day in the new markets that they have launched this year is in the low teens versus high 20s that we are seeing on our network in these hybrid markets. And effectively, you're looking at 100% plus utilization for us in those markets. I think the other part of this is we are also going to likely have advantages on additional pieces of the unit economics file, First, the vehicle costs over time are going to come down. And that will be true for many players. But in general, what we are trying to ensure here is that as we work with OEMs, we want to ensure that we have line of sight to advantaged pricing that we can deliver because we have scale.

無論是 Waymo 還是 Tesla，他們今年在新推出的市場中，每車每日行程數落在十幾趟的低段，相較之下，我們在這些混合市場的網路上看到的是二十多趟的高段。而實際上，在那些市場你看到的是我們使用率高出 100% 以上。我認為另一部分是，我們也很可能在單位經濟模型的其他面向具備優勢。首先，車輛成本會隨時間下降。這對許多玩家都會成立。但整體而言，我們要確保的是：當我們與 OEM 合作時，我們希望確保能看得到一條清晰路徑，取得具優勢的定價，因為我們有規模。

Second piece that we will have advantage on also is on share charging maintenance and fleet infrastructure since that can be shared across multiple EV partners. And I would think about this as the hyperscalers getting advantage versus on-prem data centers that were serving on comfort. So I think those 2 pieces in addition to the utilization will support long-term economics. Our goal is for AV trips to deliver margins comparable to human-driven trips over time. And as we get beyond that kind of point we can share savings with consumers and truly expand TAM beyond what we are already seeing on the ground.

第二個我們也會有優勢的部分，是在共享充電、維護與車隊基礎設施上，因為這些可以在多個電動車（EV）合作夥伴之間共享。你可以把這想成超大規模雲端服務商相對於自建機房（on-prem）資料中心的優勢，後者是在服務單一需求。所以我認為，除了使用率之外，這兩點也會支撐長期經濟性。我們的目標是，隨著時間推進，讓 AV 行程能帶來與人類駕駛行程相當的利潤率。而當我們超過那個門檻後，我們就能把節省下來的成本與消費者分享，並真正把 TAM（總可服務市場）擴大到超越我們目前在市場上所看到的規模。

Great. And in terms of capital allocation, et cetera, our priorities haven't changed. Obviously, our #1 priority is to drive organic growth. Investment in the AV ecosystem. We talked about a $10 billion commitment based on certain deliverables, both in investment and partners and/or AV fleets, et cetera, that's another priority.

很好。至於資本配置等方面，我們的優先順序沒有改變。顯然，我們的第一優先是推動有機成長。投資於自動駕駛（AV）生態系。我們談到基於特定交付成果的100億美元承諾，包含投資、合作夥伴和／或AV車隊等，這也是另一項優先事項。

And then there's M&A and buybacks as well, and we have plenty of capital for both. We are going to shift to, I would say, more of the top two, and we're going to pull back on M&A chiefly because we're really focused on integration of the deals that we've already announced, generally, they're performing great, but we want to make sure we get the right cost of capital as it relates to M&A.

接著還有併購（M&A）與庫藏股回購，我們在這兩方面都有充足資本。我們將把重心轉向前兩項，我會說比重會更高；同時我們會收斂併購，主要因為我們非常專注於整合已宣布的交易；整體而言它們表現很棒，但我們希望確保在併購相關的資本成本上拿到正確的水準。

And if you look at kind of our M&A philosophy historically and going forward, it's really in a couple of categories. One, you'll see deals that expand our geographies, right? They allow us to offer our services in more countries. Delivery Hero is an example of that. (inaudible) is an example of that.

如果你看我們過去以及未來的併購理念，基本上可分為幾個類別。第一，你會看到擴張我們地理版圖的交易，對吧？它們讓我們能在更多國家提供服務。Delivery Hero就是一個例子。(聽不清)也是一個例子。

And not only do we get into new geographies that are growing very, very fast, but it allows us to offer the platform advantage, the power of the platform, which is mobility and delivery, cross-promoting each other, membership programs, cross-promoting each other in more countries. So where in many, many of the Delivery Hero markets where many, many of the delivery hero markets, and it's just the extension of our platform geographically.

我們不僅進入成長非常、非常快的新市場，也能把平台優勢、平台的力量帶進去，也就是移動出行與外送彼此交叉導流、會員方案彼此交叉導流，並在更多國家落地。因此在Delivery Hero的許多、許多市場——在Delivery Hero的許多、許多外送市場——這就是我們平台在地理上的延伸。

The second area we look at are what are capabilities that we can build that are specialized and we think really profitable. We talked about our premium business growing and we've talked, for example, it's growing 35% year-on-year. And our U4B business grew almost 50% year-on-year. So premium is a theme for us, and corporate business is a theme for us is something that we want to kind of double down on. And those, for example, are the acquisitions of BlackLine and Easy cater that you asked about.

第二個我們看的方向，是我們能建立哪些專業化能力，而且我們認為會非常有利可圖。我們談過高端（premium）業務的成長，例如年增35%。而我們的U4B業務年增接近50%。所以高端是我們的一個主題，企業業務也是我們的一個主題，是我們想要加碼投入的方向。例如，你問到的BlackLine和Easy Cater的收購就是如此。

BlackLine gives us more specialty very high quality inventory and Easy cater have specialized capabilities. They only work with merchant partners who focus on catering. A lot of times a delivery partner has to come into the office, set things up. It's a different level of service, and there's a huge advantage in being able to offer both BlackLine and Easy cater to our UforB audience which I think now we've got like half of Fortune 500 companies now as well.

BlackLine為我們帶來更多專業、非常高品質的供給；而Easy Cater具備專門能力。他們只與專注於餐飲外燴（catering）的商家夥伴合作。很多時候，配送夥伴必須進到辦公室、把東西擺設好。這是不同層級的服務；而能把BlackLine與Easy Cater同時提供給我們的UforB客群有很大優勢——我想我們現在也已經涵蓋了約一半的《財富》500大企業。

So those are established businesses, different capabilities and we can introduce you for the audience and really embed with them even more. And then third is kind of new products that can grow with our audience. So (inaudible) is an example of that. We want our product to be more relevant, for example, to commuters. Commute is one of our largest categories.

所以這些都是成熟的業務、不同的能力；我們可以把它們導入給這個客群，並更深度地嵌入其中。第三類則是能隨著我們客群一起成長的新產品。所以(聽不清)就是一個例子。例如，我們希望產品對通勤族更具相關性。通勤是我們最大的類別之一。

and to be able to offer commuters and Uber to work a path to avoid surge and parking if they want it, when they want to drive is a great -- for example -- example for us, building out our inventory of services to the commuter who is a top customer for us.

而能為通勤族、以及使用Uber通勤上班的人，提供一條在他們想開車、且想要時可用的路徑，以避開加價（surge）與停車問題，對我們而言是很好的——例如——例子；這是在擴充我們對通勤族（我們的頂級客戶之一）的服務供給。

So those are the themes that we're going after. We're really excited to -- about the acquisitions that we have on our books. We're very excited about (inaudible). And generally, as stand-alone they are operating at higher levels than our deal cases. And now we just want to make sure that the integration is right.

以上就是我們追求的主題。我們對帳上這些收購案感到非常興奮。我們也對(聽不清)非常興奮。整體而言，這些業務以獨立運作來看，表現都高於我們交易情境（deal case）的預期。現在我們只想確保整合做到位。

The teams are treated well and everything goes well, which is why next year, I think the focus is going to be more on organic, autonomous and then, of course, buying back stock opportunistically.

團隊受到妥善對待、所有事情都順利進行；這也是為什麼我認為明年重點會更偏向有機成長、自動駕駛，然後當然也會在適當時機機會性回購股票。

I just want to add from a product standpoint, for any deal that you see us do, we are always evaluating the build was by case. And we're looking at the accretion math relative to what it would look like if we just bought back our own stock. In this specific case, since you asked specifically about Easy Cater, the build versus biomass could not be more obvious. We are talking about acquiring a business that is profitable right now. We have more synergies coming.

我想從產品角度補充一下：對於任何你看到我們做的交易，我們都會逐案評估「自建」與「收購」的取捨。我們也會看相對於如果我們只是回購自家股票，這筆交易在增益（accretion）上的數學比較。在這個特定案例中，既然你特別問到Easy Cater，自建與收購之間的差異再明顯不過。我們談的是收購一家目前就已經獲利的企業。而且我們還會帶來更多綜效。

And relative to building this business, we expect that you would see a few hundred million dollars of profit swing in the build case versus buy. So I think we feel very good about the deal logic, and we now are focused on executing against it.

相較於自建這門業務，我們預期在「自建」情境相對於「收購」情境，利潤差距會出現數億美元的擺盪。所以我們對這筆交易的邏輯感覺非常好，而現在我們專注於把它執行到位。

Michael Morton, Moffett Nathanson.

Michael Morton，Moffett Nathanson。

I wanted to maybe talk about the potential combination of DoorDash and Instacart. Uber has talked a lot about the cross-platform success you've experienced from Eats to your mobility business. So I was wondering if you could talk about the potential opportunity and/or risk that you see created by this combination?

我想談談DoorDash與Instacart可能合併的情況。Uber談了很多你們從Eats到移動出行業務所經驗到的跨平台成功。所以我想請你談談，你認為這種合併可能帶來的機會和／或風險是什麼？

Yes, absolutely. So I still think, honestly, Michael, it's going to affect us too much. Our grocery and retail business is growing. It's a $15 billion run rate, growing 40%. Our focus really is to continue to improve the product.

是的，當然。老實說，Michael，我仍然認為這不會對我們造成太大影響。我們的雜貨與零售業務正在成長。目前年化營收規模（run rate）為150億美元，成長40%。我們的重點其實是持續改善產品。

And the product still has a lot of improvement ahead of it in terms of selection, in terms of quality, in terms of on-time rate, in terms of fill rates, et cetera. When we talk to our merchant partners, they want choice. They want to develop direct channels. They want plenty of partners, including us and DoorDash and Instacart to work with. So this potential deal takes one of those partners off the table. And we've already had kind of reach outs from our partners, both who are very worried about the potential transaction and asking us what do you think?

而產品在選品、品質、準時率、到貨齊備率（fill rates）等方面，仍有很大的改善空間。當我們與商家夥伴交流時，他們想要選擇。他們想建立直連通路。他們希望有很多合作夥伴可合作，包括我們、DoorDash和Instacart。所以這個潛在交易會讓其中一個合作夥伴退出選項。而我們也已經收到一些合作夥伴的接觸，他們一方面非常擔心這筆潛在交易，並問我們你怎麼看？

And then two, wanting to actually work with us more, wanting to build their business with us so that they are not overly dependent on a single platform is DoorDash and Instacart happens, which will be a very, very large percentage of the online markets. But from our standpoint, the promise of this market. It's a $10 trillion dollar market. This would create a competitor that has a big share of certainly the online portion of that market. But we think for us, we're going to continue to invest in -- and these acquisitions create a lot of distractions.

另一方面，他們也希望與我們更深入合作、與我們一起做大生意，這樣如果DoorDash與Instacart真的發生合併——那將占線上市場非常、非常高的比例——他們就不會過度依賴單一平台。但從我們的角度來看，這個市場的潛力——這是一個10兆美元的市場。這會創造一個在該市場線上部分擁有很大份額的競爭對手。但我們認為對我們而言，我們會持續投資於——而這類收購也會帶來很多分心。

And at this point, the reach outs we've gone from merchants are merchants who want to embed with us more deeply and want to build their business with us so that they have alternatives. And it's going to be up to the government to decide whether three alternatives or two alternatives is better.

而就目前而言，我們從商家那邊收到的接觸，多是希望更深度地與我們綁定、並與我們一起建立他們的業務，讓他們有替代選項。至於三個選項好還是兩個選項好，將由政府來決定。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，Wells Fargo。

Two, if I may, please. First, could you talk about domestic or US mobility trends, maybe what you saw in 3Q and into 4Q, you talked about improving mobility growth, but I want to see if we can touch a little bit upon what you're seeing in the US versus some of the international markets you've talked about? And in particular, I think there's a market focus on continuing on California, but maybe even in some markets in Texas, where there's been heavier AV penetration.

如果可以的話，我想請教兩個問題。第一個，能否談談國內或美國的出行（Mobility）趨勢，例如你們在第三季以及進入第四季看到的情況？你提到出行成長在改善，但我想更具體了解一下，你們在美國相較於你們先前提到的一些國際市場，觀察到的狀況有何不同？另外，我認為市場仍持續關注加州，但也許也包括德州的一些市場，那裡自動駕駛（AV）的滲透率更高。

And the second question is, you talked about organic delivery acceleration. Could you talk about the drivers between kind of restaurants and grocery. Are you seeing core restaurant acceleration as part of that overall organic acceleration?

第二個問題是，你提到外送的有機成長加速。能否談談推動因素，主要是在餐廳與雜貨之間各自的驅動力？在整體有機加速之下，你們是否也看到核心餐廳業務在加速？

Yes. Thanks, Ken. On the US for mobility, we are seeing a relatively resilient growth in the US versus the international trends we talked about earlier in the call.

是的。謝謝你，Ken。就美國的出行而言，相較於我們在電話會議較早時提到的國際趨勢，我們看到美國的成長相對更具韌性。

Growth moderated a bit in Q3, but not as much as in the international markets. integrated gas prices are an issue globally, and there is some level of supply pressure that we're seeing in the US as well, but we are responding with the targeted investments -- supply investments that we talked about earlier. I think beyond the supply question, what we are seeing in the US that continues to be true is the insurance tailwinds continue to build -- we talked about the meaningful acceleration in California trip growth. They continue to outperform relative to the rest of the country.

第三季成長確實稍有放緩，但幅度不如國際市場那麼大。整體而言，油價在全球都是一個問題，我們在美國也看到一定程度的供給端壓力，但我們正以先前提到的定向投資來因應——也就是供給端投資。我認為除了供給問題之外，我們在美國持續看到的一點是，保險方面的順風因素仍在累積——我們談到加州行程成長顯著加速。加州的表現相對於全國其他地區仍持續領先。

Two, our barbell strategy on the product side continues to be really, really healthy in the US. US barbell products grew at 3x the rate of the overall business in Q3, and it's driven by strong innovation in our growth, that portfolio, including (inaudible) comfort, reserve black, but then also expanding to new demographics with teams and women preferences that are targeting just new cohorts of consumers and creating more options for our consumer base.

第二，我們在產品端的「槓鈴策略」（barbell strategy）在美國仍然非常、非常健康。第三季美國的槓鈴產品成長速度是整體業務的 3 倍，主要由我們成長型產品組合中的強勁創新所帶動，包括（聽不清）comfort、reserve black，同時也透過團體與女性偏好等面向拓展到新的族群，鎖定新的消費者群體，為我們的消費者基礎創造更多選擇。

And then finally, from a Spark market standpoint, we just see so much runway in the US less than 10% of eligible consumers in Spark markets have used Uber in the last 12 months. That number in dense markets is 50% of consumers. So we continue to make improvements on supply and reliability in these markets, and that should have long-term impacts that are very favorable.

最後，從 Spark 市場的角度來看，我們在美國仍有非常大的成長空間：在 Spark 市場中，過去 12 個月使用過 Uber 的合格消費者不到 10%。而在高密度市場，這個數字是 50% 的消費者。因此，我們持續在這些市場改善供給與可靠性，這將帶來非常有利的長期影響。

Dara, do you want to take the second one?

Dara，你要回答第二個問題嗎？

Yes. And we're quite pleased in terms of US delivery, which accelerated nicely at the second quarter in a row that organic growth in delivery and US delivery accelerated. And really, it's for a number of factors.

好的。我們對美國外送的表現相當滿意，外送有機成長與美國外送已連續第二季明顯加速。而這主要是由多項因素所驅動。

One is mathematically, our grocery and retail business and direct business, which are growing faster than our OSD business are becoming a higher percentage of the portfolio, so to speak. So you just have kind of a bigger, faster-growing part of the business, getting even larger. Our core restaurant business is also accelerating, and that is because of really merchant selection, the number of merchants that we added in the US was up nicely about 12% on a year-on-year basis. So as we add more selection, everything helps, conversion improves. We get new customers on the platform as well.

第一，從數學上來看，我們的雜貨與零售業務以及直營（direct）業務，成長速度都快於我們的 OSD 業務，因此它們在整體組合中的占比（可以這麼說）正在提高。也就是說，成長更快、規模更大的那一部分業務正在變得更大。我們的核心餐廳業務也在加速，原因在於商家選擇（merchant selection）確實改善；我們在美國新增的商家數量年增約 12%，增幅相當不錯。因此，當我們增加更多選擇時，各方面都會受益，轉換率提升。我們也會在平台上獲得新客戶。

Membership is definitely a tailwind for us. So members are now 70% of delivery gross bookings. So membership is deepening engagement with our consumers as well. And then, of course, Sparks markets, as Balaji said, Sparks market is a play that we're running globally, but it's absolutely a play that we're running in the US as well for delivery that helps.

會員制度對我們絕對是順風。目前會員貢獻了外送總預訂額（gross bookings）的 70%。因此，會員制度也在加深我們與消費者的互動。此外，當然還有 Spark 市場；如 Balaji 所說，Spark 市場是我們在全球推行的策略，但在美國外送方面也同樣是我們正在推進的策略，並且確實帶來助益。

And then last but not least is really deals. We are focused on kind of merchant-funded promotions in addition to the membership discounts that we give to our consumers. If you look at our ad business and merchant-funded promotions, they grew to over $10 billion on a year-on-year basis. And these are dollars that we're giving to our consumers and the return for merchants as new consumers and kind of higher penetration in the marketplace.

最後但同樣重要的是優惠（deals）。除了我們提供給消費者的會員折扣之外，我們也專注於商家出資的促銷（merchant-funded promotions）。如果你看我們的廣告業務與商家出資促銷，其年增規模已成長到超過 100 億美元。這些資金會回饋給我們的消費者，而商家則以新消費者以及在市場中的更高滲透率作為回報。

So all of it is working at this point. If there's one issue, it runs with mobility in that we continue to invest in delivery in couriers to make sure that kind of our courier growth keeps up with the consumer demand that we're seeing on the food side. That is right now the biggest challenge that we've got, but the team, we think, is more than up for.

所以目前各項因素都在發揮作用。如果要說有一個問題，它與出行業務類似：我們仍持續在外送端投資外送員（couriers），以確保外送員的成長能跟上我們在餐飲端看到的消費者需求。這是我們目前最大的挑戰，但我們認為團隊完全有能力應對。

Mark Mahaney, Evercore.

Mark Mahaney，Evercore。

I just want to ask one question on the profitability of the Mobility segment, these 8% margins you had this last quarter with the supply initiatives that you're introducing in international markets, does that -- can you maintain the profitability performance that you've had, or is it -- do we have a detour, is it structural? Or is it a temporary detour? Or is there any detour just in those profit margins?

我只想問一個關於出行（Mobility）部門獲利能力的問題：你們上季的利潤率是 8%，在你們於國際市場推出供給端措施的情況下——你們能維持目前的獲利表現嗎？還是說——我們會有一段繞路（detour），這是結構性的嗎？或者只是暫時性的繞路？又或者在這些利潤率上其實不會有什麼繞路？

Yes, Mark, I think -- I would just take you back to our philosophy as always, which is that we want to drive margin expansion for the total company on a year-on-year basis. And ideally, we want to do the same for the segments as well. But on a quarterly basis, there is some variability in the business, both from just investments we typically make in supply in holiday season, et cetera. So I don't -- I wouldn't call out any kind of meaningful changes in the margin trajectory for the business. And we would have some color on just the Q4 supply investments for mobility that would have an impact on take rate, but not necessarily from a margin standpoint, anything meaningful.

是的，Mark，我想——我會先回到我們一貫的理念：我們希望公司整體的利潤率能在年對年基礎上擴張。理想情況下，我們也希望各個部門同樣如此。但以季度來看，業務會有一些波動，原因包括我們通常會在假期旺季等時點對供給端進行投資，等等。所以我不——我不會特別指出業務的利潤率軌跡有任何重大的變化。至於第四季出行供給端投資，我們會提供一些補充說明，這些投資會影響抽成率（take rate），但不一定會在利潤率層面造成任何顯著影響。

Look, I think the final point I'd make here is on profitability, we are -- if you look at our outlook, we delivered a quarter of mid-30% EPS growth. The Q4 outlook that we just provided, at the midpoint is a 37% year-on-year growth on our non-GAAP EPS. So, if anything, you're seeing the profit ramp expand, and that puts us in a pretty good spot for 2027.

另外，我想在獲利能力方面補充最後一點：如果你看我們的展望，我們剛交出一季約 30% 中段（mid-30%）的 EPS 成長。我們剛提供的第四季展望，在中位數（midpoint）下，我們的非 GAAP EPS 年對年成長為 37%。所以如果有什麼趨勢的話，你看到的是獲利爬坡（profit ramp）在擴大，這也讓我們在 2027 年處於相當不錯的位置。

And, Mark, just a little bit more, so you understand the picture in terms of supply and demand. We have base pricing for both kind of our consumer pricing and the base pricing for Drager, courier pay, et cetera. Then we have incentives, and there are kind of call it, rider side incentives, driver side incentives, eater side incentives that kind of courier incentives as well. These are more flexible dollars that we target times like how we make sure drivers show up, et cetera. or we'll target places if we think that there's a ball game going on, we'll put incentives for drivers to show up to the ball game at the right time.

Mark，我再多補充一點，讓你更理解供需的全貌。我們對消費者端定價以及對司機（driver）、外送員薪酬等都有基礎定價（base pricing）。接著我們還有激勵（incentives），大致可稱為乘客端激勵、司機端激勵、用餐者端激勵，以及外送員激勵等。這些是更具彈性的資金，我們會用來鎖定特定時點，例如確保司機出勤等。或者如果我們認為有球賽進行，我們會在適當的時間點提供激勵，讓司機前往球賽現場。

But the cool thing is that we just rebalance incentives between riders and drivers, for example, in this case. And so, whereas last year, more of the incentives went to riders to reduce price, now this year, we're taking down rider incentives, and we're using those dollars to fund driver incentives. Now that does mean sometimes higher prices for riders, which is something that we watch out for. we will do trade-offs against profitability, but that's something that we handle. But there is a flexible incentive pool that we allocate to supply or demand based on the balance of the marketplace, and that's part of kind of the art that we've got, and then there's a lot of science -- algorithmic science that goes into, hey, if you have a dollar what is the maximum predicted return for that dollar?

但有趣的是，例如在這種情況下，我們可以在乘客與司機之間重新平衡激勵。因此，去年更多激勵是給乘客以降低價格，而今年我們降低乘客端激勵，並把這些資金用來支應司機端激勵。這確實意味著乘客有時會面臨較高價格，這是我們會留意的。我們會在獲利能力之間做取捨，但這是我們能處理的。總之，我們有一個具彈性的激勵資金池，會依市場供需平衡在供給或需求端之間配置；這是我們掌握的一部分「藝術」，同時也有大量「科學」——演算法科學——用來判斷：如果你有 1 美元，這 1 美元的最大預期回報是多少？

And should I get -- invest that dollar in a driver in Brazil? Or should I invest that dollar in a rider in India, for example. And the algorithms are making these choices, many structural they can make these choices based on training on billions of trips and again, alike these investments in a way that humans just can't.

那我是否應該把那一美元——投資在巴西的一位司機身上？或者例如，我應該把那一美元投資在印度的一位騎士（外送員）身上？而演算法正在做出這些選擇；在結構層面上，它們可以基於對數十億次行程的訓練來做出這些選擇，並且再次地，以人類根本無法做到的方式來進行這些投資決策。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通（JPMorgan）。

Dara, I was hoping to get your latest thoughts on AI agents. Can you just talk about some of the goals and differentiation that you can provide by building agentic directly into the Uber platform? And then also how you're thinking about the opportunities on third-party platforms like us and others?

Dara，我想聽聽你對 AI 代理（AI agents）的最新看法。你能否談談，將代理式能力（agentic）直接內建到 Uber 平台中，你們希望達成的一些目標與可提供的差異化？另外，你如何看待在我們以及其他第三方平台上的機會？

Yes, definitely. So Doug, I think our focus is making sure that we invest for the best possible experience to become direct. It's price, your delivery time, reliability selection. Obviously, we have membership benefits and members now account for more than 50% of our bookings to just build the best experience (inaudible) direct. And we're really focused on making sure that the direct app experience is already frictionless, right?

是的，當然。Doug，我認為我們的重點是確保投資於最佳可能的體驗，讓使用者願意直接使用我們的平台。這包括價格、送達時間、可靠性與選擇性。顯然，我們也有會員福利，而會員目前占我們訂單量的 50% 以上；我們就是要打造最佳體驗，讓使用者（聽不清）直接使用。而我們也非常專注於確保直接使用 App 的體驗已經是無摩擦的，對吧？

So like the mean ride time booking is less than a minute. It's actually 50 seconds. That's how much time people spend on our app and 75% of a ride or a single tap based on personalizing your destination based on the data that we have on you.

例如，平均叫車下單時間不到一分鐘。實際上是 50 秒。這就是人們在我們 App 上花的時間；而 75% 的叫車只需一次點擊，因為我們會根據掌握的資料，個人化你的目的地。

Our mean -- if you look at the median time for an eater to reorder their favorite fruit, it's only 90 seconds. So we make sure that kind of coming to Uber doesn't require a much of time. You can get in, you can get out. And because of the data that we have, where you're going, when you're going there, et cetera, we think we're going to have a ton of people come direct to our site. And (inaudible) as work in the travel business, where we're dependent on the Googles of the world, I don't want to go back there.

我們的平均——如果你看用戶再次下單他最喜歡的餐點的中位數時間——只有 90 秒。所以我們確保使用 Uber 不需要花太多時間。你可以進來、完成、離開。而且因為我們掌握的資料——你要去哪裡、什麼時候去等等——我們認為會有大量用戶直接來到我們的平台。而（聽不清）就像旅遊業那樣，我們曾經依賴 Google 這類公司，我不想再回到那種狀態。

So really kind of the best-in-class marketplace technology that we're building, operational execution, I think, is going to have more and more people coming direct to us. And we are building our own AI experiences. For example, we have a cart assistant, which we're very excited about and early signal shows that basket that you build with a card assistant are roughly twice the average of the average basket as well, and we're working on kind of eat assistant, driver assistant, et cetera, to make sure that AI assistant kind of we have the best AI systems that can get you in and out of our services very, very quickly.

因此，我們正在打造的同級最佳（best-in-class）市集技術與營運執行，我認為會讓越來越多人直接來找我們。而且我們也在打造自己的 AI 體驗。例如，我們有購物車助理（cart assistant），我們對此非常興奮；早期訊號顯示，透過購物車助理建立的購物籃，其金額大約是平均購物籃的兩倍；我們也在開發像是點餐助理（eat assistant）、司機助理等，確保 AI 助理——也就是我們擁有最好的 AI 系統——能讓你非常、非常快速地進出並使用我們的服務。

That said, we will have discussions with kind of third-party AI agents. We think that it's another opportunity to reach our platform. We think it will be a net positive in terms of demand into the ecosystem, and you can get based on kind of our services. There are a lot of every single AI system company is talking to us, and we're really now negotiating the terms of trade. And the good news here is, in most markets, you have 2 mobility, big mobility providers, 2 big delivery providers.

話雖如此，我們也會與第三方 AI 代理進行討論。我們認為這是另一個觸達我們平台的機會。我們認為就導入生態系的需求而言，這會是淨正面（net positive），而且你也可以基於我們的服務來提供（相關能力）。目前每一家 AI 系統公司都在跟我們談，我們現在主要是在協商交易條款。而好消息是，在多數市場中，你大概只有 2 家大型出行服務供應商、2 家大型外送供應商。

I think I counted now there are 8 different assistants, and I think there'll be more than 10 assistants. So I think the content players in our space, in the physical space where kind of the fulfillment that demands on the services that we build are very large. I think the demands on our services are going to be very, very high.

我想我現在數了一下，大概有 8 種不同的助理，而且我認為會超過 10 種助理。所以我認為，在我們這個領域的內容方——在實體世界中，履約（fulfillment）對我們所建立的服務需求非常大。我認為對我們服務的需求將會非常、非常高。

So something we're really excited about now. It's pretty small. Balaji, I think you were telling me the transaction volumes at this point?

所以這是我們現在非常興奮的一件事。目前規模還很小。Balaji，我想你剛才跟我說到目前的交易量？

Yes. So I think just to put numbers to it, we had our -- one of our largest weeks last week because it was Halloween. So we did just around 320 million trips on Uber and Uber Eats. The volumes coming from AI agents for Uber Eats were around 500, 500 orders total. And for our ride business, it was a grand total of 4 trips that we've fulfilled from agents. So it's very, very early and very limited traction that we're seeing so far.

是的。我想用數字來說明一下：我們上週——因為是萬聖節——是我們其中一個最大量的一週。所以我們在 Uber 與 Uber Eats 上大約完成了 3.2 億趟行程。來自 AI 代理的 Uber Eats 訂單量大約是 500、總共 500 筆訂單。而在我們的叫車業務方面，透過代理完成的行程總計只有 4 趟。所以目前還非常、非常早期，我們看到的牽引力（traction）也非常有限。

Yes. Listen, we hope that there will be more traction. Like we do think that we want to make services that are available to consumers in a delightful, easy way. We think our direct services are going to be the most delightful and easy, but we will work with these third parties. It is very, very early. And we want to make sure we're not dependent on any one player, and I think we're very well positioned to -- in this environment going forward.

是的。聽著，我們希望未來會有更多牽引力。我們確實認為，我們希望以令人愉悅、容易的方式，讓消費者可以使用到服務。我們認為我們的直達（direct）服務會是最令人愉悅、也最容易的，但我們也會與這些第三方合作。現在真的還非常、非常早期。而且我們要確保不依賴任何單一玩家；我認為在接下來的環境中，我們的定位非常好，能夠——持續向前。

All right. Well, I think that's it. Thank you, everyone, for joining. Thank you, Uber team for everything that you've done to deliver a great quarter. We're excited to close out the year hopefully with a really, really strong quarter and a big thank you to our investors and our owners who put their dollars and faith in us as a company. More to come.

好的。我想就到這裡。感謝各位參與。也感謝 Uber 團隊為了交出一個很棒的季度所做的一切。我們很期待在年底收官，希望能以一個非常、非常強勁的季度作結；也非常感謝我們的投資人與股東，願意把資金與信任投入到我們這家公司。後續還會有更多消息。

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。您現在可以掛線。