優步 (UBER) 2022 Q1 法說會逐字稿

Good morning. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Uber First Quarter 2022 Earnings Conference Call. (Operator Instructions)

早上好。我的名字是艾瑪，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加優步 2022 年第一季度收益電話會議。 （操作員說明）

Mr. Balaji Krishnamurthy, Head of Investor Relations, you may begin your conference.

投資者關係主管 Balaji Krishnamurthy 先生，您可以開始會議了。

Thanks, Emma. Thank you for joining us today, and welcome to Uber's First Quarter 2022 Earnings Presentation. On the call today, we have Uber CEO, Dara Khosrowshahi; and CFO, Nelson Chai.

謝謝，艾瑪。感謝您今天加入我們，並歡迎參加 Uber 的 2022 年第一季度收益報告。在今天的電話會議上，我們有 Uber 首席執行官 Dara Khosrowshahi；和首席財務官Nelson Chai。

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. As a reminder, these numbers are unaudited and may be subject to change.

在今天的電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。有關這些非 GAAP 措施的其他披露，包括 GAAP 與非 GAAP 措施的對賬，包含在新聞稿、補充幻燈片和我們向 SEC 提交的文件中，每一份文件都發佈到investor.uber.com。提醒一下，這些數字未經審計，可能會發生變化。

Certain statements in this presentation and on this call are forward-looking statements. Such statements can be identified by terms such as believe, expect, intend and may. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law.

本演示文稿和本次電話會議中的某些陳述是前瞻性陳述。此類陳述可以通過相信、預期、打算和可能等術語來識別。您不應過分依賴前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異，除法律要求外，我們不承擔更新我們今天做出的任何前瞻性陳述的任何義務。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as the risks and uncertainties described our most recent annual report on Form 10-K for the year ended December 31, 2021 and in other filings made with the SEC when available.

有關可能導致實際結果與前瞻性陳述大相徑庭的因素的更多信息，請參閱我們今天發布的新聞稿以及我們最近的 10-K 表格年度報告中描述的風險和不確定性。 2021 年 12 月 31 日以及向 SEC 提交的其他文件（如果有）。

We published our quarterly earnings press release, prepared remarks and supplemental slides to our Investor Relations website about an hour ago, and we ask you to review those documents if you haven't already. We will open the call to questions following brief opening remarks from Dara.

大約一小時前，我們在我們的投資者關係網站上發布了季度收益新聞稿、準備好的評論和補充幻燈片，如果您還沒有查看這些文件，我們要求您查看這些文件。我們將在 Dara 簡短的開場白之後開始提問。

With that, let me hand it over to Dara.

有了這個，讓我把它交給達拉。

Thanks, Balaji. We delivered a very strong quarter across the board with record results on the top and bottom line. After 2 years of persistent and sometimes unpredictable impacts across our business, our Q1 results resoundingly affirm that we're on a strong path emerging out of the pandemic. Our focus on profitable growth, product innovation and operational excellence over the last 2 years has set us apart from the pack.

謝謝，巴拉吉。我們實現了一個非常強勁的季度，在頂線和底線都取得了創紀錄的成績。經過 2 年對我們業務的持續影響，有時甚至是不可預測的影響，我們的第一季度業績有力地證實，我們正走在走出大流行的強勁道路上。在過去的 2 年裡，我們對盈利增長、產品創新和卓越運營的關注使我們脫穎而出。

Our Mobility team is demonstrating phenomenal execution, growing both demand and supply faster than competitors and rapidly innovating to roll out new accretive offerings, all while delivering record margins despite the macro turbulence that we all see.

我們的移動團隊正在展示驚人的執行力，需求和供應的增長速度比競爭對手快，並迅速創新推出新的增值產品，同時儘管我們都看到宏觀動盪，但仍創造了創紀錄的利潤率。

Delivery has continued to surprise us positively as demand has remained resilient in a reopening world, and we expect top line growth and profitability to expand through 2022.

由於需求在重新開放的世界中保持彈性，交付繼續給我們帶來驚喜，我們預計到 2022 年，收入增長和盈利能力將擴大。

Finally, freight reached its first profitable quarter as well. We're keenly aware that the market is placing a high value on companies generating and expanding profits as interest rates rise. We're leading the industry in this respect.

最後，貨運也達到了第一個盈利季度。我們敏銳地意識到，隨著利率上升，市場對產生和擴大利潤的公司給予了很高的評價。我們在這方面處於行業領先地位。

Our focus over the past 2 years on profitable growth has resulted in the strong top and bottom lines that we delivered in Q1. We're confident that our leadership position, our global scale and our innovation and platform advantages will allow us to deliver significant profitability and durable growth as investors rightly expect from globally scaled technology platforms.

過去 2 年，我們專注於盈利增長，這導致我們在第一季度實現了強勁的收入和利潤。我們相信，我們的領導地位、我們的全球規模以及我們的創新和平台優勢將使我們能夠實現顯著的盈利能力和持久的增長，正如投資者對全球規模技術平台的正確期望一樣。

We're committed to taking all necessary actions to continue to deliver industry-leading margins and free cash flow generation, along with a disciplined capital allocation strategy. We've never been more optimistic about our prospects and we're determined to execute as a team to bring that optimism to fruition.

我們致力於採取一切必要行動，繼續提供行業領先的利潤率和自由現金流，以及嚴格的資本分配策略。我們對我們的前景從未如此樂觀，我們決心作為一個團隊執行，以實現這種樂觀。

With that, let's go to questions.

有了這個，讓我們去提問。

(Operator Instructions)

（操作員說明）

Your first question today comes from the line of Brian Nowak with Morgan Stanley.

您今天的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, sort of on users and on drivers. I was wondering, Dara, in the past, you've shared stats about some of your cross-platform adoption, 17% of users in the past, et cetera. Any updates on what you're seeing on a cross-platform adoption for your users and drivers, and just some of the benefits of your multiproduct offering integration you're seeing from that is the first one.

我有 2 個。第一個是關於用戶和驅動程序的。我想知道，Dara，過去，你分享了一些跨平台採用的統計數據，過去有 17% 的用戶，等等。關於您在用戶和驅動程序的跨平台採用中看到的任何更新，以及您從中看到的多產品產品集成的一些好處是第一個。

And the second one, just a comment about the expected acceleration in delivery in the back half. Anything you'd call out there on what you're seeing on user growth, cohort or anything sort of gives you confidence in the ability to continue to celebrate the delivery business throughout potentially weaker consumer?

第二個，只是對後半場預期加速交付的評論。關於用戶增長、同類群組或任何其他方面的情況，您會提出任何意見，讓您有信心繼續在可能較弱的消費者中慶祝交付業務？

Yes, definitely. As far as our cross-platform usage, it remains strong and consistent really with what we went through with you at Investor Day. And one of the interesting factors that we're seeing is that as mobility is opening up, mobility of significant number of new riders are coming on onto the platform, and that gives us the opportunity to then upsell those new mobility riders to Eats, to our grocery offerings, and then ultimately to our Uber One membership plan, which is the only membership plan globally that offers both mobility and delivery offerings as well.

當然是。就我們的跨平台使用而言，它仍然很強大，並且與我們在投資者日與您一起經歷的真正一致。我們看到的一個有趣的因素是，隨著流動性的開放，大量新騎手的流動性正在進入平台，這使我們有機會將這些新的流動性騎手追加銷售給 Eats，以我們的雜貨店產品，然後最終成為我們的 Uber One 會員計劃，這是全球唯一同時提供移動和送貨服務的會員計劃。

So what we're seeing is really kind of a swelling of new audience coming in, that then we can essentially upsell our cross-platform products and then ultimately membership as well. So we're super optimistic about all of the platform investments that we're making and the potential there.

因此，我們看到的確實是新觀眾的湧入，然後我們基本上可以追加銷售我們的跨平台產品，然後最終也可以成為會員。因此，我們對我們正在進行的所有平台投資以及那裡的潛力都非常樂觀。

We've already launched, obviously, Uber One in the U.S. We announced launches in Mexico and Germany. We've got a number of other launches teed up for the balance of the year. And I will remind everyone that members spend 2.7x more than nonmembers.

顯然，我們已經在美國推出了 Uber One。我們宣佈在墨西哥和德國推出。今年餘下的時間裡，我們還準備了許多其他的發布。我會提醒大家，會員的花費是非會員的 2.7 倍。

So as we move over, as new customers come in, we cross-sell them into the platform, we cross-sell them into membership, we can increase the spend and the lock-in that our platform provides in a way that no other monoline player can, and it's -- we already have the formula down and it's about rolling out Uber One globally and then applying the same formula over and over again.

因此，當我們搬家時，隨著新客戶的加入，我們將他們交叉銷售到平台中，我們將他們交叉銷售到會員資格中，我們可以增加我們平台提供的支出和鎖定，這是其他單一業務所沒有的玩家可以，而且是——我們已經制定了公式，它是關於在全球範圍內推出 Uber One，然後一遍又一遍地應用相同的公式。

Then on the cross-platform side, the side that's invisible to I'd say most investors, is on the earner side. And we talked about how our efforts to sign up earners now are truly cross-platform. We bring you in not to drive or to deliver, but we bring you in to earn on the Uber platform. The success there has been very, very significant. You heard I think last night, one of our competitors in the U.S. having challenges or at least looking to lean into driver supply. Our active drivers in the U.S. and Canada are up 70% on a year-on-year basis in April. New drivers were up 121% year-on-year in April, and it's because we're bringing new drivers on not as Uber Rides, not as Uber Eats, but as Uber as a platform and to earn in any way, shape or form that they can on the platform, and that's proving to be a structural advantage from what we can see versus the competition, both locally and then we think ultimately, globally.

然後在跨平台方面，我會說大多數投資者看不到的方面是收益方面。我們還談到了我們現在註冊收入者的努力是如何真正跨平台的。我們帶您進來不是為了開車或送貨，而是為了讓您在優步平台上賺錢。那裡的成功非常非常重要。你聽說我昨晚認為，我們在美國的競爭對手之一面臨挑戰，或者至少希望依靠司機供應。 4 月份，我們在美國和加拿大的活躍司機同比增長 70%。 4 月份新司機同比增長 121%，這是因為我們引入的新司機不是 Uber Rides，不是 Uber Eats，而是 Uber 作為一個平台，以任何方式、形式或形式賺取收入他們可以在平台上，這被證明是我們所看到的與競爭對手相比的結構性優勢，無論是在本地還是我們最終在全球範圍內思考。

And then a question on back half for delivery.

然後是關於交付的後半部分的問題。

Yes, of course, back half for the delivery goes, it really is about the European reopenings and comps. So some of the countries, France, for example, is reopening. It is a spectacular news for Mobility business. It makes the delivery comps a little bit tougher. So I think you'll see Q2 growth rates similar to Q1, and then we expect Q3 and Q4 to accelerate. And I think you've also seen for us as a team, we've delivered on what we say we're going to do. So we're pretty confident of acceleration in the second half.

是的，當然，交貨的後半部分，這確實是關於歐洲的重新開放和比賽。因此，一些國家，例如法國，正在重新開放。這對移動業務來說是一個了不起的消息。它使交付組合更加艱難。所以我認為你會看到第二季度的增長率與第一季度相似，然後我們預計第三季度和第四季度會加速。而且我認為您也將我們視為一個團隊，我們已經兌現了我們所說的我們將要做的事情。所以我們對下半年的加速很有信心。

The other factor that's going to affect the second half is that with new verticals, actually very recently, along with the Albertsons deal, we are now launching the native stack of Cornershop, essentially grocery, on the Uber Eats platform. It's very, very early, but we see substantial improvement in customer experience, and we see substantial improvements in terms of conversion on the Uber Eats native stack.

另一個影響下半年的因素是，隨著新的垂直行業，實際上是最近，隨著 Albertsons 的交易，我們現在在 Uber Eats 平台上推出了 Cornershop 的原生堆棧，基本上是雜貨店。現在非常非常早，但我們看到客戶體驗有了顯著改善，而且我們看到 Uber Eats 原生堆棧的轉化率有了顯著改善。

So we think that the U.S. growth rate that is already pretty high, is going to significantly accelerate in the second half of the year, which again gives us confidence as the delivery growth rates in the second half of the year.

所以我們認為美國已經相當高的增長率在下半年將顯著加速，這再次讓我們對下半年的交付增長率充滿信心。

Your next question comes from the line of Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

I just wanted to ask 2 on the Mobility product side, Dara. Just if you could talk a little bit about the efforts so far with upfront fare and destination info and some of the key benefits and the rollout timing there. And then also about -- around UberX Share, how that's reimagined and the key points of differentiation.

我只是想問一下移動產品方面的 2，Dara。如果你能談談到目前為止的努力，包括前期票價和目的地信息，以及一些關鍵的好處和在那裡的推出時間。然後還有關於 - 圍繞 UberX Share，如何重新構想以及差異化的關鍵點。

Yes, absolutely. As far as upfront destination, one of the most significant complaints that we get from our earners and our drivers is that they don't know where the upfront destination is. And if you go back to the origins of this business and how pricing was built, pricing originally was based on time and distance, and that comes from, let's say, the taxi days. But the fact is that based on the destination, the value of a ride, which may take the same amount of time and distance for a driver, may be very different based on the destination.

是的，一點沒錯。至於前期目的地，我們從我們的收入者和我們的司機那裡得到的最重要的抱怨之一是他們不知道前期目的地在哪裡。如果你回到這項業務的起源以及定價是如何建立的，定價最初是基於時間和距離的，這來自，比如說，出租車日。但事實是，根據目的地，對於司機來說可能花費相同時間和距離的乘車價值可能會因目的地而有很大不同。

So if you're going from the airport into Central San Francisco and you're going to get a ride as soon as you drop the person off, that's a pretty valuable ride.

因此，如果您要從機場前往舊金山中部，並且在您下車後立即搭車，那將是一次非常有價值的旅程。

If you carry a passenger, same time and distance, into the outskirts of the neighborhood and then have to drive back empty for, let's say, 30 or 40 minutes, that's not a ride that's particularly valuable to an earner. And if you're purely basing your charges on time and distance, essentially those 2 rides are priced equally. We think that's a bug in our system. And it certainly does not serve the best interests of the earners.

如果您在相同的時間和距離上載一名乘客到附近的郊區，然後必須空車返回，例如 30 或 40 分鐘，這對於收入者來說並不是特別有價值的旅程。而且，如果您純粹根據時間和距離收費，那麼這兩個遊樂設施的價格基本上是相同的。我們認為這是我們系統中的錯誤。它當然不符合收入者的最大利益。

So now with our new system, we display the full information of the ride, especially what the destination is. Our algorithms are then able to take signal, let's say, the trip out to the outskirts where the drivers have to come back empty, we will then price up that trip so that the earner trip earns the fair value of that fare and also knows exactly what they're accepting or not accepting. That also improves the consumer experience because cancellation rates, once drivers understand what the destination is, go down as well.

所以現在有了我們的新系統，我們可以顯示行程的全部信息，尤其是目的地。然後，我們的算法能夠獲取信號，比如說，去郊區的旅行，司機必須空車回來，然後我們將對該旅行定價，以便賺取該票價的旅行獲得公允價值，並且確切地知道他們接受或不接受什麼。這也改善了消費者體驗，因為一旦司機了解目的地是什麼，取消率也會下降。

There's a huge amount of technology that has to go into developing this kind of a system because essentially, your pricing systems have to get signal based on earner behavior in order to hone in the pricing to truly price kind of that trip based on the market clearing price that earners are willing to accept that trip with.

開發這種系統需要大量的技術，因為從本質上講，您的定價系統必鬚根據收入者的行為獲得信號，以便根據市場出清情況調整定價以真正定價那種旅行收入者願意接受這次旅行的價格。

So there's a huge amount of ML data work that goes into that system. But we think it's fundamentally a better way. And the feedback that we're getting from our driver partners has been quite positive. It's a big change though, I'll tell you. And there's a lot of debugging going on. There's a lot of algorithmic work to make sure that the earner experience is as great as it is, but we're very, very optimistic about this fundamental change.

因此，該系統中有大量的機器學習數據工作。但我們認為這從根本上來說是一種更好的方式。我們從司機合作夥伴那裡得到的反饋非常積極。不過，我會告訴你，這是一個很大的變化。並且正在進行大量調試。有很多算法工作可以確保獲得者的體驗盡可能好，但我們對這一根本性的變化非常非常樂觀。

Last thing I'll say about this is, this is one of those invisible or not so invisible benefits of the platform. This is actually how Delivery have been pricing their trips for some period of time. Delivery companies show upfront where you pick something up, they show an upfront fare. It's exactly like introducing upfront fare to Uber riders. And our being a multi-platform, multiproduct business, allows us to take learnings from one side of our business, apply it to the other. And instead of kind of starting from scratch, we've already -- we're adolescents now turn -- now using all open knowledge from our Delivery business and passing it on to the Mobility business.

我要說的最後一件事是，這是平台的那些無形或不那麼無形的好處之一。這實際上是 Delivery 在一段時間內為他們的旅行定價的方式。送貨公司會提前顯示您在哪裡取貨，他們會顯示預付費用。這就像向優步乘客介紹預付費用一樣。作為一個多平台、多產品的企業，我們可以從業務的一方面吸取教訓，並將其應用到另一方面。而不是從頭開始，我們已經 - 我們現在是青少年 - 現在使用我們交付業務的所有開放知識並將其傳遞給移動業務。

So lots of advantages having a single marketplace team, a single technology team, thinking about the best of both worlds and constantly applying learnings for one to the other.

因此，擁有一個單一的市場團隊、一個單一的技術團隊、思考兩全其美並不斷將所學知識應用到另一個方面有很多優勢。

And then as far as UberX goes, UberX Share, we're super excited about the business. I think with Share, we're looking to resolve a fundamental issue that the older pool model had, which is the interests of the rider and the interests of Uber were misaligned, right, which is the rider would ask for a pool trip hoping not to be batched and Uber, obviously, would want that trip to be matched in order to achieve the economics that we expect.

然後就 UberX 而言，UberX Share，我們對這項業務感到非常興奮。我認為通過 Share，我們正在尋求解決舊泳池模式存在的一個基本問題，即騎手的利益與 Uber 的利益不一致，對，就是騎手會要求進行泳池旅行，但希望不會分批進行，Uber 顯然希望這次旅行匹配，以實現我們預期的經濟性。

With UberX Share, there's an upfront discount, and when you are matched with another rider, you get a higher discount on your trip. So all the time, interests are aligned in this kind of system and we're very, very encouraged by the early signal that we're seeing, and we're looking to launch UberX Share in about 15 markets in the next quarter, and we will continue to expand from there.

使用 UberX Share 可以獲得前期折扣，當您與其他乘客匹配時，您的行程將獲得更高的折扣。所以一直以來，這種系統的利益是一致的，我們對我們看到的早期信號感到非常非常鼓舞，我們希望在下個季度在大約 15 個市場推出 UberX Share，並且我們將繼續從那裡擴展。

So both upfront fare and UberX Share are areas that we're quite excited about and areas where there's a lot of innovation going in per piece.

因此，前期票價和 UberX Share 都是我們非常興奮的領域，也是每個領域都有很多創新的領域。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I can, on the Delivery business. You grew, as you talked about, earners at a very high rate, especially in the U.S. Can you talk a little bit about the competitive landscape for earners in the Delivery business and where you see yourself vis-à-vis competition from a scale standpoint? Especially in the markets that you think are the most important to you where it lines up the most with the Mobility business.

如果可以的話，也許是 2，在送貨業務上。正如您所說，您以非常高的速度增長了收入者，尤其是在美國。您能否談談交付業務中收入者的競爭格局，以及您從規模的角度看待自己在競爭中的位置?尤其是在您認為對您最重要的市場中，這些市場與移動業務最為契合。

And then on the expansion of categories, how important is it to get some of those categories right as stand-alone apps and stand-alone businesses versus them being broadly more folded into the Uber app and getting the platform experience more right than wrong if you look out over the next couple years, vertical versus platform?

然後在類別的擴展方面，將其中一些類別正確地作為獨立應用程序和獨立業務與將它們更廣泛地折疊到優步應用程序中並獲得平台體驗比錯誤更重要是多麼重要展望未來幾年，垂直與平台？

Sure. I think in the U.S. on the earners side, and again, we don't necessarily look at earners now as couriers or drivers because increasingly, we want earners to earn however they want to on a particular day. They may want to stay in their little neighborhood and that accrues more to delivering food because typically, you stay within a certain radius, or they may want to make more money and right now, earnings for drivers, for example, who drive more than 20 hours on our platform, in the last quarter were $39 including tips. So earnings are super, super high, which is great for earners.

當然。我認為在美國，在收入者方面，我們現在不一定將收入者視為快遞員或司機，因為我們越來越希望收入者在特定的日子裡隨心所欲地賺錢。他們可能想留在他們的小社區裡，這會增加送餐，因為通常情況下，你會呆在一定的範圍內，或者他們可能想賺更多的錢，現在，司機的收入，例如，開車超過 20上個季度在我們平台上的小時數為 39 美元，包括小費。所以收入超級超級高，這對有收入的人來說非常棒。

On the courier side, I wouldn't say that there's a huge amount of competition in that we've got plenty of couriers and from what we can tell, our competitors do as well. It's a very flexible way to earn, which our earners appreciate.

在快遞方面，我不會說競爭激烈，因為我們有很多快遞員，據我們所知，我們的競爭對手也是如此。這是一種非常靈活的賺錢方式，我們的收入者對此表示讚賞。

So we have seen the number of active couriers globally, up 34% on a year-on-year basis. And in the U.S. and Canada, up 79% year-on-year. So we're in very good shape there. And actually, a fair amount of the year-on-year increase in take rate, call it, true take rate that you're seeing in the Delivery business, is because we've been able to drive cost per transaction down as a result of higher efficiency in our marketplace because we have plenty of couriers. And as we get more density in our marketplace, essentially the distances that we have to carry food and go pick up food, et cetera com reduced and our algorithms in terms of routing and batching continue to optimize and get better and better and better. That is essentially upside as it relates to net revenue. And it really doesn't cost anything. It just cost engineering time to achieve, which is time that we have.

因此，我們看到全球活躍的快遞員數量同比增長 34%。而在美國和加拿大，同比增長 79%。所以我們在那裡的狀態非常好。實際上，在交付業務中看到的實際接受率同比增長相當大，是因為我們已經能夠降低每筆交易的成本我們的市場效率更高，因為我們有大量的快遞員。隨著我們市場的密度越來越大，基本上我們必須攜帶食物和去取食物等的距離減少了，我們在路由和批處理方面的算法繼續優化，變得越來越好。這本質上是有利的，因為它與淨收入有關。而且它真的不花錢。它只是花費工程時間來實現，這是我們所擁有的時間。

And then as far as the super app versus multi-app consumer experience, the way that we're doing it is on the consumer side, we're looking to get the best of both worlds. Think about it in the same way that Facebook has a family of apps. They've got Facebook and Instagram and what's happened, they're kind of loosely coupled. Same thing with Google; they got Google and Google Maps and Google Mail, again, they are coupled. You have 1 identity, 1 payments, et cetera. We're looking to achieve the same thing multiple apps, whether it's Uber or Uber Eats or Cornershop, your identity is the same, Drizly, your sign-up is the same. We treat you the same way. Your customer experience is consistently excellent. You've got the Uber One membership that flows across all of those apps to save you on delivery fees. And at the same time, within each app, we're constantly cross-promoting one platform to the other.

然後就超級應用與多應用消費者體驗而言，我們在消費者方面的做法是，我們希望兩全其美。以與 Facebook 擁有一系列應用程序相同的方式思考它。他們有 Facebook 和 Instagram，發生了什麼事，他們有點鬆散耦合。谷歌也是如此；他們得到了谷歌、谷歌地圖和谷歌郵件，再次，它們是耦合的。您有 1 個身份、1 個付款等。我們希望在多個應用程序中實現相同的功能，無論是 Uber、Uber Eats 還是 Cornershop，你的身份都是一樣的，Drizly，你的註冊是一樣的。我們以同樣的方式對待您。您的客戶體驗始終如一。您已經獲得了跨所有這些應用程序的 Uber One 會員資格，以節省您的送貨費。同時，在每個應用程序中，我們不斷將一個平台交叉推廣到另一個平台。

On Rides, we're cross-promoting Eats. We're actually super excited. We're starting to cross-promote Rides on our Eats app. We frankly weren't sure if it's going to work. We now see a signal that it's working. Actually, we're able to resurrect riders back into the reopening through the Uber Eats app, which is something that we're super excited about.

在 Rides 中，我們正在交叉推廣 Eats。我們真的超級興奮。我們開始在我們的 Eats 應用程序上交叉推廣 Rides。坦率地說，我們不確定它是否會起作用。我們現在看到一個信號，表明它正在工作。實際上，我們能夠通過 Uber Eats 應用程序讓乘客重新開始重新開放，這是我們非常興奮的事情。

So all the apps talk to each other, cross-promote each other. We use machine learning algorithms to figure out what is the best promotion to put in front of the right person at the right occasion. And you can imagine, lunch time the promo may be different than drinks time, for example.

所以所有的應用程序都相互交談，相互促進。我們使用機器學習算法來找出在合適的場合放在合適的人面前的最佳促銷方式。您可以想像，例如，促銷的午餐時間可能與喝酒時間不同。

On the back end, as it relates to earners, we are a single super app and essentially, you sign up to earn on Uber and more and more, we will offer you different opportunities to earn based on what we know about your profile, based on time of day, based on where you are and based on what the opportunities are and we think that's a very, very significant structural advantage over other players in our industry, none of which has a super app model.

在後端，因為它與收入者有關，我們是一個單一的超級應用程序，基本上，您註冊優步賺取更多，我們將根據我們對您的個人資料的了解為您提供不同的賺錢機會，基於在一天中的時間，基於你在哪里以及基於什麼機會，我們認為這是一個非常非常重要的結構優勢，而不是我們行業中的其他參與者，他們都沒有超級應用程序模型。

Your next question comes from the line of Justin Post with Bank of America.

您的下一個問題來自美國銀行的 Justin Post。

Just given the challenges at Lyft, they talked about on driver incentives. Can you talk about the Mobility supply-demand dynamics and how you're going to manage what hopes to be a pretty robust opening over the next 6 months?

剛剛考慮到 Lyft 的挑戰，他們談到了司機激勵措施。您能否談談移動性供需動態，以及您將如何管理希望在未來 6 個月內實現相當強勁的開放？

And then when you look at your prepared remarks, some interesting stuff on regulatory and new use cases. I just want to see if you feel like you're kind of getting over the hump here on regulatory, if there's real progress there. And why you've kind of decided now to expand some use cases to car rentals and travel. Does that kind of signal that the core business is now kind of on a positive trajectory?

然後，當您查看準備好的評論時，會發現一些有關監管和新用例的有趣內容。我只是想看看你是否覺得你在監管方面有點克服困難，如果那裡有真正的進展。以及為什麼您現在決定將一些用例擴展到汽車租賃和旅行。這種信號是否表明核心業務現在正處於積極的軌道上？

Yes. Listen, Justin, our need to increase the number of drivers on the platform is nothing new nor is it a surprise. We were on this last year. If you remember, Q2 of last year, we were very early. We saw signal and we leaned in very aggressively initially with incentives into improving our driver supply. And then we followed up the investment in incentives with tons and tons of innovation in terms of products, in terms of improving the driver signup flow, in terms of welcoming drivers to the Uber family and then giving them opportunities, delivery opportunities or rise opportunities. We see the sooner an earner can earn on the platform, the higher our sign-up rate to that first trip and often, we can get earners earning on the platform faster with Delivery than we can with Mobility because of regulations or background checks, et cetera.

是的。聽著，賈斯汀，我們需要增加平台上的驅動程序數量並不是什麼新鮮事，也不是一個驚喜。我們去年就在這個。如果你還記得，去年第二季度，我們還很早。我們看到了信號，我們最初非常積極地傾向於改善我們的司機供應。然後，我們跟進了對激勵措施的投資，在產品方面進行了大量創新，在改善司機註冊流程方面，在歡迎司機加入優步大家庭，然後給他們機會、交付機會或上昇機會方面。我們看到賺錢者越早在平台上賺錢，我們第一次旅行的註冊率就越高，而且由於法規或背景調查等原因，我們通常可以通過交付比使用 Mobility 更快地讓賺錢者在平台上賺錢等等。

So we're able to engage that earner with money in their pockets really, really early. And at the same time, we've invested in experiences where instead of, for example, you're having to upload your documents into our systems, we will go connect to insurance companies, DMVs, et cetera. And as we build out those APIs, essentially, upload those documents automatically versus having you do the hard work and sometimes it works and sometimes it doesn't and sometimes we may get the document right or wrong. We have -- we talked about upfront destinations for earners as well.

所以我們能夠非常非常早地讓那些口袋裡有錢的人參與進來。同時，我們投入了經驗，例如，您不必將文件上傳到我們的系統，我們將連接到保險公司、DMV 等。當我們構建這些 API 時，本質上是自動上傳這些文檔，而不是讓你做艱苦的工作，有時它可以工作，有時它不能，有時我們可能會得到正確或錯誤的文件。我們有 - 我們也談到了收入者的前期目的地。

So we have pivoted the company to being earner-centric, innovating for earners, thinking about the earner experience, treating earners as with respect and dignity and building for them versus building just for the company. This has been an activity that we've been on for a year and we feel very, very well prepared for the future.

因此，我們將公司轉變為以收入者為中心，為收入者而創新，思考收入者的體驗，尊重和尊嚴地對待收入者，為他們建設而不是為公司建設。這是一項我們已經進行了一年的活動，我們為未來做好了充分的準備。

We're constantly watching supply-demand dynamics. We're constantly watching supply hours. Earner retention is improving. Engagement on the platform is improving. So we feel as good about our driver supply in general, our earnings earner position as we ever have.

我們一直在關注供需動態。我們一直在關注供應時間。收入保留率正在提高。該平台的參與度正在提高。因此，我們對我們的司機供應總體感覺良好，我們的收入賺取者地位與以往一樣好。

That said, we know we have to improve. We have to keep increasing the number of new drivers on the platform. We're focused on resurrecting a number of drivers as well, and we're focusing on increasing engagement on the platform because the earnings levels are so high.

也就是說，我們知道我們必須改進。我們必須不斷增加平台上新驅動程序的數量。我們也專注於復活一些司機，我們專注於提高平台的參與度，因為收入水平如此之高。

So there's a lot of work to do ahead of us, but this is a machine that's rolling. Like this, the earner team at all levels, at the operational level, at the technical level, at the engineering level with ML algorithm optimizing, for example, driver incentives, all of it is rolling, and we know all of it has to work well in order for us to hit our really aggressive targets in the balance of the year.

因此，我們還有很多工作要做，但這是一台正在運轉的機器。像這樣，各個層面的收益團隊，在運營層面，在技術層面，在工程層面用ML算法優化，比如司機激勵，都是滾動的，我們知道這一切都必須工作好吧，這樣我們才能在今年餘下的時間裡實現我們真正激進的目標。

And then as far as the regulatory process and new use cases. I'd say the new use cases are us playing offense. We have seen the cross-platform initiatives throwing from one essential service to the other from Eats to Rides, from Eats to Groceries, et cetera. We know how to cross-promote use cases. There's a huge amount of trust and frequency and comfort with our products. We have your identity. We understand where you are. We have your payment details, et cetera. So our adding new use cases such as car rental or travel bookings or adding new supply areas like taxi, they're just natural growth areas for us. And because we've already acquired the customer, because we already have built trust with that customer, we're essentially able to continue to increase engagement with our customer. The more engaged our customers are, the more we retain those customers and we're able to monetize those MAPCs as a result. So it's kind of a win-win-win on that front.

然後是監管流程和新用例。我想說新的用例是我們在進攻。我們已經看到跨平台的舉措從一項基本服務轉移到另一項基本服務，從 Eats 到 Rides，從 Eats 到 Groceries 等等。我們知道如何交叉推廣用例。我們的產品獲得了大量的信任、頻率和舒適度。我們有你的身份。我們了解您的位置。我們有您的付款詳細信息等。因此，我們添加新的用例（例如汽車租賃或旅行預訂）或添加新的供應領域（例如出租車），它們只是我們的自然增長領域。而且因為我們已經獲得了客戶，因為我們已經與該客戶建立了信任，所以我們基本上能夠繼續增加與客戶的互動。我們的客戶參與度越高，我們留住的客戶就越多，因此我們能夠通過這些 MAPC 獲利。所以在這方面這是一種雙贏的局面。

Your next question comes from the line of Mark Mahaney with Evercore.

您的下一個問題來自 Mark Mahaney 與 Evercore 的對話。

Two questions, please. There's been a lot of focus on retail marketing. So at least across the industry. So could you just give us a little bit of an update on where you are in terms of putting together Advertising revenue? I know you laid out a goal at your Investor Day? Any update on that?

請教兩個問題。零售營銷受到了很多關注。所以至少在整個行業。那麼，您能否向我們介紹一下您在整合廣告收入方面的最新情況？我知道你在投資者日制定了一個目標？有什麼更新嗎？

And then secondly, on the MAPCs numbers, any way to think about what the -- what should happen to MAPC growth going into the next quarter? I think that was -- that sequential decline, I think, was a lot of Omicron hit. So are you back to a point where it's reasonable to expect MAPCs to grow through the balance of the year?

其次，關於 MAPC 的數字，有什麼方法可以考慮到下一季度 MAPC 的增長會發生什麼？我認為那是 - 我認為，連續下降是 Omicron 的一大打擊。那麼，您是否回到了可以合理預期 MAPC 在今年餘下時間增長的地步？

Yes, I'll start the second one first, which is we're absolutely seeing MAPC growth continue to accelerate post Omicron. So for example, while MAPC growth for the quarter was -- or MAPCs were $115 million, up 17% for the quarter, in March, they were up at $120 million, up 20% on a year-on-year basis. So we're seeing MAPC growth accelerate, and we expect to see that acceleration build into April and the balance of Q2.

是的，我將首先開始第二個，這是我們絕對看到 MAPC 的增長在 Omicron 之後繼續加速。例如，雖然該季度的 MAPC 增長為 - 或 MAPC 為 1.15 億美元，本季度增長 17%，但在 3 月份，它們增長了 1.2 億美元，同比增長 20%。因此，我們看到 MAPC 增長加速，我們預計這種加速將持續到 4 月和第二季度的餘額。

We absolutely see the reopening as a very, very big MAPC driver, especially on the Mobility side. So expect MAPC to continue to grow and, if anything, to accelerate into the second quarter.

我們絕對認為重新開放是一個非常非常大的 MAPC 驅動因素，尤其是在移動性方面。因此，預計 MAPC 將繼續增長，如果有的話，將加速進入第二季度。

As far as our Advertising business goes, continued strength there. We essentially more than tripled the business on a year-on-year basis. And we are very much on track to hit the targets that we laid out during Investor Day.

就我們的廣告業務而言，繼續保持強勁勢頭。基本上，我們的業務同比增長了兩倍多。我們非常有可能實現我們在投資者日制定的目標。

Your next question comes from the line of Lloyd Walmsley with UBS.

您的下一個問題來自瑞銀集團的勞埃德·沃姆斯利 (Lloyd Walmsley)。

Two, if I can. Just first, can you talk about the U.K. Mobility business and where that is on kind of the path back to profitability under the worker classification and VAT charges? Can the U.K., do you think, get back to prior levels of profitability? And where are we on that journey?

二，如果可以的話。首先，您能否談談英國的移動業務，以及在工人分類和增值稅收費下，它在恢復盈利的道路上的哪些方面？您認為英國能否恢復到之前的盈利水平？我們在這段旅程中的何處？

And then the second one, in the script, you talked about now expecting to be free cash flow positive for the full year. Any update on how you think about the potential for capital return given your cash position and kind of where the shares are trading? Anything you could share that would be great.

然後是第二個，在劇本中，你談到現在預計全年自由現金流為正。鑑於您的現金頭寸和股票交易地點，您如何看待資本回報潛力的任何更新？你可以分享的任何東西都會很棒。

So Lloyd, I'll do the second one first, and Dara will do the U.K. after. So as you know, we're still coming out of the pandemic. We were clear early on that we were going to focus on making sure we add ample liquidity. I covered this on Investor Day to let you know that free cash flow largely trails EBITDA by about $1 billion a year. And so that's why we have the confidence to make the statement that we'll be free cash flow positive this year.

所以勞埃德，我會先做第二個，然後 Dara 會做英國。如您所知，我們仍在擺脫大流行。我們很早就清楚，我們將專注於確保我們增加充足的流動性。我在投資者日報導了這一點，讓你知道自由現金流每年在很大程度上落後於 EBITDA 約 10 億美元。這就是為什麼我們有信心宣布今年我們將實現正的自由現金流。

We certainly recognize, given what's going on in the market right now, and we encourage all to get towards being free cash flow positive because we think it will be very important as we think about the cycle. As we think about capital return down in the future, we certainly are going to be open to it, right? So we recognize that we're not going to get -- we don't get paid for hoarding capital. As you know, in the past, there may be some things we want to do, and we will certainly look at capital return as one of those levers.

鑑於目前市場上正在發生的事情，我們當然認識到，我們鼓勵所有人朝著積極的自由現金流邁進，因為我們認為在考慮週期時這將非常重要。當我們考慮未來資本回報率下降時，我們當然會對此持開放態度，對吧？所以我們認識到我們不會得到 - 我們不會因為囤積資本而得到報酬。如您所知，在過去，我們可能想做一些事情，我們肯定會將資本回報視為其中之一。

But again, I think it was important that as you think about the pragmatic walk that we've taken on capital and on liquidity importantly. And as you know, we've taken every opportunity to improve our debt in terms of the amount of both extending and reducing the debt. And so I think you'll expect -- you'll hear more about this as we go into next year, but I think it was important to get to this point where we could declare that we'll be free cash flow positive this year. And then we understand about capital return.

但同樣，我認為重要的是，當您考慮我們在資本和流動性方面採取的務實舉措時，這一點很重要。如您所知，我們已抓住一切機會在擴大和減少債務的數量方面改善我們的債務。所以我想你會期待——隨著我們進入明年，你會聽到更多關於這個的消息，但我認為重要的是要達到這一點，我們可以宣布今年我們將實現自由現金流正.然後我們了解資本回報。

I think if you think of our equity stakes, while they were mark-to-market down, they're very good sources of liquidity. And many of those lockup restrictions expire, if you will, or come due during the course of this year.

我認為，如果您考慮我們的股權，雖然它們按市值計價下跌，但它們是非常好的流動性來源。如果您願意，其中許多鎖定限制將在今年到期，或者到期。

And so depending on where markets trade as well, we'll have plenty of sources to return capital.

因此，也取決於市場交易地點，我們將有足夠的資源來返還資本。

Yes. And I think as far as the U.K. goes, look, we made tremendous progress in the U.K. We moved to the worker model. We're now compliant with merchant status and we've recently been granted a private hire vehicle operator license for 30 months, which is terrific.

是的。我認為就英國而言，看，我們在英國取得了巨大進步。我們轉向了工人模式。我們現在符合商家身份，我們最近獲得了 30 個月的私人出租車輛運營商執照，這非常棒。

Our relationship with the city is second to none, and we're committed to Citycon's goal of electrifying our fleet by 2025 in London, a real leader in environmental impact and something that we're firmly behind.

我們與這座城市的關係是首屈一指的，我們致力於實現 Citycon 的目標，即到 2025 年在倫敦實現我們的車隊電氣化，這是環境影響方面的真正領導者，我們堅定支持這一目標。

We absolutely believe that it is a condition for every operator's license to move to merchant. We have not seen some of our competitors do so, but the TfL has been very, very clear that they will enforce those rules. So we just think a level playfield is just a matter of time. And the ones that are ignoring the law are either accruing liability, they're going to pay for it sooner rather than -- sooner or later, one way or the other. We can't tell you the timing, but it is going to happen.

我們絕對相信這是每個運營商的執照轉移到商戶的條件。我們還沒有看到我們的一些競爭對手這樣做，但 TfL 非常非常清楚地表明他們將執行這些規則。所以我們只是認為公平競爭只是時間問題。那些無視法律的人要么是在累積責任，他們遲早會為此付出代價，而不是——遲早，一種或另一種方式。我們不能告訴你時間，但它會發生。

As it relates to our business on the ground, our CIPD position is very strong. So we're very confident as it relates to our category position. And our business has returned to solid profitability. Now we see profitability in the U.K. healthy and improving into the balance of the year.

由於它與我們在當地的業務有關，我們的 CIPD 地位非常強大。所以我們非常有信心，因為它與我們的類別位置有關。我們的業務已經恢復了穩定的盈利能力。現在我們看到英國的盈利能力健康並在今年餘下時間有所改善。

Your next question comes from the line of Ross Sandler with Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just 2 kind of big picture questions. First is on the Delivery side. So on convenience and Grocery, I think there's a debate whether 3P delivery or these new dark store concepts are a better business model. So how do you view that? I know most of your businesses started in 3P, but would it make sense to build out 1P grocery or convenience eventually?

只是 2 種全局問題。首先是在交付方面。因此，在便利和雜貨方面，我認為 3P 交付或這些新的暗店概念是否是更好的商業模式存在爭議。那麼你怎麼看呢？我知道您的大多數業務都是從 3P 開始的，但最終建立 1P 雜貨店或便利店是否有意義？

And then second question is on the taxi partnership. So I think you said you want every taxi on the planet on Uber by 2025. Can you just talk about how those partnerships might impact the unit economics in rides?

第二個問題是關於出租車合作夥伴關係的。所以我想你說過你希望到 2025 年地球上的每輛出租車都在優步上。你能談談這些合作夥伴關係如何影響乘車的單位經濟嗎？

Yes, absolutely. As far as grocery goes, 3P versus 1P, our goal first of all...

是的，一點沒錯。就雜貨店而言，3P 與 1P，我們的目標首先...

(technical difficulty)

（技術難度）

Operator, somebody needs to be muted.

接線員，有人需要靜音。

My apologies about that. Please continue.

對此我深表歉意。請繼續。

Okay. We'll try again. So as far as 3P versus 1P. I think our goal is to provide a great experience as it relates to our eaters and our shoppers who want their groceries and they want it fast. All of our data suggests that getting your groceries inside of an hour is a spectacular experience. I think there's lots of debates as to whether it's got to be 10 minutes or 15 minutes or half an hour. And if anything, we see a bunch of the 10- or 15-minute folks move to the half an hour area, which is more of where we are.

好的。我們會再試一次。就 3P 與 1P 而言。我認為我們的目標是提供一種很棒的體驗，因為它與我們的食客和購物者有關，他們想要他們的雜貨並且他們想要快點。我們所有的數據都表明，在一小時內拿到你的雜貨是一種了不起的體驗。我認為關於它是否必須是 10 分鐘、15 分鐘或半小時有很多爭論。如果有的話，我們看到一群 10 或 15 分鐘的人搬到半小時區域，這更像是我們所在的地方。

We believe we can get a spectacular experience for our grocery shoppers through partnerships with our grocery partners. This is what they do day in and day out. And for example, we have a partnership with Carrefour, which is a huge player in France, where they are adjusting their model. They're taking everything that they've learned in their grocery space, years of experience and essentially, they're reducing the number of goods that they have and reducing the delivery times to that 20, 30 minutes, which is a delightful experience.

我們相信，通過與雜貨店合作夥伴的合作，我們可以為我們的雜貨店購物者帶來非凡的體驗。這就是他們日復一日的工作。例如，我們與家樂福建立了合作夥伴關係，家樂福在法國是一個巨大的參與者，他們正在調整他們的模式。他們正在利用他們在雜貨店學到的所有知識，多年的經驗，基本上，他們正在減少他們擁有的商品數量，並將交貨時間縮短到 20 到 30 分鐘，這是一種令人愉快的體驗。

So we believe that we're able to get the -- essentially 100% of the experiential benefits of fast grocery through partnership and avoid the kind of capital investments that you have to make in terms of leases, opening up a bunch of stores all over cities, in addition, frankly, to the defocusing of the team. What we build, we are building a software layer on top of the physical world. That's what we're good at. We're good at matching demand and supply in a real-time way. We do it more broadly and with audiences that are unrivaled around the globe. And we think building a bunch of dark stores in a few cities doesn't make our network any better, and we certainly have that -- the best real-time network out there.

因此，我們相信我們能夠通過合作獲得 - 基本上 100% 的快速雜貨店體驗收益，並避免您必須在租賃方面進行的那種資本投資，在各地開設大量商店城市，此外，坦率地說，是團隊的散焦。我們所構建的，是在物理世界之上構建一個軟件層。這就是我們擅長的。我們擅長實時匹配需求和供應。我們做的更廣泛，受眾在全球無與倫比。而且我們認為在幾個城市建立一堆暗店不會讓我們的網絡變得更好，我們當然擁有——最好的實時網絡。

So everything that we see right now, we're essentially partnering up on 1P and all the signals that we see as positive. We are in a very limited way, running some tests in a few countries, in Taiwan and Japan, just to make sure we understand the counterfactual because we want to be intellectually curious.

所以我們現在看到的一切，我們基本上是在 1P 和所有我們認為積極的信號上合作。我們以一種非常有限的方式，在台灣和日本等幾個國家進行了一些測試，只是為了確保我們理解反事實，因為我們想對知識保持好奇。

At this point, we think the partnership way is a route to go. If we ever have to switch, we have the audience. We've got millions of members. So we think it's much easier to go vertical if we ever need to. But right now, we don't see any signal that we should be going vertical especially as it relates to the defocusing of the team.

在這一點上，我們認為合作方式是一條可以走的路。如果我們必須切換，我們有觀眾。我們有數百萬會員。所以我們認為如果需要的話，垂直化要容易得多。但是現在，我們沒有看到任何信號表明我們應該垂直化，特別是因為它與團隊的散焦有關。

In terms of taxi, just this one for us is, we think, a no-brainer, which is we talked at the beginning of this call and a lot of folks have talked about how bringing driver supply on in the U.S. and globally is an incredibly important initiative. We have about 4.5 million total Uber earners all around the world. There are 4 million taxis globally, 4 million taxis versus 4.5 million total Uber earners that we have. These taxis typically are underutilized relative to our earners. We think that the technology that serves these taxis can be better and we're helping partner with them as it relates to technology. We think that the days of you're going on a street and waving your arm to hail taxis, we think those days are over. Like we think any entity that is dependent just on street hail is like a retailer who pretends that the Internet never happened.

在出租車方面，我們認為，這對我們來說是一件很容易的事，這是我們在本次電話會議開始時談到的，很多人都談到瞭如何在美國和全球範圍內增加司機供應是一個非常重要的倡議。我們在全球擁有大約 450 萬 Uber 收入者。全球有 400 萬輛出租車，400 萬輛出租車，而我們擁有的 Uber 總收入為 450 萬。相對於我們的收入者，這些出租車通常沒有得到充分利用。我們認為為這些出租車服務的技術可以更好，我們正在幫助與他們合作，因為這涉及到技術。我們認為你在街上揮舞手臂招呼出租車的日子已經過去了。就像我們認為任何僅依賴街頭冰雹的實體就像一個假裝互聯網從未發生過的零售商。

So this is the time and we're seeing taxi partners want the benefit of our technology. They want the benefit of our demand. They understand that we're all in it together, and this can be a benefit for us. It can be a benefit for taxi drivers. It can be a benefit for fleet owners, et cetera.

所以現在是時候了，我們看到出租車合作夥伴希望從我們的技術中受益。他們希望從我們的需求中受益。他們明白我們都在一起，這對我們來說可能是一個好處。這對出租車司機來說可能是一個好處。這可能對車隊所有者等有利。

So this is a win-win-win, and it's a big opportunity, 4 million taxis on a global basis. And we are now kind of going country by country, city by city. We're obviously excited about the announcements in New York City and San Francisco, but I want to make sure that our investors and analysts understand we've been at this for a while, right? We've been signing up taxis in Spain and Japan and in Korea and we have built out an experience set as to how you build out the taxi product and how you optimize the experience for the rider as well. This is another benefit of our being a global company.

所以這是雙贏的，也是一個巨大的機會，全球有 400 萬輛出租車。而且我們現在正在逐個國家，逐個城市地進行。我們顯然對紐約市和舊金山的公告感到興奮，但我想確保我們的投資者和分析師明白我們已經這樣做了一段時間，對吧？我們已經在西班牙、日本和韓國註冊了出租車，我們已經建立了一套關於如何構建出租車產品以及如何優化乘客體驗的經驗。這是我們作為一家全球性公司的另一個好處。

We're coming to the U.S. with the confidence and experience that we built in Spain, Japan and a bunch of other markets as it relates to taxis. So we think it's a huge opportunity, and the team is incredibly excited to get going on it.

我們帶著我們在西班牙、日本和許多其他與出租車相關的市場建立的信心和經驗來到美國。所以我們認為這是一個巨大的機會，團隊非常興奮能夠繼續前進。

Your next question comes from the line of Deepak Mathivanan with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Great. So first, Dara, given that you have a meaningful competitive advantage on the ride share side, would your driver supply position versus competitor, how do you think about the opportunities to gain share? I mean it feels like you can manage consumer prices at better levels versus competition. Can you talk about the opportunity to gain share?

偉大的。首先，Dara，鑑於您在拼車份額方面具有重要的競爭優勢，您的司機供應位置與競爭對手相比，您如何看待獲得份額的機會？我的意思是感覺你可以在比競爭更好的水平上管理消費者價格。你能談談獲得份額的機會嗎？

And then second on Eats, one of the fears investors have on this space is that every product category that's saw benefit from the pandemic is now seeing some form of accelerated reversal maybe due to churn or retention issues. Food delivery has been very resilient. Can you talk about what you're seeing in terms of frequency and usage underlying the bookings growth?

其次是 Eats，投資者對該領域的擔憂之一是，從大流行中受益的每個產品類別現在都可能由於流失或保留問題而出現某種形式的加速逆轉。食品配送一直非常有彈性。您能否談談您所看到的預訂增長背後的頻率和使用情況？

Yes, absolutely. As far as gaining share versus our competition, I'll tell you, gaining share isn't a priority for us right now. It's happening naturally in some of the reopenings and it could be because of the mix shift. For example, travel or the travel category is growing at very, very significant rates, and we tend to skew high on the travel category or the Uber for Business category. So we are observing some share gain in the U.S. and frankly, in most countries around the world, we're observing these kinds of share gains and it may be that the kind of consumer that's an Uber consumer is higher end, travels a lot, travels for business, et cetera is coming to the platform pretty quickly. And obviously, we're a beneficiary of that.

是的，一點沒錯。至於在與我們的競爭中獲得份額，我會告訴你，獲得份額現在不是我們的首要任務。這在一些重新開放中很自然地發生，這可能是因為混合轉變。例如，旅行或旅行類別正在以非常非常顯著的速度增長，我們傾向於高度偏向旅行類別或 Uber for Business 類別。所以我們在美國觀察到一些份額增長，坦率地說，在世界上大多數國家，我們正在觀察這些份額增長，這可能是優步消費者的那種消費者是高端的，經常旅行，商務旅行等很快就會進入該平台。顯然，我們是其中的受益者。

Our focus is on profitable growth. And we're -- I think we're able to achieve profitable, call it, durable growth while gaining share versus our competitors because of the power of the platform. And so it's kind of naturally happening. It's not something that we have to lean into. And we're a lot less focused on, let's say, our competitors or competitor share as we are the opportunity to grow the business durably to add on new segments such as taxi or hail-ables, 2-wheelers, 3-wheelers or lower-cost product, whether it's high-capacity vehicles, et cetera. That's really the focus and the share will take care of itself, although it has been taken care of itself, and we're quite constructive in terms of share gains.

我們的重點是盈利增長。而且我們 - 我認為我們能夠實現盈利，稱之為持久增長，同時由於平台的力量而獲得與競爭對手相比的份額。所以這是自然發生的。這不是我們必須依賴的東西。而且我們不太關注，比方說，我們的競爭對手或競爭對手的份額，因為我們有機會持久發展業務以增加新的細分市場，如出租車或冰雹、2 輪車、3 輪車或更低-成本產品，無論是大容量車輛等。這確實是重點，份額將自行解決，儘管它已經自行解決，而且我們在份額收益方面非常具有建設性。

As far as the Delivery reopening impact and frequency. Listen, when you look at our Delivery business, MAPCs were up 4% year-on-year. Basket sizes were up 3% year-on-year. Frequency was up 4% year-on-year. So all of the core metrics that drive the business are positive and because of our innovation, as it relates to bringing more earners onto the platform and then the density of the network driving cost per transaction down, we're able to improve the margins of the Delivery business.

至於交付重新開放的影響和頻率。聽著，當您查看我們的交付業務時，MAPC 同比增長 4%。籃子尺寸同比增長 3%。頻率同比增長 4%。因此，推動業務發展的所有核心指標都是積極的，並且由於我們的創新，因為它涉及將更多的收入者帶入平台，然後網絡密度降低每筆交易的成本，我們能夠提高利潤率送貨業務。

So we're happy with the trends that we see, and we think that our frequency is going to also be assisted by our cross-platform usage and a higher penetration of Uber One members into our gross bookings base. We are -- the penetration of Uber One members is still low, generally for us and low compared to some of our competitors. And we see higher frequency with Uber One members. So we think that's a natural tailwind that can maybe combat some of the headwinds that some folks are seeing in the reopening.

因此，我們對我們看到的趨勢感到滿意，我們認為我們的頻率也將得益於我們的跨平台使用和 Uber One 會員對我們總預訂量的更高滲透率。我們是——Uber One 會員的滲透率仍然很低，通常對我們來說，與我們的一些競爭對手相比也很低。我們看到 Uber One 會員的頻率更高。因此，我們認為這是一種自然的順風，也許可以對抗一些人在重新開放時看到的一些不利因素。

Oh, by the way, one note, I didn't answer, and I want to answer all questions. I didn't answer the question on taxi margins. So as it relates to taxi margins, First of all, margins differ by geography. So for example, in the U.S., the deals that we've done with the taxi companies should be at quite attractive margins that are consistent with the rest of our business.

哦，順便說一句，我沒有回答，我想回答所有問題。我沒有回答關於出租車利潤的問題。因此，與出租車利潤率有關，首先，利潤率因地理位置而異。因此，例如，在美國，我們與出租車公司達成的交易應該具有與我們其他業務一致的相當有吸引力的利潤率。

In some markets, let's say, of Japan or some developing markets, our taxi margins are lower. But we've consistently seen we're able to start at lower margins and then increase margins over a period of time. So when we think about the growth of our Mobility business and the 10% incremental EBITDA margins that we are looking to deliver, our core product, that's the Uber Eats, X, or Reserve or Black, those will tend to deliver higher than 10% incremental margins. We'll use some of those, the incremental above 10% to invest in products such as taxi, 3-wheelers, 2-wheelers, et cetera, in order to drive what I'll call durable growth, MAPC growth, et cetera. And we're constantly balancing the 2.

在一些市場，比如日本或一些發展中市場，我們的出租車利潤率較低。但我們一直看到我們能夠從較低的利潤率開始，然後在一段時間內增加利潤率。因此，當我們考慮移動業務的增長以及我們希望提供的 10% 的 EBITDA 利潤率增量時，我們的核心產品，即 Uber Eats、X 或 Reserve 或 Black，它們往往會提供高於 10%增量利潤。我們將使用其中的一些，超過 10% 的增量投資於出租車、三輪車、兩輪車等產品，以推動我所說的持久增長、MAPC 增長等。我們一直在平衡 2。

And hopefully, you've seen as it relates to our execution over the past couple of quarters and years that we have our hands on all the different levers in order to deliver very, very healthy top line growth and the kind of profitability that investors are especially looking for nowadays.

希望你已經看到它與我們在過去幾個季度和幾年中的執行有關，我們掌握了所有不同的槓桿，以實現非常、非常健康的收入增長和投資者所擁有的盈利能力尤其是在尋找時下。

Our next question comes from the line of James Lee with Mizuho.

我們的下一個問題來自 James Lee 與 Mizuho 的對話。

Just a follow-up on the regulatory update here. Maybe, Dara, can you talk about maybe the ongoing conversation with the New York state, given your recent wins in Washington and also pretty strong ongoing support from drivers in Massachusetts? Did these victories kind of help you move the conversation along? And also what are the key friction you're looking to resolve?

只是對這裡的監管更新的跟進。也許，達拉，鑑於你最近在華盛頓的勝利以及馬薩諸塞州司機的大力支持，你能否談談與紐約州正在進行的對話？這些勝利是否有助於您推進對話？還有你想要解決的關鍵問題是什麼？

James, thanks for the question. The most important factor that is helping these conversations move forward is that drivers want to be independent contractors. Drivers price flexibility above anything. That's the reason why they earn on our platform. I think everybody knows in the U.S., if you want a job, you can have a job, if you want a full-time job. It's not a problem getting a job, but our opportunity -- flexible work opportunities and healthy work opportunities is unique. You can work for us, you can work for competitors, you can work when you want, you can work, where you want, et cetera. It's pretty powerful. And I think that fortunately or unfortunately, in our Zoom world where white collar workers now have a lot more flexibility, maybe they also appreciate the value of flexibility in a way that they couldn't appreciate previously.

詹姆斯，謝謝你的問題。幫助這些對話向前推進的最重要因素是司機希望成為獨立承包商。驅動程序的價格靈活性高於一切。這就是他們在我們的平台上賺錢的原因。我想在美國每個人都知道，如果你想要一份工作，你可以有一份工作，如果你想要一份全職工作。找工作不是問題，但我們的機會——靈活的工作機會和健康的工作機會是獨一無二的。你可以為我們工作，你可以為競爭對手工作，你可以在你想工作的時候工作，你可以在你想去的地方工作，等等。它非常強大。而且我認為幸運或不幸的是，在我們的 Zoom 世界中，白領現在擁有更多的靈活性，也許他們也以一種他們以前無法欣賞的方式欣賞靈活性的價值。

So as it relates to New York or any other state, the good news is regulators are more and more aware of what drivers want and drivers overwhelmingly want flexibility and they want other protections and benefits, whether it's minimum earnings or other benefits which may change state to state to state.

因此，當它與紐約或任何其他州有關時，好消息是監管機構越來越意識到司機想要什麼，司機絕大多數都想要靈活性，他們想要其他保護和福利，無論是最低收入還是其他可能改變狀態的福利狀態到狀態。

So I don't want to comment on New York specifically. We're having promising discussions there, but you never know when kind of the regulatory winds move one way or the other. But generally, I would say that the regulatory momentum is positive. You see that in Washington. In Massachusetts, we have a ballot initiative out there. We are very confident of our prospects in Massachusetts. And essentially, we'd like to see a negotiated settlement in these cities. Certainly, we'll look to have a negotiated settlement in Massachusetts but we're confident if we have to go to the ballot. And hopefully, New York will get there, but we can't predict the time.

所以我不想具體評論紐約。我們在那裡進行了有希望的討論，但你永遠不知道監管風向何時以一種或另一種方式移動。但總的來說，我會說監管勢頭是積極的。你在華盛頓看到了這一點。在馬薩諸塞州，我們有一項投票倡議。我們對我們在馬薩諸塞州的前景充滿信心。本質上，我們希望在這些城市看到協商解決。當然，我們希望在馬薩諸塞州通過談判達成和解，但我們有信心是否必須參加投票。希望紐約能到達那裡，但我們無法預測時間。

Our last question today comes from the line of John Blackledge with Cowen.

我們今天的最後一個問題來自 John Blackledge 和 Cowen 的對話。

Two questions. What were the Mobility rides volumes in the first quarter versus pre-COVID levels? And what are the kind of the key use cases where there is headroom to close the gap, particularly as we look toward reopening in the second quarter and the back half of the year?

兩個問題。與 COVID 之前的水平相比，第一季度的移動出行量是多少？哪些關鍵用例有縮小差距的空間，特別是當我們期待在第二季度和下半年重新開放時？

And then just on grocery and other Delivery, what was that as a percent of Delivery gross bookings in the first quarter? And just discuss any progress that you saw in the quarter and as we round through the year?

然後僅在雜貨店和其他交付方面，第一季度交付總預訂量的百分比是多少？並討論您在本季度和全年中看到的任何進展？

So our Rides business is actually fully recovered versus where we were in pre-pandemic levels. And in fact, even on a trip basis, we're more than 95% recovered globally. We still have some room in the U.S. We're still in the high 70s in terms of recovery there. But we've really seen all use cases come back, including airport travel, pretty much in line with pre-pandemic levels. So we were seeing a very, very strong reopening on the Mobility side.

因此，與大流行前的水平相比，我們的遊樂設施業務實際上已經完全恢復。事實上，即使在旅行的基礎上，我們在全球範圍內的恢復率也超過 95%。我們在美國仍有一些空間。就那裡的複蘇而言，我們仍處於 70 年代的高位。但是我們確實看到所有用例都回來了，包括機場旅行，幾乎與大流行前的水平一致。因此，我們在移動方面看到了非常非常強大的重新開放。

And on Delivery side?

在交付方面？

As far as Delivery goes, new verticals, ARRs were -- continue to be higher than $4 billion. And we're seeing very, very strong growth there. We're also integrating the new verticals experience in a native way on Uber Eats and we're seeing really, really promising early signal there.

就交付而言，新垂直領域的 ARR 繼續高於 40 億美元。我們在那裡看到了非常非常強勁的增長。我們還在 Uber Eats 上以本地方式整合新的垂直體驗，我們在那裡看到了非常非常有希望的早期信號。

And when you look at as of March, less than 10% of the users who completed a delivery trip on Uber in the last month ordered new verticals. So there's huge opportunity there. That number is up 400 basis points year-on-year but we think that the potential of essentially upselling new verticals opportunities to our Eats -- to our eaters is very, very young, and there's a ton of upside left there.

而且，當您查看截至 3 月份的數據時，在上個月完成 Uber 送貨行程的用戶中，不到 10% 的用戶訂購了新的垂直行業。所以那裡有巨大的機會。這個數字同比增長了 400 個基點，但我們認為從本質上向我們的 Eats 推銷新的垂直機會的潛力——對我們的食客來說非常非常年輕，而且還有很大的上升空間。

All right. Great. We can wrap up there.

好的。偉大的。我們可以在那裡結束。

All right. Thank you, everyone, for joining us on the call, and great work to the Uber team. Q1 was a super, super strong quarter. We're expecting more of that in Q2. I think this is a quarter where we're starting to show separation against our competitors in terms of execution and that execution showing up in the financials in terms of a healthy growth profile that we expect to see for some period and also profit generation and free cash flow generation coming up this year that we're very, very excited about.

好的。感謝大家加入我們的電話會議，感謝 Uber 團隊的出色工作。第一季度是一個超級、超級強勁的季度。我們預計第二季度會出現更多情況。我認為這是一個季度，我們開始在執行方面表現出與競爭對手的分離，並且執行表現在財務方面表現出我們預計在一段時間內會看到的健康增長狀況以及利潤產生和免費今年即將到來的現金流量，我們非常非常興奮。

So thanks, everyone, for joining, and we'll talk to you next quarter.

因此，感謝大家的加入，我們將在下個季度與您交談。

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

今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。