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  • Charles, overnight came news that Uber, the ride-hailing app,

    查爾斯,昨晚叫車軟體 Uber

  • has secured a 3 and a half billion dollar investment from Saudi Arabia's sovereign wealth fund.

    獲得沙烏地主權財富基金注資35億美元

  • Let's start by asking, why on earth does Uber need this money?

    我們就開門見山的說了,為何 Uber 需要這筆資金呢?

  • I thought it was swimming in cash as it is.

    他們不是本來就財源廣進了嗎?

  • It does have a lot of cash, and boy does it need a lot of cash.

    該公司確實營收表現優良,但他們仍需要大筆現金

  • I mean if you at its figures, it's growing at rates that are very hard to get your head around.

    從數據來看,他們增值的速度遠遠超過你能預料

  • I mean we only know a little bit about it cuz it's a private company.

    我們只能得到片面的資訊,畢竟 Uber 為私有企業

  • The sort of figures we have are (subject) come from a leak.

    我們得到的數據為外流的資訊

  • But effectively its first half revenues for last year were way more than the whole of the year before,

    該公司2015年上半年的營收已超越前年的總營收

  • so [it's] growing at over 100% but still burning cash.

    雖然呈現百分之百的成長,但 Uber 仍持續在燒錢

  • So the only reason it has a whole lot of cash is for a private company, and this is one of what the features that makes it really interesting.

    對於一個私人企業來說,能夠擁有那麼多的資金其實是非常值得探討的

  • It's raised a huge amount of money in private placements.

    該公司於私募獲得大筆資金

  • So this 3 and a half billion adds to something like 9 or 10 billion or more that's already been raised privately, and it's valuing it at 60 billion dollars so far already.

    所以這款35億的資金再加上 Uber 原先私募到的90至100億美元,已將該公司的市值推至600億美元

  • So it needs that cash because it's currently still at that growth phase that means you burn a lot of it investing in new growth in new cities (every) all the time.

    他們現在還需要這筆錢,因為該他們現在仍處於成長期,在各地投資都會燒掉一大筆資金

  • And it hasn't yet reached that point of turning a profit as it were.

    而且他們還沒有轉虧為盈

  • Okay, well in the old days of course, company if you wanted a load of cash from investors, you go to a stock exchange to get it.

    以往企業如果想要投資者的大筆資金,都會到股市募資

  • Presumably an IPO is not on the cards here.

    我們假設首次公開募股並不是他們的策略

  • Is that because they don't want to IPO, they want to remain a private company?

    是因為他們不想首次公開募股,才維持私人企業的經營方式嗎?

  • Or is it because they don't have the profits yet to tell a compelling story.

    還是因為他們的營收還不夠吸引買主的目光?

  • Well it's interesting. I mean not having profits hasn't mean... didn't put off Amazon a long time ago.

    這就有趣了,因為當初亞馬遜的營收表現也沒有很亮眼,卻仍選擇首次公開募股

  • But then whenever they score this sort of poor cash figure, they kind of got worried, Amazon.

    但亞馬遜每次營收表現不佳,便會憂心忡忡

  • So Uber seems to have an unusual degree of confidence that it can keep going as a private company in this kind of state.

    反觀Uber,他們似乎有非比尋常的信心繼續以私人企業的方式營運

  • Is it unwilling to go private... public? Yeah, absolutely.

    所以他們不太願意上市嗎?沒錯

  • I mean partly they've seen the sort of hassle you get when you become a public company, you get subjected to more scrutiny.

    他們大概也知道上市公司的麻煩在於要受到更多人的監督

  • And Uber is arguably even more controversial than the presidence it's looking at, like Facebook.

    而 Uber 甚至比他的臉書前輩更有爭議

  • Wherever it goes, wherever it tries to grow, it tends to attract its regulatory scrutiny, protests from local incumbents, the taxi companies it's competing against.

    無論他們去哪裡設點,都會引來法規的監督和在地計程車業者的抗議

  • So, it's probably thinking, we will have an easier time if we can raise cash at this rather handsome evaluation, but keep away from all of that scrutiny.

    他們或許看好目前的情況,認為募資比較容易,還能避開外界的監督

  • And of course it avoids the hassle of external investors as well.

    而且還能省去外部投資者的麻煩

  • So if you're a Netflix or a Tesla Motors and you've constantly got people on your case about your profits and your cash flow,

    像 Netflix 或 Tesla Motors 這類公司的營收和現金流經常受到外界介入

  • Uber avoids all that by staying private.

    但 Uber 私有經營的方式就沒有這種困擾

  • Yeah, and that's a huge amount of the chief executive's time.

    是的,那可是會佔去企業總裁一大半時間的

  • Yeah, and what about for the Saudi's?

    那對於沙烏地阿拉伯的情況又是如何?

  • I mean Saudi is famously trying to diversify their economy away from heavy oil dependence.

    沙國想要尋求石油以外的財源管道早已眾所皆知

  • Where does it fit into the scheme of things for them?

    那投資 Uber 對該國經濟有何助益?

  • Well, Uber as a service is incredibly popular in Saudi Arabia.

    Uber 提供的服務在沙國大受歡迎

  • Partly because women are not allowed to drive, 70-80% of Uber users in Saudi Arabia are women, and so it's growing quite fast there.

    一部分是因為沙國規定女人不許開車,而 Uber 在當地有七至八成的客源為女性,所以成長非常快速

  • This is another advantage from Uber's point of view.

    這對 Uber 來說也算是一大優勢

  • Saudi Arabia investing 3 and a half billion in this company means they know they're not going to get regulatory problems there, it's gonna remain a popular service.

    沙國注資 Uber 35億美元意味著他們將不受法規的控管,並且持續受民眾歡迎

  • As for Saudi Arabia, changing their economy this way, well of course it has a new economy shtick to it compared to the old oil-based economy they are.

    對沙國而言,這是讓他們脫離以往過度依賴石油經濟的策略之一

  • Whether they actually gain any particular technological advantage by having the investment, I'm not so sure.

    我不太確定 Uber 是否真的能藉此投資得到技術上的優勢,

  • If Uber turns out to be profitable and makes a huge amount of money than the 60 billion evaluation,

    如果 Uber 真的表現亮眼,使市值超越600億美元

  • if it matches what Facebook did, that might double or triple.

    如果他們可以達到臉書的水平,甚至是超出兩到三倍

  • So a great investment from the financial point of view,

    那就財務觀點來看,這筆資金是值得的

  • I struggle to see how Saudi Arabia's basic economy becomes less oil dependent just cuz they've made a good punt on a ride-sharing app though.

    但對於沙國想要藉此投資擺脫依賴石油的經濟模式,我並不是非常看好

  • Charles, thanks very much. -Thank you.

    查爾斯,謝謝您的到來。謝謝

Charles, overnight came news that Uber, the ride-hailing app,

查爾斯,昨晚叫車軟體 Uber

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沙特對Uber的35億美元賭注 - Lex (Saudi Arabia’s $3.5bn bet on Uber | Lex)

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    Kristi Yang 發佈於 2021 年 01 月 14 日
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