The world's biggest ride-hailing business is hitting the market just weeks after smaller rival Lyft.

規模較小的對手 Lyft 加入股票市場數周後，全球最大的叫車服務業也正式加入。

When you think about the excitement surrounding Lyft, multiply that for Uber.

當你想像圍繞著 Lyft 的那種興奮感，把那種感覺加上幾倍再帶入到 Uber 身上。

This is more global.

因為他們更全球性。

It's diversified.

是很多元化的。

So there's certainly a lot of excitement from public market investors.

所以肯定有很多公共市場的投資者都很興奮。

Uber is far from making money.

但 Uber 距離賺錢還遠。

It reported an operating loss of $3 billion dollars in 2018, after losing more than $4 billion in the prior year.

報導指出 Uber 繼前年虧損超過 40 億後，2018 年再度虧損了 30 億美元。

During its roadshow, Uber compared itself to Amazon as it explained its money-losing business to investors.

在路演過程中，Uber 曾拿自己和 Amazon 比較，以對投資者解釋其虧損的狀況。

Why Amazon?

為什麼會是 Amazon？

Because the now wildly successful company didn't make a profit for several years after it went public in 1997.

因為現在功成名就的企業，在 1997 前公開發行股票前，可是有好幾年都沒有盈利。

But Uber isn't Amazon.

但 Uber 並不是 Amazon。

For one, Amazon had little competition in the e-commerce space when it IPO 'd.

首先 Amazon 在上市時，電子商業平台的競爭不多。

It also had a valuation of $438 million, compared to Uber's $75 billion.

與 Uber 的 750 億美元相比，Amazon 的估值為 4.38 億美元。

Still, some investors are far from being scared away from Uber's red ink.

不過，一些投資者並未被 Uber 的財政赤字嚇跑。

In the U.S. alone, Americans spend about $1.2 trillion dollars on personal transportation, and Uber really is at the forefront of this move from a personal car ownership model to more of transportation as a service.

單單在美國，美國人在個人交通上的花費約 12 億美元，而 Uber 的做法的確是走在前端，把個人擁有汽車的模式推行成為交通服務。

And I think investors really do believe that humans will one day forgo owning their physical cars in favor of an on-demand service, like, like Uber or Lyft.

我認為投資者都相信人類早晚都會放棄擁有個人實體車輛，而轉向像 Uber 或 Lyft 這種叫車服務。

Uber was founded as UberCab in 2009 by Garrick Camp and Travis Kalanick.

於 2009 年由 Garrick Camp 和 Travis Kalanick 創立了 UberCab，後改名為 Uber。

The app launched in San Francisco in July 2010.

應用程式於 2010 年的 7 月在舊金山推出。

It allowed users to hail, via an app, black town cars but was still more expensive than taking a taxi.

使用者可以透過程式先叫好車，黑色汽車會到點接載，但卻比搭計程車來得貴。

It then dropped cab from its name and launched in New York City and Paris.

後來他們放棄 cab 一詞，並開始在紐約市和巴黎推行。

But in 2012, another ride-hailing company entered the market.

但於 2012 年，另外一個叫車服務的企業也加入市場。

You had Lyft come into the picture and they came around and said you know we're going to give Uber some competition on the lower priced end of things.

有了 Lyft 加入市場，像他們走過來並對你說：「我們準備要以較便宜的車資來跟 Uber 競爭。」

And from that came UberX, which is now sort of Uber as we know it, the cheap alternative to hailing a taxi.

因此就有了 UberX，也就是我們現在的 Uber，是在計程車的廉價替代品。

Uber now operates in 63 countries, 700 cities and has completed over five billion rides.

Uber 現在已在 63 個國家、多達 700 個城市開展業務，總搭乘量超過 50 億。

There are also more than three million Uber drivers worldwide.

而且全世界有超過 300 萬名 Uber 司機。

Taxis accounted for 99 % of ride-sharing trips in the U.S. in 2012.

2012年，計程車佔了美國共乘車程的 99%。

And now, with the rise of Lyft and Uber, taxis represent just 12.5%.

可是現在隨著 Lyft 和 Uber 的出現，計程車只佔 12.5%。

So why is Uber losing so much money?

為什麼 Uber 會虧這麼多錢？

First, they have to pay drivers.

第一，他們必須要付錢給司機。

And now drivers are asking for more.

現在的司機開始要求得更多。

Drivers united will never be defeated.

「團結司機，永不言敗。」

Increased competition with Lyft has created tensions with drivers who complain of low pay rates and unfair compensation.

與 Lyft 的競爭愈見激烈，導致公司和司機的關係變得緊張，司機抱怨分成低和獎金不公等。

It's expensive to navigate the regulatory environment in each city and to ensure the business.

要控管每個城市的環境，以及確保業務等事務的成本高昂。

Insurance costs for Uber ride-sharing products increased $1.3 billion from 2016 to 2017.

Uber 共乘的保險費用更在 2016 至 2017 年間增加了 13億。

Credit card processing fees and driver incentives also drain the company of money.

信用卡手續費和司機獎金也都把公司的財產榨乾。

On the rider side, they also have to make it appealing.

而站在乘客端，也需要有吸引力。

Entice the rider to come to Uber and use its platform instead of going to Lyft.

這樣才可以吸引更多乘客選擇使用 Uber 這個平台。

So in this way, Uber and Lyft both spend millions and millions of dollars to attract and keep people on their platforms.

因此，Uber 和 Lyft 都花費了數百萬美元來吸引和留住用戶繼續使用平台。

Uber's growth to number one has been riddled with controversy.

Uber 升級至第一名，但卻充滿了爭議。

In 2017, after multiple scandals, Uber founder Travis Kalanick stepped down.

2017 年，有多宗醜聞被爆料，Uber 的創辦人 Travis Kalanick 辭職。

Uber CEO Travis Kalanick is out, after shareholders staged a revolt.

經股東的一番施壓，Uber 執行長離職。

Meanwhile, Lyft gained a reputation for being the friendlier of the two.

與此同時，Lyft 因更親切的態度而嬴得了聲譽。

Uber has certainly had a more troubled history than Lyft.

而且 Uber 的確比 Lyft 有更多令人頭痛的歷史。

Lyft has had a better reputation with drivers, for instance they introduced tipping from the very beginning, Uber only introduced tipping a few years ago.

Lyft 在與司機的關係上有較優良的聲譽，例如他們從一開始就採用小費制，而 Uber 在幾年前才推出。

At IPO, Lyft was valued at just over $20 billion dollars but its stock has had a rocky start.

在上市時，Lyft 股價估值超過 200 億美元，但開盤後卻升幅不大。

The Lyft IPO has been a bit challenging. And the revenue multiple that people are using to value Lyft, people, are, will sort of look to apply that to Uber, as, as a way to get a sense for valuation.

Lyft 在上市後遇到些挑戰，各種的收入都被大家用作評估 Lyft ，大家也有可能以同樣的方式去估算 Uber 的價值。

Also, some of the trends that were outlined in Uber's S-1 filing can raise some questions.

此外，Uber 的 S-1 申請中所概述的一些趨勢可能會引發一些問題。

Specifically, the fact that you've seen a pretty sharp slowdown in revenue growth at Uber over the last few quarters and significant declines in its take rate.

具體而言，過去幾個季度 Uber 的收入增長明顯放緩，而且收購率大幅下降。

Uber's total revenue for 2018 was $11.3 billion dollars, with ride-sharing bringing in over 80%.

Uber 2018 年的總收入是 113 億美元，共乘的收入就佔了超過 80%。

Uber Eats is the second biggest source of revenue for the company at $1.4 billion.

Uber Eats 是公司的第二大收入來源，估算有 14 億美金。

But Uber has put a lot of focus on diversifying into bike sharing, scooters, Uber Freight, air taxis and even its own autonomous driving technology.

不過，Uber 投放了很多資源發展多元化的服務，例如：共享腳踏車、共享踏板車、貨運服務、空中計程車，以及自家的自動駕駛技術。

All of which require a lot of investment and has slowed growth towards profitability.

這全都需要大量投資，放緩了盈利增長。

If you believe that this industry and Uber and Lyft are going to be profitable, you believe that at some point in the future self-driving cars are going to help them get there.

如果你相信像 Uber 或 Lyft 這種行業在將來會有盈利，那你就是相信在未來某些時候，自動駕駛將會幫助他們實現目標。

Uber's Advanced Technologies Group or ATG, which works on self-driving vehicles, recently announced a $1 billion dollar investment from SoftBank, Denso and Toyota.

Uber 的先進技術集團 (ATG)，目前在從事自動駕駛的車輛，他們最近更宣佈軟銀集團、日本的電裝公司和豐田會投資 10 億美元到這個項目。

A sign investors may see it's serious about long-term growth.

投資者可能看到這個發展的目標，這對於長期增長非常重要。

ATG took a hiatus after one of Uber's self-driving cars killed a woman in Arizona last year.

去年在亞利桑那州，ATG 曾經因為有一位女士遭自動駕駛的車輛撞死而中斷計劃。

Uber's rapid growth in many directions has meant a lot of spending.

Uber 在多方面的急速發展，意味著燒了不少錢。

However, some analysts predict Uber will become profitable eventually.

不過，有分析指說 Uber 將來有機會會有盈利。

In terms of when Uber could achieve profitability, we're still several, several years away.

Uber 距離盈利的目標，還有幾年的時間。

I'd say four or five years away at least.

我會說至少四、五年吧！

Uber is part of a big wave of Silicon Valley companies rumored to go public in 2019.

Uber 是矽谷眾多公司中謠傳會在 2019 年上市。

So will it be a smart investment?

但這會是項明智的投資嗎？

Uber really is the number one player in virtually all of the markets where operates a ride-sharing business and an online food delivery business.

Uber 的確是共乘和網路訂餐外送市場中的頭號廠商。

And over time that number one kind of leadership position in those respective markets should translate into a more resilient business, a more profitable business.

作為領導地位的企業，應在這些對應的市場內隨著時間轉化為更具彈性、具有利可圖的業務。

I think the important thing for investors to know is that this is a bet on a company that aims to be the so-called Amazon of transportation.

我認為投資者要知道重要的一點是，對於投資在一個所謂「Amazon 式」的交通運輸系統，這無疑是個賭注。

They have humungous aspirations.

他們抱有極遠大的抱負。

They don't want to focus on just the U.S. market.

他們不想只集中在美國市場。

They want to be global.

他們想往世界發展。

They want to be diversified.

他們想變得多元化。

They're looking at a $5.7 trillion dollar addressable market.

他們在尋找一個價值 5.7 萬億美元的潛在市場。

So when you look at Uber, you're really betting on the future of transportation not just ride-sharing.

因此你在看 Uber 的時侯，它不單單只是共享搭乘而已，而是押注在未來的運輸系統。