JP Morgan Analyst Affirms Confidence In Uber: Mobility Expansion And Efficient Delivery Drive Optimistic Outlook
JP Morgan Analyst Affirms Confidence In Uber: Mobility Expansion And Efficient Delivery Drive Optimistic Outlook
JP Morgan analyst Doug Anmuth maintained an Overweight rating on Uber Technologies, Inc (NYSE:UBER).
JP摩根分析师道格·安姆斯特（Doug Anmuth）维持了对Uber Technologies，Inc（纽交所：UBER）的超配评级。
Uber reported second-quarter Gross Bookings of ~$40 billion, +21% foreign exchange neutral year-on-year, slightly above JP Morgan's estimate of $39.8 billion, and ~1% above the mid-point of the $38.75 billion-$40.25 billion guide, driven by Monthly Active Platform Consumers (MAPCs) up +14% Y/Y to 156 million. The frequency accelerated ~75bps Q/Q, up +6.4% Y/Y to 5.9x.
Uber报告了第二季度的总交易额约为400亿美元，年同比按汇率期货中立计算增长21％，略高于JP Morgan的估计398亿美元，也比387.5亿美元至402.5亿美元的指导范围中点高约1％，推动的因素是月活跃平台使用者（MAPC）年同比增长14％至1.56亿。频率季环比加速了约75个基点，同比增长了6.4％至5.9倍。
Mobility Gross Bookings of ~$20.6 billion (+27% foreign exchange neutral Y/Y) was 2% above JP Morgan's estimate of $20.2 billion (+26% foreign exchange neutral Y/Y) due to continued penetration into new geographies, use cases, and continued frequency growth.
移动总交易额约为206亿美元（年同比按汇率期货中立计算增长27％），比JP Morgan的估计202亿美元（年同比按汇率期货中立计算增长26％）高2％，这是由于持续渗透到新地理位置，使用案例和持续的频率增长所致。
Uber also highlighted growing autonomous vehicle (AV) trips on the platform by 6x Y/Y and reiterated that it would be a crucial partner for the commercialization of AVs.
Uber还强调了平台上自动驾驶（AV）车的数量同比增长了6倍，并重申它将成为AV商业化的关键合作伙伴。
Delivery Gross Bookings of $18.1 billion (+17% foreign exchange neutral Y/Y) were slightly below JP Morgan's estimate of $18.2 billion (+17.5% foreign exchange neutral Y/Y). This was driven by unit volume growth, and based on 3P data, it gained CP in all top markets.
送货猛增的总交易额为181亿美元（年同比按汇率期货中立计算增长17％），略低于JP Morgan的估计182亿美元（年同比按汇率期货中立计算增长17.5％）。这是由于单位成交量增长，而且据第三方数据，它在所有主要市场中都获得了CP。
Anmuth noted Uber could continue to grow the Delivery category profitably as it looks to improve network efficiencies, scale advertising, and strengthen marketing and incentive optimization.
安姆斯特指出，随着Uber寻求提高网络效率，扩大广告规模并加强营销和激励优化，Uber在送货领域可以继续实现盈利增长。
Uber again beat the high end of the EBITDA guide, with second-quarter EBITDA of $1.57 billion ~3% ahead of the top end of the $1.45 billion-$1.53 billion guide on Delivery margins of 3.24% vs. JP Morgan estimate of 3.05%, offset by Mobility margins of 7.62% versus JP Morgan estimate of 7.82%.
Uber再次打破了EBITDA指导范围的高端，第二季度的EBITDA为15.7亿美元，比14.5亿美元至15.3亿美元的指导范围的最高水平高出约3％，交付业务毛利率为3.24％，而JP Morgan估计为3.05％，此外，移动业务毛利率为7.62％，而JP Morgan估计为7.82％。
Overall, Anmuth is encouraged by solid foreign exchange neutral growth, Mobility acceleration, Delivery profitability, and continued focus on profits and free cash flow, which are evident in the numbers. The analyst noted the stock should trade up, particularly given the recent weakness.
总体而言，安姆斯特对强劲的按汇率期货中立增长，移动业务加速，送货业务盈利能力以及继续专注于利润和自由现金流感到鼓舞，这些都体现在数字上。分析师指出，考虑到最近的疲软，该股票应该会上涨。
Uber guided to third-quarter Gross Bookings of $40.25 billion—$41.75 billion (18%- 23% foreign exchange neutral Y/Y), compared to JP Morgan's estimate of $41.4 billion. Uber's third-quarter EBITDA guide of $1.58 billion—$1.68 billion came in slightly above JP Morgan's estimated $1.62 billion.
Uber指导第三季度总交易额为402.5亿至417.5亿美元（年同比按汇率期货中立计算增长18％到23％），而JP Morgan的估计为414亿美元。 Uber第三季度的EBITDA指导范围为15.8亿至16.8亿美元，略高于JP Morgan的估计16.2亿美元。
Price Action: UBER shares traded higher by 11.1% at $64.98 at the last check on Tuesday.
价格行动：周二最后一次检查时，Uber的股价上涨11.1％至64.98美元。
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