Uber首席运营官的大额个人投资是看涨信号，反映出对公司战略及当前估值的信心。
逐段跳播
Uber内部人士购买股票的情况确实引人注目。公司首席运营官最近投入超过500万美元，承担了巨大风险。这是他总财富中的很大一部分。这就是为什么这件事如此重要。
The case of an Uber insider buying shares is truly remarkable. The company's Chief Operating Officer recently took a big risk by investing more than $5 million. This is a huge portion of his total wealth. And that is why it is so significant.
我想分析这次具体的购买行为，以及为什么内部人士现在开始购买Uber股票。其中列出了我所有的股票购买记录，包括我今年为何购买Uber股票以及为何增加投资的解释。
I want to analyze this particular purchase and why insiders are starting to buy Uber shares now. which lists all my stock purchases , including an explanation of why I bought Uber shares this year and why I am increasing my investment.
这是Uber科技。股价今天下跌了3.3%。所以，我认为即使在内部人士进行如此大规模投资之后，这也是一个令人好奇的举动。
This is Uber technology. The share price fell 3.3% today. So, I think this is a curious move, even after such a large investment by Insider.
总裁兼首席运营官Andrew McDonald在公开市场上购买了约7万股，价值超过500万美元。这值得注意，因为这是一次公开市场的股票购买。
President and Chief Operating Officer Andrew McDonald purchased about 70,000 shares worth more than $5 million on the open market. This is notable because it is an open market share purchase.
我们实际上必须追溯到二月份才能看到这一点。当时，首席财务官购买了价值约160万美元的股票。
We actually have to go back to February to see this. At that time, the CFO bought shares worth about $1.6 million.
所以，你在这里看到的是所有这些高管之间的一致行为，他们实际上在增加持股数量，因为他们行使期权，只出售支付税款所需的部分。
So, what you're seeing here is a consistent thing among all these executives, they're actually increasing the amount of stock because they're exercising their options and only selling the portion that's necessary to pay taxes.
所以，这是我在过去几个月的这些文件中发现相当重要的一点。这里有两笔独立的购买。一笔是54,325股，另一笔是15,675股。两者都是收购，都是直接所有权的形式。这使他的持股增加到426,320股。
So, this is something that I found quite significant in the history of these files over the last few months. And there are two separate purchases here. One for 54,325 shares, the other for 15,675 shares. Both are acquisitions and both are forms of direct ownership. And that brought his stake up to 426,320.
首先，他在公司的持股比例增加了约20%。另一件事是，据报道，他的总资产在3000万至3200万美元之间。其中很大一部分以Uber股票形式持有。所以现在他又向Uber股票投资了500万美元。
First, it is an increase of about 20% in his ownership stake in the company. Another thing is that according to reports, his total assets are between $30 and $32 million. A large portion of this is held in Uber stock. So now he is investing another $5 million in Uber shares.
再说一次，内部人士可能因各种原因卖出，但他们通常在看到股票机会时买入。持股比例一直在持续增加。我们一直看到内部人士行使期权并实际增加他们在公司的持股，但这是一笔相当大规模的公开市场股票购买。
Again, insiders may sell for a variety of reasons, but they generally buy when they see an opportunity in a stock. There has been a consistent increase in the percentage of shares. We have consistently seen insiders exercising their shares and actually increasing their stake in the company, but this is a pretty large purchase of stock on the open market.
那么，为什么他现在对这只股票如此乐观呢？让我们看看估值。市盈率在滚动基础上为16倍，在远期基础上约为17.5倍。市现率为12.2倍。
So why is he so optimistic about the stock now ? Let's look at valuation. The price-to-earnings multiple is 16 on a trailing basis and around 17.5 on a forward basis. Price to free cash flow is 12.2.
我们听说了很多关于其他自动驾驶汽车带来的颠覆，尤其是Waymo和Tesla，但我们并没有真正在数字中看到这一点。如你所见，Uber的增长一直相当稳定。
We've heard a lot about disruption from other autonomous vehicles, especially Waymo and Tesla, but we're not really seeing it in the numbers. As you can see, growth for Uber has been pretty consistent.
尽管如此，也存在一些不利因素，这是由于他们核算部分销售的方式所致。这实际上对收入有些不利，尽管并未拖累自由现金流或营业利润率。
Despite this, there are some disadvantages , which are due to the way they account for some of their sales. This was actually somewhat unfavorable for revenue, although it was not a drag on free cash flow or operating margin.
我们可以看到，营业利润也有所改善。截至2023年6月，公司持续经营亏损。现在营业亏损为67亿美元。如果我们看自由现金流，这个数字现在将超过100亿美元。Uber的自由现金流现在是101亿美元。
We can see that this operating profit has also improved. The company had an ongoing operating loss as of June 2023. That operating loss is now $6.7 billion. If we look at free cash flow , that number would now be over $10 billion. Uber's free cash flow is now $10.1 billion.
现在公司未来的战略是不仅聚合人力驱动车辆的需求，还要聚合自动驾驶车辆的需求。我认为这就是市场内部存在重大争论的地方。这就是为什么股价在15、16或17倍市盈率左右交易，甚至按自由现金流计算更低，因为市场认为像Homeo或Tesla这样的公司可能会带来重大颠覆。
Now the company's strategy going forward is to aggregate demand not only for human-powered vehicles, but also for automated vehicles. And I think this is where there is a big debate within the market. This is why shares are trading around 15, 16 or 17 times earnings, or even lower in terms of free cash flow, because the market thinks there could be a major disruption from companies like Homeo or Tesla.
Uber将拥有多个供应商。他们正在与全球大约十几家公司合作。我认为到今年年底，他们将在12个城市拥有自动驾驶汽车，到明年年底，这个数字将增加一倍以上。
And Uber will have multiple suppliers. They are working with about a dozen companies around the world. I think they will have autonomous vehicles in 12 cities by the end of this year, and more than double that by the end of next year.
他们将增加车队中自动驾驶汽车的数量。所以，我认为当你审视管理层及其实际行动时，他们是在说：“这是我们的自动驾驶汽车战略。我们将拥有许多不同的供应商。我们将对这些供应商进行模块化。我们将聚合需求。”从战略上讲，这是非常合理的。
They are going to increase the number of automated vehicles in their fleet. So, I think when you look at the management and their actual actions, they're saying, "This is our strategy for autonomous vehicles. We're going to have a lot of different suppliers. We're going to modularize those suppliers. We're going to aggregate demand." Strategically this is very reasonable.
他们每个季度都在为此努力。他们持续投资于这一领域。他们现在正在世界多个国家推出自动驾驶汽车。而那些内部人士正在购买股票。他们在说：“你知道吗？我们不仅仅相信听到的故事，我们实际上是在把钱投进去。”
They are working hard on this every quarter. They have continued to invest in this sector. They are now launching autonomous vehicles in various countries around the world. And those insiders are buying shares. They're saying, "You know what? We're not just believing the stories we're told , we're actually investing our money there."
所以，如果你把所有这些加起来，作为Uber股东，我认为这是信任的巨大体现。这就是为什么我认为这是一次非常重要的内部人士股票购买。
So, if you add all of this up , as an Uber shareholder I think it's a big reflection of trust. That's why I think this is a very significant insider share purchase.
这不是名义上的购买，比如一个拥有十亿美元的人只投资十万或一百万美元购买股票。这是一个将其净资产的重要部分投资于他工作且比任何人都了解更多信息的公司的人。来自内部人士的这样的投资是一个重大的积极信号。
This is not a nominal purchase where someone with a billion dollars is investing just one hundred thousand or one million dollars in shares. This is a person who is investing a significant portion of his net worth in the companies where he works and knows more information than anyone else. Such an investment from an insider is a big positive signal.
但请告诉我你今天对Uber股票的看法。你认为在这个价格下值得买入吗？
But let me know your opinion on Uber stock today. Do you think it is worth buying at this price ?
这个频道对 $UBER 的历次判断
Asymmetric Investing by Travis Hoium 在这只股票上只有这一条判断。