Maplebear Inc (CART) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Instacart's Fourth Quarter and Fiscal Year 2023 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference call is being recorded. I would now like to hand the conference over to Rebecca Yoshiyama, Vice President of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Instacart 第四季和 2023 財年財務業績電話會議。 （操作員說明）請注意，今天的電話會議正在錄音。現在我想將會議交給投資者關係副總裁 Rebecca Yoshiyama。請繼續。

Thank you, Valerie, and welcome, everyone, to Instacart's Fourth Quarter 2023 Earnings Call. On the call with me today are Fidji Simo, our Chief Executive Officer; and Nick Giovanni, our Chief Financial Officer. Shortly, we will open up the call for live questions.

謝謝瓦萊麗，歡迎大家參加 Instacart 的 2023 年第四季財報電話會議。今天與我通話的是我們的執行長 Fidji Simo；和我們的財務長尼克喬瓦尼。很快，我們將開放現場提問徵集。

During today's call, we will make forward-looking statements related to our business plans and strategy, future performance and prospects, including our expectations regarding Q1 and full year 2024 financial results and potential share repurchases. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated by these statements. You can find more information about these risks and uncertainties in our last Form 10-Q filed with the SEC. We assume no obligation to update these statements as after today's call, except as required by law.

在今天的電話會議中，我們將做出與我們的業務計劃和策略、未來業績和前景相關的前瞻性陳述，包括我們對 2024 年第一季和全年財務業績以及潛在股票回購的預期。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與這些陳述預期的結果有重大差異。您可以在我們向 SEC 提交的上一份 10-Q 表格中找到有關這些風險和不確定性的更多資訊。除非法律要求，我們沒有義務在今天的電話會議後更新這些聲明。

In addition, we'll also discuss certain non-GAAP financial measures. These non-GAAP financial measures have limitations and should not be considered in isolation from or as a substitute for our GAAP results. A reconciliation between these GAAP and non-GAAP financial measures is included in our shareholder letter, which can be found on our Investor Relations website. Now I'll turn the call over to Fidji for her opening remarks.

此外，我們也將討論某些非公認會計準則財務指標。這些非公認會計準則財務指標具有局限性，不應孤立地考慮或取代我們的公認會計準則結果。這些 GAAP 和非 GAAP 財務指標之間的調整包含在我們的股東信函中，您可以在我們的投資者關係網站上找到該信函。現在我將把電話轉給 Fidji，讓她致開幕詞。

Thanks, Rebecca, and hi, everyone. I hope you had a chance to read our shareholder letter, which highlights why we're the category leader and top innovator in online groceries. I also provided color on our solid Q4 results and why we're set up for an even stronger 2024. Our product experience is the best it has ever been with leading selection, quality and speed. For example, we recently rolled out EBT SNAP with Kroger and Costco, and we also launched Whole Foods on our Marketplace in Canada. These new and expanded partnerships deepen our selection advantage with some of the largest grocers in North America.

謝謝麗貝卡，大家好。我希望您有機會閱讀我們的股東信，其中強調了為什麼我們是線上雜貨領域的領導者和頂級創新者。我還對我們第四季度的可靠業績進行了闡述，以及為什麼我們要為 2024 年的表現做好準備。我們的產品體驗是有史以來最好的，擁有領先的選擇、品質和速度。例如，我們最近與 Kroger 和 Costco 合作推出了 EBT SNAP，也在加拿大的 Marketplace 上推出了 Whole Foods。這些新的和擴大的合作夥伴關係加深了我們與北美一些最大的雜貨商的選擇優勢。

We also continued to improve on speed and order quality. In Q4, our fulfillment speed got faster even as we batched more orders. And at the same time, our found and fill rates increased for the sixth quarter in a row. Over the past years, we've also overhauled our incentive systems and established an even stronger formula for consumer habituation. This allows us to invest more in marketing and incentives in deliberate ways that we believe are more highly correlated with resurrection, activations and deeper engagements. As the industry leader, this will allow us to generate more value for our partners and accelerate online grocery adoption over the long term.

我們也繼續提高速度和訂單品質。在第四季度，即使我們大量處理了更多訂單，我們的履行速度也變得更快。同時，我們的發現率和填充率連續第六季上升。在過去的幾年裡，我們也徹底改革了我們的激勵體系，並建立了更強大的消費者習慣公式。這使我們能夠以深思熟慮的方式在行銷和激勵方面進行更多投資，我們認為這些方式與復活、活化和更深層的參與具有更高的相關性。作為行業領導者，這將使我們能夠為合作夥伴創造更多價值，並從長遠來看加速線上雜貨的採用。

These critical advantages, product enhancements and marketing investments all contribute to our strong Q1 outlook where we expect to deliver accelerating year-over-year GTV growth for a fourth consecutive quarter. And this growth continues to be higher quality with the majority coming from orders rather than AOVs. In short, with every order we complete, we're getting better and smarter, which allows us to reinvest and generate even more orders. This virtuous cycle enabled by our scale and combined with our leadership position makes it incredibly hard for any other player in the industry to replicate the experience we deliver.

這些關鍵優勢、產品增強和行銷投資都有助於我們強勁的第一季前景，我們預計 GTV 將連續第四個季度實現年比加速成長。而且這種增長的品質仍然更高，其中大部分來自訂單而不是 AOV。簡而言之，隨著我們完成的每一個訂單，我們都變得更好、更聰明，這使我們能夠進行再投資並產生更多訂單。我們的規模和我們的領導地位相結合，形成了這種良性循環，使得行業中的任何其他參與者都很難複製我們提供的體驗。

That's why we continue to deepen our lead over competitors. Based on third-party data, we increased our share of sales amongst digital-first platforms in Q4 and in 2023, with more than 50% of share of small baskets under $75 and more than 70% share of large baskets over $75. While other players work on problems we solved 5 years ago, we're busy inventing the technologies that can transform the grocery industry over the next 5 years. For example, we know that the future of grocery is omnichannel, which is why we're investing in new technologies like our Caper Carts. We're also exploring more ways to further leverage our incredibly unique and vast data sets to help retailers and brands modernize their operations over the coming years. We're doing all of this while maintaining our relentless focus on profitable growth and our long-term financial targets.

這就是我們持續加深對競爭對手的領先優勢的原因。根據第三方數據，我們在第四季和 2023 年增加了數位優先平台的銷售份額，75 美元以下的小籃子銷售份額超過 50%，75 美元以上的大籃子銷售份額超過 70%。當其他參與者致力於解決我們 5 年前解決的問題時，我們正忙於發明能夠在未來 5 年內改變食品雜貨行業的技術。例如，我們知道雜貨店的未來是全通路的，這就是我們投資 Caper Carts 等新技術的原因。我們也正在探索更多方法，以進一步利用我們極其獨特和龐大的數據集，幫助零售商和品牌在未來幾年實現營運現代化。我們在做這一切的同時，仍然堅持不懈地專注於獲利成長和長期財務目標。

In order for Instacart to take on our most ambitious bets, we also need to streamline how we operate. Today, we made the tough decision to lay off approximately 250 of our talented team members. This will allow us to reshape the company so we can focus on our most promising initiatives and execute more efficiently to a flatter organization. Separately, with the departure of 3 of our execs, Asha, Varouj and JJ, we are also taking the opportunity to streamline my management team and create more autonomous teams with all the levers they need to execute on our critical initiatives. We will be looking for a new CTO but do not expect to backfill the COO and Chief Architect roles.

為了讓 Instacart 能夠承擔起我們最雄心勃勃的賭注，我們還需要簡化我們的營運方式。今天，我們做出了艱難的決定，解僱大約 250 名才華橫溢的團隊成員。這將使我們能夠重塑公司，以便我們能夠專注於最有前途的舉措，並更有效地執行，從而形成一個更扁平的組織。另外，隨著我們三位高階主管Asha、Varouj 和JJ 的離職，我們也藉此機會精簡我的管理團隊，並創建更自主的團隊，並擁有執行我們的關鍵計劃所需的所有槓桿。我們將尋找新的首席技術官，但預計不會填補營運長和首席架構師的職位。

Over the past few years, these leaders have developed a strong range of talents that I look forward to working with more directly. I am confident that this will enable us to execute with even more focus and efficiency moving forward and want to thank all of our teams, especially those whose roles were impacted today for getting us to this point.

在過去的幾年裡，這些領導者培養了一群強大的人才，我期待與他們更直接合作。我相信，這將使我們能夠更加專注和有效率地前進，並感謝我們所有的團隊，特別是那些今天角色受到影響的團隊，是他們讓我們走到了這一步。

Overall, I'm proud of the performance we delivered in 2023, and I'm excited for how we're set up for an even better 2024. I believe we have an incredibly strong leadership position that, when combined with accelerating growth, will generate more shareholder value over time. Thank you for your support and being on this journey with us. Now I'll turn the call over to Nick to provide more of an update on our financials.

總體而言，我對我們在2023 年實現的業績感到自豪，並對我們如何為實現更好的2024 年做好準備而感到興奮。我相信，我們擁有令人難以置信的強大領導地位，與加速成長結合，將隨著時間的推移，產生更多的股東價值。感謝您的支持並與我們一起踏上這段旅程。現在我將把電話轉給尼克，以提供有關我們財務狀況的更多最新資訊。

Thanks, Fidji. 2023 was a transformational year across our product, operations and financials. In Q4, we once again accelerated GTV growth and expanded profitability all while investing in new initiatives to support our future growth. Let me provide a bit more color on our Q4 results and our future outlook, starting with GTV and orders.

謝謝，菲吉。 2023 年是我們產品、營運和財務轉型的一年。第四季度，我們再次加速 GTV 成長並擴大獲利能力，同時投資新措施以支持我們未來的成長。讓我從 GTV 和訂單開始，為我們第四季度的業績和未來展望提供更多資訊。

In Q4, we delivered GTV of $7.9 billion, up 7% year-over-year and above the high end of our guidance range. This outperformance was largely driven by stronger-than-expected orders growth, especially around the holidays. Our strong Q4 results generated positive momentum for us to start 2024.

第四季度，我們實現了 79 億美元的 GTV，年增 7%，高於我們指導範圍的上限。這種優異表現主要是由於訂單成長強於預期，尤其是假期前後的訂單成長。我們強勁的第四季業績為我們開啟 2024 年創造了積極動力。

In Q1, we expect GTV to be $8 billion to $8.2 billion, representing year-over-year growth of 7% to 10% and our fourth consecutive quarter of accelerating GTV growth. While our business is typically strongest in Q4 and Q1 due to seasonality, and while this year, we have the benefit of leap day in Q1, even after accounting for both of these factors, we expect an encouraging step-up in our anticipated growth compared to the 5% growth we delivered for full year 2023.

我們預計第一季的 GTV 為 80 億至 82 億美元，年增 7% 至 10%，並且是我們連續第四個季度加速 GTV 成長。雖然由於季節性原因，我們的業務通常在第四季度和第一季最為強勁，而且今年我們在第一季度受益於閏日，但即使在考慮了這兩個因素之後，我們預計我們的預期增長將出現令人鼓舞的進步到 2023 年全年實現 5% 的增長。

Now on transaction revenue. In Q4, transaction revenue was 7.1% of GTV compared to 7.2% in Q3 '23 and Q4 '22. While we continue to drive fulfillment efficiencies in Q4, we found more opportunities to invest in consumer incentives, and these hit contra revenue instead of marketing spend, which hits marketing expense. Incentives allow us to better target behaviors that we believe will lead to stronger customer acquisition, resurrection and habituation.

現在是交易收入。第四季度，交易收入佔 GTV 的 7.1%，而 23 年第三季和 22 年第四季為 7.2%。雖然我們在第四季度繼續提高履行效率，但我們發現了更多投資於消費者激勵的機會，這些會影響收入而不是行銷支出，從而影響行銷費用。激勵措施使我們能夠更好地瞄準我們認為會帶來更強的客戶獲取、復活和習慣的行為。

Next, for advertising and other revenue. In Q4, ad and other revenue was up 7% year-over-year, in line with our expectations. And in Q1, we expect year-over-year growth for ad and other revenue to be largely in line with Q4 '23. It's important to remember that advertising growth lags GTV growth, so while many of our brand partners are excited by our ongoing acceleration of GTV growth, it will take time before this is reflected in ad and other revenue.

接下來是廣告和其他收入。第四季度，廣告和其他收入年增 7%，符合我們的預期。在第一季度，我們預計廣告和其他收入的年增率將與 23 年第四季基本一致。重要的是要記住，廣告成長落後於 GTV 成長，因此，儘管我們的許多品牌合作夥伴對我們不斷加速的 GTV 成長感到興奮，但這需要一段時間才能反映在廣告和其他收入中。

Turning to adjusted operating expenses. We generated strong operating leverage in Q4, with adjusted operating expense as a percent of GTV decreasing to 5.3% compared to 6.1% in Q4 '22. Today, we also announced a restructuring plan, which we expect to result in a onetime charge of $19 million to $24 million. This charge will not impact our adjusted operating expenses because they are onetime in nature, but they will result in cash outlays. On an ongoing basis, we do not expect the restructuring to materially change our adjusted operating expenses in Q1 or the balance of the year as we plan to reinvest anticipated cost savings and future growth.

轉向調整後的營運費用。我們在第四季度產生了強勁的營運槓桿，調整後的營運費用佔 GTV 的百分比下降至 5.3%，而 22 年第四季為 6.1%。今天，我們也宣布了一項重組計劃，預計將產生 1,900 萬至 2,400 萬美元的一次性費用。這項費用不會影響我們調整後的營運費用，因為它們本質上是一次性的，但它們會導致現金支出。從持續的角度來看，我們預計重組不會對第一季或今年剩餘時間調整後的營運支出產生重大影響，因為我們計劃將預期的成本節約和未來的成長進行再投資。

Putting all this together, in Q1, we expect adjusted EBITDA of $150 million to $160 million. This outlook includes seasonally lower advertising and other revenue and continued investments in marketing and consumer incentives to drive long-term growth. For the full year 2024, we are not providing specific guidance, but we do expect adjusted EBITDA to increase year-over-year in both absolute dollar terms and as a percent of GTV. We also remain disciplined when it comes to our approach to equity dilution. We remain committed to being profitable on an adjusted EBITDA basis even after deducting the net value of equity we grant each year.

綜上所述，我們預期第一季調整後 EBITDA 為 1.5 億至 1.6 億美元。這一前景包括廣告和其他收入的季節性下降以及對行銷和消費者激勵的持續投資以推動長期成長。對於 2024 年全年，我們沒有提供具體的指導，但我們預計調整後的 EBITDA 將以絕對美元計算和占 GTV 的百分比同比增長。在股權稀釋方法方面，我們也保持嚴格的紀律。即使在扣除我們每年授予的股權淨值後，我們仍然致力於在調整後的 EBITDA 基礎上實現盈利。

And in 2024, we expect net dilution to be low single digits before any share repurchases. We also expect to deliver GAAP profitability and generate positive operating cash flow. We are confident in our ability to execute, which is why we have increased our share repurchase program by an additional $500 million, bringing our share repurchase capacity to approximately $930 million as of February 9. Our lockup expires when the market opens on Thursday, February 15, and we plan to opportunistically repurchase shares.

到 2024 年，我們預計在任何股票回購之前，淨稀釋度將低至個位數。我們還期望實現 GAAP 盈利能力並產生正的營運現金流。我們對自己的執行能力充滿信心，因此我們將股票回購計畫額外增加了5 億美元，截至2 月9 日，我們的股票回購能力達到約9.3 億美元。我們的禁售期將於2 月星期四開市時到期15日，我們計劃趁機回購股票。

Overall, our business fundamentals are strong, GTV growth has accelerated for 3 consecutive quarters, and we are guiding to our fourth consecutive quarter of accelerating growth in Q1. We are the category leader, and we have increased our share compared to digital-first platforms in both small and large baskets. And we're focused on driving profitable growth to generate more value for our partners, teams and shareholders over time. With that, we'll open up the call for live questions. Operator, you may begin.

整體而言，我們的業務基本面強勁，GTV 成長已連續三個季度加速，我們預計第一季將連續第四個季度加速成長。我們是該類別的領導者，與數位優先平台相比，我們在小型和大型購物籃中的份額都有所增加。我們專注於推動獲利成長，以便隨著時間的推移為我們的合作夥伴、團隊和股東創造更多價值。至此，我們將開始現場提問。接線員，您可以開始了。

(Operator Instructions) Our first question comes from the line of Douglas Anmuth of JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的 Douglas Anmuth。

I wanted to first ask about cohort dynamics. Perhaps, Nick, you could provide a little color just on the trends among the '20 and '21 cohorts and how you think about their contribution to the business. And just as you see that maturation, basically how -- the impact that's having on order growth.

我想先詢問隊列動態。尼克，也許您可以就「20 世紀」和「21 世紀」群體的趨勢以及您如何看待他們對業務的貢獻提供一些資訊。正如您所看到的那樣，成熟度基本上是如何對訂單成長產生影響的。

So as we've mentioned, our mature cohorts continue to decline but the decline has improved now for 3 quarters in a row. And the 2020 and 2021 cohorts, as we reported last quarter, represent less than 50% of our GTV. So all of that is encouraging. We are not able to pinpoint when this cohort would get to flat nor when they would potentially return to growth but we're monitoring that very closely. And we're encouraged by the fact that we're seeing continuous improvement quarter after quarter for the third quarter in a row.

正如我們所提到的，我們的成熟群體持續下降，但下降趨勢現已連續三個季度有所改善。正如我們上季度報告的那樣，2020 年和 2021 年的群體僅占我們 GTV 的不到 50%。所以這一切都是令人鼓舞的。我們無法確定該群體何時會趨於平穩，也無法確定何時可能恢復成長，但我們正在密切監測。我們看到連續第三季逐季持續改善，這一事實令我們感到鼓舞。

We're also very encouraged by the fact that we're continuing to add new cohorts that continue to perform well. In fact, the 2023 cohort in terms of new GTV was higher than the cohorts that we attracted pre pandemic in 2019. And so we continue to get contributions both from the mature cohorts but also from the growth in new cohorts.

我們也對繼續添加表現良好的新團隊這一事實感到非常鼓舞。事實上，2023 年隊列的新 GTV 高於我們在 2019 年大流行前吸引的隊列。因此，我們繼續從成熟隊列和新隊列的成長中獲得貢獻。

Our next question comes from the line of Ron Josey of Citi.

我們的下一個問題來自花旗銀行的羅恩·喬西。

Fidji, I wanted to ask a little bit more about priority orders now accounting for 38% of total. And I think in the letter, you even talked about 25% are now delivered in 30 minutes or less. Talk to us a little bit more about why do you think priority orders are growing or accounting for as many of total orders as possible. And when we think about those delivered in 30 minutes or less, fair to think these are lower AOVs so more frequent customers? I guess that's question one.

Fidji，我想多問一些關於目前佔總數 38% 的優先訂單的情況。我認為在信中，您甚至提到 25% 現在可以在 30 分鐘或更短的時間內交付。請與我們多談談您認為優先訂單為何不斷增長或佔總訂單的原因。當我們考慮那些在 30 分鐘或更短的時間內交付的產品時，可以合理地認為這些 AOV 較低，因此是更頻繁的客戶？我想這是問題一。

And then Nick, just on -- really interesting and good to hear GTV growth is expected to accelerate in 1Q. Would love to hear more about the drivers there as we lap tougher EBT SNAP comps but also maybe insights on the incentives that might be working.

然後尼克，剛剛——非常有趣並且很高興聽到 GTV 的增長預計將在第一季加速。當我們進行更嚴格的 EBT SNAP 比較時，我很想聽到更多關於那裡的車手的信息，但也可能對可能有效的激勵措施有深入的了解。

Thanks, Ron. So on priority order, we think that the growth in priority order really reflects the fact that the #1 reason that people use Instacart is convenience, and priority order allows them to just get their groceries delivered faster. Now we think that there's a lot that we can do with that. We are testing different levels of fees because we think our fees are still well below our competitors to offer a priority service that is so fast. So that is something that we're going to continue testing with.

謝謝，羅恩。因此，就優先順序而言，我們認為優先順序的成長確實反映了這樣一個事實：人們使用 Instacart 的第一大原因是便利，而優先順序使他們能夠更快地獲得雜貨。現在我們認為我們可以做很多事情。我們正在測試不同程度的費用，因為我們認為我們的費用仍然遠低於競爭對手，無法提供如此快速的優先服務。所以這是我們將繼續測試的東西。

But we also want to reinvest some of that to develop options that are on all ends of the spectrum. And what I mean by that is that on one end of the spectrum, you have people who value convenience over price and value priority delivery. On the other end of the spectrum, we want options for people who value price over convenience like no rush delivery. And we want to continue to invest in all of these options so that every consumer can find value on Instacart based on what they value the most.

但我們也希望將其中的一部分再投資，以開發各種選項。我的意思是，一方面，人們更重視便利性而不是價格和價值優先交付。另一方面，我們希望為那些重視價格而不是便利性的人提供選擇，例如不急於送貨。我們希望繼續投資所有這些選擇，以便每個消費者都能根據他們最重視的東西在 Instacart 上找到價值。

In terms of what you mentioned on kind of the value of these customers, I would say the thing that's very unique about how we deliver from a lot of grocers is that even for orders that are very fast, we're still delivering from their entire selection, from their entire store. And so a lot of the priority orders actually look very similar to the rest of the orders in terms of having the full assortment, having meat and produce in them. And so from that perspective, we think that them continuing to grow is a good thing as long as we can have option for everyone on the spectrum.

就您提到的這些客戶的價值而言，我想說的是，我們從許多雜貨店發貨的方式非常獨特，即使對於速度非常快的訂單，我們仍然從他們的整個雜貨店發貨。從他們的整個商店中進行選擇。因此，許多優先訂單實際上看起來與其他訂單非常相似，因為它們的品種齊全，裡面有肉類和農產品。因此，從這個角度來看，我們認為只要我們能夠為該範圍內的每個人提供選擇，它們的持續增長就是一件好事。

And as it relates to your question about the Q1 guide, the drivers of the growth step-up are broad-based. It starts with acquiring new customers. Just to recall, we're still in the early stages of online grocery adoption as the leader. We continue to attract many new customers. We also see improvement in our mature cohorts as we're better able to resurrect them and engage them. And that's led to the year-over-year decline in the mature cohorts improving from Q1 to Q2 to Q3 to Q4.

由於這與您有關第一季指南的問題有關，因此成長的驅動因素是廣泛的。首先是獲取新客戶。回想一下，作為領導者，我們仍處於線上雜貨採用的早期階段。我們不斷吸引許多新客戶。我們也看到成熟群體的進步，因為我們能夠更好地復活他們並吸引他們。這導致成熟群體的年減從第一季到第二季、第三季到第四季有所改善。

You also asked about EBT SNAP. EBT SNAP is not expected to see favorable comps in Q1. We called out that the main drivers of the headwind that we -- were experienced is with EBT SNAP with, one, the cut of benefits. That happened at the end of Q1 last year. And so you wouldn't expect to see a benefit until we lap that this year. And secondly, the other thing that drives EBT SNAP is launching new partners, and as Fidji just mentioned with Costco and Kroger, we've done that recently. So we do expect that EBT -- the base of our EBT business can start to grow, but that's not a key driver of the Q1 growth guidance.

您也詢問了 EBT SNAP。 EBT SNAP 預計第一季不會有有利的業績。我們指出，我們所經歷的逆風的主要驅動因素是 EBT SNAP，其一是福利削減。這發生在去年第一季末。因此，在我們今年完成這一目標之前，您不會期望看到任何好處。其次，推動 EBT SNAP 的另一件事是推出新的合作夥伴，正如 Fidji 剛剛與 Costco 和 Kroger 提到的那樣，我們最近已經這樣做了。因此，我們確實預期 EBT（我們 EBT 業務的基礎）可以開始成長，但這並不是第一季成長指引的關鍵驅動力。

And Ron, I think you had one last question on incentives and what was driving that. I just want to touch on that quickly, which is we massively overhauled our incentive system in the last year so that we can target the right customers with the right incentive at the right time and really evolve the habituation formula so that we know what drives retentive behavior. To give you some examples, we know that when you add meat and produce to your basket, you're going to retain with us longer. When you add -- when you start buying from a club retailer like Costco, you become a more retentive customer.

羅恩，我想你最後一個問題是關於激勵措施以及驅動因素。我只想快速談一下這一點，即我們在去年大規模改革了我們的激勵體系，以便我們能夠在正確的時間以正確的激勵措施瞄準正確的客戶，並真​​正發展習慣公式，以便我們知道是什麼推動了保留行為。舉一些例子，我們知道，當您將肉類和農產品添加到購物籃中時，您將在我們這裡停留更長時間。當你開始從像好市多這樣的俱樂部零售商購買時，你就會成為一個更具保留性的客戶。

So a lot of the incentives that you're seeing us spend into are incentives that are really meant to drive retentive behavior, not incentives that are meant to drive onetime GTV, where we're discounting your groceries and you're never going to come back. We don't do these kinds of incentives. We really focus on incentives that drive habituation.

因此，你看到我們投入的許多激勵措施實際上是為了推動保留行為，而不是為了推動一次性 GTV 的激勵措施，即我們對你的雜貨打折，而你永遠不會來。後退。我們不做這類激勵措施。我們真正關注的是促進習慣的激勵措施。

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

我們的下一個問題來自美國銀行的賈斯汀·波斯特。

I'll ask a couple. I guess just high level, can you talk about your supply? I thought the Whole Foods deal was very interesting, but just where you are on supply and demand in the Marketplace. Do you need more supply? And how the pipeline looks maybe with traditional grocers or new categories? And then I think there are some questions on the headcount cuts as kind of a -- still a growth company. Maybe talk about, is this just kind of a reorganization for growth? Or how would you, big picture, describe it?

我會問幾個。我猜水準很高，你能談談你的供應嗎？我認為全食超市的交易非常有趣，但這只是你在市場上的供需關係。您需要更多供應嗎？傳統雜貨店或新類別的管道看起來如何？然後我認為，作為一家成長型公司，裁員方面存在一些問題。也許談談，這只是一種為了成長而進行的重組嗎？或者你會如何描述它？

So on selection, which is I think what you mean by supply, it's important to know that we are, by far, the category leader in terms of selection with about 80% of the grocery market being represented on Instacart. And yet, we continue to add more and more retail banners. We have 1,500 retail banners, 85,000 locations, and we're continuing to expand both with some of the large retailers as well as mid-market and emerging grocers.

因此，在選擇方面，我認為您所說的供應是指供應，重要的是要知道，到目前為止，我們在選擇方面處於類別領先地位，大約 80% 的食品雜貨市場都在 Instacart 上。然而，我們仍在繼續添加越來越多的零售橫幅。我們擁有 1,500 個零售橫幅、85,000 個地點，並且我們正在繼續與一些大型零售商以及中端市場和新興雜貨商擴張。

And we had some holdouts. Whole Foods was one of them, so that's why we're really excited to see them come back on the platform. And we think that we can drive a lot of incremental value for their customers. But we're also really excited to deepen the type of selection that we offer with retailers that are already on the platform. So if you look at the big guys like Kroger, Costco, they've been with us for many years but we still roll out new services with them like EBT SNAP that allow us to not only make their selection available but also make it available to more people with a service like SNAP. So I hope that answers your supply question.

我們也遇到了一些頑固分子。全食超市就是其中之一，所以這就是為什麼我們很高興看到他們重返平台。我們認為我們可以為他們的客戶帶來大量增量價值。但我們也很高興能夠深化我們為平台上已有零售商提供的選擇類型。因此，如果你看看克羅格(Kroger)、好市多(Costco) 等大公司，他們已經與我們合作多年，但我們仍然與他們一起推出新服務，例如EBT SNAP，使我們不僅可以提供他們的選擇，還可以提供給更多人使用 SNAP 等服務。所以我希望這能回答您的供應問題。

In terms of headcount, so the thing that's important to realize is that we had already been very disciplined in terms of headcount. And I would say over the last 2 years, we had slowed down hiring, we slowed down the backfill of attrition. We raised our performance bar. So we had already managed headcount pretty tightly. But for this particular change, the thing that we had in mind was really reshaping the company to streamline in certain areas and really refocus and double down in other areas of growth.

就員工人數而言，重要的是要認識到我們在員工人數方面已經非常嚴格。我想說的是，在過去的兩年裡，我們放慢了招募速度，放慢了人員流失的速度。我們提高了性能標準。所以我們已經非常嚴格地管理了員工人數。但對於這個特殊的變化，我們真正想要的是重塑公司，在某些領域進行精簡，並在其他領域真正重新聚焦並加倍努力。

And so if you look at our big upcoming initiative, whether it's growing Caper Carts, whether it's growing retail media and offsite ads, all of these new initiatives that hold a lot of promise are things that we want to be able to fund fully, and that means like really reshaping the organization and streamlining in certain areas. And so that's the context by which this layoff should be interpreted into. We are very committed to growth. We think that this reorganization actually sets us up much better for doubling down on our most promising growth initiatives.

因此，如果你看看我們即將推出的重大計劃，無論是發展 Caper Carts，還是發展零售媒體和場外廣告，所有這些充滿希望的新計劃都是我們希望能夠全額資助的項目，並且這意味著要真正重塑組織並在某些領域進行精簡。這就是這次裁員應該被解釋的背景。我們非常致力於成長。我們認為，這次重組實際上使我們能夠更好地加倍實施我們最有前途的成長計劃。

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

我們的下一個問題來自高盛的艾瑞克·謝裡丹。

Maybe 2, if I can. Fidji, last quarter, we spoke about turning small basket shoppers into larger basket shoppers and some of the focus of the company in there. I want to know if we get an update on the way you're thinking about the evolution of shoppers from convenience and smaller basket into more regular way utility and larger basket size over time and how you're aligning investments against that potential transition in behavior.

如果可以的話，也許是 2 個。 Fidji，上個季度，我們談到了將小型購物籃購物者轉變為大購物籃購物者，以及公司的一些重點。我想知道我們是否了解您對購物者從便利性和較小的購物籃演變為更常規的方式實用性和更大的購物籃尺寸的演變的最新看法，以及您如何根據潛在的行為轉變調整投資。

And then Nick, in terms of the shareholder return policy of the company, we get a question a lot from investors on how the balance will be struck between offsetting dilution, while at the same time, wanting to probably increase the liquidity of the stock, and then you have a lockup expiration coming soon. How do you think about the balance of that to strike across your broader goals of sort of returning capital to shareholders?

然後尼克，就公司的股東回報政策而言，我們從投資者那裡得到了很多問題，即如何在抵消稀釋和同時希望增加股票的流動性之間取得平衡，然後鎖定期即將到期。您如何看待這兩者之間的平衡，以實現向股東返還資本的更廣泛目標？

So Eric, on small baskets and large baskets, we obviously are a category leader in both small baskets and large baskets, 50% share of small baskets, 70% share of large baskets. Our core use case is the weekly shop, and that's incredibly important because that represents 3/4 of the grocery market and even more of the profits. But we also know that in order to continue addressing all of the grocery needs of our customers, small baskets are also really important because that's kind of the fill-up use case where you may have like forgotten something in your weekly shop or you may not have planned for a particular meal. And so we really want to address all of the use cases. And that's why you have seen us really invest in small baskets over the last few years, in particular, through virtual convenience where we're able to deliver these small baskets out of the stores of retailers offering a lot of selection, as I was saying earlier, but with faster speed.

所以艾瑞克，在小籃子和大籃子上，我們顯然是小籃子和大籃子的類別領導者，小籃子的份額為 50%，大籃子的份額為 70%。我們的核心用例是每週商店，這非常重要，因為它代表了雜貨市場的 3/4 甚至更多的利潤。但我們也知道，為了繼續滿足客戶的所有雜貨需求，小籃子也非常重要，因為這是一種填充用例，您可能會在每週的商店中忘記一些東西，或者您可能不會已計劃特定的膳食。所以我們真的想解決所有的用例。這就是為什麼您在過去幾年中看到我們真正投資於小籃子，特別是透過虛擬便利，我們能夠將這些小籃子從提供多種選擇的零售商的商店中交付出來，正如我所說更早，但速度更快。

And that has contributed to the big share gains that we have been able to demonstrate in small baskets. And so both are incredibly important. I think the thing that differentiates us from new entrants is that we are very strong at both, and we are also very strong at converting a small basket customer to a large basket customer. We do that 5x better than new entrants and food delivery companies, and that's a very key competitive advantage because it allows us to serve the entire market but over time also convert small basket customers into sort of like most profitable weekly shops use case.

這使得我們能夠在小籃子中展示出巨大的份額收益。所以兩者都非常重要。我認為我們與新進者的區別在於，我們在這兩方面都非常強大，而且我們在將小籃子客戶轉變為大籃子客戶方面也非常強大。我們在這方面比新進業者和食品配送公司好5 倍，這是一個非常關鍵的競爭優勢，因為它使我們能夠服務整個市場，但隨著時間的推移，也將小籃子客戶轉變為最賺錢的每週商店用例。

And Eric, on your question around returning capital, we announced a $500 million share repurchase authorization in November. Through February 9, while the lockup was still in place, we repurchased $70 million. And we talked on the last call about wanting to be balanced while the float was still very low in the aftermath of the IPO. Now the float should increase when our lockup release comes off on the 15th. And so ahead of that, we received authorization to increase by an additional $500 million our share repurchase authorization, and we plan to be opportunistic in the market as volumes increase.

Eric，關於你關於返還資本的問題，我們在 11 月宣布了 5 億美元的股票回購授權。截至 2 月 9 日，在禁售期間，我們回購了 7,000 萬美元。我們在上次電話會議上談到，在 IPO 後流通量仍然很低的情況下，我們希望保持平衡。現在，當我們的鎖定釋放在 15 日解除時，浮動資金應該會增加。因此，在此之前，我們獲得了額外增加 5 億美元股票回購授權的授權，我們計劃隨著交易量的增加而在市場上抓住機會。

That's only part of how we manage dilution. It starts with managing headcount, managing the equity that we give out to employees. We've introduced last year a cash equity choice program, which allows us to reduce the amount of equity that we give in exchange for more cash. And we care very deeply about making sure that we can reduce dilution over time. And so our share return program is not just about offsetting dilution. It's about opportunistically repurchasing shares in addition to everything else that we do to manage dilution.

這只是我們管理稀釋的一部分。首先是管理員工人數，管理我們分配給員工的股權。我們去年推出了一項現金股權選擇計劃，該計劃使我們能夠減少提供的股權數量以換取更多現金。我們非常關心確保我們能夠隨著時間的推移減少稀釋。因此，我們的股票回報計劃不僅僅是為了抵消稀釋。除了我們為管理稀釋所做的一切之外，還包括機會主義地回購股票。

Our next question comes from the line of Nikhil Devnani of Bernstein.

我們的下一個問題來自伯恩斯坦的尼基爾‧德夫納尼 (Nikhil Devnani)。

Just a couple, please. So given the breadth of selection you have already, it seems that user growth is increasingly important to the GTV equation going forward. So what kind of user growth do you think is feasible over the medium term? And how would you characterize the contribution of new customers as well today versus in years prior? So the extent to which new customers are still driving this GTV equation even after kind of the COVID influx that we saw.

請來一對。因此，考慮到您已經擁有的選擇範圍，用戶成長對於 GTV 的發展似乎越來越重要。那麼您認為中期內什麼樣的使用者成長是可行的？與前幾年相比，您如何評價今天新客戶的貢獻？因此，即使在我們看到新冠疫情大量湧入之後，新客戶仍在推動這項 GTV 方程式的程度。

And then as a follow-up, when I look at the Q1 guide, what would cause that adjusted EBITDA to step down, given your top line is improving and you've taken some headcount costs out as well?

然後，作為後續行動，當我查看第一季指南時，考慮到您的營收正在改善並且您也削減了一些員工成本，什麼會導致調整後的 EBITDA 下降？

Thanks for the question. So as it relates to user growth, we definitely think that user growth is important, and that means acquiring new customers and also reengaging customers who have shopped less frequently. And both of those things are contributing to the improving growth that we've seen throughout 2023 and continuing with our guide for Q1 2024. So we talked about in 2023 the new cohort of customers that we activated was larger than the pre-pandemic levels. And so that's a very encouraging sign and something that confirms our belief that we're very early in the online adoption of grocery.

謝謝你的提問。因此，由於它與用戶成長有關，我們絕對認為用戶成長很重要，這意味著獲取新客戶並重新吸引購物頻率較低的客戶。這兩件事都有助於我們在2023 年全年看到的成長改善，並繼續我們的2024 年第一季度指南。因此，我們在2023 年談到了我們激活的新客戶群體比大流行前的水平更大。因此，這是一個非常令人鼓舞的跡象，也證實了我們的信念，即我們處於線上雜貨採用的早期階段。

It was obviously interrupted by the pandemic. And now that the pandemic is behind us, the steady online adoption of groceries is something that will be a key driver of new customer growth. We're also getting better at engaging customers who -- from our mature cohorts. And so mature cohorts shrank last year, but the size of the decline improved consistently from Q1 to Q2 to Q3 to Q4. And that's because our product is getting a lot better. As Fidji mentioned in the letter and in her comments, the product has never been better. It's never had more affordability choices, it's never had better selection, it's never had better speed, never had higher quality.

顯然是被疫情打斷了。現在，疫情已經過去，線上食品雜貨的穩定採用將成為新客戶成長的關鍵驅動力。我們在吸引來自成熟群體的客戶方面也做得越來越好。因此，去年成熟族群有所減少，但從第一季到第二季、第三季到第四季，下降幅度持續改善。那是因為我們的產品變得越來越好。正如 Fidji 在信中和她的評論中提到的那樣，該產品從未如此出色。它從未有過更多實惠的選擇，從未有過更好的選擇，從未有過更好的速度，從未有過更高的品質。

And that really helps but in addition to that, we've revamped our incentive systems. So we're getting better at targeting customers to make sure that we can engage with them and convert them to becoming habituated loyal Instacart customers. And that's one reason why you've seen transaction revenue tick down a bit. It's because incentives are going up. We don't break down all of the components of transaction revenue, but it's not because retailer and consumer fees are lower. It's because we're deciding to reinvest the efficiencies that we're gaining into incentives.

這確實很有幫助，但除此之外，我們也改進了我們的激勵制度。因此，我們正在更好地定位客戶，以確保我們能夠與他們互動，並將他們轉變為習慣的忠實 Instacart 客戶。這就是交易收入略有下降的原因之一。這是因為激勵措施正在增加。我們不會細分交易收入的所有組成部分，但這並不是因為零售商和消費者的費用較低。這是因為我們決定將我們獲得的效率重新投資到激勵措施中。

And you'll also note in Q4 that sales and marketing expense was down year-over-year. It doesn't mean we're spending less on marketing, we're just choosing to spend it in incentives rather than paid marketing. And we'll continue to evolve those choices as we go forward based on where we're seeing the best returns in the market.

您還會注意到，第四季度的銷售和行銷費用較去年同期下降。這並不意味著我們在行銷上的支出減少，我們只是選擇將其用於激勵而不是付費行銷。我們將根據我們在市場上看到的最佳回報，繼續發展這些選擇。

As it relates to the guide for $150 million to $160 million, year-over-year, you will see that transaction revenue was elevated in Q1 of last year. You can see over the course of the last 3 quarters, it has dropped back down. That's consistent with our strategy of how we want to reinvest in the business. Quarter over quarter, there's a tough comp because of ad seasonality. This happens every Q4 to Q1.

由於與去年同期 1.5 億至 1.6 億美元的指南相關，您會看到去年第一季的交易收入增加。你可以看到在過去的三個季度裡，它已經回落了。這與我們對業務進行再投資的策略是一致的。由於廣告季節性，每季的競爭都比較激烈。每個第四季到第一季都會發生這種情況。

Our next question comes from the line of Ross Sandler of Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

One question on advertising and then one question on the Whole Foods. Nick, your advertising revenue line came in broadly with your expectations. The growth rates are coming down a bit, and we've heard different things from different companies that cater to CPG digital advertising in the fourth quarter. So I guess, what are you guys seeing in that area both in 4Q and heading into 1Q?

一個關於廣告的問題，然後一個關於全食超市的問題。尼克，您的廣告收入線基本上符合您的預期。成長率略有下降，我們從第四季度針對 CPG 數位廣告的不同公司聽到了不同的說法。所以我想，你們在第四季和進入第一季在該領域看到了什麼？

And then the Whole Foods partnership is pretty interesting, given we all know the reason why we had to break up many years back. But what was the rationale for bringing them back online from, I guess, the Whole Foods side? And could that potentially play out in the U.S. at some point? Any thoughts there?

然後，與全食超市的合作關係非常有趣，因為我們都知道多年前我們必須分手的原因。但我猜全食超市讓它們重新上線的理由是什麼？這有可能在某個時候在美國發生嗎？有什麼想法嗎？

Thanks, Ross. So on advertising, the drivers that you're seeing are, one, we are lapping in Q4 the launch of shoppable display and shoppable video a year ago, which was a big increase in advertising revenue. The second thing you're seeing is that advertising revenue usually lags GTV growth. And what I mean by that is that advertisers make budget decisions today based on the sales growth that they saw in prior quarters. And so the slowdown that we're seeing in advertising is really a result of the underwhelming GTV growth that we saw last year.

謝謝，羅斯。因此，在廣告方面，您看到的驅動因素是，一，我們在第四季度推出了一年前的可購物展示和可購物視頻，這是廣告收入的大幅增長。您看到的第二件事是廣告收入通常落後於 GTV 的成長。我的意思是，廣告商今天根據他們在前幾個季度看到的銷售成長做出預算決策。因此，我們在廣告領域看到的放緩實際上是去年 GTV 成長乏力的結果。

The good news, though, is that we are seeing reacceleration of the GTV growth for 3 consecutive quarters and guiding to a fourth one. And we fully expect that if GTV continues to reaccelerate, advertising will also reaccelerate. You mentioned some weakness among some advertisers. We are seeing that in pockets but it is not widespread. And even when advertisers are struggling in their business overall, we are not the first line to be cut because they know that our advertising has very high ROAS and is highly performant, so we don't tend to be the first thing that they cut.

不過，好消息是，我們看到 GTV 成長連續三個季度重新加速，並有望迎來第四個季度。我們完全預計，如果 GTV 繼續加速，廣告也將重新加速。您提到了一些廣告商的一些弱點。我們在口袋裡看到了這種情況，但並不普遍。即使廣告商整體業務陷入困境，我們也不會是第一個被削減的，因為他們知道我們的廣告具有非常高的ROAS，而且效果很好，所以我們往往不會成為他們第一個被削減的。

Now moving to your second question on Whole Foods. We are very excited to bring them back. In Canada, Whole Foods did not offer delivery to consumers so we are an opportunity for them to launch this service and reach an incremental customer. They are very focused on the customer experience as we are. And given all of the great experience that we've developed, both in terms of quality, speed, ability to deliver at scale, they were excited to partner with us in Canada and vice versa. Nothing to announce about the U.S., but we always take a long-term view of this partnership. And our goal is to provide as much value to Whole Foods and their customers as possible as we do with every single one of our retail partners.

現在轉向關於全食超市的第二個問題。我們很高興能把它們帶回來。在加拿大，全食超市不向消費者提供送貨服務，因此我們為他們提供了推出這項服務並吸引增量客戶的機會。他們和我們一樣非常注重客戶體驗。鑑於我們在品質、速度和大規模交付能力方面積累的豐富經驗，他們很高興與我們在加拿大合作，反之亦然。關於美國沒有什麼可宣布的，但我們始終以長遠的眼光看待這種夥伴關係。我們的目標是為全食超市及其客戶提供盡可能多的價值，就像我們為每位零售合作夥伴提供的價值一樣。

Our next question comes from the line of Colin Sebastian of Baird.

我們的下一個問題來自貝爾德的科林·塞巴斯蒂安。

Fidji, you talked about improvements in operating KPIs like found and fill rates and batch rates. And I think a lot of that is based on the data platform and the use of machine learning. If you could maybe talk about how much of additional improvement do you think is still embedded in the platform with those initiatives. And then related to that, how much of a competitive advantage or differentiator is that? I think you indicated you were doing things 5 years ago that some of your digital competitors are now trying to achieve in the market.

Fidji，您談到了營運 KPI 的改進，例如發現率、填充率以及批量率。我認為其中很多都是基於數據平台和機器學習的使用。如果您可以談談您認為這些舉措在平台中仍然嵌入了多少額外的改進。與此相關的是，這有多大的競爭優勢或差異化因素？我認為您在 5 年前就表示您正在做一些事情，而您的一些數位競爭對手現在正試圖在市場上實現這一目標。

Absolutely. So we already have very high found rates and fill rates. And so they have been improving for the sixth consecutive quarter. But right now, it's really a game of basis points because we're already delivering with such high quality. But every basis point of improvement matters, and we really sweat the details to make sure that our customers get the exact order that they wanted or if products aren't on the shelves, that we replace the products with a highly satisfactory replacement.

絕對地。所以我們已經擁有非常高的找到率和填充率。因此，他們已經連續第六個季度取得進步。但現在，這實際上是一場基點遊戲，因為我們已經提供瞭如此高的品質。但改進的每一個基點都很重要，我們確實在細節上精益求精，以確保我們的客戶得到他們想要的確切訂單，或者如果產品不在貨架上，我們會用非常滿意的替代品來更換產品。

And we do that through a variety of methods. One is our depth of integration with retailers. We get their catalog data updated constantly. We get planogram data, which allows us to show inside of shopper app where the items are located inside the store so that our shoppers can go and find them. With some retailers, we go as far as integrating with their electronic shelf tags like we do with snacks in Aldi, where from the shopper app, you can literally light up the shelf to tell you exactly where an item is going to be so that again, we increase the likelihood that shoppers are going to find these items in-store.

我們透過多種方法做到這一點。一是我們與零售商的深度整合。我們不斷更新他們的目錄資料。我們獲得貨架圖數據，這使我們能夠在購物者應用程式內部顯示商品位於商店內的位置，以便購物者可以找到它們。與一些零售商合作，我們甚至與他們的電子貨架標籤集成，就像我們在阿爾迪的零食一樣，透過購物者應用程序，您可以真正點亮貨架，告訴您商品的確切位置，以便再次，我們增加了購物者在店內找到這些商品的可能性。

And so that's like deep retailer integrations that are very defensible and a very deep competitive advantage. Then you combine that with the fact that our shoppers are in the aisles of grocery stores every day. So they know what's on the shelves often better than what retailers know themselves. And it has allowed us to really develop great predictive algorithms to understand what's going to be in stock versus what's not going to be in stock, what's a suitable replacement that's going to generate a positive experience.

因此，這就像深度的零售商整合，非常具有防禦性，並且具有非常深厚的競爭優勢。然後你將這一點與我們的購物者每天都在雜貨店的過道裡的事實結合起來。因此，他們通常比零售商自己更了解貨架上的商品。它使我們能夠真正開發出出色的預測演算法，以了解哪些商品有庫存，哪些商品沒有庫存，什麼是合適的替代品，可以帶來積極的體驗。

And just to give you an idea, we make more than 75 million replacements a quarter with 95% satisfaction. And so the combination of deep retailer integration, data that we collect every day, and predictive analytics model really allows us to deliver the superior experience that creates a very significant competitive advantage. There's still some room to grow, but I think we are already very much at the top of our game there and are continuing to chip away at the remaining few percent to make sure that we are delivering the best possible experience. And that's why customers and retailers trust us with their business in one case and delivering their meat and their produce in another.

僅供您參考，我們每季更換超過 7,500 萬次，滿意度高達 95%。因此，深入的零售商整合、我們每天收集的數據以及預測分析模型的結合確實使我們能夠提供卓越的體驗，從而創造非常顯著的競爭優勢。還有一些成長的空間，但我認為我們已經在這方面處於領先地位，並且正在繼續削減剩餘的百分之幾，以確保我們提供盡可能最好的體驗。這就是為什麼客戶和零售商在一種情況下信任我們來處理他們的業務，而在另一種情況下則信任我們運送他們的肉類和農產品。

Our next question comes from the line of Jason Helfstein of Oppenheimer.

我們的下一個問題來自奧本海默的傑森·赫夫斯坦（Jason Helfstein）。

Two questions. Just first, just can you elaborate on the point about advertising correlates more with trailing GTV, not current quarter? I think you made that point. And second, Nick, can you clarify the comment about how GTV growth would step up? Did you mean per quarter through the rest of '24 or just broadly for all of '24?

兩個問題。首先，您能否詳細說明廣告與追蹤 GTV 相關性更高，而不是與當前季度相關的觀點？我想你已經表達了這一點。其次，Nick，您能否澄清有關 GTV 成長將如何加快的評論？您是指 24 年剩餘時間內的每季還是廣義的 24 年全部？

So on advertising, the way budgeting works is that all advertisers set budgets this quarter based on the sales performance that they saw in the past. So if we have been growing at a lower rate in the past, are seeing sales growth that's a little bit more muted, they're going to allocate fewer budget in the upcoming quarters based on that. But then when GTV growth reaccelerates, then they end up allocating more budget. We have actually seen this trend play out in the past. If you look back at our financials, you will see that in Q2 of '22, for example, we had actually a decrease in year-over-year investment rate because we were coming off of several quarters of fairly low GTV growth. And then as soon as GTV reaccelerated, advertising rate accelerated again in the following quarter.

因此，在廣告方面，預算的工作方式是所有廣告商根據過去看到的銷售業績來製定本季的預算。因此，如果我們過去一直以較低的速度成長，並且看到銷售成長更加緩慢，那麼他們將據此在未來幾季分配更少的預算。但當 GTV 成長重新加速時，他們最終會分配更多預算。事實上，我們過去已經看到過這種趨勢。如果你回顧我們的財務數據，你會發現，例如，在 22 年第二季度，我們的投資率實際上同比下降，因為我們擺脫了幾個季度相當低的 GTV 成長。然後，當 GTV 重新加速時，廣告費率在接下來的季度再次加速。

And so that's what I meant by the trailing aspect of it. It's not uniform across the board. You have emerging brands, for example, who are a lot more flexible, a lot more nimble in how they allocate budget. So the minute that they see that GTV is increasing and their sales are increasing, they double down and increase their advertising. But for larger companies that are planning on a quarterly basis, sometimes even on a half basis, it takes a little bit more time for them to digest the change in GTV one way or another and reflect that in their advertising budgets.

這就是我所說的尾隨部分的意思。整體情況並不統一。例如，新興品牌在預算分配方面更加靈活。因此，當他們看到 GTV 增加並且銷售額增加時，他們就會加倍投入並增加廣告。但對於按季度（有時甚至按半季度）進行規劃的大型公司來說，他們需要更多的時間來消化 GTV 的變化，並將其反映在廣告預算中。

And as it relates to the growth step-up, we are only guiding to Q1. And for Q1, we are guiding to GTV growth of 7% to 10% year-over-year. And this compares to 5% for all of last year. But through the quarters of last year, it was 2.6% growth in Q1 and 5.6% growth in Q2, 5.9% growth in Q3, 6.8% growth in Q4. And so what we're calling for now is a step-up to 7% to 10% in Q1.

由於它與成長步伐有關，我們僅對第一季進行指導。對於第一季度，我們預計 GTV將年增 7% 至 10%。相比之下，去年全年的成長率為 5%。但從去年的幾季來看，第一季成長2.6%，第二季成長5.6%，第三季成長5.9%，第四季成長6.8%。因此，我們現在呼籲在第一季將成長提高到 7% 至 10%。

Our next question comes from the line of Michael Morton of MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Michael Morton。

I wanted to ask maybe one a little bit longer term just about industry structure. You have like incumbents with a physical network building their own distribution businesses but then also marketplaces competing with Instacart who is the first mover and can do it with a larger scale. But I would love to know, how do you see the actual picking aspect of fulfillment developing over the year as order density increases? Do you think -- there are some in the industry that believe it's going to go to merchant picked, so then like kind of the Whole Foods model. There's just bags in the front of the store and the gig economy workers pick it up. Or does this continue along the Instacart picker model? Just any long-term thoughts there would be great.

我想問一個關於產業結構的問題。像現有企業一樣，他們擁有實體網絡，建立自己的分銷業務，但也有與 Instacart 競爭的市場，Instacart 是先行者，可以更大規模地開展業務。但我很想知道，隨著訂單密度的增加，您如何看待這一年來履行的實際揀選方面的發展？你認為嗎——業內有些人相信它將由商家挑選，就像全食超市的模式一樣。商店前面只有袋子，零工經濟工人會把它們撿起來。或者這會沿著 Instacart 選擇器模型繼續下去嗎？任何長期的想法都會很棒。

Thanks for the question. So the reason retailers partner with us to do picking and delivery is because we can do that very efficiently, which allows them to save on cost and pass on some of that cost to customers, which then creates growth for them, and with high accuracy and high quality to really respect the relationship that they built with their customers. We do that in a variety of ways. So the model you're describing where some retailers might be doing the picking and then with the delivery, like some of our retailers are already using our own picking app to stage their order, for example, for pickup.

謝謝你的提問。因此，零售商與我們合作進行揀貨和送貨的原因是因為我們可以非常有效率地做到這一點，這使他們能夠節省成本並將部分成本轉嫁給客戶，從而為他們創造成長，並且具有高精確度和高準確性。高品質，真正尊重他們與客戶建立的關係。我們透過多種方式做到這一點。因此，您所描述的模型中，一些零售商可能會進行揀貨，然後進行送貨，就像我們的一些零售商已經在使用我們自己的揀貨應用程式來安排他們的訂單，例如，進行取貨。

And so again, we see our role as really developing all of the technologies to help support that industry. And one of them is great picking technology that retailers have integrated with their own system and are currently using inside their store. Now we have also seen models thinking about like automated picking and kind of having big warehouses where the picking happens outside of the network of stores. And we are tracking that very closely, but we are much less bullish on this model because what we have found is that for these models to work, you need a lot of density of orders. And that means that these kind of large warehouses end up being very far away from the customer. And all of the costs that you save in picking, you end up losing in cost of delivery because you have to drive to a customer that's much further away.

因此，我們再次認為我們的角色是真正開發所有技術來幫助支援該行業。其中之一是零售商已將其與自己的系統整合並目前在商店內使用的出色揀選技術。現在我們也看到了一些模型，例如自動揀貨和大型倉庫，揀貨發生在商店網路之外。我們正在非常密切地追蹤這一點，但我們不太看好這個模型，因為我們發現，要使這些模型發揮作用，你需要大量的訂單密度。這意味著這些大型倉庫最終會距離客戶非常遠。您在揀貨過程中節省的所有成本最終都會損失交付成本，因為您必須開車前往距離更遠的客戶。

We are also seeing that customers actually value speed, and that's why I have emphasized speed so much in my letter because we know it drives conversions. We know it drives growth. And so if you're very far away from the customer, you are not able to deliver with the speed that we can and doing that from 85,000 stores. So all in all, I would say that we strongly believe that we have the winning model here, the model that's most efficient, most responsive to customer needs. And we are continuing to develop all of the technology that retailers need to embrace that model in all of the ways that they find suitable for their business.

我們也看到客戶實際上很重視速度，這就是為什麼我在信中如此強調速度，因為我們知道它可以推動轉換。我們知道它會推動成長。因此，如果您距離客戶很遠，您就無法以我們 85,000 家商店的速度提供送貨服務。總而言之，我想說，我們堅信我們擁有致勝模式，也就是最有效率、最能滿足客戶需求的模式。我們正在繼續開發零售商所需的所有技術，以他們認為適合其業務的所有方式採用該模式。

Our next question comes from the line of Andrew Boone of JMP Securities.

我們的下一個問題來自 JMP 證券公司的安德魯·布恩 (Andrew Boone)。

Can you talk a little bit about the product road map for off-platform advertising? Where are you guys today and what can this look like over the next couple of years? And then Fidji, a bigger picture question on health more broadly. Can you talk about the potential for HSA and what that could mean for the business?

能談談平台外廣告的產品路線圖嗎？你們今天在哪裡？未來幾年會是什麼樣子？然後是 Fidji，這是一個更廣泛的健康問題。您能否談談 HSA 的潛力以及這對業務意味著什麼？

Thanks, Andrew. So on off-platform marketplace advertising, step one was taking our entire advertising infrastructure and making it available to retailers on their owned and operated properties through Carrot Ads. And that's a growing part of the business. We are finding more and more retailers be interested in leveraging this technology because that allows them to stand up a retail media network literally overnight and get a new incremental revenue line. So that was step one.

謝謝，安德魯。因此，在平台外市場廣告方面，第一步是利用我們的整個廣告基礎設施，並透過胡蘿蔔廣告提供給零售商在其擁有和經營的資產上。這是業務中不斷增長的一部分。我們發現越來越多的零售商對利用這項技術感興趣，因為這使他們能夠在一夜之間建立起零售媒體網絡並獲得新的增量收入線。這是第一步。

I would say step 2 is taking all of the vast set of data that we have on customer behavior and leveraging that data to make advertising on other platforms more efficient. And that's where we did the partnership with The Trade Desk. We recently announced a partnership with Google, a partnership with Roku, where we can leverage this incredibly valuable data that we have to make advertising on other platforms more efficient. And that's something that we want to continue to develop with more platforms and scale with more advertisers.

我想說，第二步是獲取我們擁有的所有大量有關客戶行為的數據，並利用這些數據來提高其他平台上的廣告效率。這就是我們與 The Trade Desk 建立合作夥伴關係的地方。我們最近宣布與 Google、Roku 建立合作關係，我們可以利用這些極其有價值的數據，使其他平台上的廣告更有效率。我們希望透過更多平台繼續開發這一點，並與更多廣告商一起擴大規模。

And then I would say the last step is actually expanding our advertising platform beyond online and into the store. And that's why we announced recently ads on Caper Carts. And obviously, it's very early. We're just starting to roll out a lot of Caper Carts. But we think that if we are the advertising platform that allows an advertiser to reach customers both online and in-store and have an advertising product in store that knows exactly what's on your cart right now, which aisle you're on, what you purchased in the past and see your loyalty data, we can build a really incredible advertising platform. Again, still early, but that's really the future that we're driving towards.

然後我想說，最後一步實際上是將我們的廣告平台擴展到網路和商店之外。這就是我們最近在 Caper Carts 上發布廣告的原因。顯然，現在還很早。我們剛開始推出大量 Caper 手推車。但我們認為，如果我們是一個廣告平台，允許廣告商在網上和店內接觸顧客，並且店內有一個廣告產品，可以準確地知道您的購物車上現在有什麼，您在哪個過道，您購買了什麼過去並查看您的忠誠度數據，我們可以建立一個真正令人難以置信的廣告平台。再說一遍，還為時過早，但這確實是我們正在努力邁向的未來。

Then on your question on health and HSA/FSA. We launched it in Q4 as you know. It's still very early but it's very much kind of reproducing the mental model of EBT SNAP, where if you look at SNAP, SNAP has about $130 billion of funds loaded into SNAP every year. FSA/HSA is $65 billion, of which $3 billion of those get forfeited by Americans at the end of the year because some of it is use it or lose it. And we think we can be a really good platform to remind them that they can use these dollars the same way we do with SNAP by leveraging their FSA/HSA cards. Again, very early but something that we wanted to plan to seize on because we have seen such success with SNAP that we want to see if we can reproduce that with FSA/HSA.

然後是關於健康和 HSA/FSA 的問題。如您所知，我們在第四季度推出了它。現在還為時過早，但它在很大程度上複製了 EBT SNAP 的心理模型，如果你看看 SNAP，SNAP 每年有大約 1300 億美元的資金存入 SNAP。 FSA/HSA 為 650 億美元，其中 30 億美元在年底被美國人沒收，因為其中一些被使用或遺失。我們認為我們可以成為一個非常好的平台，提醒他們可以透過利用他們的 FSA/HSA 卡來使用這些美元，就像我們使用 SNAP 一樣。同樣，雖然很早，但我們希望計劃抓住這一點，因為我們已經看到 SNAP 取得瞭如此成功，我們希望看看是否可以透過 FSA/HSA 複製這一成功。

Our next question comes from the line of Mark Kelley of Stifel.

我們的下一個問題來自 Stifel 的 Mark Kelley。

Nick, a quick one for you just on take rates. As you think about the full year, obviously, you've got a couple of dynamics where you're lapping that big Q1 of last year that you had where you're kind of towards the high end or at the high end of your long-term range. And then just thinking through the RIF and taking those savings and thinking about marketing and incentives and things like that, I guess what's a good starting point for us to think about take rates for our model?

尼克，請快速為您介紹一下成交率。當你考慮全年時，顯然，你有一些動態，你正在經歷去年第一季的大季度，你已經接近高端或處於長期的高端-期限範圍。然後仔細考慮 RIF 並考慮這些節省並考慮行銷和激勵措施以及類似的事情，我想我們考慮模型的費率的一個好的起點是什麼？

And then just a quick one, Fidji. You just brought up ads on Caper Carts. I'm just curious if you think -- like are those budgets that are likely to come from -- are those still retail media budgets? Are those like digital out-of-home budgets that you would -- might be able to capture? I guess, how should we think about that? And does that open up bigger opportunities outside of what you just mentioned in the last answer?

然後是快速的，Fidji。您剛剛在 Caper Carts 上展示了廣告。我只是好奇你是否認為——就像那些可能來自的預算一樣——這些仍然是零售媒體預算嗎？這些是您可能能夠捕捉的數位戶外預算嗎？我想，我們該如何思考這個問題？除了您在上一個答案中提到的之外，這是否會帶來更大的機會？

Thanks for the question. So just on take rates, I think you're referring to transaction revenue in ad and other revenue as a percent of GTV. And we do not guide to those specifically for the full year. What we did say is that we do expect adjusted EBITDA to be up not only in dollar terms but as a percentage of GTV year-over-year. And one of the reasons we said that is because we want to be able to make investments, whether it's in the contra revenue line or the OpEx line, to drive most efficiently, especially having just overhauled our incentive systems and having seen good results in deploying more incentives.

謝謝你的提問。因此，就轉換率而言，我認為您指的是廣告交易收入和其他收入佔 GTV 的百分比。我們不會專門針對全年提供這些指導。我們確實說過，我們確實預計調整後的 EBITDA 不僅以美元計算，而且佔 GTV 的百分比也將同比增長。我們這麼說的原因之一是我們希望能夠進行投資，無論是在相反收入線還是在運營支出線，以最有效地推動，特別是剛剛徹底改革了我們的激勵系統並在部署方面看到了良好的結果更多激勵措施。

When we decide to spend $1 in incentives instead of $1 in performance marketing, that makes it look like our transaction revenue is lower. But it makes it look like our sales and marketing expense is also lower. And so net-net, it's driving value and it's just hitting in different places in the P&L. It's important to also just remember that the efficiencies that we're delivering, and we did call out that we continue to gain efficiencies in shopper pay, also benefits transaction revenue.

當我們決定花費 1 美元用於激勵而不是 1 美元用於績效行銷時，這使得我們的交易收入看起來較低。但這使得我們的銷售和行銷費用看起來也較低。因此，淨淨，它正在推動價值，並且只是在損益表的不同位置產生影響。重要的是要記住，我們正在提供的效率，我們確實呼籲我們繼續提高購物者支付的效率，也有利於交易收入。

But then we have a decision about where to invest that and how to invest that to continue to grow the business. So we're not providing overall guidance. We're not changing our long-term targets with respect to transaction revenue reaching 6.5% to 7.5% of GTV or ads and other revenue reaching 4% to 5% of GTV. And we continue to believe that we can demonstrate real EBITDA leverage throughout the year.

但隨後我們會決定在哪裡投資以及如何投資以繼續發展業務。所以我們不提供整體指導。我們不會改變交易收入達到 GTV 的 6.5% 至 7.5% 或廣告和其他收入達到 GTV 的 4% 至 5% 的長期目標。我們仍然相信，我們可以全年展示真正的 EBITDA 槓桿。

And on your question on ads on Caper, again, important to realize that it's very early. And ads on Caper are a little bit of a different beast because they are really combining the best of online advertising, which is measurability, targetability, but then doing that in an in-store environment. And so like any new innovation in advertising, we are probably going to start to see different advertisers take from different budgets to fund this. Again, very early, but what we're seeing is that advertisers are very excited about the combination of these capabilities.

關於你關於 Caper 廣告的問題，再次強調，現在還為時過早。 Caper 上的廣告有點不同，因為它們真正結合了線上廣告的優點，即可衡量性、可定位性，但然後在店內環境中做到這一點。因此，就像廣告領域的任何新創新一樣，我們可能會開始看到不同的廣告商從不同的預算中為此提供資金。同樣，這還很早，但我們看到廣告商對這些功能的組合感到非常興奮。

You can imagine going through the store and you're dropping cookies into your cart and Dreyer's ice cream can advertise to you that the ice cream can be found in aisle 5 and then you can do an ice cream sandwich with the cookies you already have in your cart. And based on your loyalty data, we might already know that you like chocolate ice cream so we can direct you to that. It's a really incredible experience that we can unlock, but it's still very early.

您可以想像一下，您在逛商店時將餅乾放入購物車，Dreyer's 冰淇淋會向您做廣告，告知您可以在 5 號過道找到該冰淇淋，然後您可以用您已有的餅乾製作冰淇淋三明治。你的購物車。根據您的忠誠度數據，我們可能已經知道您喜歡巧克力冰淇淋，因此我們可以引導您購買。我們可以解鎖這確實是一次令人難以置信的體驗，但現在還為時過早。

And the other important thing to remember is that we're doing this hand-in-hand with retailers. We are sharing revenue on ads on Caper. We are doing it as a way to also create a new advertising revenue stream for them, and we'll want to continue to partner with them closely on making sure that these budgets are incremental to what they're seeing.

另一件需要記住的重要事情是，我們正在與零售商攜手合作。我們正在分享 Caper 上的廣告收入。我們這樣做也是為了為他們創造新的廣告收入來源，我們希望繼續與他們密切合作，確保這些預算比他們所看到的預算有所增加。

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

我們的下一個問題來自沃爾夫研究中心的 Deepak Mathivanan。

Can I ask a couple on the cohort trends? Can you provide additional color on the rate of decline of the COVID cohorts pre-2021 now with us maybe earlier in 2023? At what point can we expect the drag from COVID cohorts to be less and potentially reach some sort of like a stabilization level? And then secondly, can you also elaborate on the trends that you're seeing in '22 and '23 cohorts in terms of the growth rate so we can think about contribution from the newer cohorts?

我可以問一下隊列趨勢嗎？您能否提供有關 2021 年之前的新冠肺炎人群下降速度的更多資訊（可能會在 2023 年早些時候）？在什麼時候，我們可以預期新冠肺炎群體的拖累會減少，並有可能達到某種穩定水平？其次，您能否詳細說明您在「22」和「23」群體中看到的成長率趨勢，以便我們可以考慮新群體的貢獻？

Thanks for the question, Deepak. So just to give you some additional context, we mentioned that in the first half of last year, 2023, the mature cohorts were declining double digits and that in the second half of last year, they were declining single digits. And I'm sure that lots of folks who want to know exactly when they'll get back to flat or when they'll return to growth, but it's just not something that we've guided on. We're very pleased with the consistent improvement that we demonstrated throughout the course of last year.

謝謝你的提問，迪帕克。因此，為了給您一些額外的背景信息，我們提到在去年上半年（即 2023 年），成熟群體的下降幅度為兩位數，而在去年下半年，下降幅度為個位數。我確信很多人都想確切地知道他們什麼時候會恢復平穩或什麼時候會恢復成長，但這不是我們所指導的。我們對去年全年所表現出的持續改善感到非常滿意。

And then as it relates to newer cohorts, we haven't called out any different trends. Typically, cohorts grow in the second year compared to the first, and we've mentioned that the new cohorts that we're activating are larger than the pre-COVID cohorts.

然後，由於它與較新的群體相關，我們沒有指出任何不同的趨勢。通常情況下，與第一年相比，第二年的群組數量會有所增長，我們已經提到過，我們正在激活的新群組比新冠疫情前的群組規模更大。

Our next question comes from the line of Steven Fox of Fox Advisors LLC.

我們的下一個問題來自 Fox Advisors LLC 的 Steven Fox。

I just had 2 questions. First, a simple one. Any thoughts for the new year on free cash flow conversion, also EBITDA? And then secondly, on -- there's been a lot of discussion on the found and fill rates. Can you just sort of -- I guess, the one aspect I was curious about, talk about how advantaged you are versus some of either existing or up-and-coming competitors and that -- and why technology tied to AI or electronic tags might not lead competitors to close the gap more quickly?

我只有兩個問題。首先，一個簡單的。新的一年對自由現金流轉換以及 EBITDA 有什麼想法嗎？其次，關於發現率和填充率有很多討論。你能不能——我想，這是我好奇的一個方面，談談你相對於一些現有的或新興的競爭對手有多大的優勢——以及為什麼與人工智慧或電子標籤相關的技術可能會不是帶領競爭對手更快縮小差距？

I'll answer the first question quickly on free cash flow. So we're very pleased that we've been able to demonstrate free cash flow growth, operating cash flow growth, net income and adjusted EBITDA. We don't guide to conversion as it relates to free cash flow as a percent of adjusted EBITDA. It's impacted by things like launching new products, whether that be EBT SNAP or alcohol or Caper. But over time, they trend in the same direction. And we believe adjusted EBITDA is a good proxy for the operating cash flow that we generate. Fidji, do you want to touch on...

我將快速回答關於自由現金流的第一個問題。因此，我們非常高興能夠展示自由現金流成長、營運現金流成長、淨利潤和調整後 EBITDA。我們不指導轉換，因為它與自由現金流佔調整後 EBITDA 的百分比有關。它受到新產品推出等因素的影響，無論是 EBT SNAP 還是酒精或 Caper。但隨著時間的推移，它們會朝著同一個方向發展。我們相信調整後的 EBITDA 可以很好地代表我們產生的經營現金流。 Fidji，你想談談...

Yes. So on your question, very important to note that if you look at online grocery in general, the #1 reason for churn is cost. The second reason for churn is order quality. And that's why order quality is so critical to get right if you want people to retain and continue ordering with you. And order quality is even more critical to get right on the core of the weekly shops, things like meat, things like produce, which is why I wrote in my shareholder letter that we obsess over like the ripeness -- your preferred ripeness of bananas, so that we're able to deliver exactly what you want. And that's really important to be able to move the industry online.

是的。因此，關於你的問題，非常重要的是要注意，如果你總體上觀察在線雜貨，流失的第一大原因是成本。流失的第二個原因是訂單品質。這就是為什麼如果您希望人們留住並繼續向您訂購，那麼訂單品質就至關重要。訂單品質對於獲得每週商店的核心更為重要，例如肉類、農產品等，這就是為什麼我在股東信中寫道，我們對成熟度的關注——你最喜歡的香蕉成熟度，以便我們能夠準確交付您想要的產品。這對於使整個行業在線上化非常重要。

I've described previously all of the deep integration that we have with retailers in order to be able to have this high found rate and fill rates, whether it's catalog integration, planogram integration, collecting a lot of data, millions of replacement, billions of data points on what people prefer. And all of that is contributing to a significant advantage.

我之前已經描述過我們與零售商進行的所有深度集成，以便能夠擁有如此高的找到率和填充率，無論是目錄集成、貨架圖集成、收集大量數據、數百萬次替換、數十億次關於人們偏好的數據點。所有這些都帶來了顯著的優勢。

You ask like whether AI, in particular, is an advantage. I would say we have absolutely leading models on this particular aspect. But much more importantly, if a competitor was coming into the market right now and was able to reproduce all of our models overnight, they still wouldn't have the 10 years of data that we have accumulated on exactly all of the inventory patterns at 85,000 stores, all of the preferred replacement for all of the different parts of the population. They wouldn't have all of that data that powers our machine learning models and allows us to really deliver a completely differentiated experience. So again, it's really the combination of deep integration with retailers, lots of data, great predictive analytics model that gives us a really substantial edge.

你會問人工智慧是否特別具有優勢。我想說，我們在這個特定方面擁有絕對領先的模型。但更重要的是，如果競爭對手現在進入市場並能夠在一夜之間複製我們的所有模型，他們仍然不會擁有我們在 85,000 個庫存模型上積累的 10 年數據商店，所有不同部分人群的首選替代品。他們不會擁有為我們的機器學習模型提供支援並讓我們真正提供完全差異化體驗的所有數據。再說一次，這實際上是與零售商的深度整合、大量數據和出色的預測分析模型的結合，為我們帶來了真正巨大的優勢。

Our last question comes from the line of Mark Zgutowicz of The Benchmark Company.

我們的最後一個問題來自 Benchmark Company 的 Mark Zgutowicz。

I just had 2 questions, one on user growth and the other on AOV. First, just curious how your customer acquisition strategy is evolving. I mean understanding that the secular growth in online grocery has been deliberate and there's only so much you can press here, I'm just curious if you think about the returns you're seeing in customer acquisition, if the rate of improvement that you're seeing there suggests, at some point, you'll see -- we'll see a dollar investment accelerate here relative to GTV.

我只有兩個問題，一個關於使用者成長，另一個關於 AOV。首先，只是想知道您的客戶獲取策略是如何演變的。我的意思是，理解在線雜貨的長期增長是經過深思熟慮的，你在這裡只能強調這麼多，我只是好奇你是否考慮過在客戶獲取方面看到的回報，如果你的改進率我們看到那裡表明，在某個時候，您會看到- 我們將看到相對於GTV 而言，美元投資加速。

And then separately on AOV, just curious if you could maybe break out what the puts and takes or headwinds, tailwinds are this year, both inclusive and exclusive of the broader inflationary environment.

然後分別在 AOV 上，只是想知道您是否可以打破今年的看跌期權和看跌期權或逆風、順風，包括和排除更廣泛的通膨環境。

So on user growth, we go back to this idea that this is a massive TAM that's still vastly underpenetrated online, just 12% online penetration, while other categories of commerce are at 25%, 30%. And we're the category leader, so we see it as our responsibility to accelerate the move of the market online. That is done through a variety of tactics. Marketing is one of them but there are many other ones. We invest in partnerships. You probably saw what we did with Peacock this quarter. We partner with our retailers so that our retailers can also market to their customers because there are very clear data showing that the omnichannel customer is 2 to 4x more valuable than the in-store-only customer. So retailers have an incentive to get their customers to the omnichannel. So we are really using all of these tactics to move the market online.

因此，在用戶成長方面，我們回到這個想法，即這是一個巨大的 TAM，但線上滲透率仍然嚴重不足，線上滲透率僅為 12%，而其他類別的商業為 25%、30%。我們是該類別的領導者，因此我們認為加速市場在線化是我們的責任。這是透過各種策略來完成的。行銷是其中之一，但還有許多其他的。我們投資於合作夥伴關係。您可能看到了我們本季對 Peacock 所做的事情。我們與零售商合作，以便我們的零售商也可以向他們的客戶進行行銷，因為有非常明確的數據表明，全通路客戶的價值比純店內客戶高 2 到 4 倍。因此，零售商有動力讓客戶進入全通路。因此，我們實際上正在使用所有這些策略來將市場轉移到線上。

As it pertains to marketing specifically, we try to get more and more efficient with marketing every year and unlock new tactics. And what you're hearing this quarter is that we did shift some of our marketing investments towards incentives because we have really unlocked the ability to deliver incentives in a way that allows us to both acquire customers but also retain them over time by incentivizing the behavior that leads to habituation. And so we continue to invest in marketing based on long-term goals, not just expecting a return within the quarter, but really investing with our 5-year LTV guardrails in mind so that we can leverage the 10 years of core data that we have to give us some confidence in the return of our marketing.

特別是在行銷方面，我們每年都努力提高行銷效率，並推出新策略。本季您聽到的是，我們確實將一些行銷投資轉向了激勵措施，因為我們確實釋放了提供激勵措施的能力，使我們既能獲得客戶，又能透過激勵行為來長期留住他們這會導致習慣。因此，我們繼續基於長期目標進行行銷投資，不僅僅是期望在本季度內獲得回報，而是真正考慮到我們的 5 年 LTV 護欄進行投資，以便我們可以利用我們擁有的 10 年核心數據讓我們對行銷回報有信心。

As it relates to AOV, just as context, in 2022, as inflation was increasing, we saw basket sizes increase from $107 in Q1 to $111 in Q4. Last year in 2023, basket size was relatively stable. It was $112 in Q1 and $113 for Q2, Q3 and Q4. But as a result, comparing '23 to 2022, you saw a decrease in AOV growth year-over-year. It was at 5% in Q1, then 3%, then 2%, then 1%. And that's why for the last couple of calls, we've been calling out that the GTV growth that we've been delivering is higher quality, and by that, we mean driven more by orders growth.

由於它與 AOV 相關，正如上下文一樣，2022 年，隨著通貨膨脹的加劇，我們看到籃子規模從第一季的 107 美元增加到第四季度的 111 美元。去年2023年，籃子規模相對穩定。第一季為 112 美元，第二季、第三季和第四季為 113 美元。但結果是，將 23 年與 2022 年進行比較，您會發現 AOV 增長同比下降。第一季為 5%，然後是 3%，然後是 2%，然後是 1%。這就是為什麼在過去的幾次電話會議中，我們一直強調我們提供的 GTV 成長品質更高，我們的意思是更多地受到訂單成長的推動。

And so we continue to be focused on orders growth and accelerating orders growth. We know that AOV is impacted by some things that are outside of our control like inflation. We have seen inflation moderate. We've witnessed 4 quarters in a row of relatively stable basket sizes. So hopefully, that gives you the context that you're looking for.

因此，我們繼續關注訂單成長並加速訂單成長。我們知道 AOV 會受到一些我們無法控制的因素（例如通貨膨脹）的影響。我們看到通膨溫和。我們已經連續四個季度看到籃子規模相對穩定。希望這能為您提供您正在尋找的背景。

Yes, it does.

是的，它確實。

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

謝謝。今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。