Maplebear Inc (CART) 2023 Q3 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎參加 Instacart 2023 年第三季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給投資者關係副總裁 Rebecca Yoshiyama。請繼續。

Thank you, Gigi, and welcome everyone, to Instacart's Third Quarter 2023 Earnings Call. On the call with me today are Fidji Simo, our Chief Executive Officer; and Nick Giovanni, our Chief Financial Officer.

謝謝 Gigi，歡迎大家參加 Instacart 的 2023 年第三季財報電話會議。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。

Shortly, we will open up the call for live questions. 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 Q4 and full year 2023 financial results and future profitability, financial and operating targets, business and industry trends, market opportunities and potential share repurchases.

很快，我們將開放現場提問徵集。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2023 年第四季度和全年財務業績和未來盈利能力的預期、財務和營運目標、業務和行業趨勢、市場機會和潛在的股票回購。

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 financial perspectives for our initial public offering filed with the SEC on September 20, 2023, and in our Form 10-Q for the quarter ended September 30, 2023, that we will file with the SEC.

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。您可以在我們於2023 年9 月20 日向SEC 提交的首次公開募股的財務角度以及截至2023 年9 月30 日的季度的10-Q 表格中找到有關這些風險和不確定性的更多信息，我們將向SEC 提交該表格。美國證券交易委員會。

We assume no obligation to update these statements after today's call, except as required by the law. In addition, we will 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. As a reconciliation between these GAAP and non-GAAP financial measures is located in our shareholder letter, which can be found on our Investor Relations website.

除非法律要求，否則我們沒有義務在今天的電話會議後更新這些聲明。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表位於我們的股東信函中，您可以在我們的投資者關係網站上找到該信函。

This conference call is being webcasted and will be available for audio replay on our Investor Relations website in a few hours. Now I'll turn the call over to Fidji for opening remarks.

本次電話會議正在進行網路直播，幾個小時後將在我們的投資者關係網站上提供音訊重播。現在我將把電話轉給 Fidji 致開幕詞。

Thank you, Rebecca, and hi, everyone, and welcome to our people for our very first public earnings call. I hope you all had a chance to read our shareholder letter, which includes lots of information about our third quarter results.

謝謝麗貝卡，大家好，歡迎我們的員工參加我們的第一次公開財報電話會議。我希望你們都有機會閱讀我們的股東信，其中包含有關我們第三季業績的大量資訊。

For more than 10 years, we have been investing in purpose-built technologies that can solve a wide array of complex challenges in grocery. We are the clear leader among digital-first platforms in online grocery with a winning combination of selection, quality, value and convenience. Our strengths are evident across our business: the breadth and depth of our retailer integrations, the quality of the experience and accuracy of our orders, the size of our baskets, the increased order frequency and spend from our customers over time, not to mention our healthy unit economics.

十多年來，我們一直投資於專用技術，以解決食品雜貨領域的各種複雜挑戰。我們是線上雜貨數位優先平台中明顯的領導者，具有選擇、品質、價值和便利性的獲勝組合。我們的優勢在我們的業務中是顯而易見的：我們的零售商整合的廣度和深度、我們訂單的體驗品質和準確性、我們購物籃的規模、隨著時間的推移增加的訂單頻率和客戶支出，更不用說我們的健康的單位經濟效益。

We have a massive head start and we are getting better every single day with every order. A significant advantage is our unmatched selection and deep integration with retail partners. We partner with more than 1,400 retail banners across more than 80,000 locations that collectively represent more than 85% of the U.S. grocery market.

我們擁有巨大的領先優勢，並且每天的訂單都在進步。一個顯著的優勢是我們無與倫比的選擇以及與零售合作夥伴的深度整合。我們與 80,000 多個地點的 1,400 多個零售品牌合作，這些零售品牌總共佔據了美國雜貨市場 85% 以上的份額。

For us, it's about more than just putting our partners catalog online. It's about becoming their strategic partner across their entire digital transformation. For example, we build and power many retail e-commerce storefronts and pickup businesses. We support operations at our brick-and-mortar stores and so much more.

對我們來說，這不僅僅是將我們的合作夥伴目錄放到網路上。這是為了成為他們整個數位轉型的策略合作夥伴。例如，我們建立並支援許多零售電子商務店面和取貨業務。我們支持實體店等的營運。

Another advantage is our highly engaged customer base. Instacart has become an important part of our customers' lives to the point where people count on us for their weekly grocery shop and many other use cases.

另一個優勢是我們高度參與的客戶群。 Instacart 已成為客戶生活的重要組成部分，人們每週都依賴我們的雜貨店和許多其他用例。

When looking at annual cohort data from 2017 to 2022, on average, our monthly active orders start by using Instacart 2.1x a month and spent $226 a month in year 1. And by year 6, they order 3.9x a month and spent $480 a month. On average, this means our customers spend more than $100 per order, which is a key element to unlocking profitable unit economics along with our next advantage, which is our massive scale in groceries.

從2017 年到2022 年的年度隊列資料來看，平均而言，我們的每月活躍訂單開始時每月使用Instacart 2.1 次，第一年每月花費226 美元。到了第6 年，他們每月訂購3.9 次，每月花費480 美元。平均而言，這意味著我們的客戶每份訂單花費超過 100 美元，這是釋放單位經濟效益的關鍵因素，也是我們的下一個優勢（即我們的龐大雜貨規模）的關鍵要素。

Over the last 12 months, we completed more than 265 million orders. This gives us the experience and data needed to unlock efficiencies that are unique to grocery and that you can only unlock once you reach that scale, from our best-in-class search engine and replacement algorithms to our batching technologies to our way finding inside the store and much more. This, in turn, allow us to improve customer and shopper satisfaction while minimizing our fulfillment costs.

過去 12 個月，我們完成了超過 2.65 億份訂單。這為我們提供了解鎖雜貨店特有的效率所需的經驗和數據，並且只有達到該規模後才能解鎖，從我們一流的搜尋引擎和替換演算法到我們的批次技術，再到我們在食品雜貨店內部尋找的方式。商店等等。這反過來又使我們能夠提高客戶和購物者的滿意度，同時最大限度地降低我們的履行成本。

Finally, advertising. Our advertising and other revenue operates at a nearly $900 million run rate today. As we continue to scale our ads business, we're also working to drive better results for all our stakeholders creating new and more effective ways for brands to connect with consumers and generating more sales for our retailers out of their existing locations.

最後是廣告。如今，我們的廣告和其他收入以近 9 億美元的運行速度運行。隨著我們不斷擴大廣告業務，我們也致力於為所有利益相關者帶來更好的成果，為品牌與消費者建立聯繫創造新的、更有效的方式，並為我們的零售商在現有地點創造更多銷售。

And because advertising helps us fulfill orders more profitably, we're able to maintain lower customer and retailer fees as a percentage of GTV. To put this in perspective, our fees are generally about half as much as the fees charged in restaurant delivery. All of these advantages explain why the Instacart experience remains vastly superior.

由於廣告可以幫助我們以更高的利潤完成訂單，因此我們能夠保持較低的客戶和零售商費用（佔 GTV 的百分比）。從這個角度來看，我們的費用通常是餐廳外送費用的一半左右。所有這些優勢都解釋了為什麼 Instacart 的體驗仍然極其優越。

Based on third-party data, we continue to be the clear leader among digital-first platforms in online grocery with more than 50% share of small baskets under $75 and more than 70% share of large baskets over $75.

根據第三方數據，我們仍然是線上雜貨數位優先平台中明顯的領導者，75 美元以下的小籃子市場份額超過 50%，75 美元以上的大籃子市場份額超過 70%。

When we look at new customer activations in online grocery, our large basket activations are more than 5x higher than new entrants which leads to our new activation GTV being multiples higher. Once a customer is onboarded to a platform, we closely track the conversion rate of small-basket customers to large-basket customers and our rate is more than 5x higher than these other players as well. These are all critical distinctions because approximately 3 quarters of online grocery and likely even more of the profits sits in large baskets of $75 and above.

當我們觀察線上雜貨店的新客戶啟動情況時，我們的大籃子激活情況比新進入者高出 5 倍以上，這導致我們的新激活 GTV 成倍增加。一旦客戶加入平台，我們就會密切追蹤小籃子客戶轉換成大籃子客戶的率，我們的轉換率也比其他參與者高出 5 倍以上。這些都是關鍵的區別，因為大約 3 個季度的線上雜貨以及可能更多的利潤都集中在 75 美元及以上的大籃子中。

While our business continues to be impacted by several macro headwinds, our competitive advantages put us in a much better position to navigate this period and come up stronger. We remain relentlessly focused on profitable growth. We're staying disciplined and are managing the things we can control to ensure we continue delivering strong earnings and operating cash flow.

儘管我們的業務繼續受到一些宏觀不利因素的影響，但我們的競爭優勢使我們能夠更好地度過這段時期並變得更強大。我們仍然堅持不懈地專注於獲利成長。我們保持紀律，並管理我們可以控制的事情，以確保我們繼續提供強勁的收益和營運現金流。

Today, we have approximately $2.2 billion of cash and similar assets and recently established a new $500 million share repurchase program to opportunistically buy back shares. Overall, I'm unwavering in my long-term view on the future of online grocery adoption. I'm confident that our competitive advantages will allow us to further expand our category leadership. And we are focused on executing our profitable growth strategy, transforming the world's largest retail category will take time but we believe we have all of the ingredients to generate long-term value for our partners, teams and shareholders.

如今，我們擁有約 22 億美元的現金和類似資產，並且最近制定了一項新的 5 億美元的股票回購計劃，以伺機回購股票。總的來說，我對線上雜貨採用的未來的長期看法堅定不移。我相信我們的競爭優勢將使我們能夠進一步擴大我們的品類領導地位。我們專注於執行我們的獲利成長策略，轉變全球最大的零售類別需要時間，但我們相信我們擁有為合作夥伴、團隊和股東創造長期價值的所有要素。

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.

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。

Thank you, Fidji. In Q3, we delivered a solid quarter, and our business fundamentals continue to improve. Now let me provide a bit more color on our Q3 results and our future outlook.

謝謝你，菲吉。第三季度，我們的季度業績表現強勁，我們的業務基本面持續改善。現在讓我對第三季的業績和未來展望提供更多資訊。

I'll start with GTV and orders. In Q3, year-over-year GTV growth improved for a second consecutive quarter. GTV from our mature cohorts collectively declined, but the rate of decline continued to improve compared to Q1 and Q2.

我將從 GTV 和訂單開始。第三季度，GTV 年成長連續第二季有所改善。我們成熟族群的 GTV 整體下降，但與第一季和第二季相比，下降速度持續改善。

Our largest 2020 and 2021 COVID cohorts no longer represent the majority of our total GTV as we've layered on new customers in 2022 and 2023. In Q4, we expect year-over-year GTV growth to remain in the 5% to 6% range and the composition of this growth to continue to be driven more by orders growth than AOV growth as the impact of inflation wanes year-over-year.

由於我們在2022 年和2023 年增加了新客戶，因此2020 年和2021 年最大的新冠肺炎群體不再占我們總GTV 的大部分。在第四季度，我們預計GTV 同比增長將保持在5% 至6%隨著通膨影響逐年減弱，訂單成長的推動力將持續大於 AOV 成長。

Our philosophy on GTV guidance is to share what we expect will happen based on the trends that we are seeing in the business so far in Q4, which are consistent with the past 2 quarters. We are not providing guidance that we expect to exceed. Now on to transaction revenue. As we expect, we saw transaction revenue as a percent of GTV rebound from 6.8% in Q2 to 7.2% in Q3.

我們對 GTV 指導的理念是根據我們在第四季度迄今為止看到的業務趨勢來分享我們預期將會發生的情況，這些趨勢與過去兩個季度一致。我們沒有提供我們預期會超出的指導。現在談談交易收入。正如我們預期的那樣，我們看到交易收入佔 GTV 的百分比從第二季的 6.8% 反彈至第三季的 7.2%。

In Q4, we expect transaction revenue as a percent of GTV to remain flat quarter-over-quarter. As a reminder, our long-term target for transaction revenue is 6.5% to 7.5% of GTV. Now for Advertising & Other revenue. Our Q3 performance was much stronger than expected, primarily driven by higher advertiser spending in back-to-school and fall football campaigns.

第四季度，我們預計交易收入佔 GTV 的百分比將環比持平。提醒一下，我們交易收入的長期目標是 GTV 的 6.5% 至 7.5%。現在是廣告和其他收入。我們第三季的業績遠強於預期，這主要是由於返校和秋季足球活動中廣告商支出增加所致。

In Q4, we expect Advertising & Other revenue to grow sequentially with seasonality. We expect roughly $20 million of sequential advertising and other revenue growth compared to $6 million from Q1 to Q2 and $16 million from Q2 to Q3. As a reminder, for the past few quarters, our ad and other investment rate has expanded year-over-year by approximately 30 to 50 basis points, and that's much higher than the 20 basis points that we aim for on an annualized basis.

在第四季度，我們預計廣告及其他收入將隨季節性增長。我們預計廣告和其他收入的連續成長約為 2,000 萬美元，而第一季到第二季為 600 萬美元，第二季到第三季為 1,600 萬美元。提醒一下，在過去的幾個季度中，我們的廣告和其他投資率同比增長了約 30 至 50 個基點，這遠高於我們的年化目標 20 個基點。

This was largely due to the ramp-up of shoppable display and shoppable video launches in the second half of 2022. And as a result, for the next few quarters, it is still our expectation that Ad & other investment rate will expand less than 20 basis points year-over-year as we comp against these periods.

這主要是由於 2022 年下半年可購物展示和可購物影片發布的增加。因此，在接下來的幾個季度，我們仍然預計廣告和其他投資率將增長不到 20當我們與這些時期進行比較時，同比出現基點。

Over time, we continue to expect steady expansion towards our long-term target for Ad & Other revenue, which is 4% to 5% of GTV. Achieving our targets for transaction revenue and Ads & Other revenue, would bring our long-term target for total revenue to 10.5% to 12.5% of GTV and GAAP gross profit target to 8% to 10% of GTV.

隨著時間的推移，我們繼續預期廣告和其他收入的長期目標將穩定擴張，即佔 GTV 的 4% 至 5%。實現我們的交易收入和廣告及其他收入目標，將使我們的總收入達到 GTV 的 10.5% 至 12.5% 的長期目標，並將 GAAP 毛利目標提高到 GTV 的 8% 至 10%。

Turning to adjusted operating expenses, we generally expect the same trends we saw in Q3 to persist in Q4 as a percent of GTV, but I would call out the following.

談到調整後的營運費用，我們通常預計第三季看到的相同趨勢將在第四季度持續，佔 GTV 的百分比，但我想指出以下幾點。

First, adjusted ops and support typically increases sequentially in Q4 due to seasonality in shopper onboarding. And second, we will be prepared to spend more on adjusted sales and marketing if we see the right opportunities to drive long-term growth throughout the quarter. Our long-term target for adjusted operating expenses is 4.5% to 5% of GTV.

首先，由於購物者入門的季節性，調整後的營運和支援通常會在第四季度依次增加。其次，如果我們看到推動整個季度長期成長的合適機會，我們將準備在調整後的銷售和行銷方面投入更多資金。我們調整後營運費用的長期目標是 GTV 的 4.5% 至 5%。

Putting all this together, we expect to expand the Q4 adjusted EBITDA quarter-over-quarter and year-over-year to a range of $165 million to $175 million. This is an increase compared to the $163 million we generated in Q3 2023 and the $133 million we generated in Q4 2022.

綜上所述，我們預計第四季度調整後 EBITDA 環比和年比將擴大至 1.65 億美元至 1.75 億美元的範圍。與 2023 年第三季的 1.63 億美元和 2022 年第四季的 1.33 億美元相比，這一數字有所增加。

It also demonstrates ongoing progress towards our long-term adjusted EBITDA target of 4% to 5% of GTV. And finally, we will remain disciplined on share dilution and expect to return to GAAP profitability in the full year 2024. We have already taken steps to manage stock-based compensation and lower dilution, but expect it will take several quarters for the stock-based comp expense related to pre-IPO awards to normalize given they are expensed using the accelerated attribution method.

它還表明我們在實現 GTV 4% 至 5% 的長期調整 EBITDA 目標方面正在取得進展。最後，我們將繼續遵守股票稀釋規定，並預計在 2024 年全年恢復 GAAP 盈利能力。我們已經採取措施管理股票薪酬和降低稀釋度，但預計股票稀釋需要幾個季度的時間與首次公開募股前獎勵相關的補償費用將正常化，因為它們是使用加速歸屬法進行支出的。

We remain committed to being profitable on an adjusted EBITDA basis even after deducting the net value of equity we grant each year, and this framework, which we are on track to achieve this year is expected to position us to return to GAAP profitability for the full year in 2024. Overall, we believe our fundamentals are solid, and we have delivered improving growth throughout the year at higher levels of profitability.

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，而我們今年有望實現的這一框架預計將使我們能夠全面恢復 GAAP 盈利能力。2024 年。總體而言，我們相信我們的基本面是穩固的，並且我們在全年實現了增長，盈利水平更高。

Together with our partners, we believe we can continue to lead the digital transformation of the grocery industry. We're excited about the future and appreciate your support as shareholders. With that, we'd like to open it up for live questions. Operator, you may begin.

我們相信，與我們的合作夥伴一起，我們能夠繼續引領雜貨產業的數位轉型。我們對未來感到興奮，並感謝您作為股東的支持。至此，我們想開放現場提問。接線員，您可以開始了。

(Operator Instructions) Our first question comes from the line of Eric Sheridan from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Eric Sheridan。

Maybe if I can go back to asking something that would be a big picture question. We continue to get asked by investors about the broader competitive landscape and how you think about your opportunity set and competitive positioning between the small basket and large basket size elements of the broader online grocery landscape. I'd love to revisit your broader thoughts there.

也許我可以回去問一些大問題。投資者不斷向我們詢問更廣泛的競爭格局，以及您如何看待更廣泛的線上雜貨領域的小籃子和大籃子元素之間的機會集和競爭定位。我很樂意重新審視您的更廣泛的想法。

Eric, as I mentioned, I think it's incredibly important to understand that three quarter of the industry is in large baskets and even more of the profit. We are the market leader in both small basket and large baskets, 50% share of the category in small basket, more than 60% share and more than 70% share in large baskets.

艾瑞克，正如我所提到的，我認為了解該行業四分之三的份額以及更多的利潤是非常重要的。我們是小籃子和大籃子的市場領導者，小籃子類別的份額為 50%，大籃子類別的份額超過 60%，份額超過 70%。

But what we're seeing is really that we have built an incredibly defensible business by having this deep integration with grocers by uploading their entire selection online and making it available to people at the highest quality, highest accuracy over the course of 10 years, which has really allowed us to capture the weekly shop, which is a core use case basket of more than $75 that are very defensible.

但我們所看到的是，我們透過與雜貨商的深度整合，將他們的全部選擇上傳到網上，並在10 年的時間里以最高品質、最準確的方式提供給人們，從而建立了一個令人難以置信的防禦性業務，這確實讓我們能夠佔領每週商店，這是一個價值超過 75 美元的核心用例籃子，非常有防禦力。

And so what we are seeing is that, obviously, the grocery industry is an attractive market for new entrants. We expect competition to continue to try to enter that market. But what we've seen is that when we do enter that market, especially new entrants coming more from the restaurant delivery side, they are really focused on small baskets and we have a much greater ability more than 5 times greater ability to convert small-basket customers into large-basket customers and also 5x greater ability to attract large baskets.

所以我們看到的是，顯然雜貨業對於新進業者來說是一個有吸引力的市場。我們預計競爭將繼續試圖進入該市場。但我們看到的是，當我們確實進入這個市場時，尤其是更多來自餐廳外賣方面的新進入者，他們實際上專注於小籃子，而我們擁有比小籃子轉換能力強5倍多的能力-購物籃客戶轉變為大購物籃客戶，吸引大購物籃的能力也提高了 5 倍。

And large basket means that you have more fulfillment efficiencies. It also means that you have more advertising opportunities, and that's really where you are seeing the strength of our unit economic shine because we are able to have such a strong share in that part of the market.

大購物籃意味著您的履行效率更高。這也意味著您有更多的廣告機會，這確實是您看到我們單位經濟實力的亮點，因為我們能夠在該部分市場中佔有如此強大的份額。

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

我們的下一個問題來自貝爾德 (Baird) 的科林·塞巴斯蒂安 (Colin Sebastian)。

I guess, also a bigger picture question for me. I mean, given that there are 4 sites to your marketplace, I'm curious how well balanced do you think the supply side is with stores and shoppers versus the demand side from consumers and advertisers. If there's one area or multiple areas that need more focus? Or are those in pretty good balance right now?

我想，這對我來說也是一個更大的問題。我的意思是，考慮到您的市場有 4 個站點，我很好奇您認為商店和購物者的供應方與消費者和廣告商的需求方之間的平衡程度如何。是否有一個或多個領域需要更多關注？或者說現在這些平衡得很好嗎？

Great question. Thank you. So I will go kind of one by one. On the shopper side, supply is extremely healthy. We continue to have a wait list of shoppers in many cities, and we are seeing that we have high satisfaction of our shoppers. 80% of our shoppers would recommend to others to shop on Instacart and saying that Instacart offers good paying, earning opportunities. So on that side, we feel very good. On the retailer side, we have 80,000 stores on the platform. We have a very big selection advantage here. We still have more room to grow on attracting the rest of the market, the long tail of the market.

很好的問題。謝謝。所以我會一一進行。在購物者方面，供應非常健康。在許多城市，我們仍然有購物者的等待名單，我們發現購物者對我們的滿意度很高。 80% 的購物者會推薦其他人在 Instacart 上購物，並表示 Instacart 提供良好的付費、賺錢機會。所以從這方面來說，我們感覺非常好。在零售商方面，我們平台上有8萬家商店。我們在這裡有非常大的選擇優勢。在吸引其他市場、市場的長尾方面，我們還有更大的成長空間。

But we certainly have a lot of supply already. We have 85% of the market represented on Instacart. And so from that perspective, I think growth is going to come more from deepening our integration with grocers and offering more services like virtual convenience, like SNAP, like everything's pick up, everything you have seen us roll out in last couple of years rather than just expanding number of stores.

但我們肯定已經有很多供應了。我們在 Instacart 上佔有 85% 的市佔率。因此，從這個角度來看，我認為成長將更多來自於加深我們與雜貨商的整合，並提供更多的服務，例如虛擬便利，例如SNAP，例如一切都在回升，你看到我們在過去幾年推出的一切，而不是只是擴大商店數量。

On the advertiser side, we have 5,500 advertisers on the platform. That number continues to grow. And what we're seeing is that there isn't really any ad-scale brands that sells on the platform that isn't already advertising with Instacart. So here again, a lot of the game is continuing to attract more emerging brands, but also in big part, deepening the investment rate from our advertisers by continuing to show them the value of the platform.

在廣告商方面，我們平台上有5500家廣告商。這個數字還在持續增加中。我們看到的是，實際上沒有任何在該平台上銷售的廣告規模品牌尚未在 Instacart 上投放廣告。因此，許多遊戲都在繼續吸引更多的新興品牌，但在很大程度上，透過繼續向廣告商展示平台的價值，加深了他們的投資率。

I left the consumer side for last because I think that is actually where we have the most room for growth. This is an industry that is still only 12% penetrated online. And so a lot of our focus and some of what you're seeing in terms of investment in sales and marketing and customer incentives are really geared towards accelerating online adoption.

我把消費者方面放在最後，因為我認為這實際上是我們成長空間最大的領域。這個行業的線上滲透率仍然只有 12%。因此，我們的許多重點以及您在銷售和行銷投資以及客戶激勵方面看到的一些內容實際上都是為了加速線上採用。

And as a clear category leader, we see it as our responsibility to do that. If more demand -- more consumer demand was to come, we would be able to handle that with all of the other sides of our marketplace. And so that's really the thing we're most focused on.

作為明確的類別領導者，我們認為這樣做是我們的責任。如果出現更多需求——更多消費者需求，我們將能夠與市場的所有其他方面一起應對。所以這確實是我們最關注的事情。

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

我們的下一個問題來自伯恩斯坦的 Nikhil Devnani。

Congrats on the IPO. When you just step back and think about some of your largest partners, some of them have the scale, potentially even the ambition to bring more of their grocery solution in-house or even use other partners over time. I mean how do you think about positioning Instacart to minimize the risk of that? And how do you make sure that you're both integral to these large partners and also retaining positive economics for yourself in the process?

祝賀首次公開募股。當你退一步思考一些最大的合作夥伴時，他們中的一些人擁有規模，甚至可能有雄心，將更多的雜貨解決方案引入內部，甚至隨著時間的推移使用其他合作夥伴。我的意思是，您如何看待 Instacart 的定位以最大程度地降低這種風險？您如何確保自己既是這些大型合作夥伴不可或缺的一部分，又在過程中為自己保留積極的經濟效益？

So when you think about the percentage of sales that we represent for our partners, we represent 5% of the total sales. That's a very large number. And even with our larger partners that can be in the low teens. And so we are already a strategic partner deeply integrated with our business. You mentioned this idea of partners having the scale to do that on their own. I will call out that it took us 100 million orders before we were able to get to positive unit economics.

因此，當您考慮我們為合作夥伴所代表的銷售額百分比時，我們佔總銷售額的 5%。這是一個非常大的數字。即使我們的合作夥伴規模較大，也可能只有十幾歲。因此，我們已經是與我們業務深度融合的策略合作夥伴。您提到了合作夥伴擁有足夠規模來獨立完成這項任務的想法。我要指出的是，我們花了 1 億份訂單才實現了積極的單位經濟效益。

So scale matters enormously in order to deliver this business not only profitably but also at scale and efficiently. And so the reason you're seeing all of our large partners partnering with us year after year, choosing to continue our relationship with us is because we are the most efficient, and we are offering them a service that they know is both efficient for their own P&L, but also allows them to keep the service as affordable as possible for their customers, which does drive growth.

因此，為了使這項業務不僅能夠獲利，而且能夠規模化、有效率地開展，規模非常重要。因此，您看到我們所有的大型合作夥伴年復一年地與我們合作、選擇繼續與我們合作的原因是因為我們是最高效的，而且我們為他們提供的服務他們知道對他們來說既高效又有效率。自己的損益表，但也使他們能夠為客戶提供盡可能負擔得起的服務，這確實推動了成長。

And so we feel very good about that, and that's why you are continuing to see us focus on fulfillment efficiencies because we know that is a very strong competitive advantage and the reason our partners come to us for this service.

因此，我們對此感覺非常好，這就是為什麼您繼續看到我們專注於履行效率，因為我們知道這是一個非常強大的競爭優勢，也是我們的合作夥伴向我們尋求這項服務的原因。

Our next question comes from the line of Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

You indicated that you'd be prepared to spend more on sales and marketing if you see the right opportunities to drive long-term growth. Just curious if that represents any kind of change to your recent thinking or perhaps any kind of shift in how you think about returns threshold. And then secondly, the slower ad growth in 4Q and 1Q, could you just talk a little bit more about some of the dynamics there as you're lapping the shoppable launches and then how you'll work to offset those impacts?

您表示，如果您看到推動長期成長的合適機會，您將準備在銷售和行銷方面投入更多資金。只是好奇這是否代表您最近的想法發生了任何變化，或者您對回報閾值的看法發生了任何變化。其次，第四季和第一季的廣告成長放緩，您能否多談談在推出可購物產品時的一些動態，以及您將如何努力抵消這些影響？

Thanks for the questions, Doug. First, on sales and marketing, no change to our philosophy. We continue to invest where we see the opportunity to acquire customers that have a high lifetime value, and we'll do so as long as we see the ability to attract new customers and grow the [MTV] . And so there has been no change. We just wanted to call out that as we see those opportunities, we will remain consistent with that philosophy and that might lead to us spending more in Q4.

謝謝你的提問，道格。首先，在銷售和行銷方面，我們的理念並沒有改變。我們會繼續在有機會獲得具有高生命週期價值的客戶的地方進行投資，只要我們看到有能力吸引新客戶並發展[MTV]，我們就會這樣做。所以沒有任何變化。我們只是想指出，當我們看到這些機會時，我們將保持這一理念，這可能會導致我們在第四季度支出更多。

And as it relates to the ads business, what we wanted to call out is there's no change in our expectations for the level of ad revenue that we'll generate in Q4 and Q1. But we wanted to point out that Q3 was exceptionally strong and that we didn't expect the sequential increase from Q3 to Q4 to be as strong because of the outperformance in Q3. As it relates to what we'll do to get the advertising business back on [track], I'll turn it over to Fidji to talk about the long-term growth in the ads business.

由於它與廣告業務相關，我們想要指出的是，我們對第四季和第一季產生的廣告收入水準的預期沒有變化。但我們想指出，第三季的表現異常強勁，而且由於第三季的表現出色，我們預計第三季到第四季的連續成長不會如此強勁。因為這關係到我們要如何讓廣告業務重回正軌，所以我會把它交給 Fidji 來談談廣告業務的長期成長。

Yes. In terms of long-term growth, there are essentially 4 levers. One is getting our current advertisers to spend more, and that comes from continuing to roll out innovations in terms of format. So in addition to shoppable display and video, we rolled out Stock up and Save and Plan to Continue to innovate that. And also rolling out more measurement capabilities. We've rolled out sales lift and continue to expand that.

是的。就長期成長而言，主要有4個槓桿。一是讓我們現有的廣告主增加支出，而這來自於不斷推出格式創新。因此，除了可購物展示和影片之外，我們還推出了「庫存和保存」功能，並計劃繼續創新。並推出更多測量功能。我們已經推出了銷售提升計劃，並將繼續擴大這一範圍。

The second lever is to get more emerging brands to advertise on Instacart. We see that emerging brands tend to spend more as a percentage of GTV in general because they want very measurable solutions, which is what we offer.

第二個槓桿是讓更多新興品牌在 Instacart 上做廣告。我們發現，新興品牌總體上傾向於在 GTV 中花費更多，因為他們需要非常可衡量的解決方案，而這正是我們所提供的。

The third lever is penetrating categories that have high investment rate even further. I'll give you a couple of examples, alcohol, personal care, pets tend to have a much higher investment rate than the rest of the selection.

第三個槓桿是進一步滲透投資率高的品類。我舉幾個例子，酒精、個人照護、寵物的投資率往往比其他選擇高得多。

And so continuing to deepen online penetration in this category will naturally raise investment rate. And then a fourth but smaller lever is actually our investment in off-site through Carrot Ads, where we take our entire ads platform, and we make it available on our retailers owned and operated properties so that they can create a retail media business on their own as well as some of the recent launches that we've announced with the Trade Desk or Roku.

因此，繼續深化該品類的線上滲透率自然會提高投資率。第四個但較小的槓桿實際上是我們透過胡蘿蔔廣告進行場外投資，我們利用整個廣告平台，並將其提供給我們的零售商擁有和經營的資產，以便他們可以在自己的平台上創建零售媒體業務。以及我們最近透過 Trade Desk 或 Roku 宣布推出的一些產品。

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

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Great. Fidji, just one big picture question, and then Nick more of a housekeeping. So the big picture is on the topic of advertising. One of the questions we heard during the IPO was that while your ad business is great, and it's a nice differentiator in the market, there's a natural tension that exists that the larger you guys get, the more vendor dollars are moving away from your retail grocery partners. So how would you address that topic? And then, Nick, on the transaction take rate, a nice little uptick to -- this is 7.2% quarter-on-quarter. What were the primary drivers of that improvement versus last quarter?

偉大的。 Fidji，只是一個大局問題，然後 Nick 更多的是一個家政問題。所以大局是關於廣告的話題。我們在首次公開募股期間聽到的問題之一是，雖然你們的廣告業務很棒，並且在市場上是一個很好的差異化因素，但存在一種自然的緊張關係，即你們規模越大，供應商的資金將從你們的零售業務轉移出去。雜貨合作夥伴。那你會如何解決這個話題呢？然後，尼克，就交易率而言，季度環比有一個不錯的小幅上升，為 7.2%。與上季相比，這項改善的主要驅動因素是什麼？

Thanks, Ross. So two parts on how we address what you mentioned. One is -- as I just mentioned with Carrot ads, we have taken all of our ads technology, ad sales and are making it available to grocers on their owned and operated property, so they can benefit from everything we've built to create a retail media business of that on. We've done that with Sprouts, for example, and others. And so that's a win which we completely align the growth of ad business with our retail partners.

謝謝，羅斯。關於我們如何解決您提到的問題，我們分兩部分進行。一是——正如我剛才在胡蘿蔔廣告中提到的那樣，我們已經採用了所有的廣告技術、廣告銷售，並將其提供給雜貨商擁有和經營的財產，這樣他們就可以從我們為創建一個零售媒體業務就這樣。例如，我們已經用豆芽和其他產品做到了這一點。因此，這是我們與零售合作夥伴完全協調廣告業務成長的勝利。

A second part of that is that your question implies that there are finite budget. But what we're actually seeing is that because we are able to really demonstrate performance of advertising online, CPGs are starting to unlock more ad dollars than to go to our channel and retail media in general. With that, having to trade that off with trade spend because they are seeing that because these dollars return, there is room to actually grow this budget. If you look at the rest of the advertising industry, that's certainly been the case in e-commerce, and now that retail media platforms are making advertising as measurable as e-comm advertising. We are starting to see similar trends in CPG advertising, which is really promising.

第二部分是你的問題意味著預算是有限的。但我們實際看到的是，因為我們能夠真正展示線上廣告的效果，所以快速消費品開始釋放比我們的通路和零售媒體更多的廣告收入。因此，必須用貿易支出來權衡這一點，因為他們看到，由於這些美元回流，因此有實際增加預算的空間。如果你看看廣告業的其他領域，電子商務領域肯定就是這種情況，現在零售媒體平台正在讓廣告像電子商務廣告一樣可衡量。我們開始在 CPG 廣告中看到類似的趨勢，這確實很有前途。

And then on your second question, Ross. Yes, we were really pleased with transaction revenue in the quarter. Year-over-year, we saw about 80 basis points of improvement in fulfillment efficiencies that were offset by about 40 basis points that we reinvested into customer incentives. And quarter-over-quarter, we saw about a 40 basis point improvement in retailer revenue because the onetime items that occurred in Q2 did not recur in Q3.

然後關於你的第二個問題，羅斯。是的，我們對本季的交易收入非常滿意。與去年同期相比，我們的履行效率提高了約 80 個基點，但我們再投資於客戶激勵措施的約 40 個基點抵消了這一提高。與上一季相比，我們看到零售商收入提高了約 40 個基點，因為第二季發生的一次性商品在第三季沒有再出現。

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

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

I'm sure you're going to get a lot of advertising questions. So sorry to follow up on that. But I would love to learn a little bit more about what inning you see your advertising product in for the large enterprise? Also at the grocery shop and you guys had a great presentation talking about the ability with your shopping cards to measure kind of in-store transactions and the perfect closed-loop system for incrementality.

我相信您會收到很多廣告問題。很抱歉跟進此事。但我很想多了解您為大型企業看到的廣告產品的哪個階段？同樣在雜貨店，你們進行了精彩的演示，討論了使用購物卡衡量店內交易的能力以及完美的增量閉環系統。

That seems to be the big question for CPG brands, right, incrementality. So I would just love to hear your kind of thoughts going forward into the future on that. And if that kind of allows you to go from unlocking fixed ad budgets to in theory, unlimited ad budgets as it becomes more ROAS measurement, if that makes sense.

這似乎是消費品品牌面臨的一個大問題，對吧，增量。所以我很想聽聽您對未來的想法。如果這種方式允許你從解鎖固定廣告預算到理論上無限的廣告預算，因為它變得更多的 ROAS 衡量，如果這有意義的話。

Yes. As I mentioned, the last two years has been really a journey of rolling out more measurement capabilities, more optimization capabilities. And initially, we were really just focused on measuring ROAS, which is very strong. And in fact, during the quarter, we released more case studies like Toms, Bitchin Sauce showing strong ROAS, but we also rolled out measurement for sales list specifically.

是的。正如我所提到的，過去兩年確實是推出更多測量功能、更多優化功能的旅程。最初，我們實際上只是專注於衡量 ROAS，這是非常強大的。事實上，在本季度，我們發布了更多案例研究，例如 Toms、Bitchin Sauce，顯示出強勁的 ROAS，但我們也特別推出了針對銷售清單的衡量。

And if you look on average or at our self-lift studies, where you see that advertising on Instacart gives you a 15% sales lift, which is really meaningful for brands. And so we're continuing to roll out sales lift measurement to more and more brands, more and more formats because that should be the ultimate measurement that they should look at to decide to invest and continue the trend of increased investment that you're seeing.

如果你看看我們的平均自我提升研究，你會發現 Instacart 上的廣告可以讓你的銷售額提升 15%，這對品牌來說確實很有意義。因此，我們將繼續向越來越多的品牌、越來越多的業態推出銷售提升衡量標準，因為這應該是他們決定投資並繼續您所看到的投資增加趨勢時應該考慮的最終衡量標準。

You mentioned in-store solution. We think that this is a longer-term debt for us, especially as part of deploying over the future of Caper Carts in-store. And we believe that it provides a really great opportunity to take all of the strength of online advertising and bring it to the store because Caper Carts have a screen on which you can do very measurable, very personalized, very dynamic advertising and really blend the best of online and the best of off-line.

您提到了店內解決方案。我們認為這對我們來說是一項長期債務，特別是作為未來店內 Caper Carts 部署的一部分。我們相信，它提供了一個非常好的機會，可以充分利用在線廣告的所有優勢並將其帶到商店，因為Caper Carts 有一個屏幕，您可以在屏幕上進行非常可衡量、非常個性化、非常動態的廣告，並真正融合最好的廣告在線的最佳和離線的最佳。

Obviously, longer-term vision, but something we're excited about and our brand partners are very excited about as well.

顯然，這是長期願景，但我們對此感到興奮，我們的品牌合作夥伴也對此感到非常興奮。

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

我們的下一個問題來自花旗集團的 Ron Josey。

I have two. Fidji, you spoke quite a bit about the technology integration with your partners. And in the letter, I think you talked about found, fill rates continues to improve. Just talk to us a little bit more about the integration and what's driving those found, fill rates improvement. Maybe that's not the integration with your partners, but more just better efficiencies within Instacart.

我有兩個。 Fidji，您談到了與合作夥伴的技術整合。在信中，我想你談到了發現，填充率持續提高。只需與我們多談談整合以及推動填充率提高的因素。也許這不是與您的合作夥伴的集成，而更多的是 Instacart 內部更高的效率。

And then, Nick, I wanted to understand a little bit more. I think you mentioned a 40 bps sequential investment in customer incentives sequentially. Just talk to us about the results you're seeing on those incentives and perhaps just on incentive spend going forward.

然後，尼克，我想了解更多。我想您提到了對客戶激勵措施進行 40 個基點的連續投資。只需與我們談談您在這些激勵措施方面看到的結果，也許只是在未來的激勵支出方面。

Ron. So, on found rates and fill rates, very excited that we are now at the highest level of found rate and fill rates since the very beginning of the pandemic. That is a result of both deep integration with partners as well as a lot of machine learning and AI that we've deployed to continue to improve quality. So just to give you a couple of examples, some integrations with partners include partners passing us their balance on hand data and inventory data so that we can better predict what's going to be on the shelves.

羅恩.因此，就發現率和填充率而言，我們現在處於自大流行開始以來發現率和填充率的最高水平，對此我們感到非常興奮。這是與合作夥伴深度整合的結果，也是我們為持續提高品質而部署的大量機器學習和人工智慧的結果。舉幾個例子，與合作夥伴的一些整合包括合作夥伴向我們傳遞他們的現有數據和庫存數據，以便我們可以更好地預測貨架上的商品。

But in addition to that, we have 600,000 shoppers in 80,000 grocery stores basically capturing on a daily, hourly basis like whether products are on the shelf or not, which allows us to train our algorithms to understand much better what is on the shelf. And in fact, the greatest compliment that we have is that some of our retailers and some of our brand partners use this data to improve their store operations because thanks to our shopper, we know better what's on their shelf and sometimes the retailers do themselves.

但除此之外，我們在80,000 家雜貨店擁有600,000 名購物者，基本上每天、每小時都會捕獲產品是否在貨架上的信息，這使我們能夠訓練我們的算法，以更好地了解貨架上的商品。事實上，我們得到的最大的讚美是，我們的一些零售商和一些品牌合作夥伴使用這些數據來改善他們的商店運營，因為感謝我們的購物者，我們更好地了解他們貨架上的商品，有時零售商自己做。

And this data helps them improve their store operations, which is a really wonderful virtuous loop.

這些數據可以幫助他們改善商店運營，這是一個非常美妙的良性循環。

And then the last thing I'll mention is that fuel rates really means like includes replacements. And we have made 75 million replacements just in Q3 alone with 95% satisfaction on those replacements. And again, that speaks to our scale and the fact that we have so much feedback from users about what is a good replacement versus a not so good one that we can constantly through machine learning improve that, we find that and have the best quality in the industry based on all of the data that we have accumulated over time.

我要提到的最後一件事是燃油費率實際上意味著包括更換。光是第三季度，我們就進行了 7,500 萬次更換，對這些更換的滿意度為 95%。再說一遍，這說明了我們的規模，也說明了我們從用戶那裡得到了很多關於什麼是好的替代品、什麼是不好的替代品的反饋，我們可以透過機器學習不斷改進這一點，我們發現這一點並擁有最好的品質。該行業基於我們長期以來積累的所有數據。

So still, we still continue to want to improve. We go after every basis points there, but we are very proud of the level of quality we provide.

儘管如此，我們仍然希望繼續改進。我們追求每一個基點，但我們對我們提供的品質水準感到非常自豪。

And on your second question, Ron, around incentives, just to clarify, what I suggested was year-over-year, we saw about 80 basis points of efficiency gains in transaction revenue, and then we reinvested about 40 basis points of that into consumer incentives, which is part of our plan as we make the service more affordable, we can pass those savings back on to customers.

關於你的第二個問題，羅恩，關於激勵措施，只是為了澄清一下，我所建議的是，與去年同期相比，我們看到交易收入的效率提高了約80 個基點，然後我們將其中約40 個基點再投資於消費者激勵措施是我們計畫的一部分，因為我們讓服務更實惠，我們可以將這些節省的費用回饋給客戶。

Quarter-over-quarter, incentives were roughly flat. We like incentives because we can target them to specific customer behavior types, for example, referrals to generate new activations or coupons to resurrect users that have not been active in some time. And the framework that we use for incentives is similar to the framework that we use for paid marketing where we're looking to invest where based on our 5-year LTV guardrails.

環比來看，激勵措施大致相同。我們喜歡激​​勵措施，因為我們可以將它們針對特定的客戶行為類型，例如，推薦以產生新的啟動或優惠券以復活一段時間內不活躍的用戶。我們用於激勵的框架類似於我們用於付費行銷的框架，我們希望根據 5 年 LTV 護欄進行投資。

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

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

Can I ask about Instacart Plus, any color as to kind of growth rates or how that's gone in the quarter? And then have you been leaning more into that or not into that based on kind of what you've been seeing from customer conversion?

我可以詢問一下 Instacart Plus 的情況嗎？有關成長率的任何顏色或本季度的進展如何？然後，根據您從客戶轉換中看到的情況，您是否更傾向於這一點？

And then secondly, just a follow-up on advertising, the Trade Desk integration. I mean how could that be meaningful once it scaled? Just help us understand kind of where that fits into your ad stack?

其次，只是廣告的後續行動，即貿易台整合。我的意思是，一旦規模擴大，這怎麼可能有意義呢？請幫助我們了解您的廣告堆疊適合哪些位置？

I'll take the Trade Desk and then maybe Nick will take in Plus. So on the Trade Desk, we're excited about the partnership. It is -- for context for everyone, it is a way to use Instacart first-party data in combination with the programmatic buy on the Trade Desk. This is something that a lot of our brand partners have been asking about. It points to a larger vision that we have around scaling off-site advertising.

我會選擇 Trade Desk，然後 Nick 可能會選擇 Plus。因此，在 Trade Desk 上，我們對此次合作感到非常興奮。對於每個人來說，這是一種將 Instacart 第一方數據與 Trade Desk 上的程序化購買相結合的方式。這是我們許多品牌合作夥伴一直在詢問的問題。它指出了我們對擴大站外廣告規模的更大願景。

But I would say in the short term, we don't expect that to be a material driver of another revenue. We want to continue building off-site advertising over time through a series of partnership and are using the Trade Desk integration to see -- to plan to see how it goes.

但我想說，短期內，我們預計這不會成為另一項收入的物質驅動力。隨著時間的推移，我們希望透過一系列合作夥伴關係繼續打造站外廣告，並正在使用 Trade Desk 整合來查看計劃，看看進展如何。

And related to Instacart Plus, per S-1, we had 7.7 million now as of June and 5.1 million paid Instacart Plus subscribers. We did not disclose these metrics on a quarterly basis, but I'll comment that we do continue to see [mail] growth trending in line with orders growth and ongoing strength in Instacart Plus penetration, which continues to represent more than half of the activity on our platform.

與 Instacart Plus 相關，根據 S-1，截至 6 月，我們擁有 770 萬用戶，其中 Instacart Plus 付費用戶為 510 萬。我們沒有按季度披露這些指標，但我要評論的是，我們確實繼續看到[郵件]增長趨勢與訂單增長和 Instacart Plus 滲透率的持續增長保持一致，該滲透率繼續佔活動的一半以上在我們的平台上。

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

我們的下一個問題來自美國銀行的賈斯汀·波斯特。

Great. Two questions. First, could you talk a little bit about the grocery pipeline, both maybe new partners or maybe more importantly, deepening the relationships with the existing partners. How do you feel about that over the next year? And then maybe for Nick, you mentioned you're at 7.2% transaction take rates kind of in the upper half of the range for long term. Could you talk about the drivers as you look out the next 12 months, both positive and negative on take rates?

偉大的。兩個問題。首先，您能談談雜貨管道嗎？可能是新的合作夥伴，或者更重要的是，加深與現有合作夥伴的關係。您對明年的情況有何看法？然後，也許對於尼克來說，您提到您的交易利率為 7.2%，長期處於該範圍的上半部分。您能否談談未來 12 個月的驅動因素，包括積極的和消極的採取率？

Yes. So on the grocery pipeline, as you probably saw in the shareholder letter, we continue to onboard new partners, including large ones like Giant Eagle this quarter, which we're very excited about. And in terms of deepening of relationship, we have several lines of business that we continue to roll out. You saw, for example, in the quarter [virtual] convenience continuing to roll out with partners like Wakefern, pickup starting to roll out with Kroger, which we're excited about and also us continuing to power the own and operated websites and businesses of our partners, like, for example, powering delivery for Hy-Vee.

是的。因此，在雜貨管道方面，正如您可能在股東信中看到的那樣，我們繼續加入新的合作夥伴，包括本季的 Giant Eagle 等大型合作夥伴，我們對此感到非常興奮。在加深關係方面，我們有幾項業務正在持續推出。例如，您看到，在本季度，[虛擬]便利設施繼續與 Wakefern 等合作夥伴推出，皮卡開始與 Kroger 合作推出，我們對此感到興奮，並且我們繼續為自己和經營的網站和業務提供支持我們的合作夥伴，例如為Hy-Vee 提供動力交付。

And so this is just kind of a flavor of the type of work that we continue to do and fundamentally expect to continue doing that over the next few quarters and are feeling good about these lines of businesses being very compelling for our partners and us continuing to roll that out.

因此，這只是我們繼續進行的工作類型的一種，從根本上講，我們希望在接下來的幾個季度繼續開展這項工作，並且我們對這些業務線對我們的合作夥伴非常有吸引力感到滿意，我們將繼續把它推出來。

I forgot to mention SNAP, which we have recently announced with BJ's. And we expect SNAP to come back to being a tailwind for us in the future as we roll out new partners on SNAP. As you know, it has been more of a headwind this year with SNAP benefits being cut by 30%, but we expect that to go back to being a tailwind for the business as we onboard new partners.

我忘了提及 SNAP，我們最近與 BJ's 宣布了該計劃。我們預計，隨著我們在 SNAP 上推出新的合作夥伴，SNAP 將在未來重新成為我們的順風車。如您所知，今年的 SNAP 福利削減了 30%，這對我們來說是一個逆風，但我們預計，隨著我們引入新的合作夥伴，這將成為業務的順風。

And as it relates to transaction revenue, the largest driver of the increase in our transaction revenue as a percent of GTV historically has been efficiencies related to batching, which means it can cost us less per order because we have the ability to increase the number of orders that a shopper is shopping for at the same time.

由於它與交易收入相關，歷史上交易收入佔 GTV 百分比增長的最大推動力是與批次相關的效率，這意味著每個訂單的成本可以更低，因為我們有能力增加訂單數量購物者同時購買的訂單。

We expect to continue to see efficiencies in batching, but we don't flow all of that through to the bottom line. We reinvest it, sometimes we reinvest it into consumer incentives, as we just discussed. And other times, we invest it into new service offerings like [No Rush]. No Rush is an opportunity for a customer to save money and have no delivery fee if they give us a 3-hour window to deliver their groceries, and that allows us to increase the batch rate on those orders and reduce our cost, but we've turned that into a new product and a new service offering for customers.

我們期望繼續看到批次的效率，但我們不會將所有這些轉化為利潤。正如我們剛才所討論的，我們將其再投資，有時我們將其再投資於消費者激勵措施。有時，我們會將其投資到新的服務產品中，例如 [No Rush]。如果客戶給我們 3 小時的時間來配送他們的雜貨，那麼「No Rush」對於客戶來說就是一個省錢且免運費的機會，這使我們能夠提高這些訂單的批量率並降低成本，但我們'我們已將其轉變為為客戶提供的新產品和新服務。

So our long-term range is 6.5% to 7.5%. We're at 7.2%, and we'll continue to balance growth through incentives and new product offerings along with efficiencies.

所以我們的長期範圍是 6.5% 到 7.5%。我們的成長率為 7.2%，我們將繼續透過激勵措施和新產品供應以及效率來平衡成長。

Our next question comes from the line of Andrew Boone from 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)。

I wanted to ask about grocery delivery elasticity. Is there any thoughts that you can share there? And then are you making progress on grocers offering in-store fees? How is that going as you guys have those discussions with grocers?

我想問一下雜貨配送的彈性。有什麼想法可以分享嗎？那麼，您在雜貨店提供店內收費方面是否取得了進展？你們與雜貨商的討論進度如何？

Could you repeat the second question? The line cut out a bit.

你能重複第二個問題嗎？線被剪掉了一點。

Yes. Sorry about that. I wanted to ask about grocery delivery elasticity. And the question really is, how do you guys think about that? What are you guys seeing from consumers on that level? And then how are grocers moving towards in-store fees, right? What do you guys see on that component?

是的。對於那個很抱歉。我想問一下雜貨配送的彈性。真正的問題是，你們對此有何看法？你們從這個等級的消費者身上看到了什麼？那麼雜貨商如何轉向店內收費，對嗎？你們在這個組件上看到了什麼？

Okay. I'll answer the first question, and then I may want to ask you to clarify what you mean by in-store fees. On the grocery delivery elasticity, basically, what we've seen is that ever since kind of the rise of inflation in the middle of last year, pretty much all segments of customers have become more price sensitive.

好的。我將回答第一個問題，然後我可能想請您澄清一下店內費用的含義。就食品雜貨配送彈性而言，基本上，我們看到的是，自從去年年中通膨上升以來，幾乎所有細分市場的客戶都對價格變得更加敏感。

However, within those, there are still some people who value price over -- who value convenience over price. And for them, we have an offering called priority delivery where we charge extra like $2 for deliveries that are delivered in less than 15 minutes. Meanwhile, on the other end of the spectrum, you have people who prioritize price over convenience. And for them, we have options like No Rush delivery, which Nick just covered. And so really, what we're trying to do is have offerings on the price to convenience scale that really align with all of the needs of the entire total addressable market.

然而，在這些人中，仍然有一些人重視價格勝過價格——他們看重便利性勝過價格。對於他們，我們提供了一項名為「優先配送」的服務，對於 15 分鐘內送達的商品，我們會額外收取 2 美元的費用。同時，在另一方面，有些人更重視價格而不是便利性。對他們來說，我們有像尼克剛剛介紹的「不加急送貨」這樣的選擇。事實上，我們正​​在努力做的是提供價格便利的產品，真正滿足整個潛在市場的所有需求。

And if you look at our kind of demographics by income, they went from a couple of years ago being mostly high-income customers to now mirroring U.S. population pretty closely because of everything that we've put in place in terms of affordability, whether it's our fees or integration with loyalty programs for grocers, deals from brands coming onto the platform that have brought a lot more affordability to the table. Now I'm curious what you meant by grocers moving to in-store field? Are you -- do you mean by that, like same price as..

如果你按收入來觀察我們的人口統計數據，他們從幾年前主要是高收入客戶變成了現在非常接近地反映了美國人口，因為我們在負擔能力方面採取了一切措施，無論是我們的費用或與雜貨商忠誠度計畫的整合，進入平台的品牌交易帶來了更多的負擔能力。現在我很好奇你所說的雜貨店轉向店內領域是什麼意思？你是——你的意思是，像同樣的價格......

Yes, I mean dispatched in-store. Sorry about that.

是的，我的意思是在店內發貨。對於那個很抱歉。

Yes, it makes a lot of sense. So out of 1,400 retail banners that are on our platform, 425 of them are at price parity with the store. And what we are seeing is that for the 3 largest grocers that are at price parity with the story of growing faster than the rest of the platform. And therefore we think that grocers will embrace an omnichannel strategy and embrace giving the same value online as they do offline because an omnichannel customer spend 2 to 4x as much as an in-store-only customer of the grocers that are poised to gain share in the coming years.

是的，這很有意義。因此，在我們平台上的 1,400 個零售橫幅中，有 425 個與商店價格平價。我們看到的是，對於價格平價的三大雜貨商來說，他們的成長速度比平台上的其他公司更快。因此，我們認為雜貨商將採用全通路策略，並願意在網路上提供與線下相同的價值，因為全通路客戶的支出是雜貨商的店內客戶的 2 到 4 倍，而雜貨商準備在未來幾年。

And therefore, this is something we highly encourage our grocers to do. Now we don't control prices on Instacart, they do, but we certainly give them tools to optimize pricing like Eversight which is a company we acquired last year and continue to encourage them to match the same price as a store.

因此，我們強烈鼓勵雜貨商這樣做。現在我們不控制 Instacart 上的價格，但我們當然為他們提供了優化定價的工具，例如我們去年收購的 Eversight，並繼續鼓勵他們與商店匹配相同的價格。

Our next question comes from the line of Bernie McTernan from Needham & Company.

我們的下一個問題來自 Needham & Company 的 Bernie McTernan。

Maybe just to start, a follow-up question on the integrations where you have access to inventory data with the retailers. Is that just with enterprise partners? Or is it broader? And is that data exclusive? Or do you think your competitors could have access to it over time as well? And then another follow-up on the previous question, just the talk of conversion from smaller baskets to larger basket customers. What percentage of customers generally come to Instacart for the first time purchasing smaller AOV baskets versus larger ones?

也許只是開始，關於您可以與零售商存取庫存資料的整合的後續問題。僅限企業合作夥伴嗎？或者更廣泛？這些數據是獨家的嗎？或者您認為您的競爭對手隨著時間的推移也可以訪問它？然後是上一個問題的另一個後續問題，只是討論從小購物籃客戶到大購物籃客戶的轉換。與較大的 AOV 購物籃相比，第一次來到 Instacart 購買較小 AOV 購物籃的顧客所佔的百分比是多少？

So on the inventory data, I would say we try to have these integrations with as many partners as possible. That being said, a lot of retailers don't really have the sophistication to have like that depth of integration. So it really varies and with a lot of them, like it tends to be more geared towards enterprise.

因此，在庫存數據方面，我想說我們會嘗試與盡可能多的合作夥伴進行這些整合。話雖如此，許多零售商並不真正擁有如此深度的整合能力。因此，它確實有所不同，而且其中很多，就像它往往更適合企業一樣。

But just to reiterate one more time. What I said earlier, a lot of like -- or lead in found rate and fill rate also comes from combining the retailer data with our shopper data and with the fact that we have so much access what's on the shelves in real time.

但只是再重申一次。我之前所說的，找到率和填充率的許多類似或領先也來自於將零售商數據與我們的購物者數據相結合，以及我們可以實時訪問貨架上的商品這一事實。

And it's really that combination that gives us a strong competitive advantage. I would say, you mentioned can competitors get access to similar things. I would say it goes much deeper than just integration into inventory system who have integrated with our retailer CRM system with our retailer OMS system, with our retailers point-of-sale system to do bypass checkout. And so all of these integrations take enormous amounts of time, especially with retailers who have very limited IT resources, and that's why we have such a deep advantage for having just focused on grocery for the last 10 years.

正是這種結合為我們帶來了強大的競爭優勢。我想說，你提到競爭對手是否可以獲得類似的東西。我想說，它比僅僅整合到庫存系統要深入得多，庫存系統已經與我們的零售商 CRM 系統、我們的零售商 OMS 系統、我們的零售商銷售點系統整合以進行旁路結帳。因此，所有這些整合都需要花費大量時間，特別是對於 IT 資源非常有限的零售商來說，這就是為什麼我們在過去 10 年裡只專注於雜貨而擁有如此深厚的優勢。

We also have hundreds of millions of orders over 11 years and through our AI and ML, all of these data points contribute to us having such a superior experience. On your second question, Nick, do you want to take that?

11 年來，我們還擁有數億訂單，透過我們的人工智慧和機器學習，所有這些數據點都有助於我們擁有如此卓越的體驗。關於你的第二個問題，尼克，你願意接受嗎？

Sure. Just to give you a framework, 75% of grocery spend in North America comes from large baskets. And so we believe it's critical that an online grocery service can serve that use case, and we think that we're the best of that. If you were to look at market share of online first players and large baskets our shares greater than 70% but small baskets are important, too, as a fill-in use case for those customers that are doing their weekly shop, but also as a way to activate with the service.

當然。僅供參考，北美 75% 的食品雜貨支出來自大籃子。因此，我們認為線上雜貨服務能夠滿足該用例至關重要，而且我們認為我們是其中最好的。如果您要查看線上第一玩家和大籃子的市場份額，我們的份額超過 70%，但小籃子也很重要，作為每週購物的客戶的填充用例，但也作為使用該服務啟動的方式。

And we have greater than 50% share of those baskets. We don't break down the mix of our activations in those 2 tiers, but we do point out based on third-party data, that our large basket activations are more than 5x higher than other new entrants and our ability to convert a small basket activation is more than 5x higher as well compared to new entrants.

我們在這些籃子中擁有超過 50% 的份額。我們不會分解這兩個層級的激活組合，但我們確實根據第三方數據指出，我們的大籃子激活比其他新進入者高出 5 倍以上，並且我們有能力轉換小籃子與新進入者相比，活化率也高出5 倍以上。

Our next question comes from the line of Benjamin Johnson from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Benjamin Johnson。

I was just wondering if you could talk about the progress you made on increased matching during the quarter and how you plan to balance increased shopper efficiency with order quality over the long run?

我只是想知道您是否可以談談本季度在增加匹配方面取得的進展，以及從長遠來看您計劃如何平衡提高的購物者效率和訂單品質？

So we continue to see that we improve our batch rate, and we've done so consistently. And we've been able to do that while making sure that order quality remains high, as Fidji mentioned in the introductory remarks, our order quality is higher than it's been since prepandemic and certainly the highest that it's been since we've reached mega scale.

因此，我們繼續看到我們提高了批量率，而且我們一直在這樣做。我們能夠做到這一點，同時確保訂單品質保持較高水平，正如Fidji 在介紹性發言中提到的那樣，我們的訂單品質高於大流行前以來的水平，當然也是自我們達到超大規模以來的最高水平。

For us, it's all about balancing the 4 sides of our marketplace. We want to make sure that we provide great opportunities for shoppers to earn and also to make sure that we keep fees low for our consumers and for our grocers. And so batching is a key differentiator for us. It's something that we were truly able to unlock once we reach very significant scale.

對我們來說，這一切都是為了平衡市場的四個面向。我們希望確保為購物者提供良好的賺錢機會，並確保我們為消費者和雜貨商提供較低的費用。因此，批次對我們來說是一個關鍵的差異化因素。一旦我們達到非常大的規模，我們就真正能夠解鎖這一點。

As a reminder, batching is not the result of the number of shoppers we have, it's the result of the density of big basket orders that we have in the same store at the same time. And that's something that's incredibly difficult to replicate. As we continue to see batching efficiencies, we will reinvest some of those into consumer incentives and create new service offerings like No Rush. And we'll do -- and we'll balance on an ongoing basis.

提醒一下，批量不是我們購物者數量的結果，而是我們同一家商店同時出現的大籃訂單密度的結果。這是極難複製的。隨著我們繼續看到批量效率，我們將把其中一些重新投資到消費者激勵措施上，並創建新的服務產品，例如「No Rush」。我們會這樣做——並且我們將持續保持平衡。

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

我們的下一個問題來自沃爾夫研究中心的 Deepak Mathivanan。

One big picture question and another one on exclusives. So as we look ahead beyond 4Q into 2024, can you talk about a few factors that could help the GTV growth rate at a high level, kind of currently from mid-single digits. Is it more dependent on macro factors? Or there are any sort of notable initiatives that you would say that can drive potential acceleration?

一個是大局問題，另一個是獨家問題。因此，當我們展望 2024 年第四季之後的情況時，您能否談談一些可能有助於 GTV 成長率達到高水準（目前為中個位數）的因素。是否更取決於宏觀因素？或者您認為有哪些值得注意的措施可以推動潛在的加速？

And then second one, can you talk about the exclusive agreements you have with some of the retail partners. There is a concern in the investment community that lots of exclusives could hurt your value prop in the near term. Could you maybe give us an update on the time line and what happened in the past when you lost some of these exclusives.

第二個問題，您能談談您與一些零售合作夥伴簽訂的獨家協議嗎？投資界擔心大量獨家產品可能會在短期內損害你的價值支撐。您能否向我們介紹一下時間軸的最新情況以及您丟失其中一些獨家內容時過去發生的情況。

So on reaccelerating of GTV, well, first off, we are pleased to see some of that reacceleration from Q1 to Q2, Q2 to Q3. What is going to push that to continue is twofold. One is on recipe of continuing to provide selection, affordability, quality, convenience. This has made us into the category leader so forth. This is what we're going to continue to do to accelerate growth but also some of the macro factors easing up.

因此，關於 GTV 的重新加速，首先，我們很高興看到從第一季到第二季、從第二季到第三季的一些重新加速。推動這種情況繼續下去的因素是雙重的。一是繼續提供選擇、價格實惠、品質和便利的秘訣。這使我們成為該類別的領導者。這是我們將繼續採取的措施來加速成長，同時也緩解一些宏觀因素。

And so two things there that can help is one our mature cohorts continuing to stabilize. As Nick mentioned, we are pleased to see that the 2020, 2021 cohort decreased single digits in Q3 versus double digits in H1. And so seeing some stabilization of that would certainly help us. The second thing is that big part of the headwind this year is the fact that SNAP benefits were cut by 30%.

因此，有兩件事可以提供幫助，一是我們的成熟群體繼續穩定。正如尼克所提到的，我們很高興看到 2020 年和 2021 年的隊列在第三季度下降了個位數，而在上半年則下降了兩位數。因此，看到這種情況的穩定性肯定會對我們有所幫助。第二件事是，今年的一大阻力是 SNAP 福利削減了 30%。

We certainly saw SNAP as a tailwind to our business because we were a pioneer in bringing the SNAP program online. That has been a headwind this year, but we expect SNAP to go back to being a tailwind next year as we continue to onboard more grocers on to SNAP. So that will continue to help.

我們當然將 SNAP 視為我們業務的順風車，因為我們是在線提供 SNAP 計劃的先驅。這是今年的逆風，但隨著我們繼續讓更多雜貨商加入 SNAP，我們預計 SNAP 明年將恢復順風。所以這將繼續提供幫助。

Now in terms of your question on Exclusive, I want to be clear that exclusivity is not our strategy. Growth has partnered with us because we offer the best service at the most competitive prices and with the best quality. And so this is something that is very fundamental to our strategy.

現在，關於你關於獨家的問題，我想澄清的是，獨家並不是我們的策略。 Growth 與我們合作，因為我們以最具競爭力的價格和最好的品質提供最好的服務。因此，這對我們的策略來說非常重要。

Now when this growth has gone on exclusive and decide to sit on multiple marketplaces, what happens is, first, these retailers don't leave us. They just diversify their business. But they also continue to grow with us and deepen our relationship with us because we are the partner that can drive the most growth for them.

現在，當這種成長變得排他性並決定進入多個市場時，首先會發生的情況是，這些零售商不會離開我們。他們只是將業務多元化。但他們也繼續與我們一起成長，並加深與我們的關係，因為我們是能夠為他們帶來最大成長的合作夥伴。

And then finally, one thing that's interesting is that when they're electing to be nonexclusive, it means that retailers elect to get to higher fees with us. So our revenue and profitability can actually continue to grow from this partner going nonexclusive.

最後，一件有趣的事情是，當他們選擇非獨家時，這意味著零售商選擇向我們收取更高的費用。因此，我們的收入和盈利能力實際上可以透過該合作夥伴的非獨家經營而繼續成長。

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

我們的下一個問題來自 Stifel 的 Mark Kelley。

Great. I just had two quick ones. The first is just going back to the advertising side. When I see announcements like the one with the Trade Desk and some of the other third-party verification companies. And I know the Trade Desk is aimed at more off-site, but is there an opportunity to maybe add incremental demand partners outside of the APIs, API partners that you already have like a larger-scale DSP like the Trade Desk over time. Does that make sense for your business? And second, just really quick, with the buyback in place, can you please just remind us what the capital allocation priorities are?

偉大的。我剛吃了兩個快的。首先回到廣告方面。當我看到類似 Trade Desk 和其他一些第三方驗證公司的公告時。我知道Trade Desk 的目標是更多場外服務，但是否有機會在API 之外添加增量需求合作夥伴，隨著時間的推移，您已經擁有像Trade Desk 這樣的更大規模DSP 的API 合作夥伴。這對您的業務有意義嗎？其次，隨著回購的到位，速度非常快，您能提醒我們資本配置的優先事項是什麼嗎？

Mark, on the ad side, for now, we're really trying to figure out how to scale this off-site ad opportunity in a way that is extremely privately safe and also maintains what we think makes Instacart really special in terms of the value of our data. I see partnership with the Trade Desk as just the beginning of us entering that space. So nothing more to announce at this time, but we are continuing to explore more opportunities to continue to grow that business as we believe the value of our data is very significant and something that our brand partners definitely want to use beyond owned properties. Nick, do you want to take the buyback?

馬克，在廣告方面，目前，我們正在努力弄清楚如何以一種對私人安全極其安全的方式擴大這種場外廣告機會，同時保持我們認為 Instacart 在價值方面真正特別的東西我們的數據。我認為與 Trade Desk 的合作只是我們進入該領域的開始。因此，目前沒有什麼可宣布的，但我們正在繼續探索更多機會來繼續發展該業務，因為我們相信我們的數據價值非常重要，而且我們的品牌合作夥伴肯定希望在自有財產之外使用這些數據。尼克，你想回購嗎？

On your question on capital allocation. Just as a reminder, we have more than $2.2 billion of cash currently. The business continues to produce cash and we continue to invest significantly in R&D to innovate and support our partners in sales and marketing to grow our business and the business of our partners.

關於你關於資本配置的問題。提醒一下，我們目前擁有超過 22 億美元的現金。該業務繼續產生現金，我們繼續在研發方面進行大量投資，以創新並支持我們的銷售和行銷合作夥伴，以發展我們的業務和合作夥伴的業務。

And so it's not and -- it's not an or, it's an and. We can do those things and also look to opportunistically repurchase shares to make sure that we are great stewards of shareholder capital.

所以這不是“和”——這不是“或”，而是“和”。我們可以做這些事情，並尋找機會回購股票，以確保我們成為股東資本的優秀管家。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。