Maplebear Inc (CART) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Instacart's First Quarter 2024 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, Capital Markets and Treasury. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Instacart 2024 年第一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、資本市場和財務部副總裁 Rebecca Yoshiyama。請繼續。

Thank you, Josh, and welcome, everyone, to Instacart's First Quarter 2024 Earnings Call. On the call with me today are Fidji Simo, our Chief Executive Officer; Nick Giovanni, our current Chief Financial Officer; and Emily Reuter, our current Vice President of Finance and incoming Chief Financial Officer. After brief prepared remarks, we will open up the call for live questions with Fidji and Emily.

謝謝 Josh，歡迎大家參加 Instacart 的 2024 年第一季財報電話會議。今天與我通話的是我們的執行長 Fidji Simo； Nick Giovanni，我們現任財務長；以及我們現任財務副總裁兼即將上任的財務長艾米莉·路透 (Emily Reuter)。在簡短的準備好的發言之後，我們將開始與 Fidji 和 Emily 進行現場提問。

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 financial results, partnerships, equity, issuances and share repurchases. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. You can find more information about these risks and uncertainties, including those related to the classification of shoppers on our platform in our last Form 10-K filed with the SEC. We assume no obligation to update these statements 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，包括我們對財務業績、合作夥伴關係、股權、發行和股票回購的預期。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預期有重大差異。您可以在我們向 SEC 提交的上一份 10-K 表格中找到有關這些風險和不確定性的更多信息，包括與我們平台上購物者分類相關的信息。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。

In addition, we will also discuss certain non-GAAP financial measures, which have limitations and should not be considered in isolation from or 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.

此外，我們還將討論某些非公認會計準則財務指標，這些指標具有局限性，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。

Now I'll turn the call over to Fidji for her opening remarks.

現在我將把電話轉給 Fidji，讓她致開幕詞。

Thanks, Rebecca. Hi, everyone. I hope you had a chance to read our shareholder letter, which highlights our strong start to 2024 and how we're continuing to raise the bar across all the most important dimensions of groceries. As the largest online grocery marketplace in North America, we provide 98% of families with access to delivery and pickup from over 1,500 retail banners who represent more than 85% of U.S. grocery sales.

謝謝，麗貝卡。大家好。我希望您有機會閱讀我們的股東信，其中強調了我們在 2024 年的強勁開局，以及我們如何繼續提高食品雜貨所有最重要方面的標準。作為北美最大的線上雜貨市場，我們為 98% 的家庭提供了 1,500 多個零售橫幅的送貨和取貨服務，這些零售橫幅占美國雜貨銷售額的 85% 以上。

On top of the best selection, 45% of our orders are accepted by shoppers who are already at or within a mile of the store, which means your first item is often being picked out faster than it might take you to get out the front door. Our shoppers also have the advantages of experience and our technology. With shopper tenure on the platform at an all-time high, constant improvements to our models and in-store tools like planograms, shoppers can complete orders faster and with more accuracy. Simply put, no other marketplace offers the leading customer experience we provide at the scale and competitive cost we deliver it at.

除了最好的選擇之外，我們45% 的訂單都會被已經在商店或距離商店一英里範圍內的購物者接受，這意味著您的第一件商品通常會比您走出前門更快地被挑選出來。我們的購物者也擁有經驗和技術的優勢。隨著平台上購物者的使用率達到歷史最高水平，我們的模型和店內工具（例如貨架圖）不斷改進，購物者可以更快、更準確地完成訂單。簡而言之，沒有其他市場能夠提供我們所提供的領先客戶體驗，其規模和成本具有競爭力。

And now by partnering with Uber, we are giving people more of what they're looking for. By bringing on hundreds of thousands of restaurants to Instacart overnight, we're creating an unmatched combination of grocery and restaurant options for Instacart customers. The Instacart app can now serve more of our customers' food needs, and our Instacart+ membership becomes twice as valuable with no delivery fee on grocery and restaurant orders over $35. By giving our customers more reasons to turn to Instacart, we believe we'll also be able to drive more sales and growth opportunities for our retail and brand partners, which remains our top priority.

現在，透過與 Uber 合作，我們為人們提供了更多他們想要的東西。透過一夜之間將數十萬家餐廳引入 Instacart，我們正在為 Instacart 客戶創造無與倫比的雜貨店和餐廳選擇組合。 Instacart 應用程式現在可以滿足客戶更多的食品需求，我們的 Instacart+ 會員資格的價值增加了一倍，雜貨店和餐廳訂單超過 35 美元無需支付送貨費。透過讓我們的客戶有更多理由轉向 Instacart，我們相信我們也將能夠為我們的零售和品牌合作夥伴帶來更多銷售和成長機會，這仍然是我們的首要任務。

Overall, I'm excited for what's ahead for Instacart in 2024 and beyond. We have a strong operating foundation of relentless focus on profitable growth, and we're executing well on our vision to build the technologies that are transforming the grocery industry.

總的來說，我對 Instacart 在 2024 年及以後的發展感到興奮。我們擁有堅定不移地專注於獲利成長的堅實營運基礎，並且我們正在很好地實現我們的願景，即建立正在改變雜貨行業的技術。

So it is with great confidence that we announce Emily Reuter as our next Chief Financial Officer. Nick will retire at the end of Q2, and Emily's role is effective immediately after we file our Form 10-Q, which is expected later this week. As Nick and I discussed the best CFO profile for our future business, I wanted someone with a depth of operating experience in a complex marketplace business similar to our own. We found out and more in Emily, and she's been contributing enormously since she joined in January. Emily is undoubtedly the best CFO to help drive Instacart's future.

因此，我們滿懷信心地宣布 Emily Reuter 擔任我們的下一任財務長。 Nick 將在第二季末退休，Emily 的職位將在我們提交 10-Q 表格後立即生效，預計將於本週晚些時候提交。當尼克和我討論我們未來業務的最佳財務長時，我想要一個在與我們類似的複雜市場業務中擁有豐富營運經驗的人。我們在 Emily 身上發現了更多信息，自一月份加入以來，她做出了巨大貢獻。 Emily 無疑是幫助推動 Instacart 未來發展的最佳財務長。

I want to thank Nick for his exceptional contributions over the past few years. By instituting a new level of financial rigor across the company, Nick helped transform our business into one that delivers strong profitable growth and was one of very few tech companies that could make a successful public market debut last year.

我要感謝尼克在過去幾年中所做的傑出貢獻。透過在整個公司內建立新的財務嚴謹水平，尼克幫助我們的業務轉型為能夠實現強勁盈利增長的業務，並且是去年能夠成功上市的極少數科技公司之一。

Now I'll turn the call over to Nick to provide a few remarks.

現在我將把電話轉給尼克，並發表一些評論。

Thank you, Fidji. It has been an incredible 3.5 years, and I'm very proud of what we have accomplished together at Instacart. The level of execution and teamwork required to create a sustainable, profitable and growing company and then to take it public after the longest tech IPO drought in history was one of the most satisfying experiences I've had in my career. Instacart is in a great position as the clear leader with strong operating fundamentals. And after working closely with Emily over these past several months, I'm certain that our team, our partners and our shareholders cannot be in better hands. It has been a pleasure engaging with all of our investors and analysts over the past few years. Thank you all.

謝謝你，菲吉。這是令人難以置信的 3.5 年，我為我們在 Instacart 共同取得的成就感到非常自豪。創建一家可持續、盈利和成長的公司，然後在經歷了歷史上最長的科技 IPO 乾旱後將其上市所需的執行和團隊合作水平是我職業生涯中最令人滿意的經歷之一。 Instacart 處於明顯的領先地位，擁有強大的營運基礎。經過過去幾個月與 Emily 的密切合作，我確信我們的團隊、我們的合作夥伴和我們的股東都得到了更好的管理。在過去的幾年裡，我們很高興與所有投資者和分析師打交道。謝謝你們。

And with that, I'll step off the call and turn it over to Emily.

說完，我會掛斷電話並將其轉交給艾米麗。

Thank you, Fidji and Nick. Since joining Instacart in January, I've become even more bullish on the company's future. I joined Instacart because of its clear leadership position with an online grocery and its impressive vision for the future of grocery technology. I'm now even more confident in our ability to capture our share of the massive market opportunity ahead.

謝謝菲吉和尼克。自從一月加入 Instacart 以來，我更加看好公司的未來。我加入 Instacart 是因為它在線上雜貨領域的明確領導地位及其對雜貨技術未來的令人印象深刻的願景。現在，我對我們抓住未來巨大市場機會的能力更加充滿信心。

My confidence is driven by a few things: the depth of our technology integrations as well as the breadth of our long-standing retailer and brand partnerships; our ability to deliver a great customer experience. This means having the best selection combined with high-quality service all at the price and speed customers wanted; our cost serve advantage, underpinned by our ability to fulfill multiple big basket grocery orders from the same store at the same time. This allows us to generate efficiencies from batching while also giving shoppers more earnings opportunities; and finally, we aren't just focused on delivering results for the next few quarters or years. We're investing in technologies that will shape the future of grocery and grow the pie for all our stakeholders.

我的信心來自於以下幾件事：我們技術整合的深度以及我們長期與零售商和品牌合作夥伴關係的廣度；我們提供卓越客戶體驗的能力。這意味著以客戶想要的價格和速度提供最佳的選擇和高品質的服務；我們的成本服務優勢，得益於我們能夠同時履行同一家商店的多個大籃子雜貨訂單。這使我們能夠提高批量效率，同時也為購物者提供更多獲利機會；最後，我們不僅僅專注於在未來幾季或幾年內交付成果。我們正在投資的技術將塑造食品雜貨的未來，並為所有利益相關者做大蛋糕。

I could not be more excited to work with our teams to drive even more profitable growth for Instacart as we work to further extend our lead across all of these dimensions. I also want to thank Nick for his support over these past few months and Fidji for her inspiring and collaborative partnership from day one.

我非常高興能夠與我們的團隊合作，推動 Instacart 實現更高的利潤成長，同時我們正在努力進一步擴大我們在所有這些方面的領先地位。我還要感謝 Nick 在過去幾個月中的支持，以及 Fidji 從第一天起就與我們建立的鼓舞人心的合作關係。

Now let me provide more color on our financial results and outlook. Q1 was an exceptionally strong quarter for us with both GTV and adjusted EBITDA beating the high end of our guidance ranges. On one hand, our outperformance in GTV was driven by a continuation of trends we've been discussing. This includes improving cohort dynamics consistent with what we've said in the past, which is our mature cohort declines continued to improve, and our new cohorts continue to be bigger than pre-pandemic cohorts. It also includes a lessening year-over-year EBT SNAP headwind, which had the biggest impact in Q4 and a smaller impact in Q1, primarily because of the successful EBT SNAP launches with Kroger and Costco.

現在讓我對我們的財務業績和前景提供更多資訊。第一季對我們來說是一個異常強勁的季度，GTV 和調整後的 EBITDA 都超過了我們指導範圍的高端。一方面，我們在 GTV 中的出色表現是由我們一直在討論的趨勢的持續推動的。這包括改善隊列動態，這與我們過去所說的一致，即我們的成熟隊列下降繼續改善，而我們的新隊列繼續比大流行前隊列更大。它還包括逐年減少的 EBT SNAP 逆風，該逆風在第四季度影響最大，在第一季影響較小，主要是因為與 Kroger 和 Costco 成功推出了 EBT SNAP。

On the other hand, our year-over-year GTV growth in Q1 also benefited from a number of onetime things. This included just over 1 percentage point of growth from leap day in addition to a stronger-than-expected seasonality as Q1 2024 was an exceptionally bad winter season, especially compared to the prior year quarter. After taking all of these factors into consideration as well as what we've seen so far in this quarter, we arrived at our Q2 GTV guidance of $8 billion to $8.15 billion, representing 7% to 9% year-over-year growth. This growth outlook is a bit lower than Q1, primarily because we don't expect the benefit of inclement weather. While Q2 growth will not have the benefit of leap day, we largely expect this to be offset by EBT SNAP moving from a modest year-over-year headwind to a tailwind from Q1 to Q2. Overall, our Q2 GTV outlook represents a sustained step-up versus the 5% year-over-year growth we delivered in 2023.

另一方面，我們第一季 GTV 的同比增長也得益於許多一次性的事情。其中包括自閏日起略高於 1 個百分點的成長，以及強於預期的季節性因素，因為 2024 年第一季是一個異常糟糕的冬季，尤其是與去年同期相比。考慮到所有這些因素以及我們本季迄今所看到的情況後，我們得出了第二季度 GTV 指導值為 80 億至 81.5 億美元，相當於同比增長 7% 至 9%。這一成長前景略低於第一季度，主要是因為我們預計惡劣天氣不會帶來好處。雖然第二季的成長不會受益於閏日，但我們很大程度上預計，這將被 EBT SNAP 從第一季到第二季的年比溫和逆風轉變為順風所抵銷。總體而言，我們對第二季 GTV 的展望與 2023 年 5% 的年成長相比持續上升。

We are also guiding to strong Q2 adjusted EBITDA of $180 million to $190 million and are well on track to delivering adjusted EBITDA expansion in full year 2024 on both an absolute and percent of GTV basis. One important thing to note about our adjusted EBITDA outlook is it reflects our ability to manage multiple levers across our P&L to drive leverage.

我們也預計第二季調整後 EBITDA 將達到 1.8 億至 1.9 億美元，並且預計在 2024 年全年實現調整後 EBITDA 的擴張（以 GTV 的絕對值和百分比計算）。關於我們調整後的 EBITDA 前景，需要注意的一件重要事情是，它反映了我們管理損益表中多個槓桿以提高槓桿率的能力。

In Q2, we expect advertising and other revenue to grow largely in line with what we experienced over the past 2 quarters. This means our adjusted EBITDA as a percentage of GTV is expected to grow year-over-year, primarily driven by transaction revenue and adjusted OpEx leverage.

在第二季度，我們預計廣告和其他收入的成長將與過去兩個季度的成長基本一致。這意味著我們調整後的 EBITDA 在 GTV 中所佔的比例預計將同比增長，這主要是由交易收入和調整後的營運支出槓桿所推動的。

We are also continuing to take a disciplined approach to equity management. We continue to expect net dilution to be in the low single digits before any share repurchases. And in 2024, we are committed to making sure that the net value of equity we grant employees this year is less than the adjusted EBITDA we delivered in 2023. We are confident in our ability to execute and generate more shareholder value over time. This is why we cumulatively repurchased approximately 27 million shares for $751 million by the end of Q1. As of March 31, we had $249 million of remaining share repurchase capacity and plan to continue opportunistically repurchasing shares.

我們也將繼續採取嚴格的股權管理方法。我們仍然預計，在任何股票回購之前，淨稀釋度將保持在較低的個位數。到 2024 年，我們致力於確保今年授予員工的股權淨值低於 2023 年交付的調整後 EBITDA。這就是為什麼我們到第一季末累計回購了約 2,700 萬股股票，價值 7.51 億美元。截至3月31日，我們還有2.49億美元的剩餘股票回購能力，並計劃繼續擇機回購股票。

Overall, our business is performing well and our operating fundamentals are solid. We remain relentlessly focused on making our service better, deepening our leadership position and innovating with new technologies like Caper and our partnership with Uber. While we don't expect these new growth initiatives to materially impact our financials in Q2, we believe that they have the potential to drive more value to consumers and growth to our retail and brand partners over time. We also expect all of this will help us drive more profitable growth and progress towards our long-term financial targets over time.

整體而言，我們的業務表現良好，營運基礎穩固。我們仍然堅持不懈地致力於改善我們的服務，深化我們的領導地位，並利用 Caper 等新技術以及我們與 Uber 的合作進行創新。雖然我們預計這些新的成長舉措不會對我們第二季的財務狀況產生重大影響，但我們相信，隨著時間的推移，它們有可能為消費者帶來更多價值，並為我們的零售和品牌合作夥伴帶來成長。我們也預計，所有這些都將幫助我們推動更多的利潤成長，並隨著時間的推移實現我們的長期財務目標。

We're excited about the future, and we appreciate your support as shareholders. With that, Fidji and I are here to take your questions. Operator, you may now begin.

我們對未來感到興奮，並感謝您作為股東的支持。那麼，我和 Fidji 就來回答你們的問題。接線員，您現在可以開始了。

(Operator Instructions) Our first question comes from Eric Sheridan with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Eric Sheridan。

Nick, thanks for all the assistance and help over the years. And Emily, best of luck in the role going forward. Maybe I'll ask sort of a two-parter. In terms of the building blocks of GTV growth as you think medium to longer term, can you unpack how you're thinking about the broader consumer demand on the platform, the input of sort of continued supply growth more broadly and how to think about simulating rising utility amongst your user base as we think about sort of longer-term objectives around GTV against broader industry growth?

尼克，感謝您多年來的所有幫助和幫助。艾米麗，祝你在接下來的角色中好運。也許我會問兩方。就中長期來看，GTV 成長的基石而言，您能否解釋一下您如何看待平台上更廣泛的消費者需求、更廣泛的持續供應增長的投入以及如何考慮模擬當我們考慮GTV 的長期目標以在應對更廣泛的行業成長時，您的用戶群的效用會不斷提高嗎？

Thanks, Eric, for the question. So we are still very excited about the long-term growth that we anticipate in a market that is still moving online and still deeply underpenetrated online. What we see as the building blocks of that long-term growth are kind of the same things that are making us succeed today and allowing us to have this leadership position.

謝謝埃里克提出的問題。因此，我們仍然對我們預期的長期成長感到非常興奮，因為這個市場仍在向線上發展，而且線上滲透率仍然很低。我們認為長期成長的基石與我們今天取得成功並讓我們擁有領導地位的東西是一樣的。

Number one is selection. We continue to have leading selection. And we are, in fact, continuing to increase the selection not just in grocery but now also adding a new use case with restaurants. We were able to add hundreds of thousands of restaurants overnight, which will create a new use case for the app.

第一是選擇。我們繼續擁有領先的選擇。事實上，我們不僅在雜貨店繼續增加選擇，而且現在還增加了餐廳的新用例。我們一夜之間就添加了數十萬家餐廳，這將為該應用程式建立一個新的用例。

Quality is absolutely critical. You can see in the letter more details on how we continue to improve that and be at an all-time high since the pandemic on found rate and fill rate. And we have a real leadership position there with not only a very healthy shopper; supply but shoppers that are highly qualified and at the highest of their tenure right now.

品質絕對至關重要。您可以在信中看到更多詳細信息，了解我們如何繼續改進這一點，並在發現率和填充率方面達到自大流行以來的歷史最高水平。我們在這方面擁有真正的領導地位，不僅擁有非常健康的購物者，而且擁有非常健康的消費者。供應但購物者都是高素質且目前處於其任期的最高階段。

We also see speed being a critical advantage, which, again, is tied to our shopper supply with 45% of shoppers being at the store -- within a mile of the store. And that means that we can deliver these orders faster than anyone, and we know that speed matters enormously in this market.

我們也認為速度是一個關鍵優勢，這又與我們的購物者供應有關，45% 的購物者在商店——距離商店一英里之內。這意味著我們可以比任何人更快地交付這些訂單，而且我們知道速度在這個市場上非常重要。

The last one is affordability. That remains the thing that we need to keep working out to continue expanding the TAM, and we are hard at work on it through a multipronged approach, where we are adding a lot of different savings whether it's from retailers, from CPGs, loyalty programs, weekly flyers and really working with retailers on optimizing their pricing so that the customer that buys online feel like they are getting maximum value. And you're seeing us make progress on that as well with $4.75 saved on items per order, which is up 20% year-over-year.

最後一個是負擔能力。這仍然是我們需要繼續努力繼續擴大 TAM 的事情，我們正在透過多管齊下的方法努力實現這一目標，我們增加了許多不同的節省，無論是來自零售商、快速消費品、忠誠度計劃、每週傳單，並真正與零售商合作優化定價，以便在線購買的客戶感覺他們獲得了最大價值。您會看到我們在這方面也取得了進展，每個訂單的商品節省了 4.75 美元，年增 20%。

So these components aren't changing. They are what's going to drive long-term growth. And every quarter, you're going to hear us talk about how we're making progress on all of them to really activate the growth.

所以這些組件沒有改變。它們將推動長期成長。每個季度，您都會聽到我們談論我們如何在所有這些方面取得進展，以真正啟動成長。

Now at a macro level, we are -- we have also talked about the fact that mature cohorts improving quarter after quarter, as we saw again this quarter, is definitely a big driver of long-term growth as well as new cohorts continuing to get bigger, which is certainly what we've seen in '23 and now in '24 compared to pre-pandemic. So we feel very well set up for the long term.

現在，在宏觀層面上，我們也討論了這樣一個事實，即成熟群體逐季改善，正如我們在本季度再次看到的那樣，絕對是長期增長的一大推動力，而新群體也將繼續獲得成長。因此，從長遠來看，我們感覺已經做好了充分準備。

Our next question comes from Nikhil Devnani with Bernstein.

我們的下一個問題來自 Nikhil Devnani 和 Bernstein。

I wanted to ask about reinvestment, please. It looks like your transaction revenue stepped up a bit sequentially, and sales and marketing was sort of flattish as a percent of GTV sequentially as well. Given you beat the guidance pretty comfortably on EBITDA, did you look at the possibility of reinvesting some of that excess profit to support growth for the rest of the year? I guess why not go on the front foot more? Was it simply a lack of ROI on some of that investment? Or did other factors come into play as well?

我想問一下關於再投資的問題。您的交易收入似乎連續有所上升，而銷售和行銷佔 GTV 的百分比也連續持平。鑑於您的 EBITDA 相當輕鬆地超出了預期，您是否考慮過將部分超額利潤進行再投資以支持今年剩餘時間的增長的可能性？我想為什麼不多踏出一步呢？只是部分投資缺乏投資報酬率嗎？還是其他因素也發揮了作用？

So I want to be clear that we actually did reinvest to support growth, and that's not always seen in the sales and marketing line. Sometimes it's seen in the incentive line, which is contra-revenue. And the reason we have been able to reinvest to support growth while having high confidence that this will return is because we have really overhold of an incentive system in the last year to be able to really target the right incentives to the right customers at the right time to drive long-term value, to drive habituation, to drive more engaged customers.

因此，我想澄清的是，我們實際上確實進行了再投資以支持成長，而這在銷售和行銷領域並不總是可見。有時，它可以在激勵額度中看到，即收入對沖。我們之所以能夠進行再投資以支持成長，同時對這種回報充滿信心，是因為我們在去年確實掌握了激勵制度，能夠真正針對正確的客戶提供正確的激勵措施是時候推動長期價值、推動習慣、推動更多的客戶參與。

And so what you're seeing us do is actually reinvest heavily into the business to continue to support that growth. That may not appear in the numbers immediately because we take a long-term view to this reinvestment. And so some of these incentives or marketing might be driven at long-term retention, like, for example, getting you to adopt one more retailer or one more category or buying from a club, all of which are predictors of long-term retention and higher LTV. And so you might see that pay off over the longer term rather than in quarter. But we are very much investing in the business and don't feel limited in our ability to invest.

因此，您看到我們所做的實際上是對業務進行大量再投資，以繼續支持這種成長。這可能不會立即出現在數字中，因為我們對這次再投資抱持著長遠的眼光。因此，其中一些激勵措施或行銷可能是為了長期保留而驅動的，例如，讓您採用更多零售商或更多類別或從俱樂部購買，所有這些都是長期保留的預測因素更高的生命週期價值。因此，您可能會看到長期而不是季度的回報。但我們對這項業務進行了大量投資，並且不覺得我們的投資能力受到限制。

Our next question comes from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Fidji, just a couple of questions on these partnerships. So I guess, first, maybe we can clear the air on the Amazon elephant in the room. You guys work with Whole Foods in Canada. Sounds like Amazon is going to go another push here with their new pricing mechanism for Prime in the U.S. I guess what's your view on that? And is there any reason why, at some point in the future, not exclusive or whatever, you couldn't go back to working with Whole Foods? That would be first question.

Fidji，我想問幾個關於這些夥伴關係的問題。所以我想，首先，也許我們可以消除房間裡關於亞馬遜大象的誤會。你們在加拿大的全食超市工作。聽起來亞馬遜將在美國推出新的 Prime 定價機制，我想你對此有何看法？是否有任何原因導致您在未來某個時刻（非排他性或其他原因）無法再次與 Whole Foods 合作？這是第一個問題。

And then the second one is on the Uber partnership. I guess just how big do you think this could be? And do you think that restaurant ordering will be just folks that are IC+ members who kind of order a la carte from food delivery apps? Or do you think there's like a high overlap of DashPass subscribers that might come over and use Instacart now?

第二個是關於 Uber 的合作關係。我猜你認為這可能有多大？您是否認為餐廳訂餐只會由 IC+ 會員透過送餐應用程式點菜？或者您認為 DashPass 訂閱者現在可能會來使用 Instacart 嗎？

Thanks, Ross. So on Amazon specifically, I would say Amazon has experimented with many different pricing structures over the years. We have been testing this add-on subscription for some time. And within this construct, we remain very confident that we still have the winning customer value prop and some critical advantages. We have the best selection, 1,500 retail partners, reaching 98% of households. We know how much selection matters in this market. That's a key advantage.

謝謝，羅斯。因此，特別是在亞馬遜上，我想說亞馬遜多年來已經嘗試了許多不同的定價結構。我們已經測試此附加訂閱一段時間了。在這個結構中，我們仍然非常有信心，我們仍然擁有贏得客戶價值的支柱和一些關鍵優勢。我們擁有最好的選擇，1,500家零售合作夥伴，覆蓋98%的家庭。我們知道選擇在這個市場上有多重要。這是一個關鍵優勢。

We also have a key advantage on speed. As I said, 80% of our orders are on demand, half of which are priority, whereas in the case of Amazon, you have to schedule orders far in advance. And we know, again, that speed matters enormously in this market.

我們在速度方面也具有關鍵優勢。正如我所說，我們 80% 的訂單都是按需訂單，其中一半是優先訂單，而對於亞馬遜來說，你必須提前很長時間安排訂單。我們再次知道，速度在這個市場中至關重要。

And we really have the best value with Instacart+ being $99 a year, now twice as valuable with the addition of restaurants and not requiring an extra subscription. So we feel really good that under any construct from this competitor, we will be able to continue gaining share as we have in the past.

我們確實擁有每年 99 美元的 Instacart+ 的最佳價值，現在由於增加了餐廳並且不需要額外訂閱，價值增加了一倍。因此，我們感覺非常好，在這個競爭對手的任何構建下，我們將能夠像過去一樣繼續獲得份額。

We work with them in Canada. We are pleased with the results. There is no reason why we wouldn't be able to expand to Whole Foods, but that's their decision, not ours. We would be thrilled to work with them, but that's for them to decide.

我們在加拿大與他們合作。我們對結果感到滿意。我們沒有理由不能擴展到全食超市，但這是他們的決定，而不是我們的決定。我們很高興與他們合作，但這由他們決定。

Now on the Uber side, I'm really excited about the partnership. I think this is adding enormous selection overnight at positive unit economics, which, as you know, is really hard to pull off when you enter a completely new category. So we think this is something that's going to be incredibly accretive to the Instacart user.

現在在 Uber 方面，我對這次合作感到非常興奮。我認為這在一夜之間在積極的單位經濟效益中增加了巨大的選擇，正如你所知，當你進入一個全新的類別時，這真的很難實現。所以我們認為這對 Instacart 用戶來說將會帶來難以置信的增值。

And on your more specific question on which type of usage do we see, we actually see that we have a lot of incremental audiences that Uber does not have especially in family, especially in the suburbs, which is a big part of why this partnership is also valuable to them, and we are going to be aggressively wanting to convert these customers into restaurant customers. We know that our customers already go to other apps to order restaurants. That's why we decided to prioritize entering this category. And I think with the value proposition of Instacart+, which is not increasing in price despite adding all restaurants and free delivery above $35 from both grocery and restaurants, we have a very strong value proposition here with leading selection in grocery and leading selection in restaurants. So we're really excited about our ability to attract new users and convert our existing users to become restaurant customers as well and as a result, make them more engaged.

至於你更具體的問題，即我們看到哪種類型的使用，我們實際上看到我們有很多Uber 沒有的增量受眾，特別是在家庭中，尤其是在郊區，這也是這種合作關係的一個重要原因。我們知道我們的客戶已經使用其他應用程式訂購餐廳。這就是為什麼我們決定優先進入這一類別。我認為，憑藉Instacart+ 的價值主張，儘管增加了所有餐廳，並且雜貨店和餐館的35 美元以上免費送貨，但價格並沒有上漲，我們在這裡擁有非常強大的價值主張，在雜貨店和餐廳中擁有領先的選擇。因此，我們對吸引新用戶並將現有用戶轉變為餐廳客戶的能力感到非常興奮，從而使他們更加積極參與。

Our next question comes from Jason Helfstein with Oppenheimer.

我們的下一個問題來自傑森·赫爾夫斯坦和奧本海默。

Just 2 questions. So you had some comments about expanding to pickup. Just how do you think about like what are the savings that a customer gets when they do pickup? And do you think this better positions you to compete with Walmart for online grocery?

只有 2 個問題。您對擴展到皮卡業務有一些評論。您如何看待客戶取貨時可以節省多少費用？您認為這是否能讓您在網路雜貨領域與沃爾瑪競爭？

And the second question just to Uber. Can the economics work to expand the partnership so that they would actually offer your grocery offering on their app? So open-ended question on that.

第二個問題請教 Uber。經濟學可以努力擴大合作夥伴關係，以便他們實際上可以在他們的應用程式上提供您的雜貨產品嗎？這是一個開放式的問題。

So on pickup. Pickup is a big part of our affordability strategy because it is a cheaper option for people who value price over convenience. And so that's why we're focused on it, and that's why we actually made it free this quarter to use pickup. So to your point on the savings, it's a great option for people who may not have the time to get inside the store and want to benefit from those time savings but don't want to pay the cost of delivery. And we see that it is, in fact, a different customer because 75% of pickup orders are incremental.

所以在接機時。接送服務是我們經濟實惠策略的重要組成部分，因為對於重視價格而非便利性的人來說，這是更便宜的選擇。這就是我們關注它的原因，也是我們本季免費提供皮卡服務的原因。因此，就您關於節省的觀點而言，對於那些可能沒有時間進入商店並希望從節省的時間中受益但又不想支付送貨費用的人來說，這是一個不錯的選擇。我們發現，事實上，這是一個不同的客戶，因為 75% 的取貨訂單是增量的。

Now pickup is a smaller part of our overall business in big part because we started with grocery, but it's the part that continues to grow, and we continue to expand with large grocers like Kroger, Albertsons, many more to continue to grow the pickup business. So we're excited about it, but it is a smaller part of our overall business.

現在，取貨業務在我們整體業務中只佔很小的一部分，這在很大程度上是因為我們是從雜貨開始的，但它是一個持續增長的部分，我們繼續與克羅格、艾伯森等大型雜貨商一起擴張，以繼續發展取貨業務。所以我們對此感到興奮，但它只占我們整體業務的一小部分。

As for your question on Uber and grocery, to be clear, this partnership was very focused about us entering restaurants. We are still going to compete in grocery. And we continue to have leading category share in grocery, so this is something that we're excited to continue further.

至於你關於優步和雜貨店的問題，需要明確的是，這次合作非常關注我們進入餐廳。我們仍將在雜貨領域競爭。我們在食品雜貨領域繼續保持領先的品類份額，因此我們很高興能繼續保持領先地位。

Our next question comes from Colin Sebastian with Baird.

我們的下一個問題來自科林·塞巴斯蒂安和貝爾德。

Nick, all the best to you on your next steps. And Emily, welcome and congrats. Looking at the advertising revenue opportunity, this seems like still an area that's a significant opportunity as you engage with more CPG and brand advertisers. And so looking at that business, looking at the take rate, if you could perhaps maybe update us on the road map there? Any specific platform enhancements or products this year that we should pay attention to and ultimately, Fidji, your vision for advertising on the platform?

尼克，祝你下一步一切順利。艾米麗，歡迎並祝賀。從廣告收入機會來看，當您與更多 CPG 和品牌廣告商互動時，這似乎仍然是一個重要的機會。因此，看看該業務，看看採用率，您是否可以向我們更新那裡的路線圖？今年我們應該關注哪些具體的平台增強功能或產品？

Absolutely. So we still have very high conviction on our long-term targets, which are that advertising would reach 4% to 5% of GTV over time. It will not be linear. If you look at the last couple of years, advertising has grown very fast over the last couple of years. And so that's something that has changed in the last few quarters, mostly as we've told you before, because ad growth lagged GTV growth, and we haven't seen ads fully catch up yet.

絕對地。因此，我們對長期目標仍然抱有很高的信心，即隨著時間的推移，廣告收入將達到 GTV 的 4% 至 5%。它不會是線性的。如果你看看過去幾年，廣告在過去幾年成長得非常快。因此，過去幾個季度情況發生了變化，主要正如我們之前告訴過您的那樣，因為廣告成長落後於 GTV 成長，而且我們還沒有看到廣告完全趕上。

But our conviction around the long-term model is very strong. The reason we have this conviction is because we continue adding more and more partnership to measure the performance of our ad and optimize that, and the results always come back showing that we are an incredible place for advertisers to place their dollars.

但我們對長期模式的信念非常堅定。我們之所以有這樣的信念，是因為我們不斷增加越來越多的合作夥伴來衡量我們的廣告效果並對其進行優化，而結果總是表明我們是廣告商投放資金的絕佳場所。

You have seen that probably in the latter with our partnership with Circana. We continue to launch new objectives and optimization capabilities like, for example, new-to-brand objective and target ROAS this quarter. And so all of these capabilities are really contributing to giving brands confidence that we have a channel by which they are going to see high return, high sales lead, high incrementality.

您可能已經在我們與 Circana 的合作中看到了這一點。我們繼續推出新的目標和優化功能，例如本季的新品牌目標和目標 ROAS。因此，所有這些能力確實有助於讓品牌相信我們有一個管道，他們可以透過該管道看到高回報、高銷售線索和高增量。

In terms of what to pay attention to, in addition to these measurement improvements, targeting, et cetera, which is really our bread and butter, we have extended the strength of our ad platform beyond the world of the Instacart app. You have seen us do partnership with Google, recently NBCU, The Trade Desk, where we are taking the data and the strength of our targeting and our audiences and applying it to advertising platforms outside of Instacart.

就需要注意的方面而言，除了這些衡量改進、定位等確實是我們的麵包和黃油之外，我們還將廣告平台的優勢擴展到了 Instacart 應用程式的世界之外。您已經看到我們與 Google 建立了合作夥伴關係，最近還與 NBCU、The Trade Desk 合作，我們正在獲取數據以及我們的定位和受眾的強度，並將其應用於 Instacart 以外的廣告平台。

We have taken a similar approach with Carrot Ads, where we power ads on our retailers' website, whether that's [Props], Schnucks, many more. And that's also a way to continue growing the ad business.

我們對 Carrot Ads 採取了類似的方法，我們在零售商的網站上投放廣告，無論是 [Props]、Schnucks 還是更多。這也是繼續發展廣告業務的一種方式。

And then finally, expanding [this ad] business inside the store on Caper with Caper Carts, which is obviously small right now given that we have hundreds of carts out there. But as we ramp up to 1,000, of course, this is something that will get a lot bigger, especially as you look to 2025. So overall, like we feel very confident about the performance of our ad. Some initiatives take time, but we feel good about our trajectory.

最後，透過 Caper Carts 擴大 Caper 商店內的[此廣告]業務，考慮到我們有數百輛手推車，目前這顯然很小。但隨著我們增加到 1,000 個，當然，這個數字會變得更大，特別是當你展望 2025 年時。有些措施需要時間，但我們對自己的發展軌跡感到滿意。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Emily, can you provide any more color on what you're seeing across cohorts and if you see a time frame for mature cohorts, those declines to flatten out? And then anything that you can help us understand around the benefits of the new partnerships with Kroger and Costco on EBT SNAP and on quantifying just as you flip from a headwind to tailwind over -- into 2Q?

艾米麗，您能否提供更多關於您在各個群組中看到的情況的信息，如果您看到成熟群組的時間框架，那麼這些下降會趨於平緩？那麼，您有什麼可以幫助我們了解與克羅格和好市多在 EBT SNAP 方面建立新合作夥伴關係以及在從逆風轉向順風進入第二季度時進行量化的好處嗎？

Thanks for the question, Doug. So on cohorts, what I'd say is that everything that we've said about cohort dynamics remains true. So our mature cohort declines continued to improve in the quarter, and new cohorts are bigger than pre-pandemic. What I would note, though, is that the strong Q1 performance that we saw benefited all of our cohorts. And so for that reason, I would expect that there was some acceleration and improvement in Q1 that we don't expect to repeat in Q2 given those onetime impacts. So overall, I think the underlying trends continue to move along the same trends with the onetime impact in Q1.

謝謝你的提問，道格。因此，關於群體，我想說的是，我們所說的關於群體動態的一切仍然是正確的。因此，我們的成熟群體下降在本季持續改善，而新群體的下降幅度比疫情前更大。不過，我要指出的是，我們看到的第一季的強勁表現使我們所有的團隊受益。因此，出於這個原因，我預計第一季會出現一些加速和改善，考慮到這些一次性影響，我們預計第二季不會重複這種情況。因此，總體而言，我認為基本趨勢繼續沿著與第一季的一次性影響相同的趨勢發展。

As it relates to the benefit of the new partnerships on EBT, overall, what I'd say is that the year-over-year headwind improved from Q4 to Q1. So the impact was strongest in Q4. And in Q1, the launches of Kroger and Costco helped mitigate that impact. As we move into Q2, we do expect to lap the expiration of those benefits. But the overall impact is modest. The way that I think about it is that the EBT SNAP benefit in Q2 would effectively offset the impact that we had in Q1 from leap day, so about 1 percentage point of growth.

由於這關係到新的 EBT 合作關係的好處，總的來說，我想說的是，同比逆風從第四季度到第一季有所改善。因此，第四季的影響最為強烈。在第一季度，克羅格和好市多的推出有助於減輕這種影響。當我們進入第二季時，我們確實預計這些福利將會到期。但整體影響不大。我的想法是，第二季的 EBT SNAP 收益將有效抵消第一季閏日帶來的影響，因此成長約 1 個百分點。

Our next question comes from Michael Morton with MoffettNathanson.

我們的下一個問題來自邁克爾·莫頓和莫菲特·內桑森。

Two if I could. They're related. Could you speak to the defensibility and contract length of some of the largest and exclusive relationships? It's a question that we frequently get from the investor base. And any clarity there? And we do appreciate that it's not essential to the success of your business, but it's FAQ.

如果可以的話，兩個。他們是相關的。您能否談談一些最大的排他關係的防禦性和合約期限？這是我們經常從投資者那裡得到的問題。那裡有任何清晰度嗎？我們確實明白，這對您的業務成功並不是至關重要的，但它是常見問題。

And related to partnerships, I would love to know how you think longer term when it comes to working with the likes of Walmart and Amazon. Research shows that they're taking share in grocery and could be taking share from your core customer base on the grocer side. And a lot of times, they like to pull things in-house eventually. So is there any risk that you're feeding the beast and bridging them to their own sustainable solutions?

關於合作關係，我很想知道您在與沃爾瑪和亞馬遜等公司合作時如何看待長遠發展。研究表明，他們正在奪取雜貨店的份額，並且可能會從雜貨店方面的核心客戶群中奪取份額。很多時候，他們喜歡最終將事情內部化。那麼，您餵養這頭野獸並為它們建立可持續解決方案的橋樑是否存在任何風險？

Thanks for the question. So on contract length and exclusivity, first off, I just want to remind everyone that exclusivity is not our strategy. The strategy is fundamentally to be the partner of choice by being very embedded in grocers' business because we drive growth for them.

謝謝你的提問。因此，關於合約期限和排他性，首先，我想提醒大家，排他性不是我們的策略。該策略從根本上是透過深入參與雜貨商的業務來成為首選合作夥伴，因為我們推動他們的成長。

As for the contracts, they are, I would say, 1 to 2 years, and they all have different timing. So it's not as if there is a cliff coming up at any point. And what we usually see is that when retailers go nonexclusive and go to other platforms, what happens is that they continue to grow with us, invest more in the relationship, and the use case that happens on other platforms is quite different from our own. It ends up being very small baskets, the thing that you add after a restaurant order, like a bag of chips and a can of Pepsi, and so very different from what they can do on our platform, which is really everything from small baskets to large baskets.

至於合同，我想說的是1到2年，而且都有不同的時間安排。因此，任何時候都不會出現懸崖。我們通常看到的是，當零售商走向非獨家並轉向其他平台時，會發生的情況是他們繼續與我們一起成長，在關係上投入更多，而其他平台上發生的用例與我們自己的有很大不同。它最終變成了非常小的籃子，你在餐廳點餐後添加的東西，比如一袋薯片和一罐百事可樂，與他們在我們平台上可以做的事情非常不同，這實際上是從小籃子到小籃子的一切。

And so we continue to invest in our technology with grocers. We have a relationship even when they're not exclusive. We are very open. We power their owned and operated business. We power their fulfillment. We do pickup with them. We do EBT SNAPs. We do virtual convenience. The list goes on, and it's obviously a much more strategic relationship than just sitting on a marketplace. So that's very much how we think about this.

因此，我們繼續投資雜貨店的技術。即使他們不是排他性的，我們也有關係。我們非常開放。我們為他們擁有和經營的業務提供動力。我們為他們的實現提供動力。我們和他們一起接送。我們進行 EBT SNAP。我們提供虛擬便利。這樣的例子不勝枚舉，這顯然是一種比僅僅坐在市場上更具戰略意義的關係。這就是我們對此的看法。

In terms of partnership and long-term working with competitors, I would say what we obsess over is always having the best possible selection for our customers, and that's what got us to have a selection that represent 85% of U.S. gross retail being on Instacart. And so that's why we want to work with every grocer. However, when you talk about competitive advantages, we think our competitive advantages are very strong and in particular, when it comes to fulfillment advantages, the scale at which we operate gives us very significant advantages over any retailer wanting to do that themselves.

在與競爭對手的合作夥伴關係和長期合作方面，我想說的是，我們始終致力於為客戶提供最好的選擇，這就是為什麼我們能夠在 Instacart 上提供占美國零售總額 85% 的選擇。這就是我們希望與每個雜貨商合作的原因。然而，當你談論競爭優勢時，我們認為我們的競爭優勢非常強大，特別是在履行優勢方面，我們的經營規模使我們比任何想要自己做到這一點的零售商都具有非常顯著的優勢。

And that's why you are seeing even the largest guys, the Krogers of the world, et cetera, really relying on us for fulfillment because we can do that at economics that are highly competitive, at the scale that is incredibly competitive, with quality that's topnotch, and as a result, we can grow their business rather than them doing that themselves and not growing as fast as they would if they relied on our technology. So we want to make it always the smartest choice for them to partner with us, and that's exactly what has happened to date.

這就是為什麼你會看到即使是最大的公司，世界上的克羅格公司等等，也真正依賴我們來實現目標，因為我們可以在高度競爭的經濟、極具競爭力的規模和一流的質量上做到這一點，因此，我們可以發展他們的業務，而不是他們自己做，而且成長速度不如他們依賴我們的技術。因此，我們希望讓他們與我們合作始終是最明智的選擇，而這正是迄今為止所發生的事情。

Our next question comes from Andrew Boone with 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)。

The NBCUniversal partnership is very interesting. Can you talk about the potential of off-platform advertising and what you need to do to unlock more budget as well as more partners?

NBCUniversal 的合作非常有趣。您能否談談平台外廣告的潛力以及您需要採取哪些措施來釋放更多預算以及更多合作夥伴？

Thanks for the question, Andrew. So the way we think about it is that we have really unique customer data that can help advertisers identify audiences, for example, who would be new to their brand, who is an engaged customer that may -- that used to be engaged but may have churned. All of these audiences are incredibly critical for advertisers especially in a world where cookies are going away. And other platforms are really hungry for high-quality third-party data. And so we are able, through our first-party data, to do these partnerships where advertisers are able to take our audiences and leverage that on other platforms to make their advertising on other platforms more performant. And so that's very exciting.

謝謝你的提問，安德魯。因此，我們的想法是，我們擁有真正獨特的客戶數據，可以幫助廣告商識別受眾，例如，誰是他們品牌的新客戶，誰是可能曾經參與但可能已經參與的客戶攪動。所有這些受眾對於廣告商來說都至關重要，尤其是在 cookie 逐漸消失的世界中。而其他平台確實渴望高品質的第三方數據。因此，我們能夠透過我們的第一方數據建立這些合作關係，讓廣告主吸引我們的受眾並在其他平台上利用這些受眾，使他們在其他平台上的廣告效果更好。這非常令人興奮。

In addition to that, some of these brands decide to point directly to Instacart because they know that people are going to convert better because they land on a page where the ads allow them to buy and get the product inside their hands within an hour. So it's really a full funnel approach that we have with Google, The Trade Desk, NBCU, and that's why we're really excited to continue deepening these partnerships.

除此之外，其中一些品牌決定直接指向 Instacart，因為他們知道人們會更好地進行轉化，因為他們登陸的頁面上的廣告允許他們在一小時內購買並拿到產品。因此，這確實是我們與 Google、The Trade Desk、NBCU 合作的全漏斗方法，這就是為什麼我們非常高興能夠繼續深化這些合作關係。

Now in terms of materiality, I would say it is still small because it's a new thing and it requires a new infrastructure and a new muscle. Very often, the people that we talk to, to go get these budgets are different people than the people that are allocating spend on Instacart because they're just allocating spend on other platforms that are more maybe awareness driven or other objectives. So it takes a bit of time to sell this in, build these new relationships, add the new tools to make these services easier to access, optimization capabilities.

現在就實質而言，我想說它仍然很小，因為它是一個新事物，需要新的基礎設施和新的力量。通常，與我們交談以獲得這些預算的人與在 Instacart 上分配支出的人是不同的人，因為他們只是在其他平台上分配支出，而這些平台可能更多的是意識驅動或其他目標。因此，需要花一些時間來推銷它，建立這些新的關係，添加新的工具以使這些服務更容易訪問，優化功能。

But we've done that in the past with our own platform. We know exactly the playbook. That's the playbook we're applying to this year, and we hope to see the results of that in 2025.

但我們過去已經透過自己的平台做到了這一點。我們完全了解劇本。這就是我們今年應用的策略，我們希望在 2025 年看到成果。

Our next question comes from Ron Josey with Citi.

我們的下一個問題來自花旗銀行的 Ron Josey。

Maybe as a quick follow-up to one of your prior questions, Fidji. I wanted to ask about just the comments in the letter around operating data. I think you have -- you talked about a decade of operating data. And I wanted to just understand the strategic moats that you have as a result of that, both for the consumers and your retail partners because I think that's something that's often discussed.

也許是對您之前的問題之一的快速跟進，Fidji。我想問的只是信中有關營運數據的評論。我認為您談到了十年的營運數據。我想了解由此帶來的戰略護城河，無論是對於消費者還是零售合作夥伴，因為我認為這是一個經常討論的問題。

And to that, maybe another question around, I think, the comments on the call around quality -- or in the letter around quality, specifically around receipt analysis and the benefit of LLMs. Just talk to us about the benefits that you gained from that.

對此，我認為，也許還有另一個問題，就是關於質量的電話會議上的評論，或者是關於質量的信中的評論，特別是關於收據分析和法學碩士的好處的評論。只需與我們談談您從中獲得的好處。

Absolutely. Thanks for the question. The reason I talked about operating data in the letter is because, very often, we talk about having the best prediction models and things like that, which is incredibly important. I want to be clear. But even if someone literally duplicated right now all of our prediction models, if they didn't have the 10 years of operating data, the model wouldn't be that accurate. You're only as smart as the data you collect.

絕對地。謝謝你的提問。我在信中談到操作資料的原因是因為，我們經常談論擁有最好的預測模型和類似的東西，這是非常重要的。我想澄清一下。但即使有人現在確實複製了我們所有的預測模型，如果他們沒有 10 年的營運數據，該模型也不會那麼準確。您的聰明程度取決於您收集的數據。

And so what we've done is really amass a large pool of data, both on the consumer side and on the inventory side. On the consumer side, it's 11 to 12 years of large baskets data of everything that customers want to buy, everything that they substitute, which is critical because that allows us, if an item is not on the shelf, to substitute it with something that they prefer.

因此，我們所做的實際上是累積了大量數據，包括消費者方面和庫存方面的數據。在消費者方面，這是11 到12 年的大籃子數據，其中包含客戶想要購買的所有商品以及他們替換的所有商品，這一點至關重要，因為這使我們能夠在貨架上沒有某件商品時用其他商品替換它。

Lots of data about the types of products that are complementary to others that we can surface the best product recommendation and also surface the best ad recommendation. So all of that contributes to a richness of consumer data. That means that when you have invested in Instacart, you have placed a couple of orders, it's really hard to go to another platform because you would have to rebuild your entire basket or rebuild all of your habits, rebuild all of your preferences. And we have all of that for you. And that's why you're seeing, in the letter, we mentioned that 75% of customers have purchased an item from the Buy It Again list because, again, this is data we have on all of their purchase history.

關於與其他產品互補的產品類型的大量數據，我們可以提供最佳的產品推薦，也可以提供最佳的廣告推薦。因此，所有這些都有助於豐富消費者數據。這意味著當你投資了Instacart，下了幾個訂單，真的很難去另一個平台，因為你必須重建你的整個購物籃或重建你所有的習慣，重建你所有的偏好。我們為您準備了這一切。這就是為什麼您在信中看到我們提到 75% 的客戶從「再次購買」清單中購買了商品，因為我們擁有他們所有購買歷史記錄的資料。

Now on the kind of the shopper side and inventory side, it is also really critical to have data that allows us to predict what's on the shelves. And so again, because we have 600,000 shoppers roaming the aisles of grocery stores and we partner with retailers to get not only their catalog files but their balance-on-hand data, in some cases, we are able to create a system by which we can predict quarter after quarter what's going to be on the shelves with more accuracy, given that we have developed all of these technologies to tell us what's exactly on the shelves right now.

現在，在購物者方面和庫存方面，擁有能夠讓我們預測貨架上商品的數據也非常重要。同樣，由於我們有60 萬名購物者在雜貨店的過道裡閒逛，而且我們與零售商合作，不僅獲取他們的目錄文件，還獲取他們的手頭餘額數據，在某些情況下，我們能夠創建一個系統，透過該系統鑑於我們已經開發出所有這些技術來告訴我們現在貨架上到底有什麼，我們可以更準確地預測每個季度貨架上的商品。

And as I've mentioned in previous calls, the biggest compliment that we have on our technology is that some retailers and CPGs are actually using our out-of-stock predictions to optimize their operations because we know what's on the shelves much more in real time, with much more accuracy than retailers and CPGs themselves. And so we see them using our data to optimize their operations.

正如我在之前的電話中提到的，我們對我們的技術最大的讚美是，一些零售商和消費品公司實際上正在使用我們的缺貨預測來優化他們的運營，因為我們更了解貨架上的實際情況時間，比零售商和消費品本身更準確。因此我們看到他們使用我們的數據來優化他們的營運。

Then once you have kind of predicted what's on the shelves, you also need shoppers to find the items inside the store. And that's why we have planograms for -- that represents 75% of orders on the platform, so that when the shoppers arrive in the store, they are able to find the item with max efficiency and be able to increase the found rate.

然後，一旦您預測了貨架上的商品，您還需要購物者在商店內找到商品。這就是為什麼我們有貨架圖——它代表了平台上 75% 的訂單，這樣當購物者到達商店時，他們能夠以最大的效率找到商品，並且能夠提高找到率。

And then finally, I mentioned receipt data in the letter because once you're done completing this order and you found the items, sometimes it happens that shoppers could make a mistake. And with receipt data, we're able to tell them in real time now because we can analyze with receipts data, "Hey, actually, you missed this item. Hey, you might have switched this item into a different order," and allow them to self-correct on the spot.

最後，我在信中提到了收據數據，因為一旦您完成此訂單並找到了商品，有時購物者可能會犯錯。透過收據數據，我們現在可以即時告訴他們，因為我們可以透過收據數據進行分析，「嘿，實際上，您錯過了這個項目。嘿，您可能已經將此項目切換到不同的訂單，」並允許他們當場自我糾正。

And so the combination of all of these technologies is really what gives us massive leadership and results in found rates and fill rates that, again, are at an all-time high since the pandemic. So we're really proud of this system and continue to improve upon them quarter after quarter.

因此，所有這些技術的結合確實給了我們巨大的領導地位，並導致發現率和填充率再次達到自大流行以來的歷史最高水平。因此，我們對這個系統感到非常自豪，並且每個季度都會繼續改進它們。

Our next question comes from Tom Champion with Piper Sandler.

我們的下一個問題來自 Tom Champion 和 Piper Sandler。

I'd love to hear you talk a little bit about affordability and how you're productizing deals within the platform and the product. And I guess maybe beyond that big picture, could you talk a little bit about your view of the consumer and the range of outcomes you're contemplating for this year?

我很想聽您談談負擔能力以及您如何在平台和產品中實現交易。我想也許除了這個大局之外，您能否談談您對消費者的看法以及您今年考慮的結果範圍？

Yes. Thanks. So on affordability, we obsess over it, and that's why you are seeing results like our savings increasing 20% year-over-year to $4.75 on items per order. And that's a metric we track really carefully because we want to make sure that when customers come to the platform, we give them a variety of ways to get a deal.

是的。謝謝。因此，在負擔能力方面，我們非常重視它，這就是為什麼您會看到我們的結果，例如我們的每個訂單的商品節省額同比增加 20% 至 4.75 美元。這是我們非常仔細追蹤的一個指標，因為我們希望確保當客戶來到該平台時，我們為他們提供多種達成交易的方式。

And so when you're talking about productizing deals, there's actually a variety of deals, and it's a lot of different products that you have to build to do that. One is loyalty programs. A lot of retailers offer a lot of deals to their loyalty programs. And quarter after quarter, we integrate with the loyalty programs of more and more retailers, which allows us to surface more deals.

因此，當你談論產品化交易時，實際上有各種各樣的交易，並且你必須建立很多不同的產品才能做到這一點。一是忠誠度計劃。許多零售商為其忠誠度計劃提供大量優惠。每個季度，我們都與越來越多的零售商的忠誠度計劃相結合，這使我們能夠達成更多交易。

We have retailer-funded deals where they are going to offer, for example, $10 off a particular order to attract customers to them. So that's also a platform that we've built recently and allows retailers to actually put their own funds to attract delivery customers.

我們有零售商資助的交易，他們會提供特定訂單 10 美元的優惠，以吸引顧客。這也是我們最近建立的一個平台，讓零售商實際投入自己的資金來吸引送貨客戶。

We are also digitizing the weekly flyer. If you look off-line, a lot of people end up looking at the weekly flyer in a paper form before they go to the store to kind of figure out what are the deals that they want to not forget when they get to the store. We're digitizing that so that people benefit from that experience.

我們還將每週傳單數位化。如果你離線查看，很多人最終會在去商店之前查看紙質形式的每週傳單，以了解他們到達商店時不想忘記的優惠是什麼。我們正在將其數位化，以便人們從這種體驗中受益。

And then finally, we also have CPGs that are coming in and funding specific deals on their specific product. And we have a format called Stock Up and Save, which is actually an ad format, where CPGs can come and like basically give a deal for people to buy more of that particular product and get a discount for higher quantities.

最後，我們還有快速消費品公司進來並為其特定產品的特定交易提供資金。我們有一種名為「存貨省錢」的格式，這實際上是一種廣告格式，可以使用快速消費品，基本上可以為人們提供交易，讓他們購買更多特定產品並獲得更高數量的折扣。

We also look at savings in terms of delivery options and providing more affordable delivery options like pickup and No Rush. So that's the people who value price of our convenience can have the great benefit of our service as well. And so all of these adds up to really making it feel like the service quarter after quarter becomes more affordable, and that is reflected in the fact that if you look at our demographics, a couple of years ago, it was -- we were very highly concentrated in terms of affluent demographic. Whereas right now, we actually map to U.S. population pretty closely. And that's something we're very proud about because that means that we align with the entirety of the TAM.

我們也考慮在交貨選項方面節省開支，並提供更實惠的交貨選項，例如取貨和不急。因此，重視我們的便利價格的人們也可以從我們的服務中受益匪淺。因此，所有這些加起來確實讓人感覺服務逐季變得更加實惠，這反映在這樣一個事實中：如果你看看我們的人口統計數據，幾年前，我們非常富裕人口高度集中。而現在，我們實際上非常接近地繪製了美國人口的地圖。這是我們非常自豪的事情，因為這意味著我們與整個 TAM 保持一致。

And then finally, you asked me for my view on the consumer. I would say we've seen quite a resilient consumer I would say, on the lower end, we certainly see that people are -- with lower income are trying to stretch their budget, trying to make their dollars go faster, and therefore, they do a lot more planning when they think about grocery shopping. And as a result, we want to make it as easy as possible for them to get the best deals, to be able to shop multiple retailers if they want to combine different deals and really see us as a place that helps them meet their budgets and their family needs in the best possible way and really meeting consumers however they want to shop. So that's been really the focus.

最後，你問我對消費者的看法。我想說，我們看到了相當有彈性的消費者，在低端，我們當然看到收入較低的人們正在試圖擴大預算，試圖讓他們的錢花得更快，因此，他們當他們考慮去雜貨店購物時，要做更多的計畫。因此，我們希望讓他們盡可能輕鬆地獲得最優惠的價格，如果他們想要組合不同的優惠，就能夠在多個零售商處購物，並真正將我們視為幫助他們滿足預算和需求的地方。他們的家人以盡可能最好的方式需求，並真正滿足消費者想要的購物方式。所以這才是真正的焦點。

Our next question comes from Steven Fox with Fox Advisors.

我們的下一個問題來自福克斯顧問公司的史蒂文·福克斯。

Just one question from me on the Uber relationship. I guess from a financial standpoint, how would you expect it to ramp? And what should we think about in starting to see some financial benefits from it? Would it be mainly focused on seeing better subscriber growth or user growth that translates into your business? My understanding from this morning's call is that Uber would basically be using their own couriers to be able to advertise on their space within your channel. So can you just sort of give us a sense directionally how we should think about this helping your business or earnings over, say, the next 2 to 6 quarters?

我只想問一個關於 Uber 關係的問題。我想從財務角度來看，你預計它會如何成長？當我們開始從中看到一些經濟利益時，我們應該考慮什麼？主要是為了看到更好的訂戶成長或用戶成長轉化為您的業務嗎？我從今天早上的電話中了解到，Uber 基本上會使用他們自己的快遞員，以便能夠在你的頻道內的空間上做廣告。那麼，您能否給我們一個方向性的指導，我們應該如何考慮這對您的業務或收益（例如未來 2 到 6 個季度）的幫助？

Yes, absolutely. We're not going to obviously guide specifically here because we have not even launched the service. But I can tell you, at a high level, we are getting an affiliate fee from Uber on orders that we send to them. The deal is positive unit economics day 1 for us, which we're excited about, but we're also going to be investing on top of that to ensure success of the service and adoption.

是的，一點沒錯。我們不會在這裡明確地進行具體指導，因為我們甚至還沒有啟動該服務。但我可以告訴你，在較高層面上，我們會根據發送給 Uber 的訂單向 Uber 收取附屬費用。這筆交易對我們來說是第一天積極的單位經濟效益，我們對此感到興奮，但我們也將在此基礎上進行投資，以確保服務和採用的成功。

But we're not really looking at the restaurant business specifically. What we're really looking at is how this deal can help our business overall by making Instacart an even more engaging app, a more frequent use case by getting us more Instacart+ subscribers. And so we're going to really be looking at all of these metrics and in fact, driving adoption in a way that actually strengthens the entire business, not just get us a restaurant business but really get us a more engaged customer across all of our services. So that's what we're excited about, and we'll -- in terms of ramp-up, we'll have to launch to see that.

但我們並沒有真正專門關注餐飲業務。我們真正關注的是這筆交易如何幫助我們的整體業務，讓 Instacart 成為一個更具吸引力的應用程序，一個更頻繁的用例，為我們帶來更多的 Instacart+ 訂閱者。因此，我們將真正專注於所有這些指標，事實上，以一種真正加強整個業務的方式推動採用，不僅讓我們擁有餐館業務，而且真正讓我們在所有領域都擁有更積極參與的客戶。這就是我們感到興奮的地方，我們將——在加速方面，我們必須啟動才能看到這一點。

Our next question comes from Rob Sanderson with Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Rob Sanderson。

Many of my near-term questions have been asked and answered, but I wanted to ask about smart cards. What are grocers looking for in terms of proof points to expand deployments? Like are they looking at an ROI calculation? Or are these just more experimental proof-of-concept stages at this point?

我的許多近期問題已被提出並得到解答，但我想詢問有關智能卡的問題。雜貨商正在尋找什麼證據來擴大部署？就像他們正在考慮投資報酬率計算一樣？或者目前這些只是更多的實驗性概念驗證階段？

And what would be a reasonable expectation for when we could think about deployment to maybe 5% of stores? Is that something that could happen like in a 3-year time frame? Is that realistic? And does the hardware costs have to come down meaningfully to think about things like 5% penetration?

當我們考慮部署到大約 5% 的商店時，合理的期望是多少？這是三年內可能發生的事嗎？這現實嗎？考慮到 5% 的滲透率，硬體成本是否必須大幅下降？

Thanks, Rob, for the questions. So in terms of what grocers are looking at, it's exactly the same as the things we've been obsessing over, which is do consumers love the product. And is that changing their behavior. And the answer so far, based on what we've seen, is a resounding yes. We have seen consumers absolutely love using the carts. We hear a lot of anecdotes saying that consumers are like seeking the stores that have carts deployed. We've certainly seen that in Schnucks.

謝謝羅布的提問。因此，就雜貨商所關注的內容而言，這與我們一直痴迷的事情完全相同，即消費者是否喜歡該產品。這正在改變他們的行為嗎？到目前為止，根據我們所看到的情況，答案是肯定的。我們發現消費者非常喜歡使用手推車。我們聽到很多軼事說，消費者喜歡尋找部署了購物車的商店。我們當然在 Schnucks 身上看到了這一點。

Schnucks also gave us a data point that I put in the letter saying that people who use the cart end up having larger baskets than other carts, and that is a very big driver, as you can imagine, of grocers wanting to adopt that because that allows them to have a higher basket size, have consumers that can skip checkout and have an experience that is a lot more engaging and can create competitive differentiation for them. So we've been really obsessed over the consumer reaction, very encouraged by it, and that's why you're seeing us really pour more fuel on Caper and seeing retailers very excited to deploy that.

Schnucks 也給了我們一個數據點，我在信中提到，使用這種手推車的人最終會比其他手推車擁有更大的籃子，正如你可以想像的那樣，這是雜貨商想要採用這種手推車的一個非常大的推動力，因為允許他們擁有更大的購物籃尺寸，讓消費者可以跳過結帳，並獲得更具吸引力的體驗，並可以為他們創造競爭差異化。因此，我們非常關註消費者的反應，並深受其鼓舞，這就是為什麼我們確實在 Caper 上投入了更多的精力，並且看到零售商非常興奮地部署它。

In terms of ramp-up, I would say we -- as you've seen in the letter, we are in many pilots with the largest grocers, whether it's Kroger, Wakefern, Sobeys, Schnucks, the list goes on. And so we expect to have thousands of carts deployed by the end of the year.

就提升而言，我想說，正如您在信中所看到的，我們在許多試點項目中擁有最大的雜貨店，無論是克羅格、韋克芬、索貝斯、施努克，這樣的例子不勝枚舉。因此，我們預計到今年底將部署數千輛推車。

And then I think it really depends on kind of how those deployments go, but it could scale to many more. We are not guiding to a specific time line because there are a lot of unknowns. But we think that we have everything that we need to be able to scale these carts.

然後我認為這實際上取決於這些部署的方式，但它可以擴展到更多。我們不會給出具體的時間表，因為有許多未知因素。但我們認為我們擁有擴展這些購物車所需的一切。

In terms of cost, we will work to get the hardware cost down in the future, no doubt. But that's not really the main blocker to deployment. I would say that a big part of the business model for Caper is going to come from advertising. And that's another reason why we tell we're really excited about Caper Carts because it becomes a completely new incremental line of business for them of having advertising inside the store on the screen of Caper Carts and a source of revenue for us that can justify putting more of the cost out there.

在成本方面，毫無疑問，我們未來會努力降低硬體成本。但這並不是部署的真正主要障礙。我想說 Caper 商業模式的很大一部分將來自廣告。這就是我們對Caper Carts 感到非常興奮的另一個原因，因為它成為他們的一個全新的增量業務線，可以在Caper Carts 的屏幕上在商店內投放廣告，並且是我們的收入來源，可以證明投入合理更多的成本在那裡。

Our next question comes from Ross Compton with Macquarie.

我們的下一個問題來自麥格理的羅斯·康普頓。

Fidji, in your S-1, you estimate that the enterprise segment drove an estimated 20% of company GTV in 2022. And I think what's really interesting is your model, given the economics are similar on marketplace enterprise, you're agnostic to where the demand comes from. I was wondering if you would share how enterprise is evolving where there's more grocers kind of into the online space and are required to adopt your technological tools to kind of compete against Whole Foods and others. Do you see this kind of rising tide lift all boats and even though an order might not occur on marketplace, you kind of win economics on the enterprise tools?

Fidji，在您的S-1 中，您估計企業細分市場在2022 年將占公司GTV 的20%。哪裡需求來自。我想知道您是否願意分享企業如何發展，因為有更多的雜貨店進入線上空間，並且需要採用您的技術工具來與全食超市和其他公司競爭。您是否認為這種水漲船高，即使市場上可能不會出現訂單，您也能在企業工具上贏得經濟效益？

So great question. You're right. We remain agnostic between marketplace and white label. And that actually makes us a really strategic partner for grocers because, as you can imagine, in the case of grocers, they would prefer an order to go through their owned and operated platform. And so the fact that we have a partner at the table that wants to grow their O&O as much as we want to grow our marketplace is a very strong competitive advantage for us. We have seen growth of white label to be roughly in line with marketplace. That's remained consistent for a few years.

很好的問題。你說得對。我們在市場和白標之間仍然保持不可知論。這實際上使我們成為雜貨商真正的戰略合作夥伴，因為正如你可以想像的那樣，對於雜貨商來說，他們更喜歡透過他們擁有和經營的平台下訂單。因此，事實上我們有一個合作夥伴，他們希望發展他們的 O&O，就像我們希望發展我們的市場一樣，這對我們來說是一個非常強大的競爭優勢。我們發現白標的成長與市場大致一致。這幾年來一直保持一致。

What we are seeing, and I mentioned in the letter, is a deepening of our enterprise relationship with grocers, where, in the past, it might have been just powering the storefront or just powering their fulfillment. And now we are actually powering more and more things for them, whether it's FoodStorm where we power their catering business, whether it's Caper Carts, where we now enter the store, and what they really value is that all of these products are completely integrated.

我在信中提到，我們所看到的是我們與雜貨商的企業關係的深化，在過去，這種關係可能只是為店面提供動力或只是為他們的履行提供動力。現在我們實際上正在為他們提供越來越多的東西，無論是我們為他們的餐飲業務提供動力的FoodStorm，還是我們現在進入商店的Caper Carts，他們真正看重的是所有這些產品都是完全整合的。

And so if you look at the deal we just announced with Save Mart, where we're really going to power everything for them from their storefront solution to Caper Carts to FoodStorm to Carrot Ads. It's a great example of our enterprise strategy really winning the day because you now can surface ads, again, not just on our marketplace but surface ads on storefront [tools], surface ads on Caper Carts. If [someone is] using our Caper Carts, you can get people to reorder their in-store basket online. So the fact that we power both Caper Carts and their storefront is incredibly helpful.

因此，如果你看看我們剛剛宣布的與 Save Mart 的交易，我們實際上將為他們提供一切支持，從商店解決方案到 Caper Carts、FoodStorm 到胡蘿蔔廣告。這是我們的企業策略真正獲勝的一個很好的例子，因為您現在不僅可以在我們的市場上展示廣告，還可以在店面[工具]上展示廣告，在 Caper Carts 上展示廣告。如果[有人]使用我們的 Caper 購物車，您可以讓人們在線重新訂購他們的店內購物籃。因此，我們為 Caper Carts 及其店面提供動力這一事實非常有幫助。

You can order catering from the Caper Carts. So again, the fact that we have FoodStorm catering, integrated with Caper Carts is another integration that they love. So when they come to us, it's not for point solutions. It's now for a completely integrated product suite that they get to benefit from end to end instead of having to integrate with 10 different vendors maybe -- may have these [joint cheap] solutions.

您可以從 Caper Carts 訂購餐飲。再說一遍，我們將 FoodStorm 餐飲與 Caper Carts 整合在一起，這是他們喜歡的另一個整合。因此，當他們來找我們時，並不是尋求單點解決方案。現在是一個完全整合的產品套件，他們可以從端到端受益，而不必與 10 個不同的供應商整合 - 可能有這些[聯合廉價]解決方案。

Our next question comes from Justin Post with Bank of America.

我們的下一個問題來自美國銀行的賈斯汀·波斯特。

This is Steven McDermott on for Justin Post. In your shareholder letter, you touched about driving supply through increasing the delivery areas of customers. I was just wondering if you could flesh out some of those efficiency improvements that allowed that and kind of how the evolution of supply growth looks like going forward kind of given the higher penetration among customers -- or among grocers.

我是賈斯汀·波斯特的史蒂文·麥克德莫特。在您的股東信中，您談到了透過增加客戶的送貨區域來推動供應。我只是想知道您是否可以充實一些能夠實現這一點的效率改進，以及考慮到消費者或雜貨商之間的滲透率更高，供應增長的演變看起來會是什麼樣子。

Yes. Thank you. We've always had very strong supply, and we continue to have waitlist for shoppers in many cities and very high satisfaction of shoppers with 80% of shoppers saying that they would recommend this work to someone else and 80% of them saying that Instacart offers well-paid opportunities. So the fact that we have such attractiveness for shoppers is certainly helping us.

是的。謝謝。我們一直有非常充足的供應，我們在許多城市繼續為購物者提供等待名單，並且購物者的滿意度非常高，80% 的購物者表示他們會向其他人推薦這項工作，其中80% 的人表示Instacart 提供高薪的機會。因此，我們對購物者俱有如此大的吸引力，這一事實無疑對我們有幫助。

Then in addition to that, what we are doing is better matching the shopper supply we do have with the demand that comes onto the platform. And a good example of that is the expansion of the delivery radius that we did in Q1, where we allowed 80% of customers to have access to at least one new retailer by expanding these delivery ranges because we have shoppers that are okay and excited to drive longer distances.

除此之外，我們正在做的就是更好地將我們現有的購物者供應與平台上的需求相匹配。一個很好的例子就是我們在第一季擴大了送貨半徑，透過擴大這些送貨範圍，我們允許 80% 的客戶能夠接觸到至少一家新零售商，因為我們有願意並興奮的購物者駕駛更遠的距離。

What you're seeing also is that we are continuing to drive shopper efficiencies via batching and time-to-deliver orders and that's what has helped transaction revenue and allowed us to reinvest in the business. And we are doing that while also increasing shopper earnings. And so that's really what we continue to obsess over. It's becoming a lot more efficient, which allows us to reinvest in the business. But also giving shoppers more earning opportunities, and the fact that we've been able to drive both of these outcomes is really exciting.

您還看到的是，我們正在透過批量和訂單交付時間繼續提高購物者的效率，這有助於增加交易收入並使我們能夠對業務進行再投資。我們在這樣做的同時也增加了購物者的收入。這確實是我們繼續著迷的事。它變得更加高效，這使我們能夠對業務進行再投資。而且也為購物者提供了更多賺錢機會，事實上我們能夠推動這兩項成果，這確實令人興奮。

Our next question comes from Mark Zgutowicz with The Benchmark Company.

我們的下一個問題來自 The Benchmark Company 的 Mark Zgutowicz。

This is [Alex] on for Mark. Regarding opportunities to reaccelerate advertising growth from a high level, how would you characterize the relative reliance on net new active brand additions versus improving same client spend? I'm just curious how this dynamic has trended year-to-date.

這是[亞歷克斯]為馬克代言的。關於從高水準重新加速廣告成長的機會，您如何描述對淨新活躍品牌增加與改善相同客戶支出的相對依賴？我只是好奇今年迄今為止這種動態的趨勢如何。

That's a great question. The thing I can tell you is we have thousands of brands that are growing well into the double digits. But we also have a few large brands that have pulled back spend for reasons that are very specific to their own business, and these few brands can have too meaningful of an impact on our overall growth rate.

這是一個很好的問題。我可以告訴你的是，我們有數千個品牌正在以兩位數的速度快速成長。但我們也有一些大品牌由於自身業務的特殊原因而縮減了支出，而這些品牌可能會對我們的整體成長率產生重大影響。

To give you an example, we see certain large alcohol brands that have pulled back spend because of everything that's happening in the alcohol category. And because we are still concentrated in the large brands, we are seeing this impact kind of outsized on our platform. And so it's a really big priority for me to continue diversifying the ad business so that we can see less impact when some large brands face challenges in their own business.

舉個例子，我們看到某些大型酒類品牌因為酒類類別中發生的一切而縮減了支出。由於我們仍然專注於大品牌，因此我們看到這種影響在我們的平台上有點過大。因此，對我來說，繼續實現廣告業務多元化是一個非常重要的優先事項，這樣當一些大品牌在自己的業務中面臨挑戰時，我們就能看到更少的影響。

I do think that a lot of it is going to come from adding new brands to the platform. But I also think that we have many brands, both large and small, that are still under indexed in terms of ad spend on the platform compared to the performance we drive. And that's why I've been so focused on measurement and improving the performance because we need to be able to go to these brands with absolutely clear data that if they invest more, we will drive more sales. And now that we have all of these proof points, this is going to be a very big focus of the year of continuing to convince existing brands that are not advertising enough as well as new brands to come onto the platform, so very big priority.

我確實認為其中很大一部分將來自於為平台添加新品牌。但我也認為，與我們推動的業績相比，我們有許多大大小小的品牌，在平台上的廣告支出方面仍然處於低位。這就是為什麼我如此專注於衡量和提高績效，因為我們需要能夠向這些品牌提供絕對清晰的數據，如果他們投資更多，我們將推動更多銷售。現在我們已經掌握了所有這些證據，這將成為今年的一個非常重要的焦點，繼續說服廣告不足的現有品牌以及新品牌進入該平台，因此非常重要。

(Operator Instructions) Our next question comes from Bernie McTernan with Needham.

（操作員說明）我們的下一個問題來自 Bernie McTernan 和 Needham。

This is Stefanos Crist calling in for Bernie. Emily, congratulations on the new role. Would love to just hear some of your goals and plans maybe in the short and long term, anything different you'd like to do.

我是 Stefanos Crist 來找伯尼。艾米麗，恭喜你擔任新角色。很想聽聽您的一些短期和長期目標和計劃，以及您想做的任何不同的事情。

Thanks, Bernie (sic) [Stefanos], and thanks for the congratulations. So I don't really think about it as doing things differently. I think like Nick, focused on creating the most valuable company and generating long-term free cash flow per share. So that's really translated into me focused on finding attractive opportunities for investment and growth. That's also creating a strong portfolio of offerings that serve a broad swath of consumers and meeting them where they are in terms of their consumer journey but also focused on driving operating leverage and delivering improving profitability over time. I think, lastly, I'll comment on we've executed a pretty large share repurchase program, which I've helped execute over the last few months, and we've driven $750 million of share repurchase by the end of Q1.

謝謝伯尼（原文如此）[Stefanos]，並感謝您的祝賀。所以我並不認為這是以不同的方式做事。我認為像尼克一樣，專注於創建最有價值的公司並產生每股長期自由現金流。因此，這實際上意味著我專注於尋找有吸引力的投資和成長機會。這也創造了強大的產品組合，為廣大消費者提供服務，滿足他們的消費旅程，同時也專注於提高營運槓桿並隨著時間的推移提高獲利能力。我想，最後，我要評論一下，我們已經執行了一項相當大的股票回購計劃，我在過去幾個月裡幫助執行了該計劃，到第一季末，我們已經推動了7.5 億美元的股票回購。

I think the other thing I'll focus on is just how I'm able to do that. I think if you look at my background, I'm able to leverage 10-plus years of operating experience in a market where obsessing over deepening our leadership position was critical. I've seen very highly competitive markets. I've seen what it looks like to deepen those competitive positions, and I've also seen what it looks like to lose ground. So I'm very focused on that, particularly as Instacart has an incredible lead, and I want to make sure we remain positioned to deepen that lead. So I'm partnering closely with Fidji and the team to ensure that happens, doing all that obviously, investing in those right opportunities while continuing to drive profitability.

我認為我要關注的另一件事是我如何能夠做到這一點。我認為，如果你看看我的背景，我就能利用在一個致力於深化我們的領導地位至關重要的市場中 10 多年的營運經驗。我見過競爭非常激烈的市場。我已經看到了深化這些競爭地位的情況，也看到了失去市場的情況。所以我非常關注這一點，特別是因為 Instacart 擁有令人難以置信的領先優勢，我想確保我們能夠繼續加深這種領先優勢。因此，我正在與 Fidji 和團隊密切合作，以確保實現這一目標，顯然，我將投資那些正確的機會，同時繼續提高獲利能力。

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。