Maplebear Inc (CART) 2024 Q3 法說會逐字稿

Good day. And thank you for standing by. Welcome to Instacart's third-quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

再會。感謝您的支持。歡迎參加 Instacart 2024 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。

I would now like to hand the conference over to Rebecca Yoshiyama, Vice President of Investor Relations, Capital Markets and Security. Please go ahead.

現在我想將會議交給投資者關係、資本市場和安全副總裁 Rebecca Yoshiyama。請繼續。

Thank you, Justin and welcome everyone to Instacart's third-quarter 2024 earnings call. On the call with me today are Fidji Simo, our Chief Executive Officer; and Emily Reuter, our Chief Financial Officer. During today's call, we will make forward-looking statements related to our business plans and strategy developments in the grocery industry and our future performance and prospects including our expectations regarding financial results, partnerships, equity grants and share repurchases. These forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those anticipated.

謝謝賈斯汀，歡迎大家參加 Instacart 的 2024 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；以及我們的財務長艾米麗·路透 (Emily Reuter)。在今天的電話會議中，我們將做出與我們在雜貨行業的業務計劃和策略發展以及我們未來業績和前景相關的前瞻性聲明，包括我們對財務業績、合作夥伴關係、股權授予和股票回購的預期。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。

You can find more information about these risks and uncertainties in our last Form 10-Q filed with the SEC. We assume no obligation to update these statements after today's call except as required by law.

您可以在我們向 SEC 提交的上一份 10-Q 表格中找到有關這些風險和不確定性的更多資訊。除非法律要求，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 as a substitute for our GAAP results. A reconciliation between these GAAP and non-GAAP financial measures is included in our shareholder letter which can be found on our Investor Relations website.

此外，我們還將討論某些具有局限性的非公認會計原則財務指標，不應孤立地考慮或取代我們的公認會計原則結果。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 and hi everyone. I hope you had a chance to read our latest shareholder letter which highlights our strong Q3 results and the momentum we're generating across all aspects of our business. We know the grocery market is still vastly and often traded online and as a leading online grocery marketplace, we see it as our job to further accelerate adoption across all customers grocery needs.

謝謝麗貝卡，大家好。我希望您有機會閱讀我們最新的股東信，其中強調了我們第三季的強勁業績以及我們在業務各個方面所產生的動力。我們知道食品雜貨市場仍然規模龐大且經常在線交易，作為領先的在線食品雜貨市場，我們將進一步加速滿足所有客戶的食品雜貨需求視為我們的工作。

And it's clear that we're winning at all of these use cases. We continue to be the clear category leader in both small basket fill up orders which represent 25% of the industry and large weekly baskets which represent 75% of the industry.

很明顯，我們在所有這些用例上都取得了勝利。在佔行業 25% 的小籃子訂單和占行業 75% 的大周籃子訂單中，我們仍然是明顯的類別領導者。

We are truly building a habit so that over time, customers end up spending the full grocery budget with us. While other platforms are selling some grocery items. They are not building customers, grocery habits, which is critical to retaining customers with good economics. Our leadership simply comes from our superior experience and we're relentlessly focused on extending this advantage by deepening our retailer integrations.

我們正在真正養成一種習慣，隨著時間的推移，顧客最終會在我們這裡花掉全部的雜貨預算。而其他平台則在銷售一些雜貨。他們並沒有培養顧客和購物習慣，而這對於維持良好的經濟效益至關重要。我們的領先地位僅來自於我們卓越的經驗，並且我們堅持不懈地致力於透過深化我們的零售商整合來擴大這一優勢。

These integrations remain one of the most underappreciated parts of our business and are really our secret sauce. In our letter, I gave examples from several partners that leverage our technologies across our marketplace, the e-commerce websites and indepth stores through deep integrations like these, we're able to provide a faster, more affordable and higher quality service while helping retailers grow.

這些整合仍然是我們業務中最被低估的部分之一，而且確實是我們的秘密武器。在我們的信中，我舉了幾個合作夥伴的例子，他們透過這樣的深度整合在我們的市場、電子商務網站和深度商店中利用我們的技術，我們能夠提供更快、更實惠和更高品質的服務，同時幫助零售商生長。

Most people underestimate how complicated it is to launch these services for grocers. I mentioned 150 new features and offer types we built with sprouts over the last year and a half. We're the only ones with a breadth of solutions, experience and trust to deliver on these complex integrations and our ongoing technology leadership is critical.

大多數人低估了為雜貨商推出這些服務的複雜性。我提到了我們在過去一年半中使用 Sprouts 建造的 150 個新功能和提供類型。我們是唯一一家擁有豐富的解決方案、經驗和信任來交付這些複雜整合的公司，而我們持續的技術領先地位至關重要。

As the industry transforms and the pace of innovation increases growth has increasingly turned to us as a tech ally to develop experiences, they wouldn't dream of building on their own. This is especially true with our ongoing investments in AI, which build on more than a decade of specialized grocery data. To further our technological leadership, I'm very pleased that we recently added Anirban Kundu to our team as Chief Technology Officer.

隨著產業轉型和創新步伐加快，成長越來越多地轉向我們作為開發經驗的技術盟友，他們不會夢想自己建構。我們對人工智慧的持續投資尤其如此，這些投資建立在十多年的專業雜貨數據的基礎上。為了進一步提升我們的技術領先地位，我很高興我們最近將 Anirban Kundu 加入我們的團隊中擔任技術長。

As you know, we're not just grocers' ally online, but also in the stores and our deep integrations give us a right to win there too. We're pleased with our progress on Keeper as we continue to broaden deployment across more than a dozen grocers including national, regional and local grocers.

如您所知，我們不僅是雜貨商的線上盟友，也是商店的盟友，我們的深度整合也使我們有權利在那裡獲勝。我們對 Keeper 的進展感到滿意，因為我們繼續擴大在包括國家、地區和當地雜貨店在內的十幾家雜貨店的部署。

We've taken an approach of piloting Keeper cards with many different grocers to prove the model in different markets and H1 in on best practices for every market segment. I'm really excited by what we've learned and I look forward to continuing to scale our deployments next year.

我們採取了與許多不同的雜貨店試行 Keeper 卡的方法，以在不同的市場中驗證該模型，並在每個細分市場的最佳實踐中驗證 H1。我對我們所學到的東西感到非常興奮，並期待明年繼續擴大我們的部署。

I'm also really excited about restaurants on our platform. We're seeing promising early results since the launch in June and we have a lot more room to grow and build the flywheel between restaurants and grocery. On ads, as we've talked about in past quarters, we continue to work to diversify, it takes time, but we're making a lot of progress on diversifying both demand in terms of the type and number of brands that work with us as well as supply where we're increasing the number of different sites where our ads appear.

我也對我們平台上的餐廳感到非常興奮。自六月推出以來，我們看到了有希望的早期成果，我們有更多的空間來發展和建造餐廳和雜貨店之間的飛輪。在廣告方面，正如我們在過去幾個季度談到的，我們繼續努力實現多元化，這需要時間，但我們在與我們合作的品牌類型和數量方面的需求多元化方面取得了很大進展以及我們正在增加展示我們的廣告的不同網站數量的供應。

On the demand side, we're seeing strength among emerging brands. We are doubling down and growing faster than our overall platform. That's simply because our hard work to help people discover new brands and build purchasing habits. We see direct correlations between how much a brand spend on our platform and how this influences their sales and market share. So we feel extremely strongly about the performance of our ads.

在需求方面，我們看到新興品牌的實力。我們正在加倍努力，並且成長速度比我們的整體平台更快。這只是因為我們努力幫助人們發現新品牌並建立購買習慣。我們看到品牌在我們平台上的支出與其銷售和市場份額的影響之間存在直接關聯。因此，我們對廣告效果的感受非常強烈。

We're also continuing to invest in more ad formats, measurement and targeting capabilities as well as campaign management tools to further drive demand. On the supply side while diversifying across the Instacart marketplace, but also across more retailer sites including ones we don't work with for ecommerce or fulfillment like strive market and cut and dry.

我們也將繼續投資更多的廣告格式、衡量和定位功能以及活動管理工具，以進一步推動需求。在供應方面，雖然在Instacart 市場上實現了多元化，但也在更多的零售商網站上實現了多元化，包括那些我們不與電子商務或訂單履行合作的網站，例如Stretch Market 和Cut and Dry 。

In 2025 and beyond, we also expect to further increase supply by expanding our retail media powered partnerships and bringing more at formats to keep our card screens which can take the best of online advertising and bring it to the store. Overall, I'm incredibly excited about the momentum we're generating across all aspects of our business. I'm confident in our ability to execute on our strategy and grow the price for all of our stakeholders.

到 2025 年及以後，我們也預計透過擴大零售媒體支援的合作夥伴關係並提供更多格式來進一步增加供應，以保持我們的卡片螢幕能夠充分利用線上廣告並將其帶到商店。總的來說，我對我們在業務各個方面所產生的勢頭感到非常興奮。我對我們執行策略並為所有利害關係人提高價格的能力充滿信心。

Now, I'll pass the call over to Emily for an update on our financials.

現在，我將把電話轉給艾米麗，以了解我們財務狀況的最新情況。

Thank you, Fidji. It's an incredibly exciting time at Instacart as we double down on our critical advantages while reinvesting in short and long term opportunities to accelerate growth for us and our partners. Now let me provide a bit more color on our most recent financial results and outlook.

謝謝你，菲吉。對於 Instacart 來說，這是一個令人難以置信的令人興奮的時刻，因為我們加倍發揮我們的關鍵優勢，同時重新投資於短期和長期機會，以加速我們和我們的合作夥伴的成長。現在讓我對我們最近的財務業績和前景提供更多資訊。

Q3 was a really strong quarter for us with both GTV and adjusted EBITDA beating the high end of our guidance ranges. We deliver GTV growth of 11% year over year consisting of orders growth of 10% and average order value growth of 1%.

第三季度對我們來說是一個非常強勁的季度，GTV 和調整後的 EBITDA 都超過了我們指導範圍的高端。我們的 GTV 年成長 11%，其中訂單成長 10%，平均訂單價值成長 1%。

Q3 advertising and other revenue growth of 11% year over year also outperformed our expectations while we continue to see certain large CPGs pull back on spend for their own specific reasons. We also saw emerging brands lean in to drive faster growth than our overall platform for the reasons Fidji discussed earlier on the call.

第三季廣告和其他收入年增 11% 也超出了我們的預期，同時我們繼續看到某些大型消費品公司由於其自身的特定原因而削減支出。我們也看到新興品牌傾向於推動比我們整體平台更快的成長，原因是 Fidji 之前在電話會議中討論過的原因。

We also delivered strong profitability results across the Board, which continues to reflect our solid operating fundamentals and our ability to manage multiple levers across our P&L to drive leverage. This includes our fourth consecutive quarter of positive GAAP net income and adjusted EBITDA of $227 million, up 39% year over year and operating cash flow of $185 million, up 67% year over year.

我們還在整個董事會上實現了強勁的獲利業績，這繼續反映了我們堅實的營運基礎以及我們管理損益表中多個槓桿以提高槓桿率的能力。這包括我們連續第四個季度實現正 GAAP 淨利潤和調整後 EBITDA 2.27 億美元，年增 39%，營運現金流 1.85 億美元，年增 67%。

Looking ahead, we expect Q4, GTV to be between $8.5 billion and $8.65 billion representing year-over-year growth of 8% to 10%. As a reminder, our approach to GTV guidance is to provide a closest to the PIN range that we expect to land within for the quarter. We expect this in Q4 especially as we compare against last year's strong holiday season as we lap a meaningful sequential step up in incentive spend in the prior year quarter.

展望未來，我們預計第四季度 GTV 將在 85 億美元至 86.5 億美元之間，年增 8% 至 10%。提醒一下，我們對 GTV 指導的方法是提供最接近我們預計本季達到的 PIN 範圍。我們預計第四季度會出現這種情況，尤其是與去年強勁的假期季節相比，因為我們在上一年季度的激勵支出上取得了有意義的連續成長。

And as we account for a small impact from ahold Delhaize's recent outage, given we power deliveries for their owned and operated websites. We are also guiding to Q4 adjusted EBITDA of $230 million to $240 million. On a sequential basis, this guidance reflects positive seasonality in advertising and other revenue partially offset by our reinvestments in more affordable service options as well as marketing incentives to further drive online grocery adoption.

鑑於我們為他們擁有和經營的網站供電，我們考慮到 ahold Delhaize 最近的停電影響很小。我們也預期第四季調整後 EBITDA 為 2.3 億至 2.4 億美元。按順序來看，該指引反映了廣告和其他收入的積極季節性，部分被我們對更實惠的服務選項的再投資以及進一步推動在線雜貨採用的營銷激勵措施所抵消。

On a year-over-year basis, we expect advertising and other revenue to grow largely in line with our GTV guidance range and expect the primary driver of growth in adjusted EBITDA as a percentage of GTV to come from adjusted operating expense leverage. In Q4, we also anticipate SBC will begin to normalize now that we have lapped our IPO quarter and don't expect the benefit from any notable one time reversals like we experienced in Q1 and Q3 of this year.

與去年同期相比，我們預計廣告和其他收入的成長將在很大程度上符合我們的 GTV 指導範圍，並預計調整後 EBITDA 佔 GTV 的百分比成長的主要驅動力將來自調整後的營運費用槓桿。在第四季度，我們也預計 SBC 將開始正常化，因為我們已經完成了 IPO 季度，並且預計不會像今年第一季和第三季度那樣從任何顯著的一次性逆轉中受益。

On an ongoing basis, we continue to expect a step up in SBC starting in every Q2 due to the timing of our annual equity refresh grants. Overall, our business is performing well. Our operating scale and critical advantages continue to have us well positioned to strengthen our lead as the largest online grocery marketplace in North America and generate more shareholder value over time.

由於我們年度股權更新補助金的時間安排，我們繼續預計 SBC 從每個第二季度開始都會有所提高。總體而言，我們的業務表現良好。我們的經營規模和關鍵優勢繼續使我們處於有利地位，可以鞏固我們作為北美最大的線上雜貨市場的領先地位，並隨著時間的推移創造更多的股東價值。

This is why in Q3, we repurchased another $357 million worth of shares, bringing our cumulative repurchases to just over [$1.4 billion] for 47 million shares representing a weighted average price of $30.27. As of September 30, we had $68 million of buyback capacity and today announced that we authorized a $250 million increase to our buyback program.

這就是為什麼在第三季度，我們又回購了價值3.57 億美元的股票，使我們的累積回購額略高於[14 億美元]，回購了4,700 萬股股票，加權平均價格為30.27 美元。截至 9 月 30 日，我們擁有 6,800 萬美元的回購能力，今天宣布我們授權將回購計畫增加 2.5 億美元。

We are confident in our ability to execute and now this additional capacity will give us more flexibility to opportunistically repurchase shares in 2025 and beyond. With that, we will open up the call for live questions. Operator, you may begin.

我們對自己的執行能力充滿信心，現在這種額外的能力將使我們能夠更靈活地在 2025 年及以後機會性地回購股票。至此，我們將開放現場提問徵集。接線員，您可以開始了。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the questions. Maybe two partner if I could. Fidji, when you talk about continuing to scale the technology side of the business, can you go a little bit deeper in terms of how the technology investments continue to feed into building scale and depth of relationship on the supplier side of the marketplace with respect to retailers?

非常感謝您提出問題。如果可以的話，也許有兩個夥伴。Fidji，當您談到繼續擴大業務的技術方面時，您能否更深入地談談技術投資如何繼續在市場供應商方面建立規模和深度的關係零售商？

And then the second part of it would be against that theme. How should we think about some of your key strategic priorities for investments on the technology side with an eye towards 2025? Thanks so much.

然後它的第二部分將反對這個主題。著眼於 2025 年，我們該如何考慮你們在技術方面投資的一些關鍵策略重點？非常感謝。

Fidji, you're on mute.

Fidji，你處於靜音狀態。

Sorry. Thanks Eric for the question. So as I mentioned in the letter, the depth of integration with retailers is one of the most important, predictable of growth. So that's why we invest enormously in technology to continue deepening this advantage.

對不起。感謝埃里克提出的問題。正如我在信中提到的，與零售商的深度整合是最重要、最可預測的成長之一。這就是為什麼我們在技術上投入大量資金以繼續深化這一優勢。

And that takes the form of either new services. So you can think of that as like pick up virtual convenience bringing out to the platform integration and EBT SNAP. These are like big services where we see that retailers that have adopted one of those -- at least one of those in the last year have been able to grow twice as fast as retailers who haven't.

這可以透過新服務的形式實現。因此，您可以將其視為獲得平台整合和 EBT SNAP 帶來的虛擬便利。這些就像大型服務，我們看到採用其中一項服務的零售商——至少去年其中一項服務的成長速度是未採用其中一項的零售商的兩倍。

So we continue to unveil more of these services. On top of that, we also are building an underlying technology platform that allows us to connect with more and more systems from retailers that are both our marketplace and our enterprise business. So for example, if you look at sprouts, we just upgraded them to the latest version of store on pro which was a very big technological investment to have really a stock fund platform that was highly performance, very feature rich and build on the same infrastructure as marketplace.

因此，我們將繼續推出更多此類服務。最重要的是，我們也正在建立一個底層技術平台，使我們能夠與越來越多的來自零售商的系統連接，這些系統既是我們的市場也是我們的企業業務。舉例來說，如果你看一下sprouts，我們剛剛將它們升級到了pro 上商店的最新版本，這是一項非常大的技術投資，擁有一個真正的股票基金平台，該平台具有高性能、功能豐富且構建在相同的基礎設施上作為市場。

And the advantage of having built that is that now when we build 150 features for sprouts on this technology platform, it automatically applies to our marketplace and vice versa. And on top of that, it also applies to other retailers. So that's really how we gain scale by building this technology investment that really allow us to sell all of our retailers better and really help our marketplace compete as much as our enterprise business continue to lead.

建構它的優勢在於，現在當我們在此技術平台上為 Sprouts 建立 150 個功能時，它會自動應用於我們的市場，反之亦然。最重要的是，它也適用於其他零售商。因此，這確實是我們透過建立這項技術投資來擴大規模的方式，這確實使我們能夠更好地向所有零售商銷售產品，並真正幫助我們的市場競爭，同時我們的企業業務繼續保持領先。

So, this is really how we think about it. If you think about the technology investment in '25 the thing I'm excited about is that we continue to generate a lot of efficiencies in the business that we can leverage to reinvest in technology. And so the bets that we've made in terms of investing in restaurants, investing in a really robust technology platform for marketing and incentives, investing in [paper] and in store technologies, investing in ad tech.

所以，這確實是我們的想法。如果你想想 25 年的技術投資，我感到興奮的是，我們繼續在業務中產生大量效率，我們可以利用這些效率對技術進行再投資。因此，我們在投資餐廳、投資真正強大的行銷和激勵技術平台、投資[紙張]和商店技術、投資廣告技術方面下了賭注。

All of that is like, thanks to the efficiencies we found in the business that really fuel our future growth. And then I'd be remiss not to talk about the expansion towards stores. I mentioned paper, but that is a very, very big opportunity for us because 87% of the grocery industry is still offline.

所有這一切都歸功於我們在業務中發現的效率，這確實推動了我們未來的成長。如果我不談論商店的擴張，那就太失職了。我提到了紙張，但這對我們來說是一個非常非常大的機會，因為 87% 的食品雜貨業仍然處於離線狀態。

And so the fact that we have a technology platform that is not just an online technology platform, but an omni channel one that can serve retailers across their online business and their stores and provide that seamless experience that both customers and retailers really look for is a massive advantage for us that builds on the 12 years of technology integration that we've already built.

因此，我們擁有的技術平台不僅僅是一個線上技術平台，而且是一個全通路平台，可以為零售商的線上業務和商店提供服務，並提供客戶和零售商真正尋求的無縫體驗，這一事實是一個事實這對我們來說是巨大的優勢，它建立在我們已經建立的 12 年技術整合的基礎上。

Thank you so much.

太感謝了。

Thank you. Ron Joseph -- excuse me, Ron Josey, city.

謝謝。羅恩·約瑟夫——對不起，羅恩·喬西，城市。

Thanks for -- Great. Thanks for taking the question. PGM I wanted to better understand the progress and basically affordability has led to order growth. And specifically, it was great to see order growth re accelerate this quarter to 10%-plus year over year.

謝謝——太棒了。感謝您提出問題。PGM 我想更了解進展情況，基本上負擔能力導致了訂單成長。具體來說，我們很高興看到本季的訂單成長加速至年比 10% 以上。

But then also, I think we saw for order increase 18% year over year. So help us better understand how affordability has been driving order growth, but then also any other major drivers underlying each one of these, so we can better understand call it the continued progress for both order growth and affordability. Thank you.

但我認為我們的訂單年增了 18%。因此，請幫助我們更好地了解負擔能力如何推動訂單成長，以及其中每一項背後的其他主要驅動因素，以便我們更好地理解將其稱為訂單成長和負擔能力的持續進步。謝謝。

Absolutely. So as you know, we've been incredibly focused on this and we think that it's really incumbent on us to address the total addressable market which, really relies on having the most affordable product. And so the strategy has been multipronged on affordability. We rely on integrations with grocers into their loyalty programs this quarter.

絕對地。如您所知，我們非常關注這一點，我們認為我們確實有責任解決整個潛在市場的問題，而該市場真正依賴擁有最實惠的產品。因此，該策略在可負擔性方面是多管齊下的。本季我們依賴與雜貨商整合到他們的忠誠度計劃中。

I gave the example of Kroger, where you can now collect fuel points when you shop for on Instacart. That's a good example of how we create savings through these like loyalty integrations EBT SNAP is another example. Flyers is a more recent example where similarly with Kroger this quarter, we are bringing a weekly flyer where all featured items are going to be at price parity with the store.

我舉了 Kroger 的例子，現在你在 Instacart 上購物時可以收集加油點。這是一個很好的例子，說明我們如何透過忠誠度整合等方式節省開支，EBT SNAP 是另一個例子。傳單是最近的一個例子，與本季的克羅格類似，我們每週都會推出一份傳單，其中所有特色商品都將與商店價格平價。

So these are big drivers of affordability for us. And a big part of the increase that you've seen the 18% increase in savings per order, which are now $5.35. Which what we're really proud of. The other driver of affordability for us is obviously our own fee structure. And as, we recently launched a super saver, which is an option for people to have $0 delivery fee, if they schedule this delivery in advance.

因此，這些是我們負擔能力的重要驅動因素。成長的很大一部分是每個訂單的節省增加了 18%，現在為 5.35 美元。這是我們真正感到自豪的。我們負擔能力的另一個驅動因素顯然是我們自己的費用結構。而且，我們最近推出了超級優惠，如果人們提前安排送貨，可以享受 0 美元的送貨費。

And what we specifically look for with this particular product is whether we are able to do a really good job with price sensitive new customers. And what we have found is that price sensitive new users use this new fulfillment option for one out of five orders. And when they pick these options, we see better conversion, better retention.

我們對這個特定產品特別關注的是我們是否能夠真正做好對價格敏感的新客戶的工作。我們發現，對價格敏感的新用戶有五分之一的訂單使用這種新的履行選項。當他們選擇這些選項時，我們會看到更好的轉換率和更好的保留率。

So that's a really, really good signal for us of future order growth because if people who are -- who tend to be more price sensitive come through the door and find an option that is really good for them and get surfaced a lot of savings from retailers, a lot of savings from brands and payment options that matter where they're at like that will increase conversion and retention over time and allow us to really address the total addressable market.

因此，這對我們來說是未來訂單增長的一個非常非常好的信號，因為如果那些對價格更敏感的人進來並找到一個對他們真正有利的選擇，並從中獲得大量節省對於零售商來說，品牌和支付選項的大量節省將隨著時間的推移而增加轉換率和保留率，並使我們能夠真正解決整個潛在市場的問題。

We're really just getting started. So I feel like there's still a lot more that we need to do with affordability, but I'm very proud of the progress. Like 18% year over year and $5.35 per order is very strong. But we're really excited about future road map as well.

我們真的才剛開始。所以我覺得在負擔能力方面我們還有很多工作要做，但我對所取得的進展感到非常自豪。年增 18%，每份訂單 5.35 美元，非常強勁。但我們也對未來的路線圖感到非常興奮。

Thank you, Fuji.

謝謝你，富士。

Thank you. Sebastian Colen, Baird.

謝謝。塞巴斯蒂安·科倫，貝爾德。

Great. Well, thanks guys, a couple of questions for me. Good quarter, by the way. Maybe following up on Eric's question on enterprise. I'm not sure if you can update us on the portion of the business that's coming from enterprise at this point.

偉大的。嗯，謝謝大家，有幾個問題問我。順便說一句，季度不錯。也許會跟進埃里克關於企業的問題。我不確定您目前是否可以向我們介紹來自企業的部分業務的最新情況。

But maybe as you add these services including omni channel. How are you thinking about the split over time, the balance between the consumer marketplace and the enterprise offering. And then secondly, on the advertising business and great to hear that you're seeing more traction with emerging brands, I guess Fidji, I'm also curious if you think there's a path to getting to better standards within retail media and if that happens, how much of a lever could that be to drive more spending on the platform? Thank you.

但也許當您新增這些服務（包括全通路）時。您如何看待隨著時間的推移，消費者市場和企業產品之間的劃分、平衡。其次，關於廣告業務，很高興聽到新興品牌越來越受關注，我想 Fidji，我也很好奇您是否認為有一條途徑可以在零售媒體中達到更好的標準，如果這種情況發生的話，這對於推動平台上的更多支出有多大的槓桿作用？謝謝。

Absolutely. So on enterprise, we don't break out enterprise and marketplace. But what I can tell you is that both portion of the business are very strong right now. We are -- we're excited about what we're seeing across both. And the thing that's important to understand is that we think that the market is going to continue having a lot of room and space for both marketplaces as well as people going straight to a retailer.

絕對地。所以在企業方面，我們不會將企業和市場分開。但我可以告訴你的是，這兩個部分的業務目前都非常強勁。我們對在這兩個方面所看到的一切感到興奮。需要理解的重要一點是，我們認為市場將繼續為市場以及直接前往零售商的人們提供大量空間。

And because we have the enterprise business that allows us to capture the entirety of the market compared to competitors who are just focus on the marketplace models. The other thing that we're seeing with enterprise is that retailers are really understanding that the omni channel customer is much more valuable than the in store or online only customer.

因為我們擁有企業業務，與只專注於市場模式的競爭對手相比，我們能夠佔領整個市場。我們在企業中看到的另一件事是，零售商真正理解全通路客戶比店內或純線上客戶更有價值。

So they are starting to really lean in to grow their online properties and when they do it directly benefits us because obviously, they deploy dollars towards their own properties not to marketplace as much. And like that allows us to really benefit from having lower customer acquisition cost on this channel because retailers are investing themselves in it.

因此，他們開始真正傾向於發展他們的線上資產，當他們這樣做時，我們會直接受益，因為顯然，他們將資金投入自己的資產上，而不是花在市場上。這樣，我們就能真正受益於該通路上較低的客戶獲取成本，因為零售商正在對此進行投資。

And then, you mentioned omni channel and keep over time, obviously, as we see Kroger taking off, we think that could represent a much larger part of the business because it's like when you look at the structure of the market, 87% of the market is still happening inside stores and something that gives me a lot of conviction there is when I see and, and we reported on that last quarter, a retailer like snacks where in one of the stores, we managed to reach 10% penetration of sales with only 10 smart cards out of 160 cars in the stores.

然後，你提到全通路並隨著時間的推移保持，顯然，當我們看到克羅格起飛時，我們認為這可能代表業務的更大一部分，因為就像當你看市場結構時，87％的業務市場仍在商店內部發生，當我看到我們在上個季度報道過一家像零食這樣的零售商時，我們在其中一家商店中成功實現了10％ 的銷售滲透率，這給了我很大的信心商店裡的 160 輛汽車中只有 10 輛智慧卡。

And it took a decade for online grocery to reach 10% penetration whereas with smart cars, we think we could get there much faster. So for all of these reasons, we feel very good about not just having a marketplace business, but actually addressing the entire market with our enterprise business as well. On your second question about a path to a better standard with retail media.

線上雜貨花了十年才達到 10% 的滲透率，而有了智慧汽車，我們認為我們可以更快地實現這一目標。因此，基於所有這些原因，我們對不僅擁有市場業務而且實際上還透過我們的企業業務來解決整個市場感到非常滿意。關於你的第二個問題，就是如何提高零售媒體的標準。

The thing that I would highlight is that we are actually pioneering that we are -- we were one of the first retail media network to receive MRC Accreditation. We have done work with double verify, we are really pushing for standardization and we think that it's definitely helps us if that's the case because we have very high confidence in the performance of our ads, as I have mentioned in my introduction.

我要強調的是，我們實際上是先鋒——我們是第一批獲得 MRC 認證的零售媒體網絡之一。我們已經完成了雙重驗證工作，我們確實在推動標準化，我們認為如果是這樣的話，這肯定對我們有幫助，因為我們對廣告的效果非常有信心，正如我在介紹中提到的那樣。

So the more that can be like standardized measurements, the more we'll be able to prove that, you know, our ads are actually working so much better than other platforms. And really, that has been why we have invested so much in measurement so much in standardization because we want to demonstrate that.

因此，標準化測量越多，我們就越能夠證明，我們的廣告實際上比其他平台效果好得多。事實上，這就是我們在標準化方面投入大量資金的原因，因為我們想證明這一點。

The last thing I'll add is that it's really important as well for our broader ad network because we have developed that not just on our marketplace, but also on the 220 websites that we power with our ad that gets to benefit from all of these standards, all of these measurement capabilities, that we apply to them by default.

我要補充的最後一件事是，這對我們更廣泛的廣告網路也非常重要，因為我們不僅在我們的市場上開發了這一點，而且還在我們透過廣告提供支援的220 個網站上開發了這一點，這些網站可以從所有這些中受益標準，所有這些測量功能，我們默認應用於它們。

And brands are very appreciative of that because they tell us that they don't want to be dealing with the Wild West of a [1,000] Subscale retail media network. They want to come to us and really see us establish the standard for the industry and allow them to reach, as many retailer websites as possible through one technology platform and one standardized platform.

品牌對此非常感激，因為他們告訴我們，他們不想與 [1,000] 小型零售媒體網絡的狂野西部打交道。他們希望來到我們這裡，真正看到我們為行業建立標準，並讓他們透過一種技術平台和一種標準化平台接觸到盡可能多的零售商網站。

Great. Thanks Fidji.

偉大的。謝謝菲吉。

Thank you. Ross Sandler, Barclays.

謝謝。羅斯·桑德勒，巴克萊銀行。

Thank you. Fidji, going back to the deeper integration with merchants. So the stat about those that are adding features growing twice as fast as those that are not adding features begs the question of what's going on with the latter group. Is it push back around?

謝謝。Fidji，回到與商家的深度融合。因此，關於那些添加功能的人的成長速度是那些沒有添加功能的人的兩倍，這就引出了一個問題：後者的情況如何。是不是又推回來了？

What's, the reason why they wouldn't be adding more features is that they're getting that from another provider or is it just like the slow pace of movement at these merchants, anything more you could help on that would be great.

他們不添加更多功能的原因是他們從其他提供者那裡獲得這些功能，或者就像這些商家的移動速度緩慢一樣，您能提供更多幫助就太好了。

And then for Emily as non-exclusive grows as a percent of GTV, I believe that should have a upward pull on transaction take rate. Is that accurate? And if so are we going to, pocket some of that or we going to reinvest most of that back into the business? Any thoughts there? Thanks a lot.

然後，對於 Emily 來說，隨著非獨家佔 GTV 的百分比增長，我相信這應該會提高交易率。準確嗎？如果是這樣，我們是否會將其中的部分收入囊中，或將大部分重新投資回業務？有什麼想法嗎？多謝。

Yes, I'll, I'll take your first question, Ross. So, the way to think about it is that the retailers that haven't added new features in the last year are actually really a mix of situations. There are a lot of retailers that actually moved very fast and added all of these features as soon as they were out. And so we're kind of backloaded in the past.

是的，我會，我會回答你的第一個問題，羅斯。因此，思考這個問題的方法是，去年沒有添加新功能的零售商實際上是各種情況的混合。事實上，有許多零售商行動非常快，一推出就增加了所有這些功能。所以我們有點回到過去了。

And I think there's a lot of other retailers that were just still adding to the marketplace and slowly onboarding to all of these other features over time. It's definitely not that they're pushing back on features, the pace as of this integration is slow and that is a double edged sword, as I've always said on the one hand we always wish it would be moving faster.

我認為還有很多其他零售商仍在向市場添加內容，並隨著時間的推移慢慢加入所有這些其他功能。這絕對不是他們在推遲功能，這種整合的步伐很慢，這是一把雙刃劍，正如我一直說的，一方面我們總是希望它進展得更快。

On the other hand, that also means that when you're first in line as a platform and your -- the platform they're going to pick to integrate with. It creates a really big competitive advantage compared to other platforms because you are the platform that they're going to go through first. And that's where the depth of integration and the relationship and trust and the fact that we're deeply embedded within these retailers, IT departments really gives us a strong strategic advantage, so that we really called first dibs on these IT resources to get to prioritize all of our features.

另一方面，這也意味著當你作為一個平台排在第一位時，他們將選擇與之整合的平台。與其他平台相比，它創造了真正巨大的競爭優勢，因為你是他們首先要經歷的平台。這就是整合的深度、關係和信任以及我們深深嵌入這些零售商、IT 部門的事實，這確實為我們提供了強大的戰略優勢，因此我們確實首先調用了這些 IT 資源來確定優先級我們所有的功能。

So we feel good about that. Of course, we a0lways want to accelerate these things, but it tends to be fairly lumpy. Just to give you an example, with Albertson, there was a fairly long period of time where we didn't add many features because they see a lot going on in their business.

所以我們對此感覺良好。當然，我們總是希望加速這些事情，但它往往相當不穩定。舉個例子，對於艾伯森來說，有相當長的一段時間我們沒有添加很多功能，因為他們看到他們的業務發生了很多事情。

But then in the last few months, we added all at the same time, a big pickup expansion, virtual convenience and many other features. With sprouts, it's a good example as well where the upgrade to the store front platform is actually a massive like effort that lasted 18 months.

但在過去的幾個月裡，我們同時添加了所有功能，包括大型皮卡擴充、虛擬便利性和許多其他功能。Sprouts 也是一個很好的例子，店面平台的升級實際上是一項持續 18 個月的大規模工作。

So, that technically doesn't count as a as something that would fit within a year but we are always really working on the integration with a lot of retailers at once. And we're seeing them always pick up -- pick us as the number one partner they want to do this integration with because we're the most at scale partner. So they know they're going to get the biggest bang for our buck if they integrate with us.

因此，從技術上講，這並不能算作在一年內就能完成的事情，但我們一直在努力同時與許多零售商進行整合。我們看到他們總是選擇我們作為他們想要進行整合的第一個合作夥伴，因為我們是最大規模的合作夥伴。所以他們知道，如果他們與我們融合，他們將獲得最大的回報。

Great, thanks Ross for the question. So as it relates to not, I think your question was on retailers going non-exclusive and whether that would have an upward toll on transaction revenue. So first and foremost, as a reminder, the majority of our retailers today are already non-exclusive. And so I just wanted to provide that context before I dive in a bit deeper here.

太好了，謝謝羅斯的提問。因此，就「不」而言，我認為您的問題是零售商走向非獨家經營，以及這是否會導致交易收入上升。首先，提醒一下，我們今天的零售商大多已經是非獨家的。因此，我只想在深入探討之前先提供一下背景資訊。

I also want to note that if you look over the last couple of quarters, we have had an improvement in transaction revenue, but that's been more related to efficiencies that we've been able to generate on the shoppers side and not related to retailer revenue. And at the same time, you've actually seen us reinvest that back in the business over time.

我還想指出的是，如果你看看過去幾個季度，我們的交易收入有所改善，但這更多地與我們能夠在購物者方面產生的效率有關，而不是與零售商收入有關。同時，您實際上已經看到我們隨著時間的推移將其重新投資回業務。

So I think that gives a little bit of context for how we've been operating and potentially what that might look like going forward. I'd also note that transaction revenue has been and continues to be in the upper half of our long term target. And as we've said in the past, we are really happy with where we are, we actually expect that over time, there may be quarter to quarter fluctuations in transaction revenue because there is a number of different elements within transaction revenue.

因此，我認為這為我們的運作方式以及未來可能的情況提供了一些背景資訊。我還想指出的是，交易收入已經並將繼續處於我們長期目標的上半部。正如我們過去所說，我們對目前的狀況感到非常滿意，我們實際上預計，隨著時間的推移，交易收入可能會出現季度與季度的波動，因為交易收入中有許多不同的因素。

And based on what's happening in the business, we may choose to invest or harvest from different elements. As I mentioned, harvesting efficiencies from shopper and reinvesting in other parts of transaction revenue that can include things like customer incentives as an example, it also includes our in lower cost products.

並且根據業務中發生的情況，我們可能會選擇從不同的要素進行投資或收穫。正如我所提到的，從購物者那裡獲取效率並將其再投資於交易收入的其他部分，例如客戶激勵等，它還包括我們的低成本產品。

So I do see a range of opportunities for us to continue to reinvest in transaction revenue. And when we think about individual retailer negotiations, those are really multifaceted. So we're typically not negotiating just exclusivity on a marketplace. We are negotiating contracts that span marketplace, white label, advertising cap cards, etc. So it's pretty -- it tends to be a pretty bespoke. And so I don't think it's as straightforward as the question would suggest.

因此，我確實看到了我們繼續對交易收入進行再投資的一系列機會。當我們考慮個體零售商的談判時，這些談判確實是多方面的。因此，我們通常不只是在市場上談判排他性。我們正在談判跨越市場、白標、廣告上限卡等的合約。所以我認為這並不像問題所暗示的那麼簡單。

Thank you. Justin Post from Bank of America.

謝謝。美國銀行的賈斯汀·波斯特。

Thank you. A model showing really strong leverage this year. Maybe you could just update us on where you are with headcount and maybe some of the key initiatives on the investment side. You're excited about for next year.

謝謝。今年的模型顯示出非常強大的槓桿作用。也許您可以向我們介紹一下您的員工人數以及投資方面的一些關鍵舉措。你對明年感到興奮。

Sure, I can jump in there. Thanks for the question. So yeah, we're really pleased with the progress that we've been making. Particularly, you've seen a lot of leverage coming out of our non-GAAP, OpEx. As you know, we did do a restructuring in Q1 and that did reduce headcount. Although I will note that the company actually peaked headcount in Q2 of 2022.

當然，我可以跳進去。謝謝你的提問。所以，是的，我們對我們所取得的進展感到非常滿意。特別是，您已經看到我們的非 GAAP 營運支出帶來了許多槓桿作用。如您所知，我們確實在第一季進行了重組，這確實減少了員工人數。不過我要指出的是，該公司的員工人數實際上在 2022 年第二季達到了高峰。

So we've been very aggressively managing overall costs as well as headcount since that time. And we took the opportunity in Q1 to look more holistically at the structure of the organization and make deliberate decisions around where we want to invest.

因此，從那時起，我們一直非常積極地管理整體成本和員工人數。我們利用第一季的機會更全面地審視組織結構，並圍繞我們想要投資的領域做出深思熟慮的決策。

And that meant taking headcount out of the organization, but then looking to re-add headcount in higher priority strategic areas. So those include things like investing headcount in Caper, investing in emerging brand ad sales as other examples. So we do definitely expect to continue to invest those headcount savings over time. That said, we do think that we'll continue to drive non-GAAP OpEx leverage on a go forward basis.

這意味著將人員從組織中撤出，但隨後尋求在更優先的策略領域中重新增加人員。例如，這些包括投資 Caper 員工、投資新興品牌廣告銷售等。因此，我們確實希望隨著時間的推移繼續投資這些節省下來的人員。也就是說，我們確實認為我們將繼續在未來的基礎上推動非 GAAP 營運支出槓桿。

Got it. In any kind of investment areas for next year with Caper or technology stack or marketing to think about?

知道了。明年在哪些投資領域需要考慮 Caper、技術堆疊或行銷？

Yeah, I think it's very in line with what I've mentioned, which is our technology that continues to improve, especially across our enterprise platform in our marketplace. And really what we're working on is continuing to connect all of these technologies, so that retailers can come to us and really adopt the full suite of technologies across online in stores and really create that full omni channel experience, that's what we're really excited about.

是的，我認為這與我所提到的非常一致，即我們的技術不斷改進，特別是在我們市場中的企業平台上。事實上，我們正​​在努力繼續連接所有這些技術，以便零售商可以來找我們，真正在商店中在線上採用全套技術，並真正創造完整的全通路體驗，這就是我們的目標真的很興奮。

I would also add that on the -- on more of the marketplace side, we continue to be incredibly focused on affordability. And that remains a very big source of investment for us across product and our relationship because we really want to lean heavily into value so that we can address the total addressable market. And then finally, we start from advertising, but building an ad platform that becomes really the one stop shop omni channel, retail media network across the entire industry is obviously a very big investment.

我還要補充一點，在市場方面，我們繼續非常關注可負擔性。這仍然是我們在產品和關係方面的一個非常大的投資來源，因為我們確實希望大力投資價值，以便我們能夠解決整個潛在市場的問題。最後，我們從廣告開始，但建立一個真正成為整個行業的一站式全渠道、零售媒體網絡的廣告平台顯然是一項非常大的投資。

And we want to continue really leaning into that because we're seeing so much success, we cared ads and so many retailers knocking at our door to power that ad platform that we really want to lean into this opportunity and have the technology platform that allows us to do that. And obviously like the thing that's exciting is that we're able to do all of that while driving steady annual EBITDA growth. Thanks to the efficiency that we're getting across the business.

我們希望繼續真正致力於這一點，因為我們看到瞭如此多的成功，我們關心廣告，並且如此多的零售商敲響了我們的大門，為該廣告平台提供支持，我們真的希望抓住這個機會，並擁有允許的技術平台我們這樣做。顯然，令人興奮的是我們能夠在實現所有這些目標的同時推動年度 EBITDA 的穩定成長。感謝我們在整個業務中所取得的效率。

Great. Thank you.

偉大的。謝謝。

Thank you. Jason Helfstein, Oppenheimer.

謝謝。賈森·赫夫斯坦，奧本海默。

Thank you for taking the question. I'll, just ask one. So, I mean, is there anything you're seeing on the consumer outlook that is driving the slower fourth quarter GTV guidance or is it a function of obviously a one point tougher comp and general conservatism. Just any more detail around the fourth quarter GTV. Thank you.

感謝您提出問題。我就問一個吧所以，我的意思是，你所看到的消費者前景是否有任何因素導致第四季度 GTV 指引放緩，或者這是否是明顯更嚴格的競爭和普遍保守主義的結果。關於第四季度 GTV 的更多細節。謝謝。

Thanks. No, we are seeing very strong consumer demand. And in fact, we track that very closely and we look at a lot of data points. We haven't seen meaningful trade down whether you look at it on a per item like types of item basis, whether you look at different types of retailers. With a notable exception of clubs being very strong.

謝謝。不，我們看到消費者需求非常強勁。事實上，我們非常密切地追蹤這一點，並查看了許多數據點。無論您是按商品類型（例如商品類型）還是以不同類型的零售商為基礎來看待，我們都沒有看到有意義的降價。值得注意的是，俱樂部非常強大。

We are also not seeing different behaviors across income segments across the EBT customer or the non EBT customer. And we think that's, a testament to the fact that people really do value convenience and we are able to provide that to them.

我們也沒有看到 EBT 客戶或非 EBT 客戶在不同收入群體中存在不同的行為。我們認為這證明了人們確實重視便利，而我們能夠為他們提供便利。

When it comes to Q4 in particular, this is really related to the specific items we called out that make it a tougher year-over-year comp. So comparing against last year's strong holiday season lapping the sequential step up in incentive spend in Q4 of last year.

特別是在第四季度，這確實與我們提出的具體項目有關，這些項目使其成為更艱難的同比比較。因此，與去年強勁的假期季節相比，去年第四季激勵支出的連續成長。

And also the small impact we got from our hotel is recent outage because we have deliveries from there on and operated properties. But we're otherwise excited about what we're seeing in terms of consumer demand and the fundamentals remain really strong across all the growth across all the frequency going up Instacart Plus subscribers are continuing to grow and outpace the growth in monthly active orders. Instacart Plus engagement going up so across all of these fundamentals, I feel very good about the business.

此外，我們酒店受到的微小影響是最近的停電，因為我們從那裡運送貨物並經營酒店。但我們對消費者需求所看到的情況感到興奮，而且在所有頻率上升的所有增長中，基本面仍然非常強勁，Instacart Plus 用戶持續增長，並超過了每月活躍訂單的增長。Instacart Plus 的參與度不斷上升，因此在所有這些基本要素上，我對這項業務感覺非常好。

Thank you.

謝謝。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

Great. Thanks for taking my questions. I have two. Fidji, the first one is on overall shopper growth. I mean, you've talked a lot about sort of going after the long runway and grocery etcetera. Yeah, I think the 600,000 shopper number seems roughly flat quarter over quarter. Just can you just talk to us about what you're seeing on shopper growth and sort of what are the keys to driving durably faster shopper growth into next year?

偉大的。感謝您回答我的問題。我有兩個。Fidji，第一個是關於整體購物者成長的。我的意思是，你已經談論了很多關於追求長跑道和雜貨店等的事情。是的，我認為 60 萬名購物者的數量似乎與上季基本持平。您能否與我們談談您對購物者成長的看法以及推動明年購物者持續更快成長的關鍵是什麼？

Then the second one on the advertising business, I know there's sort of a lot of moving pieces going on with the large brands and the emerging brands, et cetera. But as you sort of look into '25 what are the one or two key advertising innovations that you think could start advertising growing faster than GTV. Again. Thanks.

第二個是關於廣告業務，我知道大品牌和新興品牌等正在發生很多令人感動的事情。但是，當您研究 25 世紀時，您認為有哪些一兩個關鍵的廣告創新可以讓廣告成長速度超過 GTV。再次。謝謝。

Thanks Brian. So on shopper overall, I want to be clear that our shopper supply is incredibly healthy and in fact, we have waitlists of shoppers in many, many cities and we are seeing shopper tenure being at an all-time high and the majority of our orders being delivered by our tenure shoppers.

謝謝布萊恩。因此，就整體購物者而言，我想澄清的是，我們的購物者供應非常健康，事實上，我們在許多城市都有購物者的候補名單，我們看到購物者的保有率處於歷史最高水平，而我們的訂單大多由我們的保有權購買者提供。

So really what's happening is that we are simply being more efficient with the shopper we already have by doing batching obviously, by having faster times of delivery, because we're really optimizing what shoppers are doing inside the store and positioning them closer to the store. We have 45% of our orders now that are being delivered by a shopper that is inside the store already or within one mile of the store.

所以實際上發生的事情是，我們只是透過明顯地進行批量處理、透過更快的交貨時間來提高現有購物者的效率，因為我們實際上正在優化購物者在商店內所做的事情並將他們安排在離商店更近的地方。現在，我們 45% 的訂單是由已經在店內或距離商店一英里範圍內的購物者送貨的。

And so, for all of these reasons for us, the game is not to grow total number of shoppers. It's actually to utilize our shopper supply like really efficiently and that's what we have continued to do. And that's why you're seeing also fulfillment efficiencies coming out of our business that we are ready to reinvest.

因此，基於所有這些原因，我們的目標不是增加購物者總數。實際上，這是為了真正有效地利用我們的購物者供應，這就是我們一直在做的事情。這就是為什麼您也看到我們準備再投資的業務的履行效率。

Our shoppers are very different than other gig economy platforms and the dynamics are different, 50% close to 50% of the time is actually spent inside the store not driving. It tends to be very different demographics, much more like women and caregivers.

我們的購物者與其他零工經濟平台有很大不同，動態也不同，50% 接近 50% 的時間實際上是在商店裡度過的，而不是開車。人口統計數據往往非常不同，更像是女性和照護者。

And so for all of these reasons, you know, we have been able to count out a shopper supply that is you know, just really healthy, really loyal with retention, that is very strong, again, reflected in the fact that shopper tenure is at an all-time high. So feeling really good about our supply and the ability to continue driving efficiencies there.

因此，基於所有這些原因，您知道，我們已經能夠計算出購物者供應量，您知道，非常健康，非常忠誠，留存率非常高，這再次體現在購物者保有期是這樣的事實中：處於歷史最高水準。因此，我們對我們的供應以及繼續提高效率的能力感到非常滿意。

On your second question on add innovation that that could get a revenue to reaccelerate. I think that the first thing that I would say is like the main important thing is performance of ads and the fact that we have so many measurement capabilities that demonstrates that our ads actually really work and that if you pull back, spend a little bit, your share gets affected. When you invest a little more, your share goes up.

關於你的第二個問題，增加創新，這可以讓收入重新加速。我認為我要說的第一件事是最重要的事情是廣告的效果，事實上我們擁有如此多的衡量能力，這表明我們的廣告確實有效，如果你退縮，花一點錢，您的份額受到影響。當您多投資一點時，您的份額就會增加。

That is an incredibly powerful thing that we need to continue really putting in the hands of all the right stakeholders inside those brands. And so what, I wish it was just one magical feature. I think a lot of the work is actually taking what we have built, that proves the case and like putting it in front of the right stakeholders so that we can help them make the right decision for their business across large and small brands, and that's really important.

這是一件非常強大的事情，我們需要繼續真正將其交到這些品牌內所有合適的利害關係人手中。那又怎樣，我希望這只是一項神奇的功能。我認為很多工作實際上是採用我們已經建立的東西，證明了這一點，並將其放在正確的利益相關者面前，以便我們可以幫助他們為大小品牌的業務做出正確的決策，這就是真的很重要。

We are also continuing to release new formats and these new formats are directly informed by what brands are telling us they want. So formats, for example, like occasions, bundles, shoppable recipes are ways to market products within a certain context and within queries that didn't have a lot of ai before. So for example, if you're like searching of spinach, it tends to be the kind of queries that doesn't have a lot of ad inventory.

我們也繼續發布新的格式，這些新格式直接取決於品牌告訴我們他們想要的內容。因此，諸如場合、捆綁、可購物食譜之類的格式是在特定上下文和以前沒有大量人工智慧的查詢中行銷產品的方法。例如，如果您要搜尋菠菜，那麼它往往是沒有大量廣告庫存的查詢。

But now we show about recipe, we can show you some spinach lasagna and like tell you to buy all of the other ingredients to make that recipe. And that's a way for a pasta sauce company to like advertise on that particular query and get discovered. And so we're really excited about new formats like that. We have seen that thought recipes pilot enable advertisers to receive 35% of new to brand sales and 70% out of aisle impressions.

但現在我們展示食譜，我們可以向您展示一些菠菜烤寬麵條，並告訴您購買所有其他原料來製作食譜。這是義大利麵醬公司喜歡針對特定查詢做廣告並被發現的一種方式。所以我們對這樣的新格式感到非常興奮。我們已經看到，思想食譜試點使廣告商能夠獲得 35% 的新品牌銷售額和 70% 的過道印象。

What I mean by out of aisle is basically impressions of your ad in an aisle. That's not the pasta aisle, for example, if you're a pasta advertiser, so that's an incredibly strong result on a new format. So something that we're very focused on and continue to really lead the industry in terms of new formats that we think can work.

我所說的「走道外」基本上是指廣告在走道內的展示次數。例如，如果您是麵食廣告客戶，那不是麵食貨架，所以這是新格式的令人難以置信的強勁結果。因此，我們非常關注並繼續在我們認為可行的新格式方面真正引領業界。

And then finally, like a big driver in the future is further extending supply beyond our marketplace. I mentioned care that many times because I actually really think that can be a very big driver of our business if we power that not just for our marketplace, but also for other properties.

最後，就像未來一個重要的推動力一樣，進一步將供應範圍擴大到我們的市場之外。我多次提到關心，因為我實際上真的認為，如果我們不僅為我們的市場，而且為其他資產提供支持，這將成為我們業務的一個非常大的驅動力。

And in some cases, we will end up powering ads on this properties without powering the GTV like market like it and dry which well will be a tail winter our advertising rate. Also excited to extend a on Caper, excited to extend our retail media partnership with Meta, Google the Trade Desk and more because that, that gives us scale to go apply our really superior ad tech to more places online and as a result for the business over time.

在某些情況下，我們最終會在這些資產上投放廣告，而不會像 GTV 這樣的市場投放廣告，這將是我們廣告費率的一個尾冬。我們也很高興能夠擴大on Caper，很高興能夠擴大我們與Meta、Google Trade Desk 等的零售媒體合作夥伴關係，因為這使我們能夠擴大規模，將我們真正卓越的廣告技術應用到更多的在線場所，從而為業務帶來好處隨著時間的推移。

Great. Thank you much.

偉大的。非常感謝。

Doug [Anmuth], JPMorgan.

道格 [Anmuth]，摩根大通。

Hey, thanks for taking questions. On for Emily, one for Fidji. Emily was just hoping you could walk through some of the 4Q dynamics a little bit more particularly on the bottom line, just trying to understand kind of what keeps down margins almost flattish sequentially. And then Fidji, you mentioned a good early traction and food delivery.

嘿，謝謝你提出問題。艾米麗（Emily），菲吉（Fidji）。艾米麗只是希望您能更詳細地了解第四季度的一些動態，特別是在利潤方面，只是想了解是什麼導致利潤率連續下降幾乎持平。然後 Fidji，您提到了良好的早期牽引和食品配送。

Hoping you could talk about the use case there that you're seeing as opposed to customers going directly to some of the leading platforms. And if there's anything you can add on contribution to GTV or revenue. Thanks.

希望您能談論您所看到的用例，而不是客戶直接訪問一些領先的平台。如果您有什麼可以補充的，請添加對 GTV 或收入的貢獻。謝謝。

Sure, thanks for the question. So as it relates to Q4 EBITDA Guidance, the way that I think about it is, Q4, you do have positive impact from a seasonality as we've had in the past. On the other side of the equation, you do have other areas where we tend to invest in and around the holidays. So for example, we do invest in shopper supply onboarding to make sure that we have the supply to meet the uptick in demand, the seasonal related uptick in demand.

當然，謝謝你的提問。因此，由於它與第四季度 EBITDA 指導相關，我的想法是，第四季度，你確實像我們過去那樣受到季節性的積極影響。另一方面，我們確實傾向於在假期期間和假期前後投資其他領域。例如，我們確實對購物者供應進行投資，以確保我們有供應來滿足需求的成長，即與季節性相關的需求成長。

And so from an overall basis, we feel really good about the progression we're showing on EBITDA, we've shown quarter, over quarter, over quarter progression on absolute EBITDA and margin basis. And we've committed to continuing to do that gradual improvement on an annual basis. And so to the extent that we have incremental dollars above and beyond that, to invest in the business, we'll continue to do that.

因此，從整體來看，我們對 EBITDA 的進展感到非常滿意，我們已經在絕對 EBITDA 和利潤率的基礎上顯示了季度、環比、環比的進展。我們致力於每年持續進行逐步改善。因此，只要我們有額外的資金來投資業務，我們就會繼續這樣做。

And on the restaurant question, we're very pleased with the result of restaurants. The way we think about the restaurant use case to be clear is that we added this use case so that it would increase stickiness of the entire platform.

關於餐廳問題，我們對餐廳的結果非常滿意。我們對餐廳用例的思考方式很明確，我們加入了這個用例，這樣我們就可以增加整個平台的黏性。

And we're seeing that it is the case, it's actually happening where people who adopt restaurants on our platform end up spending more and more frequently, not just overall on Instacart, but on grocery in particular. So that creates a very interestingly world for us whereby by investing in this new use case, we indirectly also invest in our in grocery part of our business.

我們看到情況確實如此，實際上，那些在我們平台上用餐的人最終會越來越頻繁地消費，不僅是在 Instacart 上，尤其是在雜貨店上。因此，這為我們創造了一個非常有趣的世界，透過投資這個新用例，我們也間接投資了我們業務的雜貨部分。

So that's also why we're not breaking out restaurants from grocery and telling you more contribution because these two businesses are essentially completely intertwined and we really run the business as just one business with multiple use cases, and our goal is to habituate customers across all of these use cases.

因此，這也是為什麼我們不會將餐廳與雜貨店分開，並告訴您更多的貢獻，因為這兩項業務本質上是完全交織在一起的，我們實際上將業務作為具有多個用例的一項業務來運營，我們的目標是讓所有客戶都習慣這些用例。

The other thing that's interesting that we're seeing is we are seeing much higher basket size than restaurant delivery platforms. We said on the Q2 call that our restaurant orders were 20% higher than what is here on the platform. And that's a reflection of us having a beated customer to larger baskets with grocery and then as a result, getting larger baskets with restaurants as well as well as us being very strong with families.

我們看到的另一件有趣的事情是，我們看到的購物籃規模比餐廳外送平台高得多。我們在第二季電話會議上表示，我們的餐廳訂單量比平台上的訂單量高出 20%。這反映出我們有一個被擊敗的顧客購買更大的購物籃，然後我們在餐廳購買更大的籃子，以及我們對家庭的態度非常強。

And so we're really excited about what we're seeing there and want to continue leaning into it and also excited to see that we're driving penetration of the restaurant use case faster than restaurant delivery platform, we're able to penetrate the grocery use case, which again is a real positive for the overall strength of our combined business.

因此，我們對在那裡看到的東西感到非常興奮，並希望繼續深入研究它，也很高興看到我們比餐廳配送平台更快地推動餐廳用例的滲透，我們能夠滲透到雜貨用例，這對我們合併業務的整體實力來說又是一個真正的正面因素。

Thank you both.

謝謝你們倆。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

Hi, thanks for taking my question. I wanted to ask a bigger picture, one on GTV growth. We've seen low double digit GTV growth this year. How do you think about the durability of these trends going into '25? Your product keeps getting better. You're scaling the Uber partnership. So with those tailwinds, is there any reason to think this momentum should not continue.

您好，感謝您提出我的問題。我想了解更宏觀的情況，關於 GTV 成長的情況。今年我們看到了 GTV 的低兩位數成長。您如何看待這些趨勢在 25 世紀的持久性？您的產品不斷變得更好。您正在擴大與 Uber 的合作關係。因此，在這些有利因素的推動下，是否有任何理由認為這種勢頭不應繼續下去。

And then related to that, it looks like you leaned in a bit on marketing this quarter. Was that a reflection of specific opportunities you saw or how do you think about continuing to lean in to drive the top line here? That would be helpful. Thank you.

與此相關的是，本季您似乎在行銷方面有所傾斜。這是否反映了您看到的特定機會，或者您如何看待繼續努力以推動這裡的營收？那會有幫助的。謝謝。

Thanks Nikhil. So we feel very good about our position right now and having delivered, three quarters of double digit growth and guiding to 8% to 10% in Q4. And I think that's a reflection of the fact that our investments in making our product better are fundamentally working. In terms of how to think about the future, the thing I'm excited about is that the efficiency that we continue to generate are allowing us to reinvest in a variety of initiatives.

謝謝尼基爾。因此，我們對目前的狀況感到非常滿意，並實現了四個季度兩位數的成長，並指導第四季度達到 8% 至 10%。我認為這反映了這樣一個事實：我們為改善產品而進行的投資從根本上發揮了作用。就如何思考未來而言，令我興奮的是，我們不斷產生的效率使我們能夠對各種舉措進行再投資。

We mentioned affordability, which is really important and a big aspect in which we're going to continue to make our product better. Another aspect is marketing, as you just mentioned, where we are continuing to see good ROI, we are continuing to gain efficiencies and we want to lean in to creating more new channels of growth because as a category leader, we see does our job to accelerate our grocery adoption and really crack new ways to market to customers and move them online.

我們提到了負擔能力，這非常重要，也是我們將繼續改進我們的產品的重要方面。另一個方面是行銷，正如您剛才提到的，我們繼續看到良好的投資回報率，我們正在繼續提高效率，我們希望致力於創造更多新的成長管道，因為作為品類領導者，我們看到我們的工作是加速我們的食品雜貨採用，真正找到向客戶行銷並將其轉移到網路上的新方法。

So we're, we're leaning heavily into that and that's the reason why we're doing that. And then lastly, the last level is what I mentioned before, which is these new initiatives, whether that's restaurants, whether that's Caper that we are seeing a lot of promise in and want to continue fueling. So across all of that picture, we feel really good about driving sustainable growth. And I'm excited about you know, road map for '25.

所以我們非常重視這一點，這就是我們這樣做的原因。最後，最後一個層面就是我之前提到的，即這些新舉措，無論是餐廳還是 Caper，我們都看到了許多希望並希望繼續推動。因此，縱觀整個情況，我們對推動永續成長感到非常滿意。我對 25 年的路線圖感到很興奮。

Thanks. I can jump in on the sales and marketing question specifically, you did note that there was slightly higher sales and marketing expense in Q3 of this year. And as I said, in the past, we really think about our marketing portfolio, but really our investment portfolio very holistically and in Q2, with the opportunity to lean in specifically into paid marketing as it related to some efforts, we did as one example of the different areas we for the Olympics and seasonal events.

謝謝。我可以具體談談銷售和行銷問題，您確實注意到今年第三季的銷售和行銷費用略有增加。正如我所說，過去我們確實考慮了我們的行銷組合，但實際上我們的投資組合非常全面，在第二季度，我們有機會專門投入付費行銷，因為它與一些努力相關，我們就是這樣做的一個例子我們針對奧運和季節性活動的不同領域。

And so I would think about this as something that continues to be fungible. We do think about our marketing investments on a very regular basis throughout the quarter. We will flex into incentives or we will flex into paid marketing or potentially to pricing depending on what we're seeing and where we see the highest and best returns. So you did see a bit of an uptick. Nothing that I would call out there as being particularly systemic in nature.

所以我認為這是繼續可替代的東西。我們確實在整個季度定期考慮我們的行銷投資。我們將靈活運用激勵措施，或者我們將靈活運用付費行銷或可能的定價方式，具體取決於我們所看到的以及我們在哪裡看到最高和最佳回報。所以你確實看到了一點上升。我認為沒有什麼是特別系統性的。

Thank you both.

謝謝你們倆。

Shweta Khajuria, Wolf Research.

Shweta Khajuria，沃爾夫研究中心。

Thanks a lot for taking my questions. Let me try two please. My first one is Fidji as you think about the adoption of these services and integration with retailers. So it could be EBT SNAP or pick up or alcohol or loyalty or enterprise solutions. Your top services among your Top 20 retailers. What is the adoption rate like today?

非常感謝您回答我的問題。請讓我嘗試兩個。我的第一個是 Fidji，當你考慮這些服務的採用以及與零售商的整合。因此，它可能是 EBT SNAP、提貨、酒精、忠誠度或企業解決方案。20 強零售商中您的頂級服務。今天的採用率是多少？

And then the second one I have is on price parity. Where do you think price parity can go? And where are you today in terms of price parity versus competition among the online grocery delivery platforms? Thanks a lot.

然後我的第二個是價格平價。您認為平價可以走向何方？就在線雜貨配送平台之間的價格平價與競爭而言，您目前處於什麼位置？多謝。

Thank you. So we don't report specifically on adoption but what I can tell you is across our top 20 retailers, all of them. Many of these services, they may not have all of them, but they have many of those. And you know, it depends on the strategy as well like we have some retailers that don't have a loyalty program, but if they don't have a loyalty program, they're going to lean into other options like flyers, for example, to provide value for their customers.

謝謝。因此，我們不會具體報告採用情況，但我可以告訴您的是我們所有的 20 家頂級零售商。其中許多服務，他們可能沒有全部，但他們有很多。你知道，這也取決於策略，就像我們有一些沒有忠誠度計劃的零售商，但如果他們沒有忠誠度計劃，他們就會傾向於其他選擇，例如傳單，為客戶提供價值。

And so our job is to really have a variety of services that can match what the retailer strategy is to create value for their customers and reflect that on Instacart in a differentiated way. I will say with services that are applicable to all we've made a lot of progress, like, for example, with EBT SNAP we have the already of the majors right now, earlier this year, we added COSTCO and Kroger, which were two of the ones that, that we were missing.

因此，我們的工作是真正提供與零售商策略相符的各種服務，為客戶創造價值，並以差異化的方式在 Instacart 上體現這一價值。我想說的是，在適用於所有人的服務方面，我們已經取得了很大進展，例如，透過EBT SNAP，我們現在已經擁有了主要的服務，今年早些時候，我們添加了COSTCO 和Kroger，這是兩個我們所缺少的那些。

But we have now added, the vast majority of the majors on the big services very similar with pick up, for example, services that have been like around longer, but also applicable to all retailers where we tend to have like deep adoption in these areas.

但我們現在補充說，大型服務上的絕大多數專業與提貨非常相似，例如，存在時間較長的服務，但也適用於我們傾向於在這些領域進行深度採用的所有零售商。

On your second question on price parity. So as a reminder, retailers set the prices on our platform, but we work very closely with them to help them make the right decisions to be competitive on price. And we really like oppos positioning on where we're at there both against competition.

關於第二個問題，關於價格平價的問題。因此，提醒一下，零售商在我們的平台上設定價格，但我們與他們密切合作，幫助他們做出正確的決定，以在價格上具有競爭力。我們真的很喜歡反對者在我們所處的位置上對抗競爭。

But just in general, for example, we have this software called Eversight, which helps retailers dynamically optimize their pricing, both online and in store to really figure out which categories of products are our customers, more price sensitive on that is less price sensitive on and really address the prices based on that information.

但總的來說，例如，我們有一個名為Eversight 的軟體，它可以幫助零售商動態優化線上和店內的定價，以真正弄清楚哪些類別的產品是我們的客戶，對價格更敏感的產品對價格敏感的產品對價格不太敏感的產品並根據該資訊真正確定價格。

And last quarter, for example, we reported that one of the top retailers on our platform used the site and concluded that they needed to change our pricing strategy and reduce prices and go to price parity on some of their banners. We also see that Eversight is really helping retailers identify what are the key value items like, meaning the set of items that really drive growth if you go to price parity on those items, and we're helping them identify that and make the right pricing decisions.

例如，上個季度，我們報告說，我們平台上的一家頂級零售商使用了該網站，並得出結論，他們需要改變我們的定價策略，降低價格，並在一些橫幅上實行價格平價。我們還看到，Eversight 確實在幫助零售商確定什麼是關鍵價值商品，這意味著如果您對這些商品實行價格平價，則真正推動增長的一組商品，我們正在幫助他們識別這一點並製定正確的定價決定。

And then you also saw the example of Kroger where we are rolling out their weekly flyers where all of the items are going to be a price parity there. I would say, the biggest change that I have personally seen over the last year is that in the past, it was a bit of a like binary decision, you were either entirely at price [parity] or not at price parity.

然後你還看到了克羅格的例子，我們正在推出他們的每週傳單，其中所有商品都將是平價的。我想說，去年我個人看到的最大變化是，在過去，這有點像二元決定，要么完全處於價格[平價]，要么不處於價格平價。

But now that we work with retailers so closely on how to optimize prices, it's a much more granular decision. You can decide to be at price parity on some items and not others. You can decide to be at price parity on your weekly flyer, but not your regular items. You can decide to be at price parity on some categories where you may want to be a lot more competitive because you have more competition in your region.

但現在我們與零售商就如何優化價格進行瞭如此密切的合作，這是一個更加精細的決定。您可以決定對某些商品實施平價，而對其他商品則不實施平價。您可以決定在每週傳單上採用平價，但在常規商品上則不然。您可以決定在某些類別上保持價格平價，您可能希望在這些類別上更具競爭力，因為您所在地區的競爭更加激烈。

So we're seeing like retail is really engaged on a much more sophisticated strategy. And as we add more retailers to the platform. We are also seeing retailers react to increase competition by lowering prices, which is something that we obviously want to encourage because that's more value for the customer and you know, a tailwind for Instacart. So across all of those aspects, I feel good about where this is going.

因此，我們看到零售業確實正在採取更複雜的策略。隨著我們向平台添加更多零售商。我們也看到零售商透過降低價格來應對競爭加劇，這顯然是我們想要鼓勵的，因為這對客戶來說更有價值，而且你知道，這對 Instacart 來說是一個順風車。因此，在所有這些方面，我對事情的進展感到滿意。

Thank you, Fidji.

謝謝你，菲吉。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Thanks so much for taking my questions. I wanted to go back to Instacart within the context of Instacart powering every single grocery order. Can you talk about the key bottlenecks that are out there right now for Caper carts and the broader distribution of carts into stores. What are you guys seeing there? And how do you knock that down and then a bigger picture question on just a newer initiative. Talk about Instacart business. What's the opportunity there, and how do you guys really expand into S and Bs or the broader business environment? Thanks so much.

非常感謝您回答我的問題。我想在 Instacart 為每個雜貨訂單提供支援的背景下回到 Instacart。您能否談談 Caper 手推車目前存在的主要瓶頸以及手推車在商店中的更廣泛分佈。你們在那裡看到什麼？你如何解決這個問題，然後在一個新的措施上解決一個更大的問題。談論Instacart業務。那裡有什麼機會？非常感謝。

Yeah, thanks for the questions. So on Caper. We're really excited about what we're seeing and to give you a sense, we have quadrupled the number of cars available in store in the last six months. So we are really in the scaling phase at more than a dozen retailers. And with more coming so really excited about that, we are seeing that the business case is getting stronger and stronger because we are seeing increases in basket sizes for people who adopt Caper, which is something that obviously makes the case pretty much a no brainer for retailers.

是的，謝謝你的提問。所以關於卡珀。我們對所看到的感到非常興奮，為了讓您感覺到，我們在過去六個月中將商店中可用的汽車數量增加了四倍。因此，我們確實正處於十幾家零售商的擴張階段。隨著越來越多的人對此感到非常興奮，我們看到商業案例變得越來越強大，因為我們看到採用 Caper 的人的籃子大小有所增加，這顯然使該案例對於零售商。

And so that's really helping with making it, making the case to a lot of set of retailers. I would say, the biggest bottleneck for Caper is just that these things are operationally heavy and take time like most retailers, when something is going to impact the operations, especially the instore operations want to start by rolling out pilots, making sure they validate the data that we tell them we're seeing across the industry, making sure that we integrate with all of their system, which we have a big advantage on because we have already integrated with a lot of these systems for online delivery.

因此，這確實有助於實現這一點，並向許多零售商展示了這一點。我想說，Caper 最大的瓶頸在於，這些事情操作繁重，並且像大多數零售商一樣需要時間，當某些事情會影響營運時，尤其是店內營運希望從推出試點開始，確保他們驗證我們告訴他們我們在整個行業中看到的數據，確保我們與他們的所有系統集成，我們在這方面有很大的優勢，因為我們已經與許多此類系統集成以進行線上交付。

But that's still, incremental work to do to make sure that Caper is fully integrated within with the instore technology. So all of these things, take time. But right now, I'm just seeing that as like blocking and tackling. But I feel like the product market fit in the business case has already been very strongly established and it is just a matter of executing, rolling out more deployments, proving the case with more retailers and continuing to scale.

但這仍然是一項增量工作，以確保 Caper 與店內技術完全整合。所以所有這些事情，都需要時間。但現在，我只是將其視為阻擋和鏟斷。但我覺得產品市場與商業案例的契合度已經非常牢固，這只是執行、推出更多部署、向更多零售商證明案例並繼續擴大規模的問題。

Because all of the results we're seeing to date are incredibly encouraging both on the customer side, consumer side, retailer side and advertising side, so, very excited about it. On your second point of Instacart business and the opportunity there. The thing that Instacart business is a huge testament of is the scalability of our technology. We build technology fundamentally for retailers that we can now apply to bringing distributors on the platform. And you've seen us do that with all the which is part of Golden Food Services, and this is something that we want to, continue doing.

因為迄今為止我們看到的所有結果在客戶方、消費者方、零售商方和廣告方都非常令人鼓舞，所以對此感到非常興奮。關於 Instacart 業務的第二點以及那裡的機會。Instacart 業務充分證明了我們技術的可擴展性。我們從根本上為零售商建立技術，現在可以將其應用於將分銷商引入該平台。您已經看到我們對 Golden Food Services 的所有部分都這樣做了，這是我們想要繼續做的事情。

We are also getting more and more business customers placing orders on Instacart, we had 1 million business customers placing orders in the last year, and now we're continuing to build more and more solutions for them, whether it's things like having a way to export their receipts, whether it's tax exemptions, whether it's more robust business profiles.

我們也有越來越多的企業客戶在 Instacart 上下訂單，去年我們有 100 萬企業客戶下訂單，現在我們正在繼續為他們建立越來越多的解決方案，無論是像有辦法出口他們的收入，無論是免稅，還是更強勁的業務概況。

All of these things are contributing to growing the number of SMBs that are using Instacart to place orders. And then finally, it's worth mentioning that Instacart business also has an advertising opportunity. I mentioned the fact that we are going to power advertising on cut and dry, which is a B2B platform that connects food service companies to food distributors.

所有這些都促使越來越多的中小型企業使用 Instacart 下訂單。最後，值得一提的是，Instacart 業務還有廣告機會。我提到我們將在 cut and dry 上投放廣告，這是一個連接食品服務公司和食品分銷商的 B2B 平台。

And that's a way to leverage the 6,000 active brand partners that we already have on our consumer advertising business, leverage them to advertise on B2B platforms so that they can influence purchasing decisions at food service, restaurants, bars, and SMBs in general.

這是一種利用我們消費者廣告業務中已有的 6,000 個活躍品牌合作夥伴的方式，利用他們在 B2B 平台上做廣告，以便他們能夠影響食品服務、餐廳、酒吧和中小企業的購買決策。

So we're excited it across all of these aspects to take the technology that we built fundamentally for consumers and retailers. But now start applying them kind of more upward in the supply chain. Because we think that this technology naturally extend and will as a result extend our total addressable market as well.

因此，我們很高興能夠在所有這些方面採用我們為消費者和零售商所建構的技術。但現在開始在供應鏈中更向上地應用它們。因為我們認為這項技術自然會擴展，並將因此擴展我們的整個潛在市場。

Thank you.

謝謝。

Ross Compton, Macquarie.

羅斯康普頓，麥格理。

Hi, thanks for the question. I guess I'm kind of curious about the competitive dynamics of carrot ads as it tries to become the retail media network for grocers. I think it was promote IQ of Microsoft that recently shutted, and I was curious if you had seen any wins from this and really how your deep integrations kind of across the grocery retailers, help you win against Criteo and publishers.

你好，謝謝你的提問。我想我對胡蘿蔔廣告的競爭動態有點好奇，因為它試圖成為雜貨商的零售媒體網路。我認為這是最近關閉的 Microsoft IQ 推廣，我很好奇您是否從中看到了任何勝利，以及您在雜貨零售商之間的深度集成如何幫助您戰勝 Criteo 和出版商。

Any color on the supply side of the market, you're seeing a rate to the bottom for take rates, as Kroger kind of insources. What are some of the factors at play here that, that grocers are choosing Instacart to be their, monetization partners? Thank you.

市場供應方面的任何顏色，您都會看到接受率處於底部，就像克羅格那樣的內源。雜貨商選擇 Instacart 作為他們的貨幣化合作夥伴有哪些因素在起作用？謝謝。

Thanks for a great question. Fundamentally, we are better at technology because we have an ad technology that we use on our own marketplace. So it's tried and proven for our own advertising business. And that means we refine this ad technology across 1,500 retailers already on our marketplace and across millions of customers. So we have the best ad formats because we -- they work on our marketplace, we have the best measurement capabilities.

謝謝你提出了一個很好的問題。從根本上說，我們更擅長技術，因為我們擁有在自己的市場上使用的廣告技術。因此，它已經在我們自己的廣告業務中得到了嘗試和證明。這意味著我們在市場上現有的 1,500 家零售商和數百萬客戶中完善了這種廣告技術。所以我們擁有最好的廣告格式，因為我們——它們在我們的市場上運作，我們擁有最好的衡量能力。

But then on top of that, we also come to these grocers and retailers at large with existing ad demand. Whereas the platforms you describe really go to them with technology but not the demand from 6,000 plus brands that already advertised on our network and that we can not extend to all of these other retailers that that come onto our network.

但最重要的是，我們也接觸了這些雜貨商和零售商，了解現有的廣告需求。然而，您所描述的平台確實透過科技滿足了他們的需求，但並沒有滿足已經在我們網路上做廣告的 6,000 多個品牌的需求，而且我們無法擴展到進入我們網路的所有其他零售商。

So it's really a an amazing virtuous cycle because as we attract more dollars to our platform, we can extend it to more grocers through carrot ads and convince them to join. And then as we extend his supply attract more demand because now CPGs realize that by coming to us, you can really reach a very large segment of the industry.

所以這確實是一個驚人的良性循環，因為當我們為我們的平台吸引更多資金時，我們可以透過胡蘿蔔廣告擴展到更多雜貨商並說服他們加入。然後，當我們擴大供應量時，就會吸引更多的需求，因為現在消費品公司意識到，透過與我們合作，您確實可以接觸到該行業的很大一部分。

And so they continue placing more and more a demand with us. And so that's an incredibly strong virtual loop and competitive advantage against players that don't have this first party business. Don't know how to optimize this tech platform with their own and operated websites and data and don't come with all of the demand that we can bring to the table.

因此，他們繼續向我們提出越來越多的要求。因此，對於沒有第一方業務的玩家來說，這是一個非常強大的虛擬循環和競爭優勢。不知道如何利用他們自己和經營的網站和數據來優化這個技術平台，並且不滿足我們可以提出的所有需求。

And you know, as a result, we have added, 70 new partners since the start of 2023. We're now nearly at nearly 220 retail banners on car ads and we see much more that we can do here with really becoming the one stop shop for retail media.

您知道，自 2023 年初以來，我們增加了 70 個新合作夥伴。我們現在在汽車廣告上有近 220 個零售橫幅，我們看到我們可以在這裡做更多的事情，真正成為零售媒體的一站式商店。

Great. Thank you. And I guess to get that virtual supply wheel going here, do you think you have to win more on the supply side against larger incumbents like in bakeoffs and do those go up for tender every two or three years? Like what does the supply side of the market look like you spoke a lot about the long tail, but maybe at the really competitive end, is there opportunity there to kind of win out?

偉大的。謝謝。我想，為了讓虛擬供應輪在這裡運轉，您是否認為您必須在供應方面贏得更多的供應，以對抗較大的現有企業，例如在烘焙大賽中，並且這些供應商是否每兩三年就會進行一次招標？就像市場的供給側看起來如何一樣，您談到了很多關於長尾的問題，但也許在真正的競爭端，是否有機會獲勝？

Yes. I think there are lots of opportunities and to be clear, we do not need to necessarily expand the network because again, we have such a strong platform already to attract the CPG dollars with the Instacart marketplace. So CPGs already know that the food is advertised on Instacart given of our performance.

是的。我認為有很多機會，需要明確的是，我們不一定需要擴大網絡，因為我們已經擁有如此強大的平台，可以透過 Instacart 市場吸引 CPG 資金。鑑於我們的表現，快速消費品公司已經知道該食品在 Instacart 上做了廣告。

So we can continue to grow through this vector, but it's a massive advantage when we go out to to the rest of these retailers with this momentum. And I think we're seeing it play out not just with the long tail, but also with fairly large prospects where a lot of them are realizing and are hearing the same thing we're hearing from brands who do not want to work with subscale networks.

因此，我們可以透過這種方式繼續成長，但當我們以這種勢頭向其他零售商伸出援手時，這是一個巨大的優勢。我認為我們不僅看到它在長尾上發揮作用，而且還具有相當大的前景，其中很多人都意識到並且聽到了我們從不想與小規模合作的品牌那裡聽到的同樣的話網絡。

And therefore more and more of these like mid size retailers and even somewhat large retailers are realizing that joining forces with us will drive a lot more demand to their platforms, will require a lot less work for them and will go straight to their bottom line.

因此，越來越多的中型零售商甚至大型零售商意識到，與我們聯手將為他們的平台帶來更多需求，減少他們的工作量，並直接實現盈利。

So, I'm really pleased with the momentum I'm seeing here. And I think there's more growth to come from that segment of the market for sure.

所以，我對在這裡看到的勢頭感到非常滿意。我認為該市場領域肯定會出現更多成長。

Okay, great. Thanks so much. Appreciate the answer.

好的，太好了。非常感謝。感謝您的回答。

Thank you. Thank you. Due to time constraints, we will have to conclude our Q&A session here. This also concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。謝謝。由於時間有限，我們的問答環節就到這裡結束了。今天的電話會議也到此結束。感謝您的參與。您現在可以斷開連線。